CAVA Group Inc (CAVA) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CAVA second-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, August 12, 2025.

女士們、先生們，下午好，歡迎參加 CAVA 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 12 日星期二錄製。

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 second-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 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.

下午好，歡迎參加 CAVA 2025 年第二季財務業績電話會議。在我們開始之前，如果您還沒有副本，您可以造訪我們的網站 investor.cava.com 以取得美國證券交易委員會 (SEC) 提供的收益報告及相關 8-K 表格。本次電話會議旨在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。

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.

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，每個報告和補充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.

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。

These risk factors are explained in detail on 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. 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。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 second quarter of 2025, we continue to cement Mediterranean as the next major cultural cuisine category, bringing together bold, flavorful food with the modern consumers' desire for health and human connection. It's a category we've pioneered and one we continue to have dominant leadership and grow market share. With significant white space still ahead, the strength of our model and the passion of our guests give us confidence in the growth yet to come.

謝謝，馬特，歡迎大家參加電話會議。2025 年第二季度，我們將繼續鞏固地中海作為下一個主要文化美食類別的地位，將大膽、美味的食物與現代消費者對健康和人際關係的渴望結合在一起。這是我們開創的一個類別，我們將繼續在這個類別中佔據主導地位並不斷擴大市場份額。儘管前方仍有巨大的空白，但我們模式的強大和客人的熱情讓我們對未來的成長充滿信心。

Our second-quarter highlights include a 20.3% increase in CAVA revenue and a 62.6% increase over the last two years, CAVA same-restaurant sales growth of 2.1%. Restaurant-level profit margin of 26.3%. 16 net new restaurants, ending the quarter with 398 restaurants, a 16.7% increase year over year, adjusted EBITDA of $42.1 million, a 22.6% increase over the second quarter of 2024, net income of $18.4 million and $21.9 million in year-to-date free cash flow.

我們第二季的亮點包括 CAVA 營收成長 20.3%，過去兩年成長 62.6%，CAVA 同店銷售額成長 2.1%。餐廳層面利潤率為 26.3%。淨增 16 家新餐廳，至本季末餐廳總數為 398 家，年增 16.7%，調整後 EBITDA 為 4,210 萬美元，較 2024 年第二季度增長 22.6%，淨收入為 1,840 萬美元，年初至今自由現金流為 2,190 萬美元。

While strong prior-year results, including the launch of steak, our most significant protein launch in a number of years, impacted the quarterly same-restaurant sales comparison, we remain deeply confident in the long-term trajectory and the structural strength of our business. Surpassing $1 billion in revenue on a trailing 12-month basis last quarter was a meaningful milestone. But as we noted then, it was just the beginning of the next chapter of our journey and ambitions. Our confidence is reinforced by the strength we're seeing in our 2025 new restaurant class which is on track to deliver average unit volumes above $3 million and is opening higher than 2024s record-setting cohort.

儘管去年業績強勁，包括牛排的推出（這是我們多年來最重要的蛋白質產品），影響了季度同店銷售額的比較，但我們仍然對業務的長期發展軌跡和結構實力充滿信心。上個季度，過去 12 個月的營收超過 10 億美元，這是一個重要的里程碑。但正如我們當時指出的，這只是我們旅程和抱負的下一章的開始。我們看到 2025 年新餐廳類別的實力，這增強了我們的信心，這些新餐廳的平均單位營業額預計將超過 300 萬美元，開業數量也將超過 2024 年創下的紀錄。

We're defining a category with powerful long-term tailwinds in Mediterranean, a concept and brand built on strong culinary credibility that resonates with guests and delivers high AUVs and a competitive leadership position that is difficult to replicate with over 400 restaurants and no scaled competition. We remain focused on the road ahead guided by the proven portability and profitability of our model and the clear demand for Mediterranean across the country.

我們正在定義一個在地中海地區具有強大長期順風的類別，這個概念和品牌建立在強大的烹飪信譽之上，能夠引起客人的共鳴，提供高 AUV 和競爭領導地位，這是難以複製的，因為有超過 400 家餐廳，而且沒有規模化的競爭。我們將繼續專注於未來的道路，以我們模式已證實的可移植性和盈利能力以及全國對地中海的明確需求為指導。

This demand comes to life through our first strategic pillar, expand our Mediterranean way in communities across the country. In the quarter, we opened 16 net new restaurants, bringing our total restaurant count to 398 locations across 27 states in the District of Columbia. This summer, we also celebrated two new market entries, Pittsburgh and our 28th state, Michigan, where our teams were met with long lines and warm welcome from excited guests.

這項需求透過我們的第一個戰略支柱得以實現，即在全國各地的社區擴展我們的地中海方式。本季度，我們淨開設了 16 家新餐廳，使我們在哥倫比亞特區 27 個州的餐廳總數達到 398 家。今年夏天，我們還慶祝了兩個新市場的進入，即匹茲堡和第 28 個州密西根州，我們的團隊在那裡受到了排長隊並受到興奮客人的熱烈歡迎。

As we expand our footprint into new regions like the Midwest and Southern Florida, while broadening our presence in more established markets, we're inspired by the enthusiasm we're seeing from guests who are embracing CAVA as part of their daily lives. The strength of this demand and the performance of our recent new openings give us even greater confidence in reaching our next major milestone of at least 1,000 restaurants by 2032 and we look forward to sharing more about our restaurant expansion in the quarters ahead.

隨著我們將業務範圍拓展到中西部和南佛羅裡達等新地區，同時擴大我們在更成熟市場的影響力，我們看到客人將 CAVA 作為日常生活的一部分，這種熱情令我們深受鼓舞。這種需求的強勁以及我們最近新開餐廳的表現使我們更有信心在 2032 年實現下一個重要里程碑，即擁有至少 1,000 家餐廳，我們期待在未來幾個季度分享更多有關我們餐廳擴張的信息。

We are anchored in our belief that the human experience in our restaurants is essential and we continue to remain focused on our Project Soul initiative which brings our Mediterranean way to life through warm, inviting spaces designed for connection. Our Project Soul prototype will be finished by this fall and the complete set of design features is expected to roll out across all 2026 new restaurant openings.

我們堅信，餐廳的人文體驗至關重要，我們將繼續專注於「靈魂計畫」倡議，透過為連結而設計的溫暖、誘人的空間，將我們的地中海方式帶入生活。我們的 Project Soul 原型將於今年秋季完成，預計全套設計功能將在所有 2026 家新開幕餐廳中推廣。

In addition to our inviting spaces and warm hospitality, we know that what keeps our guests coming back to us is what's in their bowl or pita, bold, flavorful and satisfying food that reflects the vibrancy of the Mediterranean. As part of our disciplined innovation process, we're thrilled to share that we've been testing chicken shawarma in our Dallas and Tampa markets since late April, and we're very encouraged by the results. This protein is our modern take on a Mediterranean classic, juicy, roasted chicken breasts marinated in the signature spice blend, hand stacked on a spit and shape in to deliver one of the region's most iconic flavors.

除了我們溫馨的空間和熱情的款待之外，我們知道，讓客人再次光臨的原因是他們的碗或皮塔餅裡的食物，這些食物濃鬱、美味、令人滿意，反映了地中海的活力。作為我們嚴謹的創新流程的一部分，我們很高興地告訴大家，自 4 月底以來，我們一直在達拉斯和坦帕市場測試雞肉沙威瑪，我們對結果感到非常鼓舞。這種蛋白質是我們對地中海經典菜餚的現代詮釋，多汁的烤雞胸肉用特色香料混合物醃製，手工堆放在烤肉叉上並塑形，以提供該地區最具代表性的風味之一。

With consumers increasingly seeking new protein options, this main offers an all-white meat chicken option that satisfies both healthy and flavorful cravings. We're pleased with the market test results to date and we expect to roll out chicken shawarma as a limited time offering company-wide in early fall. And while chicken shawarma strengthens the core of our menu, we're also leaning into the growing success of our fan favorite pita chips as a platform for flavor innovation. This fall, we'll introduce cinnamon sugar pita chips, our sprouted grain chips dusted with a perfect blend of cinnamon, sugar, and a hint of cardamom accompanied by a side of honey for dipping, bringing a Mediterranean inspired twist to both snacking and dessert occasions.

隨著消費者越來越多地尋求新的蛋白質選擇，這家主要公司提供全白肉雞肉選擇，既能滿足對健康又美味的渴望。我們對迄今為止的市場測試結果感到滿意，並預計將在初秋在全公司範圍內推出限時供應的雞肉沙威瑪。雖然雞肉沙瓦瑪強化了我們菜單的核心，但我們也傾向於將我們粉絲最喜歡的皮塔餅的日益成功作為口味創新的平台。今年秋天，我們將推出肉桂糖皮塔餅，我們的發芽穀物片上撒有肉桂、糖和少許小荳蔻的完美混合物，並配以蜂蜜蘸食，為零食和甜點場合帶來地中海風味。

Our culinary innovation pipeline is robust, showcasing both our ability to reimagine Mediterranean classics like chicken shawarma and to introduce new proteins like salmon, an ingredient that aligns naturally with our concept essence. Salmon has just entered its market-testing phase as part of the stage gate process and we're excited about its potential to complement our existing menu in a way that feels authentic to CAVA. This disciplined, methodical approach to introducing new-menu items is key to our goal of delivering the bold, vibrant flavors our guests know and love every time they visit while keeping them excited about what's next.

我們的烹飪創新管道非常強大，展示了我們重新構想雞肉沙瓦瑪等地中海經典菜餚的能力，以及引入鮭魚等新蛋白質的能力，鮭魚是一種與我們的概念本質自然契合的食材。作為階段門流程的一部分，鮭魚剛剛進入市場測試階段，我們很高興它能夠以一種讓 CAVA 感到正宗的方式補充我們現有的菜單。這種推出新菜單項目的嚴謹、有條理的方法是我們實現目標的關鍵，即在客人每次光臨時為他們提供熟悉和喜愛的大膽、充滿活力的口味，同時讓他們對接下來的菜餚感到興奮。

We look forward to sharing more in the coming quarters as salmon progresses through our testing process. And as we continue to innovate on the culinary front, while expanding our geographic presence, we know it's more important than ever to stay true to the heart of our brand and continue to lean into our second strategic pillar, deepened personal relationships with guests even as we scale.

