Cheesecake Factory Inc (CAKE) 2024 Q1 法說會逐字稿

Good afternoon. My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cheesecake Factory Inc first-quarter 2024 earnings conference call.

午安.我叫布麗安娜，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Cheesecake Factory Inc 2024 年第一季財報電話會議。

Please note that this call is being recorded and all lines have been placed on mute to prevent any background noise. (Operator Instructions)

請注意，此通話正在錄音，所有線路均已靜音，以防止任何背景噪音。 （操作員說明）

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

我現在想將電話轉給財務和投資者關係副總裁艾蒂安·馬庫斯 (Etienne Marcus)。請繼續。

Yes, good afternoon, and welcome to our first-quarter fiscal 2024 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.

是的，下午好，歡迎參加我們的 2024 財年第一季財報電話會議。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。

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.

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.cheesecakefactory.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.cheesecakefactory.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. And in addition, during this conference call, we will be presenting results on an adjusted basis, which exclude impairment of assets and lease terminations and acquisition related expenses.

本次電話會議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。此外，在本次電話會議期間，我們將在調整後的基礎上公佈業績，其中不包括資產減損以及租賃終止和收購相關費用。

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

我們在網站上發布的新聞稿中解釋了我們使用非公認會計原則財務指標來與最直接可比較的公認會計原則指標進行調節的情況。

As previously described, David Overton will begin today's call with some opening remarks, and David Gordon will provide an operational update. Matt will then review our first quarter financial results and finish up with some commentary on our outlook for the second quarter and full year 2024 before opening the call up to questions. With that, I'll turn the call over to David Overton.

如前所述，大衛·奧弗頓將在今天的電話會議上發表一些開場白，大衛·戈登將提供最新的運營情況。然後，Matt 將回顧我們第一季的財務業績，並在開始提問之前對我們第二季和 2024 年全年的前景進行一些評論。這樣，我會將電話轉給大衛·奧弗頓。

Thank you. At CN, we were pleased with our first quarter results with revenues finishing near the high end of our expected range and superior operational execution contributing to better than projected profitability, resulting in 20% year-over-year growth in adjusted earnings per share of The Cheesecake Factory restaurants comparable sales and traffic.

謝謝。在CN，我們對第一季的業績感到滿意，收入接近我們預期範圍的高端，卓越的營運執行力帶來了優於預期的盈利能力，導致調整後每股收益同比增長20% Cheesecake Factory 餐廳的銷售額和客流量相當。

Once again, meaningfully out performed the industry, underscoring the strength of consumer demand for our brand and demonstrating our ability to capture market share execution within the restaurant four walls was outstanding with our operators delivering better than planned results across several key areas.

再次顯著地超越行業，凸顯了消費者對我們品牌的需求強度，並展示了我們在餐廳四牆內佔領市場份額的能力，我們的運營商在幾個關鍵領域提供了比計劃更好的結果。

This performance, combined with slightly better than expected input costs, resulted in consolidated four-wall margins of 15% and adjusted net income margin of 4% for the quarter, both exceeding expectations.

這一業績，加上略好於預期的投入成本，導致本季綜合四牆利潤率為 15%，調整後淨利潤率為 4%，均超出預期。

On the development front, we successfully opened five restaurants in the first quarter, including two North Italia restaurants, two FRC restaurants and one Flower Child locations and one Cheesecake Factory restaurant opened in Mexico.

在發展方面，我們在第一季度成功開設了五家餐廳，其中包括兩家 North Italia 餐廳、兩家 FRC 餐廳和一家 Flower Child 餐廳，以及一家在墨西哥開設的 Cheesecake Factory 餐廳。

Additionally, subsequent to quarter end, another Cheesecake Factory opened in Asia with five restaurant openings in the first quarter. We remain on track 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 restaurants.

此外，季度末後，另一家起司蛋糕工廠在亞洲開業，第一季開設了五家餐廳。我們仍有望在 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。

Before I turn the call over to David Gordon, I'm proud to share that The Cheesecake Factory has been named one on Fortune Magazine's 100 Best Companies to Work For for the 11th consecutive year. This recognition speaks to our culture and our incredible people, and we believe it should continue to support our ability to attract and retain talent as an employer of choice in our industry.

在將電話轉給 David Gordon 之前，我很自豪地告訴大家，The Cheesecake Factory 已連續 11 年被《財富》雜誌評為 100 家最佳雇主之一。這種認可體現了我們的文化和我們優秀的員工，我們相信它應該繼續支持我們作為行業首選雇主吸引和留住人才的能力。

With that, I will now turn the call over to David Gordon to provide an operational update.

現在，我將把電話轉給大衛·戈登，以提供最新的運營情況。

Thank you, David. Our solid performance for the quarter showcases our operations team's proven ability to execute at the highest levels and effectively manage their restaurants to this point, our operators exceeded our expectations in labor productivity, food efficiencies, wage management, and perhaps most importantly, in both hourly and management retention, which were already industry-leading. And for the quarter finished at the highest levels in the past five years.

謝謝你，大衛。我們本季的穩健表現展示了我們的營運團隊在最高水準上執行並有效管理餐廳的能力，到目前為止，我們的營運商在勞動生產力、食品效率、工資管理方面超出了我們的預期，也許最重要的是，在每小時和管理層保留，這已經是行業領先的。該季度的業績達到了過去五年來的最高水準。

As we've said before, we believe our staffing success is a key contributor to the improvement in our guest satisfaction scores. After all our people are our greatest resource and enable us to deliver delicious memorable experiences for our guests each and every day.

正如我們之前所說，我們相信我們的員工配置成功是提高賓客滿意度的關鍵因素。畢竟，我們的員工是我們最大的資源，使我們能夠每天為客人提供美味難忘的體驗。

Supporting this viewpoint, our internally measured Net Promoter Score metrics during the quarter remain near record highs across both dine-in and off-premise channels, including pace of experience, STAFF service and food quality.

支持這一觀點的是，我們在本季內部測量的淨推薦值指標在堂食和店外通路均保持在歷史高點附近，包括體驗速度、員工服務和食品品質。

These positive guest satisfaction trends further support the Cheesecake Factory's continued outperformance relative to the industry with comparable sales and traffic exceeding a black box casual dining index by 330 basis points and 440 basis points, respectively.

這些正面的顧客滿意度趨勢進一步支持了 Cheesecake Factory 相對於產業的持續優異表現，可比銷售額和客流量分別超過黑盒子休閒餐飲指數 330 個基點和 440 個基點。

Now turning to sales trends. Cheesecake Factory off-premise sales remained steady at 22% of sales for the first quarter, in line with the 2023 average percentage of sales North Italia first quarter comparable sales increased 3% from the prior year, resulting in annualized AUVs of 7.7 million. Restaurant level profit margin for the adjusted mature North Italia locations was 14.2%, up 120 basis points from Q1 of 2023. Other Fox Restaurant Concepts, annualized AUVs were 7.3 million.

現在轉向銷售趨勢。 Cheesecake Factory 場外銷售額穩定在第一季銷售額的 22%，與 2023 年平均銷售額百分比一致。調整後的成熟北義大利餐廳水準利潤率為 14.2%，較 2023 年第一季上升 120 個基點。

Next, I'd like to provide an update on Flower Child. We remain as enthusiastic as ever about flower child's potential with sales continuing to grow nicely across the concept.

接下來，我想介紹一下花童的最新情況。我們一如既往地對「花童」的潛力充滿熱情，整個概念的銷售持續良好成長。

In fact, Q1 comparable sales for Flower Child were the highest of any of our core concepts and sales demand in the newer locations continue to trend well, over the past 18 months, we have successfully implemented several operational and supply chain improvements to enhance the guest experience and drive cost efficiencies.

