Cheesecake Factory Inc (CAKE) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

My name is Krista, and I will be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Cheesecake Factory Incorporated third-quarter, 2024 earnings conference call.

現在，我歡迎大家參加 Cheesecake Factory Incorporated 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the conference over to Etienne Marcus, Vice President of Investor relations.

現在我想將會議交給投資者關係副總裁艾蒂安·馬庫斯 (Etienne Marcus)。

You may begin.

你可以開始了。

Good afternoon, and welcome to our third-quarter, fiscal 2024 earnings call.

下午好，歡迎參加我們的 2024 財年第三季財報電話會議。

On the call with me today are David Overton, our Chairman and Chief Executive Officer; David Gordon, our, President; and Matt Clark, our Executive Vice President and Chief Financial Officer.

今天與我通話的是我們的董事長兼執行長 David Overton；大衛‧戈登，我們的總裁；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 meeting of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，讓我快速提醒您，在這次電話會議中將討論的項目並非基於歷史事實，而是在 1995 年《私人證券訴訟改革法案》會議中被視為前瞻性陳述。

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 dot 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.

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投資者網站：thecheesecakefactory.com 上取得。在我們向美國證券交易委員會提交的文件中，本次電話會議中所做的所有前瞻性聲明僅代表截至今天的日期，本公司不承擔更新任何前瞻性聲明的義務。

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.

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 and reconciliations to the most directly comparable GAAP measures appear in our press release on our website as previously described.

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.

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。

Matt will then review our third-quarter financial results and provide commentary on our financial outlook.

然後，馬特將回顧我們第三季的財務業績，並對我們的財務前景發表評論。

Before opening the call to questions.

在開始提問之前。

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

這樣，我會將電話轉給大衛·奧弗頓。

Thank you Etienne.

謝謝艾蒂安。

In the third-quarter, we once again delivered strong and dependable results with stable revenue, solid operational execution and substantial profitability growth.

第三季度，我們再次取得了強勁可靠的業績，營收穩定，營運執行穩健，獲利能力大幅成長。

To this point, Cheesecake Factory restaurant comparable sales and traffic again, meaningfully outperformed the industry underscoring the strength and consistency of consumer demand for our brand and our ability to capture market share, solid sales and exceptional operational execution in the quarter resulted in adjusted earnings per share growth of 49% from the prior year.

至此，Cheesecake Factory 餐廳的銷售額和客流量再次顯著優於行業，突顯了消費者對我們品牌的需求的強度和一致性，以及我們佔領市場份額的能力、穩定的銷售和卓越的營運執行力，導致調整後的每股盈餘份額較上年增長49%。

Over the past four quarters, we have delivered cumulative adjusted earnings per share growth of over 31% versus the prior four quarters.

在過去四個季度中，我們的累計調整後每股收益較前四個季度增長了 31% 以上。

Turning to development, we successfully opened four restaurants in the third-quarter including three FRC restaurants and one Flower Child location.

談到發展，我們在第三季成功開設了四家餐廳，其中包括三家FRC餐廳和一家Flower Child餐廳。

Subsequent to quarter end, we opened three restaurants in North Italia and a Blanco in Phoenix and our first Flower Child in Salt Lake City, with 17 restaurant openings.

季度末後，我們在義大利北部開設了 3 家餐廳，在鳳凰城開設了一家 Blanco 餐廳，並在鹽湖城開設了第一家 Flower Child 餐廳，總共開設了 17 家餐廳。

So far this year, we're well positioned to meet our objective of opening as many as 22 new restaurants in 2024.

今年到目前為止，我們完全有能力實現 2024 年開設多達 22 家新餐廳的目標。

Looking ahead to 2025 we expect to further accelerate our unit growth with the opening of as many as 24 new restaurants across our portfolio of concepts.

展望 2025 年，我們預計將在我們的概念組合中開設多達 24 家新餐廳，進一步加速我們的部門成長。

Before handing it over to David, I'd like to briefly provide some perspective on our approach to value creation.

在交給 David 之前，我想先簡單介紹一下我們價值創造方法的一些觀點。

Our focus on delivering value to our shareholders means we're always evaluating opportunities for our concepts, in the restaurant industry scale and timing are key factors for their consideration in evaluating how to maximize the value creation potential of our company.

我們專注於為股東創造價值，這意味著我們始終在評估我們的理念的機會，在餐飲業，規模和時機是他們在評估如何最大化我們公司的價值創造潛力時考慮的關鍵因素。

The results announced today demonstrate the power our larger platform provides reinforcing our confidence in our strategy to drive sustainable growth and value going forward-looking ahead.

今天公佈的結果表明，我們更大的平台所提供的力量增強了我們對推動永續成長和前瞻性價值的策略的信心。

We will continue to review and optimize our portfolio as we have in the past as we remain committed to achieving our goals and maximizing shareholder value over the long term.

我們將像過去一樣繼續審查和優化我們的投資組合，同時我們仍然致力於實現我們的目標並長期實現股東價值最大化。

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.

謝謝你，大衛。

Our excellent staffing position supported by strong staff engagement and industry leading staff and management retention has enabled our tenured operators to maintain their focus on the fundamentals of the restaurant industry, great food, great service, and great ambience, as well as on reinforcing the operational standards that the Cheesecake Factory has been built on.

我們優秀的員工配置加上強大的員工敬業度以及行業領先的員工和管理人員的保留，使我們的終身經營者能夠繼續關注餐飲業的基本面、美味的食物、優質的服務和良好的氛圍，以及加強運作起司蛋糕工廠建立的標準​​。

And we are seeing these improvements in virtually every key facet of operations including record high guest satisfaction scores across all dine in and to go metrics, which we believe continues to contribute to both comparable sales and traffic.

我們幾乎在營運的每個關鍵方面都看到了這些改進，包括所有堂食和外賣指標中創紀錄的高賓客滿意度得分，我們相信這將繼續為可比銷售額和客流量做出貢獻。

Meaningfully exceeding the black box casual dining index by 310 basis points and 380 basis points respectively in the third-quarter.

第三季度，黑盒子休閒餐飲指數分別超出了 310 個基點和 380 個基點。

Additional operational benefits include better than expected flow through labor productivity, overtime and wage management and lower food waste which are contributing to improved restaurant level margins.

其他營運效益包括優於預期的勞動生產力、加班和工資管理以及減少食物浪費，這些都有助於提高餐廳的利潤率。

Cheesecake Factory restaurant level margins for the quarter improved by 180 basis points from Q3 of 2023 and have averaged 16.4% over the past four quarters within our long term margin target of 16% to 18%.

Cheesecake Factory 餐廳本季的利潤率較 2023 年第三季提高了 180 個基點，過去四個季度的平均利潤率為 16.4%，符合我們 16% 至 18% 的長期利潤率目標。

Now turning to sales trends, Cheesecake Factory off premise sales remains stable at 21% of sales for the third quarter, which annualized equates to $2.5 million in off premise sales per restaurant.

現在轉向銷售趨勢，Cheesecake Factory 店外銷售額穩定在第三季銷售額的 21%，以年計算相當於每家餐廳的店外銷售額為 250 萬美元。

Nearly double the average of our next closest pier North Italia third-quarter, comparable sales increased 2% from the prior year resulting in annualized AUVs of $7.4 million.

