Potbelly Corp (PBPB) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Potbelly Corporation's first-quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

大家下午好，歡迎參加 Potbelly Corporation 2025 年第一季財報電話會議。今天的通話正在錄音。（操作員指示）

On today's call, we have Bob Wright, President and Chief Executive Officer; Steven Cirulis, Senior Vice President and Chief Financial Officer; and Adiya Dixon, Senior Vice President, Chief Legal Officer and Secretary of Potbelly Corporation.

今天參加電話會議的嘉賓有：總裁兼執行長 Bob Wright、資深副總裁兼財務長 Steven Cirulis 以及 Potbelly Corporation 資深副總裁、首席法律長兼秘書 Adiya Dixon。

At this time, I'll turn the call over to Adiya Dixon. Please go ahead.

現在，我將把電話轉給 Adiya Dixon。請繼續。

Good afternoon, everyone, and welcome to our first-quarter 2025 earnings call. By now, everyone should have access to our earnings release and accompanying investor presentation. If not, they can be found in the Investors section of our website.

大家下午好，歡迎參加我們的 2025 年第一季財報電話會議。現在，每個人都應該可以看到我們的收益報告和隨附的投資者介紹。如果沒有，您可以在我們網站的「投資者」部分找到。

Before we begin our formal remarks, I need to remind everyone that certain comments made on this call will contain forward-looking statements regarding future events or the future financial performance of the company. Any such statements, including our outlook for 2025 or any other future periods, should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始正式發言之前，我需要提醒大家，本次電話會議上發表的某些評論將包含有關未來事件或公司未來財務表現的前瞻性陳述。任何此類聲明，包括我們對 2025 年或任何其他未來時期的展望，都應被視為 1995 年《私人證券訴訟改革法案》所定義的前瞻性聲明。

These forward-looking statements are not guarantees of future performance nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and events or results could differ materially from those presented due to a number of risks and uncertainties.

這些前瞻性陳述並非對未來績效的保證，也不應被視為代表管理階層在任何後續日期的觀點。前瞻性陳述涉及重大風險和不確定性，由於多種風險和不確定性，事件或結果可能與所描述的有重大差異。

Additional detailed information concerning these risks regarding our business and the factors that could cause actual results to differ materially from the forward-looking statements and other information that will be given today can be found under the Risk Factors heading in our filings with the Securities and Exchange Commission, which are available at sec.gov. During the call, there will also be a discussion of some items that do not conform to US Generally Accepted Accounting Principles or GAAP.

有關我們業務風險的更多詳細信息，以及可能導致實際結果與前瞻性陳述及其他信息存在重大差異的因素，請參閱我們提交給美國證券交易委員會的文件中“風險因素”部分，這些文件可在sec.gov網站上查閱。電話會議期間，也將討論一些不符合美國公認會計準則（GAAP）的項目。

Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the appendix to the press release and investor presentation issued this afternoon, both of which are available in the Investors tab on our website. And now I'll turn the call over to Potbelly's President and CEO, Bob Wright.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳包含在今天下午發布的新聞稿和投資者簡報的附錄中，兩者均可在我們網站的「投資者」標籤中找到。現在我將電話轉給 Potbelly 總裁兼執行長 Bob Wright。

Thank you, Adiya. Good afternoon, and thank you for joining our call today. I'm excited to outline a strong start to 2025 here at Potbelly. Our finish to the first quarter continued to showcase Potbelly as the growth company that we've become. We delivered system-wide sales growth, positive same-store sales, growth in our franchising efforts as well as another quarter of strong profitability.

謝謝你，阿迪亞。下午好，感謝您今天參加我們的電話會議。我很高興在 Potbelly 概述 2025 年的強勁開端。第一季的結束繼續證明了 Potbelly 已經成為一家成長型公司。我們實現了全系統銷售額成長、同店銷售額成長、特許經營業務成長以及另一個季度的強勁獲利。

Before we dive deeper into the results, I'd like to personally thank all of our Potbelly team members from our frontline associates to our support center employees as well as our franchisees and their teams for making all of this possible. The combination of our years-long consistent strategy and the team's tenacious focus on execution and success is at the heart of our growth. They are the backbone that make Potbelly the most loved sandwich brand in every neighborhood.

在我們深入了解結果之前，我想親自感謝我們所有的 Potbelly 團隊成員，從我們的一線員工到我們的支援中心員工以及我們的特許經營商和他們的團隊，是他們讓這一切成為可能。我們多年來始終如一的策略與團隊對執行和成功的堅持不懈的關注相結合是我們成長的核心。他們是 Potbelly 成為各個街區最受歡迎的三明治品牌的中堅力量。

Like I said, I'm very pleased with how we closed the quarter. As the negative impacts of January and February weather abated, the underlying demand of the Potbelly brand was on full display. We delivered same-store sales growth of 0.9% for the full quarter, well ahead of our expectations with the March comp growth exemplifying what we know this brand is capable of.

正如我所說的，我對本季的結束感到非常滿意。隨著一月和二月天氣負面影響的消退，Potbelly 品牌的潛在需求得到了充分展現。我們整個季度的同店銷售額成長了 0.9%，遠遠超出了我們的預期，3 月份的同店銷售額成長體現了我們對這個品牌能力的了解。

In addition, through our team's disciplined approach to managing both shop level and corporate costs, we were able to drive year over year shop-level margin expansion to 13.7% and posted a healthy corporate profitability with adjusted EBITDA of $5.5 million, again, well above the high end of our guidance.

此外，透過我們團隊對店舖級和公司級成本的嚴格管理，我們能夠將店鋪級利潤率同比增長至 13.7%，並實現健康的公司盈利能力，調整後的 EBITDA 為 550 萬美元，再次遠高於我們預期的高端。

Our first quarter results are a testament to the underlying strength and trends of our business, including consumer demand for Potbelly. They further demonstrated that deepening relevancy with our customers and continued operational excellence are critical to our success. We're taking the actions necessary to drive accelerated growth now and into the future.

我們第一季的業績證明了我們業務的潛在實力和趨勢，包括消費者對 Potbelly 的需求。他們進一步表明，加深與客戶的聯繫和持續的卓越營運對我們的成功至關重要。我們正在採取必要的行動來推動現在和未來的加速成長。

First, driving comp sales growth through menu innovation and investments in our customer-facing digital assets as well as data and analytics. Second, growing and modernizing our shop footprint, particularly through accelerated unit openings by our franchisees. And lastly, exercising prudent cost controls to ensure that we achieve balanced growth while also pushing incremental flow-through to our corporate earnings. Let's start with menu innovation.

首先，透過菜單創新和對面向客戶的數位資產以及數據和分析的投資來推動銷售額成長。第二，擴大和現代化我們的店鋪佈局，特別是透過我們的特許經營商加速開設新店。最後，實行審慎的成本控制，以確保我們達到平衡成長，同時推動增量流入我們的企業獲利。讓我們從菜單創新開始。

On our last call, we talked about more flavor offerings with the introduction of two new signature sandwiches as well as two new proprietary signature sauces.

在我們上次通話中，我們討論了更多口味的產品，包括兩種新的招牌三明治以及兩種新的專有招牌醬料。

As you can see from our first quarter performance, our customers responded positively. To keep the excitement going, in mid-April, we launched another exciting addition to our iconic core menu of sandwiches with the all-new Prime Rib Steak Sandwich, our first-ever steak sandwich added to the permanent menu.

從我們第一季的業績可以看出，我們的客戶反應正面。為了保持這種興奮感，四月中旬，我們在標誌性的核心三明治菜單中又推出了另一個令人興奮的新菜餚：全新的 Prime Rib Steak Sandwich，這是我們第一款添加到永久菜單中的牛排三明治。

Our customers have been asking us for a craveable steak sandwich for a while, and we believe we have delivered. We loaded the sandwich with high-quality prime rib and the perfect complementary ingredients, including melted Swiss cheese, house-made caramelized onions and roasted garlic aioli, oven toasted to perfection at 500 degrees. It's a delicious sandwich, and our customer reception has been very encouraging.

一段時間以來，我們的客戶一直要求我們提供令人垂涎的牛排三明治，我們相信我們已經滿足了他們的要求。我們在三明治中放入了高品質的上等肋排和完美的配料，包括融化的瑞士起司、自製的焦糖洋蔥和烤蒜蛋黃醬，在 500 度的烤箱中烘烤至完美。這是一種美味的三明治，我們的顧客反應非常熱烈。

To complement our legendary sandwich lineup, we also introduced two new items to our menu earlier this year with the all-new Chili Mac, which brings together our Famed Chili and our Signature Mac and Cheese and the Banana Pudding Shake. We believe these innovations expand our appeal to an even broader consumer base.

為了補充我們傳奇的三明治系列，我們還在今年早些時候在菜單中推出了兩種新產品，即全新的辣椒通心粉，它融合了我們著名的辣椒和我們的招牌通心粉奶酪以及香蕉布丁奶昔。我們相信這些創新將擴大我們對更廣泛消費者群體的吸引力。

The innovations you've seen over the past six months are just the early outputs of our stage-gate development process, and I'm excited to bring this level of focus to our menu, including some potential future items that are currently in test. Our efforts in menu innovation are consistent with our 3-part value delivery. The intrinsic value of our core menu is all the better with these exciting new menu items.

