El Pollo Loco Holdings Inc (LOCO) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the El Pollo Loco first-quarter 2025 earnings conference call. (Operator instructions) Please note that this conference is being recorded today, May 1, 2025. And now I would like to turn the conference over to Ira Fils, the company's Chief Financial Officer.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 El Pollo Loco 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議將於 2025 年 5 月 1 日今天進行錄製。現在我想將會議交給公司財務長艾拉·菲爾斯 (Ira Fils)。

Thank you, operator, and good afternoon. By now, everyone should have access to our first quarter 2025 earnings release. If not, it can be found at www.elpolloloco.com in the Investor Relations section. Before we begin our formal remarks, I need to remind everyone that our discussions today will include forward-looking statements, including statements related to our growth opportunities, strategic and operational initiatives, expectations regarding sales and margins, potential changes to our product platforms, capital expenditure plans, expectations regarding kiosk rollouts, the ability of our franchisees to drive growth, expectations regarding commodity and wage inflation, remodel plans and our 2025 guidance, among others. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them.

謝謝接線員，下午好。現在，每個人都應該可以看到我們 2025 年第一季的收益報告。如果沒有，您可以在 www.elpolloloco.com 的投資者關係部分找到。在我們開始正式發言之前，我需要提醒大家，我們今天的討論將包括前瞻性陳述，包括與我們的成長機會、策略和營運舉措、對銷售和利潤的預期、我們產品平台的潛在變化、資本支出計劃、對自助服務終端推出的預期、我們的特許經營商推動增長的能力、對商品和工資通脹的預期、改造計劃和我們的 2025 年指導增長的陳述。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。

These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we currently expect. We refer you to our recent SEC filings including our Form 10-K for the year ended 2024 previously filed as well as our Form 10-Q for the first quarter to be filed for a more detailed discussion of the risks that could impact our future operating results and financial conditions. We expect to file our 10-Q for the first quarter of 2025 tomorrow and would encourage you to review that document at your earliest convenience.

這些聲明受到許多風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。請您參閱我們最近向美國證券交易委員會 (SEC) 提交的文件，包括我們先前提交的截至 2024 年的 10-K 表格以及即將提交的第一季 10-Q 表格，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。我們預計明天提交 2025 年第一季的 10-Q 報表，並鼓勵您儘早查看該文件。

During today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP and reconciliations to comparable GAAP measures are available in our earnings release, which is available in the Investor Relations section of our website.

在今天的電話會議中，我們將討論非公認會計準則指標，我們認為這些指標對於評估績效很有用。呈現這些附加資訊不應被孤立地看待，也不應將其視為按照 GAAP 編制的結果的替代，並且與可比 GAAP 指標的對帳可在我們的收益報告中找到，該報告可在我們網站的「投資者關係」部分找到。

With respect to the restaurant contribution margin outlook we will be providing on today's call, please note that we have not provided a reconciliation to the most directly comparable forward-looking GAAP financial measure because without unreasonable efforts, we are unable to predict with reasonable certainty the amount of or timing of non-GAAP adjustments that are used to calculate income from operations and company-operated restaurant revenue on a forward-looking basis.

關於我們將在今天的電話會議上提供的餐廳貢獻利潤率展望，請注意，我們尚未提供與最直接可比的前瞻性 GAAP 財務指標的對賬，因為如果不付出不合理的努力，我們就無法以合理的確定性預測用於前瞻性計算營業收入和公司經營餐廳收入的非 GAAP 調整的金額或時間。

Now I would like to turn it over to our CEO, Liz Williams.

現在我想把發言權交給我們的執行長 Liz Williams。

Thank you, Ira, and good afternoon, everyone. As we enter the second year of our brand turnaround, I am proud of what we have accomplished thus far and remain excited by the future of El Pollo Loco. As you know, a brand turnaround is never easy even in the best of environments, and the dynamic and challenging consumer environment we are facing to start the year is only adding another layer of complexity. Progress takes time and to ensure we achieve our ambitions of long-term sustainable growth; we are committed to taking no shortcuts. While we acknowledge our first quarter results were underwhelming, we remain confident in the steps we are taking and are excited about the initiatives we have planned for the remainder of the year, including our upcoming brand relaunch and our menu innovation pipeline, both of which I will speak to in a moment.

謝謝你，艾拉，大家下午好。當我們進入品牌轉型的第二年時，我為迄今為止所取得的成就感到自豪，並對 El Pollo Loco 的未來感到興奮。眾所周知，即使在最好的環境下，品牌轉型也絕非易事，而我們在年初面臨的充滿活力和挑戰的消費環境只會增加另一層複雜性。進步需要時間，並確保我們實現長期可持續成長的目標；我們決心不走捷徑。雖然我們承認第一季的業績不盡人意，但我們對正在採取的措施仍然充滿信心，並對我們在今年剩餘時間內計劃的舉措感到興奮，包括我們即將推出的品牌重塑和菜單創新管道，我稍後會談到這兩項內容。

While the restaurant industry may be choppy in the near-term, we continue to believe we are positioning El Pollo Loco to drive substantial long-term shareholder value. During the first quarter, we delivered proof points that reinforce our conviction in the brand's long-term opportunity, including proving that menu innovation can drive trial to the brand through the launch of Mango Habanero, identifying opportunities to further improve our operations and provide an even better customer experience through the investments we made last year, and opening 2 new restaurants in Q1, while firming up our path to at least 10 openings in 2025 and a further acceleration in 2026. As we look forward, let me start by touching on what will drive growth in both the short and the long-term.

儘管餐飲業短期內可能出現波動，但我們仍然相信，El Pollo Loco 的定位是推動長期股東價值的大幅提升。在第一季度，我們提供了有力的證據，增強了我們對該品牌長期機會的信心，包括通過推出芒果哈瓦那辣椒證明菜單創新可以推動品牌的試用，透過去年的投資尋找進一步改善運營和提供更好客戶體驗的機會，並在第一季度開設了 2 家新餐廳，同時鞏固了我們在 2025 年至少開設 10 家餐廳並在餐廳開設的道路進一步加速。展望未來，我首先要談談推動短期和長期成長的因素。

Our signature fire-grilled citrus-marinated chicken continues to be the core strength of El Pollo Loco. It's the foundation of our brand that wins pillar. From our chicken family meals to our more handheld items like tacos, burritos and our delicious tostadas and salads, we need to remind both new and lapsed consumers that El Pollo Loco stands for quality and flavorful food that is quick, convenient, and offers value for the money. To that end, we started the year by showcasing our first chicken innovation in many years, Mango Habanero Fire Grilled Chicken, our guests love it. Mango Habanero delivered on taste and drove trial from new guests, giving us a proof point on the opportunity we have with flavor innovation and menu innovation more broadly. This gets us excited about our next several flavorful, affordable, and quality products in the pipeline.

