First Watch Restaurant Group Inc (FWRG) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the First Watch Restaurant Group Inc 3rd quarter earnings conference call occurring today, November 4, 2025, at 8 AM Eastern time.

感謝您的耐心等待，歡迎參加 First Watch Restaurant Group Inc 第三季財報電話會議，會議將於美國東部時間 2025 年 11 月 4 日上午 8 點舉行。

Please note that all participants are currently in a listen-only mode. Following the presentation, the conference call will be opened for analyst questions, and instructions on how to ask the question will be given at that time.

請注意，所有參與者目前均處於只聽模式。演示結束後，電話會議將開放供分析師提問，屆時將給予提問方式的說明。

This call will be archived and available for replay at investors.firstwatch.com under the news and events section.

本次電話會議將存檔，並可在 investors.firstwatch.com 的新聞和活動版塊下進行回放。

I would now like to turn the conference over to Steven Marotta, Vice President of Investor Relations at First Watch. Please go ahead.

現在我將把會議交給 First Watch 的投資者關係副總裁 Steven Marotta。請繼續。

Hello, everyone. I am joined by First Watch's Chief Executive Officer and President, Chris Tomasso and Chief Financial Officer, Mel Hope. This morning, First Watch issued its earnings release for the 3rd quarter of fiscal 2025 on GlobeNewswire and filed its quarterly report on Form 10-Q with the SEC. These documents can be found at investors.firstwatch.com.

大家好。與我一同出席的還有 First Watch 的執行長兼總裁 Chris Tomasso 和財務長 Mel Hope。今天上午，First Watch 在 GlobeNewswire 上發布了 2025 財年第三季財報報告，並向美國證券交易委員會提交了 10-Q 表格季報。這些文件可在 investors.firstwatch.com 上找到。

This conference call will include forward-looking statements that are subject to various risks and uncertainties that could cause the company's actual results to differ materially from these statements. Such statements include without limitation, statements concerning the conditions of the company's industry and its operations, performance and financial condition, outlook, growth plans, and strategies and future expenses. Any such statements should be considered in conjunction with cautionary statements in the company's earnings release and the risk factor disclosure in the company's filings with the SEC, including our annual report on Form 10K and quarterly reports on Form 10-Q.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致本公司的實際表現與這些陳述有重大差異。此類聲明包括但不限於有關公司所在行業及公司營運狀況、業績和財務狀況、前景、成長計劃和策略以及未來支出的聲明。任何此類聲明都應與公司盈利報告中的警示性聲明以及公司向美國證券交易委員會提交的文件（包括我們的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素披露一並考慮。

First Watch assumes no obligation to update these forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.

除法律另有規定外，First Watch 不承擔因新資訊、未來發展或其他原因而更新這些前瞻性聲明的義務。

Lastly, management's remarks today will include references to various non-GAAP measures including restaurant level operating profits, restaurant level operating profit margin, adjusted Ida, and adjusted Ida margin. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in the company's earnings release file this morning.

最後，管理階層今天的演講將提及各種非GAAP指標，包括餐廳層面的營業利益、餐廳層面的營業利益率、調整後的Ida和調整後的Ida利潤率。投資人應查看公司今天上午發布的獲利報告中所載的這些非GAAP指標與可比較GAAP結果的調節表。

Any reference to percentage growth when discussing the third quarter performance is a comparison to the 3rd quarter of 2024, unless otherwise indicated.

除非另有說明，否則在討論第三季業績時提及的任何百分比成長都是與 2024 年第三季進行比較。

And with that, I will turn the call over to Chris.

接下來，我將把電話交給克里斯。

Good morning, everyone. We appreciate you joining us to discuss our 3rd quarter performance.

各位早安。感謝您抽空與我們討論第三季的業績。

We're pleased to report strong financial results with same restaurant traffic growth and same restaurant sales growth sequentially higher for the 4th consecutive quarter and restaurant level operating profit margin materially improving from earlier this year.

我們很高興地宣布強勁的財務業績，同店客流量增長和同店銷售額增長連續第四個季度環比增長，餐廳層面的營業利潤率較今年早些時候有了顯著改善。

These results are made possible by our more than 16,000 employees nationwide, and we are truly grateful for their commitment.

這些成果的取得離不開我們全國超過 16,000 名員工的努力，我們衷心感謝他們的付出。

Total revenue increased 25.6% compared to the third quarter of last year, fueled by three growth drivers, strong new restaurant opening performance, positive same restaurant sales of 7.1%, and a creative strategic franchise acquisitions.

與去年第三季相比，總收入成長了 25.6%，這主要得益於三大成長動力：新餐廳開業業績強勁、同店銷售額成長 7.1%，以及富有創意的策略性特許經營收購。

Restaurant level operating profit margins expanded, reflecting solid operational execution across our entire organization.

餐廳層面的營業利潤率有所提高，反映了我們整個組織穩健的營運執行力。

Notably, sales at our newly opened restaurants continue to be very strong across all geographies, with some of our newest locations setting first week sales records. Simply put, despite an increasingly difficult environment, First Watch delivered solid top and bottom line results, and we continue to strengthen our leadership position in daytime dining, placing us among casual dining's strongest performers.

值得注意的是，我們新開餐廳的銷售額在所有地區都持續強勁增長，其中一些最新開業的餐廳更是創下了開業第一周的銷售記錄。簡而言之，儘管環境日益艱難，First Watch 仍取得了穩健的營收和利潤，我們繼續鞏固在日間餐飲領域的領先地位，躋身休閒餐飲領域表現最強勁的行列。

Our 3rd quarter financial results are representative of our long-standing approach to growth.

我們第三季的財務表現反映了我們長期以來堅持的成長策略。

Total revenue increasing more than 25%, crowns nearly five years of double-digit percentage quarterly growth.

總營收成長超過 25%，實現了近五年兩位數的季度百分比成長。

Our aggressive unit expansion, anchored as always by a very clear set of underwriting standards, continues to drive our success with 21 system-wide restaurants open across 14 states during the 3rd quarter.

我們積極擴張門市規模，一如既往地以一套非常清晰的承保標準為支撐，繼續推動我們的成功，第三季我們在 14 個州開設了 21 家系統內餐廳。

We are on pace to meet our target of 63 to 64 new restaurant openings for the year, representing nearly 11% system-wide growth in 2025.

我們預計將實現今年新開 63 至 64 家餐廳的目標，到 2025 年，這將使整個系統成長近 11%。

At First Watch, we are constantly evolving to ensure long-term relevancy and meet the needs of both the consumer and our employees. We are focused on delivering steady, thoughtful, enterprise-wide progress built on a solid operational foundation, giving us the confidence in our ability to continue delivering on our high growth algorithms.

在 First Watch，我們不斷發展，以確保長期的相關性，並滿足消費者和員工的需求。我們專注於在穩固的營運基礎上，實現穩步、深思熟慮的企業級進步，這使我們有信心繼續推進我們高成長的演算法。

We prioritize our long-term market position and traffic growth over short-term margin protection.

我們優先考慮長期市場地位和流量成長，而不是短期利潤保障。

This is particularly evident in menu pricing.

這一點在菜單定價上尤其明顯。

With a volatile commodity environment in early 2025, we quickly evaluated the prospects of short and long-term commodity inflation and carefully considered our competitive value proposition. As a result, we chose not to implement pricing actions that would have offset what we viewed as transitory increases in commodity costs.

鑑於 2025 年初大宗商品市場環境波動較大，我們迅速評估了短期和長期大宗商品通膨的前景，並認真考慮了我們的競爭價值主張。因此，我們選擇不採取價格措施來抵銷我們認為的商品成本的暫時性上漲。

The positive results we reported last quarter and today reinforce our confidence in those pricing decisions. There are many metrics where we lag, but we're pleased to be laggard when it comes to pricing.

我們上季和今天公佈的正面業績增強了我們對這些定價決策的信心。我們在許多指標上都落後於人，但在定價方面，我們很樂意落後。

The result of a steadfast pricing strategy is that our long-term margin profile is and always has been secure.

堅定不移的定價策略帶來的結果是，我們的長期利潤率一直都很穩定。

We may experience variances from time to time or in any given quarter, but we're confident in our ability to deliver annual restaurant level margins of 18% to 20% over the long-term.

我們可能會不時或在任何一個季度遇到一些波動，但我們有信心在長期內實現餐廳年度利潤率達到 18% 至 20%。

Our sustained high return capital investments continue to deliver, and we are opening restaurants that meet or exceed our underwriting targets.

我們持續的高回報資本投資持續取得成效，我們開設的餐廳均達到或超過我們的承銷目標。

This is a compelling way to use our capital with average cash on cash returns of approximately 35%.

這是一種極具吸引力的資本運用方式，平均現金回報率約為 35%。

In addition to those superior returns, our aggressive unit growth is increasing our market share by expanding our brand presence and overall awareness, thereby widening our competitive mode.

除了這些優異的回報之外，我們積極的銷售成長正在透過擴大品牌影響力和整體知名度來提高市場份額，從而拓寬我們的競爭格局。

As I mentioned, our new restaurants are opening stronger than ever in both new and existing markets. In fact, 9 of our 10 highest opening week sales in company history were achieved in restaurants opened within the last 12 months. In new markets too, like Boston, Las Vegas, and Memphis, we've opened stronger than anticipated, and it's clear that our brand and our unique offering has enviable broad appeal and proven portability.

