CAVA Group Inc (CAVA) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cava third-quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, November 12, 2024.

女士們、先生們，下午好，歡迎參加 Cava 2024 年第三季財報電話會議。 （操作員說明）此通話錄音時間為 2024 年 11 月 12 日星期二。

I would now like to turn the conference over to Matt Milanovich. Please go ahead.

我現在想把會議交給馬特米蘭諾維奇。請繼續。

Good afternoon, and welcome to Cava's third-quarter 2024 financial results conference call. Before we begin, if you didn't already have a copy, the earnings release and related 8-K furnished with the SEC are available on our website at investor.cava.com.

下午好，歡迎參加 Cava 2024 年第三季財務業績電話會議。在我們開始之前，如果您還沒有副本，可以在我們的網站 Investor.cava.com 上取得 SEC 提供的收益報告和相關 8-K。

The purpose of this conference call is to give investors further details regarding the company's financial results as well as a general update on the company's progress. You will find reconciliations of any non-GAAP financial measures discussed on today's call to the most directly comparable financial measure calculated in accordance with GAAP to the extent available without unreasonable efforts in today's earnings release and supplemental deck, each of which is posted on the company's website.

這次電話會議的目的是向投資者提供有關公司財務業績的更多詳細資訊以及公司進展的一般更新資訊。您將在今天的電話會議上討論的任何非公認會計原則財務指標的調節表中，找到根據公認會計原則計算的最直接可比較的財務指標，而無需在今天的收益發布和補充資料中做出不合理的努力，每一項都發佈在公司的財務報表上。

Before we begin, let me remind everyone that this call will contain forward-looking statements. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today.

在開始之前，讓我提醒大家，本次電話會議將包含前瞻性陳述。為此目的，本次電話會議期間所做的任何非歷史事實陳述的陳述都可能被視為前瞻性陳述。投資者應注意，任何前瞻性陳述都受到各種風險和不確定性的影響，可能導致實際結果與今天討論的結果有重大差異。

These risk factors are explained in detail in Cava's most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other filings with the SEC. Please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements. All forward-looking statements are made as of today, and except as required by law, Cava undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

這些風險因素在 Cava 最近的 10-K 表年度報告、10-Q 表季度報告以及向 SEC 提交的其他文件中進行了詳細解釋。請參閱這些文件，以了解有關前瞻性陳述以及此類陳述的風險和不確定性的更詳細討論。所有前瞻性陳述均截至今日作出，除非法律要求，Cava 不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來發展或其他原因。

And now I'll turn the call over to the company's Co-Founder and CEO, Brett Schulman.

現在我將把電話轉給公司聯合創始人兼執行長布雷特舒爾曼 (Brett Schulman)。

Thanks, Matt, and welcome to the call, everyone.

謝謝馬特，歡迎大家來電。

In the third quarter, our results were once again exceptional and unmatched in the public restaurant sector. Our third-quarter highlights include a 39% increase in Cava revenue with a $2.8 million AUV; Cava's same-restaurant sales growth of 18.1%, including traffic growth of 12.9%; 11 net new restaurants ending the quarter with 352 restaurants, a 21.4% increase year over year adjusted EBITDA of $33.5 million, a 69% increase over the third quarter of 2023; net income of $18 million, a 163% increase over the third quarter of 2023; and $23.4 million in free cash flow during the quarter.

第三季度，我們的業績再次在公共餐廳領域表現出色，無與倫比。我們第三季的亮點包括 Cava 營收成長 39%，AUV 達到 280 萬美元； Cava同店銷售額成長18.1%，其中客流量成長12.9%；截至本季淨增 11 家餐廳，總數為 352 家，調整後 EBITDA 年成長 21.4%，達到 3,350 萬美元，比 2023 年第三季成長 69%；淨利達1,800萬美元，較2023年第三季成長163%；本季自由現金流為 2,340 萬美元。

A confluence of factors is coming together to fuel our growth. We believe our outsized performance and ability to deliver long-term value to our guests, team members, and shareholders are driven by the strength of our category defining brands, the power of our unique and compelling value proposition, and our disciplined relentless focus on execution.

多種因素共同推動我們的發展。我們相信，我們卓越的業績和為客人、團隊成員和股東提供長期價值的能力是由我們的品類定義品牌的實力、我們獨特且引人注目的價值主張的力量以及我們對執行的嚴格紀律和不懈關注所驅動的。

As the clear leader in Mediterranean cuisine, we are defining what is now emerging as America's next major cultural category. For the modern consumer who craves bold, adventurous flavors, is increasingly mindful of their well-being, and sees food as cultural currency and a form of self-expression, Mediterranean is meeting the moment. We believe the category is at the tipping point and as evidenced by our accelerating growth in each market we enter and with every restaurant we open.

作為地中海美食的明顯領導者，我們正在定義目前正在崛起的美國下一個主要文化類別。對於渴望大膽、冒險的口味、越來越關注自己的健康、並將食品視為文化貨幣和自我表達形式的現代消費者來說，地中海正在滿足這一時刻。我們相信該類別正處於轉折點，我們進入的每個市場和開設的每家餐廳都在加速成長證明了這一點。

Cava was one of just a few publicly traded restaurant brands with strong growth in the third quarter. It is clear that our value proposition, quality Mediterranean cuisine with taste and healthy [night], the convenience of our multi-channel format, and the experiences we provide across our physical and digital channels is resonating with consumers.

Cava 是少數在第三季強勁成長的上市餐廳品牌之一。顯然，我們的價值主張、美味健康的優質地中海美食、多通路形式的便利性以及我們透過實體和數位管道提供的體驗正在引起消費者的共鳴。

We believe our Mediterranean hospitality is an increasingly powerful differentiator. Over the last two decades as the world interact more often with screens and people, we lost 24 hours a month in personal connection. As technology and automation infiltrate everyday life in the front lines of more concepts, consume touch points are becoming increasingly transactional, removing the joy and humanity from the experience.

我們相信，我們的地中海式熱情好客是一個日益強大的差異化因素。在過去的二十年裡，隨著世界與螢幕和人的互動越來越頻繁，我們每個月都失去了 24 小時的個人聯繫。隨著技術和自動化滲透到日常生活中，成為更多概念的前沿，消費接觸點變得越來越具有交易性，從而消除了體驗中的歡樂和人性。

At Cava, we believe technology should enhance, not replace the human experience. And we're leveraging it to create warm personal moments across our physical and digital channels and to support our team members in engaging and connecting with our guests.

