Shake Shack Conference Call Summary Company Overview - Shake Shack operates over 400 domestic locations and more than 230 international locations, positioning itself as a modern roadside burger stand with significant growth potential driven by global unit development, digital innovation, and menu enhancements [1][3] Key Points Top Line Performance - Shake Shack reported strong performance in 2025 and a robust start in 2026, with resilience noted despite challenging weather conditions [3] - Operational improvements are cited as the foundational driver of sales growth, emphasizing the importance of efficient operations in enhancing customer experience and lifetime value [4][8] Operational Improvements - The company has focused on enhancing operational capabilities, which has positively impacted margins and sales growth [3][4] - Specific improvements include better packaging and ingredient quality, as well as increased cook times for fries to reduce customer complaints from 30% to less than 10% [6][7] Marketing Strategy - Shake Shack is shifting its marketing approach to include top-of-funnel media, moving away from solely low-funnel conversion tactics [9] - The "one-three-five" promotion in the app has driven a 50% increase in app traffic and a 900 basis points increase in customer frequency since its launch [10][11] Menu Innovation - Shake Shack has a history of culinary innovation and plans to continue launching limited-time offers (LTOs) and new menu items, with a focus on big protein and sandwich innovations [14][16] - The company aims to balance premium product offerings to encourage customers to trade up, thereby improving the overall value equation [19][20] Pricing Strategy - The company has maintained a disciplined pricing strategy, with net pricing increases of only 3% last year, despite significant beef inflation [21] - Future pricing strategies aim for a target of around 2% net pricing increase, focusing on maintaining value while driving traffic [24][25] Development Opportunities - Shake Shack has ambitious plans for expansion, targeting 1,500+ locations, with confidence in its ability to succeed in diverse markets [58][63] - The company is developing multiple restaurant formats to optimize real estate opportunities and improve operational efficiency [59][60] Macro Environment - Shake Shack has shown resilience in a challenging macroeconomic environment, with a focus on diversifying its footprint beyond high-income areas [37][39] - The company believes it can create value in lower-income markets by emphasizing quality and customer experience [40][41] Margin Management - The company has achieved margin growth through labor efficiency and improved procurement strategies, including competitive sourcing of ingredients [71][72] - Future initiatives will focus on enhancing distribution and logistics to further drive down costs [74] Leadership and Future Outlook - Shake Shack is in the process of hiring a new CFO to complete its executive team, aiming for a candidate with relevant experience in public companies and the restaurant industry [76] Additional Insights - Shake Shack's marketing investments are closely tied to revenue growth, with a focus on ensuring that every dollar spent delivers a return [29][30] - The company is committed to maintaining high-quality standards while managing costs, ensuring that any new suppliers meet their quality thresholds [72] This summary encapsulates the key insights from Shake Shack's conference call, highlighting the company's operational strategies, marketing initiatives, and growth outlook in a competitive landscape.

