CAVA Group, Inc. (CAVA) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to CAVA Q1 2026 earnings call. (Operator Instructions) I will now hand the conference over to Matt Milanovic, SVP of Finance. Please go ahead.

大家好。感謝各位加入我們，歡迎參加 CAVA 2026 會計年度第一季（Q1）財報電話會議。（接線員指示）現在我將把會議交給財務資深副總裁 Matt Milanovic。請開始。

Good afternoon, and welcome to the CAVA's first-quarter 2026 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.

各位下午好，歡迎參加 CAVA 2026 會計年度第一季財務業績電話會議。在開始之前，若您尚未取得，新聞稿以及提交給美國證券交易委員會（SEC）的相關 8-K 文件，可於我們網站 investor.cava.com 取得。本次電話會議的目的，是向投資人提供公司財務結果的更多細節，並就公司進展提供整體更新。

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.

您可在今日的財報新聞稿與補充簡報中，找到本次電話會議所討論之任何非 GAAP 財務衡量指標，與依 GAAP 計算之最直接可比財務衡量指標之調節表（在不需付出不合理努力即可取得的範圍內）；上述文件均已發布於公司網站。

Before we begin, let me remind everyone that this call will contain forward-looking statements. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today. These risk factors are explained in detail in CAVA's most recent annual report on Form 10-K, 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.

在開始之前，提醒各位，本次電話會議將包含前瞻性陳述。就此而言，本次電話會議中任何非歷史事實之陳述，均可能被視為前瞻性陳述。投資人應注意，任何前瞻性陳述均受多項風險與不確定性影響，可能導致實際結果與今日討論內容出現重大差異。這些風險因素已在 CAVA 最近一期 Form 10-K 年度報告中詳細說明，並可能由其 Form 10-Q 季度報告及其他向 SEC 提交之文件更新。請參閱上述文件，以取得對前瞻性陳述以及其相關風險與不確定性的更詳細討論。

All forward-looking statements are made as of today, and except as required by law, CAVA undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or other ones.

所有前瞻性陳述均以今日為準；除法律要求外，CAVA 不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來發展或其他因素所致。

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

現在，我將把電話會議交給公司共同創辦人暨執行長 Brett Schulman。

Thanks, Matt, and welcome to the call, everyone. In the first quarter of 2026, we further solidified our position as the clear leader in the Mediterranean cuisine category, while executing against our long-term strategy with discipline and conviction.

謝謝你，Matt，也歡迎各位參加本次電話會議。在 2026 會計年度第一季，我們在地中海料理品類中進一步鞏固了作為明確領導者的地位，同時以紀律與信念落實我們的長期策略。

Despite today's broader macroeconomic environment and geopolitical uncertainty, we sustained strong momentum and delivered exceptional results, including positive traffic of 6.8%. Guided by the same steady focus that has shaped our business for the past 15 years, we will continue building for the long-term as we gain market share with significant white space ahead while deepening our relationships with guests through a value proposition that clearly resonates.

儘管當前整體宏觀經濟環境與地緣政治不確定性仍在，我們仍維持強勁動能並交出卓越成果，其中包括 6.8% 的正向來客數成長。在過去 15 年塑造我們業務的同樣穩健專注指引下，隨著前方仍有大量市場空白可供拓展、我們持續提升市占率，我們將繼續以長期為目標建設，同時透過明確引起共鳴的價值主張，加深與顧客的關係。

Our first quarter highlights include a 32.2% increase in CAVA revenue, same restaurant sales of 9.7%, driven by 6.8% traffic. 20 net new restaurants ending the quarter with 459 restaurants, a 20.2% increase year-over-year, adjusted EBITDA of $61.7 million, a 37.6% increase over the first quarter of 2025, net income of $23.6 million, and $15.5 million in free cash flow.

第一季重點包括：CAVA 營收成長 32.2%；同店銷售成長 9.7%，其中來客數成長 6.8% 為主要驅動；淨新增 20 家餐廳，季末餐廳總數達 459 家，年增 20.2%；調整後 EBITDA 為 6,170 萬美元，較 2025 會計年度第一季成長 37.6%；淨利為 2,360 萬美元；自由現金流為 1,550 萬美元。

These results are a direct byproduct of the structural strength of our business and the dominant position we hold as the industry leader in Mediterranean, a cuisine category we have pioneered, defined, and continue to shape.

這些成果直接源自我們業務的結構性優勢，以及我們作為地中海料理產業領導者所具備的主導地位——這個料理品類由我們開創、定義，並持續塑造。

Central to that leadership is a value proposition rooted first and foremost in doing what is right by our team members and our guests. While many peers have responded to short-term cyclical pressures with discounting and promotional activity, we have remained unwavering on our long-term strategy.

而這份領導地位的核心，是一項價值主張：首先且最重要的是，對我們的團隊成員與顧客做正確的事。當許多同業以折扣與促銷活動回應短期循環壓力時，我們始終堅定不移地遵循長期策略。

This past January, we took an approximate 1.4% price increase while holding baseball and pita pricing flat. Over the longer-term, we have priced well below inflation, with price adjustments representing only slightly more than half of cumulative CPI since the end of 2019. These decisions, deliberate and consistent, have compounded over time, reinforcing the trust we have built with our guests and strengthening the foundation of our brand.

今年 1 月，我們進行了約 1.4% 的價格調整，同時維持「baseball」與皮塔餅（pita）的價格不變。從更長期來看，我們的定價調整幅度遠低於通膨，自 2019 年底以來的累積價格調整僅略高於同期累積 CPI 的一半。這些決策審慎且一致，隨時間推進產生複利效果，強化我們與顧客之間建立的信任，並鞏固品牌根基。

And importantly, that value is not one-dimensional. Whether a guest is looking for an accessible everyday meal or choosing to lean into one of our more premium offerings, we have created the flexibility for them to engage with CAVA on their terms in a way that fits their needs and moments.

而且重要的是，這份價值並非單一面向。無論顧客是在尋找平易近人的日常餐點，或選擇我們較高端的品項，我們都創造了彈性，讓他們能以符合自身需求與情境的方式、依照自己的節奏與 CAVA 互動。

Ultimately, this all ties back to our concept essence, making Mediterranean cuisine accessible to communities across the country while delivering it with warm hospitality. Hospitality that is delivered by our outstanding team members who we support with investments like our Flavor Your Future platform, which I will speak to in more detail later.

歸根究柢，這一切都回到我們的概念本質：讓全國各地社區都能輕鬆享用地中海料理，同時以溫暖的待客之道呈現。而這份待客之道，來自我們傑出的團隊成員；我們也透過如「Flavor Your Future」平台等投資支持他們，稍後我會更詳細說明。

The strength of our category, the competitive positioning of our brand, and the power of our concept have enabled the success we saw this past quarter and that we continue to build on for the future. It is that foundation and focus on execution that guides our work across our four strategic pillars, beginning with our first, expand our Mediterranean way in communities across the country.

我們品類的強勁動能、品牌的競爭定位，以及概念的力量，使我們在本季取得成功，並持續為未來奠基。正是這樣的基礎與對執行的專注，指引我們在四大策略支柱上的工作；首先，是在全國各地社區擴展我們的地中海生活方式。

During the first quarter, we opened 20 net new restaurants, ending the quarter with 459 locations across 29 states and the District of Columbia. Our expansion continues with both intention and incredible momentum, reflected by recent new market openings in Cincinnati, St. Louis, and Columbus, and our upcoming entry into Minneapolis, Minnesota later this year, further deepening our presence across the Midwest.

第一季期間，我們淨新增 20 家餐廳，季末在 29 個州及哥倫比亞特區共計 459 個據點。我們的擴張兼具明確意圖與驚人動能；近期在辛辛那提、聖路易斯與哥倫布等新市場開店即為明證，而今年稍晚我們也將進入明尼蘇達州明尼阿波利斯，進一步深化我們在美國中西部的布局。

We are encouraged by the early performance of our 2026 cohort, which is tracking in line with or ahead of the strength of our 2025 class, with first quarter new restaurant productivity trending above 100%. As we expand our reach across the country, our culinary innovation remains at the heart of what draws guests to our brand.

我們對 2026 年開店批次的早期表現感到振奮，其走勢與 2025 年開店批次的強勁表現一致，甚至更佳；第一季新店生產力趨勢高於 100%。隨著我們在全國擴大觸及範圍，料理創新仍是吸引顧客走進我們品牌的核心。

This past January, we brought back our fan favorite roasted white sweet potato to a warm reception with guests embracing it as a complimentary mean and using it as a canvas to craft their own cog experience. The launch resonated beyond our existing customer base as well, driving increased visit frequency among returning guests while introducing the brand's new ones.

今年 1 月，我們帶回粉絲最愛的烤白地瓜，顧客反應熱烈，將其視為互補的主餐選項，並把它當作基底來打造屬於自己的「cog」體驗。這次上市也不僅在既有客群中引起共鳴，還提升回訪顧客的到店頻率，同時吸引品牌新客。

We are pleased with the performance of the seasonal favorite, and we look forward to welcoming it back to our menu again in the future. And from beloved returning favorites to new culinary firsts, our pipeline of innovation continues to move forward with discipline and purpose.

我們對這款季節性人氣商品的表現感到滿意，也期待未來再次把它帶回菜單。從深受喜愛的回歸品項到全新的料理首創，我們的創新管線仍以紀律與目標持續推進。

I'm excited to share that we've officially launched our first ever seafood offering, pomegranate glazed salmon, across all restaurants nationwide. Our roasted flaky filet is marinated in a subtly sweet blend of pomegranate, date molasses, harissa, red wine vinegar, and bold spices. A protein-rich option with omega-3s and essential vitamins like B12 and vitamin D, delivering both bold flavor and genuine nourishment in every bite.

我很高興分享，我們已正式在全美所有餐廳推出首款海鮮品項——石榴糖釉鮭魚。我們的烘烤酥嫩魚排以石榴、椰棗糖蜜、哈里薩辣醬（harissa）、紅酒醋與濃郁香料調製的微甜醃料醃製。這是一款富含蛋白質、含有 Omega-3 與 B12、維生素 D 等必需維生素的選擇，每一口都兼具濃郁風味與真正的營養。

Salmon is a natural extension of our menu, fitting seamlessly within the Mediterranean diet, while increasing the variety of choices we can offer our guests. This is an important culinary milestone for us and one we approached with care, ensuring it stayed true to our concept essence. We have seen promising early results as guests experience salmon for the first time at their local CAVA.

