Black Rock Coffee Bar, Inc. (BRCB) 2025 Q4 法說會逐字稿

Good afternoon, everyone, and thanks for joining us for Black Rock Coffee Bar's fourth-quarter results.

各位下午好，感謝各位參加黑岩咖啡吧第四季業績發表會。

Before we begin, we would like to remind you that this conference call may include forward-looking statement. These statements, which are subject to various risks, uncertainties, and assumptions, can cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in this afternoon's press release, as well as our filings with the SEC, which can be found on our IR website.

在會議開始前，我們想提醒各位，本次電話會議可能包含前瞻性陳述。這些聲明受到各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些聲明有重大差異。這些風險、不確定性和假設在今天下午的新聞稿以及我們向美國證券交易委員會提交的文件中均有詳細說明，這些文件可以在我們的投資者關係網站上找到。

We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

除法律要求外，我們不承擔任何修訂或更新任何前瞻性陳述或資訊的義務。

During our call today, we will also reference certain non-GAAP financial information. We use non-GAAP measures to assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

在今天的電話會議中，我們還將提及一些非GAAP財務資訊。我們使用非GAAP指標，透過排除我們認為無法反映我們經營績效的項目，來幫助投資人和分析師在一致的基礎上比較我們各個報告期間的經營績效。本非公認會計準則財務資訊的列示不應被孤立地看待，也不應被視為替代依照公認會計準則編制和列示的財務資訊。

Reconciliations of GAAP to non-GAAP measures can be found in this afternoon's press release and in our SEC filings.

有關 GAAP 與非 GAAP 指標的調節表，請參閱今天下午的新聞稿和我們提交給美國證券交易委員會的文件。

Joining me on the call today is our CEO, Mark Davis; and our CFO, Rodd Booth. Following our prepared remarks, we'll open the call for your questions.

今天和我一起參加電話會議的有我們的執行長馬克戴維斯和財務長羅德布斯。在我們發言完畢後，我們將開放提問環節。

With that, I'll turn the call over to Mark.

接下來，我將把電話交給馬克。

Thank you, Will. Good afternoon, everyone. We appreciate you joining us today on our 4th quarter earnings call. I'll start by briefly highlighting our full year performance before walking through our fourth-quarter operational highlights. I'll then pass it over to Rodd, who will provide an update on our fourth-quarter financials, followed by our outlook for 2026 and key metrics.

謝謝你，威爾。大家下午好。感謝您今天參加我們的第四季財報電話會議。首先，我將簡要回顧我們全年的業績，然後再詳細介紹我們第四季的營運亮點。接下來我會把發言權交給羅德，他將介紹我們第四季的財務狀況，以及我們對 2026 年的展望和關鍵指標。

2025 was a year of strong execution and meaningful acceleration across the business. We delivered 10.1%, same-store sales growth, a 16.4% growth stack over the last two years, supported by healthy traffic and strong guest engagement. We opened a total of 32 new stores over the course of the year, ahead of our plan, broadening our presence in existing growth markets and driving above-planned new unit cohort performance.

2025 年是公司各業務部門高效執行和顯著加速發展的一年。在過去兩年中，我們實現了 10.1% 的同店銷售成長，累計成長 16.4%，這得益於良好的客流量和強大的顧客互動。今年我們共開設了 32 家新店，提前完成了計劃，擴大了我們在現有成長市場的業務，並推動了新店群業績超出預期。

As a result, we achieved revenue growth of 25% and expanded adjusted EBITDA by 36% for the year, reflecting operational discipline, cost management, and strong unit-level economics with store-level profit margins of 29%, a 130 basis points expansion versus the prior year. These exceptional full year results underscore the durability of our model and give us tremendous confidence in the momentum we're carrying into 2026.

因此，我們實現了25%的營收成長，調整後EBITDA成長了36%，這反映了營運紀律、成本管理以及強勁的單位經濟效益，門市利潤率達到29%，比上一年增長了130個基點。這些卓越的全年業績凸顯了我們模式的持久性，並讓我們對2026年的發展動能充滿信心。

Building off this strong foundation, our investments in our new store pipeline, supported by our growing team and a scalable development playbook, sets us on a clear path to achieve 1,000 units by 2035.

以此堅實的基礎為依托，我們對新店建設的投資，以及不斷壯大的團隊和可擴展的開發方案的支持，使我們走上了一條清晰的道路，力爭在 2035 年實現 1000 家門店的目標。

In the fourth quarter, Black Rock delivered outstanding results, achieving revenue growth of 25%, and adjusted EBITDA growth of 52% compared to the prior year period. We opened 12 new locations in the quarter, and same-store sales growth reached 9.3% or 18.8% on a two-year basis, with another quarter of positive comp growth across all of our markets.

第四季度，貝萊德取得了優異的業績，營收年增 25%，調整後 EBITDA 年成長 52%。本季我們開設了 12 家新店，同店銷售額成長了 9.3%，兩年內成長了 18.8%，所有市場均實現了連續第二季的同店銷售額正成長。

Heading into year end, our teams remain focused on execution and advancing our three strategic priorities.

進入年底，我們的團隊將繼續專注於執行和推進我們的三大戰略重點。

One, deepening customer engagement. Two, strengthening our people-oriented culture. And three, expanding our market presence.

第一，加深客戶互動。第二，加強以人為本的企業文化。第三，擴大我們的市佔率。

These priorities are foundational to our business and will continue to support our long-term growth trajectory.

這些優先事項是我們業務的基礎，並將繼續支持我們的長期成長軌跡。

I'll start with a few updates on customer engagement.

我先介紹一下客戶互動方面的最新狀況。

Our overall same-store transaction growth was 4.2% in the fourth quarter and 11.2% on a two-year basis for the quarter, highlighting very healthy momentum across our business, supported by a number of engagement initiatives.

第四季度，我們整體同店交易額成長了 4.2%，以兩年計算成長了 11.2%，凸顯了我們業務的良好發展勢頭，並得到了多項客戶互動計畫的支持。

Starting with loyalty, during the fourth quarter, our loyalty rewards participation rate remains strong at 65%, continuing the trend of healthy guest adoption and growing engagement since the platform launched in June of 2024. Loyalty members are visiting more often and spending more per visit than non-loyalty members, underscoring the program's role in strengthening retention and deepening customer relationships.

從忠誠度來看，在第四季度，我們的忠誠度獎勵參與率保持在 65% 的強勁水平，延續了自 2024 年 6 月該平台推出以來，顧客接受度不斷提高和參與度不斷增長的趨勢。會員忠誠計畫的會員到店頻率較高，每次到店消費金額也高於非會員，這凸顯了該計畫在加強顧客留存和加深顧客關係方面的作用。

Our loyalty database continues to grow every day, and has become a key channel for how we communicate and drive value with our guests. In just the first 18 months, we have built a strong data foundation and meaningful guest behavior insights, setting the stage for sustained program growth and customization potential.

我們的會員資料庫每天都在不斷成長，並已成為我們與顧客溝通和創造價值的關鍵管道。短短 18 個月內，我們就建立了強大的數據基礎和有意義的客戶行為洞察，為專案的持續成長和客製化潛力奠定了基礎。

In the fourth quarter, we tested segmented, targeted offers across specific guest cohorts to improve relevance and performance. Based on those results, we've established a more disciplined segmentation strategy for 2026 that we expect to drive measurable gains in engagement, transaction frequency, and offer efficiency, creating incremental value for both our guests and the business.

第四季度，我們針對特定客戶群測試了細分、有針對性的優惠活動，以提高相關性和效果。根據這些結果，我們制定了更嚴謹的 2026 年細分策略，我們期望該策略能夠顯著提高參與度、交易頻率和產品/服務效率，從而為我們的顧客和企業創造更多價值。

We are very excited about the significant opportunities we see for loyalty, as we expand our reach, and elevate the digital experience to more Black Rock fans across markets.

我們看到了提升客戶忠誠度的巨大機遇，這讓我們非常興奮，因為我們將擴大業務範圍，並為更多不同市場的黑石粉絲提升數位體驗。

Beyond our loyalty program, digital sales also continue to support transaction growth, with app online ordering, and third-party delivery driving greater guest frequency following our native OO launch last year.

除了我們的會員計畫之外，數位銷售也持續支持交易成長，應用程式線上訂購和第三方配送在我們去年推出原生 OO 服務後，推動了顧客光顧頻率的提高。

In Q4, alongside our always on media channels, we increased investment in paid media through a series of structured tests that have continued into Q1. We're using those results to refine a more performance driven, regionally tailored approach going forward. Paid media remains a strategic lever for us to efficiently build brand awareness and demand, and we will continue to invest with test and learn discipline to optimize returns by market.

