Cheesecake Factory Inc (CAKE) 2024 Q2 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 Incorporated second quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions)

午安.我叫布麗安娜，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 The Cheesecake Factory Incorporated 2024 年第二季財報電話會議。請注意，此通話正在錄音。 （操作員說明）

Thank you. I'll now turn the call over to Etienne Marcus, Vice President of Finance and Investor Relations. You may begin your conference.

謝謝。我現在將把電話轉給財務和投資者關係副總裁艾蒂安·馬庫斯 (Etienne Marcus)。您可以開始您的會議了。

Good afternoon, and welcome to our second 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.

下午好，歡迎參加我們的 2024 財年第二季財報電話會議。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. Actual results could be materially different from those stated or implied in forward-looking statements.

在我們開始之前，讓我快速提醒您，在本次電話會議中，將討論的項目並非基於歷史事實，而是被視為1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。可能會大不相同來自前瞻性陳述中明示或暗示的內容。

As a result, the factors detailed in today's press release, which is available on our website at investors.thecheesecakefactory.com and in our filings with the Securities and Exchange Commission. All forward-looking statements made on this call speak only as of today's date, and the company undertakes no duty to update any forward-looking statements.

因此，今天的新聞稿中詳細介紹了這些因素，該新聞稿可在我們的網站 Investors.thecheesecakefactory.com 以及我們向美國證券交易委員會提交的文件中查閱。本次電話會議中所做的所有前瞻性陳述僅代表今天的情況，本公司不承擔更新任何前瞻性陳述的責任。

In addition, during this conference call, we'll be presenting results on an adjusted basis, which exclude impairment of assets and lease terminations and acquisition related expenses. An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our press release on our website as previously described.

此外，在本次電話會議期間，我們將在調整後的基礎上公佈業績，其中不包括資產減損、租賃終止和收購相關費用。如前所述，我們網站上的新聞稿中對我們使用非公認會計原則財務指標以及與最直接可比較的公認會計原則指標的調節進行了解釋。

David Overton will begin today's call with some opening remarks, and David Gordon will provide an operational update. Matt will then review our second quarter financial results and finish up with some commentary on our outlook for the third quarter and full year 2024 before opening the call up to questions.

大衛·奧弗頓 (David Overton) 將在今天的電話會議上發表一些開場白，大衛·戈登 (David Gordon) 將提供最新的運營情況。然後，Matt 將回顧我們第二季的財務業績，並在開始提問之前對我們第三季和 2024 年全年的前景進行一些評論。

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. We delivered another solid quarter with revenues finishing toward the higher-end of our expected range and profitability surpassing expectations, resulting in 24% year-over-year growth and adjusted earnings per share for the third consecutive quarter of 20% of greater growth.

謝謝你，艾蒂安。我們又實現了一個穩健的季度，收入接近預期範圍的高端，盈利能力超出預期，同比增長 24%，調整後每股收益連續第三個季度增長 20%。

Comparable sales at The Cheesecake Factory restaurants were 1.4% for the second quarter. Once again, meaningfully outperforming the casual dining industry, resulting in record high Cheesecake Factory restaurant average weekly sales as well total company consolidated revenues.

The Cheesecake Factory 餐廳第二季的可比銷售額為 1.4%。再次明顯優於休閒餐飲業，導致 Cheesecake Factory 餐廳平均每週銷售額以及公司合併總收入創下歷史新高。

Annualized unit volumes at The Cheesecake Factory reached $12.5 million for the quarter, and our newest restaurant in Orem, Utah opened to tremendous demand, underscoring the strong affinity for The Cheesecake Factory brand health unique dining experiences we provide for our guests.

The Cheesecake Factory 本季的年銷量達到1,250 萬美元，我們在猶他州奧勒姆的最新餐廳開業，滿足了巨大的需求，突顯了我們為客人提供的The Cheesecake Factory 品牌健康獨特的餐飲體驗的強烈親和力。

Operational performance within the four walls was once again excellent in the second quarter with our operators intensely focused on fostering an environment where delivering delicious memorable experiences for our gas is a top priority, how effectively managing their restaurants.

第二季度，四牆內的營運績效再次表現出色，我們的營運商高度重視營造一個環境，​​其中為我們的天然氣提供美味難忘的體驗是重中之重，如何有效地管理他們的餐廳。

To this point, they drove year-over-year improvements, improved efficiencies, labor productivity, overtime and wage management, contributing to significantly enhance restaurant level profitability. In fact, The Cheesecake Factory restaurants four wall margin was 17.7% for the quarter, the highest level in the past six years.

到目前為止，他們推動了逐年改進，提高了效率、勞動生產力、加班費和工資管理，從而顯著提高了餐廳的獲利能力。事實上，The Cheesecake Factory 餐廳四牆的本季利潤率為 17.7%，是過去六年來的最高水準。

Moving on to development. We successfully opened five restaurants in the second quarter, including one Cheesecake Factory Point, one North Italia, one FRC restaurant and two Flower Child locations, all of which have opened to impressive demand, reinforcing our confidence in the strength of our experiential brands and their long-term growth potential. One Cheesecake Factory restaurant also opened in Asia.

繼續發展。我們在第二季成功開設了5 家餐廳，包括1 家Cheesecake Factory Point、1 家North Italia、1 家FRC 餐廳和2 家Flower Child 餐廳，所有這些餐廳的開業都滿足了令人印象深刻的需求，增強了我們對體驗式品牌實力及其實力的信心。一家 Cheesecake Factory 餐廳也在亞洲開幕。

Additionally, subsequent to quarter-end, we opened in Blanco, Southern California. With 11 restaurant openings so far this year, we're well positioned to meet our objective of opening as many as 22 new restaurants in 2024, including as many as three Cheesecake Factories, six to seven North Italias, six to seven Flower Child and seven to eight FRC restaurants.

此外，季度末後，我們在南加州布蘭科開業。今年迄今已新開11 家餐廳，我們完全有能力實現2024 年開設多達22 家新餐廳的目標，其中包括多達3 家Cheesecake Factory、6 至7 家North Italias、6 至7 家Flower Child 和7家八家 FRC 餐廳。

In closing, we delivered another quarter of consistent and competitively strong results, supporting our belief that our strategy of focusing on what we do best delivering exceptional service, hospitality and delicious memorable experiences for our valued guests will continue to differentiate us in the industry and allow us to drive profitable sales growth over the long term.

最後，我們又一個季度取得了一致且具有競爭力的強勁業績，這支持了我們的信念，即我們的策略是專注於我們最擅長的領域，為我們尊貴的客人提供卓越的服務、熱情好客和美味難忘的體驗，這將繼續使我們在行業中脫穎而出，並讓我們將推動長期盈利的銷售成長。

And with that, I will now turn the call over to David Gordon to provide and 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. During the second quarter, our best-in-class operators not only drove significant profitability improvement, but just as important, continued to make incremental advances in guest satisfaction with virtually every key on-premise and off-premise, net promoter score metric that we track for The Cheesecake Factory ending the quarter at an historic high, which we believe contributed to comparable traffic, exceeding the black box casual dining index by 280 basis points.

謝謝你，大衛。在第二季度，我們一流的營運商不僅推動了獲利能力的顯著提高，而且同樣重要的是，我們在幾乎所有關鍵的內部和外部、淨推薦值指標上繼續不斷提高客戶滿意度。 Factory 的軌道在本季結束時創下歷史新高，我們認為這貢獻了可比較的客流量，超過了黑盒子休閒餐飲指數280 個基點。

These improvements are driven by our uncompromising commitment to operational excellence and the ongoing investments we make in our managers and staff to drive strong staff engagement and retention.

這些改進是由我們對卓越營運的堅定承諾以及我們對經理和員工的持續投資來推動的，以提高員工的敬業度和留任率。

As we've said before, we believe our staffing success has been a key contributor to our operational execution. And then the second quarter, we continued to produce year-over-year improvements in both manager and hourly staff retention and our already high staff engagement scores increased even further from a year ago.

正如我們之前所說，我們相信我們的人員配置成功是我們營運執行的關鍵因素。然後在第二季度，我們在經理和小時員工留任率方面繼續取得同比進步，我們已經很高的員工敬業度分數比一年前進一步提高。

Now turning to sales trends. Cheesecake Factory off-premise sales remained relatively stable, 21% of sales for the second quarter, which equates to over $50,000 and off-premise average weekly sales more than double the average of our next closest peer.

現在轉向銷售趨勢。 Cheesecake Factory 場外銷售額保持相對穩定，佔第二季銷售額的 21%，相當於超過 50,000 美元，場外平均每週銷售額是我們第二個最接近同業平均銷售額的兩倍多。

North Italia second quarter comparable sales increased 2% from the prior year, resulting in annualized AUVs of $7.9 million. Notably, our second quarter new restaurant opening and the Charlotte market Valentine open to tremendous demand with average weekly sales of over $188,000 for the first seven weeks.

