Wendy's Co (WEN) 2025 Q2 法說會逐字稿

Good morning. Welcome to The Wendy's Company earnings results conference call. (Operator Instructions)

早安.歡迎參加溫迪公司收益結果電話會議。（操作員指示）

Thank you. You may begin your conference.

謝謝。您可以開始您的會議了。

Good morning. and thank you for joining our fiscal 2025 2nd quarter earnings conference call. After this brief introduction, Ken Cook, Interim Chief Executive Officer, will provide a business update and then Suzie Thuerk, Chief Accounting Officer and Global Head of FP&A, will review our second quarter results, share capital allocation priorities and our updated 2025 outlook. From there, we will open up the line for questions.

早安.感謝您參加我們的 2025 財年第二季財報電話會議。簡短介紹之後，臨時執行長 Ken Cook 將提供業務最新情況，然後首席會計官兼全球 FP&A 主管 Suzie Thuerk 將回顧我們的第二季度業績、股本配置重點以及我們更新後的 2025 年展望。從那時起，我們將開放問答熱線。

Today's conference call and webcast includes a presentation, which is available on our Investor Relations website, ir.wendys.com. Before we begin, please take note of the safe harbor statement that appears at the end of today's earnings release.

今天的電話會議和網路直播包含一份演示文稿，可在我們的投資者關係網站 ir.wendys.com 上查看。在開始之前，請注意今天收益報告末尾的安全港聲明。

This disclosure reminds investors that certain information we discuss today is forward-looking and reflects our current expectations about future plans and performance. Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements.

此揭露提醒投資者，我們今天討論的某些資訊具有前瞻性，反映了我們對未來計劃和業績的當前預期。各種因素都可能影響我們的結果，並導致這些結果與我們的前瞻性陳述中提出的預測有重大差異。

Also, some of today's comments will reference non-GAAP financial measures. Investors should refer to our reconciliations of non-GAAP financial measures to the most directly comparable GAAP measure at the end of this presentation or in today's earnings release. If you have questions following today's conference call, please contact me.

此外，今天的一些評論將參考非公認會計準則財務指標。投資人應參閱本簡報結尾處或今天的收益報告中我們對非公認會計準則財務指標與最直接可比較的公認會計準則指標的調節表。如果您在今天的電話會議後有任何問題，請與我聯絡。

I will now hand the call over to Ken.

我現在將電話交給肯。

Good morning. We appreciate you joining us today for our second quarter 2025 earnings call. Before we dive in, I want to say how honored I am to lead this great company. Wendy's has a powerful brand, a strong foundation and significant opportunity ahead. I want to start by thanking our franchisees and employees for their commitment to our customers and the progress we have made on our strategic initiatives.

早安.感謝您今天參加我們的 2025 年第二季財報電話會議。在我們深入探討之前，我想說我很榮幸能夠領導這家偉大的公司。溫蒂漢堡擁有強大的品牌、堅實的基礎和巨大的發展機會。首先，我要感謝我們的特許經營商和員工對客戶的承諾以及我們在策略性舉措上取得的進展。

Our US topline results and rest of year outlook are below the expectations we set at the beginning of the year as the consumer and competitive environment looks much different today than we anticipated. While our long-term strategy remains unchanged, we are increasing our focus to improve both execution and performance.

由於當今的消費者和競爭環境與我們預期的大不相同，我們對美國的營收業績和今年剩餘時間的展望低於我們年初設定的預期。雖然我們的長期策略保持不變，但我們正在加強提高執行力和績效。

I'll walk through the lessons we have learned and the actions we're taking as a result shortly. But first, I want to share why I'm so excited about the future and the opportunities we have to create value for our franchisees, employees and shareholders.

我很快就會介紹我們所學到的教訓以及我們因此採取的行動。但首先，我想分享我為什麼對未來以及我們為特許經營商、員工和股東創造價值的機會如此興奮。

Wendy's is an iconic brand loved by generations around the world built on having the highest quality food in QSR made from the best ingredients like fresh, never frozen beef and has a track record of successful innovation for more than 55 years. We have over 7,300 restaurants across 35 countries and territories with significant white space opportunities to expand our global footprint.

溫蒂漢堡是深受世界各地幾代人喜愛的標誌性品牌，以新鮮、從未冷凍過的牛肉等最佳原料製成 QSR 中最高品質的食品，並擁有 55 多年來成功創新的記錄。我們在 35 個國家和地區擁有超過 7,300 家餐廳，擁有巨大的空白機會來擴大我們的全球影響力。

Our franchisees and employees are deeply committed and passionate about the long-term success of the business, and we have a solid financial foundation with over $315 million of cash on our balance sheet, over $0.5 billion in annual adjusted EBITDA and significant free cash flow generation to continue investing in long-term growth and returning cash to our shareholders.

我們的特許經營商和員工對業務的長期成功充滿熱情並全身心投入，我們擁有堅實的財務基礎，資產負債表上有超過 3.15 億美元的現金，年度調整後 EBITDA 超過 5 億美元，並產生可觀的自由現金流，以繼續投資於長期增長並向股東返還現金。

When I took on this role in July, the first thing I did was speak with our franchisees, reinforcing that our primary focus is enabling their success while accelerating long-term growth for the system. I firmly believe in the importance of a strong partnership between the company and our franchisees.

當我在七月擔任這個職位時，我做的第一件事就是與我們的特許經營商交談，強調我們的主要關注點是幫助他們取得成功，同時加速系統的長期發展。我堅信公司與我們的特許經營商之間建立牢固的合作關係的重要性。

Part of a concept, you will hear me refer to as one Wendy's. The next thing I did was spend time in our restaurants. And I saw firsthand the passion and enthusiasm our teams have for the brand and the quality of our food. These visits have provided me with valuable insights on areas for improvement that we will put into action. With that context in mind, I'd like to take a few minutes to share what's working, what's not, and where we are taking immediate action to improve the business and strengthen our foundation.

作為概念的一部分，您會聽到我將其稱為“溫迪餐廳”。我接下來要做的事情就是在我們的餐廳裡度過一段時間。我親眼目睹了我們的團隊對品牌和食品品質的熱情和熱情。這些訪問為我提供了有關我們將要付諸行動的改進領域的寶貴見解。考慮到這一點，我想花幾分鐘時間分享哪些措施有效，哪些措施無效，以及我們將採取哪些立即行動來改善業務並加強我們的基礎。

Let's start with what's going well. First is net unit growth. We have opened 118 new restaurants in the first half of the year, and we remain on track to deliver between 2% to 3% net new unit growth for the full year.

讓我們先從進展順利的事情開始。首先是淨單位成長。我們在今年上半年開設了 118 家新餐廳，並且全年仍有望實現 2% 至 3% 的淨新店成長。

Next, our international business continued its strong growth trajectory. In the second quarter, the international segment delivered systemwide sales growth of 8.7% and grew adjusted EBITDA by 23.9% while continuing to make investments that enhance our global capabilities. Third, we are seeing early progress that our investment in operational excellence is paying off.

其次，我們的國際業務持續保持強勁的成長軌跡。第二季度，國際部門全系統銷售額成長 8.7%，調整後 EBITDA 成長 23.9%，同時持續進行投資以增強我們的全球能力。第三，我們看到了早期進展，顯示我們在卓越營運方面的投資正在獲得回報。

In the US, we have improved both our traditional and our digital customer satisfaction scores. We know there is a high correlation between customer satisfaction and sales growth and are confident that the continued improvement here will result in increased frequency by our customers.

在美國，我們提高了傳統和數位客戶滿意度得分。我們知道客戶滿意度和銷售成長之間存在高度相關性，我們相信這方面的持續改進將會增加客戶的購買頻率。

Turning to our US business. We are not happy with our sales performance. Our recent results are driven by a combination of dynamic consumer behavior and a more challenging competitive environment. This highlights the need to sharpen our focus and execution.

談到我們的美國業務。我們對我們的銷售業績不滿意。我們最近的業績是由動態的消費者行為和更具挑戰性的競爭環境共同推動的。這凸顯了我們加強關注和執行的必要性。

Let me share the three key actions we are taking to drive improvement. The first is knowing our customers better and reaching them more effectively. You will see Wendy's be more agile in addressing changing consumer taste and the competitive environment.

讓我分享我們為推動改進而採取的三個關鍵行動。首先是更好地了解我們的客戶並更有效地接觸他們。您會看到溫蒂漢堡在應對不斷變化的消費者口味和競爭環境方面更加靈活。

We are leveraging new data analytics capabilities to enhance our understanding of how consumers are behaving, both inside the Wendy's system and at our competition, all in close to real time. While we have historically done this through leveraging our loyalty program and third-party data, we now have the capability to analyze the large majority of our transactions.

我們正在利用新的數據分析功能來增強我們對消費者行為的了解，無論是在 Wendy's 系統內部還是在我們的競爭對手那裡，所有這些都接近實時。雖然我們過去是透過利用我們的忠誠度計劃和第三方數據來實現這一點的，但現在我們有能力分析我們的絕大多數交易。

This provides us with better and more comprehensive insights and enables us to tailor both our marketing and menu innovations directly to customer preferences. We've also initiated a review of our media effectiveness to ensure our advertising dollars are working as hard as possible in the areas that will have the greatest impact for our brand.

這為我們提供了更好、更全面的見解，並使我們能夠直接根據客戶喜好客製化我們的行銷和菜單創新。我們也開始審查我們的媒體有效性，以確保我們的廣告費用盡可能地用於對我們的品牌影響最大的領域。

We must be more precise and efficient in how we support key product activations, and we'll continue to evaluate and maximize our capabilities in this area. The second is reducing programming complexity and increasing focus. This summer, we learned that when we have too many priorities, we have none.

我們必須更精確和有效率地支援關鍵產品激活，我們將繼續評估和最大化我們在這方面的能力。第二是降低程式設計複雜性並提高專注度。今年夏天，我們了解到，當我們有太多優先事項時，我們就沒有優先事項了。

Our 100 days of summer programming included promotions on beverages, breakfast, meal deals, digital exclusives, our Takis collaboration and more. This looked great on paper as it had something for everyone. However, the volume of initiatives made it challenging for our restaurant teams to execute effectively and sent too many different messages to our customers. Based on this experience, we have simplified our calendar for the back half of the year.

我們的 100 天夏季計劃包括飲料、早餐、餐飲優惠、數位獨家、與 Takis 合作等促銷活動。從紙面上看，這看起來很棒，因為它適合每個人。然而，大量的舉措給我們的餐廳團隊帶來有效執行的挑戰，並向我們的顧客傳遞了太多不同的訊息。根據這次經驗，我們簡化了下半年的行程。

Lastly and most importantly, is strengthening the partnership with our franchisees. Our franchisees play a critical role in our success. We recently brought US franchisees together to align on upcoming menu innovations, and they left excited about the new products and our strategy to drive growth.

最後，也是最重要的，是加強與我們的特許經營商的合作關係。我們的特許經營商在我們的成功中發揮著至關重要的作用。我們最近將美國特許經營商聚集在一起，共同商討即將推出的菜單創新，他們對新產品和我們推動成長的策略感到非常興奮。

In recent weeks, they provided feedback on the volume of change in the second half of the year which helped shape our decision to retime some of our planned programming and innovation so we can execute them with excellence and continue elevating the customer experience across our system.

