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CEO Rick Cardenas expressed confidence in the raised guidance, citing strong unit development. CFO Raj Vennam noted that while Q2 started well, the back half of the year is still expected to have lower comps than the first half. CEO Rick Cardenas confirmed that another Darden brand is planning to embrace first-party delivery in Q3, but Darden remains focused on first-party delivery due to ongoing challenges with the third-party marketplace model.

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Rick Cardenas, President, CEO & Director, expressed confidence in the raised guidance due to strong unit development, with approximately 65 new restaurants planned. Raj Vennam, SVP & CFO, noted that Q2 started well, but the back half of the year is still expected to have lower comparable sales growth than the first half. Rick Cardenas confirmed another brand will launch first-party delivery in Q3, but Darden remains focused on first-party due to challenges with the third-party marketplace model.

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Rick Cardenas, President and CEO, expressed confidence in the raised guidance due to strong unit count and development pipeline. Raj Vennam, CFO, noted that Q2 started well, but the back half of the year is still expected to have lower comps than the first half. Rick Cardenas confirmed that another brand is expected to join the 1P Uber delivery platform in Q3, but reiterated that Darden still has challenges with the 3P marketplace model.

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President & CEO Rick Cardenas clarified that their approach is not 'promotion crazy,' citing that the 'Buy One, Take One' offer was not a margin drag. The focus is on long-term affordability, such as adding lower-priced menu items based on successful tests. Regarding competition, he noted that Darden is prepared to react to any market conditions, as demonstrated by Olive Garden's successful performance.

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President and CEO Ricardo Cardenas suggested that post-COVID, consumer sentiment and spending are less correlated, especially as incomes rise and dining out remains a primary 'treat.' He noted the main pullback is from the sub-$50k income group. CFO Raj Vennam added that while Fine Dining was strong during the holidays, they are now seeing more check management from consumers and are not yet ready to 'claim victory' on a full recovery.

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Executive Rajesh Vennam stated that tightening guidance reflects increased confidence. He agreed it's fair to assume Olive Garden and LongHorn would perform above the 1.5% average. Executive Ricardo Cardenas noted no specific brand is lagging in Fine Dining and acknowledged that GLP-1 drugs could be having an impact, which the company is monitoring.

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President and CEO Rick Cardenas confirmed that all Darden brands, not just Olive Garden, saw sales trends improve in August and September. He attributed the July weakness to a combination of factors including adverse weather, the Olympics, an uptick in COVID cases, and political volatility. Regarding LTOs, Cardenas reiterated that Darden will not return to deep-discounting. Instead, promotions will focus on highlighting value, like Cheddar's opportunity buys, and will adhere to the company's filters of being simple to execute and brand-accretive.

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CEO Riley McCormack outlined the strategy, explaining that Digimarc will primarily sell through the concentrated gift card manufacturing industry to minimize workflow disruption. He emphasized the critical role of gift card networks like Blackhawk and Incom, which connect to both brands and retailers. McCormack also confirmed that their software needs to be active on retail point-of-sale scanners, a process facilitated by Digimarc's existing footprint in many major scanner systems.

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CEO Kevin Hochman and CFO Mika Ware expressed strong confidence in delivering positive same-store sales each quarter, supported by robust plans and continued momentum. Ware detailed that significant investments are already embedded in the guidance, including $12M for food quality and $17M for incremental labor at Chili's, demonstrating a continued commitment to reinvesting for long-term health while still expanding margins.

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CFO Mika Ware confirmed that the sales step-change seen in Q2 has been sustained into Q3, supporting the raised guidance. She noted mix will remain elevated in the mid-single digits. CEO Kevin Hochman stated that the majority of the system still needs the TurboChef conversion. While not sharing specific metrics, he emphasized the ovens cook faster and more evenly, save space, and are highly requested by operators to handle increased traffic. Mika Ware added that the investment cost is factored into the updated CapEx and EPS guidance.

