Financial Data and Key Metrics Changes - The company reported impressive average unit volumes (AUVs) nearing $6.5 million, with five consecutive quarters of positive traffic growth, indicating strong operational performance [1][10] - Restaurant margins are anticipated to increase by nearly 100 basis points this year, contributing to raised EBITDA guidance for 2025 [20][21] Business Line Data and Key Metrics Changes - The Pizookie Meal Deal has been a significant driver of traffic, providing both existing and new customers with a value entry point into the brand, which has positively impacted frequency and sales [12][19] - The company has focused on foundational operations and product innovation, including a pizza category refresh and seasonal Pizookies, which are expected to enhance customer experience and drive sales [14][23] Market Data and Key Metrics Changes - The company has seen outsized growth in late-night sales, contributing to overall traffic increases, although these checks may be smaller in absolute terms [18][19] - The management noted that there is still significant headroom for growth in most markets, indicating potential for expansion without cannibalization [27][29] Company Strategy and Development Direction - The company is focused on foundational strategies that emphasize operational excellence, team member experience, and product innovation, aiming for sustainable growth and profit expansion [15][34] - There is a strategic shift towards unit growth, with plans to open two new units in the second half of the year and a longer-term goal of reaching approximately 425 units [25][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, emphasizing the importance of consistency and long-term planning over short-term results [34] - The leadership team is committed to building a more durable business model that can support new unit growth while maintaining operational efficiency [32][34] Other Important Information - The company has implemented a structured share buyback program, which has been more aggressive this year compared to historical levels, reflecting confidence in the stock's valuation [31][33] - Management highlighted the importance of investing in remodels and capital improvements to ensure team members have the necessary tools to deliver quality service [32] Q&A Session Summary Question: What foundational changes have been made to improve operations? - Management discussed alignment and accountability as key focuses, leading to improved team member experience and operational execution [3][4] Question: What attracted the new CFO to BJ's? - The CFO highlighted the strong business model, high AUVs, and positive traffic-driven sales growth as major attractions [7][8] Question: What are the drivers of recent traffic growth? - Management attributed traffic growth to improved operational execution, enhanced NPS scores, and effective marketing strategies around the Pizookie Meal Deal [11][12] Question: How does the company view average check trends? - Management noted that while the Pizookie Meal Deal may compress average checks, it brings in new customers and drives overall traffic, which is beneficial in the long run [17][19] Question: What are the biggest drivers of improving margins? - The focus on foundational operations and accountability at all levels has led to improved restaurant margins [21][22] Question: What is the outlook for unit growth? - Management indicated a cautious but optimistic approach to unit growth, with plans to analyze past performance and market conditions before committing to a specific number [26][29]