CAVA Group Inc (CAVA) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CAVA Q3 2025 Earnings Call.

女士們、先生們，下午好，歡迎參加 CAVA 2025 年第三季財報電話會議。

(Operator Instructions) This call is being recorded on Tuesday, November 4, 2025.

（操作員指示）本次通話於2025年11月4日星期二進行錄音。

I would now like to turn the conference over to Matt Milanovich, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係主管馬特·米拉諾維奇。請繼續。

Good afternoon, and welcome to CAVA's third 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. 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 between 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 any reasonable efforts in today's earnings release and supplemental deck, each of which is posted on the company's website.

下午好，歡迎參加 CAVA 2025 年第三季財務業績電話會議。在會議開始之前，如果您還沒有相關文件，可以在我們的網站 investor.cava.com 上找到盈利報告和提交給美國證券交易委員會 (SEC) 的 8-K 表格。本次電話會議的目的是向投資者提供公司財務業績的更多詳情以及公司發展的最新進展。您可以在今天的獲利報告和補充文件中找到今天電話會議上討論的非GAAP財務指標與根據GAAP計算的最直接可比財務指標之間的調節表（在無需任何合理努力的情況下）。這兩份文件均已發佈在公司網站上。

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，本次電話會議中任何非歷史事實的陳述均可被視為前瞻性陳述。投資人應注意，任何前瞻性陳述都存在各種風險和不確定性，可能導致實際結果與今天在此討論的結果有重大差異。

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

CAVA 在其最新的 10-K 表格年度報告中詳細解釋了這些風險因素，這些風險因素可能會在其 10-Q 表格報告和向美國證券交易委員會提交的其他文件中進行更新。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，請參閱這些文件。所有前瞻性聲明均截至今日，除法律要求外，CAVA 不承擔因新資訊、未來發展或其他原因而公開更新或修訂任何前瞻性聲明的義務。

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

現在我將把電話交給公司聯合創始人兼執行長布雷特舒爾曼。

Thanks, Matt, and welcome to the call, everyone. During the third quarter of 2025, we continue to strengthen our leadership in Mediterranean, a category we have pioneered and are rapidly growing while staying true to our mission of bringing heart, health and humanity to food.

謝謝馬特，歡迎各位參加通話。2025 年第三季度，我們將繼續鞏固我們在地中海美食領域的領先地位。地中海美食是我們開創的領域，我們正在快速發展，同時我們始終秉持著將愛、健康和人文精神帶入美食的使命。

As consumers today face a challenging environment, the relevance of Mediterranean cuisine and the way we deliver to CAVA continues to resonate deeply. This differentiation enables strong average unit volumes, consistent value creation and the structural strength of our model, with growing market share and significant white space ahead, we remain confident and steadfast in our ability to create lasting value, build enduring guest loyalty and reinforce our position as the clear leader of the Mediterranean category.

如今消費者面臨著充滿挑戰的環境，地中海美食的相關性以及我們為 CAVA 提供的服務方式仍然引起了強烈的共鳴。這種差異化優勢使我們能夠實現強勁的平均單位銷售、持續的價值創造以及我們模式的結構優勢。隨著市場份額的成長和未來巨大的市場空白，我們仍然對創造持久價值、建立持久的客戶忠誠度以及鞏固我們作為地中海餐飲品類絕對領導者的地位充滿信心和堅定決心。

Our third quarter highlights include a 20% increase in CAVA revenue and a 66.8% increase over the last two years. CAVA same restaurant sales growth of 1.9% and restaurant level profit margin of 24.6%, 17 net new restaurants, ending the quarter with 415 restaurants, a 17.9% increase year-over-year. Adjusted EBITDA of $40 million, a 19.6% increase over the third quarter of 2024, net income of $14.7 million and $23.3 million in year-to-date free cash flow.

第三季亮點包括 CAVA 收入成長 20%，以及過去兩年成長 66.8%。CAVA 同店銷售額成長 1.9%，餐廳層級利潤率為 24.6%，淨新增 17 家餐廳，季末餐廳總數達到 415 家，較去年同期成長 17.9%。調整後 EBITDA 為 4,000 萬美元，比 2024 年第三季成長 19.6%；淨收入為 1,470 萬美元；年初至今自由現金流為 2,330 萬美元。

As I've shared in prior quarters, our brand proposition is strong and continues to strengthen as reflected in our expanding market share. Since 2019, while overall restaurant industry sales have grown, industry transactions have declined, yet CAVA has not only maintained but increased our market share significantly by delivering on our promise of high-quality food, brand relevance, curated guest experiences and seamless convenience.

正如我前幾季所分享的，我們的品牌定位非常強大，並且隨著市場佔有率的不斷擴大而持續增強。自 2019 年以來，雖然餐飲業整體銷售額有所增長，但行業交易量卻有所下降，然而 CAVA 不僅保持了市場份額，而且還通過兌現我們對高品質食品、品牌相關性、精心策劃的顧客體驗和無縫便利的承諾，顯著提高了市場份額。

During that same time frame, we have worked relentlessly to make our food more accessible to guests, underpricing CPI by almost 10%, while taking less than half the aggregate, 34% price increases of industry peers. At the same time, we recognize that today's environment is creating real pressures for consumers especially younger guests who are making more deliberate choices about where they spent. It's incumbent upon restaurants to deliver exceptional experiences and differentiated value to guests. That's why the foundation my co-founders and I built 15 years ago is more important than ever.

在同一時期，我們不懈努力，使我們的食物更容易被顧客接受，定價比消費者物價指數低近 10%，同時價格漲幅不到行業同行的一半（行業同行的價格漲幅為 34%）。同時，我們也意識到，現今的環境給消費者帶來了真正的壓力，尤其是年輕的消費者，他們在選擇消費地點時會更加謹慎。餐廳有責任為顧客提供卓越的體驗和差異化的價值。正因如此，我和我的共同創辦人15年前奠定的基礎比以往任何時候都更重要。

From day one, our aspiration was simple to make our Mediterranean cuisine accessible to communities across the country, delivering it with welcoming hospitality while serving as a platform for our team members to build a career, not just have employment. This concept essence continues to guide everything we do to this day. As we capture the white space opportunity ahead of us, our growing market share is driven by the intention rooted in our first strategic pillar, expand our Mediterranean Way in communities across the country.

從一開始，我們的願景就很簡單，那就是讓全國各地的社區都能享用到我們的地中海美食，並以熱情好客的方式提供美食，同時為我們的團隊成員提供一個發展事業的平台，而不僅僅是提供一份工作。這理念精髓至今仍指導著我們的一切行動。當我們抓住眼前的空白市場機會時，我們不斷增長的市場份額源於我們第一個戰略支柱的意圖，即在全國各地的社區推廣我們的地中海之道。

During the third quarter, we opened 17 net new restaurants, bringing our total restaurant count to 415 locations across 28 states and the District of Columbia. Amongst them was our highly anticipated Brickell opening in Miami where the energy and enthusiasm from our guests was palpable. A powerful reminder that with every new CAVA, we're not just growing our footprint, but also deepening connection and fostering community.

第三季度，我們淨增 17 家餐廳，使我們在 28 個州和哥倫比亞特區的餐廳總數達到 415 家。其中包括我們備受期待的邁阿密布里克爾店開業，賓客們的熱情和活力顯而易見。這有力地提醒我們，每一次新的 CAVA 活動，不僅擴大了我們的影響力，也加深了彼此的聯繫，促進了社區的建設。

Recent openings also highlight projects sold, our restaurant redesign initiative that brings the Mediterranean Way to life through warm tones, greenery, natural light and softer seating, design elements that turn our restaurants into welcoming places to dine. The project sold prototype is now finished and the complete design will roll out in new openings next year. And just as our environments invite connection so do our bold Mediterranean flavors.

最近新開幕的餐廳也重點介紹了已售出的項目，以及我們的餐廳重新設計計劃，該計劃通過溫暖的色調、綠植、自然光和更柔軟的座椅，將地中海風情帶入生活，這些設計元素將我們的餐廳變成溫馨的用餐場所。該項目售出的原型現已完成，完整設計將於明年在新店開幕時推出。正如我們的環境能夠促進人與人之間的連結一樣，我們濃鬱的地中海風味也能做到這一點。

Earlier this quarter, we introduced our latest protein innovation to consume juicy roasted chicken breasts marinated in a signature spice blood and hand stacked on a spit. The launch performed to our market test expectations with incidence levels that showed strong guest responsiveness and healthy engagement across our restaurants.

本季度初，我們推出了最新的蛋白質創新產品——鮮嫩多汁的烤雞胸肉，用特製香料醃製，手工串在烤肉架上烤製而成。此次新品上市符合我們的市場測試預期，顧客反應熱烈，餐廳整體參與度良好。

Another example of how distinctive, innovative and satisfying flavors rooted in health continue to resonate with our guests. That same spirit of innovation comes through with our recent salmon market test, which has shown encouraging results.

這再次證明，以健康為基礎的獨特、創新和令人滿意的口味能夠持續引起顧客的共鳴。這種創新精神也體現在我們最近的鮭魚市場測試中，該測試取得了令人鼓舞的結果。

Salmon is a natural fit for our menu and represents an exciting milestone as our first ever seafood offering. Our roasted flaky fillet marinade in a subtly sweet blend of (technical difficulty), red wine vinegar and bold spices not only complements our Mediterranean flavors beautifully, but also broadens the variety we can offer guests.

鮭魚非常適合我們的菜單，作為我們首次推出的海鮮產品，它代表著一個令人興奮的里程碑。我們烤好的片狀魚片醃料，以略帶甜味的紅酒醋和濃鬱的香料混合而成（技術難度較高），不僅完美地襯託了我們的地中海風味，也拓寬了我們能為客人提供的菜餚種類。

Early results reaffirm the strong potential we see and if performance continues, we will plan to expand salmon more broadly across our restaurants in late spring of 2026. While proteins like salmon and chicken shwarma remain a critical focus of our culinary innovation pipeline, we also know that smaller touches can carry just as much weight in keeping our guests excited.

初步結果再次印證了我們所看到的巨大潛力，如果業績持續增長，我們計劃在 2026 年春末將鮭魚更廣泛地推廣到我們的所有餐廳。雖然像鮭魚和雞肉沙瓦瑪這樣的蛋白質仍然是我們烹飪創新路線圖的重點，但我們也知道，一些小的細節也能起到同樣重要的作用，讓我們的顧客感到興奮。

Our Peter Chip are a perfect example. Last month, we introduced cinnamon sugar Peter Chip, dusted with cinnamon sugar and the hint of cardamom paired with honey for dipping. The sweet twists on a fan favorite that brings both snacking and dessert occasions to life.