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached an all-time high of $1.8 billion, increasing by 10% compared to the previous year [8][19] - Overall comparable sales grew by 8%, with Aerie up 23% and American Eagle up 2% [19][20] - Adjusted operating income was $180 million, up 27% from $142 million last year, with an adjusted operating margin of 10.2%, increasing from 8.9% [8][22] - Full year 2025 annual revenue reached a record $5.5 billion, up 3% from last year, with adjusted operating income of $328 million [9] Business Line Data and Key Metrics Changes - Aerie experienced a remarkable 23% comparable sales growth, driven by strong demand across categories including intimates and activewear [7][12] - American Eagle's comparable sales grew by 2%, with positive results in men's and women's tops, and jeans [16][17] - OFFLINE brand also showed significant growth, particularly in active bottoms and sports bras, indicating strong customer engagement [14][15] Market Data and Key Metrics Changes - Customer acquisition increased in double digits, with brand awareness rising by 12% year-over-year for Aerie [7][15] - The company reported robust demand across various categories and channels, indicating a strong market position [7][19] Company Strategy and Development Direction - The company is focused on driving enduring profitable growth and strong cash flow for shareholders, with a commitment to operational improvements and strategic marketing initiatives [5][9] - A decision was made to exit Quiet Logistics to concentrate on core brands, enhancing logistics functions and regional distribution capabilities [10][19] - The company plans to open 35-40 new Aerie and OFFLINE stores while closing 25-30 lower productivity American Eagle stores [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to build on positive sales trends as they enter 2026 [10][24] - The first quarter of 2026 is off to a good start, with positive comparable sales across brands, particularly at Aerie and OFFLINE [24][26] - Management acknowledged challenges from tariffs but indicated that operational efficiencies and cost management would help mitigate these impacts [20][24] Other Important Information - The company ended 2025 with nearly $240 million in cash and no debt, maintaining a strong financial position [9][22] - Capital expenditures for 2025 totaled over $260 million, with expectations for similar levels in 2026 [23][24] Q&A Session Summary Question: Can you talk about gross margin expectations and markdowns? - Management expects gross margin in the mid-to-high 30% range for Q1, with potential expansion in the second half of the year [30][31] - Higher markdowns were noted in the American Eagle brand, particularly in jeans, while Aerie managed to reduce promotions [32][33] Question: How are you thinking about store openings this year? - The company plans 35-40 openings for Aerie and OFFLINE, while closing 25-30 lower productivity American Eagle stores [40][41] Question: Can you provide an update on the Middle East business? - The Middle East operations are experiencing some disruption, but stores are mostly open, with minimal EBITDA impact expected [42][43] Question: What is the impact of Quiet Logistics on EBITDA? - The exit from Quiet Logistics is expected to provide annual savings of about $20 million, with some benefits anticipated in 2026 [43][44] Question: How do you see the intimate business performance evolving? - The intimates category is expected to grow, leveraging new products and bundling strategies to attract customers [67]

Summary of FIGS (NYSE:FIGS) FY Conference Call - March 04, 2026 Company Overview - FIGS is a digitally native company specializing in medical scrubs, selling products globally through its website and an emerging retail footprint [14][13] - The company aims to create premium, functional, and comfortable products for healthcare professionals, disrupting a long-standing industry [14][13] Industry Insights - The medical apparel industry is large, mandated, and replenishment-driven, with 140 million healthcare professionals globally [14] - FIGS has 2.9 million active customers, indicating significant growth potential in a market that lacks strong branding [14] Financial Performance - Q4 2025 revenue growth was reported at 33%, attributed to product innovation, effective marketing, and industry normalization [17][21] - Active customer base grew by 9%, with improvements in average order value and orders per customer contributing to revenue growth [44] Product Innovation - FIGS is known for its proprietary FIONx fabric, which is durable and comfortable, and has recently launched FORMx for more intense environments [23][24] - The company has expanded its product line beyond scrubs to include medical-grade compression socks and other accessories, driving broad-based growth [26][27] Marketing Strategy - FIGS has focused on top-of-funnel storytelling and viral marketing campaigns, significantly increasing brand engagement and customer acquisition [18][20] - The company outfitted Team USA's medical team for the 2024 Olympics, enhancing brand visibility [19] Global Expansion - FIGS operates in 59 countries, with a focus on Canada, Mexico, the U.K., and Australia for deeper market penetration [29][30] - International sales grew by 55% in the quarter, with