El Pollo Loco Holdings Inc (LOCO) 2026 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 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, May 7, 2026.

各位女士、先生，大家好，感謝您稍候。歡迎參加 El Pollo Loco 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將於今日 2026 年 5 月 7 日錄音。

And now, I would like to turn the conference over to Ira Fils, the company's Chief Financial Officer. Please go ahead.

現在，我想把會議交給公司首席財務長 Ira Fils。請開始。

Thank you, operator, and good afternoon, everyone. By now, everyone should have access to our first quarter 2026 earnings release, which can be found at www.elpolloloco.com in the Investor Relations section.

謝謝接線員，各位下午好。此時各位應已可取得我們 2026 年第一季財報新聞稿，可於 www.elpolloloco.com 的投資人關係（Investor Relations）專區查閱。

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 new products and growth opportunities, strategic and operational initiatives, expectations regarding sales and margins, potential changes to our product platforms, capital expenditure plans, the ability of our franchisees to drive growth, expectations regarding commodity and wage inflation, remodel plans and our 2026 guidance, among others. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them.

在我們開始正式發言之前，我需要提醒各位，今天的討論將包含前瞻性陳述，包括與我們的新產品與成長機會、策略與營運計畫、對銷售與毛利率的預期、產品平台可能的變更、資本支出計畫、加盟商推動成長的能力、對原物料與薪資通膨的預期、改裝計畫以及我們 2026 年指引等相關陳述。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。

These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we currently expect. For a more detailed discussion of the risks that could impact our future operating results and financial condition, we refer you to our recent SEC filings, including our Form 10-K for the year ended December 31, 2025, as well as our Form 10-Q for the first quarter of 2026, which we expect to file tomorrow and encourage you to review at your earliest convenience. During today's call, we will discuss non-GAAP measures, which we use for financial and operational decision-making as a means to evaluate period-to-period comparisons and which we believe can be useful to investors in evaluating our 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.

這些陳述亦受多項風險與不確定性影響，可能導致實際結果與我們目前預期出現重大差異。關於可能影響我們未來營運成果與財務狀況之風險的更詳細討論，請參閱我們近期向美國證券交易委員會（SEC）提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K，以及我們 2026 年第一季的 Form 10-Q（我們預計明天提交），並鼓勵您在方便時儘早查閱。在今天的電話會議中，我們將討論非 GAAP 指標；我們將其用於財務與營運決策，以評估各期間之間的比較，並且我們相信這些指標可協助投資人評估我們的表現。此額外資訊之呈現不應被單獨看待，亦不應作為依 GAAP 編製之結果的替代；與可比 GAAP 指標的調節表已載於我們的財報新聞稿中，該新聞稿可於本公司網站的投資人關係專區取得。

With respect to the adjusted EBITDA 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.

關於我們在今日電話會議中提供的調整後 EBITDA 展望，請注意，我們未提供與最直接可比的前瞻性 GAAP 財務衡量指標之調節，因為在不付出不合理努力的情況下，我們無法以合理確定性預測用於以前瞻性基礎計算營業利益與公司自營餐廳營收之非 GAAP 調整項目的金額或發生時點。

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

現在，我想把時間交給我們的執行長 Liz Williams。

Thank you, Ira and good afternoon, everyone. We are proud of our first quarter results, including system-wide same-store sales growth of 5.8% and restaurant-level margin expansion of 320 basis points year-over-year. As we enter the third year of our brand transformation, El Pollo Loco is building momentum on the strong foundation we've built over the past 2 years. What's particularly encouraging is that this performance reflects strength across multiple fronts. Our innovation pipeline, highlighted by the success of our Baja Double Tostadas, continues to resonate with guests.

謝謝你，Ira，各位下午好。我們對第一季的成果感到自豪，包括全系統同店銷售成長 5.8%，以及餐廳層級利潤率年增 320 個基點。隨著我們進入品牌轉型的第三年，El Pollo Loco 正在過去兩年所建立的堅實基礎上持續累積動能。特別令人振奮的是，這樣的表現反映出多個面向的強勁動能。我們的創新產品管線——以 Baja Double Tostadas 的成功為亮點——持續獲得顧客共鳴。

But equally important is the operational progress we are seeing across every key metric from customer service and accuracy to speed of service. We are also seeing balanced daypart performance with lunch traffic returning, dinner continuing to grow and evening into late night gaining traction. These results demonstrate that our strategy is working. Our momentum is sustainable and we are well-positioned to deliver on our priorities for 2026.

同樣重要的是，我們在各項關鍵指標上看到營運面的進展，從顧客服務與點餐正確率到出餐速度皆有改善。我們也看到各時段表現更為均衡：午餐來客數回升、晚餐持續成長，而傍晚至深夜時段也逐步取得進展。這些結果證明我們的策略正在奏效。我們的動能具可持續性，且已做好準備在 2026 年達成我們的優先事項。

As we look at the remainder of the year, our main goal remains clear: to drive sustainable traffic growth across our system while maintaining the margin discipline and unit economic improvements that we've accomplished over the past 2 years and to thoughtfully grow El Pollo Loco across the country. We recognize that the operating environment for the remainder of the year presents challenges, particularly related to consumer spending pressures from elevated energy and gas prices. While we are monitoring these dynamics closely, we remain focused on what we can control, delivering exceptional value, great customer service and delicious new menu items that resonate with our guests. As we look to continue this momentum throughout 2026 and beyond, I would like to walk you through our progress and future plans across our strategic pillars. Let's start with the Brand that Wins pillar, which continues to be critical in driving our business.

展望今年剩餘時間，我們的主要目標依然明確：在維持過去兩年所達成的利潤率紀律與單店經濟效益改善的同時，推動全系統可持續的來客數成長，並審慎地在全國擴張 El Pollo Loco。我們也認知到今年剩餘期間的營運環境仍具挑戰，尤其是能源與汽油價格高企對消費支出造成壓力。儘管我們正密切監控這些動態，我們仍專注於可控事項：提供卓越的價值、優質的顧客服務，以及能引起顧客共鳴的美味新品。為了在 2026 年及未來持續延續這股動能，我想帶各位回顧我們在各項策略支柱上的進展與未來計畫。首先從「Brand that Wins（致勝品牌）」支柱開始，這仍是推動我們業務的關鍵。

Our culinary innovations during the first quarter delivered exactly what we intended, driving traffic with quality and value proposition that defines El Pollo Loco. We kicked off the year with new Double Pollo Salads in 3 craveable flavors: Street Corn, Mexican Caesar and Bacon Ranch. This lineup added growth to the salad category and delivered value to our customers through a premium salad at an affordable price compared to other fast casual salads. We continued the momentum with the introduction of our Baja Double Tostadas in mid-February, which feature double portion of fire-grilled chicken or seasoned shrimp, both drizzled with a tangy lime crema sauce. The Baja Tostada lineup exceeded expectations, delivering a record-breaking 8.3% sales mix for our brand with our tostada and salad category peaking at over 20% of our total sales mix.