我們的彼得·奇普就是一個完美的例子。上個月，我們推出了肉桂糖彼得薯片，上面撒滿了肉桂糖和少許荳蔻，搭配蜂蜜蘸著吃。這款深受喜愛的甜點進行了甜蜜的改良，讓零食和甜點場合都變得生動有趣。

Shifting to our second pillar, deepen personal relationships with guests even as we scale. This past October marked the one-year anniversary of our rewards reimagined relaunch. And since then, the program has grown by approximately 36% and has become a key platform for connecting with guests in a more personal, meaningful and creative ways.

接下來，我們將轉向第二個支柱，即在規模擴大的同時，加深與客人的個人關係。去年十月是我們重新設計的獎勵計畫推出一週年紀念。從那時起，該計劃增長了約 36%，並已成為以更個性化、更有意義和更具創意的方式與客人建立聯繫的關鍵平台。

Building on that momentum, we recently introduced tiered status levels as the next phase of the program. Through our new sea, sand and sun structure, members now enjoy differentiated benefits and surprise and delight experiences designed to celebrate their loyalty and strengthen long-term engagements. As an extension of our brand spirit of generosity, we also launched status matching to welcome new members and encourage deeper participation. While status matching is a first of its kind offering in our industry, we see it simply as another way to express our concept essence. The latest evolution of our program also includes an expanded rewards catalog with seasonal offerings and fresh new ways to engage.

乘著這股勢頭，我們最近推出了分級身份等級，作為該計劃的下一階段。透過我們全新的海洋、沙灘和陽光結構，會員現在可以享受差異化的福利和驚喜體驗，旨在慶祝他們的忠誠並加強長期聯繫。作為我們慷慨品牌精神的延伸，我們也推出了身分匹配功能，以歡迎新成員並鼓勵更深入的參與。雖然狀態匹配是我們行業中首創的功能，但我們認為它只是表達我們理念本質的另一種方式。我們計劃的最新升級還包括擴大獎勵目錄，提供季節性優惠和全新的互動方式。

With every enhancement, our goal is to create a deeper sense of belonging and continuity for our guests, whether it's elevating hospitality, improving order accuracy or better speed of service at our core is our commitment to building a strong operational foundation.

我們每一次改進的目標都是為顧客創造更深層的歸屬感和延續感，無論是提升服務水準、提高訂單準確率或加快服務速度，我們始終致力於建立強大的營運基礎。

And regardless of near-term cyclical pressures on the consumer, we're doubling down and focusing now more than ever on delivering for the long term with exceptional guest experiences and ensuring that our restaurants are staffed with team members that are equipped, empowered and trained to run great restaurants every location, every shift, our third strategic pillar. The world technology plays in our restaurants is important and providing our team members with the tools to deliver consistently great experiences as a key focus area.

儘管消費者面臨短期週期性壓力，但我們仍將加倍努力，比以往任何時候都更加專注於長期發展，提供卓越的顧客體驗，並確保我們的餐廳配備有裝備、有權力、有培訓的團隊成員，以便在每個地點、每個班次都能經營出優秀的餐廳，這是我們的第三大戰略支柱。世界科技在我們餐廳中扮演著重要的角色，為我們的團隊成員提供工具，以持續提供卓越的顧客體驗，是我們重點關注的領域。

An initiative in that spirit is our new kitchen display system which we are now on track to roll out to at least 350 locations by year-end with over 200 restaurants live today. We are continuing to see encouraging results as restaurants with the new KDS are experiencing higher guest satisfaction scores, driven by improved digital accuracy and proactive guest order status notification capabilities.

本著這種精神，我們推出了新的廚房顯示系統，目前正按計劃推進，到年底前至少在 350 個地點推廣，目前已有 200 多家餐廳投入使用。我們持續看到令人鼓舞的結果，採用新KDS的餐廳的顧客滿意度得分更高，這得益於數字準確性的提高和主動的顧客訂單狀態通知功能。

In addition to improvements across technology, we're also investing in equipment that makes our restaurants easier to run, such as our TurboChef ovens. All CAVA restaurants are now equipped with a TurboChef oven. These ovens allow for faster, more consistent cook times, enabling simpler execution in our restaurants while elevating food quality.

除了技術上的改進，我們也正在投資一些能讓餐廳更容易運作的設備，例如我們的 TurboChef 烤箱。所有 CAVA 餐廳現在都配備了 TurboChef 烤箱。這些烤箱能夠實現更快、更穩定的烹飪時間，從而簡化餐廳的烹飪操作，同時提升食品品質。

Both the TurboChef and KDS investments helped reinforce execution in our kitchens while allowing our teams to focus on what matters looks, delivering a great guest experience. We are at a meaningful moment in our growth journey, and we know it is crucial to invest in training and developing our team members. Today, I'm excited to introduce our new flavor your feature initiative a holistic team member development program designed to attract, develop and retain CAVA's feature leaders.

TurboChef 和 KDS 的投資都有助於加強我們廚房的執行力，同時讓我們的團隊專注於真正重要的方面，從而為顧客提供良好的體驗。我們正處於成長歷程中的一個重要時刻，我們知道投資團隊成員的培訓和發展至關重要。今天，我很高興地向大家介紹我們全新的「讓你的功能煥發活力」計劃，這是一項全面的團隊成員發展計劃，旨在吸引、培養和留住 CAVA 的功能領導者。

One of the first actions under this initiative is the launch of our new Assistant General Manager program, an evolution of our current general manager and training role. This role provides more experienced leadership in our restaurants on more shifts throughout the week, ensuring a clear number two leader is always in place. will also create a stronger pipeline of roll-ready leaders to take on the GM role as we scale and open more restaurants.

該倡議下的首批行動之一是啟動我們新的助理總經理計劃，這是我們現有總經理和培訓角色的演變。該職位將為我們的餐廳提供更多輪班的經驗豐富的領導者，確保始終有一位明確的二把手在崗。同時，隨著我們擴大規模並開設更多餐廳，該職位也將培養更多隨時可以勝任總經理一職的領導者。

Today, about 20% of our leaders are ready for immediate elevation will be roll ready with additional training over the next quarter and the remaining 30% likely sourced externally. The AGM role is just one component of a broader leadership initiative that we are excited to share more about in the quarters ahead.

目前，我們約有 20% 的領導者已準備好立即晉升，並在下一季接受額外培訓後即可上崗，其餘 30% 的領導者可能會從外部招聘。年度股東大會 (AGM) 的角色只是我們更廣泛的領導力計劃的一部分，我們將在接下來的幾個季度中分享更多相關資訊。

Our commitment to developing team members into restaurant managers remains a core near-term focus, and we're excited about the opportunity to build the next generation of cabo leaders. You can see the power of that commitment in stories like that, Angelo Miranda at our Millennium location. Angelo started as a team member, eager to learn and grow, under the guidance of his then General Manager, Rubin Holguin. He learned the business from the ground up. He developed his leadership skills through consistent coaching and feedback and belief in its potential.

我們致力於將團隊成員培養成餐廳經理，這仍然是我們近期重點關注的領域，我們很高興有機會培養下一代餐飲領導者。在我們的千禧店，安傑洛·米蘭達 (Angelo Miranda) 講述了這樣的故事，從中你就能感受到這種承諾的力量。安傑洛最初是團隊的一員，渴望學習和成長，並在當時的總經理魯賓·霍爾金的指導下工作。他從基層做起，一步步學習了這門生意。他透過持續的指導和回饋以及對自身潛力的信念，培養了自己的領導能力。

Over the years, that investment has paid off. Today, Angelo leads the same restaurant where he began his journey now as a General Manager, inspiring the next generation of team members to do the same. When I visited Millennia earlier this month, I saw firsthand the culture of growth and pride that Angelo and his team have built. Angelo was quick to introduce me to his high potential team members he is developing as future CAVA restaurant leaders. It's a true reflection of what happens when we invest in people and create pathways for them to lead.

多年來，這項投資已經獲得了回報。如今，安傑洛在他開始職業生涯的那家餐廳擔任總經理，激勵著下一代團隊成員也這樣做。本月初我參觀 Millennia 時，親眼目睹了 Angelo 和他的團隊所建立的成長和自豪的企業文化。安傑洛很快就向我介紹了他的團隊成員，這些成員都是他正在培養的未來 CAVA 餐廳領導者，他們極具潛力。這真實地反映了當我們投資於人才並為他們創造領導之路時所發生的事情。

In Angelos Original GM, Ruben, he is now an area leader overseeing nine restaurants. Our mission is to bring heart, health and humanity to food, and it continues to drive our strategy shape our culture and inspire the work of more than 13,000 team members each day to our teams and to all of you who share in this journey.

在 Angelos Original 餐廳，總經理 Ruben 現在是區域負責人，負責管理九家餐廳。我們的使命是為食物注入愛心、健康和人文關懷，這項使命持續驅動著我們的策略，塑造我們的文化，並激勵我們每天超過 13,000 名團隊成員的工作，激勵著我們的團隊，也激勵著所有參與這段旅程的你們。

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

謝謝。接下來，我將把電話交給特里西亞，讓她為大家講解財務狀況。

Thanks, Brett, and hello, everyone. CAVA revenue in the third quarter of 2025 grew 20% year-over-year to $289.8 million and 66.8% compared to the third quarter of 2023. During the quarter, we opened 17 net new restaurants, bringing our total CAVA restaurant count to 415 restaurants.

謝謝布雷特，大家好。CAVA 2025 年第三季的營收年增 20% 至 2.898 億美元，比 2023 年第三季成長 66.8%。本季度，我們淨增 17 家餐廳，使我們的 CAVA 餐廳總數達到 415 家。

CAVA's same-restaurant sales increased 1.9%, primarily from menu price and product mix with guest traffic approximately flat. On a two-year basis, same-restaurant sales accelerated 350 basis points to 20%. On a 3-year basis, same-restaurant sales remained relatively stable at 34.1%. Despite lapping strong prior year results and navigating macroeconomic pressures, we continue to grow our market share and are confident in the underlying structural strength of the business.