我們的招牌火烤柑橘醃雞繼續成為 El Pollo Loco 的核心優勢。它是我們品牌制勝的根基支柱。從我們的雞肉家庭餐到更多手持食品，如玉米餅、墨西哥捲餅和美味的烤玉米餅和沙拉，我們需要提醒新消費者和流失的消費者，El Pollo Loco 代表著快速、方便且物有所值的優質、美味的食品。為此，我們在年初推出了多年來的首個雞肉創新產品——芒果哈瓦那辣椒火烤雞，我們的客人非常喜歡它。芒果哈瓦那辣椒口味出色，吸引了新客人的嘗試，證明了我們在口味創新和菜單創新方面擁有更廣泛的機會。這讓我們對即將推出的幾款美味、實惠且優質的產品感到興奮。

In a few weeks, we will launch our new fresca wraps and salads, followed later by our quesadillas at the end of June. Our new quesadilla combo, which features all white meat chicken, shredded jack cheese with a choice of our signature avocado salsa or creamy chipotle sauce, includes guacamole for dipping paired with chips and a drink. All of that targeted at a combo price point of $9.99, a tremendous value while delivering on quality and flavor. Combined with an a la carte pricing in the mid-$7 range, these price points offer a solution to the number one consumer opportunity that we see, price and affordability.

幾週後，我們將推出新的新鮮捲餅和沙拉，然後在六月底推出油炸玉米餅。我們的新墨西哥玉米餅組合以全白肉雞肉、切碎的傑克起司為特色，可選擇我們的招牌酪梨莎莎醬或奶油墨西哥辣椒醬，包括蘸醬酪梨醬以及薯條和飲料。所有這些的組合價格均為 9.99 美元，在保證品質和風味的同時，還具有極高的價值。結合約 7 美元的單點定價，這些價格點為我們看到的首要消費者機會——價格和可負擔性——提供了解決方案。

The quesadilla is also a product that fits very well with a younger consumer due to its portability and convenience factors. The feedback from our test has exceeded our expectations, not just from consumers, but also from our team members due to operational simplicity. We believe so much in this new quesadilla that we proactively accelerated the rollout to early summer to get this amazing product in the hands of our consumers even faster.

由於其便攜性和便利性，墨西哥玉米餅也非常適合年輕消費者。由於操作簡單，測試的回饋超出了我們的預期，不僅來自消費者，而且來自我們團隊成員的回饋也超出了我們的預期。我們對這款新型墨西哥餅充滿信心，因此我們主動將推出時間提前到初夏，以便更快地將這款令人驚嘆的產品送到消費者手中。

While our culinary team has done a nice job rebuilding the innovation pipeline, we have also been laying the groundwork for our brand transformation. Over the last few months, we have conducted third-party research, which confirms the equity we have with consumers centering around quality, fresh ingredients, and cooking in our restaurants. This work also reemphasizes that we have an opportunity to offer even more portable chicken options like quesadillas, wraps, strips, sandwiches, all to meet that on-the-go lifestyle of so many consumers. Fortunately, our product pipeline is geared to meet these consumer needs.

我們的烹飪團隊在重建創新管道方面做得很好，同時我們也一直在為品牌轉型奠定基礎。在過去的幾個月裡，我們進行了第三方研究，證實了我們在餐廳的品質、新鮮食材和烹飪方面對消費者的信任。這項工作也再次強調，我們有機會提供更多便攜式雞肉選擇，如油炸玉米餅、捲餅、雞柳、三明治，以滿足眾多消費者忙碌的生活方式。幸運的是，我們的產品線能夠滿足這些消費者的需求。

We see an opportunity that few QSRs can address with quality. We are well-positioned in this growing chicken category with our unique twist of Mexican flavors, and we are looking forward to unveiling the first part of our new brand campaign later this month as we evolve our brand to be more modern with an updated brand aesthetic as well as a new approach to marketing and brand positioning. Ultimately, this effort will allow us to show our passion for chicken, our fresh ingredients and our quality food. We know it takes some time for all of the brand touch points to ripple throughout the system, and we are excited as we take the first step, which we know will have a positive and elevating impact. This brings me next to our hospitality mindset pillar.

我們看到了很少有快餐店能夠以優質服務抓住的機會。憑藉我們獨特的墨西哥風味，我們在日益增長的雞肉類別中佔據了有利地位，我們期待著本月晚些時候推出新品牌活動的第一部分，我們將透過更新的品牌美學以及新的營銷和品牌定位方法，使我們的品牌變得更加現代化。最終，這項努力將使我們能夠展示我們對雞肉、新鮮食材和優質食品的熱情。我們知道，所有品牌接觸點需要一些時間才能在整個系統中產生連鎖反應，我們很高興邁出了第一步，我們知道這將產生積極和提升的影響。這讓我想到了我們熱情好客的思維支柱。

Improving our four-wall operations remains our top priority in transformation, and we can accomplish this by building upon standards and accountability. We have a clear goal and set of actions to get our consistency and quality of service to match that of our food quality. As we mentioned on our last call, we implemented a new customer feedback system with a best-in-class partner, Service Management Group, or SMG, to enable us to improve our closed-loop customer feedback system, provide better customer service, and more clearly benchmark customer feedback with other leaders in the restaurant industry. This initial feedback we have received thus far has highlighted an opportunity we have to better serve our customers, particularly through order accuracy and hospitality. We know that when we are properly staffed with the right people in the right places at the right times, we provide our guests with excellent experiences.

改善我們的四面牆營運仍然是我們轉型的首要任務，我們可以透過建立標準和問責制來實現這一目標。我們有明確的目標和一系列行動，以確保我們的服務品質與食品品質的一致性和品質相符。正如我們在上次電話會議上提到的，我們與一流的合作夥伴服務管理集團（SMG）一起實施了一個新的客戶反饋系統，以使我們能夠改進閉環客戶反饋系統，提供更好的客戶服務，並更明確地與餐飲行業的其他領導者進行客戶反饋對比。到目前為止，我們收到的初步回饋凸顯了我們有機會更好地服務客戶，特別是透過訂單準確性和熱情好客。我們知道，當我們在正確的時間、正確的地點配備正確的人員時，我們就能為客人提供卓越的體驗。

We are focused on driving consistency across the system, both company and franchise, to ensure that our customers are getting the correct order every time. We truly believe that customer service drives transactions, and customer loyalty only grows with better service. We are optimistic that improvement will positively impact sales and transactions as we move forward.

我們致力於推動整個系統（包括公司和特許經營店）的一致性，以確保我們的客戶每次都能收到正確的訂單。我們堅信客戶服務推動交易，而客戶忠誠度只有透過更好的服務才能成長。我們樂觀地認為，隨著我們不斷前進，改進將對銷售和交易產生積極影響。

Shifting to winning economics. We continue to focus on substantially improving our unit economics through methodical cost savings and asset modernization initiatives. Despite the headwinds of the first quarter, we remain confident in our ability to drive strong restaurant-level contribution margins for the full year in the range of 17.25% to 17.75% as our teams continue to identify additional opportunities on an ongoing basis.