幾乎是我們最近的碼頭北義大利第三季平均銷售額的兩倍，可比銷售額比上年增長 2%，年化 AUV 達到 740 萬美元。

Importantly, restaurant level margin for the adjusted mature North Italia locations was 15%, a 250 basis points improvement from the prior year.

重要的是，調整後的義大利北部成熟門市的餐廳水準利潤率為 15%，比前一年提高了 250 個基點。

Flower Child average weekly sales were $85,200, up more than 6% from the third-quarter of 2023.

Flower Child 平均每週銷售額為 85,200 美元，較 2023 年第三季成長超過 6%。

Other Fox Restaurant concepts annualized AUVs were $6.1 million.

Fox Restaurant 的其他概念年化 AUV 為 610 萬美元。

And lastly, we continue to be very pleased with the performance of the Cheesecake rewards program.

最後，我們仍然對起司蛋糕獎勵計劃的表現感到非常滿意。

Demand continues to surpass our internal expectations and we remain encouraged by the level of member activity and engagement that we are seeing with guest satisfaction scores for members over indexing, reinforcing our belief that we are on the right path.

需求繼續超越我們的內部預期，我們仍然對會員活動和參與度感到鼓舞，我們看到會員的賓客滿意度得分高於索引，這增強了我們的信念，即我們走在正確的道路上。

As I said in the past.

正如我過去所說的。

And we'll continue to reiterate, we are developing the program very thoughtfully and deliberately with a long term perspective that said earlier results have demonstrated we are driving incremental visits from existing guests and attracting new guests.

我們將繼續重申，我們正在從長遠角度深思熟慮和刻意地制定該計劃，早期的結果表明我們正在推動現有客人的訪問量增加並吸引新客人。

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.

謝謝你，大衛。

Let me first provide a high level recap of our third-quarter results versus our expectations.

首先讓我對我們第三季的業績與預期進行簡要回顧。

I outlined last quarter, total revenues of $865 million finished towards the higher end of the range.

我概述了上個季度的總收入為 8.65 億美元，接近該範圍的高端。

We provided adjusted net income margin of 3.3% exceeded the high end of the guidance we provided and we returned $14.2 million to our shareholders in the form of dividends and stock repurchases.

我們提供的調整後淨利潤率為 3.3%，超出了我們提供的指導的上限，並且我們以股息和股票回購的形式向股東返還了 1,420 萬美元。

Now turning to some more specific details around the quarter, third-quarter, total sales at the Cheesecake Factory restaurants were $647.8 million up 3% from the prior year.

現在來看看本季的一些更具體的細節，第三季度，Cheesecake Factory 餐廳的總銷售額為 6.478 億美元，比去年同期成長 3%。

Comparable sales increased 1.6% versus the prior year total sales for North Italia were $71.9 million up 15% from the prior year period.

與去年同期相比，可比銷售額成長 1.6% 北義大利的總銷售額為 7,190 萬美元，比上年同期成長 15%。

Other FRC sales totalled $67 million up 14% from the prior year and sales per operating week for $116,500.

其他 FRC 銷售額總計 6,700 萬美元，比上年增長 14%，每個營業週的銷售額為 116,500 美元。

Flower child sales totalled $36.6 million up 14% from the prior year and sales per operating week were $85,200 and external bakery sales were $14.9 million.

Flower Child 銷售額總計 3,660 萬美元，比上年增長 14%，每個營業週銷售額為 85,200 美元，外部烘焙銷售額為 1,490 萬美元。

Now moving to year over year expense variance commentary in the third-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.

現在轉向第三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改善，特別是銷售成本下降了 90 個基點，這主要是由於菜單定價高於商品通膨。

Labor as a percent of sales decreased 40 basis points primarily supported by menu pricing leverage.

勞動力佔銷售額的百分比下降了 40 個基點，這主要得益於菜單定價槓桿。

Relative to labor inflation and labor productivity improvements partially offset by higher health insurance costs mostly related to high cost claims in the quarter.

相對於勞動力通膨和勞動生產力的提高，部分被較高的醫療保險成本所抵消，這主要與本季的高成本索賠有關。

Other operating expenses increased 10 basis points.

其他營運費用增加10個基點。

G&A was in line with prior year and depreciation increased 10 basis points as a percent of sales, pre-opening costs were $7 million in the quarter compared to $6.7 million in the prior year period, we opened four restaurants during the third-quarter versus two restaurants in the third-quarter of 2023.

G&A 與去年同期持平，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700 萬美元，而去年同期為670 萬美元，我們在第三季度開設了四家餐廳，而去年同期為兩家2023 年第三季的餐廳。

Know that last year, we experienced some higher preopening costs relative to the number of openings due to delays in opening dates.

要知道，去年，由於開業日期的延遲，相對於開業數量而言，我們經歷了一些較高的開業前成本。

And in the third-quarter, we recorded pre-tax net income of $2.5 million primarily related to lease terminations.

第三季度，我們錄得 250 萬美元的稅前淨利潤，主要與租賃終止相關。

Third-quarter, GAAP diluted net income per share was $0.61 adjusted diluted, net income per share was $0.58.

第三季度，GAAP 稀釋後每股淨利為 0.61 美元，調整後稀釋後每股淨利為 0.58 美元。

Now asserting to our balance sheet and capital allocation.

現在聲明我們的資產負債表和資本配置。

The company ended the quarter with total available liquidity of approximately $289 million including a cash balance of about $52 million and approximately $237 million available on a revolving credit facility.

截至本季末，該公司的可用流動資金總額約為 2.89 億美元，其中包括約 5,200 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 principle, CapEx totalled approximately $54 million during the third quarter for new unit development and maintenance.

未償債務總額原則上維持在 4.75 億美元不變，第三季用於新設備開發和維護的資本支出總計約為 5,400 萬美元。

During the quarter, we completed approximately $1.1 million in share pre-purchases and returned $13.1 million to shareholders via our dividend.

本季度，我們完成了約 110 萬美元的股票預購，並透過股息向股東返還了 1,310 萬美元。

Now let me shift to our outlook.

現在讓我談談我們的看法。

Well, we will not be providing specific comparable sales and earnings guidance.

好吧，我們不會提供具體的可比銷售和盈利指導。

We will provide our updated thoughts on our underlying assumptions for Q4 2024 and full year 2025.

我們將提供 2024 年第四季和 2025 年全年基本假設的最新想法。

The assumptions factor in everything we know as of today, which includes net restaurant counts, quarter to date trends.

這些假設因素反映了我們今天所知的一切，其中包括餐廳淨數量、季度迄今的趨勢。

What we think will happen in the weeks ahead and the effect of any impacts associated with holidays and assumes no material operating or consumer disruptions.

我們認為未來幾週會發生什麼，以及與假期相關的任何影響的影響，並假設沒有重大營運或消費者中斷。

For Q4, we anticipate total revenues to be between $905 million and $915 million.

我們預計第四季的總營收將在 9.05 億美元至 9.15 億美元之間。

Next.

