Dutch Bros Inc (BROS) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros Inc. first quarter 2025 earnings conference call and webcast. This conference call is being recorded today, May 7, 2025 at 5:00 PM Eastern Time and will be available for replay shortly after it has concluded. (Operator Instructions) I would now like to turn the call over to Paddy Warren, Dutch Bros, Senior Director, Investor Relations and Capital Markets.

感謝您的支持，歡迎參加 Dutch Bros Inc. 2025 年第一季財報電話會議和網路廣播。本次電話會議將於今天（2025 年 5 月 7 日）美國東部時間下午 5:00 進行錄製，會議結束後不久即可重播。（操作員指示）現在，我想將電話轉給 Dutch Bros 投資者關係和資本市場高級總監 Paddy Warren。

Please go ahead at this time.

此時請繼續。

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 March 31, 2025, after the market closed today. The earnings press release, along with the supplementation deck have been posted to our Investor Relations website at investors.dutchbros.com.

下午好，歡迎。與我一起參加的是執行長兼總裁 Christine Barone；以及財務長 Josh Guenser。我們在今天股市收盤後發布了截至 2025 年 3 月 31 日的季度收益新聞稿。收益新聞稿以及補充文件已發佈在我們的投資者關係網站 investors.dutchbros.com 上。

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 and are subject to risks, uncertainties and assumptions that may cause actual results to differ materially.

請注意，我們準備好的評論和對您的問題的回答中的所有陳述，除歷史事實外，均為前瞻性陳述，並受風險、不確定性和假設的影響，可能導致實際結果大不相同。

They are qualified by the cautionary statements in our earnings press release and the risk factors in our latest SEC filings, including in our most recent annual report on Form 10-K. We assume no obligation to update any forward-looking statements.

它們符合我們收益新聞稿中的警示聲明以及我們向美國證券交易委員會提交的最新文件中的風險因素，包括我們最新的 10-K 表格年度報告。我們不承擔更新任何前瞻性陳述的義務。

We will also reference non-GAAP financial measures on today's call. As a reminder, non-GAAP measures are substitute for nor superior to measures that are prepared under GAAP. Please review the reconciliation of non-GAAP measures to their comparable GAAP results in our earnings press release.

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。提醒一下，非 GAAP 指標不能替代或優於根據 GAAP 編制的指標。請查看我們收益新聞稿中非 GAAP 指標與可比較 GAAP 結果的對帳情況。

Now with that, I'd like to turn the call over to Christine.

現在，我想把電話轉給克莉絲汀。

Thank you, Paddy. Good afternoon, everyone. I am pleased to share that Dutch Bros continues to operate from a position of strength. We are well positioned to thrive in this dynamic environment. The enthusiasm for our brand, the loyalty of our customers, the passion of our team and a clear vision for our future give us great confidence.

謝謝你，帕迪。大家下午好。我很高興地告訴大家，Dutch Bros 將繼續保持強勁營運。我們已做好準備，在這個充滿活力的環境中蓬勃發展。對我們品牌的熱情、客戶的忠誠度、我們團隊的熱情以及對未來的清晰願景給了我們極大的信心。

On February 7, we opened shop number 1,000 in Orlando, Florida, 33 years after our founding and 3,000 miles from our original push card in Grand Passregan. With a long runway ahead and conviction in our brand, we aim to open the next 1,000 new shops with the goal of 2029 total shops in 2029. We see a long-term opportunity to drive sustainable transaction growth by addressing structural barriers bringing in new customers, enhancing frequency with existing customers, and sustaining ongoing momentum in the productivity of our newer shops.

2 月 7 日，我們在佛羅裡達州奧蘭多開設了第 1000 家店，距離我們成立 33 年，距離我們位於大帕斯雷根的最初推卡有 3000 英里。憑藉著長遠的發展前景和對品牌的信心，我們計劃開設下 1,000 家新店，目標是到 2029 年，門市總數達到 2029 家。我們看到了推動永續交易成長的長期機會，即透過解決吸引新客戶的結構性障礙、提高現有客戶的購物頻率以及保持新店生產力的持續成長動能。

Q1 results provide further evidence that we are well positioned on the journey to capture the growth opportunity that lies ahead of us. We delivered exceptional results in Q1. The momentum we saw exiting 2024 carried forward into the new year. During Q1, total revenue increased 29% when compared to the same period last year. Q1's strong top line momentum was driven by a healthy balance of new shop growth and productivity, coupled with strong system same-shop sales and transaction growth.

第一季的業績進一步證明，我們已做好充分準備，可以抓住未來的成長機會。我們在第一季取得了卓越的業績。我們看到的 2024 年結束時的勢頭延續到了新的一年。第一季度，總收入與去年同期相比成長了29%。第一季強勁的營收動能得益於新店成長和生產力的健康平衡，以及強勁的系統同店銷售額和交易成長。

The Dutch Bros brand continues to resonate with our customers, demonstrated by Q1 systems same-shop sales growth of 4.7%. Transactions grew for another consecutive quarter, reflecting strong momentum in a highly dynamic external environment.

Dutch Bros 品牌持續引起我們客戶的共鳴，第一季同店銷售額成長 4.7% 就證明了這一點。交易量連續一個季度增長，反映出在高度動態的外部環境下的強勁發展勢頭。

Company-operated same-shop sales grew 6.9%, including exceptional transaction growth of 3.7%. Our foundational transaction-driving initiatives continue to propel us forward. We have a coordinated plan and we are executing with tenacity across each of these initiatives. We are still in the early innings of these efforts with significant runway ahead of us.

公司自營同店銷售額成長 6.9%，其中特殊交易成長 3.7%。我們的基礎交易驅動舉措繼續推動我們前進。我們有一個協調的計劃，我們正在堅持不懈地執行每一項舉措。我們仍處於這些努力的早期階段，前面還有很長的路要走。

We are seeing the benefits of order ahead. while successfully balancing transaction growth and ensuring customer satisfaction. These changes fit seamlessly in our current model without negatively impacting operational flow. This initiative serves as a prime example of addressing structural barriers and driving success in a key area of opportunity, the morning daypart. Our efforts are yielding not only revenue growth but also strong adjusted EBITDA growth, which grew 20% as compared to the same quarter last year.

我們看到了提前訂購的好處。同時成功平衡交易成長並確保客戶滿意度。這些變化與我們目前的模型無縫契合，並且不會對營運流程產生負面影響。這項舉措是解決結構性障礙和推動上午時段這一關鍵機會領域取得成功的典範。我們的努力不僅帶來了收入成長，而且帶來了強勁的調整後 EBITDA 成長，與去年同期相比成長了 20%。

Now let's talk about the driving force and key differentiator behind our brand. The Broista in our shops that serve our customers each and every day, and our HQ team mobilized to support them. Dutch Bros' exceptional culture, dedicated Broista, and passion for rear service resonate deeply with our customers, setting us apart and widening our most distinct competitive advantages. This foundation is built with each Broista in our shops from coast to coast. From the very start of the onboarding process our training and flow checks ensure every Broista is fully trained in our core anchor tenants of speed, quality, and service.

現在讓我們來談談我們品牌背後的驅動力和關鍵差異因素。我們商店裡的 Broista 每天為顧客提供服務，我們的總部團隊也積極為他們提供支援。Dutch Bros 的卓越文化、敬業的 Broista 以及對後勤服務的熱情與我們的客戶產生了深刻的共鳴，使我們脫穎而出並擴大了我們最獨特的競爭優勢。這個基礎是由我們從東海岸到西海岸的商店裡的每一個 Broista 建立起來的。從入職流程一開始，我們的培訓和流程檢查就確保每位 Broista 都接受了有關速度、品質和服務等核心要點的全面培訓。

A continuous learning playbook allows us to enter the customer experience. Our shop growth is predicated on the readiness and capabilities within our operations teams. Leaders are deeply ingrained in the culture, allowing us to create compelling features for thousands Aristas as they advance their careers with Dutch Bros.

持續學習的劇本使我們能夠進入客戶體驗。我們的商店成長取決於我們的營運團隊的準備和能力。領導者深深植根於企業文化，這使我們能夠為數千名 Aristas 在 Dutch Bros 的職業生涯中創造引人注目的特徵。

It is worth reminding that every new market begins with leaders from inside our system, bringing a level of engagement, experience and consistency to the journey of new employees and new customers. Our current pipeline includes 450 operator candidates with an average tenure of more than seven years, ready to lead a market. As we shared during our Investor Day, this number has more than doubled since our IPO.

值得提醒的是，每個新市場都始於我們系統內部的領導者，為新員工和新客戶的旅程帶來一定程度的參與、經驗和一致性。我們目前的人才儲備包括 450 名營運商候選人，平均任期超過七年，隨時準備引領市場。正如我們在投資者日期間所分享的那樣，自我們首次公開募股以來，這個數字已經增長了一倍多。

Our robust training programs scalability of our culture and fun energy empower us to deliver an unparalleled customer experience, anchored by speed and quality with exceptional service. We are an employer of choice, and our team is motivated to deliver this great energy and service. This strategic approach is further exemplified in our real estate strategy. When I joined in 2023, we took our new market entry strategy to the net level by adjusting the pace of new market penetration, allowing newer markets the time to build brand awareness and demand.

