CAVA Group Inc (CAVA) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CAVA Q4 and full year 2025 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, February 24, 2026.

女士、先生們，下午好，歡迎參加 CAVA 2025 年第四季及全年財報電話會議。（操作員指示）本次通話於2026年2月24日星期二進行錄音。

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

現在我將把會議交給財務高級副總裁馬特·米拉諾維奇。請繼續。

Good afternoon, and welcome to CAVA's fourth-quarter and full year 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.

下午好，歡迎參加 CAVA 2025 年第四季及全年財務業績電話會議。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。

You will find reconciliations of any non-GAAP financial measure discussed on today's call to the most directly comparable financial measure calculated in accordance with GAAP to the extent available without unreasonable efforts in today's earnings release and supplemental deck, each of which is posted on the company's website.

您可以在今天的獲利報告和補充資料中找到今天電話會議中討論的任何非GAAP財務指標與根據GAAP計算的最直接可比財務指標的調節表（在無需付出不合理努力的情況下）。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. 2025 was a milestone year for CAVA, made possible by more than 13,000 team members who deliver on our mission of bringing heart, health and humanity to food every day. Before diving into the quarter and fiscal year, I want to thank our teams for their commitment to our guests and to one another.

謝謝馬特，也歡迎各位參加本次電話會議。 2025年是CAVA的里程碑之年，這要歸功於我們超過13,000名團隊成員，他們每天都在實踐我們的使命：將愛心、健康和人文關懷融入食物之中。在深入探討本季和本財年之前，我要感謝我們的團隊對顧客和彼此的付出。

Their dedication is what continues to fuel our growth and made this another successful year at CAVA. In 2025, we continue to build with intention, strengthening our position as the clear leader of the Mediterranean category, guided by an unwavering long-term strategic focus. It was a record-setting year marked by our first full fiscal year, surpassing $1 billion in revenue and our strongest new restaurant opening class to date.

正是他們的奉獻精神不斷推動著我們的發展，也使 CAVA 迎來了成功的一年。2025年，我們將繼續穩步發展，鞏固我們在地中海葡萄酒類別中的領先地位，並以堅定不移的長期戰略重點為指導。這是創紀錄的一年，我們迎來了第一個完整的財政年度，收入超過 10 億美元，並且是我們迄今為止最強勁的新餐廳開業群體。

The year also marked a transition point, shifting from a newly public company to a large-scale sustainable growth enterprise as the model we've been building began to grow more broadly with strong new restaurant performance translating into meaningful market share gains. We believe our momentum reflects more than just expansion.

這一年也標誌著一個轉捩點，公司從一家新上市的公司轉型為一家大規模可持續增長的企業，因為我們一直在構建的模式開始更廣泛地發展，強勁的新餐廳業績轉化為有意義的市場份額增長。我們認為，我們的發展動能不僅體現在擴張上。

It signals that our value proposition is resonating with today's increasingly discerning consumer. As guests become more intentional with their spend, they are choosing brands like CAVA that deliver real differentiation through bold flavors, helpful food and hospitality that creates meaningful human connection. Our fourth-quarter highlights include a 21.2% increase in CAVA revenue and a 55.5% increase over the last two-years, same-restaurant sales of 0.5%, restaurant-level profit margin of 21.4%, 24 net new restaurants, adjusted EBITDA of $25.8 million and net income of $4.9 million.

這表明我們的價值主張引起了當今越來越挑剔的消費者的共鳴。隨著顧客在消費方面越來越注重理性，他們會選擇像 CAVA 這樣透過大膽的口味、貼心的食物和熱情周到的服務來創造有意義的人際聯繫，從而帶來真正差異化的品牌。第四季亮點包括：CAVA 營收成長 21.2%，較過去兩年成長 55.5%；同店銷售額成長 0.5%；餐廳層級利潤率為 21.4%；淨新增餐廳 24 家；調整後 EBITDA 為 2,580 萬美元；淨收入為 490 萬美元。

And full year highlights include a 22.5% increase in CAVA revenue and a 63.1% increase over the last two-years, same-restaurant sales of 4%, 72 net new restaurants, ending the year with 439 restaurants, a 19.6% increase year-over-year; adjusted EBITDA of $152.8 million, a 21% increase over the full year 2024, net income of $63.7 million and $26.1 million in free cash flow.

全年亮點包括：CAVA 收入增長 22.5%，較過去兩年增長 63.1%；同店銷售額增長 4%；淨新增餐廳 72 家，年底餐廳總數達到 439 家，同比增長 19.6%；調整後 EBITDA 為 1.528 億美元，較 2024 年全年淨現金流為 160 230 200 230 2000 230 1230 2000 230 230 230 230 230 230 230 23023255萬美元；萬美元。

Just last month, we celebrated our 15-year anniversary. And when my co-founders and I started this business, our ambitions were simple to make Mediterranean cuisine accessible to communities across the country, deliver it with genuine hospitality and create a platform where our team members could build a career, not just have employment.

就在上個月，我們慶祝了成立15週年。當我和我的共同創辦人創辦這家公司時，我們的目標很簡單，就是讓全國各地的社區都能享用到地中海美食，以真誠的熱情好客之道提供服務，並創建一個平台，讓我們的團隊成員能夠建立事業，而不僅僅是獲得一份工作。

That simple but powerful idea continues to shape our culture and how we serve our guests and support our teams every day. As we enter this next chapter of growth, I'm excited to welcome Doug Thompson as our new Chief Operations Officer, whose operational leadership will help us scale thoughtfully and sustainably. With our growth comes an even greater focus on the choices we make for our guests.

這個簡單而強大的理念持續塑造我們的企業文化，以及我們每天服務顧客和支援團隊的方式。隨著我們進入下一個發展階段，我很高興地歡迎道格·湯普森擔任我們的新任首席營運官，他的營運領導才能將幫助我們以深思熟慮且可持續的方式擴大規模。隨著我們的發展壯大，我們更加重視為顧客所做的選擇。

Today's industry environment is dominated by price discounting, a reflection of many brands who aggressively raised prices in recent years. We believe it's more important than ever to deliver real value every day and exceptional experiences. In recent years, we've taken less than half the price increases of industry peers while underpricing CPI by over 10%.

當今的行業環境以價格折扣為主導，這反映了近年來許多品牌大幅漲價的趨勢。我們認為，每天提供真正的價值和卓越的體驗比以往任何時候都更重要。近年來，我們的價格漲幅不到業界同業的一半，同時價格比消費者物價指數低 10% 以上。

It's these intentional decisions made consistently over time that reinforce trust with our guests and strengthen the long-term foundation of our brand. And that foundation comes to life through our four strategic pillars, starting with our first pillar, expand our Mediterranean Way in communities across the country.

正是這些長期堅持不懈的深思熟慮的決定，鞏固了我們與顧客之間的信任，並加強了我們品牌的長期基礎。這項基礎透過我們的四大戰略支柱得以實現，首先從我們的第一支柱開始，在全國各地的社區推廣我們的地中海方式。

During the fourth-quarter, we opened 24 net new restaurants, ending the year with 439 locations across 28 states and the District of Columbia. 2025 was a strong year for expansion, and we're excited to continue that momentum in 2026 with upcoming new market entries across the Midwest, including Cincinnati, St. Louis, Columbus and Minneapolis.

第四季度，我們淨增24家餐廳，年底時在28個州和哥倫比亞特區共擁有439家門市。 2025年是擴張強勁的一年，我們很高興能在2026年延續這一勢頭，並計劃在包括辛辛那提、聖路易斯、哥倫布和明尼阿波利斯在內的中西部地區新市場開設門市。

All new restaurants will open with the full Project Soul design as we remain on track toward our next milestone of at least 1,000 restaurants by 2032. As we bring our Mediterranean Way to more communities, our food remains at the heart of how our guests experience our brand. With the new year just beginning and many guests leaning into healthier choices, we're meeting that moment with menu innovation rooted in both flavor and purpose.

所有新餐廳都將採用完整的「Project Soul」設計，我們將繼續朝著下一個里程碑——到 2032 年開設至少 1000 家餐廳——穩步前進。隨著我們將地中海美食帶到更多社區，我們的美食仍然是顧客體驗我們品牌的核心。新年伊始，許多顧客都傾向於選擇更健康的食品，我們順應這一趨勢，在口味和營養價值之間進行菜單創新。

Our most recent culinary launch, our largest update yet, brings back the fan favorite and deliciously creamy roasted white sweet potato and introduces new offerings such as Sumac Slaw, Power Greens, Tangerine Aleppo Juice and Sumac Sour Cream and Onion Pita chips. By leaning into spices like Coriander, Paprika, Sumac and Aleppo Sour Pepper, we're delivering bold, satisfying high-quality food that feels both authentic and deeply craveable.

我們最新推出的美食新品，也是迄今為止最大的更新，重新推出了深受粉絲喜愛的美味奶油烤白甜薯，並推出了新的產品，如漆樹沙拉、能量蔬菜、橘子阿勒頗汁和漆樹酸奶油洋蔥皮塔餅片。我們大量使用香菜、辣椒粉、漆樹粉和阿勒頗酸椒等香料，烹調出味道濃鬱、令人滿足的高品質美食，既地道又令人垂涎欲滴。

That same focus on health and balance carries directly into our next major culinary moment. I'm excited to share that towards the end of the first-quarter, we'll be launching Pomegranate-glazed Salmon, our first-ever seafood offering and a natural extension of our menu. Salmon fits seamlessly into the Mediterranean diet and naturally expands the variety of choices we can offer our guests, inviting even more people to our CAVA table.

這種對健康和平衡的關注也直接體現在我們下一個重要的烹飪時刻。我很高興地宣布，在第一季末，我們將推出石榴釉鮭魚，這是我們推出的第一款海鮮產品，也是我們菜單的自然延伸。鮭魚完美契合地中海飲食，自然而然地豐富了我們能為客人提供的選擇，吸引更多人來到我們的 CAVA 餐廳用餐。

Our roasted flakey filet is marinated in a subtly sweet blend of pomegranate, harissa, red wine vinegar and bold spices. As we prepare for this upcoming launch, we've taken a thoughtful and disciplined approach to testing to ensure a great guest and team member experience. We're excited to bring this to life in the coming months and can't wait for our guests to experience it.

