Dave & Buster's Entertainment, Inc. (PLAY) 2026 Q1 法說會逐字稿

Hello and welcome to the Dave and Buster's Entertainment Inc. first quarter 2026 earnings call. (Operator Instructions)

大家好，歡迎參加 Dave & Buster's Entertainment Inc. 2026 財年第一季財報電話會議。(接線員指示)

We will now turn the conference over to. Cory Hatton, VP of Entertainment, Finance, Investor Relations, and Treasurer. Please go ahead.

現在我們將把會議交給。娛樂、財務、投資人關係與財務主管副總裁 Cory Hatton。請開始。

Thank you, Operator, and welcome to everyone on the line. Joining me in the room on today's call are Tarun Lal, our Chief Executive Officer, and Darren Harper, our Chief Financial Officer. After our prepared remarks, we will be happy to answer any questions. This call is being recorded on behalf of Dave & Buster's Entertainment Inc. and is copyrighted.

謝謝您，接線員，也歡迎各位在線上與會。今天與我同在會議室參與電話會議的有我們的執行長 Tarun Lal，以及我們的財務長 Darren Harper。在我們的準備發言之後，我們很樂意回答任何問題。本通話代表 Dave & Buster's Entertainment Inc. 錄音並受版權保護。

Before we begin the discussion on our company's first quarter 2026 results, I'd like to call your attention to the fact that in our prepared remarks and responses to questions, certain items may be discussed which are not entirely based on historical fact. Any of these items should be considered forward-looking statements relating to future events within the meaning of the Private Securities Litigation Reform Act of 1995.

在開始討論本公司 2026 財年第一季業績之前，我想提醒各位注意：在我們的準備發言與對問題的回應中，可能會討論某些並非完全基於歷史事實的事項。任何此類事項均應被視為《1995 年私人證券訴訟改革法》所定義之、與未來事件相關的前瞻性陳述。

All such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Information on these risks and uncertainties have been published in our filings with the SEC, which are available on our website. In addition, our remarks today will include references to financial measures that are not defined under Generally Accepted Accounting Principles.

所有此類前瞻性陳述均受風險與不確定性影響，可能導致實際結果與預期不同。關於這些風險與不確定性的資訊已刊載於我們向 SEC 提交的文件中，並可於我們的網站取得。此外，我們今天的發言將包含對若干非依一般公認會計原則（GAAP）所定義之財務衡量指標的引用。

Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP measure contained in our earnings released this afternoon. And with that, let me turn the call over to our CEO, Tarun.

投資人應查閱我們今天下午發布的財報新聞稿中所載，這些非 GAAP 指標與可比 GAAP 指標之調節表。接下來，我把電話交給我們的執行長 Tarun。

Thank you, Corey. Good evening, everyone. I first want to speak directly to our Q1 results, came in below both our own expectations and the expectations we set with you last quarter. We started the quarter well in February. The spring break calendar shift between March and April played out largely as expected.

謝謝你，Corey。各位晚安。我想先直接談談我們第一季的結果，表現低於我們自身的預期，也低於我們在上季與各位所設定的預期。我們在 2 月份開局良好。3 月與 4 月之間春假行事曆的移動，整體上大致如預期發展。

But the macro backdrop, elevated gas prices, geopolitical uncertainty, and a meaningful softness in consumer sentiment, They all were a real headwind in April. That said, we are not here to make excuses. We have a resilient business model and expect to be able to navigate these obstacles. Our same-store sales growth declined 5.4% in the first quarter of fiscal 2026. We found that our dollar-per-day messaging did not resonate as strongly as we hoped, And since then, we have pivoted to more compelling promotions, which are resonating with customers.

但總體環境、高企的汽油價格、地緣政治不確定性，以及消費者信心明顯轉弱，這些都在 4 月形成了實質逆風。話雖如此，我們不是來找藉口的。我們擁有具韌性的商業模式，並預期能夠克服這些障礙。2026 財年第一季我們的同店銷售成長下滑 5.4%。我們發現「每天一美元」的訊息訴求未如我們所希望般引起共鳴，因此我們已轉向更具吸引力的促銷方案，而這些方案正獲得顧客的正面回應。

We've also made significant progress in establishing partnerships with IP providers and expect to have exciting entertainment announcements for you in the coming months. We are making significant progress but want to remind you that we are in the early innings and look forward to providing updates as soon as possible.

我們在與 IP 供應商建立合作夥伴關係方面也取得重大進展，並預期在未來幾個月為各位帶來令人振奮的娛樂相關公告。我們正取得顯著進展，但也想提醒各位，我們仍處於早期階段，並期待能在可行時盡快提供最新進度。

We've seen improvement quarter-to-date in the second quarter, despite unfavorable weather, with comps down approximately 4%. we remain confident in our ability to continue improving in the back half of the quarter we had a extremely excited about our summer offerings, including our new games rollout and the World Cup watch activation which kicked off last Thursday. After nearly a year fully immersed in this business, I remain extremely confident in our ability to dramatically improve operating results.

儘管天候不利，我們在第二季截至目前的表現已有改善，同店銷售約下滑 4%。我們仍對在本季後半段持續改善的能力充滿信心。我們對夏季產品組合感到非常興奮，包括新遊戲上線，以及上週四啟動的世界盃觀賽活動。在幾乎一整年全心投入這項業務之後，我依然對我們大幅改善營運成果的能力極具信心。

Over the past several years, we have drifted from the core elements that historically drove our success. investment in games, F&B, marketing, and operational excellence. We are systematically restoring each of these pillars now. We've also significantly strengthened our leadership team. In just the last month, we've we've added top caliber executives.

過去幾年，我們逐漸偏離了歷史上驅動成功的核心要素：對遊戲、餐飲（F&B）、行銷與營運卓越的投資。我們現在正有系統地逐一重建這些支柱。我們也大幅強化了領導團隊。就在過去一個月，我們新增了頂尖等級的高階主管。

A chief marketing officer in Jeremy Tucker who joins us from AutoNation, Planet Fitness, Walt Disney, and Spin Master. A chief technology and digital officer in Kevin Fish, who joins us from Wingstop. and a chief legal officer in Rachel Morgan, who joins us from Nextar. We're equally focused on field operations and culture because we know exceptional execution and guest experience drive traffic and sales. With that in mind, I'm delighted to share that we'll be announcing a new COO by next week.

行銷長由 Jeremy Tucker 擔任，他加入前曾任職於 AutoNation、Planet Fitness、Walt Disney 與 Spin Master。科技與數位長由 Kevin Fish 擔任，他加入前任職於 Wingstop；法務長由 Rachel Morgan 擔任，她加入前任職於 Nextar。我們同樣聚焦於門店營運與企業文化，因為我們知道卓越的執行與賓客體驗能帶動來客數與銷售。基於此，我很高興分享：我們將在下週前宣布一位新的營運長（COO）。

Now, we have the right strategy, the right team, and the right business model to create meaningful value for our guests and our shareholders. Our priorities this year remain clear. Turn same-store sales sustainably positive and generate meaningful free cash flow. This management team is highly confident we will generate positive compatible store sales growth in the remainder of the year, driving revenue and adjusted EBITDA growth and more than $100 million in free cash flow for the full year. Let me now provide an update on each pillar of our back to basics strategy.

現在，我們擁有正確的策略、正確的團隊，以及正確的商業模式，能為賓客與股東創造有意義的價值。我們今年的優先事項依然清晰。讓同店銷售以可持續的方式轉為正成長，並產生可觀的自由現金流。管理團隊高度有信心在今年剩餘期間實現同店銷售的正成長，帶動營收與調整後 EBITDA 成長，並在全年創造超過 1 億美元的自由現金流。接下來我將就「回歸基本功」策略的各項支柱提供最新進度。

First, on marketing, we are rebuilding our strategy around discipline, a simplified promotional calendar, data-driven media mix modeling, and an optimized balance between TV and digital. Getting the right message to the right audience at the right time is one of our biggest opportunities to improve traffic, sales and EBITDA. Our priority is rebuilding brand consideration through culturally relevant promotions and attractively priced offerings. We are still in the early innings of our marketing optimization. We've conducted a number of tests in the first quarter which have shown success and which we expect to roll out nationally this year.

首先，在行銷方面，我們正以紀律為核心重建策略，包括簡化的促銷行事曆、以數據驅動的媒體組合模型，以及在電視與數位之間的最佳化配置平衡。在正確的時間把正確的訊息傳遞給正確的受眾，是我們改善來客數、銷售與 EBITDA 的最大機會之一。我們的優先事項是透過具文化相關性的促銷與具吸引力的定價方案，重建品牌考慮度。我們仍處於行銷最佳化的早期階段。我們在第一季進行了多項測試並顯示成效，預期今年將在全國推廣。

On the flip side, we also tested a number of items such as our dollar per day messaging and certain changes to our media spend, mix, and target audience that had less success but have provided us with valuable lessons and learnings for the future. On the earned media side, we've seen a lot of success with bold activations that generate meaningful earned media and put us into cultural conversations.

另一方面，我們也測試了若干項目，例如「每天一美元」的訊息訴求，以及對媒體投放金額、組合與目標受眾的某些調整，成效較不理想，但為未來提供了寶貴的經驗與學習。在贏得媒體（earned media）方面，我們透過大膽的活動取得了很大成功，這些活動帶來可觀的贏得媒體曝光，並讓我們進入文化話題的討論。

For example, in May we announced that we did place tickets to the World Cup finals inside our human crane and the response has been extraordinary. These shareable moments drive organic awareness. Beyond that, we are activating our loyalty program to drive personalized messaging and increase visit frequency.

