Bloomin' Brands Inc (BLMN) 2026 Q2 法說會逐字稿

Greetings and welcome to the Bloomin' Brands fiscal second quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Bloomin' Brands 2026 會計年度第二季財報電話會議。(操作員指示) 請注意，本活動將被錄音。

It is now my pleasure to introduce your host, Tara Kurian, Senior Vice President, IR, FP&A and International. Thank you, Ms. Kurian. You may begin.

現在我很榮幸介紹本次會議主持人：Tara Kurian 女士，投資人關係、財務規劃與分析及國際業務資深副總裁。謝謝您，Kurian 女士。您可以開始了。

Thank you, and good morning, everyone. With me on today's call are Mike Spanos, our Chief Executive Officer, and Eric Christel, Executive Vice President and Chief Financial Officer. By now, you should have access to our fiscal second quarter 2026 earnings release and our investor presentation slides, both of which can be found on our website at www.bloominbrands.com in the Investor section.

謝謝，大家早安。今天與我一同出席電話會議的有：我們的執行長 Mike Spanos，以及執行副總裁兼財務長 Eric Christel。截至目前，各位應已可取得我們 2026 會計年度第二季財報新聞稿與投資人簡報投影片，兩者皆可於我們網站 www.bloominbrands.com 的「投資人」專區找到。

Throughout this conference call, we will be presenting results on an adjusted basis. An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release and investor presentation on our website, as previously described.

在本次電話會議中，我們將以調整後（adjusted）基礎呈報結果。關於我們使用非 GAAP 財務衡量指標的說明，以及與最直接可比 GAAP 指標之調節表，皆如先前所述，載於我們網站上的財報新聞稿與投資人簡報中。

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. 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. Some of these risks are mentioned in our earnings release. Others are discussed in our SEC filings, which are available at www.sec.gov. During today's call, we'll provide a brief recap of our financial performance for the fiscal second quarter 2026, current thoughts on fiscal 2026 guidance, and an update on our turnaround strategy.

在開始正式發言之前，我想提醒各位，我們今天的部分討論將包含前瞻性陳述（forward-looking statements），其中也包括對近期趨勢的討論。這些陳述受到多項風險與不確定性影響，可能導致實際結果與我們的前瞻性陳述出現重大差異。其中部分風險已在我們的財報新聞稿中提及。其他風險則載於我們向 SEC 提交的文件中，可於 www.sec.gov 查閱。今天的電話會議中，我們將簡要回顧 2026 會計年度第二季的財務表現、目前對 2026 會計年度財測指引的看法，以及我們轉型策略的最新進展。

Once we've completed these remarks, we'll open the call up for questions. With that, I would now like to turn the call over to Mike Spanos.

在完成上述說明後，我們將開放提問。接下來，我想把電話交給 Mike Spanos。

Thanks, Tara, and good morning, everyone. I will discuss our second quarter results and provide an update on our turnaround. Eric will then review the financials and our thoughts on guidance. First, I want to congratulate our team on the progress on both the Outback Turnaround Plan and our financial results. Our focus on consistency of execution on food quality, service, experience, and providing affordable offers is making an impact.

謝謝你，Tara，大家早安。我將說明我們第二季的結果，並更新我們的轉型進度。接著 Eric 會回顧財務數據以及我們對指引的看法。首先，我要恭喜我們的團隊在 Outback 轉型計畫以及財務成果兩方面所取得的進展。我們聚焦於在餐點品質、服務、體驗，以及提供可負擔的優惠方案上維持一致的執行力，正在產生影響。

As Pat Hafner, President of Outback, told his team at our Managing Partner Conference in June, motivation gets you going. Consistency of execution keeps you growing. We remain committed to consistency of execution that delivers a cumulative impact in delivering a great guest experience. While success will not be linear, we believe these commitments will lead to sustainable and profitable growth in the long term.

正如 Outback 總裁 Pat Hafner 在 6 月的管理合夥人會議上對團隊所說：動機讓你開始前進。一致的執行力讓你持續成長。我們仍致力於以一致的執行力累積成效，帶來卓越的顧客體驗。雖然成功不會是一條直線，我們相信這些承諾將在長期帶來可持續且具獲利性的成長。

Turning to our second quarter results. Outback's Guest Metric Scores continue to improve, with year-over-year gains for the fourth consecutive quarter reinforcing that we are getting better every day. This is the power of consistency of execution. In Q2 of this year compared to Q2 of last year, Outback's Guest Scores increased across service by 7 points, atmosphere by 7 points, value by 6 points, intent to return by 5 points, food by 4 points, and brand trust by 2 points.

接著談我們第二季的表現。Outback 的顧客指標評分持續改善，連續第四季年對年提升，進一步印證我們每天都在變得更好。這就是一致執行力的力量。今年第二季相較去年第二季，Outback 的顧客評分在服務提升 7 分、氛圍提升 7 分、價值感提升 6 分、再訪意願提升 5 分、餐點提升 4 分，以及品牌信任提升 2 分。

I will share more details of our Outback turnaround progress shortly. Our Q2 U.S. comparable restaurant sales were positive 230 basis points with traffic down 190 basis points.

稍後我會分享更多 Outback 轉型進度的細節。我們第二季美國同店銷售（comparable restaurant sales）為正 230 個基點，而來客數（traffic）下降 190 個基點。

We have continued to narrow the gap versus the industry as defined by Black Box each quarter, and our Q2 comp sales were in line with Black Box while traffic trailed by 110 basis points. Affordable entry price points at our casual dining brands, combined with consistent execution and craveable service, is improving our what-you-get-for-what-you-pay-for value equation. Outback's Q2 comp sales were up 140 basis points with traffic down 280 basis points.

我們每一季都持續縮小與 Black Box 所定義之產業表現的差距；第二季同店銷售與 Black Box 持平，而來客數落後 110 個基點。我們休閒餐飲品牌具可負擔的入門價位點，結合一致的執行力與令人渴望的服務，正在改善「付出多少、得到多少」的價值方程式。Outback 第二季同店銷售上升 140 個基點，來客數下降 280 個基點。

As we mentioned in our first quarter earnings call, we chose not to lap some dilutive traffic offerings from Q2 2025, particularly in our third-party delivery space. While third-party delivery remains a key part of our business and plays an important role for convenience, our focus is on delivering a remarkable dining experience to drive sustainable traffic growth.

如同我們在第一季財報電話會議中提到的，我們選擇不去承接（lap）2025 年第二季部分會稀釋來客數的促銷方案，特別是在第三方外送領域。雖然第三方外送仍是我們業務的重要一環，並在便利性方面扮演關鍵角色，但我們的重點是提供卓越的用餐體驗，以推動可持續的來客數成長。

Outback continues to drive traffic and loyalty from the Aussie 3-Course affordability offering, with about 60% of the guests consistently trading up from the entry price point into the higher price tiers and approximately 20% trading up on the dessert option. Carrabba's comp sales were up 170 basis points with traffic of negative 250 basis points.

