Rocky Mountain Chocolate Factory Inc (Delaware) (RMCF) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss Rocky Mountain Chocolate Factory's financial results for the fiscal first quarter 2026. (Operator Instructions) As a reminder, this conference is being recorded. Joining us on the call today is the company's Interim CEO, Jeff Geygan; and CFO, Carrie Cass.

女士們、先生們，早安。感謝您的支持。歡迎參加今天的電話會議，討論落基山巧克力工廠 2026 財年第一季的財務業績。（操作員指示）提醒一下，本次會議正在錄音。今天參加電話會議的有公司臨時執行長 Jeff Geygan 和財務長 Carrie Cass。

Please be advised this conference call will be containing statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

請注意，本次電話會議將包含根據 1995 年《私人證券訴訟改革法案》被視為前瞻性陳述的聲明。這些前瞻性陳述受某些已知和未知的風險和不確定性以及假設的影響，可能導致實際結果與這些前瞻性陳述所反映的結果有重大差異。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements.

這些前瞻性陳述也受到公司向美國證券交易委員會提交的文件中不時描述的其他風險和不確定性的影響。請勿過度依賴任何前瞻性陳述，這些陳述僅截至本次電話會議之日作出。除法律要求外，本公司不承擔公開更新或修改任何前瞻性聲明的義務。

The company's presentation includes a non-GAAP (technical difficulty). EBITDA is defined as net income before interest, taxes, depreciation or amortization. A reconciliation to the most directly comparable GAAP measures is included in the company's earnings press release furnished to the SEC and available on the EDGAR system on the SEC's website and will be available on the company's Investor Relations section of the website within approximately 24 hours after this call has ended.

該公司的演示包含非 GAAP（技術難題）。EBITDA 定義為扣除利息、稅項、折舊或攤銷前的淨收入。與最直接可比較的 GAAP 指標的對帳已包含在公司向美國證券交易委員會 (SEC) 提交的收益新聞稿中，並可在 SEC 網站的 EDGAR 系統上查閱，並將在本次電話會議結束後約 24 小時內在公司網站的投資者關係部分提供。

And now I would like to turn the call over to company's Interim CEO, Jeff Geygan. Jeff, please go ahead.

現在我想將電話轉給公司臨時執行長傑夫蓋根 (Jeff Geygan)。傑夫，請繼續。

Thank you, and good morning, everyone. It's been just about a month since our last conference call. However, I'd like to take a moment to reflect on the big picture at Rocky Mountain Chocolate Factory. Over the past year, we focused on stabilizing the business, including streamlining operations, rebuilding franchisee trust, integrity and selling skills, all while implementing operational systems required to scale effectively. Our new foundation is now largely in place.

謝謝大家，早安。距離我們上次電話會議已經過了大約一個月。不過，我想花點時間來回顧一下落磯山巧克力工廠的整體情況。在過去的一年裡，我們專注於穩定業務，包括精簡營運、重建特許經營者的信任、誠信和銷售技能，同時實施有效擴展所需的營運系統。我們的新基礎現已基本建立。

During our first fiscal quarter, we began to see our work translating into tangible results as continued evidence of our larger business transformation. We're no longer in a rebuilding mode. We're now in an execution mode. After laying the groundwork through a series of foundational initiatives, we are operating with greater precision, accountability and clarity.

在我們的第一個財政季度，我們開始看到我們的工作轉化為實際的成果，作為我們更大業務轉型的持續證據。我們不再處於重建模式。我們現在處於執行模式。透過一系列基礎措施奠定基礎後，我們的營運變得更加精確、負責和清晰。

Our team is aligned around our shared goals and vision. Our franchisees are better supported with tools and insights to improve store level operating results. Our brand is evolving to reflect our premium positioning to deliver both product excellence and positive in-store experience. The momentum we're building is evident. While there's still work to be done, we're encouraged by the progress we've made and the discipline we're applying across every aspect of our business.

我們的團隊圍繞著共同的目標和願景保持一致。我們的特許經營商將獲得更好的工具和見解支持，以提高商店級別的營運績效。我們的品牌正在不斷發展，以體現我們的高端定位，提供卓越的產品和積極的店內體驗。我們正在建立的勢頭是顯而易見的。儘管仍有工作要做，但我們對所取得的進展以及在業務各個方面應用的紀律感到鼓舞。

Today, I'll take you through some specifics of ongoing developments. I'll begin with supply chain. During our first quarter, we waived all freight charges for franchisees and licensees in an effort to drive volume and improve product freshness across all stores. Effective June 1, we shifted to a flat monthly fee program for freight delivery. We believe this plan will encourage more frequent store orders and provide a more consistent and higher quality in-store experience for consumers. We implemented a product price adjustment in March and again in June, and we'll continue to review all input costs, making necessary adjustments to ensure we achieve our targeted gross margin.