在 Cava，我們相信科技應該增強而不是取代人類經驗。我們利用它在實體和數位管道上創造溫馨的個人時刻，並支持我們的團隊成員與客人互動和聯繫。

Our business is built on the idea of welcoming everyone to our table, and we are focused on creating the authentic human connections consumers are hungry for. This is core to our brand essence and our mission of bringing heart, health, and humanity to food, and it uniquely positions us to deliver genuine hospitality to our guests.

我們的業務建立在歡迎每個人來到我們餐桌上的理念之上，我們致力於建立消費者渴望的真實的人際關係。這是我們品牌精髓的核心，也是我們將愛、健康和人性融入食物的使命，它使我們能夠為客人提供真誠的款待。

To deliver on these promises, we are intently and effectively executing across our strategic pillars. We've made significant progress launching our reimagined loyalty program nationwide to develop personal relationships with our guests even as we scale.

為了兌現這些承諾，我們正在認真有效地執行我們的策略支柱。我們在全國範圍內啟動重新設計的忠誠度計劃方面取得了重大進展，以便在規模擴大的同時與客人建立個人關係。

Just last week, we rolled out our new labor scheduling and deployment model ahead ahead of scheduled positioning our team members to be in the right roles at the right places at the right moments, delivering exceptional guest experiences.

就在上週，我們提前推出了新的勞動力調度和部署模型，讓我們的團隊成員在正確的時間、正確的地點擔任正確的角色，從而提供卓越的賓客體驗。

On the culinary innovations front, we launched our first ever new flavor variation on our beloved Pita Chip. Achieving these milestones demonstrates our ability to execute our focus on what matters and the strength of our team.

在烹飪創新方面，我們在我們心愛的皮塔餅上推出了第一個新口味。實現這些里程碑表明我們有能力專注於重要的事情以及我們團隊的實力。

We continue to expand our Mediterranean way in communities across the country with 11 net new Cava restaurants during Q3. We are growing in new markets like Chicago and interesting markets, including Texas, California, Virginia, South Carolina, Tennessee, and Oklahoma.

我們繼續在全國各地的社區拓展我們的地中海方式，第三季淨增 11 家 Cava 餐廳。我們正在芝加哥等新市場和德克薩斯州、加利福尼亞州、維吉尼亞州、南卡羅來納州、田納西州和俄克拉荷馬州等有趣的市場中發展。

Our 2024 new restaurant classes are strongest yet, outperforming our expectations and giving us even more confidence in the proven portability of our category-defining brand. We have significant whitespace in front of us, and our 2025 restaurant pipeline is strong and growing.

我們的 2024 年新餐廳類別是迄今為止最強大的，超出了我們的預期，讓我們對我們的品類定義品牌經過驗證的可移植性更加充滿信心。我們面前有大量的空白，而且我們的 2025 年餐廳儲備很強大並且還在不斷增長。

On the heels of our successful market entry into Chicago, we are excited to announce that we expect to enter South Florida early next year and expand our Midwest presence with at least two additional new markets in 2025. Many of these restaurants will incorporate our new projects soul design.

繼我們成功進入芝加哥市場之後，我們很高興地宣布，我們預計明年初進入南佛羅裡達州，並在 2025 年透過至少兩個新市場擴大我們在中西部的業務。靈魂設計。

For some time, we've been at the forefront of a contrarian point of view, but the demise of the dining room is greatly exaggerated. In addition to convenience, consumers are looking for warm welcoming places to dine with family and friends. Project Soul expresses our Mediterranean hospitality and taps into guests' desire for human connection, including softer seating, more greenery, and a warmer brand palette.

一段時間以來，我們一直處於逆向觀點的前沿，但餐廳的消亡被嚴重誇大了。除了便利之外，消費者還尋求與家人和朋友一起用餐的溫馨場所。 Project Soul 表達了我們的地中海式熱情好客，並充分利用了客人對人際交往的渴望，包括更柔軟的座椅、更多的綠色植物和更溫暖的品牌色調。

As we work to deepen personal relationships with guests, even as we scale, we recently launched our Reimagined Loyalty Rewards Program, which includes an earn-in-bank points model with a menu of reward redemption options from our freshly made juices to entrees. The program launched earlier than planned, further demonstrating this team's ability to execute and deliver on our commitments.

隨著我們努力加深與客人的個人關係，即使我們規模不斷擴大，我們最近推出了重新設計的忠誠獎勵計劃，其中包括銀行積分模式以及從新鮮製作的果汁到主菜的一系列獎勵兌換選項。該計劃比計劃提前啟動，進一步證明了該團隊執行和兌現我們承諾的能力。

The program has been well received, and since its launch, loyalty percentage of sales has grown more than 200 basis points. This initial phase of a multi-phase approach will grow our first-party data and help us share our Mediterranean hospitality across platforms in ways that resonate with guests on a personal level.

該計劃廣受好評，自推出以來，忠誠度佔銷售額的百分比已增加了 200 個基點以上。多階段方法的初始階段將增加我們的第一方數據，並幫助我們以在個人層面上與客人產生共鳴的方式跨平台分享我們的地中海熱情好客之道。

Building on our Mediterranean authority and strength in culinary innovation, we continue to create new differentiated menu items. We know our classic pita chips are our cult favorite, and we recently launched our first ever new flavor, garlic ranch. This limited-time offering, which combines a perfect blend of buttermilk, mint, garlic, paprika, sea salt, and onion, has been incredibly well received by guests and is driving incremental attachment.

憑藉我們在地中海的權威和烹飪創新的實力，我們不斷創造新的差異化菜單項目。我們知道我們的經典皮塔餅片是我們的最愛，我們最近推出了第一個新口味，大蒜牧場。這種限時供應的產品融合了酪乳、薄荷、大蒜、辣椒粉、海鹽和洋蔥的完美混合物，受到了客人的熱烈歡迎，並日益加深了人們對它的喜愛。

Garlic ranch pit chips are trending on social media with over 12 million impressions across multiple platforms, along with $347 million earned media impressions. In addition, we continue to see strong incidents in steak more than four months after our nationwide launch. These initiatives are driving brand awareness, which is up 8 percentage points in CIPO and growing with each new launch.

