Dutch Bros Inc (BROS) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros, Inc., Second Quarter 2023 Earnings Conference Call and Webcast. This conference call and webcast are being recorded today, Tuesday, August 8, 2023, at 5 p.m. Eastern Time and will be available for replay shortly after it has concluded. Following the company's presentation, we will open up the lines for questions and instructions to queue up will be provided at that time.

感謝您的耐心等待，歡迎參加 Dutch Bros, Inc. 2023 年第二季度收益電話會議和網絡廣播。本次電話會議和網絡廣播於今天（2023 年 8 月 8 日星期二）下午 5 點錄製。東部時間，比賽結束後不久即可重播。在公司介紹之後，我們將開放提問隊列，屆時將提供排隊說明。

I would now like to turn the call over to Paddy.

我現在想把電話轉給帕迪。

Good afternoon, and welcome. I'm joined by Joth Ricci, CEO; Christine Barone, President; and Charley Jemley, CFO. We issued our earnings press release for the quarter ended June 30, 2023, after the market closed today. The earnings press release, along with the supplemental information deck have also now been posted to our Investor Relations website at investor.dutchbros.com.

下午好，歡迎光臨。首席執行官 Joth Ricci 也加入了我的行列。克里斯汀·巴羅內，總裁；和首席財務官查理·傑姆利 (Charley Jemley)。今天收盤後，我們發布了截至 2023 年 6 月 30 日的季度收益新聞稿。收益新聞稿以及補充信息現已發佈在我們的投資者關係網站 Investor.dutchbros.com 上。

Please be aware that all statements in our prepared remarks and in response to your questions other than those of historical facts are forward-looking statements and are subject to risks, uncertainty and assumptions that may cause actual results to differ materially. They are qualified by the cautionary statements in our earnings press release and the risk factors in our latest SEC filings, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q. We assume no obligation to update any forward-looking statements. We will also reference non-GAAP financial measures on today's call.

請注意，除了歷史事實之外，我們準備好的評論中以及針對您的問題的所有陳述均屬於前瞻性陳述，並受到可能導致實際結果存在重大差異的風險、不確定性和假設的影響。他們符合我們的收益新聞稿中的警告聲明以及我們最新的 SEC 文件中的風險因素，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔更新任何前瞻性陳述的義務。我們還將在今天的電話會議上參考非公認會計準則財務指標。

As a reminder, non-GAAP financial measures are neither a substitute for nor superior to measures that are prepared under GAAP. Please review the reconciliation of non-GAAP measures to comparable GAAP results in our earnings press release.

需要提醒的是，非公認會計原則財務指標既不能替代也不能優於根據公認會計原則制定的指標。請在我們的收益新聞稿中查看非公認會計準則指標與可比公認會計準則結果的調節情況。

With that, I'd like to now turn the call over to Joth.

現在我想把電話轉給喬斯。

Thank you, Paddy. Good afternoon, everyone. Q2 results demonstrate continued momentum in the business. This is a result of a team's collective ability to take the vision of a long-term growth plan and adapt to a changing environment. Our ability to deliver on new unit growth targets quarter after quarter remains a consistent bright spot. In Q2, we opened 38 new shops across 8 states, with 83 new shop openings through June 30. We are more than halfway through our objective of 150 new shops in 2023. This helped propel a 34% increase in revenue year-over-year, including a 580-basis points quarter-over-quarter improvement as same-store sales shifted positive to 3.8%, reflecting better traffic trends.

謝謝你，帕迪。大家下午好。第二季度的業績表明該業務的持續增長勢頭。這是團隊制定長期增長計劃並適應不斷變化的環境的集體能力的結果。我們逐季實現新單位增長目標的能力仍然是一個持續的亮點。第二季度，我們在8 個州開設了38 家新店，截至6 月30 日，新開了83 家店。我們已完成2023 年150 家新店目標的一半以上。這有助於推動收入同比增長34 % ，其中同店銷售額環比增長 580 個基點，增長至 3.8%，反映出更好的客流量趨勢。

In Q2, approximately 90% of our beverages were served cold. We delivered increased profitability alongside this revenue growth, underscored by a 570-basis point expansion in company-operated shop contribution margin. The second quarter saw shop margins return to seasonally normalized levels as we emerge from the COVID-related inflationary period characterized by 2022 results. Revenue growth, company shop productivity and disciplined SG&A investments drove almost $49 million in adjusted EBITDA, more than double what we reported in Q2 2022. We are very proud of the team and what it's accomplishing and are encouraged by our underlying strength.

第二季度，我們大約 90% 的飲料都是冷飲。在收入增長的同時，我們的盈利能力也有所提高，公司自營商店貢獻利潤率擴大了 570 個基點，這凸顯了我們的盈利能力。隨著我們擺脫以 2022 年業績為特徵的與新冠病毒相關的通脹時期，第二季度商店利潤率恢復到季節性正常水平。收入增長、公司車間生產力和嚴格的SG&A 投資推動了調整後EBITDA 近4900 萬美元，是我們在2022 年第二季度報告的兩倍多。我們為團隊及其所取得的成就感到非常自豪，並對我們的潛在實力感到鼓舞。

As we look ahead, our long-term vision is clear, and we remain focused as ever. After 5 years in working with [Trav] and team in nearly 2 years after the IPO, I believe Dutch Bros is a strong, healthy business with a very long runway. As we set the stage for scaling the company, I am pleased to share that Christine Barone will step into the role of President and CEO effective January 1, 2024. I believe Christine is the right person to lead Dutch Bros in its next phase of growth. She is a rare leader with demonstrated abilities in marketing, operations and finance. Since joining us in February, her impact has been immediate and action has been decisive as she is focused on our real estate strategy, driving traffic, improved data analytics and overall marketing efforts. We are feeling the impact of her leadership as she executes against the current business and leads the team into 2024 planning and beyond.

展望未來，我們的長期願景是明確的，並且我們將一如既往地專注。 IPO 後近 2 年內與 [Trav] 和團隊合作了 5 年，我相信 Dutch Bros 是一家強大、健康的企業，擁有很長的發展道路。在我們為擴大公司規模做好準備之際，我很高興地宣布，Christine Barone 將於 2024 年 1 月 1 日起擔任總裁兼首席執行官。我相信 Christine 是領導 Dutch Bros 下一階段增長的合適人選。她是一位罕見的在營銷、運營和財務方面具有出色能力的領導者。自二月份加入我們以來，她的影響立竿見影，行動果斷，因為她專注於我們的房地產戰略、增加流量、改進數據分析和整體營銷工作。當她執行當前業務並帶領團隊制定 2024 年及以後的規劃時，我們感受到了她的領導力所產生的影響。

Over the coming months, I will work side-by-side with Christine to best position the business for long-term success. We will execute against our plan, driving traffic, optimizing operations, selecting strong sites and building great shops efficiently. Most important, I'm excited for what this means for the future of Dutch Bros, and I look forward to seeing how Christine's vision and leadership drives our brand towards our goal of 4,000 shops in the next 10 to 15 years.

在接下來的幾個月裡，我將與克里斯汀並肩工作，為公司的長期成功做好最佳定位。我們將按照我們的計劃執行，提高客流量，優化運營，選擇強大的地點並高效地建立優秀的商店。最重要的是，我對這對 Dutch Bros 的未來意味著什麼感到興奮，我期待看到 Christine 的願景和領導力如何推動我們的品牌在未來 10 到 15 年內實現 4,000 家商店的目標。

With that, I will turn it over to Christine.

這樣，我就把它交給克里斯汀了。

Thank you. Since joining the Dutch Bros team, I have been so impressed with our broistas, managers, operators and franchisees. I am now beginning to execute on quick wins and laying the groundwork for our 2024 priorities. As I discussed in detail last quarter, driving traffic has been a key focus over the last 6 months, and we are gaining traction. As Joth mentioned, we saw an improvement of 580 basis points of system-wide same-shop sales quarter-over-quarter, and substantially all of this was a result of improved traffic trends. Beyond driving sustainable traffic growth these last 6 months have also provided an opportunity to assess our strategy and the strength of the business' foundational building blocks. I will provide a brief assessment of these building blocks and discuss how we will focus organizational attention over the near term to position Dutch Bros for long-term success.

謝謝。自從加入荷蘭兄弟團隊以來，我們的兄弟、經理、經營者和加盟商給我留下了深刻的印象。我現在開始執行快速獲勝的目標，並為我們 2024 年的優先事項奠定基礎。正如我在上個季度詳細討論的那樣，提高流量一直是過去 6 個月的重點關注點，而且我們正在獲得牽引力。正如 Joth 提到的，我們發現全系統同店銷售額環比提高了 580 個基點，而這一切基本上都是流量趨勢改善的結果。除了推動可持續的流量增長之外，過去 6 個月還提供了一個評估我們的戰略和業務基礎構建模塊實力的機會。我將對這些構建模塊進行簡要評估，並討論我們如何在短期內集中組織注意力，以使荷蘭兄弟取得長期成功。

The great news is that a strong foundation is already in place. We have incredible people systems and a rock-solid brand, 2 of the hardest foundational elements to replicate, which gives me confidence in our competitive positioning. The team has worked diligently over the course of more than 30 years to build a one-of-a-kind culture that radiates through our front line and is the key enabler of our success. Supporting our people and culture is a critical lens in which we evaluate decisions, and we plan to keep it that way as we execute our growth plan. As the market landscape has shifted over the last 3 years with elevated build costs, I see further opportunity to refine our real estate strategy. I also see opportunity to build on our values of speed, quality and service and enhance our marketing capabilities with a continued focus on our rewards program.

好消息是堅實的基礎已經就位。我們擁有令人難以置信的人員系統和堅如磐石的品牌，這是最​​難復制的兩個基本要素，這讓我對我們的競爭定位充滿信心。該團隊經過 30 多年的辛勤工作，建立了一種獨一無二的文化，這種文化輻射到我們的一線，是我們成功的關鍵推動力。支持我們的員工和文化是我們評估決策的一個關鍵視角，我們計劃在執行增長計劃時保持這種方式。隨著過去三年市場格局的變化以及建築成本的上升，我看到了進一步完善我們的房地產戰略的機會。我還看到了建立我們的速度、質量和服務價值觀的機會，並通過持續關注我們的獎勵計劃來增強我們的營銷能力。

We began any discussion of Dutch growth with our fundamental differentiator, our people. The shop teams who greet and care for our customers and each other every day are the lifeblood of this organization. recruiting, developing and retaining people remains our key focus. And in this regard, the organization is doing great. In Q2, we saw continued improvements in turnover, falling to the mid-60s from about 70% last quarter. We saw even larger improvements in the markets in which we made proactive wage investments. Our people pipeline is robust and continues to grow. We have more than 325 qualified operator candidates in the pipeline with an average tenure of 7 years. Creating opportunity to grow with the company is a cornerstone of our people strategy and is the driving force behind shop expansion.

