Dutch Bros Inc (BROS) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros second-quarter 2025 earnings conference call and webcast. This conference call and webcast is being recorded today, August 6, 2025 at 5:00 PM Eastern time and will be available for replay shortly after it has concluded.

感謝您的支持，歡迎參加 Dutch Bros 2025 年第二季財報電話會議和網路廣播。本次電話會議和網路直播將於今天（2025 年 8 月 6 日）美國東部時間下午 5:00 錄製，結束後不久即可重播。

I would now like to turn the call over to Paddy Warren, Dutch Bros Senior Director, Investor Relations and Capital Markets. Please go ahead.

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。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 June 30, 2025, after the market closed today. The earnings press release, along with the supplemental information deck have been posted to our Investor Relations website.

下午好，歡迎。與我一起參加的還有執行長兼總裁 Christine Barone 和財務長 Josh Guenser。我們在今天股市收盤後發布了截至 2025 年 6 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到我們的投資者關係網站。

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 our 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（歷史事實除外）均為前瞻性陳述，並且受風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致我們的實際結果存在重大差異。

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 our quarterly report on Form 10-Q. We assume no obligation to update any forward-looking statements. We will also reference non-GAAP financial measures on today's call. 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.

它們符合我們收益新聞稿中的警示聲明和我們最新的 SEC 文件中的風險因素，包括我們最近的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔更新任何前瞻性陳述的義務。我們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，非公認會計準則衡量指標既不能取代也不優於根據公認會計準則制定的衡量指標。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。

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

說完這些，我現在想把電話轉給克莉絲汀。

Thank you, Paddy, and good afternoon, everyone. Dutch Bros continues to fire on all cylinders, guided by a focused strategy, strong execution and our amazing people. Our second quarter performance underscored our continued momentum and reaffirm the strength of our brand. We are encouraged by our significant multiyear runway and the opportunities we have to deliver sustained results and continue scaling this company with our tenured and passionate team.

謝謝你，帕迪，大家下午好。在專注的策略、強大的執行力和優秀員工的指導下，Dutch Bros 繼續全力以赴。我們第二季的業績凸顯了我們持續的發展勢頭，並再次證明了我們品牌的實力。我們對我們多年來取得的巨大成就以及我們有機會提供持續的成果並繼續與我們充滿熱情的團隊一起擴大公司規模感到鼓舞。

In Q2, once again, we delivered on our mission to be a fun loving, mind-blowing company that makes a massive difference one cup at a time. Our business momentum remains strong, and our second quarter results were outstanding across multiple fronts. We delivered revenue growth of 28%, system same-shop sales growth of 6.1% and company-operated same-shop sales growth of 7.8%.

在第二季度，我們再次履行了我們的使命，成為一家充滿樂趣、令人興奮的公司，透過一杯又一杯的咖啡帶來巨大的改變。我們的業務勢頭依然強勁，第二季的業績在多個方面都表現出色。我們實現了營收成長 28%，系統同店銷售額成長 6.1%，公司自營同店銷售額成長 7.8%。

Our transaction-driving initiatives are working as system comp was primarily driven by transaction growth of 3.7%, marking yet another consecutive quarter of transaction growth. This growth was fueled by a coordinated effort of our long-term multiyear transaction drivers.

我們的交易驅動措施正在發揮作用，因為系統補償主要由 3.7% 的交易成長推動，這標誌著交易又連續一個季度成長。這一增長得益於我們多年長期交易驅動因素的協調努力。

Our new shop opening cadence is on track and we remain confident in our ability to open at least 160 system shops in 2025. New shop productivity is at elevated levels. And in Q2, we opened 31 new shops and entered Indiana, our 19th state. Our confidence in this year's trajectory continues to grow, reinforced by the strong performance we have seen so far this year.

我們的新店開設節奏正在按計劃進行，我們有信心在 2025 年開設至少 160 家系統商店。新車間生產效率處於較高水準。在第二季度，我們開設了 31 家新店，並進入了第 19 個州印第安納州。我們對今年的發展軌蹟的信心不斷增強，今年迄今的強勁表現也增強了我們的信心。

It is very clear that our efforts are working in unison to propel us forward. These efforts translated into strong financial results in the second quarter. System-wide AUVs were $2.05 million in the quarter, in line with record levels. Revenue grew at 28% and with exceptional flow through generating an impressive 37% adjusted EBITDA growth for the quarter. Based on these outstanding results across the board, I am very pleased to announce that we are raising our full year guidance for total revenues, same-shop sales growth and adjusted EBITDA.

很明顯，我們的努力正在齊心協力推動我們前進。這些努力轉化為第二季強勁的財務表現。本季全系統的 AUV 為 205 萬美元，與歷史最高水準一致。營收成長了 28%，由於出色的流動性，本季調整後的 EBITDA 成長達到了令人印象深刻的 37%。基於這些全面的出色業績，我很高興地宣布，我們將提高全年總收入、同店銷售額成長和調整後 EBITDA 的預期。

Josh will share additional details in a few minutes. Let's begin today's business update by spotlighting our greatest force multiplier, our exceptional people. Since 1992, we have been trailblazing a category-defining people-first culture within the drive-through beverage industry. When combined with our relentless focus on speed, quality and service, our people-first culture is not only our differentiator, but it is our most powerful competitive advantage.

喬希將在幾分鐘後分享更多細節。讓我們先來關註一下我們最大的力量倍增器——我們傑出的員工。自 1992 年以來，我們一直在免下車飲料行業中開創一種具有類別定義的以人為本的文化。結合我們對速度、品質和服務的不懈關注，我們的以人為本的文化不僅是我們的差異化因素，也是我們最強大的競爭優勢。

Every senior leader in our business has passed their flow checks, and every new Barista begins their journey grounded in our culture before learning to handcraft beverages. This approach ensures our leaders are fully immersed in the heart of our business building empathy, strengthening connection to the field and enabling more informed people-first strategic decisions.

我們公司的每一位高階主管都通過了流程檢查，每一位新咖啡師在學習手工製作飲料之前，都是在我們的文化中開始他們的旅程的。這種方法確保我們的領導者完全沉浸在我們業務的核心中，建立同理心，加強與現場的聯繫，並做出更明智的以人為本的策略決策。

Our commitment to culture is also reflected internally with ongoing field surveys. We consistently score high on overall job satisfaction and our values of radiate kindness, get up early, stay up late and change the world. When we recently expanded into Indiana, our opening MOB team was on the ground delivering a track record of consistency and service to jumpstart the Dutch Bros brand in the state.

我們對文化的承諾也透過正在進行的實地調查得到內部體現。我們在整體工作滿意度和散發善意、早起、晚睡和改變世界的價值觀方面始終得分很高。當我們最近擴展到印第安納州時，我們的開業 MOB 團隊在當地提供了一致的服務和記錄，以在該州啟動 Dutch Bros 品牌。

This approach ensures every new market, every new shop and every new future in the field reflects the culture that has defined us for over 30 years. Our current operator pipeline includes over 450 candidates with an impressive average tenure of over seven years, each one ready to carry forward and scale the Dutch Bros culture.

這種方法確保了該領域中的每個新市場、每家新店和每個新未來都體現了我們 30 多年來所秉持的文化。我們目前的營運商管道包括 450 多名候選人，平均任期超過七年，每個人都準備好繼承和擴大 Dutch Bros 文化。

This homegrown pipeline built over time with intention ensures a consistent high bar across markets that is difficult to replicate. Our operator pipeline is central to scaling our shops and more importantly, to scaling the Dutch Bros culture consistently. These individuals are deeply aligned with our values and bring a strong foundation of experience, positioning us for long-term people-driven growth.

這種經過精心設計、長期建造的本土管道確保了整個市場始終保持高標準，難以複製。我們的操作員管道對於擴大我們的商店規模至關重要，更重要的是，對於持續擴大 Dutch Bros 文化至關重要。這些人與我們的價值觀高度契合，並帶來了豐富的經驗基礎，為我們實現長期以人為本的成長奠定了基礎。

Shifting to development. We opened 31 system shops in the second quarter and are energized by the accelerating momentum into the back half of the year to open at least 160 shops in 2025. Thanks to the robust tools, streamlined processes and exceptional talent we've invested in thus far, we are well positioned to achieve our goal of 2,029 shops in 2029. If there's one takeaway from today's call, it is this. Dutch Bros is in growth mode, and we are just getting started with a long-term addressable market of 7,000 shops nationwide and just north of 1,000 shops today, the runway ahead is expansive.

轉向發展。我們在第二季開設了 31 家系統商店，並計劃在今年下半年以更快的速度開設至少 160 家商店。憑藉我們迄今為止投資的強大工具、精簡流程和傑出人才，我們完全有能力實現 2029 年擁有 2,029 家門市的目標。如果今天的電話會議有什麼要點的話，那就是這個。Dutch Bros 正處於成長模式，我們剛開始在全國建立 7,000 家門市的長期目標市場，目前門市數量已超過 1,000 家，未來的發展空間十分廣闊。

We continue to broaden our real estate capabilities by making key hires who will execute on our long-term pipeline. With refined systems and a disciplined market planning approach in place, we continue to scale our presence nationally and accelerate an ambitious growth strategy.

我們將繼續聘用能夠執行我們長期規劃的關鍵人員，以擴大我們的房地產能力。憑藉完善的系統和嚴謹的市場規劃方法，我們繼續擴大全國影響力並加速實施雄心勃勃的成長策略。

New shop productivity remained at elevated levels in Q2, driven by our refined approach to market planning. With new locations opening in the right areas in the right sequence, customers are lining up from day 1. These strategic investments in planning, tools and processes have improved system-wide AUVs and new shop productivity, positioning us for long-term success.

由於我們完善的市場規劃方法，第二季新店生產力仍維持在較高水準。隨著新店按照正確的順序在正確的區域開業，顧客從第一天起就開始排隊。這些在規劃、工具和流程方面的策略性投資提高了全系統的 AUV 和新車間生產力，為我們長期成功奠定了基礎。

Now let me share how we're expanding our competitive advantages through a focused set of clear and well-defined transaction-driving initiatives. We are delivering transaction growth through a 3-part plan, which includes an enhanced focus on category-wide innovation and increase in paid advertising efforts designed to build brand awareness, and an emphasis on the Dutch Rewards program for one-to-one customer connection.

