CAVA Group Inc (CAVA) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CAVA fourth-quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 CAVA 2024 年第四季財報電話會議。（操作員指令）

This call is being recorded in Tuesday, February 25, 2025. I would now like to turn the conference over to Matt Milanovich. Please go ahead.

該通話於 2025 年 2 月 25 日星期二錄製。現在我想將會議交給馬特·米拉諾維奇。請繼續。

Good afternoon, and welcome to CAVA's fourth quarter and full year 2024 financial results conference call.

下午好，歡迎參加 CAVA 2024 年第四季和全年財務業績電話會議。

Before we begin, if you do not already have a copy of the earnings release and the related 8-K furnished with the SEC, are available on our website at investor.cava.com. 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.

在我們開始之前，如果您還沒有美國證券交易委員會 (SEC) 提供的收益報告和相關 8-K 表格的副本，請前往我們的網站 investor.cava.com 取得。本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信息，以及公司進展的總體更新。您可以在今天的收益報告和補充文件中，找到今天電話會議上討論的任何非 GAAP 財務指標與根據 GAAP 計算的最直接可比財務指標的對賬表，這些對賬表可在無需付出不合理努力的範圍內獲得，每個報告和補充文件均發佈在公司的網站上。

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.

在我們開始之前，讓我提醒大家，本次電話會議將包含前瞻性陳述。為此目的，本次電話會議中所做的任何非歷史事實陳述均可視為前瞻性陳述。投資者應意識到任何前瞻性陳述都可能受到各種風險和不確定性的影響，這些風險和不確定性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 最新的 10-K 表年度報告、10-Q 表季度報告以及向美國證券交易委員會提交的其他文件中進行了詳細說明。請參閱這些文件以獲得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做出，除法律要求外，CAVA 不承擔公開更新或修改任何前瞻性陳述的義務，無論其是由於新資訊、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。

Thanks, Matt, and welcome to the call, everyone. 2024 was another extraordinary year for CAVA thanks to our more than 10,000 team members and their dedication to bringing heart, health and humanity to food. I'm inspired not just by their accomplishments, but by their spirit of generosity and how they take care of our guests, communities and one another.

謝謝，馬特，歡迎大家參加電話會議。 2024 年對 CAVA 來說又是非凡的一年，這要感謝我們 10,000 多名團隊成員，他們致力於為食物帶來心靈、健康和人性。我不僅被他們的成就所鼓舞，還被他們的慷慨精神以及他們如何照顧我們的客人、社區和彼此所鼓舞。

In 2024, their contributions allowed us to firmly establish Mediterranean as the next major cultural cuisine category and as our unique value proposition continued to resonate with consumers, we were one of just a few publicly traded restaurant brands that generated positive traffic growth. Our success in 2024 demonstrated our broad appeal, the power of our unit economic engine and the impact of the investments we have made in our teams, guests and infrastructure to support our growth.

2024 年，他們的貢獻使我們牢固地確立了地中海美食作為下一個主要文化美食類別的地位，並且隨著我們獨特的價值主張繼續引起消費者的共鳴，我們成為僅有的幾個實現正流量增長的上市餐飲品牌之一。我們在 2024 年取得的成功證明了我們廣泛的吸引力、我們單位經濟引擎的強大力量以及我們為支持我們的成長而對團隊、客人和基礎設施所做的投資的影響。

In our first full fiscal year as a public company, we delivered four consecutive quarters of free cash flow. Our fourth quarter highlights include: excluding the 53rd week in 2023, a 36.8% increase in CAVA revenue, 21.2% CAVA same-restaurant sales growth, including a 15.6% increase in traffic, 15 net new restaurant openings, ending the year with 367 restaurants, an 18.8% increase year over year, adjusted EBITDA of $25.1 million, a 60% increase over the fourth quarter of 2023.

在我們作為上市公司的第一個完整財政年度，我們連續四個季度實現了自由現金流。我們第四季的亮點包括：不包括2023年第53週，CAVA營收成長36.8%，CAVA同店銷售額成長21.2%，其中客流量成長15.6%，淨開15家新餐廳，年底餐廳總數為367家，年成長18.8%，調整後EBITDA為2510萬美元，第四季成長2503%。

Net income of $78.6 million and adjusted net income of $6.5 million, a 216% increase over the fourth quarter of 2023. And for the full year, we increased CAVA revenue 35%, excluding the 53rd week in 2023, generated 13.4% CAVA same-restaurant sales growth, including an 8.7% increase in traffic, opened 58 net new restaurants, delivered adjusted EBITDA of $126.2 million, a 71% increase over the full year 2023, produced net income of $130.3 million and adjusted net income of $50.2 million, a 278% increase over full year 2023 and drove $52.9 million in free cash flow during the year.

淨收入 7,860 萬美元，調整後淨收入 650 萬美元，比 2023 年第四季成長 216%。全年來看，我們將 CAVA 收入提高了 35%（2023 年第 53 週除外），CAVA 同店銷售額增長了 13.4%，客流量增長了 8.7%，淨開設了 58 家新餐廳，調整後 EBITDA 為 1.262 億美元，比 2023 年一年淨收入2023 年全年成長 278%，並在當年帶來了 5,290 萬美元的自由現金流。

It is clear that our unique value proposition, the quality and relevance of our Mediterranean cuisine, the convenience of our multichannel format and the experiences we provide across our physical and digital channels is meeting the moment for the modern consumer. We have significant white space opportunity ahead, and we're proud to say that 2024 is trending to be one of our strongest new restaurant classes yet.

顯然，我們獨特的價值主張、地中海美食的品質和相關性、多通路模式的便利性以及我們透過實體和數位管道提供的體驗都滿足了現代消費者的需求。我們未來擁有巨大的空白機會，我們很自豪地說，2024 年有望成為我們迄今為止最強勁的新餐廳類別之一。

Our most anticipated and successful market opening to date, Chicago, marked our entry into the Midwest and expanded our presence to 25 states in the District of Columbia. These new restaurants amplify our brand, many of them incorporating elements of our Project Soul design, and their performance demonstrates our broad appeal across socioeconomic, demographic and regional lines.

我們迄今為止最期待和最成功的市場開拓是芝加哥，這標誌著我們進入中西部地區，並將我們的業務擴展到哥倫比亞特區的 25 個州。這些新餐廳擴大了我們的品牌影響力，其中許多都融入了我們的「靈魂計畫」設計元素，它們的表現證明了我們在社會經濟、人口和地區層面的廣泛吸引力。

Last quarter, we announced plans to enter South Florida. Today, I'm excited to share that we are expanding our presence in the Midwest with openings planned in Detroit and Indianapolis later this year. In addition, we will continue to grow our Mid-Atlantic footprint with our first restaurant openings in Pittsburgh, Pennsylvania. As we move forward with our expansion efforts, we remain committed to deepening personal relationships with our guests whether they are gathering in our dining rooms or engaging with our digital channels.

上個季度，我們宣布了進入南佛羅裡達州的計劃。今天，我很高興地告訴大家，我們正在擴大在中西部的業務，並計劃今年稍後在底特律和印第安納波利斯開設新店。此外，我們將在賓州匹茲堡開設第一家餐廳，繼續擴大我們在中大西洋地區的業務。隨著我們不斷推進擴張，我們仍然致力於加深與賓客的個人關係，無論他們是在我們的餐廳聚會還是透過我們的數位管道互動。

Our reimagined loyalty program is a foundational element of this strategy and its new Earn & Bank's points model has been warmly received, driving increased engagement and frequency while setting the stage for future innovation. Since we first introduced rewards reimagined, we've seen a 230 basis point increase in loyalty percent of sales.

我們重新構想的忠誠度計畫是此策略的基礎要素，其新的 Earn & Bank 積分模式受到了熱烈歡迎，推動了參與度和頻率的提高，同時為未來的創新奠定了基礎。自從我們首次引入重新定義的獎勵計劃以來，我們已經看到銷售額的忠誠度百分比增加了 230 個基點。

As we move into 2025, we will build on our multiphase plan by leveraging first-party data to deepen guest insights using enhanced rewards, tiers, and tailored communications to develop personal touch points across all of our channels.

隨著我們進入 2025 年，我們將利用第一方數據在我們的多階段計劃的基礎上，透過增強的獎勵、等級和定制的溝通來加深對客人的洞察，從而在我們所有的管道中開發個人接觸點。

On the culinary front, I'm incredibly proud of our best-in-class team. We continue to innovate, create newness across our menu while being thoughtful and operationally disciplined as we go through our stage gate process. Guest reception of grilled steak, which we introduced in the summer of 2024, exceeded our expectations and incidence of this new main has remained strong.

在烹飪方面，我為我們一流的團隊感到無比自豪。我們不斷創新，在菜單中打造新意，同時在階段門流程中保持深思熟慮和嚴格操作紀律。我們在 2024 年夏天推出的烤牛排的客人接待情況超出了我們的預期，並且這道新主菜的受歡迎程度一直保持強勁。

Similarly, we unveiled our new limited time garlic branch pita chips, introducing a platform for future flavor innovation and further expansion into the snacking category. In 2025, we will continue to build on our robust pipeline of culinary innovation, which we'll speak to in the coming quarters.