我們烤製的片狀魚片用石榴、哈里薩辣醬、紅酒醋和濃鬱香料混合而成的微甜醬汁醃製而成。為了迎接即將到來的產品發布，我們採取了周全嚴謹的測試方法，以確保為顧客和團隊成員提供良好的體驗。我們很高興能在接下來的幾個月將這個項目變為現實，迫不及待地想讓我們的客人體驗它。

Shifting to our second pillar, deepen personal relationships with guests even as we scale. This past fall, we rolled out tiered status levels as the next phase of our loyalty program. Through this evolution, we've been able to deliver differentiated benefits, surprise and delight moments and recognition through our Sea, Sand and Sun tiers.

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。去年秋季，我們推出了分級會員等級制度，作為我們忠誠度計畫的下一個階段。透過這項發展歷程，我們透過海洋、沙灘和陽光三個會員等級，提供了差異化的福利、驚喜和愉悅時刻以及認可。

While still early, the introduction of these tiers has already strengthened engagement and created new personalized ways for guests to connect with our brand. Building on that foundation, we recently introduced Oasis, our invite-only tier designed to recognize our most loyal guests and strengthen long-term relationships. Oasis gives our most engaged members access to enhanced earning opportunities, additional perks, exclusive merchandise and special events throughout the year.

雖然還處於早期階段，但這些等級制度的推出已經加強了參與度，並為顧客創造了與我們的品牌建立聯繫的全新個人化方式。在此基礎上，我們最近推出了 Oasis，這是一個僅限受邀會員的級別，旨在表彰我們最忠實的顧客並加強長期關係。Oasis 為我們最活躍的會員提供更多賺錢機會、額外福利、專屬商品和全年特別活動。

This tier is another example of how we will utilize our new loyalty architecture to lean into more tailored and personalized guest experiences over time. As we deepen our relationships with our guests, delivering on that promise requires a clear focus on our third pillar, running great restaurants every location, every shift. Our team members remain at the core of our business and enabling them with the right tools, and technology is essential to delivering great guest experiences every day.

這一層是我們將如何利用新的會員體系，逐步打造更量身訂做和個人化的客戶體驗的又一例子。隨著我們與顧客關係的不斷加深，要兌現這項承諾，就需要我們明確地關注第三個支柱，即在每個地點、每個班次都提供優質的餐廳服務。我們的團隊成員始終是我們業務的核心，為他們提供合適的工具和技術對於每天提供優質的賓客體驗至關重要。

A strong operational foundation allows us to consistently elevate hospitality, improve order accuracy and enhance speed and service across our restaurants. Over the past year, we've continued to invest in technology that simplifies execution and makes our restaurants easier to run, including the rollout of our kitchen display screen system.

強大的營運基礎使我們能夠持續提升餐飲服務水平，提高訂單準確率，並提升旗下所有餐廳的服務速度和服務品質。過去一年，我們持續投資於能夠簡化執行流程、讓餐廳更容易運作的技術，包括推出廚房顯示器系統。

In 2025, we completed all scheduled retrofits and opened every new restaurant with the new system, ending the year with our KDS live in 370 locations with the remaining 69 retrofits to be completed this year. This is a meaningful cross-functional effort driven by a shared focus on supporting operators and improving the day-to-day restaurant experience.

2025 年，我們完成了所有計劃內的改造，並為每家新餐廳啟用了新系統，到年底，我們的 KDS 已在 370 個地點上線，剩餘的 69 個改造項目將於今年完成。這是一項意義重大的跨部門合作，其共同目標是支持餐廳經營者，並改善餐廳的日常營運體驗。

In that same spirit, we've completed the rollout of TurboChef ovens across our entire restaurant base, giving team members the equipment they need to execute consistently as our menu continues to evolve. These ovens have already played an important role in delivering the quality and consistency guests expect, including our recent white sweet potato launch, and they will be a key enabler of our upcoming salmon launch.

本著同樣的精神，我們已在所有餐廳全面推廣了 TurboChef 烤箱，為團隊成員提供了所需的設備，以便在菜單不斷發展變化時能夠始終如一地執行菜餚。這些烤箱在提供顧客所期望的品質和一致性方面已經發揮了重要作用，包括我們最近推出的白甘藷，它們也將是我們即將推出的鮭魚的關鍵推動因素。

By simplifying execution and delivering faster, more consistent cook quality, these ovens help ensure our culinary innovation shows up in restaurants with the same integrity and care we design it with. As we continue to focus on running great restaurants every location, every shift, leadership in our restaurants matters more than ever.

透過簡化操作流程，提供更快、更穩定的烹飪質量，這些烤箱有助於確保我們的烹飪創新能夠以我們設計時所秉持的完整性和用心程度呈現在餐廳中。我們始終致力於在每一家餐廳、每個班次都做到卓越，因此，餐廳的領導力比以往任何時候都更重要。

As I noted earlier, Doug Thompson will be joining CAVA as our Chief Operations Officer this March. Doug brings deep experience developing and mentoring restaurant leaders, building durable talent pipelines and creating environments where people can grow careers, not just sold roles. His leadership philosophy is closely aligned with our belief that great restaurants are built by great people, and we couldn't be more excited for him to partner with our teams as we enter our next phase of growth.

正如我之前提到的，Doug Thompson 將於今年三月加入 CAVA，擔任營運長。道格在培養和指導餐飲業領導者、建立持久的人才儲備以及創造人們可以發展職業生涯（而不僅僅是出售職位）的環境方面擁有豐富的經驗。他的領導理念與我們「偉大的餐廳是由偉大的人才打造的」的信念高度契合，我們非常高興他能與我們的團隊攜手合作，共同邁入下一個發展階段。

Doug's arrival builds upon the foundation that we started last October when we launched our Flavor Your Future initiative, a holistic team member development program designed to attract, develop and retain CAVA's next generation of leaders. One of our first actions under this program was the introduction of the Assistant General Manager role created to build a deeper bench of role-ready leaders as we continue to scale.

Doug 的到來鞏固了我們去年 10 月啟動的「Flavor Your Future」計畫的基礎。該計劃是一項全面的團隊成員發展計劃，旨在吸引、培養和留住 CAVA 的下一代領導者。在該計劃下，我們採取的首批行動之一是引入助理總經理職位，旨在隨著我們不斷擴大規模，培養更多能夠勝任該職位的領導人才。

Today, we are on schedule with 60% of AGM roles filled and a majority of them coming from internal promotions. While still early, we're seeing encouraging signs that this approach is having a positive impact. Restaurants with AGM coverage are outperforming those without as AGMs provide additional leadership support during peak dinner and weekend shifts, helping to strengthen execution across every shift, develop future team members and create more sustainable restaurant teams.

目前，我們的年度總經理職位已完成 60%，且大部分職位都來自內部晉升，工作進展順利。雖然現在下結論還為時過早，但我們已經看到一些令人鼓舞的跡象，表明這種方法正在產生積極的影響。配備 AGM 的餐廳業績優於沒有 AGM 的餐廳，因為 AGM 在晚餐高峰期和週末班次提供額外的領導支持，有助於加強每個班次的執行力，培養未來的團隊成員，並創建更可持續的餐廳團隊。

In addition to the AGM role, given our dynamic new restaurant growth, we are making deliberate changes to our field leadership model to support operator development and elevate standards as we scale. First, we introduced two zone leaders who will be reporting directly to Doug, splitting the country to increase focus, accountability and leadership proximity to restaurants.

除了總經理一職外，鑑於我們餐廳業務的快速成長，我們正在對我們的現場領導模式進行有意識的調整，以支持營運商的發展，並在我們擴大規模的同時提高標準。首先，我們引入了兩位區域負責人，他們將直接向 Doug 匯報工作，將全國劃分開來，以提高專注度、責任感和領導層與餐廳的距離。

Second, we narrowed spans of control for our regional leaders, enabling deeper restaurant engagement and more consistent coaching in the field. And finally, we added a new market leader role to create a clear span breaker between regional and area leaders, strengthening day-to-day support and execution at the local level.

其次，我們縮小了區域領導的管理範圍，從而能夠更深入地參與餐廳運營，並在現場提供更一致的指導。最後，我們新增了市場領導者一職，以打破區域領導者和地區領導者之間的界限，並加強地方層級的日常支持和執行。

Together, these changes increase in-restaurant leadership presence, reinforce hospitality and build the leadership pipeline needed to support long-term sustainable growth. As we look ahead, we'll continue to scale with purpose, staying grounded in our mission while building a business designed to endure for the long term.

這些變革共同提升了餐廳內部領導層的影響力，強化了待客之道，並建立了支持長期永續發展所需的領導者才儲備。展望未來，我們將繼續有目標地擴大規模，堅守我們的使命，同時打造一個能夠長期發展的企業。

The strength of what we've put in place gives us confidence in the path forward, and none of this would be possible without the dedication and trust of our team members across the field and support centers. Thank you to our teams and to all of you who continue to believe in our mission and the growth we're creating together.

我們所建立的體系的力量讓我們對未來的道路充滿信心，而這一切都離不開我們遍布各地的團隊成員和支持中心的奉獻和信任。感謝我們的團隊，也感謝所有繼續相信我們的使命和我們共同創造的成長的人們。

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

接下來，我將把麥克風交給特里西亞，讓她為大家講解財務狀況。

Thanks, Brett, and hello, everyone. CAVA revenue in the fourth-quarter of 2025 grew 21.2% year-over-year to $272.8 million. During the quarter, we opened 24 net new restaurants, bringing our total CAVA restaurant count to 439. Same-restaurant sales increased 0.5%. On a two-year basis, same-restaurant sales accelerated 170 basis points to 21.7%.

謝謝布雷特，大家好。CAVA 2025 年第四季的營收年增 21.2%，達到 2.728 億美元。本季我們淨增 24 家餐廳，使我們的 CAVA 餐廳總數達到 439 家。同店銷售額成長0.5%。兩年內，同店銷售額成長了 170 個基點，達到 21.7%。

On a three-year basis, same-restaurant sales remained relatively stable at 33.1%. Our unit economic model continues to be strong, and we remain confident in the underlying structural strength of the business. We had a record-setting year with our new restaurant productivity remaining above 100% and our 2025 NRO AUVs trending above $3 million, underscoring the resonance of our brand.

