Cheesecake Factory Inc (CAKE) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

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

我叫克里斯塔，今天我將擔任您的會議主持人。

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

現在，我歡迎大家參加 Cheesecake Factory 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

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

現在，我想將會議交給財務和投資者關係副總裁 Etienne Marcus。

You may begin.

你可以開始了。

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

下午好，歡迎參加我們的 2024 財年第四季財報電話會議。

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

今天與我一起參加電話會議的有我們的董事長兼執行長 David Overton；我們的總裁 David Gordon；以及我們的執行副總裁兼財務長馬特·克拉克（Matt Clark）。

Before we begin, let me quickly remind you that during this call, items will be discussed that are not based on historical fact and are considered forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，請允許我快速提醒您，在本次電話會議中，將討論的內容並非基於歷史事實，而是被視為 1995 年《私人證券訴訟改革法案》會議內的前瞻性陳述。

Actual results could be materially different from those stated or implied in forward-looking statements as a result of the factors detailed in today's press release, which is available on our website at investors.thecheesecakefactory.com and in our filings with the Securities and Exchange Commission.

由於今天的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存在重大差異，該新聞稿可在我們的網站 investors.thecheesecakefactory.com 上以及我們提交給美國證券交易委員會的文件中查閱。

All forward-looking statements made on this call speak only as of today's date, and the company undertakes no duty to update any forward-looking statements.

本次電話會議中所做的所有前瞻性陳述僅代表今日的觀點，本公司不承擔更新任何前瞻性陳述的義務。

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，在本次電話會議中，我們將發布調整後的業績，其中不包括資產減損和租賃終止以及收購相關費用。

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.

如同先前所述，我們對非公認會計準則財務指標的使用以及與最直接可比較的公認會計準則指標的調節的解釋已在我們網站的新聞稿中公佈。

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致開場白，大衛·戈登 (David Gordon) 將提供運營最新進展。

Matt will then review our fourth-quarter financial results and provide commentary on our financial outlook before opening the call up to questions.

然後，馬特將回顧我們的第四季度財務業績，並對我們的財務前景發表評論，然後再開始提問。

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

說完這些，我將把電話轉給大衛·奧弗頓。

Thank you, Etienne.

謝謝你，艾蒂安。

Before I begin, I'd like to take a moment to acknowledge the recent devastating wildfires in the Los Angeles area and extend our deepest sympathies to all those affected.

首先，我想花點時間介紹一下最近洛杉磯地區發生的毀滅性山火，並向所有受影響的人表示最深切的同情。

These events highlight the dedication of our firefighters and first responders, who work tirelessly to protect our communities, and we are very grateful for their service.

這些活動彰顯了我們的消防員和急救人員的奉獻精神，他們不知疲倦地保護我們的社區，我們非常感謝他們的服務。

Now turning to our results.

現在來談談我們的結果。

We ended the year on a high note once again delivering consistent and dependable results with the Cheesecake Factory restaurant comparable sales and traffic outperforming the industry, leading to fourth-quarter revenues, earnings, and unit development exceeding our guidance.

我們以高調結束了這一財年，再次取得了一致可靠的業績，芝士蛋糕工廠餐廳的可比銷售額和客流量超越行業，導致第四季度的收入、收益和單位發展超出了我們的預期。

In fact, in 2024, we generated record-high annual revenues and adjusted earnings per share while also opening more new restaurants in a single year than ever before in our company's history.

事實上，到 2024 年，我們將創造創紀錄的年收入和調整後每股收益，同時一年內開設的新餐廳數量也將超過公司歷史上任何時候。

As I've said before, our performance is a reflection of our steadfast focus on menu innovation, maintaining the contemporary design and decor of our restaurants, and delivering exceptional food quality, service and hospitality.

正如我之前所說，我們的業績體現了我們堅定專注於菜單創新、保持餐廳的現代設計和裝飾，以及提供卓越的食品品質、服務和款待。

To this point, we are in the midst of rolling out our latest menu which features more than 20 new items across a broad range of contemporary cuisines, categories, and price points.

目前，我們正在推出最新菜單，其中包含 20 多種涵蓋廣泛當代菜系、類別和價位的新菜餚。

The menu has been well received by our guests with positive feedback highlighting the variety and the quality of our new offerings.

菜單受到了客人的一致好評，積極的反饋凸顯了我們新菜餚的多樣性和品質。

Our ongoing menu innovation drives a high degree of relevance without the need for discounting, and we believe, coupled with our best-in-class operators, will continue to set us apart in the competitive landscape.

我們不斷進行的菜單創新無需打折就能實現高度的相關性，我們相信，加上我們一流的運營商，我們將繼續在競爭中脫穎而出。

Turning to development, we opened nine restaurants in the fourth quarter to strong consumer demand, including two Cheesecake Factories, three North Italias, two Flower Childs, and two FRC restaurants.

談到發展，我們在第四季度開設了 9 家餐廳，以滿足強勁的消費者需求，其中包括 2 家 Cheesecake Factory、3 家 North Italias、2 家 Flower Childs 和 2 家 FRC 餐廳。

Subsequent to quarter end, we opened five restaurants including a North Italia, two Flower Childs, and two FRC restaurants.