CAVA 同店銷售額成長 1.9%，主要得益於菜單價格和產品組合的變化，而客流量基本上持平。兩年內，同店銷售額成長了 350 個基點，達到 20%。過去三年，同店銷售額保持相對穩定，為 34.1%。儘管業績超越了上一年強勁的業績，並且面臨宏觀經濟壓力，但我們仍在不斷擴大市場份額，並且對業務的基本結構實力充滿信心。

Our new restaurant productivity remains above 100%, underscoring the resonance of our brand. CAVA restaurant level profit in the third quarter was $71.2 million or 24.6% of revenue versus $61.8 million or 25.6% of revenue in the third quarter of 2024, representing a 15.1% increase. CAVA Food, beverage and packaging costs were 30.1% of revenue, higher than the third quarter of 2024 by 20 basis points. This slight increase reflects the impact of tariffs and our limited time-only chicken shawarma offering.

我們新餐廳的產能利用率維持在 100% 以上，凸顯了我們品牌的影響力。CAVA 餐廳第三季的利潤為 7,120 萬美元，佔營收的 24.6%，而 2024 年第三季的利潤為 6,180 萬美元，佔營收的 25.6%，成長了 15.1%。CAVA 食品、飲料和包裝成本佔營收的 30.1%，比 2024 年第三季高出 20 個基點。此次小幅上漲反映了關稅的影響以及我們限時供應的雞肉沙瓦瑪產品。

CAVA labor and related costs were 25.5% of revenue, an increase of approximately 10 basis points from the third quarter of 2024. This increase in labor and related costs reflects investments in our team member wages of approximately 2%, partially offset by leverage from higher sales. CAVA occupancy and related expenses were 6.7% of revenue, an improvement of 10 basis points from the third quarter of 2024, driven primarily by increased sales leverage.

CAVA 的人工及相關成本佔收入的 25.5%，比 2024 年第三季增加了約 10 個基點。勞動力及相關成本的增加反映了我們對團隊成員薪資約 2% 的投資，部分被銷售額成長帶來的槓桿效應所抵銷。CAVA 佔用率及相關費用佔收入的 6.7%，比 2024 年第三季改善了 10 個基點，主要得益於銷售槓桿的提高。

Other operating expenses were 13.1% of revenue, reflecting an increase of 80 basis points from the third quarter of 2024. This increase was due to a higher mix of third-party delivery, insurance costs and other individually insignificant items.

其他營運費用佔營收的 13.1%，比 2024 年第三季成長了 80 個基點。這一增長是由於第三方配送、保險成本和其他一些單獨來看微不足道的項目佔比增加所致。

Shifting to overall performance. Our general and administrative expenses for the quarter, excluding stock-based compensation and executive transition costs were 9.4% of revenue compared with 10.8% of revenue in the third quarter of 2024. This 140 basis point improvement was primarily due to lower performance-based incentive compensation, leverage from higher sales lower legal costs, partially offset by investments to support our future growth.

轉向整體表現。本季一般及行政費用（不包括股權激勵和高階主管過渡費用）佔營收的 9.4%，而 2024 年第三季則為 10.8%。這項140個基點的改善主要歸功於績效激勵薪酬的降低、銷售成長帶來的槓桿效應以及法律成本的降低，但部分被支持未來成長的投資所抵銷。

Pre-opening expenses were $4.9 million in the current quarter compared with $2.8 million in the prior year quarter. The $2.1 million increase includes a higher number of units under construction and increased costs on a per unit basis. Adjusted EBITDA for the third quarter was $40 million, a 19.6% increase versus the third quarter of 2024. The increase in adjusted EBITDA was primarily driven by the number of and continued strength in new restaurant openings and leverage in general and administrative expenses.

本季開業前費用為 490 萬美元，去年同期為 280 萬美元。增加的 210 萬美元包括正在建造的單位數量增加以及單位成本增加。第三季調整後 EBITDA 為 4,000 萬美元，比 2024 年第三季成長 19.6%。調整後 EBITDA 的成長主要得益於新餐廳開業數量和持續強勁的增長以及一般及行政費用的槓桿作用。

Equity-based compensation was $3.3 million in the third quarter compared with $3.5 million in the prior year quarter. We anticipate full year equity-based compensation to be between $18 million and $20 million, which includes the 2025 grants as well as the impact of forfeitures.

第三季股權激勵支出為 330 萬美元，而去年同期為 350 萬美元。我們預計全年股權激勵金額將在 1800 萬美元至 2000 萬美元之間，其中包括 2025 年的股權授予以及股權沒收的影響。

In the third quarter, our effective tax rate was 28.6%. For the full year fiscal 2025, we expect our effective tax rate to be between 10% and 12%. As a reminder, our cash taxes will continue to be immaterial until we fully utilize our net operating losses.

第三季度，我們的實際稅率為 28.6%。預計 2025 財年全年實際稅率將在 10% 至 12% 之間。再次提醒大家，在我們充分利用淨營業虧損之前，我們的現金稅仍然微不足道。

During the third quarter, we reported $14.7 million of GAAP net income compared to $15 million of adjusted net income in Q3 of 2024. Diluted EPS was $0.12 in the third quarter compared with adjusted diluted EPS of $0.13 in the third quarter of 2024. The slight decrease was due to the allocation of income taxes in the prior year, excluding the release of the valuation allowance, partially offset by higher earnings before taxes.

第三季度，我們公佈的 GAAP 淨收入為 1,470 萬美元，而 2024 年第三季的調整後淨收入為 1,500 萬美元。第三季稀釋後每股收益為 0.12 美元，而 2024 年第三季調整後的稀釋後每股收益為 0.13 美元。略微下降的原因是上一年所得稅的分配，不包括估值準備金的釋放，部分被稅前利潤的增加所抵消。

Turning to liquidity. At the end of the quarter, we had 0 debt outstanding $387.7 million in cash and investments and access to a $75 million undrawn revolver with an option to increase our liquidity as needed. Year-to-date Q3 cash flow from operations was $144.5 million compared to $131.2 million during the year-to-date period in 2024. Year-to-date, Q3 free cash flow was $23.3 million.

轉向流動性。截至季末，我們沒有未償債務，擁有 3.877 億美元的現金和投資，並且可以使用 7,500 萬美元的未提取循環信貸額度，並可根據需要增加流動性。今年第三季迄今的經營活動現金流為 1.445 億美元，而 2024 年同期為 1.312 億美元。今年迄今為止，第三季自由現金流為 2,330 萬美元。

Now to our outlook for full year 2025, we expect the following: 68 to 70 net new CAVA restaurant openings on the same restaurant sales growth of 3% to 4%, CAVA restaurant level profit margin between 24.4% and 24.8%, pre-opening costs between $18 million and $19 million and adjusted EBITDA, including the burden of preopening costs between $148 million and $152 million. I'd like to provide some additional context around our updated guidance. As we exited the second quarter, we saw same restaurant sales reaccelerate and we're encouraged by the sequential improvement.

現在展望 2025 年全年，我們預計：CAVA 餐廳淨新增開業 68 至 70 家，同店銷售額增長 3% 至 4%，CAVA 餐廳層面的利潤率在 24.4% 至 24.8% 之間，開業前成本在 1800 萬美元至 1900 萬美元之間，調整後的開業時間為 185 億美元。億美元之間。我想就我們更新後的指南提供一些補充背景資訊。第二季結束後，我們看到同店銷售額再次加速成長，我們對季比改善感到鼓舞。

However, as the third quarter progressed, we experienced a moderation in trends reflecting broader macroeconomic pressures. Entering the fourth quarter, we're seeing further moderation as we continue to lap stronger same restaurant sales from the prior year. As such, we have incorporated these trends into our outlook for the remainder of 2025.

然而，隨著第三季的推進，我們經歷了趨勢的緩和，這反映了更廣泛的宏觀經濟壓力。進入第四季度，我們看到成長進一步放緩，因為我們繼續保持著比去年同期更強勁的同店銷售額。因此，我們將這些趨勢納入了我們對 2025 年剩餘時間的展望中。

Our same-restaurant sales guidance reflects both the benefit of our recent chicken shawarma launch, which performed in line with market test expectations and the ongoing macro headwinds impacting the industry. Despite these macro pressures, our two-year same-restaurant sales stack accelerated by 350 basis points to 20% underscoring the resilience of our brand and the strength of our guest engagement.

我們的同店銷售預期既反映了我們最近推出的雞肉沙瓦瑪帶來的益處（其表現符合市場測試預期），也反映了持續影響該行業的宏觀不利因素。儘管面臨這些宏觀壓力，我們兩年來的同店銷售額成長了 350 個基點，達到 20%，這凸顯了我們品牌的韌性和我們與顧客互動的強大實力。

Looking ahead, we remain confident in the long-term structural health of the business reaffirmed by our strong AUVs and new restaurant performance. Our most recent 2025 cohort is trending above $3 million in AUV, with new unit productivity continuing to exceed 100%.

展望未來，我們仍對公司長期的結構性健康充滿信心，強勁的平均單店銷售額和新餐廳的業績也印證了這一點。我們最新的 2025 屆學員的 AUV 值已超過 300 萬美元，新單元的生產率持續超過 100%。

Turning to restaurant level margins. Our guidance reflects dynamics we experienced in the third quarter and the anticipated impact of seasonality on margins. As we look ahead to next year, we remain confident in the structural foundation of the business while being mindful of ongoing macroeconomic pressures.

接下來討論餐廳層面的利潤率。我們的業績指引反映了第三季的市場動態以及季節性因素對利潤率的預期影響。展望明年，我們對公司的結構基礎充滿信心，同時也密切關注持續的宏觀經濟壓力。

Our long-term algorithm targets low to mid-single-digit same-restaurant sales growth and we will approach our 2026 outlook with appropriate discipline, taking into consideration our strong pipeline of traffic-driving initiatives.

我們的長期演算法目標是實現同店銷售額低至中位數個位數的成長，我們將以適當的紀律來展望 2026 年，同時考慮到我們強大的客流量驅動計畫。

In addition, given the health of our 2026 real estate pipeline, we anticipate at least 16% unit count growth. As we navigate today's dynamic environment, our mission to bring heart, health and humanity to food continues to resonate with guests across the country and is more important than ever. We remain the clear leader of our category, supported by a powerful concept and competitive positioning that are both differentiated and durable. None of this would be possible without our exceptional teams across our restaurants and support centers. This dedication brings our mission to life every day to drive meaningful experiences for our guests.

此外，鑑於我們 2026 年房地產項目的良好發展勢頭，我們預計單元數量將增長至少 16%。在當今瞬息萬變的環境中，我們致力於將愛、健康和人文關懷融入食物的使命，繼續引起全國各地顧客的共鳴，並且比以往任何時候都更加重要。我們憑藉著強大的理念和差異化且持久的競爭定位，仍然是所在領域的絕對領導者。如果沒有我們遍布各餐廳和支援中心的出色團隊，這一切都不可能實現。這種奉獻精神使我們每天都能實踐使命，為賓客創造有意義的體驗。

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

接下來，我將把電話轉回給接線生，以便進行問答環節。

(Operator Instructions) Andy Barish, Jefferies.

