Cheesecake Factory Inc (CAKE) 2023 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Krista and I'll be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to The Cheesecake Factory Fourth Quarter and Fiscal Year 2023 earnings conference call.

此時此刻，我歡迎大家參加 The Cheesecake Factory 第四季和 2023 財年財報電話會議。

(Operator Instructions) I would now like to turn, the conference over to Etienne Marcus, Vice President of Finance and Investor Relations.

（操作員指示）我現在想將會議交給財務和投資者關係副總裁艾蒂安·馬庫斯 (Etienne Marcus)。

Etienne, you may begin your call.

艾蒂安，您可以開始通話了。

Good afternoon and welcome to our Fourth Quarter Fiscal 2023 earnings call.

下午好，歡迎參加我們的 2023 財年第四季財報電話會議。

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.

今天與我通話的是我們的董事長兼執行長 David Overton；大衛‧戈登，我們的總統；以及我們的執行副總裁兼財務長 Matt Clark。

David Gordon, our President, is serving on jury duty and is unable to join us on today's call.

我們的主席大衛戈登正在履行陪審員職責，無法參加今天的電話會議。

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.

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。

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.

由於今天新聞稿中詳述的因素，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異，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。

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.

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，本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.

此外，在本次電話會議中，在討論可比較銷售額時，除非另有說明，我們將指的是按營業週計算的可比較銷售額。

We will also be presenting results on an adjusted basis, which exclude impairment of assets and lease terminations and acquisition related expenses.

我們也會在調整後的基礎上公佈業績，其中不包括資產減損、租賃終止和收購相關費用。

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

如前所述，我們對非公認會計原則財務指標的使用以及與最直接可比較的公認會計原則指標的調節的解釋出現在我們的新聞稿和網站中。

David Overton will begin today's call with some opening remarks.

大衛·奧弗頓將在今天的電話會議上發表一些開場白。

And Matt will provide a business update, review our fourth quarter results in detail, and finish up with some commentary on our outlook for the first quarter and full year 2024, before opening the call up to questions.

馬特將提供業務更新，詳細審查我們第四季度的業績，並在開始提問之前對我們第一季和 2024 年全年的前景發表一些評論。

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.

謝謝你，艾蒂安。

We finished the year on a strong note with continued improvement across many facets of our business, resulting in solid financial performance, including revenues in line with expectations and better than anticipated profit margins.

我們以強勁的業績結束了這一年，業務的許多方面持續改善，實現了穩健的財務業績，包括符合預期的收入和優於預期的利潤率。

Fourth quarter revenues were $877 million led by comparable sales at The Cheesecake Factory restaurants, up 2.5% versus the prior year and 14% versus 2019, once again, meaningfully outpacing the casual dining industry and demonstrating the strength and consistency of our brands.

第四季營收為 8.77 億美元，其中 The Cheesecake Factory 餐廳的可比銷售額比上年增長 2.5%，比 2019 年增長 14%，再次大幅超越休閒餐飲行業，展示了我們品牌的實力和一致性。

To this point, Cheesecake Factory restaurants delivered the highest average weekly sales in the company's history in the last week of the fourth quarter.

至此，Cheesecake Factory 餐廳在第四季度最後一周創造了公司歷史上最高的平均週銷售額。

Our top-line performance is a reflection of our steadfast focus on menu innovation, maintaining the contemporary design and decor of our restaurants, and delivering exceptional food quality, service, and hospitality.

我們的頂級業績反映了我們堅定不移地專注於菜單創新，保持餐廳的現代設計和裝飾，並提供卓越的食品品質、服務和熱情好客。

Further building on the outstanding execution delivered by our operations team, we exceeded our expectations in labor productivity, food efficiency and wage management, contributing towards restaurant-level profit margin of 16.1% at The Cheesecake Factory, not only exceeding our projections, but also surpassing Fourth Quarter 2019 margin levels.

進一步依靠我們營運團隊的出色執行力，我們在勞動生產力、食品效率和工資管理方面超出了我們的預期，為The Cheesecake Factory 的餐廳級利潤率做出了16.1% 的貢獻，不僅超出了我們的預測，而且還超越了我們的預期。2019 年第四季 利潤水準。

On the development front, we successfully opened nine new restaurants during the fourth quarter including three Cheesecake Factories, three North Italia, and three FRC restaurants.

在發展方面，我們在第四季度成功開設了九家新餐廳，包括三家Cheesecake Factory、三家North Italia和三家FRC餐廳。

Additionally, two Cheesecake Factory restaurants open internationally under licensing agreements, one in China and our first location in Thailand.

此外，我們還根據許可協議在國際上開設了兩家 Cheesecake Factory 餐廳，其中一家位於中國，第一家位於泰國。

Subsequent to quarter end, we opened a North Italia restaurants in Houston, a Flower Child in the Dallas market, and one Cheesecake Factory restaurant internationally under licensing agreement in Mexico.

季度末後，我們在休士頓開設了一家 North Italia 餐廳，在達拉斯市場開設了一家 Flower Child 餐廳，並根據許可協議在墨西哥開設了一家 Cheesecake Factory 餐廳。

And lastly, this morning, we opened our newest culinary dropout in Atlanta.

最後，今天早上，我們在亞特蘭大開設了最新的烹飪店。

We are looking to build on this momentum.

我們希望在此勢頭的基礎上再接再厲。

And while the development conditions have not been fully normalized, we are aiming to further accelerate our unit growth.

雖然發展條件尚未完全正常化，但我們的目標是進一步加速我們的單位成長。

At this time, we're planning to open as many as 22 new restaurants in 2024, including as many as three to four Cheesecake Factories, six to seven North Italia, six to seven Flower Child, and six to seven FRC restaurant.

目前，我們計劃在 2024 年開設多達 22 家新餐廳，其中包括三到四家 Cheesecake Factory、六到七家 North Italia、六到七家 Flower Child 和六到七家 FRC 餐廳。

As we look ahead, we remain intently focused on leveraging our competitive strengths.

展望未來，我們仍然專注於利用我們的競爭優勢。

The scale of our business, our differentiated brands, and the best-in-class operators to drive additional shareholder value and market share gains.

我們的業務規模、差異化品牌和一流的營運商將推動股東價值和市場份額的額外成長。

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

現在，我將把電話轉給馬特。

Thank you, David.

謝謝你，大衛。

Let me first provide a high-level recap of our fourth quarter results versus our expectations I outlined last quarter.

讓我先對我們第四季的業績與我上季概述的預期進行簡要回顧。

Total revenues of $877 million finished essentially at the midpoint of the range we provided.