North Italia 第二季可比銷售額較去年同期成長 2%，年化 AUV 為 790 萬美元。值得注意的是，我們第二季的新餐廳開幕和夏洛特情人節市場的開放滿足了巨大的需求，前七週平均每週銷售額超過 188,000 美元。

Restaurant level profit margin for the adjusted mature North Italia locations was 15.3% for the quarter and the second quarter, we also opened a Culinary Dropout in Dallas, two Flower Child locations, one in Valentine across some of the new North Italia and the other in the St. Louis market.

調整後的成熟北意大利門市的餐廳水平利潤率在本季和第二季為15.3%，我們還在達拉斯開設了一家Culinary Dropout，兩家Flower Child 門市，一家位於義大利北部一些新地區的瓦倫丁，另一家位於聖路易斯市場。

Similar to the new North Italia location all pre-open to higher-than-expected demand, bolstering our confidence in the developing concepts in our portfolio and their ability to meaningfully contribute to our overall growth going forward. Other Fox Restaurant Concepts, annualized AUVs were $7 million.

與新的北義大利地點類似，所有地點都預先開放，以滿足高於預期的需求，這增強了我們對我們投資組合中的開發概念及其為我們未來整體成長做出有意義貢獻的能力的信心。 Fox Restaurant Concepts 的其他年化 AUV 為 700 萬美元。

And lastly, we just eclipsed one year anniversary of the launch of The Cheesecake Rewards program, and we remain very pleased with the program's performance. Acquisitions continue to exceed our internal expectations, and we remain encouraged by the level of member activity and engagement that we are seeing.

最後，我們剛剛度過了芝士蛋糕獎勵計劃推出一周年的紀念日，我們對該計劃的表現仍然非常滿意。收購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。

This year, celebration of National Cheesecake Day rewarded members were able to enjoy and slice for half price on any dine-in visit on both Monday, July 29 and Tuesday, July 30. This, as an example of remarkable moment with Rewards members receiving an exclusive benefits to drive member engagement and ultimately incremental traffic for our business over the long term.

今年，慶祝國家芝士蛋糕日獎勵會員可以在 7 月 29 日星期一和 7 月 30 日星期二的任何堂食中以半價享用切片。增加我們業務長期流量的獨特優勢。

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 second quarter results versus our expectations I outlined last quarter. Total revenues of $904 million finished course the higher end of the range we provided. Adjusted net income margin of 5.9% well exceeded the high end of the guidance we provide, and we returned $17.7 million to our shareholders in the form of dividends and stock repurchases.

謝謝你，大衛。首先讓我對第二季的業績與我上季概述的預期進行簡要回顧。總收入達到 9.04 億美元，處於我們提供的範圍的高端。調整後淨利潤率為 5.9%，遠遠超出了我們提供的指導上限，我們以股息和股票回購的形式向股東返還了 1,770 萬美元。

Now turning to some more specific details around the quarter. Second quarter, total sales at The Cheesecake Factory restaurants were $677 million, up 4% from the prior year. Comparable sales increased 1.4% up versus the prior year. Total sales for North Italia were $75.5 billion, up 15% from the prior year period.

現在轉向本季的一些更具體的細節。第二季度，The Cheesecake Factory 餐廳的總銷售額為 6.77 億美元，比去年同期成長 4%。可比銷售額比上年增長 1.4%。義大利北部的總銷售額為 755 億美元，比去年同期成長 15%。

Other FRC sales totaled $73.6 million, up 12% from the prior year. And sales for operating week were $134,100. Flowers Child sales totaled $35.7 million, up 7% from a prior year, and sales per operating week were $85,900 and external bakery sales were $13.6 million, down 12% from the prior year.

其他 FRC 銷售額總計 7,360 萬美元，比上年增長 12%。營業週銷售額為 134,100 美元。 Flowers Child 銷售額總計 3,570 萬美元，比上年增長 7%，每個營業週銷售額為 85,900 美元，外部烘焙銷售額為 1,360 萬美元，比上年下降 12%。

Now moving year-over-year expense variance commentary. In the second quarter, we continued to realize improvement across several key line items in the P&L. Specifically, cost of sales decreased 90 basis points, primarily driven by higher menu pricing than commodity inflation.

現在正在移動逐年費用差異評論。第二季度，我們持續實現損益表中幾個關鍵項目的改善。具體而言，銷售成本下降了 90 個基點，主要是因為菜單定價高於商品通膨。

Labor as a percent of sales decreased 20 basis points, primarily driven by higher menu pricing, then labor inflation, labor productivity improvements, partially offset by higher management labor due to our improved staffing position as a result of increase retention.

勞動力佔銷售額的百分比下降了20 個基點，這主要是由於菜單價格上漲、勞動力通膨、勞動生產率提高所致，但由於保留率的提高，我們的人員配置狀況得到改善，管理勞動力的增加部分抵消了這一影響。

Other operating expenses increased 20 basis points. G&A decreased 40 basis points, mostly driven by lower legal fees and depreciation increased 10 basis points as a percent of sales. Pre-opening costs were $7 million in the quarter compared to $6 million from the prior year period.

其他營運費用增加 20 個基點。 G&A 下降 40 個基點，主要是由於法律費用下降以及折舊佔銷售額的百分比增加 10 個基點。本季開業前成本為 700 萬美元，而去年同期為 600 萬美元。

We opened five restaurants during the second quarter versus three restaurants in the second quarter of 2023. And in the second quarter, we recorded a pretax net expense of $1 million, primarily related to FRC acquisition related expenses and impairment of assets and lease terminations income. Second quarter GAAP diluted net income per share was [$1.8]. Adjusted diluted net income per share was [$1.9].

我們在第二季度開設了5 家餐廳，而2023 年第二季度開設了3 家餐廳。租賃終止收入有關。第二季 GAAP 攤薄後每股淨利為 [1.8 美元]。調整後攤薄每股淨利為[1.9美元]。

Now turning to our balance sheet and capital allocation. The company ended the quarter with total available liquidity of approximately $277 million, including a cash balance of about $41 million, and approximately $237 million available on revolving credit facility.

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 2.77 億美元，其中包括約 4,100 萬美元的現金餘額和約 2.37 億美元的循環信貸額度。

Total debt outstanding was unchanged at $475 million in principal. CapEx totaled approximately $29 million during the second quarter for new unit development and maintenance. During the quarter, we completed approximately $3.9 million in share repurchases and returned $13.9 million to shareholders via a dividend.

未償債務總額本金維持 4.75 億美元不變。第二季新設備開發和維護的資本支出總計約 2,900 萬美元。本季度，我們完成了約 390 萬美元的股票回購，並透過股息向股東返還了 1,390 萬美元。

Now let me turn to our outlook. Well, we will not be providing specific comparable sales and earnings guidance, we will provide our updated thoughts on our underlying assumptions for Q3 and full year 2024.

現在讓我談談我們的前景。好吧，我們不會提供具體的可比較銷售和獲利指引，我們將提供第三季和 2024 年全年基本假設的最新想法。

The assumptions factor in everything we know as well today, which includes net restaurant, quarter to date trends, what we think will happen in the weeks ahead and the effect of any impacts associated with holidays, and it assumes no material operating or consumer disruptions.

這些假設也考慮到了我們今天所知道的一切，其中包括淨餐廳、季度迄今的趨勢、我們認為未來幾週將發生的情況以及與假期相關的任何影響的影響，並且假設沒有重大運營或消費者中斷。

For Q3, we anticipate total revenues to be between $855 million and $870 million, which represents year-over-year growth similar to Q2. Next at this time, we expect effective commodity inflation of low single-digits for Q3 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 and wage rates and minimum wage increases as well as other components of labor.

對於第三季度，我們預計總收入將在 8.55 億美元至 8.7 億美元之間，這意味著與第二季度類似的同比增長。接下來，我們預計第三季的有效大宗商品通膨將保持在個位數低水平，因為我們的廣泛市場籃子仍然非常穩定。當考慮到最新趨勢、工資率、最低工資成長以及勞動力的其他組成部分時，我們正在對中個位數的淨總勞動力通膨進行建模。

G&A is estimated to be about $57 million. Depreciation is estimated to be approximately $25 million. Based on these assumptions, we would anticipate net income margin to be about 2.6% to 3% based on the sales range provided.

G&A 預計約 5700 萬美元。折舊估計約 2500 萬美元。基於這些假設，根據所提供的銷售範圍，我們預期淨利潤率約為 2.6% 至 3%。

Now for the full year. Based on similar assumptions, we would anticipate total revenues for fiscal 2024 to be approximately [$3.58 billion]. For sensitivity purposes, we are using a range of plus or minus 50 basis points. We currently estimate total inflation across our commodity baskets, labor and other operating expenses to be a low to mid-single digit range and fairly consistent across the quarters.

