Dutch Bros Inc (BROS) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Brothers, Inc. fourth-quarter and fiscal year 2023 earnings conference call and webcast and conference call and webcast are being recorded today, Wednesday, February 21, 2024, at 4:30 PM Eastern tTme and will be available for replay shortly after just concluded. Following the company's presentation, we will open up the lines for questions and instructions for queuing up will be provided at that time.

感謝您的耐心等待，歡迎來到Dutch Brothers, Inc. 第四季度和2023 財年收益電話會議和網路廣播，電話會議和網路廣播將於今天（2024 年2 月21 日星期三）東部時間下午4: 30 錄製tTme，將在剛結束後不久重播。在公司介紹之後，我們將開放提問熱線，屆時將提供排隊說明。

I would now like to turn the call over to Paddy Warren Director, Investor Relations and Corporate Development. Please go ahead, sir.

我現在想將電話轉給投資者關係和企業發展總監 Paddy Warren。請繼續，先生。

Good afternoon and welcome. I'm joined by Christine Barone day CEO and President; Charley Jemley, CFO. We issued our earnings press release for the fourth quarter and year ended December 31st, 2023 after the market closed today. The earnings press release along with supplemental information deck, it's closer to our Investor Relations website at investors dot vectrus.com.

下午好，歡迎光臨。加入我行列的還有 Christine Barone day 執行長兼總裁；查理‧傑姆利，財務長。今天收盤後，我們發布了截至 2023 年 12 月 31 日的第四季和全年財報新聞稿。收益新聞稿以及補充資訊平台更接近我們的投資者關係網站 Investors dot vectrus.com。

Please be aware that all statements in our prepared remarks and in response to your questions other than those of historical fact are forward looking statements are subject to risks, uncertainties and assumptions that may cause actual results to differ materially. They're qualified and by the cautionary statements in our earnings press release and the risk factors, our latest SEC filings, including our most recent annual report on Form 10 K and quarterly report on Form 10 Q.

請注意，我們準備好的評論中以及針對您的問題所做的所有陳述（除歷史事實之外）均為前瞻性陳述，均受風險、不確定性和假設的影響，可能導致實際結果存在重大差異。他們符合資格，並且根據我們的收益新聞稿中的警告性聲明以及風險因素、我們最新的 SEC 文件（包括我們最新的 10 K 表年度報告和 10 Q 表季度報告）。

We assume no obligation to update any forward looking statements. We will also reference non-GAAP financial measures on today's call. As a reminder, non-GAAP measures are neither 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. With that, I'd now like to turn the call over to Christine.

我們不承擔更新任何前瞻性陳述的義務。我們也將在今天的電話會議上參考非公認會計準則財務指標。需要提醒的是，非公認會計原則措施既不能替代也不能優於根據公認會計原則制定的措施。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較公認會計準則結果的調節情況。有了這個，我現在想把電話轉給克里斯汀。

Thank you, Patty, and good afternoon, everyone. We had '22 EBITDA 2022. We opened 159 shops, of which 146 for company operated a Q4. We opened 37 new shops, marking our 10th consecutive quarter of 30 or more new shop openings and demonstrating the more remarkable consistency of our growth story. We ended 2023 with our highest AUVs on record $1.97 million, and we delivered 2.8% system same shop sales growth for the year.

謝謝帕蒂，大家下午好。我們有'22 EBITDA 2022。我們開設了 159 家商店，其中 146 家為公司經營。我們開設了 37 家新店，標誌著我們連續第 10 個季度開設 30 家或更多新店，並展示了我們成長故事的一致性一致性。截至 2023 年，我們的 AUV 達到創紀錄的 197 萬美元，全年系統同店銷售額成長 2.8%。

These outstanding results were underpinned by excellent flow-through, driving a substantial expansion of our margins. Dutch process, a time-tested people driven company that continues to deliver consistent high quality growth. This growth is underpinned by excellent four-wall economics and is enabled by our shop teams remain focused on our key tenants, speed, quality and service.

這些出色的業績得益於出色的流通量，推動了我們利潤率的大幅擴張。Dutch process 是一家經過時間考驗的以人為本的公司，持續實現持續的高品質成長。這種成長得益於出色的四牆經濟效益，並得益於我們的商店團隊始終專注於我們的主要租戶、速度、品質和服務。

Earlier in 2023, we began laying the groundwork with key initiatives to less traffic, which we shared with you during our call one call in May. In Q4, we saw the impact of these efforts culminated with 5% seems shop sales growth of 100-basis-point acceleration from Q3. These results were driven by sequential improvement in customer traffic, with particular strength in the MD&A and afternoon dayparts.

2023 年初，我們開始為減少流量的關鍵舉措奠定基礎，我們在 5 月的一次通話中與您分享了這一點。在第四季度，我們看到這些努力的影響達到了頂峰，商店銷售成長了 5%，比第三季度加速了 100 個基點。這些結果是由客戶流量的連續改善所推動的，特別是在 MD&A 和下午時段。

Furthermore, we achieve record that's rewards penetration in Q4 with over 65% of transactions attributable to awards members. Keep in mind that 35% of our shops and 60% penetration number even more impressive was such a successful 2023. As our backdrop, we are optimistic for us next phase of growth. I will now spend a few minutes discussing our key priorities.

此外，我們在第四季度創下了獎勵滲透率的記錄，超過 65% 的交易歸因於獎勵會員。請記住，我們 35% 的商店和 60% 的滲透率數字更令人印象深刻，2023 年是如此成功。作為我們的背景，我們對下一階段的成長持樂觀態度。我現在將花幾分鐘討論我們的關鍵優先事項。

We began any discussion of Dutch brands with our fundamental differentiator. Our people we aim to deliver unparalleled and customer connection, recruiting, developing and retaining outstanding people remains our primary focus and one of our greatest strengths. I am proud to say that last month we were named the top queue Storebrand Nation's Restaurant News and Technomics America's favorite chain survey in part because of our high marks for service.

我們開始討論荷蘭品牌的根本差異化因素。我們的員工目標是提供無與倫比的客戶聯繫，招募、培養和留住優秀人才仍然是我們的首要關注點和最大優勢之一。我很自豪地說，上個月，我們被 Storebrand Nation 的《餐廳新聞》和《Technomics America》最喜愛的連鎖店調查評為頂級隊列，部分原因是我們的服務評分很高。

Once again, the culture we infuse into each shop and the skills and abilities of our press release does to make drinks and create relationships are evident. We believe these are the keys to building brand and affinity and fueling our growth. Dutch grows with also the highest scoring consumer brand among Gen-Z and the only coffee brand in the top 10, we've used as a confirmation that exceptional culture, exceptional people and exceptional service speak to customers across demographics and generations.

再次，我們為每家商店注入的文化以及我們新聞稿中製作飲料和建立關係的技能和能力是顯而易見的。我們相信這些是建立品牌和親和力並推動我們成長的關鍵。Dutch 也是 Z 世代中得分最高的消費品牌，也是前 10 名中唯一的咖啡品牌，我們以此來確認卓越的文化、卓越的人才和卓越的服務能夠吸引不同人群和不同世代的客戶。

This was underscored this month when we opened our first shop in Orange County, California, where our reception by the capacity was absolutely electric. Over the three-day opening weekend, we drove over $90,000 in sales. What I find remarkable is that after 32 years and over 800 shops, a shop can open with such a excitement and that line stretch for more than a mile.

本月，當我們在加州橘郡開設第一家商店時，我們強調了這一點，那裡的接待能力完全是電力的。在開幕週末的三天裡，我們的銷售額超過了 9 萬美元。我覺得了不起的是，經過 32 年的時間和超過 800 家商店，一家商店能如此興奮地開業，而且排長隊超過一英里。

It's clear to me, we have something special here and that after all these years and all the shops, our brand resonates, we couldn't open shops like this without our people. And I am pleased to report that our people pipeline continues to be robust. We now have more than 350 qualified operator candidates in the pipeline.

我很清楚，我們這裡有一些特別的東西，經過這些年和所有的商店，我們的品牌產生了共鳴，沒有我們的員工，我們無法開設這樣的商店。我很高興地向大家報告，我們的人才儲備依然強勁。我們現在有超過 350 名合格的操作員候選人正在醞釀中。

With an average tenure of seven years at scale, we anticipate each operator will be capable of leading three to seven shops. Over the past two years, we've promoted over 60 people to the position of operator. This model allows many of our highest performing and most committed employees to continue to grow with us. We believe this approach enables us to strengthen our culture and values as we grow reinforcing our competitive moat as we expand into new markets, best homegrown, motivated friendly operators, steeped in our unique culture and experts and an operating system.

