Financial Data and Key Metrics Changes - In Q2 2025, global system-wide restaurant sales reached $1.26 billion, reflecting a 4% increase in constant currency [30] - North America comparable sales increased by 1%, with transaction comps also growing by 1% [31] - Total revenues for Q2 were $529 million, up 4%, driven by higher commissary revenues [33] - Consolidated adjusted EBITDA declined modestly to approximately $53 million, impacted by increased loyalty and marketing investments [34] Business Line Data and Key Metrics Changes - North America business returned to positive comparable sales, ending the quarter up 1% [9] - International comparable sales increased by 4%, indicating successful transformation initiatives [33] - The number of pizzas ordered in North America increased by 6%, demonstrating effective product focus and value messaging [11] Market Data and Key Metrics Changes - The company experienced sequential improvement across several key international markets, driving 4% comparable sales growth in Q2 [9] - The carryout business showed strong performance in Q2 but started softer in the third quarter, indicating a cautious consumer environment [55][62] Company Strategy and Development Direction - The company is focused on five strategic priorities: improving core product innovation, amplifying marketing messages, investing in technology infrastructure, differentiating customer experience, and evolving the franchisee base [8][26] - A significant emphasis is placed on enhancing the loyalty program and leveraging consumer insights to drive customer engagement [21][22] - The company plans to optimize its supply chain to achieve over $50 million in total cost savings, with approximately 40% expected to be realized by 2026 [27][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's path towards profitable growth, citing improved brand strength and strategic investments [6] - The outlook for North America comparable sales remains flat to up 2% for 2025, with expectations for acceleration in the latter half of the year [37] - Internationally, the company raised its 2025 comparable sales growth outlook to a range of 2% to 4% due to operational strength in priority markets [38] Other Important Information - The company is in the process of selling its ownership stake in a joint venture operating 85 restaurants, expected to close by Q4 2025 [26][39] - The company has added approximately 2.7 million new loyalty accounts since the relaunch of its rewards program [21] Q&A Session Summary Question: Insights on regional marketing efforts and frequency trends - Management indicated that they are testing local marketing strategies to enhance returns and support franchisees in key markets [49] Question: North America comps exceeding expectations - Management attributed the positive results to a combination of transaction growth, product innovation, and effective use of the loyalty program [52][54] Question: Four wall economics and supply chain optimization - Management acknowledged the need for continued improvement in margins and highlighted ongoing supply chain optimization efforts to achieve significant savings [59][63] Question: Refranchising transaction details - The transaction involves selling to an existing franchisee in the Mid Atlantic area, with development commitments attached to future agreements [84][88]