大蒜牧場坑片在社群媒體上很受歡迎，在多個平台上獲得了超過 1200 萬次展示，並贏得了 3.47 億美元的媒體展示。此外，在全國推出四個多月後，我們仍然看到牛排發生嚴重事件。這些舉措正在提高品牌知名度，CIPO 的品牌知名度提高了 8 個百分點，並且隨著每次新產品的推出而不斷提高。

As we execute across the business, we recently launched a new labor scheduling and deployment model in all our restaurants. I just got back from our operations summit in Dallas where area leaders participated in intensive training on the new model and deployment principles. This initiative aims to put the right people in the right places at the right moments, delivering exceptional guest experiences.

隨著我們在整個業務中的執行，我們最近在所有餐廳推出了新的勞動力調度和部署模型。我剛從達拉斯的營運高峰會回來，地區領導人參加了有關新模型和部署原則的密集培訓。此措施旨在將合適的人員在適當的時間安排在適當的位置，從而提供卓越的賓客體驗。

The new model reallocates ideal forecasted hours more effectively and efficiently with better alignment to team member tasks, channel mix, and revenue curves. Early results are promising, and we have identified opportunities to strategically invest in lower-volume restaurants to drive increased revenue over time.

新模型可以更有效地重新分配理想的預測時間，並更好地與團隊成員任務、管道組合和收入曲線保持一致。早期結果令人鼓舞，我們已經找到了對銷售較低的餐廳進行策略性投資的機會，以隨著時間的推移增加收入。

Consistent with our focus on supporting our teams and making restaurants easier to run, we continue progressing on our multi-year connected kitchen initiative. Our generative AI video technology monitors how quickly ingredients on the in-restaurant make line are being depleted and alerts the team in real time for prep and cook batch amounts.

我們致力於支持我們的團隊並讓餐廳更容易運營，這與我們的重點一致，我們將繼續推進我們的多年互聯廚房計劃。我們的生成式人工智慧視訊技術可監控餐廳內生產線上的食材消耗速度，並即時提醒團隊準備和烹飪批次的數量。

The test-and-learn phase of the AI video pilot is complete and we are now live in four restaurants. In addition, we have expanded our new kitchen display screen test to 25 locations. This test deploys new and improved digital order management capabilities for our second make lines, enhancing productivity and order accuracy. While both initiatives are in the very early stages, we believe they can improve quality and consistency, increase order accuracy, boost speed of service, and simplify prep and planning.

人工智慧影片試點的測試和學習階段已經完成，我們現在已經在四家餐廳上線。此外，我們還將新的廚房顯示器測試擴展到了 25 個地點。該測試為我們的第二條生產線部署了新的和改進的數位訂單管理功能，提高了生產力和訂單準確性。雖然這兩項措施仍處於早期階段，但我們相信它們可以提高品質和一致性，提高訂單準確性，提高服務速度，並簡化準備和規劃。

As we execute our strategic initiatives, expand our presence, and create deeper human connections, our broad appeal continues to grow. We are serving the needs of everyone, from athletes performing at the highest level, including feeding both the Dodgers and Yankees who played in the World Series, to people looking to reestablish their everyday health and wellness, like our guest, Bob, in Florida.

隨著我們執行策略性舉措、擴大影響力並建立更深層的人際關係，我們的廣泛吸引力不斷增長。我們正在滿足每個人的需求，從表現最高水平的運動員（包括為參加世界職業棒球大賽的道奇隊和洋基隊提供食物），到希望恢復日常健康的人們，例如我們佛羅裡達州的客人鮑勃。

After suffering a heart attack and spending 10 days in a coma, Bob's first stop on the way home from the hospital was our Jacksonville Riverside Restaurant. He became a regular, incorporating our food into his month-long recovery process. He said that eating a Cava meal following his three times a week cardiac rehab sessions was what he looked forward to most.

鮑伯因心臟病發作並昏迷了 10 天，從醫院回家的路上的第一站是我們的傑克遜維爾河濱餐廳。他成為了常客，將我們的食物納入他長達一個月的恢復過程中。他說，在每週三次的心臟復健訓練後吃一頓卡瓦酒是他最期待的。

Bob wrote to us recently to thank our team members for making him feel so welcome, always greeting him with a warm smile, getting started on his bowl as soon as they saw him come through the door, and on one occasion, using the love button to give him a free meal. After he recovered, he and his wife ordered Cava catering for the cardiac ICU staff who cared for him.

鮑伯最近寫信給我們，感謝我們的團隊成員讓他感到如此受歡迎，總是以溫暖的微笑向他打招呼，一看到他進門就開始吃他的碗，有一次，還使用了愛心按鈕給他一頓免費的飯菜。康復後，他和妻子訂購了 Cava 為照顧他的心臟重症監護室工作人員提供餐飲服務。

Stories like Bob's demonstrates the power of our mission to bring heart, health, and humanity to food. I want to thank our more than 10,000 team members who bring that mission to life every day and who's work to define, and in many ways, create the Mediterranean categories coming to fruition.

像鮑伯這樣的故事展示了我們為食物帶來心靈、健康和人性的使命的力量。我要感謝我們 10,000 多名團隊成員，他們每天都將這項使命付諸實踐，並努力定義並以多種方式創造地中海類別的成果。

We have generated significant momentum, and as we continue to focus on sustainable growth, create exceptional experiences, and invest in our guests, team members, and infrastructure, we believe we are well positioned to capture the significant white space opportunity in front of us.

我們已經產生了巨大的動力，隨著我們繼續專注於永續成長，創造卓越的體驗，並投資於我們的客人、團隊成員和基礎設施，我們相信我們已經做好了充分準備，抓住擺在我們面前重要的空白機會。

With that, I'll let Tricia walk you through the financials.

接下來，我將讓 Tricia 向您介紹財務狀況。

Thanks, Brett. Cava revenue in the third quarter of 2024 grew 39% year over year to $241.5 million. During the quarter, we opened 11 net new Cava restaurants or 73 net new Cava restaurants during or subsequent to the third quarter of 2023, bringing our total Cava restaurant count to 352.

謝謝，布雷特。 2024 年第三季 Cava 營收年增 39% 至 2.415 億美元。本季度，我們淨新開 11 家 Cava 餐廳，或 2023 年第三季或之後淨新開 73 家 Cava 餐廳，使我們的 Cava 餐廳總數達到 352 家。

We continue to be pleased with our new restaurant openings, which consistently exceed our expectations. Cava's same-restaurant sales increased 18.1%, driven by a 12.9% increase from guest traffic and a 5.2% increase from menu price and product mix.

