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    Matthew Curtis

    Research Analyst at William Blair & Company

    Matthew Curtis is an experienced financial analyst at William Blair & Company, specializing in equity research with a focus on small- and mid-cap companies. Over his 17-year career, Curtis has covered firms such as Pyramis Global Advisors and has been recognized for delivering robust investment strategies and high-performing portfolio recommendations. He joined William Blair after serving in portfolio management roles, and his track record outpaces sector benchmarks, earning strong credibility among clients and peers. Curtis holds state securities licenses and is FINRA registered, underscoring his professional credentials in the investment industry.

    Matthew Curtis's questions to POTBELLY (PBPB) leadership

    Matthew Curtis's questions to POTBELLY (PBPB) leadership • Q2 2025

    Question

    Matthew Curtis from William Blair inquired about sales trends within the digital channel, specifically between pickup and delivery, and whether the recent digital platform relaunch has driven an uptick in sales.

    Answer

    CEO Bob Wright stated that while it's too early to comment on July sales specifically, the company is pleased with early data from the new web and app, seeing behaviors they hoped for. He noted there hasn't been a significant shift in behavior between first-party pickup and delivery versus third-party delivery in the last quarter. The company continues to focus on driving customers to its first-party channels.

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    Matthew Curtis's questions to POTBELLY (PBPB) leadership • Q1 2025

    Question

    Matthew Curtis questioned the Q1 commodity deflation in light of the full-year inflationary guidance and asked for updated expectations on commodity and labor costs. He also inquired about pricing plans for the year, the status of the Potbelly Digital Kitchen (PDK) rollout, and the full-year CapEx budget.

    Answer

    CFO Steven Cirulis confirmed the full-year commodity inflation guidance of 2-3% remains, expecting some inflation to return in the second half, and noted labor inflation is tracking in the low 2% range. He projected a full-year gross price increase just over 3%. CEO Bob Wright added that the PDK rollout (now PDCX) is on track to convert half of company shops this year, delivering immediate labor savings. Cirulis then outlined the ~$30 million CapEx budget for 2025, focused on technology, shop remodels, and new unit development.

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    Matthew Curtis's questions to POTBELLY (PBPB) leadership • Q4 2024

    Question

    Matthew Curtis inquired if the new franchisee incentive plan could accelerate development in 2025 and asked about its reception. He also asked for guidance on the appropriate G&A expense run rate for 2025.

    Answer

    CEO Robert Wright explained that the new incentive program for large developers is designed to encourage long-term, accelerated growth and has been received very positively, though its primary benefits will materialize beyond 2025. CFO Steven Cirulis stated that while G&A dollars will increase slightly in 2025 to support growth initiatives and cover inflation, the company expects to see improved leverage, with G&A decreasing as a percentage of system-wide sales.

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    Matthew Curtis's questions to POTBELLY (PBPB) leadership • Q3 2024

    Question

    Matthew Curtis asked for an update on the value ideas Potbelly was screening, questioning if new initiatives would launch in Q4 or 2025. He also inquired whether the recent comp acceleration was driven by increased marketing spend.

    Answer

    President & CEO Robert Wright confirmed that some screened value ideas, like 'Kids Eat Free on weekends' and 'half-price shakes on weekends,' have already been implemented with positive results. He noted the company has a long list of other ideas it will continue to test. Wright clarified that the recent sales momentum was achieved without increasing marketing spend, which remains around 3% of sales. He views the potential to increase marketing spend in the future as 'dry powder' for the company.

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    Matthew Curtis's questions to KURA SUSHI USA (KRUS) leadership

    Matthew Curtis's questions to KURA SUSHI USA (KRUS) leadership • Q3 2025

    Question

    Matthew Curtis asked for a breakdown of the average ticket in the quarter between price and mix, and also inquired about the per-plate consumption trends during the third quarter.

    Answer

    SVP Benjamin Porten stated that the price/mix component was a positive 0.8%, composed of 4.3% in effective price offset by a negative 3.5% mix. He expressed pleasure that mix has stabilized in the low-to-mid single-digit negative range and sees potential for it to turn positive with new initiatives. He clarified that per-plate consumption has remained steady at approximately six plates per person for the last several years, and the new 'light rice' option was implemented after Q3 ended.

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    Matthew Curtis's questions to KURA SUSHI USA (KRUS) leadership • Q2 2025

    Question

    Matthew Curtis asked about the embedded comparable sales expectations for the second half of the year within the full-year revenue guidance and requested details on the intellectual property (IP) collaborations planned for the upcoming months.

    Answer

    Hajime Uba, through interpreter Benjamin Porten, stated that the company does not provide explicit comp guidance but suggested it could be inferred from the revenue guidance when considering the outperformance of new units. CFO Jeff Uttz revealed the upcoming IP pipeline includes returning successful campaigns like Demon Slayer, One Piece, and Peanuts, as well as a new collaboration with Nintendo's Kirby in fiscal 2026, with 7-8 total collaborations planned for that year.

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    Matthew Curtis's questions to CAVA GROUP (CAVA) leadership

    Matthew Curtis's questions to CAVA GROUP (CAVA) leadership • Q3 2024

    Question

    Matthew Curtis asked for details on the new loyalty program's impact on customer frequency and overall sales during the quarter and its expected future contribution.

    Answer

    CFO Tricia Tolivar reported that since the launch, loyalty sales as a percentage of total revenue increased by 200 basis points in the quarter. She noted that while it is still early to measure frequency changes, they anticipate a benefit and are encouraged by the initial results from the program's test phase.

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