今天，我將向大家介紹一些正在進行的進展的具體情況。我將從供應鏈開始。在第一季度，我們免除了特許經營商和授權商的所有運費，以推動銷售並提高所有商店的產品新鮮度。自 6 月 1 日起，我們將貨運配送費用轉為固定月費方案。我們相信該計劃將鼓勵更頻繁的商店訂單，並為消費者提供更一致、更高品質的店內體驗。我們在三月和六月實施了產品價格調整，我們將繼續審查所有投入成本，並進行必要的調整，以確保目標毛利率。

We're seeing a steady improvement in our margin capture as the adjusted pricing flows through our financial results. Doing this incrementally and in concert with our franchisees and licensees allows them to adjust their in-store pricing to maintain store level profitability. With both our ERP and POS systems in place, we now have the ability to adjust pricing dynamically, supporting tighter cost alignment while managing to our targeted gross margin.

隨著調整後的價格體現在我們的財務表現中，我們的利潤率穩定提高。透過與我們的特許經營商和被授權人逐步協調，他們可以調整店內定價，以保持商店層面的獲利能力。透過 ERP 和 POS 系統，我們現在能夠動態調整價格，支援更嚴格的成本調整，同時實現目標毛利率。

Adoption of our new POS system accelerated during the quarter, bringing a new level of visibility to both corporate and franchisee operations. These tools are enhancing decision-making across production, pricing and marketing, providing key insights that simply weren't available before. As we collect more store-level financial data, we're able to provide improved analysis into store performance and help with product mix and merchandising designed to drive in-store sales and improve profitability.

本季度，我們新 POS 系統的採用速度加快，為企業和特許經營商的營運帶來了新的可見度水準。這些工具增強了生產、定價和行銷方面的決策能力，提供了以前無法獲得的關鍵見解。隨著我們收集更多商店級財務數據，我們能夠對商店績效進行更好的分析，並幫助進行旨在推動店內銷售和提高盈利能力的產品組合和商品推銷。

We're gaining additional perspective on what best-in-class looks like, which helps in coaching currently underperforming stores and has been instrumental as we accelerate initiatives to expand new store locations. We rolled out our new POS system to over 100 stores, and we expect continued deployment over the next few months as we aim to achieve 100% compliance.

我們正在對最佳表現有了更多的了解，這有助於指導目前表現不佳的商店，並且在我們加快擴大新店位置的計劃時發揮了重要作用。我們已將新的 POS 系統推廣到 100 多家商店，並預計在未來幾個月內繼續部署，以實現 100% 的合規性。

Our recent ERP implementation also continues to enhance our visibility into inventory, procurement and manufacturing operational performance. As we continue to refine inputs and work through data normalization, we expect the system will generate timely analytics, enabling us to respond to changes with greater speed and precision.

我們最近實施的 ERP 也持續增強了我們對庫存、採購和製造營運績效的可視性。隨著我們不斷完善輸入並進行資料規範化，我們預計系統將產生及時的分析，使我們能夠以更快的速度和更精確的方式應對變化。

We recently hired Luis Burgos, a seasoned and highly qualified VP of Operations to take over all manufacturing and logistics activities. He comes to us with Six Sigma, Lean Manufacturing and continuous improvement certifications and tremendous experience. We believe he is the most qualified VP of Operation the company has employed. His addition to the executive team is significant.

我們最近聘請了經驗豐富且高素質的營運副總裁 Luis Burgos 來接管所有製造和物流活動。他擁有六西格瑪、精益製造和持續改進認證以及豐富的經驗。我們相信他是公司聘請的最有資格的營運副總裁。他加入執行團隊意義重大。

Turning to new store development. On June 3, we opened our newest store in Charleston, South Carolina, the first to feature our fully refreshed brand identity and modern store layout. We're encouraged by early feedback and anticipate strong results as we enter the busy fall and holiday months. In downtown Chicago, construction is expected to begin shortly on a premier location at 1 State Street. We're targeting an opening ahead of the holiday season and are excited by the prospects and brand recognition this marquee store will bring to Chicago and the surrounding areas.

轉向新店開發。6 月 3 日，我們在南卡羅來納州查爾斯頓開設了最新的門市，這是第一家採用全新品牌標誌和現代化門市佈局的門市。我們對早期的回饋感到鼓舞，並預計在進入繁忙的秋季和假期時會取得強勁的業績。在芝加哥市中心，位於州街 1 號的黃金地段預計很快就會開始動工。我們計劃在假期前開業，並對這家大型商店將為芝加哥及其周邊地區帶來的前景和品牌認知度感到興奮。

Beyond these two locations, we're in lease negotiations for several new units and actively building a development pipeline that reflects both growth and selectivity. Our goal remains to expand with the right partners in the right locations as we're being careful to identify capable, competent operators as a critical precondition of our acceleration strategy. We're seeking operators that are well capitalized, financially sophisticated and entrepreneurial with prior franchising experience to join our growing family of franchisees.

