Dutch Bros Inc (BROS) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros third-quarter 2025 earnings conference call and Webcast. This conference call and webcast is being recorded today. November 5, 2025, at 5 PM Eastern Time and will be available for replay shortly after it has concluded. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Dutch Bros 2025 年第三季財報電話會議和網路直播。本次電話會議和網路直播正在進行錄音。2025年11月5日下午5點（美國東部時間），節目結束後不久即可重播。（操作說明）

I would now like to turn the call over to Neil Patel, Dutch Bros Senior Manager, Investor Relations. Please go ahead.

現在我將把電話交給Dutch Bros投資者關係高級經理Neil Patel。請繼續。

Good afternoon, and welcome. I'm joined by Christine Barone, CEO and President; and Josh Guenser, CFO. We issued our earnings press release for the quarter ended September 30, 2025, after the market closed today. The earnings press release, along with a supplemental information deck have been posted to our Investor Relations website at investors.dutchbros.com.

下午好，歡迎。和我一起的有執行長兼總裁克里斯汀·巴羅內，以及財務長喬許·根瑟。我們於今日股市收盤後發布了截至 2025 年 9 月 30 日的季度獲利新聞稿。獲利新聞稿及補充資訊資料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，除歷史事實外，我們在準備好的發言稿和對您問題的回答中的所有陳述均為前瞻性陳述，並受風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與預期結果存在重大差異。

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 quarterly report on Form 10-Q. We assume no obligation to update any forward-looking statements.

它們受到我們獲利新聞稿中的警示性聲明以及我們最新提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素的限制。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 neither substitutes for nor superior to measures that are prepared under GAAP. Please review the reconciliation of non-GAAP measures to comparable GAAP results in our earnings press release.

我們也將在今天的電話會議上提及非GAAP財務指標。需要提醒的是，非GAAP指標既不能取代也不能優於根據GAAP編製的指標。請查閱我們獲利新聞稿中關於非GAAP指標與可比較GAAP結果的調節表。

Before I pass it off, I'd like to take a moment to acknowledge Paddy Warren, our former Senior Director of Investor Relations and Capital Markets, who has made a significant impact on Dutch Bros since the IPO. We are grateful for his contributions and look forward to continuing the dialogue with many of you at upcoming investor-focused events.

在結束演講之前，我想花一點時間感謝我們的前投資者關係和資本市場高級總監 Paddy Warren，自 IPO 以來，他對 Dutch Bros 產生了重大影響。我們感謝他的貢獻，並期待在即將舉行的以投資者為中心的活動中繼續與各位進行對話。

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

接下來，我想把電話交給克莉絲汀。

Thank you, Neil, and good afternoon, everyone. Dutch Bros continues to exceed expectations, driven by the passion our Broistas bring to our shops every day and a focused set of transaction-driving initiatives that provide multiyear growth visibility. Our differentiated culture, our long-term shop growth model and our superior 4-wall economics reinforce that Dutch Bros is in a category of its own.

謝謝你，尼爾，大家下午好。Dutch Bros 持續超越預期，這得益於我們的 Broistas 每天為門市帶​​來的熱情，以及一系列旨在推動交易的重點舉措，這些舉措為多年的增長提供了可預見性。我們獨特的企業文化、長期的店鋪發展模式以及卓越的門市營運經濟效益，都印證了 Dutch Bros 的獨特地位。

Our third quarter results reaffirm the strength of our differentiated strategy, one that continues to fuel our momentum and unlock meaningful long-term value creation. The road ahead is both exciting and full of opportunity, and we are just getting started.

第三季業績再次印證了我們差異化策略的優勢，這項策略將繼續推動我們的發展勢頭，並釋放有意義的長期價值創造潛力。前方的道路既令人興奮又充滿機遇，而我們才剛起步。

In Q3, we delivered revenue growth of 25%, system same-shop sales growth of 5.7% and company-operated same-shop sales growth of 7.4%, reflecting the strength of our strategic focus and continued customer demand. Our transaction-driving initiatives continue to demonstrate outstanding results, with growth across all dayparts.

第三季度，我們的營收成長了 25%，系統同店銷售額成長了 5.7%，公司自營同店銷售額成長了 7.4%，這反映了我們策略重點的有效性和客戶持續的需求。我們以交易量為導向的各項措施持續取得卓越成效，全天各時段的交易量均實現成長。

System transaction growth was 4.7% and company-operated transaction growth was 6.8% in the quarter. Q3 marked our fifth consecutive quarter of transaction growth, making us a clear outlier in the current environment and putting Dutch Bros in a category of its own. This performance underscores our ability to drive durable growth through a focused set of idiosyncratic transaction drivers.

本季系統交易量成長4.7%，公司自營交易量成長6.8%。第三季是我們連續第五個季度實現交易成長，這使我們在當前環境下明顯脫穎而出，並將 Dutch Bros 置於一個獨特的類別中。這項業績凸顯了我們透過一系列有針對性的獨特交易驅動因素來實現持久成長的能力。

New shop productivity remains elevated with system-wide AUVs at record highs. We continue to see consistently long lines and strong customer demand as we expand into the Midwest and Southeast. These results underscore the broad appeal and portability of our brand across diverse geographies.

新店生產率持續維持高位，系統內自主水下航行器數量達到歷史最高水準。隨著我們向中西部和東南部擴張，我們持續看到排隊和強勁的客戶需求。這些結果凸顯了我們品牌在不同地域的廣泛吸引力和可移植性。

Our long-term system shop opening cadence remains firmly on track and we remain highly confident in our goal of 2,029 shops in 2029. We've successfully expanded into six continuous new states this year, including five in the third quarter, bringing our total presence to 24 states.

我們長期的系統門市開設節奏仍然穩步推進，我們對 2029 年開設 2029 家門市的目標仍然充滿信心。今年我們已成功拓展至六個新的州，其中五個州是在第三季拓展的，使我們的業務總共涵蓋了 24 個州。

I'm very excited to share that our shop opening cadence is expected to accelerate heading into next year, with approximately 175 new system shops projected to open in 2026. We continue to step forward in our growth journey, reflecting the strength of our pipeline, our confidence in our 4-wall model, our continued performance of shops in new markets and an annual growth rate consistent with our mid-teens new shop target.

我很高興地宣布，預計明年我們的門市開幕速度將加快，預計到 2026 年將開設約 175 家新的系統門市。我們在發展道路上不斷前進，這反映了我們強大的產品線、我們對四面牆模式的信心、我們在新市場門市的持續良好表現以及與我們15%新店目標一致的年增長率。

We've also made continued investments in people, tools and processes and market planning over the last 24 months. These investments enhance our ability to execute with discipline and transition us to a place of accelerating our pipeline.

在過去的 24 個月裡，我們也持續投資於人員、工具、流程和市場規劃。這些投資增強了我們嚴謹執行的能力，並使我們進入加速推進專案開發的階段。

Our pipeline, which has now reached record levels, has approved shops at a pace of 30-plus potential sites per month over the last 6 months as the investments in our real estate team and strong AUVs continue to reinforce our confidence in reaching our goal of 2,029 shops in 2029. Momentum is continuing to build, and I've never been more confident in our ability to execute on our ambitious growth plans.

我們的專案儲備已達到創紀錄的水平，在過去 6 個月中，我們每月批准的潛在地點數量超過 30 個，這得益於我們對房地產團隊的投資和強勁的平均單店銷售額 (AUV) 的持續增長，這增強了我們對在 2029 年實現 2,029 家店鋪目標的信心。發展勢頭持續增強，我對我們執行雄心勃勃的成長計劃的能力從未像現在這樣充滿信心。

Our Q3 results set a strong tone for the year and the strength has continued through October. We are raising our full year guidance for total revenues and same-shop sales growth, reflecting the confidence in the long-term durability of our model and the effectiveness of our transaction-driving initiatives. Josh will share more details shortly.

我們第三季的業績為全年定下了強勁的基調，而且這種強勁勢頭一直延續到了十月份。我們提高了全年總收入和同店銷售成長的預期，這反映了我們對自身模式長期可持續性和交易驅動舉措有效性的信心。喬許稍後會分享更多細節。

Let's begin today's business update by talking about what differentiates our brand. Our culture and our baristas are the heartbeat of our brand. It's something that simply cannot be replicated. It is not just what we do, but how we do it that sets us apart. From the moment the customer pulls into our drive-thru, they experience energy, authenticity and a genuine sense of belonging.

今天，我們先從談談我們品牌的獨特之處開始今天的業務更新。我們的文化和咖啡師是我們品牌的靈魂。這是無法複製的。我們與眾不同之處不僅在於我們做什麼，更在於我們如何做。從顧客開車駛入我們的免下車通道的那一刻起，他們就能感受到活力、真誠和真正的歸屬感。

We are in the business of making people feel seen, heard and appreciated. Our baristas create a high-energy welcoming environment that turns a stop at a drive-thru into a memorable moment. Our service model is built around authentic interactions and fostering real relationships. This deep emotional connection keeps our customers coming back day after day.

我們的工作宗旨是讓人們感到被關注、被傾聽、被欣賞。我們的咖啡師營造出充滿活力、熱情友善的氛圍，讓顧客在得來速窗口的停留變成難忘的體驗。我們的服務模式建立在真誠互動和建立真實關係的基礎上。這種深厚的情感連結讓我們的顧客每天都不斷光顧。

We have a simple but very powerful mission. It is to be a fun loving, mind-blowing company that makes a massive difference one cup at a time. During every interaction, our baristas have an opportunity to brighten someone's day by living our core values of radiate kindness, get up early, stay up late and change the world.

我們的使命簡單卻意義重大。我們要成為一家充滿樂趣、令人驚嘆的公司，透過一杯杯咖啡，創造巨大的改變。在每一次互動中，我們的咖啡師都有機會透過實踐我們「散發善意、早起晚睡、改變世界」的核心價值觀，讓別人的一天更加美好。

Our drive-thru model is purpose-built to deliver an exceptional experience that balances the interplay of speed, quality and service. This one-of-a-kind approach allows us to serve high quality, handcrafted, customized beverages with remarkable efficiency and consistency without compromising on our customer experience. Since 1992, we've been hand pulling espresso shots, crafting beverages and serving love with precision and care.

