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CEO George Holm noted that Monday lunches have largely recovered but Fridays remain weak, partly due to restaurants not resuming 7-day operations. COO Scott McPherson added that the morning daypart is still the most pressured due to flexible work schedules. On new account growth, McPherson highlighted strong performance in the Mexican cuisine space, success in the Asian segment, and continued strength in Pizza and Italian.

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COO Scott McPherson responded that it is too early to see an impact on restaurant formation and that the independent pipeline remains 'healthy and vibrant.' CEO George Holm provided a geographic breakdown, noting that the Northeast has been surprisingly strong, Florida has been challenged by closures, and the rest of the country has seen fairly similar, slight declines.

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COO Scott McPherson attributed the chain business improvement to strong double-digit growth from several key partners and a favorable mix shift, having replaced some underperforming accounts with better ones. CFO Patrick Hatcher stated that while integration is proceeding well, the $50 million in synergies from Cheney will be back-end loaded, with more significant contributions expected in years two and three post-acquisition.

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CEO George Holm acknowledged a steady adoption of digital ordering by customers. CFO Patrick Hatcher provided specifics, noting that Vistar has converted nearly 100% of its legacy users to the new platform, with Foodservice also seeing excellent conversion among independent customers. The Convenience segment is expected to go live in Q1. Holm confirmed that Cheney has its own ordering system and that PFG's approach allows for different go-to-market strategies among its salespeople, leading to varied adoption rates.

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Michael Bailen, Senior Director & Head of IR, responded that while retailers are marketing beef, they are not being irrational or using it as a loss leader; rather, resilient consumer demand is meeting tight supply. Interim CFO Keith Humpich added that tariffs have not yet impacted construction costs due to existing inventory, but the company is evaluating future effects.

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Executive Michael Bailen clarified that the guidance increase reflected both the impact of tariffs and a higher inflation outlook for beef. CEO Gerald Morgan shared that the Bubba's 33 study confirmed its 'food for all' message resonates well, with guests appreciating the family-friendly, high-energy sports atmosphere.

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CFO David Monroe said that grocery promotions have not changed demonstrably and that the updated inflation guidance is driven by supplier outlooks, not retail demand. CEO Gerald Morgan stated they are monitoring tariff discussions through their D.C. contacts. Regarding the buyback, David Monroe described it as part of a balanced and opportunistic approach to capital returns, consistent with past practice.

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CFO Dirk Locascio declined to comment on the PFG matter but stated that the Q2 share repurchase of $250 million is a 'good proxy' for the company's ongoing capital deployment strategy. Regarding cost savings, Locascio did not specify the reinvestment amount or the new 2027 target, but reiterated the company's high confidence in exceeding the original $260 million goal and noted that reinvestment is a normal part of driving customer value.

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CFO Dirk Locascio explained that while new restaurant formations have declined over the past 15-18 months, closures have also declined, resulting in a relatively steady state. Regarding inflation, he clarified that the increase is narrowly driven by protein and eggs, while the broader grocery category remains stable and only modestly inflationary, keeping the overall rate manageable.

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CEO David Flitman stated that the import exposure for private label products is about equal to that of branded products. He also confirmed that the MOXe platform continues to deliver a case uplift in the range of 1 to 2 cases per order, consistent with previous commentary.

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CEO David Flitman reported that the compensation changes were received "very well" and are successfully aligning the sales force with strategic goals like growing exclusive brand sales. He also confirmed the company is on track to achieve its $60 million run-rate savings target from indirect spend by 2027, with $20 million expected this year.

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President & CEO Todd Penegor detailed the success of the revamped loyalty program, noting the 2.7 million new members are showing increased engagement and faster repeat purchases. EVP & CFO Ravi Thanawala added that app conversion is up several hundred basis points over the last year due to an improved user experience, with more personalization and AI-driven enhancements planned.

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President and CEO Todd Penegor confirmed the development incentive moved from a 5-year to a 3-year royalty abatement as planned. Regarding loyalty, he noted the program is successfully driving faster repeat purchases and growing its overall member base. CFO Ravi Thanawala added that loyalty accounts are up year-over-year, with a meaningful pickup from lapsed consumers, particularly in the carryout channel.

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CFO and EVP, International Ravi Thanawala emphasized that reducing build-out costs to approximately $500,000 was a key driver for development. President and CEO Todd Penegor added that the wide guidance range for Q4 was intentional to provide flexibility for continued investments aimed at building momentum into the new year, including testing digital programs.

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CFO James Leddy attributed the margin strength to a combination of shedding low-margin Hardee's business and early benefits from strategic initiatives related to pricing, procurement, and digital growth. He emphasized that the company focuses on gross profit dollar growth, with margin percentage being an output. CEO Christopher Pappas added that while they have seen impacts from EU tariffs, deflation in other categories like chocolate and olive oil has helped moderate the overall effect.

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James Leddy, CFO, and Christopher Pappas, Founder, Chairman and CEO, confirmed they are not seeing a slowdown in new restaurant openings, viewing the trend as a tailwind for their business. Regarding the Middle East, Mr. Pappas reported that the business is performing great, continues to see strong growth, and is exceeding expectations, supported by the opening of a new facility at the end of last year.

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CEO Christopher Pappas addressed the questions, stating that commodity inflation is tracking in the 2-3% range, excluding significant headwinds from eggs and chocolate. He noted that labor has stabilized and is not the headwind it was post-COVID, as the company pays competitively. Regarding the sales force, Pappas highlighted that they hire from kitchens, front-of-house, and other fields, with a focus on retention through investments in training, HR, and recruiting to build a diverse and experienced team.