現在，讓我分享我們如何透過一系列清晰、明確的交易驅動措施來擴大我們的競爭優勢。我們透過三部分計畫實現交易成長，其中包括更重視全類別創新、加大旨在建立品牌知名度的付費廣告力度，以及強調一對一客戶聯繫的荷蘭獎勵計畫。

We saw a steady progress across each of these initiatives during the quarter with clear signs that our efforts are working, evidenced by a sequential improvement in transaction growth. We are only beginning to unlock our full potential with significant runway ahead. Here is an update on each.

本季度，我們看到每項措施都取得了穩步進展，交易量成長的連續改善明顯表明我們的努力正在發揮作用。我們才剛開始釋放我們的全部潛力，未來還有很長的路要走。以下是每個內容的更新。

First, innovation. Innovation has been a cornerstone of our brand for over three decades, and it will continue to play a pivotal role going forward. This quarter, we responded to strong customer demand by bringing back Lavender and we introduced Dolce Delice using ingredients from our existing Pantry.

第一，創新。三十多年來，創新一直是我們品牌的基石，並將繼續在未來發揮關鍵作用。本季度，為了滿足強勁的客戶需求，我們重新推出了薰衣草，並使用我們現有食品儲藏室的原料推出了 Dolce Delice。

We also introduced sour Berry and Macha showcasing how we simultaneously innovate across our menu categories. These launches reinforce our commitment to delivering bold, exciting flavors that resonate with our customers.

我們還推出了酸漿果和抹茶，展示了我們如何同時在菜單類別中進行創新。這些產品的推出強化了我們致力於提供大膽、令人興奮的口味以引起顧客共鳴的承諾。

In May, we elevated the customer experience with a thoughtful touch, returning the friendship bracelets from 2024 that highlight our engaging customer-first approach in a fun way. Then in June, we kept the excitement going with the Dutch Cusi, bringing something fresh, relevant and most importantly, fun for our customers.

5 月份，我們透過貼心的服務提升了客戶體驗，歸還了 2024 年推出的友誼手鍊，以有趣的方式彰顯了我們引人入勝的客戶至上理念。然後在六月，我們繼續與 Dutch Cusi 合作，為我們的客戶帶來新鮮、相關且最重要的樂趣。

Second, paid advertising. During the quarter, we continued to step up execution of our paid advertising strategy, and the results have been clear. As we highlighted during our Investor Day, the strong performance of newer vintages has been driven in part by our laser focus on paid media and brand awareness. We are proud to share that based on recent survey data, both our aided and unaided awareness have shown significant improvement when compared to last year.

第二，付費廣告。本季度，我們持續加強付費廣告策略的執行，並且取得了顯著成效。正如我們在投資者日期間所強調的那樣，新年份葡萄酒的強勁表現部分得益於我們對付費媒體和品牌知名度的高度關注。我們很自豪地告訴大家，根據最近的調查數據，與去年相比，我們的輔助和非輔助意識都有了顯著的改善。

We are seeing clear momentum and we're energized by the positive trajectory. This progress reflects the strength of our brand and the impact of our continued efforts. Looking ahead, we see a clear and compelling runway to further close the awareness gap in new and existing markets, both in relative and absolute terms, unlocking even greater potential for our brand.

我們看到了明顯的勢頭，積極的軌跡為我們注入了活力。這項進步體現了我們品牌的實力以及我們持續努力的影響。展望未來，我們看到了一條清晰而引人注目的道路，可以進一步縮小新市場和現有市場在相對和絕對方面的認知差距，從而為我們的品牌釋放更大的潛力。

As we scale and maintain a higher elevated paid advertising stance, the benefits of our awareness driving initiatives are clear to us. Additionally, we believe the planned launch of our CPG line in 2026 can provide a meaningful tailwind to brand awareness, providing an expansive runway for our brand to grow.

隨著我們擴大並維持更高的付費廣告地位，我們的知名度推動措施帶來的好處對我們來說顯而易見。此外，我們相信，計劃於 2026 年推出的 CPG 系列可以為品牌知名度帶來有意義的推動力，為我們的品牌發展提供廣闊的平台。

And finally, Dutch Rewards. In Q2, approximately 72% of system transactions were attributed to our loyalty program. Representing a 5-point expansion versus the same period last year. We are just starting to tap into the full potential of this data to enhance our segmentation strategies.

最後是荷蘭獎勵。在第二季度，大約 72% 的系統交易歸因於我們的忠誠度計劃。與去年同期相比成長了 5 個百分點。我們剛開始充分利用這些數據的潛力來增強我們的細分策略。

Recently, we have become more precise in the way in which we tailor communication to specific customer cohorts based on their rewards behaviors. This streamlined approach helps us build stronger, more personalized relationships across each customer segment. In addition to these foundational transaction-driving initiatives, we see a clear path forward with our strategic growth drivers, order ahead, throughput and food.

最近，我們根據特定客戶群的獎勵行為，更精準地客製化溝通方式。這種簡化的方法有助於我們與各個客戶群建立更強大、更個人化的關係。除了這些基礎的交易驅動舉措之外，我們還看到了戰略成長動力、提前訂單、吞吐量和食品方面的明確前進道路。

We remain enthusiastic about order ahead as we believe it is contributing to our transaction growth. As of the end of the second quarter, order ahead accounted for approximately 11.5% of transaction mix. In select new markets, we are seeing transaction mix more than double the overall average.

我們對未來訂單仍然充滿熱情，因為我們相信它有助於我們的交易成長。截至第二季末，預購訂單約佔交易組合的11.5%。在選定的新市場中，我們發現交易組合是整體平均值的兩倍以上。

Order ahead awareness has been driven primarily by customer exposure to the program through shop signage and our mobile app. This deliberate steady approach remains our focus as we continue to prioritize driving the business forward while ensuring that our bruises are set up to deliver fantastic service. We are seeing our strategy come to fruition as order ahead gains momentum in the morning daypart.

提前訂購意識的提高主要得益於顧客透過商店標誌和我們的行動應用程式接觸該計劃。這種深思熟慮的穩健方法仍然是我們的重點，因為我們繼續優先推動業務向前發展，同時確保我們能夠提供出色的服務。隨著早上訂單的增加，我們的策略正在取得成果。

We are focused on eliminating structural barriers, driving better throughput outcomes, and opening up the underutilized walk-up window channel. These results reinforce our confidence in our multiyear journey. We remain focused on increasing transaction potential at our shops by increasing speed and capacity through a series of throughput-based initiatives.

我們致力於消除結構性障礙、提高吞吐量結果並開放未充分利用的步行窗口通道。這些結果增強了我們對多年旅程的信心。我們將繼續致力於透過一系列基於吞吐量的措施來提高速度和容量，從而增加商店的交易潛力。

Transaction growth continues to be healthy in Q2, and and our shops are intentionally designed to support high volumes, aiding our throughput efforts. This enables us to meet rising demand while consistently delivering an exceptional customer experience.

第二季交易量持續保持健康成長，我們的商店特意設計用於支援高交易量，以幫助我們提高吞吐量。這使我們能夠滿足不斷增長的需求，同時始終如一地提供卓越的客戶體驗。

Recently, we introduced enhanced dashboards, which provides shop management greater visibility into speed-based KPIs. We know that when our field clearly understands and easily see measurable goals they take meaningful action to improve throughput. We are also continuing to refine our labor deployment model, ensuring that staffing better matches demand expectations during the day. While it is still early innings, these initial low-hanging fruit wins represent a strong start to what we recognize to be a multiyear journey to unlock transaction growth.

最近，我們推出了增強型儀表板，使商店管理層能夠更好地了解基於速度的 KPI。我們知道，當我們的領域清楚地理解並輕鬆看到可衡量的目標時，他們就會採取有意義的行動來提高吞吐量。我們也持續完善我們的勞動力部署模式，確保人員配置能更好地滿足白天的需求預期。雖然現在還處於初期階段，但這些初步的、唾手可得的勝利代表著我們認識到的、為實現交易增長而需要多年的旅程開了個好頭。

We remain excited about the progress of our food pilot and look forward to continuing to test and refine throughout 2025. Early results suggest that an expanded food offering is driving incremental growth in the morning daypart, much like our order ahead initiative.

我們對食品試點的進展感到興奮，並期待在 2025 年繼續進行測試和改進。早期結果表明，擴大食品供應正在推動上午時段的增量增長，就像我們的提前訂餐計劃一樣。

During the quarter, we expanded the pilot to 64 company-operated shops, extending beyond Arizona into select markets in Kansas, Missouri and Oklahoma. The initial results from our pilot test are exceeding expectations and reinforcing the potential of this initiative to drive AUVs. We are seeing encouraging signs of both ticket and transaction lift within the Test group. Early performance in new markets has been especially strong, adding to our confidence to continue testing, ensuring we scale thoughtfully over time. We are pleased with customer and Broista survey data as well, particularly around feedback from customers on quality and likelihood to recommend and are encouraged by early results indicating our ability to maintain high throughput levels.

本季度，我們將試點範圍擴大到 64 家公司經營的商店，從亞利桑那州延伸到堪薩斯州、密蘇裡州和俄克拉荷馬州的部分市場。我們的試點測試的初步結果超出了預期，並增強了該計劃驅動 AUV 的潛力。我們看到測試組中票務和交易量均出現令人鼓舞的提升跡象。新市場的早期表現尤其強勁，增強了我們繼續測試的信心，確保我們隨著時間的推移進行深思熟慮的擴展。我們對客戶和 Broista 調查數據感到滿意，特別是客戶對品質和推薦可能性的回饋，並且早期結果表明我們有能力保持高吞吐量水平，這讓我們感到鼓舞。

We're well positioned to expand this test in 2025 and pursue a broader system rollout throughout 2026. This expansion will enable Dutch Bros to capture additional white space in the morning daypart, which is a routinized high-value occasion with strong growth potential.

我們已做好準備，在 2025 年擴大此項測試，並在 2026 年推行更廣泛的系統推廣。此次擴張將使 Dutch Bros 能夠抓住早上時段的更多空白，而早上時段是常規的高價值時段，具有強大的成長潛力。

In closing, momentum in our business is strong, and we remain confident in the multi-year growth runway ahead. We have the most passionate people who are deeply engaged in the business. Our Broista energized every interaction with the customer, fueling momentum across our brand and our operator pipeline is ready to grow with us. We have clear visibility on our growth drivers.