鮭魚是我們菜單的自然延伸，能與地中海飲食無縫契合，同時增加我們可提供給顧客的選擇多樣性。這對我們而言是一個重要的料理里程碑，我們也以審慎態度推進，確保其忠於我們的概念本質。隨著顧客在當地 CAVA 首次體驗鮭魚，我們已看到令人鼓舞的早期成果。

Shifting to our second pillar, deepen personal relationships with guests even as we scale. We are encouraged by the strength of our loyalty program and the increasingly creative and engaging ways we are bringing it to life for our guests.

轉向我們的第二大支柱：即使在擴張規模的同時，也要深化與顧客的個人關係。我們對會員忠誠計畫的強勁表現，以及我們以愈來愈具創意且更具互動性的方式，將其具體呈現給顧客而感到振奮。

This past quarter, through our digital experience, we leaned into the cultural touch points that bring our guests together. Finding intersections of joy, connection, and food that feel organic to who we are.

在上一季，透過我們的數位體驗，我們更加著力於能讓顧客凝聚在一起的文化觸點。尋找喜悅、連結與食物之間的交會點，而且要自然地貼合我們的品牌本質。

Our flavor bracket in-app game and recent partnerships with WNBA number one pick, Azzi Fudd, and NCAA men's basketball champion, Yaxel Lendeborg, each with their own digital exclusive bowl, brought the energy of March Madness to life in a way that felt both timely and uniquely CAVA.

我們在 App 內的風味對戰表遊戲，以及近期與 WNBA 選秀狀元 Azzi Fudd、NCAA 男籃冠軍 Yaxel Lendeborg 的合作——兩位各自推出數位獨家碗餐——以一種既切合時機、又極具 CAVA 特色的方式，讓「三月瘋」的熱度具體呈現。

Together, these became one of our most highly engaged digital experiences to date, and we will continue to broaden our array of engagement tools and tactics like these to further leverage the loyalty program and first-party audience we are growing.

綜合而言，這些活動成為我們迄今互動度最高的數位體驗之一；我們也將持續擴大此類互動工具與策略的組合，以進一步運用我們正在成長的忠誠計畫與第一方受眾。

From the beginning, it has always been about showing up authentically and becoming a genuine part of what our guests already love. It is through this kind of presence that we continue to deepen the relationships that keep our guests delighted in coming back. Bringing these relationships to life starts at a fundamental level with our people and our restaurants, which is reflected in the progress across our third and fourth pillars, run great restaurants, every location, every shift, and operate as a high-performing team.

從一開始，重點始終在於真誠地出現，並成為顧客原本就熱愛事物中的真實一部分。正是透過這樣的存在感，我們持續深化關係，讓顧客樂於一再回訪。讓這些關係落地，最根本是從我們的人員與餐廳做起；這也反映在我們第三與第四大支柱的進展上：每一家店、每一個班次都要把餐廳營運做到卓越，以及以高績效團隊方式運作。

Operating as a high-performing team requires making foundational investments today that position us for the next decade and beyond. We've spoken before about being on the precipice of a decade of data transformation, a multi-year transformation where data, technology, and AI will reshape how we run our business. I want to take a moment to share the recent progress we have made.

要以高績效團隊方式運作，就需要在今天進行基礎性投資，讓我們為未來十年乃至更長遠做好定位。我們先前曾提到，我們正站在資料轉型十年的門檻上——這是一項跨多年的轉型，資料、科技與 AI 將重塑我們經營業務的方式。我想花點時間分享我們近期取得的進展。

Earlier this year, we reached a meaningful milestone with the launch of [CAVA Core], our modern data platform. It establishes a unified, scalable foundation for how we manage and use data across the business, enabling fast execution today while positioning us to leverage emerging AI capabilities.

今年稍早，我們推出現代化資料平台 [CAVA Core]，達成一個重要里程碑。它為我們在全公司範圍內管理與使用資料建立了統一且可擴展的基礎，使我們能在當下快速執行，同時也讓我們具備運用新興 AI 能力的條件。

Building on that, we are in the early stages of delivering our new edge-enabled operating platform, [CAVA Current]. A modular real-time commerce platform. CAVA Current is live today, actively processing orders across our restaurants, and as it scales, it will drive more consistent execution with improved visibility and faster, more localized actions.

在此基礎上，我們正處於交付全新、支援邊緣運算的營運平台的早期階段，[CAVA Current]。這是一個模組化的即時商務平台。CAVA Current 目前已上線，正在我們各餐廳主動處理訂單；隨著規模擴大，它將透過更佳能見度與更快速、在地化的行動，推動更一致的執行。

Together, CAVA Core and CAVA Current create a connected, real-time system, bringing data, applications, and intelligence together to power our business. This enables us to deliver more meaningful, personalized experiences for our guests, tailored to their preferences and behaviors, while also advancing more predictive operations that help our teams anticipate demand and better align staffing and preparation in real time.

CAVA Core 與 CAVA Current 共同打造一個互聯、即時的系統，將資料、應用程式與智慧整合在一起，為我們的業務提供動能。這使我們能為顧客提供更有意義、更加個人化的體驗，依其偏好與行為量身打造；同時也推進更具預測性的營運，協助團隊預判需求，並即時更好地對齊人力配置與備料。

By building this platform internally, we gain greater control, flexibility, and the ability to scale more efficiently over time. And while this is an important advancement, it is not a discrete initiative. It is a deliberate, structural evolution, creating the conditions for us to operate as a real-time AI-enabled business and move faster and more intelligently across every part of our organization.

透過內部自建此平台，我們能取得更高的掌控力、彈性，並在時間推移下更有效率地擴展。雖然這是一項重要進展，但它並非單一、獨立的專案。這是一種有意識的結構性演進，為我們創造條件，使我們能以即時、AI 賦能的企業方式運作，並在組織各個面向更快、更聰明地推進。

The work we are doing today will allow us to continue delivering value for our guests, our team members, and our business for years to come.

我們今天所做的工作，將使我們在未來多年持續為顧客、團隊成員與公司創造價值。

And finally, even the most sophisticated infrastructure only creates value when it is in service of the team members running great restaurants, every location, every shift. A quarter tentative of this strategic pillar is investing in our team members and talent, and we remain deeply committed to building the next generation of leaders across our system.

最後，即便是最先進的基礎設施，只有在服務於那些在每一家店、每一個班次把餐廳營運做到卓越的團隊成員時，才會創造價值。此策略支柱的一個核心要點，是投資於我們的團隊成員與人才；我們仍然堅定承諾，在整個體系中培育下一代領導者。

Our Flavor Your Future initiative continues to show promise, focusing on attracting, developing, and retaining talent across the organization.

我們的「Flavor Your Future」計畫持續展現潛力，聚焦於在全組織吸引、培育並留任人才。

A recent key action under this platform was the launch of our new Assistant General Manager position, with the critical goal of developing a deeper bench of role-ready leaders to support our growth as we scale. Early indicators from the AGM rollout are promising. Restaurants with AGM coverage are outperforming those without, as AGMs provide additional leadership support during peak dinner and weekend shifts, strengthening operations, deepening the development of future team members and building more sustainable restaurant teams over time.

在此平台下，近期一項關鍵行動是推出全新的副總經理（Assistant General Manager, AGM）職位，其重要目標是在我們擴張規模時，培養更深厚、可即刻上任的領導人才梯隊以支援成長。AGM 推行的早期指標令人鼓舞。配置 AGM 的餐廳表現優於未配置者；因為 AGM 能在晚餐尖峰與週末班次提供額外的領導支援，強化營運、深化未來團隊成員的培育，並隨時間建立更可持續的餐廳團隊。

We look forward to sharing more on the broader Flavor Your Future platform in the quarters ahead. And while the early results of the AGM rollout are encouraging, stories like Adriana's Cervantes reflect the broader opportunity we are building toward through Flavor Your Future.

我們期待在接下來幾季分享更多關於「Flavor Your Future」整體平台的內容。此外，儘管 AGM 推行的早期成果令人振奮，但像 Adriana Cervantes 的故事，更反映出我們透過「Flavor Your Future」所要打造的更廣泛機會。

Adriana joined CAVA as a Guest Experience Manager in Sherman Oaks and, through her leadership, operational impact, and commitment to our values, quickly progressed into the Assistant General Manager role before being promoted to General Manager earlier this year.

Adriana 以 Sherman Oaks 的顧客體驗經理身分加入 CAVA；憑藉她的領導力、營運影響力以及對我們價值觀的承諾，她很快晉升為副總經理，並在今年稍早再獲升任為總經理。

Today, she is already working toward becoming an Academy Manager, helping develop future leaders across the organization. Her journey is a powerful reminder that when we invest in our team members and create opportunities for growth. We are able to build not just stronger restaurants, but meaningful and lasting careers for our people.

如今，她已在朝向成為學院經理（Academy Manager）努力，協助在全組織培育未來領導者。她的歷程有力地提醒我們：當我們投資於團隊成員並創造成長機會時，我們不僅能打造更強健的餐廳，也能為我們的人才建立有意義且長久的職涯。

Before I turn the call over, I want to thank our teams across the country for delivering a strong quarter and for staying true to our mission. It's the consistency, intentionality, and discipline with which we operate that have allowed us to establish ourselves as a clear leader in the Mediterranean, the next large-scale cultural cuisine category. As we look ahead, we remain committed to bringing heart, health, and humanity to food.

在我把電話會議交給下一位之前，我想感謝全國各地的團隊交出強勁的一季，並始終忠於我們的使命。正是我們營運時展現的一致性、目的性與紀律，使我們得以確立自己為地中海料理——下一個可大規模擴張的文化料理品類——的明確領導者。展望未來，我們仍致力於為食物注入關懷、健康與人性。

And with that, I will hand it over to Tricia to walk you through the financials.

接下來，我把時間交給 Tricia，請她帶大家看財務表現。

Thanks, Brett, and hello, everyone. CAVA revenue in the first quarter of 2026 grew 32.2% year-over-year to $434.4 million. Same restaurant sales increased 9.7%, driven by traffic growth of 6.8%. During the quarter, we opened 20 net new restaurants, bringing our total CAVA restaurant count to 459.

謝謝你，Brett，各位大家好。CAVA 於 2026 年第一季營收年增 32.2%，達 4.344 億美元。同店銷售成長 9.7%，主要由來客數成長 6.8% 所帶動。本季我們淨新增開設 20 家餐廳，使 CAVA 餐廳總數達到 459 家。

As Brett noted, we are very pleased with our new restaurant openings, which are tracking ahead of or in line with the strength of our 2025 class. New restaurant openings continue to exceed expectations in both top-line and margin performance, with new restaurant productivity above 100%. Our overall system-wide average unit volumes are now $3 million.