三年內，同店銷售額保持相對穩定，為 33.1%。我們的單位經濟效益模型依然強勁，我們對公司業務的基本結構實力仍然充滿信心。我們取得了創紀錄的一年，新餐廳的生產力保持在 100% 以上，2025 年的 NRO AUV 預計將超過 300 萬美元，凸顯了我們品牌的影響力。

CAVA restaurant level profit in the fourth-quarter was $58.3 million versus $50.4 million in the fourth-quarter of 2024, representing 15.7% growth. CAVA's food, beverage and packaging costs were 30.4% of revenue, a 50 basis point increase from the fourth-quarter of 2024. This increase reflects tariffs and our limited time-only Chicken Shawarma offering.

CAVA 餐廳第四季的利潤為 5,830 萬美元，而 2024 年第四季的利潤為 5,040 萬美元，年增 15.7%。CAVA 的食品、飲料和包裝成本佔收入的 30.4%，比 2024 年第四季增加了 50 個基點。此次漲價反映了關稅上漲以及我們限時供應的雞肉沙瓦瑪產品。

CAVA labor and related costs were 27.1% of revenue, a decrease of approximately 20 basis points from the fourth-quarter of 2024. This decrease reflects leverage from increased sales, partially offset by an investment in team member wages of 1.5%. CAVA occupancy and related expenses were 7.6% of revenue, flat with the fourth-quarter of 2024.

CAVA 的人工及相關成本佔收入的 27.1%，比 2024 年第四季下降了約 20 個基點。這一下降反映了銷售額成長帶來的槓桿效應，但部分被團隊成員薪資1.5%的投資所抵銷。CAVA 的入住率和相關費用佔收入的 7.6%，與 2024 年第四季持平。

CAVA other operating expenses were 13.4% of revenue, reflecting an increase of 60 basis points from the fourth-quarter of 2024. This increase was due to a higher mix of third-party delivery and ongoing technology costs associated with our kitchen display system rollout. Shifting to overall performance. Our general and administrative expenses for the quarter, excluding stock-based compensation, was 10.5% of revenue compared with 10.4% of revenue in Q4 of 2024.

CAVA 其他營運費用佔營收的 13.4%，比 2024 年第四季成長了 60 個基點。這一增長是由於第三方配送比例增加以及與廚房顯示系統推廣相關的持續技術成本增加所致。轉向整體表現。本季一般及行政費用（不含股權激勵費用）佔營收的 10.5%，而 2024 年第四季佔營收的 10.4%。

This 10 basis point increase was primarily due to investments to support future growth, partially offset by leverage from higher sales. Preopening expenses were $4.6 million in the current quarter compared with $2.7 million in the prior year quarter. The $1.9 million increase includes a higher number of units under construction and increased costs on a per unit basis.

這一10個基點的成長主要是由於為支持未來成長而進行的投資，部分被銷售額成長帶來的槓桿效應所抵銷。本季開業前費用為 460 萬美元，去年同期為 270 萬美元。增加的 190 萬美元包括正在建造的單位數量增加以及單位成本增加。

Adjusted EBITDA for the fourth-quarter was $25.8 million, a 2.6% increase versus Q4 of 2024. The increase in adjusted EBITDA was primarily driven by the number and continued strength of new restaurant openings, partially offset by investments to support growth, including higher preopening costs. For full year 2025, equity-based compensation was $18.1 million.

第四季調整後 EBITDA 為 2,580 萬美元，比 2024 年第四季成長 2.6%。調整後 EBITDA 的成長主要得益於新餐廳開業的數量和持續強勁的成長，但部分被支持成長的投資所抵消，包括更高的開業前成本。2025 年全年，股權激勵支出為 1,810 萬美元。

In 2026, we expect stock-based compensation to be between $22 million and $24 million, which includes our new program to provide equity grants to general managers. In 2026, we plan to adopt a performance-based LTI program, which would transition from a four- to three-year vesting period, accelerating expense recognition without changing total equity granted.

預計到 2026 年，股票選擇權激勵支出將在 2,200 萬美元至 2,400 萬美元之間，其中包括我們向總經理提供股權獎勵的新計畫。2026 年，我們計劃採用基於績效的長期激勵計劃，該計劃將把歸屬期從四年縮短至三年，加快費用確認，而不會改變授予的總股權。

Approximately 55% of this expense will be recognized in the first half of the year, given the timing of payroll taxes associated with RSU vesting and the extra period in Q1. In 2025, our effective tax rate was 10%. For the full fiscal year 2026, we expect our effective tax rate to be between 25% and 30% with a slightly lower rate in the first half of the year versus the back half due to the timing of equity-based vesting.

考慮到與 RSU 歸屬相關的工資稅的繳納時間以及第一季的額外期間，這筆費用的大約 55% 將在上半年確認。2025年，我們的實際稅率為10%。對於整個 2026 財年，我們預計實際稅率將在 25% 到 30% 之間，由於股權歸屬的時間安排，上半年的稅率會比下半年略低。

This increase for the year is due to the anticipated lower permanent benefit from equity-based compensation. As a reminder, our cash taxes will continue to be immaterial until we fully utilize our net operating losses. For the full fiscal year, we reported GAAP net income of $63.7 million compared to adjusted net income of $50.2 million in the prior year, an increase of 26.9% due to higher operating performance and lower taxes, partially offset by higher depreciation and amortization.

今年的成長是由於預期股權激勵帶來的永久性收益減少所致。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。在整個財政年度，我們報告的 GAAP 淨收入為 6370 萬美元，而上一年的調整後淨收入為 5020 萬美元，增長了 26.9%，這主要得益於更高的經營業績和更低的稅收，但部分被更高的折舊和攤銷所抵消。

Diluted EPS for fiscal 2025 was $0.54 per share compared with adjusted diluted EPS of $0.42 in the prior year. Turning to liquidity. At the end of the quarter, we had zero debt outstanding, $393 million in cash and investments and access to a $75 million undrawn revolver with an option to increase our liquidity if needed. Note, we expect to increase the size of the revolving facility and extend its maturity date in the first-quarter.

2025 財年稀釋後每股收益為 0.54 美元，而前一年的調整後稀釋後每股收益為 0.42 美元。轉向流動性。截至季末，我們沒有任何未償債務，擁有 3.93 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，如有需要，還可以選擇增加流動性。請注意，我們預計將在第一季增加循環信貸額度並延長其到期日。

When looking at full year 2025, cash flow from operations was $184.8 million compared to $161 million during the full year 2024. This increase was primarily driven by improved operating performance. Free cash flow in 2025 was $26.1 million, a decrease of $26.8 million compared to full year 2024 due to capital expenditures. Now our outlook for full year 2026, we expect the following.

展望 2025 年全年，經營活動產生的現金流量為 1.848 億美元，而 2024 年全年為 1.61 億美元。這一成長主要得益於營運績效的提升。2025 年自由現金流為 2,610 萬美元，比 2024 年全年減少了 2,680 萬美元，原因是資本支出。現在，我們對 2026 年全年的展望如下。

74 to 76 net new CAVA restaurant openings, CAVA same-restaurant sales of 3% to 5%; CAVA restaurant-level profit margin between 23.7% and 24.2% preopening costs between $19.5 million and $20 million; and adjusted EBITDA, including the burden of preopening costs between $176 million and $184 million. I'd like to provide some additional thoughts on our outlook.

CAVA 餐廳淨新增開業 74 至 76 家；CAVA 同店銷售額增長 3% 至 5%；CAVA 餐廳層面的利潤率在 23.7% 至 24.2% 之間；開業前成本在 1950 萬美元至 2000 萬美元之間；調整後的 EBITDA（包括開業前成本 1.74 億美元。我想就我們的展望補充一些想法。

Turning to same-restaurant sales. We expect 3% to 5% growth this year. As we exited last year, we began to see momentum in same-restaurant sales with first-quarter comp trends tracking above full year guidance. Having said that, given the dynamic consumer backdrop in 2025, and uncertainty across today's macroeconomic landscape, our guidance for the rest of the year assumes a low to mid-single-digit same-restaurant sales, which is in line with our long-term algorithm.

轉向同店銷售。我們預計今年將成長3%至5%。去年年底，我們開始看到同店銷售額的成長勢頭，第一季同店銷售趨勢高於全年預期。話雖如此，鑑於 2025 年瞬息萬變的消費環境以及當前宏觀經濟形勢的不確定性，我們對今年剩餘時間的預測是同店銷售額將保持個位數低至中等水平，這與我們的長期演算法相符。

Additionally, in January 2026, we implemented an approximate 1.4% in-restaurant menu price adjustment, and we do not plan to take any additional price in 2026. Importantly, this adjustment did not include price increases to our base bowl, allowing us to maintain strong everyday value for our guests. On the cost side, we expect low single-digit inflation across food, beverage and packaging and low to mid-single-digit labor inflation, inclusive of modest incremental investment to support our AGM program.

此外，2026 年 1 月，我們對餐廳菜單價格進行了約 1.4% 的調整，我們不打算在 2026 年進行任何額外的價格調整。重要的是，此次調整併未提高我們基礎套餐的價格，從而使我們能夠為顧客保持日常的高性價比。在成本方面，我們預計食品、飲料和包裝的通膨率將保持在較低的個位數，勞動力通膨率將保持在較低到中等的個位數，其中包括為支持我們的年度股東大會計劃而進行的適度增量投資。

Keep in mind, beginning in the second-quarter, we expect salmon to be a margin rate headwind of approximately 100 basis points, while pricing will drive penny profit neutrality. Shifting to general and administrative expenses, as Brett outlined, we are making targeted investments in our field leadership model to support operations and elevate standards as we scale, including the addition of two zone leaders, a new market leader role and narrower spans of control.

請記住，從第二季度開始，我們預計鮭魚將成為約 100 個基點的利潤率逆風因素，而定價將導致利潤率趨於穩定。正如 Brett 所概述的那樣，我們將轉向一般和行政費用，並對我們的現場領導模式進行有針對性的投資，以支持運營並在我們擴大規模的同時提高標準，包括增加兩名區域領導、一個新的市場領導職位和更窄的管理幅度。

As a result, we expect G&A as a percent of revenue in 2026 to remain relatively flat year-over-year. These investments are well timed for our next phase of growth to ensure operational integrity and will support Doug as he comes on board and begin partnering with our teams. Before we move to Q&A, I want to acknowledge our restaurant, manufacturing and support center teams.