第一季的餐飲創新如我們所期望般發揮效果，以 El Pollo Loco 所定義的品質與價值主張帶動來客數。我們以三款令人垂涎的新 Double Pollo 沙拉揭開新年度序幕：Street Corn、Mexican Caesar 與 Bacon Ranch。此產品組合帶動沙拉品類成長，並以相較其他快速休閒沙拉更可負擔的價格，為顧客提供高品質的沙拉。我們在 2 月中旬推出 Baja Double Tostadas，延續這股動能；其特色為雙倍份量的炭烤雞肉或調味蝦，並淋上帶有酸香風味的萊姆奶油醬。Baja Tostada 產品線表現超出預期，為品牌創下破紀錄的 8.3% 銷售占比；同時，我們的 tostada 與沙拉品類占比高峰更超過總銷售的 20%。

Our guests love the Baja Tostadas so much that we have made a strategic decision to keep the chicken Baja Tostada on the menu in the summer, providing us with some strong check-building opportunities.

顧客非常喜愛 Baja Tostadas，因此我們做出策略性決定：在夏季將雞肉 Baja Tostada 保留在菜單上，為我們帶來強勁的客單價提升機會。

Shifting to more affordable options, we launched our Loco Tenders in late April. These all-white meat, boldly seasoned tenders represent our take on America's favorite finger food with a distinctive El Pollo Loco twist through the seasoning and our 3 signature dipping sauces: Baja Lime, House Ranch and Pollo Loco Sauce. We expect tenders to be an important traffic driver, particularly with new consumers who may not yet be familiar with our quality chicken. To build excitement and generate buzz, we strategically seeded our Loco Tenders into several cultural moments before the Loco Tenders launch. In early April, we brought tenders to the Revolve Festival at Coachella, giving celebrities, VIPs and influencers a sneak peek into our newest innovation.

轉向更平價的選擇，我們在 4 月下旬推出 Loco Tenders。這款全白肉、重口味調味的雞柳，是我們對美國最受歡迎手指食物的詮釋，並透過獨特調味與三款招牌沾醬帶來 El Pollo Loco 的特色風格：Baja Lime、House Ranch 與 Pollo Loco Sauce。我們預期雞柳將成為重要的來客數驅動因素，特別是對於尚未熟悉我們高品質雞肉的新消費者。為了營造期待並製造話題，我們在 Loco Tenders 正式上市前，策略性地將其置入多個文化時刻。4 月初，我們把雞柳帶到 Coachella 的 Revolve Festival，讓名人、VIP 與網紅搶先體驗我們最新的創新產品。

We also hosted a tender reveal party for media and influencers, offering a firsthand look at our tenders and a chance to meet our executive chefs. Social momentum continued with user-generated content and we generated over 2 billion impressions across social channels leading up to the launch day. We're only 2 weeks into the launch and the tenders are already meeting our expectations.

我們也為媒體與網紅舉辦雞柳揭曉派對，讓他們近距離了解我們的雞柳，並有機會與我們的行政主廚團隊見面。社群動能也隨著使用者生成內容持續發酵，在上市日前夕，我們在各社群平台累計創造超過 20 億次曝光。我們上市才兩週，雞柳的表現就已符合我們的預期。

We believe that the combination of bold flavors and bold activations is a winning equation for us. And you can expect to see additional infusion of buzz-building moments into our product launches as we move forward. As we look at the balance of 2026, we remain confident in our innovation pipeline. From testing loaded quesadillas to grilled chicken sandwiches to cheesy enchilada bowls and our newest beverage offering, our pipeline is the most robust we have delivered in years.

我們相信，大膽的風味搭配強勢的行銷活動，是我們的致勝方程式。未來您也將看到，我們會在產品上市時加入更多能製造話題的時刻。展望 2026 年其餘時間，我們對創新產品管線仍充滿信心。從測試加料墨西哥起司餅（loaded quesadillas）、炭烤雞肉三明治、起司安琪拉達碗（cheesy enchilada bowls），到我們最新的飲品選項，我們的產品管線是多年來最強的一次。

Beyond menu innovation, our marketing efforts continued to amplify the El Pollo Loco brand through our Let's Get Loco campaign. Our first quarter results have demonstrated that our social media and activation strategy is a powerful driver of brand engagement and cultural relevance. And we will continue to leverage these channels to amplify our menu innovation and to reinforce our fire-grilled chicken differentiation to create the kind of memorable brand moments that turn customers into true fans. From our Leg and Thigh Day promotion in January to our Loco Moments during the March basketball tournament to our recent festival merch drop, we have shown the power that social presence can have in expanding our audience and brand relevance.

除了菜單創新之外，我們的行銷也透過「Let's Get Loco」活動持續放大 El Pollo Loco 品牌聲量。第一季的成果證明，我們的社群媒體與線下活動策略，是推動品牌互動與文化相關性的強大引擎。我們將持續運用這些渠道，放大菜單創新，並強化我們炭烤雞肉的差異化，打造令人難忘的品牌時刻，將顧客轉化為真正的粉絲。從 1 月的 Leg and Thigh Day 促銷，到 3 月籃球錦標賽期間的 Loco Moments，再到近期的音樂節周邊商品限量發售，我們已展現社群能見度在擴大受眾與提升品牌相關性方面的力量。

In short, the combination of thoughtful innovation, targeted marketing and our growing social platforms positions us well to continue driving sustainable traffic growth throughout 2026 while maintaining the margin discipline we've established.

簡而言之，深思熟慮的創新、精準的行銷，以及我們持續成長的社群平台之結合，使我們具備良好條件在維持既有的利潤率紀律下，於 2026 年持續推動可持續的來客流量成長。

Moving to hospitality mindset. I'm pleased with the continued progress we've made in the first quarter to improve guest experience and overall customer satisfaction. Our team's relentless focus on executing the fundamentals is paying dividends and our service consistency is improving. Our overall satisfaction scores continue to outpace the QSR industry as measured by SMG with meaningful sequential improvement across every key metric from accuracy to quality to friendliness, cleanliness and speed. What's particularly encouraging is that we're not just maintaining the gains we achieved in 2025, we're building momentum that positions us well for continued progress.

接著談到「款待心態」。我很高興看到我們在第一季持續取得進展，改善賓客體驗與整體顧客滿意度。我們團隊對基本功執行的堅持正在帶來回報，服務一致性也在提升。依 SMG 衡量，我們的整體滿意度分數持續領先 QSR 產業，且在從正確性、品質、友善度、清潔度到速度等每一項關鍵指標上，都有顯著的連續季改善。特別令人鼓舞的是，我們不僅維持了 2025 年所取得的成果，更正在累積動能，為持續進步奠定良好基礎。

We are using data to identify our biggest daypart opportunities to drive even greater guest satisfaction and operational throughput. We have deployed new tools and standards to drive speed of service while also focusing on order accuracy. These 2 metrics work hand-in-hand as we believe improving speed and accuracy represents a significant step in enhancing customer satisfaction and overall performance.