除了這兩個地點之外，我們還在就幾個新單位進行租賃談判，並積極建立既能體現成長又能體現選擇性的開發管道。我們的目標仍然是與合適的合作夥伴在合適的地點擴張，因為我們正在謹慎地尋找有能力、有能力的營運商，這是我們加速策略的關鍵先決條件。我們正在尋找資金雄厚、財務成熟、具有創業精神且擁有特許經營經驗的運營商加入我們不斷壯大的特許經營商大家庭。

The rollout of our brand refresh is an important milestone in our transformation. It has been deliberately sequenced to ensure consistency across the system. The sequencing includes new packaging, updated in-store merchandising and a redesigned e-commerce platform.

品牌更新的推出是我們轉型過程中的重要里程碑。它經過精心排序以確保整個系統的一致性。此次調整包括新包裝、更新店內商品展示和重新設計的電子商務平台。

We're bringing our existing group of loyal and seasoned franchisees along, providing an unprecedented level of support and business analytics to encourage improved operating results, which we can now measure effectively and frequently. There's a growing excitement among many current franchisees as they seek greater opportunity to improve their current locations and look at expanding with new ones, some of which may be new builds and others, which may be transfers as we continue to assist with new store ownership.

我們將與現有的忠誠且經驗豐富的特許經營商一起，提供前所未有的支援和業務分析，以促進改善經營業績，現在我們可以有效且頻繁地衡量這些業績。許多現有特許經營商越來越興奮，因為他們尋求更大的機會來改善他們現有的店鋪，並考慮擴大新店的規模，其中一些可能是新建的，而另一些可能是轉移的，因為我們會繼續協助新店所有權。

One of our internal goals is to improve the ratio of store ownership across a limited number of franchisees. Currently, we have 1.34 RMCF stores per owner. Our largest multiunit owner has 4 locations. We plan to track these numbers as we believe they are indicative of the efficacy of our store and franchisee development strategy.

我們的內部目標之一是提高有限數量的特許經營商的店鋪所有權比例。目前，每位業主擁有 1.34 家 RMCF 商店。我們最大的多單元業主擁有 4 個地點。我們計劃追蹤這些數字，因為我們相信它們表明了我們的商店和特許經營商發展策略的有效性。

System-wide signage updates are underway. Our Durango company store unveiled its new signage in June. Our Corpus Christi company store is expected to begin displaying its new signage this week. Our new consumer packaging, both our traditional box chocolate and grab-and-go totes are expected to begin shipping to stores this month. We expect to display these on our refreshed website, rmcf.com, shortly after these items hit store shelves.

全系統標誌更新正在進行中。我們的杜蘭戈公司商店於六月推出了新的標誌。我們的科珀斯克里斯蒂公司商店預計將於本週開始展示其新標誌。我們的新消費者包裝，包括傳統的盒裝巧克力和便攜袋，預計本月開始出貨到商店。我們希望在這些商品上架後不久在我們更新的網站 rmcf.com 上展示它們。

Overall, interest from both current and prospective franchisees has increased as our refreshed identity, new packaging, updated website and other exciting developments continue to launch. Our messaging is crystal clear about the type and caliber of operator we're looking to attract and accept into our system. This represents a radical departure from past practices of RMCF's franchise development efforts.

總體而言，隨著我們更新的形象、新的包裝、更新的網站和其他令人興奮的發展不斷推出，現有和潛在特許經營商的興趣都有所增加。我們的訊息非常明確，顯示了我們希望吸引並接受進入我們系統的運營商的類型和能力。這與 RMCF 特許經營發展工作的過去做法有著根本性的改變。

The next major milestone in our branding initiative is a full relaunch of our digital presence. We're advancing toward a modern e- commerce experience that complements our in-store environment. Our redesigned website is set to launch shortly alongside the rollout of our new packaging.

我們的品牌計畫的下一個重要里程碑是全面重啟我們的數位形象。我們正在向現代電子商務體驗邁進，以補充我們的店內環境。我們重新設計的網站即將與新包裝一起推出。

Together, we expect these upgrades will enhance brand presentation, deliver a more intuitive shopping journey and lay the foundation for stronger online conversions and premium gifting opportunities such that our new website will be a complete departure from our current platform, both in look and feel. We intend to supplement our new website with contemporary social media and marketing initiatives to drive direct-to-consumer traffic through e-commerce and further direct those consumers to a nearby store to enjoy the full lineup of our premium offerings, most of which can only be found in store.

