Wendy's Co (WEN) 2026 Q2 法說會逐字稿

Good morning. Welcome to the Wendy's Company earnings results conference call. (Operator Instructions) You may begin your conference.

早安。歡迎參加 Wendy's Company 財報結果電話會議。(接線員指示) 您可以開始會議。

Good morning, and thank you for joining our fiscal 2026 second quarter earnings conference call. After this brief introduction, Bob Wright, President and Chief Executive Officer, will provide a business update and then Steven Cirulis, Chief Financial Officer and Chief Strategy Officer, will review our second quarter results as well as our capital allocation priorities.

早安，感謝各位參加我們 2026 會計年度第二季財報電話會議。在這段簡短開場之後，總裁兼執行長 Bob Wright 將提供業務更新，接著財務長兼策略長 Steven Cirulis 將回顧我們第二季業績以及資本配置的優先事項。

From there, we will open up the line for questions. 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. This disclosure reminds investors that certain information we discuss today is forward-looking and reflects our current expectations about future plans and performance.

接下來，我們將開放提問。今天的電話會議與網路直播包含一份簡報，可於我們投資人關係網站 ir.wendys.com 取得。在開始之前，請留意今日財報新聞稿末尾的安全港聲明。該揭露提醒投資人，我們今天討論的部分資訊屬於前瞻性陳述，反映我們目前對未來計畫與表現的預期。

Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements. 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 any questions following today's conference call, please contact me.

多項因素可能影響我們的結果，並使實際結果與前瞻性陳述中的預測出現重大差異。此外，今天部分評論將引用非 GAAP 財務衡量指標。投資人應參閱本簡報末尾或今日財報新聞稿中，非 GAAP 財務衡量指標與最直接可比 GAAP 指標之間的調節表。若您在今天電話會議後有任何問題，請與我聯繫。

I will now hand the call over to Bob.

我現在把電話交給 Bob。

Good morning, everyone, and thank you for joining our call today. Let me begin by saying how happy I am to be here. Wendy's is an iconic brand with distinctive attributes that have traditionally set us apart from our competition. We're at our best when we leverage those distinctions to the advantage of our customers, our franchisees and our business.

各位早安，感謝今天加入我們的電話會議。首先，我想說我很高興能在這裡。Wendy's 是一個具代表性的品牌，擁有長期以來使我們有別於競爭對手的獨特特質。當我們善用這些差異化，為顧客、加盟主與公司業務創造優勢時，我們就能發揮最佳表現。

Today, we are not performing in our potential. Traffic is down. Our value proposition has slipped and franchisee economics are under pressure. That said, I've seen this brand at its best, and I know we can fix these issues. I'm incredibly optimistic about the power of the Wendy's brand and the future success we can create. I'll start by sharing a little bit of my background.

目前，我們的表現未達到應有的潛力。來客數下滑。我們的價值主張有所退步，加盟主的經濟效益也承受壓力。不過，我見過這個品牌在最佳狀態時的樣子，我知道我們能解決這些問題。我對 Wendy's 品牌的力量以及我們能創造的未來成功充滿信心。我先簡單分享一下我的背景。

I spent my entire career in the restaurant industry, including previously serving as Executive Vice President, Chief Operations Officer and International here at Wendy's. I've seen firsthand the strength of our franchise system, the capability of our restaurant teams and the power of our differentiated quality position. More recently, I served as CEO of Potbelly Sandwich Works. You'll hear from our new Chief Financial Officer and Chief Strategy Officer, Steve Cirulis in a few moments.

我整個職涯都在餐飲業，過去也曾在 Wendy's 擔任執行副總裁、營運長及國際業務主管。我親眼見證我們加盟體系的實力、餐廳團隊的能力，以及我們差異化品質定位的力量。最近，我擔任 Potbelly Sandwich Works 的執行長。稍後各位也會聽到我們新任財務長兼策略長 Steve Cirulis 的分享。

Steve and I worked together at Potbelly, where we drove meaningful sales growth, margin expansion, franchise unit development and created significant shareholder value. That experience reinforced an important lesson. Successful turnarounds are achieved through a focused strategy, guided by clear principles and executed with discipline and accountability. That philosophy will guide how we lead here at Wendy's.

Steve 和我曾在 Potbelly 共事，我們推動了顯著的銷售成長、利潤率擴張、加盟店開發，並創造了可觀的股東價值。那段經驗再次印證一個重要課題。成功的轉型，來自聚焦的策略、清晰的原則指引，以及具紀律與問責的執行。這樣的理念將指引我們在 Wendy's 的領導方式。

Returning to Wendy's is especially meaningful to me. My first day with the company was over 28 years ago. In those days, I had the privilege to work alongside our founder, Dave Thomas. That experience shaped how I think about this business and help me understand the foundations of our brand from Dave himself. Wendy's is a brand rooted in quality in everything we do.

回到 Wendy's 對我而言格外有意義。我加入公司的第一天是在 28 年多以前。當時我有幸與創辦人 Dave Thomas 共事。那段經歷形塑了我對這門生意的思考方式，也讓我從 Dave 本人更理解我們品牌的根基。Wendy's 是一個以品質為核心、貫穿我們所做一切的品牌。

We have exceptional assets a differentiated brand, a strong franchise system with an international footprint, talented restaurant teams and passionate employees. Those strengths provide us with a solid foundation on which to build.

我們擁有卓越的資產：差異化的品牌、具國際版圖的強大加盟體系、優秀的餐廳團隊，以及充滿熱忱的員工。這些優勢為我們提供了穩固的基礎，得以在其上持續建構。

At the same time, we're not executing to the standards we know we're capable of. Our quality differentiation has eroded. Our value proposition has weakened and we have not consistently delivered the experience customers expect from Wendy's. These issues have weighed on traffic and created pressure on the restaurant economic model, which is the heartbeat of this business. And this is reflected in our latest results.

同時，我們的執行並未達到我們自知能做到的標準。我們的品質差異化已被削弱。我們的價值主張轉弱，且未能持續提供顧客對 Wendy's 所期待的體驗。這些問題拖累了來客數，並對餐廳的經濟模型造成壓力，而這正是這門生意的命脈。這也反映在我們最新的業績結果中。

Today, I will briefly review our second quarter performance. My main focus, however, is to give you an assessment of where the business is today, followed by an outline of the initial strategic focus areas needed to improve performance.

今天，我將簡要回顧我們第二季的表現。不過，我的主要重點是評估公司目前的狀況，並概述改善績效所需的初步策略聚焦領域。

And what near-term actions we will take to execute, then Steve will take you through the second quarter results in more detail. In the second quarter, global system-wide sales decreased by 6.5%. US same-restaurant sales were down 7%, and international same-restaurant sales declined 2.3%. This sales decline drove lower adjusted EBITDA and adjusted earnings per share.

以及我們將採取哪些短期行動來落實執行；接著 Steve 會更詳細地帶各位檢視第二季業績。第二季，全球系統整體銷售額下滑 6.5%。美國同店銷售下滑 7%，國際同店銷售下滑 2.3%。這一銷售下滑導致調整後 EBITDA 與調整後每股盈餘下降。

These results reinforce the work needed to sharpen our execution across the system. Now there were some bright spots during the quarter. US customer satisfaction scores improved and US company-operated restaurants outperformed the broader system in same-restaurant sales by 280 basis points.

這些結果凸顯我們需要在整個體系中強化執行力。不過，本季也有一些亮點。美國顧客滿意度分數提升，而美國直營餐廳的同店銷售表現較整體系統高出 280 個基點。

We also opened 21 new restaurants in the US. Internationally, system-wide sales grew as we continued to expand our footprint with 27 restaurant openings during the quarter. Now let me share my assessment of where the business is today. I've invested a significant amount of time visiting restaurants, speaking directly with our customers, meeting with franchisees, listening to our restaurant support center teams and talking to employees across the system. What encourages me most is the passion I see throughout the Wendy's system.

我們也在美國新開了 21 家餐廳。在國際市場方面，隨著我們持續擴張版圖，本季新開 27 家餐廳，帶動系統整體銷售成長。接下來我分享我對公司目前狀況的評估。我投入大量時間走訪餐廳、直接與顧客對話、與加盟主會面、傾聽餐廳支援中心團隊的意見，並與體系內各層級員工交流。最令我振奮的是，我在整個 Wendy's 體系中看到的熱情。

Our franchisees and employees care deeply about this brand. They're eager to sharpen our strategic focus on what makes Wendy's great, drive historic levels of performance and return to sustainable growth in traffic-driven sales, profit and cash flow for the company and franchisees. This level of commitment gives me confidence in what we can accomplish together.

我們的加盟主與員工都非常在乎這個品牌。他們渴望更聚焦於讓 Wendy's 偉大的核心要素，推動歷史性的績效水準，並回到以來客數帶動的銷售、獲利與現金流的永續成長，讓公司與加盟主都受益。這樣的投入程度，讓我對我們能共同完成的成果充滿信心。

Recommitting to quality is essential to rebuilding our competitive advantage. Customers recognize it, franchisees believe in it, and it's at the heart of what Dave Thomas built. Wendy's quality heritage provides a strong foundation for the turnaround, but success will depend on translating that equity into a proposition that's relevant for today's fast-evolving QSR landscape.

重新承諾品質，是重建我們競爭優勢的關鍵。顧客看得見，加盟主也相信，而這正是 Dave Thomas 所建立的一切的核心。Wendy's 的品質傳承為轉型提供了強大基礎，但成功取決於能否把這份品牌資產轉化為一個在今日快速演變的 QSR（快速服務餐飲）市場中仍具相關性的主張。

That heritage is a meaningful asset, but we need to be clear eyed about the issues weighing on the business today. Based on what I've seen so far, several themes stand out, which together have contributed to our recent performance. They include quality degradation, challenges around our value offerings inconsistent operations and marketing that is not driving customers to our restaurants. I'll walk through each of these in turn.

這份傳承是一項重要資產，但我們也必須清醒看待當前拖累業務的問題。根據我目前所見，有幾個主題特別突出，並共同導致我們近期的表現。包括品質下滑、價值產品/方案方面的挑戰、營運不一致，以及未能把顧客帶進餐廳的行銷。我將依序逐一說明。

Wendy's has always been known for quality, fresh, never frozen beef, hamburgers made to order, bacon cooked in our restaurants and fresh produce prepared daily. But over time, we've drifted away from some of the standards that made Wendy's distinctive. While we've maintained core practices in some areas, we've let cost and efficiency drive decisions that weaken that differentiation.

Wendy's 一向以品質著稱：新鮮、從不冷凍的牛肉；現點現做的漢堡；在餐廳內烹調的培根；以及每日新鮮備製的蔬菜。但隨著時間推移，我們逐漸偏離了部分讓 Wendy's 與眾不同的標準。雖然在某些領域我們仍維持核心作法，但我們讓成本與效率主導決策，削弱了這種差異化。

On value, the Biggie platform was built for value-conscious consumers, but the offering has become increasingly complex and value diluting, making it less compelling and less effective as a reason to visit Wendy's.