我們正運用數據來辨識各時段（daypart）最大的機會，以進一步提升賓客滿意度與營運吞吐量。我們已導入新工具與標準，以提升服務速度，同時聚焦於點餐正確性。我們認為這兩項指標相輔相成，提升速度與正確性是強化顧客滿意度與整體表現的重要一步。

As we continue to address this opportunity, we have many initiatives underway to assist our team members. From redesigning how orders are displayed on the kitchen display screens to reconfiguring our point-of-sale keys to streamlining the ordering process, all of these reduce potential errors at the point of entry. Our goal is to make it easier and faster for team members to deliver customer orders accurately and efficiently.

在持續處理這項機會的同時，我們也推動多項計畫來協助團隊成員。從重新設計廚房顯示螢幕上的訂單呈現方式、重新配置 POS（銷售點）按鍵，到簡化點餐流程，這些措施都能降低在輸入端發生錯誤的可能性。我們的目標是讓團隊成員更容易、更快速地以正確且有效率的方式交付顧客訂單。

In addition to these initiatives, we are also reinforcing our commitment to speed and accuracy through enhanced training protocols, such as triple checking every order. We're also testing enhanced product labels and testing consumer-facing order confirmation boards. As we work to make speed and accuracy an even more disciplined part of our culture, our teams continue to take tremendous pride in getting orders right every single time. We are confident that the investments we're making in both tools, systems and training will create meaningful improvements to guest experience over time.

除上述計畫外，我們也透過強化訓練流程來再次鞏固對速度與正確性的承諾，例如對每筆訂單進行三重確認。我們也在測試加強版產品標籤，並測試面向消費者的訂單確認看板。隨著我們努力讓速度與正確性成為企業文化中更具紀律的一部分，我們的團隊也持續以每一次都把訂單做對為榮。我們相信在工具、系統與訓練上的投資，將隨時間推移為賓客體驗帶來具意義的改善。

Before we move on, I would like to take a moment and recognize our team members and franchise partners who are raising the bar and elevating our service. Their dedication to operational excellence is what will drive our success and I am grateful for their commitment to delivering an outstanding experience for every guest.

在繼續之前，我想花點時間表揚我們的團隊成員與加盟夥伴，他們不斷拉高標準、提升我們的服務。他們對營運卓越的投入將推動我們的成功，我也感謝他們致力於為每一位賓客提供出色的體驗。

Also aiding our operations and customer satisfaction is the continued shift of our business to digital platforms as this part of our business continues to gain momentum. For the first quarter, our total digital business, including kiosks, represented approximately 28% of sales in our corporate restaurants. More importantly, we saw a year-over-year improvement in sales and transactions from our loyalty members, which we believe were a direct result of our more aggressive approach to our app-based promotions and targeted value through our Loco Rewards program as well as the recent enhancements made to the app that improve ordering and give more benefits to our highest frequency members. Our strategy for loyalty is focused on 3 key areas: providing everyday value, delivering personalized offers and creating exclusive experiences for our members. We deliver on everyday value through our all-member perks, including our Loco Friday Drops, our member boosts and our national food holiday deals.

同時，隨著我們的業務持續轉向數位平台並加速成長，這也有助於營運與顧客滿意度。第一季，我們公司自營餐廳的整體數位業務（含自助點餐機 kiosks）約占銷售額的 28%。更重要的是，我們看到來自忠誠會員的銷售與交易量年增，我們認為這直接源於我們在 App 促銷上更積極的作法、透過 Loco Rewards 計畫提供更精準的價值，以及近期對 App 的功能強化，讓點餐更順暢並為最高頻率會員提供更多福利。我們的忠誠策略聚焦三大重點：提供日常價值、提供個人化優惠，以及為會員打造專屬體驗。我們透過全會員福利來兌現日常價值，包括 Loco Friday Drops、會員加碼（boosts）以及全國性美食節日優惠。

We launched our Loco Friday Drops in 2025 as a tribute to our 50th year. And given its performance, we've decided to keep our Loco Friday Drop perks alive for the remainder of 2026.

我們於 2025 年推出 Loco Friday Drops，以致敬我們的 50 週年。鑑於其表現，我們決定在 2026 年剩餘期間持續提供 Loco Friday Drop 的福利。

Each Friday, we drop an offer that ranges from new innovations to fan favorites. These are typically available only for 1 day. This sense of urgency creates FOMO, or fear of missing out, for our members to drive incremental frequency. To level up our value even more, we introduced boosts recently, which are seasonal, limited-time offers based on membership tiers. The higher the tier, the better the boost.

每個星期五，我們都會推出一項優惠，內容從全新創新產品到粉絲最愛皆有。這些優惠通常僅限 1 天。這種急迫感會在會員間產生 FOMO（錯失恐懼），以帶動額外的到店頻次。為了進一步提升價值，我們近期也推出加碼（boosts），這是依會員等級提供的季節性限時優惠；等級越高，加碼越好。

And lastly, we leverage relevant national food holidays to deliver value. Case in point, our National Burrito Day activation at the beginning of April delivered our single highest loyalty sales day in our company's history. The results speak to both the strength of our menu and the growing engagement with our Loco Rewards program. We achieved a 30% increase in redemptions over last year and generated loyalty sales that significantly exceeded both our prior-year performance and our internal goals.

最後，我們也善用相關的全國性美食節日來提供價值。以 4 月初的「全國墨西哥捲餅日（National Burrito Day）」活動為例，當天創下公司史上單日最高的忠誠計畫銷售額。結果同時反映我們菜單的強勁吸引力，以及 Loco Rewards 計畫互動度的提升。我們的兌換量較去年成長 30%，並帶來顯著超越去年表現與內部目標的忠誠銷售。

Our participation rate reached 21%, up from 19% last year and we saw a healthy 7% increase in average check compared to last year. Again, these proof points demonstrate that our loyalty platform is not just driving transactions, but also creating meaningful engagement with our most valuable guests. During the quarter, we also implemented improved program segmentation, giving our members personalized messaging and offers based upon purchase history as well as launching our member exclusive experiences, which is a platform of exciting perks, including early access to new menu items and access to curated experiences, including tickets to concerts and sporting events. For example, in March, we launched the Coca-Cola x El Pollo Loco Soccer Challenge, a sweepstakes that exemplifies our evolved approach to loyalty. Through our partnership with Coca-Cola, an official partner of Major League Soccer, we gave Loco Rewards members the chance to win a VIP trip to the MLS All-Star Game in Charlotte this July, along with other offers from El Pollo Loco.