總而言之，我們期望這些升級將增強品牌展示，提供更直觀的購物體驗，並為更強的線上轉換和優質禮品機會奠定基礎，從而使我們的新網站在外觀和感覺上與我們當前的平台完全不同。我們打算透過現代社交媒體和行銷舉措來補充我們的新網站，以透過電子商務推動直接面向消費者的流量，並進一步將這些消費者引導到附近的商店，享受我們全系列的優質產品，其中大部分只能在商店中找到。

We're preparing to make DoorDash and other food delivery platforms a required part of operating an RMCF location wherever feasible. We think this represents an untapped opportunity for many stores and will improve store revenue while capturing new customers.

我們正準備讓 DoorDash 和其他食品配送平台成為在可行的情況下運作 RMCF 地點的必需部分。我們認為這對許多商店來說是一個尚未開發的機會，將在吸引新客戶的同時提高商店收入。

Following the rollout of our new e-commerce platform, our sights are set on revitalizing the Rocky Mountain Chocolate Factory loyalty program. The program today is limited in scope and available only in a handful of stores. As the POS rollout is complete and we begin to gain greater traction online, we believe there will be significant opportunity to create an engaging loyalty program that increases both transaction frequency and basket size across in-store and digital channels.

隨著我們新的電子商務平台的推出，我們的目標是重振落基山巧克力工廠的忠誠度計劃。目前該計劃的範圍有限，僅在少數幾家商店提供。隨著 POS 系統的推出以及我們開始在網路上獲得更大的吸引力，我們相信將有很大機會創建一個引人入勝的忠誠度計劃，從而提高店內和數位管道的交易頻率和購物籃規模。

Finally, our refreshed website is expected to include a section for new franchisees, which has previously been hosted on a separate website. It's far more intuitive to present a new franchise opportunity on the rmcf.com website as we believe many of our most enthusiastic consumers want to own a franchise location. Please be sure to visit our new website next month.

最後，我們更新的網站預計將包含一個針對新加盟商的部分，該部分先前託管在一個單獨的網站上。在 rmcf.com 網站上展示新的特許經營機會更加直觀，因為我們相信許多最熱情的消費者都希望擁有一家特許經營店。請務必在下個月造訪我們的新網站。

In closing, when we look at the full body of work, not just from the past few months, but over the last 15 months, the impact is now beginning to show in our current quarterly results. We're still very early in realizing the financial potential of our business transformation, but recent margin improvement and our first quarter of positive EBITDA in several years is an indication that our strategy is taking hold.

最後，當我們回顧整個工作時，不僅是過去幾個月，而是過去 15 個月，其影響現在開始在我們當前的季度業績中顯現出來。我們仍處於實現業務轉型財務潛力的早期階段，但近期利潤率的提高以及幾年來第一個季度的正 EBITDA 表明我們的策略正在發揮作用。

As we look at the remainder of fiscal 2026, we're focused on generating profit and returning to growth. The first quarter demonstrated our foundational investments and operational improvements are beginning to improve to produce these desired results, and we believe this trend will continue to build throughout the year. In short, we believe we are in a better position to execute than we've been in many years with what we believe is the right strategy, team and infrastructure, we're positioned to drive sustainable growth and long- term value creation.

展望 2026 財年剩餘時間，我們將專注於創造利潤和恢復成長。第一季表明，我們的基礎投資和營運改善開始產生預期結果，我們相信這一趨勢將在全年持續發展。簡而言之，我們相信，憑藉我們認為正確的策略、團隊和基礎設施，我們現在的執行能力比多年來更好，我們有能力推動永續成長和長期價值創造。

Thank you for your time and attention. I'll now hand it over to Carrie Cass, our CFO, to walk you through our fiscal Q1 financial results. Carrie?

感謝您的時間和關注。現在我將把時間交給我們的財務長 Carrie Cass，向你們介紹我們第一季的財務表現。嘉莉？

Thank you, Jeff. Please note that unless stated otherwise, all comparisons are on a year over year basis. Total revenue for the quarter was $6.4 million, essentially flat compared to the prior period. Product sales were $4.7 million compared to $5.3 million last year, and franchise and royalty fees were $1.7 million compared to $1.1 million. We did not renew a large specialty market customer since we were unable to reach a mutually beneficial agreement on product price. To our benefit, we improved overall margin while dropping nearly $500,000 in sales, which is reflected in the year over year number.

謝謝你，傑夫。請注意，除非另有說明，所有比較都是以同比進行的。本季總營收為 640 萬美元，與上一季基本持平。產品銷售額為 470 萬美元，而去年為 530 萬美元；特許經營費和特許權使用費為 170 萬美元，而去年為 110 萬美元。由於我們無法就產品價格達成互惠互利的協議，因此我們沒有續簽大型專業市場客戶。對我們有利的是，我們提高了整體利潤率，但銷售額下降了近 50 萬美元，這反映在同比數字中。

Total product and retail gross profit was $0.3 million compared to a negative $0.3 million. The improvement was primarily driven by adjustments to pricing and operational efficiencies. Our costs and expenses were $6.5 million, down from $8 million last year. The decrease was primarily driven by lower G&A costs and other operating efficiencies. Net loss was $0.3 million or a negative $0.04 per share compared to a net loss of $1.7 million or negative $0.26 per share. EBITDA for the quarter was $2 million compared with a negative $1.4 million last year.

