Bloomin' Brands Inc (BLMN) 2024 Q3 法說會逐字稿

Thank you, and good morning, everyone.

謝謝大家，大家早安。

With me on today's call are Mike Spanos, our Chief Executive Officer; and Michael Healy, Chief Financial Officer and Executive Vice President.

與我一起參加今天電話會議的是我們的執行長 Mike Spanos；財務長兼執行副總裁 Michael Healy。

By now, you should have access to our fiscal third quarter 2024 earnings release.

到目前為止，您應該可以訪問我們的 2024 年第三季財報。

It can also be found on our website at www.bloominbrands.com in the investor section.

您也可以在我們的網站 www.bloominbrands.com 的投資者部分找到該資訊。

Throughout this conference call, we will be presenting results on an adjusted basis.

在整個電話會議中，我們將在調整後的基礎上公佈結果。

An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release on our website as previously described.

如前所述，我們網站上的收益發布中顯示了我們使用非公認會計原則財務指標的解釋以及與最直接可比較的公認會計原則指標的調節。

Before we begin formal remarks, I'd like to remind everyone that part of our discussion today will include forward-looking statements, including a discussion of recent trends.

在我們開始正式發言之前，我想提醒大家，我們今天討論的一部分將包括前瞻性陳述，包括對近期趨勢的討論。

These statements are subject to numerous risks and uncertainties that could cause actual results to differ in a material way from our forward-looking statements.

這些陳述面臨許多風險和不確定性，可能導致實際結果與我們的前瞻性陳述有重大差異。

Some of these risks are mentioned in our earnings release, Others are discussed in our SEC filings, which are available at www.sec.gov.

其中一些風險在我們的收益報告中提到，其他風險在我們的 SEC 文件中討論，這些文件可在 www.sec.gov 上取得。

During today's call, we will provide a brief recap of our financial performance for the fiscal third quarter 2024 and overview of company highlights and current thoughts on fiscal 2024 guidance.

在今天的電話會議中，我們將簡要回顧 2024 財年第三季的財務業績，並概述公司亮點和對 2024 財年指導的當前想法。

Once we've completed these remarks, we'll open the call up for questions.

完成這些評論後，我們將開始提問。

With that, I would now like to turn the call over to Mike Spanos.

現在，我想將電話轉給邁克·斯帕諾斯 (Mike Spanos)。

Thanks, Tara, and good morning, everyone.

謝謝塔拉，大家早安。

It is a privilege to be leading the Bloomin' Brands team.

能夠領導 Bloomin' Brands 團隊是我的榮幸。

We have iconic brands, passionate and resilient team members and a culture grounded in taking care of our people, our employees, customers, suppliers and communities.

我們擁有標誌性的品牌、充滿熱情和堅韌的團隊成員以及以照顧我們的人民、員工、客戶、供應商和社區為基礎的文化。

I am excited and wanted to be part of this tremendous team for two reasons.

我很興奮並希望成為這個偉大團隊的一員，原因有二。

First, my family and I are long-time loyals of all of the Bloomin' Brands, including my late father who always felt so special going to Outback with my mom every Friday night to have a high-quality steak and a beer at a great value in a fun casual environment.

首先，我和我的家人都是所有Bloomin' 品牌的長期忠實擁躉，包括我已故的父親，他每週五晚上都會和媽媽一起去內陸地區，在一家很棒的餐廳享用高品質的牛排和啤酒，這讓他感覺很特別。

Whether it has been a great steak with my wife and kids at Outback, a dinner with my in-laws for Italian at Carrabba's, a birthday dinner for my mom at Bonefish for fresh seafood or an elevated steak dinner at Fleming's, our brands have provided my family with fun and memorable experiences.

無論是與我的妻子和孩子在Outback 享用美味的牛排、與我的姻親在Carrabba's 享用意大利式晚餐、在Bonefish 為我媽媽享用新鮮海鮮的生日晚餐，還是在Fleming's 享用高級牛排晚餐，我們的品牌都提供了我的家人有有趣和難忘的經歷。

The excitement to be part of the team has only increased after spending time working in our restaurants with our great team members from cutting fillets to shaking handcrafted cocktails nothing beats the hands-on approach to learning the operations of a business.

在與我們優秀的團隊成員一起在我們的餐廳工作後，成為團隊一員的興奮感只會增加，從切魚片到搖製手工雞尾酒，沒有什麼比通過實踐方法來學習企業運營更好的了。

Second, I believe in the strategic growth potential of the business.

其次，我相信該業務的策略性成長潛力。

Bloomin' Brands is a great business with great brands and a great team.

Bloomin' Brands 是一家很棒的企業，擁有偉大的品牌和偉大的團隊。

When we consistently execute with excellence and the guest experience is right, our brands generate profitable traffic growth.

當我們始終如一地追求卓越並且提供良好的賓客體驗時，我們的品牌就會產生可獲利的流量成長。

Our brands have a high rate to succeed and steak in Italian casual dining are on trend in our big categories.

我們的品牌成功率很高，義大利休閒餐飲中的牛排在我們的大類別中很受歡迎。

Within steak, we compete with strong players and good competition enhances category growth and pushes us to deliver a better guest experience.

在牛排領域，我們與強大的參與者競爭，良好的競爭促進了品類的成長，並推動我們提供更好的賓客體驗。

I have a lot of confidence in the long-term value of the company with the financial resources, including a good balance sheet with ample cash flows.

我對公司的長期價值充滿信心，擁有充足的財務資源，包括良好的資產負債表和充足的現金流。

With an operating mindset, we will deliberately and quickly make the necessary strategic steps to unlock that value.

憑藉著營運思維，我們將有意識地、快速地採取必要的策略步驟來釋放這一價值。

Now that you hopefully understand my motivation to be part of the Bloomin' Brands team, I want to recognize and thank our dedicated outbackers, [makos] associates and anglers.

既然您希望了解我加入 Bloomin' Brands 團隊的動機，我想感謝我們敬業的內陸人、[makos] 同事和釣魚者。

In addition to being outstanding operators, I've been impressed with their resiliency and capability after dealing with both Hurricane Helene and Hurricane Milton in the span of two weeks.

除了是出色的操作員之外，在兩週內應對颶風海倫和颶風米爾頓後，他們的彈性和能力給我留下了深刻的印象。

Our teams demonstrated leadership and dedication to each other, our guests and our communities.

我們的團隊展現了對彼此、我們的客人和我們的社區的領導和奉獻精神。

The examples of serving, leading and doing what is right in the face of such adversity has been inspiring.

面對這種逆境，服務、領導和做正確事情的例子非常鼓舞人心。

Despite flooded and damaged homes and cars, power outages and gas shortages, our teams took care of each other and safely reopened our restaurants to serve our communities.

儘管房屋和汽車被洪水淹沒、受損、停電和天然氣短缺，但我們的團隊互相照顧，安全地重新開放我們的餐廳，為我們的社區提供服務。

This kindness and support have been so impressive, and I thank and appreciate each and every one of you.

這種善意和支持令人印象深刻，我感謝並感謝你們每一個人。

We also donated $500,000 to the American Red Cross to support hurricane recovery in addition to feeding thousands of our first responders and those in need to support community recovery.

我們還向美國紅十字會捐贈了 50 萬美元，用於支持颶風恢復，此外還為數千名急救人員和有需要的人員提供食物，以支持社區恢復。

I also want to thank and acknowledge the legacy and contribution of Dave Deno.

我還要感謝並承認 Dave Deno 的遺產和貢獻。

He is a superb leader in person and has been invaluable during my onboarding.

他本人是一位出色的領導者，在我入職期間發揮了無價的作用。

We've executed a smooth transition and have spent detailed time together to ensure the strategic work that the team has been working on remains on track and accelerates, especially in Outback Steakhouse.

我們已經完成了平穩的過渡，並花了詳細的時間來確保團隊一直在進行的策略工作保持在正軌上並加速推進，特別是在 Outback Steakhouse 方面。

As you get to know me, directly leading frontline team members in both the Marine Corps and in the Pepsi system was foundational for me.

當你了解我時，直接領導海軍陸戰隊和百事可樂系統的前線團隊成員對我來說是基礎。

I spent the majority of my PepsiCo career on the bottling side and asset and people-intensive workplaces, starting on delivery trucks and servicing both retailers and restaurants.

我在百事可樂的職業生涯的大部分時間都在裝瓶部門以及資產和人員密集型工作場所度過，從送貨卡車開始，為零售商和餐廳提供服務。

I also led broad and complex portfolio of businesses at PepsiCo, Six Flags and Delta.

我還領導了百事可樂、六旗和達美航空廣泛而複雜的業務組合。

In addition to my operational experience, I've led marketing, consumer insights, revenue management and food service teams.

除了營運經驗之外，我還領導過行銷、消費者洞察、收入管理和食品服務團隊。

We will manage the business with an operational focus and a guest-centric lens.

我們將以營運為中心，以客戶為中心來管理業務。

My time in these roles reinforce 3 guiding principles.

我擔任這些職務的時間強化了 3 項指導原則。

First, leadership is a privilege, focused on the team member experience.

首先，領導力是一種特權，注重團隊成員的體驗。

We have a unique culture at Bloomin' Brands, one that originates from our founders.

Bloomin' Brands 擁有獨特的文化，這種文化源自於我們的創辦人。

Our principles and beliefs states success is measured by growth in sales and profit and is the result of taking care of our people.

我們的原則和信念表明，成功是透過銷售額和利潤的成長來衡量的，是照顧員工的結果。

Our success is based on our belief that people want to be part of something they can be proud of is fun, and that includes and values them.

我們的成功是基於我們的信念，即人們希望成為他們感到自豪、有趣的事情的一部分，這包括並重視他們。

Throughout my career, I focused on building performance-based cultures, balancing employee well-being and driving accountability for best-in-class performance.

在我的整個職業生涯中，我專注於建立基於績效的文化、平衡員工福祉並推動實現一流績效的責任。

Listening to and learning from our restaurant operators is important in order to support them working more effectively and efficiently.

為了支持他們更有效和有效率地工作，傾聽餐廳經營者的意見並向他們學習非常重要。

We will stay close to our managing partners and joint venture partners as well as our franchise leaders as they have the greatest insight into what we can do to better improve the guest experience.

我們將與我們的管理合作夥伴、合資夥伴以及我們的特許經營領導者保持密切聯繫，因為他們對我們如何更好地改善賓客體驗有最深入的了解。

I will spend the majority of my time on our operations and how we can improve our team member experience, which in turn inspires a high-quality, welcoming, elevated and caring experience for our guests.

我將把大部分時間花在我們的營運以及如何改善團隊成員的體驗上，從而為我們的客人帶來高品質、熱情、高尚和關懷的體驗。

The second guiding principle is to focus on the guest experience.

第二個指導原則是專注於賓客體驗。

Our ability to consistently execute a memorable experience for our guests with a high-quality meal at a great value and a relaxing environment is what drives repeat visits and loyalty to our iconic brands.

我們能夠始終如一地為客人提供物超所值的高品質餐點和輕鬆的環境，為客人帶來難忘的體驗，這正是我們標誌性品牌的回頭客和忠誠度的推動因素。

Consumers want memorable experiences in away-from-home occasions.

消費者希望在遠離家鄉的場合獲得難忘的體驗。

Every moment matters when guests choose to spend their hard-earned money and their precious time with us.

當客人選擇與我們一起度過辛苦賺來的錢和寶貴的時間時，每一刻都很重要。

The third principle is to have a growth mindset by focusing on the core.

第三個原則是聚焦核心，擁有成長型思維。

I found every market, whether domestic or international, and every category has growth potential in terms of traffic, revenue and profitability.

我發現每個市場，無論是國內還是國際，每個品類在流量、收入和獲利能力方面都有成長潛力。

It is important to control what we can control, have a clear definition of success and execute on targeted initiatives that drive growth.