您在過去六個月中看到的創新只是我們階段門開發過程的早期成果，我很高興將這種程度的關注帶到我們的菜單中，包括一些目前正在測試的潛在未來項目。我們在菜單創新方面的努力與我們的三部分價值傳遞是一致的。這些令人興奮的新菜單項目使我們的核心菜單的內在價值更加高漲。

We also continue to support our everyday value layers with Pick Your Pair, $7.99 Skinny Combos and meal deals, and we continue to use our digital channels as our primary method to drive promotional value, especially with our most loyal customers. Our balanced use of these three layers of value help us meet customers' needs in all the ways they use Potbelly.

我們也將繼續透過「Pick Your Pair」、7.99 美元的 Skinny Combos 和套餐來支援我們的日常價值層，並且我們將繼續使用我們的數位管道作為推動促銷價值的主要方法，特別是針對我們最忠實的客戶。我們平衡運用這三個價值層次，有助於我們滿足客戶在使用 Potbelly 的所有方面的需求。

Speaking of digital, I am once again very pleased with our digital efforts this quarter. Our digital advertising, consumer-facing digital assets and our Potbelly Perks loyalty program all work hand-in-hand with our menu innovation to drive top line growth. I'm very pleased to report that the combination of these digital programs continue to perform well.

說到數位化，我再次對我們本季的數位化努力感到非常滿意。我們的數位廣告、面向消費者的數位資產以及 Potbelly Perks 忠誠度計劃均與我們的菜單創新攜手推動營收成長。我很高興地報告，這些數位程式的組合繼續表現良好。

Our digital business represented over 42% of our total shop sales during the first quarter, an increase of approximately 200 basis points versus last year. As we look ahead, we're making incremental investments in two main areas of digital; consumer-facing digital assets and data and analytics. Ultimately, we believe these investments will not only make us more attractive in this competitive space, but also more efficient and effective in our digital marketing efforts.

我們的第一季數位業務佔店鋪總銷售額的 42% 以上，比去年同期成長了約 200 個基點。展望未來，我們將在數位領域的兩個主要領域進行增量投資：面向消費者的數位資產以及數據和分析。最終，我們相信這些投資不僅會讓我們在這個競爭激烈的領域更具吸引力，而且會讓我們的數位行銷工作更有效率、更有效率。

Now I want to continue to emphasize that operational excellence remains critical to the success of Potbelly, and I couldn't be prouder to see this on full display as our operations team rallied to deliver a strong end to the quarter. We see year over year improvements in management and associate staffing and turnover, yielding improved overall customer experience scores as well as specific measures for speed, accuracy, food quality and friendliness.

現在我想繼續強調，卓越的營運對於 Potbelly 的成功仍然至關重要，當我們的營運團隊團結一致，在本季度取得強勁業績時，我非常自豪地看到這一點得到充分展示。我們看到管理階層和員工配備以及人員流動率逐年改善，從而提高了整體客戶體驗評分以及速度、準確性、食品品質和友善度等具體指標。

Our operations and people teams take a continuous improvement approach, not only to execution, but to the systems that support our growing franchise organization. Our mission to delight customers with great food and good vibes is rooted in our ability to scale our unique Potbelly service. We're confident that the quality and experience of our operations will prove a long-lasting competitive advantage as we strive to be the most loved sandwich brand in every neighborhood.

我們的營運和人員團隊採取持續改進的方法，不僅在執行方面，而且在支援我們不斷成長的特許經營組織的系統方面。我們的使命是透過美味的食物和良好的氛圍取悅顧客，而這源自於我們擴展獨特的 Potbelly 服務的能力。我們相信，我們經營的品質和經驗將成為持久的競爭優勢，我們努力成為每個社區最受歡迎的三明治品牌。

Now let's turn our attention to our franchise growth acceleration initiative. During the first quarter, we continue to make significant progress across all phases of our unit growth funnel. If you recall, we announced on our last call that we would open at least four new restaurants during the first quarter, and I'm pleased to report that we delivered on that promise. These new shops are in two different states and were developed by three different franchise partners, along with one company-operated shop, demonstrating our broad-based development efforts.

現在讓我們把注意力轉向我們的特許經營成長加速計劃。在第一季度，我們繼續在單位成長管道的各個階段取得重大進展。如果您還記得的話，我們在上次電話會議上宣布，我們將在第一季度開設至少四家新餐廳，我很高興地報告，我們兌現了這一承諾。這些新店位於兩個不同的州，由三個不同的特許經營合作夥伴和一家公司經營的商店開發，展示了我們廣泛的開發努力。

More importantly, we continue to have a clear line of sight to open at least 38 new shops in 2025. For the second quarter, we expect to open at least six new shops. In addition, our franchise team continues to make great progress in filling our development pipeline as we build towards our goal of 2,000 units in the US.

更重要的是，我們繼續明確目標，到 2025 年至少開設 38 家新店。我們預計第二季將開設至少六家新店。此外，我們的特許經營團隊在填補開發管道方面繼續取得巨大進展，我們正朝著在美國開設 2,000 家門市的目標邁進。

After adding 115 new shop commitments in 2024, we're thrilled to add 40 new shop commitments during the first quarter, bringing our total open and committed shop count to 766. Eclipsing 40 new shop commitments is the best Q1 we've ever had, showcasing our ability to attract high-quality franchisees interested in developing Potbelly shops.

繼 2024 年新增 115 家門市承諾後，我們很高興在第一季新增 40 家門市承諾，讓我們的營業和承諾門市總數達到 766 家。超過 40 家新店承諾是我們有史以來最好的第一季度，展示了我們吸引有興趣開發 Potbelly 商店的優質特許經營商的能力。

Again, Potbelly is a franchise-focused company, and I'm proud to be working alongside these great franchise partners who are as passionate about Potbelly as we are. We now have 104 franchise shops operating around the country.

再次強調，Potbelly 是一家專注於特許經營的公司，我很自豪能與這些對 Potbelly 充滿熱情的優秀特許經營合作夥伴一起工作。目前我們在全國擁有104家特許經營店。

In addition, over 70% of our franchisees are developing new shops across 19 different states. Acceleration in new shop openings, developing franchisees, new franchisees signing new shop development area agreements and existing franchisees adding to their development commitments only further strengthens our expectations of franchise growth acceleration in 2025 and beyond. We also believe we have the opportunity to drive compelling returns through limited investment with select company market densification and smart investments in our existing shops with targeted remodels.

此外，我們超過 70% 的特許經營商正在 19 個不同的州開設新店。新店開業、特許經營商發展、新特許經營商簽署新店開發區域協議以及現有特許經營商增加開發承諾的加速，只會進一步加強我們對 2025 年及以後特許經營增長加速的預期。我們也相信，我們有機會透過有限的投資、精選的公司市場密度以及對現有商店進行有針對性的改造的明智投資來獲得可觀的回報。

Specifically, regarding remodels, we carry some older assets in our shop portfolio and have witnessed refresh initiatives deliver strong ROI at other brands. We believe we have constructed sensible test parameters and are encouraged by early progress. Of course, we will evaluate returns among tiers of remodel investment and always consider such investments versus other potential uses of capital.

具體來說，關於改造，我們的店鋪組合中有一些較舊的資產，並且見證了更新計劃為其他品牌帶來了強勁的投資回報率。我們相信我們已經建立了合理的測試參數，並對早期的進展感到鼓舞。當然，我們會評估各層改造投資的回報，並始終考慮此類投資與其他潛在資本用途。

In summary, our performance to close the quarter truly demonstrates what the Potbelly business model is capable of when our five-pillar strategy is firing on all cylinders, and we intend to utilize this momentum to take Potbelly to the next level of growth in 2025 and beyond. With our focus on driving top line growth through menu innovation and investment in digital, accelerating franchise unit development and smart cost management, we believe Potbelly is primed to capitalize on the immense opportunity ahead of us. With that, I'll now turn the call over to Steve to detail our financial performance for the quarter.

總而言之，我們本季的業績真正證明了當我們的五大支柱策略全力以赴時，Potbelly 商業模式所能發揮的作用，我們打算利用這一勢頭，在 2025 年及以後將 Potbelly 推向新的增長水平。我們專注於透過菜單創新和數位投資來推動營收成長，加速特許經營單位發展和智慧成本管理，我們相信 Potbelly 已準備好利用我們面前的巨大機會。說完這些，我現在將電話轉給史蒂夫，讓他詳細介紹我們本季的財務表現。

Thank you, Bob, and good afternoon, everyone. System-wide sales for the first quarter of 2025 increased approximately 4.8% year over year to $140.7 million, with total revenue increasing approximately 2.3% year over year to $113.7 million.