（操作說明）安迪·巴里什，傑富瑞集團。

Last quarter, you stack rank some of the choppiness in same-store sales from the steak lab to a little bit of consumer balances to the honeymoon. Can you -- just let us know on the honeymoon side of things, if that's changed materially? And I'm assuming most of the choppiness you're seeing now is macro-related, but anything geographically you want to point out would be helpful.

上個季度，你把同店銷售額的一些波動歸因於牛排實驗室，以及一些消費者餘額與蜜月期之間的關聯。您能否告知我們蜜月旅行方面的安排是否有實質變化？我假設你現在看到的波動大部分與宏觀因素有關，但如果你想指出任何地理方面的原因，那將很有幫助。

Andy, thanks for the question. So certainly, the honeymoon impact is very similar to what we experienced last quarter, no change there. We're not seeing anything geographically to call out. So it's more around the macro environment and the pressure on the consumer and certainly lapping the strong same-restaurant sales results that we had in the third quarter of the prior year. So as we noted it on the call, but on two-year stack basis, we, in fact, accelerated our same-restaurant sales by 350 basis points to 20%.

安迪，謝謝你的提問。所以，蜜月期的影響肯定和我們上個季度經歷的非常相似，這方面沒有任何變化。從地理位置來看，我們沒有發現任何值得注意的地方。所以，這更與宏觀環境和消費者面臨的壓力有關，當然也與我們上年第三季強勁的同店銷售業績相比有所欠缺。正如我們在電話會議上提到的，但以兩年為週期計算，我們實際上將同店銷售額提高了 350 個基點，達到 20%。

Brian Mullan, Piper Sandler

布萊恩·穆蘭，派珀·桑德勒

Just a question on the [SAM] test. Brett, in the prepared remarks, it sounds like it's going well. Just wondering if you could elaborate a bit on what you're seeing in test. Anything interesting from a daypart perspective between lunch and dinner or maybe just a guest perspective, age, gender, income just -- and also how it's going with the operations.

關於[SAM]測試，我有個問題。布雷特，從他事先準備好的演講稿來看，一切似乎都很順利。我想問一下，能否詳細說明一下您在測試中看到的情況？從午餐和晚餐時段的角度，或是從顧客的角度，例如年齡、性別、收入等方面，有什麼有趣的事情嗎？還有，餐廳的營運情況如何？

Thanks, Brian, for the question. we did know we have turboshaft oven into every restaurant now, which is the equipment we use to roast the salmon. So it's a very easy cook procedure and prep and whole procedure. And we've been very encouraged by the results we have seen it drive incremental occasions and its appeal has been broad-based from a consumer standpoint as well as a daypart standpoint.

謝謝布萊恩的提問。我們知道現在每家餐廳都配備了渦軸烤箱，我們就是用這種設備來烤鮭魚的。所以這道菜的烹飪過程和準備工作都非常簡單。我們對所取得的成果感到非常鼓舞，我們看到它促進了消費場景的增加，而且從消費者角度和時段角度來看，它的吸引力都很廣泛。

So it is a unique new menu items to add to the variety of our proteins. It's our first seafood item and excited at its potential. And if things continue to progress on the current track, as we noted, and as I noted in the prepared remarks, we expect to launch it in late spring in 2026.

因此，這是我們蛋白質產品系列中新增的獨特的菜餚。這是我們推出的第一款海鮮產品，我們對它的潛力感到非常興奮。如果事情繼續按照目前的軌道發展，正如我們所指出的，正如我在準備好的演講稿中提到的，我們預計將於 2026 年春末啟動該計畫。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Brett, I had a question about the operations. So I know you made a change in leadership there during the third quarter. And I was wondering if you could just address that change and why that happened? And then I guess you mentioned also tonight doubling down on guest experience and operations. So wondering if you could elaborate on whether you're addressing specific issues or whether that's more of an opportunistic statement as you think about where the business is today.

布雷特，我有個關於營運方面的問題。我知道你們在第三季更換了領導階層。我想請您解釋一下這種變化以及發生這種變化的原因？然後，我想你今晚也提到了要加倍重視客戶體驗和營運。所以我想知道您能否詳細說明一下，您是在針對具體問題發表意見，還是說這只是您在思考公司目前發展狀況時的一種機會主義言論？

Yeah, David, over the course of our 15-year journey, one of the things that's been instrumental in meeting our success is always being proactive and staying in front of the business and making sure we're bringing on the capabilities that we need for the next chapter of our journey and where we're going, not just where we've been and where we are. And so that transition was in that spirit. And as it relates to the operational opportunities, this is the most intense discount environment since the Great Recession.

是的，大衛，在我們 15 年的發展歷程中，我們成功的關鍵因素之一就是始終保持積極主動，走在業務發展的前沿，確保我們能夠獲得下一階段發展所需的各項能力，以及我們未來的發展方向，而不僅僅是我們過去和現在所處的位置。因此，這一轉變正是本著這種精神而進行的。就營運機會而言，這是自大衰退以來折扣力度最大的環境。

And our value proposition, we believe, is much more holistic than a price point. And one of the best things that we can do is deliver exceptional guest experiences. That's foundational to driving traffic over the long term and driving a competitive advantage in concert with our unique differentiated bantering cuisine.

我們相信，我們的價值主張遠比價格點更全面。我們能做的最好的事情之一就是為客人提供卓越的體驗。從長遠來看，這對於吸引客流和打造競爭優勢至關重要，同時也能與我們獨特的特色美食相輔相成。

And so we're just doubling down on that. It's been core to who we are throughout our journey, and we want to make sure that we're putting our best foot forward in a time when consumers are becoming increasingly discerning about where they're spending their dollars and that -- we also have the breadth and depth of pipeline to continue to support the new restaurant openings that are opening at record levels and opening them with operational integrity.

所以，我們只是加倍投入這項工作。這始終是我們發展歷程的核心，我們希望確保在消費者越來越注重消費的時代，我們能夠展現出最好的一面——同時，我們也擁有廣泛的、深厚的儲備，能夠繼續支持以創紀錄數量開業的新餐廳，並確保它們以誠信的方式運營。

Eric Gonzalez, KeyBanc.

Eric Gonzalez，KeyBanc。

You talked about having a strong pipeline of traffic-driving initiatives for the next year. Maybe you could expand on that a bit. It sounds like you've got at least one protein on deck with salmon in the spring, but I'm curious if you have anything else to studying to call out so maybe Peter Chip size, beverages or desserts that might be interesting and worth noting.

您曾提到，明年將推出一系列強而有力的引流措施。或許你可以再詳細闡述。聽起來你至少已經準備好了一種蛋白質來源——春季的鮭魚，但我很好奇你是否還有其他值得關注的研究方向，比如彼得薯片大小的食物、飲料或甜點，這些可能很有趣，值得注意。

Yeah. Thanks for the question. I think the Peter Chip piece would certainly be relevant next year sooner than beverages and desserts. Those are definitely category opportunities for us over the long term. but our Peter Chip platform for innovation has been very successful, and we continue to see opportunities to make site just through that platform as well as the salmon launch, and then we will be expanding our catering test later in '26 to a second market. We're currently testing catering in Houston. I wouldn't expect the chain-wide launch, but later in '26, we plan to expand it to a second market in concert with Houston to continue to test and learn and position ourselves for a broader launch.

是的。謝謝你的提問。我認為彼得·奇普的文章明年肯定會比飲料和甜點更受歡迎。長遠來看，這些絕對是我們的品類發展機會。但我們的 Peter Chip 創新平台非常成功，我們繼續看到透過該平台以及鮭魚產品推出來拓展網站的機會，然後我們將在 2026 年稍後將餐飲測試擴展到第二個市場。我們目前正在休士頓測試餐飲服務。我預計不會在整個連鎖店推出，但 2026 年晚些時候，我們計劃與休士頓合作，將其擴展到第二個市場，以繼續測試和學習，並為更廣泛的推出做好準備。

And then lastly, I'd say, on the marketing front, we have been very efficient and lean in our marketing spend over time, and we continue to test and learn and understand how we can show up in those channels effectively, especially as we communicate our value proposition and our message in a heavily discounting environment. And so next year, whether through collaborations or some of the other marketing partnerships that we have opportunities to support, that's another area that we have not -- or another lever that we haven't pulled in a meaningful way to date.

最後，我想說，在行銷方面，我們一直以來都非常有效率且精簡地控制著行銷支出，並且我們不斷測試、學習和了解如何才能有效地在這些管道中亮相，尤其是在折扣力度很大的環境下，我們需要更好地傳達我們的價值主張和資訊。因此，明年，無論是透過合作還是我們有機會支持的其他一些行銷夥伴關係，這都是我們尚未涉足的另一個領域——或者說，是我們迄今為止尚未以有意義的方式利用的另一個槓桿。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Brett, I appreciate all the context for the upcoming drivers, two in particular, just in the current backdrop, the opportunities to sort of start investments in the near term and marketing, are there opportunities with the growing scale of the brand to really just create more brand awareness, now you've seen some nice gains last year as well as improving speed of service. And I would be very curious to know what the clearest action items are going to be for the incoming COO.

Brett，我非常感謝你提供的關於即將到來的駕駛員的所有背景信息，特別是其中兩位。就目前的背景而言，我們有機會在近期開始投資和行銷，隨著品牌規模的擴大，是否有機會真正提高品牌知名度？去年你們已經看到了一些不錯的成長，服務速度也有所提升。我很想知道即將上任的營運長最明確的行動事項是什麼。

Yes. Certainly, speed of service, we've noted in the past, we know it's an opportunity. We're mindful of striking the right balance where we're not rushing people through the line too fast when it's their first time experiencing Mediterranean food or is their first time interacting with CAVA let alone you eat Mediterranean food. But we see clear opportunities to continue to improve on that front. There will always be operational opportunities. We hold ourselves to a high standard. And we want to make sure that we're delivering CAVA hospitality to the level and degree that we aspire to across every restaurant and having that speed of service consistently across the country.

