Twin Hospitality Group Inc (TWNP) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to Twin Hospitality Group Inc's third quarter 2025 conference call. Hosted by Chief Executive Officer, Kim Boerema; and Chief Financial Officer, Ken Kuick.

午安.歡迎參加 Twin Hospitality Group Inc. 2025 年第三季電話會議。由執行長 Kim Boerema 和財務長 Ken Kuick 主持。

Also joining today's call is Twin Hospitality Group's Chairman of the Board, Andy Wiederhorn. (Operator Instructions) Please note that this conference call is being recorded today, November 5, 2025.

今天參加電話會議的還有 Twin Hospitality Group 的董事長 Andy Wiederhorn。（操作員說明）請注意，本次電話會議將於2025年11月5日進行錄音。

After the market closed, Twin Hospitalities issued its quarterly financial results via press release. Please refer to this document, which could be found in the Investor section of the company's website at twinpeaksrestaurant.com.

市場收盤後，Twin Hospitalities 透過新聞稿發布了季度財務業績。請參閱這份文件，文件可在公司網站 twinpeaksrestaurant.com 的投資者關係部分找到。

Before we begin, I must remind everybody that part of the discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.

在開始之前，我必須提醒大家，今天討論的部分內容將包含前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，因此不應過度依賴這些陳述。

Twin Hospitalities does not undertake to update these forward-looking statements at a later date. Actual results may differ materially from those indicated by these forward-looking statements due to a number of risks and uncertainties.

Twin Hospitalities 不承諾在日後更新這些前瞻性聲明。由於存在許多風險和不確定因素，實際結果可能與這些前瞻性聲明所指出的結果有重大差異。

For a more detailed discussion of risks and uncertainties that could impact future operating results and financial condition, please see today's earnings release and recent SEC filings. During today's conference call, the company will also discuss non-GAAP financial measures, which it believes can be useful in evaluating its performance. The presentation of this additional information should not be considered in isolation nor as a substitute for results prepared in accordance with GAAP.

有關可能影響未來經營業績和財務狀況的風險和不確定性的更詳細討論，請參閱今天的盈利報告和最近提交給美國證券交易委員會的文件。在今天的電話會議上，該公司還將討論非GAAP財務指標，該公司認為這些指標有助於評估其表現。不應孤立地看待這些補充信息，也不應將其視為按照公認會計原則編制的結果的替代品。

Reconciliations to comparable GAAP measures are available in today's earnings release. I also want to note that we will not be taking questions following our prepared remarks. I would now like to turn the call over to Kin Boerema, Chief Executive Officer. Thank you. You may begin.

與可比較GAAP指標的調節表可在今天的獲利報告中查閱。我還想指出，在我們的演講結束後，我們將不接受提問。現在我將把電話交給執行長金·博雷馬。謝謝。你可以開始了。

Good afternoon, and thank you for joining us today. I am pleased to share our quarterly results and highlight the progress we have made across Twin Hospitality Group. Since joining the company in May, we have been focused on driving operational excellence, strengthening margins, and positioning our business for sustained profitable growth.

下午好，感謝各位今天蒞臨。我很高興與大家分享我們的季度業績，並專注於 Twin Hospitality Group 的進展。自五月加入公司以來，我們一直致力於提升營運效率、增強利潤率，並為公司實現持續獲利成長做好準備。

We have already made significant progress on each of these fronts, supported by a bolstered executive team, enhanced operational discipline, and a renewed commitment to delivering exceptional guest experience across both Twin Peaks and Smokey Bones.

在加強管理團隊、提升營運紀律以及重新致力於為 Twin Peaks 和 Smokey Bones 的顧客提供卓越體驗的支持下，我們已經在這些方面取得了顯著進展。

Assembling the right corporate leadership has been instrumental in guiding Twin Hospitality through the next phase. In August, we appointed Andy Wiederhorn as Chairman of the Board of Directors. Andy brings decades of experience in building and scaling restaurant brands, and played a pivotal role in the spin out that created Twin Hospitality as an independent company earlier this year. The strategic insight and deep industry perspective are invaluable as we execute our strategic plans.

