Kura Sushi USA Inc (KRUS) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Kura Sushi Fiscal second quarter 2025 earnings conference call. (Operator Instructions) Please note that this call is being recorded. On the call today, we have Hajime Jimmy Uba, President and Chief Executive Officer; Jeffrey Uttz, Chief Financial Officer; and Benjamin Porten, Senior Vice President of Investor Relations and System Development.

女士們、先生們，下午好，感謝你們的到來。歡迎參加 Kura Sushi 2025 財政年度第二季財報電話會議。（操作員指示）請注意，此通話正在錄音。參加今天電話會議的有總裁兼執行長 Hajime Jimmy Uba； Jeffrey Uttz，財務長；以及投資者關係和系統開發資深副總裁 Benjamin Porten。

And now I'd like to turn the call over to Mr. Porten. Thank you. You may begin.

現在我想把電話轉給波頓先生。謝謝。你可以開始了。

Thank you, operator. Good afternoon, everyone, and thank you all for joining. By now, everyone should have access to our fiscal second quarter 2025 earnings release. It can be found at www.kurasushi.com in the Investor Relations section. A copy of the earnings release has also been included in the 8-K we submitted to the SEC.

謝謝您，接線生。大家下午好，感謝大家的參與。現在，每個人都應該可以看到我們 2025 財年第二季的收益報告。您可以在 www.kurasushi.com 的「投資者關係」部分找到它。我們向美國證券交易委員會 (SEC) 提交的 8-K 文件中也包含了一份收益報告副本。

Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially --

在我們開始正式發言之前，我需要提醒大家，我們今天的討論內容將包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，因此，您不應過度依賴它們。這些聲明也受到許多風險和不確定因素的影響，可能導致實際結果出現重大差異--

We refer all of you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. Also during today's call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating our performance.

我們請大家參閱我們向美國證券交易委員會提交的文件，以便更詳細地討論可能影響我們未來經營業績和財務狀況的風險。此外，在今天的電話會議中，我們將討論某些非公認會計準則財務指標，我們認為這些指標有助於評估我們的績效。

The presentation of this additional information should not be considered in isolation or as a substitute for results prepared -- with GAAP and the reconciliations to comparable GAAP measures are available in our earnings release. With that out of the way, I would like to turn the call over to Jimmy.

不應孤立地看待這些附加資訊的呈現，也不應將其視為按照 GAAP 編制的結果的替代，並且我們的收益報告中提供了與可比較 GAAP 指標的對帳。好了，現在我想把電話轉給吉米。

Thanks, Ben, and thank you to everyone for joining us today. We had a very productive second quarter, making headway on the new market opportunities represented by our success in takeoff bidding out our IP pipeline and beginning testing a rollout of several system projects that have long been in development. New restaurant openings are growing exceptionally similarly with 11 units opened to date and another six under construction. -- increment [weather] was unexpected to see pressure.

謝謝，本，也謝謝大家今天加入我們。我們第二季的成果非常顯著，在 IP 管道招標成功以及開始測試幾個長期開發的系統項目等新市場機會方面取得了進展。新開餐廳的數量也在急劇增長，迄今已開業 11 家，另有 6 家正在建設中。 ——增量[天氣]是意外看到的壓力。

We are pleased overall this quarter due to the greater progress we made across our initiatives. Total sales for the fiscal second quarter was $64.9 million representing comparable sales growth of negative 5.3% with price and the mix of 3.3%, offset by negative traffic of 8.5%. We knew coming into the quarter that Q2 will be the most difficult comparison of the year due to the lapping of last year's successful Peanuts IP campaign without of IP collaboration at the current Q2. This was compounded by the unexpected weather impact we experienced in January and February with -- followed -- in Southern California and [cold waves] across many of our other markets.

由於本季各項措施取得了更大進展，我們對本季整體感到滿意。第二財季總銷售額為 6,490 萬美元，可比銷售額成長 5.3%，其中價格和產品組合成長 3.3%，但客流量下降 8.5%。我們知道，進入本季後，第二季將是今年最困難的比較，因為去年成功的花生 IP 活動已經結束，而目前第二季沒有 IP 合作。一月和二月，我們遭遇了意外的天氣影響，隨後南加州和許多其他市場也遭遇了寒潮，這加劇了這種情況。

Cumulatively, we estimate that Q2 weather represented a compelling of 400 to 500 basis points. Cost of goods sold as a percentage of sales included by 90 basis points over the prior year quarter due to pricing and supply chain initiatives. Labor as a percentage of sales increased by 180 basis points due to sales deleverage caused by weather and year-over-year labor inflation.

累計起來，我們估計第二季的天氣影響將達到 400 至 500 個基點。由於定價和供應鏈舉措，銷售成本佔銷售額的百分比比去年同期增加了 90 個基點。由於天氣因素和年比勞動力通膨導致的銷售去槓桿，勞動力佔銷售額的百分比增加了 180 個基點。

Restaurant level operating profit margin was 17.3%, an as compared to 19.6% in the prior year due to the previously mentioned sales deleverage. Restaurant openings are proceeding smoothly with three new unit openings during the second quarter -- subsequent to quarter end, we opened the units in Scottsdale, Arizona and lean with Washington state.

餐廳層級的營業利潤率為 17.3%，而去年同期為 19.6%，這是由於前面提到的銷售去槓桿作用所致。餐廳開業進展順利，第二季開設了三家新店——本季末之後，我們分別在亞利桑那州斯科茨代爾和華盛頓州開設了新店。

We are very pleased with the performance of this year's openings and believe fiscal has a potential to be one of our strongest [prices]. In our last call, we had the -- the success we've seen with our -- California Restaurant opening and put in the two levels up. Bakersfield is performing just as well as when we last spoke.

我們對今年開業的業績感到非常滿意，並相信財務有可能成為我們最強大的業務之一[價格]。在我們上次的電話會議中，我們看到了加州餐廳開幕的成功，並將其提升了兩層。貝克斯菲爾德的表現與我們上次談話時一樣好。

As a reminder, up until Bakersfield, we are only opened reference in the top 40 or 50 units. The Bakerfield is significant for us because it represents the -- largest DMA in the United States, causing us to devaluate our previous consolidation for why we constitute a viable market.

提醒一下，直到貝克斯菲爾德，我們只在前 40 或 50 個單位開放參考。貝克菲爾德對我們來說意義重大，因為它代表了美國最大的 DMA，這讓我們低估了我們先前的整合對我們構成可行市場的原因。

[Decent] visit to markets like [Farming Ham], Talpa, Boise and Oklahoma City, have all supported our early enthusiasm. Along with the greater -- potential, these markets are especially exciting to us as new markets have no impact on cancelizations which we estimate to be approximately 4% compared with the current and prior history. With the -- that development team is making, we believe that we will be able to return to a 50-50 split of new and existing markets by fiscal '20, which we believe is -- comp tailwind.

