Dutch Bros Inc. (BROS) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros, Inc. second-quarter 2026 earnings conference call and webcast. This conference call and webcast is being recorded today, August 5, 2026, at 5:00 PM Eastern Time and will be available for replay shortly after it has concluded. (Operator Instructions)

感謝各位稍候，歡迎參加 Dutch Bros, Inc. 2026 年第二季財報電話會議暨網路直播。本次財報電話會議與網路直播將於今日（2026 年 8 月 5 日）美東時間下午 5:00 錄音，並將於會議結束後不久提供重播。（接線員指示）

I would now like to turn the call over to Neil Patel, Dutch Bro's Director, Investor Relations. Please go ahead.

現在我想將電話交給 Dutch Bros 投資人關係總監 Neil Patel。請開始。

Good afternoon. I'm joined by Christine Barone, CEO and President; and Josh Guenser, CFO.

各位下午好。今天與我一同出席的有執行長兼總裁 Christine Barone，以及財務長 Josh Guenser。

We issued our earnings press release for the quarter ended June 30, 2026, after the market closed today. The earnings press release, along with a supplemental information deck have been posted to our Investor Relations website at investor.dutchbros.com.

我們已於今日收盤後發布截至 2026 年 6 月 30 日止季度的財報新聞稿。財報新聞稿以及補充資訊簡報已上傳至我們的投資人關係網站 investor.dutchbros.com。

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

請注意，我們事先準備的發言以及對各位提問的回覆中，除歷史事實之外的所有陳述均屬前瞻性陳述，並受風險、不確定性與假設影響，可能導致實際結果出現重大差異。相關內容受我們財報新聞稿中的警示性聲明，以及我們最新向美國證券交易委員會（SEC）提交之文件中的風險因素所限制，包括最近一期 Form 10-K 年度報告與 Form 10-Q 季度報告。

We assume no obligation to update any forward-looking statements.

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 substitute for nor superior to measures that are prepared under GAAP. Please review the reconciliation of non-GAAP measures to compare GAAP results in our earnings press release.

我們也將在今天的電話會議中提及非 GAAP 財務衡量指標。提醒各位，非 GAAP 指標既不能取代也不優於依 GAAP 編製的指標。請參閱我們財報新聞稿中非 GAAP 指標與 GAAP 結果之調節表。

During the question-and-answer portion of today's call, please limit yourself to one question and avoid multipart questions so that we can accommodate as many participants as possible.

在今天的問答環節中，請各位每次僅提一個問題，並避免多段式問題，以便我們能容納更多與會者。

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

接下來，我想把電話交給 Christine。

Thank you, Neil, and good afternoon, everyone.

謝謝你，Neil，各位下午好。

Dutch Bros continues to be powered by a differentiated people-led culture, expanding customer occasions, and a real estate development engine that is unlocking new growth opportunities across the country. The success of our strategy was evident in Q2 as we delivered our eighth consecutive quarter of transaction growth and again delivered strong comp sales that have compounded year over year, durable growth built on an already strong base.

Dutch Bros 持續受惠於以人為本且具差異化的文化、更多元的顧客消費情境，以及能在全國解鎖新成長機會的不動產開發引擎所驅動。我們的策略成效在第二季表現得非常明顯：我們連續第八個季度實現交易量成長，並再次交出強勁的同店銷售成長，且在年對年基礎上持續複利式累積，這是在既有強勁基礎之上建立的韌性成長。

In fact, Q2 marked our 13th straight quarter of positive comp sales. This performance is the product of years of foundational investment, not one lever but a full playbook we built deliberately and are executing with intention. This gives us incredible confidence in our ability to continue growing this business for the long term.

事實上，第二季是我們連續第 13 個季度同店銷售為正成長。這樣的表現來自多年來的基礎性投資，不是單一槓桿，而是一整套我們有意識、刻意打造並正有計畫執行的完整作戰手冊。這讓我們對於長期持續擴大這門業務的能力充滿信心。

Based on our performance so far this year and the recent acquisition of one of our Phoenix franchisees, we are raising our full year guidance.

基於我們今年迄今的表現，以及近期收購我們在鳳凰城的一家加盟商，我們上調全年財測指引。

Turning to our Q2 results. Total revenues increased an outstanding 32% accompanied by strong profitability with adjusted EBITDA up 28%. Our distinctive value proposition continued to resonate in Q2, and we saw system-wide transaction growth, driven by the strength of our brand and our endlessly customizable offerings delivered with speed, quality, and service.

接著談第二季業績。總營收大幅成長 32%，同時獲利能力強勁，調整後 EBITDA 成長 28%。我們獨特的價值主張在第二季持續引發共鳴；在品牌力帶動下，我們看到全系統交易量成長，並受惠於可無限客製化的產品組合，以速度、品質與服務交付。

Development momentum remained exceptionally strong during the quarter, with 48 system shop openings, reinforcing our confidence in our pipeline and the path ahead to reaching 2,029 shops in 2029. Our transaction-driving initiatives, including the rollout of food and category-leading innovation are working, serving as an important proof point in our ability to continue growing transactions while scaling nationally.

本季開發動能依然格外強勁，全系統共新開 48 家門市，強化我們對開店管線的信心，以及在 2029 年達到 2,029 家門市的前進路徑。我們推動交易量成長的各項措施（包括食品導入與品類領先的創新推出）正在發揮作用，成為我們在全國擴張的同時仍能持續提升交易量的重要佐證。

System-wide AUVs continued their record upward momentum in Q2, and new shop productivity was exceptional, an important validation of Dutch Bros' long-term growth opportunity and the continued expansion of the beverage category. Our Q2 results are a direct reflection of the investments we've made across the business over the past several years. Our foundation remains exceptionally strong, and we're building on that momentum.

第二季全系統 AUV（平均單店年營收）延續創新高的上升動能，新店生產力表現也極為出色，這是對 Dutch Bros 長期成長機會以及飲品品類持續擴張的重要驗證。我們第二季的成果直接反映了過去數年我們在全公司各面向所做的投資。我們的基礎依然非常穩健，並在此動能之上持續加速。

As we look ahead, the power of our brand, industry-leading innovation, and our ability to grow customer occasions give us tremendous confidence in the long-term trajectory of Dutch Bros. But none of it would be possible without our team who bring the Dutch Bros experience to life every day. At Dutch Bros, everything starts with our people.

展望未來，我們的品牌力、業界領先的創新能力，以及擴大顧客消費情境的能力，讓我們對 Dutch Bros 的長期發展軌跡充滿信心。但若沒有每天讓 Dutch Bros 體驗成真的團隊，這一切都不可能實現。在 Dutch Bros，一切都從我們的人開始。

Our people-led culture remains the foundation of our success and the driving force behind how we grow. Our Broistas, the heartbeat of our brand, pour into their communities, make customers feel seen, and create meaningful moments that keep customers coming back. These genuine customer connections remain the strongest differentiator of the Dutch Bros experience.

我們以人為本的文化仍是成功的基石，也是我們成長方式背後的驅動力。我們的 Broistas 是品牌的心跳，他們投入社區、讓顧客感受到被看見，並創造有意義的時刻，讓顧客一再回來。這些真誠的顧客連結，仍是 Dutch Bros 體驗最強的差異化優勢。

Customers come to us for more than a drink. They come for the moment at the window that makes their day a little better. That connection has been the hallmark of our brand since our very first stand. And because we grow our leaders from behind the window, that special feeling of connection only gets stronger as we grow. It is the reason we continue to be at the top of the industry in customer ratings for pleasant and friendly service.

顧客來到我們這裡不只是為了一杯飲料。他們是為了在窗口那一刻，讓一天變得更美好一些。這種連結自我們第一個攤位起就是品牌的標誌。而且因為我們從窗口後方培養領導者，隨著我們成長，這份特別的連結感只會更強。這也是我們在「愉悅且友善的服務」顧客評分上持續名列業界前茅的原因。

The exceptional people across our brand allow us to execute consistently, scale into new markets, and deliver the unmatched Dutch Bros energy our customers know and love. Today, we have more than 525 operator candidates in our pipeline with an average tenure of nearly eight years, a leadership bench that gives us tremendous confidence in our ability to continue growing in a unique way, only Dutch Bros can.

遍布品牌各處的優秀人才，使我們能夠穩定一致地執行、擴展至新市場，並交付顧客熟悉且喜愛、無可比擬的 Dutch Bros 能量。目前，我們的人才管線中有超過 525 位營運主管候選人，平均任期接近八年；這樣的領導梯隊讓我們對於以獨特方式持續成長的能力充滿信心——這是只有 Dutch Bros 做得到的。

At the end of June, I spent time with more than 2,000 of our field leaders at A Better World, our immersive and engaging field event focused on developing the next generation of Dutch Bros leaders.

在六月底，我在「A Better World」活動中與超過 2,000 位第一線領導者共度時光；這是一場沉浸式且高度互動的現場活動，聚焦於培育下一代 Dutch Bros 領導者。

Being surrounded by the people who bring our culture to life every day reinforce what makes Dutch Bros so special. Their passion for growing others, serving with kindness and living our mission gives me tremendous confidence that our people will continue to be our greatest differentiator as we grow.

被每天讓我們文化成真的夥伴們所圍繞，更加凸顯 Dutch Bros 的獨特之處。他們對培育他人、以善意服務以及實踐我們使命的熱情，讓我非常有信心：隨著我們成長，我們的人才將持續成為最大的差異化優勢。

The road to 2,029 shops in 2029 remains very clear, supported by our robust development pipeline. As we deepen our presence in existing markets and thoughtfully expand into new ones, each new shop opening reinforces the power of the Dutch Bros brand from coast to coast.