例如，在 5 月我們宣布，確實把世界盃決賽門票放進我們的人體夾娃娃機裡，而市場反應非常熱烈。這些可分享的時刻能帶動自然擴散的知名度。除此之外，我們也正在啟動會員忠誠計畫，以推動個人化訊息並提高到店頻率。

building a scalable special events engine that turn events into cultural moments and convert event guests into repeat walk-in visitors. Overall, we are very excited about the evolution of our marketing leadership and look forward to continued progress with Jeremy now at the helm as CMO.

打造一個可擴展的特別活動引擎，把活動轉化為文化時刻，並將活動來賓轉化為重複到訪的散客。整體而言，我們對行銷領導團隊的演進感到非常振奮，也期待在 Jeremy 擔任行銷長（CMO）領軍下持續取得進展。

Second, our food and beverage business that has seen an early win from our back to basics strategy. comparable food and beverage sales grew approximately 5% in Q1, driven by our return to the historically proven menu last October and by our strong eat and play combo execution. Before these changes, the share of gaming guests who also bought food had declined significantly as our menu drifted We've reversed that trend decisively in 2025, which has continued in 2026.

第二，餐飲（F&B）業務已在我們的「回歸基本功」策略中看到早期成果。第一季可比餐飲銷售約成長 5%，主要受惠於我們在去年 10 月回歸歷史上已驗證的菜單，以及我們強而有力的「吃喝加玩樂」組合方案執行。在這些改變之前，隨著菜單逐漸偏離方向，同時購買餐點的遊戲顧客占比曾大幅下滑。我們在 2025 年果斷扭轉了這一趨勢，並在 2026 年持續延續。

Our ongoing success in food and beverage has resulted in nine straight months of positive F&B same-store sales. We have additionally exciting LTOs launching in the coming months, which we expect to be highly accretive. Main event rolled out a new menu last month and we continue to test food-focused promotions which have shown signs of success and we expect to drive continued growth in the back half of the year. 3. Our Games Offering This management team strongly believes we need to reinvest in new games after a six-year pullback.

我們在餐飲（F&B）方面的持續成功，帶動同店餐飲銷售連續九個月維持正成長。此外，未來幾個月還將推出令人振奮的限時供應（LTO）新品，我們預期將對業績帶來高度增益。Main Event 上個月推出了新菜單，我們也持續測試以餐飲為核心的促銷活動，已顯現成功跡象，並預期將推動下半年持續成長。3.我們的遊戲產品組合：本管理團隊堅信，在經歷六年的縮減後，我們需要重新投資於新遊戲。

New, relevant games and attractions are essential to driving both new and repeat visitation and same-store sales growth. Just a few weeks ago, we rolled out 10 new games, the most since 2017. coupled with initial game investments in 2025 this reverses a prolonged period of under investment and we expect to roll out at least five additional new games in the balance of 2026.

推出新的、具相關性的遊戲與吸引人的設施，對於帶動新客與回訪、以及同店銷售成長至關重要。就在幾週前，我們一次推出了 10 款新遊戲，為 2017 年以來最多；再加上 2025 年的初期遊戲投資，這扭轉了長期投資不足的狀況，我們預期在 2026 年剩餘期間至少再推出 5 款新遊戲。

This is a direct response to an abundance of customer feedback, citing a lack of newness on our traditional game floors, and we have moved with significant urgency to address it. We also know from our inaugural State of Fund report that nearly half of the Americans say their lives lack funds, and more than half would prioritize funds if affordable options existed.

這是對大量顧客回饋的直接回應；顧客指出我們傳統遊戲區缺乏新鮮感，而我們已以高度緊迫感採取行動加以改善。我們也從首份《State of Fund》報告得知，近一半的美國人表示他們的生活缺少「樂趣」（fun），且超過一半的人若有負擔得起的選項，會優先把「樂趣」放在首位。

Our strategy is simple. Give people exciting, affordable reasons to reconnect in the real world. The new lineup spans high energy competition, immersive gameplay, and hands-on skill challenges. Highlights include Hot Wheels, Ultimate Speedway, Icy Slush Rush, John Wick Continental Pursuit, Odin's Hammer and perfect pump, plus of course, a Mandalorian and Grogu and Stranger Things IP alongside guest tested original concepts. Many of these games are already pacing amongst the top revenue generators in the first weeks, which is validation of our continued midway investment.

我們的策略很簡單。給人們令人興奮、負擔得起的理由，回到現實世界重新連結。全新陣容涵蓋高能量競賽、沉浸式玩法，以及動手技能挑戰。亮點包括 Hot Wheels、Ultimate Speedway、Icy Slush Rush、John Wick Continental Pursuit、Odin's Hammer 與 Perfect Pump；當然還有《曼達洛人》與 Grogu、《怪奇物語》等 IP，並搭配經由來賓測試的原創概念。其中許多遊戲在推出最初幾週就已躋身最高營收貢獻者之列，驗證了我們持續投資中場遊戲區（midway）的策略。

And this is only phase one. We have a lot more in the pipeline, including several exciting IP partnerships that I look forward to sharing soon. We're equally excited about leveraging our watch offering on massive 40-foot screens and 30-plus TV per location to drive visitation during the World Cup this summer. The World Cup, which kicked off on June 11, is a major catalyst for our business. We have launched a full 360 degree activation, two new soccer inspired arcade games, world soccer and kick and win, plus exclusive tournament themed food and drinks, including sliders inspired by the host countries.

而這只是第一階段。我們還有更多項目在規劃中，包括數個令人期待的 IP 合作夥伴關係，我很快就會分享。我們也同樣期待運用每店巨型 40 呎螢幕與 30 台以上電視的觀賽配置，在今年夏天世界盃期間帶動來客數。世界盃於 6 月 11 日開踢，是推動我們業務的重要催化劑。我們已啟動完整的 360 度行銷活動，推出兩款全新足球主題街機遊戲 World Soccer 與 Kick and Win，並提供獨家賽事主題餐飲，包括以主辦國為靈感的迷你漢堡（sliders）。

And as I mentioned, we put tickets to major world cup matches inside our human crate including USA Group Stages game and all the way through the finals. We've also launched our Hattrick Watch Experience, a ticketed watch party for kickoff and championship matches with all-you-can-eat wings and fries and unlimited gameplay all day, starting at just $24.99. has attracted significant crowds for the opening games, cheering on the Mexico 2-0 victory.

如我所提到的，我們把世界盃重要賽事門票放進我們的「人類箱」（human crate）活動中，包括美國隊小組賽，以及一路到決賽。我們也推出 Hattrick Watch Experience（帽子戲法觀賽體驗），針對開幕賽與冠軍賽提供售票觀賽派對，包含無限量雞翅與薯條、以及全天不限次遊玩，票價最低只要 24.99 美元；開幕賽已吸引大量人潮，為墨西哥 2 比 0 的勝利歡呼。

This builds on the playbook we deployed during the Super Bowl and creates a repeatable high engagement format for many. major watch occasions that we will continue to enhance and make more pragmatic Combined with our summer season spas, the World Cup activation positions us to capture significant incremental traffic during an already strong summer season.

這延續了我們在超級盃期間採用的作戰手冊，並打造出可複製的高互動模式，適用於許多重要觀賽時刻；我們也將持續優化並使其更具可操作性。結合我們的夏季旺季推廣（spas），世界盃活動使我們有望在原本就強勁的夏季旺季中，額外捕捉可觀的增量客流。

This revitalized product offering represents a meaningful step forward in quality, variety, and cultural relevance. We're combining world-class IP with innovative original concepts in a way that drives per capita spend and repeat visitation. For full year 26, our ambition is to continue evolving our play experience and position Dave & Buster's as the fun capital of America. Fourth, operations. We are investing in and energizing the field through training that empowers teams to deliver exceptional guest experiences.

這套重新振興的產品組合，在品質、多樣性與文化相關性方面，代表著重要的向前一步。我們以結合世界級 IP 與創新原創概念的方式，帶動人均消費並提升回訪率。在 26 財年全年，我們的企圖心是持續進化遊玩體驗，並將 Dave & Buster's 定位為美國的娛樂之都。第四，營運。我們正透過訓練投資並激勵第一線團隊，賦能團隊提供卓越的賓客體驗。

A collaborative culture supported by our shared service center is reducing turnover and creating an environment where our people and brand can thrive. As we discussed at the start of the year, our full year 26 obsession metric is speed of service, a one minute greet and four minutes drinks, backed by coaching and performance management. We are sending a clear signal. Our success is tied directly to execution and to the game. guest experience.

在共享服務中心的支持下，協作文化正在降低離職率，並打造一個讓我們的人才與品牌都能茁壯的環境。如同我們在年初所討論的，26 財年全年的核心指標（obsession metric）是服務速度：1 分鐘內問候、4 分鐘內上飲料，並以教練式輔導與績效管理作為後盾。我們正在傳遞明確訊號。我們的成功與執行力，以及賓客體驗，直接相關。

Finally, our revamped remodel program continues to progress. We are confident we have identified the right layout to drive traffic, improve productivity, and deliver strong ROIs at a reasonable cost. We recently opened six remodels and plan to open two more over the next few months. Fully results from this new remodel prototype have been very encouraging, driving a strong 7% comp uplift consistent with the far more expensive remodels of Fully 24 and 25. As a reminder, the new cohort of remodels cost approximately half of what the legacy remodels cost, while still contributing a similar sales lift.

最後，我們更新後的改裝計畫持續推進。我們有信心已找出能帶動客流、提升生產力，並以合理成本創造強勁投資報酬率（ROI）的正確店型配置。我們近期已開出 6 家改裝店，並計畫在未來幾個月再開出 2 家。這個新改裝原型的完整成果非常令人鼓舞，同店銷售帶來強勁的 7% 同店增幅（comp uplift），與 24 與 25 財年成本高得多的改裝案一致。提醒一下，新一批改裝的成本約為舊版改裝的一半，但仍能帶來相近的銷售提升。

In fact, these remodels were positive in same-store sales in the first quarter and year-to-date, providing us further confidence that we are executing on the optimal prototype. This renewed remodel strategy highlights the power and importance of continuing to invest in our core business at the key traffic and comp driver for our brands. Taking a step back, after COVID, this company moved away from the core and often simple elements that made it successful.

