Cheesecake Factory Inc (CAKE) 2022 Q3 法說會逐字稿

Hello, my name is, Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2022 The Cheesecake Factory Earnings Conference Call. (Operator Instructions) Thank you.

您好，我的名字是麗莎，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 2022 年第三季度芝士蛋糕工廠收益電話會議。 （操作員說明）謝謝。

I would now like to turn the call over to Etienne Marcus, Vice President of Finance and Investor Relations. Please go ahead.

我現在想將電話轉給財務和投資者關係副總裁 Etienne Marcus。請繼續。

Good afternoon, and welcome to our Third Quarter Fiscal 2022 Earnings Call. On the call with me today are David Overton, our Chairman and Chief Executive Officer; David Gordon, our President; and Matt Clark our Executive Vice President and Chief Financial Officer.

下午好，歡迎參加我們的 2022 財年第三季度財報電話會議。今天與我通話的是我們的董事長兼首席執行官 David Overton；我們的總裁大衛·戈登；和我們的執行副總裁兼首席財務官馬特克拉克。

Before we begin, let me quickly remind you that during this call items will be discussed that are not based on historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could be materially different from those stated or implied in forward-looking statements as a result of the factors detailed on today's press release, which is available on our website at investors.thecheesecakefactory.com and in our filings with the Securities and Exchange Commission.

在我們開始之前，讓我快速提醒您，在本次電話會議期間，將討論不基於歷史事實且被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述的項目。實際結果可能會大不相同由於今天的新聞稿中詳述的因素，前瞻性陳述中所述或暗示的因素可在我們的網站investors.thecheesecakefactory.com 和我們提交給證券交易委員會的文件中找到。

All forward-looking statements made on this call speak only as of today's date and the company undertakes no duty to update any forward-looking statements. In addition, during this conference call, we will be presenting results on an adjusted basis, which exclude impairment of assets and lease terminations and acquisition-related expenses.

本次電話會議上的所有前瞻性陳述僅在今天發表，公司不承擔更新任何前瞻性陳述的義務。此外，在本次電話會議期間，我們將公佈調整後的業績，其中不包括資產減值和租賃終止以及與收購相關的費用。

An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our press release on our website as previously described. David Overton will begin today's call with some opening remarks and David Gordon will provide an operational update. Matt will then review our third quarter results and provide a financial update. Following that, we'll open the call to questions.

如前所述，我們在我們網站上的新聞稿中解釋了我們使用非公認會計原則財務措施以及與最直接可比的公認會計原則措施的對賬。 David Overton 將以一些開場白開始今天的電話會議，David Gordon 將提供運營更新。然後，馬特將審查我們的第三季度業績並提供財務更新。之後，我們將打開問題電話。

With that, I'll turn the call over to David Overton.

有了這個，我會把電話轉給大衛奧弗頓。

Thank you, Etienne. We were pleased with our overall sales performance with third quarter revenues finishing within our expected range, despite consumer headwinds and an uncertain macroeconomic backdrop. We are navigating the challenging landscape by continuing our relentless focus on menu innovation, service, hospitality and operational excellence. These are hallmarks that have made The Cheesecake Factory brand, one of the most differentiated restaurant concepts in the casual dining industry for over 4.5 decades and through numerous economic cycles.

謝謝你，艾蒂安。儘管存在消費者逆風和不確定的宏觀經濟背景，但我們對我們的整體銷售業績感到滿意，第三季度收入在我們的預期範圍內完成。我們繼續不懈地專注於菜單創新、服務、熱情好客和卓越運營，從而在充滿挑戰的環境中航行。這些標誌使 The Cheesecake Factory 品牌成為休閒餐飲業 4.5 多年和無數經濟周期中最具差異化的餐廳概念之一。

Comparable sales at The Cheesecake Factory restaurants for the third quarter of 2022 increased 1.1% and 9.5% from the third quarters of 2021 and 2019, respectively. Sales trends strengthened throughout the quarter and into the fourth quarter. To this point through October 25, fourth quarter to-date comparable sales for The Cheesecake Factory restaurants increased approximately 2.8% year-over-year and 14% as compared to the same period in fiscal 2019.

2022 年第三季度芝士蛋糕工廠餐廳的可比銷售額分別比 2021 年和 2019 年第三季度增長 1.1% 和 9.5%。整個季度和第四季度的銷售趨勢都在加強。到目前為止，截至 10 月 25 日，The Cheesecake Factory 餐廳的第四季度迄今可比銷售額同比增長約 2.8%，與 2019 財年同期相比增長 14%。

Average unit volumes at The Cheesecake Factory continue to track to $12 million for the year and our newest location in Katy, Texas opened to tremendous demand, underscoring the strong affinity for The Cheesecake Factory brand and the unique dining experiences we provide for our guests.

The Cheesecake Factory 全年的平均單位銷量繼續保持在 1200 萬美元，而我們位於德克薩斯州凱蒂的最新門店迎來了巨大的需求，突顯了 The Cheesecake Factory 品牌的強大親和力以及我們為客人提供的獨特用餐體驗。

Our execution within the 4 walls was solid during the quarter, with the best-in-class operators focused on delivering delicious and memorable guest experiences and effectively managing what is in their control. In fact, labor productivity and food efficiency results for the quarter exceeded our expectations and pre-pandemic levels.

在本季度，我們在 4 道牆內的執行非常穩健，一流的運營商專注於提供美味和難忘的客戶體驗，並有效地管理他們所控制的事情。事實上，本季度的勞動生產率和食品效率結果超出了我們的預期和大流行前的水平。

On the development front, we opened 3 new restaurants during the third quarter, including The Cheesecake Factory in Katy, Texas, a suburb of Houston, North Italia, in Dunwoody Georgia, a suburb of Atlanta and the first brick-and-mortar location of Fly Bye in Phoenix. Fly Bye is FRC's newest fast casual dining concept offering Detroit enhanced stretch style pizza and crispy chicken.

在開發方面，我們在第三季度開設了 3 家新餐廳，包括德克薩斯州凱蒂的芝士蛋糕工廠、北意大利休斯敦郊區、佐治亞州鄧伍迪郊區、亞特蘭大郊區和第一家實體店。在鳳凰城再見。 Fly Bye 是 FRC 最新的快速休閒餐飲概念，提供底特律增強型彈力披薩和脆皮雞。

Subsequent to quarter end, The Cheesecake Factory Opry Mills in Nashville, Tennessee and the North Italia in The Woodlands, Texas, a suburb of Houston both opened to impressive demand. And today, we opened our third Flower Child in Austin, Texas market. All of the sites we have been working on remain active in our pipeline. However, consistent with the trends seen throughout the industry, opening dates continue to be impacted by supply chain challenges and permit approval delays.

季度末之後，位於田納西州納什維爾的芝士蛋糕工廠 Opry Mills 和位於德克薩斯州伍德蘭茲休斯頓郊區的北意大利都迎來了令人印象深刻的需求。今天，我們在德克薩斯州奧斯汀市場開設了第三個花童。我們一直在努力的所有網站都在我們的管道中保持活躍。然而，與整個行業的趨勢一致，開放日期繼續受到供應鏈挑戰和許可審批延遲的影響。

As such, we now expect to open as many as 13 new restaurants in fiscal year 2022, including 3 Cheesecake Factory restaurants, 4 North Italias and 6 other FRC restaurants, including 3 Flower Child locations. Additionally, we still expect 1 Cheesecake Factory restaurant to open internationally under a licensing agreement.

因此，我們現在預計將在 2022 財年開設多達 13 家新餐廳，其中包括 3 家 Cheesecake Factory 餐廳、4 家 North Italias 和 6 家其他 FRC 餐廳，其中包括 3 家 Flower Child 餐廳。此外，我們仍然預計 1 Cheesecake Factory 餐廳將根據許可協議在國際上開業。

We also recently announced the expansion of one of our international development agreements to include Thailand. And in continuation of our global growth strategy, we are exploring potential opportunities to expand in Europe. Looking ahead to next year, our pipeline continues to build in addition to the carryover sites from this year. Thus, we remain confident in our ability to achieve our unit growth goal of 7% annually.

我們最近還宣布將我們的一項國際發展協議擴大到泰國。為了延續我們的全球增長戰略，我們正在探索在歐洲擴張的潛在機會。展望明年，除了今年的結轉站點外，我們的管道還將繼續建設。因此，我們對實現每年 7% 的單位增長目標的能力仍然充滿信心。

While our operational performance has been solid, we continue to face a dynamic and challenging inflationary environment, which was reflected in our third quarter profit margins. We remain highly focused on returning restaurant margins to pre-pandemic levels in the near-term. To this point, we're rolling out an additional menu price increase at the start of December, which Matt will provide more details on shortly.

雖然我們的經營業績一直穩健，但我們繼續面臨充滿活力和挑戰性的通脹環境，這反映在我們第三季度的利潤率中。我們仍然高度關注在短期內將餐廳利潤率恢復到大流行前的水平。到目前為止，我們將在 12 月初推出額外的菜單價格上漲，Matt 將很快提供更多詳細信息。

In addition, the Board approved a quarterly dividend of $0.27 per share and expanded our share repurchase authorization by 5 million shares. We remain committed to our capital allocation priorities of investing in the growth of our business to achieve our targeted returns and returning value to our shareholders.

此外，董事會批准了每股 0.27 美元的季度股息，並將我們的股票回購授權擴大了 500 萬股。我們仍然致力於我們的資本配置優先事項，即投資於我們的業務增長，以實現我們的目標回報並為我們的股東帶來回報。

With that, I'll now turn the call over to David Gordon.

有了這個，我現在將把電話轉給大衛戈登。

Thank you, David. Building on what David said about our solid operational execution, not only do see improvement in labor productivity and food efficiency results, but we also delivered year-over-year improvements across our dine-in guest satisfaction metrics, including pace of experience, staff service and food quality.