隨著鮭魚測試過程的進展，我們期待在未來幾季分享更多資訊。隨著我們在烹飪方面不斷創新，同時擴大我們的地理覆蓋範圍，我們知道，忠於我們品牌的核心並繼續依靠我們的第二個戰略支柱，即使在擴大規模的同時也要加深與客人的個人關係，這一點比以往任何時候都更加重要。

This past quarter, we welcomed back our beloved team member, pita chip, as part of our summer solstice celebration. On our last call, we shared how we intentionally align pita chip's birthday with National Pita Day, offering complementary pita chips to all CAVA Rewards members. This summer, we brought that same spirit of generosity to life once again, inviting Rewards members to celebrate the solstice with free pita chips. The result was our second highest day ever for app downloads and digital revenue.

上個季度，作為夏至慶祝活動的一部分，我們歡迎我們敬愛的團隊成員 pita chip 的回歸。在我們上次的電話會議中，我們分享瞭如何有意將皮塔餅的生日與全國皮塔餅日結合起來，為所有 CAVA 獎勵會員提供免費的皮塔餅。今年夏天，我們再次將這種慷慨帶入生活，邀請獎勵會員免費享用皮塔餅來慶祝夏至。這是我們應用程式下載量和數位收入有史以來第二高的日子。

By building on pita chip's journey, we're creating narrative continuity that deepens guest relationships and reinforces the emotional connection at the heart of our brand. In fact, just yesterday, we dropped our latest pita chip promotion, featuring four different flavors of blind bag pita chip plushies as part of a limited edition Hot Harissa meal. This playful extension of the story gives fans a tangible way to bring a little piece of CAVA home with them.

透過建構皮塔餅的旅程，我們創造了敘事連續性，加深了客人關係並加強了我們品牌核心的情感連結。事實上，就在昨天，我們推出了最新的皮塔餅促銷活動，作為限量版 Hot Harissa 套餐的一部分，推出了四種不同口味的盲袋皮塔餅毛絨玩具。故事的這種有趣的延伸為粉絲們提供了一種切實的方式，讓他們將 CAVA 的一小部分帶回家。

Our reimagined loyalty program serves as the platform that enables these efforts, allowing us to engage with guests in more customized, impactful and creative ways. Later this year, we'll introduce the next phase of our rewards program, a tiered structure designed to recognize our most passionate guests while enhancing long-term engagement by aligning rewards more closely with guest preferences. Heart, health, and humanity are at our core, and we're committed to ensuring that every interaction, whether in our restaurants or through our digital channels, reflects that same sense of care and connection.

我們重新構想的忠誠度計畫是實現這些努力的平台，使我們能夠以更個人化、更有影響力和更具創意的方式與客人互動。今年晚些時候，我們將推出獎勵計劃的下一階段，這是一個分層結構，旨在表彰我們最熱情的客人，同時透過將獎勵與客人的偏好更緊密地結合起來，增強長期參與度。心靈、健康和人性是我們的核心，我們致力於確保每一次互動，無論是在我們的餐廳還是透過我們的數位管道，都體現出同樣的關懷和連結感。

We know that as we grow our ability to innovate and build personal connections with guests is underpinned by a strong operational foundation. Our third strategic pillar, run great restaurants every location, every shift is central to delivering the consistency, efficiency, quality, and hospitality that defines us. As part of this pillar, our connected kitchen initiative shows how we're leveraging technology to empower our teams and elevate the guest experience.

我們知道，隨著我們的成長，我們創新的能力和與客人建立個人聯繫的能力都建立在強大的營運基礎上。我們的第三個策略支柱是，在每個地點、每個輪班上經營優秀的餐廳，這對於提供我們所特有的一致性、效率、品質和熱情好客至關重要。作為這支柱的一部分，我們的互聯廚房計畫展示了我們如何利用科技來增強我們的團隊能力並提升客人體驗。

We are on track to expand the rollout of our new kitchen display screen system to 270 locations by the end of the year with the new system now live in 95 locations. The new KDS continues to deliver improvements in guest satisfaction scores driven by better digital accuracy and more proactive guest communications.

我們計劃在今年年底前將新廚房顯示器系統的推廣範圍擴大到 270 個地點，目前新系統已在 95 個地點投入使用。新的 KDS 憑藉更高的數位準確性和更主動的客戶溝通能力，持續提高客戶滿意度分數。

Alongside our KDS expansion, we're rolling out our new TurboChef ovens in every restaurant further enhancing speed, consistency, and quality in our kitchens. Together, these innovations represent our commitment to operational excellence that provides the foundation for future innovations and makes our restaurants easier to operate.

隨著 KDS 的擴張，我們也在每家餐廳推出新的 TurboChef 烤箱，進一步提高廚房的速度、一致性和品質。總之，這些創新代表了我們對卓越營運的承諾，為未來的創新奠定了基礎，並使我們的餐廳更容易運作。

Another advancement under the connected kitchen platform is our AI-camera-vision technology. After several quarters in a test-and-learn phase, we're encouraged by the results and plan to expand to 21 additional locations by the end of the year. By leveraging historical and real-time depletion data, the technology helps guide our teams toward more accurate food production, reducing waste and ensuring freshness.

互聯廚房平台的另一項進步是我們的 AI 攝影機視覺技術。經過幾個季度的測試和學習階段，我們對結果感到鼓舞，並計劃在今年年底前擴展到另外 21 個地點。透過利用歷史和即時消耗數據，該技術可以幫助我們的團隊更準確地生產食品，減少浪費並確保新鮮度。

Finally, I'm also pleased to announce that we've recently made an investment in Hyphen, a leader in developing automated make lines designed to improve the speed and efficiency of food production. In addition, we plan to begin a pilot test of Hyphen equipment in the coming quarters. The focus of this test is on our second digital make line, not our in-restaurant serving lines. As with all of our operational initiatives, this investment is rooted in our belief that technology should enhance, not replace the human experience.

最後，我很高興地宣布，我們最近對 Hyphen 進行了投資，Hyphen 是一家開發自動化生產線的領導者，旨在提高食品生產的速度和效率。此外，我們計劃在未來幾季開始對 Hyphen 設備進行試點測試。這次測試的重點是我們的第二條數位生產線，而不是我們的餐廳內服務生產線。就像我們所有的營運措施一樣，這項投資植根於我們的信念：科技應該增強而不是取代人類的經驗。

At the heart of our success are our people. From our restaurants to our support center, our ability to innovate and scale is grounded in our fourth strategic pillar, operate as a high-performing team. The team members in our restaurants embody heart, health, and humanity every day and we remain deeply committed to fostering a workplace where they can grow and thrive in their careers. Building on what we shared last quarter, we're advancing work on a comprehensive talent development strategy aimed at strengthening every stage of the employee life cycle. This effort is grounded in our belief that growing and running great restaurants at scale starts with attracting, developing, and retaining the leaders who bring CAVA to life every day.

我們的成功的核心是我們的員工。從我們的餐廳到我們的支援中心，我們的創新和擴展能力都植根於我們的第四個策略支柱：作為一支高績效團隊運作。我們餐廳的團隊成員每天都體現著愛、健康和人性，我們始終致力於創造一個讓他們在職業生涯中成長和發展的工作環境。基於上個季度我們分享的內容，我們正在推動全面的人才發展策略，旨在加強員工生命週期的每個階段。這項努力是基於我們的信念：發展和大規模經營優質餐廳首先要吸引、培養和留住每天為 CAVA 注入活力的領導者。

As part of this work, we've begun rolling out two programs designed to elevate leadership and growth within our restaurants. First, beginning in 2026, general managers will be eligible annually for equity compensation, inspiring an owner-operator mindset in deepening their connection to the business. This approach reflects the critical role GM's play in driving operational excellence and shaping the culture in every restaurant.

作為這項工作的一部分，我們已經開始推出兩個旨在提升餐廳領導力和成長力的計畫。首先，從 2026 年開始，總經理每年將有資格獲得股權薪酬，激發業主經營者的思維，並加深他們與企業的聯繫。這種方法反映了通用汽車在推動卓越營運和塑造每家餐廳文化方面發揮的關鍵作用。

Second, we are expanding a test of our new Assistant General Manager role across many of our restaurants. This role will provide a seasoned leader that not only strengthens the GM pipeline but also equips our teams with more hands-on leadership support, ensuring they can deliver exceptional hospitality and consistent performance shift after shift by providing a clear intentional path for advancement we're setting up our future leaders and our brand for sustained success.

其次，我們正在多家餐廳擴大新任助理總經理職位的測試。這個職位將提供一位經驗豐富的領導者，不僅可以加強總經理的人才儲備，還可以為我們的團隊提供更多實際的領導支持，確保他們能夠提供卓越的款待和穩定的績效，透過提供明確的晉升途徑，我們正在為我們未來的領導者和我們的品牌建立持續的成功。

We look forward to sharing more about how these new programs roll up under our holistic development program next quarter. These efforts are all about investing in our people, giving them the tools, opportunities and support they need to grow as leaders and deliver the kind of hospitality that defines our brand. And it's that same spirit of care and connection we see throughout CAVA in both big and small moments.