現在是全年。基於類似的假設，我們預期 2024 財年的總收入約為 [35.8 億美元]。出於敏感性目的，我們使用正負 50 個基點的範圍。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。

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 $101 million for the year. And given our unit growth expectations, we are estimating preopening expenses to be approximately $28 million, which includes support for some early 2025 of those.

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 1.01 億美元。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，其中包括對其中一些 2025 年初的支援。

Based on these assumptions, we would expect full year net income margin to be approximately 4.3% to 4.4% based on the sales range provided. Now let me provide some additional context to our underlying assumptions that I just outlined.

基於這些假設，根據所提供的銷售範圍，我們預計全年淨利潤率約為 4.3% 至 4.4%。現在讓我為我剛才概述的基本假設提供一些額外的背景資訊。

First, we incorporated two Cheesecake Factory restaurant closures, one close mid-July related to a lease exit, and the other expected to close mid-August related to conservation of a center or location isn't. We adjusted expectations for our bakery restaurant sales to be more in line with our performance in the first half of the year.

首先，我們合併了兩家 Cheesecake Factory 餐廳的關閉情況，其中一家因租賃退出而於 7 月中旬關閉，另一家預計於 8 月中旬因保護中心或地點而關閉。我們調整了麵包店銷售額的預期，使其更符合我們上半年的業績。

And we updated sales projections for some of our lesser established concepts, which are performing more aligned with broader casual dining sales trends during the first half of 2024. Importantly, our core and growth contests at Cheesecake Factory, North Italia and Flower Child have outperformed the industry, and this is contributed to our overall sales stability and enhanced profitability relative to our expectations and last year's results.

我們更新了一些不太成熟的概念的銷售預測，這些概念的表現與2024 年上半年更廣泛的休閒餐飲銷售趨勢更加一致。競賽的表現優於相對於我們的預期和去年的業績，這有助於我們整體銷售的穩​​定性和獲利能力的提升。

As such, we are increasing our net income margin projections for the full year 2024. In total, we believe we remain on track for both the top line and bottom line as well as new unit openings relative to our range of expectations at the beginning of the year.

因此，我們正在提高 2024 年全年的淨利潤率預測。

Specifically with regard to development, as David Overton highlighted earlier, we still plan to open as many as 22 new restaurants this year across our portfolio of concepts. With four to five openings in the third quarter and the remainder in the fourth quarter, continuing our balanced cadence of new restaurant openings for the year.

具體到發展方面，正如 David Overton 之前所強調的那樣，我們仍計劃今年在我們的概念組合中開設多達 22 家新餐廳。第三季將開設四到五家餐廳，第四季將開設其餘餐廳，繼續保持今年新餐廳開幕的平衡節奏。

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, we are leveraging The Cheesecake Factory is broad consumer appeal and high degree of relevance to drive sales. Our operators continue executing an exceptionally high level to drive NPS and profitability and our development pipeline remains intact.

最後，我們利用 Cheesecake Factory 廣泛的消費者吸引力和高度相關性來推動銷售。我們的營運商繼續以極高的水平來推動 NPS 和盈利能力，並且我們的開發管道保持完好。

We have now delivered three consecutive quarters of strong results, including stable sales and significant profitability growth. We believe we are well positioned to continue generating our historically consistent operational and financial results and making progress towards our longer-term goal of shareholder value creation.

我們現已連續三個季度取得強勁業績，包括穩定的銷售和顯著的獲利成長。我們相信，我們有能力繼續創造歷史上一致的營運和財務業績，並在實現股東價值創造的長期目標方面取得進展。

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

話雖如此，我會回答你的問題。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon. Matt, I guess my question -- my first question is on the guidance for the year, the revenue guidance. It seems like you may have tweak that lower. I think last time you said $3.6 billion and now it's $3.58 billion and I know $3.58 million rounds to $3.6 billion. But it does -- I guess your comments made it sound like that was lowered, and you called out a few factors.

嗨，下午好。馬特，我想我的問題是──我的第一個問題是關於今年的指導，也就是收入指導。看起來你可能已經調整得更低了。我想上次你說的是 36 億美元，現在是 35.8 億美元，我知道 358 萬美元會變成 36 億美元。但確實如此——我猜你的評論聽起來像是降低了，並且你指出了一些因素。

But I guess my question is first, have you changed your outlook at all for the core brands, The Cheesecake Factory brand or North Italia in that guidance?

但我想我的問題是，首先，你是否改變了你對核心品牌、起司蛋糕工廠品牌或北義大利品牌的看法？

Yeah, David. This is Matt. That's a super question to lead off with. No, the core outlook for Cheesecake, North, and Flower Child remains intact. And we have a couple of -- I won't call them random events because stuff happens in the business all the time but maybe more ancillary impacts to that aggregate top-line business -- we noted the two Cheesecake closures. That's about $10 million right there. So that's like half of it.

是的，大衛。這是馬特。這是一個很好的開頭問題。不，Cheesecake、North 和 Flower Child 的核心前景仍然完好無損。我們有幾個——我不會稱它們為隨機事件，因為業務中一直在發生一些事情，但可能會對整體營收產生更多的輔助影響——我們注意到兩次芝士蛋糕關閉。大約有 1000 萬美元。所以這就像一半。

And then we've seen a little bit of softness in the retail segment. So those are really the biggest drivers. And it is -- like you said, it rounds to it, but we just wanted to provide some context for sort of tweaking or refining that number for everybody.

然後我們看到零售領域出現了一些疲軟。所以這些確實是最大的驅動因素。正如您所說，它是四捨五入的，但我們只是想提供一些背景信息，以便為每個人調整或完善該數字。

Great. That's helpful. And then I think on the last call, you mentioned that you're running kind of flattish traffic at the Cheesecake Factory. Can you just give an update on where you ended the second quarter on that metric and what you're assuming for the rest of the year?

偉大的。這很有幫助。然後我想在最後一次通話中，您提到芝士蛋糕工廠的流量有些平淡。您能否介紹一下第二季末該指標的最新情況以及您對今年剩餘時間的假設？

Sure. So we ended a negative 0.2% on traffic. And frankly, the Sunday before the Fourth of July week, we were still slightly positive. I think everybody knows that week in the industry kind of book-ended some negative news on either side of it. So I would say, to be totally fair, we were right on track to that flattish number as we expected to be. And our expectations for the year have remained the same to run in that ballpark in the full year as well.

當然。因此，我們的流量下降了 0.2%。坦白說，在國慶日前的那個週日，我們仍然略顯樂觀。我想每個人都知道，這一週行業中兩邊都出現了一些負面消息。所以我想說，公平地說，我們正朝著我們預期的持平數字前進。我們對今年的預期也與全年的預期保持一致。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Hey, guys. The 17.7% Cheesecake margin is really impressive. But when you look at kind of a gap to the enterprise margin that was reported, it looks like it's a little bit wider than what I recall about 150, 160 basis points. Is there something else going on there with increased growth in the new concept or how should we think about sort of be early openings and maybe just the drag that some of those newer concepts create?

大家好。 17.7% 的起司蛋糕利潤率確實令人印象深刻。但當你看看所報告的企業利潤率差距時，你會發現它似乎比我記得的大約 150、160 個基點要寬一些。隨著新概念的增長，是否還有其他事情發生，或者我們應該如何考慮早期開放，也許只是一些新概念造成的阻力？

Yeah, Andy. This is Matt. It's a good question. And we were really pleased with the 17.7% for Cheesecake Factory for sure as you noted, and we've made a ton of progress there. We've always talked about a 1% to 2% range from the core concept to the consolidated metric. And it ebbs and flows depending upon how many new restaurants are opening in all of the other concepts.

是的，安迪。這是馬特。這是一個好問題。正如您所指出的，我們對 Cheesecake Factory 的 17.7% 感到非常滿意，並且我們在這方面取得了很大的進展。我們總是談論從核心概念到綜合指標的 1% 到 2% 的範圍。它的潮起潮落取決於所有其他概念中新開的餐廳數量。

And certainly, if you think about our outlook and where we're opening and how many of each concept, it was disproportionately newer concepts in the first half of the year, right? It was really just [auram] of the Cheesecake Factory, and that was just the very last week of the quarter.

當然，如果你考慮我們的前景、我們在哪裡開放以及每個概念有多少，你會發現今年上半年的新概念不成比例，對吧？這其實只是起司蛋糕工廠的[auram]，而且那隻是本季的最後一週。

So all of those other new concepts opened up, which we had 10 openings in the first half of the year, which is, I think, really incredible for us too. So that's really the difference of why -- you might have seen a 1% sometimes. That could be 1.6 or something, as what you said, and it's really the growth of those new concepts for that period of time.

因此，所有其他新概念都出現了，今年上半年我們有 10 個空缺，我認為這對我們來說也確實令人難以置信。這就是真正的差異所在——有時您可能會看到 1%。正如您所說，這可能是 1.6 或其他版本，這確實是那段時間新概念的增長。

Got you. And then just the comp set at North slowed down, obviously still really high unit volumes there, and it sounds like new stores you're opening well. But anything that you would point out? I know it's a relatively small comp base in the 2% number you reported for the 2Q.

