Sweetgreen Inc (SG) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Joe, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Sweetgreen, Inc., third-quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫喬，今天我將擔任你們的會議接線生。在此，我謹代表 Sweetgreen 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Rebecca Nounou, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管麗貝卡·努努。你可以開始了。

Thank you, and good afternoon, everyone. Speaking on today's call will be Jonathan Neman, Co-Founder and Chief Executive Officer; and Jamie McConnell, Chief Financial Officer. Both will be available for questions during the Q&A session following the prepared remarks. Today's call is being webcast live and recorded for replay. The earnings release and today's announcement regarding the sale of Spyce are available on the Investor Relations section of Sweetgreen's website at investor.sweetgreen.com.

謝謝大家，大家下午好。今天的電話會議上將由聯合創始人兼首席執行官喬納森·內曼和首席財務官傑米·麥康奈爾發言。在準備好的發言結束後，他們將在問答環節回答問題。今天的電話會議將進行網路直播並錄製下來以供回放。收益報告和今天關於出售 Spyce 的公告可在 Sweetgreen 網站 investor.sweetgreen.com 的投資者關係部分查閱。

I'd like to remind everyone that the information under the heading Forward-Looking Statements included in our earnings release and Spyce announcement also applies to our comments made during the call. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements.

我想提醒大家，我們在獲利報告和 Spyce 公告中「前瞻性聲明」標題下的資訊也適用於我們在電話會議期間發表的評論。這些前瞻性陳述是基於截至今日的信息，我們不承擔公開更新或修改前瞻性陳述的義務。

We also direct you to our earnings release for additional information regarding our use of non-GAAP financial measures, including reconciliations of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures. Our earnings release can be found on our investor website.

我們還建議您參閱我們的盈利報告，以獲取有關我們使用非公認會計準則財務指標的更多信息，包括電話會議中提到的非公認會計準則財務指標與其相應的公認會計準則指標的調節表。您可以在我們的投資者網站上找到我們的獲利報告。

And now I'll turn the call over to Jonathan to kick things off.

現在我將把電話交給喬納森，讓他開始今天的節目。

Thank you, Rebecca, and thank you all for joining us this afternoon. We are addressing the headwinds from the current operating environment with agility and focus. We are tightening operations, accelerating menu innovation, and deepening guest engagement. The team is focused on delivering an exceptional guest experience, improving operational execution and serving delicious, high-quality food in every restaurant. The actions we're taking are designed to expand our value proposition, strengthen transactions, enhance restaurant performance and position Sweetgreen for a return to profitable growth.

謝謝你，麗貝卡，也謝謝各位今天下午的到來。我們正以靈活和專注的態度來應對當前經營環境帶來的不利影響。我們正在加強運營，加快菜單創新，並加深與顧客的互動。團隊致力於為顧客提供卓越的用餐體驗，提高營運效率，並在每家餐廳提供美味、高品質的食物。我們採取的行動旨在擴大我們的價值主張，加強交易，提升餐廳業績，並使 Sweetgreen 重回獲利成長軌道。

For the third quarter, we reported sales of $172.4 million and a same-store sales decline of 9.5%. Restaurant level margin was 13.1% and adjusted EBITDA was a loss of $4.4 million. Performance was impacted by softer sales trends in our Northeast and Los Angeles markets, which together represent about 60% of our comp base. This was coupled with lighter spending among younger guests, particularly the 25- to 35-year-old age group where we over-indexed.

第三季度，我們報告銷售額為 1.724 億美元，同店銷售額下降了 9.5%。餐廳層級的利潤率為 13.1%，調整後的 EBITDA 虧損 440 萬美元。東北部和洛杉磯市場的銷售疲軟影響了業績，這兩個市場合計約占我們銷售額的 60%。同時，年輕客人的消費水準有所下降，尤其是 25 至 35 歲年齡層的客人，我們的消費指數偏高。

As we look to Q4 and beyond, our new leadership team has taken the learnings from the year and focused our actions around 5 key strategies to transform our business. We're calling it the Sweet Growth Transformation Plan. Our strategies are: one, operational excellence; two, brand relevance; three, food quality and menu innovation; four, personalized digital experience; and five, disciplined profitable investment.

展望第四季及以後，我們的新領導團隊吸取了過去一年的經驗教訓，並將我們的行動重點放在 5 項關鍵策略上，以轉變我們的業務。我們稱之為「甜蜜成長轉型計劃」。我們的策略是：一、卓越營運；二、品牌相關性；三、食品品質與菜單創新；四、個人化數位體驗；五、有紀律的獲利投資。

Now let me share some of the work being done under each of these strategic priorities, starting with operational excellence. Since joining earlier this year, our COO, Jason Cochran, has been instrumental in leading the work to strengthen operational execution. He has brought greater accountability and a new culture to how we run our restaurants.

現在讓我來分享一下在這些策略重點下正在進行的一些工作，首先是卓越營運。自今年年初加入公司以來，我們的營運長 Jason Cochran 在領導加強營運執行方面發揮了重要作用。他為我們的餐廳經營帶來了更高的責任感和新的文化。

Building on the foundation we introduced last quarter, Jason and his team are continuing to deploy Project One Best Way, our system-wide effort to elevate operational excellence through clear operating standards, performance-based leadership and measured execution. As part of this project, we launched Sweetpass, a framework that helps every team member understand what running a great restaurant looks like at Sweetgreen. The Sweetpass breaks each restaurant into clear zones from the front line to the back of house with simple, consistent behaviors and standards for how we show up every day.

在上個季度我們引入的基礎基礎上，Jason 和他的團隊正在繼續部署「最佳方案」項目，這是我們在全系統範圍內透過明確的營運標準、基於績效的領導和可衡量的執行來提升卓越營運水平的努力。作為這個計畫的一部分，我們推出了 Sweetpass，這是一個幫助 Sweetgreen 每位團隊成員了解經營優秀餐廳是什麼樣的框架。Sweetpass 將每家餐廳從前廳到後廚劃分成清晰的區域，並制定了簡單、一致的行為準則和標準，指導我們每天的工作。

Jason also introduced a new restaurant scorecard this quarter. It gives our teams greater visibility into performance across a streamlined set of metrics -- sales, throughput, customer satisfaction, food quality and labor performance that helps our team celebrate wins, bought opportunities and focus on what drives results.

Jason 也在本季推出了新的餐廳評分卡。它使我們的團隊能夠更清晰地了解一系列精簡指標（銷售額、吞吐量、客戶滿意度、食品品質和勞動力績效）的績效，從而幫助我們的團隊慶祝勝利、把握收購機會並專注於推動業績的因素。

In mid-September, we kicked off a new throughput initiative that defines what it means to be ready for peak lunch and ties progress directly to the scorecard. Early results are encouraging, showing improved peak hour throughput and building momentum towards the operational excellence we expect from ourselves.

9 月中旬，我們啟動了一項新的吞吐量計劃，該計劃定義了做好午餐高峰準備的意義，並將進展與記分卡直接掛鉤。初步結果令人鼓舞，高峰時段吞吐量有所提高，並正朝著我們期望達到的卓越營運目標穩步邁進。

To improve throughput further, our technology team has begun rolling out Scan to Pay for a faster and simpler frontline checkout experience. With a single app scan, guests can pay, earn and redeem rewards instantly using saved payment methods, including credit cards, Sweetgreen credits and gift cards. These disciplined system-level changes under Project One Best Way will take time to mature, but they're already building the structure and habits that will define how we operate going forward.

