Noodles & Co (NDLS) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to today's Noodles & Company's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，歡迎參加 Noodles & Company 2026 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would now like to introduce Noodles & Company's Chief Financial Officer, Mike Hynes. Please go ahead, sir.

現在我想介紹 Noodles & Company 的財務長 Mike Hynes。先生，請開始。

Thank you and good afternoon, everyone. Welcome to our first quarter 2026 earnings call. Here with me this afternoon is Joe Christina, our Chief Executive Officer.

謝謝，大家下午好。歡迎參加我們 2026 會計年度第一季財報電話會議。今天下午與我一同出席的是我們的執行長 Joe Christina。

I'd like to start by going over a few regulatory matters. During the call, we may make forward-looking statements regarding future events or the future financial performance of the company. Any such items should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

我想先說明幾項法規相關事項。在本次電話會議中，我們可能會就未來事件或公司未來財務表現發表前瞻性陳述。任何此類事項均應被視為《私人證券訴訟改革法》所定義之範圍內的前瞻性陳述。

Such statements are only projections and actual events or results could differ from those projections due to a number of risks and uncertainties, including those referred to in this afternoon's news release and the cautionary statement in the company's annual report on Form 10-K and subsequent filings with the SEC.

此類陳述僅為預測；由於多項風險與不確定性，實際事件或結果可能與這些預測不同，包括今天下午新聞稿中提及者，以及公司 Form 10-K 年報與其後向美國證券交易委員會（SEC）提交之文件中的警示性聲明。

During the call, we will discuss non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to most directly comparable GAAP measures is available in our first quarter 2026 earnings release.

在本次電話會議中，我們將討論非 GAAP 指標，我們相信這些指標有助於評估公司的營運表現。這些指標不應被單獨看待，亦不應取代依 GAAP 編製的財務結果。這些指標與最直接可比之 GAAP 指標的調節表，已載於我們 2026 會計年度第一季財報新聞稿中。

To the extent the company provides guidance, it does so only on a non-GAAP basis and does not provide reconciliations of forward-looking non-GAAP measures. Quantitative reconciling information for these measures is unavailable without unreasonable efforts.

在公司提供財測指引的範圍內，僅以非 GAAP 基礎提供，且不提供前瞻性非 GAAP 指標的調節表。若不付出不合理的努力，將無法取得這些指標的量化調節資訊。

With that, I would like to turn the call over to Joe Christina, our Chief Executive Officer.

接下來，我想把電話會議交給我們的執行長 Joe Christina。

Thanks, Mike, and good afternoon. As we look at our performance in the first quarter and into the second, the story is clear. We are delivering consistent and sustainable favorable results across Noodles & Company, demonstrated by system-wide comp sales growth of over 9% and adjusted EBITDA more than tripling year-over-year in the first quarter.

謝謝你，Mike，大家下午好。回顧第一季並展望第二季，我們的表現脈絡很清楚。我們在 Noodles & Company 全體系統持續交出一致且可持續的正面成果：第一季全系統同店銷售成長超過 9%，調整後 EBITDA 較去年同期成長逾三倍。

More importantly, this momentum continued into the second quarter with April system-wide comp sales growth of over 9%, including over 10% for our company-operated restaurants. To date, we have delivered positive same-store sales for the last 16 consecutive months.

更重要的是，這股動能延續到第二季；4 月全系統同店銷售成長超過 9%，其中公司自營餐廳更超過 10%。截至目前，我們已連續 16 個月實現同店銷售正成長。

In conjunction with the increase in comparable sales, our restaurant contribution margins increased by a significant 460 basis points in the first quarter, with the combination of the strong sales and margin increases reflected in the over tripling of our adjusted EBITDA results.

隨著同店銷售提升，我們第一季餐廳貢獻毛利率大幅增加 460 個基點；強勁的銷售與毛利率提升相結合，反映在我們調整後 EBITDA 結果較去年同期成長逾三倍。

What gives me confidence in the sustainability of our results is that our progress is driven not by a single initiative or unlock. It is a result of a focused, disciplined approach to executing the fundamentals of our business and doing the small things right every day, with those small improvements adding up to meaningful wins. Moreover, we're seeing those winning behaviors spread across the organization, leading to stronger execution and a better overall guest experience.