最近幾週，他們就下半年的變化量提供了回饋，這有助於我們做出決定，重新安排一些計畫中的程式設計和創新，以便我們能夠出色地執行它們，並繼續提升整個系統的客戶體驗。

By continuing to strengthen our franchise relationships, we will drive improved results and ultimately reach our full potential together as One Wendy's. Additionally, we are thrilled to have Pete Suerken leading our US business. Pete has earned the trust of franchisees over his five years leading our purchasing co-op. He has a bias for action and is already working to better integrate franchisee perspectives into our plans.

透過持續加強我們的特許經營關係，我們將推動業績的改善，並最終作為「一個溫迪」共同發揮我們的全部潛力。此外，我們很高興 Pete Suerken 能夠領導我們的美國業務。在領導我們的採購合作社的五年中，Pete 贏得了特許經營商的信任。他熱衷於行動，並已開始努力將特許經營者的觀點更好地融入我們的計劃中。

Now turning to our second quarter results. Global systemwide sales declined 1.8%, driven by a decrease in US same-restaurant sales. In the US, April results were soft. And while we did see improvement in the last two months of the quarter, driven by the launch of new additions to our Frosty platform, overall demand recovered more slowly than we expected.

現在來看看我們的第二季業績。由於美國同店銷售額下降，全球全系統銷售額下降 1.8%。在美國，四月業績表現疲軟。儘管我們在本季的最後兩個月確實看到了改善，這得益於我們 Frosty 平台推出的新功能，但整體需求的恢復速度比我們預期的要慢。

Moving to our international business. We continue to see strong performance with systemwide sales growth of 8.7%, including growth across all regions. For the total company, we delivered adjusted EBITDA of $146.6 million and earnings per share of $0.29. Both were above the second quarter last year as we increased productivity in our restaurants and continue to manage costs prudently.

轉向我們的國際業務。我們繼續看到強勁的表現，全系統銷售額成長 8.7%，包括所有地區的成長。就公司整體而言，我們調整後的息稅折舊攤提前利潤 (EBITDA) 為 1.466 億美元，每股收益為 0.29 美元。由於我們提升餐廳生產力並持續審慎管理成本，兩項數據均高於去年第二季。

We also returned over $88 million to shareholders through dividends and share repurchases in the second quarter for a total of over $262 million returned to shareholders through the first half of the year. Now let me provide an update on our three strategic priorities that will fuel long-term profitable growth.

我們也在第二季透過股利和股票回購向股東返還了超過 8,800 萬美元，今年上半年共向股東返還超過 2.62 億美元。現在，讓我來介紹一下我們推動長期獲利成長的三大策略重點。

Starting with fresh famous food. Following the success of our Girl Scouts Thin Mints Frosty collaboration in the first quarter, we launched Frosty Swirls and Frosty Fusions in mid-May. These new launches performed well with Frosty sales up over 30% year-over-year in the second quarter.

從新鮮的名菜開始。繼第一季我們與女童子軍薄荷糖 Frosty 合作專案取得成功後，我們於 5 月中旬推出了 Frosty Swirls 和 Frosty Fusions。這些新產品表現良好，第二季度 Frosty 的銷量年增了 30% 以上。

Looking ahead, based on the lessons from the first half of the year and feedback from our franchisees, we have simplified our programming calendar in the second half of the year to ensure that we can execute with excellence and effectively reach our customers.

展望未來，根據上半年的經驗教訓和加盟商的回饋，我們簡化了下半年的節目日程表，以確保我們能夠出色地執行並有效地接觸到我們的客戶。

During the second half of the year, we're focused on two things, chicken innovation and the launch of our new beverage lineup. Starting with chicken, we launched a collaboration with Netflix for Wednesday, one of the streamers most popular series. This coincided with the much-anticipated Season 2 premiere this week.

下半年，我們專注於兩件事：雞肉創新和新飲料系列的推出。從雞肉開始，我們與 Netflix 合作推出了《星期三》——這是串流媒體最受歡迎的系列之一。這與本週備受期待的第二季首播相吻合。

We are featuring a Meal of Misfortune, including chicken nuggets, a new lineup of four mystery sauces hot and crispy fries and the Raven's Blood Dark Terry Frosty Swirl, all with Wednesday themed packaging. In the fourth quarter, we'll be extending our chicken lineup by launching new chicken tenders.

我們推出了一頓不幸的大餐，其中包括雞塊、四種神秘醬料的全新系列、香脆薯條和 Raven's Blood Dark Terry Frosty Swirl，均採用星期三主題包裝。在第四季度，我們將推出新的雞柳來擴大我們的雞肉產品線。

Our chicken tenders are crafted using the highest quality ingredients, including 100% white meat coated in light, crispy and flavorful breading. Through testing, it was clear that consumers could taste the difference. I believe we are delivering exactly what customers want, a craveable, juicy and all-around delicious product in a fast-growing part of the protein market.

我們的雞柳採用最優質的原料製作而成，包括 100% 裹有輕盈、酥脆且美味麵包屑的白肉。透過測試，消費者顯然可以嚐出其中的差異。我相信，在快速成長的蛋白質市場中，我們提供的正是客戶想要的，一種令人垂涎的、多汁的、美味的產品。

We're also rolling out a modernized and improved sauce lineup with the launch of our chicken tenders with six new varieties of sauces, including my personal favorite, Sweet Chili and a new Wendy signature sauce with a tangy kick. I think our tenders and sauces are fantastic, and I'm confident our customers will love them too.

我們也推出了現代化和改良的醬料系列，推出了六種新的雞柳醬料，包括我個人最喜歡的甜辣醬和一種帶有濃鬱風味的全新溫迪招牌醬料。我認為我們的肉條和醬汁非常棒，我相信我們的顧客也會喜歡它們。

Now turning to beverages. Beverage innovation will be a key enabler of growth across multiple dayparts, especially breakfast and snacking occasions. Customers are deeply habitual in the morning and behaviors often center around beverages. We're thrilled with our new beverage innovation.

現在來談談飲料。飲料創新將成為多個時段成長的關鍵推動因素，尤其是早餐和零食時段。顧客在早上已經養成了習慣，行為通常以飲料為中心。我們對我們的新飲料創新感到非常興奮。

Our new lineup that launched this week includes a cold brew formulation and indulgent offerings with cold foam, each crafted to elevate our breakfast and beverage experience. Over the past several years, coffee preferences have shifted towards cold brew as approximately 40% of QSR coffee servings are now cold. This new cold brew lineup allows us to better serve our existing customers and attract new ones, and we aren't stopping there.

我們本週推出的新產品系列包括冷萃咖啡配方和帶有冷泡沫的奢華產品，每款產品都經過精心設計，旨在提升我們的早餐和飲料體驗。在過去的幾年中，人們對咖啡的偏好已經轉向冷萃咖啡，因為現在大約 40% 的 QSR 咖啡都是冷的。這個新的冷萃咖啡系列使我們能夠更好地服務現有客戶並吸引新客戶，我們不會止步於此。

For our customers who like their coffee hot, in September, we're transitioning to a new hot coffee blend crafted for a lighter roast and made from 100% arabica beans. This week, we also extended our caffeinated offerings to include refreshing sparkling energy drinks, the fastest-growing beverage category in QSR with serving growing approximately 50% over the past year.

對於喜歡喝熱咖啡的顧客，我們將在九月推出新的熱咖啡混合物，這種混合物採用淺烘焙工藝，由 100% 阿拉比卡咖啡豆製成。本週，我們也擴展了含咖啡因的產品範圍，包括清爽的氣泡能量飲料，這是 QSR 中成長最快的飲料類別，過去一年的供應量增加了約 50%。

Our delicious new cherry limeade and pineapple citrus energy drinks are enabled by the customization available through our Coca-Cola Freestyle machines. We have the highest quality food in QSR, and we now have a beverage lineup that is just as compelling.

我們美味的新款櫻桃檸檬水和鳳梨柑橘能量飲料可透過我們的可口可樂 Freestyle 機器進行客製化。我們在 QSR 中提供最高品質的食品，現在我們還有同樣引人注目的飲料陣容。

Moving on to our next strategic pillar. We are focused on delivering an exceptional customer experience, which is a critical step to increasing customer frequency. We recently completed the staffing of our expanded US field teams and are making progress on restaurant assessments and training.

繼續討論我們的下一個戰略支柱。我們專注於提供卓越的客戶體驗，這是提高客戶頻率的關鍵一步。我們最近完成了擴大的美國實地團隊的人員配備，並在餐廳評估和培訓方面取得了進展。

These investments are already showing positive results. Our teams are gaining valuable insights to drive greater accuracy, productivity and hospitality. In addition to the in-restaurant experience, we are also improving the digital customer experience. Our US loyalty sales grew 25% in the second quarter, driven by strong digital conversion that reached another all-time high.

這些投資已經顯示出積極的成果。我們的團隊正在獲得寶貴的見解，以提高準確性、生產力和熱情好客程度。除了餐廳內的體驗，我們也正在改善數位客戶體驗。受強勁的數位轉型推動，我們的美國忠誠度銷售額在第二季成長了 25%，再創歷史新高。

This drove global digital mix to 20.5% of total sales. Additionally, our FreshAi platform is getting smarter and continues improving the drive-through experience with unique menu recommendations for each order, taking into account factors such as seasonality and popular items in the area, FreshAi is driving stronger sales.

這使得全球數位行銷佔總銷售額的 20.5%。此外，我們的 FreshAi 平台變得越來越智能，並透過為每個訂單提供獨特的菜單推薦來持續改善免下車體驗，同時考慮到季節性和該地區的熱門商品等因素，FreshAi 正在推動更強勁的銷售。

We are pleased with how FreshAi is enhancing the customer experience and is one of the reasons same-restaurant sales at US company-operated restaurants outperformed the US system in the second quarter. While we are in the early innings of our customer experience journey, we are pleased with the initial results that our investments are generating.

我們對 FreshAi 如何提升顧客體驗感到滿意，這也是美國公司經營的餐廳第二季同店銷售超過美國系統的原因之一。雖然我們正處於客戶體驗之旅的早期階段，但我們對我們的投資所產生的初步成果感到滿意。

Moving to our third strategic pillar, accelerating net unit growth. Global expansion continues to be a powerful growth engine for us. In the second quarter, we opened 44 new restaurants across the globe, 21 in the United States and 23 internationally, reaching a total of 118 new restaurant opens year-to-date.

轉向我們的第三個戰略支柱，加速淨單位成長。全球擴張繼續成為我們強大的成長引擎。第二季度，我們在全球開設了 44 家新餐廳，其中美國 21 家，國際 23 家，年初至今新餐廳總數達到 118 家。

In addition to these openings, I'm excited that EJ and his team have strengthened our development pipeline this quarter with new agreements to build 190 restaurants outside the US. This includes 170 restaurants in Italy over the next 10 years and 20 restaurants in Armenia over the next five.

