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    Jake Bartlett • Truist Securities

    Jake Bartlett's questions to Performance Food Group Co (PFGC) leadership

    Jake Bartlett's questions to Performance Food Group Co (PFGC) leadership • Q4 2025

    Question

    Jake Bartlett from Truist Securities asked about the expected cadence of EBITDA margin expansion, noting that fiscal 2026 guidance implies a slowdown from 2025 before a reacceleration to meet three-year targets. He also sought clarification on recent trends, given comments about a July 'uptick' while forecasting 6% case growth similar to Q4.

    Answer

    CFO Patrick Hatcher explained that the fiscal 2026 margin cadence reflects investments in the salesforce and onboarding costs for significant new accounts, which may also cause a mix shift. CEO George Holm clarified that while July and August trends were indeed better than Q4, the company is being cautious with its forecast due to market volatility. He also noted the new convenience accounts have a different product mix, which impacts the overall margin percentage but not the absolute profit growth trajectory.

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    Jake Bartlett's questions to Performance Food Group Co (PFGC) leadership • Q3 2025

    Question

    Jake Bartlett of Truist Securities questioned whether the strong April results were influenced by holiday shifts and asked about the implied Q4 margin expectations, productivity measures, and factors behind the minimal expected margin expansion.

    Answer

    CEO George Holm suggested that the impact of the Easter shift likely 'washed out' and that the company remains cautious due to calendar volatility. COO Scott McPherson explained that the Q4 margin outlook is affected by a tough comparison from a sizable gain in the Convenience segment in the prior year. He emphasized that overall margins are benefiting from favorable mix, profitable new chain business, and procurement synergies from recent acquisitions.

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    Jake Bartlett's questions to Performance Food Group Co (PFGC) leadership • Q2 2025

    Question

    Jake Bartlett questioned why the full-year EBITDA guidance was only raised by the amount of the Q2 beat, while sales guidance was increased more significantly. He also asked if the higher sales outlook was driven by inflation or case growth, and requested details on the acquisitions' Q3 seasonality.

    Answer

    CFO Patrick Hatcher explained the larger sales guidance increase reflects high confidence in underlying business momentum and the sales pipeline. The more modest EBITDA raise reflects prudence due to macro factors. He confirmed the top-line strength is driven by case growth, not inflation. Management noted Q3 is the acquisitions' strongest quarter but did not provide a specific contribution percentage.

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    Jake Bartlett's questions to Wendy's Co (WEN) leadership

    Jake Bartlett's questions to Wendy's Co (WEN) leadership • Q2 2025

    Question

    Jake Bartlett of Truist Securities asked for clarification on why the cluttered marketing calendar was a problem and questioned the focus on the crowded chicken category, including any changes to the chicken patty and testing results for the new tenders.

    Answer

    Interim CEO & CFO Ken Cook explained the marketing calendar was problematic because it sent confusing messages to consumers and created execution complexity for restaurant staff. Regarding chicken, he stated that while the category is competitive, Wendy's new tenders performed better than its largest competitor in testing. He added that the launch includes six new sauces and provides a new platform for future innovation, leveraging a fast-growing protein segment.

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    Jake Bartlett's questions to Wendy's Co (WEN) leadership • Q3 2024

    Question

    Jake Bartlett of Truist Securities inquired about the magnitude of the opportunity from operational improvements, asking how it ranks as a potential sales driver for 2025 and beyond.

    Answer

    CEO Kirk Tanner described operational excellence as the critical foundation that underpins all other strategic initiatives, including marketing, innovation, and digital growth. He emphasized that delivering a consistently great customer experience is essential to realizing the full potential of their growth strategies and is a central focus of the 'Wendy's Promise.'

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    Jake Bartlett's questions to Texas Roadhouse Inc (TXRH) leadership

    Jake Bartlett's questions to Texas Roadhouse Inc (TXRH) leadership • Q2 2025

    Question

    Jake Bartlett from Truist Securities asked about the drivers behind the strong growth in off-premise sales, questioning if it was due to operational improvements or simply spillover from full dining rooms. He also followed up on whether the company's capacity for new unit openings is increasing beyond the consistent ~30 per year.

