Dutch Bros Inc (BROS) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Dutch Bros' third-quarter 2024 conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Paddy Warren, Director of Investor Relations and Corporate Development. Please go ahead.

大家好，歡迎參加荷蘭兄弟 2024 年第三季電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係和企業發展總監帕迪·沃倫(Paddy Warren)。請繼續。

Good afternoon, and welcome. I'm joined by Christine Barone, CEO and President; and Josh Guenser, CFO. We issued our earnings press release for the quarter ended September 30, 2024, after the market closed today. The earnings press release, along with the supplemental information deck have been posted to our investor relations website at investors.pros.com.

下午好，歡迎光臨。執行長兼總裁 Christine Barone 也加入了我的行列。和財務長 Josh Guenser。今天收盤後，我們發布了截至 2024 年 9 月 30 日的季度收益新聞稿。收益新聞稿以及補充資訊已發佈在我們的投資者關係網站 Investors.pros.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, uncertainties, 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.

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所做的所有陳述均為前瞻性陳述，並受風險、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。

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.

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原則衡量指標與可比較公認會計原則結果的調節情況。

I would also like to announce that we will be hosting our inaugural Investor Day in early 2025. We will plan to provide updates to our key growth drivers and intend to hold this event in person in the Phoenix, Arizona market. We expect to release further details in the coming months. With that, I would now like to turn the call over to Christine.

我還想宣布，我們將於 2025 年初舉辦首屆投資者日。我們將計劃提供有關我們主要增長動力的最新信息，並打算在亞利桑那州鳳凰城市場親自舉辦此次活動。我們預計將在未來幾個月內發布更多細節。有了這個，我現在想把電話轉給克里斯汀。

Thank you, Paddy. Good afternoon, everyone. I want to start by sharing that we are incredibly excited about the strength of our brand, the love from our customers and our clear path forward. As the industry continues to evolve, we expect that our customers will place an even larger emphasis on iced beverages, on personalization, and on speed. We see the increasing relevance of energy, which has been a core component of our menu for over a decade.

謝謝你，帕迪。大家下午好。首先我想分享的是，我們對我們品牌的實力、客戶的喜愛以及我們清晰的前進道路感到非常興奮。隨著產業的不斷發展，我們預期客戶將更加重視冰鎮飲料、個人化和速度。我們看到能源的相關性越來越大，十多年來它一直是我們菜單的核心組成部分。

We also see the continued importance of genuine connection, which are Broistas [and body] and has been a cornerstone of Dutch Bros since we started with a single push cart in Grants Pass, Oregon, in 1992. We believe we are uniquely positioned to execute with excellence in this environment. which we did in Q3 as we delivered on key strategic and operational initiatives.

我們也看到了真正的連結的持續重要性，這就是 Broistas [和身體]，自從我們在 1992 年在俄勒岡州格蘭茨帕斯開始使用單推車以來，這一直是 Dutch Bros 的基石。我們相信，我們處於獨特的地位，可以在這種環境中實現卓越的執行。我們在第三季實施了關鍵的策略和營運措施。

We have substantial momentum across the Board at Dutch Bros. Our brand is resonating with customers. In Q3, we had comparatively the highest transaction quarter in two years. We accelerated our mobile order rollout, achieving 90% system and 96% company-operated shop coverage as of September 30. We have received great feedback from Broistas and customers, and we are beginning to see the impacts on our business.

我們在荷蘭兄弟公司的各個部門都擁有強勁的勢頭。我們的品牌正在與客戶產生共鳴。第三季是兩年來交易量相對最高的季度。加速行動訂單上線，截至9月30日，系統覆蓋率達90%，自營店覆蓋率達96%。我們從 Broistas 和客戶那裡收到了很好的回饋，我們開始看到這對我們業務的影響。

Our real estate strategy is working. We are seeing strong new shop productivity as we have shifted our development focus and elevated our site selection process. We see increased white space opportunities as we grow. And we continue to demonstrate remarkable consistency in our shop opening cadence with 38 new shops in the quarter.

我們的房地產策略正在發揮作用。隨著我們轉移開發重點並提高選址流程，我們看到了強勁的新店生產力。隨著我們的成長，我們看到空白空間的機會越來越多。我們繼續在開店節奏上展現出非凡的一致性，本季新開店 38 家。

We are making investments in our development and construction teams and our 2025 shop pipeline is strong, positioning us to accelerate new shop growth. These efforts directly translated to our financial results.

我們正在對開發和建設團隊進行投資，並且我們的 2025 店儲備很強大，這使我們能夠加速新店的成長。這些努力直接轉化為我們的財務表現。

In the quarter, we drove a 28% revenue increase, and a 20% adjusted EBITDA increase compared to the same quarter last year. System-wide same-shop sales rose 2.7% and company-operated same-shop sales grew 4%, both of which exceeded our expectations.

與去年同期相比，本季我們的營收成長了 28%，調整後的 EBITDA 成長了 20%。全系統同店銷售額成長2.7%，公司自營同店銷售額成長4%，皆超出我們預期。

System-wide AUVs were $2 million, in line with the all-time record we posted earlier this year. Given the strength we saw in the quarter and our growing momentum, we will be raising our guidance. Josh will share more context in detail in a few minutes. But first, I'd like to walk you through an update on our business.

全系統 AUV 成本為 200 萬美元，與我們今年稍早發布的歷史記錄一致。鑑於我們在本季度看到的實力和成長勢頭，我們將提高我們的指導。喬什將在幾分鐘內詳細分享更多背景。但首先，我想向您介紹我們業務的最新情況。

Our people are the cornerstone of our strength. Our exceptional culture, crews, and service resonate with customers of all ages and backgrounds. Our talented broistas and the service they provide drive our growth and set us apart from competitors.

我們的員工是我們力量的基石。我們卓越的文化、員工和服務與各個年齡層和背景的客戶產生共鳴。我們才華橫溢的員工和他們提供的服務推動了我們的發展，並使我們在競爭對手中脫穎而出。

Our people pipeline includes more than 400 operator candidates with an average tenure of more than seven years. Each person in the pipeline is ready to lead a market as an operator. When these new operators receive their assignment, we invest heavily in their success by sending our exceptional and experienced opening team to work alongside them in the new market. We believe this enables us to scale our culture, seeding new markets with a powerful combination of expertise, energy. and teamwork.

我們的人才梯隊包括 400 多名操作員候選人，平均任期超過 7 年。管道中的每個人都準備好作為運營商領導市場。當這些新操作員接到任務時，我們會派出經驗豐富的優秀開放團隊與他們一起在新市場中工作，為他們的成功進行大量投資。我們相信，這使我們能夠擴大我們的文化，透過專業知識和能量的強大組合來培養新市場。和團隊合作。

We continue to be pleased with our shop level turnover indicators, which we believe are considerably more favorable than the industry and are in line with our expectations. Our best people are staying and growing with us.

我們仍然對我們的店鋪營業額指標感到滿意，我們認為該指標比行業更有利，並且符合我們的預期。我們最優秀的人才將留下來與我們一起成長。

Year-to-date, we have received over 400,000 applications to work at Dutch Bros for about 11,000 open field positions. We are honored to be an employer of choice and blown away by the excitement of applicants. Hiring into our office in Arizona have also been swift, and we are in the process of building out a permanent location, which we expect to open in the first half of 2025.

今年迄今為止，我們已收到超過 40 萬份申請 Dutch Bros 約 11,000 個空缺職位的申請。我們很榮幸成為首選雇主，並被申請人的興奮所震撼。我們亞利桑那州辦事處的招募工作也很快，我們正在建造一個永久辦公地點，預計於 2025 年上半年開業。

Last year, we outlined the key elements of our strategy to continue to drive traffic, which were, an enhanced focus on innovation, increased paid advertising designed to build brand awareness, and more targeted rewards program efforts. We are executing on all elements of this plan and seeing momentum. Here is a brief update of each.

去年，我們概述了持續增加流量的策略的關鍵要素，即加強對創新的關注、增加旨在建立品牌知名度的付費廣告以及更有針對性的獎勵計劃工作。我們正在執行該計劃的所有要素，並看到了動力。以下是每項的簡要更新。

First, innovation. We believe innovation plays a foundational role in Dutch Bros' growth story. We use innovation to build sales layers and deepen our competitive moat through category-defining products. Our innovation strategy focuses on three core mini pillars, coffee, energy, and refreshment.

第一，創新。我們相信創新在 Dutch Bros 的成長故事中發揮基礎性作用。我們利用創新來建立銷售層，並透過類別定義產品加深我們的競爭護城河。我們的創新策略專注於三個核心迷你支柱：咖啡、能源和茶點。

In Q3, we introduced a fresh take on fall drinks with the new cookie butter latte and caramel apple rebel, and the fan favorite caramel pumpkin brulee returned. Our innovation extends to how we surprise and delight with unique sticker drops and special merch giveaways.