事實上，Flower Child 第一季的可比較銷售額是我們所有核心概念中最高的，而且新地點的銷售需求持續保持良好趨勢，在過去18 個月中，我們成功實施了多項營運和供應鏈改進，以增強客人的滿意度經驗並提高成本效率。

For example, we implemented a kitchen display system across all restaurants, resulting in improved order throughput and operational efficiencies. The loyalty platform was replaced with a more robust and scalable solution.

例如，我們在所有餐廳實施了廚房顯示系統，從而提高了訂單吞吐量和營運效率。忠誠度平台已被更強大且可擴展的解決方案所取代。

Our new restaurant opening training teams were expanded to be able to support our accelerated new unit growth objectives. We are now leveraging the Cheesecake Factory operational reporting platform and deploying operational dashboards to provide improved planning and performance visibility.

我們擴大了新餐廳開幕培訓團隊，以支持我們加速新部門成長目標。我們現在正在利用 Cheesecake Factory 營運報告平台並部署營運儀表板，以提供改進的規劃和績效可見度。

And Flower Child's purchasing is now integrated into the broader Cheesecake supply chain operation to take advantage of our scale and purchasing capabilities.

Flower Child 的採購現已整合到更廣泛的起司蛋糕供應鏈營運中，以利用我們的規模和採購能力。

In summary, with strong consumer demand, a robust operations team and support infrastructure now in place and an attractive unit economic profile, we believe Flower Child is well positioned for accelerated growth.

總而言之，憑藉強勁的消費者需求、強大的營運團隊和現已到位的支援基礎設施以及有吸引力的單位經濟狀況，我們相信 Flower Child 已做好加速成長的準備。

And lastly, we remain pleased with our cheese cake rewards program advancements. As I said previously, we're taking a very deliberate approach as we expand the program and therefore do not anticipate seeing a measurable impact to sales for at least the 1st year. So that said, demand continues to exceed our internal expectations, and we remain encouraged by the level of member activity and engagement that we are now seeing.

最後，我們對芝士蛋糕獎勵計劃的進展仍然感到滿意。正如我之前所說，我們在擴大該計劃時採取了非常審慎的方法，因此預計至少在第一年不會對銷售產生可衡量的影響。也就是說，需求繼續超越我們的內部預期，我們仍然對我們現在看到的會員活動和參與程度感到鼓舞。

We're 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。

And with that, let me turn the call over to Matt for our financial review.

接下來，讓我將電話轉給馬特，以進行我們的財務審查。

Thank you, David. Let me first provide a high-level recap of our first quarter results versus our expectations I outlined last quarter. Total revenues of $891 million finished towards the high end of the range we provided.

謝謝你，大衛。讓我先對我們第一季的業績與我上季概述的預期進行簡要回顧。總收入達到 8.91 億美元，接近我們提供的範圍的高端。

Adjusted net income margin of 4% exceeded the 3.5% guidance we provided and we returned $25.3 million to our shareholders in the form of dividends and stock repurchases.

調整後淨利潤率為 4%，超過了我們提供的 3.5% 指導值，我們以股息和股票回購的形式向股東返還了 2530 萬美元。

Now turning to some more specific details around the quarter. First quarter total sales at The Cheesecake Factory restaurants were $668 million, up 2% from the prior year.

現在轉向本季的一些更具體的細節。 The Cheesecake Factory 餐廳第一季總銷售額為 6.68 億美元，比上年增長 2%。

Comparable sales declined 0.6% versus the prior year, in line with the industry our Q1 sales were negatively impacted by inclement weather, predominantly in January with trends improving thereafter through the end of the quarter.

可比銷售額比上年下降 0.6%，與行業一致，我們第一季的銷售額受到惡劣天氣的負面影響，主要是在一月份，此後到本季末趨勢有所改善。

Total sales for North Italia were $70.9 million up 12% from the prior year period. Other FRC sales totaled $74.2 million, up 8% from the prior year, and sales per operating week were $140,600. Flower Child sales totaled $34.5 million, up 10% from the prior year. And sales per operating week were $83,700 and external bakery sales were 14.9 million, flat from the prior year.

北義大利的總銷售額為 7,090 萬美元，比去年同期成長 12%。其他 FRC 銷售額總計 7,420 萬美元，比上年增長 8%，每個營業週的銷售額為 140,600 美元。 Flower Child 銷售額總計 3,450 萬美元，較上年成長 10%。每個營業週的銷售額為 83,700 美元，外部烘焙銷售額為 1,490 萬份，與去年持平。

Now moving to year over year expense variance commentary in the first quarter, we continued to realize some year-over-year improvement across several key line items in the P&L. Specifically, cost of sales decreased 100 basis points, primarily driven by higher menu pricing than commodity inflation. Labor as a percent of sales was essentially flat year over year.

現在轉向第一季同比費用差異評論，我們繼續實現損益表中幾個關鍵項目的同比改善。具體而言，銷售成本下降了 100 個基點，主要是由於菜單定價高於商品通膨。勞動力佔銷售額的百分比與去年同期基本持平。

Other operating expenses decreased 40 basis points, primarily driven by reduced costs in areas such as utilities and to-go related expenses. G&a increased 60 basis points, mostly driven by higher staffing and legal costs. Depreciation increased 10 basis points as a percent of sales. Preopening costs were $5.9 million in the quarter compared to $3.1 million in the prior year period.

其他營運支出下降 40 個基點，主要是由於公用事業和外帶相關支出等領域的成本下降。 G&a 成長了 60 個基點，主要是由於人員配置和法律成本增加。折舊佔銷售額的百分比增加了 10 個基點。本季開業前成本為 590 萬美元，而去年同期為 310 萬美元。

We opened five restaurants during the first quarter versus two restaurants in the first quarter of 2023 and in the first quarter, we recorded a net expense of $3.2 million, primarily related to impairment of assets and lease terminations, expenses and FRCP acquisition related expenses. First quarter GAAP diluted net income per share was $0.68. Adjusted diluted net income per share was $0.73.

我們在第一季開設了5 家餐廳，而2023 年第一季開設了兩家餐廳，第一季的淨支出為320 萬美元，主要與資產減損和租賃終止、費用以及FRCP 收購相關費用有關。第一季 GAAP 攤薄後每股淨利為 0.68 美元。調整後攤薄每股淨利為 0.73 美元。

Now turning to our balance sheet and capital allocation, the Company ended the quarter with total available liquidity of approximately $297 million, including a cash balance of about $60 million and approximately $237 million available on our revolving credit facility. Total debt outstanding was unchanged at $475 million, and principal CapEx totaled approximately $37 million during the first quarter for new unit development and maintenance. During the quarter, we completed approximately $12.5 million in share repurchases and returned $12.8 million to shareholders via our dividend.

現在轉向我們的資產負債表和資本配置，該公司本季末的可用流動資金總額約為 2.97 億美元，其中包括約 6,000 萬美元的現金餘額和約 2.37 億美元的循環信貸額度。未償債務總額維持在 4.75 億美元不變，第一季用於新設備開發和維護的本金資本支出總計約為 3,700 萬美元。本季度，我們完成了約 1,250 萬美元的股票回購，並透過股息向股東返還了 1,280 萬美元。

Now let me turn to our outlook. While we will not be providing specific comparable sales and earnings guidance, we will provide our updated thoughts on our underlying assumptions for Q2 and full year 2024 for Q2, assuming no material operating or consumer disruptions, we anticipate total revenues be between $890 million and $910 million. This essentially assumes a continuation of February and March trends.

現在讓我談談我們的前景。雖然我們不會提供具體的可比銷售和盈利指引，但我們將提供對第二季度和2024 年全年基本假設的最新想法，假設沒有重大運營或消費者乾擾，我們預計總收入在8.9 億美元至910 美元之間百萬。這基本上假設二月和三月趨勢的延續。

Next, at this time, we expect effective commodity inflation of low single digits for Q2 as our broad market basket remains very stable. We are modeling net total labor inflation of mid single digits when factoring in the latest trends in wage rates and minimum wage increases as well as other components of labor.