Outback 持續透過「Aussie 三道式」的可負擔方案帶動來客與忠誠度；約有 60% 的顧客會穩定地從入門價位升級到較高價位層級，且約有 20% 會在甜點選項上加價升級。Carrabba's 同店銷售上升 170 個基點，來客數為負 250 個基點。

Similar to Outback, we chose to not lap some dilutive third-party delivery offerings from prior year. This is the sixth consecutive quarter that Carrabba's drove positive comp sales, driven by continued focus on the in-restaurant experience and delivering elevated, authentic Italian food with warm hospitality. We are seeing positive results and increased guest satisfaction from our updated day-of-week offers and continued strong interaction with our experiential wine dinners.

與 Outback 類似，我們選擇不去承接去年部分會稀釋的第三方外送促銷方案。這是 Carrabba's 連續第六季同店銷售呈正成長，主要受惠於持續聚焦店內用餐體驗，並提供更高品質、道地的義式料理與溫暖的待客之道。我們從更新後的週間優惠方案，以及持續強勁的體驗式葡萄酒晚宴互動中，看到了正向成果與更高的顧客滿意度。

Bonefish's comp sales were up 810 basis points with traffic of positive 450 basis points. Bonefish continues to steadily improve traffic growth with momentum in day-of-the-week offers such as Margarita and Martini Mondays and Bang Bang Shrimp Wednesdays. The team has done an excellent job of engaging guests with an energetic bar in a polished casual seafood environment, leveraging our core menu items for exciting affordability offers.

Bonefish 同店銷售上升 810 個基點，來客數為正 450 個基點。Bonefish 持續穩健改善來客數成長，並在「Margarita 與 Martini 週一」及「Bang Bang Shrimp 週三」等週間優惠上展現動能。團隊在精緻休閒的海鮮用餐環境中，透過充滿活力的吧台成功吸引顧客，並運用核心菜單品項打造令人興奮的可負擔優惠。

Fleming's comp sales were up 160 basis points, with traffic down 280 basis points, and achieving the eighth consecutive quarter of positive comp sales growth. The team continues to provide memorable special occasions for our guests through disciplined execution and approachable offers.

Fleming's 同店銷售上升 160 個基點，來客數下降 280 個基點，並達成連續第八季同店銷售正成長。團隊透過嚴謹的執行與親民的優惠方案，持續為顧客打造難忘的特殊場合體驗。

I will now update you on our turnaround focused on Outback Steakhouse. The turnaround is anchored on four strategic platforms as previously communicated, which are, first, deliver a remarkable dining experience; second, drive brand relevancy; third, reignite a culture of ownership and fun; fourth, invest in our restaurants. These platforms will be supported by non-guest-facing productivity savings, balanced capital allocation, and a strong management team. Starting with an update on the first platform to deliver a remarkable dine-in experience. The first step was the launch of our new steak lineup in November of last year.

接下來我將更新我們聚焦於 Outback Steakhouse 的轉型進展。如先前所溝通，轉型以四大策略平台為核心：第一，提供卓越的用餐體驗；第二，提升品牌關聯性；第三，重新點燃主人翁文化與樂趣；第四，投資我們的餐廳。這些平台將由不直接面向顧客的生產力節省、均衡的資本配置，以及強大的管理團隊所支撐。先從第一個平台「提供卓越的內用體驗」的最新進展談起。第一步是我們在去年 11 月推出全新的牛排產品線。

We continue to see our steak score in the top box. Consistent with Technomic, our Ziosk guest scores are showing noteworthy improvements year-over-year across intent to return, food quality, service, steak temperature, and value. The commitment to consistency of execution has driven four consecutive quarters of year-over-year improvements in Outback Guest Metric Scores.

我們持續看到牛排評分在最高評等區間（top box）表現亮眼。與 Technomic 的觀察一致，我們的 Ziosk 顧客評分顯示年對年在再訪意願、餐點品質、服務、牛排熟度溫度、以及價值感等面向都有顯著改善。對一致執行力的承諾，推動 Outback 顧客指標評分連續四季年對年提升。

Moving to the next element of a remarkable dining experience, Craveable Service. As we have previously communicated, we identified that our one server to six table station ratio during peak hours didn't provide the right level of guest interaction and satisfaction.

接著談卓越用餐體驗的下一個要素：令人渴望的服務（Craveable Service）。如同我們先前所溝通的，我們發現尖峰時段「一位服務員對六桌」的站區配置，無法提供適當的顧客互動與滿意度。

In Q2, we successfully rolled out our new service model to all Outbacks, reducing our ratio to four tables per server during peak hours.

在第二季，我們已成功將新的服務模式推廣至所有 Outback，於尖峰時段把比例降低為每位服務員負責四桌。

We are receiving positive guest feedback from this change. Our Q2 absolute service scores were over 90% top box and increased by nearly 3 points year-over-year. Like our steak quality, guests are telling us they see the difference in our enhanced service model, improving the what-you-get-for-what-you-pay-for value equation.

我們從這項改變中收到正面的顧客回饋。第二季服務的絕對評分在最高評等區間（top box）超過 90%，且年對年提升近 3 分。如同我們的牛排品質，顧客告訴我們他們看得見強化後服務模式的差異，進一步改善「付出多少、得到多少」的價值方程式。

Our Outbackers continue to leverage the tabletop Ziosk data to drive accountability and close any gaps in performance in each restaurant. We will continue our commitment to delivering a great guest experience with training for front-of-the-house Outbackers this month on our enhanced hospitality experience model to deliver a fun, casual, Aussie, No Rules, Just Right experience.

我們的 Outback 團隊成員持續運用桌邊 Ziosk 數據來推動問責機制，並在每家餐廳縮小任何績效落差。我們將持續致力於提供卓越的賓客體驗，本月將針對前場 Outback 團隊成員進行訓練，導入我們強化的款待體驗模型，以提供有趣、休閒、澳式、No Rules, Just Right 的體驗。

Our second strategic platform is driving brand relevancy at Outback to differentiate the brand. We will embrace the core of our Aussie brand roots by inviting customers to come as our guest and leave as our mate. Our brand communication will primarily showcase the quality of our steak lineup with a balance of brand equity and the affordability of our Aussie 3-Course offer and craveable service.

我們的第二個策略平台是提升 Outback 的品牌關聯性，以實現品牌差異化。我們將擁抱澳式品牌根源的核心，邀請顧客以賓客之姿而來、以夥伴之誼而歸。我們的品牌溝通將主要展示我們牛排產品線的品質，同時兼顧品牌資產與我們澳式三道式（Aussie 3-Course）優惠的可負擔性，以及令人垂涎的服務體驗。

We are increasing our marketing spend year-over-year in the second half of this year, and will continue to shift our marketing mix into social and digital channels. Marketing will bring them in with a No Rules, Just Right, Aussie irreverence, and a relentless focus on consistent execution will bring guests back.