對[Farming Ham]、塔爾帕、博伊西和俄克拉荷馬城等市場的[體面]訪問都支持了我們早期的熱情。除了更大的潛力之外，這些市場對我們來說尤其令人興奮，因為新市場對取消量沒有影響，我們估計與當前和先前的歷史相比，取消量約為 4%。隨著開發團隊的努力，我們相信到 2020 財年，我們將能夠恢復新舊市場各佔一半的局面，我們相信這是競爭的順風。

While the lack of IT collaboration in the prior quarter made for what we believe to be the most difficult year-over-year comparison in fiscal '25. This posed allowed us to focus our efforts on building a great pipeline, and I'm extremely pleased to say that in fiscal '26, we will not have any gaps between IP collaboration campaigns and expect to have seven or eight collaborations, which will be a record for us.

而我們認為，上一季缺乏 IT 協作，使得 25 財年的年比對比成為最困難的。這使得我們能夠集中精力建立出色的管道，我非常高興地說，在 26 財年，我們的 IP 合作活動之間不會出現任何差距，並且預計將有七到八次合作，這對我們來說將是一個記錄。

We will also have been developing our full focus on marketing muscles over the course of this fiscal year we are very much looking forward to seeing the combined impact of these campaigns and [IP] collaborations signing in May.

在本財年，我們也將全力加強行銷實力，我們非常期待看到這些活動和 5 月簽署的 [IP] 合作的綜合影響。

Lastly, I would like to touch on the progress we've made in system development. The -- of our new order panel software is proceeding smoothly, and we expect to roll out within the fiscal year. This new auto partner software is supplemented by ad designed push to --, which is much more intuitive than the current model.

最後我想談談我們在系統開發方面的進展。我們的新訂單面板軟體的開發進展順利，我們預計將在本財年內推出。這款新的汽車合作夥伴軟體補充了廣告設計推送功能，比目前型號更直觀。

This design is meaningful as our sales spend several mines explaining how the automatic model works when we're seeking first-time guests. The new -- software includes an optional introduction video for faster than guests, which in conjunction with the updated -- eliminates the need for our servers go through the interest explanation, which we expect will reduce from a house growth.

這種設計很有意義，因為當我們尋找首次來訪的客人時，我們的銷售人員花了好幾個小時來解釋自動模型是如何運作的。新的軟體包括一個可選的介紹視頻，可供客人更快使用，結合更新，我們的服務器無需再經歷興趣解釋，我們預計這將減少房屋增長。

To coincide with our upcoming IT collaborations, we are loading out improvements to our [speakerphone] system as well. Guests will soon be able to on the second price capital after eating 25 [grades] instead of the current --. Considering our average party sizes and platform --, we believe that 25 -- is a more realistic -- than 30 plates --. This has the potential to rate growth while also improving guest satisfaction, especially families is turn. Finally, I would like to share our progress on what we are most excited about the reservation system.

為了配合我們即將開展的 IT 合作，我們也正在對我們的 [揚聲器] 系統進行改進。客人很快就能在吃完 25 [等級] 後享受第二價格的首都，而不是目前的--.考慮到我們的平均聚會規模和平台——我們認為 25 比 30 個盤子更現實--.這有可能提高房價，同時也提高客人滿意度，尤其是家庭客人的滿意度。最後，我想分享我們對預訂系統最興奮的進展。

We began testing in February and have since expanded into three restaurants including solid testing at one of our highest volume resets. The reservation feature has been very well received by guests and its system-wide rollout is now one of our top priorities due to its potential as a traffic driver.

我們從二月開始進行測試，目前已擴展到三家餐廳，其中包括在我們客流量最大的餐廳之一進行的紮實測試。預訂功能受到了客人的熱烈歡迎，由於其具有增加客流量的潛力，其全系統推廣現已成為我們的首要任務之一。

With the old waters program, if you have fixed plants like going to see moving, Kura is off the table. Because you can't predict how long the line will be or when you [after fitting] will be. So by giving guest control through reservation --, our hope is to open up new occasions for guests to visit Kura.

使用舊的水域計劃，如果您有固定的植物，例如去看移動的植物，那麼 Kura 就不再適用了。因為你無法預測隊伍會有多長，或是你（試穿後）會在什麼時候到達。因此，透過讓客人透過預訂來控制——，我們希望為客人開闢新的機會來參觀庫拉。

Additionally, historical -- rates for Kura, Kura Guest in dine are between 20% to 25%. And so the ability to capture these guests represents a meaningful opportunity. While it's too early for us to provide any quantitative commentary, shoulder period of sales did increase with the implementation of the reservation system in curate panes. Lastly, reservations are access through the Reward program, and we are excited to see what the rollout that for members --. As you can see, we've been very hard at work.

此外，Kura、Kura Guest 用餐的歷史費率在 20% 至 25% 之間。因此，吸引這些客人的能力代表著一個有意義的機會。雖然現在我們還無法提供任何量化的評論，但隨著策展窗格預訂系統的實施，平季銷售額確實有所增加。最後，預訂可以透過獎勵計劃進行，我們很高興看到會員的推出--.正如您所見，我們一直非常努力地工作。

Many of these efforts have been long in development, and it's been late to see so many projects to be approved one after another. I'm deeply grateful for the combined efforts of all of our team members for making this possible. Thank you, everyone. Jeff, I'll hand it over to you to discuss our financial results and liquidity.

許多此類努力已經醞釀了很長時間，現在才看到這麼多項目陸續獲得批准，為時已晚。我非常感謝我們所有團隊成員的共同努力，使這一切成為可能。謝謝大家。傑夫，我將把我們的財務表現和流動性交給你討論。

Thank you, Jimmy. For the second quarter, total sales were $64.9 million as compared to $57.3 million in the prior year period. Comparable restaurant sales performance compared to the prior year period was negative 5.3%, with regional comps of negative 1.5% in our West Coast market and negative 8% in our Southwest market.

謝謝你，吉米。第二季總銷售額為 6,490 萬美元，去年同期為 5,730 萬美元。與去年同期相比，可比較餐廳的銷售表現為負 5.3%，其中西岸市場為負 1.5%，西南市場為負 8%。

Turning now to costs. Food and beverage costs as a percentage of sales were 28.7% compared to 29.6% in the prior year quarter, largely due to pricing and supply chain initiatives. Labor and related costs as a percentage of sales were 34.8% as compared to 33% in the prior year quarter. This increase was largely due to wage increases and sales deleverage. Occupancy and related expenses as a percentage of sales were 7.9% compared to the prior year quarter, 6.9% due to sales deleverage.

現在談談成本。食品和飲料成本佔銷售額的百分比為 28.7%，而去年同期為 29.6%，主要歸因於定價和供應鏈措施。勞動力及相關成本佔銷售額的百分比為 34.8%，去年同期為 33%。這一增長主要歸因於工資上漲和銷售去槓桿。入住率及相關費用佔銷售額的百分比為 7.9%，與去年同期相比下降了 6.9%，這是由於銷售去槓桿所致。

Depreciation and amortization expenses as a percentage of sales were 5.1% and as compared to the prior year quarter's 4.7%.