接下來，由於我們的廣泛市場籃子保持非常穩定，我們預計第二季的有效大宗商品通膨將保持在低個位數。當考慮到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貨膨脹率進行建模。

G&A is estimated to be about $15 million and depreciation is estimated to be approximately $25 million. Based on these assumptions, we would anticipate net income margin to be about 5.25% at the midpoint of the sales range. 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.

G&A 估計約為 1500 萬美元，折舊估計約為 2500 萬美元。基於這些假設，我們預期淨利潤率約為銷售範圍的中點 5.25%。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%. We currently estimate total inflation across our commodity baskets, labor and other operating expenses to be in the low to mid single digit range and fairly consistent across the quarters. We are estimating G&A to be about 10 basis points higher year over year as a percent of sales and depreciation to be about $100 million for the year.

出於靈敏度目的，我們使用正負 1% 的範圍。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。我們預計 G&A 佔銷售額的百分比將年增約 10 個基點，而全年折舊約為 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. Based on these assumptions and assuming 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 with regard to development.

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。基於這些假設並假設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有關開發的收入水平，全年淨利潤率約為 4.25%。

As David Overton highlighted earlier, we plan to open as many as 22 new restaurants this year across our portfolio of concepts with five openings in the first quarter and as many as five openings slated for the second quarter we anticipate our development pipeline of new openings to be relatively balanced across the quarters, 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.

正如David Overton 早些時候強調的那樣，我們計劃今年在我們的概念組合中開設多達22 家新餐廳，其中第一季將開設5 家新餐廳，第二季將開設多達5 家新餐廳，我們預計新餐廳的開發管道將達到各季度相對平衡，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, we were pleased with our financial performance for the first quarter with top line trends, stabilizing profit margins, expanding input cost normalizing and solid operational execution.

最後，我們對第一季的財務表現感到滿意，包括營收趨勢、穩定的利潤率、擴大投入成本正常化和穩健的營運執行。

With the positive results, we believe we are well positioned to once again generate our historically consistent operational and financial results and to continue making progress 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 and with that said, we'll take your questions.

憑藉這些積極的成果，我們相信我們有能力再次產生歷史上一致的營運和財務業績，並繼續在實現我們的長期目標和價值創造的關鍵領域取得進展，增加餐廳可比銷售額，擴大餐廳營業利潤並加速單位成長，話雖如此，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon, Matt. Just first a quick a clarification question related to your assumptions. You mentioned that you're assuming that the trends you saw on in February and March were would be the kind of run rate you're assuming in that in the guidance. So could you just elaborate on what you saw in February and March? And then I then I have a follow-up.

嗨，下午好，馬特。首先快速澄清與您的假設相關的問題。您提到您假設您在二月和三月看到的趨勢將是您在指南中假設的運行率。您能否詳細說明一下您在二月和三月看到的情況？然後我有一個後續行動。

Sure. So this is Matt.

當然。這就是馬特。

So if you think about the quarter and Cheesecake Factory comps were negative 0.6. And what we had said on the last call was the impact from those 2.5 weeks of weather in January was about 1.5% to 2% for the entire quarter, right? So the net of those two things being kind of what we saw in the back half of the quarter.

因此，如果您考慮本季和 Cheesecake Factory 的比較結果為負 0.6。我們在上次電話會議中說過，1 月那 2.5 週的天氣對整個季度的影響約為 1.5% 到 2%，對嗎？因此，這兩件事的淨結果就是我們在本季後半段看到的情況。

So low single digits positive that.

這麼低的個位數是正面的。

Got it. Okay. Thank you for that. And so that was what you'd be embedding in your second quarter guidance?

知道了。好的。謝謝你。這就是您將在第二季指導中納入的內容嗎？

Correct.

正確的。

Got it. Okay. And then I guess a lot of companies recently have been talking about consumer softness and I just wanted to get your thoughts on what you're seeing yes, from a consumer perspective, I know you saw improved trends at the at the end of the quarter. But as you kind of step back and look where you are year to date and what what you're seeing on the transaction side or however you want to look at it. Can you talk about kind of the strength of that consumer spending environment and any observations on that front would be helpful. Thank you.

知道了。好的。然後我想很多公司最近一直在談論消費者疲軟，我只是想了解您對所看到的情況的想法是的，從消費者的角度來看，我知道您在本季度末看到了趨勢的改善。但當你退後一步，看看你今年迄今為止的情況，以及你在交易方面看到的情況，或者你想如何看待它。您能否談談消費者支出環境的優勢以及這方面的任何觀察都會有所幫助。謝謝。

Sure. And I'll just preemptively answer the next question around the specifics on pricing, traffic and mix, because it's part of I think that answer right, two pricing levels down for us because we we dropped off that onetime incremental pricing from December '22.

當然。我將搶先回答下一個有關定價、流量和組合的具體問題，因為我認為答案是正確的，我們的定價水平下降了兩個水平，因為我們從 22 月 22 日起放棄了一次性增量定價。

So pricing was at five two. The mix was a negative four three, which showed a slight improvement over the fourth quarter, but as we predicted, was still a piece of the equation. And so that left traffic at a negative 1.5 and all of that traffic piece was related to the January weather. So effectively, we've been running flat traffic now for two quarters.

所以定價是五分二。組合是負四三，這比第四季度略有改善，但正如我們預測的那樣，這仍然是等式的一部分。因此，交通量為負 1.5，所有交通量都與 1 月的天氣有關。實際上，我們的流量已經連續兩季保持穩定。

And so to answer, I think the question we see the consumer that's coming into our restaurants being very steady. You know, we haven't really veered off of that trajectory for a while and done week-to-week. It's kind of it's been predictable. So wherever that is, it's a it's not a not a bad place at all for us.

因此，為了回答這個問題，我認為進入我們餐廳的消費者非常穩定。你知道，我們已經有一段時間沒有真正偏離這個軌道了，而且每週都在這樣做。這似乎是可以預見的。所以無論那兒在哪裡，對我們來說都不是一個壞地方。

Thank you very much.

非常感謝。

Katherine Griffin, Bank of America Securities.

凱瑟琳‧格里芬，美國銀行證券公司。

Hi, thank you. Thanks for the question. I wanted to ask first about the about the four-wall margin a little bit better than expected as you said, so I was wondering if you could just further clarify. I think you mentioned input costs, but sort of where where the upside came from. And then the second part of the question is just is this kind of the right level we should be thinking about for the remainder of the year?

嗨，謝謝你。謝謝你的提問。正如您所說，我想先詢問有關四牆邊距的問題，比預期的要好一些，所以我想知道您是否可以進一步澄清。我想你提到了投入成本，但也提到了收益的來源。問題的第二部分是我們在今年剩餘時間應該考慮的正確水平嗎？

Sure, Katie, it's Matt. So I think just going back to the last answer for David, on the sales trends, I mean, I think having that steady predictable historical Cheesecake pattern, our operators just did a fantastic job delivering flow-through on the sales.

當然，凱蒂，是馬特。所以我想回到大衛的最後一個答案，關於銷售趨勢，我的意思是，我認為有了穩定的可預測的歷史芝士蛋糕模式，我們的運營商在銷售流通方面做得非常出色。

So a lot of it just goes to the ability to execute in a normalized environment. We saw commodities were I didn't want like roughly flat issuance, but within the predicted range. Utilities were slightly better. I mean, natural gas obviously is low. But I think the most important part of that is just execution and being able to manage the business with a very predictable sales pattern.