我們開始討論荷蘭的增長與我們的根本區別因素，我們的人民。每天迎接和關心我們的顧客以及彼此的商店團隊是這個組織的命脈。招聘、培養和留住人才仍然是我們的重點。在這方面，該組織做得很好。第二季度，我們看到營業額持續改善，從上季度的 70% 左右降至 60 多歲。我們在進行主動工資投資的市場中看到了更大的改善。我們的人才管道強勁且持續增長。我們擁有超過 325 名合格的操作員候選人，平均任期為 7 年。創造與公司共同成長的機會是我們人才戰略的基石，也是店鋪擴張的驅動力。

In many organizations, people availability is a limiting factor to growth. At Dutch Bros, this is one of our competitive strengths. We will continue investing in our people, specifically in our shop managers, many of whom will become the next generation of regional operators. Through these investments, we aim to even more closely align incentives with great customer service and driving traffic. We're also investing in our leadership team. In June, we hired Tana Davila as our Chief Marketing Officer. Tana brings more than 2 decades of marketing experience in the multiunit restaurant space. Her skill set is exactly what we need now to continue our expansion, deepen our customer relationships with our rewards program and execute our traffic-driving initiatives. We plan to continue investing in key capabilities to support our growth aspirations, and we believe these investments will enable us to compete effectively as we scale.

在許多組織中，人員可用性是增長的限制因素。在荷蘭兄弟，這是我們的競爭優勢之一。我們將繼續投資於我們的員工，特別是我們的商店經理，他們中的許多人將成為下一代區域運營商。通過這些投資，我們的目標是使激勵措施與優質的客戶服務和增加流量更加緊密地結合起來。我們還投資於我們的領導團隊。六月，我們聘請 Tana Davila 擔任首席營銷官。 Tana 在多單元餐廳領域擁有 20 多年的營銷經驗。她的技能正是我們現在繼續擴張、通過獎勵計劃加深客戶關係以及執行流量驅動計劃所需要的。我們計劃繼續投資於關鍵能力，以支持我們的增長願望，我們相信這些投資將使我們能夠隨著規模的擴大而有效競爭。

In Q2, we opened 38 new shops, 35 of which were company operated. Shops opened in 2022 and 2023 are annualizing to approximately $1.7 million in AUV. It is important to note that despite moderating AUVs, newer shops are following a similar profitability curve to what we have seen in prior cohorts, demonstrating what we believe are more favorable operating conditions as we continue to expand eastward. Consistent with what we shared last quarter, we believe moderation in new shop AUVs for recent age classes is in part a function of an elevated infill rate, which in 2023 is about twice the level it was in 2022. Elevated infill is a result of a purposeful decision to push the development piece in Texas.

第二季度，我們新開了 38 家商店，其中 35 家是公司經營的。 2022 年和 2023 年開業的商店的年 AUV 約為 170 萬美元。值得注意的是，儘管 AUV 有所放緩，但新商店的盈利曲線與我們在之前同類商店中看到的相似，這表明我們認為隨著我們繼續向東擴張，經營條件會更加有利。與我們上季度分享的內容一致，我們認為最近年齡段的新商店 AUV 的放緩部分是由於填充率上升，2023 年的填充率約為 2022 年水平的兩倍。填充率上升是由於有目的的決定在德克薩斯州推動開發項目。

Since entering Texas in January of 2021, we have invested heavily in the market. And as of June 30, we had 131 shops open in the state. Texas is a high potential market and a critical component of our eastbound expansion. Building depth and scale there has moved our operations closer to newer markets in the Southeast, and we believe securing this foothold quickly enables us to better compete as we move eastward. Being profitable quickly is important, and we are encouraged that company-operated shop margins in Texas are following a similar profitability curve to the rest of the system.

自2021年1月進入德克薩斯州以來，我們對該市場進行了大量投資。截至 6 月 30 日，我們在該州開設了 131 家商店。德克薩斯州是一個極具潛力的市場，也是我們向東擴張的重要組成部分。在那裡建立深度和規模使我們的業務更接近東南部的新市場，我們相信迅速獲得這一立足點使我們能夠在向東發展時更好地競爭。快速盈利非常重要，令我們感到鼓舞的是，德克薩斯州的公司經營商店的利潤率與系統其他地區的盈利曲線相似。

As previously announced, we chose to position our second roasting facility just outside of Dallas to support this long-term expansion. With build costs remaining elevated and moderating new shop AUVs, we are completing a body of work to adapt and refine our development plan to the conditions we anticipate over the next few years. We purposely built a robust pipeline, providing us the flexibility to be selective. A refined real estate strategy allows us to continue to live up to our commitment of building the right shops at the right time and expanding our footprint at the right pace on our path to 4,000 shops.

正如之前宣布的那樣，我們選擇將第二個烘焙工廠安置在達拉斯郊外，以支持這一長期擴張。由於建造成本仍然居高不下，新車間 AUV 的數量也有所減少，我們正在完成一系列工作，以適應和完善我們的開發計劃，以適應我們未來幾年的預期情況。我們特意建立了一條強大的管道，為我們提供了選擇性的靈活性。完善的房地產戰略使我們能夠繼續履行我們的承諾，即在正確的時間建造正確的商店，並以正確的速度擴大我們的足跡，將商店數量增至 4,000 家。

To that end, we're taking the following actions. First, we plan to widen our initial reach as we enter new markets and adjust our pace of new market penetration. We believe this will provide markets time to curate demand while balancing the benefits of overhead leverage and distribution efficiency that comes with market density. Second, over the past several years, we pursued a strategy that favored ground leases, partly in response to supply chain and construction pressures, enabling us to exert greater control over our development process. This enabled us to sidestep some of the well-documented industry development delays.

為此，我們正在採取以下行動。首先，我們計劃在進入新市場時擴大我們的初步覆蓋範圍，並調整新市場滲透的步伐。我們相信，這將為市場提供時間來調節需求，同時平衡間接費用槓桿和市場密度帶來的分銷效率的好處。其次，在過去幾年中，我們採取了有利於土地租賃的戰略，部分原因是為了應對供應鍊和建設壓力，使我們能夠對開發過程施加更大的控制。這使我們能夠避開一些有據可查的行業發展延遲。

As we believe these pressures will begin abating, we have greater opportunity to pursue a more diverse range of lease and shop types while continuing to focus on the drive-thru channel. Third, we will continue to look for opportunities to value engineer our existing prototypes. We expect to see this work impact site builds beginning in late 2024. Finally, we are doubling down on community by partnering with local organizations for targeted giveback days. We are continuing a 30-year history of investing in our communities, driving trial with promotions and relevant events to build our brand and new shop revenue.

由於我們相信這些壓力將開始減輕，因此我們有更大的機會追求更多樣化的租賃和商店類型，同時繼續專注於得來速渠道。第三，我們將繼續尋找機會對現有原型進行價值設計。我們預計該工作影響網站將於 2024 年底開始建設。最後，我們通過與當地組織合作舉辦有針對性的回饋日，加大對社區的投入。我們將延續 30 年投資社區的歷史，通過促銷和相關活動推動試點，以建立我們的品牌和新店收入。

These actions represent a curation of our approach to growth. We don't believe the full impact of these changes will be immediately felt. In the short term, we anticipate elevated build costs and believe moderated new shop revenue productivity will persist as these changes work through the system. The first half of the year demonstrates we can navigate change and deliver excellent profitability. We saw margin expansion in Q2, driven by a combination of shop level operational improvements and moderating adjusted SG&A growth. Company-operated shop profitability powers our growth aspirations. Not only did total company-operated shop contribution grew almost 70% from Q2 2022 to approximately $67 million, these shops delivered 570 basis points of margin expansion year-over-year to 30.3% of company-operated shop revenue.

這些行動代表了我們對增長方式的精心策劃。我們認為這些變化的全部影響不會立即顯現出來。在短期內，我們預計建設成本會上升，並相信隨著這些變化在系統中發揮作用，新商店的收入生產率將持續下降。今年上半年表明我們能夠駕馭變革並實現卓越的盈利能力。我們看到第二季度的利潤率有所增長，這是由車間運營改善和調整後的銷售、管理費用增長放緩共同推動的。公司自營商店的盈利能力推動了我們的增長願望。公司自營商店的總貢獻不僅比 2022 年第二季度增長了近 70% 至約 6700 萬美元，而且這些商店的利潤率同比增長了 570 個基點，達到公司自營商店收入的 30.3%。

Strong margins propel our new shop growth, facilitating quick payback periods and enabling us to reinvest into further development opportunities. A strong four-wall model allows us a certain level of flexibility to adjust and adapt as we expand. Adjusted SG&A as a percentage of revenue improved 140 basis points when compared to Q2 of last year, falling to 15.7%. We are committed to smart investments that support critical capabilities as we expand but anticipate SG&A growth to remain below the rate of revenue growth, which will create leverage.

強勁的利潤推動我們新店的增長，促進快速投資回收期，並使我們能夠再投資於進一步的發展機會。強大的四牆模型使我們能夠在擴張時具有一定程度的靈活性來調整和適應。調整後的 SG&A 佔收入的百分比與去年第二季度相比提高了 140 個基點，降至 15.7%。我們致力於明智的投資，以支持我們擴張時的關鍵能力，但預計 SG&A 增長將保持低於收入增長率，這將創造槓桿。

Last quarter, I mentioned a key focus for the remainder of the year would be driving traffic. In Q2, we executed against our traffic-driving initiatives with improvements in traffic substantially driving all quarter-over-quarter same-shop sales growth. The team acted quickly to activate a multipronged approach, leaning into innovation, leveraging the rewards program, scaling up paid media and utilizing promotions to drive trial. Here is a brief update on each key pillar.

上個季度，我提到今年剩餘時間的重點將是增加流量。在第二季度，我們執行了流量驅動計劃，流量的改善大幅推動了同店銷售額的季度環比增長。該團隊迅速採取行動，採取多管齊下的方法，注重創新、利用獎勵計劃、擴大付費媒體規模並利用促銷活動推動試用。以下是每個關鍵支柱的簡要更新。

First, innovation. We have been leaning into innovation in a big way in 2023. Last quarter, I discussed the introduction of our flavored Soft Tops for St. Patrick's Day. In Q2, we took innovation to the next level with a nationwide release of our limited time-only Mangonada platform. Mangonada, which we tested last year, outperformed our own expectations in Q2, making up more than 10% of our menu mix at launch and resulting in nearly 3 million drinks sold in the quarter. Later in the quarter, we built on this momentum with our Strawberry Horchata Chai, which demonstrated the success of wider deployment of secret menu offerings.