轉向成功的經濟學。我們將繼續致力於透過系統的成本節約和資產現代化措施大幅提高單位經濟效益。儘管第一季面臨阻力，但我們仍然有信心，我們有能力推動全年餐廳級貢獻利潤率達到 17.25% 至 17.75% 之間，因為我們的團隊將繼續持續尋找更多機會。

One example I want to highlight that illustrates how we continue to improve our margins and our operations to strengthen our business model and to also drive new unit development is our recent distribution transition. After many years with the same distribution partner, we seamlessly shifted to PFG at the beginning of the year. Not only does this transition support our improving business model, but this partnership and enhanced distribution footprint sets us up for future growth outside of the seven states we operate in today.

我想強調的一個例子就是我們最近的分銷轉型，它說明了我們如何繼續提高利潤率和營運水平，以加強我們的商業模式，並推動新部門的發展。在與同一個分銷夥伴合作多年後，我們於今年年初無縫轉向了 PFG。此次轉型不僅支持了我們不斷改進的商業模式，而且這種合作關係和增強的分銷覆蓋範圍也為我們在目前運營的七個州以外的未來成長奠定了基礎。

In addition to our improved restaurant-level margins, we are also making progress on our first new build with a targeted cost below $2 million. This prototype, which we are calling iconic, not only showcases an enduring yet modern and efficient design that is uniquely El Pollo Loco, but it also helps us achieve our goal to reduce build costs and drive improved cash-on-cash returns as we grow our footprint across the country. We now have this prototype available in a remodeled format and will be under construction this summer on this new build.

除了提高餐廳層面的利潤率之外，我們的第一個新建築也正在取得進展，目標成本低於 200 萬美元。這個原型，我們稱之為標誌性的，不僅展示了 El Pollo Loco 獨有的持久而現代且高效的設計，而且還幫助我們實現了降低建造成本和提高現金回報率的目標，因為我們的業務範圍遍布全國。我們現在有了這個經過改造的原型，並將於今年夏天開始建造這個新版本。

Speaking further on our unit development efforts, we remain confident in our plan to open at least 10 new restaurants in 2025, including 2 restaurants that have already been opened. This would represent the largest system-wide unit growth since 2022. And as a reminder, the majority of these new openings will be outside of California. They will be spread across our emerging markets with restaurants that are under development today in Arizona, Colorado, Idaho, New Mexico, Texas, and Washington. Notably, our next opening will be our 500th restaurant, and it will be outside California. It will either be in Arizona or Colorado Springs; we'll know in just a couple of weeks. It will be a fitting tribute to what is yet to come as El Pollo Loco celebrates our 50th year this year.

進一步談到我們的單位發展工作，我們對 2025 年開設至少 10 家新餐廳的計劃充滿信心，其中包括 2 家已經開業的餐廳。這將是自 2022 年以來全系統最大的單位成長。需要提醒的是，這些新開的店鋪大部分都位於加州以外。它們將遍布我們的新興市場，目前正在亞利桑那州、科羅拉多州、愛達荷州、新墨西哥州、德克薩斯州和華盛頓州開設餐廳。值得注意的是，我們下一家開業的餐廳將是我們的第 500 家餐廳，而且它將位於加州以外。它將在亞利桑那州或科羅拉多州斯普林斯；幾週後我們就會知道。今年正值 El Pollo Loco 成立 50 週年，將是對未來最恰當的致敬。

As you know, there have been a lot of conversations recently about the impact of tariffs on build cost and how it will impact our industry as a whole. We continue to monitor the situation. More broadly speaking, we are fortunate to have a flexible restaurant format, which allows our company development and our franchise partners the ability to take advantage of restaurant closures that are out there in the industry and convert them to El Pollo Loco. This helps us achieve a reduced build cost and deliver outsized returns relative to a new ground-up build, and it does help to mitigate some of that potential cost inflation.

如您所知，最近有很多關於關稅對建築成本的影響以及它將如何影響我們整個行業的討論。我們將繼續監測局勢。更廣泛地說，我們很幸運擁有靈活的餐廳模式，這使我們公司的發展和我們的特許經營合作夥伴能夠利用行業中現有的餐廳關閉機會，並將其轉變為 El Pollo Loco。這有助於我們降低建造成本並獲得相對於從頭開始建造而言的超額回報，並且確實有助於緩解一些潛在的成本膨脹。

Despite the current macro uncertainty, the momentum we are seeing in our development pipeline gives us increased confidence in further acceleration of our openings into 2026. Remodeling is also an important part of our development strategy and our brand transformation as we modernize the El Pollo Loco brand. To that end, we continue to utilize a two-tiered approach on remodeling. This includes a low-cost 5-year refresh investment and a more extensive 10-year remodel investment. Our goal is to touch roughly half of our total system over the next four years in partnership with our franchise partners. For the year, we are now expecting to remodel between 60 to 70 system-wide restaurants, 8 of which have already been completed to date. We are pleased with the early sales and the economic returns on these remodels, and we look forward to sharing more exciting updates on our development as the year progresses.

儘管目前宏觀經濟存在不確定性，但我們在開發過程中看到的勢頭使我們對 2026 年進一步加速開業更有信心。隨著我們對 El Pollo Loco 品牌進行現代化改造，重塑也是我們發展策略和品牌轉型的重要組成部分。為此，我們繼續採用雙層方法進行改造。其中包括低成本的 5 年更新投資和更廣泛的 10 年改造投資。我們的目標是在未來四年內與特許經營夥伴合作，涵蓋整個系統的大約一半。今年，我們預計將改造 60 至 70 家全系統餐廳，其中 8 家已經完工。我們對這些改造的早期銷售和經濟回報感到滿意，並期待在未來分享更多令人興奮的開發更新。

In closing, I remain excited for what we have in store for 2025. We are starting to see many green shoots from our efforts to revitalize our brand. While we recognize we are operating in a challenging economic climate, our focus remains squarely on growth and what we can control, offering the highest quality chicken with the best customer service. We have an amazing team, and we are ready to capture the opportunities ahead and make El Pollo Loco the nation's favorite fire-grilled chicken restaurant.

最後，我仍然對 2025 年的計畫感到興奮。我們為振興品牌所做的努力已開始顯現出許多新的跡象。雖然我們認識到我們正處於充滿挑戰的經濟環境中，但我們的重點仍然是成長和我們能夠控制的事情，即提供最高品質的雞肉和最好的客戶服務。我們擁有一支出色的團隊，我們已準備好抓住未來的機遇，讓 El Pollo Loco 成為全國最受歡迎的火烤雞餐廳。

With that, let me turn the call back over to Ira for a more detailed discussion of our first quarter financial results.