讓我對成果可持續性有信心的是，我們的進展並非由單一計畫或單一突破所驅動。這是我們以聚焦且自律的方法，落實業務基本功、每天把小事做對的結果，而這些小幅改善累積成為有意義的勝利。此外，我們也看到這些致勝行為在組織內擴散，帶來更強的執行力與更好的整體顧客體驗。

What's important to understand is that this progress is not accidental. It is a result of how our teams show up and operate every day. We are seeing that come through clearly in three areas. First, we are running more consistent restaurant operations. Second, our marketing is more disciplined and more connected. And third, our culinary strategy is driving demand through relevant, craveable food.

重要的是要理解，這些進展並非偶然。這是我們團隊每天如何到位、如何運作的結果。我們清楚看到這點體現在三個面向。第一，我們的餐廳營運更一致。第二，我們的行銷更自律、連結性更強。第三，我們的餐飲策略透過貼近需求、令人想吃的餐點帶動需求。

Let me start with our restaurants. Put simply, we are operating better restaurants today than we were a year ago. Across the system, we are executing at a higher level in the moments that matter most to our guests. We are seeing meaningful improvement in service, particularly during our dinner daypart, where consistency and hospitality have the greatest impact.

我先從餐廳談起。簡單說，我們今天的餐廳營運比一年前更好。在整個系統中，我們在對顧客最重要的關鍵時刻，執行水準更高。我們看到服務有顯著改善，尤其是在晚餐時段，因為一致性與待客之道在此時段影響最大。

Our overall guest satisfaction scores increased by 10% in the last six months, with significant improvement achieved in all of our major sales channels, in-restaurant, native digital, and third-party delivery. That comes from more focused, more aligned teams who understand what matters most and hold themselves accountable to it.

過去六個月，我們整體顧客滿意度分數提升 10%，且在所有主要銷售通路都取得顯著改善，包括店內、原生數位，以及第三方外送。這來自更聚焦、更一致的團隊，他們了解最重要的是什麼，並對此自我要求、負起責任。

We are recognizing strong performance and reinforcing it, which raises the standards across the system. Guests are noticing the difference, and that is showing up in the stronger in-restaurant sales and more consistent traffic patterns. At the same time, as execution in our restaurants has improved, our marketing has become more disciplined, more connected, and more effective.

我們表揚並強化優異表現，進而提升整個系統的標準。顧客注意到差異，這反映在更強的店內銷售與更一致的來客流量型態上。同時，隨著餐廳執行力提升，我們的行銷也變得更自律、更連結、更有效。

We're not relying on a single campaign or promotion. We are operating with a consistent, ongoing dialogue with our guests, anchored in what we do best, delivering craveable, globally inspired noodle dishes. That work is showing up in the business. We're seeing it in both sales and transactions, supported by stronger engagement across our paid, owned, and earned channels.

我們不依賴單一活動或促銷。我們與顧客維持一致且持續的對話，核心聚焦在我們最擅長的事：提供令人想吃、具全球靈感的麵食料理。這些努力正在業務表現上顯現。我們在銷售與交易筆數上都看得到，並且在付費、自有與口碑（earned）通路的互動提升下獲得支持。

Importantly, a meaningful portion of that growth is coming from new guest entering the brand. In fact, new guest's active purchases increased 36% year-over-year, and loyalty sign-ups grew 33% in the quarter. Clear indicators that our brand is reaching new audiences. We will also become intentional in how we invest. In Paid Media, we are actively managing performance in real-time across channels, allowing us to allocate dollars more efficiently and maximize return.

重要的是，其中相當一部分成長來自首次接觸品牌的新顧客。事實上，新顧客的活躍購買次數年增 36%，本季會員忠誠計畫註冊數成長 33%。這些都是我們品牌觸及新受眾的明確指標。我們也將更有意識地進行投資。在付費媒體方面，我們即時跨通路主動管理成效，使我們能更有效率地配置預算並最大化投資報酬。

We are not separating traffic from brand. The same work that brings guests into our restaurants is also strengthening how they think about noodles. In the first quarter, we introduced what we call a Boost Week offer, a focused time-bound activation designed to drive immediate profitable traffic during key periods. During this window, reward members can enjoy two of our culinary classics for $12.