除了這些新開餐廳之外，我很高興 EJ 和他的團隊本季透過在美國境外開設 190 家餐廳的新協議加強了我們的開發管道。其中包括未來 10 年內在義大利開設 170 家餐廳，以及未來 5 年在亞美尼亞開設 20 家餐廳。

Our expansion into these European markets was enabled by the strategic investments we have made to enhance local resources, including our regional headquarters in London and the development of an integrated European supply chain.

我們向這些歐洲市場的擴張得益於我們為增強當地資源而進行的策略性投資，包括我們在倫敦的地區總部和綜合歐洲供應鏈的開發。

These new agreements are in addition to commitments we shared last quarter for 25 new restaurants in Mexico and 30 in Chile over the next five years and are a proof point that the Wendy's brand continues to resonate around the world. These represent important steps that will help us reach our 2028 targets. And for 2025, we remain on track to grow net units between 2% and 3%.

這些新協議是對我們上個季度做出的承諾的補充，承諾在未來五年內在墨西哥開設 25 家新餐廳，在智利開設 30 家新餐廳，證明了溫迪品牌繼續在世界各地引起共鳴。這些都是幫助我們實現 2028 年目標的重要步驟。到 2025 年，我們的淨銷量仍將保持 2% 至 3% 的成長勢頭。

Turning to our outlook. The environment today is very different than we anticipated at the beginning of the year, driven by dynamic consumer behavior and a more challenging competitive environment. Our updated outlook includes these factors as well as the changes we made to our programming plans in the second half of the year.

轉向我們的展望。今天的環境與我們年初預期的大不相同，受到動態消費者行為和更具挑戰性的競爭環境的驅動。我們更新後的展望包括這些因素以及我們對下半年程式設計計畫所做的更改。

We now anticipate full year global systemwide sales to decline between 3% and 5%. We expect adjusted EBITDA to range between $505 million and $525 million and adjusted EPS of $0.82 to $0.89. Importantly, we are maintaining our guidance for net unit development and are well on our way to achieving our full year net unit growth target of 2% to 3%.

我們現在預計全年全球系統銷售額將下降 3% 至 5%。我們預計調整後EBITDA將在5.05億美元至5.25億美元之間，調整後每股盈餘將在0.82美元至0.89美元之間。重要的是，我們維持淨單位成長指引，並有望實現2%至3%的全年淨單位成長目標。

Before I close, I will turn it over to Suzie Thuerk to provide more details on our second quarter results and our outlook. Suzie is our Chief Accounting Officer and Global Head of FP&A. She has been with Wendy's for over 11 years, serving in finance roles of increasing responsibility.

在結束之前，我將把時間交給 Suzie Thuerk，讓她提供有關我們第二季業績和展望的更多詳細資訊。Suzie 是我們的首席會計長兼 FP&A 全球主管。她在溫蒂漢堡工作了 11 年多，擔任的財務職務責任越來越大。

Suzie, over to you.

蘇西，交給你了。

Thank you, Ken, and good morning, everyone. I'm excited to join today's call and continue supporting the teams as we execute against our shared strategic priorities. Together, as One Wendy's, we are focused on driving long-term value for our franchisees and shareholders.

謝謝你，肯，大家早安。我很高興參加今天的電話會議，並繼續支持團隊執行我們共同的策略重點。作為“同一個溫迪”，我們致力於為我們的特許經營商和股東創造長期價值。

I will start with our second quarter results, including an update on our operational initiatives and capital allocation during the quarter, followed by an update on franchisee financial performance. And last, I will share more details around our outlook for the remainder of 2025.

我將從我們的第二季業績開始，包括本季營運舉措和資本配置的最新情況，然後是特許經營商財務業績的最新情況。最後，我將分享更多有關 2025 年剩餘時間展望的細節。

In the second quarter, global systemwide sales declined 1.8% on a constant currency basis. This was driven by a decline in the US where same-restaurant sales were down 3.6%. This was partially offset by higher systemwide sales in our international business. The decline in US same-restaurant sales was driven by a decrease in traffic partially offset by a higher average check.

第二季度，全球系統銷售額以固定匯率計算下降了 1.8%。這是由於美國同店銷售額下降 3.6% 所致。這被我們國際業務全系統銷售額的增加部分抵銷。美國同店銷售額的下降是由於客流量的減少，但平均帳單金額的增加部分抵消了這一影響。

Same-restaurant sales at our US company-owned restaurants outperformed the US system by almost 300 basis points, declining 0.7%. This outperformance was driven by a strong third-party delivery growth and the implementation of our digital menu boards and FreshAi automated ordering technology.

我們美國公司自營餐廳的同店銷售額比美國系統高出近 300 個基點，下降了 0.7%。這一優異表現得益於第三方配送業務的強勁成長以及我們數位菜單板和 FreshAi 自動訂購技術的實施。

We are encouraged by this performance because it demonstrates that the changes we're implementing in our company-owned restaurants are working and can be scaled across the system.

這項業績令我們感到鼓舞，因為它表明我們在公司自營餐廳實施的變革正在發揮作用，並且可以在整個系統中推廣。

Shifting to our international segment. The Wendy's brand continued its strong momentum across the globe, delivering growth of 8.7% in systemwide sales and 1.8% in same-restaurant sales in the second quarter. We achieved systemwide sales growth across all regions with some of the fastest-growing markets, including Japan, where we have brought to life local partnerships, driving a 27% increase in systemwide sales.

轉向我們的國際領域。溫迪品牌在全球延續了強勁勢頭，第二季全系統銷售額增長 8.7%，同店銷售額增長 1.8%。我們在所有地區都實現了全系統銷售額的成長，其中包括日本等一些成長最快的市場，我們在日本建立了本地合作夥伴關係，推動全系統銷售額成長了 27%。

And in Mexico, where we saw a 16% increase in systemwide sales and continue to bring innovation and value to our local customer. This underscores the strength of our global brand and the investments we are making in regional capabilities.

在墨西哥，我們的全系統銷售額成長了 16%，並繼續為當地客戶帶來創新和價值。這凸顯了我們全球品牌的實力以及我們在區域能力上所做的投資。

Moving to the P&L. Total adjusted revenue was $449.6 million, a decrease of $6.1 million due to lower US systemwide sales. Company advertising spend decreased by $5.5 million and G&A expenses decreased by $2 million. These items were partially offset by a modest decline in US company-operated restaurant margin. This resulted in adjusted EBITDA of $146.6 million, an increase of 2.5%.

轉到損益表。調整後總收入為 4.496 億美元，由於美國全系統銷售額下降而減少 610 萬美元。公司廣告支出減少了 550 萬美元，一般及行政費用減少了 200 萬美元。這些項目的部分影響因美國公司經營的餐廳利潤率的輕微下降而被抵消。調整後的 EBITDA 達到 1.466 億美元，成長 2.5%。

Shifting to margins. Global company-operated restaurant margin was 15.6% for the second quarter, and US company-operated restaurant margin was 16.2%, a contraction of 30 basis points year-over-year. The change in US company operated restaurant margin was driven by higher commodity costs, wage rate inflation and a decline in traffic.

轉向邊緣。第二季全球公司自營餐廳利潤率為15.6%，美國公司自營餐廳利潤率為16.2%，較去年同期下降30個基點。美國公司經營的餐廳利潤率的變化是由商品成本上漲、工資率上漲和客流量下降所造成的。

These were partially offset by higher labor productivity, supported by lower turnover and improved training, which are a result of executing on our operational improvements in the restaurant as well as higher average check compared to the prior year. Adjusted earnings per share was $0.29, an increase of 7.4% to the prior year driven by 13.5 million fewer shares outstanding and the increase in adjusted EBITDA.

但這些影響被更高的勞動生產力所部分抵消，這得益於更低的人員流動率和更好的培訓，而這又是由於我們在餐廳實施了營運改進，以及與前一年相比平均支票金額更高。調整後每股收益為 0.29 美元，較上年增長 7.4%，原因是流通股減少 1,350 萬股，以及調整後 EBITDA 增加。

Turning to free cash flow. A hallmark of Wendy's is strong free cash flow generation, and we continue to do that, generating $109.5 million of free cash flow in the first half of the year. As we shared last quarter, our definition of free cash flow now reflects investments in our build-to-suit program to accelerate global net unit growth. Our new definition of free cash flow is net cash provided by operating activities less capital expenditures, less build-to-suit franchise development fund investments.

轉向自由現金流。溫蒂漢堡的一大特點是擁有強勁的自由現金流，我們將繼續保持這一優勢，今年上半年我們創造了 1.095 億美元的自由現金流。正如我們上個季度所分享的，我們對自由現金流的定義現在反映了我們對客製化計畫的投資，以加速全球淨單位成長。我們對自由現金流的新定義是經營活動提供的淨現金減去資本支出，再減去客製化特許經營開發基金投資。

Moving on to capital allocation. Our first priority is investing in the business, and we are optimizing spend to areas with the greatest growth potential. During the second quarter, we invested a total of $32.1 million into the business including capital expenditures and our build-to-suit development program.

繼續討論資本配置。我們的首要任務是投資業務，我們正在優化最具成長潛力領域的支出。在第二季度，我們向該業務共投資了 3,210 萬美元，包括資本支出和客製化開發計畫。

Capital expenditures included $10 million in technology initiatives like our digital menu board and FreshAi rollout. We also invested $16.9 million in restaurant development for both company-owned restaurants and through our build-to-suit franchise development program. Through the build-to-suit program, we opened six new restaurants, one in the US and five in the UK and Canada in the second quarter.

資本支出包括 1000 萬美元的技術計劃，例如我們的數位菜單板和 FreshAi 推出。我們還投資了 1,690 萬美元用於公司自營餐廳和客製化特許經營開發計劃的餐廳開發。透過客製化計劃，我們在第二季開設了六家新餐廳，其中一家在美國，五家在英國和加拿大。

Our second priority is paying an attractive dividend. And today, we announced our third quarter dividend payment of $0.14 per share. Our next priority is maintaining a strong balance sheet. We ended the second quarter with over $315 million of cash on the balance sheet and a net leverage ratio of 4.5 times, which is in line with prior quarter. Year-to-date, we have paid down $14.6 million of our whole business securitization debt principle.

我們的第二個優先事項是支付有吸引力的股息。今天，我們宣布第三季每股股利 0.14 美元。我們的下一個優先事項是保持強勁的資產負債表。截至第二季末，我們的資產負債表上有超過 3.15 億美元的現金，淨槓桿為 4.5 倍，與上一季持平。年初至今，我們已經償還了 1,460 萬美元的全部業務證券化債務本金。

Finally, we believe cash belongs to our shareholders and have continued to use share repurchases to return cash to shareholders. During the second quarter, we repurchased 4.8 million shares for approximately $62 million. And year-to-date through August 1, we have repurchased 13.8 million shares for approximately $195 million.

最後，我們相信現金屬於我們的股東，並繼續使用股票回購向股東返還現金。第二季度，我們以約 6,200 萬美元回購了 480 萬股。截至 8 月 1 日，我們已回購 1,380 萬股，價值約 1.95 億美元。

Through the first half of the year, we have returned $262.2 million of cash to our shareholders. This includes $76.2 million in dividends and $186 million through share repurchases. We are on track to return approximately $325 million of cash to our shareholders in 2025.