我們的參與率達到 21%，高於去年的 19%，且平均客單價較去年健康成長 7%。再次證明，我們的忠誠平台不僅帶動交易，也與最有價值的賓客建立更深度的互動。本季我們也導入更完善的計畫分眾，依購買歷史向會員提供個人化訊息與優惠，同時推出會員專屬體驗，這是一個令人期待的福利平台，包括新菜品搶先體驗，以及精選體驗的參與機會，例如演唱會與體育賽事門票。舉例來說，3 月我們推出 Coca-Cola x El Pollo Loco Soccer Challenge，這項抽獎活動展現我們忠誠策略的進化。透過與可口可樂（Major League Soccer 的官方合作夥伴）的合作，我們讓 Loco Rewards 會員有機會贏得今年 7 月在夏洛特舉辦的 MLS 全明星賽 VIP 之旅，以及 El Pollo Loco 的其他優惠。

In totality, our approach to loyalty has returned healthy increases in member frequency, up 13% for the trailing 12-period and member spend is up over 17% year-over-year. Turning to our Winning Unit Economics pillar. I'm pleased to report that we are now solidly within our 18% to 20% long-term restaurant-level margin target that we set out 2 years ago, including achieving a 19.2% restaurant-level margin in the first quarter. But more importantly, we've built a sustainable margin structure that improves both team member productivity and our guest experience through disciplined cost management, strategic menu pricing and investments in technology. As we look ahead, our focus starts to shift from driving significant year-over-year margin expansion to maintaining our healthy margin range while we invest strategically in other initiatives I've alluded to earlier.

整體而言，我們的忠誠策略帶來健康的會員到訪頻次提升，在過去 12 個期間（trailing 12-period）成長 13%，會員消費金額年增超過 17%。接著談到我們的「致勝單店經濟模型（Winning Unit Economics）」支柱。我很高興報告，我們目前已穩健落在兩年前設定的長期餐廳層級利潤率目標 18% 至 20% 區間內，第一季餐廳層級利潤率達 19.2%。但更重要的是，我們建立了可持續的利潤結構，透過嚴謹的成本管理、策略性菜單定價與科技投資，同時提升團隊成員生產力與賓客體驗。展望未來，我們的重點將從推動顯著的年對年利潤率擴張，逐步轉向在維持健康利潤率區間的同時，策略性投資於我先前提到的其他計畫。

We expect restaurant-level margins to remain within the 18% to 20% range as we balance our commitment to operational excellence with continued investments in menu innovation, guest experience and unit expansion. This disciplined approach ensures we can deliver sustainable, profitable growth while maintaining the quality and value proposition that differentiates El Pollo Loco.

我們預期餐廳層級利潤率將維持在 18% 至 20% 的區間內，並在追求營運卓越與持續投資菜單創新、賓客體驗及展店擴張之間取得平衡。這種紀律性的作法可確保我們在維持 El Pollo Loco 差異化的品質與價值主張之下，實現可持續且具獲利性的成長。

For our last pillar, Driving Unit Growth, we remain on track to open 18 to 20 new restaurants this year system-wide. Our pipeline is building momentum with existing franchise partners and new partners while also leveraging our company capital. As a reminder, the vast majority of our openings this year are expected to be outside of California as we continue nationwide expansion. And roughly 75% will benefit from the lower cost of having been a second-generation site. On the restaurant refresh front, we continue to see strong returns from our remodel program.

至於最後一個支柱「推動展店成長（Driving Unit Growth）」，我們仍按計畫在今年全系統新開 18 至 20 家餐廳。我們的開店管線在既有加盟夥伴與新夥伴的帶動下持續累積動能，同時也運用公司資本。提醒一下，今年絕大多數新店預期將位於加州以外地區，因我們持續推動全國擴張。此外，約 75% 的新店將受惠於第二代店址（second-generation site）所帶來的較低成本。在餐廳翻新方面，我們的改裝計畫仍持續展現強勁回報。

As we continue to focus on new unit development and ensure flawless execution across all growth initiatives, we will continue to balance our remodel pace in 2026 to ensure we do not disrupt our operations.

在我們持續聚焦新店開發並確保所有成長計畫都能完美執行之際，我們也將在 2026 年持續平衡翻新節奏，以確保不干擾營運。

In summary, our performance to date and the progress we've made across our strategic pillars gives us confidence that El Pollo Loco is on the right path. As we look ahead, we believe the investments we've made in innovation, operations and technology, coupled with the momentum in our development pipeline, have positioned us well to deliver on our commitments for 2026 and beyond.

總結來說，我們迄今的表現以及在各項策略支柱上取得的進展，讓我們有信心 El Pollo Loco 正走在正確的道路上。展望未來，我們相信在創新、營運與科技方面的投資，加上開店管線的動能，已使我們具備良好條件，得以兌現 2026 年及更長遠的承諾。

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

接下來，讓我把電話交給 Ira，由他更詳細地說明我們第一季的財務業績。

Thank you, Liz and good afternoon, everyone. For the first quarter ended April 1, 2026, total revenue was $126.2 million, compared to $119.2 million in the first quarter of 2025. Company-operated restaurant revenue increased 7.6% to $105.9 million from $98.4 million in the same period last year. The $7.5 million increase in company-operated restaurant sales was driven by 5.4% growth in company-operated comparable restaurant sales, as well as sales from 2 company restaurants opened since the first quarter of 2025. The growth in comparable restaurant sales included a 5.7% increase in average check size, partially offset by a 0.3% decrease in transactions.

謝謝你，Liz，各位下午好。就截至 2026 年 4 月 1 日的第一季而言，總營收為 1.262 億美元，較 2025 年第一季的 1.192 億美元增加。公司自營餐廳營收較去年同期的 9,840 萬美元成長 7.6% 至 1.059 億美元。公司自營餐廳銷售額增加的 750 萬美元，主要來自公司自營同店銷售成長 5.4%，以及自 2025 年第一季以來新開的 2 家公司餐廳所帶來的銷售。同店銷售成長包含平均客單價提升 5.7%，但部分被交易筆數下降 0.3% 所抵銷。

During the first quarter, our effective price increase versus 2025 was 4.6%. Franchise revenue decreased 8.8% to $12 million during the first quarter, driven by $1.9 million of franchise IT pass-through revenue in the prior year quarter related to the new point-of-sale franchise rollout completed in 2025. This decrease was partially offset by a 6.1% increase in comparable restaurant sales and revenue associated with 9 franchise-operated restaurant openings subsequent to the first quarter of 2025. The 6.1% increase in comparable franchise store sales consisted of a 4.9% increase in average check size and a 1.1% increase in transactions. For the first quarter, system-wide same-store sales were up 5.8% as system-wide traffic turned positive to up 0.6%.

第一季期間，我們相較 2025 年的有效提價幅度為 4.6%。第一季加盟收入下降 8.8% 至 1,200 萬美元，主要因去年同期包含 190 萬美元的加盟 IT 轉付（pass-through）收入，該收入與 2025 年完成的新 POS（銷售點）加盟推廣計畫相關。此下降部分被以下因素抵銷：同店銷售成長 6.1%，以及自 2025 年第一季以來新增開幕的 9 家加盟店所帶來的相關收入。同店加盟店銷售成長 6.1% 的組成為平均客單價增加 4.9%，以及交易筆數增加 1.1%。第一季全系統同店銷售成長 5.8%，且全系統來客數轉為正成長，上升 0.6%。

We are very pleased to report that the sales momentum we experienced in Q1 has continued into the second quarter. System-wide comparable store sales for the second quarter to date through April 29, 2026, increased 4.8%, consisting of a 3.9% increase in company-operated restaurants and a 5.3% increase in franchise restaurants. Looking ahead, we believe same-store sales for the second quarter will be in the 3% to 4% range. Turning to expenses. Food and paper costs as a percentage of company restaurant sales decreased 30 basis points year-over-year to 24.9% due to higher menu pricing and cost management initiatives, partially offset by approximately 70 basis points of commodity inflation and higher discounts.