同樣，我們推出了新的限時蒜香皮塔餅，為未來的口味創新和進一步擴展到零食類別提供了一個平台。2025 年，我們將繼續鞏固我們強大的烹飪創新管道，我們將在接下來的幾季中討論這個問題。

Our culinary launches in 2024 demonstrated our use of social and earned media to drive trial, awareness and affinity for our brand. In 2024, we generated 340 million social media impressions and over 50 billion earned media impressions by tapping into the organic love for CAVA through partnerships with like-minded influencers and creators who are genuine fans even before collaborating with us.

我們在 2024 年推出的美食展示了我們利用社交媒體和賺取的媒體來推動我們品牌的嘗試、知名度和親和力。2024 年，我們透過與志同道合的影響者和創作者（他們在與我們合作之前就是真正的粉絲）建立合作夥伴關係，充分利用人們對 CAVA 的自然熱愛，產生了 3.4 億次社交媒體展示和超過 500 億次贏得媒體展示。

The most recent of these partners is Olympic Gold Metal Sprinter, Gabby Thomas, who fuels her training regimen in her life with CAVA. Gabby partnered with us to launch our latest new seasonal menu items. This campaign focused on abundance rather than restriction, highlighting the benefits of eating Mediterranean cuisine. We're pleased with the response to the ongoing campaign, and we are seeing an incremental increase of our premium protein and avocado incidents as a result.

這些合作夥伴中最新的一位是奧運金牌短跑運動員加布麗埃勒·托馬斯 (Gabby Thomas)，她在她的生活中與 CAVA 一起鼓勵自己進行訓練。Gabby 與我們合作推出了最新的季節性菜單。這次活動注重的是豐富而不是限制，強調了食用地中海美食的好處。我們對正在進行的活動所獲得的迴響感到非常高興，我們也因此看到優質蛋白質和酪梨事件逐漸增加。

Shifting over to our team members. We are focused on empowering our leaders with the right tools, strategies, and processes to run great restaurants at every location, every shift. Our new labor and deployment model helps us put the right people, in the right places, at the right moments, improving the team member experience and giving them more time to focus on our guests.

轉移到我們的團隊成員。我們專注於為我們的領導者提供正確的工具、策略和流程，使他們能夠在每個地點、每個班次經營優秀的餐廳。我們新的勞動力和部署模式幫助我們在正確的時間將正確的人安排在正確的地點，從而改善團隊成員的體驗並讓他們有更多的時間專注於我們的客人。

While we are still in the early innings, we're already starting to see increased productivity across both dayparts. Reception from the team has been positive with restaurants refining and optimizing the tools. In 2025, we will continue to build on this initial deployment with a focus on improving speed and service.

雖然我們仍處於早期階段，但我們已經開始看到兩個時段的生產力有所提高。隨著餐廳不斷改進和優化工具，團隊的反應非常正面。2025 年，我們將繼續在此初步部署的基礎上，專注於提高速度和服務。

In 2024, our multiyear connected kitchen initiative advanced on multiple fronts. A key milestone was the completion of the test and learn phase for our generative AI video technology, which is now live in four restaurants and we intend to expand to more restaurants in 2025. Additionally, early results from our new kitchen display system currently live in 25 locations are promising. This technology has improved digital order accuracy and productivity, while reducing customer experience complaints in the test locations.

2024年，我們多年的互聯廚房計畫在多個方面取得了進展。一個重要的里程碑是我們的生成式人工智慧視訊技術完成了測試和學習階段，目前已在四家餐廳上線，我們打算在 2025 年擴展到更多餐廳。此外，我們目前在 25 個地點運作的新廚房展示系統的早期結果令人欣喜。這項技術提高了數位訂單的準確性和生產力，同時減少了測試地點的客戶體驗投訴。

Encouraged by these outcomes, we are planning a broader rollout of the new KDS in 2025, including new and existing restaurants, we expect to expand the technology to 250 restaurants by year-end.

受這些成果的鼓舞，我們計劃在 2025 年更廣泛地推出新的 KDS，包括新餐廳和現有餐廳，我們預計到年底將技術擴展到 250 家餐廳。

Building on our exceptional 2024, we will continue to define the category we have created, Mediterranean, by anchoring in our four strategic pillars as a guiding force. In 2025, we will expand our Mediterranean way communities across the country by opening restaurants in new and existing markets, offering warm and welcoming spaces together and delight guests with innovative flavors and menu creations. As we move into the next phase of our reimagined loyalty program, we will continue to develop personal relationships with guests even as we scale, spreading our Mediterranean hospitality and creating a sense of connectedness across all our channels.

在我們卓越的 2024 年的基礎上，我們將繼續以四大戰略支柱為指導力量，定義我們所創造的地中海類別。2025 年，我們將透過在新市場和現有市場開設餐廳，將我們的地中海風格社區擴展到全國，共同提供溫馨宜人的空間，並以創新的風味和菜單創意取悅客人。隨著我們進入重新設計的忠誠度計劃的下一階段，我們將在擴大規模的同時繼續與賓客發展個人關係，傳播我們的地中海式熱情好客，並在所有渠道中營造一種聯繫感。

As we focus on running great restaurants every location, every shift, we will integrate new technologies and tools to support our team members and enhance the guest experience. And finally, knowing great people are key to unlocking our significant white space opportunity, we will continue to operate as a high-performing team, build out our talent pipeline, and create not just jobs but career opportunities. In a world where screens and automation are infiltrating our everyday lives, we remain committed to using technology to enhance the human experience, not replace it. We're leveraging data personalization to help people feel seen for who they are and piloting AI technology that can improve team members' experience and give them more time to take care of our guests.

當我們專注於在每個地點、每個班次經營出色的餐廳時，我們將整合新技術和工具來支持我們的團隊成員並增強客人體驗。最後，我們知道優秀的人才是解鎖我們巨大的空白機會的關鍵，我們將繼續以一支高效的團隊運作，建立我們的人才管道，不僅創造就業機會，而且創造職業機會。在這個螢幕和自動化滲透到我們日常生活的世界裡，我們仍然致力於利用科技來增強人類經驗，而不是取代它。我們正在利用數據個人化來幫助人們了解他們是誰，並試行人工智慧技術，以改善團隊成員的體驗，讓他們有更多時間照顧我們的客人。

As the spaces and experiences that once brought us together are being replaced by virtual interactions, we are creating inviting places for people to gather. We know consumers are hungry to feel cared for, and we believe that our success is driven, not just by our category-defining brand and our unique value proposition, but also by our ability to authentically connect with the people we serve.

隨著曾經將我們聚集在一起的空間和體驗逐漸被虛擬互動所取代，我們正在為人們創造一個吸引人的聚會場所。我們知道消費者渴望感受到關懷，我們相信我們的成功不僅取決於我們定義類別的品牌和獨特的價值主張，還取決於我們與我們服務的人建立真誠聯繫的能力。

This spirit of connection was beautifully illustrated recently when we had the honor of participating in a 100th birthday celebration for Mike in New York, whose great grandson wrote to us about Mike's Love of CAVA and asked as we could be part of this special day. Whether it's Mike's 100th birthday or Anastasia, a high school student in New Jersey, who wrote us about her tradition of sharing a meal with her sister every Friday at CAVA and how to strengthen their bond, we're demonstrating the power and appeal of our brand to connect, not just across geographies, but across generations.

這種聯想精神最近得到了完美的體現，我們有幸參加了在紐約舉行的邁克 (Mike) 百歲誕辰慶祝活動，邁克的曾孫寫信告訴我們邁克對 CAVA 的熱愛，並詢問我們是否能參加這個特殊的日子。無論是麥克的百歲生日，還是新澤西州的高中生阿納斯塔西婭，她寫信告訴我們她每週五在 CAVA 與姐姐一起吃飯的傳統以及如何加強她們之間的聯繫，我們都展示了我們品牌的力量和吸引力，它不僅跨越地域，而且跨越幾代人。

CAVA was built on the idea of welcoming everyone to our table. And at a time when people are craving happiness in connection, we are delivering on that promise and proving that bringing heart, health and humanity to food is a powerful formula for success.

CAVA 的成立理念是歡迎所有人來到我們的餐桌。在人們渴望聯繫帶來的幸福的時代，我們正在兌現這一承諾，並證明將心靈、健康和人性融入食物是成功的強大秘訣。

And with that, I'll pass the call over to Tricia to walk you through the financials.

說完這些，我會把電話轉給 Tricia，請她向你介紹財務狀況。

Thanks, Brett. CAVA revenue in the fourth quarter of 2024, excluding the impact of the 53rd week of 2023 grew 36.8% year over year to $225.1 million. CAVA same-restaurant sales increased 21.2%, driven by traffic growth of 15.6%. As a reminder, to achieve an optimal comparison of fiscal weeks in the CAVA same-restaurant sales calculation, giving consideration the holiday period, each week of fiscal 2023 was shifted by one week. Had this shift not been made, CAVA same-restaurant sales growth would have been 18.3% for the quarter, representing the expected offset from Q1 of 2024.