以平均七年的規模，我們預計每個經營者將有能力領導三到七家商店。過去兩年，我們已將60多人提拔為操作員。這種模式使我們許多表現最好、最忠誠的員工能夠繼續與我們一起成長。我們相信，這種方法使我們能夠加強我們的文化和價值觀，因為我們在拓展新市場時不斷增強我們的競爭護城河，最好的本土、積極主動的友好運營商，沉浸在我們獨特的文化、專家和作業系統中。

We have been building and refining for over 30 years. In January, we announced three additions to our leadership team. Sumi Ghosh, incoming President of Operations; Joshua Guenser, incoming CFO; and Jess Elmquist, Chief People Officer. The entire team is looking forward to adding the wealth of experience they bring to what already makes Dutch first, great.

我們已經進行了 30 多年的建設和改進。一月份，我們宣布了領導團隊的三名新成員。Sumi Ghosh，即將上任的營運總裁； Joshua Guenser，即將上任的財務長；和首席人力官 Jess Elmquist。整個團隊都期待著將他們帶來的豐富經驗添加到已經使 Dutch 成為第一的偉大事業中。

We embarked on a project last year as a leadership team to outline how our corporate team can best support our shops as we scale and grow and expansion at our support center operations into Arizona is a key pillar of this work. We recognize the importance of continuing to attract a top-notch talent, and we believe adding a significant presence in the Phoenix market positions us to better compete for this talent. We also believe this expansion will enable easier access to our operations as we grow across the United States.

去年，我們作為領導團隊啟動了一個項目，概述我們的企業團隊如何在我們規模和發展的過程中最好地支持我們的商店，而將我們的支援中心業務擴展到亞利桑那州是這項工作的關鍵支柱。我們認識到繼續吸引頂尖人才的重要性，我們相信在鳳凰城市場增加重要影響力將使我們能夠更好地爭奪這些人才。我們也相信，隨著我們在美國各地的發展，這種擴張將使我們的業務更容易獲得。

As part of this move, we anticipate that approximately 40% of support operations staff will be in Arizona by January of 2025. Many of these positions will focus on driving the strategic direction of the Company and assisting day-to-day operations in the field. We expect to maintain a significant presence in Southern Oregon, where our roasting accounting and select other functions will continue to be based.

作為此次搬遷的一部分，我們預計到 2025 年 1 月，大約 40% 的支援營運人員將駐紮在亞利桑那州。其中許多職位將專注於推動公司的策略方向並協助該領域的日常營運。我們希望在俄勒岡州南部保持重要地位，我們的烘焙會計和選擇的其他職能將繼續以那裡為基礎。

Southern Oregon has been a key part of Dutch Pro success, and we will continue to be connected to the community and a meaningful way such poses a growth company and 2023 with a record year for us, we opened 159 new shops across 13 states, the most new shop openings in our history. This exceeded the expectations we communicated with you last year of 150 shops.

南俄勒岡州一直是Dutch Pro 成功的關鍵部分，我們將繼續與社區保持聯繫，並以一種有意義的方式成為成長型公司，2023 年對我們來說將是創紀錄的一年，我們在13 個州開設了159 家新店，我們歷史上最新開幕的商店。這超出了我們去年與大家溝通的150家店舖的預期。

Over the past five years, we have now opened over 500 system shops, and we have grown our company operated shop count from 90 to 542, an average annual growth rate of 43% over those years. In 2023, our development represented 24% growth in total system shop count and 37% growth in our Company operated shops.

五年來，我們已經開設了超過500家系統店，公司自營店數量從90家增加到542家，年均成長率為43%。2023 年，我們的發展意味著系統商店總數增加了 24%，公司營運的商店成長了 37%。

In 2024, we expect to open 150 to 165 new shops, which would represent another big development year for us, another year of competence in our brand confidence in our people, pipeline competence in our four-wall model and confidence in our team as we grow toward our goal, we have 4,000 plus shops. We continue to make refinements to our development strategy and market planning approach. In 2023, we outline the steps we were beginning to take to shift our strategy, primarily the greater emphasis on balancing speed and market penetration.

2024年，我們預計將開設150至165家新店，這對我們來說將是又一個大發展年，也是我們對員工的品牌信心、對我們的四牆模型的管道能力以及對我們團隊的信心的又一年。朝著我們的目標不斷發展，我們擁有 4,000 多家商店。我們不斷完善發展策略和市場規劃方法。2023 年，我們概述了我們開始採取的策略轉變步驟，主要是更加強調平衡速度和市場滲透率。

We also discussed our renewed emphasis on capital efficiency with a longer-term shift toward more build-to-suit leases and flexibility with the exploration of a wider array of prototype units such as endcaps. We would expect to begin seeing the impact of these changes in 2025. Our exceptional four-wall model provide fuel to our growth engine. We continue to work diligently to maintain what we believe is one of the most compelling for all models in the industry.

我們還討論了我們重新強調資本效率，從長期轉向更多客製化租賃和靈活性，探索更廣泛的原型單元（例如端蓋）。我們預計將在 2025 年開始看到這些變化的影響。我們卓越的四面牆模型為我們的成長引擎提供了動力。我們將繼續努力工作，以維持我們認為對業內所有模型而言最引人注目的模型之一。

Last year, we shared with you our intention to achieve at least 100 basis points of adjusted SG&A leverage this year in 2023, we greatly exceeded this objective, delivering 190 basis points of leverage. We accomplished this while continuing to invest in building organizational capacity. Since 2021, a year of our IPO, we have delivered 280 basis points of adjusted SG&A leverage. In total, we delivered 430 basis points of adjusted EBITDA margin expansion in 2023.

去年，我們與您分享了我們計劃在 2023 年實現調整後 SG&A 槓桿至少 100 個基點的目標，我們大大超出了這一目標，實現了 190 個基點的槓桿。我們在繼續投資建立組織能力的同時實現了這一目標。自 2021 年（我們 IPO 的一年）以來，我們已將調整後的 SG&A 槓桿提高了 280 個基點。2023 年，我們總共實現了 430 個基點的調整後 EBITDA 利潤率擴張。

This underscores our team's commitment not only to growth but profitable growth. Since I joined a little over a year ago, the team has been focused on delighting our customers and driving traffic. In Q4, total system same shop sales were 5%, a sequential improvement of 100 basis points from Q3. We believe this improvement is largely a result of the increasing momentum of our team traffic driving initiatives as our traffic trajectory improved from Q3 to Q4, consistent with the larger industry, we saw some softness around weather events in January as weather East, our sales trends have strengthened, and we were pleased with the results.

這強調了我們團隊不僅致力於成長，而且致力於獲利成長。自從我一年多前加入以來，團隊一直專注於取悅客戶並增加流量。第四季度，系統同店總銷售額為 5%，季減第三季提高 100 個基點。我們認為，這種改善很大程度上是由於我們團隊流量驅動計劃的勢頭不斷增強，因為我們的流量軌跡從第三季度到第四季度有所改善，與更大的行業一致，我們看到一月的天氣事件出現了一些疲軟，因為東部天氣、我們的銷售趨勢已得到加強，我們對結果感到滿意。

Here's an update on this. We believe innovation plays a large way all in the next stage of growth. Specifically, one of our priorities is category innovation, where we can build sales layers to support visit frequency and introduce new customers and occasions. We believe our operations are uniquely suited for these efforts and that as a brand, we have an opportunity to play a more active role in curating developing and bringing forward innovative products.

這是關於此的更新。我們相信創新在下一階段的成長中發揮著重要作用。具體來說，我們的首要任務之一是品類創新，我們可以建立銷售層來支援訪問頻率並引入新客戶和場合。我們相信我們的營運非常適合這些努力，並且作為一個品牌，我們有機會在策劃開發和推出創新產品方面發揮更積極的作用。

Earlier this year, we launched protein coffee, a new beverage that deliver at least 20 grams of protein and each medium-size surfing and could provide a roadmap for future category expansion. Products like this really excite us as they have the potential to drive routine with our customers. We will continue to add exciting LTOs to our lineup and highlight our unique secret menu items as we did in Q4 with our highly successful winter campaign, the buzz around our truckload local platform drove our LTO mix to the highest levels on record during the competitive holiday season.