我們很高興報告，第一季所見的銷售動能已延續至第二季。截至 2026 年 4 月 29 日的第二季迄今，全系統同店銷售成長 4.8%，其中公司自營餐廳成長 3.9%，加盟餐廳成長 5.3%。展望未來，我們認為第二季同店銷售將落在 3% 至 4% 的區間。接著談費用。食品與紙品成本占公司餐廳銷售額的比率年減 30 個基點至 24.9%，主要受惠於較高的菜單定價與成本管理措施，但部分被約 70 個基點的原物料通膨與較高折扣所抵銷。

We expect commodity inflation to be in the 1.5% to 2.5% range for the full year 2026.

我們預期 2026 全年原物料通膨將落在 1.5% 至 2.5% 的區間。

Labor and related expenses as a percentage of company restaurant sales decreased about 260 basis points year-over-year to 30.1% as we continued to benefit from improvements in operating efficiencies, along with lower health insurance and workers' compensation costs. In addition, labor as a percentage of sales benefited from leverage on the 5.4% company-owned comparable store sales increase. Wage inflation during the first quarter was a manageable 0.4% for all our company-owned locations. For the full year 2026, we expect wage inflation of between 1.5% and 2.5%. Occupancy and other operating expenses as a percentage of company restaurant sales decreased 30 basis points year-over-year to 25.8%, primarily due to leverage on the same-store sales increase was able to offset increases from higher delivery fees, higher utilities, higher occupancy costs and higher liability insurance costs.

勞動及相關費用占公司餐廳銷售額的比率年減約 260 個基點至 30.1%，因我們持續受惠於營運效率改善，以及較低的健康保險與勞工補償成本。此外，勞動費用占比亦受惠於公司自營同店銷售成長 5.4% 所帶來的規模效益。第一季我們所有公司自營據點的薪資通膨為可控的 0.4%。就 2026 全年而言，我們預期薪資通膨介於 1.5% 至 2.5%。租賃占用與其他營運費用占公司餐廳銷售額的比率年減 30 個基點至 25.8%，主要因同店銷售成長帶來的規模效益，得以抵銷外送費用上升、公用事業費用上升、占用成本上升以及責任保險成本上升所造成的增加。

Our restaurant contribution margin for the first quarter improved to 19.2% compared to 16% in the year-ago period. As we continue our path of margin improvement, we expect our restaurant level margin for the full year 2026 to be between 18.25% and 18.75%, an increase of 25 basis points from our prior guidance. In addition, we expect our margins in the second quarter of 2026 to be between 19% and 19.5%.

第一季餐廳貢獻毛利率提升至 19.2%，高於去年同期的 16%。隨著我們持續推進毛利率改善路徑，我們預期 2026 全年餐廳層級毛利率將介於 18.25% 至 18.75%，較先前指引上調 25 個基點。此外，我們預期 2026 年第二季毛利率將介於 19% 至 19.5%。

General and administrative expenses increased to $12.8 million compared to $11.3 million in the prior year. The increase was primarily due to $0.6 million received from a legal settlement in the prior year, as well as increased legal fees, outside services, software maintenance and other general administrative expenses. These increases were partially offset by lower shareholder activism-related expenses. As a percentage of sales, G&A increased 10.1% or 60 basis points. To enable our continued growth in 2026 and beyond, we continue to strategically invest in resources to drive new store development, operations excellence and technology.

一般及行政費用增加至 1,280 萬美元，去年同期為 1,130 萬美元。增加主要因去年收到 60 萬美元的法律和解款項（使去年基期較低），以及法律費用、外部服務、軟體維護及其他一般行政費用增加。上述增加部分被較低的股東行動主義相關費用所抵銷。以銷售額百分比計，G&A 上升至 10.1%，增加 60 個基點。為支持我們在 2026 年及之後的持續成長，我們持續策略性投資資源，以推動新店開發、營運卓越與科技。

During the first quarter, we recorded a provision for income taxes of $3.3 million for an effective tax rate of 29%. This compares to a provision for income taxes of $2.3 million and an effective tax rate of 29.7% in the prior year period. We reported GAAP net income of $8.2 million or $0.27 per diluted share in the first quarter, compared to GAAP net income of $5.5 million or $0.19 per diluted share in the prior year period. Adjusted EBITDA for the first quarter of 2026 was $18.2 million compared to $13.9 million in the first quarter of 2025. Adjusted net income for the first quarter was $8.3 million or $0.28 per diluted share compared to adjusted net income of $5.5 million or $0.19 per diluted share in the first quarter of last year.

第一季我們認列所得稅費用準備 330 萬美元，有效稅率為 29%。相較之下，去年同期所得稅費用準備為 230 萬美元，有效稅率為 29.7%。第一季我們依 GAAP 報告的淨利為 820 萬美元，或稀釋後每股盈餘 0.27 美元；去年同期依 GAAP 報告的淨利為 550 萬美元，或稀釋後每股盈餘 0.19 美元。2026 年第一季調整後 EBITDA 為 1,820 萬美元，較 2025 年第一季的 1,390 萬美元增加。第一季調整後淨利為 830 萬美元，或稀釋後每股盈餘 0.28 美元；相較去年第一季調整後淨利 550 萬美元，或稀釋後每股盈餘 0.19 美元。

Please refer to our earnings release for a reconciliation of non-GAAP measures.

非 GAAP 指標的調節表請參閱我們的財報新聞稿。

In regard to our remodeling efforts, during the first quarter, we completed 6 franchised restaurant remodels and 7 company remodels. In terms of liquidity, as of April 1, 2026, we had $44 million of debt outstanding and $3.9 million in cash and cash equivalents. Subsequent to the end of the first quarter, we borrowed a net additional $2 million on our revolver, resulting in our debt outstanding of $46 million as of May 7, 2026.

關於我們的改裝計畫，第一季我們完成了 6 家加盟餐廳改裝與 7 家公司自營餐廳改裝。就流動性而言，截至 2026 年 4 月 1 日，我們未償還債務為 4,400 萬美元，現金及約當現金為 390 萬美元。第一季結束後，我們在循環信貸額度（revolver）上淨新增借款 200 萬美元，使得截至 2026 年 5 月 7 日的未償還債務為 4,600 萬美元。

With that, we would like to provide you with the following updated guidance for 2026. We are increasing our system-wide comparable store growth guidance to now be between 2% and 4% for the full year. We are increasing our adjusted EBITDA guidance to be between $67.5 million to $69.5 million. We are maintaining the following guidance: the opening of at least 3 to 4 company-operated restaurants and 15 to 16 franchise-operated restaurants; capital spending between $37 million and $40 million; G&A expenses between $52 million to $54 million, excluding onetime charges and including approximately $6.5 million in stock compensation expense; and an estimated effective income tax rate of approximately 29% to 29.5% before discrete items.