為了進一步提高吞吐量，我們的技術團隊已經開始推出掃碼支付功能，以提供更快、更簡單的前台結帳體驗。只需一次應用程式掃描，顧客即可使用已儲存的付款方式（包括信用卡、Sweetgreen 積分和禮品卡）立即付款、賺取和兌換獎勵。在「最佳方案」計畫下進行的這些有條不紊的系統級變革需要時間才能成熟，但它們已經在建構結構和習慣，這將決定我們未來的運作方式。

As we shared last quarter, about 1/3 of our restaurants met or exceeded our internal operational standards. Today, that number is approximately 60%, an important step forward. Additionally, turnover and retention continue to improve, and we expect this progress to translate into stronger restaurant-level performance over the year ahead.

正如我們上個季度所分享的，我們約有三分之一的餐廳達到或超過了我們的內部營運標準。如今，這一數字約為 60%，這是一個重要的進步。此外，員工流動率和留存率持續改善，我們預計這項進展將在未來一年轉化為餐廳層面更強勁的業績。

Now turning to brand relevance. I'm excited to welcome Zipporah Allen, our Chief Commercial Officer, who leads marketing, menu innovation and the overall customer experience. In her first 2 months, Zipporah has brought new energy and focus to our marketing team, shaping a strategy that positions Sweetgreen as a lifestyle brand with a focus on acquiring and inviting more customers to live the Sweet Life. In the near term, we have redirected marketing to support New York, our most challenged market. We are optimizing our media investments to drive new guest acquisition and expand our share of voice.

現在來談談品牌相關性。我很高興地歡迎 Zipporah Allen 加入我們，她將擔任首席商務官，負責行銷、菜單創新和整體客戶體驗。在加入的頭兩個月裡，Zipporah 為我們的行銷團隊帶來了新的活力和專注力，制定了一項策略，將 Sweetgreen 定位為一個生活方式品牌，專注於獲取和邀請更多顧客體驗甜蜜生活。短期內，我們將調整行銷策略，專注於支持紐約市場，這是我們面臨的最大挑戰。我們正在優化媒體投資，以吸引新客戶並擴大我們的市場份額。

In the long term, we are focused on creating culture through distinct brand moments.

從長遠來看，我們致力於透過獨特的品牌時刻來創造文化。

This will include a more structured approach to engagement with content creators that have an authentic connection with Sweetgreen, as well as brand partnerships that will broaden awareness with new audiences.

這將包括採取更有條理的方式與和 Sweetgreen 有真正聯繫的內容創作者互動，以及建立品牌合作夥伴關係，從而擴大對新受眾的認知度。

For our food quality and menu innovation pillar, we are focusing our attention on driving awareness around the quality of our ingredients. Next week, we're launching a protein-focused campaign, highlighting the real fuel that our customers get when they choose 1 of our 9 chef-curated menu items with more than 30 grams of protein. We are also introducing a new macros calculator in our digital experience. This protein campaign gives us a great opportunity to educate customers about our larger protein portions and is the first step to broadly communicating the key differentiators that make our menu distinct in the market. You'll see us continue to message our high-quality ingredients into next year, claims that differentiate us from our competition such as made from scratch, chicken, steak and salmon raised responsibly with no antibiotics ever, seed oil-free proteins, grains and roasted vegetables, no artificial flavors, colors or dyes and sourcing organic and local produce from farmers and partners we know and trust.

在食品品質和菜單創新方面，我們將重點放在提高人們對我們食材品質的認識上。下週，我們將推出一項以蛋白質為重點的活動，重點宣傳我們的顧客從我們 9 款由大廚精心挑選、蛋白質含量超過 30 克的菜餚中選擇一款時所獲得的真正能量。我們還在數位體驗中引入了一個新的巨集計算器。這項蛋白質推廣活動為我們提供了一個絕佳的機會，向顧客普及我們更大份量的蛋白質，也是廣泛宣傳我們菜單在市場上獨樹一幟的關鍵差異化的第一步。明年，我們將繼續宣傳我們的高品質原料，並宣稱我們的產品與競爭對手有所區別，例如：純手工製作，雞肉、牛排和鮭魚均採用負責任的方式飼養，絕不使用抗生素，不含植物油的蛋白質、穀物和烤蔬菜，不含人工香料、色素或染料，以及從我們認識和信任的農民和合作夥伴處採購有機和本地農產品。

These will take a more prominent role in our messaging going forward.

這些內容將在我們未來的訊息傳遞中發揮更重要的作用。

Additionally, in 2 weeks, we will launch a new steak bowl and steak plate to strengthen variety and value.

此外，兩週後，我們將推出新的牛排飯和牛排拼盤，以增強產品種類和價值。

We continue to strengthen our menu innovation muscle with a pipeline of menu items entering our new stage-gate process in Q4. This is a cross-functional testing process that we will use for every menu item going forward. This will give us more precision and predictability in the results that we can expect from our menu development efforts.

我們將在第四季度透過一系列新菜單項目進入我們新的階段式流程，繼續加強我們的菜單創新能力。這是一個跨職能的測試流程，我們今後將對每個選單項目都採用此流程。這將使我們對菜單開發工作的結果有更精確、更可預測的預期。

We continue to leverage seasonal menus to drive frequency with our existing customers, and we have rightsized our marketing investment to reflect the role that these menu items play on our menu. At the same time, we are expanding our core menu offering to be relevant for more occasions and consumer needs through our pipeline test.

我們繼續利用季節性菜單來提高現有客戶的光顧頻率，並且我們已調整了行銷投入，以反映這些菜單項目在我們菜單中所扮演的角色。同時，我們正在通過產品線測試，擴展我們的核心菜單產品，使其更符合更多場合和消費者的需求。

Our new handheld product will go into market test in early 2026. In Q4 and heading into Q1, we are also reviewing our menu and pricing architecture as we continue to strengthen our value proposition. We know that we can do a better job of creating clear entry prices and logical trade-up opportunities across our create-your-own and chef-curated menu options so that our customers understand the value across every menu tier. When guests know what they're getting and feel good about it, it builds trust and drives loyalty over time.

我們的新型手持產品將於 2026 年初進入市場測試階段。在第四季和進入第一季之際，我們也在審查我們的菜單和定價體系，以繼續加強我們的價值主張。我們知道，我們可以在自選菜單和廚師精選菜單選項中，更好地制定清晰的入門價格和合理的升級機會，以便我們的客戶了解每個菜單級別的價值。當顧客知道自己將獲得什麼並且感到滿足時，就能建立信任，並隨著時間的推移培養忠誠度。

Now turning to personalized digital experience. Earlier this year, we launched SG Rewards to create a platform for a more personalized experience powered by enhanced customer data. We just reached the 6-month mark of this program and are continuing to see positive trends on frequency among our most loyal guests. The program unlocks the ability to leverage the data to drive frequency and retention through our CRM efforts. And during the fourth quarter, you will see us leverage this channel to invest more in targeted discounts and promotions to improve value perceptions and drive increased frequency with lighter users.

現在轉向個人化數位體驗。今年早些時候，我們推出了 SG Rewards，旨在打造一個由增強的客戶數據驅動的、更個人化的體驗平台。該計劃剛實施6個月，我們最忠實的顧客的到店頻率持續呈現正面趨勢。該計劃使我們能夠利用數據，透過客戶關係管理 (CRM) 工作來提高購買頻率和客戶留存率。在第四季度，我們將利用這一管道，增加對有針對性的折扣和促銷活動的投入，以提升價值感知，並提高輕度用戶的購買頻率。

Shifting to our last pillar, which is disciplined profitable investment. In the third quarter, we opened 8 restaurants, including 6 Infinite Kitchen. We also entered a new market, Arizona, with our Scottsdale location, delivering the second strongest opening of the year. Following the quarter, we added a second Arizona location, further deepening our presence. The continued success of these openings reinforces our confidence in the white space opportunity ahead.