正如我之前提到的，我們的新餐廳在新市場和現有市場都取得了比以往任何時候都更加強勁的業績。事實上，該公司歷史上開業週銷售額最高的 10 家餐廳中，有 9 家是在過去 12 個月內開業的。在波士頓、拉斯維加斯和孟菲斯等新市場，我們的開局也比預期更加強勁，顯然，我們的品牌和獨特的產品具有令人羨慕的廣泛吸引力和可靠的便攜性。

One of the many strengths of our business is that unlike some other restaurant concepts, our new restaurant openings in both new and emerging markets are performing exceptionally well.

我們業務的眾多優勢之一是，與其他一些餐飲概念不同，我們在新興市場和新興市場開設的新餐廳都表現出色。

I spoke last quarter about the strategy of converting second generation sites into highly productive first Watch restaurants.

上個季度我談到了將第二代門市改造成高產量的第一代 Watch 餐廳的策略。

Of the 21 restaurants we opened in Q3, 13 were second generation sites. Of the 10 highest opening week sales, NROs in 2025, 9 have been second generation.

我們在第三季開設的 21 家餐廳中，有 13 家是第二代門市。2025 年新房開售週銷售量最高的 10 套房產中，有 9 套是第二代房產。

For reference purposes, some of these restaurants are opening at volumes that are more than 190% of our average unit volume, which is a powerful proof point for the benefits of this approach and in our ability to operate higher and higher AUBs, powering the brand forward.

作為參考，其中一些餐廳的營業額超過了我們平均單店營業額的 190%，這有力地證明了這種方法的優勢，也證明了我們有能力運營越來越高的 AUB，從而推動品牌向前發展。

I want to highlight one particular NRO that exemplifies the ongoing strength of our brand and our disciplined execution.

我想重點介紹一個特別的 NRO 項目，它體現了我們品牌的持續實力和我們嚴謹的執行力。

Our new first watch location in Dover, Delaware, situated in the state capital and the state's second largest city, opened during the final week of the 3rd quarter.

我們在特拉華州首府兼第二大城市多佛市開設了第一家腕錶專賣店，該店於第三季最後一周開幕。

This location had opening week sales that exceeded 185% of our comp base average, underscoring the strong demand for our concept and the strategic value of the site.

該店開業第一週的銷售額超過了同店平均銷售額的 185%，凸顯了市場對我們理念的強勁需求以及該店址的戰略價值。

We signed a lease for this restaurant in January of 2025 and advanced it through our standard construction timeline without delay.

我們於 2025 年 1 月簽訂了這家餐廳的租賃合同，並按照標準的施工進度順利推進，沒有任何延誤。

The fact that we successfully opened a short 8 months after the lease signing reflects the operational rigor and efficiency of our entire team and demonstrates one of the many benefits of these second generation sites.

我們在簽訂租賃協議後短短 8 個月就成功開業，這體現了我們整個團隊的營運嚴謹性和效率，也證明了這些第二代站點的眾多優勢之一。

These historic opening week sales performances are a result of the alignment of our real estate, construction, talent, and development teams bolstered by the heightened pre-opening consumer interest and demand generated by our efficient NRO-related marketing initiatives. In short, our teams collaborate well to ensure that our restaurants are go for launch and that we enter markets, trade areas, and neighborhoods in a way that establishes a high baseline that we can build upon for many years to come.

這些歷史性的首周銷售業績，得益於我們房地產、建築、人才和開發團隊的協同合作，以及我們高效的 NRO 相關行銷舉措所帶來的開業前消費者濃厚興趣和需求。簡而言之，我們的團隊通力合作，確保我們的餐廳能夠順利開業，並以高標準的方式進入市場、貿易區和社區，從而在未來多年裡建立起一個良好的發展基礎。

Across the organization, our teams are now even more skillful at opening new locations and core emerging in new markets, and we remain highly confident in our expansion strategy for 2026 and beyond.

整個組織內的團隊現在更擅長開設新地點和在新市場中發展核心業務，我們對 2026 年及以後的擴張策略仍然充滿信心。

No full service restaurant company is opening at anything close to our pace, making it daunting for segment competitors to enter markets where we have an established presence. Furthermore, even in markets that we have yet to penetrate, our eventual entry often oppositions them in short order.

沒有任何一家全方位服務餐廳公司的擴張速度能與我們相提並論，這使得該領域的競爭對手很難進入我們已經建立穩固地位的市場。此外，即使在我們尚未進入的市場，我們最終的進入也往往會在短時間內與他們形成對抗。

We're targeting between 63 to 64 gross new locations for 2025, and the breadth of our new restaurant opening successes can be seen in the first three quarters of 2025, where we opened 51 new restaurants in 30 markets across 21 states. I've shared this before, but I think it bears repeating that our top decile restaurants span 14 states and 22 DMAs with consistent AUVs across all 32 states, giving us confidence in our ability to grow to a total addressable market of 2,200 locations within the continental United States.

我們的目標是在 2025 年新增 63 至 64 家門市，而我們在 2025 年前三個季度的新餐廳開業取得了巨大成功，我們在 21 個州的 30 個市場開設了 51 家新餐廳。我之前分享過，但我覺得有必要重申一下，我們排名前 10% 的餐廳遍布 14 個州和 22 個 DMA，在所有 32 個州都保持著穩定的 AUV，這讓我們有信心在美國大陸發展到 2200 個地點的總目標市場。

Our people platform continues to reach new heights as well. Restaurant level employee turnover, a critical industry metric, has improved for 10 consecutive quarters and continues to outperform industry benchmarks. We recently completed our annual Y tour and the feedback was overwhelmingly positive, with employee satisfaction tying directly to our culture, the quality of life offered, and the extensive benefits available to them.

我們的人才平台也持續攀升至新高度。餐飲業員工流動率是衡量餐飲業的重要指標，該指標已連續 10 個季度改善，並繼續優於行業基準。我們最近完成了年度Y巡視，回饋非常積極，員工滿意度與我們的文化、提供的生活品質以及他們可享受的廣泛福利直接相關。

There's no question that our daytime dining single shift scheduling model remains a standout feature.

毫無疑問，我們白天餐飲單班制排班模式仍然是一項突出的特色。

Our distinctive benefits such as backup childcare and elder care, complimentary personal and professional coaching, and free telemedicine services also mean a tremendous amount to our team and we believe differentiates us from other food service employers.

我們提供的獨特福利，例如備用兒童保育和老人照顧、免費個人和職業指導以及免費遠距醫療服務，對我們的團隊來說意義重大，我們相信這使我們與其他餐飲服務雇主區分開來。

Team members consistently share that working at First Watch enhances their mental and physical well-being.

團隊成員一致認為，在 First Watch 工作能提升他們的身心健康。

Among all of the numerous advantages already cited, the opportunity for career growth most often tops the list.

在上述眾多優勢中，職涯發展機會通常名列榜首。

As the fastest growing full service restaurant concept in the United States, we believe we provide career paths that are simply unmatched anywhere else in the industry.

作為美國發展速度最快的全方位服務餐廳品牌，我們相信我們提供的職業發展道路在業內其他任何地方都是無法比擬的。

So where have our efforts led? Well, First Watch was just recently named America's number one most loved workplace by the Best Practice Institute for 2025, a recognition we also achieved in 2024.

那麼，我們的努力取得了哪些成果呢？First Watch 最近被最佳實踐研究所評為 2025 年美國最受歡迎的工作場所，我們在 2024 年也獲得了這項榮譽。

Achieving top honors in any year is a significant accomplishment. Earning this distinction two years consecutively is unprecedented.

在任何一年中獲得最高榮譽都是一項了不起的成就。連續兩年獲得此項殊榮是史無前例的。

I'd like to extend my gratitude to our entire organization for their efforts in making this possible and modeling our youth first culture day in and day out.

我要感謝我們整個組織為實現這一目標所付出的努力，以及他們日復一日地實踐我們以青年為先的文化。

By prioritizing our employees and creating an environment that attracts the best and brightest in our industry, we are proud to provide a wide array of personal and professional growth opportunities. This is a remarkable achievement of which we are all extremely proud.

我們以員工為先，營造吸引業內最優秀人才的環境，並自豪地提供各種個人和職業發展機會。這是一項了不起的成就，我們都為此感到無比自豪。

The performance of our enhanced marketing investments in 2025 has been highly encouraging. This marks the 3rd consecutive quarter of increased marketing spend versus last year, providing us with three full quarters of compelling evidence.

我們在2025年加大行銷投入的成效令人非常鼓舞。這標誌著行銷支出連續第三個季度較去年同期成長，為我們提供了整整三個季度的有力證據。

Our integrated campaigns spanning connected TV, paid search, social media, and other channels are intentionally coordinated, driving higher aided and unaided brand awareness.

我們整合了連網電視、付費搜尋、社群媒體和其他管道的行銷活動，這些活動經過精心協調，旨在提高品牌知名度（包括主動和被動宣傳）。

Notably, the markets we targeted for investment in 2025 represent less than 1/3 of our overall restaurant portfolio, providing us an opportunity to significantly expand our reach in the future.