本季末之後，我們開設了五家餐廳，包括一家 North Italia 餐廳、兩家 Flower Childs 餐廳和兩家 FRC 餐廳。

And we expect to open as many as 3 more restaurants in the coming weeks for a total of 8 new openings in the first quarter.

我們預計未來幾週將再開設 3 家餐廳，第一季新開餐廳總數將達到 8 家。

We're looking to build on our development momentum, and we now expect to open as many as 25 new restaurants in 2025.

我們希望進一步鞏固我們的發展勢頭，目前預計在 2025 年將開設多達 25 家新餐廳。

Additionally, we anticipate as many as two Cheesecake Factory restaurants to open internationally under licensing agreements.

此外，我們預計多達兩家 Cheesecake Factory 餐廳將根據授權協議在國際上開業。

In closing, consumer demand for the distinct high-quality dining experiences we provide our guests across our experiential concepts reinforces our confidence in the long-term growth potential of our portfolio, and our results demonstrate the power of our larger platform provides reinforcing our confidence in our strategy to drive sustainable growth and value going forward.

最後，消費者對我們透過體驗式概念為客人提供的獨特高品質用餐體驗的需求增強了我們對產品組合長期增長潛力的信心，而我們的業績證明了我們更大平台的力量，增強了我們對推動未來可持續增長和價值的戰略的信心。

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

說完這些，我現在將電話轉給大衛·戈登 (David Gordon)，讓他提供營運更新資訊。

Thank you, David.

謝謝你，大衛。

The results David highlighted would not be possible without our operators' exceptional execution and relentless focus on delivering delicious and memorable guests' experiences while effectively managing their restaurants.

David 強調的這些成果如果沒有我們的運營商的出色執行力以及堅持不懈地專注於為客人提供美味而難忘的體驗並有效管理他們的餐廳是不可能實現的。

And once again, we saw improvements across the business, including in our record-high guest satisfaction scores and better-than-expected profit flow-through and labor productivity, contributing to higher restaurant level margins.

我們再次看到整個業務的改善，包括創紀錄的客戶滿意度得分以及好於預期的利潤流和勞動生產力，從而提高了餐廳的利潤率。

To this point, Cheesecake Factory restaurant level margins for the fourth quarter were 18.4%, marking the highest level in over seven years.

截至目前，Cheesecake Factory 第四季餐廳等級利潤率為 18.4%，創七年多來的最高水準。

Importantly, our industry-leading management and staff retention continue to improve, which we expect to support ongoing operational improvements in many of these areas.

重要的是，我們行業領先的管理和員工留任率持續提高，我們希望這將支持這些領域的持續營運改善。

Now turning to sales trends.

現在來談談銷售趨勢。

Fourth-quarter Cheesecake Factory comparable sales increased 1.7% from the prior year and importantly, traffic, once more, meaningfully outperformed the industry, exceeding the BlackBox casual dining index by 110 basis points.

第四季度，Cheesecake Factory 可比銷售額較上年增長 1.7%，重要的是，客流量再次顯著超越行業水平，超過 BlackBox 休閒餐飲指數 110 個基點。

The comparable sales growth contributed to annualized AUVs of $12.5 million, supported by an off-premise mix of 21% in line with recent quarters.

可比銷售額的成長推動年化 AUV 達到 1,250 萬美元，這得益於與最近幾季持平的 21% 的非現場銷售組合。

North Italia's fourth-quarter comparable sales increased 1% from the prior year with annualized AUVs of $7.9 million.

North Italia 第四季可比銷售額較前一年成長 1%，年化可比銷售額為 790 萬美元。

In the fourth quarter, we opened three new North Italia restaurants in existing markets to tremendous demand with their aggregate average weekly sales exceeding $193,000 for an annualized AUV of over $10 million.

第四季度，我們在現有市場開設了三家新的 North Italia 餐廳，需求量龐大，每週總平均銷售額超過 193,000 美元，年平均銷售額超過 1,000 萬美元。

This supports our thesis that there is significant demand for an on-trend contemporary Italian offering such as North Italia.

這支持了我們的觀點：市場對 North Italia 等時尚當代義大利產品的需求龐大。

Restaurant-level profit margin for the adjusted, mature, North Italia locations improved meaningfully from the prior year to 18.8%.

調整後的、成熟的北義大利門市的餐廳層面利潤率較上年有顯著提高，達到 18.8%。

The margin expansion was predominantly driven by operational improvements and a menu price increase of 2% implemented in October.

利潤率的成長主要得益於營運改善和10月份實施的2%菜單價格上漲。

We continue to be highly optimistic about Flower Child's growth potential, with sales trending substantially higher across the concept.

我們持續對 Flower Child 的成長潛力保持高度樂觀，整個概念的銷售趨勢均大幅上升。

This momentum was evident in the fourth quarter as Flower Child comparable sales increased by 11%, significantly outpacing the Black Box fast-casual dining index, which was relatively flat for the quarter.