產品和零售總毛利為 30 萬美元，去年同期為負 30 萬美元。這項改善主要得益於定價和營運效率的調整。我們的成本和費用為 650 萬美元，低於去年的 800 萬美元。下降的主要原因是一般及行政成本和其他營運效率的降低。淨虧損為 30 萬美元，即每股虧損 0.04 美元，而去年同期淨虧損為 170 萬美元，即每股虧損 0.26 美元。本季的 EBITDA 為 200 萬美元，去年同期為負 140 萬美元。

Turning to the balance sheet. As of May 31, '25, we had a cash balance of $0.9 million compared to $0.7 million at February 28, '25. And as of May 31, we had $6 million in debt outstanding related to our term loan, which is essentially flat compared to our debt position at February 28. This concludes our prepared remarks. We will now open it up to Q&A. Operator, back to you.

轉向資產負債表。截至 2025 年 5 月 31 日，我們的現金餘額為 90 萬美元，而 2025 年 2 月 28 日為 70 萬美元。截至 5 月 31 日，我們的定期貸款未償還債務為 600 萬美元，與 2 月 28 日的債務狀況相比基本持平。我們的準備好的演講到此結束。我們現在開始問答環節。接線員，回到你身邊。

(Operator Instructions) Okay. Thank you, ladies and gentlemen. The company would like to address questions that have been received via e-mail over the past week.

（操作員指示）好的。謝謝各位，女士們、先生們。該公司希望解答過去一周透過電子郵件收到的問題。

I would now like to turn the call over to Sean Mansouri, FMCS External Investor Relations adviser.

現在，我想將電話轉給 FMCS 外部投資者關係顧問 Sean Mansouri。

Thank you. Before getting into live Q&A, we do want to address a few questions that were submitted via e-mail over the past week and as recently as this morning. So to kick things off, Jeff, Carrie, starting with number one here, you mentioned a flat fee freight charge. What early indicators are you watching to evaluate whether it's driving the intended shift in franchisee ordering behavior?

謝謝。在進入現場問答之前，我們想先回答一下過去一周以及最近今天早上透過電子郵件提交的一些問題。首先，傑夫、嘉莉，從第一點開始，你們提到了固定費用運費。您正在觀察哪些早期指標來評估它是否正在推動特許經營商訂購行為的預期轉變？

Yes. Thank you, Sean. We're able to see order frequency, which under the previous scheme had started to fade from every two weeks to, in many cases, four weeks and in a few cases, every six weeks, which, of course, meant we weren't getting the fresh product in stores that we desired. By waiving the fee, we encouraged all franchisees to order on a more frequent basis, which would be every two weeks, and we can see that as evidenced through our ERP and POS systems.

是的。謝謝你，肖恩。我們能夠看到訂單頻率，在以前的方案下，訂單頻率已經開始從每兩週一次減少到，在許多情況下，每四周一次，在少數情況下，每六週一次，這當然意味著我們無法在商店中獲得我們想要的新鮮產品。透過免除費用，我們鼓勵所有加盟商更頻繁地訂購，即每兩週一次，我們可以透過 ERP 和 POS 系統看到這一點。

Thank you. And this next one, your ERP rollout is still undergoing refinement. As that data stabilizes, what processes or decisions do you expect to look materially different six months from now?

謝謝。接下來，您的 ERP 部署仍在完善中。隨著數據穩定下來，您預計六個月後哪些流程或決策會發生重大變化？

Yes. Great question. I'm being mindful of giving forward guidance, I just speak generally about the quality of the data that we're getting and how that contrasts with what we might previously have seen. The ERP data that we received today gives us great insight into manufacturing efficiencies, order frequency, profitability and a whole host of other issues, which will be instrumental in our decision-making across virtually every department.

是的。好問題。我留意給出前瞻性指引，我只是泛泛地談論我們所獲得的數據的品質以及與我們之前所見的數據有何不同。我們今天收到的 ERP 數據讓我們深入了解了製造效率、訂單頻率、獲利能力和一系列其他問題，這將有助於我們幾乎每個部門的決策。

Thanks. And with the e-commerce relaunch scheduled for summer, how does your online strategy differ from the past? And how will success be measured now that it's positioned as a core brand experience?

謝謝。隨著電子商務計劃於夏季重新推出，您的線上策略與過去有何不同？既然它已被定位為核心品牌體驗，那麼如何衡量成功呢？

Yes. Good question. I think the evidence of -- probably without seeing the new site versus the old site, it's hard to speak to that. So I would encourage everybody to look at the new site. It's very elegant. It's far more contemporary. The user interface experience is vastly improved. So we're excited about rolling that out. We think the results of the refresh will speak for themselves, and we'll report on that in the future. In fact, we'll be excited to share the results.