我們的免下車服務模式旨在提供卓越的體驗，在速度、品質和服務之間取得平衡。這種獨一無二的方法使我們能夠以卓越的效率和穩定性提供高品質、手工製作的客製化飲品，同時又不影響客戶體驗。自 1992 年以來，我們一直堅持手工萃取濃縮咖啡，精心製作飲品，用心服務每一位顧客。

Our ability to offer extensive customization is unmatched, empowering customers to create drinks that are uniquely theirs, turning every drive-thru interaction into a moment of powerful emotional connection. This level of customization, paired with our high energy service model continues to resonate with our customers. It is about the connection, the excitement and the consistency of our experience that keeps the Dutch Bros customer emotional connection so powerful.

我們提供廣泛的客製化服務，這是其他服務無法比擬的，讓顧客能夠創造出獨一無二的專屬飲品，將每一次免下車服務都變成一次強烈的情感連結。這種高度客製化的服務，加上我們充滿活力的服務模式，持續受到客戶的青睞。正是這種連結、興奮感以及我們體驗的一致性，使得 Dutch Bros 與顧客之間的情感連結如此強大。

And our customization-forward approach is improving with our focus on throughput. The sequential transaction growth we saw in Q3 showed clear progress on this initiative as we begin translating our efforts into results.

我們以客製化為先導的方法，隨著我們對吞吐量的關注而不斷改進。第三季交易量的環比增長表明，隨著我們開始將努力轉化為成果，這項舉措取得了明顯的進展。

Our training programs for shop leadership are driving smarter labor deployment decisions across production zones and dayparts, improving quality and elevating the customer experience through consistency. We are beginning to see a shift in peak demand patterns, driven by our transaction-driving initiatives. With improved labor deployment, we are now better positioned to meet this evolving demand.

我們為車間領導提供的培訓計劃正在推動生產區域和時段內更明智的勞動力部署決策，透過一致性提高品質並提升客戶體驗。受我們推動交易成長的舉措的影響，我們開始看到需求高峰模式轉變。透過改善勞動力配置，我們現在更有能力滿足不斷變化的需求。

Enhanced shop dashboards are empowering shop leaders to make better deployment decisions during peak and off-peak hours. And as a result, we're gaining better traction across order taking, order making and order handoffs, all while delivering industry-leading customer service.

增強的門市儀表板使門市負責人能夠在高峰時段和非高峰時段做出更好的人員部署決策。因此，我們在訂單接收、訂單製作和訂單交接方面都取得了更好的進展，同時也提供了業界領先的客戶服務。

Let me take a moment to highlight how we ensure a consistent customer experience. Before Broistas ever make any beverage, they're immersed in our purpose. They learn what makes Dutch Bros so unique. It's the connection, service and energy.

請容許我花一點時間重點介紹我們如何確保客戶體驗的一致性。在調酒師開始製作任何飲品之前，他們都會充分理解我們的宗旨。他們了解到是什麼讓Dutch Bros如此獨特。是聯繫、服務和活力。

Only then do they begin our training, mastering not only the beverage-making process, but learning every role in the shop. We've built a shop environment that is electric, fun and unmistakably Dutch. It's this energetic environment that fuels a positive Broista experience which in turn drives a consistent differentiated experience for every customer.

只有到了那時，他們才會開始接受我們的培訓，不僅要掌握飲料製作流程，還要學習店裡的所有職位。我們打造了一個充滿活力、趣味盎然且極具荷蘭特色的店鋪環境。正是這種充滿活力的環境，造就了正向的 Broista 體驗，進而為每位顧客帶來一致的差異化體驗。

Our company-operated model provides a clear path for growth, whether it's through the operator pathway or becoming a leader for our MOB training teams. Today, we have over 475 operators in the pipeline, with an average tenure of approximately 7.5 years. It's this clear pathway that allows us to build depth and experience and to scale our culture effectively, and it's working.

我們公司營運的模式為員工提供了清晰的發展路徑，無論是透過操作員晉升途徑，或是成為我們 MOB 培訓團隊的領導者。目前，我們有超過 475 名營運商正在運營，平均任期約為 7.5 年。正是這條清晰的路徑使我們能夠累積深度和經驗，並有效地擴展我們的文化，而且它正在發揮作用。

In the 2025 InTouch Insight's QSR drive-thru report, we ranked number 1 in order accuracy, satisfaction and beverage quality across beverage players. Dutch Bros also earned the top spot in Forbes 2026 Best Customer Service list in the beverage category within restaurants. That is the power of investing in our people, and the Dutch Bros' difference.

在 InTouch Insight 發布的 2025 年 QSR 得來速報告中，我們在飲料業的訂單準確率、滿意度和飲料品質方面均排名第一。Dutch Bros 也榮獲福布斯 2026 年最佳顧客服務榜單餐飲類飲料榜首。這就是投資員工的力量，也是荷蘭兄弟公司與眾不同之處。

We're thoughtfully expanding our beverage-first concept through our food program, which has evolved from a pilot into a broader rollout as we close out 2025 and head into 2026. Our food program rollout is designed to strengthen our beverage offering by driving breakfast and morning daypart occasions, a time of the day where we have tremendous opportunity. As we expand the food program throughout 2026, we're aiming to be a one-stop shop during the morning daypart.

我們正在透過食品計劃，深思熟慮地擴展我們以飲料為先的理念。該計劃已從試點發展成為更廣泛的推廣，我們將在 2025 年末和 2026 年初進行推廣。我們的食品計劃推出旨在透過推動早餐和上午時段的銷售來加強我們的飲料供應，因為這是我們一天中擁有巨大機會的時段。隨著我們在 2026 年擴大食品計劃，我們的目標是成為上午時段的一站式服務中心。

We continue to see both ticket and transaction lift from our food program, which expanded to approximately 160 shops by the end of Q3. We are regularly measuring customer feedback KPIs such as quality, likelihood to recommend and value and we are very pleased with the results, which have remained consistent or improved with each successive phase of the rollout. Looking forward, our 2026 rollout cadence will follow a strategic and methodical approach, with plans to complete the rollout by the end of the year.

我們的食品項目持續提升客單價和交易量，到第三季末已擴展到約 160 家門市。我們定期衡量客戶回饋的關鍵績效指標，例如品質、推薦可能性和價值，我們對結果非常滿意，這些指標在推廣的每個階段都保持穩定或有所改善。展望未來，我們 2026 年的推廣節奏將遵循策略性和系統性的方法，並計劃在年底前完成推廣。

Due to shop layout constraints, we expect that approximately 25% of our 2025 year-end shop count may not be able to accommodate hot food. However, that percentage will decline over time as our new shops are being built to accommodate hot food.

由於店鋪佈局的限制，我們預計到 2025 年底，我們約有 25% 的店鋪可能無法提供熱食。然而，隨著我們新建的店鋪開始供應熱食，這個比例會隨著時間的推移而下降。

Our strategic push into breakfast in the morning daypart through our focused food rollout only strengthens the Dutch Bros model, making it even more compelling. We have built a strong and differentiated digital presence, powered by our initiatives that are continuing to translate to transaction strength.

我們透過有針對性地推出食品，在早晨時段大力進軍早餐市場，這只會加強 Dutch Bros 的商業模式，使其更具吸引力。我們已建立起強大且獨具特色的數位化形象，這得益於我們不斷推出的各項舉措，這些舉措正持續轉化為交易實力。

Our enhanced paid advertising strategy to build brand awareness continues to deliver impressive results across our shop base, especially in our newer markets and vintages. These efforts are fueling our transaction momentum, and we expect this trend to continue as we pursue our TAM in parallel with strategic paid media investments. We believe there is a sizable room for aided and unaided awareness to grow long term, and we are at the early innings of our momentum.

我們加強付費廣告策略以提升品牌知名度，並持續在我們的門市中取得令人矚目的成果，尤其是在我們新興的市場和年份。這些努力正在推動我們的交易勢頭，我們預計隨著我們推進目標市場規模並同時進行策略性付費媒體投資，這一趨勢將繼續下去。我們相信，無論輔助與否，人們的意識都有很大的長期發展空間，而我們目前還處於發展動能的初期階段。

Order Ahead is continuing to gain traction and our investments are making accessing Dutch Bros seamless across multiple touch points. We're adding meaningful sophistication to our analytics engine, setting Dutch Bros apart even at this early stage. At the end of Q3, our Order Ahead mix reached 13% with some new markets mixing at nearly double the system average.

提前下單服務持續獲得認可，我們的投資使用戶能夠透過多個接觸點無縫存取 Dutch Bros。我們正在為分析引擎增添有意義的複雜性，即使在早期階段，這也使 Dutch Bros 脫穎而出。第三季末，我們的預購訂單佔比達到 13%，一些新市場的預購訂單比幾乎是系統平均值的兩倍。

This growth highlights the natural strength of our program and the enthusiasm our customers have for Dutch Bros. To build on this momentum, we recently enhanced the user experience by introducing a more precise order pickup time feature, which has already led to improvements in order readiness and an increase in scheduled orders.

這一成長凸顯了我們專案的天然優勢以及客戶對 Dutch Bros. 的熱情。為了鞏固這一勢頭，我們最近透過引入更精確的訂單取貨時間功能來提升用戶體驗，這已經提高了訂單準備率並增加了預約訂單量。

The increasing Order Ahead mix has also created a powerful on-ramp for our Dutch Rewards program. This program continues to remain a key engine for driving transaction growth over the long term. In Q3, approximately 72% of system transactions were attributed to Dutch Rewards, marking a five-point improvement year-over-year.

預購訂單比例的不斷提高也為我們的荷蘭獎勵計劃創造了強大的准入途徑。從長遠來看，該計劃仍將是推動交易成長的關鍵引擎。第三季度，約 72% 的系統交易歸因於 Dutch Rewards，比去年同期提高了 5 個百分點。

With Order Ahead feeding into this ecosystem, we're now focused on unlocking the full potential of segmentation, deepening engagement and driving transaction growth by confidently reaching the right customer at the right time.