在強健的開發管線支持下，通往 2029 年 2,029 家門市的道路依然非常清晰。當我們在既有市場深化布局並審慎拓展至新市場時，每一家新店開幕都在強化 Dutch Bros 品牌從東岸到西岸的影響力。

Importantly, density continues to be a competitive advantage. We believe density matters and continue to view it as a strategic asset of both our expansion model and growing brand awareness. While we continue this densification strategy, we are also entering new markets as we expand our footprint across the country.

重要的是，門市密度持續是競爭優勢。我們相信密度很重要，並持續將其視為我們擴張模式與提升品牌知名度的策略性資產。在持續推進密度化策略的同時，我們也正進入新市場，擴大我們在全國的版圖。

And new market performance continues to give us even more confidence in our growth path ahead. One of the best examples is in the Chicago market. Last quarter, we provided an update on our entry into the Greater Chicago area, highlighting that our first shop was pacing to a volume of approximately $4 million.

而新市場的表現也持續讓我們對前方的成長路徑更具信心。芝加哥市場就是最好的例子之一。上一季，我們更新了進入大芝加哥地區的進展，並指出我們第一家門市的營收規模正朝約 400 萬美元邁進。

During Q2, we expanded our footprint in the greater Chicagoland area with our Melrose Park shop which is pacing to a volume of approximately $7 million. The response from the community has been incredible. Opening day demand exceeded our expectations and set a new company record, further underscoring the portability of the Dutch Bros brand. The early results affirm our belief that the greater Chicagoland area represents a meaningful long-term growth opportunity.

在第二季，我們透過 Melrose Park 門市擴大在大芝加哥地區的布局，該店的營收規模正朝約 700 萬美元邁進。社區的回應令人振奮。開幕首日的需求超出我們預期並創下公司新紀錄，進一步凸顯 Dutch Bros 品牌的可移植性。初期成果印證我們的看法：大芝加哥地區代表一個具實質意義的長期成長機會。

Across several newer markets, we are also seeing incredible traction. From Atlanta to Charlotte to Tampa, we are seeing many new markets annualizing meaningfully above expectations, showcasing firsthand how well the Dutch Bros brand travels and resonates across diverse geographies.

在數個較新的市場中，我們也看到驚人的成長動能。從亞特蘭大到夏洛特再到坦帕，我們看到許多新市場的年化表現顯著高於預期，第一手展現 Dutch Bros 品牌在不同地理區域的可移植性與共鳴度。

We are also excited to have entered our 26th state Mississippi in July. We recently completed the Phoenix East Valley acquisition, following the retirement of our franchise partner who had been with Dutch Bros for nearly 20 years.

我們也很興奮於 7 月進入第 26 個州——密西西比州。隨著與 Dutch Bros 合作近 20 年的加盟夥伴退休，我們近期完成了鳳凰城東谷（Phoenix East Valley）的收購。

Looking ahead, our development momentum remains very strong. We're opening shops ahead of schedule, our pipeline is rapidly growing, and we continue to see attractive conversion opportunities, both from emerging growth concepts and legacy beverage and drive-through players. Whether we're entering new markets or building density in existing ones, the broad appeal of the Dutch Bros brand and the significant runway ahead become even more evident with each shop we open.

展望未來，我們的開發動能依然非常強勁。我們開店進度超前，開發管線快速成長，且持續看到具吸引力的轉換機會，來源包括新興成長概念，以及傳統飲料與得來速業者。無論是進入新市場或在既有市場提升密度，Dutch Bros 品牌的廣泛吸引力與前方可延伸的巨大跑道，都會隨著每一家新店開出而更加明顯。

Growth isn't just about expanding our footprint; it's also about creating more reasons for customers to choose Dutch Bros throughout the day. In Q2, innovation across our menu and our relentless focus on the customer experience helps strengthen customer routines, drive frequency and deepen engagement with the brand.

成長不僅是擴大我們的版圖；也在於創造更多理由，讓顧客在一天中的不同時段選擇 Dutch Bros。在第二季，菜單創新與我們對顧客體驗的持續專注，有助於強化顧客的消費習慣、提升來客頻次，並加深與品牌的互動。

Let me start with food. Food continues to be one of our most important sales drivers and a key component of our morning daypart strategy. By the end of Q2, we completed the rollout of our new food program across approximately 750 system shops ahead of schedule. Throughout the rollout, the response from customers and broistas has exceeded expectations.

我先從食品談起。食品仍是我們最重要的銷售驅動因素之一，也是我們早晨時段策略的關鍵組成。截至第二季末，我們已提前完成在約 750 家系統門市導入全新食品計畫的全面推廣。在推廣期間，顧客與 broistas 的回饋都超出預期。

We're seeing customers incorporate Dutch Bros into more morning occasions, creating additional opportunities to engage with the brand and strengthening our position within customers' daily routine.

我們看到顧客在更多早晨情境中把 Dutch Bros 納入選擇，創造更多與品牌互動的機會，並強化我們在顧客日常作息中的地位。

Beyond food, innovation across our beverage menu and merch drops kept customers engaged and excited to visit Dutch Bros in the quarter. In May, we introduced Myst Energy Refreshers, a new category of plant-powered energy drinks to complement our proprietary Rebel platform, further strengthening our leadership position in the energy space.

除了食品之外，我們在飲品菜單上的創新以及周邊商品（merch）上新，也讓顧客在本季持續保持參與與期待，願意造訪 Dutch Bros。5 月，我們推出 Myst Energy Refreshers——一個以植物能量為核心的新類別能量飲品，用以補強我們自有的 Rebel 平台，進一步鞏固我們在能量飲品領域的領先地位。

Myst allows us to broaden our occasions and reach new customers while bringing meaningful innovation to the beverage industry. At launch, we drove trial of Myst through our fill-a-tray event, making it easy for customers to mix and match and discover this new platform.

Myst 讓我們能拓展更多消費情境並觸及新顧客，同時為飲料產業帶來具實質意義的創新。在上市初期，我們透過 fill-a-tray 活動推動 Myst 的試飲，讓顧客能輕鬆自由搭配並探索這個新平台。

Myst headlined our Q2 LTO lineup alongside the return of fan favorites: Strawberry Colada, Dulce de Leche, and drove outstanding year-over-year growth in LTO unit velocity.

Myst 作為我們第二季限時供應（LTO）產品組合的主打，同時搭配回歸的粉絲最愛：Strawberry Colada、Dulce de Leche，並帶動 LTO 單店銷售速度（unit velocity）年增表現亮眼。

Since the launch of Myst, we've increased our overall energy mix and driven retention rates ahead of recent LTO benchmarks. Given the overwhelmingly positive customer response, we've made the decision to give Myst a permanent home on the menu alongside our Rebel program. Together, Myst and Rebel reinforce our innovation edge and energy and create a sustainable growth engine for the business.

自 Myst 上市以來，我們提升了整體能量飲品的占比，且留存率表現優於近期 LTO 的基準。鑑於顧客反應極為正面，我們決定讓 Myst 與 Rebel 計畫並列，成為菜單上的常態品項。Myst 與 Rebel 共同強化我們在創新與能量飲品領域的優勢，並為公司打造可持續的成長引擎。

Beyond beverages, our merch drops continue to generate excitement and engagement, giving customers another reason to make a special trip to Dutch Bros, while becoming truly signature events for the brand. We saw another quarter of meaningful sales lift with standout drops like the state sticker and frog charm delivering the strongest merchant sticker drops of the year.

除了飲品之外，我們的周邊商品上新（merch drops）持續帶來話題與互動，讓顧客有另一個理由專程造訪 Dutch Bros，同時也逐漸成為品牌真正具代表性的活動。本季我們再度看到顯著的銷售拉升，其中像州別貼紙與青蛙吊飾等亮點上新，帶來今年最強的貼紙類 merch drop 表現。

Our digital ecosystem also continues to deepen customer engagement. We ended Q2 with over 73% of transactions flowing through Dutch Rewards, reflecting continued customer adoption and engagement. Rewards penetration has been on a consistent climb over the last three years, and we have grown our registered members per shop by over 50%.

我們的數位生態系也持續加深顧客互動。第二季末，超過 73% 的交易透過 Dutch Rewards 完成，反映顧客持續採用並積極參與。過去三年，獎勵計畫滲透率穩定攀升，而我們每家門市的註冊會員數已成長超過 50%。

In Q2, Dutch Rewards also delivered its strongest contribution to comp since the start of our customer segmentation journey. Our ongoing investment in segmentation and personalization is enabling more relevant customer experiences and remains an important lever to drive long-term transaction growth.

在第二季，Dutch Rewards 對同店成長（comp）的貢獻也創下自我們啟動顧客分群旅程以來的最佳表現。我們持續投入分群與個人化，正帶來更貼近需求的顧客體驗，並仍是推動長期交易量成長的重要槓桿。

We're also seeing continued adoption of Order Ahead, which reached approximately 16% of the total transaction mix, improving convenience and making it even easier for customers to engage with us.

我們也看到「提前下單」（Order Ahead）持續被採用，其占總交易組合約 16%，提升便利性，讓顧客更容易與我們互動。

Our CPG business continues to expand the reach of our brand, introducing customers to Dutch Bros and keeping the brand top of mind between visits to our shops. In Q2, the Dutch Bros CPG portfolio continued to show strong customer demand, generating above category average velocity in all formats in which we compete.