我們強大的培訓計劃、可擴展的文化和有趣的能量使我們能夠提供無與倫比的客戶體驗，以速度和品質以及卓越的服務為基礎。我們是首選雇主，我們的團隊積極提供這種偉大的能量和服務。這項策略方針在我們的房地產策略中得到了進一步體現。當我於 2023 年加入時，我們透過調整新市場滲透的速度將新市場進入策略提升到網路層面，讓新市場有時間建立品牌知名度和需求。

In 2024, we enhanced our real estate development team by increasing investment in market planning capabilities and expanding with new members in construction and site acquisition. We supported these efforts with enhanced data, tools, and processes. Actions such as these continue to deepen and widen Dutch Pro's competitive moat for long-term success.

2024年，我們透過增加對市場規劃能力的投資以及在建築和場地收購方面招募新成員，增強了我們的房地產開發團隊。我們透過增強的數據、工具和流程來支持這些努力。諸如此類的舉措將繼續深化和拓寬 Dutch Pro 的競爭壁壘，以取得長期成功。

In February, we welcomed Brian Cahoe as our new Chief Development Officer. Brian brings nearly 25 years of retail experience. most recently serving as Chief Development Officer at Yum! Brands, KFC US division. We are thrilled to have Brian on board as we continue to invest in our real estate capabilities.

二月份，我們歡迎 Brian Cahoe 擔任新任首席開發長。Brian 擁有近 25 年的零售經驗。最近擔任 Yum! 的首席開發長。品牌，肯德基美國分部。我們很高興 Brian 加入我們，我們將繼續投資我們的房地產能力。

Once again, in Q1, we saw enhanced new shop productivity. This combination of investment in our real estate capability and paid media is driving this positive trend. In Q1, we successfully opened 30 shops and anticipate maintaining this pace next quarter with plans to accelerate the pace in the second half of the year. Our long-term real estate development pipeline is strong, giving us confidence to reiterate our expectation of at least 160 system shop openings in 2025.

在第一季度，我們再次看到新店生產力的提升。我們對房地產能力和付費媒體的投資相結合正在推動這一積極趨勢。我們在第一季成功開設了 30 家門市，預計下個季度將保持這一速度，並計劃在下半年加快步伐。我們的長期房地產開發管道強勁，讓我們有信心重申到 2025 年至少開設 160 家系統商店的預期。

Our strategic investments in development, construction and market planning, combined with our refined site selection process, have enhanced new shop productivity and give us even more confidence in achieving accelerated growth. Our goal of 2,029 shops in 2029 positions Dutch Bros for multiple years of mid-teens annual percentage new shop growth. This goal is supported by those investments in real estate processes and systems, robust new shop economics, and the expansion of our total addressable market to 7,000 shops.

我們在開發、建造和市場規劃方面的策略性投資，加上我們精細化的選址流程，提高了新店生產力，使我們對實現加速成長更有信心。我們的目標是到 2029 年擁有 2,029 家門市，這使得 Dutch Bros 未來幾年新店數量年增長率保持在十五六個百分點。這一目標得到了對房地產流程和系統的投資、強勁的新店鋪經濟以及我們總目標市場擴展到 7,000 家店舖的支持。

Now I would like to discuss our multiyear efforts to grow transactions and develop sales layers. Last year, we outlined a transaction-driving strategy focused on three foundational initiatives to jump-start transaction growth, enhanced focus on category-wide innovation, increased paid advertising to build and grow brand awareness, and growth in the Dutch Rewards program as the primary avenue for targeted customer marketing. These efforts are working. We are continuing to see success as we execute on each of these elements.

現在我想討論我們多年來為增加交易和發展銷售層所做的努力。去年，我們概述了一項交易驅動策略，重點關註三個基礎舉措，以推動交易成長、加強對全類別創新的關注、增加付費廣告以建立和提高品牌知名度，以及發展荷蘭獎勵計劃作為目標客戶行銷的主要途徑。這些努力正在發揮作用。當我們執行每一個要素時，我們不斷看到成功。

For the quarter, we saw system same-shop transaction growth of 1.3%. The which is particularly impressive given we are also lapping two enormously successful LTOs in Boba and protein coffee from the prior year. We are still in the early innings and have considerable runway in our foundational transaction-driving initiatives.

本季度，我們看到系統同店交易量成長了 1.3%。考慮到我們去年在波霸咖啡和蛋白咖啡領域也取得了兩項極為成功的 LTO，這一點尤其令人印象深刻。我們仍處於早期階段，在基礎交易驅動計劃方面還有很長的路要走。

First, innovation. For over 30 years, Dutch Bros has been an innovator. And this will continue to play a pivotal role in our growth story. Relevant innovation helps us deepen our competitive moat and build upon our core menu pillars of coffee, energy, refreshment.

第一，創新。30 多年來，Dutch Bros 一直致力於創新。這將繼續在我們的成長歷程中發揮關鍵作用。相關創新有助於我們深化競爭優勢，並鞏固咖啡、能量、茶點等核心菜單支柱。

In Q1, we successfully rolled out the suite cereal SIPs LTO, offering customers a unique way of enjoying cereal flavors with their favorite latte, freeze or chai. We also launched the spring fever, Drink Trio, a Hyperchrome Rebel with Blue Raz Poppin' Boba, Brownie Batter Mocha, and a Birthday Cake Latte or Freeze with Soft Top and sprinkles.

在第一季度，我們成功推出了套件穀物 SIPs LTO，為顧客提供了一種獨特的方式，讓他們可以搭配自己喜歡的拿鐵、冰咖啡或印度茶來享用穀物口味。我們還推出了春季熱飲三重奏，包括 Hyperchrome Rebel 配藍莓波霸、布朗尼蛋糕摩卡和生日蛋糕拿鐵或配軟頂和糖屑的冰凍飲料。

In March, we delighted our customers with a fun rubber duck, adding a playful touch to their visit. Exciting merch drops like this are another way we make each visit memorable. Our ongoing innovation efforts are contributors to these outstanding results, enabling us to lap last year's strong performance from Boba and protein coffee.

三月份，我們為顧客們準備了一隻有趣的小黃鴨，為他們的購物之旅增添了一份樂趣。像這樣令人興奮的商品掉落是我們讓每次訪問都令人難忘的另一種方式。我們持續的創新努力促成了這些出色的業績，使我們能夠超越去年波霸咖啡和蛋白咖啡的強勁表現。

Second, strategic use of paid advertising. In Q1, we continued our elevated paid advertising strategy in new and mature markets. It's clear to us these efforts are having a positive impact on our business and growth trajectory, given the outperformance we have seen in our newer vintages following the ramping up of this initiative. We expect to continue our paid advertising efforts as we see significant opportunity to drive increased aided awareness in all markets, especially newer ones.

第二，策略性地使用付費廣告。在第一季度，我們持續在新興市場和成熟市場推行加強付費廣告策略。顯然，這些努力對我們的業務和成長軌跡產生了積極的影響，因為我們在實施這項舉措後，新年份的葡萄酒表現出色。我們預計將繼續我們的付費廣告努力，因為我們看到在所有市場（尤其是新興市場）提高輔助意識的巨大機會。

And finally, Dutch Rewards. In Q1, we attribute approximately 72% of system transactions to our loyalty program, representing a 5 point improvement versus the same period last year. Dutch Rewards allows us to reach our customers more effectively with a strong focus on a personalized experience. Through this dynamic communication channel, we introduce customers to innovative new products and provide unique Dutch experiences, such as surprise sticker days and merch drops.

最後是荷蘭獎勵。在第一季度，我們將大約 72% 的系統交易歸功於我們的忠誠度計劃，比去年同期提高了 5 個百分點。Dutch Rewards 讓我們能夠更有效地接觸客戶，並專注於個人化體驗。透過這個動態溝通管道，我們向客戶介紹創新的新產品，並提供獨特的荷蘭體驗，例如驚喜貼紙日和商品投放。

We strategically incentivized visits across various segments, geographies, and dayparts. Dutch Rewards serves as a highly effective direct line of communication with our customers. allowing us to gather real-time feedback from our campaigns and continuously improve our cut experience. For context, this program launched in early 2021 and is just four years old. We expect Dutch Rewards to be a strong lever for our future growth.

我們從策略上激勵不同領域、不同地域和不同時段的訪問。Dutch Rewards 是我們與客戶之間高度有效的直接溝通管道。讓我們能夠從我們的活動中收集即時回饋並不斷改善我們的剪輯體驗。具體來說，該計畫於 2021 年初啟動，至今僅四年。我們期望 Dutch Rewards 能夠成為我們未來發展的強大槓桿。

In addition to these foundational sales-driving initiatives, we see a clear path forward with order ahead, throughput, and food. Our objectives with the order ahead rollout were clear: maintain connection throughout the customer experience, remove potential structural barriers, and win more in the morning daypart, all without losing the Broista connection that makes coming to Dutch Bros so special.

除了這些基礎的銷售驅動舉措之外，我們還看到了訂單、吞吐量和食品方面的明確前進方向。我們推出提前訂餐服務的目標很明確：在整個客戶體驗過程中保持聯繫，消除潛在的結構性障礙，並在早上贏得更多客戶，同時又不失去讓 Dutch Bros 如此特別的 Broista 聯繫。

We are encouraged by the continued success of our order ahead program, which saw strong adoption in Q1. As of the end of the quarter, order ahead accounted for approximately 11% of transaction mix, representing a 3 point improvement versus Q4. In many new markets, we observed transaction penetration rates nearly 2 times higher than the system average, driven by this easy way for new customers to discover our brand.