謝謝你，鮑勃，大家下午好。2025 年第一季全系統銷售額年增約 4.8% 至 1.407 億美元，總營收年增約 2.3% 至 1.137 億美元。

First quarter adjusted EBITDA was $5.5 million or 4.9% of total revenue, a 2.8% decrease year over year as the prior year benefited from a $1.1 million settlement payment received from a third-party software vendor. Despite this benefit in Q1 2024, Q1 2025 showed improvement in shop level margin, continued strong performance of our franchise shops and ongoing disciplined management of G&A.

第一季調整後的 EBITDA 為 550 萬美元，佔總營收的 4.9%，年減 2.8%，因為前一年受益於從第三方軟體供應商收到的 110 萬美元的和解付款。儘管 2024 年第一季取得了這一收益，但 2025 年第一季度，店鋪利潤率有所提高，特許經營店表現持續強勁，並且 G&A 管理持續嚴格。

Diving in further, company-operated shop revenue increased approximately 1.3% year over year to $109.0 million, while franchise revenue increased approximately 30.8% year over year to $4.7 million in the first quarter. This increase was driven by a 26% increase in franchise units. Average weekly sales were approximately $24,550.

進一步來看，第一季公司自營店營收年增約 1.3% 至 1.09 億美元，特許經營收入年增約 30.8% 至 470 萬美元。這一增長是由特許經營單位數量增加 26% 所推動的。每周平均銷售額約為 24,550 美元。

And as Bob mentioned, company-operated same-store sales were up 0.9% in the quarter, above the high end of our expectations. The same-store sales growth was attributable to an increase in average check of 1.1%, partially offset by a 0.2% decrease in transactions. The higher average check included an approximate increase of 2.8% in gross price, including an effective 0.6% price increase during the quarter.

正如鮑伯所提到的，本季公司自營同店銷售額成長了 0.9%，高於我們的預期上限。同店銷售額的成長歸因於平均支票增加 1.1%，但交易量減少 0.2% 部分抵消了這一增長。較高的平均支票包括總價格約 2.8% 的上漲，其中本季有效價格上漲 0.6%。

In addition, the shift of Easter to the second quarter drove a 40 basis point benefit to the first quarter comp. Turning to expenses. Food, beverage and packaging costs were 26.1% of shop sales, a 110 basis point improvement versus the prior year period. This was driven primarily by slight commodity deflation of 40 basis points in the quarter.

此外，復活節移至第二季度，也為第一季的銷售額帶來了 40 個基點的收益。談到費用。食品、飲料和包裝成本佔商店銷售額的 26.1%，比去年同期提高了 110 個基點。這主要是由於本季大宗商品價格小幅下跌 40 個基點所致。

Labor expenses were 30.4% of sales, a 40-basis point increase versus the prior year period. This was primarily due to lapping the previously mentioned settlement payment benefit from Q1 last year. Occupancy was 11.0% of sales, a 10 basis point increase versus the prior year period. This was predominantly due to an increase in variable rent charges as many shops with those types of lease arrangements like airports continue to outperform prior year.

勞動成本佔銷售額的 30.4%，比去年同期增加了 40 個基點。這主要是因為去年第一季已扣除了前面提到的結算付款收益。入住率為銷售額的 11.0%，比去年同期增加了 10 個基點。這主要是由於浮動租金費用增加，因為許多擁有此類租賃安排的商店（如機場）的表現繼續優於前一年。

Other operating expenses were 18.8% of sales, a 40-basis point increase versus the prior year period due to lapping the previously mentioned Q1 2024 settlement payment benefit. Shop level margins were 13.7%, an increase of 20 basis points versus last year.

其他營運費用佔銷售額的 18.8%，比去年同期增加了 40 個基點，原因是重疊了前面提到的 2024 年第一季結算付款福利。店舖利潤率為 13.7%，比去年增加了 20 個基點。

General and administrative expenses, which are best viewed as a percentage of system-wide sales as they are used to support every one of our shops, were 8.8%, an increase of 20 basis points year over year, driven by investments to build and scale our team in support of development as well as increased bonus accrual aligned with our year-to-date performance. We reported a slight net loss of $62,000 for the quarter, an improvement of $2.7 million over the prior year as the prior year was negatively impacted by the write-off of debt issuance costs from our refinancing.

一般及行政開支最好被視為全系統銷售額的百分比，因為它們用於支持我們每一家商店，該開支為 8.8%，同比增長 20 個基點，這得益於為支持發展而建立和擴大團隊的投資，以及與我們年初至今的業績相符的獎金累積增加。我們報告本季淨虧損輕微，為 62,000 美元，比上年同期改善了 270 萬美元，因為去年同期受到我們再融資中債務發行成本註銷的負面影響。

Adjusted net income was $43,000, a $186,000 decrease versus the prior year period. We believe the strength of our balance sheet, debt structure and the liquidity under our credit facility provide us the flexibility to fund our growth, strategic initiatives, participate in our share repurchase program and align with our broader capital allocation strategy.

調整後的淨收入為 43,000 美元，比去年同期減少 186,000 美元。我們相信，我們資產負債表的實力、債務結構和信貸安排下的流動性為我們提供了靈活性，可以為我們的成長和策略計劃提供資金，參與我們的股票回購計劃，並與我們更廣泛的資本配置策略保持一致。

During the first quarter, we purchased approximately 117,000 shares of our common stock for a total of approximately $1.1 million. We anticipate repurchases throughout the three-year program approved in 2024.

第一季度，我們回購了約 117,000 股普通股，總價值約 110 萬美元。我們預計將在 2024 年批准的三年期計劃中進行回購。

Before I turn to guidance, I'd like to address the topic that has come up more frequently due to the recent economic policy changes; the impact of tariffs and the possibility of a more challenged consumer environment.

在轉向指導之前，我想先談談由於最近的經濟政策變化而更頻繁出現的話題；關稅的影響以及更具挑戰性的消費環境的可能性。

As you know, this is a very fluid situation. We're keeping close tabs on the news of the day as we estimate the impact to our supply chain and consumer demand. While we may see some modest pressure on our build costs if the current tariffs remain in place, we're no less confident in our long-term growth plan and believe our unit level economic model remains very compelling.

如你所知，這是一個非常不穩定的情況。我們密切關注當天的新聞，以評估對我們的供應鏈和消費者需求的影響。雖然如果現行關稅保持不變，我們的建設成本可能會面臨一些適度的壓力，但我們對我們的長期成長計劃仍然充滿信心，並相信我們的單位級經濟模式仍然非常引人注目。

Regarding the consumer and our customer base specifically, as we said last quarter, during non-weather weeks, we've seen solid consumer demand for Potbelly. While we recognize there's always uncertainty, we believe our strategic plan continues to create a compelling option for consumers in a competitive marketplace.

具體到消費者和我們的客戶群，正如我們上個季度所說，在非天氣週，我們看到消費者對 Potbelly 的需求強勁。儘管我們意識到總是存在不確定性，但我們相信我們的策略計劃將繼續為競爭激烈的市場中的消費者創造一個引人注目的選擇。

Finally, I would now like to provide you with the following guidance items. For the full year 2025, we are reiterating our guidance and anticipate the following: same-store sales growth of 1.5% to 2.5%, unit growth of at least 38 openings, adjusted EBITDA of approximately $33 million to $34 million.

最後，我想提供以下指導事項給大家。對於 2025 年全年，我們重申我們的指導意見，並預計：同店銷售額增長 1.5% 至 2.5%，門市數量增長至少 38 家，調整後 EBITDA 約為 3300 萬至 3400 萬美元。

Incorporating our quarter-to-date results for the second quarter of 2025, we anticipate the following: same-store sales growth of 1.5% to 2.5%, which includes approximately 40 basis points of pressure from the Easter holiday shift, unit growth of at least six units and adjusted EBITDA of $8.25 million to $9.75 million.

結合我們 2025 年第二季迄今的業績，我們預計：同店銷售額增長 1.5% 至 2.5%，其中包括復活節假期班次帶來的約 40 個基點的壓力，單位增長至少 6 個單位，調整後的 EBITDA 為 825 萬美元至 975 萬美元。

With that, I'll turn the call back over to Bob.

說完這些，我就把電話轉回給鮑伯。

Thanks so much, Steve. Following the extensive work we've done over the past four years to rejuvenate this beloved brand, I'm proud to be able to call Potbelly a growth company again. The litany of comp growth drivers at our disposal gives us great confidence in the future. More specifically, we've developed an industry-leading digital platform, including our rapidly expanding Potbelly Perks loyalty program. In the past year, we have reintroduced menu development to the brand and have seen great success, including the recent Prime Rib Sandwich.

非常感謝，史蒂夫。在過去四年中，我們為振興這個深受喜愛的品牌付出了大量努力，我很自豪能夠再次稱 Potbelly 為成長型公司。我們擁有的一系列公司成長動力讓我們對未來充滿信心。更具體地說，我們開發了一個領先業界的數位平台，包括我們快速擴展的 Potbelly Perks 忠誠度計劃。在過去的一年裡，我們重新引入了品牌的菜單開發，並取得了巨大的成功，包括最近的 Prime Rib Sandwich。

And we continue to enhance our catering channel with revamped bundles and packaging as it continues as a growth driver for our business. And this doesn't include any potential benefit from the other initiatives we are currently testing. All these combined give us great confidence in our ability to continue to drive comp growth over the long term.