    Answer

    CEO Gerald Morgan attributed the off-premise success to a combination of factors: operational execution, the convenience of the mobile app, and physical pickup windows. On development, he confirmed he is encouraged by the pipeline and that total openings could be on the high side of 30 in the next couple of years as Bubba's and Jaggers accelerate, but he wants to see execution before formally raising the target.

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    Jake Bartlett's questions to Texas Roadhouse Inc (TXRH) leadership • Q1 2025

    Question

    Jake Bartlett asked about the dynamics of the cost of goods sold (COGS) line, noting deleverage despite menu pricing being higher than commodity inflation, and inquired about the expected inflation cadence for the year.

    Answer

    Executive Michael Bailen explained that the pressure on the COGS line was due to a negative mix shift, as guests are trading up from chicken and seafood to higher-cost steak entrees. He projected this pressure would continue but lessen through the year. He also confirmed that inflation is expected to be highest in Q2 and Q3 before moderating in Q4.

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    Jake Bartlett's questions to Texas Roadhouse Inc (TXRH) leadership • Q4 2024

    Question

    Jake Bartlett of Truist Securities questioned if the 2025 guidance for 30 company-owned store openings was conservative, given the 26 Roadhouse openings in 2024 and the potential for accelerating development at Bubba's 33.

    Answer

    CEO Gerald Morgan defended the guidance, stating that opening around 30 quality restaurants annually is the right cadence for the company. He emphasized the importance of making a great first impression and not overextending resources, preferring to be 'very good at opening 25, 30 restaurants' rather than pushing for a higher number. He noted the plan includes about 7 Bubba's openings in 2025.

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    Jake Bartlett's questions to US Foods Holding Corp (USFD) leadership

    Jake Bartlett's questions to US Foods Holding Corp (USFD) leadership • Q2 2025

    Question

    Jake Bartlett of Truist Securities asked for an update on employee turnover and productivity levels. He also sought clarification on independent case growth, asking if the company's 100 basis point improvement simply matched the industry's rebound or represented accelerating market share gains.

    Answer

    CEO Dave Flitman reported that employee turnover for drivers and selectors remains at 'very good' levels, consistent with the prior quarter's update of being back to pre-COVID levels, and that staffing is not an issue. On case growth, Flitman clarified that US Foods grew faster than the market rebounded, which is why the company gained market share in every month of the second quarter. The 3% growth in June and July was specific to US Foods' performance.

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    Jake Bartlett's questions to US Foods Holding Corp (USFD) leadership • Q1 2025

    Question

    Jake Bartlett asked for elaboration on US Foods' performance during the Great Recession, seeking details on market share shifts, gross profit per case, and pricing dynamics to better understand how the company might perform in a future downturn.

    Answer

    CFO Dirk Locascio noted that precise market share data from that period is unavailable but emphasized the industry's resilience, with volumes down only mid-single digits and a rational competitive environment. He stressed that US Foods is in a much stronger position today due to its differentiated go-to-market strategy and a robust portfolio of self-help initiatives, which provides high confidence in their ability to execute through any economic cycle.

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    Jake Bartlett's questions to US Foods Holding Corp (USFD) leadership • Q4 2024

    Question

    Jake Bartlett from Truist questioned if the 2025 product cost and mix guidance of 2% was conservative given recent trends. He also asked for quantification of key margin drivers for 2025, such as procurement and corporate cost savings.

    Answer

    CFO Dirk Locascio acknowledged the 2% inflation guidance might be slightly conservative but noted that higher inflation primarily impacts sales dollars more than earnings. He outlined several margin drivers, including a balanced contribution from the $260 million cost of goods savings plan, carry-forward benefits from the $120 million in 2024 cost savings, and an incremental $15-20 million in indirect spend savings for 2025.

