Jeff Farmer

“I think you just mentioned a low 3% mix at cheesecake. That looks like that's the highest number in years. I might have missed it, but can you help us understand what drove that?”

“You've touched on it a few times on this call, but can you just level set us on what the U.S. franchisees are seeing on that store level, EBITDA, in 2026? And again, it's early, but any directional read on where you think that could head in 2027?”

“So really the high-level assumptions about the consumer backdrop that are captured in your guidance, how are you guys thinking about what's going on out there in terms of sort of a bigger backdrop, knowing that both the lower-income consumer and some of the younger-age demo consumers are not spending as much.”

“Just two quick modeling questions, hopefully quick. Q2 same store sales down 2.9. Average weekly sales down more than 6%. So assuming that spread is new store productivity, how should we be thinking about that spread as we're moving forward in modeling the business?”

“Michael, what is your expectation for the restaurant level margin in 27, and how should we be thinking about the benefit from the 53rd week?”