值得注意的是，我們計劃在 2025 年投資的目標市場僅占我們整體餐廳投資組合的不到三分之一，這為我們未來大幅擴大業務範圍提供了機會。

Building on the insights gained from this year's activities, we are optimistic about expanding marketing programs in 2026.

基於今年各項活動所獲得的洞察，我們對 2026 年擴大行銷計畫持樂觀態度。

We're also in the midst of a comprehensive relaunch of our digital platform encompassing both consumer facing enhancements and back of house improvements. As an example, our newly relaunched app introduced in the second quarter has already garnered thousands of positive ratings and reviews and currently maintains a 5 star ranking supporting favorable customer response to the new interface. We're in the very early innings of capitalizing on our digital platform.

我們目前正在對我們的數位平台進行全面重新推出，其中包括面向消費者的改進和後台的改進。例如，我們在第二季推出的全新應用程式已經獲得了數千條好評，目前保持著 5 星評級，這體現了客戶對新介面的良好反響。我們目前仍處於充分利用數位平台的初期階段。

Behind the scenes we're collecting valuable data on a granular level.

我們正在幕後收集細緻入微的寶貴數據。

We're also making significant upgrades to our customer data platform, geolocation capabilities, order experience, and CRM systems. Our database of identified customers now sits at around 7 million, the majority of which are connected to various social media and online presence platforms, enabling us to better execute targeted micro marketing campaigns.

我們也正在對客戶資料平台、地理位置功能、訂單體驗和客戶關係管理系統進行重大升級。我們目前已識別的客戶資料庫擁有約 700 萬用戶，其中大部分用戶都與各種社交媒體和線上平台相連，這使我們能夠更好地執行有針對性的微行銷活動。

Technology advancements across our marketing department contributed to the exceptional performance of a targeted digital campaign launched in September which, despite hitting less than half of last year's recipients, delivered more than 2 times the response rate engagement to last year's campaign.

我們行銷部門的技術進步促成了9月推出的定向數位行銷活動的出色表現，儘管該活動覆蓋的受眾不到去年的一半，但其回應率和參與度卻是去年活動的2倍以上。

Depending on where you live or which of our restaurants you may have visited recently, you may have seen our new core menu that's been in test for some time.

根據您居住的地點或您最近光顧過的餐廳，您可能已經看到了我們經過一段時間測試的新核心菜單。

This new menu has been redesigned and re-engineered to improve readability, broaden appeal, optimize mix, and streamline operations.

這份新菜單經過重新設計和重新製作，旨在提高可讀性、擴大吸引力、優化組合併簡化操作。

It features high-performing previous seasonal menu specials which replace some lower mixed items.

它以以往表現優異的季節性特色菜取代了一些表現不佳的混合菜餚。

The qualitative and quantitative metrics thus far have been encouraging, and we are expecting to roll this menu out systemwide early next year.

到目前為止，定性和定量指標都令人鼓舞，我們預計將於明年初在全系統範圍內推出此菜單。

We're acutely aware of recent headlines across the restaurant sector regarding slowdown in consumer activity, specifically tied to discrete demographics. Our brand continues to be over indexed to a more affluent consumer, and we remain under exposed to current demographic pressures. First Watch's menu innovation, consistency, and value proposition provide for an unparalleled customer experience.

我們非常關注近期餐飲業的新聞頭條，這些新聞都與消費者活動放緩有關，尤其與某些特定族群有關。我們的品牌仍然過度面向富裕消費者，而我們仍然未能充分應對當前的人口結構壓力。First Watch 的菜單創新、一致性和價值主張為顧客提供了無與倫比的體驗。

In short, our platform has supported quarterly double-digit total revenue growth for the better part of the last 5 years.

簡而言之，在過去 5 年的大部分時間裡，我們的平台都實現了季度兩位數的總收入成長。

During that same time period, we've opened more than 230 restaurants delivering on our stated goal of low double-digit percentage annual unit growth. Our three-year NRO AUB targets have risen from 1.6 to 2.7 million, and we were recognized as America's most loved workplace twice.

在同一時期，我們開設了 230 多家餐廳，實現了我們既定的年門市數量低兩位數百分比成長目標。我們三年的 NRO AUB 目標已從 160 萬增加到 270 萬，並且我們兩次被評為美國最受歡迎的工作場所。

Our expansion from a little-known regional restaurant brand just 10 short years ago to a national chain with dominant segment market share was accomplished by an organization focused on and dedicated to consistent, reliable, and quality growth. Considering our proven track record and abilities across the entire enterprise combined with a total addressable market that is over 3 times our current size, we remain committed to that same consistent, reliable, and quality growth for years to come and now I'd like to turn it over to Mel.

短短 10 年時間，我們從一家名不見經傳的區域性餐飲品牌發展成為一家在細分市場佔據主導地位的全國連鎖企業，這得益於我們組織專注於並致力於持續、可靠和高品質的成長。考慮到我們在整個企業中取得的卓越成就和能力，以及我們擁有的市場規模是目前規模的三倍以上，我們將繼續致力於在未來幾年內保持這種持續、可靠和高品質的成長，現在我想把發言權交給梅爾。

Thank you, Chris, and good morning.

謝謝你，克里斯，早安。

Total third quarter revenues were $316 million, an increase of 25.6%. Our third quarter revenue growth was driven by positive, same restaurant sales growth of 7.1%, including positive traffic of 2.6%. And the contribution of 167 non-com restaurants, including 66 company-owned new restaurant openings and 19 locations we've acquired since the second quarter of 2024.

第三季總營收為 3.16 億美元，成長 25.6%。第三季營收成長主要得益於同店銷售額成長 7.1%，其中客流量成長 2.6%。此外，還有 167 家非公司餐廳的貢獻，其中包括 66 家公司自營新餐廳的開業，以及自 2024 年第二季以來我們收購的 19 家餐廳。

Our same restaurant traffic growth and same restaurant sales growth in the 3rd quarter represent our best quarterly result for both metrics in over 2 years.

第三季度，我們同店客流量成長和同店銷售額成長均創下兩年多來的最佳季度業績。

Our end restaurant traffic improved once again, marking the strongest performance in 7 quarters. Traffic growth in the third-party delivery channel increased substantially during the 3rd quarter, a continuation of recent trends and a direct result of the changes we made to that program earlier this year.

我們的終端餐廳客流量再次改善，創下7季以來的最佳表現。第三季度，第三方配送通路的流量成長大幅增加，這是近期趨勢的延續，也是我們今年稍早對該計畫進行調整的直接結果。

The month of September represented our highest rate of same restaurant sales growth of the entire year.

9 月是我們全年同店銷售額成長率最高的月份。

Concurrent with the launch of our fall seasonal menu in late August, we instituted a price increase of 1.1%, bringing our full year carry pricing to around 3.5%. We again experienced positive sales mix during the quarter.

在八月下旬推出秋季時令菜單的同時，我們實施了 1.1% 的價格上漲，使我們全年的固定價格上漲了約 3.5%。本季我們再次實現了積極的銷售組合。

Food and beverage expense in the third quarter was 22.2%, a decrease of 20 basis points from the third quarter last year, benefiting from carry pricing, partially offset by 3% commodity inflation in the quarter.

第三季食品和飲料支出佔總支出的 22.2%，比去年第三季下降了 20 個基點，這得益於庫存價格的下降，但部分被該季度 3% 的大宗商品通膨所抵消。

Bacon and coffee were the primary drivers of commodity inflation.

培根和咖啡是商品通膨的主要驅動因素。

Labor and other related expenses in the third quarter were 32.6% of sales, a 100 basis point decrease from the third quarter of 2024.

第三季勞動力及其他相關費用佔銷售額的 32.6%，比 2024 年第三季下降了 100 個基點。

Restaurant level labor inflation was 3.6%. A combination of carry pricing, outstripping labor inflation, and marginal labor efficiency contributed to the improvement as a percent of sales.

餐飲業勞動成本通膨率為3.6%。庫存定價、高於勞動通膨率以及邊際勞動效率的綜合作用，促成了銷售百分比的提高。

Restaurant level operating profit margin was 19.7% in the third quarter, and 80 basis point improvement from the third quarter last year.

第三季餐廳層級的營業利潤率為 19.7%，比去年第三季提高了 80 個基點。

General and administrative expenses increased to $33.7 million from $27.7 million in the third quarter of 2024.

一般及行政費用從 2024 年第三季的 2,770 萬美元增加到 3,370 萬美元。

As a percentage of total revenue, these expenses decreased to 10.7%, representing 30 basis points of leverage when compared to the same quarter last year.

這些支出佔總收入的百分比下降至 10.7%，與去年同期相比，槓桿率下降了 30 個基點。

The income from operations margin was 3.2%. Adjusted EBITDA was $34.1 million, $8.5 million dollars higher than last year, with adjusted EBITDA margin increasing to 10.8% from 10.2%, a 60 basis point improvement from the third quarter last year.

營業利益率為3.2%。經調整的 EBITDA 為 3,410 萬美元，比去年同期成長 850 萬美元，經調整的 EBITDA 利潤率從 10.2% 提高到 10.8%，比去年第三季提高了 60 個基點。

We reported net income of $3 million. We opened 21 new system-wide restaurants during the third quarter, of which 18 were company owned and 3 were franchise owned, and we ended the quarter with 620 system-wide restaurants.