謝謝，布雷特。2024 年第四季度，CAVA 營收（不包括 2023 年第 53 週的影響）年增 36.8% 至 2.251 億美元。 CAVA 同店銷售額成長21.2%，受客流量成長15.6%的推動。提醒一下，為了在 CAVA 同店銷售額計算中實現財政週的最佳比較，考慮到假期因素，2023 財年的每一周都向前移動了一周。如果沒有做出這項轉變，CAVA 本季同店銷售額成長率將達到 18.3%，與 2024 年第一季相比預計有所下降。

The impact of this shift was not material for the full year.

這種轉變對全年的影響並不重大。

During the quarter, we opened 15 net new CAVA restaurants, bringing our total CAVA restaurant count to 367. We continue to be pleased with our new restaurant openings with newer vintages trending to be some of our strongest cohorts to date. In addition, our proven portability is reflected in our overall AUV, which increased from $2.6 million at the end of 2023 to $2.9 million at the end of 2024.

本季度，我們淨增開 15 家 CAVA 餐廳，使我們的 CAVA 餐廳總數達到 367 家。我們對我們的新餐廳的開業感到非常高興，新開業的餐廳已成為我們迄今為止最強勁的客戶群之一。此外，我們經過驗證的可移植性反映在我們的整體 AUV 上，從 2023 年底的 260 萬美元增加到 2024 年底的 290 萬美元。

Excluding the benefit of the 53rd week in fiscal 2023, CAVA restaurant level profit margin increased by 50 basis points to 22.4% of revenue. This improvement was primarily due to operating leverage from higher sales partially offset by an increase in food, beverage, and packaging costs driven by our national rollout of steak in the summer of 2024 and incremental wage investments.

不計入2023財年第53週的收益，CAVA餐廳級利潤率增加了50個基點，達到營收的22.4%。這一改善主要歸因於銷售額增加帶來的營運槓桿，但由於 2024 年夏季在全國範圍內推出牛排，以及工資投資增加，食品、飲料和包裝成本增加，部分抵消了這一成本。

CAVA's food, beverage and packaging costs were 29.9% of revenue, an increase of 110 basis points as compared to the fourth quarter of 2023. This anticipated increase as a percent of revenue was the result of the launch of the steak in June of 2024.

CAVA 的食品、飲料和包裝成本佔收入的 29.9%，與 2023 年第四季相比增加了 110 個基點。預計收入百分比的增長是由於 2024 年 6 月推出牛排。

CAVA labor and related costs were 27.3%, a decrease of 50 basis points from the fourth quarter of 2023. This decrease reflects leverage from increased sales, partially offset by investments in our team member wages up 4%, including the impact of AB 1228, which we chose to not offset with menu price increases to the guests.

CAVA勞動力和相關成本為27.3%，比2023年第四季下降了50個基點。這一下降反映了銷售額成長帶來的槓桿作用，但部分被我們團隊成員薪資上漲 4% 的投資所抵消，其中包括 AB 1228 的影響，我們選擇不透過提高客人的菜單價格來抵消這一影響。

CAVA occupancy and related expenses were 7.6% of revenue, an improvement of 70 basis points from the fourth quarter of 2023 due to sales leverage. CAVA Other operating expenses were 12.8% of revenue, an increase of 10 basis points relative to the fourth quarter of 2023, reflecting investments in the integrity of our physical spaces in support of our increased restaurant volumes.

CAVA 入住率和相關費用佔收入的 7.6%，由於銷售槓桿，比 2023 年第四季提高了 70 個基點。CAVA 其他營運費用佔收入的 12.8%，較 2023 年第四季增加 10 個基點，反映了我們對實體空間完整性的投資，以支持我們不斷增加的餐廳數量。

Shifting to overall performance. Our general and administrative expenses for the quarter, excluding stock-based compensation were $23.6 million or 10.4% of revenue compared to $21.3 million or 12% of revenue in the fourth quarter of 2023. The 160 basis point improvement was driven by leverage from higher sales, partially offset by investments to drive future growth. Equity-based compensation was $17.1 million in 2024 and as a result of the IPO pull-forward grant in June of 2023, did not include a significant impact from new 2024 grants.

轉向整體表現。本季度，我們的一般及行政開支（不包括股票薪酬）為 2,360 萬美元，佔收入的 10.4%，而 2023 年第四季度為 2,130 萬美元，佔收入的 12%。160 個基點的改善是由銷售額增加帶來的槓桿作用推動的，但被推動未來成長的投資部分抵消。2024 年的股權薪酬為 1,710 萬美元，並且是 2023 年 6 月 IPO 提前授予的結果，並未包括 2024 年新授予的重大影響。

In 2025, we expect stock-based compensation to be between $20 million and $22 million, which includes new 2025 grants and approximately 60% of this expense will be recognized in the first half of the year given the timing of payroll taxes associated with RSU vestings and the extra period in Q1.

2025 年，我們預計股票薪酬將在 2,000 萬美元至 2,200 萬美元之間，其中包括 2025 年的新授予，並且考慮到與 RSU 歸屬相關的工資稅的時間以及第一季度的額外期間，大約 60% 的這筆費用將在上半年確認。

Adjusted EBITDA, including the burden of preopening costs for the quarter was $25.1 million, an increase of 60% versus the fourth quarter of 2023. The increase in adjusted EBITDA was driven by the number and continued strength of new restaurant openings, 21.2% CAVA same-restaurant sales growth, and leverage in G&A.

調整後的 EBITDA（包括本季開業前成本負擔）為 2,510 萬美元，較 2023 年第四季成長 60%。調整後 EBITDA 的成長主要得益於新餐廳開業數量及持續強勁成長、CAVA 同店銷售額成長 21.2% 以及 G&A 的槓桿作用。

During the fourth quarter, we reported $78.6 million of net income. As I mentioned on our last earnings call, we historically have had a full valuation allowance on our deferred tax assets, primarily relating to net operating loss carryforwards, which has resulted in immaterial tax expense. Based on our continued positive profitability trends, we released the valuation allowance in the fourth quarter, which resulted in a onetime significant net P&L benefit of $80.1 million as a reduction in tax expense. Keep in mind, we expect our cash taxes to continue to be immaterial until we fully utilize our net operating losses.

第四季度，我們報告的淨收入為 7,860 萬美元。正如我在上次財報電話會議上提到的，我們歷來對遞延所得稅資產有全額估值準備，主要與淨營業虧損結轉有關，這導致了無關緊要的稅費。基於我們持續的正向獲利趨勢，我們在第四季度釋放了估值準備金，這導致了一次性重大的淨損益收益8010萬美元，作為稅費的減少。請記住，我們預計，在我們充分利用淨營業虧損之前，我們的現金稅將繼續不重要。

In fiscal 2025, we expect our effective tax rate to be between 15% and 20%, which includes the expected permanent equity benefit of RSU awards vesting at a higher stock price relative to their grant date.

在 2025 財年，我們預計我們的有效稅率在 15% 至 20% 之間，其中包括 RSU 獎勵預期以相對於授予日更高的股票價格歸屬的永久股權收益。

Excluding the impact of the $80.1 million benefit and applying a consistent effective tax rate to each quarter in fiscal 2024, adjusted net income was $6.5 million during the fourth quarter of 2024 compared with net income of $2 million in the fourth quarter of 2023. This represents an increase of 216%, further demonstrating the strength of our business.

不包括 8,010 萬美元收益的影響，並對 2024 財年每季應用一致的有效稅率，2024 年第四季的調整後淨收入為 650 萬美元，而 2023 年第四季的淨收入為 200 萬美元。這代表著216%的增幅，進一步證明了我們業務的實力。

We reported GAAP diluted earnings per share of $0.66 in the quarter. After accounting for the aforementioned net benefit, adjusted diluted EPS was $0.05 in the fourth quarter compared to $0.02 in the prior year quarter.

我們報告本季的 GAAP 攤薄每股收益為 0.66 美元。在計入上述淨收益後，第四季調整後攤薄每股收益為 0.05 美元，去年同期為 0.02 美元。

Shifting over to liquidity. At the end of the quarter, we had zero debt outstanding, $366.1 million in cash on hand and access to a $75 million undrawn revolver with an option to increase our liquidity, if needed. When looking at full year 2024, cash flow from operations was $161 million compared to $97.1 million during the full year 2023. This increase was primarily driven by our improved operations, generating increased profitability across the fleet. Free cash flow in 2024 was $52.9 million, an increase of $94.6 million compared to the full year of 2023.

轉向流動性。截至本季末，我們的未償債務為零，手頭上有 3.661 億美元現金，並且可以使用 7,500 萬美元的未提取循環信貸，如果需要，可以選擇增加我們的流動性。展望 2024 年全年，經營現金流為 1.61 億美元，而 2023 年全年為 9,710 萬美元。這一增長主要得益於我們營運的改善，從而提高了整個船隊的獲利能力。2024 年自由現金流為 5,290 萬美元，較 2023 年全年增加 9,460 萬美元。

Before turning to our outlook for 2025, I would like to touch on some of the evolving dynamics amongst our most recent NRO classes. Our team has done an incredible job of delivering on its commitments. And as brand awareness and the appeal of Mediterranean cuisines continue to strengthen, we are exceeding our previous new unit economic model.