最後，我們的業務勢頭強勁，我們對未來多年的成長勢頭充滿信心。我們擁有最熱情、最全心投入業務的員工。我們的 Broista 為與客戶的每一次互動注入了活力，為我們的品牌注入了新的動力，我們的營運商管道也準備好與我們一起成長。我們對我們的成長動力有著清晰的認識。

In Q2, we achieved 28% year-over-year revenue growth and 6.1% system same-shop sales growth, reflecting the strength of our business. We are clearly resonating with our customers. as demonstrated by healthy transaction growth. With over 30 years of brand love behind us, we continue to open shops with lines that stretch well beyond our drive-thrus, underscoring the strength of our strong demand.

第二季度，我們的營收年增 28%，系統同店銷售額成長 6.1%，反映了我們業務的強勁成長。我們顯然與客戶產生了共鳴，健康的交易成長證明了這一點。憑藉 30 多年的品牌情懷，我們繼續開店，排隊人數遠遠超出了免下車通道，凸顯了我們強勁的需求。

We are operating at the intersection of a powerful set of secular trends which are shaping our industry from the rising demand for cold beverages, energy drinks and enhanced customization we are exceptionally well positioned to continue the pursuit of our strategic vision.

我們正處於一系列強大的長期趨勢的交匯處，這些趨勢正在塑造我們的行業，從對冷飲、能量飲料和增強定制的需求不斷增長，我們處於非常有利的位置，可以繼續追求我們的戰略願景。

Our new shop productivity remains elevated, and we're excited about the cadence of openings throughout the remainder of the year. To be over 1,000 shops in with the amazing love we see for our brand gives me so much optimism in our future, our team and the strength of this amazing company.

我們的新店生產力仍然很高，我們對今年剩餘時間的開幕節奏感到興奮。我們的品牌在超過 1,000 家門市中廣受好評，這讓我對我們的未來、我們的團隊以及這家出色公司的實力充滿信心。

I'll now turn it over to Josh who will discuss our financial performance and updates on guidance.

現在我將把時間交給 Josh，他將討論我們的財務表現和指導更新。

Thanks, Christine. I'll provide a recap of our second quarter results, along with an updated outlook for 2025. Our Q2 performance built on the strong momentum from Q1 and clearly demonstrated that our transaction-driving initiatives are continuing to work. These efforts, along with the maturation of our new vintages, fueled our transaction growth and reinforce the confidence we have in the long-term growth potential of our business.

謝謝，克里斯汀。我將回顧我們的第二季業績，並更新 2025 年的展望。我們第二季的業績延續了第一季的強勁勢頭，並清楚地表明我們的交易驅動舉措正在繼續發揮作用。這些努力，加上我們新年份葡萄酒的成熟，推動了我們的交易成長，並增強了我們對業務長期成長潛力的信心。

Second quarter revenue was $416 million, an increase of 28% or $91 million over the second quarter of last year. Systems same-shop sales growth was 6.1%, driven by 3.7% transaction growth. We are very proud of the transaction outperformance delivered this quarter. It is a clear testament to the strength of our transaction-driving initiatives, which are working in unison to propel the business forward and serve as the primary driver of comp performance.

第二季營收為 4.16 億美元，較去年第二季成長 28%（即 9,100 萬美元）。系統同店銷售額成長 6.1%，受 3.7% 交易量成長推動。我們對本季交易的優異表現感到非常自豪。這清楚地證明了我們的交易驅動計劃的實力，這些計劃齊心協力推動業務向前發展，並成為公司業績的主要驅動力。

I want to take a moment to recognize our field and marketing teams. Their execution allowed us to outperform our Q2 expectations. We continue to see strong traffic trends through July. With Q3 off to a great start, we are raising our full year same-shop sales growth guidance to approximately 4.5%. For the third quarter, this contemplates 3.5% to 4% system same-shop sales growth which includes approximately 60 basis points of net price roll off.

我想花點時間來認識我們的現場和行銷團隊。他們的執行使我們超出了第二季度的預期。整個七月份，我們持續看到強勁的流量趨勢。由於第三季開局良好，我們將全年同店銷售額成長預期上調至約 4.5%。對於第三季度，系統同店銷售額預計將成長 3.5% 至 4%，其中包括約 60 個基點的淨價格下滑。

The impact of the July 4 day of week shift and continued underlying transaction growth with a more normalized benefit from marketing activity in the third quarter. During the quarter, we opened 31 new shops, of which 30 were company operated bringing total system shop count to 1,043 shops. We are confident in our ability to accelerate our pace throughout the back half of the year with approximately 40 openings expected in Q3 and approximately 60 in Q4, positioning us to open at least 160 system shops in 2025. In the quarter, adjusted EBITDA was $89 million, an increase of 37% or $24 million over the second quarter of last year.

7 月 4 日星期變化的影響和持續的基礎交易成長以及第三季行銷活動帶來的更正常化的好處。本季度，我們開設了 31 家新店，其中 30 家由公司經營，使系統店總數達到 1,043 家。我們有信心在下半年加快步伐，預計第三季將開設約 40 家新店，第四季將開設約 60 家新店，到 2025 年我們將開設至少 160 家系統商店。本季度，調整後的 EBITDA 為 8,900 萬美元，較去年第二季成長 37% 或 2,400 萬美元。

Moving to our company-operated shops. Revenue in Q2 was $381 million, an increase of 29% or $85 million over the second quarter of last year. Company-operated same-shop sales growth was outstanding at 7.8%, with 5.9% coming from transaction growth. Company-operated shop contribution was $118 million, an increase of 30% or $27 million year over year. Company-operated shop contribution margin was 31.1%.

轉移到我們公司經營的商店。第二季營收為 3.81 億美元，比去年第二季成長 29%（即 8,500 萬美元）。公司自營同店銷售額成長突出，達 7.8%，其中 5.9% 來自交易成長。公司自營店貢獻 1.18 億美元，年增 30% 或 2,700 萬美元。自營店貢獻利潤率為31.1%。

Beverage, food and packaging costs were 25.3% of company-operated shop revenue. The 20 basis points of year-over-year favorability reflects beneficial dairy pricing, which more than offset increases in coffee costs. We expect these dairy savings to continue through the remainder of the year.

飲料、食品和包裝成本占公司自營店收入的25.3%。同比 20 個基點的有利因素反映了乳製品價格的有利影響，足以抵消咖啡成本的上漲。我們預計乳製品價格的下降將在今年剩餘時間內持續下去。

Coffee costs were roughly in line with expectations for the quarter. With that said, we do expect to see the impact from coffee to accelerate in the back half of the year. As a reminder, we are substantially price locked on coffee for the remainder of 2025. Tariffs remain an area we are actively monitoring. And at this point, coffee accounts for 10% of our total COGS basket with approximately 50% of our coffee sourced from Brazil.

咖啡成本與本季的預期大致相符。話雖如此，我們確實預計咖啡的影響將在今年下半年加速。提醒一下，2025 年剩餘時間內，咖啡價格基本上保持鎖定狀態。關稅仍然是我們積極監控的一個領域。目前，咖啡占我們總銷貨成本的 10%，其中約 50% 的咖啡來自巴西。

With all this in mind, our full year outlook assumes beverage, food and packaging costs of approximately 26% of company-operated shop revenue in the back half of the year. This reflects the higher impact of tariffs mitigated by savings we achieved on dairy costs.

考慮到所有這些因素，我們對全年的展望是，飲料、食品和包裝成本約佔下半年公司自營店收入的 26%。這反映出我們在乳製品成本上節省的開支抵消了關稅帶來的較大影響。

Labor costs were 26.6% of company-operated shop revenue, which is 60 basis points favorable year over year, primarily driven by sales leverage. Our full year guidance continues to contemplate labor as a percentage of company-operated revenue remaining flat year over year for 2025.

勞動成本占公司自營店營收的 26.6%，比去年同期下降 60 個基點，主要受銷售槓桿的影響。我們的全年指引繼續認為，到 2025 年，勞動力占公司營運收入的百分比將與去年同期持平。

Occupancy and other costs were 15.8% of company-operated shop revenue which is 80 basis points unfavorable year over year, driven largely from the impact of occupancy rates from new shops. Preopening expenses were 1.2% of company-operated shop revenue which is 30 basis points favorable year over year. Given the accelerated shop opening cadence in the back half, we expect preopening expenses to be higher than the first half of 2025. Considering all of this, our full year guidance contemplates a company-operated SHOP contribution margin of approximately 28.5% for Q3. Adjusted SG&A was $58.7 million or 14.1% of total revenue.

入住率和其他成本占公司自營店收入的 15.8%，較去年同期下降 80 個基點，主要受新店入住率的影響。開業前費用占公司自營店收入的 1.2%，比去年同期低 30 個基點。鑑於下半年開店節奏加快，我們預計開業前費用將高於 2025 年上半年。考慮到所有這些，我們的全年指引預計第三季公司營運的 SHOP 貢獻利潤率約為 28.5%。調整後的銷售、一般及行政費用為 5,870 萬美元，佔總收入的 14.1%。

We continue to expect approximately 90 basis points of leverage on adjusted SG&A for the full year 2025.

我們繼續預期 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 Q2, we announced that we are transitioning the majority of the remaining headquarter staff to Arizona. We expect to incur up to $8.5 million in nonrecurring costs which we anticipate will be excluded from our adjusted SG&A. In the quarter, interest expense net was approximately flat year over year at $7 million.

在第二季度，我們宣布將把剩餘的大部分總部員工轉移到亞利桑那州。我們預計將產生高達 850 萬美元的非經常性成本，我們預計這些成本將不包括在調整後的銷售、一般和行政費用中。本季度，利息支出淨額與去年同期基本持平，為 700 萬美元。

For the quarter, we delivered $0.26 of adjusted EPS, up from $0.19 or 37% from Q2 of last year.

本季度，我們的調整後每股收益為 0.26 美元，高於去年第二季的 0.19 美元，增幅為 37%。

Now I'll provide an update on our balance sheet, cash flow and liquidity. In May, we successfully refinanced our credit facility, securing $650 million in total capacity. This includes a $500 million revolving credit facility, of which $50 million was drawn at close and a drawn term loan facility of $150 million.