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CEO Kevin Hochman stated there are no peer benchmarks for their tokenized frequency data but confirmed growth across all income cohorts, with the improved guest experience driving repeat visits. Regarding long-term margins, he explained that the 'Invest to Grow' strategy leverages top-line growth for margin expansion, and he believes returning to mid-teens margins is 'well within range,' supported by increased pricing power.

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CEO George Holm confirmed PFG is currently 'betting on organic' for West Coast growth, supported by investments like a new redistribution facility. He also stated the company has no appetite for small 'fold-in' acquisitions. Regarding Q1 guidance, CFO Patrick Hatcher explained that the summer months are a seasonally slower period for the recently acquired Cheney and Santiago businesses. Holm added that Q1 results are also impacted by heavy investments in hiring salespeople and start-up costs for new Convenience contracts.

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CEO George Holm stated that while the current environment is a factor, the long-term forecasting process remains consistent, relying heavily on input from field teams. CFO Patrick Hagerty noted they are on track to exceed their previous three-year plan. Regarding M&A, George Holm confirmed a 'nice pipeline' of smaller deals and stated that while debt paydown is a priority, the company remains opportunistic and has the capacity for acquisitions.

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CEO George Holm cited encouraging trends from late 2024, new national account wins, and a strong hiring pipeline as reasons for optimism. CFO Patrick Hatcher confirmed the current leverage is in the 'high 3s' and that debt reduction is a priority. However, Holm emphasized that while they are cautious, they would not pass up a transformative opportunity and have experience managing higher leverage.

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CEO George Holm clarified that Q1 organic independent case growth was 4.3%, and the recent 1-2 point acceleration brings it in line with the 5-6% sales force growth. CFO Patrick Hatcher stated that leverage is currently above the 3.5x target and will take "several quarters" to return to the target range. As a result, debt reduction is the near-term priority, and share repurchase activity will likely be lower, potentially not exhausting the current authorization this fiscal year.

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CFO Tricia Tolivar attributed the margin resilience to strong performance from new restaurants and the team's agility in managing costs at high AUVs. She noted that while they are always looking for reinvestment opportunities, the Q2 result was achieved without specific incremental investments, demonstrating the model's strength.

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CFO Tricia Tolivar responded that the guidance reflects the anniversary of 2024's outsized growth and the company's commitment to making prudent investments to support sustainable, long-term success. She affirmed that the long-term growth algorithm remains fully intact.

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CFO Tricia Tolivar attributed the higher growth target to strong pipeline visibility. She noted that while they maintain a balanced market strategy, the excellent performance of new markets allows them to lean into that growth. A key governor is the pipeline of qualified General Managers, which she stated is strong for 2025. Regarding returns, she confirmed new units are exceeding expectations, delivering higher cash-on-cash returns earlier than anticipated.

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Interim CEO & CFO Ken Cook confirmed that July U.S. same-restaurant sales were down 5-6%. He stated that while franchisee relationships are good, the goal is to make them great by improving communication and prioritization, a concept he calls 'One Wendy's.' Regarding value, Cook emphasized leveraging new data analytics for more targeted digital offers rather than broad promotions, while highlighting the existing strength of the Biggie Bag and the opportunity to better communicate Wendy's quality story.

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Kirk Tanner, President and CEO, acknowledged that the consumer is under pressure, leading to a prudent revision of the full-year outlook. He expressed confidence in the company's '100 days of summer' program, which he described as a balanced approach combining core menu innovation, compelling value, and traffic-driving cultural collaborations like the upcoming partnership with Takis. Tanner stated that while QSR has a right to win in this environment, Wendy's is focused on its own initiatives to attract customers and deliver a great experience.

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CFO Gunther Plosch explained that the EBITDA guidance was held steady because the sales headwind was offset by increased franchise fees from restaurant closures and slightly lower G&A expenses. He clarified that about 140 additional units are closing, making 2024 net unit growth roughly flat, which builds confidence for the accelerated 3-4% growth target in 2025.

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CFO Mitch Reback expressed confidence that margins will expand over the next several years, driven by improved operations, sales growth, and the Infinite Kitchen rollout. Co-Founder, CEO & Director Jonathan Neman added that while the 2026 pipeline is being carefully vetted with a focus on lower build-out costs and smaller footprints, he believes the long-term 15-20% growth algorithm is achievable, with more details to come in future quarters.