折舊和攤銷費用佔銷售額的百分比為 5.1%，而去年同期為 4.7%。

Other costs as a percentage of sales were 13.5% as compared to the prior year quarter's 14.3%, largely due to lower marketing travel and recruiting costs. General and administrative expenses as a percentage of sales were 16.9% as compared to 14.3% in the prior year quarter due to a $2.1 million litigation settlement expense. Operating loss was $4.6 million compared to an operating loss of $1.7 million in the prior year quarter due to sales deleverage and litigation costs.

其他成本佔銷售額的百分比為 13.5%，而去年同期為 14.3%，主要是由於行銷差旅和招募成本降低。由於 210 萬美元的訴訟和解費用，一般及行政費用佔銷售額的百分比為 16.9%，而去年同期為 14.3%。由於銷售去槓桿和訴訟成本，本季營業虧損為 460 萬美元，而去年同期營業虧損為 170 萬美元。

Income tax expense was $38,000 compared to $50,000 in the prior year quarter. Net loss was $3.8 million or a negative $0.31 per share compared to a net loss of $1 million or a negative $0.09 per share in the prior year quarter. Adjusted net loss was $1.7 million or negative $0.14 per share compared to adjusted net loss of $1 million or negative $0.09 per share in the prior year quarter.

所得稅費用為 38,000 美元，而去年同期為 50,000 美元。淨虧損為 380 萬美元，即每股虧損 0.31 美元，而去年同期淨虧損為 100 萬美元，即每股虧損 0.09 美元。調整後淨虧損為 170 萬美元，即每股虧損 0.14 美元，而去年同期調整後淨虧損為 100 萬美元，即每股虧損 0.09 美元。

Restaurant-level operating profit as a percentage of sales was 17.3% compared to 19.6% in the prior year quarter, largely due to sales deleverage. Adjusted EBITDA was $2.7 million as compared to $2.9 million in the prior year quarter.

餐廳層級的營業利潤佔銷售額的百分比為 17.3%，而去年同期為 19.6%，這主要是由於銷售去槓桿。調整後的 EBITDA 為 270 萬美元，而去年同期為 290 萬美元。

Turning now to our cash and liquidity. At the end of the fiscal second quarter, we had $85.2 million in cash and cash equivalents and no debt. And then lastly, I'd like to reiterate our guidance for fiscal year 2025. We expect total sales to be between $275 million and $279 million. We expect to open 14 units, maintaining an annual unit growth rate above 20% and with average net capital expenditures per unit of approximately $2.5 million, and we expect general and administrative expenses as a percentage of sales to be approximately 13.5%.

現在談談我們的現金和流動性。截至第二財季末，我們擁有 8,520 萬美元的現金和現金等價物，且沒有債務。最後，我想重申我們對 2025 財年的指導。我們預計總銷售額將在 2.75 億美元至 2.79 億美元之間。我們預計開設 14 家門市，維持年門市成長率 20% 以上，每家門市平均淨資本支出約為 250 萬美元，預計一般及行政開支佔銷售額的百分比約為 13.5%。

And with all that, I'll now turn it back over to Jimmy.

好了，現在我將把發言權交還給吉米。

Thanks, Jeff. This concludes our prepared remarks. We are now happy to answer any questions you have. Operator, please open the line for questions. As a reminder, during the Q&A session, I may answer in Japanese before my response is translated into English.

謝謝，傑夫。我們的準備好的演講到此結束。我們現在很樂意回答您的任何問題。接線員，請打開熱線來回答問題。提醒一下，在問答環節，我可能會先用日文回答，然後我的回答才會被翻譯成英文。

(Operator Instructions) Andrew Charles, TD Cowen.

（操作員指示） Andrew Charles，TD Cowen。

Great. I wanted to ask just about the performance of the quarter. I think you talked about 400 to 500 basis points of inclement weather and wildfire impact. I mean, did you see that improve from -- the trend improved from January through February. And if you're able to speak about kind of if that trend has further improved kind of the March and quarter-to-date time frame as well.

偉大的。我只是想問一下本季的表現。我認為您談到了惡劣天氣和野火影響的 400 到 500 個基點。我的意思是，您是否看到了從一月到二月的趨勢有所改善？如果您能談談這種趨勢在三月和本季迄今的時間範圍內是否有所改善的話。

Thank you, Andrew, for your first question. -- (interpreted) Speaking to post weather, so starting in March, performance has been very smooth. We were very pleased with it. Things have things are a little uncertain now with the tariff announcements. But up until then, we had remarkably smooth performance. In terms of the monthly cadence, January, we had the wildfires.

謝謝安德魯提出的第一個問題。 ——（翻譯）談到後期天氣，從三月開始，表現一直很順利。我們對此非常滿意。現在隨著關稅公告的發布，事情變得有點不確定。但直到那時，我們的表現都非常流暢。從月度頻率來看，一月發生了野火。

But February, we had flooding and so we didn't see any easing from January to February. And then beyond California, both in January and from reserves, there were a lot of cold waves that impacted Texas and our Northeast restaurants. And so there was pretty meaningful weather pressure across both January and February.

但二月份，我們遭遇了洪水，因此從一月到二月，洪災沒有得到緩解。除了加州以外，一月份和來自保護區的大量寒流也影響了德州和我們東北部的餐廳。因此，一月和二月的天氣壓力相當大。

Okay. That's helpful. And then, Jeff, I wanted to ask about the margins. In the last call, you talked about 20% restaurant level operating profit margin could be achievable in '25 as well as labor leverage. Is that still on the table?

好的。這很有幫助。然後，傑夫，我想問利潤率。在上次通話中，您談到 25 年可以實現 20% 的餐廳級營業利潤率以及勞動力槓桿。這件事還在討論中嗎？

(interpreted) In terms of the 20% margins through March, we were very, very confident we'd be able to maintain that 20% margin for the full year. That being said, we are -- we're seeing a lot more uncertainty with the tariffs. And so we have less visibility on it to that 20%, but that absolutely rains our goal.

(解釋) 就截至 3 月的 20% 的利潤率而言，我們非常有信心能夠在全年保持 20% 的利潤率。話雖如此，我們看到關稅方面存在更多的不確定性。因此，我們對這 20% 的了解較少，但這絕對有助於實現我們的目標。

We came into that you're expecting lower labor inflation of REX than what we've actually seen. Our expectation was low to mid-single digits. What we've seen to date is high single digits. If we see no impact the tariffs has no impact on consumer confidence, and there's no change in behavior, then we remain confident that labor would largely gain line year-over-year. Now with the uncertainty levering year-over-year, it's a bigger hurdle.

我們得知，您預期的 REX 勞動力通膨率低於我們實際看到的水平。我們的預期是低至中位數個位數。到目前為止，我們看到的都是高個位數。如果我們認為關稅對消費者信心沒有影響，而行為沒有改變，那麼我們仍然相信勞動力將比去年同期大幅成長。現在，隨著不確定性逐年增加，這是一個更大的障礙。

That being said, we do have a lot of levers that are unique for ourselves, mainly through our tech initiatives, whether it would be our new Mr. Fresh or touch paddles or greater sales efforts to increase traffic from the reservation system.