在展望2025年之前，我想先談談我們最近的NRO課程中的一些發展動態。我們的團隊出色地履行了承諾。而且隨著品牌知名度和地中海美食的吸引力不斷增強，我們正在超越先前的新單位經濟模型。

Based on data from the most recent NRO classes, we now anticipate year one average unit volumes to increase to 2.3 million from 2.1 million, and year two average unit volumes to increase to 2.5 million from 2.3 million. Year one revenue growth rate to remain at 10% and year two revenue growth rate to remain at 8%. Year two restaurant level profit margin to increase from 20% to 22%.

根據最新的 NRO 分類數據，我們預計第一年的平均單位數量將從 210 萬增加到 230 萬，第二年的平均單位數量將從 230 萬增加到 250 萬。第一年的收入成長率維持在10%，第二年的收入成長率維持在8%。第二年餐廳層面的利潤率將從20%增加到22%。

Capital expenditures, net of tenant allowances at $1.375 million per restaurant. And finally, year two average cash-on-cash returns to increase from at least 35% to at least 40%.

資本支出（扣除租戶津貼）為每家餐廳 137.5 萬美元。最後，第二年平均現金回報率將從至少 35% 增加到至少 40%。

Consistent with our prior earnings call, we expect net new restaurant growth of at least 17% during 2025, and we anticipate the openings to be slightly back half weighted.

與我們先前的收益電話會議一致，我們預計 2025 年新餐廳淨增長率將至少為 17%，並且我們預計新餐廳開業數量的權重將略有下降。

Now to our outlook for full year 2025, we expect the following: 62 to 66 net new CAVA restaurant openings, CAVA same-restaurant sales growth of 6% to 8%, CAVA restaurant level profit margin between 24.8% to 25.2%, preopening costs between $14 million and $15 million and adjusted EBITDA, including the burden of preopening costs between $150 million to $157 million.

現在回顧一下 2025 年全年的展望，我們預計：CAVA 餐廳淨新開業數量為 62 至 66 家，CAVA 同店銷售額增長 6% 至 8%，CAVA 餐廳級利潤率在 24.8% 至 25.2% 之間，開業前成本在 1400 萬美元的成本之間。

I want to share a few additional thoughts on our outlook. Turning to same-restaurant sales. As mentioned earlier, we anticipate 6% to 8% growth this year. Given the dynamic performance we've seen over the past few years, we believe the best way to think about same-restaurant sales on a normalized basis is to view it as a three-year stack. We anticipate our three-year stack to remain robust in the high 30s with higher one-year same-restaurant sales growth in Q1 and moderating over the course of 2025.

我想就我們的觀點分享一些額外的想法。轉向同店銷售。如同先前所提到的，我們預計今年的成長率為 6% 至 8%。鑑於過去幾年我們看到的動態表現，我們認為以標準化方式思考同店銷售額的最佳方式是將其視為三年的疊加。我們預計，三年期銷售額將維持 30% 以上的強勁成長，第一季同店銷售額將實現更高成長，2025 年期間銷售額將放緩。

As it relates to restaurant level margin as of January 2025, we implemented an approximate 1.7% in-restaurant menu price adjustment. And at this time, we have no plans for further price increases this year.

由於與 2025 年 1 月的餐廳級利潤有關，我們對餐廳菜單價格實施了約 1.7% 的調整。目前，我們今年還沒有進一步漲價的計畫。

Additionally, I'd like to remind everyone that we introduced steak in early June last year and expect the approximate 100 basis point imperative impact on food, beverage and packaging costs as a percent of sales to roll off by the summer of 2025. Further, our traditional seasonality where the fourth quarter is typically approximately 200 basis points lower than the full year experienced a more dramatic impact in 2024, as a result of the state launch that we do not expect to reoccur in 2025.

此外，我想提醒大家，我們去年 6 月初推出了牛排，並預計對食品、飲料和包裝成本佔銷售額的百分比約 100 個基點的強制性影響將在 2025 年夏天消失。此外，我們的傳統季節性是第四季度通常比全年低約 200 個基點，由於國家推出，這一趨勢在 2024 年受到了更為顯著的影響，我們預計 2025 年不會再次出現這種情況。

Our guidance takes into consideration what we are currently seeing in the business and the fluidity of the macroeconomic policy environment. Our business continues to be and remains strong and resilient and that strength is appropriately reflected in our guidance. CAVA's economic model is powerful. And as we mentioned on prior calls, we will continue to make prudent investments in the business to drive long-term growth.

我們的指導考慮了我們目前看到的業務情況和宏觀經濟政策環境的流動性。我們的業務持續保持強勁和彈性，這種實力在我們的指導中得到了恰當的體現。CAVA的經濟模型非常強大。正如我們在之前的電話會議中提到的那樣，我們將繼續對業務進行審慎投資，以推動長期成長。

Before turning to Q&A, I want to take a moment to reflect on what an incredible year 2024 has been. None of these results would have been possible without the hard work, dedication, and commitment of our restaurant, manufacturing, and collaboration center teams. I often say CAVA is a very special place to work and it's the passion and perseverance of our people that make it so. Together, we're building sensing truly remarkable as we continue to push forward with our mission of bringing heart, health, and humanity to food.

在進入問答環節之前，我想花點時間回顧 2024 年是多麼不可思議的一年。如果沒有我們的餐廳、製造和協作中心團隊的辛勤工作、奉獻和承諾，這些成果就不可能實現。我常說 CAVA 是一個非常特別的工作場所，而正是我們員工的熱情和毅力成就了它。我們共同打造真正卓越的感知技術，並繼續推進我們的使命，即為食物注入愛、健康和人性。

And with that, I'll pass it over to the operator for Q&A.

說完這些，我將把問題交給接線員進行問答。

(Operator Instructions) Brian Harbour, Morgan Stanley.

（操作員指示） Brian Harbour，摩根士丹利。

Thanks. Good afternoon, guys. I know you previously mentioned kind of the generally flat margin view for this year. But could you just talk about some of the moving parts there? It sounds like food would be sort of a pressure. What are you thinking in terms of sort of any team member investments this year? And anything else we should consider just in thinking about margins?

謝謝。大家下午好。我知道您之前提到今年的利潤率總體持平。但你能談談那裡的一些活動部件嗎？聽起來食物會是一種壓力。您對今年團隊成員的投資有什麼想法？在考慮利潤時我們還應該考慮什麼嗎？

Hey, Brian, thanks for the question. So when you think about food, the first thing you need to consider is the impact of steak, which we did not have in our offerings until June of last year. And so there's definite impact in first and second quarter as a result of that.

嘿，布萊恩，謝謝你的提問。因此，當您考慮食物時，首先需要考慮的是牛排的影響，直到去年六月我們才開始提供牛排。因此，這會對第一季和第二季產生一定的影響。

Outside of steak, our inflation in food is in the low single digits. And as we reflected a 1.7% menu price increase, I don't anticipate a lot of significant movements in COGS outside of the steak impact.

除牛排外，我們的食品通膨率處於個位數的低點。由於我們反映了菜單價格上漲 1.7% 的影響，我預計除了牛排的影響之外，COGS 不會有太大的變化。

When we're thinking about labor, we've talked about investments that we have made and continue to make. Although at this point, there's not outsized investments planned, we do lead the opportunity to make incremental investments each quarter as we evaluate our competitiveness in wages in each and every market to make sure that we remain an employer of choice in the markets where we serve.

當我們考慮勞動力時，我們談論的是我們已經做出的和將要做的投資。儘管目前還沒有計劃進行大規模投資，但我們確實抓住機會在每個季度進行增量投資，同時評估我們在每個市場的工資競爭力，以確保我們仍然是所服務市場的首選雇主。

Other than that, there's no other real significant changes. There should be continued leverage on the occupancy side as sales continue to grow and we'll continue to look at other operating expenses and ensure that we're making the appropriate investments in our infrastructure that makes sure that our restaurants are keeping up with a high volume that is existing today.

除此之外，沒有其他真正重大的改變。隨著銷售額的持續成長，入住率應該繼續保持優勢，我們將繼續專注於其他營運費用，並確保對基礎設施進行適當的投資，以確保我們的餐廳能夠跟上目前存在的高客流量。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

Great. Thank you. Brett, I was hoping you could expand on the new focus on speed that won't be the expensive service. Can you help contextualize the size of the prize that if you're able to deliver on targeted service times, how big of a traffic opportunity does this represent during peak periods?

偉大的。謝謝。布雷特，我希望你能進一步強調速度這個新重點，這樣就不會提供昂貴的服務了。您能否幫助您具體說明一下獎勵的規模？如果您能夠在目標服務時間內提供服務，那麼這在高峰時段代表著多大的流量機會？

Hey, Andrew, thanks for the question. We know that there's an opportunity at many of our restaurants, our high-volume restaurants. I'm sure you've witnessed it in New York, where we have lines to the door. And we're mindful that we don't want people intimidated by those lines and walking away, but we're also mindful that it's many of our guests, first time experiencing our brand first time eating Mediterranean cuisine. And we want to make sure they have the space to have a great experience and choose their meal comfortably.