如 Brett 所提到，我們對新店開幕表現非常滿意，其進度領先或符合我們 2025 年開店批次的強勁表現。新店開幕在營收與利潤率表現上持續超出預期，新店生產力高於 100%。我們整體系統的平均單店營收（AUV）目前為 300 萬美元。

CAVA restaurant level profit in the first quarter was $108.9 million, or 25.1% of revenue, compared to $82.3 million, or 25.1% of revenue in the prior year period, representing a 32.3% increase. CAVA's food, beverage, and packaging costs were 29.1% of revenue, lower than the first quarter of 2025 by 20 basis points, largely driven by a favorable mix.

CAVA第一季餐廳層級利潤為 1.089 億美元，占營收 25.1%；相較去年同期為 8,230 萬美元、同樣占營收 25.1%，年增 32.3%。CAVA 的食品、飲料與包材成本占營收 29.1%，較 2025 年第一季低 20 個基點，主要受惠於有利的產品組合。

As a reminder, we anticipate CAVA's food, beverage, and packaging costs to increase as a percent of revenue for the rest of the year as a result of the recent salmon launch. CAVA, labor, and related costs were 25.7% of revenue, approximately flat to the first quarter of 2025. This was driven by sales leverage, offset by a 2% investment in team member wages which includes the expansion of our AGM role.

提醒各位，我們預期由於近期推出鮭魚產品，CAVA 的食品、飲料與包材成本占營收比重在今年剩餘期間將上升。CAVA 的人力及相關成本占營收 25.7%，與 2025 年第一季大致持平。這主要受惠於銷售槓桿，但被我們對團隊成員薪資的 2% 投資所抵銷，其中包含擴大 AGM 職位。

CAVA occupancy and related expenses for 6.9% of revenue, an improvement of 50 basis points in the first quarter of 2025 due to sales leverage. CAVA other operating expenses for 13.3% of revenue, reflecting an increase of 80 basis points in the first quarter of 2025. This increase was primarily driven by a higher mix of third-party delivery and other individually insignificant items.

CAVA 的店面占用成本及相關費用占營收的 6.9%，由於銷售槓桿效益，2025 年第一季改善了 50 個基點。CAVA 其他營運費用占營收的 13.3%，反映 2025 年第一季增加了 80 個基點。此增加主要由第三方外送占比提高，以及其他個別金額不重大的項目所帶動。

Shifting to overall performance, our general and administrative expenses for the quarter, excluding equity-based compensation and executive transition costs, were 9.9% of revenue compared with 10.5% of revenue in Q1 of 2025. This 60-basis-point improvement was driven by leverage from higher sales, partially offset by investments to drive future growth and higher performance-based incentive compensation.

轉向整體表現，本季我們的一般及行政費用（不含股權基礎薪酬與高階主管交接成本）占營收的 9.9%，相較於 2025 年第一季的 10.5%。這 60 個基點的改善來自較高銷售帶來的槓桿效益，但部分被為推動未來成長所做的投資以及較高的績效型獎酬所抵銷。

Pre-opening expenses were $6.2 million in the current quarter, compared with $4.5 million in the prior-year quarter. The $1.7 million increase includes a higher number of units under construction. Adjusted EBITDA for the first quarter was $61.7 million, a 37.6% increase versus Q1 of 2025. The increase in adjusted EBITDA was driven by 9.7% same-restaurant sales growth, the number and continued strength of new restaurant openings partially offset by investments to support growth, including higher pre-opening costs.

本季開店前費用為 620 萬美元，去年同期為 450 萬美元。增加的 170 萬美元包含在建門店數量較多。第一季調整後 EBITDA 為 6,170 萬美元，較 2025 年第一季增加 37.6%。調整後 EBITDA 的增加主要由同店銷售成長 9.7% 以及新店開幕數量與持續強勁表現所帶動，但部分被支持成長的投資所抵銷，包括較高的開店前成本。

For the first quarter of 2026, equity-based compensation was $7.7 million. We continue to expect equity-based compensation, which includes our new programs to provide equity grants to AGM and performance-based LTI, to be between $22 million and $24 million in aggregate for the full year.

2026 年第一季，股權基礎薪酬為 770 萬美元。我們仍預期全年股權基礎薪酬（包含我們的新計畫：提供 AGM 的股權授予以及以績效為基礎的長期激勵 LTI）合計將介於 2,200 萬至 2,400 萬美元。

In the first quarter, our effective tax rate was 21.5%. For the full year fiscal 2026, we expect our effective tax rate to be between 23% and 28%, with the rate in Q2 being consistent with Q1 based on the timing of equity-based testing.

第一季，我們的有效稅率為 21.5%。就 2026 會計年度全年而言，我們預期有效稅率將介於 23% 至 28%，且由於股權基礎測試的時點因素，第二季稅率將與第一季一致。

As a reminder, the increase in our tax rate in 2026 versus the prior year is due to the lower permanent benefit from equity-based compensation. Our cash taxes will continue to be immaterial until we fully utilize our net operating losses.

提醒一下，2026 年稅率較前一年上升，係因股權基礎薪酬帶來的永久性稅務利益較低。在我們完全用盡淨營運虧損（NOL）之前，我們的現金所得稅將持續不具重大性。

During the first quarter, we reported $23.6 million of net income compared to $25.7 million of net income in Q1 of 2025. Diluted EPS was $0.20 in the first quarter compared with $0.22 in the first quarter of 2025. The decrease in net income and diluted EPS due to the previously mentioned higher permanent benefit from equity-based compensation within income tax in the prior year, partially offset by nearly 50% higher earnings before taxes.

第一季，我們的淨利為 2,360 萬美元，相較於 2025 年第一季的 2,570 萬美元。第一季稀釋後每股盈餘為 0.20 美元，相較於 2025 年第一季的 0.22 美元。淨利與稀釋後 EPS 的下降，係因前一年所得稅中股權基礎薪酬帶來的永久性稅務利益較高（如前所述），但部分被稅前盈餘近 50% 的成長所抵銷。

Turning to liquidity, at the end of the quarter, we had zero debt outstanding, $403 million in cash and investments, and access to a $150 million revolver with an option to increase our liquidity if needed. Cash flow from operations for the first quarter of 2026 was $64.1 million, compared to $38.6 million during Q1 of 2025. Free cash flow during the quarter was $15.5 million.

談到流動性，截至季末，我們沒有任何未償債務，持有 4.03 億美元的現金與投資，並可動用 1.5 億美元的循環信用額度（revolver），且如有需要可選擇提高流動性。2026 年第一季營運活動現金流為 6,410 萬美元，相較於 2025 年第一季的 3,860 萬美元。本季自由現金流為 1,550 萬美元。

Now to our outlook for full year 2026, we are raising our guidance to expect the following: 75 to 77 net new CAVA restaurant openings, same restaurant sales of 4.5% to 6.5%, CAVA restaurant level profit margin between 23.7% and 24.3%, pre-opening costs between $22 million and $22.5 million, and adjusted EBITDA, including the burden of pre-opening costs between $181 million and $191 million. I'd like to provide some additional thoughts on our outlook.

接著談 2026 全年展望，我們上調指引，預期如下：CAVA 餐廳淨新增開店 75 至 77 家、同店銷售成長 4.5% 至 6.5%、CAVA 餐廳層級利潤率介於 23.7% 至 24.3%、開店前成本介於 2,200 萬至 2,250 萬美元，以及調整後 EBITDA（包含開店前成本負擔）介於 1.81 億至 1.91 億美元。我想就我們的展望補充一些想法。

Turning to same restaurant sales, we increased our full-year outlook to 4.5% to 6.5% growth. Our updated guidance reflects the continued strength we are seeing across the business, while remaining appropriately balanced against the current macroeconomic and consumer backdrop.

就同店銷售而言，我們將全年展望上調至成長 4.5% 至 6.5%。更新後的指引反映我們在整體業務上持續看到的強勁表現，同時也適度平衡當前的總體經濟與消費者環境。

We remain confident in the underlying health of the business, supported by the strength of our unit economic model. While same restaurant sales trends in the second quarter are in line with the first quarter and tracking above our revised full-year guidance. Our updated outlook contemplates a more moderate, mid-single-digit comp assumption for the balance of the year.

在強勁的單店經濟模型支持下，我們對業務的基本健康狀況仍具信心。雖然第二季同店銷售趨勢與第一季一致，且表現高於我們上修後的全年指引。我們更新後的展望，對今年剩餘期間採用較為溫和的「中個位數」同店成長假設。

Overall, we believe our guidance appropriately balances the momentum we're seeing in the business today with a prudent view of the external environment.

整體而言，我們認為本次指引在反映當前業務動能的同時，也以審慎角度看待外部環境，兩者之間取得了適當平衡。

Shifting to restaurant-level margins, our outlook reflects the strength of our business and incorporates a 20 basis point to 40 basis point headwind to capture a more cautious view on elevated energy cost impacts given ongoing geopolitical insert.

轉向餐廳層級毛利率，我們的展望反映業務的強勁表現，並納入 20 至 40 個基點的不利因素，以更審慎地反映在持續的地緣政治插入下，能源成本居高對我們的影響。

On the labor front, our guidance invents further investments in team member wages and other opportunities to deliver on an exceptional guest experience. As a reminder, beginning in the second quarter, we introduced salmon nationally, which we expect to be a margin rate headwind of approximately 100 basis points.

在人力方面，我們的指引納入對團隊成員薪資及其他機會的進一步投資，以提供卓越的顧客體驗。提醒一下，自第二季起我們在全國推出鮭魚品項，預期將對毛利率造成約 100 個基點的負面影響。

Reopening expenses reflect increased investments in operator readiness, including onboarding general managers earlier to allow for more comprehensive training ahead of opening. We believe these investments help position our teams to execute consistently at a high level.

開店前費用反映我們加大對營運團隊就緒度的投資，包括更早讓店總經理到位，以便在開幕前進行更完整的訓練。我們相信這些投資有助於讓團隊能以一致且高水準的方式執行。

Finally, shifting to general and administrative expenses, while we experienced leverage in the quarter driven by outsized sales performance, our general and administrative outlook for 2026 remains unchanged. And we continue to expect G&A as a percentage of revenue to be relatively flat year-over-year as we remain committed to making targeted investments to support the long-term growth of the business.