事實上，這些改裝店在第一季與年初至今的同店銷售皆為正成長，進一步強化我們對於正在執行最佳原型的信心。這項重新啟動的改裝策略，凸顯持續投資核心業務的力量與重要性，因為這些正是我們品牌的關鍵客流與同店成長驅動因素。退一步看，COVID 之後，公司逐漸偏離了讓其成功的核心、且往往是簡單的要素。

Marketing and promotions, the F&B offerings, the annual investment in games and entertainment, operational excellence, and store refreshes that preserved what customers love about D&B, all changed significantly. We are now actively going back to basics, restoring those elements piece by piece, and it is working.

行銷與促銷、餐飲（F&B）產品、每年的遊戲與娛樂投資、營運卓越，以及能保留顧客喜愛 D&B 之處的門店翻新，這些都出現了顯著變化。我們現在正積極回歸基本功，逐項恢復這些要素，而且確實奏效。

Armed with direct and candid feedback from the guest, we know that games, innovation and value are of utmost importance and we are urgently addressing these issues. We know Q1 was disappointing. What I hope you take from tonight is that we understand why and that we are taking the right actions and that the underlying business is already responding.

憑藉來自賓客直接且坦率的回饋，我們知道遊戲、創新與價值是最重要的，我們正以緊迫感處理這些問題。我們知道第一季令人失望。我希望各位今晚能帶走的重點是：我們理解原因、正在採取正確行動，而且基礎業務已經開始回應。

We have made meaningful progress over the past years and expect that progress to convert into financial results more quickly from here. Before I pass the call over to Darren, I want to be clear that we are highly focused on strict capital expenditure discipline.

過去幾年我們已取得實質進展，並預期從現在起，這些進展將更快轉化為財務成果。在我把電話交給 Darren 之前，我想明確表示：我們高度聚焦於嚴格的資本支出紀律。

minimum ROI thresholds, and generating significant free cash flow. Net capex for full year 26 remains targeted at no more than $200 million, down from approximately $270 million in full year 25. And we are committed to very strict ROI thresholds and eliminating inefficient use of capital. We dynamically evaluate our capital investments plans, including our new store plans, and will make adjustments as we weigh the best returns for each dollar of capital. We continue to plan to open 11 total new stores in full year 26.

最低 ROI 門檻，以及創造可觀的自由現金流。26 財年全年淨資本支出（net capex）目標仍不超過 2 億美元，低於 25 財年約 2.7 億美元。我們也承諾採取非常嚴格的 ROI 門檻，並消除低效率的資本使用。我們會動態評估資本投資計畫（包括新店計畫），並在衡量每一美元資本的最佳報酬時做出調整。我們仍計畫在 26 財年全年合計開出 11 家新店。

If and as we make material adjustments to the same, we will communicate them to you. Very importantly, we continue to expect to deliver over $100 million in free cash flow this year. To talk about this more and review our financial results for the quarter, let me hand the call over to Darren Harper.

若且當我們對其進行重大調整時，我們將與您溝通。更重要的是，我們仍預期今年可交付超過1億美元的自由現金流。為了進一步說明並回顧本季財務結果，接下來我把電話交給Darren Harper。

Thank you, Tarun, and good afternoon, everyone. As Tarun touched on in his comments, there are several areas where we have made solid progress over the past several months that I'll provide highlights on here shortly. Before that, as a reminder, on a weather-adjusted basis, Q4 FY25 comparable store sales were down 1.5% with sequential improvements throughout the quarter. In February, our first period of Q1 FY26 continued this improvement in trend. However, given broader macroeconomic challenges that intensified in March and April during our highest seasonal time of the year due to spring breaks, our Q1 FY26 comparable store sales decreased 5.4%.

謝謝你，Tarun，各位下午好。如Tarun在評論中提到的，過去幾個月我們在數個領域取得了扎實進展，我稍後會在此提供重點摘要。在此之前提醒一下，以天候調整後口徑計，FY25第四季同店銷售年減1.5%，且整個季度呈現逐期改善。2月，也就是FY26第一季的第一個期間，這一趨勢改善仍在延續。然而，鑑於更廣泛的總體經濟挑戰在3月與4月（因春假而為一年中季節性最旺的時段）加劇，我們FY26第一季同店銷售下滑5.4%。

versus the prior year. As Tarun mentioned, despite some unfavorable weather, our comps quarter to date in Q2 have improved to down approximately 4%. Despite this consumer headwind, there are several areas of the business we have seen improvements, which coupled with our strong unit economics and cash flow generation, led to an overall $84 million improvement in free cash flow in Q1 FY26 as compared to Q1 FY30. This in turn allowed us to reduce our outstanding debt all in the short term. all while still continuing to invest in new stores, remodels, and a fresh set of high-quality games.

相較於前一年。如Tarun所提到，儘管天候有些不利，我們FY26第二季迄今的同店表現已改善至約下滑4%。儘管面臨此一消費端逆風，我們在業務的多個面向仍看到改善；再加上我們強勁的單店經濟模型與現金流創造能力，使FY26第一季自由現金流較FY30第一季整體改善了8,400萬美元。這也讓我們得以在短期內降低未償債務，同時仍持續投資新店、改裝，以及一批全新高品質遊戲。

During the quarter, we've continued our trend of F&B same-store sales growth with an increase of over 5%, special events grew approximately 3%, and our remodeled locations continue to outperform the balance of the system. 700 basis points led by our most recent and significantly more cost-effective remodel prototype. During the first quarter, we generated total revenue of $559 million. net income of $6 million or $0.16 per diluted share, adjusted net income of $8 million or $0.22 per diluted share, and adjusted EBITDA of $123 million, resulting in an adjusted EBITDA margin of 22%. As Tarun mentioned, we expect to generate positive comp sales in the remainder of FY26, leading to EBITDA growth and a steady improvement of our margin profile.

本季我們延續餐飲（F&B）同店銷售成長趨勢，增幅超過5%；特別活動約成長3%；而改裝門店持續優於系統內其他門店，領先約700個基點，主要由我們最新且成本效益顯著更高的改裝原型所帶動。第一季我們創造總營收5.59億美元；淨利600萬美元（每股稀釋盈餘0.16美元）；調整後淨利800萬美元（每股稀釋調整後盈餘0.22美元）；調整後EBITDA為1.23億美元，對應調整後EBITDA利潤率22%。如Tarun所提到，我們預期FY26剩餘期間同店銷售將轉為正成長，帶動EBITDA成長並使利潤率結構穩步改善。

As a reminder, reconciliations of all non-GAAP financial measures can be found in today's press release. We believe we can meaningfully improve our margins over time by continuing improvements in our cost management. We have put significant additional effort into further improving our internal processes and controls around costs, and remain steadfast in identifying material cost savings across all aspects of the business.

提醒一下，所有非GAAP財務衡量指標的調節表可見於今日新聞稿。我們相信，透過持續改善成本管理，我們可在時間推移中顯著提升利潤率。我們已投入大量額外努力，進一步強化成本相關的內部流程與控制，並持續堅定地在業務各層面辨識具實質性的成本節省機會。

As you know, we have reworked our D&B store remodel strategy to bring down costs by half versus the store remodels of FY24 and FY25. And I'm pleased to report that we have recently completed six of these new remodel prototypes with an additional two scheduled to open in the coming months.

如各位所知，我們已重新調整D&B門店改裝策略，使成本相較FY24與FY25的門店改裝降低一半。我也很高興報告，我們近期已完成6家採用此新改裝原型的門店，另有2家預計在未來數月開幕。

As a reminder, despite costing half of our prior remodels, our new cohort generates the same nearly 700 basis points of outperformance versus the rest of the system. As Taryn mentioned, we're positive in both the first quarter and year to date in this new cohort. We are very encouraged by their initial performance and particularly robust return profile due to the efficiencies we have found on our costs. We believe this new prototype will maximize the impactful elements of our successful story models. while eliminating previously ineffective spend.

提醒一下，儘管成本僅為先前改裝的一半，我們這批新門店相較系統內其他門店仍帶來同樣接近700個基點的超額表現。如Taryn所提到，這批新門店在第一季及年初至今的表現皆為正成長。我們對其初期表現深受鼓舞，尤其是因我們在成本端找到的效率而帶來特別強勁的報酬結構。我們相信，這個新原型將在去除過往無效支出的同時，最大化我們成功門店模型中最具影響力的要素。

We expect to remodel another 10 to 20 locations in FY27. Our new store development continues to deliver strong returns, and we have a solid pipeline of upcoming store openings. In the first quarter, we opened one new domestic store, and already in the second quarter, we have opened three additional domestic stores. We continue to anticipate opening 11 new stores in FY26. Looking beyond FY26, we continue to identify optimal sites, but will remain extremely judicious in maximizing return on every dollar of capital spending.

我們預期在FY27再改裝10到20個據點。我們的新店開發持續帶來強勁回報，且未來開店有穩健的儲備管線。第一季我們在國內開出1家新店，而在第二季我們已再開出3家國內新店。我們仍預期FY26將開出11家新店。展望FY26之後，我們持續辨識最佳店址，但在最大化每一美元資本支出的回報方面，將保持極度審慎。

We see merit in potentially redirecting new store capital to further invest in our core through remodels, deleveraging, and and others. And as Tarun mentioned, we will communicate material adjustments to our capital strategy to you. you. On the international front, we opened our fifth international franchise location during Q1, which is in Australia, and our sixth international franchise location opened in Q2, which is in Delhi, India. We expect at least one more international opening in the balance of the year in Mexico City, Mexico.