控制我們可以控制的事情、對成功有明確的定義並執行推動成長的有針對性的措施非常重要。

This leads to disciplined capital investments, simplification of the agenda and being great on what is important to our guests.

這會導致嚴格的資本投資、簡化議程並專注於對我們的客人重要的事情。

Bloomin' Brands is a portfolio of iconic brands that have strong growth potential.

Bloomin' Brands 是一個具有強勁成長潛力的標誌性品牌組合。

By focusing on the core of our brands and operational excellence, there is a long runway ahead.

透過專注於我們品牌的核心和卓越運營，我們還有很長的路要走。

As I initially evaluate our portfolio, I see two primary scalable areas for growth.

當我最初評估我們的投資組合時，我看到了兩個主要的可擴展成長領域。

The first and our biggest brand is Outback Steakhouse.

第一個也是我們最大的品牌是 Outback Steakhouse。

This is a global brand and an on-trend state category.

這是一個全球品牌，也是一個流行的國家類別。

However, we have not sustainably grown traffic.

然而，我們的流量並未持續成長。

We are closely evaluating all elements of the guest experience.

我們正在仔細評估賓客體驗的所有要素。

I am personally committed to material improvement at Outback Steakhouse that will sustainably grow traffic, comparable sales and profitability.

我個人致力於內陸牛排館的材料改進，這將可持續地增加客流量、可比銷售額和盈利能力。

This brand has a high rate to succeed within the steak category.

該品牌在牛排類別中的成功率很高。

I'm excited about the strategic work that we have underway, and I will take an active role in operationalizing the work.

我對我們正在進行的策略工作感到興奮，我將在落實這項工作方面發揮積極作用。

Our second scaled growth opportunity is Carrabba's.

我們的第二個規模成長機會是 Carrabba 的。

I've been impressed with this team's capability to grow both traffic and comparable sales and to meet our guest needs across various dayparts and occasions.

團隊在增加流量和可比較銷售額以及滿足不同時段和場合的客人需求方面的能力給我留下了深刻的印象。

The team is focused on the in-restaurant experience and is assessing the white space opportunity to strategically scale the brand with margins and returns that deliver shareholder value.

團隊專注於餐廳內體驗，並正在評估空白機會，以策略性地擴大品牌規模，並提供可帶來股東價值的利潤和回報。

We plan to share a meaningful update on the Outback and Bloomin' Brands strategy on our next earnings call.

我們計劃在下一次財報電話會議上分享有關 Outback 和 Bloomin' Brands 策略的有意義的最新資訊。

Before I turn it over to Michael to discuss our financials, there are two last items that I want to address.

在我將其交給邁克爾討論我們的財務狀況之前，我想解決最後兩個問題。

First is our Q3 results and balance of year and full-year guidance.

首先是我們的第三季業績以及年度餘額和全年指引。

It is reflective of the broader challenging industry trends, recent impact from the hurricanes and our current execution.

它反映了更廣泛的、具有挑戰性的行業趨勢、颶風最近的影響以及我們當前的執行情況。

Our team is working hard, but we are not pleased with our performance, and we know we can do better.

我們的團隊正在努力工作，但我們對自己的表現並不滿意，但我們知道我們可以做得更好。

We have work to do and are committed to providing accurate and transparent forecast of our performance.

我們還有工作要做，並致力於提供準確、透明的績效預測。

Second, I am pleased to announce our strategic partnership with Vinci Partners for our Brazil operations.

其次，我很高興地宣布我們與 Vinci Partners 就巴西業務建立了策略合作夥伴關係。

We have a scale and leadership position in Brazil and are excited to have Vinci as our partner to grow the business in the future.

我們在巴西擁有規模和領導地位，很高興有 Vinci 作為我們的合作夥伴來發展未來的業務。

Vinci is a significant asset management firm with a successful track record of partnerships in the restaurant space.

Vinci 是一家重要的資產管理公司，在餐廳領域擁有成功的合作記錄。

We are retaining 33% ownership of the business.

我們保留該業務 33% 的所有權。

It has been my experience living and working internationally with franchise partners that combining powerful classic brands with local capability and expertise is the optimal business model to maximize future growth.

根據我與特許經營合作夥伴在國際上生活和工作的經驗，將強大的經典品牌與本地能力和專業知識相結合是實現未來成長最大化的最佳商業模式。

We have also created aligned economic interest for both parties with a material equity stake to grow the business and to grow it in a profitable way.

我們也透過實質股權為雙方創造了一致的經濟利益，以發展業務並以盈利的方式發展業務。

This transaction will allow us to simplify and focus on our domestic operations.

這項交易將使我們能夠簡化並專注於我們的國內業務。

We anticipate closing the transaction this year, and Michael will walk through more of the financial implications of the transaction.

我們預計今年將完成交易，邁克爾將詳細介紹該交易的更多財務影響。

Next year, Bloomin' Brands will be a more focused and simpler company.

明年，Bloomin' Brands 將成為一家更專注、更簡單的公司。

As I lead the company, you have my following commitments.

當我領導公司時，我向您做出以下承諾。

First, I will be strategic and grounded in our operations and decisions we need to make.

首先，我將在我們需要做出的營運和決策中保持策略性和基礎性。

Second, I will communicate our path and progress in a transparent way.

第二，我會以透明的方式傳達我們的道路和進度。

And third, I will hold my team and myself accountable for delivering strong results.

第三，我會讓我的團隊和我自己對取得優異的成果負責。

And with that, over to you, Michael, to discuss our Q3 financial performance and updated 2024 guidance.

接下來，邁克爾，請您討論我們第三季度的財務業績和更新的 2024 年指導。

Thank you, Mike, and hello, everyone.

謝謝你，麥克，大家好。

I would like to start by providing a recap of our financial performance for the fiscal third quarter of 2024.

首先，我想回顧一下我們 2024 年第三季的財務表現。

Total revenues in Q3 were $1 billion, which is down 4% from 2023.

第三季總營收為 10 億美元，較 2023 年下降 4%。

This was primarily driven by a decline in comparable restaurant sales, the FX translation of the Brazilian dollar relative to the US dollar and the net impact of restaurant openings and closures.

這主要是由於可比餐廳銷售額下降、巴西元相對於美元的匯率換算以及餐廳開業和關閉的淨影響所致。

US comparable restaurant sales were negative 150 basis points and traffic was negative 440 basis points, which was in line with the casual dining industry.

美國可比較餐廳銷售額負 150 個基點，客流量負 440 個基點，與休閒餐飲業的情況一致。

At Outback, we introduced greater value in our LTO's beginning in Q3.

在 Outback，我們在第三季開始的 LTO 中引入了更大的價值。

While this allowed Outback to outperform Black Box on traffic in a very promotional environment, our focus is on building sustainable traffic growth, particularly at Outback.

雖然這使得內陸地區在促銷環境下的流量表現優於 Black Box，但我們的重點是建立可持續的流量成長，特別是在內陸地區。

Average check was up 2.9% in Q3 versus 2023, in line with expectations.

與 2023 年相比，第三季的平均支票成長了 2.9%，符合預期。

Value is critical right now, and we are committed to take the least amount of pricing as necessary.

目前，價值至關重要，我們致力於在必要時採取最少的定價。

Q3 off-premises was approximately 23% of total US sales.

第三季場外銷售額約占美國總銷售額的 23%。

Our third-party delivery business is 13% of total US sales, which is an increase from 12% in Q3 2023, driven by our growth in catering.

在餐飲業務成長的推動下，我們的第三方配送業務占美國總銷售額的 13%，較 2023 年第三季的 12% 有所成長。

Our Q3 GAAP diluted earnings per share for the quarter was $0.08 versus $0.45 in 2023.

我們第三季的 GAAP 攤薄每股收益為 0.08 美元，而 2023 年為 0.45 美元。

Our Q3 adjusted diluted earnings per share was $0.21 versus $0.41 in 2023.

我們第三季調整後的稀釋每股收益為 0.21 美元，而 2023 年為 0.41 美元。

The primary difference between GAAP and adjusted diluted earnings per share is due to the asset impairment and closure-related charges associated with the decision we made in Q2 to close nine restaurants in Hong Kong, executive transition costs and professional fees related to our revenue growth management strategic efforts.

公認會計準則與調整後稀釋每股收益之間的主要差異是由於我們在第二季度做出的關閉香港九家餐廳的決定相關的資產減值和關閉相關費用、與我們的收入增長管理相關的高階主管過渡成本和專業費用策略努力。

Q3 adjusted operating margins were 3% versus 5.3% last year.

第三季調整後營業利益率為 3%，而去年為 5.3%。

There are a number of factors contributing to the margin decline this quarter.

導致本季利潤率下降的因素有很多。

Overall, restaurant-level margins declined by 150 basis points. 110 basis points were driven by labor primarily due to hourly and field management wage rate inflation.

整體而言，餐廳層面的利潤率下降了 150 個基點。勞動力推動了 110 個基點，主要是由於小時工資和現場管理工資率上漲。

Labor wage inflation for the quarter was 3.8%.

該季度勞動力工資通膨率為 3.8%。

Other restaurant operating margin declined 90 basis points driven by higher operating and supply expenses primarily due to inflation as well as higher preopening expenses as we open more restaurants this year.

其他餐廳的營業利潤率下降了 90 個基點，原因是營運和供應費用增加，主要是由於通貨膨脹以及我們今年開設更多餐廳而導致的開業前費用增加。

Cost of goods was 50 basis points favorable from pricing benefits and supply chain productivity initiatives.

由於定價優勢和供應鏈生產力舉措，商品成本降低了 50 個基點。

Commodities were better than expected in Q3 at approximately 2% driven by more modest inflationary expectations across seafood, oil and dairy.

由於海鮮、石油和乳製品通膨預期較為溫和，第三季大宗商品價格上漲約 2%，優於預期。

We continue to see positive signs within our beef program, but this category remains inflationary.

我們的牛肉計劃繼續出現積極跡象，但這個類別仍然存在通貨膨脹。

Depreciation expense was higher in Q3, consistent with our increased levels of capital spending in recent years and our investments in infrastructure to support growth.

第三季的折舊費用較高，這與我們近年來增加的資本支出水準以及支持成長的基礎設施投資一致。

We are operating in a challenging market environment, and we are focused on managing the costs that are in our control.

我們在充滿挑戰的市場環境中運營，我們專注於管理我們控制範圍內的成本。

Turning to our capital structure.

轉向我們的資本結構。

Total debt net of cash was $1 billion at the end of Q3.

截至第三季末，扣除現金的總債務為 10 億美元。

During the quarter, we upsized our revolver to $1.2 billion, which provides additional liquidity for our business and provides broader financial flexibility.

本季度，我們將左輪手槍規模擴大至 12 億美元，這為我們的業務提供了額外的流動性，並提供了更廣泛的財務靈活性。

Importantly, we remain committed to being at or below our long-term lease adjusted leverage ratio target of 3 times.

重要的是，我們仍然致力於維持或低於 3 倍的長期租賃調整槓桿率目標。

Year-to-date, we have repurchased a total of 10.1 million shares of stock for approximately $266 million.

年初至今，我們已回購了總計 1,010 萬股股票，價值約 2.66 億美元。

This included shares issued in connection with the repurchase in March of a portion of our convertible notes.

這包括與三月回購部分可轉換票據相關而發行的股票。

We have $97 million remaining under our share authorization program.

我們的股票授權計畫還剩 9,700 萬美元。

The Board also declared a quarterly dividend of $0.24 a share that is payable on December 11.

董事會也宣布派發每股 0.24 美元的季度股息，將於 12 月 11 日支付。

Now turning to our full year 2024 guidance.

現在轉向我們的 2024 年全年指導。

We are updating our full year guidance to reflect the continued industry softness and our trends.