下一個。

At this time, we expect effective commodity inflation of low single digits for Q4 as our broad market basket remains very stable.

目前，由於我們的廣泛市場籃子保持非常穩定，我們預計第四季度的有效大宗商品通膨將保持在低個位數。

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

當考慮到工資率和最低工資成長以及其他勞動力組成部分的最新趨勢時，我們正在對低至中個位數的淨勞動力總通膨率進行建模。

G&A is estimated to be about $58 million.

G&A 預計約 5800 萬美元。

Depreciation is estimated to be approximately $26 million.

折舊估計約 2600 萬美元。

Based on these assumptions.

基於這些假設。

We would anticipate a justice net income margin to be about 4.8% to 4.9% based on the sales range we provided with regard to development.

根據我們提供的有關開發的銷售範圍，我們預計正義淨利潤率約為 4.8% 至 4.9%。

As David Overton highlighted earlier, we plan to open as many as 22 new restaurants this year across our portfolio of concepts with as many as eight openings in the fourth-quarter.

正如 David Overton 早些時候所強調的那樣，我們計劃今年在我們的概念組合中開設多達 22 家新餐廳，並在第四季度開設多達 8 家餐廳。

This includes as many as three cheesecake factories, six North Italias, six to seven Flower Child and eight FRC restaurants.

其中包括多達三家起司蛋糕工廠、六家 North Italias、六到七家 Flower Child 和八家 FRC 餐廳。

And we continue to anticipate approximately $180 million to $200 million in cash CapEx to support this year's and some of next year's unit development as well as required maintenance on our restaurants and for clarity with approximately 20% to 25% of these expenses reflected in operating lease assets in the cash flow statement.

我們繼續預計約 1.8 億至 2 億美元的現金資本支出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，為明確起見，這些費用中約 20% 至 25% 反映在經營租賃中現金流量表中的資產。

Turning to fiscal 2025, based on this year's performance and assuming no material operating or consumer disruptions, we anticipate total revenues for fiscal 2025 to be approximately $3.75 billion at the midpoint of our sensitivity modeling.

談到 2025 財年，根據今年的業績並假設沒有重大營運或消費者乾擾，我們預計 2025 財年的總收入約為 37.5 億美元（按我們的敏感性模型的中點計算）。

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

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

We are estimating G&A to be about 10 basis points lower year over year as a percent of sales and depreciation to be about $106 million for the year.

我們預計 G&A 佔銷售額的百分比將年減約 10 個基點，而全年折舊約為 1.06 億美元。

And given our unit growth expectations, we are estimating pre-opening expenses to be approximately $30 million based on these assumptions, we would expect full year net income margin to be approximately 4.75% of the sales estimate provided for modeling purposes.

考慮到我們的單位成長預期，根據這些假設，我們預計開業前費用約為 3000 萬美元，我們預計全年淨利潤率約為為建模目的提供的銷售預測的 4.75%。

We are assuming a 10% to 11% tax rate and weighted average shares outstanding relatively flat to 2024.

我們假設 2024 年稅率為 10% 至 11%，加權平均流通股相對持平。

With regard to development.

關於發展。

As David stated earlier, we plan to continue accelerating unit growth next year as such.

正如大衛之前所說，我們計劃明年繼續加速單位成長。

At this time, we expect to open as many as 24 new restaurants in 2025.

目前，我們預計 2025 年將開設多達 24 家新餐廳。

And we would anticipate approximately $190 million to $210 million in cash CapEx to support unit development as well as required maintenance on our restaurants.

我們預計將有大約 1.9 億至 2.1 億美元的現金資本支出來支持部門開發以及餐廳所需的維護。

This also includes our preliminary CapEx estimate for the initial phase of development for the third bakery facility.

這也包括我們對第三個麵包店設施開發初始階段的初步資本支出估計。

Note that the total CapEx estimated range assumes a similar mix of new restaurant openings by concept as 2024.

請注意，總資本支出估計範圍假設新餐廳開業的概念與 2024 年類似。

In closing, we have delivered four consecutive quarters of strong results including stable sales, solid operational execution and significant profitability growth.

最後，我們連續四個季度取得了強勁的業績，包括穩定的銷售、穩健的營運執行和顯著的獲利成長。

We are looking to build on this momentum to continue generating our historically consistent operational and financial results and to make further progress towards our goal of shareholder value creation.

我們希望在此勢頭的基礎上繼續創造我們歷史上一致的營運和財務業績，並在實現股東價值創造的目標方面取得進一步進展。

With that said, we'll take your questions.

話雖如此，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Hey guys, thanks for taking our question.

嘿夥計們，感謝您提出我們的問題。

I, I really wanted to drill down on maybe first of all the, the components of same store sales just given that you guys continue to post really solid results in a, you know, more strained environment.

我，我真的想先深入研究同店銷售的組成部分，因為你們繼續在一個更緊張的環境中發布非常可靠的結果。

So if you could just give like the breakdown for traffic mix pricing and, how that kind of comes together.

因此，您是否可以提供流量組合定價的詳細信息，以及如何將其結合在一起。

Sure, this is Matt.

當然，這是馬特。

Pricing in the quarter was 4.5%, mix was a negative 2.1%.

本季定價為 4.5%，混合為負 2.1%。

So continues to come down pretty much in line with what we've been expecting all year and then traffic was a negative 0.8%.

因此繼續下降，與我們全年的預期基本一致，然後流量為負 0.8%。

But really, that was I would say related to July, I think what everybody saw we were improving throughout the quarter flattish in in August and then positive traffic in September.

但實際上，我想說的是與 7 月相關的情況，我認為每個人都看到我們整個季度的改善情況在 8 月持平，然後在 9 月出現積極的流量。

Okay, great.

好的，太好了。

And I guess, you know, building off that, what do you think is driving the traffic trends just given some of the softness that other full service peers are experiencing if you can just kind of touch on what you're seeing at your concepts relative to the broader industry.

我想，你知道，在此基礎上，考慮到其他全方位服務同行正在經歷的一些疲軟，你認為是什麼推動了流量趨勢，如果你能簡單地談談你在相對概念中所看到的內容到更廣泛的行業。

Hey, Jim, this is David Gordon.

嘿，吉姆，這是大衛·戈登。

I think number one, the stability of our staff retention and management retention and the restaurants has led to great execution.

我認為第一，我們的員工保留和管理層保留以及餐廳的穩定性帶來了出色的執行力。

I think our teams are doing a terrific job.

我認為我們的團隊做得非常出色。

We have all time high net promoter scores, whether that's dine in or in off premise.

無論是在店內還是在店外用餐，我們的淨推薦值都處於歷史最高水準。

So I think we're taking some market share just through execution.

所以我認為我們只是透過執行來佔據一些市場份額。

Our food quality is as good as it's ever been.

我們的食品品質一如既往地好。

Hospitality is strong as it's ever been.

熱情好客一如既往。

I think we're seeing a little bit of incremental lift maybe from our rewards program, which has been good to see since we're still really in the first full year of executing that program.

我認為我們可能會從我們的獎勵計劃中看到一些增量提升，這是很好的，因為我們仍然處於執行該計劃的第一年。

So I think some of our strategic marketing through the program is paying off.