總收入為 8.77 億美元，基本上處於我們提供的範圍的中點。

Adjusted net income margin of 4.5% exceeded the 4.25% guidance we provided, and we returned $22.9 million to our shareholders in the form of dividends and stock repurchases.

調整後淨利潤率為 4.5%，超過了我們提供的 4.25% 指導值，我們以股息和股票回購的形式向股東返還了 2,290 萬美元。

For the year, we delivered total revenues of $3.44 billion, a 6.7% increase over 2022 after excluding the impact of the additional week in fiscal 2022 and adjusted earnings per share of $2.69, a significant improvement over fiscal 2022 and above 2019 adjusted EPS.

今年，我們實現了總收入34.4 億美元，排除2022 財年額外一周的影響後，比2022 年增長6.7%，調整後每股收益為2.69 美元，比2022 財年顯著改善，高於2019 年調整後每股收益。

Now turning to some specific details around the quarter.

現在轉向本季的一些具體細節。

Fourth quarter total sales of The Cheesecake Factory restaurants were $658 million with comparable sales up 2.5% versus the prior year and 14% versus 2019, a slight increase from the third quarter.

The Cheesecake Factory 餐廳第四季總銷售額為 6.58 億美元，可比銷售額較上年增長 2.5%，較 2019 年增長 14%，較第三季略有增長。

Importantly, the improvement was driven by better traffic and menu mix as year over year, menu pricing declined.

重要的是，這種改善是由更好的流量和菜單組合推動的，因為菜單價格逐年下降。

Therefore, on-premise incident rates remained above 2019 levels and by the same amount as in the third quarter, demonstrating stability, even as we continue lapping a heightened spending from last year.

因此，儘管我們繼續保持去年支出的增加，但內部事故率仍然高於 2019 年的水平，且與第三季度的水平相同，這表明了穩定性。

And off-premise sales totaled 22% of sales for the fourth quarter, in line with a full-year percentage of sales.

第四季場外銷售額佔銷售額的 22%，與全年銷售額百分比一致。

Total sales for North Italia were $67.2 million, with fourth-quarter comparable sales increasing 7% from the prior year and 34% versus 2019, resulting in annualized AUVs of $7.9 million. Restaurant-level

北義大利的總銷售額為 6,720 萬美元，第四季可比銷售額較上年增長 7%，較 2019 年增長 34%，年化 AUV 為 790 萬美元。餐廳級

profit margin for the adjusted mature North Italia locations was 15.8%, up 330 basis points from the previous quarter.

調整後的義大利北部成熟地區利潤率為15.8%，較上季上升330個基點。

The margin improvement was supported by a 3.7% menu price increase in October.

10 月菜單價格上漲 3.7%，支撐了利潤率的提高。

Other FRC sales totaled $70.9 million and sales per operating week were $138,500.

其他 FRC 銷售額總計 7,090 萬美元，每個營業週的銷售額為 138,500 美元。

Flower Child sales totaled $30.4 million and sales per operating week were $75,500.

Flower Child 銷售額總計 3,040 萬美元，每個營業週的銷售額為 75,500 美元。

And external bakery sales were $16.6 million during the fourth quarter of fiscal 2023.

2023 財年第四季的外部烘焙銷售額為 1,660 萬美元。

Now moving to year-over-year expense variance commentary.

現在轉向同比費用差異評論。

In the fourth quarter, we continued to realize measurable year-over-year improvement across several key line items in the P&L.

第四季度，我們在損益表的幾個關鍵項目上繼續實現了可衡量的同比改善。

Specifically, cost of sales decreased 170 basis points, primarily driven by higher menu pricing than commodity inflation.

具體而言，銷售成本下降了 170 個基點，主要是由於菜單定價高於商品通膨。

Labor decreased 50 basis points supported by pricing leverage and improved staffing levels, partially offset by lapping lower medical insurance expenses.

受定價槓桿和人員配置水準提高的支持，勞動力下降了 50 個基點，但醫療保險費用下降部分抵消了這一影響。

Other operating expenses increased 20 basis points, driven by higher marketing costs, which includes the rewards program.

由於行銷成本（包括獎勵計劃）增加，其他營運支出增加了 20 個基點。

G&A decreased 10 basis points and depreciation decreased 20 basis points as a percent of sales.

G&A 佔銷售額的百分比下降了 10 個基點，折舊下降了 20 個基點。

Pre-opening costs were $9.6 million in the quarter compared to $7.8 million in the prior year period.

本季開業前成本為 960 萬美元，而去年同期為 780 萬美元。

We opened nine restaurants during the fourth quarter versus eight restaurants in the fourth quarter of 2022.

我們在第四季開設了 9 家餐廳，而 2022 年第四季則開設了 8 家餐廳。

Higher pre-opening costs for the quarter was driven by the one more opening, delays in opening days, and the mix of concepts.

本季開業前成本較高的原因是多開業、開業日期延遲以及概念混合。

And in the fourth quarter, we recorded a net expense of $35.6 million, primarily related to impairment of assets, and lease terminations expense, and FRC acquisition related expenses.

第四季度，我們錄得淨費用 3,560 萬美元，主要與資產減損、租賃終止費用以及 FRC 收購相關費用有關。

Fourth quarter GAAP diluted net income per share was $0.26. Adjusted diluted net income per share was $0.8. Now turning to our balance sheet and capital allocation.

第四季 GAAP 攤薄後每股淨利為 0.26 美元。調整後攤薄每股淨利為 0.8 美元。現在轉向我們的資產負債表和資本配置。

The company ended the quarter with total available liquidity of approximately $293 million, including a cash balance of about $56 million and approximately $236.5 million available on our revolving credit facility.

該公司截至本季末的可用流動資金總額約為 2.93 億美元，其中包括約 5,600 萬美元的現金餘額和約 2.365 億美元的循環信貸額度。

Total debt outstanding was unchanged at $475 million in principle.

未償債務總額原則上維持在 4.75 億美元不變。

CapEx totaled approximately $52 million during the fourth quarter for new unit development and maintenance.

第四季新設備開發和維護的資本支出總計約為 5,200 萬美元。

During the quarter, we completed approximately $9.8 million in share repurchases and returned $13.1 million to shareholders via our dividend.

本季度，我們完成了約 980 萬美元的股票回購，並透過股息向股東返還了 1,310 萬美元。

Before I move to our outlook, let me provide a brief update on our Cheesecake Rewards program.

在展望我們的前景之前，讓我先簡單介紹一下我們的起司蛋糕獎勵計劃的最新情況。

Clearly, demand continues to exceed our internal expectations, and we remain encouraged by the level of member activity and engagement we are seeing.