因此，我們預期 2026 年一般及行政費用佔收入的百分比將與前一年相比保持相對穩定。這些投資正值我們下一階段成長之際，可確保營運的完整性，並將支持道格加入團隊並開始與我們的團隊合作。在進入問答環節之前，我想感謝我們的餐廳、製造和支援中心團隊。

Our momentum reflects the strength of our model, and we're grateful to the teams who make that possible. Thank you all for bringing heart, health and humanity to food every day.

我們的發展動能反映了我們模式的優勢，我們感謝所有為此付出努力的團隊。感謝大家每天都為食物注入愛、健康和人文關懷。

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

接下來，我將把問答環節交給接線員。

(Operator Instructions) John Ivankoe, JPMorgan.

（操作說明）John Ivankoe，摩根大通。

So I'm going to ask the question about same-store sales and maybe a little bit differently. New unit volumes continue to be strong in the fourth-quarter of '25. Quite frankly, they've been strong the last couple of years. I think there was at least some conversation that maybe these strong new units that were entering the comp base would actually be a negative throughout parts of '25 and certainly into '26.

所以我打算問一個關於同店銷售的問題，也許會換個角度問。2025年第四季新車銷售持續強勁。坦白說，他們近兩年的表現一直很強勁。我認為當時至少有一些討論認為，這些進入競爭基礎的強大新單位，實際上可能會在 2025 年的部分時間裡，甚至肯定會延續到 2026 年，產生負面影響。

So I wanted to comment if that was still happening. And if that's the case where new units are coming into the comp base negative, can you describe the other pockets of strength in your more mature units that are leading to such outsized comps, particularly in the first-quarter?

所以我想問一下這種情況是否仍然存在。如果新業務單位導致可比基數下降，您能否描述您更成熟的業務單元中其他哪些強勁因素導致瞭如此大的可比增長，尤其是在第一季？

John, thanks for the question. So as you know, our same-restaurant sales are calculated on a full year basis. So after about 12-months of performance, they come into the comp base. And as you called out, those restaurants have been performing very well and provided some headwinds. So as they came into the base in 2025. Those were not significant overall to the same-restaurant sales in general.

約翰，謝謝你的提問。如您所知，我們的同店銷售額是按全年計算的。所以，經過大約 12 個月的績效評估後，他們就可以進入薪資制度。正如你所指出的，這些餐廳的業績非常好，也帶來了一些不利因素。所以，當他們在 2025 年進入基地時。這些對同店整體銷售額的影響並不顯著。

And in fact, we're seeing strength across all of our vintages of restaurants, all of our geographies across the country, the income cohorts of our restaurants based on median household incomes in those markets that's really supporting the same-restaurant sales results that we've delivered and what we're seeing as we go into 2026 overall.

事實上，我們看到我們所有年份的餐廳、全國各地的所有地區的餐廳，以及根據這些市場家庭收入中位數劃分的餐廳收入群體都表現出強勁的勢頭，這確實支撐了我們已經取得的同店銷售業績，以及我們展望 2026 年的整體業績。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

I guess just a follow-up on John's question. Can you talk about what your assumptions are for new unit productivity in '26 kind of embedded in your guidance? And then Tricia, on the comps, is there any inherent reason other than just general macro uncertainty that you would expect comps to decelerate for the rest of the year? It seems like salmon would also give you some extra ticket there.

我想就約翰的問題做個後續回答。您能否談談您在指導意見中對 2026 年新單位生產力的假設？那麼，Tricia，關於同業比較，除了宏觀經濟普遍存在的不確定性之外，還有什麼內在原因導致你預期今年剩餘時間同業比較增速會放緩嗎？看來吃鮭魚也能讓你多賺點錢。

Thanks, Sharon. So our new restaurant productivity assumption included in our guidance is about 90%. As you know, our '25 cohort delivered over 100% productivity, but we wanted to be very thoughtful in our assumptions as we went into 2026. And we're seeing good results so far, but our guidance reflects a 90% new restaurant productivity assumption.

謝謝你，莎倫。因此，我們在指導方針中納入的新餐廳生產力假設約為 90%。如您所知，我們的 2025 年畢業生實現了 100% 以上的生產力，但我們希望在進入 2026 年時，對我們的假設進行非常周全的考慮。目前我們看到了良好的結果，但我們的預期是基於餐廳生產力提高 90% 的假設。

And then as you think about comps, you would naturally expect that introductions of new menu items would drive performance and lifts in traffic overall. But our guidance reflects our long-term algorithm, which is low to mid-single-digit assumptions from here on out, again, and wanting to be very thoughtful, understanding and anticipating the broader consumer environment, any macro pressures that might be out there, volatility in the restaurant industry in general.

然後，當你考慮競爭對手時，你自然會期望推出新的菜單項目能夠推動業績成長，並提升整體客流量。但我們的指導意見反映了我們的長期演算法，即從現在開始，我們將採取個位數低至中等的假設，並且我們希望非常周全地考慮、理解和預測更廣泛的消費者環境、任何可能存在的宏觀壓力以及餐飲業的整體波動。

While we're not seeing that or experiencing that in our quarter results to date, we wanted to reflect that in our assumptions. So as we guide, we're thinking same-restaurant sales will be fairly even throughout the quarters of the year despite the fact that we have a very robust pipeline of opportunities ahead of us.

雖然到目前為止，我們還沒有在季度業績中看到或經歷這種情況，但我們希望在我們的假設中反映出這一點。因此，根據我們的指導，我們認為儘管我們未來有很多強勁的發展機會，但全年各季度的同店銷售額將保持相當穩定。

Jake Bartlett, Truist Securities.

Jake Bartlett，Truist Securities。

Mine was on your restaurant level margin outlook and actually also the pressure you had in '25 relative to your long-term guidance. So the question is, how much of the pressures that you're seeing -- you expect to see in '26 are temporary, things like bringing on the salmon, and that will go away on their own. And then the other question is how -- what actions are you going to take or do you plan to take to get back to that 25% long-term target?

我關注的是你們餐廳層面的利潤率前景，以及你們在 2025 年相對於長期業績指引所面臨的壓力。所以問題是，你現在看到的——你預計在 2026 年看到的——壓力有多少是暫時的，例如引進鮭魚，而這些壓力會自行消失。那麼另一個問題是，如何——你打算採取什麼行動或計劃採取什麼行動來恢復到 25% 的長期目標？

Yes. So as we think about going forward, we're always focused on making investments. So investments in team members, investments in the guests. And sometimes those have impacts on our restaurant level margins. But the power of our model is very strong. And with robust AUVs at $2.9 million, we're able to pass things along into our business without passing costs on to the guests.

是的。所以，展望未來，我們始終專注於投資。所以，要投資團隊成員，也要投資顧客。有時這些會對餐廳層面的利潤率產生影響。但我們模型的優勢非常強大。憑藉 290 萬美元的強勁 AUV，我們能夠將資源回饋到我們的業務中，而無需將成本轉嫁給客人。

So when I talk about investments, think about modest price increases. So our base bowls, for example, we did not increase at all when we raised prices at the beginning of this year, making investment in the guests and making ourselves even more accessible than we've ever been. And as you're thinking about restaurant level margins overall, 25% is not our target.

所以，當我談到投資時，請考慮價格的溫和上漲。例如，我們今年年初提價時，基礎套餐的價格並沒有上漲，而是將資金投入到顧客身上，使我們比以往任何時候都更容易被顧客接受。而且，就餐廳整體利潤率而言，25% 並不是我們的目標。

That is something that we have been able to deliver, but we've been also very thoughtful about making reinvestments to build this brand for the long-term. So as it relates to 2026, Yes, we're going to introduce salmon, and it will be a premium item, much like steak was, and it will have a headwind to overall restaurant level margins of about 100 basis points when we launch it, but it will drive penny profit neutrality overall.

我們已經實現了這一點，但我們也一直在認真考慮進行再投資，以長期打造這個品牌。所以，就 2026 年而言，是的，我們將推出鮭魚，它將是一款高端產品，就像以前的牛排一樣，推出時會對餐廳整體利潤率造成大約 100 個基點的負面影響，但總體而言，它將實現利潤中性。

Additionally, we'll continue to make investments in labor. We started with additional investments with our AGM program in December of 2025. There'll be some modest investments there on the labor line and then always looking to make sure that we're paying our team members a fair wage and evaluating that against our competitors so that we're a top-payer in the market so that we can create opportunities for our team members so they can deliver on an amazing guest experience.

此外，我們將繼續加大對勞動力的投資。我們從 2025 年 12 月的年度股東大會計畫開始追加投資。我們將在勞動力方面進行一些適度的投資，並始終致力於確保我們支付給團隊成員公平的工資，並與競爭對手進行比較，力爭成為市場上薪酬最高的公司，從而為我們的團隊成員創造機會，讓他們能夠為客人提供卓越的體驗。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess maybe as I think about the -- to your point about the same-store sales growth kind of accelerating, I think you identified a few drivers. And I was wondering if maybe you could, I don't know, order of magnitude or help me think through what the sort of -- what really turned the dial because I think the rest of the industry hasn't seen this kind of inflection.

我想，正如你所說，同店銷售成長正在加速，我認為你已經指出了幾個驅動因素。我想知道您是否可以幫我估算一下數量級，或者幫我理清一下究竟是什麼——是什麼真正改變了局面，因為我認為業內其他公司還沒有經歷過這種轉變。

But I think you mentioned you -- obviously, the AGM, you had some innovation, I think, and then the tiered loyalty. I don't know if you could sort of disaggregate, I know that's hard, but trying to think through kind of what of these maybe was the sort of hallmark of the improvement? And then as you think through kind of that AGM rollout, is there anything that we could look at that says like throughput gets better or I know they're performing better, but sort of anything to quantify as we think about getting to maybe 100%.