我們認為，可能將新店資本支出重新導向，用於透過改裝、去槓桿化及其他方式進一步投資核心業務，是有其價值的。如Tarun所提到，我們會就資本策略的重大調整與您溝通。您。在國際方面，我們於第一季在澳洲開出第5家國際加盟店，並於第二季在印度德里開出第6家國際加盟店。我們預期今年剩餘期間至少還會在墨西哥墨西哥城再開出1家國際據點。

As a reminder, we have secured agreements for over 30 additional international franchise stores in the coming years, and we see international franchising as a driver of highly efficient growth, increasing our customer base around the world with minimal investment and risk. a sizable opportunity internationally and see strong upside from this asset light growth model We generated 25 million in free cash flow during the first quarter, which as previously noted is an $84 million improvement to the negative free cash flow in Q1 FY25 of 59 million.

提醒一下，我們已取得協議，未來幾年將新增超過30家國際加盟店；我們視國際加盟為高效率成長的驅動力，以最小投資與風險在全球擴大客群。國際市場具相當可觀的機會，我們也看好此輕資產成長模式帶來的強勁上行空間。我們在第一季產生2,500萬美元自由現金流，如先前所述，較FY25第一季為負的自由現金流5,900萬美元改善了8,400萬美元。

As a result of this free cash flow generation, we ended the quarter with 20 million in cash and 499 million in total liquidity, combined with the availability under our $650 million revolving credit facility. net of $20 million in outstanding letters of credit. We remain committed to generating meaningful free cash flow while continuing to invest in new store growth, new games, and our revamped remodel program.

受惠於自由現金流的產生，我們在季末持有2,000萬美元現金，總流動性為4.99億美元，並包含我們6.5億美元循環信用額度項下的可用額度，扣除2,000萬美元未償信用狀。我們仍致力於產生具意義的自由現金流，同時持續投資新店成長、新遊戲，以及我們重新打造的改裝計畫。

In the first quarter, we invested approximately 71 million in capex on a net basis when factoring in payments from landlords. We continue to make progress converting our strong operating cash flow to free cash flow through more strict management on capital spending by eliminating inefficient capital spend.

第一季在將房東付款納入考量後，我們以淨額口徑計的資本支出（capex）投資約7,100萬美元。我們透過更嚴格的資本支出管理、剔除低效率的資本支出，持續推進將強勁的營運現金流轉化為自由現金流。

As Steren mentioned, this year we continue to expect this net CapEx figure to be no greater than $200 million. For FY26, our entire team is squarely focused on driving savings to expand EBITDA margins while tightly managing capital spending to generate significant free cash flow. Given our plans, management is highly confident in its ability to generate comp store sales growth for the balance of the year.

如Steren所提到，今年我們仍預期此淨資本支出數字不會高於2億美元。在FY26，我們整個團隊專注於推動節省以擴大EBITDA利潤率，同時嚴格管理資本支出以產生可觀的自由現金流。基於我們的計畫，管理層對於在今年剩餘期間實現同店銷售成長的能力高度有信心。

Coupled with our capital expenditure discipline, we continue to expect to generate more than $100 million in free cash flow during FY26, we believe position us well to continue investing in the business. Our financial foundation is strong, underpinned by high returns, strong unit economics, disciplined cost management, and clear potential to generate meaningful cash flow. This was demonstrated by our generation of 25 million in free cash flow. In Q1, despite over $70 million in net capex investments. and a 5.4% comparable store sales decline.

配合我們在資本支出上的紀律，我們仍預期FY26將產生超過1億美元的自由現金流，我們相信這使我們具備良好條件持續投資於業務。我們的財務基礎穩健，建立在高回報、強勁的單店經濟模型、嚴謹的成本管理，以及產生具意義現金流的明確潛力之上。這已由我們產生2,500萬美元自由現金流所證明。在第一季，儘管淨資本支出投資超過7,000萬美元，且同店銷售下滑5.4%。

Leadership in the board remained focused on driving same-store sales growth and significant cash flow generation. And with that, Operator, please open the line for questions. Thank you.

董事會的領導層仍專注於推動同店銷售成長以及顯著的現金流創造。接下來，接線員，請開放提問。謝謝。

(Operator Instructions)

(接線員指示)

Andy Barish, Jefferies.

Andy Barish，Jefferies。

Hey, guys. Good afternoon. Just wondering on the second half sort of inflection on same-store sales, I mean, are you assuming anything changes sort of in the external environment? You know, just given that that's been a challenge you noted, you know, today on the call?.

嗨，各位。下午好。我想問一下關於下半年同店銷售的轉折點，你們是否假設外部環境會有任何變化？畢竟你們今天在電話會議上也提到，這一直是個挑戰。

I think that we have more confidence in our internal strategy and execution than be really dependent on the external environment. And we can't say anything about the external environment. Of course, we are highly optimistic that things will improve. in terms of consumer sentiments.

我認為，相較於高度依賴外部環境，我們對自身內部策略與執行更有信心。而且我們也無法對外部環境做任何評論。當然，我們非常樂觀地認為，消費者情緒方面會有所改善。

But I think what really gives us a sense of confidence is the fact that a lot of things that we have put into motion are now becoming reality from a guest perspective, from new games to new watch experiences to new IP partnerships.

但我認為真正讓我們有信心的是，許多我們已經推動的事情，現在正從賓客角度逐步成為現實——從新遊戲到新的觀賽體驗，再到新的IP合作夥伴關係。

So I think that's what is giving us confidence as we get into the second half of the year.

所以我認為，這就是我們進入下半年時信心的來源。

year. Got you. And then just to follow up, are we... I guess seeing sort of incremental investment in labor and the value initiatives that's kind of weighing on margins or is that starting to be lapped from the year now that you've been there, Tarun? Yes.

下半年。了解。那再追問一下，我們是否……我想是看到在人力與價值方案上的額外投資正在壓縮利潤率，還是說現在你上任一年後，Tarun，這些影響開始被去年同期所抵消？是的。

Yes, Andy, I'll take this. Yes, overall, we feel like we've managed our margins well in terms of the key elements that are impacting the value equation with cost of sales and labor. from what we've been able to do from a cost improvement standpoint. on cost of sales, as well as what we've seen from from margin improvements on our new menu enhancements, as well as driving more attached. we've really been able to elevate that offering and manage our margins well.

是的，Andy，我來回答。是的，整體而言，我們覺得在影響價值方程式的關鍵要素上——銷售成本與人力——我們的利潤率管理得不錯。就銷售成本而言，透過成本改善所做的努力，以及我們在新菜單升級帶來的毛利改善、並推動更多加購（attach），我們確實提升了產品組合並良好地管理了利潤率。

Again, on the labor side, we continue to be as effective as we can with our scheduling at key peak times, where we're really delivering on that guest experience, particularly coupled with our F&B offering. Yes, look, We don't anticipate any material changes to those items as we go out through the balance of the year. and believe we've got the structure in place to deliver on the growth that we need.

另外在人力方面，我們持續在關鍵尖峰時段盡可能有效地排班，以真正交付賓客體驗，尤其是結合我們的餐飲（F&B）供應。是的，你看，我們不預期在今年剩餘期間這些項目會有任何重大變化，並且相信我們已具備所需的架構來實現我們需要的成長。

Sharon Zakfia, William Blair

Sharon Zakfia，William Blair

Hi, thanks for taking the question. I guess first on World Cup, So I wanted to ask if you're doing anything there with special events as well and kind of what your insight is on to what that demand generation could be.

嗨，謝謝讓我提問。我想先問世界盃，你們是否也會做一些特別活動？以及你們對這可能帶來的需求創造有什麼觀察？

And then as you think about that guest that might be coming in that could be lapsed or even new to Dave and Buster's, what is the plan that you have to kind of create more durability?. with that revenue stream following the World Cup?

另外，當你們思考可能會進店的賓客——可能是流失回來的，或甚至是Dave & Buster's的新客——你們有什麼計畫，能在世界盃之後讓這條營收來源更具持續性？

That's a great question. And that's exactly our objective, that once you get this special events guest in, how do you build a durable business by getting them back again and again? So first of all, it's a big part of our business. It's growing and of course, even such as World Cup does kind of help promote that part of the business even more.

這是個很好的問題。而這正是我們的目標：一旦把這些特別活動的賓客帶進來，如何透過讓他們一次又一次回訪，建立可持續的業務。首先，這是我們業務中很重要的一部分。它正在成長，當然，像世界盃這樣的活動也確實有助於進一步推廣這塊業務。

With regards to what's really driven this is that we have invested in an incredible organization. We've got an outstanding leader who leads our special events business. as we call him, RJ Robert Jenkins. He's got a team of people in the field who are speaking to corporates and different institutions at all times, they're leveraging a massive database that we have in making calls. This is the kind of business that requires massive amount of getting into details, a lot of hard work, making a lot of cold calls.

至於真正驅動這一切的原因，是我們投資打造了一個非常出色的組織。我們有一位傑出的領導者帶領特別活動業務，我們稱他為RJ Robert Jenkins。他在各地有一支團隊，隨時與企業與不同機構溝通；他們也在運用我們龐大的資料庫進行外呼。這類業務需要大量深入細節的工作、非常辛苦的努力，以及大量的陌生開發電話。

I think in terms of the durability of the business, that's where I believe, and I strongly believe, that the investments we are making into new games and the investments we are making into food and beverage and experiences matters so much because when these guests come in and they see the difference as far as the arcade area is concerned, They see how exciting the new menu is. They see the value promotions we have. That brings them back.