我們的提前訂購計劃在第一季得到了廣泛的採用，該計劃的持續成功令我們感到鼓舞。截至本季末，預購訂單約佔交易組合的 11%，比第四季提高了 3 個百分點。在許多新市場中，我們觀察到交易滲透率幾乎比系統平均值高出 2 倍，這要歸功於新客戶透過這種簡單的方式發現我們的品牌。

Our order ahead thesis is playing out as anticipated at this early stage with transactions over indexing in the morning, a daypart where many customers are more time sensitive. This is encouraging as we recognize that at times, we have long lines. Order ahead also meets our need of increasing speed with better throughput outcomes, opening up the underutilized walk-up window channel.

我們的提前訂購理論在早期階段正如預期的那樣發揮作用，上午的交易量超過了索引量，而這一時段是許多客戶對時間更加敏感的時段。這令人鼓舞，因為我們意識到有時我們的隊伍會很長。提前訂購也滿足了我們提高速度和提高吞吐量的需求，從而打開了未充分利用的步行窗口通道。

We are pleased by the initial throughput driving initiatives we have implemented, and they are already showing promising results. Our throughput work is focused on fundamental blocking and tackling with an emphasis on specific actions to address bottlenecks, remove unnecessary steps, and elevate our productivity.

我們對已實施的初步吞吐量驅動計劃感到滿意，並且它們已經顯示出良好的效果。我們的吞吐量工作專注於根本性的阻止和解決，強調採取具體行動來解決瓶頸、消除不必要的步驟並提高我們的生產力。

Our objective right now is making sure that we have the right people in the right place doing the right things at the right time to deliver speed and quality with exceptional service. At this early stage, our efforts are aimed at driving incremental throughput during peak hours because it is simple, clear, and measurable. We are challenging our shops to exceed their base targets, and early results from a small pilot have been promising. We believe this initiative will enhance our ability to improve speed of service across our shop base as we implement a set of simple and proven techniques.

我們現在的目標是確保在正確的時間將正確的人員安排在正確的位置做正確的事，以快速、優質地提供卓越的服務。在這個早期階段，我們的努力旨在推動高峰時段的增量吞吐量，因為它簡單、清晰且可衡量。我們正在挑戰我們的商店超越其基本目標，小規模試點的早期結果令人鼓舞。我們相信，透過實施一套簡單且行之有效的技術，這項措施將增強我們提高整個店鋪服務速度的能力。

We are thrilled with the success of our limited food test launched late last year and are excited to continue testing and refining this initiative throughout 2025. Building on the success we are having with our order ahead initiative, we believe food can generate incrementality in the morning daypart and by frequency. Our approach to this test is both strategic and deliberate. We recognize the potential multiyear growth opportunity with our current food mix at less than 2% of sales.

我們對去年年底啟動的有限食品測試的成功感到非常高興，並很高興在 2025 年繼續測試和完善這一舉措。基於我們提前訂餐計畫所取得的成功，我們相信食品可以在早上時段按頻率產生增量。我們對這次測試的態度是策略性的和深思熟慮的。我們認識到，目前的食品組合佔銷售額的不到 2%，但潛在的多年成長機會。

Our goals for this test are clear. Maintain existing high levels of Broista job satisfaction, continue to support throughput efficiency, minimize complexity, and offer a targeted assortment that allows us to satisfy our customers craving for food while capturing incremental beverage opportunities. The pilot test has informed our decision to now offer eight SKUs, including four hot food offerings. With the completion of an initial pilot, we recently expanded this initiative from 8 to 32 shops.

我們這次測試的目標很明確。保持現有的 Broista 工作滿意度高水平，繼續支持吞吐量效率，最大限度地降低複雜性，並提供有針對性的分類，使我們能夠滿足客戶對食物的渴望，同時抓住增量飲料機會。試點測試讓我們決定現在提供 8 個 SKU，包括 4 個熱食。隨著初步試點的完成，我們最近將這項計畫從 8 家商店擴展到 32 家商店。

Looking ahead, expanding the food test pilot is a crucial step towards a broader test and rollout anticipated to occur throughout 2026. This expansion aims to reach a wider potential audience and positions Dutch Bros more competitively in high-value routinized beverage occasions.

展望未來，擴大食品試點是朝著預計在 2026 年進行的更廣泛的測試和推廣邁出的關鍵一步。此次擴張旨在涵蓋更廣泛的潛在受眾，並使 Dutch Bros 在高價值的常規飲料場合中更具競爭力。

In closing, momentum in the business is strong. and our strategies to build our business are working. We have the most passionate people who are well positioned to succeed and grow our brand. We have top-tier growth that we see sustaining well into the future. In Q1, we delivered 29% year-over-year revenue growth and opened 30 new shops.

最後，業務發展勢頭強勁。我們的業務拓展策略正在發揮作用。我們擁有最熱情的員工，他們有能力取得成功並發展我們的品牌。我們擁有一流的成長勢頭，並且相信這種成長勢頭將持續至未來。第一季度，我們的營收年增29%，並開設了30家新店。

We have a multiyear road map with visibility to the path ahead. Our foundational transaction-driving initiatives are working, and we have clear plans on order ahead, throughput and food. Our real estate strategy is working, and we are building momentum. New shop productivity is strong and system-wide AUVs were $2 million. We've enormous confidence in our future, anchored by our passionate team, our loyal customers and a clear road map to grow Dutch Bros. Together, we are poised to achieve remarkable success and drive our vision forward.

我們有一個多年的路線圖，可以清楚地看到未來的道路。我們的基礎交易驅動舉措正在發揮作用，我們對提前訂購、吞吐量和食品有明確的計劃。我們的房地產策略正在發揮作用，我們正在積聚力量。新車間生產力強勁，全系統 AUV 為 200 萬美元。我們對我們的未來充滿信心，這得益於我們充滿熱情的團隊、忠實的客戶以及發展 Dutch Bros 的清晰路線圖。我們齊心協力，準備好取得非凡的成功並推動我們的願景向前發展。

With that, I'll turn it over to Josh.

說完這些，我就把麥克風交給喬希 (Josh)。

Thanks, Christine. I'll provide a recap of Q1 results and a view of our outlook for 2025. Our Q1 performance has reinforced the confidence we have in our growth prospects. First quarter revenue was $355 million, an increase of 29% or $80 million over the first quarter of last year. We opened 30 new shops in the quarter, of which 25 were company operated, bringing total system shop count to 1,012 shops.

謝謝，克里斯汀。我將回顧第一季的業績並對 2025 年的展望進行展望。我們第一季的業績增強了我們對成長前景的信心。第一季營收為 3.55 億美元，較去年第一季成長 29%（即 8,000 萬美元）。我們在本季開設了 30 家新店，其中 25 家由公司經營，使系統店總數達到 1,012 家。

We expect to open approximately the same number of shops in the second quarter before accelerating throughout the back half of the year. Our pipeline is strong, and we remain confident in opening at least 160 system shops in 2025.

我們預計第二季開設的門市數量將大致相同，然後在下半年加速開設新店。我們的產品線非常強大，我們仍然有信心在 2025 年開設至少 160 家系統商店。

System same-shop sales growth was 4.7%. In the quarter, we saw 1.3% transaction growth and 3.4% ticket growth, which gives us confidence in our full year same-shop sales expectations. While we're cognizant of the potential uncertainty in the broader consumer environment, we've seen strong traffic trends into April, which remain in line with our expectations. Our full year guidance contemplates 3% to 4% system same-shop sales growth in the second quarter which includes the roll-off of approximately 150 basis points of price.

系統同店銷售額成長4.7%。本季度，我們的交易量成長了 1.3%，門票成長了 3.4%，這使我們對全年同店銷售額的預期充滿信心。雖然我們意識到更廣泛的消費環境中存在潛在的不確定性，但我們看到 4 月的流量趨勢強勁，這仍然符合我們的預期。我們的全年預期是，第二季系統同店銷售額將成長 3% 至 4%，其中包括約 150 個基點的價格下降。

In the quarter, adjusted EBITDA was $63 million, an increase of 20% or $10 million over the first quarter of last year. This represents 140% growth on a two-year basis. As a reminder, we experienced lower adjusted SG&A in Q1 2024 before ramping up spend throughout the remainder of the year as a part of our overall restructuring efforts.

本季度，調整後的 EBITDA 為 6,300 萬美元，較去年第一季成長 20% 或 1,000 萬美元。這意味著兩年內成長了 140%。提醒一下，作為我們整體重組工作的一部分，我們在 2024 年第一季經歷了調整後的銷售、一般及行政費用較低的情況，然後在今年剩餘時間內增加了支出。

Transitioning to our company-operated shops. Revenue for Q1 was $326 million, an increase of 32% or $78 million over the first quarter of last year. Company-operated same-shop sales growth was an impressive 6.9%, of which 3.7% was transaction growth. Company-operated shop contribution was $96 million, an increase of 30% or $22 million year-over-year. During the quarter, company-operated shop contribution margin was 29.4%. Beverage, food and packaging costs were 25% of company-operated shop revenue, which is 70 basis points favorable year-over-year, driven primarily by pricing.