接下來，我們想提供以下 2026 年更新後的財測指引。我們將全系統同店成長指引上調至全年 2% 至 4%。我們將調整後 EBITDA 指引上調至 6,750 萬美元至 6,950 萬美元。我們維持以下指引不變：至少新開 3 至 4 家公司自營餐廳與 15 至 16 家加盟餐廳；資本支出介於 3,700 萬美元至 4,000 萬美元；G&A 費用介於 5,200 萬美元至 5,400 萬美元（不含一次性費用，並包含約 650 萬美元的股票薪酬費用）；以及在不含離散項目（discrete items）之前，預估有效所得稅率約為 29% 至 29.5%。

Finally, given our step-up in capital spending this year, we anticipate depreciation and amortization will also marginally step up to be between $18.5 million and $19 million for the full year.

最後，鑑於我們今年提高資本支出，我們預期折舊與攤銷也將小幅上升，全年將介於 1,850 萬美元至 1,900 萬美元。

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

以上為我們的預先準備發言。再次感謝各位今天參與電話會議，我們也很樂意回答各位的任何問題。接線員，請開放提問。

(Operator Instructions) Jeremy Hamblin, Craig-Hallum.

（接線員指示）Jeremy Hamblin，Craig-Hallum。

Congratulations on the really strong results. So I wanted to dig in a little bit. Menu innovation clearly has been a key driver for you. You had the Loco Tenders launch just towards the end of April. And wanted to just get a sense for how customers were responding to that.

恭喜你們交出非常強勁的成績。所以我想再深入了解一下。菜單創新顯然一直是你們的關鍵驅動因素。你們在四月底推出了 Loco Tenders。我想了解一下顧客對這項新品的反應如何。

And in terms of pricing, the price point is a little bit higher than some peers, like Raising Cane's, for example.

另外在定價方面，這個價位比一些同業略高，例如 Raising Cane's。

But certainly, the reviews that we've seen have been very positive on product taste and the sauces in particular, the Baja Lime and the Loco Sauce. So just a little more color you might be able to share on that launch.

不過，我們看到的評論對產品口味、尤其是醬料（Baja Lime 與 Loco Sauce）都非常正面。所以想請你們再多分享一些這次上市的細節。

Yes. Thanks for the question. Yes. So innovation, as you heard, really proud of everything we're doing with culinary innovation and the response we're getting from our consumers. In this environment, people want to try new things and there's so much love for our brand.

好的，謝謝你的提問。是的，關於創新，如你所聽到的，我們對於目前在料理創新上的所有作為，以及消費者給予的回饋都感到非常自豪。在這樣的環境下，人們想嘗試新事物，而且大家對我們品牌有很多喜愛。

So when we can do that, we're seeing a lot of success.

所以當我們能做到這一點時，就看到很多成功。

As you mentioned, Loco Tenders launched in April. We put a lot of social and just traditional marketing, all kinds of marketing behind making it a really prominent and successful launch. And as a result, we're driving a nice amount of trial. And you're right, the sauces really are part of the story. There's 3 sauces.

如你提到的，Loco Tenders 在四月上市。我們在社群與傳統行銷等各種行銷手段上投入很多，讓它成為一次非常醒目且成功的上市活動。因此，我們帶動了相當不錯的試吃（trial）。你說得沒錯，醬料確實是故事的一部分，一共有 3 種醬料。

Personally, I love the Pollo Loco Sauce. But they're all really great. Also, our tenders have a unique spin on them in that they have kind of a kick, a little bit of a spice. You can get them as an original without that. But that really is what's differentiating us from -- there's such a big -- a large amount of tenders out there.

就我個人而言，我最喜歡 Pollo Loco Sauce。但其實每一款都很棒。另外，我們的雞柳也有獨特之處：它帶有一點勁道、些微辣味。你也可以選擇原味、不帶那種辣感。但這正是讓我們與——市面上有非常多雞柳產品——做出區隔的地方。

So we feel like we're differentiated there.

所以我們覺得在這方面我們是有差異化的。

In terms of pricing, we did a lot of work to make sure we were competitively priced. So I'm curious which Raising Cane's you're going to. But in terms of just looking out across the competitive landscape, we are seeing that we're in the middle of the pack. And we're also seeing nice add-on. So sometimes you wonder if it's just going to be a meal onto itself or if you'll see consumers add them on to -- onto a bigger order and we're seeing that as well, which is exciting for us.

在定價方面，我們做了很多工作以確保價格具競爭力。所以我很好奇你是去哪一家 Raising Cane's。不過就整體競爭環境來看，我們看到自己的價格大致位於同業中間水準。我們也看到不錯的加購（add-on）表現。有時你會想，這會不會只是單獨成為一份餐點，或是消費者會把它加到——加到更大的訂單裡；我們也確實看到後者，這讓我們很振奮。

So all in all, I'm proud of -- it's only a few weeks in there, but proud of what we've accomplished.

總之，我很自豪——雖然才推出幾週，但對我們目前達成的成果感到自豪。

Fair enough. Fair enough. I'm in the East Coast market, as you know. So maybe a little bit -- usually not lower price, but maybe than Southern California market. So -- and then, Ira, I wanted to ask about menu pricing.

可以理解，可以理解。如你所知，我在美國東岸市場。所以可能會有一點——通常不會更低，但也許比南加州市場稍微不同一些。所以——接著 Ira，我想問一下菜單定價。

So I think you said 4.6% in Q1. Can you give us a sense for how that might play out the remainder of the year?

我想你說第一季是 4.6%。你能否讓我們了解一下，今年剩餘時間可能會如何發展？

Yes, sure. Thanks for the question, Jeremy. So we will see a step down in the pricing that we're carrying as we think about the balance of the year. It'll step down to about 3%, 3.5% in Q2 and then just a little above 3% as we go into Q3 and Q4. And implicit in that is we do have another menu -- a small menu price increase scheduled for midyear of about 1.5%.

好的，當然。謝謝你的提問，Jeremy。展望今年剩餘時間，我們所承載的定價幅度會逐步下降。第二季會降到約 3% 到 3.5%，第三季與第四季則會略高於 3%。其中也隱含著我們在年中安排了另一波菜單——小幅的菜單調價，約 1.5%。

Perfect. And then last one for me. So a big year with the acceleration here in unit growth. And in terms of a lot of those stores, as you said, the majority are going to be outside of some of your core markets and outside of California.

很好。那我最後一個問題。今年在門店成長加速方面是個大年。而且如你所說，這些店當中多數會在你們的一些核心市場之外、也在加州之外。

But I wanted to get a sense for -- you already have some of those markets where you're building out great franchise partners. Can you give us a sense for the performance of those new stores versus kind of your new unit algo and what you might be expecting?