因此，我認為我們透過該計劃進行的一些策略行銷正在取得成效。

Probably those two things are the biggest attributes that has remained helping us see some consistent outperformance to the rest of the industry.

也許這兩件事是最大的屬性，幫助我們看到一些持續優於行業其他公司的表現。

That's great.

那太棒了。

Appreciate all the color, guys.

欣賞所有的顏色，夥計們。

I'll hop back in the queue.

我會跳回到隊列中。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Hi, this is Anisha Datt on for Jeff Bernstein.

大家好，我是傑夫·伯恩斯坦的阿尼莎·達特。

I wanted to ask about the consumer and if you've seen any change in behavior in recent months, whether that be by income cohort or any mix changes.

我想詢問消費者的情況，以及近幾個月來您是否看到了任何行為變化，無論是收入群體還是任何組合變化。

Thanks.

謝謝。

Yeah, this is Matt.

是的，這是馬特。

You know, I think based on the sales commentary, it's been very consistent.

你知道，我認為根據銷售評論，這是非常一致的。

I think across all of our concepts and certainly at the namesake Cheesecake Factory, really looking at day part or day of the week or attachment.

我認為在我們所有的概念中，當然在同名的芝士蛋糕工廠，真正關注的是一天中的一部分或一周中的一天或附件。

I think everything has been pretty much as expected and you know, slightly better in Q3 than in Q2, right?

我認為一切都符合預期，你知道，第三季比第二季稍微好一點，對吧？

So I think all in all the trends are stable, predictable and improving.

所以我認為整體趨勢是穩定的、可預測的並且正在改善。

Drew North, Baird.

德魯諾斯，貝爾德。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

It was just regarding your portfolio approach to the business and your comments related to evaluating opportunities to maximize shareholder value.

這只是關於您對業務的投資組合方法以及您對評估股東價值最大化的機會的評論。

We've seen the media reports that one of your shareholders is pushing for you to possibly separate some of the growth brands from the core Cheesecake Factory business and appreciate your proactive comments on the call.

我們看到媒體報道稱，您的一位股東正在推動您將一些成長型品牌從芝士蛋糕工廠的核心業務中分離出來，並感謝您在電話會議上積極發表評論。

But I was wondering if you could expand on if you'd be willing to consider such a plan currently or in the future and maybe how that would work if it were a consideration.

但我想知道您是否可以詳細說明您當前或將來是否願意考慮這樣的計劃，以及如果考慮的話，也許它會如何運作。

Drew.

德魯.

This is, Matt.

這是，馬特。

Thanks for the question.

謝謝你的提問。

You know, certainly we're happy that our investors like our concepts and think that they have a great potential.

您知道，我們當然很高興我們的投資者喜歡我們的概念並認為它們具有巨大的潛力。

So I think first and foremost, I think that's important to note.

所以我認為首先也是最重要的是，我認為這一點值得注意。

I think the board regularly reviews the portfolio and other strategic options to maximize shareholder value.

我認為董事會定期審查投資組合和其他策略選擇，以最大限度地提高股東價值。

So I don't think that's new.

所以我不認為這是什麼新鮮事。

Notwithstanding the recent media, that's something that happens on an ongoing basis.

儘管最近有媒體報道，但這種情況正在持續發生。

You know, as David Overton noted in the prepared remarks, we think we're doing a great job incubating these concepts and that there could be a time or place for further strategic assessments for them, but there's probably a little bit more development work that needs to go on.

你知道，正如大衛·奧弗頓在準備好的演講中指出的那樣，我們認為我們在孵化這些概念方面做得很好，並且可能有時間或地點對它們進行進一步的戰略評估，但可能還有更多的開發工作需要繼續。

You're talking about concepts that have, you know, between 30 and 40 locations and $100 million to $300 million in sales.

您談論的是擁有 30 到 40 家門市、銷售額為 1 億到 3 億美元的概念。

And so this the ability of the Cheesecake Factory ecosystem to benefit those concepts at this point in time can't be underestimated.

因此，起司蛋糕工廠生態系統在此時使這些概念受益的能力不容小覷。

So we'll see what the future holds, but we will be open to reviewing and drive shareholder value and believe that these concepts will continue to grow profitably and support our shareholders one way or another.

因此，我們將看看未來會怎樣，但我們將開放地審查和推動股東價值，並相信這些概念將繼續獲利成長，並以某種方式支持我們的股東。

Thanks for that perspective.

感謝您的觀點。

And then one more, if I may on the 2025 outlook as it relates to unit development, where could we see the incremental openings as, we think about '24 versus as many as '22 this year?

還有一點，如果我可以談談與單位開發相關的 2025 年前景，我們在哪裡可以看到增量空缺，因為我們認為今年的「24 個職位」與「22 個職位」之多？

And is there opportunity for a more balanced cadence of openings in 2025, relative to the back weighted openings we've seen in recent years?

與近年來我們看到的反向加權空缺相比，2025 年是否有機會實現更平衡的空缺節奏？

Thanks Drew.

謝謝德魯。

This is David.

這是大衛。

Actually, this year has been more balanced than it had been in previous years.

事實上，今年比往年更平衡。

So we're pretty enthused by that and we do have some openings in the first quarter of next year.

因此，我們對此感到非常興奮，並且我們在明年第一季確實有一些空缺職位。

So we're hoping to continue to have a more balanced approach wherever we can.

因此，我們希望盡可能繼續採取更平衡的方法。

And as far as the actual concept, it'd be very similar to this year as far as how many cheesecake factories, North, Flower Child and FRC, so similar cadence, similar amount of each one of the concepts to this year's numbers.

就實際概念而言，就起司蛋糕工廠的數量而言，North、Flower Child 和 FRC 與今年非常相似，因此每個概念的節奏、數量都與今年的數字相似。

Thank you.

謝謝。

I'll hop back in the queue.

我會跳回到隊列中。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

Hi.

你好。

Thank you.

謝謝。

My first question is on Flower Child.

我的第一個問題是關於花童的。

Last quarter, you gave some color on the like directional comp performance of that business versus North Italian cheesecake.

上個季度，您對該業務與北意大利起司蛋糕的類似定向比較表現進行了一些說明。

So I was curious if you could give an update there and then maybe if you could contextualize the performance of Flower Child just given its geographics que.

所以我很好奇你是否可以在那裡提供更新，然後也許你可以根據其地理問題將《花童》的表現結合起來。

I'm curious if that region is kind of outperforming the, you know, the South Southeast region.

我很好奇該地區的表現是否優於東南東南地區。

And then also if you know, if Flower Child is taking share in its category kind of where you think it's taking share from?

然後，如果你知道，如果 Flower Child 在其類別中佔據份額，你認為它從哪裡獲得份額？

Thank you.

謝謝。

Sure, Katherine.

當然，凱瑟琳。

This is, Matt.

這是，馬特。

Yeah, the Flower Child continue to be the strongest in our system running mid-single digits.

是的，花童仍然是我們系統中最強的，運行中個位數。

And we feel like with room to accelerate a little bit here into the fourth-quarter, the geography is pretty national, maybe it's the smile shape, you know, because we do go up into the DC area and then kind of down around and all the way into California.