今年早些時候，我們推出了蛋白質咖啡，這是一種新飲料，每份中等劑量的咖啡可提供至少 20 克蛋白質，可為未來類別擴張提供路線圖。像這樣的產品確實讓我們感到興奮，因為它們有潛力推動我們客戶的日常工作。我們將繼續在我們的產品陣容中添加令人興奮的LTO，並突出我們獨特的秘密菜單項目，就像我們在第四季度所做的非常成功的冬季活動一樣，我們整車本地平台的嗡嗡聲音將我們的LTO 組合推向了競爭性假期期間有史以來的最高水平季節。

We believe our innovation strategy will bring in new customers to Dutch growth and drive awareness, interest and loyalty. We are also focused on driving traffic through paid media, utilizing advertising to raise awareness. We believe advertising has a role in educating guest on what Dutch process about, and we're confident that once people visit us, they will have a great experience and want to come back. Our brand insights work supports our strategy as we move into new markets with lower initial brand awareness, we recognize the need to adapt our approach in these new markets.

我們相信，我們的創新策略將為荷蘭的成長帶來新客戶，並提高認知度、興趣和忠誠度。我們也致力於透過付費媒體增加流量，利用廣告來提高知名度。我們相信廣告在教育客人了解荷蘭流程方面發揮著重要作用，我們相信，一旦人們訪問我們，他們將獲得美好的體驗並想再次回來。當我們進入初始品牌知名度較低的新市場時，我們的品牌洞察工作支持我們的策略，我們認識到需要在這些新市場中調整我們的方法。

We lean into top of the funnel activities, particularly through digital channels and local community activations. We look forward to continuing to scale these efforts over time and are optimistic about the long term, some impact of the sustained efforts on Black Friday, we once again recorded our highest sales day on the record we provided to charms with the purchase of any to drinks. This was exciting for many reasons, specifically demonstrating what we believe is our ability to participate or authentically and culturally relevant moments and create strong connections with our Gen Z guest.

我們傾向於管道頂部的活動，特別是透過數位管道和當地社區活動。我們期待著隨著時間的推移繼續擴大這些努力，並對長期來看持樂觀態度，黑色星期五持續努力的一些影響，我們再次創下了我們為魅力提供的最高銷售日記錄，購買了任何飲料。這令人興奮的原因有很多，特別是證明了我們相信我們有能力參與真正與文化相關的時刻，並與我們的 Z 世代客人建立牢固的聯繫。

Third, we are continuing to increase the sophistication of offers, messaging and capabilities on our app and rewards platform. Last quarter, we discussed entering the second phase of our Dutch rewards program, a more tailored approach to promotions. In Q4, we achieved our highest rewards penetration on record with more than 65% of our transactions attributable to rewards members. Moving forward, our focus will be in refining our personalization capabilities still early.

第三，我們正在繼續提高我們的應用程式和獎勵平台上的優惠、訊息和功能的複雜性。上個季度，我們討論了進入荷蘭獎勵計劃的第二階段，這是一種更量身定制的促銷方法。第四季度，我們實現了有史以來最高的獎勵滲透率，超過 65% 的交易來自獎勵會員。展望未來，我們的重點將是儘早完善我們的個人化能力。

We are encouraged by the customer response, particularly with effort like gamification and segmentation. Perhaps most excitingly. Today, we are announcing a pilot test and mobile order functionality in our app. We have begun operational testing and intend to begin beta testing our new app with mobile ordering in Arizona. Pending the results, we would expect to conduct a multi shop test as well part of our innovation stage gate process.

我們對客戶的反應感到鼓舞，尤其是遊戲化和細分等努力。也許最令人興奮的是。今天，我們宣佈在我們的應用程式中進行試點測試和行動訂單功能。我們已經開始操作測試，並打算在亞利桑那州開始對我們的新應用程式進行行動訂購測試。在等待結果之前，我們預計將進行多商店測試，這也是我們創新階段門控流程的一部分。

We recognized this could be a big opportunity for us and also understand the importance of getting this right levering on our core values of speed, quality and service. As such, it is our goal to roll out this capability to the majority of shops by the end of the year. In 2024, we are taking the steps to build a rock-solid foundation upon which to embark on the next phase of our growth story. I am proud of what the team has accomplished to get us to this point, and I am confident we have the building blocks of long term success.

我們認識到這對我們來說可能是一個巨大的機會，也了解正確利用我們的速度、品質和服務核心價值的重要性。因此，我們的目標是在今年年底前向大多數商店推出此功能。2024 年，我們將採取措施打下堅實的基礎，在此基礎上開啟下一階段的成長故事。我為團隊的成就感到自豪，我相信我們擁有長期成功的基石。

We have terrific customer engagement with Rewards members, driving a record 65% of our transactions in Q4, and we are excited about opportunities in front of us to further accelerate this platform. We have top tier growth. We delivered 31% year-over-year revenue growth in 2010 three. This growth has been consistent demonstrated by 10 consecutive quarters of opening 30 or more shops on our way to 4,000 plus.

我們與獎勵會員進行了出色的客戶互動，推動了第四季度創紀錄的 65% 交易，我們對眼前進一步加速該平台的機會感到興奮。我們有頂級的成長。2010 年三季我們的營收年增 31%。我們連續 10 個季度開設 30 家或更多商店，並最終達到 4,000 多家，證明了這一成長。

We have excellent shop margins. We have demonstrated that we can drive this exceptional growth with profitability. We are well capitalized with believe our recent primary offering and credit upsizing provides a long runway and plenty of flexibility upon which to execute our growth plan and capture our considerable whitespace. Most importantly, we have great people.

我們有極好的商店利潤。我們已經證明，我們可以透過獲利來推動這種非凡的成長。我們資本充足，相信我們最近的首次發行和信貸規模擴大為執行我們的成長計劃和占據相當大的空白空間提供了一條漫長的道路和足夠的靈活性。最重要的是，我們擁有優秀的人才。

We have outstanding and engage preleased as in our shops in a strong pipeline of operators ready to open our new markets. These factors give us great confidence in our future. With that, I'll turn it over to Charley to review our financials.

我們在我們的商店中擁有優秀的和參與預發布的強大的運營商管道，準備打開我們的新市場。這些因素讓我們對未來充滿信心。這樣，我會將其交給查理來審查我們的財務狀況。

Thanks, Kristine. As Christine's comments, shared 2023 finished up through excellent all around, including unit openings, revenue and adjusted EBITDA growth and same shop sales, all of which exceeded our expectations. For the financial year 2023, revenue grew 31% to $966 million. We achieved over $1.4 billion in system-wide sales or 24% growth. System AUVs reached $1.97 million, the highest on record system.

謝謝，克里斯汀。正如 Christine 所評論的那樣，2023 年各方面都表現出色，包括單位開業、收入和調整後 EBITDA 增長以及同店銷售，所有這些都超出了我們的預期。2023 財年，營收成長 31% 至 9.66 億美元。我們的全系統銷售額超過 14 億美元，成長 24%。系統AUV達到197萬美元，是系統有紀錄以來的最高水準。

Same shop sales were 2.8%, in line with our guidance of low single digits. Company-operated shop contribution reached $242 million, growing an impressive 54%. Company-operated shop contribution margin was 28.2%, spending 360 basis points year over year. Adjusted EBITDA margin was 16.6%, expanding 430 basis points year over year. In the fourth quarter, the Company operated shops segment delivered outstanding performance, generating $227 million in Company-operated shop sales and $60 million and shop contribution year-over-year net sales increased 30% and company-operated shop contribution grew approximately 21%.

同店銷售額為 2.8%，符合我們的低個位數指引。該公司自營商店的貢獻達到 2.42 億美元，成長了 54%，令人印象深刻。公司自營店貢獻率為28.2%，較去年成長360個基點。調整後 EBITDA 利潤率為 16.6%，較去年同期成長 430 個基點。第四季度，公司自營店業務表現出色，公司自營店銷售額達2.27億美元，店鋪貢獻淨銷售額年增30%，公司自營店貢獻增長約21%，達到6000萬美元。

As a percentage of company-operated sales, company-operated shop contribution was 26.5% when making a comparison of these results to the prior year. Recall that in Q4 of 2022, our sales and margins were positively impacted by approximately $7.4 million or greater in the revenue line related primarily to the 2021 launch of our Dutch rewards program. Please make reference to our supplemental investor materials, where we demonstrate the changes in Company Shop margins outside the negative impact on a comparable basis of 2022, breakage income company shop margins increased as a result of pricing, sales leverage and beneficial pre-opening costs, partly offset by slightly elevated ingredient costs and other operating expenses.

與去年相比，自營店銷售額佔自營銷售額的比例為26.5%。回想一下，2022 年第四季度，我們的銷售額和利潤率受到了約 740 萬美元或更多收入的正面影響，這主要與 2021 年推出的荷蘭獎勵計畫有關。請參考我們的補充投資者資料，其中我們展示了公司商店利潤率的變化，除了 2022 年可比基礎上的負面影響外，公司商店利潤因定價、銷售槓桿和有利的開業前成本而增加，部分被原料成本和其他營運費用略有上升所抵銷。

As I mentioned, we achieved 360 basis points in margin expansion in 2023. Shifting to SG&A. For the quarter, SG&A was approximately $57 million, which includes about $10 million in stock based compensation. We anticipate in 2020 for ongoing stock based compensation will be approximately 30% to 40% of 2023 levels as equity compensation awards associated with the IPO fully vested in January 2024, with the exclusion of stock-based compensation and other nonrecurring expenses, adjusted SG&A was approximately $44 million, 17.4% of revenue compared to 18.9% in Q4 last year.