我們的 CPG（消費性包裝商品）業務持續擴大品牌觸及，讓更多顧客認識 Dutch Bros，並在兩次到店之間維持品牌能見度。第二季，Dutch Bros 的 CPG 產品組合持續展現強勁需求，在我們參與競爭的所有形式中，銷售速度（velocity）皆高於品類平均。

As we scale the brand, maintaining strong operational discipline remains a key priority. In Q2, we launched our Vibe Check scorecard, giving leaders greater visibility into shop-level performance and enabling our field teams to make more informed operational decisions. As we continue to grow, tools like these help our teams maintain consistency and operational discipline.

隨著品牌規模擴大，維持強健的營運紀律仍是關鍵優先事項。第二季，我們推出 Vibe Check 計分卡，讓管理者更清楚掌握門市層級的表現，並使現場團隊能做出更有依據的營運決策。隨著持續成長，這類工具能協助團隊維持一致性與營運紀律。

We successfully executed several high-demand events during the quarter, including major sticker, merch drop, and fill-a-tray events. Through improved staffing and operational planning, our teams delivered a consistent customer experience even during these periods of elevated demand.

本季我們成功執行多場高需求活動，包括大型貼紙、周邊商品上新，以及 fill-a-tray 活動。透過更完善的人力配置與營運規劃，即使在需求高峰期間，我們的團隊仍能提供一致的顧客體驗。

Finally, we continue to see improvement in throughput with further progress already underway. We're focused on shop layout, equipment optimization, and operational processes that help our Broistas serve customers with speed while maintaining the quality and service our customers expect.

最後，我們持續看到出杯/服務效率（throughput）改善，而且已有更多進一步提升的工作在進行中。我們聚焦於門市動線設計、設備最佳化與營運流程，協助我們的 Broistas 在維持顧客期待的品質與服務之下，以更快速度服務顧客。

In closing, our confidence the opportunity ahead has never been greater, and it's clear that our strategy is working. Our people-led culture continues to scale alongside the business and remains the defining differentiator of the Dutch Bros brand. Backed by our deep leadership pipeline and consistent execution, we believe what sets us apart today will continue to be a key reason why customers choose Dutch Bros and keep coming back.

總結來說，我們對前方機會的信心前所未有地強，而我們的策略正在奏效。我們以人為本的文化持續隨著業務一同擴張，並仍是 Dutch Bros 品牌最具決定性的差異化優勢。在深厚的領導人才管線與穩健執行力的支持下，我們相信，今日讓我們與眾不同之處，將持續成為顧客選擇 Dutch Bros 並一再回訪的關鍵原因。

Our strong performance in new markets and continued momentum across our development pipeline, reinforces our confidence in the path to 2,029 shops in 2029. Our sales-driving initiatives are delivering exceptional results, exceeding our expectations, and delighting customers. Beverage innovation, food, merch drops and digital advancements, this is our playbook in action all working together. And eight consecutive quarters of transaction growth is the clearest proof it's paying off.

我們在新市場的強勁表現，以及開發管線的持續動能，進一步強化我們對於在 2029 年達成 2,029 家門市路徑的信心。我們的銷售驅動計畫帶來卓越成果，超出預期並讓顧客滿意。飲品創新、食品、周邊商品上新與數位進展——這就是我們的作戰手冊正在發揮作用，彼此協同運作。而連續八個季度的交易量成長，是最清楚的證明：這些努力正在帶來回報。

Looking ahead, we remain confident in our ability to execute against the significant opportunity ahead of us. We continue to see significant runway for growth, supported by the strength of our brand, the passion of our people, and our ability to continue creating more occasions for customers. Together, these advantages position Dutch Bros to continue taking share and further solidify our position in the beverage category.

展望未來，我們仍對自身把握眼前重大機會、落實執行的能力充滿信心。在品牌實力、團隊熱情，以及我們持續為顧客創造更多消費情境的能力支持下，我們仍看到可觀的成長跑道。這些優勢共同使 Dutch Bros 能持續擴大市占，並進一步鞏固我們在飲料品類中的地位。

With that, I'll pass it to Josh.

接下來我把時間交給 Josh。

Thanks, Christine. I'll start with a recap of our second-quarter performance and then share our outlook for the remainder of 2026.

謝謝你，Christine。我將先回顧我們第二季的表現，接著分享 2026 年剩餘期間的展望。

Our second-quarter results were above our expectations, with upside driven by outstanding execution of our marketing initiatives and the continued traction in our idiosyncratic sales drivers. The dedication of our people and the strong conviction we have in our brand solidify my confidence in the balance of the year in our ability to drive long-term growth.

我們第二季的結果高於預期，上行主要來自我們行銷計畫的出色執行，以及我們具獨特性的銷售驅動因素持續發酵。團隊的投入，以及我們對品牌的高度信念，讓我對今年剩餘期間推動長期成長的能力更具信心。

For the second quarter, total revenues were $551 million, growing 32% over the second quarter of last year. Company-operated same-shop sales growth in Q2 was an impressive 8.3% with transaction growth of 3.4%. System same shop sales growth in Q2 was 5.8%, with transaction growth of 1.7%.

第二季總營收為 5.51 億美元，較去年第二季成長 32%。第二季公司自營門市同店銷售成長達 8.3%，表現亮眼，交易量成長 3.4%。第二季系統同店銷售成長為 5.8%，交易量成長 1.7%。

The strength of our two-year transaction stack highlights the effectiveness of the layers of sales-driving initiatives we have executed over recent years and their ability to generate strong customer demand even in an environment of lower consumer sentiment.

我們兩年期交易量堆疊的強勁表現，突顯了我們近年來所執行、層層推進銷售的各項舉措之有效性，並展現其即使在消費者信心較低的環境下，仍能創造強勁顧客需求的能力。

Performance during the quarter benefited from the continued rollout of our new food program, the continued maturation of newer shop vintages, strengthened brand marketing initiatives, and the momentum in customer segmentation with Index Rewards. And with our system same-shop sales performance in Q2 and performance quarter to date in Q3, we are updating our guidance for the full year to 5% to 6%.

本季表現受惠於我們新食品計畫的持續推廣、新開店批次（vintages）的持續成熟、品牌行銷舉措的強化，以及透過 Index Rewards 在顧客分眾上的動能。此外，基於我們系統同店銷售在第二季（Q2）的表現以及第三季（Q3）迄今的表現，我們將全年指引更新為 5% 至 6%。

Now let me be clear, given our performance to date and our expectations for the full year, we are trending towards the midpoint of that 5% to 6% range. This guidance reflects transaction comparisons continuing to step up through the remainder of the year, and the lap of the food rollout we began in Q3 of last year, which primarily impacts net ticket.

現在我想說清楚，依據我們迄今的表現以及對全年之預期，我們的走勢正朝向該 5% 至 6% 區間的中點。此指引反映交易量比較在今年剩餘期間將持續走強，以及我們於去年第三季開始的食品推廣進入對比基期（lap），其主要影響淨客單價。

Our updated full year comp guidance contemplates system same-shop sales growth of approximately 4% to 5% in Q3, reflecting stronger transaction comparisons and the impact of effective pricing stepping down sequentially.

我們更新後的全年同店指引，納入第三季系統同店銷售約 4% 至 5% 的成長，反映更強的交易量比較，以及有效定價影響按季遞減。

As a reminder, we rolled off another point of price in early July. And with pricing taken during the year, our ticket will include less than 1 point of effective pricing in the back half of the year. This reflects our disciplined approach to pricing while preserving our strong value proposition.

提醒一下，我們在 7 月初又取消（roll off）了 1 個百分點的價格因素。而隨著年內已採取的定價措施，我們下半年客單中所包含的有效定價將少於 1 個百分點。這反映我們在維持強勁價值主張的同時，對定價所採取的紀律性作法。

I am very proud of the momentum we've generated across our business as the number of new shops we opened quarter after quarter continue to reach record volumes. The strength of our brand, the effectiveness of our sales drivers, and the technical execution of our playbook, continue to drive systemwide AUVs higher.

我對我們在業務各面向所建立的動能感到非常自豪，因為我們每季新開店數量持續創下新高。我們品牌的實力、銷售驅動因素的有效性，以及營運手冊（playbook）的技術性執行，持續推動全系統 AUV（單店平均年營收）走高。

New shop productivity remained strong in Q2, keeping pace with this continued upward trajectory in systemize AUVs. And we continue to build momentum across our real estate development pipeline.

第二季新店生產力依然強勁，跟上全系統 AUV 持續上行的軌跡。同時，我們也持續在不動產開發管線上累積動能。

During the second quarter, we opened 48 new shops, continuing our strong pace of development growth. We now have approximately 90% of our pipeline needed to achieve 2029 shops in 2029. The depth of this pipeline, coupled with the outstanding execution of our development team reinforces our confidence in our ability to continue capturing the significant amount of white space ahead of us.

第二季我們新開 48 家門市，延續強勁的開發成長步伐。目前我們已擁有約 90% 的管線，可支撐我們在 2029 年達成 2029 家門市的目標。此管線的深度，加上我們開發團隊出色的執行力，強化了我們對持續掌握前方大量市場空白（white space）的信心。

Last week, we completed the acquisition of the franchise rights and assets of 31 locations in the Phoenix market, including one location currently under development. Total purchase consideration was $63.5 million. For the remainder of 2026, we expect this to drive net incremental total revenue of approximately $25 million, inclusive of an approximately $5 million reduction in franchise and other revenue.