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CEO Dave Flitman expressed confidence in continued independent growth acceleration, citing the strong pipeline of new customer onboardings and consistent market share gains. Regarding the business mix, he reiterated that the chain business strategy remains an 'optimization play' to provide important operational baseload, not a primary area for growth investment, with a continued focus on improving its margin profile.

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CEO Dave Flitman and CFO Dirk Locascio attributed the recovery to the resilience of the 'food away from home' trend and, crucially, their own execution on generating new accounts. On capital allocation, Locascio stressed they are not shortchanging the business, citing stepped-up CapEx for capacity and technology. He positioned the large share repurchase program as a function of the company's strong cash flow, which allows for both robust investment and shareholder returns.

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CFO Dirk Locascio cited sources like Technomic forecasting improvement and noted that the company's strategy is centered on controllable factors like market share gains, regardless of the macro environment. CEO David Flitman attributed the acceleration in customer gains to consistent execution of their playbook, targeted growth using data, and the maturation of newly hired sellers, emphasizing there is plenty of volume to capture irrespective of the macro conditions.

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CFO Dirk Locascio explained the guidance adjustment was a result of both the financial impact from recent hurricanes and a macro traffic environment that remained softer for longer than anticipated in Q3. He stressed that despite this, the company gained market share and maintains a robust new business pipeline across its target segments for 2025.

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CEO Christine Barone responded that the company is in a great position to continue accelerating growth due to foundational steps taken over the past two years. She highlighted the success of their refined market planning (leading to higher AUVs), a shift to more capital-efficient builds (lowering CapEx), and effective marketing plans for new openings. The current pace reflects this deliberate, successful strategy, positioning them well to achieve their long-term goals.

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CEO Christine Barone attributed the company's resilience to its strong value proposition, brand resonance, and multiple, early-stage growth drivers like mobile order and future food rollouts. Regarding CPG, she described it as a longer-term, brand-building opportunity through a 'light touch' licensing deal that targets a separate purchasing occasion.

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CEO Christine Barone noted that while they are entering new markets like Florida, much of the growth is still infill, and learnings from Texas are being applied to the pacing of new market entry. CFO Josh Guenser detailed the coffee headwind would be about 150 basis points to adjusted EBITDA margin, assuming costs remain elevated. He and Christine Barone explained the decision to limit pricing is to protect their strong customer value proposition, viewing the cost spike as likely temporary rather than structural.

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CEO Christine Barone confirmed that 160 openings is the floor for 2025, with the strong operator pipeline enabling, not limiting, growth. She noted openings will occur in both new and existing markets. Regarding food, she stated that initial consumer feedback has been enthusiastic and, importantly, that franchisees are 'quite eager and excited' about the potential food program.

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Chairman & CEO Chris Kempczinski acknowledged that the unease felt by consumers is mirrored by franchisees, who are also facing cost inflation pressures. He emphasized that the company's playbook of winning on value and affordability is the key to growing franchisee cash flow. Regarding development, he noted that much of the growth is in low-penetration areas, and importantly, the company is not having any difficulty finding franchisees globally who are willing to invest in new restaurants, which he sees as a sign of their underlying confidence.

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CEO Christopher Kempczinski explained the new category teams provide a dedicated, global focus on winning in key verticals like beef, chicken, and beverages. President, IOM Ian Borden addressed operational capacity, stating that the U.S. system's prior work on menu simplification has created the capacity to handle new items. He noted customer satisfaction scores hit an all-time high in Q1, and new products are being added as platforms (e.g., McCrispy) to manage complexity.

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CEO Christopher Kempczinski attributed the muted market primarily to pressure on the low-income consumer, noting that this demographic's spending was down double-digits for the industry in Q4. He emphasized the importance of the McValue platform in this environment. He declined to provide specific timing for new product launches like the Snack Wrap, stating they would come later in the year. CFO Ian Borden added that McDonald's expects to continue gaining market share despite industry headwinds.