接下來談談我們的最後一個支柱，即有紀律的獲利性投資。第三季度，我們開設了 8 家餐廳，其中包括 6 家無限廚房。我們也進入了亞利桑那州的新市場，在斯科茨代爾開設了分店，並取得了今年第二好的開幕業績。本季結束後，我們在亞利桑那州增設了第二個辦事處，進一步深化了我們的業務。這些新店開幕的持續成功增強了我們對未來市場空白機會的信心。

In the fourth quarter, we will open 17 new restaurants and enter 3 new markets: Sacramento, Cincinnati and Northwest Arkansas. Our Q4 openings include our first Sweetgreen featuring the Infinite Kitchen in Costa Mesa. Altogether, we expect to complete construction of 40 new restaurants this year, ending 2025 with 37 net openings. This reflects the closures of our Bleecker and Astor Place restaurants in the third quarter. It also includes shifting 2 restaurant openings into early 2026 to ensure the best possible experience for our guests and team members, though construction will be completed this year.

第四季度，我們將開設 17 家新餐廳，並進入 3 個新市場：薩克拉門托、辛辛那提和阿肯色州西北部。我們第四季新開業的餐廳包括位於科斯塔梅薩的第一家 Sweetgreen，該餐廳設有無限廚房。今年我們預計總共完成 40 家新餐廳的建設，到 2025 年底將淨增 37 家餐廳。這反映了我們在第三季關閉了 Bleecker 和 Astor Place 餐廳。該計劃還包括將兩家餐廳的開業時間推遲到 2026 年初，以確保為我們的顧客和團隊成員提供最佳體驗，儘管建設工作將於今年完成。

We expect to open our relocated Nomad restaurant in December and Union Square in January. Both locations are being relocated to stronger sites and will include Infinite Kitchen.

我們預計搬遷後的 Nomad 餐廳將於 12 月開業，Union Square 餐廳將於 1 月開業。這兩個地點都將遷移到更好的地段，並且都將包括 Infinite Kitchen。

We're prioritizing the strength of our financial position by improving cash flow and maintaining greater discipline in how we invest, which will include a slowdown of new restaurant openings.

我們將優先增強財務實力，改善現金流，並在投資方面保持更大的自律性，其中包括放緩新餐廳的開業速度。

Looking ahead to 2026, we plan to open 15 to 20 net new restaurants with about half featuring Infinite Kitchen technology and enter 2 to 3 new markets, including Salt Lake City. We believe this strikes the right balance between growth and financial discipline as we focus on lowering capital expenditures and driving strong returns. We remain focused on quality growth and continue to target cash-on-cash returns above 40%.

展望 2026 年，我們計劃淨增 15 至 20 家餐廳，其中約一半採用無限廚房技術，並進入 2 至 3 個新市場，包括鹽湖城。我們相信，在專注於降低資本支出和實現強勁回報的同時，這能在成長和財務紀律之間取得適當的平衡。我們將繼續專注於高品質成長，並繼續以現金回報率超過 40% 為目標。

As announced today, we've made the strategic decision to sell Spyce, our business unit responsible for developing the Infinite Kitchen to Wonder. This will allow us to unlock greater scale, lower operating costs and strengthen our financial foundation for the future. First and foremost, the Infinite Kitchen remains central to Sweetgreen's future. The technology has consistently proven its ability to deliver faster throughput, improved accuracy and consistency and elevated food quality. In the third quarter, the Infinite Kitchen restaurants continue to realize approximately 700 basis points of labor savings and nearly 100 basis points of COGS improvement compared to restaurants of similar age and volume.

正如今天宣布的那樣，我們已做出戰略決定，將負責開發無限廚房的業務部門 Spyce 出售給 Wonder。這將使我們能夠擴大規模、降低營運成本，並為未來夯實財務基礎。首先，無限廚房仍然是 Sweetgreen 未來發展的核心。該技術已持續證明其能夠提高生產效率、提升準確性和一致性以及提高食品品質。第三季度，與同年代、同規模的餐廳相比，Infinite Kitchen 餐廳持續實現約 700 個基點的勞動成本節約和近 100 個基點的銷售成本改善。

Under our agreement with Wonder, Sweetgreen will continue to utilize and expand Infinite Kitchen technology across our restaurants. Partnering with Wonder enables us to leverage their manufacturing scale, R&D investments and shared innovation, accelerating the refinement and rollout of additional IK units. This transaction also allows us to sharpen our focus on our core restaurant business, allocating more of our talent and financial resources toward accelerating growth and achieving profitability. The $186.4 million sale is expected to infuse our balance sheet with approximately $100 million in liquidity, strengthening our financial position and enhancing our flexibility to fund future growth initiatives.

根據我們與 Wonder 的協議，Sweetgreen 將繼續在我們的餐廳中使用和擴展 Infinite Kitchen 技術。與 Wonder 合作使我們能夠利用其製造規模、研發投資和共享創新，加速改進和推出更多 IK 設備。這項交易也使我們能夠更加專注於核心餐飲業務，將更多的人才和財務資源投入加速成長和獲利。預計此次價值 1.864 億美元的出售將為我們的資產負債表注入約 1 億美元的流動資金，從而增強我們的財務狀況，並提高我們為未來成長計畫提供資金的靈活性。

We're incredibly proud of the work the Spyce team has done to develop, scale and commercialize one of the world's most advanced food automation technologies under Sweetgreen. I want to especially thank Spyce co-founders, Michael Farid, Kale Rogers, Brady Knight and Luke Schlueter, for their vision and phenomenal technical execution. We look forward to partnering with you and the Wonder team as we enter this next chapter of innovation together.

我們為 Spyce 團隊在 Sweetgreen 旗下開發、擴展和商業化世界上最先進的食品自動化技術之一所做的努力感到無比自豪。我特別要感謝 Spyce 的共同創辦人 Michael Farid、Kale Rogers、Brady Knight 和 Luke Schlueter，感謝他們的遠見卓識和卓越的技術執行力。我們期待與您和 Wonder 團隊攜手合作，共同開啟創新的新篇章。

From menu development to our app to the Infinite Kitchen, we've always been pioneers in reimagining how real food is sourced, prepared and served. That spirit of innovation is core to our DNA and will continue to guide us.

從菜單開發到我們的應用程式再到無限廚房，我們始終是重新構想真正食物的來源、準備和供應方式的先驅。這種創新精神是我們DNA的核心，並將繼續引導我們前進。

Before I conclude my prepared remarks, I want to take a moment to recognize Mitch Reback, who retired in September as our CFO, and express my deep gratitude for everything he's done for Sweetgreen. Mitch joined us when we were still a small regional brand over 10 years ago, and has been a driving force behind our growth ever since. He built the financial foundation that supports our business today, guided us through our IPO and has been a true partner, mentor and friend. His impact on Sweetgreen and on all of us personally can't be overstated. We're deeply grateful for his leadership and wish him all the best in his retirement.

在我結束準備好的發言之前，我想花一點時間感謝米奇·雷巴克，他於 9 月從我們的財務長職位上退休，並對他為 Sweetgreen 所做的一切表示深深的感激。十多年前，當米奇加入我們時，我們只是一個小型區域品牌，從那時起，他一直是推動我們發展的動力。他為我們今天的業務奠定了財務基礎，指導我們完成了首次公開募股，並且一直是我們真正的合作夥伴、導師和朋友。他對 Sweetgreen 以及對我們每個人的影響怎麼強調都不為過。我們非常感謝他的領導，並祝福他退休生活一切順利。

We are also excited to welcome Jamie McConnell as our new Chief Financial Officer. In her short time, she's already brought a sharp focus on financial discipline, returns and efficiency. Her background and experience in high-growth, operationally disciplined businesses will be instrumental as we strengthen our operating model and position Sweetgreen for long-term success.