話雖如此，我們確實有很多獨特的手段，主要是透過我們的技術舉措，無論是我們的新 Mr. Fresh 還是觸控板，還是更大的銷售努力來增加預訂系統的流量。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. First question is just on the broader consumer. I know at ICR in mid-January, you talked about the consumer being in a much better place. And I know you mentioned just now that the weather was a 400 to 500 basis point headwind.

偉大的。第一個問題只是關於更廣泛的消費者。我知道在一月中旬的 ICR 上，您談到消費者的處境要好得多。我知道您剛才提到天氣是 400 到 500 個基點的逆風。

I'm just wondering whether there's any concern that maybe what appears to be in part weather is actually the masking of maybe an underlying slowdown in the consumer spending. It sounds like you don't believe that was the case through March, but maybe something has changed in April. So just trying to get a sense or how to gauge your confidence that you're really up until most recently, haven't seen any change in consumer behavior when others seem to be talking about perhaps a slowing consumer spending environment. Just wondering what metrics you look at, just to give you that level of confidence? And then I had one follow-up.

我只是想知道是否有人擔心，也許部分看似是天氣因素，但實際上卻掩蓋了消費者支出的潛在放緩。聽起來你不相信三月的情況是這樣的，但四月的情況可能已經改變了。因此，只是想了解或如何衡量你的信心，直到最近，當其他人似乎在談論消費者支出環境放緩時，你還沒有看到消費者行為發生任何變化。只是想知道您關注的是哪些指標，才能給您這種程度的信心？然後我進行了一次後續行動。

(interpreted) Looking to Q2, beyond the weather, we were also lapping peanuts out an IT campaign. And so we knew that it was going to be the toughest comparison, and we don't interpret it as a slowdown of the consumer or our consumer whatsoever, especially given the performance that we saw in March, now that we're in April post the tariff announcements, I mean people's retirement accounts are being impacted with the stock market taking a hit.

(解釋) 展望第二季度，除了天氣之外，我們還大力開展 IT 活動。因此，我們知道這將是最艱難的比較，我們不會將其解讀為消費者或我們的消費者的放緩，特別是考慮到我們在 3 月份看到的表現，現在已經是 4 月份的關稅公告之後，我的意思是人們的退休賬戶受到了股市衝擊的影響。

And so if there's just generally more uncertainty, and that would be the biggest reason that we didn't raise guidance for this quarter. But we don't think [it affected us].

因此，如果整體上存在更多不確定性，這將是我們本季未提高業績預期的最大原因。但我們不認為[它影響了我們]。

And then just to follow up, you mentioned the tariffs, it seems like you're referring to it in regards to consumer headwind, seemingly having pressure on markets and consumer confidence. Just wondering as you think about it from a cost side of things, I know in the past, when I asked you talked about how you have somewhat supply chain, geographical diversity and your ability to pivot.

然後，為了跟進，您提到了關稅，似乎您指的是消費者逆風，這似乎對市場和消費者信心造成了壓力。只是想知道您從成本方面考慮這個問題時，我知道過去我問過您如何談論您的供應鏈、地理多樣性和您的轉變能力。

I'm just wondering how you think about your specific supply chain seemingly some products could potentially be coming from overseas. So just wondering how you think about the tariff implications on your actual cost out of the business.

我只是想知道您如何看待您的特定供應鏈，似乎有些產品可能來自海外。所以只是想知道您如何看待關稅對您實際業務成本的影響。

Yes, Jeff, it's Jeff. So everybody has been doing it. We've been using the last several days kind of scrambling to figure out what the implementation of these tariffs are going to have and what impact it's going to have on our business. And the answer really the right answer right now is that we really don't know yet as we haven't had a chance to meet with our main suppliers and really figure out or determine how much of these tariffs they're going to be passing along to us.

是的，傑夫，就是傑夫。所以每個人都在這樣做。過去幾天，我們一直在努力弄清楚這些關稅的實施將會產生什麼結果，以及會對我們的業務產生什麼影響。而現在真正正確的答案是我們還不知道，因為我們還沒有機會與我們的主要供應商會面，真正弄清楚或確定他們將把多少關稅轉嫁給我們。

And on a pretty encouraging note, even though we haven't had in-depth conversations with them, a couple of our top suppliers have already given us preliminary indication that they would be willing to share the impact of these tariffs with us. to some extent. But like I said, it's only been about a week. So we haven't been able to sit down with them to determine what that looks like. In terms of our overseas purchases, we know that when we look at our top purchases, as it relates to overseas, Japan is one of the top countries of origin and our supply chain.

令人鼓舞的是，儘管我們還沒有與他們進行深入對話，但我們的幾家頂級供應商已經初步表示願意與我們分擔這些關稅的影響。在某種程度上。但就像我說的，這才過了大約一週。所以我們無法與他們坐下來討論這個問題，以確定它是什麼樣子的。就我們的海外採購而言，我們知道，當我們查看與海外相關的主要採購時，日本是主要原產國和供應鏈之一。

And something that's very encouraging to us is we also know that the Prime Minister of Japan has expressed is willing to come over and meet the President Trump to negotiate these tariffs. And we're hopeful that, that's when to happen sometime in the near future.

令我們非常鼓舞的是，我們也知道日本首相表示願意前來與川普總統會面，就這些關稅進行談判。我們希望，這將在不久的將來發生。

And Also, to a lesser extent, we purchased from Vietnam. And when the birds news came out, I think Vietnam was one of the very first countries to come out and say that they were interested in negotiating. So a couple of the countries that we do purchase from overseas seem very willing to come to the table.

此外，我們也從越南採購了少量產品。當有關鳥類的消息傳出後，我認為越南是第一批站出來表示有興趣談判的國家之一。因此，我們從海外購買產品的幾個國家似乎非常願意參與談判。

So the negative news of the tariffs coming out, we have received a few positive bits of information as it relates to our suppliers that we hope that once we get these lines up will mitigate the impact to our company in the future.

因此，儘管有關稅的負面消息傳出，但我們收到了一些與我們的供應商有關的正面訊息，我們希望一旦我們得到這些消息，就能減輕未來對我們公司的影響。

Understood. That's very helpful. And just to clarify, I think you mentioned if not for April or the April uncertainty has led you to keep your sales guidance as years rather than raising it, which is encouraging. I'm just wondering that therefore mean you still kind of reiterate your expectation for positive comps for full year '25, barring any significant change in consumer behavior?

明白了。這非常有幫助。需要澄清的是，我認為您提到過，如果不是因為四月份的不確定性，您將保持多年的銷售預期不變，而不是提高它，這是令人鼓舞的。我只是想知道，這是否意味著，除非消費者行為發生重大變化，否則您仍然會重申對 25 年全年業績呈正增長的預期？

(interpreted) So Jeff, I think the keyword is you kind of said it barring any major changes in consumer behavior. If there are no changes in consumer behavior, absolutely, we remain confident that we can those positive comps for the full year. We've got a lot to look forward to. You've got strong IPs lined up from March -- from May onwards through the end of the year. We have sales tailwinds coming online with the reservation system.