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    Jake Bartlett's questions to US Foods Holding Corp (USFD) leadership • Q3 2024

    Question

    Jake Bartlett sought to clarify the recent cadence of independent case growth trends and asked about the company's visibility on achieving the higher end of its 3-5% operating cost productivity target.

    Answer

    CFO Dirk Locascio clarified that recent organic independent case growth accelerated by 100 basis points compared to Q2, reaching the mid-3% range. He stated the 3-5% productivity goal is supported by a broad range of initiatives across supply chain, admin, and indirect spend, designed to offset inflation and drive margin expansion.

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    Jake Bartlett's questions to Jack in the Box Inc (JACK) leadership

    Jake Bartlett's questions to Jack in the Box Inc (JACK) leadership • Q3 2025

    Question

    Jake Bartlett of Truist Securities sought to frame the opportunity for operational improvements under the 'Jack's Way' initiative by asking about current metrics versus historical levels. He also asked if the pullback from Hispanic consumers was tied to specific events and if that trend was improving.

    Answer

    EVP Ryan Ostrom explained that 'Jack's Way' focuses on improving basics like order accuracy and friendliness rather than hitting specific historical metrics. CEO Lance Tucker clarified that the softer trend with Hispanic consumers has been consistent since the start of the year and is attributable to the brand's large footprint in the Southwest, not a specific acute event.

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    Jake Bartlett's questions to Jack in the Box Inc (JACK) leadership • Q2 2025

    Question

    Jake Bartlett of Truist Securities followed up on new unit development, asking about CEO Lance Tucker's commitment to the growth strategy and requesting an update on the number of outstanding restaurant development commitments.

    Answer

    CEO Lance Tucker affirmed his excitement for continued growth, positioning the 'JACK on Track' plan as a way to ensure the franchise base can grow from a position of strength. He highlighted ongoing development in markets like Chicago, Louisville, and Florida. Executive Chris Brandon later clarified that the company has 440 restaurant commitments since mid-2021.

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    Jake Bartlett's questions to Denny's Corp (DENN) leadership

    Jake Bartlett's questions to Denny's Corp (DENN) leadership • Q2 2025

    Question

    Jake Bartlett of Truist Securities asked about the macro trends impacting consumers, the sales cadence during Q2 in response to promotions, the strategy for the second half of the year, and details on the new loyalty program.

    Answer

    CEO Kelli Valade described the consumer environment as 'choppy' but noted recent signs of moderation. She confirmed the back half strategy includes new food and value innovation, alongside the imminent launch of a new loyalty program. This program will shift from a generic coupon system to a 'best-in-class' one-to-one marketing platform, expected to drive 50-100 basis points in traffic over time.

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    Jake Bartlett's questions to Denny's Corp (DENN) leadership • Q1 2025

    Question

    Jake Bartlett questioned the basis for management's expectation that negative consumer sentiment will moderate. He also asked about franchisee appetite for deep discount promotions like the BOGO offer, given its marginal profitability.

    Answer

    CFO Robert Verostek described the outlook as cautious, noting that while the environment is choppy, the company has back-half sales drivers like a new loyalty program and remodels. Both CEO Kelli Valade and CFO Robert Verostek confirmed that franchisees are pleased with the BOGO offer because its ability to drive traffic and transactions is a key priority.

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    Jake Bartlett's questions to Denny's Corp (DENN) leadership • Q4 2024

    Question

    Jake Bartlett from Truist Securities inquired about the 2025 marketing strategy, the balance between value and innovation, the impact of Banda Burrito and the new loyalty program, and sought clarity on recent Keke's franchise agreement terminations and sales volatility.