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CEO Chris Pappas explained that in mature markets like New York, they serve as a 'one-stop shop' across all categories, which is the long-term goal for newer markets where customers may initially focus on just specialty or protein. CFO Jim Leddy confirmed that the 2028 financial targets are based purely on organic growth, as acquisitions are opportunistic and not modeled in.

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President & CEO Rick Cardenas described the Uber Direct customer as younger, slightly higher-income, and often a new or lapsed guest, with minimal overlap with dine-in patrons. He clarified that reinvestments are multifaceted and could include pricing actions, but also enhancing affordability through menu mix and investing in labor to improve the service experience.

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President and CEO Ricardo Cardenas clarified that delivery guests, acquired via Olive Garden's site with Uber Direct, are typically younger, have higher incomes, and show little overlap with dine-in customers. Their average check is about 20% higher than a standard to-go order, and 12% of these sales are for large party items. He also stated that labor availability remains strong due to the company's attractive employment proposition.

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Executive Rajesh Vennam explained that while delivery fees are included in sales, the financial impact from the 100-restaurant pilot is currently 'miniscule' and not a material factor in guidance. He clarified that the increase in the new unit forecast is entirely due to the inclusion of the recently acquired Chuy's brand.

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President and CEO Rick Cardenas confirmed that the entire food menu is available for delivery, with the exceptions of alcohol and the dine-in-only Never Ending Pasta Bowl promotion. He explained that the initiative is not targeting a specific daypart like lunch or dinner, but rather a consumer need state centered on convenience. The service is for guests who value having their food brought to them and are willing to pay a transparent fee for that service.

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EVP & CFO Jason Monaco explained that the revised 2% inflation forecast reflects current market trends. He clarified that the increase is broad-based across categories rather than being driven by a single factor. Monaco also noted that the net impact on consumers is somewhat blunted by a simultaneous rise in the promotional environment.

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CEO Ethan Brown stated that the U.S. foodservice team is now more fully built out after a difficult period. The new strategy focuses on securing wins with smaller, national accounts, a tier below massive QSR chains. While acknowledging that foodservice is sensitive to consumer spending, he expects to see improved performance and encouraging news from this refocused team as the year progresses.

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CEO Ethan Brown responded that health perception for the Beyond Meat brand is improving due to product reformulations and health-focused messaging. On margins, CFO Lubi Kutua and CEO Ethan Brown explained that the target is not solely dependent on category growth. They believe they can achieve it by gaining market share, expanding distribution within stores, and executing on significant operating expense reductions, which is the core of their plan to reach EBITDA positivity by the end of 2026.

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CEO Ethan Brown stated he does not expect gross margins to move backwards and sees potential for improvement in 2025, citing network consolidation, cost reductions, and pricing power. CFO Lubi Kutua confirmed the company intends to use its ATM program to add liquidity by year-end and is evaluating a more holistic balance sheet restructuring for 2025.

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CEO Robert Lynch explained that margins were preserved through disciplined execution on controllables, achieving record labor attainment and the lowest-ever waste levels. Regarding development, he expressed high confidence, stating they will open a record number of Shacks and are on track to reduce build costs by at least 10% this year, despite tariff concerns, noting recent openings have set sales records.

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CEO Rob Lynch stated that such tactics 'could be' in the cards for later in 2025 or early 2026. He explained that the immediate focus is on foundational brand positioning work to distill Shake Shack's core message. Once that strategic brief is finalized, they will explore leveraging it for more direct promotions. He noted that while they have used targeted digital incentives, they have not done much price-pointed advertised promotion, and it is something they are looking at.

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Brian Niccol, Chairman and Chief Executive Officer, expressed satisfaction with the marketing efforts, citing brand tracker data showing 'brand first choice' sentiment is at its highest since 2023. He also pointed to improving transaction trends with non-Rewards customers and a shift to higher-quality sales. He indicated the multi-channel marketing approach will continue to be refined.

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CEO Brian Niccol explained that recent learnings show the bottleneck in most stores is process-related, specifically the lack of sequencing for mobile orders, rather than equipment capacity. He stated that for the majority of stores, implementing the right processes, staff deployment, and a new ordering algorithm is sufficient to unlock throughput and meet the 4-minute goal. The additional Siren equipment is only necessary at the highest volume thresholds.

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CEO Brian Niccol acknowledged that lengthy store closures for renovations are unacceptable and are being addressed. He argued the primary past hurdle for Siren was not disruption, but a lack of a clear, unifying problem to solve. With the new, clear goal of a sub-4-minute service standard, the company can now strategically deploy the system to solve specific bottlenecks, making the business case for implementation clearer.

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CEO Stéfan Descheemaeker described the consumer environment as gradually improving but not yet back to pre-crisis levels. He noted that any new inflation is minor compared to 2022. A key positive trend he highlighted is that branded products are regaining market share from private label, suggesting consumers are returning to brands for perceived quality, a dynamic reflected in the company's guidance.

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CEO Kirk Tanner highlighted that the promotion effectively celebrates their beverage platform, especially the Coca-Cola Freestyle machine. He confirmed the promotion is driving momentum in Q4 as part of a broader focus on the profitable beverage category but declined to comment on specific plans for 2025.

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