CAVA Group Inc (CAVA) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CAVA first-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on May 15, 2025.

女士們、先生們，下午好，歡迎參加 CAVA 2025 年第一季財報電話會議。（操作員指示）此通話於 2025 年 5 月 15 日錄製。

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

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 first-quarter 2025 financial results conference call. Before we begin, if you do not already have a copy, the earnings release and related 8-K furnished to the SEC are available on our website at investor.cava.com.

下午好，歡迎參加 CAVA 2025 年第一季財務業績電話會議。在我們開始之前，如果您還沒有副本，您可以在我們的網站 investor.cava.com 上找到提供給 SEC 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 measure 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.

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資訊以及公司進展的整體更新。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 財務指標與按照 GAAP 計算的最直接可比財務指標的對賬，這些對賬在今天的收益報告和補充文件中盡可能地可用，每個文件都發佈在公司網站上。

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. These risk factors are explained in detail in CAVA's most recent annual report on Form 10-K 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.

在我們開始之前，請允許我提醒大家，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。這些風險因素在 CAVA 最新的 10-K 表格年度報告和向美國證券交易委員會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。

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.

所有前瞻性陳述均截至今日作出，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，無論其是否出現新資訊、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. In the first quarter of 2025, we continued to demonstrate the strength of our category-defining brand, further cementing Mediterranean as the next major cultural cuisine category. Despite broader uncertainty, we sustained momentum, delivered strong results, including positive traffic, and expanded our reach, reinforcing our ability to capture the substantial white space opportunity in front of us.

謝謝，馬特，歡迎大家參加電話會議。2025 年第一季度，我們繼續展示我們類別定義品牌的實力，進一步鞏固地中海作為下一個主要文化美食類別的地位。儘管存在更廣泛的不確定性，我們仍然保持了發展勢頭，取得了強勁的業績，包括積極的流量，並擴大了我們的覆蓋範圍，增強了我們抓住面前巨大空白機會的能力。

Regardless of near-term headwinds, we remain unwavering in our long-term strategic approach, and our value proposition remains clear and compelling, a menu where taste and health unite, delivered with the relevance, convenience, quality, and experience today's guests seek. Powering this momentum is our unit economic engine, remaining strong and steadfast while fueling our growth and brand loyalty.

無論短期內面臨何種逆風，我們始終堅定不移地堅持長期戰略方針，我們的價值主張依然清晰而引人注目，菜單將口味與健康融為一體，滿足當今客人尋求的相關性、便利性、質量和體驗。推動這一勢頭的是我們的單位經濟引擎，它在保持強勁和堅定的同時，也推動著我們的成長和品牌忠誠度。

Our first-quarter highlights include: a 28.2% increase in CAVA revenue; CAVA same restaurant sales growth of 10.8%, driven by 7.5% traffic; 15 net new restaurants, ending the quarter with 382 restaurants, an 18.3% increase year over year; adjusted EBITDA of $44.9 million, a 34.6% increase over the first quarter of 2024; net income of $25.7 million, an 83.7% increase over the first quarter of 2024; and $2.7 million in free cash flow.

我們第一季的亮點包括：CAVA 營收成長 28.2%； CAVA同店銷售額成長10.8%，受7.5%客流量的推動；淨增加 15 家餐廳，本季末餐廳總數為 382 家，年成長 18.3%；調整後 EBITDA 為 4,490 萬美元，年成長 18.3%；調整後 EBITDA 為 4,490 萬美元，年成長 18.3% 20.25 年 20.253 年第 203.25% 2025.2025 年第 20.25% 20.25 年淨萬美元，比 2024 年第一季成長 83.7%；以及 270 萬美元的自由現金流。

In addition to these highlights, I'm proud to say that on a trailing 12-month basis, we have now surpassed $1 billion in revenue, a milestone that is a testament to Mediterranean becoming the next large-scale cultural cuisine category, a category we have firmly established our leadership in.

除了這些亮點之外，我很自豪地說，在過去的 12 個月中，我們的收入已經超過 10 億美元，這一里程碑證明地中海美食將成為下一個大型文化美食類別，而我們已在這一類別中牢牢確立了領導地位。

In a fluid macroeconomic environment, our performance this past quarter underscores the strength of our value proposition and the enduring relevance of our brand.

在動盪的宏觀經濟環境中，我們上個季度的表現凸顯了我們的價值主張的力量和我們品牌的持久相關性。

At a time when tomorrow feels unclear to many, our ability to deliver bold, flavorful, health-conscious food paired with convenience and genuine human connection is a strategy for success. What sets us apart is beyond what we serve. It's the community we cultivate that defines our brand. That strength has always been deeply aligned with our mission to bring heart, health and humanity to food, and it continues to resonate with guests across our geographically diverse markets.

在許多人對未來感到迷茫的時候，我們能夠提供大膽、美味、健康的食品，並結合便利性和真誠的人際關係，這是一種成功的策略。我們的獨特之處不僅僅在於我們提供的服務。我們培育的社群定義了我們的品牌。這種力量始終與我們的使命緊密契合，即為食物注入愛、健康和人性，並繼續引起我們不同地理市場客人的共鳴。

Our growth is driven by both intention and momentum as we lean into our first strategic pillar, expand our Mediterranean way in communities across the country. This quarter, we entered Indiana, expanding our footprint to 26 states and the District of Columbia. Additionally, we deepened our presence in Florida with the opening of our Hialeah location, marking our highly anticipated entry into the Greater Miami area.

我們的成長受到意圖和動力的驅動，因為我們依靠我們的第一個戰略支柱，在全國各地的社區擴展我們的地中海方式。本季度，我們進入了印第安納州，將業務範圍擴大到了 26 個州和哥倫比亞特區。此外，我們還在海厄利亞開設了分店，進一步加強了我們在佛羅裡達州的業務，標誌著我們進入備受期待的大邁阿密地區。

Looking ahead, we are excited to continue expanding across the Midwest and Mid Atlantic with upcoming new market entries in Detroit and Pittsburgh. We are well on our way to our goal of at least 1,000 restaurants by 2032, creating more spaces where connection, community and Mediterranean hospitality can thrive.

展望未來，我們很高興能夠繼續拓展中西部和中大西洋地區的業務，並即將進入底特律和匹茲堡的新市場。我們正在順利實現到 2032 年至少擁有 1,000 家餐廳的目標，創造更多可以促進聯繫、社區和地中海式熱情好客的空間。

The in-restaurant experience remains a vital part of how we foster this connection, and we're committed to bringing this to life through our Project Soul initiative. By incorporating natural light, softer seating, enhanced greenery and warm inviting tones, we're creating spaces where guests feel welcomed, places designed for gathering, sharing and creating meaningful moments.

餐廳內的體驗仍然是我們培養這種聯繫的重要組成部分，我們致力於透過我們的「靈魂計畫」計畫將這種聯繫變為現實。透過結合自然光、柔和的座椅、增強的綠色植物和溫暖宜人的色調，我們創造了讓客人感到賓至如歸的空間，專為聚會、分享和創造有意義時刻而設計的場所。

We will continue to challenge the idea that the dining room is a relic of the past, and we're recently recognized for our efforts around Project Soul in Fast Company's World's 50 Most Innovative Companies as number one in restaurants, dining, and food services and number 13 overall. Now more than ever, people are seeking human connection, and we aim to meet that need by delivering the warmth and hospitality that defines the CAVA brand.