因此，很大程度上取決於在標準化環境中執行的能力。我們看到大宗商品的發行量並不像我想要的那樣大致持平，但在預測範圍內。公用事業稍好一些。我的意思是，天然氣的價格顯然很低。但我認為其中最重要的部分是執行力以及能夠以非常可預測的銷售模式來管理業務。

So that helped a lot easier. If you think about the rest of the year and every quarter is a little bit different, right? There's seasonality and things so that those numbers might not be the absolute same quarter-to-quarter. Typically do see a little bit of a tick-up and the absolute number for Q2. And then it comes back down in Q3 and goes back up a little bit in Q4. So it moves around. But I think on a full year basis, it's probably close to it somewhere in that in that ballpark.

這樣就輕鬆多了。如果你想想今年剩下的時間，每季都會有點不同，對吧？由於季節性因素的影響，這些數字可能不會在每個季度都完全相同。通常情況下，第二季確實會出現一點上升和絕對數字。然後在第三季回落，並在第四季略有回升。所以它四處移動。但我認為，從全年來看，它可能接近這個水平。

Okay, thank you. And I was I was curious about the on the Flower Child on purchasing being integrated with our with the Cheesecake supply chain. Can you quantify or just maybe frame what the margin savings from that are?

好的謝謝。我對 Flower Child 的採購與我們的起司蛋糕供應鏈整合感到好奇。您能否量化或框架一下由此節省的利潤是多少？

You know, Tom, it's meaningful. I don't know that we are going to give a specific answer, but we've done a lot of work in the protein area, which is in a high cost, and we feel really good that the contributions from that. It's a little bit of a tricky answer because we've done so many other things like David talked about where we are putting in the kitchen system.

你知道，湯姆，這很有意義。我不知道我們是否會給出具體的答案，但我們在蛋白質領域做了很多工作，這些工作的成本很高，我們對此的貢獻感到非常高興。這是一個有點棘手的答案，因為我們已經做了很多其他事情，就像大衛談到的我們在廚房系統中放置的位置一樣。

Some of the other efficiencies are kind of all blended together, but certainly the margins have moved measurably higher, and we feel very good about accelerating that growth based on the results that we're seeing.

其他一些效率都是混合在一起的，但利潤率確實明顯提高了，而且根據我們所看到的結果，我們對加速成長感到非常滿意。

Great.

偉大的。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you. Just actually wanted to follow up on flower child's, some encouraging stuff features you mentioned.

謝謝。實際上只是想跟進花童的一些您提到的令人鼓舞的功能。

Could you just remind us what kind of AUVs and maybe sort of level margins you're targeting there on the new development and if you could incorporate some of the good work you've done, I just referenced and then is there a long-term target you'd be willing to discuss in terms of the long-term opportunity?

您能否提醒我們您在新開發項目中的目標是哪種 AUV 以及可能的水平利潤？就長期機會討論的目標是什麼？

Can this be a national brand one day if things break right?

如果一切順利的話，有一天它會成為一個國家品牌嗎？

Sure, Brian, this is David Gordon, I think I'll answer your last question first, and that is yes, we believe that McCann big national concept, part of the reason that we've taken a more fully under our umbrella and leverage things like the supply chain team is because we have a very strong belief in the concept of MEOQ. one AUVs at the run rate of those are 4.4 million average average unit volumes.

當然，布萊恩，這是大衛戈登，我想我會先回答你的最後一個問題，是的，我們相信麥肯的大國家概念，這是我們更充分地在我們的保護傘和槓桿下進行的部分原因像是供應鏈團隊這樣的事情是因為我們對MEOQ的理念有非常堅定的信念。一艘 AUV 的運行速度平均為 440 萬輛。

So they've been very, very strong. The new markets have been very strong, just opened a new Flower Child in Plano, Texas which is an existing market, but very happy with the sales there thus far. So we think it's very promising and we're excited to open up the six to seven more this year and that continued growth moving into next year and the years beyond.

所以他們非常非常強大。新市場非常強勁，剛剛在德克薩斯州普萊諾開設了一家新的 Flower Child，這是一個現有市場，但迄今為止對那裡的銷售非常滿意。因此，我們認為它非常有前途，我們很高興今年能再開設六到七個，並將持續增長到明年和以後的幾年。

Okay. Thank you. And then just a question on California.

好的。謝謝。然後是關於加州的問題。

With the implementation of the new legislation on April first, I know it's a different sector, a segment of the industry, but just wondering if you've observed anything worth calling it all worth calling out at all on the labor side, whatsoever if you'd or if you'd expect to shift things again?

隨著四月一號新立法的實施，我知道這是一個不同的部門，該行業的一部分，但只是想知道您是否觀察到任何值得稱其為值得在勞工方面呼籲的事情，無論如何，如果您或你希望再次改變事情？

Brian, this is David. I think it's still early, but we haven't seen anything thus far. We continue to remain an employer of choice are able to continue to pay the wages and see the same wage trends in Q1 that we saw at the end of last year, which is a very stable staffing environment. We think that our employee value proposition is very strong. So we're going to monitor it as we as we have been, and we'll see what comes throughout the next quarter. But more likely, it's going to have an impact on QSR and not so much on certainly Cheesecake Factory and even the fast casual, like like Flower Child at this point.

布萊恩，這是大衛。我認為現在還為時過早，但到目前為止我們還沒有看到任何東西。我們仍然是首選雇主，能夠繼續支付工資，第一季的薪資趨勢與去年年底相同，這是一個非常穩定的員工環境。我們認為我們的員工價值主張非常強大。因此，我們將一如既往地對其進行監控，我們將看看下個季度會發生什麼。但更有可能的是，它會對 QSR 產生影響，但對 Cheesecake Factory 甚至快餐休閒品牌（例如目前的 Flower Child）影響不大。

Thank you.

謝謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks and good afternoon. And just circling back on the comp component at Cheesecake Factory Matt, I think you said the mix was down in the low fours. Obviously a much larger drag versus your peers and what we typically hear it.

你好，謝謝，下午好。回到 Cheesecake Factory Matt 的比較部分，我想你說過組合處於低四水平。顯然，與您的同行以及我們通常聽到的相比，這是一個更大的阻力。

But can you just remind us what the pieces of what's driving that, kind of what the underlying dynamics are there and then how you see that playing out or normalizing over the next few quarters?

但您能否提醒我們，推動這一趨勢的因素是什麼，潛在的動力是什麼，以及您如何看待未來幾季這種情況的發展或正常化？

Sure. That's right. It's in the low fours, about 1% of that is just the optics of the to-go and how we count that. So, you know, you're about 3% and just as a reminder, for everybody, that's about half of what it was really nine months ago. So what we saw is really outsized. I'm purchasing things like alcohol and attachments in '21 and '22.

當然。這是正確的。它處於低四位，其中大約 1% 只是待運的光學以及我們如何計算的。所以，你知道，你的比例約為 3%，提醒大家，這大約是九個月前的一半。所以我們看到的實在太大了。我在 21 年和 22 年購買了酒精和配件等東西。

So we're still currently running, we call them incident rates, right? It's how much of each type of product to guests are buying on slightly above 2019 levels. So people are really regressing. They're just returning to the normal behaviors. So we anticipated that it would be at this level in Q1.

所以我們目前仍在運行，我們稱之為事故率，對吧？這是客人購買的每種產品的數量略高於 2019 年的水平。所以人們確實在倒退。他們只是恢復正常行為。所以我們預計第一季會達到這個水準。

So it's pretty predictable. So we feel good about our estimates going forward. Q2 will probably come down even a little bit more Q. three, a little bit more by the time we get to Q4. It's going to be pretty close to normal in our our models today.