我們對新餐廳的開幕繼續感到滿意，這始終超出了我們的預期。 Cava 的同店銷售額成長了 18.1%，這主要得益於客流量成長 12.9%，以及菜單價格和產品組合成長 5.2%。

Cava restaurant-level profit in the third quarter was $61.8 million, or 25.6%, versus $43.6 million, or 25.1% of revenue in the prior year, representing a 41.9% increase. This increase was due to leverage from higher sales, partially offset by incremental wage investments and an increase in food, beverage, and packaging costs driven by our national rollout of steak in the middle of Q2 2024.

第三季Cava餐廳層級的利潤為6,180萬美元，即25.6%，而上年同期為4,360萬美元，即營收的25.1%，成長了41.9%。這一增長是由於銷售額增加帶來的槓桿作用，但部分被工資投資增量以及我們於 2024 年第二季度中期在全國推出牛排所帶動的食品、飲料和包裝成本增加所抵消。

Cava's food, beverage, and packaging costs were 29.9% of revenue, an increase of 50 basis points, as compared to the third quarter of 2023. This anticipated increase of the percent of revenue was the result of the launch of steak in June.

Cava 的食品、飲料和包裝成本佔收入的 29.9%，與 2023 年第三季相比增加了 50 個基點。

Cava labor and related costs were 25.4%, up 10 basis points from the third quarter of 2023. This increase reflects the investments in our team member wages of 8%, including the impact from AB 1228, which we chose not to offset with the menu price increase to the guest, partially offset by leverage from increased sales compared to the prior year.

Cava 勞動力及相關成本為 25.4%，較 2023 年第三季上升 10 個基點。提供的價格上漲，部分被去年銷售額增加的槓桿所抵銷。

Cava occupancy and related expenses were 6.8% of revenue, an improvement of 110 basis points to the third quarter of 2023 due to increased sales leverage. Cava other operating expenses were 12.3% of revenue and flat to the third quarter of 2023, primarily due to operating leverage associated with higher sales, offset by investments in the integrity of our physical spaces in support of our increased restaurant volume.

由於銷售槓桿增加，Cava 入住率及相關費用佔收入的 6.8%，比 2023 年第三季提高了 110 個基點。 Cava 其他營運費用佔收入的 12.3%，與 2023 年第三季持平，這主要是由於與銷售額增加相關的營運槓桿，被我們為支持餐廳數量增加而對實體空間完整性的投資所抵消。

Shifting to overall performance, our general and administrative expenses for the quarter, excluding stock-based compensation, were $26.3 million compared to $21.3 million in the third quarter of 2023. However, as a percentage of revenue, we experienced an improvement of 130 basis points due to leverage from higher sales, partially offset by the timing of performance-based incentive compensation and investments to support future growth.

轉向整體業績，我們本季的一般和管理費用（不包括股票薪酬）為 2,630 萬美元，而 2023 年第三季度為 2,130 萬美元。增加的槓桿作用，部分被基於績效的激勵薪酬和支持未來成長的投資的時機所抵消。

Adjusted EBITDA, including the burden of pre-opening costs for the quarter, was $33.5 million, an increase of 69.2% versus the third quarter of 2023. The increase in adjusted EBITDA was driven by the number and continued strength of new restaurant openings, 18.1% of the same restaurant sales growth, and leverage in G&A.

調整後 EBITDA（包括本季開業前成本負擔）為 3,350 萬美元，與 2023 年第三季相比增長 69.2%。金額成長的百分比以及一般管理費用的槓桿。

During the third quarter of 2024, we reported $18 million of net income compared with net income of $6.8 million in the third quarter of 2023. This represents an increase of 162.9%, further exemplifying the power of our unit economic model. We reported diluted earnings per share of $0.15 cents in the quarter, compared with diluted earnings per share of six cents in the third quarter of 2023.

2024 年第三季度，我們的淨利潤為 1800 萬美元，而 2023 年第三季度的淨利潤為 680 萬美元。我們報告本季稀釋後每股收益為 0.15 美分，而 2023 年第三季稀釋後每股收益為 6 美分。

Shifting over to liquidity, at the end of the quarter, we had zero debt outstanding, $367.2 million in cash on hand, and access to a $75 million undrawn revolver, with an option to increase our liquidity if needed. We delivered cash flow from operations of $43.9 million compared to $26 million during the third quarter of 2023. This increase was primarily driven by our improved operations, generating increased profitability across the fleet.

轉向流動性，到本季末，我們的未償債務為零，手頭現金為 3.672 億美元，並且可以使用 7500 萬美元的未提取左輪手槍，並且可以選擇在需要時增加我們的流動性。我們的營運現金流量為 4,390 萬美元，而 2023 年第三季為 2,600 萬美元。

Total company free cash flow was $23.4 million in the current quarter, an increase of $32.5 million compared to the third quarter of 2023.

本季公司自由現金流總額為 2,340 萬美元，較 2023 年第三季增加 3,250 萬美元。

Now to our outlook for full-year 2024. We expect the following: 56 to 58 net new Cava restaurant openings, Cava same-restaurant sales growth of 12% to 13%, Cava restaurant level profit margin between 24.5% to 25%, pre-opening costs between $12 million and $13 million, and adjusted EBITDA including the burden of pre-opening costs between $121 million to $126 million.

現在展望我們對2024 年全年的展望。預計-開業成本在1200萬美元至1300萬美元之間，調整後的EBITDA（包括開業前成本負擔）在1.21億美元至1.26億美元之間。

In our prior earnings call, we embedded into our guidance the potential headwinds for macroeconomic and the election-related uncertainty. Given the strength of our business and visibility to date, our current guidance now removes those uncertainties.

在先前的財報電話會議中，我們在指引中納入了宏觀經濟和選舉相關不確定性的潛在阻力。鑑於我們迄今為止的業務實力和知名度，我們目前的指導現在消除了這些不確定性。

I want to take a moment to provide an update on tax expectations. As I explained last quarter, we historically have had a full evaluation allowance on our deferred tax assets, primarily relating to net operating loss carry forwards, which has resulted in immaterial tax expense. Based on our continued positive profitability trends, it is reasonably possible that we will be in a position to release the valuation allowance in Q4, which will result in a one-time significant P&L benefit as a reduction to tax expense.

我想花點時間提供有關稅收預期的最新資訊。正如我上季度所解釋的那樣，我們歷來對遞延稅資產進行了全額評估備抵，主要與淨營業虧損結轉有關，這導致了微不足道的稅收費用。基於我們持續的正向獲利趨勢，我們有理由在第四季度釋放估值準備金，這將導致一次性的重大損益收益，即稅收費用的減少。

Keep in mind, we expect our cash taxes to continue to be immaterial until we fully utilize our net operating losses.