在第三季度，我們推出了新鮮的秋季飲品，包括新的餅乾黃油拿鐵和焦糖蘋果叛逆者，以及粉絲最喜歡的焦糖南瓜布丁回歸。我們的創新延伸到我們如何透過獨特的貼紙掉落和特殊的商品贈品來帶來驚喜和愉悅。

Physical and digital sticker drops create excitement and strengthen brand loyalty by providing a unique opportunity to connect with our customers, many of whom collect these stickers. We will continue looking for ways to increase this connection, like when we released a custom Dutch Bros' rubber duck to celebrate National Coffee Day, which drove both excitement and sales volume.

實體和數位貼紙掉落透過提供與客戶聯繫的獨特機會來創造興奮並增強品牌忠誠度，其中許多客戶收集了這些貼紙。我們將繼續尋找增加這種聯繫的方法，例如我們發布了定制的荷蘭兄弟的橡皮鴨來慶祝國家咖啡日，這既提高了興奮度，又提高了銷量。

Second, paid advertising, an upsized paid advertising investment is having a positive impact on our business. In late 2023, we began accelerating digital spending in new markets to drive brand awareness. We are encouraged by the results that we are seeing in the productivity of new shops and in the company-operated same-shop transaction growth.

第二是付費廣告，付費廣告投入的增加對我們的業務產生了正面的影響。2023 年底，我們開始加速新市場的數位支出，以提高品牌知名度。我們對新店的生產力和公司經營的同店交易成長的結果感到鼓舞。

These efforts are driving what we believe to be a material change in sales trajectory in new markets. Albeit from a very small base, we have also seen unaided brand awareness triple in Texas. While this is a good start, we have a long runway with unaided brand awareness, still just a fraction of our more mature markets.

我們認為，這些努力正在推動新市場銷售軌跡發生重大變化。儘管基數很小，但我們也看到德克薩斯州的品牌知名度增加了三倍。雖然這是一個很好的開端，但我們在品牌知名度方面還有很長的路要走，仍然只是我們更成熟市場的一小部分。

In Q3, we began expanding our paid advertising efforts into additional markets, including mature markets. We are encouraged by what we are seeing here as well.

第三季度，我們開始將付費廣告工作擴展到其他市場，包括成熟市場。我們也對這裡所看到的感到鼓舞。

And third, Dutch Rewards. We continue to see great traction in our Dutch Rewards program. In Q3, approximately 67% of our transactions were from Dutch Rewards members. And in the quarter, we accelerated our segmentation efforts. We are more efficiently reaching our customers, and we'll continue to provide even more personalized and relevant offers going forward.

第三，荷蘭獎勵。我們繼續看到荷蘭獎勵計劃的巨大吸引力。第三季度，大約 67% 的交易來自 Dutch Rewards 會員。在本季度，我們加快了細分工作。我們正在更有效地接觸客戶，我們將繼續提供更個人化和相關的優惠。

In the quarter, we set a record for the greatest number of Dutch Rewards registrations since the initial launch of the program with over 1 million customers signing up. We believe our rollout of mobile order is contributing to this growth.

本季度，我們創下了自該計劃首次推出以來 Dutch Rewards 註冊數量最多的記錄，註冊客戶數量超過 100 萬。我們相信，我們推出的行動訂單正在促進這一成長。

As of September 30, 858 shops had mobile order functionality enabled, representing 90% system and 96% company-operated shop coverage. I want to acknowledge the hard work, both in our shops and in our IT, operations, and marketing teams that made this rollout possible. The completion of this rollout is ahead of our previously communicated time line.

截至9月30日，858家商店啟用了行動訂單功能，佔系統覆蓋率的90%和自營商店覆蓋率的96%。我要感謝我們的商店以及 IT、營運和行銷團隊的辛勤工作，使此次推出成為可能。這次推出的完成時間早於我們先前通報的時間線。

I'd like to share some initial observations and learnings from the rollout. First, our customers are enthusiastic about mobile order. As of October 31, our customers have placed approximately 2.8 million mobile order transactions. Our customers love the functionality and service. We are achieving high customer satisfaction, with more than 9 out of 10 mobile order customers likely to use the channel again and recommended to their friends and family.

我想分享一些從推出中得到的初步觀察和經驗教訓。首先，我們的客戶對行動訂單的熱情很高。截至10月31日，我們的客戶已完成約280萬筆行動訂單交易。我們的客戶喜歡其功能和服務。我們取得了很高的客戶滿意度，超過十分之九的行動訂單客戶可能會再次使用該管道並推薦給他們的朋友和家人。

Second, our Broistas are embracing mobile order and delivering excellent service within this channel. As a people-centric business, getting this right is of utmost importance. We have positive feedback from our Broistas and almost 95% order accuracy. Furthermore, mobile order tip rates are higher than other channels.

其次，我們的 Broista 正在擁抱行動訂單並在此管道內提供優質的服務。作為一個以人為本的企業，正確對待這一點至關重要。我們得到了 Broista 的正面回饋，訂單準確率幾乎達到 95%。此外，行動訂單小費率高於其他管道。

Third, we are seeing order ahead over indexed in the morning daypart and with coffee-based beverages. This gives us confidence that we are on the right track with our strategy to further unlock the morning daypart with greater convenience.

第三，我們看到早上的時段和咖啡飲料的訂單提前。這讓我們相信，我們的策略走在正確的軌道上，以更大的便利性進一步解鎖早晨時段。

Finally, we are beginning to see the impact of mobile order in our financial results. We observed that customers who utilize mobile order increased their frequency by about 5%. Right now, mobile order makes up about 7% of our channel mix system-wide, and we see runway to steadily grow penetration. In fact, in some of the markets with our US shops, we see mobile order penetration at more than twice the level of our overall system.

最後，我們開始看到行動訂單對我們財務表現的影響。我們觀察到，使用行動訂單的客戶頻率增加了約 5%。目前，行動訂單約占我們全系統通路組合的 7%，我們看到滲透率將穩定成長。事實上，在我們美國商店的一些市場中，我們發現行動訂單滲透率是我們整個系統水準的兩倍以上。

In these newer markets, we are also seeing same-shop transaction outperformance, which we believe is a combination of paid advertising spend, mobile order usage, and market planning efforts. In Q3, we began a limited food test in six shops. In this test, we explored a few potential menus, including an expanded bakery offering and sweet and savory hot food options.

在這些新興市場中，我們也看到同店交易表現出色，我們認為這是付費廣告支出、行動訂單使用和市場規劃工作的結合。第三季度，我們開始在六家商店進行有限的食品測試。在這次測試中，我們探索了一些潛在的菜單，包括擴展的麵包店產品以及甜味和鹹味熱食選擇。

Based on the early results, it is likely a more robust food venue will play a role for Dutch Bros in the future, and we will continue our testing in the coming quarters. With food making up less than 2% of our sales right now, we clearly see the opportunity. We will be very diligent and measured as we determine the timing and role of an expanded fee program and how we best support our Broistas so that we can execute with speed, quality, and service.

根據早期結果，未來荷蘭兄弟可能會在一個更強大的食品場所中發揮作用，我們將在未來幾季繼續進行測試。目前食品占我們銷售額的比例還不到 2%，我們清楚地看到了機會。在確定擴大收費計劃的時間和作用以及如何最好地支持我們的 Broista 時，我們將非常勤奮和謹慎，以便我們能夠以速度、品質和服務執行。

Shifting gears to development. We opened 38 shops in Q3, bringing our total shop count to 950. For the year, we have opened 119 new shops, of which 103 are company operated. We are executing our real estate strategy and are very energized by the results. We believe the combination of enhanced market planning and our elevated paid ad spending in new markets is driving improved new shop productivity, which we saw once again in Q3.

轉變發展方式。我們在第三季開設了 38 家商店，使我們的商店總數達到 950 家。今年，我們新開了 119 家店鋪，其中 103 家是公司經營。我們正在執行我們的房地產策略，並對結果感到非常振奮。我們相信，加強市場規劃和新市場付費廣告支出的增加正在推動新店生產力的提高，我們在第三季再次看到了這一點。

Our confidence in our new shop growth prospects is high. Over the past several months, we have made significant investments in our development and construction capabilities. We have invested in new tools, processes, and team members, including doubling the size of our site acquisition team.

我們對新店的成長前景充滿信心。在過去的幾個月裡，我們在開發和建立能力方面進行了大量投資。我們投資了新的工具、流程和團隊成員，包括將網站收購團隊的規模擴大了一倍。

We believe these investments position us to capitalize on an expanding opportunity set and strengthen our competitive moat in new shop development. Our development pipeline is deeper today than it was at the same time last year. We expect shop openings to accelerate in 2025 to at least 160 shops and further accelerate in 2026.

我們相信，這些投資使我們能夠利用不斷擴大的機會，並加強我們在新店開發方面的競爭優勢。今天我們的開發管道比去年同期更深。我們預計 2025 年開店速度將加快至至少 160 家，並在 2026 年進一步加速。

In closing, momentum in the business is strong. We believe our runway is long, and our path forward is clear. We have top-tier growth. We delivered 28% year-over-year revenue growth and 38 new shop openings. We expect to open at least 160 shops in 2025 and driven by our investments in our development team, we see an opportunity to further accelerate unit growth in 2026

最後，業務勢頭強勁。我們相信，我們的跑道還很長，前進的道路也很明確。我們擁有頂級的成長。我們的營收年增 28%，新開店 38 家。我們預計在 2025 年開設至少 160 家商店，並在我們對開發團隊的投資的推動下，我們看到了 2026 年進一步加速單位成長的機會

We demonstrated our ability to deliver transaction growth, through a combination of our innovation, paid ad spending, Dutch Rewards, and our growing mobile order capabilities. We have excellent shop margins, delivering this top-tier growth profitably.