這一勢頭在第四季度尤為明顯，Flower Child 可比銷售額增長了 11%，大大超過了本季相對持平的 Black Box 快餐休閒餐飲指數。

The sales improvement resulted in average weekly sales of $83,000 up 10% from the fourth quarter of 2023.

銷售額的成長使每周平均銷售額達到 83,000 美元，比 2023 年第四季成長 10%。

Additionally, in the fourth quarter, we opened two new Flower Childs to solid demand with aggregate average weekly sales for the two locations, reaching nearly $88,000 for an annualized AUV of over $4.5 million. Restaurant-level

此外，在第四季度，我們開設了兩家新的 Flower Childs，需求旺盛，兩家店的每周平均銷售額總計達到近 88,000 美元，年平均銷售額超過 450 萬美元。餐廳級

profit margin for the adjusted and mature flower child locations was 16.4% for the fourth quarter.

第四季調整後及成熟的 Flower Child 門市的利潤率為 16.4%。

With strong consumer demand, an experienced operations team, the support infrastructure in place, and an attractive unit economic profile, we believe Flower Child is poised for accelerated growth.

憑藉強勁的消費者需求、經驗豐富的營運團隊、現有的支援基礎設施以及具有吸引力的單位經濟狀況，我們相信 Flower Child 將實現加速成長。

Other FRC annualized AUBs were $7.2 million.

其他 FRC 年化 AUB 為 720 萬美元。

In summary, we are very encouraged by the performance of our portfolio, driven by sustained sales strength, operational improvements, and sequential margin expansion across our concepts.

總而言之，我們對我們的產品組合的表現感到非常鼓舞，這得益於持續的銷售實力、營運改善以及各個概念的連續利潤率擴大。

We believe we are well positioned to support our unit growth objectives moving forward.

我們相信，我們有能力支持我們未來的單位成長目標。

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

說完這些，讓我把電話轉給馬特，讓他來審查我們的財務狀況。

Thank you, David.

謝謝你，大衛。

Let me begin with a high-level overview of our fourth-quarter and fiscal-year results.

首先，讓我概括一下我們的第四季和財年業績。

Fourth-quarter total revenues of $921 million and adjusted net income margin of 5.6% exceeded the high end of the guidance we provided.

第四季總收入為 9.21 億美元，調整後淨收入率為 5.6%，超過了我們提供的預期上限。

For the fiscal year, we delivered total revenues of $3.58 billion, adjusted earnings per share of $3.44, a 28% year-over-year increase, and adjusted EBITDAR of $329 million.

本財年，我們實現總收入 35.8 億美元，調整後每股收益 3.44 美元，年增 28%，調整後息稅折舊攤銷前利潤 (EBITDAR) 為 3.29 億美元。

Now turning to some more specific details around the quarter.

現在來談談本季的一些更具體的細節。

Fourth-quarter sales at the Cheesecake Factory restaurants were $669.4 million, up 2% from the prior year.

起司蛋糕工廠餐廳第四季的銷售額為 6.694 億美元，比上年增長 2%。

Comparable sales increased 1.7% versus the prior year.

可比銷售額較上年增長1.7%。

North Italia sales were $81.3 million, up 21% from the prior year.

North Italia 的銷售額為 8,130 萬美元，比上年增長 21%。

Other FRC sales totaled $85.1 million, up 20% from the prior year, and sales per operating week were $139,300.

其他 FRC 銷售總額為 8,510 萬美元，比上年增長 20%，每週營業銷售額為 139,300 美元。

Flower Child sales totaled $38.2 million up 25% from the prior year, and sales per operating week were $83,000.

Flower Child 的銷售總額比去年增加 25% 達到 3,820 萬美元，每週銷售額達到 83,000 美元。

And external bakery sales were $17.1 million.

外部烘焙銷售額為 1,710 萬美元。

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

現在轉到同比費用差異評論。

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

第四季度，我們持續實現損益表幾個關鍵項目的改善。

Specifically, cost of sales decreased 70 basis points, primarily driven by higher menu pricing and commodity inflation.

具體而言，銷售成本下降了 70 個基點，主要原因是菜單價格上漲和商品通膨。

Labor, as a percent of sales, decreased 100 basis points, primarily supported by menu pricing leverage relative to wage inflation and labor productivity improvements.

勞動力佔銷售額的百分比下降了 100 個基點，主要受到相對於工資通膨和勞動生產力提高的菜單定價槓桿的影響。

Other operating expenses were in line with the prior year.

其他營運費用與上年持平。

G&A increased 10 basis points from the prior year.

總體及行政開支較上年同期增加了 10 個基點。

Depreciation increased 20 basis points as a percent of sales.

折舊佔銷售額的百分比增加了20個基點。

Pre-opening costs were $7.6 million in the quarter compared to $9.6 million in the prior-year period.

本季開業前成本為 760 萬美元，去年同期為 960 萬美元。

We opened nine restaurants during the fourth quarter versus nine restaurants in the fourth quarter of 2023.

我們在第四季開設了 9 家餐廳，而 2023 年第四季開設了 9 家餐廳。

Note this year's Q4 openings included two Cheesecake Factory relocations, which required lower pre-opening costs than standard new restaurant openings.

