Financial Data and Key Metrics Changes - The company reported record free cash flow of CAD 1.3 billion, record adjusted EBITDA of CAD 1.9 billion, and record adjusted net income of CAD 976 million or CAD 1.94 per share [3][10][12] - Revenue reached a record CAD 2.8 billion, with free cash flow more than doubling quarter over quarter [10][12] - Total cash costs were CAD 933 per ounce, which was CAD 30 higher than the previous quarter, primarily due to increased royalties and a weakening Canadian dollar [12][14] Business Line Data and Key Metrics Changes - Gold production for the quarter was approximately 866,000 ounces, with notable performance from Laronde and Canadian Malartic due to better grades [12][18] - The Abitibi platform in Quebec and Ontario produced over 1 million ounces at total cash costs of approximately CAD 850 per ounce, achieving a realized operating margin of 73% [14][15] Market Data and Key Metrics Changes - Gold prices increased by CAD 400 this quarter, significantly benefiting the company's financial results [5][6] - The company maintained its cost guidance for the full year, expecting cash costs to remain within the range of CAD 915 to CAD 965 per ounce [12][13] Company Strategy and Development Direction - The company is focused on operational improvements, cost control, and capital discipline while investing in future growth projects, including Detour, Malartic, Upper Beaver, Hope Bay, and San Nicolas [8][16] - The strategic focus remains on the best mining jurisdictions based on geological potential and political stability, with a commitment to returning capital to shareholders [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate cash flow and strengthen the balance sheet, emphasizing a disciplined approach to capital allocation [16][50] - The company is optimistic about its project pipeline and exploration results, which are expected to enhance future production capabilities [49][50] Other Important Information - The company has significantly deleveraged its balance sheet, reducing gross debt by CAD 1.3 billion over the past fifteen months [15][16] - Record shareholder returns totaled approximately CAD 300 million for the quarter, with a cumulative total of CAD 4.7 billion in Agnico's history [15][16] Q&A Session Summary Question: Can you walk us through your thought process on buybacks versus dividends? - Management indicated that they are targeting about a third of free cash flow to be returned to shareholders, with a preference for share buybacks in the near term due to favorable gold prices [51][53] Question: Can you talk about how to think about grades in the second half? - Management expects a softer second half in terms of grades but still anticipates meeting guidance [56][57] Question: How should we think about the free cash flow attributed to tax deferrals? - Management acknowledged that tax deferrals significantly impacted free cash flow this quarter and provided guidance on expected cash tax payments for the remainder of the year [60][62] Question: What should we expect in terms of sequencing and grades at Detour? - Management confirmed that Q3 will remain in a lower grade domain, with expectations for improved grades in Q4 [65] Question: Can you discuss the exploration results at East Gouldie and the associated costs? - Management estimated that deepening the shaft and adding a loading station would cost approximately CAD 40 million, but it is expected to be a payback project [70][71] Question: What is the minimum cash balance the company feels comfortable maintaining? - Management indicated comfort with cash levels potentially exceeding CAD 2.25 billion by year-end, while also planning to accelerate capital spending across various projects [84][85]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue grew by 10.5% year over year to $320.9 million, marking the highest first quarter total revenue on record [18][19] - Restaurant level profit margin increased by 120 basis points year over year to 20.7%, the highest first quarter margin since 2019 [6][19] - Adjusted EBITDA grew by approximately 13.5% year over year to $40.7 million, representing 12.7% of total revenue [27] Business Line Data and Key Metrics Changes - Company-operated Shack sales increased by 10.4% year over year to $309.8 million, with four new Shack openings [19] - License business revenue grew by 11.1% year over year to $11.1 million, with sales increasing by 10.4% year over year to $179.6 million and seven new license Shack openings [19][14] Market Data and Key Metrics Changes - Nearly two-thirds of markets experienced same Shack sales growth, although major markets like Los Angeles and New York City faced significant weather-related challenges [20] - Traffic was down 4.6% in the quarter due to unfavorable weather and broader industry pressures, with an estimated 400 basis points of traffic pressure attributed to these factors [20][22] Company Strategy and Development Direction - The company aims to grow to at least 1,500 company-operated Shacks, with a focus on innovative thinking and operational improvements [4][5] - Strategic priorities include building a culture of leaders, improving restaurant operations, driving comp sales, and expanding the license business [8][14] - The company is committed to investing in long-term strategic capabilities and accelerating innovation across various operational areas [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds impacting transaction growth but emphasized the opportunity to improve guest experience and operational efficiency [4][6] - The company expects low single-digit same Shack sales growth for 2025, with a focus on maintaining competitive pricing and operational improvements [30][31] Other Important Information - The company plans to open 45 to 50 company-operated Shacks in 2025, marking the largest class on record [30] - Menu pricing is expected to increase modestly, with in-Shack prices up approximately 2% year over year [30] Q&A Session Summary Question: Store margins and near-term opportunities - Management highlighted operational improvements and a new labor model as key factors driving margin expansion and confidence in future performance [36][37] Question: Drive-thru strategy and early learnings - The company reported significant improvements in ordering time and guest satisfaction from testing new digital menu boards and combo offerings in drive-thrus [42][45] Question: Q2 comp outlook and underlying assumptions - Management expects low single-digit comps for Q2, driven by new menu innovations and improved weather conditions [90][92] Question: Long-term targets and pricing assumptions - Management confirmed that operational improvements and supply chain efficiencies are expected to support margin expansion without relying heavily on price increases [63][64] Question: Innovation and LTO strategy - The company is focused on maintaining a quarterly cadence for new product innovations while ensuring operational efficiency [72][75]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue grew by 10.5% year over year to $320.9 million, marking the highest first