但我認為你提到了你——顯然，在年度股東大會上，你進行了一些創新，我認為，還有分級忠誠度計劃。我不知道你是否能把它們分解開來，我知道這很難，但試著思考一下，這些因素中哪些可能是改進的跡象？然後，在考慮 AGM 的推廣時，我們是否可以專注於一些指標，例如吞吐量是否提高，或者他們的表現是否更好，但是否有任何可以量化的指標，以便我們能夠達到 100% 的目標？

Sara, so as we look at the two-year stack of same-restaurant sales, as you indicated, we saw a sequential improvement throughout 2025 from first-quarter to second-quarter to third-quarter and into fourth-quarter. There really isn't one thing that was driving that. You mentioned a lot of the initiatives that we put into place, and that there isn't any one single thing that was driving the overall results.

Sara，正如你所指出的，當我們查看兩年的同店銷售額數據時，我們看到 2025 年全年從第一季到第二季度到第三季度再到第四季度，銷售額逐年遞增。其實沒有什麼單一因素在驅動這件事。您提到了我們實施的許多舉措，但並沒有任何單一因素推動了最終結果。

I've sometimes talked in the past about how the drivers of same-restaurant sales are a little bit like a CAVA bowl, a lot of amazing individual items that come together to produce something that's pretty impactful. And that's what we're seeing. So encouraged by what we're seeing with AGMs. That launched started launching in December of 2025, wanting to be thoughtful about throughput. But not wanting to compromise on the guest experience.

我過去有時會談到，推動同店銷售額的因素有點像 CAVA 碗，很多很棒的獨立食材組合在一起，產生了相當有影響力的效果。這就是我們所看到的。我們對股東大會的進展感到非常鼓舞。該計畫於 2025 年 12 月開始啟動，希望在吞吐量方面做到周全考慮。但我們不想在賓客體驗上妥協。

So we didn't pull any significant levers in there. Marketing is a lever that we are modestly leaning into and leveraging our media mix modeling work to make -- be thoughtful in how we're communicating the guests to drive traffic. But again, wanting to make sure that we are delivering amazing culinary that is helpful, makes us feel good while we're e it and after with a great guest experience in hospitality. And we're going to continue to focus on that to build a long-term durable brand that delivers traffic momentum into the future.

所以，我們並沒有採取任何重大措施。行銷是我們謹慎運用的一種手段，我們利用媒體組合建模工作來思考如何與顧客溝通以吸引客流。但是，我們再次強調，我們希望確保提供美味的佳餚，讓客人在用餐時和用餐後都能感受到愉悅，從而帶來良好的待客體驗。我們將繼續專注於此，打造一個能持續帶來流量成長的長期持久品牌。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Tricia, I had a follow-up on the conversation about media mix. I think the company has been leaning more towards -- or more heavily toward paid advertising. Just hoping maybe you can elaborate on what you've been evaluating, whether you believe the ROI on these investments have been attractive and whether there's any appetite to expand the effort?

特里西亞，我還有一些關於媒體組合的後續討論。我認為該公司越來越傾向付費廣告，或者說越來越重視付費廣告。我只是希望您能詳細說明您一直在評估的內容，您是否認為這些投資的回報率令人滿意，以及是否有意願擴大投入？

So we're learning every time we update our media mix modeling work, and we tweak our investments as we learn more from that and monitor the ROAS and to make shifts accordingly. We haven't significantly changed our overall marketing investment, but we want to optimize that. One of the beauties of our model and the power of the appeal of the brand is it doesn't require a lot of media to drive the growth into the future, but we want to make sure that we're optimizing it.

因此，每次更新媒體組合模型時，我們都會不斷學習，並隨著我們從中學到的更多知識以及對廣告支出回報率的監控，調整我們的投資，並做出相應的調整。我們並沒有大幅改變整體行銷投入，但我們希望優化這方面的投入。我們模式的優勢之一以及品牌吸引力的強大之處在於，它不需要大量的媒體投入來推動未來的成長，但我們希望確保我們對其進行最佳化。

We did drive a significant impact or a significant increase in overall brand awareness over the past year. So from about 55% a year ago to 62% today, and that has something to do with more restaurants opening across the country and the way we're able to optimize our investments in media.

過去一年，我們確實對整體品牌知名度產生了顯著影響或實現了顯著提升。所以，從一年前的 55% 左右增長到今天的 62%，這與全國各地更多餐廳的開業以及我們能夠優化媒體投資的方式有關。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Trish, I want to come back to the new store maturation. If you go back to the time of the IPO, you guys talked about how when stores enter the comp base, they comp around 10% in year-one and around 8% in year-two. And the output of that is usually around, call it, 250 or 300 basis points benefit to same-store sales. So I'm curious what's embedded within the impact from new store maturation within the 3% to 5% guidance. a question for you.

Trish，我想回到新店成熟度的問題。回顧 IPO 時期，你們曾談到，當門市進入同店銷售基數時，第一年的同店銷售成長率約為 10%，第二年約為 8%。而其結果通常是，比如說，為同店銷售額帶來 250 或 300 個基點的好處。所以我很好奇，在3%到5%的成長預期中，新店成熟帶來的影響具體包含哪些內容。這個問題想請教您。

Can you talk about the test of salmon and what you observed there? And how do you compare and contrast it versus what you saw with Chicken Shawarma?

您能談談鮭魚的測試以及您觀察到的情況嗎？那麼，你如何將它與你看到的雞肉沙瓦瑪進行比較和對比呢？

Thanks, Andrew. So yes, our -- what we shared when we were on the IPO roadshow was that a new restaurant start at about $2.3 million in AUV and grow about 10% in year-one. And in fact, over the past two-years, we've seen those restaurants open much higher than that and experienced in some markets, a bit of a halo around those openings.

謝謝你，安德魯。是的，我們在IPO路演時分享的內容是，一家新餐廳的平均營業額約為230萬美元，第一年增長約10%。事實上，在過去的兩年裡，我們看到這些餐廳的開業價格遠高於此，而且在某些市場，這些餐廳的開幕還帶有一定的光環效應。

We find that over time, those restaurants at about month 18 start to perform more like what we would have seen historically. It's a reflection of that increase in brand awareness, the excitement around the brand and the momentum that we're actually seeing. But at the end of the day, the cash-on-cash returns are much stronger because we're pulling forward those revenues such that in year-two, we're exceeding what our expectations were both on the top line and the bottom-line perspective.

我們發現，隨著時間的推移，這些餐廳在大約 18 個月後開始表現得更像我們過去所看到的。這反映了品牌知名度的提升、人們對該品牌的熱情以及我們實際看到的成長勢頭。但歸根結底，現金回報率要強勁得多，因為我們提前實現了這些收入，所以在第二年，無論從營收或利潤來看，我們都超出了預期。

And so when we think about guidance, we know what we saw in 2024 with that cohort of openings, and we've modeled '25 impact of openings on '26 to be slightly larger of a negative impact in guidance than what we experienced in 2025, because those 25 openings were stronger than the '24 cohort themselves, and that has been built into the guidance overall.

因此，當我們考慮業績指引時，我們知道 2024 年那批職缺的情況，並且我們已經模擬了 2025 年職缺對 2026 年業績指引的負面影響，其程度略大於 2025 年的情況，因為這 25 年的職缺比 2024 年的職缺本身更強勁，這一點已經納入了整體業績中空缺。

You asked also about the salmon test versus Chicken Shawarma, bringing in salmon at the end of the quarter, it's amazing pomegranate-glazed and in test results performed a little bit better than Chicken Shawarma, but we've also been very thoughtful in how we're building that into our guidance assumptions and going back to -- we looked at trends quarter-to-date, layered on a low to mid-single-digit long-term algorithm assumption for the rest of the year. So we've been very thoughtful in how we're applying any new culinary initiatives that are going to roll out.

您還問到了鮭魚測試與雞肉沙瓦瑪的對比，我們在季度末推出了三文魚，它塗有石榴釉，味道非常棒，測試結果比雞肉沙瓦瑪略好一些，但我們也一直在認真考慮如何將其納入我們的業績預期假設中，並回顧了本季度至今的趨勢，同時結合了今年剩餘時間低至中等個位數的長期算法。因此，我們在實施任何即將推出的新烹飪舉措時都經過了深思熟慮。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Okay. I'll give a little breather to Tricia and ask the question to Brett this time. So Brett, I wonder if you can elaborate on Project Soul more, how many stores now have the new design, early learnings that you're seeing or different experiences from consumers? And if there is any financial metric that you're willing to share regarding the outperformance or underperformance or equal performance of the stores versus the control group, that would be helpful as well.

好的。我先讓特里西亞喘口氣，這次我來問布雷特這個問題。Brett，我想請你詳細介紹「Project Soul」項目，目前有多少家店採用了新設計，你從消費者那裡獲得了哪些初步經驗或不同的體驗？如果您願意分享一些關於門市業績優於、劣勢或與對照組績效持平的財務指標，那也將很有幫助。

Danilo, thanks for the question and giving Tricia a breather. We have Project Soul -- elements of Project Soul in roughly 100 locations to date. Every new restaurant gets the full Project Soul design. And we have seen improved aesthetic scores from our guests. They certainly feel the warmer environment, the more vibrant environment and an environment that's more evocative of dwelling for a bit and sharing a meal in our physical space.

Danilo，謝謝你的提問，也讓Tricia喘了口氣。我們有「靈魂計畫」——迄今為止，「靈魂計畫」的元素已在大約 100 個地方實施。每家新餐廳都會採用完整的「靈魂計畫」設計。我們也發現，顧客對美學的評價有所提升。他們確實感受到了更溫暖、更有活力的環境，以及更讓人想要在我們這個實體空間停留片刻、共享美食的環境。

So it certainly is communicating our brand essence in a compelling way, and we're excited to roll it out in all new restaurants. And then as older restaurants age, we'll go back and remodel and apply the Project Soul design to those aging restaurants. As far as the quantifiable impact, we have not disclosed that to date on what we've seen from a Project Soul perspective.

因此，它確實以一種引人注目的方式傳達了我們的品牌精髓，我們很高興能在所有的新餐廳中推廣它。然後，隨著舊餐廳的老化，我們將重新進行改造，並將「靈魂計畫」的設計概念應用到這些老餐廳中。至於可量化的影響，就我們從「靈魂計畫」的角度來看，迄今為止我們還沒有揭露這方面的影響。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Brett, I'll keep you involved in the conversation here. I wanted to ask, I guess, 2026, according to your guidance, will be the year where you cross over the 500-unit mark. And I know you and I have talked about that being a critical point where you need the right infrastructure and right systems to support growth for the next 500 or so units.