我們展示了透過創新、付費廣告支出、Dutch Rewards 和不斷增長的行動訂單能力相結合實現交易成長的能力。我們擁有出色的商店利潤率，實現了這一頂級成長的利潤。

We are well capitalized. We believe we have plenty of flexibility upon which to execute our growth plans and capture a considerable white space. Most importantly, we have great people, anchored by outstanding Engage Broistas with a strong pipeline of operators ready to grow with us. With that, I'll turn it over to Josh.

我們資本充足。我們相信，我們有足夠的靈活性來執行我們的成長計劃並佔據相當大的空白。最重要的是，我們擁有優秀的人才，以傑出的 Engage Broista 為核心，擁有強大的營運商管道，隨時準備與我們一起成長。有了這個，我會把它交給喬希。

Thanks, Christine. Our financial results in Q3 were outstanding. Revenue grew 28%. We delivered $338 million in revenue for the quarter, an increase of $74 million year over year. As a reminder, our long-term growth algorithm targets roughly 20% annual revenue growth. We are very pleased with our continued top-line momentum.

謝謝，克里斯汀。我們第三季的財務表現非常出色。營收成長 28%。我們本季營收 3.38 億美元，年增 7,400 萬美元。提醒一下，我們的長期成長演算法的目標是年收入成長約 20%。我們對持續的營收成長動能感到非常滿意。

New shop growth was 20% year over year. In the quarter, we opened 38 new shops, of which 33 are company operated, representing continued steady progress. We are encouraged by both our new shop productivity and our overall system AUVs of $2 million, which is in line with the all-time markets we set earlier this year.

新店較去年同期成長20%。本季我們新開店38家，其中公司經營店33家，持續穩定推進。我們對新車間的生產力和 200 萬美元的整體系統 AUV 感到鼓舞，這與我們今年稍早設定的歷史市場一致。

Same-shop sales performance in Q3 exceeded our expectations. We delivered 2.7% system same-shop sales growth, of which 80 basis points came from transaction growth and 190 basis points from ticket growth. We are pleased with the underlying transaction trends of the business and transaction growth was the highest in two years, excluding the impact of weekday in Q1.

第三季同店銷售表現超出我們的預期。我們實現了 2.7% 的系統同店銷售成長，其中 80 個基點來自交易成長，190 個基點來自門票成長。我們對業務的基本交易趨勢感到滿意，排除第一季工作日的影響，交易成長達到兩年來最高。

Adjusted EBITDA grew 20%. We delivered $64 million in adjusted EBITDA, an increase of $11 million year over year. Our adjusted EPS was $0.16 per share, up $0.02 per share from Q3 last year. Moving on to our company-operated shops. Revenue was $308 million, an increase of $72 million year over year or 30% growth.

調整後 EBITDA 成長 20%。我們實現了 6,400 萬美元的調整後 EBITDA，年增 1,100 萬美元。調整後每股收益為 0.16 美元，比去年第三季每股增加 0.02 美元。繼續前往我們公司經營的商店。營收為 3.08 億美元，年增 7,200 萬美元，增幅為 30%。

Company-operated same-shop sales growth was 4%, of which 2.4% was transaction growth. Company-operated shop contribution was $91 million, an increase of $18 million year over year or 24% growth. In the quarter, company-operated shop contribution margin was 29.5%.

公司自營同店銷售成長4%，其中交易成長2.4%。公司自營店貢獻 9,100 萬美元，年增 1,800 萬美元，增幅 24%。本季，公司自營店貢獻率為29.5%。

In Q3, beverage, food, and packaging costs were 25.3% of company-operated shop revenue, this is 60 basis points favorable year over year, driven primarily by pricing. Labor costs were 27.6% of company-operated shop revenue, 160 basis points higher than Q3 of 2023. This is primarily attributed to increased compensation expense in California.

第三季度，飲料、食品和包裝成本占公司自營商店收入的 25.3%，年減 60 個基點，這主要是由定價推動的。勞動成本占公司自營店收入的27.6%，比2023年第三季高出160個基點。這主要歸因於加州補償費用的增加。

Occupancy and other costs were 16.4% of company-operated shop revenue, which was 110 basis points higher than Q3 of 2023, driven primarily by elevated repair and maintenance costs on our existing shop base. Pre-opening expenses were 1.2% of company-operated shop revenue, 60 basis points favorable year over year.

入住率和其他成本占公司自營商店收入的 16.4%，比 2023 年第三季高出 110 個基點，這主要是由於我們現有商店的維修和維護成本增加。開業前費用占公司自營店收入的1.2%，較去年同期下降60個基點。

Moving on to other P&L line items. Franchising and other revenue was $30 million, up $2 million or 7% year over year. Franchise and other contribution was $23 million, up $3 million or 16% year over year. Adjusted SG&A was $50 million, up $10 million or 25% year over year.

繼續討論其他損益行項目。特許經營和其他收入為 3000 萬美元，年增 200 萬美元，即 7%。特許經營及其他貢獻為 2300 萬美元，年增 300 萬美元，即 16%。調整後的 SG&A 為 5,000 萬美元，較去年同期增加 1,000 萬美元，即 25%。

As a percentage of total revenue, adjusted SG&A was 14.9%. This represents approximately 30 basis points in margin leverage. We are pleased by the leverage we have driven in adjusted SG&A during the year while we continue to staff our new office in Arizona and make targeted investments in marketing.

調整後的 SG&A 佔總收入的百分比為 14.9%。這代表保證金槓桿約為 30 個基點。我們對這一年在調整後的銷售及管理費用（SG&A）方面所發揮的槓桿作用感到高興，同時我們繼續為亞利桑那州的新辦事處配備人員，並在營銷方面進行有針對性的投資。

In the quarter, interest expense net declined $2.5 million from one year ago to $6.9 million. The decline is primarily driven by income received on our investments in marketable securities and reductions in interest paid on outstanding balances in our credit facility. This was partially offset by an increase in interest expense related to finance leases of $786,000, which rose from $4.8 million in Q3 2023 to $5.5 million in Q3 2024.

本季利息支出淨額較一年前下降 250 萬美元，至 690 萬美元。下降的主要原因是我們對有價證券的投資所獲得的收入以及我們信貸安排中未償餘額支付的利息的減少。這被與融資租賃相關的利息支出增加 786,000 美元部分抵消，該利息支出從 2023 年第三季的 480 萬美元增至 2024 年第三季的 550 萬美元。

Regarding our balance sheet, as of September 30, we had $281 million in cash and cash equivalents and $238 million in drawn term notes, yielding a net cash position of approximately $43 million. As of September 30, we have $382 million in finance lease liabilities and $306 million of operating lease liabilities. During the quarter, we added $3 million in finance lease liabilities and $23 million in operating lease liabilities.

關於我們的資產負債表，截至 9 月 30 日，我們擁有 2.81 億美元的現金和現金等價物以及 2.38 億美元的提取定期票據，淨現金頭寸約為 4,300 萬美元。截至 9 月 30 日，我們的融資租賃負債為 3.82 億美元，經營租賃負債為 3.06 億美元。本季度，我們增加了 300 萬美元的融資租賃負債和 2,300 萬美元的營業租賃負債。

I'd like to spend a moment on cash flow and liquidity. With approximately $678 million in total liquidity at our disposal, we believe we have more than sufficient liquidity to support our current growth plans. In the quarter, we added $20 million in cash to the balance sheet, driven by our operations and aided in part by timing of working capital. This is very encouraging as we move towards having a self-funded business and look forward to providing an update at our Investor Day.

我想花點時間談談現金流和流動性。我們擁有約 6.78 億美元的總流動資金，我們相信我們有足夠的流動資金來支持我們目前的成長計畫。在本季度，我們在資產負債表上增加了 2000 萬美元現金，這主要是由我們的業務推動以及營運資金安排的部分幫助。這是非常令人鼓舞的，因為我們正朝著自籌資金的方向邁進，並期待在投資者日提供最新資訊。

We are pleased with the continued expansion of our large base of profitable shops. We continue to shift the composition of our development pipeline towards more capital-efficient lease arrangements, but we still have work to do as we attempt to lower the per unit development costs. In Q3, average CapEx per shop was approximately $1.7 million.

我們對我們龐大的盈利商店基礎的持續擴張感到高興。我們繼續將開發管道的組成轉向資本效率更高的租賃安排，但在嘗試降低單位開發成本時，我們仍有工作要做。第三季度，每家商店的平均資本支出約為 170 萬美元。

Finally, I'd like to provide an update on guidance. Given the outstanding performance, which came in above our expectations for Q3, we are providing the following updates. Total revenues are now projected to be between $1.255 billion and $1.26 billion. This represents an increase of $35 million from our guidance last quarter at the midpoint of the range.

