Rachel Warren

And they're in an interesting spot.

You know, they're clearly kind of this it brand and fast casual.

They're facing that same consumer reality that the Chipotles of the world are.

You know, people are sometimes spending more per visit, but the dip in traffic suggests at least some fatigue and frequent visits.

They're leaning into some menu shifts.

They're launching this exclusive invite-only loyalty tier.

I think we've got a high growth story here.

There's obviously some visible near-term headwinds from the macro environment, but they have zero debt.

They're still aiming for 1,000 stores by 2032.

I like the business.

I think it was a solid quarter and a great year for the company.

These results also underline the fact that customers are willing to pay marginally more, right?

Not maybe $25 more, but they're willing to pay marginally more for the quality content they're used to.

And I think it also really suggests that music streaming has transitioned from maybe what was once seen as more of a luxury to really an essential utility for a lot of consumers.

And I think this was really apparent in Spotify's results.

There's really been this shift of focus from just pure subscriber growth to really

intelligent monetization strategies and profitability.

I mean, you look at their Q4 results, right?

So gross margin reached a record 33.1%.

That was above analyst estimates.