我們公佈的淨收入為300萬美元。第三季度，我們開設了 21 家新的系統內餐廳，其中 18 家為公司直營，3 家為加盟店；季度末，我們共有 620 家系統內餐廳。

The effect of our franchise acquisitions, which includes only the impact of purchases made within the last 12 months, increased our third quarter revenue by about $9.1 million and adjusted diva by about $1.6 million.

我們的特許經營收購（僅包括過去 12 個月內進行的收購的影響）使我們第三季的收入增加了約 910 萬美元，調整後的利潤增加了約 160 萬美元。

For further details on the 3rd order, please review our supplemental materials deck on our investor relations website beneath the webcast link.

有關第三批訂單的更多詳情，請查看我們投資者關係網站上網絡直播連結下方的補充資料。

Based on our quarter to date trends and plan for the balance of the year, I'd now like to provide our updated outlook for 2025.

根據本季至今的趨勢和今年剩餘時間的計劃，我現在想向大家提供我們更新後的 2025 年展望。

We are updating our guidance for same restaurant sales growth to approximately 4%.

我們將同店銷售成長預期調整為約 4%。

From positive low single-digits in our prior guidance.

與我們之前的預期相比，這是一個正的低個位數成長。

We estimate same restaurant traffic of approximately 1% from flat to slightly positive in our prior guidance.

我們預計餐廳客流量將比之前的預期持平或略有增長，增幅約為 1%。

We expect total revenue growth in the range of 20% to 21% with a net 400 basis point impact from completed acquisitions.

我們預計總收入成長在 20% 至 21% 之間，其中已完成的收購將帶來 400 個基點的淨影響。

We expect 63 to 64 new system-wide restaurants, including 55 new company-owned restaurants and 8 to 9 new franchise-owned restaurants with 3 planned company-owned restaurant closures.

我們預計將新增 63 至 64 家系統內餐廳，其中包括 55 家公司直營餐廳和 8 至 9 家特許經營餐廳，同時計劃關閉 3 家公司直營餐廳。

We took advantage of the opportunity to pull forward a few openings into the 3rd quarter and at the same time push a couple of projects into the new year.

我們利用這個機會將一些職缺提前到第三季度，同時將幾個項目推遲到新年。

We're now guiding fiscal year 2025 commodity cost inflation to be approximately 6% from a range of 5% to 7% in our prior guidance and restaurant level labor cost inflation to be approximately 4% from a prior range of 3% to 4%.

我們現在預期 2025 財年大宗商品成本通膨率約為 6%，高於先前預期的 5% 至 7%；餐廳層級勞動成本通膨率預計約為 4%，高於先前預期的 3% 至 4%。

Our annual adjusted EBITDA projection is now approximately $123 million, the high end of our prior guidance range of $119 million to $123 million.

我們目前的年度調整後 EBITDA 預測約為 1.23 億美元，處於我們先前預測範圍 1.19 億美元至 1.23 億美元的高端。

This includes the expected net contribution of approximately $7 million from acquired restaurants.

這其中包括收購餐廳預計帶來的約 700 萬美元淨收入。

In an effort to assist you in your near term modeling of our G&A, our annual leadership conference will be held in the first quarter of 2026 compared to our previous conference, which was held in the 4th quarter of 2024.

為了幫助您對我們的 G&A 進行近期建模，我們的年度領導力會議將於 2026 年第一季度舉行，而上一次會議是在 2024 年第四季度舉行的。

This is equivalent to just under 100 basis points in quarterly G&A expenses as a percent of sales.

這相當於季度一般及行政費用佔銷售額的百分比略低於 100 個基點。

Please note our initial fiscal year 2025 guidance contemplated this timing shift.

請注意，我們最初的 2025 財年業績指引已考慮到了這項時間調整。

We expect a blended income tax rate of approximately 45%. We are narrowing our expectations for capital expenditures to approximately $150 million.

我們預計綜合所得稅率約為 45%。我們將資本支出預期縮小至約 1.5 億美元。

From $148 million to $152 million in our prior guidance. This does not include the capital allocated to franchise acquisitions.

比我們先前的預期值1.48億美元至1.52億美元。這不包括分配給特許經營權收購的資金。

Since our initial public offering 4 years ago, We've expanded the total of system-wide restaurants from 428 locations to 620 at the end of the third quarter.

自 4 年前首次公開募股以來，我們已將系統內餐廳總數從 428 家擴展到第三季末的 620 家。

In that same period of time, our adjusted EBITDA has more than doubled.

同期，我們的調整後 EBITDA 翻了一番以上。

We're proud of the many growth milestones we've surpassed and are similarly excited to close out a strong 2025.

我們為所取得的眾多成長里程碑感到自豪，同時也對2025年取得強勁的成績感到興奮。

Both our real estate and our people pipelines have never been healthier, providing a high degree of confidence in our ability to execute our near-term and long-term growth strategies.

我們的房地產和人才儲備從未如此充足，這讓我們對執行近期和長期成長策略的能力充滿信心。

And with that operator, would you please open the line for questions.

請這位接線生開通提問通道。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Jim Salera, Stevens Inc.

吉姆·薩萊拉，史蒂文斯公司

Hey Chris. Good morning. I wanted to ask if you guys might help us deconstruct the traffic results given the strength, you're seeing relative to the rest of the industry, which is seeing the pretty muted trends on the traffic side. Can you just give us a sense for how much of the incremental traffic is coming in the restaurant versus through the off-prem channel, and then maybe if you could give us some commentary around. How much of the traffic is increased frequency with kind of first watch loyalists versus maybe bringing in some new folks that have a newfound appreciation for your value proposition.

嘿，克里斯。早安.我想請教各位，鑑於你們的流量表現相對於業內其他公司而言非常強勁，而其他公司的流量趨勢則相當平淡，你們能否幫我們分析一下流量結果？您能否大致說明一下，新增客流量中有多少來自餐廳內部，又有多少來自非餐廳通路？然後，您能否就此做一些評論？流量增加有多少是因為老顧客的造訪頻率提高，又有多少是因為吸引了一些新顧客，讓他們重新認識你的價值主張？

Sure. Okay, so with regard to the second part of the question first. The full-service restaurants generally have a frequency that would suggest that we probably need a longer period of time to really read.

當然。好的，那麼先回答問題的第二部分。全方位服務的餐廳通常營業時間較長，這表明我們可能需要更長的時間才能真正閱讀。

What the response to marketing has been regarding whether or not we've got repeat visits versus new customers, our marketing programs have been targeted at increasing occasions without regard to whether or not there are new visits or recurring visits. I don't have a lot of data on that for you yet. We may over time, but we just need a larger cohort.

針對回頭客和新客戶之間的行銷回饋，我們的行銷計畫一直以增加造訪次數為目標，而不管是新客戶還是回頭客。我目前還沒有太多這方面的數據可以提供給你。假以時日或許可以，但我們需要更大的樣本數。

And Jim, once again we did see improvement in in restaurant dining. It's continued to improve quarter over quarter, and obviously we have the benefit of the third-party traffic increases as well. So, I would say both channels contributed to the growth.

吉姆，我們再次看到餐廳用餐體驗有所改善。情況持續逐季改善，顯然我們也受惠於第三方流量的成長。所以，我認為這兩個管道都對成長做出了貢獻。

Great. And then as a follow-up, if you could just speak to what's helping bolster the results at some of these new openings you mentioned Dover, significantly ahead of the overall kind of fleet average. It is just that these are really primo locations that real estate partners are coming to you with? Are you doing, some extra work kind of on the front end to make sure there's a lot of fanfare around the restaurant opening? Just anything you can kind of give us there to explain the strength.

偉大的。然後，作為後續問題，您能否談談是什麼因素幫助提升了您提到的多佛港等一些新開業港口的業績，這些港口的業績明顯優於整個船隊的平均水平？只不過這些都是房地產夥伴推薦給您的絕佳地段罷了？你們是不是在前期做了一些額外的準備工作，以確保餐廳開業時能有足夠多的宣傳造勢？您能提供任何資訊來解釋一下這種強度就好。

Yeah, we, you know, this is our new restaurants outperforming the core has been a trend for us for a number of years now, but we talked this quarter about some record setting locations, and we talk constantly about how we're evolving our, real estate site selection process.

是的，你知道，我們新餐廳的業績超過核心餐廳已經是我們多年來的一個趨勢，但我們本季度談到了一些創紀錄的地點，我們也一直在討論如何改進我們的房地產選址流程。

Evolving the facility itself. So yeah, some of these second-generation sites specifically are, they're larger, they're right up front on the road. We're really making the patio a significant feature that is, inviting from the road, and so we've benefited from that.

對設施本身進行改造升級。是的，其中一些第二代站點確實規模更大，而且就在路邊。我們確實把露台打造成了一個重要的特色，從路上就能感受到它的吸引力，所以我們也從中受益匪淺。

That's. We have some restaurants that aren't bigger and are more, maybe end caps that we've done that are achieving high volumes too. So I think it's also a confluence of our brand recognition expanding, the sites themselves acting as billboards. I think our, the work our marketing team has done on the social and digital channels to. To create that buzz before we open, I used the term in the prepared remarks of go for launch. Like I just feel like in every aspect of these new restaurants we're set up really well to a build that pre-opening demand and then from an operational perspective really deliver when they come in the restaurant and it's really important when you're doing those kinds of outside volumes. To wow people, those first reviews are really important, and our teams have done just an amazing job of all that. So yeah, this is, this comes from many years of opening a lot of restaurants. We talk about it as being, one of our strongest muscles, and we just continue to flex it and it continues to, drive value for us.