我們將繼續挑戰餐廳是過去遺蹟的觀念，我們最近因在「靈魂計畫」方面的努力而獲得認可，在《快公司》雜誌評選的全球 50 家最具創新力的公司中，我們在餐廳、餐飲和食品服務領域排名第一，總體排名第 13。現在，人們比以往任何時候都更尋求人際交往，我們旨在透過提供 CAVA 品牌所特有的溫暖和熱情來滿足這種需求。

And that same warmth and hospitality extends well beyond our physical spaces. It's reflected in what we serve and why our guests continue to return to our table. This summer, we're leaning into flavor and relevance with the launch of our Spice World campaign, a celebration of bold spicy offerings that capture the spirit of the season without compromising health.

同樣的溫暖和熱情遠遠超出了我們的物理空間。這體現在我們提供的菜餚以及我們的客人不斷回到我們餐桌的原因。今年夏天，我們推出「香料世界」活動，重點關注口味和相關性，慶祝大膽的辛辣產品，既能體現季節精神，又不損害健康。

As part of this campaign, we debuted Hot Harissa Pita Chips, a bold spicy take on our fan-favorite chips, leveraging our existing pantry, mitigating added operational complexity, and bringing the heat just in time for summer. In tandem, we're launching two new chef-curated bowls, Steak and Harissa and Spicy Lamb and Avocado, each designed to spotlight vibrant flavor profiles and offer guests even more ways to experience the warmth of the Mediterranean.

作為活動的一部分，我們推出了熱哈里薩皮塔餅薯片，這是對我們最受粉絲喜愛的薯片的大膽辣味詮釋，利用我們現有的食品儲藏室，減輕了額外的操作複雜性，並在夏天及時帶來熱度。同時，我們也推出了兩款由廚師精心挑選的新碗，分別是牛排和哈里薩辣醬以及辣羊肉和酪梨，每道菜都旨在突出鮮明的風味，為客人提供更多體驗地中海溫暖的方式。

Seasonal moments like these reflect who we are as a brand, innovative, intentional and attuned to what today's guests are craving, all while staying true to our concept essence. A key tenet of our concept essence is our spirit of generosity, something we were able to bring to life this past quarter through our newest brand moment, National Pita Day.

像這樣的季節性時刻反映了我們作為一個品牌的身份：創新、有意圖、關注當今客人的需求，同時忠於我們的概念本質。我們概念精髓的一個關鍵原則是我們的慷慨精神，上個季度我們透過最新的品牌活動「全國皮塔餅日」將這種精神變為現實。

On March 29, we celebrated this social holiday as a platform to deepen connection with our community, anchored by the debut of a playful new team member, Peter Chip. Peter Chip's birthday was purposefully aligned with National Pita Day, celebrated with complementary pita chips for all CAVA Rewards members. National Pita Day exemplified how we bring generosity, cultural relevance, and guest engagement together in a way that builds brand affinity and drives business results.

3 月 29 日，我們慶祝了這個社交節日，作為加深與社區聯繫的平台，並以一位愛玩的新團隊成員 Peter Chip 的首次亮相為亮點。彼得奇普的生日特意與全國皮塔餅日一致，所有 CAVA 獎勵會員均可獲贈免費皮塔餅來慶祝。全國皮塔餅日體現了我們如何將慷慨、文化相關性和客人參與度結合在一起，從而建立品牌親和力並推動業務成果。

By aligning the promotion with a branded holiday and social storytelling, we saw increased reach, record-high app traffic, and over 130% more rewards redeemed than originally anticipated. It's a launch we're excited to build on in the years ahead.

透過將促銷活動與品牌節日和社交故事相結合，我們看到了更大的覆蓋率、創紀錄的高應用程式流量以及比最初預期多出 130% 的獎勵。我們很高興能夠在未來幾年繼續推動這項舉措。

As we grow our loyalty base and bring more guests into our first-party ecosystem, we're unlocking new opportunities to advance our second pillar, deepening personal relationships with guests even as we scale. Campaigns like National Pita Day not only reflect our brand's spirit of generosity, they also serve as dynamic testing grounds for how we engage and excite our growing first-party audience. These initiatives give us valuable insights that inform the ongoing development of new loyalty features and experiences, helping us build stronger, more lasting relationships with our guests.

隨著我們忠誠度基礎的不斷擴大，並將更多的客人納入我們的第一方生態系統，我們正在開啟新的機會來推進我們的第二支柱，在擴大規模的同時加深與客人的個人關係。全國皮塔餅日等活動不僅體現了我們品牌的慷慨精神，而且還作為我們如何吸引和激勵不斷增長的第一方受眾的動態試驗場。這些舉措為我們提供了寶貴的見解，為持續開發新的忠誠度功能和體驗提供了信​​息，幫助我們與客人建立更牢固、更持久的關係。

We've seen strong momentum since the launch of our reimagined Loyalty program with sales through the program up 340 basis points as a percentage of total revenue since relaunch and total membership now approaching 8 million members. Later this year, we plan to roll out the next phase of the program, including testing a new tiered-structure designed to further tailor benefits to guest preferences and enhanced long-term engagement.

自從我們重新設計的忠誠度計劃推出以來，我們看到了強勁的發展勢頭，透過該計劃的銷售額佔重新推出以來總收入的百分比上升了 340 個基點，總會員人數現已接近 800 萬。今年晚些時候，我們計劃推出該計劃的下一階段，包括測試一種新的分層結構，旨在進一步根據客人的喜好和增強的長期參與度來客製化福利。

To deliver the best guest experience possible, we remain focused on our third pillar, running great restaurants every location, every shift. Consistency, efficiency, quality and hospitality are integral to our operations, and we continue to invest in initiatives that elevate performance in each of these areas.

為了提供盡可能最佳的客戶體驗，我們始終專注於我們的第三大支柱，即在每個地點、每個班次經營一流的餐廳。一致性、效率、品質和熱情好客是我們營運不可或缺的一部分，我們將繼續投資於提升這些領域績效的舉措。

At the center of it all are our team members. We're committed to enhancing, not replacing the human experience, which is why we rolled out a new labor deployment and scheduling model late last year. We are continuing to see improved productivity across both dayparts. As restaurants grow more comfortable with the tool, they are refining and optimizing with the opportunity to drive even greater efficiencies and productivity across the system.

這一切的核心是我們的團隊成員。我們致力於增強而不是取代人類的體驗，這就是我們在去年年底推出新的勞動力部署和調度模式的原因。我們持續看到兩個時段的生產力不斷提高。隨著餐廳對工具的適應程度越來越高，他們正在不斷改進和優化，以期提高整個系統的效率和生產力。

Additionally, we're continuing to make steady progress on our Connected Kitchen initiative. As shared during our last call, we plan to roll out our new Kitchen Display System to 250 restaurants by year-end. We're currently live in 42 locations and are continuing to see improvements in guest satisfaction scores, driven by better digital accuracy and more proactive guest communications.

此外，我們的互聯廚房計劃正在繼續穩步推進。正如我們上次電話會議中所述，我們計劃在年底前將新的廚房顯示系統推廣到 250 家餐廳。我們目前在 42 個地點開展業務，並且由於數位準確性的提高和更主動的客戶溝通，客戶滿意度評分不斷提高。

Another promising advancement under our Connected Kitchen platform is our AI video technology, which recently completed its test-and-learn phase and is live in four restaurants. This system currently supports our teams in two critical ways: the Grill Assistant helps grill cooks determine how much food to prepare based on real-time depletion data cross referenced with historical data, while Prep Assistant equips our teams with actionable insights to make more informed and accurate prep production.