就價值而言，Biggie 平台原本是為重視性價比的消費者打造，但其產品組合已變得日益複雜並稀釋價值，使其吸引力下降，也降低了其作為造訪 Wendy's 理由的說服力與效果。

Operationally, our execution has become inconsistent and our performance management processes are not fully addressing the underlying challenges. Drive-thru is a good example where we need to better manage peak hour traffic, ensure restaurants are staffed appropriately for demand and equip teams with training, tools and systems they need to deliver consistently, and we need to sharpen marketing. We've been over-relying on a calendar of one-off promotions and collaborations rather than a consistent, relevant brand narrative grounded in our equity and what Wendy stands for.

在營運面，我們的執行已變得不夠一致，而我們的績效管理流程也未能充分解決根本挑戰。得來速是一個很好的例子：我們需要更妥善管理尖峰時段車流，確保餐廳依需求適當配置人力，並為團隊提供所需的訓練、工具與系統，以穩定一致地交付服務，同時我們也需要強化行銷。我們過度依賴一次性的促銷與合作檔期，而非建立一個一致且具相關性的品牌敘事，並以我們的品牌資產與 Wendy 代表的核心精神為根基。

All of these factors combined have created persistent traffic pressure particularly among our most frequent and loyal customers. It's going to take time, but these issues are within our control. In my conversations with franchisees, restaurant employees and customers give me strong conviction that attacking these issues head-on will yield results.

上述因素綜合作用，造成持續的來客數壓力，尤其是在我們最常光顧且最忠誠的顧客族群中更為明顯。這需要時間，但這些問題都在我們可控範圍內。我與加盟主、餐廳員工與顧客的對話，讓我深信只要正面迎擊這些問題，就能帶來成果。

In addition to acknowledging where we are and how we got here, turnarounds also require deep understanding of what needs to be done to improve performance. Next quarter, we'll share more detail around the specific actions we're taking to drive our turnaround. But I can tell you already, we've aligned to five areas we believe are most critical.

除了認清我們目前的位置以及走到這裡的原因，扭轉局勢也需要對提升績效所需採取的行動有深入理解。下個季度，我們將分享更多關於推動轉型的具體行動細節。但我現在就可以告訴各位，我們已對齊五個我們認為最關鍵的領域。

First, strengthening our menu with quality food at a compelling value. We win when we have fresh, craveable food that our customers identify as distinctively Wendy's. We will rebuild the menu at the ingredient level at the menu item level and the category level while also addressing the menu price architecture that brings value to our customers.

第一，以具吸引力的價值提供高品質餐點，強化我們的菜單。當我們提供新鮮、令人垂涎、且讓顧客認為具有「Wendy's 獨特性」的餐點時，我們就能勝出。我們將在食材層級、單品層級與品類層級重建菜單，同時也會調整菜單定價架構，為顧客帶來價值。

Second, distinct branding and marketing that drives demand. We are one of the most recognizable brands in the industry, and we need to make our messaging, media and creative driving meaningful connection with our customers and drive traffic to our restaurants.

第二，打造能帶動需求的鮮明品牌定位與行銷。我們是業界最具辨識度的品牌之一，我們需要讓訊息傳遞、媒體投放與創意內容能與顧客建立有意義的連結，並帶動餐廳來客數。

Third, driving operational excellence that delights customers, we must set clear performance standards, establish the processes and procedures needed to meet them, provide training that enables every team member to execute consistently and ensure the organizational structure supports our restaurants and reinforces our commitment to excellence.

第三，推動讓顧客滿意的卓越營運。我們必須設定清楚的績效標準，建立達成標準所需的流程與作業程序，提供能讓每位團隊成員一致執行的訓練，並確保組織架構能支援餐廳營運、強化我們對卓越的承諾。

Fourth, creating a digital experience that builds frequency. There are significant opportunities to improve analytics, customer-facing digital assets, fully integrated restaurant technology solutions and our customer loyalty approach along with the integration with third-party aggregators.

第四，打造能提升回訪頻率的數位體驗。在分析能力、面向顧客的數位資產、完整整合的餐廳科技解決方案，以及我們的顧客忠誠度策略（並包含與第三方聚合平台的整合）方面，都有顯著的改善機會。

Lastly, we must ensure our most visible and prominent brand asset, our restaurants are leveraged as an engine for growth. Ultimately, that means getting back to market expansion and unit growth domestically. More immediately, our focus must ensure we have compelling four-wall operating economics and a consistent deployment of high-return investments at existing restaurants. We must also have a franchise system that is well capitalized and poised for growth. This applies to every restaurant in the system, whether company or franchise owned.

最後，我們必須確保我們最顯眼、最重要的品牌資產——餐廳——能被充分運用為成長引擎。最終而言，這意味著回到美國本土市場的擴張與門店數成長。更即時地，我們的重點必須是確保既有餐廳具備具吸引力的「四牆內」營運經濟性，並在既有餐廳持續一致地部署高報酬投資。我們也必須擁有資本充足、蓄勢待發的加盟體系以支持成長。這適用於體系內每一家餐廳，不論是公司自營或加盟店。

Now in addition to adding Steve to the management team, I've already invested in critical professional services and utilized the expertise of several outside brand, business and strategy resources. This has been beneficial in accelerating the strategy development and organizational development work to this point, and it will be of great value in compressing the time to impact.

此外，除了將 Steve 納入管理團隊之外，我也已投入關鍵的專業服務，並運用多項外部品牌、業務與策略資源的專業。這有助於加速目前為止的策略制定與組織發展工作，並將在縮短產生成效的時間上帶來很大價值。

Equally as important to developing our strategies having the right structure and talent to deliver upon it going forward. This means ensuring the organization is aligned and able to deliver on these strategic focus areas with meaningful impact.

同樣重要的是，在制定策略的同時，必須具備正確的組織架構與人才，才能在未來落實交付。這意味著確保組織對齊，並能在這些策略重點領域產生實質影響、有效執行。

In some areas, that means enhancing existing capabilities. In others, it means building new capabilities that are essential to the work ahead. We've already started looking at necessary restructuring and reorganization efforts, and I look forward to sharing more details with you as they develop. I'll be closely engaged in key decisions across the organization and ensure we are moving with focus, speed and accountability. In addition, we need to ensure we have the right level of funding for our strategic initiatives.

在某些領域，這代表要強化既有能力。在其他領域，則代表要建立對未來工作至關重要的新能力。我們已開始檢視必要的重整與組織再造工作，並期待在進展成形時與各位分享更多細節。我將密切參與全組織的關鍵決策，並確保我們以聚焦、速度與問責推進。此外，我們也需要確保策略性計畫有適當的資金支持。

That may include targeted investments alongside our franchisees, technology that elevates customer experience and improves efficiency, restaurant investments or acquisitions or actions that strengthen the balance sheet.

這可能包括與加盟主共同進行的針對性投資、提升顧客體驗並改善效率的科技投入、餐廳投資或併購，或是強化資產負債表的相關行動。

Our decision to reduce the dividend creates additional flexibility to invest in initiatives to support the turnaround and create sustainable long-term value for shareholders. I look forward to sharing more details on those strategic initiatives and the funding of our investments in them soon. We are committed to providing a full strategic plan by our next quarterly update. We're in the early stages of this work, and meaningful change won't happen overnight. What you should expect from us is transparent communication and measurable progress that builds over time.

我們決定降低股利，為投資於支持轉型的各項計畫提供了額外彈性，並為股東創造可持續的長期價值。我期待很快能分享更多關於這些策略性計畫以及我們對其投資資金安排的細節。我們承諾在下一次季度更新時提供完整的策略計畫。我們仍處於這項工作的早期階段，重大改變不會一夕之間發生。各位可以期待我們提供透明溝通，以及隨時間累積的可衡量進展。

We'll measure our progress through the indicators that matter the most, including traffic, customer satisfaction, franchisee economics and return on the investments we choose to scale. You should expect to see clear connection between the actions we take and the operating metrics and financial results we deliver. That's how we'll measure success, and that's how we expect you to measure us.

我們將透過最重要的指標衡量進展，包括來客數、顧客滿意度、加盟主經濟效益，以及我們選擇擴大推行之投資的報酬率。各位應能清楚看到我們採取的行動與我們交付的營運指標及財務結果之間的連結。這就是我們衡量成功的方式，也是我們期望各位衡量我們的方式。

Now I'll turn it over to Steve to discuss the quarter and our financial outlook and then come back with some final thoughts.

接下來我把時間交給 Steve，請他說明本季表現與我們的財務展望，之後我會再回來做一些最後的補充。

Thank you, Bob. Good morning, everyone. I'm honored and excited to be here for my first earnings call as Wendy's Chief Financial Officer and Chief Strategy Officer. I have experience with turnarounds and transformation, and I look forward to partnering with Bob and the team to strengthen Wendy's performance and return the brand to growth.

謝謝你，Bob。各位早安。我很榮幸也很興奮，能在 Wendy's 擔任財務長（CFO）暨策略長（CSO）後，首次參與法說會。我具備扭轉局勢與轉型的經驗，並期待與 Bob 及團隊合作，強化 Wendy's 的營運表現，讓品牌重回成長軌道。

I'll begin with our second quarter results and our decision to withdraw our full year outlook, then touch on our capital allocation and balance sheet priorities before turning it back over to Bob. Our second quarter performance fell short of prior expectations and reinforced the need for a thorough revision of the path forward.

我將先從第二季業績以及我們撤回全年展望的決定談起，接著簡要說明資本配置與資產負債表的優先事項，然後再把時間交回給 Bob。我們第二季表現未達先前預期，也再次凸顯有必要徹底修正未來前進的路徑。

Global systemwide sales declined 6.5% on a constant currency basis, primarily driven by US same-restaurant sales, which declined 7.0% and the impact of 289 US restaurant closures in the first half of the year. The decline in US same-restaurant sales was driven by a 12.5% decrease in traffic, which included the impact of less discounting and reducing or eliminating breakfast operating hours at certain locations, partially offset by a 5.6% increase in average check.

以固定匯率計算，全球系統整體銷售額下滑 6.5%，主要受美國同店銷售下滑 7.0%所驅動，並受到上半年美國 289 家餐廳關閉的影響。美國同店銷售下滑主要來自來客數下降 12.5%，其中包含折扣力度降低，以及在部分據點縮短或取消早餐營業時段的影響；部分被平均客單價上升 5.6%所抵銷。

While our new product innovation and collaboration with Dominion and Monsters movie delivered average check benefit, traffic did not increase as expected. The US business did see sequential improvement in same-restaurant sales of 80 basis points from quarter one to quarter two this year. International systemwide sales grew 3.4%, supported by continued new restaurant development. This was partially offset by softness in same-restaurant sales, which declined 2.3%, primarily driven by a challenging consumer and competitive environment in Canada. Excluding Canada, International sales grew 8.6%, including positive same-restaurant sales.

雖然我們的新產品創新以及與 Dominion 與《Monsters》電影的合作帶來平均客單價的助益，但來客數並未如預期增加。美國業務方面，今年第二季同店銷售較第一季依序改善 80 個基點。國際系統整體銷售額成長 3.4%，受持續的新餐廳開發所支撐。但部分被同店銷售疲弱所抵銷，同店銷售下滑 2.3%，主要因加拿大消費者與競爭環境具挑戰。若排除加拿大，國際銷售成長 8.6%，其中同店銷售為正成長。

Turning to the company P&L for the second quarter. Total adjusted revenue was $443.2 million, a decrease of $6.4 million, down 1.4% compared to the prior year. This was primarily driven by lower franchise royalty revenue and lower rental income. These were partially offset by higher company-operated restaurant sales following the acquisition of franchise-operated restaurants during the third quarter of 2025.