顯然，需求繼續超越我們的內部預期，我們仍然對我們所看到的會員活動和參與程度感到鼓舞。

As we said previously, we are taking a very deliberate approach as we developed the program and therefore do not anticipate seeing a measurable impact to sales for at least the 1st year or so.

正如我們之前所說，我們在開發該計劃時採取了非常審慎的方法，因此預計至少在第一年左右不會對銷售產生可衡量的影響。

We are continuing to test acquisition tactics and activation campaigns to better understand the key elements that are resonating with rewards members and most effectively increasing membership enrollment, engagement, and driving frequency.

我們正在繼續測試獲取策略和激活活動，以更好地了解與獎勵會員產生共鳴的關鍵要素，並最有效地提高會員註冊、參與度和駕駛頻率。

Now let me turn to our outlook.

現在讓我談談我們的前景。

While we will not be providing specific comparable sales and earnings guidance, we will provide our updated thoughts on our underlying assumptions for Q1 2024 and full year 2024.

雖然我們不會提供具體的可比銷售和盈利指引，但我們將提供 2024 年第一季和 2024 年全年基本假設的最新想法。

For Q1 2024, assuming no material operating or consumer disruptions, we anticipate total revenues to be between $875 million and $895 million.

假設 2024 年第一季沒有重大營運或消費者中斷，我們預期總營收將在 8.75 億美元至 8.95 億美元之間。

This essentially assumes a continuation of fourth quarter trends as well as the impact from the inclement weather quarter to date.

這基本上假設了第四季度趨勢的延續以及迄今為止惡劣天氣季度的影響。

Next, at this time, we expect expected commodity inflation of low single digits for Q1.

接下來，我們預期第一季的商品通膨率將達到低個位數。

As our broad market basket continues to stabilize.

隨著我們廣泛的市場籃子繼續穩定。

We are modeling net total labor inflation of mid-single digits when factoring the latest trends in wage rates and minimum wage increases, as well as other components of labor.

在考慮工資率和最低工資成長以及勞動力其他組成部分的最新趨勢時，我們正在對中等個位數的淨總勞動力通膨進行建模。

G&A is estimated to be between $57 million and $58 billion.

G&A 估計在 5,700 萬至 580 億美元之間。

Depreciation is estimated to be between approximately $24 million and $25 million.

折舊估計約 2400 萬至 2500 萬美元。

Based on these assumptions, we would anticipate net income margin to be about 3.5% at the midpoint of the sales range.

基於這些假設，我們預期淨利潤率約為銷售範圍中點的 3.5%。

This includes higher pre-opening expense than the prior year period to support our planned restaurant openings, which we expect to be approximately $6 million.

這包括比去年同期更高的開業前費用，以支持我們計劃的餐廳開業，我們預計該費用約為 600 萬美元。

Now for the full year, based on similar assumptions and no material operating or consumer disruptions, we would anticipate total revenues for fiscal 2024 to be approximately $3.6 billion.

現在，基於類似的假設，並且沒有重大營運或消費者中斷，我們預計 2024 財年的總收入約為 36 億美元。

For sensitivity purposes, we are using a range of plus or minus 1%.

出於靈敏度目的，我們使用正負 1% 的範圍。

We currently estimate total inflation across our commodity basket, labor, and other operating expenses to be in the low to mid-single digit range and fairly consistent across the quarters.

目前，我們估計商品籃子、勞動力和其他營運支出的總通膨率將在低至中個位數範圍內，並且各季度相當一致。

We are estimating G&A to be about flat year over year as a percent of sales and depreciation to be about $100 million for the year.

我們預計 G&A 佔銷售額的百分比與去年同期持平，全年折舊約為 1 億美元。

And given our unit growth expectations, we are estimating preopening expenses to be approximately $28 million, which includes support for some early 2025 openings.

考慮到我們的單位成長預期，我們預計開業前費用約為 2800 萬美元，其中包括對 2025 年初開業的一些支援。

As we have said previously, our goal is to effectively offset inflation with menu pricing to support our margin objectives.

正如我們之前所說，我們的目標是透過菜單定價有效抵消通貨膨脹，以支持我們的利潤目標。

Assuming we achieve this goal, input costs and consumer trends remain consistent and there are no other material exogenous factors, we would expect full year net income margin of approximately 4.25% at the revenue level I provided.

假設我們實現了這一目標，投入成本和消費者趨勢保持一致，並且沒有其他重大外生因素，我們預計按照我提供的收入水平，全年淨利潤率約為 4.25%。

With regard to development, as David Overton highlighted earlier, we plan to open as many as 22 new restaurants this year across our portfolio of concepts with approximately three quarters of the openings occurring in the second half of the year.

關於發展，正如 David Overton 之前所強調的那樣，我們計劃今年在我們的概念組合中開設多達 22 家新餐廳，其中約四分之三的新餐廳將在今年下半年開業。

And we would anticipate approximately $180 million to $200 million in CapEx to support this year's and some of next year's unit development, as well as required maintenance on our restaurants.

我們預計資本支出約為 1.8 億至 2 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, our business remains healthy, with top line trends, substantially stabilizing, improving profit margins, normalizing input costs, and solid operational execution.

最後，我們的業務保持健康，收入趨勢明顯穩定，利潤率提高，投入成本正常化，營運執行穩健。

We are looking to build on this momentum and believe we are poised to once again generate our historically consistent, operational, and financial results and to make meaningful additional steps in 2024 towards our longer-term goals and the key areas of value creation, growing restaurant comparable sales, expanding restaurant operating margins, and accelerating accretive unit growth.

我們希望在此動能的基礎上再接再厲，並相信我們將再次取得歷史上一致的營運和財務業績，並在 2024 年為實現我們的長期目標和價值創造、發展餐廳等關鍵領域採取有意義的額外步驟可比較銷售額、擴大餐廳營業利潤並加速單位成長。

With that said, we'll take your questions.

話雖如此，我們將回答您的問題。

(Operator Instructions) Brian Harbor, Morgan Stanley.

（操作員指令）Brian Harbor，摩根士丹利。

Yes, thank you.

是的，謝謝。

Good afternoon.

午安.

Matt, can you just maybe comment on the updated annual guidance compared to what you laid out last quarter.

馬特，您能否對更新後的年度指導意見與上季制定的指導意見進行比較？

Is this more just about kind of recent weather trends or anything else changed within your view?

這更多的是關於最近的天氣趨勢還是您認為有其他變化？

Hey Brian, this is Matt.

嘿布萊恩，這是馬特。

Certainly, I would say nothing has changed.

