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- **Loyalty Program Surge**: 6.5M members (+200k Q3), driving repeat visits and digital engagement. 
- **Remodel Success**: Benihana San Mateo remodel achieved brand record sales, with system-wide table expansion. 
- **Franchise Expansion**: Benihana Express franchise pipeline growing, targeting 60%+ franchise representation. 
- **Portfolio Restructuring**: 9 underperforming locations to be converted to STK/Benihana, generating $10M EBITDA. 
- **Financial Resilience**: Despite $7.9M operating loss, $10.6M adjusted EBITDA maintained. $45M liquidity supports growth. 
- **Operational Focus**: 30% table turn reduction targets 90min dining times for holiday capacity boost.

**【CEO Summary Section】**
- **Menu Diversification & Premiumization**: Kona Grill expanded menu to reduce reliance on seafood, introducing Wagyu and premium seafood. Benihana San Mateo remodel added 2-3 Teppanyaki tables, boosting capacity and targeting $8M annual sales with 20% margins. 
- **Loyalty Program Growth**: Friends with Benefits program has 6.5M members (+200k Q3), driving repeat visits. Digital upgrades to brand websites increased traffic and conversions. 
- **Franchise Expansion**: Benihana Express franchise openings (Miami, Scottsdale) and 60%+ franchise representation target. Non-traditional venues (stadiums, airports) under discussion. 
- **Portfolio Optimization**: Closed 7 underperforming World Concepts locations. 9 conversions to STK/Benihana expected by 2026, generating $10M EBITDA. 
- **Operational Efficiency**: Targeting 30% reduction in Benihana table turns (120min → 90min) to increase holiday capacity. 

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP revenue $180.2M (-7.1% YoY). Operating loss $7.9M (including $3.4M impairment). Adjusted EBITDA $10.6M (-28.9% YoY). 
- **FY25 Outlook**: Revenue $820-825M (-3% to -2% same-store sales). CapEx $45-50M. 5-7 new venues opening. 
- **Liquidity**: $45M cash, $28.7M revolver availability. Share buyback program authorized. 

**【Q&A Highlights】**
- **Traffic & Pricing**: Sequential traffic improvement (+6.9% Q3 vs. -7.5% Q2). Pricing pause in Q3 (-5.9% sales deleverage) followed by 4% price increase in November. 
- **Franchise Momentum**: Benihana Express pipeline expanding (California, Bay Area). STK conversions yielding $1M+ EBITDA. 
- **Vegas Performance**: STK Las Vegas improving, but broader market challenges persist. 
- **Loyalty Program**: 6.5M members, 200k new sign-ups Q3. Frequency increases for long-term members. 
- **Conversion Economics**: $1M capital per conversion, $1M+ EBITDA per STK. Benihana remodels within 1.5-2.5% of sales CapEx budget.

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