    Answer

    CEO Kelli Valade outlined a balanced marketing approach, leveraging the $2 $4 $6 $8 value platform alongside a robust innovation pipeline. She noted the new loyalty program, launching in H2 2025, is a key driver. EVP and CFO Robert Verostek explained the Keke's franchise terminations were due to franchisee-specific financial issues, not brand weakness, viewing it as a strategic opportunity to build corporate presence in Orlando. Valade attributed Keke's recent sales volatility to macro headwinds but expressed confidence in the brand's growth levers like its alcohol program and off-premise business.

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    Jake Bartlett's questions to Denny's Corp (DENN) leadership • Q2 2024

    Question

    Jake Bartlett inquired about the specific same-store sales trend from June into July, the rationale for the wide H2 guidance range, whether the July sales improvement represented expanded market share outperformance, the expected sales lift from the Banda Burrito virtual brand, and the reasoning behind the G&A expense guidance.

    Answer

    CFO Robert Verostek stated that July sales improved materially to 'pretty much flat' from -1.5% in June, and this represented an expansion of their outperformance versus the industry index. He attributed the wide H2 guidance range to macroeconomic volatility despite confidence in internal initiatives. CEO Kelli Valade added that the Banda Burrito brand is expected to deliver incremental sales volumes similar to their other successful virtual brands. Regarding G&A, Robert Verostek explained the spending level reflects a deliberate investment to grow the Keke's brand while remaining diligent on costs for the core Denny's business.

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    Jake Bartlett's questions to Shake Shack Inc (SHAK) leadership

    Jake Bartlett's questions to Shake Shack Inc (SHAK) leadership • Q2 2025

    Question

    Jake Bartlett asked about the sales contribution from the Dubai Shake, questioning if the July lift suggested underlying trends were soft. He also inquired about the duration of the promotion and plans to maintain momentum.

    Answer

    CEO Rob Lynch stated the Dubai Shake performed well, but its sales rate saw a 'very significant lift' only after media was activated, suggesting the pre-media run rate was more modest. He confirmed the shake would run through August and that a full pipeline of new innovation is ready to launch immediately after, emphasizing the company is not a 'one-trick pony.'

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    Jake Bartlett's questions to Shake Shack Inc (SHAK) leadership • Q1 2025

    Question

    Jake Bartlett of Truist Securities asked about the cadence and strategy for LTOs, questioning if the current barbecue menu is different from past versions and how spot innovations fit into the long-term plan.

    Answer

    CEO Robert Lynch expressed a strong preference for new-to-the-world innovation over repeats. He explained that while the current BBQ platform is a returning favorite, the company is actively building a strategic, stage-gated innovation pipeline for the future. The cadence will remain roughly quarterly, supplemented by beverage and side innovations, all while ensuring new items do not disrupt restaurant operations.

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    Jake Bartlett's questions to Shake Shack Inc (SHAK) leadership • Q4 2024

    Question

    Jake Bartlett of Truist Securities inquired about the cadence of Limited Time Offers (LTOs) for 2025 and the long-term vision for their frequency, noting the absence of a new LTO in early 2025.

    Answer

    CEO Rob Lynch stated that the right cadence for the brand is likely 3 to 4 major LTO windows per year. He acknowledged that the current Black Truffle LTO has been in the market for over four months, which is likely too long to continue stimulating new trial, even though it has been highly successful. He said the future goal is to strike a better balance between giving guests time to enjoy a popular LTO and refreshing the menu quickly enough to drive new demand.

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    Jake Bartlett's questions to Sysco Corp (SYY) leadership

    Jake Bartlett's questions to Sysco Corp (SYY) leadership • Q4 2025

    Question

    Jake Bartlett from Truist Securities inquired about the momentum in Sysco's local case growth, asking if the improvements seen in June and July indicate market share gains and reflect increased sales force productivity.

    Answer

    CEO Kevin Hourican confirmed the positive momentum, attributing it to stabilized sales colleague retention, which he expects to convert a 2025 headwind into a 2026 tailwind. He highlighted that the gap between new and lost customers doubled in Q4. CFO Kenny Cheung added that select geographies are already meeting growth expectations and improved service levels are a positive leading indicator.