嘿，安德魯，謝謝你的提問。我們知道，我們的許多餐廳、尤其是客流量大的餐廳都存在著機會。我確信你在紐約見過這種情形，那裡的人們排起了長隊。我們謹記，我們不希望人們被這些隊伍嚇到而走開，但我們也謹記，我們的許多客人都是第一次體驗我們的品牌，第一次品嚐地中海美食。我們希望確保他們有足夠的空間享受良好的體驗並舒適地選擇餐點。

So we haven't quantified it specifically, but we've seen with the new labor deployment scheduling model, the incremental improvements in speed, but also in addition to our service scores. And that's important for us.

因此，我們還沒有具體量化它，但我們已經看到，隨著新的勞動力部署調度模型的出現，速度逐漸提高，而且我們的服務分數也有所提高。這對我們很重要。

We don't want it to come at the expense of those customer experience scores. So we'll continue to work with the teams to optimize and ramp up those deployments so that we can continue to increase the speed and have it not come at the expense of service.

我們不希望以犧牲客戶體驗分數為代價。因此，我們將繼續與團隊合作，優化和加強這些部署，以便我們能夠繼續提高速度，並且不以犧牲服務為代價。

Okay. Maybe just a quick follow-up. If I think about an average check for around $15 or so per person, is it fair to say that a rule of thumb, every five incremental customers per store per day gets you about a 1% lift in traffic.

好的。也許只是一個快速的跟進。如果我考慮到每人平均消費約 15 美元左右，那麼根據經驗法則，每家商店每天增加 5 名顧客，客流量就會增加約 1%，這樣說公平嗎？

Pretty close?

八九不離十？

Yeah, it's pretty close. And Andrew, in the early results of the deployment, we are seeing this improvement across both dayparts. -- and even on peak and nonpeak hours. So we're very encouraged by the early returns. But again, in this brand building phase of our growth, we want to make sure that we don't push on the gas pedal too hard and have those negative first-time guest experiences.

是的，非常接近。安德魯，在部署的早期結果中，我們看到了兩個時段的這種改善。 ——甚至在尖峰時段和非尖峰時段。因此，我們對早期的回報感到非常鼓舞。但是，在我們發展的品牌建立階段，我們要確保不要踩太大的油門，以免給客人帶來負面的首次體驗。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），斯蒂費爾（Stifel）。

Thanks. Good afternoon, guys. Brett, the update on the loyalty program was very encouraging. First, can you share some baseline frequency data maybe for a targeted consumer segment or core versus expansion markets or --? And then could you also expand on how quickly you can deploy programs using the consumer insights to drive that additional purchase frequency? And whether you've tested any programs to kind of prove a effectiveness?

謝謝。大家下午好。布雷特，忠誠度計畫的更新非常令人鼓舞。首先，您能否分享一些針對目標消費者群體或核心市場與擴張市場的基線頻率數據，或者--？然後，您能否詳細說明您可以多快利用消費者洞察來部署計劃，以推動額外的購買頻率？您是否測試過任何程式來證明其有效性？

Yeah. So -- thanks for the question, Chris. On the first part of your question, we have not quantified frequency specifically. But what I can say is we've increased the revenue flowing through the loyalty program, 230 basis points, a 2.3% since launch of the program. So we're getting a lot more people in our pool.

是的。所以 - 謝謝你的提問，克里斯。關於您問題的第一部分，我們沒有具體量化頻率。但我可以說的是，自從該計劃啟動以來，我們透過忠誠度計劃增加的收入增加了 230 個基點，即 2.3%。因此，我們的人才庫中將容納更多的人。

And what we're also seeing is over half of the reward redemptions have come from our entry-level reward option in the catalog of menu rewards. So we're seeing -- and that was a goal of the program, if you remember, we wanted that initial reward opportunity bar to be lower. So people felt like it was more attainable, our lower-frequency users would be more engaged. We're seeing that happen. So it's very exciting.

我們也看到，超過一半的獎勵兌換來自菜單獎勵目錄中的入門級獎勵選項。所以我們看到——這是該計劃的一個目標，如果你還記得的話，我們希望最初的獎勵機會標準更低一些。所以人們覺得它更容易實現，我們的低頻用戶會更參與。我們看到這樣的事情正在發生。所以這非常令人興奮。

And then the second part of your question, One of the insights or one of the tactics that we are now able to leverage in the loyalty program when we launched our Garlic branch pita chips, the entry -- or the pita chips redemption option is 400 points.

然後是你問題的第二部分，當我們推出大蒜分支皮塔餅薯片時，我們現在能夠在忠誠度計劃中利用的見解或策略之一，入口 - 或者皮塔餅薯片兌換選項是 400 積分。

We did a limited time offer for half those points for 200 points, you could try the Garlic Ranch Pita Chips. It was our highest redeemed item ever.

我們推出了限時優惠，200 積分可換取一半積分，您可以嚐嚐蒜味牧場皮塔餅薯片。這是我們有史以來兌換率最高的商品。

So we got great trial of a new item, great engagement and excitement. And that's just a small example of the way we can use the rewards program and our first-party audience to really add value to their experience and influence behavior. And this year, we'll build on top of that initial deployment and you'll see us add features on top like tiered status levels as well as nonfood reward options to excite our guests with our brand in unique ways.

因此，我們對新產品進行了很好的試用，並獲得了極大的參與和興奮。這只是我們如何利用獎勵計劃和第一方受眾真正為他們的體驗增加價值並影響行為的一個小例子。今年，我們將在初始部署的基礎上，添加更多功能，例如分層狀態等級以及非食品獎勵選項，以獨特的方式讓客人對我們的品牌產生興趣。

Great. Thanks.

偉大的。謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Thank you for that update. I had a question on the new unit economics that you shared. Thank you for that update. I'm wondering, Tricia, if you could comment on what you've seen out of the 2024 class and whether the new targets are are anchored on what you're seeing? Or is it something different than that?

感謝您的更新。我對您分享的新單位經濟學有疑問。感謝您的更新。特里西婭，我想知道，您是否可以評論一下您對 2024 級學生的看法，以及新目標是否基於您所看到的情況？或與此不同？

I guess I would calculate something higher in terms of new unit volumes for what you did in 2024. But any perspective you could offer on kind of what informed your views on the targets, that would be great. Thanks.

我想我會根據你在 2024 年所做的事情來計算出更高的新單位數。但如果您能提供任何關於您對目標的看法的觀點，那就太好了。謝謝。

Yes. Thanks, David. So certainly, as we look at the 2024 class and compare it to 2023, we're seeing very strong performance. And in fact, the cohort that opened in Q4 is performing at average weekly sales levels above 2023.

是的。謝謝，大衛。因此，當我們觀察 2024 屆學生並將其與 2023 屆學生進行比較時，我們會看到非常強勁的表現。事實上，第四季開業的團隊的平均每週銷售水準高於 2023 年。

Keep in mind, we're still early in looking at these restaurants and understanding how they're going to behave, but we feel very confident in our ability to deliver $2.3 million in year one with 10% growth driving to $2.5 million and then 8% growth in the following years. So really pleased with the performance of our new restaurants, the health of our pipeline, and their ability to deliver well against new targets, and as well as the increase in restaurant level margin.

請記住，我們仍處於早期階段，正在觀察這些餐廳並了解它們的表現，但我們對在第一年實現 230 萬美元的營收、以 10% 的增長率達到 250 萬美元並在接下來的幾年內實現 8% 的增長率感到非常有信心。因此，我們對新餐廳的表現、通路的健康狀況、以及它們實現新目標的能力以及餐廳利潤率的提高感到非常滿意。

It really gives us a lot of optionality as we think about greenfield locations and how we might have opportunities and go into other areas, like Brett talked about on the call, entering South Florida, Detroit or Indianapolis this year. So really excited about what lies ahead. And certainly, what the portfolio has told us regarding proven portability and how this model can really deliver.

當我們考慮綠地位置以及我們如何有機會進入其他地區時，它確實為我們提供了許多選擇，就像布雷特在電話中談到的那樣，今年進入南佛羅裡達、底特律或印第安納波利斯。我對未來充滿期待。當然，投資組合已經告訴我們已證實的可移植性以及這種模式如何真正發揮作用。

Great. And one more, if I could, on this topic. Does your guidance for this year assume the $2.3 million AUV for the class you're about to open?

偉大的。如果可以的話，我再就這個話題再說一句。今年的指導方針是否假設您即將開設的班級的 AUV 為 230 萬美元？

It does.

是的。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Congratulations on 2024 to say the least. I guess my question was more on the G&A front. It seems like the imputed G&A is accelerating quite a bit in terms of dollar growth. And I know part of that is the stock comp that you mentioned. But -- is it fair to think that a lot of these initiatives that you talked about are falling into that G&A? And how do we think about G&A leverage in '26 and beyond?

至少可以說，祝賀 2024 年。我想我的問題更多的是關於 G&A 方面。看起來，從美元成長角度來看，估算的 G&A 正在加速相當多。我知道其中一部分就是您提到的股票補償。但是－是否可以認為，您所談到的許多舉措都屬於一般行政費用（G&A）範圍？我們如何看待 26 年及以後的 G&A 槓桿？

Yes. So when we look at G&A, we isolate the stock-based compensation impact. And so therefore, we look at G&A growing but at a lesser rate than our revenue growth as well as our unit count growth. you will see leverage in G&A over time. However, we've said we really think it's important to make appropriate investments in the business to drive for long-term growth.