今年上半年，我們已向股東返還了 2.622 億美元現金。其中包括 7,620 萬美元的股息和 1.86 億美元的股票回購。我們預計在 2025 年向股東返還約 3.25 億美元現金。

This is an increase of $40 million compared to 2024. This return to shareholders highlights our focus on responsible and disciplined capital allocation that supports our long-term strategy. Before I turn to outlook, I would like to provide an update on our franchisee financial performance.

與 2024 年相比，這增加了 4000 萬美元。此次股東回報凸顯了我們對支持長期策略的負責任和有紀律的資本配置的關注。在談到展望之前，我想先介紹一下我們特許經營商的財務表現。

We recently completed the annual collection and analysis of financials across the system for 2024. In 2024, our US franchisees achieved average year-over-year sales growth of 1% and average EBITDA growth of 2%. And in Canada, 2024 average franchisee sales growth was 4% with average EBITDA growth of 12%.

我們最近完成了2024年全系統年度財務狀況的收集和分析。2024年，我們的美國特許經營商實現了平均年成長1%的銷售額和平均EBITDA成長2%。在加拿大，2024 年特許經營商平均銷售額成長率為 4%，平均 EBITDA 成長率為 12%。

This represents a healthy growth rate across a five year period, and our initiatives are squarely focused on continuing to strengthen the profitability of the system. As a reminder, we implemented a new system to collect and analyze franchisee data at the restaurant level rather than collecting information at the franchisee level.

這代表了五年來的健康成長率，我們的舉措主要集中在繼續加強系統的獲利能力。提醒一下，我們實施了一個新系統來收集和分析餐廳層級的特許經營商數據，而不是在特許經營商層級收集資訊。

This granularity is more useful to our franchisees as it enables them to benchmark performance against restaurants with similar characteristics. It also enables our field teams to have more meaningful conversations with our franchisees. And now that we have the data, we're turning to the analysis and the insights to help both our franchisees, and our company-operated restaurants improve profitability.

這種粒度對我們的特許經營商更有用，因為它使他們能夠與具有類似特徵的餐廳進行績效對比。這也使我們的現場團隊能夠與我們的特許經營者進行更有意義的對話。現在我們有了數據，我們正在進行分析和洞察，以幫助我們的特許經營商和公司經營的餐廳提高盈利能力。

Now let's turn to our financial outlook. We continue to anticipate net unit growth between 2% to 3% for 2025. We also continue to expect strong sales and profit growth in our international business. However, based on our US businesses second quarter performance, what we have seen so far in the third quarter and the shift of certain programming initiatives from 2025 into 2026.

現在讓我們來談談財務前景。我們繼續預期 2025 年淨單位成長率將在 2% 至 3% 之間。我們也持續預期國際業務的銷售和利潤將強勁成長。然而，根據我們美國業務第二季度的業績、我們在第三季度迄今為止看到的情況以及某些編程計劃從 2025 年到 2026 年的轉變。

We have updated our outlook for the full year 2025 accordingly. Our updated outlook assumes the dynamic consumer behavior and challenging competitive environment persist throughout the remainder of the year.

我們相應地更新了對 2025 年全年的展望。我們最新的展望認為，動態的消費者行為和充滿挑戰的競爭環境將持續到今年剩餘時間。

For the full year 2025, we now expect global systemwide sales to range from down 3% to 5% year-over-year. US company-operated restaurant margin is expected to be 14%-plus or minus 50 basis points. This includes an updated commodity inflation outlook for the year of approximately 4%, primarily reflecting continued inflation in beef prices.

對於 2025 年全年，我們目前預計全球系統銷售額將年減 3% 至 5%。美國公司經營的餐廳利潤率預計為14%，上下浮動50個基點。其中包括今年大宗商品通膨預期的最新預測，約4%，主要反映牛肉價格持續上漲。

We expect G&A to be between $260 million and $270 million and continue to represent approximately 1.9% of systemwide sales for the full year. We will continue to invest in the resources and technology needed to deliver on our strategic priorities while tightly managing discretionary spending, and we expect incentive compensation to be lower than our initial outlook.

我們預計 G&A 費用將在 2.6 億美元至 2.7 億美元之間，並將繼續佔全年全系統銷售額的約 1.9%。我們將繼續投資實現策略重點所需的資源和技術，同時嚴格管理可自由支配的開支，我們預期激勵薪酬將低於我們最初的預期。

As a result, we expect adjusted EBITDA to be between $505 million and $525 million. Interest expense will be approximately $130 million as we continue to expect to issue $400 million of whole business securitization notes late in 2025. We will use these proceeds to pay off $400 million of debt, which includes $50 million that matures in December 2025 and $350 million in September 2026.

因此，我們預計調整後的 EBITDA 將在 5.05 億美元至 5.25 億美元之間。由於我們預計在 2025 年底繼續發行 4 億美元的全業務證券化票據，因此利息支出將約為 1.3 億美元。我們將利用這些收益償還 4 億美元的債務，其中包括 2025 年 12 月到期的 5,000 萬美元和 2026 年 9 月到期的 3.5 億美元。

Taking all of these items into account, we now expect adjusted EPS to range from $0.82 to $0.89 per share. We continue to expect investments between $165 million and $175 million across capital expenditures and our build-to-suit program, resulting in free cash flow under our new definition to be between $160 million and $175 million.

考慮到所有這些因素，我們現在預計調整後的每股盈餘將在 0.82 美元至 0.89 美元之間。我們仍然預計資本支出和客製化計畫的投資將在 1.65 億美元至 1.75 億美元之間，根據我們的新定義，自由現金流將在 1.6 億美元至 1.75 億美元之間。

In looking at the shape of the second half of the year, we expect the third and fourth quarter to be uneven with a significantly larger decline in the fourth quarter due to prior year comparison. In closing, we are focused on disciplined execution. And as One Wendy's, we are taking deliberate actions to better position our business for long-term growth.

從下半年的情況來看，我們預期第三季和第四季的情況將不平衡，第四季的降幅將比去年同期大幅擴大。最後，我們注重嚴格執行。作為“一個溫迪漢堡”，我們正在採取深思熟慮的行動，使我們的業務更好地實現長期成長。

And with that, let me now hand it back to Ken.

現在，讓我把話題交還給肯。

Thank you, Suzie. In closing, I want to reiterate my confidence in Wendy's strategic direction and our ability to capture the significant opportunities in front of us. Our global footprint is expanding, and international sales growth continues to be strong.

謝謝你，蘇西。最後，我想重申我對溫迪的戰略方向以及我們抓住面前重大機會的能力的信心。我們的全球業務範圍正在擴大，國際銷售成長持續強勁。

We are acting with urgency to improve our US business by knowing our customers better, increasing our focus and strengthening our partnership with franchisees. I'm confident that by operating together as One Wendy's, these actions will strengthen our foundation and enable us to reach our long-term potential.

我們正在緊急採取行動，透過更好地了解我們的客戶、提高我們的關注度以及加強與特許經營商的合作夥伴關係來改善我們的美國業務。我相信，透過以「一個溫迪」的名義共同運營，這些行動將加強我們的基礎，並使我們能夠發揮長期潛力。

I'll now hand it over to Aaron to share our third quarter Investor Relations calendar.

現在我將交給 Aaron 來分享我們第三季的投資者關係日曆。

Thank you, Ken. On September 18, we will be in New York City for an NDR hosted by JPMorgan. Then on September 23, we will be in Boston for an NDR hosted by Truist Securities. If you are interested in joining us at either of these events, please contact the respective sell-side analyst or equity sales contact at the host firm.

謝謝你，肯。9 月 18 日，我們將在紐約參加由摩根大通主辦的 NDR。然後，9 月 23 日，我們將在波士頓參加由 Truist Securities 主辦的 NDR。如果您有興趣參加我們的任一活動，請聯絡主辦公司的相應賣方分析師或股票銷售聯絡人。

We will now transition to the Q&A part of the call. Due to the high number of covering analysts, please limit yourself to one question only. Operator, please cue up the first question.

我們現在將進入電話會議的問答部分。由於負責分析師的數量較多，請只限於一個問題。接線員，請提示第一個問題。

(Operator Instructions) David Palmer, Evercore ISI.

（操作員指示）David Palmer，Evercore ISI。

Great. Thank you and thanks for all the detail on those prepared remarks. Forgive me, if I'm going to make you repeat yourself on some of this stuff, but I just would love to hear your just honest assessment about what is working, what is not working from a marketing value menu perspective so far this year?

偉大的。謝謝您，也感謝您對這些準備好的發言所提供的所有詳細資訊。請原諒我，如果我要讓您重複這些內容，但我只是想聽聽您對今年到目前為止從行銷價值菜單的角度來看什麼是有效的、什麼是無效的誠實評估？

It sounds like you're moving from some collaborations and flavors that maybe less about Wendy's brand in the first half and maybe you're doing some more significant platform innovation that's really more Wendy's branded in chicken and beverage in the second half.

聽起來，上半年你們可能在合作和口味上與溫迪品牌關係不大，而下半年你們可能會進行一些更重要的平台創新，更多地在雞肉和飲料方面打造溫迪品牌。

I'm not really sure how much you're planning on the investment levels changing in the second half? How much is contemplated in that second half guidance? So any color about how you're strategically shifting given what you've seen in the first half and the plans for the second half. Thanks so much.

我不太清楚您計劃在下半年對投資水準做出多大改變？下半年的指導中考慮了多少？那麼，根據您在上半年看到的情況以及下半年的計劃，您如何進行策略轉變？非常感謝。

Excellent. Great question, David. So I think it would be helpful to zoom out for a minute and look at how things have transpired over the year, and then we can talk more specifically about what we're doing about it in the second half of the year. If we go back in December of 2024, we went into 2025, expecting industry traffic to be better than in years past.

出色的。很好的問題，大衛。因此，我認為，先放慢速度，回顧一下過去一年發生的事情，然後我們就可以更具體地討論一下下半年我們將採取哪些措施，這會很有幫助。如果我們回顧 2024 年 12 月，那麼進入 2025 年，我們預計行業流量將比過去幾年更好。

This was supported by our own forecasts and also multiple third-party forecasts. And we built a programming calendar that was built to perform well in that environment. We had a combination of quality messaging and value with innovation in Frosty, chicken and beverage, and we had three big collaborations with Takis, Wednesday and Girl Scouts.

這得到了我們自己的預測以及多個第三方預測的支持。我們制定了一個程式設計日曆，以便在該環境中表現良好。我們將優質資訊和價值與 Frosty、雞肉和飲料方面的創新相結合，並與 Takis、Wednesday 和 Girl Scouts 進行了三次大型合作。

As we started 2025, it was a noisy start to the year. We had weather significantly impacting us in the first two months of the year. And then in March, we saw the biggest decline in consumer sentiment in recent history. Consumers are behaving very differently, which resulted in a very different environment than we originally expected.