最後，談到一般及行政費用，雖然本季因銷售表現超預期而出現槓桿效益，但我們對 2026 年的一般及行政費用展望維持不變。我們仍預期 G&A 占營收比重將與去年大致持平，因為我們仍致力於進行有針對性的投資，以支持業務的長期成長。

Before we open the line for questions, I want to thank our team members across the organization for their continued hard work and commitment to delivering our guests every day. It is because of their passion and dedication that we are able to fulfill our mission of bringing heart, health, and humanity's food and create meaningful experiences for our guests.

在開放提問之前，我想感謝全體組織中的團隊成員持續的努力與承諾，每天為我們的顧客提供服務。正是因為他們的熱情與投入，我們才能實現使命：帶來有溫度、健康且具人性關懷的食物，並為顧客創造有意義的體驗。

With that, we'll open the line for questions.

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Sara Senatore, BoA.

Sara Senatore，美國銀行（BoA）。

Thank you. Just, I guess, a question about the news to productivity, obviously very impressive. I think in the past, we've talked about a honeymoon period, it's been a relatively modest drag. So I don't want to overstate it, I think maybe 100 basis points. But I guess anything you can share about the new stores, any commonalities across which markets have the highest MSPs based on a 2025 cohort, are those highest volume stores the ones that have the honeymoon period or are the two things I guess not correlated, just trying to think through as we think they enter the comp base.

謝謝。我想問一個關於新店生產力的問題，顯然非常令人印象深刻。我記得過去我們談過所謂的蜜月期，它帶來的拖累相對溫和。所以我不想誇大，我想大概是 100 個基點。但我想請問你們能否分享一些關於新店的資訊：以 2025 年那一批（cohort）來看，哪些市場的 MSP 最高、是否有一些共通點？那些最高量體的門店是否就是有蜜月期的門店，或是我想這兩者其實不相關？只是想在它們納入同店比較基期時，釐清一下思路。

And then just a quick clarification, you said I think CAVA's food, beverage, and packaging costs will increase for the rest of the year because of salmon. So does that mean you plan to keep it on the menu through the end of the year? I guess I thought that initially it was targeted through 3Q. Thank you.

另外再快速確認一下，你提到我想是 CAVA 的食品、飲料與包材成本在今年剩餘期間會因為鮭魚而上升。所以這是否表示你們計畫把它留在菜單上直到年底？我原本以為一開始是規劃到第三季。謝謝。

Hey, Sarah. Thank you for the question. So talking about new productivity first, we are very pleased with the opening of our new restaurants again in 2026. Our new restaurant openings are exceeding our expectations with AEVs of $3 million and performing at 100% or greater productivity. We are finding that across all geographies, all types of formats, all markets, and can't find any commonalities and trends that are tying them to a particular behavior overall other than we haven't found a market yet that doesn't love CAVA, and we're very happy with their performance.

嗨，Sarah。謝謝你的提問。先談新店生產力，我們對於在 2026 年再次開出新餐廳感到非常振奮。我們的新店開幕表現超出預期，AEV 達到 300 萬美元，生產力達到 100% 或更高。我們發現不論地區、各種店型、各個市場，都找不到能把它們與某種特定整體行為連結起來的共通點或趨勢；唯一的共同點是，我們還沒遇到一個不喜歡 CAVA 的市場，我們對其表現非常滿意。

What we are seeing with those 24 openings as they come into 2026, while we talked about the honeymoon last year, what we're seeing with the 24 and entering into the comp base or in the comp base in 2026 is that they're outpacing our expectations and that they are performing better than we expected and after 18 months, continue to show positive momentum and are contributing significantly to overall same restaurant sales performance.

我們在 2026 年看到這 24 家新店陸續開出時，雖然去年我們談到過蜜月期，但我們看到這 24 家在 2026 年進入同店比較基期、或已在同店比較基期內的表現，正在超越我們的預期：它們的表現比我們想像更好，而且在 18 個月後仍持續展現正向動能，並對整體同店銷售表現做出顯著貢獻。

The '25 vintage in '26 is performing very similar to 2024. So no significant difference there and we would expect them to perform like '24 as we move forward and that's how we reflected it in our guidance.

2026 年的「2025 年批次」表現與 2024 年非常相近。因此沒有顯著差異；我們也預期隨著時間推進，它們會像 2024 年那樣表現，這也反映在我們的財測指引中。

Your second question was regarding cause and the impact of salmon. So, yes, we launched salmon at the beginning of the second quarter. It's anticipated to run in the second quarter and third quarter, and our guidance reflects that impact in the fourth quarter as well.Thank you.

你的第二個問題是關於成因以及鮭魚的影響。是的，我們在第二季初推出了鮭魚。預計會在第二季與第三季供應，而我們的指引也反映了第四季的影響。謝謝。

David Tarantino, Baird.

David Tarantino，Baird。

Great. Thank you. My question is on the margin outlook, Tricia. You raised the comp guidance, which is encouraging, but didn't really touch the restaurant level margin guidance very much. And I think you called out energy costs. But I guess, are there other factors that are limiting the flow-through on the additional revenue that are worth calling out, or is this all about an assumption that energy costs will be higher for the balance of the year?

很好。謝謝。我的問題是關於毛利率展望，Tricia。你上調了同店指引，這令人鼓舞，但對餐廳層級毛利率指引幾乎沒有太多著墨。我想你提到了能源成本。但我想問的是，是否還有其他因素在限制新增營收的利潤流入（flow-through），值得特別點出？還是這完全是基於對今年剩餘期間能源成本將更高的假設？

And then secondly, I wonder if you could just comment specifically on the other operating cost line, because I think that line surprised at least some of us this quarter, and maybe just we can unpack the fairly big variance in that line versus maybe where we had it modeled.

第二個問題，我想請你特別評論一下「其他營運成本」這一行，因為我認為這一季那一行至少讓我們部分人感到意外；也許我們可以拆解一下，該行目相較於我們模型預估出現相當大的差異。

I appreciate that, David. So regarding the margin outlook, our model is incredibly robust and has tremendous flow-through, and we're seeing that continue to perform. But there are a number of factors that we included in our guidance that we want to specifically touch on. One is salmon, so that is certainly going to have an impact overall in margin rates. But remember that salmon is priced to be penny profit neutral, so the dollars will be the same.

謝謝你，David。關於毛利率展望，我們的模型非常強健，具有很高的利潤流入能力，而我們也持續看到它維持良好表現。但我們在指引中納入了幾個因素，想特別說明。其中之一是鮭魚，這確實會對整體毛利率水準造成影響。但請記得，鮭魚的定價設計是做到「每分錢利潤中性」（penny profit neutral），所以以金額來看會是一樣的。

The other piece is the energy cost impact, and it hits a couple of different line items, and as we called out in the prepared remarks, we're contemplating an additional 20 basis points to 40 basis points of an impact related to those that would likely be more significant in the third and fourth quarter as fuel surcharges will kick in, we're starting to see early signs of that, but that, if this persists, will continue to escalate as you go into the remainder of the year.

另一個部分是能源成本的影響，它會反映在幾個不同的費用項目上；正如我們在事先準備的發言中提到，我們預估相關影響約為額外 20 到 40 個基點，且在第三季與第四季可能更為顯著，因為燃料附加費將開始生效。我們已開始看到一些早期跡象；如果這種情況持續，隨著進入今年剩餘期間，影響將會進一步擴大。

And then you're also going to see some potential utility impacts on the other operating expense line, and then within input costs related to food, beverage, and packaging, you've got polyethylene costs that are anticipated to also be impacted, and we've built all that into our guidance, which does have an impact on the overall flow-through to a lesser extent, we did layer in some additional average wage investments and some flexibility to make some investments in our guest experience in terms of labor that will be less impactful but is included in our guidance overall.

此外，你也會在「其他營運費用」項下看到一些潛在的公用事業費用影響；而在與食品、飲料與包材相關的投入成本方面，預期聚乙烯成本也會受到影響。我們已把這些都納入指引中，這會在一定程度上降低整體利潤流入。除此之外，我們也額外納入了一些平均薪資投資，以及在用工方面為提升顧客體驗而進行投資的彈性；這些影響較小，但也已包含在整體指引之中。

And keep in mind, David, we did increase the top end of our restaurant-level margin guidance range by 10 basis points, going back to the robustness of the model itself, but contemplating the uncertainties that are out there and how might impact our performance overall.

另外請記住，David，我們把餐廳層級毛利率指引區間的上緣提高了 10 個基點；這也回到模型本身的強健性，但同時我們也考量外部存在的不確定性，以及它們可能如何影響我們的整體表現。

The other OpEx line, as we called out, digital mix is impacting that. And so you're seeing some increase in overall fees on that line. Digital is designed to drive profit neutrality. So it's a little bit of an optics impact as you look at that. And then there are other fairly immaterial amounts across a number of different categories between other operating expenses, and those are fairly one-time in nature.

至於「其他營運成本」那一行，如我們所提到的，數位渠道占比正在影響它。因此你會看到該行的整體費用有所上升。數位渠道的設計目標是達到利潤中性。所以從視覺呈現（optics）的角度來看，當你看那一行時會有些影響。另外，在其他營運費用的多個類別中還有一些相對不重大的金額，而那些多半屬於一次性性質。

However, as we think about other OpEx as we go through the remainder of the year, it'll be a little bit above where we were on the full-year basis as a percentage of revenue versus 2025, and that's largely due to the digital mix that I mentioned earlier.

不過，當我們展望今年剩餘期間的「其他營運成本」時，以營收百分比來看，全年水準會略高於 2025 年，而這主要是因為我先前提到的數位渠道占比。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Thank you. I have a clarification on your statement that April or the recent data is tracking on track with the first quarter actual. So I was wondering whether you were referring to the average that you have achieved in the first quarter or whether you were referring to the exit.

謝謝。我想釐清你提到 4 月或近期數據的追蹤情況與第一季實際表現一致。我想確認你指的是第一季達成的平均水準，還是指季末（exit）的水準？

And then stepping back, maybe this is more for Brett, like if you were to think about the three main factors that you have a year. Disposal for this year, what do you think is going to be driving you to get to the high end of the guidance versus the low end, given that you have significant opportunities ahead of you and you've already demonstrated that in the first quarter? Thank you.

然後退一步看，這可能更適合問 Brett：如果你要思考今年你們手上有的三個主要因素（disposal），你認為在你們已在第一季展現出顯著機會的前提下，什麼會驅動你們達到指引上緣而不是下緣？

So regarding your question about our same-restaurant sales assumptions and what we're experiencing, our same-restaurant sales trends in the second quarter are in line with our overall same-restaurant sales in the first quarter and tracking above our revised full-year guidance.