組成合適的領導團隊對於引導 Twin Hospitality 進入下一個發展階段至關重要。8 月，我們任命 Andy Wiederhorn 為董事會主席。Andy 在打造和拓展餐飲品牌方面擁有數十年的經驗，並在今年稍早將 Twin Hospitality 分拆為獨立公司的過程中發揮了關鍵作用。策略洞察力和深厚的行業視角對我們執行戰略計劃至關重要。

We have also strengthened our C-suite with several key additions and one promotion. Ken Brendemihl joined as President of Smokey Bones, bringing more than 25 years of restaurant leadership experience with brands including Velvet Taco, California Pizza Kitchen, Texas Roadhouse, and On the Border.

我們也透過幾項重要人員的加入和一項晉升，加強了我們的高階主管團隊。Ken Brendemihl 加入 Smokey Bones 擔任總裁，他擁有超過 25 年的餐飲領導經驗，曾服務於 Velvet Taco、California Pizza Kitchen、Texas Roadhouse 和 On the Border 等品牌。

Rob Cherney joined as Chief Operating Officer of Smokey Bones. Rob previously served as VP of Uncommon Brands and spent five years in operations at Velvet Taco alongside Ken. Having worked with both Ken and Rob during my career, I have seen firsthand their operational expertise, leadership strength, and ability to drive results.

Rob Cherney 加入 Smokey Bones 擔任營運長。Rob 之前曾擔任 Uncommon Brands 的副總裁，並與 Ken 一起在 Velvet Taco 的營運部門工作了五年。在我的職業生涯中，我曾與 Ken 和 Rob 共事，親眼見證了他們的營運專長、領導能力和取得成果的能力。

Both have hit the ground running as we focus on elevating Smokey Bones' core business and strengthening their financial model. In November, Mike Wolfgang will join as new Director of Culinary at Smokey Bones. Mike brings extensive culinary experience from Jim 'n Nick's, Velvet Taco, and City Barbecue.

雙方都迅速進入工作狀態，我們將專注於提升 Smokey Bones 的核心業務並加強其財務模式。11 月，Mike Wolfgang 將加入 Smokey Bones 擔任新的烹飪總監。Mike 曾在 Jim 'n Nick's、Velvet Taco 和 City Barbecue 等餐廳積累了豐富的烹飪經驗。

He previously worked with Ken and Rob and me at Texas Roadhouse, creating a strong foundation of collaboration with our leadership team. Mike's primary focus will be returning Smokey Bones to its authentic barbecue roots.

他之前曾與 Ken、Rob 和我一起在 Texas Roadhouse 工作，並與我們的領導團隊建立了牢固的合作基礎。麥克的主要目標是讓 Smokey Bones 回歸其正宗的燒烤傳統。

Next, Lexi Burns was recently promoted to Chief People Officer. Lexi has been instrumental in Twin Peaks' expansion from 13 to more than 100 locations, and now oversees human resources across both brands. Her industry knowledge and cultural expertise will help us attract and retain top talent.

接下來，萊克西·伯恩斯最近被提拔為首席人力資源長。Lexi 在 Twin Peaks 從 13 家門市擴展到 100 多家門市的過程中發揮了重要作用，現在她負責這兩個品牌的人力資源工作。她對產業的了解和對文化的專長將有助於我們吸引和留住頂尖人才。

Most recently, Melissa Fry joined as Chief Marketing Officer, bringing over 25 years of restaurant marketing experience, most recently with Hooters of America. Melissa is leading efforts to elevate our brand, enhance guest engagement, and drive traffic.

最近，梅麗莎·弗萊 (Melissa Fry) 加入公司擔任首席行銷官，她擁有超過 25 年的餐飲行銷經驗，最近曾在美國 Hooters 餐廳工作。梅麗莎正領導提升品牌形象、增強顧客互動和增加客流量的工作。

Turning to Twin Peaks' third quarter results. We delivered exceptional operational performance, expanding profit margins by 72 basis points to 17% through discipline execution. While comparable sales declined, we sustained steady system-wide weekly sales averaging $11.3 million over the past 12 weeks, reflecting our team and franchise partners' commitment to a premier sports dining experience.