就是這樣。我們有一些餐廳規模不大，但更像是我們打造的端頭貨架式餐廳，它們的銷售量也很高。所以我認為這也是我們品牌知名度不斷擴大，以及網站本身起到廣告看板作用的結果。我認為我們，我們行銷團隊在社交和數位管道上所做的工作也值得肯定。為了在開業前製造轟動效應，我在準備的開幕致詞中使用了這個術語。我覺得這些新餐廳的各個方面，我們都做好了充分的準備，可以營造開業前的需求，然後從營運角度來看，當顧客來到餐廳時，我們也能真正滿足他們的需求。當你處理如此大的戶外客流量時，這真的非常重要。為了給人留下深刻印象，第一條評論非常重要，我們的團隊在這方面做得非常出色。是的，這源自於我多年來開設許多餐廳的經驗。我們把它比作我們最強大的力量之一，我們不斷地鍛鍊它，它也不斷地為我們創造價值。

Great, I appreciate the thoughts. I'll hop back in the queue.

太好了，感謝你的關心。我重新排隊。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Hi, this is Anisha Datt on for Jeff Bernstein. I wanted to ask a question on marketing. What are your plans to expand marketing efforts in 2026? And can you share specifics on the strategy? Do you need to reach greater scale in some of your newer markets before rolling out broader marketing initiatives, given that about third of stores benefit from your initial efforts this year?

大家好，我是Anisha Datt，代Jeff Bernstein為您報道。我想問一個關於行銷的問題。您在2026年有哪些拓展行銷工作的計畫？能詳細介紹一下這項策略嗎？鑑於今年約有三分之一的門市受益於你們的初步努力，在推出更廣泛的行銷計畫之前，是否需要在一些新興市場達到更大的規模？

We haven't done any indication about 2026 with regard to the overall plans for the company, so.

我們並未就公司整體計劃在 2026 年做出任何指示。

Probably need to steer clear of that one for the time being, but the marketing, obviously the more density you have in markets and in more markets, the marketing can become more efficient in some types of marketing, but.

可能暫時需要避開那個，但是行銷方面，顯然，市場密度越高、覆蓋的市場越多，某些類型的行銷效率就會越高，但是。

Our focus has been very much on social and digital type marketing which is very targeted, and our team is very accomplished.

我們一直非常注重社交和數位行銷，這種行銷方式目標非常明確，而且我們的團隊也非常成功。

At making sure that we're efficient even in markets where we don't have a lot of density.

確保即使在市場密度不高的情況下，我們也能保持高效率。

I think the big takeaway from the our marketing efforts and therefore the results is that, it's been successful. We're very pleased with it. We've only deployed it to a minority of our markets and so the opportunity for us to invest and expand that in 2026 and beyond is very encouraging to us and something we're really excited about.

我認為，從我們的行銷努力和最終結果來看，最大的收穫是：它取得了成功。我們對此非常滿意。我們目前只在少數市場部署了這項技術，因此，有機會在 2026 年及以後投資並擴大這項技術的應用範圍，這讓我們非常鼓舞，也讓我們感到非常興奮。

Great, thank you.

太好了，謝謝。

Andy Barish, Jeffrey.

安迪·巴里什，傑弗裡。

Hey guys, nice results and I just wanted to go back to that as well. I think September was your toughest lap, and you know you still hurdle that, as you mentioned with the best quarter. How does, and I think the marketing in the 3Q, is a little bit lower because of AUVs. Can you just kind of let us know what the 4th quarter plan on that is a little bit more of, sort of the near-term look.

嘿，夥計們，結果不錯，我也想再看看那個結果。我認為九月是你最艱難的一圈，但你知道你仍然能夠克服它，就像你提到的，你取得了最好的季度成績一樣。原因在於，我認為第三季的行銷略有下降，這是因為平均單車銷量（AUV）下降了。能否簡單介紹一下第四季的計劃，也就是近期的一些展望？

Yeah, actually that comment about the lower spend really had more to do with Q4 because of the seasonality of our business when we talked about it last quarter, but Q3 was pretty consistent with the first two quarters, so, no step up or step down there.

是的，實際上，關於支出減少的評論更多地與第四季度有關，因為我們在上個季度討論過業務的季節性因素，但第三季度與前兩個季度相當一致，所以，沒有出現增長或下降。

Got you okay and then. On the operation side, I mean, a lot of things were put in place, kind of going back over the last few years. What sort of really showing through that you would highlight, as more demand is now generated and you're obviously handling it with one of the best comps in the industry.

沒事了，然後…在營運方面，我的意思是，在過去幾年裡，我們做了很多準備工作。您認為真正能體現這一點的是什麼？因為現在需求量更大，而您顯然在業內擁有最好的競爭對手之一來應對。

Certainly, the KDS, the implementation of the KDS system, but I also, don't want to shortchange the consumer facing investments we made around the app and wait list management and some operational things we did so. Andy, you've heard us talk about this since we since we first announced that we were rolling out KDS. We don't look at, I mean, we look at each one individually from a return standpoint, but as far as what's driving the business, we think it's all of those things whether it goes back to touches like the complimentary coffee, our pricing strategy. The way we've increased portion sizes over this time and that type of thing. So we're really trying to just make it so that everywhere the consumer and specifically our customer looks, our value gets better and better, whether it's whether it's the time it takes for their food to get to the table, the visibility they have into the weight process. Opening the front door, just efficiency and execution and consistency, and we think in turbulent times like this, those are the things that the consumers really value and then turn to, specifically the consistency part. They just don't want to put their dollars at risk.

當然，KDS 系統及其實施固然重要，但我也不想忽視我們在應用程式、候補名單管理以及其他一些營運方面對消費者所做的投資。安迪，自從我們首次宣布推出 KDS 以來，你就一直聽到我們談論這件事。我們不會單獨看待每一項，我的意思是，我們會從回報的角度單獨看待每一項，但就業務發展而言，我們認為所有這些因素都至關重要，無論是像免費咖啡這樣的細節，還是我們的定價策略。這段時間以來，我們逐漸增加了食物份量等等。所以我們真的想讓消費者，特別是我們的客戶，無論看到什麼，都能感受到我們的價值越來越好，無論是食物送到餐桌所需的時間，還是他們對稱重過程的了解。打開前門，我們關注的是效率、執行力和一致性。我們認為，在像現在這樣動盪的時期，這些才是消費者真正重視並會關注的，特別是一致性這一點。他們只是不想讓自己的錢面臨風險。

And our operators really have focused a great deal on. I'd call it blocking and tackling in terms of the labor management and focusing on execution in the restaurants and when you see rising transactions, the labor really benefits from that in a growth company like ours where that transaction growth trickles down to more efficient labor.

我們的營運人員確實非常重視這一點。就勞動力管理和餐廳的執行而言，我認為這就像是「阻擋和防守」。當交易量增加時，像我們這樣的成長型公司，勞動力確實會從中受益，因為交易量的成長會轉化為更有效率的勞動力。

Yeah, and just finally, what was, actual menu price in the 3Q and then.

是的，最後，第三季的實際菜單價格是多少？

Does that look like about 4% in the 4Q?

第四季增幅看起來像是4%左右嗎？

So, in Q3, the carried pricing of all pricing events were carried about 5% overall and we're 3.5% or roughly for the full year.

因此，在第三季度，所有定價事件的累積定價總體上約為 5%，而全年累積定價約為 3.5%。

So, what about 5% in the 4th quarter, okay.

那麼，第四季達到 5% 怎麼樣？

Okay, thank you guys.

好的，謝謝大家。

Todd Brooks, Benchmark StoneX.

Todd Brooks，Benchmark StoneX。

Hey, thanks for taking my questions and congrats on some real positive outlier results here in the quarter.

嘿，謝謝你回答我的問題，也恭喜你們本季取得了一些非常正面的、超乎預期的業績。

Thank you.

謝謝。

Wanted to Chris dig in a little bit more on the second-generation sites. If you look at the 20 class of 25, what was the mix of second gens and then if you start to look out to the pipeline for 26, are we inflecting second gen openings higher if you look at the mix of total openings?

想讓克里斯更深入地了解第二代網站。如果你看一下 2020 屆 25 人班，第二代畢業生的比例是多少？然後，如果你開始展望 2026 年畢業生，如果我們看一下總空缺職位的比例，我們是否會提高第二代畢業生的空缺職位數量？

Yeah, so as I mentioned on the last call, we're looking more and more at the second-generation sites. About 50% of what we opened in 25 were second gen, and we expect that to be a similar percentage for 26.

是的，正如我在上次電話會議上提到的，我們正在越來越多地關注第二代站點。2025 年我們開設的餐廳中，約有 50% 是第二代餐廳，我們預期 2026 年的比例也會類似。

Okay.

好的。

And is the competition, I'm hearing other concepts try to talk about second generation as well. Does the benefits to the first watch has as a brand as far as landlord desire for first watch to be a tenant?