隨著「提前下單」功能融入這個生態系統中，我們現在專注於釋放細分的全部潛力，透過在合適的時間自信地接觸合適的客戶來加深互動，並推動交易成長。

Notably, in Q3, Dutch Rewards contributed to transaction growth with us running almost exclusively segmented offers, further underscoring the organic strength behind our loyalty platform and the ability to manage discounts strategically year-over-year.

值得注意的是，在第三季度，Dutch Rewards 為交易成長做出了貢獻，我們幾乎完全開展了細分優惠活動，這進一步凸顯了我們忠誠度平台背後的自然實力以及逐年進行策略性折扣管理的能力。

Even more encouraging is the momentum we're seeing from younger cohorts within Dutch Rewards, highlighting the strength and long-term potential of our loyalty program. In addition to a strong digital presence, we have a differentiated innovation platform.

更令人鼓舞的是，我們在 Dutch Rewards 中看到了年輕群體的積極勢頭，這凸顯了我們忠誠度計劃的實力和長期潛力。除了強大的數位化影響力，我們還擁有差異化的創新平台。

Since 1992, our commitment to beverage innovation has been a cornerstone of our success. We have seen success in leading the industry in beverage trends and delivering exceptional experiences across our coffee, energy and refreshment offerings. In July, we introduced three exciting new beverages, Blue Lagoon with Strawberry Fruit, Mudslide Mocha and Strawberry Colada, demonstrating the breadth and strength of our innovation across the entire menu.

自 1992 年以來，我們對飲料創新的投入一直是公司成功的基石。我們在引領飲料行業潮流方面取得了成功，並在咖啡、能量飲料和清涼飲品方面提供了卓越的體驗。7 月，我們推出了三款令人興奮的新飲品：草莓水果藍湖、泥石流摩卡和草莓可樂達，展現了我們在整個菜單上的創新廣度和實力。

We kept the buzz going throughout the quarter with engaging brand activations, including the launch of the FUNBOY drink floatie, National Dog Day Bandanna and Car Coasters, all designed to deepen customer connection and drive brand love. In August, we brought back fall LTO offerings like the Caramel Pumpkin Brûlée and Cookie Butter Latte, alongside the Candied Cherry Rebel, reinforcing our commitment to category-wide innovation and customer relevance. This LTO lineup was our most successful fall LTO launch to date.

整個季度，我們透過一系列引人入勝的品牌活動，持續提升品牌熱度，包括推出 FUNBOY 飲料漂浮物、全國狗狗日頭巾和汽車杯墊，所有這些都是為了加深與客戶的聯繫，並提升品牌喜愛度。8 月，我們重新推出了秋季限時特供產品，如焦糖南瓜布丁和曲奇黃油拿鐵，以及蜜餞櫻桃叛逆者，這進一步鞏固了我們對品類創新和客戶相關性的承諾。這次限量發售產品陣容是我們迄今為止秋季限量發售產品中最成功的一次。

At Dutch Bros, innovation goes far beyond beverages. Our value proposition is about the experience, the connection and the energy our customers feel every time they visit. We pioneered the drive-thru innovation platform, and these limited time offerings provide that unforgettable moment. In addition to our differentiated innovation engine and robust digital presence, we've reached an incredible and advantageous scale.

在 Dutch Bros，創新遠不止於飲料。我們的價值主張在於顧客每次光臨時都能感受到的體驗、連結和活力。我們率先推出了免下車創新平台，這些限時供應的商品和服務將為您帶來難忘的時刻。除了我們差異化的創新引擎和強大的數位化實力外，我們還達到了令人難以置信的優勢規模。

Just four years ago, we celebrated our 500th shop opening in Texas during the year of our IPO. This year, we surpassed 1,000 shops and we're well on our way to doubling that as part of our multiyear journey to reach 2,029 shops in 2029.

就在四年前，在我們上市的那一年，我們在德克薩斯州慶祝了第 500 家門市的開幕。今年，我們的門市數量超過了 1000 家，我們正在朝著這個目標穩步邁進，力爭在 2029 年達到 2029 家門市的目標。

Beyond shop growth, we've successfully scaled system-wide AUVs, which are at record levels and significantly improved adjusted EBITDA, clear indicators of the durability of the Dutch Bros brand. We've also assembled a management team with experience at scale, positioning us to execute on our rapid growth ambitions with confidence.

除了門市成長之外，我們還成功擴大了系統整體的單店銷售額，目前已達到創紀錄的水平，並且調整後的 EBITDA 也顯著提高，這清楚地表明了 Dutch Bros 品牌的持久性。我們還組建了一支擁有大規模成長經驗的管理團隊，這使我們能夠充滿信心地實現快速成長的目標。

Our team brings depth, enabling us to successfully make agile strategic decisions that support our long-term vision. We are investing in advanced analytics, tools and processes to maintain differentiated momentum as we scale, laying the foundation for disciplined, self-funded growth.

我們的團隊實力雄厚，使我們能夠成功做出靈活的策略決策，從而支持我們的長期願景。我們正在投資先進的分析、工具和流程，以在規模擴大的同時保持差異化的發展勢頭，為有紀律的、自籌資金的成長奠定基礎。

In closing, the momentum in our business remains strong, and we are just getting started. We're in the early innings of a multiyear journey, and our focused strategy is clear and working. We are built around culture. It's the engine of our differentiated customer experience.

總之，我們業務的發展勢頭依然強勁，而我們才剛起步。我們正處於多年征程的初期階段，我們明確的策略方向是行之有效的。我們以文化為核心。它是我們打造差異化客戶體驗的引擎。

Our Broistas bring this culture, energy and connection to life every single day, delivering magic at the window that continues to connect deeply with our customers. We are focused on delighting our customers and growing sales and it's paying off. Our multiyear transaction-driving initiatives continue to resonate, marking our fifth consecutive quarter of transaction growth.

我們的廚師每天都將這種文化、活力和連結融入工作中，在窗口創造奇蹟，持續與顧客建立深厚的聯繫。我們專注於讓客戶滿意並提高銷售額，而這種努力正在取得成效。我們多年來推動交易成長的舉措持續奏效，實現了連續第五個季度的交易成長。

We have a differentiated innovation engine and strong digital presence that isn't easily replicated. From high-velocity LTOs to the virality of our product in merch drops, we're delivering a best-in-class experience that is setting us apart and positioning us to naturally take share.

我們擁有差異化的創新引擎和強大的數位化實力，這是很難複製的。從高速限時特賣到產品在周邊產品發售中的病毒式傳播，我們正在提供一流的體驗，這使我們脫穎而出，並使我們自然而然地佔據市場份額。

We are on track to have 2,029 shops in 2029. Our AUVs are at record levels, highlighting the portability of our brand. Our long-term pronged strategy is simple and powerful; grow our people, grow our shop base, grow our transactions and grow our margins. We are playing the long game, and we're executing. We are on the offensive and our efforts are positioning us to win.

我們預計在 2029 年擁有 2029 家門市。我們的AUV銷售量達到歷史新高，凸顯了我們品牌的便攜性。我們長期的、多管齊下的策略簡單而有力：發展我們的員工，擴大我們的門市規模，增加我們的交易量，提高我們的利潤率。我們著眼於長遠，並且正在執行。我們正採取進攻策略，我們的努力正使我們朝著勝利邁進。

With that, I will turn it to Josh, who will discuss our financial results.

接下來，我將把發言權交給喬希，他將討論我們的財務表現。

Thanks, Christine. I'll provide a recap of our third quarter results, along with an updated outlook for 2025. Our third quarter performance built on the strong momentum from Q2 and reinforced that a differentiated model is resonating with customers. With our digital presence and our other transaction-driving initiatives still in the early stages, we remain confident in the long-term growth potential of our business.

謝謝你，克里斯汀。我將概述我們第三季的業績，並更新對 2025 年的展望。第三季業績延續了第二季的強勁勢頭，並進一步證明差異化模式能夠引起客戶的共鳴。儘管我們的數位化業務和其他交易驅動型舉措仍處於早期階段，但我們對公司業務的長期成長潛力仍充滿信心。

Third quarter revenue was $424 million, an increase of 25% or $85 million over the third quarter of last year. System same-shop sales growth was 5.7%, driven by an exceptional 4.7% transaction growth. We saw strength across our transaction-driving initiatives throughout the quarter. particularly Order Ahead and Dutch

第三季營收為 4.24 億美元，比去年第三季成長 25%，即 8,500 萬美元。系統同店銷售額成長 5.7%，主要得益於交易量成長 4.7%。本季度，我們各項以交易為導向的措施均表現強勁，尤其是預購訂單和荷蘭式訂單服務。

Rewards, which contributed to the Q3 momentum. With Q4 off to a great start, we are raising our full year system same-shop sales growth guidance to approximately 5%. This implies approximately 3% to 4% system same-shop sales growth in the fourth quarter, which includes the continued momentum we have seen in October, the early positive impact we are seeing from shops that have the new hot food program, a full quarter lap of Order Ahead and the impact of cycling a strong Q4 from last year.

獎勵是推動第三季成長動能的因素之一。第四季開局良好，我們將全年系統同店銷售成長預期上調至約 5%。這意味著第四季度系統同店銷售額增長約 3% 至 4%，其中包括我們在 10 月份看到的持續增長勢頭、新推出的熱食計劃的門店帶來的早期積極影響、提前預訂服務的完整季度週期以及去年第四季度強勁增長帶來的影響。

We remain excited about the opportunity with food. Early shop results suggest that we could expect an approximate 4% comp lift in shops that have food, with about one-fourth of that coming from transaction growth. We plan to continue rolling this out to shops that can support hot food throughout 2026. So we would expect that lift to be phased in throughout the year.

我們對食品業的機會依然充滿熱情。初步的門市業績表明，我們可以預期，提供食品的門市的同店銷售額將成長約 4%，其中約四分之一來自交易量的成長。我們計劃在 2026 年繼續向能夠提供熱食的商店推廣這項服務。因此，我們預計電梯將在年內分階段投入使用。

During the quarter, we opened 38 new shops, bringing our total system shop count to 1,081 shops. In Q3, a substantial portion of our openings occurred later in the quarter, and we anticipate a similar situation in Q4. Any new openings below 160 in 2025 are expected to be incremental to our 2026 target of approximately 175 system shops.