我們也很高興地歡迎 Jamie McConnell 擔任我們的新任財務長。雖然上任時間不長，但她已經非常注重財務紀律、回報和效率。她擁有在高速成長、營運規範的企業中的背景和經驗，這對我們加強營運模式、使 Sweetgreen 取得長期成功至關重要。

Over the years, Sweetgreen has navigated some of the toughest moments from growing through the Great Recession to leading through COVID. Through it all, I've never wavered in my belief in our vision or the impact we can make. We've proven that our brand resonates across markets and demographics and the opportunity ahead remains significant.

多年來，Sweetgreen 經歷了許多艱難時刻，從在大蕭條中發展壯大到引領對抗新冠疫情。一路走來，我從未動搖過對我們的願景以及我們所能產生的影響的信念。我們已經證明，我們的品牌能夠引起各個市場和不同人群的共鳴，未來的機會仍然巨大。

Our focus now is combining the creativity and cultural relevance that makes Sweetgreen unique with greater discipline and a continued focus on the guest.

我們現在的重點是將 Sweetgreen 獨有的創造力和文化相關性與更強的紀律和對顧客的持續關注相結合。

The Sweetgreen brand remains strong and continues to deeply resonate with our guests. We know the work we need to do to raise our execution and reignite our flywheel to drive traffic and set the stage for long-term profitable growth. We are taking the steps needed to get back on track and position Sweetgreen for long-term success.

Sweetgreen品牌依然強勁，持續深受顧客喜愛。我們知道我們需要做哪些工作來提高執行力，重新激發成長動力，從而吸引流量，並為長期獲利成長奠定基礎。我們正在採取必要措施，使公司重回正軌，並為Sweetgreen的長期成功奠定基礎。

I want to thank every Sweetgreen team member for their focus, resilience and commitment to excellence. Together we're positioning Sweetgreen to reach its full potential, all while staying true to our purpose of connecting people to real food.

我要感謝Sweetgreen團隊的每一位成員，感謝他們的專注、韌性和對卓越的追求。我們將共同努力，使 Sweetgreen 充分發揮其潛力，同時始終秉持我們連結人與真正食物的宗旨。

Now I'll turn over the call to Jamie to review our financial results in detail.

現在我將把電話交給傑米，讓他詳細回顧我們的財務表現。

Thank you, Jonathan, and good afternoon, everyone. As a long-time Sweetgreen guest, I could not be more excited to join the team. This is an important time for the brand, and I'm grateful for the trust Jonathan, the Board and the company have placed in me to help shape the next chapter.

謝謝你，喬納森，大家下午好。身為 Sweetgreen 的老顧客，我非常興奮能夠加入這個團隊。對於品牌而言，這是一個重要的時刻，我非常感謝喬納森、董事會和公司對我的信任，讓我有機會幫助塑造品牌的下一個篇章。

Over the past few weeks, I've spent time in our restaurants listening and learning from our teams. What stood out immediately was the care our people bring to the food we serve and the ingredients we source. I met Yuri, who began as a dishwasher 6 years ago and now leads her own restaurant as a head coach. Seeing how she has grown within Sweetgreen and her pride in the restaurant showed me what makes this company so special.

過去幾週，我花時間在我們的餐廳裡，傾聽和學習我們團隊的工作。最令人印象深刻的是我們員工對所提供食物和所購買食材的用心。我遇見了尤里，她6年前從洗碗工做起，現在已經是自己餐廳的主教練了。看到她在 Sweetgreen 的成長以及她對這家餐廳的自豪感，讓我明白了這家公司為何如此特別。

Since stepping into the CFO role a little over 6 weeks ago, I've been focused on gaining a clear understanding of our economic model and the levers that drive our results. It's clear there's meaningful work ahead. I've launched a full review of our restaurant level expenses and G&A structure to ensure we're operating as efficiently as possible, identifying savings, simplifying processes and investing only in what drives the business forward. Over time, this work will drive margin improvement, stronger cash flow and tighter financial discipline across the company to deliver steady, stable results. I will have more to share in future quarters.

自從六週前擔任財務長以來，我一直專注於深入了解我們的經濟模式以及推動我們業績的因素。顯然，前方還有很多意義重大的工作要做。我已經對餐廳層面的費用和一般及行政管理結構進行了全面審查，以確保我們盡可能高效地運營，找出節省開支的地方，簡化流程，並且只投資於推動業務發展的方面。隨著時間的推移，這項工作將推動公司利潤率提高、現金流增強和財務紀律更加嚴格，從而帶來穩定、持續的業績。未來幾季我將分享更多資訊。

I'll now walk you through our third quarter results.

接下來我將為大家介紹我們第三季的業績。

Third quarter sales were $172.4 million compared to $173.4 million last year, with same-store sales decline of 9.5%. Restaurant-level margin was 13.1%, down from 20.1% a year ago. Adjusted EBITDA was negative $4.4 million compared to positive $6.8 million last year. The comp decline reflects an 11.7% decrease in traffic and mix, partially offset by a 2.2% benefit from menu price increases. The comp decline reflects softer sales trends and the transition from Sweetpass+ to our new rewards program, which eliminated subscription revenue and includes a loyalty deferral.

第三季銷售額為 1.724 億美元，去年同期為 1.734 億美元，同店銷售額下降了 9.5%。餐廳層面的利潤率為 13.1%，低於一年前的 20.1%。調整後 EBITDA 為負 440 萬美元，而去年同期為正 680 萬美元。同店銷售額下降反映了客流量和產品組合下降了 11.7%，部分被菜單價格上漲帶來的 2.2% 的成長所抵消。同店銷售下降反映了銷售趨勢疲軟以及從 Sweetpass+ 過渡到我們新的獎勵計劃，該計劃取消了訂閱收入，並包括忠誠度延期支付。

Third quarter food, beverage and packaging costs were 30.7% of revenue, a 320 basis point increase year-over-year. The benefit from pricing was more than offset by higher protein costs, reflecting our investment in increased chicken and tofu portions to reinforce the value for our guests and higher ingredient usage. We expect to offset the 140 basis point portion investment through a combination of in-restaurant and supply chain initiatives with savings beginning in 2026, and fully realized in the second half of the year. The quarter also included a 50 basis point impact related to imposed tariffs and duties on our packaging and other menu items. This is a level we expect to continue in the near term.

第三季食品、飲料和包裝成本佔營收的 30.7%，年增 320 個基點。價格優勢被更高的蛋白質成本所抵消，這反映了我們為增加雞肉和豆腐的份量以增強對顧客的價值以及更高的食材使用量而進行的投資。我們預計透過餐廳內部和供應鏈措施的組合來抵消 140 個基點的投資，節省的成本將從 2026 年開始，並在今年下半年完全實現。本季也受到因包裝和其他菜單項目被徵收關稅和稅款而造成的 50 個基點的影響。我們預計這一水平將在短期內持續。

Additionally, the third quarter was impacted by a onetime 60 basis point write-off of discontinued materials.

此外，第三季也受到一次性 60 個基點的停產材料減損的影響。

Third quarter labor and related expenses were 29.1% of revenue, an increase of 170 basis points from last year. The increase was primarily driven by deleverage from lower sales volumes and higher wage rates, partially offset by menu price increases.

第三季勞動力及相關費用佔營收的 29.1%，比去年同期成長 170 個基點。此次成長主要是由於銷售量下降和工資水準上升導致的槓桿率下降，部分被菜單價格上漲所抵消。

Other operating expenses were 17.6% of revenue, an increase of 130 basis points from last year. Third quarter operating support center costs decreased $2.3 million from last year on a dollar basis. As a percent of revenue, operating support center costs improved to 14% from 15.2% last year. The decrease was primarily driven by lower bonus expense due to company performance. As a reminder, we streamlined parts of our organization during the quarter, eliminating roughly 10% of open and existing roles to drive greater focus and efficiency.