而且，在競爭中，我還聽到其他一些概念也在談論第二代產品。對房東而言，First Watch 作為品牌所帶來的好處，是否有利於他們選擇 First Watch 作為租戶？

Are you getting first looks at these type of locations versus kind of new development where they want you in the center, or is it more competitive to land these sites in this environment?

在這些類型的地段，您是否能優先獲得投資機會，而不是像在新開發案中那樣，他們希望您位於中心位置？或者在這種環境下，獲得這些地段的競爭是否更加激烈？

I think we're there as a national credit now in our performance, we we're probably on the Rolodex of every commercial developer if Rolodexes still exist anymore.

我認為，就我們的業績而言，我們現在已經成為全國知名的企業，如果商業開發商的通訊錄仍然存在的話，我們可能已經在他們通訊錄裡了。

So I do think we get, I do think we get first calls.

所以我認為我們確實能，我的確認為我們能優先接到電話。

Okay great and then just wanted to loop back on the marketing. I know we're not going to get detailed '26 plans yet, but is there a. You guys are very thoughtful in what you've done to drive the growth of the brand. Is there a thought of this is a third type of process as far as how much of the base gets touched or how do we iterate out of kind of the, I think this year was Florida plus the Southeastern markets, I guess tactically how do we iterate this in '26 if we don't want to talk about how we spend against it in '26.

好的，太好了。然後我想再跟大家聊聊行銷方面的問題。我知道我們現在還不會得到詳細的 2026 年計劃，但有…你們在推動品牌發展方面考慮得非常周全。是否有人認為這是第三種類型的流程，即觸及多少基礎，或者我們如何迭代，我認為今年是佛羅裡達州加上東南部市場，我想在戰術上，如果我們不想討論我們在 2026 年如何為此支出，我們該如何在 2026 年迭代？

Yeah, I think we'll take the learnings that we've, gotten from this year's efforts and look at next year, look at the markets. Obviously still efficiency and density is a factor, seasonality and other things, so, it's not necessarily 1/3, 1/3, 1/3. Approaching it that way, we're really just looking at it from an ROI perspective and where we can make the most impact, get the returns we want and drive the traffic. So it's the best thing I can tell you is that it's fluid, but it's going to all be based on the learnings that we've that we've, received so far.

是的，我認為我們會吸取今年以來的經驗教訓，展望明年，並關注市場動態。顯然，效率和密度仍然是一個因素，季節性和其他因素也是如此，所以，不一定是 1/3、1/3、1/3。這樣看來，我們實際上是從投資報酬率的角度來看待這個問題，以及在哪裡我們可以產生最大的影響，獲得我們想要的回報，並帶來流量。所以，我能告訴你們的最好情況就是，一切都在變化之中，但這一切都將基於我們迄今為止所獲得的經驗教訓。

Okay, and just a quick follow-up there, Chris, or I don't know if Matt's there as well, but the biggest kind of surprises out of the first real three quarters of leading this effort if you're if you're looking at where the efficacy of the program is done.

好的，克里斯，或者我不知道馬特是否也在場，還有一個後續問題，如果你要考察該項目的有效性，那麼在領導這項工作的頭三個季度中，最大的驚喜是什麼？

The biggest positive surprises.

最大的驚喜。

The biggest surprises, so this is Matt, Chief Brand Officer. So, the biggest surprises I think, we have seen a lot of success in targeting our media within the category and using transactions to identify people that are already active in the category and may have lapsed or have, not been to a first watch in a while. So when you ask about. The momentum, I think you know we've built a playbook on, not trying to convince people to necessarily build a new occasion within this day part, but I think there's a lot of low hanging fruit by being the leader in the category and simply being top of mind for those that are already, going out to full service and especially full service breakfast. So it's very databased and gives us a lot of confidence. I think if you if you thought about strategies to go into the next year. I think we think we've built a playbook over the last three quarters and that's given us confidence. So we don't see a lot of derivation in the short-term on changing those strategies. The opportunity is really taken into more geography, and I think we'll talk about that over the next few quarters. And.

最令人驚訝的是，這位是首席品牌長 Matt。所以，我認為最大的驚喜是，我們在特定類別中精準投放媒體廣告並利用交易數據來識別那些已經活躍於該類別但可能已經流失或很久沒有參加過首映禮的人方面取得了很大的成功。所以當你問起的時候。我認為，我們已經建立起一套策略，而不是試圖說服人們在這個時間段內創造新的消費場景，而是透過成為該領域的領導者，並在那些已經習慣於享受全方位服務（尤其是全方位早餐服務）的人們心中佔據首要位置，從而獲得很多唾手可得的成果。所以它的數據非常可靠，給了我們很大的信心。我認為，如果你認真思考來年的策略。我認為我們在過去三個季度中已經建立了一套戰術體系，這給了我們信心。因此，短期內我們看不到改變這些策略會帶來太多衍生影響。這個機會實際上更多地體現在地理方面，我想我們會在接下來的幾個季度中討論這個問題。和。

Todd, you might remember that we piloted these last year so in terms of surprises, I think you know the reason we piloted them was to, so that we could select those things that would perform predictably, and I think they've been predictably positive.

托德，你可能還記得我們去年對這些產品進行了試點，所以就驚喜而言，我想你知道我們進行試點的原因，這樣我們就可以選擇那些表現可預測的產品，我認為它們的表現也確實如預期般積極。

That's great thank you all and congrats again.

太好了，謝謝大家，再次恭喜！

Thanks.

謝謝。

Brian M. Vaccaro, Raymond James.

Brian M. Vaccaro，Raymond James。

Thanks, and good morning. Just on the 3rd quarter comps, can you elaborate a little bit on the impact you talked a lot about the new marketing efforts, but just elaborate a little bit more on the impact you think the marketing is having on your sales trends, and I heard you say that it covered about a third of your footprint if I heard correctly. So, I was thinking maybe some more color on sort of the regional trends that you're seeing or what that scatter plot might look like kind of mapped against the new advertising initiatives.

謝謝，早安。關於第三季的業績比較，您能否詳細說明一下您之前多次提到的新行銷舉措的影響，但能否再詳細說明一下您認為這些行銷舉措對銷售趨勢的影響？我聽您說過，如果我沒聽錯的話，這些舉措涵蓋了您大約三分之一的業務範圍。所以，我在想，或許可以更詳細地描述你所看到的區域趨勢，或者將這些趨勢與新的廣告舉措進行對比，看看散點圖會是什麼樣子。

So, this is Matt, again, I, we haven't really seen much variation. I think the results have been very consistent across geographies. I mean, we've talked in the past how important the state of Florida is for us and our results have been pretty consistent. That's, frankly why it gives us confidence. Not like we're seeing particular markets succeed and others, not respond. I think for us we know our awareness is low and so simply by being top of mind, being consistently top of mind for category users, we've seen very consistent results, and that will inform how we think ahead to 2026.

所以，這位是馬特，再說一遍，我們並沒有看到太多變化。我認為不同地區的測試結果非常一致。我的意思是，我們過去曾多次談到佛羅裡達州對我們有多重要，而我們的結果也相當一致。坦白說，這就是它帶給我們信心的原因。並不是說某些市場取得了成功，而其他市場卻沒有反應。我認為，我們知道我們的品牌知名度很低，所以只要我們始終保持在用戶心目中的首選地位，持續保持這一地位，我們就能看到非常穩定的效果，這將影響我們對 2026 年的展望。

All right, that's helpful. Thanks, Matt. And I want to ask on commodity inflation as well. I think it was around 3% you said in the third quarter and the guidance implies that that kind of steps back up maybe into the mid single-digit range in 4Q. Am I reading that right? And maybe you could just walk through some of the puts and takes within your basket moving through the rest of the year.

好的，這很有幫助。謝謝你，馬特。我還想問一下大宗商品通膨方面的問題。我認為你第三季度說的是 3% 左右，而業績指引表明，第四季可能會回升到個位數中段水準。我理解的對嗎？或許你可以回顧一下你今年剩餘時間的一些投資和交易。

So, It does step up a little bit in the 4th quarter. Kind of the general trend, Brian, this year has been that we started with our 4 largest commodities all being at historic highs, and we've seen. We've seen some moderation in Most of those less so in bacon and coffee.

所以，到了第四節，情況確實有所改善。布萊恩，今年的總體趨勢是，我們四大商品價格都達到了歷史新高，而且我們已經看到了這一點。我們看到大多數方面都有所緩和，但培根和咖啡的情況則不太一樣。

But a great deal and in terms of the cost we were paying for our show in eggs and for our avocados and that trend has held pretty steady through the year you know the moderating. Commodities that continued to moderate and the and the. And then coffee and the bacon have continued to be high.

但是，就我們為節目支付的雞蛋和酪梨的成本而言，這筆費用相當可觀，而且這種趨勢在一年中一直保持穩定，你知道，這種趨勢有所緩和。大宗商品價格持續趨於溫和，且。然後，咖啡和培根的價格也一直居高不下。

All right, thank you very much.

好的，非常感謝。

John Tower, Citi.

約翰‧托爾，花旗集團。

Hey, good morning. I'm going to go back to the marketing because why not? Just curious, in terms of what you're seeing with these new customers that are coming in in response to the marketing so far, are they using the brand differently than how you've seen, other customers come in, say the first time when they are introduced to the brand. So for example, are they coming in and say you're marketing in these, the over social channels, a certain piece of the menu, whether it's value centric or a seasonal piece, are they coming in response to that and ordering that immediately when they come in first time, or are they choosing different pieces of the menu versus what you normally see? So I'm curious to see if it's kind of You're pushing one thing and they're going after that or they're just getting introduced to the brand and coming because they're seeing the brand for the first time and utilizing it differently than what you normally see in the past from other consumers that aren't getting, haven't been marketed to.