我們正在更新全年指引，以反映持續的行業疲軟和我們的趨勢。

As a result, we are updating our comp guidance range to be down 100 basis points to down 50 basis points.

因此，我們將比較指引範圍下調 100 個基點至 50 個基點。

We are being very mindful of pricing and have not contemplated pricing actions above prior guidance.

我們非常關注定價，並未考慮採取超出先前指導的定價行動。

Given the volatility the industry is seeing in traffic trends, we are updating our adjusted diluted earnings per share guidance to be between $1.72 and $1.82.

鑑於產業流量趨勢的波動性，我們將調整後的稀釋每股盈餘指引值更新為 1.72 美元至 1.82 美元之間。

Prior guidance assumed industry trends would strengthen, but our updated view assumes no improvement.

先前的指導假設產業趨勢將會加強，但我們最新的觀點假設沒有任何改善。

Additionally, the hurricanes have had a negative impact on our business and were a distraction for our teams.

此外，颶風對我們的業務產生了負面影響，並分散了我們團隊的注意力。

US domestic comparable sales were negatively affected by approximately 30 basis points in the fourth quarter and a total impact to profitability of approximately $0.03 on an earnings per share basis.

第四季美國國內可比銷售額受到約 30 個基點的負面影響，對獲利能力的總影響約為每股收益 0.03 美元。

Both of these are included in our updated full year guidance.

這兩項都包含在我們更新的全年指導中。

We are updating our commodity inflation guidance to be approximately 1%.

我們正在將商品通膨指導值更新為 1% 左右。

We are updating our adjusted tax rate to be between 6% and 7%.

我們正在將調整後的稅率更新為 6% 至 7% 之間。

As we mentioned on the last call, the negative calendar shift experienced in Q1 of $0.05 is recaptured in Q4.

正如我們在上次電話會議中提到的，第一季經歷的 0.05 美元的負日曆變化在第四季度再次出現。

The Brazil tax benefit is expected to be approximately $0.15 for the year.

巴西今年的稅收優惠預計約為 0.15 美元。

As it relates to the fourth quarter of 2024, we expect US comparable restaurant sales to be down 200 basis points to down 100 basis points on a comparable calendar basis.

由於與 2024 年第四季相關，我們預計美國可比餐廳銷售額將下降 200 個基點至可比較日曆基礎上下降 100 個基點。

This reflects the current environment than what we are seeing in the restaurant industry as well as the approximate 30 basis points impact from the hurricane experienced at the start of the fourth quarter.

這反映了當前的餐飲業環境以及第四季初颶風造成的約 30 個基點的影響。

We expect Q4 adjusted diluted earnings per share to be between $0.32 and $0.42. Importantly, this guidance includes the revised Brazil value-added tax exemption benefit of approximately $0.07 and an approximate $0.05 benefit from the calendar shift, offset by an FX headwind of $0.02 and a $0.03 impact from the hurricane.

我們預計第四季度調整後攤薄每股收益將在 0.32 美元至 0.42 美元之間。重要的是，該指引包括修訂後的約 0.07 美元的巴西增值稅免稅福利和日曆調整帶來的約 0.05 美元的福利，被 0.02 美元的外匯逆風和颶風帶來的 0.03 美元的影響所抵消。

This morning, we announced a strategic partnership with Vinci Partners for our Brazil operations.

今天早上，我們宣布與 Vinci Partners 就我們的巴西業務建立策略合作夥伴關係。

Total enterprise value for the business is BRL2.06 billion or 6.5 times trailing 12 months EBITDA, net of royalties through Q3 2024.

截至 2024 年第三季度，扣除特許權使用費後，該業務的企業總價值為 20.6 億雷亞爾，是過去 12 個月 EBITDA 的 6.5 倍。

Vinci will purchase a 67% ownership interest based on this valuation and as Mike mentioned, we will retain a [33%] ownership in the business.

Vinci 將根據此估值購買 67% 的所有權權益，正如麥克所提到的，我們將保留該業務的 [33%] 所有權。

We believe our economic interests are aligned and expect the business to continue to grow.

我們相信我們的經濟利益是一致的，並期望業務繼續成長。

We have an option to monetize our remaining equity stake in 2028.

我們可以選擇在 2028 年將剩餘股權貨幣化。

We anticipate the transaction to close in 2024.

我們預計交易將於 2024 年完成。

We will receive 52% of the proceeds upon closing and the remaining 48% one year later.

我們將在交易結束時收到 52% 的收益，一年後收到剩餘的 48%。

We will provide more details on the use of those proceeds on our February earnings call after we complete our strategic planning efforts later this year.

在今年稍後完成我們的策略規劃工作後，我們將在二月份的財報電話會議上提供有關這些收益使用情況的更多詳細資訊。

Additionally, the ongoing royalty stream will allow us to continue to benefit from a high-growth, market-leading business.

此外，持續的特許權使用費流將使我們能夠繼續從高成長、市場領先的業務中受益。

In summary, we are not satisfied with our results in 2024, and we are committed to the actions necessary to deliver consistent long-term sales and profit growth.

總之，我們對 2024 年的業績並不滿意，我們致力於採取必要的行動來實現持續的長期銷售和利潤成長。

While Outback is our primary focus, all of our brands play a role in the success of Bloomin' Brands.

雖然內陸地區是我們的主要關注點，但我們所有的品牌都對 Bloomin' Brands 的成功發揮著重要作用。

And with that, we will open up the call for questions.

至此，我們將開始提問。

(Operator Instructions) Jeffrey Bernstein, Barclays.

（操作員指示）Jeffrey Bernstein，巴克萊銀行。

Great.

偉大的。

My first question is just in terms of the operations and the opportunity you talked about.

我的第一個問題是關於你談到的營運和機會。

I know in the press release, you talked about consistent and elevated guest experience, which was key.

我知道在新聞稿中，您談到了一致和提升的賓客體驗，這是關鍵。

I'm just wondering in your early days where do you think Outback has been falling short on that, which presumably has pressured repeat traffic.

我只是想知道，在您早期，您認為內陸地區在這方面有哪些不足，這可能給重複流量帶來了壓力。

I know you mentioned deliberately and quickly taking action.

我知道你提到了刻意並迅速採取行動。

I'm just wondering whether you think there's any low-hanging fruit that we could see being implemented over the next quarter or two to stem the tide?

我只是想知道您是否認為我們可以在接下來的一兩個季度實施一些容易實現的成果來阻止這種趨勢？

And then I had one follow-up question.

然後我有一個後續問題。

Thanks, Jeffrey.

謝謝，傑弗裡。

Yeah, it might be better just to say Spanos for our CEO and Healy for CFO, to keep you all -- keep it simple for everybody.

是的，最好用 Spanos 代表我們的首席執行官，用 Healy 代表財務官，這樣可以讓大家保持簡單。

But good morning.

不過早安。

I'll start with your point or your question on the operations and what I'm seeing with Outback, I'd start with -- first of all, we are seeing, if I start with the problem, we are seeing declining same-store sales, and we're seeing declining traffic and we have been losing share in the steak category.

我將從你的觀點或關於運營的問題開始，以及我在內陸地區看到的情況，首先，我們看到，如果我從問題開始，我們會看到同樣的下降-商店銷售，我們看到客流量下降，我們在牛排類別中的份額一直在下降。

That is our reality right now.

這就是我們現在的現實。

If I look at what I think are the positives on the balance sheet, so to speak, we've got a great iconic brand.

如果我看看資產負債表上的正面因素，可以說，我們擁有一個偉大的標誌性品牌。

We've got a great team.

我們有一支很棒的團隊。

The team is very passionate about the guest experience.

團隊非常注重賓客體驗。

And they're very rooted in what I think is that Aussie spirit that a reverence that no rules just right.

我認為它們深深植根於澳洲精神，即一種沒有規則的敬畏。

The core ethos of the brand that's out there.

品牌的核心精神就在那裡。

And we're very much on trend in the state category.

我們在州類別中非常關注趨勢。

So that I feel very good about.

讓我感覺非常好。

And as I said, we've got ample liquidity.

正如我所說，我們有充足的流動性。

We've got -- cash flows are also ample and we've got a really good balance sheet.

我們的現金流也很充裕，而且我們的資產負債表非常好。

So I feel very good about that.

所以我對此感覺很好。

If I look at where I'd like us to lean further in and accelerate, it is starts with the guest experience.

如果我希望我們在哪些方面進一步傾斜和加速，那就是從賓客體驗開始。

We've got to create just a great meal and a great value in a fun casual environment, which is also the core of the brand.

我們必須在有趣的休閒環境中創造一頓美味的餐點和龐大的價值，這也是品牌的核心。

And to me, I look at operational excellence as consistency, the team has told me that.

對我來說，我將卓越營運視為一致性，團隊告訴我這一點。

To me, that means we've got to be thoughtful about controlling what we can control, simplifying the agenda in the menu.

對我來說，這意味著我們必須仔細考慮控制我們可以控制的內容，簡化菜單中的議程。

In addition to that, we've been really looking at our brand positioning.

除此之外，我們一直在認真考慮我們的品牌定位。

We don't want to be a bar and grill in terms of how we go to market.

就我們進入市場的方式而言，我們不想成為一家酒吧和燒烤店。

And the work is -- we're going to get better every day and we're going to create a differentiating experience back to our roots.

我們的工作是——我們每天都會變得更好，我們將創造一種差異化的體驗，回到我們的根源。

But we'll give you more in February, but I will tell you this.

但我們會在二月給你更多，但我會告訴你這一點。

I am personally very hands-on with Outback.

我個人對內陸地區非常親力親為。

And I'm working very closely with the team and the strategic work the team did, we're accelerating that, and we're going to get that moving.

我正在與團隊以及團隊所做的策略工作密切合作，我們正在加速這一進程，我們將推動這一進程。

And again, it's an everyday process getting better, and that starts with coaching leading accountability.

再說一遍，這是一個每天都在進步的過程，而這一切始於指導領導責任。

Got it.

知道了。

And Spanos, you mentioned Outback and you mentioned Carrabba's in terms of near-term priorities.

Spanos，您提到了內陸地區，也提到了卡拉巴的近期優先事項。

I'm wondering if you could just talk about thoughts on the portfolio.

我想知道您是否可以談談對投資組合的想法。

More broadly, the pros and cons, whether it's of keeping Carrabba's or just the thought process around Bonefish, any thoughts there, especially we're aware that there's an activist in the names.

更廣泛地說，優點和缺點，無論是保留卡拉巴還是只是圍繞著北梭魚的思考過程，任何想法，特別是我們知道名字中有一個激進分子。

So I'm just wondering if there's any thoughts you could share in terms of your relationship or your priorities or whatnot relative to that of an activist investor.

所以我只是想知道你們是否可以就您們的關係或優先事項或與激進投資者相關的其他方面分享一些想法。

Thank you.

謝謝。

You got it.

你明白了。

A few questions there.

有幾個問題。

Let me start in reverse order.

讓我以相反的順序開始。

I think you were asking about Starboard in terms of that relationship.

我認為您是根據這種關係來詢問 Starboard 的。

What I'd say there is we have a very collaborative relationship with Starboard.

我想說的是，我們與 Starboard 有著非常密切的合作關係。

They're incredibly insightful.

他們非常有洞察力。

And what I've really liked about the Board members, there are passionate about the guest experience and how the team member experience unlocks that guest experience.

我真正喜歡董事會成員的一點是，他們對賓客體驗以及團隊成員體驗如何解鎖賓客體驗充滿熱情。

And they want us to do what's right for the business and they are especially focused on sustainability of the business through a fantastic guest experience.

他們希望我們做適合業務的事情，並且他們特別關注透過出色的賓客體驗實現業務的可持續性。

So I'll start there.