接著看公司第二季損益表。調整後總營收為 4.432 億美元，較去年同期減少 640 萬美元，年減 1.4%。主要原因為加盟權利金收入下降以及租金收入下降。上述影響部分被公司自營餐廳銷售增加所抵銷，該增加源自我們於 2025 年第三季收購原由加盟商經營的餐廳。

Global company-operated restaurant margin was 13.6% for the second quarter and US company-operated restaurant margin was 13.8%. US company-operated restaurant margin declined compared to the prior year, primarily due to commodity cost increases of approximately 9%, including both continued inflation in beef prices and investments in upgrading our products, a decline in traffic and labor rate inflation of approximately 4%. These were partially offset by higher average check and labor efficiencies.

全球公司自營餐廳利潤率在第二季為13.6%，美國公司自營餐廳利潤率為13.8%。美國公司自營餐廳利潤率較去年同期下滑，主要原因為商品成本上升約9%，包括牛肉價格持續通膨以及我們在產品升級上的投資、來客數下滑，以及勞動力薪資率通膨約4%。上述影響部分被平均客單價提高與人力效率提升所抵銷。

Adjusted EBITDA was $124.1 million, which was down $22.5 million versus the prior year. This was driven by lower franchise royalty revenue, an increase in general and administrative expense a decrease in US company-operated margin and lower net franchise fees. Adjusted earnings per share was $0.18 in the second quarter.

調整後EBITDA為1.241億美元，較去年同期減少2,250萬美元。主要原因為加盟權利金收入下降、一般及行政費用增加、美國自營利潤率下降，以及淨加盟費用降低。第二季調整後每股盈餘為0.18美元。

Moving on to capital expenditures and free cash flow. During the second quarter, we invested $26.0 million across capital expenditures and restaurant development. Capital expenditures included $8.3 million in technology initiatives including enhancements to the user experience and enabling more targeted marketing within the app. We also invested $12.8 million in restaurant development, including the build-to-suit program.

接著談資本支出與自由現金流。第二季我們在資本支出與餐廳開發方面合計投資2,600萬美元。資本支出包含830萬美元用於科技計畫，包括提升使用者體驗，以及在App內實現更精準的行銷投放。我們也在餐廳開發上投資1,280萬美元，包括量身打造（build-to-suit）計畫。

Turning to free cash flow. We generated $120.3 million of free cash flow through the first half of the year, an increase of $10.8 million versus the prior year. The increase was primarily driven by a decrease in cash taxes, capital expenditures and investments associated with the company's franchise development fund, partially offset by lower net income adjusted for noncash items.

再來談自由現金流。今年上半年我們產生1.203億美元的自由現金流，較去年同期增加1,080萬美元。增加主要來自現金稅負下降、資本支出下降，以及與公司加盟開發基金相關的投資減少；部分被扣除非現金項目後的淨利下降所抵銷。

Moving on to capital allocation and our balance sheet. Our priority is investing in the key focus areas Bob described earlier to create durable performance improvements. As we continue to develop our strategic plan, we will provide more detail on how that funding will accelerate the turnaround. Every dollar of capital will be evaluated against one question. Will this materially improve traffic, restaurant economics or long-term shareholder value.

接著談資本配置與資產負債表。我們的優先事項是投資在Bob先前提到的關鍵聚焦領域，以創造可持續的績效改善。隨著我們持續制定策略計畫，我們將提供更多細節，說明這些資金將如何加速轉型復甦。每一美元的資本都將以一個問題來評估。這是否能實質改善來客數、餐廳經濟效益或長期股東價值。

On shareholder returns, today, we announced a quarterly dividend payment of $0.07 per share. While we do not anticipate repurchasing shares in 2026, future buybacks will remain a component of our capital allocation framework as appropriate. We have approximately $35 million remaining under our existing authorization, which expires in February 2027.

關於股東報酬，我們今天宣布每季每股0.07美元的股利。雖然我們預期在2026年不會回購股票，但未來在適當情況下，回購仍將是我們資本配置架構的一部分。在現有授權下我們尚餘約3,500萬美元額度，該授權將於2027年2月到期。

Turning to the balance sheet. We ended the quarter with approximately $380 million in cash and a net leverage ratio of 5.0 times. Given current performance, we expect leverage to remain elevated in the near term. As we improve operating performance, leverage should trend lower over time.

再來看資產負債表。本季末我們持有約3.8億美元現金，淨槓桿比率為5.0倍。考量目前的經營表現，我們預期短期內槓桿將維持在較高水準。隨著營運表現改善，槓桿將隨時間推移而下降。

Later this year or in early 2027, we anticipate refinancing approximately $430 million of debt that matures in March of 2028. With the second quarter behind us and our attention directed on the strategic focus areas of our turnaround, let me spend a moment on what investors should expect.

在今年稍晚或2027年初，我們預期將為約4.3億美元、於2028年3月到期的債務進行再融資。第二季已經結束，且我們的注意力聚焦在轉型復甦的策略重點上，讓我花一點時間談談投資人可以期待什麼。

The trajectory of the business in the first half of the year suggests similar sales performance in the back half of the year. Traffic in July was consistent with second quarter trends. And as a result, we expect continued traffic headwinds to impact our ability to return to year-over-year system-wide sales growth in either the third or fourth quarter.

今年上半年的業務走勢顯示，下半年銷售表現可能相近。7月的來客數與第二季趨勢一致。因此，我們預期來客數的逆風將持續影響我們在第三季或第四季恢復系統整體銷售年增的能力。

We expect continued pressure on company-operated restaurant margin and adjusted EBITDA in the second half of the year from sales deleverage, full year commodity inflation of approximately 5% to 6% and a step up in G&A driven by investments in our people and in professional services in support of our turnaround plan. This will also pressure adjusted net income as we work to refine and deploy elements of our plan.

我們預期下半年公司自營餐廳利潤率與調整後EBITDA將持續承壓，原因包括銷售去槓桿效應、全年商品通膨約5%至6%，以及因投資人才與為轉型計畫提供專業服務而帶動的一般及行政費用增加。在我們持續精煉並推動計畫要素的同時，這也將對調整後淨利造成壓力。

Traditionally, the dividend payout was 50% to 60% of adjusted net income. Today's dividend announcement implies an annualized rate slightly above this range for the year. As noted in our press release this morning, the company is withdrawing its 2026 financial outlook.

傳統上，股利發放率為調整後淨利的50%至60%。今天的股利公告意味著今年的年化發放率略高於此區間。如同我們今早新聞稿所述，公司將撤回其2026年財務展望。

As a new leadership team, we are fully assessing the business and our opportunities within a comprehensive turnaround plan, including the optimal deployment of capital. At the same time, we are continuing to take actions to improve performance with a focus on strengthening our core value perception, elevating restaurant operational performance and enhancing the digital experience for our customers.

作為新的領導團隊，我們正在全面評估業務以及在完整轉型復甦計畫中的機會，包括資本的最佳配置。同時，我們也持續採取行動改善表現，重點在於強化核心價值感知、提升餐廳營運績效，以及改善顧客的數位體驗。

Before I turn the call back to Bob, I want to emphasize that we are approaching this next phase with an objective view of both the challenges and the opportunities ahead. As we move forward, our priorities will be maintaining financial discipline, making thoughtful investment choices and supporting the actions needed to improve performance across the system. My role in this organization is to bring these disciplines to life, both as we plan strategically and as we execute on behalf of every stakeholder in the business.

在我把電話交回給Bob之前，我想強調，我們以客觀的角度看待下一階段，兼顧前方的挑戰與機會。展望未來，我們的優先事項將是維持財務紀律、做出審慎的投資選擇，並支持改善整個系統績效所需的行動。我在這個組織中的角色，是將這些紀律落實到位，無論是在策略規劃上，或是在代表企業中每一位利害關係人執行上。

With that, I'll now turn it back over to Bob.

接下來，我把電話交回給Bob。

Thank you, Steve. As I said, Wendy's is an iconic brand built on quality with talented people, committed franchisees and a strong foundation to build from. At the same time, we have been clear today that our performance is not where it needs to be. We have plenty of work ahead, but I'm confident we are focused on the right priorities and taking the decisive actions needed to drive meaningful change and restore our performance. We've been deliberate and meticulous in our diagnosis to ensure we have a deep understanding of those issues.

謝謝你，Steve。如我所說，Wendy's是一個以品質為基礎的經典品牌，擁有優秀的人才、投入的加盟主，以及可供發展的堅實基礎。同時，我們今天也清楚表明，我們的表現尚未達到應有水準。我們前方還有很多工作要做，但我有信心，我們聚焦在正確的優先事項上，並採取推動有意義變革、恢復績效所需的果斷行動。我們在診斷上一直保持審慎且一絲不苟，以確保對這些問題有深入的理解。

We've already begun taking the right steps to shape the path forward on a turnaround and have identified five key strategic focus areas that will support growth and value for our franchisees and shareholders. You can expect us to communicate transparently, execute with discipline and accountability and work to earn your confidence through consistent, measurable progress over time.

我們已開始採取正確步驟來塑造轉型復甦的前進路徑，並已識別五個關鍵策略聚焦領域，以支持加盟主與股東的成長與價值。你們可以期待我們以透明方式溝通、以紀律與問責執行，並透過長期一致且可衡量的進展來贏得你們的信心。

Before I close, I want to thank our employees, franchisees and restaurant teams for their continued commitment to Wendy's and for the important role they play during this time. Their feedback partnership and willingness to confront challenges directly are essential as we work to turn around the business.

在我結束之前，我要感謝我們的員工、加盟主與餐廳團隊持續對Wendy's的承諾，以及他們在此期間所扮演的重要角色。在我們努力扭轉業務之際，他們的回饋、合作夥伴關係，以及願意直接面對挑戰的態度至關重要。

With that, operator, I'll turn the call over to you so we can take questions.

那麼，接線員，我把電話交給你，我們開始提問。

(Operator Instructions)

（接線員指示）

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks for all the detail in your opening comments, Bob. A lot of us remember you from happier times at Wendy's, and I know you have a great reputation, especially in the system and that's obviously a great start. But investors are probably also thinking this is the third CEO in about as many years and the challenges are much different than the last time you were there. So could you perhaps give a little bit more detail on why you think a turnaround can happen now and under your leadership? And I'll have maybe a quick follow-up.

謝謝你在開場評論中提供這麼多細節，Bob。我們很多人都記得你在Wendy's較為順遂的時期，我也知道你口碑很好，尤其是在整個體系內，這顯然是一個很好的開始。但投資人可能也在想，這大概是三年內的第三位CEO，而挑戰與你上次在那裡時相比已經大不相同。所以你能否再多談一點，為什麼你認為現在、在你的領導下可以實現轉型復甦？我之後可能還有一個簡短的追問。

Sure. Thanks, David. Good to hear your voice again. Look, the thing I would say about that confidence measure is that I think there's something we have to really understand about the restaurant business and restaurant companies in general. And they are so dependent upon execution.