明白你了。然後，北區的競爭集放緩了，顯然那裡的單位銷售仍然很高，聽起來你開的新店進展順利。但你有什麼要指出的嗎？我知道，在您報告的第二季的 2% 數字中，這是一個相對較小的比較基數。

Yeah. And I would also just echo what I talked about the whole Fourth of July. I think it literally rounded to 3% that Sunday. So it was just fractionally different than expectations and nothing more than that.

是的。我也只是重複我在整個七月四日所談論的內容。我認為那個星期天它實際上四捨五入到了 3%。所以這只是與預期略有不同，僅此而已。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. Thanks for taking the questions. Maybe just from a high level kind of going back to the margin piece, it's impressive figure Cheesecake close to 18% this quarter. And I'm just curious, when kind of zooming out and looking at the company over time, obviously, you've made some pretty good progress from where you were on store level margins. But trying to think about the brands or the enterprise over the longer term, do you see a path to reaching, say, above pre-pandemic levels when it comes to consolidated store-level margins -- closer to that 16%-17% that you had '18, '19 timeframe?

偉大的。感謝您提出問題。也許只是從高水平回到利潤部分，芝士蛋糕本季接近 18% 的數字令人印象深刻。我只是很好奇，隨著時間的推移，當縮小範圍並觀察公司時，顯然，你已經在商店層面的利潤率上取得了一些相當好的進展。但是，從長遠角度考慮品牌或企業，您是否看到了一條途徑，可以在綜合商店層面的利潤率方面達到高於大流行前的水平——接近 16%-17% 的水平。 '19的時間表嗎？

Jon, it's Matt. Yeah, we do. I mean, we think that the business should operate between 16% and 18%. That's like econ when we're -- supply and demand meet in casual dining. It certainly will depend on the rate of growth in any given period of time. So if you think about the pre-pandemic also, we just didn't have as much growth. And that does weigh on the enterprise margin for that period of time, right?

喬恩，是馬特。是的，我們願意。我的意思是，我們認為該業務的營運比例應該在 16% 到 18% 之間。當我們在休閒餐飲中供需滿足時，這就像經濟一樣。這當然取決於任何特定時期內的成長率。因此，如果你也考慮一下大流行前，我們只是沒有那麼大的成長。這確實會影響那段時間的企業利潤，對吧？

So I think that is going to be a piece of it. I mean that being said, the more progress we make in Cheesecake, the more we'll absorb that growth. And I think, getting in over 16% is still our goal. And given the progress that we've made over the past 18 months, it's definitely in our sights.

所以我認為這將是其中的一部分。我的意思是，話雖這麼說，我們在起司蛋糕方面取得的進展越多，我們就越能吸收這種成長。我認為超過16%仍然是我們的目標。鑑於我們在過去 18 個月中所取得的進展，這絕對是我們的目標。

Okay. In terms of thinking about that timeline, are you thinking this is something achievable over the next five years? Or do you think it's more beyond that because your system needs to continue to grow to reach that?

好的。就時間表而言，您認為這在未來五年內可以實現嗎？或者您認為這超出了這個範圍，因為您的系統需要繼續成長才能達到這個目標？

I would say it's less than five years. I think the trajectory that we're on is positive. The underlying fundamentals of the business are stable. When you look at things like wage growth and commodities being relatively benign, it gives us an opportunity to rebuild much like we did when we came out of financial crisis, right? I think there's a real parallel at this point in time. So I don't know what a specific time, but certainly, well in advance of five years for sure.

我想說還不到五年。我認為我們目前的發展軌跡是正面的。業務基本面穩定。當你看到薪資成長和大宗商品等相對良性的情況時，這給了我們一個重建的機會，就像我們走出金融危機時那樣，對嗎？我認為此時此刻存在著真正的相似之處。所以我不知道具體的時間，但可以肯定的是，肯定早於五年。

Got it. And then just one clarification on the bakery comments that you made earlier, the growth going forward. Are you expecting the percentage growth to stay the same or dollars in terms of the back half of the year relative to what we saw in the first half?

知道了。然後對您之前發表的麵包店評論進行一個澄清，即未來的成長。您是否預期下半年的成長率與上半年的成長率保持不變？

Percent -- really the percentage. So just a little bit of pressure on the branded retail I think you've seen that from other big CPG companies, so --

百分比——真正的百分比。因此，品牌零售面臨一點壓力，我想您已經從其他大型消費品公司看到了這一點，所以——

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you. Just wanted to ask on the California. Just given your exposure there, I wanted to ask what you're seeing from that consumer over the last few months. Are the trends much different than the rest of the system? Has anything surprised you one way or the other in terms of consumer response to some of the changes on the non-full-service? Any color would be great.

謝謝。只是想問加州的情況。鑑於您在那裡的曝光，我想問一下您在過去幾個月中從該消費者那裡看到了什麼。這些趨勢與系統的其他部分有很大不同嗎？就消費者對非全方位服務的一些變化的反應而言，有什麼事情讓您感到驚訝嗎？任何顏色都會很棒。

Hi, Brian. This is David Gordon. Thanks for the question. We're seeing pretty consistent trends across all geographies, really no additional pressure in California. I know that has been reported recently, probably a little bit more in the QSR world, but we are not seeing that certainly. We're also not really seeing any impact yet on way wages at all from the FAST Act, which are two positive signs for us. So really no change.

嗨，布萊恩。這是大衛·戈登。謝謝你的提問。我們看到所有地區的趨勢都非常一致，加州確實沒有額外的壓力。我知道最近有報道，可能在 QSR 領域有更多報道，但我們還沒有看到這一點。我們還沒有真正看到 FAST 法案對路途工資產生任何影響，這對我們來說是兩個積極的跡象。所以真的沒有改變。

Okay, thanks. And then just some of the comments where the core brands are outperforming the industry and then maybe some of the FRC brands are more in line with the industry, when you're seeing that in what is a pretty tough industry environment, does that make you evaluate or rethink how many non-core brand units you want to open in the years ahead or -- I know the flip side of that is maybe not, because those units could -- one of those could turn into the next core brand. But I would just be curious to get your thinking and if you evaluate that from time to time.

好的謝謝。然後就是一些評論，核心品牌表現優於行業，然後也許一些 FRC 品牌更符合行業，當你看到在一個相當艱難的行業環境中，這是否會讓你評估或重新考慮您想在未來幾年開設多少個非核心品牌單位，或者——我知道另一方面可能不是，因為這些單位可以——其中一個可能會變成下一個核心品牌。但我只是想知道你的想法以及你是否不時地對此進行評估。

Brian, this is Matt. We, of course, look at that. We have tremendous faith in all of those concepts. We view the environment as being relatively tough and transitory, notwithstanding the outperformance in some of our concepts.

布萊恩，這是馬特。我們當然會關注這一點。我們對所有這些概念都充滿信心。儘管我們的一些概念表現出色，但我們認為環境相對艱難且短暫。

I think we've seen a little bit of alcohol trade down, which has resulted in that. But the unit economics across the FRC comp stats are tremendously strong still and worthy were the growth. So we're going to continue to invest as, we always have, for the long term and not for one quarter or the next.

我認為我們已經看到酒精貿易下降，這是造成這種情況的原因。但 FRC 的單位經濟效益仍然非常強勁，而且成長是值得的。因此，我們將一如既往地繼續進行長期投資，而不是一個季度或下一個季度。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

Hi, thank you. First, I wanted to ask a clarification on the unit growth outlook. It looks to me like you raised the guidance for the Fox Restaurant Concepts, which I believe doesn't include Flower Child. So I think the Flower Child guidance is intact, but you raised the guidance for some of the other clients. But I'm trying to square that, I guess, some of your comments about the outperformance of North Italia and Flower Child relative to your expectations. And I guess, yes, what's essentially behind that increase in the unit growth outlook that we should be considering?

嗨，謝謝你。首先，我想澄清單位成長前景。在我看來，你提出了福克斯餐廳概念的指導，我相信其中不包括花童。所以我認為 Flower Child 的指導是完整的，但你提出了對其他一些客戶的指導。但我想，我想將您對北意大利和花童的表現優於您的期望的一些評論進行調整。我想，是的，我們應該考慮的單位成長前景成長背後的本質是什麼？

So Katherine, this is Matt. I would think about it as a fungible pool overtime. Now one of those locations that we've been targeting opening will not go unopened over time. It just may be in the fourth quarter, or it could be in the first quarter of next year.