第四季度，除了我們始終在線的媒體管道外，我們還透過一系列結構化測試增加了對付費媒體的投資，這些測試一直延續到第一季。我們將利用這些結果，在未來改善出一種更注重績效、更具區域針對性的方法。付費媒體仍然是我們有效提升品牌知名度和需求的策略槓桿，我們將繼續透過測試和學習的紀律進行投資，以優化各市場的回報。

Turning to menu mix and performance. In the 4th quarter, we leaned heavily into holiday seasonal flavors across our LTO lineup. The menu featured drinks like butterscotch breve, sour candy fueled with gummy worms, and guest's favorite, Peppermint Bark. These ran alongside a series of surprise and delight one-off drops throughout the quarter, including our Halloween Fuels, Magic Fuels, and naughty and nice fuels which help drive traffic, engagement, and trial.

接下來談談菜單組合和表現。第四季度，我們在限時特供產品線中大力推出了節日限定口味。菜單上的飲品包括奶油糖果布雷夫、酸味糖果配橡皮糖蟲，以及客人最喜歡的薄荷巧克力脆片。除此之外，本季還推出了一系列令人驚訝的限時特惠活動，包括我們的萬聖節燃料、魔法燃料以及淘氣和乖巧燃料，這些活動有助於提升流量、參與度和試用率。

Our top performing beverages for the quarter were the peppermint bark blondie, Pumpkin blondie white chocolate Milano mocha and butterscotch breve.

本季表現最佳的飲品是薄荷巧克力布朗尼、南瓜布朗尼、白巧克力米蘭摩卡和奶油糖果布雷夫。

We had also launched our second collaboration with influencer Avery Woods during the quarter, a tangerine, strawberry, pomegranate fuel, which outperformed our first viral Avery Woods drink collaboration featured over the summer. The campaign provided valuable learnings on how to authentically connect with our core guests and extend our reach to new audiences through our influencer network and creator partnerships.

本季度，我們還與網紅艾弗里·伍茲 (Avery Woods) 推出了第二次合作，推出了一款橘子、草莓、石榴口味的能量飲料，其銷量超過了我們夏季推出的第一次與艾弗里·伍茲合作的爆款飲品。這項活動為我們提供了寶貴的經驗，讓我們了解如何與核心客戶建立真誠的聯繫，並透過我們的影響力網絡和創作者合作關係，將我們的影響力擴展到新的受眾群體。

This quarter, we've started to apply those insights more broadly as we explore a structured micro-influencer strategy to support future LTOs, NSOs, brand awareness and menu innovation. We're prioritizing local creators who are already genuine fans of Black Rock and have an organic connection to our brand, allowing us to stay authentic while driving high intense engagement with opportunity to scale over time.

本季度，我們開始更廣泛地應用這些見解，探索結構化的微型網紅策略，以支持未來的限時特惠、新品上市、品牌知名度和菜單創新。我們優先考慮那些已經是 Black Rock 的真正粉絲，並且與我們的品牌有天然聯繫的本地創作者，這使我們能夠在保持真實性的同時，推動高強度的互動，並有機會隨著時間的推移而擴大規模。

As it relates to our food offerings, Egg Bites continues to exceed expectations with our guests, driving attachment and check growth over prior year as anticipated. Product mix for fuel and food increased sequentially during the fourth quarter, reflecting continued demand and engagement for our menu, innovation, and elevated sweet and savory food options.

就我們的食品供應而言，Egg Bites 繼續超越顧客的預期，正如預期的那樣，推動了顧客忠誠度和客單價較上一年有所增長。第四季度，燃料和食品的產品組合環比成長，反映出消費者對我們的菜單、創新以及更高品質的甜鹹食品選擇的需求和參與度持續提高。

On innovation, this month, we're excited to partner with Ollipop to launch a dirty soda drink as a seasonal limited-time offer to kick off the new year. We're intentionally using LTOs to validate guests demand and performance before scaling new items system-wide. We're also continuing to innovate and test across food and functional beverage offerings as part of our 2026 pipeline.

在創新方面，本月我們很高興與 Ollipop 合作，推出一款髒蘇打飲料，作為季節性限時優惠，以迎接新年。我們有意使用限時特供產品來驗證顧客需求和表現，然後再將新產品推廣到整個系統。作為我們 2026 年產品線的一部分，我們也在不斷創新和測試食品和功能性飲料產品。

Taken together, our diverse menu and multiple points of service are driving healthy customer engagement. And we believe they provide significant opportunity to further elevate brand visibility and expand within our markets.

總而言之，我們豐富多樣的菜單和多個服務點正在推動顧客的積極參與。我們相信，它們為進一步提升品牌知名度和拓展市場提供了重要機會。

Turning now to our people-oriented culture. Investing in our teams, and fostering a collaborative and performance-driven culture is translating into stronger guest connection and amazing engagement for team members. Retention rates continue to be a real strength at BlackRock, highlighting our unique model, approach, and incentives, which are grounded in business acumen, career growth, and operational execution across our teams.

現在讓我們來談談我們以人為本的企業文化。投資我們的團隊，並培養協作和以績效為導向的文化，正在轉化為更牢固的客戶關係和團隊成員的極高參與度。貝萊德的員工留存率一直是其真正的優勢，凸顯了我們獨特的模式、方法和激勵機制，這些都建立在我們團隊的商業敏銳度、職業發展和營運執行力之上。

Team member turnover improved year over year, driven by the evolution of our learning management system, which delivers onboarding and training support, builds business acumen, and drives greater new higher confidence, which supports even stronger engagement with our guests.

團隊成員流動率逐年改善，這得益於我們學習管理系統的改進，該系統提供入職和培訓支持，培養商業敏銳度，並增強員工的自信心，從而支持我們與顧客之間更緊密的互動。

Store lead turnover also improved year over year, supported by our career roadmap training program, which focuses on elevating the business acumen and leadership skills of our retail leaders, enabling them to run their stores more effectively, and thrive in their roles.

門市主管的流動率也逐年下降，這得益於我們的職業發展規劃培訓計劃，該計劃旨在提升零售領導者的商業敏銳度和領導技能，使他們能夠更有效地管理門店，並在各自的崗位上取得成功。

This program gives us confidence in the ever-growing pipeline of leaders at Black Rock who are well equipped to support our store opening plan to complement the success of our career roadmap program.

該計劃讓我們對 Black Rock 不斷壯大的領導人才儲備充滿信心，他們完全有能力支持我們的門市開業計劃，從而助力我們的職業發展規劃計劃取得成功。

In the fourth quarter, we launched our new high potential talent development program in partnership with the Bold Font team, prepping our most advanced team members for senior leadership. In conjunction with our career roadmap, this talent development program is designed to build a high-performing organization while investing deeply in our people and their long-term career growth.

第四季度，我們與 Bold Font 團隊合作推出了新的高潛力人才發展計劃，為我們最優秀的團隊成員晉升高階領導職位做好準備。結合我們的職涯發展規劃，這項人才發展計畫旨在打造一個高效率的組織，同時對我們的員工及其長期職涯發展進行深入投資。

As we've outlined, the career development and business acumen of our teams is a core business pillar at Black Rock.

正如我們所概述的，團隊成員的職業發展和商業才能是貝萊德的核心業務支柱。

We're committed to teaching, coaching, and growing our people at every step, so they know Black Rock is a place to build a career, not just a job. These programs meaningfully contribute to our success and have resulted in a stronger Black Rock, delivering exceptional guest satisfaction. I'm incredibly proud of our team, and we are energized about continuing to develop our people pipeline for long-term growth.

我們致力於在員工發展的每一步中進行教導、指導和培養，讓他們知道 Black Rock 是一個可以成就事業的地方，而不僅僅是一份工作。這些項目對我們的成功做出了重要貢獻，使黑岩酒店更加強大，並為客人帶來了卓越的滿意度。我為我們的團隊感到無比自豪，我們充滿熱情地繼續培養人才，以實現長期發展。

In addition to our training programs, our inventory management module, designed to enhance cog's performance and elevate business acumen across our employee base, continues to drive improvements. As we deepen our team's understanding of the why behind inventory management. The efficiencies we create allow us to reinvest those savings into our people. We are optimistic about the impact this program will have over time on the performance of each store, area, and region as we continue to scale its implementation.

除了我們的培訓計劃外，我們的庫存管理模組旨在提高公司績效並提升全體員工的商業敏銳度，該模組也持續推動改進。隨著我們團隊對庫存管理背後的原因有了更深入的了解。我們透過提高效率所節省的資金，可以重新投入員工身上。我們樂觀地認為，隨著我們不斷擴大該計劃的實施規模，它將對每個門市、區域和地區的業績產生積極影響。

Finally, I want to highlight one of the most important moments in our year, our annual top quartile meeting, which took place in Scottsdale, Arizona just last week. It's a cornerstone of who we are as a company, a time when we come together to celebrate the year's accomplishments, recognize our top performers across the organization, and align on our goals for 2026.