說完這些，讓我把電話轉回給艾拉，讓他更詳細地討論我們的第一季財務表現。

Thank you, Liz, and good afternoon, everyone. For the first quarter ended March 26, 2025, total revenue was $119.2 million compared to $116.2 million for the first quarter of 2024. Company-operated restaurant revenue increased 1.2% to $98.4 million from $97.2 million in the same period last year. The $1.2 million increase in company-operated restaurant sales was primarily driven by a 0.6% increase in company-operated comparable restaurant sales as well as additional sales from the opening of two restaurants during or subsequent to the first quarter of 2024. The increase in comparable restaurant sales included a 4.6% increase in average check size and an approximate 3.8% decrease in transactions.

謝謝你，利茲，大家下午好。截至 2025 年 3 月 26 日的第一季度，總營收為 1.192 億美元，而 2024 年第一季為 1.162 億美元。該公司自營餐廳收入從去年同期的 9,720 萬美元增長 1.2% 至 9,840 萬美元。該公司自營餐廳銷售額增加 120 萬美元，主要原因是公司自營可比餐廳銷售額增長 0.6%，以及 2024 年第一季或之後開設兩家餐廳帶來的額外銷售額。可比較餐廳銷售額的成長包括平均帳單金額增加 4.6% 和交易量減少約 3.8%。

During the first quarter, our effective price increase versus 2024 was about 4.4%. Franchise revenue increased 16.2% to $13.2 million during the first quarter, driven by a $1.8 million in IT pass-through revenue related to the franchisee rollout of our new point-of-sale system, which is offset by a corresponding expense in franchise expenses. In addition, the increase in franchise revenue was due to the four new franchise-operated restaurant openings during or subsequent to the first quarter of 2024. The increase in franchise revenue was partially offset by comparable restaurant sales decrease of 1.3%. Looking ahead, second quarter to date through April 23, 2025, system-wide comparable store sales decreased 1.2%, consisting of a 0.1% decrease in company-operated restaurants and a 1.8% decrease in franchise restaurants.

第一季度，與 2024 年相比，我們的實際價格漲幅約為 4.4%。第一季特許經營收入成長 16.2% 至 1,320 萬美元，這得益於與特許經營商推出新的銷售點系統相關的 180 萬美元 IT 轉嫁收入，但特許經營費用中的相應支出抵消了這一收入。此外，特許經營收入的增長是由於 2024 年第一季或之後新開設了四家特許經營餐廳。特許經營收入的成長被可比餐廳銷售額 1.3% 的下降部分抵消。展望未來，截至 2025 年 4 月 23 日的第二季度，全系統同店銷售額下降 1.2%，其中公司自營餐廳下降 0.1%，特許經營餐廳下降 1.8%。

As we look to the remainder of the year, we currently expect a sequential quarterly acceleration in our comp trends in the third and fourth quarter, driven by our brand relaunch in mid-May and the launch of quesadillas this summer, combined with easing prior year quarterly compares as we move through the year. We remain excited about the long-term potential of the brand and believe our brand relaunch and menu innovations like the launch of quesadillas will serve as important foundations for growth over time, supported by additional initiatives currently under development.

展望今年剩餘時間，我們目前預計第三季和第四季的同店銷售額趨勢將出現連續加速，這得益於我們 5 月中旬的品牌重新推出和今年夏天推出的墨西哥玉米餅，加上隨著年內銷售額與去年同期相比有所回落。我們對該品牌的長期潛力仍然感到興奮，並相信我們的品牌重新推出和菜單創新（例如推出墨西哥玉米餅）將成為長期成長的重要基礎，並得到目前正在開發的其​​他舉措的支持。

Turning to expenses. Food and paper costs as a percentage of company restaurant sales decreased 120 basis points year over year to 25.2% due to higher menu pricing, partially offset by commodity inflation of approximately 0.4% during the first quarter. We expect commodity inflation to be in the 1% to 2% range for the full year. As a reminder, our commodity basket is largely domestic with chicken being the largest component. Internationally, our largest exposures include avocados, tomatoes, various other produce items and packaging.

談到費用。食品和紙張成本占公司餐廳銷售額的百分比同比下降 120 個基點至 25.2%，原因是菜單價格上漲，但第一季約 0.4% 的商品通膨部分抵消了這一下降。我們預計全年大宗商品通膨率將在 1% 至 2% 之間。提醒一下，我們的商品籃子主要是國內產品，其中雞肉是最大的組成部分。在國際上，我們最大的業務範圍包括酪梨、番茄、各種其他農產品和包裝。

Labor and related expenses as a percentage of company restaurant sales increased about 120 basis points year over year to 32.7%. The increase in wages was partially offset by menu pricing and better operating efficiencies, primarily driven through improvements in labor deployment. Wage inflation during the first quarter was approximately 12% for all our company-owned locations. For the full year 2025, we expect wage inflation of between 4% to 5% for all our company-owned locations.

勞動力及相關費用占公司餐廳銷售額的百分比年增約 120 個基點，達到 32.7%。工資的成長部分被菜單定價和更好的營運效率所抵消，這主要得益於勞動力部署的改善。第一季度，我們公司所有分支機構的薪資通膨率約為 12%。到 2025 年全年，我們預計所有公司所屬地點的薪資通膨率將在 4% 至 5% 之間。

Occupancy and other operating expenses as a percentage of company restaurant sales increased 150 basis points year over year to 26.1% primarily due to higher rent and CAM along with higher third-party delivery-related expenses, utilities and higher other operating expenses. Our restaurant contribution margin for the first quarter was 16% compared to 17.6% in the year ago period. The decrease was largely driven by a mismatch of pricing and labor inflation due to the April 2024 California minimum wage increase to $20 per hour. More specifically, rather than implementing a single large price increase, we chose to take multiple smaller price increases over time in advance of the wage increase. This pricing increase without the associated wage inflation provided an outside benefit to our first quarter 2024 restaurant contribution. Other contributors to the decrease included sales deleverage along with higher occupancy and other operating costs I just mentioned.