當然，我想說沒有任何改變。

Obviously, there was a lot of challenging weather in the first part of the year, you've seen it in the industry numbers.

顯然，今年上半年有很多具有挑戰性的天氣，您已經在行業數據中看到了這一點。

I can tell you that we're still performing equal or better than the gap to the industry that we hit in the fourth quarter.

我可以告訴你，我們的表現仍然與第四季度的行業差距持平或更好。

There's 10.5 months to go for the year.

距離今年還有10.5個月。

We want to put out numbers that we feel very good about, and we feel good about about this and it would represent a meaningful improvement in restaurant-level margins going into this year, it represents continuation of overall positive comparable sales.

我們希望公佈我們感覺非常好的數字，我們對此感覺良好，這將代表今年餐廳層面的利潤率將出現有意義的改善，它代表著總體積極的可比銷售額的延續。

If you think about the first quarter only, I think what the math is really in the industry around January, which is, a little bit of tougher comps to and is probably it's probably 1.5% to 2 % of impact on the quarter in total revenues.

如果你只考慮第一季度，我認為 1 月份左右該行業的實際情況是這樣的，即，比較困難一點，並且可能對該季度總收入的影響可能為 1.5% 到 2% 。

The good news is we are able to see that very clearly, we're able to parse out the weather impacts, we've seen very good, good stable trends in February.

好消息是我們能夠非常清楚地看到這一點，我們能夠解析天氣影響，我們在二月看到了非常好的穩定趨勢。

So, we feel good about the overall guidance.

因此，我們對整體指導感覺良好。

We feel like it's prudent to be now sitting in a range that we feel good about this early in the year.

我們認為現在處於我們在今年年初感覺良好的範圍內是明智的。

Okay, great.

好的，太好了。

Can you also maybe comment on the labor side.

您也可以評論一下勞工方面嗎？

You've seen some favorability year over year, although more so on the food cost side, but is there opportunity to drive better labor leverage as you think about 2024 from productivity or anything like that?

逐年看到一些優惠，儘管在食品成本方面更是如此，但是當您從生產率或類似因素考慮 2024 年時，是否有機會推動更好的勞動力槓桿？

Sure, Brian.

當然，布萊恩。

This is Matt, again, I think that one of the harbingers of labor productivity is retention, and we continue to see quarter after quarter after quarter last year of improvements in that key metric, both at the hourly and manager levels.

這又是馬特，我認為勞動生產力的先兆之一是保留率，我們繼續看到去年一個季度又一個季度這一關鍵指標的改善，無論是在小時級別還是在經理級別。

And we saw tremendous results in January and so far, this year that for sure, is going to lead itself towards productivity, right?

我們在一月和到目前為止看到了巨大的成果，今年肯定會提高生產力，對吧？

We run the most complicated restaurants in the business, the more tenure that we have, the more efficient, our teams will be less overtime.

我們經營的是業內最複雜的餐廳，我們的任期越長，效率就越高，我們的團隊加班就會更少。

There is less training there is.

那裡的訓練比較少。

So we feel very good.

所以我們感覺很好。

I believe we saw some pretty good productivity gains in the fourth quarter, and we are expecting that to be able to continue into it the remainder of 2024 as well.

我相信我們在第四季度看到了一些相當不錯的生產力提升，我們預計這種情況也能夠持續到 2024 年剩餘時間。

Mary Hodes, Baird.

瑪麗·霍茲，貝爾德。

Good afternoon.

午安.

Thanks for taking the question.

感謝您提出問題。

I want to clarify one, how you're running maybe quarter to date?

我想澄清一個問題，到目前為止，您的營運情況如何？

Is the full quarter to date period running near that level seen in Q4?

整個季度迄今的運作情況是否接近第四季的水平？

Or is that the level that you bounce back to in February after you saw some unfavorable weather in January?

或者這是您在一月份看到一些不利天氣後在二月反彈到的水平？

Just trying to better understand what you're anticipating for the second half of the quarter here.

只是想更了解您對本季下半年的期望。

Sure, ma'am.

當然，女士。

This is Matt, I think, when I'm giving specific quarter to date metrics, but the impact in January is, like I said, 1.5% to 2% on a total quarter.

我想，當我給出具體的季度至今指標時，這就是馬特，但正如我所說，一月份的影響佔整個季度的 1.5% 到 2%。

But what we've been able to do is really see that that was isolated to some specific events.

但我們能夠做的是真正看到這與某些特定事件無關。

And so, when we take that into consideration and what our sort of normalized trends are it's the combination of those two that give us the full quarter outlook.

因此，當我們考慮到這一點以及我們的標準化趨勢是什麼時，這兩者的結合為我們提供了整個季度的前景。

Hopefully that answers the question.

希望這能回答這個問題。

Yes, that's helpful.

是的，這很有幫助。

Thank you.

謝謝。

And then one more on The Cheesecake Factory business, could you break out the check and traffic components for the backward-looking quarter for Q4?

關於起司蛋糕工廠業務，您能否詳細列出第四季度回顧季度的支票和流量組成部分？

And then I guess I was maybe just wondering if you could walk us through your thoughts on how you're thinking about the components heading into 2024?

然後我想我可能只是想知道您是否可以向我們介紹您對 2024 年組件的想法？

I think you'd previously talked about around 4% pricing and just wondering if that anything has changed and maybe what you're focused on in terms of driving traffic for 2024 through?

我想您之前曾討論過 4% 左右的定價，只是想知道是否有任何變化，以及您在 2024 年推動流量方面的重點是什麼？

Sure, I think it is an important question -- kind of relates a little bit to even Brian's question.

當然，我認為這是一個重要的問題——甚至與布萊恩的問題也有一些聯繫。

I mean, for us, things only got better, right last year, quarter to quarter.

我的意思是，對我們來說，情況只會變得更好，就在去年，每個季度都是如此。

So, in Q4, the traffic was flat, which represented a 1% improvement over the Q3 metrics and was clearly ahead of the industry.

因此，第四季流量持平，比第三季指標提高了 1%，明顯領先產業。

The negative mix was still there, but it got better, it was negative 4.9 versus 6.1 in the third quarter it's about 1.2% better.

負面混合仍然存在，但情況有所好轉，為負數 4.9，而第三季為 6.1，大約提高了 1.2%。

As we anticipated that negative mix would continue into Q4, Q1, and part of Q2, we're really stabilizing in the back half of the year into that met our expectations and the guidance that we provided.

正如我們預計負面組合將持續到第四季度、第一季和第二季的一部分，我們在今年下半年真正穩定下來，達到了我們的預期和我們提供的指導。

And I know obviously, pricing came down as we exited that one-time extra pricing we did in the prior year December.