是的。好問題。我認為，如果沒有看到新舊網站的對比，就很難得出這樣的結論。因此我鼓勵大家去看看這個新網站。非常優雅。它更加具有現代感。使用者介面體驗得到極大改善。因此，我們很高興推出這項功能。我們認為更新的結果將不言而喻，我們將在未來對此進行報告。事實上，我們很高興分享結果。

Great. And last one here. You delivered positive EBITDA this quarter. As you look to the remainder of fiscal 2026, what operational levers are most likely to drive continued EBITDA expansion?

偉大的。這是最後一個。本季度，你們實現了正的 EBITDA。展望 2026 財政年度剩餘時間，哪些營運槓桿最有可能推動 EBITDA 持續擴張？

Carrie, do you want to take that one?

嘉莉，你想拿那個嗎？

Sure. We are for the first time in several quarters, have positive EBITDA. That's attributed to our improved pricing, our SG&A discipline and some factory level efficiencies, and we expect all of those things to improve as we move forward. We expect to continue benefiting from our margin discipline and strong franchisee support tools as we go forward. And we're looking to continue to reduce pricing as we move forward so.

當然。這是幾個季度以來我們首次實現正 EBITDA。這歸功於我們改進的定價、我們的銷售、一般及行政費用紀律和一些工廠級效率，我們預計隨著我們前進，所有這些都會得到改善。我們期望在未來的發展中繼續受益於我們的利潤紀律和強大的特許經營商支援工具。我們希望在未來繼續降低價格。

And just to clarify, reduced pricing or reduced costs?

需要澄清的是，是降低價格還是降低成本？

Reduced cost and also where we can find efficiencies and benefit everyone in the system, reduce some pricing as well.

降低成本，同時我們也能提高效率，讓系統中的每個人都受益，同時降低一些價格。

Perfect. Operator, we'll turn it back to you for the live Q&A.

完美的。接線員，我們會將其轉回給您進行現場問答。

(Operator Instructions) And I'm showing no questions. This concludes today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. I am showing that we do have a follow-up question from Peter Sidoti.

（操作員指示）我沒有提出任何問題。今天的電話會議到此結束。此時您可以斷開電話線，祝您有美好的一天。我要說的是，我們確實有 Peter Sidoti 的後續問題。

This is Peter Sidoti from Sidoti & Company. Quick question. Could you talk about your capital needs, the need to raise money to fund your expansion at this point, both your operating side and some of your capital improvements?

我是 Sidoti & Company 的 Peter Sidoti。快速提問。能談談您的資本需求嗎？目前需要籌集資金來資助您的擴張，包括營運方面和一些資本改進？

Yes. Peter, this is Jeff. That's a discussion that's ongoing with the Board. Obviously, we're contemplating what the path forward looks like and if we need to.

是的。彼得，這是傑夫。這是董事會正在討論的問題。顯然，我們正在思考前進的道路是什麼樣的，以及我們是否有必要這樣做。

I'm sorry, I'm having a problem hearing you.

抱歉，我聽不清楚你在說什麼。

Yes. Peter, it's a conversation we're having with the Board. And presently, we are not planning to raise capital at this particular moment, but subject to further Board review, we'll make those decisions.

是的。彼得，這是我們正在與董事會進行的對話。目前，我們暫時沒有計劃籌集資金，但經董事會進一步審查後，我們將做出決定。

Okay. And what would the capital be needed for? When would you raise capital?

好的。那麼需要這些資金來做什麼呢？您什麼時候籌集資金？

To be determined, presumably working capital.

有待確定，大概是營運資金。

Okay. In terms of where we stand. And are you committed to keeping the balance sheet clean and not issuing warrants or rather dilutive capital?

好的。就我們的立場而言。您是否致力於保持資產負債表清潔並且不發行認股權證或稀釋資本？

Again, a decision for the board to make, but that would be my preference.

再次強調，這是董事會需要做出的決定，但這是我的偏好。

Doug Garber, Westport Alpha.

道格‧加伯 (Doug Garber)，韋斯特波特阿爾法 (Westport Alpha)。

I wanted to ask you about your growth strategy to bring in new franchisees and how are you developing that muscle? And then also, what are you doing in terms of improving the processes across the board to support your current franchisees so that their stores are more profitable and look like kind of the ones you have in Durango?

我想問一下您引進新加盟商的成長策略以及您如何發展這項策略？另外，您在全面改進流程方面做了哪些工作來支持您現有的特許經營商，以便他們的商店更有利可圖並且看起來像您在杜蘭戈的商店一樣？

Yes, sure. Good question. Thanks. And let me start with the beginning. As we contemplate expanding new stores, the first place that we look would be to existing franchisees for obvious reasons. There are people that know and love the brand. We have a number of franchisees that meet our criteria that well capitalized, financially sophisticated and entrepreneurial.

