BJ's Restaurants Inc (BJRI) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the BJ's Restaurants fourth-quarter 2023 earnings release conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 BJ's 餐廳 2023 年第四季財報發布電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Rana Schirmer Director of SEC Reporting. Please go ahead.

我現在想將會議轉交給 SEC 報告總監 Rana Schirmer。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to our fiscal 2023 fourth-quarter investor conference call and webcast. After the market closed today, we released our financial results for our fiscal 2023 fourth quarter. You can view the full text of our earnings release on our website at www.bjsrestaurants.com.

謝謝你，接線生。大家下午好，歡迎參加我們的 2023 財年第四季投資者電話會議和網路廣播。今天收盤後，我們發布了 2023 財年第四季的財務表現。您可以在我們的網站 www.bjsrestaurants.com 上查看我們財報的全文。

I will begin by reminding you that our comments on the conference call today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projections in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events, or otherwise, unless required to do so by the securities laws.

首先，我要提醒您，我們今天在電話會議上的評論將包含1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。請投資者註意，前瞻性陳述並不是對未來業績的保證，並且不應視為對未來績效的保證。不應依賴此類陳述。這些陳述是基於管理階層目前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測有重大差異。我們沒有義務公開更新或修改任何前瞻性聲明或做出任何其他前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非證券法要求這樣做。

Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's filings with the Securities and Exchange Commission.

投資者應參考該公司向美國證券交易委員會提交的文件中包含的與前瞻性陳述相關的風險和不確定性的全面討論。

We will start today's call with prepared remarks from Greg Levin, our Chief Executive Officer and President; and Tom Houdek, our Chief Financial Officer, after which we will take your questions.

我們將以我們的執行長兼總裁 Greg Levin 準備好的講話開始今天的電話會議；以及我們的財務長 Tom Houdek，之後我們將回答您的問題。

And with that, I will turn the call over to Greg Levin. Greg?

接下來，我會將電話轉給格雷格·萊文 (Greg Levin)。格雷格？

Thank you, Rana. BJ's delivered another quarter of positive comparable restaurant sales and year-over-year margin expansion, as we continue to benefit from the strategies we shared at our Investor Day in November. These strategies are focused on driving sales through our familiar-made brewhouse fabulous culinary initiative, our people initiative around hospitality and gold standard level of operational excellence, and a welcoming contemporary ambiance to our remodel initiative. Our overall strategy also encompasses margin expansion through productivity and cost savings initiatives.

謝謝你，拉娜。 BJ's 又一個季度實現了可比餐廳銷售額和同比利潤率的增長，我們繼續受益於我們在 11 月份投資者日分享的策略。這些策略的重點是透過我們熟悉的啤酒廠美味佳餚計劃、我們圍繞熱情好客的員工計劃和卓越運營的黃金標準水平以及我們的改造計劃營造出溫馨的現代氛圍來推動銷售。我們的整體策略還包括透過生產力和成本節約措施來擴大利潤。

Taken together, and with successes already evident on many of these fronts, we have established a solid foundation for future restaurant growth and enhancements of shareholder value. From a fourth-quarter sales perspective, comparable restaurant sales were positive 0.6%, which was our 11th consecutive quarter of beating the industry as measured by Black Box.

總而言之，我們在許多方面已經取得了明顯的成功，為未來餐廳的發展和股東價值的提高奠定了堅實的基礎。從第四季度銷售額的角度來看，可比餐廳銷售額增長了 0.6%，根據 Black Box 的測量，這是我們連續第 11 個季度超過行業。

We expanded our restaurant margins to 14.4%, representing an increase of 150 basis points from the prior year, and generated adjusted EBITDA of more than $27 million in the quarter.

我們將餐廳利潤率擴大至 14.4%，較前一年增加 150 個基點，本季調整後 EBITDA 超過 2,700 萬美元。

Our margin improvement results compared to last year are even more impressive, in that fiscal 2022 was a 53-week year and included $3.2 million related to a one-time gain in gift card breakage in the fourth quarter. Therefore, excluding these benefits from last year, our restaurant level margins improved by 270 basis points and adjusted EBITDA increased by approximately 40% year over year in the fourth quarter.

與去年相比，我們的利潤率改善結果更加令人印象深刻，因為 2022 財年為期 53 週，其中包括與第四季度禮品卡破損一次性收益相關的 320 萬美元。因此，排除去年的這些效益，第四季度我們餐廳的利潤率提高了 270 個基點，調整後的 EBITDA 年成長約 40%。

For the fiscal 2023 full year, adjusted EBITDA increased to approximately $104 million, an increase of more than 30% on a reported basis, and more than 40% from last year when adjusting for gift card breakage and the 53rd week that benefited fiscal 2022.

2023 財年全年，調整後 EBITDA 增至約 1.04 億美元，按報告計算增長超過 30%，根據禮品卡破損和 2022 財年受益第 53 週進行調整後，較去年增長超過 40%。

While Tom will discuss this in more detail, the margin improvement initiatives that generated strong results in 2023 will continue to yield further benefits in 2024. We expect restaurant level margins to expand again this year, and increase from our fourth-quarter exit rate in the mid-14 percentage points, and further close the gap to pre-pandemic levels consistent with what we outlined in our Investor Day presentation in November.

雖然湯姆將更詳細地討論這一點，但在2023 年產生強勁業績的利潤率改善舉措將在2024 年繼續產生進一步的效益。我們預計今年餐廳層面的利潤率將再次擴大，並較去年第四季度的退出率有所增加。14 個百分點左右，並進一步將差距縮小到大流行前的水平，這與我們在 11 月份投資者日演講中概述的一致。

Our familiar-made brewhouse fabulous culinary strategy began this past July, as we rolled out our smaller menu removing some of the non-core menu items that added complexity. While it can be difficult to grow comp sales with fewer menu items in the short term, this is the right approach to move BJ's forward and allow for new menu innovation while improving execution and team member satisfaction. In this regard, our new familiar-made brewhouse diverse items are moving the business forward.

我們熟悉的釀酒廠美妙的烹飪策略始於去年七月，當時我們推出了較小的菜單，刪除了一些增加複雜性的非核心菜單項目。雖然短期內很難透過較少的菜單項目來增加銷售量，但這是推動 BJ's 前進並允許新菜單創新，同時提高執行力和團隊成員滿意度的正確方法。在這方面，我們新推出的熟悉的啤酒廠多樣化產品正在推動業務向前發展。

Our October Spooky Pizookie dessert had the highest incident rate of any seasonal Pizookie, and our surf and turf combo increased our overall entrée incidents and added approximately $300 to our weekly sales average during the promotion period.

我們的10 月Spooky Pizookie 甜點的事故率是所有季節性Pizookie 中最高的，而我們的衝浪和草皮組合增加了我們整體主菜事故的發生率，並在促銷期間使我們的每周平均銷售額增加了約300 美元。

We shared with the investment community in November our three-year culinary strategy, which includes upgrading 50% of our menu to have a more visual wow for our guests, ongoing investment in our core [work force] items, and further innovation around 20% of our menu focus on value and price point. The changes we made to the menu are resonating with our team and workflow, allowing us to improve overall execution.

11 月，我們與投資界分享了我們的三年烹飪策略，其中包括升級 50% 的菜單，為客人帶來更多視覺效果，持續投資我們的核心 [勞動力] 項目，以及進一步創新約 20%我們的菜單重點在於價值和價格點。我們對菜單所做的更改與我們的團隊和工作流程產生了共鳴，使我們能夠提高整體執行力。

In Q4, our team member retention improved for both hourly team members and managers compared to the prior year and are now better than pre-COVID levels, bringing added stability and less training time and cost to our business. In fact, our retention was better than our casual dining peers, which has created tremendous synergy in our restaurants, bench strength, and career advancement opportunities. This synergy has led to improved net promoter scores, and again, reduced training and overtime costs, helping to move our restaurant margins in the right direction.

在第四季度，與上一年相比，我們的小時團隊成員和經理的團隊成員保留率均有所提高，現在優於新冠疫情之前的水平，為我們的業務帶來了更高的穩定性和更少的訓練時間和成本。事實上，我們的保留率比休閒餐飲同行要好，這在我們的餐廳、替補實力和職業發展機會方面創造了巨大的協同效應。這種協同作用提高了淨推薦值，並再次減少了培訓和加班成本，幫助我們的餐廳利潤朝著正確的方向發展。

Through our research, we know that a key differentiator in full-service restaurants is ambiance. Guests want a contemporary, relevant atmosphere that complements our team members' gracious hospitality and BJ's delicious food. In fiscal 2023, we completed 36 remodels and expect to do at least 20 remodels this year. We believe we have about 130 more restaurants that can use one aspect of our remodel program. And with several quarters of data in hand following other remodels, we know this approach helps drive sales and traffic.

透過我們的研究，我們知道全方位服務餐廳的一個關鍵區別在於氛圍。客人想要一個現代、相關的氛圍，與我們團隊成員的殷勤款待和 BJ 的美味佳餚相得益彰。 2023 財年，我們完成了 36 次改造，預計今年至少 20 次改造。我們相信還有大約 130 家餐廳可以使用我們改造計畫的某一方面。憑藉其他改造後的幾個季度的數據，我們知道這種方法有助於推動銷售和流量。

By the end of 2024, we expect half of our restaurants will either be remodeled or be our newer, lighter, prototype. While the best way for us to continue our margin growth is by driving top-line sales, since every additional sales dollar leverages the fixed elements of our cost structure, we also laid out a plan last year to identify at least $25 million of four-wall cost savings opportunities that will benefit our restaurant operating margins while maintaining our quality standards. We have now unlocked over $35 million of cost savings on an annualized basis as we reduced food, labor. and operating and occupancy costs.