其他營運費用佔收入的 17.6%，比去年增加了 130 個基點。第三季營運支援中心成本比去年同期減少了 230 萬美元。營運支援中心成本佔收入的百分比從去年的 15.2% 改善至 14%。下降的主要原因是公司業績改善導致獎金支出減少。再次提醒大家，本季度我們對組織架構進行了精簡，取消了大約 10% 的現有和空缺職位，以提高專注度和效率。

Third quarter net loss was $36.1 million compared to a net loss of $20.8 million last year. The higher net loss primarily reflects a $12.4 million decrease in restaurant level profit and increased impairment charges, driven by a $4.3 million impairment charge for 4 underperforming restaurants. This was partially offset by lower stock-based compensation as IPO-related grants continue to roll off.

第三季淨虧損為 3,610 萬美元，去年同期淨虧損為 2,080 萬美元。淨虧損增加主要反映了餐廳層級利潤減少 1,240 萬美元以及減損費用增加，其中 4 家業績不佳的餐廳產生了 430 萬美元的減損費用。由於IPO相關的股權激勵逐漸到期，股票選擇權激勵減少，部分抵消了上述影響。

Adjusted EBITDA was a loss of $4.4 million compared to positive $6.8 million last year. The decline was primarily driven by lower restaurant level profit. During the quarter, we opened 8 restaurants, 6 of which were Infinite Kitchen. We closed 2 restaurants during the quarter, Bleecker and Astor Place for a third quarter net [interim] count of 6, and we ended the quarter with 266 restaurants.

調整後的 EBITDA 虧損 440 萬美元，而去年同期獲利 680 萬美元。下滑的主因是餐廳層面的利潤下降。本季我們開設了 8 家餐廳，其中 6 家是 Infinite Kitchen。本季我們關閉了 2 家餐廳，分別是 Bleecker 和 Astor Place，因此第三季淨（中期）餐廳數量為 6 家，本季末我們共有 266 家餐廳。

We ended the quarter with a cash balance of $130 million. As you heard earlier from Jonathan and read in our release this afternoon, the strategic sale of Spyce to Wonder marks an exciting milestone for Sweetgreen. From a financial standpoint, this transaction reflects a disciplined capital decision that both strengthens our liquidity position and enhances our path to profitability. The sale is expected to infuse our balance sheet with approximately $100 million in cash upon closing. We expect the Spyce sale to close in either the fourth quarter of 2025 or early in the first quarter of 2026.

本季末，我們的現金餘額為 1.3 億美元。正如您之前從 Jonathan 那裡聽到的，以及今天下午在我們發布的新聞稿中讀到的，Spyce 被戰略性地出售給 Wonder 標誌著 Sweetgreen 的一個激動人心的里程碑。從財務角度來看，這項交易體現了審慎的資本決策，既增強了我們的流動性，也提高了我們獲利的途徑。預計此次出售將在交易完成後為我們的資產負債表注入約 1 億美元的現金。我們預計 Spyce 的出售將在 2025 年第四季或 2026 年第一季初完成。

We also expect to realize approximately $8 million in annualized G&A savings as the Spyce team transitions to Wonder. Together, these actions are being taken to create meaningful leverage in our model and reinforce our focus on balancing growth with disciplined cost management.

隨著 Spyce 團隊過渡到 Wonder，我們預計每年可節省約 800 萬美元的 G&A 費用。我們採取這些措施是為了在我們的模式中創造有意義的槓桿作用，並加強我們對平衡成長與嚴格成本管理的關注。

Through our ongoing collaboration with Wonder, we have found a way to continue to benefit from the long-term success of the platform while keeping our focus on expanding and enhancing the Sweetgreen experience.

透過與 Wonder 的持續合作，我們找到了一種方法，既能繼續從該平台的長期成功中受益，又能專注於擴展和增強 Sweetgreen 的體驗。

Now turning to guidance. We are updating 2025 guidance to the following: 37 net new restaurant openings, revenue ranging from $682 million to $688 million, negative same-store sales of 8.5% to 7.7%, restaurant level margin of 14.5% to 15%, and adjusted EBITDA between negative $13 million and negative $10 million.

現在進入指導環節。我們將 2025 年業績指引更新如下：淨新增餐廳 37 家，營收在 6.82 億美元至 6.88 億美元之間，同店銷售額下降 8.5% 至 7.7%，餐廳利潤率為 14.5% 至 15%，調整後 EBITDA 在 -1300 萬美元至 -1000 萬美元之間。

As Jon said, we plan to slow new unit growth next year to approximately 15 to 20 net new restaurants with about half featuring the Infinite Kitchen. We'll continue to evaluate opportunities to increase development as operating cash flow improves.

正如 Jon 所說，我們計劃明年放緩新店增長速度，淨增餐廳數量約為 15 至 20 家，其中約一半將配備無限廚房。隨著營運現金流的改善，我們將繼續評估增加開發的機會。

To close, I came to Sweetgreen because I believe in what we're building and the impact this brand can have. I'm incredibly passionate about our mission and confident in the opportunity ahead.

最後，我加入 Sweetgreen 是因為我相信我們正在打造的事業以及這個品牌所能產生的影響。我對我們的使命充滿熱情，並對未來的機會充滿信心。

And now I will turn the call over to the operator to begin Q&A. Operator?

現在我將把電話交給接線員，開始問答環節。操作員？

(Operator Instructions) Brian Mullan, Piper Sandler.

（操作說明）布萊恩·穆蘭，派珀·桑德勒。

In the prepared remarks, you mentioned starting to evaluate Sweetgreen's menu and pricing architecture. I think you said in Q4 and into Q1. So Jonathan, can you just give a sense of the scope of what you're looking at, what you're hoping to accomplish? Maybe you could characterize how difficult you think this will or won't be? And I ask because I know absolute price points, it's only one part of the value equation, but it's an important one.

在準備好的演講稿中，您提到開始評估 Sweetgreen 的菜單和定價體系。我想你說過是在第四季到第一季這段時間。喬納森，你能否簡要介紹你正在關注的範圍，以及你希望實現的目標？或許您可以描述一下您認為這件事有多難或多容易？我這麼問是因為我知道絕對價格只是價值等式的一部分，但卻是很重要的一部分。

So I would just love to get your thoughts on what you think needs to be done.

所以我很想聽聽你們的意見，你們覺得應該做些什麼。

Absolutely. Thank you, Brian. So yes, we're looking at menu and pricing architecture, as we mentioned. And I think there's a few ways that we're considering it. First is our pricing ladders and menu -- and new entry points.

絕對地。謝謝你，布萊恩。是的，正如我們之前提到的，我們正在研究菜單和定價架構。我認為我們正在考慮幾種方法。首先是我們的價格體系和菜單——以及新的切入點。

As you know, in the quarter, we tested a few things around $13 bull drops, we saw -- really to understand the price elasticity, we saw a lot of engagement around it. But given the fact that it was mostly marketed to existing customers, a relative high degree of cannibalization, but it did show us that there is a real opportunity around more entry price points around our menu.

如您所知，本季度我們測試了一些關於 13 美元牛市下跌的情況，我們發現——為了真正了解價格彈性，我們看到了很多相關的參與。但考慮到它主要面向現有客戶進行行銷，因此存在相對較高的市場蠶食現象，但這確實向我們展示了在我們的菜單中增加更多入門級價格點方面存在真正的機會。

As we look at menu innovation, we also see opportunities to create different price points and again, entry ways into the brand. We've also looked at how we present menu price points on our menu boards, again, to really show the different pricing options we have.