過渡到我們公司經營的商店。第一季的營收為 3.26 億美元，比去年第一季成長 32% 或 7,800 萬美元。公司自營同店銷售額成長高達6.9%，其中交易金額成長3.7%。公司自營店貢獻 9,600 萬美元，年增 30% 或 2,200 萬美元。本季，公司自營店貢獻利潤率為29.4%。飲料、食品和包裝成本占公司自營店收入的 25%，比去年同期高出 70 個基點，主要由定價推動。

Looking ahead, we evaluated the estimated impact of tariffs within our COGS basket and believe our exposure is limited, with less than 10% of our current COGS basket being sourced internationally. Coffee is the majority of this sourced from Brazil, Colombia, and El Salvador, which as of today face a 10% import on tariff.

展望未來，我們評估了關稅對我們 COGS 籃子的預期影響，並認為我們的風險敞口有限，我們目前的 COGS 籃子中只有不到 10% 是來自國際的。其中咖啡主要來自巴西、哥倫比亞和薩爾瓦多，這些國家目前面臨 10% 的進口關稅。

Based on what we know now, we believe we can navigate this cost pressure in 2025 within our existing guidance as we have now substantially locked in coffee prices for the remainder of 2025. Considering this, we continue to expect approximately 110 basis points of net COGS margin pressure for the full year, which now includes the estimated impact of tariffs. Our full year guidance contemplates beverage, food and packaging costs of approximately 27% of company-operated shop revenue in Q2.

根據我們目前掌握的情況，我們相信我們可以在現有指導範圍內應對 2025 年的成本壓力，因為我們現在已經基本鎖定了 2025 年剩餘時間的咖啡價格。考慮到這一點，我們繼續預計全年淨 COGS 利潤率壓力約為 110 個基點，其中包括關稅的預期影響。我們的全年指引認為，飲料、食品和包裝成本約佔第二季公司自營店收入的 27%。

Labor costs were 27.4% of company-operated shop revenue, which is 100 basis points unfavorable year-over-year, driven primarily by investments made last April in California. As we look ahead, we made strategic investments in our shop leadership compensation in early April of this year, which would offset any benefit from sales leverage for the remainder of the year.

勞動成本占公司自營店收入的 27.4%，比去年同期下降 100 個基點，主要原因是去年 4 月在加州的投資。展望未來，我們在今年 4 月初對店鋪領導薪酬進行了策略性投資，這將抵消今年剩餘時間內銷售槓桿帶來的任何收益。

Occupancy and other costs were 16.5% of company-operated shop revenue, which is 20 basis points favorable year-over-year, driven primarily by leverage from sales growth. Preopening expenses were 1.7% of company-operated shop revenue, which is 30 basis points unfavorable year-over-year driven primarily by new shop training and travel. Considering all of this or contemplates a company-operated shop contribution margin of approximately 29% in Q2.

入住率和其他成本占公司自營店收入的 16.5%，比去年同期高出 20 個基點，主要受銷售成長帶來的槓桿作用所推動。開業前費用占公司自營店收入的 1.7%，比去年同期下降 30 個基點，主要原因是新店培訓和差旅費用。考慮到所有這些因素，預計第二季公司自營商店的貢獻利潤率約為 29%。

Let me turn to other P&L items. Franchising and other revenue was $29 million, up $1.7 million or 6.4% year-over-year. Franchise and other contribution was $20 million up $1.2 million or 6.4% year-over-year. Adjusted SG&A was approximately $54 million or 15.1% of total revenue, roughly in line with our expectations. We now expect approximately 90 basis points of leverage on adjusted SG&A for the full year 2025.

讓我來談談其他損益項目。特許經營及其他收入為 2,900 萬美元，年增 170 萬美元，增幅為 6.4%。特許經營和其他貢獻為 2000 萬美元，比去年同期增加 120 萬美元，增幅為 6.4%。調整後的銷售、一般及行政費用約為 5,400 萬美元，佔總收入的 15.1%，大致符合我們的預期。我們現在預計，2025 年全年調整後的銷售、一般及行政費用槓桿率將達到約 90 個基點。

In the quarter, interest expense net increased $722,000 year-over-year to $7.1 million. The increase is primarily driven by higher interest expense on long-term debt and finance leases for new shops, and partially offset by higher interest income on invested cash. For the quarter, we delivered $0.14 of adjusted EPS, up from $0.09 in Q1 of last year.

本季度，利息支出淨額年增 722,000 美元，達到 710 萬美元。成長的主要原因是長期債務和新店融資租賃的利息支出增加，但投資現金的利息收入增加部分抵消了這一增長。本季度，我們的調整後每股收益為 0.14 美元，高於去年第一季的 0.09 美元。

Let me now provide an update on our balance sheet, cash flow, and liquidity. As of March 31, we had $316 million in cash and cash equivalents and $281 million in drawn term notes, resulting in a net cash position of approximately $36 million. Relative to Q4 of last year, this represents a decrease of approximately $23 million, which is largely related to working capital timing. The combination of strong cash generation from our core business, cash on our balance sheet, and access to additional liquidity through an existing credit facility gives us great confidence in continuing our growth trajectory.

現在讓我提供一下我們的資產負債表、現金流量和流動性的最新情況。截至 3 月 31 日，我們擁有 3.16 億美元的現金和現金等價物以及 2.81 億美元的已提取定期票據，淨現金狀況約為 3,600 萬美元。與去年第四季相比，這一數字減少了約 2,300 萬美元，這主要與營運資金時間表有關。我們核心業務的強勁現金產生能力、資產負債表上的現金以及透過現有信貸安排獲得的額外流動性，使我們對繼續保持成長軌跡充滿信心。

In Q1, our average CapEx per shop was approximately $1.67 million, a decline of approximately 10% from Q4. We are pleased with the progress we are making towards shifting our portfolio to more capital-efficient build-to-suit lease arrangements. As of March 31, we had over $658 million in total liquidity. This total liquidity is comprised of $316 million in cash and cash equivalents, $342 million in our undrawn revolver.

第一季度，我們每家店的平均資本支出約為 167 萬美元，比第四季下降約 10%。我們很高興看到我們在將投資組合轉向更具資本效率的客製化租賃安排方面取得了進展。截至 3 月 31 日，我們的總流動資金超過 6.58 億美元。總流動資金包括 3.16 億美元的現金和現金等價物，以及 3.42 億美元的未提取循環信貸額度。

Shifting to guidance. We have a strong runway ahead and are well positioned to continue producing healthy financial results in this dynamic macro environment. Given the strong performance in Q1 and continued momentum into Q2, 2025 total revenues, system same-shop sales growth, and adjusted EBITDA are trending towards the top half of the previously communicated ranges.

轉向指導。我們擁有強勁的發展勢頭，並有能力在這種動態的宏觀環境下繼續創造健康的財務表現。鑑於第一季的強勁表現和第二季度的持續成長勢頭，2025 年的總收入、系統同店銷售額增長和調整後的 EBITDA 均趨向於之前公佈的範圍的上半部分。

As a reminder, those were total revenues between $1.555 billion and $1.575 billion; system same-shop sales growth in the range of 2% to 4%; adjusted EBITDA between $265 million and $275 million. We would expect 60 basis points of net adjusted EBITDA margin pressure, driven primarily by elevated beverage, food and packaging costs. and partially offset by the benefit of approximately 90 basis points of adjusted SG&A leverage.

提醒一下，這些總營收在 15.55 億美元到 15.75 億美元之間；系統同店銷售額成長在2%至4%之間；調整後的EBITDA在2.65億美元至2.75億美元之間。我們預計淨調整後 EBITDA 利潤率將面臨 60 個基點的壓力，主要原因是飲料、食品和包裝成本上升。並被調整後的銷售、一般及行政費用槓桿約 90 個基點的收益部分抵銷。

Additionally, we continue to expect to open at least 160 shops, representing 16% systems shop growth. Capital expenditures remain at our estimated range of $240 million to $260 million, primarily made up of new shop construction costs. We are very proud of the results the business delivered in Q1 and the continued momentum into Q2.

此外，我們繼續預計開設至少 160 家商店，這意味著系統商店數量將增加 16%。資本支出仍維持在我們估計的 2.4 億美元至 2.6 億美元範圍內，主要用於新店建設成本。我們對第一季取得的業務成果以及第二季持續的成長動能感到非常自豪。

We believe the combination of strong 4-wall economics and strong cash-on-cash returns will allow us to continue delivering incredible results. We are well positioned to deliver fantastic returns from our new shops and remain bullish on our near-term goal of 2,029 shops in 2029.

我們相信，強勁的四面牆經濟和強勁的現金回報相結合將使我們能夠繼續取得令人難以置信的業績。我們已做好準備，從新店獲得豐厚回報，並對我們在 2029 年實現 2,029 家門市的近期目標充滿信心。

Thank you, everyone. We'll now take your questions. Operator, please open the lines.

謝謝大家。我們現在來回答你們的問題。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon. I had a couple of clarification questions on how you're thinking about the second quarter. Josh, I think you said your plan had contemplated comps up 3% to 4%. And I just wanted to maybe ask several times you mentioned momentum into this quarter. So I wanted to maybe understand what exactly that means on how you started the quarter relative to what your plan looks like?