我們覺得第四季度還有加速的空間，地理是全國性的，也許是微笑形狀，你知道，因為我們確實進入了華盛頓地區，然後又下降了。

And it's been pretty consistent across the board.

而且整體情況非常一致。

We've seen some really nice gains in all of our locations and, you know, positive traffic certainly.

我們在所有地點都看到了一些非常好的收益，而且，你知道，流量肯定是正面的。

And it would look like based on the data we've seen in black box that we are well ahead of the overall fast casual category.

根據我們在黑盒子中看到的數據，我們看起來遠遠領先於整體快速休閒類別。

And I think part of that is the breadth of the Flower Child offering.

我認為其中一部分原因是「花童」產品的廣度。

It's, you know, we like to talk about it.

你知道，我們喜歡談論它。

It's fast casual, but it's maybe a little bit higher and fast casual and kind of like cheesecake has a little bit of a moat given the breadth of the offering.

它是快速休閒的，但它可能更高一點，快速休閒，有點像起司蛋糕，考慮到產品的廣度，有一點護城河。

It balances really well.

它平衡得很好。

It's slightly above 50% to go.

距離略高於 50%。

But it, you know, that means it's almost 50% on premise.

但你知道，這意味著幾乎 50% 是在現場進行的。

Certainly, that's very differentiated in fast casual space and probably a little bit more balanced on lunch and dinner.

當然，這在快速休閒空間中是非常不同的，並且在午餐和晚餐上可能會更加平衡。

So we think it's the execution is probably a big driver of that is well with all of the things we did to continue to incubate it.

因此，我們認為執行可能是一個重要的驅動因素，這與我們為繼續孵化它所做的一切都很好。

But overall pleased with the trajectory of the concept.

但總的來說，我對這個概念的發展軌跡感到滿意。

I think I would just add Katherine with the two new markets that we entered into this year.

我想我只想將凱瑟琳與我們今年進入的兩個新市場一起添加。

As David mentioned earlier in Salt Lake City in Utah just a couple weeks ago, have been outperforming our expectations and in the suburbs in Saint Louis earlier this year, also a brand new market are really outperforming.

正如大衛幾週前在猶他州鹽湖城提到的那樣，表現超出了我們的預期，今年早些時候在聖路易斯郊區，一個全新的市場也確實表現出色。

So we're really happy as we moved into new markets as Well.

因此，當我們進入新市場時，我們也非常高興。

That's great.

那太棒了。

Thank you.

謝謝。

And then I wanted to just ask another question on the, you know, portfolio approach.

然後我想問另一個關於投資組合方法的問題。

The Cheesecake Factory has, can you remind me sort of what the benefits are of having these growth concepts?

起司蛋糕工廠有，可以提醒我擁有這些成長概念有什麼好處嗎？

Like we can maybe speak just a flower child in the Cheesecake Factory portfolio sort of how these brands are better positioned as it relates to integrating supply chain and deploying things like reporting platforms and operational dashboards.

就像我們可以只談論 Cheesecake Factory 產品組合中的花童一樣，這些品牌如何更好地定位，因為它涉及整合供應鏈和部署報告平台和操作儀表板等內容。

Just any, you know, color you can give there as far as how you're thinking about you know, the opportunities to leverage costs with the growth concept, part of the portfolio.

就你所知，你可以賦予任何顏色，透過成長概念來利用成本的機會，投資組合的一部分。

Thank you.

謝謝。

Sure, Katherine, this is Matt, I'll start off again and then David will add some additional color, but certainly you touched on one of the big areas.

當然，凱瑟琳，這是馬特，我會重新開始，然後大衛會添加一些額外的顏色，但你肯定觸及了其中一個重要領域。

I mean, I think just really the scale benefit overall is very important still at this stage, certainly being able to leverage G&A in the low 6% compared to most of the high growth concepts that are smaller are in the mid-teens for G&A, right?

我的意思是，我認為整體規模效益在現階段仍然非常重要，當然能夠利用低 6% 的 G&A 槓桿，而大多數較小的高成長概念的 G&A 則在十幾歲左右，正確的？

So you just out of the gate that that is a benefit supply chain is certainly one of the larger areas and that's with commodities, but it's also with other types of purchasing, whether that could be insurance or construction related, there are benefits that go directly to the P&L that, you know, are very meaningful at this point as well.

因此，您剛剛走出大門，這是一個福利供應鏈肯定是較大的領域之一，涉及大宗商品，但也涉及其他類型的採購，無論是保險還是建築相關，都有直接的好處你知道，對於損益表來說，這在這一點上也非常有意義。

And then I think from the people side, you know, there's a lot of best practices that the Cheesecake Factory has that we're able to deploy and, you know, you mentioned the dashboards for operations, etcetera.

然後我認為從人的角度來看，芝士蛋糕工廠有很多我們能夠部署的最佳實踐，你知道，你提到了操作儀表板等。

So we feel like we're, we're doing exactly what we thought.

所以我們覺得我們正在做我們所想的事情。

You know, when the board decided to make this acquisition, the thesis was that we could provide a great way to grow them and add your older value.

您知道，當董事會決定進行此次收購時，我們的論點是我們可以提供一種很好的方法來發展它們並增加您的舊價值。

And we continue, I think, to do that very effectively.

我認為，我們將繼續非常有效地做到這一點。

Yeah, I guess I would, I just had a few items.

是的，我想我會的，我只有一些東西。

One would just be our 45 year history of running great high volume restaurants and just our operational expertise that we're able to add to any of those concepts in, in any way.

其中之一就是我們 45 年經營大量餐廳的歷史，以及我們能夠以任何方式將我們的營運專業知識添加到任何這些概念中。

Part of that is our ability to have strong and operating performance dashboards to give more insight into each one of the concepts, whether that's an opportunity for more throughput or an opportunity to be more effective when it comes to productivity or food efficiencies, all areas that we have a lot of view into.

其中一部分是我們擁有強大的營運績效儀表板的能力，可以更深入地了解每一個概念，無論這是提高產量的機會還是在生產力或食品效率方面提高效率的機會，所有這些領域我們都有很多看法。

We also are able to leverage our DoorDash relationship, someone who comes to off premise sales.

我們也能夠利用我們的 DoorDash 關係，即進行場外銷售的人員。

The deal we have with DoorDash covers all of the different concepts.

我們與 DoorDash 達成的協議涵蓋了所有不同的概念。

So certainly, financially, if you think about Flower Child, as example, as Matt stated earlier with over 50% off premise sales and a portion of that coming through DoorDash.

所以，當然，從財務角度來看，如果你以 Flower Child 為例，正如 Matt 之前所說，超過 50% 的折扣銷售，其中一部分來自 DoorDash。

That's a direct cost benefit to the to the total company and to those other concepts as well.

這對整個公司和其他概念來說都是直接的成本效益。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thank you.

謝謝。

You pointed over the last couple of quarters to a steady moderation of the mix headwinds that you've been seeing.

您指出，在過去的幾個季度中，您所看到的混合阻力正在穩步緩和。

So I assume as you move forward, you do expect that to happen.