plans to enter 20 additional markets in 2026 [32] Retail Presence - FIGS has transitioned to an omni-channel model with five Community Hubs and plans to open four more, enhancing customer experience and engagement [34][38] - Over 40% of customers in stores are new to the brand, indicating successful customer acquisition strategies [38] B2B Opportunities - The "teams business" is a growing segment, currently less than 10% of total sales, with potential for significant growth as healthcare institutions seek to standardize and brand their teams [39][42] - The concierge medicine market is projected to grow from $15 billion to $30 billion over the next decade, positioning FIGS favorably [43] Financial Outlook - The company anticipates a modest increase in gross margins despite tariff pressures, with a guidance for adjusted EBITDA margin expansion to 12.7%-12.9% in 2026 [52] - FIGS has a strong balance sheet with $300 million in cash and no debt, allowing for continued investment in growth and a share buyback program [54][55] Key Risks and Considerations - Tariff impacts are expected to pressure margins by 400 basis points, but FIGS has strategies in place to mitigate these effects [45][48] - The company is focused on leveraging operational efficiencies and marketing investments to sustain growth and profitability [50][51]

Core Insights - Papa Johns experienced a 5% decrease in comparable sales in North America for Q4 2025, marking its seventh quarter of negative sales growth in the last eight quarters, attributed to prolonged macroeconomic sluggishness and changes in the post-pandemic quick-service restaurant (QSR) sector [1] Group 1: Marketing Strategy - The company has prioritized sharpening and amplifying its marketing message as part of its transformation efforts [2] - Papa Johns has reestablished marketing co-ops across 50 U.S. markets, allowing franchisees to pool resources for more effective localized targeting and brand support, with nearly half of North American systemwide sales now supported by these co-ops [3] - The return to local co-ops reverses a previous decision that made local advertising optional, with a shift in 2024 to a nationally focused marketing model that increased per-store investment in the national marketing fund from 5% to 6% while eliminating the 3% local spend requirement [4] Group 2: Future Outlook - The company anticipates another soft quarter in Q1 but believes that marketing co-ops, a new aggregator marketing strategy, and product innovation could enhance performance starting in the second half of 2026 [4] - A new creative platform developed with Leo Chicago will support upcoming product launches, focusing on simple ingredients and "culture-forward omnichannel storytelling" [5][6] - Recent campaigns, including efforts to earn a Michelin star and the launch of a pan pizza, have shown strong performance, particularly among younger consumers [6][7]

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [5] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [7] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [6] Business Line Data and Key Metrics Changes - The marketing business has shifted towards premium markets, with nearly 50% of sales now outside of basin sales, showing significant progress [8] - The company aims to capture new demand and improve realizations across its business, targeting an increase of $0.20 in margins, which could translate to approximately $500 million in EBITDA [18][19] Market Data and Key Metrics Changes - The Gulf Coast is experiencing growing demand, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key assets and pipeline capacity [27] Company Strategy and Development Direction - The company is adapting its strategy to address the changing natural gas business, focusing on getting gas to premium markets and managing volatility through hedging and storage [9][10] - The company is committed to operational excellence and maintaining a strong balance sheet while exploring potential M&A opportunities to enhance its position [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational capabilities and the potential for future growth, emphasizing the importance of execution and competitiveness [12] - The company anticipates continued volatility in gas prices but believes its hedging strategies will mitigate risks [7] Other Important Information - The company has added 3.5 billion cubic feet of storage capacity, which is crucial for managing market volatility [90] - The company is exploring opportunities in the Utica region, indicating potential for future growth and development [92] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [15] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations across the portfolio [17] Question: Changes in supply-demand dynamics in the Gulf Coast - The company is seeing increased demand in the Gulf Coast, particularly from LNG, which is beneficial for its operations [25] Question: Maintenance capital expenditures and production guidance - The company has improved its maintenance CapEx, reflecting a stronger business, and is focused on maintaining flexibility in production based on market conditions [46][47] Question: Integrated operations and midstream ownership - The company is more focused on partnerships with midstream companies rather than outright ownership, aiming to enhance its market access [54] Question: Cash tax visibility and future expectations - The company expects to be a full cash taxpayer by the end of the decade, with a gradual increase in cash tax rates [55] Question: Challenges in expanding volumes to demand growth areas - The company faces challenges in both transaction aggressiveness and physical transportation to customers, necessitating partnerships with midstream companies [66] Question: Potential monetization of inventory - While not actively seeking to monetize inventory, the company remains open to attractive offers that could enhance shareholder value [82]