最後，我想提供指導的最新資訊。鑑於第三季的出色表現超出了我們的預期，我們提供以下更新。目前總收入預計在 12.55 億美元至 12.6 億美元之間。這比我們上季度的指導值增加了 3500 萬美元，處於範圍的中點。

We expect to open 150 new shops in 2024, which is consistent with the guidance we provided last quarter. Capital expenditures are now estimated to be in the range of $245 million to $265 million. System same-shop sales growth is estimated to be approximately 4.25% for the full year 2024. We remain encouraged by the underlying transaction trends we have seen so far and expect Q4 same-shop sales growth of 1% to 2%.

我們預計 2024 年將開設 150 家新店，這與我們上季度提供的指導一致。目前資本支出估計在 2.45 億美元至 2.65 億美元之間。預計2024年全年系統同店銷售成長約4.25%。我們仍然對迄今為止看到的基本交易趨勢感到鼓舞，並預計第四季度同店銷售將增長 1% 至 2%。

We expect adjusted SG&A to be between $195 million and $200 million. Given the strong performance in the quarter and our outlook for the remainder of the year, adjusted EBITDA is now estimated to be between $215 million and $220 million. Thank you. And now we'll take your questions. Operator, please open the line.

我們預計調整後的銷售及管理費用將在 1.95 億美元至 2 億美元之間。鑑於本季的強勁表現以及我們對今年剩餘時間的展望，調整後的 EBITDA 目前預計在 2.15 億美元至 2.2 億美元之間。謝謝。現在我們將回答您的問題。接線員，請開通線路。

(Operator Instructions) Dennis Geiger, UBS.

（操作員說明）Dennis Geiger，UBS。

Great. Congratulations on the results, and thanks for all of the insights on mobile order. Just curious if you could share any insights on those shops that have, I believe it was the 2x channel mix and the even stronger outperformance relative to the rest of the system. Is there any commonalities there that you're able to share?

偉大的。恭喜您取得的結果，並感謝您對行動訂單的所有見解。只是好奇您是否可以分享對這些商店的任何見解，我相信這是 2x 頻道組合以及相對於系統其他部分更強勁的表現。可以分享其中的共同點嗎？

Yeah. One of the things we're seeing with mobile order is that in some of our newer shops, that we are seeing this higher penetration of mobile order usage. As we think about our new shop and what mobile order is doing, we're really establishing new routines. And so it could be that in new markets as we're getting new customers in, they're really excited to use this and using it quickly.

是的。我們在行動訂單方面看到的一件事是，在我們的一些新商店中，我們看到行動訂單使用的滲透率更高。當我們思考我們的新商店以及行動訂單正在做什麼時，我們實際上正在建立新的慣例。因此，在新市場中，當我們吸引新客戶時，他們可能真的很高興使用它並快速使用它。

The other thing that we're seeing is we're actually seeing an increase in the registrations in our Dutch Rewards program. And so when we see that Dutch Rewards program usage and then a mobile order, we believe we could be bringing new customers into the brand as well.

我們看到的另一件事是，我們實際上看到荷蘭獎勵計劃的註冊量增加。因此，當我們看到荷蘭獎勵計劃的使用以及行動訂單時，我們相信我們也可以為該品牌帶來新客戶。

That's great. Appreciate that color, Christine. Then just on the food side, recognizing it's super early, but also excited that you rolled that out to some of the stores. Anything more there to share as far as how you think high level about that opportunity where you can go, what permission you have from a food perspective, recognizing early days?

那太棒了。欣賞這種顏色，克里斯汀。然後就在食品方面，認識到現在還太早，但也很高興您將其推廣到一些商店。還有什麼可以分享的，例如您如何看待您可以去的機會，您從食品角度獲得了什麼許可，並認識到早期的情況？

Yeah, absolutely. Definitely early days from a food perspective. I think how we think about this strategically, as we look across our business, we have an opportunity to lift the entire business. And then we also have a very specific opportunity to build morning routines. One thing that's important for building morning routine is mobile order, which we have rolled out this year and believe that we have a long runway.

是的，絕對是。從食物的角度來看絕對是早期。我認為，當我們縱觀整個業務時，我們如何從策略角度思考這個問題，我們有機會提升整個業務。然後我們還有一個非常具體的機會來建立早晨的例行公事。對於建立早晨例行公事來說，重要的一件事是行動訂單，我們今年推出了行動訂單，並相信我們有很長的路要走。

But the second big thing there is food. And so as we look at the importance of food in that morning routine, we believe we could be missing a beverage occasion. And so as we say strategically about food, we believe it's not only an opportunity to drive attach, but the more important opportunity might actually be for that beverage occasion.

但第二件大事是食物。因此，當我們審視食物在早晨例行公事中的重要性時，我們相信我們可能會錯過喝飲料的機會。因此，當我們從戰略上談論食品時，我們相信這不僅是一個推動依戀的機會，而且更重要的機會實際上可能是飲料場合。

As we look at food, we really believe it's more of an opportunity for 2026 and beyond. It is super important to us that we get this exactly right for our teams, for our shops, for our customers. And so we expect to expand the test as we go into 2025.

當我們審視食品時，我們確實相信這對 2026 年及以後來說更像是一個機會。對我們來說非常重要的是，我們必須為我們的團隊、我們的商店和我們的客戶提供完全正確的服務。因此，我們預計在進入 2025 年時會擴大測試範圍。

Thank you and congrats to the team.

謝謝你並祝賀我們的團隊。

Thank you.

謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks guys. Good evening. This is Patrick on for Chris. Josh, the guidance implies flat comps for the fourth quarter, I believe. And I know in the presentation it said it was reflective of the current trends of the business. So I was hoping you could provide a bit more color on just maybe how comps during the quarter progressed in 3Q.

謝謝你們。晚安.這是派崔克代替克里斯。喬什，我認為該指導意味著第四季度的業績持平。我知道在演示中它說它反映了當前的業務趨勢。因此，我希望您能夠提供更多關於第三季度的比較情況的資訊。

And in addition to that, could you help us understand what impact you're building in from mobile order and pay in the fourth quarter guidance? And if you have any sense of just the incrementality that you're seeing relative to that 7% mix?

除此之外，您能否幫助我們了解您在第四季度指導中透過行動訂單和付款產生的影響？您是否能感覺到相對於 7% 的組合所看到的增量？

Yeah, thanks for the question. So I guess maybe just to clarify, in my remarks, we did guide Q4 to be between 1 to 2 points of comp. What I'd say is we were very pleased by the performance of traffic during the quarter, certainly came in ahead of our expectations.

是的，謝謝你的提問。所以我想也許只是為了澄清，在我的評論中，我們確實將第四季的得分控制在 1 到 2 分之間。我想說的是，我們對本季的流量表現非常滿意，當然超出了我們的預期。

We did see that continue into Q4. We've been pleased with what we've seen so far in October. What I'd say is that as it's trending to the higher side of that 1 to 2 points for the full quarter. So feeling good about how Q4 is shaping up so far.

我們確實看到這種情況持續到第四季。我們對 10 月迄今為止所看到的情況感到滿意。我想說的是，因為整個季度的 1 到 2 個百分點都呈現較高趨勢。到目前為止，我們對第四季的進展感到滿意。

In terms of what we've layered in for mobile order, what I would share is we've certainly factored in the trends that we saw in Q3. It is still early days. We still have more to learn. So we factored in what we saw in Q3 going into Q4. But certainly, if trends were to change dramatically, that would -- that's not factored into the guidance that we provided.

就我們對行動訂單的分層而言，我想分享的是，我們確實考慮了第三季的趨勢。現在還為時過早。我們還有更多東西要學習。因此，我們將第三季和第四季的情況納入考量。但當然，如果趨勢發生巨大變化，那將不會被納入我們提供的指導中。

Yeah. I think the other thing as we thought about that guidance too is we do have about 1 point harder lap in Q4, so just reflecting all of those things together.

是的。我認為我們考慮這一指導的另一件事是我們在第四季度確實有大約 1 分的困難，所以只是將所有這些事情綜合起來反映。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great. Thank you. Very helpful commentary on mobile order and the 7% mix that's off to a quick start. I was wondering if you could help us quantify the incrementality behind this and how you are measuring incrementality.

偉大的。謝謝。關於行動訂單和 7% 混合的非常有用的評論，可以快速啟動。我想知道您是否可以幫助我們量化這背後的增量以及您如何衡量增量。

Yeah. So as we look at mobile order, I think that there are three dynamics that we're looking at. So the first is the existing customer and what happens when someone makes their first mobile order transaction. And so what we're seeing with existing customers is we're seeing that 5% frequency lift.

是的。因此，當我們審視行動訂單時，我認為我們正在關註三個動態。因此，第一個是現有客戶，以及當有人進行第一筆行動訂單交易時會發生什麼。因此，我們在現有客戶中看到的是頻率提升了 5%。

The second thing we're seeing is we're also seeing new customers come into the brand with mobile order. So we're seeing that uptick in Dutch Rewards registrations. And then finally, we are just beginning to see a little bit of impact from throughput. So one of the things we measure is we measure in our peak hour, how many cars we drive through the line, and we are starting to see an uptick in that as well.