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    Jake Bartlett's questions to Sysco Corp (SYY) leadership • Q3 2025

    Question

    Jake Bartlett of Truist Securities asked for clarity on the timing of the sales force's positive inflection point in fiscal 2026 and questioned the strategy behind the larger-than-usual dividend increase and future share buyback plans.

    Answer

    CEO Kevin Hourican confirmed the positive inflection will occur in fiscal 2026, with more specific timing to be provided with future guidance. Regarding capital allocation, he highlighted Sysco's 56-year history of dividend increases and its strong balance sheet. CFO Kenny Cheung added that the 6% dividend hike reflects confidence in future EPS growth and the company's ability to both invest in the business and reward shareholders, even while maintaining its $1.25 billion share repurchase plan for the year.

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    Jake Bartlett's questions to Sysco Corp (SYY) leadership • Q2 2025

    Question

    Jake Bartlett from Truist Securities questioned the reiterated 2% product cost inflation guidance, asking if it might be conservative given recent spikes in food PPI, and requested a breakdown of inflation by business segment for the quarter.

    Answer

    CEO Kevin Hourican explained that while inflation is elevated in dairy and proteins, it is being offset by deflation in commodities, leading to the blended 2% forecast. CFO Kenny Cheung provided the segment breakdown: total company inflation was 2.1%, with U.S. operations at 2.7% and the European business at 2.9%. They confirmed they are operating in a normalized inflationary environment.

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    Jake Bartlett's questions to Darden Restaurants Inc (DRI) leadership

    Jake Bartlett's questions to Darden Restaurants Inc (DRI) leadership • Q4 2025

    Question

    Jake Bartlett from Truist Securities questioned why the fiscal 2026 same-store sales guidance wasn't higher, given strong momentum, the contribution from delivery, and easier comparisons, asking about underlying macro concerns. He also requested guidance for G&A expenses in fiscal 2026.

    Answer

    CFO Raj Vennam explained that the guidance reflects Darden's long-term strategy of continuous reinvestment for sustainable growth, similar to its disciplined pricing approach during high inflation, rather than maximizing near-term results. For fiscal 2026, he projected G&A to be around $500 million, or $490 million on a 52-week basis, noting it can be influenced by mark-to-market adjustments.

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    Jake Bartlett's questions to Darden Restaurants Inc (DRI) leadership • Q2 2025

    Question

    Jake Bartlett asked about labor efficiencies, whether the company was lapping significant prior-year gains, and for an update on the selling expense outlook for fiscal 2025.

    Answer

    Executive Rajesh Vennam attributed ongoing labor efficiencies to significant improvements in employee turnover and a benefit from the Thanksgiving calendar shift. Regarding selling expenses, he confirmed that despite a Q2 increase from more promotional weeks, the full-year outlook remains for a modest 10-20 basis point increase as a percentage of sales.

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    Jake Bartlett's questions to Darden Restaurants Inc (DRI) leadership • Q1 2025

    Question

    Jake Bartlett asked if the recent menu additions at Olive Garden and other brands signal a reversal of the company's long-standing menu simplification strategy. He also sought confirmation on the pricing and commodity inflation outlook for the remainder of fiscal 2025.

    Answer

    President and CEO Rick Cardenas affirmed the company's commitment to menu simplicity, explaining that recent additions either fill a specific menu gap without adding new SKUs or are direct replacements for existing items to improve quality and efficiency. CFO Raj Vennam confirmed that pricing is expected to remain in the 2.5% to 3% range. He noted that while the overall commodity outlook has improved, a potential headwind from chicken contracts in the second half of the year keeps their full-year inflation forecast at approximately 2%.

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    Jake Bartlett's questions to Dave & Buster's Entertainment Inc (PLAY) leadership

    Jake Bartlett's questions to Dave & Buster's Entertainment Inc (PLAY) leadership • Q1 2025

    Question

    Jake Bartlett from Truist Securities sought further clarification on the unit growth outlook, contrasting it with recent rates, and asked what new initiatives would drive performance in the upcoming months.