嗨，下午好。我有幾個問題想問您對第二季的看法。喬希，我想你說過你的計劃已經考慮到了 3% 到 4% 的漲幅。我只是想問您幾次提到本季的發展勢頭。所以我想了解這究竟意味著什麼，相對於您的計劃而言，您是如何開始這個季度的？

Yeah, David, thanks for the question. Yes, we're feeling really good about the momentum, as you pointed out in Q2, really coming in line with our expectations. The piece I'd remind is, as we think of our rolling from Q1 into Q2 as we are rolling off about 150 basis points of price coming. So like I said, feel good about that traffic trend continuing into Q2 and really stick in line with our expectations.

是的，大衛，謝謝你的提問。是的，我們對這種勢頭感到非常滿意，正如您在第二季度指出的那樣，這確實符合我們的預期。我想提醒的是，當我們考慮從第一季進入第二季時，價格將下降約 150 個基點。所以就像我說的，我們對流量趨勢持續到第二季​​感到滿意，並且確實符合我們的預期。

Got it. And the traffic trend from Q1 continues into Q2. Are you -- I think you had a negative impact on the traffic in Q1 from the Leap Day lap. But is that -- are you making an adjustment for that as you think about the underlying traffic? Or should we just think about reported traffic is the right way to think about the expectation?

知道了。第一季的流量趨勢延續到了第二季。你是——我認為你在閏日圈對 Q1 的交通產生了負面影響。但是，當您考慮底層流量時，您是否會對此做出調整？或者我們應該只考慮報告的流量是思考預期的正確方式？

Yeah. We are making an adjustment for the Leap Day. So thinking through the kind of the normalized run rate trend there is what we're seeing continue into Q2.

是的。我們正在針對閏日做出調整。因此，透過思考標準化的運行率趨勢，我們看到這種情況將持續到第二季​​。

Yeah, we're feeling really good about the underlying traffic and what it's looking like in the early part of Q2.

是的，我們對底層流量以及第二季初期的狀況感到非常滿意。

Excellent, thank you very much.

非常好，非常感謝。

Thank you.

謝謝。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, thanks. Good afternoon guys. I mean just store productivity, as you mentioned, looked very good again in the quarter. I guess, are you assuming that, that sort of persists through this year? Is there anything sort of lumpy about the stores that we might have seen in the 4Q and the 1Q? Or could you just talk about more about what's driving that?

是的，謝謝。大家下午好。我的意思是，正如您所說，本季度商店的生產力再次表現得非常好。我猜，您是否認為這種情況會持續到今年？我們在第四季和第一季可能看到的商店狀況是否有不穩定的情況？或者您能否進一步談談推動這現象的原因？

Yeah. So as we look at the new shop productivity, we had a really great Q1. We were really pleased with the openings. We had some of the top openings of all time in this quarter. So it was definitely a great signal, I think, of how the brand is being received as we're opening these new shops.

是的。因此，當我們審視新車間的生產力時，我們發現第一季的業績表現確實非常出色。我們對開幕式感到非常滿意。本季度，我們迎來了史上最出色的一些開幕活動。因此，我認為，這絕對是一個很好的信號，表明我們開設這些新店時品牌的受歡迎程度。

So I think as we look throughout the year that we really contemplate what we shared with Investor Day about having strong new shop productivity and strong new shop AUVs. We did see some particular strength in Q1 that we were really pleased with.

因此，我認為，回顧全年，我們確實在思考與投資者日分享的有關擁有強勁的新車間生產力和強勁的新車間 AUV 的內容。我們確實看到了第一季的一些特別的優勢，我們對此感到非常高興。

Okay. Cool. Josh, was -- just on the food and beverage cost line, was 1Q more favorable than you expected? And I guess because the comment about the full year impact, I think, is the same. So are you building a little bit more pressure into the balance of the yea consistent with that what you would have thought before?

好的。涼爽的。喬希，僅就食品和飲料成本而言，第一季是否比您預期的更有利？我想是因為關於全年影響的評論是相同的。那麼，您是否會在年度平衡中增加一些壓力，這與您之前的想法一致？

Yeah. This is actually right in line with what we had expected. So most of the pressure that we're expecting for the balance of the year is really coming from coffee prices. And as I highlighted in my prepared remarks, given how we've been able to lock in price, we took a look at the expected tariff impact and do believe we can absorb the tariff impact in that overall guidance range.

是的。這實際上完全符合我們的預期。因此，我們預計今年剩餘時間的大部分壓力實際上來自咖啡價格。正如我在準備好的演講中所強調的那樣，鑑於我們已經能夠鎖定價格，我們研究了預期的關稅影響，並相信我們可以在整體指導範圍內吸收關稅的影響。

But we had always contemplated that it would be stepping up more significantly in Q2 and then into Q3. So I think this is getting right in line with what we expected. And like I said, really stepping up more meaningfully beginning in Q2.

但我們一直認為，這一成長將在第二季和第三季出現更顯著的提升。所以我認為這與我們的預期一致。正如我所說的那樣，從第二季開始，我們確實取得了更有意義的進步。

Okay, thank you.

好的，謝謝。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great, thanks, guys. I wanted to touch on mobile order and just if there's any more color to share sort of on what you're seeing there, if you have any sense for kind of incrementality there perhaps or perhaps how notable some of the throughput benefits through the mobile order channel are?

太好了，謝謝大家。我想談談行動訂單，如果您能分享更多您看到的情況，您是否了解那裡的增量，或者透過行動訂單管道獲得的吞吐量優勢有多顯著？

Yeah. So we are seeing incrementality from mobile order. And as we look at what we're seeing there, I think it's coming from a couple of things. So what we are measuring is we're looking at when a customer either joins the rewards program or was a rewards member, we look at what happens. And so that pre and post behavior, we are seeing a lift in frequency.

是的。因此，我們看到移動訂單正在增加。當我們觀察那裡所見的情況時，我認為這是由幾件事引起的。因此，我們要衡量的是，當客戶加入獎勵計劃或成為獎勵會員時，我們會觀察發生的情況。因此，我們看到前後行為頻率有所提升。

The other thing that we're seeing, which is really nice, is that we are increasing the rewards sign-ups. And so as we open new markets, we're seeing a quicker kind of adoption of the rewards program of our customers. And so there's both a rewards benefit to that and a mobile order benefit from that. And I think that, that increased functionality as a reminder, it was the number 1 thing that our customers were asking for. And so I do think we're seeing that and those increase down to that increased adoption of the app.

我們看到的另一件事非常好，那就是我們正在增加獎勵註冊。因此，隨著我們開拓新市場，我們看到客戶對獎勵計畫的採用速度加快。因此，這既有獎勵效益，也有移動訂單效益。我認為，增強的功能作為提醒，是我們客戶最需要的東西。因此我確實認為我們看到了這一點，並且這些增長歸因於應用程式採用率的提高。

Very helpful.

非常有幫助。

Yes, go ahead. The other thing I was going to add is just what we wanted to see was that strength in the morning daypart with mobile order, and we are seeing that. So as we look throughout our day, our traditional traffic has been really even throughout the day with a third in the morning, a third in the midday and a third in the afternoon. And mobile order is really driving that additional morning daypart traffic, which is great to see.

是的，請繼續。我要補充的另一件事是，我們想看到的是早上時段移動訂單的強烈表現，而我們已經看到了這一點。因此，當我們回顧一天的情況時，我們會發現，我們的傳統流量在一天中實際上是均勻的，早上佔三分之一，中午佔三分之一，下午佔三分之一。行動訂單確實推動了上午時段的額外流量，這是令人高興的。

That's great. Just a follow-up then. Just as it relates to maybe some of the promotions and offers, I know there's different channels here. Has that changed much to the intensity which you sort of have pushed those offers or that your customer has utilized those offers. Is that the right way to think about it? And is there any kind of notable change that you've seen in the business from that perspective?

那太棒了。那麼只是後續行動。正如它可能與一些促銷和優惠有關，我知道這裡有不同的管道。這對您推銷這些優惠的力度或您的客戶利用這些優惠的力度有很大影響嗎？這是正確的思考方式嗎？從這個角度來看，您是否看到業務發生了任何顯著的變化？

No, we haven't seen a notable change in that. When we look at kind of the contribution from that discount space, it was really kind of very even versus where it was last year. And so we're not seeing an increase. However, what I would share is, I think our sophistication of how we are making this offering is, how we're thinking about points, that has increased. So I think that although if we are not kind of spending more to get there, we are seeing kind of increased efficacy from our efforts.

不，我們還沒有看到明顯的改變。當我們查看折扣空間的貢獻時，我們發現與去年相比，它確實非常平衡。因此我們沒有看到成長。然而，我想分享的是，我認為我們在提供這項服務的方式以及我們對要點的思考方式上已經更加成熟。所以我認為，儘管我們不需要花費更多來實現這一目標，但我們的努力將帶來更高的效率。

Great, thank you.

太好了，謝謝。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Hey, good afternoon guys. Just wanted to get the sense of labor, Josh. I know first quarter was still absorbing California. Is the understanding that you'll kind of be flattish going forward in that some of the shop leadership investment should be offset by some of the same-store sales leverage. Is that what you were kind of implying year-over-year going forward?

嘿，大家下午好。只是想了解勞動的意義，喬希。我知道第一季仍在吸收加州。您是否認為未來的銷售量會持平，因為部分店鋪領導投資應該被部分同店銷售槓桿所抵銷。這就是您所暗示的逐年成長趨勢嗎？

That's right, Andy. Yeah. I mean, like I said, we made some investments, smart investments in our shop leadership at the beginning of Q2 here, and we would expect that to offset in the labor line, what otherwise would we see for sales average.