今年下半年我們將提高行銷支出（年對年），並將持續把行銷組合轉向社群與數位通路。行銷將以 No Rules, Just Right 的澳式不羈風格把顧客帶進門，而對一致執行的堅持將把賓客帶回來。

Reignite a culture of ownership and fun is our third strategic platform. Our people are the key to our turnaround, and we are focused on having strong leadership throughout our restaurants, starting with our Managing Partners. Reigniting a culture of ownership and fun begins with recognizing the achievements of our partners and Outbackers.

重燃主人翁精神與樂趣文化是我們的第三個策略平台。我們的人才是扭轉局面的關鍵，我們專注於在各餐廳建立強而有力的領導力，從我們的管理合夥人（Managing Partners）開始。重燃主人翁精神與樂趣文化，始於肯定我們合夥人與 Outback 團隊成員的成就。

We held our Outback Managing Partners Conference in June. This was the first time since 2019 that we have had our partners together, and it was a great event to get them energized around the elements of the turnaround. We have great partners, and they are clear on their ownership to deliver a great guest experience.

我們於 6 月舉辦了 Outback 管理合夥人年會。這是自 2019 年以來首次讓合夥人齊聚一堂，這是一場很棒的活動，讓大家對扭轉局面的各項要素重新充滿動能。我們擁有優秀的合夥人，他們清楚自身的主人翁責任，致力於提供卓越的賓客體驗。

We were privileged to have one of our Outback founders, Tim Gannon, who invented the Bloomin' Onion, spend two days with our team, inspiring them on the core of the brand, our special culture, and the potential of our business based on the turnaround plan. What was particularly motivating was Tim's feedback that we are doing the right things to turn around Outback.

我們很榮幸邀請到 Outback 創辦人之一 Tim Gannon（他發明了 Bloomin' Onion）與團隊共度兩天，激勵大家回到品牌核心、我們獨特的文化，以及依據扭轉計畫所展現的業務潛力。特別令人振奮的是，Tim 回饋我們正在做正確的事來扭轉 Outback。

I want to congratulate Market Vice President Robbie Atkins for being named Outbacker of the Year. Robbie exemplifies our principles and beliefs as a leader, setting the standard that success is growth in sales and profits and is the result of taking care of our people and guests. Congratulations, Robbie. Additionally, consistent with what we communicated in our previous earnings call, we implemented the first phase of an updated MP compensation model during Q2. The first phase of our MP compensation program has two key goals.

我想恭喜市場副總裁 Robbie Atkins 獲選為年度 Outbacker。Robbie 以領導者之姿體現我們的原則與信念，樹立標準：成功是銷售與獲利的成長，而其成果來自於照顧好我們的員工與賓客。恭喜你，Robbie。此外，與我們在前次財報電話會議所溝通的一致，我們已於第二季實施更新後的管理合夥人（MP）薪酬模型第一階段。我們 MP 薪酬方案第一階段有兩個關鍵目標。

First, to ensure total cash compensation is competitive with the local market, starting with a competitive base salary, and second, to ensure that total cash compensation remains tied to the growth of sales and profit of the restaurant.

第一，確保現金總薪酬在當地市場具競爭力，從具競爭力的基本薪資開始；第二，確保現金總薪酬仍與餐廳銷售與獲利的成長連動。

Lastly, let me update you on our fourth strategic platform, invest in our restaurants. We are on track with our goal to touch nearly all of the Outback restaurants by the end of 2028 with targeted initiatives to refresh the interior and exterior, expecting to spend on average between $350,000 and $400,000 per refresh location. We have completed approximately 31 Outback refreshes through the end of July and are on track to complete around 85 for the full year of 2026. This asset refresh approach focuses on improving guest ambiance in the restaurant interior and exterior, which will improve the dine-in experience.

最後，讓我更新第四個策略平台：投資我們的餐廳。我們正按計畫推進目標：在 2028 年底前，以具針對性的措施觸及幾乎所有 Outback 餐廳，更新室內與外觀；每個更新據點預計平均投入 35 萬至 40 萬美元。截至 7 月底，我們已完成約 31 家 Outback 翻新，並預計在 2026 財年全年完成約 85 家。此資產翻新方法聚焦於改善餐廳內外部的用餐氛圍，進而提升內用體驗。

Additionally, we have completed the rollout of our chargrill expansion across Outback. This cooking platform enhancement allows our Outbackers to have the optimal cooking platform for our new steak proteins and non-steak proteins.

此外，我們已完成 Outback 全面導入炭烤爐（chargrill）擴充。此烹調平台的強化，使我們的 Outback 團隊成員能擁有最佳烹調平台，以因應我們新的牛排蛋白與非牛排蛋白品項。

Let me now turn it over to Eric to review our financial performance for Q2 and guidance for Q3 and full year fiscal 2026.

接下來我把時間交給 Eric，請他回顧我們第二季的財務表現，以及第三季與 2026 財年全年的指引。

Thank you, Mike, and good morning, everyone. I would like to start by providing a recap of our continuing operations financial performance for the fiscal second quarter of 2026. Q2 total revenues were $1.02 billion compared to $1 billion last year, reflecting a 1% increase. Restaurant sales were up, driven by positive comparable restaurant sales of 230 basis points. We remain very focused on narrowing the gap to the industry in the near term and positioning ourselves to lead the industry in the long term.

謝謝你，Mike，各位早安。我想先回顧我們 2026 財年第二季持續營運的財務表現。第二季總營收為 10.2 億美元，去年為 10.0 億美元，反映 1% 的成長。餐廳銷售上升，主要由同店銷售成長 230 個基點所帶動。我們仍高度聚焦於短期內縮小與產業的差距，並在長期定位為引領產業。

Average check increased by 420 basis points compared to 2025, with pricing partially offset by negative mix as we continue to invest in affordable offers for our guests. We are seeing an improvement in our mix compared to our original forecast, driven by the leadership and efforts of our Outback team in three key areas.

平均客單價較 2025 年增加 420 個基點，定價因素部分被負向組合影響所抵銷，因為我們持續投資於為賓客提供可負擔的優惠。相較於我們原先的預測，我們看到產品組合有所改善，主要由 Outback 團隊在三個關鍵領域的領導與努力所驅動。

First, we have enhanced our menu design to incent our guests to enjoy our combo offerings, which feature our outstanding steak and non-steak proteins together. Second, we are seeing guests trade up to more premium steak cuts once they engage with our servers and see the steaks on the menu.