布雷特，我會讓你繼續參與這裡的討論。我想問一下，根據你的預測，2026 年將是你們突破 500 台大關的一年。我知道你我都討論過，這是一個關鍵時刻，你需要合適的基礎設施和系統來支援接下來 500 套左右單元的成長。

So I wanted you to maybe give an update on where you think you are in terms of what ideally you need in terms of systems, infrastructure, people. I know you mentioned the field leadership model that you recently rolled out. But I guess, any other changes do you think you need to accomplish the growth you want to beyond this year?

所以我想請您介紹一下，就您理想中的系統、基礎設施和人員需求而言，您目前的狀況如何。我知道你提到了你最近推出的現場領導模式。不過我想問，為了實現你希望在今年之後的成長，你認為還需要做出哪些其他改變？

Yes. Thanks, David. I mean I feel good about where we stand from a manufacturing infrastructure, technology infrastructure, our digital ecosystem, we've invested heavily in our data infrastructure, we made a lot of progress in the past year on our new data foundation to be able to leverage modern data technologies and LLMs and really unlock productivity improvements in the business, both in our restaurants on marketing and insights across corporate.

是的。謝謝你，大衛。我的意思是，我對我們目前的製造基礎設施、技術基礎設施和數位生態系統感到滿意。我們在數據基礎設施方面投入了大量資金，在過去一年中，我們在新的數據基礎方面取得了很大進展，能夠利用現代數據技術和LLM，真正提高業務的生產力，包括餐廳的營銷和整個公司的洞察。

Certainly, the priority from an infrastructure standpoint beyond what we've already built is deepening and broadening our people development pipeline. And I referenced it in the prepared remarks as Doug comes on board and the new flavor, your future platform, we launched this past fall. So very excited to create real clear explicit development path and have a developmental system that takes our team members from entering our door as a team member on the line to growing into a multimillion-dollar restaurant leader.

當然，從基礎設施的角度來看，除了我們已經建成的設施之外，當務之急是深化和拓寬我們的人才培育管道。我在準備好的演講稿中提到了這一點，因為道格加入了我們，而我們在去年秋天推出了新的內容，也就是你們的未來平台。非常興奮能夠創造真正清晰明確的發展路徑，並建立一個發展體系，使我們的團隊成員從第一線員工成長為價值數百萬美元的餐廳領導者。

That is the biggest governor, as I've said, to our growth. And I feel good about where we stand today, but this is really to ensure that we have the foundation in place that our guidance is for 74 to 76 restaurants next year. But as we continue to grow our compound annual unit growth rate, we'll be staring down the barrel of 100-plus restaurants a year that we've got that role-ready bench of leaders and career paths for them.

正如我之前所說，這是我們成長的最大限制。我對我們目前的狀況感到滿意，但這確實是為了確保我們能夠實現明年開設 74 至 76 家餐廳的目標。但隨著我們複合年單位成長率的持續成長，我們將面臨每年新增 100 多家餐廳的局面，屆時我們將擁有隨時可以勝任這些職位的領導者人才儲備以及相應的職業發展道路。

And then lastly, I'll say, we also referenced in the prepared remarks some of the infrastructure we put in the kitchen to make sure not only from simplicity of operations, but flexibility from an innovation standpoint, our TurboChef ovens as well as from an execution standpoint on digital order accuracy, our new KDS system. So I feel good about where we stand. And as Tricia talked about, we continue to reinvest in our teams and in our guests for long-term sustainable growth and long-term sustainable restaurant level margin expansion.

最後，我想說，我們在準備好的演講稿中也提到了我們在廚房里安裝的一些基礎設施，以確保不僅操作簡便，而且從創新角度來看也具有靈活性，例如我們的 TurboChef 烤箱，以及從執行角度來看，確保數字訂單的準確性，例如我們新的 KDS 系統。所以我對我們目前的處境感到滿意。正如特里西亞所說，我們將繼續對我們的團隊和顧客進行再投資，以實現長期可持續增長和餐廳層面的長期可持續利潤增長。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Maybe just now that you have a new COO in place, what -- you talked a lot about people, but I guess what are some of the other kind of operations priorities? Or what are some things that you think can really make the difference as we think about this year and next on the operations side?

或許現在你們有了新的營運官，你們談了很多關於人事方面的事情，但我想問的是，除了人事之外，還有哪些營運方面的優先事項？或者，在考慮今年和明年的營運方面，您認為有哪些因素能夠真正產生影響？

Yes, Brian, thanks for the question. Certainly, number one priority is that people development pipeline. Number two, I'd say, is elevating our hospitality to truly be reflective of our Mediterranean brand essence in every interaction that every guest has across our restaurants. And lastly, I'd say to just elevate the consistency of how we deliver our operational execution every location, every shift, whether that's Sunday night, not just peak lunch on a Wednesday.

是的，布萊恩，謝謝你的提問。當然，首要任務是人才培養管道。我認為第二點是，要提升我們的待客之道，讓每位顧客在我們餐廳的每一次互動中都能真正體現我們的地中海品牌精髓。最後，我想說的是，要提高我們在每個地點、每個班次執行營運的一致性，無論是周日晚上，還是周三的午餐高峰期。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Just wanted to ask about catering. Can you update us on what you're learning or testing for in the Houston market? Is the plan still to test in a new market at some point this year? And then just related to that, I'm not trying to get ahead of ourselves with this, but when you do decide the business is ready for catering more broadly, do you envision kind of a region-by-region?

我想諮詢一下餐飲服務的問題。能否向我們介紹一下您在休士頓市場正在學習或測試的內容？今年是否仍計劃在新市場測試？還有一點與此相關，我不想操之過急，但是當您決定業務準備好更廣泛地開展餐飲服務時，您是否設想按地區逐步推進？

Or would it be something you'd look to turn on everywhere? And does that require dedicated sales? Or are there other ways to grow awareness? I know you believe there's demand. So just your take on all that.

或者你會想在所有地方都開啟它嗎？那是否需要專門的銷售人員？或者有其他提高公眾意識的方法嗎？我知道你認為市場有需求。所以，你對這一切有什麼看法？

Yes. Thanks, Brian. We certainly are excited about the potential of catering and the demand we see. And we are also very sensitive to making sure that we do this thoughtfully to set our operators up for success and to be able to deliver the guest experience we're committing to. So we do expect a second market test in addition to our ongoing Houston market test later this year and would see a potential expansion in '27 to additional markets.

是的。謝謝你，布萊恩。我們對餐飲業的潛力以及我們所看到的需求感到非常興奮。我們非常重視確保我們深思熟慮地做好這項工作，以便讓我們的運營商能夠取得成功，並能夠提供我們承諾的賓客體驗。因此，我們預計今年稍後除了正在進行的休士頓市場測試外，還將進行第二次市場測試，並預計在 2027 年擴展到其他市場。

I don't think you'd see us go from a standing start to a national launch, but I do think we would get to a certain point of markets with catering that we felt confident enough that we have perfected and refined our catering channel that we would then move to a national launch progressing through our stage gate process. So we've had tremendous learnings to date. We have progressed and formalized our packaging.

我不認為我們會從零開始直接在全國範圍內推出，但我認為我們會在餐飲市場達到一定規模，當我們對餐飲渠道足夠自信，認為我們已經完善和改進了餐飲渠道後，我們就會按照分階段流程逐步推進到全國範圍。所以到目前為止，我們已經累積了非常寶貴的經驗。我們的包裝流程已經取得進展並標準化。

We are working on the final technology that will roll out into that second market test from a self-service model. We have an internal sales team that harkens back to our Zoe's Kitchen days. So we've got a great B2B sales team in place already. So a lot of the elements there. We're just trying to be very thoughtful and very methodical because the production rhythm of catering is very different than our traditional channels of in-restaurant and digital. It's highly concentrated, high volume.

我們正在研發最終技術，該技術將從自助服務模式開始，進行第二次市場測試。我們擁有一支內部銷售團隊，這支團隊可以追溯到我們創辦 Zoe's Kitchen 的時代。所以我們已經擁有了一支非常優秀的B2B銷售團隊。所以，這裡麵包含了很多要素。我們只是想做到深思熟慮、有條不紊，因為餐飲的生產節奏與我們傳統的餐廳內部和數位管道截然不同。它是高濃度、大容量的。

So we want to make sure that we have the load balancing thought through and correct and that we have our operators positioned and our guests user experience up to the par of our other channels. And once we feel like we've got that in the position we feel very confident in, we'll be very excited to take advantage of the demand that's out there and launch the catering channel.

因此，我們希望確保負載平衡方案經過深思熟慮且正確無誤，確保我們的操作員部署到位，並確保我們的客戶用戶體驗與我們其他管道的水平相當。一旦我們感覺到我們已經處於非常有信心的位置，我們將非常興奮地利用現有的需求，推出餐飲管道。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場。

Congrats on the really solid quarter. My question was on the Q1 to date performance. It seems like you guys have had a pretty material improvement from Q4 relative to some other players in the industry. Where do you guys think the outperformance is coming from? And what are the key drivers of the improvement you guys are seeing year-to-date? And then if you could just quantify the impact of anything you're seeing on the weather in January, that would be helpful.

恭喜你們本季業績非常出色。我的問題是關於第一季至今的業績表現。與業內其他一些公司相比，你們似乎在第四季度取得了相當大的進步。你們覺得這種優異表現的來源是什麼？你們今年迄今所看到的進步，其主要驅動因素是什麼？如果你能量化你觀察到的任何因素對一月天氣的影響，那就很有幫助了。

Yes, Logan, it's Brett. I'll take this one. As Tricia noted earlier, sequentially, we had a two-year improvement every quarter last year. And we tried to stress after Q2 and Q3, the idiosyncratic nature of some of the high hurdles we were lapping, including the launch of steak as well as you had things like government shutdown and some other things I know other brands are dealing with.