第一，創新。 2023 年，我們一直在大力創新。上個季度，我討論了為聖帕特里克節推出我們的風味軟頂。第二季度，我們在全國范圍內發布了限時 Mangonada 平台，將創新提升到了一個新的水平。我們去年測試過的 Mangonada 在第二季度的表現超出了我們的預期，在推出時佔據了我們菜單組合的 10% 以上，並導致該季度售出了近 300 萬杯飲料。在本季度晚些時候，我們在這一勢頭的基礎上推出了草莓歐洽塔奶茶，這證明了更廣泛部署秘密菜單產品的成功。

Also in the quarter, we posted a few product drops to deliver quick burst of innovation and buzz, which included our cookie crumble topping and Popping Candy Firecracker Rebel. Encouraged by customer response, we plan to continue to keep our menu fresh, fun and relevant while balancing operational focus in a simple pantry of ingredients. Second, rewards. We have seen continued momentum in our rewards program following the end of March refresh. That refresh enables us to invest more surgically, bringing even more exciting promotions to Dutch Rewards members who make up almost 65% of our transactions.

同樣在本季度，我們發布了一些產品，以快速帶來創新和轟動，其中包括我們的餅乾碎配料和跳跳糖爆竹叛逆者。在客戶反饋的鼓勵下，我們計劃繼續保持我們的菜單新鮮、有趣和相關，同時在簡單的食材儲藏室中平衡運營重點。第二，獎勵。繼三月底更新之後，我們看到獎勵計劃持續保持強勁勢頭。此次更新使我們能夠進行更精準的投資，為占我們交易量近 65% 的 Dutch Rewards 會員帶來更令人興奮的促銷活動。

We began deploying this new approach in April with a Double Point Tuesday promotion, providing an extra incentive for Dutch Rewards members to join us on Tuesdays. We saw a favorable customer reaction for each of the 4 weeks that we activated this promotion, which was encouraging. Later in the quarter, we experimented with a variety of time, geographic and frequency-based offers, helping us to further refine our strategy and expand our toolkit.

我們從四月份開始部署這一新方法，並推出雙積分星期二促銷活動，為 Dutch Rewards 會員在星期二加入我們提供額外的激勵。在我們激活此促銷活動的 4 週內，我們每一周都看到了良好的客戶反應，這令人鼓舞。在本季度晚些時候，我們嘗試了各種基於時間、地理和頻率的優惠，幫助我們進一步完善我們的策略並擴展我們的工具包。

Third, paid media. In Q2, we leaned into enhancing our paid digital media capabilities, which was a meaningful driver of our traffic improvement quarter-over-quarter. Used in conjunction with innovation and our targeted app-based promotional efforts, paid social enables us to reach a wider audience at an attractive ROI. We anticipate continuing to iterate and refine these efforts to create a holistic full funnel marketing plan, grounded in our robust Dutch Rewards Loyalty Program. Fourth, promotion.

第三，付費媒體。在第二季度，我們致力於增強我們的付費數字媒體能力，這是我們季度環比流量改善的重要推動力。付費社交與創新和我們基於應用程序的有針對性的促銷活動相結合，使我們能夠以有吸引力的投資回報率覆蓋更廣泛的受眾。我們預計將繼續迭代和完善這些努力，以創建一個以我們強大的荷蘭獎勵忠誠計劃為基礎的整體全漏斗營銷計劃。四、促銷。

In our last call, I noted the success of the Fill-a-Tray program we ran in late March. Encouraged by customer response, we reran this promotion in June, experimenting with the promotional offer and timing, and we're just as pleased with the outcome. Bringing friends and family together to experience Dutch Bros is what we are all about, and we think this is a great way to reinforce these brand values, especially in new markets.

在我們上次的電話會議中，我注意到我們在三月下旬實施的“Fill-a-Tray”計劃取得了成功。在客戶反應的鼓勵下，我們在 6 月份重新進行了此次促銷活動，嘗試了促銷優惠和時間安排，我們對結果同樣感到滿意。讓朋友和家人一起體驗 Dutch Bros 是我們的宗旨，我們認為這是強化這些品牌價值的好方法，尤其是在新市場。

Outside of Fill-a-Tray, we continue to pulse and experiment with other multiple-based promotional activities that encourage trial and group visitation. Taken together, we made real progress against our traffic-driving initiatives, which built in momentum throughout the quarter. We plan to keep our foot on the gas, adding capabilities and executing through the back half of the year. My first 6 months have been exciting and productive.

除了“Fill-a-Tray”之外，我們還繼續嘗試和嘗試其他鼓勵試用和團體參觀的多種促銷活動。總而言之，我們在流量驅動計劃方面取得了真正的進展，該計劃在整個季度都勢頭強勁。我們計劃在今年下半年繼續保持勢頭，增加能力並執行。我的前 6 個月是令人興奮且富有成效的。

I'm impressed by the team's culture, willingness to adapt and the progress we've made. We have many of the key building blocks in place to create our sustained competitive advantage, anchored on our cornerstone people systems. I appreciate the investments that Trav, Joth and the full team have made to immerse me in our culture and help me quickly learn our business. Over the next few quarters, we look forward to sharing in greater detail how these blocks are coming together to shape this strategy.

團隊的文化、適應意願以及我們所取得的進步給我留下了深刻的印象。我們擁有許多關鍵的構建模塊來創造我們持續的競爭優勢，這些優勢都建立在我們的基石人力資源系統之上。我感謝 Trav、Joth 和整個團隊所做的投資，讓我沉浸在我們的文化中，並幫助我快速了解我們的業務。在接下來的幾個季度中，我們期待更詳細地分享這些模塊如何結合在一起來製定這一戰略。

With that, I'll turn it over to Charley to review our financials.

這樣，我會將其交給查理來審查我們的財務狀況。

Thanks, Christine. In our decision-making, we emphasize profitable growth while keeping an eye toward the future. As many of you know, the 4-blade windmill is one of Dutch Bros iconic images. In Q2, the windmill turned with a stiff summer breeze and generated outstanding growth and performance across 4 key aspects. Total revenue of approximately $250 million, an increase of almost 35% year-over-year. same-shop sales growth for the system turned positive in the quarter at 3.8% with traffic driving the improvement. Adjusted EBITDA was approximately $49 million, double what we reported in Q2 2022 and 19.4% of revenue.

謝謝，克里斯汀。在我們的決策中，我們強調盈利增長，同時著眼於未來。眾所周知，四葉片風車是荷蘭兄弟的標誌性形象之一。第二季度，風車在夏日的微風中轉動，在 4 個關鍵方面產生了出色的增長和表現。總收入約為2.5億美元，同比增長近35%。隨著客流量的增長，該系統的同店銷售額在本季度轉正，達到 3.8%。調整後 EBITDA 約為 4900 萬美元，是我們 2022 年第二季度報告的兩倍，佔收入的 19.4%。

Shop growth remains on track. We opened 38 new shops system-wide, of which 8 opened in April 13 and May and 17 in June. Of the 17 shops we opened in June 11 were in the final week of the quarter, and that limited their sales contribution in Q2. Strong profitability is driven by surging performance and company-operated shops. Net sales grew 38% at company-operated shops. Shop contribution margin reached 30.3%, expanding 570 basis points year-over-year. Note, this contribution includes 1.5% of preopening expenses. We continue to see strong labor productivity. Labor costs improved 280 basis points from the same period last year. This is primarily a result of improved scheduling and deployment. Better labor productivity more than offsets the significant investments we made in wages.

商店增長仍在正軌上。我們在全系統開設了 38 家新店，其中 8 家於 4 月 13 日和 5 月開業，17 家於 6 月開業。我們在 6 月 11 日開設的 17 家商店中，是在本季度的最後一周，這限制了它們對第二季度的銷售貢獻。強勁的盈利能力是由業績飆升和公司自營商店推動的。公司自營商店的淨銷售額增長了 38%。店鋪貢獻率達到30.3%，同比擴大570個基點。請注意，該捐款包括開業前費用的 1.5%。我們繼續看到強勁的勞動生產率。勞動力成本較去年同期改善280個基點。這主要是由於改進了調度和部署的結果。更好的勞動生產率足以抵消我們在工資方面所做的大量投資。

As Christine noted, people metrics remain strong, speaking volumes for the company culture and hiring and retention practices in the retail shops. Cost of goods sold were 26.8% of company-operated shop sales for the quarter, down slightly year-over-year as menu pricing helped and some moderation took place in ingredient input costs. In the last week of the quarter, we began to update our customization pricing, creating a streamlined system for a wider array of modifications. We also moved a number of shops into higher-priced tiers to better align in market pricing.

正如克里斯汀指出的那樣，人員指標仍然強勁，這充分說明了公司文化以及零售店的招聘和保留做法。本季度銷售成本占公司自營商店銷售額的 26.8%，同比略有下降，原因是菜單定價有所幫助，而且原料投入成本有所放緩。在本季度的最後一周，我們開始更新定制定價，為更廣泛的修改創建一個簡化的系統。我們還將一些商店移至價格較高的層級，以更好地調整市場定價。

Going into 2023, it was not our intention to take price. However, we made these moves to set our pricing architecture for the future. In the franchising and Other segment, gross profit improved to $19.2 million compared to $13.8 million in the same period last year. This segment of our business is more than stable now than it was a year ago as inflation impacted our coffee and Rebel manufacturing businesses adversely.

進入2023年，我們無意定價。然而，我們採取這些舉措是為了設定未來的定價架構。在特許經營和其他部門，毛利潤從去年同期的 1,380 萬美元增至 1,920 萬美元。由於通貨膨脹對我們的咖啡和 Rebel 製造業務產生了不利影響，我們的這一部分業務現在比一年前更加穩定。

Shifting now to SG&A. For the quarter, SG&A was approximately $52 million, which includes about $10 million in stock-based compensation. Please make reference to the supplemental slides for a reconciliation between SG&A and adjusted SG&A. Therefore, with the exclusion of stock-based compensation and other nonrecurring expenses, adjusted SG&A was approximately $39 million. This declined to 15.7% of revenue for Q2 2023 compared to 17.1% in Q2 last year. As Christine mentioned, we continue making investments in people as we build organizational capabilities and better support our operators in the field. But we also expect continued leverage going forward as revenue growth outpaces investment.