上週，我們完成收購鳳凰城市場 31 個據點的加盟權利與資產，其中包含 1 個目前仍在開發中的據點。總收購對價為 6,350 萬美元。就 2026 年剩餘期間而言，我們預期此交易將帶來約 2,500 萬美元的淨增量總營收，其中包含加盟及其他營收約 500 萬美元的減少。

We also expect incremental adjusted EBITDA of approximately $5 million for the balance of the year, which is net of transition-related costs.

我們亦預期今年剩餘期間的增量調整後 EBITDA 約為 500 萬美元，該數字已扣除與轉換相關的成本。

Earlier this week, we entered into an agreement to acquire the real estate and related site assets of up to 65 Salad and Go locations in Arizona, Nevada, Oklahoma, and Texas, an opportunity that we believe enhances our development pipeline and deepens our scale in these markets. We anticipate closing this acquisition this quarter, subject to applicable approvals and other customary closing conditions, with conversions expected in 2027.

本週稍早，我們簽署協議，擬收購位於亞利桑那州、內華達州、奧克拉荷馬州與德州，最多 65 家 Salad and Go 據點的不動產及相關場址資產；我們認為此機會可強化我們的開發管線，並加深我們在這些市場的規模。在取得適用核准及其他慣常交割條件達成的前提下，我們預期將於本季完成該收購，並預計於 2027 年進行轉換。

We are excited to expand our company-operated presence in these important growth markets where we continue to see significant white space opportunity.

我們很期待在這些重要的成長市場擴大公司自營的布局，而我們在這些市場仍持續看到顯著的市場空白機會。

Shifting to our company-operated jobs, performance in Q2 was exceptional with revenue totaling $510 million, an increase of 34% or $130 million compared to the second quarter of last year. Company-operated shop contribution was $156 million, representing a year-over-year increase of 32%. Company-operated shop contribution margin was incredibly strong at approximately 31%.

接著談公司自營門市，第二季表現極為出色，營收合計 5.10 億美元，較去年第二季增加 34% 或 1.30 億美元。公司自營門市貢獻為 1.56 億美元，年增 32%。公司自營門市貢獻毛利率（contribution margin）強勁，約為 31%。

Beverage, food and packaging costs were 26.1% of company-operated shop revenue, which is 80 basis points higher year over year, primarily driven by higher coffee costs and costs associated with the continued rollout of our new food program. We continue to expect an impact from higher coffee costs in the back half of the year.

飲品、食品與包材成本占公司自營門市營收的 26.1%，較去年同期高 80 個基點，主要由咖啡成本上升以及新食品計畫持續推廣所帶來的成本所致。我們仍預期下半年將受到較高咖啡成本的影響。

The updated full year 2026 guidance contemplates approximately 60 basis points of total COGS pressure, which includes the impact from costs associated with the new food program.

更新後的 2026 全年指引納入總銷貨成本（COGS）約 60 個基點的壓力，其中包含新食品計畫相關成本的影響。

Labor costs were 25.4% of company-operated shop revenue, which is 120 basis points favorable year over year primarily due to sales leverage. Occupancy and other costs were 16.3% of company-operated shop revenue, which is 50 basis points higher year over year, primarily due to higher rent on new shops as we shift more of our portfolio to build-to-suit leases.

人事成本占公司自營門市營收的 25.4%，較去年同期有利 120 個基點，主要因銷售槓桿所致。租金占用與其他成本占公司自營門市營收的 16.3%，較去年同期高 50 個基點，主要因我們將更多門市組合轉向量身訂做（build-to-suit）租賃，導致新店租金較高。

We continue to expect the shift towards build-to-suit leases will drive higher occupancy costs as a percentage of revenue in 2026. We expect this impact to be approximately 50 basis points for 2026, consistent with what we saw in Q2.

我們仍預期，轉向量身訂做（build-to-suit）租賃將在 2026 年推升租金占用成本占營收的比重。我們預期 2026 年此影響約為 50 個基點，與我們在第二季所見一致。

Preopening expenses were 1.6% of company-operated shop revenue, which is 40 basis points higher year over year, primarily driven by increased number of shop openings.

開店前費用占公司自營門市營收的 1.6%，較去年同期高 40 個基點，主要由開店數量增加所帶動。

Moving down the P&L. Adjusted SG&A in Q2 was $72 million or 13.2% of total revenue. While continuing to make investments in our people and infrastructure, we were able to drive 90 basis points of leverage on adjusted SG&A.

接著往下看損益表。第二季調整後 SG&A 為 7,200 萬美元，占總營收 13.2%。在持續投資於人才與基礎設施的同時，我們仍能在調整後 SG&A 上實現 90 個基點的槓桿效益。

Our updated 2026 guidance now contemplates approximately 90 basis points of leverage on adjusted SG&A for the full year. Our full year guidance contemplates Q3 adjusted SG&A of $73 million to $74 million.

我們更新後的 2026 指引目前預期全年調整後 SG&A 約有 90 個基點的槓桿效益。我們的全年指引預期第三季調整後 SG&A 為 7,300 萬至 7,400 萬美元。

In the quarter, adjusted EBITDA was $114 million, an increase of 28% over Q2 of last year, and we delivered $0.33 of adjusted EPS, up from $0.26 in the second quarter of last year.

本季調整後 EBITDA 為 1.14 億美元，較去年第二季增加 28%；調整後 EPS 為 0.33 美元，高於去年第二季的 0.26 美元。

Let me now provide an update on our liquidity and CapEx. As of June 30, we had approximately $699 million in total liquidity, including $269 million in cash and cash equivalents and the balance in our undrawn revolver. In Q2, our average CapEx per shop was approximately $1.4 million, consistent with Q2 of last year. We remain on track toward our long-term goal of 60% build-to-suit lease mix, and we continue to increase the number of high-quality sites we are adding to our pipeline.

接下來我更新我們的流動性與資本支出（CapEx）。截至 6 月 30 日，我們總流動性約為 6.99 億美元，其中包含 2.69 億美元的現金及約當現金，其餘為循環信貸額度（revolver）未動用部分。第二季我們每店平均資本支出約為 140 萬美元，與去年第二季一致。我們仍按計畫朝長期目標邁進，即量身訂做（build-to-suit）租賃占比達 60%，並持續提高納入管線的高品質據點數量。

As other concepts continue to rightsize their drive-through fleet, they're creating even more opportunities for us to expand into high-quality locations with exceptional long-term economics.

隨著其他業態持續調整其得來速（drive-through）門市規模，這也為我們創造更多機會，得以擴張至具備卓越長期經濟效益的高品質據點。

Turning to our guidance. We are approaching the back half of the year from a position of strength. We have a highly focused plan, long-term visibility into our key growth initiatives, and a very clear objective to continue converting the significant white space ahead of us into durable growth.

接著談指引。我們以強勢姿態迎接下半年。我們有高度聚焦的計畫、對關鍵成長舉措具備長期能見度，並有非常明確的目標：持續將前方大量的市場空白（white space）轉化為可持續的成長。

Given the performance we have seen thus far and the impact of the Phoenix franchise acquisition, we are raising our 2026 guidance in the following areas.

基於我們迄今所見的表現，以及鳳凰城加盟收購案的影響，我們在以下面向上調 2026 年指引。

Total revenues are now projected to be between $2.1 billion and $2.13 billion, representing 28% to 30% growth year over year. System same-shop sales growth is now estimated to be in the range of 5% to 6%, with us trending towards the midpoint of that range.

總營收目前預估介於 21.0 億至 21.3 億美元，代表年增 28% 至 30%。系統同店銷售成長目前估計為 5% 至 6% 的區間，且我們的走勢正朝向該區間的中點。

Adjusted EBITDA is now estimated to be in the range of $385 million to $390 million. The midpoint of this range contemplates approximately 20 basis points of year-over-year net adjusted EBITDA margin pressure, reflecting the impact of higher coffee costs and increased occupancy costs, partially offset by leverage on adjusted SG&A.

調整後 EBITDA 目前預估落在 3.85 億至 3.90 億美元區間。該區間的中位數假設調整後淨 EBITDA 利潤率年對年約承受 20 個基點的壓力，反映咖啡成本上升與店面占用成本增加的影響，部分由調整後 SG&A 的規模效益所抵銷。

Capital expenditures are now expected to be in the range of $350 million to $370 million. We remain very confident in opening at least 185 system shops in 2026.

資本支出目前預期落在 3.50 億至 3.70 億美元區間。我們仍非常有信心在 2026 年至少開出 185 家系統門市。

I am very proud of the results our team delivered in Q2, strong operational execution, a continued focus on establishing the everyday routine for our customers and incredibly strong four-wall economics give me even greater conviction that we are set up for long-term success.

我為團隊在第二季交出的成果感到非常自豪；強勁的營運執行、持續聚焦於為顧客建立日常習慣，以及極為強勁的單店（four-wall）經濟效益，讓我更堅信我們已為長期成功做好準備。

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

謝謝各位。接下來我們將開始提問。接線員，請開放電話線。

(Operator Instructions) Dennis Geiger, UBS.

(接線員指示) UBS 的 Dennis Geiger。

Josh, you gave some really helpful color on the rest of the year guidance and including as it relates to the same-store sales target. I wanted to know if you could get into that a little bit more as far as how you're thinking about the back half outlook?