請記住，在我們充分利用我們的淨營業虧損之前，我們預計我們的現金稅將繼續無關緊要。

Looking ahead to 2025, we expect net new restaurant unit growth of at least 17%, given the visibility and strength of our pipeline. In 2025, we expect restaurant-level margins consistent with 2024 and we'll use any improved leverage to continue to invest in our team members and guests. We will provide further details around 2025 guidance in our next earnings call.

展望 2025 年，鑑於我們管道的知名度和實力，我們預計新餐廳單位淨增長率至少為 17%。到 2025 年，我們預計餐廳層面的利潤率將與 2024 年持平，並且我們將利用任何改進的槓桿繼續投資於我們的團隊成員和客人。我們將在下一次財報電話會議中提供有關 2025 年指導的更多詳細資訊。

Before turning to Q&A, as Brett had mentioned, we recently had the opportunity to attend our operations summit in Dallas, where we gathered with field operation leadership from across the country. Their passion and dedication to our mission of bringing heart, health, and humanity to food was truly an inspiration. We're excited about the tools and strategies we've introduced to help make life easier for our teams and elevate the guest experience.

在進行問答之前，正如布雷特所提到的，我們最近有機會參加在達拉斯舉行的營運峰會，我們與來自全國各地的現場營運領導者齊聚一堂。他們對我們為食物帶來心靈、健康和人性的使命的熱情和奉獻確實是一種鼓舞。我們對我們推出的工具和策略感到很興奮，這些工具和策略可以幫助我們的團隊更輕鬆地生活並提升賓客體驗。

And with that, I'll pass it over to the operator.

這樣，我會將其傳遞給操作員。

(Operator Instructions) Brian Harbour, Morgan Stanley.

（操作員指示）Brian Harbour，摩根士丹利。

Yeah, thank you. Hi, guys. Glad to see everything continuing to go really well. I wanted to pick up on one comment you made just about the new labor scheduling model and early lessons from that and how you thought that there were also some things that could help drive AUVs in some of your lower buying stores. Could you elaborate on that and sort of how you think about that opportunity into next year and how that could be an ongoing same-store sales forever?

是的，謝謝。嗨，大家好。很高興看到一切都進展順利。我想了解您對新的勞動力調度模型和早期教訓的評論，以及您認為還有一些事情可以幫助推動您的一些較低採購商店的 AUV。您能否詳細說明這一點，以及您如何看待明年的這個機會，以及如何永遠持續進行同店銷售？

Hey, Brian. So the new labor and deployment model really takes, for the most part, existing hours in the restaurant and redeploy them into peak periods. And then also creating significant clarity around the roles and where they should be placed during those peak times.

嘿，布萊恩。因此，新的勞動力和部署模式實際上在很大程度上佔據了餐廳現有的時間，並將其重新部署到高峰時段。然後還明確了角色以及在高峰時段應將其放置在何處。

What we found during the pilot is in that some of our lower volume restaurants, when we added a little bit more labor to the restaurant, we saw a modest increase in restaurant sales as well as overall and movement in guest scores and experience.

我們在試點期間發現，對於一些客流量較低的餐廳，當我們向餐廳增加一點勞動力時，我們發現餐廳銷售額以及賓客評分和體驗的整體變化略有增加。

And so that's where we think we might have an opportunity. But it's a small portion of the overall portfolio and just an example lines on the early lessons and how they might help drive our average weekly sales as we move into 2025.

所以這就是我們認為我們可能有機會的地方。但這只是整個產品組合的一小部分，只是早期經驗教訓的一個示例，以及它們如何在我們進入 2025 年時幫助推動我們的平均每週銷售額。

The real thing about the labor model -- the labor and deployment model is that we're really excited to see it improve speed and service. And that's something that's going to benefit the guests as well as Cava.

關於勞動力模式——勞動力和部署模式的真正意義在於，我們非常高興看到它提高速度和服務。這對客人和卡瓦來說都是有利的。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Yeah, thanks. Brett, I was hoping you could help us just understand how you're thinking about comp drivers for next year as you think about beginning to lapse some of the success you've had this year and what you believe may be some of the more important drivers to maintaining this momentum.

是的，謝謝。布雷特，我希望你能幫助我們了解你對明年的補償驅動因素的看法，因為你正在考慮開始放棄今年所取得的一些成功，以及你認為可能更重要的一些事情保持這一勢頭的驅動力。

Yeah. Hey, Chris. Thanks for the question. It really is consistent with what we've talked about in the past, having one or two tent pole moments with a couple seasonal moments to continue to bring newness and excitement to our guests as well as keep things simple for our restaurant operations.

是的。嘿，克里斯。謝謝你的提問。這確實與我們過去談論的一致，有一兩個帳篷桿時刻和幾個季節性時刻，繼續為我們的客人帶來新鮮感和興奮，並讓我們的餐廳運營保持簡單。

So we see those drivers, we see loyalty. Remember, we just launched it as the first phase of a multi-phase program. And so there's other opportunities to enhance the loyalty experience.

所以我們看到了這些司機，我們看到了忠誠。請記住，我們剛剛將其作為多階段計劃的第一階段啟動。因此，還有其他機會來增強忠誠度體驗。

You certainly have steak in the first half. Remember, we didn't launch it in still the middle of Q2. And I'm really excited to see the impact of our garlic ranch pita chip launch, which is the first flavor innovation of what is a true fan favorite in our craveable pita chips. We think there's opportunity to bring additional flavor innovation in the coming months and years to our guests.

上半場你肯定吃牛排。請記住，我們並沒有在第二季度中期推出它。我真的很高興看到我們推出的大蒜牧場皮塔薯片所帶來的影響，這是我們令人垂涎的皮塔薯片中真正受到粉絲喜愛的口味的首次創新。我們認為，在未來的幾個月和幾年裡，我們有機會為我們的客人帶來更多的風味創新。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Thank you. This is Zach Ogden on for Andrew. Just hoping you could help us dissect the sequential increase in central sales from 2Q to 3Q. I guess, how much of that was an underlying acceleration versus an easier comparison? Thank you.