接下來來看看《雙峰》第三季的業績。我們實現了卓越的營運業績，透過嚴格的執行，將利潤率提高了 72 個基點，達到 17%。儘管同店銷售額有所下降，但在過去 12 周里，我們保持了系統內每周平均 1130 萬美元的穩定銷售額，這反映了我們的團隊和加盟合作夥伴致力於提供一流的體育餐飲體驗。

Our core markets delivered year-over-year strong performance, though external headwinds in specific regions, particularly San Antonio and Austin, pressured overall results. We've positioned Twin Peaks as a premier destination for fantasy draft parties supported by new online reservation capabilities launched this year

我們的核心市場實現了同比強勁增長，但特定地區（尤其是聖安東尼奧和奧斯汀）的外部不利因素對整體業績構成了壓力。我們已將 Twin Peaks 定位為舉辦夢幻選秀派對的首選目的地，並為此推出了今年新推出的線上預訂功能。

This drove the highest fantasy football participation to date and created strong early season engagement that is carrying into weekly watch parties and repeat visits. We also had another strong promotion that drove traffic this quarter, such as National Wing Day, which featured BOGO Wings and Brew Days on Wednesdays in September. We're making progress across our six strategic priorities for Twin Peaks.

這促成了迄今為止最高的夢幻足球參與度，並創造了強勁的賽季初期參與度，這種參與度延續到了每週的觀賽聚會和重複觀看活動中。本季我們也推出了其他一些強大的促銷活動，例如全國雞翅日（9 月 9 日每週三推出買一送一雞翅和啤酒日活動），這些活動都帶動了客流量。我們在雙峰鎮的六個戰略重點方面都取得了進展。

First, operational excellence. Our renewed focus on speed, hospitality, and consistency is driving sales and great results. Guest engagement scores continue to lead our competitive set, and we have aligned each director of operation with a regional training coordinator to reinforce brand pillars and support execution in the field.

首先是卓越營運。我們重新專注於速度、熱情待客和始終如一的服務，這正在推動銷售並取得顯著成效。我們的顧客互動評分繼續領先競爭對手，我們為每位營運總監配備了一名區域培訓協調員，以加強品牌支柱並支援現場執行。

Second, simplification. We have streamlined workflow, allowing teams to focus on guest engagement. Third, cost discipline. Through reduced spending, renegotiated vendor agreements, and improved food and beverage cost controls, we have achieved margin gains versus second quarter and prior year.

第二，簡化。我們簡化了工作流程，使團隊能夠專注於與客戶互動。第三，成本控制。透過減少支出、重新談判供應商協議以及改善食品和飲料成本控制，我們實現了與第二季和去年同期相比的利潤成長。

Fourth, menu optimization and value. Guest feedback remains strong as we refine our menu and strengthen our lunch platform. Our core offerings burgers, wings, sandwiches, and shareables continue to drive performance while delivering value and maintaining operational consistency.

第四，菜單優化和價值。顧客的回饋一直很積極，我們將繼續改進菜單並加強午餐服務。我們的核心產品漢堡、雞翅、三明治和分享小吃繼續推動業績成長，同時提供價值並保持營運的一致性。

Fifth, pricing strategy. We are taking a measured, market-informed approach to pricing. We took a modest price increase in the second quarter which significantly offset rising costs, maintaining value perception and traffic stability.

第五，定價策略。我們採取的是一種審慎的、以市場為基礎的定價方式。我們在第二季進行了小幅漲價，這大大抵消了成本上漲的影響，並維持了價值認知和客流量的穩定性。

Sixth, growth readiness. We are executing a strategic conversion program that transforms underperforming smoky locations into high performing Twin Peak lodges. We have strategically optimized our portfolio by closing 11 underperforming units year-to-date and converted 2 locations to Twin Peaks, leaving us with 45 operating Smokey Bones locations today.

第六，成長準備度。我們正在執行一項策略性改造計劃，將業績不佳且煙霧瀰漫的地點改造成業績卓越的雙峰度假酒店。今年以來，我們透過關閉 11 家業績不佳的門市，並將 2 家門市改建為 Twin Peaks，對我們的業務組合進行了策略性優化，目前我們擁有 45 家營運中的 Smokey Bones 門市。

Of these 45 remaining units, we have identified 19 prime conversion candidates for transformation into Twin Peaks lodges while continuing to operate 26 profitable Smokey Bones units that generate $3 million in trailing 12 month EBITDA.