關於你對同店銷售假設以及我們目前體感的問題，我們第二季的同店銷售趨勢與第一季整體同店銷售表現一致，且追蹤結果高於我們上修後的全年指引。

And Danilo, to the second question, we're going to stay steadfast on our long-term strategy with consistent [radical] menu innovation to excite our guests that doesn't create operational complexity. Tricia talked about some of the potential investments that we've accounted for in restaurant-level margin to continue to lean in and elevate our warm Mediterranean hospitality and continuing our operational execution while mitigating menu price increases.

Danilo，至於第二個問題，我們會堅定執行長期策略，持續進行一致且「大膽」（[radical]）的菜單創新來讓顧客感到興奮，同時不增加營運複雜度。Tricia 也談到，我們在餐廳層級毛利率中已納入一些潛在投資，以持續加碼並提升我們溫暖的地中海式待客之道，並在抑制菜單漲價的同時，持續強化營運執行。

We are very focused on making sure we don't have to pass through any inflationary pressures to our guests. And that has been something we've worked very hard on in recent years, that whether it's underpricing peers by more than half, whether it's taking less than half the price increase of CPI, that has delivered great value every day that we think drives that traffic over the long haul.

我們非常專注於確保不必把任何通膨壓力轉嫁給顧客。這是我們近年來非常努力的方向：不論是相較同業定價低超過一半，或是漲價幅度不到 CPI 的一半，我們每天都提供很高的價值，我們認為這能在長期帶動客流。

So we'll continue to focus on those. And again, also, we've talked in the past about the opportunity to continue to lean in and pull our marketing lever. It has been a smaller portion as a spend of our percentage of revenue versus our peers, and we see opportunities to continue to be, very cost-effective with our marketing, but elevate the awareness.

因此我們會持續聚焦這些。另外，我們過去也談過，還有機會持續加碼並運用我們的行銷槓桿。相較同業，我們的行銷支出占營收比重一直較小；我們看到機會在維持行銷高成本效益的同時，提升品牌知名度。

We've grown our awareness now from 62% to 66% across the country, so that certainly helps drive more people to try CAVA, and when they try it, they like it, and they come back more frequently.

我們的全國知名度已從 62% 提升到 66%，這當然有助於帶動更多人嘗試 CAVA；而當他們嘗試後，他們喜歡，並且會更頻繁地回來。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Thank you. This is Zach Ogden on for Andrew. So the acceleration you saw in same-store sales to start the year is contrary to what most of your peers saw. Can you stock rank the drivers of that acceleration between white sweet potatoes, any marketing investments, any improvement in your consumer, or maybe some other factors as well?

很好。謝謝。我是代替 Andrew 的 Zach Ogden。所以，你們年初同店銷售的加速成長，與多數同業看到的情況相反。你能否把這個加速的驅動因素做個排序：白色甜地瓜、任何行銷投資、消費者狀況改善，或也可能有其他因素？

And so certainly when we look at same restaurant sales in Q1, we believe it's a combination of our amazing culinary, bring a cuisine where taste and help unite to guests across the country at a time where it's meeting the needs of the modern consumer and meeting their desires from an experience standpoint. Also bundling that with warm hospitality and delivering on what Brett talked about is a great value every day. And those things together are significant contributes to the overall performance.

當然，當我們看第一季的同店銷售時，我們認為這是多項因素的組合：我們出色的餐飲產品，帶來一種讓美味與健康結合的料理，在現代消費者需求之際，從體驗角度也滿足他們的渴望，並在全國各地與賓客產生連結。此外，再加上溫暖的待客之道，以及落實 Brett 所談到的「每天都很超值」。這些因素合在一起，對整體表現有顯著貢獻。

You mentioned white sweet potatoes. We brought back a fan favorite of white sweet potatoes, and our guests just love it. It drove frequency, brought in new guests, and created a unique option for our guests as a complimentary main item. It doesn't appear to be a single factor that was driving the overall same restaurant sales performance.

你提到白色甜地瓜。我們帶回了粉絲最愛的白色甜地瓜，賓客非常喜歡。它提升了來客頻率、帶來新客，並作為一項可搭配的主食選擇，為賓客提供了獨特選項。看起來並不是單一因素在驅動整體同店銷售表現。

When you look at the comps across the country, saw great strength in every region of the country, see great strength across all of our vintages, and in fact, when you look at our restaurants based on their median household income in their market, all of those cohorts are performing very well, and our lower-income cohorts continue to outperform as we bridge this K-shaped economy.

當你看全國各地的同店表現時，我們在每個地區都看到很強的力道，也看到各個開店年份（vintages）都很強；事實上，若按餐廳所在市場的家庭收入中位數來看，所有這些族群的表現都非常好，而在這個 K 型經濟之下，我們的低收入族群仍持續跑贏。

Great. Thank you.

很好。謝謝。

Gregory Francfort, Guggenheim Securities.

Gregory Francfort，Guggenheim Securities。

Hey, thanks for the question. I just wanted to maybe unpack the digital sales, and I think you hit almost 40% this quarter. Just a few years ago, that was maybe 35%. How much of that's being driven by 3P delivery versus your 1P digital channels? And I guess what's described as your goal for that breakdown over time?

嗨，謝謝讓我提問。我想再深入拆解一下數位銷售，我認為你們本季接近 40%。幾年前可能大約是 35%。其中有多少是由第三方外送（3P）帶動，相對於你們第一方（1P）的數位渠道？另外，你們對這個結構隨時間演進的目標是什麼？

Yeah, Greg, when we look at our digital mix, we are seeing improvements. And going back to what I said earlier, we've designed our channels to drive the same level of profitability on a dollars basis across the board, regardless of how they choose to dine with us. And when we look at the quarter itself, we are seeing improvement in third-party delivery mix overall, and we're seeing improvement in other channels as well with digital that are driving to that increase from the 36% level in prior years closer to 40% today.

是的，Greg，當我們看數位占比時，確實看到改善。回到我先前提到的，我們在設計各渠道時，目標是讓不論賓客選擇以何種方式用餐，在「金額（dollars）」基礎上的獲利水準都一致。就本季而言，我們看到第三方外送占比整體提升，也看到其他數位渠道同樣改善，推動數位占比從前幾年的 36% 左右提升到目前接近 40%。

Brian Harbour, Morgan Stanley.

Brian Harbour，Morgan Stanley。

Yeah, thanks. Good afternoon. I guess, could you comment on what you've seen from salmon so far? I guess the quarter date comments suggest it's doing well, but anything about new customers, about frequency, are you sort of happy with the consistency of the product when you look across your store base? And then I guess it sounds like you expect it to sort of remain there through the balance of the year. So is the assumption that this is kind of the permanent seafood offering at this point?

是的，謝謝。下午好。想請你們談談目前鮭魚的表現。從你們對本季迄今的評論看起來表現不錯，但在新客、來客頻率方面有什麼觀察？以及當你們看整體門店時，對產品一致性是否滿意？另外，聽起來你們預期它會持續到今年剩餘期間。所以假設是：此時此刻它算是永久性的海鮮品項嗎？

Hey, Brian. We are pleased with the performance of salmon, and it is in line with what we saw in our market tests and to our expectations. I'm very proud of the team. They did a rigorous stage-gate process to test and ensure that we could execute a delicate protein at a high level for our guests. And so we've been very pleased with the execution across the fleet and have not committed to salmon being an everyday item, but do expect it to run through the fourth quarter at minimum.

嗨，Brian。我們對鮭魚的表現感到滿意，與我們在市場測試中看到的結果以及我們的預期一致。我為團隊感到非常自豪。他們採用了嚴謹的分階段關卡（stage-gate）流程來測試並確保我們能以高水準為賓客烹調這種較為細緻的蛋白質。因此，我們對全體門店的執行表現非常滿意；我們尚未承諾鮭魚會成為每日常態品項，但至少預期會供應到第四季。

Chris O'Cull, Stifel.

Chris O'Cull，Stifel。

Great. Thanks, guys. This is Patrick on for Chris. Brett, I know you talked about testing roasted garlic shrimp last quarter, and I was curious if you could give an update on where that is in the sagegate process. I know we've seen some e-mails here in our local market, but I'm not sure if that's indicative of the fact that you rolled it out nationally yet or if we're in the test.

很好。謝謝各位。我是代替 Chris 的 Patrick。Brett，我知道你上季談到在測試烤蒜蝦，我想請你更新一下它目前在 stage-gate 流程中的進度。我知道我們在本地市場看到一些電子郵件，但不確定這是否代表已經全國推出，或仍在測試階段。

Just more broadly, on LTOs in general, how are you guys thinking about the pace and sequencing of LTOs maybe relative to past years when a lot of peers have seemed to accelerate the pace of innovation? Clearly, you have a lot of momentum, but curious to get your thoughts on what your customer is telling you, what the business is telling you in regards to what that right pace is for CAVA?

更廣泛地說，關於限時供應（LTO）整體，你們如何看待 LTO 的節奏與排序，可能相較於過去幾年，因為許多同業似乎加快了創新速度？顯然你們動能很強，但也想聽聽你們對於 CAVA 的「合適節奏」的看法：顧客告訴你們什麼、以及業務表現告訴你們什麼？

Yeah, I'm guessing you might be in Northern New Jersey. That is where or I'm sorry, or Nashville, where our market tests are going on roasted garlic shrimp. So that has moved to the next stage of the Stage A process.

是的，我猜你可能在新澤西北部。那就是——或抱歉，或在納什維爾——我們正在進行烤蒜蝦市場測試的地方。所以它已經進入 Stage A 流程的下一個階段。

Originally was a market test or -- sorry, an operations test. We are now in a market test, which is a broader test, which would be the last stage of proof points before we would take it to a more national launch. So again, it's following the same disciplined process we've been doing for a number of years now and what our culinary roadmap has in a tentpole moment each year bracketed by some seasonal moments, and we think that is still the right pace for us.

一開始是市場測試，或——抱歉——是營運測試。我們現在進入市場測試，也就是更大範圍的測試，這會是在我們推向更全國性上市之前、最後一個用來驗證的階段。因此，再次強調，它遵循我們多年來一直採用的同樣嚴謹流程；而我們的餐飲路線圖每年會有一個「主打時刻（tentpole moment）」，並由一些季節性時刻前後搭配，我們認為這對我們仍是合適的節奏。

That is the -- I think the balance we're trying to strike to have the right amount of newness and excitement for our guests without overcomplicating operations. We are focused on delivering exceptional operations, every restaurant, every shift with warm hospitality. And so we want to be mindful of how much newness we drive in and operational complexity on our operators while balancing the excitement our guests have when we bring them new culinary.