謝謝你，大衛。基於大衛所說的我們穩健的運營執行，我們不僅看到了勞動生產率和食品效率結果的提高，而且我們的就餐客人滿意度指標也實現了逐年改進，包括體驗速度、員工服務和食品質量。

On the staffing front, applicant flow remained strong. In fact, we had over 350,000 applicants during the quarter. We're also starting to see our best-in-class attrition rates fall below prior year levels. As we've said before, we believe our staffing success is a key contributor to the improvement of our dining guest satisfaction scores. After all, our people are our greatest resource and enable us to deliver delicious memorable experiences for our guests every day.

在人員配備方面，申請人流依然強勁。事實上，本季度我們有超過 350,000 名申請人。我們也開始看到我們一流的流失率低於去年的水平。正如我們之前所說，我們相信我們的人員配備成功是提高我們就餐客人滿意度得分的關鍵因素。畢竟，我們的員工是我們最大的資源，使我們能夠每天為客人提供美味難忘的體驗。

Our ability to attract and retain dedicated and experienced employees in a competitive industry amidst the tight labor market is a testament to the strong culture, industry-leading training and tangible career advancement opportunities we provide for our staff members and our managers.

在勞動力市場緊張的情況下，我們有能力在競爭激烈的行業中吸引和留住敬業且經驗豐富的員工，這證明了我們為員工和經理提供的強大文化、行業領先的培訓和切實的職業發展機會。

Speaking of our greatest resource, our talent, in September, we held our first General Managers Conference since the start of the pandemic. It wasn't inspiring and productive week of learning and development through informative programs, panels, speaker-led trainings and leadership seminars.

談到我們最大的資源，我們的人才，我們在 9 月舉行了自大流行開始以來的第一次總經理會議。通過信息豐富的計劃、小組討論、演講者主導的培訓和領導力研討會，這不是鼓舞人心和富有成效的學習和發展週。

Importantly, we were able to recognize our outstanding field leadership for their unwavering dedication and hard work amid unprecedented challenges, while continuing to uphold our deepest values along the way. The events and activities serve to reenergize and motivate our general managers, who are crucial to our success and provide them with additional insights and tools to take back to their restaurants to improve operations, celebrate wins and develop their people.

重要的是，我們能夠認識到我們傑出的領域領導者在前所未有的挑戰中堅定不移的奉獻精神和辛勤工作，同時繼續堅持我們最深刻的價值觀。這些事件和活動有助於重新激發和激勵我們的總經理，他們對我們的成功至關重要，並為他們提供額外的見解和工具，以帶回他們的餐廳，以改善運營、慶祝勝利和發展他們的員工。

Now turning to North Italia, third quarter comparable sales grew a robust 10% versus 2021 and 18% versus 2019 with improvements across all dayparts and all geographies. These positive sales trends have continued into the fourth quarter. In fact, through October 25, fourth quarter to-date comparable sales increased approximately 9% year-over-year and 25% as compared to the same period in fiscal 2019. Additionally, our most recent North Italia opening in the Woodlands, Texas, had one of our strongest North Italia opening week sales.

現在轉向意大利北部，第三季度可比銷售額與 2021 年相比增長了 10%，與 2019 年相比增長了 18%，所有時段和所有地區的銷售額都有所改善。這些積極的銷售趨勢一直持續到第四季度。事實上，截至 10 月 25 日，第四季度迄今為止的可比銷售額同比增長約 9%，與 2019 財年同期相比增長 25%。此外，我們最近在德克薩斯州伍德蘭茲開設的北意大利，有我們最強勁的北意大利開幕週銷售之一。

4-wall margin for the adjusted mature locations declined from 16% in the second quarter to 12.9% for the third quarter, predominantly driven by inflation. We're in the process of implementing a 4.3% menu price increase in accordance with our overall margin strategy to offset inflation and recapture pre-pandemic restaurant-level margins. FRC drove similarly strong top line results. The continued sales performance we've seen across our concept, reinforces our belief that we are well positioned for the future. Given the strength of our brands, best-in-class operators and breadth of high quality growth vehicles, we believe our long-term outlook continues to be bright.

調整後成熟地區的 4 壁式利潤率從第二季度的 16% 下降至第三季度的 12.9%，主要受通脹驅動。我們正在根據我們的整體利潤率戰略實施 4.3% 的菜單價格上漲，以抵消通貨膨脹並重新獲得大流行前餐廳級別的利潤率。 FRC 推動了同樣強勁的頂線業績。我們在整個概念中看到的持續銷售業績，強化了我們的信念，即我們為未來做好了充分的準備。鑑於我們的品牌實力、一流的運營商和高質量增長汽車的廣度，我們相信我們的長期前景依然光明。

And with that, I will now turn the call over to Matt for our financial review.

有了這個，我現在將把電話轉給馬特進行財務審查。

Thank you, David. Despite the many unprecedented challenges encountered this year, we are still progressing towards our primary financial objectives for 2022, including total revenue expectations of about $3.3333 billion. The Cheesecake Factory AUVs continue to track towards $12 million, with the additional menu price increase, David Overton mentioned earlier, we continue to plan to exit the year at pre-pandemic 4-wall margins.

謝謝你，大衛。儘管今年遇到了許多前所未有的挑戰，但我們仍在朝著 2022 年的主要財務目標前進，包括約 33.333 億美元的總收入預期。芝士蛋糕工廠 AUV 繼續向 1200 萬美元靠攏，隨著菜單價格的額外上漲，大衛奧弗頓早些時候提到，我們繼續計劃以大流行前的 4 壁利潤退出今年。

We continue to leverage G&A, depreciation and pre-opening to support total enterprise margins and we restarted returning capital to our shareholders through our dividend and stock repurchase programs. For the third quarter, along with the broader restaurant industry, we continue to face higher inflationary headwinds than we had anticipated. Specifically, higher utilities and building maintenance, which totaled approximately $5 million or $0.10 of EPS in the quarter and accounted for the majority of the variance to expectations in other operating costs.

我們繼續利用 G&A、折舊和開業前來支持企業總利潤率，並通過股息和股票回購計劃重新向股東返還資本。對於第三季度，連同更廣泛的餐飲業，我們將繼續面臨比我們預期更高的通脹阻力。具體而言，較高的公用事業和建築物維護，本季度總計約為 500 萬美元或 0.10 美元的每股收益，佔其他運營成本預期差異的大部分。

Turning to some more specific details around the quarter. Third quarter comparable sales versus prior year increased 1.1% at The Cheesecake Factory restaurants and increased 10% at North Italia. Revenue contribution from North Italia and FRC totaled $135.4 million. Sales per operating week at FRC, including Flower Child, were approximately $103,000. And including $14.2 million in external bakery sales, total revenues were $784 million during the third quarter of fiscal 2022.

轉向本季度的一些更具體的細節。 The Cheesecake Factory 餐廳的第三季度可比銷售額與去年同期相比增長了 1.1%，而 North Italia 則增長了 10%。來自北意大利和 FRC 的收入貢獻總計 1.354 億美元。 FRC 每週營業的銷售額（包括 Flower Child）約為 103,000 美元。包括 1420 萬美元的外部麵包店銷售額在內，2022 財年第三季度的總收入為 7.84 億美元。

Moving to expenses. Cost of sales increased 270 basis points versus Q3 of the prior year. Principally driven by significantly higher commodity inflation and menu pricing. Labor increased 30 basis points over 2021, primarily driven by higher wages and increased training costs, and partially offset by lower medical insurance expenses.

轉移到費用上。與去年第三季度相比，銷售成本增加了 270 個基點。主要受商品通脹和菜單定價顯著提高的推動。勞動力比 2021 年增加了 30 個基點，主要是由於工資上漲和培訓成本增加，部分被醫療保險費用降低所抵消。

Other operating expenses increased 100 basis points, largely driven by higher utilities and building costs noted, which are mostly inflation related. G&A as a percentage of sales increased 30 basis points, reflecting travel returning to a more normalized level, including holding our first-in-person General Manager Conference since the pandemic began.

其他運營費用增加了 100 個基點，主要是由於公用事業和建築成本增加，這些主要與通貨膨脹有關。 G&A 佔銷售額的百分比增加了 30 個基點，反映了旅行恢復到更加正常化的水平，包括自大流行開始以來舉行的首次面對面總經理會議。

Pre-opening costs were $4.3 million in the quarter compared to $3.2 million in the prior year period. We opened 3 restaurants during the third quarter versus 4 openings in the third quarter last year. However, third quarter 2022 pre-opening costs are higher year-over-year, primarily due to costs related to 2 additional early fourth quarter openings.

本季度開業前成本為 430 萬美元，而去年同期為 320 萬美元。我們在第三季度開設了 3 家餐廳，而去年第三季度則為 4 家。然而，2022 年第三季度開業前成本同比較高，主要是由於與第四季度初額外 2 個開業相關的成本。

In the third quarter, we reported an after-tax $0.8 million charge, primarily associated with FRC acquisition-related items. Third quarter GAAP diluted net loss per common share was $0.05, adjusted net loss per share was $0.03.

在第三季度，我們報告了 80 萬美元的稅後費用，主要與 FRC 收購相關項目有關。第三季度 GAAP 攤薄後每股普通股淨虧損為 0.05 美元，調整後每股淨虧損為 0.03 美元。

Now turning to our balance sheet and capital allocation. The company ended the quarter with total available liquidity of approximately $372 million, including a cash balance of about $133 million and over $239 million available on our revolving credit facility. Total debt outstanding was unchanged at $475 million. Subsequent to the end of the third quarter, we renewed our credit facility agreement to extend the maturity to October 2027 at comparable pricing and favorable terms to provide financial flexibility and ample liquidity to support our long-term growth objectives.

現在轉向我們的資產負債表和資本配置。該公司在本季度末的可用流動資金總額約為 3.72 億美元，其中包括約 1.33 億美元的現金餘額和超過 2.39 億美元的循環信貸額度可用。未償債務總額保持不變，為 4.75 億美元。在第三季度末，我們續簽了信貸融通協議，以可比的價格和優惠的條款將期限延長至 2027 年 10 月，以提供財務靈活性和充足的流動性，以支持我們的長期增長目標。

CapEx totaled approximately $32 million during the third quarter for new unit development and maintenance. We completed approximately $27 million in share repurchases and returned just over $14 million to shareholders via our dividend during the quarter. While we will not be providing specific comparable sales and earnings guidance given the operating environment continues to be very dynamic, we will provide our up-to-date thoughts on our underlying assumptions for the fourth quarter of 2022 and full year 2023.