第一，我們強化了菜單設計，以激勵賓客選擇我們的組合餐，將我們出色的牛排與非牛排蛋白一同呈現。第二，當賓客與服務人員互動並在菜單上看到牛排後，我們看到賓客升級選擇更高端的牛排部位。

Third, we are seeing continued momentum from our non-alcoholic mocktails, providing a premium and experiential beverage experience to include low-calorie options such as our strawberry peach refresher to complement our Aussie-themed Mock Croc and Sharky Temple. As a result of what we are seeing in mix, this has a positive impact on the turnaround investment dollars, which I will explain in detail shortly. Off-premises sales were 24% of total US sales in the quarter, consistent with Q2 last year.

第三，我們的無酒精調酒（mocktails）持續展現動能，提供高端且具體驗感的飲品選擇，包含低熱量選項，例如草莓蜜桃清爽飲（strawberry peach refresher），以搭配我們澳式主題的 Mock Croc 與 Sharky Temple。基於我們在產品組合上的觀察，這對扭轉計畫的投資金額帶來正面影響，我稍後將詳細說明。本季外帶/外送（off-premises）銷售占美國總銷售的 24%，與去年第二季一致。

Outback's off-premises mix were 26% in the quarter and Carrabba's were 34%. Our GAAP diluted earnings per share was $0.37 compared to earnings of $0.29 per share last year. Our Q2 adjusted diluted earnings was $0.39 per share versus earnings of $0.32 per share last year. The difference between GAAP and adjusted GAAP operating results is approximately $3 million of adjustments in Q2 2026, primarily as a result of transformational and restructuring activities.

本季 Outback 的外帶/外送占比為 26%，Carrabba's 為 34%。我們的 GAAP 稀釋每股盈餘為 0.37 美元，去年為 0.29 美元。第二季調整後稀釋每股盈餘為 0.39 美元，去年為 0.32 美元。GAAP 與調整後 GAAP 營運結果之差異，約為 2026 年第二季 300 萬美元的調整項目，主要源自轉型與重組活動。

The Q2 adjusted operating margins were 4.0% versus 3.5% last year. The 50-basis-point difference between this year and last year was driven by improved restaurant margins. Within restaurant margin, COGS was elevated compared to last year, driven by commodities inflation of 5.7%. Labor was favorable, driven by the lap of higher health insurance costs in the prior year, and other restaurant operating expense favorability was driven by non-guest-facing productivity. As it relates to our 33% retained ownership in Brazil, which is classified as an equity method investment, we recognize the loss of approximately $900,000 in Q2. We still expect the full year loss to be approximately $3 million to $4 million.

第二季調整後營業利益率為 4.0%，去年為 3.5%。今年與去年相差 50 個基點，主要由餐廳利潤率改善所帶動。在餐廳利潤率中，銷貨成本（COGS）較去年偏高，主要受 5.7% 的大宗商品通膨所驅動。人力成本表現有利，主要因去年較高的健康保險成本基期效應；其他餐廳營運費用的有利表現則來自非面向賓客的生產力提升。關於我們在巴西保留的 33% 持股（分類為權益法投資），我們在第二季認列約 90 萬美元的損失。我們仍預期全年損失約為 300 萬至 400 萬美元。

Turning to our capital structure in Q2, total debt net of cash is $636 million. As of the end of Q2 2026, our leverage metrics were 3.7 times on a lease-adjusted net leverage basis and 2.0 times on a net debt to adjusted EBITDA basis. Our long-term lease-adjusted net leverage ratio goal remains 3.0 times. Capital expenditures in the quarter were $44 million.

談到第二季的資本結構，扣除現金後的總負債為 6.36 億美元。截至 2026 年第二季末，我們的槓桿指標為：以租賃調整後淨槓桿計為 3.7 倍；以淨負債對調整後 EBITDA 計為 2.0 倍。我們長期的租賃調整後淨槓桿比率目標仍為 3.0 倍。本季資本支出為 4,400 萬美元。

We expect to complete a large amount of refreshes in Q3 of this year and taper off in Q4 as we focus on serving our guests during peak season. We still expect the full-year capital expenditures to be in the range of $185 million to $195 million. Consistent with our previous communication, our capital allocation priorities are to, one, invest in the base business, and two, pay down debt. Teams are committed to these priorities to provide a platform for the turnaround and a strong balance sheet to support growth. As I mentioned, we are seeing improved mixed trends at Outback, which has a positive impact on the turnaround investment needed in 2026.

我們預期將在今年第三季完成大量翻新，並在第四季逐步放緩，因為我們會把重心放在旺季期間服務賓客。我們仍預期全年資本支出將落在1.85億至1.95億美元的區間。依照我們先前的溝通，我們的資本配置優先順序為：第一，投資於核心業務；第二，償還債務。各團隊致力於這些優先事項，以提供轉型所需的平台，並建立強健的資產負債表以支持成長。如我先前提到的，我們看到Outback的組合（mix）趨勢有所改善，這對2026年所需的轉型投資帶來正面影響。

We had allocated $25 million for food investments, of which $18 million were specifically for mix, we now expect the mix investment to be $4 million. The turnaround investments now total $36 million down from $50 million. Productivity savings remain on track for $30 million for a net investment in 2026 of $6 million. Turning to our guidance this year, as it relates to the full year fiscal 2026, we expect US comparable restaurant sales to be between 1% and 2%.

我們原先為食品投資配置了2,500萬美元，其中1,800萬美元是專門用於組合（mix）；目前我們預期組合投資將為400萬美元。轉型投資目前合計為3,600萬美元，低於原先的5,000萬美元。生產力節省仍按計畫達到3,000萬美元，因此2026年的淨投資為600萬美元。接著談今年的指引，針對2026財年全年，我們預期美國同店餐廳銷售成長介於1%至2%。

We expect sales mix to improve by approximately 100 basis points, offset by slightly lower traffic as we make the strategic decision to not repeat profit dilutive offers from last year.

我們預期銷售組合將改善約100個基點，但會被客流量略為下降所抵銷，因為我們做出策略性決定，不再重複去年那些會稀釋獲利的促銷方案。

We now expect our adjusted diluted earnings per share to be between $0.90 and $1. Our previous guidance was between $0.75 and $0.90. The increase in our earnings per share guidance range is attributable to our year-to-date performance, improved mixed trends, and better middle of the P&L cost controls. As it relates to the third quarter of 2026, we expect Q3 US comparable restaurant sales to be between 1% and 2%.

我們目前預期調整後稀釋每股盈餘介於0.90至1.00美元。我們先前的指引為0.75至0.90美元。每股盈餘指引區間上調，主要歸因於我們年初至今的表現、組合（mix）趨勢改善，以及損益表中段成本控管更佳。至於2026年第三季，我們預期第三季美國同店餐廳銷售成長介於1%至2%。

We expect Q3 adjusted diluted earnings per share to be between negative $0.27 and negative $0.22. We expect to have a tax expense of approximately $5 million in the quarter. Our full year tax rate is expected to be negative, which will drive a tax expense in Q3 due to our negative earnings outlook. We expect our 33% Brazil EMI to be approximately negative $2 million.