（翻譯）傑夫，我認為關鍵字是你所說的除非消費者行為發生重大變化。如果消費者行為沒有變化，我們仍然有信心全年能夠取得正面的績效。我們有很多值得期待的事。從三月到五月，直到年底，您已經擁有了強大的 IP。隨著預訂系統的上線，我們的銷售情勢一片大好。

And so if there is no change to consumer behavior then certainly, we expect to be able to maintain positive -- to achieve positive comps for the year, but that is far from a certainty at this point in terms of whether or not consumers are going to change their behavior. And so we are not upgrading guidance at this point.

因此，如果消費者行為沒有改變，那麼我們當然希望能夠保持積極的成長——實現全年積極的同比增長，但就消費者是否會改變其行為而言，目前還遠未確定。因此我們目前不會升級指導。

Thank you.

謝謝。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林、克雷格·哈勒姆。

I wanted to come back to the -- clarify the food basket and sourcing. Of your total food basket what portion is domestically sourced or kind of the range that's domestically sourced versus sourced overseas.

我想回到——澄清食品籃和來源的問題。您的整個食品籃中有多少部分來自國內，或有多少種類來自國內，有多少種類來自海外。

So we haven't given -- stated those numbers yet, but I will tell you, Jeremy, that one of your colleagues sell-side analysts on this call but had a report a couple of days ago that estimated him. And I will say that he's in the ballpark, if you take a look at that.

所以我們還沒有給出 - 聲明這些數字，但我要告訴你，傑里米，你的一位同事是這次電話會議的賣方分析師，但幾天前有一份報告對他進行了估計。如果你看一下的話，我會說他的能力是相當強的。

Okay. And then I wanted to come back to the comments on wage pressure and just get an understanding of the commentary about high single-digit wage pressure. Is that being driven by California or other geographies. Given that you're lapping FAST Act here it's a bit of a surprise that the pressure is quite that high. Now certainly, the employment dynamic may change.

好的。然後我想回到關於工資壓力的評論，並了解有關高個位數工資壓力的評論。這是由加州還是其他地區推動的？考慮到您在這裡進行 FAST Act，那麼壓力如此之高可能會有點令人驚訝。現在，就業情況肯定會改變。

There may be more labor supply here. in coming months, but wanted to see if you could provide a bit more color.

這裡可能有更多的勞動力供應。在接下來的幾個月裡，但想看看你是否可以提供更多的顏色。

(interpreted) Yes. This is not a California issue or anything related to the FAST Act. This is something that we're seeing across markets, whether it's because of statutory minimum wages. We're seeing some come online as of July 1 as well, which was not the case in past years. And then just being competitive for the market.

（翻譯）是的。這不是加州的問題，也不是與《FAST法案》相關的問題。這是我們在整個市場都看到的情況，無論是否因為法定的最低工資。我們也看到一些產品在 7 月 1 日上線，而過去幾年的情況並非如此。然後才具有市場競爭力。

So this is in the California industry. We think it's always important to invest in our team to make sure that we have best-in-class people representing ourselves at the restaurants. At the same time, we push ourselves as much as possible to work on these system initiatives so that we can sort man hours at a minimum.

這就是加州的產業。我們認為，投資我們的團隊始終很重要，以確保我們餐廳擁有一流的人才代表我們自己。同時，我們盡可能地推動自己進行這些系統計劃，以便能夠將工時降至最低。

Got it. And then lastly, I just want to come back to the cadence of new unit openings. So you've opened 11 year-to-date. I think you have another or maybe in the pipeline. I know not all of those will get completed in FY25, but do you expect any more to be opened in Q2 -- I'm sorry, in fiscal Q3.

知道了。最後，我只想回到新單位開設的節奏。今年迄今您已開設了 11 家門市。我認為您還有另一個或可能正在籌備中。我知道並非所有這些都會在 25 財年完成，但您是否預計在第二季（抱歉，是在第三財季）還會開設更多課程？

And then just in terms of thinking about the timing of when things might open in your fourth quarter. I know that in Q2, all of the openings happened in February.

然後就考慮一下第四季事情可能何時開始的時間。我知道第二季的所有開幕活動都是在二月舉行的。

So even though you got three open, I wanted to just understand what the revenue contribution was, given that I think from an operating week perspective, you only had like five or six operating weeks in which you had new units opened in that quarter.

因此，即使您開設了三家新店，我也只想了解其收入貢獻是多少，因為我認為從營業週的角度來看，該季度您只有五到六個營業週開設了新店。

(interpreted) So we've got one more scheduled opening for Q3. If you go on our website, you can see that we already have the opening soon language up. And so that should be opening soon. In terms of Q4, we haven't updated our guidance. We're very comfortable with being able to open two units.

（翻譯）因此，我們在第三季又安排了一次開幕。如果您造訪我們的網站，您會發現我們已經有即將開業的語言了。所以它應該很快就會開放。就第四季度而言，我們尚未更新我們的指導。我們很高興能夠開設兩個單位。

Should we be able to open both of those prior to the --, that would be an opportunity for us to provides an update to guidance on the unit front right now, it's just construction is happening in one of the constructions in a mall. And so that there's a level of uncertainty in terms of construction there.

如果我們能夠在之前開放這兩個地方，那麼這將是我們的機會，可以更新目前單位方面的指導，這只是購物中心中的一個建築正在進行施工。因此那裡的建設方面存在一定程度的不確定性。

(interpreted) It's in a food court. We're sort of like the center piece of the food court, but we've never had to do construction under those constraints before. Obviously, they're not shutting own the food court to let us build a restaurant. Yes, it's all overnight construction in that restaurant. So it takes a little longer.

（解釋）它位於美食廣場。我們有點像美食廣場的中心，但我們以前從未在這樣的限制下進行過施工。顯然，他們不會關閉自己的美食廣場來讓我們建造餐廳。是的，那家餐廳都是通宵施工的。所以需要更長的時間。

Thank you for taking me question and good luck.

感謝您回答我的問題並祝您好運。

Matt Curtis, William Blair.

馬特柯蒂斯、威廉布萊爾。

I wanted to get back to the revenue guidance for a minute. Could you tell us what second half comp expectations you have embedded to get to the full year revenue guide?

我想先回顧一下收入預期。您能否告訴我們，您對下半年的營收預期是怎樣的，以便獲得全年收入指南？

(interpreted) And given that we generally don't give comp guidance with the increased uncertainty, this is certainly not easier for us to give comp guidance, but the -- the revenue guidance does reflect our assumptions, both in terms of the accelerated openings that we've seen.

(解釋) 鑑於我們通常不會在增加不確定性的情況下提供可比指導，這對我們來說當然不容易提供可比指導，但收入指導確實反映了我們的假設，無論是從我們所看到的加速開放來看。

A lot of the fiscal '25 openings outperforming our expectations, reflecting Jimmy's comments about it. having the potential to be one of our strongest classes ever. But yes, we think you could be able to back out or back into our comp expectations from the revenue guidance that we presented in conjunction with the commentary on the pensions.