最後，我想重點介紹我們一年中最重要的一刻，即上週在亞利桑那州斯科茨代爾舉行的年度前四分之一學生會議。這是我們公司文化的重要組成部分，也是我們齊聚一堂慶祝一年成就、表彰公司各部門優秀員工、共同製定 2026 年目標的時刻。

This gathering reinforces the culture we're building: one rooted in growth, accountability, and appreciation, and ensures our teams feel connected to both our purpose and our future.

這次聚會鞏固了我們正在建構的文化：一種植根於成長、責任和讚賞的文化，並確保我們的團隊感受到與我們的目標和未來之間的聯繫。

Last, I'll share a few updates on our expansion strategy in the fourth quarter. We opened 12 new locations across several growth markets, Arizona, Colorado, Texas, and California, bringing our store openings for the year to 32, ahead of plan, and our total store count to 181. Of the 12 new store openings in the quarter, we opened our first modular prototype with a lobby, marking an important milestone as we look to accelerate our speed to market and drive cash on cash returns.

最後，我將分享一些關於我們第四季擴張策略的最新進展。我們在亞利桑那州、科羅拉多州、德克薩斯州和加利福尼亞州等幾個增長型市場開設了 12 家新店，使我們今年的門市開業數量達到 32 家，提前完成了計劃，門市總數達到 181 家。本季新開的 12 家門市中，我們開設了第一家帶大廳的模組化原型店，這標誌著我們在加快上市速度和提高現金回報率方面邁出了重要一步。

Our California stores are already producing strong AUVs out of the gate, reinforcing the effectiveness of our disciplined and data-driven site selection strategy, while also lifting brand awareness in the market. Following the successful opening of our first drive-through with a lobby in Southern California in the 3rd quarter, our second opening in quarter four was another exciting addition in this high-performing market.

我們在加州的門市一開業就取得了強勁的單店銷售成長，這不僅鞏固了我們嚴謹且以數據為導向的選址策略的有效性，也提高了品牌在市場上的知名度。繼第三季我們在南加州成功開設第一家設有大廳的汽車餐廳後，第四季我們又開設了第二家，這為這個表現優異的市場增添了另一個令人興奮的新成員。

Broadly, our 2025 new unit cohort continues to perform ahead of plan, exceeding sales forecasts, delivering strong store-level margin acceleration and strong cash on cash returns, while also leading the system in barista retention and guest satisfaction. This sustained outperformance, together with the depth of our development pipeline gives us confidence in our ability to drive continued AUV growth grom $1.3 million system-wide as we close the year.

總體而言，我們 2025 年新推出的門市繼續超額完成計劃，銷售業績超出預期，實現了強勁的門市利潤增長和強勁的現金回報率，同時在咖啡師留存率和顧客滿意度方面也處於領先地位。這一持續優異的表現，加上我們深厚的研發實力，使我們有信心在年底前推動 AUV 在整個系統中持續成長 130 萬美元。

As we communicated last quarter, unexpected landlord delays and extended permitting timelines caused several planned store openings to shift later in the quarter. This timing dynamic in the third quarter also reduced the store weeks we carried into the start of quarter four, and modestly limited new unit contribution early in the fourth quarter despite the temporary shift in timing, underlying demand remained healthy, highlighted by our strong comp momentum, and the continued outperformance from our newest stores.

正如我們上個季度所溝通的那樣，由於房東意外拖延和許可證審批時間延長，導致幾個計劃中的門市開業時間推遲到本季晚些時候。第三季的這種時間安排也減少了我們延續到第四季度初的門市週數，並且儘管時間安排發生了暫時性的變化，但第四季度初新店的貢獻仍然略有減少，但潛在需求依然健康，這體現在我們強勁的同店銷售勢頭以及我們最新門市的持續優異表現上。

Our development pipeline has continued to mature, and the learnings from this process have allowed us to refine our systems, strengthen cross-functional coordination, and position ourselves for a more robust 2026 opening cadence, which ensures we capture the full benefit of store weeks throughout the year.

我們的開發流程不斷完善，從這一過程中汲取的經驗使我們能夠改進系統，加強跨職能協調，並為更穩健的 2026 年開業節奏做好準備，從而確保我們全年充分利用門店週的優勢。

Our robust pipeline refine process, and additional investments backed by our strong earnings and sales growth further drives our confidence to open 1,000 units over the next 10 years. As we step into a new year, we are energized about the opportunities ahead of us with significant white space for continued growth across our existing markets, supported by our deep bench of talented team members and leaders.

我們強大的管道優化流程，以及強勁的獲利和銷售成長所帶來的額外投資，進一步增強了我們在未來 10 年內開設 1000 個單位的信心。邁入新的一年，我們充滿活力，對未來的機會充滿信心。在現有市場中，我們擁有龐大的成長空間，並且有強大的優秀團隊成員和領導者團隊為我們提供強而有力的支持。

Before turning it over to Rodd, I want to thank the Black Rock team, our baristas, our field operators, and our home office for their dedication and passion in serving our guests. Our loyal guests, for being a part of our community and making Black Rock part of their daily routines, and to our shareholders for their support as we pursue significant opportunities for growth and value creation ahead of us.

在將發言權交給 Rodd 之前，我要感謝 Black Rock 團隊、我們的咖啡師、我們的現場操作員以及我們的總部，感謝他們為服務顧客所付出的奉獻和熱情。感謝我們忠實的顧客，感謝你們成為我們社區的一份子，並將黑石酒店融入你們的日常生活；也感謝我們的股東，感謝你們的支持，讓我們能夠抓住未來重要的成長和價值創造機會。

I also want to thank Jake Spellmeyer and Bryan Pereboom who have retired from their board roles effective February 25, 2026, to focus on family and pursue other interests. We're grateful for their contributions to Black Rock over the years and wish them the very best in this next chapter.

我還要感謝 Jake Spellmeyer 和 Bryan Pereboom，他們已於 2026 年 2 月 25 日從董事會職務退休，以便專注於家庭和追求其他興趣。我們感謝他們多年來對黑岩的貢獻，並祝福他們在人生的下一個篇章中一切順利。

With that, I'll turn the call over to Rodd to provide more detail on our fourth-quarter 2025 financial performance and 2026 guidance.

接下來，我將把電話交給 Rodd，讓他詳細介紹我們 2025 年第四季的財務表現和 2026 年的業績指引。

Thanks, Mark. Good afternoon, everyone. We ended the 2025 calendar year with strong momentum across the business, and we are excited about the growth and opportunity ahead in 2026.

謝謝你，馬克。大家下午好。2025 年底，公司業務發展勢頭強勁，我們對 2026 年的成長和機會充滿期待。

Let me start with a brief overview of our 2025 results before diving into our fourth quarter performance. For the 2025 year, we achieved $200.3 million in total revenue and $27.5 million in adjusted EBITDA. We recognize revenue growth of 24.5%, driven by 10.1% same-store sales growth and 32 new store openings, ending the year with 181 stores and counting.

在深入探討我們第四季的業績之前，讓我先簡單概述一下我們 2025 年的業績。2025 年，我們實現了 2.003 億美元的總收入和 2,750 萬美元的調整後 EBITDA。我們實現了 24.5% 的收入成長，這主要得益於同店銷售額成長 10.1% 和新開 32 家門市，截至年底，我們的門市總數已達 181 家，並且還在增加。

Our adjusted EBITDA growth was 36.2%, and our adjusted EBITDA margin expanded 120 basis points to 13.7%. We're very proud of our team for their strong performance throughout 2025, which underscores the long-term growth opportunity that Mark highlighted earlier.

我們調整後的 EBITDA 成長率為 36.2%，調整後的 EBITDA 利潤率成長了 120 個基點，達到 13.7%。我們為團隊在 2025 年的出色表現感到非常自豪，這凸顯了 Mark 先前強調的長期成長機會。

Turning to the fourth quarter, we generated $53.6 million in total revenue, an increase of 25.3% year over year. Our growth was fueled by 9.3% same-store sales growth, despite lapping a strong 9.5% comp in the prior year, along with same-store transaction growth of 4.2% and 12 new store openings during the quarter.

第四季度，我們實現了5,360萬美元的總收入，年增25.3%。儘管上一年同店銷售額增長了 9.5%，但我們仍實現了 9.3% 的增長，同時同店交易量增長了 4.2%，並且本季度新開了 12 家門市。

Store level profit was $15.7 million in the fourth quarter, up 35.8% over the prior year, and store level profit margin was a strong 29.4%, 230 basis points favorable year over year.

第四季門市利潤為 1,570 萬美元，較上年同期成長 35.8%；門市利潤率為 29.4%，較去年同期成長 230 個基點。

Notably, for the full year, store level profit margin expanded to 29.2%, up from 27.9% in the prior year, highlighting the commitment and execution of our retail teams across the organization, driving operating efficiencies and store level profitability. And as Mark mentioned, our annual top quartile meeting last week was a key moment for us to recognize our team's contributions, celebrating their success and building excitement for the year ahead.