但我想了解的是——你們已經在部分市場建立了很好的加盟夥伴。你能否談談這些新店的表現，相較於你們的新店模型（algo）大概如何，以及你們的預期？

Yes. So I'll start and then I can have Ira wrap it up there. Proud of what we're seeing with new restaurant development. Really a wide variety of all positive results, but some extreme high sales volumes, particularly when it's the first store in a state, a lot of pent-up demand. But then you're seeing many other openings that are opening at average, a few below our system average, but with the full confidence that over time, they will grow to system average.

好的。我先回答，然後我可以請 Ira 做個總結。我們對新餐廳開發所看到的情況感到自豪。整體結果非常多元且都偏正面，其中有些店的銷售量特別高，尤其是某個州的第一家店，會有很多累積的需求（pent-up demand）。同時你也會看到許多開店表現落在平均水準，有些略低於我們系統平均，但我們完全有信心，隨著時間推移，它們會成長到系統平均水準。

So seeing just across the board there.

所以整體來看是全面性的表現。

Yes. I completely agree. We're excited about what we're seeing. We are seeing a range. But I think really in totality, what we are seeing are volumes that give us confidence that they make sense for us to continue to deploy capital.

是的，我完全同意。我們對目前看到的情況感到興奮。我們確實看到一個區間的表現。但我認為整體而言，我們看到的營收量（volumes）讓我們有信心，繼續投入資本是合理的。

It makes sense for franchisees to deploy capital and we expect to continue to grow in these markets.

這也讓加盟商投入資本變得合理，我們預期會持續在這些市場成長。

Todd Brooks, The Benchmark Company.

Todd Brooks，The Benchmark Company。

Congrats on the eye-opener of a good quarter. So well done. A few quick questions here. One, you talked about tenders and you talked about it meeting expectations. But what I'd love to drill down in, what is the expectation at the launch?

恭喜這一季的表現令人眼睛一亮，做得很好。我這邊有幾個快速問題。第一，你們談到雞柳，也提到它符合預期。但我想更深入問的是，上市時的「預期」是什麼？

Was there a mix target you were hoping to hit? Or any color you could give us around the performance from a quantified standpoint?

你們是否有希望達成的品項占比（mix）目標？或是能否從量化角度提供一些關於表現的資訊？

When we look at mix targets, we've got a range in terms of what we see when we devote a promo panel and we put a lot of marketing effort behind a new product. And we'd say that this product is right in line with what we traditionally see. Because we're just in the first couple of weeks, that's building. And so as an example, media just turned on in the last week. And so that we'll continue to see it build.

當我們看品項占比目標時，如果我們投入一個促銷看板（promo panel），並且在新品上投入大量行銷資源，我們會看到一個區間的結果。我們會說，這個產品的表現與我們傳統上看到的情況一致。因為目前才剛開始前幾週，還在逐步建立中。舉例來說，媒體投放是在上週才剛啟動，所以我們會持續看到它往上累積。

So not really releasing exact numbers at this point, but proud of how they're doing. And a couple more weeks, we'll get a lot more information on the mix between how much is being eaten as an entree versus being added on to an existing meal.

所以目前不會公布精確數字，但我們對它們的表現感到自豪。再過幾週，我們就能取得更多資訊，了解其中有多少是作為主餐（entree）被消費、以及有多少是加到既有餐點上的加購。

Okay. Great. I was wondering and -- I mean, it sounds like with the April commentary, the question may be redundant, but things obviously changed a bit for the consumer come March, April. And with your concentration in California, obviously, gas prices are even more of a headline issue there. If you look at progression across the quarter and into April, did you see a downshift at all from the consumer?

好的，很好。我在想——我的意思是，聽起來你們對四月的評論可能已經讓這個問題有點重複，但顯然消費者在三月、四月有一些變化。你們在加州的比重很高，而油價在那裡更是頭條議題。如果看整季的走勢以及進入四月後，你們有看到消費者有任何降檔（downshift）嗎？

Or did you guys power through it with the momentum you have in the business?

還是你們憑藉業務動能一路挺過去了？

No, the consumer has remained steady. We're pleased with that. And we think that's a function of we're continuing to perform. We're continuing to improve with the operations and the value. And our consumer is remaining steady.

沒有，消費者一直保持穩定，我們對此感到滿意。我們認為這是因為我們持續把表現做好，持續在營運與價值上改善，因此我們的消費者維持穩定。

In terms of the progression as we went through the quarter and Ira, you might comment on this.

至於整季的走勢，Ira，你也許可以補充一下。

Yes. We -- as you can -- we announced our quarter-to-date -- quarter on the last call and we were in the low 2% range, 2.4% and obviously, putting up a 5.8% for the quarter. We had a big step-up in March, which was driven -- honestly, we had some weather benefits, which helped us. But we did feel the strength in the consumer as well and the business. And I think as you move into April and we see the 4.8% that we put up in April, speaks to how we feel a little -- a lot of momentum in the business and we really have not seen that impact from the consumer of what you're talking about in regards to the increased inflationary pressures as well as driven by gas prices.

好的。我們——如你所知——在上一通電話會議上公布了當季迄今（quarter-to-date）的表現，當時在 2% 出頭的區間，約 2.4%；而本季最終達到 5.8%。三月有一個明顯的跳升，坦白說其中有一些天氣帶來的利多，對我們有幫助。但我們也確實感受到消費者與業務的強勁。我認為進入四月後，我們四月達到 4.8%，這也說明我們在業務上感受到一些——很多——動能；而就你提到的、關於通膨壓力上升以及油價推升的影響，我們確實沒有看到消費者端受到那樣的衝擊。

Okay. Perfect. And then one more from me. Liz, as you're thinking about franchising as a growth engine, I'm not going to ask the pipeline question. For once this quarter I'm going to ask a different question.

好的。完美。然後我再問最後一個問題。Liz，當你把加盟視為成長引擎在思考時，我不打算問管線的問題。這一季我難得要問一個不同的問題。

How aggressive are you being as far as exploring territories that you're looking for partners? And what are you willing to do as far as proving out Loco East Coast or even working your way a little bit more aggressively towards the East Coast to start to put that patina of Loco truly being a national brand versus a super-regional brand?

就你在尋找合作夥伴、探索你所關注的區域版圖而言，你們的進取程度有多高？另外，為了驗證 Loco 在東岸的可行性，甚至更積極地往東岸推進，開始讓 Loco 呈現出真正的全國性品牌、而非超區域性品牌的那種「光澤／印記」，你們願意做到什麼程度？

So simply put, very aggressive. And I just actually had the Board in this week and we had a robust conversation around what's the right combination of company and franchise development. Company will continue to develop. But the good news is there's a lot of franchise partners that also want to develop alongside us. Some are in our system today and then some are those that we're getting to know or we haven't met yet.