我們的連網廚房平台下的另一項有希望的進步是我們的人工智慧視訊技術，最近完成了測試和學習階段，並已在四家餐廳上線。該系統目前以兩種關鍵方式為我們的團隊提供支援：燒烤助手幫助燒烤廚師根據與歷史數據交叉引用的即時消耗數據確定要準備的食物量，而準備助手則為我們的團隊提供可操作的見解，以便做出更明智和準確的準備生產。

Finally, our fourth pillar, operate as a high-performing team, is foundational to everything we do. A great guest experience at CAVA begins with a great team. We remain deeply committed to building a workplace that fosters growth, leadership, and long-term career development. Nothing brings our commitment to developing future leaders to life more vividly than our restaurant leader conference, CAVA Connect, which took place just last week. This year's theme was Ignite, a reflection of the passion, purpose, and momentum driving our teams forward.

最後，我們的第四大支柱是作為一支高績效團隊運作，這是我們所做的一切的基礎。CAVA 的卓越賓客體驗始於一支優秀的團隊。我們始終致力於打造一個促進成長、領導力和長期職涯發展的工作場所。沒有什麼比我們上週舉行的餐廳領導者會議 CAVA Connect 更能生動地體現我們培養未來領導者的承諾。今年的主題是“點燃”，體現了推動我們團隊前進的熱情、目標和動力。

Over three days of recognition, celebration, and learning, we laid the foundation for an expanded training journey from team member to general manager, further building on our Academy GM network and laying the groundwork for a deeper, role-ready leadership bench.

經過三天的表彰、慶祝和學習，我們為從團隊成員到總經理的擴展培訓之旅奠定了基礎，進一步建立了我們的學院總經理網絡，並為更深層次、更適合角色的領導力奠定了基礎。

We're already beginning to see the power of this approach in leaders like Dani Morales, whose journey with CAVA began as a grill cook at our VCU location in Richmond, Virginia. Through grit, heart, and a commitment to growth, she rose through the ranks opening 14 restaurants and now serving as an Academy GM with her sights set on multi-unit leadership. Along the way, she's developed future leaders of her own, including a former grill cook who now runs the very restaurant where she started. Dani's story is a testament to the depth of talent within our system and the impact of investing early and often in our people. We look forward to sharing more on our broader talent development strategy in the coming quarters.

我們已經開始在像丹尼·莫拉萊斯 (Dani Morales) 這樣的領導者身上看到這種方法的力量，他的 CAVA 之旅始於弗吉尼亞州里士滿 VCU 分店的燒烤廚師。憑藉著毅力、熱心和對成長的承諾，她不斷晉升，開設了 14 家餐廳，現在擔任學院總經理，著眼於多部門領導。在此過程中，她培養了自己的未來領導者，其中包括一位前燒烤廚師，現在他經營著她創辦的那家餐廳。丹尼的故事證明了我們系統內的人才深度以及早期和經常對員工進行投資的影響。我們期待在未來幾季分享更多我們更廣泛的人才發展策略。

Before I turn the call over, I want to thank our teams across the country for delivering another strong quarter, while staying rooted in our mission. In times of uncertainty, our ability to lead with purpose, innovation, and long-term focus matters more than ever. As we move forward, we remain committed to offering bold, healthful food, providing flexible and convenient ways to engage with our brand and most importantly, keeping the human connection that we are known for at the center of everything we do.

在轉交電話之前，我想感謝我們全國各地的團隊，在堅守我們使命的同時，又一個季度取得了強勁的成績。在充滿不確定性的時期，我們以目標、創新和長期關注來領導的能力比以往任何時候都更重要。隨著我們不斷前進，我們將繼續致力於提供大膽、健康的食品，提供靈活、便捷的方式來與我們的品牌互動，最重要的是，將我們所熟知的人際關係置於我們所做的一切的中心。

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 first quarter of 2025 grew 28.2% year over year to $328.5 million. CAVA same restaurant sales increased 10.8%, driven by traffic growth of 7.5%. On a three-year stack basis, same restaurant sales increased 41.5%, driven by traffic growth of 24.7%.

謝謝，布雷特。2025 年第一季 CAVA 營收年增 28.2%，達到 3.285 億美元。卡瓦受客流量成長 7.5% 的推動，同店銷售額成長 10.8%。以三年疊加計算，受客流量成長 24.7% 的推動，同店銷售額成長 41.5%。

During the quarter, we opened 15 net new CAVA restaurants, bringing our total CAVA restaurant count to 382. We are pleased with our new restaurant openings, which are exceeding expectations in both top-line and margin performance.

本季度，我們淨增 15 家 CAVA 餐廳，使我們的 CAVA 餐廳總數達到 382 家。我們對新餐廳的開幕感到非常滿意，其營業額和利潤表現都超出了預期。

CAVA restaurant level profit in the first quarter was $82.3 million or 25.1% of revenue versus $64.6 million or 25.2% of revenue in the first quarter of 2024, representing a 27.4% increase. CAVA's food, beverage and packaging costs were 29.3% of revenue, higher than the first quarter of 2024 by 110 basis points due to the impact of steak. As a reminder, we continue to expect the approximate 100 basis point year-over-year comparative impact on food, beverage and packaging costs from steak to roll off by June.

CAVA 第一季餐廳級利潤為 8,230 萬美元，佔營收的 25.1%，而 2024 年第一季為 6,460 萬美元，佔營收的 25.2%，成長了 27.4%。CAVA的食品、飲料和包裝成本佔收入的29.3%，受牛排的影響，比2024年第一季高出110個基點。提醒一下，我們仍然預期牛排對食品、飲料和包裝成本的年比影響將達到約 100 個基點，到 6 月將逐漸消失。

CAVA labor and related costs were 25.7% of revenue, a decrease of approximately 30 basis points from the first quarter of 2024. This decrease reflects leverage from higher sales, partially offset by investments in our team member wages of 3%. CAVA occupancy and related expenses were 7.4% of revenue, an improvement of 60 basis points from the first quarter of 2024, driven by increased sales leverage. CAVA other operating expenses were 12.5% of revenue, an improvement of 20 basis points from the first quarter of 2024, driven by sales leverage, partially offset by investments in the integrity of our physical spaces in support of our increased restaurant volume.

CAVA勞動力及相關成本佔營收的25.7%，較2024年第一季下降約30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 3% 的薪資投資所抵消。CAVA 入住率及相關費用佔收入的 7.4%，比 2024 年第一季提高了 60 個基點，這得益於銷售槓桿的提高。CAVA 其他營運費用佔收入的 12.5%，比 2024 年第一季度提高了 20 個基點，這得益於銷售槓桿，但為支持我們增加餐廳數量而對實體空間完整性的投資部分抵消了這一影響。

Shifting to overall performance, our general and administrative expenses for the quarter, excluding stock-based compensation, were 10.5% of revenue compared with 11.1% of revenue in Q1 of 2024. This 60-basis-point improvement was driven by leverage from higher sales, partially offset by investments to drive future growth. Pre-opening expenses were $4.5 million in the quarter compared with $3.4 million in the prior-year quarter. The $1.1 million increase includes the impact of the timing of projects in addition to opening in higher rent geographies.

轉向整體業績，本季我們的一般及行政開支（不包括股票薪酬）佔收入的 10.5%，而 2024 年第一季該比例為 11.1%。這一 60 個基點的改善是由銷售額增加帶來的槓桿作用所推動的，但卻被推動未來成長的投資部分抵銷。本季開業前費用為 450 萬美元，去年同期為 340 萬美元。110 萬美元的增長除了包括項目時間表的影響外，還包括在租金較高的地區開業的影響。

Adjusted EBITDA for the quarter was $44.9 million, a 34.6% increase versus the first quarter of 2024. The increase in adjusted EBITDA was primarily driven by the number of and continued strength in new restaurant openings, 10.8% CAVA's same restaurant sales growth, and leverage in general and administrative expenses.