所以我將從這裡開始。

Second, on the portfolio, maybe what's inferred a bit in your question is Brazil and now I'll come to the domestic piece.

其次，關於投資組合，也許你的問題推斷出的是巴西，現在我將談談國內部分。

I would not link or connect our decision on Brazil to the domestic portfolio.

我不會將我們對巴西的決定與國內投資組合連結起來。

I've lived and worked internationally many years, both in company-owned businesses, franchise businesses.

我在國際上生活和工作了很多年，無論是在公司自營企業還是特許經營企業。

And what I found is you unlock the maximum future value when you have an iconic brand with a great set of capability combined with the local capability, community, local savviness, that combination is your best synergy for growth.

我發現，當你擁有一個具有強大能力的標誌性品牌，與當地能力、社區、當地悟性相結合時，你就能釋放最大的未來價值，這種組合是你成長的最佳協同效應。

If I go to the domestic portfolio, we're committed to our domestic portfolio.

如果我去國內投資組合，我們會致力於國內投資組合。

And I do think there's two scaled growth opportunities.

我確實認為存在兩個規模化的成長機會。

Outback which I already spoke about.

我已經談過的內陸地區。

And that is primarily our biggest opportunity and that is all about the guest experience enabled through the team member experience.

這主要是我們最大的機會，這就是透過團隊成員體驗實現的賓客體驗。

And we just got to be really tight on our operational excellence to get there.

我們必須非常嚴格地執行卓越營運才能實現這一目標。

Carrabba's is, to me, is really an exciting business.

對我來說，卡拉巴確實是一門令人興奮的生意。

What we've seen on a sustained basis good steady traffic and good, steady same-store sales with that business.

我們看到該業務持續保持良好穩定的客流量和良好穩定的同店銷售。

I do want the team -- I know Pat Hafner, who leads that business, the team has done a great job since about 2019, elevating that brand in a better way.

我確實想要這個團隊——我認識領導該業務的帕特·哈夫納(Pat Hafner)，自 2019 年左右以來，該團隊做得很好，以更好的方式提升了該品牌。

They're very focused on in-restaurant traffic.

他們非常關注餐廳內的客流量。

The brand does a nice job across dayparts and converting occasions, which I think is very positive.

該品牌在日間時段和轉換場合都做得很好，我認為這是非常積極的。

And to me, what's exciting is exploring in a very deliberate manner, the white space growth opportunity of that brand.

對我來說，令人興奮的是以非常審慎的方式探索該品牌的空白成長機會。

And we'll do that smartly because you got to have the right margin profile and the right return profile on that.

我們會巧妙地做到這一點，因為你必須擁有正確的保證金概況和正確的回報概況。

The last part of your question, I think, was specific to Bonefish.

我認為你問題的最後一部分是針對北梭魚的。

Bonefish to me is all about, again, at its core of the brand.

對我來說，北梭魚再次是品牌的核心。

It's a polished dine, fresh seafood around an energetic bar experience.

這是一個充滿活力的酒吧體驗精緻美食、新鮮海鮮的場所。

And that's what the team is focused on, Jeffrey.

傑弗裡，這就是團隊的重點。

They're focused on simplifying that menu in a good way, that pivots back to fresh seafood, really going off that energy of the bar that we saw in the very first Bonefish's are out there, and that's where we're at.

他們專注於以一種好的方式簡化菜單，重新回到新鮮的海鮮，真正消除了我們在第一家北梭魚店中看到的酒吧的能量，這就是我們所處的位置。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Thanks and welcome aboard, Mike.

謝謝並歡迎加入，麥克。

I thought it was interesting.

我覺得這很有趣。

You talked about your history with the brand as a consumer as you've dug in and worked with the operators, I mean what are you hearing that stands out, differs from what you initially expected kind of coming in?

您談到了您作為消費者與該品牌的歷史，因為您深入了解並與運營商合作，我的意思是您聽到的哪些內容與您最初預期的不同？

Alex, very -- the operators -- our managing partners, our JVPs, our franchisees, they're incredibly consistent in their feedback.

亞歷克斯，非常——運營商——我們的管理合作夥伴、我們的合資企業、我們的特許經營商，他們的回饋非常一致。

The first is they want simplification in the simplest terms.

首先，他們希望以最簡單的方式來簡化。

The second is they want to get back to that guest experience.

第二是他們想要回到那種賓客體驗。

They're giving me feedback around center of the plate improvements.

他們向我提供了有關板中心改進的回饋。

They're giving me feedback around how we remove barriers by simplifying the agenda and what we can do to improve that guest experience, very consistent feedback there.

他們向我提供有關我們如何透過簡化議程來消除障礙以及我們可以採取哪些措施來改善賓客體驗的回饋，這些回饋非常一致。

The second is on what I would call the brand positioning.

第二個是我所說的品牌定位。

As one Outbacker said to me, they want to be great at a few things and not average at a lot of things.

正如一位內陸人對我說的那樣，他們希望在某些事情上表現出色，而不是在很多事情上表現平平。

That's very clear.

這非常清楚。

So they want to have a really strong value every day that the guest knows from a brand trust that they can get out there in a big way.

因此，他們希望每天都能擁有真正強大的價值，讓客人從品牌信任中知道他們可以大肆宣傳。

The other thing they've talked to me about in terms of the brand positioning is, and I agree with them on this, is about frequency.

他們與我談論的關於品牌定位的另一件事是，我同意他們的觀點，那就是頻率。

Our average Outback guest comes about twice a year, and their point is, let's get that number to three.

我們內陸地區的客人平均每年會來兩次，他們的觀點是，讓我們把這個數字增加到三人。

So increase the frequency of our loyal guests and retain them.

因此，增加我們忠實客人的頻率並留住他們。

And what they're also telling me is to recruit new guests, we should recruit the right new guests that want to lean into the steak category, steak and seafood.

他們也告訴我，要招募新客人，我們應該招募想要進入牛排類別、牛排和海鮮的合適新客​​人。

And the last thing is they believe in the brand.

最後一件事是他們相信這個品牌。

They believe passion in the brand, they believe passionately in the potential of the brand, and they love serving our guests and serving each other.

他們對品牌充滿熱情，對品牌的潛力充滿熱情，並且熱愛為我們的客人服務並互相服務。

Helpful.

有幫助。

I mean I guess it's early, but I mean, do you expect any investments back into the brand around food quality, marketing, labor, other areas that could have an impact on margins or just that sort of reinvestment as we look ahead to '25?

我的意思是，我想現在還為時過早，但我的意思是，您是否期望在食品品質、行銷、勞動力以及其他可能對利潤率產生影響的領域對品牌進行任何投資，或者在我們展望25 年時進行此類再投資？

Yeah, Alex.

是的，亞歷克斯。

I won't get into '25.

我不會進入25歲。

We'll be real clear with you on what we're doing is we finish our long-range planning into February.

我們將向您明確說明我們正在做什麼，我們將在二月完成長期計劃。

But maybe I'll give you a framework on how I think about this in terms of how you lead the P&L and lead the team.

但也許我會給你一個框架，說明我如何看待這個問題，也就是你如何領導損益表和領導團隊。

I start with one.

我從一個開始。

I'm a believer you can reward yourself for the free dividend.

我相信你可以用免費紅利獎勵自己。

What I mean by that is step one is coaching, leading, controlling what you can control, focusing on the guest, that accountability factor can unleash a lot of potential when the team is focused.

我的意思是，第一步是指導、領導、控制你能控制的事情、專注於客人，當團隊專注時，責任因素可以釋放出很大的潛力。

I start there.

我從這裡開始。

Second, you've got to look at redeploying resources that can be financial, it could be time, but redeploying your resources on the point of main effort priorities is important as well.

其次，你必須考慮重新部署資源，可能是財務資源，也可能是時間資源，但在主要工作優先事項上重新部署資源也很重要。

We also should be looking at reducing wherever we have costs or any type of cost we don't think is driving revenue or top line growth.

我們還應該考慮減少任何我們認為不會推動收入或營收成長的成本或任何類型的成本。

We've got to take a hard look at that.

我們必須認真審視這一點。

And then after that, I think it's fair to say we can look at reinvestments, but those reinvestments are going to be sharp.

在那之後，我認為可以公平地說我們可以考慮再投資，但這些再投資將會很激烈。

They got to be targeted.

他們必須成為目標。

They got to have clear returns on them.

他們必須獲得明確的回報。

So we have revenue outgrowing our cost growth sustainably.

因此，我們的收入成長持續超過成本成長。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

I want to grab that last word reinvestment and apply it to your existing asset base.

我想抓住最後的再投資並將其應用於您現有的資產基礎。

Obviously, the majority of your sales are presumably always will be on-premise, a modern experience, at least relative to expectations, really matters.

顯然，您的大部分銷售大概總是在本地進行，現代體驗（至少相對於期望而言）確實很重要。

And at least in previous conversations with the company, we've heard anywhere between 30% and 50% of the asset base is considered to be modern.

至少在之前與該公司的對話中，我們聽說 30% 到 50% 的資產基礎被認為是現代的。

In other words, the majority are considered not to be modern.

換句話說，大多數人被認為不是現代人。

So I wanted you to just kind of address the asset base, how much of a front burner need/opportunity is there?

所以我希望你能解決資產基礎問題，有多少重要的需求/機會？

And are you willing to make that investment even if it doesn't necessarily pencil out from a financial return perspective just because it's the right thing for the brand, your employees, your customers longer term?

你是否願意進行這項投資，即使它不一定從財務回報的角度來看，僅僅因為它對品牌、你的員工、你的客戶的長期利益是正確的？

Yeah, you bet.

是的，你打賭。

So I think that's a really fair question.

所以我認為這是一個非常公平的問題。

And that is very much part of the work we're doing is asset condition and asset quality across all the brands and how we think about that.

我們正在做的工作的很大一部分是所有品牌的資產狀況和資產品質以及我們對此的看法。

But I would also start with the one thing I've learned over the years calling on food service customers and servicing them and what I've learned here so far is the best results inside the four walls of a restaurant start with the leadership of our managing partners.

但我也要從多年來我學到的一件事開始，打電話給餐飲服務客戶並為他們提供服務，到目前為止我在這裡學到的是餐廳四面牆內的最佳結果始於我們的領導力管理合夥人。

What I've seen is results that tell me when we get the right leadership, with the right accountability and we simplify the agenda, we can unlock growth everywhere.

我所看到的結果告訴我，當我們得到正確的領導、正確的問責制並簡化議程時，我們就可以在各地實現成長。

What I think you're also getting to is capital allocation.

我認為您還需要了解資本配置。

And again, we'll be clear on that.

再說一遍，我們會明確這一點。

But what you're getting at is what I would call is investment in the base business.

但我所說的就是對基礎業務的投資。

To me, that's always where you start in terms of capital allocation.

對我來說，這始終是資本配置的起點。

And part of that is repair and maintenance, part of that can be remodel, part of it could be a relocation, et cetera.

其中一部分是維修和保養，一部分可以改造，一部分可能是搬遷，等等。

But we're going to make those right moves because it does pencil out if you're doing the right things with sustainability and if you have the right process, which we do and Michael's team is leading that process.

但我們將採取這些正確的行動，因為它確實表明你是否在永續性方面做正確的事情，以及是否擁有正確的流程，我們這樣做，邁克爾的團隊正在領導這個流程。

And we'll do those things.

我們會做這些事。

Beyond that, our capital allocation, which I think is a bit of the inference of your question we're going to continue to be thoughtful on that.

除此之外，我們的資本配置，我認為這是你的問題的一點推論，我們將繼續深思熟慮。

We're going to obviously stay focused on paying down debt to lease net leverage ratio long term of 3.0, as Michael pointed out, we'll be disciplined in new store openings.

正如邁克爾指出的那樣，我們顯然將繼續專注於償還債務與租賃淨槓桿率長期3.0，我們將在新店開業方面受到嚴格約束。

And then after that, we'll look at how we properly return cash to shareholders.