我們將繼續透過改進捆綁和包裝來增強我們的餐飲管道，因為它將繼續成為我們業務的成長動力。這還不包括我們目前正在測試的其他舉措所帶來的任何潛在利益。所有這些因素加在一起，讓我們對自己長期持續推動公司成長的能力充滿信心。

On new shop growth, we have substantially improved our shop-level margins and delivered 2024 shop-level margins of over 15%. We reengineered our prototypical design last year to create operating efficiency, better service our digital business while also reducing the required lease space needed to build new Potbelly shops.

在新店成長方面，我們大幅提高了店面利潤率，2024 年店面利潤率達到 15% 以上。去年，我們重新設計了原型設計，以提高營運效率，更好地服務我們的數位業務，同時減少建造新的 Potbelly 商店所需的租賃空間。

And we built a world-class franchise sales team that's helped us grow our future committed shop pipeline to over 300 shops. Combined with a clear line of sight into delivering at least 38 new shops in 2025 and an improved shop pipeline for 2026 that is stronger than the 2025 pipeline at this point last year, we continue to be confident in our ability to deliver upon our 2,000-shop long-term potential and deliver double-digit annual new unit growth.

我們建立了一支世界一流的特許經營銷售團隊，幫助我們將未來承諾的店鋪數量擴大到 300 多家。結合我們在 2025 年開設至少 38 家新店的明確目標以及 2026 年店鋪規劃的改善（該規劃比去年此時的 2025 年規劃更為強勁），我們仍然有信心發揮 2,000 家店舖的長期潛力並實現兩位數的年度新單位增長。

We expect the culmination of these efforts across comp growth and unit growth, along with prudent management of our corporate costs have the potential to deliver outsized EBITDA growth for many years to come. While we do not believe we are currently getting credit for being a growth company, our focus continues to be on delivering results that leave no doubt that Potbelly is a compelling long-term growth story. With that, we're happy to answer any questions.

我們預計，這些努力在公司成長和單位成長方面的最終成果，加上對公司成本的審慎管理，有可能在未來許多年實現超額的 EBITDA 成長。雖然我們不認為我們目前因成為成長型公司而獲得讚譽，但我們的重點仍然是提供成果，毫無疑問，Potbelly 是一個引人注目的長期成長故事。因此，我們很樂意回答任何問題。

Operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Jeremy Hamblin, Craig-Hallum Capital Group.

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

Congratulations on the strong results. I wanted to start with same-store sales for a second. And just as we can get maybe a little bit color of what you think might be driving the outsized performance. So you're lapping tougher compares here in Q2. You have a negative drag from the Easter shift, and yet you're expecting compares to be quite a bit better than Q1.

恭喜您取得如此優異的成績。我想先從同店銷售額開始說起。我們或許可以稍微了解一下您認為是什麼推動如此出色的表現。因此，您在第二季面臨的競爭更為激烈。雖然復活節的轉變給你帶來了負面影響，但你預期比第一季的情況會好很多。

And that's really kind of the opposite of what we're seeing in the industry where many other concepts are seeing sales falter. I want to get an understanding of what you think might be driving that? Is it the new menu items? Is that the primary driver? Is it a shift in your kind of digital marketing? Or is it kind of having better value offerings now than you did a year ago?

這與我們在行業中看到的情況完全相反，許多其他概念的銷售都在下滑。我想了解您認為是什麼原因導致這現象的發生？是新的選單項目嗎？這是主要驅動因素嗎？這是您的數位行銷方式的轉變嗎？或者現在提供的產品比一年前更有價值嗎？

Yes. Thanks for the question, Jeremy. We're pleased as well, and you're right to peg our Q2 guidance even with the pressure that Easter brings in April versus the benefit that it gave in Q1. And I'll tell you this, we're -- our comps are in line with that quarterly guidance. So we feel very good about kind of that momentum that we started in the first quarter and how we're continuing to see that.

是的。謝謝你的提問，傑里米。我們也很高興，儘管復活節在四月份帶來了壓力，而第一季則帶來了好處，但您仍然正確地確定了我們第二季的業績指引。我要告訴你們的是，我們的業績與季度指引一致。因此，我們對第一季開始的這種勢頭以及我們如何繼續看到這種勢頭感到非常高興。

The important thing is the question -- the part of your question around drivers. So you did hit on some of them. We definitely believe that the menu innovation that we brought forth last year and then you saw us bring some more here with this Prime Rib Steak Sandwich.

重要的是問題——你的問題中有關司機的部分。所以你確實擊中了其中一​​些。我們堅信，我們去年推出的菜單創新，以及隨後我們推出的這款上等肋排牛排三明治，都為我們帶來了更多創新。

But even the things that maybe aren't sandwiches, but you see some innovation with us with our Chili promotion during the first quarter, our Butter Brickle Cookie was a big success. We added the Banana Pudding Shake to the permanent menu and Chili Mac to the permanent menu as well, and those have been really well received and supported by our customers.

但即使這些東西可能不是三明治，但你會看到我們在第一季的辣椒促銷活動中進行了一些創新，我們的黃油脆餅餅乾取得了巨大的成功。我們在永久菜單中添加了香蕉布丁奶昔，並在永久菜單中添加了辣椒通心粉，這些都受到了顧客的熱烈歡迎和支持。

But it's kind of a one, two, three punch, too. So yes, the value efforts that we put in last year, we think those continue to deliver. And as I mentioned in the prepared remarks, it's kind of a three-pronged value approach that we just keep pushing on, the intrinsic value of the menu itself. That's where you see things like our permanent menu items that are just great sandwiches. They bring value because what you get for what you pay really hits the mark with our customers.

但這也是一種一、二、三拳。所以是的，我們認為我們去年付出的價值努力將會繼續發揮作用。正如我在準備好的演講中提到的那樣，這是我們一直在推動的三管齊下的價值方法，即菜單本身的內在價值。在那裡，您可以看到我們的固定菜單上的美味三明治。它們帶來價值，因為一分錢一分貨，真正滿足了我們顧客的需求。

Then there's the everyday value with those $7.99 Skinny Combos. Remember, there's only three sandwiches you get there, but it's starting to be understood as something customers can count on. And Pick Your Pair is still a significant part of our everyday value. And then, of course, the promotional value through our promotional activity. A lot of our -- a lot of people watching Potbelly see the big things that we do across the brand.

另外，還有售價 7.99 美元的 Skinny Combos，具有日常價值。請記住，那裡只有三種三明治，但它開始被理解為顧客可以信賴的東西。「Pick Your Pair」仍然是我們日常生活價值的重要組成部分。然後，當然還有透過我們的促銷活動實現的促銷價值。很多關注 Potbelly 的人都看到了我們在整個品牌中所做的大事。

So if we do a BOGO during the quarter, you need that promotional code, but you can get that regardless of how you access the brand. But I do believe we're getting smarter and more effective and efficient at some of the other promotional activity that you don't see unless you're in our perk's environment or the digital environment.

因此，如果我們在本季推出「買一送一」活動，您就需要該促銷代碼，但無論您如何造訪該品牌，都可以獲得該代碼。但我確實相信，在其他一些促銷活動中，我們正變得更加聰明、更有效、更有高效，而這些促銷活動只有在我們的福利環境或數位環境中才會出現。

And so we're very pleased with how that continues. It's why we talk about continuing the investment in those consumer-facing digital channels, too, because it unlocks our capacity to be better at that and continue to drive that traffic. And overall, I think these things are coming together to make a big difference.

因此，我們對這種情況的持續發展感到非常高興。這就是為什麼我們也談論繼續投資那些面向消費者的數位管道，因為它可以釋放我們在這方面做得更好的能力並繼續推動流量。總的來說，我認為這些因素結合在一起將產生巨大的影響。

Even our Meatball Madness promotion for the second year this year, during March Madness, we have Meatball Madness and that reinforces things that are becoming stronger for us like our underground menu. As I mentioned in our remarks, we don't tend to promise a lot. We just -- we try to keep delivering.

今年是我們第二年舉辦“肉丸瘋狂”促銷活動，在瘋狂三月期間，我們推出了“肉丸瘋狂”，這強化了我們越來越強大的產品，例如我們的地下菜單。正如我在評論中提到的，我們不會做出太多承諾。我們只是——我們盡力繼續交付。

And that same stage-gate development funnel that has brought us some of the products that we have rolled out, we're still working that, and we've got some other things in test that we -- we'll see how it goes in test, but we believe we have continued ability to push on a number of those same fronts as we go through the remainder of this quarter and into the rest of the year.