第三季度新設備開發和維護的資本支出總額約為 3200 萬美元。我們在本季度完成了大約 2700 萬美元的股票回購，並通過我們的股息向股東返還了超過 1400 萬美元。雖然鑑於運營環境仍然充滿活力，我們不會提供具體的可比銷售和盈利指導，但我們將提供我們對 2022 年第四季度和 2023 年全年基本假設的最新想法。

Based on our year-to-date performance and more recent trends, we anticipate total revenues for the year to be about $3.3333 billion, which includes the impact of the 53rd operating week in fiscal 2022. For the fourth quarter, we would anticipate total revenue to be between 900 and $930 million.

根據我們年初至今的業績和最近的趨勢，我們預計今年的總收入約為 33.333 億美元，其中包括 2022 財年第 53 個運營週的影響。對於第四季度，我們預計總收入介於 900 至 9.3 億美元之間。

Next, we now expect commodity inflation of about 15% on an annual basis as well as for the fourth quarter, which represents about a 2% increase over our prior fourth quarter outlook, and which is directionally in line with headline CPI increases we observed during the quarter. It was about flat to Q3 levels.

接下來，我們現在預計每年以及第四季度的商品通脹率約為 15%，這比我們之前的第四季度展望增長了約 2%，這與我們在季度。它與第三季度的水平大致持平。

We continue to model net total labor inflation of about 5% when factoring latest trends in wage rates, channel mix as well as other components of labor. And given the inflationary outlook for energy and services and assuming they remain similar to Q3, we now expect other operating expenses to be approximately 25.5% of sales in the fourth quarter.

在考慮工資率、渠道組合以及其他勞動力組成部分的最新趨勢時，我們繼續模擬約 5% 的淨勞動力通脹率。鑑於能源和服務的通脹前景並假設它們與第三季度相似，我們現在預計其他運營費用將佔第四季度銷售額的約 25.5%。

As David mentioned, we remained committed to protecting our longer-term 4-wall margins, while managing through the risks associated with cost fluctuations, driven by the current environment. Given the additional inflationary pressures we are experiencing, we are in the process of implementing about a 2.8% incremental menu price increase, which as anticipated is above our current level and is supportive of our margin objectives.

正如大衛所說，我們仍然致力於保護我們的長期 4 壁利潤，同時管理與當前環境驅動的成本波動相關的風險。鑑於我們正在經歷額外的通脹壓力，我們正在實施約 2.8% 的菜單價格增量，正如預期的那樣，這高於我們目前的水平，並支持我們的利潤率目標。

Turning to margins. Let me walk through some of the math to bridge our Q3 margin results to our stated goal of exiting the year at pre-pandemic level restaurant margins. The Cheesecake Factory restaurants 4-wall margin was 10.1% in Q3. If we add one-half of the Q3 price increase of 4.25% to adjust for the timing of the pricing rollout, plus the 2.8% incremental Q4 price increase. This brings us to an approximately 15% 4-wall margin.

轉向邊緣。讓我通過一些數學運算來將我們的第三季度利潤率結果與我們既定的目標，即以大流行前水平的餐廳利潤率退出這一年。第三季度芝士蛋糕工廠餐廳 4 壁式利潤率為 10.1%。如果我們加上 Q3 價格上漲 4.25% 的一半來調整定價推出的時間，再加上 Q4 價格上漲 2.8% 的增量。這給我們帶來了大約 15% 的 4 壁邊距。

In Q3, our training and recruiting expenses were higher than anticipated by approximately 0.5% of sales due to the strong hiring results David Gordon mentioned, which we would expect to normalize if the labor market continues to stabilize. This would put us about 25 basis points away from the Q3 2019 Cheesecake Factory restaurant-level margin, which we are focused on recovering through operational efficiencies. Keep in mind, that the third quarter sales were about 2% below this year's year-to-date sales performance of 2019 sales plus menu pricing.

在第三季度，由於大衛戈登提到的強勁招聘結果，我們的培訓和招聘費用比預期高出約 0.5%，如果勞動力市場繼續穩定，我們預計這將正常化。這將使我們與 2019 年第三季度芝士蛋糕工廠餐廳級別的利潤率相差約 25 個基點，我們專注於通過運營效率來恢復。請記住，第三季度的銷售額比今年年初至今的 2019 年銷售額加上菜單定價低 2% 左右。

Using the Q3 sales trend as our baseline positions us to achieve our margin targets, even with the volatility, we have seen this year or a slight pullback in consumer spending in the future. On a positive note, as David mentioned earlier, fourth quarter to-date sales trends have improved to be in line with 2019 sales plus menu pricing, and our best seasonally-adjusted average weekly sales since April.

使用第三季度的銷售趨勢作為我們實現利潤率目標的基準，即使存在波動，我們也看到今年或未來消費者支出略有回落。積極的一面是，正如大衛早些時候提到的，第四季度迄今為止的銷售趨勢已經改善，與 2019 年的銷售額和菜單定價以及我們自 4 月以來最好的經季節性調整的每周平均銷售額保持一致。

I would also note that this margin bridge includes our higher expectations for cost of sales, utilities and building maintenance expenses, which we're carrying into our fourth quarter and beyond expectations. Importantly, based on our latest information, input costs appear to have stabilized at these levels.

我還要指出，這個利潤橋樑包括我們對銷售成本、公用事業和建築維護費用的更高預期，我們正在將其延續到第四季度並超出預期。重要的是，根據我們的最新信息，投入成本似乎已經穩定在這些水平上。

Given we are rolling out the incremental price increase at the start of December, the fourth quarter will only receive about 1/3 of the benefit. As such, we do not expect to fully close the margin gap for the entire fourth quarter. However, we do expect this pricing action to be sufficient to close the gap going into 2023 based on current levels of inflation. And going forward, our goal is to offset inflation with menu pricing, as has been our longstanding stated strategy. Of course, there can always be timing differences depending on market movements and lapping of extreme variability as we have experienced this year.

鑑於我們在 12 月初推出增量價格上漲，第四季度將僅獲得約 1/3 的收益。因此，我們預計不會完全縮小整個第四季度的利潤率差距。然而，我們確實預計這一定價行動將足以根據當前的通脹水平縮小到 2023 年的差距。展望未來，我們的目標是通過菜單定價來抵消通貨膨脹，這也是我們長期以來的戰略。當然，正如我們今年所經歷的那樣，根據市場走勢和極端變化的重疊，時間總是可能存在差異。

Lastly, it is noteworthy that in September, food away-from-home spending increased to an all-time high of 55.1% as a percentage of total food spending. Exhibiting consumer staple like attributes. Additionally, food at home inflation outpaced restaurant inflation nationally by over 400 basis points, affirming our belief that there continues to be sufficient demand even in the current environment to support pricing power as a means to offset inflation and recapture 4-wall margins as is our strategy.

最後，值得注意的是，9 月份，外出食品支出佔食品總支出的比例達到 55.1%，創下歷史新高。展示消費必需品之類的屬性。此外，家庭食品通脹在全國范圍內超過餐館通脹超過 400 個基點，這證實了我們的信念，即即使在當前環境下，仍然有足夠的需求來支持定價能力，以此作為抵消通脹和重新獲得 4 壁利潤的手段，就像我們的戰略。

Now moving on, we still anticipate G&A to be approximately $55 million to $56 million for the fourth quarter, which as a reminder, includes an extra week this year. Our pre-opening assumption remains unchanged at $7 million in the fourth quarter. Finally, we expect about $25 million in depreciation for the fourth quarter and for modeling purposes, we're using a tax rate of about 8%.

現在繼續前進，我們仍然預計第四季度的 G&A 約為 5500 萬至 5600 萬美元，提醒一下，今年包括額外的一周。我們的開業前假設在第四季度保持不變，為 700 萬美元。最後，我們預計第四季度折舊約為 2500 萬美元，出於建模目的，我們使用的稅率約為 8%。

With regard to development, we plan to open as many as 13 new restaurants this year and we would now anticipate approximately $130 million in CapEx to support this level of unit development as well as required maintenance on our restaurants. Note that this includes some CapEx for locations that have shifted into 2023. In addition, keep in mind, that we have reinstated our stock buyback program and have now declared 3 dividends this year.

在開發方面，我們計劃今年開設多達 13 家新餐廳，我們現在預計資本支出約為 1.3 億美元，以支持這一水平的單位開發以及我們餐廳所需的維護。請注意，這包括已轉移到 2023 年的地點的一些資本支出。此外，請記住，我們已恢復我們的股票回購計劃，並且今年已宣布派發 3 次股息。

Looking ahead to fiscal 2023, as previously mentioned, the macroeconomic backdrop continues to be uncertain. However, we want to provide some initial perspective for next year. Based on our year-to-date performance, more recent trends and assuming no material operating or consumer disruptions, we anticipate total revenues for fiscal 2023 to be between approximately $3.5 billion to $3.6 billion. Total inflation across our commodity baskets and total labor is currently estimated to be in the mid-single-digit range. And as I said earlier, our goal is to offset inflation with menu pricing.

如前所述，展望 2023 財年，宏觀經濟背景仍然不確定。但是，我們想為明年提供一些初步的觀點。根據我們年初至今的表現、最近的趨勢，並假設沒有重大的運營或消費者中斷，我們預計 2023 財年的總收入將在約 35 億美元至 36 億美元之間。我們的商品籃子和總勞動力的總通脹目前估計在中個位數範圍內。正如我之前所說，我們的目標是通過菜單定價來抵消通貨膨脹。

With regard to development, we plan to open as many as 21 to 24 new restaurants next year, spread across our portfolio of concepts. For modeling purposes, at this point, we would expect 4 to 5 Cheesecake Factory restaurants, 7 to 8 North Italias, 3 to 4 Flower Child locations and 7 other FRC restaurants and we would anticipate approximately $150 million to $170 million in CapEx to support this level of unit development as well as required maintenance on our restaurants.