是的，當然。好問題。謝謝。讓我從頭開始講。當我們考慮擴大新店時，出於顯而易見的原因，我們首先考慮的是現有的特許經營商。有些人了解並喜愛這個品牌。我們擁有一批符合我們標準的加盟商，他們資金雄厚、財務成熟、具有創業精神。

And of those leases under review right now, those are, by and large, with existing franchisees who we've identified as appropriate franchisees to expand in target end markets that we want to expand in, bearing in mind that we have -- there's a lot of white space across America for us to expand, number one.

目前正在審查的租約中，基本上都是與現有的特許經營商簽訂的，我們認為這些特許經營商適合在我們想要擴張的目標終端市場進行擴張，記住，首先，美國有很多空白市場可供我們擴張。

Number two, in terms of new franchisees to the system, we have a pretty good network of sources that can refer sophisticated potential franchisees to join us, and we're taking advantage of that, too. On the existing franchisee initiatives, which is really, as we've talked about in the past, our dual mandate of driving same-store sales and improving unit level profitability, we made a pretty serious departure from the way we've done business in the past by employing five business consultants who are tasked with going to stores on a semiannual basis with on-site visits looking for -- at both the quality and the performance of the store, providing insights into product mix and merchandising.

第二，就係統的新加盟商而言，我們擁有相當不錯的資源網絡，可以推薦成熟的潛在加盟商加入我們，我們也正在利用這一點。對於現有的特許經營計劃，正如我們過去所討論的，這實際上是我們推動同店銷售額和提高單位盈利能力的雙重任務，我們與過去的經營方式有很大不同，我們聘請了五名業務顧問，負責每半年去商店進行現場訪問，了解商店的質量和表現，提供有關產品組合和商品銷售的見解。

As well as implementing an annual business plan review so that every store has some type of operating plan that we can work with the franchisees to develop and then review on a quarterly basis. These activities are things that hadn't routinely been done in the past. So we feel good about that. Our franchisees have been very receptive to this type of engagement.

並實施年度業務計劃審查，以便每家商店都有某種類型的營運計劃，我們可以與特許經營商合作制定並每季審查。這些活動是過去不常進行的事情。所以我們對此感到很高興。我們的特許經營商非常樂意接受這種類型的合作。

In addition, with the POS data that we have today, unlike in the past, we're able to drill down and see very, very microscopic analytics on how a store is operating. And it's not so much just looking at a store in isolation, but when we can sit down with the franchisee and say, this is how your store is operating.

此外，與過去不同，利用我們今天擁有的 POS 數據，我們能夠深入了解商店營運情況的非常微觀的分析。這不僅僅是孤立地看待一家商店，而是我們可以與特許經營商坐下來討論，這就是你的商店的運作方式。

This is how your peers are operating. Here are margins that you're earning versus margins that others are earning. And as I had indicated in our prepared comments, that we're circling in on what best-in-class looks like. So this becomes the gold standard. And as we talk to an existing franchisee that may be underperforming, it's no longer just our opinion. It's really factually or data and analytics driven, here's what best-in-class looks like and here's how we can help you get there to improve, again, same-store sales and improve profitability. So does that answer your question?

這就是你的同行的運作方式。以下是您所賺取的利潤與其他人所賺取的利潤。正如我在準備好的評論中所指出的，我們正在努力實現一流的目標。因此這成為了黃金標準。當我們與表現不佳的現有加盟商交談時，這不再只是我們的意見。它確實是由事實或數據和分析驅動的，這就是一流的表現，這就是我們如何幫助您再次提高同店銷售額並提高盈利能力。這回答了你的問題嗎？

It does. And I just wanted to follow up on that and understand how much the pricing varies now that you have all this data to analyze from the pricing for your products in stores that are much more profitable than others. How wide is that range?

確實如此。我只是想跟進一下，了解現在定價的差異有多大，因為你有這些數據可以分析你的產品在哪些商店的定價比其他商店的利潤高得多。這個範圍有多廣？

Yes. It's a great question. And it's fundamental to us being a franchisor as opposed to being a business that owns all of its stores. We can only suggest what our -- where our franchisees set pricing. They have the discretion to put their prices where they want. And if you take an example of a high-traffic tourist area versus an urban setting, the pricing can be different. What we try to do is challenge franchisees to set the price at an optimal level where they're not destroying demand, but they're maximizing profitability or pricing.