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CEO Christopher Kempczinski confirmed the $5 meal met its goals of improving value perception, engaging low-income consumers, and driving guest counts. He outlined that the future platform will be a branded concept, like 'McSmart' or 'Saver,' that houses multiple components: an everyday affordable price menu (EDAP), a meal deal, and digital-exclusive offers.

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CEO & President Lyle Tick attributed the negative mix to both the Pizookie Meal Deal and growth in lower-check channels like late-night and off-premise, expecting it to moderate in the back half as they lap the deal's launch. For Q4, plans include reinforcing the meal deal and launching strategic platforms like the new pizza and a 22-ounce beer pour. Regarding development, Tick projected the first new units under the refined criteria would open in late 2026 and into 2027, focusing on building out from core markets.

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President Lyle Tick noted that while there's a slight increase in Pizookie Meal Deal uptake, it's offset by broad traffic gains across all income cohorts and dayparts, with no fundamental shifts in guest behavior. CFO Tom Houdek added that negative mix was partly due to lapping higher checks from the prior year. On unit growth, Interim CEO Brad Richmond affirmed the long-term opportunity but stated new openings are realistically a late 2026 event due to long lead times, emphasizing the current focus on improving existing box economics.

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Interim CEO Brad Richmond responded that the company generates significant cash flow to support remodels, a deliberate pace of new units, and a structured share repurchase program. He also suggested that taking on a modest amount of debt could be appropriate to enhance shareholder returns. CFO Tom Houdek detailed the Q3 comp as +1.3% traffic and +0.4% check, with low-3% pricing offset by negative mix from promotions and off-premise. Regarding the CEO search, Richmond noted the board is taking necessary steps and highlighted the recent addition of Lyle Tick as President.

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CEO Rob Lynch explained that the company's made-to-order model has inherent flexibility and that all new items are operationally vetted before launch to prevent disruption. Regarding consumer health, he stated that Shake Shack has seen consistent sequential traffic improvement and strong demand for premium items like the $10 Dubai Shake, giving them confidence in their guest's resilience.

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CEO Rob Lynch explained that the 'at least 22%' guide is a baseline representing what they can execute today, acknowledging they have numerous initiatives aimed at continuous improvement. However, he noted they are also planning for potential headwinds like commodity volatility. CFO Katie Fogertey added that the outlook assumes a normalized, modest pricing environment, relying on operational efficiencies rather than significant price hikes for margin expansion.

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CFO Katherine Fogertey did not provide a range but reiterated the focus on efficiency strategies in cost of goods and labor to drive profitability. CEO Rob Lynch stated that while Shake Shack does not do national $5 bundles, it uses targeted digital promotions to deliver value surgically. The primary focus remains on improving the experience (the 'numerator') through quality and service.

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President and CEO Michael Skipworth attributed the accelerated development to powerful unit economics and strong international momentum, noting the pipeline of sold commitments is at a record high but did not revise the long-term 10%+ target. SVP & CFO Alex Kaleida added that the loyalty program, launching in 2026 after a Q4 pilot, will leverage their 60-million-person database to foster an emotional connection through unique rewards like merchandise and experiences, rather than just transactional discounts.

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CEO Michael Skipworth explained that the guidance reflects tough prior-year comparisons and a near-term consumer pullback concentrated in specific demographics, which feels similar to past temporary downturns. He emphasized that franchisee conversations are centered on growth, not comps, driven by AUVs increasing by $500,000 over two years and strong 70% cash-on-cash returns. Executive Alex Kaleida added that 50 different brand partners opened stores in Q1, showing broad-based development demand.

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CEO Michael Skipworth attributed the revised comp guidance to extremely tough prior-year comparisons and a recent consumer pullback concentrated in specific demographics, which he noted feels temporary and similar to past cycles. Regarding franchisees, Skipworth explained their focus is on unit growth, not comps, driven by a $500,000 AUV increase over two years and predictable food costs, which have bolstered cash-on-cash returns to 70%. CFO Alex Kaleida added that the broad-based development, with 50 different partners opening stores in Q1, underscores this confidence.