請注意，今年第四季度的開業包括兩家 Cheesecake Factory 的搬遷，其開業前的成本比標準的新餐廳開業要低。

And in the fourth quarter, we recorded a pre-tax net expense of $14.4 million primarily related to impairment of assets and lease termination expense, partially offset by FRC acquisition-related income.

在第四季度，我們記錄了 1,440 萬美元的稅前淨支出，主要與資產減損和租賃終止費用有關，部分被 FRC 收購相關收入所抵銷。

The fourth quarter GAAP diluted net income per share was $0.83. Adjusted diluted net income per share was $1.04.

第四季 GAAP 稀釋每股淨利為 0.83 美元。調整後每股攤薄淨利為 1.04 美元。

Now turning to our balance sheet and capital allocation.

現在轉向我們的資產負債表和資本配置。

The company ended the quarter with total available liquidity of approximately $341 million, including a cash balance of about $84 million and approximately $257 million available on a revolving credit facility.

截至本季末，該公司總可用流動資金約為 3.41 億美元，其中包括約 8,400 萬美元的現金餘額和約 2.57 億美元的循環信貸額度。

Total debt outstanding was $455 million.

未償還債務總額為 4.55 億美元。

CapEx totaled approximately $40 million during the fourth quarter for new unit development and maintenance.

第四季用於新單位開發和維護的資本支出總計約為 4,000 萬美元。

During the quarter, we completed approximately $0.5 million in share repurchases and returned $13.2 million to shareholders via our dividend.

本季度，我們完成了約 50 萬美元的股票回購，並透過股息向股東返還了 1,320 萬美元。

Now let me shift to our outlook.

現在讓我談談我們的觀點。

Well, we will not be providing specific comparable sales and earnings guidance, we will provide our updated thoughts on our underlying assumptions for Q1 2025 and full year 2025.

好吧，我們不會提供具體的可比銷售額和盈利指引，我們將根據 2025 年第一季和 2025 年全年的基本假設提供最新想法。

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

這些假設考慮了我們今天所知的所有因素，包括餐廳淨數量、本季迄今的趨勢、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，並假設沒有重大的營運或消費者中斷。

For Q1, we anticipate total revenues to be between $920 million and $930 million.

對於第一季度，我們預計總營收在 9.2 億美元至 9.3 億美元之間。

This includes an estimated impact of approximately $7 million in sales due to inclement weather experienced so far in the quarter.

其中包括本季迄今惡劣天氣造成的約 700 萬美元的銷售額影響。

Next, at this time, we expect effective commodity inflation of low single digits for Q1, as our broad market basket remains very stable.

其次，目前，我們預計第一季有效大宗商品通膨率將處於個位數低位，因為我們的廣泛市場籃子仍然非常穩定。

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.

在考慮工資率和最低工資成長以及勞動力的其他組成部分的最新趨勢時，我們正在模擬低至中等個位數的淨總勞動力通膨率。

G&A is estimated to be about $60 million.

G&A 費用預計約為 6,000 萬美元。

Depreciation is estimated to be approximately $27 million.

折舊估計約2700萬美元。

We are estimating pre-opening expenses to be approximately $10 million to support the eight planned openings in the quarter and early Q2 openings.

我們估計開業前的費用約為 1000 萬美元，以支持本季計劃開業的 8 家店和第二季度初的開業店。

Based on these assumptions, we would anticipate adjusted net income margin to be about 4.3% to 4.4% based on the sales range provided.

根據這些假設，我們預計調整後的淨收入利潤率將根據提供的銷售範圍約為 4.3% 至 4.4%。

For modeling purposes, we are assuming a tax rate of approximately 8% and weighted average shares outstanding of approximately 50 million shares.

為了建模目的，我們假設稅率約為 8%，加權平均流通股數約為 5,000 萬股。

Turning to fiscal 2025.

展望2025財年。

Based on similar assumptions and no material operating or consumer disruptions, we anticipate total revenues for fiscal 2025 to be approximately $3.8 billion at the midpoint of our sensitivity modeling.

基於類似的假設，且沒有重大的營運或消費者中斷，我們預計 2025 財年的總收入（以敏感性模型的中點計算）約為 38 億美元。

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

出於敏感度考慮，我們使用正負 1% 的範圍。

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

我們目前估計，我們的商品籃子、勞動力和其他營運費用的整體通膨率處於低至中等個位數範圍內，並且在各季度之間相當一致。

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 $109 million for the year.

我們估計，一般及行政開支佔銷售額的百分比將比去年同期下降約 10 個基點，全年折舊約為 1.09 億美元。

And given our growth expectations, we are estimating pre-opening expenses to be approximately $34 million.

根據我們的成長預期，我們預計開業前的費用約為 3400 萬美元。

Based on these assumptions, we would expect full-year net income margin to be approximately 4.75% at the sales estimate provided.

根據這些假設，我們預計全年淨收入利潤率按提供的銷售額估計約為 4.75%。

For modeling purposes, we are assuming a 10% tax rate and weighted average shares outstanding relatively flat to 2024.