在審視菜單創新時，我們也看到了創造不同價格點的機會，以及再次創造進入該品牌的途徑的機會。我們還研究瞭如何在菜單板上呈現菜單價格，以便真正展示我們提供的不同定價選項。

Lastly, I'll just follow up on the things that I talked about in the prepared remarks. We can do a much better job of talking about the value we provide, whether it be made from scratch or our proteins cooked without seed oils or all of our proteins being -- having no antibiotics ever, there's a much better job we can do around really delivering on the value message that we are offering.

最後，我再補充一下我在準備好的演講稿中提到的一些內容。我們可以更好地宣傳我們提供的價值，無論是從零開始製作，還是我們的蛋白質不使用植物油烹製，或者我們所有的蛋白質都不含抗生素，我們都可以做得更好，真正兌現我們提供的價值資訊。

Lastly, we have increased our protein portions by about 25%. And we've been relatively quiet on that. But starting next week, we have a big campaign around the increased portioning around protein. And with all the craze around protein, we think that will also do well.

最後，我們將蛋白質的攝取量增加了約 25%。我們對此一直保持相對沉默。但從下週開始，我們將進行一項關於增加蛋白質攝取量的大型宣傳活動。鑑於目前人們對蛋白質的追捧，我們認為這款產品也會大受歡迎。

So I'll close with on this is a lot of the pricing work is going into stage gate in the coming months, and we do think that there's going to be a lot of opportunity around these different pricing tiers.

最後我想說的是，未來幾個月，許多定價工作都將進入階段性階段，我們認為圍繞這些不同的定價層級將會有很多機會。

Jon Tower, Citi.

Jon Tower，花旗銀行。

I guess maybe I'm just looking at the guidance for the balance of the year or the implied guidance for the balance of the year, and it's effectively suggesting the fourth quarter is taking a step down. I don't think that's really too much of a surprise to people on the line. But I'm just curious if you could kind of walk through what you're seeing in the current environment? And specifically, I would think given where your stores are located in the Northeast and what's going on with the government shutdown, if you've seen anything worsen in the most recent months with respect to consumer demand? And frankly, how it's showing up in your business?

我猜我可能只是在看今年剩餘時間的業績指引，或者說是對今年剩餘時間的隱含指引，而這實際上表明第四季度業績將會下滑。我覺得這對第一線員工來說並不算太意外。但我很好奇，您能否大致描述一下您在當前環境中看到的情況？具體來說，考慮到您的門市位於東北部，以及政府停擺的情況，我想問一下，最近幾個月消費者需求方面是否有任何惡化的跡象？坦白說，它對你的業務有何影響？

Are you seeing it specifically during certain parts of the week? Are lunch or dinner getting hit more so than other dayparts and how people are spending at your stores relative to the past?

你是否只在每週的特定時間看到這種情況？午餐或晚餐時段是否比其他時段受到的影響更大？與過去相比，人們在貴店的消費情況如何？

Jon, yes, you're right, we are seeing a step down. So in July, we saw a slight pickup from Q2, and that was due to the seasonal menu rolling out. However, in August, we saw a step down of about 200 basis points, and then we saw another step down in September of about 200 basis points. October is holding flat to September. So we're running at low negative double digits right now.

喬恩，是的，你說得對，我們確實看到了下滑。因此，7 月我們看到業績比第二季略有回升，這是因為季節性菜單的推出。然而，8 月我們看到利率下降了約 200 個基點，9 月又下降了約 200 個基點。10月份的成長率與9月份持平。所以我們現在的降幅在負兩位數左右。

I will tell you, you're absolutely right about the consumer. So the 25 to 35 consumer is the most under pressure, and they make up about 30% of our consumer base, and they're down about 15%. And then our Northeast and L.A. markets make up about 60% of our base and the comp -- and they're making up about 800 basis points of negative comp compared to the rest of the fleet. So we're definitely seeing that impact.

我必須說，你對消費者的看法完全正確。因此，25 至 35 歲的消費者面臨的壓力最大，他們約占我們消費者群體的 30%，而他們的消費量下降了約 15%。然後，我們的東北和洛杉磯市場約占我們基礎和競爭的 60%——與機隊其他部分相比，它們的競爭比為負約 800 個基點。所以，我們確實看到了這種影響。

And then we are seeing some declines in dinner.

然後我們看到晚餐的銷量下降。

Okay. And maybe just in terms of the Infinite Kitchen agreement that you guys made today, can you just walk us through how that's going to impact you going forward? Obviously, it sounds like in a license agreement, but will there be any incremental costs that you'll have to pay going forward like a royalty for the technology into the future?

好的。或許就你們今天達成的 Infinite Kitchen 協議而言，你們能否簡要介紹一下該協議將如何影響你們未來的發展？顯然，這聽起來像是授權協議，但未來是否還需要支付任何額外的費用，例如未來的技術使用費？

Yes, Jon, I'll take that. So we think that this strategic agreement with Wonder is really a win-win-win for the business. Not only do we infuse the company with about $100 million in cash and another $86 million in Wonder stock, we also reduced our G&A by about $8 million and allow us to focus more of our time and resources on the customer and really on the food and the experience. Beyond that, around IK going forward, it will continue to be a huge part of our business. Like we said, it's continuing to scale in many of our new stores, and we're pleased with the results.

是的，喬恩，我接受。因此，我們認為與 Wonder 達成的這項策略協議對公司而言真的是三贏的局面。我們不僅向公司注入了約 1 億美元的現金和價值 8,600 萬美元的 Wonder 股票，還減少了約 800 萬美元的一般及行政費用，使我們能夠將更多的時間和資源集中在客戶身上，真正專注於食品和體驗。除此之外，展望未來，IK 仍將是我們業務的重要組成部分。正如我們所說，它在我們許多新店中不斷擴大規模，我們對結果感到滿意。

And we've formed a really favorable agreement with Wonder, where we're able to have the units at about -- around cost plus 5% and then maintain the current cost around delivery, install and service. So it's just a huge win for us and able to still use that technology as we continue to scale, but at pretty much the same cost that we've had so far without the financial burden that it was causing.

我們與 Wonder 達成了一項非常有利的協議，我們可以以成本價加 5% 左右的價格獲得設備，並保持目前的交付、安裝和服務成本。所以這對我們來說是一次巨大的勝利，我們能夠在繼續擴大規模的同時繼續使用這項技術，而且成本幾乎與我們迄今為止的成本相同，卻沒有造成先前的經濟負擔。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Just first, one quick bookkeeping. On the 15 to 20 net openings for 2026, what's contemplated the number of closures for next year? And then my real question is it's good to hear the handheld is making a reappearance after you first talked about around a year ago. What were the key unlocks in the operational side to get it to the market test where I know you're going to figure out more on the operations side, but what were the key unlocks you did in this planning phase to get it to the market test?

首先，快速記一下帳。預計 2026 年將淨增加 15 至 20 家門市，那麼明年預計關閉多少家店呢？那麼我真正的問題是，很高興聽到掌上電腦在您大約一年前首次談到它之後再次出現。在營運方面，為了使其能夠進行市場測試，你們取得了哪些關鍵進展？我知道你們會在營運方面做出更多努力，但在規劃階段，你們取得了哪些關鍵進展，使其能夠進行市場測試？

I'll start with the net 15 store openings. So we've identified 2 that are going to close, and then we're also looking at lease expirations and being really diligent on if we should renew those leases. So we still expect about net 15. We've identified 2, but net 15 is our number.

我先從即將開業的15家門市說起。所以我們已經確定了 2 家即將關閉的店鋪，然後我們也在關注租約到期的情況，並認真考慮是否應該續簽這些租約。所以我們仍然預計淨額約為15天。我們已經確定了 2 個，但淨目標是 15 個。

And on the unlocks, I think we're -- we've tested this with consumers. We know we have a really, really killer product. The point of the market test is to make sure that we can operationalize it and really understand any impacts to throughput. So it's a bit early to talk about it, but we've run some internal testing and are very confident that we can come up with something that is accretive and incremental to the business, unlock new dayparts and really be a big acquisition driver for us. So it's something that we've known for a while.