同樣的階段門開發漏斗為我們帶來了一些已經推出的產品，我們仍在努力，並且我們還有一些其他的東西在測試中 - 我們將看看它在測試中如何進行，但我們相信，我們有能力繼續推動一些相同的方面，因為我們將度過本季度的剩餘時間和今年剩餘的時間。

Great. And then I want to switch gears and talk about your franchising initiatives. So as you said, sold 40 new locations in the quarter, second best quarter, I think, ever. And you're doing it in a really challenging macro backdrop with a tremendous amount of uncertainty. So I wanted to see if you could provide a little bit of color there.

偉大的。然後我想換個話題，談談您的特許經營計劃。正如您所說，本季度銷售了 40 家新門市，我認為這是有史以​​來第二好的季度。而且你是在一個真正具有挑戰性、充滿巨大不確定性的宏觀背景下做到這一點的。所以我想看看你是否可以提供一些顏色。

I think kind of related to this, you did sell look like four units to refranchise four units. But just wanted to get a sense for as you have these conversations with potential franchisees, is it improved unit level economics? I mean, given the uncertainty in the macro, I would -- I'm surprised by just how strong the franchising was in the quarter. Any color?

我認為與此相關的是，你確實賣出了四個單位，以重新特許經營四個單位。但是只是想了解一下，當您與潛在的特許經營商進行這些對話時，單位層面的經濟狀況是否有所改善？我的意思是，考慮到宏觀的不確定性，我會——我對本季特許經營的強勁表現感到驚訝。任何顏色？

Yes. It's -- look, the core of attracting franchisees is having a great brand, having -- they do look very, very carefully at the other franchisees that have already joined the system and certainly the management team and the field teams that we deploy. And then, of course, unit level economics, both the OpEx and the investment economics that they're looking at. And they continue to like what they see. They also are a favor of the positive -- in favor of the positive trends that we continue to show.

是的。吸引特許經營商的核心是擁有一個偉大的品牌，他們確實非常仔細地審視已經加入系統的其他特許經營商，當然還有我們部署的管理團隊和現場團隊。然後，當然是單位層面的經濟學，包括他們所關注的營運支出和投資經濟學。他們仍然喜歡他們所看到的東西。它們也有利於正面的面向——有利於我們繼續展現的正面趨勢。

So these year over year, quarter-on-quarter margin expansion deliveries that we're able to provide and we always talk about our company shops because it's such a big part of the portfolio. And they are -- as they talk to and discuss the potential of joining the system with existing franchisees, they get even more color on the fact that those franchisees are enjoying that same expansion and, in many cases, off of an expense base that's lower than ours.

因此，我們能夠提供逐年、逐季度的利潤擴張交付，並且我們總是談論我們的公司商店，因為它是我們投資組合的重要組成部分。當他們與現有特許經營商交談並討論加入該系統的可能性時，他們更加清楚地了解到，這些特許經營商也享受著同樣的擴張，而且在許多情況下，他們的費用基礎比我們的要低。

We've talked very publicly about the burden that we carry and occupancy costs because of the fleet of shops that we have, so many of them in CBDs, expensive markets, expensive rents and traditionally much larger Potbellys than we're building today. So they're doing their homework, and they start checking those boxes across all of those things. And you add to that, the last piece is that this is still a brand that's got those volumes, those margins and the investment economics that still has white space that they can sign up for, for exclusive development.

我們曾公開談論過我們所承受的負擔和占用成本，因為我們擁有眾多商店，其中許多都位於中央商務區、昂貴的市場、昂貴的租金以及傳統上比我們現在建造的更大的 Potbellys。所以他們正在做功課，並開始檢查所有這些事情。除此之外，最後一點是，這仍然是一個擁有這些銷售、這些利潤和投資經濟的品牌，仍然有他們可以簽約進行獨家開發的空白領域。

I mentioned last year, with 115, we're proud of that number. Pleased but not satisfied is kind of the tone that we shared. And we continue to share that we saw the pipeline of interest exceeding the deals that were sold during 2024. And we expect 2025 to be a good year. We still see that pipeline of interest strengthening, and it's rooted in those core decision criteria that franchisees bring.

我去年提到過，有 115 人，我們為這個數字感到自豪。高興但不滿意是我們共同的語氣。我們繼續分享的是，我們看到感興趣的管道超過了 2024 年售出的交易。我們預計 2025 年將會是豐收的一年。我們仍然看到興趣管道在加強，而這根植於特許經營者帶來的核心決策標準。

Mark Smith, Lake Street Capital Markets.

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

You got Alex Sturnieks for Mark Smith today. First one for me. You've highlighted ongoing growth in the digital ordering and loyalty penetration. Could you just update us on trends in the Potbelly app orders versus third-party delivery and whether you're seeing continued migration toward your own channels? Any new initiatives planned to further drive that mix in 2025?

今天你得到了亞歷克斯·斯特尼克斯 (Alex Sturnieks) 來代替馬克·史密斯 (Mark Smith)。對我來說是第一個。您強調了數位訂購和忠誠度滲透的持續成長。您能否向我們介紹 Potbelly 應用程式訂單與第三方配送的趨勢，以及是否看到訂單持續向您自己的管道遷移？2025 年有沒有什麼新措施計畫進一步推動這項組合？

Yeah. The -- first of all, as we said, we were better than 42% digital total in our quarter, which is a really strong quarter for us. And we're pleased with that's another 200 basis point improvement over last year. We didn't break down the channels in first-party versus third party and certainly even the digital orders that are ordered for pickup and catering, but all of those things are driving that growth year over year. I think the important part of your question is one of the things we're excited about.

是的。首先，正如我們所說，本季我們的數位業務總額超過 42%，這對我們來說是一個非常強勁的季度。我們很高興看到這比去年又提高了 200 個基點。我們沒有細分第一方和第三方管道，甚至沒有細分取貨和餐飲的數位訂單，但所有這些都在推動逐年增長。我認為您問題的重要部分是我們感到興奮的事情之一。

We started talking about it at the end of the year last year that the two primary categories for investment for us are in technology and in our facilities because the face of this brand is delivered in large part by the shops themselves. So on the technology side, we said that we are making another significant investment this year in our consumer-facing digital assets.

我們從去年年底就開始談論這個問題，我們投資的兩個主要類別是技術和設施，因為這個品牌的形像很大程度上是由商店本身來體現的。因此，在技術方面，我們表示今年我們將對面向消費者的數位資產進行另一項重大投資。

So we're not trying to be cryptic with that language, but that is the app, that's the web and it's the Perks loyalty program. Our current Perks loyalty program just eclipsed a year since we put out the enhancements where you could trade in your coins for various menu items that used to only be a sandwich, and we continue to see that working really well for us. But the interface itself that we're making the investments in this year is going to make that even easier and even better.

因此，我們並不是想用這種語言來掩蓋真相，但這就是應用程式、這就是網路、這就是 Perks 忠誠度計劃。我們目前的 Perks 忠誠度計劃剛剛過去一年，我們推出了增強功能，您可以用您的硬幣兌換各種菜單項，而以前這些菜單項目只有三明治，我們繼續看到這項服務對我們非常有效。但我們今年投資的介面本身將使這一切變得更加容易和更好。

And then the underpinnings of the data and analytics platform work that we're doing means that we can be smarter about how we access all of that data, and we can be even more discrete with the way we communicate with smaller and smaller groups of customers that really behave very differently. So we absolutely believe that the broad-based digital advertising and social media work that we do is the best way to bring people to the digital environment.

然後，我們正在進行的數據和分析平台工作的基礎意味著我們可以更聰明地存取所有數據，並且我們可以更加謹慎地與行為差異很大的越來越小的客戶群體進行溝通。因此，我們絕對相信，我們所做的廣泛的數位廣告和社交媒體工作是將人們帶入數位環境的最佳方式。

But then once we get them in, all of this work that we're doing on the engines, the core and the MarTech stack to support it means that we can bring them in and move them up and through that frequency funnel even better in the future, we believe, than we are doing today.

但是，一旦我們將它們納入其中，我們在引擎、核心和 MarTech 堆疊上所做的所有工作都意味著我們可以將它們納入其中，並將它們提升並通過頻率漏斗，我們相信，未來會比我們今天做得更好。

That's great. And then last one for me, just switching back over to the franchisee incentives. Could you provide some more color on like the uptake of the 50-50 incentive program since its rollout? Specifically, how much interest have you seen from both new and existing franchisees? And then are you observing a meaningful acceleration there in terms of timeline?

那太棒了。對我來說最後一個問題，就是回到特許經營商激勵措施。能否詳細介紹一下 50-50 激勵計畫自推出以來的實施情況？具體來說，您看到新舊加盟商有多大興趣？那麼，從時間軸來看，您是否觀察到了有意義的加速？

And then additionally, are there any particular markets or regions where this initiative is gaining the most traction?

另外，是否有哪個特定市場或地區對此措施的吸引力最大？

First of all, it's early days for the large area developer agreement and their version of that 50-50 incentive. But we're into -- we've now had the original 50-50 incentive for a couple of years. It is very meaningful to the franchisees, and they love the idea that if they can meet or exceed their development schedule that they can benefit a little bit from that.

