The following is a summary of the Jack in the Box Inc. (JACK) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Jack in the Box reported a Q2 system same-store sales decrease of 2.5% with company-owned comp decrease of 0.6% and franchise comp decrease of 2.6%.

• Restaurant level margin was 23.6%, up by 220 basis points year on year.

• The consolidated adjusted EBITDA was $75.7 million, a decrease from the previous year's $80.6 million.

• Consolidated GAAP diluted earnings per share was $1.26, slightly lower compared to $1.27 in the previous year.

• Debt at the quarter's end totaled $1.7 billion with an available borrowing capacity of $175.5 million.

• For Fiscal Year 2024, the company predicts adjusted EBITDA of $325m-$330m with operating earnings per share of $6.25 -$6.40.

Business Progress:

• During Q2, they opened three new Jack in the Box restaurants and three Del Taco restaurants, targeting 25 to 35 and 10 to 15 new respective openings this year.

• Expansion has been made into Mexico with one restaurant with plans for two more this year.

• Refranchised 13 Del Taco restaurants and signed deals to expand in Florida and Tallahassee.

• Their $50 million CRAVED reimage and refresh program has been rolled out to the franchise system.

• The new Munchies Under $4 platform was launched and systemwide Wings are planned to launch by the month's end.

• A partnership with Qu aims to deploy a new point-of-sale system across all Jack in the Box restaurants.

• Digital growth is a key focus, with first-party platforms reporting over 80% growth for the quarter.

• Point-of-sale system rollout and kiosk installations are the key technology focuses aiming for full implementation by 2025.

• A relaunched product, the Smashed Jack, significantly improved the average check by 2%.

• 93 development agreements for 409 restaurants indicate a growth in the development pipeline promising future expansions.

More details: Jack in the Box IR

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