Cheesecake Factory Inc (CAKE) 2023 Q2 法說會逐字稿

Thank you for standing by. My name is Sidney, and I will be your conference operator today. At this time, I would like to welcome everyone to The Cheesecake Factory Incorporated 2023 Quarter 2 Earnings Call. (Operator Instructions) After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

謝謝你的支持。我叫西德尼，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 The Cheesecake Factory Incorporated 2023 年第二季度收益電話會議。 （操作員說明） 演講者發言後，將進行問答環節。 （操作員說明）謝謝。

I will now turn the call over to Etienne Marcus, Vice President of Finance and Investor Relations.

我現在將把電話轉給財務和投資者關係副總裁艾蒂安·馬庫斯 (Etienne Marcus)。

Good afternoon, and welcome to our second quarter fiscal 2023 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 2023 財年第二季度財報電話會議。今天與我通話的是我們的董事長兼首席執行官 David Overton；大衛·戈登，我們的總統；以及我們的執行副總裁兼首席財務官馬特·克拉克 (Matt Clark)。

Before we begin, let me quickly remind you that during this call, items will be discussed that are not based on historical fact 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 in today's press release, which is available on our website at investors.thecheesecakefactory.com and in our filings with the Securities and Exchange Commission. 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.

在我們開始之前，讓我快速提醒您，在本次電話會議中，將討論的項目並非基於歷史事實，而是被視為1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際結果可能會產生重大影響。由於今天新聞稿中詳述的因素，該聲明與前瞻性陳述中明示或暗示的內容有所不同，該新聞稿可在我們的網站Investors.thecheesecakefactory.com 以及我們向美國證券交易委員會提交的文件中查閱。本次電話會議中所做的所有前瞻性陳述僅代表今天的情況，公司不承擔更新任何前瞻性陳述的責任。

In addition, during this conference call, when discussing comparable sales, we will be referring to comparable sales on an operating week basis unless specifically stated otherwise. We will also be presenting results on an adjusted basis, which exclude impairment of assets and lease terminations and acquisition-related expenses. 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.

此外，在本次電話會議中，在討論可比銷售額時，除非另有說明，否則我們將指以營業周為基礎的可比銷售額。我們還將在調整後的基礎上公佈業績，其中不包括資產減值、租賃終止和收購相關費用。如前所述，我們網站上的新聞稿中對我們使用非公認會計原則財務指標以及與最直接可比的公認會計原則指標的調節進行了解釋。

David Overton will begin today's call with some opening remarks and David Gordon will provide an operational update. Matt will then review our second quarter results and provide a financial update. Following that, we'll open the call to questions.

大衛·奧弗頓 (David Overton) 將在今天的電話會議上發表一些開場白，大衛·戈登 (David Gordon) 將提供最新的運營情況。然後，馬特將審查我們第二季度的業績並提供財務更新。接下來，我們將開始提問。

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

這樣，我會將電話轉給大衛·奧弗頓。

Thank you, Etienne. During the second quarter, we made measurable progress towards our stated objective of returning our profit margins back to pre-pandemic levels. Combined with our increased scale, we were able to deliver our highest adjusted net income dollars and adjusted earnings per share generated in any one quarter in the company's history. We believe this is indicative of the opportunity we have to enhance shareholder value through continued growth of both our top and bottom line.

謝謝你，艾蒂安。在第二季度，我們在實現將利潤率恢復到大流行前水平的既定目標方面取得了顯著進展。結合我們規模的擴大，我們能夠實現公司歷史上任何一個季度產生的最高調整後淨利潤和調整後每股收益。我們相信，這表明我們有機會通過營收和利潤的持續增長來提高股東價值。

Despite a slightly softer sales environment, the Cheesecake Factory restaurants continue to generate industry-leading annualized unit volumes averaging $12.4 million for the quarter. Comparable sales for the second quarter increased 1.5% from the prior year and 14.1% versus 2019. Comparable sales versus 2019 continued to outperform the casual dining segment, demonstrating the strength and resilience of our namesake brand. Our focus on menu innovation remains a key point of differentiation contributing to our broad consumer appeal and high degree of relevancy. To that end, this past Sunday, we commemorated National Cheesecake Day by introducing our newest Cheesecake flavor, Cookie Dough Lover's Cheesecake with Pecans and are in the midst of rolling out our latest Cheesecake Factory menu across the country.

儘管銷售環境略有疲軟，Cheesecake Factory 餐廳本季度的年化單位銷量仍保持行業領先，平均為 1,240 萬美元。第二季度的可比銷售額比上一年增長 1.5%，比 2019 年增長 14.1%。與 2019 年相比，可比銷售額繼續跑贏休閒餐飲領域，展現了我們同名品牌的實力和彈性。我們對菜單創新的關注仍然是我們差異化的關鍵點，有助於我們廣泛的消費者吸引力和高度的相關性。為此，上週日，我們通過推出最新的芝士蛋糕口味——餅乾麵團愛好者的山核桃芝士蛋糕來紀念國家芝士蛋糕日，並正在全國范圍內推出我們最新的芝士蛋糕工廠菜單。

Execution within the restaurant four walls was outstanding with our operators delivering better-than-planned results across several key performance indicators, including labor productivity and wage management, driving solid flow-through for improved profitability. This, combined with favorable input costs resulted in adjusted net income margin of 5% for the quarter, exceeding our expectations.

餐廳四牆內的執行情況非常出色，我們的運營商在幾個關鍵績效指標（包括勞動生產率和工資管理）上提供了好於計劃的結果，推動了穩定的流程以提高盈利能力。再加上有利的投入成本，本季度調整後淨利潤率為 5%，超出了我們的預期。

On the development front, we opened a Cheesecake Factory and 2 FRC restaurants during the second quarter. While all of our sites in the pipeline remained active, we continue to experience some delays in opening dates due to various challenges primarily beyond our control, particularly construction and permit approval delays. As a result, the company now expects to open as many as 20 new restaurants in fiscal 2023, including as many as 6 Cheesecake Factories, 5 North Italias and 9 FRC restaurants, including 3 Flower Child locations. We continue to anticipate 2 to 3 Cheesecake Factory restaurants to open internationally under licensing agreements.

在發展方面，我們在第二季度開設了一家芝士蛋糕工廠和兩家 FRC 餐廳。雖然我們所有的籌建地點仍然活躍，但由於主要超出我們控制範圍的各種挑戰，特別是施工和許可證審批延遲，我們的開業日期仍然出現一些延遲。因此，該公司目前預計在 2023 財年開設多達 20 家新餐廳，其中包括多達 6 家 Cheesecake Factory、5 家 North Italias 餐廳和 9 家 FRC 餐廳，其中包括 3 家 Flower Child 餐廳。我們預計將根據許可協議在全球範圍內開設 2 至 3 家 Cheesecake Factory 餐廳。

As we look ahead, we remain intently focused on delivering exceptional food quality, service and hospitality, the hallmarks of our success to drive long-term profitable sales growth. We will continue to leverage our competitive strengths, including the scale of our business, our differentiated brands, best-in-class operators and balance sheet to drive shareholder value and market share gains.

展望未來，我們仍然專注於提供卓越的食品質量、服務和熱情好客，這是我們成功推動長期盈利銷售增長的標誌。我們將繼續利用我們的競爭優勢，包括我們的業務規模、差異化品牌、一流的運營商和資產負債表，以推動股東價值和市場份額的增長。

With that, I'll now turn the call over to David Gordon to provide some additional details on operations and marketing.

現在，我將把電話轉給大衛·戈登（David Gordon），以提供有關運營和營銷的一些其他詳細信息。

Thank you, David. Our people are our greatest resource and enable us to deliver excellent service and hospitality and delicious memorable dining experiences for our guests. We believe we are uniquely well-positioned to attract, train and retain high-quality staff members and our best-in-class operators and we remain sharply focused on maintaining our competitive edge by investing in our people to support ongoing improvements across all 3 facets of staffing.

謝謝你，大衛。我們的員工是我們最大的資源，使我們能夠為客人提供優質的服務和熱情好客以及美味難忘的用餐體驗。我們相信，我們處於獨特的有利位置，可以吸引、培訓和留住高素質員工和一流的運營商，並且我們仍然專注於通過投資於我們的員工來支持所有三個方面的持續改進，以保持我們的競爭優勢的人員配置。

Last October, we resumed our in-person restaurant management development program called at our Southern California Corporate Support Center. Over the last 10 months, we have hosted over 9 training conferences attended by over 800 managers. And our trading investments are paying off with our second quarter guest satisfaction scores at The Cheesecake Factory, improving both sequentially and year-over-year. In fact, all key dine-in and take-out guest satisfaction metrics have surpassed the second quarter 2019 levels.

去年十月，我們在南加州企業支持中心恢復了現場餐廳管理髮展計劃。過去 10 個月，我們舉辦了 9 多場培訓會議，超過 800 名管理人員參加了培訓。我們的貿易投資正在得到回報，The Cheesecake Factory 第二季度的賓客滿意度得分環比和同比都有所提高。事實上，所有關鍵的堂食和外賣顧客滿意度指標均超過了 2019 年第二季度的水平。

We also had another quarter of strong staff retention with restaurant management and hourly staff attrition rates effectively returning back to our industry-leading pre-pandemic levels. And lastly, on the staff recruitment front, following our recent recognition for having made Fortune Magazine's 100 Best Companies to Work For list for the 10th consecutive year, we were also just named the Fortune's Best Workplaces for Millennials List for 2023. We believe these accolades support our position as an Employer of Choice in the restaurant industry and our relentless focus on staffing will drive improvements in service, the guest experience and ultimately, overall restaurant performance.