quarter total revenue on record [18][19] - Restaurant level profit margin improved by 120 basis points year over year to 20.7%, the highest first quarter margin since 2019 [7][18] - Adjusted EBITDA increased by approximately 13.5% year over year to $40.7 million, representing 12.7% of total revenue [27] Business Line Data and Key Metrics Changes - In the company-operated business, Shack sales grew by 10.4% year over year to $309.8 million, with four Shack openings including two drive-throughs [19] - The licensing business saw revenue growth of 11.1% year over year to $11.1 million, with sales increasing by 10.4% year over year to $179.6 million and seven new license Shack openings [19][15] Market Data and Key Metrics Changes - Nearly two-thirds of markets experienced same Shack sales growth, although major markets like Los Angeles and New York City faced significant weather-related challenges [20][22] - Traffic was down 4.6% in the quarter due to unfavorable weather and broader industry pressures, with an estimated 400 basis points of traffic pressure attributed to these factors [20][21] Company Strategy and Development Direction - The company aims to grow to at least 1,500 company-operated Shacks, with a focus on innovative thinking and operational improvements [5][6] - Strategic priorities include building a culture of leaders, improving restaurant operations, driving comp sales, and expanding the licensing business [9][15] - The company is committed to investing in long-term strategic capabilities and accelerating innovation across various operational areas [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro headwinds impacting transaction growth but emphasized the opportunity to improve guest experience and reduce costs [5][6] - The company expects to achieve low single-digit same Shack sales growth for 2025, with a focus on menu innovation and culinary strategy to drive traffic [31][54] Other Important Information - The company plans to open 45 to 50 company-operated Shacks in 2025, marking the largest class on record [31] - The balance sheet remains solid with $312.9 million in cash and cash equivalents at the end of the quarter [27] Q&A Session Summary Question: Can you elaborate on the near-term opportunities for margin expansion? - Management highlighted operational improvements and a new labor model as key factors driving productivity and margin growth [37][38] Question: What are the early learnings from the drive-through strategy tests? - Management reported significant improvements in ordering time and guest satisfaction from the new digital menu boards and combo offerings [43][45] Question: What are the underlying assumptions for the Q2 comp outlook? - Management expects low single-digit comps based on current macro trends and new menu innovations, including a summer barbecue menu [93] Question: How does the company plan to balance menu innovation with operational efficiency? - Management emphasized the importance of ensuring that new innovations do not disrupt operational efficiency and are manageable for staff [58][60] Question: What is the company's strategy for driving mix without increasing prices? - Management plans to introduce premium items and combos to enhance mix while minimizing price increases on core items [80][82]

Financial Data and Key Metrics Changes - For Q3 2025, Brinker International reported total revenues of $1.425 billion with consolidated comp sales growth of 28.2% [21] - Adjusted diluted EPS for the quarter was $2.66, up from $1.24 in the previous year [22] - Restaurant operating margins improved to 18.9%, a 470 basis points increase year-over-year [24] Business Line Data and Key Metrics Changes - Chili's reported same restaurant sales growth of 31.6%, driven by a 20.9% increase in traffic, a 6.3% positive mix, and a 4.4% price increase [22] - Maggiano's reported comp sales growth of 0.4%, driven by a 7.3% price increase, a 1.3% positive mix, but offset by an 8.2% decline in traffic [23] Market Data and Key Metrics Changes - Chili's sales performance significantly outpaced the industry despite no new food or value news, indicating strong operational performance [7] - The company noted that guests are pulling back on restaurant visits, favoring brands that deliver superior experiences [20] Company Strategy and Development Direction - The company is focused on improving the fundamentals of food, service, and atmosphere to sustain growth [32] - Chili's is launching new menu items and marketing campaigns to enhance brand value and customer experience, including the Big QP burger [12][13] - Maggiano's is following a similar turnaround strategy as Chili's, focusing on menu simplification and eliminating unprofitable discounting [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive same-store sales growth despite upcoming tougher comparisons [29] - The company is committed to investing in labor and operational improvements to enhance guest experiences and drive traffic [74][76] - Management acknowledged the competitive environment but believes that their value proposition and guest experience will help maintain market share [110] Other Important Information - Capital expenditures for the quarter were approximately $80 million, driven by investments in kitchen equipment and maintenance [26] - The company repaid approximately $125 million in funded debt, reducing overall leverage [26] Q&A Session Summary Question: Concerns about sustainability of same-store sales growth - Management acknowledged the challenges of tougher comparisons but emphasized their focus on improving fundamentals to sustain growth [32] Question: Notable contributors to recent momentum - Management noted that traffic remains strong year-over-year, with no significant slowdown observed [40] Question: Clarification on Chili's maintained momentum in April - Management confirmed that trends in April were similar to Q3, with strong traffic and sales results [43] Question: Expectations for restaurant level margins moving into FY 2026 - Management expects to maintain or grow restaurant margins through strategic investments and improved productivity [49] Question: Estimated tariff impact on cost of sales - Management indicated that over 80% of their supply chain is sourced domestically, minimizing tariff impacts [56] Question: Upgrading the menu platform - Management is excited about upcoming upgrades to the rib and nacho offerings, aiming to enhance customer appeal [64][66] Question: Investments in labor and operator feedback - Management is focused on strategic investments in labor to improve guest experiences and manage increased traffic [74] Question: Breakdown of traffic increase sources - Management stated that traffic growth is coming from both new guests and increased frequency from existing customers [82] Question: Pricing expectations for Chili's - Management expects pricing to moderate to 2% to 3% in the fourth quarter, with a longer-term range of 3% to 5% [88] Question: Advertising spend expectations - Management anticipates advertising spend to increase to approximately 3% of sales in the fourth quarter [97]