2025 年伊始，我們迎來了喧鬧的一年。今年前兩個月，天氣對我們影響很大。然後在三月份，我們見證了近代史上消費者信心的最大跌幅。消費者的行為非常不同，這導致了與我們最初預期截然不同的環境。

So we then went to our inventory of tested marketing moves. And candidly, we were not confident that what was in there would resonate well with customers in that environment. So that was a big learning for us that we're addressing by building up that inventory of tested marketing place.

因此，我們開始對經過測試的行銷舉措進行盤點。坦白說，我們並不確信其中的內容是否會引起那種環境下顧客的共鳴。因此，這對我們來說是一個很大的教訓，我們正在透過建立經過測試的行銷場所庫存來解決這個問題。

So then we put together the 100 days of summer. It looked great on paper. It had something for everybody, and it did ultimately have some bright spots in there. Frosty's performed well. A core menu innovation, combined with a successful media launch, Frosty sales were up 30% year-over-year in the second quarter, which was in line with our expectation.

因此我們將夏天的 100 天放在一起。從紙面上看，它看起來很棒。它適合每個人，並且最終確實有一些亮點。Frosty 的表現很好。核心菜單創新，加上成功的媒體發布，Frosty 的銷售額在第二季度同比增長了 30%，符合我們的預期。

Other programming as part of the 100 days of summer did not perform as well as we expected, $3 on a Baconator $1 drinks at breakfast did not drive the incremental sales lift that we had expected. And then with Takis, we had a good week one of takes a little bit better than we expected. But then in July, we saw US SRS down between 5% and 6%.

作為「100 天暑假」活動的一部分，其他節目的表現不如我們預期，早餐時 3 美元的培根起司 1 美元飲料並沒有帶來我們預期的銷售額成長。然後和 Takis 一起，我們度過了愉快的一周，比我們預期的要好一些。但 7 月份，我們發現美國 SRS 下降了 5% 至 6%。

So that led to another important lesson for us that we can't throw more programming at our restaurants or our customers than what we have the capacity to deliver with excellence. And I'm talking about capacity from both an operations and an advertising perspective. So what are we doing about it?

因此，這為我們帶來了另一個重要的教訓：我們不能為我們的餐廳或顧客提供超出我們能力範圍的節目。我是從營運和廣告的角度來談論容量的。那我們該怎麼做呢？

Based on the lessons that we learned, we took a hard look at the capacity we had in the second half, both operations and advertising to deliver programming with excellence. This was based on our own testing and feedback from our franchisees and restaurant teams. So we significantly simplified the second half to focus on the handful of items that we can deliver with excellence.

根據我們學到的教訓，我們認真審視了下半年的營運和廣告能力，以提供優質的節目。這是基於我們自己的測試以及我們的特許經營商和餐廳團隊的回饋。因此，我們大大簡化了後半部分，將重點放在我們能夠出色交付的少數項目上。

We changed the timing of some big product innovations and move those out of the second half of 2025 and into 2026. We stopped some of the broad $1 promotions that we were running, and we're moving to a more focused and targeted discounting through the app that drive incremental traffic.

我們改變了一些重大產品創新的時間，將其從 2025 年下半年推遲到 2026 年。我們停止了一些正在進行的廣泛的 1 美元促銷活動，並且正在透過應用程式轉向更有針對性和針對性的折扣，以推動增量流量。

And for the second half, we're focusing the system on two things, chicken, including our collaboration with Netflix and Wednesday and our new beverage lineup. And these are all going to be supported by the new data analytics capability that we're really excited about and that can unlock a lot of potential for us.

下半年，我們將重點關注兩件事：雞肉，包括與 Netflix 和 Wednesday 的合作以及我們的新飲料陣容。所有這些都將得到我們真正興奮的新數據分析功能的支持，它可以為我們釋放許多潛力。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. One thing, just to clarify, I think, Ken, you just said that, I guess, the July US comps were down 5% to 6%. I just want to make sure I heard that correctly.

偉大的。非常感謝。有一件事，我只是想澄清一下，肯，我想你剛才說過，我想，7 月份美國同店銷售額下降了 5% 至 6%。我只是想確認我聽得正確。

Yes, Jeffrey. That is correct.

是的，傑弗裡。沒錯。

Got it. Otherwise. My question is just a bigger picture on the franchisees. You talked about the One Wendy's partnership. I'm wondering if you can share based on your conversations, maybe their current sentiment, their alignment to improve the comp. It would seem like value is more critical than ever.

知道了。否則。我的問題只是關於特許經營商的總體情況。您談到了與 One Wendy 的合作關係。我想知道您是否可以根據您的談話分享他們當前的情緒以及他們為改善公司而採取的措施。看來價值比以往任何時候都更重要。

So I'm just wondering -- I know in your prepared remarks, you talked a lot about in the second half, collaborations, beverage innovation and chicken tenders, but other than that, I think you just mentioned maybe more value on the app. But just trying to get a sense for franchisee sentiment and their willingness to perhaps be more aggressive on value, which seems to be what the competition is pushing more aggressively. Thank you.

所以我只是想知道——我知道在您準備好的發言中，您在下半部分談了很多關於合作、飲料創新和雞柳的內容，但除此之外，我想您剛才提到了應用程序可能還有更多的價值。但只是試圖了解特許經營商的情緒以及他們在價值上更積極的意願，這似乎正是競爭對手更積極推動的。謝謝。

Thanks for the question, Jeff. I would say I've spent a lot of time with franchisees over the past several months and even more in recent weeks. And I would say Wendy's has a good relationship with franchisees today, but we have an opportunity to make it great. And by moving from good to great here, we can unlock tremendous value by operating together as One Wendy's.

謝謝你的提問，傑夫。我想說，過去幾個月我花了很多時間與加盟商在一起，最近幾週我花的時間變多了。我想說，溫蒂漢堡目前與加盟商的關係很好，但我們有機會讓這種關係變得更好。透過從優秀走向卓越，我們可以透過以「一個溫迪」的名義共同運作來釋放巨大的價值。

And when I say One Wendy, that means ensuring the entire Wendy system, our employees, management teams, franchisees, restaurant teams are all aligned on where we are going and working together to get there. So I'll share a few quick examples of the opportunities.

當我說「一個溫蒂」時，這意味著確保整個溫迪系統、我們的員工、管理團隊、特許經營商、餐廳團隊都朝著我們的目標邁進，並共同努力實現目標。因此我將分享一些有關這些機會的簡單例子。

One piece of feedback from franchisees is they shared examples of when the brand would share info that would affect them with others before sharing it with actually our franchisees. And one example of that is the earnings call today. This causes a lot of back and forth and waste of time tracking down the truth.

來自特許經營商的一條回饋是，他們分享了一些例子，說明品牌在與我們的特許經營商分享訊息之前，會先與其他人分享會影響他們的訊息。今天的收益電話會議就是一個例子。這會導致重複尋找真相並浪費大量時間。

So it's a small change, but we committed to tell them things in advance. So earlier this week, the SLT and I had a call with franchisees to let them know about the changes to the second half programming before we went out and announced that publicly on the call today.

所以這是一個很小的變化，但我們承諾提前告知他們。因此，本週早些時候，SLT 和我與特許經營商進行了電話會議，讓他們了解下半年節目安排的變化，然後在今天的電話會議上公開宣布了這項變更。

So that's a small thing, but it does go a long way to establish a stronger partnership and enhance trust. Another thing from franchisees is prioritization. They want prioritization, and we can help them do that in a big way. We need to better prioritize and sequence initiatives that take up capacity in the restaurants and require change in the restaurants. And doing that will help better set up our restaurant teams for success.

這是一件小事，但它對建立更牢固的夥伴關係和增強信任大有幫助。特許經營商要做的另一件事是優先排序。他們想要優先考慮，我們可以大力幫助他們做到這一點。我們需要更好地確定優先順序並安排那些佔用餐廳容量並要求餐廳做出改變的舉措。這樣做將有助於我們的餐廳團隊更好地取得成功。

In order to prioritize, it's really important that we get all the best ideas on the table, on the front end, something that we're calling fresh thinking. We want all the best ideas on the table regardless of where they come from. And so, we have a big opportunity to proactively solicit ideas from franchisees on a continuous basis.

為了確定優先順序，我們必須將所有最好的想法擺在桌面上，也就是我們所說的新思維。我們希望提出所有最好的想法，無論它們來自哪裡。因此，我們有很大機會持續主動地徵求特許經營商的意見。

Part of this will be a cultural shift. Part of this will be creating a more efficient mechanism to do it, and we are actively working on both of those things. And then communicating back to the system on all those ideas and helping them understand why certain things were prioritized and other things weren't.

這其中的一部分將是文化轉變。其中一部分將是創建一個更有效的機制來實現這一目標，我們正在積極致力於這兩件事。然後將所有這些想法回饋給系統，並幫助他們理解為什麼某些事情被優先考慮，而其他事情則不被優先考慮。

And really excited to have Pete Suerken joining the team. He's going to play a big role here. He's worked hand-in-hand with our franchisees over the past five years, leading our supply chain co-op. He has great relationships with him. He does a great job building culture, and he has a bias for action. So I could not be more excited for him to be on the team.

非常高興 Pete Suerken 加入團隊。他將在這裡發揮重要作用。在過去的五年裡，他與我們的特許經營商攜手合作，領導我們的供應鏈合作。他和他關係很好。他在文化建設方面做得很好，他傾向於採取行動。所以我非常高興他能加入這支球隊。

And then I guess, specific to your question regarding value, I think value is an important component of our menu strategy. We've talked about having really three components of craveable core, impactful innovation and relevant value and really excited about leveraging the new data analytics capabilities that we have to more effectively target customers with value especially targeting the customers that will result in increased frequency instead of just buying one or two trips to our Wendy's store.

然後我想，具體到您關於價值的問題，我認為價值是我們菜單策略的重要組成部分。我們已經討論了真正意義上的三個組成部分：令人渴望的核心、有影響力的創新和相關價值，並且非常高興能夠利用新的數據分析功能，以便更有效地瞄準有價值的客戶，特別是瞄準那些會導致購物頻率增加的客戶，而不僅僅是去溫迪店買一兩次東西。

So that's where the focus is from a value perspective. And then the last thing I'd say is, we do have the best value offering in the business with Biggie Bag. You can get a Junior Bacon Cheeseburger, fries, a four-piece nugget in the soft drink all for $5.

所以從價值角度來看，重點就在這裡。最後我想說的是，Biggie Bag 確實是我們業界最有價值的產品。您可以花 5 美元購買一份小培根起司漢堡、薯條、四塊雞塊和軟性飲料。

I think one big opportunity we have in both value and the rest of the menu is to retell our quality story. Wendy's was built on having the highest quality food in QSR, we still do. And I think we have a big opportunity to reemphasize that with our customers, both value and premium. Thank you.

我認為我們在價值和菜單其他部分方面所擁有的一個巨大機會是重新講述我們的品質故事。溫蒂漢堡的成立宗旨是提供速食業最高品質的食品，現在我們依然如此。我認為我們有很大機會向客戶重新強調這一點，無論是價值還是優質。謝謝。

Rahul Kro, JPMorgan.