我顯然知道，隨著我們退出前一年 12 月的一次性額外定價，定價有所下降。

So on a weighted average to fourth quarter pricing was 7.3% for Cheesecake, which was down from 9.5% in the third quarter.

因此，起司蛋糕第四季的加權平均定價為 7.3%，低於第三季的 9.5%。

So, our comps were slightly better, but really with a lot less pricing as the other metrics improved.

因此，我們的比較稍微好一點，但隨著其他指標的改善，定價實際上要低得多。

When we think about the balance of 2024, as I just noted, we do anticipate that the negative mix will continue, but it really stabilized Q3 to Q4.

當我們考慮 2024 年的平衡時，正如我剛才指出的，我們確實預計負面組合將持續下去，但它確實穩定了第三季到第四季。

So, with that sort of underlying stability, we do believe that we can maintain that low single digit positive comps absent the January weather events for the balance of the year.

因此，憑藉這種潛在的穩定性，我們確實相信，如果沒有一月份的天氣事件，我們可以在今年餘下的時間裡保持較低的個位數正值。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

Hi, thank you.

嗨，謝謝你。

I wanted to maybe just unpack the negative mix in the quarter.

我想也許只是解開本季的負面影響。

Just curious kind of where you're seeing that show up on, I know in the past you've talked about not really seeing on much in a way like active check management or on less alcohol attach.

只是好奇你在哪裡看到了這種情況，我知道你過去曾說過沒有真正看到像積極檢查管理或減少酒精附著這樣的方式。

Just curious if you can help us understand where you saw the source of negative mix and how that plays into your expectations in terms of the cadence throughout the year?

只是好奇您是否可以幫助我們了解您在哪裡看到了負面組合的根源以及這如何影響您對全年節奏的期望？

Sure, Katherine.

當然，凱瑟琳。

This is Matt.

這是馬特。

What we saw is in '21 and '22 was significantly outsized purchasing behaviors, I think this has been pretty well documented.

我們在 21 年和 22 年看到了明顯超額的購買行為，我認為這已經得到了很好的記錄。

And so, the preponderance of that the mix negativity is really associated with kind of what we consider to be a return to normal.

因此，混合負面情緒的優勢確實與我們認為的迴歸正常有關。

I would say we are still running slightly above 2019 levels.

我想說，我們的運行速度仍略高於 2019 年的水平。

So, it's actually prehistorically relevant.

所以，它實際上與史前相關。

It was the same basic proportion to 2019 in both Q3 and Q4, so it's stable.

第三季和第四季與2019年基本比例相同，維持穩定。

We saw really that shift happen materially in the middle of Q2 and into the back half of last year.

我們確實看到這種轉變在第二季中期和去年下半年發生了重大變化。

So we would anticipate continuing to run in this negative four to five range for the first quarter, maybe three to four negative in the second quarter.

因此，我們預計第一季將繼續處於四到五負的範圍內，第二季可能會出現三到四負的情況。

And then, you know, it's hard to say, for sure, but relatively stable in the back half of the year.

然後，你知道，這確實很難說，但下半年相對穩定。

So we've seen very stable consumer behavior over the past six to nine months is just slightly different than it was the year before when we saw some outsized purchasing behaviors.

因此，我們在過去六到九個月中看到非常穩定的消費者行為，與前一年我們看到的一些超額購買行為略有不同。

Okay.

好的。

That's helpful.

這很有幫助。

And then I think on the last call, I mean, you've been pretty clear about kind of laying out the expectations for comp.

然後我想在最後一次電話會議上，我的意思是，你已經非常清楚地闡述了對補償的期望。

But just on pricing, I think, yes, in the past, the expectation was like 1.5 to 2 per ton.

但就定價而言，我認為，是的，過去的預期是每噸 1.5 至 2 美元。

Is that still kind of what you're thinking in terms of the environment you're seeing?

就你所看到的環境而言，這仍然是你的想法嗎？

Yes, we will look at that, obviously, multiple times a year and adjust as necessary.

是的，顯然，我們每年都會多次審視這一點，並根據需要進行調整。

I think as a placeholder for everybody using 4% for the year at this point in time is a pretty good estimate and that could change.

我認為，作為佔位符，對於每個人來說，今年使用 4% 的利率是一個相當不錯的估計，而且可能會改變。

It could go down if cost get even better.

如果成本變得更好，它可能會下降。

But right now, that's sort of a good placeholder.

但現在，這是一個很好的佔位符。

Jeffrey Bernstein, Barclays Capital.

傑弗裡·伯恩斯坦，巴克萊資本。

Hi, this is [Denisha Data] for Jeffrey Bernstein.

大家好，我是 Jeffrey Bernstein 的 [Denisha Data]。

I wanted to ask how you're thinking about recapturing restaurant margins.

我想問您如何考慮重新奪回餐廳利潤。

And as we think to 2024, what are you embedding for the restaurant margin.

正如我們對 2024 年的展望，您將為餐廳利潤嵌入哪些內容。

We made great progress in 2023 on that trajectory and actually in Q4, Cheesecake Factory specifically, restaurant-level margins exceeded 2019.

2023 年，我們在這一軌跡上取得了巨大進展，實際上在第四季度，特別是 Cheesecake Factory，餐廳層面的利潤率超過了 2019 年。

So, we feel pretty good about accomplishing the goal that we had set out there.

因此，我們對實現我們設定的目標感到非常滿意。

There's still seasonality, so you're going to see differences in Q1, Q2, Q3, and Q4 from each other.

仍然存在季節性，因此您會看到第一季、第二季、第三季和第四季之間的差異。

But overall, we feel like we have the trajectory right now to continue to expand restaurant level margins in '24 by 50 to 75 basis points.

但總體而言，我們認為我們現在的軌跡是在 2024 年繼續將餐廳層面的利潤率擴大 50 至 75 個基點。

So predominantly driven by productivity and efficiency gains.

因此主要是由生產力和效率提升所驅動的。

So, a little bit of lapping some outsized commodities inflation, particularly in the first half of the year.

因此，一些過大的大宗商品通膨受到了一定程度的影響，尤其是在今年上半年。

So, we feel like that's going to be great progress.

所以，我們覺得這將是巨大的進步。

I would really put us back on the footing that we had pre-pandemic across both Cheesecake Factory and the total company.

我真的想讓我們回到大流行前我們整個芝士蛋糕工廠和整個公司的基礎。

Great, Thank you.

太好了謝謝。

Aisling Grueninger, Piper Sandler.