Josh，你對今年剩餘期間的指引提供了很有幫助的補充說明，包括與同店銷售目標相關的部分。我想請你再多談一點，你們對下半年展望是怎麼思考的？

Any other puts and takes as it relates to some of the key initiatives that you've got in place and how you're thinking about contribution as we move through the back half of the year as well as just kind of anything on broader macro backdrop competition? Anything else that might impact the back half of the year comps?

另外，關於你們已推動的一些關鍵計畫，還有哪些拉抬與抵銷因素？以及隨著我們進入下半年，你們如何看待其貢獻？再者，整體宏觀背景與競爭態勢方面有沒有什麼觀察？還有其他可能影響下半年同店比較（comps）的因素嗎？

Yes, Dennis, thanks for the question. So as we think about our guidance for the full year of the midpoint of the 5% to 6% range, that really does reflect the continued step-up in transaction comparison. So we see that step up in Q3 and Q4. We also are rolling off net pricing as we head into Q3. So we'll see that impact our ticket.

好的，Dennis，謝謝你的提問。就我們對全年指引的思考而言，以 5% 到 6% 區間的中位數來看，這確實反映交易量比較（transaction comparison）持續走升。因此我們預期第三季與第四季會看到這個走升。此外，隨著進入第三季，我們也會逐步消化先前的淨提價效應。因此這會對客單價（ticket）造成影響。

And then we begin to roll over actually the start of the rollout of our food program that we started in Q3 of last year, more meaningfully in Q4. So all those factors lead us to that 5% to 6% range for the full year and 4 to 5 points comp for Q3.

接著，我們也將開始跨越（roll over）去年第三季啟動、並在第四季更具規模的食品計畫導入初期的比較基期。因此，這些因素共同使我們對全年落在 5% 到 6% 區間、以及第三季同店約 4 到 5 個百分點的預期更為合理。

Yes. And if we look at the broader macro environment, we're feeling really good about how we're positioned. We think that we are continuing to be positioned to really outcompete the rest of the industry and outperform with mobile order, with Dutch rewards, with the food program and all of the different initiatives that we've added together are just really performing.

是的。如果看更廣泛的宏觀環境，我們對自身定位感到非常有信心。我們認為，憑藉行動點單、Dutch Rewards、食品計畫，以及我們整合推出的各項措施，我們仍能在產業中持續更具競爭力並跑贏同業，而這些措施的表現確實非常出色。

Our customers are loving them and our Broistas are serving them with exceptional service.

顧客非常喜歡，而我們的 Broistas 也以卓越的服務把它們呈現給顧客。

Andrew Charles, TD Cowen.

TD Cowen 的 Andrew Charles。

Just a little on the guidance for 3Q of 4% to 5%. It implies the deceleration from the strong 2Q results on both a two-year basis as well as a seasonal basis. And I know you called out rolling off some price. But are there other dynamics to think about considering perhaps the implied deceleration in particular, are you seeing any headwinds from the surge of gas prices?

關於第三季 4% 到 5% 的指引我想再問一下。這意味著相較第二季強勁表現，無論以兩年基礎或季節性來看都會出現放緩。我知道你提到會逐步消化部分提價效應。但除此之外，還有其他需要考量的動態嗎？特別是這個隱含的放緩，你們是否看到油價上漲帶來的逆風？

Obviously, Starbucks had a big launch this month with blended energy as well. Just some of the dynamics that we should be thinking about as well here.

另外，星巴克本月也大規模推出了 blended energy。也請談談我們應該納入考量的其他動態。

Yes. So Andrew, thanks for the question. I'd really point you towards the primary driver being that that transaction lap is starting to step up here and then what we're rolling off both in terms of pricing and the rollover of the start of our food program. So we do feel like -- feel very good about the position that we're in as we head into Q3 and for the balance of the year and how things are shaping up for us.

是的。Andrew，謝謝你的提問。我會把你導向主要驅動因素：交易量的比較基期（transaction lap）在此開始走升，以及我們在價格面逐步消化的效應，還有食品計畫導入初期的比較基期跨越。因此，隨著進入第三季以及今年剩餘期間，我們對目前所處的位置與整體走勢都感到非常樂觀。

Jeff Farmer, Gordon Haskett.

Gordon Haskett 的 Jeff Farmer。

Over the last couple of quarters, you guys pointed out some pretty big increases in your LTO unit velocity. Just looking for a little bit more color there. And then more importantly, what's the relationship between increased LTO velocity and your traffic and same-store sales numbers?

過去幾個季度，你們提到 LTO 的單店銷售速度（unit velocity）有相當大的提升。想請你們再多補充一些細節。更重要的是，LTO 速度提升與你們的來客數（traffic）以及同店銷售數字之間的關係是什麼？

Yes. Thanks for the question. So we continue to be really pleased with how our LTOs performer -- are performing. When you look at Q2, I would highlight the launch of Myst. This is an incredibly important platform for us. We are the leader, the category creator in customized energy. And having that full platform, including this really just adds to what our customers can choose across that we actually saw an incremental increase in energy as a total percent of our sales as we looked over that quarter. So really excited to see how that's performing.

是的。謝謝你的提問。我們對 LTO 的表現持續感到非常滿意。以第二季來看，我會特別強調 Myst 的上市。這對我們而言是一個極其重要的平台。我們是客製化能量飲品的領導者，也是品類的開創者。擁有完整的平台、再加上這項產品，確實擴大了顧客可選擇的範圍；而且在該季度回顧中，我們也看到能量飲品占總銷售比重出現額外提升。因此我們對其表現非常振奮。

We did launch that as an LTO. And with that strong performance, have decided to keep that on the menu. As we've talked over the last couple of quarters and look at our innovation, we really look at innovation as platform innovation and then some of those LTOs and those new flavors that just drive excitement across our business. And this quarter, we were really focused on that platform innovation with launching Myst.

我們最初以 LTO 形式推出。基於強勁表現，我們已決定將其保留在菜單上。如同過去幾季所談到的，對於創新，我們主要聚焦於平台型創新，並搭配一些 LTO 與新口味，為整體業務帶來話題與熱度。而本季我們的重點正是透過推出 Myst 來推動平台型創新。

The other thing we saw too is as we look at our LTOs, we look each year at what's performing really well and saw a continued really great performance out of Strawberry Colada. So to see both Myst performing and our Strawberry Colada, along with very strong performance out of Dulce de Leche for that second year as well.

另外，我們在檢視 LTO 時，每年都會回顧哪些產品表現特別好，並看到 Strawberry Colada 持續有非常亮眼的表現。因此，Myst 的表現加上 Strawberry Colada，以及 Dulce de Leche 連續第二年的強勁表現，都令人鼓舞。

Sara Senatore, Bank of America.

美國銀行的 Sara Senatore。

I wanted to ask about the franchisee comps perhaps. It looks like the gap is widening, although certainly, I think the two-year gap maybe is more stable. I guess the reason I ask is twofold.

我想問一下加盟商的同店表現（comps）。看起來差距正在擴大，雖然我認為以兩年基礎來看差距可能更為穩定。我之所以這樣問有兩個原因。

One, trying to distinguish kind of how much of your strength in the company system was kind of the wind at your back from a strong segment versus, I think you tend to do more preopening, you tend to do like more local marketing. So just as I think about your underlying drivers, it sort of feels like maybe franchise is a control group.

第一，我想區分一下，你們公司自營系統的強勁表現，有多少是來自某個強勢區隔帶來的順風，還是因為你們通常會做更多開店前準備、也會做更多在地行銷。因此在思考你們的底層驅動因素時，感覺加盟體系某種程度上像是一個對照組。

And then the other piece is I know you bought in a franchise system. I guess, is there an opportunity to maybe increase or accelerate comps from that business as well?

第二，我知道你們買回了一個加盟體系。那麼，是否也有機會提升或加速那部分業務的同店表現？

Yes. So, I'll just talk about the broader spread to start with. As we showed in the past, one of the biggest drivers of the spread between company and franchise is really that we see strong comp tailwinds coming from the newer vintages of shops. And our growth is more heavily weighted towards the company-operated side. So that just disproportionately benefits our company-operated system more.

是的。我先談整體差距的原因。如同我們過去所揭露的，公司自營與加盟之間差距的最大驅動因素之一，是我們看到較新開店批次（vintages）的門市帶來強勁的同店順風。而我們的成長更偏重於公司自營端。因此，這會讓公司自營系統獲得較不成比例的受益。

I'd say, adding to that, as we've rolled out food, we completed the roll out of food into our company-operated system during the quarter. We'll start rolling that out in the franchise system starting next quarter. So certainly, that helped create some more of the spread, especially on the ticket side as we look at Q2.

再補充一點，隨著我們推動食品計畫，我們在本季度已完成公司自營系統的食品導入。我們將從下個季度開始在加盟體系推動導入。因此，這確實也有助於擴大部分差距，特別是就第二季的客單價（ticket）面向來看。

And then just as a reminder, about 300 of our shops won't be able to have the hot food program. And that really is disproportionately in the franchise shops. The franchise shops that we have been testing with and started to roll out food and those that have all of the new bakery are seeing great results with it.

然後提醒一下，大約有 300 家門市將無法導入熱食計畫。而且這種情況在加盟門市中占比特別高。我們一直在測試並開始推動食品導入、且已完成全套新烘焙設備的加盟門市，正看到非常好的成效。

Drew North, Baird.