我們看到的第二件事是，我們還看到新客戶透過行動訂單進入該品牌。因此，我們看到 Dutch Rewards 註冊量有所增加。最後，我們剛開始看到吞吐量的一些影響。因此，我們測量的一件事是在高峰時段測量我們在線上行駛的汽車數量，我們也開始看到這個數字上升。

So if you think about it, that's really three different dynamics. You've got new customers, you've got existing customers and then the hope is that because we are switching some of our volumes from the drive-through to the walk-up window that, that volume relief allows customers to feel more confident to get into the drive-through line.

所以如果你仔細想想，這其實是三種不同的動力。你有新客戶，你有現有客戶，然後希望，因為我們正在將一些數量從得來速轉向無電梯窗口，數量的減少可以讓客戶更有信心進入免下車排隊。

Okay. Great. And then, Christine, we get the question from investors with some concern that your traffic is benefiting near term for your largest coffee shop competitors’ headwinds and that they're actively enacting a turnaround. So can you really help dispel these concerns, the traffic gains you are seeing are in fact organic?

好的。偉大的。然後，克里斯汀，我們收到投資者的提問，他們擔心您的流量在短期內有利於您最大的咖啡店競爭對手的逆風，並且他們正在積極實現扭虧為盈。那麼您真的能幫助消除這些擔憂嗎？

Yes, absolutely. So I think if you look at what's happening right now, our brand is really resonating with customers, and I think we are super focused on being who we are. So when I look at what's happening in the industry right now, it is increasingly going to ice, the importance of customization and personalization and being able to do that very quickly is something that's also increasing.

是的，絕對是。所以我認為，如果你看看現在發生的事情，我們的品牌確實與客戶產生了共鳴，而且我認為我們非常專注於成為我們自己。因此，當我看到這個行業目前正在發生的事情時，它變得越來越冰冷，定制和個性化的重要性以及能夠很快做到這一點的重要性也在增加。

I think customers also want great authentic service, and we're seeing continued growth in our customized energy business. And so when you look at all of those things, we really believe what's working for us is being Dutch Bros.

我認為客戶也想要優質、真實的服務，我們看到我們的客製化能源業務持續成長。因此，當你看到所有這些事情時，我們真的相信對我們有用的是荷蘭兄弟。

We created kind of the drive-through in this category where we're delivering service with convenience. And I think what we've been doing all year is executing on our playbook, and it's working really well for us.

我們在這個類別中創建了一種免下車服務，我們可以在這裡提供便利的服務。我認為我們一整年所做的就是執行我們的劇本，這對我們來說非常有效。

That's very helpful. Thank you for that.

這非常有幫助。謝謝你。

Thank you.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thanks. I think you just now shed a little bit of light on this, but I was wondering to the extent that the quarter exceeded your expectations, if you could talk a little bit about what exactly went better than you thought. It doesn't sound like you think it was necessarily the demand environment that changed dramatically but was it the advertising was more effective?

謝謝。我認為您剛才對此有所了解，但我想知道本季超出您預期的程度，您是否可以談談到底哪些方面比您想像的要好。聽起來您不認為需求環境發生了巨大變化，但廣告是否更有效？

I know there was a little bit of a gap between your stores and franchise, even if I adjust for more difficult comparisons. I wasn't sure if that's where you saw that or if you had just initially maybe guided conservatively because of the volatility in the environment? I'm just trying to understand what exactly you could point to that drove the better-than-expected results.

我知道你們的商店和特許經營店之間存在一點差距，即使我根據更困難的比較進行調整。我不確定您是否看到了這一點，或者您最初是否因為環境的波動而採取了保守的指導？我只是想了解您到底能指出什麼導致了比預期更好的結果。

Yeah. I would say that, one, it was everything resonating together and coming together. So I do think we saw a really nice lift from paid advertising. We're just starting to experiment and also doing paid advertising in mature markets. As a reminder, we started in new markets. So we're seeing some nice returns in both of those places.

是的。我想說的是，第一，一切都在共鳴並聚集在一起。所以我確實認為我們從付費廣告中看到了非常好的提升。我們剛開始嘗試，也在成熟市場進行付費廣告。提醒一下，我們開始進入新市場。所以我們在這兩個地方都看到了一些不錯的回報。

We certainly saw outsized registrations in our Dutch Rewards program. So new customers coming into the brand. And then finally, as we started the quarter, we were still pacing out the mobile order effort. And so towards the end as we were able to accelerate that, we're really encouraged by what we are seeing there.

我們確實在荷蘭獎勵計劃中看到了大量的註冊量。因此新客戶進入該品牌。最後，當我們本季開始時，我們仍在加快行動訂單工作的步伐。因此，到最後，當我們能夠加速這一進程時，我們對所看到的情況感到非常鼓舞。

Great. And if I may just follow up. When you talk about the paid advertising, are you talking about more dollars spent or just different? If you could just again remind us kind of is this about allocation for dollars and maybe how you think about that with respect to increasing the unaided awareness?

偉大的。我可以跟進一下嗎？當您談論付費廣告時，您是在談論花費更多的錢還是只是有所不同？如果您能再次提醒我們，這是否與美元分配有關，也許您如何看待提高獨立意識？

Yeah. So we've kind of done both actually, but what I'd say is really lean in more dollar spend. We talked a bit about that in terms of the investments we're making in G&A. So that's certainly a step-up in dollars.

是的。所以我們實際上已經做到了這兩點，但我想說的是確實傾向於增加美元支出。我們就我們在一般管理費用方面的投資進行了一些討論。所以這肯定是美元的升值。

And I would say there has been a more targeted effort in the segmentation work that we've done to be more effective with the dollars we are spending. So I think the sum of those two is really helping to drive some of our results. .

我想說的是，我們在細分工作中做出了更有針對性的努力，以便更有效地利用我們所花費的資金。所以我認為這兩者的總和確實有助於推動我們取得一些成果。。

Thanks.

謝謝。

Gregory Francfort, Guggenheim Partners.

葛瑞格里‧法蘭克福特，古根漢合夥人。

One just housekeeping question. Can you give pricing and mix for the quarter in the check? And then I have one other question.

一個只是家政問題。您能否在支票中給出該季度的定價和組合？然後我還有一個問題。

Yeah. So we had -- ticket was about -- was 1.9%. That was about 4 points of price overall, offset by about 2 points of mix and discounts.

是的。所以我們的票價大約是 1.9%。整體價格約為 4 個點，被混合和折扣約 2 個點所抵消。

Got it. Okay. Thanks. And then can you just maybe double-click on the new store productivity a little bit? Christine, I think a lot of the sort of changes you put in place in the second half of last year. Can you maybe just go through a little bit more of what you changed? How is having an impact? And are you seeing significantly better sales transfer as well because of this? Just any thoughts on that would be great. Thanks.

知道了。好的。謝謝。然後你可以雙擊一下新商店的生產力嗎？克莉絲汀，我認為你在去年下半年實施了很多類似的改變。你能再回顧一下你所做的改變嗎？影響力如何？您是否也因此而看到了明顯更好的銷售轉移？只要對此有任何想法就太好了。謝謝。

Yeah. So taking a step back on our real estate strategy. So we took a look at our pipeline last year. And a couple of things. So one, we have significantly more data than we had in the past, right? We are growing very quickly. So we are more quickly ingesting the data from new shops and getting that into our models as we think about what it looks like going forward.

是的。因此，我們的房地產策略要退後一步。所以我們去年審視了我們的管道。還有幾件事。那麼第一，我們擁有的數據比過去多得多，對嗎？我們成長得非常快。因此，當我們思考未來的情況時，我們會更快地從新商店獲取數據並將其輸入到我們的模型中。

The second thing is that we are building a new process out. And so we brought on a market planning team and ingesting more data into our models to get just tighter around AUVs and what we expect our new shop openings to look like.

第二件事是我們正在建立一個新流程。因此，我們組建了一個市場規劃團隊，並將更多數據納入我們的模型中，以更嚴格地了解 AUV 以及我們對新店開業的預期。

And so when we continue to look at what's happening, it really gives us confidence going forward in our pipeline that we just have a lot more -- we will know what a shop looks like when it opens. And I think that what you're seeing from a new shop productivity standpoint is just a reminder that a pipeline is usually developed like 12 to 18 months out before we're going to open a shop. And so the changes that we're seeing now are really the very initial changes that we were making to the pipeline last year.

因此，當我們繼續關注正在發生的事情時，這確實給了我們對我們的管道前進的信心，我們還有更多——我們會知道商店開業時會是什麼樣子。我認為，從新商店生產力的角度來看，您所看到的只是提醒我們，管道通常是在我們開店之前 12 到 18 個月開發的。因此，我們現在看到的變化實際上是我們去年對管道所做的最初的變化。

And then some of the things we did this year, which we shared last quarter, where we took a couple of shops out of the pipeline to really make sure that we've had great confidence in what we had and what we were going to open.