    Answer

    CFO Darin Harper definitively clarified that the company's strategy remains opening 10-14 new units per year and that the CEO's prior comment was not a change in strategy. He added that near-term drivers include the full game rollout, the new Summer Pass program, a leaderboard sweepstakes, and a new field incentive model.

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    Jake Bartlett's questions to Dave & Buster's Entertainment Inc (PLAY) leadership • Q3 2024

    Question

    Jake Bartlett of Truist Securities inquired about the recent CEO departure, asking for assurance on the continuity of the strategic plan and what attributes would be sought in a new CEO. He also asked for clarification on what aspects of the current execution need course correction and sought more detail on the sales assumptions underlying the new EBITDA guidance for the fiscal year.

    Answer

    Interim CEO Kevin Sheehan affirmed that the Board and management team remain fully committed to the existing strategic plan, emphasizing his focus on executing its initiatives. For a successor, he outlined the need for a leader with strong strategic vision, operational execution, and financial acumen. CFO Darin Harper explained the EBITDA guidance assumes Q4 sales performance will be similar to Q3 with modest improvements, describing the forecast as a conservative level-setting to help investors navigate calendar shifts and other comparability issues.

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    Jake Bartlett's questions to Dave & Buster's Entertainment Inc (PLAY) leadership • Q2 2024

    Question

    Jake Bartlett asked about management's confidence in accelerating same-store sales given macro headwinds, sought confirmation on the double-digit sales lift from remodels, and questioned the sustainability of margin expansion amid negative comps.

    Answer

    CEO Christopher Morris expressed long-term bullishness on strategic initiatives like the remodel program, acknowledging that the macro environment is challenging but that more initiatives are coming online. CFO Darin Harper confirmed that the initial remodels continue to see double-digit sales lifts and that the Friendswood location is comping positively in its second year. Both executives affirmed the margin improvements are sustainable, resulting from disciplined cost management in cost of sales, labor, and G&A, and are not due to one-off items.

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    Jake Bartlett's questions to Cracker Barrel Old Country Store Inc (CBRL) leadership

    Jake Bartlett's questions to Cracker Barrel Old Country Store Inc (CBRL) leadership • Q3 2025

    Question

    Jake Bartlett from Truist Securities questioned the drivers behind the raised EBITDA guidance while sales guidance remained flat, especially given a new $5 million tariff headwind. He also sought details on tariff mitigation efforts and the potential run-rate impact.

    Answer

    SVP and CFO Craig Pommels attributed the improved outlook to stronger-than-expected labor leverage from initiatives like the back-of-house optimization and some favorability in egg prices. President & CEO Julie Felss Masino added that the company is mitigating tariffs by accelerating SKU rationalization, negotiating with vendors, and exploring alternate sourcing, with more details on the FY26 impact to come in September.

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    Jake Bartlett's questions to Cracker Barrel Old Country Store Inc (CBRL) leadership • Q1 2025

    Question

    Jake Bartlett sought clarification on several atypical items, including whether the $6 million gift card breakage benefit impacted same-store sales, if approximately $9 million in costs were excluded from adjusted results, and the difference between 'refreshes' and 'remodels' in the store update program.

    Answer

    CFO Craig Pommells clarified that the $6 million gift card breakage benefit is held at the corporate level and does not affect same-store sales, noting it will largely reverse in Q2. He confirmed that the ~$9.3 million in atypical costs were included in adjusted results, creating a net $3.3 million drag on Q1 adjusted EBITDA. Regarding store updates, he explained that the 25-30 'refreshes' are incremental to the 25-30 'remodels' (high, medium, low tiers), and FY25 is a test-and-learn year to determine the most effective investment mix.