我認為就業務的持續性而言，我相信——而且我非常相信——我們在新遊戲上的投資，以及我們在餐飲與體驗上的投資，之所以如此重要，是因為當這些賓客進來後，他們會看到遊戲機台區域的差異；他們會看到新菜單有多令人興奮。他們會看到我們的價值促銷。這會讓他們再回來。

And Sharon, I would add with regard to the World Cup, we did launch a full 360. Activation, we have a couple new soccer-inspired games. Tournament themed food and drinks. We had a ticketed event on Thursday, some human crane. We're really leveraging human crane to offer some free tickets.

Sharon，另外補充一下關於世界盃，我們確實推出了完整的360度行銷啟動（Activation），我們有幾款新的足球主題遊戲。也有以賽事為主題的餐點與飲品。我們在週四辦了一場售票活動，還有真人吊臂機（human crane）。我們也大量運用真人吊臂機來提供一些免費門票。

to the World Cup, some influencer driven watch content. So yes, so I think we're pleased with how we've executed that and to your point and leveraging what Torin said, once we get those people in, They get to taste our food, get to experience our 40-foot wall. We really hope they now, it becomes part of the consideration set for them.

提供世界盃門票，並有一些由網紅帶動的觀賽內容。所以是的，我想我們對執行成果感到滿意；也如你所說、並延伸Torin的觀點，一旦把這些人帶進來，他們品嚐到我們的食物、體驗我們的40英尺大螢幕牆。我們真的希望，之後我們能成為他們考量名單的一部分。

That's helpful. And then in April, when you saw kind of a shift in the business, is there anything to call out in terms of trends by household income and anything that you've been able to come up with subsequently that might kind of attract that customer back?.

這很有幫助。另外，4月當你們看到業務出現某種轉變時，是否能就不同家庭收入層級的趨勢做些說明？以及你們後續是否想到什麼方式，可能把那類客群再吸引回來？

Consistent with what we have seen here recently, certainly that lower end consumer is where we've seen most of that pressure. the higher end middle consumer is consistently, you know, know trading but you know we're seeing more of that pressure um on on the low end and and that's um part of really what we've been trying to focus on with our value offers. how we have really focused on revamping our rate cards with our games, how we've offered half price games. what we've done with the eat and play combos, we're really trying to highlight that value component so that those lower end consumers can still have an occasion at the even busters. that is economical for them.

與我們最近看到的情況一致，確實壓力主要出現在較低端的消費者。較高端的中產消費者整體上仍然相對穩定，你知道的，雖然也在調整消費，但我們看到更多壓力是在低端；而這也正是我們一直試圖透過價值方案來聚焦的部分。我們如何著手重整遊戲的價目表（rate cards）、如何提供半價遊戲、以及我們在「吃喝加玩」（eat and play）組合上所做的事情——我們正努力凸顯價值元素，讓那些較低端的消費者仍能在Dave & Buster's有一個對他們而言更經濟的消費場合。

So we're very focused on that, but not trying to over-discount the business and cannibalize ourselves as well. So we're really pleased with what we've seen, particularly on the eat and play combo side. We're really starting to promote the ability to have an entree for 4.99. You come in, buy any denomination of power card and you can attach food and beverage to it. And so we're really starting to see some really nice attach that we've never seen before.

因此我們非常專注於此，但同時也不希望過度折扣而侵蝕自身業務。所以我們對目前看到的成果非常滿意，特別是在「吃喝加玩」組合方面。我們也開始主打只要4.99就能吃到一份主餐的方案：你進店購買任何面額的遊戲卡（power card），就可以加購餐飲。因此我們開始看到非常不錯的加購率（attach），這是我們以前從未見過的。

And so those are elements that we think could be really helpful in targeting this lower end consumer.

因此，這些都是我們認為在鎖定較低端消費者方面可能非常有幫助的要素。

Andrew Strelzyk, BMO

Andrew Strelzyk，BMO

Hey, thanks for taking the question. My first one, I was hoping maybe you could be a little bit more specific about what you're learning around the marketing messaging, the customer targeting, maybe why some of the stuff you tried recently didn't work, and how that's framing your approach going forward.

嗨，謝謝讓我提問。第一個問題，我希望你們能更具體一點，談談你們在行銷訊息、客群鎖定方面學到了什麼；也許也說明一下為什麼你們最近嘗試的一些做法沒有奏效，以及這如何形塑你們接下來的做法。

Yes, Andrew, that's a great question. You know, let me kind of first take a step back and share with you what our guests have been saying to us. I think, one, they're been saying that listen you've got to you know elevate your product and by that i mean that you need to elevate your your games you need to elevate your um your food and beverage um Now with both of them, we've responded by investing in a ton of games, but that's only happened in the last, I would say, 30 days. We've talked about food and beverage. That investment has gone really well.

是的，Andrew，這是個很好的問題。你知道，我先稍微退一步，跟你分享一下我們的顧客一直在對我們說什麼。我想第一點，他們一直在說：你們得提升產品；我的意思是，你需要提升你們的遊戲、提升你們的餐飲。在這兩方面，我們都做出了回應：在遊戲上我們投入了大量資金，但那大概是在過去30天內才發生的。至於餐飲方面，我們也談過；那項投資進展得非常好。

That happened in October of last year, and we have seen. a significant increase in our attach and growth in our in our fnb business I think that's kind of like the first thing that you know the guest told us. I think the second thing the guests have told us is that hey from a value perspective, consumers are craving for value today and they have been for some time. If you look at the comparative marketplaces, there's a lot of a lot of offerings around value. And so again, we have promoted our half of games.

那是在去年10月發生的，我們已經看到我們的連帶購買率（attach）顯著提升，以及餐飲（F&B）業務的成長。我想這大概是顧客告訴我們的第一件事。第二件事是，從價值角度來看，消費者今天非常渴望高性價比，而且這種情況已經持續一段時間了。如果你看同業市場，圍繞「價值」的產品/方案非常多。

It went off really well. We've talked about dollar day. Now that didn't really hit the bull's eye, but our new version of EPC has tested tremendous, tremendously well and we plan to launch that in the next 30 days. I think in terms of learning, as far as media is concerned, I think what we've learned is You can't swing in one direction. So what we did at some stage, we spent all the money on television.

效果非常好。我們也談過「一元日」（dollar day）。那個並沒有真正命中靶心，但我們新版的EPC測試表現非常、非常好，我們計畫在接下來30天內推出。至於學習、就媒體而言，我想我們學到的是：不能只往單一方向猛打。我們曾在某個階段把所有預算都花在電視上。

And then we swung the other way around and we invested all the money on digital. I think consumers, our consumers consume media in different ways. And therefore, we need to have a very data-based media planning and investment. And I think that's where we had gone wrong in the past. month of February or March, we have invested in an MMM, the media modeling.

然後又反向把所有預算都投到數位上。我認為消費者、我們的消費者以不同方式接觸媒體。因此，我們需要非常以數據為基礎的媒體規劃與投放。我想這就是我們過去做錯的地方。

And that's really now helping us learn faster. on what kind of target audience should you go after, what channels, you know, which, whether, you know, how much money should we invest in linear TV, how much money should we be investing in CTV, and so on and so forth. So based on that learning, we have now deployed our media a lot more effectively. um i think in in finally in terms of i think you know messaging um This is like we are now working in a very structured, disciplined approach of there being a primary message and then there being a secondary message. And so we invest a lot more money, of course, on the primary messaging.

這確實正在幫助我們更快學習：應該鎖定哪一類目標受眾、用哪些渠道；例如在線性電視（linear TV）應該投多少、在聯網電視（CTV）應該投多少，等等。基於這些學習，我們現在更有效地部署媒體。

So if you think about a current calendar construct. our primary messaging is 10 new games. So we want every guest in the US to know that there are 10 new games with exciting IP partnerships that are on Dave & Buster's Arcade. Our secondary messaging is that, hey, if you the World Cup soccer event is on and And if you want to watch it on massive screens and enjoy exceptional food and beverage and enjoy playing during breaks, come to Dave & Buster's. So that's our kind of secondary messages.

如果你看我們目前的檔期安排，我們的主訊息是「10款新遊戲」。我們希望美國的每一位顧客都知道，Dave & Buster's 的遊樂場（Arcade）有10款新遊戲，並且有令人興奮的IP合作夥伴。我們的次訊息是：嘿，如果世界杯足球賽正在進行，而你想在超大螢幕上觀看、享受出色的餐飲，並在中場休息時玩遊戲，那就來Dave & Buster's。這就是我們的次要訊息。

So we now are becoming more and more disciplined, one, in creating messages. messages based on what consumers are saying they want. And secondly, using real data to define what media channels to invest behind.

所以我們現在在兩方面越來越有紀律：第一，在建立訊息時，是基於消費者說他們想要什麼。第二，使用真實數據來界定應該投資哪些媒體渠道。

Got it. Okay. That's very helpful. And maybe my follow-up. I guess based on your comments about you seem maybe a little bit more open to potentially shifting dollars between the new store cap backs and the internal investments you had talked about, you know, taking a disciplined approach previously.

了解。好。這非常有幫助。那我追問一下。我想根據你剛才的評論，你們似乎更願意在新店資本支出（cap backs）與你們先前提到的內部投資之間調整資金配置；你們之前說過會採取有紀律的方法。

But maybe this sounded a little bit more like it's in the consideration set, even though no formal decisions been made. But so how are you evaluating that? decision at this point? Is it more about the site selection you're able to find or internal performance, something else? Just a little more color around that would be great.

但現在聽起來更像是已經納入考量範圍，雖然還沒有做出正式決定。那你們目前是如何評估這個決策的？此刻的決策依據是什麼？是更多取決於你們能找到的選址，還是內部營運表現，或其他因素？如果能多提供一些背景說明就太好了。

So fundamentally, at the highest level, you know, Andrew, our belief is that our number one priority is to drive same-store sales growth in our core stores. So our core business is definitely priority. And so if there's a requirement of CapEx, you know, as far as remodel is concerned, you know, that would be definitely a priority for us. You know, as far as new unit growth is concerned, it's not something that we are kind of taking like, you know, we're kind of turning our backs on. What we are now very, very clear is that we must be very responsible with our capital.