在發展方面，我們計劃明年開設多達 21 至 24 家新餐廳，分佈在我們的概念組合中。出於建模目的，在這一點上，我們預計會有 4 到 5 家 Cheesecake Factory 餐廳、7 到 8 家 North Italias、3 到 4 家 Flower Child 地點和 7 家其他 FRC 餐廳，我們預計資本支出約為 1.5 億至 1.7 億美元來支持這一點單位開發水平以及我們餐廳所需的維護。

In closing, as I noted in the beginning of my prepared remarks, despite the persistence of unprecedented headwinds in our industry, our company is still on track, to accomplish the majority of our key financial objectives for 2022. We attribute this primarily to the strength of our brands, our belief that we have the best operators in the business and our strategic approach to effectively balancing the short-term with the long-term. Taking all these considerations together, we believe we're well positioned going into 2023 to take advantage of our increased scale to deliver meaningful earnings growth, generate robust cash flows and drive significant shareholder value going forward.

最後，正如我在準備發言的開頭所指出的那樣，儘管我們的行業持續存在前所未有的逆風，但我們公司仍有望實現 2022 年的大部分關鍵財務目標。我們將此主要歸功於實力在我們的品牌中，我們相信我們擁有業務中最好的運營商，以及我們有效平衡短期與長期的戰略方法。綜合考慮所有這些因素，我們相信我們在 2023 年處於有利地位，可以利用我們不斷擴大的規模來實現有意義的盈利增長、產生強勁的現金流並推動重大的股東價值向前發展。

And with that said, we'll take your questions. Operator, over to you.

話雖如此，我們會回答你的問題。接線員，交給你。

(Operator Instructions) Your first question comes from the line of Nicole Miller with Piper Sandler.

（操作員說明）您的第一個問題來自 Nicole Miller 和 Piper Sandler。

Just one question, can you talk about average check in terms of value proposition and affordability. So, the question being at Cheesecake Factory and also the North Italia brands, what is average check or -- and average transaction today? And then, what opportunities does the guest have to come in and spend -- I mean really the least amount available, so they can still access you in terms of affordability.

只有一個問題，你能談談價值主張和負擔能力方面的平均支票嗎？那麼，在 Cheesecake Factory 和 North Italia 品牌中，問題是什麼是平均支票或 - 今天的平均交易？然後，客人有什麼機會進來並花費 - 我的意思是真正可用的最少金額，因此他們仍然可以在負擔能力方面訪問您。

Sure, Nicole. This is Matt. Thank you for that question. I think it's pretty relevant in today's environment. I think the hallmark of the Cheesecake Factory is the breadth of the menu and we still have items that are $8 to $9 going up to the low-$30s, if you want to get a fillet, which I would note probably compares to about $50 even at the most value focused steakhouses today. So guests can certainly come in and don't forget the portion sizes. You can still get a full size Cheesecake Factory portion on a chicken or pasta dish for the high-teens dollars you can split that and still get out an average check in the low-teens with a drink per person, if you want to.

當然，妮可。這是馬特。謝謝你的問題。我認為這在當今的環境中非常相關。我認為芝士蛋糕工廠的標誌是菜單的廣度，我們仍然有從 8 美元到 9 美元到低至 30 美元的商品，如果你想吃魚片，我會注意到它可能與 50 美元左右相比即使在當今最具價值的牛排館。所以客人當然可以進來，不要忘記份量。您仍然可以以十幾美元的價格在雞肉或意大利麵食上獲得全尺寸的芝士蛋糕工廠部分，您可以將其分開，並且如果您願意的話，仍然可以平均每人喝一杯。

So I don't think we're -- we're not focused on that, we're always focused on the value, but also believing that we are maintaining, if not expanding our value proposition relative to the rest of the dining industry. If you look at the compounded pricing that the industry has now taken, because it's starting to get a little interesting as we lap around early summer and fall pricing from last year, which we didn't take and others did, it's probably about 14% based on the latest census and that's probably going to go higher going into the fourth quarter. So we remain 3% to 4% below that level.

所以我不認為我們——我們並不專注於這一點，我們總是專注於價值，但也相信我們正在維持，如果不擴大我們相對於餐飲業其他部門的價值主張.如果你看看該行業現在採用的複合定價，因為它開始變得有點有趣，因為我們在初夏和去年的價格下降，我們沒有採用，其他人採用，可能約為 14%根據最新的人口普查，到第四季度可能會更高。因此，我們仍然比該水平低 3% 到 4%。

So I think overall, we have a great value proposition. I think the average, I would have to look at the specifics for The Cheesecake Factory is probably in the high-$20s, but remember there's a split between off-premise and on-premise, it's probably around $27 or $28 for the on-premise guests, which is most likely what we would be benchmarking against.

所以我認為總的來說，我們有一個很好的價值主張。我認為平均而言，我必須查看 The Cheesecake Factory 的具體細節可能在 20 美元左右，但請記住，場外和預置之間存在差異，可能在 27 美元或 28 美元左右前提客人，這很可能是我們的基準。

In general, I think that North Italia follows a very similar approach although the menu obviously not being as broad, but having somewhat of a barbell strategy. You can get a pizza or a pasta still at a very affordable price in North Italia or if you want to go in for a high-end dinner, you can also get a fillet or Branzino that might be in the mid-$30s to close to $40, so it's really looking for that experience that you might want, and I think if you can deliver on that experience, which our operators can that the value proposition remains extremely strong.

總的來說，我認為 North Italia 採用了非常相似的方法，儘管菜單顯然沒有那麼廣泛，但有點槓鈴策略。你可以在意大利北部以非常實惠的價格買到比薩餅或意大利面，或者如果你想去吃一頓高端晚餐，你還可以買到可能在 30 美元左右的魚片或布蘭奇諾到 40 美元，所以它真的在尋找你可能想要的那種體驗，我認為如果你能提供那種體驗，我們的運營商可以做到這一點，那麼價值主張仍然非常強大。

Just one additional note to that, as we -- as everybody ask and this may come up in terms of incident rates, we continue to see very strong attachment across, dessert, across alcohol between entrees and appetizers. So, that would also tell me that, when guests are coming in, they're not managing their check or that they don't have any sticker shock because they are actually continuing to order a little bit more than they used to.

正如我們每個人都問的那樣，還有一個額外的說明，這可能會在事故率方面出現，我們繼續看到主菜和開胃菜之間的甜點、酒精之間的非常強烈的依戀。所以，這也告訴我，當客人進來時，他們沒有管理他們的支票，或者他們沒有任何貼紙震驚，因為他們實際上繼續訂購比以前多一點。

Your next question comes from the line of Sharon Zackfia with William Blair.

您的下一個問題來自莎朗·扎克菲亞（Sharon Zackfia）和威廉·布萊爾（William Blair）的台詞。

I guess it would be helpful as we talk about price to hear about kind of what you're seeing in terms of the mid-summer price increase. Did you see any resistance there or management of check? How comfortable are you that the additional 2.8% will be passed along easily, I guess. And if you could give us kind of where transactions versus ticket kind of fell out in the quarter and how much price you will be carrying for the full fourth quarter that would be helpful.

我想這會很有幫助，因為我們談論價格，以了解您在仲夏價格上漲方面所看到的那種情況。您是否看到那裡有任何阻力或檢查管理？我猜，額外的 2.8% 會很容易傳遞，你有多舒服。如果你能告訴我們本季度交易與機票的差異，以及你將在整個第四季度承擔多少價格，那將是有幫助的。

Sure, Sharon. This is Matt. I think -- so the first thing is, when we look at our sales trends today in October, which obviously is about 6 weeks to 8 weeks into having taken the summer menu pricing, they are the best that we've seen pretty much all year, equal to April. So, I would say we've been successful capturing our price. Obviously, there has been ups and downs in sales trends this year, but we don't really think that has anything to do with the different pricing as much as it has to do with external factors such as COVID or gas prices, but certainly the consumer has accepted the pricing and as I just mentioned, the attachment rates actually continue to run above last year and above 2019 actually. So they are coming in for the full experience.

當然，莎朗。這是馬特。我認為 - 所以第一件事是，當我們在 10 月份查看我們今天的銷售趨勢時，顯然是在夏季菜單定價後大約 6 周到 8 週，它們是我們幾乎見過的最好的年，等於四月。所以，我想說我們已經成功地抓住了我們的價格。顯然，今年的銷售趨勢有起有落，但我們並不認為這與不同的定價有任何關係，而是與 COVID 或汽油價格等外部因素有關，但可以肯定的是消費者已經接受了定價，正如我剛才提到的，附加率實際上繼續高於去年和 2019 年。所以他們進來是為了獲得完整的體驗。

Just as a technical response, for the quarter, pricing was 6%, traffic was essentially flat at 0.1% and the mix was a negative 4.8%. But just for everyone to remember, that's really driven by how we count the on-premise off-premise, right, so the on premises one gas, but obviously the check average is about 2x. So it's a little bit funky for the weighted average for Q4, we would anticipate the menu pricing to be around 8% to 8.5% on a weighted basis, obviously depending on the sales trends throughout the quarter. And when we think about capturing all of that, it would be not until December as noted. So it's about 1/3 of the incremental 2.8% pricing that would be in the fourth quarter.

作為技術響應，本季度定價為 6%，流量基本持平於 0.1%，混合為負 4.8%。但只是為了讓每個人都記住，這實際上是由我們如何計算內部部署外部的，對，所以內部部署一種氣體，但顯然檢查平均值約為 2 倍。所以第四季度的加權平均值有點奇怪，我們預計菜單定價在加權基礎上約為 8% 到 8.5%，顯然取決於整個季度的銷售趨勢。當我們考慮捕捉所有這些時，如前所述，要等到 12 月。因此，這大約是第四季度 2.8% 的增量定價的 1/3。

Okay. And then I just wanted to clarify, you were giving a lot of kind of triangulation around Cheesecake Factory margins. So I just want to, I guess, quantify. Are you basically saying that given the price you're taking this quarter and assuming no further kind of kick-up in inflation, you think you'll be in a 15% plus kind of unit level margin in '24, is that -- I'm sorry, '23 I just skipped a year, is that kind of the takeaway that you're leaving us with?