現在我將提供有關我們的資產負債表、現金流量和流動性的最新資訊。五月份，我們成功地對信貸額度進行了再融資，總融資額達到 6.5 億美元。其中包括 5 億美元的循環信貸額度（其中 5,000 萬美元已在期末提取）和 1.5 億美元的定期貸款額度。

The refinancing extends the duration of our available liquidity and provides more flexibility to support our long-term growth. As of June 30, we have approximately $694 million in total liquidity, consisting of $254 million in cash and $440 million in our undrawn revolver. During the quarter, we increased our net cash position by approximately $19 million, which was driven by strong cash flow from operations.

再融資延長了我們可用流動性的期限，並提供了更大的靈活性來支持我們的長期成長。截至 6 月 30 日，我們的總流動資金約為 6.94 億美元，其中包括 2.54 億美元現金和 4.4 億美元未提取的循環信貸額度。本季度，我們的淨現金部位增加了約 1,900 萬美元，這得益於強勁的營運現金流。

With a solid cash position on our balance sheet, and enhanced liquidity through our recently refinanced credit facility, we are well positioned to pursue our growth with great confidence. In Q2, our average CapEx per shop declined approximately 15% from Q1 levels to approximately $1.4 million demonstrating the progress we continue to make in transitioning our portfolio to more capital-efficient build-to-suit lease arrangements.

我們的資產負債表上擁有穩固的現金狀況，並且透過最近再融資的信貸安排增強了流動性，我們完全有能力滿懷信心地追求成長。在第二季度，我們每家店的平均資本支出較第一季下降了約 15%，至約 140 萬美元，這表明我們在將我們的投資組合轉變為更具資本效率的客製化租賃安排方面繼續取得進展。

Turning over to guidance. In light of our recent strong business performance, we are raising our full year guidance for total revenues, system same-shop sales growth and adjusted EBITDA. Total revenues are now projected to be between $1.59 billion and $1.6 billion. System same-shop sales growth is now expected to be approximately 4.5%. Adjusted EBITDA is now estimated to be between $285 million and $290 million.

轉向指導。鑑於我們近期強勁的業務表現，我們提高了全年總收入、系統同店銷售額成長和調整後 EBITDA 的預期。目前預計總收入在 15.9 億美元至 16 億美元之間。目前預計系統同店銷售額成長約4.5%。調整後的 EBITDA 目前估計在 2.85 億美元至 2.9 億美元之間。

There are no changes to our guidance for total system shop openings and capital expenditures. We continue to expect to open at least 160 new shops, representing 16% system shop growth. Capital expenditures remain within our estimated range of $240 million to $260 million, primarily made up of new shop construction costs.

我們對系統商店總開業數量和資本支出的指導沒有變化。我們仍預計將開設至少 160 家新店，這意味著系統店數量將增加 16%。資本支出仍在我們估計的 2.4 億美元至 2.6 億美元範圍內，主要由新店建設成本組成。

We are excited by our business momentum and maintain strong visibility into our multiyear growth runway. We are very well positioned to continue delivering incredible results backed by a robust 4-wall shop economic model and exceptional unit level returns. Thank you, everyone. We will now take your questions.

我們對我們的業務發展勢頭感到興奮，並對我們的多年成長前景保持著強勁的預見性。憑藉強大的四壁商店經濟模式和卓越的單位級回報，我們完全有能力繼續創造令人難以置信的業績。謝謝大家。我們現在將回答大家的提問。

(Operator Instructions) Andy Barish, Jefferies.

（操作員指示）Andy Barish，Jefferies。

Yeah. Hey, guys. Just wondering on the CPG strategy for next year. Is that going to roll out in newer markets? Or any -- just any color on how you expect that to go forward in 2026 to support growing brand awareness.

是的。嘿，大家好。我只是想知道明年的 CPG 戰略。這項服務會在新市場推出嗎？或任何——任何顏色，您期望它在 2026 年如何發展，以支持不斷增長的品牌知名度。

Great. Thanks for the question, Andy. So as we look at the CPG rollout, we're focused on areas where we have shops. So we want to introduce our customers to the brand through the shops first, and we'll have -- we'll be rolling out a in the markets where we have shops.

偉大的。謝謝你的提問，安迪。因此，當我們考慮 CPG 的推出時，我們會專注於有商店的區域。因此，我們希望首先透過商店向我們的客戶介紹該品牌，並且我們將在有商店的市場推出該品牌。

And as we look at how that rollout will go, it's a little bit aligned depending on where the resets are by each retailer but we would expect to start seeing some early rollout in Q1 of '26 with a more substantial rollout through the rest of the year.

當我們觀察推出情況時，它會根據每個零售商的重置情況而有點一致，但我們預計在 2026 年第一季將開始看到一些早期推出，並在今年剩餘時間內進行更大規模的推出。

We're really excited by what we're hearing so far. I think the excitement in this market for having a new brand with a lot of energy behind it is something that we're really -- it's being reflected in those conversations that we're having with retailers.

我們對目前所聽到的消息感到非常興奮。我認為，這個市場對於一個充滿活力的新品牌的興奮是我們真正感受到的——這反映在我們與零售商的對話中。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi. Thanks for taking the question and congratulations to you and the team on really good results again this quarter. I know you're doing a lot of work on speed and throughput, and I'm sure that's manifesting some of these results we're seeing. And I know you mentioned labor deployment and ongoing initiatives there. Can you give us an update on where you are on speed and throughput, maybe some metrics and what you're finding to be the best levers to pull to improve that further? Thank you.

你好。感謝您回答這個問題，並祝賀您和您的團隊本季再次取得優異的成績。我知道你們在速度和吞吐量方面做了很多工作，我相信這反映了我們所看到的一些成果。我知道您提到了勞動力部署和正在進行的舉措。您能否向我們介紹一下您的速度和吞吐量的最新情況，也許是一些指標，以及您認為可以進一步改善速度和吞吐量的最佳手段是什麼？謝謝。

Yeah. So I would describe where we are on throughput as we are still working on some basic blocking and tackling. And I think we have a long runway ahead of us from a throughput perspective. One of the things we're really encouraged by is if you look at those results in Q2, led by that 3.7% transaction growth, that is really everything working in concert. And one of the most important areas is really that labor deployment.

是的。因此，我將描述我們在吞吐量方面的現狀，因為我們仍在進行一些基本的阻止和處理。我認為從吞吐量的角度來看我們還有很長的路要走。真正讓我們感到鼓舞的事情之一是，如果你看看第二季的業績，你會發現以 3.7% 的交易量成長為首，所有因素都在共同發揮作用。其中最重要的一個領域就是勞動力部署。

So some of what we're seeing there as we roll out a new LTO, just having great training, making sure our teams are really well staffed against demand as we do special merch drops and sticker drops. Those are focused on different parts of the day.

因此，我們在推出新的 LTO 時看到的一些情況是，進行良好的培訓，確保我們的團隊在進行特殊商品投放和貼紙投放時能夠滿足需求。它們主要集中在一天中的不同部分。

So our team's ability to really understand where we're going to see those demands, match our staffing against it that we can really provide exceptional service is one of the things I'm most excited about that I'm seeing from a throughput perspective. We've also rolled out speed dashboard. And this is one of our first times that our teams get to see in a very easy way. How am I doing right now? How did I do on my best weekend or my best hour?

因此，從吞吐量的角度來看，最讓我興奮的事情之一就是我們的團隊能夠真正了解這些需求，並根據這些需求安排我們的人員，以便我們可以真正提供卓越的服務。我們也推出了速度儀表板。這是我們的團隊第一次以非常簡單的方式看到這一點。我現在怎麼樣？我最好的周末或最好的一小時表現如何？

And can I motivate and drive the team to see if we can deliver one extra smile during that time period. So that's -- those are the primary things we're doing right now, and I think it's really neat to see just how well the team is doing with labor deployment and ensuring that we're staffed really well to meet those high peaks, especially during some of those merch drops.

我能否激勵和推動團隊，看看我們是否能在這段時間內帶來額外的微笑。所以這就是我們現在正在做的主要事情，我認為看到團隊在勞動力部署方面做得如此出色，並確保我們擁有充足的人員來應對這些高峰，特別是在一些商品投放期間，這真的很棒。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah. Thanks, guys. Obviously, as you mentioned, new store productivity remains very good. Can you talk about, I guess, some of the market specifics that you're seeing there? And is -- is it still your expectation that, that holds up quite well into the second half of this year?

是的。謝謝大家。顯然，正如您所說，新店生產力仍然非常好。您能否談談您在那裡看到的一些市場具體情況？您是否仍預計這種情況會在今年下半年持續下去？

Yeah. So as we look at new shop productivity, it does remain elevated, and we're actually seeing really nice strong results across our different markets. We actually are our strongest performing shop last week with a very new shop in Georgia. And so we really just need to see that these long lines are holding as we move across the country. I think the strength of this brand -- it's just really evident as we open new shops and get to see this amazing demand even in markets very far from our home market of Grants Pass.

是的。因此，當我們觀察新店生產力時，它確實保持在較高水平，而且我們實際上在不同的市場看到了非常強勁的業績。事實上，上週我們在喬治亞州開了一家新店，這是我們表現最強勁的店鋪。因此，我們真正需要做的只是確保在我們穿越全國時這些長隊能夠保持穩定。我認為這個品牌的優勢——當我們開設新店並看到即使在遠離我們本土市場格蘭茨帕斯的市場也有如此驚人的需求時，這一點就顯而易見了。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Yes. Thank you. Congrats on a great quarter. You've really led innovation in protein coffee and customized energy drinks, but it seems like some of your competitors are trying to catch up -- could you help us understand how you prioritize investments and allocate resources across your beverage and food platforms to maintain that competitive advantage. And what framework guides your decisions when identifying some of the new white space opportunities? Thank you.

是的。謝謝。恭喜本季取得優異成績。您確實引領了蛋白質咖啡和客製化能量飲料的創新，但似乎您的一些競爭對手正在努力追趕——您能否幫助我們了解您如何在飲料和食品平台上優先投資和分配資源以保持競爭優勢。在發現一些新的空白機會時，什麼框架可以引導您的決策？謝謝。

Yeah. So as we look at innovation, it's really this cool mix of art and science. I think it is understanding what is going on more broadly in the market, where there might be an idea that could work with our customers. Then we do a series of testing where we bring in some a customer panel and we'll have them try different things. We'll also do name testing concept testing, so we bring some science in to see how we're doing.