然後，我們將研究如何正確地將現金回饋給股東。

But it pencils out.

但它是鉛筆出來的。

What I found I've been leading asset heavy and people-intensive companies for a lot of years, you have to reinvest in the base of the business for sustainable growth, and we're committed to that.

我發現我多年來一直領導著重資產和人才密集型公司，你必須對業務基礎進行再投資以實現永續成長，我們致力於這一點。

And John, just to piggyback on that, I think to focus on better operations and better execution works when we reinvest in the restaurants as well.

約翰，順便說一句，我認為當我們對餐廳進行再投資時，專注於更好的營運和更好的執行也是有效的。

And so it has to be an and as we think about the investments or what we would need to do to support Outback.

因此，當我們考慮投資或我們需要做什麼來支持內陸地區時，它必須是一個。

And that's how we're prioritizing them as we go through this strategic planning certainly an asset component as part of that conversation.

這就是我們在進行策略規劃時對它們進行優先排序的方式，這當然是對話中的資產組成部分。

And I think a follow-up on the reinvestment side.

我認為在再投資方面會有後續行動。

I mean, you've mentioned a couple of interesting -- a lot of interesting things.

我的意思是，你提到了一些有趣的事情——很多有趣的事情。

But really trying to constrain the amount of pricing you take going forward, but not wanting to be a bar and grill.

但確實試圖限制您未來的定價量，但不想成為酒吧和燒烤店。

I get both of those comments.

我收到這兩則評論。

But how do we feel about the overall average ticket.

但我們對整體平均票價有何看法？

Is the opportunity to go lower to bring that frequency from 2 times to 3 times when you kind of take a clean slate look at the business and look at prices on an absolute basis relative to consumers' expectations, how are we feeling about the current price levels and overall average ticket that the customer pays?

當你徹底審視業務並相對於消費者期望的絕對基礎上查看價格時，是否有機會降低頻率，將頻率從 2 倍降低到 3 倍，我們對當前價格的感受如何客戶支付的水平和總體平均票數？

Yeah, John, so I'll ladder up to what I've always found to be your levers on revenue management.

是的，約翰，所以我將逐步提升我一直認為是您收入管理槓桿的能力。

There is a volume lever, which is traffic.

有一個音量桿，就是流量。

There's obviously an inflationary price lever, and there's a mix lever.

顯然存在通貨膨脹價格槓桿，並且存在混合槓桿。

And what I found is you got to be balanced on all three levers in terms of what you got to do internally on the P&L as well as being thoughtful externally on what's going on competitively and what the guest or consumer gives you credit for between a price and benefits equation.

我發現，你必須在所有三個槓桿上取得平衡，包括你必須在內部對損益表做的事情，以及在外部考慮競爭發生的情況以及客人或消費者在價格之間給予你的信任。方程式。

So we're going to be balanced moving forward, and we're going to have a very sharp lens on all those levers.

因此，我們將保持平衡地前進，並且我們將在所有這些槓桿上配備非常銳利的鏡頭。

Brian Harbor, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Maybe I just wanted to start with the 4Q, obviously, you did change your annual EPS guide quite a bit.

也許我只是想從第四季度開始，顯然，您確實對年度每股收益指南進行了很大的改變。

And part of that is sales, it sounds like the hurricane impact wasn't too significant from an earnings perspective.

其中一部分是銷售，從收益的角度來看，颶風的影響似乎並不太大。

But could you help us on some of the pieces that are kind of driving that change to your 4Q outlook?

但您能否幫助我們解決一些推動第四季前景變化的問題？

Good morning, it's Spanos.

早安，我是斯帕諾斯。

I'll start with -- we're not happy with our results.

首先，我們對結果並不滿意。

And if you look at the forecast for -- the initial forecast for Q4 we were arguably optimistic.

如果你看一下第四季度的初步預測，我們可以說是樂觀的。

We assumed casual dining would improve, and we assumed our performance would improve in terms of grabbing share or growing faster than some of the folks out there, and that did not happen.

我們假設休閒餐飲會有所改善，我們假設我們的業績會在搶佔份額或比其他人增長得更快方面有所改善，但這並沒有發生。

So our quarter four forecast is reflective and consistent with our year-to-date Q3 trends.

因此，我們對第四季度的預測是反思性的，並且與我們今年迄今第三季度的趨勢一致。

If you're looking at same-store sales, traffic, pricing and what we internally look at in terms of EBIT, that's where we're at.

如果您關注的是同店銷售、流量、定價以及我們內部關注的息稅前利潤，這就是我們所處的位置。

So again, we're not happy with it.

再說一遍，我們對此並不滿意。

What I would tell you moving forward, you're going to find with me, we'll -- and I know Michael feels exactly the same way.

我會告訴你，繼續前進，你會和我一起發現，我們會——而且我知道麥可也有同樣的感覺。

We're going to be very transparent and candid on the forecast.

我們的預測將非常透明和坦誠。

I tend to take a balanced center cut approach.

我傾向於採取平衡的中心切割方法。

We'll give you what we think are some of the moving parts and the pluses and minuses of that.

我們將為您提供我們認為的一些活動部件及其優缺點。

And to me, what's going to really drive the business in terms of forecasting is just getting back to that outstanding guest experience enabled by a great team member experience, and that's where we're going to go.

對我來說，在預測方面真正推動業務發展的只是透過出色的團隊成員體驗來實現出色的賓客體驗，而這就是我們要去的地方。

Yeah.

是的。

The only thing I'd say, I mean, for the most part, it's a pretty clean bridge for us as far as the traffic is more, a lower perspective on where we think Q4 traffic would be.

我唯一想說的是，在大多數情況下，就交通量而言，這對我們來說是一座相當乾淨的橋樑，對我們認為第四季度交通量的看法較低。

We do have a few unique things.

我們確實有一些獨特的東西。

We spoke about the hurricane, the Brazilian tax component that will -- one hurts, one helps as well as the calendar shift.

我們談到了颶風、巴西的稅收成分——一是傷害，一是幫助，以及日曆的轉變。

There's a couple of unique things in there.

裡面有一些獨特的東西。

But other than that, for the most part, it's just traffic.

但除此之外，在大多數情況下，這只是交通。

We anticipate to run pretty much what it's been running, and that's how we think about the finishing of the year.

我們預計將運行幾乎已經運行的內容，這就是我們對今年結束的看法。

Yeah, Brian, the last piece, just one last point on the hurricane.

是的，布萊恩，最後一篇，只是關於颶風的最後一點。

And I am saying this as well to acknowledge our teams again.

我這麼說也是為了再次感謝我們的團隊。

This was consuming three weeks during the hurricanes.

在颶風期間，這花了三週的時間。

If you look at whether it was Helene or Milton, we still have team members that are in the land of remediation and recovery and all the fun that goes with putting your lives back together, and they're still getting through it.

如果你看看海倫（Helene）或米爾頓（Milton），我們仍然有團隊成員處於補救和恢復的狀態，享受著讓生活重新回到正軌的所有樂趣，而且他們仍然在度過難關。

So it was a big drain of capacity and bandwidth and energy of the team and everybody has been positive.

因此，這極大地消耗了團隊的能力、頻寬和精力，但每個人都很積極。

But that has been one of the distractions, and it's good to be past that.

但這一直是乾擾之一，克服它是件好事。

Yeah.

是的。

Understood.

明白了。

I appreciate that.

我很欣賞這一點。

Maybe this is something you want to comment on later.

也許這是您稍後想要評論的事情。

But just on kind of like menu, thinking about Outback specifically.

但只是在類似的菜單上，特別考慮內陸地區。

Do you think there need to be -- there have been changes there.

你認為有必要嗎——那裡已經改變了。

I know.

我知道。

Do you think there needs to be more of a change from a menu perspective?

您認為從菜單角度來看是否需要進行更多改變？

You kind of mentioned some simplification.

你提到了一些簡化。

But what's kind of your view on just the food offering at Outback today?

但您對今天內陸地區提供的食物有何看法？

I like your question, Brian.

我喜歡你的問題，布萊恩。

Again, I think it starts with simplification and getting back to the core of that Aussie spirit, that steak seafood core and being all things to some people on the menu and not necessarily being all things to all people on the menu.

再說一次，我認為這要從簡化開始，回到澳洲精神的核心，牛排海鮮的核心，是菜單上某些人的一切，但不一定是菜單上所有人的一切。

Our operators want that simplification in the back of the house.

我們的操作員希望在背景進行簡化。

And we are looking at that, and I found over the years just fewer items execute more consistently, drives a way better guest experience.

我們正在研究這一點，我發現多年來只有更少的專案執行得更一致，才能帶來更好的客戶體驗。

Jeffrey Farmer, Gordon Haskett.

傑弗裡·法默，戈登·哈斯克特。

Mike, in answering some of the earlier questions, you pointed out the importance of value.

麥克，在回答之前的一些問題時，您指出了價值的重要性。

Can you just elaborate on where you see the core Outback concept currently positioned on the value front?

您能否詳細說明一下您認為目前內陸核心概念在價值上的定位？

So if I think about where we're at, first, I start with value.

因此，如果我考慮我們所處的位置，首先我會從價值開始。

To me, value has always been a function again of what's the price and what's the benefit and that value is accentuated with the fantastic outstanding guest experience.

對我來說，價值始終是價格和收益的函數，而卓越的客戶體驗則凸顯了價值。

And I start there, and it's that great meal, great value, great experience of fun casual environment.

我從這裡開始，這是一頓美味的飯菜，物超所值，有趣的休閒環境的絕佳體驗。

That enhances that value because part of that values, that benefit, that feel, that memory you get when you walk out of an Outback.

這增強了這種價值，因為當您走出內陸地區時，您會獲得這種價值、好處、感覺和記憶。

As I said, what I am drilling into and what the team has given me feedback on is how we execute LTOs relative to other innovation versus everyday value.

正如我所說，我正在深入研究以及團隊向我提供的回饋是我們如何執行相對於其他創新與日常價值的 LTO。

And that's part of the work we're doing right now is can we simplify the value of promotional equation and also simplify the menu, which was where Brian was going as well before in his question, to make it a simpler offering for not only the guests but our team members.

我們現在正在做的工作的一部分是我們能否簡化促銷等式的價值並簡化菜單，這也是布萊恩之前在他的問題中所討論的，使其成為一個更簡單的產品，不僅適用於客人，但我們的團隊成員。

Okay.

好的。

So just to follow up on that and I'll leave it at this.

因此，為了跟進這一點，我就到此為止。

In terms of thinking about -- I think in the 3Q, you basically, Outback moved to a $14.99 promo price point from I think it was like $16.99 in terms of something as simplistic as that is lowering the price, is that sort of within your strategy vision?

就思考而言——我認為在第三季度，基本上，內陸地區的促銷價格從14.99 美元調整到了14.99 美元，我認為就簡單而言，降低價格是16.99 美元，這在你的範圍內嗎？

Or is that not how you see this happening moving forward?

或者這不是您對未來發生的情況的看法？

Yes, you're talking about Great Barrier Eats in terms of Q3 and affordability.

是的，您正在談論第三季和承受能力方面的 Great Barrier Eats。

So we are looking at that.

所以我們正在研究這個。

We've also, in the past, run the three course offerings we're just broadly looking at our affordability in our entry price points and how we think about it.

過去，我們也開設了三門課程，我們只是廣泛地檢視我們的入門價格點的負擔能力以及我們對此的看法。

What I would say with this is these types of LTOs, we want to be core to -- we want to execute them core to our menu.

我想說的是這些類型的 LTO，我們希望成為核心——我們希望將它們作為我們菜單的核心來執行。

What I don't want to be doing and the team has given me this feedback is more and more.