好的。然後我只是想澄清一下，你對芝士蛋糕工廠的利潤進行了很多三角測量。所以我只想，我想，量化。你基本上是在說考慮到你本季度的價格，並且假設通脹沒有進一步上升，你認為你會在 24 年達到 15% 以上的單位水平利潤率，是 -對不起，'23 我剛剛跳過了一年，這是你給我們留下的那種外賣嗎？

100% right. So I think if -- just to be crystal clear, the expectation, the commodities is essentially flat from Q3 to Q4. We're also carrying in what I consider to be pretty heightened other operating expenses considering what we've seen and what many others have seen in the utilities and building maintenance and frankly, at a slightly lower sales level than what we're running today also right to accommodate for any of the ups and downs.

100% 正確。所以我認為，如果 - 只是為了清楚起見，預期，大宗商品從第三季度到第四季度基本持平。考慮到我們所看到的以及許多其他人在公用事業和建築維護方面看到的情況，我們還承擔了我認為相當高的其他運營費用，坦率地說，銷售水平略低於我們今天的銷售水平也恰到好處地適應了任何的起起落落。

So then that would mean we would exit the year at our targeted level and then we would have to assess what the pricing would need to be to offset next year's inflation, right. So one of the things that will continue to try to be transparent about is on a quarter-to-quarter basis, you've gotten a lot of interesting noise this year on the way that commodities have moved. So we're really positioning ourselves to make the whole year 2023 margins at the restaurant level.

因此，這意味著我們將在今年的目標水平上退出，然後我們必須評估抵消明年通脹所需的定價，對吧。因此，將繼續努力保持透明的事情之一是按季度計算，今年你在商品的移動方式上收到了很多有趣的噪音。因此，我們確實將自己定位為在餐廳層面實現 2023 年全年的利潤。

Your next question comes from the line of Andy Barish with Jefferies.

您的下一個問題來自 Andy Barish 與 Jefferies 的對話。

Just a couple of things on what the variances were to the downside on the food cost area. You said you had been about 75% lock kind of going into 3Q. So what kind of went off there. And then secondly just on the sort of on the productivity and food efficiency measures that you follow, can you give us a little bit of kind of background on what that looks like given it's not exactly tying to near-term restaurant level margins. Is there something maybe that you're looking at to adjust on the productivity or efficiency side, as we look out to kind of '23 and get through this obviously volatile sort of environment?

關於食品成本領域不利因素的差異有幾件事。你說你進入第三季度的鎖定率約為 75%。那麼那裡發生了什麼。其次，關於你所遵循的生產力和食品效率措施，你能否給我們一些背景知識，因為它與近期餐廳水平的利潤率並不完全相關。您是否正在考慮在生產力或效率方面進行調整，因為我們期待 23 年並度過這種明顯不穩定的環境？

Yes, Andy. So this is Matt. Just on the commodities, the primary variance was in the dairy category. So, if you go back and look at the third quarter, butter chart, it ballooned from, I'm thinking $2.40 to north of $3 over a span of like 2 weeks and so that was one area that we did have exposure and did experience some incremental inflation in the quarter beyond where we were sitting when we had the call.

是的，安迪。所以這是馬特。就商品而言，主要差異在於乳製品類別。所以，如果你回過頭來看看第三季度的黃油圖表，它從 2.40 美元飆升到 3 美元以北，在大約 2 週的時間裡，這是我們確實有過曝光和經歷過的一個領域在我們接到電話時，本季度出現了一些增量通脹。

I think as noted on the other OpEx, it was predominantly around the utilities and maintenance. And then, just a slight bit on the labor was really from the hiring and training. As you noted, from a productivity standpoint, we measure predominantly sales per labor hour. I think it's sort of the truest financial measure in terms of productivity and then on the cost of sales, it's really actual to theoretical. Historically on that it's run in the 95% range for us, we're probably closer to 96% today.

我認為正如其他運營支出所指出的那樣，它主要圍繞公用事業和維護。然後，只有一點點勞動力真的來自招聘和培訓。正如您所指出的，從生產力的角度來看，我們主要衡量每工時的銷售額。我認為就生產力和銷售成本而言，這是最真實的財務衡量標準，從理論上講，它確實是實際的。從歷史上看，它對我們來說運行在 95% 的範圍內，我們今天可能接近 96%。

I think the main component for us is that we are executing at a high level and that's important for financial discipline that's important for us to ensure that we're going to get 100% of the pricing flow through. And at the same time as David Gordon mentioned, maintain extremely high and improving guest satisfaction, right? So you've got to make sure that you're not over productive, but that you are producing at a level that is commensurate with providing excellent guest service, too.

我認為對我們來說主要的組成部分是我們正在高水平執行，這對財務紀律很重要，這對我們確保我們將獲得 100% 的定價流程很重要。同時正如大衛戈登所說，保持極高的客人滿意度，對吧？因此，您必須確保自己沒有過度生產，但您的生產水平也與提供出色的客戶服務相稱。

Okay, very helpful color. And then, just following up on Sharon's question on the margin targets for next year. Should we assume that the comment on menu pricing offsetting the mid-single-digit inflation means that that's kind of where things will shape up in sort of that mid-single-digit range as we look at menu price rolling off and not fully replaced and all those kind of things as we move through '23?

好的，非常有用的顏色。然後，只是跟進 Sharon 關於明年利潤率目標的問題。我們是否應該假設關於菜單定價抵消中個位數通脹的評論意味著當我們看到菜單價格下降而不是完全取代時，事情將在中個位數範圍內形成當我們度過 23 世紀時，所有這些事情？

Yes. I mean right now, one of the things that's happened certainly in the last 2 years of COVID is that the contracting cycle for commodities has moved a little bit later. I mean 10 years ago, we might have had some significant clarity by now. I think, but similar to most, it's moved into really December quite a bit, but if we're looking at sort of the current spot in conjunction with the forward curves. Based on our cost this year that looks like mid-single digits. In the labor side, we're running about a net 5%. So, I mean, we just if we carry that forward for the year, those add up to be mid-single digits and again our objective would be to take enough pricing that would be equal to that inflation on the annualized basis.

是的。我的意思是現在，在 COVID 的過去 2 年中肯定發生的一件事是大宗商品的合同周期稍微晚了一點。我的意思是 10 年前，我們現在可能已經有了一些明顯的清晰度。我認為，但與大多數類似，它實際上已經進入了 12 月，但如果我們將當前位置與前向曲線結合起來看的話。根據我們今年的成本，這看起來像是中個位數。在勞動力方面，我們的淨收益率約為 5%。所以，我的意思是，如果我們將這一年向前推進，這些加起來是個位數的中位數，我們的目標是採取足夠的定價，以等於年化通貨膨脹率。

Your next question comes from the line of Jared Garber with Goldman Sachs.

您的下一個問題來自高盛集團的 Jared Garber。

You talked about trends improving throughout the quarter. And here into the fourth quarter if we think about October, can you help frame for us what those trends might look like on a 3-year basis. If we think about sort of removing some of the Omicron -- rather the Delta variant last year. And then, just wanted to get a sense of, if you're seeing any differential in trends in your higher penetrated [California market] versus some of the rest of your state exposure is given some of the stimulus benefits that have hit consumers' pockets out there.

您談到了整個季度的趨勢改善。如果我們考慮到 10 月，到第四季度，您能否幫助我們確定這些趨勢在 3 年的基礎上會是什麼樣子。如果我們考慮刪除一些 Omicron - 而不是去年的 Delta 變體。然後，只是想了解一下，如果您看到滲透率較高的 [加利福尼亞市場] 與您的其他一些州風險敞口的趨勢有任何差異，那麼您會獲得一些已經打到消費者口袋的刺激收益在那裡。

Sure, Jared. It's Matt. I think that the 2019 baseline has proven to be the most consistent. Obviously, you kind of nailed it there. There has been some significant waves of both COVID as well as reopening. And both of those have proved to be relatively transitory and both too high and too low for kind of when the averaging sets out. So if we think about the -- versus 2019, it was mid-single digits in July. And then it moved to be almost double digits in August. And then basically the September run rate was pretty similar to the October run rate. So kind of for the past few months, we've been right back on that 2019 post pricing track.

當然，傑瑞德。是馬特。我認為 2019 年的基線已被證明是最一致的。顯然，你把它釘在那裡。 COVID和重新開放都出現了一些重大浪潮。事實證明，這兩者都是相對短暫的，並且在平均開始時既太高又太低。因此，如果我們考慮 - 與 2019 年相比，7 月份是個位數的中位數。然後它在八月份幾乎達到了兩位數。然後基本上 9 月的運行率與 10 月的運行率非常相似。在過去的幾個月裡，我們已經回到了 2019 年的後期定價軌道。

In terms of geography, it's been pretty balanced. I think we're all trying to figure out seasonality a little bit whether it's going to be exactly like 2019 or prior. But I think when we look at the sort of bigger picture, the Southeast, Southwest and the Northeast, they are all starting to migrate to a tighter, narrower band as we progressed through the year. As we noted on our last call in July, we did see some separation we attributed that to being some of the COVID movement and potentially some of the gas prices are the other options. But I think as we kind of take that average and we see it progressed, particularly in September and October in order to get to the sales levels that we're at, you've really got to have geographies contributing. So I think we feel good about the balance today.