本季度，我們新開了 38 家門市，使我們的系統門市總數達到 1,081 家。第三季度，我們相當一部分新業務都發生在季度末，我們預期第四季也會出現類似的情況。預計 2025 年新增的 160 家以下門市將逐步增加我們 2026 年約 175 家系統門市的目標。

As Christine mentioned, our development pipeline is at record levels. And the pace at which we are adding to our pipeline provides strong visibility on our path towards 2,029 shops in 2029. In the quarter, adjusted EBITDA was $78 million, an increase of 22% or $14 million over the third quarter of last year.

正如克里斯汀所說，我們的研發項目儲備已達到歷史最高水準。我們不斷增加專案儲備的速度，讓我們能夠清楚地看到在 2029 年實現 2029 家門市的目標。本季調整後 EBITDA 為 7,800 萬美元，比去年第三季成長 22%，即 1,400 萬美元。

Switching to our company-operated shops. Revenue in Q3 was $393 million, an increase of 27% or $85 million over the third quarter of last year. Company-operated same-shop sales growth was an outstanding 7.4% with 6.8% coming from transaction growth. Company-operated shop contribution was $109 million, an increase of 20% or $18 million year-over-year. Company-operated shop contribution margin was 27.8%.

轉而使用我們公司自營的店鋪。第三季營收為 3.93 億美元，比去年第三季成長 27%，即 8,500 萬美元。該公司自營同店銷售額成長了 7.4%，其中 6.8% 來自交易量成長。該公司自營門市貢獻了 1.09 億美元，比上年增長了 20%，即 1,800 萬美元。本公司自營門市貢獻毛利率為 27.8%。

Beverage, food and packaging costs were 25.9% of company-operated shop revenue, which is 60 basis points unfavorable year-over-year, driven primarily by higher coffee costs. We continue to expect the impact of coffee costs to accelerate into Q4 and as of now anticipate that coffee costs may remain elevated into 2026. We would also expect elevated costs associated with our broader hot food rollout to begin in Q4 of 2025.

飲料、食品和包裝成本占公司自營店收入的 25.9%，年減 60 個基點，主要原因是咖啡成本上漲。我們繼續預計咖啡成本的影響將在第四季度加速加劇，目前預計咖啡成本可能會在 2026 年之前保持高位。我們也預計，隨著熱食推廣範圍的擴大，相關成本也將在 2025 年第四季開始上升。

Labor costs were 27.5% of company-operated shop revenue, which is 10 basis points favorable year-over-year, primarily driven by sales leverage and partially offset by the impact of labor investments made earlier in the year to support our long-term growth. Looking into Q4, we are anticipating the quarter to be impacted by approximately 50 basis points from regulatory changes, resulting in higher employer payroll taxes in the state of California.

勞動成本占公司自營門市收入的 27.5%，比上年同期下降了 10 個基點，主要得益於銷售槓桿效應，部分被年初為支持公司長期增長而進行的勞動力投資所抵消。展望第四季度，我們預計監管變化將對該季度產生約 50 個基點的影響，導致加州雇主的工資稅增加。

Occupancy and other costs were 17% of company-operated shop revenue, which is 60 basis points unfavorable year-over-year, driven largely from the impact of occupancy rates from new shops as we have made great progress in shifting our portfolio to more capital-efficient, build-to-suit lease arrangements. We expect this impact to continue in Q4 and into 2026 as we maintain this momentum.

租金和其他費用占公司自營店鋪收入的 17%，年減 60 個基點，主要原因是新店舖的入住率受到影響，因為我們在將我們的投資組合轉向資本效率更高、量身定制的租賃安排方面取得了巨大進展。我們預計，隨著我們保持這一勢頭，這種影響將在第四季度持續到 2026 年。

Preopening expenses were 1.8% of company-operated shop revenue, which is 60 basis points unfavorable year-over-year, driven by the proportion of shops in newer markets and the associated cost of sending our training teams to support these openings. Given our planned openings for Q4, we would expect preopening expenses on a per shop basis to remain relatively consistent with what we experienced in Q3.

開業前費用占公司自營店舖收入的 1.8%，年減 60 個基點，主要原因是新市場店鋪比例較高，以及派遣培訓團隊支持這些店鋪開業的相關成本。鑑於我們計劃在第四季度開業，我們預計每家門市的開業前費用將與第三季的情況保持相對一致。

Moving down the P&L. Adjusted SG&A was $58 million or 13.6% of total revenue. We continue to be thoughtful about investments we make in SG&A while driving consistent leverage as we grow the top line. Given the continued momentum here, we now expect approximately 110 basis points of leverage on adjusted SG&A for 2025. For the quarter, we delivered $0.19 of adjusted EPS, up from $0.16 or 19% from Q3 of last year.

向下移動損益表。經調整後的銷售、一般及行政費用為 5,800 萬美元，佔總收入的 13.6%。我們將繼續謹慎地進行銷售、一般及行政費用方面的投資，同時在提高營收的同時保持持續的槓桿作用。鑑於目前的成長勢頭，我們現在預計 2025 年調整後的銷售、一般及行政費用槓桿率約為 110 個基點。本季度，我們實現了調整後每股收益 0.19 美元，高於去年第三季的 0.16 美元，增幅達 19%。

Let me now provide an update on our balance sheet, cash flow and liquidity. As of September 30, we have approximately $706 million in total liquidity. This liquidity includes $267 million in cash and cash equivalents and approximately $440 million in our undrawn revolver. During the quarter, our net cash position sequentially increased by approximately $14 million from Q2, driven by strong cash flow from operations.

現在讓我來報告我們的資產負債表、現金流量和流動性情況。截至9月30日，我們的總流動資金約為7.06億美元。該流動資金包括 2.67 億美元的現金及現金等價物，以及約 4.4 億美元的未提取循環信貸額度。本季度，由於經營活動產生的強勁現金流，我們的淨現金部位較第二季較上季增加了約 1,400 萬美元。

In Q3, our average CapEx per shop was $1.4 million, clearly demonstrating our ability to transition our portfolio to more capital-efficient, build-to-suit lease arrangements. This gives us strong visibility and confidence into positive cash flow generation, reinforcing the scale and strength of our long-term financial model.

第三季度，我們每家店舖的平均資本支出為 140 萬美元，這清楚地表明了我們有能力將我們的投資組合過渡到資本效率更高、量身定制的租賃安排。這讓我們對正現金流的產生有了清晰的了解和信心，從而增強了我們長期財務模式的規模和實力。

Now let me provide an update on our 2025 guidance. In light of our strong performance throughout the third quarter and into October, we are raising our full year guidance for total revenues and system same-shop sales growth. Total revenues are now projected to be between $1.61 billion and $1.615 billion. System same-shop sales growth is now expected to be approximately 5%. Adjusted EBITDA remains in the range of $285 million to $290 million.

現在讓我來更新一下我們2025年的指導方針。鑑於我們在整個第三季以及10月份的強勁表現，我們將提高全年總收入和系統同店銷售成長的預期。目前預計總收入將在 16.1 億美元至 16.15 億美元之間。預計系統同店銷售額成長約 5%。調整後 EBITDA 仍維持在 2.85 億美元至 2.9 億美元之間。

Total system shop openings in 2025 are targeted to be 160. Any new shop openings below 160 in 2025 are expected to be incremental to our 2026 target of approximately 175 shops, reflecting confidence in our shop growth trajectory.

預計到 2025 年，系統內門市總數將達到 160 家。預計 2025 年新增門市數量少於 160 家將對我們 2026 年約 175 家門市的目標有所貢獻，這反映了我們對門市成長軌蹟的信心。

Capital expenditures remain in the range of $240 million to $260 million. We are energized by the strength of our business. Our people, our resilient financial model and our differentiated transaction-driving initiatives place us in a category of our own. Our high-growth, multiyear trajectory is exceptionally well positioned to deliver consistent, dependable results supported by record high AUVs and a superior 4-wall model.

資本支出仍維持在 2.4 億美元至 2.6 億美元之間。我們因公司業務的強勁發展而倍受鼓舞。我們的人才、我們穩健的財務模式以及我們差異化的交易驅動舉措使我們獨樹一幟。我們高速成長、多年發展軌跡的優勢在於，憑藉創紀錄的高AUV數量和卓越的四壁模型，能夠提供持續、可靠的成果。

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

謝謝大家。現在開始回答各位的問題。接線員，請開通線路。

Question-and-Answer Session

問答環節

(Operator Instructions)

（操作說明）

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

So I'd like to kind of understand a little bit better in terms of -- when comparing kind of innovation, paid advertising, Order Ahead, industry awards, all of these things that were catalyst to your traffic year-to-date which are some of the levers do you think have the highest remaining runway? And what 2026 product and platform innovations are most likely to continue as a Bros' multiyear growth algo?

所以我想更了解一下——在比較創新、付費廣告、提前下單、行業獎項等所有這些因素時，這些因素都是今年迄今為止流量增長的催化劑，您認為哪些因素還有最大的成長空間？那麼，2026 年哪些產品和平台創新最有可能成為 Bros 多年成長的演算法呢？

Yeah, Christine, thanks so much for your question. When I look across all of the different levers we have, I actually think we're in early innings in many of them. I look at innovation and how our teams are really looking at each promo period and understanding what worked exceptionally well, where the market is going and what they can tweak to add to that. We just had our strongest fall LTO launch and brought back a number of the drinks for last year and just executed them really well.

是的，克里斯汀，非常感謝你的提問。當我審視我們擁有的所有不同手段時，我認為我們在許多方面都還處於起步階段。我專注於創新，以及我們的團隊如何認真審視每個促銷期，了解哪些方面做得特別好，市場走向何方，以及他們可以做出哪些調整來錦上添花。我們剛剛推出了迄今為止最成功的秋季限時特飲，並重新推出了去年的一些飲品，而且做得非常出色。

With paid advertising, I think we're continuing to do a lot of learning in which channels work best for us, where we spend versus the maturity of the market. And so again, early innings there as we continue to learn analytically just where to place those -- place our dollars in that paid advertising.