我們期待在下個季度分享更多有關這些新計劃如何在我們的整體發展計劃下實施的資訊。這些努力都是為了投資我們的員工，為他們提供成長為領導者所需的工具、機會和支持，並提供符合我們品牌特色的熱情好客服務。無論在大事小事上，我們都能在 CAVA 看到同樣的關懷和連結精神。

Before we wrap, I want to leave you with the story from a restaurant in Palm Harbor, Florida, that brings this idea to life. Shortly after our CAVA Connect conference earlier this summer, a guest held the door open for another guest on a motorized scooter. It was a small, simple act of kindness but one that sparks something extraordinary. Moved by what he witnessed, our General Manager used the Love button to celebrate the gesture setting the tone for what happened next.

在結束之前，我想告訴你們一個發生在佛羅裡達州棕櫚港一家餐廳的故事，這個故事讓這個想法變成了現實。今年夏初，我們舉行完 CAVA Connect 會議後不久，一位客人為另一位騎著電動滑板車的客人開門。這是一個小小的、簡單的善舉，但卻激發出非凡的火花。我們的總經理被他所看到的一切所感動，他用愛心按鈕來慶祝這一舉動，為接下來發生的事情定下了基調。

For the following 1.5 hours every person in line paid it forward, covering the meal for the guests behind them, no matter the cost. It all started with that one moment and grew into a wave of generosity that moved our entire team to tears. Moments like these are why we do what we do and are a powerful reminder that heart, health, and humanity isn't just our mission, it's what happens in our restaurants every day brought to life by our thousands of team members. To them and all of you who believe in our purpose in our journey, thank you.

在接下來的 1.5 小時內，排隊的每個人都付出了努力，為後面的客人支付餐費，無論費用是多少。一切都從那一刻開始，並逐漸發展成為一股慷慨的浪潮，讓我們整個團隊都感動得流下了眼淚。這樣的時刻就是我們做這些事情的原因，並且有力地提醒我們，心靈、健康和人性不僅僅是我們的使命，也是我們餐廳裡每天發生的事情，由我們成千上萬的團隊成員賦予生命。向他們以及所有相信我們旅程目標的人表示感謝。

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, and hello, everyone. CAVA revenue in the second quarter of 2025 grew 20.3% year over year to $278.2 million and 62.6% compared to the second quarter of 2023. The CAVA same-restaurant sales increased 2.1%, primarily from menu price and product mix, with guest traffic approximately flat. On a two-year- and three-year stack basis, same-restaurant sales increased 16.5% and 34.7%, respectively. During the quarter, we opened 16 net new CAVA restaurants, bringing our total CAVA restaurant count to 398.

謝謝，布雷特，大家好。2025 年第二季 CAVA 營收年增 20.3% 至 2.782 億美元，與 2023 年第二季相比成長 62.6%。CAVA 同店銷售額成長 2.1%，主要得益於菜單價格和產品組合，客流量基本持平。以兩年和三年疊加計算，同店銷售額分別成長了 16.5% 和 34.7%。本季度，我們淨增 16 家 CAVA 餐廳，使我們的 CAVA 餐廳總數達到 398 家。

Despite the macroeconomic pressures impacting the broader industry, pressures to which we are not immune, we entered the second quarter with strong same-restaurant sales momentum in line with the guidance we provided in the first quarter. However, as we moved through June, we saw a deceleration in same-restaurant sales driven in part by the timing of our steak launch last year, a protein that filled a meaningful gap on our menu.

儘管宏觀經濟壓力影響整個行業，我們也無法免受其影響，但進入第二季度，我們同店銷售額勢頭強勁，與我們在第一季度提供的指導一致。然而，隨著六月的到來，我們發現同店銷售額有所下降，部分原因是我們去年推出牛排的時機，這種蛋白質填補了我們菜單上的一個重大空白。

At the same time, we saw a honeymoon effect from our 2024 new restaurant class, a dynamic we have not experienced before, which significantly outperformed expectations opening at higher-than-anticipated sales volumes. In fact, the strength of this class has driven year-one cash-on-cash returns above 40%, already meeting our year-two expectations. Same-restaurant sales regained momentum in the latter part of the quarter, reaccelerating as we exited Q2 and continued into Q3 and we are encouraged by the sequential improvement.

同時，我們看到了 2024 年新餐廳類別的蜜月效應，這是我們以前從未經歷過的動態，其開業表現大大超出預期，銷售額也高於預期。事實上，這類投資者的實力已經推動第一年的現金回報率超過 40%，已經滿足了我們第二年的預期。同店銷售額在本季後半段恢復勢頭，隨著我們退出第二季度並進入第三季度，銷售額再次加速成長，我們對連續的改善感到鼓舞。

As Brett mentioned, our 2025 openings are also exceeding expectations, trending above $3 million in first year average unit volumes compared to our $2.3 million target. With new restaurant productivity of roughly 109%, further demonstrating the strength and proven portability of our operating model. Despite a more modest same-restaurant sales increase, CAVA-restaurant level profit in the second quarter was $73.3 million or 26.3% of revenue versus $61.3 million or 26.5% of revenue in the second quarter of 2024, representing a 19.6% increase. This outcome reflects the power of our operating model and its ability to consistently generate attractive returns regardless of near-term sales variability.

正如布雷特所提到的，我們 2025 年的開業數量也超出了預期，第一年的平均單位營業額趨於 300 萬美元以上，而我們的目標是 230 萬美元。新餐廳的生產率約為 109%，進一步證明了我們營運模式的優勢和經過驗證的可移植性。儘管同店銷售額增幅較小，但第二季 CAVA 餐廳級利潤為 7,330 萬美元，佔營收的 26.3%，而 2024 年第二季為 6,130 萬美元，佔營收的 26.5%，增幅為 19.6%。這一結果反映了我們營運模式的強大力量及其無論短期銷售如何變化都能持續產生可觀回報的能力。

CAVA'S food, beverage and packaging costs were 29.5% of revenue, higher than the second quarter of 2024 by 10 basis points. This slight increase reflects the impact of steak, which launched mid-second quarter last year, partially offset by other lower input costs compared to the same period of the prior year. CAVA labor and related costs were 25% of revenue, an improvement of approximately 20 basis points from the second quarter of 2024. This improvement in labor and related costs reflects leverage from higher sales, partially offset by investments in our team member wages of approximately 2%.

CAVA 的食品、飲料和包裝成本佔收入的 29.5%，比 2024 年第二季高出 10 個基點。這一小幅成長反映了去年第二季中期推出的牛排產品的影響，但與去年同期相比其他投入成本的降低部分抵消了這一影響。CAVA 勞動力及相關成本佔收入的 25%，比 2024 年第二季提高了約 20 個基點。勞動力和相關成本的改善反映了銷售成長帶來的槓桿作用，但部分被我們團隊成員薪資約 2% 的投資所抵消。

CAVA occupancy and related expenses were 6.8% of revenue, an improvement of 10 basis points from the second quarter of 2024, driven primarily by increased sales leverage. CAVA other operating expenses were 12.4% of revenue, reflecting an increase of 40 basis points from the second quarter of 2024. This increase was primarily due to individually insignificant items, partially offset by increased sales leverage.

CAVA 入住率及相關費用佔收入的 6.8%，比 2024 年第二季提高了 10 個基點，主要原因是銷售槓桿的提高。CAVA 其他營運費用佔收入的 12.4%，比 2024 年第二季增加了 40 個基點。這一增長主要歸因於個別不重要的項目，但被銷售槓桿的增加部分抵消。

Shifting to overall performance. Our general and administrative expenses for the quarter, excluding stock-based compensation were 9.8% of revenue compared with 10.6% of revenue in Q2 of 2024. This 80-basis-point improvement was primarily due to lower performance-based incentive compensation, leverage from higher sales, and timing of legal costs in the prior-year quarter, partially offset by investments to support our future growth, including our CAVA Connect Conference.

轉向整體表現。本季我們的一般及行政支出（不包括股票薪酬）佔營收的 9.8%，而 2024 年第二季則為 10.6%。這項 80 個基點的改善主要歸因於績效激勵薪酬的降低、銷售額成長帶來的槓桿作用以及去年同期的法律成本時間安排，但部分被支持我們未來成長的投資（包括我們的 CAVA Connect 會議）所抵消。

Preopening expenses were $5.1 million in the current quarter compared with $3.3 million in the prior year quarter. The $1.8 million increase includes a higher number of units under construction and the timing of opening. Adjusted EBITDA for the second quarter was $42.1 million, a 22.6% increase versus Q2 of 2024. The increase in adjusted EBITDA was primarily driven by the number of and continued strength in new restaurant openings, improved operations across the system and leverage in general and administrative expenses.

本季開業前費用為 510 萬美元，去年同期為 330 萬美元。180萬美元的增幅包括在建單元數量增加和開放時間縮短。第二季調整後 EBITDA 為 4,210 萬美元，較 2024 年第二季成長 22.6%。調整後 EBITDA 的成長主要得益於新餐廳開業數量及持續成長、整個系統運作的改善以及一般及行政費用的槓桿作用。

Equity-based compensation was $4.6 million in the second quarter, which includes 2025 grants compared with $3.6 million in the prior year quarter. We continue to anticipate full-year equity-based compensation to be between $20 million and $22 million, with the remaining portion of equity expense to be spread evenly over the remainder of the year.

第二季的股權薪酬為 460 萬美元，其中包括 2025 年的授予，而去年同期為 360 萬美元。我們繼續預期全年股權薪酬將在 2,000 萬美元至 2,200 萬美元之間，剩餘股權支出部分將在今年剩餘時間內平均分攤。

In the second quarter, our effective tax rate was 22.5%, which includes the impact of a discrete benefit from equity-based compensation of approximately $1.7 million. We do not anticipate any further benefits for the remainder of the year. For the full-year fiscal 2025, we expect our effective tax rate to be between 12% and 15%, which implies an effective tax rate of approximately 30% in Q3 and Q4.