摩根大通的拉胡爾·克羅 (Rahul Kro)。

Good morning. Clearly, there seems to be a lot of opportunity ahead to improve franchise operations and profitability, especially given all the details and the road map you guys laid out. Is there a thought process around revisiting the US franchise development '26 and beyond, especially the funded franchise development, given the fact like the operations improvement could take a while before we see the divergence close between company and franchise performance? And I have a follow-up. Thank you.

早安.顯然，未來似乎有很多機會來改善特許經營營運和盈利能力，特別是考慮到你們列出的所有細節和路線圖。是否有考慮重新審視 26 年及以後的美國特許經營發展，特別是資助特許經營發展，因為營運改善可能需要一段時間才能看到公司和特許經營業績之間的差距縮小？我還有一個後續問題。謝謝。

Yeah. Great, Rahul. Thank you for the question. I think we are committed to doing everything we can to help improve franchisee economics. We have some really exciting initiatives underway today, one of those is the new data analytics capability that we have historically, we've relied on third-party data that gave us a view of national customer behavior with our competition.

是的。太好了，拉胡爾。謝謝你的提問。我認為我們致力於盡一切努力來幫助改善特許經營商的經濟狀況。我們目前正在進行一些非常令人興奮的舉措，其中之一就是我們歷史上擁有的新數據分析能力，我們依靠第三方數據來了解競爭對手的全國客戶行為。

We're going to get a lot more granular and eventually have regional and restaurant level visibility to help them inform their decisions and help us inform our decision. So really excited about the potential for that. And then the other thing is this is the first year we've collected granular P&L details at the restaurant level. So really excited about the opportunities that we have to unlock profit growth through that.

我們將獲得更細緻的訊息，最終實現區域和餐廳層面的可見性，幫助他們做出明智的決定，並幫助我們做出明智的決定。我對此的潛力感到非常興奮。另一件事是，這是我們第一年在餐廳層級收集詳細的損益表詳細資訊。因此，我們對透過這種方式實現利潤成長的機會感到非常興奮。

Suzie, why don't you share a couple of more details.

蘇西，為什麼不分享更多細節呢？

Yeah. Thanks, Rahul. So we are really excited about getting down to that restaurant level. In my prepared remarks, I mentioned the franchisee right now is we're having conversations at a franchise entity level. And now we're able to get down into specific areas of the P&L. So for example, having detailed conversations about line items like take food waste or labor supplies, for example, and we're comparing those to benchmark within the system.

是的。謝謝，拉胡爾。因此，我們對於進入餐廳層面感到非常興奮。在我準備好的發言中，我提到現在我們正在特許經營實體層面進行對話。現在我們可以深入了解損益表的具體領域。例如，對諸如食物浪費或勞動力供應等項目進行詳細討論，然後我們將其與系統內的基準進行比較。

And so, we can take a restaurant that has performance within those ranges and apply those learnings into the restaurants with similar characteristics, and we're making immediate impact on the actions we can take to improve restaurant economics. So we're having really good discussions, and that's a testament to the investments that we're making in the field. So those investments are paying off, and we're really excited.

因此，我們可以選擇一家業績在這些範圍內的餐廳，並將這些經驗應用到具有類似特徵的餐廳中，並且我們會立即採取行動來改善餐廳的經濟狀況。因此，我們正在進行非常好的討論，這證明了我們在該領域所做的投資。所以這些投資正在獲得回報，我們感到非常興奮。

Yeah. And one thing I'd add to that, Rahul, the more we can improve the economics of a Wendy's restaurant, the more franchises that we're ultimately going to sell, the more restaurants that we're going to open. So that is where we are focusing.

是的。拉胡爾，我想補充一點，我們越能改善溫迪餐廳的經濟狀況，我們最終出售的特許經營權就越多，我們開設的餐廳就越多。這就是我們關注的重點。

Perfect. And at what point do we start to see the customer satisfaction scores translating to the same-store sales growth, not just in the company stores, but also the franchise stores? And are you tracking that actively as well?

完美的。那麼，什麼時候我們才能開始看到顧客滿意度分數轉化為同店銷售額的成長，不僅是在公司商店，而且在特許經營店也是如此？您是否也在積極追蹤此事？

We absolutely are tracking that. We believe that hospitality and enhancing the customer experience is one of the most important areas that we can use to drive customer frequency. And we have tremendous opportunity to increase the frequency of the folks who are already visiting Wendy's today, and that customer satisfaction is a big tool that we can use to get there, which is why we invested in significantly expanding the US field team earlier this year, and we are already starting to see progress in those areas.

我們絕對在追蹤這一點。我們相信，熱情好客和提升客戶體驗是我們可以用來提高客戶頻率的最重要的領域之一。我們擁有巨大的機會來增加今天已經光顧溫迪漢堡的顧客的頻率，而顧客滿意度是我們實現這一目標的重要工具，這就是為什麼我們在今年早些時候投資大幅擴大美國實地團隊，而且我們已經開始看到這些領域的進展。

If we look at overall customer satisfaction at orders through employees, that's actually up 140 basis points year-over-year second quarter of 25% versus the second quarter of '24. And then we had an even bigger improvement in our digital orders.

如果我們看一下透過員工下訂單的整體客戶滿意度，那麼與 2024 年第二季度相比，第二季度實際上同比增長了 140 個基點，即 25%。我們的數位訂單也得到了更大的改善。

Those orders -- the improvements have really centered around two things. Accuracy, so we've talked about deploying scale so that we can weigh those digital orders to make sure we're not missing anything. That has resulted in a significant improvement in accuracy in our digital orders and then our hospitality scores are also up year-over-year.

這些命令——改進實際上集中在兩件事上。準確性，所以我們討論了部署規模，以便我們可以權衡這些數位訂單，確保我們不會遺漏任何東西。這使得我們的數位訂單的準確性得到了顯著提高，並且我們的接待評分也逐年上升。

We're really excited about that. And when we think about when that's going to drive frequency, I think it's like a flywheel that has a cumulative effect. So we're up 140 basis points on employee orders year-over-year. We're going to continue to build on that. And I think the higher you go, the more impactful it becomes to frequency, and the frequency also builds on itself.

我們對此感到非常興奮。當我們思考何時它會驅動頻率時，我認為它就像一個具有累積效應的飛輪。因此，我們的員工訂單年增了 140 個基點。我們將繼續在此基礎上努力。我認為，爬得越高，對頻率的影響就越大，而且頻率也會自我增強。

So if you think about somebody now, for example, that's coming to Wendy's once every two or three months, okay, if I increase that frequency from three months to two months, and then they continue to have great experiences, we have the potential to increase it from two months to one month, and those continue to build on each other.

因此，如果您現在考慮某人，例如，每兩三個月來一次溫迪漢堡，好吧，如果我將頻率從三個月增加到兩個月，然後他們繼續獲得良好的體驗，我們就有可能將其從兩個月增加到一個月，並且這些將繼續相互促進。

And the more velocity we can drive through these restaurants, further enhances the quality of the food and the experience that customers get. So it's a flywheel. We're early innings right now, but pleased with the progress that we've made so far.

而且，我們在這些餐廳中行駛的速度越快，食物的品質和顧客的體驗就越好。所以它是一個飛輪。我們現在處於早期階段，但對迄今為止的進展感到滿意。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Hey, thank you. Ken, I'd like to get your perspective of something else that maybe is influencing the same-store sales, but I would like to hear what you're thinking. Earlier this week, the largest player in the industry essentially said, for a lot of consumers, their perception of value comes from the core menu and the prices they see on the menu boards.

嘿，謝謝你。肯，我想聽聽你對可能影響同店銷售額的其他因素的看法，但我想聽聽你的想法。本週早些時候，該行業最大的參與者基本上表示，對於許多消費者來說，他們的價值感知來自於核心菜單和他們在菜單板上看到的價格。

I'm just curious to get your take on that for the industry and for Wendy's separate from the programming which you've discussed and even the value with the Biggie Bag, is there anything that needs to be done to address the pricing of the everyday core?

我只是好奇地想知道您對這個行業以及溫迪漢堡的看法，除了您討論過的節目安排，甚至還有 Biggie Bag 的價值，是否需要採取什麼措施來解決日常核心產品的定價問題？

I appreciate the question. I think it's absolutely something that we'll look at, and we will have more capabilities to precisely answer that question with the new data analytics capability that we have. Obviously, it's something we look at. We know when we start talking about price, it's about several things. It's about the quality of food. It's about the experience that customers have and price.

我很感謝你提出這個問題。我認為這絕對是我們會考慮的事情，而且我們將能夠利用我們擁有的新數據分析能力來更準確地回答這個問題。顯然，這是我們關注的事情。我們知道，當我們開始談論價格時，它涉及幾件事。這和食物的品質有關。這與客戶的體驗和價格有關。

So that's one component that we'll be looking at. Again, I think when you look at the legacy of Wendy's, it's really built on having that highest quality food in the industry. So you're going to hear us talk a lot more about that moving forward. But yes, price and pricing contracts is one thing that we will evaluate with this new data analytics capability.

這是我們要研究的一個組成部分。再說一次，我認為當你回顧溫蒂漢堡的輝煌歷史時，你會發現它確實建立在業內最高品質的食品之上。因此，您將會聽到我們更多地談論這一未來的發展。但是的，價格和定價合約是我們將利用這種新的數據分析能力來評估的一件事。

Jake Bartlett, Truist.

傑克·巴特利特，Truist。

Thank you very much. I had a question, and then I had a clarification. Actually, the clarification first. And that is just the comments on running too much and having kind of a little bit of a cluttered marketing calendar and what you've done in the back half is decluttered that and decreased it.

非常感謝。我有一個疑問，然後我進行了澄清。實際上，首先要澄清一下。這只是關於運行過多和行銷日程有點混亂的評論，而您在後半部分所做的就是清理並減少它。

I just want to make sure I understand, was the problem from an execution standpoint, was it from a marketing standpoint where the consumer may be didn't get one big loud message. But what was the problem with your marketing calendar to date? And why do you see a need to change it going forward? And then I had another question.

我只是想確保我理解，問題出在執行的角度，還是出在行銷的角度，消費者可能沒有收到一個響亮的訊息。但是到目前為止，您的行銷日程表存在什麼問題？為什麼您認為有必要對其進行更改？然後我又有了另一個問題。

Yeah. Great question, Jake. I think in hindsight, again, when we drew it up, it looked great on paper because it did have something for everybody. I think we're what we found out and what we learned was that it created confusing messages to consumers. When I walked up to Wendy's and I've seen eight different deals at point of purchase, I wasn't sure what I was coming for.

是的。好問題，傑克。我認為回想起來，當我們把它畫出來時，它在紙上看起來很棒，因為它確實為每個人提供了一些東西。我認為我們發現並了解到的情況是，它為消費者帶來了令人困惑的訊息。當我走進溫蒂漢堡店時，我看到了八種不同的購買優惠，我不知道自己要買什麼。

And so, we created some confusion with customers. And then I think from a restaurant execution perspective, when you start launching all this volume of programming at them, it does require training and change. So even the point-of-sale terminals, we have to update those and then the cashier has to be trained on how that works.