到 2024 年底，我們預計一半的餐廳將進行改造，或成為我們更新、更輕的原型。雖然我們繼續利潤成長的最佳方式是推動營收成長，但由於每一額外的銷售額都會利用我們成本結構的固定要素，因此我們去年還制定了一項計劃，以確定至少2500 萬美元的四個項目：節省牆壁成本的機會將有利於我們餐廳的營運利潤，同時保持我們的品質標準。由於減少了食品和勞動力，我們現在每年節省了超過 3500 萬美元的成本。以及營運和占用成本。

Going into fiscal '24, and we expect to find additional savings that will further contribute to our initiatives to move restaurant-level margins higher. We also continue to open new restaurants in a balanced manner and make sure our portfolio is optimized to continue driving the best return for our shareholders. In 2023, we opened five new restaurants, including the relocation of our Chandler, Arizona restaurant. Our restaurants opened since 2021 are doing exceptionally well with weekly sales average of more than $130,000 or approximately 10% higher than our system average, with restaurant level margins in the mid- to upper-teens on an annual run rate average.

進入 24 財年，我們預計會找到額外的節省，這將進一步有助於我們提高餐廳利潤率的舉措。我們也繼續以平衡的方式開設新餐廳，並確保優化我們的投資組合，以繼續為股東帶來最佳回報。 2023 年，我們新開了五家餐廳，其中包括亞利桑那州錢德勒餐廳的搬遷。我們自 2021 年以來開業的餐廳業績非常好，每周平均銷售額超過 130,000 美元，比我們的系統平均水平高出約 10%，按年平均營業率計算，餐廳水平利潤率在十幾歲左右。

Going into 2024, we plan to reduce the investment cost for newbuilds by approximately $1 million, which will bring down our investment cost to around $6.1 million net of landlord allowances. At the same time, we are working on further refining our prototype with the goal of reducing our investment cost by another $500,000.

進入 2024 年，我們計劃將新建建築的投資成本減少約 100 萬美元，這將使我們的投資成本在扣除房東補貼後降至約 610 萬美元。同時，我們正在進一步完善我們的原型，目標是再減少 50 萬美元的投資成本。

Our long-term cadence in this business is to drive top-line sales in the 8% to 10% range through a combination of 5%-plus unit growth and comparable restaurant sales in the low- to mid-single digits. At the same time, we continue to expand margins through sales leverage and productivity and savings initiatives. Our continuous focus on optimizing the business and solid financial cadence generates significant free cash flow which we can translate into enhanced shareholder value.

我們在該業務中的長期節奏是透過 5% 以上的單位成長和中低個位數的可比餐廳銷售額相結合，將頂線銷售額推高 8% 至 10%。同時，我們繼續透過銷售槓桿、生產力和節約措施來擴大利潤。我們對優化業務的持續關注和穩健的財務節奏產生了大量的自由現金流，我們可以將其轉化為更高的股東價值。

Based on our new restaurant performance, we know that BJ's is a welcomed concept by guests throughout the US, and this provides us the opportunity to double our footprint over time. However, as we've always said, we are going to do it with the right quality, and at the right investment cost to continue to drive strong, new restaurant investment returns that maximizes shareholder value.

根據我們新餐廳的業績，我們知道 BJ's 是一個受到美國各地客人歡迎的概念，這為我們提供了隨著時間的推移將足跡擴大一倍的機會。然而，正如我們一直所說的那樣，我們將以正確的品質和正確的投資成本來繼續推動強勁的新餐廳投資回報，從而實現股東價值最大化。

To that point, and as we continue to focus on reducing our investment costs in our new restaurants, we now plan to open three restaurants this year. We are targeting total CapEx in the $70 million range, net of tenant improvement allowances, including remodeling at least 20 restaurants this year.

到目前為止，隨著我們繼續專注於降低新餐廳的投資成本，我們現在計劃今年開設三家餐廳。我們的目標是總資本支出在 7,000 萬美元範圍內，扣除租戶改善津貼，包括今年改造至少 20 家餐廳。

We expect to generate over $40 million of cash flow this year that we can use to enhance shareholder value through share repurchases or debt reduction. Our strong EBITDA growth and free cash flow profile will provide solid earnings growth for our shareholders as we are increasingly confident in our strategy to grow sales, expand margins, open new restaurants at the right pace, and return capital to our shareholders.

我們預計今年將產生超過 4,000 萬美元的現金流，我們可以利用這些現金流透過股票回購或削減債務來提高股東價值。我們強勁的EBITDA 成長和自由現金流狀況將為我們的股東帶來穩健的獲利成長，因為我們對增加銷售額、擴大利潤、以適當的速度開設新餐廳以及向股東返還資本的策略越來越有信心。

To this point, as we announced today, our Board of Directors have has approved an increase of $50 million to our share repurchase plan.

到目前為止，正如我們今天宣布的那樣，我們的董事會已批准增加 5000 萬美元的股票回購計劃。

Now, let me turn it over to Tom to provide a more detailed update from the quarter and current trends. Tom?

現在，讓我將其轉交給 Tom，以提供有關本季和當前趨勢的更詳細的更新。湯姆？

Thanks, Greg, and good afternoon, everyone. I will provide details of the quarter and some forward-looking views. Please remember, this commentary is subject to the risks and uncertainties associated with forward-looking statements as discussed in our filings with the SEC.

謝謝格雷格，大家下午好。我將提供本季的詳細資訊和一些前瞻性觀點。請記住，本評論受到與我們向 SEC 提交的文件中討論的前瞻性陳述相關的風險和不確定性的影響。

For the fourth quarter, we generated sales of $324 million, which was 6% less than last year on a reported basis and 2% higher when removing the benefits of the 53rd week and the $3.2 million of gift card breakage from last year's results.

第四季度，我們的銷售額為3.24 億美元，按報告計算，比去年減少了6%，但從去年的業績中扣除第53 週的福利和320 萬美元的禮品卡破損費用後，銷售額增加了2%。

On a comparable restaurant basis, Q4 sales increased by 0.6% over the prior year. From a weekly sales perspective, we averaged approximately $115,000 per restaurant. Our strong and efficient restaurant execution, as Greg just outlined, in conjunction with our cost savings from our margin improvement initiatives helped BJ's again improve margins in the quarter.

以可比較餐廳計算，第四季銷售額比上年成長 0.6%。從每週銷售額的角度來看，每家餐廳的平均銷售額約為 11.5 萬美元。正如格雷格剛剛概述的那樣，我們強大而高效的餐廳執行力，加上我們透過利潤改善計劃節省的成本，幫助 BJ's 在本季度再次提高了利潤。

Our restaurant-level cash flow margin was 14.4% in Q4, which was 150 basis points better than a year ago on a reported basis. When adjusting for gift card breakage and the 53rd week, our restaurant-level cash flow margin was nearly 300 basis points higher than last year, demonstrating again the benefits of our ongoing initiatives to drive sales and efficiencies. As a result, our restaurant-level cash flow dollars continued to improve, and we were in line with 2019 Q4 levels.

第四季我們餐廳層級的現金流利潤率為 14.4%，依報告數據比去年同期高出 150 個基點。在對禮品卡破損和第 53 週進行調整後，我們餐廳層面的現金流利潤率比去年高出近 300 個基點，再次證明了我們持續採取的推動銷售和效率舉措的好處。因此，我們餐廳層面的現金流持續改善，與 2019 年第四季的水準一致。

Adjusted EBITDA was $27.3 million, an 8.4% of sales in the fourth quarter. Q4 EBITDA beat the prior year by $8 million, with a margin that was 220 basis points higher when again excluding the gift card breakage benefit and 53rd week from 2022.

調整後 EBITDA 為 2,730 萬美元，佔第四季銷售額的 8.4%。第四季 EBITDA 比前一年增加 800 萬美元，在再次排除禮品卡破損福利和 2022 年第 53 週的情況下，利潤率高出 220 個基點。

We reported net income of $8.1 million and diluted net income per share of $0.34 on a GAAP basis for the quarter, which were at approximately twice the levels from a year ago, even before adjusting for gift card breakage and the 53rd week.

我們報告的本季淨利潤為 810 萬美元，以 GAAP 計算的每股攤薄淨利潤為 0.34 美元，即使在對禮品卡破損和第 53 週進行調整之前，該數字約為去年同期水平的兩倍。

For more detail on sales trends, overall casual dining industry sales as measured by Black Box decelerated starting in November, and our sales patterns followed the industry. We made certain strategic decisions in Q4 to drive profitable sales, including changing our Veterans Day promotion, which benefited margins but weighed on November comp sales. We also reduced promotional spend for off-premise starting in November, which benefited margins at the expense of some off-premise sales. Our on-premise business remains our strongest, most profitable, and most differentiated channel with comp sales up low-single digits in the quarter.