許多 25 財年的開幕情況都超出了我們的預期，這反映了 Jimmy 對此的評論。有潛力成為我們有史以來最強大的班級之一。但是的，我們認為您可以根據我們在退休金評論中提出的收入指導來撤回或回到我們的薪酬預期。

Okay. Got it. Got it. And I guess switching to something else. You mentioned some of the IP collabs will be starting in May. Could you give us any details around exactly what you have planned on the IP front in the second half of the year?

好的。知道了。知道了。我想換成別的東西吧。您提到一些 IP 合作將於 5 月開始。您能否向我們詳細介紹今年下半年在智慧財產權方面的具體計畫？

Yes. So the IP pipeline that we've been building is really -- the main thing that we were trying to change was having unsuccessful IPs. And so what we've built out is we have some of our best ever hits from the past coming up. So you've got Demon Slayer, we have One Piece, Peanuts. And then we've been developing our relationship with Nintendo.

是的。因此，我們一直在建立的 IP 管道實際上是——我們試圖改變的主要問題是 IP 不成功。因此，我們即將推出一些過去最出色的熱門歌曲。所以你有《鬼滅之刃》，我們有《海賊王》、《花生》。然後我們一直在發展與任天堂的關係。

So we have Kirby, which is one of their major Mascot characters coming up in fiscal '26. I'm personally a Kirby fan and I'm extremely excited. I can't share anything else in terms of the fiscal '26 pipeline, but we're very excited. As Jimmy shared in the opening remarks, we have seven or eight planned for fiscal '26. It's a big part of our strategy.

因此我們有了 Kirby，這是他們 26 財年推出的主要吉祥物角色之一。我個人是星之卡比的粉絲，我非常興奮。關於 26 財年的計劃，我無法透露任何其他信息，但我們非常興奮。正如吉米在開場白中所說，我們為 26 財年制定了七到八個計劃。這是我們策略的重要組成部分。

Thank you so much.

太感謝了。

Mark Smith, Lake Street Capital.

馬克史密斯 (Mark Smith)，Lake Street Capital。

First question, sorry if I missed it. Does the G&A guidance include the litigation expense.

第一個問題，如果沒注意到，請見諒。一般及行政開支指南是否包括訴訟費用？

Yes, the guidance -- we haven't changed our guidance as it relates to the litigation expense being part of that number. It is part of it.

是的，我們沒有改變與訴訟費用相關的指導意見。這是其中的一部分。

Okay. Perfect. And then second one for me, just as we think about tariffs and kind of build out. Any idea outside of operations, maybe incremental costs on build-out of new restaurants at this point, especially any special equipment that you may be importing?

好的。完美的。然後對我來說第二個問題，就像我們考慮關稅和建造一樣。除了營運之外還有什麼想法嗎？也許是目前新建餐廳的增量成本，特別是您可能要進口的任何特殊設備？

(interpreted) So we do bring in a certain amount of special equipment from overseas, largely Japan and China. Our initial estimate in terms of incremental cost as it relates to the tariffs, we think in a worst-case scenario would be about $400,000.

（翻譯）因此，我們確實從海外引進了一定數量的特殊設備，主要是日本和中國。我們初步估計，與關稅相關的增量成本在最壞的情況下約為 40 萬美元。

(interpreted) That being said, even with the potential increase in build-out costs, this doesn't change our thinking at all in terms of or desire to maintain 20%-plus unit growth rate.

（解釋）話雖如此，即使建設成本可能增加，這也絲毫不會改變我們維持 20% 以上單位成長率的想法或願望。

(interpreted) So as a refresher, our AUVs of $4 million on restaurant operating profit margins of 20% against buildout cost of $2.5 million, you got the cash on cash returns of 33%. We just mentioned the worst-case scenario would be a $400,000 increase. We think a $300,000 increase. It is more realistic. That only changes the unit economics equation by half a year in terms of payback period.

（解釋）因此，作為複習，我們的 AUV 為 400 萬美元，餐廳營業利潤率為 20%，而建設成本為 250 萬美元，您獲得的現金回報率為 33%。我們剛才提到，最糟的情況是增加 40 萬美元。我們認為會增加 30 萬美元。這更現實。就投資回收期而言，這只會使單位經濟方程式改變半年。

And so it really doesn't change our appetite at all. We have $100 million in cash and long-term investments. We just renewed our revolver with the parent concert corn for $45 million. And so we're in a very strong capital position, and we're excited to be able to make decisions based off of what are in the long-term best interest of the company.

所以它實際上根本不會改變我們的胃口。我們擁有 1 億美元現金和長期投資。我們剛剛與母公司 Concert Corn 續簽了一份價值 4500 萬美元的協議。因此，我們的資本狀況非常強勁，我們很高興能夠根據公司長期的最佳利益做出決策。

Thank you

謝謝

(Operator Instructions) JP Wollam, ROTH Capital Partners.

（操作員指示） JP Wollam，ROTH Capital Partners。

Maybe if we could start sort of on the levers on your side, understanding that the consumer environment is uncertain and certainly rapidly changing. But I was just hoping we could talk one on the reservation system, did you give a time line of when you would expect that to be fully rolled out?

也許我們可以從您這邊的槓桿開始，了解消費者環境是不確定的，而且肯定在快速變化。但我只是希望我們可以談談預訂系統，您是否給出了預計何時全面推出該系統的時間表？

And then two, can you just talk about kind of the marketing and maybe more also with the loyalty program. what else can you kind of do there to help drive volume from your loyalty members?

其次，您能否談談行銷類型以及忠誠度計畫？您還可以做些什麼來幫助提高忠誠會員的數量？

Yes. So what we've shared publicly is that we expect to be able to roll out the reservation system-wide by the end of the fiscal year. My -- our goal is faster. We definitely want to be able to capture the leverage of seasonality that we see in Q4. And so that is one of our top priorities to achieve full system online.

是的。因此，我們公開宣布，我們預計能夠在本財年結束前在全系統範圍內推出預訂系統。我的——我們的目標是更快。我們絕對希望能夠抓住第四季的季節性槓桿作用。因此，實現整個系統在線是我們的首要任務之一。

In terms of the reward system, sort of the rewards program. We've got -- there are a couple of things that we're really excited about. The first is the reservation system is accessed through the reward system.

就獎勵制度而言，這是一種獎勵計劃。我們有——有幾件事讓我們感到非常興奮。首先是透過獎勵系統存取預訂系統。

And so we know that's going to be a pretty, pretty meaningful catalyst in terms of registrations. And as we've discussed on past calls, rewards members are very valuable both in terms of frequency and spend. And so on that note, with the IP that we have coming up, we know that we can do a lot of different things. We've got giveaways and stuff like that, like we've done in the past, and those are very meaningful levers for us.