在付費廣告方面，我認為我們仍在不斷學習，了解哪些管道最適合我們，以及我們在哪些方面投入資金，同時也要考慮市場的成熟度。所以，現在還處於早期階段，我們將繼續透過分析來學習如何把錢花在付費廣告上。

And just as a reminder, we're really using paid advertising to grow brand awareness. It's that on-ramp for the brand that we then get customers into Dutch Rewards, where 72% of our transactions are Dutch Rewards transaction. So we really have this very efficient channel to speak with them.

再次提醒大家，我們確實在利用付費廣告來提高品牌知名度。正是這個品牌入口，讓我們能夠引導顧客加入 Dutch Rewards 計劃，其中 72% 的交易都是 Dutch Rewards 交易。所以我們確實擁有一個非常有效率的溝通管道。

On Dutch Rewards, we've really made the transition this year in moving from all broad-based offers to more segmented offers. We have a lot of runway still ahead to further segment that customer base, learning what drives different customers to increase their frequency. So a lot of runway still there as well.

今年，Dutch Rewards 真正實現了轉型，從所有廣泛的優惠活動轉向了更細分的優惠。我們還有很大的發展空間，可以進一步細分客戶群，了解是什麼因素促使不同的顧客增加購買頻率。所以跑道還很長。

Then looking at mobile order, again, we continue to see that nice steady march up in mobile order. And we are really learning like operationally as we hit some very high penetration levels, especially in newer markets. how to split our KDSes between different stations to deliver on those.

然後來看手機下單，我們又看到手機下單量持續穩定成長。隨著我們在一些新興市場，尤其是在市場滲透率非常高的情況下，我們正在學習如何在不同的站點之間分配我們的KDS，以更好地服務這些站點。

And then we're at the very beginning of food, but incredibly encouraged by what we're seeing early on. The love from both our Broistas and our customers for that program. So when I look across the board, I actually think we still have a lot to go in each of our areas to drive transactions.

我們現在還處於食品業的初期階段，但目前所看到的景象令人倍感鼓舞。我們的廚師和顧客都非常喜歡這個項目。所以，從整體來看，我認為我們在各個領域都還有很長的路要走，才能推動交易成長。

We've heard some of the peers highlight consumers under 35 as kind of particularly challenged cohort in the recent months, driven by unemployment and student loan repayment, et cetera. So given kind of your exposure to this age cohort, could you kind of talk to any changes in consumer spending behavior that you're seeing amongst the younger consumers, although your numbers really seems to suggest that, that's not the case for you?

我們聽到一些同行指出，近幾個月來，35 歲以下的消費者群體面臨特別大的挑戰，這主要是由於失業和償還學生貸款等原因造成的。鑑於您對這個年齡層的接觸，您能否談談您在年輕消費者的消費行為方面觀察到的任何變化？儘管您的數據似乎表明情況並非如此。

Yeah. So as you can see, we had an incredibly strong quarter with 5.7% system same-shop sales growth. When we look across our younger cohorts, again, with 75% of those transactions coming from Dutch Rewards, we can segment that by age cohort.

是的。如您所見，我們本季業績非常強勁，系統同店銷售額成長了 5.7%。當我們觀察較年輕的族群時，同樣地，其中 75% 的交易來自 Dutch Rewards，我們可以按年齡進行細分。

And we're seeing really incredible performance out of those younger cohorts. I think that during times like this, customers are choosing the brands that they love the most and really deciding to spend their dollars there. And what we're seeing out of gen Z and that continued growth and that huge in that cohort is really encouraging.

我們看到年輕一代的表現非常出色。我認為在這樣的時期，顧客會選擇他們最喜歡的品牌，並真正決定把錢花在這些品牌上。我們看到 Z 世代的持續成長以及該群體中如此巨大的發展勢頭，這真的令人鼓舞。

(Operator Instructions)

（操作說明）

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Congrats on the strong results, guys. Very helpful data points on the food offering. I was wondering if you could speak a little bit more to what you're seeing from a customer feedback standpoint. Employees, how that's working. I'm curious, anything else on sort of attachment for mentality. I mean you gave us the important numbers, I know.

恭喜各位取得如此優異的成績！關於食品供應情況，這些數據點非常有幫助。我想請您再詳細談談您從客戶回饋角度看到的情況。員工們，效果如何？我很好奇，關於這種心態上的依戀還有其他方面嗎？我知道，你已經提供了重要的數據。

And just related to that, that 25% that won't get food, can you give us a breakdown of company versus license there and what that looks like? And I guess last, just on the food. If you could touch at all more on the food costs in the fourth quarter, the hot food costs that you spoke to.

還有一點與此相關，關於那 25% 無法獲得食物的人，您能否提供一下公司與許可證的細分數據，以及具體情況？最後，我想說說食物方面。如果您能再詳細談談第四季的食品成本，特別是您剛才提到的熱食成本，那就太好了。

Thanks so much, Dennis. I'll start with customer and Broista feedback. So that's something that we're carefully managing. We actually have trackers in place to manage that every single week. One of the things I'm really encouraged by is, as we are rolling this out in successive markets, we're actually seeing improvements in both Broista feedback and in customer feedback as we continue to roll this out.

非常感謝你，丹尼斯。我先從顧客和Broista的回饋說起。所以這是我們正在謹慎處理的事情。我們實際上已經設定了追蹤器，每週都會進行管理。令我倍感鼓舞的是，隨著我們在各個市場逐步推廣這項服務，我們實際上看到了 Broista 的回饋和客戶的回饋都在不斷改進。

So I think we have just an incredible launch and start of the hot food program. I am incredibly impressed with how our Broistas are embracing the program and rolling this out to our customers. I'll give it to Josh for some of the margin questions.

所以我認為我們的熱食計畫啟動得非常成功。我對我們的廚師們積極響應並向顧客推廣該計劃的方式印象深刻。有些關於利潤率的問題，我會交給喬希來解答。

Yes. Well, and the question on the kind of the breakout between company franchise, really, that limitation is related to space constraints and the size of the shop. So we haven't given the specific breakdown of what that looks like. But you can imagine in the older shops that where there are more franchise shops, that's where there would be challenges in being able to launch hot food.

是的。至於公司加盟店之間的差異化問題，實際上，這種限制與空間限制和店鋪規模有關。所以我們還沒有給出具體的分解方案。但你可以想像，在那些加盟店較多的老店裡，推出熱食會面臨一些挑戰。

On the margin specific, we're in 160 shops at the end of Q3. So you can imagine just on a relative percentage basis, it is a smaller impact, but as you might expect, COGS for food is relatively higher than beverage. So I would assume a slight amount of pressure coming into Q4 and then as we roll this out that adding to it in 2026 as well.

就邊際效益而言，截至第三季末，我們已入駐 160 家門市。所以你可以想像，僅從相對百分比來看，它的影響較小，但正如你可能預料到的那樣，食品的銷售成本相對高於飲料。因此，我預計第四季會面臨一些壓力，隨著我們逐步推出這項計劃，到 2026 年壓力還會進一步增加。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Could you give us a little more color just sort of on the ticket dynamic or check dynamics? Obviously, you're seeing a negative mix with pricing, I think, around 2% or so. What's going on there? And then as you look out to '26, I'm assuming food could be a part of getting that going back in the right direction.

能否再詳細介紹一下票據或支票的運作機制？顯然，價格方面出現了負面因素，我認為大概有 2% 左右。那裡發生了什麼事？展望 2026 年，我認為食物可以成為讓一切重回正軌的一部分。

Yes, Andy, thanks for the question. As you pointed out, yes, we're sitting on about 2 points of price, that's being offset by about 1 point of mix. That has been fairly persistent, consistent throughout the year. So we've seen a bit of offset coming from mix, largely driven by lower items per transaction, certainly contributing to that as we've launched Order Ahead, that is targeting more of an individual type occasion. So that would be an element of it as well.

是的，安迪，謝謝你的提問。正如你所指出的，是的，我們在價格方面有大約 2 個百分點的優勢，但這被大約 1 個百分點的組合優勢所抵消。這種情況一直相當持續，貫穿全年。因此，我們看到商品種類有所減少，這在一定程度上抵消了單筆交易商品數量的減少，當然，隨著我們推出「提前下單」服務，也對此有所貢獻，該服務的目標客戶是個人用戶。所以這也是其中一個因素。

Certainly, not providing guidance on 2026 comp yet, but what I would share is we're sitting on about 2 points of price. We roll off about half of that in January and the other half in July. Going to be very thoughtful about how we think about our overall value prop for the year, but feel really good about how we're positioning ourselves heading into next year.

當然，目前還不能對 2026 年的比較情況提供指導，但我可以透露的是，我們目前的價格大約有 2 個點的波動。我們一月會釋放大約一半，七月會釋放另一半。我們會認真思考今年的整體價值主張，但對我們明年的發展定位感到非常滿意。

And I would just add with that 4% comp lift that we're seeing in food, about one-fourth of that is coming from transaction growth, which we're really excited about. We thought we might be missing a beverage occasion there. So starting to see that and then three-fourth of that coming from ticket and attach.

我還要補充一點，食品業同店銷售額成長了 4%，其中約四分之一來自交易量的成長，我們對此感到非常興奮。我們覺得我們可能會錯過一次喝酒的機會。所以開始看到這一點，然後四分之三來自工單和附件。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Your successes in competition with the largest restaurant in the world, piloting a new line of energy and iced coffee and beverages in Colorado at the start of September. Can you help articulate what you observed in the last two months of sales in that market since that pilot launch?

您在與世界上最大的餐廳的競爭中取得了成功，並在 9 月初在科羅拉多州試行了一系列新的能量飲料、冰咖啡和飲料。您能否詳細說明一下自試點推出以來，您在過去兩個月中在該市場觀察到的銷售情況？

Yes. Thanks so much for your question, Andrew. So as we actually look across all of our markets and have been paying particular attention to shops in that market, we have not seen any impact on our shops. We continue to have a great quarter and into a great October. And so really excited by what we're seeing overall, but did not see an impact from that test.