有關銷售趨勢的更多詳細信息，根據 Black Box 的統計，休閒餐飲行業的整體銷售從 11 月開始放緩，我們的銷售模式跟隨行業變化。我們在第四季度做出了某些策略決策，以推動獲利銷售，包括改變退伍軍人節促銷活動，這有利於利潤，但影響了 11 月的銷售。從 11 月開始，我們還減少了場外促銷支出，這提高了利潤率，但犧牲了一些場外銷售。我們的本地業務仍然是我們最強大、利潤最高和最具差異化的管道，本季的公司銷售額成長了低個位數。

BJ's is an experiential brand, and as such, we intend to direct the majority of our focus on growing our on-premise business. This is where guests can experience the energy of our restaurants, which is elevated by our remodeling investments, along with our gold standard level of service, great food served fresh from our kitchens, and innovative drinks prepared by our bartenders. We believe that driving a strong on-premise experience creates more affinity for the brand that over time will help drive the off-premise business.

BJ's 是一個體驗式品牌，因此，我們打算將大部分精力放在發展我們的本地業務上。在這裡，客人可以體驗我們餐廳的活力，這種活力是透過我們的改造投資、我們的黃金標準服務水準、廚房新鮮供應的美味食物以及調酒師調製的創新飲料而提升的。我們相信，推動強大的內部體驗可以為品牌創造更多的親和力，隨著時間的推移，這將有助於推動外部業務。

Late night is our best performing daypart, with comp sales of positive low- to mid-single digits in Q4. Our late-night authority is an established core competitive advantage for BJ's. We reinforced this daypart by adding back more operating hours in 2023, and through our remodel program with a focus on the bar statement, while continuing to create and serve innovative and creative brewhouse fabulous food and drinks.

深夜是我們表現最好的時段，第四季的銷售額為正低至中個位數。我們的深夜權威是 BJ's 既定的核心競爭優勢。我們透過在 2023 年增加更多營業時間以及以酒吧聲明為重點的改造計劃來強化這一時段，同時繼續創造和提供創新和創意啤酒廠的美味食品和飲料。

Moving to more recent trends. Restaurant sales in the first six weeks of 2024 have been materially impacted by storms and winter weather, along with the continuation of a more cautious consumer. Each week has had some degree of inclement weather that has kept guests at home. The first six weeks, comp sales are down mid-single digits in aggregate. Looking ahead in the quarter and assuming that the worst of the winter weather is behind us, we expect comp sales to improve in full-year comp sales in the negative low-single digit area for Q1.

轉向更新的趨勢。 2024 年前六週的餐廳銷售受到風暴和冬季天氣以及消費者持續更加謹慎的影響。每週都會出現一定程度的惡劣天氣，導致客人待在家裡。前六週，公司銷售額總計下降了中個位數。展望本季度，假設最糟糕的冬季天氣已經過去，我們預計第一季全年同業銷售將有所改善，處於負低個位數區域。

Despite the challenging weather to start the year for the industry, we continue to beat the casual dining trends when compared to Black Box. In fact, our quarter-to-date comp sales is approximately 250 basis points ahead of the industry through the first couple of weeks of February.

儘管新年伊始，業界面臨著充滿挑戰的天氣，但與 Black Box 相比，我們仍然領先於休閒餐飲趨勢。事實上，到 2 月的前幾週，我們的季度至今的比較銷售額領先於該行業約 250 個基點。

Turning to margins. We realized additional cost savings in the fourth quarter. We have now eliminated more than $35 million of costs on an annualized basis, which is $10 million higher than our original target, allowing us to expand our restaurant-level margins to the mid-14% in Q4.

轉向邊緣。我們在第四季度實現了額外的成本節省。現在，我們已在每年消除了超過 3500 萬美元的成本，這比我們最初的目標高出 1000 萬美元，使我們能夠在第四季度將餐廳層面的利潤率擴大到 14% 左右。

As a reminder, our fourth-quarter margins generally serve as a good proxy for our average margin throughout the year. And I would suggest using Q4 margins as a starting point for modeling full-year 2024 margins. We are encouraged by our continued progress in closing the gap to our 2019 restaurant margins of 16%, and maintain our confidence in being able to meet and then surpass historical margin levels.

提醒一下，我們第四季的利潤率通常可以很好地代表我們全年的平均利潤率。我建議使用第四季的利潤率作為 2024 年全年利潤率建模的起點。我們在縮小 2019 年餐廳利潤率 16% 的差距方面不斷取得進展，對此我們感到鼓舞，並保持我們對能夠達到並超越歷史利潤水平的信心。

Moving to expenses. Our cost of sales was 25.5% in the quarter, which was 130 basis points favorable compared to a year ago, and 40 basis points favorable compared to the prior quarter. Food costs were down about 1% quarter on quarter, with new meat program sourcing driving down costs and more than offsetting inflation on other items. Food cost inflation was approximately 1% for the 2023 full-year period, and would have been approximately 300 basis points higher without our savings initiatives.

轉向開支。本季我們的銷售成本為 25.5%，比去年同期下降 130 個基點，比上一季下降 40 個基點。食品成本較上季下降約 1%，新的肉類採購計畫降低了成本，並遠遠抵消了其他商品的通膨。 2023 年全年食品成本通膨率約為 1%，如果沒有我們的儲蓄舉措，食品成本通膨率將高出約 300 個基點。

Labor and benefits expenses were 36.5% of sales in the quarter, which was 30 basis points favorable compared to the fourth quarter of last year. We made further strides improving our labor efficiency, which was driven in part by our simplified menu that requires less kitchen prep hours and number of the labor efficiency metrics we track, including items per labor hour. We're better this quarter than pre-COVID levels, illustrating the high level our restaurant teams are operating at, as well as the effectiveness of our cost savings initiatives to date with respect to refining and optimizing our labor model.

勞動力和福利費用佔該季度銷售額的36.5%，比去年第四季有利30個基點。我們在提高勞動效率方面取得了進一步的進步，這在一定程度上是由於我們簡化的菜單需要更少的廚房準備時間和我們追蹤的勞動效率指標數量（包括每工時的項目）推動的。本季我們的業績比新冠疫情爆發前的水平要好，這說明了我們餐廳團隊的營運水平，以及我們迄今為止在改進和優化勞動力模式方面的成本節約舉措的有效性。

Occupancy and operating expenses were 23.6% of sales in the quarter, which was 10 basis points unfavorable compared to the fourth quarter of last year. We increased our marketing spend by 20 basis points from Q4 of last year to build additional awareness and drive traffic to our restaurants.

該季度入住率和營運費用佔銷售額的23.6%，與去年第四季相比不利10個基點。與去年第四季相比，我們的行銷支出增加了 20 個基點，以提高知名度並增加餐廳客流量。

G&A was $21.7 million in the fourth quarter. Included in G&A was more than $600,000 in deferred compensation expense linked to fund performance in our deferred compensation plan, compared to $100,000 benefit in Q3. As a reminder, this is a non-cash item and has an offsetting entry in the other income and expense line in our P&L.

第四季一般管理費用為 2,170 萬美元。 G&A 中包括超過 600,000 美元的與我們的遞延薪酬計劃中的基金績效相關的遞延薪酬費用，而第三季度的福利為 100,000 美元。提醒一下，這是一個非現金項目，在我們損益表的其他收入和支出行中有一個抵銷條目。

We also had extraordinary legal expenses of approximately $800,000 in the fourth quarter. Combination of these two items pushed our full-year G&A to $82 million, which was at the high end of our original guidance.

第四季我們還有約 80 萬美元的額外法律費用。這兩個項目的結合使我們的全年一般管理費用達到 8,200 萬美元，這是我們最初指導的上限。

Turning to the balance sheet, we ended the fourth quarter with net debt of 30 months -- $39 billion, which was $9 million lower than the end of Q3 due to our growing free cash flow. We ended Q4 with a debt balance of $68 million and a cash balance of $29 million, each of each of which was up from the end of Q3.

談到資產負債表，我們第四季末的 30 個月淨債務為 390 億美元，由於我們的自由現金流不斷增長，比第三季末減少了 900 萬美元。在第四季末，我們的債務餘額為 6,800 萬美元，現金餘額為 2,900 萬美元，兩者均較第三季末增加。

Also during the quarter, we continued to return capital to our shareholders through our share repurchase program. These share repurchases reflect management's belief that BJ's shares represent a fantastic value and our confidence in BJ's longer-term growth prospects.

同樣在本季度，我們繼續透過股票回購計畫向股東返還資本。這些股票回購反映了管理層相信 BJ 的股票具有巨大的價值，以及我們對 BJ 長期成長前景的信心。

During the fourth quarter, we repurchased and retired approximately 263,000 shares of common stock at a cost of $6.7 million. Reflecting our strong and increasing operating cash flow, the Board of Directors has approved an expansion of the share repurchase program by $50 million. As a result, we currently have approximately $61 million available under our authorized $550 million share repurchase program.

第四季度，我們以 670 萬美元的成本回購並退役了約 263,000 股普通股。董事會已批准將股票回購計畫擴大 5,000 萬美元，這反映出我們強勁且不斷成長的營運現金流。因此，我們目前根據授權的 5.5 億美元股票回購計畫擁有約 6,100 萬美元的可用資金。

Total 2023 CapEx was $98 million after related asset proceeds. Included in CapEx was $5 million related to the timing of payments for 2022 projects. Excluding this $5 million related to 2022 projects, CapEx of $93 million was in our plan range, which includes the five new restaurants opened in 2023, and 36 restaurant remodels.