然後是我們今年所做的一些事情，我們在上個季度分享了這些事情，我們取消了幾家商店，以真正確保我們對我們擁有的商店和我們將要開設的商店充滿信心。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Yeah. Just one quick follow-up on the price mix. That still includes transfer, correct? .

是的。只是對價格組合的快速跟進。這仍然包括轉移，對嗎？。

Andy, sales transfer would be in the transaction number. So included in our transaction number is about 260 basis points of sales transfer. So if you actually look at the underlying traffic, it's quite strong for the quarter.

安迪，銷售轉移將在交易編號中。因此，我們的交易數量包含約 260 個基點的銷售轉移。因此，如果您實際查看基礎流量，就會發現本季的流量相當強勁。

Yeah. Understood. And then, Christine, if you could maybe just give us kind of early explanation in the marketing between the newer market like Texas, where you're maybe talking about the energy business where your mix is a little bit lower than the system and then how that looks in a more mature market as you start to spread those dollars moving into next year?

是的。明白了。然後，克里斯汀，如果您能給我們在像德克薩斯州這樣的新市場之間的營銷方面提供一些早期解釋，您可能會談論能源業務，您的組合比系統要低一些，然後如何當您開始將這些資金轉移到明年時，這看起來是一個更成熟的市場？

Yeah, absolutely. So we are definitely experimenting with the right messages and the right creative all the time from an advertising perspective. And as we think about what we're doing with paid advertising, it's to bring those new customers into the funnel and then get them into the Dutch Rewards program, where we have 67% of our transactions and then can very effectively talk to them through that channel.

是的，絕對是。因此，從廣告的角度來看，我們一直在嘗試正確的訊息和正確的創意。當我們思考我們在付費廣告方面所做的事情時，就是將這些新客戶帶入渠道，然後讓他們進入Dutch Rewards 計劃，我們有67% 的交易在該計劃中，然後可以通過以下方式非常有效地與他們交談：那個頻道。

And so as we look at what we're doing from a new market and a more mature market and a new market, we're really introducing a brand. We're sharing who we are, the types of products we have. And in the existing market, we're still doing some of that because we absolutely still have room and brand awareness even in our more mature markets. And we're also just reminding people who we are. And so that's kind of how we think about it across markets.

因此，當我們從新市場、更成熟的市場和新市場審視我們正在做的事情時，我們實際上是在引入一個品牌。我們正在分享我們是誰、我們擁有的產品類型。在現有市場中，我們仍在做一些這樣的事情，因為即使在更成熟的市場中，我們絕對仍然擁有空間和品牌知名度。我們也只是提醒人們我們是誰。這就是我們在不同市場上的思考方式。

Great. Thank you very much.

偉大的。非常感謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good evening. My question, Christine, I just wanted to kind of step back on the unit growth outlook that you gave and if you could maybe elaborate on your thought process on kind of accelerating the growth into next year.

嗨，晚上好。我的問題是，克里斯汀，我只是想回顧一下您給出的單位增長前景，以及您是否可以詳細說明您關於加速增長到明年的思考過程。

What's giving you the confidence that you're ready to do that? And I guess, maybe relatedly, just from a real estate perspective, will be it might be a little early to see a big change in the build-to-suit versus ground lease. But any thoughts on kind of what the mix of that could look like in 2025 and 2026?

是什麼讓您有信心準備好這樣做？我想，也許相關的是，僅從房地產的角度來看，看到客製化建造與地面租賃發生重大變化可能還為時過早。但你對 2025 年和 2026 年的混合情況有什麼想法嗎？

Yeah. So I think from a confidence perspective and real estate is, one, as we've made changes and incorporated new real estate modeling in, we've been able to back test that as we open new shops. So, have great data now incorporated into our models, additional data on how different sites are performing, and what the real drivers are between different sites. And then we can back test that as we've been opening shops all year.

是的。因此，我認為從信心的角度來看，房地產是第一，隨著我們做出改變並納入新的房地產模型，我們能夠在開設新商店時進行回溯測試。因此，現在將大量數據納入我們的模型中，提供有關不同站點如何執行的附加數據，以及不同站點之間的真正驅動因素。然後我們可以回測一下，因為我們全年都在開店。

And so as we look at the confidence in going forward and accelerating that growth, it's really what I would say is our processes, our data, our analytics, our team is all at the right pace to be able to accelerate that growth. We've also made big investments both on our site acquisition process. So bringing in folks to really analyze the sites we want to go after.

因此，當我們審視前進和加速成長的信心時，我想說的是，我們的流程、我們的數據、我們的分析、我們的團隊都處於能夠加速成長的正確步伐。我們也在網站收購流程上進行了大量投資。因此請人們來真正分析我們想要追蹤的網站。

So there's part of real estate analytics. The other part is finding an awesome site that has the right entrances, the right exits, is right to the -- it's next to other places that might help drive traffic for Dutch Bros. And so all of those investments are giving us confidence in having a really tight site selection process.

所以這是房地產分析的一部分。另一部分是找到一個很棒的網站，它有正確的入口、正確的出口，就在可能有助於為荷蘭兄弟增加流量的其他地方旁邊。因此，所有這些投資都讓我們對嚴格的選址流程充滿信心。

Secondly, we're also -- we've also been investing in our construction team. And so our ability to really open up shops on a tight timeline and all of those pieces and those capabilities we've also been investing in. So I think if you look back at, we really have holistically invested in the real estate process and feel very confident about both our pipeline and our ability to accelerate that pipeline.

其次，我們也一直在投資我們的施工團隊。因此，我們有能力在緊迫的時間內真正開設商店，以及我們一直在投資的所有這些部分和能力。所以我認為，如果你回顧一下，我們確實對房地產流程進行了全面投資，並且對我們的管道和加速管道的能力非常有信心。

And maybe, David, I'll take the second part of your question relative to build-to-suit and ground lease. We are making progress in that shift. As I've said before, we're starting with making sure we're picking the best possible site. And when we can do that through a more capital-efficient lease arrangement, we will do that.

大衛，也許我會回答你問題的第二部分，涉及客製化和土地租賃。我們正在這轉變中取得進展。正如我之前所說，我們首先要確保選擇最好的網站。當我們能夠透過資本效率更高的租賃安排來做到這一點時，我們就會這樣做。

We have seen our per unit cost come down below what we had originally planned in the year, which contributed to us dropping our CapEx guidance as well. But we're making, what I say, is steady progress in improvements, and I would expect that to continue. Certainly, still work for us to do, though, to hit numbers we'd like to see.

我們發現我們的單位成本低於我們今年最初計劃的水平，這也促使我們放棄了資本支出指導。但我所說的是，我們正在取得穩步的改進進展，我希望這種情況能持續下去。當然，我們仍然需要努力，以達到我們希望看到的數字。

Got it. And then maybe just a follow-up. As you accelerate the number of openings, you're also increasing the cash flow from operations. So do you have any sort of guidance you can offer on when you might get to breakeven or positive on free cash flow? Or is it something that maybe you want to wait until the Analyst Day to share with us. But I guess any thoughts on whether you have line of sight to that.

知道了。然後也許只是後續行動。隨著職缺數量的增加，營運現金流也隨之增加。那麼，當您可能實現損益平衡或自由現金流為正值時，您是否可以提供任何指導？或者您是否想等到分析師日與我們分享。但我想你是否對此有任何想法。

Yeah. It is something we would provide to you guys when we meet for our Analyst Day, early part of next year. We were very pleased by the fact that we added $20 million to our balance sheet during the quarter. We are making progress, as I said, in bringing down that per unit CapEx, and we're heading in the right direction, but not quite ready to provide that net to you yet, but we will at our Investor Day

是的。當我們在明年初的分析師日見面時，我們會向你們提供這些內容。我們對本季資產負債表增加了 2,000 萬美元感到非常高興。正如我所說，我們在降低單位資本支出方面正在取得進展，我們正朝著正確的方向前進，但還沒有準備好向您提供該網絡，但我們將在投資者日

Excellent. Thank you very much.

出色的。非常感謝。

Nick Setyan, Wedbush Securities.

Nick Setyan，韋德布希證券公司。

Thank you. Can we just talk about the mix a little bit and how the mobile order and pay is impacting that and how we should think about it going forward? Are we seeing a lot of preloads? Is it maybe the lower number of transactions per ticket because of it?

謝謝。我們能否簡單談談這種組合，以及行動訂單和支付如何影響這一點，以及我們未來應該如何考慮它？我們看到很多預載嗎？每張票的交易數量是否會因此而減少？

Yeah. What I would say is actually the -- and certainly, as Christine shared, it's about 7% of the transactions we saw during the quarter. It's one where ticket is looking similar to what we see in the rest of the system.

是的。我想說的是，當然，正如 Christine 所說，這大約占我們本季看到的交易的 7%。票證看起來與我們在系統其他部分看到的類似。

If you think about our overall portfolio, we're a beverage concept. As Christine mentioned, there's not a lot of food attachment that's happening there. So really, what we see is a fairly consistent ticket across the channels.