入住率和其他營運費用占公司餐廳銷售額的百分比年增 150 個基點至 26.1%，這主要是由於租金和 CAM 增加，以及第三方配送相關費用、公用事業費用增加和其他營運費用增加。我們第一季的餐廳貢獻利潤率為 16%，而去年同期為 17.6%。下降的主要原因是價格與勞動力通膨不匹配，因為2024年4月加州最低工資上漲至每小時20美元。更具體地說，我們並沒有實施一次性的大幅提價，而是選擇在薪資上漲前分多次小幅漲價。這次價格上漲且不考慮相關薪資上漲，為我們 2024 年第一季的餐廳貢獻帶來了外部收益。導致下降的其他因素包括銷售去槓桿以及我剛才提到的更高的入住率和其他營運成本。

As Liz mentioned, for the full year 2025, we continue to expect our restaurant contribution margin to be in the 17.25% to 17.75% range as the lower-than-expected first quarter margin is offset by incremental margin-enhancing opportunities already identified by our team. In addition, I want to remind you that our restaurant contribution margin already contemplates the impact from tariffs, which we anticipate will be relatively minimal as our largest commodity cost chicken is domestically sourced, and we have limited international exposure in the remainder of our commodity basket. General and administrative expenses decreased 80 basis points year over year to 9.5% of total revenue.

正如 Liz 所提到的，對於 2025 年全年，我們仍然預計我們的餐廳貢獻利潤率將在 17.25% 至 17.75% 之間，因為低於預期的第一季利潤率被我們團隊已經發現的增量利潤率提高機會所抵消。此外，我想提醒您，我們的餐廳貢獻利潤率已經考慮了關稅的影響，我們預計關稅的影響將相對較小，因為我們最大的商品成本雞肉來自國內，而我們其餘商品的國際影響力有限。一般及行政開支年減80個基點，至總收入的9.5%。

The decrease for the quarter was primarily due to $1.2 million in restructuring and executive transition costs in the prior year, combined with $600,000 received from a legal settlement in the current year. These decreases were partially offset by $600,000 in special legal and professional fees related to shareholder activism as well as a $500,000 increase in other general and administrative expenses to drive our strategic initiatives. During the first quarter, we recorded a provision for income taxes of $2.3 million for an effective tax rate of 29.7%. This compares to a provision for income taxes of $2.2 million and an effective tax rate of 27.1% in the prior year period.

本季的下降主要是由於上一年的重組和高階主管過渡成本為 120 萬美元，加上本年度從法律和解中獲得的 60 萬美元。這些減少部分被與股東積極行動相關的 60 萬美元特殊法律和專業費用以及為推動我們的戰略舉措而增加的 50 萬美元其他一般和行政費用所抵消。第一季度，我們提列了 230 萬美元的所得稅準備金，有效稅率為 29.7%。相較之下，去年同期的所得稅準備金為 220 萬美元，實際稅率為 27.1%。

We reported GAAP net income of $5.5 million or $0.19 per diluted share in the first quarter compared to GAAP net income of $5.9 million or $0.19 per diluted share in the prior year period. Adjusted net income for the quarter was $5.5 million or $0.19 per diluted share compared to adjusted net income of $6.8 million or $0.22 per diluted share in the first quarter of last year. Please refer to our earnings release for a reconciliation of non-GAAP measures.

我們報告第一季的 GAAP 淨收入為 550 萬美元或每股攤薄收益 0.19 美元，而去年同期的 GAAP 淨收入為 590 萬美元或每股攤薄收益 0.19 美元。本季調整後淨收入為 550 萬美元，即每股攤薄收益 0.19 美元，而去年第一季調整後淨收入為 680 萬美元，即每股攤薄收益 0.22 美元。請參閱我們的收益報告以了解非公認會計準則 (non-GAAP) 指標的對帳。

In regards to the unit development, we opened two franchise stores in California during the first quarter. Regarding our remodeling effort, during the first quarter, we completed four franchised restaurant remodels. In addition, in April, we completed one company and 3 franchise remodels, bringing our total completed remodels to 8 through the end of April.

在單位發展方面，我們在第一季在加州開設了兩家特許經營店。關於我們的改造工作，在第一季度，我們完成了四家特許經營餐廳的改造。此外，4 月我們完成了一家公司和 3 家特許經營店的改造，截至 4 月底，我們完成的改造總數達到 8 家。

In terms of liquidity, as of March 26, 2025, we had $73 million of debt outstanding and $4.3 million in cash and cash equivalents. Additionally, during the first quarter, we repurchased approximately 160,000 shares of stock for approximately $1.8 million. And finally, based on our results to date, we would like to provide you with the following guidance for 2025. The opening of 10 to 11 system-wide restaurants, including 9 to 10 franchise restaurants and up to 1 company-owned restaurant. Capital spending of $30 million to $34 million, G&A expenses of $48 million to $51 million, including approximately $5.5 million in stock compensation expense, and an estimated effective income tax rate of 29% to 29.5% before discrete items.

流動性方面，截至 2025 年 3 月 26 日，我們有 7,300 萬美元的未償債務和 430 萬美元的現金和現金等價物。此外，在第一季度，我們以約 180 萬美元的價格回購了約 16 萬股股票。最後，根據迄今為止的成果，我們想為您提供以下 2025 年的指導。開設10至11家全系統餐廳，包括9至10家特許經營餐廳及最多1家公司自營餐廳。資本支出為 3,000 萬至 3,400 萬美元，一般及行政費用為 4,800 萬至 5,100 萬美元，其中包括約 550 萬美元的股票薪資費用，扣除單一項目前的預期有效所得稅率為 29% 至 29.5%。

This concludes our prepared remarks. We'd like to thank you again for joining us on the call today, and we are now happy to answer any questions that you may have. Operator, please open the line for questions.

我們的準備好的演講到此結束。我們再次感謝您今天參加我們的電話會議，我們現在很樂意回答您可能提出的任何問題。接線員，請打開熱線以回答問題。

(Operator instructions) Jeremy Hamblin, Craig Hallum Capital Group.

（操作員指示）Craig Hallum Capital Group 的 Jeremy Hamblin。

So you noted on the call that you were expecting sequential improvements in Q3, Q4. I wanted to get an understanding of what your expectations might be looking like on Q2 same-store sales given the environment that we're in? Do you expect comps to be kind of similar to Q1 or maybe a little softer? Any color you might be able to share would be great.

因此，您在電話中指出，您預計第三季和第四季會出現連續改善。我想了解一下，考慮到我們所處的環境，您對第二季同店銷售額的預期是什麼樣的？您是否預計同店銷售額會與第一季類似，或者可能略微疲軟？您可以分享的任何顏色都很棒。

Sure. Thanks for the question. So, as we've seen in the business, and we've all heard from others this week or in the last couple of weeks that have reported, the consumer pullback is real. And at this point, we see these headwinds continuing as we go through Q2. That being said, we're focused on what we can control.

當然。謝謝你的提問。因此，正如我們在業內看到的那樣，以及本週或過去幾週我們從其他人那裡聽到的報導一樣，消費者的回落是真實存在的。目前，我們看到這些不利因素在第二季持續存在。話雖如此，我們專注於我們能夠控制的事情。

As an example, our brand relaunch couldn't come at a better time. We're really excited for that. And as I mentioned, we're moving up value and innovation with the quesadilla, along with finding ways to feature more value across our menu, whether it's in our digital channels or just bringing it to the forefront for consumers so they can see it more clearly. And we're going to do this while we reinforce our quality. We really think that distinguishes us.