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [5][6] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [7] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [6][8] Business Line Data and Key Metrics Changes - The marketing business has shifted towards capturing premium markets, with nearly 50% of sales now outside of basin sales, up from almost all in-basin sales previously [8] - The company is actively working on hedging and storage transactions to manage volatility in gas prices, which is crucial for maintaining margins [9] - The company has identified a target of $0.20 improvement in realizations across its business, which could translate to approximately $500 million in EBITDA [18][19] Market Data and Key Metrics Changes - The Gulf Coast is experiencing significant demand growth, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key assets and pipeline capacity [27] - The company is observing a shift in demand dynamics, with end-use customers preferring to be closer to wellhead supplies [25] Company Strategy and Development Direction - The company is adapting its strategy to address the changing natural gas business, focusing on premium market access and improved marketing efforts [8][10] - The leadership change is seen as a tactical shift rather than a change in mission or strategy, emphasizing the need for urgency and competitiveness [11][12] - The company is exploring partnerships with midstream companies rather than outright acquisitions to enhance its market position [54] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in gas prices and emphasizes the importance of effective hedging and operational excellence to navigate this environment [7][11] - The company expects continued growth in demand for natural gas, projecting a 35%-40% increase over the next five years [8] - Management is committed to maintaining a strong balance sheet while also considering shareholder returns, indicating a cautious yet optimistic outlook [36][38] Other Important Information - The company has made significant improvements in its maintenance capital expenditures, reflecting a stronger business performance [45] - The company is actively looking to expand its storage capacity to manage market volatility, although it faces competition in acquiring more capacity [90] - The company is exploring the potential of the Utica development in West Virginia, indicating a focus on leveraging geological advantages for future growth [91][92] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [15] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations, with a longer-term focus on facilitating demand through LCM deals [17][18] Question: Changes in supply-demand dynamics in the Gulf Coast - The company is seeing growing demand in the Gulf Coast, with a unique market dynamic that favors its operational positioning [24][25] Question: Maintenance CapEx improvements - The company has seen significant improvements in maintenance CapEx, which reflects a stronger operational performance [45] Question: Storage capacity and competitive landscape - The company has added to its storage capacity and plans to continue growing this position, although it faces a competitive market for additional capacity [90] Question: Future of the Utica development - The company sees potential in the Utica development across the Ohio River, with plans to leverage its experience from the Haynesville [91][92]

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [4] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [5] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [4] Business Line Data and Key Metrics Changes - The marketing business has shifted towards premium markets, with nearly 50% of sales now outside of basin sales, reflecting significant progress [6] - The company aims to capture new demand and improve realizations across its business, targeting an uplift of $0.20, which could translate to approximately $500 million in EBITDA [17][18] Market Data and Key Metrics Changes - The Gulf Coast is experiencing growing demand, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key markets and pipeline capacity [27] Company Strategy and Development Direction - The company is adapting to changes in the natural gas business, focusing on marketing strategies that enhance competitiveness and customer proximity [6][10] - The strategy includes a shift towards integrated operations through partnerships with midstream companies rather than outright ownership [52] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in gas prices and emphasizes the importance of hedging and disciplined operations to navigate this environment [5][10] - The company is committed to maintaining a