如果您考慮我們的整體產品組合，您會發現我們是一個飲料概念。正如克里斯汀所提到的，那裡並沒有發生太多的食物執著。事實上，我們看到的是各個管道的票證相當一致。

We have seen tips a bit higher in the mobile order channel, which is great for our Broistas. But otherwise, I'd say it looks pretty similar to the rest of our transactions.

我們在行動訂單管道中看到了更高的小費，這對我們的 Broista 來說非常好。但除此之外，我想說它看起來與我們的其他交易非常相似。

Yeah. And I would just share that 7% was towards the end of the quarter as we had everything rolled out. And again, we're seeing more of those transactions in the morning as well. Yeah, I think over time, we could expect that mobile order might be more single-drink transactions, just given the way that that channel is used oftentimes on a commuter sometimes when you're in a hurry.

是的。我只想分享 7% 是在季度末，因為我們已經推出了所有內容。同樣，我們在早上也看到了更多此類交易。是的，我認為隨著時間的推移，我們可以預期行動訂單可能會更多是單杯飲料交易，因為有時當你趕時間時，該管道經常在通勤者中使用。

And so can we assume that the sort of negative mix we saw in Q3, which sequentially was higher than Q2, that moderates as we go into Q4 into 2025? I guess what was the reason why we saw a mix a little bit -- the negative mix down 2 versus, say, down in 1 in Q2?

因此，我們是否可以假設，我們在第三季看到的負面組合（依次高於第二季）在進入 2025 年第四季時會有所緩和？我猜想我們看到一些混合的原因是什麼——負混合下降了 2，比方說，第二季度下降了 1？

Yeah, we've seen that trend downwards over the past several quarters. It came in largely in line with what we expected. I would expect ticket to get to look similar in Q4 to what we saw in Q3.

是的，我們在過去幾個季度看到了這種下降趨勢。它基本上符合我們的預期。我預計第四季的門票將與第三季的情況相似。

Okay. And then just menu pricing and your thoughts going forward?

好的。然後只是菜單定價和您的未來想法？

Yeah. So I think if you look at where we are, we have -- we are in a very strong value proposition right now. So, we've done a lot of survey work as we think about what we want to do for pricing next year and in talking to our customers. And we feel really good about where we are from a value proposition standpoint.

是的。所以我認為，如果你看看我們現在的處境，你會發現我們現在處於一個非常強大的價值主張之中。因此，在考慮明年的定價以及與客戶交談時，我們做了很多調查工作。從價值主張的角度來看，我們對自己的處境感到非常滿意。

We do believe we have opportunities in the portfolio to make some changes. Given the environment we're in right now, I think we'll be very thoughtful about how we think about price for next year. It wouldn't expect big moves on price.

我們確實相信我們有機會在投資組合中做出一些改變。考慮到我們現在所處的環境，我認為我們會非常仔細地考慮明年的價格。預計價格不會大幅波動。

Yeah, Nick, the only other thing I'd add to that is we typically evaluate that as a couple of times during the year, at the start of the year, really tied to when minimum wage changes to take effect. So it'd be at the start of the year in January and the midpoint of the year. Certainly, we're not at the point yet where we're providing guidance for next year.

是的，尼克，我要補充的唯一一件事是，我們通常會在一年中、年初時進行幾次評估，這實際上與最低工資變化何時生效有關。所以它會在一月份的年初和年中。當然，我們還沒有到為明年提供指導的階段。

Thank you.

謝謝。

Rahul Kro, JPMorgan.

拉胡爾·克羅，摩根大通。

Good afternoon, guys. I have a two-part question on the mobile order and pay. 7% mix is great at launch. Is this all from the Dutch rewards and e-mail marketing? And when does it make sense to do more store level or at a Broista level and also paid media marketing for MOP? And I have a follow-up.

下午好，夥計們。我有一個關於行動訂單和付款的兩部分問題。 7% 的混合在推出時效果很好。這都是來自荷蘭的獎勵和電子郵件行銷嗎？什麼時候進行更多商店級別或 Broista 級別以及 MOP 的付費媒體行銷才有意義？我有一個後續行動。

Yeah. So as we look at that 7% that is coming through our Dutch Rewards program, so we do need to download our best Rewards app in order to mobile order from our shops. And really, the growth right now is coming from word of mouth. It's coming from seeing signage as you're going through the drive-through at point of purchase.

是的。因此，當我們看到 7% 的人透過我們的 Dutch Rewards 計劃獲得時，我們確實需要下載我們最好的 Rewards 應用程序，以便從我們的商店進行行動訂單。事實上，現在的成長來自口碑。它來自於您在購買點通過免下車服務時看到的標誌。

We did do a little bit of digital marketing pushes later in the quarter, but I would not say it was significant. The other piece we're using here is really the app itself and so having kind of always on messaging on that app home screen of the ability to mobile order.

我們確實在本季稍後做了一些數位行銷推廣，但我不會說這很重要。我們在這裡使用的另一部分實際上是應用程式本身，因此在該應用程式主螢幕上始終顯示行動訂單功能的訊息傳遞。

Perfect. And there are many examples of mobile order and pay overwhelming the systems. What lessons have you guys learned from others who have done over the past years? And maybe can you discuss an example where it was suboptimal initially and then what mechanisms you guys had to put in place to fix?

完美的。行動訂單和支付壓垮系統的例子有很多。你們從過去幾年的其他人身上學到了什麼教訓？也許你可以討論一個原本不是最理想的例子，然後你們必須採取什麼機制來修復？

Yeah. So I think as you think about how we've approached mobile order this entire time, it really is from the lens of why are our customers coming to Dutch Bros. What makes us special? And it's our service. It's a service that we provide to our customers.

是的。因此，我認為，當您思考我們一直以來如何處理行動訂單時，這實際上是從我們的客戶為何來到荷蘭兄弟的角度出發的。是什麼讓我們與眾不同？這就是我們的服務。這是我們為客戶提供的一項服務。

And so a couple of things that we're doing from a mobile order perspective to ensure that. One, we are handling the drink to the customer every single time. So with mobile order, you still always have an opportunity to have a service interaction at the same time.

因此，我們從行動訂單的角度正在做一些事情來確保這一點。第一，我們每次都會為顧客提供飲料。因此，透過行動訂單，您仍然有機會同時進行服務互動。

The other piece we've been really thoughtful about is although mobile order does have the potential to reduce some of the labor required in our shops, we have continued to invest in labor and ensure that we have not taken any labor out, and we've reinvested the labor savings kind of back into service. And so just ensuring that we have great production, we have great service as we go through.

我們真正考慮到的另一件事是，儘管移動訂單確實有可能減少我們商店所需的一些勞動力，但我們繼續投資於勞動力並確保我們沒有佔用任何勞動力，而且我們」我們將節省的勞動力重新投入到服務中。因此，只要確保我們擁有出色的生產，我們就能提供優質的服務。

I think the other thing that's made this really seamless for us is we have kitchen-display units within our shops. And so we've got a production bar, both at the drive-through window. We also have a production bar at the walk-up window. And so mobile orders are coming into our shops the same way one of our Boristas who's out running a drink would put a drink into the system.

我認為讓這對我們來說真正無縫的另一件事是我們的商店內有廚房展示單元。因此，我們在得來速窗口設有一個製作酒吧。我們還在無電梯窗口設有一個製作酒吧。因此，移動訂單進入我們的商店，就像我們的一位出去經營飲料的鮑里斯塔將飲料放入系統一樣。

And so all of those things, I think, have really allowed it to be a seamless experience. And then as we've rolled this out and our timeline, has been really dependent on getting feedback back from our shops and adjusting with that feedback. So as we have the confidence to roll this out more fully in September, it was with all of that feedback and all of those fixes that we are making along the way.

因此，我認為所有這些事情確實使它成為一種無縫的體驗。然後，當我們推出此功能時，我們的時間表實際上取決於從我們的商店獲得反饋並根據該反饋進行調整。因此，我們有信心在 9 月更全面地推出此功能，這是因為我們一路上收到了所有回饋和所有修復。

Thanks Christine. Congrats on the great results.

謝謝克里斯汀。祝賀取得的優異成績。

Thank you.

謝謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Two questions. One, just following up on the unit growth topic. I know at the start of this year, you guys were thinking I think, 150 to 165. So you tempered it to 150. It sounds like you're comfortable, as you talked about earlier, to bump that up to 160, which seems to be like a mid-teens growth rate.

偉大的。非常感謝。兩個問題。第一，只是跟進單位成長主題。我知道今年年初，你們在想，我想，150 到 165。所以你把它調到150。正如您之前提到的，聽起來您很樂意將其提高到 160，這似乎是一個十幾歲左右的增長率。

Just wondering if you could talk a little bit more about how you think about new versus existing markets? And maybe what the gating factor is to faster growth? I mean, it seems like you've got 400 -- I think you said 400 people ready to lead markets, so that doesn't seem like it's an inhibitor.