在剩下的 45 個單元中，我們已經確定了 19 個主要的改造候選單元，可以改造成 Twin Peaks 旅館，同時繼續運營 26 個盈利的 Smokey Bones 單元，這些單元在過去 12 個月中產生了 300 萬美元的 EBITDA。

Our conversion strategy is delivering exceptional results. The first two Smokey Bones to Twin Peak conversions have more than doubled revenue, achieving average unit volumes of $7.8 million compared to $3.5 million when operating as Smokey Bones locations.

我們的轉換策略取得了卓越的成效。前兩家 Smokey Bones 餐廳改建為 Twin Peak 餐廳後，收入翻了一番還多，平均單店營業額達到 780 萬美元，而之前作為 Smokey Bones 餐廳時的平均單店營業額為 350 萬美元。

Looking ahead to 2026, we have a robust pipeline of conversions and new openings planned. Our third conversion in Fayetteville, North Carolina, our first franchise conversion, a new franchise Twin Peaks location in Omaha, Nebraska, a company-owned Kissimmee, Florida conversion which is currently under construction, and two to four additional conversions contingent on securing necessary capital funding.

展望 2026 年，我們已製定了一系列穩健的改造和新店開幕計劃。我們在北卡羅來納州費耶特維爾的第三家門市改造項目，我們的第一家特許經營店改造項目，在內布拉斯加州奧馬哈開設的一家新的特許經營 Twin Peaks 門店，以及目前正在建設中的公司自營佛羅裡達州基西米門店改造項目，還有兩到四家門店改造項目，具體取決於能否獲得必要的資金。

Beyond immediate conversions, we have built a sustainable growth foundation with 82 committed lodges, providing clear visibility with 82% coming from existing franchise partners who understand our proven model.

除了眼前的轉換之外，我們還建立了可持續成長的基礎，擁有 82 家已承諾加盟的旅館，其中 82% 來自了解我們成熟模式的現有加盟合作夥伴，這提供了清晰的可見性。

We have also developed a next generation Twin Peaks proto that reduces costs and complexity through structural simplification, expanded patio space, and a more efficient 1,200 square foot smaller footprint.

我們還開發了下一代 Twin Peaks 原型，透過簡化結構、擴大露台空間和更有效率的 1,200 平方英尺佔地面積來降低成本和複雜性。

At Smokey Bones, we have now improved financial visibility and accountability across the field, streamlined operations through labor models, menu simplification, and reduced costs through smarter scheduling, hours, and system integration.

在 Smokey Bones，我們現在已經提高了整個領域的財務透明度和問責制，透過勞動力模式、菜單簡化簡化了運營，並透過更聰明的排班、工時和系統整合降低了成本。

Digitally, we are unifying platforms to strengthen loyalty, online ordering, and delivery. We have also right sized our support center. These actions are improving profitability, and setting the foundation for long-term success at Smokey Bones.

在數位化方面，我們正在整合平台，以加強客戶忠誠度、線上訂購和配送。我們也調整了支援中心的規模。這些舉措正在提高盈利能力，並為 Smokey Bones 的長期成功奠定基礎。

And finally, I am proud to share our new partnership with Camp Hope, an organization doing incredible work supporting veterans struggling with combat-related PTSD. A special thank you to the Rosa family, our longtime Twin Peaks franchise partners in Houston and Indianapolis for making the introduction.

最後，我很榮幸地宣布我們與 Camp Hope 建立了新的合作夥伴關係，這是一個為患有與戰鬥相關的創傷後壓力症候群的退伍軍人提供支持的組織，他們做出了卓越的貢獻。特別感謝羅莎家族，他們是我們在休士頓和印第安納波利斯的長期 Twin Peaks 特許經營合作夥伴，感謝他們促成了這次合作。

The impact they are having is truly amazing. We are committed to executing our core principles, driving exceptional hospitality, serving scratch-made food, 29 degree beer, creating an energetic, sports forward atmosphere, driving strong unit economics, and growing responsibly with our franchise and company partners.

他們所產生的影響真是令人驚嘆。我們致力於貫徹我們的核心原則，提供卓越的待客之道，供應現做的美食、29度的啤酒，營造充滿活力、運動氛圍的氛圍，實現強勁的單位經濟效益，並與我們的加盟商和公司合作夥伴共同負責任地發展。

With that, I'll turn the call over to Ken to review our third quarter financial results.