Drew North，Baird。

Great. I had a follow-up on the food platform. So you teed it up well. I was hoping you could expand a bit on your opportunity to raise awareness of the offering. I think, as you mentioned, I mean, food has rolled out to the majority of the company-operated locations now to date.

很好。我想就食品平台再追問一下。你剛剛鋪陳得很到位。我希望你能再多談一些，關於提升消費者對這項產品供應的認知，你們有哪些機會。我想如你所提，食品目前已經在多數直營據點完成導入。

I was wondering if you're seeing sales mix continue to build as awareness has naturally grown? And maybe how you're thinking about putting marketing dollars if that's a consideration behind food to drive year two of growth in that platform.

我想了解的是，隨著認知度自然提升，你們是否看到銷售組合占比持續提高？另外，如果你們有考慮在食品上投入行銷預算，以推動該平台第二年的成長，你們大概會怎麼思考？

Yes. So if we look at the food platform, our teams are really excited about the platform. So we actually see really from the very beginning of launch of food that we see that pop up in food attach very, very quickly within our shops. And as we look at what we're trying to do with food, really the first thing that we're trying to do is we heard from our customers loud and clear that hey, I love Dutch Bros the most. But some days, I go to another place because I want a breakfast sandwich or something like that in the morning.

是的。如果我們看食品平台，我們的團隊對這個平台非常興奮。其實從食品一開始上線，我們就看到在門市內食品加購（attach）非常、非常快地跳升。而就我們想用食品達成的目標而言，第一件事是我們很清楚地聽到顧客的回饋：我最喜歡 Dutch Bros。但有些日子我早上會去別的地方，因為我想要一份早餐三明治之類的東西。

And so it's really important for us to add this for our customers. And we are seeing that attach right away as we roll out the program. So we're very focused right now on executing the program really well. We're really pleased with the lift that we're seeing.

因此，為顧客補上這項供應對我們來說非常重要。而且我們在推行計畫時，確實看到加購率立刻出現。所以我們目前非常專注在把這個計畫執行到位。我們對目前看到的帶動效果非常滿意。

As we look at the long-term opportunity, I think not only do we have an opportunity to grow awareness of the program, but we also now have a very important food capability as part of our tool kit. And so as we look ahead, I think there are other platforms we can look at that might still be missing within our offering. We only have nine SKUs right now within our shops. I think food can also play a nice role in seasonal offerings to help drive that awareness and that traffic.

從長期機會來看，我認為我們不僅有機會提升這個計畫的認知度，我們也已經把一項非常重要的食品能力納入我們的工具箱。因此展望未來，我認為我們也可以檢視其他平台，看看我們的產品供應中是否仍有缺口。目前我們門市內只有 9 個 SKU。我認為食品也能在季節性產品上扮演很好的角色，協助提升認知並帶動來客。

And as we roll out into new markets, I think another thing that's neat to see is customers really expect us to have that broader food offering. And so I think are very pleased when they come to our shops as some of those new shops that we spoke about are seeing really great success with food as well.

而當我們進入新市場時，另一個很有意思的現象是，顧客其實期待我們提供更完整的食品選擇。所以當他們走進我們的門市時會非常滿意；我們先前提到的一些新門市，在食品方面也取得了非常好的成功。

Rahul Kro, JPMorgan.

Rahul Kro，JPMorgan。

Can you help us understand how the new store productivity has been steadily taking higher? I mean, look, what has been done differently, especially as many stores are not necessarily been opening in the newer markets? And I have a follow-up.

你能幫我們理解一下，新店生產力為何能穩步提升嗎？我的意思是，究竟做了哪些不同的事情，特別是很多門市並不一定是在較新的市場開出？我還有一個追問。

Yes. So if we look at our new shop performance, we continue to be incredibly pleased. As you know, we've been on a journey and really developing our real estate capabilities. So starting with market planning, understanding how each store that we open is going to perform not only when it opens but also as we fill out that whole market.

好的。如果看我們新門市的表現，我們持續感到非常滿意。如你所知，我們一直在推進並強化我們的選址能力。從市場規劃開始，去理解我們開出的每一家店，不僅在開幕時會如何表現，也包括當我們把整個市場逐步補齊後的表現。

Then looking at our -- how we do our marketing sequence within a new market, how we think about what really works, what helps drive -- what helps to drive customers in. We've been on a march to build brand awareness as we go into new markets. And I think as you look across all of those things, it's clearly working, and we are opening great new shops as we continue to roll out in the country.

接著再看我們在新市場的行銷節奏如何安排、我們認為哪些做法真正有效、哪些能帶動——哪些能把顧客帶進來。我們也一直在進入新市場時同步提升品牌知名度。我認為綜合這些因素來看，顯然是奏效的；隨著我們持續在全國展店，我們正在開出很棒的新門市。

I think one of the big highlights that we had in this quarter was opening in Chicago, our second shop there. And I think to set an opening day record when we're at 1,200-plus shops in a new market just really speaks to the incredible strength of the brand and all of the awesome work that our teams are doing.

我認為本季的一大亮點，是我們在芝加哥開出第二家門市。而且在一個新市場、在我們已經有 1,200 多家門市的規模下，仍能創下開幕首日紀錄，這充分說明品牌的強大實力，以及我們團隊所做的所有出色工作。

Nick Setyan, Mizuho Securities.

Nick Setyan，Mizuho Securities。

Just in terms of the guidance for second half, any way you kind of break out company-owned versus franchise given the expanding gap here? That would be very helpful.

就下半年指引而言，你們能否拆分一下直營與加盟的部分？因為兩者差距正在擴大。這會非常有幫助。

And then the aside from the food rollout being delayed at the franchise stores, are any of the other initiatives that are taking place in the company owned stores not taking place within the franchisor?

另外，除了加盟店的食品導入延後之外，還有沒有其他在直營店推行的措施，並未在加盟體系中推行？

Yes. Nick, so we don't provide guidance on the components of the company versus franchise. Certainly, as we think about some of the drivers for that spread there, you'd expect to remain a spread as we continue to our shop growth cadence on the company side is certainly outpacing the franchise side. But that's about as much detail as we'd give on guidance as it relates to the spread between the two.

是的。Nick，我們不會提供直營與加盟各組成項目的指引。當然，若思考造成兩者差距的部分驅動因素，你會預期這個差距會持續存在，因為我們直營端的展店節奏確實正在超越加盟端。但就指引而言，關於兩者差距我們大概只能提供到這樣的細節。

And then our food rollout really is ahead of schedule. I think as we've continued to see how our teams have embraced the food rollout, we always expected to actually roll out the company-operated shops first. And for our franchisees to get to see that great performance and then adopt that program.

另外，我們的食品導入其實是超前進度。隨著我們持續看到團隊對食品導入的投入與接受度，我們原本就預期會先在直營門市導入。讓加盟主先看到很好的表現，之後再採納這個計畫。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Can you talk about what you're seeing with Myst in terms of the demographic and the dayparts that might differ from what you see with Rebel?

你能談談你們在 Myst 上看到的人口族群與時段（dayparts）表現嗎？這些是否與 Rebel 的表現有所不同？

Yes. So if we look at Myst, we really are seeing that afternoon daypart strength continue, but we also do see Myst occasions in the morning as well. And I do think that it is a lighter, customizable caffeine that is in the Myst product. It's plant-powered and it provides that really refreshing platform that our customers love.

可以。如果看 Myst，我們確實看到下午時段的強勢表現持續，但早上也同樣有 Myst 的消費情境。我也認為 Myst 產品中的咖啡因屬於較輕盈、可客製化的類型。它是植物能量（plant-powered），並提供顧客喜愛、非常清爽的產品平台。

As far as demographics go, again, it looks fairly similar, I think, to what we're seeing from Rebel as well. But it is incredibly early days still for Myst. We think this platform just has a long way to go. And I think that as the energy market continues to evolve, we would expect that you would actually continue to see more of those occasions come into the morning as well. And I think that it's becoming something that our customers are really drinking throughout the day.

就人口族群而言，再次強調，它看起來與我們在 Rebel 上看到的相當類似。但 Myst 仍然處於非常早期的階段。我們認為這個平台還有很長的路要走。而且我認為，隨著能量飲市場持續演進，我們預期你會看到更多這類消費情境也會進入早晨時段。我認為它正逐漸成為顧客一整天都會飲用的產品。

Gregory Francfort, Guggenheim Partners.

Gregory Francfort，Guggenheim Partners。

I just wanted to ask about thought behind the Salad and Go lease acquisition. I mean, I think these are 1,000 square feet, so it's pretty comparable to the size of a Dutch Bros. But I think Arizona and Nevada might be two of your three or four most penetrated states and you kind of growing mid-single-digit unit growth in those markets. Just like is this to kind of turbocharge, is there a lot of overlap with your stores? Just anything on the thought process there?

我想問一下你們收購 Salad and Go 租約背後的考量。我的理解是這些店大約 1,000 平方英尺，與 Dutch Bros 的店型大小相當接近。但我想亞利桑那州與內華達州可能是你們滲透率最高的三到四個州中的兩個，而你們在那些市場的店數成長大概是中個位數。所以這是為了加速（turbocharge）嗎？你們的門市之間是否有很高的重疊？想請你分享一下這背後的思考脈絡。

Yes, Greg. So we really look at this as we shared in the past, even with something [that clutch], we look at this as a great opportunity for us to get a hold of some fantastic real estate in markets where we see a lot of potential to continue growing. So while we have several shops here in Arizona and Nevada, we still see a significant amount of white space ahead and availability for us to be able to go after creating more of that daily routine and a daily occasion with customers.