是的。因此，當我們查看 G&A 時，我們會隔離股票薪酬的影響。因此，我們認為 G&A 費用雖然有所成長，但成長速度低於收入成長和單位數量成長。隨著時間的推移，您將看到 G&A 中的槓桿作用。然而，我們確實認為對業務進行適當的投資以推動長期成長非常重要。

So just like (inaudible) see on restaurant level margins and wanting to invest in team members and guests. We've been thoughtful in leaning into G&A ahead of its needs so that we can be successful as we make prudent decisions to invest going forward.

所以就像（聽不清楚）看到的餐廳水平利潤以及想要投資團隊成員和客人一樣。我們一直在深思熟慮地提前考慮 G&A 的需求，以便我們能夠在未來做出審慎的投資決策時取得成功。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great maybe I'll just dig into on the new store productivity side, I appreciate all the color you've been providing. Maybe you could provide a little bit more on perhaps what you're doing from a strategic standpoint within markets to ensure that this productivity level is so high and frankly, the returns remain so high?

太好了，也許我會深入研究新店生產力方面，我感謝您提供的所有詳細資訊。也許您可以進一步說明一下，從市場策略角度來看，您在做什麼來確保生產力水平如此之高，坦白說，回報率仍然如此之高？

What you've done in the past 12 months, 24 months, I guess, to bump that number so much higher than what we were kind of modeling not that many years ago. Are you engaging kind of people in the market earlier, consumers earlier to build that brand awareness such that you're ramping faster -- just curious if you could shed some light on that?

我想，你在過去 12 個月或 24 個月中所做的努力，使得這個數字比我們幾年前模擬的數字高出很多。您是否更早讓這類人群進入市場，更早吸引消費者，以建立品牌知名度，從而更快發展？我只是好奇，您是否可以解釋一下這個問題？

John, it's Brett. I think a couple of things. One, Tricia has spoken in the past about our balanced portfolio approach, and we take that same balanced approach within established growth, emerging markets where we're mindful of any impact, but we also see the opportunity of latent demand sometimes when we get outsized performance of a restaurant that there's demand in the adjacent market that we can open up, but we're mindful about how we space that out.

約翰，我是布雷特。我想有幾件事。首先，特里西亞過去曾談到我們的平衡投資組合方法，我們在成熟的成長市場和新興市場中也採取同樣的平衡方法，我們會留意任何影響，但有時當我們獲得超額完成的餐廳業績時，我們也會看到潛在需求的機會，相鄰市場也有需求，我們可以開拓這些需求，但我們會留意如何分配這些需求。

And we use pretty pretty robust analytics to make sure that we're thoughtful about how we populate these markets so that the restaurants have the space to open and open strong. I think from an awareness standpoint, you've seen since our IPO significant awareness tailwinds, and the incredible job our social media and our marketing team has done in amplifying that awareness, and the user-generated content and the organic awareness that has been growing across social channels.

我們採用了相當強大的分析技術，以確保我們深思熟慮地考慮如何滿足這些市場的需求，以便餐廳有足夠的空間開業，並且強勁發展。我認為從知名度的角度來看，自從我們首次公開募股以來，您已經看到知名度顯著提升，我們的社交媒體和行銷團隊在擴大這種知名度方面所做的出色工作，以及用戶生成內容和在社交渠道上不斷增長的有機知名度。

And we're finding that in these markets, people are waiting for us to open and ready for us to open. And then we do our typical traditional community day activities as a way to introduce ourselves to our new neighbors and donate to the local philanthropic organization.

我們發現在這些市場，人們正在等待我們開業並準備好迎接我們的開業。然後，我們進行典型的傳統社區日活動，向新鄰居介紹自己，並向當地慈善組織捐款。

So that all comes together to really create a lot of energy around the brand as we saw, whether it was a greenfield market like Chicago or many of our openings in Southern California this year in an existing market. And again, we have so many different ways to win as we've talked about our top decile, not being one type of restaurant or one geography, all different types of geographies and trade areas, urban, suburban, college adjacent, ex-urban, pickup by car location. So it allows us to create this balanced portfolio approach and then obviously capture the energy in these markets that's been building around the brand.

所以，正如我們所看到的，所有這些因素結合在一起，確實為品牌帶來了巨大的活力，無論是像芝加哥這樣的綠地市場，還是我們今年在南加州現有市場開設的許多門市。再說一遍，正如我們討論過的，我們有很多不同的取勝方式，不是一種類型的餐廳或一個地理位置，而是各種不同類型的地理位置和貿易區，城市、郊區、大學附近、郊區、汽車接送地點。因此，它使我們能夠創建這種平衡的投資組合方法，然後顯然能夠捕捉到圍繞品牌而建立的這些市場的能量。

Ivan Yu, Jefferies.

傑富瑞 (Jefferies) 的 Ivan Yu。

Great. Thanks for taking the question. On -- maybe on menu innovation, is there anything to share on what we should expect, whether it's something on the protein side or other parts of the menu? Brett, I think you've used the term tent pole. And so how should we think about maybe leveraging digital and marketing to enhance the messaging around these offerings for this year?

偉大的。感謝您回答這個問題。關於菜單創新，我們能分享一些我們應該期待的東西嗎，無論是蛋白質方面還是菜單的其他部分？布雷特，我認為你使用了“帳篷桿”這個術語。那麼，我們該如何考慮利用數位技術和行銷手段來增強今年這些產品的宣傳效果呢？

Yeahy. Thanks, Ivan. I think you'll see a similar cadence to what we've spoken to that annually, we want to have at least one tentpole moment. that could be expressed by a new protein bracketed by a couple of seasonal moments. And this quarter, the Gaby Thomas collaboration with the items we partnered with Gabby on, that have been very positive in terms of our spicy and avocado that we've highlighted in those is an example of one of those bracketed seasonal moments.

是啊。謝謝，伊凡。我想你會看到與我們每年所說的類似的節奏，我們希望至少有一個重頭戲。這可以透過由幾個季節時刻組成的新蛋白質來表達。本季度，我們與 Gabby Thomas 合作推出的商品在我們重點突出的辛辣和酪梨方面取得了非常積極的成果，這就是季節性時刻的一個例子。

And then certainly, leveraging the success of our flavor innovation pita chips as a platform, you can imagine another flavor innovation on the pita chip front. But more to come in the coming months. We're excited to bring some new news. But in the stage gate test process now but would expect the same kind of sequence that you saw last year. That's helpful.

當然，利用我們風味創新皮塔餅的成功作為平台，你可以想像在皮塔餅方面推出另一種風味創新。但未來幾個月還會有更多。我們很高興帶來一些新消息。但現在在階段門測試過程中，卻會出現與去年相同的序列。這很有幫助。

And then separately, I just wanted to touch on the topic of relative value. And I think you've said in the past that Cava sort of operates in this sweet spot in terms of price points and that kind of helped take share of occasions from both fast food and some capital dining as well.

然後另外，我只想談相對價值的話題。我記得您過去曾說過，從價格點來看，Cava 的經營處於最佳狀態，這有助於從快餐和一些首都餐飲中奪取市場份額。

How are you thinking about that dynamic for this year, particularly as we're seeing some others get more sharper on price points and some trade down still occurring? Any color would be helpful.

您如何看待今年的這種動態，尤其是我們看到其他一些人對價格點的看法更加敏銳，而一些交易仍在發生？任何顏色都會有幫助。

Yeah. Continuing with that philosophy, now that we've turned the page on 2024, when you look at the time frame from the end of '19 to the end of '24, in aggregate, our price increases have amount 15%. CPI was almost 23% during that time period. So we underpriced inflation by 8 points. When you look at the Department of Labor statistics, traditional fast food QSR is upwards of the mid-30s. So we're not even half of that price increase, which certainly has amplified our value proposition from a price standpoint in '25.

是的。繼續秉承這一理念，現在我們已經翻開了 2024 年的一頁，當您回顧從 2019 年底到 2024 年底的時間範圍時，總體而言，我們的價格上漲了 15%。該期間的 CPI 接近 23%。因此我們低估了通貨膨脹率8個百分點。如果你查看勞工部統計數據，傳統快餐 QSR 的收入水準大約在 30% 左右。因此，我們的價格漲幅甚至還不到那個漲幅的一半，這無疑從 25 年的價格角度擴大了我們的價值主張。

Tricia spoke to our price -- menu price adjustment only being 1.7%, which is under expected CPI for this year and what we've already seen some peers take. So working on behalf of our guests, investing in our guests, driving that value proposition, not just from a price point, but again, how we view value that combination of factors, the quality of the ingredients we source, the relevance of Mediterranean cuisine, again, ranked number one diet, the convenience of the multichannel format that our guests can opt into their channel of choice on their terms and the experience we deliver.