是的。因此，當我們看待創新時，它實際上是藝術和科學的完美結合。我認為這是在更廣泛地了解市場上正在發生的事情，其中可能存在可以與我們的客戶合作的想法。然後，我們會進行一系列測試，邀請一些客戶小組，讓他們嘗試不同的東西。我們還將進行名稱測試概念測試，因此我們引入一些科學方法來了解我們的表現。

And then as things start to make it through that process, we'll even do some market testing just to really understand what is the best way in as we look at innovation. I think the other thing that we're really focused on is our customers are drinking across platforms -- and I think that the growth in the beverage market is really being driven across various different platforms.

然後，當事情開始完成這個過程時，我們甚至會做一些市場測試，只是為了真正了解我們在創新方面最好的方式是什麼。我認為我們真正關注的另一件事是我們的客戶正在跨平台飲酒——我認為飲料市場的成長實際上是由各種不同的平台所推動的。

So for us, we're really simultaneously trying to understand what is going on in the coffee market with like the introduction of protein or what is are we going to do next on the protein side. We're also looking at customized energy -- what is the way to ensure that our customers really understand the breadth of the offering there, what are some drinks that we can highlight to really drive that.

因此，對我們來說，我們實際上是在同時嘗試了解咖啡市場正在發生的事情，例如蛋白質的引入，或者我們下一步將在蛋白質方面做什麼。我們也在研究客製化能源——如何確保我們的客戶真正了解我們提供的各種產品，我們可以重點介紹哪些飲料來真正推動這一點。

And then we'll also have innovation in some of our sparkling beverages, or physics. And we can pop that throughout the quarter in different ways, both through LTOs and through bringing in secret menu items or showcasing a part of the menu over the weekend.

然後我們也會對一些含氣飲料或物理學進行創新。我們可以透過不同的方式在整個季度中推出這項功能，包括透過 LTO 以及引入秘密菜單項目或在周末展示部分菜單。

Logan Reich, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Logan Reich。

Hey. Good afternoon. Thanks for taking the question. Congrats on the solid print. I just had a question on the mobile order mix. It looks like it was up 50 basis points this quarter versus about 300 last quarter. I know there's going to be some tapering off on the ramp. But just longer term, where do you see that mix getting to, I don't know if you have like an internal target or expectation, but just trying to get a sense of the ramp over the next several quarters in the mobile order mix.

嘿。午安.感謝您回答這個問題。恭喜您獲得堅實的印刷效果。我只是想問一下關於行動訂單組合的問題。看起來本季上漲了 50 個基點，而上一季則上漲了約 300 個基點。我知道坡道上的速度會逐漸變慢。但從長遠來看，您認為這種組合會達到什麼程度，我不知道您是否有內部目標或期望，但只是想了解未來幾季行動訂單組合的成長情況。

Yeah. We feel really good about where mobile order is. And I think especially with how our teams are embracing it and how our customers are embracing mobile order. So the 11.5% is really where we would expect it to be. I think if you look across our system, we do have some of our newer markets that are double that mix and part of the overall mix that we look at is really driven by just the historical setup of some of our shops.

是的。我們對行動訂購的現狀感到非常滿意。我認為尤其是我們的團隊如何接受它以及我們的客戶如何接受行動訂單。因此，11.5% 確實符合我們的預期。我認為，如果你縱觀我們的系統，我們確實有一些較新的市場，其組合是這種組合的兩倍，而我們所關注的整體組合的一部分實際上是由一些商店的歷史設置驅動的。

As a reminder, we've been around for over 30 years, and a lot of our original shops are double drive-throughs. And so that speed of mobile order and being able to go to the walk-up window, just death is as the same thing in some of our newer markets where we've got that walk-up window channel.

提醒一下，我們已經存在 30 多年了，我們原來的許多商店都是雙車道直通車。因此，行動訂購的速度和能夠進入步行窗口的速度是一樣的，在我們擁有步行窗口管道的一些較新的市場中，死亡是同樣的事情。

One of the things we have seen, and it was something that we were trying to do is that walk-up window channel now represents approximately 15% of the mix when we started out on the mobile order journey, it was about 10%. And so really being able to balance that demand between those two windows is working incredibly well for us.

我們看到的一件事，也是我們試圖做的事情，就是當我們開始行動訂購流程時，步行窗口頻道現在佔了大約 15% 的份額，大約是 10%。因此，能夠真正平衡這兩個視窗之間的需求對我們來說非常有效。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Christine, thanks for sharing the details of the expanded food test and the positive learnings you're seeing so far from the pilot. I'm curious with all the positive details, what's driving the decision to roll this out throughout 2026 rather than all at once?

克里斯汀，感謝您分享擴大食品測試的細節以及您從試點中迄今為止看到的積極經驗。我很好奇，所有這些積極的細節，是什麼促使您決定在 2026 年推行這項計劃，而不是一次性全部推行？

Yeah. So as we look at the food program, I think, similar to how we looked at mobile order, -- the primary factor is ensuring we really take the time to do the training correctly set up our teams for success, ensure that they are really ready to share this with our customers.

是的。因此，當我們審視食品計劃時，我認為，與我們審視行動訂購的方式類似——主要因素是確保我們真正花時間進行正確的培訓，為我們的團隊取得成功做好準備，確保他們真正準備好與我們的客戶分享這一點。

And we found that stage process really working through everything as we rolled this out, work very well for mobile order. In addition with food, there are a number of equipment, things that have to go into our shop, right.

我們發現，當我們推出這項服務時，該階段流程確實發揮了作用，對於行動訂購來說非常有效。除了食物之外，還有許多設備、東西必須進入我們的商店，對吧。

So we're putting freezers into our shops. We're putting ovens into our shops. We're putting in different racks and things that make it really easy for our teams to execute on the food business. And so just the physical part of putting that into the shops, will happen over time.

因此我們在商店裡安裝了冰櫃。我們正在商店安裝烤箱。我們放置了不同的貨架和其他物品，以便我們的團隊可以輕鬆地進行食品業務。因此，將其放入商店的物理部分將隨著時間的推移而實現。

The other piece is as we bring food in, we are working with each of our distributors in each of our markets to ensure that we're really rolling this out in the correct way. So we are just incredibly pleased with what we're seeing we feel really good about the training cadence that we're establishing as we roll out into markets.

另一點是，當我們引進食品時，我們正在與每個市場的每個分銷商合作，以確保我們真正以正確的方式推出這款產品。因此，我們對所看到的情況感到非常高興，我們對我們在進入市場時建立的培訓節奏感到非常滿意。

And then we're also ensuring that we're testing the food business across a lot of different parameters. So this move in, starting in the market in Arizona and then going into some of our newest markets with food and seeing the results that we're seeing. We're just incredibly pleased at the -- as we expand this under different circumstances to continue to see really great results.

然後，我們還確保根據許多不同的參數對食品業務進行測試。因此，我們首先從亞利桑那州的市場開始，然後進入一些最新的食品市場，並看到了我們所看到的成果。我們對此感到非常高興——因為我們在不同情況下擴展了這一範圍並繼續看到了非常好的結果。

Thank you.

謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi. Good afternoon. I had a question about maybe clarifying what you're seeing so far in Q3, Josh, I think you guided to Q3 comps of 3.5% to 4%, but you indicated that you entered the quarter with good momentum. So I just wanted to understand if you're running in a way that's ahead of that guidance and you're planning, your marketing in a way that maybe you expect it to settle for the rest of the quarter?

你好。午安.喬希，我有一個問題，也許可以澄清一下您對第三季度目前所看到的情況，我認為您預計第三季度的銷售額將增長 3.5% 至 4%，但您表示您以良好的勢頭進入了本季度。因此，我只是想了解一下，您的運作方式是否超出了預期，並且您是否在規劃行銷方式，您是否預計它會在本季度剩餘時間內穩定下來？

And then I guess the second and bigger follow-up for Christine would be if marketing is working, which it seems like it is generating a really good return for the business, why not lean in a bit more to keep that momentum going? Thanks.

然後我想，克里斯汀的第二個也是更重要的後續問題是，如果行銷有效，而且看起來它為企業帶來了非常好的回報，那麼為什麼不進一步努力保持這種勢頭呢？謝謝。

Yeah, David, I'll take the first part of the question there. And just to highlight, Q2, we felt really good about our performance overall. We saw a really strong underlying transaction trends and then on top of that, we just had some just incredible promotional activities, stricter drops, merch drops, LTO offerings that really just drove outperformance. I would really describe Q2 as firing on all cylinders, really outperforming our expectations.

是的，大衛，我將回答問題的第一部分。需要強調的是，第二季度，我們對我們的整體表現感到非常滿意。我們看到了非常強勁的潛在交易趨勢，在此基礎上，我們還開展了一些令人難以置信的促銷活動，更嚴格的降價、商品降價、LTO 優惠，這些確實推動了業績的優異。我真的會將第二季度描述為全速前進，確實超出了我們的預期。

So as we move into July, we saw that underlying traffic trend continue. So we saw a really strong health in our customer there as we move into Q3 and as we think forward, I think we have a lot of great initiatives planned for marketing for the balance of the year.

因此，隨著進入七月份，我們看到潛在的流量趨勢仍在繼續。因此，當我們進入第三季時，我們看到了客戶的健康狀況，展望未來，我認為我們為今年的剩餘時間制定了許多出色的行銷計劃。

We would plan those at a more normalized run rate and expect those to do well, but at a more normalized level, certainly wouldn't plan for them just to knock it out of the park like they did in Q2. So I have a really good sense and feeling for the momentum coming in through Q3 and off to a great start. The performance we've seen through July is certainly factored into the guidance range that we provided for Q3.

我們會以更正常的運行率來規劃這些，並期望它們表現良好，但在更正常的水平上，肯定不會計劃它們像在第二季度那樣取得巨大成功。因此，我對 Q3 的勢頭有著非常好的認識和感覺，並且開局很好。我們所看到的七月份的表現肯定已經納入了我們為第三季度提供的指導範圍。

Yeah. And for the second part of your question on marketing and leaning in more, we feel really good about how the business is performing right now. July was another great month for us. And if we look at marketing, I think that there is very thoughtful and delicate mix of making sure that our customers love what we're doing and it also does not become too predictable.