在地理方面，它是相當平衡的。我認為我們都在試圖弄清楚季節性是否會與 2019 年或之前完全一樣。但我認為，當我們從更大的圖景來看，東南部、西南和東北部，隨著我們這一年的進展，它們都開始向更緊密、更窄的帶遷移。正如我們在 7 月的最後一次電話會議中指出的那樣，我們確實看到了一些分離，我們將其歸因於 COVID 運動的一部分，並且可能一些天然氣價格是其他選擇。但我認為，當我們採用該平均值並看到它取得進展時，特別是在 9 月和 10 月，為了達到我們所處的銷售水平，你真的必須讓地理位置做出貢獻。所以我認為我們對今天的平衡感覺很好。

Your next question comes from the line of Brian Harbour with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Harbour。

Maybe just first when you think about kind of the same-store sales performance of North Italia and you benchmark that against kind of Cheesecake, I recognized the one brand as much newer and there's younger stores in the base, but what else do you think might explain some of the differences in kind of current performance of those 2 brands?

也許只是首先，當您考慮 North Italia 的同店銷售業績並將其與 Cheesecake 進行比較時，我認為一個品牌更新的多，並且基地中有更年輕的商店，但您認為還有什麼可能解釋一下這兩個品牌在當前表現上的一些差異？

Brian, that's interesting. I mean they are different right and so I think I'm not sure that we would make a direct comparison, certainly the newness of the brand would particularly signify that it's still accelerating. I mean prior to COVID, we were comping up positive traffic in North. I think part of that is due to the capacity constraints the Cheesecake Factory typically finds itself in. We opened up that capacity with Cheesecake. We kind of never leave that.

布賴恩，這很有趣。我的意思是它們是不同的，所以我認為我不確定我們是否會進行直接比較，當然品牌的新穎性尤其表明它仍在加速發展。我的意思是在 COVID 之前，我們在北部增加了積極的流量。我認為部分原因是芝士蛋糕工廠通常遇到的產能限制。我們用芝士蛋糕打開了產能。我們永遠不會離開那個。

As we've talked about in the past, North begins at a much lower level and ramps up over time and still has some capacity. So I think you put that opportunity on the plate with excellent execution and we're driving incremental result and there are fewer also -- you're not looking at the degree of penetration that Cheesecake has as probably part of it, it's a little bit more unique in those marketplaces. So it is probably a combination of those predominantly.

正如我們過去所討論的，North 從一個低得多的水平開始，隨著時間的推移逐漸增加，仍然有一些容量。所以我認為你以出色的執行力把這個機會放在了盤子上，我們正在推動增量結果，而且結果也越來越少 - 你沒有看到芝士蛋糕的滲透程度可能是其中的一部分，它有點在這些市場中更加獨特。所以它可能主要是這些的組合。

Okay, great. And then, when you think about just kind of cost inflation next year and you will look to offset that with pricing, but is there anything else that you think can offset some of that, is there anything on the labor side that you think can help fight some of that inflation or more that you can do on kind of productivity on the food side.

好，太棒了。然後，當您考慮明年的成本膨脹時，您會尋求通過定價來抵消它，但是您認為還有什麼其他東西可以抵消其中的一部分，您認為在勞動力方面有什麼可以幫助的嗎？對抗一些通貨膨脹或更多你可以在食物方面的生產力方面做的事情。

I think we're always looking to offset as many costs as we can without passing it along to the guest. I mean, historically that -- the opportunity to offset a component of inflation by improving the performance of your bottom quartile restaurants, for example, was pretty meaningful. I think in a 2% inflationary environment or a 3% inflationary environment, where you are taking 2% or 2.5% pricing and your offsetting 1.5% to 1% is meaningful. I think in an environment like today, if we're talking 5% or 6%, of course, we're going to try to do that. But you've got to get menu pricing pretty close. Right that's a lesson learned from this year for sure. There's just only so much you are going to do at that point in time. So we will always look to do that to pass the least amount of pricing on. But I think in this environment, you're still talking about 90% of it being menu pricing.

我認為我們一直在尋求盡可能多地抵消成本，而不會將其傳遞給客人。我的意思是，從歷史上看，例如，通過提高最低四分之一餐廳的業績來抵消部分通貨膨脹的機會是非常有意義的。我認為在 2% 的通脹環境或 3% 的通脹環境中，您採用 2% 或 2.5% 的定價，而您的 1.5% 到 1% 的抵消是有意義的。我認為在今天這樣的環境中，如果我們談論 5% 或 6%，當然，我們會嘗試這樣做。但是您必須非常接近菜單定價。沒錯，這肯定是從今年吸取的教訓。在那個時間點你要做的只是這麼多。因此，我們將始終尋求這樣做以傳遞最少的定價。但我認為在這種環境下，你仍然在談論其中 90% 是菜單定價。

Your next question comes from the line of Jeff Farmer with Gordon Haskett.

您的下一個問題來自 Jeff Farmer 與 Gordon Haskett 的對話。

You guys indicated a couple of times that October saw the strongest I think you said seasonally adjusted average weekly sales performance since April. I'm just curious if there's anything concept specific that you guys were doing to drive that improved performance at the Cheesecake Factory.

你們有幾次表示 10 月份是最強勁的，我認為你們說的是自 4 月份以來經季節性調整的平均每週銷售業績。我只是好奇你們是否有什麼特定的概念來推動芝士蛋糕工廠的性能提高。

Jeff, I think consistent execution over time just returns that trend to the norm. I mean, I attribute it a little bit more to the abnormal summer seasonality. Certainly, we're keeping a good percentage of that to-go. So from a seasonal perspective, September and October absolute to-go sales are higher than they used to be seasonally and maybe that creates a little bit more of a stabilizer compared to the summer time, but nothing more or less than what we always do, I think it's really reverting to the mean that we've seen for the year.

傑夫，我認為隨著時間的推移，一致的執行只會讓這種趨勢回歸常態。我的意思是，我將其更多地歸因於異常的夏季季節性。當然，我們保留了一個很好的百分比。因此，從季節性的角度來看，9 月和 10 月的絕對待售銷售額比過去的季節性要高，與夏季相比，這可能會產生更多的穩定劑，但與我們一直以來所做的差不多，我認為這真的恢復到我們今年看到的平均值。

Jeff, this is David. I guess I would just add perhaps a little bit more of an ease in the staffing market has helped a bit, which has helped improve attrition overall, which has helped improve operations overall. So as that continues, we continue to follow that trend. We would anticipate just we already have great operators and consistent operations. But the more stable the staff level environment is in the restaurant, the easier it is for us to be able to execute consistently and drive sales, which is the hallmark of the Cheesecake Factory.

傑夫，這是大衛。我想我只想補充一點，在人員配備市場上稍微放鬆一點，這有助於改善整體人員流失，這有助於改善整體運營。因此，隨著這種情況的繼續，我們將繼續遵循這一趨勢。我們預計我們已經擁有出色的運營商和一致的運營。但是餐廳的員工水平環境越穩定，我們就越容易能夠始終如一地執行並推動銷售，這是芝士蛋糕工廠的標誌。

That's helpful. And just one more follow-up on elasticity of demand. So all of your peers have said something largely similar which is that you haven't seen too much demand pushback on the menu price increases. But the question I have is that given the casual dining segments relatively low frequency, do management teams, including yourself truly sort of have a fully informed read on elasticity and with all the pricing that's been taken?

這很有幫助。還有關於需求彈性的另一項後續行動。因此，您所有的同行都說了類似的話，那就是您沒有看到對菜單價格上漲的太多需求阻力。但我的問題是，鑑於休閒餐飲部分的頻率相對較低，管理團隊，包括你自己，真的對彈性和所有定價有充分的了解嗎？

That's a really interesting angle, Jeff, and it doesn't matter. I do think that we get enough frequency from our high visitation guests that we're going to see that by now. I mean, they are coming in at least once a month, right? And so I think that's a pretty good percentage of the total visit. So, I think statistically, I would say yes. We have enough population to measure that elasticity again, the other thing, I mean I just find interesting and I think it's kind of an indicator of where our value proposition sits relative to where other places that people are going, because even if those guests aren't coming in to us maybe the moderates, they come in once a quarter, they're going other places. But when they do come in, they are ordering more than they used to. So, to me that says that our large portion pastas and our great desserts relatively must look like they're well priced compared to where everybody else is going, because they're ordering more than they used to.

這是一個非常有趣的角度，傑夫，這並不重要。我確實認為我們從高訪問量的客人那裡得到了足夠的頻率，我們現在將看到這一點。我的意思是，他們至少每個月來一次，對吧？所以我認為這在總訪問量中佔了相當大的比例。所以，我認為從統計學上來說，我會說是的。我們有足夠的人口來再次衡量這種彈性，另一件事，我的意思是我覺得很有趣，我認為這是我們的價值主張相對於人們要去的其他地方所處位置的指標，因為即使那些客人不在也許溫和派不會來找我們，他們每季度來一次，他們會去其他地方。但是當他們進來時，他們訂購的東西比以前多。所以，對我來說，相對於其他人來說，我們的大部分意大利面和美味甜點必須看起來價格合理，因為他們訂購的數量比以前多。

Your next question comes from the line of Jeffrey Bernstein with Barclays.

你的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Two questions. The first one just on unit growth. Matt, I think you said you want to get back to the prior 7% growth target in '23. I know in 2022 you started that you had plans for 20%, which I guess would have been at 7%, but ultimately it was only the, I guess, the 13% you're targeting now. So I'm just wondering if you can size up maybe what the greatest challenges were in '22. Just trying to get a read on the confidence in reaccelerating it back to now you're talking about upwards of 25% next year. I think you mentioned the 7 of them that are rolling into '23 are part of that, but just trying to get a sense for what you think were the greatest challenges in '22 that you think maybe have abated to allow you to assume there's going to be such a big re-acceleration next year. And then one follow-up.