首先，大面積開發商協議及其 50-50 激勵措施版本尚處於早期階段。但我們已經享受了最初的 50-50 激勵政策幾年了。這對特許經營者來說意義重大，他們喜歡這個想法，如果他們能夠達到或超過他們的開發計劃，他們就可以從中受益。

And just a reminder for everybody, the 50-50 is you can get half off of your IFF for opening on time or early, and you can get half off your royalties for the weeks that you do open early. There's no downside for us because they're ahead of schedule, even 3% for those weeks is still money we hadn't considered as part of the development agreement.

需要提醒大家的是，50-50 指的是，如果您按時或提前開業，您可以獲得一半的 IFF 折扣，如果您提前開業，您可以獲得一半的版稅折扣。這對我們來說沒有什麼不利之處，因為他們提前完成了計劃，即使是那幾週的 3% 仍然是我們在開發協議中沒有考慮到的錢。

And 3% for them can be meaningful. Why I said early days is on the large area developer version of that franchise agreement, the thing that we bake into their development agreement, if they sign up for 15 units or more is we bake that commitment of that incentive through the entirety of the franchise agreement, that development agreement.

對他們來說，3% 是有意義的。我之所以說早期，是因為特許經營協議的大型開發商版本，我們把這些內容融入到他們的開發協議中，如果他們簽約 15 個或更多單位，我們就會在整個特許經營協議、開發協議中融入這種激勵承諾。

That's valuable because the larger, more financially savvy franchisees that are going to sign up for significant investment to grow out of market, they're going to look forward deeper into their development schedule and say, okay, if I can get started now, I may not get much off of my first one or two or even three sites.

這是有價值的，因為規模更大、財務上更精明的特許經營商將簽署大量投資協議以擴大市場，他們將更深入地研究他們的發展計劃並說，好吧，如果我現在開始，我可能不會從我的前一個、兩個甚至三個站點獲得太多收益。

But by the time I get to sites number 9 or 12 or 13, 14, 15, if they can get ahead of schedule by a year or two or some have even told us they're looking at it, they think they can beat some of those later shops by two or three years, they are factoring in that potential benefit into their capital allocation modeling. And yes, it's getting their attention.

但是當我到達 9 號、12 號、13 號、14 號、15 號站點時，如果他們能夠提前一兩年完成計劃，或者有些人甚至告訴我們他們正在考慮，他們認為他們可以比後來的一些工廠提前兩三年完成計劃，他們會將這種潛在的利益納入他們的資本配置模型中。是的，它引起了他們的注意。

That's how these true multiunit developers are thinking on a multiyear time line, and they think they can get way ahead. So yes, it's the type of thing that should build. And I would tell you that as we've seen some of those larger, more financially savvy franchisees, show interest in the company. They see this as a big deal, especially because it's us recognizing how they think about the business and how they can gain some benefit down the road. I think it will help us.

這就是這些真正的多單元開發商在多年時間線上的思考方式，他們認為自己可以取得領先。所以是的，這是應該建造的東西。我想告訴你，我們已經看到一些規模更大、更精明的特許經營商對該公司表現出興趣。他們認為這是一件大事，特別是因為我們了解他們如何看待業務以及他們如何在未來獲得一些利益。我認為這對我們有幫助。

Matt Curtis, William Blair.

馬特柯蒂斯、威廉布萊爾。

I guess I was a little surprised to see your commodities be slightly deflationary in the first quarter, given that I think your guidance calls for 2% to 3% inflation for the full year. So maybe you could just update us on any changes to your inflationary expectations this year for both commodities and labor.

考慮到我認為你們的指導價格是全年通膨率在 2% 到 3% 之間，我對第一季你們的大宗商品價格略微出現通貨緊縮感到有點驚訝。因此，也許您可以向我們介紹今年大宗商品和勞動力通膨預期的任何變化。

Thanks, Matt. Yes, it's one of those situations where we're all hearing the word tariff and there's a lot of uncertainty that's out there. I think for a business like ours, we have a few advantages as it relates to tariffs. Number one, the tariffs don't seem to be as directed at food products, right? And we have, I think, also the benefit of having a diverse food basket like we've discussed in the past.

謝謝，馬特。是的，我們都聽過關稅這個詞，但其中存在著許多不確定性。我認為對於我們這樣的企業來說，我們在關稅方面有一些優勢。第一，關稅似乎不是針對食品，對嗎？我認為，我們也擁有擁有多樣化食品籃的好處，就像我們過去討論過的那樣。

Yes, we're kind of holding to our overall inflation rate for the year on food and paper because we feel like with the benefit that we got in Q1, which is slightly deflationary, we will see some inflation come back, natural inflation come back.

是的，我們在某種程度上維持了今年食品和紙張的整體通膨率，因為我們覺得，隨著第一季略微通貨緊縮的出現，我們將看到一些通膨回升，自然通膨回升。

And as it relates to tariffs, we watch it on a daily basis. We collaborate with our distributors and of course, setting in place the potential to do things like others might to try to mitigate things should they come aggressively at us. We, again, don't have a lot of exposure to those things that are going to be potentially tariff hard on the food side. We feel like the back half is going to be a little bit different than the front half, but nothing at least that we can foresee given the current tariff climate that's really going to take us off our full year mark.

由於它與關稅有關，我們每天都會關注它。我們與經銷商合作，當然，我們也做好了像其他人一樣採取相應措施的準備，以便在他們向我們發起攻擊時能夠盡力緩解局勢。再次強調，我們對那些可能在食品方面徵收高額關稅的商品沒有太多的接觸。我們感覺下半年會與上半年略有不同，但至少在目前的關稅環境下我們無法預見這將真正影響我們全年的目標。

So that's important for you as you think about it, and we always have, I think, some contingencies in place should things move on us. As it relates to labor inflation, that's moving at about the same rate that we anticipated when we last spoke a quarter ago, which is kind of in that kind of low 2% range. So that's also good for us to see as we kind of lived through that tough inflationary period on labor a couple of years ago.

所以這對你來說很重要，因為你想到了這一點，而且我認為，我們總是會為事情的發展做好一些應急準備。就勞動力通膨而言，其變化速度與我們一個季度前上次談話時預測的速度大致相同，即處於 2% 的低位範圍內。這對我們來說也是件好事，因為幾年前我們經歷了勞動力的嚴重通膨時期。

Okay. Understood. And then relatedly, could you maybe update us on what your pricing expectations are for the rest of the year, ideally by quarter?

好的。明白了。然後，相關地，您能否向我們介紹您對今年剩餘時間的定價預期，最好是按季度？

Yes, of course. Look, we always maintain what we've discussed before, Matt, around kind of this philosophy that we're going to try to keep pace with input cost movements, and we're going to keep our pricing increases kind of related to that. And that's reflected in the way we talk about price for the year. So in the first quarter, our total gross price was up about 2.8%, and that was mostly carryover from the prior year. We had about 2.3% lapped from last year.

是的當然。你看，馬特，我們始終堅持我們之前討論過的理念，即我們將努力跟上投入成本的變動，並且我們將保持與此相關的價格上漲。這反映在我們談論年度價格的方式上。因此，在第一季度，我們的總價格上漲了約 2.8%，這主要是從去年延續下來的。與去年相比，我們的重疊率約為 2.3%。

So we had a price increase in P2, which was a modest one, about 1.2% and that's what we will keep for the rest of the year is something in kind of the mid-1s. We have another price increase kind of summertime. That will be again sort of in that mid-1s and another one in the fall. So the full year gross will probably be just north of 3%, which again keeps us pretty close to those inflation numbers that I described for you. Of course, we reserve the right to change that should we need to, given the environment and what might evolve.

因此，我們的 P2 價格有所上漲，幅度不大，約為 1.2%，而今年剩餘時間我們的價格將保持在 1% 左右的水平。我們又迎來了夏季價格上漲。那次襲擊將再次發生在 1 年代中期，另一次發生在秋季。因此，全年總通膨率可能略高於 3%，這再次使我們非常接近我為您描述的通膨數字。當然，根據環境和可能發生的情況，我們保留在必要時進行更改的權利。

If you remember last year, we issued our third price increase, which happens in the fall as the consumer was telling us there's some challenging components to the way that they're managing their visits. And so we supported them by not raising price in that last go round. But this year, we're holding fast to that plan that we outlined at the beginning of the year with no major changes unless we do see things, like I said, on the tariff front or on the consumer front.

如果您還記得，去年我們發布了第三次價格上調，這是在秋季進行的，因為消費者告訴我們，他們在管理訪問的方式上存在一些挑戰。因此，我們在最後一輪中沒有提高價格來支持他們。但今年，我們將堅持年初制定的計劃，不會做出重大改變，除非我們看到關稅或消費者方面的情況發生變化，就像我說的。

Okay. Got it. And then I guess just the last one for me. You guys didn't directly talk about PDK today. But I think you're expanding Potbelly kitchens to be system-wide by the end of the year.