當然。謝謝你，David。很高興再次聽到你的聲音。你提到的信心衡量，我想說的是，我們必須真正理解餐飲業與餐飲公司的一件事。那就是它們非常依賴執行力。

It's a very execution dependent industry. From the customer experience all the way to the support center, every level of the organization. It isn't about developing a strategy, understanding what needs to be done, it's also about knowing how to get it done. This is my 40th year in the restaurant business. This is all I've ever done. I started with Wendy's 28 years ago, and I know this brand, like I mentioned -- I knew Dave Thomas before he passed.

這是一個非常依賴執行力的產業。從顧客體驗一路到支援中心，涵蓋組織的每一個層級。這不只是制定策略、理解需要做什麼，也包括知道如何把它做成。今年是我在餐飲業的第40年。這也是我一直以來所做的全部。我在28年前加入Wendy's，我了解這個品牌；就像我提到的——在Dave Thomas過世之前我就認識他。

The other thing is that I have turnaround experience. Steve and I worked together on a very significant turnaround of Potbelly here over the last 5.5 years. And I think what you heard in my remarks, is step one is making sure that you have a clear diagnosis of what's going on. And then being clear and candid about what those issues are and developing a plan that will address the core issues that will turn that performance around.

另外一點是，我有扭轉局面的經驗。在過去5年半裡，Steve和我在這裡一起完成了Potbelly一次非常重大的轉型。我想你們從我的談話中聽到的是，第一步是確保你對正在發生的事情有清楚的診斷。接著要清楚且坦率地說明問題是什麼，並制定一個能夠解決核心問題、進而扭轉績效表現的計畫。

We outlined those five strategic focus areas. And I'm confident that with the brand that we have and a clear understanding of the issues that are facing us that I know we can win. I meant to remind told me a long time ago, when you have a strong brand and you have a strong culture, you have the opportunity to do something really special. It becomes a performance issue.

我們概述了那五個策略聚焦領域。我有信心，憑藉我們擁有的品牌，以及對我們所面臨問題的清楚理解，我知道我們能贏。有人很久以前提醒我：當你擁有強大的品牌與強大的文化時，你就有機會做出真正特別的事。接下來就變成績效的問題。

And that's what we're facing. And that's what we try to outline very clearly is the the performance matters that are facing us and the things that we own are within our control. And I'm just delighted to see when I came back that we still, in fact, have every bit of that strong brand at the core and the foundation, whether it's our employee base or the franchisees that make up our culture is still intact, and we can build from that.

而這正是我們所面對的。我們也試著非常清楚地勾勒出我們面臨的績效議題，以及那些我們能掌控、在我們控制範圍內的事情。我很高興回來後看到，我們的核心與基礎仍然保有那份強大的品牌力量——不論是員工基礎，或是構成我們文化的加盟主，仍然完整，我們可以在此之上繼續建構。

I just wanted to ask you about just on the marketing side, often these turnaround flywheel franchise turnarounds start with innovation, marketing, sort of that jump start that kind of you can build upon and getting some operational wins and bigger and bigger asks of the system after that. How is the pipeline of innovation and marketing as you see it today? Are there any near-term wins that might bend the trend perhaps in the second half? And I'll pass it on.

我想就行銷面向請教一下：這類加盟體系的轉型飛輪，往往從創新、行銷開始，算是一種啟動器，之後你可以在此基礎上累積一些營運上的勝利，並逐步對系統提出更大、更大的要求。以你今天看到的情況，創新與行銷的管線如何？是否有任何短期的勝利，可能在下半年讓趨勢出現轉折？我就把問題交給你。

Yes. I think in my comments, you'll hear me talking about where I think we stand because of the efforts that we need, and it's not just marketing. I know you know that. It's really branding and marketing that draws people in, and I'm not satisfied with how effective our marketing has been. I love the part of your question, though, is what is it that you're marketing?

是的。我想在我的談話中，你會聽到我談到我認為我們目前所處的位置，因為我們需要付出的努力不只是行銷。我知道你也明白。真正把人吸引進來的是品牌與行銷，而我對我們行銷的有效性並不滿意。不過我很喜歡你問題中的一點：你到底在行銷什麼？

Is there a breakthrough in the world of product innovation or even the core menu. And I know we'll talk about this in the coming weeks and months and years, but that is what we're so focused on in that first area of focus is having a menu that's rebuilt at the item level and at the ingredient level and at the category level that breaks through to the customer, it is a very competitive environment out there.

在產品創新，甚至核心菜單上，是否有突破？我知道我們會在接下來幾週、幾個月、幾年持續討論這件事，但這正是我們在第一個聚焦領域如此專注的原因：在單品層級、食材層級與品類層級重建菜單，做出能讓顧客有感的突破；外部競爭環境非常激烈。

We can just do what we've always done better. We do have to innovate, and we have to lead in the things that are core to the brand. We also have to stay close to home. Our marketing, David, has been -- our calendar, frankly, has been somewhat focused on promotions and collaborations without the continuity of the brand building that goes underneath it and a story that the customers really kind of connect with and resonates with them that that has them drawn back to Wendy's. That's still ahead of us, but I think we've got everything we need at the core of the brand to be able to do that.

我們不能只是把一直以來做的事情做得更好。我們必須創新，而且要在品牌核心的事情上領先。我們也必須貼近本業。David，我們的行銷——坦白說，我們的檔期安排在某種程度上偏向促銷與合作，但缺少底層持續性的品牌建設，以及一個顧客真正能連結、能引起共鳴、讓他們願意回到Wendy's的故事。這部分仍在前方，但我認為就品牌核心而言，我們具備完成它所需要的一切。

Thank you.

謝謝。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Thanks for the prepared remarks. You talked about the quality differentiation has maybe eroded. I'm wondering if you could just unpack that a little bit. How much do you think is the actual quality differentiation with the product itself, either on a stand-alone basis versus peers?

謝謝事先準備的發言。你提到品質差異化可能已經被削弱。我想請你再多拆解一下。你認為有多少是產品本身的實際品質差異化——不論是單獨來看，或是相較同業？

And then maybe how much of that is just a marketing or a messaging issue, which you were just talking about, but whereby maybe just the consumer isn't as aware of the quality of Wendy's and the consumer should be. Any comments on that would be helpful.

另外，有多少其實只是行銷或訊息傳遞的問題——你剛剛也在談——也就是消費者可能沒有那麼清楚Wendy's的品質，而其實他們應該要知道。任何看法都會很有幫助。

Yes. Look, it's always a multi-variant equation because what we say about our brand, with our marketing and how we bring that to life in a compelling way is really important. But I do want to be clear, the quality comments that I made are related directly to the quality of our food.

是的。你看，這永遠是一個多變量的方程式，因為我們透過行銷對品牌說了什麼，以及我們如何以有說服力的方式把它具體呈現，確實非常重要。但我也想說清楚：我提到的品質評論，是直接指向我們食物的品質。

And we don't have anything to share today to kind of talk about what we've already done or what we're working on, but in the diagnosis phase, you saw me talk about ingredients, and you heard me talk about that.

而我們今天沒有要分享的內容，來談我們已經做了什麼或正在做什麼；但在診斷階段，你看到我談到食材，你也聽到我提到這點。

There are issues that we've created for ourselves. There are decisions that we've made in the interest of cost and efficiency that maybe have degraded a little bit of our quality. There are certainly some execution elements to that. And there's also the innovation component that David asked about, are we bringing to life the food in the very best way possible. Those are things within our control, though.

有些問題是我們自己造成的。有些決策是出於成本與效率的考量，但可能讓我們的品質有些許下滑。其中當然也有一些執行層面的因素。另外也有David問到的創新面向：我們是否以最好的方式把食物呈現出來。不過，這些都是我們能掌控的事情。

And I think that's the beauty of what we're facing today is we can take advantage of the core elements of the Wendy's brand that have always been there. fresh, never frozen beef, prepping vegetables inside our restaurants and handmade sandwiches that are made to order every single time a customer orders them.

我認為我們今天所面對情況的美妙之處在於：我們可以善用Wendy's品牌一直以來就存在的核心要素——新鮮、從不冷凍的牛肉；在餐廳內備料處理蔬菜；以及每次顧客點餐時都現點現做的手作三明治。

Those are things that we still own. I do think, to your point, we can leverage them far more than we have, and we can focus on the operations systems, processes and oversight and leadership that helps execute it more consistently. But the customer notices when you make a few changes, and we need to make sure that we're putting that experience ahead of everything else we do when it comes to quality.

這些仍然是我們所擁有的。我也同意你的觀點：我們可以比過去更充分地運用它們，同時聚焦在營運系統、流程、監督與領導力上，讓執行更一致。但當你做出一些改變時，顧客是會注意到的；因此在品質這件事上，我們必須確保把那個體驗放在我們所做一切事情之前。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Thank you. I wanted to ask about the US system and the number of stores that are currently available at Wendy. I think you mentioned that in the near term, there is an assessment still in place. I'm just trying to understand whether you think that the system is in a healthy place right now in terms of the number of franchisees that you have, the number of unit per franchisee that you have? And should we be expecting some additional rationalizations as part of the turnaround? Or is the portfolio already optimized and we're going to be growing from this moment onwards? Thank you.

很好。謝謝。我想問美國體系以及目前Wendy's可用店點數量的問題。我想你提到短期內仍在進行評估。我想了解的是：就你目前看來，從你擁有的加盟主數量、以及每位加盟主擁有的門店數量來看，你認為這個體系現在處於健康狀態嗎？而在這次轉型過程中，我們是否應該預期會有進一步的汰弱留強／合理化調整？或者門店組合已經最佳化，我們將從此刻開始往成長方向前進？謝謝。

That's a great question because as we talk about all the things we plan to do strategically with the brand. We have to do that in the context of how healthy the system is and our capabilities to execute against those things.

這是個很好的問題，因為當我們談到所有我們計畫在品牌上要做的策略性事情時，我們必須把它放在體系健康程度，以及我們執行這些事情的能力之脈絡下來看。

Let me start by telling you that I mentioned, I've spent a lot of time in the field. I've been with a lot of franchisees in these few short weeks as well as the Board and employees and analysts and we met some of you guys in New York.

我先從這裡開始：如我提過的，我在第一線花了很多時間。在這短短幾週內，我也和許多加盟主、董事會、員工與分析師在一起，我們也在紐約見到你們當中的一些人。

And this is really personal to me. This is not a system filled with private equity ownership. It's a field with family ownership of our businesses. And these are people that I know, I know their families, and I know they're personal situation. So the health of this system is a personal matter for us and understand that the health of the franchisee certainly is pressured right now because of the sales declines that we've had. You guys know this business.

而這對我來說非常個人。這不是一個充滿私募股權持有的體系。我們的事業是在地、以家族持有為主的經營。這些人我都認識，我認識他們的家人，也了解他們的個人處境。因此，這個體系的健康狀況對我們而言是很個人的事；也請理解，因為我們經歷的銷售下滑，加盟主的財務健康目前確實承受壓力。你們都了解這門生意。

When you see some of the sales declines. It's going to show up in restaurant profitability and it's going to pressure the franchisees and create a little bit of fragility there. But when it came to closures, I think what you heard in some previous quarters was closures addressed more as a program for the system. And you'll see us take a much more targeted approach.