例如，我們的品牌重新推出正是時候。我們對此感到非常興奮。正如我所提到的，我們正在透過墨西哥玉米餅提升價值和創新，同時尋找方法在我們的菜單中體現更多價值，無論是在我們的數位管道中，還是只是將其帶到消費者的最前沿，以便他們能夠更清楚地看到它。我們將在加強品質的同時做到這一點。我們確實認為這是我們的與眾不同之處。

So, you'll see that amping up even more so as we go through Q2 and then Q3 and Q4. Our lap also does get easier as we go into the back half of the year as well, particularly in Q3 and Q4.

因此，當我們進入第二季、第三季和第四季時，你會看到這種趨勢進一步加劇。隨著進入下半年，我們的跑道也變得更加輕鬆，特別是在 Q3 和 Q4。

And as a follow-up to that, so it sounds like you had some initial success with Mango Habanero in the launch in February. I don't know how long that may have lasted and if that's kind of continuing in terms of how it mixed. But I think you have the fresca wraps and salads coming here in May and then quesadilla launch in June. In terms of thinking about how those products might impact comp trends, like how soon do you think will you know whether or not those have been really effective new introductions?

作為後續行動，聽起來您在二月推出的 Mango Habanero 取得了一些初步成功。我不知道這種情況會持續多久，也不知道這種情況是否會持續下去。但我認為你們會在 5 月推出新鮮捲餅和沙拉，並在 6 月推出油炸玉米餅。在思考這些產品如何影響電腦趨勢時，您認為多久才能知道這些產品是否是真正有效的新產品？

Yes. So, Mango Habanero, you're right. It drove a trial by many, and it just showed us innovation. This consumer wants innovation. They want a reason to come in whether they're a new or a lapsed user.

是的。所以，Mango Habanero，你是對的。它引發了許多人嘗試，並向我們展示了創新。這些消費者想要創新。無論是新用戶還是老用戶，他們都希望有一個理由來訪問。

Our next launch is our Fresca salads and wraps that will be launching here in about two weeks. We're really excited about those products. They're portable, they're delicious. They feature everything that's great about El Pollo Loco with our -- it's more of a leafy green product, whether it's in a salad or a wrap. And then the quesadilla will be the end of June.

我們的下一個產品是 Fresca 沙拉和捲餅，將在大約兩週後在這裡推出。我們對這些產品感到非常興奮。它們便於攜帶，而且味道鮮美。它們融合了 El Pollo Loco 的所有優點，無論是沙拉還是捲餅，它都更像是一種綠葉產品。然後墨西哥玉米餅將在六月底推出。

The quesadilla is more of that portable eat and is priced at a more value price point. So, we think the combination of both Fresca wraps and quesadilla will offer -- it's likely two different consumers, some crossover, but it will give options for both of those. So, in the upcoming weeks, you'll start to see those products.

墨西哥玉米餅更適合攜帶，而且價格也更實惠。因此，我們認為 Fresca 捲餅和墨西哥玉米餅的組合將會為兩種不同的消費者提供一些選擇，有些是交叉的，但它會為這兩種消費者提供選擇。因此，在接下來的幾週內，您將開始看到這些產品。

And then just one more for me. I know you've made some investments in kitchen equipment this year. I wanted to get an understanding of kind of the timing of when you would see that rollout potentially impacting your labor costs as we move throughout the year. And then as a related question, if you're kind of expecting 4% to 5% for the year and you had 12% in Q1, does that mean you're kind of looking at maybe 2% to 2.5% year over year inflation the rest of the year?

然後我再說一次。我知道你今年在廚房設備上做了一些投資。我想了解一下，隨著全年的發展，這項計畫的推出何時會對你們的勞動成本產生潛在影響。然後，作為一個相關問題，如果您預計今年的通膨率為 4% 至 5%，而第一季的通膨率為 12%，這是否意味著您預計今年剩餘時間的通膨率將同比上升 2% 至 2.5%？

So, I'll start, and then I'll hand the back part over to Ira. In terms of equipment, we've been rolling out equipment since last year and then into this year. So last year, items like our salsa, the equipment that helped us simplify how we make salsa in the back of our restaurants or our kiosks. Most recently, we've just finished in our company restaurants rolling out holding cabinets, which not only improve the quality of the chicken, but they also allow us at closing time, as an example, to shut down the grills a little bit earlier, which you can imagine save some time in terms of labor.

那麼，我先開始，然後我會把後面的部分交給艾拉。在設備方面，我們從去年開始就一直在推出設備，今年也是如此。因此，去年，我們的莎莎醬等物品和設備幫助我們簡化了在餐廳或攤位後面製作莎莎醬的方式。最近，我們剛在公司餐廳推出了保溫櫃，這不僅提高了雞肉的質量，而且還允許我們在關門時稍早關閉烤架，你可以想像這可以節省一些勞動力時間。

So, all of that equipment, most of that is in our company restaurants. We're also always looking for what's the next productivity idea. But in terms of those items, those are in. And then I'll pass it to Ira for the second part.

所以，所有這些設備，大部分都在我們公司的餐廳。我們也一直在尋找下一個生產力理念。但就這些項目而言，這些都是可行的。然後我會把它交給艾拉 (Ira) 進行第二部分。

Yeah. And Jeremy, you're right. So, if you think about the back part of the year, really Qs 2 through 4, we are looking at about a 2% to 2.5% increase from wages because -- and really, as we sit here today, we are fortunate that California has not mandated an increase. They can take it up to 3.5%. But as we sit here today, and as I think that as we look really at the economic climate has shifted, I think, some of the thinking in regards to from a legislation standpoint, what's needed from a minimum wage increase. Well, so while we haven't heard anything yet, I think we're optimistic that we should see some pretty moderate labor inflation in the back part of the year.

是的。傑里米，你說得對。因此，如果您考慮今年下半年，實際上是第 2 季到第 4 季度，我們預計工資將增長 2% 到 2.5%，因為——實際上，當我們今天坐在這裡時，我們很幸運加州沒有強制要求增加工資。他們最多可以將這一比例提高至 3.5%。但是，當我們今天坐在這裡時，我認為當我們真正看到經濟環境已經轉變時，我認為，從立法的角度來看，一些關於最低工資上漲需要做什麼的想法。好吧，雖然我們還沒有聽到任何消息，但我認為我們樂觀地認為，今年下半年我們應該會看到相當溫和的勞動力通膨。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

My first one was on your consumer and what you're seeing. And I'm wondering whether you can comment on some regional differences that you're seeing across your stores? And maybe more specifically, other brands have talked about the Hispanic consumer being under particular pressure in the near-term. I wanted just to see whether you're seeing the same thing and whether you're thinking or whether you're seeing any trajectory of that impact, whether it's at all getting better or worse or what have you? And just trying to get an idea as how that might unfold for the rest of the year.