我們不把來客流量與品牌經營分開看待。把顧客帶進餐廳的同一套工作，也同時強化他們對「麵」的品牌印象。第一季，我們推出所謂的 Boost Week 優惠，這是一個聚焦、具時間限制的行銷啟動方案，旨在於關鍵期間帶動即時且具獲利性的來客流量。在此期間，獎勵會員可用 12 美元享用兩款我們的經典料理。

The results were strong as we added new loyalty members, reactivated lapsed guests, and drove a meaningful increase in traffic to our website. Based on that performance, we plan to build this into a repeatable program and execute it on a quarterly basis.

成果相當強勁：我們新增了忠誠會員、喚回流失顧客，並帶動網站流量顯著提升。基於該表現，我們計畫將其打造為可重複執行的方案，並以每季一次的頻率推行。

We also launched our Fresh campaign, highlighting ingredient quality and reinforcing the care that goes into every dish, helping to elevate how our guests perceive our food. On the culinary side, we're executing a focused strategy that balances fan favorite returns, bold global flavors, and culturally relevant partnerships to drive both frequency and new guest engagements. This progress began last year with the most significant menu transformation in our company's history as we introduced a range of new and enhanced dishes that strengthen the core of our offerings.

我們也推出 Fresh 行銷活動，強調食材品質並強化每一道料理背後的用心，協助提升顧客對我們食物的觀感。在餐飲方面，我們執行一項聚焦策略，在回歸粉絲最愛、強烈的全球風味，以及具文化相關性的合作夥伴之間取得平衡，以同時提升來店頻率與新顧客互動。這項進展始於去年，當時我們進行公司史上最重大的菜單轉型，推出一系列全新與升級的餐點，強化我們產品組合的核心。

We followed that with our Delicious Duos platform, which reinforced our value proposition in a disciplined way as well as provided further reinforcement of the new and enhanced menu items. Later in the year, we introduced Chili Garlic Ramen, one of our most successful limited-time offers, which brought new guests to the brand and further reinforced noodles as a credible, differentiated, fast-casual destination for globally-inspired noodle dishes.

隨後我們推出 Delicious Duos 平台，以自律的方式強化我們的價值主張，同時也進一步鞏固對新推出與升級菜單品項的認知。在今年稍晚，我們推出 Chili Garlic Ramen（辣蒜拉麵），這是我們最成功的限時供應產品之一，為品牌帶來新顧客，並進一步強化「麵」作為可信賴、具差異化的快速休閒餐飲目的地，提供具全球靈感的麵食料理。

In the first quarter, Steak Stroganoff returned as a highly successful limited-time offer. We brought it back in response to strong guest demand, and the results reinforced both the strength of our loyal guest base, and our ability to attract new guests. We also expanded how we supported that launch through differentiated marketing initiatives to build broader awareness to reach beyond our core guests.

在第一季，牛排史特羅加諾夫（Steak Stroganoff）作為極為成功的限時供應（LTO）回歸。我們因應顧客強烈需求而重新推出，成果再次印證了我們忠誠顧客基礎的實力，以及我們吸引新顧客的能力。我們也透過更具差異化的行銷舉措擴大對此次上市的支持，以建立更廣泛的認知，觸及核心顧客以外的族群。

More broadly, fan favorites like Steak Stroganoff play an important role in our strategy. For long-time guests, they create a reason to return. For new guests, they provide an easy entry point into a brand through dishes we know resonate. We continued that approach into March by highlighting our Asian category and bringing back Indonesian peanut saute alongside chili garlic ramen. This work reinforced our global flavor profile, showcasing the variety on our menu and helped lift the overall Asian category.