至於解鎖功能，我認為我們已經對消費者進行了測試。我們知道我們擁有一款非常非常棒的產品。市場測試的目的是確保我們能夠將其付諸實施，並真正了解對吞吐量的任何影響。現在談論這個還為時過早，但我們已經進行了一些內部測試，並且非常有信心，我們可以找到一些能夠為業務帶來增長和提升、解鎖新的時段並真正成為我們重要的客戶獲取驅動因素的東西。所以，這是我們早就知道的事情。

Jason, our COO and team are very confident that this is something that we can operationalize.

我們的營運長 Jason 和團隊都非常有信心，我們可以將這件事付諸實行。

But as I mentioned in the prepared remarks, the stage-gate process is really critical to getting this right, and that's why we are not rushing this out. We want to make sure both the product, offering and the menu assortment is right, the pricing is right, and most importantly, that we can operationalize this.

但正如我在準備好的演講稿中提到的，階段評審流程對於確保專案順利進行至關重要，因此我們不會倉促推出。我們希望確保產品、供應和菜單種類都合適，定價也合適，最重要的是，我們能夠實現這一切。

Rahul Kro, JPMorgan.

Rahul Kro，摩根大通。

Firstly, kudos on making the changes to the protein portion increases, Jonathan, they're quite visible and consistently hitting the 100-gram scope. Happy to see that being executed well.

首先，喬納森，你對蛋白質攝取量的增加做出了調整，值得稱讚，這些調整非常明顯，並且一直保持在 100 克左右。很高興看到執行得很順利。

The question is on the net cash proceeds after any tax components associated with the Spyce sale. Given the cost basis and factoring in stock in the initial purchase price of Spyce, can you give us a detail on the actual cash that would be realized on the balance sheet? And also, like does it impact the future IK mix given the hurdle rate, given the cost plus 5% comment you made, Jonathan? Any color on that would be great.

問題在於扣除與 Spyce 出售相關的任何稅項後，淨現金收益是多少。考慮到 Spyce 的成本基礎以及將庫存計入初始購買價格，您能否詳細說明資產負債表上實際實現的現金金額？還有，考慮到門檻收益率以及你提到的成本加成 5% 的情況，這是否會對未來的 IK 組合產生影響，喬納森？任何顏色都行。

I'll take the second part of the question, and I'll let Jamie take the first. So in terms of the actual cost, I think it's actually a huge benefit to us because today, at our scale, there's only so many -- so much economies of scale we can achieve with the machine at a cost-plus model at just a very small 5%, which would be about $25,000 on the cost of the machine, we benefit from the economies of scale as they begin to scale production and also have access to future technologies. So we actually think this will help us bring the unit cost down, have them invest more in the R&D and innovation of potentially cheaper and more effective automation units. And so overall, a win-win in that scenario.

我來回答問題的第二部分，第一部分讓傑米回答。所以就實際成本而言，我認為這對我們來說實際上是一個巨大的優勢，因為就我們目前的規模而言，採用成本加成模式，我們能從這台機器中獲得的規模經濟效益非常有限，即使成本只增加很小的 5%（大約是機器成本的 25,000 美元），我們也能從規模經濟中受益，因為他們開始擴大未來規模的技術。因此，我們認為這實際上將有助於降低單位成本，讓他們在研發和創新方面投入更多資金，以開發更便宜、更有效的自動化設備。所以總的來說，在這種情況下，這是一個雙贏的局面。

And then following up on the cash, we're still going through the tax analysis and the valuation. So I don't expect it to be a material amount of tax that we are going to pay. And then we're still going through the tax and legal fees, et cetera, but I don't expect any of them to be material.

接下來，關於現金部分，我們仍在進行稅務分析和估值。所以我預計我們不會繳納數額龐大的稅金。然後我們還要處理稅費、法律費用等等，但我預計這些費用不會很大。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Jamie, I just -- I guess, one confirmation or clarification and then a question. I think you said that dinner is where you're seeing some softness. So I guess, does that mean sort of disproportionate? Some of what I've seen is that your lunch has actually been more vulnerable just because it's something where people can kind of pack and bring from home. So I wanted to understand the daypart impact, if you kind of control for sort of suburban or urban mix.

Jamie，我只是－我想，先確認或澄清一下，然後再問一個問題。我想你說過，晚餐時你會感受到一些柔和的一面。所以，我猜，這是否意味著某種程度上的不成比例？我看到的一些情況是，午餐實際上更容易受到攻擊，因為人們可以自己打包從家裡帶來午餐。所以我想了解時段的影響，如果控制郊區或城市混合的情況的話。

Yes. Sara, we actually are not seeing a slowdown in our lunch quarter-over-quarter. We're actually seeing a slight decrease. So really, it's the dinner time that we're seeing that decrease.

是的。薩拉，實際上我們並沒有看到午餐業務環比放緩。實際上我們看到的是稍微下降。所以實際上，我們看到減少的是晚餐時間。

Okay. And then the question was on just -- again, on the sort of sale. What, I guess, is the impetus to doing that now? I mean, other than perhaps your cash position? I guess I asked because, Jon, to your point about being kind of subscale.

好的。然後問題又回到了——還是關於這種銷售方式。我想，現在採取這種行動的動力是什麼呢？我的意思是，除了你的現金狀況之外？我之所以這麼問，Jon，是因為你提到了規模有點小的問題。

My sense is that a lot of restaurants generally will outsource technology unless they're really big. And so I just wanted to understand kind of the thought process of developing tech in-house versus maybe just going forward, just deciding to just to the outsourcing approach.

我的感覺是，除非規模非常大，否則許多餐廳通常都會將技術外包。因此，我只是想了解自主研發技術與直接採用外包方式之間的想法。

Yes, absolutely. So when we bought Spyce originally, there was no automation platform that we could have bought from there. And so we took what was a nascent idea, really a prototype in a couple of stores. We perfected it for Sweetgreen. We've commercialized it.

是的，絕對的。所以，當我們最初收購 Spyce 時，我們並沒有可以從那裡購買任何自動化平台。於是，我們把一個尚處於萌芽階段的想法，實際上只是在幾家商店裡做的原型，發展成了現在的樣子。我們為Sweetgreen公司對其進行了完善。我們已經將其商業化了。

We've gotten the manufacturing set up, and we've now scaled it. And it's now in this year, over half of the new NROs, again next year. And we're really at that point where us fully owning it is not needed as long as we have a level of control and license around the technology, and now we can benefit from the economies of scale and future innovation under Wonder. So it not only provides cash and lowers our G&A in this critical moment, it allows us to focus on our business. And we believe over time, it will actually bring the unit cost of the technology down so we can put it in more and more restaurants.

我們已經完成了生產製造，現在也擴大了生產規模。而今年，超過一半的新 NRO 都出現了這種情況，明年預計也是如此。我們現在真的到了這樣一個階段：只要我們對這項技術有一定程度的控制權和許可，就不需要完全擁有它了。現在，我們可以從 Wonder 的規模經濟和未來的創新中受益。因此，它不僅在這個關鍵時刻提供了現金並降低了我們的管理費用，還使我們能夠專注於我們的業務。我們相信，隨著時間的推移，這項技術的單位成本將會降低，這樣我們就可以將其應用到越來越多的餐廳中。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場。

I just had one on the unit growth guidance for next year and the pipeline. Obviously, pulling back a little bit on unit development here. But I guess like the question is, is there any potential for that number to creep a little bit higher in a scenario where same-store sales gets back to growth and you guys feel comfortable about the operations. Curious if there's any flexibility in the pipeline to maybe scale that number up a little bit higher for next year.