所以這是可以預見的。因此，我們對未來的估計感到滿意。當我們進入第四季時，第二季可能會比第三季下降更多一點，甚至更多一點。在我們今天的模型中，這將非常接近正常情況。

Okay, thank you for that. And on the margin front, I wanted to ask about on labor, your labor per operating week, at least on our math, was down between 1% and 2% year on year. It looks like can you can you speak to some of the efficiencies? Is there any way to quantify some of the efficiencies you're seeing. I know sometimes that can be difficult. And then within other OpEx, also some some pretty nice leverage despite some of the rewards marketing in that line too. So is there anything worth calling out or highlighting in that line? Thank you.

好的，謝謝你。在利潤方面，我想問關於勞動力的問題，至少根據我們的計算，每個工作週的勞動力年減了 1% 到 2%。看起來你能談談一些效率嗎？有什麼方法可以量化您所看到的一些效率嗎？我知道有時這可能很困難。然後在其他營運支出中，儘管也有一些獎勵行銷，但也有一些相當不錯的槓桿作用。那麼，這句話中有什麼值得被指出或強調的嗎？謝謝。

One on labor for Brian, this is Matt. No, we are seeing extremely good retention levels at the hourly level as well as at the management level. And so that does drive basically productivity, but also very specific areas like overtime, like training, where we're seeing year-over-year improvements, better meaningful?

布萊恩的一份關於勞工的報告，這是馬特。不，我們看到每小時級別以及管理層的保留率都非常高。因此，這確實提高了基本的生產力，但也提高了非常具體的領域，例如加班，例如培訓，我們看到逐年進步，更有意義嗎？

I think on the other ops line, as we noted, I mean, natural gas certainly is a little bit of it. And I think that where we have some savings that we've been driving through our supply chain and some of the to-go supplies and things like that. So it's been a focus. Obviously, the other OpEx is a little bit bumpy. So we've been paying attention to that and I think our efforts are paying off.

我認為在其他營運方面，正如我們所指出的，我的意思是，天然氣肯定是其中的一部分。我認為我們透過供應鏈和一些外運用品等節省了一些費用。所以一直是大家關注的焦點。顯然，其他 OpEx 有點坎坷。所以我們一直在關注這一點，我認為我們的努力正在得到回報。

All right. I'll pass along. Thank you.

好的。我就過去吧謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Yes, good afternoon and thanks for taking my question. I wanted to drill down a little bit on North Italia. Can you just walk through the daypart trends and maybe how customers are interacting with the brand lunch versus dinner daypart?

是的，下午好，感謝您提出我的問題。我想深入了解義大利北部。您能否簡單介紹時段趨勢，以及顧客如何與午餐時段和晚餐時段的品牌互動？

Sure, Jim, this is David. I think that it's been pretty steady and stable. It's probably about a 35, 65 mix lunch to dinner at North and then has been that even prior to our acquisition of one of the areas growth at North. I think that's interesting to point out, there's just the off-premise growth over time from off-premise sales at North, we're 14% in the quarter, which I think is the highest quarter that we've had. So we're pretty excited to see that. I think our partnership with DoorDash, some of the marketing benefit we get that has been helpful the north. But as far as daypart mix has been it's been pretty steady and remains very steady.

當然，吉姆，這是大衛。我認為它一直非常穩定和穩定。在North，這可能是35、65混合的午餐和晚餐，甚至在我們收購North的成長區域之一之前也是如此。我認為指出這一點很有趣，隨著時間的推移，North 的場外銷售出現了場外增長，本季度增長了 14%，我認為這是我們有史以來最高的季度。所以我們很高興看到這一點。我認為我們與 DoorDash 的合作，我們獲得的一些行銷效益對北方很有幫助。但就時段組合而言，它相當穩定，並且仍然非常穩定。

Okay. That's great. And if I can ask you a follow up just on the new units, I believe slight beat versus street plus reiterated guidance, which is all great. Are you seeing the permitting environment improve or anything behind the scenes? Maybe you guys have kind of extended out expectations? I know when we've talked with other operators, some of them still have some permitting issues and other ones, you have no data from that. So any color there would be helpful.

好的。那太棒了。如果我可以要求您對新單位進行後續跟進，我相信與街道相比略有不同，再加上重申的指導，這一切都很棒。您是否看到許可環境有所改善或幕後有什麼變化？也許你們有某種延伸的期望？我知道，當我們與其他運營商交談時，其中一些運營商仍然存在一些許可問題，而其他運營商則沒有任何數據。所以任何顏色都會有幫助。

Sure. I think we feel confident in the up to 22 restaurants this year and permitting in some cities may be still a slight challenge, but nothing like it was 12 months ago. Our latest update was we had a restaurant in Houston that was having permitting challenges, but those are moving quickly. So some of those tougher cities maybe are still a little bit of a challenge, but nothing that's going to keep us from hitting the target for this year, certainly, so much more stable than they were even 12 months ago from permitting to equipment supplies et cetera, and even labor force to actually work on construction, we feel pretty confident.

當然。我認為我們對今年最多 22 家餐廳充滿信心，在某些城市獲得許可可能仍然是一個小小的挑戰，但與 12 個月前不同。我們最新的更新是，我們在休士頓有一家餐廳面臨許可方面的挑戰，但這些挑戰正在迅速解決。因此，一些更困難的城市可能仍然是一個挑戰，但沒有什麼可以阻止我們實現今年的目標，當然，從許可到設備供應等，比 12 個月前穩定得多。工作，我們都感到非常有信心。

Okay.

好的。

That's great.

那太棒了。

I guess I'll back in the queue.

我想我會回到隊列中。

Jon Tower, Citigroup.

喬恩·塔爾，花旗集團。

Greg should have a question. Maybe I'll just start on the marketing side. I know as a percentage of your total revenue, it's stepped up by about 30 basis points in 2023, but or $10 million in total. And I think for some of it, the 10-K suggested rewards was a big driver of that but I'm just curious to get your thinking around the spend in 2024.

格雷格應該有一個問題。也許我會從行銷方面開始。我知道，到 2023 年，它佔總收入的百分比將增加約 30 個基點，但總計將達到 1,000 萬美元。我認為對於其中的一部分來說，10-K 建議的獎勵是其中一個重要的推動因素，但我只是想知道您對 2024 年支出的看法。

And do you feel like there's any sort of need to respond in terms of building up your brand awareness in front of consumers in the face of what's going on across the industry with many other casual dining concepts out there blasting their ways right now with kind of price point promotions building brand awareness that way?

面對整個行業正在發生的事情，許多其他休閒餐飲概念現在正在以一種價位促銷如何建立品牌知名度？

Well, I think I'll start by addressing the again the second half of your question. This isn't the first time that we've seen our competitors have a heightened promotion environment and we are pleased with our performance historically during those times.

好吧，我想我首先要再次解決你問題的後半部分。這並不是我們第一次看到我們的競爭對手擁有更嚴格的促銷環境，我們對我們在這段時間內的表現感到滿意。

And even if we look at what Matt said towards the end of the quarter, how strong our traffic was. We certainly are not going to change our promotional environment and become the concept that's doing more discounting because of what we see in the market from excuse me in the marketplace.

即使我們看看馬特在本季末所說的話，我們的流量有多強勁。我們當然不會因為我們在市場上看到的情況而改變我們的促銷環境並成為提供更多折扣的概念。

So our plan is to stick to our knitting, continue to learn from the rewards program, continue to look at all three phases of that program the published offers the unplugged published offers and the marketable offers throughout time and leverage the data as we continue to gather it to be as strategic as possible with our marketing to build on the one to one relationship that we're hoping to continue to have with our guests to drive some incremental revenue throughout that the rewards program and do it at a at a level that's margin neutral for us.