凱瑟琳，這是馬特。我會認為它是一個可替代的加班池。現在，我們一直目標開放的地點之一將不會隨著時間的推移而保持開放。可能是在第四季度，也可能是明年第一季。

So frankly, I wouldn't read anything into the specific movement of one or another in a given year. It's just really about the optimizing of the timing and when that makes the most sense from a construction standpoint and our resources for our new opening teams. We were completely bullish on our pipeline. We think we're in really great shape for this year and frankly, for next.

坦白說，我不會對特定年份中某個人或另一個人的具體走勢進行任何解讀。這實際上只是關於時間的優化，以及從建設的角度和我們為新開業團隊提供的資源的角度來看何時最有意義。我們完全看好我們的管道。我們認為我們今年的狀態非常好，坦白說，明年的狀態也非常好。

Great. Thank you. And then the second question is just if you're seeing anything as far as quarter-to-date trends that -- as far as changes in seasonality. I know you spoke to seeing some pretty resilient comps up until July 4, but I'm just curious if you're seeing any differences, whether that's impacts from hybrid work or extended summer vacations that are embedded in your 3Q top-line expectations.

偉大的。謝謝。第二個問題是，您是否看到了季度至今的趨勢—季節性變化。我知道您談到在7 月4 日之前會看到一些相當有彈性的薪酬，但我只是好奇您是否看到任何差異，無論是混合工作的影響還是包含在您第三季度營收預期中的延長暑假的影響。

Yeah, Katherine. It's Matt. I do think the one thing to call out, which has been noted and many others, as hot as it has been in so many parts of the country, it can impact patio utilization, right? And so I think with that just can ebb and flow depending on -- I don't know if it's a permanent change in seasonality or sometimes, it's more in June and July than it is in August and September.

是的，凱瑟琳。是馬特。我確實認為需要指出的一件事是，這一點已經被注意到，還有許多其他事情，儘管全國許多地方的天氣都很熱，但它會影響露台的利用率，對嗎？所以我認為，這種潮起潮落取決於——我不知道這是否是季節性的永久性變化，或者有時，六月和七月的變化比八月和九月的變化更多。

But all of that's factored into our expectations. Otherwise, we do believe that things are slightly different than 10 years ago but that has started really before COVID too. So I think it's just returning to what a normal seasonal pattern would be post-pandemic.

但所有這些都已納入我們的預期。除此之外，我們確實相信情況與 10 年前略有不同，但這種情況實際上也在新冠疫情之前就開始了。所以我認為這只是回到了大流行後的正常季節性模式。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks and good evening. Matt, on Cheesecake Factory's comps, could you comment kind of specifically on the cadence that you saw through the quarter and any color on what you're seeing in July? It seems like the casual dining segment data has softened up. Curious if you're seeing that. Any changes in consumer behavior or one-off items you think are worth highlighting?

你好，謝謝，晚上好。 Matt，關於 Cheesecake Factory 的比較，您能否具體評論一下您在本季看到的節奏以及您在 7 月看到的情況？休閒餐飲領域的數據似乎已經疲軟。如果你看到的話很好奇。您認為消費者行為有什麼變化或一次性項目值得強調嗎？

(technical difficulty) first thing, we've been obviously paying a lot of attention to that and doing a lot of analytics. The year has been very consistent for us, in Cheesecake Factory particularly. Whether you're looking at a one-year stack, a two-year stack, or a five-year stack, it just hasn't moved that much. And I'm talking about plus or minus [a percent] over a month is not a very, very big variance.

（技術難度）首先，我們顯然對此給予了很多關注並做了許多分析。這一年對我們來說非常穩定，尤其是起司蛋糕工廠。無論您查看的是一年期堆疊、兩年期堆疊還是五年期堆疊，它都沒有發生太大變化。我說的是一個月內的正負[百分比]並不是一個非常非常大的差異。

And so we feel pretty good about the predictability and stability of that concept and weathering the storm well. I think as I noted to Katherine, in July, the one thing I would call out is weather. It was tremendously hot in parts of the Northeast all across the country really. I think that did impact the patio usage, which we were able to accurately assess and sort of understand. But otherwise, I feel like our trend for the past six, seven months have been in a very tight range.

因此，我們對這個概念的可預測性和穩定性感到非常滿意，並且能夠很好地度過難關。我想正如我在七月向凱瑟琳指出的那樣，我要指出的一件事是天氣。全國東北部部分地區確實非常熱。我認為這確實影響了露台的使用，我們能夠準確地評估並理解這一點。但除此之外，我覺得過去六、七個月我們的趨勢一直處於非常狹窄的範圍內。

Okay. And can you remind us on Cheesecake's patio business? What percent of sales this time of year come from the patio or seats overall or patio at Cheesecake?

好的。您能提醒我們一下起司蛋糕的露台業務嗎？每年這個時候的銷售額有多少百分比來自 Cheesecake 的露台或整體座位或露台？

Yeah, I think it's around -- I'll double-check whether we can get you something specific. I'll comment off the top of my head, but at the end, the team will make sure it's right. I think it's around 15%, but certainly peak summer has less than that. That's more like an annualized number.

是的，我想它就在附近——我會仔細檢查我們是否能為你提供一些具體的東西。我會隨口評論，但最終團隊會確保它是正確的。我認為大約是 15%，但夏季高峰期的比例肯定會低於這個數字。這更像是一個年化數字。

So I think it will be 10% peak summer. Spring and fall have highest for obvious reasons. But winter is then strong in Arizona and Florida. So it kind of depends. So we'll get a specific number for you.

所以我認為夏季高峰將達到 10%。出於顯而易見的原因，春季和秋季最高。但亞利桑那州和佛羅裡達州的冬天卻很猛烈。所以這取決於。因此，我們將為您提供一個具體的號碼。

Okay. Thank you. And sorry if I missed it earlier, but could you just run through the comp components for both Cheesecake and North in [Q3]?

好的。謝謝。抱歉，如果我之前錯過了它，但是您能否在 [Q3] 中運行一下 Cheesecake 和 North 的比較組件？

Yes, for Cheesecake, like I said, the traffic was a negative 0.2. The pricing was 4.5 and the mix was a negative 2.9. So I think all of those factors came in pretty much right in line with where we expected them to. Etienne, do you have the North ones in front of you?

是的，對於 Cheesecake，正如我所說，流量為負 0.2。定價為 4.5，混合為負 2.9。所以我認為所有這些因素都非常符合我們的預期。艾蒂安，你面前有北方人嗎？

I do. So North traffic was negative 1, price was 6%, and mix was negative 3%.

我願意。因此，北部交通量為負 1，價格為 6%，混合為負 3%。

Okay, great. And then just last one, if I could. On the G&A, you said that the second quarter came in quite a bit more favorable. I think you mentioned legal costs, but maybe you could just flesh that out a little bit for us. But I think you also raised your G&A guide for the year a little bit. Any color on that would be helpful. Thank you.

好的，太好了。如果可以的話，最後一張。關於一般行政費用，您說第二季的情況要好得多。我想你提到了法律費用，但也許你可以為我們具體說明。但我認為您也稍微提高了今年的一般行政費用指南。任何顏色都會有幫助。謝謝。

Sure. I think that we, in the last quarter, said we'd be up 10 basis points, which we would -- that now was a slight increase over Q1. So we're maintaining that same perspective. Like I said in the last call, G&A can be a little bit lumpy; not everything of 100% controllable quarter to quarter.

當然。我認為我們在上個季度表示將上漲 10 個基點，我們確實做到了——現在比第一季略有增長。所以我們保持同樣的觀點。就像我在上次電話會議中所說的那樣，G&A 可能有點不穩定；並非每季的所有事情都是 100% 可控的。

We did have one or two particularly large settlements last year. And we've just seen some favorable management in the legal area that contributed to some savings. So honestly, given the environment, we're just buckling down and everybody is watching every penny, right? So we're just trying to make sure that were in line with sales and driving profitability.

去年我們確實有一兩個特別大的定居點。我們剛剛看到法律領域的一些有利管理有助於節省一些費用。老實說，考慮到環境，我們只是全力以赴，每個人都在關注每一分錢，對嗎？因此，我們只是想確保這與銷售和提高獲利能力保持一致。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thank you. Good afternoon. Matt, maybe just another small cost question, but you're seeing kind of favorability in the labor and food lines. There's still a little bit of pressure on the other OpEx line. Could you comment on what's driving that? And do you think that still kind of continues in the second half?

謝謝。午安.馬特，也許只是另一個小成本問題，但你看到了勞動力和食品領域的一些優勢。其他 OpEx 線路仍然面臨一些壓力。您能評論一下是什麼推動了這一趨勢嗎？您認為這種情況在下半年還會持續嗎？

Yeah. I mean, as we've talked about, there are multiple factors, but we obviously are spending more marketing because of the Rewards program. So I think we called that out that we're still lapping that in the second quarter. So absent that, it's pretty much in line. We didn't see any -- there was like a 10 here but a positive 10 there. There was nothing the material outside of it.