只是想知道您是否可以多談談您對新市場與現有市場的看法？也許更快成長的控制因素是什麼？我的意思是，看起來你有 400 人——我想你說過 400 人準備好領導市場，所以這看起來不像是一種抑制因素。

The pipeline is much stronger. And obviously, you have a lot of white space. So just curious to take the opposite side of the argument and discuss the potential for a further uptick than the 160 you talked about? And then I had one follow up.

管道更加堅固。顯然，你有很多空白。所以只是想站在爭論的對立面並討論一下比你所說的 160 進一步上升的潛力嗎？然後我進行了一次跟進。

Yeah. As we look at what we're looking at for next year, we really share that 160 at the floor for next year. So the plan is really to update that guidance as we go into 2025. And then as far as what we're seeing is we are seeing a lot of things that give us confidence to continue to build our pipeline.

是的。當我們考慮明年的目標時，我們確實在現場分享了明年的 160 名員工。因此，我們的計劃實際上是在進入 2025 年時更新該指南。就我們所看到的是，我們看到很多事情讓我們有信心繼續建造我們的管道。

We've always said that all of our real estate growth is driven by our people. And so you're exactly right that the pipeline that we have of operators who are ready to open new markets is very, very strong, and that will continue to guide our growth. But it certainly is not -- that is something that allows us to have more opportunities to grow because of the size of the pipeline.

我們一直說我們所有的房地產成長都是由我們的員工推動的。所以你說得完全正確，我們準備好打開新市場的運營商管道非常非常強大，這將繼續引導我們的成長。但它肯定不是——由於管道的規模，這讓我們有更多的成長機會。

And then as we think about the mix of openings in 2025 between new markets and in existing markets, we will open in both. And so we followed a strategy with new market is continuing to open a contiguous market, and so as we build brand awareness really build it across the country into contiguous markets.

然後，當我們考慮 2025 年新市場和現有市場之間的開幕組合時，我們將在這兩個市場開業。因此，我們遵循的新市場策略是繼續打開連續的市場，因此，當我們建立品牌知名度時，真正將其在全國範圍內建立為連續的市場。

We also will open a number of new units into existing markets. And with all of the learnings that we've had from a market planning and a site planning, there is a piece of -- we want to allow a shop to kind of build its customer base in all of those things as we open. So we don't want to put a shop too close too fast. But we can certainly -- as we build up that line, we build up the community involvement that we have, we can then quickly come in and really fill out that market.

我們也將向現有市場開放一些新單位。憑藉我們從市場規劃和場地規劃中學到的所有知識，我們希望允許一家商店在我們開業時在所有這些方面建立其客戶群。所以我們不想太快把商店開得太近。但我們當然可以——當我們建立這條產品線時，我們建立了我們所擁有的社區參與，然後我們可以迅速進入並真正填補這個市場。

Understood. And then my follow-up is just on the early thoughts around the food test. I'm just wondering what the consumer feedback has been. We've been inside the restaurants that doesn't really have necessarily a kitchen. So I'm just wondering what options you're considering?

明白了。然後我的後續行動只是圍繞著食品測試的早期想法。我只是想知道消費者的回饋是什麼。我們去過一些不一定有廚房的餐廳。所以我只是想知道你正在考慮什麼選擇？

And I know from back at the IPO days, there was talk that periodically franchisees actually tried food and came back and said, you know what, not worth it. So just wondering maybe what the franchisee pushback had been or maybe how that's, you think, been overcome to make food a viable option? Thank you.

我知道，在首次公開募股的時候，有傳言稱，特許經營商會定期嘗試食物，然後回來說，你知道嗎，不值得。所以只是想知道特許經營商的阻力是什麼，或者您認為如何克服這些阻力以使食品成為可行的選擇？謝謝。

Yeah, absolutely. So as we're looking at the food test, it's very initial thoughts. But we are seeing some great enthusiasm from our customers even in the initial shops. And I think as far as our franchisees have been quite eager and excited to hear more about the plans that we have for food, so I would say we've got a lot of enthusiasm from our franchisees

是的，絕對是。因此，當我們研究食品測試時，這是一個非常初步的想法。但即使在最初的商店裡，我們也看到了顧客的極大熱情。我認為，就我們的特許經營商而言，他們非常渴望並興奮地聽到更多有關我們食品計劃的信息，所以我想說，我們的特許經營商對我們充滿了熱情

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thanks. Just diving a little bit more deeply in some of the things you've already touched on. But with the Rewards customers that roughly two-third of transactions. Can you shed any light on the same-store sales trends for that customer cohort relative to the non-rewards customers? Even if it's qualitative, I'm curious if there is a pretty big spread or a modest spread.

謝謝。只是更深入地研究您已經接觸過的一些事情。但獎勵客戶約佔交易的三分之二。您能否闡明該客戶群相對於非獎勵客戶的同店銷售趨勢？即使是定性的，我也很好奇是否存在相當大的價差或適度的價差。

Yeah. So I just -- we don't segment our customers. I don't share the segmentation of our customers in that way. So what I'd say is we've been very pleased by the growth of the program and the adoption of the program as people and certainly as we spread into new markets.

是的。所以我只是——我們不細分我們的客戶。我不會以這種方式分享我們的客戶細分。所以我想說的是，我們對該計劃的發展以及該計劃作為人們的採用以及我們擴展到新市場時的採用感到非常高興。

This quarter, we had 1 million sign-ups, which is actually the biggest addition we've had since the launch of the program. So impressive addition and present growth of the overall program itself and remain pleased by what is contributing to the business. So, like I said, we don't show the segmentation of the customers.

本季度，我們的註冊人數達到了 100 萬，這實際上是自該計劃推出以來最大的增幅。整個計劃本身的增加和目前的成長令人印象深刻，並對對業務的貢獻感到滿意。所以，就像我說的，我們不顯示客戶的細分。

Okay. Understood on that, not providing the segmentation. Just one quick follow-up. Some of your peers have pointed to outsized consumer pressure in California just with a lot of the inflation that's going on in some of the increase in restaurant prices. But what's your view on how the Dutch Brothers' California consumers are holding up relative to the rest of either the West Coast or the rest of the country.

好的。了解這一點，不提供細分。只需一個快速跟進。一些同行指出，加州的消費者壓力巨大，部分餐廳價格上漲導致通膨加劇。但您對荷蘭兄弟的加州消費者相對於西海岸或美國其他地區的情況有何看法？

Yeah. So as we look at California, we are quite pleased with the results. We've actually opened a number of new shops in California within the quarter and are seeing strong growth there. So I think that although there is some labor pressure there and that we have taken price, we are still really pleased with our performance in California. It's some of the highest volume shops in our system,9 and the brand really seems to be resonating with our customers in California.

是的。因此，當我們看看加利福尼亞州時，我們對結果非常滿意。實際上，本季度我們在加州開設了許多新店，並且在那裡看到了強勁的成長。所以我認為，儘管那裡存在一些勞動力壓力並且我們已經接受了價格，但我們仍然對我們在加州的表現感到非常滿意。它是我們系統中銷量最高的商店之一，9 而且該品牌似乎確實與我們加州的客戶產生了共鳴。

Okay. Thank you.

好的。謝謝。

Thank you. I would like to turn the floor back to Christine Barone for closing remark.

謝謝。我想請克莉絲汀‧巴羅內 (Christine Barone) 致閉幕詞。

Thanks for your questions. As I mentioned in my prepared remarks, our business saw strong momentum in the quarter, which translated into our financial results. That momentum is connecting with customers as well.

感謝您的提問。正如我在準備好的發言中提到的，我們的業務在本季度出現了強勁的勢頭，這轉化為我們的財務表現。這種勢頭也正在與客戶建立聯繫。

Last week, we were ranked number one in the coffee category in Newsweek's America's best customer service list. This would not be possible without the efforts of our people, who deliver on our mission and values every day. To all of our teams, I say thank you.

上週，我們在《新聞週刊》美國最佳客戶服務排行榜中的咖啡類別中排名第一。如果沒有我們員工的努力，這是不可能實現的，他們每天都在履行我們的使命和價值觀。我對我們所有的團隊表示感謝。

Our success enables us to give back to our communities, which has been a core tenet of our organization since the beginning. In Q3, we were proud to hold our annual Book for Kids Giveback Day, where we supported more than 200 local organizations that enable compelling features in the communities in which we serve.

我們的成功使我們能夠回饋社區，這從一開始就是我們組織的核心宗旨。在第三季度，我們很自豪地舉辦了一年一度的兒童圖書回饋日，我們為 200 多個當地組織提供了支持，這些組織在我們所服務的社區中實現了引人注目的功能。

Furthermore, we announced a generous donation in grants pass to aid early childhood education and the families of Southern Oregon. The future of Dutch Bros is bright, and we have confidence in our direction. We look forward to discussing our vision and plan with you in greater detail in early 2025 at our first Investor Day. Thank you for all of your support.

此外，我們也宣布慷慨捐贈贈款通行證，以援助早期兒童教育和俄勒岡州南部的家庭。荷蘭兄弟的未來是光明的，我們對自己的方向充滿信心。我們期待在 2025 年初的首屆投資者日與您更詳細地討論我們的願景和計劃。感謝大家的支持。

Thank you. This concludes today's teleconference. We thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。