更廣泛來看，像牛排史特羅加諾夫這類粉絲最愛的品項，在我們的策略中扮演重要角色。對長期顧客而言，它們提供回訪的理由。對新顧客而言，這些我們確信能引起共鳴的菜色，提供了輕鬆進入品牌的切入點。我們在三月延續此作法，聚焦亞洲品類，並在辣味蒜香拉麵（chili garlic ramen）旁同步帶回印尼花生快炒（Indonesian peanut saute）。這些工作強化了我們的全球風味定位，展現菜單的多樣性，並帶動整體亞洲品類的提升。

During this LTO window, our Asian category mix has increased 40%, a clear signal that this strategy is resonating with guests. As limited-time offers remain a key part of our menu strategy, I'm excited to share our newest LTO, Chicken Artichoke and Asparagus Rigatoni, which is available today nationwide. This dish is a bright, spring-forward pasta that brings together fresh, seasonal ingredients with the comforting flavors our guests expect from noodles.

在此次限時供應期間，我們的亞洲品類銷售占比提升了40%，清楚顯示此策略正與顧客產生共鳴。在限時供應仍是我們菜單策略關鍵一環之際，我很高興分享我們最新的限時供應：雞肉朝鮮薊與蘆筍通心粉（Chicken Artichoke and Asparagus Rigatoni），今日已於全美上市。這道料理是一款清新、充滿春季氣息的義大利麵，結合新鮮的當季食材與顧客對我們麵食所期待的療癒風味。

In tandem with this LTO, we are partnering with Cravings by Chrissy Teigen to offer guests the craveable bundle, which includes our new chicken artichoke and asparagus rigatoni alongside a cravings-inspired crispy, a nostalgic sweet and salty twist on our signature treat. This is another example of how we are delivering craveable food while elevating it through the right partnership.

配合此次限時供應，我們與 Chrissy Teigen 的 Cravings 品牌合作，推出「令人垂涎的組合餐」（craveable bundle），內容包含全新雞肉朝鮮薊與蘆筍通心粉，以及一款受 Cravings 啟發的酥脆點心，為我們招牌甜點帶來帶有懷舊感的甜鹹新風味。這再次展現我們如何在提供令人垂涎的美食之餘，透過合適的合作夥伴進一步提升產品價值。

We know Noodles and the Cravings brand, which has a significant following by one of our key demographics, certainly knows Cravings. Together, we are bringing those strengths to life in a way that allows us to show up in culture, authentically, while driving awareness, trial, and engagement.

我們知道 Noodles 與 Cravings 品牌——而 Cravings 在我們其中一個關鍵客群中擁有大量追隨者——確實很懂 Cravings。我們將雙方優勢結合，以真誠的方式融入文化脈絡，同時推動品牌認知、試吃（trial）與互動參與。

Across all these efforts, the true line is clear. We are executing well in our restaurants, supporting it with disciplined marketing and delivering craveable food, we create a better guest experience and that is translating into consistent performance and steady growth in both comparable sales and margins.

在所有這些努力之中，主軸非常清楚。我們在餐廳端執行到位，並以嚴謹的行銷加以支持、提供令人垂涎的餐點，從而創造更好的顧客體驗；這也正轉化為同店銷售與利潤率的穩健表現與持續成長。

At the same time, we have taken a disciplined look at our portfolio and how our restaurants are performing across markets. In select areas, we had too much density, particularly as our off-premise sales continue to grow, we made the decision to optimize our footprint.

同時，我們也以嚴謹的角度檢視我們的門店組合，以及各市場餐廳的營運表現。在部分地區，我們的門店密度過高；尤其在外帶外送（off-premise）銷售持續成長之際，我們決定優化門店版圖。

By closing underperforming restaurants in these areas, we have seen a significant transfer of their sales to nearby restaurants, which results in a higher baseline average unit volume for those go-forward restaurants, which also further improves restaurant level margin and profitability.

透過關閉這些地區表現不佳的餐廳，我們看到其銷售額顯著轉移至鄰近餐廳，使得後續保留營運的餐廳之平均單店營收基準（baseline average unit volume）提高，並進一步改善餐廳層級的利潤率與獲利能力。

It also allows us to focus our resources on our strongest restaurants, improving efficiency and driving better overall company profitability. The progress we are seeing is helping across the business and it's building on itself. We are seeing a shift in mindset across the organization and our teams believe they can impact results. They are taking ownership and as we continue to reinforce strong execution, winning is becoming contagious across our teams. That is what allows this momentum to sustain.