是的。對於您關於行銷和進一步傾斜的問題的第二部分，我們對目前的業務表現感到非常滿意。七月對我們來說又是一個偉大的月份。如果我們看一下行銷，我認為我們需要非常周到和細緻地結合，確保我們的客戶喜歡我們所做的事情，同時又不會變得太可預測。

And so if you think about all of the different ways that we are speaking to our customers are sharing new ideas with them with merch drops, with sticker drops with -- as we really want to make sure that it is that right balance of those things. And we feel like we're in a really good cadence right now, but want to make sure that we aren't doing so much that the business becomes predictable or that is not as fun as it is right now.

因此，如果你想想我們與客戶交流的各種不同方式，我們會透過贈送週邊商品、贈送貼紙等與他們分享新想法——因為我們真的希望確保這些事情達到正確的平衡。我們覺得我們現在的節奏非常好，但要確保我們不會做得太多，以至於業務變得可預測或不像現在那麼有趣。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Thanks and congratulations. Just one follow-up on mobile order. As it relates -- or two parts on -- it relates to the mix piece, Christine, is it something where maybe you lean in on marketing a bit more to highlight the mobile order dynamic to increase or accelerate that adoption?

偉大的。謝謝並祝賀。只需對行動訂單進行一次跟進。就其相關（或兩部分）而言，它與混合部分相關，克里斯汀，您是否可能更多地依靠行銷來突出行動訂單動態，以增加或加速這種採用？

Or are you pretty comfortable with the adoption that you're seeing? And the second part of the mobile question really is that contributing to the transaction growth, encouraging to hear that -- could you impact that a little bit?

或者您對所看到的採用感到滿意嗎？行動問題的第二部分實際上是對交易成長的貢獻，聽到這個消息令人鼓舞——您能對此產生一點影響嗎？

Is that a throughput benefit? Is it repeat customers coming more because of the experience? Any unpacking of how it's driving the transaction growth would be great. Thank you.

這是否是一種吞吐量優勢？回頭客是否會因為體驗而增加？任何關於它如何推動交易成長的解釋都是很有意義的。謝謝。

Yeah. So we're very happy with the mobile order adoption rate and where we are today. And again, we are seeing in some new markets quite a bit over that 11.5% in some markets double. And I think that if you look at what we're trying to do, one, this was the number one thing that our customers were asking for through the app. So it was really a customer-driven innovation.

是的。因此，我們對行動訂單的採用率以及目前的狀況感到非常滿意。我們再次看到，一些新市場的增幅遠超 11.5%，有些市場的增幅更是翻了一番。我認為，如果你看看我們正在嘗試做的事情，首先，這是我們客戶透過應用程式要求的首要事情。所以這確實是一項由客戶驅動的創新。

The other piece is we were trying to balance some of the demand across the shop, which is working quite well and then to drive transactions. So we are seeing a frequency lift as customers come in and use mobile order. And we are also seeing that strength in the morning daypart.

另一點是，我們試圖平衡整個商店的部分需求，這種方法效果很好，從而推動交易。因此，隨著顧客進來並使用行動訂購，我們看到頻率的提升。我們也看到了上午時段的這種強勁勢頭。

And I think if you look at where we had untapped demand in that morning daypart, it was both the lack of having mobile order and the lack of having protein-based food options that were really highlights and where some of those bigger opportunities are for us in the morning daypart.

我認為，如果你看看我們在早上時段尚未開發的需求，你會發現缺乏行動訂購和缺乏蛋白質類食物選擇才是真正的亮點，也是我們在早上時段的一些更大的機會。

And so we're seeing that very much play out with mobile order. What we're doing is we continue to look at how we drive mobile order, it needs to really be driven by our customers. This needs to be how they want to order. And so we're continuing to make the app and the order process easy.

我們看到行動訂購在很大程度上發揮了這一作用。我們正在做的是繼續研究如何推動行動訂單，這需要真正由我們的客戶來推動。這需要是他們想要訂購的方式。因此，我們將繼續簡化應用程式和訂購流程。

We're continuing to do surveys every week just to understand are we meeting our customers -- are there time expectations? Do we have the menu items on the app that they want to have.

我們每週都會繼續進行調查，只是為了了解我們是否滿足了客戶的需求—是否有時間期望？我們的應用程式上是否有他們想要的選單項目。

So all of those things are working quite well, and we're getting continuous feedback. And so we're really focused on just providing an absolutely exceptional customer experience through mobile order and are very happy with the slow and steady approach that's working well for our teams.

所以所有這些事情都進展得很順利，而且我們也得到了持續的回饋。因此，我們真正專注於透過行動訂單提供絕對卓越的客戶體驗，並且對這種對我們的團隊有效的緩慢而穩定的方法感到非常滿意。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I guess one housekeeping and then a question. The housekeeping is, I just want to make sure I heard right about pricing. So like 2.5 points of price, I guess, would imply perhaps a slightly negative mix. So I just wanted to confirm that. And then my question is, I think Josh mentioned how the maturation of new vintages has been contributing or fueling the transaction growth.

謝謝。我想先做一點家務，然後再問一個問題。家務事是，我只是想確保我聽到的有關定價的資訊是正確的。因此，我猜 2.5 個點的價格可能意味著略微負面的組合。所以我只是想確認這一點。我的問題是，我認為喬希提到了新年份葡萄酒的成熟如何促進或推動交易成長。

So I wanted to understand, is there some maturity curve that you're seeing now that as you think about growing restaurants, you get a tailwind just from that maturity curve? Or was that rather a reference to maybe perhaps some of the more recent vintages that may be opened at lower AUVs, '22, '23 are seeing outsized benefits from the advertising. Just because I know, Christine, you said everything is working together, but it does seem like there's a step change. Thanks.

所以我想了解一下，您現在看到的成熟度曲線是否在您考慮發展餐廳時，您是否能從該成熟度曲線中獲得順風？或者這只是對一些可能以較低的平均每日營業收入 (AUV) 開張的較近期年份的葡萄酒的一種引用，'22、'23 年的葡萄酒從廣告中獲得了超額收益。只是因為我知道，克莉絲汀，你說一切都在協同工作，但似乎確實有一個階梯變化。謝謝。

Yeah. Thanks, Sara, for the question. On your housekeeping, you're right, there's a slight offset with mix. We've historically seen that in items per transaction, and that's continued through Q2. As you think about the newer vintages, I would broadly answer your question is yes.

是的。謝謝 Sara 提出這個問題。關於您的家務，您是對的，混合有輕微的偏移。我們從歷史上看到每筆交易的商品數量都存在這種情況，這種情況一直持續到第二季。當您考慮較新的年份時，我大致會回答您的問題是肯定的。

We're seeing performance from some of those older vintages -- no sorry, older, but the more recent vintages that we've opened in new markets and even some of the a few years ago, openings as well, we're seeing strength across the board.

我們看到了一些較老年份酒的表現——不，抱歉，是較老的年份酒，而是我們在新市場開設的較新年份酒，甚至幾年前開設的一些酒，我們都看到了它們的整體實力。

So we've had really strong comp performance coming out of all the new vintages, both from the maturation curve and those that we open several years ago. So I feel really good about the strength really seeing it across all cohorts. It's just even stronger in those newer cohorts.

因此，我們所有新年份的葡萄酒都取得了非常強勁的業績，無論是從成熟曲線來看還是從幾年前開的年份來看。因此，我很高興看到它在所有群體中都表現出如此強大的力量。在這些較新的群體中，這種趨勢甚至更加強勁。

Yeah. And I would add, we continue to focus more of our paid marketing spend into those newer markets, and that really is helping to continue to grow the brand and to build brand awareness. If you think about the Dutch Rewards program and paid marketing, they're really working in concert together.

是的。我想補充一點，我們將繼續把更多的付費行銷支出集中到這些新市場，這確實有助於繼續發展品牌並建立品牌知名度。如果您考慮荷蘭獎勵計劃和付費行銷，您會發現它們實際上是協同工作的。

So we're using that paid advertising to build the brand awareness to bring customers into the brand for the first time, then we want them to experience the brand and very quickly join our Dutch Rewards program. So we have that very easy channel to talk to them, share with them all the new news that's coming.

因此，我們使用付費廣告來建立品牌知名度，讓客戶第一次了解該品牌，然後我們希望他們體驗該品牌並很快加入我們的荷蘭獎勵計劃。因此，我們有一個非常方便的管道與他們交談，並與他們分享所有即將發布的新消息。

Thanks.

謝謝。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi. Thank you. I wanted to revisit the marketing question. And if you could remind me or tell me what marketing is as a percentage of sales versus 24, for example. And how high could we take that? I mean some companies, for example, spend 4% of system sales and marketing. I don't know if that's a magic number. So I guess address it in that context.

你好。謝謝。我想重新討論一下行銷問題。如果你能提醒我或告訴我行銷佔銷售額的百分比是多少，例如 24。我們能把它提高到多高呢？我的意思是，有些公司花費 4% 的系統來銷售和行銷費用。我不知道這是不是一個神奇的數字。所以我想在那種情況下解決這個問題。

And Christine, I asked the question because over a couple of billion dollars of system sales now, you might be opening some new marketing efficiency windows that you didn't have as a smaller company where a lot of it had to be local and a lot of it had to be digital. So do you have any bigger reach marketing efforts that perhaps you can reach being a bigger company with just more aggregate dollars to spend. Thank you.

克里斯汀，我之所以問這個問題，是因為現在的系統銷售額已經超過幾十億美元，您可能會打開一些新的營銷效率窗口，而這些窗口在小公司是沒有的，因為小公司很多業務必須是本地化的，很多業務必須是數字化的。那麼，您是否有更大的行銷力度，也許只需花費更多的資金就能成為一家更大的公司。謝謝。

Yeah. Thanks, John. So we haven't given the specific total holistic marketing budget as a percent of sales, our footnotes disclose advertising, which is a smaller piece of that total. What I would say is we have continued to lean into marketing efforts. As we've talked about last year and into this year, just given the performance we've seen from that, we do continue to lean into marketing.

是的。謝謝，約翰。因此，我們沒有給出具體的整體行銷預算佔銷售額的百分比，我們的腳註揭露了廣告，這只是總額中較小的一部分。我想說的是，我們將繼續致力於行銷工作。正如我們談到去年和今年的情況一樣，鑑於我們看到的表現，我們確實會繼續依賴行銷。

I'd say we're generally probably on the lower end of how others might spend as a total percent of revenue. So I think we have a lot of strength and efficiency we see from the marketing dollars that we spend spent today. I'll let Christine talk about the second part of your question there.

