Jack in the Box(JACK)
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Jack in the Box(JACK) - 2024 Q4 - Earnings Call Transcript
2024-11-21 09:46
财务数据和关键指标变化 - 第四季度SG&A为3000万美元,占收入的8.6%,去年同期为4370万美元,占收入的11.7%,主要驱动因素包括公司拥有的人寿保险政策的现金退保价值收益以及激励性薪酬降低等[40] - 第四季度合并调整后EBITDA为6550万美元,低于去年同期的6840万美元,主要受Del Taco特许经营和销售额下降的影响,部分被较低的G&A抵消[41] - 第四季度GAAP稀释每股收益为1.12美元,去年同期为1.08美元;运营每股收益为1.16美元,去年同期为1.10美元[41][42] - 第四季度经营现金流为2960万美元,全年为6880万美元,全年经营现金流受2023财年所得税支付递延和诉讼和解支付影响[43] - 第四季度资本支出为2970万美元,全年为11550万美元[44] - 预计2025年资本支出为1.05亿 - 1.15亿美元,SG&A费用为1.6亿 - 1.7亿美元,折旧和摊销为5800万 - 6000万美元,股份回购约2000万美元,运营EPS税率约27.5%,调整后EBITDA为2.88亿 - 3.03亿美元,运营EPS为5.05 - 5.45美元[46] 各条业务线数据和关键指标变化 Jack in the Box业务线 - 第四季度系统同店销售额下降2.1%,其中特许经营店销售额下降2%,公司直营店销售额下降2.2%,包括交易量下降和不利的产品组合,部分被4.8%的价格上涨抵消[33] - 第四季度餐厅层面利润率同比下降220个基点至18.5%,主要受同店销售额下降以及加州最低工资法导致的工资上涨和其他成本增加影响[35] - 全年新开30家餐厅,关闭25家,净增长为正,年底共有2191家餐厅[34] - 预计2025年同店销售额持平至增长1%,新开35 - 45家餐厅,公司直营店层面利润率为20% - 22%,特许经营店层面利润率为40% - 41%[47] Del Taco业务线 - 第四季度系统同店销售额下降3.9%,包括公司直营店销售额下降3%,特许经营店销售额下降4.2%,由交易量下降和不利组合驱动,部分被8.2%的价格上涨抵消[37] - 第四季度餐厅层面利润率为9.3%,低于去年同期的14.8%,主要受交易量下降、工资和其他运营成本上涨影响,部分被菜单价格上涨和餐厅组合变化抵消[37] - 全年新开14家餐厅,关闭12家,年底共有594家餐厅[37] - 预计2025年同店销售额大致持平至下降1%,新开15 - 20家餐厅,公司直营店层面利润率为9% - 11%,特许经营店层面利润率为25% - 26%[48] 各个市场数据和关键指标变化 - 加州市场表现相对较好,Jack in the Box在加州的Q4业绩符合预期,价格策略和市场表现良好;Del Taco在加州也是表现最好的地区之一[68][71] 公司战略和发展方向和行业竞争 - 公司战略包括数字化、新市场扩张、餐厅技术升级、运营改进和独特的菜单等方面投资,以推动同店销售增长和盈利能力提升[53] - 2025年将更新组织结构,更关注顾客体验,通过无摩擦的数字取餐体验实现基本运营,减少顾客投诉,提高顾客满意度[24] - 继续推进餐厅重新装修计划,已承诺5000万美元用于支持1100多个装修请求,已完成17个,67个处于设计和许可阶段,377个站点获批参与资本激励计划[22] - 继续推进Del Taco的业务转型,包括品牌研究和顾客细分,更新营销日历,重建创新管道,推出新菜单,发展奖励计划,关注成本和利润率提升,增加特许经营比例[25][26][29] - 面对行业竞争,公司强调自身品牌定位的独特性,通过创新、优质和价值以及数字化能力来保持竞争力,如应对竞争对手的价值策略,公司将继续推进自身的价值产品如Munchies Under $4等,并提升数字化销售占比[118] 管理层对经营环境和未来前景的评论 - 2024年公司取得了重要里程碑,但也面临宏观挑战,如通货膨胀和加州最低工资上涨等成本压力[7] - 2025年开局令人鼓舞,对继续执行转型战略充满信心,尽管面临一些短期行业逆风,但对长期发展持乐观态度[8][50] 其他重要信息 - 新CFO Lance Tucker将于2025年1月中旬上任,他在餐饮行业和Jack品牌有丰富经验[9] - 公司在技术和营销方面的投资正在取得成效,如移动和配送渠道增长,新的销售点系统(POS)和应用程序的推出促进了数字业务发展,目标是到2027年实现20%的数字业务占比[33][11][13][14] - 公司正在进行饮料供应商合同的最终确定,预计新设备将提高产品质量并节省成本,有助于抵消成本压力[23] - 公司在2024年11月14日宣布每股0.44美元的现金股息,将于12月30日支付,2024年第四季度回购约30万股,全年回购约110万股,截至年底,董事会授权的股份回购计划剩余1.8亿美元,年末无限制现金余额为2470万美元,可用借款能力为16950万美元,总债务为18亿美元,净债务与调整后EBITDA的杠杆比率为5.3倍[45] 