是的，洛根，是布雷特。我選這個。正如特里西亞之前提到的，去年每個季度我們都實現了兩年來的成長。在第二季和第三季之後，我們試圖強調我們所面臨的一些高難度挑戰的特殊性，包括牛排的推出，以及政府停擺等其他一些我知道其他品牌正在處理的問題。

But I felt like at the time, it was obfuscating and we noted the underlying strength we were seeing in the brand. And we talked about this as it relates to our new restaurant openings, our best class ever. So we were seeing that strength underneath. And as we cycled through some of those short-term cyclical headwinds, we've seen those comps reaccelerate and reemerge.

但我覺得當時這樣做是在故弄玄虛，我們也注意到了品牌所展現出的潛在實力。我們討論了這與新餐廳開業的關係，這是我們上過的最棒的一堂課。所以我們看到了這種潛在的實力。隨著我們度過了一些短期週期性不利因素，我們看到這些比較指標重新加速成長並再次出現。

And I also think we focused on delivering great value every day. And there was a very intense promotional discount environment in Q2, Q3 and somewhat Q4. And I feel like there's a sense that there may have been some buying of transactions in other places where consumers were gravitating back to where they find great bang for the buck as they're becoming increasingly discerning about where they're spending those dollars.

而且我認為我們也專注於每天提供巨大的價值。第二季、第三季以及第四季度，促銷折扣力道非常大。我覺得，隨著消費者越來越注重花錢的地方，他們可能會把一些原本在其他地方進行的交易轉移到那些性價比高的地方。

And we look at value from a holistic standpoint, the quality of the ingredients we're serving, the relevance of our Mediterranean cuisine, especially when you look at trends, including GLP behavioral eating shifts, like our unique cuisine where taste and healthy night and then delivered with convenience in a multichannel format with the experience we're delivering operationally and from a brand perspective, that is long term, a secular trend as we celebrated our 15th anniversary last month that hasn't changed over those 15-years and continues to build momentum.

我們從整體角度看待價值，包括我們提供的食材品質、地中海美食的相關性，尤其是在關注包括良好實驗室規範 (GLP) 行為飲食轉變在內的趨勢時，例如我們獨特的菜餚，兼具美味和健康，並通過多渠道形式提供便捷服務，以及我們在運營和品牌方面提供的體驗，這是一種長期的、長期的趨勢。上個月我們慶祝了成立 15 週年，這一趨勢在這 15 年中沒有改變，並且仍在不斷發展壯大。

And I think you're seeing that momentum reaccelerate as we came out of last year and started this year. And from a weather standpoint, I'd like to say, winter comes every year. Came a little harder this year, but our guidance and our quarter-to-date context includes all of the storms, including the recent blizzard here in the Northeast.

我認為，隨著去年結束、今年開始，這種勢頭正在重新加速。從天氣角度來看，我想說，冬天每年都會到來。今年情況稍微艱難一些，但我們的預測和本季至今的情況都考慮到了所有風暴，包括最近東北地區的暴風雪。

Nick Setyan, Mizuho Securities.

Nick Setyan，瑞穗證券。

The digital mix is up like 200 basis points plus for three-quarters in a row now. And that obviously predates the October revamp of loyalty. So maybe just give us a peek of what's going on under the hood, the third-party versus first-party average check of digital versus non-digital, anything would be very helpful.

數位貨幣佔比已連續三個季度上升了 200 個基點以上。顯然，這早於十月忠誠機制的改革。所以，或許可以讓我們了解幕後情況，例如第三方與第一方的平均對比，數字與非數字的對比，任何資訊都將非常有幫助。

Yes. Nick, I won't get into the details of the check on delivery. What I will say is that we've gotten better at execution on our digital channels. We always felt we had opportunity there. The KDS investment has helped as we improve our accuracy scores, as we improve our timeliness scores. So whether it's online order, whether it's first-party or third-party delivery, we've improved operationally, and that has led to increased transaction growth on those channels.

是的。尼克，我不會透露送貨檢查的細節。我想說的是，我們在數位管道的執行力方面已經有所提升。我們一直覺得在那裡有機會。KDS 的投資幫助我們提高了準確率和及時性得分。因此，無論是線上訂單，還是自有或第三方配送，我們的營運都得到了改進，這也導致了這些管道的交易量成長。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Brett, I just wanted to follow up on the AGM discussion. I mean it seems like that's core to your focus on improving operations. I think you mentioned you're now 60% complete in terms of filling those roles. Just wondering if you can give a little bit more color in terms of what you think are the primary benefits there and maybe the time frame to complete what seems like a pretty key rollout.

偉大的。Brett，我只是想跟進一下股東大會的討論。我的意思是，這似乎是你們改善營運的核心所在。我想你之前提到過，目前這些職位的人員配備已經完成了 60%。我想知道您能否更詳細地介紹一下您認為的主要好處是什麼，以及完成這項看似非常重要的推廣工作需要多長時間。

And I think you mentioned -- I mean, that's the biggest constraint to unit growth. Just wondering if you feel like you have the pipeline of managers to stay at these new units as you especially ramp up to that 100-unit number per year.

我認為你提到過——我的意思是，這是單位成長的最大限制因素。我只是想知道，隨著你們逐步達到每年100個單元的目標，你們是否有足夠的管理人員儲備來留住這些新單元的管理人員。

Yes. Thank you. We do feel like we've got the pipeline in place and the reinforced focus on it is to make sure we stay in front of that and stay ahead of it given our accelerated growth. I think the two big things the AGM role is meant to address and is addressing is, one, that broadening and deepening of role-ready leaders to fill that pipeline and open those new restaurants with operational integrity.

是的。謝謝。我們感覺我們已經建立了完善的管道，我們更加重視這一點，以確保我們能夠保持領先地位，並適應我們加速成長的需求。我認為總經理助理這一職位旨在解決並正在解決的兩大問題是：一是擴大和深化具備相應能力的領導者隊伍，以填補人才儲備，並以誠信的運營方式開設新餐廳。

And two, it goes to our third pillar is title. It's running great restaurants every location, every shift. So having a more seasoned manager complement across all 14-dayparts, 7-lunch and 7-dinners every day of the week. And that really is the focus of that role, and we're very pleased with the early results we've seen with restaurants that have that role. And the timing of completion of having those roles filled, we expect to have that complete by the middle of the year.

其次，它關係到我們的第三個支柱——標題。它在每個地點、每個班次都保持著出色的餐廳運作。因此，需要一位經驗豐富的經理來負責一周 14 天、7 天午餐和 7 天晚餐的所有時段。而這正是該職位的主要職責所在，我們對目前已設立該職位的餐廳所取得的初步成果感到非常滿意。至於這些職位的人員配備完成時間，我們預計在年中之前完成。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

So great to see the loyalty program continuing to evolve. And now with the tiered loyalty program being live for a few months, wondering if you're seeing any shift in the guest behavior, specifically any early evidence that the tiered structure is moving guests up the frequency curve and that the loyalty is helping alleviate some of the pressures coming from the younger consumers you've highlighted previously.

很高興看到會員忠誠度計劃不斷發展完善。現在分級會員忠誠度計畫已經上線幾個月了，想知道您是否觀察到顧客行為的任何變化，特別是是否有早期證據表明分級結構正在促使顧客提高消費頻率，以及忠誠度是否有助於緩解您之前提到的來自年輕消費者的一些壓力。

We are seeing encouraging results as a result of the introduction of tiers. And we're seeing modest increases in frequency, and it's driving the behaviors that we were hoping for and that being engaging with guests earlier in their loyalty journey. So we had a lot of high-frequency users in the past before we introduced tiers that didn't even really understand or value the benefits they were receiving and the engagement was not that significant.

分級制度的引進帶來了令人鼓舞的結果。我們看到訪問頻率略有增加，這推動了我們所希望的行為，即在顧客忠誠度旅程的早期階段與他們互動。所以，在我們推出會員等級制度之前，我們有許多高頻用戶，他們甚至不真正理解或重視他們所獲得的好處，參與度也不高。

And so the introduction of the tiers has brought our guests into the brand sooner and driving up frequency and experiencing new items, whether it might be a pita chip promotion or a drink promotion that will drive greater attachment over the long term as well.

因此，引入會員等級制度可以更快地吸引顧客進入品牌，提高顧客光顧頻率，並讓他們體驗新產品，無論是皮塔餅薯片促銷還是飲料促銷，這些都能在長期內增強顧客的品牌忠誠度。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I was curious if you could talk a little bit more at a high level about menu innovation looking ahead. Obviously, salmon, the big one and not to get too far ahead of ourselves. But just as it relates to menu innovation going forward, you have the tent-pole moments and then some other innovation around that. Can you just talk about the philosophy going forward, what the pipeline maybe looks like at a high level? Anything to add on thinking about that menu innovation looking ahead?

我想請您從宏觀層面談談未來菜單創新方面的問題。顯然，是鮭魚，大的那種，但我們還是不要操之過急。但就未來的菜單創新而言，你會遇到一些重點創新，然後圍繞這些創新進行一些其他創新。您能否談談未來的發展理念，以及從宏觀層面來看，未來的發展方向是什麼？關於菜單創新，展望未來還有什麼補充嗎？

Yes. Dennis, it's Brett. Similar philosophy as what we've spoken to the last few years, that tent-pole moment bracketed by a few seasonal moments. You saw us in this most recent quarter in Q1 launch or bring back our roasted white sweet potatoes, which is a fan favorite. We launched a new greens mix, our Power Greens blend, which has been very popular, our Tangerine Aleppo juice and our new Sumac Sour Cream and Onion Pita Chips, which are delicious. I encourage all of you on the call.

是的。丹尼斯，我是布雷特。這與我們過去幾年所談論的理念類似，即以幾個季節性事件為框架，建構一個核心時刻。在本季度的第一季度，您已經看到了我們推出的烤白甘藷，這是粉絲們最喜歡的產品。我們推出了新的混合蔬菜——活力蔬菜，這款產品非常受歡迎；還有橘子阿勒頗果汁和我們新推出的漆樹酸奶油洋蔥皮塔餅片，這些產品都非常美味。我鼓勵所有參加電話會議的各位。

If you haven't tried it yet, you got to try them. So really building out our pita chip platform as a flavor innovation platform, which has helped drive incremental attachment of our pita chips and snacking and side occasions. As far as innovation in the protein category, salmon, as we've talked about, is launching at the end -- before the end of Q1. We have other proteins in the stage gate process.