我想說，我們的支出佔總收入的百分比通常可能處於其他人的較低水平。因此，我認為，從我們今天投入的行銷資金來看，我們擁有很大的優勢和效率。我會讓克里斯汀談論你問題的第二部分。

Yeah. And John, what I would add to that is I do think it is an area that we continue to look at. Given what we are seeing, we're continuing to test new ways, understanding if more spend would make a difference. And what I would share is I just think the things that we're doing with merch drops and really the earned reach that we're getting from all of the other activities that we're doing performing so well that we haven't seen the need to increase marketing spend too much further right now. It is something we will continue to monitor.

是的。約翰，我想補充的是，我確實認為這是我們將繼續關注的領域。根據我們所看到的情況，我們正在繼續測試新方法，以了解增加支出是否會帶來差異。我想分享的是，我認為我們正在做的周邊商品投放以及我們從其他所有活動中獲得的影響力都非常大，因此我們認為目前沒有必要進一步增加太多的行銷支出。我們將繼續監測此事。

But again, I think that the team is just doing an incredible job of having everything work really well together. And then I would also highlight, I think that if you look at how strong the Dutch Rewards program is having 72% of our total transactions going through that program, the success that we are seeing in getting new shops and new customers really quickly ramped up in Dutch rewards is really allowing us to be super efficient with our marketing resources -- and so I think that, that is something that's really unique to us with the strength of that program.

但我再次認為，團隊在使一切順利進行方面做得非常出色。然後我還要強調的是，我認為如果你看看荷蘭獎勵計劃的強大程度，我們 72% 的總交易都通過該計劃進行，我們看到荷蘭獎勵計劃在吸引新商店和新客戶方面取得了成功，這確實讓我們能夠非常高效地利用我們的營銷資源 - 所以我認為，這是我們該計劃真正獨特之處。

And we would prefer always to just talk directly to our customers. And so very, very pleased with what we've been seeing in Dutch Rewards. And what the team is doing to continue to just segment our customer base further talk to customers in unique ways depending on their patterns. So really excited by what we're seeing there. And I think that allows us to be super efficient with our marketing spend.

我們始終希望直接與客戶交談。我們對 Dutch Rewards 的成果非常非常滿意。團隊正在做的就是繼續細分我們的客戶群，並根據客戶的模式以獨特的方式與他們交談。我們對於所見所聞感到非常興奮。我認為這讓我們的行銷支出變得非常有效率。

Thank you.

謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Hey. Thanks. Good afternoon and congrats on a great quarter. Christine, I guess I also had a follow-up question on marketing. And it may just be me, but I've noticed fewer e-mail offers from the company as the quarter progressed.

嘿。謝謝。下午好，恭喜本季取得優異成績。克莉絲汀，我想我還有一個關於行銷的後續問題。也許這只是我的感覺，但我注意到隨著季度的進展，該公司發送的電子郵件優惠越來越少。

Just given the strength of the sales trend -- have you -- do you think you -- I mean, have you been able to pull back on some of the marketing and offers and save them for a later time is just the benefit of the advertising in the past several quarters builds -- and I was also hoping you could maybe elaborate on the awareness study, maybe the time frame and magnitude of the improvement in aided and unneeded awareness.

鑑於銷售趨勢的強勁——您是否認為——我的意思是，您是否能夠撤回一些營銷和優惠，並將它們留到以後再用，這只是過去幾個季度廣告帶來的好處——我還希望您能詳細說明一下知名度研究，也許是輔助和非必需知名度提高的時間範圍和幅度。

Yeah. Thanks, Chris. So specifically on Dutch Rewards, I think more of what you're seeing right now is our segmentation. And so where a year ago, we were doing primarily just mass offers, everyone receiving the same thing. The team has made just incredible progress in starting to really segment the customer base, send out specific offers to specific individuals depending on their patterns.

是的。謝謝，克里斯。因此，具體到 Dutch Rewards，我認為您現在看到的更多是我們的細分。因此，一年前，我們主要提供大眾優惠，每個人收到的都是相同的東西。該團隊在開始真正細分客戶群、根據客戶模式向特定個人發送特定優惠方面取得了令人難以置信的進展。

And so I think that, that's actually more of what you're seeing as you look at the activity overall. And then your -- what was your second question, Chris?

所以我認為，這實際上就是你從整體上看活動時所看到的情況。那你的第二個問題是什麼，克里斯？

I was just hoping you could elaborate on the awareness.

我只是希望您能詳細說明一下這個認識。

The awareness.

意識。

The time frame and magnitude of the improvement you mentioned?

您提到的改進的時間範圍和幅度是多少？

So if you look at the awareness study, we -- that's something that we're doing right now on an annual basis. so that we can really see movements in what's happening there. So we're looking at where we stand from an unaided awareness we haven't shared the exact improvements there, but we are seeing quite material improvements, especially in some of those new markets.

因此，如果你看一下意識研究，我們——這是我們現在每年都在做的事情。這樣我們就可以真正看到那裡正在發生的事情的動向。因此，我們從肉眼上審視自己的立場，雖然我們還沒有分享確切的改進，但我們看到了相當實質的改進，特別是在一些新市場。

Great. Thanks.

偉大的。謝謝。

Thank you.

謝謝。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Yeah. Good afternoon. So another marketing question. could you give any more color on the personalization and segmentation with such rewards, -- like what inning are we in? What's the next phase of that personalization and then how relates to the operational focus and more top of funnel paid advertising you're doing?

是的。午安.所以這是另一個行銷問題。您能否對此類獎勵的個人化和細分進行更詳細的說明—例如我們處於什麼階段？個性化的下一階段是什麼？它與您正在進行的營運重點和更多漏斗付費廣告有何關係？

Yeah. So on the Dutch Rewards, I would say we are still in early innings of the segmentation. In addition to segmentation, we are also looking at what is the right functionality to have in the app? What are some things we can do to make some of those rewards offers even more fun -- some of it that can make it more social, things like that.

是的。因此，關於荷蘭獎勵，我想說我們仍處於細分的早期階段。除了細分之外，我們還在研究應用程式中應該具備哪些正確的功能？我們可以做些什麼來讓這些獎勵變得更有趣——讓一些獎勵更具社交性，諸如此類。

So I think that there -- the team has a lot of plans to continue expanding in Dutch Rewards, continue making that an even more fun experience for our customers. And then as we compare like top of funnel marketing and how we think about that, really, I think it's the separation of those two channels and thinking through that the paid advertising is more to build brand awareness and brand awareness that can drive some action. So this -- what is Dutch Bros, what are those offerings that we have?

所以我認為——團隊有很多計劃來繼續擴大 Dutch Rewards，繼續為我們的客戶提供更有趣的體驗。然後，當我們比較漏斗頂部的行銷以及我們如何看待它時，實際上，我認為這是這兩個管道的分離，並認為付費廣告更多的是為了建立品牌知名度，而品牌知名度可以推動一些行動。那麼－Dutch Bros 是什麼，我們提供什麼產品？

So you might have driven past the shop the wind mill. Now you see the advertising, you connect what that shop is with what we serve and that can drive your first visit. And we find once we get customers in for that first visit, they're oftentimes coming back. So it really is focused on driving that first visit or two. And then we focus at the shop level and making sure that you're aware that we have Dutch rewards so that we can get you into that program.

所以你可能已經開車經過風車商店了。現在您看到了廣告，您可以將該商店與我們提供的服務聯繫起來，這可以促使您首次訪問。我們發現，一旦顧客第一次光臨，他們通常會再次光臨。因此，它的重點實際上是推動第一次或第二次訪問。然後我們專注於商店層面，並確保您知道我們有荷蘭獎勵，以便我們可以讓您加入該計劃。

Gregory Francfort, Guggenheim Partners.

古根漢合夥公司的葛瑞格里‧法蘭克福特。

Hey. Thanks for the question. Christine, I think you guys are now entering some markets where in this maybe smaller format coffee box, your second rather than first. And I guess I'm curious, how do you approach those differently -- and do you ramp the same way? I guess I'm just curious, as you look at the rest of the country and the need to be first or second or third in some of these markets, just how that might play out differently. Thanks.

嘿。謝謝你的提問。克里斯汀，我認為你們現在正在進入一些市場，在這些市場中，這個可能體積較小的咖啡盒是你們的第二款咖啡盒，而不是第一款。我想我很好奇，您是如何以不同的方式處理這些問題的——您是否以同樣的方式處理這些問題？我想我只是很好奇，當你看看這個國家的其他地區，看看它們在某些市場中是否需要成為第一、第二或第三名，這可能會產生什麼不同的結果。謝謝。

Yeah. Thanks for the question, Greg. And so I do think every market that we enter for sure has a coffee shop in it. And so I think as you look at where we enter, there might be other sorts of new competitors, things like that, it is something that we look at closely. What we are increasingly finding is that when we come into a market, customers know who we are. It doesn't really matter what order we're entering a market in.

是的。謝謝你的提問，格雷格。因此我確實認為我們進入的每個市場肯定都有一家咖啡店。因此，我認為，當你觀察我們進入的領域時，可能會有其他類型的新競爭對手，諸如此類的事情，這是我們密切關注的事情。我們越來越發現，當我們進入一個市場時，客戶就知道我們是誰。我們以什麼順序進入市場其實並不重要。

And the lines that we are seeing in our new shop openings, the excitement for the brand really continues to build. It's something that, as I look at this brand past 1,000 shops, to see the lines actually building as we scale is just a really, really encouraging thing to see as we go.

從我們在新店開幕時看到的排隊情況來看，人們對品牌的熱情確實在不斷高漲。當我看到這個品牌已經擁有 1,000 家門市時，看到產品線隨著規模的擴大而不斷壯大，這真是一件令人鼓舞的事情。

And so I just -- I feel like the brand is in such a great place. I think that our customers are potential new customers really understand what Dutch Bros is. They build that excitement.

所以我只是——我覺得這個品牌處於一個非常好的位置。我認為我們的客戶是真正了解 Dutch Bros 的潛在新客戶。他們營造了那種興奮感。

They're driving from long distances to come to those shop openings in an area. As I mentioned at the start of the Q&A to have our top-performing shop last week was in Georgia, which is a new market. Absolutely amazing. So really, really cool to see the strength of the brand.

他們長途跋涉來到某個地區的新店開幕。正如我在問答開始時提到的，我們上週業績最好的商店位於喬治亞州，這是一個新市場。絕對令人驚奇。看到這個品牌的實力真是太酷了。

Thank you.