現在轉向 SG&A。本季度的SG&A 約為 5200 萬美元，其中包括約 1000 萬美元的股票薪酬。請參考補充幻燈片以了解 SG&A 與調整後 SG&A 之間的調節。因此，扣除股票薪酬和其他非經常性費用後，調整後的 SG&A 約為 3900 萬美元。這一比例下降至 2023 年第二季度收入的 15.7%，而去年第二季度為 17.1%。正如克里斯汀提到的，隨著我們建立組織能力並更好地支持我們在該領域的運營商，我們將繼續對人員進行投資。但我們也預計，隨著收入增長超過投資，槓桿率將持續增長。

Now on to a few comments on the health of our balance sheet and liquidity. Last week, we successfully upsized our $500 million credit facility adding $150 million in capacity, expanding our syndicate in a transaction that generated a healthy amount of interest from lenders. Given the tightening credit markets, we view this outcome as a strong vote of confidence in the company's long-term financial outlook and growth prospects. Our overall credit facility now totals $650 million, which is made up of approximately $100 million of drawn term loans, a $350 million revolver, of which approximately $183 million was drawn as of June 30, 2023, and $200 million of undrawn delayed draw term loans. As of June 30, we had approximately $256 million of net debt, inclusive of this upsizing we would have had approximately $370 million in liquidity against our $650 million facility, up from approximately $220 million in liquidity before our refinancing.

現在就我們的資產負債表和流動性的健康狀況發表一些評論。上週，我們成功擴大了 5 億美元的信貸額度，增加了 1.5 億美元的容量，擴大了我們的銀團交易規模，為貸方帶來了可觀的利息。鑑於信貸市場收緊，我們認為這一結果是對公司長期財務前景和增長前景投下的一張強有力的信任票。我們的整體信貸額度目前總計6.5 億美元，其中包括約1 億美元已提取的定期貸款、3.5 億美元的循環貸款（其中截至2023 年6 月30 日已提取約1.83 億美元）以及2 億美元的未提取延遲提取定期貸款。截至6 月30 日，我們的淨債務約為2.56 億美元，如果考慮到此次規模擴大，我們的6.5 億美元貸款將擁有約3.7 億美元的流動性，而再融資前的流動性約為2.2億美元。

In Q2, our operations generated approximately $43 million in pretax cash flow prior to capital spending and financing, reflecting expanding company shop productivity and SG&A leverage. In the quarter, we consumed approximately $59 million in CapEx, the vast majority to fund new shop growth. We believe we have a well-capitalized balance sheet, and our priority is to position the company to take full advantage of the long growth runway ahead in a responsible and thoughtful manner.

第二季度，我們的業務在資本支出和融資之前產生了約 4300 萬美元的稅前現金流，反映出公司車間生產力和 SG&A 槓桿率的不斷擴大。本季度，我們消耗了約 5900 萬美元的資本支出，其中絕大多數用於資助新店的增長。我們相信我們擁有資本充足的資產負債表，我們的首要任務是讓公司以負責任和深思熟慮的方式充分利用未來的長期增長跑道。

Moving on to 2023 guidance. First, I will quickly take you through the specifics, highlighting the changes and some context. Our expectation for total system shop openings in 2023 remains unchanged. We expect to open at least 150 new shops, of which at least 130 will be company operated. Given the shop opening outlook is unchanged, guidance regarding capital expenditures also remains unchanged. Capital expenditures are estimated to be in the range of $225 million to $250 million, which includes approximately $15 million to $20 million in spending in 2023 for a new roasting facility, which is projected to open in 2024. Our estimate of system same-shop sales growth remains in the low single digits. We believe improved traffic trends and pricing actions will offset the negative same-shop sales growth we reported last quarter.

轉向 2023 年指導。首先，我將快速向您介紹具體細節，重點介紹變化和一些背景。我們對 2023 年系統門店總數的預期保持不變。我們預計將開設至少 150 家新店，其中至少 130 家將由公司經營。鑑於開店前景不變，有關資本支出的指導也保持不變。資本支出預計在 2.25 億至 2.5 億美元之間，其中包括 2023 年新烘焙設施的支出約為 1500 萬至 2000 萬美元，該設施預計將於 2024 年開業。我們對系統同店銷售額的估計增長仍保持在較低的個位數。我們相信，流量趨勢和定價行動的改善將抵消我們上季度報告的同店銷售負增長。

Having seen 6 months of performance, we have greater clarity in our full year revenue expectations which we now believe will be at the lower end of the previously communicated range of $950 million to $1 billion. This expectation considers the revenue moderation in the 2022 and 2023 age classes, partially offset by recent traffic trends and pricing actions. As a reminder, seasonality in our back half of the year is typically lower than the first half when modeling our revenue. Adjusted EBITDA is now estimated to be between $135 million and $140 million, up from at least $125 million. This reflects stronger-than-expected year-to-date profitability trends, partially offset by our revised expectation of revenue at the lower end of our range. Our expectations for full year adjusted EBITDA also reflect increased levels of investment to support key priorities outside what has been previously communicated. Thank you.

看到 6 個月的業績後，我們對全年收入預期更加明確，我們現在認為該收入預期將處於之前通報的 9.5 億美元至 10 億美元區間的下限。這一預期考慮了 2022 年和 2023 年年齡段的收入放緩，部分被最近的流量趨勢和定價行為所抵消。提醒一下，在對我們的收入進行建模時，下半年的季節性通常低於上半年。調整後 EBITDA 目前估計在 1.35 億美元至 1.4 億美元之間，高於至少 1.25 億美元。這反映出年初至今的盈利趨勢強於預期，但部分被我們調整後的收入預期範圍下限所抵消。我們對全年調整後 EBITDA 的預期也反映了為支持之前溝通之外的關鍵優先事項而增加的投資水平。謝謝。

And now we will take your questions. Operator, please open the lines.

現在我們將回答您的問題。接線員，請開通線路。

(Operator Instructions) And the first question comes from the line of Chris O'Cull with Stifel.

（操作員說明）第一個問題來自 Chris O'Cull 和 Stifel 的線路。

Christine, congrats on the promotion. And Joth, congrats on the successful career at Bros. So Christine, I was hoping you could elaborate on your comments about changes to the development strategy and specifically as it relates to the widening the reach and maybe pursuing a different type of shop and/or lease structure?

克里斯汀，恭喜你升職了。喬斯（Joth），恭喜您在兄弟（Bros）取得了成功的職業生涯。所以克里斯汀（Christine），我希望您能詳細說明您對發展戰略變化的評論，特別是因為它與擴大覆蓋範圍以及可能追求不同類型的商店和/或租賃結構？

Yes, absolutely. So as we look to refine our real estate strategy, a couple of things we are working through. So one, as we move into new markets, we think that as we widen our penetration, it will allow the brand really some time to build as we go into these new markets. That is the piece on widening the reach. And then your second question, in looking through shop types and lease types. So we today have a variety of shopping lease types.

是的，一點沒錯。因此，當我們尋求完善我們的房地產策略時，我們正在解決一些問題。因此，當我們進入新市場時，我們認為，隨著我們擴大滲透率，當我們進入這些新市場時，這將給品牌真正一些時間來建立。這是關於擴大影響範圍的部分。然後是你的第二個問題，查看商店類型和租賃類型。因此，我們今天有多種購物租賃類型。

And when you look at those, we have increased our ground leases over time really to react to the market conditions that we've been seeing. And so we believe over time as those market conditions and kind of all of the COVID supply chain pieces work their way in, there's an opportunity to pull back a teensy bit on the ground leases as we move forward. We also have a variety of different shop types within our portfolio, and we'll continue to experiment. Recently, we've had a couple of openings with some end caps. And so we will continue to look at that as a part of our portfolio going forward.

當你看到這些時，我們隨著時間的推移增加了土地租賃，真正對我們所看到的市場狀況做出反應。因此，我們相信，隨著時間的推移，隨著這些市場狀況和所有新冠疫情供應鏈的影響，我們有機會在前進的過程中稍微減少地面租賃。我們的產品組合中還有各種不同的商店類型，我們將繼續進行試驗。最近，我們有幾個帶有一些端蓋的開口。因此，我們將繼續將其視為我們未來投資組合的一部分。

Okay. That's helpful. And then it's encouraging to hear the profitability curve for new stores is similar to the rest of the system. But can you provide an update on the average investment cost and maybe how new unit returns, how the target may have changed from the IPO?

好的。這很有幫助。然後，令人鼓舞的是，新商店的盈利曲線與系統其他部分相似。但您能否提供平均投資成本的最新信息，以及新單位的回報情況，目標與 IPO 相比有何變化？

Chris, it's Charley. So as it relates to returns and investment, we haven't specifically shared the return results since the IPO. But if you look at the shape of what's happening, historically, we had outsized returns if you take our AUV relative to the investment costs and the profitability shop model.

克里斯，這是查理。所以因為涉及到回報和投資，所以我們沒有具體分享IPO以來的回報結果。但如果你看看正在發生的事情，從歷史上看，如果你考慮我們的 AUV 相對於投資成本和盈利能力商店模型，我們獲得了巨大的回報。

At the time of the IPO, we targeted a 35% return on ground leases and 75% on build-to-suit. And we're pleased with that result. But as noted, going forward, in the short term, we've got elevated build costs, which are up between 30% and 40% on a project cost basis and those moderating new shop volumes as we are infilling so heavily. So we'll see what was highly likely excessive returns relative to the IPO coming more -- coming down and moderating in the near term.

IPO 時，我們的目標是土地租賃回報率為 35%，定制建造回報率為 75%。我們對這個結果感到滿意。但如前所述，展望未來，短期內，我們的建設成本會上升，在項目成本基礎上增加了 30% 至 40%，而且由於我們的填充量如此之大，新店的數量會減少。因此，我們將看到相對於首次公開募股而言極有可能出現的超額回報會在短期內下降並放緩。

And the next question comes from the line of Sharon Zackfia with William Blair.

下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

I guess just following up on the real estate strategy refinement. It sounds as if perhaps there's some ramifications from Texas in the refinement strategy. I just want to clarify if that's the case. Is there anything you've seen in Texas as you've kind of infilled and fortressed there so quickly that if you had a do-over, you might not want to replicate. And I'm trying to also think through the ramifications for the P&L as you go in maybe a little bit slower into new markets. Is it fair to think that's an AUV enhancement that may be a bottom line drag, Charley, if you could give us any thoughts on that?