當你看到一些銷售下滑時，它會反映在餐廳獲利能力上，進而對加盟主造成壓力，並在那裡帶來一些脆弱性。但談到關店，我認為你們在前幾季聽到的，是把關店更多視為體系層面的計畫。而你們會看到我們採取更具針對性的做法。

We're going to come alongside our franchisees if they need our help. And if we need to use closures of a few restaurants here and there to make a portfolio a little bit healthier and help that franchisee get to the right place. Maybe a trade area has moved on, and it's no longer a business that's viable going forward, then we'll certainly help them make that decision close a restaurant and get their portfolio healthier.

如果加盟主需要我們協助，我們會站在他們身旁一起做。如果我們需要在這裡或那裡關掉少數幾家餐廳，讓某個店組合更健康，並幫助該加盟主回到正確的位置，例如某個商圈已經轉移、未來不再具備可行的經營條件，那我們當然會協助他們做出決策，關掉餐廳，讓其店組合更健康。

But overall, the health of the system is tied to the health of the brand. And I'm just thrilled to say that franchisees are invested in the work that we're doing. They're excited about the work that we're doing, and they're certainly looking forward to the progress on the top line. Because at the end of the day, nothing cures financial health in the restaurant system like top line growth. Everything we're doing is going to be pushing that to the top of the list, and that will help everybody.

但整體而言，體系的健康取決於品牌的健康。我非常高興地說，加盟主對我們正在做的工作投入其中。他們對我們正在做的工作感到興奮，也確實期待營收端的進展。因為歸根究柢，在餐飲體系裡，沒有什麼比營收成長更能改善財務健康。我們所做的一切都會把這件事推到最優先的位置，這將有助於每一個人。

Thank you.

謝謝。

Margaret Ma Binstock, Wolfe Research.

Wolfe Research 的 Margaret Ma Binstock。

Hi, thank you for taking my question. I just wanted to ask if you could walk us a little bit through how you saw comps progressed through the quarter on a monthly. And then relatedly kind of what you're seeing across the different income cohorts? Are you seeing the gap between the higher and the lower income consumer widen or what you're seeing there? Thank you so much.

嗨，謝謝讓我提問。我想請你們稍微帶我們回顧一下，本季同店銷售（comps）按月的走勢如何。另外也想問一下，你們在不同收入族群之間觀察到什麼情況？高收入與低收入消費者之間的差距是否在擴大，或你們看到的是什麼？非常感謝。

Sure. Thanks, Margaret-May. It's great to meet you in this environment. stepping into this role and seeing the progression of sales in the quarter. It's kind of an interesting dynamic, right? The early part of the April period, we saw same restaurant sales, I should say, in the US dropped 6.4%, which was kind of in keeping with the trend coming out of P3 or March.

當然。謝謝你，Margaret-May。在這樣的場合認識你很高興。剛接下這個職務並觀察本季銷售的演變，這其實是一個很有意思的動態，對吧？在 4 月初期，我們看到美國的同店銷售（我應該說是同店餐廳銷售）下滑 6.4%，這大致延續了 P3 或 3 月的趨勢。

I think the challenge though was as we moved into May, we saw that actually slip back to negative 7.5% same-restaurant sales in the US system. Some of that due to some promotions from the prior year, which like we had a $3 son of Bankinter promotion, which was pretty powerful, and it was a little bit of a tougher challenge to lap that.

但我認為挑戰在於，進入 5 月後，我們看到美國體系的同店銷售其實又回落到負 7.5%。其中一部分原因是去年同期的一些促銷活動，例如我們有一個 3 美元的「son of Bankinter」促銷，效果相當強，因此今年要與之相比（lap）就更具挑戰。

And then as we moved into P6, we expected and we thought we would see some improvement in the progress of the business. This was -- we had launched our new chicken sandwich platform. The P6 period saw us launch our Minions and Monsters promotion. And honestly, those did not perform. They did not drive the traffic that we expected.

接著進入 P6 時，我們原本預期、也認為業務進展會有所改善。當時我們推出了新的雞肉三明治平台。P6 期間我們也推出了「小小兵與怪獸」的促銷活動。但坦白說，這些表現不佳。它們沒有帶來我們預期的來客數。

They pushed a little bit on average check. But the real challenge for us has been that underlying traffic trend. So while comps bounced around a little bit, negative 6.4%, negative 7.5%, back to negative 7%, the traffic trend is the one that we pay the most attention to. And we had negative double-digit traffic each period of the quarter, and it did not improve over the quarter, and we ended it with a negative 12.5% as we discussed.

它們在平均客單價上有些許拉抬。但我們真正的挑戰一直是那個底層的來客數趨勢。因此，雖然同店銷售在 -6.4%、-7.5%、回到 -7% 之間有些波動，但我們最關注的是來客數趨勢。而本季每一期來客數都是負的雙位數，且整季沒有改善；如我們所討論的，季末為負 12.5%。

Dennis Geiger, UBS.

UBS 的 Dennis Geiger。

Great. Thanks and good morning, guys. Bob, recognizing you probably don't want to give any kind of rigid time line at this early juncture. But can you help us think a little bit about how you think about timing or cadence of of some of the turnaround plan implementation across the five key points of focus that you outlined? And generally, again, from your experience, how you think about where traction comes first versus what takes a little bit longer, generally speaking? Thank you.

很好。謝謝，大家早安。Bob，我理解在這麼早的階段你可能不想給出任何僵硬的時間表。但你能否協助我們思考一下，你如何看待你所概述的五個關鍵重點之下，各項扭轉計畫落地執行的時間點或推進節奏？以及一般而言，依你的經驗，哪些地方會先出現成效、哪些又通常需要更長時間？謝謝。

Yes, happy to. Hopefully, what you see and the fact that we're having this conversation after only a few weeks is we are moving with urgency. And we're pulling out all the stops to make sure we have the right support to be able to get this work going and get the strategy moving. The way that we like to operate, when I say we'll start with just Steve and I, but that applies to the team, too, is that establishing that strategy is the first step. And frankly, you all should recognize those areas of focus is critical to any restaurant company, but especially to us in the current situation that we're in.

可以，很樂意。希望你們能從一點看出來：我們才過了幾週就進行這場對話，代表我們正以緊迫感在推進。我們也會不遺餘力，確保有正確的支援，讓這項工作能啟動並推動策略前進。我們偏好的運作方式——我說從我和 Steve 開始，但這也適用於整個團隊——第一步是先建立策略。坦白說，你們也應該認同，這些聚焦領域對任何餐飲公司都很關鍵，尤其是在我們目前所處的情況下更是如此。

What we're working on now already is the strategic initiatives that underpin those areas and those specific things that we will take action on with an expectation of what it will cost to invest in those things and what our expected returns on those things will be. Now you often want to do the biggest thing first, but it may have a little bit more time to develop that bigger thing, but we'll go ahead and take advantage of the quicker wins in those strategic initiatives as well.

我們現在已經在做的，是支撐這些領域的策略性舉措，以及我們將採取行動的具體事項；同時也會評估投資這些事項需要多少成本，以及我們預期能帶來的回報。通常你會想先做最大的一件事，但較大的事情可能需要更多時間醞釀；不過我們也會同時把握這些策略舉措中的快速勝利。

Our franchisees expect that we know that the investors expect us to do that, and our employees are counting on the same thing. There's a lot of energy around action in the organization. And I think a lot of enthusiasm for what those things might be. We committed to you that when we come back to have our next update, we'll have the full strategy. I think you'll have even more clarity than we've given you today. We hope to to give you quite a bit today, but we'll give you some more.

我們的加盟主期待我們這麼做，我們也知道投資人期待我們這麼做，而員工也同樣仰賴我們做到這點。組織內對於採取行動有很強的能量。我想大家也對那些可能的作法充滿期待。我們向各位承諾，等我們下次回來更新時，會帶來完整的策略。我認為你們會比今天得到更清楚的資訊。我們希望今天已經提供你們不少內容，但我們還會再提供更多。

And then the other thing you can count on is for us to develop a pattern of talking about what we are doing, not what we will do. I candidly, it's just the way I like to manage the business is once we start working on something, we're going to prove that it's worth it, that the investment makes sense. The returns are there. And when we're ready to scale, that's when we'll start investing that time and communicating those things to you. And it's just a cadence that comes for a long time to come.

另外，你們也可以期待我們建立一種溝通模式：我們談的是「我們正在做什麼」，而不是「我們將要做什麼」。坦白說，這就是我管理企業的方式：一旦我們開始做某件事，我們會先證明它值得做、投資合理，回報確實存在。等到我們準備好擴大規模時，我們才會開始投入更多時間並把這些事情對外溝通。而這樣的節奏會在未來很長一段時間持續下去。

That's our process for operating a strategic plan. Yes, in a turnaround situation like I've most recently done, but frankly, on an ongoing basis like successful companies do year-on-year on year-on-year, that is what we're entering today.

這就是我們推動策略計畫運作的流程。是的，在像我最近所做的那種企業扭轉局勢的情境下是如此；但坦白說，就像成功的公司年復一年、持續不斷地做的那樣，這正是我們今天要開始進入的狀態。

Great, thank you.

很好，謝謝。

Brian Bittner, Oppenheimer & Co.

Brian Bittner，Oppenheimer & Co.。

Thanks and good morning. And Bob, for those of us that perhaps weren't as close to monitoring your success at Potbelly's over the last five years. Can you just maybe touch on or help us understand if there's anything specific from a skill set perspective or an experience there that benefited you at Potbelly that you can utilize here at Wendy's that's worth talking to.

謝謝，早安。Bob，對於我們這些過去五年可能沒有那麼密切追蹤你在 Potbelly 成功表現的人來說，你能否談談，或幫我們理解一下，從技能組合或相關經驗的角度，在 Potbelly 有哪些具體的收穫能讓你在那裡受益，並且可以在 Wendy’s 這邊加以運用，值得拿出來談一談的？

And secondly, just as it relates specifically to improving the quality degradation, which you pointed out, is that something you have experienced doing? Can you help us understand the steps and how you actually take that idea into action and actually improve the quality of the product?

第二個問題，針對你提到的品質下滑要如何改善：這是你曾經做過、也有經驗的事情嗎？你能否幫我們理解你採取的步驟，以及你如何把這個想法落地執行，並真正提升產品品質？

Absolutely, Brian. Thanks for the question. Yes, and I understand for a smaller company, you may not have a lot of that story. But Look, there are some similarities to the starting place there. First of all, it's a great brand, had been off track for some time, years of traffic losses and yet a culture and a connection to the customer that was, if I can say this, we're kind of rooting for it to be its best again.

當然可以，Brian。謝謝你的問題。是的，我也理解對一家較小的公司而言，你可能不太有機會聽到那段故事。但你看，當時的起點其實有一些相似之處。首先，那是一個很棒的品牌，但已經偏離正軌一段時間了，多年來客流量下滑；然而其文化與對顧客的連結仍在——如果我可以這麼說——大家其實都希望它能再次回到最佳狀態。

There were significant issues with quality and value when we walked in the door there as well. And this strategic approach that you're hearing us discuss today is the same approach that was used there. I think you'll note Steve's titles, Chief Financial Officer and Chief Strategy Officer. And he was there already when I walked in the door. So this approach is similar. You've got some similar foundations. Let's be clear though, every brand, every system is different.