第二季度，我們的有效稅率為 22.5%，其中包括約 170 萬美元的股權激勵單獨收益的影響。我們預計今年剩餘時間內不會再有任何收益。對於 2025 財年全年，我們預計有效稅率在 12% 至 15% 之間，這意味著第三季和第四季的有效稅率約為 30%。

As a reminder, our cash taxes will continue to be immaterial until we fully utilize our net operating losses. During the second quarter, we reported $18.4 million of GAAP net income compared to $16.8 million of adjusted net income in Q2 of 2024. Diluted EPS was $0.16 in the second quarter compared with adjusted diluted EPS of $0.14 in the second quarter of 2024.

提醒一下，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。第二季度，我們報告的 GAAP 淨收入為 1,840 萬美元，而 2024 年第二季的調整後淨收入為 1,680 萬美元。第二季稀釋每股收益為 0.16 美元，而 2024 年第二季調整後稀釋每股收益為 0.14 美元。

Turning to liquidity. At the end of the quarter, we had zero debt outstanding, $385.8 million in cash and investments and access to a $75 million undrawn revolver with an option to increase our liquidity, if needed. Year to date, Q2 cash flow from operations was $98.9 million compared to $87.3 million during the year-to-date period in 2024. Year to date, Q2 free cash flow was $21.9 million.

轉向流動性。截至本季末，我們的未償債務為零，擁有 3.858 億美元的現金和投資，並可使用 7,500 萬美元的未提取循環信貸額度，並可選擇在需要時增加流動性。年初至今，第二季經營現金流為 9,890 萬美元，而 2024 年年初至今為 8,730 萬美元。年初至今，第二季自由現金流為 2,190 萬美元。

Now to our outlook for full-year 2025, we expect the following: 68 to 70 net new CAVA restaurant openings, CAVA same-restaurant sales growth of 4% to 6%, CAVA restaurant level profit margin between 24.8% and 25.2%. Preopening costs between $15.5 million and $16.5 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 餐廳淨新開業 68 至 70 家，CAVA 同店銷售額增長 4% 至 6%，CAVA 餐廳級利潤率在 24.8% 至 25.2% 之間。開業前成本在 1550 萬美元至 1650 萬美元之間，調整後的 EBITDA（包括開業前成本負擔）在 1.52 億美元至 1.59 億美元之間。

Our guidance for same-restaurant sales embeds our Q2 results the reacceleration we saw exiting the second quarter and the changing dynamics amid the current macroeconomic landscape. Our conviction in the long-term trajectory and structural strength of our business remains unwavering, grounded in the momentum of our category, the power of our concept, and the durability of our competitive positioning.

我們對同店銷售額的指導反映了我們在第二季結束時看到的重新加速以及當前宏觀經濟格局中不斷變化的動態。我們對業務的長期發展軌跡和結構實力的信念始終堅定不移，這基於我們產品類別的發展勢頭、我們理念的力量以及我們競爭定位的持久性。

The Mediterranean category continues to show strength reflected in our three-year traffic growth of 19.7% in our growing market share. Our concept is deeply resonating with a robust culinary innovation pipeline, a differentiated in-restaurant and digital experience and a value proposition that delivers compelling unit economics and attractive cash-on-cash returns.

地中海航線持續展現強勁勢頭，我們的市佔率在三年內成長了 19.7%。我們的理念與強大的烹飪創新管道、差異化的餐廳和數位體驗以及提供引人注目的單位經濟效益和誘人的現金回報的價值主張產生了深刻共鳴。

Finally, our competitive position continues to strengthen, giving us confidence in our path to at least 1,000 restaurants by 2032. Together, these elements reinforce a business built for the long term, one that's anchored in our mission to bring heart, health, and humanity to food and that continues to create meaningful experiences for the guests we serve every day.

最後，我們的競爭地位不斷增強，讓我們有信心在 2032 年實現至少 1,000 家餐廳的目標。這些因素共同強化了我們為長期發展而打造的業務，我們的使命是將關懷、健康和人性融入食品，並繼續為我們每天服務的客人創造有意義的體驗。

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環節。

(Operator Instructions)

（操作員指示）

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Could you elaborate just on the same-store sales side. Do you think some of the kind of the macro pressures or what explained how you did in the 2Q, do you think that was pretty broad across restaurants? And then -- or I guess, the honeymoon dynamic you described, do you think that, in fact, was a greater influence on that number and perhaps some of the older stores were delivering a better same-store sales number. Could you kind of parse out what drove that in the second quarter?

能否詳細說明同店銷售方面的情況？您是否認為某些宏觀壓力或什麼因素導致了您在第二季的業績不佳，您是否認為這對餐飲業的影響非常廣泛？然後——或者我猜，您所描述的蜜月期動態，您是否認為這實際上對這個數字有更大的影響，也許一些老店的同店銷售額更好。您能否分析一下第二季度出現這現象的原因？

Yes. Sure, Brian. Good to hear from you. So certainly, we're operating in a fluid macroeconomic environment, and it's one that sort of creates a fog for consumers where things are changing constantly. It's hard to see the clear. And during those times, they tend to step up of the gas. We didn't see changes in our premium attachments or incident rates or other items driving the business overall. But certainly, it's present in there, and it's something that we're not immune to in this space.

是的。當然，布萊恩。很高興收到你的來信。毫無疑問，我們是在不斷變化的宏觀經濟環境中運作的，這種環境會給消費者帶來迷霧，因為情況總是在不斷變化。很難看清楚。在這些時候，他們往往會加大油門。我們沒有看到保費附件或事故率或推動整體業務的其他項目發生變化。但可以肯定的是，它確實存在，而且我們在這個領域也無法倖免。

As we think about the honeymoon effect, what we're experiencing is incredible results from our 2024 class as well as our '25 class. With the '24 class coming into the base, and having an impact on sales from a same-restaurant sales perspective, but outperforming all of our expectations. So think about that restaurant class, delivering their year-two cash-on-cash returns in year one. So well above the revenue expectations that we had and delivering strong cash on cash returns while having a modest impact overall on same-restaurant sales in the period itself.

當我們思考蜜月效應時，我們所經歷的是 2024 屆和 25 屆的令人難以置信的成績。隨著 24 班學生進入基地，從同一家餐廳的銷售角度來看，對銷售產生了影響，但超出了我們所有人的預期。想想那些餐飲業者，他們在第一年就實現了第二年的現金回報。因此，我們的收入遠高於預期，並實現了強勁的現金回報，同時對同期同店銷售額的整體影響不大。

I think when you look at Q2, where we really started to see the deceleration is when we were lapping the launch of steak during the quarter, and that was a new menu item on our -- on the menu offering itself, one that was a perceived gap and resonated very well. And so it was the lapping of the steak during that period and what we saw as we exited the quarter and then entered into Q3, we're seeing a reacceleration in same-restaurant sales.

我認為，當你看第二季度時，我們真正開始看到減速是當我們在本季度推出牛排時，這是我們菜單上的一個新項目 - 在菜單上提供本身，這是一個明顯的差距並且引起了很好的共鳴。因此，這是那段時期牛排的銷售成長，而當我們退出該季度並進入第三季度時，我們看到同店銷售額再次加速成長。

What we're excited about is that we are participating in a category that has tremendous strength in Mediterranean, driving tailwinds from a same-restaurant sales perspective and traffic overall with a concept that's resonating with consumers and a strong brand. And then going back and delivering great cash-on-cash returns with a competitive position with no scale competitor in the space overall.

令我們興奮的是，我們參與的是一個在地中海地區擁有巨大實力的類別，從同店銷售角度和整體客流量推動了順風，其理念引起了消費者的共鳴，並且是一個強大的品牌。然後回過頭來，以競爭優勢實現豐厚的現金回報，而整個領域中沒有規模競爭對手。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Tricia, just a follow-up on your comments. Can you help level set where you're trending in the third quarter today, just given how far we are into the quarter at this point?

特里西婭，我只是想跟進一下你的評論。考慮到目前我們進入第三季的進展情況，您能否幫助我們確定目前第三季的趨勢？

Yes. So when you look at our numbers, you look from Q1 to Q2, there was an acceleration in our two-year same-restaurant sales stack and we're seeing that trend continue into Q3, a continued acceleration of that two-year trend.

是的。因此，當您查看我們的數據時，您會發現從第一季到第二季度，我們的兩年同店銷售額呈現加速成長，並且我們看到這種趨勢持續到第三季度，即兩年趨勢的持續加速。

Okay. And then, Brett, has the company evaluated its marketing media mix now that you've achieved higher awareness in a lot of these new markets. Obviously, new stores are opening up really well. I'm just wondering if there's an opportunity to reallocate the spend or even just increase it maybe as a percentage of sales?

好的。那麼，布雷特，既然你們已經在許多新市場中獲得了更高的知名度，那麼公司是否對其行銷媒體組合進行了評估？顯然，新店開幕的勢頭非常好。我只是想知道是否有機會重新分配支出，或者甚至只是增加其銷售額的百分比？

Yes, Chris, thanks for the question. There's certainly that opportunity. I mean we are -- as you can see, we do not have a high marketing spend as a percentage of revenue. And we have continued to do a lot of testing around the media mix modeling and we've seen some very positive results. So that's something we can certainly lean into if we see these kind of macroeconomic headwinds persist.

是的，克里斯，謝謝你的提問。確實有這樣的機會。我的意思是——正如你所看到的，我們的行銷支出佔收入的比例並不高。我們繼續圍繞媒體組合模型進行大量測試，並看到了一些非常積極的結果。因此，如果我們發現這種宏觀經濟逆風持續存在，我們絕對可以依靠這一點。

And as Tricia noted, I mean, when you look at the two-year quarter-over-quarter, we actually accelerated. And that's -- the dynamic nature of our comp the last few years has been significant. So we guided on a three-year basis last quarter to try and filter out the noise. But then underneath when you look at a two year, it's actually strengthening. So we're trying to be mindful of that and then look what we can do in the near term and certainly, media mix modeling is a part of that and leaning into it versus also staying steadfast on our long-term strategy and our initiatives.