本季調整後 EBITDA 為 4,490 萬美元，較 2024 年第一季成長 34.6%。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 10.8% 以及一般及行政費用的槓桿作用。

Equity-based compensation was $6.7 million in the first quarter compared with $5.2 million in the prior-year quarter. The increase was primarily due to payroll taxes associated with RSU vesting in Q1. We expect full year equity-based compensation to be between $20 million and $22 million, which includes 2025 grants with the remaining expense spread relatively even over the rest of the year.

第一季股權薪酬為 670 萬美元，去年同期為 520 萬美元。成長的主要原因是第一季與 RSU 歸屬相關的薪資稅。我們預計全年股權薪酬將在 2,000 萬美元至 2,200 萬美元之間，其中包括 2025 年的授予，剩餘的支出將相對均勻地分攤在今年剩餘時間內。

In the first quarter, our effective tax rate was a benefit of 26% due to the impact of equity-based compensation, which includes a net benefit of $10.7 million associated with stock-based compensation. For the full year fiscal 2025, we now expect our effective tax rate to be between 14% and 18%, with an additional discrete-benefit from equity-based compensation in Q2 of approximately $1 million to $2 million. Our cash taxes will continue to be immaterial until we fully utilize our net operating losses.

第一季度，受股權激勵的影響，我們的有效稅率為 26%，其中包括與股權激勵相關的 1,070 萬美元淨收益。對於 2025 財年全年，我們現在預計我們的有效稅率將在 14% 至 18% 之間，第二季度來自股權薪酬的額外單獨收益約為 100 萬至 200 萬美元。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。

During the first quarter, we reported $25.7 million of GAAP net income compared to $11.9 million of adjusted net income in Q1 of 2024. Diluted EPS was $0.22 in the first quarter compared with adjusted diluted EPS of $0.10 in the first quarter of 2024.

第一季度，我們報告的 GAAP 淨收入為 2,570 萬美元，而 2024 年第一季的調整後淨收入為 1,190 萬美元。第一季稀釋每股收益為 0.22 美元，而 2024 年第一季調整後稀釋每股收益為 0.10 美元。

Turning to liquidity. At the end of the quarter, we had zero debt outstanding, $369.4 million in cash and investments, and access to a $75 million undrawn revolver with an option to increase our liquidity if needed. Note that during the current quarter, we launched an $80 million investment portfolio consisting of fixed income securities in order to optimize interest income over the long term, which was funded with cash on hand.

轉向流動性。截至本季末，我們的未償債務為零，現金和投資為 3.694 億美元，並可使用 7,500 萬美元未提取的循環信貸額度，並可選擇在需要時增加流動性。請注意，在本季度，我們推出了一個由固定收益證券組成的 8,000 萬美元投資組合，以優化長期利息收入，該投資組合由庫存現金提供資金。

Cash flow from operations for the first quarter of 2025 was $38.6 million compared with $38.4 million during Q1 of 2024. Free cash flow during the first quarter was $2.7 million.

2025 年第一季的經營現金流為 3,860 萬美元，而 2024 年第一季為 3,840 萬美元。第一季的自由現金流為 270 萬美元。

Now, for our outlook for full year 2025, we expect the following: 64 to 68 net new CAVA restaurant openings; CAVA same restaurant sales growth of 6% to 8%; CAVA restaurant level profit margin between 24.8% and 25.2%; pre-opening costs between $14.5 million and $15.5 million; and adjusted EBITDA, including the burden of preopening costs, between $152 million and $159 million.

現在，對於 2025 年全年的展望，我們預計：CAVA 餐廳淨新增 64 至 68 家； CAVA同店銷售額增長6%至8%； CAVA餐廳級別利潤率在24.8%至25.2%之間；開業前成本在 1450 萬美元至 1550 萬美元之間；調整後的成本 15 億美元之間的成本在 1.5 億美元之間；

I want to share a few additional thoughts related to our latest outlook. Our guidance reflects both the evolving macroeconomic landscape and the strength we're seeing in our business. Our consumer remains resilient, and we believe that momentum is appropriately captured in our outlook. Our unit economic model remains a core strength, and we're committed to making disciplined investments that support long-term sustainable growth.

我想分享一些與我們最新展望相關的額外想法。我們的指引反映了不斷變化的宏觀經濟狀況和我們在業務中看到的實力。我們的消費者依然保持韌性，我們相信我們的展望恰當地捕捉到了這一勢頭。我們的單位經濟模型仍然是我們的核心優勢，我們致力於進行支持長期可持續成長的規範投資。

Turning to same restaurant sales, we continue to anticipate 6% to 8% growth for the year. As noted last quarter, we believe the most meaningful way to assess performance on a normalized basis is through a three-year stack, which better captures the dynamic trends of recent years. We expect this metric to remain strong in the high-30s for the remainder of 2025.

談到同店銷售額，我們繼續預期今年的成長率為 6% 至 8%。正如上個季度所指出的，我們認為以標準化方式評估績效的最有意義的方法是透過三年的疊加，這可以更好地捕捉近年來的動態趨勢。我們預計，在 2025 年剩餘時間內，這項指標仍將維持在 30 多% 的強勁水準。

Turning to restaurant level margin. As previously mentioned, we implemented an approximate 1.7% in restaurant menu price adjustment in early January and continue to have no plans for additional increases despite ongoing macroeconomic uncertainty. We remain vigilant in monitoring our supply chain, including any potential impacts related to tariffs. That said, our exposure remains limited based on the current policies, which are fluid, given that the majority of our ingredients are domestically sourced or covered under existing contracts. In addition, we've implemented mitigation tactics to further minimize the overall impact.

轉向餐廳層面的利潤。如前所述，我們在 1 月初對餐廳菜單價格進行了約 1.7% 的調整，儘管宏觀經濟仍存在不確定性，但我們仍沒有進一步上漲的計劃。我們始終保持警惕，監控我們的供應鏈，包括與關稅相關的任何潛在影響。儘管如此，由於我們的大部分原料都來自國內或受現有合約的約束，因此根據當前政策，我們的風險敞口仍然有限，而且政策是不斷變化的。此外，我們也實施了緩解策略，以進一步減少整體影響。

Before we wrap, I want to take a moment to reflect on the energy and purpose we felt coming out of CAVA Connect brought to life so clearly in the story Brett shared today with a powerful reminder of the impact our teams can have when they're inspired, supported, and united by a shared mission. That momentum is carrying us forward, and it gives us great confidence in the future we're building together.

在我們結束之前，我想花點時間回顧一下我們在 CAVA Connect 中感受到的能量和目標，布雷特今天分享的故事清晰地體現了這些能量和目標，並有力地提醒我們，當我們的團隊受到共同使命的啟發、支持和團結時，他們可以產生的影響。這種勢頭推動著我們不斷前進，並讓我們對共同建設的未來充滿信心。

Now, I will turn the call back over to the operator and open it up for Q&A.

現在，我將把電話轉回給接線員並開始問答。

(Operator Instructions) Sharon Zackfia, William Blair.

（操作員指示）Sharon Zackfia，William Blair。

Hey. Good afternoon. Thanks for taking the question, and congratulations on continuing up the strong trends. I guess, Brett, you mentioned loyalty and a tiered structure as something that you're going to explore later this year. Could you expand on that?