艾斯林·格魯寧格，派珀·桑德勒。

Hi, good afternoon, guys.

嗨，大家下午好。

My question is kind of a follow-up on Brian's, the revenue guidance for the quarter on the last earnings call, I believe you guided slightly higher to $3.7 billion at the high end of the range.

我的問題是 Brian 的後續問題，上次財報電話會議上該季度的收入指導，我相信您的指導略高至 37 億美元，處於該範圍的高端。

I was just wondering your thoughts on guiding slightly lower kind of baking in a little more conservatism with this new guide because you know with the tough macro environment.

我只是想知道您對透過這份新指南以更保守的方式指導稍微較低的烘焙類型的想法，因為您知道嚴峻的宏觀環境。

Thanks.

謝謝。

Sure.

當然。

This is Matt.

這是馬特。

I would say like, so the midpoint probably came down about 1% to 1.5%.

我想說的是，所以中點可能會下降約 1% 到 1.5%。

A piece of that is certainly just the January component.

其中一部分肯定只是一月份的部分。

And I would just say, look, we have 10.5 months to go.

我只想說，看，我們還有 10.5 個月的時間。

We feel the business is on a great pace.

我們覺得業務進展順利。

Everything's going well, there are things that we can't control.

一切都很順利，有些事情是我們無法控制的。

For example, timing of openings, obviously the last couple of years, outside of our control, there's been a pretty big impact.

例如，開放時間，顯然是過去幾年，超出了我們的控制範圍，產生了相當大的影響。

We thought it was really prudent this time to maybe take a little bit more conservatism at the outset and just put numbers up, there would be achievable even with some disruption.

我們認為這次是非常謹慎的，也許一開始就採取更多的保守主義，只是把數字放在一起，即使有一些幹擾也是可以實現的。

No, that's great.

不，那太好了。

That makes that makes perfect sense.

這完全有道理。

My second question is I'm sure one of your favorites with only California FAST Act legislation, even though it's primarily intended to impact QSR, there'll be some spillover into wage inflation across the board in California.

我的第二個問題是，我確信您最喜歡的法案之一隻有加州 FAST 法案立法，儘管它的主要目的是影響 QSR，但也會對加州全面的工資通膨產生一些溢出效應。

I was just wanting to know your updated thoughts on the impact to The Cheesecake Factory specifically and what your thoughts around pricing is?

我只是想知道您對芝士蛋糕工廠影響的最新想法以及您對定價的想法是什麼？

And just any way to combat any kind of inflation you're seeing?

有什麼方法可以對抗您所看到的任何類型的通貨膨脹嗎？

Sure.

當然。

Well, I think it's still to be determined.

嗯，我認為這還有待確定。

I don't know that I can give you a great new perspective.

我不知道我能給你一個很棒的新視角。

We're obviously well aware, we're reading and seeing dynamics play out on a regular basis.

我們顯然很清楚，我們正在定期閱讀並看到動態的發生。

We know that the government in California continues to even modify, but FAST Act and carve out even more different types of restaurants that may not have to comply with that.

我們知道加州政府仍在繼續修改，但要快速行動並開闢更多不同類型的餐廳，這些餐廳可能不必遵守這項規定。

So, it is definitely an uncertain situation as we noted before, given our pay circumstances, we're very competitive in the marketplace already.

因此，正如我們之前指出的，這絕對是一個不確定的情況，考慮到我們的薪酬情況，我們在市場上已經非常有競爭力了。

And many of the California QSR urban locations are already paying $19 and $20.

許多加州 QSR 城市門市已經支付 19 美元和 20 美元。

We believe that's partly why they agreed to do it in the first place.

我們相信這就是他們首先同意這樣做的部分原因。

And so, those options already exist for most of the people we're recruiting.

因此，對於我們正在招募的大多數人來說，這些選擇已經存在。

And certainly, all of our positions make much more than that.

當然，我們所有職位的收入都遠不止於此。

We feel like we have sufficient pricing power in California, if need be, where tremendous value for guests here with our portion sizes and great service.

我們認為，如果需要的話，我們在加州擁有足夠的定價能力，我們的份量大小和優質服務為這裡的客人帶來了巨大的價值。

So, you know, I think I think we can defend our California margins.

所以，你知道，我認為我們可以捍衛我們在加州的利潤率。

However, that needs to be lots to be determined.

然而，這需要很多事情來確定。

But certainly, we don't believe that it's going to be the same impact and full service as it is in the QSR room.

但當然，我們不相信它會像快餐室一樣產生同樣的影響和全面的服務。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks and good evening.

你好，謝謝，晚上好。

Matt, can we just circle back on the fourth quarter Cheesecake comps?

馬特，我們可以回顧一下第四季的起司蛋糕比較嗎？

And can you help us with the mix component specifically, how much of that negative mix is due to the off-premise mix coming down versus actual sort of changes in order behavior in store through the beverage and app incidents.

您能具體幫助我們解決混合問題嗎？這種負面混合有多少是由於場外混合的下降與飲料和應用程序事件導致的店內訂單行為的實際變化造成的。

And if you adjust for the off-premise or isolate for off-premise and put the dine-in traffic looked like in the fourth quarter year on year?

如果您針對場外進行調整或隔離場外，並將堂食流量與去年第四季的情況保持一致，會怎麼樣？

So, on the mix, Brian, this is Matt.

所以，關於混音，布萊恩，這是馬特。

Most of that is on purchase behavior, maybe of 1% on the off-prem mix, right?

其中大部分與購買行為有關，也許 1% 是在外部混合中，對嗎？

So, but I think it's important to think about it more sequentially than year over year.

所以，但我認為更重要的是按順序思考這個問題，而不是逐年思考。

So that was the same mix that we saw in the third quarter.

這與我們在第三季看到的情況相同。

And we knew that there was going to be this because we had seen throughout the 2023 calendar year, people buying just one less strength than they did in '22 and '21, but there's still also importantly buying as much, if not a little bit more than in 2019.

我們知道將會出現這種情況，因為我們在整個2023 日曆年中都看到，人們購買的強度只比22 年和21 年少了一個，但重要的是仍然購買了同樣多的產品，甚至是一點點。比 2019 年更多。

I think it's just sort of more of a return to normal behaviors in that regard.

我認為這更像是在這方面回歸正常行為。

So that was well within our expectations, and I think baked in appropriately to all of our expectations going forward.

所以這完全在我們的預期之內，而且我認為適當地滿足了我們未來的所有期望。

With respect to the on premise, I don't think it changed much.

就前提而言，我認為沒有太大變化。

I mean, certainly traffic overall at flat, we feel good about year over year.