沒錯，安迪。是的。我的意思是，就像我說過的，我們在第二季度初對我們的店鋪領導層進行了一些投資，明智的投資，我們預計這將會抵消勞動力方面的損失，否則我們會看到平均銷售額的下降。

Okay. And then just on coffee costs, as it all kind of rolled in, and I think you guys were sort of modeling off of sort of somewhere around $4 on the C. Is that kind of where things wound up as you finished up locking career?

好的。然後就咖啡成本而言，隨著這一切的發生，我認為你們的咖啡成本大約是 4 美元左右。當你們最終鎖定職業生涯時，事情就是這樣的嗎？

Yes. So we were -- we did price at a variety of different points during the quarter at a rate slightly below the $4 that allowed us to absorb the estimated impact of tariffs. So that's how we were able to really kind of reaffirm the estimated impact from coffee and now inclusive of tariffs to be on the company shop level at least 110 basis points of margin pressure.

是的。因此，我們在本季的不同時間點確實以略低於 4 美元的價格進行了定價，這使我們能夠吸收關稅的預期影響。因此，我們能夠真正重申咖啡的預期影響，現在包括關稅在內，咖啡對公司商店層面的利潤壓力至少為 110 個基點。

Okay, thank you very much.

好的，非常感謝。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great. Thank you. Christine, you talked about increase in the new food pilot to 32 stores from 8 stores. If this past as your stage gate process, how do you envision the pacing of rolling this out to the remainder of your system in 2026? Do you think it will be pretty even or perhaps weighted to one half or sector next year?

偉大的。謝謝。克里斯汀，您談到了將新食品試點店從 8 家增加到 32 家。如果這是您過去的階段門流程，您如何設想在 2026 年將其推廣到系統其餘部分的步伐？您認為明年的比例會比較均衡嗎，或者可能只佔一半或一個產業的比重？

Yes. So our goal right now was to get to this broader market test piece. So really testing 32 shops. So we can look at kind of what we think our assumptions are and then how we need to change those. So that is really the first step that we're doing here. Before we really fully map out, we think we're going to do from a rollout perspective.

是的。因此我們現在的目標是獲得這個更廣泛的市場測試產品。所以實際上測試了 32 家商店。因此，我們可以看看我們的假設是什麼，然後看看我們需要如何改變它們。所以這實際上是我們在這裡採取的第一步。在我們真正全面規劃之前，我們認為我們將從推廣的角度來做。

The initial signs from those 8 shops, we were very pleased from and that gave us that confidence to roll it out, inclusive of those 8 to 32 shops. And so now we have a broader market test to see what we can do in a market that fully has food in it and really test some of the -- all of the operational protocols. We've put in place. We've done a lot of work on the distribution front. We've really nailed down the equipment that we think is the right equipment for our teams to be using and are super pleased with what we're seeing initially.

我們對這 8 家商店的初步跡象感到非常高興，這給了我們信心，將這項服務推廣到 32 家商店。因此，現在我們進行了更廣泛的市場測試，看看我們在一個充滿食品的市場中能做些什麼，並真正測試一些——所有的操作協議。我們已經落實。我們在分銷方面做了很多工作。我們已經確定了我們認為適合我們團隊使用的設備，並且對我們最初看到的結果感到非常滿意。

Okay. That's great to hear. I want to follow up an earlier question around measuring the incrementality of mobile. And you talked about increased frequency as well as increased loyalty sign-ups. I'm wondering if you could make you think of it through another lens, which is the mix of walk-up sales. About -- at the Investor Day, you talked about how this is about 50% of mobile sales and growing well above the roughly 10% level or so pre mobile. Is that another way that you guys think about gauging the incrementality of mobile as well?

好的。聽到這個消息真是太好了。我想繼續回答之前關於衡量移動增量的問題。您談到了頻率的增加以及忠誠度註冊的增加。我想知道您是否可以從另一個角度來考慮這個問題，即混合實體銷售。關於——在投資者日，您談到這佔行動銷售額的 50% 左右，並且遠高於行動銷售之前的 10% 左右的水平。這是你們衡量移動增量的另一種方式嗎？

So I think the benefit of the walk-up window is really from a production perspective. And so we have these two main production zones, one at the walk-up window and one is at the drive-through window. And so balancing out that and that demand is quite helpful.

因此我認為步入式窗口的好處確實是從生產角度而言的。因此，我們有這兩個主要生產區，一個在步行窗口，一個在駕駛窗口。因此，平衡這一點和需求是非常有幫助的。

From an incrementality, we're obviously looking at what's happening at the walk-up window. But we really need to look more before and after what's happening. We can -- we're doing all different types of eps to really understand what the incrementality is. But that in itself shows us how much is going to the walk-up window, but doesn't necessarily measure incrementality in the best way.

從增量角度來看，我們顯然在觀察步入式視窗發生的情況。但我們確實需要更多地觀察事情發生前後的情況。我們可以——我們正在做各種不同類型的每股盈餘來真正了解增量是什麼。但這本身就向我們展示了有多少人進入了步行窗口，但不一定能以最佳方式衡量增量。

Okay. Thank you.

好的。謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Yeah, thanks. Good afternoon, guys. Christine, I had a question about operational limits. I was hoping you could describe what tools or processes you're developing to improve productivity and throughput and how you expect to roll it out across the system?

是的，謝謝。大家下午好。克里斯汀，我有一個關於操作限制的問題。我希望您能描述一下您正在開發哪些工具或流程來提高生產力和吞吐量，以及您希望如何在整個系統中推廣它？

Yeah. So we're doing a couple of things. One of the things is really bringing visibility to our peak hours. And so allowing our teams to kind of see what was your highest Friday hour over the last couple of months? And there's a fun in trying to kind of beat that hour and to see how quickly you can go. So part of what we're doing right now is really just bringing enhanced visibility through very easy to use kind of speed dashboards and things like that.

是的。因此我們正在做幾件事。其中一件事就是真正讓我們的高峰時段變得更加清晰可見。那麼，我們的團隊是否可以了解過去幾個月您週五的工作時間最長是什麼時候？嘗試打破這個紀錄並看看自己能跑多快是很有趣的。因此，我們現在所做的事情實際上只是透過非常易於使用的速度儀表板等來增強可見性。

The other piece we're doing is we're working with our teams so they can kind of identify where there might be bottlenecks in their shops. And so as you think about kind of the cars coming through our drive-through and really timing where beverages are going out the window with that. Our teams are working through an exercise to they can look and understand kind of what part actually causing a bottleneck. And sometimes that's unique depending on the shop or the makeup or the way the traffic might arrive with the red light, things like that.

我們正在進行的另一項工作是與我們的團隊合作，以便他們能夠確定他們的商店中可能存在瓶頸的地方。因此，當您想到汽車經過我們的免下車通道時，飲料就會被倒出窗外。我們的團隊正在進行練習，以便他們能夠觀察並了解究竟是哪個部分導致了瓶頸。有時，這取決於商店、化妝品或紅燈時交通到達的方式等因素。

And so then we have a system -- a series of tools you can use and really, it's more deployment of thinking through when do you want to make sure that you've got more of the team staying in production, when do you want to send one runner out to start taking orders? When do you want to send that second runner out to taking orders. And so it's a flexible system of deployment is how I would best describe it.

這樣我們就有了一個系統——一系列你可以使用的工具，實際上，它更多的是思考部署，你什麼時候想確保有更多的團隊成員留在生產中，你什麼時候想派出一名跑腿人員開始接受訂單？你想什麼時候派第二名跑者出去接受命令。因此，我可以將其最好地描述為一個靈活的部署系統。

Okay. That's helpful. And then can you describe what you've learned that has helped activate consumer trial in your markets. It sounded like from your presentation that paid advertising still has an opportunity to drive trial further. So -- just curious if that just requires additional spending to the message or offer or what seems to be working the best?

好的。這很有幫助。然後您能否描述一下您所了解到的有助於啟動您所在市場的消費者試用的資訊。從您的簡報來看，付費廣告似乎仍有機會進一步推動試用。所以——我只是好奇這是否只需要在資訊或優惠上額外花費，或者什麼方法看起來效果最好？

Yeah. I think there's a couple of things as we approach new markets. So I do think paid advertising is very effective there and just kind of giving a broad description of who Dutch Bros is and getting you excited to come into the brand. I also think as we continue to gain momentum and past that 1,000 shop mark, that there are more potential customers who just know who we are before we come into a market.

是的。我認為，當我們進入新市場時，有幾件事需要注意。所以我確實認為付費廣告在那裡非常有效，它只是對 Dutch Bros 進行了廣泛的描述，並讓您對加入品牌感到興奮。我還認為，隨著我們繼續獲得發展勢頭並突破 1,000 家門市大關，將會有更多的潛在客戶在我們進入市場之前就知道我們是誰。

We are also through Rewards Program getting folks rapidly into that. Part of the thought behind mobile order with getting that full menu online, so there could be some exploration of the menu before we go into new markets. So that other piece seems to be working as well because we are seeing accelerated adoption in many of our new markets of the Rewards Program.