這也讓我們能將資源聚焦在最強勢的餐廳上，提升效率並推動公司整體獲利能力改善。我們看到的進展正在帶動整體業務，並形成正向循環。我們也看到組織內部的心態轉變，團隊相信自己能影響成果。他們開始承擔責任，而當我們持續強化高品質的執行力，勝利正在團隊之間產生感染力。這正是讓這股動能得以延續的原因。

As we look ahead, we will stay focused, remain disciplined, and continue executing at a high level every day.

展望未來，我們將保持專注、維持紀律，並持續每天以高水準執行。

With that, I will turn it over to Mike to walk through the financial details.

接下來，我將交給 Mike，請他說明財務細節。

Thank you, Joe. In the first quarter, our total revenue was relatively flat compared to last year at $123.8 million, with strong comp sales growth, mostly offset by the closing of underperforming locations. System-wide comp restaurant sales during the first quarter increased 9.1%, including an increase of 9.4% at company-owned restaurants and an increase of 8% at franchise restaurants.

謝謝你，Joe。第一季我們的總營收為1.238億美元，與去年相比大致持平；同店銷售強勁成長，但多數被關閉表現不佳據點的影響所抵銷。第一季全系統同店餐廳銷售成長9.1%，其中公司自營餐廳成長9.4%，加盟餐廳成長8%。

Company comp traffic during the first quarter increased 4.8% and average check increased 4.4%, inclusive of 2% effective pricing during the quarter. Company average unit volumes in the first quarter increased 13.5% to $1.49 million. Our sales growth in the first quarter, which was an acceleration of the sales growth we saw in the back half of 2025, delivered impressive restaurant contribution margin growth.

第一季公司同店來客數成長4.8%，平均客單價成長4.4%，其中包含本季2%的有效定價（effective pricing）。第一季公司平均單店營收（AUV）成長13.5%至149萬美元。第一季的銷售成長——相較於我們在2025年下半年看到的成長進一步加速——帶來了亮眼的餐廳貢獻毛利率成長。

Our restaurant contribution margin in the first quarter increased 460 basis points to 14.9% from 10.3% in the first quarter of 2025. COGS in the first quarter were 25.4% of sales, a 120-basis point decrease from last year, which was driven by lower food waste related to new menu items, menu pricing, and lower discounting, partially offset by higher food costs associated with our new menu offerings and modest inflation. Our food inflation in the first quarter was 0.2%.

第一季餐廳貢獻毛利率較2025年第一季的10.3%提升460個基點至14.9%。第一季銷貨成本（COGS）占銷售額25.4%，較去年下降120個基點；主要受惠於新菜單品項帶來的食材浪費降低、菜單定價，以及折扣減少，但部分被新菜單品項相關較高的食材成本與溫和通膨所抵銷。第一季食材通膨為0.2%。

Labor costs for the first quarter. Were 30.0% of sales, which was down 250 basis points to prior year, primarily due to the benefit of sales leverage and labor efficiencies, partially offset by wage inflation. Hourly wage inflation in the first quarter was 1.9%. Occupancy costs in the first quarter decreased to $10.4 million compared to $11.5 million in 2025 due to a reduction in our company-owned restaurant count over the last 12 months.

第一季勞動成本占銷售額30.0%，較去年下降250個基點，主要來自銷售槓桿效益與人力效率提升，但部分被薪資通膨所抵銷。第一季時薪通膨為1.9%。第一季占用成本（occupancy costs）降至1,040萬美元，低於2025年的1,150萬美元，原因是過去12個月公司自營餐廳數量減少。

Other restaurant operating costs increased by 10 basis points in the first quarter to 21.2%. The increase in other restaurant operating costs was primarily driven by a combination of higher third-party delivery fees, from higher third-party delivery channel sales, and higher marketing expenses, which were mostly offset by sales leverage and lower repairs and maintenance costs.