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Wingstop defines value as a combination of quality and price, not just a low price point, and its brand health scores are at record highs. The strong unit growth guidance for 2025 is supported by a record development pipeline and robust franchisee economics, but the company is not updating its long-term guidance beyond 2025 at this time.

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CEO Michael Skipworth responded that the company manages for the long term, not a single quarter, and highlighted that Q4 will be lapping over 20% growth, making the two-year stack of over 30% remarkable. Regarding unit growth, he confirmed a record development pipeline fueled by strong unit economics but emphasized a focus on "responsible and sustainable growth" without committing to a specific 2025 growth rate.

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Chairman & CEO Brian Niccol identified brand value as the most critical factor, noting that value perception is already at a two-year high. He stated the best way to compete is to perfect the core Starbucks experience: world-class customer service, barista connection, and beverage craft in a welcoming 'third place.' He believes this makes the brand uniquely valuable and allows it to 'play offense' in any competitive environment.

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CEO Brian Niccol identified brand value as the most critical factor, noting he was delighted that value perception is at a two-year high. He positioned the Green Apron service model as a foundational element for building further value. He stated that the best way to compete is to be the 'best form of yourself,' which for Starbucks means world-class customer service, barista connection, and craft, allowing the brand to play offense in any competitive environment.

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Cathy Smith, Executive Vice President and Chief Financial Officer, affirmed her focus on delivering durable growth and strong ROIC for shareholders. She acknowledged that while store returns are good, they are below historical standards and can be improved. She plans to use tools like zero-based budgeting to find cost efficiencies that can fund strategic investments, ultimately driving both growth and returns.

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CEO Brian Niccol explained that the confidence in doubling the store count comes from the ability to execute smaller formats that still offer a great experience, opening up new trade areas. He highlighted strong performance in regions like Texas and the Southeast, where new stores open with great economics. He believes the brand's flexibility in format and access points, combined with solving mobile ordering, supports this significant growth potential.

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CEO Brian Niccol shared that baristas are passionate about crafting espresso drinks and provided key feedback: reinstate condiment bars to improve speed, optimize staffing during peak and shoulder hours, and restore the welcoming 'coffee house' feel. Niccol noted that a core similarity to his time at Chipotle is the highly committed employee base, which is foundational for a successful turnaround.

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CEO Kevin Hourican stated that Sysco's growth will come from taking market share in a stable-to-slightly-down industry, driven by improved customer retention and new initiatives. He declined to speculate on M&A rumors. CFO Kenny Cheung detailed the sales guidance, noting it includes a ~50 basis point headwind from the Mexico divestiture, ~2% inflation, and 2-3% growth from volume and M&A combined.

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CEO Kevin Hourican asserted that Sysco's Q3 local performance was consistent with the broader market decline and that he sees positive signs of market share gains starting in April. Regarding the guidance, he attributed the Q3 miss to the steep, unanticipated traffic drop in February, which made rapid cost-cutting difficult and increased operating expenses. CFO Kenny Cheung added that the miss was primarily volume-driven, with some impact from the timing of sourcing deals. They expressed confidence in the revised guide due to Q4 momentum and cost-saving initiatives.

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CEO Kevin Hourican clarified that the company's guidance is not dependent on a macro recovery, thanks to self-help initiatives like the $100 million in savings. Regarding Sysco Brand, he attributed the moderation to improved fill rates from national brand suppliers, representing a normalization, and expressed long-term confidence in the brand's growth. CFO Kenny Cheung added that international local case growth remains strong.

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CEO Kevin Hourican expressed strong confidence in the full-year guidance, citing a clear line of sight on three levers: volume growth driven by new hires and sales initiatives, gross margin improvement from strategic sourcing in the second half, and ongoing expense management. CFO Kenny Cheung reinforced this confidence, pointing to the strong exit rate in September, the ability to flex expenses, and the company's proven track record of managing dynamic environments, as demonstrated in the previous fiscal year.