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    Jake Bartlett's questions to Cracker Barrel Old Country Store Inc (CBRL) leadership • Q4 2024

    Question

    Jake Bartlett asked for clarification on the implied same-store sales guidance for fiscal 2025 and whether recent positive industry trends were benefiting Cracker Barrel. He also sought to understand the composition of the planned 5% price increase, questioning how much is from tier adjustments versus like-for-like price hikes, to assess the potential impact on traffic.

    Answer

    CFO Craig Pommels confirmed the guidance implies about 1% sales growth on a 52-week basis and that current trends are already factored into the outlook. CEO Julie Masino explained that extensive testing of their pricing strategy shows low elasticity and strong flow-through, supported by the fact that Cracker Barrel is priced 8-12% below competitors. CFO Pommels added that the company's low average check of mid-$14 and the loyalty program provide additional value levers to support the pricing strategy.

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    Jake Bartlett's questions to Karat Packaging Inc (KRT) leadership

    Jake Bartlett's questions to Karat Packaging Inc (KRT) leadership • Q4 2024

    Question

    Jake Bartlett inquired about the 2025 revenue growth composition between volume and price, the potential for tariffs on Canada and Mexico to be a tailwind, and the company's outlook on freight costs.

    Answer

    CEO Alan Yu projected double-digit volume growth of 10-20% for 2025 and confirmed that pricing will be positive due to announced increases, reversing a multi-year negative trend. He explained that potential tariffs on Canada and Mexico would benefit Karat, as competitors importing from those regions would face price hikes while Karat has already diversified its supply chain away from China to under 10% by June. He also noted that ocean freight costs have dropped and are expected to remain stable, providing a cost benefit.

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    Jake Bartlett's questions to Karat Packaging Inc (KRT) leadership • Q3 2024

    Question

    Jake Bartlett inquired about the scale of the new supermarket opportunity, both in the near and long term, and asked what makes Karat well-suited for this new business line. He also sought to understand the potential impact of the new eco-friendly products launching in Q4 and questioned the long-term sustainability of the company's high gross margins, which are guided to be 39-40% in Q4.

    Answer

    Executive Alan Yu detailed that the initial supermarket opportunity is an annualized $5-6 million from one account, with potential to grow to $15 million. He explained Karat is shifting focus to higher-volume bakery and deli products like paper containers and bags. On eco-friendly products, he highlighted the move to corrugated boxes and rPET cups with over 25% recycled content to meet market demand. Regarding margins, he affirmed their sustainability, citing the growing contribution from higher-margin online sales and stabilizing ocean freight costs. He also projected overall volume growth could reach 20% in Q4.

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    Jake Bartlett's questions to Dine Brands Global Inc (DIN) leadership

    Jake Bartlett's questions to Dine Brands Global Inc (DIN) leadership • Q4 2024

    Question

    Jake Bartlett from Truist Securities asked for examples of successful innovation in 2024 and plans for 2025, and also sought clarity on whether the new Applebee's value menu is a marketing push, a menu reorganization, or based on new offerings.

    Answer

    CEO John Peyton identified the new dual-brand restaurant concept as a key innovation, citing its initial revenue performance of nearly 3x that of a standalone IHOP. For the new value platform, he confirmed it is a combination of all three: reorganizing the menu around the popular '2 for $25' deal, introducing new items, and supporting it with a major marketing push.

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    Jake Bartlett's questions to Dine Brands Global Inc (DIN) leadership • Q3 2024

    Question

    Jake Bartlett asked about the sales trajectory at Applebee's and if guidance implies a Q4 acceleration. He also questioned the role of innovation versus value at Applebee's and asked about the sustainability of the recent G&A savings.

    Answer

    CFO Vance Chang confirmed that while Q3 was pressured, recent trends show improvement, which is factored into the reaffirmed guidance. Applebee's President Tony Moralejo emphasized that innovation remains critical and is integrated into their new value platform, with 14 new products in the pipeline. Chang explained G&A savings are a mix of variable incentive comp and sustainable efficiencies.

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