我的意思是，整體流量肯定持平，我們逐年感覺良好。

I think that in fact, the off premise percent versus prior year was about the same, you know, is really closer so -- I don't have the data in front of me, but that would just basically substantiate a year over year on-premise traffic was basically flat.

我認為事實上，場外百分比與前一年大致相同，你知道，非常接近，所以——我面前沒有數據，但這基本上可以證實一年比一年的情況- 場地客流量基本持平。

Okay.

好的。

All right.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And some if I missed it earlier, the pricing, can you level set what you have in the menu right now, and I believe you lap 3.25% sometime soon.

還有一些，如果我之前錯過了，定價，你能水平設定你現在菜單中的內容嗎？我相信你很快就會達到 3.25%。

What do you intend to replace it with maybe just level set us where effective pricing could be here in the first quarter and how you're thinking about that?

您打算用什麼來取代它，也許只是為我們設定一個水平，在第一季可能會出現有效的定價，您對此有何看法？

Yes, we're going to be at about 4.5 for the quarter with a little bit of the weighting coming in so higher, but we would anticipate for the year about 4%.

是的，本季我們的比重將約為 4.5，其中一些權重會更高，但我們預計今年的比重約為 4%。

So a little bit higher in the first quarter, but kind of 4% for the year.

第一季略高，但全年成長約 4%。

And Brian, this is Etienne.

布萊恩，這是艾蒂安。

We're for dropping off 3.5%, replacing that with a 2.5% price increase in the middle of the quarter.

我們建議在本季中期將價格下調 3.5%，並以 2.5% 的價格上漲。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much.

非常感謝。

I wanted to ask about the fourth quarter, can you give a little bit more color on the cadence of trends throughout the quarter and if there's any way to quantify the benefit from the holiday shift as we think through underlying trends?

我想問一下第四季度的情況，您能否對整個季度的趨勢節奏進行更多說明，以及在我們思考基本趨勢時是否有任何方法可以量化假期轉變帶來的好處？

Sure.

當然。

Lauren, this is Matt.

勞倫，這是馬特。

It was a really strong quarter from start to finish, to be honest, I mean, we saw pretty consistent comps month to month.

從開始到結束，這是一個非常強勁的季度，說實話，我的意思是，我們每個月都看到了相當一致的比較。

And I would say interestingly from the holiday shift wasn't too material, maybe it was 50 basis points, but it wasn't it wasn't a big driver.

有趣的是，我想說，假期的轉變並沒有太大的影響，也許是 50 個基點，但事實並非如此，這並不是一個很大的推動因素。

But interestingly, in December was the strongest overall month and in a much less pricing because we dropped off at 3%.

但有趣的是，12 月是整體表現最強勁的月份，而且價格也低得多，因為我們的價格下降了 3%。

So the underlying business, I think just got better and better.

所以我認為基礎業務變得越來越好。

But the I would say the operators were in full control throughout the quarter, driving sales, managing costs.

但我想說的是，營運商在整個季度都處於完全控制狀態，推動銷售，管理成本。

It was very predictable and overall right on track.

這是非常可預測的，總體上是正確的。

Great.

偉大的。

Very helpful.

很有幫助。

And then just a question on restaurant margin and nice improvement this quarter, you spoke to 50 to 75 basis points of expansion this year.

然後只是關於餐廳利潤率和本季的良好改善的問題，您談到了今年的擴張 50 到 75 個基點。

Is that fairly consistent in terms of year-over-year expansion through the drought?

就乾旱期間的逐年擴張而言，這是否相當一致？

The are there any moving pieces per quarter we should be thinking about Thank you.

我們應該考慮每季有哪些變動的事情，謝謝。

Yeah, I mean, give or take 25 basis points cause anything can happen.

是的，我的意思是，上下浮動 25 個基點，因為任何事情都有可能發生。

I think it's fairly consistent, I mean, we saw last year pretty stable overall.

我認為這是相當一致的，我的意思是，我們去年整體上相當穩定。

So relatively speaking, we would think that would be true as well.

因此相對而言，我們認為這也是正確的。

Thank you.

謝謝。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Thanks for the question.

謝謝你的提問。

I wanted to go back to the unit growth, the plan for 2024.

我想回到單位成長，即 2024 年的計畫。

Are there any closures baked into that that would reduce the benefit of that new unit growth in 2024?

是否有任何關閉措施會減少 2024 年新單位成長的收益？

We do have two relocations, Jim, this is Matt.

我們確實有兩次搬遷，吉姆，這是馬特。

In that, so I think on a net basis, that will be impacted and in terms of the revenue contribution.

因此，我認為從淨值來看，收入貢獻將會受到影響。

We believe those will be pretty seamless, essentially very similar trade areas with some lease expirations that were just moving sites only.

我們相信這些將是非常無縫的，本質上非常相似的貿易區域，只是一些租賃到期只是移動地點。

Alright.

好吧。

And can you walk through the price mix for North Italia for the quarter as well?

您能否介紹一下義大利北部地區本季的價格組合？

Yes.

是的。

Let me pull that up here, give me a quick second. 8%, yes, pricing is 8%.

讓我把它拉到這裡，請稍等一下。 8%，是的，定價是8%。

Alright

好吧

--

--

I don't think we track mix the same way as we do with Cheesecake Factory, but it's slightly negative and traffic was slightly positive.

我認為我們跟踪混合的方式與芝士蛋糕工廠的方式不同，但它有點負面，流量也有點正面。

And last question from me, I just wanted to better understand the sequential improvements to a merchant in North Italia.

我的最後一個問題是，我只是想更了解義大利北部商人的後續改進。

I think you called out Cheesecake, but there is a meaningful improvement there as well.

我想你提到了起司蛋糕，但那裡也有一個有意義的改進。

Is that primarily the utilities are?

這主要是公用事業嗎？

Yeah.

是的。

We rolled out pricing in the middle quarter and the fourth quarter, we were able to capture the full benefit of that.

我們在中期和第四季度推出了定價，我們能夠充分利用這一優勢。

That's the predominant driver of the improvement in that and margins.

這是業績和利潤率改善的主要驅動力。

Jim, essentially for North, they were one cycle behind Cheesecake Factory.

吉姆，基本上是諾斯，他們落後芝士蛋糕工廠一個週期。

And so this was kind of our last catch up there, if you will, from all the pandemic inflation to kind of get back to a more normalized level.

因此，如果你願意的話，這是我們從所有大流行性通貨膨脹中恢復到更正常化水平的最後一次趕上。

John tower, Citigroup.

約翰塔，花旗集團。

Thanks for taking the question.

感謝您提出問題。

I have a couple if I may.

