JACK IN THE BOX INC.

ICR CONFERENCE
JANUARY 9, 2018
 JACK IN THE BOX INC.
SAFE HARBOR STATEMENT

This presentation includes plans and estimates for the future, which
are subject to various risks and uncertainties that may cause actual
results to differ from these plans and estimates. Please review the risk
factors outlined in the company’s recent 10-K and 10-Q’s on file with
the SEC and available through the Jack in the Box website at
http://investors.jackinthebox.com. These forward-looking statements
speak only as of the date of this presentation, and we expressly
disclaim any obligation to update these statements whether as a
result of new information, future events, or otherwise.

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 AGENDA

• Restaurant Initiatives
• Organizational Structure
• FY 2018 Guidance
• Q&A

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 RESTAURANT INITIATIVES
TO DRIVE SAME-STORE SALES AND TRAFFIC

1. ACCELERATE SERVICE IMPROVEMENTS

2. LEVERAGE OUR DIGITAL EXPERIENCE

3. DIFFERENTIATE THROUGH INNOVATION

4. ELEVATE THE BRAND IMAGE

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 • Multi-year commitment to redefine and elevate
guest experience to drive consistency
• Back-of-the-house simplification, including
equipment/technology that can drive:
1. ✓ throughput
✓ quality
✓ labor benefits

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 Goals
• Meet evolving guest needs
• Improve in-store efficiencies
2.
Launch our mobile app
• Minimum Viable Product:
✓ Locations, Menu, Order, Pay,
Offers
• Currently in market test
➢ Average check higher
➢ ~2/3rd pick-up; 1/3rd drive-thru
• Planned rollout by end of 2018

Optimize availability of delivery

Currently Rolling out to Rolling out to

available at 900+ 600+ restaurants 1,200+ restaurants
restaurants in Dec/Jan in Dec/Jan
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 • Balance premium and value innovation
• Leverage our unique brand personality

3.

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LEVERAGE OUR UNIQUE BRAND PERSONALITY

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 • Remodels
✓ ~ 600 mature restaurants (>40 years old)
• Tiered approach
4. ✓ Investment levels tiered based on sales and
margins
• Timing: over next 4 years

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NEW BRAND IMAGE

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ORGANIZATIONAL STRUCTURE
REDUCE G&A AS % OF SYSTEM-WIDE SALES

• Flatten organization
• 100% focus on improving JIB brand

>$50 Million
of Cumulative
4.3% G&A Reductions
3.8% 3.9%
Since 2013
3.3%

2.5%
< 2%
3.5-4.0%

2013 2014 2015 2016 2017 Target

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FY 2018 GUIDANCE

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 FY 2018 GUIDANCE
• Same-store Sales + 1% to 2%
• Refranchising ~ 95% by end of FY 2018
• ROM ~ 22% to 23% depending on
timing of refranchising
• G&A ~ 2.5% to 2.7% of system-wide sales
• New Unit Growth ~ 25 new restaurants system-wide
• Capital Expenditures ~ $30 to $35 million
• Tenant Improvements ~ $25 million
• Share Repurchases ~ $200 million in back half of year
• EBITDA ~ $260 to $270 million

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 PROJECTED IMPACT OF REFRANCHISING
JACK IN THE BOX COMPANY RESTAURANTS

AUV ($M) EBITDA/Store ($000's)

$2.383 EBITDA % of Sales
$585
JIB ROM

$1.874 26.1%
$358 24.6%

20.1%
19.1%

FY17 Actual* ~95% Proforma FY17 Actual* ~95% Proforma

*See non-GAAP reconciliations at http://investors.jackinthebox.com/

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 FOCUS ON REDUCING G&A
(DOLLARS IN MILLIONS)

FY 2017
Total SG&A $165.7
Advertising $58.2
G&A $107.5 2018 G&A Guidance:
G&A as a % of Consolidated System-wide Sales 2.5% 2.5% - 2.7% of
JIB system sales
Breakout of G&A:
➢ Assumes no benefit
Jack Brand Direct $19.1 from expected
QDOBA Brand Direct $14.2 organizational
Shared Services Unallocated $74.2 structure changes and
only ½ year benefit
G&A excluding QDOBA Brand $93.3 from shared services
G&A as a % of JIB System Sales 2.7% reductions related to
QDOBA.
2018 Guidance assumes:
Normalized incentive compensation +$9.0
G&A Shared Services Reductions relating
to Qdoba (1/2 year) ($7.0)

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 EBITDA MARGIN IMPROVES SIGNIFICANTLY
(DOLLARS IN MILLIONS)

Assumes no benefit from expected organizational

EBITDA structure changes and only ½ year benefit from
Margin shared services reductions related to QDOBA.
22.0%
EBITDA
$342 ($59) Margin
>30.0%
$7 ($9) ($9) ($7) $260-$270

2017 QDOBA 2017* G&A Reductions Normalized 2018 Impact Other 2018
EBITDA* EBITDA Before Related to Incentive of Refranchising EBITDA
Shared Servicecs QDOBA (1/2 year) Compensation to ~95% Guidance

* See non-GAAP reconciliations at http://investors.jackinthebox.com/

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WHAT MAKES THIS BETTER?

• Restaurant margin benefit from refranchising

• Organizational structure changes driving
decrease in G&A
• At the mid-point of our guidance, 60 bps reduction in
G&A = $21M EBITDA
• Same-store sales growth
• Share repurchases / increased leverage

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Q&A

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