正如我所提到的，2023 年我們的利潤率實現了 360 個基點的擴張。轉向 SG&A。本季的SG&A 約為 5,700 萬美元，其中包括約 1,000 萬美元的股票薪酬。我們預計，2020 年持續的股票薪酬將約為2023 年水準的30% 至40%，因為與IPO 相關的股權薪酬獎勵已於2024 年1 月完全歸屬，不包括股票薪酬和其他非經常性費用，調整後的SG&A約 4,400 萬美元，佔營收的 17.4%，而去年第四季為 18.9%。

While we're adding organizational capacity to support scaling the business, we're also making a concerted effort to stage those investments and over time. For the year, adjusted SG&A was 16.6%, an improvement of 190 basis points compared to 2022. Regarding our balance sheet and liquidity. As of December 31, we had approximately $683 million in total liquidity compared to approximately $700 million at the end of Q three.

在我們增加組織能力以支持業務擴展的同時，我們也在齊心協力分階段進行這些投資並隨著時間的推移。今年，調整後的銷售及一般管理費用為 16.6%，比 2022 年提高了 190 個基點。關於我們的資產負債表和流動性。截至 12 月 31 日，我們的流動資金總額約為 6.83 億美元，而第三季末的流動資金總額約為 7 億美元。

We believe our liquidity position is sufficiently robust to support our currently contemplated growth plans as we scale towards 4,000 plus shops. As of December 31, that liquidity was comprised of the following $134 million in cash and equivalents, $349 million undrawn revolver, $200 million in undrawn delay draw term loans. Yesterday, prior to the expiration of the end of February, we drew a portion of our delayed draw term loans totaling $150 million.

我們相信，我們的流動性狀況足以支持我們目前設想的成長計劃，因為我們的商店規模將擴大到 4,000 多家。截至 12 月 31 日，該流動資金包括以下 1.34 億美元的現金及等價物、3.49 億美元的未提取循環貸款、2 億美元的未提取延遲提取定期貸款。昨天，在 2 月底到期之前，我們提取了總額為 1.5 億美元的延遲提取定期貸款的一部分。

We intend to utilize these funds for general corporate purpose. This is including but not limited to building new shops. Meanwhile, this cash will be invested in short-term interest-bearing securities until we can fully deployed. Moving on to 2024 guidance. In early January, we shared our expectation to open 150 to 165 new shops. We expect low single digits system.

我們打算將這些資金用於一般企業用途。這包括但不限於建造新商店。同時，這些現金將投資於短期有息證券，直到我們能夠充分部署。轉向 2024 年指導。一月初，我們預計將開設 150 至 165 家新店。我們預計低個位數系統。

Same shop sales growth in 2020 for revenue is expected to be within the range of $1.19 billion to $1,205,000,000.000. Midpoint in this range would reflect 24% growth over 2023 and 62% growth on a two-year basis. Adjusted SG&A is expected to be between 15.3% and 15.8% of total revenue at the midpoint of the revenue range. This would represent continued leverage of approximately 75 to 125 basis points as compared to 2023.

2020 年同店銷售收入成長預計在 11.9 億美元至 12.05 億美元之間。該範圍的中點將反映 2023 年成長 24%，兩年成長 62%。調整後的 SG&A 預計將佔總收入的 15.3% 至 15.8%，處於收入範圍的中點。這意味著與 2023 年相比，槓桿率將持續增加約 75 至 125 個基點。

Stock-based comp inflation, which is excluded from adjusted SG&A, is expected to be $12 million to $17 million for the year, down from $39 million in 2023. Adjusted EBITDA is expected to be in the range of $185 million to $195 million or approximately 15.9% of total revenue at the midpoint of these ranges. For context, the midpoint of the adjusted EBITDA range represents approximately 19% year over year growth and notably 108% growth on a two year basis. I'd like to highlight a few key assumptions underlying this guidance.

以股票為基礎的薪資通膨（不包括在調整後的 SG&A）中，預計今年為 1,200 萬至 1,700 萬美元，低於 2023 年的 3,900 萬美元。調整後的 EBITDA 預計在 1.85 億美元至 1.95 億美元之間，約佔總收入的 15.9%（以該範圍的中點計算）。就背景而言，調整後 EBITDA 範圍的中點代表約 19% 的同比增長，尤其是兩年基礎上的 108% 增長。我想強調本指南背後的幾個關鍵假設。

First, we continue to make investments in our people. In Q3 2023, we announced an investment in higher pay nationwide for our shop managers. Further on April one, California wages will rise to $20 per hour minimum represent an increase of approximately 25% year over year. Collectively, we would expect a 50 to 100-basis-points headwind on adjusted EBITDA margins from these pay changes.

首先，我們持續對員工進行投資。2023 年第三季度，我們宣佈在全國範圍內投資提高商店經理的薪酬。此外，4 月 1 日，加州最低工資將上漲至每小時 20 美元，年增約 25%。總的來說，我們預計這些薪資變化將導致調整後 EBITDA 利潤率下降 50 至 100 個基點。

Second, we are planning to make P&L investments and increased technology at the shop level to support scheduling, throughput and mobile order initiatives. Collectively, we would expect 75 to 125 basis points headwind on adjusted EBITDA margins from these investments, combined with the expected adjusted SG&A leverage I just mentioned, we would expect these actions to collectively represent 50 to 100 basis points overall margin pressure year over year. Furthermore, we intend to embark on a large-scale organizational change in 2024.

其次，我們計劃在商店層級進行損益投資並增加技術，以支援調度、吞吐量和行動訂單計畫。總的來說，我們預計這些投資的調整後EBITDA 利潤率將出現75 至125 個基點的逆風，再加上我剛才提到的預期調整後的SG&A 槓桿，我們預計這些行動將總共代表50 至100個基點的整體利潤率壓力。此外，我們打算在 2024 年開始大規模的組織變革。

To support this move, we would anticipate incurring between [$24,000,031] million in cost, which we deem as nonrecurring, I would anticipate will be almost entirely excluded from adjusted EBITDA. Capital expenditures are expected to be in the range of 280 to $320 million, up from $227 million in 2023. This year over year increase will be driven primarily by a higher percentage of ground leases 2024 as compared to 2023 last year, we began are proving more future sites using build-to-suit leases to shift our capital back to more normative levels.

為了支持這項舉措，我們預計將產生 [24,000,031] 百萬美元的成本，我們認為這些成本是非經常性的，我預計將幾乎完全排除在調整後的 EBITDA 之外。資本支出預計在 28 至 3.2 億美元之間，高於 2023 年的 2.27 億美元。今年同比增長主要是由於與去年 2023 年相比，2024 年地面租賃比例更高，我們開始使用定制租賃來證明更多的未來場地，以將我們的資本轉移回更規範的水平。

We would expect any capital expenditure benefit to take hold more firmly beginning with the class of 2025. In 2023, we spent approximately $18 million on our roasting facility. We expect to spend approximately $10 million in 2024, and we anticipate that this facility will open in the middle of this shrinks and $10 million in capital expenditures related to the Arizona office expansion. Thank you, and now we will take your questions. Operator, please open the lines.

我們預計從 2025 年開始，任何資本支出收益都會更加牢固。2023 年，我們在烘焙設施上花費了約 1800 萬美元。我們預計到 2024 年將花費約 1000 萬美元，並且我們預計該設施將在業務縮減期間開業，並與亞利桑那州辦事處擴建相關的資本支出為 1000 萬美元。謝謝您，現在我們將回答您的問題。接線員，請開通線路。

(Operator Instructions) Andrew Charles, TD Cowen.

（操作員說明）Andrew Charles，TD Cowen。

Thank you. On casino to implement the new enhancements in development in 2025 like more build to suit and focusing more on white space than in billing disputes, you can increase the number of store openings above the roughly 150 per year in 2018 guidance. For '24, we expect a perhaps truncated 2025 opening class to better observed the enhancements we're making.

謝謝。如果賭場要在 2025 年實施新的開發增強措施，例如更多的建設以適應並更多地關注空白空間而不是賬單糾紛，您可以將商店開業數量增加到 2018 年指導中每年約 150 家以上。對於 24 年，我們預計 2025 年的開放課程可能會被縮短，以便更好地觀察我們正在做出的改進。

Thanks for your question, Andrew. I think if we look forward, we're really not talking about guidance today for 2025. We feel good about where our pipeline is about the guidance that we provided for for shops for 2024 and feel like we have a robust pipeline to support our future.