是的。當然，服務速度，正如我們過去所注意到的，我們知道這是一個機會。我們很注意把握好分寸，不會催促顧客過快，尤其是在他們第一次體驗地中海美食，或是第一次接觸 CAVA，更不用說第一次品嚐地中海美食的時候。但我們看到了在這方面繼續改進的明顯機會。營運機會總是存在的。我們對自己要求很高。我們希望確保在每家餐廳都能提供我們期望達到的 CAVA 待客之道水平和程度，並在全國範圍內始終保持這種服務速度。

So we think there's opportunities there. And then on the marketing front, as we gain scale in these markets, we'll continue to test more upper funnel activity that we have the ability to amortize and leverage it across a wider restaurant base. But from a new COO perspective, it's continuing to deepen and broaden out the people development pipeline. I noted we talked about the AGM role. That's in that spirit of not only helping give a stronger management complement across all shifts during the week across all seven days, but also having more roll ready leaders in place.

所以我們認為那裡存在著機會。在行銷方面，隨著我們在這些市場規模的擴大，我們將繼續測試更多我們有能力攤銷成本並擴展到更廣泛餐廳群體的漏斗上層活動。但從新任營運長的角度來看，公司正在不斷深化和擴展人才培養管道。我注意到我們討論了股東大會的角色。這樣做不僅是為了加強一週七天所有班次的管理力量，也是為了培養更多隨時可以上崗的領導者。

Again, being proactive, staying in front and thinking about what do we need to put in place for just not for today but for tomorrow to make sure that as we scale to 1,000 restaurants by 2032, that all those things are already in place at that time, and we will be working on other things as we go beyond that milestone goal. So the focus will be on the people development side as well as continuing to elevate our speed of service without having people feel to rush through that line.

再次強調，我們要積極主動，走在前面，思考我們需要為明天而非今天做好哪些準備，以確保到 2032 年我們達到 1000 家餐廳的目標時，所有這些事情都已經到位。我們將在超越這一里程碑目標的過程中，繼續推進其他事項。因此，我們將重點放在人員發展方面，同時繼續提高我們的服務速度，而不會讓人們感到需要匆忙排隊。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Brett, you mentioned younger guests in the prepared comments, and I don't know if that was a broader statement of the industry or if you're seeing something in particular with younger cohorts. And I'm also interested in kind of what you're learning about how you can lean into loyalty just given kind of this more volatile consumer climate.

Brett，你在準備好的評論中提到了年輕的客人，我不知道這是否代表了整個行業的普遍情況，還是你特別注意到了年輕群體的一些特點。我也很想知道，在當前這種更不穩定的消費環境下，您是如何看待如何增強顧客忠誠度的。

Yeah, Sharon, really, for us, we're a bit idiosyncratic in that our costs accelerated in the back half of last year when many industry comps were decelerating. So we're lapping tougher hurdles when most are having easier compares. So we don't want to overstate the challenges of the consumer, but you can look at the data. They're clearly out there, whether it's student loan repayment, consumer sentiment, just the inflationary pressures all around them, whether it's health care cost, housing costs, right? Gen Z unemployment twice the national average. When we look at the data, it's more that the younger cohort that 25 to 35 that Tricia noted in comments is that they don't have the steam that they had last year in the way that they were visiting or their frequency of visiting.

是的，莎倫，確實，我們公司的情況有點特殊，因為去年下半年，當許多同行業公司的成本增長放緩時，我們的成本卻加速增長。所以，當大多數人面對的是相對容易的比較時，我們卻在跨越更艱難的障礙。所以我們不想誇大消費者面臨的挑戰，但你可以看看相關數據。這些壓力顯然都存在，無論是學生貸款償還、消費者信心，還是周圍的通膨壓力，無論是醫療成本、住房成本，對吧？Z世代失業率是全國平均的兩倍。從數據來看，正如特里西亞在評論中提到的，25 至 35 歲的年輕群體，在訪問方式或訪問頻率方面，不如去年那麼活躍了。

It's not necessarily that they're so challenged with us. It's just that they don't have the bigger or the frequency of occasions that they did last year. And that's why it's incumbent upon us to continue to double down on our experience and our value proposition and make sure we're communicating that effectively. We're not oblivious to the commentary about the $20 launch.

倒不是說他們和我們有多大的矛盾。只是他們今年的活動規模沒有去年那麼大，頻率也沒有去年那麼高了。因此，我們有責任繼續加倍投入我們的經驗和價值主張，並確保我們有效地傳達這些訊息。我們並非對 20 美元上市價格的評論視而不見。

Well, the reality is you can get a chicken (inaudible) with all the toppings included, three different spreads, greens and grains for $10.65 to our highest price of $12.95 in New York City. So that's a sub-$13 below the most expensive market, not a $20 launch. And that's an opportunity for us to continue to communicate that, but it's fresh food. It's not freeze on a fryer food or ultra processed food. And when you step back and you look at the the two-year comp of 20%, and you look at the almost 67% revenue growth on a two-year basis, we continue to gain significant market share.

事實上，在紐約市，你可以花 10.65 美元買到一份包含所有配料、三種不同醬料、蔬菜和穀物的雞肉（聽不清楚），最高價格為 12.95 美元。所以，這比市場上最貴的價格低了不到 13 美元，而不是 20 美元的首發價。這是一個讓我們繼續傳達這一訊息的機會，但這是新鮮食材。它不是冷凍油炸食品或超加工食品。當你回顧過去兩年 20% 的年增幅，以及近 67% 的兩年營收成長時，我們將繼續獲得顯著的市場份額。

And again, I know the Technomic data. It's very interesting. The industry has lost 7% in transactions since 2019. We've grown transactions in the mid-20s since 2019. We've taken half the price of industry peers got away from 34%, we've taken in aggregate, less than 17% in price. So we are focused on the long term. We say it's a marathon, not a sprint. And we want to continue and enhance our value proposition each and every year make our food more accessible to guests.

而且，我了解 Technomic 的數據。這很有意思。自 2019 年以來，該行業的交易量下降了 7%。自 2019 年以來，我們的交易量增加了 20 多筆。我們的價格只有同業同業的一半，而同業同業的價格已從 34% 下降到 17%。所以我們著眼於長遠發展。我們說這是一場馬拉松，不是短跑。我們希望每年都能持續提升我們的價值主張，讓顧客更容易享用我們的美食。

Now on the loyalty front, we are very excited about what we've seen in our loyalty program. We noted we've seen an increase of 36% in levers in our loyalty program. We added this new tier status. And we've seen the ability to really create greater value for our guests and influence behavior in a positive way for their visits and for the business and expose them to new items.

現在來說說會員忠誠度方面，我們對會員忠誠度計畫目前的成果感到非常興奮。我們注意到，我們的會員忠誠度計劃中的槓桿數量增加了 36%。我們新增了這一層級狀態。我們已經看到，我們能夠真正為顧客創造更大的價值，並以積極的方式影響他們的行為，從而促進他們的光顧和業務發展，並讓他們接觸到新的產品。

So for example, on chicken shawarma, their loyalty pool, people who have tried chicken shawarma are coming more frequently than users who have not tried it. So the ability to have that one-to-one line of communication drive that innovation, drive that newness, drive excitement, drive trial is a powerful first-party data tool that we look to continue to leverage in the coming quarters.

例如，就雞肉沙瓦瑪而言，他們的忠誠度群體中，嘗試過雞肉沙瓦瑪的人比沒有嘗試過雞肉沙瓦瑪的人更頻繁地光顧。因此，這種一對一的溝通管道能夠推動創新、推動新事物、推動興奮、推動試用，這是一個強大的第一方數據工具，我們希望在接下來的幾季繼續利用它。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

I just wanted to ask again on the honeymoon dynamic. So the last quarter, you described -- at least some of it as coming from maybe people driving further distance or just initial trial and new trade areas. But is that dynamic like something that lasted longer than the three months, six months or the initial stores that were affecting you last period doing better on a year-over-year basis? Just trying to understand the dynamic a bit better.

我只是想再次詢問蜜月期間的安排。所以，正如你所描述的，上一季的情況——至少部分原因是人們可能開車走得更遠，或者只是初步嘗試和新的貿易區域。但這種動態是否像三個月、六個月或最初影響你的門市那樣，持續的時間更長，而且比表現更好？只是想更理解一下其中的動態。

Yeah. So we are seeing the initial stores impacted are doing better on a year-over-year basis. And in fact, in looking at the restaurants in 2024 that have been opened for a period of time beyond 18 periods or 18 months, we're seeing a return to positive same-restaurant sales. So we don't believe this is reflective of a structural challenge. We don't find a concentrate in a certain geography or in a certain format or type of restaurant. We're continuing to monitor and we'll give you updates as we move forward. likely given the performance of our 2025 vintage, we'll likely see a similar pattern in 2026.

是的。因此，我們看到最初受到影響的門市的業績比去年同期有所改善。事實上，觀察 2024 年那些營業時間超過 18 個月（或 18 個週期）的餐廳，我們發現同店銷售額正在恢復成長。因此，我們認為這並不反映結構性挑戰。我們發現，濃縮物並不局限於某個特定的地理位置，也不限於某種特定形式或類型的餐廳。我們將持續關注，並隨時向您報告最新進展。鑑於我們2025年份葡萄酒的表現，我們預計2026年也會出現類似的趨勢。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

You -- thank you for opening the new Brickell. It's absolutely beautiful breast and team. So thank you for that. So the question -- I'm going to make a question out of this. So this is a market where we know there's going to be a lot of demand growth, but the buildings haven't been built yet a lot of them. There's absolutely a lot of supply growth in the market and there's a lot of markets that are kind of like that around the country. New York City certainly is one, and I think there's a number of others as well where the supply growth is pretty obvious, just see walking down the street or the see on the app or to see on various promotions, what have you.

感謝您為布里克爾新區揭幕。胸部和團隊都非常棒。非常感謝。那麼問題來了——我要藉此機會問個問題。所以我們知道這個市場的需求將會大幅成長，但是很多建築還沒蓋好。市場上的供應量確實大幅成長，全國各地有許多市場都呈現類似的情況。紐約市當然是其中之一，我認為還有其他一些城市也是如此，那裡的供應增長非常明顯，走在街上、在應用程式上或各種促銷活動中都能看到。

So the question, Brett, we spent a lot of time talking on the demand side, but can you talk about kind of the effect of supply growth that you've kind of seen in various markets. Now I'm not asking you to is like, hey, are they going to last? It's just whether they've opened and maybe competed with you on the margin, and it's just something that we just have to wait out as the market will inevitably settle.

所以，布雷特，我們花了很多時間討論需求方面的問題，但你能談談你在各個市場看到的供應成長的影響嗎？我不是問你，嘿，它們能持久嗎？問題在於他們是否已經開業，是否在某個方面與你展開了競爭，而我們只能等待市場最終穩定下來。

Yes, John, thanks for the Brickell comment. It's a beautiful restaurant, super phenomenal. Excited to have more open. We just opened Aventura in South Florida. It's interesting. I feel like it's less supply intense than in our younger earlier days, if you remember, kind of 2013 to 2016, there were a lot of fast casual concepts emerging and fighting for real estate.