所以我認為當你前進時，你確實期望這種情況發生。

But can you give us some color on some of the factors that would contribute to that smaller mix headwind as you move forward?

但是，您能否向我們介紹一些在您前進過程中導致混合阻力較小的因素？

Yeah, sure.

是的，當然。

Jeff, this is Matt, I mean, really, it comes down to predominantly lapping around the party size math.

傑夫，這是馬特，我的意思是，真的，這主要歸結於派對規模的數學計算。

And so we started to see that really in 2023, where we've got more large parties back than in the sort of immediately post COVID times.

因此，我們在 2023 年開始真正看到這一點，屆時我們將比新冠疫情剛結束時恢復更多的大型派對。

And as we talked about, you know, part of six or eight, the per capita spend is about 20% less than a party of two.

正如我們所討論的，六人或八人的人均支出比兩人聚會少約 20%。

And so that, is just rebalancing and sort of, I'll call it dovetailing back to pre-pandemic levels.

因此，這只是重新平衡，我將其稱為“回到大流行前的水平”。

And, and so that's why we feel like it's been predictable and measurable because we see it sort of, you know, approaching that baseline on a very linear path.

這就是為什麼我們覺得它是可預測和可測量的，因為我們看到它在某種程度上以非常線性的路徑接近基線。

So we would expect Q4 to be, you know, called negative 1%.

因此，我們預計第四季將出現負 1% 的情況。

And then for next year, our initial planning would be relatively flat for the year, you know, all being equal.

然後對於明年，我們最初的計劃將相對平穩，你知道，一切都是平等的。

That's helpful.

這很有幫助。

And then just as a, as a quick follow up, anything you can offer on menu pricing over the next couple of quarters, are you guys are more sort of high level thinking about pricing as you move into 2025.

然後，作為一個快速跟進，在接下來的幾個季度裡，你們可以在菜單定價上提供任何東西，當你們進入 2025 年時，你們是否會對定價進行更高層次的思考。

Well, our objective would be to take only the amount of pricing that we need to offset inflation.

好吧，我們的目標是只採取抵銷通貨膨脹所需的定價量。

We are seeing labor inflation become a little bit more manageable, I think in the industry as well.

我們看到勞動力通膨變得更容易控制，我認為在這個行業也是如此。

So we're right now in the process of reviewing our commodities outlook and engaging with our, our suppliers on contracts for next year.

因此，我們現在正在審查我們的商品前景，並與我們的供應商就明年的合約進行接觸。

So that will give us a lot to inform pricing decisions.

因此，這將為我們的定價決策提供許多資訊。

But I was just, it would be coming down from this year's level, which has been, you know, between four and 4.5% and, you know, migrating back more towards our historical call three.

但我只是覺得，它會比今年的水平有所下降，今年的水平一直在 4% 到 4.5% 之間，而且，你知道，會更多地回歸到我們歷史上的第三個目標。

But it will really depend on those factors as we see them play out in the next couple of months.

但這實際上取決於這些因素，因為我們看到它們將在未來幾個月內發揮作用。

Sorry, just one quick follow up to the Q4 expected pricing.

抱歉，我們只是對第四季度的預期定價進行快速跟進。

What's that number.

那個數字是多少。

4.5%?

4.5%？

Same name exactly as Q3.

與 Q3 的名稱完全相同。

All right.

好的。

Thank you, Matt.

謝謝你，馬特。

Jon Tower, Citi.

喬恩塔，花旗銀行。

One quick model clean up and then I have an actual question.

一個快速的模型清理然後我有一個實際的問題。

Sorry, this is [Kenil Sheth] on for Jon.

抱歉，這是喬恩的 [Kenil Sheth]。

What was commodity inflation in this past quarter?

上個季度的商品通膨是多少？

It was 1% about 1%.

大約是1%。

Good to hear from you Kenil.

很高興收到你的來信，凱尼爾。

And then you know, great to hear about your rewards engagement and that you think the program is, you know, doing what it's supposed to with both new and existing customers.

然後你知道，很高興聽到你的獎勵參與，並且你認為該計劃正在為新客戶和現有客戶做它應該做的事情。

Yeah, it is there more color you can give on kind of how people are engaging with it.

是的，你可以為人們如何參與其中提供更多的色彩。

And what I'm really trying to get at is kind of how important the access to reservations has been in terms of driving, you know, interest and uptake.

我真正想了解的是，就推動、興趣和吸收而言，獲得預訂的機會有多重要。

Sure, Kenil, this is David.

當然，凱尼爾，這是大衛。

Certainly we see a high level of usage of reservations.

當然，我們看到預訂的使用率很高。

So that would tell us that people are enthusiastic about reservations being part of the program.

因此，這告訴我們，人們熱衷於將預訂納入該計劃。

We definitely thus far are happy that the guests we're seeing are moderate and frequent guests.

到目前為止，我們確實很高興我們見到的客人都是中等且經常光顧的客人。

And you know, that's really our goal of the program is to drive moderate and frequent one or two more visits a year.

您知道，我們該計劃的真正目標是每年增加一到兩次適度且頻繁的訪問。

And that the guest satisfaction scores of those guests are even higher than guests that are not members.

而這些客人的客人滿意度分數甚至高於非會員客人。

So, that tells us that they're enthusiastic about the program.

所以，這告訴我們他們對該計劃充滿熱情。

Overall, reservations appear to be working.

總體而言，預訂似乎正在發揮作用。

And I think some of the unpublished rewards that we've been using over the past few quarters are also and have also been meaningful.

我認為我們在過去幾個季度中一直使用的一些未發布的獎勵也是有意義的。

And that's somewhere where we will continue to test and learn and try and be even more pinpointed with the offers that are out there to continue to drive incrementality with the right guest.

我們將繼續測試、學習、嘗試，並更準確地利用現有的優惠，以繼續推動合適的客人的增量。

So that it remains margin neutral for us and could be a powerful tool to drive traffic in the long run.

因此，它對我們來說保持利潤中性，並且從長遠來看可能成為推動流量的強大工具。

Okay, great.

好的，太好了。

Thank you.

謝謝。

I'll pass it on.

我會把它傳遞下去。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Hey, thanks for the question.

嘿，謝謝你的提問。

Just wanted to get a little bit more feedback on.

只是想獲得更多回饋。

I believe the closure of some cheesecake stores in the quarter.

我相信本季一些芝士蛋糕店會關門。

And if you can affirm what the net unit growth account will be for the end of the year and then the same question for 2025.

如果您可以確認年底的淨單位成長帳戶是多少，那麼 2025 年的淨單位成長帳戶是多少。

Sure.

當然。

Jim, this is Matt just on the cheesecake locations.

吉姆，這是馬特，剛剛在芝士蛋糕店工作。

One of them was actually a site condemnation.

其中之一實際上是網站譴責。

I've never had that happen in my career before, but the entire facility.

我以前的職業生涯中從未發生過這種情況，但整個設施都發生過這種情況。

So it was a center was condemned and so we had no choice but to close.

所以這是一個受到譴責的中心，所以我們別無選擇，只能關閉。

And the other one was a lease exit opportunity in a location that was underperforming and had some safety concerns.