好的。知道了。我想這對我來說只是最後一個了。你們今天沒有直接談論PDK。但我認為你們將在今年年底前將 Potbelly 廚房擴展到全系統。

Is that still on track? And basically, how much improvement have you noticed at PDF locations -- on PDK locations on things like throughput and labor costs so far?

這仍然在進行中嗎？基本上，到目前為止，您注意到 PDF 地點和 PDK 地點在吞吐量和勞動力成本等方面有多少改進？

Go ahead, Bob.

繼續吧，鮑伯。

Yes, I was just going to say on the rollout, first of all, I think we did mention this last quarter, so not much of an update this quarter to that plan. But [PDCX] is what we're calling the newest version of PDK, because it comes with a new POS. So we're not just going to finish rolling out PDK, but we're changing out the POS and installing that kitchen system that gives us that digital advantage. And there's some additional advantages with the new combination of the Toast POS and QSR automations back office. So both of those products were NCR in the past.

是的，首先，我只是想說一下推出的情況，我想我們上個季度確實提到過這一點，所以本季度對該計劃沒有太多更新。但 [PDCX] 是我們所謂的 PDK 的最新版本，因為它配備了新的 POS。因此，我們不僅要完成 PDK 的推出，還要更換 POS 並安裝能為我們帶來數位優勢的廚房系統。Toast POS 和 QSR 自動化後台的新組合還具有一些額外的優勢。所以這兩種產品過去都是 NCR。

And that's nothing against NCR. It's just the future move that we're doing. We've got that slated, Matt, to be half of the shops, half the company shops this year, half of the company shops will be retrofitted next year. Franchisees would be slightly behind that because they've got some newer shops in place, and there's no need to rush the replacement of those.

這與 NCR 無關。這只是我們正在採取的未來措施。馬特，我們已經計劃今年將一半的商店、一半的公司商店進行改造，明年將對一半的公司商店進行改造。特許經營商會稍微落後一些，因為他們已經開設了一些較新的店鋪，因此沒有必要急於更換這些店。

And then predominantly all of our new shops this year will roll out with that new system as well. So to the benefits, and that's in our capital plan, too, by the way, and Steve can talk about that, too, if you'd like. But to the benefits of it, we're still seeing when we roll it out, we're getting about five hours of labor savings almost instantly because of how we configure the labor guide to take advantage of the efficiency on the back line.

我們今年的所有新店基本上都將採用該新系統。順便說一下，這就是好處，而且這也在我們的資本計劃中，如果你願意的話，史蒂夫也可以談論這一點。但就其好處而言，我們仍然看到，當我們推出它時，我們幾乎立即節省了大約五個小時的勞動力，因為我們配置了勞動力指南以利用後台的效率。

This digital efficiency really does streamline the back line. And so, we'll have that roughly 100 locations. We ended the year with plus 175 gets converted and then the rest of the system will be converted next year.

這種數位化效率確實簡化了後防線。因此，我們將擁有大約 100 個地點。今年年底，我們已經完成了 175 個系統的轉換，其餘系統將於明年完成轉換。

On throughput, it's early, but -- and we didn't bake any of that upside into our plan this year, but we are looking at the advantages of the handhelds with the new version of that solution that could be very beneficial to the inside flow.

關於吞吐量，現在還為時過早，但是——我們今年沒有將任何好處納入我們的計劃，但我們正在研究手持設備的優勢以及該解決方案的新版本，這可能對內部流量非常有利。

And obviously, our ops team is working to extract as much of that as possible because we've always talked about having this device we call an iLot and PDCX comes with iLots as well, but they have more functionality and they're more flexible for us to do some more things with the service line. So more to come on that, but we are excited to look forward to the end of next year and having a completely new in-shop digital system.

顯然，我們的營運團隊正在努力盡可能地提取這些信息，因為我們一直在談論擁有這種我們稱之為 iLot 的設備，而 PDCX 也配備了 iLots，但它們具有更多功能，並且更靈活，讓我們可以透過服務線做更多的事情。關於這一點我們還會做更多，但我們非常期待明年年底能夠擁有一個全新的店內數位系統。

Okay. Got it. And I guess, Bob, since you opened the door, I'll step through. What do you anticipate for CapEx this year?

好的。知道了。我想，鮑勃，既然你打開了門，那我就進去吧。您對今年的資本支出有何預期？

Sure. Thanks, Matt. I think I'll jump in on it in terms of how we're thinking about the overall envelope. We're pretty close to in a position of around $30 million for a CapEx budget this year. We think about it in terms of multiple areas, right?

當然。謝謝，馬特。我想我會就我們如何考慮整體情況來談談這個問題。我們今年的資本支出預算接近 3000 萬美元。我們從多個方面來考慮這個問題，對嗎？

One is technology, right? We talked earlier about the business being 42% plus digital, and that requires continued innovation, right, as well as maintenance. Bob mentioned the replatforming.

一是技術，對吧？我們之前談到，業務數位化程度超過 42%，這需要持續的創新和維護。鮑伯提到了重新平台化。

He mentioned the ability that we're going to have to add features and functions to the web and app, the underpinnings of a really exciting data and analytics capability that's coming our way later this year. So that's a component of how we think about it.

他提到我們將要為網路和應用程式添加特性和功能，這是我們今年稍後即將推出的真正令人興奮的數據和分析功能的基礎。這就是我們思考這個問題的一個部分。

You just talked about [PDX], right? So that kind of restaurant technology that isn't exactly customer-facing but certainly benefits the customer in terms of throughput and the customer experience. And then we spend capital on our facilities, right, our asset base. And that is consisting of things like routine maintenance that tends to be a large part of our overall capital envelope. But then we also -- as we've discussed in prior conversations, we've earmarked some CapEx to rejuvenate some of our more tired assets in some of the remodel work that we're doing.

您剛才談到了 [PDX]，對嗎？因此，這種餐廳技術雖然不完全面向客戶，但在吞吐量和客戶體驗方面肯定會為客戶帶來好處。然後我們將資金投入到我們的設施上，對，我們的資產基礎。這包括諸如日常維護之類的事情，這些事情往往占我們整體資本總額的很大一部分。但正如我們在之前的談話中所討論的那樣，我們已經撥出了一些資本支出，用於在我們正在進行的一些改造工作中恢復一些較為疲軟的資產。

We mentioned that we have three remodel sizes kind of akin to our sandwich menu with the Skinny, the Original and the Big. And we're testing some of those as we speak. So that will be a portion of our capital spend. And as we've discussed, too, where it makes sense, there'll be new unit development for us on the company side to densify some of our target company markets. So it's really a fairly straightforward story as it relates to how we want to push that capital.

我們提到過，我們有三種改造尺寸，類似我們的三明治菜單：Skinny、Original 和 Big。我們正在測試其中的一些。所以這將是我們資本支出的一部分。正如我們所討論的，在合理的情況下，我們將在公司方面進行新的部門開發，以擴大我們的一些目標公司市場。因此，這實際上是一個相當簡單的故事，因為它涉及我們如何推動資本。

And so far, our biggest and most important philosophy around all of this is that we're going to put our capital in places that we're going to see returns above our cost of capital.

到目前為止，我們最大的、最重要的理念是，我們將把資本投入到能夠獲得高於資本成本回報的地方。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Congratulations. I want to talk about innovation. And as we think about it, there's two strong quarters of innovation and customer response to it. As you're looking internally at where you are in different parts of stage-gate, how would you characterize the year from maybe an innovation engine and what we should see on the product newness side? How do we think about newness against all the newness that you brought in Q4 last year?

恭喜。我想談談創新。正如我們所想，有兩個季度的創新和客戶反應都十分強勁。當您從內部審視自己在階段門的不同部分所處的位置時，您會如何從創新引擎的角度來描述這一年，以及我們應該在產品新穎性方面看到什麼？相對於您去年第四季帶來的所有新鮮事物，我們如何看待新事物？

And then how operationally are we managing the menu so that we don't get kind of item creep and we're able to keep the efficiency in the box?

那麼，我們如何從操作上管理選單，以免出現專案蔓延的情況，並且能夠保持效率？

Yes. Thanks for the question. Look, the process is rooted in what we see in the consumer insights and our own customer insights for where we think that there are opportunities to make sure our menu best reflects and best reflects what would be best for our business and for them. And that's where these things have been coming from. And it takes a while to develop them and then test them.

是的。謝謝你的提問。你看，這個過程植根於我們在消費者洞察和我們自己的客戶洞察中所看到的內容，我們認為有機會確保我們的菜單最能反映並最好地反映對我們的業務和他們最有利的事情。這些事情就是從那裡來的。並且開發和測試它們需要一段時間。

And we have to be really judicious with that, too, because we don't have hundreds of millions of dollars like some really large companies have to put that testing in place. I would tell you that it continues to be a focus for us to support that LTO cadence that we've had in the past. We want to continue to do that. We've done it with cookies and with shakes and with sandwiches, too. Here recently, as we described last year, the focus on the core menu was addressing things that we thought were gaps on the core menu and that we wanted to take the time to develop a great solution to.