正如特里西亞所說，我的意思是，當你看兩年來的季度環比增長時，我們實際上是加速了。這就是——過去幾年我們公司的動態性質非常顯著。因此，我們在上個季度以三年為基礎進行指導，試圖濾除噪音。但當你回顧兩年後，你會發現它實際上正在加強。因此，我們試圖牢記這一點，然後看看我們近期可以做些什麼，當然，媒體組合模型是其中的一部分，我們傾向於它，而不是堅定地堅持我們的長期策略和計劃。

And we've talked about this at length since the IPO that this is a marathon, not a sprint for us, that we are in this for the next 10 years, not the next 10 weeks and that we want to be positioned to deliver on our long-term strategic plan, which we are positioned to do. And then be mindful in these cyclical instances of some macroeconomic headwinds learning at these levers as we test them, what we can lean into to drive increased awareness and adoption in the short term.

自首次公開募股以來，我們已經就此進行了長時間的討論，對於我們來說，這是一場馬拉松，而不是短跑，我們將在未來 10 年內繼續努力，而不是只為未來 10 週，我們希望能夠實現我們的長期戰略計劃，而我們也已經做好了實現這一目標的準備。然後，在這些週期性的宏觀經濟逆風情況下，我們要留意在測試這些槓桿時可以依靠什麼來在短期內提高認識和採用率。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

A clarification then a question. Just in terms of the honeymoon period, does that mean the first-year comps are negative or flat or just not giving you that 10% lift? I'm just trying to understand the magnitude of the shift.

先澄清，再提問。就蜜月期而言，這是否意味著第一年的業績為負數或持平，或者只是沒有為你帶來 10% 的提升？我只是想了解這種轉變的程度。

The question is about the Harissa meal. I know you talked about the branding component of it. Was there like sort of a value component, too. It doesn't sound like you're seeing value seeking based on what they -- what you said about attach and premiumization. But just trying to understand the kind of shift that you might be seeing and if that was what motivated the meal.

問題是關於哈里薩辣醬餐的。我知道您談到了它的品牌成分。是否也存在某種價值成分？聽起來你並沒有根據他們所說的附加價值和高端化來尋求價值。但只是想了解您可能看到的那種轉變，以及這是否是促使您用餐的原因。

Yes . Thanks, Sara. I'll take the latter part of your question and then hand it back to Tricia to speak to the new-restaurant comp complexion. So the meal is not really geared to be a value meal, more so to really tap into the emotional connection of our guests and to celebrate their excitement over our pita chips and give them a little piece of CAVA to take home with them and certainly play off some of the cultural trends that we're seeing in regards to pluses.

是的。謝謝，薩拉。我將回答您問題的後半部分，然後將其交還給 Tricia，讓她談談新餐廳的情況。因此，這頓飯並不是真正意義上的超值餐，更多的是為了真正觸動客人的情感，慶祝他們對我們的皮塔餅的興奮之情，並給他們一小塊 CAVA 帶回家，當然，也是為了發揮我們在優點方面看到的一些文化趨勢。

And again, this is a long-term brand building exercise and something that people can get excited about and drive conversation and drive awareness, and we've seen that. We sold out at a number of our restaurants in the first day, and have been very pleased with the response. So again, this is how we think about it in the long term and was not geared specifically to be a value meal per se.

再說一次，這是一項長期的品牌建立活動，可以引起人們的興奮，引發對話，提高知名度，我們已經看到了這一點。我們多家餐廳的門票在第一天就銷售一空，我們對顧客的反應非常滿意。所以，再說一次，這是我們從長遠角度考慮的，並不是專門為了打造一頓超值餐。

Regarding the 2024 class, there's certainly restaurants in that class delivering on our economic model expectations with $2.3 million in AUVs and generating 10% cash-on-cash returns. But due to the robust nature of some of the results in that class, those locations are experiencing some negative overall comps and impacting same-restaurant sales for us.

至於 2024 級餐廳，該級別中肯定有一些餐廳能夠實現我們的經濟模型預期，平均每日營業額 (AUV) 達到 230 萬美元，並產生 10% 的現金回報率。但由於該類別中部分餐廳業績表現強勁，這些門市的整體業績出現一些負面影響，並影響了我們的同店銷售額。

And all of that was -- is a new dynamic from a honeymoon experience for us. And so one that we're going to keep a close eye on. But coming back to the restaurants in general, are just really demonstrating the power and the demand behind CAVA and the interest that consumers have with the brand.

而這一切對我們來說都是蜜月經驗中的新動力。因此我們將密切關注。但總的來說，這些餐廳確實展示了 CAVA 背後的力量和需求，以及消費者對品牌的興趣。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

I guess another question on the comp trend you're seeing recently or maybe two questions. One is if I look at the guidance for the full year, the midpoint would assume something in the neighborhood of 3% or a little bit better than that in the second half. And Tricia, could you just maybe comment on whether your current trend line is tracking to achieve that kind of number or not?

我想您還會問一個關於最近看到的競爭趨勢的問題，或者兩個問題。一是，如果我看一下全年的預期，中點將假設下半年的成長率在 3% 左右或略好一些。特里西婭，您能否評論一下您目前的趨勢線是否能夠實現這樣的數字？

And then, I guess, my other question as you diagnose some of the slowdown that occurred, you talked a lot about macro issues and perhaps cycling stake and a small impact from the honeymoon. But are you looking at any brand metrics or operating metrics that might have changed over the last three to six months that might indicate there's something in the operations or consumer experience that may have changed?

然後，我想，我的另一個問題是，當您診斷出一些出現的經濟放緩時，您談了很多宏觀問題，也許是循環股權以及蜜月期帶來的小影響。但是，您是否關注過去三到六個月內可能發生的任何品牌指標或營運指標，這些指標可能表明營運或消費者體驗方面發生了一些變化？

Yes. Thanks, David. Our current trend line is in line with your expectations. So we saw strength as we exited the quarter above the 2.1 that we delivered, and we're continuing to see that accelerate as we move through Q3. I'll let Brett answer the second part of your question.

是的。謝謝，大衛。我們目前的趨勢線符合您的預期。因此，我們在本季結束時看到了強勁勢頭，超過了我們實現的 2.1，隨著我們進入第三季度，我們將繼續看到這種加速。我請布雷特回答你問題的第二部分。

Yes, David, we haven't seen any atypical nature in a region, in an income cohort, urban versus suburban. The fleet has been moving very consistently. And then we recently did another run of our brand health scores. Our NPS actually went up. Again, we're number two in the entire limited service space. We've seen our value scores continue to improve. And every external survey that we've looked into, we've seen that data strong as well from a value proposition standpoint.

是的，大衛，我們並沒有看到某個地區、某個收入群體、城市與郊區有任何非典型性。艦隊的移動非常穩定。我們最近又對品牌健康評分進行了一次評估。我們的 NPS 實際上上升了。再說一次，我們在整個有限服務領域排名第二。我們看到我們的價值得分持續提高。在我們研究過的每一項外部調查中，我們都發現從價值主張的角度來看，這些數據也很有說服力。

And then as Tricia spoke to earlier, no trade down, no check management. So again, thinking more in the terms of the dynamic of the challenging hurdles, the launch of steak, as well as what you've seen across the industry in consumer discretionary of the headwinds that consumers are facing in general. So nothing that we've seen structural. And if anything, more confidence in the structural strength and long-term trajectory of the business, with the health of our NROs and the consistency no matter if it's Nashua, New Hampshire; Burlington, North Carolina, Plantation, Florida recently opened in Pittsburgh, only gets us more excited for the white space opportunity in front of us.

正如 Tricia 之前所說的那樣，沒有降價，就沒有支票管理。因此，再次，更多地從挑戰性障礙的動態、牛排的推出以及您在整個非必需消費品行業中看到的消費者普遍面臨的逆風的角度進行思考。所以我們還沒有看到任何結構性的東西。不管怎樣，我們對業務的結構實力和長期發展軌跡更有信心，我們的 NRO 狀況良好，無論是在新罕布什爾州的納舒厄、北卡羅來納州的伯靈頓、佛羅裡達州的普蘭泰申，還是最近在匹茲堡開業，我們的一致性都讓我們對面前的空白機會更加興奮。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

I have a wo-part question really. First of all, Tricia, as you're thinking about your guidance for the second half, I mean you were saying in the second quarter, same-store sales were impacted by the steak lapping. So as you're looking in the second half of the year, how much of the guidance is actually derisked? Or are you expecting to see another potential revision in terms of your expectations on the steak lapping?

我實際上有一個由兩個部分組成的問題。首先，特里西婭，當您考慮下半年的指導時，我的意思是您說在第二季度，同店銷售額受到了牛排包裹的影響。那麼，展望下半年，有多少指導意見其實是去風險化的？或者您是否期望看到對牛排搭接的期望發生另一次潛在的修改？

And then the other question I have is a little bit more general and looking in 2026 and beyond. I mean I'm trying to understand how you're thinking about the potential benefit it might be coming from the One Big Beautiful Bill in terms of accelerated depreciation and interest stability in terms of the accelerated unit growth that you might be seeing in 2026 and beyond.

我的另一個問題則更加籠統，著眼於 2026 年及以後。我的意思是，我想了解您如何看待「美麗一票法案」可能帶來的潛在好處，即加速折舊和利息穩定，以及您可能在 2026 年及以後看到的加速單位成長。

Yes. So to your first question regarding the lapping of steak and how we think about the rest of the year. Certainly, what we are -- what we saw in the second quarter was the trial period for the introduction of steak, of which we have passed. So as we go into Q3 and Q4, we're excited about our robust culinary innovation pipeline with chicken shawarma coming in the next few weeks as well as the introduction of cinnamon sugar pita chips, pita chips are becoming a very strong platform for us for flavor innovation, coupled with other enhancements to our loyalty program. So lots of things in the pipeline that drive same-restaurant sales and that's what gives us confidence in how we think about the business going forward and the trends we're seeing today.