我想只是跟進房地產策略的完善。聽起來，這一改進策略似乎受到了德克薩斯州的一些影響。我只是想澄清一下是否是這樣。你在德克薩斯州有沒有看到過什麼，因為你在那裡的填充和堡壘速度如此之快，以至於如果你重新來過，你可能不想複製。當你進入新市場的速度可能會慢一些時，我也試圖思考對損益表的影響。查理，如果你能給我們任何想法的話，認為這是一個 AUV 增強功能，可能會拖累底線，這公平嗎？

Great. I can start with learnings from Texas. So I think one of the things as we grow, we're growing very quickly. So we are constantly taking in the learnings from each of the new shop openings and understanding how to get a little bit better each time, right? So that's a constant improvement. For us, Texas is a really important landmark and part of the country to really have gone into in a big way. It really provides that launching pad for the rest of the country for us. And we've been incredibly pleased with the customer response from our growth in Texas.

偉大的。我可以從德克薩斯州的經驗開始。所以我認為隨著我們的成長，我們成長得非常快。因此，我們不斷從每家新店開業中吸取經驗教訓，並了解如何每次都變得更好，對嗎？所以這是一個不斷的改進。對我們來說，德克薩斯州是一個非常重要的地標，也是這個國家真正值得大力發展的一部分。它確實為我們提供了全國其他地區的跳板。我們對德克薩斯州增長所帶來的客戶反應感到非常滿意。

I think in terms of the P&L, the profitability, call it a drag, we noted that our Texas Shops margins are very productive as productive as our existing portfolio. So as we look to widen our reach and go out a little further, it doesn't mean we're going to slow our development pace. It means we're going to change the shape of it, but we shouldn't see a drag on profitability. The other thing that's very notable this year beyond the margin productivity we're seeing is we've refined our opening approach, and we are saving dollars on a like-for-like basis on preopening costs. So all those refinements as we go forward should help us move through this shifting of how we're going about this.

我認為就損益而言，盈利能力，稱之為拖累，我們注意到，我們德克薩斯州商店的利潤率非常高，與我們現有的投資組合一樣富有成效。因此，當我們希望擴大我們的影響範圍並走得更遠時，這並不意味著我們會放慢我們的發展速度。這意味著我們將改變它的形式，但我們不應該看到盈利能力受到拖累。除了我們看到的利潤率之外，今年另一件非常值得注意的事情是我們改進了開業方法，並且我們在開業前成本上節省了類似的費用。因此，我們前進過程中的所有這些改進應該有助於我們實現處理方式的轉變。

And the next question comes from the line of Andrew Charles with Cowen and Company.

下一個問題來自安德魯·查爾斯 (Andrew Charles) 與考恩公司 (Cowen and Company) 的對話。

Great. Christine and Joth, congrats to both of you. Charley, you just touched on this, but I just want to make sure it's confirmed that with [refined] into the real estate strategy, do you guys still anticipate you'll be able to support your prior targets for mid-teens annual growth in 2024 and beyond?

偉大的。克里斯汀和喬思，恭喜你們倆。查理，你剛剛談到了這一點，但我只是想確保，通過[完善]房地產策略，你們仍然預計你們將能夠支持你們之前的青少年年增長目標嗎？ 2024 年及以後？

Absolutely. Yes.

絕對地。是的。

Okay. And then Charley, just a quick for keeping one. Can you provide the price traffic and mix components of 2Q performance?

好的。然後是查理，他很快就保留了一個。能否提供2Q表現的價格流量和組合成分？

Yes. So when you break down our system comps, you've got a plus 6% approximately on price and net of sales transfer, you have a flat traffic number, sales transfer is estimated to be approximately 300 basis points.

是的。因此，當您分解我們的系統比較時，您的價格和銷售轉移淨值大約增加了 6%，您的流量數字持平，銷售轉移估計約為 300 個基點。

Very good. And then, Christine, one question for you. Can you talk a little bit about the gap in same-store sales between company operated and franchise locations in 2Q? What do you attribute that to? And what are the opportunities to help make that a bit more consistent?

非常好。然後，克里斯汀，問你一個問題。您能談談第二季度自營店和特許經營店同店銷售額的差距嗎？您認為這歸因於什麼？有哪些機會可以幫助使這一點更加一致？

Yes. So as we look at that gap, I think one of the things is we are still growing our rewards program. And so over time, our newer shops, they are ramping up really nicely and adding rewards programs. And so as I noted in Q2, we really increased the rewards promotions. We also did a lot of what we would call throwback promotions. So things that we've done in the past that our customers get really excited about. We have seen great success in new markets with these that are franchise markets, which are some of our older markets are more familiar with some of these promotions.

是的。因此，當我們審視這一差距時，我認為其中一件事是我們仍在擴大我們的獎勵計劃。因此，隨著時間的推移，我們的新商店正在迅速發展並增加獎勵計劃。正如我在第二季度所指出的，我們確實增加了獎勵促銷活動。我們還做了很多所謂的複古促銷活動。所以我們過去所做的事情讓我們的客戶感到非常興奮。我們在特許經營市場等新市場中看到了巨大的成功，我們的一些老市場對其中的一些促銷活動更為熟悉。

Yes. And so Christine, sort of dovetailing off of that, higher promo costs in the company shops, particularly in the markets as we see it in the brand. So therefore, a higher rewards costs. Sales transfer is higher, a higher rate on in the company portfolio versus the franchise because we're going faster there. And then there's some geographical differences between where the franchisees are and where the company shops are and the relative growth rate of that, it all kind of lays out to allow for the difference that we're seeing. We don't see an operational difference. We have no data that would say there's an operational difference between the company and franchise portfolios.

是的。因此，克里斯汀，與此相吻合的是，公司商店的促銷成本更高，特別是在我們在品牌中看到的市場上。因此，獎勵成本較高。與特許經營權相比，公司投資組合中的銷售轉移更高，比率更高，因為我們在那裡進展得更快。然後，特許經營商所在地和公司商店所在地之間存在一些地理差異，以及它們的相對增長率，這一切都是為了考慮到我們所看到的差異。我們沒有看到操作上的差異。我們沒有數據表明公司和特許經營組合之間存在運營差異。

And the next question comes from the line of Sara Senatore with Bank of America.

下一個問題來自薩拉參議員與美國銀行的對話。

Just a clarification and then a question, please. So in terms of the margins, trying to understand from a restaurant level perspective, I know you did a really nice contribution bridge. But to what extent are there any influences from like the shift from build-to-suit to ground lease to your early point that tends to have higher margins or from opening in lower-cost stake? Just sort of like on an apples-to-apples basis is as we think about -- as I think about the margins, I want to make sure I understand kind of what any kind of mix impact might be? And then I'll have a question on some of the marketing initiatives.

請先澄清一下，然後再提出問題。因此，就利潤而言，試圖從餐廳層面的角度來理解，我知道你們做了一個非常好的貢獻橋樑。但是，從定制建造到土地租賃的轉變，對您的早期點（往往具有更高的利潤率）或以較低成本的股份開放有何影響？就像我們在考慮利潤時一樣，我想確保我了解任何類型的混合影響可能是什麼？然後我會問一些有關營銷活動的問題。

Yes. So the lease type of ground lease or build-to-suit has no effect on the company's SHOP reported margin. So it's not a factor. And the rest of -- so that margin walk upward, again, nothing to do with the lease type. It's about half of that walk ahead is the menu price impact of things we've done. And then the rest of it is operational efficiencies and labor and savings in preopening and savings in operating expenses. We do have lower wage costs as we move eastbound. So that's also a factor as the portfolio weights in.

是的。因此，土地租賃或定制建造的租賃類型對公司的 SHOP 報告利潤率沒有影響。所以這不是一個因素。其餘的——所以保證金再次上升，與租賃類型無關。大約一半的進展是我們所做的事情對菜單價格的影響。剩下的就是運營效率和勞動力以及開業前的節省和運營費用的節省。當我們向東移動時，我們的工資成本確實較低。因此，這也是投資組合權重的一個因素。

Okay. Just to clarify, my understanding was that ground leases had lower -- part of the sort of philosophy behind doing ground leases was that perhaps lower rent expense because you weren't kind of reimbursing the landlord for T&I. Is that not the case?

好的。澄清一下，我的理解是，地面租賃的費用較低——地面租賃背後的部分理念是，租金費用可能較低，因為你不用向房東報銷 T&I。難道不是這樣嗎？

They do have lower cash rent, but from GAAP -- for GAAP accounting purposes, that -- part of that gets inferred, that difference gets inferred as interest and gets reclassed down to interest expense.

他們的現金租金確實較低，但從 GAAP 來看——出於 GAAP 會計目的，部分差異被推斷為利息，並被重新分類為利息支出。

Right. Okay. All right. I'll take that offline. And then in terms of kind of the -- some of the marketing changes to like the sort of paid media, some of the initiatives seem like kind of more traditional traffic driving initiatives. What does that mean in terms of how much your -- how you're thinking about media as a percentage of revenues? Or how you're thinking about the marketing mix going forward versus what we -- what maybe you had done previously?

正確的。好的。好的。我會把它離線。然後，就某種營銷而言，一些營銷變化類似於付費媒體，一些舉措似乎是更傳統的流量驅動舉措。就您如何看待媒體佔收入的百分比而言，這意味著什麼？或者您如何考慮未來的營銷組合與我們——您之前所做的事情？

Yes. So as we look forward, I think, one, we've just brought in a new CMO, Tana. And so she's really beginning to ramp up in her job and looking at the mix of things that we're doing. But I would share that I think from a percent spend, what we're looking at right now is we're specifically looking at the return on all of our initiatives. And I think with the data that we have from our rewards program, the way that we can see the performance of our different ad types and what we put in them and all of those things that we're not actually targeting a percentage. What we're looking for is really looking to expose our brand to new customers. We're in so many new markets and bring them in. And so rather than in targeting an actual percent, we're really looking at what can drive growth, what can drive trial and what is an effective ROI in our marketing spend.

是的。因此，當我們展望未來時，我認為，第一，我們剛剛引入了一位新的首席營銷官塔納。因此，她確實開始加強她的工作，並關注我們正在做的各種事情。但我想說的是，我認為從支出百分比來看，我們現在關注的是我們所有舉措的回報。我認為，通過我們從獎勵計劃中獲得的數據，我們可以看到不同廣告類型的效果以及我們在其中投放的內容以及所有我們實際上並未針對百分比的內容。我們真正尋求的是向新客戶展示我們的品牌。我們進入瞭如此之多的新市場並將其引入。因此，我們真正關注的是什麼可以推動增長，什麼可以推動試用，以及什麼是我們營銷支出的有效投資回報率，而不是瞄準實際百分比。

And the next question comes from the line of Jeffrey Bernstein with Barclays.

下一個問題來自杰弗裡·伯恩斯坦與巴克萊銀行的對話。

Two questions. First one, just, Christine, with the AUVs being perhaps down a little bit from what you were initially expecting for new units and as you mentioned, the cost to build up. I know you're working diligently on both fronts to mitigate that, but I'm just wondering if there was even the consideration of slowing down the near-term unit growth from what's already industry-leading levels to give you more time to kind of absorb or maybe work through the headwinds you're dealing with on both fronts or whether that was not even a consideration.