扣除相關資產收益後，2023 年資本支出總額為 9,800 萬美元。資本支出中包括與 2022 年專案付款時間相關的 500 萬美元。排除這與 2022 年專案相關的 500 萬美元，9,300 萬美元的資本支出在我們的計劃範圍內，其中包括 2023 年開設的 5 家新餐廳和 36 家餐廳改造。

Also, in the fourth quarter, we closed an underperforming restaurant, which required a non-cash write-off in the losses and disposal -- loss on disposals and impairment of asset line. As I said previously, we expect Q1 comp sales in the negative low-single digits due in part to the impact from the wet winter weather through the first six months of the quarter. Factoring in recent trends and near-term expectations, we expect restaurant level cash flow margins to be in the 13% to low-13% range in Q1 accounting for the deleverage during the weather impacted weeks. We do still expect to grow margins in Q1 year over year, despite the top line impact from weather.

此外，在第四季度，我們關閉了一家業績不佳的餐廳，需要對損失和處置進行非現金沖銷——處置損失和資產減值。正如我之前所說，我們預計第一季的銷售額將出現低個位數的負值，部分原因是該季度前六個月潮濕的冬季天氣的影響。考慮到近期趨勢和近期預期，考慮到受天氣影響的幾週內的去槓桿化，我們預計第一季餐廳層面的現金流利潤率將在 13% 至低至 13% 的範圍內。儘管受到天氣的影響，我們仍然預計第一季的利潤率將同比增長。

We then expect to continue expanding margins throughout the year, as we grow sales through strategic initiatives and additional progress on our margin improvement initiatives. Our goal is to close the gap to 2019 margins and finish the year with an exit rate approaching 16% restaurant-level cash flow margins.

然後，隨著我們透過策略性舉措和利潤改善措施取得額外進展來增加銷售額，我們預計全年將繼續擴大利潤率。我們的目標是縮小與 2019 年利潤率的差距，並以接近 16% 餐廳水準現金流利潤率的退出率結束這一年。

For 2024, we are expecting food cost inflation in the flat to low-single digit area and labor inflation in the mid to upper single digits. For 2024, we are targeting G&A in the $82 million to $84 million area. We are limiting our planned CapEx spend to approximately $70 million net of tenant improvement allowances, which includes three new restaurants and 20 existing restaurant remodels.

2024 年，我們預期食品成本通膨將在持平至低個位數區域，勞動力通膨將在中個位數至高個位數區域。 2024 年，我們的一般管理費用目標為 8,200 萬至 8,400 萬美元。我們將計劃的資本支出限制在約 7,000 萬美元（扣除租戶改善津貼），其中包括 3 家新餐廳和 20 家現有餐廳改造。

Consistent with the strategy outlined during our November Investor Day, we continue to take a disciplined approach to capital allocation and new restaurant growth relative to new restaurant costs with our overall restaurant economics guiding the timing for accelerated growth and related capital expenditures. This approach serves BJ's its guests and shareholders well, while also allowing us to use our growing cash flows to enhance shareholder value through additional share repurchases and debt reduction. Following our Brookfield, Wisconsin opening scheduled for April, the two additional new restaurants planned for fiscal 2024 will be our new prototype, which is designed to cost approximately $1 million less to build than our recent new restaurants.

根據我們在 11 月投資者日期間概述的策略，我們繼續對資本配置和新餐廳成長（相對於新餐廳成本）採取嚴格的方法，我們的整體餐廳經濟指導加速成長和相關資本支出的時機。這種方法為 BJ's 的客人和股東提供了良好的服務，同時也使我們能夠利用不斷增長的現金流，透過額外的股票回購和債務削減來提高股東價值。繼我們計劃於 4 月在威斯康辛州布魯克菲爾德開業之後，計劃於 2024 財年新增的兩家新餐廳將成為我們的新原型，其建造成本比我們最近的新餐廳低約 100 萬美元。

In conclusion, with significant and improving cash flows from operations, expanding margins, and a healthy balance sheet, we have the financial flexibility to execute multiple initiatives to enhance shareholder value. We are focused on delivering value to shareholders through sales and productivity initiatives, and on our disciplined approach to capital allocation, including for new restaurant openings and restaurant remodels, which both continue to generate strong economic returns. We have a clear path to sales and margin growth ahead and our long-term strategy and strong consumer appeal for the BJ's concept position us well to continue building on our successes in enhancing shareholder value.

總之，憑藉來自營運的大量且不斷改善的現金流、不斷擴大的利潤率和健康的資產負債表，我們擁有財務靈活性來執行多項舉措來提高股東價值。我們專注於透過銷售和生產力計劃為股東創造價值，並專注於嚴格的資本配置方法，包括新餐廳開業和餐廳改造，這兩者都將繼續產生強勁的經濟回報。我們有一條明確的銷售和利潤成長之路，我們的長期策略和 BJ 概念對消費者的強烈吸引力使我們能夠繼續在提高股東價值方面取得成功。

Thank you for your time today, and we'll now open up the call to your questions. Operator?

感謝您今天抽出寶貴的時間，我們現在將開始回答您的問題。操作員？

(Operator Instructions) Tyler Prause, Stephens, Inc.

（操作員說明）Tyler Prause, Stephens, Inc.

Hey, thanks for taking the question. Could you please walk us through the same-store sales components that include traffic mix and price? And how should we think about price flowing through in fiscal year '24?

嘿，謝謝你提出問題。您能否向我們介紹同店銷售的組成部分，包括流量組合和價格？我們該如何看待 24 財年的價格流動？

Sure. So in the fourth quarter, we had around 7% to 8% of pricing, and that's about what flowed through to check a little bit less on check in the mid-7s. So traffic was down about 6%, so those are kind of the components that are built up to the 0.6% of comp in Q4. Looking forward to the 2024, we will be taking less price. So if you think of the pricing carried in Q1, it's more in the 5% to 6% range after a lower pricing round in January, and we expect that to continue to come down as the year progresses.

當然。因此，在第四季度，我們的定價大約為 7% 到 8%，這大約是 7 年代中期檢查量減少一點的流量。因此，流量下降了約 6%，因此這些組件在第四季度佔了 0.6% 的比例。展望2024年，我們的價格將會更低。因此，如果你考慮一下第一季的定價，在1 月份一輪較低的定價之後，它的定價範圍更大，在5% 到6% 的範圍內，我們預計隨著今年的進展，這一定價將繼續下降。

Great, thanks. And at the Investor Day, you mentioned an opportunity to grow your brand awareness as you were about 12% unaided awareness versus your peer said of about 20% to 40%. Can you talk a little bit more about what you're doing to close this gap into what we might see in 2024?

萬分感謝。在投資者日，您提到了提高品牌知名度的機會，因為您的品牌知名度約為 12%，而同行的知名度約為 20% 至 40%。您能否多談談您正在採取哪些措施來縮小與 2024 年我們可能看到的差距？

Yes, this is Greg. Great question. We will be actually increasing more on the media side, both on linear and connected TV in some specific markets. So last year, it really, at the end of the third quarter, was our first time going on television, actually even in Southern California in a few years.

是的，這是格雷格。很好的問題。實際上，我們將在媒體方面增加更多資金，包括在某些特定市場的線性電視和連網電視。所以去年，在第三季末，我們確實是幾年來第一次上電視，實際上是在南加州。

So we're going to end up having two flights; one in Q2, and then one in the second half. Our flights will start more in the April time frame of this year. And we've actually added in another market as well that will be more on the connected TV, which is the Hulu and the streaming services versus linear TV.

所以我們最後會有兩個航班；第二季一場，下半場一場。我們的航班將在今年 4 月期間開通更多航班。實際上，我們還增加了另一個市場，該市場將更多地集中在聯網電視上，即 Hulu 和串流媒體服務，而不是線性電視。

Very helpful. Thanks. And just one final follow-up here. Appreciate the unit growth guidance of three units into 2024. How should we be thinking about closures for the year?

很有幫助。謝謝。這裡只是最後一個後續行動。感謝 2024 年三個單位的單位增長指導。我們應該如何考慮今年的關閉？

Yeah. And we're probably looking somewhere in the one to two closures for the year, as we continue to look at leases that are expiring or continue to make sure we want to optimize our portfolio. We've said this before, I think we've said at the Investor Day, BJ's has been a concept that has never gone out and opened 30 restaurants. And then three years later said, we're closing 20 of the 30.

是的。我們可能會在今年關閉一到兩次，因為我們將繼續關注即將到期的租約或繼續確保我們想要優化我們的投資組合。我們以前說過，我想我們在投資者日說過，BJ’s 是一個從未走出去、開設了 30 家餐廳的概念。三年後，我們將關閉 30 家中的 20 家。

We've got a really good list of assets. And the ones that we've closed this year actually were coming to the end of their lease terms, or in one case, was one of our smaller restaurants. So as we continue to look towards next year, there's only a few that are coming towards the end of their lease term. And as a result, I think it would be one to two that we've closed.

我們有一份非常好的資產清單。我們今年關閉的餐廳實際上即將到期，或者在一個例子中，是我們的一家較小的餐廳。因此，當我們繼續展望明年時，只有少數幾棟即將到期。因此，我認為我們將關閉一到兩家。

Very good. That's all for me. Thank you.

非常好。這就是我的全部。謝謝。

Thank you.