是的。非常感謝你的提問，安德魯。因此，當我們實際審視我們所有的市場，並特別關注該市場中的商店時，我們沒有發現對我們的商店有任何影響。我們本季業績持續出色，十月份的業績也十分可觀。所以，我們對目前的整體情況感到非常興奮，但我們並沒有看到那次測試的影響。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Hopefully, I can get in a question. The half is just a clarification on, Christine, your comment about your consumers kind of choosing the brands that resonate with them. I guess do you have a sense of coffee, you're sort of really taking share in the coffee segment?

希望我能插上一個問題。克里斯汀，這半部分只是對你之前關於消費者會選擇與他們產生共鳴的品牌的評論的澄清。我想你對咖啡產業很有感覺，你似乎真的在咖啡市場佔有了一席之地？

Or if coffee broadly is doing better? I guess just trying to put that in the context of this perception that maybe coffee would be more cyclical or more easily kind of given up. But it sounds like actually, there's a lot of strength, and I wasn't sure if that was the segment or Bros particular or both.

或者咖啡產業整體情況是否更好？我猜我只是想把這件事放在這樣一個觀念的背景下思考：咖啡可能更具週期性，或者更容易被人放棄。但聽起來實際上實力很強，我不確定這是整個節目的特色，還是 Bros 的特色，或者兩者都有。

And the question was about seeing improved transactions during peak hours. Are there any metrics you can share about throughput? I don't know if it's a number of transactions or number of beverages? Just sort of where you are now and what you think a target might be as I think about how throughput might contribute to transaction growth.

而問題在於能否在尖峰時段看到交易量的改善。您能否分享一些關於吞吐量的指標？我不知道這是指交易次數還是飲料數量？我只是想了解一下您目前的情況，以及您認為目標可能是什麼，同時我也在思考吞吐量如何才能促進交易成長。

Yes. So on your first question on the strength of the market, so we do believe it is a strong market overall. We also believe we're performing exceptionally well within that market and able to compete in a way that is likely driving some share gains. I think that we are just super well positioned when you take beverage overall. Both coffee and energy are growing.

是的。關於您提出的第一個問題，即市場實力如何，我們認為總體而言，這是一個強勁的市場。我們也相信我們在該市場中表現非常出色，並且能夠以可能推動市場份額成長的方式參與競爭。我認為，從整體飲料產業來看，我們處於非常有利的地位。咖啡和能源產業都在成長。

Energy is -- seems to be growing faster. And we are -- the category creator really of customized energy. So very well positioned in that high-growth space. We're also seeing higher iced, higher customization customers that want that quick interaction, but for it to be quite memorable. So we just believe we're incredibly well positioned across the market.

能源似乎正在加速成長。而我們——正是客製化能源領域的真正開創者。因此，該公司在該高成長領域佔據了非常有利的地位。我們也看到，越來越多的客戶追求更高的個人化定制，他們希望快速互動，但又希望互動體驗令人難忘。所以我們相信我們在整個市場中都擁有非常有利的地位。

And then from throughput metrics, we haven't shared those, but that is something that we track. So we are tracking transactions at peak. We're tracking things like window time, other things like that. And then we're also very closely looking at how our labor is deployed to really match those demand curves. And all of those things, our teams are just doing a great job to make sure that our customers are having an incredible experience.

至於吞吐量指標，我們還沒有公佈，但這是我們一直在追蹤的。因此，我們正在追蹤高峰期的交易量。我們正在追蹤諸如視窗時間之類的數據，以及其他類似數據。然後，我們也密切關注如何部署勞動力，以真正匹配這些需求曲線。所有這些方面，我們的團隊都做得非常出色，以確保我們的客戶擁有非凡的體驗。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Congrats on great results here. Josh, I was wondering if you could comment on why the EBITDA guidance range didn't increase in the sales guidance range. I'm just wondering what some of the cost offsets were that you didn't contemplate previously?

恭喜你取得如此優異的成績！Josh，我想請你解釋為什麼 EBITDA 預期範圍沒有隨著銷售額預期範圍的增加而增加。我只是想知道，之前你沒有考慮到哪些成本抵銷措施？

Yes. Great question, David. So we've been really thrilled with the overall performance of the business and the strength of our 4-wall model that supported us to the ability to make some investments. In particular, if you look at our preopening costs, we are continuing just to see incredible openings as we go into these new markets. We continue to be met with really long lines. So we're sending our training teams out to -- in support of those openings, just to really set our teams up for success.

是的。問得好，大衛。因此，我們對公司的整體業績以及我們強大的四牆模式感到非常滿意，這種模式使我們能夠進行一些投資。特別是，如果你看一下我們開業前的成本，你會發現，隨著我們進入這些新市場，開業規模越來越大，令人難以置信。我們仍然經常遇到排長隊的情況。因此，我們正在派出培訓團隊前往這些崗位，以支持這些空缺職位，真正幫助我們的團隊取得成功。

So as we commented, we validated preopening costs in Q3, and we'd anticipate seeing on a per shop basis, preopening costs being consistent in Q4 with what we saw in Q3. Certainly, with a greater number of openings in Q4, that's higher absolute dollar basis as well.

正如我們之前所說，我們在第三季度驗證了開業前的成本，我們預計第四季度每家門市的開業前成本將與第三季的情況保持一致。當然，第四季新增職位數量更多，因此絕對美元價格也會更高。

The other side of that is we've continued to see accelerated coffee costs coming into the P&L. That will accelerate into Q4. Certainly previously contemplated, but it is one that will continue to accelerate into Q4. And then the third piece that is impacting is the higher taxes that I referenced in the State of California, putting about 50 basis points of margin pressure in the labor line. And that's really kind of a full year amount that we're expecting to impact the individual quarter.

另一方面，我們看到咖啡成本持續加速上漲，並計入損益表。這一趨勢將在第四季加速發展。雖然之前已經考慮過，但這一趨勢將在第四季度繼續加速發展。第三個影響因素是我之前提到的加州較高的稅收，這給勞動成本帶來了約 50 個基點的利潤壓力。我們預計這筆金額將相當於一整年的金額，將對每季產生影響。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

When you talk about the left from food, is that basically -- is that like the original cohort of stores that had it measured after 6 or 12 months. Could you just talk about how you arrived at that? And then is -- do you think that you can sort of augment that over time? Like obviously, once you have it more broadly rolled out, maybe awareness goes up, you could advertise it? Like how do you think about continuing to drive food over time?

當你談到食品的剩餘部分時，這基本上是指——就像最初的一批商店在 6 個月或 12 個月後進行測量一樣。您能談談您是如何得出這個結論的嗎？那麼——你認為隨著時間的推移，你能逐漸增強這種效果嗎？很顯然，一旦推廣範圍擴大，知名度可能會提高，你就可以宣傳了？你如何看待食品產業持續發展？

Yes. So as we look at the lift from food and how we're measuring that, we are measuring a kind of pre-post versus control. We're looking at absolute transaction growth. We're looking at overall same-shop sales growth in those markets and have had the food program in some shops for a longer period of time now. So giving us confidence to share the numbers at that point.

是的。因此，當我們觀察食物帶來的提升以及我們如何衡量這種提升時，我們實際上是在衡量一種前後對比對照的情況。我們關注的是交易量的絕對成長。我們正在關注這些市場的整體同店銷售成長，並且一些門市已經推行食品計劃一段時間了。因此，這讓我們有信心在那時公佈這些數據。

And then I think the way to think about food is it's really a program that we're just getting started with. We've had traditionally about four SKUs within our shops, the three Muffin tops and the granola bar. This initial food rollout is just moving us to eight SKUs, so just adding four SKUs there.

我認為，看待食物的方式是，這實際上是一個我們才剛起步的計畫。我們的商店裡傳統上會有大約四個 SKU，三個鬆餅頂和格蘭諾拉麥片棒。這項食品新品推出計畫只是將我們的 SKU 數量增加到八個，所以這次只增加了四個 SKU。

But what it is, if it's providing a capability where we now have ovens. We're putting in the inventory management required to have that food program. So I think of it as really serving as a base for what this could be over time and think that it has huge potential as we go forward.

但如果它能提供我們現在擁有烤箱的功能，那它到底是什麼呢？我們正在建立必要的庫存管理系統，以進行這項食品計劃。所以我認為它真正為未來發展奠定了基礎，我認為它在未來具有巨大的潛力。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

I'm curious, as you've been expanding into the Southeast and now into the Midwest, by the way, welcome to Greater Chicago. Are you seeing kind of a similar customer demographic? And anything that surprises you in the way that customers are using Dutch or the dayparts or the product mix? Just wondering what you're learning as you're growing further nationally.

我很好奇，你們一直在向東南地區擴張，現在又向中西部地區擴張，順便說一句，歡迎來到大芝加哥地區。你們的客戶群是否也類似？顧客使用荷蘭語的方式、用餐時段或產品組合方面，有沒有什麼讓你感到驚訝的地方？想知道隨著你在全國範圍內的不斷發展，你都學到了些什麼。

I think we're seeing some of the same things that we've seen in that we do have a higher coffee mix as we first go into newer markets. We are seeing that higher mobile order mix as well as we go into new markets. Those things have been pretty consistent.

我認為我們看到的情況和以前有些類似，那就是當我們剛進入新市場時，咖啡的比例會更高。隨著我們進入新市場，我們也看到行動端訂單佔比越來越高。這些情況一直都很穩定。

I do think if we really reach this more national scale as we pass that 1,000 shop mark, the brand kind of proceeds itself. And so when we show up in these markets, we're just met with incredible excitement initial demand.

我認為，如果我們真的達到全國規模，店鋪數量突破 1000 家，品牌自然就會成長。因此，當我們進入這些市場時，我們首先看到的就是令人難以置信的熱情和需求。

They already know that our sticker days are coming and are lining up for the sticker day. So I do think as we reach higher scale, we are seeing the benefits from that as we go into new markets. I think we've also done a lot of learning in what is the best way to go into a new market, make sure the team is set up for success and what are our phases of marketing as we go through those new markets. And as we've shared, we're incredibly excited by that new shop productivity that we continue to see.