我們預期第三季調整後稀釋每股盈餘介於負0.27至負0.22美元。我們預期該季稅費約為500萬美元。我們預期全年有效稅率為負值，基於我們對獲利為負的展望，將導致第三季出現稅費。我們預期持有33%的巴西EMI約為負200萬美元。

Let me now turn it back over to Mike.

接下來我把時間交回給Mike。

Thanks, Eric. Overall, we are on track with our Outback turnaround, implementing and executing what we said we would do. We are building momentum in our guest feedback and Outbacker feedback tells us our strategy is sound.

謝謝，Eric。整體而言，我們的Outback轉型正按計畫推進，正在落實並執行我們所說要做的事。我們在賓客回饋上正建立動能，而Outbacker的回饋也告訴我們，我們的策略是正確的。

Our strategy is consistent and is, one, deliver a remarkable dining experience through improved steak quality, enhanced service, and consistency of execution. Two, drive brand relevancy to differentiate Outback. Three, reignite a culture of ownership and fun with a commitment to our people. Four, invest in our restaurants to refresh approximately 100% of Outbacks by 2028.

我們的策略一貫且明確：第一，透過提升牛排品質、強化服務與一致的執行，提供卓越的用餐體驗。第二，提升品牌相關性，以凸顯Outback的差異化。第三，以對員工的承諾，重新點燃主人翁文化與樂趣。第四，投資餐廳，目標在2028年前完成約100%的Outback門店翻新。

Investment in the turnaround is supported by non-guest-facing productivity savings with a balanced capital allocation led by an outstanding set of leaders that are seasoned restaurant operators. We acknowledge that success is not linear, and we will continue to responsibly pace and sequence the investments to deliver a great guest experience and foster positive team member engagement. The leadership team continues to be committed to our strategy to provide long-term, sustainable profit growth and improving every day in how we operate our business.

轉型投資由非面向賓客的生產力節省所支撐，並在一組資深餐飲營運領導者的帶領下，採取均衡的資本配置。我們理解成功並非線性發生，我們將持續以負責任的方式掌握投資節奏與先後順序，以提供優質的賓客體驗並促進團隊成員的正向投入。領導團隊仍致力於我們的策略，以帶來長期、可持續的獲利成長，並在營運業務的方式上每日精進。

We will continue to be transparent in our progress. I want to close today's call by thanking all of our teams in the restaurants and restaurant support center. Our current results and our future potential would not be possible without the dedication, hard work, and commitment of our Outbackers, our Amigos, our Anglers, and our Associates to deliver remarkable guest experience every day.

我們將持續對進展保持透明。我想在今天的電話會議結束前，感謝所有餐廳與餐廳支援中心的團隊。若沒有我們的Outbackers、我們的Amigos、我們的Anglers，以及我們的同仁每天致力於提供卓越的賓客體驗，我們目前的成果與未來的潛力都不可能實現。

With that, let me open up the call for questions.

接下來，我們開放提問。

(Operator Instructions) Alex Slagle, Jefferies.

（接線員指示）Alex Slagle，Jefferies。

I wanted to ask on, I guess, as you're looking at the outcomes, the steak upgrades, service changes, are there any notable surprises to how you're seeing the improved performance and experience metric shake out? I don't know if it's fairly broad-based and even, or if it's still more varied and dependent upon quality of the teams and the management teams you have in place, and also, you know, the improved mix and check performance that drove the guidance upside. Is that really more a direct reflection of some of the service changes and menu changes just trying to get the core of that?

我想問的是，當你們回頭看結果時，牛排升級、服務調整，在你們觀察到的績效改善與體驗指標的呈現上，有沒有任何顯著的意外或驚喜？我不確定這是否相當廣泛且均衡，或仍較為分歧、取決於你們配置的團隊品質與管理團隊，另外也包括帶動指引上修的組合（mix）與客單表現改善。這是否更直接反映了某些服務變更與菜單變更？我想更了解其核心驅動因素。

Yes, morning, Alex. It's Mike. So I'll break that down based on what seems to be three questions there. So on steak, we're really excited about what we're seeing in the steak lineup. It's performing really well.

是的，早安，Alex。我是Mike。我會把它拆解一下，聽起來你大概有三個問題。先談牛排，我們對目前在牛排產品線上看到的表現非常興奮。它的表現非常好。

Our Outbackers are excited to sell it. Our back of the house is really excited as well executing it. We're seeing top box scores across the board. And the second piece of on steak, which has been a nice surprise, and it gets also to your mix question, we are seeing guests trade up more and more into the premium cuts. That's been better than what we had seen in our tests, when we did the test in 2025.

我們的Outbacker很期待銷售它。我們的後場團隊在執行上也同樣非常投入。我們看到各項指標的最高評分（top box）全面提升。而牛排的第二個面向——這也是個令人驚喜的地方，也呼應你對組合（mix）的問題——我們看到賓客越來越多地升級選擇高價位部位。這比我們在2025年做測試時所看到的結果更好。

The third thing I would say, and this also gets to your mix question, is what's also been very encouraging is seeing the combo reaction to not only the new steak lineup, but guests also engaging with our differentiated non-steak proteins. So when I look at all that, I feel really good. We're still focused on consistency of execution, leveraging Ziosk to get it right. So that's the steak lineup. I think Pat and the team have done a great job.

第三點我想說的——同樣也回到你對組合（mix）的問題——另一個非常令人鼓舞的是，我們看到套餐（combo）的反應不僅來自新的牛排產品線，賓客也同時願意嘗試我們具差異化的非牛排蛋白主菜。綜合來看，我感覺非常好。我們仍專注於執行一致性，並運用Ziosk把事情做對。以上是牛排產品線的部分。我認為Pat和團隊做得非常出色。

And the other adjacent point on that too is having the chargrill expansion done. That just gives us a lot more capacity to nail the lineup and we feel really good about our optimal cooking platform. In terms of your question on the service, that one is playing out in early stages exactly as we wanted it to. Meaning, as we said, we wanted to get to one server four-table station ratio during peak. That has worked really well.

另外一個相關點是，我們也完成了炭烤爐（chargrill）的擴充。這讓我們有更大的產能把整個產品線做到位，我們對最佳烹調平台非常有信心。至於你問到的服務，這部分在初期的發展正如我們所希望的那樣。也就是說，如同我們所說，我們希望在尖峰時段達到「一位服務員負責四桌」的站區比例。這運作得非常好。

What has been really encouraging as we looked at the results is the pay of servers is almost exactly the same as it was before. We're seeing tips up as a percentage, tips shared down.