謝謝。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Hey, thanks. Hey, guys. I wanted to dive in a little more of your capital allocation views and how you're weighing the various options at your disposal. Clearly, buyback is on the table with the new $50 million authorization. It sounds like you're continuing to push ahead to maximize the new store return profile for accelerating growth a bit more. So curious, some of the things you're looking at on that front to continue to drive the new store build cost down and drive a more profitable high-returning investment profile?

嘿，謝謝。大家好。我想更深入地了解您的資本配置觀點以及您如何權衡您可以使用的各種選擇。顯然，隨著新的 5000 萬美元授權，回購已擺在桌面上。聽起來您正在繼續努力最大限度地提高新店的回報率，以進一步加速成長。很好奇，您在這方面正在關注哪些事情，以繼續降低新店建設成本並推動更有利可圖的高回報投資？

Yeah, Alex. So first of all, going into this year, we had two restaurants. One of the restaurants, the bid just came back high. Frankly, it was a lot more site work that we would have needed to do, and we decided to push that one for the time being.

是的，亞歷克斯。首先，進入今年，我們有兩家餐廳。其中一間餐廳的出價剛回升。坦白說，我們需要做更多的現場工作，因此我們決定暫時推進這項工作。

And then there's one of our other restaurants will be a newer prototype in the Arizona market, so that pushed it. And as we looked going into this year, maybe where the consumer is, felt that instead of trying to move some forward from our real estate pipeline, we have a pretty full real estate pipeline. We would end up just letting those go into 2025, giving us a little bit more free cash flow going into this year to do our share repurchases or debt repurchases -- or debt payments, I should say.

然後我們的另一家餐廳將在亞利桑那州市場推出較新的原型，因此推動了它的發展。當我們展望今年時，也許消費者在哪裡，覺得我們沒有試圖從我們的房地產管道中向前推進一些，而是擁有相當完整的房地產管道。我們最終會讓這些進入 2025 年，讓我們今年有更多的自由現金流來進行股票回購或債務回購——我應該說是債務償還。

As we continue to look at our restaurants, we have different elevations in our restaurants. We still have certain amount of rounded areas versus right angles and so forth that we believe can allow us to remove some additional costs.

當我們繼續觀察我們的餐廳時，我們的餐廳有不同的海拔。我們仍然有一定數量的圓形區域與直角區域等，我們相信這可以讓我們消除一些額外的成本。

At the same time, one of the things that we've learned going through our concept essence strategy on our business understanding why guests come to us, that visual is so important for us. It' such a differentiator. So we want to make sure we hold to the bar statement. We want to make sure we hold to the certain portion of our line and have the very larger varied menu that play into it.

同時，我們透過我們的商業概念本質策略了解了客人為什麼來找我們，我們學到的一件事是，視覺對我們來說非常重要。這是一個與眾不同的因素。所以我們要確保遵守律師聲明。我們希望確保保留我們產品線的特定部分，並擁有更大的多樣化菜單。

But there are some other elements that will allow us to reduce our costs and make sure that as we continue to build BJ's forward, we have the right investment process profile that generates the right return.

但還有一些其他因素可以幫助我們降低成本，並確保在我們繼續建立 BJ 的過程中，我們擁有能夠產生適當回報的正確投資流程。

Okay. And on the remodels, I'm curious if you think the next batch are going to be as high returning as the 36 you did in '23, which were really good ones, I think.

好的。關於改造，我很好奇你是否認為下一批的回報率會像你在 23 年所做的 36 批一樣高，我認為這真的是很好的。

Yeah. I believe we have some really good ones slated for this year, still some high-volume restaurants that over time have gotten tired. They have -- they're darker. As we said, we want to really lighten them up. So as we look through and go through our 20-plus, they are based on their sales volumes, so there's still a lot of high sales volumes in there as well as the age. And frankly, the cash flow that they're generating and the amount of life left on the lease.

是的。我相信今年我們有一些非常好的餐廳，但仍有一些客流量大的餐廳隨著時間的推移而變得疲倦。他們有——他們更黑。正如我們所說，我們希望真正減輕它們的負擔。因此，當我們查看並瀏覽 20 多個產品時，它們是基於銷量的，因此其中仍然有很多高銷量和年齡。坦白說，他們產生的現金流和租約的剩餘壽命。

So I'm excited for those ones. And one of the things that we talked about before, we have learned as we went through the remodel program that doing the bar statement and some of the other visual cues are more important versus just adding a booth remodel or expand capacity that we've done in the past. So this gives us actually a little bit more of a targeted remodel that guests will see versus some of the remodels we did last year that are really around that dining room three area.

所以我對這些感到興奮。我們之前討論過的一件事是，我們在進行改造計劃時了解到，與僅添加展位改造或擴大容量相比，進行酒吧聲明和其他一些視覺提示更為重要在過去。因此，這實際上為我們提供了更多有針對性的改造，客人將看到與我們去年所做的一些改造，這些改造實際上是圍繞餐廳三區進行的。

Got it. Thanks. Appreciate it.

知道了。謝謝。欣賞它。

Thank you.

謝謝。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thanks, guys. As we look back at the Investor Day in November, you did issue a long-term algorithm to grow your EBITDA by 12% to 15% annually over time. And as we look into '24, it clearly seems like you have the margin momentum in your favor going into this year. But this algorithm on the EBITDA, it's also predicated on low- to mid-single digit comps, which clearly are looking like there's just less visibility there.

多謝你們。當我們回顧 11 月的投資者日時，您確實發布了一個長期演算法，隨著時間的推移，您的 EBITDA 每年增長 12% 至 15%。當我們展望 24 年時，很明顯，今年您的利潤動能對您有利。但這種 EBITDA 演算法也以中低個位數的比較為基礎，顯然這些比較的可見度較低。

So when you kind of put together the puts and takes on '24, do you think it is positioned to be an algorithm year for EBITDA? Do you think we're safe thinking about the long term working in 2024?

因此，當您將 24 年的看跌期權和接受金額放在一起時，您認為 24 年是 EBITDA 的演算法年嗎？您認為我們考慮 2024 年的長期工作是否安全？

Yeah. I think, Brian, on that specifically, thinking about the November Investor Day, we've said this. And that is, we need to drive sales, we need to improve margins, and that provides that opportunity to maximize or optimize new restaurant growth.

是的。布萊恩，我認為，具體來說，考慮到 11 月投資者日，我們已經說過了這一點。也就是說，我們需要推動銷售，我們需要提高利潤，這為最大化或優化新餐廳的成長提供了機會。

And you're absolutely right. I think the margin improvement initiative is working well for us. We have more savings that are coming this year. But just frankly, the fact that we have seasoned team members are operating better and supply chains have normalized, we're expecting margin expansion and expecting to keep our EBITDA going forward and growing year over year.

你是完全正確的。我認為提高利潤率的舉措對我們來說效果很好。今年我們將節省更多。但坦白說，事實上，我們經驗豐富的團隊成員運作得更好，供應鏈也已經正常化，我們預計利潤率會擴大，並預計我們的 EBITDA 會繼續前進並逐年成長。

As we start this year, we've seen the weather impact. And as we look at the first part of January, there's been some weeks where our comp sales have been low-single digits positive, and there's been weeks with the weather impacting us pretty hard where they then -- mid-single digits negative.

今年年初，我們已經看到了天氣的影響。當我們觀察一月份的上半月時，有幾週我們的公司銷售額一直處於低個位數正值，而有幾週天氣對我們的影響相當嚴重，而隨後又出現了中個位數負值。

And as we look at the fourth quarter, we look into this and look at some of the consumer cadence. We've seen a little bit of a slowdown in the consumer. We've seen it as probably the lower income when we look at our consumer insights and guest information that we have, and that's brought back a little bit of less frequency on that consumer.

當我們回顧第四季度時，我們會對此進行調查並研究一些消費者節奏。我們看到消費者的成長略有放緩。當我們查看我們擁有的消費者洞察和客人資訊時，我們認為這可能是收入較低，這導致該消費者的頻率降低。

So again, looking at our cadence in our business sales plus margins to drive overall new restaurant growth, our earnings cadence, I feel very good about the business longer term. I think it's going to be a little bumpy here in this first quarter. And if things continue to move in the right direction the second quarter, I think that sets us up to get back to the single-digit comps, and allows us to continue to optimize the opportunity to open new restaurants.

因此，再一次，看看我們的業務銷售節奏以及推動新餐廳整體成長的利潤率，我們的獲利節奏，我對業務的長期發展感覺非常好。我認為第一季會有點坎坷。如果第二季情況繼續朝著正確的方向發展，我認為這將使我們能夠回到個位數的水平，並使我們能夠繼續優化開設新餐廳的機會。

And, Alex, specifically -- or sorry, Brian, I'll build on that, too. In terms of the algorithm and the growth rate, I do think -- I mean, if we're starting from a $104 million of EBITDA in 2023, the run-rate margin that we're exiting is better than it was this mid year and added on top with the additional margin benefits we're expecting and some sales growth too.

而且，亞歷克斯，特別是——或者抱歉，布萊恩，我也會以此為基礎。就演算法和成長率而言，我確實認為 - 我的意思是，如果我們從 2023 年 1.04 億美元的 EBITDA 開始，我們退出的運行利潤率會比今年年中更好除此之外，我們還預計會帶來額外的利潤收益和一些銷售成長。

I do think -- I mean, in terms of the EBITDA growth you outlined, we do still expect to still be in a very healthy place there. It's just going to get there a little differently. The earnings growth algorithm is really predicated on both comp sales growth, as well as new restaurant growth. This year will be much more on margin improvement, but it still puts us in a great place in terms of EBITDA growth.