我剛剛收到一份關於明年單位成長預期和產品線狀況的報告。顯然，這裡在單元開發方面要稍微縮減一些。但我想問的是，如果同店銷售額恢復成長，並且你們對營運感到滿意，那麼這個數字是否有可能略微上升一些？想知道明年是否有任何彈性，可以將這個數字稍微提高一些。

Yes, absolutely, there is. The decision was made, one, from a financial discipline perspective, but also a focus perspective as we really focus on menu innovation and store experience in order to inflect our transaction comp. We do have a very robust pipeline over the next couple of years, and we made the strategic decision to kind of cherry pick the best approximately 20 restaurants, but do have some flexibility depending on how things go to accelerate, and we are planning a reacceleration into 2027, not all the way to the 15% unit growth, but do expect some reasonable step-up from the 20-ish stores in '26 into '27. So if we are able to inflect comp and feel really good about our overall operations and how we're delivering on the experience, we do have the potential to slightly increase next year's unit count.

是的，絕對有。做出這個決定，一方面是出於財務紀律的考慮，另一方面也是出於專注的考慮，因為我們真正專注於菜單創新和門市體驗，以影響我們的交易比較。未來幾年，我們的發展計畫非常穩健，我們做出了戰略決策，精心挑選了大約 20 家最好的餐廳，但也會根據情況靈活調整以加快發展速度。我們計劃在 2027 年再次加速發展，雖然不會達到 15% 的門市成長率，但預計 2026 年的 20 家左右的門市數量到 2027 年會有合理的成長。因此，如果我們能夠調整競爭格局，並且對我們的整體營運以及我們提供的體驗感到非常滿意，那麼我們確實有可能在明年略微增加銷售量。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

This is Kelly Merrill on for Brian. I'm just curious, can we get an update on loyalty and where that stands today? I think on the last call, you noted it as an uplift to the beginning of Q3. So just wondering if that's sustained throughout the quarter or if you're seeing anything different now?

這裡是凱莉·梅里爾，替布萊恩報道。我只是好奇，能否提供一下會員忠誠度方面的最新情況以及目前的進展？我認為在上次電話會議上，您提到這是對第三季初的提振。所以我想知道這種情況是否持續整個季度，還是現在出現了不同的情況？

Yes. We've been generally pleased with loyalty. Now we just hit our 6-month mark. We are seeing continued activations at almost 20,000 per week in terms of new customers, and we have seen some frequency increases of those loyalty members. We are right now in the process of really perfecting the different customer journeys and how we can get them to be more personalized and really understanding the different promo levers.

是的。整體而言，我們對員工忠誠度感到滿意。現在我們剛好滿六個月了。我們看到每週新增客戶數量持續接近 20,000 人，而且我們也看到一些忠誠會員的消費頻率增加。我們目前正在努力完善不同的客戶旅程，以及如何讓這些旅程更加個人化，並真正了解不同的促銷手段。

One of the things you will see us do, especially in this -- in this kind of cost-conscious environment for consumers is lean a bit more on certain kind of breakthrough promos to drive acquisitions. So you'll see us trying and testing a bunch more things with a lot of discipline, making sure that it can be accretive. But still, I'd say, very early stages of the loyalty program. And over the next 6 months, we expect that to be more of a comp driver for us, especially as some of the overhang from the Sweetpass+ starts to fall off. And then again, it's really about how we leverage that data.

你會發現，尤其是在這種消費者註重成本的環境下，我們會更依賴某些突破性的促銷活動來推動客戶獲取。所以你會看到我們以高度的嚴謹態度嘗試和測試更多的事情，確保它們能夠帶來成長。但我仍然認為，該會員計畫還處於非常早期的階段。在接下來的 6 個月裡，我們預計這將對我們產生更大的競爭驅動作用，尤其是隨著 Sweetpass+ 的一些延遲效應開始消退。再說，關鍵在於我們如何利用這些數據。

Very excited about Zipporah, we call Zip being here, and her expertise in loyalty and CRM. And again, we see a lot of opportunity to kind of leverage that digital flywheel.

我們非常高興 Zipporah（我們稱她為 Zip）能加入我們，她擁有忠誠度和客戶關係管理的專業知識。我們再次看到了許多利用這種數位化飛輪效應的機會。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

This is Anisha on for Jeff. With only 1 quarter remaining in the year, restaurant level margins were cut significantly. Can you break down what's driving that, if it's labor deleverage, commodity inflation or other factors?

這裡是阿尼莎替傑夫報道。由於今年只剩下最後一個季度，餐廳層面的利潤率大幅下降。你能分析一下造成這種情況的原因嗎？是勞動市場去槓桿化、大宗商品通膨還是其他因素？

Yes. So you're right. It's about half of sales deleverage. And then the next biggest piece is the protein increase. So we have about 140 bps in protein related to the increased portions of chicken and tofu.

是的。你說得對。這大約是銷售槓桿效應的一半。其次，蛋白質攝取量的增加也是最重要的一部分。因此，由於雞肉和豆腐的攝取量增加，蛋白質含量增加了約 140 個鹼基對。

Those we plan to offset with supply chain initiatives and restaurant initiatives. And then we have tariffs, which we expect to hold at about 50 bps.

我們計劃透過供應鏈措施和餐飲措施來抵銷這些損失。然後是關稅，我們預計關稅將維持在 50 個基點左右。

Teddy Farley, Goldman Sachs.

泰迪法利，高盛集團。

One more on the loyalty program for me. Is the pricing and menu architecture review inclusive of a review of the rewards redemption stack for SG Rewards, just kind of making sure that you're competitive versus peers with value, not only on the core menu, but also with regards to the point redemption opportunities?

我還要再補充一點關於會員計劃的資訊。定價和菜單架構審查是否包括對 SG Rewards 獎勵兌換系統的審查，以確保您在價值方面不僅在核心菜單上，而且在積分兌換機會方面都與同行具有競爭力？

Yes, absolutely. It's a really good point. We've gone in with relatively modest programmatic benefits. So it gives us a lot of opportunity to move up and also leverage more on the personalized offers in CRM. So we are evaluating all of it, including the potential for tiers and other benefits for members.

是的，絕對的。這確實是一個很好的觀點。我們一開始就只獲得了相對有限的程序化效益。因此，這給了我們許多晉升的機會，也可以更多地利用 CRM 中的個人化優惠。因此，我們正在評估所有因素，包括會員等級制度和其他會員福利的可能性。

So the loyalty program will be a huge lever for us.

所以，會員忠誠度計畫對我們來說將是一個巨大的槓桿。

The one thing I will add on loyalty, which it was in the prepared remarks, but we recently rolled out the ability to Scan to Pay. And the good thing about that is we're now able -- you're now able to very seamlessly use loyalty in-store. So we're capturing more -- since we've done that, we are seeing a step-up of customers using loyalty in restaurants. It also helps us from a throughput perspective. So a lot more improvements coming on that side.

關於忠誠度，我還要補充一點，雖然我在準備好的演講稿中已經提到了，但我們最近推出了掃碼支付功能。這樣做的好處是，我們現在能夠——您現在可以非常輕鬆地在店內使用會員積分。因此，我們獲得的資訊更多了——自從我們這樣做以來，我們看到越來越多的顧客在餐廳使用會員服務。從吞吐量的角度來看，這也有助於我們提高效率。所以這方面還會有更多改進。

And generally, in our digital experience, we have a lot of exciting things planned over the next 6 to 12 months to continue to drive that digital flywheel.

總的來說，在我們的數位體驗方面，我們計劃在未來 6 到 12 個月內推出許多令人興奮的舉措，以繼續推動數位化飛輪的發展。

With no further questions, that concludes our Q&A session and today's conference call. We thank you for your participation. You may now disconnect.

大家沒有其他問題了，問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。