當我們檢視結果時，最令人鼓舞的是服務員的薪酬幾乎與之前完全相同。我們看到小費占比上升，而分攤小費（tips shared）下降。

And what we think is starting and we're seeing happening is we're just back to the ownership culture we have where the server owns the table. That's just so core to what Outback was back when it was great, and that's good. So we wanted to make sure we felt good about where the servers were, we wanted to feel good about, where the guests were, and our Ziosk results are showing us that in terms of the likelihood to recommend a server, intent to return, feel good about that.

我們認為正在開始發生、而且我們也確實看到的是：我們回到了原本的主人翁文化，也就是服務員對自己負責的桌位有「擁有感」。這正是Outback在過去最強盛時期的核心精神，這是好事。因此我們想確保服務員的狀態我們覺得安心，也想確保賓客的感受我們覺得安心；而我們的Ziosk結果顯示，在「推薦該服務員的可能性」、回訪意圖等方面都支持這點，我們對此感覺良好。

The last thing I'll say to your question on mix that I didn't cover, the other part that was really positive on mix, our team did a great job on the menu design, and I mentioned guests trading up on the premium cuts. But we've got really nice leverage on sides.

最後補充你關於組合（mix）但我剛才尚未涵蓋的部分：在組合方面另一個非常正面的因素是，我們團隊在菜單設計上做得很棒；我也提到賓客在高價位部位上有升級。此外，我們在配菜（sides）上也取得了非常好的槓桿效益。

Premium side steak toppers have been just well received by guests, that gives us nice tailwind.

高級配菜牛排加料（toppers）一直很受顧客歡迎，這為我們帶來了不錯的順風助力。

And we also did some work on premium sides, which is really nice, whether we have a Parmesan creamed corn that we introduced that has done very well. Our desserts have been up as well, whether it's guests trading up on the Chocolate Thunder or the Chocolate Chip Skillet. That's been a nice surprise, we're seeing guests spending when they feel great in a restaurant.

我們也在高級配菜上做了一些工作，效果非常好；例如我們推出的帕瑪森起司奶油玉米表現很出色。我們的甜點銷售也有所提升，不論是顧客加價升級選擇 Chocolate Thunder，或是 Chocolate Chip Skillet。這是個令人驚喜的現象——我們看到顧客在餐廳感覺很棒時，願意增加消費。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

This is Ashley on for Sara. So you noted in the prepared remarks Outback's guest metrics improved for a fourth consecutive quarter, and you called out positive guest feedback from the full rollout of the new service model, but Outback's traffic was still down 2.5% in 2Q. How should we think about the bridge from better guest scores to actual traffic conversion? You know, are there any early markets or restaurants where, you know, these guest metric gains are already translating into higher frequency by customers?

我是代替 Sara 的 Ashley。你在事先準備的發言中提到，Outback 的顧客指標已連續第四個季度改善，並且你特別指出新服務模式全面推行後帶來了正面的顧客回饋，但 Outback 在第二季的來客數仍下滑 2.5%。我們該如何看待從更好的顧客評分到實際來客轉換之間的橋樑？你知道，有沒有任何早期市場或餐廳，這些顧客指標的提升已經開始轉化為顧客更高的到店頻率？

Yes, hey Ashley, good morning. As I've said, our focus is long-term. Our focus is sustainable traffic, profitable traffic, and as I've said, our success is not going to be linear. There's a cumulative effect, especially in this industry when our average guest frequency is about twice a year, where you combine what is momentum in the steak lineup, the service lineup, a service model that we have, the experience we're going to be rolling out and hospitality experience training over the next few weeks, and then the affordability offers. My experience in turnarounds, there's a flywheel on this.

有的，Ashley，早安。如我所說，我們的重點是長期。我們追求的是可持續的來客、具獲利性的來客；而且我也說過，我們的成功不會是線性的。這會有累積效應，尤其在這個產業，我們的平均顧客到店頻率大約一年兩次；當你把牛排產品線的動能、服務產品線、我們的服務模式、接下來要推出的體驗，以及未來幾週的待客體驗訓練，再加上可負擔性的優惠結合起來，就會形成推力。以我做轉型的經驗來看，這裡面有一個飛輪效應。

It takes time. I also know our Outbackers are telling us we're on the right path. I know our guests are telling us we're on the right path. One of our co-founders at a conference just said, we are absolutely on the right path, and we have locations, whether there's franchisees or current restaurants, when they have been doing what is true to the core of the brand, we grow traffic and we grow comp sales sustainably. So what the last thing I would say is I'm going to be super transparent and candid with our results about what's happening and what has happened.

這需要時間。我也知道我們的 Outback 團隊成員（Outbackers）告訴我們方向是對的。我知道我們的顧客也在告訴我們方向是對的。我們的一位共同創辦人前陣子在一場會議上也說，我們絕對走在正確的道路上；而且我們也有一些據點——不論是加盟店或現有餐廳——當他們做到真正符合品牌核心的事情時，我們就能帶動來客成長，並以可持續的方式提升同店銷售。所以我最後想說的是，我會對我們的結果保持非常透明、坦率，說清楚正在發生什麼、以及已經發生了什麼。

We're going to be careful not to over-project what we think is going to happen in terms of future traffic, et cetera. But confident it's going to come because we're seeing the results.

我們會謹慎，不會對未來來客等表現做過度預測。但我有信心它會到來，因為我們正在看到成果。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

It's definitely interesting to kind of see your success and actually pushing or having your customers push the Outback brand higher through premium steaks, sides, toppings, what have you. So that's obviously an achievement that says a lot about your historic brand. So the question, I guess, is kind of on the other side, which is the opportunity that you have, you know, to achieve value through price points.

看到你們的成功其實很有意思——你們透過高級牛排、配菜、加料等，推動或讓顧客把 Outback 品牌往更高端的方向拉升。這顯然是一項成就，也很能說明你們品牌的歷史底蘊。那我想問的問題，可能是在另一面：也就是你們透過定價帶來「價值感」的機會。

In other words, you know, the brand I know was promoting things kind of in the mid-teens for a while, 3-course, what have you. Does it make sense to come back and really, you know, re-establish that part of the menu and maybe engage in a core high-low, or should we just be focused on the core and the higher-end part of the menu for this point?

換句話說，我知道這個品牌過去一段時間一直在推中十幾美元價位的產品，比如三道式套餐之類。現在回頭、重新建立菜單中這一塊，並且可能採取核心的高低價搭配策略（high-low），是否合理？還是說在這個階段，我們應該只專注在核心與更高端的菜單部分？

Yes, morning, John. How you doing? I think we're doing that. What I mean by that is, in all the casual dining brands, and I'll stick to Outback, which is your question, we've been real sharp on providing barbell pricing. When you look at it, and that really starts with Aussie 3-Course, that is the entry point.