strong balance sheet while pursuing growth opportunities, indicating a cautious yet optimistic outlook for the future [36][37] Other Important Information - The company has made significant improvements in its maintenance capital expenditures, reflecting a stronger business performance [44] - The company is actively exploring opportunities in storage capacity to manage market volatility, although it faces competition in acquiring more capacity [85] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [13] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations across the portfolio [15] Question: Challenges in expanding volumes to demand growth areas - The company faces challenges in being more aggressive in reviewing transactions and ensuring physical transportation of gas to customers [64] Question: Cash tax visibility and drivers - The company expects to be a full cash taxpayer by the end of the decade, with increases in cash tax rates anticipated over the next few years [54] Question: Storage capacity and competitive landscape - The company has added storage capacity and plans to grow this position, but it acknowledges the competitive nature of the market [85] Question: Future drilling plans in the Western Haynesville - The company has plans to drill additional wells in the Western Haynesville, with positive initial results from recent drilling activities [47] Question: Marketing strategy regarding LNG and LCM agreements - The company is pursuing both LNG and LCM agreements as part of its marketing strategy to enhance margins [73]

Summary of Meritage Hospitality Conference Call Company Overview - **Company**: Meritage Hospitality Group - **Ticker Symbol**: MHGU - **Business**: Franchisee of Wendy's, operating 359 stores across 15 states with approximately 11,000 employees [2][3] Industry Context - **Brand**: Wendy's, publicly traded on NASDAQ - **Current Situation**: Wendy's is searching for its fourth CEO in 18 months, indicating instability in leadership [2][3] Key Points Bear Case for Wendy's - **Leadership Instability**: Wendy's has had three CEOs in 18 months, with the current interim CEO in place for nearly six months [2][3] - **Operational Challenges**: Lack of new product development and marketing strategies has led to reliance on discounting, which negatively impacted profit margins [5][6] Financial Performance - **2025 Financial Impact**: Severe weather events in early 2025 resulted in a $10 million cash loss for Meritage. The company ended 2025 with a negative EBITDA of $6.8 million, a significant drop from the normal run rate of $42 million [4][11] - **2026 Projections**: Meritage expects EBITDA to recover to between $18 million and $20 million, with sales projected between $610 million and $620 million [17][11] Risk Management - **Cash Position**: Meritage entered 2026 with $11 million in cash, below the desired $20 million. The company is facing a $9.1 million cash shortfall due to changes in its contract with Coca-Cola [9][10] - **Bank Forbearance**: The company is currently under loan forbearance, which is an unusual situation for them [18] Strategic Changes - **Policy Changes at Wendy's**: New leadership has altered policies that previously restricted franchisees from closing unprofitable stores without opening new ones. This change is expected to improve overall system health [12][13] - **Breakfast Strategy**: The new team at Wendy's has set a sales benchmark for breakfast, allowing franchisees to opt out of unprofitable breakfast offerings, which has historically cost Meritage $35 million [14][15] Cost Management - **G&A Cuts**: Meritage has reduced general and administrative expenses by $7.5 million, rationalizing corporate and field expenses [15] - **Store Closures**: The company closed 20 underperforming stores, which is expected to save approximately $4.5 million annually [15][21] Product Innovation - **New Product Launches**: Meritage anticipates new chicken products and promotions to be introduced in early 2026, which could help improve sales and profitability [19][22] Market Dynamics - **Beef Pricing**: A 40% tariff on imported beef significantly increased domestic beef prices, impacting costs. The tariff has since been reversed, but benefits from lower prices are not expected until 2027 [7][9] - **Protein Mix**: Wendy's currently has an 80% beef and 20% chicken sales mix, limiting flexibility compared to competitors like McDonald's, which has a more balanced mix [31][32] Future Outlook - **Recovery Potential**: Despite current challenges, there is optimism about Wendy's recovery as new leadership implements changes. The company is expected to navigate through its financial difficulties and return to profitability [36][37] Additional Insights - **Consumer Behavior**: The lower-end consumer demographic has faced significant inflation, impacting spending habits. However, potential tax refunds may provide a tailwind for the industry [29][30] - **Franchisee Relations**: The relationship dynamics between franchisees and the franchisor (Wendy's) are complex, with franchisees often having to align with national pricing strategies that may not always be favorable [26][27] This summary encapsulates the critical aspects of Meritage Hospitality's current situation, challenges, and strategic outlook as discussed in the conference call.