我們剛進去時，同樣也面臨嚴重的品質與價值問題。而你們今天聽到我們討論的這套策略方法，就是當時採用的同一套方法。我想你們也注意到 Steve 的職稱：財務長兼策略長。我進去時他就已經在那裡了。所以這個方法是相似的。你有一些相近的基礎。但也要說清楚：每個品牌、每個系統都不一樣。

There is no one size fits all, but I like your question about lessons. You asked specifically about some of those learnings. It was clear to us that the decisions of the past around food quality, food portions, ingredients, sizes, sandwiches, the lineup of the sandwiches, how they're presented on the menu, the other add-ons, the price architecture of the menu and the promotional aspects of the way that was delivered needed so much work that, frankly, there, we had to rebuild the menu from the bottom up and did so successfully.

沒有一體適用的標準答案，但我喜歡你問到「經驗教訓」這點。你特別問到一些學到的東西。我們很清楚，過去在食品品質、份量、食材、尺寸、三明治品項、三明治組合、菜單呈現方式、其他加購項目、菜單的價格架構，以及促銷呈現方式等方面的決策，需要大幅度改善；坦白說，在那裡我們必須從底層開始把菜單整個重建，並且成功做到了。

The results were fantastic. We put over 40% more sales on the top line inside of five years. And I'm not promising that here, but I'm telling you that customers respond to a great brand that recognizes the problems they've created for that relationship and they begin to reward you for it. And I think that's some of the stuff that we can do here. It is a significant opportunity for us for our franchisees.

成果非常出色。在不到五年的時間裡，我們讓營收（top line）增加了超過 40%。我不是在這裡做出同樣的承諾，但我想說的是：當顧客面對一個很棒的品牌，而這個品牌也承認自己對這段關係造成的問題並加以修正時，顧客會有回應，並開始回饋你。我認為這些就是我們在這裡也能做到的事。這對我們以及我們的加盟商而言，是一個重大的機會。

One of the great things about being here at Wendy's, which is different than Potbelly. We expanded through franchising there. Here, we have a mature and strong and a storied generational franchise system who understands what we're talking about and can be a massive advantage for us as we start to move forward and make many of these improvements.

在 Wendy’s 這裡有一件很棒的事，這點與 Potbelly 不同。我們在那裡是透過加盟來擴張。而在這裡，我們擁有一個成熟、強健、且歷史悠久、跨世代的加盟體系；他們理解我們在談什麼，當我們開始往前推進並進行許多改善時，這會成為我們巨大的優勢。

Thank you.

謝謝。

Jim Salera, Stephens, Inc.

Jim Salera，Stephens, Inc.。

Good morning. Thanks for taking my question. I appreciate all the detail on your thoughts around where the business sits today. I wonder if you can give us some thoughts about managing some of these changes with pretty challenging macro backdrop and if that maybe shuffled around the rank order of your priorities about what to address first to get the trends to start to bend towards the right direction.

早安。謝謝讓我提問。我很感謝你們對於目前業務所處位置的想法提供了很多細節。我想請你們談談：在宏觀環境相當具挑戰的背景下，如何管理這些變革？以及這是否會打亂你們的優先順序排序——也就是先處理哪些事項，才能讓趨勢開始往正確方向轉變。

Yes, absolutely. Thanks, Jim. We have to take a near-term, long-term approach to our strategy. The strategic initiatives are going to be year-long, multi-year-long things that we need to do to build the business. And I think if we're too reactive to the current situation with the macros, then we can find ourselves off strategy.

是的，當然。謝謝，Jim。我們必須以「短期＋長期」並行的方式來制定策略。這些策略性舉措會是跨年度、甚至多年的工作，是我們用來打造業務所必須做的事。我認為如果我們對當前宏觀情勢反應過度，就可能讓自己偏離策略方向。

I think the danger of being eager to respond to the matters of the day, it is some of what maybe we've been dealing with here recently. So of course, we have to be aware of those things. I think one of the big ones that you see in the news and other brands talk about it, we certainly talked about where we thought we were losing some of our customers.

我認為急於回應當下議題的風險，可能正是我們最近在這裡所面臨的一部分情況。所以當然，我們必須留意那些因素。我想其中一個你在新聞上看到、其他品牌也在談的重點，我們也確實談過：我們認為自己在哪些地方流失了一些顧客。

Customers today are extremely value conscious. But I think it's important that you all understand, we think about value differently. I think traditionally in the QSR space, you would think of value as that bottom right-hand side of the menu board, where it may even have the title value menu, and that's where value was compartmentalized.

如今顧客對「價值」極度敏感。但我認為重要的是讓各位理解：我們對價值的思考方式不同。我想傳統上在 QSR（速食餐飲）領域，你會把價值理解為菜單看板右下角那一塊，甚至可能就叫做「超值菜單」，價值被切割並集中在那裡。

And today's consumers, especially as the broad-based pressure on consumer spending is what it is, are looking for value everywhere. And not to go back to the Potbelly question, but that's one of the things we understood very clearly there is that having value across all of the offerings, what you get for what you pay equation must make sense to the customer.

但今天的消費者，尤其在消費支出面臨廣泛壓力的情況下，正在到處尋找價值。不回到 Potbelly 的問題也可以，但那裡我們非常清楚地理解到：在所有產品供應上都要具備價值，「你付出什麼、得到什麼」這個等式必須對顧客而言合理。

In fact, we established sort of a tiered approach to and we'll be using that same thinking here at Wendy's. This notion that the menu itself, the core menu, not the bottom right-hand side of the menu, but the core menu has to be infused with what I call intrinsic value.

事實上，我們建立了一種分層的做法，而我們也會在 Wendy’s 採用同樣的思維。也就是：菜單本身、核心菜單——不是菜單右下角那一塊，而是核心菜單——必須注入我所稱的「內在價值」。

You should buy a double with cheese and medium-sized combo and walk away from that meal and you take that last fight of that double with cheese and feel like that was a good deal. That's something that I got what I paid for maybe a little more as well as when you buy something off the biggie platform. And so there's this intrinsic value in the core menu. There's the everyday value in the bottom right-hand corner of the menu, if you allow me that lingo to compartmentalize that a little bit.

你買一個雙層起司漢堡加中份套餐，吃完離開；當你咬下那個雙層起司漢堡的最後一口時，應該要覺得那是一筆划算的交易。也就是我得到的與我付出的相符，甚至還多一點——就像你從 biggie 平台買東西時一樣。所以核心菜單要有這種內在價值。另外還有菜單右下角的日常超值——如果你允許我用這種說法，把它稍微做個區隔。

Today, for us, it's the biggie platform. And then there's the promotional value that you deliver with promotional activity in the digital world as well as sometimes promoting things on television nationally. All three of those have to work. I know I've straight deeper into value. But your question about the customer is at the root of that.

對我們而言，現在那就是 biggie 平台。然後還有促銷價值：透過數位世界的促銷活動來傳遞，有時也會在全國性的電視上推廣某些產品。這三者都必須協同運作。我知道我把話題更深入地帶到「價值」上了。但你問到顧客，而顧客正是這一切的根本。

That's what customers are looking for, whether they're super pressured because gas is $5 a gallon or they're feeling a little flush because it's $3 a gallon or whether it's the day after they got paid or it's two days before they got paid. They have to know that they can count on their relationship with your brand to be there for them in the way that they need.

顧客要的就是這個：不論他們因為汽油每加侖 5 美元而壓力很大，或因為每加侖 3 美元而覺得手頭寬裕一些；不論是剛領薪水的隔天，或是領薪水前兩天。他們必須知道，他們可以信賴與你品牌的關係，並且品牌會以他們所需要的方式在那裡支持他們。

And I think you can see where those various consumer need states fit with that overall approach to being there for them. So it is our strategy, but I think it will apply to the pressures of the day for the consumer as well.

而且我想你們可以看出，那些不同的消費者需求狀態如何融入我們「在他們身邊」這個整體做法。所以這是我們的策略，但我認為它同樣也能回應消費者當下所面臨的壓力。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行。

Thank you very much. I think you mentioned the potential for targeted investments. Can you expand on this and whether this is more like franchisee support through royalty relief, investments in the assets or more about marketing?

非常感謝。我想你提到了「有針對性的投資」的可能性。你能否進一步說明這點，以及這比較像是透過權利金減免來支援加盟商、投資於資產，或是更偏向行銷？

And then the second part, if I could follow up on Daniel's question. Wendy's already previously announced plans to close, I think, 5% to 6% of the store base. Do you see potential for additional closures above what's already been identified?

然後第二部分，如果我可以接續 Daniel 的問題。Wendy’s 之前已宣布計畫關閉，我想是 5% 到 6% 的門店基礎。你是否看到在已識別的範圍之上，還有額外關店的可能性？

Yes, absolutely, Lauren. Thank you. Look, we're not going to make a lot of news on those targeted investments today. I think the main thing that we wanted you to hear is that we see in these strategic focus areas, opportunities to push this business further than it's ever been. And that's going to take investment.

是的，當然，Lauren。謝謝。你看，我們今天不會在這些有針對性的投資上製造太多新聞。我認為我們希望你們聽到的重點是：在這些策略聚焦領域中，我們看到了把這門生意推進到前所未有高度的機會。而這將需要投資。

Some of those targeted investments will be in the form of initiatives, things that we will do with and on behalf of and alongside our franchisees to make our restaurants more profitable to grow the business at the restaurant level to maybe enhance or expand or add something to what we have as a restaurant brand and facing the consumer.

其中一些有針對性的投資會以各種計畫/倡議的形式呈現，也就是我們會與加盟商一起、代表加盟商並肩推動的一些事情，讓我們的餐廳更有獲利能力、在餐廳層級帶動業務成長，並可能強化、擴展或新增一些作為餐廳品牌、面向消費者的內容。

Those things will be those strategic investments. Those are the things we'll work on to prove the model and come to you when we're talking about scaling those things. There certainly will be some unique and specific situations with franchisees. I mentioned earlier, we may have to come alongside franchisees. And do some things to help them with their business. The closures question that you followed up on is an example of that. We will look to fill that toolbox that we'll use to help franchisees when they need us, and that may include some investments.

這些事情就是那些策略性投資。我們會先著手把模式驗證出來，等到談到擴大推廣這些事情時再與各位溝通。當然，與加盟商之間也會有一些獨特且具體的情況。我先前提到過，我們可能需要與加盟商並肩。並做一些事情來協助他們的業務。你追問的關店問題就是一個例子。我們會把工具箱補齊，用來在加盟商需要我們時提供協助，而其中可能包含一些投資。

You heard me talk about the restructuring and the reorganization. Traditionally, here at Wendy's, restructuring has meant job cuts and pulling resources. And that isn't always the case. When I think about -- the first thing that follows a solid strategic plan is the structure of the organization to be able to deliver on that strategic plan. And we are going to need additional capabilities.

你們也聽到我談到重整與組織再造。傳統上，在 Wendy’s，重整往往意味著裁員與抽離資源。但並不總是如此。在我看來，一個扎實策略計畫之後的第一件事，就是建立能夠交付該策略計畫的組織架構。而我們將需要額外的能力。

We're going to need beefed up capabilities in certain parts of the industry or business, I'm sorry. And we're going to need additional talent in places that we may not have talent today. So those will be investments in the business, all of which though will have to stay in the test of the returns that they provide for us and for our franchisees.