我不想做的事情和團隊給我的回饋越來越多。

We don't want to be bringing in a lot of new items to execute in these programs.

我們不想引入很多新項目來在這些程序中執行。

We want to pivot off the core of the menu with the right value to attract sustainable traffic.

我們希望以正確的價值圍繞菜單的核心來吸引可持續的流量。

Yeah.

是的。

The team is fully focused.

團隊全神貫注。

We know we had to -- to had to have more value, right?

我們知道我們必須－必須擁有更多價值，對吧？

So we made the intentional shift to lower opening price points on LTOs beginning in Q3, down to $14.99. The team is able to engineer those offers.

因此，我們從第三季開始有意降低 LTO 的開盤價，降至 14.99 美元。該團隊能夠設計這些產品。

We -- those offers drive a lot of mix, but the entry price point, lower end mix, some of our -- are more featured, more iconic items tend to drive the mix.

我們——這些優惠推動了很多組合，但入門價格點、低端組合，我們的一些——更有特色、更具標誌性的項目往往會推動組合。

And so we're able to engineer them.

所以我們能夠設計它們。

So the overall economics are in a good place.

因此，總體經濟狀況良好。

But we know that we had to lower those opening price points.

但我們知道我們必須降低開盤價。

We know that affordability matters.

我們知道負擔能力很重要。

We know that how we -- how our prices compare to other steak competitors matter.

我們知道我們的價格與其他牛排競爭對手相比如何很重要。

And so all of those are things that we're looking at and especially as we think about some of the longer-term strategic work of just what's the appropriate pricing for us as we think about our business.

因此，所有這些都是我們正在考慮的事情，特別是當我們考慮一些長期策略工作時，即當我們考慮我們的業務時，什麼是適合我們的定價。

Yeah.

是的。

Jeffrey, last piece on that is Michael is exactly right in terms of making it work financially engineering it.

傑弗裡，最後一篇文章是邁克爾在使其在財務工程上發揮作用方面是完全正確的。

My bigger focus based on feedback from the team members is whatever we offer, we want to make sure it's generating traffic that retains our loyals or recruits the right kind of guests we want long term.

根據團隊成員的回饋，我更專注的是我們提供的任何服務，我們希望確保它產生的流量能夠留住我們的忠實客戶或招募我們長期想要的合適類型的客人。

That's the focus for me as we look at pricing and promotions.

當我們考慮定價和促銷時，這是我關注的重點。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Two questions, please.

請教兩個問題。

The first is you mentioned sort of having anticipated that the demand environment would improve as well as perhaps your relative performance.

首先是您提到的某種預期，需求環境將會改善，也許您的相對績效也會改善。

I guess I'm a little -- I want to dig into that because my understanding is that the demand environment has improved.

我想我有點——我想深入研究這個問題，因為我的理解是需求環境已經改善。

If I look at some of the industry trends, for example, it looks like July was the softest, and then we've seen pretty consistent improvement into and through October, by -- across segments.

例如，如果我看一些行業趨勢，就會發現 7 月是最疲軟的，然後我們看到各個細分市場在 10 月和整個 10 月都出現了相當一致的改善。

So I wanted to clarify that comment, if you had anticipated more improvement or if it really is a relative performance question.

因此，我想澄清這一評論，如果您預期會有更多改進，或者這確實是一個相對性能問題。

And then I did want to ask about your -- the comment, one of the Mike's, actually Spanos made on managing partners.

然後我確實想問你的——麥克的評論之一，實際上是斯帕諾斯對管理合夥人所做的評論。

Yeah, I can kind of jump in on how we thought about the forecast.

是的，我可以談談我們對預測的看法。

So certainly, July was the low point from an industry standpoint.

因此，從行業的角度來看，7 月無疑是最低點。

So I think everybody assumed that we would have some rebound off of that.

所以我認為每個人都認為我們會從中得到一些反彈。

And we did have some rebound off of that.

我們確實從中得到了一些反彈。

If we look at sequentially how we perform first Black Box, we performed better in Q3 versus Black Box than we did in Q2.

如果我們按順序查看第一個 Black Box 的表現，就會發現我們在 Q3 中的表現比 Black Box 中的表現要好於我們在 Q2 中的表現。

So we saw some improvement, especially as we move to some of the lower price point LTOs.

因此，我們看到了一些改進，特別是當我們轉向一些價格較低的 LTO 時。

In our prior guidance, we assumed that trajectory would continue through Q4 and our gap to the industry would continue.

在我們先前的指導中，我們假設這一軌跡將持續到第四季度，並且我們與行業的差距將繼續存在。

I think that optimism is now not contemplated in our guidance, and we're sort of assuming the industry is, what the industry is.

我認為現在我們的指導意見中沒有考慮到樂觀情緒，我們有點假設這個行業是什麼。

And so we continue to fight for share with that.

因此，我們將繼續爭取分享。

We still think we have some very compelling offers that can take share, but we sit pretty much flattened that expectation as we think about finishing the year.

我們仍然認為我們有一些非常引人注目的報價可以佔據份額，但當我們考慮到今年結束時，我們的預期幾乎為零。

That's just mechanically how the forecast was rebuilt.

這就是機械地重建預測的方式。

Okay.

好的。

And then on the sort of getting the right managing partners, and I think that makes perfect sense.

然後是尋找合適的管理合夥人，我認為這是非常有意義的。

The General Manager role is the most important in the system.

總經理角色是系統中最重要的角色。

But I guess I'm wondering how you do that in the sense that I think they participate in the economics of the box.

但我想我想知道你是如何做到這一點的，因為我認為它們參與了盒子的經濟學。

So it seems like your approach to aligning incentives is about as good or sort of optimal.

所以看起來你調整激勵措施的方法差不多或說是最優的。

And I'm curious what you see as an opportunity to make sure that you do have the best partners there, if it's not an incentive, if it's not a change in how you incentivize them, is there something else because that model has worked very well for others.

我很好奇你認為這是一個機會，以確保你在那裡擁有最好的合作夥伴，如果這不是一種激勵，如果這不是你激勵他們的方式的改變，是否還有其他東西，因為該模式非常有效對其他人來說很好。

Yeah, Sara.

是的，薩拉。

So it has worked well, and I like aligned economic interests.

所以它運作得很好，我喜歡一致的經濟利益。

And I like the model.

我喜歡這個模型。

And that's the feedback I've been given by our managing partners.

這就是我們的管理合夥人給我的回饋。

What many of them have also said to me is their aligned economic interest in ours and the model also need to incent sales growth and profit growth in addition to a percent or mix of the discounted cash flow.

他們中的許多人也對我說，他們與我們的經濟利益是一致的，除了一定比例或混合的折現現金流之外，該模型還需要刺激銷售成長和利潤成長。

But the bottom line, what we're seeing with our managing partners when we get great results as we have retention of our good

但最重要的是，當我們因為保留了良好的績效而取得了巨大的成果時，我們與我們的管理夥伴一起看到了什麼

[OMEs]

[OME]

We have their engagement -- and with that, most importantly, we get a great guest experience.

我們得到了他們的參與——最重要的是，我們獲得了良好的賓客體驗。

And that's it.

就是這樣。

So we will stay consistent with that.

所以我們將保持一致。

And I do, to your point, we feel good about that model where they have aligned economic interest, and they get contribution from our profitability and our growth.

我確實，就你的觀點而言，我們對這種模式感到滿意，他們將經濟利益結合在一起，並且他們從我們的盈利能力和增長中獲得貢獻。

Thanks.

謝謝。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

I wanted to ask a bit more on marketing.

我想多問一些關於行銷的問題。

I know it's early, and we'll hear more from you on the next call, but curious if anything high level to share today.

我知道現在還為時過早，我們會在下次電話會議上聽到您的更多信息，但很好奇今天是否有任何高水平的內容可以分享。

We've seen really good traction from a couple of others in the industry who have leaned in and made some enhancements to marketing.

我們看到了業內其他一些人的巨大吸引力，他們對行銷進行了一些改進。

They've tied it into social media, et cetera.

他們將其與社交媒體等捆綁在一起。

So I'm curious how you guys think about the current marketing where the brand is positioned in that marketing, in the ad spots and relative maybe to how you should be positioned and Mike, relative to your thoughts earlier on what the brand stands for.

所以我很好奇你們如何看待當前的行銷，品牌在行銷、廣告位中的定位，以及相對於你們應該如何定位，麥克，相對於你們之前對品牌代表什麼的想法。

Good morning, Dennis, I'll start maybe with the bigger picture, and I think you've got questions in how we're positioned for Q3 and Q4 as well, and I'll give you that insight as well.

早安，丹尼斯，我可能會從更大的前景開始，我認為您也對我們如何定位第三季和第四季有疑問，我也會向您提供這種見解。

To me, with the brand, when you're building brand trust or brand loyalty, you're usually going down a curve of awareness to trial to repeat into loyalty.

對我來說，對於品牌來說，當你建立品牌信任或品牌忠誠度時，你通常會沿著認知曲線下降到嘗試重複到忠誠度。

So for me, I start with the loyals and retaining the loyals and getting the loyal guest frequency up.

所以對我來說，我從忠誠者開始，留住忠誠者，並提高忠誠的客人頻率。

So if the average is two, as I said, I want to get them to three.

因此，如果平均值是兩個，正如我所說，我希望將其提高到三個。

And you do that with a great guest experience.

您可以透過出色的賓客體驗來做到這一點。

That's the foundation of a brand trust, and that's the foundation of an intent to return.

這是品牌信任的基礎，也是回頭客的基礎。

I also then look at in that same sort of curve is recruiting.

然後我也會觀察同樣類型的招募曲線。

We want to recruit the right guests that also want that great experience if it's Outback again.

我們希望招募合適的客人，如果再次來到內陸地區，他們也希望獲得美好的體驗。

It's going to be a focused steak and seafood experience with that Aussie Spirit at a reverence where they get that great meal at that great value, that great experience.

這將是專注於牛排和海鮮的體驗，帶著崇敬的澳洲精神，他們可以以超值的價格享用美味佳餚，獲得很棒的體驗。

And then we want to get them past the trial.

然後我們想讓他們通過審判。

We want to get them in to repeat.

我們想讓他們重複。

On both of those, regardless of what we're saying, whether it's social or traditional TV, we've got to be consistent in our operational excellence to deliver a great guest experience.

在這兩方面，無論我們說什麼，無論是社交電視還是傳統電視，我們都必須始終如一地保持卓越運營，以提供出色的賓客體驗。

To me, that's really important.

對我來說，這真的很重要。

More tactically, if you look at Q3 or Q4, our spends year-over-year are basically flat, our weeks year-over-year are basically flat, and our TRPs year-over-year are basically flat, specific for those quarters.

從戰術上講，如果你看看第三季度或第四季度，我們的支出同比基本持平，我們的周同比基本持平，我們的 TRP 同比基本持平，具體針對這些季度。

Yeah.

是的。

And just to jump in, I think we have pretty good analytical capability to evaluate our marketing spend, what the ROIs are, what channel, what message is most relevant.

順便說一句，我認為我們有很好的分析能力來評估我們的行銷支出、投資報酬率是什麼、什麼管道、什麼資訊最相關。

And we look at those every quarter.

我們每季都會查看這些內容。

There's no doubt there are some other players, share of voice is very competitive right now as others have leaned into broader marketing spend.

毫無疑問，還有其他一些參與者，目前的話語權份額非常有競爭力，因為其他人已經傾向於更廣泛的行銷支出。

And that's certainly a consideration for us as we think about our larger strategic plan, right, operationalize and accelerating the work that we're doing at Outback.

當我們考慮更大的戰略計劃時，這當然是我們考慮的一個因素，對吧，實施並加速我們在內陸地區所做的工作。

When we get to the other side of that, we are going to have to be able to communicate who Outback is, what Outback is and really drive trial when we have a much better experience.