接下來，我會把電話交給 Ken，讓他來回顧我們第三季的財務表現。

Thanks, Kim. Total system-wide sales, which includes both Twin Peaks and Smokey Bones, were $170.7 million in the quarter, a 3.3% decrease from last year's quarter. Of the total, Twin Peaks system-wide sales were $138.8 million, a decrease of 1.4% from $140.7 million in the prior year quarter, driven by the closure of two franchise locations and a 4.1% decrease in lower same store sales, driven in part by continued immigration-related issues, particularly in our San Antonio market, mostly offset by new lodge openings.

謝謝你，金。該季度系統總銷售額（包括《雙峰》和《煙鬼骨頭》）為 1.707 億美元，比去年同期下降了 3.3%。Twin Peaks 系統總銷售額為 1.388 億美元，比去年同期的 1.407 億美元下降了 1.4%，主要原因是關閉了兩家加盟店，以及同店銷售額下降了 4.1%，部分原因是持續的移民相關問題，尤其是在聖安東尼奧市場，但新旅館的開業基本上抵消了這一影響。

Total revenue was $82.3 million in the quarter, a 1.6% decrease from $83.7 million in last year's quarter. Looking at revenue between Twin Peaks and Smokey Bones, Twin Peaks revenue was $50.3 million, up 5.3% from $47.8 million in the prior year quarter, driven by new lodge openings, partially offset by the closure of two franchise locations and the decline in same store sales.

本季總收入為 8,230 萬美元，比去年同期的 8,370 萬美元下降了 1.6%。從 Twin Peaks 和 Smokey Bones 的收入來看，Twin Peaks 的收入為 5030 萬美元，比去年同期的 4780 萬美元增長了 5.3%，這主要得益於新旅館的開業，但部分被兩家特許經營店的關閉和同店銷售額的下降所抵消。

Smokey Bones revenue was $32 million in the quarter, down 10.8% from $35.9 million in the prior year quarter, reflecting our continued strategic conversion of locations into Twin Peaks lodges and the closure of 11 underperforming units as planned.

Smokey Bones 本季收入為 3,200 萬美元，比去年同期的 3,590 萬美元下降了 10.8%，這反映了我們繼續將部分地點策略性地改造為 Twin Peaks 旅館，並按計劃關閉了 11 家業績不佳的門市。

Turning to costs and expenses, food and beverage costs in the quarter decreased 10 basis points to 27.4% in the quarter, as menu price increases were substantially offset by commodity inflation, which remained in the low single-digits as expected.

再來看成本和費用，本季食品和飲料成本下降了 10 個基點，至 27.4%，因為菜單價格上漲被大宗商品通膨大幅抵消，而大宗商品通膨正如預期那樣保持在個位數低點。

Labor and benefits costs decreased 70 basis points to 32.1%, reflecting improved productivity from our streamlined operations and better sales leverage. Our menu simplification test results also contributed to these efficiency gains.

勞動力和福利成本下降了 70 個基點，至 32.1%，這反映出我們精簡營運和提高銷售槓桿作用所帶來的生產力提升。我們的菜單簡化測試結果也為效率提升做出了貢獻。

Other operating costs decreased 70 basis points to 22.9% in the quarter, and occupancy costs decreased 80 basis points to 8%, benefiting from the closure of underperforming Smokey Bones locations. Restaurant level contribution margin improved 90 basis points to 9.6% from 8.7% in last year's quarter.

本季其他營運成本下降 70 個基點至 22.9%，而租金成本下降 80 個基點至 8%，這得益於業績不佳的 Smokey Bones 餐廳的關閉。餐廳層級的貢獻毛利率從去年同期的 8.7% 提高 90 個基點至 9.6%。

And looking at individual brand performance, Twin Peaks restaurant level contribution margin increased 72 basis points to 17% from 16.3% in last year's quarter, demonstrating strong operational leverage. Smokey Bones' restaurant level contribution margin was negative 0.3%, down from positive 0.3% in last year's quarter, which was expected as we continue converting higher performing locations.

從單一品牌的表現來看，Twin Peaks 餐廳層級的貢獻毛利率從去年同期的 16.3% 成長了 72 個基點，達到 17%，這表明其營運槓桿作用強勁。Smokey Bones 餐廳層面的貢獻毛利率為負 0.3%，低於去年同期的正 0.3%，符合預期，因為我們繼續將業績較好的門市進行改造。

Additionally, with the closure of 11 underperforming Smokey Bones locations and new leadership, we are targeting Smokey Bones to generate stronger restaurant-level contribution margins beginning in early 2026.