我們的餐廳管理部門的員工保留率又提高了四分之一，每小時員工流失率實際上回到了大流行前行業領先的水平。最後，在員工招聘方面，繼我們最近連續10 年入選《財富》雜誌100 家最佳工作公司名單後，我們還剛剛被評為2023 年《財富》千禧一代最佳工作場所名單。我們相信這些榮譽支持我們作為餐飲業首選雇主的地位，我們對員工配置的不懈關注將推動服務、賓客體驗以及最終餐廳整體績效的改進。

Moving to sales trends. Comparable sales across our portfolio of concepts remain positive with predominantly stable guest purchasing behaviors. Cheesecake Factory off-premise sales for the second quarter totaled 22% of sales, just below first quarter levels. Additionally, on-premise incident rates remained above 2019 levels with no material change to daypart mix. North Italia's second quarter comparable sales increased a solid 8% from the prior year and 30% versus 2019, resulting in annualized AUVs of $8 million. Four-wall margin for the adjusted mature North Italia locations improved to 15.4% in the quarter from 13% in the first quarter, with planned actions for further improvement. Other Fox Restaurant Concepts also continued to drive strong results with annualized AUVs of $7.4 million.

轉向銷售趨勢。我們的概念組合的可比銷售額仍然保持樂觀，客人購買行為基本穩定。 Cheesecake Factory 第二季度場外銷售額佔銷售額的 22%，略低於第一季度的水平。此外，內部事故率仍高於 2019 年的水平，時段組合沒有重大變化。 North Italia 第二季度可比銷售額較上年同期穩定增長 8%，較 2019 年增長 30%，年化 AUV 達 800 萬美元。調整後的意大利北部成熟地點的四牆利潤率從第一季度的 13% 提高到本季度的 15.4%，併計劃採取進一步改善措施。 Fox Restaurant Concepts 的其他餐廳也繼續取得強勁業績，年化 AUV 達 740 萬美元。

Turning to marketing. As David mentioned, on Sunday, we celebrated National Cheesecake Day and our marketing team generated a significant amount of publicity and social media attention surrounding the exciting new flavor announcements. TODAY.com broke the news, which was followed by more than 90 media placements, totaling 2.5 billion PR impressions, including notable features on Parade.com, Mast, The Daily Meal and msn.com to name a few. Building on this PR momentum, last Friday, our founder, David Overton, was featured on the TODAY's show in recognition of our 45th anniversary and National Cheesecake Day. These are prime examples of our marketing strategy to tie our creative marketing campaigns to on-brand events to generate publicity and increase consumer engagement to raise The Cheesecake Factory brand's awareness and drive sales.

轉向營銷。正如大衛提到的，週日，我們慶祝了國家芝士蛋糕日，我們的營銷團隊圍繞令人興奮的新口味公告進行了大量宣傳和社交媒體關注。 TODAY.com 報導了這一消息，隨後進行了 90 多個媒體投放，總計 25 億次公關曝光，其中包括 Parade.com、Mast、The Daily Meal 和 msn.com 等上的引人注目的專題報導。憑藉這一公關勢頭，上週五，我們的創始人 David Overton 出現在《今日》節目中，以表彰我們的 45 週年紀念日和國家芝士蛋糕日。這些是我們營銷策略的主要例子，將我們的創意營銷活動與品牌活動聯繫起來，以產生宣傳並增加消費者參與度，從而提高 The Cheesecake Factory 品牌的知名度並推動銷售。

On June 1, we launched our Cheesecake Rewards program nationally. And while we are in the very early stages, the program is off to a promising start with member enrollment surpassing our expectations. In celebration of National Cheesecake Day and as an exclusive offer for our Cheesecake Reward members, we offered a special any slice, half price promotion for our dining guests on July 31 and August 1. And as a reminder, our overarching objective is to leverage the data analytics and insights to engage more effectively with our guests and drive incremental sales, while maintaining our restaurant level margins.

6 月 1 日，我們在全國啟動了芝士蛋糕獎勵計劃。雖然我們還處於早期階段，但該計劃已經有了一個良好的開端，會員註冊人數超出了我們的預期。為了慶祝全國芝士蛋糕日，並作為我們的芝士蛋糕獎勵會員的獨家優惠，我們在7 月31 日和8 月1 日為就餐客人提供特別的任意切片半價促銷。謹提醒您，我們的首要目標是利用數據分析和見解，以更有效地與客人互動並推動增量銷售，同時保持餐廳水平的利潤。

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

現在，我將把電話轉給馬特，以進行我們的財務審查。

Thank you, David. Let me first provide a high-level recap of our second quarter results versus our expectations I outlined last quarter. Total revenues of $866.2 million were just under the low-end of the range, although with sequential improvement on a year-over-year basis throughout the quarter. Adjusted net income margin of 5% was above our expectations relative to our sales. G&A and depreciation combined as a percent of sales were in line with expectations. And we returned $23.1 million to our shareholders in the form of dividends and stock repurchases.

謝謝你，大衛。首先讓我對第二季度的業績與我上季度概述的預期進行簡要回顧。儘管整個季度同比有所改善，但總收入為 8.662 億美元，略低於該範圍的低端。調整後淨利潤率為 5%，高於我們相對於銷售額的預期。一般管理費用和折舊合計佔銷售額的百分比符合預期。我們以股息和股票回購的形式向股東返還 2310 萬美元。

Now, turning to some more specific details around the quarter. Second quarter sales at The Cheesecake Factory restaurants were $652.5 million. Comparable sales increased 1.5% versus the prior year and 14.1% versus 2019. Sales for North Italia were $65.9 million, a 17% increase over prior year, supported by comparable sales growth of 8% versus prior year. Comparable sales versus 2019 increased 30%. FRC, including Flower Child, average weekly sales were [$114,700]. Other FRC sales totaled $65.7 million, up 10% from the prior year and sales per operating week were [$142,300] and external bakery sales were $15.4 million during the second quarter of fiscal 2023.

現在，轉向本季度的一些更具體的細節。 The Cheesecake Factory 餐廳第二季度銷售額為 6.525 億美元。可比銷售額比上年增長 1.5%，比 2019 年增長 14.1%。北意大利的銷售額為 6,590 萬美元，比上年增長 17%，這得益於可比銷售額比上年增長 8%。與 2019 年相比，可比銷售額增長了 30%。 FRC，包括 Flower Child，平均每週銷售額為 [114,700 美元]。 2023 財年第二季度，其他 FRC 銷售額總計 6,570 萬美元，比上年增長 10%，每個營業周銷售額為 [142,300 美元]，外部烘焙銷售額為 1,540 萬美元。

Now, moving to year-over-year expense variance commentary. As we have seen, our cumulative pricing catch up with inflation, we realized measurable year-over-year improvement across several key line items in the P&L. Specifically, cost of sales decreased 130 basis points, driven by higher menu pricing than commodity inflation despite lapping favorable dairy contracts in the second quarter of 2022. Labor decreased 130 basis points, predominantly driven by pricing leverage, partially offset by higher management labor, driven by higher staffing levels. Other operating expenses decreased 10 basis points, mostly driven by pricing leverage, partially offset by marketing costs related to launching the Rewards program.

現在，轉向同比費用差異評論。正如我們所看到的，我們的累計定價趕上了通貨膨脹，我們在損益表中的幾個關鍵項目上實現了可衡量的同比改善。具體而言，儘管2022 年第二季度獲得了有利的乳製品合同，但由於菜單定價高於商品通脹，銷售成本下降了130 個基點。勞動力下降了130 個基點，主要由定價槓桿推動，部分被更高的管理勞動力所抵消。通過更高的人員配置水平。其他運營費用下降 10 個基點，主要是由定價槓桿推動的，部分被與啟動獎勵計劃相關的營銷成本所抵消。

G&A increased 40 basis points, mostly related to higher staffing levels. Depreciation as a percent of sales remained flat to prior year. Preopening costs were $6 million in the quarter compared to $2.9 million in the prior year period. We opened 3 restaurants during the second quarter versus 2 restaurants in the second quarter of 2022. Delays in opening dates contributed to higher-than-expected preopening costs for the quarter. And in the second quarter, we recorded a net expense of $0.6 million related to impairment of assets and lease termination income and FRC acquisition-related expenses. Second quarter GAAP diluted net income per share was $0.87. Adjusted net income per share was $0.88.

G&A 增加了 40 個基點，主要與人員配置水平的提高有關。折舊佔銷售額的百分比與上年持平。本季度開業前成本為 600 萬美元，而去年同期為 290 萬美元。我們在第二季度開設了 3 家餐廳，而 2022 年第二季度則開設了 2 家餐廳。開業日期的延遲導致本季度開業前成本高於預期。在第二季度，我們記錄了與資產減值和租賃終止收入以及 FRC 收購相關費用相關的淨費用​​ 60 萬美元。第二季度 GAAP 攤薄後每股淨利潤為 0.87 美元。調整後每股淨利潤為 0.88 美元。

Now, turning to our balance sheet and capital allocation. The company ended the quarter with total available liquidity of approximately $330.1 million, including a cash balance of about $91.6 million and approximately $238.5 million available on our revolving credit facility. Total debt outstanding was unchanged at $475 million in principal. CapEx totaled approximately $25 million during the second quarter for new unit development and maintenance. During the quarter, we completed approximately $9.3 million in share repurchases and returned just over $13.8 million to shareholders via our dividend.

現在，轉向我們的資產負債表和資本配置。該公司本季度末的可用流動資金總額約為 3.301 億美元，其中包括約 9160 萬美元的現金餘額和約 ​​2.385 億美元的循環信貸額度。未償債務總額本金保持 4.75 億美元不變。第二季度新設備開發和維護的資本支出總計約為 2500 萬美元。本季度，我們完成了約 930 萬美元的股票回購，並通過股息向股東返還略高於 1380 萬美元。

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 updated thoughts on our underlying assumptions for Q3 and full-year 2023 for revenue and net income margin. For Q3, based on our quarter-to-date performance, most recent trends and assuming no material operating or consumer disruptions, we anticipate total revenues to be between $835 million and $855 million. This essentially assumes a continuation of the trends from the second half of Q2, which on a year-over-year basis, sequentially improved as we lapped more favorable comparisons.