謝謝你的提問，安德魯。我認為，如果我們展望未來，今天我們真的不會談論 2025 年的指導。我們對我們為 2024 年商店提供的指導的管道狀況感到滿意，並且感覺我們擁有強大的管道來支持我們的未來。

Great. And then as soon as but the digital ordering our tests, you know, what are you looking to observed during that time? And how you kind of maybe this is Jordan way how you kind of map this out to not cause congestion distress?

偉大的。然後，一旦數字訂購我們的測試，您知道，在那段時間您希望觀察什麼？你認為這可能是喬丹的方式，你如何規劃這一點以避免造成擁堵困擾？

Absolutely. So as you know, what really drives our brand as our service. And so having that connection between the VIISta and the customers who have we passed on mobile and digital ordering, we're really looking to continue to have that same experience between our releases and our and our customers. That's really what we're looking for for as we can assess how we're thinking through operations and to what does this do to line speed on how are we slotting and drinks that are ordered all of those different things that we operationally test this.

絕對地。如您所知，真正推動我們品牌發展的是我們的服務。因此，透過 VIISta 和我們透過行動和數位訂購傳遞的客戶之間的聯繫，我們真的希望在我們的版本以及我們和我們的客戶之間繼續擁有相同的體驗。這確實是我們正在尋找的，因為我們可以評估我們如何思考運營，以及這對線速度有何影響，以及我們如何安排座位和訂購飲料，以及我們在運營測試中所進行的所有不同的事情。

As you know, we also have drive-throughs shops that are set up with a walk-up window. So looking at how people will come up in pickup entrants from a walk-up window, albeit at a number of our newer shops, we have escaped lanes on. And so we can even begin testing things like delivering a drink to a car that can pull out of the Escape plan as we pick up their mobile order.

如您所知，我們還有設有無電梯窗口的免下車商店。因此，看看人們如何從無電梯窗口進入皮卡入口，儘管在我們的許多新商店中，我們已經逃離了車道。因此，我們甚至可以開始測試一些事情，例如向汽車運送飲料，當我們收到他們的移動訂單時，汽車可以退出逃生計劃。

Thank you.

謝謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Question just on loan growth outlook on 10 Q with the remainder of 24, we did see strong momentum at some point. If you could just talk about the components you're assuming for the 2024 comp guidance for the dish at a low single-digit, how much pricing we should assume for the the traffic assumption, the color you can provide on the first quarter? I know it's been choppy, as you mentioned the weather to start. Just trying to get a sense for the first quarter is tracking relative to obviously the fourth quarter and what your guidance for full year 24?

偉大的。非常感謝。就 10 季和 24 季剩餘時間的貸款成長前景問題而言，我們確實在某個時候看到了強勁的勢頭。如果您能談談您為 2024 年該菜餚的比較指南假設的組成部分，我們應該為流量假設假設多少定價，您可以在第一季度提供的顏色？我知道天氣很不穩定，就像你提到的開始時的天氣一樣。只是想了解第一季相對於第四季的追蹤情況以及您對 24 年全年的指導是什麼？

Hi, Jeff from will have pricing rollover from 2023 in the low single digits. We have not yet refunds how we'll price in '24. And we mentioned in the California wage impact. In those comments, we would expect our sales transfer from new units in dollar terms to be similar, but as a percentage of our comp base to begin to decline versus this year's levels of 203 basis points, and then we're looking at a low single digit comp number. So the balance of that is pretty nominal on the traffic side from a growth perspective book.

您好，傑夫從 2023 年起的定價展期將維持在較低的個位數。我們還沒有退款，我們將如何定價 24 年。我們在加州工資影響中提到過。在這些評論中，我們預計新單位的銷售轉移（以美元計算）將相似，但與今年203 個基點的水平相比，占我們的比較基數的百分比將開始下降，然後我們將看到一個較低的水平一位數的補償編號。因此，從成長角度來看，這在流量方面的平衡是相當名義上的。

And I would share and add to that. That is we ended Q4 with that 5% same-store sales. We were rolling off 300 basis points of I guess, between Q3 and Q4. So that sequential lift and same shop sales between the two quarters, we would really encourage customer reaction standpoint. Got it.

我會分享並補充這一點。也就是說，我們第四季末的同店銷售額為 5%。我猜我們在第三季和第四季之間下調了 300 個基點。因此，從兩個季度之間的連續提升和同店銷售來看，我們確實會鼓勵客戶回應。知道了。

And just to clarify, Christine, I know you mentioned obviously speed of service within your operations important. Then you also talked about category innovation, which is obviously important to her to encourage more trial and increase frequency. And the balance for two of those were already three new expenses. They were kind of run counter to one another. How do you think about them globally?

克里斯汀，我想澄清一下，我知道您提到了營運中的服務速度顯然很重要。然後你也談到了品類創新，這對她來說顯然很重要，可以鼓勵更多的嘗試，增加頻率。其中兩項的餘額已經是三項新支出。他們有點背道而馳。您在全球範圍內如何看待他們？

Yes. I think as we think about category and innovation, it really has to be something that's impactful for something that's either driving a new day part or a new occasion for a customer of winning new customers.

是的。我認為，當我們考慮品類和創新時，它確實必須是有影響力的東西，要么推動新的一天，要么為客戶贏得新客戶的新場合。

And then thinking through what types of what types of things are really within their routines that we are already have some putting sprinkles on top of some things really within our existing routines and doesn't drive really layer of extra complexity, whereas other thing, Mike, to really balancing all of those different things as we think about innovation and adding, but speed of service is really an incredibly important to us as we think through any new innovation, anything that we introduced to the shops were always thinking through how will this impact speed, quality or service for our customers.

然後思考哪些類型的事物真正在他們的例程中，我們已經在我們現有的例程中真正在某些事物之上添加了一些東西，並且不會真正驅動額外的複雜性層，而其他事情，麥克，當我們考慮創新和添加時，要真正平衡所有這些不同的事情，但是服務速度對我們來說確實非常重要，因為我們思考任何新的創新，我們向商店推出的任何東西都始終在思考這將如何影響我們客戶的速度、品質或服務。

Understood. Thank you.

明白了。謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks. I had a follow-up question regarding related to mobile ordering in terms of the question, but I'm curious if you guys can just offer any touchstones around that, what the size of the mobile ordering opportunity might be or how you're thinking about the contribution? Or and then secondly, Christine, I wanted to ask a question about paid advertising.

謝謝。我有一個與行動訂購相關的後續問題，但我很好奇你們是否可以提供任何有關該問題的試金石，行動訂購機會的規模可能有多大，或者您的想法如何關於貢獻？其次，克莉絲汀，我想問一個有關付費廣告的問題。

It just seems like paid advertising could be an important tool in the company's Arsenal when it comes to transaction growth. It looked like advertising expense last year at least through the third quarter was relatively flat year over year, despite obviously a lot of sales growth. Just wondering if you expect paid advertising to increase meaningfully year over year? And then the Company considered budgeting this line is maybe a percentage of sales going forward?

就交易成長而言，付費廣告似乎可能成為該公司阿森納的一個重要工具。儘管銷售額明顯大幅成長，但去年至少到第三季的廣告支出似乎與去年同期相對持平。只是想知道您是否預計付費廣告會逐年大幅成長？然後公司考慮將此產品線的預算可能佔未來銷售額的百分比？

Yes. So I'll take the first question on mobile order and size of the opportunity. So if we look at this on the number one, I think that our customers ask for is an app enhancement is mobile ordering. So that would point to a center that our customers really really want this enhancement in our in our app. We also I look across the industry and understand how important this type of technology is for customers across the industry. We don't believe that it will be material to our 2024 numbers. However, we do think it's really a big opportunity. We do believe also that it's something that has the potential to bring in new customers and has the potential to introduce new occasions.

是的。因此，我將回答有關移動訂單和機會大小的第一個問題。因此，如果我們從第一方面來看，我認為我們的客戶要求的是應用程式增強功能，即行動訂購。因此，這表明我們的客戶確實希望在我們的應用程式中實現這種增強功能。我們也縱觀整個產業，了解此類技術對於整個產業的客戶有多重要。我們認為這對我們 2024 年的數字並不重要。然而，我們確實認為這確實是一個很大的機會。我們也確實相信，它有潛力帶來新客戶並有潛力引入新場合。

So if you're in a hurry and you remember that we had a really long line one day. You. Can you do that if you mobile order, you can adjust your timing and help you get to wherever you are on time on from an advertising perspective, we would agree with you that we really do bidding opportunities for us, especially as well, reaching scale in some of our new markets where we have low brand awareness. As we went into Q4, we did some testing and top of the funnel on advertising, especially in markets like Texas, where we know we have a really awesome brand awareness opportunity in front of us.