謝謝。我是安德魯的紮克·奧格登。只是希望您能幫我們剖析第二季到第三季中央銷售的環比成長情況。我想，其中有多少是潛在的加速與更簡單的比較？謝謝。

Yeah. So when you look at same-restaurant sales from Q2 to Q2 and look at it on a two-year basis, you really see consistency in the trends overall. So the two-year stack was about 33 in Q2 and about 32 in Q3. So really consistency in what we've been able to deliver and how we're serving the guests.

是的。因此，當您查看第二季到第二季的同家餐廳銷售額並以兩年為基礎進行查看時，您確實會看到整體趨勢的一致性。因此，第二季的兩年堆疊約為 33，第三季約為 32。因此，我們能夠提供的服務以及為客人提供的服務方式確實保持一致。

And as you know, keep in mind, Q3 had a 12.9% traffic growth, the really strong momentum with our guests and how much they enjoy Cava.

如您所知，請記住，第三季的流量成長了 12.9%，我們的客人勢頭非常強勁，而且他們非常喜歡 Cava。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon and congratulations on great results. So just wanted to follow up on a comment you made about restaurant margin for next year being similar to what you're expecting to deliver this year with a mindset that you're going to continue to invest.

你好，下午好，恭喜你取得了很好的成績。因此，我想跟進您對明年餐廳利潤率的評論，該評論與您今年的預期類似，並且您將繼續投資。

So I guess the bigger question is it make sense to continue investing at this stage of growth, but I guess how do you think about restaurant margin in longer term and perhaps maybe you can frame up what's needed to drive that higher in terms of the same-store sales or however you want to frame it up? Thanks.

因此，我想更大的問題是，在這個成長階段繼續投資是有意義的，但我想您如何看待長期的餐廳利潤率，也許您可以根據相同的條件製定推動更高水平所需的內容- 商店銷售還是您想要的方式？謝謝。

Yeah. Thanks, David. So certainly, as we think about our restaurant level margins, a 25 restaurant-level margin is truly an outstanding performance in general as the way we see it in the market today. We do know that as AUVs increase, there's leverage in this model.

是的。謝謝，大衛。因此，當然，當我們考慮餐廳級別的利潤時，25 的餐廳級別利潤確實是我們今天在市場上看到的出色表現。我們確實知道，隨著 AUV 的增加，該模型具有槓桿作用。

If you look at our labor model itself, it's like the Henry Ford production line, and you really have a lot of momentum with it. We just want to make sure that we don't overheat the engine and don't overearn in the short term.

如果你看看我們的勞動模式本身，它就像亨利福特的生產線，而且你確實有很大的動力。我們只是想確保我們不會讓引擎過熱，也不會在短期內賺太多。

So we want to make those continued investments and really give back to our team members and our guests as much as we can so that we can drive long-term value over time. But this model is pretty powerful and it does have the opportunity to leverage. We just want to make certain we do at mindfully.

因此，我們希望進行持續投資，並盡可能回饋我們的團隊成員和客人，以便我們能夠隨著時間的推移推動長期價值。但這個模型非常強大，而且確實有機會發揮作用。我們只是想確保我們用心去做。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Hey, guys. Thanks for taking the question. Brett, you had mentioned earlier in the call the idea that your brand awareness is up roughly 8 points since the IPO. I'm just curious you could kind of drill down into where that's coming from specifically.

嘿，夥計們。感謝您提出問題。 Brett，您之前在電話會議中提到，自 IPO 以來，您的品牌知名度提高了約 8 個百分點。我只是好奇你能深入了解它具體來自哪裡。

I mean, I think that you're probably seeing across all demographics, but are you seeing any key demographics, whether it's ages or household incomes, in particular kind of pulse up relative to what you'd seen pre-IPO?

我的意思是，我認為你可能會看到所有的人口統計數據，但是你是否看到任何關鍵的人口統計數據，無論是年齡還是家庭收入，特別是相對於你在首次公開募股前看到的情況上升？

Hey, Jon. Thanks for the question. I mean, it's been pretty consistent across all age groups, all income strata. In fact, as we've been growing across the country, we've been able to really broaden out our appeal down the income strata.

嘿，喬恩。謝謝你的提問。我的意思是，所有年齡層、所有收入階層的情況都非常一致。事實上，隨著我們在全國範圍內的發展，我們已經能夠真正擴大我們對收入階層的吸引力。

What I will say is, as to awareness specifically, certainly Gen Z and even Gen Alpha, we've seen great growth in those customer segments, given some of the momentum we have on social channels and the exceptional work our marketing team has done in our social team has done to proliferate awareness and really connect with guests on those channels. So our younger cohorts are definitely growing quicker, but we are growing across all cohorts.

我要說的是，就意識而言，當然是 Z 世代，甚至 Alpha 世代，考慮到我們在社交渠道上的一些勢頭以及我們的營銷團隊在我們的社交團隊努力提高人們的意識，並通過這些渠道與客人建立真正的聯繫。因此，我們的年輕族群肯定成長得更快，但我們所有群體都在成長。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thanks very much. I think in your comments about the 2025 outlook, you also mentioned unit growth, which I believe, is 17%-plus. I think that's relative to the 15% that you guys have talked about maybe annual over the next number of years.

偉大的。非常感謝。我認為您在對 2025 年前景的評論中還提到了單位增長率，我認為單位增長率超過 17%。我認為這與你們談論的未來幾年每年 15% 的成長有關。

I'm just wondering how do you think about that more broadly in terms of being the right level, whether there's some guardrails, not to say you should be growing faster, but what are the kind of the guardrails that keep it at that range?

我只是想知道你如何更廣泛地考慮是否達到正確的水平，是否有一些護欄，並不是說你應該增長得更快，而是說什麼樣的護欄可以將其保持在這個範圍？

And maybe how you're thinking about the new versus existing markets? And then you mentioned a couple of markets that you are excited for for next year. So just trying to figure out the balance of new versus existing as we're trying to understand brand recognition. Thank you.

也許您如何看待新市場與現有市場？然後您提到了明年令您興奮的幾個市場。因此，當我們試圖了解品牌認知度時，我們只是試圖找出新產品與現有產品之間的平衡。謝謝。

Hey, Jeff. So yes, we did indicate that in 2025 we anticipate a new unit growth of at least 17% over our base in 2024. And that's really driven by the visibility and the strength of the pipeline that we have in 2025.

嘿，傑夫。所以，是的，我們確實表示，到 2025 年，我們預計新單位的成長將比 2024 年的基礎成長至少 17%。

And so when we are thinking about it, we also want to make sure that we've got a good balance of growth in new and existing markets and our new markets are performing really, really well. And so that gives us the opportunity to lean in there, but still create that balance that we don't over index and put too much strain on the system overall and in general.