值得注意的是，全年門市利潤率從去年的 27.9% 成長至 29.2%，這凸顯了我們整個組織零售團隊的承諾和執行力，從而提高了營運效率和門市獲利能力。正如馬克所提到的，我們上週舉行的年度前四分之一團隊會議是我們表彰團隊貢獻、慶祝他們的成功並為來年註入活力的關鍵時刻。

Consolidated adjusted EBITDA for the quarter was $6.5 million up 52.4% over the prior year as we executed against our strategic initiatives.

由於我們成功執行了策略性舉措，本季綜合調整後 EBITDA 為 650 萬美元，比上年同期成長 52.4%。

Beverage, food and packaging costs were $14.7 million or 27.4% of total revenue, and 190 basis points favorable year over year. Store level labor costs were $11.4 million or 21.3% of total revenue, and 70 basis points favorable year over year.

飲料、食品和包裝成本為 1,470 萬美元，佔總收入的 27.4%，比去年同期下降 190 個基點。門市層級的人工成本為 1,140 萬美元，佔總收入的 21.3%，比去年同期下降了 70 個基點。

Occupancy and related expenses were $4.4 million or 8.3% of total revenues and 20 basis points unfavorable year over year. Pre-opening costs were $1.2 million or 2.3% of total revenues driven by 12 new store openings in the quarter. And as Mark mentioned, we have continued to invest and reinforce our pipeline to support our long-term target of 1,000 stores by 2035.

入住及相關費用為 440 萬美元，佔總收入的 8.3%，年減 20 個基點。本季新開了 12 家門市，導致開業前成本為 120 萬美元，佔總收入的 2.3%。正如馬克所提到的，我們一直在持續投資並加強我們的通路建設，以支持我們在 2035 年開設 1000 家門市的長期目標。

COGS margins improved year over year as a result of great execution from our retail teams, in addition to closely managed procurement and pricing with our supply chain team. We closely track cost centers and work with our partners to offset any potential increases whenever we can. As it specifically relates to coffee costs, while prices remained elevated through the fourth quarter and into the early part of 2026, we do anticipate some relief in the second half of the year.

由於零售團隊的出色執行，以及與供應鏈團隊密切合作進行採購和定價，COGS利潤率逐年提高。我們會密切關注成本中心，並與合作夥伴共同努力，盡可能抵消任何潛在的成本成長。就咖啡成本而言，雖然價格在第四季和 2026 年初仍然居高不下，但我們預計下半年價格會有所下降。

Adjusted SG&A was $8 million in the quarter or 15% of revenue, compared to $6.4 million in the prior year period. We will continue to manage our SG&A growth with discipline to ensure it supports our ongoing expansion of our business.

本季調整後的銷售、一般及行政費用為 800 萬美元，佔營收的 15%，而上年同期為 640 萬美元。我們將繼續嚴格控制銷售、管理及行政費用的成長，以確保其能夠支持我們業務的持續擴張。

Our approach remains deliberate and focused, investing in team growth that enables our strategic initiatives, fuel sales performance, and underpins our new store development, shifting to the balance sheet.

我們的方法依然是深思熟慮、目標明確，投資於團隊發展，從而推動我們的策略舉措，提升銷售業績，並為我們的新店開發奠定基礎，最終改善資產負債表。

As of December 31, 2025, we had cash and cash equivalents of $28.4 million and a total debt position of $26.7 million consisting of $18.7 million outstanding under our current credit facility and $8 million of financing obligations related to failed sale leaseback arrangements. We had a net cash position of $9.7 million and access to our unfunded revolver of $25 million.

截至 2025 年 12 月 31 日，我們擁有現金及現金等價物 2,840 萬美元，總債務為 2,670 萬美元，其中包括根據我們目前的信貸安排未償還的 1,870 萬美元，以及與失敗的售後回租安排相關的 800 萬美元融資義務。我們擁有970萬美元的淨現金頭寸，並可使用2,500萬美元的未註資循環信貸額度。

As it relates to CapEx, we invested $35.3 million for the year. Total CapEx for our 2025 class was $27.5 million before TI contributions of $6.7 million with the remaining investments attributable to our existing stores and our 2026 pipeline of new stores. Build costs remains stable despite a volatile environment. A testament to our discipline, project management, and vendor relationships. And as Mark mentioned, we have made additional investments in our pipeline to support our growth targets and build on the momentum for 2025.

在資本支出方面，我們本年度投資了 3,530 萬美元。2025 年的總資本支出為 2,750 萬美元，不包括 670 萬美元的 TI 投入，其餘投資歸因於我們現有的門市和 2026 年的新店計劃。儘管環境動盪，但建設成本仍維持穩定。這證明了我們的嚴謹作風、專案管理能力和供應商關係。正如馬克所提到的，我們已經對產品線進行了額外投資，以支持我們的成長目標，並為 2025 年的發展勢頭奠定基礎。

Turning to our outlets As we look ahead to 2026, we're building off an exceptionally strong year of performance in 2025, marked by industry leading same-store sales growth, strong store level margins, and continued unit expansion. While it's early in our journey as a new public company, and our performance to date has been strong, we have tremendous conviction in our model. Our 2026 outlook aligns with our long-term algorithm, reflecting strong momentum in the business and the investments we're making to position the company for sustained long-term success.

展望 2026 年，我們將以 2025 年異常強勁的業績為基礎，實現業界領先的同店銷售成長、強勁的門市利潤率和持續的門市擴張。雖然我們作為一家新上市公司的發展歷程還處於早期階段，而且迄今為止我們的業績表現強勁，但我們對我們的模式充滿信心。我們對 2026 年的展望與我們的長期演算法相符，反映了業務的強勁發展勢頭以及我們為使公司實現持續長期成功而進行的投資。

For the full year 2026, we expect 36 new store openings, total revenue in the range of $255 million to $257 million same-store sales growth in the mid-single-digits, and consolidated adjusted EBITDA in the range of $33.5 million to $34.5 million. And capital expenditures in the range of $40 million to $41 million including anticipated tenant improvement allowances, or $58 million to $61 million excluding anticipated tenant improvement allowances of $18 million to $20 million. Our CapEx guidance supports our 2026 class, our existing stores, as well as investments in our 2027 class later this year.

預計 2026 年全年將開設 36 家新店，總收入在 2.55 億美元至 2.57 億美元之間，同店銷售額將實現中等個位數增長，合併調整後 EBITDA 在 3350 萬美元至 3450 萬美元之間。資本支出在 4,000 萬美元至 4,100 萬美元之間，包括預計的租戶裝修補貼；或在 5,800 萬美元至 6,100 萬美元之間，不包括預計的租戶裝修補貼 1,800 萬美元至 2,000 萬美元。我們的資本支出指導方針支持我們的 2026 年批次、現有門市，以及今年稍後對 2027 年批次的投資。

Our teams continue to execute on our strategic initiatives with discipline, driving strong performance across our organization and the markets we operate in. Our ability to deliver a differentiated guest experience paired with a premium product offering, engaged teams, and a scalable expansion model gives us confidence in our ability to sustain this trajectory.

我們的團隊繼續以嚴謹的態度執行我們的策略舉措，從而推動我們整個組織以及我們所經營的市場取得強勁的業績。我們能夠提供差異化的賓客體驗，並提供優質的產品、敬業的團隊和可擴展的擴張模式，這使我們有信心保持這一發展勢頭。

Looking further ahead, we remain firmly committed to delivering on our long-term targets of 20% annual new unit growth, revenue growth of 20% or more, mid-single-digit same-store sales growth, and adjusted EBITA growth that outpaces revenue growth. With this trajectory, we are confident we will achieve 1,000 units by 2035.

展望未來，我們將繼續堅定不移地致力於實現我們的長期目標，即每年新增門市數量增長 20%，收入增長 20% 或以上，同店銷售額增長達到中等個位數，以及調整後 EBITA 增長超過收入增長。依照這個發展軌跡，我們有信心在 2035 年達到 1000 台的產量目標。

With that, I'll turn it over to the operator to open the line for questions.

接下來，我將把電話交給接線員，讓他開通線路接受提問。

(Operator Instructions) John Ivankoe, JPMorgan.

（操作說明）John Ivankoe，摩根大通。

Hi, thank you so much. The question is on new unit development. I want to go a couple places with this. First, an increase in CapEx from $35 million approximately to $40 million to $41 million in '26. Does that partially include maybe more units than we were previously expecting in '27? At least the number that I have in the model is 43 units and 27, and I wonder if there's kind of a change to that number that we can begin to talk about in '26?

您好，非常感謝。問題是關於新單元的開發。我想帶著這個去幾個地方。首先，資本支出從 2026 年的約 3,500 萬美元增加到 4,000 萬美元至 4,100 萬美元。這是否意味著 2027 年的產量可能比我們之前預期的要多？至少我模型中的數字是 43 個單位和 27 個單位，我想知道這個數字在 2026 年是否有所變化，我們可以開始討論嗎？

And secondly, if I may, as you're entering new markets and also as competition is entering your markets. Are you seeing a change in the competitive intensity for your employees, which sounds like it's not, but coming on your employees, customers, and also site availability as capital in this industry is clearly chasing some of the high returns that you and some others are getting.