是的。所以，對於你的第一個問題，關於牛排的搭接以及我們對今年剩餘時間的看法。當然，我們在第二季度看到的是推出牛排的試用期，我們已經過了試用期。因此，當我們進入第三季和第四季時，我們對強大的烹飪創新管道感到非常興奮，雞肉沙瓦瑪將在未來幾週推出，肉桂糖皮塔餅也將推出，皮塔餅將成為我們進行風味創新的強大平台，再加上我們忠誠度計劃的其他增強功能。因此，正在進行的許多事情都會推動同店銷售額的成長，這讓我們對未來的業務發展和我們今天看到的趨勢充滿信心。

Regarding your question regarding the Big Beautiful Bill implications. One of the biggest things is ironically around income taxes. And certainly, there's some benefits that we will experience that will push out our use of NOLs for another two years. So that's certainly something that's very helpful from a cash perspective.

關於您關於《大美麗法案》影響的問題。諷刺的是，其中最重要的事情之一與所得稅有關。當然，我們將體驗到一些好處，這將使我們對 NOL 的使用再延長兩年。所以從現金角度來看這肯定是非常有幫助的。

But really navigating changes in -- and this isn't really the -- to your specific question, but changes in the tariff situation are very fluid. They're happening all the time. So as we think about going into Q3 and Q4, there are some very modest tariff impact as some of our products are sourced from countries that have been impacted. All of that has been captured based on what we know today. It's been captured in our guidance. But there isn't anything other significant items.

但實際上，對於您的特定問題來說，關稅情況的變化是非常不穩定的。這些事一直在發生。因此，當我們考慮進入第三季和第四季時，關稅的影響會非常小，因為我們的一些產品來自受到影響的國家。所有這些都是根據我們今天所知道的資訊而得到的。它已被記錄在我們的指導中。但沒有其他重要物品。

We are very excited about our ability to continue to invest in new restaurants. The team has done an outstanding job navigating tariffs both on the supply chain side as well as the design, development, and construction side so that we're not anticipating material changes at all in our ability to grow and continue to leverage those robust new restaurant openings that we've been experiencing.

我們對能夠繼續投資新餐廳感到非常興奮。團隊在供應鏈以及設計、開發和施工方面的關稅處理方面做得非常出色，因此我們預計我們的成長能力和繼續利用我們所經歷的強勁新餐廳開業的能力不會發生任何重大變化。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great. Just one clarification in the near term. What do you attribute to the July improvement? You spoke about two-year trends improving, but I'm curious if this is just easy comparisons? Or did you see the three-year trend also improve?

太好了。近期只需澄清一點。您認為7月的改善是什麼原因造成的？您提到了兩年趨勢的改善，但我想知道這是否只是簡單的比較？或者您看到三年的趨勢也有所改善？

And the bigger picture question, though, is that this dynamic of strong year one sales volumes in '24 and '25 that leads to a lower new-store-maturation tailwind. Does that believe -- is that you to think that long-term same-store sales will be closer to low-single digit as you'll be facing this [embarrassment of] riches really. I mean it's a good problem to have. But or do you believe in the next few years with the playbook that you outlined that you can execute closer to your mid-single-digit track record.

然而，更大的問題是，2024 年和 2025 年第一年的銷售量強勁，導致新店成熟度順風減弱。您是否認為——長期同店銷售額將更接近低個位數，因為您真的會面臨這種財富的尷尬。我的意思是這是一個好問題。但是，您是否相信在未來幾年內，按照您所概述的策略，您可以實現更接近中等個位數的業績記錄。

Yes, regarding your first question, what do you attribute the improvement in July to. It's really the lap of steak. Steak was launched at the beginning of June. And so after we get through that lap, that helps accelerate the business, but also coupled with making sure we're delivering and enhancing our guest experience, being very relevant in the cultural conversation itself. And as Brett talked about a little while ago, continuing to test and optimize from a media mix modeling perspective. And so those are the factors that helps contribute to the acceleration after the lap of steak and then bring us into Q3 as we move forward.

是的，關於您的第一個問題，您認為 7 月的改善歸功於什麼？真是牛排一圈。Steak 於六月初推出。因此，在我們完成這一環節之後，這不僅有助於加速業務發展，還能確保我們提供並提升客戶體驗，這與文化對話本身息息相關。正如布雷特剛才所說，繼續從媒體組合模型的角度進行測試和最佳化。因此，這些因素有助於加速牛排圈之後的加速，然後帶我們進入 Q3。

Now regarding long-term same restaurant sales growth, I appreciate your color on being very fortunate to be in this place and driving outsized returns early on. We're going to keep a very close eye on it and continue to update. There isn't anything about the business that causes us any concern and we'll continue to focus on those restaurants in the upcoming quarters, give you updates.

現在關於長期同一餐廳的銷售成長，我很欣賞你們非常幸運地處於這個地方並在早期獲得了超額的回報。我們將密切關注並繼續更新。該業務沒有任何值得我們擔心的地方，我們將在接下來的幾個季度繼續關注這些餐廳，並向您提供最新資訊。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I guess I wanted to ask about the Assistant Manager additions. So Brett, can you talk about how that's planned to be rolled out? And is that more of a human resources pipeline building initiative? Or is there something you're seeing in the restaurants that you really want the assistant managers to focus on to elevate operations?

我想問一下有關助理經理的增補事宜。那麼布雷特，你能談談計劃如何實施嗎？這是否更像是一項人力資源管道建設計劃？或者您在餐廳中看到了什麼情況，您真的希望助理經理們關注這些問題，以提升營運水平？

Yes. Thanks, Sharon. It's a little bit of both. We will start the rollout in November and, through the course of the following six months, ramp up to staff roughly two-thirds of our restaurants with the AGM position. And what we're seeing is you talk about the three-year comp, you talked about when we went public -- right before we went public, I think our year one AUV model was [1.9 million], then it went to [2.1 million]. We recalibrated [2.3 million]. We have restaurants, the whole class is now trending above [$3 million].

是的。謝謝，莎倫。兩者都有一點。我們將於 11 月開始推出這項計劃，並在接下來的六個月內，逐步為大約三分之二的餐廳配備 AGM 職位。我們看到的是你談到的三年比較，你談到我們上市的時候——就在我們上市之前，我認為我們第一年的 AUV 模型是 [190 萬]，然後它上升到[210萬]我們重新校準[230萬]我們有餐廳，整個班級現在都很流行上面[300萬美元]。

These restaurants are doing significant high volumes, and we want to make sure as we always have, that we continue to invest in our team, invest in the business and the guest experience and put that support in the restaurants so that we now have more seasoned leadership and a second manager. We have GM ITs in many restaurants, but this is a more experienced position that helps support not only the General Manager and the leader, but to create more balance shifts and greater support on nights and weekends and has the -- also the double impact of building and deepening our pipeline to have role ready leaders to support our new restaurant openings.

這些餐廳的客流量非常大，我們希望像往常一樣確保繼續投資於我們的團隊，投資於業務和顧客體驗，並將這種支持投入到餐廳中，以便我們現在擁有更多經驗豐富的領導和第二位經理。我們在許多餐廳都有總經理 IT，但這個職位經驗更豐富，不僅可以幫助支持總經理和領導者，還可以創造更多的平衡輪班，並在夜間和周末提供更多支持，並且還有雙重影響，即建立和深化我們的渠道，讓隨時準備擔任角色的領導者來支持我們新餐廳的開業。

So we're very excited about this. And again, we always are looking operationally to stay in front of the business and how we can continue to invest in our guests and in our team. And this just gives a stronger leadership complement, especially in our high-volume restaurants.

所以我們對此感到非常興奮。再次強調，我們始終致力於在營運上保持領先地位，並尋求如何繼續投資我們的客人和團隊。這為我們提供了更強大的領導力補充，特別是在我們客流量很大的餐廳。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Can you talk to the 2Q mix part of the comp component looked a little bit lower, maybe a little more promotional activity or something going on during the quarter. And then looking forward with chicken shawarma, do you expect that to be at a premium price versus chicken items on the menu, so maybe a little bit of a mix driver there?

您能否談談第二季的綜合部分，看起來稍微低了一點，也許是本季促銷活動多了一些，或者發生了其他什麼事情？然後展望雞肉沙瓦瑪，您是否認為它的價格會比菜單上的雞肉產品更高，所以可能有點混合驅動？

So as we looked at mix, we didn't see significant changes overall. So we talked a little bit earlier premium attachments are consistent with what we've seen before, also seeing increases in pita chip attachment overall. As we think about chicken shawarma, that will have a premium price, not at the same level as steak, but it will be a premium price and does come with a little bit of a higher cost as well because of hand stacked and marinated and processed for our restaurants overall.

因此，當我們觀察混合時，我們並沒有看到整體上的重大變化。因此，我們之前談到的優質配件與我們之前看到的一致，並且總體上也看到了皮塔餅片附件的增加。當我們考慮雞肉沙瓦瑪時，它會有一個溢價，與牛排的水平不同，但它將是一個溢價，並且由於我們的餐廳總體上是手工堆放，醃製和加工的，因此成本也會更高一些。

And then you asked about promos, really warrant highly promotional. We saw others trying to buy sales in the quarter and that isn't something that we're going to do. We don't want to discount our brand. What we're focused on is the long term continuing to do the things Brett talked about and investing in team members and guests and bringing CAVA to more and more people across the country.

然後你問到促銷，確實值得大力宣傳。我們看到其他人試圖在本季購買銷售額，但這不是我們要做的事情。我們不想貶低我們的品牌。我們關注的是長期繼續做布雷特談論的事情，投資團隊成員和客人，並將 CAVA 帶給全國越來越多的人。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

I wanted to revisit the question on marketing, if I could. Now that you've crossed the $1 billion of trailing system sales, congratulations on that. What kind of marketing opportunities could potentially open for you? In other words, I mean, are there platforms or services or other types of reach that you can now have or at least have more frequently now that you're getting to be and have the visibility to be an even bigger company. That's part A of the question.