如果你還沒試過，一定要試試。因此，我們真正將皮塔餅片平台打造成為一個口味創新平台，這有助於推動消費者對皮塔餅片以及零食和配菜場合的喜愛程度不斷提高。就蛋白質品類的創新而言，正如我們之前討論過的，鮭魚產品將在第一季末——也就是第一季末之前——推出。我們在階段門控過程中還有其他蛋白質。

We've had a market test of shrimp, our roasted garlic shrimp. So that is something we're also excited about as well as a number of other proteins that are in development. So there's a good pipeline of just the protein section, but we have many other opportunities from a category perspective, whether it's desserts, whether it's a complementary beverage platform, whether it is -- we have our pita sandwiches, there's opportunities to innovate and elevate around our sandwich platform as well as our base vehicle platform.

我們對蝦子進行了市場測試，測試產品是我們的烤蒜蓉蝦。所以，我們也對這一點以及其他一些正在研發中的蛋白質感到興奮。所以，單就蛋白質產品線而言，我們就有很好的發展前景，但從品類角度來看，我們還有很多其他機會，無論是甜點，還是配套的飲料平台，無論是——我們有皮塔餅三明治，都有機會圍繞我們的三明治平台以及基礎車型平台進行創新和提升。

You look at the grains category, I talked about the power greens and the greens category. So all this comes together, toppings, dips and spreads to create a powerful holistic energy around innovation when you've got the ability to make 17.4-plus billion combinations and have unique ways through all these different categories to continue to drive excitement and interest and frequency.

你看看穀物類，我談到了能量蔬菜和蔬菜類。因此，所有這些配料、蘸醬和塗抹醬結合在一起，能夠創造出超過 174 億種組合，並且能夠透過所有這些不同的類別以獨特的方式繼續激發人們的興奮、興趣和購買頻率，從而圍繞創新創造強大的整體能量。

Chris Carroll, KeyBanc Capital Markets.

Chris Carroll，KeyBanc Capital Markets。

Maybe just following up on the topic of new restaurant performance and productivity. Can you maybe comment on what you're seeing from new restaurant performance in existing markets versus new markets? And curious if there's anything you're seeing in new versus existing market openings that's impacting how you're thinking about development strategy over the coming years?

或許只是想繼續探討新餐廳的績效和生產力問題。您能否談談您觀察到的新餐廳在現有市場和新市場的表現有何不同？我很好奇，在新市場開放與現有市場開放方面，您是否觀察到任何影響您未來幾年發展策略思考的因素？

We're seeing strength across our categories of openings. So we look at existing growth, emerging and greenfield markets, and we're seeing lift in those restaurant openings across those categories. So again, really just a reflection of the power of the brand and the momentum behind CAVA and Mediterranean and a reflection of the increase in brand awareness.

我們看到各個招募類別的職缺都呈現強勁成長動能。因此，我們關注現有成長市場、新興市場和綠地市場，發現這些類別的餐廳開幕數量都在增加。所以，這再次體現了 CAVA 品牌的實力和地中海葡萄酒的發展勢頭，也反映了品牌知名度的提升。

And as we continue to open more restaurants, I would expect that, that would continue to build on that development and opportunity. So when we're thinking about the real estate strategy, we're always working with our real estate team. Jeff Gaul leads that for us. And we don't have any significant changes, just keep focusing on doing -- finding great sites and giving us an opportunity to welcome CAVA to more and more people across the country.

隨著我們不斷開設更多餐廳，我預計這將繼續推動這一發展和機會。所以，在考慮房地產策略時，我們總是與我們的房地產團隊合作。Jeff Gaul 負責領導這項工作。我們沒有任何重大變化，只是繼續專注於做好事——尋找優秀的網站，讓我們有機會歡迎 CAVA 進入全國各地越來越多的人的生活。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

So just on throughput, as you've improved digital execution, you got salmon coming, are you starting to bump up against peak capacity in any of the mature stores? Or do you still think there's meaningful headroom to drive transactions without compromising speed and hospitality?

就吞吐量而言，隨著你們提高了數位化執行力，鮭魚即將上市，你們是否開始在任何成熟門市遇到產能高峰？或者，您仍然認為在不影響速度和客戶服務的前提下，還有很大的空間來推動交易？

Yes. Thanks, Jacob, for the question. No, we think we have meaningful room to grow transaction growth at peak hour. And I've talked a lot in the past that we're not going to push that gas pedal too hard, too fast and overheat the engine, especially when it's many of our guests first time experiencing CAVA, let alone Mediterranean cuisine, and we want to give them the space to be able to have a great experience and not feel rushed.

是的。謝謝你的提問，雅各。不，我們認為尖峰時段的交易量成長還有很大的提升空間。我過去也多次說過，我們不會操之過急，讓引擎過熱，尤其是很多客人都是第一次體驗 CAVA，更不用說地中海美食了，我們希望給他們足夠的空間，讓他們擁有美好的體驗，而不是感到匆忙。

Now having said that, we know in many of our locations and urban locations in particular, we can get very long lines at lunch, and we don't want people intimidated and walking away. So we continue to work on ways, whether it's our new labor deployment model we launched a year ago that we continue to refine deployments, whether it's new equipment, our new Project Soul design has a new layout on the line where they no longer turn around to get the greens and the greens are in front of them on the line.

話雖如此，我們也知道在我們許多門市，特別是城市門市，午餐時間可能會排隊，我們不希望人們因為排隊而感到害怕而離開。因此，我們繼續努力尋找各種方法，無論是我們一年前推出的新的勞動力部署模式，我們不斷改進部署，還是新的設備，我們新的「靈魂計畫」設計在生產線上採用了新的佈局，工人不再需要轉身去拿蔬菜，蔬菜就在他們面前的生產線上。

Saving steps in motion to naturally help those lines flow better at POS checkout, redesigning the POS area so that we're not pushing our teams to rush people through in an unnatural way. But we think over time, there is a good amount of opportunity to drive transaction growth by improving speed, but not at the expense of service.

簡化結帳流程，讓收銀台的隊伍自然流暢，重新設計收銀台區域，避免讓我們的團隊以不自然的方式催促顧客快速結帳。但我們認為，隨著時間的推移，透過提高速度來推動交易成長有很大的機會，但不能以犧牲服務為代價。

Todd Brooks, Benchmark.

Todd Brooks，基準。

Just wondering on KDS. Now that we're about 80% rolled out, what's the curve of a restaurant getting the platform and really getting to those efficiencies around digital order accuracy that start to bend the needle with the consumer and driving digital mix higher? And then I guess, what percent of the base has kind of reached that tipping point?

想了解KDS。現在我們已經完成了大約 80% 的推廣，那麼餐廳要獲得該平台並真正提高數位訂單準確率，從而開始吸引消費者並提高數位訂單佔比，需要經歷怎樣的流程？那麼，我想問的是，有多少比例的基層用戶已經達到那個臨界點了？

So I'd say we're still evaluating that performance, but we do find that it's a fairly quick transition to the KDS system where you can see improvements overall. One of the other features of KDS is that guests have more visibility into the status of the order. So if they opt in for text notifications, we send that information on to the guests and then -- and create opportunities to have a better guest experience overall.

所以我覺得我們仍在評估該性能，但我們確實發現向 KDS 系統的過渡相當迅速，而且整體上可以看到改進。KDS 的另一個特點是，顧客可以更清楚地了解訂單狀態。因此，如果他們選擇接收簡訊通知，我們會將該訊息發送給客人，然後——並創造機會，為客人提供更好的整體體驗。

The other thing it allows us to do is get better from an accuracy standpoint. So over time, the combination of those two things should drive continued improvement in guest experience and overall results. And so I would say with the slope that's impacting it, but not an outsized driver of overall traffic driving, and it's certainly not something that we've layered in significantly in our guidance as we think about it going forward.

它還能讓我們在準確性方面做得更好。因此，隨著時間的推移，這兩方面的結合應該會持續改善賓客體驗和整體績效。因此，我認為坡度確實會對交通造成影響，但它並不是造成整體交通流量過大的主要因素，而且在我們考慮未來發展方向時，也肯定不會將其作為重要的指導因素。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Just a quick one on loyalty for me. And sorry if I missed it, but how many active users were in the program, either current or exiting '25? And could you frame the percent of sales that are being driven by the program and how that might compare to prior year?

我只想簡單談談忠誠度。如果我錯過了什麼，請見諒，但該計劃有多少活躍用戶，包括當前用戶和即將離開的 2025 年用戶？能否說明一下該計劃帶來的銷售額百分比，以及與前一年相比情況如何？

It drives about 1/3 of our overall sales through the loyalty program, and we haven't given a number on active users in the program. We're pleased with the progress we're making, and we'll continue to enhance the program itself and keep moving forward from there.

會員忠誠度計劃為我們帶來了約三分之一的總銷售額，但我們尚未公佈該計劃的活躍用戶數量。我們對目前的進展感到滿意，我們將繼續改進專案本身，並在此基礎上繼續前進。

There are no further questions at this time. I will now turn the call over to our Co-Founder and CEO, Brett Schulman. Sir, please continue.

目前沒有其他問題了。現在我將把電話交給我們的共同創辦人兼執行長布雷特舒爾曼。先生，請繼續。

Thanks for joining today. Before we wrap, I want to take a moment to thank our entire team for their dedication and commitment. 2025 was a milestone year for CAVA, and it was only possible because of the team members who bring our mission of heart, health and humanity to food to life every day. As we look ahead, we're energized by the opportunity in front of us and confident in the foundation we've built for the next phase of growth. We look forward to sharing our progress and speaking with you again in the spring.

感謝您今天的參與。在結束之前，我想藉此機會感謝我們整個團隊的奉獻和付出。 2025年是CAVA發展歷程中的一個里程碑，而這一切都離不開每一位團隊成員的辛勤付出，他們每天都在實踐我們「用心、健康、人性化」的食物理念。展望未來，我們為眼前的機會感到振奮，並對我們為下一階段成長所奠定的基礎充滿信心。我們期待在春季與您分享我們的進展並再次交流。

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。