其次，如果可以的話，我想問一下，隨著你們進入新市場，同時也有競爭對手進入你們的市場。您是否感受到員工之間的競爭強度有所改變？聽起來似乎沒有，但考慮到員工、客戶以及場地可用性，這個行業的資本顯然都在追逐您和其他一些人所獲得的高回報。

Thank you so much.

太感謝了。

Thanks for the question, John. I think I'll take the first one and the first part, and Mark can take the second. To your point about cap CapEx, you're spot on it, and Mark mentioned it, as did I. I think what we learned in the third quarter and in the fourth quarter was just giving ourselves a little bit more in terms of investment in the pipeline and more opportunity and so when you think about those targets for 2026, probably about 25% of that CapEx is actually going to be committed to the 2027 pipeline.

謝謝你的提問，約翰。我想我會負責第一個和第一部分，馬克可以負責第二部分。關於資本支出，您說得完全正確，馬克也提到了這一點，我也提到了。我認為我們在第三季和第四季學到的是，應該在研項目和機會方面投入更多資金，因此，在考慮2026年的目標時，大約25%的資本支出實際上將用於2027年的項目。

Obviously we've got the 2026 class of stores and then the ongoing maintenance CapEx. But yes, to your point, a significant portion of that, is going to be for the 2027 class, and then you had asked another question, what was that?

顯然，我們有 2026 年的門市，還有持續的維護資本支出。但是，正如你所說，其中很大一部分將用於 2027 屆學生，然後你又問了一個問題，那是什麼？

Oh, okay. So, yeah, is $43 million still the right number for '27, or might there be an upward bias to that relative to the previous expectations?

哦好的。所以，4300萬美元仍然是2027年的正確數字嗎？或者相對於先前的預期，這個數字是否有可能向上傾斜？

No, we're still committed to the modeling at the moment again, as we've continued to build out not only the '26 but the '27 class. We're getting way out in front of that. And so again when we look at some of these stores where they have a longer build time, we think about some of these reverse build to suits where there's about a 9- to 12-month build time for us, you'll see some of that CapEx in '26 for stores that open in '27, but no change to the total units.

不，我們目前仍然致力於建模，因為我們不僅繼續開發 2026 年車型，還繼續開發 2027 年車型。我們在這方面遙遙領先。所以，當我們再次審視一些建設週期較長的門市時，我們會考慮一些反向建造的客製化門市，這些門市的建設週期大約是 9 到 12 個月，你會看到 2026 年的一些資本支出用於 2027 年開業的門市，但門市總數不會改變。

And then John, you asked about the competitors and markets, and I think, as Rod pointed out, when you look at our third quarter with the store weeks, we have adjusted the pipeline to make sure that not only are we going to be great on store weeks, but we're going to be great on the units. When you look at the availability, we've seen no pressure, and if anything, we've seen significant opportunity of volume.

約翰，你問到了競爭對手和市場，我認為，正如羅德指出的那樣，當你查看我們第三季度的門店週數時，我們已經調整了銷售渠道，以確保我們不僅在門店週數方面表現出色，而且在單位銷量方面也表現出色。從供應情況來看，我們沒有看到任何壓力，相反，我們看到了巨大的供應機會。

The quality of sites has improved, and nothing has suggested that the market dynamics are changing. Us being a growing brand again has made us a really attractive tenant. You also asked about the people pipeline. Again, 98% of our team members above the barista are promoted within.

網站品質有所提高，沒有任何跡象表明市場動態正在發生變化。我們作為一個正在重新崛起的品牌，使我們成為極具吸引力的租戶。您也問到了人才儲備方面的問題。再次強調，我們團隊中98%的咖啡師以上職位成員都是內部晉升的。

And again, as you think about the acumen, the career roadmap, the leadership pathway, the high potential talent development, profit sharing, and then the scorecard, all of that has produced very strong store leads, multi-store leads, and AMs in every state that we're in.

再說一遍，當你考慮到敏銳度、職業發展路線圖、領導力發展路徑、高潛力人才培養、利潤分享以及績效考核時，所有這些都在我們所在的每個州培養出了非常優秀的門店負責人、多門店負責人和區域經理。

We've got an incredibly deep bench, and when you think about the career development, both professional and personally, it's really helped. And that ownership from the team, from the ground floor has really made us a great growing company. And so I think, ultimately, the answer to your question is we're going to make sure we hit the store weeks, we're going to make sure that we hit the development pipeline that we've committed to.

我們擁有非常強大的後備人才庫，從職業發展（包括專業發展和個人發展）的角度來看，這真的很有幫助。這種來自團隊、從基層做起的主人翁精神，真正讓我們成為一家快速成長的公司。所以我覺得，最終，你問題的答案是，我們將確保按時上架，我們將確保按時完成我們承諾的開發計劃。

And then on the people's side, we've really doubled down to make sure that we've got the right teams to open each of those stores up in a quality way.

在人員方面，我們加倍努力，確保我們擁有合適的團隊，以高品質的方式開設每一家門市。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Two things I just wanted to touch on. The first thing, kind of increased paid media and still I know in the testing mode, but I'm assuming that's in your newer markets. Would you care to kind of comment on how many of those newer markets you're seeing or testing paid media and to drive brand awareness?

我只想簡單提兩件事。首先，我們增加了付費媒體投入，我知道目前還處於測試階段，但我假設這是在你們的新市場。您能否談談您正在關注或測試的付費媒體在多少個新興市場中的應用，以及您如何利用付費媒體來提升品牌知名度？

So Andy, thanks for being on. I think one paid media doesn't drive loyalty, it obviously drives awareness. When you look at our loyalty at 18 months, we've got about 2 million members and that participation rate is growing month after month. Regarding the paid media, we're using it to support all of the new store openings and the new member acquisition.

安迪，謝謝你來參加節目。我認為付費媒體宣傳並不能提升用戶忠誠度，它顯然只能提高品牌知名度。從我們過去 18 個月的會員忠誠度來看，我們擁有大約 200 萬會員，參與率還在逐月增長。至於付費媒體，我們正利用它來支持所有新店開幕和新會員招募。

And again, while it's still very early, what we've seen is an increased personalization and scale, and that's driving a higher traffic check and overall sales. And so, as Jessica, our CMO she's done great things with it. We not only feel good about how the paid media has gone, but we're going to continue to do more of it. And as you pointed out, we're going to do it in all the new markets.

再次強調，雖然現在還處於非常早期的階段，但我們已經看到個人化和規模的提升，這正在推動更高的流量和整體銷售額。所以，作為我們的首席行銷長傑西卡，她在這方面取得了巨大的成就。我們不僅對付費媒體的進展感到滿意，而且還將繼續加大投入。正如你所指出的，我們將在所有新市場中這樣做。

Got you. And then, just, circling back on the lollipop, dirty soda, LTO is there was there a, implication there that if it works really well in terms of, cost demand, that that could wind up being a permanent addition to the menu in terms of dirty sodas?

抓到你了。然後，再回到棒棒糖、髒蘇打水和限時特飲的話題，這是否暗示著，如果它在成本和需求方面表現非常好，那麼髒蘇打水最終可能會成為菜單上的永久產品？

Yeah, so when you look at OLIPOP, you're aware we're only a couple of days in, but the partnership was intentional, and it's driven by guest demand for functional, cleaner label beverage. I think it allows us to enter the dirty soda space in a differentiated, elevated way.

是的，所以當你看到 OLIPOP 時，你會意識到我們才合作了幾天，但這次合作是經過深思熟慮的，是由顧客對功能性、成分更純淨的飲料的需求所驅動的。我認為這使我們能夠以一種與眾不同、高雅的方式進入髒汽水領域。

And to your point, the way that we roll out from an expansion system-wide, it's an LTO today, and the hope is that we gain some insights that guide us to the next steps. We certainly see it as an avenue where we can grow the business, and at the moment we feel really strongly about it.

正如您所說，我們目前採用的是從擴展系統整體上推出的方式，今天這是一個限時促銷活動，希望我們能從中獲得一些啟發，指導我們下一步的工作。我們當然認為這是一個可以發展業務的途徑，而目前我們對此充滿信心。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon. Mark, I just want to come back to the timing of your openings, and I guess the second quarter in a row here we've seen the openings, kind of very back weighted in the quarter and causing you not to capture all the revenue that you might have hoped for. And I guess the explanation for that is kind of landlord delays, and I'm just wondering how you resolved that issue?

您好，下午好。馬克，我只想再談談你們的開業時間安排，我想這已經是連續第二個季度出現這種情況了，開業時間嚴重滯後於季度末，導致你們未能獲得預期的全部收入。我猜想造成這種情況的原因可能是房東拖延，我想知道你是如何解決這個問題的？

I know you sound pretty confident that you can get that done, but it sounds like the explanation is a bit out of your control. So I guess, what are you going to do exactly to sort of get a more even weighted set of openings across the quarter?