另一個是在一個表現不佳且存在一些安全問題的地點的租賃退出機會。

So, a very unique for us to have that situation particularly twice in one quarter.

因此，對於我們來說，特別是在一個季度內兩次出現這種情況是非常獨特的。

But at the end, do we have an estimated number of total net in.

但最後，我們是否有估計的淨流入總數？

Total would be about plus 20.

總共大約是+20。

All concepts included.

包括所有概念。

And for 2025.

2025 年。

Well, we said as many as '24 with about the same mix as this year.

好吧，我們說過多達 24 年，其組合與今年大致相同。

So, you know, roughly speaking, you could take this year and maybe there's one more cheesecake and one more flower child, you know, for modeling purposes.

所以，你知道，粗略地說，今年你可能會多一個芝士蛋糕和一個花童，你知道，用於建模目的。

Okay.

好的。

I just wanted to make sure there wasn't any expectation of incremental closures beyond what we've seen so far.

我只是想確保不會有任何超出我們迄今為止所看到的增量關閉的預期。

And what I said, just to make sure is we, we always qualify that there could always be one here or there for unforeseen reasons, right?

我所說的，只是為了確保我們，我們總是有資格認為，由於不可預見的原因，這裡或那裡總會有一個，對嗎？

So I think it's, we'll, we'll keep people abreast of that.

所以我認為我們會讓人們了解這一情況。

But those are our plans at the moment.

但這些是我們目前的計劃。

Is there any increase in G&A spending expected with the acceleration in unit growth for 2025 or should that keep pace or kind of lag revenue growth?

隨著 2025 年單位數量增長的加速，預計一般管理支出是否會增加，或者是否會跟上或落後於收入增長？

Yeah.

是的。

Our objective would be to scale a little bit.

我們的目標是擴大規模。

So even though we're opening a couple more units, we're targeting to have G&A as a percentage of sales decreased by attack.

因此，儘管我們要再開設幾個單位，但我們的目標是讓 G&A 佔銷售額的百分比因攻擊而下降。

Okay.

好的。

Understood.

明白了。

And then last question for me just wanted any feedback you had on perhaps advanced bookings or retail activity, what your exposure is to shopping centers and how you're looking at the holiday season this quarter.

我的最後一個問題只是想了解您對提前預訂或零售活動的反饋，您對購物中心的了解以及您對本季假期季節的看法。

You know, we do a lot of private dining in some of our smaller concepts.

您知道，我們在一些較小的概念中提供許多私人用餐服務。

It seems to be going, consistent with historical patterns so far.

它似乎正在進展，與迄今為止的歷史模式一致。

We haven't seen anything too different.

我們沒有看到任何太大的不同。

You know, our outlook is for a very consistent and predictable trend that, like, we've seen the last couple of quarters.

你知道，我們的前景是一個非常一致和可預測的趨勢，就像我們在過去幾季看到的那樣。

So, no, nothing new or different than what we've seen recently.

所以，不，與我們最近看到的情況相比，沒有什麼新的或不同的。

All right.

好的。

No concern with the shortened the shopping season between Black Friday and Christmas.

不用擔心黑色星期五和聖誕節之間購物季的縮短。

Yeah, I think it's much more of a retail consideration than a restaurant consideration.

是的，我認為這更多的是零售方面的考慮，而不是餐廳的考慮。

At least that's what I've read.

至少我讀過的是這樣的。

It doesn't seem to be as much of an issue when we studied it in our past results.

當我們根據過去的結果進行研究時，這似乎不是什麼大問題。

Understood.

明白了。

Thank you very much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

(Operator Instructions)

（操作員說明）

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Hey, guys, just taking the holiday stuff in a slightly different direction, the bakery business, any signs of, you know, kind of stabilization in some channels and maybe the holiday season bookings in that business looking a little bit better than, you know, than where things have been heading recently.

嘿，夥計們，只是把假期的事情朝著稍微不同的方向發展，麵包店業務，有任何跡象，你知道，某些渠道的穩定，也許該業務的假期預訂看起來比你知道的要好一點，而不是最近事情的發展方向。

Andy, this is Matt, what I would say is we're moving forward in some new channels that I think have some good promise to backfill.

安迪，我是馬特，我想說的是，我們正在一些新管道中取得進展，我認為這些新管道有很好的回補前景。

Of course.

當然。

And you know that segment, it does take a little bit longer.

你知道這部分確實需要更長的時間。

But we did just close a pretty good long term agreement with a prominent grocery chain that is about 2000 locations and it's for a slightly smaller, lower priced product.

但我們剛剛與一家著名的雜貨連鎖店達成了一項相當不錯的長期協議，該連鎖店擁有約 2000 個門店，而且產品規模稍小、價格較低。

So we think that's part of, you know, what you need to do to compete in CPG today.

所以我們認為這是今天在 CPG 競爭中需要做的一部分。

We were also seeing some green shoots internationally and have signed two master distribution agreements in the first half of this year.

我們還看到了國際上的一些萌芽，並在今年上半年簽署了兩份主分銷協議。

But so I think, you know, we'll see some improvement and return to growth in 2025, but it's just a longer tail for that category.

但我認為，我們會看到一些改善並在 2025 年恢復成長，但這只是該類別的更長的尾巴。

Great, appreciate it.

太好了，欣賞一下。

And then on the development side, nice to hear, you know, quantitatively the numbers going up qualitatively, how do you kind of see the pipeline in '25 and you know, the things that have been, you know, challenges in terms of permitting and utilities.

然後在開發方面，很高興聽到，你知道，數量上的數字在質量上上升，你如何看待 25 年的管道，你知道，在允許方面一直存在的挑戰和公用事業。

We're on the spectrum, are we in terms of returning to some, some level of new normalization there?

我們處於這個範圍內，我們是否正在恢復某種程度的新正常化？

Hey, Andy, this is David.

嘿，安迪，這是大衛。

I think that we're feeling pretty confident about next year, you know, finishing this year right on target.

我認為我們對明年非常有信心，你知道，今年的目標正好完成。

We haven't had any hiccups here as we're coming into the fourth-quarter, [perman] has gotten easier on the equipment side.

當我們進入第四季度時，我們沒有遇到任何問題，[perman] 在設備方面變得更加容易。

We're very confident, we really feel great about the markets we're moving into next year, whether they're existing or new markets.

我們非常有信心，我們對明年將進入的市場感到非常滿意，無論是現有市場還是新市場。

So it's, you know, full steam ahead for 2025 with a lot of confidence.

因此，您知道，我們對 2025 年充滿信心，全力以赴。

Good to hear.

很高興聽到。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

I guess I wanted to kind of come back to the unit level margins, the Cheesecake Factory and, and North Italia.

我想我想回到單位層面的利潤，起司蛋糕工廠和義大利北部。

I think if I got them right, they were [16.4] for the last four quarters for cake.

我想如果我猜對了，過去四個季度的蛋糕價格是 16.4。

And I think the discussion around North Italia is [15] at maturity.

我認為圍繞著義大利北部的討論[15]已經成熟。

And, you know, I have been around long enough.