是的，John，早安。你最近如何？我認為我們正在這麼做。我的意思是，在所有休閒餐飲品牌中——就以你問的 Outback 為例——我們在提供「槓鈴式定價」上做得非常到位。你看，這其實是從 Aussie 3-Course 開始的，那就是入門點。

That's the entry point of affordability, and that's especially the entry point for those households that are running under $100,000, and we're seeing good retention and frequency of use, and there's a lot of good items in there.

那是可負擔性的入門點，特別是對於年收入低於 10 萬美元的家庭；我們看到不錯的留存與使用頻率，而且裡面有很多很好的品項。

You've got Chopped Steak, you've got Teriyaki Skewers, you got a great burger at the entry price point. So somebody can come in at $14.99 and feel really good about that value. The other end, which we've seen, is we, especially in the K-shaped economy this plays, we're also seeing guests trade up to the premium cuts. So they can get the strip, they can get our selection of ribeyes which is everything from a 13-ounce to 15-ounce and the boneless 20-ounce bone-in, we're seeing really good results there.

你有 Chopped Steak、有照燒串（Teriyaki Skewers），也有一款在入門價位很棒的漢堡。所以顧客可以用 14.99 美元進來，並對這個價值感覺非常好。另一端我們也看到——尤其在 K 型經濟下——顧客也在加價升級到高級部位。他們可以選擇紐約客（strip），也可以選擇我們的肋眼系列，從 13 盎司到 15 盎司，以及去骨 20 盎司、帶骨款；我們在那一端看到非常好的成果。

And so we're seeing that trade up as well so I don't think there's going to be any change there. The other thing we've been really zoned in on is just consistency of execution, regardless of who it is. They love the brand. What we hear from our guests is they love our brand when we do it right. So I think that's going to be the approach and that's what we're seeing -- working right now.

因此我們也看到加價升級的趨勢，所以我不認為那裡會有任何改變。另外一件我們非常聚焦的事，就是不論是誰來執行，都要有一致的落地品質。他們喜歡這個品牌。我們從顧客那裡聽到的是：當我們把它做對時，他們就愛我們的品牌。所以我認為這會是我們的做法，而這也是我們目前看到——正在奏效的。

Okay, thank you. And if I can, on a follow-up, in terms of the remodel, interior and exterior, for [$350,000 to $400,000], I don't need to tell you this, I don't think, but for a casual diner, especially with some age on it, that's a really low number, you know, so firstly, congratulations on being able to achieve that. And, you know, Mike, the question I'll ask you is, would you like to spend more if you could spend more?

好的，謝謝。如果我可以追問一下，關於內外裝修翻新，成本為 35 萬到 40 萬美元，我想你也知道——我不需要提醒你——對一家休閒餐廳而言，尤其是有一定年限的店，這是一個非常低的數字；所以首先，恭喜你們能做到這點。那麼，Mike，我想問的是：如果可以的話，你會想花更多錢嗎？

So in other words, are we kind of nailing it, you know, at this $350,000 to $400,000 where we won't have to revisit it for 10 years? Or might -- you know, this remodel, be kind of what's necessary as part of maybe a multi-stage remodel process as your overall financials allow you to?

換句話說，我們在 35 萬到 40 萬美元這個水準是否已經做到位，讓我們未來 10 年都不需要再回頭重做？還是說——你知道——這次翻新可能只是必要的一步，未來隨著整體財務狀況允許，會成為多階段翻新流程的一部分？

Yes, John, it is enough. And I say this on the last earnings call. First of all, we're focused on the right ambiance and the right touch points, interior and exterior, one that gives the guests the feel on the interior that we've updated items that matter to them, as well as on the exterior, which sends a signal to those driving by some things have changed.

是的，John，這樣就夠了。我在上一通財報電話會議也提過。首先，我們聚焦在正確的氛圍與正確的接觸點，包含室內與室外：室內要讓顧客感受到我們更新了對他們重要的項目；室外則要向路過的車流傳遞一個訊號——有些事情已經改變了。

So, one, I'll focus on what we're doing and then the numbers. And the inside, it's predominantly tables, chairs, floors, some ceilings. We're also doing some touch-up on bar, the TV package. When you look at the exterior, there's a landscape, there's some painting, and there's lights. That's what it is, and that gets into that average of $350,000 to $400,000.

所以第一，我先講我們做了什麼，再談數字。室內主要是桌椅、地板，以及部分天花板。我們也會對吧台做一些修整，並更新電視套裝。室外方面，有景觀整理、有一些油漆，還有燈光。大致就是這些，平均成本就落在 35 萬到 40 萬美元。

Now if you look at the numbers, John, I mentioned this on the last call, if you just assume roughly just short of 600 total Outbacks, roughly half of them have already had either they're new or had pretty heavy remodels the last few years. So that leaves you a remainder of about 300 Outbacks and we're looking to get to about 100 a year. We think we'll get to approximately 85 this year and that's the plan. And as I said before, the results we've seen is we like the traffic lift after we've done those. We are going to see a nice 100 to 200 basis point lift about six months to a year after we get those done.

現在如果你看這些數字，John，我在上一次電話會議也提過，如果你假設 Outback 總店數大約略少於 600 家，其中大約一半在過去幾年不是新開店，就是已經做過相當大規模的翻新。所以剩下大約 300 家 Outback，而我們的目標是每年做到大約 100 家。我們認為今年大概能做到約 85 家，這就是計畫。而且如我之前所說，我們看到的結果是，完成這些之後，我們喜歡它帶來的來客數提升。在完成後約六個月到一年，我們預期會看到約 100 到 200 個基點的良好提升。

Thank you, and I look forward to more time in restaurants.

謝謝你，我也期待能有更多時間在餐廳裡。

Yes, we'd like that, John. Thank you.

是的，我們也希望如此，John。謝謝。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

I'm just curious what the menu pricing versus commodity inflation spread will look like as you get into the back half of the year, just sort of what that dynamic will look like and potentially how it will impact your margins as you move forward.

我只是好奇，當你們進入今年下半年時，菜單定價相對於大宗商品通膨的差距會是什麼樣子，也就是這個動態大概會如何呈現，以及它可能會如何影響你們接下來的利潤率。

Sure. Hey, this is Eric. So we still see commodity inflation running basically 4.5% to 5.5% for the year. That's been consistent. We see pricing in about the 4.5% range.

當然。嗨，我是 Eric。所以我們仍然看到大宗商品通膨全年基本落在 4.5% 到 5.5%。這一直都很一致。我們看到定價大約在 4.5% 的區間。

So pretty balanced. That's been our approach all year and will continue to be our approach.