我的第一個問題是關於您的消費者以及您所看到的情況。我想知道您是否可以評論一下您在各個商店中發現的一些地區差異？或許更具體地說，其他品牌已經談到西班牙裔消費者在短期內面臨特別的壓力。我只是想看看您是否看到了同樣的事情，您是否在思考或是否看到了這種影響的任何軌跡，它是變得更好還是更糟，或者您有什麼發現？只是想了解今年剩餘時間的情況會如何發展。

Yes. Thanks for that, Jake. As far as across our markets in different states, it's pretty similar, what we're seeing in terms of the consumer pulling back. And then when you look across also income bands, you're seeing it throughout.

是的。謝謝你，傑克。就我們不同州的市場而言，我們看到的消費者回落情況非常相似。然後，當您查看收入範圍時，您會看到它貫穿始終。

In terms of the Hispanic consumer, there have been other factors that have put that consumer under even more pressure, and we do see some of that in the business as well. But just broadly speaking, I would say whereas it used to just be the low-end consumer, it's the consumer throughout as we're looking at all the data.

對於西班牙裔消費者而言，還有其他因素給他們帶來了更大的壓力，我們在業務中也看到了一些這樣的情況。但從廣義上講，我想說，雖然過去它只是低端消費者，但從我們查看的所有數據來看，它是整個消費者。

That's helpful. And just a quick question as well on menu price. It seems like you're letting that roll off pretty quickly. What do you expect for menu price for the year as a whole?

這很有幫助。還有一個關於菜單價格的簡單問題。看起來你很快就讓這件事過去了。您對全年菜單價格有何預期？

So, for the year as a whole, we should be right around 3%. And if you think how it's going to play out for the quarters, we should -- we'll be about 3% in Q2 and about 2% in Q3 and 4.

因此，就全年而言，我們的成長率應該在 3% 左右。如果你考慮各個季度的走勢，我們應該知道——第二季度的成長率約為 3%，第三季和第四季的成長率約為 2%。

And just as we look at the restaurant -- thanks for giving again the guidance for restaurant level margins. But within that, I want to make sure that there's not some moving pieces that I'm misunderstanding. I want to make sure what you're expecting for COGS, for instance. Do you expect some pretty -- is it just the simple math of your guided pricing and your commodity inflation? Are there any other moving pieces in there that we should think about?

正如我們所看到的餐廳——感謝您再次提供餐廳的水平利潤指導。但在其中，我想確保沒有一些我誤解的活動部分。例如，我想確認一下您對 COGS 的期望。您是否期望一些漂亮的——這只是指導價格和商品通膨的簡單數學計算嗎？其中有其他值得我們考慮的活動部件嗎？

And then I have one more follow-up.

然後我還有一個後續問題。

Yeah, there is. We do have a project underway internally, we call it Project Fire, but it's really all around optimizing what we're purchasing in our supply chain and what we're using in the restaurants. And there is some efficiency savings in the supply chain that we do have built into that.

是的，有。我們內部確實有一個正在進行的項目，我們稱之為 Project Fire，但它實際上圍繞著優化我們在供應鏈中採購的產品以及我們在餐廳中使用的東西。我們確實在供應鏈中實現了一定的效率節約。

And I would just add to that, in addition to the supply chain and cost of goods, I talked about the distribution in terms of making that transition. And then where we started, the questions with some of the labor productivity, whether it's the equipment, even though it was put in end of last year, beginning of this year, really now changing success routines in the restaurant so that our labor can be even more efficient. And we're looking at everything.

我想補充一點，除了供應鏈和商品成本之外，我還談到了實現這一轉變的分銷問題。然後，我們開始討論一些關於勞動生產力的問題，無論是設備，儘管它是去年年底、今年年初投入使用的，現在確實改變了餐廳的成功慣例，使我們的勞動力更加高效。我們正在關註一切。

In addition to equipment, we're also looking at how do we open a restaurant, how do we close a restaurant? And how do we make sure we have the service at the peak times where it matters most for consumers and really take out any excess that is there. So fresh thinking and just new approach, new sets of eyes on this to get productivity overall.

除了設備之外，我們還在研究如何開一家餐館，如何關閉一家餐廳？我們如何確保在消費者最需要的高峰時段提供服務，並真正消除任何多餘的服務。因此，需要新的思維、新的方法和新的視角來提高整體生產力。

And then the last question, you had mentioned in the prepared remarks around momentum in developing the pipeline or the development pipeline. Can you comment further? Is there anything you can share in terms of how much momentum, maybe how much the development pipeline might be building at this point? It sounds like you're speaking fairly optimistically about it. You raised your guidance a little bit, all seem like positive signs. I'm wondering if there's any kind of numbers that we can talk about.

最後一個問題，您在準備好的發言中提到了開發管道或發展管道的勢頭。能進一步評論嗎？您能否分享一下目前的進度動能如何，或是開發管道目前進展如何？聽起來你對此相當樂觀。你稍微提高了你的指導，這一切看起來都是正面的訊號。我想知道是否有一些我們可以討論的數字。

Yes. I am really encouraged with this part of the business. And when we say green shoots, this is a great example. In addition to the 10 units that we feel confident will open this year, the pipeline is coming together really nicely for next year. And as we all know, now getting things built takes usually 18 months plus.

是的。我對這部分業務感到非常鼓舞。當我們說綠芽時，這是一個很好的例子。除了我們有信心今年將開業的 10 個單位外，明年的籌備工作也進展順利。眾所周知，現在建造一個東西通常需要 18 個月以上的時間。

And so, seeing those registrations and those LOIs, and then leases being signed for projects for next year gives us even more confidence in being able to accelerate far beyond the 10 that we have this year. We're not giving a firm number yet for next year. Hope to do that in the upcoming months, but can safely say it will -- you'll see some nice growth off of the 10.

因此，看到這些註冊和意向書，以及明年專案簽署的租約，讓我們更有信心加速超越今年的 10 個專案。我們尚未給出明年的確切數字。希望在接下來的幾個月裡做到這一點，但可以肯定地說它會的——你會看到 10 的一些不錯的增長。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Anything other than just the backdrop that you described? I mean, March seemed to fall off. Was it just Mango Habanero kind of ran its course? Or anything you can point to on the month of March that you didn't address in your prepared remarks?

除了您描述的背景之外還有什麼嗎？我的意思是，三月似乎有所下滑。芒果哈瓦那辣椒是否只是逐漸成熟了呢？或者您可以指出三月您在準備好的演講中沒有提到的任何事項嗎？

Yes. The one additional would be the weather, and I always hate to bring up mother nature. But given the prominence of Southern California, usually, I know weather isn't a big thing in California. But in March, we had actually about three weeks of rain. And you always see an impact, particularly on our lunch business when it's raining, a little bit on our dinner business, but it's pronounced.