雖然我們不會提供具體的可比銷售和盈利指引，但鑑於經營環境仍然非常活躍，我們將提供對第三季度和 2023 年全年收入和淨利潤率基本假設的最新想法。對於第三季度，根據我們季度至今的業績、最新趨勢，並假設沒有重大運營或消費者乾擾，我們預計總收入將在 8.35 億美元至 8.55 億美元之間。這本質上是假設第二季度下半年的趨勢持續下去，隨著我們進行更有利的比較，這一趨勢逐年改善。

Next, at this time, we expect effective commodity inflation of low single-digits for Q3, as our broad market basket continues to stabilize. We are modeling net total labor inflation of about mid-single digits when factoring in the latest trends in wage rates, which, similar to our commodities continue to normalize as well as channel mix and other components of labor. Based on these assumptions, we anticipate net income margin of approximately 2.75% for Q3 at the midpoint of the revenue range I previously outlined, which also reflects planned higher-than-average G&A of about $2 million, mostly related to our Annual General Manager Conference, which takes place in September and the preopening expense we expect of approximately $9 million in the quarter.

接下來，隨著我們廣泛的市場籃子繼續穩定，我們預計第三季度的有效大宗商品通脹將達到低個位數。當考慮到工資率的最新趨勢時，我們正在對大約中個位數的淨總勞動力通脹進行建模，與我們的大宗商品以及渠道組合和勞動力的其他組成部分類似，工資率繼續正常化。基於這些假設，我們預計第三季度的淨利潤率約為2.75%，處於我之前概述的收入範圍的中點，這也反映了計劃高於平均水平的約200 萬美元的一般管理費用，主要與我們的年度總經理會議有關，該項目將於 9 月舉行，我們預計本季度的開業前費用約為 900 萬美元。

Now, for the full year. Based on our year-to-date performance, more recent trends and assuming no material operating or consumer disruptions, we are now anticipating total revenues for fiscal 2023 to be approximately $3.5 billion. This reflects our second quarter results, our perspective on seasonality post pandemic as well as the impact related to timing delays in new restaurant opening dates and any impact from the launch of the rewards program. For the back half of the year, we now estimate year-over-year inflation for commodities to be in the low single-digit range and labor in the mid-single-digit range. Given our unit growth expectations, we are estimating preopening expenses to be approximately $26 million.

現在，全年。根據我們今年迄今的業績、最新趨勢，並假設沒有重大運營或消費者乾擾，我們目前預計 2023 財年的總收入約為 35 億美元。這反映了我們第二季度的業績、我們對大流行後季節性的看法以及與新餐廳開業日期延遲相關的影響以及推出獎勵計劃的任何影響。對於今年下半年，我們現在估計大宗商品的同比通脹率將在低個位數範圍內，勞動力通脹率將在中個位數範圍內。鑑於我們的單位增長預期，我們預計開業前費用約為 2600 萬美元。

As we have said earlier, our goal is to effectively offset inflation with menu pricing to support our margin objectives. Assuming we do so and consumer trends remain consistent and there are no other material exogenous factors, we continue to expect full year net income margin of approximately 4% at the revenue level I provided. With regard to development, as David Overton highlighted earlier, we plan to open as many as 20 new restaurants this year across our portfolio of concepts, with 4 to 5 openings in the third quarter and the remainder in the fourth quarter. And we now anticipate approximately $160 million to $170 million in CapEx to support this year's and some of next year's unit development as well as required maintenance on our restaurants.

正如我們之前所說，我們的目標是通過菜單定價有效抵消通貨膨脹，以支持我們的利潤目標。假設我們這樣做，並且消費者趨勢保持一致，並且沒有其他重大外生因素，我們繼續預計全年淨利潤率在我提供的收入水平上約為 4%。關於發展，正如 David Overton 之前強調的那樣，我們計劃今年在我們的概念組合中開設多達 20 家新餐廳，其中 4 到 5 家將在第三季度開業，其餘的將在第四季度開業。我們現在預計資本支出約為 1.6 億至 1.7 億美元，用於支持今年和明年的部分單位開發以及餐廳所需的維護。

In closing, as David stated earlier, in the second quarter, we took another step towards recovering our four-wall and enterprise-wide operating profit margins. While comparisons continue to be inconclusive due to lapping of various stages of the pandemic and the environment remains somewhat uncertain due to potential shifts in consumer sentiment and behavior, we are pleased with the stability and predictability of our overall financial performance so far this year. As we have previously noted, our key objectives this year are to rebuild our profitability and to ensure we have the appropriate levers in place to drive future sales growth. As we look ahead with cost inputs normalizing and the macro environment starting to stabilize, we believe we are well positioned to once again generate our historically consistent operational and financial results.

最後，正如大衛早些時候所說，在第二季度，我們又向恢復四牆和企業範圍的營業利潤率邁出了一步。雖然由於疫情處於不同階段，比較仍然沒有結論，而且由於消費者情緒和行為的潛在變化，環境仍然有些不確定，但我們對今年迄今為止整體財務業績的穩定性和可預測性感到滿意。正如我們之前指出的，我們今年的主要目標是重建盈利能力，並確保我們擁有適當的槓桿來推動未來的銷售增長。當我們展望未來成本投入正常化和宏觀環境開始穩定時，我們相信我們處於有利位置，可以再次產生與歷史一致的運營和財務業績。

And with that said, we'll take your questions.

話雖如此，我們將回答您的問題。

(Operator Instructions) Your first question comes from the line of Brian Mullan from Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Brian Mullan。

Just a question on the same-store sales result at the core Cheesecake brand. Can you just take us through the traffic, the menu price and the mix, please, for the quarter? And then on the menu price piece, how do you expect the rest of the year to progress? Strategically, you're going to continue to solve for margin recapture? Or conversely, do some of the industry traffic trends, maybe give you any pause about taking more price? Just any thoughts would be great.

只是關於核心芝士蛋糕品牌的同店銷售結果的問題。您能給我們介紹一下本季度的流量、菜單價格和組合嗎？然後在菜單價格方面，您預計今年剩餘時間的進展如何？從戰略上講，您將繼續解決利潤收回問題嗎？或者相反，一些行業流量趨勢是否會讓您在採取更高價格時猶豫不決？任何想法都會很棒。

Brian, this is Matt. It's a good question, probably top of mind for most investors just on the actual data. The pricing was about 10.5% roughly for the quarter. The mix was a negative 5.4% and then the traffic was a negative 3.7%. As we talked about before, the mix has some to do with the change year-over-year in the off-premise, while being very stable and still a little bit heightened in Q2 of last year and the way that we count guests causes some of that negative mix impact. And the other part really was the higher purchasing behavior in Q2 of 2022. We're still running above pre-pandemic levels of what we call incident rates, was how much alcohol, dessert, appetizers guests are buying. But obviously, last year, the so-called Revenge buying was in place and we saw heightened levels.

布萊恩，這是馬特。這是一個很好的問題，對於大多數投資者來說，根據實際數據，這可能是他們最關心的問題。該季度的定價大致約為 10.5%。混合後的流量為負 5.4%，流量為負 3.7%。正如我們之前談到的，這種混合與場外的逐年變化有關，同時非常穩定，並且在去年第二季度仍然略有增加，而且我們計算客人的方式導致了一些變化。這種負面的混合影響。另一部分確實是 2022 年第二季度更高的購買行為。我們仍然高於大流行前的水平，即我們所說的事故率，即客人購買的酒精、甜點、開胃菜的數量。但顯然，去年所謂的報復性購買已經到位，我們看到了更高的水平。

For the remainder of the year, we're contemplating lapping our summer menu pricing with a 2% level versus the 4.25% we had. So, we'll see it diminish from the 10.5%. I think it will go to, I don't know, [at 9-ish] in the third quarter and then 7.5% or so weighted in the fourth quarter because remember, we did the catch-up at the beginning of December. So the balance of that will go into next year with more like 5% because we'll lap over some of that catch-up pricing that we had in the fourth quarter and exit.

在今年剩餘時間裡，我們正在考慮將夏季菜單定價從 4.25% 的水平上調至 2%。所以，我們會看到它從 10.5% 開始減少。我認為，我不知道，第三季度的權重將達到 9% 左右，然後第四季度的權重將達到 7.5% 左右，因為請記住，我們在 12 月初就進行了追趕。因此，明年的餘額將增加 5% 左右，因為我們將超越第四季度的部分追趕定價並退出。

I think though importantly, to your question, Brian, and maybe this is the most pertinent part of it and how we're thinking about it. Certainly, there was just a very difficult optical lap in the second quarter for Cheesecake. I mean we had exceptional sales volumes in the second quarter of last year, driven by some of that post-COVID surge. As we look at the quarter, kind of how we came out versus our expectations really, May was a little bit softer, maybe a couple of percent in terms of the timing and trying to figure out the seasonality of the new normal. And then we had a couple of delayed openings, obviously, that contributed to it. But really, June looked good.

我認為對於你的問題很重要，布萊恩，也許這是最相關的部分以及我們如何思考它。當然，對於芝士蛋糕來說，第二節的光學圈是非常困難的。我的意思是，在新冠疫情之後的一些激增的推動下，我們去年第二季度的銷量非常出色。當我們看這個季度時，我們的結果與我們的預期相比，實際上，五月份的情況有點軟，在時間安排和試圖弄清楚新常態的季節性方面可能軟了幾個百分點。然後我們有幾個延遲開放，顯然，這促成了這一點。但說實話，六月看起來不錯。

As we think about how we perform, we exited the quarter closer to mid-single-digit comps, most of the difference there being in traffic. So, we actually think our traffic is in pretty good shape going forward and that's what we're expecting to see as we go through the third and fourth quarter. So, we are taking less pricing than we have been and I think that will support it. But I think the underlying business trends going into the third quarter are very strong and we're pleased with that and we're going to keep doing what we're doing.