謝謝。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Okay. Thanks. I want to come back to the food test. You've talked about having a few important goals with this. BOEs satisfaction not disrupting throughput, minimizing complexity and then having the right assortment to make sure you satisfy the food but get that beverage occasion.

好的。謝謝。我想回到食物測試。您曾談到這方面的一些重要目標。BOE 的滿意度不會影響吞吐量，最大限度地降低複雜性，然後進行正確的組合以確保您滿足食物需求並獲得飲料。

So the question is, as you go through the test and evaluate through the lens of each of your goals, which one is proving to be maybe a little more seamless or easy? And then maybe on a relative basis, is anything proving to be a little more challenging or taking longer? Any thoughts on that would be great.

所以問題是，當你透過測試並透過每個目標的視角進行評估時，哪一個目標可能會更加無縫或容易？那麼，相對而言，是否有任何事情被證明更具挑戰性或需要更長的時間？任何關於此的想法都很好。

Yeah. Thanks, Brian. We're really happy with what we're seeing across the board on all of those metrics. And we are doing both frequent surveys with our teams and with customers to understand where we are. We're also obviously seeing the demand and how that's going with our customers.

是的。謝謝，布萊恩。我們對所有這些指標的全面表現感到非常滿意。我們正在對我們的團隊和客戶進行頻繁的調查，以了解我們的現狀。我們顯然也看到了需求以及客戶的需求。

So we are pleased across the Board. We are seeing really nice throughput. Our teams are able to execute the food within the time frame of the beverage.

因此，我們全盤都感到滿意。我們看到了非常好的吞吐量。我們的團隊能夠在飲料的時間範圍內完成食物的製作。

Our Broista satisfaction is high and actually has continued to grow as we've rolled out to new markets with that really systemized training that we've gotten down to. And then the customer satisfaction is really high. I think we've got the assortment just right.

我們對 Broista 的滿意度很高，而且隨著我們透過系統化的培訓向新市場推廣，我們的滿意度還在持續成長。那麼客戶滿意度就非常高。我認為我們的品種已經很齊全了。

And it is as we've shared, it's an assortment of just eight items. So it makes it really simple for our teams and I think, very easy for our customers to understand and know that there's this assortment that they could order from and it matches the beverages that they're ordering.

正如我們分享的那樣，它僅包含 8 件物品。因此，它讓我們的團隊和我們的客戶能夠非常輕鬆地理解和知道他們可以訂購哪些商品，並且這些商品與他們訂購的飲料相匹配。

So we're really pleased with what we're seeing from a food perspective across the Board. The other piece that we just shared was we are seeing a ticket lift as well in early days and a transaction lift. And so seeing that transaction lift really validates what we thought we would see in the morning that our customers will sometimes share with us that they love us but might go somewhere else because they want that food in the morning. And so now that having food in those test markets, seeing that little bit of transaction lift is something we're incredibly encouraged by.

因此，我們對從食品角度來看的整個情況感到非常滿意。我們剛剛分享的另一件事是，我們在早期也看到了門票數量的增加和交易量的增加。因此，看到交易量的提升確實證實了我們早上所想看到的情況，即我們的顧客有時會告訴我們他們喜歡我們，但可能會去其他地方，因為他們早上想吃那種食物。現在，我們已經在這些測試市場上推出了食品，看到交易量略有提升，這讓我們感到非常鼓舞。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much, Christine. I do hate to ask this question, but it is a complement as you are firing on all cylinders and so early in attacking the TAM. I think you mentioned 160 units this year, 16% growth but when I think about that growth, the new and existing markets seem to be doing well. You've got 450 or more candidates read a lead.

偉大的。非常感謝，克里斯汀。我確實不想問這個問題，但這是一個補充，因為你正在全力以赴，並且這麼早就開始攻擊 TAM。我想您提到了今年的 160 台，成長了 16%，但當我想到這種成長時，新市場和現有市場似乎都表現良好。已經有 450 名或更多候選人閱讀了線索。

I think, Josh, you mentioned that the CapEx to build has eased pretty significantly over the past quarter or two it seems like the opportunity to accelerate would be prime being more on offense versus defense in such a competitive category.

喬希，我想，你提到，在過去的一兩個季度裡，建設所需的資本支出已經大幅減少，在競爭如此激烈的類別中，加速的機會似乎更多地集中在進攻而不是防守上。

I'm just wondering what would keep you from ramping up whether it's the growth this year or how you think about the pipeline for next year. Again, it just seems like all things are working for you, this would seem to be the time unless there are some gating factors that maybe we don't fully appreciate. Thank you.

我只是想知道是什麼阻礙了你的發展，是今年的成長，還是你對明年的規劃的看法。再說一次，看起來好像所有的事情都在為你工作，這似乎是時候了，除非存在一些我們可能沒有完全意識到的限制因素。謝謝。

Yeah. No, thanks so much for the question. And we feel really good about where we are. We have continued to build out the real estate team really excited about getting to that 2029 and 2029. And I think that the steps that we took two years ago to really get us into this position where we can continue to accelerate the growth.

是的。不，非常感謝您的提問。我們對目前的狀況感到非常滿意。我們繼續組建房地產團隊，對實現 2029 年和 2030 年的目標感到非常興奮。我認為我們兩年前採取的措施確實讓我們處於這樣的地位，可以繼續加速成長。

We're incredibly important and are playing out in such a great way. So we wanted to focus on market planning. We're seeing those elevated AUVs in those new shops. We wanted to focus on building out but in a more capital-efficient way. We are seeing those reductions in CapEx as we open the new shops.

我們非常重要，而且發揮得非常出色。因此我們希望專注於市場規劃。我們在這些新商店裡看到了那些高架 AUV。我們希望專注於擴張，但採用資本效率更高的方式。隨著新店的開設，我們看到資本支出的減少。

We wanted to get our teams really ready to open those new shops, ensure that we had a marketing plan to quickly build brand awareness so that we could open out of the gate really strong, and we're seeing that as well.

我們希望我們的團隊做好開設新店的充分準備，確保我們有一個行銷計劃來快速建立品牌知名度，以便我們能夠強勢開業，我們也看到了這一點。

So as we look across all of those things that we went and said, hey, we would love to make a little bit of a tweak here. We're actually now seeing results across all of those areas, and I think are in just a great place to continue to accelerate our growth.

因此，當我們回顧所有這些事情時，我們說，嘿，我們很樂意在這裡做一點調整。實際上，我們現在在所有這些領域都看到了成果，我認為我們正處於一個繼續加速成長的良好狀態。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thank you. Consumers increased focus on value has come up, I would say, on almost every call over this earnings season. So with that is to lead in, I'm curious what your thoughts are on Industrial's ort of value positioning or offering and how you guys are competing for those customers who are looking for value. So clearly, you're doing well, but I am curious how you're you're competing for those customers who are looking for value right now.

謝謝。我想說，在本財報季幾乎每一次的電話會議上，消費者都更重視價值。因此，我很好奇您對工業的價值定位或產品有何看法，以及您如何爭取那些尋求價值的客戶。顯然，你們做得很好，但我很好奇你們如何爭奪那些現在正在尋求價值的客戶。

So we think we're in a fantastic position from a value proposition perspective. This is something we continue to test and survey with our customers. we've been very thoughtful. We've taken very minimal price this year. I think that, that has put us in a fantastic position.

因此，我們認為從價值主張的角度來看，我們處於非常有利的地位。這是我們與客戶持續測試和調查的事情。我們非常周到。我們今年採取的價格非常低。我認為這讓我們處於非常有利的地位。

And it's something that we would want to continue to be a leader in I think our customers really appreciate the sizes that we have. I think they appreciate the ability to really customize freely within their beverages. And we feel like we have the formula right to really be delivering on what the customer expects.

我們希望繼續保持這一領域的領先地位，我認為我們的客戶非常欣賞我們的尺寸。我認為他們很欣賞能夠真正自由地定制飲料。我們覺得自己擁有正確的方案，能夠真正滿足客戶的期望。

And I think you add to that, that when you come through our drive-thru lane, you just leave in such a great place. You leave with your day being a little bit brighter. And I think that's ultimately what customers are looking for in this market.

我想你也會補充說，當你經過我們的免下車通道時，你會發現自己身處在一個非常棒的地方。離開時，您的一天會變得更加光明。我認為這最終是客戶在這個市場上所尋求的。

All right. Thank you. Appreciate it.

好的。謝謝。非常感謝。

Thank you.

謝謝。

I would like to turn the floor over to Christine Barone for closing remarks.

我想請克莉絲汀‧巴羅內 (Christine Barone) 致最後總結。

Thanks for your questions. In May, we hosted our 19th Annual Drink One for Dane Day, a company-wide initiative that raises awareness for ALS and honors our Co-founder, Dane Boersma. In support of this event, the Dutch Bros Foundation donated $1 million to the Muscular Dystrophy Association, our long-standing partner in the fight against ALS.

感謝您的提問。五月，我們舉辦了第 19 屆年度「為丹麥人喝一杯」日活動，這是一項全公司範圍的活動，旨在提高人們對 ALS 的認識並向我們的聯合創始人 Dane Boersma 致敬。為了支持這項活動，荷蘭兄弟基金會向我們對抗 ALS 的長期合作夥伴肌肉萎縮症協會捐贈了 100 萬美元。

In the quarter, many of our shops also held local giveback days, each one driven by the passion and energy of our crews. The heart of Dutch Bros remains unchanged. Moments like Drink One For Dane reflect our commitment to community impact, connection, and purpose-driven growth and values that have guided us since 1992.

本季度，我們的許多商店還舉辦了當地回饋日活動，每次活動都由我們工作人員的熱情和活力推動。Dutch Bros 的核心始終沒有改變。像「為丹麥人喝一杯」這樣的活動體現了我們對社區影響、聯繫以及目標驅動的成長和價值觀的承諾，這些承諾自 1992 年以來一直指導著我們。

I want to thank our teams who may Drink One For Dane Day and all of our local givebacks truly special. Your efforts allow us to keep showing up for our customers and communities in meaningful ways every single day. Thank you.

我要感謝我們的團隊，他們可能在「為丹麥人喝一杯」日和我們所有當地回饋活動中做出了真正的特別貢獻。您的努力使我們能夠每天以有意義的方式為我們的客戶和社區提供服務。謝謝。

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

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。