我確實認為 - 我的意思是，就您概述的 EBITDA 增長而言，我們仍然期望仍處於非常健康的狀態。只是到達那裡的方式會有所不同。獲利成長演算法實際上是基於公司銷售成長以及新餐廳的成長。今年的利潤率將大幅提高，但在 EBITDA 成長方面仍然使我們處於有利地位。

But as we are building through this year, and continuing to build our pipeline, and getting new restaurant openings later, what the earnings growth looks like in 2025 and beyond will just have a little different complexion then.

但隨著我們今年的建設，繼續建造我們的管道，以及稍後開設新餐廳，2025 年及以後的獲利成長情況將略有不同。

Okay. Thank you.

好的。謝謝。

Thanks, Brian.

謝謝，布萊恩。

Aisling Grueninger, Piper Sandler.

艾斯林·格魯寧格，派珀·桑德勒。

Hey, good afternoon. Thanks for taking my question. My question's on the remodel process. You said you're projecting 20 units this year and I believe at the Investor Day you're projecting around the same number is 2023, so north of 30 units.

嘿，下午好。感謝您提出我的問題。我的問題是關於改造過程。您說您今年計劃建造 20 個單位，我相信在投資者日，您預計 2023 年的數量大約相同，所以超出了 30 個單位。

I'm just wondering why you've decided to remodel less units in 2024 than you previously guided, because you're getting a great sales lift from it? So just wondering if there's something unique impacting this and why not accelerate the number of remodels?

我只是想知道為什麼你們決定在 2024 年改造的單位數量比之前指導的要少，因為你們從中獲得了巨大的銷售提升？所以只是想知道是否有一些獨特的因素會影響這一點，為什麼不加快改造的數量呢？

Yeah. Actually, I'm not sure we said we'd be remodeling the same amount actually. I don't recall that. I recall that we will be talking about 20-plus at the Investor Day.

是的。事實上，我不確定我們是否說過我們會進行同樣數量的改造。我不記得了。我記得我們將在投資者日討論 20+。

So there's actually been really no change to that. And so, as we went through our capital planning this year and went through everything, we did not adjust our remodels down. So maybe I'm just remembering it differently, but I didn't think we were going to -- I don't believe we ever said that we'd be doing 30-plus or 35-plus remodels the next year.

所以其實並沒有改變。因此，當我們今年進行資本規劃並完成所有事情時，我們沒有下調改造。所以也許我只是記憶不同，但我不認為我們會——我不相信我們曾經說過我們會在明年進行 30 多次或 35 多次改造。

And one of the reasons that -- if it seems different from one year to the next, is we're concentrating this year more on the dining room and the bar area, which are bigger remodels. And if you think about on that Investor Day, we talked about three remodel plans: one, expand capacity; one, we call brewhouse theater a little bit; and then the other in the bar.

如果說每年看起來有所不同，原因之一是我們今年更專注於餐廳和酒吧區，這是更大的改造。如果你想想那天投資者日，我們談到了三個改造計畫：一是擴大產能；二是擴大產能；三是擴大產能。第一，我們稱之為啤酒廠劇場；然後是酒吧裡的另一個。

And going into this year, we want to really focus on that brewhouse theater and the bar. So those ones are a little bit more expensive. They're a better return. So it could have been that versus what we did this year, where we had a lot of smaller remodels. But I just don't remember saying that we did 30 -- that we're going to be 30-plus.

進入今年，我們希望真正關注啤酒廠劇院和酒吧。所以那些的價格要貴一些。他們是更好的回報。因此，與我們今年所做的事情相比，我們進行了許多較小的改造。但我只是不記得說過我們做了 30 次——我們將達到 30 多次。

Yeah. Aisling, I think the slide you're thinking about is the -- where we showed what we spent in '23 and expect to spend in '24. And to Greg's point, it's -- the complex is just going to look a little different. We're going to have -- the spend isn't going to be terribly different, but we're going to do less of them so we can focus on some of these more impactful remodels that do the bar. And they are costly, more costly, but you see more sales pop from them as well.

是的。 Aisling，我認為您正在考慮的幻燈片是 - 我們展示了我們在 23 年的支出以及預計在 24 年的支出。在格雷格看來，整個建築群看起來會有點不同。我們的支出不會有太大的不同，但我們會減少支出，這樣我們就可以專注於一些更有影響力的改造。它們的成本越來越高，但你也會看到它們的銷售增加。

Now's that -- thank you for that. That's very helpful. My other question is on just the health of the consumer. I know in the prepared remarks you said the first six weeks are running down mid-single digits. I'm just wondering, is there a considerable difference in in-restaurant comp versus off-premise? Basically, is off-premise hurting the quarter-to-date comp as it seems it did in the 4Q?

現在就是這樣——謝謝你。這非常有幫助。我的另一個問題是關於消費者的健康。我知道您在準備好的發言中說過，前六週的銷量正在下降中個位數。我只是想知道，餐廳內的薪資與店外的薪資有很大差異嗎？基本上，場外業務是否會像第四季一樣損害季度至今的業績？

Yeah, I think there's -- it tends to still be a little bit of that trend within the business, where the dining room, as we said in the Q4, was low single digit positive -- excuse me versus off-premise really looking at off -- I should say, off-premise, but looking at the first quarter, whether it has played a really impactful and impactful into the overall comp sales, it's been hard to get a general read. Even going in to this weekend right now, we're expecting more rain to come through California over the holiday weekend. So we've tried to put that into our guidance and be a little bit conservative.

是的，我認為，在行業內，這種趨勢仍然存在，正如我們在第四季度所說，餐廳的正值低個位數，請原諒，與場外真正的情況相比關閉——我應該說，是在場外，但看看第一季度，它是否對整體銷售產生了真正的影響和影響，很難得到一般性的解釋。即使現在進入本週末，我們預計假日週末加州將會有更多降雨。因此，我們試圖將其納入我們的指導中，並保持一點保守。

As I said, as we look through the quarter, there were weeks where we had positive comp sales. And then there are weeks that really shut down a lot of the US, and we had some significant negative comp sales. But generally, as I look at our business, we've seen the dining room be healthier than the off-premise. Some of the off-premise, as we mentioned, is we decided to pull back on some of the marketing that goes in to drive 3PD.

正如我所說，當我們回顧本季時，有幾週我們的銷售業績為正。接下來的幾週，美國許多地區確實關閉了，我們的銷售出現了一些重大的負面影響。但總的來說，當我審視我們的業務時，我們發現餐廳比店外更健康。正如我們所提到的，我們決定取消一些推動 3PD 的行銷活動。

We've seen catering continue to grow. It's up in double digits and continues grow up in double digits. But generally, the 3PD sector has come down and we're not willing right now to spend a lot of money to generate maybe more end profit -- sales that aren't as profitable as trying to drive the dining room.

我們看到餐飲業持續成長。它以兩位數增長，並且繼續以兩位數增長。但總的來說，3PD 行業已經走下坡路，我們現在不願意花很多錢來產生更多的最終利潤——這些利潤不如試圖推動餐廳的銷售那麼有利可圖。

Yeah, that makes sense. Thank you for the color. I'll pass it back.

是的，這是有道理的。謝謝你的顏色。我會把它傳回來。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Thanks, guys. This is [Prodrick] on for Jeff. I just wanted to dig a little deeper on the 4Q comp. How would you characterize your performance versus internal expectations? And really, just -- can you parse out where you're seeing the greatest change in consumer behavior? Perhaps within the more challenged income cohort. is it really more traffic-related in terms of frequency? Or are you seeing more mix shift on the menu? Thanks. And I have a follow-up.

多謝你們。這是傑夫的[普羅德里克]。我只是想更深入地了解 4Q 比較。您如何評估您的績效與內部期望的比較？事實上，您能分析出消費者行為發生最大變化的地方嗎？也許是在收入面臨更大挑戰的人群中。就頻率而言，真的與流量更相關嗎？或者您在菜單上看到了更多混合轉變嗎？謝謝。我有一個後續行動。

Yeah, I'll go through the [best]. I'm sure Tom could add color into this. So coming out of October were strong comp sales for us in the industry and we continue to outperform. We made some decisions in the quarter. I think Tom mentioned it in regards to how we want to handle Veterans Day, and a couple of other areas doing less discounting, and as a result, offsetting more profitable sales but with less traffic.

是的，我會經歷[最好的]。我確信湯姆可以為此增添色彩。因此，從 10 月開始，我們在該行業的銷售表現強勁，我們的表現繼續優於大盤。我們在本季做出了一些決定。我認為湯姆提到了我們希望如何處理退伍軍人節，以及其他一些地區的折扣減少，結果抵消了更有利可圖的銷售，但客流量減少了。

When we look at the guests coming into our restaurant, the guests are ordering pretty much the same. We're not seeing huge changes and incidents are mixed within the dining room. We are seeing changes though within off-premise.

當我們觀察進入我們餐廳的客人時，客人點的菜幾乎都是一樣的。我們沒有看到巨大的變化，餐廳內的事件也很複雜。儘管在場外，我們還是看到了改變。

Off-premise, the incidents and mix are going negative. You're seeing consumers spend less than off-premise than where they were a year ago, so we've seen some of that change. And then as I said before, we've seen -- and all we've seen a little bit smaller party size year over year.