兩個問題。第一個，克里斯汀，AUV 可能比您最初對新單位的預期要低一些，正如您提到的，建造成本。我知道你們正在這兩方面努力工作以緩解這種情況，但我只是想知道是否考慮過放慢已經處於行業領先水平的近期單位增長速度，以便給你們更多的時間吸收或克服你在兩個方面所面臨的逆風，或者是否這根本就不是一個考慮因素。

I'll -- this is Charley. I'll speak to the new unit AUV. So Jeff, if you remember at the IPO, we projected $1.7 million -- we are seeing that moderate from well over $2 million in the lease of class to $1.7 million. And we also want to reinforce that that's a lot of heavy infill going into Texas, which we talked earlier about, we wouldn't necessarily repeat that as we go out a little wider.

我會——這是查理。我將談談新單位AUV。所以，傑夫，如果你還記得在 IPO 時，我們預計 170 萬美元——我們看到這一數字從遠超 200 萬美元的租賃類別降至 170 萬美元。我們還想強調，德克薩斯州有大量的填充物，我們之前談到過，當我們走出更廣泛的範圍時，我們不一定會重複這一點。

In terms of the build cost, well, that's pretty sticky. The elevated build costs, there are things we can do that we talked about earlier, prototypes, doing an end cap, which is lower project cost versus a ground-up freestanding building, maybe using some different lease types to consume less cash up front. And so at this stage, we don't feel like that should really change the shape of our growth trajectory going through the next few years, and -- you'll want to tag into this as well.

就建造成本而言，這是相當棘手的。建造成本升高，我們可以做一些我們之前討論過的事情，原型，做一個結束，與地面獨立式建築相比，這比地面的獨立式建築更低的項目成本，也許使用一些不同的租賃類型來預先消耗更少的現金。因此，在現階段，我們認為這不會真正改變我們未來幾年的增長軌跡，而且——你也想加入這一點。

Yes, Jeff, what I would add to that is that we have a really robust real estate pipeline. And so what that allows for is that allows for us to take our learnings over time and adjust in places where we think it makes sense but continue that same unit growth. And I think the robustness of that pipeline, how many sites we have wind up to still go will allow us to keep our shop growth [in place].

是的，傑夫，我要補充的是，我們擁有非常強大的房地產管道。因此，這允許我們隨著時間的推移吸取我們的經驗教訓，並在我們認為有意義的地方進行調整，但繼續保持同樣的單位增長。我認為，該渠道的穩健性以及我們最終仍將開展的站點數量將使我們能夠保持商店的增長[到位]。

Understood. And then my follow-up is just on the restaurant margin, north of a 30% margin this quarter, up 500 some-odd basis points. That's really incredible. Just wondering, Christine, as you look at this business with the fresh set of eyes having come from others within retail and whatnot. Is there any thoughts to maybe the business being over earning, maybe willing to reinvest some of those benefits in store? I mean it just seems like those are well above industry level margins and maybe there's an opportunity to reinvest some of that to further strengthen the platform.

明白了。然後我的後續行動只是關注餐廳利潤率，本季度利潤率超過 30%，上升了 500 個基點。這實在是太不可思議了。只是想知道，克里斯汀，當你用來自零售業和其他領域的其他人的新眼光來看待這個行業時。是否有任何想法認為，也許企業盈利過多，也許願意將其中一些收益再投資於商店？我的意思是，這些利潤似乎遠高於行業水平，也許有機會對其中的一些進行再投資，以進一步加強該平台。

Absolutely. So a couple of things. I think one, as Charley mentioned, this is seasonally our highest revenue quarter. So that also helps with profitability in the quarter. And then as we think about reinvesting, absolutely. And again, this brand was really built on investing in local communities, bringing new people in, investing and driving trial. And so we are really going to continue doing that work to allow new guests to fall in love with us.

絕對地。有幾件事。我認為，正如查理提到的，這是我們季節性收入最高的季度。因此，這也有助於提高本季度的盈利能力。然後當我們考慮再投資時，絕對如此。再說一次，這個品牌真正建立在投資當地社區、引進新人、投資和推動試驗的基礎上。因此，我們真的會繼續做這項工作，讓新客人愛上我們。

And the next question comes from the line of David Tarantino with Baird.

下一個問題來自大衛·塔倫蒂諾和貝爾德的台詞。

I had a question about the traffic trends and certainly a lot of improvement from the first quarter. But I was wondering if you could maybe talk about how much of that improvement might have been related to just lapping over a lower comparison versus kind of real underlying improvement based on the initiatives that you called out. I guess how much of the traffic improvement was related to each of those factors?

我對流量趨勢有疑問，當然與第一季度相比有了很大的改善。但我想知道您是否可以談談這種改進有多少可能與僅僅進行較低的比較有關，而不是基於您提出的倡議的真正的潛在改進。我猜流量的改善有多少與這些因素有關？

Yes. As we look at the traffic improvements quarter-over-quarter, we believe about a third of that traffic improvement is due to the easier lap from Q2 of 2022. And then evenly split really over the rest of the pieces. So innovation, Dutch Rewards and an increase in the advertising spend really all split the rest of that improvement in more traffic. Got it.

是的。當我們查看每季度的交通量改善時，我們認為大約三分之一的交通量改善是由於 2022 年第二季度的單圈變得更容易。然後平均分配到其餘部分。因此，創新、荷蘭獎勵和廣告支出的增加實際上都將其餘的改進分配給了更多的流量。知道了。

Okay. And then, I guess, how did that inform the outlook for the second half of the year? I guess, what's your expectations for the traffic picture as the rest of the year evolves?

好的。然後，我想，這對下半年的前景有何影響？我想，隨著今年剩餘時間的發展，您對交通狀況有何期望？

Well, from a -- we don't break it down in the full year from a guidance perspective, but we mentioned low single-digit total comp. There's an element of pricing in there as well that we've noted. And then you've got sales transfer, right? So we're just going to keep pushing the gas on the traffic lift and try to get that as high as we can, and we talked about the investments.

嗯，從一個角度來看，我們不會從指導的角度對全年進行細分，但我們提到了較低的個位數總薪酬。我們也注意到了其中的定價因素。然後你就有了銷售轉移，對嗎？因此，我們將繼續推動交通電梯的發展，並儘力使其達到盡可能高的水平，我們討論了投資。

Yes. I think one of the things I would add to that is that we've learned a lot with what we've done in Q2. And so we've experimented again from a rewards perspective with different types of offers, different day parts, different geographies. We've done the same on the promotion front. And so I would say we are -- as we move forward, we'll continue doing similar activities, but with the learnings that we've had from Q2 to really enhance the profitability and understand where those actions have made the biggest differences.

是的。我認為我要補充的一件事是，我們從第二季度所做的事情中學到了很多東西。因此，我們從獎勵的角度再次嘗試了不同類型的優惠、不同的時段、不同的地理位置。我們在促銷方面也做了同樣的事情。因此，我想說，隨著我們的前進，我們將繼續開展類似的活動，但根據我們從第二季度獲得的經驗教訓，我們將真正提高盈利能力，並了解這些行動在哪些方面產生了最大的差異。

Great. And if I could squeeze one more in. Charley, I might have missed it, but the pricing increases that you implemented at the end of Q2, I guess, what amount of pricing, I guess, effectively did that lead to? And what type of pricing you're going to be running in the second half of the year?

偉大的。如果我能再擠進去一個。查理，我可能錯過了，但是你在第二季度末實施的定價上漲，我想，我想這實際上導致了多少定價？下半年你們將採用什麼類型的定價？

Well, on a full year basis, we're now going to range from about 4% up to approximately a 6% full year price lap with that price move that we just took.

嗯，在全年的基礎上，我們現在的全年價格漲幅將與我們剛剛採取的價格變動約 4% 到約 6% 不等。

And the next question comes from the line of Jeff Farmer with Gordon Haskett.

下一個問題來自傑夫·法默（Jeff Farmer）和戈登·哈斯凱特（Gordon Haskett）的對話。

Just looking to better understand the sales volume curve of some of these infill development shops, I guess, more specifically, to the extent that you're willing to share, are these units or shops in the comp base as a same-store sales headwind or a tailwind at this point?

只是為了更好地了解其中一些填充開發商店的銷量曲線，我想，更具體地說，就您願意分享的程度而言，這些單位或商店在比較基礎上是否會成為同店銷售逆風還是此時的順風車？

Right now, there's so few of these shops, for example, in the Texas market that's in the comp set. It's really very -- it's de minimis at this point. Now as we hit the first day of the 16th month going forward, that will start to ratchet up as we go forward. I think in the second quarter, we had maybe approximately 40 shops or 50 shops that's in the comp base from Texas. So going forward, you'll see that more.

目前，這些商店很少，例如在德克薩斯州市場上的競爭集中。在這一點上，這確實是微乎其微的。現在，當我們進入第 16 個月的第一天時，隨著我們的前進，這種情況將開始加劇。我認為在第二季度，我們可能有大約 40 家商店或 50 家商店位於德克薩斯州的補償基地。因此，展望未來，您會看到更多。

Okay. So I'll back off from the comparable store units for a second, but just in terms of thinking about -- I think we all understand that the infill shop volumes are lower. But in terms of the growth rate, anything you can share there in terms of Year 1, Year 2, Year 3 in terms of the AUV growth trajectory of those infill locations.

好的。因此，我暫時不再討論可比較的商店單位，但只是考慮一下——我想我們都明白填充商店的數量較低。但就增長率而言，您可以分享第一年、第二年、第三年這些填充地點的 AUV 增長軌跡。

So too early, right? We're talking about 2022, late 2022 and 2023 class being the high rate of infill. So they haven't annualized over themselves. And remember, we don't report a comp number until the first day of 16th month to allow shops to climb over their launch curve settle. So it's just -- it's premature to even know.

太早了，對吧？我們談論的是 2022 年、2022 年末和 2023 年的班級，填補率很高。所以他們還沒有對自己進行年化。請記住，直到第 16 個月的第一天我們才會報告補償編號，以便商店能夠跨越其啟動曲線穩定。所以現在知道還為時過早。

Okay. And then last one, I apologize, I'll sneak just one more in. And just sort of I think early on in the year, you guys had broadly guided to the shop level EBITDA margin for 2023. I think you basically said your expectation was that it would be flat. Any update there in terms of your expectation for the full year 2023 shop level EBITDA margin?