我認為我們要取得的平衡是：在不讓營運過度複雜化的前提下，為賓客帶來適量的新鮮感與興奮感。我們專注於提供卓越的營運表現——每一家餐廳、每一個班次——並以溫暖的待客之道呈現。因此，我們會留意在為營運團隊導入多少「新內容」與營運複雜度，同時也要平衡賓客在我們帶來新料理時的期待與興奮。

So I would continue to expect a tentpole moment each year bracketed by a few seasonal. Moments like you saw with roasted white sweet potatoes. We have a few fun things coming this summer, or even collaborations like we did with Azzi and Yaxel around the NCAA tournament time.

所以，我仍預期每年會有一個主打時刻，並搭配幾個季節性時刻。例如你們看到的烤白色甜地瓜。今年夏天我們還有幾個有趣的內容，或甚至像我們在 NCAA 錦標賽期間與 Azzi 和 Yaxel 的合作。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Thank you. Brett, you just mentioned operations. My question is on operations. With Doug Thompson having a bit more time in the role, can you just talk about what he's been the most focused on so far? What are the most important priorities for that role as you see it for the balance of the year? And if you just want to layer on your very strong growth in traffic and how that might influence timing or order of priorities, anything would be great.

謝謝。Brett，你剛提到營運。我的問題也關於營運。Doug Thompson 在這個職位上多待了一段時間後，你能談談他目前最專注的是什麼嗎？就你們看來，今年剩餘期間這個職位最重要的優先事項是什麼？另外，你們客流成長非常強勁，若能再補充這可能如何影響優先事項的時點或排序，也會很有幫助。

Yeah, three main priorities. First and foremost for Doug is people development. Doug is an experienced leader of people, a developer of future leaders. Very excited to have him on board. So building out our pipeline, which that AGM investment is a part of future leaders, not only to help maintain operational integrity across all shifts, both lunch and dinner and weekends.

是的，三個主要優先事項。對 Doug 來說，第一且最重要的是人才培育。Doug 是一位具經驗的人才領導者，也擅長培養未來領導者。非常高興他加入我們。因此，建立我們的人才梯隊——其中 AGM 的投資就是未來領導者培育的一部分——不僅是為了在所有班次（午餐、晚餐與週末）維持營運完整性。

But as well as building a deeper pipeline of future leaders to open those new restaurants with operational integrity. And then new restaurant opening excellence is another given the intense volumes we're seeing and new restaurant productivity. We want to make sure that we protect those guests' experiences when they come in and experience the best version of come and put our best foot forward.

但同時也要建立更深厚的未來領導者梯隊，讓他們能以營運紀律開出這些新餐廳。此外，鑑於我們看到的高強度客流與新店生產力，新餐廳開幕（NRO）卓越表現也是另一項既定重點。我們希望確保在賓客進店時，能保護並維持他們的體驗，呈現最好的版本，並全力以赴。

Very excited at some of the additions we've made in our recent Ohio openings that have really helped deliver better experiences on these NROs.

我們對近期在俄亥俄州新店開幕中所做的一些新增配置感到非常興奮，這些確實有助於在這些NRO上帶來更好的體驗。

And then lastly -- but not least, is hospitality. It's been core to our brand essence. It's not just our Mediterranean cuisine we're tasting out the night, but it's our warm Mediterranean hospitality. And I think we're good at delivering that across the country, but we want to be great and exceptional at it. And I think we have some opportunities to do that consistently, again, across every restaurant, every shift. And this is something Doug has great decades of experience in delivery, and I'm excited for him to bring that experience to CAVA and help us elevate from good to great. Thank you.

最後但同樣重要的是款待（hospitality）。這一直是我們品牌精神的核心。不只是我們當晚品嚐到的地中海料理，更是我們溫暖的地中海式款待。我認為我們在全國各地都能把這件事做得不錯，但我們希望做到非常好、做到卓越。我認為我們有機會在每一家餐廳、每一個班次都能一致地做到這一點。而Doug在這方面有數十年的實務經驗，我很期待他把這些經驗帶到CAVA，幫助我們從「不錯」提升到「卓越」。謝謝。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通（JPMorgan）。

Hi, thank you. First, and I'm sorry if I missed this, it's an operations-related question. First on catering, Brett, can you talk about your experience of catering, particularly in some of the busier, more urban stores if you do want to do it? Out of existing CAVA outlets or if maybe some purpose-built assets would kind of make sense to better achieve the catering day part? That's the first question.

嗨，謝謝。首先，如果我漏聽了先說聲抱歉，這是一個與營運相關的問題。先談外燴（catering），Brett，你能談談你對外燴的經驗嗎？特別是在一些更忙碌、更都會型的門店，如果你們確實想做外燴的話。是從現有的CAVA門店來承接，還是可能需要一些專門打造的資產，才能更好地達成外燴這個時段（day part）的目標？這是第一個問題。

And then secondly, you guys have long talked about, I guess, human resources developing talent is probably the number one gating factor to the speed of growth which I think makes a lot of sense. But Tricia, you did mention on the balance sheet, you do have $400 million of cash, you have $150 million undrawn revolver, you're generating cash. I mean, it seems like you might be in a pretty good position to maybe think about some asset types of deals that could potentially be converted to COVID at some later date. Just as an idea.

第二，你們長期以來一直在談，我想人力資源、人才培育可能是成長速度的第一大瓶頸，這很合理。但Tricia，你確實提到資產負債表上你們有4億美元現金，還有1.5億美元未動用的循環信貸額度（revolver），而且你們也在產生現金。我的意思是，看起來你們可能處在一個相當不錯的位置，可以考慮一些資產型交易，未來某個時間點可能轉換成CAVA。只是提供一個想法。

So where are we in terms of potentially using the balance sheet and your overall cash flexibility to maybe accelerate development, obviously not this year, but over the next couple of years as opportunities arise? Thank you.

所以，就可能運用資產負債表以及你們整體的現金彈性來加速展店而言，我們目前進展到哪一步？當然不是今年，但在未來幾年、當機會出現時。謝謝。

Yeah, John, I'll address catering and then let Tricia address the balance sheet question. We have a market test going on in Houston that we've spoken to in the past. We plan to expand that to a second city, a second market later this year. And one of the goals of the test, and really we think is the critical aspect of it, is understanding capacity management and load balancing.

好的，John，我先回應外燴，然後讓Tricia回應資產負債表的問題。我們在休士頓正在進行一個市場測試，過去也提過。我們計畫在今年稍晚把測試擴展到第二個城市、第二個市場。而這項測試的目標之一、也是我們認為最關鍵的部分，是了解產能管理與負載平衡（load balancing）。

We have tremendous demand in catering, we know there's a lot of demand that's out there, but we want to make sure we position our operators to successfully meet that demand and meet our commitment to experience on the catering front. And so to your point, we do have 20-plus purpose-built locations that include, we've spoken about our hybrid kitchens and our digital kitchens that have extra capacity, hub central production capacity, and we are testing in regular CAVA restaurants to understand strategically how do we want to move forward, is it more purpose-built centralized production complemented with the regular copper restaurants or is it just that centralized production?

我們在外燴方面有非常強勁的需求，我們知道市場上還有大量需求存在，但我們要確保能讓門店營運團隊具備條件，成功滿足這些需求，並履行我們在外燴體驗上的承諾。因此如你所說，我們確實有20多個專門打造的據點，包括我們談過的混合廚房與數位廚房，具備額外產能、樞紐式中央製作產能；同時我們也在一般的CAVA餐廳中進行測試，以策略性地理解我們要如何往前走：是以更專門打造的集中式中央製作，搭配一般的CAVA餐廳，還是只做集中式中央製作？

And we want to be very patient and methodical and disciplined because we know that that revenue potential is out there for us, but we want to make sure when we do open the spigot store, roll out catering that we need it with operational integrity and more to come. But again, we will expand it later this year to a second market test to make sure we're understanding how we want to move forward with our load balancing and capacity management.

我們希望非常有耐心、按部就班且保持紀律，因為我們知道那個營收潛力確實存在；但我們也要確保，當我們真正打開水龍頭、全面推行外燴時，能以營運紀律來落地。後續還會有更多更新。

And John, as it relates to our balance sheet, we are in a very strong position there that you called out. And certainly, at the highest and best use of our cash are investing in new restaurant openings. And as you rightfully acknowledged, the biggest governor for that growth is ensuring we have a right pipeline of role-ready leaders to open those restaurants successfully.

John，至於資產負債表，如你所指出，我們在這方面的確處於非常強勁的位置。而且可以確定的是，我們現金的最高、最佳用途，是投資於新餐廳開幕。同時，正如你所正確提到的，限制這個成長的最大因素，是確保我們有一條合適的、具備即戰力的領導者管道，能成功開出這些餐廳。

So we will consider and evaluate asset deals and understanding how to further augment our very robust real estate pipeline that we have, but want to be thoughtful and not go after assets that we weren't able to support. And at the same time, as we've looked at opportunities to invest in real estate through different acquisitions, we find that it's often better to just wait and acquire those assets on their own through different means, and it's a more effective deployment of capital in the end and less of a distraction to the business.

因此，我們會考慮並評估資產型交易，並思考如何進一步強化我們目前非常強健的不動產（選址）管道；但我們也會審慎行事，不會去追逐那些我們無法支撐的資產。同時，當我們評估透過不同收購方式投資不動產的機會時，我們發現很多時候更好的做法是等待，並透過其他方式單獨取得那些資產；最終這通常是更有效的資本配置，也更不會分散公司對本業的注意力。

What our balance sheet provides is lots of flexibility and optionality. We're always evaluating different investments that we can make in cash to drive incremental returns for the business. But at this time, the highest and best use of capital is in New York restaurant openings.

我們的資產負債表提供了很大的彈性與選擇權。我們一直在評估各種可以用現金進行的投資，以為業務帶來額外回報。但就目前而言，資本的最高、最佳用途是在新餐廳開幕上的投資。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Hi, thanks, and good evening. You noted the strength in the third-party delivery channel, and I'm just curious what you'd attribute that to. Are there tangible improvements in execution, order accuracy, et cetera, or any changes in the agreement with third-party delivery partners that are worth noting?

嗨，謝謝，晚安。你提到第三方外送通路的強勁表現，我想了解你認為主要原因是什麼。是執行面有具體改善，例如出餐準確率等，還是與第三方外送合作夥伴的協議有任何值得一提的變更？

And then just to follow-up on the AGM program, could you just remind us what percentage of the store base today has an AGM in place? Thank you.