如果可以的話我有一對。

First curious, so it's encouraging the unit growth, can it tick higher I'm just curious in terms of what you're seeing with landlords and developers.

首先好奇，所以它鼓勵單位增長，它能走高嗎？我只是好奇你在房東和開發商身上看到的情況。

I know for the past several years, there's been a lot of delays in terms of getting stores opened because of things outside of your control, has that improved at all such that I know your outlook for this year is three quarters or so of that develop in the back half of the year.

我知道在過去的幾年裡，由於您無法控制的因素，商店開業出現了很多延誤，這種情況是否有所改善，我知道您今年的前景是四分之三左右的發展下半年。

But has this kind of stickiness gotten less sticky and therefore you have greater visibility into those coming into the year and then maybe years past?

但是，這種黏性是否變得不那麼黏性，因此您可以更清楚地了解今年甚至過去幾年的情況？

Jon, this is Matt.

喬恩，這是馬特。

I think there's two things.

我認為有兩件事。

One is maybe incrementally better, right?

一個可能會逐漸變得更好，對嗎？

It's definitely the long tail of all of this, but incrementally.

這絕對是所有這一切的長尾，但卻是漸進的。

But more importantly, we just took control of the situation a little bit more right.

但更重要的是，我們對局勢的控制更正確了。

We made a very definitive strategic move to for some of the locations into the first quarter.

我們在第一季對某些地點採取了非常明確的策略性舉措。

We've opened up those restaurants already.

這些餐館我們已經開業了。

So that just enabled us to have better predictability over the remainder of our pipeline.

因此，這使我們能夠對管道的其餘部分有更好的可預測性。

I think it was just an important shift for us to really reset that and understand so that we can assure ourselves and our investors that we can get those restaurants open this year.

我認為這對我們來說是一個重要的轉變，我們需要真正重新設定並理解這一點，這樣我們就可以向自己和投資者保證，我們可以在今年讓這些餐廳開業。

So, we feel really good about where we're sitting there.

所以，我們對自己坐在那裡的位置感覺非常好。

We have a much bigger pipeline, then you know that we're committing to give ourselves even more breathing room.

我們有一個更大的管道，那麼你知道我們致力於給自己更多的喘息空間。

And so, I think mostly it's just that we took more definitive action to kind of realign that slightly augmented by a better scenario.

因此，我認為主要是我們採取了更明確的行動來重新調整，並透過更好的方案稍微增強。

That's great.

那太棒了。

In terms of, yes, I'm assuming many of these stores are already on concrete support, et cetera.

就這一點而言，是的，我假設其中許多商店已經得到了具體的支持，等等。

Are you guys putting the final final touches or I guess better said of the 22 or so stores that you're targeting this year, how many of them have already it broke and kind of ready to rock.

你們正在進行最後的收尾工作嗎？或者我想更好地說是你們今年瞄準的 22 家左右的商店，其中有多少已經破產並準備好迎接新的挑戰了。

We opened three already not including the one international.

我們已經開了三家，不包括一家國際酒店。

I think we'll have another one this quarter that will open and the preponderance of the rest of them are moving along, so we're right on track.

我認為我們將在本季度開設另一家，其餘的大部分正在推進，所以我們正走在正軌上。

Okay.

好的。

And then just on the marketing plans for this year, I know obviously you're spending a decent amount of time.

然後，就今年的行銷計劃而言，我知道您顯然花了相當多的時間。

We are getting customer acquisition into the rewards program.

我們正在將客戶獲取納入獎勵計劃。

But outside of that, given some of the noise that's taking place with the consumer right now, certainly in the lower-income cohort, which you guys don't necessarily have great exposure to.

但除此之外，考慮到目前消費者身上發生的一些噪音，尤其是低收入群體，你們不一定有很多接觸機會。

But how are you thinking about marketing spend for 2024 or the tactics that you're using in terms of communicating with your consumers versus years past?

但是，與過去幾年相比，您如何看待 2024 年的行銷支出或您在與消費者溝通方面所使用的策略？

We are centrally focused on the rewards program.

我們主要關注獎勵計劃。

That said, we did shift a little bit of the spend towards off-premises, and I'm doing some promotions with delivery and Olo and so we're focusing a little bit on that, and a little bit more than we have in the past.

也就是說，我們確實將一部分支出轉移到了場外，而且我正在透過送貨和 Olo 進行一些促銷活動，因此我們會稍微關注這一點，並且比我們在內部的支出多一點。過去的。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Thanks for the quick follow up.

感謝您的快速跟進。

I just wanted to go back to the labor cost line for a second, if we could and you noted some improvements in the labor productivity and wage management.

如果可以的話，我只想回到勞動成本線，您注意到勞動生產力和工資管理方面的一些改進。

And I understand the natural benefit to lower turnover, hiring and training, et cetera.

我了解降低流動率、招募和培訓等方面的自然好處。

But could you just elaborate on some of the other dynamics that are benefiting that line changes you've made, et cetera?

但您能否詳細說明一下有利於您所做的生產線變更的其他一些動態，等等？

Thank you.

謝謝。

Yeah Brian, this is Matt.

是的，布萊恩，這是馬特。

I mean, I think one, fundamentally, the labor environment has just been much more stable.

我的意思是，我認為從根本上來說，勞動力環境變得更加穩定。

So, with lower turnover and lower asking wages for new hires relatively has created an inflationary rate that is just reduced overtime to even slightly below pre-pandemic rates.

因此，隨著人員流動率的下降和新員工的薪資要求相對較低，造成了通貨膨脹率，加班加點後通貨膨脹率甚至略低於疫情前的水平。

So that's another benefit.

這是另一個好處。

Our retention is also driving, we just we brought basically the overtime and training much closer to historical levels.

我們的保留率也在推動，我們只是讓加班和訓練基本上更接近歷史水準。

We've also been able to take the opportunity to, as an example, bring a one-star capital to start to a three star because of that retention, the longer that we're keeping people the more that we can train them on multiple stations, the more that they can handle the big volume of The Cheesecake Factory restaurants.

舉例來說，我們也能夠利用這個機會，將一星級資本開始變成三星級，因為保留人員的時間越長，我們就越能對他們進行多方面的培訓車站越多，就越能處理The Cheesecake Factory 餐廳的大量客流量。

So, a lot of that is driven by that initial retention piece and then our ability to leverage that operationally once we're there.

因此，這在很大程度上是由最初的保留部分以及我們到達那裡後利用它進行操作的能力所驅動的。

We have no further questions in our queue at this time.

目前我們的隊列中沒有其他問題。

And with that, that does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。