我們也透過獎勵計劃讓人們快速參與其中。行動訂購背後的部分想法是將完整的菜單放在網上，因此在我們進入新市場之前可以對菜單進行一些探索。因此，另一部分似乎也發揮了作用，因為我們看到許多新市場正在加速採用獎勵計劃。

And I think it's kind of that in between everything. The other piece is I think some of the fun merch drops we're doing, some of the, I think, really meet innovation that's going on that, that is driving engagement even in markets where we're not in. And so all of that kind of just works together to bring that broader brand awareness as we go into a new market.

我認為這就是一切事物之間的差異。另一點是，我認為我們正在進行的一些有趣的周邊商品投放，確實符合正在進行的創新，即使在我們沒有進入的市場也能推動參與。因此，當我們進入新市場時，所有這些都共同作用，帶來更廣泛的品牌知名度。

Great. Congrats on this. Great start to the year.

偉大的。恭喜你。今年的開始很好。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi, thank you. When I think about the past four years, I think about how much has changed in terms of Dutch Rewards, in terms of order ahead, in terms of food, in terms of some of the operational deployment that you've been making. But at least from my perspective, the 900 square foot box from the past four years really hasn't changed very much. It's not a criticism, but just an observation, certainly, correct me if I'm wrong.

你好，謝謝。當我回顧過去四年時，我想到荷蘭獎勵計劃、提前訂購、食品以及您進行的一些營運部署方面發生了多大的變化。但至少從我的角度來看，過去四年的 900 平方英尺的盒子確實沒有太大變化。這不是批評，只是觀察，當然，如果我錯了，請糾正我。

Do you think there might be an opportunity as some of these initiatives really get to be kind of fully deployed and really firing on all cylinders that maybe we can be thinking about a gross box that looks slightly different or may be very different as we fully evolve into '26, '27, and beyond?

您是否認為，隨著這些舉措真正得到全面部署和全力推進，我們或許可以考慮一個總體框架，隨著我們全面發展到 2026 年、2027 年及以後，這個框架可能會略有不同，甚至可能非常不同？

I think that that's always something that we're looking at. One of the things I would share, though, is we do have a wide variation in volumes across our system right now. And we also have the ability to add different production zones and different makeups of those production zones. So in some of our highest volumes shops, we'll have dedicated what we call pit zones to allow for the making of smoothies and other kind of unique blended beverages. And so we already have a bit of modularity within our shops that allows for that customization.

我認為這是我們一直在關注的事情。不過，我想分享的一件事是，目前我們整個系統的交易量確實有很大差異。我們還可以添加不同的生產區以及這些生產區的不同組成。因此，在我們一些銷量最高的商店中，我們將設立專門的維修區，用於製作冰沙和其他獨特的混合飲料。因此，我們的商店內已經有一些模組化，可以實現客製化。

The other piece that we have is that we know our product mix by market. And there is some variation in product mix. I think we've shared before, we've got higher Rebel sales in some of our mature markets. We've got higher Golden Eagle sales in some of our new markets. And so we're really thoughtful about placement of syrups and placement of tools and things like that within our shops.

我們的另一點是，我們了解不同市場的產品組合。產品組合也存在一些變化。我想我們之前已經分享過，我們在一些成熟市場上的 Rebel 銷量更高。我們在一些新市場的金鷹銷量有所提升。因此，我們非常認真地考慮了商店內糖漿、工具和類似物品的擺放位置。

Although it may look the same, we're actually pretty good at adjusting depending on the volume and the makeup of our beverage mix.

雖然看起來可能一樣，但實際上我們非常擅長根據飲料混合物的體積和成分進行調整。

Thank you.

謝謝。

Greg Francfort, Guggenheim Securities

古根漢證券的格雷格‧弗蘭克福特

Hey, thanks for the question. Christine, I'm just trying to think about the food opportunity. I think a bunch of your competitors do 10% to 20% food mixes. And I'm curious, do you have a reason for maybe why you would be in line or higher or lower than any of those long-term. And as you look at the margin of that business, I'm curious what the margin profile looks like versus the beverage profile? Thanks.

嘿，謝謝你的提問。克莉絲汀，我只是在考慮食物的機會。我認為你們的許多競爭對手都採用 10% 到 20% 的食品混合。我很好奇，您是否有理由解釋為什麼您的長期收入會與上述任何一項持平、高於或低於上述任何一項。當您查看該業務的利潤率時，我很好奇其利潤率狀況與飲料狀況相比如何？謝謝。

Yeah. I think as we really kind of launch more fully into a food business, we're being very thoughtful about kind of what the strategic intent there is. And it is really to capture additional beverage opportunities. And so what the lowest amount of complexity kind of required to capture those beverage opportunities.

是的。我認為，當我們真正全面進軍食品業務時，我們會非常認真地考慮其戰略意圖。這確實是為了抓住額外的飲料機會。那麼，要抓住這些飲料機會，需要最低程度的複雜性。

So I do think that compared to potentially others out there, we're thinking about this limited SKU count that's really going to help us manage throughput, manage the complexity in our business, but still provide some of those really important hot protein options in the morning that drive those routinized beverage routines. So I think that as you look at that, we're really thoughtful about exactly what we want the food program to do and feel that we've landed in a good place to kind of fulfill that strategy.

因此，我確實認為，與其他潛在競爭對手相比，我們正在考慮有限的 SKU 數量，這確實有助於我們管理吞吐量，管理業務的複雜性，但仍然在早上提供一些真正重要的熱蛋白質選擇，以推動那些常規的飲料習慣。所以我認為，當你看到這一點時，我們就會認真思考我們到底想讓食品計劃做什麼，並且覺得我們已經找到了一個很好的位置來實現這一戰略。

And then I think you asked a question two on the margin side. So on the margin side because there are fixed costs within the business that although food margins are a bit lower than beverage margins overall, it actually plays out quite nicely. And then if you add into that, that there's this incremental beverage opportunity that goes along with the food, we're actually excited -- quite excited about what this could do from a business perspective.

然後我認為你問了關於邊際的第二個問題。因此，從利潤率來看，由於業務中存在固定成本，儘管食品利潤率總體上比飲料利潤率略低，但實際上效果相當不錯。如果你把這一點也考慮進去，那麼伴隨食品而來的還有飲料的增量機會，我們實際上會感到非常興奮——從商業角度來看，這對我們可能產生的影響感到非常興奮。

Thank you.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I have two questions about mobile order, one is really just a clarification. The first -- the clarification is, I think, Christine, you mentioned increasing frequency. Do you see higher check too? I know you referenced kind of menu discovery, and I wasn't sure if you were getting benefit from that with the order ahead or sometimes you see the opposite just because it creates sort of higher frequency and maybe a little bit less spend per visit from our regular. So I guess that was the clarification if they're seeing implications for check.

謝謝。我對移動訂單有兩個疑問，其中一個實際上只是一個澄清。首先 — — 我認為，澄清的是，克里斯汀，您提到了增加頻率。您也看到更高的支票了嗎？我知道您提到了菜單發現，但我不確定您是否從提前訂購中受益，或者有時您會看到相反的情況，因為它創造了更高的頻率，並且可能比我們的常客每次訪問的花費少一點。因此，我想這就是他們是否看到了檢查的影響的澄清。

And then you mentioned it really benefiting the morning daypart. Does that have any, I guess, implications for the demographics of your customer base? I just think the sort of morning routinization wondering if the sort of younger SKU that you've historically had, if that changed that?

然後您提到它確實對上午時段有益。我想，這對您的客戶群的人口統計數據有什麼影響嗎？我只是在想，這種早晨的例行活動是否會改變您過去所擁有的年輕 SKU 的現況？

Yes. So as we look at all into the younger first, I don't think that what we're seeing right now is any difference there. But that's something that we'll continue to look into. I think we're -- we actually have a customer base that spans across different demographics. We do happen to resonate quite well with Gen Z, but I don't think we're seeing something there.

是的。因此，當我們首先研究年輕人時，我認為我們現在看到的並沒有什麼不同。但我們會繼續研究這個問題。我認為我們——我們實際上擁有一個跨越不同人口統計的客戶群。我們確實與 Z 世代產生了很好的共鳴，但我認為我們並沒有看到任何進展。

And then on the check makeup piece for mobile order, we do typically see that the items per transaction, so the beverage makeup is a little bit lower in mobile orders, which makes a ton of sense that they're more in the morning daypart, you might be on your way to work, you're driving a loan. So all of that kind of makes sense with what we thought we would see.

然後在移動訂單的檢查構成部分，我們通常會看到每筆交易的項目，因此移動訂單中的飲料構成要低一些，這很有道理，因為它們更多地出現在早上的時段，你可能正在上班的路上，你正在辦理貸款。所以這一切都與我們認為會看到的景象相符。

The other piece is, I think, typically where folks might see that check lift is when you have things like food. And so that actually, over time, could change as we broaden our assortment.

另一點是，我認為，通常人們可能會看到支票抬頭是當你有食物之類的東西時。因此，實際上，隨著時間的推移，隨著我們擴大產品種類，情況可能會改變。

Thank you.

謝謝。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. Christine, I had more of a macro question for you. You mentioned that the brand can thrive despite the dynamic environment that is contrary to obviously some peers. And I think it's contrary to the long-held view that a beverage-led concept which targets more modest income and a younger consumer is perhaps more vulnerable to a slowing macro.