特里西亞談到了我們的價格——菜單價格調整僅為 1.7%，低於今年預期的 CPI，也低於我們已經看到的一些同行所接受的價格。因此，我們為客人服務，為客人投資，推動價值主張，不僅僅是從價格角度，而且再次強調，我們如何看待多種因素的結合，我們採購的食材的質量，地中海美食的相關性，再次強調，排名第一的飲食，多渠道格式的便利性，我們的客人可以根據自己的條件選擇他們喜歡的渠道，以及我們提供的體驗。

I talked in the prepared remarks about the importance of human connection, 64% of our guests come in and they want to engage with our team members and the ability for our team members to connect, deliver that Mediterranean hospitality while they're having that experiential walk the line experience and smelling the food -- tasting or seeing the food and hearing it cook is powerful. And I think all of that comes together that bang for the buck to really be capturing whether it's folks trading down from a legacy casual dining experience and sharing a meal in our dining room, like we've talked about the project sold investments.

我在準備好的發言中談到了人際關係的重要性，64% 的客人來到這裡，他們希望與我們的團隊成員進行交流，希望我們的團隊成員能夠與他們進行交流，在他們體驗式的用餐體驗、聞到食物的香味——品嚐或看到食物並聽到烹飪的聲音時，能夠感受到地中海式的熱情好客，這種感覺非常強烈。我認為，所有這些結合起來，真正實現了物超所值，無論是人們從傳統的休閒餐飲體驗轉向在我們的餐廳共享美食，就像我們談論的項目銷售投資一樣。

Or trading up from traditional QSR for $1 or $2 more, sometimes at parity and then trading over from other players in the space that we're clearly resonating with the modern consumer with what we're able to deliver. And so we continue to lean into that this year.

或以高於傳統 QSR 1 或 2 美元的價格進行交易，有時價格相同，然後從該領域的其他參與者進行交易，我們能夠提供的服務顯然與現代消費者產生了共鳴。因此今年我們將繼續傾向此。

Brian Mullan, Piper Sandler.

布萊恩·穆倫，派珀·桑德勒。

thank you. A question on the catering sales channel. Can you talk about what the priorities are for catering this year? what you'll be evaluating? I'm wondering if 2026 might be a year where you push forward with catering in a bigger way? Any update would be great.

謝謝。關於餐飲銷售管道的一個問題。能否談談今年餐飲工作的重點是什麼？你將評估什麼？我想知道 2026 年是否會成為您大力推動餐飲業發展的一年？任何更新都很好。

Yeah. Thanks for the question. We're very excited about the catering opportunity. But again, we're going to be very patient and work through our stage gate process. I think we've catered most professional sports teams at this point, many college teams, let alone offices and schools. And what we're finding is the demand is clearly there. What we want to make sure is that we get the packaging right, the technology right, on our self-service site in complement to our [High Touch] catering sales team.

是的。謝謝你的提問。我們對餐飲機會感到非常興奮。但再次強調，我們將非常耐心地完成階段門流程。我想我們現在已經滿足了大多數職業運動隊、許多大學運動隊的需求，更不用說辦公室和學校了。我們發現需求確實存在。我們要確保在我們的自助服務網站上獲得正確的包裝、正確的技術，以補充我們的[高接觸]餐飲銷售團隊。

And so we're going to expand the test this year to a major metro market test, where we're going to take a whole major market, and we're going to be testing the different production support, whether that's our hybrid kitchens, our digital kitchens, the centralized hubs, in concert with regular restaurants to really truly understand the capacity of the regular CAVA restaurants, in concert with the hub production, while we parallel path the new packaging.

因此，我們今年將把測試擴大到主要的大都市市場，我們將涵蓋整個主要市場，我們將測試不同的生產支持，無論是我們的混合廚房、數位廚房還是集中式中心，與普通餐廳相結合，以真正了解普通 CAVA 餐廳的容量，與中心生產相結合，同時我們並行推行新的包裝。

And the new self-service site to position ourselves for a national launch, not this year, certainly not the beginning of '26, but as we see the team's progress on the test and we gain greater confidence that this is ready for prime time and we're setting our operators up for success. And to be able to deliver on those commitments from a catering experience, we'll be excited to bring this across the country in the future.

新的自助服務網站將在全國範圍內推出，雖然不是今年，當然也不是26年初，但隨著我們看到團隊在測試中取得的進展，我們越來越有信心，這已準備好迎接黃金時段，我們正在為運營商的成功做好準備。為了能夠從餐飲體驗中兌現這些承諾，我們很高興在未來將這項服務推廣到全國各地。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. The EBITDA growth, obviously incredible in '24, and you're looking for, obviously, outsized growth in '25. As I look at '25, based on your guidance, it looks like you're expecting maybe 19% to 24% growth. When I compare that to your long-term algo, I think you've talked about mid- to high 20s. So just curious just because it is below consensus and maybe below the long-term algo.

偉大的。非常感謝。EBITDA 成長在 24 年顯然令人難以置信，顯然你會期待 25 年出現超額成長。當我展望25年時，根據您的指導，您似乎預計增長率大概為19％到24％。當我將其與您的長期演算法進行比較時，我認為您所談論的是 20 年代中後期。所以只是好奇，因為它低於共識，甚至可能低於長期演算法。

Just wondering what the puts and takes are, especially because of the comps like looks like you're talking about 6% to 8%, that will be above kind of your long-term plan. Your unit growth is in line. So wondering where you see the greatest differential, what line items maybe see the greatest leverage or deleverage relative to that long-term thought process? Thank you.

只是想知道看跌和看漲的情況是什麼，特別是因為看起來您正在談論 6％ 到 8％ 的比較，這將高於您的長期計劃。您的單位增長符合預期。所以您想知道，相對於長期思考過程，您認為最大的差異在哪裡，哪些項目可能出現最大的槓桿或去槓桿？謝謝。

Thanks for the question. So certainly, as we look at the opportunity that lies ahead, we feel very good about our long-term algorithm. What we're looking at from '24 to '25 is really anniversary-ing very outsized growth in 2024 and the investments we're making in the business to drive the results over the long term.

謝謝你的提問。因此，當我們展望未來的機會時，我們對我們的長期演算法感到非常滿意。從 24 年到 25 年，我們真正關注的是 2024 年的超額成長，以及我們在業務上的投資，以推動長期績效。

So while you might see some modest adjustments in a shorter-term horizon, there's nothing that leads us to believe that the long-term algorithm is not fully intact. This model is super powerful. Our top quartile of restaurants deliver restaurant-level margins above 30%, but we want to make sure that we're making the right investments, leaning into the right things at this stage of our growth, so that we're positioning the business for sustainable long-term success.

因此，儘管您可能會在短期內看到一些適度的調整，但沒有什麼能讓我們相信長期演算法並不完整。這個模型超級強大。我們前四分之一的餐廳的餐廳級利潤率超過 30%，但我們希望確保我們進行正確的投資，在成長的這個階段傾向於正確的事情，以便我們的業務定位於可持續的長期成功。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

Thank you. So I wonder if you can talk about the puts and takes of same-store sales guidance, especially any reflections on what you're currently seeing in the business leading to the lower range of your same-store sales expectations to be mid-single digits? And how do you think about the drivers of your guidance between traffic and mix in '25?

謝謝。所以我想知道您是否可以談談同店銷售額指引的利弊，特別是對於您目前看到的業務情況有何看法，導致您的同店銷售額預期下限為中等個位數？您如何看待 25 年交通與混合之間的指導驅動因素？

Yes. Thank you. So when we think about same-restaurant sales, we have to consider the dynamic performance we've experienced over the past few years. And we believe the best way to think about same-restaurant sales on a normalized basis just to look at it stack. So when you're looking at the three-year stack, we anticipate it to be in the high-30s.

是的。謝謝。因此，當我們考慮同店銷售額時，我們必須考慮過去幾年經歷的動態表現。我們認為，以標準化的方式思考同店銷售額的最佳方法就是觀察它的堆疊。因此，當你查看三年的堆疊時，我們預計它會達到 30 多。

And as you just focused on a one year in 2025, we expect a higher amount in Q1 and then moderating over Q2, Q3 and Q4 to deliver that 6% to 8% same-restaurant sales. And so within that same-restaurant sales, we mentioned that price is 1.7%. We don't anticipate taking any further price increases throughout 2025, and that really leads traffic and perhaps very modest mix impact. So looking for robust traffic even on top of the strong results that we've delivered in '24 and '23.

由於您只關注 2025 年的一年，我們預計第一季的銷售額會更高，然後第二季、第三季和第四季的銷售額會有所緩和，實現 6% 至 8% 的同店銷售額。因此，在同一家餐廳的銷售額中，我們提到價格是 1.7%。我們預計 2025 年不會再有任何價格上漲，這對流量和組合的影響可能非常小。因此，即使在我們 24 年和 23 年取得強勁業績的基礎上，仍希望獲得強勁的流量。

Thank you. And if you don't mind, as you're stepping back and looking at your organization and assessing the growth readiness, which sales of your business you think require disproportionate investment from today's levels? And what material outcomes are you expecting from this incremental investment? In other words, if you were to talk two years from now, what will be some of the big initiatives that you think you might be launching? Thank you.

謝謝。如果您不介意的話，當您退一步審視您的組織並評估成長準備時，您認為哪些業務銷售需要從今天的水平進行不成比例的投資？您期望從這筆增量投資中獲得什麼實質成果？換句話說，如果您兩年後再談論這個問題，您認為自己可能會推出哪些重大舉措？謝謝。

Yeah. Thanks, Danilo. I feel very good about where we stand organizationally. I think that's something that we've been very committed to throughout our journey is investing ahead of the growth and investing in our infrastructure, whether it's our manufacturing, our technology or our people.