是的，約翰，謝謝你對布里克爾的評論。這是一家非常漂亮的餐廳，超級棒。很高興能有更多開放空間。我們在南佛羅裡達剛開設了Aventura店。很有意思。我覺得現在的供應強度不如我們剛起步的時候那麼大了。如果你還記得的話，大概在 2013 年到 2016 年那段時間，湧現出了許多快餐休閒概念，大家都在爭奪店面空間。

So it's more challenging. I mean, I think real estate is easier for us to get. And then from a competition standpoint, Look, the restaurant industry, as I noted, has transactions down 7% since 2019, which means it's a share shift gain, which means you've got to be a better competitive alternative to the three or four or however many restaurants around you and be differentiated.

所以難度更高。我的意思是，我覺得我們更容易獲得房地產。從競爭的角度來看，正如我所指出的，餐飲業的交易量自 2019 年以來下降了 7%，這意味著市場份額正在轉移，也就是說，你必須成為比周圍三四家餐廳更有競爭力的選擇，並做到差異化。

And to us, that's our Mediterranean cuisine. This on-trend cuisine that is unique and that it meets the moment of a moderate consumers increasingly diverse palette seeking bolder, more adventurous flavors while not wanting to sacrifice on health and wellness.

對我們來說，這就是地中海美食。這種潮流美食獨具特色，迎合了日益多元化的中產階級消費者的口味，他們追求更大膽、更具冒險精神的口味，同時又不想犧牲健康和福祉。

And then delivering that, as I noted earlier, are doubling down on operational integrity with exceptional hospitality, not just average operations, exceptional hospitality, we have seen over our 15-year journey is a recipe for success. When we do that, and we do it consistently. These comps go up. It doesn't matter who opens next door to us. We continue to grow market share and that's what we're focused on.

然後，正如我之前提到的，實現這一點的關鍵在於加倍重視營運誠信，提供卓越的服務，而不僅僅是普通的營運。在過去的 15 年裡，我們看到卓越的服務是成功的秘訣。當我們這樣做，並且始終如一地這樣做時。這些比較結果會上升。隔壁是誰開門都無所謂。我們持續擴大市場份額，這也是我們關注的重點。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

I was wondering if the company has done any work to assess the value perception among non Cava users in more mature markets. I'm just wondering what the perception of the brand might be and what's keeping them from visiting the restaurants.

我想知道該公司是否已開展任何工作來評估成熟市場中非 Cava 用戶對 Cava 產品價值的認知。我只是想知道人們對這個品牌的看法如何，以及是什麼阻止他們光顧這些餐廳。

Yeah, our value perception is strong. We do biannual brand health surveys. Many of the analysts on this call have put out value surveys where I don't want to play favorites or name names, but there is a lot of good research that you all put out that is ranked us very strong in our value proposition, if not towards the top of the publicly traded industry set.

是的，我們的價值認知很強。我們每半年進行一次品牌健康調查。本次電話會議上的許多分析師都發布了價值調查報告，我不想偏袒任何一位分析師或點名批評，但你們發布的許多優秀研究都表明，我們的價值主張非常強大，即使不是在上市行業中名列前茅，也至少處於領先地位。

So we see that cooperated, whether it's anecdotally, whether it's qualitative or quantitative. We see our value proposition continue to be recognized by consumers, whether they come to CAVA or whether they're not as aware of CAVA, whether it's our internal studies or some of these third-party org analyst studies. So I think it's also a reflection of the way we think about value.

因此，我們看到，無論是軼事性的、定性的還是定量的，合作都是如此。我們看到，無論消費者是主動了解 CAVA，還是對 CAVA 不太熟悉，無論是透過我們的內部研究還是一些第三方機構分析師的研究，我們都持續認可我們的價值主張。所以我認為這也反映了我們對價值的看法。

The relevance of our cuisine and measuring diet, the criticality of the ingredients we're serving, the fresh food -- fresh fuel proteins, fresh produce, not freeze and in the fryer, ultra process food, the convenience in which you can access it. And most importantly, at the end of the talk about the experience we deliver when you engage with the brand, and then you match that with the fact that over the long term, our long-term perspective and how we work every year to mitigate price less than 17% compared to 34% in industry aggregate average. We have underpriced inflation. We have underpriced peers that have enhanced that relative value proposition each and every year.

我們烹飪和衡量飲食的重要性，我們所供應食材的關鍵性，新鮮的食物——新鮮的能量蛋白、新鮮的農產品，而不是冷凍油炸的超加工食品，以及您可以方便地獲取這些食物。最重要的是，在談話的最後，我們談到了當您與品牌互動時我們提供的體驗，然後您將這種體驗與以下事實聯繫起來：從長遠來看，我們的長期視角以及我們每年為降低價格所做的努力，使得我們的價格降幅不到 17%，而行業平均水平為 34%。我們低估了通貨膨脹率。我們的一些同行定價過低，導致我們的相對價值主張逐年提升。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I wanted to ask about -- you mentioned technology and KDS -- and you'll be rolling out more broadly. What are you seeing in terms of, again, perception -- consumer perception? Are you seeing increased frequency or speed of service that's translating into higher frequency. I know experience matters a lot, but sometimes it can be hard to detect throughput when demand slows. So just as I think about technology as a potential driver, any kind of reads on what that means for throughput and guest frequency.

我想問一下——您提到了技術和KDS——以及您將如何更廣泛地推廣。從消費者感知的角度來看，您觀察到了什麼？您是否發現服務頻率或速度有所提高，從而轉換為更高的服務頻率？我知道經驗很重要，但有時當需求放緩時，很難檢測到吞吐量。所以，當我思考技術作為潛在驅動因素時，任何關於這對吞吐量和訪客頻率意味著什麼的解讀。

Yes, certainly, Sara, on the off-premise channels, whether it's delivery, third-party delivery or native delivery or digital order pickup. Technology plays a key role. The integrations, the time our times on the third-party marketplace, how quickly we can get our food to consumers, making sure those integrations are are aligned and then the team has the labor deployment and set up, so we can open our throttles.

是的，當然，薩拉，在非營業場所管道，無論是外賣、第三方配送、自有配送或線上訂單自提。科技發揮關鍵作用。整合、我們在第三方市場上的時間、我們能多快把食物送到消費者手中，確保這些整合協調一致，然後團隊進行勞動力部署和設置，這樣我們就可以全力以赴了。

We manage, we build our own digital order platform. So we can control those rattles and we can open up those throttles as the team enhances and improves their productivity to deliver greater throughput and then the new kitchen screen system really help improve order accuracy. We know it's our single biggest opportunity area for customer experience is making sure every digital order is accurate and that it has ample amount of food in the bowl.

我們自主管理，我們自己搭建數位訂單平台。因此，我們可以控制這些幹擾因素，隨著團隊提高生產力，我們可以加大力度，從而實現更高的產量，而新的廚房螢幕系統確實有助於提高訂單準確性。我們知道，提升客戶體驗的最大機會在於確保每一份線上訂單準確無誤，並且碗裡有足夠的食物。

And that is something that the kitchen display stream system has really been a tool to help improve that. can help ease of production for our operators and help deliver greater accuracy for guests. And we see that voice of the guest score improve, and we see comps follow that. Like that has been true in since our very early days, whether it's the digital order line or the in-restaurant line, when the customer experience scores improve, the comps follow.

而廚房顯示流系統確實在這方面發揮了重要作用，它可以幫助改善操作人員的工作效率，並幫助為顧客提供更精準的服務。我們看到顧客評價有所提高，而且贈送活動也隨之增加。從我們創立之初就一直如此，無論是線上訂餐還是餐廳點餐，當顧客體驗評分提高時，同店銷售額也會隨之提高。

And so we want to continue to make sure we're putting our best foot forward in that light and then using technology to enhance the human experience, not replace it. You take some of that complexity out of our team members' mind share or equip them with the tools and capabilities to deliver that exceptional guest experience. Even another thing, just having that order status update notification and making sure the algorithm is updating our guests if we're running a little late or if we're running a few minutes early, so that they're walking in ideally when their goal is being put on the shelf or at the window and one of our pickup by card locations.

因此，我們希望繼續確保在這方面做到最好，並利用科技來增強人類經驗，而不是取代它。您可以減輕我們團隊成員的思維負擔，或為他們提供工具和能力，從而提供卓越的賓客體驗。還有一點，就是要有訂單狀態更新通知，確保演算法能夠及時通知顧客我們是否稍微晚了一點或者早了幾分鐘，這樣他們就能在理想的時間走進店裡，那時他們的訂單應該已經上架或送到取貨窗口，或者在我們某個刷卡取貨點。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Yes. But when you talk about hospitalities, you seem to suggest a broader opportunity than speed of service alone. So what do you think operations are fully short of your expectations relative to where you are going, not necessarily where you have been and where you are today? And what are some of the specific levers that you expect in the new CEO to deploy? And if I may, Chris, you're expecting some of these investment in people to maybe translating into similar present level margins compared to today? Or with sales leverage can we still expect a growing restaurant level margin under the new operations.

是的。但當你談到酒店服務時，你似乎暗示的機會比單純的服務速度要廣泛得多。那麼，你認為相對於你的目標（而不是相對於你過去和現在的位置），哪些營運方面完全沒有達到你的預期？那麼，你期望新任CEO採取哪些具體措施呢？克里斯，如果可以的話，我想問一下，您是否預期這些對人才的投資能夠轉化為與目前類似的利潤率水平？或者，借助銷售槓桿，我們能否在新營運模式下繼續期待餐廳層面的利潤率不斷增長？

Yes. Thanks, Danilo. We have strong restaurant operations today. We have always been in a forward-looking posture, and we have aspirations to be thought of in an elite group of restaurant operators delivering exceptional service, not just average service, not just good service, exceptional service because it is like all my co-founders, tons of great immigrants. When you go to that part of the world, the hospitality, you feel the welcoming nature you feel, we want you to feel that every time you walk into every restaurant, no matter how big we get. And so that is our aspiration, and that is the work we are committed to every day to elevate to that level. And we have it in restaurants.