為了建模目的，我們假設稅率為 10%，且到 2024 年加權平均流通股數相對持平。

With regard to development, as David stated earlier, we plan to continue accelerating unit growth this year.

關於發展，正如大衛之前所說，我們計劃今年繼續加速單位成長。

As such, at this time, we now expect to open as many as 25 new restaurants in 2025, with as many as 15 openings in the first half of the year and the remainder in the back half.

因此，目前，我們預計 2025 年將開設多達 25 家新餐廳，其中上半年開設多達 15 家，其餘開設在下半年。

This includes as many as three to four Cheesecake Factories, six to seven North Italias, six to seven Flower Childs, and eight to nine FRC restaurants.

其中包括多達三到四家 Cheesecake Factory、六到七家 North Italias、六到七家 Flower Childs 和八到九家 FRC 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.

我們預計約有 1.9 億至 2.1 億美元的現金資本支出用於支援單位開發以及餐廳所需的維護。

In closing, we delivered strong financial and operational performance for both the fourth quarter and full year, highlighted by solid sales, exceptional operational execution, and significant profitability growth.

最後，我們在第四季度和全年都實現了強勁的財務和營運業績，其中突出的是穩健的銷售、卓越的營運執行和顯著的獲利成長。

The strength of our concepts and the dedication of our operating teams continue to drive our success, positioning us well as we move into 2025.

我們的理念的力量和營運團隊的奉獻精神將繼續推動我們的成功，為我們邁向 2025 年做好充分準備。

As we build on this momentum, we remain focused on growing restaurant-comparable sales, expanding restaurant operating margins, and accelerating accretive unit growth to drive meaningful shareholder value going forward.

在保持這一勢頭的同時，我們將繼續致力於提高餐廳可比銷售額、擴大餐廳營業利潤率以及加速增值單位成長，以推動未來股東價值的持續成長。

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

說完這些，我們將回答您的問題。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon.

嗨，下午好。

Matt, Just a quick clarification question on your guidance.

馬特，我只是想快速澄清一下你的指導。

I think you said $3.8 billion in revenue at the midpoint, and I think last time, you might have said $3.75 million.

我認為您說的中間值是 38 億美元，而我認為上次您可能說的是 375 萬美元。

So just wondering what changed.

所以只是想知道發生了什麼變化。

Is it really the unit growth outlook or you -- did you change your comp assumption?

這真的是單位成長前景嗎？

What's driving that, I guess, minor change?

我猜是什麼導致了這微小的改變？

Hi, David.

你好，大衛。

It's Matt.

是馬特。

Yes, the unit growth went up, right?

是的，單位成長率上升了，對嗎？

We opened one more restaurant than originally guided to last year and then we increased this year by one as well.

去年，我們比原計劃多開了一家餐廳，今年又增加了一家。

And then the timing, right?

然後是時間，對嗎？

So we've got 15 restaurants in the first half of the year, so we're just getting more operating weeks in.

因此，我們在今年上半年已經有 15 家餐廳了，因此我們的營運週數就更多了。

So that's driving the upside.

這推動了上漲。

Our comp assumptions remain consistent as our performance last year, a continuation of that.

我們的薪酬假設與去年的業績表現一致，這是一種延續。

Got it.

知道了。

Thank you.

謝謝。

And then I guess on the outlook for this year, that doesn't seem like you're assuming much margin expansion.

然後我想，就今年的前景而言，你似乎沒有預期利潤率會有太大的擴大。

So just wondering, after a year we had a really nice improvement in year-over-year margin performance, I guess, is your 2025 guidance conservative in that respect?

所以只是想知道，經過一年，我們的同比利潤率表現有了非常好的提升，我想，您對 2025 年的預期在這方面是否保守？

Or are there factors that you're not anticipating kind of carrying over in the momentum that you saw maybe exiting 2024?

或者是否存在您沒有預料到的因素，可能會延續到 2024 年結束時的勢頭？

Sure.

當然。

This is Matt again.

我又是馬特。

So there's a couple of dynamics.

因此存在一些動態。

Number one, the pre-opening spend is probably 15 basis points year over year as we continue to increase and then lap a couple of the Cheesecake relocations and plan for even early '26 locations.

首先，開業前的支出可能會比去年同期增加 15 個基點，因為我們將繼續增加支出，然後完成幾個 Cheesecake 的搬遷工作，甚至計劃在 26 年初開設新店。

I think with the number of openings as front-loaded as it's ever been in our history, we also have some newer unit weeks that -- an increase in that and that's probably 10 to 20 basis points.

我認為，隨著前期開店數量的增多，我們歷史上也迎來了一些較新的店鋪週，這些店舖的數量可能會增加 10 到 20 個基點。

So certainly, at the mature level, our assumptions continue to be consistent with where we guided to the last time.

因此可以肯定的是，在成熟階段，我們的假設仍然與我們上次的指導一致。

At the mature level, we'd still expect to see that 30 to 40 basis points of margin expansion.

在成熟階段，我們仍預期利潤率將擴大 30 至 40 個基點。

And we feel very confident about that.