是的。另外一點就是天氣，我總是不喜歡提起大自然。但考慮到南加州的重要性，通常我知道天氣在加州不是什麼大問題。但三月份，我們實際上已經下了大約三週的雨。你總是會看到影響，特別是下雨時對我們的午餐業務的影響，對我們的晚餐業務的影響也有點大，但影響是明顯的。

And so that would be the other piece that was a true headwind in March in addition to just all of the macro, just the uncertainty, you could just see the consumer reacting to that. And also, I guess the other point would be we launched Mango habanero in January. So, we got that nice pop on trial in January, February. And although we got great customer reactions, some of the repeat could have been stronger as we were running it out into the third month of a product. And just some of our operational execution, if I'm being really honest, I think could have been better in terms of just having that repeat be even stronger.

因此，除了宏觀因素和不確定性之外，這將是 3 月另一個真正的阻力，你可以看到消費者對此的反應。另外，我想另一點是我們在一月份推出了芒果哈瓦那辣椒。因此，我們在一月和二月試用了這款不錯的流行音樂。儘管我們得到了客戶的正面回饋，但有些重複性產品本來可以做得更好，因為該產品已經推出三個月了。說實話，我認為我們的一些營運執行情況本來可以更好，因為重複性更強。

So coupled with the weather and the consumer malaise it just meant for a softer March than we had seen in January and February.

因此，再加上天氣和消費者的低迷，這意味著 3 月的銷售將比 1 月和 2 月更加疲軟。

And then, yes, can we drill down a little bit operationally? I mean it seems to be something you're picking up with the consumer feedback with SMG that there are some gaps. Is that something where it's labor hours or an investment that's needed at this point? Or is it kind of like we can look at kiosk and that reallocation can kind of occur and as obviously, inflation sort of moderates, maybe that frees up some opportunity to address some of the gaps?

是的，我們可以從操作上進行更深入的探討嗎？我的意思是，您似乎從 SMG 的消費者回饋中發現存在一些差距。目前需要的是工時還是投資？或者這有點像我們可以看看自助服務終端，並且可以進行重新分配，而且顯然通貨膨脹會有所緩和，也許這會釋放一些機會來解決一些差距？

Yes. So, I see this as -- I think SMG was a nice awareness for us that some of the gaps in our operations are really things that we can fix and are in our control. So, things like accuracy as an example, making sure our team members are doing a triple check when consumers are in a drive-thru. Just simple things like hospitality, making sure our service is even more friendly and hospitable. And when there is a problem addressing it with customer recovery.

是的。所以，我認為這是——我認為 SMG 讓我們意識到，我們營運中的一些差距實際上是我們可以解決的，並且在我們的控制範圍內。因此，以準確性為例，確保我們的團隊成員在消費者駕車通過時進行三重檢查。只是一些簡單的事情，例如熱情好客，確保我們的服務更加友好和熱情好客。當出現問題時，可以透過客戶恢復來解決。

So, we're putting -- it's kind of a back-to-basics program where we're putting those back to basics in place. And then the other piece is this brand has been such a great brand with high-quality food, having that consistency and the quality of service has -- is something that I -- as I've been out in restaurants, I've seen as a huge opportunity. We have some restaurants that operate really, really well. Maybe there's a general manager that's been there for years, and they just -- they run a great restaurant. And then there's some on the other end.

所以，我們正在實施——這是一種回歸基礎的計劃，我們正在將這些回歸到基礎之上。另一點是，這個品牌一直是個優秀的品牌，擁有高品質的食品、始終如一的服務品質——這是我在餐廳工作時看到的巨大的機會。我們有一些餐廳的經營狀況確實非常好。也許有一位總經理已經在那裡任職多年，他們只是——他們經營著一家很棒的餐廳。另一端也有一些。

And raising those on the other end, we've never had -- or I shouldn't say never. In the last couple of years, we haven't had as clear of a standard program and a standard third-party audit. So just putting back in place some of those fundamentals that every restaurant company I've been with has in place in terms of driving operations. I think those -- there's some real low-hanging fruit that can get us back some transactions fairly quickly. So, it's, like I said, a back to basics.

而另一方面，我們從來沒有——或者我不應該說從來沒有——提出過這些問題。在過去的幾年裡，我們還沒有明確的標準程序和標準的第三方審計。因此，我只需將我曾經服務過的每家餐飲公司在推動營運方面已經實施的一些基本原則重新落實到位即可。我認為，有一些真正唾手可得的方法可以讓我們相當快速地恢復一些交易。所以，就像我說的，這是回歸本源。

And our operators have taken this on with bigger things. Our franchise partners are leading some of the efforts as well. It's a true team effort.

我們的操作員已經承擔了更大的任務。我們的特許經營夥伴也正在領導一些工作。這是真正的團隊合作。

And then finally, just on the kiosk update, kind of where is that in terms of the rollout through the system more broadly? And what are you seeing from that? Is it giving you some benefit? Is it kind of still in need of more uptake from the consumer? How are you kind of looking at kiosks these days?

最後，關於資訊亭更新，就透過系統更廣泛地推出而言，它處於什麼位置？您從中看到了什麼？它為你帶來好處了嗎？它是否仍需要更多消費者的青睞？您最近對售貨亭有什麼看法？

Yeah. It's in most of our company's restaurants. We still have a handful 20 or so that we need to get it in as we're kind of remodeling for the balance of the year, some of the more difficult configurations that require a little more work, and we'll be trying to do those through the balance of the year. There's a fair amount of franchise uptake as well. But I think where the opportunities lie is really how we take the next step with the kiosk and use it as a merchandising tool to really help us drive-check and a little more guest engagement than just really kind of order taking right now.

是的。我們公司的大部分餐廳都有這種產品。我們還有大約 20 個配置需要完成，因為我們正在為今年的剩餘時間進行改造，其中一些更困難的配置需要更多的工作，我們將嘗試在今年剩餘時間內完成這些配置。特許經營權的吸收量也相當大。但我認為機會真正在於我們如何利用自助服務終端邁出下一步，並將其用作一種行銷工具，真正幫助我們進行駕駛檢查，並增加客人的參與度，而不僅僅是現在的訂單處理。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. I would like to turn the call back over to Liz Williams for closing remarks.

女士們、先生們，今天的問答環節已經結束。我想將電話轉回給利茲威廉斯 (Liz Williams) 做最後發言。

Thanks again, everyone, for your interest today in El Pollo Loco. We look forward to talking with you again next quarter. Have a wonderful evening.

再次感謝大家今天對 El Pollo Loco 的關注。我們期待下個季度再次與您交談。祝您有個美好的夜晚。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。