是的。謝謝你，達尼洛。我們目前擁有強大的餐飲業務。我們一直秉持著前瞻性的姿態，渴望躋身提供卓越服務的精英餐飲經營者之列，而不僅僅是提供普通或良好的服務，而是提供卓越的服務，因為我們的聯合創始人都是非常優秀的移民。當你去到世界上的那個地方，你會感受到那裡的熱情好客，我們希望你每次走進我們每家餐廳都能感受到這種氛圍，無論我們的餐廳規模有多大。所以，這就是我們的願望，也是我們每天致力於提升到那個層次的工作。餐廳裡也有。

We have opportunities in other restaurants. And I think in moments where there's cyclical pressures on the consumer, it matters more than ever to make sure that it's consistent across all restaurants and take good to great. And that is something that we think is just another opportunity to drive additional traffic and drive additional market share growth from the significant gains we've had in recent years.

我們在其他餐廳也有工作機會。我認為，在消費者面臨週期性壓力的時期，確保所有餐廳的品質保持一致，並將優秀提升到卓越水平，比以往任何時候都更加重要。我們認為，這正是近年來我們取得顯著成長的基礎上，進一步提升流量和市場佔有率的另一個機會。

What that means from the restaurant level margin standpoint and how we're thinking about it. It's certainly a same-restaurant sales increase, restaurant-level margins will expand. But we're also very mindful of where we are in our journey and the investments that we think are necessary to put back in the business to make sure we're continuing to build a long-term durable brand that's going to consistently deliver on that guest experience and hospitality that Brett talked about.

從餐廳層面的利潤率來看，這意味著什麼？我們又是如何看待這個問題的呢？這無疑會帶動同店銷售成長，餐廳層級的利潤率也會擴大。但我們也十分清楚我們目前所處的發展階段，以及我們認為必須投入業務中的投資，以確保我們能夠繼續打造一個長期持久的品牌，並持續提供布雷特所說的賓客體驗和熱情好客的服務。

Yes. We see opportunities to invest further in labor, we will. It's just a belief that -- a philosophical belief we have that has gotten us to where we are today that we are going to continue to look at opportunities to make sure that any restaurant level margin expansion is sustainable and durable over the long term. And in the short term, that might mean targeted investments, if that's what we think is the right thing to do for the business.

是的。我們看到了進一步投資勞動力的機會，我們會這樣做。這只是一種信念——一種我們秉持的哲學信念，正是這種信念讓我們走到今天，我們將繼續尋找機會，確保任何餐廳層面的利潤成長都能在長期內實現可持續和持久。短期內，這可能意味著有針對性的投資，如果我們認為這樣做對公司有利的話。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Just another one on the newer stores and the performance in year two, if I could. Tricia, specifically, you gave some good color a couple of minutes ago, I think, and I want to make sure I heard it right. Just as far as you're still seeing those new stores enter the base, I assume as a negative, just like last quarter, but that 24 class, those stores open 18 months, they're flipping to positive. I assume not as strong as what you've seen in prior classes, but positive after 18 months. So just wanted to confirm that. And the question really is, if look ahead, any better sense on what '26 may look like with this new store dynamic as you've now seen a couple of quarters of the Honeymoon dynamic and other levers maybe you can pull to sort of maintain that growth even after big year opens.

如果可以的話，我想再談談新店和第二年的業績。特里西亞，特別是你剛才的發言，我覺得你剛才描述得挺生動的，我想確認一下我是否聽對了。就目前來看，雖然新店仍在進入市場，我估計這和上個季度一樣是負面的，但那些開業 18 個月的 24 類店鋪，情況正在好轉。我估計效果不如你之前課程中看到的那麼好，但經過 18 個月的學習，結果還是正面的。所以，我只是想確認一下。真正的問題是，展望未來，在經歷了幾個季度的蜜月期動態以及其他一些可以用來維持增長的手段之後，能否更好地了解 2026 年在這種新的門店動態下會是什麼樣子，即使在大年開業之後也是如此。

Yes, I appreciate it, Dan. So if you had it right, we're seeing the trends as you articulated them. And certainly, there are restaurants that perform above those expectations. So we're not -- but in general, yes, that is correct. And then in '26, we believe the '25 cohort of restaurants will perform similarly to what we saw with the '24 cohort in 2025. And things to do to try to make sure that we can open these restaurants as successfully as possible and capture as much of the honeymoon [pillow] as we can is really taking our general managers and exposing them to high volumes as well and bringing them into other markets like New York to experience what these peaks are like, which is atypical and something that we hadn't experienced prior to this year, so that they're better able to manage the demand and then actually maintain more of those consumers as we go forward.

是的，謝謝你，丹。所以，如果你的判斷是正確的，我們看到的趨勢正如你所描述的。當然，也有一些餐廳的表現超出了預期。所以我們不是這樣——但總的來說，是的，這是正確的。然後，我們認為 2026 年，2025 年的餐廳表現將與我們 2025 年看到的 2024 年的餐廳表現類似。為了確保這些餐廳能夠盡可能成功地開業，並儘可能多地抓住蜜月期，我們需要做的就是讓我們的總經理們接觸高客流量的情況，並將他們帶到紐約等其他市場，讓他們體驗這些高峰期是什麼樣的，這是非同尋常的，也是我們在今年之前從未經歷過的，這樣他們就能更好地管理需求，並在未來留住更多的顧客。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just looking at the most recent third quarter results. I'm just curious how much of the comp shortfall maybe versus your internal expectation heading into 3Q, do you attribute to the escalating macro headwinds versus perhaps some internal missteps or challenges and kind of thinking about as you look back, anything you would do differently if the challenging environment persists as we look into 2026.

偉大的。只看最新的第三季業績。我只是好奇，在第三季度，您認為薪資缺口與內部預期相比，有多少是由於不斷加劇的宏觀不利因素造成的，又有多少是由於內部失誤或挑戰造成的？回顧過去，如果這種充滿挑戰的環境持續到 2026 年，您會採取哪些不同的做法？

Yeah. The macro environment is certainly what put pressure on the results in Q3. I wouldn't -- there isn't anything that's structural about the business or any missteps that are significant that we would have adjusted for which we have done differently. It's really about how we look at how we performed in light of the two-year stack that we were facing. So when you're coming up on a comp in the quarter last year coming out just under two is not an unreasonable expectation, given that tough compare and the macro environment that we're in.

是的。第三季業績受到宏觀環境的影響，這無疑是造成業績壓力的主要因素。我不會——公司在結構上沒有任何問題，也沒有任何重大失誤需要我們做出調整，而我們本來可以採取不同的做法。這其實關乎我們如何看待我們在面對兩年挑戰時的表現。因此，考慮到去年同期業績比較艱難以及我們所處的宏觀環境，如果預期業績略低於2%並不算過分。

We talked about two years stack and how they accelerated. And the three-year stack at the beginning of the year, we thought would be in the mid-30s and we're just under that at 34%. And in this type of environment, that was not unexpected.

我們討論了兩年的堆疊技術以及他們是如何加速發展的。年初時，我們預計三年期持倉佔比將在 30% 左右，而現在我們略低於這個數字，為 34%。在這種環境下，這並不出乎意料。

And again, Jeffrey, when we're in this heavy discounting environment, we're not going to get into that heavy discounting to combat any cyclical headwinds. That's why we talked about doubling down on exceptional operations and great guest experiences. That's where restaurant traffic starts. And that's always an opportunity for us and always will be, but it's incumbent upon us in these more challenging macro environments to double down on it because we're not fast food.

傑弗裡，再說一遍，在當前這種大幅折扣的環境下，我們不會為了應對任何週期性不利因素而採取大幅折扣措施。這就是為什麼我們討論要加倍投入，打造卓越的營運和優質的賓客體驗。餐廳客流就是從那裡開始的。這對我們來說始終是一個機會，而且永遠都會是，但在這些更具挑戰性的宏觀環境中，我們有責任加倍努力，因為我們不是快餐。

We're not QSR. That's not our value proposition to our guests. Our value proposition as I spoke to before, the quality of our food, the relevance of the cuisine, the experience you get when you engage with us and you come into our dining rooms and you order on our digital channels and the accuracy we deliver. So we want to make sure we're doing everything we had in that spirit to deliver for our guests in this time when they're feeling pressures all around you.

我們不是速食連鎖店。這不是我們對顧客的價值主張。正如我之前所說，我們的價值主張在於：我們食物的品質、菜餚的相關性、您與我們互動、光臨我們的餐廳、透過我們的數位管道訂餐時所獲得的體驗，以及我們交付的準確性。所以我們希望確保我們盡一切努力，本著這種精神，在這個賓客們感到四面楚歌的時期，為他們提供優質服務。

Jon Tower, Citigroup.

Jon Tower，花旗集團。

Great. Two, if I may. First, Brett, you've mentioned multiple times on the call, the brand's pricing versus CPI over time since 2019. So I guess my impression is that as we're looking at 2026, you guys are probably not going to do much by way of taking price for next year. And I'm just curious if that's the right assumption to make for the brand? And then my next question is just on the last year discussion and specifically the builds for 2026.

偉大的。如果可以的話，我想說兩個。首先，Brett，你在電話會議中多次提到，自 2019 年以來，品牌的定價與 CPI 的變化。所以我覺得，展望 2026 年，你們可能不會在明年的價格方面做太多事情。我只是好奇，對於這個品牌來說，這樣的假設是否正確？接下來，我的下一個問題是關於去年的討論，特別是關於 2026 年的建設規劃。

To avoid maybe the same issue hitting the store base with respect to honeymoon. Are you guys doing anything specifically where you're opening the stores in 2026, such that 2027, you're not going to running into the same issues with Honeymoons or is that not even part of the discussion.

為了避免蜜月旅行期間商店也出現同樣的問題。你們在 2026 年開設門市時，有沒有特別的計劃，以確保 2027 年不會再遇到與蜜月旅行相關的問題？還是說這根本不在討論範圍？

So I'll start with price. So you're right, John, as we think about it, we've always been very thoughtful but I talked about this earlier on not passing a significant price on to our guests, so we don't plan to do that in 2026. So our expectation is our price increase will be very modest and less than what we did in 2025. And then as you're thinking about opening new restaurants in 2026, there's not a significant change contemplated and how we're opening them, just being thoughtful around -- what that means to the business and keep in mind our comp trends in Q1 of 2025 with a strong comp at 10.8%.

那我就先從價格說起吧。約翰，你說得對，我們仔細考慮過這個問題，我們一直都非常謹慎，但我之前也說過，我們不想把很大的成本轉嫁給客人，所以我們不打算在 2026 年這樣做。因此，我們預期價格上漲幅度將非常小，低於 2025 年的漲幅。然後，當您考慮在 2026 年開設新餐廳時，我們並沒有考慮任何重大變化，也沒有考慮如何開設新餐廳，只是在思考這對業務意味著什麼，並記住我們在 2025 年第一季度的同店銷售趨勢，預計同店銷售將強勁增長 10.8%。

That will factor in the cadence of comps next year. But when we look at our real estate strategy, just wanting to make sure that we're being balanced and thoughtful in how we're bringing new restaurants in, particularly in new markets and how we're pacing those openings to perhaps try to balance out that honeymoon phenomenon that we've been experiencing. But I'll tell you, we're seeing it all over.