我們對此非常有信心。

And I also think it's just early in the year, right, to your point, and nobody needs to be a hero coming out of the gate.

而且我也認為現在才剛開始，正如你所說，沒有人需要成為出門在外的英雄。

We want to make sure that we set the expectations appropriately.

我們希望確保我們設定的期望是合理的。

And we feel really great about the momentum, and everything is still moving forward as we expected it to.

我們對這一發展勢頭感到非常滿意，一切仍在按照我們預期的那樣向前發展。

Brian Vaccaro.

布萊恩·瓦卡羅。

Hi, thanks and good evening.

你好，謝謝，晚上好。

I just wanted to ask about the fourth-quarter margin performance, and could you just unpack what some of the upside drivers were in the margins?

我只是想問一下第四季的利潤率表現，您能否解釋一下利潤率的一些上行驅動因素是什麼？

I think you noted labor productivity, obviously some strong labor leverage this quarter.

我認為您注意到了勞動生產力，顯然本季存在一些強勁的勞動力槓桿。

Maybe you could unpack that, particularly I guess -- potentially even getting into Cheesecake Factory versus North Italia because each brand saw some nice margin expansion.

也許你可以解開這個謎團，特別是我猜——甚至有可能將 Cheesecake Factory 與 North Italia 進行對比，因為每個品牌的利潤率都實現了不錯的擴張。

Thank you.

謝謝。

Sure, Brian.

當然，布萊恩。

This is Matt.

這是馬特。

I think there are two things that I would call out.

我想有兩件事要指出。

Number one, obviously, it was a strong sales quarter for us, handily beating the upside of the guidance.

首先，顯然，這對我們來說是一個銷售強勁的季度，輕鬆超出了預期。

And there was some great flow-through.

並且有一些很棒的流通。

I think our restaurants delivered on the extra sales piece of that, and you see that specifically by concept.

我認為我們的餐廳實現了額外的銷售，您可以透過概念具體地看到這一點。

And Flower Child, for example, had tremendous sales and increased profitability.

以 Flower Child 為例，其銷售量龐大，獲利能力也持續提升。

Certainly, at Cheesecake Factory, the continued stability and predictability of our sales trends, coupled with, yet again, another sequential quarter of improving retention to an all-time high level has major contributions to the financial statements, particularly in in that labor category, right?

當然，在 Cheesecake Factory，我們銷售趨勢的持續穩定性和可預測性，再加上連續一個季度的保留率再次提高到歷史最高水平，對財務報表做出了重大貢獻，特別是在勞動力類別中，對嗎？

And so we've just seen a great trend that continued into the fourth quarter and exceeded the third quarter's productivity levels.

因此，我們剛剛看到一個很好的趨勢，它持續到了第四季度，並且超過了第三季度的生產力水平。

So I think it's a combination of the sales piece for all of our concepts and then the retention piece.

所以我認為這是我們所有概念的銷售部分和保留部分的結合。

And those two together are really the main drivers, and we did see, I think, exceptional margin performance across the portfolio.

這兩個因素結合起來才是真正的主要驅動力，我認為，我們確實看到整個投資組合的利潤率表現十分出色。

All right.

好的。

That's helpful -- and sorry if I missed it, but could you walk through the comp components for both Cheesecake Factory in North in the quarter?

這很有幫助——如果我錯過了，很抱歉，但您能否介紹一下本季度北方芝士蛋糕工廠的複合成分？

Yes.

是的。

So for Cheesecake Factory, the net pricing, the effective pricing was about 4.2%.

因此對 Cheesecake Factory 來說，淨定價、有效定價約為 4.2%。

Traffic was a negative 0.4%.

交通流量為負0.4%。

And so, the mix was about a negative 2%.

因此，該組合約為-2％。

And just a little color there, because that was probably a little higher than our original guide.

那裡只有一點顏色，因為這可能比我們原來的指導要高一點。

About negative 1.5% was on-premise, so a little bit of the off-premise component to it.

大約負 1.5% 是在現場發生的，因此有一點點場外成分。

And I think in that as we continue to see normalization of our party size, we saw a little bit of alcohol component.

我認為，隨著聚會規模逐漸正常化，我們發現了一些酒精成分。

I think that's been pretty common in the industry.

我認為這在業界相當普遍。

So I think we felt pretty good about, where the comp came in in total and that the pieces are all individually within the ranges that we have.

因此，我認為我們對整個公司的業績感到非常滿意，而且各個部分都在我們的範圍內。

I'm going to have to look for the North.

我要去尋找北方。

We'll come back to you on that.

我們將就此事回覆您。

We'll find out.

我們會找到答案。

I don't have it quite in front of me.

我還沒有完全掌握它。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Hey, great.

嘿，太棒了。

Thanks for taking the questions.

感謝您回答這些問題。

Maybe, first, a clarification, Matt, on the guidance for '25 for the net interest margin, does that contemplate refinancing of the convertible that's coming due in June?

首先，馬特，需要澄清的是，關於 25 年淨利差的指引，是否考慮到了 6 月到期的可轉換債券的再融資？

Yeah.

是的。

That's a great question, Jon.