因此，如果您很趕時間，並且您還記得有一天我們排了很長的隊。你。你能做到這一點嗎？如果你移動訂單，你可以調整你的時間安排，從廣告的角度幫助你準時到達任何地方，我們會同意你的觀點，我們確實為我們提供了競價機會，特別是達到了規模在我們的一些品牌知名度較低的新市場。當我們進入第四季度時，我們在廣告方面做了一些測試和漏斗頂部，特別是在德克薩斯州這樣的市場，我們知道我們面前有一個非常好的品牌知名度機會。

Thank you.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. And I was wondering two questions, actually. The first is just if you could maybe decompose that traffic improvement, sequential improvement you saw, I think you've done in previous quarters, you know, obviously you had some easier comparisons on traffic. But then kind of understanding how much of that you saw us add amortizing versus digital versus either that any kind of LTOs just as it as a sort of underlying comp driver question.

謝謝。實際上我想知道兩個問題。第一個是，您是否可以分解您所看到的流量改善和連續改善，我認為您在前幾個季度已經完成了，您知道，顯然您對流量進行了一些更簡單的比較。但是，然後了解我們添加了多少攤銷、數位化或任何類型的 LTO，就像它作為潛在的補償驅動因素問題一樣。

Yes. I'll start with the underlying comp driver, our question and turn it over to Charlie for the specific. So we looked at on customer behavior in the fourth quarter. We really saw strength in both the midday and afternoon daypart. We saw growth of us, especially our proprietary menu items. So things like Dutch freeze and level of.

是的。我將從底層的比較驅動程式、我們的問題開始，然後交給查理來解決具體問題。因此，我們研究了第四季的客戶行為。我們確實在中午和下午的時段看到了力量。我們看到了我們的成長，尤其是我們專有的菜單項目。所以像荷蘭凍結和水平這樣的事情。

We also saw continued strength in the cold beverage platforms and an increase in mix in cold beverage. We felt like our LTOs really resonated with our customers over over the quarter as well. So I think it's a lot of different drivers that really helped to drive an excellent Q4 about qualitatively, the decomposition of our same-store sales, as you know, we reported five plus five from our pricing. Rollover is approximately 5%. Our sales transfer estimate is right in our range of 200 to 300 basis points. And then the balance of that really is the traffic underlying traffic, which is growing, and we note sequentially grew.

我們也看到冷飲平台的持續強勢和冷飲組合的增加。我們覺得我們的 LTO 在本季也確實引起了客戶的共鳴。因此，我認為有很多不同的驅動因素確實有助於推動第四季度的高品質發展，即我們同店銷售的分解，如您所知，我們從定價中報告了五加五。隔夜利息約5%。我們的銷售轉移估計正好在 200 到 300 個基點的範圍內。然後，其中的平衡實際上是基礎流量的流量，該流量正在增長，我們注意到連續增長。

And so back to Christine comments, we really think some of the activities that we we activated in Q4 really did help us move from the traffic position in Q three sequentially to a better performance in Q4. I think as we noted, we also had some really strong performance in the rewards program. So that 60 transactions and again, just noting that so many new shops in the base to have that continuing to stay at that nice steady rate is really encouraging to us.

回到克里斯汀的評論，我們確實認為我們在第四季度啟動的一些活動確實幫助我們從第三季的流量位置連續轉向第四季度更好的表現。我認為正如我們所指出的，我們在獎勵計劃中也取得了一些非常出色的表現。如此反覆的 60 筆交易，只是注意到基地中有如此多的新商店繼續保持在這個良好的穩定水平，這對我們來說確實令人鼓舞。

Got it. Thank you. Very helpful. And then just a follow-up to that is how are you thinking are feeling about the your ability to use the data you are accruing about your customers and fewer transactions through a loyalty or through digital ordering at pretty anomaly there helping to inform what you do across the board.

知道了。謝謝。很有幫助。接下來的一個問題是，您對使用您累積的客戶資料以及透過忠誠度或透過數位訂購減少交易的能力有何感想，這有助於告知您所做的事情全面。

But I guess, where are you at that, whether you are pushing innings or some kind of other measurement like to sort of how much progress you're making and the analytics piece this?

但我想，你在這方面處於什麼位置，無論你是在推動局數還是某種其他衡量標準，例如你取得了多少進展以及分析部分？

Yes. I think we're kind of in the second inning moving into the third is what I would say. And I'm feeling really good one. And we continue to test on different types of offers to Millipore's program. So understanding what level of points on what types of promotions work. We also added in a number of giveaway, things like BEST bracelets and the huge charms I mentioned. I'm still looking at that.

是的。我認為我們在第二局進入了第三局，這就是我想說的。我感覺非常好。我們繼續測試密理博計劃的不同類型的優惠。因此，了解什麼程度的積分對什麼類型的促銷有效。我們還添加了許多贈品，例如最好的手鍊和我提到的巨大吊飾。我還在看那個。

And all of that is giving us data on how to our customers react to the types of things we're doing. Then we combine this with looking at how our new customers coming in the brands are bringing in external research as well. And looking at that all together to really map out calendar for the year that drives and new customers drive communications. And so we feel we're feeling good about the path that we're on in the way that we're able to use data.

所有這些都為我們提供了有關客戶對我們正在做的事情類型如何反應的數據。然後我們將其與品牌的新客戶如何引入外部研究結合。並將所有這些放在一起，真正制定出推動和新客戶推動溝通的一年的日曆。因此，我們對我們使用數據的方式感到滿意。

Terrific. Thank you so much.

了不起。太感謝了。

David Tarantino, Robert W. Baird.

大衛塔倫提諾、羅伯特W貝爾德。

Hi, good afternoon. My question, Charlie's on the new unit productivity. And as I was just wondering if you could maybe give us an update on on what you're seeing on that front for the most recent class of openings as you completed the most recent fiscal year? And then I wanted to understand a bit more about what you're assuming in there guidance for this year on new stores specifically. Because I guess by our math, it looks a little lower than what it was in 2023, but I might have that math wrong. So could you help us out on that front?

嗨，下午好。我的問題是，查理關於新的單位生產力。我只是想知道您是否可以向我們介紹您在完成最近一個財政年度後在這方面看到的最新職位空缺的最新情況？然後我想進一步了解您在今年新店指導中的假設。因為我猜根據我們的數學計算，它看起來比 2023 年要低一些，但我的數學計算可能是錯誤的。那你能在這方面幫助我們嗎？

Okay. David. And so we did have a great year of 31% revenue growth, EBITDA levered up 76%, same shop sales plus plus five. And our system AUVs notably reached a record high in 2023 of $1.97 million. So we do believe we have opportunities and new markets to both refine that strategy and to build customer awareness. As we mentioned, we've refined the real estate strategy and reflecting those learnings on impact and sequence and how we go into new markets.

好的。大衛。因此，我們確實度過了營收成長 31% 的偉大一年，EBITDA 槓桿成長了 76%，同店銷售額加五。我們的系統 AUV 在 2023 年創下了 197 萬美元的歷史新高。因此，我們確實相信我們有機會和新市場來完善該策略並建立客戶意識。正如我們所提到的，我們已經完善了房地產策略，並反映了有關影響和順序以及我們如何進入新市場的經驗教訓。

Some customers. We know they love us and new markets once they've tried us and we see for the differential really is an awareness between our new and existing markets, but not a difference in satisfaction of visit. We have an opportunity to build those AUVs and the markets with a combination of top of the funnel, which Christian just mentioned, our testing that and how we do continue building. We're very focused on that. We're very pleased with our early results, but we recognize brand building does take place and building sales over time with new sales leaders like mobile order that we just announced.

一些顧客。我們知道，一旦他們嘗試過我們，他們就會喜歡我們和新市場，我們發現差異實際上是我們的新市場和現有市場之間的意識，而不是訪問滿意度的差異。我們有機會結合克里斯蒂安剛才提到的漏斗頂部、我們的測試以及我們如何繼續建造這些 AUV 和市場。我們非常關注這一點。我們對早期的結果非常滿意，但我們認識到品牌建立確實發生了，隨著時間的推移，我們剛剛宣布的行動訂單等新的銷售領導者也逐漸建立了銷售。

So we do share, though system, either your vehicles Company operated AUVs every quarter reflects how the system is evolving. And we realized that that pretty much all ships are going to rise a bit tired of how we drive traffic, focus on awareness, focus on brand building. And um, and really, we're going to continue that into next year. And tried-and-true achieve similar better results in 2024. In terms of these new market openings.