Financial Data and Key Metrics Changes - The company experienced a challenging year in 2025, with consumer sentiment negatively impacted by tariff announcements and product misses [9] - The management is planning conservatively for 2026, with inventory buys expected to be down in the mid-single digits [29] Business Line Data and Key Metrics Changes - New product introductions in Q4 showed positive trends, with sales outpacing inventory for new items [12] - The company is focusing on evolving its product offerings to re-engage loyal customers and attract new ones [13] Market Data and Key Metrics Changes - The target customer demographic is affluent females aged 45 and above, with household incomes over $150,000, who are increasingly engaged and loyal to brands [14] - The competitive landscape includes brands like Ann Taylor and Talbots, which have been highly promotional, impacting the company's business [35][37] Company Strategy and Development Direction - The company aims for slow, measured, consistent growth, focusing on product evolution and marketing strategies to attract a younger customer base [21] - There is a strong emphasis on leveraging technology, including AI, to improve operational efficiency and customer engagement [11] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the consumer environment, noting a significant pullback in spending during 2025, but anticipates normalization in the future [26] - The company is prepared to invest in growth once consumer confidence returns, focusing on product assortment and marketing strategies [27] Other Important Information - The company has a strong balance sheet and is prioritizing cash uses for business investment, shareholder returns, and potential strategic M&A opportunities [56][60] - Tariff mitigation strategies are in place, with a focus on maintaining quality while managing costs [48] Q&A Session Summary Question: What were the key challenges faced in 2025? - Management highlighted difficulties due to consumer sentiment and product misses, leading to a cautious outlook for 2026 [9][26] Question: How is the company addressing product evolution? - The company is focusing on introducing new products and categories to re-engage customers and attract new ones [12][30] Question: What is the competitive landscape like? - The company faces competition from brands that are highly promotional, which affects its pricing strategy [35][37] Question: What are the cash usage priorities? - The company prioritizes business investment, maintaining a strong balance sheet, returning value to shareholders, and considering strategic M&A [56][60]

Financial Data and Key Metrics Changes - The company reported a revenue increase of 65% and EBITDA growth of 75% over the last three years [16] - For the fourth quarter, the company experienced positive same restaurant sales each month, although traffic was under pressure compared to previous quarters [13][14] Business Line Data and Key Metrics Changes - The company has successfully added approximately 250 restaurants since going public, with a focus on disciplined unit expansion [18] - The introduction of alcohol has maintained a consistent sales mix, while the juice program has grown to represent 15% of total sales [39] Market Data and Key Metrics Changes - The company has seen a positive trend in same restaurant sales and traffic, entering 2026 with momentum compared to peers [13] - The company is targeting a total addressable market of 2,200 locations, indicating significant growth potential [49] Company Strategy and Development Direction - The company emphasizes a methodical and thoughtful growth strategy, balancing new unit openings with maintaining positive same-restaurant sales [50] - There is a focus on enhancing marketing capabilities and leveraging customer data to improve engagement and drive traffic [20][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026, citing positive traffic and sales trends despite challenges faced in the previous year [13] - The company is adapting to inflationary pressures by negotiating prices for key commodities and adjusting menu pricing accordingly [41][42] Other Important Information - The company has implemented changes to its third-party delivery strategy, resulting in significant double-digit growth in that category [34] - Labor costs increased by 4% due to minimum wage inflation, but turnover rates have improved, remaining below industry averages [46][48] Q&A Session Summary Question: What were the big wins since going public? - Management highlighted disciplined unit expansion and operational excellence as key factors for growth [16][17] Question: What changes were made to improve traffic in 2025? - The company enhanced its marketing strategy, utilizing data to target customers more effectively [20][21] Question: How is the company addressing cost inflation? - Management noted that inflation on key commodities has moderated, and they are adjusting pricing strategies to defend margins [41][42] Question: What is the long-term growth outlook for the company? - The company maintains a target of 2,200 locations and is focused on a balanced approach to growth [49][50]