而且，你知道，我已經存在足夠長的時間了。

I remember when cake used to be in the high-teens and, and I know things that have kind of changed in a lot of ways.

我記得蛋糕曾經在十幾歲的時候，而且我知道事情在很多方面都改變了。

But is there a path, you know, for take, getting back to the high-teens and can you kind of walk us through that?

但是，你知道，有沒有一條路可以回到青少年時期，你能引導我們走過這條路嗎？

Is it just a matter of more sales?

只是為了增加銷量嗎？

Is it that easy?

有那麼容易嗎？

And then on North Italia is 15, a good number.

然後在義大利北部是 15，一個不錯的數字。

I just given the alcohol mix there.

我剛剛在那裡提供了酒精混合物。

Do you think that's something that can get closer to kind of a cake over time?

你認為隨著時間的推移，這會變得越來越接近蛋糕嗎？

Yeah, Sharon, this is Matt.

是的，莎倫，這是馬特。

So, first on North, our target there is similar to cheesecake.

因此，首先在北部，我們的目標與起司蛋糕類似。

We believe it should be a business that operates in, in the 16% to 18% range.

我們認為該業務的營運範圍應該在 16% 至 18% 之間。

We have been, you know, more cautious over the past couple of years catching up on the pricing.

你知道，過去幾年我們在定價方面一直更加謹慎。

And so, you know, we've been pretty open about cake being behind.

所以，你知道，我們對蛋糕落後的情況一直持開放態度。

But, North as well.

但是，北也一樣。

And so I think we're pretty confident in the initiatives that we have in place and that concept sales to be able to leverage that into the same level as cake and then sort of to that point, you know, we probably peaked, you know, in the high-teens or, or almost 20 there have been some accounting changes that, you know, basically put our range, what we say 16% to 18% now takes into consideration things like lease accounting, right?

因此，我認為我們對我們所採取的舉措和概念銷售非常有信心，能夠將其利用到與蛋糕相同的水平，然後到了這一點，你知道，我們可能達到了頂峰，你知道，在十幾歲或幾乎20 歲的時候，發生了一些會計變化，你知道，基本上是我們的範圍，我們現在所說的16% 到18% 考慮了租賃會計等事情，對嗎？

So when we had to adopt that, I don't know if anybody remembers at this point, it was pre-COVID, but that was about 100 basis point swing between the depreciation and operating lines, right?

因此，當我們不得不採用這一點時，我不知道是否有人記得這一點，那是在新冠疫情之前，但折舊線和運營線之間大約有 100 個基點的波動，對嗎？

So we're just taking all of those things into consideration.

所以我們只是考慮所有這些事情。

We do feel like we can still move it higher.

我們確實覺得我們仍然可以把它推得更高。

So past four quarters for cake is averaged [16.4] and the trajectory is still moving up, right?

所以過去四個季度的蛋糕平均為 [16.4] 且軌跡仍在上升，對嗎？

So it is sales but it's also the operational effectiveness, the ability to have a best in class and best ever retention rates for our staff, right.

因此，這不僅是銷售，也是營運效率、為我們的員工提供一流的能力和有史以來最好的保留率，對吧。

So the there are other factors, I think supply chain is another one that we continue to benefit on the increasing scale of our company.

因此，還有其他因素，我認為供應鏈是我們公司規模不斷擴大而持續受益的另一個因素。

And, leveraging that a little bit.

並且，稍微利用這一點。

So we feel really good about the trajectory and it's still moving in the right direction.

所以我們對發展軌跡感覺非常好，而且它仍然朝著正確的方向前進。

Thanks for that.

謝謝你。

And then on the reservations, I assume you guys aren't holding tables, right?

然後在預訂方面，我想你們沒有訂桌，對吧？

Is this just kind of giving people priority seating when they come in?

這是否只是在人們進來時給予優先座位？

So you're not losing any kind of productivity on the tables.

因此，您不會損失任何形式的工作效率。

Yes, certainly.

是的，當然。

Productivity is always a goal.

生產力始終是目標。

We don't want to have any open tables for any length of time.

我們不希望任何時間都有任何開放的桌子。

We do want a reservation to actually be met.

我們確實希望預訂能真正滿足。

So we have very strong perimeters of parameters.

所以我們有非常強大的參數範圍。

Excuse me, for the restaurants.

對不起，餐廳。

You know, nobody should be with more than five minutes if they do have a reservation.

你知道，如果有預訂，任何人的停留時間都不應該超過五分鐘。

But in no way, are we holding tables and they're very limited reservations that are actually available within each hour so that we even if somebody wasn't operating within our parameters, it wouldn't impact throughput in our ability to drive sales.

但我們絕對不會保留桌子，而且它們實際上每小時內可用的預訂非常有限，因此即使有人沒有在我們的參數範圍內操作，也不會影響我們推動銷售的能力的吞吐量。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks and good evening and, and sorry if you covered this earlier, I jumped on a little bit late but Matt the 2025 net margin guidance.

你好，謝謝，晚上好，很抱歉，如果你早些時候報道過這一點，我有點晚了，但馬特 2025 年淨利潤率指導。

Can you just walk us through the puts and takes as you see it today as it relates to kind of what that looks like for cheesecake factories, segment margins and what your expectations at North Italia might be.

您能否向我們介紹一下您今天所看到的看跌期權和看跌期權，因為它與芝士蛋糕工廠的情況、細分市場利潤率以及您對北意大利的期望有關。

Yeah, I would say just to simplify it, I think, the general direction is for company level four wall to improve 25 basis points to 35 basis points.

是的，我想說只是為了簡化它，我認為，大方向是公司四級牆提高25個基點到35個基點。

I think we'll still see a little bit of leverage on the commodity side and a little tailwind on labor other effects.

我認為我們仍然會看到大宗商品方面有一點槓桿作用，並且勞動力方面的其他影響也有一點順風。

As you know, we've been guiding to relatively flattish and then maybe a little, you know, 10th on G&A.

如您所知，我們一直在引導相對平坦，然後可能會稍微，您知道，在一般行政費用上排名第十。

I think there's a little bit more room for north than cheesecake, obviously where they're positioned today.

我認為北方比起司蛋糕有更多的空間，顯然他們今天所處的位置。

But Cheesecake makes a bigger swing because of the size of it.

但芝士蛋糕由於其尺寸而產生了更大的波動。

So a little bit less on cheesecake, a little bit more on North to get to those waiting.

因此，少一點起司蛋糕，多一點北，以到達那些等待的人。

Okay.

好的。

And then, the North Italia segment margins, did you say what the mature units were within that?

然後，義大利北部細分市場的利潤率，您是否說過其中的成熟單位是什麼？

Well, we did, what was 15% for the third-quarter.

好吧，我們做到了，第三季的成長率為 15%。

15%?

15%？

Okay, great.

好的，太好了。

Thank you.

謝謝。

I'll pass it along.

我會把它傳遞下去。

We currently have no more questions in our queue at this time.

目前，我們的隊列中沒有更多問題。

I would now like to conclude today's conference call.

現在我想結束今天的電話會議。

Thank you for your participation.

感謝您的參與。

And you may now disconnect.

您現在可以斷開連線。