我知道你聽起來很有信心能完成這件事，但聽起來事情的解釋有點超出你的控制範圍。所以我想問，你們打算採取什麼措施來讓整個季度的開盤價更加均衡呢？

David, thank you for being on, and I appreciate the opportunity to talk about it. I think when we went public, we had a pipeline where we felt we had enough buffer, and what we've found is the way to Be better at that is to not only have more stores in the pipeline, but also going through the database approach and pushing on that.

大衛，謝謝你來參加節目，我很感激有機會談論這件事。我認為當我們上市時，我們擁有足夠的儲備，而我們發現，要做得更好，不僅要有更多的門市在籌備中，還要採用資料庫方法並加以推進。

And so, when you look at store weeks, I would say generally that what was once our opportunity is now one of our strengths. I think when you look at the third quarter, when we had the landlord issues, we pulled stores forward from the fourth quarter, which obviously took some of the stores out of the 4th quarter. We did that again to make sure that we were ahead, and what we did, and I'm really proud of, the team.

因此，從門市週來看，我通常會說，曾經是我們的機會，現在已經成為我們的優勢之一。我認為，回顧第三季度，由於我們遇到了房東問題，我們將一些門市從第四季度提前開業，這顯然導致一些門市無法在第四季度開業。我們再次這樣做是為了確保我們領先，而我們所做的一切，我真的為團隊感到驕傲。

Was able to hit the units, and again, I think for the future where we've added into the pipeline, we are far better set up for success. I'd say that we have better systems. We've got cross-functional support that works. When you look at the 2026 pipeline, David, we have a larger pipeline and we have more buffer. And again, based on that, what you're going to see is better performance on store week.

已經達到了預期目標，而且我認為，隨著我們不斷推進項目，未來我們已經做好了更充分的準備，更容易取得成功。我認為我們的系統更好。我們擁有行之有效的跨部門支援。大衛，當你展望 2026 年的管道建設時，你會發現我們的管道規模更大，緩衝空間也更大。基於此，你會看到門市週的業績會更好。

We'll be ahead of it, and what'll end up happening is we're going to have this strong pipeline, quality stores, and the goal, again, the goal is to eclipse that commitment on store weeks. Really, if I could go back in time, we would have had more buffer as we went public, and I think what we've done now is made sure moving forward that we're in a better place. And so you won't see that in the 2026 year.

我們將搶佔先機，最終我們將擁有強大的產品線、優質的門市，而我們的目標，再次強調，就是要在門店週內超越這項承諾。說真的，如果可以回到過去，我們在上市時會有更多的緩衝時間，我認為我們現在所做的一切都是為了確保我們未來處於更好的位置。所以，在 2026 年你不會看到這種情況。

Got it. Thank you for that. And then if I can tack one more on development, you mentioned this modular prototype, that you opened in the quarter. Can you elaborate on what the benefits of of that prototype bar and maybe specifically address whether it's lower cost to build or the same cost I guess you know kind of what are the total benefits of that prototype.

知道了。謝謝。如果我能再補充一點關於開發方面的內容，您提到了您在本季推出的模組化原型。您能否詳細說明這款原型酒吧的優勢是什麼，並具體說明一下它的建造成本是更低還是相同？我想您應該知道，這款原型酒吧的整體優勢是什麼。

Of course, and so when you look at the modular, we originally had drive-through only and we now have a modular that is also with the lobby. Again, because we build end caps, reverse build the suits, and ground leases, it's very site specific, and as you think about it varies quarter to quarter depending upon the site. It does in fact reduce the capital expenditures, and I think the greatest thing back to your first question is it speeds up store openings and it gets us more store weeks.

當然，所以當你查看模組化建築時，我們最初只有得來速通道，而現在我們有了一個與大廳相連的模組化建築。再說一遍，因為我們建造的是端頭建築、反向建造套房以及土地租賃，所以具體情況因地而異，而且正如你所想，每個季度都會根據場地情況而變化。它確實可以減少資本支出，而且我認為回到你的第一個問題，它最大的好處是加快了門市開業速度，讓我們有更多的門市週數。

And so with those two formats, we'll continue to do the drive-through only and the drive-through with the lobby, and that'll help us leverage. I think when you're looking at the units, we obviously, we opened 6 in Arizona, one in Texas, four in Colorado, and one in California in the fourth quarter. And what we're seeing again is that we're going into those high performing markets and we're seeing really strong success with the current cohort and the prior cohort, and that's been really good for us.

因此，我們將採用這兩種形式，一種是僅提供免下車服務，另一種是提供免下車服務並設有大廳，這將有助於我們充分利用這兩種形式。我認為，從這些門市的數量來看，很明顯，我們在第四季度在亞利桑那州開設了 6 家門店，在德克薩斯州開設了 1 家，在科羅拉多州開設了 4 家，在加利福尼亞州開設了 1 家。我們再次看到，我們進入那些高績效市場，我們看到當前這群客戶和上一批客戶都取得了非常強勁的成功，這對我們來說真的很好。

And so back to your original question, by having more quality sites in the pipeline and again pushing them earlier into the quarter, you'll see that in the quarters ahead, we will have that strong same-store sales with the addition of the store weeks, and it sets us up to leverage and hit the guidance that Rodd provided.

所以回到你最初的問題，透過增加更多優質站點的建設，並再次將它們提前到季度末，你會發現，在接下來的幾個季度裡，隨著門市週數的增加，我們將獲得強勁的同店銷售額，這將使我們能夠利用並實現 Rodd 給出的指導目標。

Great. Thank you.

偉大的。謝謝。

Appreciate you being on, David.

感謝你在線，大衛。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Hey, thanks for taking the question. I think, in the adjusted EBITDA guidance, it's, for a slight decline in margin year over year. I think 30 to 60 bps. Can you talk about what the embedded outlook is for unit level margins within that? And is there enough opportunity with the inventory management system to kind of keep that margin stable even with higher coffee costs in the first half?

嘿，謝謝你回答這個問題。我認為，在調整後的 EBITDA 指引中，利潤率較去年同期略有下降。我認為是 30 到 60 個鹼基對。您能談談其中對單位利潤率的展望嗎？即使上半年咖啡成本較高，庫存管理系統是否有足夠的機會來維持利潤率穩定？

Yeah, thanks for the question, Sharon. I think to start what I would say is when you look at our overall company adjusted EBITDA margin, we're keeping it pretty consistent with our modeling and what you have is all of these new stores that are coming online and we've modeled them, you've seen it were they're coming online and they're copying just below the base and then they ramp up to the base between calls that 18-, 24-, 36 month range and so, really consistent with how we've been thinking about it.

是的，謝謝你的提問，莎倫。首先我想說的是，從我們公司整體調整後的 EBITDA 利潤率來看，我們與我們的模型保持了相當一致的水平。所有這些新門市都在上線，我們已經對它們進行了建模，你們也看到了，它們上線後，業績會略低於基準水平，然後在 18、24、36 個月的兩次電話會議之間逐步提升至基準水平，這與我們一直以來的設想非常一致。

I think the opportunity in terms of the margin you're essentially asking can it be better, I think. We saw costs elevated with beans, throughout 2025, as I mentioned, end of 2025 and into 2026. We have seen some relief coming, and I think one of the things we take a lot of pride in our team does a really good job and is really executing our internal strategic initiatives.

我認為，就利潤空間而言，你實際上是在問，它是否可以更好。正如我之前提到的，我們看到豆類價格在 2025 年全年、2025 年底以及 2026 年期間持續上漲。我們已經看到一些緩解的跡象，我認為我們團隊非常自豪的一點是，他們工作出色，並且真正執行了我們的內部策略舉措。

Mark mentioned the inventory management, we talked about it last time. But that was a big one to help out in terms of margin. We still think we have opportunity there. And so even if in the first half of the year the coffee costs remain high, they're not going to be much higher than they were in the 4th quarter. And really the opportunities in the second half.

馬克提到了庫存管理，我們上次也討論過這個問題。但這對於提高利潤率來說是一個很大的幫助。我們仍然認為我們在那裡有機會。因此，即使今年上半年咖啡成本仍然很高，也不會比第四季高出太多。下半場的機會確實很多。

But we're also trying to be cautious with that because last year was a pretty tough year to predict it that way. And so I think we feel really good about the guidance, really feel really good about our model, and then it's our opportunity and our team's opportunity to continue to go out and execute and continue performing at a high level.

但我們也盡量保持謹慎，因為去年很難這樣預測。所以我覺得我們對指導意見非常滿意，對我們的模式也非常滿意，接下來就是我們和我們團隊繼續出去執行並保持高水準表現的機會。

And then Mark, you talked about the segmented targeted offers that you did in test and you kind of teased with some positive results you saw there. Can you put some more maybe meat on the bone of what you saw and how quickly you're going to roll that out more broadly in '26? Thanks.