我們需要在產業或業務的某些部分強化能力，抱歉。而且我們需要在一些目前可能還沒有相應人才的地方補充人才。因此，這些都將是對業務的投資；不過所有投資都必須通過其為我們以及加盟商帶來回報的檢驗。

On the closures, again, I think what I said was, and I know that is really the state of affairs here is that it really was presented to you all as a program. We've decided we're going to close or need to close a certain number of locations that was a fairly large percentage Will there be additional closures? I'm sure there will be additional closures. I just put it on the table in that targeted approach that we would use when we're working with franchisees to help get their portfolios healthy.

關於關店，再次強調，我想我說的是——而且我知道這確實是目前的狀況——這件事先前是以一個「計畫」的形式向各位呈現。我們已決定要關閉或需要關閉一定數量的據點，比例相當高。是否會有額外關店？我相信會有額外關店。我只是把它放在桌面上，作為我們在與加盟商合作、協助其投資組合恢復健康時所採取的那種有針對性做法之一。

But not as a matter of programmatic closing just to shrink the brand. It's all about creating brand health, and it's brand health at a level that makes the most sense for the owners, whether we're the owner or the franchisees, the owner and where we connect with the customer. The trade area has moved on and it is a financial drag on that portfolio, then we're going to support the closing of that location for the health of the system.

但不是以「程式化」的方式關店、只是為了縮小品牌規模。一切都在於打造品牌健康度，而且是以對所有者最合理的層級來達成品牌健康——不論所有者是我們自己或加盟商——以及我們與顧客連結的方式。如果商圈已經轉移，並且對該投資組合造成財務拖累，那麼為了系統的健康，我們就會支持關閉該據點。

Very helpful. Thank you.

非常有幫助。謝謝。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Thanks and thank you for all the detail and looking forward to the evolution of the strategy here in the coming quarters. I did want to ask about breakfast and your assessment so far and the viability of the daypart for the broader system. I know you mentioned pressure on the comp in the 2Q from reducing or eliminating breakfast operating hours at certain locations. So curious how you're thinking about breakfast as part of the business going forward here? And then any detail on where breakfast sales mix is today would be helpful. Thank you.

謝謝，也感謝你提供這麼多細節；期待未來幾季策略的演進。我想問一下早餐，以及你們目前的評估，還有這個時段（daypart）對整個系統的可行性。我知道你提到第二季同店銷售（comp）受到壓力，原因是部分據點縮短或取消早餐營業時段。所以想了解你們未來如何看待早餐在業務中的角色？另外，如果能提供目前早餐銷售占比的任何細節也會很有幫助。謝謝。

You're welcome. Thanks for the question. This is a big one. Breakfast is important to us, and it's a complex topic that that frankly, we're still analyzing very deeply. It can't be disconnected from the broader strategy and the work that we're doing there. But let's sort of baseline everything.

不客氣。謝謝你的問題。這是一個很大的議題。早餐對我們很重要，而且這是一個複雜的主題，坦白說，我們仍在非常深入地分析。它不能與更廣泛的策略以及我們正在進行的工作切割開來。但我們先把基準釐清。

The large majority of the system continues to serve breakfast. We did have some opt-out activity. And frankly, it was very helpful for some of the franchisees that took advantage of that opt out because it was a drag on their business, just like I said, that about the tool of closing.

系統中絕大多數的門店仍然提供早餐。我們確實有一些選擇退出（opt-out）的情況。坦白說，對於利用這個退出選項的部分加盟商而言非常有幫助，因為早餐對他們的業務是一種拖累，就像我剛才提到「關店」這個工具一樣。

For some franchisees, the opt out was really helpful and provided a little bit of a relief valve, but it's still a key area that's under evaluation for us. And as I said, we need to get our footing on the remainder of the strategy before we start deciding exactly where breakfast fits into that.

對某些加盟商來說，退出早餐確實很有幫助，提供了一點「洩壓閥」的效果，但這仍是我們正在評估的關鍵領域。而且如我所說，在我們開始精確決定早餐在其中扮演什麼角色之前，我們需要先在其餘策略上站穩腳步。

Steve can provide some color on the specifics of what it meant for the system sales.

Steve 可以就這對系統銷售的影響提供一些補充說明。

Sure, sure. Look, overall, the pressure to same restaurant sales from the daypart itself was about 120 basis points. And you asked the contextual question of what's the sales mix for breakfast. For us, it's about 5% -- between 5% and 5.5% of overall sales. Now the specific actions around opt-outs impacted the same-restaurant sales for the quarter by about 70 basis points.

當然，當然。你看，整體而言，來自該時段本身對同店銷售的壓力約為 120 個基點。你也問到背景問題：早餐的銷售占比是多少。對我們而言，大約是整體銷售的 5%——介於 5% 到 5.5%。而與退出早餐相關的具體行動，對本季同店銷售的影響約為 70 個基點。

So as Bob said, this is a component of our overall approach to thinking about the strategy. We want to make sure that we're looking at this as a brand, as a complete menu in the context of the consumer, the franchisees and where we think growth is going to come from in the years ahead.

所以如 Bob 所說，這是我們思考整體策略方法的一個組成部分。我們希望確保以品牌的角度來看待這件事，把它視為完整菜單的一部分，並放在消費者、加盟商以及我們認為未來幾年成長將來自何處的脈絡中來評估。

Thank you.

謝謝。

Peter Saleh, BTIG. Peter. Are you there? We lost him (Operator Instructions)

Peter Saleh，BTIG。Peter。你在線上嗎？我們失去他的連線了（接線員指示）

Sara Senator, Bank of America.

Sara Senator，美國銀行。

A follow-up on the point you made about intrinsic value. If you were to sort of diagnose the reason customers aren't walking away thinking something was a good deal? Is it because the quality, the service? Is it about production, I guess, how much of this is an operational issue that needs to be addressed as you think about that, is there an opportunity, whether it's for kind of process engineering or technology.

針對你提到的「內在價值」再追問一下。如果你要診斷顧客為什麼離開時不覺得「很划算」，原因會是什麼？是因為品質、服務嗎？還是與製作/出餐有關？我想問的是，當你思考這點時，其中有多少是需要被解決的營運面問題？是否存在機會——不論是流程工程或科技——來改善？

I guess, I was surprised that the chicken sandwich relaunched didn't that platform didn't move the needle on traffic because it does seem to address kind of the quality issues that you mentioned at the beginning very directly. So any thoughts on how much of this can be fixed through just -- I don't know if it's listening to franchisees or operators and improving the process.

我想，我很驚訝雞肉三明治重新上市後，那個平台並沒有帶動來客量，因為它看起來確實非常直接地回應了你一開始提到的那些品質問題。所以你對於這當中有多少是可以透過——我不知道，可能是傾聽加盟主或營運者的聲音並改善流程——來修正，有什麼想法嗎？

Yes. You sound like an operator, Sara, it is all of those things, honestly. But obviously, we can't throw everything into this and solve it. So we try to work on these things in their component parts, recognizing that they all come together for the value equation for the customer. And you are 100% right. That's what intrinsic value is how it is derived.

是的。Sara，你聽起來就像一位營運者，老實說，確實是上述所有因素。但很明顯，我們不可能把所有事情一股腦投入就把它解決。所以我們會嘗試把這些事情拆成各個組成部分來處理，同時也認知到它們最終會匯聚成顧客的價值方程式。而你百分之百是對的。那就是內在價值，以及它是如何被建構出來的。

Look, there have been some decisions that have been made on the menu that I think we can address on the core menu that we have today and then on the innovation of the core menu that we have, that can bring additional excitement and enthusiasm towards those products. Price is a significant component of that.

你看，菜單上曾做過一些決策，我認為我們可以在目前的核心菜單上加以調整，並且在核心菜單的創新上著力，讓這些產品帶來更多的興奮感與熱情。價格是其中一個非常重要的組成部分。

People have this mental model based on all of the consumption they have in the restaurant space about where that price neutrality seems to be from a competitive perspective, we have to evaluate that, and we have to have a pricing architecture for the menu.

人們在餐飲消費領域的各種經驗，會形成一個心理模型：從競爭角度來看，所謂的價格中性大概落在哪個區間；我們必須評估這點，而且我們必須為菜單建立一套定價架構。

So not only do we fit well with our competitive set, but even reference pricing on our own menu always has to make sense, and that's an area of opportunity for us. So we will be addressing that as well. I did mention the operations inconsistency as a challenge. As soon as we lose consistency as a brand, you start to lose confidence and trust really in the minds of the customer that they can get the overall experience that they're looking for.

因此，我們不僅要與競品組合相匹配，就連我們自家菜單內的參考定價也必須始終合理，而這對我們而言是一個機會領域。所以我們也會著手處理。我確實提到營運一致性不足是一項挑戰。一旦我們作為品牌失去一致性，顧客心中對於能否獲得他們想要的整體體驗，就會開始失去信心與信任。

The execution comments I made when David asked his question, I think these really come to life in this area because every one of these elements, some of it is brand, it's design, it's sort of the menu price architecture, the menu itself, the ingredients, we control quite a bit of that as a brand.

我在 David 提問時談到的執行層面評論，我認為在這裡會變得非常具體，因為這些要素中的每一項——有些是品牌、有些是設計、有些是菜單定價架構、菜單本身、食材——作為品牌方，我們能掌控其中相當多的部分。

But at the end of the day, even for digital orders, and I say this all the time, even a digital order that's placed on your phone and picked up or delivered or whatever. At the end of the day, it's a human being making food for another human being that's made fresh when they order that's going to be consumed. Every single experience ends analog, not digital. And the digital business is promising that also. And so there are tools and systems and processes as you heard me talk about training.

但歸根結底，即使是數位訂單——我一直都這麼說——即使是在手機上下單、到店取餐或外送等等。到最後，仍然是一個人為另一個人製作食物；食物是在顧客下單後新鮮製作，然後被消費。每一次體驗最後都回到「類比」而非「數位」。而數位業務同樣也在承諾這一點。因此，正如你聽我談到訓練一樣，這裡涉及工具、系統與流程。

Candidly, I think we have a lot of great work we can do in the area of training. It could be one of our elements of creating additional consistency and really tightening that consistency gap on execution. You may not be satisfied with my answer is kind of yes, all of the above. It is all of the above, but the real secret is to unpack those individually and attack each one of them individually to their very best. And then they come back together for the customer and they start to come to life. So that's kind of how we think about it.

坦白說，我認為我們在訓練方面有很多很棒的工作可以做。這可能會成為我們提升一致性的其中一個要素，並真正縮小執行上的一致性落差。你可能不會滿意我這個答案——有點像是「是的，上述全部」。確實是上述全部，但真正的關鍵在於把它們逐一拆解，並逐項做到最好、逐項攻克。然後它們再回到顧客端整合起來，開始真正發揮效果。這大概就是我們的思考方式。

Thank you.

謝謝。

Brian Harbor, Morgan Stanley.

Morgan Stanley 的 Brian Harbor。

Hi. This is Hilary Lee on for Brian Harbor. So I just want to kind of ask how would you compare your plans to like the prior Project Fresh? And do you kind of see it as a continuation or expansion or just kind of a complete overall of it?

嗨。我是代替 Brian Harbor 的 Hilary Lee。我想問一下，你會如何把你們的計畫與先前的 Project Fresh 做比較？你們是把它視為延續、擴張，還是某種全面性的重整？

Yes, good question. We're not talking about Project Fresh. It's really not a continuation of it. I think you'll recognize some elements of what was discussed in Project Fresh and in these areas that we're focused on. That makes sense. I mean there are certain sort of indisputable trues that you have to battle for in the restaurant space and here at Wendy's, too.