因此，我們的計劃是堅持我們的編織，繼續從獎勵計劃中學習，繼續關注該計劃的所有三個階段，已發布的優惠、已發布的優惠和適銷對路的優惠，並在我們繼續收集的過程中利用數據我們的行銷盡可能具有策略性，以建立一對一的關係，我們希望繼續與我們的客人保持這種關係，從而在整個獎勵計劃中增加一些增量收入，並以確保利潤的水平實現這一目標對我們來說是中立的。

Got it. And in terms of thinking about the mark, the rewards program itself, I know you had mentioned it's early days and you're not necessarily or at least you talked about the idea of having relatively low expectations for it.

知道了。在考慮標記、獎勵計劃本身方面，我知道您已經提到現在還處於早期階段，但您不一定或至少談到了對此抱有相對較低期望的想法。

However, it seems to be exceeding the expectations in terms of sign-ups and such Can you just talk about perhaps how it might be impacting that, but are you seeing greater frequency of use from these consumers early on in the program?

然而，它在註冊方面似乎超出了預期，您能否談談它可能會如何影響這一點，但是您是否在該計劃的早期看到這些消費者的使用頻率更高？

And are you seeing greater spend when they're coming in versus what you're anticipating for?

當他們進來時，您是否看到比您預期的支出更多的支出？

Sure. Without getting into too much detail, I can tell you that are our early results, certainly see some incremental visits and see some new guest visits. So we find that to be very promising. We have a high email opt-in rate, well above 90% for those guests that are engaging with the program, we see our NPS scores for guests that are in the program being even better than our already highest NPS scores that we've seen historically.

當然。在不透露太多細節的情況下，我可以告訴您這是我們的早期結果，當然會看到一些增量訪問並看到一些新的客人訪問。所以我們發現這是非常有前途的。我們的電子郵件選擇加入率很高，參與該計劃的賓客的選擇加入率遠高於 90%，我們發現參與該計劃的賓客的 NPS 分數甚至比我們已經看到的最高 NPS 分數還要好從歷史上看。

So everything about the program thus far seems to be trending in a very, very positive fashion, and we're excited to be able to share more once we decide to do that in the coming quarters.

因此，到目前為止，有關該計劃的一切似乎都在以非常非常積極的方式發展，一旦我們決定在未來幾個季度這樣做，我們很高興能夠分享更多。

Got it. Thank you. And then just last one for me, maybe, Matt, you can touch on what was going on the G&A in the quarter. I think you'd guided at the higher end of the range of $58 million came in closer to 60 now, what might hit that during the period?

知道了。謝謝。然後是我的最後一個，也許，馬特，你可以談談本季的一般行政管理費用。我認為您的指導價為 5800 萬美元，現在接近 60 美元，在此期間可能會受到什麼影響？

Yes, we're really, John, is that we had some legal settlement that was about half of that delta. And then there's a little bit of timing. I think we're going to be fine for the year. We'll make that back up. But just a few things that came in that we anticipated at different periods during the year. So it is really non-core spending.

是的，約翰，我們確實達成了一些法律和解，大約是該增量的一半。然後還有一點時間安排。我想今年我們會一切順利。我們會進行備份。但我們在這一年的不同時期預計會發生一些事情。所以這實際上是非核心支出。

Okay. Thanks for taking the questions.

好的。感謝您提出問題。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great. Thank you.

偉大的。謝謝。

First question is on the unit growth outlook. It's great to hear that you did five in the first quarter, five in the second hopefully and pretty steady in the back half. That's quite an anomaly.

第一個問題是關於單位成長前景。很高興聽到你在第一節投進了五分，希望第二節投進了五分，並且在後半場表現得相當穩定。這實在是太反常了。

And just wondering, as you think about going into next year, I'm not looking for guidance per se. But would you expect that you could accelerate the number of openings next year?

只是想知道，當你考慮進入明年時，我本身並不是在尋求指導。但您是否期望明年能夠加快職缺數量？

And if so, which brand do you see having the strongest demand and now that you have more of a portfolio to choose from just wondering which brand you see as having the greatest upside as we think going into next year? Thanks.

如果是這樣，您認為哪個品牌的需求最強勁，現在您有更多的產品組合可供選擇，只是想知道您認為哪個品牌在我們認為明年具有最大的上升空間？謝謝。

Jeff, this is David again. I'll we're certainly not going to get too far over our skis and talk about how many we might have for next year. But I think what's most important is that whether it's North Italia Flower Child or Cheesecake Factory.

傑夫，這又是大衛。我們當然不會過多討論我們的滑雪板，並討論明年我們可能擁有多少滑雪板。但我覺得最重要的是，無論是North Italia Flower Child還是Cheesecake Factory。

The demand for those concepts from landlords remains very, very high. So we're still getting a site real estate opportunities, and we have enough brands including culinary dropout to be able to fit the needs of those landlords everywhere from 3,500 square feet all the way up to 10,000 homes.

房東對這些概念的需求仍然非常非常高。因此，我們仍然獲得場地房地產機會，並且我們擁有足夠的品牌，包括烹飪輟學，能夠滿足各地房東的需求，從 3,500 平方英尺一直到 10,000 套房屋。

So that's why we have such a positive outlook on the potential for next year and certainly still feel pretty good about our unit growth target of some 7% annual unit growth.

因此，我們對明年的潛力抱有如此積極的展望，並且對我們每年約 7% 的單位成長目標感到非常滿意。

Understood. And then just, Matt, you gave that low single-digit, I think mid-single-digit blended inflation for the full year. I'm just wondering if you can share specifically on the first quarter and second quarter for both commodities and labor. Just kind of where that settles out or where you're expecting it to settle out within that broad range that you gave for the full year? I'm sure, Pfizer and I guess to offset that?

明白了。然後，馬特，你給了全年的低個位數混合通膨，我認為是中個位數。我只是想知道您是否可以具體分享第一季和第二季的大宗商品和勞動力情況。只是在您為全年提供的廣泛範圍內，情況會穩定在什麼位置，或者您期望它會穩定在什麼位置？我確定，輝瑞和我想抵銷這一點？

Yes. So first quarter, the commodities were like zero to one and labor was around the mid fours. And I would say commodities for the second quarter, probably one ish. So just maybe a half a percent more something like that. I mean, it's obviously a little bit of illusion of precision here, but I would say labor is probably in the four to five range as well and the pricing that you'd expect.

是的。因此，第一季度，商品價格約為 0 比 1，勞動力價格約為 4 左右。我想說的是第二季的大宗商品，可能是其中之一。所以類似的事情可能只多了半個百分點。我的意思是，這顯然有點精確的錯覺，但我想說的是，勞動力也可能在四到五的範圍內，定價也符合您的預期。

So we're going to run probably about and there is great.

所以我們可能會跑來跑去，那真是太棒了。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yes, thanks. Good afternoon and Matt. And kind of four-wall margins, you had nice year-over-year improvement, right kind of in excess of, I think what you'd previously hoped for for this year? And it sounds like some of what you're seeing are structural drivers that could be sticky. Do you think do you think that could continue in coming quarters? Maybe commodities pick up a bit, but what are some of the puts and takes on four-wall margins? Just bigger picture.

對了謝謝。下午好，馬特。就四壁利潤率而言，您的年比改善非常明顯，超出了您之前對今年的期望？聽起來你所看到的一些結構性驅動因素可能具有黏性。您認為這種情況會在未來幾季持續嗎？也許大宗商品價格會回升，但四壁保證金的看跌期權和看跌期權有哪些？只是更大的圖景。

I mean, I think a lot of it is structural. You know, certainly, we fully caught up with pricing last year. And so you're seeing some of that to benefit like cost of sales where the commodities have normalized and it's lapping a lot of it is operational execution, the stability of the labor force really driving productivity and flow through in the four walls and that certainly should be sticky. I think our outlook, you know, expects that we will continue to have year-over-year margin gains throughout the balance of this year and what how much of it was, how much of that kind of differ by brands?