因此，我們確實透過系統分享您的車輛公司每季營運的 AUV 都反映了系統的發展。我們意識到，幾乎所有的船隻都會對我們推動流量、關注意識、關注品牌建立的方式感到有點厭倦。嗯，實際上，我們將繼續這樣做到明年。經過實務檢驗，2024 年將取得類似的較好結果。就這些新的市場開放而言。

Understood. I guess maybe I'll ask it a different way of the guidance for 2024 include. And when you think about the average weekly sales average volumes for the 2024 classes, that are you assuming something similar to what you realized in 2023, at least directionally, could you comment on proximately similar understand that we will do more sites in existing markets like California.

明白了。我想也許我會以不同的方式詢問 2024 年的指導。當您考慮2024 年類別的平均每週銷售量時，您是否假設與您在2023 年實現的情況類似，至少在方向上，您能否評論近似類似的理解，我們將在現有市場上做更多網站，例如加利福尼亞州。

We will do less relative sites in Texas and as we go through this year, and we note that we're opening Florida this week, and that's going to be a new market for us. So no, we would assume a similar result. It will it will come out and partly how new markets like Florida do. And we're very optimistic about that.

我們將減少在德克薩斯州的相關站點，今年我們注意到我們將在本週開放佛羅裡達州，這對我們來說將是一個新市場。所以不，我們會假設類似的結果。它將會出現，部分是像佛羅裡達這樣的新市場的表現。我們對此非常樂觀。

Yes, David, I think it is as we look at how were we are continuing to update our real estate models as we grow, adding in the new data from each of the new shops are open to looking at that performance and again, continuing to refine that real estate strategy. So, you know, assuming assuming a similar level, the volume, but we're continuing to look at ways to enhance both unit and voice.

是的，大衛，我認為這是因為我們正在考慮隨著我們的發展，我們如何繼續更新我們的房地產模型，添加來自每個新商店的新數據，以開放地觀察這種表現，並再次繼續完善房地產策略。所以，你知道，假設音量水平相似，但我們正在繼續尋找增強單元和聲音的方法。

Great. Thank you very much.

偉大的。非常感謝。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi, thank you. The question for the topic, I guess is on category innovation and building sales layers. And certainly that leads me to think about your morning business, particularly habitual morning business and how Bros. under indexes relative to some peers.

嗨，謝謝你。我想這個主題的問題是關於品類創新和建立銷售層。當然，這讓我思考你的早晨業務，特別是習慣性的早晨業務，以及兄弟相對於一些同行的指數如何。

So I wanted to talk about the opportunity that you may have to increase in frequency, particularly in them morning and Christine, especially given some of your background at a previous employer around executing of food programs that, in fact, could drive beverage sales if Bros. has any closer to kind of considering piloting some food in some markets, especially as we have Mobile Order & Pay finally discussed as an incremental initiative. Thank you.

因此，我想談談您可能需要增加頻率的機會，特別是在早上和克里斯汀，特別是考慮到您在前雇主中執行食品計劃的一些背景，事實上，如果兄弟會的話，可能會推動飲料銷售. 已經接近考慮在某些市場試行某些食品，特別是當我們最終將移動訂單和支付作為一項漸進計劃進行討論時。謝謝。

I think for the question, John. So no, we are excited about Protein Milk that we launched in Q1. And you think that that actually does serve the unique needs set for folks who are trying to get that all in one protein as they start their morning or continue their afternoon the U.S., we look at innovation going forward in building those sales layers for now, we're really, really focused on mobile order.

我想回答這個問題，約翰。所以不，我們對我們在第一季推出的蛋白奶感到興奮。你認為這實際上確實滿足了那些在美國早上開始或下午繼續在美國時試圖在一種蛋白質中獲得所有這些的人們的獨特需求，我們現在著眼於建立這些銷售層的創新，我們真的非常專注於移動訂單。

And we think that this can be something that is really strong for us and we test this getting this just right and doing it in a way that works for Dutch Boy is going to be incredibly important to us. And I do recognize in I think we do recognize as we look at where we might have opportunities that the morning daypart is one of those areas. So continuing to think through like what worked for others and ITO, what would be uniquely data growth and what can work for us. Thank you.

我們認為這對我們來說可能是非常重要的事情，我們測試了這一點，使其恰到好處，並以適合 Dutch Boy 的方式進行，這對我們來說非常重要。我確實認識到，我認為我們確實認識到，當我們考慮可能有機會的地方時，早上的時段就是其中之一。因此，繼續思考什麼對其他人和 ITO 有用，什麼是獨特的數據成長以及什麼對我們有用。謝謝。

Thank you.

謝謝。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thank you. I'm just curious how your Florida development strategy in 24 and moving into 25 has been impacted or influenced by everything we've learned with what happened with your Texas development strategy over the last couple of years. So basically lessons from Texas that you're applying the Florida?

謝謝。我只是好奇你們在 24 世紀和進入 25 世紀的佛羅裡達州發展戰略是如何受到我們從過去幾年德克薩斯州發展戰略中所學到的一切影響的。那麼基本上是從德克薩斯州吸取的教訓，你正在應用佛羅裡達州嗎？

Yes. So a couple of things up to one. I think starting with how do we enter the market, we've actually had our mobile data growth unit in Florida and for the last little bit. So building kind of that excite and some really nice take-up on from the activities that we've done with that we we are planning on opening our first shopped in Orlando at the end of at the end of the week.

是的。所以有幾件事直到一件事。我認為從我們如何進入市場開始，我們實際上已經在佛羅裡達州建立了我們的行動數據成長部門，直到最後一點。因此，我們計劃在本週末在奧蘭多開設我們的第一家商店，以建立一種令人興奮的氛圍，並對我們所做的活動進行一些非常好的吸收。

We're also with me as we look at approving sites through our pipeline, we have kicked every single year given the amount of shops for openings were including that in our new models as we go out. And so each time that we will open new shops like an updated as we look at, including sites in both newsroom market. So we also are not feeling I think we're really looking at that infill strategy, and we're finding that a little bit. So we believe that the ultimate outcome is exactly the same as we would have ended up on I know on our way to 4,000 plus shops. But we do believe that we can tweak that a little bit as we as we go into these new markets like Florida.

當我們考慮通過我們的管道批准地點時，我們也和我在一起，考慮到我們走出去時新開的商店數量包括在我們的新模型中，我們每年都會踢球。因此，每次我們都會開設新商店，就像我們看到的更新一樣，包括新聞編輯市場的網站。所以我們也不覺得我認為我們真的在考慮這種填充策略，而且我們發現了一點。因此，我們相信最終的結果與我們在前往 4,000 多家商店的路上所得到的結果完全相同。但我們確實相信，當我們進入佛羅裡達州等新市場時，我們可以稍微調整一下。

That's helpful. Thank you for that. And unrelated a little bit of a pivot here. Just moving back to the potential California price increase that would come in spring of 2020 for are you guys looking to protect dollar profit? Are you looking to protect margin on where you take sort of a wait-and-see attitude to at some of the peers? Do? Are you guys thinking about that bigger picture?

這很有幫助。謝謝你。這裡有一點無關的支點。回到 2020 年春季加州可能出現的價格上漲，你們是否希望保護美元利潤？您是否希望在對某些同行採取觀望態度的情況下保護利潤？做？你們有考慮更大的前景嗎？

I think in general we'll look at profitability, not percentage margin and we are aware of what others are doing. We also want to time anything we do with the, you know, with the media event in the market, not lag too much into that, that. So so we'll take some price. We know that, and we're a value evaluating that right now. We're ready when that happens.

我認為一般來說我們會專注於獲利能力，而不是利潤率，我們知道其他人在做什麼。我們也希望根據市場上的媒體事件來安排我們所做的任何事情，而不是落後太多。所以我們會採取一些價格。我們知道這一點，並且我們現在正在評估這一點。當這種情況發生時我們已經準備好了。

Thank you.

謝謝。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Thanks. Good evening. I'm just wanted to kind of your question about margin on puts and takes you gave us to the to share the restaurant level shop level of profitability. Charlie, and I just wanted to make sure we have just mentioned on California as well as the and the manager and pay increases standing in for Q2. Is that combined expected to be about 50 to 100 basis point impact on the labor line for questions? 24?

謝謝。晚安.我只是想回答您關於看跌期權和看跌期權利潤的問題，您向我們分享了餐廳級別的盈利水平。查理，我和我只是想確保我們剛剛提到了加州以及第二季的經理和加薪。預計這總計是否會對勞動力線產生約 50 至 100 個基點的影響？24？

And is that kind of the you know that the primary mover in shop level margins or do you anticipate kind of any other lines that we should be paying attention to there?