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President & CEO Daniel A. Baker explained that the defense business is lumpy due to large procurement cycles but is expected to see sequential growth and return to historical levels. He noted the recovery in distributor sales is encouraging for the broader industry. Regarding ferrite magnets, Baker highlighted the supply chain advantages over Chinese-sourced rare earth magnets and stated NVE is actively working with customers on near-term design wins. For wafer-level packaging, he confirmed the investment enables smaller, more precise sensors for which the company is already providing samples. On MRAM IP, Baker clarified NVE's model is to partner with large-scale manufacturers to monetize its patents rather than build its own multi-billion dollar fabs.

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President and CEO Daniel Baker explained that direct sales have remained strong, contributing to high gross margins as distributor channel inventory is reduced. He expressed optimism about improving industry conditions and confirmed that end-user consumption is likely outpacing sales into the channel. Baker noted that NVE's sensors are crucial for new AI-driven features in hearing aids and that the defense business remains solid with recent orders. Regarding medical devices, he highlighted Abbott's encouraging growth and NVE's role in enabling smaller, advanced devices. The increase in SG&A was attributed to expanded direct sales efforts, including more trade shows, marketing, and additional sales staff.

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CEO Scott Boatwright asserted that after extensive internal review, there is 'no smoking gun' indicating a self-inflicted problem, attributing the slowdown to the macro environment. CFO Adam Rymer reiterated the 40% flow-through model and expressed confidence in margin expansion, noting that cost initiatives are expected to offset headwinds like tariffs, allowing transaction growth to drive margin improvement.

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CEO Russell Weiner reiterated that DoorDash's main impact is expected in the second half and that it's a larger platform than Uber. Regarding the rewards program, he explained that it complements the aggregator strategy by targeting value-conscious, lighter users. He noted an interesting dynamic where lower-point redemptions for side items are actually driving a higher average ticket on those orders compared to redemptions for free pizzas.

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Chief Executive Officer Russell Weiner rejected the 'pizza fatigue' notion, stating the category consistently grows 1-2% annually. He asserted that Domino's, with just under 25% share, has significant runway for growth, especially against smaller competitors who cannot match its value proposition long-term. Chief Financial Officer Sandeep Reddy noted that Domino's 1.3% retail sales growth in a flat category demonstrates clear share gains.

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CEO Russell Weiner positioned value as relative. While delivery is more expensive than Domino's own carryout, he argued that on a delivery-to-delivery basis, Domino's remains very competitive, especially for feeding a family. The pressure on delivery is more a comparison to carryout and eating at home.

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CEO Russell Weiner explained that influence comes from demonstrating success, noting that the U.S. results under the 'Hungry for MORE' strategy are proving the model works, which encourages international partners to adopt similar tactics over time. He cited India and Mexico as examples already leaning into value. CFO Sandeep Reddy stated that the company was not providing a specific 2025 store outlook at this time but would offer more visibility in February.

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CFO Jeff Uttz stated that while a monetary impact from new tariffs is not yet calculated, about 45% of their basket comes from Japan, Korea, and Vietnam. He noted suppliers have been willing to share the cost burden and that pricing is a last resort. SVP Benjamin Porten expressed confidence in returning to 20%+ margins in fiscal 2026, citing a strong IP campaign calendar and a full year of the reservation system. Uttz attributed G&A leverage primarily to disciplined headcount management rather than just adding staff, expecting further, albeit potentially smaller, leverage next year.

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Hajime Uba, through interpreter Benjamin Porten, attributed the Q2 weakness to lapping a strong IP campaign and weather, not a consumer slowdown, citing strong March performance. He noted that recent uncertainty stems from tariff news impacting consumer confidence. CFO Jeff Uttz added that it's too early to quantify the tariff cost impact but noted that key suppliers and countries of origin (Japan, Vietnam) have shown a willingness to negotiate and share the burden.

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Hajime Uba, via interpreter Benjamin Porten, confirmed that the lack of an IP collaboration makes Q2 a tougher comparison, but this was factored into the full-year guidance, with a focus on profitability. Jeff Uttz added that while they expect positive full-year comps, the strong Q1 start means the previous pattern of sequential quarterly improvement may not hold. Benjamin Porten noted unexpectedly high single-digit wage inflation but still expects full-year labor leverage from initiatives. Jeff Uttz stated that COGS were deflationary and should remain stable or improve.