是的。這是一個很好的問題。對我們來說，作為特許經營商而不是擁有所有商店的企業，這一點至關重要。我們只能建議我們的特許經營商如何定價。他們有權自行決定價格。如果以人流量大的旅遊區和城市環境為例，定價可能會有所不同。我們試圖做的是挑戰特許經營商將價格設定在最佳水平，這樣他們就不會破壞需求，但可以最大化盈利能力或定價。

And I think that's -- it's a new mindset for a lot of our franchisees where we can literally come in and say, across the system, here's the low and here's the high, here's the median price for this particular item. You skew towards the lower side. Why -- you experiment a little bit, push your prices up and see when you start to -- when your demand starts to decline. So -- and it's real time.

我認為，對於我們的許多特許經營商來說，這是一種新的思維方式，我們可以直接進入系統並說，這是最低價，這是最高價，這是該特定商品的中間價。您偏向下方。為什麼——你做一些實驗，提高價格，看看什麼時候開始——什麼時候需求開始下降。所以——它是即時的。

So we're getting great data. We're able to share with our franchisees. And by and large, our franchisees have been quite receptive to using different tactics than they may have been in the past.

所以我們獲得了大量數據。我們可以與我們的加盟商分享。總的來說，我們的特許經營者非常樂意採用與過去不同的策略。

Great. No, that's good that they're receptive. One or two more, if I could, on the P&L line items. The franchise and royalty fees were up about $0.5 million year over year. Any color as to why that was?

偉大的。不，他們能接受這一點很好。如果可以的話，關於損益表項目，我再補充一兩個。特許經營費和特許權使用費比去年同期上漲了約 50 萬美元。有沒有什麼原因呢？

And I turn that one over to Carrie.

我把這個問題交給 Carrie。

We have different pricing structures in our different agreements. And there have been quite a few more same-store sales in the current period, which generates a higher royalty for us as well as some catch-up with some old things that were hanging out there that we've been able to collect.

我們在不同的協議中有不同的定價結構。本期間同店銷售額大幅增加，這不僅為我們帶來了更高的版稅，也讓我們能夠收回一些我們收集到的舊貨。

Okay. And then I'm trying to understand, you said the sales revenue, you dropped the wholesale customer and that accounted for about $0.5 million of the decline year over year or all of the sales revenue decline. Do I understand that right?

好的。然後我想理解，您說的銷售收入，您放棄了批發客戶，這導致了同比下降約 50 萬美元，或者說是全部銷售收入下降。我的理解對嗎？

Pretty much, yes.

是的，差不多。

And then on the cost of sales, that was also down over $1 million year over year. Help me understand what that was? Was that related to less volume to that wholesale customer? Or what's -- it's a pretty significant. Is that cocoa prices? What happened there?

而銷售成本也比去年同期下降了 100 多萬美元。幫我理解那是什麼？這是否與批發客戶的銷售減少有關？或者說——這非常重要。這是可可價格嗎？那裡發生了什麼事？

Partially we -- that customer that we're discussing, we were losing money on that specific transaction. So yes, a good portion of that drop in cost of goods sold did attribute to us cutting that customer. Additionally, we have also improved our efficiencies in the factory and our scrap.

部分原因是，我們正在討論的客戶在那筆特定交易上虧損了。所以是的，銷售成本下降的很大一部分確實歸因於我們削減了該客戶。此外，我們也提高了工廠和廢料的效率。

When did that customer come out of the P&L?

該客戶何時退出損益表？

Basically at year-end.

基本上是在年底。

Okay. Should we expect more efficiencies from the factory in terms of the cost of sales?

好的。我們是否應該預期工廠在銷售成本方面有更高的效率？

That is our goal.

這就是我們的目標。

Okay. And just last one. G&A was down a good amount year over year as well about $240,000. Any color there?

好的。最後一個。G&A 費用年比也大幅下降，約 24 萬美元。有顏色嗎？

Yes. Again, we've gone about looking at all of the things we spend money on and trying to get rid of a lot of the things that we just don't need.

是的。再次，我們開始審視我們花錢購買的所有東西，並試圖擺脫許多我們不需要的東西。

Well, thanks for your time and congrats on turning the quarter on EBITDA positive.

好的，感謝您抽出時間，並祝賀您本季實現 EBITDA 正成長。

Thanks, Doug. Appreciate it.

謝謝，道格。非常感謝。

Peter Sidoti, Sidoti & Company, LLC.

彼得·西多蒂 (Peter Sidoti)，Sidoti & Company, LLC。

Just one more quick question. Any thoughts on the timing of permanent leadership at this point in time?

再問一個簡單的問題。對於目前永久領導的時機有什麼想法嗎？

Again, Peter, I hate to keep deferring back to the Board, but it's a conversation that the Board and I have had on an ongoing basis.

再說一次，彼得，我不想一直把問題推給董事會，但這是我和董事會一直在進行的對話。

Thank you. And this concludes today's conference call. You may disconnect your phone lines, and have a great wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以斷開電話線，度過美好的一天。感謝您的參與。