當我們思考我們的表現時，我們在本季度結束時的業績接近中個位數，其中大部分差異在於流量。因此，我們實際上認為我們的流量未來狀況相當良好，這就是我們在第三和第四季度所期望看到的情況。因此，我們的定價比以前要低，我認為這將支持它。但我認為進入第三季度的基本業務趨勢非常強勁，我們對此感到滿意，我們將繼續做我們正在做的事情。

And then just a follow-up on the development outlook. Your release mentioned some construction challenges, some permit approval delays. I know that's not unique to you, but I'm just wondering, is one of those two dynamics a bigger factor versus the other or one might expect? Would you expect one of them to improve more quickly than the other? I'm kind of asking in the context of understanding this year has been impacted. Do you want investors thinking that next year you could potentially get to that 6% to 7% net growth in 2024? Or will these issues be with you a bit longer?

然後只是後續發展展望。您的新聞稿提到了一些施工挑戰，一些許可證審批延遲。我知道這對你來說並不獨特，但我只是想知道，這兩種動態中的一種是否比另一種更重要，或者人們可能期望的？您是否期望其中一個比另一個進步得更快？我是在了解今年受到影響的情況下才問的。您是否希望投資者認為明年 2024 年您有可能實現 6% 至 7% 的淨增長？或者這些問題會困擾你一段時間嗎？

Brian, this is David Gordon. Great question. And as David Overton mentioned, the up to 20% for this year puts us, I think, at about 6.3% to 6.5% unit growth for this year. So, we still feel confident in that 7% number for next year when we look at our pipeline for next year. Most of the delays are not really on the construction side for us, a little bit more on the permitting, whether that's a local permit in a city or something more broad. And as far as equipment, as we've stated in the past, I think we've done a terrific job of ensuring that we have what we need for the openings and for the pipeline next year. So, it's more about cities being a little bit slower, more new people in jobs than previous. And then just being a little less quick to be able to do what we need. But over time, we would continue to hope that, that's only going to get better. And there's nothing internally that will keep us remitting those targets.

布萊恩，這是大衛·戈登。很好的問題。正如 David Overton 提到的，我認為今年高達 20% 的增長率使我們今年的單位增長率約為 6.3% 至 6.5%。因此，當我們審視明年的管道時，我們仍然對明年 7% 的數字充滿信心。對我們來說，大部分延誤實際上並不是在施工方面，更多的是在許可方面，無論是城市的當地許可還是更廣泛的許可。就設備而言，正如我們過去所說，我認為我們在確保明年擁有開口和管道所需的設備方面做得非常出色。所以，更多的是因為城市的發展速度比以前慢了一些，就業的新人比以前更多了。然後稍微慢一點就能完成我們需要的事情。但隨著時間的推移，我們仍然希望情況只會變得更好。內部沒有任何因素可以阻止我們實現這些目標。

Your next question comes from John Parke from Wells Fargo.

您的下一個問題來自富國銀行的約翰帕克。

Just look at the restaurant margins by banner, it looks like Cheesecake mainly outperformed in terms of the recovery this quarter. I guess, what's kind of driving that outsized growth? And can you kind of help us think about how much North Italian, other FRC are kind of being dragged down by the growth that you're seeing?

只要看一下餐廳的橫幅利潤率，芝士蛋糕本季度的複蘇主要表現優於大盤。我想，是什麼推動瞭如此巨大的增長？您能否幫助我們思考一下您所看到的增長對北意大利和其他 FRC 的拖累有多大？

Yes, we're pleased -- really pleased with the Cheesecake Factory margin recovery. If you think about the timing of the pricing versus inflation, we took that extra 3% at the end of last year and we're seeing that flow through. I think year-over-year, CAKE up 330 basis points. So, pretty much 100% flow through on the pricing. So, I think that's great to see. Part of the difference between the concepts is growth, as you noted. Usually, that's about a 2% or so delta depending on how many openings, but that's a good sort of rule of thumb.

是的，我們很高興——對芝士蛋糕工廠的利潤恢復感到非常高興。如果你考慮定價與通貨膨脹的時間關係，我們在去年年底額外收取了 3%，並且我們看到了這一變化。我認為與去年同期相比，CAKE 上漲了 330 個基點。因此，幾乎 100% 的定價都通過了。所以，我認為很高興看到這一點。正如您所指出的，這些概念之間的部分區別在於增長。通常，這大約是 2% 左右的增量，具體取決於空缺數量，但這是一個很好的經驗法則。

I think the other component of that for North was that we did some of the catch-up pricing actually in the second quarter. So, we didn't even get the full benefit of that yet. So, there's even another probably 1% lag, I think, just on the pricing front. So, we think all of our concepts are really well positioned on the recovery front. We're still building on that. It's not like we're declaring victory because we want to continue to increase it. But we think that we're making the right decisions and we've made a lot of progress.

我認為對於諾斯來說，另一個組成部分是我們實際上在第二季度進行了一些追趕定價。所以，我們還沒有充分享受到這一點。因此，我認為，就定價方面而言，甚至可能還存在 1% 的滯後。因此，我們認為我們所有的概念都非常適合復甦。我們仍在以此為基礎。我們宣布勝利並不是因為我們想繼續擴大勝利。但我們認為我們正在做出正確的決定並且我們已經取得了很多進展。

Can you just remind us what pricing was (inaudible) this quarter?

您能否提醒我們本季度的定價（聽不清）是多少？

As in, what we do about 4%.

例如，我們所做的大約是 4%。

Your next question comes from Dennis Geiger from UBS.

您的下一個問題來自瑞銀集團的丹尼斯·蓋格。

First question, if I could, I wanted to ask a little bit about delivery and sort of what you've seen there from a mix perspective, how that's changed? Any change with demand? And any other opportunities that you've identified within that channel?

第一個問題，如果可以的話，我想問一些關於交付的問題，以及您從混合角度看到的情況，這是如何改變的？需求有變化嗎？您在該渠道中發現了任何其他機會嗎？

Dennis, this is David Gordon. We continue to see very stable activity. The off-premise at 22% in Q2, just 1% below where we were in Q1. Delivery still makes up about 9% to 10% of that mix. 7% of it is phone or walk up and then the remainder is made up of online ordering. So, as we said, I think we may have said last quarter, we did extend our exclusive agreement with DoorDash, which continues to give us a really preferential marketing position as well as a very strong commission rate. That means that all of our off-premise sales, including the DoorDash sales are not, in any way, margin dilutive.

丹尼斯，這是大衛·戈登。我們繼續看到非常穩定的活動。第二季度的場外比例為 22%，僅比第一季度低 1%。交付仍佔該組合的 9% 至 10% 左右。其中 7% 是通過電話或上門訂購，其餘的是在線訂購。因此，正如我們所說，我想我們可能在上個季度說過，我們確實延長了與 DoorDash 的獨家協議，這繼續為我們提供真正優惠的營銷地位以及非常高的佣金率。這意味著我們所有的場外銷售，包括 DoorDash 銷售，無論如何都不會攤薄利潤。

So, we feel good about the fact that we've been able to hold a lot of those sales. We'd continue to see that remain. The summer tends to be the slowest time for delivery sales overall. So that 1% down from where we were last quarter. It was the same type of behavior we would have seen last year. But we feel really good about the ongoing partnership and also the integration we have with DoorDash on the rewards side, which has allowed guests to go ahead and use the incentives to reward also on DoorDash.

因此，我們對能夠保持大量銷售感到高興。我們將繼續看到這一點仍然存在。夏季往往是整體送貨銷售最慢的時期。比上個季度下降了 1%。這與我們去年看到的行為相同。但我們對目前的合作夥伴關係以及我們與 DoorDash 在獎勵方面的整合感到非常滿意，這使得客人可以繼續使用獎勵措施在 DoorDash 上進行獎勵。

One more, if I may. Matt, just I wanted to follow-up on the mid-single June exit that you spoke to. Definitely, a solid number. And it seems like that's maybe a good run rate that you're thinking about going forward. Just as you talked about some seasonality in earlier months, just curious, I guess, maybe on -- I don't know, on a multiyear basis, if you guys still think about that anymore. Just how to think about that over the coming months and if just kind of that June exit on a 1-year basis is a good way to think about the go-forward as we think about those trends?

如果可以的話，再來一張。馬特，我只是想跟進你談到的六月中旬的單曲退出。絕對是一個可靠的數字。看起來這可能是您正在考慮繼續前進的良好運行率。正如您在前幾個月談到的一些季節性因素一樣，我想，也許是——我不知道，在多年的基礎上，你們是否仍然會考慮這個問題。在接下來的幾個月裡如何思考這一點？在我們思考這些趨勢時，以一年為基礎的六月退出是否是思考未來的好方法？

Yes, this is Matt. Yes, as I said in the prepared remarks, I mean, it is still a little bit inconclusive, right, with any one data point. And so we always, I think, have cautioned against that. We continue to try to triangulate against 2019 and prior year absolute run rate, but there is some variability, right? So, there's been changes in holidays, you have 5-day differential now when you're comparing operating weeks. And so it is a little bit tricky. And I think that, that reinforces the need to be agile and the great job that our operators did managing with their forecasting of sales and driving flow-through was exceptional. I think that the beginning of the stability started last year kind of in the August-September time frame, if I remember correctly. And so we feel like that mid-single-digit run rate is appropriate. That's what we've been seeing. And that's what I think our outlook kind of encompasses, if you will.

是的，這是馬特。是的，正如我在準備好的發言中所說的那樣，我的意思是，對於任何一個數據點來說，它仍然有點不確定，對吧。因此，我認為我們總是對此提出警告。我們繼續嘗試對 2019 年和上一年的絕對運行率進行三角測量，但存在一些變化，對嗎？因此，假期發生了變化，當您比較營業周時，現在有 5 天的差異。所以這有點棘手。我認為，這強化了敏捷性的必要性，而且我們的運營商在銷售預測和推動流量方面所做的出色管理工作非常出色。如果我沒記錯的話，我認為穩定的開始是在去年八月到九月的時間範圍內開始的。因此，我們認為中等個位數的運行率是合適的。這就是我們所看到的。如果你願意的話，我認為這就是我們的前景所包含的內容。

Your next question comes from Joshua Long from Stephens Inc.