當我們到達另一邊時，我們將必須能夠傳達誰是內陸地區，什麼是內陸地區，並在我們擁有更好的體驗時真正推動試用。

And so that's certainly a consideration as we think about that longer strategic plan.

因此，當我們考慮更長期的策略計劃時，這當然是一個考慮因素。

Yeah.

是的。

I mean, Dennis, to me, last thing, again, I'll say on this.

我的意思是，丹尼斯，對我來說，最後一件事，我會再說一次。

I think the foundation of any brand and any push or pull marketing starts with service.

我認為任何品牌和任何推式或拉式行銷的基礎都始於服務。

And that's guest experience.

這就是賓客體驗。

And that to me is what we've got to focus on, and first get right as we think about spends in terms of our voice to the consumer base.

對我來說，這就是我們必須關注的問題，並且首先要根據我們對消費者群的聲音來考慮支出。

Just one more.

再來一張。

Just on Brazil, maybe and the refranchising transaction and that partnership.

就巴西而言，也許還有再特許經營交易和合作夥伴關係。

Anything more to share right now on thinking about modeling that, whether it's royalty looking ahead, more near in when roughly in the fourth quarter, we should think about that closing and impact to the fourth quarter.

現在還有什麼可以分享的關於建模的思考，無論是未來的特許權使用費，還是大約在第四季度的時間，我們都應該考慮這一交易的結束和對第四季度的影響。

Any more details on that today?

今天有更多細節嗎？

Yeah.

是的。

I think we shared most of the details already as far as the enterprise value, again, selling two-third of the business.

我認為我們已經分享了企業價值的大部分細節，再次出售了三分之二的業務。

We would expect to close or hope to close by end of this year -- into this calendar year.

我們預計將在今年年底前關閉或希望在本日曆年關閉。

We're not going to disclose the royalty rate, but we will get a royalty as that business continues to grow.

我們不會透露特許權使用費，但隨著業務的持續成長，我們將獲得特許權使用費。

But just mechanically, we sold two-third of the business at BRL 2.06 billion.

但我們機械地以 20.6 億雷亞爾的價格出售了三分之二的業務。

We get 52% of the proceeds at close.

交易結束時我們獲得了 52% 的收益。

We get 48% of the proceeds a year later.

一年後我們得到了 48% 的收益。

We have an option to sell the remaining third of the business in 2028.

我們可以選擇在 2028 年出售剩餘的三分之一業務。

We certainly expect that business to continue to grow.

我們當然期望該業務繼續成長。

We've chosen the right partner, right, to really lead and grow that business and augment it with talent and capability.

我們選擇了正確的合作夥伴，正確地來真正領導和發展該業務，並透過人才和能力來增強它。

And so we're really excited about -- obviously, we love that business.

所以我們真的很興奮——顯然，我們喜歡這個行業。

We're really excited about it, but it allows us to focus on our core domestic.

我們對此感到非常興奮，但它使我們能夠專注於我們的核心國內業務。

And we have a great partner down there that can focus 100% of their time on growing that business.

我們有一個出色的合作夥伴，他們可以將 100% 的時間集中在發展業務上。

So economics were good for us.

所以經濟對我們有利。

We're able to benefit in the growth.

我們能夠從成長中受益。

And so it was a great opportunity for us.

所以這對我們來說是一個很好的機會。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

I just want to come back to capital allocation.

我只想回到資本配置。

I wanted to ask specifically on the dividend, that's about an $85 million annual cash outflow.

我想具體詢問股息，每年現金流出約 8,500 萬美元。

You might make the case to the market maybe isn't giving you credit for it given where it looks like the yield is.

你可能會向市場證明，考慮到收益率，市場可能不會給你信用。

Mike Spanos, I was just wondering how you feel about the dividend if that has been under any kind of review, if there might be a better use of cash, whether that be remodels or debt paydown or share repurchases?

麥克·斯帕諾斯（Mike Spanos），我只是想知道，如果股息經過任何形式的審查，是否可以更好地利用現金，無論是改造、債務償還還是股票回購，你對股息有何看法？

Any early thoughts on that?

對此有什麼早期的想法嗎？

Hey Brian, well, you mentioned a point about are we getting credit for it.

嘿布萊恩，好吧，你提到了我們是否因此獲得榮譽的一點。

Arguably, I would say we're undervalued, and that's part of the challenge with the yield, if that's where you're going.

可以說，我想說我們被低估了，這是收益率挑戰的一部分，如果這就是你的目標的話。

So I'm confident and optimistic over time, we're going to get back to the right levels there.

因此，隨著時間的推移，我充滿信心和樂觀，我們將回到正確的水平。

We're not -- I'm not going to get into the details of the capital allocation on the LRP.

我們不會—我不會深入了解 LRP 資本分配的細節。

But as I said, once we're confident we've done the right things on the base business.

但正如我所說，一旦我們有信心，我們就在基礎業務上做了正確的事情。

We've been doing the right things on debt.

我們在債務問題上一直在做正確的事。

And we're through the strategic plan we'll be clear on what cash goes back to shareholders and how.

透過策略計劃，我們將明確哪些現金將返還給股東以及如何返還給股東。

But as you know, we just approved a dividend in -- as part of this quarter.

但如您所知，作為本季度的一部分，我們剛剛批准了股息。

We're committed to it.

我們致力於此。

And again, I think the key here is, as I said, we got to be really sharp on our investments, our use of cash with the right returns operationally and also be right to shareholders when we don't think we have those kind of returns to give that cash back to our shareholders.

再說一次，我認為這裡的關鍵是，正如我所說，我們必須對我們的投資非常敏銳，我們對現金的使用必須在運營上獲得適當的回報，並且當我們認為我們沒有這些能力時，也要對股東保持正確的態度。

And then just a question on the domestic store base.

然後是關於國內商店基礎的問題。

In the first quarter, there were some strategic closures.

第一季出現了一些策略性關閉。

Mike Spanos, that was before you got here.

麥克·斯帕諾斯，那是在你到達這裡之前。

Just my question is given the tough industry trends since then and the fresh set of eyes, would you think there could be some more closures here in the next year or two as you do this asset review?

我的問題是，考慮到自那時以來嚴峻的行業趨勢和新的視角，您認為在您進行資產審查時，未來一兩年內可能會出現更多關閉情況嗎？

Just any early thoughts?

只是有什麼早期的想法嗎？

Brian, as we've always done every year, as I've learned it here and other places, we're obviously always looking at our assets, as I said, the condition and the quality.

布萊恩，正如我們每年所做的那樣，正如我在這裡和其他地方了解到的那樣，我們顯然一直在關注我們的資產，正如我所說的，狀況和品質。

But again, I'm going to start with what our managing partners telling us what's working or not working inside the four walls before we make any decisions about shutting down a restaurant.

但同樣，在我們做出關閉餐廳的決定之前，我將首先從我們的管理合夥人告訴我們四面牆內什麼有效或無效的內容開始。

I start there.

我從這裡開始。

And if it -- is if that's the issue, we'll get that right.

如果這就是問題所在，我們就會解決這個問題。

If we do have an asset that we don't feel is right from a guest experience standpoint, then we're going to get to the next question, which is are we remodel or relocating, which is part of our normal process.

如果我們確實擁有從客戶體驗的角度來看不正確的資產，那麼我們將討論下一個問題，即我們是否進行改造或搬遷，這是我們正常流程的一部分。

And we're working that very much in a process manner as part of the long-range planning we're doing right now.

作為我們目前正在進行的長期規劃的一部分，我們正在以流程的方式進行這方面的工作。

And of course, obviously, Brian, that also goes for new store openings.

當然，布萊恩，顯然這也適用於新店開幕。

If we consider that.

如果我們考慮到這一點。

We go through the same disciplined process and how we think about that cash.

我們經歷同樣嚴格的流程以及我們如何看待這筆現金。

Jon Tower, Citigroup.

喬恩·塔爾，花旗集團。

Sorry about that.

對此感到抱歉。

I got to figure out how to use my mute button, apologies.

我得弄清楚如何使用我的靜音按鈕，抱歉。

So just quickly going back to the Brazil business.

那我們就快速回到巴西業務。

Can you just -- I know you're not wanting to provide too much more details by way of royalties, but can you at least tell us what the CapEx over the past 12 months was allocated to that business?

我知道您不想透過特許權使用費提供太多詳細信息，但您至少可以告訴我們過去 12 個月分配給該業務的資本支出是多少嗎？

About $40 million.

大約4000萬美元。

All right.

好的。

And then one part, Spanos, so I'll be referred to as Tower from this point forward.

然後是 Spanos，所以從現在起我將被稱為 Tower。

One thing you spoke about was the idea of speaking with managers and so far meeting with them at the Outback brand?

您談到的一件事是與經理交談以及迄今為止在 Outback 品牌與他們會面的想法？

And what they liked about the business, what they wanted to have improved?

他們喜歡公司的哪些方面，希望能改進哪些方面？

And what was absent in your comments was any commentary regarding the off-premise business or delivery?

您的評論中沒有任何關於場外業務或交付的評論嗎？

And Outback, it's a much larger chunk of the business than it is for some of your direct competitors.

對於內陸地區來說，它所佔的業務份額比您的一些直接競爭對手要大得多。

So I'm just curious what feedback you heard from them and frankly, your own thoughts on that channel going forward?

所以我只是好奇你從他們那裡聽到了什麼反饋，坦白說，你自己對該頻道未來的想法是什麼？

Absolutely.

絕對地。

And thanks for the correct enunciation on the Greek American name.

感謝您對希臘裔美國人名字的正確發音。

I appreciate that.

我很欣賞這一點。

So Jon, what I would say on your question on off-premise.

喬恩，我會在場外就你的問題說些什麼。

First, I'd start with we've been absolute pioneers in this space.

首先，我首先要說的是，我們一直是這個領域的絕對先驅。

I go back to my days as a consumer many times calling in the order it Outback and then picking it up, we were first on that forefront.

我回想起作為消費者的日子，多次打電話給內陸地區的訂單，然後拿起它，我們是第一個站在最前沿的。

And that has worked well.

這效果很好。

And to your point, we have a good mix of that business.

就您而言，我們在該業務方面擁有良好的組合。

But again, I go back to the guest experience here.

但我再次回到這裡的賓客體驗。

We will -- what the operators, the managers are telling me is they want the guests to have a great experience on or off-premise.

我們會－經營者、經理告訴我的是，他們希望客人在飯店內或飯店外都能獲得良好的體驗。

What that implies is, we got to be really thoughtful around the menu we offer in terms of off-premise and which food travels the best off-premise and making sure we also feel good about the delivery and how that guest interaction happens as well.

這意味著，我們必須對我們提供的店外菜單以及哪種食物在店外運輸效果最好進行深思熟慮，並確保我們對交付以及與客人互動的方式也感到滿意。

And that's part of the work we're doing.

這就是我們正在做的工作的一部分。

So we're going to continue to be committed to off-presence -- off-premise, but we're also going to be very balanced and thoughtful where whatever we do there, it's got to be a great guest experience.

因此，我們將繼續致力於場外服務，但我們也將非常平衡和深思熟慮，無論我們在那裡做什麼，都必須提供良好的賓客體驗。

It's got to be a great meal, great-tasting food, still at a great value, and you've got to have that guest experience.

它必須是一頓美味的飯菜，美味的食物，而且物有所值，而且您必須擁有這種賓客體驗。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Just a couple of quick follow-ups, if I could.

如果可以的話，只需進行一些快速跟進。

Back to the Brazil transaction, can you share what the expected tax bill or after-tax proceeds will be?

回到巴西交易，可以分享一下預計的稅單或稅後收益是多少嗎？

And also, can you remind us how much of the annual G&A budget is in Brazil?

另外，您能否提醒我們巴西的年度 G&A 預算有多少？

Yeah.