好的。最後一個，我很抱歉，我會再偷偷地講一個。我想在今年早些時候，你們對 2023 年的商店級 EBITDA 利潤率進行了廣泛的指導。我想你們基本上說了你們的期望是它會是平坦的。您對 2023 年全年店鋪級 EBITDA 利潤率的預期有何更新？

We're very confident in the flat, and we feel like we'll probably outperform that going forward. It's our belief, given the strong results we've demonstrated in the quarter, the fact that we've taken some pricing, and we are beginning to see the green shoots of commodities helping us.

我們對這套公寓非常有信心，我們覺得未來我們的表現可能會更好。鑑於我們在本季度所展示的強勁業績，我們已經採取了一些定價，並且我們開始看到大宗商品的萌芽對我們有所幫助，這是我們的信念。

And the next question comes from the line of Andy Barish with Jefferies.

下一個問題來自安迪·巴里什和杰弗里斯的對話。

And I guess, first, Christine specifically, just as you've gotten involved and looked at the pipeline, is there anything that makes you uncomfortable with that $1.7 million new store productivity number kind of stabilizing at these levels?

我想，首先，克里斯汀，正如您參與並查看管道一樣，是否有任何事情讓您對 170 萬美元的新店生產力數字穩定在這些水平感到不安？

No, I mean, as we look forward, so we've done a lot of work, as I shared on the real estate pipeline. It's obviously an important part of what we're working on here every day. And as we look at that, I think there's things that are ups and downs. So we know that infill rate, it's going to take the AUVs down a little bit. But going into a new market where we are fresh in that market, we are going to see higher AUVs.

不，我的意思是，隨著我們的展望，我們已經做了很多工作，正如我在房地產管道上分享的那樣。這顯然是我們每天工作的重要組成部分。當我們看到這一點時，我認為有些事情是有起有落的。所以我們知道填充率會讓 AUV 略有下降。但進入一個我們剛剛涉足的新市場時，我們將看到更高的 AUV。

And so when you look at kind of the way that we can shape our pipeline and really build demand in these new markets while we're then going in and infilling. And by the way, I don't think it's a very long time between building that demand and then coming back and infilling that it's going to take. So as I look at the pipeline and all of the richness of the data that we have now after having opened so many shops in Texas, I'm very confident as we go forward and what this pipeline will look like, what our growth will look like.

因此，當你看看我們可以如何塑造我們的管道並真正在這些新市場中建立需求，同時我們然後進入並填補這些市場。順便說一句，我認為從建立需求到回過頭來滿足需求之間的時間並不長。因此，當我查看管道和我們在德克薩斯州開設如此多商店後現在擁有的所有豐富數據時，我對我們的前進非常有信心，這條管道將是什麼樣子，我們的增長將是什麼樣子喜歡。

Great. I appreciate that. And then maybe, Charley, just on the updated guidance for the full year adjusted EBITDA, it seems like at least from analyst expectations, you beat by about $10 million here in the 2Q and flowed that through. I know there's a lot of puts and takes. But what are some of the key investment areas that you called out, if you're willing to share?

偉大的。我很感激。然後，查理，也許就全年調整後 EBITDA 的最新指導而言，至少從分析師的預期來看，您在第二季度超出了約 1000 萬美元，並且實現了這一目標。我知道有很多的投入和採取。但如果您願意分享的話，您提到的一些關鍵投資領域是什麼？

Yes. So Christine sort of outlined a lot of those areas that we've been investing in. But going forward, those will be things around the capability to support growth going forward, making sure we have a solid team in place using our rewards program and targeted promotional activity to keep driving traffic in the future and making sure we see new markets even more productively as we go forward. So good observation that we're flowing through the 10 plus a little more, and I'll go back to the commentary about our 30% margin and being very mindful that we have the firepower to reinvest and we're going to do that.

是的。克里斯汀概述了我們一直在投資的許多領域。但展望未來，這些將是圍繞支持未來增長的能力，確保我們擁有一支堅實的團隊，利用我們的獎勵計劃和目標促銷活動，以繼續推動未來的流量，並確保我們在前進的過程中更有效地發現新市場。如此好的觀察，我們正在通過 10+ 多一點，我將回到關於我們 30% 利潤率的評論，並非常注意我們有足夠的火力進行再投資，我們將這樣做。

And the next question comes from the line of Brian Mullan with Piper Sandler.

下一個問題來自布萊恩·穆蘭 (Brian Mullan) 和派珀·桑德勒 (Piper Sandler) 的對話。

Last call, you shared that the frequency in that top cohort of customers had held in really nicely where it was -- while it was maybe the lower quartile where you had seen a little bit of softness. So as it pertains to the second quarter, can you speak to what you saw with both of those cohorts in terms of frequency? And then maybe what are your expectations on that for the balance of the year?

上次通話時，您表示，頂級客戶群體的頻率保持得非常好，而您可能在較低的四分位數中看到了一點疲軟。那麼，就第二季度而言，您能談談您在這兩個群體中所看到的頻率嗎？那麼您對今年剩餘時間的期望是什麼？

Yes. So we saw in Q2, we saw some improvements across cohorts. As we look forward, again, we will continue to increase our rewards activity. So we are seeing really great customer response from that rewards activity. And with that, we would hope to continue to see improvement in the frequency.

是的。所以我們在第二季度看到，我們看到各個群體都取得了一些進步。展望未來，我們將繼續增加獎勵活動。因此，我們看到客戶對該獎勵活動的反應非常好。有了這個，我們希望繼續看到頻率的提高。

And the next question comes from the line of Nick Setyan with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Nick Setyan。

I really want to home in on the margins but first, you guys kind of said 6% system pricing. Is that in line for the company-owned stores in Q2?

我真的很想關注利潤，但首先，你們說的是 6% 的系統定價。這與第二季度公司自營店的情況相符嗎？

It's not dissimilar. The system pricing move versus the company pricing move.

這並沒有什麼不同。系統定價變動與公司定價變動。

Okay. And then Q3 pricing sounds like it's going to be closer to 3%. Is that fair?

好的。然後第三季度的定價聽起來會接近 3%。這公平嗎？

Sorry, 6% for the full year. Last quarter, we reported that pricing would be 4%, 6% for the full year rollover, if not a 6% pricing move. I just wanted to make sure you understood that. It was approximately a 4% price move on an annualized basis that we just took. And then please go ahead with your question.

抱歉，全年 6%。上個季度，我們報告稱，即使不是 6% 的定價變動，全年展期的定價也將是 4%、6%。我只是想確保你明白這一點。我們剛剛得出的年化價格變動約為 4%。然後請繼續你的問題。

So in Q2, the all-in menu price was what, just to be clear, year-over-year to all-in menu price?

那麼，在第二季度，總菜單價格與去年同期相比是多少？

In Q2 only, all-in versus last year is about 6% year-over-year.

僅在第二季度，總投入與去年同期相比約為 6%。

Okay. And then going forward in Q3, what does that translate to, inclusive of the recent price increases year-over-year?

好的。那麼在第三季度，這意味著什麼，包括最近的同比價格上漲？

So it's now estimated at approximately 7%, effect for Q3 year-over-year.

因此，現在估計第三季度的同比影響約為 7%。

Got it. So with 7% pricing in Q3 really big year-over-year [full year] margin increases in the first half. It sounds like Q3, which have some decent leverage, why shouldn't we see meaningfully above flat for the full year? And by that, I mean, 150, 200 bps above last year. I mean, is Q4 going to be that much of a drag?

知道了。因此，由於第三季度 7% 的定價，上半年的利潤率確實比去年同期大幅增長。聽起來像第三季度，它有一些不錯的槓桿作用，為什麼我們不應該看到全年的水平明顯高於持平呢？我的意思是，比去年高 150、200 個基點。我的意思是，第四季度會有那麼大的阻力嗎？

So you've got about 6% price or -- so we show you guys a guide of low single digits, 6% is coming from price and we're running around 300 basis points from sales transfer okay? So you're plus 6%, minus 3% from sales transfer kind of puts you in that low single-digit range that we're talking about.

所以你有大約 6% 的價格，或者——所以我們向你們展示了一個低個位數的指導，6% 來自價格，我們從銷售轉移中獲得大約 300 個基點，好嗎？因此，銷售轉移帶來的利潤為正 6%、負 3%，這相當於我們所說的低個位數範圍。

Sure. And then for the [four-wall] EBITDA margin, you said it should be at least flat for the year, but it just seems like given the performance in the first half, we should be meaningfully above flat year-over-year. Is that fair for the full year quarter margin?

當然。然後，對於[四壁] EBITDA 利潤率，您說今年至少應該持平，但考慮到上半年的表現，我們應該比去年同期持平。這對於全年季度利潤率來說公平嗎？

Over in the fourth quarter, we took a large entry for breakage income in the fourth quarter, we got to climb over that. We reported that last year, the breakage for 2022 and 2021 was $7 million that we had to climb over in profit from breakage last year in the fourth quarter. That's a big climb.

在第四季度，我們在第四季度的破損收入中錄入了大量的數據，我們必須克服這一點。我們報告稱，去年，2022 年和 2021 年的破損額為 700 萬美元，我們必須在去年第四季度從破損額中彌補利潤。這是一個很大的攀登。

And the next question comes from the line of Rahul Krotthapalli with JPMorgan.

下一個問題來自 Rahul Krotthapalli 與摩根大通的對話。

I just wanted to check on the TAC system rollout. Can you guys elaborate on where or how much of the system has this rolled out now? And then I'm also curious on how much of the 180 bps leverage you got on labor came from the efficiency of this capital [allotment] within the system you have exiting 2Q?

我只是想檢查 TAC 系統的推出情況。你們能詳細說明一下該系統現在在哪里或有多少部分推出了嗎？然後我也很好奇，你在勞動力方面獲得的 180 個基點的槓桿有多少來自於你退出第二季度的系統內資本[分配]的效率？

Yes, absolutely. I can take that. So our TAC system is still in a testing phase. We are currently in 16 shops that are operational right now. So as far as labor efficiencies, it's really not driving any of that labor efficiency in our markets. When I look across at what's driving the labor piece, it's really investments we've made in our labor scheduling systems, investments we've made in educating our teams on how to best schedule labor, looking at scheduling against peaks and things like that. So that's really the result. That's what we're seeing from a labor perspective.

是的，一點沒錯。我可以接受。所以我們的TAC系統還處於測試階段。目前我們有 16 家正在營業的商店。因此，就勞動力效率而言，它實際上並沒有推動我們市場的任何勞動力效率。當我審視勞動力部分的推動因素時，我發現這實際上是我們在勞動力調度系統上所做的投資，我們在教育我們的團隊如何最好地安排勞動力、考慮針對高峰的調度等方面所做的投資。所以這確實是結果。這就是我們從勞工角度看到的情況。

And I have a follow-up on the pricing side. I think you guys talked about 2 different components here. One is higher pricing for the customization and are there being more number of shops moving to higher-priced peers, so I'm just curious like how much of the pricing taken was on the base menu versus what is the component mix which is contributing to this price step up between the 2 categories of customization pricing and moving shops to higher tiers?