是的，Greg。所以我們確實把這件事視為——就像我們過去分享過的——即使是像[that clutch]這樣的機會，我們也把它看作是一個絕佳機會，讓我們能在我們認為具備持續成長潛力的市場中，掌握一些非常優質的不動產。因此，雖然我們在亞利桑那州和內華達州已經有好幾家門店，我們仍然看到前方還有相當大的「白地」空間，以及我們仍有機會去打造更多與顧客的日常習慣與每日消費情境。

So we see this as a nice addition to the overall portfolio. To your point, the sites themselves are right around our size shops should lead to easier conversion to a Dutch Bros.

所以我們認為這會是整體投資組合的一個很好的補充。如你所說，這些據點本身的規模大致符合我們門店的大小，應該能更容易轉換成 Dutch Bros。

Jon Tower, Citigroup.

Jon Tower，花旗集團。

Maybe a quick clarification on the question. On the clarification front. Just want to make sure that the bump in CapEx that you guys had for the year guidance, that includes the acquisition of the franchise market in Arizona, one.

也許先快速釐清一下這個問題。在釐清的部分。我只是想確認一下，你們今年指引中資本支出（CapEx）的上調，是否包含在亞利桑那州收購一個加盟市場。

And then the question is on the rewards program. I think, Christine, you had mentioned that it delivered its strongest contribution to comps since the start of the customer segmentation journey. So can you just speak to what exactly contributed to that? Is it something that you're doing explicitly in the program that drew customers back? Was it products in the period? Was it exclusive merch that maybe they had access to?

然後問題是關於獎勵計畫。我想 Christine 你提到，自從開始顧客分群旅程以來，它對同店銷售（comps）的貢獻達到最強。所以你能談談究竟是什麼促成了這點嗎？是你們在計畫中明確做了什麼把顧客拉回來嗎？是期間的產品因素嗎？還是可能有獨家周邊商品讓他們可以取得？

Just curious what moved the needle there.

只是好奇是什麼帶動了這個改善。

Yes, I'll start with the CapEx question quickly. That does -- the increase does reflect the franchisee acquisition does not include the announcement around Salad and Go.

好的，我先快速回答資本支出（CapEx）問題。是的——這次上調反映了加盟商收購，但不包含關於 Salad and Go 的公告。

Yes. And then on the rewards program, we've really been on a journey and so a lot of this is actually us taking our data and being able to segment it in new ways and then be able to provide very unique offers to different customer segments that really match with what we're seeing from their behavior patterns.

是的。至於獎勵計畫，我們其實一直在一段旅程中，因此其中很大一部分是我們運用資料，能以新的方式進行分群，並且能針對不同顧客族群提供非常獨特的優惠，真正貼合我們從他們行為模式中看到的情況。

So when we see a behavior pattern trying to get someone into that next layer of frequency, trying to get them into that next drink, trying to make them aware of other products that we have things like that. So it actually really is an increase in our sophistication in data and the way that we're using it within our rewards program.

所以當我們看到某種行為模式時，我們會嘗試把某位顧客帶到下一個消費頻率層級、引導他們嘗試下一杯飲品、讓他們知道我們還有其他產品等等。因此，這其實是我們在資料能力與在獎勵計畫中運用資料方式上的成熟度提升。

So it's a new capability that we've developed over time. We are also adding different ways that we can encourage our customers to try new things. So things like streaks in the program. So we are actually building out new technological capabilities as well, along with all of that data segmentation that we're working through.

這是我們隨時間逐步建立的新能力。我們也在加入不同方式來鼓勵顧客嘗試新事物。例如在計畫中加入連續達成（streaks）之類的機制。所以除了我們正在推進的資料分群之外，我們也確實在建置新的技術能力。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

So between the 185 planned openings this year, acquired franchise shops, the Salad and Go conversions, I was just curious how you're pointing on sequencing these projects to ensure that the operator and MOB pipeline is not stretched. Is people capacity permitting or construction now, the primary constraint?

在今年規劃的185家開店、收購的加盟門店、以及 Salad and Go 的轉換之間，我想了解你們如何安排這些專案的先後順序，以確保營運人員與 MOB 管線不會被拉得太緊。目前主要限制是人力產能允許，還是施工端的限制？

Yes. So as we look at our openings, so on the franchise shops, we actually continuously operate at those. So that acquisition is complete. They closed one night as a franchisee shop open the next morning. And our teams did just such an incredible job with that seamless operation. I think given the proximity to our headquarters, we've had the teams in here getting them ready for that, and they've done just a fantastic job with that.

是的。就我們的開店來看，至於加盟門店，我們其實是持續在營運那些店。所以那項收購已經完成。它們前一晚以加盟店身分關店，隔天早上就以我們的門店身分開門。我們的團隊在無縫銜接的營運上做得非常出色。我想由於離總部很近，我們讓團隊到這裡來做準備，他們在這方面真的做得非常棒。

On things like Salad and Go and like Clutch, that really is just adding real estate to our pipeline. So that's part of our normal process that we go through. It's really just building on that pipeline as we are on that March to 2,029 shops in 2029. We have an incredible pipeline of leaders.

像 Salad and Go 以及像 Clutch 這類，其實只是把不動產加入到我們的管線中。所以那是我們正常流程的一部分。這只是隨著我們朝著2029年達到2,029家門店的目標前進，持續擴充那條管線。我們有非常強的領導人才管線。

So as I mentioned on the call, we have 525 operator candidates in our pipeline. Our operators sit just above shops, so they manage multiple shops. And so we have a very, very strong group of leaders. And as we look, in particular, adding shops in our pipeline in some of our markets that have been with us for the longest like our Arizona market, we have an incredible bench of really, really strong leaders in the Arizona market in the Vegas market.

所以如我在電話會議中提到的，我們的管線中有525位營運主管候選人。我們的營運主管位階在門店之上，因此他們會管理多家門店。所以我們有一個非常、非常強的領導團隊。而當我們檢視時，特別是在一些與我們合作最久的市場把門店加入管線，例如亞利桑那市場，我們在亞利桑那市場與拉斯維加斯市場都有非常深厚、非常強的領導人才儲備。

And so as we look to add more sites, we've got great people ready to operate those shops.

因此，當我們要增加更多據點時，我們已經有很棒的人才準備好去營運那些門店。

Jim Salera, Stephens.

Jim Salera，Stephens。

I was wondering if you could provide us any detail on geographic distribution in terms of same-restaurant sales drivers. I know in 1Q, you guys highlighted very strong results out of Texas, and that helped support the kind of system-wide results. I'm wondering if there's any other callouts this quarter, and if you see any particular strength across any geographies?

我想請你們提供一些關於同店銷售驅動因素在地理分布上的細節。我知道在第一季，你們強調德州表現非常強勁，這也支撐了整體系統的結果。我想知道本季是否還有其他值得一提的地方，以及你們是否看到某些地區特別強勢？

Yes. So we don't typically share strength across geographies. We had shared that last quarter really just to highlight one of our most competitive markets and to show how well Dutch Bros is showing up and competing in those markets. But as we look across our comp and our very strong comp, both from a system perspective and then from a company-operated perspective, we are seeing strength across all dayparts with positive comp on all day parts.

是的。所以我們通常不會分享各地區之間的強弱。上季我們之所以分享，是為了凸顯我們其中一個競爭最激烈的市場，並展示 Dutch Bros 在那些市場中的表現與競爭力。但就我們的同店表現以及非常強勁的同店表現來看，無論從系統角度或公司自營角度，我們看到的是全天各時段都有強勢表現，且所有時段的同店都為正成長。

We are seeing particular strength in the morning. And that is something, as we roll out these different initiatives, we've been very focused on growing that morning daypart. So what we have been expecting to see is really showing up in the numbers. And just super pleased by how that's going.

我們在早晨時段看到特別強勁的表現。而這也是我們在推動各項不同計畫時，一直非常專注要成長的早晨時段。所以我們原本預期會看到的情況，確實反映在數字上。我們對進展非常滿意。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

I just wanted to ask on the Vibe Check scorecard that you guys just launched. I guess, can you talk a little bit about what it actually measures, like what the intent? Is it behind like catching issues early? Or just identifying best practices so you can replicate them to other shops?

我想問一下你們剛推出的 Vibe Check 計分卡。可以談談它實際衡量的是什麼、以及它的目的嗎？它是用來提早發現問題嗎？還是用來辨識最佳做法，讓你們可以複製到其他門店？

Great. So as we look at the Vibe Check scorecard, it's really measuring those things that are important to our business. So like everything at Dutch Bros, it starts with our people. So really understanding turnover. We're working on a metric to really understand how are our crews doing and to make sure that our teams have great visibility across the board to the shops.

好的。就 Vibe Check 計分卡而言，它主要衡量的是對我們業務重要的那些事項。所以就像 Dutch Bros 的一切一樣，從我們的人開始。因此會真正去了解離職率。我們也在建立一項指標，來真正了解我們的門店團隊狀況如何，並確保我們的團隊能對各門店有很好的全盤可視性。

We also have customer metrics. So what do our customers think of how we're doing? What do they think of our speed, quality and service? And what differences do we see across shops?