第一季其他餐廳營運成本上升10個基點至21.2%。其他餐廳營運成本的上升，主要由第三方外送費用提高（因第三方外送通路銷售增加）以及行銷費用增加所致，但多數被銷售槓桿效益與較低的維修保養成本所抵銷。

G&A in the first quarter was $12.5 million compared to $12.8 million in 2025. Net loss for the first quarter was $3.4 million or a loss of $0.58 per diluted share, compared to a net loss of $9.1 million or a loss of $1.58 per diluted share last year. The loss in the first quarter of 2026 included a $2.7 million non-cash impairment charge, primarily related to our decision to close underperforming restaurants.

第一季一般及行政費用（G&A）為1,250萬美元，低於2025年的1,280萬美元。第一季淨損為340萬美元，或每股稀釋後虧損0.58美元；去年同期淨損為910萬美元，或每股稀釋後虧損1.58美元。2026年第一季的虧損包含270萬美元的非現金減損費用，主要與我們決定關閉表現不佳餐廳有關。

Our adjusted EBITDA in the first quarter more than tripled to $7.7 million compared to $2.4 million in the first quarter of 2025. Our first quarter capital expenditures totaled $2.1 million compared to $2.9 million in 2025. At the end of the first quarter, we had $1.4 million of available cash and our debt balance was $106.8 million, which was a reduction of $3.4 million from our debt balance at the end of 2025 as we were able to pay down debt in a seasonally low quarter.

第一季調整後 EBITDA 較2025年第一季的240萬美元成長逾三倍至770萬美元。第一季資本支出合計210萬美元，低於2025年的290萬美元。截至第一季末，我們可用現金為140萬美元，負債餘額為1.068億美元；由於我們在季節性淡季仍能償還債務，該餘額較2025年末減少340萬美元。

In the first quarter, we closed 20 company-owned restaurants and three franchise restaurants. The 20 company-owned restaurants were closed as a part of our restaurant portfolio optimization project, which continues to yield a significant transfer of sales to nearby locations given our high mix of off-premise sales, contributing to improvement in our comp sales and overall profitability.

第一季我們關閉了20家自營餐廳與3家加盟餐廳。這20家自營餐廳的關閉屬於我們餐廳組合優化專案的一部分；鑑於我們外帶外送（off-premise）銷售占比較高，該專案持續帶來銷售向鄰近據點的大幅轉移，進而促進同店銷售與整體獲利能力的改善。

That said, a majority of the comp restaurant sales increase in the first quarter was driven by the improvement in our underlying business fundamentals, with our portfolio optimization providing an added benefit. Overall, we are extremely pleased with our first quarter results, which exceeded our expectations, as our restaurant contribution margin and our adjusted EBITDA improvements were driven by our double-digit average unit volume increases paired with effective cost management.

話雖如此，第一季同店餐廳銷售額增長的大部分，係由我們核心業務基本面改善所帶動，而我們的門店組合優化則帶來額外助益。整體而言，我們對第一季業績感到非常滿意，結果超出我們的預期；餐廳貢獻毛利率與調整後 EBITDA 的改善，主要來自平均單店營收（AUV）雙位數成長，並搭配有效的成本管理。

As we reflect on the first quarter results and look forward to the rest of the year, we're raising our full-year 2026 guidance to the following. Total revenue of $483 million to $498 million, including comp restaurant sales growth of 7% to 10%.

在回顧第一季成果並展望今年剩餘期間之際，我們將 2026 全年指引上調如下。總營收為 4.83 億至 4.98 億美元，其中包含同店餐廳銷售成長 7% 至 10%。

Restaurant contribution margin between 15.5% and 17%, general and administrative expenses of $50 million to $53 million, inclusive of stock-based compensation expense of approximately $2.5 million, depreciation and amortization expense of $24 million to $25 million, interest expense of $10 million to $11 million. Adjusted EBITDA between $32.5 million and $37.5 million, one to two new franchise restaurant openings, restaurant closures, 30 to 35 company-owned restaurants, and five franchise restaurants. And we estimate total 2026 capital expenditures of $9.5 million to $10.5 million.