因此，當我們考慮這個問題時，我們也希望確保我們在新市場和現有市場的成長之間取得良好的平衡，並且我們的新市場表現非常非常好。因此，這使我們有機會依靠那裡，但仍然創造出平衡，我們不會過度索引並對整個系統和一般系統造成太大壓力。

The other governor important factor in ensuring that we've got the proper growth is having the right GMs to open those restaurants. And so for 2025, we feel really good about our pipeline of GMs to be able to meet that 17% -- at least 17% in that year. And then we'll continue to provide updates and refinements for the years ahead as we get closer.

確保我們獲得適當成長的另一個重要因素是擁有合適的總經理來開設這些餐廳。因此，對於 2025 年，我們對我們的 GM 管道感到非常滿意，能夠滿足 17% 的要求——至少當年達到 17%。然後，隨著時間的臨近，我們將繼續為未來幾年提供更新和改進。

Has there been any change in terms of the returns on the newest units where cost to build represented with the stronger volumes? Any color in terms of those financial metrics around these new stores?

最新單位的回報是否有任何變化，其中建造成本代表較高的產量？這些新店的財務指標有什麼特色嗎？

So our real estate design and construction teams have done a great job managing the cost to build and really hitting our targets in a nice way. And then as we mentioned, our new restaurants themselves are opening very strong and exceeding our expectations. So what that's resulting in is higher cash on cash returns even earlier than we anticipated.

因此，我們的房地產設計和施工團隊在管理建築成本方面做得非常出色，並真正以良好的方式實現了我們的目標。正如我們所提到的，我們的新餐廳本身開業勢頭非常強勁，超出了我們的預期。因此，這導致現金回報率更高，甚至比我們預期的還要早。

So seeing really strong results both on the sales line as well as the overall restaurant-level margin in those new locations and it's been consistent. All of the markets that we've opened last year and this year and it really gives us the real momentum as we go and expand into that and on this white space that we have ahead of us.

因此，在這些新地點的銷售線以及餐廳整體利潤率上都看到了非常強勁的業績，而且一直保持一致。我們去年和今年開闢的所有市場，確實給了我們真正的動力，因為我們正在向這個市場以及我們面前的空白領域擴張。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks. Good evening. Just some -- was going to circle back to the comps, if I could. And I assume very broad strength, it's pretty broad. But I'm just curious if you're seeing outsized growth at dinner versus lunch.

你好，謝謝。晚安.如果可以的話，我會回到比賽中。我認為力量非常廣泛，非常廣泛。但我只是好奇你是否發現晚餐與午餐相比增長幅度過大。

And then you noted the class of '24 being the strongest yet. Could you level set where new unit AUVs are shaking out, however you'd be willing to quantify that? Thank you.

然後你注意到 24 屆是迄今為止最強的。您能否對新單位 AUV 的出現進行水平設定，但您願意對其進行量化嗎？謝謝。

Yeah. So back to your question around comps, I mean, we're seeing strength in every vintage, every geography, suburban, urban, all income cohorts are really finding strength across the board itself.

是的。回到你關於比較的問題，我的意思是，我們看到每個年份、每個地理位置、郊區、城市的力量，所有收入群體都真正在全面尋找力量。

Regarding dinner and lunch, seeing some improvement, but a really good balance between the two. So dinner is increasing modestly, but there's nothing outsized in any one area that's driving the comp overall. And really, when you even look at our new restaurants in the pipeline, they're driving comp, but that's not what's driving overall growth in general.

關於晚餐和午餐，看到了一些改善，但兩者之間確實取得了很好的平衡。因此，晚餐的數量略有增加，但在任何一個領域都沒有出現過大的情況來推動整體的成長。事實上，當你看看我們正在籌建的新餐廳時，你會發現它們正在推動競爭，但這並不是推動整體成長的因素。

And as it regards to AUV, we have shared that they're exceeding our expectations. I think you can back into the productivity and and see how strong the performing but haven't given specific numbers on that.

至於 AUV，我們表示它們超出了我們的預期。我認為你可以回到生產力，看看表現有多強，但沒有給出具體的數字。

Ivan Yu, Jefferies.

伊凡·於，杰弗里斯。

Great. Thanks for taking my question. I just wanted to go back on -- go back to the same-store sales again. Would you be willing to unpack maybe the contribution from steak in the quarter? Is it mostly sort of incremental traffic and guest acquisition? Or is it also balanced against maybe increased frequency or trade up from the existing guests?

偉大的。感謝您提出我的問題。我只是想重新回到同店銷售。您願意解開本季牛排的貢獻嗎？主要是增量流量和客源取得嗎？或者它是否也與增加的頻率或現有客人的交易相平衡？

And I know steak sort of filled up a perceived gap in the menu. And going forward, I guess, how should we think about menu innovation, whether it's in proteins or maybe some of some of the secondary items?

我知道牛排填補了菜單中的一個明顯的空白。我想，展望未來，我們應該如何考慮菜單創新，無論是蛋白質還是一些次要項目？

I'll speak to the components of comp and how it relates to steak, and I'll pass it over to Brett to talk about the menu innovation component of it.

我將討論 comp 的組成部分以及它與牛排的關係，然後我將把它交給 Brett 來討論它的菜單創新部分。

So when you look at our overall performance, we shared that traffic at 12.9%, certainly in there is a piece of that related to steak but not a significant component. And then when you look at price mix combined, mix was about -- excuse me, when you look at the mix component, it was around 2% and steak did have some impact in that because of the premium associated with it.

因此，當你查看我們的整體表現時，我們的流量佔比為 12.9%，當然其中有一部分與牛排相關，但不是一個重要組成部分。然後，當你查看價格組合的組合時，混合大約是——對不起，當你查看組合成分時，它約為 2%，而牛排確實對此產生了一些影響，因為與之相關的溢價。

Hey, Ivan, it's Brett. Regarding menu innovation, my partner, my Co-Founder, Ted Xenohristos, is our Chief Concept Officer, and he leads our culinary innovation team. And they've been building a multi-year pipeline of innovation that we see opportunity in all categories across the service line, whether that's the main section, the bases, the grains, the greens, the toppings, as well as an attachment.