如果可以的話，我想重新討論一下有關行銷的問題。現在您的追蹤系統銷售額已突破 10 億美元，對此我們表示祝賀。哪些類型的行銷機會可能會為您帶來？換句話說，我的意思是，現在您是否可以擁有或至少更頻繁地擁有平台、服務或其他類型的影響力，因為您正在成為一家更大的公司，並且擁有知名度。這是問題的 A 部分。

And part B, it's competition in a market like New York, but I'll just choose that one, is notably evolving and changing, I would even argue increasing in a lot of trade areas who clearly want your customer base, your customer occasion. Could you comment on competition of whether there are pockets where you've seen short-term impact and how you've typically done with that impact over some series of months or quarters?

B 部分是紐約這樣的市場的競爭，但我只選擇這一部分，這個市場正在顯著發展和變化，我什至認為許多貿易領域的競爭正在增加，這些貿易領域顯然想要你的客戶群和客戶機會。您能否評論一下競爭情況，是否存在一些短期影響，以及您通常如何應對幾個月或幾季內這種影響？

Yes, John. In regards to competition, it's no different today than it's always been in the restaurant industry. What are you doing to have the people, the guests walk by the three restaurants next to you to come in and share a meal with you as opposed to your competition. And that ebbs and flows, but it's always been there, and it's always our job to make a more compelling relevant experience for our guests and value proposition for them. And we haven't seen anything in the New York market, in particular. That's different from any other market across the country. We have not seen any specific pockets of weakness, certainly related to competition.

是的，約翰。就競爭而言，如今的餐飲業與以往並沒有什麼不同。您正在採取什麼措施來吸引人們、客人經過您旁邊的三家餐廳並進來與您共享美食，而不是與您的競爭對手共享美食？儘管這種情況時有起伏，但始終存在，而我們的工作始終是為客人提供更引人注目的相關體驗和價值主張。尤其是在紐約市場，我們還沒有看到任何動靜。這與全國任何其他市場都不同。我們沒有發現任何具體的弱點，這肯定與競爭有關。

On the marketing point, that is a lever we absolutely have to be able to pull that we have not pulled to date in a meaningful way. We certainly have culinary innovation. We have the long secular tailwinds of Mediterranean in the category that we dominate and define. So we have had these great tailwinds on fueling us for the last few years and marketing is another lever to pull at the appropriate time.

從行銷角度來看，這是我們絕對必須能夠利用的槓桿，但迄今為止我們還沒有以有意義的方式利用它。我們確實有烹飪創新。在我們主導和定義的類別中，我們擁有地中海的長期順風。因此，過去幾年我們一直受益於這些巨大的順風，而在適當的時候，行銷是另一個可以利用的槓桿。

And as you said, crossing $1 billion in revenue, we are starting to get scale in certain markets where we have a scaled enough restaurant base that it can start to make sense to amortize and leverage those investments across those markets. And certainly, things like we've tested CCTV over the top certainly outdoor and some upper funnel activity. We still see pay being highly efficient, effective, lower funnel, and we've done some tests in the quarter to lean into that a little bit and understand the efficacy of it. So that's absolutely a lever we'll look to pull at the appropriate time and something that hasn't been embedded in our comps to date.

正如您所說，收入突破 10 億美元後，我們開始在某些市場實現規模化，在這些市場中，我們擁有足夠規模的餐廳基礎，因此在這些市場上攤銷和利用這些投資是有意義的。當然，我們已經測試了頂部的閉路電視監控，當然還有戶外的和一些上層漏斗活動。我們仍然認為薪酬是高度高效的、有效的、較低的漏斗，我們在本季度做了一些測試，以稍微傾向於這一點並了解它的功效。因此，這絕對是我們在適當的時候會考慮採取的手段，也是迄今為止我們的同類產品中尚未嵌入的手段。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

I wanted to ask what you said in the prepaid remarks about Hyphen. Maybe just talk a little bit about how that came together what. Makes you think that technology could be an attractive option for CAVA? And just kind of related to that, as you move to the pilot that you mentioned, what are the key things you'll be watching? Just talk about what success looks like short term and long term there.

我想問一下您在預付備註中關於 Hyphen 的說法。也許只是稍微談論一下這一切是如何形成的。您是否認為科技對於 CAVA 來說是一個有吸引力的選擇？與此相關的是，當您談到您提到的試播節目時，您會關注的關鍵內容是什麼？只談短期和長期的成功是什麼樣子的。

Yes. We've been speaking with the team for a few years now. We've looked at a lot of different automation companies. We are familiar with the space. We have a lot of automated equipment in our manufacturing facilities, our pneumatic fillers. And what -- we like the approach of the Hyphen team and the progress that they've made. And we look at it again is how do we make our restaurants easier run, how do we free up our team members to deliver human connection.

是的。我們已經與該團隊交談了幾年。我們考察過很多不同的自動化公司。我們對這個空間很熟悉。我們的製造工廠中有很多自動化設備，即氣動填充機。我們喜歡 Hyphen 團隊的方法以及他們所取得的進展。我們再次審視如何讓我們的餐廳更容易經營，如何讓我們的團隊成員自由地進行人際關係。

And when you look at our channel -- our multichannel experience, one of the biggest opportunities we have is digital order accuracy. And we know that on the digital channel, our guest priorities are convenience, speed and accuracy. And this is where automation can come and deliver that on behalf of our team members and help our team members and alleviate some of the labor requirements on those second make lines to free that labor component up to be able to interact with our guests be in the dining room, be on the main serving line in the restaurant and delivering that human connection.

當您查看我們的管道—我們的多通路體驗時，我們最大的機會之一就是數位訂單準確性。我們知道，在數位管道上，客人最優先考慮的是便利性、速度和準確性。而這正是自動化可以發揮作用的地方，它可以代表我們的團隊成員實現這一點，幫助我們的團隊成員，減輕第二條生產線上的一些勞動力需求，從而釋放勞動力，使他們能夠與餐廳裡的客人互動，在餐廳的主要服務線上傳遞人性化的聯繫。

So we see it with a couple of benefits and second order benefits of making our restaurants easier to run, delivering better, more accurate, consistent guest experiences and allowing us to reallocate labor to deliver that great Mediterranean hospitality.

因此，我們認為它有幾個好處，其次是讓我們的餐廳更容易經營，提供更好、更準確、更一致的顧客體驗，並允許我們重新分配勞動力來提供優質的地中海式款待。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Maybe just kind of following that same thread in terms of the tech investments you had mentioned, Brett, earlier in the call with respect to KDS or the AI camera. I'm just curious if you could -- I still -- I understand it's still in test for many of them, but is there any chance you could quantify what you're seeing with respect to store profit improvements with those technology in the stores? And then as you're thinking through using those or rolling those out to the store base, do you expect to take some of the savings that you'll generate and use that to fund the AGM investments in the stores over the next 12 months or so?

布雷特，也許只是按照您之前在電話會議上提到的有關 KDS 或 AI 相機的技術投資的思路來做。我只是好奇，您是否可以——我仍然——我知道其中許多技術仍在測試中，但您是否可以量化您在商店中看到的這些技術對商店利潤的改善情況？然後，當您考慮使用這些或將其推廣到商店基地時，您是否希望拿出一些節省下來的資金來資助未來 12 個月左右商店的年度股東大會投資？

Hey, Jon, the kitchen, this latest screen system is in 95 restaurants today. It will be in 270 by the end of the year. And we are seeing improvement in accuracy and productivity in some of these restaurants. We haven't quantified it to date. But when you think about the kitchen display screen system, the TurboChef ovens which are now in 188 restaurants, it will be in all restaurants by the end of the year.

嘿，喬恩，廚房，這個最新的螢幕系統目前已經在 95 家餐廳使用。到今年底將達到 270 個。我們看到其中一些餐廳的準確性和生產效率正在提高。到目前為止我們還沒有對其進行量化。但當你想到廚房顯示器系統時，TurboChef 烤箱現在已經出現在 188 家餐廳中，到今年年底它將出現在所有餐廳中。

Again, this makes our operations easier to use. We are seeing guest improvement scores. And then the AGM position in the test pilot we've seen this role in a sense, be self-funded with some transaction growth we've seen, having that stronger manager complement across all shifts throughout the 14-day part seven lunch and seven dinner.

再次，這使得我們的操作更容易使用。我們看到了客人分數的提高。然後，我們在測試試點中的 AGM 職位在某種意義上看到了這個角色，它是自籌資金的，我們看到了一些交易增長，在為期 14 天的第七部分午餐和第七晚餐期間，所有班次都有更強大的經理補充。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just a question on the margin and earnings flow-through. The 2Q upside, despite the comp shortfall. I assume that shortfall probably caught you by surprise in June, but the fact that you were still able to beat those expectations pretty handily. Just hoping to get your kind of bigger picture thoughts on over-earning. Maybe there's an opportunity to reinvest in the system. Maybe there are some areas that could help drive sales long term, whether it's in value or labor hours.

偉大的。我只是想問一下利潤和收益流轉的問題。儘管同店銷售額下降，但第二季仍具有上漲空間。我認為 6 月的缺口可能會讓你感到意外，但事實上你仍然能夠相當輕鬆地超越這些預期。只是希望了解您對過度賺錢的更宏觀的看法。也許有機會對該系統進行重新投資。也許有些領域可以幫助長期推動銷售，無論是價值還是工時。

Just seems like an operator's dream to have the upside that you're seeing to margin earnings to potentially reinvest or whether you feel like these are levels that you want to stay at? And therefore, there isn't as much incremental opportunity to reinvest in the system

似乎運營商的夢想是擁有您所看到的利潤成長潛力，以便進行潛在的再投資，或者您是否覺得這些是您想要保持的水平？因此，沒有太多機會對系統進行再投資

Certainly, in the quarter, the strong NRO performance contributed to our ability to manage the lower-than-expected same-restaurant sales. I will also call out that at these AUVs, it's easier to manage disruptions or less than expectations from a sales perspective. And the team does a remarkable job in acting with agility and really adjusting the business as they keep a close eye on it each and every day and each and every week. So those things combined certainly contribute to it.