是的，問得好。我們現在談的不是 Project Fresh。它其實不是它的延續。我想你會在我們聚焦的這些領域中，看到一些在 Project Fresh 裡曾被討論過的元素。這是合理的。我的意思是，在餐飲領域以及在 Wendy's 這裡，有一些你必須去爭取的、無可爭辯的真理。

But there was some work that was done on the brand. I think previous leaders talked about a partnership with an outside resource that was helping us kind of diagnose what was going on at the branding level. And I've tried to pick up everything that we had during this early diagnosis phase and understanding the situation that we're in, including Project Fresh, including some of that early work that was done. But this is our strategy.

不過，過去確實做過一些品牌方面的工作。我想先前的領導團隊談到過與外部資源的合作夥伴關係，協助我們在品牌層面診斷到底發生了什麼。而在這個早期診斷階段、理解我們所處的情勢時，我試著把我們既有的一切都接續起來，包括 Project Fresh，也包括當時做的一些早期工作。但這是我們的策略。

This is our strategy, this is a sort of a declarative position on the things that are going to be the most important to strengthen this company and strengthen the brand and restrengthen our franchisees going forward. So I think you can draw a hard line between the two.

這是我們的策略；這是一個明確宣示的立場，指出哪些事情將是強化公司、強化品牌，以及在未來重新強化我們加盟主最重要的要務。所以我認為你可以在兩者之間畫出一條清楚的界線。

Got it. Thank you. And I guess just as a quick follow-up. Could you share any of the key talking points you've had with franchisees?

了解。謝謝。我想再快速追問一下。你能分享一些你與加盟主溝通時的關鍵重點嗎？

That's the beauty of this conversation. We've been doing a lot of work with franchisees in market. We've had them in. In fact, we've got all of our franchise leadership together next week to actually terripart this strategy and start working on those initiatives that I told you about. They are fully engaged. I mentioned my personal relationships with many of the franchisees, so you can only imagine the number of individual phone calls I've had, text messages and communications. This goes up as well.

這場對話的妙處就在這裡。我們一直在市場端與加盟主做大量的工作。我們也邀請他們來參與。事實上，我們下週會把所有加盟體系的領導團隊聚在一起，實際上把這個策略拆解開來，並開始推動我跟你提到的那些倡議。他們完全投入。我提過我與許多加盟主的個人關係，所以你可以想像我打了多少通電話、發了多少簡訊與各種溝通。這也一路延伸到更高層面。

And our first Board meeting together was just a couple of weeks ago. And I think one of the things that is unique about our situation is we're finding very close strategic alignment with the Board, with the management team, with our employees, with our franchisees, these are the things we need to work on. This isn't just something that was developed and delivered.

而我們第一次一起開董事會會議就在幾週前。我認為我們情況中一個獨特之處在於：我們發現董事會、管理團隊、員工以及加盟主之間在策略上高度一致——這些就是我們需要努力的事情。這不是某個人做出來然後丟出來的東西。

It was something that we developed in partnership with those, including the franchisees. And sure, they have a lot of feedback, but they're thrilled to know that we saw the business the way we saw it, and we spoke openly about it and that we've developed these five areas to focus on.

這是我們與包括加盟主在內的各方共同合作所發展出來的。當然，他們有很多回饋，但他們很高興我們以同樣的方式看待這門生意、我們坦率地談論它，並且我們制定了這五個聚焦領域。

Great, thank you.

很好，謝謝。

Peter Saleh, US Bancorp BTIG.

US Bancorp BTIG 的 Peter Saleh。

Hey, guys, can you hear me okay?

嘿，各位，你們聽得到我嗎？

Yes. Thanks for jumping back in Peter.

聽得到。謝謝你再加入，Peter。

Yes. No, some technical difficulties. Bob. Thanks for takig my question. I wanted to get your pulse on the image of the system as we sit today. How do you feel about the look and feel of the restaurants? Do you feel like there's more CapEx needed to get up to speed and up to par with the rest of the industry. Just curious if you have any thoughts on remodels and how you're thinking about that going forward? Thanks.

聽得到。剛剛有些技術問題。Bob。謝謝你回答我的問題。我想了解一下我們目前整個系統的形象狀況。你對餐廳的外觀與氛圍感受如何？你覺得是否需要更多資本支出（CapEx）才能跟上、並達到業界其他同業的水準？我只是好奇你對翻新（remodels）有沒有任何想法，以及你們未來會如何看待這件事？謝謝。

Look, I mentioned that as the fifth area of focus is our restaurants, our number one asset have to be a source of high-return investments that we can make in the system. I don't want you to read into that, that we've got a remodel program we're going to unveil.

你看，我提到第五個重點領域是我們的餐廳；我們的第一項資產必須是我們能在體系內進行的高報酬投資來源。我不希望你們過度解讀，認為我們要公布一項門店翻新計畫。

I think in my visits in the field, I've been across the country already, we still have a strong base of assets in the hands of our franchisees and in the company hands. I'll be honest with you, some of them are not being maintained and supported and cleaned and sort of giving our best faith.

我想就我在第一線的走訪而言，我已經跑遍全國，我們在加盟商手上以及公司自營手上的資產基礎仍然很強。我坦白說，其中有些門店沒有被妥善維護、支援與清潔，某種程度上也沒有拿出我們應有的誠意。

But the core asset base is still very strong. And I think we've got something we can work with there. We can lean on the execution elements of how we support, maintain and invest maintenance capital in our existing restaurants for the near term. Long term, what we call image activation here at Wendy's is more than a decade old. And so sure, I think we're going to want to look at what we can do to put an even better face on our restaurants going forward.

但核心資產基礎仍然非常強。而且我認為我們有可以著力的地方。短期內，我們可以倚重在執行面：我們如何支援、維護，並在既有餐廳投入維護性資本支出。長期來看，我們在 Wendy's 所謂的「形象活化」已經超過十年了。所以當然，我認為我們會想看看，未來如何讓我們的餐廳呈現更好的面貌。

But again, always tested for, and we're going to be doing about this, dollars that would go into our restaurants should be dollars that provide returns on that invested capital for our franchisees and for our company business, too. So those will always be.

但再說一次，這些都必須經過測試；而且我們要做的是，投入到餐廳的每一塊錢，都應該為加盟商以及公司業務帶來已投入資本的報酬。所以這些原則永遠都會是。

And that may be in the areas of image, it could be -- you can imagine all kinds of investments. Digital capabilities could be and transaction-driving capabilities with how we operate. It could be equipment potentially is connected to the menu. I'm not giving you insights. These are all categories you would expect restaurants to think about investing in, but again, with those returns. We're in a good place to start.

而這可能會在形象方面，也可能是——你可以想像各式各樣的投資。可能是數位能力，以及我們營運方式中帶動交易的能力。也可能是設備，潛在上與菜單相關。我不是在給你們內線。這些都是你會預期餐飲業會考慮投資的類別，但同樣要以報酬為前提。我們起步的位置不錯。

Thank you very much. Appreciate it.

非常感謝。感激不盡。

Jon Tower, Citi.

Citi 的 Jon Tower。

Thanks for taking my question. Maybe just two quick ones from me. Obviously, you mentioned that you're not happy with the state of the marketing these days. I'm just curious if we should expect -- aside from the store closures that have taken place already an actual retrenchment in the dollar spend from a marketing perspective in the near term as you're kind of adjusting the system and working your way back to the right messaging for the brand in the marketplace.

謝謝讓我提問。我這邊可能兩個簡短問題。顯然你提到你對目前的行銷狀況不滿意。我只是好奇，除了已經發生的門店關閉之外，短期內從行銷角度來看，我們是否應該預期實際的行銷支出金額會縮減，因為你們正在調整體系並逐步回到市場上對品牌的正確訊息。

And then two, do you feel like you have the right level of field leadership in the system to get this turnaround going today?

第二，你覺得目前體系內的第一線領導層級是否到位，能夠推動今天這個轉型？

Great questions. Thanks, John. Great last questions, in fact, I appreciate it. No, I think we all have to be honest about the performance of our marketing efforts are not delivering what we want. But that would not suggest that we would pull back from the marketing spend.

很好的問題。謝謝你，John。事實上這是很棒的最後幾個問題，我很感謝。不，我認為我們都必須誠實面對：我們的行銷表現沒有交出我們想要的成果。但這不代表我們會縮減行銷支出。

It really is more about messaging. It's about creative, and we're exploring media as well. So where the marketing is being delivered. And pulling ourselves out of a cycle of promotion and collaboration type of events and getting back to a much more cohesive and long-term approach to the calendar, that's reflective of the things that we want to continue to communicate to the customer.

這其實更關乎訊息傳達。關乎創意內容，我們也在檢視媒體。也就是行銷訊息透過哪些管道投放。我們要讓自己跳脫促銷與聯名/合作活動的循環，回到一個更一致、更長期的行事曆規劃，反映我們希望持續向顧客溝通的重點。

Pulling back on the spend does not make any sense. We need to adjust why we're going forward, not the other way around. And I love your question about the field staff, too. I know that the company has made some recent investments in additional support in the field. I've been with many of those field leaders here recently, and I'm impressed with some of what we've done. I will say, this is an area I have a lot of experience in. I think you guys know that. This is kind of a home base for me when it comes to ops.

縮減支出完全沒有道理。我們需要調整的是我們前進的方式與原因，而不是反過來。我也很喜歡你關於第一線人員的問題。我知道公司最近在第一線額外支援方面做了一些投資。我最近和其中許多第一線領導一起工作過，我對我們做的一些事情印象深刻。我會說，這是我非常有經驗的領域。我想你們也知道。就營運而言，這算是我的主場。

And I'm eager to learn more and eager to make sure that we have the right structure that we have the right balance of support for franchisees and even down to the level of what our field teams are being asked to do. We want to set them up for success and make sure that they're -- certainly, there are activities that need to be performed. We need outcomes out there, too, and empowering them to be the most helpful and supportive and impactful leaders that they can be.

我很期待進一步了解，也很希望確保我們有正確的架構、對加盟商的支援有正確的平衡，甚至細到我們要求第一線團隊要做哪些事情。我們希望讓他們具備成功的條件，並確保他們——當然，有些活動必須被執行。我們也需要在外部看到成果，並賦能他們成為最有幫助、最支持、最具影響力的領導者。

I continue to say that I think training is an area of significant opportunity for us in the field. Don't read that as we need to invest a bunch more in training individuals. I think the training systems actually are areas we can invest in first, and that gives our field staff unique and special and new things to work on as well. So we have something to build from here, but we really have to scale up in the field, too.

我一直在說，我認為訓練是我們在第一線一個非常重要的機會領域。不要把這解讀成我們需要在個人訓練上再投入一大筆錢。我認為訓練系統本身才是我們可以優先投資的領域，而這也會讓我們的第一線人員有獨特、特別且新的事情可以著手推進。所以我們有可以建立的基礎，但我們也確實必須在第一線擴大規模。

That was our last question of the call. Thank you, everyone, for joining us this morning. I hope everybody has a great day. You may now disconnect.

這是本次電話會議的最後一個問題。感謝各位今天早上加入我們。祝大家有美好的一天。你們現在可以掛線。