從根本上、在最高層級來看，Andrew，我們的信念是：第一優先要務是推動核心門店的同店銷售成長。所以我們的核心業務絕對是優先事項。因此，如果在資本支出（CapEx）方面有需求，例如門店改裝（remodel），那對我們來說一定會是優先。至於新店成長，這不是我們會說「我們不做了」或「我們要背過身去」的事情。但我們現在非常、非常清楚：我們必須對資本運用非常負責。

And so, yes. Only when we have supreme confidence in a new site are we going to go put capital behind it. that we are going to be a little bit more risk averse as far as new CapEx deployment on new stores are concerned. And so again, in summary, our core priority, our key focus is going to be our core business. we will continue to build new stores but only when we have supreme confidence in the returns that we are going to get from that capex investment uh darren anything you wish to add there.

所以，是的。只有在我們對某個新址有極高信心時，我們才會投入資本；在新店的CapEx投放上，我們會更偏向風險趨避。總結來說，我們的核心優先與關鍵焦點會放在核心業務；我們會持續開新店，但只會在我們對該CapEx投資所能帶來的回報有極高信心時才會進行。

Yes, no, I think you covered it well. Yes, I think interpret it less as we We haven't lost confidence in new store growth. In fact, we continue to get really, really great returns there. But we do want to reallocate capital to our core business. And so that in turn allows us to be even more discriminating on what sites to open.

是的，沒有，我覺得你講得很完整。是的，我認為與其把它解讀為我們對新店成長失去信心，不如說我們並沒有失去信心。事實上，我們在那方面仍持續獲得非常、非常好的回報。但我們確實希望把資本重新配置到核心業務上。而這也讓我們在選擇要開哪些店址時，能更具辨別力、更挑剔。

So, So more to come there, but we feel like this reallocation of capital is going to be really meaningful for us. Yes, and Andrew, once again, I just want to reiterate that between Darren and I, the one number that we are very, very fixated on is.

所以，後續還會有更多進展，但我們認為這次資本重新配置對我們會非常有意義。是的，Andrew，我再重申一次：在我和Darren之間，我們非常、非常關注的那個數字是。

200 million dollars of capex and and so that's a finite amount of money uh that we have and we need to just decide where to kind of allocate that money Very clear. Thank you very much. Thank you, Andrew.

2億美元的資本支出（capex），所以那是一筆有限的資金，呃，我們手上就只有這麼多，我們需要決定要把這筆錢分配到哪些地方。很清楚。非常感謝。謝謝你，Andrew。

Very clear. Thank you very much.

很清楚。非常感謝。

Eric Wold, Texas Capital

Eric Wold，Texas Capital

Thanks. Good afternoon. So a couple of questions, I guess first sort of clarify the comment around your expectation for positive same-store sales for the balance of fiscal 26. Is that starting today, or does that kind of include the quarter-to-date balance? decline of 4% in that you would expect a reversal in the remainder of the quarter to get back to positive comps for Q2.

謝謝。下午好。我有幾個問題，我想先釐清一下你們對於2026財年剩餘期間同店銷售轉為正成長的預期這段話。這是從今天開始算，還是也包含本季迄今的表現？因為目前下滑4%，你們是否預期在本季剩餘時間會反轉，讓第二季的同店（comps）回到正成長。

Yes, Eric, I think the best way to look at that is starting today through the balance of the year. is how we're looking at it from a same-store sales growth perspective.

是的，Eric，我認為最好的理解方式是：從今天開始到今年剩餘期間。我們是以同店銷售成長的角度這樣來看。

Yes, that's a great answer. And then my second question is on the games and the installation of the 10 new games to date, and I guess five more for the remainder of the year. When you install a new game and market a new game to promote that and hopefully drive traffic for that new game production.

是的，這回答得很好。那第二個問題是關於遊戲，以及目前為止已安裝的10款新遊戲，另外今年剩餘期間大概還有5款。當你們安裝新遊戲並行銷推廣，希望帶動新遊戲帶來的人流時。

Are you seeing a lift in gameplay outside of the new games as people come in there and kind of are on the midway and trying everything or is it really, is it more of a focus or is it more of (inaudible) Is the gameplay more focused on the new games? You're not really seeing a broader list.

你們有看到除了新遊戲之外的其他遊戲玩法也有提升嗎？因為大家進來後在遊樂區（midway）會到處試玩；還是其實比較集中在新遊戲上？你們沒有看到更廣泛的帶動？

Yes, I could take this, and Taran can add any color to it. The best way to look at it is how these games complement the overall entertainment experience. So from the perspective of--

是的，我可以回答這題，Taran 也可以補充一些看法。最好的理解方式是：這些遊戲如何去補強整體的娛樂體驗。所以從……的角度來看——

These new 10 to 15 games that we're rolling out this year, that's 10 percent plus of our game room floor. We really look at it as it's refreshing our game room floor, it's keeping it relevant, it's giving us um that new relevant news to talk about to to to message to our guests and to drive visitation um It's less about, hey, can we get incremental spend while they're... in our stores that can happen. And certain games investments will do that. Human Crane is a great example.

我們今年推出的這10到15款新遊戲，占我們遊戲區地坪大概10%以上。我們主要把它視為在更新遊戲區、讓內容保持相關性，並且給我們一些新的、具話題性的內容可以對外溝通，向客人傳遞訊息並帶動來店，呃；比較不是在想「他們在店裡時能不能多花一些錢」——那當然也可能發生。而且某些遊戲投資確實能做到這點。Human Crane 就是一個很好的例子。

Based on the type of experience it is, there's incrementality to that. So it's more about traffic driving relevant and see messaging, getting lapsed customers in, getting repeat visitation than it is about driving more, more growth when they're there. But that being said, more to come, but as we, you know, as Trin has mentioned, you know, some proprietary type of entertainment that we're working on, we believe that can unlock more. check growth.

以那種體驗型態來說，確實有增量效益。所以更重要的是帶動人流、提供相關且可見的訊息、把流失的客人拉回來、提高回訪，而不是在他們到店時去推動更多、更多的成長。不過話說回來，後續還有更多內容；但就像你知道的、Trin 提到的，我們正在做一些專有型的娛樂內容，我們相信那能解鎖更多的客單（check）成長。

Lastly, I guess what I'll say is as we've coupled with these new games, as we continue to find the right way to optimize the dwell time of the guest when they're in the box, We have also found that that leads to more F&B sales, which is incremental to our check growth.

最後我想說的是，隨著這些新遊戲的導入，我們也持續在找出最佳方式來優化客人在店內的停留時間（dwell time）。我們也發現，這會帶來更多餐飲（F&B）銷售，進一步增量貢獻到我們的客單成長。

Yes, absolutely. Completely concur, Taren. And Eric, just to add, I think that if you just look at the current consumer sentiment, one of the positive highlights you know for us is that we have lost we haven't lost ticket it's not that consumers are spending less consumers actually spending more time on our games floor and that's what's also helping us actually drive our fnb revenue um And so I think the key challenge for us remains, how do we market these games more effectively to consumers so that we drive footfalls? And that's kind of our primary area of focus, that how do we drive awareness?

是的，完全同意。我完全贊同，Taren。另外 Eric，我補充一下：如果你看目前的消費者情緒，對我們來說其中一個正面亮點是，我們沒有流失「票」（ticket）——不是消費者花得更少；消費者其實在我們的遊戲區花更多時間，而這也在幫助我們帶動餐飲（F&B）營收，呃。所以我認為我們的關鍵挑戰仍然是：我們要如何更有效地把這些遊戲行銷給消費者，進而帶動來客數（footfalls）？這就是我們主要的聚焦點：要怎麼提升認知度？

Like what's the best use of media? And I think that the earlier question I think from Andrew, on this, which is a great question. And it's a very, very competitive marketplace out there. There are lots of messages going out from different companies. I think we remain singularly focused on finding the most effective way to communicate with our consumers that, hey, There are 10 new games that they're really exciting.

例如媒體投放的最佳使用方式是什麼？我想 Andrew 先前問的那個問題也很棒。而且外部市場競爭非常、非常激烈。有很多不同公司的訊息同時在對外傳遞。我認為我們仍然專注在找出最有效的方式跟消費者溝通：嘿，我們有10款新的遊戲，而且真的很令人興奮。

They're very different to what we had on the games floor. And, you know, our belief is that, hey, you know, this message will land with consumers. But as we continue to invest and bring new games, this will all kind of have a compounding impact on the brand image of Dave & Buster's as a place to go to. It's a brand that will suddenly be back in consideration, be back in conversation, be back in culture.

它們跟我們原本遊戲區的內容非常不同。而且你知道，我們相信：嘿，這個訊息會打動消費者。但隨著我們持續投資並導入新遊戲，這些都會對 Dave & Buster's 作為「可以去玩的地方」的品牌形象產生一種累積性的影響。這個品牌會突然重新被納入考量、重新回到討論、重新回到文化裡。

Perfect.

完美。

Thank you both.

謝謝你們兩位。

Brian Vaccaro, Raymond James

Brian Vaccaro，Raymond James

Good afternoon. I had a question on the adjusted free cash flow guidance. Can you help us just bridge the gap that guide, you're maintaining it over $100 million despite the weaker than expected first half. So just could you walk us through the moving pieces that allows you to maintain that guide?.