在場外，事件和混合情況正在惡化。你會看到消費者在店外的支出比一年前少，所以我們已經看到了一些變化。正如我之前所說，我們已經看到──我們所看到的聚會規模逐年縮小。

So we look at the size of the party coming in in Q4 of '23 versus Q4 of '22. It's a slightly smaller party. And as we look at the party data coming out of COVID, our party size grew tremendously. I think there's a lot more celebratory, much more revenge dining, and we're starting to see it normalized still about 2019s levels, but normalizing versus coming down where it was.

因此，我們比較一下 23 年第四季與 22 年第四季的聚會規模。這是一個稍微小一點的聚會。當我們查看新冠疫情期間的政黨數據時，我們的政黨規模大幅增加。我認為有更多的慶祝活動、更多的復仇用餐，我們開始看到它仍然在 2019 年的水平上正常化，但正常化與下降。

And as I mentioned earlier, we have seen less frequency at what we would consider the lower income consumer that visits BJ's.

正如我之前提到的，我們發現低收入消費者造訪 BJ's 的頻率較低。

I appreciate that. And maybe, Tom, just a quick one for you in terms of the COGS outlook, I appreciate the more stable inflation outlook in 2024. Can you just help us with the cadence through the year? It seems like there were a lot of inflation peaks and valleys throughout 2023 and I just want to make sure that we're not missing something big. Thank you.

我很感激。湯姆，也許只是簡單介紹一下 COGS 前景，我很欣賞 2024 年更穩定的通膨前景。您能幫助我們了解這一年的節奏嗎？ 2023 年似乎出現了很多通膨高峰和低谷，我只是想確保我們不會錯過一些重大事件。謝謝。

Sure. On a sequential basis, we're not expecting much. If you think of past years where inflation has spiked in different at different times and in different categories, this year we're expecting a lot more stability through the year, partly because some of the items that usually have historically floated for us, like our fresh meats, we're now able to lock them in for some periods of time and take off some of those those peaks and valleys.

當然。從順序來看，我們並沒有抱太大期望。如果你想想過去幾年，通貨膨脹在不同時間和不同類別中出現不同程度的飆升，那麼今年我們預計這一年會更加穩定，部分原因是歷史上通常為我們浮動的一些項目，例如我們的新鮮的肉，我們現在能夠將它們鎖定一段時間，並消除其中的一些高峰和低谷。

So I think that would what we're starting the year with here, really where we ended Q4, is going to be pretty consistent through the year. I don't think we're going to see as much balancing as we did through the years coming out of COVID where you really saw it moving around.

因此，我認為我們今年開始的情況，實際上是第四季度結束時的情況，全年將非常一致。我認為我們不會看到像新冠疫情爆發後這些年那樣的平衡，你確實看到了它的變化。

Got it. I appreciate that color. Thanks, guys.

知道了。我很欣賞那種顏色。多謝你們。

Sure thing.

當然可以。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hey, good afternoon. I think, Greg, you said something in your comments about it's even harder to drive comps when you've rationalized the menu; I'm paraphrasing. But did you see an impact in the fourth quarter or so far in '24? I know it's been weather impacted, but what do you think the menu rationalization has done to sales? I know it's been good for margins.

嘿，下午好。我想，格雷格，你在評論中說過，當你對菜單進行合理化時，推動競爭就更難了；我正在轉述。但您是否看到了第四季度或 24 年迄今的影響？我知道這是受到天氣影響，但您認為菜單合理化對銷售有何影響？我知道這對利潤率有好處。

Yeah, I don't quite know the answer to that, Sharon. I just know being in this business for a long time that adding helps for a long time and then adding stops helping in your setup with complexity. And that's where you see margins start to deteriorate and come down.

是的，我不太知道答案，莎倫。我只知道在這個行業工作了很長一段時間，添加元素會在很長一段時間內提供幫助，然後添加元素就會停止幫助你設定複雜性。這就是你看到利潤率開始惡化並下降的地方。

When we went through our analysis, there's a reach and a frequency number, and you're trying to make sure you manage between both of those, meaning, certain guests come in purely for a reach item, something that might not necessarily be core. And those are those marginal guests, which are important to keep and make sure you've got substitutions for them. And at the same time, you get the high frequency items that really tend to drive your business.

當我們進行分析時，有一個覆蓋範圍和一個頻率數字，並且您試圖確保在這兩者之間進行管理，這意味著某些客人純粹是為了覆蓋範圍項目而進來的，這可能不一定是核心。這些都是邊緣客人，保留這些客人很重要，並確保你有替代者。同時，您還可以獲得真正能夠推動您的業務的高頻項目。

And we know after studying what we did prior to rolling it out that it wasn't a decision that we made the change that that's going to drive a higher PPA, or per person average, or better profitable items. We really look to see what are the items that have that reach and frequency to make that adjustment.

經過研究我們在推出之前所做的事情後我們知道，我們做出的改變並不是一個決定，這將推動更高的 PPA，或人均收入，或更高的盈利項目。我們確實希望了解哪些項目具有進行調整的範圍和頻率。

So I'm not sure I can point to anything. Some of the data that we actually analyzed actually showed guests that bought an item and came X amount of times and bought a certain item that no longer was on the menu actually kept coming back. So the data tends to show that really rationalizing the menu didn't necessarily proved decrease sales per se, but I'm going on 30 -- 20-plus years of experience in this business.

所以我不確定我能指出什麼。我們實際分析的一些數據實際上顯示，顧客購買了某件商品並來了 X 次，並且購買了菜單上不再存在的某個商品，但實際上卻不斷回來。因此，數據往往表明，真正合理化菜單本身並不一定會導致銷售額下降，但我在這個行業擁有 30 到 20 多年的經驗。

And in 20-plus years, adding always seems to add sales until it doesn't. And then you're like, hey, we've got to do something about this.

在 20 多年的時間裡，增加似乎總是會增加銷售額，直到事實並非如此。然後你會想，嘿，我們必須對此做點什麼。

Yeah, that's helpful. I just didn't know if you're trying to allude to something that you had quantified it in the quarter when you commented about that. I guess, do you have -- I'm assuming most of those customers you don't have individual data for, I was just wondering if there was any way to use loyalty to try to stimulate people to come into the restaurants that may have been diverting?

是的，這很有幫助。我只是不知道你是否想暗示你在評論這一問題時在本季度量化的一些事情。我想，你有嗎——我假設大多數顧客都沒有個人數據，我只是想知道是否有任何方法可以利用忠誠度來刺激人們進入可能有的餐廳被轉移了？

Yeah, we do. Our loyalty program is a robust program. We continue to grow the loyalty program. We know that -- specifically, we talked about this at our Analyst Day that we can drive frequency from a loyalty guests. If they come once every eight weeks, we can go out there, inducement to offers or other things to get them to come once every four weeks. So the loyalty program is extremely important to us. And we have leaned into that at different times and we'll continue to lean into that throughout all of this year.

是的，我們願意。我們的忠誠度計劃是一個強而有力的計劃。我們繼續發展忠誠度計劃。我們知道——具體來說，我們在分析師日討論過這一點，我們可以提高忠誠度客人的頻率。如果他們每八週來一次，我們可以出去，透過提供報價或其他東西來誘使他們每四個星期來一次。因此，忠誠度計劃對我們來說極為重要。我們在不同的時間都致力於這一點，並且我們將在今年全年繼續致力於這一點。

First quarter of this year, like I said, it's much more weather related and it's hard to get a read on the business outside of the weather.

正如我所說，今年第一季與天氣的關係更大，除了天氣之外很難了解業務狀況。

Thanks. I could hear you. I'm in the Arctic Thunder of Chicago. I guess, one last question for me is, you talked about pulling back in some of the promotions in the fourth quarter that weighed on comps. Is there anything notable we should think about as you're looking for margin that might weigh on comps here as we think about 2024 going forward?

謝謝。我聽到你的聲音。我在芝加哥的北極雷霆隊。我想，對我來說最後一個問題是，您談到了第四季度取消一些對公司造成壓力的促銷活動。當您在尋找利潤時，在我們考慮 2024 年的未來時，有什麼值得注意的事情可能會影響這裡的比較？

No. There are just two real big areas. As I said, Veterans Day -- we changed up our promotions on Veterans Day and we made a strategic decision of just looking at the consumer, looking what's going on, and third party delivery and off-premise, that you can either continue to pay X plus every single year to hold sales at Y or you got to continue to see different ways to get yourself more noticeable on the carousel.

不，真正的大區域只有兩個。正如我所說，退伍軍人節- 我們改變了退伍軍人節的促銷活動，我們做出了一個戰略決策，只關註消費者，看看發生了什麼，以及第三方交付和場外服務，您可以繼續付款X 每年都會增加 Y 的銷量，否則你必須繼續尋找不同的方法來讓自己在旋轉木馬上更加引人注目。

And that's what we're working through on the off-premise. It's an important aspect of our business. We've tried to drive takeout. And that's a big chunk of what we're working on, is how do we continue drive takeout aspect and move people there versus maybe in the third-party deliveries side of the business, where, as I said to keep up at $1 sale, you have to pay X amount more each year.