我們也必須非常謹慎地處理這個問題，因為我們不像一些大公司那樣擁有數億美元來進行這種測試。我想告訴你，我們仍然把重點放在支持我們過去的 LTO 節奏上。我們希望繼續這樣做。我們也用餅乾、奶昔和三明治來做到這一點。最近，正如我們去年所描述的，核心菜單的重點是解決我們認為核心菜單上的缺陷，並且我們希望花時間開發出一個很好的解決方案。

And we've now added two whole muscle proteins that are really ringing the bell with what we think customers are looking for from a sandwich expert like us and still taking advantage of all the great things that are Potbelly. The Banana Pudding Shake is -- we used to have a banana shake. It was not consistently delivered to our satisfaction. So having a banana shake is something that makes sense to us. But I'll tell you the customer reception for that has been terrific.

現在，我們添加了兩種完整的肌肉蛋白質，我們認為這兩種蛋白質真正滿足了顧客對像我們這樣的三明治專家的需求，同時也充分利用了 Potbelly 的所有優點。香蕉布丁奶昔是－我們以前喝過香蕉奶昔。它並沒有始終如一地令我們滿意。所以喝香蕉奶昔對我們來說是有意義的。但我要告訴你的是，顧客對此的反應非常好。

And that's a premium shake item that we put in place, too. I wouldn't expect that you'll see us add a new protein every quarter. That's obviously probably an unrealistic expectation. But we do have some more menu item things that we have in test, and we'll read those tests and decide if we want to expand. The second half of your question is, of course, I think the thing we got to really watch out for is, first of all, can we integrate these items into our menu and not disrupt operations and particularly not put barriers in the way of throughput.

這也是我們推出的優質奶昔產品。我不會期望你會看到我們每季都會添加一種新的蛋白質。這顯然是一個不切實際的期望。但是我們確實還有一些選單項目正在測試中，我們會閱讀這些測試並決定是否要擴展。當然，你問題的後半部分是，我認為我們真正要注意的是，首先，我們能否將這些項目整合到我們的菜單中，而不會擾亂運營，特別是不會對吞吐量造成障礙。

You're talking to my operations routes at that point. We may love the product, but if it slows the line, even if we do sell incremental copies of those products, then -- but we hurt throughput, we don't get the benefit from it. So every one of these is designed with that set of financial, consumer and operational hurdles that they must clear. Those are quite typical in that stage-gate process. The culmination of the additions is something we're going to watch for, too.

此時您正在談論的是我的操作路線。我們可能喜歡這個產品，但如果它減慢了生產線的速度，即使我們確實銷售了這些產品的增量副本，那麼 - 但我們損害了吞吐量，我們無法從中獲益。因此，每一個專案在設計時都需要考慮必須克服的一系列財務、消費者和營運障礙。這些在階段門流程中相當典型。我們也將專注於新增內容的最終成果。

And we do what most companies do. We watch the product mix and the velocity of that mix and certainly the quality and the waste and consumer reception for it, and we will make adjustments. Many of the things that we did, Todd, way back when we rebuilt the menu put in place the foundation to be able to build on top of it like we're doing today.

我們做的和大多數公司做的一樣。我們關注產品組合、組合速度，當然還有品質、浪費和消費者的接受度，並做出調整。托德，我們在重建菜單時所做的許多事情都為我們今天在此基礎上進行構建奠定了基礎。

So the sizes, the portioning, the consistency of that portioning for proteins and the like makes it easier for us to train our line workers to add these products and it makes sense. And I will tell you, this is something you don't often think about when you think about how difficult these jobs are, but when you look at it through the other lens, you think about how exciting it is.

因此，蛋白質的尺寸、分量、分量的一致性等使我們更容易培訓生產線工人添加這些產品，這是有意義的。我要告訴你，當你想到這些工作有多困難時，你通常不會想到這一點，但是當你從另一個角度看待它時，你會想到它有多令人興奮。

Our employees love delivering new flavors and new things to their customers because the customers are enjoying the visit, the job is more enjoyable. And so far, I think we've struck that balance really, really well. We'll be careful. We're going to be really careful, but I'm excited about the work.

我們的員工喜歡為顧客提供新口味和新事物，因為顧客很享受這次光臨，工作也變得更愉快。到目前為止，我認為我們已經很好地實現了這種平衡。我們會小心的。我們會非常小心，但我對這份工作感到很興奮。

That's all great color. And then my second and final question, if you talked about the digital investments this year and as we think about Perks, if we fast forward a year, so we're on the Q1 call in '26, what are we talking about from a perks standpoint as far as different capabilities, how much more enhanced personalization efforts are with the data and analytic capabilities that you're looking to build out? What's kind of the return in '26 from these investments in '25?

這些都是很棒的顏色。然後是我的第二個也是最後一個問題，如果您談到今年的數位投資，當我們考慮 Perks 時，如果我們快進一年，那麼我們在 26 年的第一季度電話會議上，從 perks 的角度來看，就不同的功能而言，我們談論的是什麼，您希望構建的數據和分析功能在多大程度上增強了個性化？25 年的這些投資在 26 年的報酬如何？

Yes. Thank you. I think most of it will be things we see, and we'll be talking to you about those things that we see. What we don't want to do is reengineer what the customer sees in their basic Perks loyalty program. And so the big move for us a year ago was very consumer-facing.

是的。謝謝。我認為其中大部分都是我們看到的東西，我們會和你們談論我們所看到的東西。我們不想做的是重新設計客戶在基本 Perks 忠誠度計畫中看到的內容。因此，我們一年前的重大舉措是面向消費者的。

Coins that you accumulate, you can redeem those coins for all the various items. You've asked us in the past about the patterns that we see for different types of customers redeeming for different items and so on. What we're talking about now with the investment in those consumer-facing digital platforms will unlock additional capabilities for the customer to use their familiar Perks program in ways that they can't yet do it today. They don't know that. We haven't exposed them to that.

您累積的硬幣可以用來兌換各種物品。您過去曾問過我們，不同類型的顧客兌換不同商品的模式等等。我們現在談論的對面向消費者的數位平台的投資將為客戶釋放額外的功能，使他們能夠以目前還無法做到的方式使用他們熟悉的 Perks 計劃。他們不知道這一點。我們還沒有讓他們接觸到這些。

But you will be -- I love your question, fast forward a year, what are you going to hear from us? We're going to talk to you about all the new ways that customers were able to access their Perks account and engage with it, use it, work with it, redeem for their coins in ways that bring in additional visits. See the underpinnings of this is that when someone converts coins to an item, a perk, that perk really often turns into a visit.

但是你會——我喜歡你的問題，快轉一年，你會從我們這裡聽到什麼？我們將與您討論客戶能夠存取其 Perks 帳戶並與其互動、使用它、使用它、兌換他們的硬幣的所有新方法，從而帶來更多訪問量。看看這個的基本原理，當有人將硬幣兌換成一件物品、一種額外津貼時，這種額外津貼實際上往往會變成一次訪問。

And that's our secret to unlocking that additional traffic with those Perks customers. The other thing is on the promotional level, there are things we can't do with the current foundation that we'd like to unlock with the future structure that we're building that allow us to be much more discrete with our promotional activity.

這就是我們透過 Perks 客戶獲取額外流量的秘訣。另一件事是在促銷層面，有些事情我們無法在當前基礎上完成，但我們希望透過我們正在建立的未來結構來實現，這將使我們在促銷活動中更加謹慎。

Other very large brands have already done this. But in our size and scale, I think we're going to be out on the front of this. Our ability to -- they call them -- they used to call them segmented groups or campaigns. I think the new language in the digital world is automated customer journeys because automation is making its way into here and things that we can more discretely talk to smaller groups of customers in a way that really resonates with them.

其他大型品牌已經這樣做了。但以我們的規模和範圍，我認為我們將在這方面處於領先地位。我們的能力——他們稱之為——他們過去稱之為細分群體或活動。我認為數位世界中的新語言是自動化的客戶旅程，因為自動化正在進入這個領域，我們可以更謹慎地與較小的客戶群體進行交談，以真正引起他們的共鳴。

And when you can do that well, you actually can do it more efficiently, meaning discount less to get more activity. And those are the types of areas of focus that these investments should be able to deliver for us down the road.

當你能做好這一點時，你實際上可以做得更有效率，這意味著更少的折扣就能獲得更多的活動。這些正是這些投資未來應該能為我們帶來的重點領域。

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 Mr. Bob Wright for closing remarks.

女士們、先生們，今天的問答環節已經結束。我想將電話轉回給鮑伯·賴特先生，請他作最後發言。

Thank you, operator, and thank you all for your questions and certainly your time this evening. As you hear from us, we're very enthused about our first quarter and very pleased with where we are in the year. And we thank you all for your engagement and your time. We look forward to talking to you again soon. Have a great night.

謝謝接線員，也謝謝大家的提問以及今晚抽出的時間。正如您所聽到的，我們對第一季的業績感到非常興奮，對今年的業績也非常滿意。我們感謝大家的參與和付出的時間。我們期待很快再次與您交談。祝你有個美好的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。