您的下一個問題來自 Stephens Inc. 的 Joshua Long。

Curious, if we go back to your comments, Matt, on the predictability of the financial performance, it sounds like as you kind of get away from maybe some choppier periods, whether that was early in the quarter or maybe 4th of July as some of your peers have talked about, the traffic sounds to be relatively calling in line with your expectations. And then to your point, even though you might have had some one-time items in there that maybe lowered the absolute revenue, it feels like the actual store level performance is kind of falling in line. Is that -- am I understanding that point right in terms of just how you're thinking about the predictability of the model?

好奇的是，馬特，如果我們回到你關於財務業績可預測性的評論，聽起來你似乎擺脫了一些波動時期，無論是本季度初還是 7 月 4 日，因為某些人你的同行說過，流量聽起來比較符合你的預期。然後就你的觀點而言，即使你可能有一些一次性商品可能會降低絕對收入，但感覺實際的商店級別績效有點下降。就您如何看待模型的可預測性而言，我對這一點的理解是否正確？

I think that's right. I mean, again, there continues to be some potential abnormalities in lapping numbers, right? So, I think that exists. But in the absolute terms, I think the last quarter was the most predictable that we've seen in the CAKE business in 3.5 years. And that goes for both, I think, the top and the bottom line. The input costs are not as volatile as they have been, thinking particularly about the COGS and the labor inflation and the moderation that we've seen and the fact that, that gives us some confidence that continued improvement in core costs with the stability of the top line is very achievable. So, I think that that's -- the variability has narrowed dramatically over the course of the last 6 months. And I think that's a real testament again to our teams benefiting from the environment and we're just hopeful that, that continues.

我認為這是對的。我的意思是，圈數仍然存在一些潛在的異常，對吧？所以，我認為這是存在的。但從絕對值來看，我認為上個季度是蛋糕業務 3.5 年來最可預測的一個季度。我認為這對於頂線和底線都適用。投入成本不再像以前那樣波動，特別是考慮到銷貨成本和勞動力通脹以及我們所看到的放緩，這一事實讓我們有信心隨著核心成本的穩定而持續改善。頂線是非常可以實現的。所以，我認為，在過去 6 個月中，變異性已顯著縮小。我認為這再次真正證明了我們的團隊從環境中受益，我們希望這種情況能夠繼續下去。

When we think about trends by geography, daypart or kind of maybe from a mix basis, it sounds like those are also pretty consistent as well. Anything to call out there that's either surprising or maybe that you've noticed within the context of the overall results?

當我們按地理位置、時段或某種混合基礎來考慮趨勢時，聽起來這些趨勢也非常一致。在整體結果的背景下，有什麼值得指出的令人驚訝的或可能是您注意到的嗎？

Yes. I mean when we look at things like daypart mix, it's within like 0.1% each of them versus 2019, for example, right? So, it's really close. We continue to see sort of that movement back to consistent historical trends. I don't know, it's possible that some of the heat has been a negative in some areas. I know I've heard some other commentary around that that's kind of unique and challenging. Obviously, there's no patio usage in about half the country right now. So, given our results and those factors, I think we feel even better.

是的。我的意思是，當我們觀察時段組合之類的情況時，與 2019 年相比，每個時段的變化幅度都在 0.1% 左右，對吧？所以，它真的很接近。我們繼續看到這種趨勢回到一致的歷史趨勢。我不知道，有可能高溫對某些地區產生了負面影響。我知道我聽過其他一些評論，認為這是一種獨特且具有挑戰性的做法。顯然，目前大約有一半的國家沒有使用露台。因此，考慮到我們的結果和這些因素，我認為我們感覺更好。

Your next question comes from Brian Vaccaro from Raymond James.

您的下一個問題來自 Raymond James 的 Brian Vaccaro。

I just wanted to circle back on The Cheesecake Factory comps. And I think you said you saw a little softness in May. Curious what you attribute that to. And then I appreciate the mid-single-digit comp comment exiting the quarter. I'm curious what that looks like on a comp versus '19 basis? Is that an improvement versus the up 14s versus what you saw in the first half of the year?

我只是想回顧一下芝士蛋糕工廠的比賽。我想你說過你在五月看到了一點疲軟。很好奇你把這歸因於什麼。然後我很欣賞本季度退出的中個位數的補償評論。我很好奇與 19 年相比，這會是什麼樣子？與您在今年上半年看到的 14 位數相比，這是否有所改善？

Yes. So I think, Brian, this is Matt. The first point really in May, it was around our expectations. I mean, trying to sort of model like we were saying year-over-year, there was a certain cadence last year. There was a certain cadence the year before and the year before and they've all been different. So, I think mostly that was around our internal expectations about how do you figure out this new second quarter pattern. I don't know that in absolute terms, it was better or worse because that's just hard to say. But I think versus our expectations, we improved as we went through the quarter. And I think roughly the sort of 14% to 15% versus 2019 is kind of our thinking still, right? I mean I think it's the stability of that is sort of back in line and I think it just represents mid-single-digits as compared to prior year.

是的。所以我想，布萊恩，這是馬特。第一點確實是在五月份，它符合我們的預期。我的意思是，試圖建立像我們逐年所說的模型，去年有一定的節奏。前年和前年都有一定的節奏，而且都不同。所以，我認為這主要是圍繞我們的內部預期，即如何找出第二季度的新模式。我不知道從絕對意義上講是好是壞，因為這很難說。但我認為與我們的預期相比，我們在整個季度中取得了進步。我認為與 2019 年相比，大約 14% 到 15% 仍然是我們的想法，對嗎？我的意思是，我認為它的穩定性有點回歸正常，我認為與前一年相比，它只代表了中個位數。

And then on the margin front, you expect confidence in recovering sort of your and recapturing pre-COVID margins and certainly good to see some of the improvement in North Italia, but -- and I hope my quick math is right on this, but it looks like Cheesecake segment margins may be still down about 90 basis points versus '19. I guess the question is, what are some of the key drivers from here that would allow Cheesecake segment margins to fully recapture pre-COVID levels in your view?

然後在利潤方面，你期望有信心恢復並重新奪回新冠疫情前的利潤，當然很高興看到意大利北部的一些改善，但是——我希望我的快速計算在這一點上是正確的，但它與19 年相比，芝士蛋糕細分市場的利潤率可能仍下降約90 個基點。我想問題是，在您看來，有哪些關鍵驅動因素可以讓芝士蛋糕細分市場的利潤率完全恢復到新冠疫情前的水平？

Well, Brian, first of all, I think your math is correct, right? So, I think that is true in the second quarter. I think that there are a couple of areas that we believe will help us continue to close the gap, maybe not as fast as we've seen in the last quarter or 2 with that level of incremental pricing. But as we continue to carry -- I mean, taking 2% in the summer is probably a little bit more than we might have historically that might have been 1.5%, but we're seeing also wage inflation rates that are below pre-pandemic levels. So again, I think we see the opportunity to be able to re-leverage a little bit in the labor and the COGS line items as we move forward.

好吧，布萊恩，首先，我認為你的數學是正確的，對吧？所以，我認為第二季度確實如此。我認為，我們相信有幾個領域將幫助我們繼續縮小差距，但速度可能不會像我們在上一兩個季度看到的增量定價水平那麼快。但隨著我們繼續保持——我的意思是，夏季的 2% 可能比我們歷史上可能達到的 1.5% 多一點，但我們也看到工資通脹率低於大流行前水平。因此，我認為，隨著我們的前進，我們看到了能夠在勞動力和銷貨成本項目中重新利用一點的機會。

The other comparison piece here is in the marketing and rewards. There is a little bit of expense there associated with the launch that we incurred both it incurred in the second quarter and we anticipate that, that will also be the case in the third and fourth. I think longer term, as David Gordon mentioned, we believe that it will be margin neutral, but obviously, the initiation and the customer acquisition costs. And that's probably in the 30 basis point, 35 basis point range for the second quarter and the back half of the year.

這裡的另一個比較部分是營銷和獎勵。我們在第二季度發生了一些與發布相關的費用，我們預計第三季度和第四季度也會出現這種情況。我認為從長遠來看，正如大衛·戈登提到的，我們相信這將是利潤中性的，但顯然，啟動成本和客戶獲取成本。第二季度和下半年的利率可能在 30 個基點、35 個基點範圍內。

And then, Matt, I just wanted to ask about the labor line specifically. And sales were a little light, but labor sort of came in, in line and looked like it was quite a bit below versus the first quarter. Are there any one-time items or nonrecurring adjustments that are worth highlighting? And just more color kind of fundamentally on what drove that favorability? Or are you seeing -- guessing you're seeing improvements in overtime improvements in hiring costs and training costs, et cetera. But any color you can provide there would be great.

然後，馬特，我只是想具體詢問一下勞工熱線。銷售量有點少，但勞動力有所增加，而且看起來比第一季度低了很多。是否有任何一次性項目或非經常性調整值得強調？從根本上來說，更多的色彩是什麼推動了這種好感？或者您是否看到 - 猜測您正在看到招聘成本和培訓成本等加班費的改善。但你能提供的任何顏色都會很棒。

Well, Brian, first of all, you did a better job selling it than we possibly could because it took all of those improvements that you noted. But really, the predictability of the sales component, the stability of that, we did have better productivity year-over-year. One of the things we've been really focused on operating-wise is on the forecasting and templating of labor. And the team has done an exceptional job improving upon that in this environment. And so we've seen a lot of efficiencies. I can tell you there are no one-time benefits that we have in there. Our group medical was basically on plan. All items were pretty much normal. I think that we were just in an opportunity to take advantage of the better staffing and execution that David Gordon talked about.

好吧，布萊恩，首先，你的銷售工作比我們做得更好，因為它採用了你指出的所有這些改進。但實際上，銷售部分的可預測性和穩定性，我們的生產力確實同比提高了。我們在運營方面真正關注的事情之一是勞動力的預測和模板。該團隊在這種環境下做出了出色的改進。所以我們看到了很多效率的提高。我可以告訴你，我們沒有一次性的好處。我們的團體醫療基本按計劃進行。所有項目都非常正常。我認為我們正好有機會利用大衛·戈登談到的更好的人員配置和執行力。

Brian, this is David Gordon. Our continued improvement in retention is certainly part of that, and it's paying off. As we look at Q2 of 2023 versus last year, we continue to have improvements. And we really are back to sort of our pre-pandemic best-in-class at staff. And most importantly, I think at the management level. That leads only to better operations over time, which leads to improved productivity. And our applicant flow continues to get better quarter after quarter.