因此我們知道，就註冊而言，這將是一個非常非常有意義的催化劑。正如我們在過去的電話會議中討論過的，獎勵會員在頻率和消費方面都非常有價值。因此，憑藉我們即將推出的 IP，我們知道我們可以做很多不同的事情。我們有贈品和類似的東西，就像我們過去做過的那樣，這些對我們來說是非常有意義的槓桿。

Okay. Understood. And then the second one would just be maybe more on a competitive note. I don't know how much kind of visibility you guys have, but any high-level thoughts about some of your competitors and maybe how the tariffs might impact their business and more specifically kind of their pricing structure and what it means kind of for the value delta that Kura provides relative to some of your competitors out there?

好的。明白了。那麼第二個可能就更具競爭力了。我不知道你們對這領域的了解程度如何，但你們對一些競爭對手有什麼高層次的看法嗎？關稅可能會如何影響他們的業務，更具體地說是他們的定價結構，以及這對 Kura 相對於其他一些競爭對手所提供的價值增量意味著什麼？

(interpreted) We appreciate you bringing this up. As shock as we were by the magnitude of the tariffs, we're certain that every other Mom and Pops restaurant was just a shock if not more shocked. And as you probably guess, we're in a much, much better position than them. And we believe that we can turn this into a competitive advantage and further widen the delta in terms of value between ourselves and the typical issue restaurant.

（翻譯）感謝您提出這個問題。儘管我們對關稅的幅度感到震驚，但我們確信其他每家夫妻店也同樣感到震驚，甚至更加震驚。正如你可能猜到的那樣，我們的情況比他們好得多。我們相信，我們可以將此轉化為競爭優勢，並進一步擴大我們與典型餐廳之間的價值差距。

(interpreted) So the first would be that we're in a very strong cash position. As we just mentioned, we've got $100 million on the balance sheet access to another $45 million revolver. And so we're not in the same position as a month top where they need to be making decisions about keeping the lights on operational stuff like that, we can really make what is the decisions that are in terms of the best long-term strategy.

（解釋）首先，我們的現金狀況非常強勁。正如我們剛才提到的，我們的資產負債表上有 1 億美元，可以使用另外 4500 萬美元的循環信貸。因此，我們與月度高階主管的處境不同，他們需要做出有關如何維持營運之類的決策，我們真正能夠做出符合最佳長期策略的決策。

As Jeff had spoken to earlier or vendors are already coming to the table indicating that they want to work with us, are buying powers, orders of magnitude larger than the typical Sushi restaurant. We're probably one of the biggest fish buyers in the country.

正如傑夫之前所說的那樣，供應商已經來到談判桌前，表示他們希望與我們合作，他們的購買力比一般的壽司餐廳要大幾個數量級。我們可能是全國最大的魚類買家之一。

And so that is something that is very different for us versus any of our competitors. And the last would just be all of the things that are unique to us, whether the new initiatives that we're talking about, the IP collaboration, the experientiality, all of those will continue to work in our favor.

因此，這對我們和我們的競爭對手來說都是非常不同的。最後就是所有我們獨有的東西，無論是我們正在談論的新舉措、知識產權合作還是體驗，所有這些都將繼續對我們有利。

(interpreted) Operating profit margins, generally speaking, are about 20% are amazing. We're really happy with them. And so if there is some short-term pressure on it, that's something that we can tolerate. We're able to make decisions that are not looking at the short term, but really the long term, and we're very grateful to be to have that strategic flexibility. And

(解釋) 營業利益率一般都在20%左右，很驚人。我們對他們非常滿意。因此，如果存在一些短期壓力，那是我們可以忍受的。我們能夠做出不著眼於短期而是著眼於長遠的決策，我們非常感激能夠擁有這種戰略彈性。和

(interpreted) To return to your initial question, absolutely, we think this is going to be a catalyst for widening of the value delta between ourselves and competitors. And we'll -- the value position will be stronger than ever.

(翻譯)回到你最初的問題，當然，我們認為這將成為擴大我們與競爭對手之間的價值差距的催化劑。而我們的價值地位將比以往更強大。

Thank you.

謝謝。

Todd Brooks, Benchmark Company.

托德·布魯克斯（Todd Brooks），Benchmark 公司。

Only a couple left here. If we can talk IP partnership, I think you said the timing for the next one starts in May. And at one point, I think you were talking about one in Q3 and one to two in Q4. Does that imply when we get to May, we're running under IP partnerships for the balance of the fiscal year?

這裡只剩下一對夫婦了。如果我們可以談論智慧財產權合作，我想您說下一次合作的時間是在五月。我認為您曾經討論過第三季度會出現 1 個，第四季度會出現 1 到 2 個。這是否意味著當我們進入 5 月時，我們將在 IP 合作夥伴關係下運行整個財政年度？

Yes.

是的。

Okay. Great. And then I know when you talked about the pivot off of the kind of the six scheduled IP partnership cadence, there was a desire to really focus on the more impactful partnerships. A little surprised and encouraged to hear about seven to eight collaborations next year. Is the threshold in the hurdle of impactful still in place where...

好的。偉大的。然後我知道，當您談到六個預定的 IP 合作夥伴關係節奏的轉變時，人們希望真正關注更有影響力的合作夥伴關係。聽到明年將有七到八次合作，我感到有點驚訝和鼓舞。影響力的門檻是否仍然存在？

We're very, very happy with the work that the marketing team has been doing. Q2 was a difficult comparison, but that bottom the time to be able to put together this amazing IP pipeline. And so we think it was absolutely the right investment to make.

我們對行銷團隊所做的工作非常滿意。Q2 是一個很難的比較，但那是能夠組成這個令人驚嘆的 IP 管道的時間。因此我們認為這絕對是一項正確的投資。

Okay. And then at kind of six-week durations, are we pretty much always on then as we think about fiscal '26 from an IP partnership?

好的。然後，在為期六週的時間裡，當我們從 IP 合作夥伴關係考慮財政 26 時，我們是否幾乎總是處於這個階段？

My guess at this point is that it will -- we'll probably have a couple of one-month collaborations, and that's how we get beyond the six collaborations per year that we've done historically.

我現在的猜測是，我們可能會進行幾次為期一個月的合作，這就是我們超越歷史上每年六次合作的方式。

Okay. Perfect. And then the other one was just a follow-up on the reservation system. I think you said you're in test now in three units and one of -- at least one of the ones in test is one of the really higher volume units. Just wondering and not looking for quantification, but the consistency of the lift that you're seeing from the system, either relative to your expectations or relative to what Kura Japan saw when they implemented it.

好的。完美的。另一個只是對預訂系統的後續跟進。我想您說過，您現在正在對三個單位進行測試，其中一個 — — 測試中的至少一個單位是真正數量較高的單位之一。只是好奇，並不尋求量化，而是尋求您從系統中看到的提升的一致性，無論是相對於您的預期還是相對於 Kura Japan 實施時所看到的。

The consistency of lifts that you're seeing and how that's fueling the desire to get this rolled out even more quickly than in the end of the fiscal year and is the bandwidth there to really like I don't know how fast you can roll these out now that you've tested in three? Is this still an iterative process where you go to another five stores. And then what's the unlock to kind of hit the year-end goal for the reservation system.