餐廳貢獻毛利率介於 15.5% 至 17%；一般及行政費用為 5,000 萬至 5,300 萬美元（包含約 250 萬美元的股票基礎薪酬費用）；折舊與攤銷費用為 2,400 萬至 2,500 萬美元；利息費用為 1,000 萬至 1,100 萬美元。調整後 EBITDA 介於 3,250 萬至 3,750 萬美元；新增 1 至 2 家加盟餐廳開幕；餐廳關閉；公司自營餐廳 30 至 35 家，以及 5 家加盟餐廳。我們估計 2026 年資本支出總額為 950 萬至 1,050 萬美元。

We continue to expect to be free cash flow positive and have the opportunity to reduce our debt balance in 2026 by approximately $10 million, including the $3.4 million reduction in the first quarter. For further information regarding our 2026 expectations, please see the Business Outlook section of our press release.

我們仍預期 2026 年自由現金流將轉為正值，並有機會在 2026 年將債務餘額降低約 1,000 萬美元，其中包含第一季已減少的 340 萬美元。關於我們對 2026 年的進一步展望，請參閱新聞稿中的「業務展望」章節。

With that, I'd like to turn the call back over to Joe for final remarks.

接下來，我想把電話交回給 Joe 作最後結語。

Thanks, Mike. We are very pleased with our first quarter results, reflecting in continued strong momentum at Noodles & Company, which continues into the second quarter. We are very encouraged by this momentum and remain focused on executing the fundamentals every day that are delivering better overall guest experience as evidenced by sequential improvement in our guest satisfaction scores, sustained traffic growth, increased engagement with our guests, and more consistent in-restaurant performance.

謝謝，Mike。我們對第一季業績非常滿意，反映出 Noodles & Company 持續強勁的動能，且此動能延續至第二季。我們對這股動能深受鼓舞，並持續專注於每日落實基本功，以提供更佳的整體顧客體驗；這可從顧客滿意度分數的連續改善、客流量持續成長、顧客互動提升，以及店內營運表現更為一致等面向得到印證。

Thank you for your time today, and I'll now turn the call back over to the operator.

感謝各位今天撥冗參與，現在我把電話交回給接線員。

(Operator Instructions)

(接線員指示)

Todd Brooks, Benchmark Company.

Todd Brooks，Benchmark Company。

Hey guys, congratulations and thanks for taking a few questions here. Appreciate it. Mike, you had kind of quantified the same-store sales in Q1 is majority driven by kind of fundamental business improvements and the momentum in the business.

嗨，各位，恭喜，也謝謝你們回答幾個問題。感謝。Mike，你先前大致量化了第一季同店銷售的成長，多數是由基本面改善與業務動能所驅動。

I think last quarter, you kind of parsed out the sales transfer contribution versus the contribution from the fundamental improvements. Is that something you'll do this quarter as well?

我記得上季你們有拆分銷售移轉（sales transfer）的貢獻與基本面改善的貢獻。這一季你們也會做同樣的拆分嗎？

You mean for the second quarter? Is that the same method for the second quarter?

你的意思是針對第二季嗎？第二季也是用同樣的方法嗎？

Well, no. For same-store sales, I'm just wondering what came from the contribution from closed locations versus just (multiple speakers) for business?

嗯，不是。我是想問同店銷售裡，有多少來自關店後的貢獻移轉， versus（多位發言者）核心業務本身？

Yeah, we talked about 200 basis points to 300 basis points a few weeks ago during our Q4 call, and that's about where we landed, right in the middle of that, about 250 basis points attributable to the closed locations. So most of the benefit was due to core business improvement, which is really encouraging to see.

是的，我們在幾週前的第四季電話會議中提到大約 200 個基點到 300 個基點，而實際結果大概落在這個區間的中間，約 250 個基點可歸因於關閉門店。因此，多數的助益來自核心業務改善，看到這點非常令人振奮。

That's fantastic. And then it sounds silly because the same-store sales are so strong, but did you guys have any winter weather-related impact that muted results in the first quarter that you would call out?