我們也有顧客指標。所以顧客對我們的表現有什麼看法？他們如何看待我們的速度、品質與服務？以及我們在不同門店之間看到哪些差異？

And then finally, business metrics. So how are we staffing our shops? Are we staffing against the demand really well. And then how are we growing our customers. We're inviting more customers into Dutch Bros. So it's really all of those things that are a good, important check.

最後是業務指標。例如我們如何為門店配置人力？我們是否能很好地依需求配置人力？以及我們如何成長顧客數。我們正在邀請更多顧客走進 Dutch Bros。所以這些都是很好的、重要的檢核項目。

And as we roll this out, think the most important thing at the beginning of the rollout is really the learning that our teams can see from each other. So we might have a shop that's doing particularly well in motivating their teams, and they have really great turnover metrics.

隨著我們推動這項計畫上線，我認為在推行初期最重要的事情，確實是我們團隊彼此之間能夠相互學習。因此，我們可能會有某家門市在激勵團隊方面表現特別出色，而且他們的人員流動率指標也非常亮眼。

And then the whole rest of that region will get to learn from that great operator and understand what they're doing. And so we will use it to understand where things are, where we can improve. But I think the greatest use of a tool like this is really the learning that our operators can provide for each other.

接著該區域其餘所有門市就能向那位優秀的營運者學習，並了解他們在做什麼。因此，我們會用它來了解現況、找出可以改善之處。但我認為這類工具最大的價值，真正是在於我們的營運者彼此之間能提供的學習。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Can you expand on throughput opportunities that you're seeing today? Maybe how much potential upside you see from increasing throughput over the near to medium term. And if you could maybe speak to this in the context of your highest volume stores, maybe touch upon some of the learnings from the Melrose Park shop. That would be helpful.

你能否進一步說明你們目前看到的產能（throughput）提升機會？也許談談在短期到中期，透過提高產能你們看到的潛在上行空間有多大。另外，如果可以的話，能否以你們最高銷量的門市為背景來說明，並提及一些來自 Melrose Park 門市的學習？那會很有幫助。

Yes. So we think we have a great path ahead of us to expand our throughput. And as we look at what is driving the most right now, it really is on labor deployment. And so what we are looking at is giving our shop very detailed and great information around how are they staffing versus the demand by day and by daypart. And if you look at that, it really helps match the demand and then we can go through those very long lines that we have in some of our shops much quicker.

好的。我們認為未來在擴大產能方面有一條非常好的路徑。而當我們檢視目前最主要的驅動因素時，確實是在於人力配置（labor deployment）。因此，我們正在做的是，提供門市非常細緻且高品質的資訊，讓他們了解：在每天、以及每天不同時段（daypart）的需求之下，他們的排班配置是如何。如果你看這些資訊，它確實能幫助我們更好地匹配需求，進而讓一些門市出現的很長隊伍能更快消化。

And as I look at that and learnings from some of those very high-volume shops, I think we're doing a really great job of that and our highest volume shops. But really, labor deployment helps across our entire system. And so getting that correct.

而當我觀察並吸收一些超高量門市的經驗時，我認為我們在最高量門市的人力配置上做得非常好。但其實，人力配置能對我們整個系統都有幫助。因此，把這件事做對非常關鍵。

The other thing we're working on is longer-term opportunities and really looking at the shop layout. So as we look at the demand, how much of the demand is coming out the drive-through window, how much of the demand is coming out of our walk-up window, especially now with mobile order at [16%] sales.

我們正在推進的另一件事，是更長期的機會，也就是重新檢視門市動線與配置（shop layout）。因此，當我們看需求時，有多少需求來自得來速窗口，有多少需求來自我們的步行取餐窗口（walk-up window），尤其是在行動點單目前占銷售額[16%]的情況下。

How do we balance that demand and make sure that the stations are in the right place and work is happening in the right place at the shop. So very early days on that, but excited by the work that the teams are starting to do on that.

我們要如何平衡這些需求，並確保各工作站設置在正確的位置、門市內的工作在正確的位置發生。所以這方面還在非常早期的階段，但我們對團隊開始在這上面推動的工作感到很振奮。

Matt Curtis, D.A. Davidson.

Matt Curtis，D.A. Davidson。

I've got another question on Myst with it being added to the permanent menu. What metrics gave you confidence in making that decision to make it permanent so quickly? Is there any additional color you can provide on repeat rates, perhaps how they're tracking relative to Rebel or prior successful product introductions?

我還有一個關於 Myst 的問題，因為它被加入了常態菜單。你們是基於哪些指標，讓你們有信心這麼快就做出把它常態化的決定？你能否再補充一些細節，例如回購率（repeat rates），以及它相對於 Rebel 或過去成功新品導入的表現追蹤情況？

Yes. So as we look at adding Myst to the permanent menu, we've actually been working on Myst for quite some time. And so kind of starting from the beginning and how we develop a product. First, we do concept testing to understand, hey, how does the -- as we describe this product to customers, how do we think they're going to react to it.

可以。關於把 Myst 加入常態菜單，其實我們已經在 Myst 上投入相當長一段時間。所以從一開始、也就是我們如何開發一個產品來說。首先，我們會做概念測試（concept testing），去了解：當我們向顧客描述這個產品時，我們認為他們會如何反應。

We're actually asking them. How does this product sound? What about these benefits, things like that, then we take it through some taste testing to see is this really the best product on the market? And how do customers react to the taste of the product?

我們會直接問他們。這個產品聽起來如何？這些賣點與利益點如何，諸如此類，接著我們會進行一些口味測試（taste testing），看看這是否真的是市場上最好的產品？以及顧客對產品口味的反應如何？

Then we go and we actually do a market test. So we're looking for a smaller market test at first to really test operations. And so can we make this? Does it fit within the cadence of what we're trying to do. And then we go to a broader market test where we're actually looking at volumes, we're looking at repeat rates, things like that.

接著我們會實際做市場測試（market test）。一開始我們會先做較小規模的市場測試，主要是為了測試營運面。也就是我們能不能做出來？它是否符合我們想要的作業節奏。然後我們會進一步做更大範圍的市場測試，實際去看銷量、回購率等指標。

So even before the launch of Myst, we had a lot of great data indicating that we were likely going to leave this on as a permanent menu item given what we had seen and really given the reaction as we had to temporarily take it off the menu for a little bit and that customer is really begging for it to come back.

因此，即使在 Myst 正式上市之前，我們就已經有很多很好的數據顯示，基於我們所看到的表現，我們很可能會把它作為常態菜單品項保留下來；而且，當我們曾經短暫把它從菜單上撤下時，顧客的反應也非常強烈，真的在拜託我們把它帶回來。

And then as we roll out, we look very carefully at what customers are new, where is it at on occasions, what other platforms do we see the product drawing from? And what's interesting here is with Myst, not only do we see new occasions. We do see some of it drawing from Rebel, but we also see it drawing from things like Lemonade.

然後在推廣上線後，我們會非常仔細地看：哪些顧客是新客？它在各種消費情境（occasions）中的位置如何？我們看到這個產品從哪些其他平台（platforms）吸引需求過來？有趣的是，對 Myst 而言，我們不僅看到新的消費情境。我們確實看到一部分需求來自 Rebel，但也看到它從像是檸檬水（Lemonade）這類品項吸引需求。

And so I think there is this real need in the market for that type of energy that a product like Myst provides. And then as we look at it, we look at repeat rates and what happens as we launch a normal LTO and then what happens to that curve afterwards. And so we saw really great trial and then really strong repeat rates as this continued throughout the quarter.

因此，我認為市場對 Myst 這類產品所提供的那種能量感（energy）確實有真實需求。接著我們會看回購率，以及當我們推出一般限時供應（LTO）時的曲線表現，還有之後那條曲線會如何變化。因此，我們看到非常好的試用（trial），而且在整個季度期間回購率也非常強勁。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Christine Barone for closing comments.

現在問答環節到此結束。我想把時間交回給 Christine Barone 作結語。

Thank you for your questions. Before we wrap up, I'd like to recognize an achievement that reflects the very best of Dutch Bros.

感謝各位的提問。在我們結束之前，我想表揚一項成就，它展現了 Dutch Bros 最精華的一面。

In Q2, Drink One for Dane Day raised more than $1.7 million for the Muscular Dystrophy Association. The event also marked an incredible milestone, helping us surpass $20 million in lifetime donations to the MDA supporting critical ALS research care and services for families affected by the disease. Our partnership with the MDA continues to honor the legacy of our Co-founder, Dan Boersma, and reflects our deep commitment to giving back to the communities we serve.

在第二季（Q2），Drink One for Dane Day 為肌肉萎縮症協會（Muscular Dystrophy Association, MDA）募得超過 170 萬美元。這項活動也達成了一個令人難以置信的里程碑，協助我們對 MDA 的累計捐款突破 2,000 萬美元，用於支持關鍵的 ALS 研究、照護，以及為受疾病影響的家庭提供服務。我們與 MDA 的合作持續延續並致敬共同創辦人 Dan Boersma 的精神，也反映出我們深度回饋所服務社區的承諾。

As Dutch growth continues to grow, so does the impact we're able to make together. Thank you to our Broistas, our customers and our community partners for helping us honor Dan's legacy and make a massive difference one cup at a time.

隨著 Dutch 的成長持續擴大，我們能夠一起創造的影響力也隨之提升。感謝我們的 Broistas、顧客以及社區合作夥伴，協助我們傳承 Dan 的精神，並以一杯一杯的方式帶來巨大的改變。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

各位女士先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。