嘿，早安。我打算重操舊業，做行銷，何樂而不為？我很好奇，就您目前觀察到的這些因行銷而來的新客戶而言，他們使用品牌的方式是否與您之前觀察到的其他客戶（例如第一次接觸該品牌的客戶）有所不同？例如，顧客進店後，看到你在社群媒體管道上推廣菜單上的某個菜色（無論是主打性價比還是當季菜），他們會立即點這道菜嗎？還是會選擇菜單上其他菜餚，而不是你平常看到的菜色？所以我很好奇，這是因為你在推廣某種東西，而他們也因此而來，還是他們只是第一次接觸到這個品牌，並且因為第一次看到這個品牌而來，並且以不同於以往其他沒有接觸過該品牌、沒有被營銷過的消費者的方式來使用它。

Yeah, I'd say it's more of the latter, but with a clarification that we're not seeing any difference in in behavior. It's more of a reminder of top-of-mind brand awareness, getting them in the door, but our mix hasn't changed much at all.

是的，我認為更接近後者，但需要澄清的是，我們並沒有看到行為上有任何差異。這更多的是為了提高品牌知名度，吸引顧客進店，但我們的產品組合併沒有太大變化。

Matter of fact, we're still seeing positive mix like we have. For a while now, no signs of check management. All healthy signs for us. It's just that we're raising our awareness and getting more customers in the door. Matt, I don't know if you want to add something there.

事實上，我們仍然看到像之前這樣積極的市場組合。一段時間以來，沒有出現任何支票管理的跡象。對我們來說，這些都是健康的跡象。只是我們正在提高知名度，吸引更多顧客進店而已。馬特，我不知道你是否想在那裡補充些什麼。

Yeah, John. So, you know Chris is right, we don't see much of a difference in mix, but what I'll go back to the strategy of, we're tracking people and staying top of mind for category users. So if you're someone who hasn't been the first watch in a while, we're Necessarily speaking to you about our seasonal menu we're establishing, that we are, breakfast, we try to communicate breakfast and then as we see you transact and you moved into our own audiences, then we start to talk to you about our seasonal menus. So I just wanted to make sure it was clear it's not necessarily that we're trying to drive new users in behind the seasonal menu and that might be why we're not seeing a large fluctuation in mix.

是的，約翰。所以，你知道克里斯說得對，我們在產品組合方面沒有看到太大的變化，但我還是要回到我們的策略上來，我們正在跟踪用戶，並保持在類別用戶心中的首要位置。所以，如果您已經很久沒有光顧我們了，我們首先要向您介紹我們正在推出的季節性菜單，也就是早餐。我們努力推廣早餐，然後隨著您瀏覽我們的菜單，並逐漸了解我們的受眾群體，我們才會開始向您介紹我們的季節性菜單。所以我想澄清一下，我們推出季節性菜單並不一定是為了吸引新用戶，而這可能是我們沒有看到用戶組成大幅波動的原因。

Okay, thank you. I appreciate that. And then maybe on the new stores, and I appreciate all the color around the second gen locations. Are you guys doing anything differently, as you're moving into these new markets, and you're building out, I believe somebody, in the past you've spoken to having slightly bigger footprints on these locations. The back of the house, are you doing anything differently with respect to the kitchen to handle perhaps, more capacity. With seating in the front of the house or maybe new equipment or anything like that in these new stores, particularly as you maybe move into markets that are slightly denser than what you've had in the past.

好的，謝謝。我很感激。然後或許在新店裡，我很欣賞第二代門市周圍的各種色彩。你們在進軍這些新市場並擴張時，是否採取了什麼不同的做法？我相信你們之前曾談到在這些地方擴大規模。後廚方面，為了應付更大的容量，你們在廚房方面有沒有做任何不同的調整？在這些新店裡，例如在店面前面設置座位，或是添置新設備之類的東西，尤其是當你進入比以往更密集的市場時。

I think one of the most encouraging things about these volumes that we're seeing is that our line, which is where the food comes right out of and goes to the customer, is and has been the same for a long time, saved some adjustments here and there as part of our ongoing evolution, but no, I mean. So the encouraging part is we realize now and know that these lines can do very high volumes, really high sales hours, but when we're taking over these spaces, to be H1st with you, most of the time they have much larger backup houses than we're accustomed to, but we put our standard line in there. But what it does afford us is a larger walk-in cooler, a bigger dish. Area, more prep area, so just not as congested perhaps as if we were building our, a 3,800 square foot restaurant, but no, the line itself being able to handle these types of volumes, gives us a lot of encouragement about our ability to do these high unit volumes for a long time to come.

我認為，我們看到的這些銷量中最令人鼓舞的事情之一是，我們的生產線（食物直接從生產線出來送到顧客手中）長期以來一直保持不變，只是在我們不斷發展的過程中進行了一些調整，但不是，我的意思是。令人鼓舞的是，我們現在意識到並且知道這些生產線可以處理非常高的產量，非常高的銷售時間，但是當我們接管這些空間時，說實話，大多數情況下，它們的備用倉庫比我們習慣的要大得多，但我們仍然把我們的標準生產線放在那裡。但它確實為我們帶來了一個更大的步入式冷藏室，一個更大的盤子。面積更大，備餐區也更大，所以可能不像我們建造一家 3800 平方英尺的餐廳那樣擁擠，但是，生產線本身能夠處理這種規模的訂單，這讓我們對未來很長一段時間內能夠保持如此高的訂單量感到非常鼓舞。

Cool thanks. And then just lastly, you've ticked off a bunch of stuff with respect to technology in the past several years, whether it's the KDS, whether it's the consumer facing technology on you know the waitlist or the app. Is there anything else that we should be thinking about in the next several, maybe within the next 12 months or 24 months that you guys are tackling to either improve the guest experience or the employee experience?

好的，謝謝。最後，在過去的幾年裡，你們在技術方面做了很多工作，無論是 KDS，還是面向消費者的技術，例如候補名單或應用程式。在接下來的幾個月，或許在接下來的 12 個月或 24 個月內，你們是否還有其他需要關注的、旨在改善顧客體驗或員工體驗的事項？

I feel like you're leading me to say AI, so I'm just going to say AI you know it's not. Look, we're constantly innovating, looking at every aspect of our business, and some things are big, some things seem small but have great impact, and so, we're, we'll just continue to evolve. We don't have anything teed up that we're ready to talk about. Right now, our focus as we teased last time was on a new menu, and we talked about it a little bit here, so, optimizing the menu and it's a big focus for us for 2026.

我覺得你在引導我說人工智慧，所以我就直接說人工智慧了，你知道它不是。你看，我們一直在不斷創新，審視我們業務的方方面面，有些事情影響巨大，有些事情看似微小但影響巨大，所以，我們會不斷發展。我們目前還沒有任何準備好可以談論的內容。正如我們上次預告的那樣，我們目前的重點是推出新菜單，我們也在這裡稍微討論了一下，所以，優化菜單是我們 2026 年的重點工作。

Got it. Thanks for taking the questions.

知道了。謝謝您回答問題。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

Hey, good morning. Thanks for the question. This is Isaiah Austin on for Sarah. Just, hey, how are you? Just a broad question about the breakfast day part. I think earlier we saw signs that it was stabilizing this year. Is that something that you guys continue to see and kind of in the same vein. I think previously we had heard from you all that you guys weren't seeing the same kind of trade down benefit, from dinner to breakfast and brunch that you guys experienced during the great financial crisis. Do you feel like you're starting to see signs of that now and then I have a quick follow-up after.

嘿，早安。謝謝你的提問。這裡是伊賽亞·奧斯汀，為您報道莎拉。嘿，你好嗎？關於早餐時段的一般性問題。我認為早些時候我們已經看到今年市場趨於穩定的跡象。你們也常看到類似的事情嗎？我想我們之前都從你們那裡聽過，你們並沒有像在金融危機期間那樣，享受到從晚餐降級到早餐和早午餐的那種降級帶來的好處。你現在是否覺得開始出現一些跡象了？之後我還有一個簡短的後續問題。

Actually, for us weekday breakfast was the standout day part in our growth in Q3. It was the best traffic of all our day parts, all three of our day parts, which as a reminder, we look at weekday breakfast, weekday lunch, and then weekends we just call brunch. So, we've been very encouraged by the by what we saw on weekday breakfast.

事實上，對我們來說，平日早餐是我們第三季成長中最突出的時段。這是我們一天中所有時段（平日早餐、平日午餐，以及週末早午餐）客流量最好的時段。所以，我們對平日早餐的銷售情況感到非常鼓舞。

Got it thanks and anything on the trade down just that you guys were experiencing a lot like a couple decades ago versus now do you see similar trends?

明白了，謝謝。關於降級交易，你們覺得幾十年前和現在的情況很像嗎？你們覺得現在的趨勢和以前有相似之處嗎？

I don't think we have evidence of that don't really know. I mean some of that. Some of the direct data associated with that, I don't think we see the same thing today.