问答环节所有的提问和回答 问题:季度至今销售额增长1%的驱动因素以及趋势是否会持续? - 回答:增长得益于创新和价值策略与数字业务的结合,如推出新应用程序以及即将推出安卓版应用,这些措施有效推动了销售,预计趋势将持续[58] 问题:Del Taco餐厅层面利润率的情况以及如何达到目标利润率? - 回答:目前所做的工作正在进行且有成效,如库存管理等措施使食品和包装方面的利润表有所改善,但AB1228和电力成本等因素带来挑战,关键是推动销售额增长,新菜单推出后业务从顶线和底线都有显著改善[62][63] 问题:季度业绩较软在多大程度上归因于加州的需求背景,而非自身市场份额损失或相对表现不佳? - 回答:加州市场表现相对较好,Jack in the Box在加州的Q4业绩符合预期,价格策略和市场表现良好;Del Taco在加州也是表现最好的地区之一,行业整体的快餐服务交易和消费都较软,预计2025年将改善[68][71] 问题:是否了解特许经营组合中底层五分之一店铺的健康状况,以及店铺关闭情况是否会改善? - 回答:2024年第四季度加速了一些店铺关闭以应对环境变化,从财务数据看特许经营商的财务状况基本持平,预计未来店铺关闭率将符合行业标准,约每年16 - 18家或1%[76] 问题:2025年资本支出的指导以及各项支出的分配情况? - 回答:2025年资本支出重点是投资战略,包括数字和餐厅技术约4000万 - 4500万美元,新餐厅开业约3000万 - 4000万美元,其余用于维护店铺、房地产投资信托和公司餐厅的重新装修等[80][83] 问题:宏观环境是否影响特许经营商建设Jack in the Box店铺的意愿? - 回答:宏观环境未影响特许经营商的意愿,公司的开发协议和新市场开发都在积极进行,管道建设势头良好,特许经营商积极支持[88][89] 问题:Del Taco特许经营的反馈以及需求情况,还有相关的时间线和里程碑? - 回答:目前约80%已特许经营,将继续评估AB1228和餐厅环境的影响,目前有13家餐厅的交易在进行,需求良好但处于观望状态以确保利润率[92][93] 问题:如何传达新产品信息并平衡运营以及广告支出的回报,2025年的定价情况? - 回答:通过品牌定位和策略以及优化媒体支出来传达信息,同时兼顾优质和价值,积极推进数字业务;2025年Jack的价格预计上涨3% - 4%,Del预计上涨5% - 6%[97][98][99] 问题:特许经营商的盈利能力现状以及2025年的趋势? - 回答:目前特许经营商盈利能力基本持平,2025年AB1228将继续影响利润表,公司通过相关项目帮助其管理利润表,特许经营商多为多店所有者,能够承受短期压力,整体系统健康[105][106][107] 问题:2025年在数字化和回归基础方面将有哪些不同举措? - 回答:主要关注改善顾客体验,围绕无摩擦数字进行结构调整,投资数字栈和营销技术栈,同时在餐厅层面提高体验和准确性,减少顾客投诉[112][113] 问题:面对竞争对手的价值策略,如何保护流量并应对商品通胀,以及竞争对手对季度至今业绩的影响? - 回答:通过强调品牌定位的独特性,关注创新、优质和价值以及推进数字能力来保护流量;在竞争对手面临挑战时公司有所受益,但公司自身行动是业绩改善的主要原因,对全年指导持谨慎态度[118][121][122] 问题:价值组合在本季度的趋势以及如何平衡促销价值和日常价值,是否需要根据竞争动态进行调整? - 回答:第四季度Munchies Under $4使价值部分趋势改善约120个基点,增加了客单价,公司将继续关注其发展,同时数字促销、早餐套餐等也有帮助[125] 问题:2025年的指导是否假设了除已提及的13家之外的特许经营情况,以及是否有相关的G&A节省,股份回购假设的驱动因素? - 回答:2025年指导中未假设除13家之外的特许经营情况,因为难以确定规模和时间;股份回购是基于运营现金流的优先级和战略投资考虑,目前未考虑到G&A节省[127][128] 问题:分享Jack in the Box在Q4的一些业绩指标,如交通量和产品组合情况,以及2025年交通量的节奏和波动性? - 回答:趋势基本持平,产品组合略有改善,价格低于上季度,交通量下降约5%;2025年给出了全年价格预期,同店销售额与价格之间的差异将由交通量和产品组合共同决定[134][135]
Jack in the Box(JACK) - 2024 Q4 - Annual Report
2024-11-21 08:18
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED SEPTEMBER 29, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________. COMMISSION FILE NUMBER 1-9390 JACK IN THE BOX INC. (Exact name of registrant as specified in its charter) Delaware 95-2698708 (State of Incorporation) (I. ...
