Jacob Aiken-Phillips

Darren said the M&A backdrop remains good, maybe better for buyers as multiples hold but target EBITDA falls; the 120-store goal assumes about half new builds and half small-deal M&A.

Darren said wings are showing incrementality and attachment with pizza, lifting prepared-food order frequency without cannibalizing pizza.

Darren deferred details to June 24 Investor Day but confirmed fundamentals unchanged: grow units, run efficiently, grow inside sales. Labor hour reduction program near end; future hours will flex with demand while maintaining record guest satisfaction.

About 11.5M lbs per quarter, 45M lbs annually. 80% locked through next few quarters at slight favorability. Remaining 20% bought on spot when conditions favorable.

Darren outlined algorithm: 8-10% EBITDA growth = ~4-5% from base business + ~4-5% from unit growth (split 50/50 NTI/small M&A). Current geography supports large number of new stores with unlimited runway for development.

Darren said prepared food SSS of 5.6% (10.2% 2-year stack) compares favorably to virtually any QSR or pizza concept. Consistency and magnitude of results are the key benchmarks.

Darren explained Fikes has a more protein-heavy, lower-margin food mix. Three pilot stores combining both menus show promising results. Full fix depends on kitchen installation timeline.

Darren emphasized new capabilities in procurement, data analytics, guest insights, culinary, and continuous improvement that didn't exist before. No concrete tariff impacts seen yet.

Darren noted Casey's line pricing is $1-$2 below major pizza competitors in the half of stores with overlap, and sandwich innovation captures QSR value-seeking consumers.

Darren said remodels are longest pull (permitting 12-24 months), will test a few stores first to understand combined food platforms. Fuel integration will come more quickly.

Raj credited traffic growth and stabilizing commodity inflation for LongHorn's margin, reiterating the invest-for-return philosophy. Direct.

Raj said screwworm poses minimal near-term supply risk; the main long-term risk is animal-movement restrictions.

Rick confirmed continuing to take share from casual dining industry and limited service. Delivery guests higher frequency and more affluent.

Rick clarified 65 is owned restaurants (Canada franchised). 5-year plan solidly in 3-4% long-term framework. Unit growth percentage expected to ramp slightly year-over-year.

Rick confirmed costs under budget. New smaller prototypes for Yard House and Cheddar's generating similar sales. Tariff impact on construction not believed to be too dramatic.

David confirmed relationships structured so KR participates in media opportunities originating on partner platforms. Declined to share specific deal terms. Retail media had another double-digit growth quarter with expected acceleration in Q4.

Ron identified pharmacy awareness as big opportunity. Plans to better position pharmacy in-store and tie into broader HBC merchandising strategy. David noted Rite Aid closures and competitor ownership changes create growth opportunity.

David highlighted AI shrink tool showing direct results on inventory visibility and sell-through, now transitioning to sales opportunity identification on seasonal items. Ron added AI applications in scheduling, planogramming, and customer personalization.

Jacob asked a two-part question on wage/leverage trade-offs and potential tariff-driven inflation. Management emphasized their model can balance wage increases with productivity, and noted limited tariff exposure as a domestic retailer.

Brett said KavaCore/KavaCurrent enable restaurant efficiency, guest engagement and BI, laying a foundation for predictive prep/cook, labor scheduling and inventory.

Direct: meaningful headroom to grow peak-hour transactions via labor deployment, equipment and Project Soul line redesign, without compromising service.

Confirmed the initial affected stores are improving; 2024 cohort returned to positive SRS after ~18 months and expects a similar 2025-cohort pattern.

Scott emphasized strong balance sheet enables investment across all three flywheel pillars simultaneously. Digital team driving 14% YoY enrollment growth and continuing to remove app friction.

Reddy framed the pressure as a discrete one-quarter ticket event being fixed in the back half, but gave no updated profitability figure against the $166,000 reference.