這是一個很好的問題，喬恩。

I mean, we've been in active discussions with our Board about looking into that, particularly, as we get in closer to the June -- current status, if you will, the stock moves.

我的意思是，我們一直在與董事會積極討論調查此事，特別是隨著我們越來越接近六月，目前的狀況是，股票會變動。

So we are actively contemplating that, and we have some sort of broad stroke assumptions incorporated into that guidance.

因此，我們正在積極考慮這一點，並將一些廣泛的假設納入該指導中。

Okay.

好的。

So it does or does not?

那麼確實如此還是不確實如此？

Sorry

對不起

(multiple speakers)

（多位發言者）

It does.

是的。

Okay.

好的。

Great.

偉大的。

And then maybe just in terms of thinking about the rewards program, because I think that was last call we discussed it a little bit, but I was just expecting perhaps a little bit more color on this call in terms of how it's impacting your business at the core Cheesecake brand and frankly, if you see an opportunity for this to spill across the portfolio and be able to leverage it whether it be at North Italia or perhaps Flower Child over time.

然後可能只是考慮獎勵計劃，因為我認為那是我們在上次通話中討論過的事情，但我只是希望這次通話中能更多地了解它如何影響你們的核心 Cheesecake 品牌的業務，坦率地說，如果你看到這個機會可以擴展到整個投資組合，並且能夠利用它，無論是在 North Italia 還是 Flower Child。

Or I'm just curious if you could provide some updates on the platform itself.

或者我只是好奇您是否可以提供有關平臺本身的一些更新。

Sure.

當然。

Hi, Jon.

嗨，喬恩。

This is David Gordon.

這是大衛·戈登。

Thanks for the question.

謝謝你的提問。

We continue to be very bullish on Cheesecake Rewards, specifically at Cheesecake Factory.

我們繼續非常看好 Cheesecake Rewards，尤其是 Cheesecake Factory。

Member acquisition continues to exceed our own internal expectations throughout Q4 and even into January.

在整個第四季甚至一月份，會員獲取量持續超出我們自己的內部預期。

It was positive, so it's great to see our members continue to show very high guest satisfaction scores, sort of over-indexing on our NPS scores that are already at an all-time high.

這是積極的，很高興看到我們的會員繼續表現出非常高的客戶滿意度分數，這在某種程度上超出了我們已經處於歷史最高水平的 NPS 分數。

And we're continuing to test acquisition tactics and different activation campaigns to continue increasing enrollment and to drive frequency.

我們將繼續測試獲取策略和不同的激活活動，以繼續增加入學人數和提高頻率。

We're seeing that our best guests are coming frequently, and that's the goal of the program to get one or two more visits out of our average guest and our best guest and to drive their level of engagement and make sure that it's margin neutral, and we have profitable growth throughout the program.

我們發現，我們的最佳客人正在頻繁光顧，而該計劃的目標是讓我們的普通客人和最佳客人多光顧一兩次，提高他們的參與度，確保利潤中性，並在整個計劃期間實現盈利增長。

So our plan for now is to keep it focused at Cheesecake Factory, not to be moving cross-concept with the Rewards program to continue to make it something that, from a guest's perspective, is attractive and, like we do for most things Cheesecake Factory, keep it unique, and still not a points-based program, but more experiential with Surprise and Delight and then some of the tent poles that have always been part of the program with the published rewards the guests are also able to access.

因此，我們目前的計劃是將重點放在芝士蛋糕工廠上，而不是跨概念地進行獎勵計劃，繼續使其成為從客人角度有吸引力的東西，就像我們為芝士蛋糕工廠的大多數事情所做的那樣，保持它的獨特性，並且仍然不是一個基於積分的計劃，而是一個更具體驗性的驚喜和愉悅計劃，然後是一些一直是計劃一部分的支柱，客人也可以獲得已發布的獎勵計劃。

And any color in terms of you know either sign-ups in total or percentage of sales at peak that are coming through the Rewards or reservation platform?

您知道透過獎勵或預訂平台獲得的總註冊人數或高峰銷售額的百分比是多少嗎？

We actually still are not sharing that information.

我們實際上仍未分享這些資訊。

I appreciate you asking again, but we'll see you in the future.

感謝您再次詢問，我們以後再見。

Okay.

好的。

Then lastly, on pricing for '25 with the new menu that just rolled out or is rolling out now, are there any incremental expectations for pricing?

最後，關於剛推出或正在推出的 25 年新菜單的定價，有什麼增量預期嗎？

No, Jon.

不，喬恩。

This is Matt.

這是馬特。

It's going to be around that 4 level effectively at this point in time.

目前，它實際上將處於 4 級左右。

And so, we're just kind of lapping over.

所以，我們只是有點重疊而已。

And then we'll see where we get to in the summertime, a lot -- long time between now and then, but pretty consistent.

然後，我們將看到我們在夏季會取得多大的進展，從現在到那時需要很長時間，但相當一致。

Andy Barish, Jefferies.

傑富瑞的安迪·巴里什 (Andy Barish)。

Tried that one more time.

再試一次。

Sorry about that.