下午好。我有一個關於調整後自由現金流（adjusted free cash flow）指引的問題。能否請你們協助我們把差異串起來：儘管上半年表現比預期疲弱，你們仍維持超過1億美元的指引。所以能否帶我們走一遍，哪些變動因素讓你們能維持這個指引？

Yes, sure. Hey, Ryan. Yes, I think what it demonstrates is, you know, despite same-store sales performance, we've got a lot of other levers in order to drive free cash flow. And so, you know, really the simplest way of looking at it is our operating cash flow less gross capex adjusted for sale, lease back proceeds. Again, as demonstrated by our ability here in Q1, despite comps down 5.4% and $70-plus million in net capex, we're still able to generate $25 million in free cash flow.

好的，當然可以。嗨，Ryan。是的，我想這顯示的是：即便同店銷售表現如此，我們仍有很多其他槓桿可以推動自由現金流。所以你知道，最簡單的看法是：營運現金流減去總資本支出（gross capex），再針對售後回租（sale-leaseback）所得款項做調整。同樣地，從我們第一季的表現就能看出來：儘管同店下滑5.4%，且淨資本支出超過7,000萬美元，我們仍能產生2,500萬美元的自由現金流。

So we're able to do it through... how we're managing our capital spend, how we're managing working capital, how we're managing other costs in the business. That's what gives us the confidence to be able to reiterate that guide.

我們能做到，是透過……我們如何管理資本支出、如何管理營運資金、以及如何管理公司內其他成本。這些就是讓我們有信心能夠重申該指引的原因。

Okay. And I know, Darren, on the last call, you spoke about adding some resources. I think a senior resource is how you put it to look at cost savings, etc. Are there additional cost savings that you've identified? Can you give some color on that if that's the case versus the prior call that could be helping that facility?. free cash flow outlook?

了解。我也知道 Darren，你在上一次電話會議提到要增加一些資源。我記得你說是增加一位資深資源來檢視成本節省等等。你們是否又找到了額外的成本節省？如果是的話，能否相較於上次電話會議再多提供一些說明，這是否有助於支撐你們的自由現金流展望？

Yes, yes, really, really excited about a number of areas that we're focused on right now. And it's really across the P&L from cost of sales optimization, not lessening the product for the guest, but being smarter and more efficient with our spend. how we're looking at our utility costs, insurance costs, et cetera. There are a number of areas that we've identified some very significant cost opportunities.

是的、是的，真的、真的對我們目前聚焦的多個領域感到非常振奮。而且這確實涵蓋整個損益表（P&L），從銷售成本最佳化著手——不是降低給顧客的產品水準，而是讓我們的支出更聰明、更有效率；以及我們如何檢視公用事業成本、保險成本等等。我們已辨識出多個領域，存在一些非常顯著的成本機會。

And so without quantifying or getting into any more detail, Yes, that's another great area that we're leaning into to be able to deliver on the $100 million free cash flow guide.

因此在不量化、也不再深入更多細節的前提下，是的，這也是我們正積極著力的另一個重要領域，以便達成 1 億美元自由現金流指引。

All right, thank you. And then a quick follow-up, just on the capital allocation and new unit growth conversation. We ran some quick math on your non-comp stores, and we arrive at a non-comp AUV in sort of the mid to high $7 million range. Can you confirm that that's about right? And if so, can you tell us a little bit about the growth of the capital allocation?

好的，謝謝。接著一個簡短追問，關於資本配置與新店成長的討論。我們對你們的非同店門市做了快速計算，推算非同店 AUV 大約落在 700 萬美元中段到高段。你能確認這大致正確嗎？如果是的話，能否再談談資本配置的成長情況？

So what's the average cash investment on those units? Or maybe you could help us sort of sketch out the cash-on-cash ROI that you've seen on the current non-comp base at these AUVs. Thanks very much.

那這些門市的平均現金投資額是多少？或者你也可以協助我們大致勾勒一下，在這些 AUV 水準下，你們目前非同店基礎所看到的現金對現金投資報酬率（cash-on-cash ROI）。非常感謝。

Yes, sure. Yes, look, you're in the right ballpark with the AUVs. Keep in mind, a lot or a good chunk of this latest cohort are some of our smaller prototype locations. that we underwrote at those volumes. But we have continued to deliver you know, strong circa 30% plus cash on cash returns, even at those volumes.

好的，當然。是的，你們對 AUV 的估算大致在正確範圍內。請記得，這一批最新的同店群組中，有相當一部分是我們較小的原型店型，我們在承作（underwrite）時就是以那些營收量級來評估。但即便在那樣的營收水準下，我們仍持續交出強勁、約 30% 以上的現金對現金報酬。

So, still good returns for us that we remain confident in. You know, on that topic as well, I guess just maybe to put a finer point on the discussion that we had. we are in a redeployment of capital, I would anticipate that we will have about half the number of new units in FY27 and probably FY28 for now. So you're looking at circa five new units. And so just wanted to sort of firm up sort of how to think about that.

所以對我們而言仍是良好的報酬，我們也依然有信心。另外就這個主題，我想也把我們剛才的討論再說得更明確一些：我們正在進行資本再部署（redeployment of capital），我預期在 FY27、以及目前看來可能 FY28，新開店數量大約會是現在的一半。也就是大約五家新店。所以只是想把你們應該如何看待這件事再稍微釐清。

Um, so hopefully that answered all your questions there, Brian.

嗯，希望這樣有回答到你所有問題，Brian。

Yeah, very helpful.

有的，非常有幫助。

Thank you.

謝謝。

Michael Hickey, Stonex

Michael Hickey，Stonex

Hey guys, thanks for taking our questions. We've got to kind of hit on this one, but just given your. back record here over the last year and quarter to date on same store sales. It's just sort of flexing that you're so highly confident that as of today, to inflect positives on comp sales here, especially when macro is a factor. It was a factor that took down April and then took down your 1st quarter, but you won't give a view on it.

各位好，謝謝回答我們的問題。我們必須稍微追問這點，但考量你們過去一年以及本季迄今在同店銷售（same store sales）的表現紀錄。你們似乎非常有信心，認為截至今天同店銷售將轉為正成長，尤其在總體環境仍是因素的情況下。這個因素拖累了 4 月，也拖累了你們第一季，但你們又不願就此提供看法。

So just curious if there's any specific evidence you can point to. as to why your confidence get given that backdrop. And the second question over the last year is pretty clear that not having a refresh on your games was a problem. But so far over the last year, you've only refreshed about 80% of your arcades. about capital allocation and resetting your business, especially on the entertainment side, which I think you're about eight quarters in a row of down year over year growth.

所以想請教，你們是否能指出任何具體證據，說明在這樣的背景下你們為何仍有信心。第二個問題：過去一年很明顯，遊戲沒有更新是個問題。但到目前為止，你們在過去一年只更新了大約 80% 的遊樂區（arcades）。這牽涉到資本配置與重整你們的業務，尤其是娛樂端——我認為你們娛樂端已經連續大約八個季度年對年下滑。

Why haven't you been more aggressive in terms of refreshing that area of your business, which is clearly a concern that you've already illustrated to us? Thanks, guys.

為什麼你們沒有更積極地更新這塊業務？這顯然是你們已經向我們說明過的疑慮。謝謝各位。

Michael, Michael, great questions. So I will kind of address both. So I think our confidence and optimism comes from the fact that there are a lot of things that we have set in motion in terms of improving our execution, you know, whether it's marketing operations or investment in games that are all now kind of coming together. And so that's kind of one. The second piece is really that we have kind of partnered with some very exciting IPs that we can't kind of announce just now, but we will announce in the months to come.

Michael、Michael，問題問得很好。我會一起回應這兩點。我認為我們的信心與樂觀，來自於我們已經啟動許多改善執行面的措施——不論是行銷營運，或是對遊戲的投資——現在都逐步匯聚、開始發揮效果。這是第一點。第二點是，我們也與一些非常令人振奮的 IP 展開合作，目前還不能宣布，但未來幾個月會對外公布。

That again gives us tremendous confidence that we will be a brand that will be in conversation. And once brands get into culture, into conversations, you see that business and traffic kind of follow. So that kind of gives us optimism about the future. I think your second question on why have we not invested earlier and why are we slowing? Why are we slow?

這同樣讓我們非常有信心，因為我們會成為一個能被市場討論的品牌。而當品牌進入文化、進入話題討論時，你會看到業績與來客數往往會隨之跟上。所以這也讓我們對未來保持樂觀。至於你第二個問題：為什麼我們沒有更早投資、以及為什麼我們放慢——為什麼我們慢？

I think it's a very, very fair question. And. One of the learnings I've had is that if you just go to buy any games from any of the suppliers, you could get a very similar game that you currently have already in your arcade, just skinned differently. And therefore, there's actually a significant lead time in developing proprietary games, especially those that come with IPs. Because, you know, again, IP and partnerships take time to kind of formalize.

我認為這是非常、非常合理的問題。而且……我得到的一個經驗是：如果你只是去向任何供應商購買遊戲，你可能買到的會是跟你目前遊樂區裡已有的遊戲非常相似的產品，只是換了不同的外觀包裝（skin）。因此，開發專有（proprietary）遊戲其實需要相當長的前置時間，尤其是那些搭配 IP 的遊戲。因為你知道，IP 與合作夥伴關係也需要時間才能正式確立。

So we do want to invest in new games. We have the capital. to invest in new games we're just being thoughtful in in what kind of games do we add to the arcade so that consumers have diverse experiences versus the same experience that they get from the games.

所以我們確實想投資新遊戲。我們也有資本可以投資新遊戲；只是我們會更審慎思考要在遊樂區加入什麼類型的遊戲，讓消費者能有多元體驗，而不是得到與既有遊戲相同的體驗。

Dennis Geiger, UBS

Dennis Geiger，UBS

I have one more question on the entertainment part of the business. I know you mentioned that the lack of newness as what you've observed, and I think that you've said the customer is saying is maybe the biggest headwind. Anything else you would highlight that you're seeing or you're hearing from the customer as it relates to the entertainment, softness in the business, anything additional on value proposition? I know you talked about that some.