這將影響明年比賽的節奏。但當我們審視我們的房地產策略時，我們只是想確保我們在引進新餐廳方面，尤其是在新市場，能夠做到平衡和深思熟慮，並控制這些餐廳的開業節奏，以期平衡我們一直經歷的蜜月期現象。但我可以告訴你，這種情況到處都在發生。

So it's not just in new markets. We're just -- the brand is resonating very well and driving strong demand that's bringing many more guests than than we originally expected, which drives a stronger cash on cash return sooner, which is great for the business overall.

所以這不僅發生在新興市場。我們發現——該品牌反應非常好，推動了強勁的需求，帶來了比我們最初預期多得多的顧客，從而更快地實現了更高的現金回報率，這對整個業務來說是件好事。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

The change to store margin guidance is that really just reflective of the sales environment? Or is there anything that's different about inflation, anything that we should factor in as we go to '26. And then I guess just also what's pressuring preopening expense?

門市利潤率預期調整是否真的只是反映了銷售環境的變化？或者說，通貨膨脹有什麼不同之處嗎？在展望 2026 年的時候，我們應該把哪些因素考慮進去？那麼，還有什麼因素會增加開業前的費用呢？

Yeah. When we look at restaurant level margin, it really reflects the experience we had in Q3. And frankly, -- in the quarter itself, we have continued to have higher repair and maintenance expense than what we were anticipating. We have been talking to everyone and seeing that over the past year and had thought that it would come down a little bit. And so what the guidance reflects is the actual results in Q3 and a continuation of that from another operating expense perspective into Q4 as we identify opportunities to look at those repair and maintenance expenses and optimize them.

是的。當我們查看餐廳層面的利潤率時，它確實反映了我們在第三季的經歷。坦白說，本季我們的維修和維護費用仍然高於預期。過去一年裡，我們一直在和各方人士溝通，也看到了這種情況，我們原本以為價格會略有下降。因此，該指導意見反映的是第三季度的實際業績，以及從另一個營運費用角度對第四季度業績的延續，因為我們正在尋找機會來審視這些維修和維護費用並進行優化。

So being more thoughtful around equipment and how do we make adjustments, but wanting to maintain the integrity in the physical spaces and making sure we're providing a great experience at the same time. There isn't anything significant around input costs or labor costs. It's more of that under operating expense line. And then when you talked about preopening costs, what we're planning with preopening is they were in the quarter itself.

因此，我們在設備方面要更加深思熟慮，思考如何進行調整，同時又要保持物理空間的完整性，並確保我們同時提供良好的體驗。投入成本或勞動成本方面沒有什麼重大變化。這比較屬於營運費用項下。然後，當您談到開業前成本時，我們計劃的開業前成本是在本季內產生的。

There were many more restaurants under construction than what was in the prior year. But overall, we are seeing an increase in preopening costs restaurant driven by a number of factors, and it's largely due to us investing in a better opening experience. So when I mentioned earlier, taking general managers out of the market where the restaurant is going to open and bring them into higher volume markets, that has extra costs associated with it, which we think is important to make investment in. So the general managers are better prepared and there's a better guest experience overall.

與前一年相比，正在興建中的餐廳數量要多得多。但總體而言，受多種因素影響，我們看到餐廳開業前的成本增加，這主要是因為我們投資於更好的開業體驗。所以，正如我之前提到的，將總經理從餐廳即將開業的市場調到客流量更大的市場，這會產生額外的成本，我們認為這方面值得投資。因此，總經理們準備得更充分，整體上客人的體驗也更好。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場。

Just on the Q4 comp, I recognize you guys did the full year guide implies a relatively wide range on Q4. So just any directional commentary you could provide on Q4 same-store sales outlook.

僅就第四季度業績而言，我知道你們已經制定了全年業績指南，這意味著第四季度的業績波動範圍相對較大。所以，請您對第四季同店銷售前景提供一些方向性評論。

Yeah. So certainly, given the higher laps going up against the 21.2% same restaurant sales in the prior year, coupled with the consumer headwinds, we wanted to take a very judicious approach in setting guidance, and it's been a bit choppy. And so what we're seeing today is a bit better than the midpoint of the range, but we wanted to be thoughtful and create a wide range because of the uncertainty that being faced with consumers today. And so how long will the shutdown continue? And what will that mean? And it's certainly a factor of one that's difficult to predict.

是的。因此，考慮到較高的營業額與前一年 21.2% 的同店銷售額相比，再加上消費者面臨的不利因素，我們希望在製定業績指引時採取非常謹慎的態度，因此業績指引的製定過程也有些波動。因此，我們今天看到的情況比該範圍的中點要好一些，但考慮到當今消費者面臨的不確定性，我們希望考慮周全，創造一個廣泛的範圍。那麼，停擺會持續多久？那又意味著什麼呢？而且這無疑是個難以預測的單一因素。

Nick Setyan, Mizuho.

Nick Setyan，瑞穗銀行。

Historically, you've talked about the diversity of your COGS basket has been a little bit of a moat that allows you to under price inflation. What beef now in the equation, would you mind just updating us in terms of the composition of the COGS basket? And then two, just on the AGM investment, should we think about that as an incremental cost in labor in 2026. Any comment there would be helpful.

從歷史上看，您曾說過，您銷售成本籃子的多樣性就像一道護城河，使您能夠抵禦價格通膨。現在問題出在哪裡？能否更新一下銷售成本籃子的組成？其次，就 AGM 投資而言，我們是否應該將其視為 2026 年勞動成本的增量？任何評論都將不勝感激。

Yeah. So on the diversity of the cost basket, there isn't a material change in that mix overall. So 25% typically in proteins, 25% produce, 25% grocery and 25%, everything else. Those adding beef has not changed it materially in the overall cost. -- from an input cost standpoint. And then when we're looking at AGMs, I appreciate you bringing that up. We've reimagined as the General Manager and training role and elevated it for those who are ready to an assistant general manager role. So it's not an incremental head count per se, but it is at a higher overall compensation rates. And so there'll be some modest impact to overall labor as we go into 2026.

是的。因此，就成本構成而言，整體上並沒有實質的變化。所以通常情況下，25%是蛋白質，25%是農產品，25%是雜貨，25%是其他所有東西。從投入成本的角度來看，增加牛肉用量並沒有對總成本產生實質影響。然後，當我們討論年度股東大會時，我很感謝你提出這一點。我們重新定義了總經理和培訓角色，並將其提升為助理總經理職位。所以，雖然員工人數沒有增加，但整體薪資水準卻提高了。因此，到 2026 年，整體勞動市場將受到一些輕微的影響。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Most of might have been asked, but I thought I'd follow up on recent trends. And just given your footprint in the DMV market, I'm curious if you're seeing any outsized softness in that region during the government shutdown or more broadly to what degree you think that could be having an impact on your business?

可能很多人都問過這個問題，但我還是想跟進最近的趨勢。鑑於您在 DMV 市場的份額，我很好奇在政府停擺期間，您是否看到該地區出現任何異常疲軟的跡象？或者更廣泛地說，您認為這會在多大程度上影響您的業務？

Brian, we did not initially see any impact. And in the most recent weeks as paycheck at going out to government workers, we have seen some softness creep in, but I wouldn't say it's acute or anything severe at this point.

布萊恩，我們最初並沒有發現任何影響。最近幾週，隨著政府工作人員的薪資發放出現一些疲軟跡象，但就目前而言，我不會說情況已經十分嚴重。

That appears to be our last question. I will now turn the conference back to Brett Schulman, Co-Founder and CEO, for any additional remarks.

看來這是我們最後一個問題了。現在我將把會議交還給聯合創始人兼執行長布雷特·舒爾曼，請他補充演講。

Thanks for joining us today. Before we wrap, I want to take a moment to share my gratitude for our entire team. Last month, I spent time in the field visiting our restaurants in the Midwest and Southeast. Seeing the energy of our teams, the pride they take in delivering great food and hospitality and the excitement of our guests is a powerful reminder of what fuels our success. This fall has been a period of continued growth welcoming new guests, strengthening our operations and investing in the people who bring our mission to life every day.

感謝您今天收看我們的節目。在結束之前，我想花一點時間表達我對我們整個團隊的感激之情。上個月，我走訪了我們在中西部和東南部的餐廳。看到我們團隊的活力，看到他們為提供美味佳餚和熱情服務而感到自豪，以及顧客們的興奮之情，這讓我更加深刻地體會到我們成功的動力源泉。今年秋季，我們持續發展壯大，迎接新顧客，強化運營，並加大對員工的投入，正是他們每天實踐我們的使命。

As we head to another holiday season, we're grateful for the dedication of our team members and the loyalty of our guests. We remain energized by the opportunities ahead. Thank you for your time and support. We look forward to connecting again in the new year.

又一個假期季節即將到來，我們衷心感謝團隊成員的辛勤付出和顧客的忠誠支持。我們對未來的機會充滿信心。感謝您的時間和支持。期待在新的一年與您再次相聚。

Thanks for joining us today. Before we wrap, I want to take a moment to share my gratitude for our entire team. Last month, I spent time in the field visiting our restaurants in the Midwest and Southeast. Seeing the energy of our teams, the pride they take in delivering great food and hospitality and the excitement of our guests is a powerful reminder of what fuels our success. This fall has been a period of continued growth welcoming new guests, strengthening our operations and investing in the people who bring our mission to life every day.

感謝您今天收看我們的節目。在結束之前，我想花一點時間表達我對我們整個團隊的感激之情。上個月，我花時間實地走訪了我們在中西部和東南部的餐廳。看到我們團隊的活力，看到他們為提供美味佳餚和熱情服務而感到自豪，以及看到顧客們的興奮之情，這有力地提醒我們，是什麼推動了我們的成功。今年秋季，我們持續發展壯大，迎來了新的客人，加強了運營，並投資於每天實踐我們使命的人們。

As we head to another holiday season, we're grateful for the dedication of our team members and the loyalty of our guests. We remain energized by the opportunities ahead. Thank you for your time and support. We look forward to connecting again in the new year.

又一個假期將至，我們衷心感謝團隊成員的奉獻和顧客的忠誠。我們對未來的機會充滿熱情。感謝您的時間和支持。我們期待在新的一年再次相聚。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。