我的意思是，我認為很多都是結構性的。當然，你知道，我們去年完全趕上了定價。因此，你會看到其中一些受益，例如商品已經正常化的銷售成本，其中很大一部分是營運執行，勞動力的穩定性真正推動了生產力和四面牆的流動，這當然應該是黏性的。我認為我們的前景預計我們將在今年餘下的時間裡繼續實現同比利潤率增長，具體有多少，不同品牌的差異有多大？

Did you see more of a swing for some of the non Cheesecake brands are some of those kind of starting to perform better? How should we think of brand mix in that?

您是否看到一些非起司蛋糕品牌開始表現得更好？我們該如何看待其中的品牌組合？

I think it was pretty consistent to our expectations where, you know, where we saw just everywhere a little bit better, right. You know, certainly Cheesecake is 75% to 80% of the business. And so that's the single biggest driver in those margins, you know, provide the most incremental dollars. But as David Gordon mentioned, fire town had very strong sales and deliver great margins in the quarter, too. So we're pretty pleased with the whole portfolio at this point.

我認為這與我們的期望非常一致，你知道，我們看到到處都好一點，對吧。你知道，起司蛋糕佔據了 75% 到 80% 的業務。因此，這是這些利潤中最大的驅動因素，你知道，提供了最多的增量資金。但正如大衛·戈登（David Gordon）提到的那樣，Fire Town 在本季度的銷售非常強勁，利潤率也很高。所以我們目前對整個產品組合非常滿意。

Thanks.

謝謝。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thanks for the question and congrats on the quarter. Can you talk about whether you're seeing any differences across regions and then visiting the California, a lot of the restaurant industry raised prices in response to the wage rate. Are you seeing any benefit from that or incremental pressure in the market at all?

感謝您的提問並祝賀本季。您能否談談您是否看到了不同地區之間的差異，然後訪問加利福尼亞州，許多餐飲業因工資水平而提高了價格。您是否看到了任何好處或市場壓力的增加？

Fairness was I mean, I don't think we've seen very big differences geographically other than the weather because that can certainly impact our sectors for temporary. But it's pretty consistent in California specifically. I don't think we've noticed a real difference again. I think as David mentioned, that's it's pretty early on. So we'll see, you know, if that if that plays out. But but generally speaking, I think business has been pretty consistent and predictable.

公平地說，我認為除了天氣之外，我們沒有看到很大的地理差異，因為這肯定會暫時影響我們的產業。但在加州，情況非常一致。我認為我們沒有再次注意到真正的差異。我認為正如大衛所提到的，這還為時過早。所以我們會看看，你知道，這是否會發生。但總的來說，我認為業務一直相當穩定且可預測。

Great, thanks. And then on just the North Tower Italia margin, how are you feeling about the path to close the margin gap to Cheesecake? Thank you.

萬分感謝。然後就北塔義大利的利潤率而言，您對縮小與起司蛋糕的利潤率差距的道路有何看法？謝謝。

Sure. Yes, I think we feel good about that. You know, if you kind of look at where we're at and it doesn't always sync up quarter to quarter because the pricing actions are different between the brands. And so they sometimes it can just be off a little bit.

當然。是的，我認為我們對此感覺良好。你知道，如果你看看我們所處的位置，你會發現它並不總是季度與季度同步，因為品牌之間的定價行為不同。所以他們有時可能會稍微偏離一點。

And certainly on the total margin. And we basically had four brand new restaurants in the quarter to two from really late in December and two that we opened. And so, you know, as we've always said the gap from the mature to the total with more can be three or four present different just based on the cadence of the openings. So we feel like it's basically right on track and it normalizes over the course of a full year.

當然是在總利潤上。我們本季基本上有四家全新的餐廳，從 12 月底就增加了兩家，還有兩家是我們新開的。所以，你知道，正如我們總是說的，從成熟到整體的差距可能會根據空缺的節奏而出現三到四個不同。所以我們覺得它基本上走上了正軌，並且在一整年的過程中趨於正常化。

Thank you very much.

非常感謝。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Greg Thank you. I just wanted to ask another on pricing and sort of anything you'd call out that you're seeing from a pricing perspective and any sort of resistance from the customer at all.

格雷格謝謝你。我只是想問另一個關於定價的問題，以及你從定價角度看到的任何事情，以及來自客戶的任何阻力。

And then, Matt, if you gave the 2Q as we think about rest of year on the pricing side, we just kind of assume continued moderation in that pricing level over the balance of the year?

然後，馬特，如果您在我們考慮今年剩餘時間的定價方面給出了第二季度的數據，我們只是假設該定價水平在今年剩餘時間內持續放緩？

Yes. I mean, I think just I would still just use about 4%. You know, when we take it twice a year, we haven't finally decided that's still in process. But I think just for modeling purposes, that's probably a good a good number.

是的。我的意思是，我想我仍然只會使用大約 4%。你知道，當我們每年進行兩次時，我們還沒有最終決定仍在進行中。但我認為僅出於建模目的，這可能是一個很好的數字。

And you know, I mean, from our perspective with flat traffic, obviously the guests are coming in the door are the same as they were before, DO despite the pricing. And so I think that's a positive. We understand the mix. It's behaving like we thought it would be. So, you know, they're not changing their behaviors. It's kind of just normalizing.

你知道，我的意思是，從我們客流量平穩的角度來看，顯然進來的客人和以前一樣，儘管價格不同。所以我認為這是積極的。我們了解這種混合。它的表現就像我們想像的那樣。所以，你知道，他們沒有改變自己的行為。這有點正常化。

So overall, I think that we think that our guests appreciate the value of Cheesecake Factory in North and all of our brands based on the quality, the portion sizes, all the things that have endured for nearly 50 years and people come back to their favorites in O, and I think that's what's happening.

總的來說，我認為我們的客人欣賞北部 Cheesecake Factory 和我們所有品牌的價值，因為質量、份量以及所有經歷了近 50 年的東西，人們又回到了他們最喜歡的地方在O 中，我認為這就是正在發生的事情。

That's great. And one quick follow-up, I guess just on that point, Matt, and I think if you talk to mix earlier where I think both the alcohol and sort of broader attach, you know, it's a little bit more lapping the exuberance from prior years, and you're still about $0.19 potentially really not seeing any observable trade down behavior from any cohort of gastric forget alcoholic even sort of on size, et cetera? Just not seeing that basically.

那太棒了。一個快速的後續行動，我想就在這一點上，馬特，我想如果你早點談論混合，我認為酒精和更廣泛的依戀，你知道，這會比之前的繁榮更進一步幾年了，你仍然大約有0.19 美元，可能真的沒有看到任何胃忘記酒精的群體有任何可觀察到的交易行為，即使是在規模上，等等？只是基本上沒有看到這一點。

No, that's so I would I would say we're not going to have. That's correct.

不，所以我想說我們不會有。這是正確的。

Thanks, Matt. Appreciate it.

謝謝，馬特。欣賞它。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Steve, thanks for the question, but I wanted to follow up a little bit more on G&A spending. I think that we guide is looking that's going to outpace revenue growth for this year, but maybe you could talk a little bit more about how you're managing that line item, what we should expect as far as a potential for leverage going forward?

史蒂夫，謝謝你的問題，但我想進一步跟進一般行政開支。我認為我們的指南預計今年的收入成長將超過收入成長，但也許您可以更多地談談您如何管理該訂單項，就未來的槓桿潛力而言，我們應該期待什麼？

Sure. Like I said for the quarter, we had a couple of items that were sort of out of pocket. But I think generally, you know, our goal is to trying to get back towards a 6% level and some of those just the timing of the spend versus the timing of openings or revenue can just be a little bit different on the margin side. So that is still our goal I think we do a good job of managing the core functions of the business, and I feel pretty confident that we'll get that aligned in the next year or two.