我認為我們沒有證據證明這一點，我真的不知道。我的意思是其中的一些內容。與此相關的一些直接數據，我認為我們今天已經看不到同樣的情況了。

Perfect thank you and then just you know just in light of the great quarter, is there anything that you all are seeing as far as your customer metrics like higher frequency or improved value scores, maybe if you have any measure of awareness just kind of thinking about the drivers behind this quarter and you know where it can go from here. Thanks.

非常感謝。鑑於本季業績出色，你們在客戶指標方面有沒有看到什麼變化，例如更高的購買頻率或更高的價值評分？還是你們有沒有衡量客戶認知度的指標？我想了解本季的驅動因素，以及未來的發展方向。謝謝。

Yeah, this is this is Matt Eisenacher again you know you asked about awareness we have encouragingly seen a steady increase in awareness, which is again encouraging for us given our known low awareness. So every quarter we've seen sequential improvement in awareness and moderation and improvement in our in our value scores as well. I mean Mel mentioned it earlier, we are a little bit more cautious in reporting on frequency, in full. I think you want a longer time horizon, but we have been able to test the post periods in a variety of the channels and tactics we've been employing, and we've seen some indications of positive lifts following those which would tell us that there's there's likely a resulting improved frequency. But again, I think it takes more time to be definitive in that. But we've seen a lot of encouraging signs across all those metrics.

是的，我是 Matt Eisenacher，你問到了公眾意識的問題，令人欣慰的是，我們看到公眾意識穩步提高，考慮到我們已知的公眾意識水平較低，這再次讓我們感到鼓舞。因此，每季我們都看到意識和控制力有所提高，我們的價值評分也有所提高。我的意思是，梅爾之前也提到過，我們在完整報道頻率方面會更加謹慎一些。我認為你需要更長的時間跨度，但我們已經能夠在各種管道和策略中測試後續階段，並且我們看到了一些積極的提升跡象，這表明後續階段可能會帶來頻率的提高。但我認為，要得出確切結論還需要更多時間。但我們在所有這些指標上都看到了許多令人鼓舞的跡象。

Thank you.

謝謝。

Greg Francfort, Guggenheim.

格雷格·弗蘭福特，古根漢。

Hi, this is [Ariana] for Greg. Congrats on a great quarter. I think delivery contributed just over 3%, to the same source sales in the quarter, and it looks like it accelerated from the last quarter. Can you talk about how demand has built that channel, since you made that pricing adjustment? Maybe like any other changes in promotional activity in that channel.

你好，我是[Ariana]，我是Greg。恭喜你本季表現出色。我認為本季配送銷售額佔同一來源銷售額的3%多一點，而且看起來比上個季度有所成長。您能否談談自從您做出價格調整以來，需求是如何推動該管道發展的？或許就像該管道的其他推廣活動變化一樣。

Sure, just to clarify, did you say how demand is affected in that channel?

當然，為了確認一下，您剛剛提到過該管道的需求是如何受到影響的嗎？

Correct.

正確的。

Yeah, we've seen demand increase significantly over the past, call it 2 or 3 quarters, and that trend has held. So we keep, we talk about the positive impacts of the of the changes we made to that program and again that's continued.

是的，過去兩三個季度以來，我們看到需求顯著增長，而且這種趨勢一直持續至今。所以我們一直在談論我們對該專案所做的改變所帶來的正面影響，而且這種情況還在繼續。

This is Matt. Chris made a good point that we see improvement once we made the changes to the program earlier in the year, but the results have been fairly consistent. There wasn't a meaningful increase in that channel in the 3rd quarter that might have outsized driven the rest of the of the conference.

這是馬特。克里斯說得很有道理，自從我們在今年早些時候對程序進行更改後，我們看到了進步，但結果一直相當穩定。第三季該管道並沒有出現足以推動會議其他部分發展的顯著成長。

Got it. Understood super helpful. And a quick follow-up. I know it's too early to talk about guidance in 2026, but maybe if you can touch directionally on labor and commodity inflation, that would be super helpful.

知道了。明白了，非常有幫助。還有一個後續問題。我知道現在談論 2026 年的指導意見還為時過早，但如果您能大致談談勞動力和商品通膨的方向，那將非常有幫助。

I can tell you that at present we're talking with suppliers about our costing for some key commodities for next year and so we'll probably have more information on that.

我可以告訴你們，目前我們正在與供應商洽談明年一些關鍵商品的成本，所以我們可能會有更多相關資訊。

Later in terms of labor inflation, I expect it to be, or I'm hoping that it's a little bit more normal than maybe we've seen the last few years. We have some built-in inflation as the regulatory minimum wages are increasing in some of our large markets by, another $1 or so. So there'll be, there's certainly some labor inflation, but I'm not ready to really guide to what we're building into our models for 2026 yet.

至於勞動力通膨方面，我預計，或者說我希望，它能比過去幾年我們看到的更加正常。由於我們一些大市場的監管最低工資又增加了約 1 美元，因此我們存在一定的通貨膨脹。所以肯定會有一些勞動成本上漲，但我現在還不方便透露我們在 2026 年的模型中具體會包含哪些內容。

Got it thank you so much.

收到了，非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great, thank you. Typically you guys visit pricing around January, around July, give or take, but I guess I'm curious, what drove the decision to take that incremental 1.1% price increase that you mentioned in August following the 2.8% in July?

太好了，謝謝。你們通常會在一月份或七月左右調整價格，但我很好奇，是什麼促使你們在七月份提價 2.8% 之後，在八月份又進行了 1.1% 的小幅提價？

Yeah, Andrew, that that 1% was contemplated in our in our pricing strategy early in the year. However, it affected some items that had a relation to the seasonal menu that we were rolling out, so we needed to time it with that so that we maintain those relationships if that makes sense. There were some items, we looked for certain spreads between a seasonal item and a core menu item. And there we had that particular, situation here, so we just held back 1% so that we could time it with the with the launch of the seasonal menu.

是的，安德魯，我們在年初的定價策略中確實考慮過這 1% 的漲幅。但是，這影響到了一些與我們正在推出的季節性菜單相關的菜品，所以我們需要配合時間安排，以便維持這些關聯性，如果這樣說你能理解的話。有些商品，我們尋找季節性商品和常規菜單商品之間的特定差異。當時我們遇到了這種特殊情況，所以我們保留了 1% 的庫存，以便與季節性菜單的推出時間同步。

Okay, I gotcha. And then separately, Mel, the third-party delivery AUV, if we look at the queue, looked up to be about 40%, in the quarter. Can you speak to the floats that you're seeing on that profitability, the impact that's having, and driving profitability as well.

好的，我明白了。另外，第三方配送服務商 Mel 的 AUV，如果我們看一下排隊狀況，本季似乎達到了 40% 左右。您能否談談您觀察到的浮存金對獲利能力的影響、其作用以及對獲利能力的推動作用？

So, the profitability on third-party delivery would be, we generally view it as a transaction just like any other transaction with a different top-line and so as a result of the fact that oftentimes we have fewer beverage deliveries. Than we do in the restaurants. I think the profitability, at least the R up level, probably runs pretty close to the standard if you fully loaded, maybe it's a little bit more a little bit profitable, a little less, okay, a little bit less.

因此，第三方配送的獲利能力，我們通常將其視為與其他交易一樣的交易，只是收入有所不同，而這往往是由於我們的飲料配送量較少造成的。比我們在餐廳裡做的還要多。我認為，至少在 R 級以上，盈利能力可能與標準水平相當，如果你完全配置的話，也許盈利能力會稍微高一點，或者稍微低一點，好吧，稍微低一點。

But in that it's a you know we view it as an incremental occasion I think it's important to keep that in perspective that that.

但正因為我們將其視為一個漸進的事件，我認為保持這種視角很重要。

Majority of those transactions we consider to be incremental.

我們認為其中大部分交易都是增量交易。

The truth is we; I don't know that we've ever publicly talked about the Arlop on the different types of different sales channels.

事實上，我不知道我們是否曾在不同的銷售管道上公開談論過 Arlop。

But it is a big contributor to our adjusted EBITDA.

但它對我們調整後的 EBITDA 貢獻很大。

Very good, thank you.

非常好，謝謝。

Thank you. This now concludes our question-and-answer session. I would like to turn the floor back over to Chris Tomasso for closing comments.

謝謝。我們的問答環節到此結束。現在我把發言權交還給克里斯·托馬索，請他做總結發言。

Great, thank you. Thanks everybody for joining us on the call this morning. We really appreciate it. We're looking forward to connecting with most of you in the coming days and weeks, and as always, we are grateful for the dedication shown by our entire team, many of whom I know are listening today. So a sincere thank you from all of us here. We look forward to building on our strong foundation throughout the balance of this year and are excited about our prospects for 2026. Have a great day, everyone. Thank you.

太好了，謝謝。感謝各位今天上午參加我們的電話會議。我們非常感謝。我們期待在接下來的幾天和幾週內與你們中的大多數人聯繫，一如既往，我們感謝我們整個團隊所展現出的奉獻精神，我知道他們中的許多人今天都在收聽。我們全體人員在此向你致以衷心的感謝。我們期待在今年餘下的時間裡，在我們堅實的基礎上繼續發展，並對 2026 年的前景感到興奮。祝大家今天過得愉快。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。