布萊恩，這是大衛·戈登。我們在保留率方面的持續改進無疑是其中的一部分，而且它正在得到回報。與去年相比，我們看到 2023 年第二季度我們繼續取得進步。我們確實又回到了大流行前的一流員工隊伍。最重要的是，我認為在管理層面。隨著時間的推移，這只會帶來更好的運營，從而提高生產力。我們的申請人數逐季持續改善。

I think last reporting period, we had about 29 applicants for every hiring need. That's up to about 34 for every hiring need today and the quality of applicant continues to be people that have previously been in the industry versus at this time last year when we were probably still hiring people who didn't have experience. So, the longer those staff stay with us, gives us the ability to continue to cross-train them, make them more productive in the restaurants. And you take that combined with a more predictive sales environment and allows our operators to really maximize productivity and maximize labor and as you pointed out, reduce over time.

我認為上個報告期，我們有大約 29 名申請人滿足每種招聘需求。如今，每項招聘需求的數量都達到了 34 左右，而且申請人的質量仍然是以前在該行業工作過的人，而去年這個時候我們可能仍在招聘沒有經驗的人。因此，這些員工在我們這里工作的時間越長，我們就有能力繼續對他們進行交叉培訓，使他們在餐廳的工作效率更高。您將其與更具預測性的銷售環境相結合，使我們的操作員能夠真正最大限度地提高生產力和勞動力最大化，並且正如您所指出的，隨著時間的推移，減少勞動力。

Your next question comes from Sharon Zackfia from William Blair.

您的下一個問題來自威廉·布萊爾的莎朗·扎克菲亞。

I wanted to circle back to the rewards program, and I know it's early, but can you kind of give us your game plan on how you expect that to evolve over this year? And clearly, I'm assuming the goal is to incent frequency. I mean, given others experience with other kinds of programs, when do you think that would start to become manifest?

我想回到獎勵計劃，我知道現在還為時過早，但您能否向我們提供您的遊戲計劃，說明您預計今年該計劃將如何發展？顯然，我假設目標是激勵頻率。我的意思是，考慮到其他人在其他類型的項目上的經驗，你認為這什麼時候會開始變得明顯？

Sharon, it's David Gordon. As you probably recall that the program's design is really around published offers, unpublished offers and then marketable offers. And our longer-term goal is to be able to leverage the data and the insights to engage with guests and really drive incremental sales, while maintaining those restaurant level margins. And since we only launched the full program in June, I would say that we're taking time now to really analyze that data and we'll be doing that all throughout Q3. And then we'll look at where we might want to start some pinpointed marketing to drive some incremental visits in the fourth quarter.

莎倫，我是大衛·戈登。您可能還記得，該計劃的設計實際上是圍繞已發布的報價、未發布的報價以及適銷對路的報價進行的。我們的長期目標是能夠利用數據和見解與客人互動，真正推動銷售增量，同時保持餐廳水平的利潤。由於我們在六月份才啟動了完整的計劃，我想說我們現在正在花時間來真正分析這些數據，我們將在整個第三季度這樣做。然後我們將看看我們可能希望在哪裡開始一些有針對性的營銷，以推動第四季度的一些增量訪問。

But more likely, it's really next year that we would start leveraging it completely and have enough data that we think it would be very meaningful to be able to drive the right type of offers into the right channels at the right time to drive some incrementality, whether that's daypart occasion or incident occasion. So, we're looking forward to be able to do that fully next year.

但更有可能的是，明年我們將開始完全利用它，並擁有足夠的數據，我們認為能夠在正確的時間將正確類型的報價推入正確的渠道以推動一些增量，這將是非常有意義的，無論是白天的場合還是突發事件。因此，我們期待明年能夠完全做到這一點。

And is it kind of an omnichannel model where somebody can get recognized if they order through DoorDash? Or is it just if they come in or get-to-go in the brick-and-mortar?

這是一種全渠道模式嗎？如果有人通過 DoorDash 訂購，就可以得到認可？或者只是當他們進入或離開實體店時才如此？

No, it's also through DoorDash. It was one of the early things that we put together with DoorDash with the ability for somebody to be able to participate and drive value through DoorDash. So, it's omnichannel and anyway guests who would want to use it.

不，這也是通過 DoorDash 進行的。這是我們與 DoorDash 合作的早期項目之一，讓人們能夠通過 DoorDash 參與並推動價值。所以，它是全渠道的，無論如何客人都想使用它。

And then patio utilization was actually going to be one of my questions given how wacky the weather has been over the spring and summer. I mean is there any metric you can provide on kind of how patio utilization has looked more broadly for Cheesecake Factory this year versus last year?

考慮到春季和夏季的天氣有多麼古怪，露台的利用率實際上將成為我的問題之一。我的意思是，您是否可以提供任何指標來衡量今年芝士蛋糕工廠的露台利用率與去年相比如何？

I don't have it right in front of me. We've been talking about how to measure that in the heat and sort of that side of things, right, because it's a little trickier. I mean, we're better at measuring it when it's raining because that's a clear closure. I mean we know in sort of the absolute perspective that the those locations that typically drive greater patio sales have been impacted. I don't have a specific number that I think is ready to quote on that.

我面前沒有它。我們一直在討論如何在高溫下測量這一點，對吧，因為這有點棘手。我的意思是，我們在下雨時更擅長測量它，因為那是一個明顯的封閉。我的意思是，我們從絕對的角度知道，那些通常會推動露台銷售增加的地點受到了影響。我認為沒有具體的數字可以引用。

Your next question comes from Brian Harbour from Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩·哈伯。

Matt, some of the mix drivers that you explained earlier, do you think those will kind of start to even out in the second half of the year? Or do you see those continuing?

馬特，您之前解釋過的一些混合驅動因素，您認為這些因素會在下半年開始趨於平衡嗎？或者你認為這些還在繼續嗎？

Yes, the planning team and I were talking about that quite a bit to make sure that we have a good perspective because obviously, that's a component of revenue that is historically extremely stable. I think whatever variability there is in off-premise will continue to be a funny thing for us because of the way we count it. The other components of it, as we look at the last year, sequentially continue to move together to sort of historical levels. So, I think that piece was around 3% in the second quarter based on the current trend, it was about 4% in the first quarter. So, we think it will be probably 2% and 1% in the third and fourth quarters, sort of variance versus historical patterns and then kind of be back to a more normal perspective next year.

是的，規劃團隊和我對此進行了很多討論，以確保我們有一個良好的視角，因為顯然，這是歷史上極其穩定的收入組成部分。我認為，無論場外存在什麼變化，對我們來說都將繼續是一件有趣的事情，因為我們計算它的方式。當我們回顧去年時，它的其他組成部分繼續一起移動到某種歷史水平。因此，我認為根據目前的趨勢，第二季度該部分約為 3%，第一季度約為 4%。因此，我們認為第三季度和第四季度可能會達到 2% 和 1%，這與歷史模式有所不同，然後明年會回到更正常的角度。

Maybe just on North Italia too, you had strong same-store sales there. Could you comment just on some of the newer units, how they're doing from a revenue ramp perspective. Also, maybe just from kind of a margin perspective. And then you alluded to other actions to address North Italia margins, which it sounds like part of that is just price, but was there anything else there that you're doing?

也許就在意大利北部，同店銷售也很強勁。您能否從收入增長的角度評論一些較新的單位，以及它們的表現如何。另外，也許只是從利潤角度來看。然後您提到了解決意大利北部利潤問題的其他行動，這聽起來像是價格的一部分，但是您還有其他正在做的事情嗎？

Brian, this is David Gordon again. I think that what we see at North is more typical of the rest of the industry versus what we see at Cheesecake when we open up in a new market. It's more of a gradual ramp-up and we really look to be at our full sales potential probably by the third year in North Italia, whereas Cheesecake Factory opens up generally, some of its highest volumes and then over time, settles into where it would be in the long term.

布萊恩，我又是大衛·戈登。我認為，當我們開拓新市場時，我們在 North 看到的情況比我們在 Cheesecake 看到的情況更典型。這更像是一個逐步的提升，我們真的希望在意大利北部的第三年能夠充分發揮我們的銷售潛力，而芝士蛋糕工廠一般會開業，其中一些銷量最高，然後隨著時間的推移，會達到預期的水平從長遠來看。

On the margin side, as Matt mentioned, we have another price increase in October, right, at the end of October for North Italia. But more importantly, I think the margin progress we've made thus far has come through supply chain and we have more work to continue to do there to leverage the scale of Cheesecake Factory supply chain and distribution in North Italia. We've also started incorporating at North. A lot of the analytics that we use at Cheesecake Factory and dashboards for operational trends to allow them to increase productivity and also seeding capacity to make sure that they're leveraging. They take a lot more reservations at North Italia than Cheesecake to ensure that they're balanced in their reservations percentage versus walking guests. And I think that's going to continue to help over time.

在利潤方面，正如馬特提到的，我們在十月份再次提價，對吧，十月底意大利北部。但更重要的是，我認為我們迄今為止取得的利潤率進步是通過供應鏈實現的，我們還有更多工作要做，以利用芝士蛋糕工廠供應鍊和意大利北部分銷的規模。我們也開始在 North 進行合併。我們在 Cheesecake Factory 中使用的許多分析和運營趨勢儀表板使他們能夠提高生產力和播種能力，以確保他們能夠充分利用。他們在北意大利的預訂量比 Cheesecake 多得多，以確保他們的預訂率與步行客人的預訂率保持平衡。我認為隨著時間的推移，這將繼續提供幫助。

Brian, just to add on one thing to what David was talking about with the sales. One of the things we see too, is when we go into a market, maybe open 2 or 3, it really helps that in 3 years later, kind of all of it starts to coalesce. And when we were doing a business review recently, we were looking at some of those just pre-COVID openings in the Washington, D.C. and Virginia area, and we have 3 restaurants there that two years ago, we were saying, boy, we need to do some work. And because we're used to Cheesecake Factory, we look at that now, and they're practically at the same unit volumes as the rest of the North system and their margins are great. And so it really is, I guess, tracking to that pattern that David talked to, right? And I think that's what gives us confidence to keep opening as we've seen kind of market to market those growth opportunities really start to pan out as we stabilize post-pandemic.