太棒了。另外，雖然同店銷售非常強勁，聽起來有點傻，但第一季是否有任何冬季天候相關影響，導致結果被壓抑、你們會特別提出來說明的？

Just timing between the periods, but overall, we feel like it kind of washed out and wasn't a big impact for the quarter.

主要是期間之間的時點差異，但整體而言，我們覺得大致相互抵消，對本季影響不大。

Okay, great. And then, Joe, you talked about the introduction of a boost week. I was wondering, is this just something you're going to tease for customers ahead of time, or is it something you're going to drop on them? What's the strategy for how this rolls out quarter after quarter?

好的，很好。接著，Joe，你提到推出 boost week（加碼週）。我想問，這是你們會提前向顧客預告的活動，還是會突然推出？你們的策略是如何在每一季逐步推行？

Yeah, great question. That's the strategy around our reward members. So it's offered to them, and it's also offered to other guests once they signed up for our reward activity. So it's something that attracts new guests through our app as well as our existing guests to give them a great promotion. And with the results we saw, it's something that we're going to continue throughout the year.

是的，問得很好。這是圍繞我們的會員獎勵計畫的策略。活動會提供給會員，也會在其他顧客註冊加入我們的獎勵活動後提供給他們。因此，這項活動能透過我們的 App 吸引新顧客，同時也為既有顧客提供很棒的促銷。從我們看到的成效來看，這會是我們今年會持續推行的活動。

Okay, and I assume that you would stagger that with the new LTO rolling out today. It wouldn't be something we would see until later than quarter then, the boost week?

好的，那我假設你們會把它與今天推出的新 LTO（限時供應）錯開。也就是說，boost week 不會在本季稍早就出現，而是會在更晚的時間點？

Correct. It's specific weeks of the year outside of our existing LTOs.

沒錯。它會安排在一年中特定的週次，避開我們既有的 LTO 檔期。

Okay, great. And you talked about the second quarter LTO. I know last quarter, you had some additional items when you were running the saute. You added the ramen back in. Are there any other kind of add-ins to this LTO, or is it going to be this dish standing on its own through the quarter?

好的，很好。你也提到第二季的 LTO。我知道上季你們在推炒麵（saute）時還加了一些額外品項。你們也把拉麵加回來了。這次的 LTO 還會有其他加碼內容嗎？還是這道菜會在本季以單一主打的方式呈現？

It's the partnership that we are with Cravings with Chrissy Teigen and getting the benefit of all her followers, as well as a new tree to put it in the bundle. So we are standing on our LPO for this quarter and with other new news coming in May, coming up in the remainder of the year.

這次重點在於我們與 Chrissy Teigen 的 Cravings 合作夥伴關係，能受惠於她的粉絲群，同時也有一個新的品項可放入組合餐中。所以本季我們會以這個 LTO 作為主軸，並且在 5 月以及今年剩餘期間還會有其他新消息推出。

Okay, a final one for me, and thanks for being patient with all the questions. Mike, I think you talked about your check being up 4.4%. Can you break that down between price and mix?

好的，我最後一個問題，謝謝你們耐心回答這麼多。Mike，我想你提到客單價（check）上升了 4.4%。你能把這個增幅拆分為價格與組合（mix）的貢獻嗎？

Yeah, we had about 2% price for the quarter, and that's really our expectation for the full year 2026 with the rest coming from the mix. And the mix benefit we've been seeing for a couple of quarters now as we've had the new menu items, which have a little higher price point. And then also the strength of our delivery channel is pushing the checkup of it as well.

可以。本季大約有 2% 來自價格，這也大致是我們對 2026 全年的預期，其餘則來自組合。組合帶來的助益我們已經連續幾季看到，因為我們推出的新菜單品項定價略高。另外，我們外送通路的強勁表現也推升了客單價。

Okay, great. Congrats again, guys. Really good stuff here.

好的，很好。再次恭喜各位。這次表現真的很不錯。

Thank you, John. Thanks so much, John.

謝謝你，John。非常感謝，John。

Thank you. Ladies and gentlemen, that then concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。