當然。就像我在本季所說的那樣，我們有一些項目是自掏腰包的。但我認為，總的來說，我們的目標是努力回到 6% 的水平，其中一些只是支出的時間與開業或收入的時間在利潤方面可能略有不同。因此，這仍然是我們的目標，我認為我們在管理業務核心職能方面做得很好，而且我非常有信心我們將在未來一兩年內實現這一目標。

You know quick polling question. I know to tell you could you provide traffic and check mix or traffic checks the two? Do you have that?

你知道快速投票問題。我知道告訴你你能提供流量並檢查混合或流量檢查兩者嗎？你有那個嗎？

I do.

我願意。

Okay.

好的。

Traffic was negative 1% for the first quarter, price was 8% and mix was negative 4%.

第一季流量負 1%，價格負 8%，混合負 4%。

And I think that would be we would add the same comment where, you know, they were also impacted just like Cheesecake. So I think we would have been in positive traffic territory if it weren't for the weather in January.

我認為我們會添加相同的評論，你知道，它們也像起司蛋糕一樣受到影響。因此，我認為，如果不是一月的天氣，我們的交通量將會處於正值。

Yep, understood. Thank you.

是的，明白了。謝謝。

Rahul Krotthapalli, JPMorgan.

拉胡爾·克羅塔帕利，摩根大通。

Perrigo's all just wanted to ask on the kitchen display system. Can you discuss or quantify to the extent possible how much of the total output of sufficiency impacted you had earnings this quarter and is this something new or did you have something in place for a while on the lines of kitchen management system or if this is just a fully blown upgrade on what is the pace of rollout?

佩里戈只是想詢問一下廚房的顯示系統。您能否盡可能討論或量化充足的總產出對您本季度收入的影響有多大，這是新事物還是您在廚房管理系統方面已經實施了一段時間的東西，或者這只是全面升級的推出速度如何？

Hi, Rob, this is David. Just for clarity, the kitchen display system as it Flower Child is where we rolled that out. We have had a kitchen display system at Cheesecake Factory for numerous years. So the full rollout was probably done at the beginning of the quarter a Flower Child, and we're not sharing any of that data at this point.

嗨，羅布，我是大衛。為了清楚起見，廚房顯示系統「Flower Child」是我們推出的地方。多年來，我們在 Cheesecake Factory 一直擁有廚房展示系統。因此，全面的推出可能是在《Flower Child》季度初完成的，目前我們不會分享任何數據。

But we do know that it's made and some good strides have benefits for the guest experience with throughput, the dining experience being faster than it was previously and really allowing them to manage the throughput of off-premise dining because at Flower Child, you're talking about a 55% off-premise mix.

但我們確實知道它已經取得了進展，並且一些良好的進步對客人的吞吐量體驗有好處，用餐體驗比以前更快，並且真正允許他們管理場外就餐的吞吐量，因為在 Flower Child，您談論的是55% 的場外混合。

And one of our goals is to ensure that that high off-premise mix does not extend the dine in time for any guests that are coming in and dining with us. So it's been very beneficial to this point. And this fully rolled out at all the flower child's, and we're including it at all the new restaurants as we open them as well.

我們的目標之一是確保高水準的場外組合不會延長任何前來與我們一起用餐的客人的用餐時間。所以這對這一點來說是非常有益的。這在所有花童餐廳全面推出，我們在所有新餐廳開業時也將其納入其中。

That's helpful.

這很有幫助。

Thanks lot.

非常感謝。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thanks. And I apologize if this has been addressed, but I'm ask it anyway, just on the margin, some of the margin expansion was very impressive. You know, it might have a choppy sales environment out there. And I know you've talked a lot about and some wins in the quarter that helped you outperform on the margin.

謝謝。如果這個問題已經解決，我深表歉意，但無論如何我還是要問，只是在邊際上，一些邊際擴張非常令人印象深刻。你知道，那裡的銷售環境可能不穩定。我知道您已經談論了很多，以及本季度的一些勝利，這些勝利幫助您在利潤率上取得了優異的成績。

But on that other operating expense line on the leverage there, it was pretty unexpected and positive. And I think you mentioned utilities and I think you mentioned some to-go item packaging. Are those pretty structural new opportunities that you are driving in other OpEx line?

但在槓桿的其他營運費用項目上，這是相當出乎意料且積極的。我想你提到了公用事業，我想你提到了一些外帶物品的包裝。您在其他營運支出領域推動的這些結構性新機會是嗎？

And should we continue to expect this type of leverage in that line because if you got it with sales slightly negative and now sales are going to be better than that. I'm just curious if we're still going to get a lot of margin expansion from from other operating expenses?

我們是否應該繼續期待該行業的這種槓桿作用，因為如果你的銷售額略為負數，那麼現在的銷售額將會比這更好。我只是好奇我們是否仍能從其他營運支出中獲得大量利潤擴張？

So Brian, I think you got most of that, right. I think we would say on the utility costs can vary outside of the control of the Company. So that's not necessarily a permanent structure. We'll see where that goes to. Certainly the supply chain savings will continue, but we're not factoring in any continued leverage in that line item at this point in time.

所以布萊恩，我想你已經明白了大部分，對吧。我認為我們會說公用事業成本可能會在公司的控制範圍之外發生變化。所以這不一定是永久性結構。我們會看看它會去哪裡。當然，供應鏈節省將會持續，但我們目前並未考慮該行項目中的任何持續槓桿作用。

If we can manifest and improve it, that will be great. But I think, you know, we'll see how each quarter plays out. And certainly we expect the cost of sales benefits to continue at a very meaningful rate, and we would expect labor to be about equal just like it was.

如果我們能夠體現並改進它，那就太好了。但我認為，我們會看看每季的表現如何。當然，我們預計銷售成本效益將繼續以非常有意義的速度成長，並且我們預計勞動力將與以前大致相同。

So just kind of running through the P&L or in English on this flattish underlying traffic trend that you're speaking to. Obviously, it's way better than the industry data in this quarter your your same-store sales were in line one while many are missing. And I guess it just begs the question. What do you think is setting you apart from your peers, is it simply your lack of exposure to that maybe lowering consumer? Because obviously, as you know, most management teams are citing the low and consumers is it just is your portfolio positioned such that doesn't affect you as much? Or how would you unpack why you're driving such outperformance on the traffic?

因此，只需瀏覽損益表或用英語了解您正在談論的這種平坦的潛在流量趨勢即可。顯然，這比本季的行業數據要好得多，你們的同店銷售額排在第一，而很多都缺失了。我想這只是迴避了這個問題。您認為是什麼讓您與同行區分開來，僅僅是因為您缺乏接觸可能會降低消費者的機會嗎？因為顯然，如您所知，大多數管理團隊都引用了低價格，而消費者只是您的投資組合定位不會對您產生太大影響嗎？或者你會如何解釋為什麼你的交通表現如此出色？

Well, I think just an opinion, David Gordon touched on it earlier when he was talking about the environments that we've seen in 50 years come and go with advertising and consumers or whatnot. And I think the reality is that if you execute really well with a really great product, people are going to pick you over your competitor.

好吧，我認為這只是一個觀點，大衛·戈登（David Gordon）早些時候在談到我們在 50 年來看到的環境隨著廣告和消費者或其他什麼而變化時談到了這一點。我認為現實是，如果你的產品執行得非常好，人們就會選擇你而不是你的競爭對手。

And so that's what you tend to see is a flight to quality rights as you're going out, maybe a little bit less, but you don't want that to be really great some experience. And so I think that's what we deliver. And I think that's the big difference.

因此，當你外出時，你往往會看到一種對品質權利的追求，也許會少一點，但你不希望這種經驗真的很棒。所以我認為這就是我們所提供的。我認為這就是最大的區別。

Thanks.

謝謝。

There are no further questions at this time. This will conclude today's conference call. Thank you all for your participation. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。