布萊恩，我想在大衛談到的銷售方面補充一件事。我們也看到的一件事是，當我們進入一個市場時，也許開放 2 或 3 個市場，這確實有幫助，在 3 年後，所有這些都開始融合。當我們最近進行業務審查時，我們正在研究華盛頓特區和弗吉尼亞地區的一些新冠疫情爆發前剛剛開業的餐廳，我們在那裡有 3 家餐廳，兩年前，我們說，天哪，我們需要做一些工作。因為我們已經習慣了芝士蛋糕工廠，所以我們現在看看，它們的單位體積實際上與北方系統的其他部分相同，而且它們的利潤率很高。我想，這確實是在追踪大衛所說的模式，對嗎？我認為這給了我們繼續開放的信心，因為隨著我們在大流行後的穩定，我們已經看到市場對市場的增長機會真正開始顯現。

Your next question comes from Andy Barish from Jefferies.

您的下一個問題來自 Jefferies 的 Andy Barish。

Just circling or adding on to that actually. It sounds like Flower Child is kind of by year-end, going to come in-house as well. I know it's not as big as North, but do you expect that to kind of have some noticeable benefits as you work your way through '24?

實際上只是圈出或添加它。聽起來“Flower Child”似乎會在年底前進入公司內部。我知道它不像 North 那麼大，但是你是否期望在你 24 歲的工作中會帶來一些明顯的好處？

Andy, this is David. We do. And we've been working this year on incorporating more aspects of Flower Child under The Cheesecake Factory umbrella, made some really strong improvements there on supply chain integration as well. We are actually building the next 2 Flower Child and designing the next 2 that will open this year. So, we feel very positive that by the end of the year, it would be fully under our umbrella and our development teams and new restaurant opening teams will be leading the charge as we continue to grow Flower Child and we continue to think it has great potential as a high-end fast-casual concept that's very uniquely positioned out there in the marketplace.

安迪，這是大衛。我們的確是。今年我們一直致力於將 Flower Child 的更多方面納入 Cheesecake Factory 旗下，並在供應鏈整合方面做出了一些真正強有力的改進。我們實際上正在建造下兩個“花童”，並設計將於今年開業的下兩個。因此，我們非常樂觀地認為，到今年年底，它將完全在我們的保護之下，我們的開發團隊和新餐廳開業團隊將在我們繼續發展Flower Child 的過程中發揮帶頭作用，我們仍然認為它有很大的優勢作為高端快速休閒概念的潛力，在市場上具有非常獨特的定位。

And then just touching on the labor side, again, I know there's been a couple questions on it. But in terms of the mid-single-digit guide for labor increases in the 3Q. Is that all wage? Or are there still some hours being added? Or is there a productivity that's kind of netting out some improvements against any of those factors? Just a little bit more color on that would be helpful.

然後再次談到勞工方面，我知道有幾個問題。但就第三季度勞動力增長的中個位數指引而言。這都是工資嗎？或者還需要增加一些時間嗎？或者是否存在一種生產力可以針對這些因素中的任何一個進行一些改進？只要多加一點顏色就會有幫助。

Andy, it's Matt. We're really talking about wages. I mean that makes up the preponderance of the inflationary impact. And I think there's always opportunities to offset some of that with productivity. But just from a pure inflationary environment, we're saying wage inflation is mid-single digits.

安迪，是馬特。我們真正談論的是工資。我的意思是，這構成了通貨膨脹影響的主要部分。我認為總有機會通過生產力來抵消其中的一些影響。但僅從純粹的通脹環境來看，我們認為工資通脹率為中個位數。

And is there a component of that Matt that you have off the top of your head on state mandates coming up in July-September, those kind of things?

對於 7 月至 9 月即將出現的州政府強制令之類的事情，您是否已經想到了該馬特的某個組成部分？

Yes, it incorporates in California. I think that there's some jurisdictions here that have some of that maybe LA County. I think one of the promising things on the wage inflation, though, because, I mean, obviously, we've sort of said mid-single from the beginning of this year is it has ticked down, right? So, I would say that it went from more higher mid-single to now, lower mid-single based on the actual realized wage inflation that we're seeing. So, it is improving, Andy. I think that is important to note, but it still kind of sits within that mid-range.

是的，它在加利福尼亞州註冊成立。我認為這裡有一些司法管轄區，其中可能有洛杉磯縣。不過，我認為工資通脹是有希望的事情之一，因為，我的意思是，顯然，我們從今年年初開始就說過，工資通脹已經下降，對吧？所以，我想說的是，根據我們所看到的實際實現的工資通脹，它從更高的中單變為現在的更低的中單。所以，情況正在改善，安迪。我認為這一點值得注意，但它仍然位於中間範圍內。

Your next question comes from David Tarantino from Baird.

你的下一個問題來自貝爾德的大衛·塔倫蒂諾。

First, I wanted to clarify just the traffic trend that you're seeing exiting, I guess, you saw exiting the second quarter and in the early part of this quarter, that corresponds with the, I guess, the closer to mid-single-digit comment that you made, Matt. I guess is traffic still negative? Or I guess, how would you frame up what you're seeing more recently over the last 1.5 months or so?

首先，我想澄清一下您所看到的退出流量趨勢，我想，您看到了第二季度和本季度初的退出情況，我想這與接近單曲中期的情況相對應。你發表的數字評論，馬特。我想流量還是負數嗎？或者我猜，您會如何描述過去 1.5 個月左右的時間裡您最近看到的情況？

We're only going to comment on June, but you can extrapolate. Our sort of guide is kind of based on these theories. We don't talk about the inter-quarter. But in June, we were at a mid-single-digit comp. And really just the difference between the rest of the quarter was predominantly driven by traffic. So, traffic was negative 3.7% for the quarter on a 1.5% comp. And so it's getting pretty close. I mean week-to-week, there can be differences based on holidays or if we're going to run national Cheesecake Day promotions or things like that. But we'll see where we get to, but it's getting pretty close to breakeven.

我們只會對六月發表評論，但您可以進行推斷。我們的指南是基於這些理論的。我們不談論季度間的事情。但在六月份，我們的業績處於中個位數。實際上，本季度剩餘時間之間的差異主要是由流量驅動的。因此，本季度流量為負 3.7%，而同期流量為 1.5%。所以它已經非常接近了。我的意思是，每週，根據假期或者我們是否要舉辦全國芝士蛋糕日促銷活動或類似的事情，可能會有所不同。但我們會看看我們能達到什麼水平，但它已經非常接近收支平衡了。

And then I guess my question is on your decision on pricing. I mean your pricing levels currently are among the highest in the industry year-over-year. And I know you were kind of late to catch up to the industry, so understandable. But I guess the decision to take more in August and even more than you've done historically? I guess, why do that in a market that seems like traffic is pretty fragile. I guess, what's the objective there? Is it mainly just to recover margins? And I guess, how do you think about the risk of traffic in doing that?

然後我想我的問題是關於你的定價決定。我的意思是，你們的定價水平目前是行業中同比最高的。我知道你趕上這個行業有點晚了，所以可以理解。但我想決定在八月份採取更多措施，甚至比歷史上採取的措施還要多？我想，為什麼要在一個流量看起來相當脆弱的市場上這樣做呢？我想，那裡的目標是什麼？主要是為了收回利潤嗎？我想，您如何看待這樣做的流量風險？

Yes. I think it goes, David, part and parcel with what I just said. I mean when we look at sort of the underlying traffic, it's pretty stable in our business. The underlying purchase behavior is very stable and in line or better than historical rates. And so I feel like sort of our objective this year is to rebuild our profitability and to develop the sales levers to grow off of this base. And really, if you think about the rewards program and the operational execution, we're going to accomplish those things. We're still in our math, probably 2% below the cumulative pricing of the industry since 2019.

是的。大衛，我認為這與我剛才所說的完全一致。我的意思是，當我們查看某種潛在流量時，我們的業務相當穩定。基本購買行為非常穩定，符合或優於歷史價格。因此，我覺得我們今年的目標是重建我們的盈利能力並開發銷售槓桿以在此基礎上實現增長。事實上，如果你考慮獎勵計劃和運營執行，我們將完成這些事情。我們仍在計算中，可能比 2019 年以來行業累計定價低 2%。

And so year-over-year, as you noted, it's a little bit funny because of the timing of when we did pricing. But I still feel like the inflationary impacts over the course of those 4 years has outpaced what we've done. And so I think this helps us just get that last leg back in a situation and during a time period where we feel like the business is very stable.

因此，正如您所指出的，年復一年，由於我們進行定價的時間安排，這有點有趣。但我仍然覺得這四年的通貨膨脹影響已經超過了我們所做的。因此，我認為這有助於我們在我們認為業務非常穩定的情況下恢復最後一腿。

Next question comes from John Ivankoe from JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

I think I calculated something like 25 new units next year. And I wanted to get a sense of how you felt about the current pipeline. I mean what you're seeing in terms of location quality. I mean is it more competitive to get some of the best sites? Are you actually getting access to some of the best sites that were challenging from some time ago? And I'm curious for the types of landlords that you have, is your balance sheet even more coveted at this point? In other words, if you take less [TI] money are you actually getting it back to the other end, embedding a better overall lease terms?