嘿。午安.感謝您提出這個問題，並祝賀您繼續保持強勁的趨勢。我想，布雷特，你提到了忠誠度和分層結構，這是你今年稍後要探索的東西。能詳細闡述嗎？

And maybe with the relaunch that you did last fall, what has been kind of the most meaningful driver of seeing that uptick in engagement? Thank you.

也許在您去年秋天重新啟動時，參與度上升的最重要驅動因素是什麼？謝謝。

Yeah, hi, Sharon. Thanks for the question. We're really pleased with the performance we've seen to date. And if you remember, the original goal was moving from a more transaction-based spend X, get Y to a earn and bank points model that would drive greater engagement and participation in the program. And that's what we're seeing.

是的，你好，莎倫。謝謝你的提問。我們對迄今為止所看到的表現感到非常滿意。如果你還記得的話，最初的目標是從基於交易的花費 X、獲得 Y 模式轉變為賺取和儲存積分的模式，以推動該計劃的更多參與和參與。這就是我們所看到的。

So you looked at our lower frequency or mid-tier frequency users, and we lowered the entry reward hurdle, and that has gotten those users more engaged. It's allowed us to really be able to communicate in a more personalized way to offer delight moments like the Peter Chip moment that we talked about on the prepared remarks. And so that's driven 340 basis points of improvement of revenue coming through the loyalty program.

因此，您可以看看我們的低頻或中頻用戶，我們降低了入門獎勵門檻，這讓這些用戶的參與度更高。它讓我們能夠以更個性化的方式進行交流，提供令人愉快的時刻，例如我們在準備好的評論中談到的彼得·奇普時刻。因此，忠誠度計劃帶來的收入提高了 340 個基點。

What we're looking to do later this year is roll out the second phase of this loyalty journey with a tiered structure that builds upon our base structure that we launched last fall. And that's to further recognize and have our guests feel seen for their passion and their frequency, in visiting CAVA and add increased benefits and rewards recognition to those tiers based on their frequency patterns. So excited to build upon all the success we've had to date. And we're seeing that every week where we are pushing north of 50,000 registrations per week into the program. So we're about 8 million loyalty members total to date and that's growing every day.

我們希望在今年稍後推出忠誠度之旅的第二階段，採用分層結構，以我們去年秋天推出的基礎結構為基礎。這是為了進一步認可我們的客人，讓他們感受到自己對訪問 CAVA 的熱情和頻率，並根據他們的頻率模式為這些層級增加更多福利和獎勵認可。我很高興能夠鞏固我們迄今為止所取得的所有成功。我們每週都可以看到該計劃的註冊人數超過 50,000 人。到目前為止，我們的忠誠會員總數約為 800 萬，而且這個數字每天都在增加。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Hey, hi. This is [Sagarika] here on behalf of Danilo. You mentioned that the KDS rollout is on track with 42 stores now having KDS. So, can you talk on what's the impact of KDS on throughput, especially between the stores where it has been rolled out versus the rest of the system?

嘿，你好。我是 [Sagarika]，代表 Danilo。您提到 KDS 的推出正在順利進行，目前已有 42 家商店擁有 KDS。那麼，您能談談 KDS 對吞吐量的影響嗎，特別是在已經推出 KDS 的商店與系統其他部分之間的影響？

And then, taking a step back, what is driving the throughput differences among your stores, especially amongst the top decile and the bottom decile? Is it driven by location, store manager experience, team staffing levels, or whatnot? And is there a plan to bridge this difference and improve throughput in the near to medium term?

然後，退一步來說，是什麼導致了您的商店之間的吞吐量差異，特別是前十分之一和後十分之一之間的吞吐量差異？它是由地點、店長經驗、團隊人員配備水準還是其他因素決定的？是否有計劃在中短期內彌補這一差異並提高吞吐量？

Yeah. I'll take the first part of your question and hand it over to Tricia for the second part of your question.

是的。我將回答您問題的第一部分，然後交給 Tricia 回答您問題的第二部分。

As it relates to the KDS, we don't give specific throughput or productivity numbers, but what we can say is that the new kitchen display screen systems allow for much richer, deeper order management capabilities, including increased productivity. So we have throttling capabilities on the back end that allow restaurants to manage how many orders they receive every 15 minutes. And these screens allow them the capacity and ability to open up those throttles to a greater degree, and most importantly, deliver improved order accuracy and guest experience scores is what we're seeing in the test restaurants. So we've expanded the rollout from 25 to 42, and we're accelerating that over the next few weeks, working towards our goal of 250 restaurants by the end of the year.

由於它與 KDS 相關，我們沒有給出特定的吞吐量或生產力數字，但我們可以說的是，新的廚房顯示器系統可以實現更豐富、更深入的訂單管理功能，包括提高生產力。因此，我們在後端具有限制功能，允許餐廳管理每 15 分鐘收到的訂單數量。這些螢幕使他們有能力和能力在更大程度上開放這些油門，最重要的是，我們在測試餐廳看到的是，提高了訂單準確性和顧客體驗分數。因此，我們將推廣範圍從 25 家餐廳擴大到 42 家，並將在接下來的幾週內加快步伐，努力實現年底前覆蓋 250 家餐廳的目標。

Yeah. And regarding differences between restaurants, when we look at them in rank order based on AUV, it's interesting to point out that our top decile of restaurants from an AUV perspective have representation from all parts of the country, from all types of formats, from all income strata. So, there really isn't one thing that is creating those large volumes. Certainly, speed and service are components that help.

是的。至於餐廳之間的差異，當我們根據 AUV 進行排名時，有趣的是，從 AUV 角度來看，排名靠前的十分之一的餐廳來自全國各地，涵蓋各種業態和各個收入階層。所以，實際上沒有任何事物能夠產生如此巨大的數量。當然，速度和服務是有幫助的因素。

The one thing we do tend to find is a much evenly spread demand throughout the day, fewer shoulder periods, so more of an even distribution of guests visiting our restaurant throughout the day.

我們確實發現，一天中的需求分佈更加均勻，高峰時段減少，因此全天來我們餐廳的客人分佈更加均勻。

When we look at our restaurants based on quartiles, the bottom quartile of restaurants have younger restaurants in them overall. So it's really more of a maturation cycle than it is anything else in bringing those restaurants to the average and above average AUVs that we're able to deliver. The top quartile of our restaurants, in fact, have AUVs above $4 million and deliver restaurant level margins of over 30%, which really just amplifies and demonstrates the power of this model and the opportunity we have to bring more and more CAVAs across the country. And also the restaurant level margins that we produce, we're able to make investments in team members and guests to drive strong traffic momentum as we move forward.

當我們根據四分位數來觀察我們的餐廳時，我們發現位於底部四分位數的餐廳總體上都是較年輕的餐廳。因此，這實際上更多的是一個成熟週期，而不是其他任何事情，以使這些餐廳達到我們能夠提供的平均和高於平均水平的 AUV。事實上，我們排名前四分之一的餐廳的平均營業額 (AUV) 超過 400 萬美元，餐廳層面的利潤率超過 30%，這實際上放大並證明了這種模式的力量以及我們在全國範圍內帶來越來越多 CAVA 的機會。此外，我們還可以利用餐廳層面產生的利潤，對團隊成員和客人進行投資，以推動我們未來強勁的客流量成長動能。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi, this is Crystal on for John Ivankoe. My question is on local/regional supply growth. So, we have seen a lot of new growth coming into many of your existing markets, and legacy brands continue to grow as well. And given your multi-regional success so far, could you discuss CAVA's recent performance in some of these existing markets and how these dynamics inform your view on an eventual TAM of the brand?