您所看到的提升的一致性以及它如何激發人們在財政年度末之前更快地推出這一舉措的願望，並且那裡的頻寬是否真的足夠，我不知道您現在已經進行了三次測試，可以多快推出這些舉措？這仍然是一個去另外五家商店的迭代過程嗎？那麼，如何才能實現預訂系統的年底目標呢？

Yes. So to start in terms of guest response, so the high-volume restaurant that we referred to is Austin. I was there for the first week that we launched in Austin. The only -- because this isn't system-wide yet, the only marketing that we've been able to do is through the rewards program, if you set your favorite restaurant as say, also, then you would have gotten an e-mail saying, we now have reservations. And I was watching all the guests coming in.

是的。首先從客人的反應來看，我們提到的客流量大的餐廳是奧斯汀。我們在奧斯汀啟動的第一個星期我都在那裡。唯一的——因為這還不是全系統的，我們能夠做的唯一行銷是透過獎勵計劃，如果你設定你最喜歡的餐廳，那麼你也會收到一封電子郵件，上面寫著，我們現在有預訂了。我看著所有客人進來。

And it seemed like the first day it was one-fourth to one-third of people were coming in, holding up their phones with their reservation numbers. I just genuinely blown away by that weekend, it was really like every other party had a reservation. And so for these restaurants that are super busy that have long lines, the value is immediately obvious to our guests.

似乎第一天就有四分之一到三分之一的人進來，舉著寫有訂房號碼的手機。那個週末我真的被震撼了，就好像其他每個派對都有預訂一樣。因此，對於那些排隊很長、生意非常繁忙的餐廳來說，其價值對我們的客人來說是顯而易見的。

And so that got us that much more excited made it really clear to us that there's a concrete upside that we could expect, and that's one of the other reasons that we're putting everything that we can into accelerating rollout.

這讓我們更加興奮，讓我們清楚地知道，我們可以期待一個具體的好處，這也是我們竭盡全力加速推出的另一個原因。

In terms of the unlocks, I'd say that the biggest parts are behind us. It was really just getting text stability and making sure that we're able to figure out an operational flow that made sense, and that's largely been hammered out. And so now it's we're breaking up into teams, and we're going to be having simultaneous rollouts across the country.

就解鎖而言，我想說最重要的部分已經完成了。這實際上只是為了獲得文字穩定性並確保我們能夠找出合理的操作流程，而且這在很大程度上已經得到了解決。所以現在我們分成幾個小組，在全國同時進行推廣活動。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

I wanted to go back to the quarterly performance. Did you break down same-store sales between traffic, price and mix? Or could you?

我想回顧一下季度業績。您是否將同店銷售額按客流量、價格和產品組合細分？或者你可以嗎？

Yes, we can. So total comp was minus 5.3%, and that was minus 8.5% traffic and 3.2% price and mix.

是的，我們可以。因此，總銷售額為-5.3%，其中流量為-8.5%，價格和組合為-3.2%。

All right. And again, any -- March was a meaningful improvement over that trend on the traffic line. Is that the right way to look at it?

好的。再說一次，三月的交通狀況比這一趨勢有了顯著改善。這是正確的看待方式嗎？

(interpreted) In terms of performance and looking at it on an absolute basis, we're very pleased with Mark's performance. That being said, if we're talking about comps, last year's March was strong enough that -- it was so strong that, that's really what prompted our revenue guide raise last year. So March is really a tough month to compare ourselves against. But ex that, we were very, very happy with --.

（解釋）就表現而言，從絕對角度來看，我們對馬克的表現非常滿意。話雖如此，如果我們談論的是可比較數據，那麼去年 3 月的表現已經足夠強勁了——強勁到足以促使我們提高去年的營收預期。因此，三月確實是一個很難與我們相比的月份。但除此之外，我們非常非常高興--.

All right. And then a question on unit development. Can you provide a little bit more insight on what your development pipeline is looking like in the United States beyond fiscal '25, maybe indications of lease signs or sites you've identified anything that would give us a sense of a commitment you've got beyond the current fiscal year?

好的。然後是關於單位發展的問題。您能否更深入地介紹一下您在 2025 財年之後在美國的發展情況，例如租賃標誌或您確定的場地等任何可以讓我們了解您在本財年之後的承諾的東西？

(interpreted) So generally speaking, you could assume that the foreseeable future, we're going to maintain that 20% plus unit growth rate. For fiscal '27, we expect to be able to get back to that 50-50 split between existing and new markets and the confidence behind that same income with the number of LOIs that we have under edition negotiation of the number of leases that we already have executed.

(解釋) 所以一般來說，你可以假設在可預見的未來，我們將保持 20% 以上的單位成長率。對於 27 財年，我們預計能夠恢復現有市場和新市場之間 50-50 的分配，並且對我們根據已經執行的租賃數量進行的版本談判中的 LOI 數量對相同收入的信心。

All right. And just one last question on tariffs. Is it possible for you to move to a US only supply chain to source input costs over the next year, let's say?

好的。最後一個問題是關於關稅的。比方說，您是否有可能在明年轉向僅在美國營運的供應鏈來獲取投入成本？

(interpreted) It would probably be difficult to shift entirely to domestic. I mean you can't catch tuna in --. So there's just geographic biological limitations there. But what we can do is we can adjust between different fire countries. And so we're going to be keeping a very close eye over how the tariffs take out over the coming months.

（解釋） 要完全轉向國內可能會比較困難。我的意思是你不能在--.所以那裡只是存在地理生物學限制。但我們能做的是，我們可以在不同的火災國家之間進行調整。因此，我們將密切關注未來幾個月關稅的走勢。

And if there are countries that we're currently working with that are less advantageous and there are options for ingredients of comparable quality, better tariff rates, then certainly, that's something that we pursue.

如果我們目前合作的國家的優勢較小，並且有同等品質的原料可供選擇，關稅稅率也更優惠，那麼我們當然會努力爭取。

(interpreted) One thing that we've been working over the last couple of years that is going to become critically important now is our relationships, not with just our broadline suppliers, but with the direct vendors. We -- our supply chain team goes -- they're traveling across the world, negotiating directly with the providers.

(翻譯) 過去幾年我們一直在努力的一件事現在變得至關重要，那就是我們的關係，不僅與我們的綜合供應商，而且與直接供應商。我們的供應鏈團隊正在世界各地旅行，直接與供應商進行談判。

And so it's a very different situation from a Mom and Pop where they have -- their options are limited to what the broad liner is offering. We bring what we want to the broad liner. And so again, it's just a completely different story in terms of economies of scale. And as unfortunate as this is, this is. This is going to hurt our competitors a lot more than it's going to hurt us.

因此，這與夫妻店的情況非常不同，夫妻店的選擇僅限於大企業所提供的產品。我們將我們想要的東西帶到寬闊的船上。所以，從規模經濟的角度來看，這又是一個完全不同的故事。儘管這很不幸，但事實就是如此。這對我們的競爭對手造成的傷害遠大於對我們的傷害。

This concludes the question-and-answer session as well as today's teleconference. Thank you for your participation. You may disconnect your lines at this time.

問答環節以及今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。