我還有一個關於娛樂業務的問題。我知道你們提到缺乏新鮮感是你們觀察到、也可能是你們說顧客反映的最大逆風。就娛樂業務的疲弱而言，還有沒有其他你們會特別強調的點——不論是你們看到的，或是從顧客那裡聽到的？在價值主張（value proposition）方面是否還有其他補充？我知道你們也談到一些。

Anything maybe with, and this has probably been a question that's come up over the years, but the quality of games on mobile phones having some impact, and just anything else on entertainment besides the newness factor or the lack of newness factor. factor that you've observed or that you're hearing from your guests? Thank you.

另外也許是——這可能多年來一直有人問——手機上的遊戲品質提升是否帶來一些影響？以及除了新鮮感因素或缺乏新鮮感因素之外，關於娛樂端還有沒有其他你們觀察到或從顧客那裡聽到的因素？謝謝。

Yes, Dennis, great question. And, you know, both Darren and I will try and kind of respond to this question. So, like, I think the biggest competitor, you know, really is a couch in our home, because you're right, it's a mobile phone.

是的，Dennis，問題很好。而且你知道，Darren 和我都會試著回應這個問題。所以，我認為最大的競爭對手其實是我們家裡的沙發，因為你說得對，它就是一支手機。

It's the it's all the games that you can play, you know, at home and therefore is so important to introduce games that are truly distinctive that you can only experience at a day of investors and that's exactly why there's a lead time involved in kind of introducing kind of launching them and so you know we we brought in uh an exceptional talent about uh you know six months in a gentleman called Putnam Shin. Putnam comes from, you know, from, again, Walt Disney.

重點在於你在家裡就能玩的那些遊戲，因此引進真正獨特、只能在投資人日現場體驗的遊戲就非常重要；這也正是為什麼在介紹、推出這些內容時需要一段前置時間。所以你知道，我們在大約六個月前延攬了一位非常傑出的人才，一位名叫 Putnam Shin 的先生。Putnam 的背景來自，你知道，同樣是華特迪士尼（Walt Disney）。

And, you know, he's kind of been involved with, you know, several other companies, you know, innovating in the area of games. And since Putnam has come in, he has really kind of transformed formed our internal thinking around, you know, what experiences, you guests should have when they come to a Dave & Buster. And so we are in a very methodical and disciplined way of investing you know valuable capital behind it you know one of the things i'm very conscious and careful about is not making you know some of our past mistakes where we have not put enough thought into the quality and not really gone into the whys of an investment and just kind of rushed in.

而且，你知道，他也曾參與多家其他公司，在遊戲領域進行創新。自從 Putnam 加入後，他確實在我們內部對於你知道，賓客來到 Dave & Buster's 時應該擁有哪些體驗的思維上，帶來了很大的轉變。因此，我們正以非常有方法、且嚴謹自律的方式，在其背後投入寶貴資本；我非常在意也很謹慎的一點是，不要重蹈過去的一些錯誤——也就是我們對品質思考不夠、沒有真正深入理解投資背後的原因，就有點匆忙投入。

And so, you know, once again, we are committed to investing in different kind of experiences, different new games. We just kind of being mindful of what would really drive consumer satisfaction and what would drive (inaudible) Dennis, I hope that helps.

所以，你知道，再次強調，我們承諾會投資於不同類型的體驗、不同的新遊戲。我們只是會留意哪些因素真正能驅動消費者滿意度，以及哪些能驅動（聽不清）Dennis，希望這有幫助。

Thank you. Yes, I would just add one thing. Yes, so certainly value has been one of the key feedbacks from the guests on that entertainment side. And that is where we have been hyper-focused. on a number of things with promotion testing, these passes that we've been testing, you know, how our rate card is set up for for the consumer, what the kiosk flow is like, our half price gains, et cetera, et cetera. So so we've our team has done a lot of great things there. And we we are now We've addressed a lot of those in a really nice way.

謝謝。是的，我只想再補充一點。是的，所以「價值感」確實一直是賓客在娛樂端給我們的關鍵回饋之一。而這正是我們高度聚焦的地方：我們在多個面向進行促銷測試、測試這些通行證（passes）、你知道，我們給消費者的價目表（rate card）如何設定、自助機（kiosk）的流程體驗如何、我們的半價遊戲（half price games）等等等等。所以我們團隊在這方面做了很多很棒的工作。而我們現在也已經以非常好的方式解決了其中許多問題。

We are up. Based on these changes that we've made while still capturing the same, Fun card load, we've increased the number of games guests are playing 20% year over year. Dwell time is up nearly that same amount. So we've done a lot of really nice things and have some additional things in place. We're rolling out later this summer that are going to further address some of those value concerns from our consumers.

我們的表現正在提升。基於我們所做的這些改變，在仍然維持相同的 Fun Card 儲值金額（load）的同時，我們讓賓客遊玩的遊戲次數年增了 20%。停留時間（dwell time）也幾乎提升了同樣的幅度。所以我們做了很多非常好的事情，也還有一些額外措施已經就位。我們將在今年夏末推出，進一步回應消費者對價值感的一些疑慮。

Thanks, Taron. That concludes our Q&A session. We'll now turn the call back over to CEO Tarun Lal for closing remarks.

謝謝你，Taron。我們的問答環節到此結束。接下來我們把電話交回給執行長 Tarun Lal 做結語。

Thank you, operator, and thank you all for joining us this evening. Dave & Buster's is an iconic brand at an obvious inflection point. We're executing a clear, differentiated strategy built on innovation, operational rigor, and an unwavering focus on the guest experience. Across brand marketing, F&B quality, in-store execution, and next generation game content, we are raising the bar and early results are validating our thesis. We want to remind you that we are still in the early stages of this transformation, and we are encouraged by the momentum we are building.

謝謝主持人，也謝謝各位今晚加入我們。Dave & Buster's 是一個具代表性的品牌，正處於明顯的轉折點。我們正在執行一套清晰且差異化的策略，建立在創新、營運紀律，以及對賓客體驗毫不動搖的專注之上。在品牌行銷、餐飲（F&B）品質、店內執行，以及下一代遊戲內容等方面，我們正在拉高標準，而初步成果也正在驗證我們的論點。我們想提醒各位，這場轉型仍處於早期階段，而我們也對正在建立的動能感到鼓舞。

We're deeply engaged with our guests and our operators, listening closely to their direct feedback and using it to inform every decision we make. That connection gives us confidence that the initiatives we have in play from our evolving product offering and the eat play combo to our sharpened approach to value are all resonating and we will continue to drive meaningful results. We are already seeing it in the data. Metrics on new games, guest satisfaction scores, and value perception scores are all trending in the right direction. We are going to accelerate our revamped remodel program and further optimize our media spend to sharpen our approach to both new and repeat customer acquisition.

我們與賓客及營運團隊保持深度互動，仔細聆聽他們的直接回饋，並用以指引我們所做的每一項決策。這樣的連結讓我們有信心：我們正在推動的各項措施——從持續演進的產品供給、eat play combo（餐飲＋遊玩組合），到我們更精準的價值策略——都正在引起共鳴，我們也將持續推動具實質意義的成果。我們已經在數據中看到了這點。新遊戲指標、賓客滿意度分數，以及價值感知分數，都正朝著正確方向發展。我們將加速推進翻新改裝計畫（remodel program）的升級版本，並進一步最佳化媒體投放，以更精準地同時強化新客與回流客的獲取。

We're also cultivating exciting IP partnerships that we look forward to announcing in the coming months and are very enthusiastic about what they will mean for the brand. There are significant improvements still to come, and we look forward to sharing with you the positive results we are confident these initiatives will produce. Our strategic framework is simple and disciplined. Building lasting brand equity. Drive top-line growth with urgency.

我們也正在培育令人振奮的 IP 合作夥伴關係，並期待在未來幾個月內對外宣布；我們對其將為品牌帶來的意義感到非常興奮。後續仍有顯著改善即將到來，我們也期待與各位分享這些措施所帶來的正面成果——我們對此充滿信心。我們的策略框架簡單且自律。建立長期的品牌資產（brand equity）。以緊迫感推動營收成長（top-line growth）。

Deliver a world-class guest experience at every touchpoint. Protect and expand industry-leading unit economics. And underpin it all with the right talent, culture, and technology. technology. The financial model is straightforward.

在每一個接觸點提供世界級的賓客體驗。保護並擴大業界領先的單店經濟模型（unit economics）。並以合適的人才、文化與科技作為一切的基礎。科技。財務模型很直接明瞭。

Same-store sales growth drives EBITDA expansion, and EBITDA expansion drives long-term shareholder value. We We're building momentum and we are still in the earl y innings of unlocking this platform's full potential. We have a major catalyst ahead with our currently live and comprehensive World Cup 360 degree activation, which is an exciting step along our clear and achievable path to sustain same-store sales growth, expanding free cash flow, and durable value creation for shareholders. I want to thank our teams across the country. They are the ones making this all happen.

同店銷售成長帶動 EBITDA 擴張，而 EBITDA 擴張帶動長期股東價值。我們正在累積動能，而我們仍處於釋放這個平台全部潛力的早期階段。我們前方還有一個重大催化劑：目前已上線且全面的世界盃 360 度整合行銷啟動（activation）。這是我們清晰且可達成路徑上的令人振奮一步，將有助於維持同店銷售成長、擴大自由現金流，並為股東創造持久價值。我要感謝全國各地的團隊。正是他們讓這一切得以實現。

I look forward to updating you on our continued progress. Have a wonderful evening. Thank you.

我期待向各位更新我們持續的進展。祝各位今晚愉快。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。