另外追問一下AGM計畫，你能否提醒我們，目前門店中有配置AGM的比例大約是多少？謝謝。

Hey, Brian. If you remember last year, we spoke about our kitchen display screen investment and rollout, and that is absolutely driving better productivity, better order accuracy, better digital order management. So that's driven both growth in our 3P channels as well as our 1P channel and digital ordering pickup and pickup by car. So that, again, has helped equip our team with the tools to be more successful and deliver on our guest commitments, which is driving overall growth in the digital channels.

嗨，Brian。如果你還記得去年我們談過廚房顯示螢幕（KDS）的投資與推廣，這確實正在帶來更好的生產力、更高的訂單準確率，以及更好的數位訂單管理。因此，這同時推動了我們第三方（3P）通路以及第一方（1P）通路的成長，也帶動了數位下單自取與車道取餐（pickup by car）。所以，這再次幫助我們的團隊配備更好的工具，以更成功地履行對賓客的承諾，進而帶動數位通路的整體成長。

And with regards to AGMs in our restaurants, we are focused at those restaurants with higher volumes and placing AGMs in those locations. So I haven't yet disclosed the actual number. I would say it's approaching above 50% of the locations, but it's a progressive process.

至於餐廳中的AGM，我們聚焦在那些營業量較高的餐廳，並在這些據點配置AGM。我目前還沒有披露確切數字。我會說已接近、並且超過50%的據點，但這是一個逐步推進的過程。

Jacob Aiken-Phillips, Melius.

Jacob Aiken-Phillips，Melius。

Great. Thanks so much for the question. This is Sam on for Jacob. I just want to focus in on the Cava Core and the data infrastructure that you guys mentioned in the prepared remarks. As that rolled out, where do you expect the earliest medical benefits to show up? Is it demand forecasting, labor deployment, something else? And is the bigger opportunities near-term restaurant execution or more longer-term guest engagement? Thanks.

好的。非常感謝提問。我是代Jacob發言的Sam。我想聚焦在你們在事先準備的講稿中提到的Cava Core與資料基礎設施。隨著這些推出，你們預期最早的「醫療」效益會在哪裡顯現？是需求預測、勞動力配置，還是其他？以及更大的機會是在短期的餐廳執行，還是更長期的賓客互動？謝謝。

Yeah, I think it's both of those and a third, which is you've got restaurant operational efficiency, you've got guest engagement, and you've got business intelligence insights at the corporate level. And what we're seeing already is some significant productivity enhancements across our enterprise from a -- when you think about automating a lot of manual and spreadsheet-type tasks, whether it's in the finance function or other functions.

是的，我認為是那兩項再加上第三項，也就是：餐廳營運效率、顧客互動，以及公司層級的商業智慧洞察。而我們已經看到，從整個企業的角度來看，生產力有顯著提升——當你想到把許多手動與試算表類型的工作自動化，不論是在財務職能或其他職能。

And then at the restaurant, what this does is it gives us a foundation to now leverage for predictive prep, predictive cook, labor scheduling, and inventory management. So, this sets the foundation for us to be able to pull those levers, take that complexity out of our team members' mindshare, and help position them to deliver, again, fresher food, mitigate waste, and deliver on our operational commitments without having to do a lot of the manual computations and tasks themselves.

接著在餐廳端，這帶來的是一個基礎，讓我們能進一步運用於預測式備料、預測式烹調、人力排班與庫存管理。因此，這為我們奠定基礎，使我們能拉動這些槓桿，把複雜度從團隊成員的心力負擔中移除，並協助他們再次提供更新鮮的食物、降低浪費，並在不必自行做大量手動計算與作業的情況下，達成我們的營運承諾。

So, very excited for what this lays the groundwork for. I've talked about in our shareholder letter the last couple of years. This is the early stages, I think, of a decade plus of transformation. And what it will do is enhance our team members' experience across both our support centers and the restaurants. We always talk about using technology to enhance the human experience, not replace it.

所以，我對這項工作所奠定的基礎感到非常興奮。我在過去幾年的股東信中也談到過。我認為這是長達十年以上轉型的早期階段。而它將提升我們在支援中心與餐廳兩端的團隊成員體驗。我們一直在談的是用科技來強化人的體驗，而不是取代它。

And this will empower our team members to be more productive, be more powerful, and be more successful. And ultimately, at the restaurants freed them up to deliver that heart health and humanity through hospitality.

而這將賦能我們的團隊成員更高效、更有能力、也更成功。最終，在餐廳端讓他們能騰出時間，透過待客之道傳遞那份真誠關懷與人性溫度。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

Hi, guys. Thanks for taking my question. I first wanted to just ask, Brett, you said that national awareness built. I just wanted to understand, how are you guys scaling your marketing investments in newer markets to build awareness ahead of unit growth?

嗨，各位。謝謝你們回答我的問題。我先想問一下，Brett，你提到全國知名度正在建立。我想了解的是，在較新的市場中，你們如何擴大行銷投資，以在門店數量成長之前先建立知名度？

And then I just also wanted to follow-up. Brett, I think a couple quarters ago, you said that the 25- to 35-year-old cohort had lost some frequency. Would it be fair to say you're seeing that recover? Thank you.

另外我也想追問一下。Brett，我記得幾個季度前你說 25 到 35 歲族群的來店頻率有下降。是否可以說你們看到這部分正在回升？謝謝。

Yes, from a marketing standpoint, last year we increased from about 1% of revenue to 1.2% of revenue, so we continue to lean into it.

是的，從行銷角度來看，去年我們把行銷費用從約占營收 1% 提高到 1.2%，所以我們會持續加碼投入。

It's not specific to new markets, it's just general across the country. We have so much pent-up demand when we open in these new markets. We haven't needed to add any additional or incremental marketing other than the general awareness and word of mouth and excitement in preparation for our openings.

這並不是特別針對新市場，而是全國整體性的策略。我們在這些新市場開店時有非常強的累積需求。除了為開店做準備的一般性知名度提升、口碑與期待感之外，我們不需要額外或增量的行銷投入。

At this point, though, we're focused on driving broader general brand awareness, and you saw that salmon launch campaign and a couple of activations we did or some of the collaborations. So we think this is something we can continue to lean into from a brand-building aspect. But opening new restaurants has certainly helped bring that awareness as we proliferate across the country.

不過在這個階段，我們的重點是推動更廣泛的整體品牌知名度；你也看到鮭魚上市的行銷活動，以及我們做的幾個行銷啟動或合作案。因此我們認為，從品牌建設的角度，這是我們可以持續加碼的方向。但隨著我們在全國擴張、開出更多新餐廳，確實也有助於提升知名度。

Yeah, and they said -- 35 to 45. I think what I referenced in the past was the 25 to 34-year-old cohort back late last summer, early fall, where we said coming out of our last quarterly earnings that we were seeing that cohort firm up. At the end of the year, and that carried into this year, and we've seen that momentum sustain year-to-date.

是的，而且他們說的是——35 到 45 歲。我過去提到的是 25 到 34 歲族群，大約在去年夏末、初秋時，我們在上一次季度財報後表示看到該族群趨勢轉穩。到去年年底並延續到今年，我們也看到這股動能在今年迄今持續維持。

Logan Reich, RBC Capital.

Logan Reich，RBC Capital。

Hi there. This is Emir Akdogan on for Logan. You mentioned continued strong momentum despite the current geopolitical and macro backdrop. I was just hoping if you could provide any color on changes, if any at all, that you might have seen in consumer behavior post the start of the Middle East conflict relative to before the start of the conflict.

你好。我是 Emir Akdogan，代 Logan 提問。你們提到即使在目前地緣政治與總體環境背景下，動能仍然強勁。我想請你們分享一些看法：自中東衝突爆發後，相較於衝突前，你們是否觀察到消費者行為有任何變化（如果有的話）？

We have not seen any shift in our consumer behavior. We talked about, we've seen it very consistent across regions, across age cohorts, and across income cohorts. And even noted, which may be a bit counterintuitive to what we've seen across some industry peers, is that the lower end of the income strata has actually performed the strongest. We've seen strength across all income cohorts.

我們沒有看到消費者行為有任何轉變。我們也提到過，我們看到各地區、各年齡族群、各收入族群都非常一致。甚至可以說——這可能與我們在一些同業身上看到的情況有點相反——收入階層較低端的表現其實最強。我們在所有收入族群都看到強勁表現。

But, the best performance across that bottom half of the income strata. And that gets us excited to be able to welcome more people to our table. That's what we're trying to do every day, make our food more accessible, more affordable, and the ability also, in a sense, to bridge that K-shaped economy where we have that premium offering and experience for folks maybe at the higher end of the income strata that want to lean into our new pomegranate-laced salmon or the grilled steak, but have that accessible everyday value for folks that are a bit more price-sensitive potentially.

但在收入階層的下半部表現最佳。這讓我們很振奮，因為我們能邀請更多人坐上我們的餐桌。這正是我們每天努力的方向：讓我們的食物更容易取得、更可負擔；同時在某種程度上，也能跨越這種 K 型經濟——我們既能為收入階層較高、想嘗試我們新推出的石榴風味鮭魚或炭烤牛排的人，提供較高端的產品與體驗；也能為可能更在意價格的消費者，提供日常可負擔的價值選擇。

And the other thing I would say is we have not seen any deterioration in our premium incidents or attachment rate. That has held very steady. So again, we're very mindful and we try to incorporate in the guidance of the challenges that consumers are facing around them and the uncertainty from the geopolitical conflicts and the increase of the price of the pump. So we've tried to incorporate that in our guidance, but have not seen a deterioration or impact so far in the current year.

另外我想說的是，我們沒有看到高端品項的發生率或加購率有任何惡化。這些指標維持得非常穩定。所以再次強調，我們非常謹慎，也嘗試在財測指引中納入消費者所面臨的挑戰，以及地緣政治衝突帶來的不確定性與油價上漲。我們已將這些因素納入指引，但截至目前，在本年度並未看到惡化或影響。

J.P. Wollum, Roth Capital Partners.

J.P. Wollum，Roth Capital Partners。

Great. Appreciate you guys taking my questions. If I could just ask on unit cadence, it looks like, about a little more than 25% of the full-year guide came in 1Q. Just curious if that was kind of some pull-forward of two queue units that snuck in there, or, just how you're thinking about kind of unit opening cadence for the rest of the year. Thank you.