我想我估計明年會有 25 個新單位。我想了解一下您對當前管道的感受。我的意思是你所看到的位置質量。我的意思是，獲得一些最好的網站是否更具競爭力？您是否真的能夠訪問一些前一段時間以來具有挑戰性的最佳網站？我很好奇你們的房東是什麼類型，你們的資產負債表現在是否更令人垂涎？換句話說，如果你拿的[TI]錢更少，你真的會把它帶回另一端，嵌入更好的整體租賃條款嗎？

John, I'll let Matt touch on the balance sheet. But as far as the site potential, we feel good about the pipeline, as I said earlier, for 2024. The types of sites, the type of projects, the high-end projects, if it's a mall being in an A mall, still, we're going to let the best sites, A sites drive our decisions. And I would just say our portfolio of concepts really allows landlords to come to us and say, hey, we have these opportunities, what would be the best fit for this particular project? And between Cheesecake Factory, North and now at 3,500 square foot Flower Child or even 8,000 square foot to 10,000 square foot culinary dropout, we have a lot of options. So, I think we're sitting in a really comfortable place to be able to hit that 7% into growth for next year and as we look forward.

約翰，我會讓馬特談談資產負債表。但就場地潛力而言，正如我之前所說，我們對 2024 年的管道感到滿意。場地類型、項目類型、高端項目，如果是 A 購物中心中的購物中心，仍然，我們將讓最好的網站、A 網站來推動我們的決策。我只想說，我們的概念組合確實讓房東可以來找我們說，嘿，我們有這些機會，什麼最適合這個特定項目？從 North 的 Cheesecake Factory 到現在 3,500 平方英尺的 Flower Child 甚至 8,000 平方英尺到 10,000 平方英尺的烹飪學校，我們有很多選擇。因此，我認為我們正處於一個非常舒適的位置，能夠在明年實現 7% 的增長，正如我們所期待的那樣。

I think, John, this is Matt. On the balance sheet, I mean, certainly, it helps, right? I think that the name Cheesecake Factory is even more important. And so I think it's all of those attributes and we're bringing to centers, the types of activities, the entertainment sort of quality that the landlords want. I would say that generally, the leasing environment is similar to what we may have expected historically though, in terms of terms. Everybody asked that question. For A properties, it's basically around the same as we got before, which is still best-in-class, but it's not like it's uniquely better than it ever was for the top properties.

我想，約翰，這是馬特。在資產負債表上，我的意思是，它當然有幫助，對吧？我認為Cheesecake Factory這個名字更重要。因此，我認為我們正在為中心帶來房東想要的所有這些屬性、活動類型和娛樂質量。我想說的是，總體而言，租賃環境與我們歷史上的預期相似。每個人都問過這個問題。對於 A 級房產來說，它與我們之前得到的基本相同，這仍然是同類中最好的，但它並不是比頂級房產更好。

Your next question comes from Jeffrey Bernstein from Barclays.

你的下一個問題來自巴克萊銀行的杰弗裡·伯恩斯坦。

Definitely encouraging to hear that the traffic trend, it sounds like are approaching flattish to demonstrate that the brand is still driving the same consumer frequency. I'm just wondering whether you -- just because you are running -- we're running that north of 10% price. Just wondering, you measure the value scores on a regular basis. I know you talked about guest satisfaction, but just wondering how you think about the value scores and how you measure them, what your most recent learnings have been, just to make sure that the price hasn't intimidated the consumer? And then I had one follow-up.

聽到流量趨勢絕對令人鼓舞，聽起來似乎正在趨於平淡，這表明該品牌仍在推動相同的消費頻率。我只是想知道你是否——僅僅因為你在運行——我們就運行了 10% 以上的價格。只是想知道，您定期測量價值分數。我知道您談到了賓客滿意度，但只是想知道您如何看待價值得分以及如何衡量它們，您最近的了解到是什麼，只是為了確保價格不會嚇到消費者？然後我進行了一項後續行動。

This is David. Actually, we do an annual attitude usage and awareness study, and we just actually completed that with our guests. And I'd say that our value scores are pretty stable. We also know that there's still a portion of guests that haven't come back yet, post-COVID. I know we've talked about that before. And in the study, we saw that about 60% of our lapsed guests have stated that they have interest in coming within the next 6 months. So, we're hoping to build upon. Some of those guests that still love us and maybe weren't comfortable to come back [and not yet] and we feel good about that. But we haven't really seen, as Matt said, when you look at incident rates, our desserts as a percentage of sales continue to be 17%. We don't really see anything in scores or behavior that would give us pause.

這是大衛。事實上，我們每年都會進行一次態度使用和意識研究，我們剛剛與我們的客人一起完成了這項研究。我想說我們的價值得分非常穩定。我們還知道，新冠疫情過後，仍有一部分客人尚未回來。我知道我們之前已經討論過這個問題。在研究中，我們發現大約 60% 的流失客人表示他們有興趣在未來 6 個月內光臨。因此，我們希望以此為基礎。有些客人仍然愛我們，但可能不願意回來（現在還沒有），我們對此感覺很好。但我們並沒有真正看到，正如馬特所說，當你看看事故率時，我們的甜點佔銷售額的百分比仍然是 17%。我們在分數或行為中並沒有真正看到任何會讓我們停下來的東西。

And I would just remind you too that the breadth of the menu is just so strong and the breadth of price points continues to be so strong that it allows guests to really navigate that menu and use it in a way that makes sense for them from a consumer choice menu item, but also just from a pricing standpoint and how they want to use the menu as well. And that was actually my follow-up question, just because you now operate such a broad portfolio or involve such broad portfolio of brands and you're servicing such a broader demographic, just wondering if you've seen any signs of change in behavior? I mean, it actually sounds like you believe trends have actually strengthened to close the second quarter. But I'm just wondering, across your portfolio, have there been -- have you noticed any leading indicators to demonstrate any sign of a slowdown across the portfolio? Or are you really just not seeing anything to demonstrate that across the portfolio just yet?

我還要提醒您，菜單的廣度是如此之大，而且價格點的廣度也如此之大，以至於客人可以真正瀏覽菜單並以對他們來說有意義的方式使用它。消費者選擇菜單項，但也只是從定價的角度以及他們想要如何使用菜單的角度來看。這實際上是我的後續問題，只是因為您現在經營如此廣泛的產品組合或涉及如此廣泛的品牌組合，並且您正在為更廣泛的人群提供服務，只是想知道您是否看到了行為改變的跡象？我的意思是，聽起來您實際上相信趨勢實際上在第二季度結束時有所加強。但我只是想知道，在您的投資組合中，您是否注意到任何領先指標表明整個投資組合有任何放緩的跡象？或者您真的還沒有看到任何東西可以在整個投資組合中證明這一點？

No. I think generally, all of the concepts kind of trade slightly higher end, but a broad array of locations and occasions and so what I think we've seen for take has been consistent across all of it, Jeff. So like really looking at Flower Child, as David Gordon mentioned, the sales continue to improve quarter-over-quarter. And so that's primarily to go business, right, and fast casual, but we're seeing sort of the same resiliency and positive guest reception. So, I mean I just think that generally, the consumer is in pretty good shape. Interestingly enough, right, the sort of talk and the news has switched in the past month as well away from Doomsday to maybe soft landing. And you look at the Michigan survey, and it's up significantly over the past couple of months. And so I do think, generally, consumers are feeling better and it's showing up.

不。我認為一般來說，所有的概念都有點高端，但地點和場合範圍廣泛，所以我認為我們所看到的在所有這些概念中都是一致的，傑夫。正如大衛·戈登提到的，就像真正審視 Flower Child 一樣，銷售額逐季度持續增長。所以這主要是為了商務，對吧，和快速休閒，但我們看到了同樣的彈性和積極的賓客接待。所以，我的意思是，我認為總體而言，消費者的狀況相當不錯。有趣的是，在過去的一個月裡，這種言論和新聞也從世界末日轉向了軟著陸。你看看密歇根州的調查，你會發現它在過去幾個月裡顯著上升。所以我確實認為，總的來說，消費者感覺更好了，而且這一點正在顯現。

The final question comes from Jim Sanderson from North Coast Research.

最後一個問題來自北海岸研究中心的吉姆·桑德森。

Wondering if you could walk through for North Italia the breakout between traffic and check and what type of price do you expect to carry through into the back half of '23?

想知道您是否可以在北意大利經歷交通和支票之間的突破，以及您希望在 23 年下半年保持什麼樣的價格？

The traffic was positive 2%, price was 8% and the mix was negative 2%. And I think we would expect probably to carry about 8% pricing throughout the rest of the year.

流量為正 2%，價格為 8%，混合為負 2%。我認為我們預計今年剩餘時間的定價可能會上漲 8% 左右。

Any feedback on any change in alcohol mix that you would want to call out? Indication that the consumer might be trading down.

對於酒精混合的任何變化，您有什麼想要提出的反饋嗎？表明消費者可能正在降價購買。

Jim, this is David. No, we really haven't seen that in any of the concept, Cheesecake or North or the other FRC concepts that have a heavier bar mix to begin with, we haven't really seen any trade down [long].

吉姆，這是大衛。不，我們確實沒有看到任何概念，Cheesecake 或 North 或其他 FRC 概念，它們一開始就含有較重的酒吧組合，我們還沒有真正看到任何下降[長期]。

And what is your alcohol mix on average just across?

您的平均酒精含量是多少？

Well, that's a pretty broad question because it can be very different. And so I think Cheesecake historically is around the 13-ish range, but it can run all the way up, (inaudible) dropout might be in the low-30s or so. So, it runs the game. I would say probably Flower Child is the lowest, that's in the low single-digits because it's really just some [red sangria] and things like that. So, it's a -- it depends on the concept, Jim.

嗯，這是一個非常廣泛的問題，因為它可能非常不同。所以我認為 Cheesecake 歷史上大約是 13 左右的範圍，但它可以一路上升，（聽不清）輟學率可能在 30 左右左右。因此，它運行遊戲。我想說，花童可能是最低的，只有低個位數，因為它實際上只是一些[紅色桑格利亞汽酒]之類的東西。所以，這取決於概念，吉姆。

There are no further questions at this time. This concludes today's conference call, and you may now disconnect.

目前沒有其他問題。今天的電話會議到此結束，您現在可以掛斷電話了。