他們已經知道我們的貼紙日即將到來，並且正在排隊等待貼紙日的到來。所以我認為，隨著我們規模的擴大，當我們進入新市場時，我們會從中受益。我認為我們也學到了很多東西，例如進入新市場的最佳方式是什麼，確保團隊能夠成功，以及我們在進入這些新市場時行銷的各個階段是什麼。正如我們之前所說，我們對不斷看到的店鋪生產力提升感到無比興奮。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

I was hoping to drill in a little bit in terms of what's going on in some specific markets. And obviously, you're located next or at least near some specialty coffee outlets that have been closing stores. And yet in other markets, there's a number of specialty coffee outlets that have been significantly opening stores.

我希望能夠深入了解某些特定市場正在發生的事情。顯然，您所在的位置就在一些已經關門的特色咖啡店旁邊，或者至少就在附近。然而，在其他市場，許多特色咖啡店卻在大量開設新店。

So I wanted to see if there is any interesting dynamics we can talk about on a market level basis that maybe you're influencing in positive or negatively, your access to real estate people and customers? Anything that we can maybe talk about that's a little bit below the surface.

所以我想看看在市場層面上，有沒有什麼有趣的動態因素我們可以討論一下，例如你與房地產從業人員和客戶的接觸，這些因素可能對你產生積極或消極的影響？任何我們可以聊聊的、比較隱晦的話題。

Yeah. So I think as we continue to open shops like the one dynamic that you'll see is more of our new shops and those newer vintages, are in the company-operated side in the business. So I think as you probably saw, we had a 7.4% same-shop sales within company-owned driven by very strong traffic at almost 7% there, 6.8%.

是的。所以我認為，隨著我們繼續開設更多店鋪，你會看到的一個趨勢是，我們更多的新店和那些較新的年份酒，都屬於公司自營業務。所以我想你可能已經看到了，公司自有門市的同店銷售額成長了 7.4%，這主要得益於客流量的強勁成長，接近 7%，達到 6.8%。

And as we continue to look for new shops and new markets, I think the strength of the brand, the longevity that we have, we have been out there as a landlord. We have incredibly attractive cap rates now as we continue to grow across the country.

隨著我們不斷尋找新的店鋪和新的市場，我認為品牌的實力、我們擁有的持久性，以及我們作為房東的長期經驗，都體現了這一點。隨著我們在全國範圍內持續擴張，我們現在擁有極具吸引力的資本化率。

We're really not seeing any shortage in sites. And as I shared in my prepared remarks, we've actually added about 30 sites per month over the last six months into our pipeline. So seeing great availability of great sites. And I think it's also due to, as we're ingesting data more quickly into our models and seeing the performance that we're seeing now, we're really able to better pinpoint how we're going to do in a market. So we have both confidence in what that will look like when it opens, but also, we are finding great sites as we move across the country.

我們目前並沒有看到任何場地短缺的情況。正如我在準備好的發言稿中提到的，在過去的六個月裡，我們每個月實際上都新增了大約 30 個網站到我們的專案儲備中。所以，我們看到了很多優質網站。我認為這也是因為我們能夠更快地將資料匯入模型，並看到我們現在所看到的效能，所以我們能夠更好地確定我們在市場中的表現。所以，我們既對它開業後的樣子充滿信心，而且，我們在全國各地尋找合適的地點時也發現了新的亮點。

Gregory Francfort, Guggenheim Partners.

格雷戈里‧弗蘭福特，古根漢合夥公司。

I just wanted to follow up on that, Christine. I mean 30 sites a month, I mean, that's a ton of stores. Is that normal that -- that would only translate if you open 300 sites approved or 350 sites approved, that would only translate into 150 or 200 openings? Or is this an indication that '27 and '28, you're going to really ramp the store growth? And can you maybe just talk about the availability of real estate and what you're seeing out there from a competitive perspective? Just a follow-up to John.

克里斯汀，我只是想跟進這件事。我的意思是，一個月30個網站，那可是大量的商店啊。正常情況下，只有當你批准開設 300 或 350 個營業點時，才能轉化為 150 或 200 個營業崗位？或者這意味著在 2027 年和 2028 年，你們將真正加快門市擴張步伐？您能否談談房地產市場的供應情況，以及您從競爭角度觀察到的市場狀況？補充一下約翰的話。

Yes. So thanks, Greg. As we look ahead, we're really confident in that 2,029 shops in 2029. And part of that is building that really strong pipeline right now. So as we look ahead, a lot of the shops that we're adding now are really going to open two years from now.

是的。謝謝你，格雷格。展望未來，我們非常有信心在 2029 年實現 2029 家門市的目標。而其中一部分工作就是現在就建立起一條非常強大的人才輸送管道。展望未來，我們現在新增的許多店鋪其實都要兩年後才會開業。

And so that gives us just great visibility into getting to that ramped up period where we'll be opening those shops. Not all of them will translate, but the majority of them certainly do translate into actual sites as we've looked at history. So we are ramping up that pipeline to prepare for that higher growth as we move ahead.

因此，這讓我們能夠更清楚地了解何時會進入全面擴張階段，屆時我們將開設這些門市。雖然並非所有內容都能翻譯，但正如我們回顧歷史所發現的那樣，其中大部分內容確實可以翻譯成實際的網站。因此，我們正在加快產品研發和生產，為未來更高的成長做好準備。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

You did touch on it, but any color you can offer on the scale of your paid advertising efforts in the Q3, Q4, just the back half of this year relative to, let's say, a year ago? And then as we look forward, would you expect that scale to further build?

您確實提到了這一點，但您能否提供一些關於今年第三季度、第四季度，也就是今年下半年付費廣告投入規模的具體數據，並與去年同期進行比較？展望未來，您認為這種規模會進一步擴大嗎？

Yes. So as we look at paid advertising, we really look to continue to ramp that as we ramp our sales and for that to keep pace. We've been very happy with the results that we're seeing and really view that as paired along with our Dutch Rewards program.

是的。因此，在考慮付費廣告時，我們希望隨著銷售額的成長而繼續加大投入，以維持銷售成長的勢頭。我們對目前所取得的成果非常滿意，並認為這與我們的荷蘭獎勵計劃相輔相成。

So 72% of our transactions are coming through Dutch Rewards at the shop level. And as we look at that, it's really important to use paid advertising to build the brand awareness and then to quickly get our customers into the Dutch Rewards program so that we can speak to them that way.

因此，我們 72% 的交易都是透過 Dutch Rewards 在門市層級完成的。因此，我們認為，利用付費廣告來提升品牌知名度非常重要，然後迅速讓我們的客戶加入荷蘭獎勵計劃，以便我們能夠透過這種方式與他們溝通。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just a question on the mobile order and pay. I think you said it's now at a 13% mix, so creeping higher, but I don't believe that's with any material internal push on your part. And I think you mentioned some of those markets are actually double that, so maybe one-third of their sales or traffic from mobile order.

偉大的。關於手機點餐和支付，我有個問題。我想你說過現在的混合比例是 13%，還在緩慢上升，但我認為這並非是你內部的任何實質推動。而且我認為你提到過，其中一些市場的實際數字是這個數字的兩倍，所以行動訂單可能佔他們銷售額或流量的三分之一。

So I'm just wondering -- there are clearly peers in the beverage segment well above that. I'm just wondering if you could talk about what you'd like to see with that in terms of the acceleration, maybe quantify any kind of benefits you see in terms of traffic or check or frequency? Anything incremental learnings as we think about the next couple of years and where that 13% goes?

所以我想知道——飲料領域顯然有比它高出很多水平的同類產品。我只是想問您能否談談您希望在加速方面看到什麼，或許可以量化一下您在交通、檢查或頻率方面看到的任何好處？在思考未來幾年以及這13%的成長方向時，我們有哪些可以總結的經驗教訓？

Yes. So as we look at that 13% mix, we're very happy with where that is. I think we've shared in the past that this is something that's customer-driven and was the number 1 thing that our customers were asking for from functionality from our app. And we want our customers to be able to order in the channel and in the way that they'd like to order.

是的。所以，當我們看到這 13% 的比例時，我們對這個比例非常滿意。我認為我們之前已經分享過，這是以客戶需求為導向的，也是我們的客戶對我們應用程式功能的首要要求。我們希望我們的客戶能夠透過他們喜歡的管道和方式下單。

I think naturally, over time, given what we're seeing with new shops, if that percentage will increase as I think we're seeing very close to like market level volumes in mobile order in those new shops. And some -- I think customers actually really act in a way that makes a ton of sense. So in our smaller shops or our double -- original double drive-thrus, it just doesn't add as much speed to your day as it does in the new shops that we're rolling out.

我認為，隨著時間的推移，鑑於我們看到的新店數量，這個比例自然會上升，因為我認為我們看到這些新店的行動訂單量已經非常接近市場水平了。而且我覺得有些顧客的行為方式確實很有道理。所以，在我們規模較小的門市或我們最初的雙車道免下車通道中，它並不能像在我們正在推出的新店中那樣，為您的日常工作帶來如此多的速度提升。

So I would expect to have some bifurcation in the newer and legacy markets over time, but incredibly encouraged by what we're seeing. It continues to grow. We also like the interplay that we're seeing between mobile order and food and how easy it is to attach items once you're mobile ordering. So a lot of good things there.

因此，我預計隨著時間的推移，新興市場和傳統市場會出現一些分化，但我對我們目前所看到的景象感到無比鼓舞。它持續增長。我們也喜歡移動點餐和食物之間的互動，以及在移動點餐後添加商品是多麼容易。所以那裡有很多好事。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場。

Congrats on the solid results. My question is on the food rollout. More on the operational side. I'm trying to fit it into one question. But can you just give any additional color on what the changes in the operations are in the back of house for the stores that have proved? Like just curious if you need to add any additional labor to fulfill food or any differences you're noticing on throughput with the stores with food versus those without?

恭喜取得如此優異的成績。我的問題是關於食品供應方面的。更多來自營運方面的內容。我盡量把它濃縮成一個問題。但您能否再詳細說明一下，對於已經取得成功的門市，後台營運方面有哪些變化？我只是好奇，你們是否需要增加額外的人手來供應食品，或者你們是否注意到有食品供應的門市和沒有食品供應的門市在吞吐量方面有任何差異？

And then just separately on your last comment related to mobile order pay. Like do you view food as a driver of mobile order pay or vice versa? I'm just trying to get an understanding of the interplay between those two aspects of your business.