您知道這是否是商店利潤率的主要推動者，或者您是否預計我們應該關注那裡的任何其他產品線？

So in terms of the forward guide, you're correct. It's the combination of those two wage events that are the largest driver of any margin contractions. We are making some other P&L investments. We will support what we need and Mobile Order & Pay towards the end of the year and other technology things that we're going to be ready to go and make sure our point-of-sale system in our operations are ready for some investment there.

因此，就前向指南而言，您是正確的。這兩個工資事件的結合是利潤率收縮的最大驅動因素。我們正在進行一些其他損益投資。我們將在年底支持我們所需要的、行動訂單和支付以及我們將準備就緒的其他技術，並確保我們營運中的銷售點系統已準備好在那裡進行一些投資。

And then we get to offset that by continuing to get SG&A leverage service and the net margin contraction, we're expecting it into an adjusted EBITDA level is what we mentioned there, which is about 50 to 100 basis points in aggregate. We actually helpful. And then Christine, there was some early back in the previous regime discussion on operational efficiency opportunities through TAP systems.

然後，我們可以透過繼續獲得 SG&A 槓桿服務和淨利潤收縮來抵消這一影響，我們預計它會達到我們在那裡提到的調整後 EBITDA 水平，總計約為 50 到 100 個基點。我們實際上很有幫助。然後 Christine，在上屆政權早期就透過 TAP 系統提高營運效率的機會進行了一些討論。

And I know a lot of other things have moved to the forefront. But where do you where do you envision that at this point on, you know, in terms of from revisiting that that potential initiative down the road? Yes, I'm what I would share on that as throughput is still really important to us. We know that our long lines can be an inhibitor sometimes to our customers visiting us more frequently specifically on as we as we lapse. And we have rolled out to over 100 shops now on the tap system.

我知道很多其他事情已經走到了最前線。但是，就在未來重新審視這項潛在舉措而言，您對目前的設想有何看法？是的，這就是我要分享的內容，因為吞吐量對我們來說仍然非常重要。我們知道，排長隊有時會阻礙我們的顧客更頻繁地拜訪我們，特別是當我們失敗時。現在我們已經在 100 多家商店推出了 Tap 系統。

And so we are encouraged by the results that we're continuing to see with the tap system. We are also planning on investing in the tap system to put it into a majority. We have our new shops as we roll out new shops as well.

因此，我們對 Tap 系統不斷看到的結果感到鼓舞。我們也計劃投資水龍頭系統，使其佔多數。當我們推出新商店時，我們也有新商店。

Great. Thank you very much.

偉大的。非常感謝。

Nick Setyan, Wedbush Securities.

Nick Setyan，韋德布希證券公司。

Thank you and congrats on a great Q4. My question is, you mentioned sort of a margin impact from the labor investments that before any pricing actions or does that actually contemplate the pricing actions within that guidance?

謝謝並祝賀第四季度取得了出色的成績。我的問題是，您提到了在任何定價行動之前勞動力投資對利潤率的影響，或者實際上是否考慮了指南中的定價行動？

Yes, it does contemplate some pricing within the guidance. We did take price a little bit of price in January related to some of the minimum wage movers and legislated markets already. And then it does contemplate a level that will take through the through the year, the California situation and others as well. So that's and that's really the net impact.

是的，它確實考慮了指南中的一些定價。我們確實在一月份對一些與最低工資推動者和立法市場相關的價格進行了一些定價。然後它確實考慮了全年的水平、加州的情況和其他情況。這才是真正的淨影響。

Got it. And so going into the call, I had about 4% in Q1 and Q2 in terms of pricing, is that correct? 4% in Q1 and Q2 in terms of menu pricing that are roughly low, low single digit rollover is our is in the 24 come in from 23.

知道了。因此，在電話會議中，我在第一季和第二季的定價約為 4%，對嗎？第一季和第二季的菜單定價為 4%，大致較低，低個位數的翻滾率是我們在 24 家中從 23 家中獲得的。

If you look at our price move, and I think it's also very important to note that we had been bolstering our margins throughout 23 to help us to prepare to take off on what's coming at us in 24, focus on low single-digit percentage in Q1 and Q4. That's the rollover.

如果你看看我們的價格走勢，我認為值得注意的是，我們在 23 年一直在提高利潤率，以幫助我們為 24 年即將到來的事情做好準備，重點關注 24 年的低個位數百分比Q1 和Q4。這就是翻車。

So that's the rollover that's in place already from 2023 pricing. And then there's additional pricing that we're clearly signaling that we're going to take in 2024. And then we did take on some pricing in Q. one and Phase one in January and in line with some wage increases in some of the western states, including Arizona, California, Colorado and Washington.

這就是 2023 年定價以來已經實施的延期。然後我們明確表示我們將在 2024 年採取額外的定價。然後，我們確實在一月份的第一季和第一階段進行了一些定價，並與一些西部州（包括亞利桑那州、加利福尼亞州、科羅拉多州和華盛頓州）的工資上漲保持一致。

Okay. Fair enough. And then, you know, you mentioned entering 2024 with a lot of comp momentum on any sort of incremental clarity around what quarter-to-date trends look like relative to Q4?

好的。很公平。然後，你知道，你提到進入 2024 年，與第四季度相比，季度迄今的趨勢會是什麼樣子，任何形式的增量清晰度都會帶來很大的競爭動力？

No. I mean what we what we shared in our prepared remarks is kind of where we are is I think like everyone else, we saw some impacts of weather, but outside of the weather will really pleased with what we saw in January.

不。我的意思是，我們在準備好的演講中分享的內容是，我認為像其他人一樣，我們看到了天氣的一些影響，但除了天氣之外，我們對一月份所看到的情況感到非常滿意。

Got it. And then just on the COGS line, sequentially, a little bit of an uptick on the COGS line of Charlie, are we thinking about sort of COGS in 2024? Could we actually see some leverage there.

知道了。然後就在 COGS 線上，查理的 COGS 線依次略有上升，我們是否正在考慮 2024 年的 COGS？我們真的能在那裡看到一些槓桿作用嗎？

So direct ingredient costs have moderated, but we also know that sugar is continuing to rise, and that's a that's part of our basket and that our distribution costs are still pretty sticky, given energy costs and wages involved in that given or a small drop business. So we think COGS is a pretty benign impact in 24 were not expecting a lot of benefit there.

因此，直接原料成本已經放緩，但我們也知道糖正在繼續上漲，這是我們籃子的一部分，考慮到特定或小額業務涉及的能源成本和工資，我們的分銷成本仍然相當粘性。因此，我們認為銷貨成本對 24 來說是相當良性的影響，我們並沒有預期會帶來許多好處。

Fair enough. Thank you very much.

很公平。非常感謝。

Now back to Christine Barone for closing comments.

現在回到克里斯汀·巴羅（Christine Barone）發表結束評論。

Thank you for your questions. As we conclude, I wanted to highlight our recently completed Dutch. Let's get back each year. Our shops, customers, franchisees and foundation work together to donate to local organizations working to end hunger in our communities. This year, we adjusted the give back and pivoted from one Dave giving to a camp pain that allowed us to make a donation for each touch lump feature drink full from February first through the 18th.

謝謝您的提問。在我們結束時，我想強調我們最近完成的荷蘭語。讓我們每年都回來吧。我們的商店、客戶、特許經營商和基金會共同努力，向致力於消除社區飢餓的當地組織捐款。今年，我們調整了回饋方式，從戴夫的一次捐贈轉向了營地疼痛，這使我們能夠為從 2 月 1 日到 18 日的每一次觸摸腫塊功能飲料完整捐贈。

This campaign not only drove traffic and also give our customers an opportunity to give each time they came to our window and it was a huge success. I look forward to announcing our results, and I'm grateful for the opportunity we truly live up to our mission of making a massive difference cup1 at a time. In closing, we are pleased with our strong results in Q4 and believe we are in a position of strength entering into 2024.

這項活動不僅增加了客流量，也為我們的客戶每次來到我們的櫥窗時提供了捐贈的機會，並取得了巨大的成功。我期待著宣布我們的結果，我很感激有機會讓我們真正履行我們的使命，一次為 cup1 帶來巨大的改變。最後，我們對第四季度的強勁業績感到滿意，並相信我們在進入 2024 年時處於有利地位。

I want to thank all of our teams to create this exceptional performance by connecting them with our customers and communities. Every single. Thank you.

我要感謝我們所有的團隊，透過將他們與我們的客戶和社區聯繫起來，創造瞭如此出色的業績。每一個。謝謝。

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

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。