是的。

We're not going to get into the after tax because we still have to close and go through all of those components at this time.

我們不會進入稅後，因為我們此時仍然需要關閉並檢查所有這些組件。

And I don't have their G&A on me, but we can get back to you with that.

我身上沒有他們的一般行政費用，但我們可以回覆您。

Okay.

好的。

And then I guess, back to capital allocation, I think more than half of your CapEx budget is going towards new unit growth in recent years.

然後我想，回到資本配置，我認為您一半以上的資本支出預算將用於近年來新的單位成長。

And you mentioned -- you highlighted the $40 million towards Brazil, but also some domestic obviously.

您提到，您強調了向巴西提供的 4000 萬美元，但顯然也有一些國內資金。

So can you speak to kind of the returns you're seeing on your domestic unit growth?

那麼您能談談您在國內單位成長中看到的回報嗎？

Are they hitting your targets and just any thoughts on the potential to optimize your CapEx budget, maybe just maintenance and remodels to help bolster free cash flow?

他們是否達到了您的目標，以及對優化資本支出預算潛力的任何想法，也許只是維護和改造以幫助增強自由現金流？

Yeah.

是的。

I mean the restaurants that we've opened over the past couple of years are certainly hitting our expectations.

我的意思是，我們過去幾年開設的餐廳確實達到了我們的期望。

So we're excited to see the success of those new restaurants.

因此，我們很高興看到這些新餐廳的成功。

Obviously, it's a combination of new restaurants and relocations as well.

顯然，這也是新餐廳和搬遷的結合。

I think -- and we shared, I think, in the past couple of quarters, we've seen costs increase on build costs.

我認為——我們也認為，在過去的幾個季度中，我們看到了建造成本的增加。

And if those costs push to the point where we aren't going to get our returns, we're going to walk away from those deals.

如果這些成本上升到我們無法獲得回報的程度，我們就會放棄這些交易。

So I mean our priority is to return or deliver the expected return to our shareholders and not just to open stores to open stores.

所以我的意思是，我們的首要任務是回報股東或為股東帶來預期回報，而不僅僅是為了開店而開店。

And so that's our focus.

這就是我們的重點。

But we do think that opening stores is appropriate for us.

但我們確實認為開店適合我們。

We think whether it's relocations or additional restaurants for Outback are out there.

我們認為內陸地區的搬遷或增設餐廳都已經存在。

We've talked about Carrabba's being a larger growth engine.

我們已經討論過卡拉巴正在成為一個更大的成長引擎。

The team has done great work to date to grow sales and revenue.

迄今為止，該團隊在增加銷售額和收入方面做了出色的工作。

The team is doing some good work now around how do I really refine and improve the return on that investment because we certainly have a lot more geography for Carrabba's that we can open restaurants.

團隊現在正在圍繞如何真正完善和提高投資回報開展一些出色的工作，因為我們確實有更多的地理位置適合 Carrabba's 開設餐廳。

Fleming's is a great business, great returns.

弗萊明是一家偉大的企業，回報豐厚。

Obviously, higher volume, so we'll definitely open a couple of Fleming's each year, but there's a capacity there given kind of the magnitude of the builds and whatnot.

顯然，銷量更高，所以我們每年肯定會開設幾家弗萊明店，但考慮到建築規模等因素，那裡的容量是有的。

But we're satisfied with the returns, but we're always scrutinizing them, and we'll make sure that we continue to deliver those returns.

但我們對回報感到滿意，但我們一直在仔細審查它們，我們將確保繼續提供這些回報。

As far as -- what was your question around capital allocation for remodels...

至於──你對改造的資本分配有什麼問題...

Yeah, potential to just optimize CapEx to bolster free cash flow.

是的，有可能優化資本支出以增強自由現金流。

Obviously, you want to stay focused on maintenance and remodels, but just see any opportunities there as you think about the CapEx.

顯然，您希望繼續專注於維護和改造，但在考慮資本支出時只看到那裡的任何機會。

I understand you don't turn these things off like a light switch, but over the next year or two, perhaps just to optimize free cash flow.

我知道你不會像電燈開關一樣關閉這些東西，但在接下來的一兩年內，也許只是為了優化自由現金流。

Yeah.

是的。

I mean -- and that will be a key component of the strategic work we're doing.

我的意思是——這將是我們正在進行的策略工作的關鍵組成部分。

Ultimately, how -- our entire capital allocation will be important.

最終，我們整個資本的配置方式將非常重要。

But certainly, as we think about CapEx, that will be a key consideration.

但當然，當我們考慮資本支出時，這將是一個關鍵考慮因素。

So we want to open restaurants, but we want to open restaurants with great returns.

所以我們想開餐館，但我們想開一家回報豐厚的餐廳。

What we can't open as many restaurants because we can achieve those returns and that certainly could impact the allocation.

我們不能開設那麼多餐廳，因為我們可以實現這些回報，這肯定會影響分配。

But right now, we think we're confident we can continue to open restaurants.

但現在，我們認為我們有信心繼續開設餐廳。

The magnitude of that is still to be determined as we go through this process.

當我們經歷這個過程時，其幅度仍有待確定。

But to your point, obviously, you have to maintain the restaurant, so that's a non-negotiable.

但就你的觀點而言，顯然你必須維持餐廳，所以這是沒有商量餘地的。

And then there is a remodel component to our restaurant base that's going to be necessary.

然後我們的餐廳基地需要進行改造。

And so -- that's how we're thinking about it, at least as far as prioritization.

所以——這就是我們的想法，至少在優先順序方面是如此。

Okay.

好的。

And last one, just on pricing, if I could.

最後一個，如果可以的話，只是關於定價。

Can you remind us what was pricing in the third quarter?

您能提醒我們第三季的定價是多少嗎？

And maybe you could level set how you see pricing trending if you don't take any additional pricing in the next couple of quarters?

如果您在接下來的幾個季度不採取任何額外的定價，也許您可以對定價趨勢進行水平設定？

Yeah.

是的。

We are pretty much 4% in Q3.

第三季我們的佔比接近 4%。

We would expect to be kind of in that range in Q4.

我們預計第四季會達到這個範圍。

I think, obviously, our pricing has kind of rolled off, especially compared to '23.

我認為，顯然，我們的定價有所下降，特別是與 23 年相比。

And we're going to do everything we can.

我們將竭盡全力。

We're trying to price as little as possible.

我們正在努力定價盡可能低。

Certainly, we think we're in line with the industry on pricing, and we still have a beef headwind, although beef -- better than we expected and still the most inflationary part of our basket.

當然，我們認為我們的定價與行業一致，而且我們仍然面臨牛肉的逆風，儘管牛肉比我們預期的要好，而且仍然是我們籃子中通膨率最高的部分。

And so -- but we're going to be intentional on our pricing and make sure that we can continue to provide value to our guests.

因此，我們將謹慎定價，並確保我們能夠繼續為客人提供價值。

And so we don't -- we don't think we have extra pricing opportunities.

所以我們不認為我們有額外的定價機會。

We'll see where our commodities and other inflationary components come in next year.

我們將看看明年我們的大宗商品和其他通膨成分會出現什麼情況。

But our goal would be to take as little pricing as possible as we get into next year for sure.

但我們的目標是在進入明年時盡可能降低定價。

(Operator Instructions) Andrew Strelzik, BMO.

（操作員說明）Andrew Strelzik，BMO。

Just two quick ones for me.

對我來說只有兩個快速的。

You talked about growing revenue faster than costs.

您談到收入成長快於成本成長。

The company has always spoken to like a $50 million-plus productivity run rate.

該公司一直聲稱生產力運作率超過 5,000 萬美元。

Is that still the right way to think about productivity in your opinion and kind of high level where those buckets remain outside of menu simplification, which you've certainly spoken to.

在您看來，這仍然是考慮生產力的正確方法嗎？

Yeah.

是的。

Certainly, productivity is always a key component for us.

當然，生產力始終是我們的關鍵組成部分。

I think as we go through our strategic planning and our annual planning, we'll align.

我認為，當我們制定策略規劃和年度規劃時，我們會保持一致。

I would say $50 million is probably too high for where we are going forward.

我想說 5000 萬美元對於我們未來的發展來說可能太高了。

But a lot of it is technology enabled as we think about the evolution of productivity over time.

但當我們考慮生產力隨著時間的推移而演變時，其中許多都是由技術推動的。

Some of it was just kind of base efficiencies, then it was deploying technology, whether it's front of house or back of house technology in the restaurants to not only improve operations but deliver efficiencies.

其中一些只是基本效率，然後是部署技術，無論是餐廳的前台還是後台技術，不僅可以改善運營，還可以提高效率。

And that's how we're continuing to look at it.

這就是我們繼續看待它的方式。

We still think there is plenty of opportunity in supply chain, plenty of opportunity in simplification.

我們仍然認為供應鏈中有很多機會，有很多簡化的機會。

So there's definitely opportunities there.

所以那裡肯定有機會。

But magnitude probably less than sort of that historical $50 million run rate, but still material, and we can -- we'll get back to you as we get into next year.

但規模可能低於歷史上 5000 萬美元的運行率，但仍然很重要，而且我們可以——我們會在進入明年時回复您。

Okay.

好的。

That's helpful.

這很有幫助。

And then actually, a question on Flemming, that was the only segment that saw a comp acceleration in the quarter.

實際上，關於弗萊明的問題是，這是本季唯一一個加速成長的細分市場。

So I was curious kind of what you thought was driving that.

所以我很好奇你認為是什麼推動了這一點。

And more broadly, what you're seeing from a consumer perspective and if you think you're seeing a shift maybe in how consumers interacting with fine dining.

更廣泛地說，你從消費者的角度看到了什麼，如果你認為你看到了消費者與美食互動方式的轉變。

Andrew, I would agree with you on Fleming's side.

安德魯，我同意你站在弗萊明這邊。

Shelina Henry and the team have done a really, really nice job.

Shelina Henry 和她的團隊做得非常非常出色。

And to me, what they've told me, and I agree is fundings is a reputational brand.

對我來說，他們告訴我的，我同意，資金是一個聲譽品牌。

And as you're -- as we're in the fine dining space there are on that reputational brand, that is all about elevating the experience and that is the team has been so, dialed in on everything from the attentiveness to the pace, the experience and it's just really a phenomenal experience.

正如您所見——正如我們在這個享有盛譽的品牌的高級餐廳中一樣，這一切都是為了提升體驗，這就是團隊一直以來的努力，從專注到節奏，一切都在努力，體驗，這確實是一次非凡的體驗。

And I really do want to complement them on our flagship opening here in Tampa is just a tremendous new Fleming's and it's very high energy and the guest experience is tremendous.

我真的很想對他們進行補充，我們在坦帕開設的旗艦店是一家巨大的新弗萊明酒店，它充滿活力，賓客體驗也很棒。

And that's how we think about Fleming's.

這就是我們對弗萊明的看法。

And as Michael said, to get that fine dine experience right, we're going to be thoughtful.

正如邁克爾所說，為了獲得正確的美食體驗，我們需要深思熟慮。

We got 63 Fleming's and the bandwidth of the team would suggest it's two or three a year.

我們有 63 個 Fleming，而團隊的頻寬表明每年有兩到三個。

If we get them right on the new store because we don't want to sacrifice the fine dining elevated experience there.

如果我們把它們放在新店裡，因為我們不想犧牲那裡的高級餐飲體驗。

Thank you.

謝謝。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

I would now like to turn the conference back over to Mr. Mike Spanos for any closing remarks.

現在我想將會議轉回麥克·斯帕諾斯先生發表閉幕詞。

We appreciate everyone for joining us today.

我們感謝大家今天加入我們。

We look forward to updating you on our progress in our next earnings call.

我們期待在下一次財報電話會議上向您通報我們的最新進展。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。