嘿，伊万，我是布雷特。關於菜單創新，我的合作夥伴、聯合創始人 Ted Xenohristos 是我們的首席概念官，他領導著我們的烹飪創新團隊。他們一直在建立一個多年的創新管道，我們在整個服務線的所有類別中都看到了機會，無論是主要部分、基礎、穀物、蔬菜、配料還是附件。

So as you saw with garlic ranch pita chips, we believe pita chips can be a flavor platform with multiple opportunities to come behind garlic ranch with other exciting new products for our guests. So whether it's beverages, the dessert category, they're looking at each area as an opportunity to bring newness and excitement to our guests while maintaining the discipline of the amount of ingredients we serve on the line and keeping operations simplified.

因此，正如您在大蒜牧場皮塔片上看到的那樣，我們相信皮塔片可以成為一個風味平​​台，有多種機會為我們的客人提供其他令人興奮的新產品。因此，無論是飲料還是甜點類別，他們都將每個領域視為一個機會，為我們的客人帶來新鮮感和興奮感，同時保持我們在生產線上提供的原料數量的紀律並簡化操作。

(technical difficulty) JPMorgan.

（技術難度）摩根大通。

Hey, team. Good afternoon. Great results across. I just wanted to pick up on the new-store volumes comment.

嘿，團隊。午安.成績斐然。我只是想了解新店卷的評論。

I mean, given the strong brand halo and the strong awareness now, how are you evolving your thinking around the new market entry strategy? We can take South Florida, for example. How is it different from intensifying an existing market like Chicago, for example? And what specifically around reopening or marketing is driving this trend, which you are implementing very well versus a year ago?

我的意思是，考慮到強大的品牌光環和現在的強烈意識，您如何圍繞新的市場進入策略來發展您的想法？我們可以以南佛羅裡達州為例。例如，這與強化芝加哥等現有市場有何不同？與一年前相比，你們在重新開業或行銷方面具體是什麼推動了這一趨勢？

Yeah. So when you're talking about new restaurant openings, we've often share in our approach to have a very balanced pipeline. So with 10% to 20% in established markets and 20% to 30% in greenfield or brand-new markets and the bulk of their openings in our growth in emerging markets.

是的。因此，當您談論新餐廳開業時，我們經常分享我們的方法，以建立非常平衡的管道。因此，10% 到 20% 的業務在成熟市場，20% 到 30% 的業務在新興市場或全新市場，其中大部分是在新興市場的成長中。

As you pointed out, our new restaurants have been performing really well. And so that gives us the opportunity to lean into those greenfield markets to perhaps the higher end of that range. And South Florida and the other markets next year will certainly be examples of that.

正如您所指出的，我們的新餐廳表現非常好。因此，這使我們有機會進入那些未開發的市場，也許是該範圍的高端市場。明年南佛羅裡達州和其他市場肯定會是這樣的例子。

And then when you think about marketing and pre-opening for those markets themselves, we haven't done a lot of incremental marketing to support our new restaurants that have opened in 2024. And in fact, in Chicago, there was some marketing we pulled back on because the restaurant was performing so well. We didn't want to hurt the restaurants and make sure that they were continuing to operate and deliver.

然後，當你考慮到這些市場本身的營銷和開業前，我們沒有做很多增量營銷來支持 2024 年開業的新餐廳。我們不想傷害餐廳並確保他們繼續經營和送貨。

And so I don't anticipate a significant change in what we're doing from a marketing perspective. And keep in mind, our community days are major component of our approach from a go-to-market standpoint as well as our social media. These are both very effective, cost-effective tools that help drive the momentum, increase the brand awareness, and really spread the word around Cava and help our new restaurants perform in a meaningful way.

因此，從行銷角度來看，我預計我們正在做的事情不會發生重大變化。請記住，從進入市場的角度以及社交媒體的角度來看，我們的社區日是我們方法的主要組成部分。這些都是非常有效、具有成本效益的工具，有助於推動勢頭、提高品牌知名度、真正傳播 Cava 的信息並幫助我們的新餐廳以有意義的方式開展業務。

(Operator Instructions) Matt Curtis, William Blair.

（操作員說明）馬特·柯蒂斯、威廉·布萊爾。

Hi, good evening. Just wanted to circle back on the loyalty program. Wondering if you could provide any details on what the impact on frequency or overall sales has been both in the quarter and what you had to steak on forward.

嗨，晚上好。只是想回顧一下忠誠度計劃。想知道您是否可以提供任何詳細信息，說明本季度對頻率或整體銷售的影響以及您必須繼續努力的內容。

Yeah. So what we were able to notice in the quarter is that our loyalty sales as a percent of revenue increased by 200 basis points in the quarter. And while we're in early days and looking at frequency, we anticipate we'll have a benefit, but at this point, not sharing any frequency numbers to answer that question.

是的。因此，我們在本季注意到的是，我們的忠誠度銷售額佔營收的百分比在本季增加了 200 個基點。雖然我們還處於早期階段並正在研究頻率，但我們預計我們會從中受益，但目前還沒有分享任何頻率數字來回答這個問題。

So really encouraged by what we saw in the test, and we'll continue to keep a close eye on it and update you as we move forward.

我們在測試中看到的情況讓我們深受鼓舞，我們將繼續密切關注並在前進過程中向您提供最新資訊。

There are no further questions at this time. I'd now like to turn the call back over to Brett Schulman, Co-Founder and CEO, for final closing remarks. Please go ahead.

目前沒有其他問題。現在我想將電話轉回給聯合創始人兼執行長布雷特舒爾曼 (Brett Schulman)，讓其作最後的總結發言。請繼續。

Thanks, everyone, for joining the call today. As Mediterranean becomes the next major cultural cuisine category, and as Cava continues to define it, the whitespace opportunity ahead of us will only grow.

感謝大家今天加入電話會議。隨著地中海成為下一個主要的文化美食類別，並且隨著卡瓦酒繼續定義它，我們面前的空白機會只會越來越多。

We are well positioned to make the most of that opportunity and deliver long-term value. Thanks to the hard work and dedication of our team members. So I want to once again thank them for their relentless focus on execution, their dedication to creating the human connections, modern consumers crave, and all they do bring heart, health, and humanity to food.

我們處於有利地位，可以充分利用這個機會並創造長期價值。感謝我們團隊成員的辛勤工作和奉獻。因此，我想再次感謝他們對執行的不懈關注，他們致力於創造現代消費者渴望的人際關係，以及他們所做的一切，為食物帶來心靈、健康和人性。

Thanks again for joining us and have a happy holiday season.

再次感謝您加入我們並祝您假期愉快。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。