然後，馬克，你談到了你在測試中進行的細分定向推廣，並且你透露了一些你看到的積極結果。您能否更詳細地說明一下您所看到的，以及您打算在 2026 年以多快的速度將其更廣泛地推廣？謝謝。

You bet. And so, Sharon, when you're looking at the marketing spend, we had tested segmented targeted marketing to deliver more customized offers. That, that's the first time we had done that. And what we've found is that the broad scalable approach, one being data driven, has worked really well for us. Jess has done a great job of pushing that multi-channel strategy, and so you're seeing it across loyalty. We've obviously got paid media, innovation and the new store openings, and Rod spoke to this when he talked about the sales and the traffic.

當然。所以，莎倫，在查看行銷支出時，我們測試了細分目標行銷，以提供更個人化的優惠。那是我們第一次這樣做。我們發現，廣泛適用的可擴展方法（其中之一是資料驅動的方法）對我們來說非常有效。Jess 在推動多通路策略方面做得非常出色，因此你可以在會員忠誠度計畫中看到這一點。我們顯然有付費媒體、創新和新店開業，羅德在談到銷售額和客流量時也提到了這一點。

But what you're seeing is it's been effective in driving traffic and spend. It's obviously helped with awareness, and I think for everybody on the call, what we've tried to do, and Jess has pushed real hard on this is be responsible in our spend. We're increasing year over year and really what we want from that is to support the unit growth.

但我們看到的是，它在吸引流量和促進消費方面取得了顯著成效。這顯然有助於提高人們的意識，我認為對於所有參與電話會議的人來說，我們一直努力做到的，也是傑西一直大力推動的，就是要對我們的支出負責。我們每年都在成長，而我們真正希望的就是以此來支持銷售成長。

The brand awareness and we want to make sure it's targeted and so we'll have more results as we come into the first quarter and then I think what you'll see is we'll continue to do that through the year. It's obviously helped us with the sales and the transactions, and we see it as something we're going to push in the future.

我們希望提高品牌知名度，並確保目標明確，這樣我們才能在第一季取得更多成果。我認為，我們將在全年繼續這樣做。它顯然對我們的銷售和交易有所幫助，我們認為這將是我們未來要大力推廣的方向。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Since we're almost through it, I guess, would you care to say anything about the first quarter? Do you think -- would you sort of endorse current consensus estimates, or is the growth rate kind of consistent with your fuller guidance, for example?

既然差不多要結束了，我想，您能否談談第一季的情況？您認為－您會大致認可目前的普遍預期嗎？或者，成長率是否與您更全面的預測相符？

Of course, Byan, thank you for being on. So when you look at the first quarter, we feel really good about it, the quarters trending strong, and it allowed us to provide that guidance. We're excited about the momentum.

當然，拜恩，謝謝你來。所以，當我們回顧第一季時，我們感覺非常好，各季度的發展勢頭強勁，這使我們能夠給出這樣的業績指引。我們對目前的勢頭感到興奮。

With that momentum, we had about 200 basis points of weather in January that was in Texas, but again, based upon what we're seeing, we still felt good to increase our initial guidance, and so I would say generally speaking, the first quarter's off to a great start and we feel good about it.

憑藉這股勢頭，我們在1月份經歷了德克薩斯州天氣因素帶來的約200個基點的利好，但根據我們目前所看到的，我們仍然有信心提高最初的業績預期，因此總的來說，第一季度開局良好，我們對此感到樂觀。

Okay sounds good. What, how are you thinking about new store productivity this this year it it seems like, you have an expectation that it'll be higher than the prior year. Is that driven by sort of the markets you're entering or maybe comment specifically on that piece.

好的，沒問題。您對今年新店的生產力有何看法？看起來您似乎預期它會比去年更高。這是由你所進入的市場所驅動的，還是請你具體談談那一部分？

I'll take that one, Bryan. I think from in terms of the store productivity we're essentially modeling our stores to produce similar margins as they did in 2025. I think our opportunity is always to, as Mark mentioned earlier, to go after the sales to leverage those sales into, better margin, and then also just continue to focus on those newer cohorts and the way those stores ramp to profitability.

我來負責這個，布萊恩。我認為，就門市生產力而言，我們基本上是在模擬門市在 2025 年的利潤率，使其與 2025 年的利潤率相近。我認為我們的機會始終在於，正如馬克之前提到的那樣，爭取銷售，利用這些銷售帶來更高的利潤，然後繼續關注那些新興群體以及這些門市如何實現盈利。

And so I think we feel really good from a modeling standpoint and our opportunities is just for the teams to continue to go out and execute and our new stores to continue to get better.

因此，我認為從模型構建的角度來看，我們感覺非常好，我們的機會在於團隊繼續出去執行，我們的新店也繼續變得更好。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

This is, Patrick on for Chris. Mark, given the momentum in the business, I know at one point you were holding back on, discounted loyalty offers within the loyalty program, and, I was wondering if that was still the case here as you think about going into 2026 and as you think about the slate of LTOs that you have coming in 2026, given you had a lot of effectiveness in 202,005, what gives you confidence you can continue to drive some of that strong engagement you've seen from the innovation standpoint this year?

這是派崔克代替克里斯上場。馬克，鑑於公司目前的業務發展勢頭，我知道你之前一直在克制，沒有在會員計劃中推出折扣優惠。我想知道，當你展望2026年，以及考慮2026年即將推出的一系列限時促銷活動時，情況是否依然如此？考慮到你在2025年取得了顯著成效，是什麼讓你有信心繼續保持今年在創新方面所看到的強勁用戶參與度？

Yeah, and Patrick, it's great to hear from you. I think when you look at our marketing, we had always planned on doing segmented offers and driving more of the loyalty. I think one of the things that we're very proud of, and Rod spoke to this, but when you look at our two-year comp, it's going to be right around 18.8, 94 on average.

是的，派崔克，很高興收到你的來信。我認為，從我們的行銷策略來看，我們一直在計劃進行細分推廣，以提高客戶忠誠度。我認為我們非常自豪的一件事，羅德也談到了這一點，但當你查看我們兩年的比較數據時，平均下來大約是 18.8 到 94 分。

And so one of the things that Jessica again has pushed on is the ability to go out and test these different offers and try them and all of the above there. We obviously are looking at collaborations, I spoke to you on the call, but we had a very strong second collaboration around the LTO.

因此，傑西卡再次強調的一點是，要有能力走出去測試這些不同的優惠，並嘗試以上所有方法。我們顯然正在尋求合作，我在電話中和你談過，但我們圍繞著 LTO 進行了非常強大的第二次合作。

You think about the lollipop we're doing that's coming on, and all of these things I think are incremental. I, I'll go back to egg bits for a moment, egg bits has been really strong for us as well. And what we've seen there is while, coffee and beverage are our primary focus.

想想我們即將推出的棒棒糖，我認為所有這些事情都是循序漸進的。我，我再說回雞蛋碎，雞蛋碎對我們來說也很有效果。我們看到，咖啡和飲料是我們的主要關注點。

What we've seen is that the LTOs, the segmented loyalty, and then obviously the food platform has provided opportunities for us to grow our business and grow our AUV which we're really proud of. You look at that AUV and we sit. This in the script as well, but we came in right at 1.3 million and again when you look at that same-store sales and how it's growing, I think what we see is we're going to be able to continue to grow the business and leverage and all of the platforms I spoke to earlier help with that.

我們看到，限時特惠、細分會員忠誠度計劃，以及食品平台，都為我們提供了發展業務和提高平均單次銷售額的機會，我們對此感到非常自豪。你看著那艘水下航行器，我們就坐著。劇本裡也有提到這一點，但我們最終達到了 130 萬的銷售額，而且當你再看看同店銷售額及其增長情況時，我認為我們能夠繼續發展業務並加以利用，我之前提到的所有平台都對此有所幫助。

Great, that's helpful. And then Rod, I know you touched on the fact that, EBITDA is growing at a slightly slower rate than than revenue this year, and that's largely due to coffee costs. But is there anything else in the sort of the waterfall of the P&L down to EBITDA that we should keep in mind that that's kind of helping to drive that dynamic outside of of elevated coffee costs this year?

太好了，這很有幫助。羅德，我知道你提到過，今年 EBITDA 的成長速度略低於營收成長速度，這主要是因為咖啡成本上漲。但是，除了今年咖啡成本上漲之外，損益表向下分解到 EBITDA 的過程中，還有什麼其他因素需要考慮，導致這種動態變化？

No, I think again when you, I think we even touched on this last call, but when you think about copy it really represents just under 3% of our net sales and so certainly if it were to stay elevated it could impact the business but like I said you know we're buying coffee four to six months out. And I think if anything we expect that to continue to come down, which would help. I think in terms of store productivity, we talked about that one and then as a company.