偉大的。非常感謝。克莉絲汀，我想問你一個更宏觀的問題。您提到，儘管環境動態變化，但該品牌仍能蓬勃發展，這顯然與一些同行相反。我認為這與長期以來的觀點相反，即以中等收入和年輕消費者為目標的飲料主導的概念可能更容易受到宏觀經濟放緩的影響。

Obviously, you have lots of idiosyncratic drivers and initiatives right now, which are allowing you to put up these strong results. So I'm just curious your thoughts on that perspective that a brand like yours might be more vulnerable to a slowing macro that we might be entering into now? And then I had one follow-up.

顯然，你們現在有很多獨特的驅動力和舉措，這使得你們能夠取得這些強勁的成果。所以我只是好奇您對這個觀點的看法，像您這樣的品牌可能更容易受到我們現在可能進入的宏觀經濟放緩的影響？然後我進行了一次後續行動。

Yeah. Thanks, Jeff. I think from what we are seeing Q1 was super strong. Q2 is off to a great bird. And we are looking at this from multiple different dimensions and are really seeing strength across the brand.

是的。謝謝，傑夫。我認為從我們看到的情況來看，第一季的表現非常強勁。Q2 是一隻偉大的鳥。我們從多個不同的角度看待這個問題，確實看到了整個品牌的實力。

I think that we are just rooted in an excellent value proposition right now continue to do that and see how the brand is resonating with customers. And all of those things really give us confidence in what we're seeing right now despite what we're hearing in the broader macro environment.

我認為我們現在只是植根於一個優秀的價值主張，繼續這樣做，看看品牌如何引起客戶的共鳴。儘管我們在更廣泛的宏觀環境中聽到了各種各樣的聲音，但所有這些確實讓我們對目前看到的情況充滿信心。

I do think, too, we are in this unique position in that even with things like innovation and Dutch Rewards and the paid advertising that we still are kind of peeling the layers back on that and driving the efficacy across those programs. So I think that being able to layer mobile order on top and then going into 2026, being able to layer food on top of that, that we do think we are in a unique position in this environment.

我也確實認為，我們處於這種獨特的地位，即使有了創新、荷蘭獎勵和付費廣告等，我們仍然在層層剝開這些層層外衣，並推動這些項目的有效性。因此，我認為，能夠在行動訂購的基礎上，然後在 2026 年，能夠在其基礎上提供食品，我們確實認為我們在這個環境中處於獨特的地位。

No doubt, you definitely have those diosyncratic drivers. And just my follow-up is on the CPG channel. I know you dropped that new at the Investor Day. Just wondering if there's any incremental color you can share on your vision for Dutch Bros within the CPG channel or whether or not it's just kind of more of a longer-term view, but not much has been formulated just yet. Thank you.

毫無疑問，你肯定有那些特殊的驅動因素。我的後續報導是在 CPG 頻道。我知道您在投資者日上透露了這個消息。我只是想知道您是否可以分享一些關於 Dutch Bros 在 CPG 頻道中的願景，或者這是否只是一種更長遠的觀點，但目前還沒有形成太多定論。謝謝。

So thanks on the CPG, we are excited about that opportunity. It is more of a longer-term opportunity. As we look into next year and think about the strategy behind this, it's that as we did a lot of research with our customers in contemplating this idea, it really does appear to be a separate occasion. And then there are broader opportunities to drive brand awareness in being in both places. And so having these two channels.

感謝 CPG，我們對這個機會感到非常興奮。這更像是一個長期機會。當我們展望明年並思考背後的策略時，我們發現，當我們與客戶一起進行大量研究以考慮這個想法時，它確實似乎是一個單獨的場合。這樣，在兩個地方就有更廣泛的機會來提升品牌知名度。因此有這兩個管道。

And so that is one of the things that as we continue to grow this brand, that beverage is such a frequent occasion that the more that you're reminding of your brand, we think that there could be some great benefit there. And as a quick reminder on this, it's a license deal. So it's a light touch from our perspective, but we feel it will be an important part to grow the brand as we grow.

因此，隨著我們繼續發展這個品牌，飲料成為一種如此常見的現象，以至於您越能想起您的品牌，我們認為這可能會帶來很大的好處。簡單提醒一下，這是一項授權協議。因此，從我們的角度來看，這只是一個輕微的改變，但我們認為，隨著我們的成長，這將是品牌成長的重要組成部分。

Thanks for your questions.

感謝您的提問。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thank you. Just wanted to follow up on one of the questions Geff just asked and not just about the environment. So you guys did point to the high end of your guidance ranges, but I am curious if there was an impact that you were taking into account as it relates to the more uncertain consumer.

謝謝。我只是想跟進 Geff 剛才提出的一個問題，而不僅僅是有關環境的問題。所以你們確實指出了指導範圍的高端，但我很好奇你們是否考慮到了與更不確定的消費者有關的影響。

Yeah. So great question. What we've seen -- we saw in Q1, we're really pleased with the momentum we saw into Q2. Again, we've been just reaffirmed our confidence in the underlying business. We certainly are very mindful of what's going on in the environment at rest and listening to what others are experiencing. We're not seeing that with our customer today. But certainly, as we think about our guidance, we want to be mindful of how everybody else is experiencing the consumer today.

是的。這個問題問得真好。我們看到——我們在第一季看到了這一點，我們對第二季度的勢頭感到非常高興。再次，我們再次堅定了對基礎業務的信心。我們當然非常留意休息時環境中發生的事情，並傾聽其他人的經驗。我們今天沒有在客戶身上看到這種情況。但當然，當我們考慮我們的指導時，我們要留意其他人今天是如何體驗消費者的。

Okay. And then just a second final question. I'm just looking at the case. It looks like you do have 70 Texas shops entering the comparable store base at some point in 2025. I could have that plus or minus. But how should we be thinking about the impact that these Texas shops have when they enter the comparable store base?

好的。然後是最後一個第二個問題。我只是在看這個案子。看起來到 2025 年某個時候確實會有 70 家德克薩斯州的商店進入可比商店群。我可以有那個加號或減號。但是，當這些德克薩斯州的商店進入同類商店群時，我們應該如何看待它們的影響？

So I know you can't share too much about the waterfall. But I think most investors I've spoken to are expecting a nice tailwind from those Texas shops. What can you share with us as it relates to the potential impact they have as they enter the comp base?

所以我知道你不能分享太多有關瀑布的資訊。但我認為，與我交談過的大多數投資者都期待著來自德州的這些商店帶來良好的順風。您能與我們分享它們進入公司基礎後可能產生的影響嗎？

Yeah. So I might just step more broadly and talk about newer markets. I think we shared both at the Investor Day and I have shared in the past that we continue to see really strong performance from those newer vintages. We really believe that's the sum of the great marketing efforts we've put in to drive brand awareness, that higher adoption of mobile order in newer markets. combined with just the maturation of those shops as they come into the comp base.

是的。因此我可能會更廣泛地談論更新的市場。我想我們在投資者日上分享過這兩點，而且我過去也分享過，我們繼續看到這些較新的年份產品表現非常強勁。我們確實相信，這是我們為提高品牌知名度而付出的巨大行銷努力的結果，也是新市場中行動訂單採用率更高的結果。隨著這些商店進入競爭基礎，它們的成熟度也隨之提高。

So we do see outsized performance coming from the newer vintages, although see strong and strength across all vintages. So we do -- it's not isolated to those vintages, but certainly, we see stronger performance out of those.

因此，我們確實看到新年份的葡萄酒表現出色，儘管所有年份的葡萄酒都表現強勁。所以我們確實這麼做了——這並不局限於那些年份的葡萄酒，但毫無疑問，我們看到了那些年份葡萄酒更強勁的表現。

Thank you.

謝謝。

At this time, I would like to turn the floor back to Christine Barone for closing remarks.

現在，我想請克莉絲汀·巴羅內做最後發言。

Well, thank you for your questions. In Q1, we proudly embodied our core values of radiate kindness, get up early, stay up late and change the world. During our annual Dutch Luv Day of Giving on February 14, one of our three company-wide Giveback days, we supported local organizations committed to creating compelling futures.

好的，感謝您的提問。在第一季度，我們自豪地體現了我們的核心價值：散發善意、早起、熬夜、改變世界。2 月 14 日是荷蘭年度愛心捐贈日，也是我們全公司三個回饋日之一，在此期間，我們為致力於創造美好未來的當地組織提供支持。

This year, we were thrilled to support over 200 organizations nationwide, contributing more than $1 million to the local communities we serve. Additionally, more than 250 shops hosted local Giveback days this quarter, creating another way to make an impact in the communities where our releases live and work.

今年，我們很高興能夠支持全國 200 多個組織，為我們服務的當地社區捐款超過 100 萬美元。此外，本季有超過 250 家商店舉辦了當地回饋日活動，為我們所居住和工作的社區創造了另一種產生影響的方式。

As we embark on an exciting multiyear journey, it is the impact we make with our people and the communities around us that fuels the heartbeat company. We are going to continue on this clear path forward, making a massive difference one cup at a time.

當我們踏上令人興奮的多年旅程時，我們對我們的員工和周圍社區的影響為心跳公司提供了動力。我們將繼續沿著這條清晰的道路前進，透過一杯一杯的努力，帶來巨大的改變。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Have a great day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。祝你有美好的一天。