當然，在本季度，強勁的 NRO 表現有助於我們管理低於預期的同店銷售。我還要指出的是，從銷售角度來看，這些 AUV 更容易管理中斷或低於預期的情況。團隊在每天、每週密切關注業務的同時，行動敏捷、調整業務，表現出色。所以這些因素結合起來肯定會對它產生影響。

And then regarding reinvestments, we're always looking at the business to make reinvestments and back in the team member or in the guest. And in this quarter, we didn't have outside investments that we made, but we're still able to deliver on our expectations from a restaurant-level-margin perspective and adjusted EBITDA that we contributed

關於再投資，我們始終專注於業務，進行再投資，並將其回饋給團隊成員或客人。本季度，我們沒有進行外部投資，但我們仍然能夠從餐廳利潤率的角度實現我們的預期，並且我們貢獻了調整後的 EBITDA

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Just another one on the strong new store opens as Andrew, if I could. Any additional commentary on kind of what year two could look like, how the algorithm could change? Or is it just too early given the strength you're seeing across these recent cohorts.

如果可以的話，我只想再開一家像安德魯一樣強大的新店。對於第二年的情況以及演算法將如何變化，您還有什麼其他評論嗎？或者，考慮到最近這些群體所展現的實力，現在下結論還為時過早。

I guess more importantly, as you think about this dynamic, which is a strong issue or whatever the right word is to have, do you contemplate what you do to support that year two performance, whether it's marketing or something else? Or again, is it really just a function of that really strong year one and then you don't worry too much about how to support that year or two on these stronger cohorts.

我想更重要的是，當您思考這個動態時，這是一個強大的問題或無論用什麼詞來表達，您是否考慮過要做什麼來支持第二年的表現，無論是行銷還是其他什麼？或者說，這實際上只是第一年表現強勁的一個功能，然後你就不用太擔心如何在那一兩年支持這些更強大的群體。

Yes. So when we look at the 2023 cohort and how they're performing in year two, they're outpacing our expectations from a cash-on-cash return perspective and delivering at a 50% cash-on-cash return. And as I mentioned, the 2024 cohort is delivering at about 40% cash-on-cash returns, which was what we thought they would do a year from now. And so looking at those restaurants, it's a combination of higher sales performance as well as better-than-expected restaurant level margins in those restaurants with a very stable CapEx investment.

是的。因此，當我們觀察 2023 年的隊列及其在第二年的表現時，從現金回報率的角度來看，他們超出了我們的預期，實現了 50% 的現金回報率。正如我所提到的，2024 年的群體實現了約 40% 的現金回報率，這正是我們預計他們一年後會實現的。因此，看看這些餐廳，它們既有更高的銷售業績，也有好於預期的餐廳利潤率，而且資本支出投資非常穩定。

So I don't see that that changing very significantly. And the dynamic is we're just accelerating and pulling forward those good -- that good value and that investment return for us. Do I want -- I will continue to look at it and we'll work and share more information at this point. We're not going to revise anything. We believe that opening year one at [2.3] and growing 10% makes sense. And then when you perform above that, we naturally would have to think that, that might be a pull forward that you'd have to reflect appropriately

所以我認為這種情況不會有很大變化。而動態是，我們只是在加速並推動那些好的——好的價值和投資回報。我是否想要——我會繼續關注它，我們將在此時合作並分享更多。我們不會修改任何內容。我們認為，第一年的開局價格為 2.3，且成長 10% 是合理的。然後，當你的表現超出這個水平時，我們自然會認為，這可能是一個向前的推動力，你必須適當地反思

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Just back to the Q2 comps, I think you said no regional differences. But curious if you're seeing any differences from a day part or day-of-the-week perspective, And as it relates to sales transfer and as you build out existing markets, I'm curious to what degree that might have increased and maybe having a greater impact on comps.

回到第二季的比較，我認為您說沒有地區差異。但我很好奇，您是否從一天中的某個部分或一周中的某天的角度看到了任何差異，並且由於它與銷售轉移有關，並且當您建立現有市場時，我很好奇這種差異可能會增加到何種程度，並且可能對同類產品產生更大的影響。

We are not seeing any shifts in daypart, seeing consistent performance between urban, suburban, and specialty markets. saw a slight increase in our digital mix, partially driven by delivery, but more so by in-restaurant pickup. There really isn't anything that stands out overall.

我們沒有看到時段有任何變化，城市、郊區和專業市場之間的表現一致。我們的數位組合略有增加，部分原因是送貨，但更多的是受到餐廳內取餐的推動。整體來說確實沒有什麼突出的地方。

And when we think about sales transfer, that's a natural part of our growth and development. And what we find is that when we do open restaurants and there's some sales transfer, one plus one ends up being three, which is what drives continued value and the strength we're seeing gives us the confidence in that white-space opportunity and for us to be at least 1,000 restaurants by 2032.

當我們考慮銷售轉移時，這是我們成長和發展的自然組成部分。我們發現，當我們開設餐廳並進行一些銷售轉移時，一加一等於三，這就是推動持續價值的因素，我們看到的優勢讓我們對這個空白機會充滿信心，並且到 2032 年我們將擁有至少 1,000 家餐廳。

Eric Gonzalez, KeyBanc.

艾瑞克·岡薩雷斯（Eric Gonzalez），KeyBanc。

I wanted to ask about throughput, maybe perhaps you could speak to any metrics you're willing to share? And do you think there's an opportunity to capture more of the excess demand as your stores develop that in muscle memory over time.

我想問一下吞吐量，也許您可以談談您願意分享的任何指標？您是否認為，隨著您的商店逐漸形成肌肉記憶，是否有機會捕捉更多的過剩需求？

Yes. Thanks for the question. We've talked about in the past, we want to be mindful of not pushing our team and our guests too hard, too fast. This is many guests first time experiencing Mediterranean, certainly experiencing the CAVA brand. And we've seen some of that negative impact in some of our peers that have overly focused on it.

是的。謝謝你的提問。我們過去曾談過，我們要注意不要對我們的團隊和客人施加太大、太快的壓力。這是許多客人第一次體驗地中海，當然也是第一次體驗CAVA品牌。我們也看到一些同行因為過度關注這個問題而產生了一些負面影響。

Having said that, we want to make sure guests aren't frustrated getting through the line and that the long lines we have in our restaurants don't intimidate folks from coming in and getting their CAVA meal. So we are working to support our team to help them naturally do that, whether that's our kitchen display screen system. Whether it was under the new labor deployment model we rolled out late last year.

話雖如此，我們希望確保客人不會因為排隊而感到沮喪，並且我們餐廳的長隊不會阻止人們進來享用他們的 CAVA 餐點。因此，我們正在努力支持我們的團隊，幫助他們自然地做到這一點，無論是我們的廚房顯示器系統。無論這是否是我們去年年底推出的新的勞動力部署模式。

And we do track it internally, and we do track at peak. Are they using the proper labor deployments and complement of hours. And we are seeing improvements where the teams are adhering to those disciplines. So we continue to work with them. And then as I talked about the AGM test -- the Assistant General Manager test, having more seasoned leadership across all shifts is also an opportunity to drive improved speed of service and transaction growth as we roll that program out.

我們確實在內部進行跟踪，並且確實在高峰期進行跟踪。他們是否採用了適當的勞動力部署和工時補充？我們看到團隊在遵守這些紀律方面取得了進展。因此我們繼續與他們合作。然後，正如我談到的年度股東大會測試——助理總經理測試，在我們推出該計劃時，在所有班次中擁有更多經驗豐富的領導也是推動服務速度和交易增長的機會。

So very focused on striking the right balance as we are in brand building mode in growth mode and many guests first time experiencing us. But also mindful of not having the lines be too long and frustrating other guests.

由於我們正處於品牌建立模式和成長模式，而且許多客人都是第一次體驗我們，因此我們非常注重取得正確的平衡。但也要注意不要讓隊伍太長而讓其他客人感到沮喪。

Thank you very much. There are no further questions at this time. I'd like to turn the call over to CEO and Co-Founder, Mr. Brett Schulman, for closing comments. Sir, please go ahead.

非常感謝。目前沒有其他問題。我想將電話轉給執行長兼聯合創始人 Brett Schulman 先生，請他發表最後評論。先生，請繼續。

I want to thank everyone for joining us today. Before we wrap, I want to take a moment to share my gratitude for our entire team. Just days ago, we celebrated our 400th restaurant, a milestone that reflects how far we've come and how deeply we remain rooted in our mission to bring heart ,health, and community to food.

我要感謝今天與我們一起參加的各位。在結束之前，我想花點時間表達我對我們整個團隊的感激之情。就在幾天前，我們慶祝了第 400 家餐廳的開業，這一里程碑反映了我們取得的進步以及我們在將心靈、健康和社區帶入食物的使命中根深蒂固的決心。

As summer draws to a close, we're also mindful of the recent floods in Texas and the many lives impacted. Our thoughts are with those affected and we remain committed to supporting our communities. Through meal donations, the first responders and local residents were reminded that nourishing our communities and showing care are at the heart of who we are.

隨著夏季即將結束，我們也關注著德州最近發生的洪水以及受影響的眾多生命。我們與受影響的人們同在，並將繼續致力於支持我們的社區。透過捐贈餐食，急救人員和當地居民意識到滋養社區和關懷社區是我們的核心。

Thank you for your time and support, and we look forward to continuing this journey together and speaking with you next quarter.

感謝您的時間和支持，我們期待繼續這趟旅程並在下個季度與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，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。