然後，另外，我想單獨談談您上次關於手機點餐支付的評論。你認為食物是行動點餐支付的驅動因素，還是反過來？我只是想了解貴公司這兩個面向之間的互動。

Yes. So from an operations standpoint with food, we are adding new equipment into the shop. We're adding new training, obviously, as we roll that out. And then some of the operational metrics we're looking at is, one, as we built out the food platform and the offering that we have, the oven cycle time for the food items is below the average drink make time.

是的。因此，從食品營運的角度來看，我們正在為店鋪增添新設備。顯然，隨著專案的推進，我們也會增加新的培訓內容。然後，我們正在關注的一些營運指標是，第一，隨著我們建立食品平台和產品，食品的烤箱循環時間低於平均飲料製作時間。

And so that was very intentional. We never want to slow down our line as we add in food. And as we roll this out to new shops, we're continuing to see throughput gains in those AM dayparts in the shops that we've rolled out food. So we really are seeing that work seamlessly.

所以，這完全是故意的。我們絕不想在添加食物時減慢生產線的速度。隨著我們將這項服務推廣到新的門市，我們不斷看到，在我們已推出食品服務的門市中，上午時段的吞吐量持續成長。所以我們看到它確實運作得非常流暢。

And then from a labor perspective, we are investing in labor and food as those sales grow. So overall, I think that food has slightly higher COGS, but a lot of the other line items, really, as you scale, work quite well with food, and it can really leverage some of those other places. So as we are seeing those volume gains, we are investing against the volume gains themselves.

從勞動力角度來看，隨著銷售額的成長，我們也在勞動力和食品方面進行投資。所以總的來說，我認為食品的成本略高，但隨著規模擴大，其他許多項目實際上都能很好地與食品配合，並且可以真正利用其他一些方面的優勢。因此，儘管我們看到了成交量的成長，但我們卻在進行與成交量成長對沖的投資。

And then for mobile order and how that's interplaying, I just think that the app is such an easy way to discover new offerings that we have. And so I think part of that is interplaying with it. I also think that there is a high mix between a customer in the morning, who wants mobile order, who might also want a food item. And so I think we're seeing some of that natural mix together as well.

至於手機下單以及它如何與線上訂購互動，我認為這款應用程式是發現我們新推出的產品的便捷途徑。所以我認為其中一部分是與之互動。我也認為，早上想要透過手機下單的顧客，可能還會想要點一份食物，這種情況比較普遍。所以我覺得我們也看到了這種自然融合的跡象。

Nick Setyan, Mizuho.

Nick Setyan，瑞穗銀行。

Congrats on the qreat quarter. Just a clarification, a question. The clarification, the 50 bps labor headwind, that's just in Q4? Or is that something that's going to continue into 2026? And then the question is just an update on the CPG rollout in 2026.

恭喜你本季業績出色。只是想澄清一下，問個問題。澄清一下，50個基點的勞動成本逆風，僅僅是第四季的情況嗎？或者這種情況會持續到2026年？那麼，接下來的問題只是關於 2026 年 CPG 推廣計畫的最新進展。

But how are we supposed to think about modeling it? Is it just pure licensing flow through? Any numbers around it or just bracket in terms of how we should think about the CPG overlap next year would be very helpful.

但我們應該如何考慮對其進行建模呢？這只是純粹的授權授權流程嗎？任何關於明年 CPG 重疊情況的具體數字或大致範圍都將非常有幫助。

Nick, thanks for the question. Yes, the labor impact is a full year impact that we would anticipate in Q4 as a result of some regulatory changes. So that would come into effect in Q4. The ongoing run rate, obviously, would be something less than that. The amount is a full year amount in a quarter. Christine, would you talk through the CPG piece?

尼克，謝謝你的提問。是的，勞動力市場的影響是全年性的，我們預計由於一些監管變化，這種影響將在第四季度顯現。所以這項措施將在第四季生效。顯然，目前的運行速度會低於這個數值。該金額相當於一整年的金額，卻被壓縮成一個季度。克莉絲汀，可以詳細講解一下CPG這部分內容嗎？

Yes. and then on the CPG rollout, so we are really in the midst of selling right now to retailers. We are also finalizing all the products and doing all the final testings as we get ready to launch this. We are really encouraged by the enthusiasm that we're seeing from retailers for the CPG lineup. That is something that we'll roll out throughout 2026.

是的。然後是消費品推廣，所以我們現在正處於向零售商銷售產品的階段。我們正在對所有產品進行最終定稿和最終測試，為產品上市做好準備。零售商對消費品系列展現的熱情讓我們倍感鼓舞。這是我們將在2026年全年逐步推出的項目。

So as retailers do their resets throughout the year, you'll start to see the Dutch Bros product come in. We've also shared that we're really going to have the CPG offering follow our shops. And so it will be a regional rollout based on where we have shops so that customers can really experience Dutch Bros at the shop first and then go experience at home.

因此，隨著零售商在一年中進行商品調整，您將開始看到 Dutch Bros 的產品上架。我們也曾表示，我們將真正讓 CPG 產品線跟隨我們的門市發展。因此，我們將根據門市所在區域進行區域性推廣，以便顧客可以先在店內體驗 Dutch Bros 的產品，然後再帶回家體驗。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Congrats on another great quarter. Christine, I appreciate the comments you made earlier about the people first culture and the Broista engagement as being the concept's primary competitive moat. But as you scale to, let's say, 2,000 or more shops, it would be harder to sustain this culture.

恭喜又一個季度業績出色！Christine，我很欣賞你之前關於以人為本的文化和Broista員工參與是該理念的主要競爭優勢的評論。但是，隨著店鋪規模擴大到，比如說 2000 家或更多，這種文化就更難維持下去了。

And I'm just wondering, beyond promoting from within, what specific or measurable mechanisms do you have in place to ensure the quality and consistency of the Broista experience isn't diluted? For instance, how do you systematically identify and correct any kind of cultural drift as you expand?

我想知道，除了內部晉升之外，你們還有哪些具體或可衡量的機制來確保 Broista 體驗的品質和一致性不會被削弱？例如，在擴張過程中，如何系統地識別和糾正任何形式的文化偏差？

Yes. Thanks so much for your question. So as we look ahead, I think we are in a really unique position with being able to open all of our new shops in all of our new markets with operators that have been with the brand for quite some time, on average 7.5 years.

是的。非常感謝您的提問。展望未來，我認為我們處於一個非常獨特的地位，能夠在所有新市場開設所有新店，並且所有新店的經營者都已與該品牌合作相當長一段時間，平均為 7.5 年。

And I think at 1,000 shops, that's what's really served us incredibly well is having culture carriers who have been looking forward to that opportunity to go open a new market. We do have measurement mechanisms in place. We do surveys. We do things like that. I think that those are important metrics to have, but we also have great listening systems.

我認為，在擁有 1000 家門市的情況下，真正對我們幫助極大的是，我們擁有了一群文化傳承者，他們一直期待著有機會開拓新市場。我們確實有相對應的衡量機制。我們進行調查。我們就是會做這種事。我認為這些都是重要的指標，但我們也有優秀的監聽系統。

And I think that's the most important piece is making sure that as we roll anything out, we are listening very deeply to how our teams are feeling about different things to make sure that we're enhancing the experience as we roll out food, for example, doing a food benefit for our Broista and so that they can taste and share in that great food as they come on to their shifts.

我認為最重要的一點是，在推出任何新舉措時，我們都要認真傾聽團隊成員對不同事物的感受，以確保我們在推出食品時能夠提升他們的體驗，例如，為我們的廚師提供食品福利，讓他們在上班時可以品嚐和分享這些美味佳餚。

And so I think we're being incredibly thoughtful about ensuring that our shops are staffed well, that we're listening to what's driving satisfaction at the Broista level and just continuing to enhance that experience the same way we're looking at our customer experience.

因此，我認為我們正在非常認真地確保我們的門市人員配備充足，我們正在傾聽 Broista 層面上哪些因素能夠提升顧客滿意度，並像我們關注顧客體驗一樣，不斷提升這種體驗。

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

我謹將發言權交給管理階層，請他們作總結發言。

Yes, thanks for your questions. In September, we proudly hosted our annual book for Kids Day with the Dutch Bros Foundation supporting over 245 local nonprofit organizations focused on programs serving youth in our communities.

是的，謝謝你的提問。9 月，我們榮幸地與 Dutch Bros 基金會共同舉辦了年度「兒童日」圖書活動，支持了 245 多個致力於服務我們社區青少年的當地非營利組織。

Giving back to the communities we serve is core to who we are. Our local operators and franchisees selected each of these nonprofit partners, ensuring the impact was felt directly in the neighborhoods we serve.

回饋我們所服務的社區是我們企業文化的核心所在。我們的在地經營者和加盟商精心挑選了這些非營利合作夥伴，確保我們服務的社區能夠直接感受到這些合作夥伴的影響。

Also in September from all around the country to join us at our headquarters for a leadership development program. It was an incredible opportunity to share stories, learn from each other and continue building the strong foundation that fuels our growth.

9 月份，我們也邀請了來自全國各地的人士到總部參加領導力發展計畫。這是一個絕佳的機會，讓我們能夠分享彼此的故事，互相學習，並繼續夯實推動我們發展的堅實基礎。

Investing in our people and giving back to our communities is core to who we are and our mission remains unchanged. Whether we are swinging drinks or serving up love, Dutch Bros has always been and will always be about the people.

投資員工和回饋社會是我們企業的核心價值觀，我們的使命始終不變。無論我們是在調製飲品還是傳遞愛意，Dutch Bros 始終並將永遠以人為本。

It's this deep connection with our communities that continues to fuel our purpose and drive our growth. Thank you to all our team members for bringing our mission to life. You are the reason our customers continue to show up every single day. I am incredibly grateful for all of you. Thank you.

正是與社區的這種深厚聯繫，不斷激勵我們實現目標，推動著我們的發展。感謝我們所有團隊成員，是你們的付出讓我們的使命得以實現。正是因為有你們，我們的顧客才會每天繼續光顧。我無比感激你們眾人。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。現在您可以斷開線路了，感謝您的參與。