兩個問題。第一個只是關於單位增長。馬特，我想你說過你想在 23 年回到之前的 7% 增長目標。我知道你在 2022 年開始計劃 20%，我猜應該是 7%，但最終我猜只是你現在瞄準的 13%。所以我只是想知道你是否可以估計一下 22 年最大的挑戰是什麼。只是試圖了解重新加速它的信心，現在你談論的是明年超過 25%。我認為您提到其中 7 個將進入 23 年是其中的一部分，但只是想了解您認為 22 年最大的挑戰是什麼，您認為這些挑戰可能已經減弱，讓您假設會有明年能有這麼大的再加速。然後是一個後續。

Jeff, this is David. A lot of the challenges were and continue as a much slighter extent around permitting, getting through permits in local jurisdictions and earlier in the year around some major pieces of equipment and so we're trying to be little more proactive there and doing some more proactive purchasing on the CapEx side to be able to ensure we have those big pieces of equipment that are very unique to Cheesecake Factory to be prepared for that 7% next year. So we feel confident in that 21 to 24, 4 or 5 of those being Cheesecake, 7 or 8 being North Italia and then the rest being FRC concepts, including probably 3 to 4 Flower Child. So I think our teams are certainly capable of opening 21 to 25 restaurants we've done it historically in the past just at Cheesecake Factory. And so I think we're poised to meet the supply chain challenges and some of the permitting and approval delays that we had in 2023 head on to be able to meet the targets for next year.

傑夫，這是大衛。很多挑戰過去和現在都在輕微的程度上繼續圍繞許可，在當地司法管轄區獲得許可，以及在今年早些時候圍繞一些主要設備，所以我們正努力在那裡更加積極主動並做一些更積極主動的事情在資本支出方面進行採購，以確保我們擁有芝士蛋糕工廠非常獨特的大型設備，為明年的 7% 做好準備。因此，我們對 21 到 24、4 或 5 個是芝士蛋糕、7 或 8 個是北意大利以及其餘的 FRC 概念充滿信心，可能包括 3 到 4 個花童。所以我認為我們的團隊肯定有能力開設 21 到 25 家餐廳，這是我們過去在芝士蛋糕工廠做過的歷史。因此，我認為我們已準備好迎接供應鏈挑戰以及我們在 2023 年遇到的一些許可和批准延遲，以便能夠實現明年的目標。

Understood. And then just following up on the restaurant margin commentary. I think you said you're going to exit the fourth quarter at a certain level. Just wondering if you can be more specific in terms of quantifying what you think that exit rate is going to be, I'm assuming you're talking about like 15% plus, but maybe you could talk about what that rate is because I think that's the rate you're kind of anchoring around 2023. And again because you said it's the exit rate of the fourth quarter, any color in terms of what you think the full fourth quarter restaurant margin would be being that you already have the first month complete and you already think the exit rate is going to be in that whatever that defined range is just trying to get a sense in terms of specifics on the numbers for the margin for this quarter and into '23.

明白了。然後只是跟進餐廳邊際評論。我想你說過你將在某個水平上退出第四季度。只是想知道你是否可以更具體地量化你認為退出率將是多少，我假設你說的是 15% 以上，但也許你可以談談這個比率是多少，因為我認為這就是您在 2023 年左右錨定的比率。再次因為您說這是第四季度的退出率，就您認為整個第四季度餐廳利潤率而言，任何顏色都是您已經擁有第一個月完成並且您已經認為退出率將處於任何定義的範圍內，只是試圖了解本季度和 23 年利潤率數字的具體情況。

Sure. Jeff, it's Matt. So the math would get us in December, back to the fourth quarter of 2019 Cheesecake Factory, which was [15.7%] so that's kind of where we're anchoring on going into next year. And then obviously one of the things I would caveat is that, that doesn't mean each quarter for '23 would mirror the 2019 quarter, because there's a lot of moving parts in the inflation and the pricing timing but that 15.7% is kind of our aggregate anchor that we're looking to trend into 2023. The fourth quarter is only going to get 1/3 of the benefit of the 2.8% pricing. So, 2/3 of that will not happen, right? So roughly speaking there is 2% below that level that we are sort of targeting for the fourth quarter.

當然。傑夫，我是馬特。因此，數學將使我們在 12 月回到 2019 年第四季度芝士蛋糕工廠，當時是 [15.7%]，所以這就是我們明年的目標。然後很明顯，我要警告的一件事是，這並不意味著 23 年的每個季度都會反映 2019 年的季度，因為通貨膨脹和定價時機有很多變動因素，但 15.7% 有點像我們希望進入 2023 年的總體錨點。第四季度將僅獲得 2.8% 定價收益的 1/3。所以，其中 2/3 不會發生，對吧？因此，粗略地說，我們第四季度的目標水平比該水平低 2%。

Got it. So that's the margin you're saying for the full fourth quarter would be 2 points below that [15.7%].

知道了。所以這就是你所說的整個第四季度的利潤率將比那個 [15.7%] 低 2 個百分點。

For the Cheesecake Factory overall, correct.

對於芝士蛋糕工廠的整體而言，正確。

Your next question comes from the line of David Tarantino with Baird.

你的下一個問題來自貝爾德的大衛塔倫蒂諾。

Matt, I just wanted to clarify how you're thinking about your pricing. So sorry to ask this for the third or fourth time here, but on your December price increases, is that a pull forward amount from what you maybe normally would have taken in February or would you contemplate taking more in February when your normal cycle to address the inflation that you're seeing next year. I just want to make sure I understand how you're thinking about it.

馬特，我只是想澄清一下您對定價的看法。很抱歉在這裡第三次或第四次問這個問題，但是在您 12 月的價格上漲中，這是您通常在 2 月可能會採取的前推金額，還是您會考慮在 2 月當您的正常週期解決時採取更多你明年看到的通貨膨脹。我只是想確保我理解你的想法。

David, that's an excellent question. I appreciate that you brought that up for clarification. This is incremental. We will be doing in the first quarter, what we always do, and we don't know what that level of pricing is, because we're still assessing the commodities market and what we can contract for, but it will be a normal level of pricing to offset next year's inflation. This is really this 2.8% is to catch up for this year.

大衛，這是一個很好的問題。我很感激你提出來澄清。這是增量的。我們將在第一季度做我們一直做的事情，我們不知道定價水平是多少，因為我們仍在評估大宗商品市場以及我們可以簽訂什麼合同，但這將是一個正常水平定價以抵消明年的通貨膨脹。這真的是今年要趕上的2.8%。

I think one of the things that we saw happen is that we probably had a little better protection last year in the commodities market and our labor was a little more insulated because we were better staff. So a lot of our competitors took pricing last year in the fourth quarter incrementally in about the 3% range. And so that gap we didn't feel as much in the fourth quarter and first quarter, but then it built in the second and third quarters of this year. So that really is to make up for what happened this year and then we'll move forward as normal in February.

我認為我們看到發生的一件事是，去年我們在商品市場上可能得到了更好的保護，而我們的勞動力更加絕緣，因為我們是更好的員工。因此，我們的許多競爭對手在去年第四季度將定價逐步提高到 3% 左右。因此，我們在第四季度和第一季度並沒有感覺到這種差距，但是在今年第二季度和第三季度它就建立了。所以這真的是為了彌補今年發生的事情，然後我們將在二月份照常前進。

Got it. So the way to think about maybe year-over-year pricing as you'll exit the year with about a 10% increase in the menu and you might do something in February that maintains that and that's a similar ballpark or maybe. And then that will carry forward to your August price increase, is that the right way to think about it.

知道了。因此，考慮可能是同比定價的方式，因為您將在菜單中增加約 10% 的年退出，您可能會在 2 月份做一些保持這一點的事情，這可能是一個類似的球場或可能。然後這將延續到您 8 月的價格上漲，這是正確的思考方式。

That's correct. That's correct.

這是正確的。這是正確的。

Great. And I guess relatedly, I know this has been asked, but because you're kind of lagging what others have done, you could end up in a situation next year or that year-over-year increase is quite a bit higher than what others are running. Are you going to be taking a close look at that when you get to the February price increase or is the February price increase is going to be less about your relative position in the market and more about what you need to do to invest kind of cover the inflation?

偉大的。我想與此相關，我知道有人問過這個問題，但是因為你有點落後於其他人所做的事情，所以明年你可能會陷入這種情況，或者同比增長比其他人高很多正在跑步。您是否會密切關注當您到達 2 月份的價格上漲時，或者 2 月份的價格上漲將更少與您在市場中的相對地位有關，而更多關於您需要做些什麼來投資某種保險？通貨膨脹？

Well, I think it's been such kind of a wild ride, David. I think our perspective is, you've got to look a little bit on a compounded level and also the speed at which all of this has happened. I think we feel pretty good as I've mentioned about our value proposition. Even with the incremental pricing, we are going to be below the national average and probably pretty much in line with our peers.

好吧，我認為這是一次瘋狂的旅程，大衛。我認為我們的觀點是，你必須在復合層面上看一點，以及所有這一切發生的速度。正如我提到的我們的價值主張，我認為我們感覺很好。即使採用增量定價，我們也將低於全國平均水平，並且可能與我們的同行幾乎一致。

And don't forget the quoted pricing number for a lot of our peers exclude the lack of discounting that they're doing and they all talk about that right? We don't discount any way. It also excludes the reduction in marketing that they may have to pick back up and we don't do that either. So I think competitively, we're actually way below the market and so I think we have some room to run and we know that our volumes are tracking to the $12 million this year, so we can protect the 4-wall margins even if there is a little bit of a consumer pull back like I said, we're going to be good, we're going to be in good shape and we'll grow off of that base with that level of profitability.

並且不要忘記我們許多同行的報價數字排除了他們正在做的缺乏折扣，他們都在談論這一點，對嗎？我們不以任何方式打折。它還排除了他們可能不得不恢復的營銷減少，我們也不這樣做。所以我認為在競爭上，我們實際上遠低於市場，所以我認為我們有一些運行空間，我們知道我們今年的交易量將達到 1200 萬美元，所以我們可以保護 4 壁的利潤率，即使有就像我說的那樣，有點像消費者退縮，我們會變得很好，我們會保持良好的狀態，並且我們將以這種盈利水平從這個基礎上成長。

Your next question comes from the line of Joshua Long with Stephens, Inc.