不，我想當你…我想我們上次通話時也談到了這一點，但當你考慮到文案成本時，它實際上只占我們淨銷售額的不到 3%，所以如果它持續高位運行，肯定會對業務產生影響，但就像我說的，你知道，我們提前四到六個月就採購咖啡了。而且我認為，如果有什麼變化的話，我們預計這種情況會繼續下降，這將有所幫助。我認為就門市生產力而言，我們討論過這個問題，然後公司也討論過這個問題。

We're just continuing to manage our G&A and the growth of that G&A, especially as a new public company closely, Mark mentioned it, but we'll continue to invest in marketing, trying new things, we'll continue to invest in the team to really support our growth. But we're really happy with our modeling of, how we think about sales, how we think about profitability from the stores, and then the overall company profitability.

正如馬克所提到的，我們將繼續密切管理我們的一般及行政費用及其成長，特別是作為一家新上市公司，但我們將繼續投資於行銷，嘗試新事物，並繼續投資於團隊，以真正支持我們的成長。但我們對我們的模型非常滿意，包括我們如何看待銷售額、我們如何看待門市獲利能力以及公司整體獲利能力。

Jared Klein, Raymond James.

Jared Klein，Raymond James。

Hi, this is Jared on for Brian. Thanks for taking my question. Just two quick ones. Sorry if I missed this, but could you show me the level of commodity inflation and pricing that is embedded in the guidance? And then just more of a high level one on the customer base. Are there any changes you may be seeing in order patterns or maybe day part trends that are worth noting? Thanks.

大家好，我是 Jared，替 Brian 報到。謝謝您回答我的問題。就兩個簡單的問題。如果我錯過了什麼，請見諒，但您能否向我展示一下指導意見中體現的商品通膨和定價水準？然後，還有一部分是關於客戶群的高層分析。您是否觀察到訂單模式或每日時段趨勢方面有任何值得注意的變化？謝謝。

Sure, Jared, thanks for the question. What was the first part of the question? Sorry, it cut out for me.

當然，賈里德，謝謝你的提問。問題的第一部分是什麼？抱歉，我的設備斷線了。

Yes, could you share the level of commodity inflation and pricing that is embedded within the guidance?

是的，您能否分享一下指導意見中包含的大宗商品通膨和定價水準？

Yeah, so from a pricing standpoint, we've continued to approach price, essentially with the goal of being neutral with inflation. I think we saw in 2025 that was harder to do. We've continued to do that in 2026 although I don't think you'll see us take as much price just considering we've got healthy margins. We're really happy with our margins and our real opportunities to go after more sales and leverage they provide and so from a modeling standpoint we are expecting the same level of store level productivity.

是的，從定價的角度來看，我們一直堅持以與通貨膨脹保持中性為目標來制定價格策略。我認為我們在 2025 年就看到了，這更難做到。雖然考慮到我們擁有健康的利潤率，我認為我們不會在 2026 年收取那麼高的價格，但我們仍然會這樣做。我們對目前的利潤率以及爭取更多銷售額和利用利潤率所帶來的真正機會感到非常滿意，因此從模型角度來看，我們預計門市層面的生產力將保持在相同水準。

And really the balance between price and inflation overall, is something we're continuing to manage and monitor but again feel pretty good about it knowing we've got some opportunity for it to come down with coffee. And then our other cost primary inputs when you think about dairy, the sugars, and the things like that, they've been very stable for us.

價格和通貨膨脹之間的平衡，我們一直在持續管理和監控，但我們對此感覺還不錯，因為我們知道咖啡價格有機會下降。至於其他主要成本投入，例如乳製品、醣類等等，對我們來說一直都很穩定。

And then Jared, the second part of your question, and I'll talk a little bit about the positioning. Our demographic is roughly 18 to 45, and what that does is it allows us to have a little bit of diversity in the mix. We are coffee first, and again, our coffee mix is going to be about 55%. Our energy has grown to about 24%. And again you had asked about day parts and different mediums. The digital mix is going to be right around 51.5%, 52% on coffee, and it's going to be around 27% on energy, and with the egg bits and everything else, our food has grown to about 12%.

然後是 Jared，關於你問題的第二部分，我會稍微談談定位。我們的人口統計特徵大致為 18 至 45 歲，這使得我們的人員組成具有一定的多樣性。我們首先關注的是咖啡，而且，我們的咖啡混合物中咖啡的比例將達到 55% 左右。我們的能源成長了約 24%。你又問到了一天中的不同時段和不同的媒材。數位食品佔比約 51.5%，咖啡佔 52%，能量飲料佔比約 27%，加上雞蛋等其他食品，我們的食品佔比成長到約 12%。

All of this, what it does for us, especially with that broad demographic. We lean heavy on coffee and coffee is obviously resilient, which is great for us. We focus on that strong customer experience.

這一切對我們，尤其是對如此廣泛的人群來說，意義非凡。我們非常依賴咖啡，而咖啡顯然具有很強的適應能力，這對我們來說是件好事。我們專注於打造卓越的客戶體驗。

And when you think about the strategy, when you're pushing on quality beverage and you've got that great experience, it attracts new guests and increased transaction frequency, which is great. And so, I think overall when you look across the company, while the volume is growing, our mix has stayed fairly consistent, and I think that gives us great confidence in our brand growth, even despite the macroeconomic pressures that some of our peer group is feeling.

當你思考策略時，當你致力於提供優質飲品並帶來絕佳體驗時，就能吸引新顧客並提高交易頻率，這非常棒。因此，我認為總體而言，縱觀整個公司，雖然銷售量正在成長，但我們的產品組合保持了相當穩定，我認為這讓我們對品牌成長充滿信心，即使我們的一些同行正感受到宏觀經濟壓力。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Mark Davis for any closing comments.

謝謝。目前沒有其他問題了。我想把發言權交還給馬克戴維斯，讓他做最後的總結發言。

Thank you, I appreciate it very much. I want to thank everyone for what was an outstanding fourth quarter in a 2025 year. I'm also excited for the guidance we've provided for '26 and our ability to continue to advance our company for our customers, our teams, and our shareholders.

謝謝，我非常感激。我要感謝大家，感謝大家在2025年這個特別的年份裡，為我們帶來如此出色的第四季。我也很興奮我們為 2026 年提供的指導，以及我們能夠繼續為我們的客戶、團隊和股東推動公司發展的能力。

I wanted to reiterate because I think we had a really strong quarter and a really strong year that in the fourth quarter revenue growth was 25.3%. And again, the same-store sales over the two years was 18.8%, averaging 9.4%. The store level profit in the fourth quarter was up 35.8% over the prior year.

我想重申一下，因為我認為我們第四季和全年的業績都非常強勁，第四季的營收成長了 25.3%。此外，這兩年同店銷售額成長了 18.8%，平均成長了 9.4%。第四季門市利潤比上年同期成長了35.8%。

Going to 2025, the revenue growth was 24.5%, and it was driven by same-store sales of 10.1%. Again, the EBITDA for the year was 36.2% better. We opened 32 stores against the target of 30, which is growth of 21.4%. And back to David's question, we have continued to learn and get better on the store weeks, which you'll see as we move forward.

到 2025 年，營收成長了 24.5%，其中同店銷售額成長了 10.1%。同樣，本年度的 EBITDA 成長了 36.2%。我們開設了 32 家門市，超過了 30 家的目標，成長了 21.4%。回到大衛的問題，我們一直在學習，並且在門市營運方面不斷進步，隨著我們繼續推進，你們將會看到這一點。

Better based upon the performance in '25, Rodd came out and helped guide to $255 million to $257 million of total revenue. And again, we guided the $33.5 million to $34.5 million of consolidated adjusted EBITDA, which is all ahead of our long-term algorithm.

根據 2025 年的業績表現，羅德出面指導，幫助公司實現了 2.55 億美元至 2.57 億美元的總收入。我們再次預測合併調整後 EBITDA 為 3,350 萬美元至 3,450 萬美元，都高於我們的長期演算法預測。

Most importantly, we continue to double down on our world-class teams. We run exceptional team member turnover, and our baristas continue to be the point of difference with the experience they provide.

最重要的是，我們將繼續加大對世界一流團隊的投入。我們的團隊成員流動率非常高，而我們的咖啡師憑藉其提供的優質服務，一直是我們的差異化優勢。

Our culture and our exceptional retention continues to drive what we believe is a very sustainable team member model that continues to help us exceed expectations. And I just want to say that I'm beyond grateful for our teams and everyone that continues to believe in what Black Rock can be.

我們的企業文化和卓越的員工留任率持續推​​動著我們認為非常永續的團隊成員模式，並不斷幫助我們超越預期。我只想說，我無比感激我們的團隊，以及所有繼續相信黑石集團未來發展前景的人。

I appreciate your time today.

感謝您今天抽出時間。

This concludes today's conference call. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。再次感謝您的參與。