因此，我們為顧客帶來了一些困惑。然後我認為從餐廳執行的角度來看，當你開始向他們推出所有這麼多的程式設計時，確實需要培訓和改變。因此，即使是銷售點終端，我們也必須對其進行更新，然後對收銀員進行操作方面的培訓。

A personal example, I was in a Wendy's and somebody came in and ordered one of the new promotions that we are running. And the cashier, it took them 30 to 45 seconds to actually find the right key on the POS. So that's one small example that's illustrative of just the complexity of executing this in our restaurants and trying to search too much at the system at one time.

舉個我個人的例子，我在一家溫迪漢堡店，有人進來訂購了我們正在進行的新促銷產品之一。而收銀員則需要 30 到 45 秒才能在 POS 機上找到正確的按鍵。這是一個小例子，它說明了在我們的餐廳中執行此操作的複雜性以及一次嘗試在系統中搜尋太多內容。

So we did simplify the menu programming in the back half of the year. We're going to focus on two big things. We're going to do it exceptionally well, while at the same time continuing to enhance the customer experience through hospitality and accuracy, and we're really excited about what the cumulative effect of those things will be as we look towards the future.

所以我們確實在下半年簡化了菜單編程。我們將重點放在兩件大事。我們會做得非常好，同時繼續透過熱情好客和準確度來提升客戶體驗，我們對這些事情在未來的累積效應感到非常興奮。

Great. And then just a question on chicken. There are some reports that you've changed your patty. Maybe just to make some comments there, just some clarifications of what has been done to the chicken patty that you're offering?

偉大的。然後是關於雞肉的一個問題。有報道稱你改變了你的肉餅。也許只是為了發表一些評論，只是對您提供的雞肉餅做了什麼進行一些澄清？

And then the other question was just about or part of that was about your focus on chicken in the back half of the year. Obviously, a focus for others are pretty an important category for the consumer but also pretty clouded. What is the thinking in terms of really focusing in there? And any other details on testing of your tender for instance, and just your approach there?

然後另一個問題是關於或部分是關於您今年下半年對雞肉的關注。顯然，其他人關注的焦點對消費者來說是一個相當重要的類別，但也相當模糊。真正集中精力思考這個問題是怎麼樣的？還有關於你們的投標測試的其他細節嗎？你們的方法是什麼？

No, happy to. So we continue to use the highest quality ingredients in QSR. Obviously, different products will source things different ways just to make sure we have the best mix of price and value for our customer. Think in terms of chicken, obviously, it's been a very fast-growing protein within QSR, and we really like how our product stacks up against the competition.

不，很高興。因此，我們繼續在 QSR 中使用最高品質的原料。顯然，不同的產品會採用不同的採購方式，以確保我們為客戶提供最佳的價格和價值組合。就雞肉而言，顯然，它是 QSR 中增長非常迅速的一種蛋白質，我們真的很喜歡我們的產品在競爭中的表現。

So in the test that we ran our chicken tenders performed better than our largest competitor, and it performed towards the top of the entire competitive set, including those who specialize in chicken. So we're really excited about the quality of this offering. And with the launch of the tenders, we're also launching six new sauces that we're really excited about, including a Wendy's signature sauce.

因此，在我們進行的測試中，我們的雞柳表現優於我們最大的競爭對手，並且在整個競爭對手中名列前茅，包括那些專門生產雞肉的競爭對手。因此，我們對該產品的品質感到非常興奮。隨著雞柳的推出，我們也推出了六種令我們非常興奮的新醬料，包括溫蒂的招牌醬料。

So I think that's going to be great. And then this also gives us the ability to innovate off of this core menu item going forward, which also gives us a lot more potential to do things differently in that protein chicken category.

所以我認為這會很棒。這也使我們有能力在未來對這項核心菜單項目進行創新，這也使我們在蛋白質雞肉類別中擁有更多做不同事情的潛力。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Thank you. I wanted to ask a little bit more on the company comp outperformance. And specifically, what you mentioned and alluded to that you're seeing in third-party delivery, but more importantly, the implementation of the digital menu boards and the FreshAi. Anything more to unpack there, what you're seeing and the lift that you're seeing across those initiatives? Thank you.

謝謝。我想進一步詢問有關公司業績優異的情況。具體來說，您提到並暗示了您在第三方交付中看到的，但更重要的是，數位菜單板和 FreshAi 的實施。還有什麼需要解釋的嗎？您看到了什麼？這些措施帶來了什麼提升？謝謝。

Yeah. Hi Dennis. This is Suzie. We're really proud of our company investments in the technology initiatives. And fun fact that you asked for, so our mix in our company restaurants is outperforming that of the system, and that's really driven by that automated ordering technology, recommending products based on seasonality or popularity of certain products. So really happy about that. In terms of other initiatives, the training and employee turnover that we recommended, those investments are paying off in our restaurants, and we're really proud of that.

是的。你好，丹尼斯。這是蘇西。我們為公司在技術計劃上的投資感到非常自豪。如您所問，一個有趣的事實是，我們公司餐廳的產品組合優於系統，這實際上是由自動訂購技術驅動的，該技術根據季節性或某些產品的受歡迎程度推薦產品。對此我感到非常高興。至於其他舉措，我們推薦的培訓和員工流動，這些投資在我們的餐廳中獲得了回報，我們對此感到非常自豪。

Andrew Strelzik, BMO Capital Markets.

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

Hi. This is Jared Hludzinski on for Andrew. In the first quarter, you called out the breakfast daypart is softer than rest of day. Just curious if this trend has continued into the second quarter and if you could provide any additional insights on performance across the other dayparts. Thank you.

你好。我是 Jared Hludzinski，代替安德魯報道。在第一季度，您指出早餐時段比一天中的其他時段輕鬆。只是好奇這種趨勢是否持續到了第二季度，以及您是否可以提供更多關於其他時段表現的見解。謝謝。

Yeah. Thanks for the question, Andrew. Yes, breakfast continued to perform worse than rest of day in the second quarter, which makes sense when you look at what's happening from a consumer behavior perspective, when consumer uncertainty increases and consumers choose to eat another meal at home, breakfast is often the first place that they do that with.

是的。謝謝你的提問，安德魯。是的，第二季早餐的表現仍然比一天中其他時間的表現差，從消費者行為的角度來看，這是有道理的，當消費者的不確定性增加並且消費者選擇在家吃另一頓飯時，早餐通常是他們這樣做的第一個地方。

So yes, breakfast continues to perform worse than rest of day. What we're doing about it is we are excited about our new beverage lineup. Obviously, breakfast is also a very habitual daypart that often centers around beverage. And so, we are launching a new cold brew coffee to take advantage of some trends that we see in the marketplace with cold foam add-ins for somebody who wants a more indulgent drink in the morning.

所以，是的，早餐的表現仍然比一天中其他時間的表現更差。我們對此所做的是，我們對我們的新飲料系列感到非常興奮。顯然，早餐也是一天中非常習慣的一個時段，通常以飲料為中心。因此，我們推出了一種新的冷萃咖啡，利用我們在市場上看到的一些趨勢，添加冷泡沫，為那些想要在早上喝到更美味飲品的人提供便利。

This is also easy for our restaurant teams to execute on the cold brew side and then really excited about sparkling energy, which we think also has potential to browse both the breakfast daypart and rest of day, leveraging the Coca-Cola Freestyle machines so that we can offer something that's uniquely Wendy's in the pineapple citrus and the cherry limeade sparkling energy drinks. So both of those things, we think, are going to help us at breakfast as well as rest of day.

對於我們的餐廳團隊來說，在冷萃咖啡方面執行起來也很容易，然後對氣泡能量飲料感到非常興奮，我們認為它也有可能在早餐時段和一天的其他時間瀏覽，利用可口可樂 Freestyle 機器，這樣我們就可以提供一些獨特的溫迪菠蘿柑橘和櫻桃檸檬水氣泡能量飲料。因此，我們認為，這兩件事都會對我們的早餐以及一天中的其他時間有所幫助。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great. Thank you. It's encouraging to hear that the franchisees EBITDA grew by about 22% in '24. I was wondering if you can help us understand how you expect the pressure that you see this year in terms of sales deleverage and common inflation perhaps increase, and we heard some larger players talking about mid single-digit inflation due to this.

偉大的。謝謝。令人鼓舞的是，特許經營商的 EBITDA 在 24 年增長了約 22%。我想知道您是否可以幫助我們了解您預計今年在銷售去槓桿和普遍通膨方面所面臨的壓力可能會如何增加，我們聽到一些較大的參與者談到由此導致的中等個位數通膨。

I was wondering if you can help us understand what's your expectations in terms of unit growth for next year in the context of the franchisee leverage in the system. And whether do you expect to see some higher pressure from a closure standpoint next year? And if so, what do you expect wins to do to step in and super franchisees in case that would be a possibility? Thank you.

我想知道您是否可以幫助我們了解在系統中特許經營商槓桿的背景下，您對明年單位成長的期望是什麼。您是否預計明年從關閉的角度來看壓力會更大？如果確實如此，如果這種情況有可能發生，您希望 Wins 採取什麼措施來介入並成為超級特許經營者？謝謝。

Yeah. Thanks, Danilo. So I'll start and then turn it over to Suzie to give some additional color. The good news with our franchisee system is we are starting from a position of strength. So in 2024 in the US and Canada, franchisees grew sales, EBITDA and margin. So that's the trifecta and we're happy about that.

是的。謝謝，達尼洛。因此，我將開始，然後將其交給 Suzie 以添加一些顏色。我們的特許經營體系的好消息是，我們從一開始就處於優勢地位。因此，到 2024 年，美國和加拿大的特許經營商的銷售額、EBITDA 和利潤率均有所增長。這就是三連勝，我們對此感到高興。

Obviously, when sales are down, it does put pressure on the system. That is why we are working so hard to grow the topline to improve hospitality and focus on the things that we can execute with excellence in the second half of the year, setting ourselves up really well for the longer term.

顯然，當銷售額下降時，確實會給系統帶來壓力。這就是為什麼我們如此努力地提高營業額，改善酒店服務，並專注於下半年我們可以出色地完成的事情，為我們的長期發展做好準備。

So overall, we feel good about the health of the US system. Of course, there will always be restaurants that underperform the average, and we'll work with them on a case-by-case basis. We also are very excited about the new tools and visibility we have to help them like the granular franchisee restaurant level P&Ls that we have. And Suzie, why don't you share an example of that.

因此總體而言，我們對美國體系的健康狀況感到滿意。當然，總是會有一些餐廳的表現低於平均水平，我們會根據具體情況與他們合作。我們也對能夠幫助他們的新工具和可見性感到非常興奮，例如我們擁有的細粒度特許經營餐廳級損益表。蘇西，為什麼不分享一個例子呢？

Yeah. These are the conversations that we're having with franchisees on a regular basis with getting that information on the restaurant level we're able to have more proactive conversations and franchisees aren't just sharing information with us and us with them.

是的。這些都是我們定期與特許經營商進行的對話，透過獲取餐廳層面的信息，我們能夠進行更主動的對話，特許經營商不僅僅是與我們分享信息，我們與他們分享信息。

They're sharing it amongst each other. So that's really exciting to see as well is that they're sharing what works across the system. And that will provide a flywheel for the restaurant economic model. As I stated, we're in the early innings of this, and we're transitioning into the analysis and insights part of that program. But what we've seen thus far is very encouraging and really exciting for the system.