這就是我們在場外所做的工作。這是我們業務的一個重要方面。我們嘗試過開外賣。這是我們正在努力的一個重要部分，就是我們如何繼續推動外賣方面並將人員轉移到那裡，而不是在第三方送貨方面，正如我所說的保持 1 美元的銷售額，您每年必須多支付X 金額。

Okay. Thank you.

好的。謝謝。

Welcome.

歡迎。

Todd Brooks, The Benchmark Company.

托德·布魯克斯，基準公司。

Hey, thanks for taking my questions. First one, just on the unit growth profile, three units this year working on beyond the $1 million, you've gotten out of the prototype another $500,000. As I'm hearing this, and we're really trying to get the prototype nailed down, does that leak into '25? And do we need to start to think if the returns get there, that '26 is more of that inflection year from a unit growth standpoint back to the -- up to the 5% that you've talked?

嘿，謝謝你回答我的問題。第一個，就單位成長而言，今年有三個單位的工作量超過了 100 萬美元，你已經從原型中又獲得了 50 萬美元。當我聽到這個消息時，我們確實在努力確定原型，這是否會滲透到 25 年？我們是否需要開始思考，如果回報達到那裡，從單位成長的角度來看，26 年更像是個轉折點年，回到你所說的 5%？

It probably plays in there, just because historically, the way we've built BJ's is we've gone from a much more new -- a much more measured cadence in our growth. So three, I think we'd have the ability to accelerate into the 7-, 8-plus range. I don't think removing 3 is going to move us up to meaning 3 this year to 12 or 13 the following year.

它可能在那裡發揮作用，只是因為從歷史上看，我們建立 BJ 的方式是我們已經從一種更新的、更謹慎的增長節奏中走出來。所以三，我認為我們有能力加速進入 7、8 以上的範圍。我不認為刪除 3 會讓今年的 3 上升到明年的 12 或 13。

And one thing I do want to emphasize here, our new restaurants are actually generating solid returns for us. We talked about that. The sales are $130,000, margins are in the upper-teens from that perspective. We just know as we continue to build out the next 200 restaurants over time, the ability to continue to move that cost in the right direction is important to us. It allows us to optimize the restaurant, both from an efficiency standpoint, but also from a return on investment standpoint.

我想在這裡強調的一件事是，我們的新餐廳實際上為我們帶來了豐厚的回報。我們討論過這個。銷售額為 13 萬美元，從這個角度來看，利潤率在十幾歲左右。我們只知道，隨著時間的推移，我們將繼續建造接下來的 200 家餐廳，能夠繼續將成本朝正確的方向轉移對我們來說非常重要。它使我們能夠從效率的角度和投資回報的角度優化餐廳。

Okay. Thanks, Greg and Tom, one for you. You talked about generating the $35 million in annualized cost saves over the course of '23. How much of that carries forward as incremental into '24, helping to drive the margin story further?

好的。謝謝，格雷格和湯姆，給你們一份。您談到在 23 年期間每年節省 3500 萬美元的成本。其中有多少會作為增量延續到 24 年，幫助進一步推動利潤率故事？

And as you're talking about the additional pool that you're attacking, I think your '25 went to '35. Are you working on another $10 million pool you're attacking? Or are we getting to really kind of more marginal opportunities for further cost saves from here? Thanks.

當你談論你正在攻擊的額外池時，我認為你的 '25 變成了 '35。您是否正在開發另一個您正在攻擊的 1000 萬美元資金池？或者我們真的能從這裡獲得更多邊際機會來進一步節省成本嗎？謝謝。

Thanks, Todd, and good questions. Just to handle your first question first, if you think of the 14.4% margin that we had in the fourth quarter, there still was cost savings realized during the quarter. So there was -- for example, a couple of our sauces, we found a new supplier for it, reformulate it, so that was on an annualized basis, a couple of million dollars of savings that rolled out mid-quarter. We made some changes on the janitorial side to bring it back in house to where we give even a better service than going outside. And there were some cost savings there.

謝謝托德，這是個好問題。首先回答你的第一個問題，如果你想到我們第四季 14.4% 的利潤率，那麼本季仍然實現了成本節省。例如，我們的幾種醬汁，我們找到了一個新的供應商，重新配製它，因此按年計算，在季度中期推出了幾百萬美元的節省。我們在清潔方面做了一些改變，將其帶回室內，提供比外面更好的服務。而且還節省了一些成本。

So those were some examples of mid-quarter changes that weren't fully in our Q4 margins. So those types of benefits will be a bigger impact when it's in a full quarter, or that a full year, running through. Because when we're talking $35 million of cost savings, that's on an annualized basis. Some of those have been in for the full year, many of them still were being realized as 2023 went on.

這些是季度中期變化的一些例子，但並未完全體現在我們第四季的利潤率中。因此，當整個季度或全年持續時，這些類型的福利將產生更大的影響。因為當我們談論 3500 萬美元的成本節省時，這是按年計算的。其中一些已在全年實施，其中許多在 2023 年仍在實現。

And going to the second part of your question, we do still see some big opportunities for more cost savings. So if it's another $10 billion or so, it's possible. There's some -- we're looking at a number of things that are still a million dollar plus-type of savings opportunities.

至於你問題的第二部分，我們仍然看到一些節省成本的巨大機會。因此，如果再增加 100 億美元左右，也是有可能的。有一些——我們正在尋找一些仍然是一百萬美元以上的儲蓄機會的東西。

So the team is still very focused on this initiative. I know we've been talking about it for some time with you all. We're still talking about it weekly and internally as well. So it's still finding some really nice savings. Some things just take a little longer to roll out to our system. And that's where we're seeing some of these ones that are still rolling out in Q1.

所以團隊對於這個措施還是非常重視的。我知道我們已經和大家討論這個問題有一段時間了。我們仍然每周和內部討論這個問題。所以它仍然在尋找一些非常好的節省方法。有些東西只是需要更長的時間才能推廣到我們的系統。這就是我們看到其中一些仍在第一季推出的地方。

But as we go through the year, there's still some others that I'm really excited about still being able to find even more savings this year.

但隨著這一年的過去，還有一些事情讓我感到非常興奮，因為今年仍然能夠找到更多的節省。

Great. Thanks, Tom. Appreciate it.

偉大的。謝謝，湯姆。欣賞它。

Thank you.

謝謝。

Nick Setyan, Wedbush Securities.

Nick Setyan，韋德布希證券公司。

Thanks. I'm sorry if I missed this, but did you guys guide G&A for '24? And then what do you guys expect the marketing expense to be in '24 as a percentage of sales?

謝謝。如果我錯過了這個，我很抱歉，但是你們指導過 '24 的 G&A 嗎？那你們預期 24 年行銷費用佔銷售額的百分比是多少？

So we did talk about G&A being around $82 million to $84 million for the full year, and then marketing will be somewhere around 2%. That will be up slightly from this year, which I think was upper-1s. But we've talked about this at the Investor Day, actually, I think, Nick, just in general. And that is, last year, we had to spend money for production and some other assets that we can use this year.

因此，我們確實談到全年的 G&A 約為 8,200 萬至 8,400 萬美元，然後行銷費用約為 2%。這將比今年略有上升，我認為這是上一級。但實際上，我認為尼克，我們在投資者日討論過這個問題，只是一般性的。也就是說，去年我們必須花錢進行生產和一些今年可以使用的其他資產。

So while marketing will be up a little bit from a percentage of sales standpoint, it will be deployed differently because we have those assets already owned, which means we can deploy them in linear, connected TV, and social, digital, et cetera.

因此，雖然從銷售百分比的角度來看，行銷會略有上升，但部署方式會有所不同，因為我們已經擁有這些資產，這意味著我們可以將它們部署在線性、連網電視、社交、數位等領域。

Got it. And then, especially now that in Q1 you're talking about low-13% unit level margins, can you maybe just -- Tom, just talk about the different line items in terms of where you expect leverage and how we get to a 14.5%-plus type of margin for the year?

知道了。然後，尤其是現在，在第一季度，您正在談論低至 13% 的單位水平利潤率，湯姆，您可以談談不同的項目，即您期望的槓桿率以及我們如何達到 14.5 的水平嗎？年度利潤率加%類型？

I would point to Q4 as being a good proxy for a full year. So coming out of this year looking at kind of a mid-14s right now, we're expecting on the food cost line to see pretty moderate inflation. We're expecting a little more on the labor side.

我認為第四季是全年的一個很好的代表。因此，今年結束後，我們預期食品成本線將出現相當溫和的通膨。我們對勞動方面的期望更高。

So as we take pricing, I would expect to get a little leverage on the food cost side, being able to hold on the labor side, but I would look at Q4 as a good proxy as we work through the year. Obviously, we had some deleverage and as we started Q1 here, and that was part of the Q1 guidance there. But yeah, if we think of a starting point, I think Q4 is a really good proxy to use.

因此，當我們進行定價時，我希望能夠在食品成本方面獲得一點槓桿作用，從而能夠保持勞動力方面的水平，但我認為第四季度是我們全年工作的一個很好的指標。顯然，我們進行了一些去槓桿化，當我們在這裡開始第一季時，這是第一季指導的一部分。但是，是的，如果我們考慮一個起點，我認為 Q4 是一個非常好的使用代理。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Excuse me, this concludes our question-and-answer session. And the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

對不起，我們的問答環節到此結束。現在會議也結束了。感謝您參加今天的演講。您現在可以斷開連線。