Compared to Estimates, Jack In The Box (JACK) Q4 Earnings: A Look at Key Metrics
ZACKS· 2024-11-21 08:00
For the quarter ended September 2024, Jack In The Box (JACK) reported revenue of $349.29 million, down 6.2% over the same period last year. EPS came in at $1.16, compared to $1.09 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $357.62 million, representing a surprise of -2.33%. The company delivered an EPS surprise of +4.50%, with the consensus EPS estimate being $1.11.While investors scrutinize revenue and earnings changes year-over-year and how they compare with W ...
Jack In The Box (JACK) Q4 Earnings Beat Estimates
ZACKS· 2024-11-21 07:16
Jack In The Box (JACK) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.11 per share. This compares to earnings of $1.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.50%. A quarter ago, it was expected that this burger chain would post earnings of $1.50 per share when it actually produced earnings of $1.65, delivering a surprise of 10%.Over the last four quarters, the company ...
Jack in the Box(JACK) - 2024 Q4 - Annual Results
2024-11-21 05:10
Exhibit 99.1 Contact: Chris Brandon Vice President, Investor Relations chris.brandon@jackinthebox.com 619.902.0269 Jack in the Box Inc. Reports Fourth Quarter and Full-Year 2024 Earnings Jack in the Box same-store sales of (2.1%) in Q4 2024, (1.3%) for FY 2024 Del Taco same-store sales of (3.9%) in Q4 2024, (1.5%) for FY 2024 Jack in the Box and Del Taco opened 44 restaurants in FY 2024, including net positive unit growth and a growing development pipeline for both brands Jack in the Box opened 30 restauran ...
Curious about Jack In The Box (JACK) Q4 Performance? Explore Wall Street Estimates for Key Metrics
ZACKS· 2024-11-15 23:21
The upcoming report from Jack In The Box (JACK) is expected to reveal quarterly earnings of $1.12 per share, indicating an increase of 2.8% compared to the year-ago period. Analysts forecast revenues of $357.93 million, representing a decrease of 3.9% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 3.8% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a ...
JACK HENRY & ASSOCIATES ANNOUNCES REGULAR QUARTERLY DIVIDEND
Prnewswire· 2024-11-13 21:00
MONETT, Mo., Nov. 13, 2024 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) today announced its Board of Directors declared a regular quarterly cash dividend of $.55 per share. The cash dividend on its common stock, par value $.01 per share, is payable on December 23, 2024, to stockholders of record as of December 2, 2024. About Jack Henry & Associates, Inc.® Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and ...
Will Jack In The Box (JACK) Beat Estimates Again in Its Next Earnings Report?
ZACKS· 2024-11-02 01:11
If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Jack In The Box (JACK) . This company, which is in the Zacks Retail - Restaurants industry, shows potential for another earnings beat.This burger chain has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters o ...
JACK HENRY & ASSOCIATES TO PROVIDE WEBCAST OF FIRST QUARTER 2025 EARNINGS CALL
Prnewswire· 2024-10-23 20:00
MONETT, Mo., Oct. 23, 2024 /PRNewswire/ -- Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that it will host a live Webcast of its first quarter 2025 earnings conference call on November 6, 2024. The press release announcing first quarter 2025 earnings will be issued after market close on November 5, 2024.The live Webcast, which will begin at 7:45 a.m. Central (8:45 a.m. Eastern), can be accessed on the Jack Henry Web site at www.jackhenry.com. Please log on 10 minutes prior to the beginning o ...
Del Taco Leads the Value Pack with New Del's Mucho Meal$™ and the Return of Cookie Butter Shake!
GlobeNewswire News Room· 2024-10-03 21:05
LAKE FOREST, Calif., Oct. 03, 2024 (GLOBE NEWSWIRE) -- USA Today's 10Best Reader's Choice Awards 2024 isn’t the only thing Del Taco is winning this year! Today, the nation’s second-largest Mexican quick service restaurant* is winning in the value space with the launch of its NEW Del’s Mucho Meal$™, where guests have 4 brand new meal combos to choose from and can get more of what they love for less. "At Del Taco, we know our guests are looking for great value without sacrificing flavor or freshness. In a wor ...