是的。我的意思是，正如我們所討論的，有多種因素，但由於獎勵計劃，我們顯然花費了更多的行銷費用。所以我認為我們指出我們仍在第二季度進行這一點。因此，如果沒有這一點，它幾乎是一致的。我們沒有看到任何數字——這裡有一個 10，但那裡有一個正 10。外面沒有任何物質。

So Etienne, for the balance of the year, we would expect to be similar to last year as a percent of sales?

那麼艾蒂安，在今年剩下的時間裡，我們預期銷售額的百分比與去年相似嗎？

Yeah, pretty flattish as a percent of sales, particularly for the third quarter and maybe a little bit of benefit in the fourth quarter. But that's pretty much what we're thinking at this point in time.

是的，佔銷售額的百分比相當平穩，尤其是第三季度，第四季可能會有所改善。但這正是我們此時此刻的想法。

Okay. Got it. Makes sense. North Italia comps, you said it was kind of in line with your expectations. I guess, are some of the older stores consistent with that number or are they drastically different? What do you think kind of can drive North Italia comps over time if perhaps they were to pick up?

好的。知道了。說得通。 North Italia comps，您說這有點符合您的預期。我想，有些老店與這個數字是一致的還是有很大的不同？如果義大利北部隊能夠回升的話，你認為什麼可以推動他們隨著時間的推移而發展？

I think it is pretty consistent. There's always -- it's a small base, Brian. So there's always going to be one restaurant here or there that's slightly different than the others. We're pretty happy. I think in the long term, we target about 3%. So we are right in the ballpark for that.

我認為這是非常一致的。布萊恩，基地總是很小。因此，這裡或那裡總會有一家餐廳與其他餐廳略有不同。我們很高興。我認為從長遠來看，我們的目標是3%左右。所以我們完全有可能做到這一點。

I think if you think about Cheesecake Factory managing through a little bit of a negative mix component there -- and they have a little bit too on the alcohol side, but we feel like it's pretty stable. And so we're not concerned. We feel like it's right on track.

我想，如果你考慮一下芝士蛋糕工廠的管理，那裡有一點負面的混合成分——他們在酒精方面也有一點，但我們覺得它相當穩定。所以我們並不擔心。我們覺得一切都步入正軌了。

As David Gordon mentioned, our newest opening was one of the best we've ever had. So we know it's resonating, but I think there's just a little bit of recalibration on the mix that I think stabilizes in the course of the next 6 to 12 months.

正如大衛戈登所提到的，我們最新的開業是我們有史以來最好的開業之一。所以我們知道它會引​​起共鳴，但我認為在未來 6 到 12 個月的過程中，我認為混合上只有一點點重新調整，會穩定下來。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thank you. Matt, you might have just touched on some of this just there. But as it relates to that mix breakdown that you've given some good detail in in prior quarters and thinking about alcohol, sides, group order, can you do that a little more -- provide some more specific color there?

偉大的。謝謝。馬特，你可能剛剛接觸到了其中的一些內容。但是，由於它與您在前幾個季度中給出的一些詳細信息以及對酒精、配菜、團體順序的考慮的混合細分相關，您可以做得更多一點- 在那裡提供一些更具體的顏色嗎？

And I think you kind of talked about the mix outlook a little bit there. But can you go into that a little more? Can we still maybe get to a flattish by the end of the year or maybe not quite yet? Thank you.

我認為你在那裡談論了一些混合前景。但能再詳細討論一下嗎？到今年年底，我們是否還能達到持平的狀態，或者可能還沒達到？謝謝。

Sure, Dennis. I think, honestly, we feel really good about the predictability and the trajectory there, because it's come in now three quarters in a row -- kind of right where we thought -- the big picture is when we lapped around some of these social -- not just restrictions but how people felt, we got more big parties back in. The big parties per capita buy a little bit less than a two-top or four-top, but what we've seen really is very consistent spend per person by party size.

當然，丹尼斯。我認為，老實說，我們對那裡的可預測性和軌跡感到非常滿意，因為它現在已經連續四個季度出現了——有點像我們所想的那樣——大局是當我們圍繞其中一些社交—— - 不僅僅是限制，還有人們的感受，我們迎來了更多大型派對。規模。

Cheesecake Factory has 46 years or so of experience, right? So it's a broad menu. And so it's not a big surprise that it will return to the norm. And we definitely we believe that you're going to see, give or take, another 1% improvement in Q3 and a 1% in Q4 and sort of our expectations generally for mix is plus or minus 1%. So I think we'll get back to a normal range, whether it's exactly flat. We'll see -- that's still six months to go. But it should be fast approaching in over that time.

Cheesecake Factory有46年左右的經驗，對吧？所以這是一個廣泛的菜單。因此，它會恢復正常也就不足為奇了。我們絕對相信，無論給予或接受，您都會看到第三季再提高 1%，第四季再提高 1%，我們對混合的整體預期是正負 1%。所以我認為我們會回到正常範圍，無論它是否完全持平。我們拭目以待——還有六個月的時間。但在那段時間裡它應該很快就會到來。

Helpful. And maybe one other just on a price of from here as it relates to -- I think you spoke previously about what we should expect for price over the coming quarters. What does that look like in the absence of additional price and anything to share kind of on the next round of price? Thank you.

有幫助。也許另一個只是從這裡開始的價格，因為它涉及到——我想你之前談到了我們對未來幾季的價格預期。如果沒有額外的價格並且沒有任何可以在下一輪價格​​中分享的東西，那會是什麼樣子？謝謝。

Yeah. We think we're going to be a little just -- a hair over 4% for the back half of the year. And then we feel in this environment, we should be able to get back next year to kind of a normal 2.5% to 3%, knock on wood, all things being equal.

是的。我們認為今年下半年的增幅將略高於 4%。然後我們覺得在這種環境下，明年我們應該能夠恢復到正常的 2.5% 到 3%，在所有條件相同的情況下，敲敲木頭。

So we believe we've done a good job and not seeing pressure as evidenced by the flat traffic over the last three quarters, absent the January weather. So we feel like that's been a balance that we've been able to maintain. But at the same time, we'd like to head back down to normal levels.

因此，我們相信我們做得很好，在沒有一月天氣的情況下，過去三個季度的交通量持平就證明了我們沒有看到壓力。所以我們覺得這是我們能夠維持的平衡。但同時，我們希望回到正常水平。

We've talked a lot about, over the year, that we kind of manage to the average. I'm pretty sure when I saw the latest US inflation data, it was -- restaurant pricing was up 4.2%. And so we're right in the middle, and we're right in the middle of the groups that we track. And so we're maintaining our value proposition well.

這一年裡，我們已經談論了很多，我們已經達到了平均水平。我很確定當我看到最新的美國通膨數據時，餐廳的價格上漲了 4.2%。所以我們就在中間，我們就在我們追蹤的群體的中間。因此，我們很好地維持了我們的價值主張。

Jim Salera, Stephens, Inc.

吉姆·薩萊拉，史蒂芬斯公司

Hi, guys. Thanks for taking our question, I wanted to drill down a little bit on the Rewards program. I think historically, you guys mentioned one of the value propositions there is that as it helps alleviate some of the wait time seeing improves the overall guest experience. Can you just match that up with the better-than-industry trends that you're seeing on traffic and does that help the poor traffic at Cheesecake and support acquisition as kind of a added value prop?

嗨，大家好。感謝您提出我們的問題，我想深入了解獎勵計劃。我認為從歷史上看，你們提到的價值主張之一是，因為它有助於減少一些等待時間，從而改善整體賓客體驗。您能否將其與您在流量上看到的優於行業的趨勢相匹配，這是否有助於緩解 Cheesecake 的糟糕流量並支持收購作為一種增值支柱？

Sure. Hi, Jim. This is David Gordon. I think what you're referring to really as one of the published offers as part of the program, which is exclusive access to reservations for a reward members. And we are seeing reservations activation being very, very solid. We know the guests -- when we asked them before the program what they would really appreciate about a Rewards program is to not have to wait at Cheesecake Factory.

當然。嗨，吉姆。這是大衛·戈登。我認為您所指的實際上是作為該計劃的一部分發布的優惠之一，這是獎勵會員的獨家預訂權限。我們看到預訂啟動非常非常穩定。我們了解客人 - 當我們在節目開始前詢問他們時，他們真正希望獎勵計劃的什麼是不必在 Cheesecake Factory 等待。

So certainly convenience and people being pressed for time today is important as ever. And knowing that you can get into Cheesecake Factory and perhaps not have to wait as you have historically on every single visit is a real big benefit of the program.

因此，今天的便利性和時間緊迫的人們無疑一如既往地重要。並且知道您可以進入芝士蛋糕工廠，也許不必像歷史上每次訪問那樣等待，這是該計劃的一個真正的巨大好處。

The other published rewards being a complementary slice of cheesecake on your birthday, we're seeing strong utilization there as well. And just overall acquisition continues to be very strong. Our increased membership enrollment is very, very strong. People are very engaged in the program. So I think along with reservations, all aspects of a program seem to be resonating with Cheesecake Rewards guests so far.