我在定價方面有一個後續行動。我想你們在這裡討論了兩個不同的組成部分。一是定制的定價更高，是否有更多的商店轉向價格更高的同行，所以我很好奇，基本菜單上的定價佔了多少，而組件組合的貢獻是什麼？這個價格在定制定價和將商店移至更高級別的兩類之間有所提高嗎？

Yes. So one of the reasons why we took price was really to set up this long-term pricing architecture in the right way. And so a little more than half of the pricing increase was to make moves in pricing tiers and customizations or modifiers. And so about 2.5% of that price is actually for those moves. And then the rest is drink pricing moves really related to drinks that have those modifiers included in them. And so when you look at that, there's a couple of reasons why.

是的。因此，我們定價的原因之一實際上是要以正確的方式建立這種長期定價架構。因此，一半多一點的定價增長是為了定價等級和定製或修改。因此，大約 2.5% 的價格實際上用於這些舉措。剩下的就是與含有這些調節劑的飲料真正相關的飲料定價變動。所以當你看到這一點時，你會發現有幾個原因。

One, when we looked at sort of our pricing regions and where we were priced versus competitors, we felt like there's obviously been some movement during COVID of where people have moved and kind of where -- how prices have changed. That was really just catching up with that as we looked at moving into these new pricing tiers. And then from a customization standpoint, this really allows our customers to kind of pick and choose what they do and sets up our long-term pricing architecture in a nice way.

第一，當我們審視我們的定價區域以及我們與競爭對手相比的定價時，我們覺得在新冠疫情期間，人們搬到了哪裡，價格發生了怎樣的變化，這顯然發生了一些變化。當我們考慮進入這些新的定價層時，這實際上只是趕上了這一點。然後從定制的角度來看，這確實允許我們的客戶選擇他們所做的事情，並以一種很好的方式建立我們的長期定價架構。

Understood. That's really helpful, Christine. One last follow-up, if I may. On your rewards members cohort, did you see any change in frequency of store visitation over the past few quarters? So if you take up like one specific cohort within the 6.0 million numbers you have now, is there any notable change in the frequency of the [situation]?

明白了。這真的很有幫助，克里斯汀。如果可以的話，最後一次跟進。在您的獎勵會員群體中，您發現過去幾個季度的商店光顧頻率有任何變化嗎？那麼，如果您在現有的 600 萬個數字中選擇一個特定的群體，那麼[情況]的發生頻率是否有任何顯著變化？

Yes. So as we track our rewards data, that's not exactly how we track it right now. And when we're looking overall at traffic improvements, I think with the number of new shops we have, we're both looking for those frequency changes, but we're also looking to add new customers in. And so those cohorts do have changing members within them. And so what we're really looking for is we want to bring new customers in that are quickly increasing their frequency over time and then also increasing the frequency of our existing customers.

是的。因此，當我們跟踪獎勵數據時，這並不是我們現在跟踪它的方式。當我們整體考慮流量改善時，我認為隨著我們擁有的新商店數量的增加，我們都在尋找這些頻率變化，但我們也希望增加新客戶。所以這些群體確實有改變他們內部的成員。因此，我們真正尋找的是我們希望引入新客戶，隨著時間的推移，他們的頻率會迅速增加，然後也會增加我們現有客戶的頻率。

And the next question comes from the line of Gregory Francfort with Guggenheim Securities.

下一個問題來自古根海姆證券公司的格雷戈里·弗蘭克福特（Gregory Francfort）。

I had 2 quick follow-ups. The first is maybe just as we think about the changes on the leases, how you're going to finance new stores, within the $225 million to $250 million of CapEx from this year, what would that have looked like under maybe the new mix you're considering?

我進行了兩次快速跟進。第一個可能是當我們考慮租賃的變化時，你將如何為新店融資，從今年開始的 2.25 億美元到 2.5 億美元的資本支出中，在你的新組合下會是什麼樣子？正在考慮？

I couldn't speculate going forward like that. I mean, I understand the question, but on the fly, I couldn't tell you what that would be.

我無法推測未來會這樣。我的意思是，我理解這個問題，但我無法即時告訴你那是什麼。

No, I think it's important to note, too, is our pipeline is planned 18 to 24 months out. And so we are currently now for the majority of our time looking for sites in 2025. As we look at continuing the growth here, this will be a gradual change versus something more abrupt. And so I just want to make sure we're very clear that this is really a refinement. And you are continued focused on learning from every new shop that we're opening.

不，我認為還需要注意的是，我們的管道計劃在 18 到 24 個月後完成。因此，我們目前的大部分時間都在尋找 2025 年的地點。當我們考慮繼續增長時，這將是一個漸進的變化，而不是突然的變化。所以我只是想確保我們非常清楚這確實是一項改進。您將繼續專注於向我們開設的每家新店學習。

Got it. Understood. And maybe just going back to the labor. I think you guys put in place these changes to how you guys kind of schedule labor and some of them in the middle of the fourth quarter. So I guess it's now been, I don't know, around 9 months, how has that gone? I mean do you feel like you've gotten it to the right level? Do you think you maybe have an opportunity to take more labor out or maybe reinvest? Just it was a big change, and I'm curious kind of where you think that settles out versus where you might want to go.

知道了。明白了。也許只是回到勞動中。我認為你們對工作安排方式進行了這些改變，其中一些是在第四季度中期進行的。所以我想現在已經過去了，我不知道，大約 9 個月了，現在怎麼樣了？我的意思是你覺得你已經達到了正確的水平嗎？您認為您可能有機會抽出更多勞動力或進行再投資嗎？只是這是一個很大的變化，我很好奇你認為會在哪裡解決，而不是你可能想要去的地方。

Yes. Well, when we look at the change we made, it was really our labor scheduling system last year, catching up with the pricing moves that we made. So if you think about it at the shop level, we weren't actually changing the amount of labor that was in our stores, we were just patching it up with the pricing move. And as we look over time, I think one of the great parts of our brand is really our people and our systems, the really strong turnover number that we have within our stores.

是的。好吧，當我們看到我們所做的改變時，這實際上是我們去年的勞動力調度系統，趕上了我們所做的定價舉措。因此，如果你從商店層面考慮，我們實際上並沒有改變商店的勞動力數量，我們只是通過定價調整來彌補這一點。隨著時間的推移，我認為我們品牌最重要的部分之一實際上是我們的員工和我們的系統，以及我們商店內真正強勁的營業額。

And we believe that the investments that we make in labor, ensuring that our broistas have an awesome working environment and have the right number of people within the shop to please our customers is super important. So we are not looking to make changes in labor other than things that will make our shops more efficient from a line speed perspective, but we're not looking to cut labor in our shops.

我們相信，我們在勞動力方面的投資，確保我們的肉店員工擁有良好的工作環境，並擁有適當數量的員工來取悅我們的顧客，這一點非常重要。因此，除了從生產線速度的角度來看，我們不打算對勞動力進行任何改變，以使我們的商店更加高效，但我們也不打算削減商店的勞動力。

Understood. Maybe just one last one. Charley, I know it's been really topical about the fundraising with the debt financing versus equity financing. I'm just curious any updates or thoughts on that front would be helpful.

明白了。也許只是最後一張。查理，我知道債務融資與股權融資的籌款確實是一個熱門話題。我只是好奇這方面的任何更新或想法都會有所幫助。

We wouldn't comment on any future action, but we're very pleased that we upside through the accordion. And as we noted, very pleased that we had a broad syndicate join us in that effort. It was -- it turned out great.

我們不會對任何未來的行動發表評論，但我們很高興我們通過手風琴取得了成功。正如我們所指出的，我們非常高興有一個廣泛的財團加入我們的努力。結果是——結果很棒。

And the next question is a follow-up from Nick Setyan with Wedbush Securities.

下一個問題是 Wedbush Securities 的 Nick Setyan 的後續問題。

Just what was labor inflation and food cost inflation in the quarter? What do we expect it to be in Q3 and Q4 now?

本季度的勞動力通脹和食品成本通脹到底是多少？我們現在對第三季度和第四季度的預期是什麼？

We don't guide that forward, Nick. So wage inflation outside of the moves we made for the quarter was low single digits. And remember, as we move east, our wage rate is waiting down so it helps to abate any wage inflation. We don't give those figures out by quarter going forward.

我們不會引導這一點，尼克。因此，除了我們在本季度採取的舉措之外，工資通脹率僅為個位數。請記住，當我們向東移動時，我們的工資率正在下降，因此這有助於減輕工資通脹。我們不會按季度公佈這些數據。

And what about the cost inflation for Q2?

第二季度的成本通脹又如何呢？

So ingredient input costs went down about 1%. They were actually elevated in Q1. They've now shifted from 1% higher to about 1% lower of input costs.

因此原料投入成本下降了約 1%。它們實際上在第一季度有所上升。現在，他們的投入成本已從高 1% 變為低 1% 左右。

Ladies and gentlemen, at this time there are no further questions. Now I turn the floor back over to Joth Ricci for any closing comments.

女士們、先生們，現在沒有其他問題了。現在我將發言權交還給喬思·里奇（Joth Ricci）以徵求結束語。

Thank you for your questions. As we look ahead, our goals are clear, and we are focused. We plan to continue executing against our plan, driving traffic, optimizing operations, selecting strong sites and building great shops efficiently. We plan to be smart, learn, adapt and run our playbook. We're playing offense and our efforts to deliver profitable growth have begun to bear fruit. Throughout the quarter, we saw sequential progress in our traffic and our top line grew 34%. We delivered approximately 100% adjusted EBITDA growth year-over-year. We continue to build quarter after quarter, creating a strong foundation of growth. Most importantly, I'd like to thank you for your time and your continued support of Dutch Bros.

謝謝您的提問。展望未來，我們的目標很明確，我們也很專注。我們計劃繼續執行我們的計劃，增加客流量，優化運營，選擇強大的地點並有效地建立優秀的商店。我們計劃變得聰明、學習、適應和運行我們的劇本。我們正在積極進攻，我們實現盈利增長的努力已經開始取得成果。整個季度，我們的流量連續增長，收入增長了 34%。我們的調整後 EBITDA 同比增長約 100%。我們繼續一個又一個季度地建設，為增長奠定了堅實的基礎。最重要的是，我要感謝您的寶貴時間以及對荷蘭兄弟的持續支持。

Ladies and gentlemen this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。