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    Patrick Johnson • Stifel

    Patrick Johnson's questions to First Watch Restaurant Group Inc (FWRG) leadership

    Patrick Johnson's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q2 2025

    Question

    Patrick Johnson of Stifel Financial Corp., on for Chris O'Cull, asked for details on marketing spend allocation between existing and new customers and the effectiveness of specific digital channels. He also inquired about the margin drag from new restaurant openings.

    Answer

    Chief Brand Officer Matt Eisenacher explained that the focus has been on efficiently targeting existing category users through various digital channels, which allows for unique one-to-one targeting. CFO Mel Hope addressed the new unit question, stating that while new restaurants operate at lower margins initially, they often over-index on sales, and this dynamic is a consistent and expected part of their consolidated margin structure.

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    Patrick Johnson's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q1 2025

    Question

    Patrick Johnson, on behalf of Chris O'Cull from Stifel, asked about the timing of the Tri-Fecta portion and third-party delivery pricing changes to gauge their full-quarter impact, and requested a breakdown of the drivers behind improved ticket times.

    Answer

    CFO Mel Hope confirmed the changes were implemented early in January, affecting most of the quarter. CEO Chris Tomasso identified the Kitchen Display System (KDS) as the primary driver of faster ticket times, supplemented by dining room optimization, enhanced busing procedures, and the online waitlist feature.

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    Patrick Johnson's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q4 2024

    Question

    Patrick Johnson, on behalf of Chris O'Cull, asked about the anticipated sales mix impact from marketing investments and how the marketing spend would be distributed geographically. He also inquired about learnings from tests targeting new versus existing customers.

    Answer

    CFO Mel Hope confirmed they do not expect a negative mix impact from marketing. CEO Chris Tomasso explained that marketing spend will be concentrated in markets with the highest restaurant density for efficiency. He added that tests targeting both existing customers for frequency and competitors' customers for trial were successful, and both strategies are incorporated into the 2025 plan.

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    Patrick Johnson's questions to Jack in the Box Inc (JACK) leadership

    Patrick Johnson's questions to Jack in the Box Inc (JACK) leadership • Q2 2025

    Question

    Patrick Johnson of Stifel inquired about current sales trends at Jack in the Box relative to the Q2 decline, how the brand exited the quarter, and if there were any notable geographic performance differences.

    Answer

    CEO Lance Tucker stated that Q3 trends were running in line with Q2's performance and guidance, acknowledging a challenging industry environment. Chief Customer and Digital Officer Ryan Ostrom added that the future strategy will focus on core equities like Munchie Meals, innovative curly fry flavors, and compelling value offers to drive sales.

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    Patrick Johnson's questions to Darden Restaurants Inc (DRI) leadership

    Patrick Johnson's questions to Darden Restaurants Inc (DRI) leadership • Q3 2025

    Question

    Speaking on behalf of Chris O'Cull, Patrick Johnson requested an update on the pilot of Darden's new point-of-sale (POS) system, including the timeline, brand rollout priorities, and any new capabilities it offers.

    Answer

    President and CEO Ricardo Cardenas confirmed the new POS is being piloted in two Olive Garden restaurants. He described it as the 'heartbeat' of the restaurant, requiring a careful rollout. The next brand to receive the system will be Chuy's to streamline its integration. Key benefits include a modern coding platform, easier maintenance, hardware flexibility, and very positive feedback from restaurant teams.

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    Patrick Johnson's questions to Dutch Bros Inc (BROS) leadership

    Patrick Johnson's questions to Dutch Bros Inc (BROS) leadership • Q3 2024

    Question

    Patrick Johnson from Stifel asked for clarification on the Q4 same-store sales guidance, the progression of comps in Q3, and the expected impact from mobile ordering.

    Answer

    CFO Josh Guenser clarified that the Q4 same-shop sales guidance is 1% to 2%, not flat, and that trends in October were on the higher side of that range. He noted that the guidance incorporates the mobile order trends observed in Q3. CEO Christine Barone added that the Q4 guidance also reflects a one-point tougher year-over-year comparison.

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    Patrick Johnson's questions to Portillos Inc (PTLO) leadership

    Patrick Johnson's questions to Portillos Inc (PTLO) leadership • Q3 2024

    Question

    Patrick Johnson, on for Chris O’Cull of Stifel, asked management to prioritize the levers for improving transaction performance and to discuss their confidence that smaller restaurant formats will not lead to lower sales volumes.

    Answer

    CEO Michael Osanloo identified key levers as improving throughput, leveraging kiosks, launching a loyalty program, and executing prudent marketing. He expressed confidence in the smaller format's capacity, explaining that kitchens are mocked up and tested by operators to ensure they can handle peak volumes (e.g., $200,000/week) required for a mature Portillo's restaurant.

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