是的。謝謝，達尼洛。我對我們組織所處的地位感到非常滿意。我認為這是我們在整個發展過程中一直致力於的事情，即在成長之前進行投資，並投資於我們的基礎設施，無論是我們的製造業、我們的技術還是我們的人才。

And last year, we announced the hiring of Jeff Gall, our Chief Development Officer, which was the last addition to our ELT that we've built over the last few years. And we've built across the organization. So whether it's Beth McCormick or Andy Rebhun who joined us, the prior year in technology and marketing, we've made those investments, not just at an executive level, but across all functions and teams.

去年，我們宣布聘請 Jeff Gall 擔任首席開發官，這是我們過去幾年來 ELT 的最後一位新成員。我們已經在整個組織內進行建設。因此，無論是 Beth McCormick 還是 Andy Rebhun 在前一年加入我們，在技術和行銷領域，我們都進行了投資，不僅是在高階主管層面，而是涵蓋所有職能部門和團隊。

So feel pretty well balanced and positioned across the org, as we invested ahead of growth to prepare for building this for the next decade, not necessarily the next quarter, but the next decade and beyond. So I'd say no specific area of the business that would need outsized investment from a people perspective.

因此，感覺整個組織的平衡和定位都很好，因為我們在成長之前就進行了投資，為未來十年的建設做好了準備，不一定是下個季度，而是下一個十年及以後。因此，從人員角度而言，我認為沒有哪個特定的業務領域需要巨額投資。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Hi, thanks and good evening. I just wanted to quickly follow up on Danilo's question and not to harp on the near term too much, but just given what's been a softer weather impact to start for the industry in '25.

你好，謝謝，晚上好。我只是想快速跟進 Danilo 的問題，而不是過度談論短期問題，而只是考慮到 25 年開始天氣對行業的影響已經減弱。

Tricia, that's three-year comp thinking maybe through that lens. Do you expect to be in the high 30s in Q1 as well. I just wanted to make sure that I was clear on the message you were trying to deliver there? And then my question was -- I think you used to disclose this historically, but could you level set us on where your AUVs are across different regions, however you break that down?

特里西婭，也許這就是從這個角度來看的三年補償思維。您預計第一季的數字也會達到 30 多嗎？我只是想確保我清楚您想要傳達的訊息？然後我的問題是 - 我認為您過去曾經披露過這一點，但是您能否向我們說明一下您的 AUV 在不同地區的位置，無論您如何細分它？

Yeah. Thanks, Brian. So yes, we do anticipate our three years back in Q1 to be in the high-30s. So our business has been and continues to be strong and resilient. And that strength is reflected in our guidance. We've seen increases in premium attachment.

是的。謝謝，布萊恩。所以是的，我們確實預計第一季的三年回報率將達到 30% 以上。因此，我們的業務一直保持強勁且富有彈性。這種力量體現在我們的指導中。我們看到保費附加價值有所增加。

We've seen strength in our lower income cohorts and the improvement in same-restaurant sales that they've got. And so we've reflected all of that in the guidance to deliver that expected result in Q1 and for the rest of the year.

我們看到低收入群體的實力以及他們的同店銷售額的提高。因此，我們已將所有這些都反映在指引中，以​​確保在第一季和今年剩餘時間內實現預期結果。

And then when you talk about AUVs across the region, what we've seen that AUV growing from 2.6 to 2.9, it's happening across all regions of the country. So Northeast, Mid-Atlantic, Southeast, Southwest and the West, all have experienced significant increases from the last time that we shared that information. We view all of this in totality.

當您談論整個地區的 AUV 時，我們看到 AUV 從 2.6 增加到 2.9，這發生在全國所有地區。因此，東北部、大西洋中部、東南部、西南部和西部都比我們上次分享這些資訊時經歷了顯著的增長。我們從整體上看待這一切。

And so we haven't shared the specifics by region, but what I will say is -- each region has delivered year-over-year and quarter-over-quarter increases in AUV, which again underscores our confidence in the proven portability of the brand and our opportunity to take this to more and more prices across the country.

因此，我們還沒有分享按地區劃分的具體情況，但我要說的是，每個地區的 AUV 都實現了同比和環比增長，這再次強調了我們對該品牌經過驗證的可移植性的信心，以及我們有機會在全國範圍內將其推向越來越多的價格。

John Ivankoe, JPMorgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

Hi, thank you. The question is on KDS, Obviously, going from 25 units, I think, to 250 units is a pretty big jump and really expresses your confidence in the system. So can you talk about -- I understand the accuracy, but can you talk about some of the speed of service benefit that, that KDS might get?

你好，謝謝。問題是關於 KDS 的，顯然，我認為從 25 個單位增加到 250 個單位是一個相當大的飛躍，真正表達了您對系統的信心。那麼您能談談——我了解準確性，但您能談談 KDS 可能獲得的一些服務速度優勢嗎？

And as you put that system in, might it make sense in the relatively near future to have kiosks as part of the CAVA experience for people that want to interact with the brand in-store in a digital manner?

當您引入該系統後，在不久的將來，將自助服務終端作為 CAVA 體驗的一部分，供想要以數位方式與店內品牌互動的人使用，是否有意義？

Hey, John, it's Brett. I know you love kiosks, but don't expect them in CAVA anytime soon. We believe in human interaction in our restaurants. And if people want a kiosk-type experience, they can download, open up the app, and order on the app, feel very strongly about that.

嘿，約翰，我是布雷特。我知道您喜歡自助服務終端，但是不要指望它們很快就會出現在 CAVA 中。我們相信餐廳裡的人際互動。如果人們想要獲得自助服務終端類型的體驗，他們可以下載、打開應用程式並在應用程式上訂購，對此他們感覺非常強烈。

Very excited about the KDS. The KDS, what we've seen in the expanded test now in 25 restaurants is the ability to increase productivity on the second make lines. So there is certainly an opportunity with the number of calls we do every 15 minutes to increase that productivity.

對 KDS 感到非常興奮。我們目前在 25 家餐廳進行的擴展測試中看到了 KDS 能夠提高第二條生產線的生產效率。因此，我們每 15 分鐘撥打的電話數量肯定有機會提高生產效率。

Most importantly, we've seen an improvement in order accuracy and an improvement in the customer experience. So the last thing I'll say is we also have the ability now with the new KDS to be able to do order status updates. And if you opt into text notification, we can give you dynamic order status updates, your order has been received, your order is working, your order is ready.

最重要的是，我們看到訂單準確性和客戶體驗有所改善。我要說的最後一件事是，我們現在也可以透過新的 KDS 來更新訂單狀態。如果您選擇接收文字通知，我們可以向您提供動態訂單狀態更新，您的訂單已收到，您的訂單正在進行中，您的訂單已準備就緒。

And if for some reason, the order is either ahead of time or behind time, we can give you a dynamic update that your order is now ready ahead of time or that it's running three or four minutes late, which certainly that visibility to the guest has improved the experience and customer satisfaction, which we're very excited and not only to make the guest experience better, but also improve our team member experience and be able to managing the productivity of those lines.

如果由於某種原因，訂單提前或延遲，我們可以向您提供動態更新，告知您訂單已提前準備好，或者晚了三四分鐘，這無疑讓客人更清楚地了解情況，提高了體驗和客戶滿意度，我們對此非常興奮，不僅可以改善客人體驗，還可以改善我們團隊成員的體驗，並能夠管理這些生產線的生產力。

There are no further questions at this time. I'd like to turn the call over to Brett Schulman for closing remarks. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給布雷特舒爾曼 (Brett Schulman) 做結束語。先生，請說。

Thank you for joining us today.

感謝您今天加入我們。

Before we wrap up, I want to take a moment to express my gratitude to our entire team for an incredible 2024. Your dedication and passion made CAVA a special place, enabling the results that we have been consistently delivering. As we step into the new year, we recognize that many have been affected by the California wildfires last month.

在結束之前，我想花點時間對我們整個團隊在 2024 年的非凡成就表示感謝。您的奉獻和熱情使 CAVA 成為一個特別的地方，使我們能夠持續不斷地取得成果。當我們進入新的一年時，我們意識到許多人受到了上個月加州野火的影響。

Our thoughts are with those impacted. And we remain committed to supporting in any way we can, whether through our bold donations to first responders or affected guests or direct assistance to our team members. Moments like these remind us why our mission matters. Heart, health, and humanity aren't just words. There are a mission that guides everything we do.

我們對那些受到影響的人深表同情。我們將繼續致力於以任何力所能及的方式提供支持，無論是向急救人員或受影響的客人慷慨捐贈，還是向我們的團隊成員直接提供援助。這樣的時刻提醒我們我們的使命為何重要。心靈、健康和人性不僅僅是言語。有一個使命指導著我們所做的一切。

Together, we will continue to make a meaningful difference, both inside and outside our restaurants. We look forward to speaking with you all on our next call.

我們將共同努力，繼續在餐廳內外做出有意義的改變。我們期待在下次通話中與大家交談。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。