其他公佈的獎勵是在你生日時贈送一塊芝士蛋糕，我們也看到了那裡的大量使用。整體收購仍然非常強勁。我們的會員註冊人數成長非常非常強勁。人們非常積極地參與該計劃。因此，我認為，除了預訂之外，到目前為止，計劃的各個方面似乎都與 Cheesecake Rewards 的客人產生了共鳴。

And just pointing back to National Cheesecake Day, which I mentioned earlier -- and we just completed National Cheesecake Day Monday and Tuesday of this week -- and as we compare to last year's NCD, which is on the same day days, our comps are up mid to single digits. We have twice the enrollment that we had last year, and we have 4 times the member redemptions versus last year.

回到我之前提到的國家芝士蛋糕日——我們剛剛完成了本週週一和週二的國家芝士蛋糕日——當我們與去年同一天的非傳染性疾病日進行比較時，我們的比較是上升至個位數。我們的註冊人數是去年的兩倍，會員兌換數量是去年的四倍。

So the increased numbers have been effective. People are really engaged in the program. We will continue to -- I know we keep saying it's early, but we're only a year. So we're going to continue to test and learn, analyze the information, and make sure that our unpublished offers, which are an important part of the program as well, where we're taking an individualized approach to drive incrementality, continue to be meaningful and get us really strong returns without any additional cost.

所以增加的人數是有效的。人們真正參與這個計劃。我們將繼續——我知道我們一直說現在還為時過早，但我們才一年。因此，我們將繼續測試和學習、分析信息，並確保我們未發布的優惠（這也是該計劃的重要組成部分）繼續得到認可，我們將採取個性化方法來推動增量。來真正豐厚的回報，而無需任何額外成本。

Okay. That's super helpful. And maybe keeping that same train of thought but thinking about North Italia, I know historically, the Italian spaces has a lot of mom-and-pop competition that probably don't have any digital -- or very limited digital offerings. Is there anything you can do taking your learnings from that and maybe bridge it to North Italia? Or is it just not big enough of a concept yet to warrant a full-fledged program alongside the offering there?

好的。這非常有幫助。也許保持同樣的思路，但想想義大利北部，我知道從歷史上看，義大利空間有很多夫妻店競爭，可能沒有任何數位產品或非常有限的數位產品。您可以做些什麼來從中吸取教訓，並將其與義大利北部聯繫起來？或者它只是一個概念還不夠大，不足以保證與那裡的產品一起提供成熟的計劃？

Certainly down the road as we continue to learn what resonates with guests as part of the program or any offerings, whatever might makes sense for North Italia or fit down the line would be something we can look at.

當然，隨著我們不斷了解項目或任何產品中哪些內容能與客人產生共鳴，任何對北意大利有意義或適合的內容都將是我們可以考慮的內容。

North has historically taken reservations, and that's a meaningful part of how guests utilize North today. We haven't changed that program. Don't really have any intention of changing it. So I would say down in the future, we can talk about that a little bit more. Right now because of the size of the concept and the continued growth, I wouldn't anticipate anything in the near term -- any type of loyalty reward program.

North 歷史上一直接受預訂，這是當今客人使用 North 的方式的一個有意義的部分。我們沒有改變那個程序。確實沒有任何改變它的意圖。所以我想說，將來我們可以再多討論一點。目前，由於這個概念的規模和持續增長，我預計短期內不會有任何事情——任何類型的忠誠度獎勵計劃。

Matt Curtis, William Blair.

馬特柯蒂斯，威廉布萊爾。

Hi, good afternoon. We've heard some other casual dining brands talk about keeping up marketing spend in the second half of the year. So I was just wondering if you can talk about what your plans are at The Cheesecake Factory to remain top of mind in what looks like it's becoming a more promotional and advert environment?

嗨，下午好。我們聽說其他一些休閒餐飲品牌談到要在下半年保持行銷支出。所以我想知道您是否可以談談您在芝士蛋糕工廠的計劃是什麼，以便在看起來越來越促銷和廣告的環境中保持首要地位？

Matt, this is David Gordon again. I think I would just lean back into the Rewards program. I don't think that we need to take a look at a spend that's additional to what we've already talked about being that the Rewards program is already built into our plan for the year.

馬特，我又是大衛戈登。我想我會回歸獎勵計劃。我認為我們不需要考慮我們已經討論過的額外支出，即獎勵計劃已經納入我們今年的計劃。

And since we do have a higher-than-anticipated membership rate thus far, we're going to continue to communicate to those guests and try and drive incrementality, whether that's trying to drive them to a specific day of the week or a specific day part or introduce them to new and different products that perhaps they haven't ordered before off the menu gives us, I think, leverage that we haven't historically had. And we know that it works, because we've seen so far this year. And that's how we'll continue to do marketing in a way that works for Cheesecake.

由於到目前為止我們的會員率確實高於預期，因此我們將繼續與這些客人溝通並嘗試推動增量，無論是試圖推動他們到一周中的特定一天還是特定一天我認為，向他們介紹新的和不同的產品，這些產品可能是他們以前從未訂購過的，這給了我們歷史上從未有過的影響力。我們知道它是有效的，因為我們今年到目前為止已經看到了這一點。這就是我們將繼續以適合 Cheesecake 的方式進行行銷的方式。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Thanks for the question. Just following up on the discussion of the loyalty program. Is there a plan in the back half of the year to increase the number of events similar to the free cheesecake giveaway that yielded mid-single-digit comps? Just wondering if the plan is to increase the number of events that would be incremental in the back half.

謝謝你的提問。只是跟進忠誠度計劃的討論。是否有計劃在今年下半年增加類似免費起司蛋糕贈品的活動數量，從而產生中個位數的補償？只是想知道計劃是否會增加後半段增量的事件數量。

Well, unpublished offers are happening all the time. So how we utilize those unpublished offers or what they are going to be, obviously, we haven't talked about yet. But we'll continue to understand guests and how they are utilizing us. And we certainly know that that's a powerful tool.

好吧，未發布的優惠一直在發生。因此，我們顯然還沒有討論如何利用這些未發布的優惠或它們將是什麼。但我們將繼續了解客人以及他們如何利用我們。我們當然知道這是一個強大的工具。

We've tested numerous different offers over the past six months, not just half off of a complementary -- half off of a slice of cheesecake but a lot of different offers. So we'll continue to do that. And we know what's most effective, and we want to continue to do it in a way to protect margins at the same time.

在過去的六個月裡，我們測試了許多不同的優惠，不僅僅是補充品的半價——一片起司蛋糕的半價，還有很多不同的優惠。所以我們將繼續這樣做。我們知道什麼是最有效的，我們希望繼續以保護利潤的方式來做這件事。

Understood. And then a follow-up question on store closures. Is there any other expectations that you'll see units potentially at risk of having to be closed based on some of the leasing issues or other issues in the next two to four quarters?

明白了。然後是關於商店關閉的後續問題。是否有任何其他預期，您會看到單位有可能因未來兩到四個季度的一些租賃問題或其他問題而面臨關閉的風險？

I would always say there could be one or two, right? The leasing environment continues to be pretty dynamic. I think we've built a great pipeline of openings. But we're always looking at the portfolio. We have almost 350 restaurants. Many one of them come up on leads on an annual basis. And we've had a great amount of successful when moved trade areas.

我總是說可能有一兩個，對吧？租賃環境仍充滿活力。我認為我們已經建立了一個巨大的空缺管道。但我們一直在關注投資組合。我們有近 350 家餐廳。他們中的許多人每年都會遇到潛在客戶。當貿易區域轉移時，我們已經取得了許多成功。

So we're always going to evaluate. If a site comes up for its lease, then we'll look and see if there's a better location and if that makes sense. So I would say there's always a probability of one to two in that kind of timeframe.

所以我們總是要進行評估。如果一個場地需要出租，那麼我們會看看是否有更好的位置以及是否有意義。所以我想說，在這樣的時間範圍內，出現這種情況的可能性總是為一到二。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Just two questions. The first one, just on the competitive environment. Clearly, we've seen some aggressive discounting from other casual diners. I know that's not a strategy you guys typically pursue. But would you say there's any noticeable impact on you or the broader industry or maybe changing of value scores, or maybe you're seeing your own consumer shift to more value-oriented items while still coming but maybe shifting down to less costly items? Any thoughts there? And then I had a follow-up.

偉大的。非常感謝。只有兩個問題。第一個，就競爭環境而言。顯然，我們已經看到其他休閒食客的一些大幅折扣。我知道這不是你們通常追求的策略。但你會說這對你或更廣泛的行業有任何明顯的影響，或者可能是價值分數的變化，或者你可能會看到你自己的消費者轉向更注重價值的商品，同時仍然會出現，但可能會轉向成本較低的商品？有什麼想法嗎？然後我進行了跟進。

Hi, Jeff. It's David Gordon again. This isn't the first time that we've seen marketing out there in casual dining ramp up. It's happened historically over our 45-plus years. And generally, we don't see it have an impact to us and our guest or value perception from our guest because others are offering a lot of different type of value.