很好。感謝你們回答我的問題。我想問一下展店節奏：看起來第一季完成了全年指引的約略超過 25%。想請教這是否有點像把原本第二季的幾家店提前開出來，或是你們如何看待今年剩餘時間的開店節奏？謝謝。

Keep in mind that we had 16 weeks in the first quarter, so there was an outsized number of weeks, and the rest of the year has 12-week orders in them. And I would expect the cadence of openings to be fairly ratable over the remainder of the year.

請記得第一季有 16 週，所以週數偏多；而今年其餘時間的季度是 12 週。我預期在今年剩餘期間，開店節奏會相當平均、可預期。

Jon Tower, Citigroup.

Jon Tower，Citigroup。

Great. Thanks for taking the question. Maybe, Brett, you'd mentioned earlier that the brand has taken a lot less pricing versus the industry versus the pre-COVID levels. And I'm curious, one, it does seem like your guests are recognizing it in the form of traffic to your stores, but I'm curious if you actually have the data behind that that suggests they're choosing you overgoing to competitors because of that price point.

很好。謝謝讓我提問。Brett，你先前提到，相較於產業、相較於疫情前水準，你們品牌的漲價幅度小很多。我很好奇，第一，確實看起來顧客以到店人流的形式反映出他們注意到了；但我想問你們是否有相關數據，顯示他們因為這個價格點而選擇你們、而不是去競爭對手？

And then I guess the other question I have on top of it is, seeing the strength in traffic that you have on a relative and absolute basis and the pressures on the business that are picking up, it sounds like more recently on energy prices, would you consider, taking some price in the balance of the year to offset some of that?

另外我還有一個問題：在你們相對與絕對的人流都很強、同時業務端壓力也在上升（聽起來最近主要是能源價格）之下，你們是否會考慮在今年剩餘時間再做一些調價，以抵消部分成本壓力？

Yeah, Jon. We would not look to take price. I mean, I think we've tried to reflect in our restaurant-level margin guidance that we look to absorb some of those fuel surcharges that we're expecting and some other inflationary pressures and not pass along to our guests. I think it's incredibly important. We're mindful of the pressures everyone's facing.

是的，Jon。我們不會考慮調漲價格。我的意思是，我認為我們已在餐廳層級利潤率指引中反映：我們打算吸收部分預期的燃油附加費以及其他通膨壓力，而不是轉嫁給顧客。我認為這點極其重要。我們也留意到每個人所面臨的壓力。

And I think when you think about choosing versus peers. We've done, we do internal brand health surveys. We do biannual brand health surveys. We just did another run of the health survey recently and we score very well on value and we score very well on, we even asked a question about recreating this food at home and we are very unique and distinct in that.

而且我認為，當你想到與同業相比的選擇時。我們做過、我們會做內部的品牌健康度調查。我們每半年做一次品牌健康度調查。我們最近剛又做了一輪健康度調查，我們在「價值」上的得分非常高；我們在某些面向也得分很高，我們甚至問了一個關於在家重現這些食物的問題，而我們在這方面非常獨特、很有辨識度。

And so it's a good -- it's a good comparison to someone who is looking to make food at home, we are a differentiated unique opportunity for them to basically us be their outsourced cook.

因此，對於想在家做飯的人來說，這是一個很好的——很好的比較；我們為他們提供一個差異化且獨特的選擇，基本上就是讓我們成為他們外包的廚師。

And so we've seen that comparison, in a sense, be very strong, whether it's our peers, whether it's food at home and strong value scores, and that's what we want to continue to focus on and make sure that we can invite more people to our table.

所以我們看到這種比較在某種意義上非常強勁——不論是與同業相比，或是與在家做飯相比——再加上很強的價值評分；這也是我們希望持續聚焦的重點，並確保我們能邀請更多人來到我們的餐桌。

I think, too, when we go back and look over time when we have chosen not to take price. For example, a couple of years ago when AB 1228 went into effect out in California, we chose not to increase price as many others did at the time. Our traffic, based on looking at black box data out west in California, was much stronger as a result of that change. So there are data points out there that would suggest that things not flow around that is translating into traffic performance.

我也認為，當我們回頭看過去一段時間、在我們選擇不調價的時候。例如，幾年前加州的 AB 1228 生效時，我們選擇不跟其他許多人一樣在當時調漲價格。根據我們查看加州西部的 black box 數據，我們的來客量因為這項決定而明顯更強。所以，確實有一些數據點顯示，不隨之調價正在轉化為來客量表現。

Matt Curtis, DA Davidson.

Matt Curtis，DA Davidson。

Just circling back on the lower-income cohort that outperformed, I was just wondering if you could explain why your value proposition is attractive to them, given that they are just so price-sensitive. And then separately on development, I was just wondering if you're seeing any pressure from higher energy bleeding into your construction costs at this stage?

我想再回到剛才提到的、表現優於預期的低收入族群，我想請問你們能否解釋，考量到他們對價格非常敏感，你們的價值主張為何對他們具有吸引力？另外在展店方面，我也想請問，目前是否看到較高的能源成本開始滲透到你們的建造成本上、造成壓力？

Yeah, I'll take the first question and hand it to Tricia for the second question. It is -- we don't view value as just price. We view it as a combination of factors. It's the quality of the ingredients we serve. It's the relevance of our unique Mediterranean cuisine, the convenience in which our guests can access it, and the experience that we deliver when they visit us and share a meal with us. And so it's really bang for the buck.

好的，我先回答第一個問題，第二個問題交給 Tricia。也就是——我們不把「價值」只看作價格。我們把它視為多項因素的組合。包括我們所提供食材的品質。包括我們獨特的地中海料理的相關性、顧客取得它的便利性，以及他們來店與我們共享一餐時所獲得的體驗。所以這真的是物超所值。

We are not going to be the lowest price out there. That is not why guests come to us. We are not serving freezer to fryer. We're serving fresh Mediterranean cuisine, but we need to serve it at the most reasonable price that we can deliver it with great hospitality. And that's what we've been focused on, and that's what's been resonating with guests. And so while they may be more discerning with where they're spending their dollars, our numbers reflect that they're choosing to spend their dollars at CAVA.

我們不會是市場上最低價的。顧客來我們這裡並不是因為我們最便宜。我們不是把冷凍食品丟進油鍋就端上桌。我們提供的是新鮮的地中海料理，但我們需要在能以優質待客之道交付的前提下，盡可能以最合理的價格提供。這就是我們一直專注的方向，也正是與顧客產生共鳴的原因。因此，儘管他們在花錢的去向上可能更挑剔，我們的數據反映出他們選擇把錢花在 CAVA。

And as it relates to development, at this point, we haven't seen any pressure as a result of the energy surcharges. But the team is very active in always staying ahead of challenges that they're facing and doing the best that they can to make sure that we're mitigating those challenges in the best way possible and continue to drive outsized cash returns that they've done effectively over time.

至於展店開發，目前我們尚未看到因能源附加費而帶來的任何壓力。但團隊一直非常積極，總是提前因應所面臨的挑戰，並盡其所能確保我們以最佳方式緩解這些挑戰，並持續推動長期以來有效達成的超額現金報酬。

Sarang Vora, Telsey Group.

Sarang Vora，Telsey Group。

Great. Thank you for taking the question. Great quarter guidance. Just connecting, to the prior question about traffic trends, I was curious to know how, loyalty is connected to traffic. Like, you revamped the program, about 18 months back, last few quarters have been very strong. Curious to know if, that you are seeing increased engagement in the loyalty program that is getting converted to traffic, because it seems like, that can be a sustainable trend.

很好。謝謝讓我提問。很棒的季度指引。延續前一題關於來客量趨勢的問題，我想了解會員忠誠度與來客量之間的關聯。例如你們大約在 18 個月前改版了會員計畫，最近幾季表現都非常強勁。我想知道你們是否看到會員計畫的互動提升並轉化為來客量，因為看起來這可能是一個可持續的趨勢。

Any color you can share on, like, member growth, outperformance of loyalty contribution compared to the total company. And, our members, like, tearing up from, like, [CSAN] to even OSS. Just curious any color you can share and connect it to the traffic trend as well.

你們能否分享一些細節，例如會員成長、會員計畫對營收/來客的貢獻相較於全公司是否有超越表現。以及我們的會員是否在等級上提升，例如從 [CSAN] 甚至到 OSS。也想請你們分享一些資訊，並把它與來客量趨勢連結起來。

Our loyalty programs have been effective. They have increased our loyalty pool. We are seeing improved frequency as a result and seeing progression in tiers that's meeting our expectations. So really happy with what we're seeing there. And we can see that the loyalty program can drive engagement and offers that we're creating can build excitement. And it's an opportunity for us to continue to leverage that data to build and deepen those connections with those guests to drive improved performance over time as well.

我們的會員忠誠度計畫一直很有效。它們擴大了我們的忠誠會員池。我們看到因此帶來的消費頻次提升，也看到等級晉升的進展符合我們的預期。所以我們對目前看到的情況非常滿意。而且我們也能看到，會員計畫可以帶動互動，我們所設計的優惠也能建立期待感。這也讓我們有機會持續運用這些數據，建立並加深與顧客的連結，進而在時間推移中帶動更好的表現。

There are no further questions at this time. I will now turn the call back to Brett Schulman, Co-Founder and CEO, for closing remarks.

目前沒有其他問題。我現在把電話會議交回給共同創辦人兼執行長 Brett Schulman 作結語。

Thanks, everyone, for joining us today and for your continued support. As we look ahead, we remain focused on building this business with the same long-term mindset and discipline that has guided us from the beginning, staying true to our mission, investing in our people, and continuing to make Mediterranean cuisine more accessible to communities across the country.

感謝各位今天加入我們，也感謝各位持續的支持。展望未來，我們仍將專注於以自創立以來一路指引我們的長期思維與紀律來打造這門事業，忠於我們的使命、投資我們的人才，並持續讓全國各地社區更容易接觸到地中海料理。

Before we wrap, I want to again thank our nearly 15,000 team members whose passion, care, and commitment make it possible for us to deliver on our mission to bring heart, health, and humanity to food every day. Their dedication is what makes CAVA special, and we're incredibly grateful for all they do for our guests and one another. With Memorial Day weekend approaching, we wish everyone a safe and meaningful holiday weekend, and we look forward to speaking with you again next quarter.

在結束之前，我想再次感謝我們近 15,000 名團隊成員；他們的熱情、關懷與承諾，讓我們能每天實現使命，把用心、健康與人性帶進食物之中。他們的投入讓 CAVA 與眾不同，我們對他們為顧客以及彼此所做的一切深表感激。隨著陣亡將士紀念日週末即將到來，我們祝福大家度過一個安全且有意義的假期週末，也期待在下個季度再次與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。