您的下一個問題來自 Joshua Long 與 Stephens, Inc. 的對話。

I was curious if you could provide an update on the rewards program pilot that you started out in Houston, I think back in June and any sort of early learnings there and if that's the point where you start to build that out into other pilots cities.

我很好奇您能否提供有關您在休斯頓開始的獎勵計劃試點的最新信息，我想回溯到 6 月份以及那裡的任何早期學習，如果這就是您開始將其推廣到其他試點城市的點。

Sure, Josh. This is David. Great question. So we did launch the pilot in Houston in June and our acquisition rate continues to be significantly ahead of where we had originally forecasted and about I think 2 days on Thursday, we'll be launching a beta in the Chicago market and we have some new things that we want to test out not just from an acquisition standpoint, but also from a redemption standpoint and some more operational and training opportunities that we want to learn from. So we feel good about where we are today and are hopeful that we'll be launching something nationally at some point next year.

當然，喬希。這是大衛。好問題。所以我們確實在 6 月在休斯頓啟動了試點，我們的獲取率繼續大大高於我們最初的預測，我認為周四兩天左右，我們將在芝加哥市場推出測試版，我們有一些新的我們不僅要從收購的角度進行測試，還要從贖回的角度以及我們想從中學習的更多運營和培訓機會進行測試。因此，我們對我們今天所處的位置感覺良好，並希望我們能在明年的某個時候在全國范圍內推出一些東西。

Great. And on that point, I feel like, correct me if I'm wrong, but I feel like the kind of scaling up in the training piece as you just mentioned was kind of something that was initially a focus point for the Houston pilot as you think about that going forward. Can you talk a little bit more about maybe the consumer-facing pieces or some of those items that you'd expect to see or how the guests might experience that a little differently.

偉大的。在這一點上，我覺得，如果我錯了，請糾正我，但我覺得你剛才提到的那種在訓練中擴大規模的東西最初是休斯頓飛行員的一個焦點，就像你一樣考慮一下。您能否多談談面向消費者的作品或您希望看到的一些物品，或者客人可能會有什麼不同的體驗。

I think we want to learn a little bit more about the redemption rates. We'd like to see the redemption rates be a little bit higher than they are today and what other ways that we can remind people once they are in the building that they are members of the program and they may have something sitting in their account that they forgotten about. So we will test a few different ways to remind them and see if we can make an impact on redemption.

我想我們想了解更多關於贖回率的信息。我們希望看到贖回率比現在高一點，以及我們可以通過哪些其他方式提醒人們，一旦他們進入大樓，他們是該計劃的成員，他們的賬戶中可能有一些東西他們忘記了。所以我們將測試幾種不同的方式來提醒他們，看看我們是否可以對贖回產生影響。

Got it. That's helpful. And then one follow-up. It's a smaller piece, but just curious if you could provide some context around what's happening with the bakery sales the third-party or external bakery sales and kind of where we're at with that as we start to lap over some of the kind of moderation in growth from the second half of last year.

知道了。這很有幫助。然後是一個後續。這是一個較小的部分，但只是好奇你是否可以提供一些關於麵包店銷售情況的背景信息較去年下半年增長放緩。

Sure, Joshua, I think similar to some other components of COVID, we saw the bakery sales be a little bit spiked and maybe a little bit lumpy in '21. I think, we're generally tracking back to our historical levels. I think our focus also had been to ensure that we had enough for the restaurants or restaurant sales and bakery sales have been much higher than pre-pandemic. So we've been covering some of that I think there is a lot of opportunity where we're looking at going forward, again, off of a base that I would say has kind of normalized at this point in time.

當然，約書亞，我認為與 COVID 的其他一些組成部分類似，我們看到麵包店的銷售額在 21 年有點飆升，而且可能有點不穩定。我認為，我們通常會回到我們的歷史水平。我認為我們的重點也一直是確保我們有足夠的餐廳或餐廳銷售和麵包店銷售比大流行前高得多。因此，我們一直在討論其中的一些內容，我認為我們正在考慮向前發展的很多機會，再次，我會說在這個時間點已經正常化的基礎。

Your next question comes from the line of Brian Mullan with Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Mullan。

Just a question on the delivery sales channel. Just looking for your sense of consumer demand for the delivery occasion right now. Have you seen any degradation on a year-over-year basis? I know delivery sales per week are probably much higher than 2019, but just trying to get a sense of consumer sensitivity to pricing right now or demand as we've moved further away from COVID.

只是關於交付銷售渠道的問題。只是在尋找您現在對交付場合的消費者需求感。您是否看到同比下降？我知道每週的送貨銷售額可能比 2019 年高得多，但只是想了解消費者對現在定價或需求的敏感性，因為我們已經遠離 COVID。

Brian, this is David. The total off-premise was roughly 23% for the quarter, only down a couple of percent from Q2 and delivery remains pretty stable. Even if I go back and look full year ago Q3, delivery of that was around roughly 12% and it's 10% today. So continues to be strong demand. We continue to not take as much pricing in the delivery channel as many of our competitors saw the value proposition from a menu perspective continues to remain really strong. So we're happy with the continued total off-premise performance and the delivery as well.

布萊恩，這是大衛。本季度總的場外部署約為 23%，僅比第二季度下降了幾個百分點，交付仍然相當穩定。即使我回過頭來看看一年前的第三季度，交付率大約是 12%，而今天是 10%。所以需求依然強勁。我們在交付渠道中的定價仍然沒有像我們的許多競爭對手那樣從菜單的角度看到價值主張繼續保持強勁。因此，我們對持續的總體場外性能和交付感到滿意。

As noted, we're actually running, Brian, about 24% in October off-prem, so we don't feel like there has been any real movement either up or down it's just kind of sideways.

如前所述，我們實際上在運行，布賴恩，在 10 月份場外運行約 24%，所以我們覺得無論是向上還是向下都沒有任何真正的運動，它只是一種橫向移動。

And then just a follow-up, just on G&A, when you look out to 2023 assuming just a normalized year, normalized environment is leveraging it a 10 bps a year, still kind of the goal you talk about that pre-COVID work is there enough in there where maybe there's an opportunity to go a little faster than that even if it's just for a short period of time. Just any early thoughts on G&A for next year.

然後只是關於 G&A 的後續行動，當你展望 2023 年時，假設只是一個正常化的年份，正常化的環境每年利用 10 個基點，這仍然是你所說的 COVID 前工作的目標足夠在那裡，即使只是很短的一段時間，也可能有機會比這更快一點。只是對明年 G&A 的任何早期想法。

Yes, I mean I feel good with (inaudible) of this year at this point in time, we haven't gone through our budgeting process yet, so I think I'll stick with that until further notice.

是的，我的意思是我對今年的（聽不清）感覺很好，我們還沒有完成我們的預算流程，所以我想我會堅持下去，直到另行通知。

Your next question comes from the line of Lauren Silberman with Credit Suisse.

您的下一個問題來自瑞士信貸的 Lauren Silberman。

I actually wanted to ask on on-premise, what you're seeing there, what you saw throughout the quarter and then where on premise traffic is running relative to historical levels?

我實際上想在本地詢問，你在那裡看到了什麼，你在整個季度看到了什麼，然後相對於歷史水平，本地流量在哪裡運行？

Lauren, it's Matt. Yes, we're right around 90% of the historical on-premise so that's pretty darn consistent today as it was sort of in April as noted. So that's been pretty stable too. I mean obviously in July, when we did see a little bit of a dip (inaudible) correlated to both on and off in total, but we continue to track for the year to about 90% of the historic levels, which I think gives us an opportunity. I think as we've noted before, when we did our research in the middle of the year, there was a good percentage, I don't think it was 25% to 30% of our guests who said that they had not yet become comfortable enough to dine-in to a restaurant. So I mean I would attribute most of that to that 10% delta from pre-pandemic, offset by some new guests that we picked up, right. So we know we picked up a good number of cohorts. But that's been a pretty steady number in addition to the off-premise being steady as well.

勞倫，是馬特。是的，我們大約是 90% 的歷史內部部署，所以這在今天非常一致，因為它是在 4 月份，如前所述。所以這也很穩定。我的意思顯然是在 7 月，當時我們確實看到了與開啟和關閉相關的一點點下降（聽不清），但我們繼續追踪這一年到歷史水平的 90% 左右，我認為這給了我們一個機會。我認為正如我們之前提到的，當我們在年中進行研究時，有一個很好的比例，我認為不是 25% 到 30% 的客人說他們還沒有成為舒適到可以在餐廳用餐。所以我的意思是，我將其中大部分歸因於大流行前的 10% 增量，被我們接受的一些新客人所抵消，對吧。所以我們知道我們收集了很多同類。但這是一個相當穩定的數字，除了場外也很穩定。

Great. And just a follow-up on the margins. I understand the focus on returning to Cheesecake Factory 4-walls. If we include North Italia and FRC what does that translate to, I guess, on a consolidated basis, or how do we think about that, whether it's 2023 and just going forward?

偉大的。只是邊緣的後續行動。我理解回到 Cheesecake Factory 4-walls 的重點。如果我們將 North Italia 和 FRC 包括在內，我想，這意味著什麼，在綜合基礎上，或者我們如何看待這一點，無論是 2023 年還是未來？

I think our weighted average basis on the P&L, like if you took our entire P&L, if we could get that optical 4-wall and granted that includes all the brands in the bakery. But just think about it holistically above G&A depreciation, pre-opening if we could get that number to be the same as what the Cheesecake Factory targeted. I think we'd all be happy. That may not happen all at once, but that would be an aggregate goal.

我認為我們在損益表上的加權平均基礎，就像如果你拿走了我們的整個損益表，如果我們能得到那個光學 4 牆並授予包括麵包店中所有品牌的權限。但是，如果我們可以讓這個數字與芝士蛋糕工廠的目標相同，那麼請從整體上考慮它而不是 G&A 折舊，開放前。我想我們都會很高興。這可能不會一下子發生，但這將是一個總體目標。

We have reached the allotted time for questions. This concludes our conference for today. You may now disconnect.

我們已經到了規定的提問時間。我們今天的會議到此結束。您現在可以斷開連接。