簡單說，非常積極。而且我這週剛好讓董事會來開會，我們也就公司自營與加盟開發的最佳組合進行了深入討論。公司端會持續開發。不過好消息是，也有很多加盟夥伴希望與我們同步擴張。有些目前就在我們的體系內，另外一些則是我們正在認識、或甚至還沒見過的夥伴。

So with the addition of a new recruiter on our franchise development side, she's having some great conversations with franchise partners in new markets, some very far away from California. And I think there's going to be good demand to be able to grow in those markets without even having to go deploy company capital in some of those further afield markets. But then there's plenty of places where company is operating. So take Dallas, for example, where we just opened our first company restaurant in Dallas at the beginning of the year. And we did that alongside -- we have a franchise partner in that market.

因此，隨著我們在加盟開發端新增了一位招募人員，她正在與新市場的加盟夥伴進行一些很好的洽談，其中有些市場離加州非常遠。我認為在那些市場會有不錯的需求，讓我們即使不必在某些更偏遠的市場投入公司資本，也能夠成長。不過同時也有很多地方是公司在營運的。以達拉斯為例，我們在今年年初於達拉斯開了第一家自營餐廳。而我們是與——我們在該市場也有一位加盟夥伴——一起做的。

So we're developing there. The franchise partner is developing in Texas. So that's an example of moving several states away and putting company capital to work in a way that we're all going to grow that Texas market.

所以我們在那裡開發，而加盟夥伴也在德州開發。這就是一個例子：我們跨了好幾個州，把公司資本投入運作，讓我們大家一起把德州市場做大。

So long story short, it's a combination of both. And the magic will really be in unlocking even more franchise partners across the country.

總之，這會是兩者並行的組合。而真正的關鍵，會在於解鎖全國更多的加盟夥伴。

Matthew Curtis, D.A. Davidson.

Matthew Curtis，D.A. Davidson。

I got a question on throughput. It seems like you're driving improvement in speed of service, order accuracy. Liz, I heard your comments about part of this being reconfiguring display screens, et cetera, to help with that. But I'm just wondering what you have planned going forward to continue driving the improvement there. And how much actual improvement on speed of service have you seen so far, either in store or via the drive-thru?

我有一個關於產能吞吐（throughput） 的問題。看起來你們正在推動服務速度、點單正確率的改善。Liz，我聽到你提到其中一部分是重新配置顯示螢幕等等來協助。但我想了解你們接下來有什麼計畫，來持續推動這方面的改善？以及到目前為止，你們在服務速度上實際看到多少改善——不論是在店內或得來速？

Thanks for the question. I'm very pleased with the improvements we're making operationally. Before we even got to speed, we all aligned that the first thing we needed to do was make sure we were improving our performance with things like accuracy and service and standards because I think we all can agree and we've seen a lot of data, if you're fast, but the order is wrong and you get home and you don't have what you want, that's a terrible experience and you would have preferred to have waited that extra -- make it up a couple of seconds for your order to be right. And so the primary focus the last couple of months has been on the standards, the service and really the accuracy. And so that's where we've made the most meaningful improvements when you look both at the SMG data, when you look at just more broadly talking to consumers.

謝謝你的問題。我對我們在營運面所做的改善非常滿意。在談速度之前，我們先一致認為第一件事是要確保我們在正確率、服務與標準等方面的表現有所提升，因為我想大家都同意、而且我們也看到很多數據：如果你很快，但餐點做錯了，你回到家發現不是你要的，那是很糟的體驗；你寧可多等那麼——多等個幾秒鐘——只要餐點是對的。因此，過去幾個月的主要重點一直放在標準、服務，以及真正的正確率上。這也是我們在看 SMG 數據、以及更廣泛地與消費者交流時，看到最有意義改善的地方。

So that's where we're really proud. Speed, on the other hand, in different pockets of the organization, especially where we're testing different things, we're seeing some improvements in speed. I think that's still an area where we have opportunity. And over the next couple of months, all of those items I mentioned on the call, these operational enhancements are exactly what is going to underpin us improving speed. So the simple things like making it easier to make our food because the team member can read the description on the kitchen display system in just a faster format, that's going to help, as one example.

因此我們對這部分非常自豪。至於速度，另一方面，在組織內不同的區塊，特別是我們在測試不同做法的地方，我們確實看到一些速度上的改善。我認為這仍是我們有機會提升的領域。接下來幾個月，我在電話會議中提到的那些項目——這些營運強化——正是支撐我們提升速度的基礎。舉例來說，像是讓我們的食物更容易製作：因為團隊成員可以用更快的格式在廚房顯示系統上讀到品項描述，這就會有幫助。

So lots of progress we're proud of, but still, I think, a lot of upside as we continue to focus on it.

所以我們有很多值得自豪的進展，但我也認為，隨著我們持續聚焦，仍有很大的上行空間。

Okay. Great to hear. Then I guess another question, a different question on the traffic improvements you've seen relative to the fourth quarter. I was wondering if you could talk about how broad-based this improvement has been demographically and if any particular groups in terms of age, income, or other factors are really leading the improvement. And I ask because I think on the last call, you mentioned early data suggesting improved momentum with younger consumers in particular.

好的。很高興聽到。那我還有另一個問題，關於你們相較第四季所看到的來客數（traffic）改善。我想請你談談，這個改善在不同人口統計面向上有多廣泛？是否有任何特定族群——例如年齡、收入或其他因素——在帶動改善？我之所以問，是因為我記得上次電話會議你提到早期數據顯示，特別是年輕消費者的動能有所改善。

Yes. So we're seeing the improvement broadly across all, which is nice to see. So whether it's incomes or ages, seeing improvements across the board. That younger set is a little bit higher in terms of the growth, which is a great indicator, we think and also just signals that the work we're doing on some of these new menu items that are just more relevant for that crowd, along with how we're communicating with our brand voice is resonating. So we're excited about that.

是的。我們看到的改善在各面向都相當廣泛，這點很令人欣慰。無論是收入或年齡，各方面都在改善。年輕族群的成長幅度稍微更高一些，我們認為這是很好的指標，也顯示我們在一些更符合那個族群需求的新菜單品項上的工作，以及我們以品牌語調進行溝通的方式，正在產生共鳴。所以我們對此感到興奮。

It's also nice. I've seen data that shows we're seeing frequency increase with our existing consumers. So the consumers that are heavier users, they're coming more frequently, which is also great. And then also with new consumers, we see when we put new innovation out there, as you would expect, it brings in new consumers. So it's kind of -- it's across the board that we're seeing the improvements.

另外也很不錯的是，我看到一些數據顯示，我們既有消費者的來店頻率正在提升。也就是那些使用頻率較高的消費者，他們來得更頻繁，這也很棒。同時，對於新消費者，我們也看到當我們推出新的創新產品時，如你所預期，會帶來新客。因此——我們看到的改善算是全面性的。

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 her closing comments.

各位女士先生，我們已到達今天問答環節的尾聲。接下來我想把電話會議交回給 Liz Williams，請她做結語。

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

再次感謝各位今天對 El Pollo Loco 的關注。我們期待下個季度再與各位交流。祝各位晚安。

Thank you. Ladies and gentlemen, the conference of El Pollo Loco has now concluded. Thank you for your participation. You may now disconnect your line.

謝謝。各位女士先生，El Pollo Loco 的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。