大家好，我是 Crystal，為 John Ivankoe 報道。我的問題是關於當地/地區供應增長。因此，我們看到許多現有市場出現了大量新成長，傳統品牌也持續成長。鑑於您迄今為止在多區域的成功，您能否討論一下 CAVA 近期在一些現有市場中的表現，以及這些動態如何影響您對該品牌最終 TAM 的看法？

Yeah. We haven't seen any differences or market-specific weakness. We noted we've seen consistent performance across the country in all markets and in all regions. And as it relates to your capacity comment, I mean, that's our industry.

是的。我們沒有看到任何差異或特定市場的弱點。我們注意到，全國所有市場和所有地區都表現出了一致的表現。至於您的產能評論，我的意思是，這就是我們的行業。

If you look over the last 15 years, traffic has been negative in the industry all but one year, and that was a bounce back coming out of the pandemic. So it has been the case for many years that you are competing for market share.

如果你回顧過去 15 年，你會發現除了一年之外，該行業的客流量一直是負值，而那一年是疫情過後的反彈。所以多年來你們一直在爭奪市場份額。

And our traffic has proven over time, and the positive traffic growth we've had in recent quarters that people are choosing CAVA when they are eating out. And we have to prove every day why we are better than the three or four restaurants next to us. And we've been able to do that in recent quarters.

我們的客流量已經隨著時間的推移而證明，最近幾季我們的客流量持續成長，這表明人們在外出用餐時會選擇 CAVA。而且我們必須每天證明為什麼我們比旁邊的三、四家餐廳更好。最近幾季我們已經做到了這一點。

And I would also add that when you look across the country, we do not have a region that has an average unit volume below 2.6 million. So, we have strong AUVs across all regions as we noted even when we went public, that has continued to be the case and continued to grow over time across the country.

我還要補充一點，放眼全國，我們沒有一個地區的平均單位數量低於 260 萬。因此，正如我們所注意到的，我們在所有地區都擁有強大的 AUV，即使在我們上市時，情況仍然如此，並且隨著時間的推移，在全國範圍內持續增長。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Hey, guys. Just wondering on the marketing innovation side, is Spice World kind of the tentpole moment you've sort of talked about for '25, or should we expect kind of something new on protein or flavors maybe later in the year?

嘿，大家好。我只是想知道在行銷創新方面，Spice World 是否是您所說的 25 年的重頭戲，或者我們是否應該期待在今年晚些時候推出一些關於蛋白質或口味的新產品？

Yeah. Hey, Andy, it's Brett. Thanks for the question. No, I would expect a tentpole moment later this fall based on the progress of innovation through our stage-gate process right now, and it will likely be a new protein.

是的。嘿，安迪，我是布雷特。謝謝你的提問。不，根據我們目前階段性流程的創新進展，我預計今年秋天晚些時候會出現一個關鍵時刻，它很可能是一種新的蛋白質。

Okay, thank you. And then, Tricia, just on the pressure from the beef mix, steak mix being in place, well, I guess, what kind of inflation are you seeing on that protein in particular? And am I close to read that the rest of the basket was relatively flattish if beef contributed most of the year-over-year increase?

好的，謝謝。然後，特里西婭，僅就牛肉混合物、牛排混合物的壓力而言，嗯，我想，您看到這種蛋白質的具體通貨膨脹情況是什麼樣的？如果牛肉是同比增長的主要貢獻者，那麼我是否認為籃子中的其他產品價格相對持平？

That's fair, Andy. So, the basket itself, as you know, is very diverse and so not exposed to a lot of fluctuations on any single item in and of itself. The supply chain team has done a great job in negotiating commitments and contracts for the year that were at better rates than what we've had in the past. So in the current quarter, about 100 basis points is largely steak related and that in fact has also been contracted through the end of the year.

這很公平，安迪。因此，正如你所知，籃子本身非常多樣化，因此不會受到任何單一項目本身的太多波動的影響。供應鏈團隊在談判今年的承諾和合約方面做得非常出色，而且價格比過去更好。因此，在本季度，約有 100 個基點主要與牛排有關，而且事實上到年底這一數字也已經收縮。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Hi. This is Allison Arfstrom on for Brian Mullan. Thank you for taking the question. Question on menu innovation. Wanted to ask about the chicken shawarma test so far in Texas and California. Maybe just a little background, what led you to test the specific protein?

你好。我是 Brian Mullan 的 Allison Arfstrom。感謝您回答這個問題。關於菜單創新的問題。想詢問迄今為止在德克薩斯州和加利福尼亞州進行的雞肉沙威瑪測試的情況。也許只是一點背景，是什麼促使您測試特定的蛋白質？

And could you speak to how it's going so far from a consumer reception perspective and from an operations perspective? And what would the next steps be from here? Thanks.

您能否從消費者接受度和營運角度談談目前的進展？那麼下一步該怎麼做呢？謝謝。

Sure. Thanks for the question. That is one of the proteins in our stage-gate process, and it's testing in Dallas and Florida. And we're very pleased with the progress.

當然。謝謝你的提問。這是我們階段門流程中的蛋白質之一，目前正在達拉斯和佛羅裡達進行測試。我們對這項進展感到非常滿意。

And the impetus behind it, it is a staple item in the Levant region, which is really core to our Mediterranean concept essence. And it is a different cut of chicken, so it's spit roasted chicken breast, that is complementary to our existing chicken cuts on the line.

背後的動力是，它是黎凡特地區的主食，這確實是我們地中海概念精髓的核心。這是不同的雞肉切塊，所以它是烤雞胸肉，與我們現有的雞肉切塊相輔相成。

So it's a different textural experience, different look and feel. So we think it could be a nice complementary addition to our protein portfolio. And it is also a very light lift on operations. It's an easy protein to produce. So we always want to be mindful when we're adding innovation to make sure we are not adding too much operational complexity.

所以這是一種不同的質感體驗、不同的外觀和感覺。因此我們認為它可以成為我們蛋白質產品組合的一個很好的補充。而且這對操作來說也是一個非常輕鬆的負擔。這是一種很容易生產的蛋白質。因此，我們在進行創新時始終要小心，以確保不會增加過多的營運複雜性。

So again, pleased with what we're seeing and the consumer response to it. And if it continues on its current progression, you will see it across our fleet in coming quarters.

因此，我們再次對所看到的結果和消費者的反應感到滿意。如果它繼續按照目前的速度發展，您將在未來幾個季度在我們的艦隊中看到它。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

Hi. This is [Misha Datt] on for Jeff Bernstein. I wanted to ask a question on restaurant margin. The 2025 guidance is consistent with 2024 restaurant margins in the 25% range, which is well above the 20% that you spoke of just two years ago. So I wanted to ask, how do you prioritize upside drivers? And is there ability to expand from here or to reinvest?

你好。我是 Jeff Bernstein 的 [Misha Datt]。我想問一個關於餐廳利潤的問題。2025 年的指引與 2024 年餐廳利潤率在 25% 左右一致，遠高於您兩年前所說的 20%。所以我想問一下，您如何優先考慮上行驅動因素？是否有能力從這裡擴展或再投資？

Yeah, thank you for the question. Appreciate that. Certainly, the significant improvement in AUVs helps create a lot of that expansion in restaurant level margins, but we're also very mindful of where we are in our growth and development and want to make sure that we're continuing to reinvest in the business through team members and guests. And some examples of that is making sure that we're appropriately compensating our team members both in wage and benefits. And so, we review that every quarter and adjust as needed so that we're a best-in-class employer in each and every market. And then, also being very thoughtful and mindful around menu price increases.