他們彼此分享。因此，看到他們在整個系統中分享有效的方法也真的令人興奮。這將為餐廳經濟模式提供飛輪。正如我所說，我們正處於該專案的早期階段，我們正在轉向該計劃的分析和洞察部分。但迄今為止我們所看到的情況對於該系統來說非常令人鼓舞和興奮。

Yeah. And regarding your question on net unit growth, what we're focused on is creating an exceptionally compelling economic model at the restaurant level, and we feel very confident that when we do that, it creates a flywheel where a big pool model where people want to build restaurants as fast as they possibly can. So interest outlined there, and we feel very good about our prospects to continue our net unit growth trajectory in 2025 and beyond.

是的。關於您關於淨單位成長的問題，我們專注於在餐廳層面創建一個極具吸引力的經濟模型，我們非常有信心，當我們這樣做時，它會創建一個飛輪，形成一個大型游泳池模型，人們希望盡快建立餐廳。所以興趣就在這裡概述，我們對 2025 年及以後繼續保持淨單位成長軌跡的前景感到非常樂觀。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Hey, Ken. Good morning. Thanks for taking our question. I was hoping you might be able to give us a little bit of a debrief on the Takis collab and why that fell short after kind of a strong opening. And then if you can maybe also give us an update on the Wednesday LTO compared to something like Sponge Bob last year, just so we can get a sense for how that's performing and guest engagement on that.

嘿，肯。早安.感謝您回答我們的問題。我希望您能向我們簡要介紹與 Takis 的合作，以及為什麼在如此強勁的開局之後，合作卻失敗了。然後，您是否可以向我們提供週三 LTO 的最新情況，並與去年的《海綿寶寶》等影片進行比較，以便我們了解其表現和嘉賓參與度。

Yeah. Happy to. So starting with Takis, we saw week onep perform well, in line with our expectations. And then we saw the following weeks tail off and underperformed our expectations by a little bit. That was due to multiple reasons. One of them was secondary trial.

是的。很開心。因此，從 Takis 開始，我們看到第一週的表現良好，符合我們的預期。然後我們看到接下來幾週的業績逐漸下滑，並且表現略低於我們的預期。這是有多種原因的。其中一次是二次審判。

So we didn't see as much secondary trial as we had expected. This is another thing, a learning for us that we have the opportunity to do more robust testing on some of these collaborations in advance that could flag things like that for us and help us optimize things like duration of collaborations like Takis.

因此，我們沒有看到像我們預期的那樣多的二次試驗。這對我們來說是另一回事，我們有機會提前對其中一些合作進行更嚴格的測試，這可以為我們標記出這樣的事情，並幫助我們優化諸如 Takis 等合作的持續時間等。

Regarding Wednesday, we just launched this week. I would say it's performing in line with expectations. So we're pleased about that and excited to continue to use collaborations to get new people into Wendy's restaurants and then leverage our core menu and exceptional customer experience to bring them back time and time again.

關於星期三，我們本週剛推出。我想說它的表現符合預期。因此，我們對此感到高興，並很高興繼續透過合作吸引新顧客光臨溫迪餐廳，然後利用我們的核心菜單和卓越的客戶體驗讓他們一次又一次地回來。

Margaret-May Binshtok, Wolfe Research.

瑪格麗特·梅·賓什托克（Margaret-May Binshtok），沃爾夫研究公司。

Thanks and good morning, guys. I just wanted to ask on the 100 days of summer campaign. I know you guys talked a little bit about some messiness there, but was there any silver lining in terms of a slight bump in value perception? And then I know last time you guys talked about that platform leading into a full winter value calendar. Is that something that is still on the table? Thank you.

謝謝大家，早安。我只是想問一下有關夏季 100 天活動的問題。我知道你們談論了一些混亂的情況，但就價值觀念的輕微提升而言，這其中是否存在一線希望呢？然後我知道上次你們談論了該平台如何引領整個冬季價值日曆。這個事情還有待商榷嗎？謝謝。

Thanks, Margaret. I think we need to be very clear about what the focus is to make sure everybody knows where we're going and is working together to get there. So we have simplified the programming calendar in the second half of the year to focus on chicken and beverage, and we want to make sure that we do those two things exceptionally well.

謝謝，瑪格麗特。我認為我們需要非常明確重點是什麼，以確保每個人都知道我們的目標並共同努力實現目標。因此，我們簡化了下半年的節目日程，將重點放在雞肉和飲料上，我們希望確保將這兩件事做得非常好。

That being said, we know value is an important part of the menu, especially in this environment. And so, we will continue to leverage our industry-leading value offerings there like our Biggie Bag. We do have a big opportunity to retail the quality story and remind customers that even for $5, you are getting the best quality food in all of QSR.

話雖如此，我們知道價值是菜單的重要組成部分，尤其是在這種環境下。因此，我們將繼續利用我們領先業界的價值產品，例如我們的 Biggie Bag。我們確實有很大機會零售品質故事並提醒顧客，即使只需 5 美元，您也可以獲得所有 QSR 中最優質的食品。

And we think that's a really compelling value proposition. So we'll continue to look at that. The other thing that I'll say is, with the new data analytics capabilities that we have, has the potential to unlock some really impactful learnings for us as we start digging into the details over the coming months. Thanks.

我們認為這是一個非常引人注目的價值主張。因此我們會繼續關注這個問題。我想說的另一件事是，隨著我們在未來幾個月開始深入研究細節，我們擁有的新數據分析能力有可能為我們帶來一些真正有影響力的經驗。謝謝。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Good morning. Thanks for taking the question. I just want to unpack your commentary regarding advertising spend. And specifically, you had talked about the idea of, I believe, concentrating a little bit more of your spending on these fewer campaigns more impactful when we're thinking about that, are you going to be spending a similar amount of dollars in fewer campaigns and how as consumers should folks expect that to show up through different mediums throughout the year?

早安.感謝您回答這個問題。我只是想解讀你關於廣告支出的評論。具體來說，您談到了這樣的想法，我認為，將更多的支出集中在這些更少的廣告活動上會更有影響力，當我們考慮這一點時，您是否會在更少的廣告活動上花費類似的金額，以及作為消費者，人們應該如何期待這些支出在全年通過不同的媒介呈現？

And then more broadly, as systemwide sales dollars are lower than they were last year. Are you contemplating maybe adding company to the advertising budget? I know it's something that the brand has done in the past when you built out the breakfast platform in order to build that out. Is that something you're contemplating now given the underperformance this year?

更廣泛地說，整個系統的銷售額低於去年。您是否正在考慮將公司添加到廣告預算中？我知道這是該品牌過去在建立早餐平台時所做的事情。鑑於今年的表現不佳，您是否正在考慮這一點？

Thanks for the question, Jon. Let me start by saying we are extremely excited about the opportunity we have to increase the effectiveness of our media programs. The first step of that is this new data analytics capability that we have to be able to precisely measure the performance of certain advertisements and certain media campaigns and really get our finger on the true incrementality of those transactions and then be able to tell how successful we are at bringing those people back after those campaigns end.

謝謝你的提問，喬恩。首先我想說，我們對提高媒體專案有效性的機會感到非常興奮。第一步就是這種新的數據分析能力，我們必須能夠精確衡量某些廣告和某些媒體活動的效果，真正掌握這些交易的真正增量，然後能夠判斷在這些活動結束後我們在如何成功地讓這些人回來。

So we have a tremendous opportunity. And we're also looking at how to optimize our mix of spend. So from linear and digital and social perspective, we think we have big opportunities there as well, especially when you think about Wendy's history as a leader in the social space, how do we get that mojo back and do some great things on social.

因此，我們面臨著巨大的機會。我們也在研究如何優化我們的支出組合。因此，從線性、數位和社交的角度來看，我們認為我們在那裡也有很大的機會，特別是當你想到溫蒂作為社交領域領導者的歷史時，我們如何重新獲得這種魔力並在社交上做一些偉大的事情。

So those are all things that we're looking at. In terms of the company spend, we'll continue to evaluate all alternatives. When we find things that make sense and provide a good ROI for our franchisees and the company, those are investments that we'll make all the time. So that's definitely on the table as we evaluate what opportunities we have to improve sales and accelerate the flywheel.

這些都是我們正在關注的事情。在公司支出方面，我們將繼續評估所有替代方案。當我們發現有意義的事情，並且能為我們的加盟商和公司帶來良好的投資報酬率時，我們就會一直進行投資。因此，當我們評估有哪些機會可以提高銷售並加速飛輪發展時，這絕對是需要考慮的問題。

Regarding your question on advertising spend, we do expect advertising spend to be down in the second half of 2025 and both on a year-over-year basis and relative to the first half of the year, and we factor that into our guidance.

關於您關於廣告支出的問題，我們確實預計 2025 年下半年的廣告支出將下降，無論是同比還是相對於上半年而言，我們都將這一點納入我們的預期中。

If you think about the mechanics of it, as sales have come in below our expectations so far this year, it does compress the overall media budget that we have which ultimately gets compressed into the back half of the year.

如果你考慮它的機制，由於今年迄今為止的銷售額低於我們的預期，它確實壓縮了我們的整體媒體預算，最終壓縮到今年下半年。

So it has a larger impact as we near the end of the year, and that has been reflected in our guidance. But makes it really important that we leverage these new data capabilities to maximize the effectiveness of our media spend and that's a work stream that we have already kicked off.

因此，隨著年底的臨近，它的影響會更大，這已經反映在我們的指導中。但真正重要的是，我們要利用這些新的數據功能來最大限度地提高媒體支出的有效性，而這正是我們已經啟動的工作流程。

That was our last question of the call. I will now turn it back to Ken for a few closing comments.

這是我們通話中的最後一個問題。現在我將話題轉回給肯，請他發表幾點結束語。

While I know that 2025 is not shaping up the way we wanted it to, I am so excited about our future. I've spent lots of time with franchisees and our restaurant teams over the past few weeks. And one of the things I know for sure is that there is a tremendous amount of opportunity in the Wendy's system to accelerate growth and significantly increase profitability.

雖然我知道 2025 年不會像我們想要的那樣發展，但我對我們的未來感到非常興奮。過去幾週我花了很多時間與特許經營商和我們的餐廳團隊在一起。我可以肯定的一件事是，溫迪漢堡體系中蘊藏著大量機會，可以加速成長並大幅提高獲利能力。

This requires a lot of work, it requires bold decisions, and it requires us to focus on the handful of things that Wendy's can do better than anybody else. Working together as One Wendy's we will capture these opportunities and create tremendous value for our franchisees, our employees and our shareholders. Thank you for listening.

這需要大量的工作，需要大膽的決定，也需要我們專注於溫迪漢堡比其他任何人都能做得更好的少數事情。作為一個溫蒂漢堡，我們將共同努力，抓住這些機遇，為我們的特許經營商、員工和股東創造巨大的價值。謝謝您的聆聽。

Thank you for joining us. That concludes our call today. You may not disconnect.

感謝您加入我們。今天的通話到此結束。您不能斷開連線。