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CEO Lance Tucker indicated that while he couldn't discuss the process in depth, the company has received 'significant reach out and interest' in the Del Taco brand before beginning an official marketing process. He suggested that given the strong early interest, a divestiture appears to be the most probable outcome.

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CFO David Monroe attributed the February dip entirely to adverse weather and influenza, which also drove a temporary increase in to-go sales. He confirmed a strong bounce-back afterward and stated that the company is not seeing any concerning consumer behavior, noting that guests are actually trading up to steak.

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Executive Michael Bailen cautioned against direct comparisons to 2024's sales growth due to different pricing levels but affirmed the company is positioned to continue growing traffic. CEO Gerald Morgan reiterated the long-term target of 900 domestic Texas Roadhouse restaurants. Michael Bailen added that the average new unit investment for 2025 is projected at $8.5-$8.6 million, and these units continue to meet or exceed the company's mid-teen IRR target.

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CEO Jerry Morgan stated their strategy is to 'double down' on operational excellence in response to competition. Executive Michael Bailen clarified the comp slowdown was a function of lower pricing rollover; traffic actually accelerated from mid-4% in September to mid-5% in October. For 2025, the 30 company openings will be approximately low-20s for Texas Roadhouse, six to eight for Bubba's 33, and a couple for Jaggers.

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CFO Mel Hope identified sustained commodity inflation and the impact of new tariffs as the primary drivers for the lowered guidance. CEO Chris Tomasso noted the unprecedented pressure on four of the top five commodities. Tomasso also stated that they are not seeing signs of check management from their 'healthy customer' and that confidence stems from positive sequential traffic trends.

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CFO Mel Hope responded that traffic trends have been improving sequentially from Q3 2024 through Q1 2025 to-date. Regarding marketing, he confirmed a significant step-up in spending for 2025, based on successful 2024 tests, is fully incorporated into the company's financial guidance and is a key driver of their positive outlook.

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CEO Chris Tomasso attributed the morning daypart softness to the macro environment, where breakfast is an occasion easily replaced at home, but noted First Watch continues to gain market share. He confirmed that First Watch also saw improved trends in its dining room and direct off-premise channels through the end of the quarter.

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President David Gordon stated that the consumer base remains incredibly consistent, with no significant changes in ordering patterns, dessert sales, or alcohol consumption trends. He also reported that all international locations comped positive in Q1, indicating the brand continues to resonate globally despite geopolitical turmoil, with no signs of a consumer pullback.

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EVP and CFO Matt Clark stated that underlying comps remain steady and resilient, with no signs of changing consumer behavior in their data. President David Gordon expressed confidence in managing growth, citing years of investment in manager development, improved retention at North Italia, and robust infrastructure and real estate pipelines to support the expansion.

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CEO Mike Spanos described the consumer as 'choosy,' noting some check management from households under $100k, which is factored into guidance. For Q1, he projected traffic between -4% and -5% with ~4% pricing. Spanos emphasized that the Board and activist investor Starboard are 'fully aligned' and working collaboratively with the management team to drive sales and profit.

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CEO Mike Spanos acknowledged Outback's declining traffic and market share, stating his personal commitment to improving the guest experience through operational excellence and menu simplification. He emphasized that the decision to form a partnership for the Brazil operations was separate from the domestic portfolio strategy. Spanos confirmed commitment to the domestic brands, highlighting Carrabba's as a scaled growth opportunity and Bonefish's focus on its fresh seafood and bar experience. He described the relationship with activist investor Starboard as collaborative and focused on enhancing the guest experience.

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CEO John Peyton, IHOP President Jay Johns, and Applebee's President Tony Moralejo detailed a strategic shift from temporary LTOs to more stable value platforms, like IHOP's new 'House Faves' menu. For development, Peyton highlighted progress on a lower-cost Applebee's prototype and the significant growth potential from dual-branded locations, which are expected to begin opening domestically in Q1 2025.

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