是的，謝謝你的提問。非常感謝。當然，平均每日客流量 (AUV) 的顯著提升有助於大幅提高餐廳層面的利潤率，但我們也非常清楚自己在成長和發展中所處的位置，並希望確保我們能夠透過團隊成員和客人繼續對業務進行再投資。例如，確保我們在薪資和福利方面為團隊成員提供適當的補償。因此，我們每季都會進行審查並根據需要進行調整，以便我們成為每個市場中最好的雇主。然後，還要非常周到並注意菜單價格的上漲。

So over the years, we've been very limited in those menu price increases. From the end of 2019 to the end of '24, we raised menu prices about 15% and CPI went up 23%. So that's 8 points less than that. And as you know, fast food went up over 30%. So that's an example of an investment in our guests that we think is important and helps fuel that traffic momentum that we've been able to deliver.

因此多年來，我們的菜單價格漲幅一直非常有限。從 2019 年底到 2024 年底，我們將菜單價格提高了約 15%，而 CPI 上漲了 23%。所以比那少了 8 分。眾所周知，快餐價格上漲了 30% 以上。這就是我們對客人進行投資的一個例子，我們認為這很重要，並有助於推動我們能夠提供的流量動能。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Great. Thanks, guys. This is Patrick on for Chris. Brett, I was hoping you maybe could provide a little bit of additional color on the success you're seeing in the labor deployment model. And specifically, I think you mentioned that there were some additional opportunities for specific restaurants in certain situations to even drive more improvement there. So I was curious if you could expand on that and maybe what those are?

偉大的。謝謝大家。這是派崔克，代替克里斯。布雷特，我希望您能對您所看到的勞動力部署模式的成功提供一些額外的說明。具體來說，我認為您提到過，特定情況下的特定餐廳還有一些額外的機會來推動其進一步發展。所以我很好奇您是否可以詳細說明一下以及它們是什麼？

And is there any way that you can also frame up how much you have been able to reinvest back into the restaurants? I think you may have just touched on a little bit in the previous question, but expand a bit on maybe what form that reinvestment is taking specifically for those initiatives?

您是否可以估算出您能夠將多少錢重新投資到餐廳中？我想您可能在上一個問題中已經提到了一點，但請您稍微詳細說明一下，針對這些舉措的再投資具體採取了什麼形式？

Yeah. We haven't quantified any kind of specific numbers, but what we can say is we have seen productivity enhancements improvements over both lunch and dinner. And as it pertains to the opportunity, when we rolled this out, we rolled out the base labor deployments, and now it's really honing the adoption of it and refining the deployment so people really adhere.

是的。我們沒有量化任何具體的數字，但我們可以說的是，我們看到午餐和晚餐的生產力都有所提高。就機會而言，當我們推出這項計畫時，我們推出了基礎勞動力部署，現在我們真正在磨練它的採用並完善部署，以便人們真正遵守。

Our teams adhere to the processes. And we see it when it's used as intended, driving significant enhancements. And then, we have others that are still working to get into those deployments, and that's the opportunity we have going forward.

我們的團隊遵守流程。當它按照預期使用時，我們會看到它帶來顯著的改善。然後，我們還有其他人仍在努力參與這些部署，這就是我們前進的機會。

So as it relates to hours, it's -- and we noted this in in past calls, it's more of a redistribution of hours. So the real intent is, A, it's to make our restaurants easier to run so the shifts aren't as frenetic, that the teams are in position, guest facing, that our general managers are not jumping the line or jumping into the back to fill a hole or a gap to prep, that the prep is oriented before and after shifts, and that they can coach and lead the teams. And that it frees our team members up to deliver that human connection and get out into the dining room, do table touches, have more guest-facing interaction, and have a less stressful shift. So we're very pleased with what we've seen to date.

因此，就工作時間而言，我們在過去的電話會議中也提到過，這更像是工作時間的重新分配。因此，真正的目的是，A，讓我們的餐廳更容易經營，這樣輪班就不會那麼忙碌，團隊就可以各就各位，面向客人，我們的總經理不會插隊或跳到後面填補準備工作的空缺或空白，準備工作是在輪班前後進行的，他們可以指導和領導團隊。它使我們的團隊成員能夠自由地建立人際關係，走進餐廳，觸摸餐桌，與客人進行更多互動，並減輕輪班壓力。因此，我們對目前所看到的情況感到非常滿意。

But like everything we do, we want to be methodical and thoughtful about it and not push our teams too hard too fast. So, we're very excited with what we've seen in the initial deployments, but know that there's a lot of opportunity to continue to lean into these deployments and drive greater productivity in the coming quarters.

但就像我們所做的一切一樣，我們希望有條不紊、深思熟慮，並且不會太快給我們的團隊太大的壓力。因此，我們對初步部署的結果感到非常興奮，但我們知道，在未來幾季中，還有很多機會繼續依靠這些部署並提高生產力。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you, and thank you for all the color today. I wanted to go back to the demand environment. You said you have momentum. There's uncertainty out there. And I guess the question is two-fold. One is, your three-year stack in the quarter was actually just a little bit better than that high-30s. I didn't know if there was some conservativism embedded in your -- in that -- holding that full year guidance.

謝謝你，謝謝你今天帶來的所有色彩。我想回到需求環境。你說你有動力。那裡存在著不確定性。我想這個問題有兩面。一是，本季你的三年業績其實比 30 多歲好一點。我不知道您在製定全年指導方針時是否帶有某種保守主義的傾向。

And then, some of your peers have talked about or else the competitors have talked about softness in the DC area where you -- I know you have a fairly big footprint. We've heard maybe softness in the lunchtime day part. Any variation that you have seen that might be some kind of leading indicator in your business? Just any kind of color you can give on that? Thanks.

然後，您的一些同行或競爭對手談到了您在華盛頓特區的軟實力——我知道您在該地區的影響力相當大。我們聽說午餐時間部分可能會比較疲軟。您所看到的任何變化可能成為您業務的某種領先指標嗎？您能給什麼顏色的解釋嗎？謝謝。

Thanks, Sara. And so our guidance reflects the fluidity of the macroeconomic environment. We know that there are stronger headwinds and consumers are feeling challenged, but there really isn't anything that we're seeing in our data in Q1 that would suggest that, and I'll get to that in a minute.

謝謝，薩拉。因此，我們的指導反映了宏觀經濟環境的流動性。我們知道存在著更強的阻力，消費者也感受到了挑戰，但第一季的數據並沒有顯示這一點，我馬上就會談到這一點。

The one thing though to keep in mind is as you called out, we're reiterating that we believe we can deliver a three-year stack in the high-30s, which is what we shared at the end of the year. But keep in mind that as we go into the second half of the year, we'll be lapping steak as part of our prior-year offering. So that will be something that we'll be mindful of.

不過，要記住的一件事是，正如您所說，我們重申，我們相信我們可以在 30 多歲時實現三年的業績，這也是我們在年底分享的。但請記住，隨著我們進入下半年，我們將把牛排作為去年供應的一部分。所以這是我們需要注意的事情。

As Brett said, we follow our stage-gate process, so we're not going to manufacture anything to try to lap something that happened in the past because we think what we're focused on is the long-term opportunity and what drives consumer behavior in general.

正如布雷特所說，我們遵循階段門流程，因此我們不會製造任何東西來嘗試彌補過去發生的事情，因為我們認為我們關注的是長期機會以及推動消費者行為的整體因素。

As it relates to the data and what we have been seeing, nothing in our data suggests that our consumers' challenges. I mentioned a minute ago, our premium attachment continues to be high. Pita Chips, for example, continues to increase in incidence as does some of our other premium items, including steak. Our per person average continues to increase.