嗨，傑夫。又是大衛·戈登。這並不是我們第一次看到休閒餐飲市場的行銷活動增加。在我們 45 年多來的歷史中，這種情況已經發生過。一般來說，我們認為它不會對我們和我們的客人或客人的價值感知產生影響，因為其他人提供了許多不同類型的價值。

So we wouldn't anticipate in this cycle that we would see it have any sort of negative impact to our long-term and short-term plan. And we haven't seen that in the recent activity that has probably picked up in the past few months.

因此，我們預計在這個週期中它不會對我們的長期和短期計劃產生任何負面影響。我們在最近的活動中還沒有看到這種情況，而過去幾個月可能有所回升。

Understood. And then my follow-up is, the comment you made about the lesser-known brands -- I think you said its comping more similar to broader casual dining -- so below products your core brands. Wondering whether there any initiatives you have to reaccelerate that traffic or whether those brands actually take a more aggressive approach to drive traffic or whether you're okay with them kind of lagging your core brands, because you're not in the game of trying to drive short-term traffic. Just trying to get a feel for some of those other brands relative to your core. Thank you.

明白了。然後我的後續行動是，您對不太知名的品牌所做的評論 - 我認為您說它與更廣泛的休閒餐飲更相似 - 所以下面是您的核心品牌的產品。想知道您是否需要採取任何措施來重新加速流量，或者這些品牌是否實際上採取了更積極的方法來增加流量，或者您是否同意它們落後於您的核心品牌，因為您並沒有參與嘗試帶動短期流量。只是想感受一下與您的核心相關的其他一些品牌。謝謝。

Sure. Jeff, it's Matt. We are always looking to drive traffic. So that never -- the gas pedal is always on. And like I said, I think some of it is transitory. I think some of it is mix on alcohol, right, which is not necessarily related to the guest traffic side of things. And so those are two different equations.

當然。傑夫，是馬特。我們一直在尋求增加流量。所以永遠不要——油門踏板總是打開的。正如我所說，我認為其中一些是暫時的。我認為其中一些是酒精的混合，對吧，這與客流量方面不一定有關。所以這是兩個不同的方程式。

We're not necessarily in this environment looking to portion check, right? I don't think that that's a wise strategy. So if our guest traffic is relatively stable, but we have a little bit less incident rate, that's one trajectory. That's where we think we're at right now. And we're always going to be, in every one of our concepts, looking for ways, whether it's through more unique advertising menu items or operational initiatives to drive that.

我們不一定會在這種環境下進行部分檢查，對嗎？我認為這不是一個明智的策略。因此，如果我們的訪客流量相對穩定，但事件發生率稍微低一點，那就是一個軌跡。這就是我們認為現在所處的情況。我們總是會在每個概念中尋找方法，無論是透過更獨特的廣告選單項目還是營運舉措來推動這一目標。

So no, there's no -- nobody is just watching that happen. We're aggressively attacking all fronts.

所以不，沒有——沒有人只是看著這一切發生。我們正在積極進攻各條戰線。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thank you. You called out delivering improvements in food efficiencies, labor productivity, I think over time, wage management -- a long list of things in the Q2 at the restaurant level. My question is, what is the opportunity to drive further efficiencies or improvements as we get into Q3 and Q4?

謝謝。您呼籲改善食品效率、勞動生產力，我認為隨著時間的推移，工資管理——第二季餐廳層面的一長串事情。我的問題是，當我們進入第三季和第四季時，有哪些機會可以進一步提高效率或改善？

Jeff, this is David Gordon again. I think we're always looking to improve upon previous performance. One thing we haven't touched much on is just the stable staffing and retention of the restaurants. And I think that again, I was just looking at the month that just ended, and we're seeing best-in-class retention at the staff level and at the management level, which is why we're seeing increased efficiencies, lower over-time, better wage management, and higher NPS scores.

傑夫，我又是大衛戈登。我認為我們一直在尋求改進先前的表現。我們沒有太多涉及的一件事是穩定的人員配置和餐廳的保留。我再次認為，我只是關注了剛結束的這個月，我們看到員工級別和管理層的保留率是一流的，這就是為什麼我們看到效率提高了，效率降低了-時間、更好的工資管理和更高的NPS 分數。

And I would anticipate that to happen this coming quarter as well and into the fourth quarter because of the stability we have in each one of those locations where you have staff members that are more comfortable doing their job, we're able to continue to cross train them, which increases productivity. So the more time we have that stability, the more we would anticipate that each one of those metrics when it comes to labor or food agency or food waste, will continue to improve quarter over quarter.

我預計這種情況也會在下個季度和第四季度發生，因為我們在每個地點都有穩定性，那裡的員工能夠更輕鬆地完成工作，我們能夠繼續跨越培訓他們，從而提高生產力。因此，我們保持這種穩定性的時間越長，我們就越能預期，當涉及到勞動力、食品機構或食品浪費時，這些指標中的每一個都將繼續逐季改善。

All right. Thank you for that. And just one quick bookkeeping. Matt, you might have talked about it; I might've missed it. But did you share the commodity and wage inflation numbers in Q2?

好的。謝謝你。只需快速記帳即可。馬特，你可能已經談過了；我可能錯過了。但您是否分享了第二季的商品和薪資通膨數據？

Q2, the commodity was about 1%, and wage inflation has kind of dipped [into] about 4%-ish -- continues to improve. So those are both very solid based on historical kind of references, if you will.

第二季度，大宗商品通膨率約為 1%，薪資通膨率已降至 4% 左右，並且仍在持續改善。所以，如果你願意的話，這些都是基於歷史參考資料的非常可靠的。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi, thank you. Years ago -- and hopefully, it's still the case now -- the industry measure the perceived price and price service value from a food perspective that they were giving their guests through prime costs. Your prime costs are actually relatively low for casual dining at around 57%, and that's obviously anchored by COGS that are getting down to the low 22% range.

嗨，謝謝你。幾年前——希望現在仍然如此——該行業從食品的角度來衡量感知的價格和價格服務價值，他們透過主要成本為客人提供服務。休閒餐飲的主要成本實際上相對較低，約為 57%，這顯然是由 COGS 下降至 22% 的低水平所決定的。

So when you do think about longer-term margin expansion across your portfolio, can those prime costs go even lower? Could or should those COGS go even lower? Or when do you think about longer-term ability to expand your margins, should we expect that be more volume-driven through the fixed cost side? Thank you.

因此，當您考慮整個投資組合的長期利潤擴張時，這些主要成本還能進一步降低嗎？這些銷貨成本是否可以或應該進一步降低？或者，您何時考慮擴大利潤的長期能力，我們是否應該期望透過固定成本方面更加以銷售為導向？謝謝。

Yeah, John. This is Matt. That's a good question. It's an interesting dynamic for sure. One thing I like to remind our investors is that we tend to have slightly higher labor and slightly lower commodity costs because we make everything from scratch in the restaurant every single day and many of our competitors, frankly, don't do that have a commonest area.

是的，約翰。這是馬特。這是個好問題。這無疑是一個有趣的動態。我想提醒我們的投資者的一件事是，我們的勞動力往往略高，商品成本略低，因為我們每天都在餐廳裡從頭開始製作所有東西，坦白說，我們的許多競爭對手並沒有做到這一點區域。

And so the mix of those to can be a little bit misleading. I think 57% is a strong number, but it's probably right in line historically with where we've been. Keep in mind, too, that we benefit from the vertical integration of The Cheesecake Factory bakeries. So I think that that skews it a little bit.

所以這些的混合可能會有點誤導。我認為 57% 是一個很大的數字，但這可能與我們歷史上的情況相符。還要記住，我們受益於 The Cheesecake Factory 麵包店的垂直整合。所以我認為這有點扭曲。

I think from the efficiencies David Gordon talked about relative to retention, there still is an opportunity without taking anything away from the guests and keeping our huge portions and great food and great service to get a little bit better, right? So if we can keep even more of our people made for training and everything he talked about get la little bit better.

我認為，從大衛戈登談到的相對於保留的效率來看，仍然有機會在不從客人那裡拿走任何東西的情況下，保留我們的大量食物、美味的食物和優質的服務，從而變得更好一點，對吧？因此，如果我們能讓更多的人接受培訓，他所說的一切都會變得更好。

So we're always going to try for that. At the same time, I would also like to see volume pick up and have a little bit of leverage. The ideal state is to get a little bit above.

所以我們總是會為此努力。同時，我也希望看到成交量回升並有一點槓桿作用。理想的狀態是稍微高於一點。

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。謝謝大家的參與。您現在可以斷開連線。