此外，隨著 11 家業績不佳的 Smokey Bones 門市關閉以及新的領導層的加入，我們計劃從 2026 年初開始，讓 Smokey Bones 實現更強勁的餐廳層面利潤率。

General and administrative expenses were $19.5 million compared to $7.2 million in the year ago quarter, with the increase primarily related to a $6.9 million store closure reserve and a $1.4 million non-cash impairment of fixed assets in the third quarter related to the closure of underperforming Smokey Bones locations, as well as higher non-cash share-based compensation.

一般及行政費用為 1,950 萬美元，而去年同期為 720 萬美元，成長主要與第三季因關閉業績不佳的 Smokey Bones 門市而提列的 690 萬美元門市關閉準備金和 140 萬美元固定資產非現金減損有關，以及更高的非現金支付補償金有關。

Total other expense was $11.9 million compared to $12.6 million in last year's quarter. And net loss in the quarter was $24.5 million compared to $16.2 million in last year's quarter. Adjusted EBITDA increased to $3 million compared to $2.3 million in last year's quarter.

其他總支出為 1,190 萬美元，而去年同期為 1,260 萬美元。本季淨虧損為 2,450 萬美元，而去年同期淨虧損為 1,620 萬美元。調整後 EBITDA 增至 300 萬美元，去年同期為 230 萬美元。

Twin Peaks' adjusted EBITDA was $7.2 million compared to $6.5 million in last year's quarter, and Smokey Bones' adjusted EBITDA was negative $3.8 million compared to negative $2.9 million in the prior year.

Twin Peaks 的調整後 EBITDA 為 720 萬美元，去年同期為 650 萬美元；Smokey Bones 的調整後 EBITDA 為負 380 萬美元，而去年同期為負 290 萬美元。

Regarding our balance sheet and capital allocation, we continue to make progress on our equity raise commitments. Market conditions have improved, and we remain confident in achieving our full annual equity target range to support debt reduction and growth investments.

關於我們的資產負債表和資本配置，我們在股權融資承諾方面持續取得進展。市場狀況有所改善，我們仍然有信心實現年度股權投資目標，以支持債務削減和成長投資。

Looking ahead to the fourth quarter, we expect continued benefit from the strong sports calendar, including college football playoffs. Our operational improvements and cost discipline initiatives should also continue to drive margin expansion.

展望第四季度，我們預計將繼續受益於強勁的體育賽事安排，包括大學橄欖球季後賽。我們的營運改善和成本控制措施也將持續推動利潤率的成長。

And with that, I'll turn it back over to Kim for closing remarks.

接下來，我將把發言權交還給金，請她作總結發言。

Thank you, Ken. Our third quarter results validate the strategic direction we outlined earlier this year. As we look ahead, we are excited about our robust fourth quarter sports calendar, our conversion pipeline progress, and the continued benefit from our operational improvements and cost discipline initiatives.

謝謝你，肯。我們第三季的業績驗證了我們今年稍早制定的策略方向。展望未來，我們對第四季度精彩的體育賽事安排、專案轉換進度以及營運改善和成本控制舉措帶來的持續效益感到興奮。

We're heading into an exciting playoff and post-season stretch, and our teams have some incredible campaigns lined up, keeping the guests engaged all season long. From our NFL postseason sweepstakes and holiday gift card promotions to theme lodge activations, vendor partnerships, charitable giving efforts, and festive gatherings across our lodges, it's shaping up to be a fun, and festive finish to the year at Twin Peaks.

我們將進入激動人心的季後賽和賽季末階段，我們的球隊也安排了一些精彩的比賽，讓球迷們整個賽季都興致盎然。從我們的 NFL 季後賽抽獎活動和節日禮品卡促銷活動，到主題小屋活動、供應商合作、慈善捐贈活動以及我們各個小屋的節日聚會，Twin Peaks 將以充滿樂趣和節日氣氛的方式為這一年畫上句號。

Thank you for joining us today and for your continued interest in Twin Hospitality, and we look forward to our next earnings call. Thank you.

感謝您今天蒞臨本次電話會議，也感謝您一直以來對 Twin Hospitality 的關注，我們期待下次財報電話會議。謝謝。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。