就數據和我們所看到的情況而言，我們的數據中沒有任何內容表明我們的消費者面臨挑戰。我剛才提到過，我們的保費附加價值仍然很高。例如，皮塔餅片的銷售量持續增加，我們的一些其他優質產品（包括牛排）的銷售量也在增加。我們的人均水準持續上升。

And we have positive traffic across all geographies, all income strata, all formats, and all dayparts. So, when we look at the geographies, we do a deeper dive into the district because there have been lots of questions about DOGE and the potential impact, and we haven't seen anything in those markets. As well as lunch and dinner, we're seeing consistent strength across both dayparts. So there's been no fluctuation in our restaurants as it relates to that.

我們在所有地區、所有收入階層、所有形式和所有時段都擁有正面的流量。因此，當我們考察地理位置時，我們會對該地區進行更深入的研究，因為人們對 DOGE 及其潛在影響有很多疑問，但我們在這些市場中沒有看到任何進展。除午餐和晚餐外，我們還看到這兩個時段的銷售勢頭都十分強勁。因此，我們的餐廳沒有出現與此相關的波動。

And when you think about income strata, I mentioned the consistency and our bottom-income stratas are actually outperforming, which is something we shared before. And we're continuing to see that trait -- that trend.

當您考慮收入階層時，我提到了一致性，而且我們的底層收入階層實際上表現優異，這是我們之前分享過的。我們繼續看到這種特徵——這種趨勢。

At the end of the day, what we want to do is make sure we're delivering an incredible value and wonderful experience for our guests with a great hospitality because we know these times are very challenging and consumers have to make choices and what we want to make sure is they choose CAVA when they have a meal out.

歸根結底，我們想要做的是確保透過優質的服務為我們的客人提供令人難以置信的價值和美妙的體驗，因為我們知道現在這個時代非常具有挑戰性，消費者必須做出選擇，而我們希望確保他們在外出就餐時選擇 CAVA。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi. Good afternoon. Can I just clarify maybe that last question? I think, you're projecting the three-year stack comps in the high-30s, which is a very good number, and implies good numbers for this year, but it is lower than what you did in the first quarter. So I just want to understand, if that's something you're already seeing in the business or you're just leaving yourself some room given all the uncertainty?

你好。午安.我可以澄清一下最後一個問題嗎？我認為，您預測三年期堆疊可比數字將達到 30 多，這是一個非常好的數字，並且意味著今年的數字也很好，但它低於您在第一季所做的數字。所以我只是想要了解，這是您在業務中已經看到的情況嗎，或者考慮到所有的不確定性，您只是給自己一些空間？

And then, I guess my real question is, I was hoping you could comment on the performance for the brand and some of the newer markets that you entered. I think you mentioned Indiana and Miami. So, wondering if you could comment on the reception in those markets as well. Thank you.

然後，我想我真正的問題是，我希望您能評論該品牌的表現以及您進入的一些新市場。我想你提到了印第安納和邁阿密。所以，想知道您是否也可以評論一下這些市場的反應。謝謝。

Thanks, David. So, just as a reminder, our quarter ended April 20. So much of what we're hearing about, so post Liberation Day is really reflected in our results already. And so that's been captured. And our guidance reflects what we saw in Q1 through April 20 and what we're currently seeing in the business. And we believe we can deliver a three-year stack of the high-30s.

謝謝，大衛。因此，提醒一下，我們的季度於 4 月 20 日結束。我們所聽到的許多關於解放日後的事情已經真正反映在我們的結果中了。這樣就捕獲了。我們的指導反映了截至 4 月 20 日的第一季的情況以及我們目前業務的情況。我們相信，我們可以實現三年內 30 多億美元的目標。

The other thing that you asked about was performance of new markets. We're seeing great results in all of our restaurants that are opening across the country in 2025, very similar to the openings in '23 and '24, if not better. So in Indianapolis in Fishers, that restaurant is performing very well as well as our restaurants in South Florida. But take our restaurant in Lafayette, Louisiana, that's exceeding expectations, too. It's just really demonstrating the power of the brand and our ability to really expand many other places across the country and leverage that enormous white space opportunity that's ahead of us.

您詢問的另一件事是新市場的表現。我們看到，2025 年在全國開業的所有餐廳都取得了出色的業績，與 2023 年和 2024 年開業的餐廳非常相似，甚至更好。因此，在印第安納波利斯的費雪斯，這家餐廳的業績與我們在南佛羅裡達州的餐廳一樣好。但就我們位於路易斯安那州拉斐特的餐廳而言，這也超出了預期。這確實展示了品牌的力量，以及我們真正擴展到全國許多其他地方並利用擺在我們面前的巨大空白機會的能力。

(Operator Instructions) Andrew Charles, TD Cowen.

（操作員指示） Andrew Charles，TD Cowen。

Thank you. This is Zach Ogden on for Andrew. I just had a question on the mix. It did look like it was still solidly positive in 1Q, but it did seem a little bit lower than last, say, three quarters. So are you -- were you expecting that? And what are you seeing driving that?

謝謝。我是 Zach Ogden，代替安德魯 (Andrew) 發言。我只是想問一下關於混音的問題。看起來第一季的成長仍然穩固地為正，但與前三個季度相比略有下降。那你——你預料到這一點嗎？您認為是什麼推動了這現象？

So keep in mind, our combined impact for price and mix includes 1.7% for menu price increases, which still delivers a fairly healthy mix impact. So, I'm not seeing a significant change or deterioration there. Our premium attachments, as I mentioned, are increasing. Our steak incidence is strong and helping contribute to that as well.

因此請記住，我們對價格和組合的綜合影響包括菜單價格上漲 1.7%，但這仍然帶來相當健康的組合影響。所以，我沒有看到那裡出現重大變化或惡化。正如我所提到的，我們的優質配件正在增加。我們的牛排發生率很高，這也有助於實現這一點。

Okay, great. Thank you.

好的，太好了。謝謝。

There are no questions at this time. I would like to hand the conference over back to Brett. Please go ahead.

目前沒有問題。我想將會議交還給布雷特。請繼續。

Thank you for joining us today. Before we wrap, I want to take a moment to acknowledge the strong start to the year and express my gratitude to our team. Delivering these results while staying true to our mission is something we're incredibly proud of, and it reflects the consistent focus and care of our teams that our teams bring to our business every day.

感謝您今天加入我們。在結束之前，我想花點時間來回顧今年的良好開端，並向我們的團隊表示感謝。在堅守使命的同時取得這些成果是我們感到無比自豪的事情，這也反映了我們的團隊每天對我們業務的一貫關注和關懷。

This quarter, we also crossed an important milestone, surpassing $1 billion in revenue on a trailing 12-month basis. It's a meaningful moment for our company and a reflection of the strength of our category-defining Mediterranean brand. But most importantly, it's a testament to the hard work and dedication of our more than 11,000 team members. CAVA is a special place because of them.

本季度，我們也跨越了一個重要的里程碑，過去 12 個月的營收超過了 10 億美元。對我們公司來說，這是一個意義重大的時刻，也體現了我們定義類別的地中海品牌的實力。但最重要的是，它證明了我們 11,000 多名團隊成員的辛勤工作和奉獻精神。CAVA 因他們而變得特別。

Thank you again for your time and continued support. We wish you a safe and enjoyable Memorial Day weekend and look forward to connecting next quarter.

再次感謝您的時間和持續的支持。我們祝您度過一個安全愉快的陣亡將士紀念日週末，並期待下個季度的聯繫。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。