所以相當平衡。這一直是我們今年的做法，也會繼續是我們的做法。

Okay, and then you did touch on it, but as it relates to advertising weights, just as you move into the back half of this year, can you give us some context in terms of what that will look like in terms of advertising dollars versus what it was in the back half of 2025? And then just a little bit more color as it relates to how you guys are going to use those advertising dollars?

好的，然後你們確實有提到，但就廣告投放比重而言，當你們進入今年下半年時，能否提供一些背景，說明廣告金額相較於 2025 年下半年會是什麼樣子？另外也請再多補充一些，你們打算如何運用這些廣告預算？

Yes, I'll go ahead and give the dollars and then I'll let Mike comment on the sort of strategy. Essentially, we're going to be up roughly $15 million versus prior year for the full year. That's roughly 3% of sales for the full year. It's about $10 million more in Outback and then the rest of the brands have a couple million apiece. So just with right in line with our plan.

好的，我先提供金額，然後我會讓 Mike 來評論策略面。基本上，全年相較去年我們大約會增加 1,500 萬美元。這大約相當於全年銷售額的 3%。其中 Outback 約多 1,000 萬美元，其餘品牌各自大約多幾百萬美元。所以整體就是完全符合我們的計畫。

A lot of that is second half weighted as well. So right in plan. But about $15 million for all four brands, about $10 million more for Outback.

其中很大一部分也會集中在下半年。所以完全在計畫內。但四個品牌合計大約 1,500 萬美元，Outback 約多 1,000 萬美元。

Jeff, it's Mike. First on the pricing, which I think is important too, before I go to the market, remember that the checks going to probably move by about 3.5% because the mixed impact, we had to call out about 2.5% last call. But as Eric mentioned in the prepared remarks, we've just seen that mixed improvement as the Outback team's done a better job, as I mentioned.

Jeff，我是 Mike。先談定價，我覺得這也很重要，在我談行銷之前，請記得客單價大概只會變動約 3.5%，因為組合（mix）的影響——我們在上次電話會議提到大約 2.5%。但如 Eric 在事先準備的發言中提到的，我們已經看到組合有所改善，因為 Outback 團隊如我所說做得更好。

So that's what's moving that number up. On marketing, consistent with what I've been saying, first of all, I'm really excited what I'm seeing out of the marketing team in terms of the work that they've put together.

所以就是這個因素把那個數字往上推。至於行銷，跟我一直以來所說的一致，首先，我對行銷團隊目前所做出的成果感到非常振奮。

And we're going to, from a strategic brand position, we're going to be all about the brand. The brand is about Aussie, it's about being a steakhouse, and that's the core of the brand with that irreverence, we're going to punch that up.

而且從策略性的品牌定位來看，我們會完全聚焦在品牌本身。品牌的核心是澳式（Aussie）、是牛排館，而帶著那種不拘一格的調性；我們會把這點更凸顯出來。

The brand communication will absolutely be steak-centric, and that's going to reinforce what we're doing on steak excellence, it'll have the affordability, and there will be equity in there. We'll start to increase that in the second half. We've got what we're calling our hospitality training, which is going to further train up the front of the house how to bring that experience and energy into the restaurant. So you'll start to see that. And we'll have that split between equity, communication, and affordability.

品牌溝通將絕對以牛排為核心，這會強化我們在牛排卓越上的作為，也會包含可負擔性，並且會有品牌資產（equity）在其中。我們會在下半年開始加大力度。我們有所謂的款待訓練（hospitality training），將進一步訓練外場人員，如何把那種體驗與活力帶進餐廳。所以你們會開始看到這些。而我們會在品牌資產、溝通與可負擔性之間做配置。

That'll be centered on our Aussie 3-Course. Eric already touched on the financials. The last thing I would say is just the mix. We'll continue to move the mix more into about a 60% digital, 40% linear TV as we move forward because the linear is important, but as we recruit more Gen-X, Gen-Zs, Millennials, we need to be more in that social digital space, which is where we're shifting.

這將以我們的 Aussie 三道式套餐（Aussie 3-Course）為核心。Eric 已經談到財務面。我最後想說的是投放組合。隨著我們往前走，我們會持續把組合調整到大約 60% 數位、40% 傳統線性電視（linear TV），因為線性電視很重要，但當我們要吸引更多 X 世代、Z 世代與千禧世代時，我們需要更深入社群數位空間，因此我們正在往那個方向轉移。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Allison Arfstrom, on for Brian. You hosted the Managing Partners Summit for Outback for the first time since 2019, so I wanted to ask about anything interesting or surprising that you learned from a boots-on-the-ground perspective from the operators. Thank you.

我是 Allison Arfstrom，代替 Brian 提問。你們自 2019 年以來首次為 Outback 舉辦了管理合夥人高峰會（Managing Partners Summit），所以我想請教，從第一線、從營運者的角度，有沒有什麼有趣或令人意外的收穫？謝謝。

Yes, thanks for the question. It was an awesome session. The biggest takeaway to me was how energized our partners were with the Outback Turnaround Plan. So the engagement was extremely important. And Pat and the team did such a good job.

好的，謝謝你的問題。那是一場非常棒的會議。對我來說最大的收穫是，我們的合夥人對 Outback 轉型計畫（Turnaround Plan）有多麼充滿能量。所以參與度極其重要。Pat 和團隊做得非常好。

There was an element of fun. There was an element of recognition. But there was an element of training and ownership. So everybody knows their roles and responsibilities and what exactly has got to be done because that's our culture of accountability. So I start there.

其中有趣味的元素。有表揚肯定的元素。但也有訓練與主人翁精神的元素。所以每個人都清楚自己的角色與責任，以及到底必須完成哪些事情，因為這就是我們的問責文化。所以我先從這裡說起。

And what was also very special was having Tim Gannon there, as I mentioned. When you have one of your co-founders there for two days telling the team we're doing the right things, and Tim, he's got it. I mean, he is on, and he was very clear with we're doing the right things. It was just great to have him there. So we all walked away.

另外非常特別的是，如我提到的，Tim Gannon 也在現場。當你們的共同創辦人之一在那裡待了兩天，告訴團隊我們正在做對的事，而且 Tim——他真的很到位。我的意思是，他狀態非常好，而且非常清楚地表達：我們正在做對的事。能有他在場真的很棒。所以我們所有人離開時都——

As Pat said, motivation gets you going, but it's about consistency of execution that keeps you growing. That's where we're at.

如 Pat 所說，動機能讓你啟動，但讓你持續成長的是執行的一致性。我們現在就在這個階段。

This concludes our question and answer session. I would like to turn the conference back over to Mike Spanos for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Mike Spanos，請他做結語。

Thank you once again for your investment and support of Bloomin' Brands. I want to close by thanking our people for their passion and commitment to each other and our guests. Thank you.

再次感謝各位對 Bloomin' Brands 的投資與支持。最後我想感謝我們的同仁，感謝大家對彼此以及對賓客的熱情與承諾。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。