很抱歉。

Just on the new menu, anything to call out -- I know this is a regular part of what you guys do.

就在新菜單上，任何值得注意的事情——我知道這是你們日常工作的一部分。

But anything on more of a selection of lower-priced menu items or -- I haven't seen it yet, but anything you'd highlight there?

但是，有沒有關於更多低價菜單的選擇，或者——我還沒有看到，但有什麼可以強調的嗎？

Sure, Andy.

當然，安迪。

This is David Gordon.

這是大衛·戈登。

So it's a large menu change obviously with up to 20 items -- a few of those are beverages.

因此，菜單顯然會有很大的變化，涉及多達 20 種菜餚——其中一些是飲料。

And I think it crosses different price points, different cuisines, some very unique items, and then some sort of right up middle-of-the-road Cheesecake Factory items like a smash burger that we put on the menu.

我認為它跨越了不同的價格、不同的菜系、一些非常獨特的菜餚，以及一些中庸的起司蛋糕工廠菜餚，例如我們放在菜單上的 Smash 漢堡。

There's also some great vegetarian options, some new baby roasted carrots, some Asian cucumbers, some chicken jalapeno fritters.

還有一些很棒的素食選擇，一些新鮮的烤胡蘿蔔，一些亞洲黃瓜，一些雞肉墨西哥胡椒油炸圈餅。

So you name the type of cuisine, we've always said there's nothing that we can't put on our menu that America might want, and I'd say this menu is a great representation of that across all types of cuisine and all types of price points.

所以無論你說出什麼類型的菜系，我們總是說，沒有什麼是我們不能放在菜單上的，美國人可能想要的，我想說這個菜單很好地代表了所有的菜系和所有價位的菜系。

So I would encourage you to either go out there and try it in a restaurant or feel free to jump on DoorDash and have it delivered.

因此，我鼓勵您去餐廳嘗試一下，或者隨意使用 DoorDash 並讓其送貨上門。

Yeah.

是的。

I appreciate that.

我很感激。

And then on the Flower Child comps and AUVs tracking up kind of 10%, so I assume that the fourth-quarter comp of 11% that you noted has kind of been ramping.

然後 Flower Child 的同店銷售額和 AUV 追蹤上漲了 10%，所以我認為您提到的第四季度同店銷售額 11% 已經有所上升。

What's going on there?

那兒發生什麼事了？

Is it just the level of awareness for the brand in markets as you build out or just kind of help us understand reaching that -- those kind of double-digit comp numbers?

這是否只是您在構建過程中在市場上對品牌的認知水平，還是只是幫助我們了解如何達到這一水平——那些兩位數的品牌知名度？

Hey, this is Matt.

嘿，這是馬特。

Yeah, thanks for that question.

是的，謝謝你提問。

We're really happy about the performance there.

我們對那裡的表現非常滿意。

And it doesn't mean that it's going to stay at double digits forever, but we've done a lot of different pieces to pull that together.

這並不意味著它將永遠保持在兩位數，但我們已經做了很多不同的努力來實現這一目標。

And you're right that it has been ramping up throughout the year.

您說得對，這一數字在全年都呈上升趨勢。

A couple of those levers were the introduction of catering specifically that's been adding to the comp.

其中幾個槓桿就是特別引進餐飲，這為公司帶來了利潤。

We've been gaining traffic, certainly, the brand awareness, but also the execution.

我們的流量一直在增加，當然還有品牌知名度和執行力的提升。

Remember that we did quite a bit of work to put in things like KDS to improve the coordination between the on-premise and the off-premise component of it.

請記住，我們做了大量工作來投入 KDS 之類的東西，以改善內部部署和外部部署元件之間的協調。

And certainly, the relaunch of their Rewards program for Flower Child basically at the beginning of 2024 was a contributor.

當然，他們在 2024 年初重新推出的 Flower Child 獎勵計劃是一個貢獻者。

So I think it's not one piece, but it's an aggregate.

所以我認為它不是一個整體，而是一個集合。

Each one of those pieces continues to contribute a couple points to the growing comp.

其中每一個都繼續為不斷成長的公司貢獻一些積分。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Thanks for taking the question.

感謝您回答這個問題。

In your long-term framework, you target average annual revenue growth of 7% to 8% on a 1% to 2% comp.

在您的長期框架中，您的目標是在 1% 到 2% 的複合年收入成長率下，實現 7% 到 8% 的平均年收入成長率。

When I look at 2025, your revenue growth target is about 6% on the 1% to 2% comp.

當我展望 2025 年時，您的營收成長目標是在 1% 到 2% 的範圍內實現 6% 左右。

So I'm just curious what the unlock is moving forward to get revenue growth to that 7% to 8% on the underlying comp range.

所以我只是好奇，未來的解鎖措施是什麼，才能讓收入成長達到 7% 到 8% 的基礎範圍。

Is it just better contribution of new units after 2025, or how would you answer that question?

這只是 2025 年後新單位的更好貢獻嗎，或者您如何回答這個問題？

Yeah, Brian.

是的，布萊恩。

It's Matt.

是馬特。

It's actually really just simple math going back to last year, where we had those two unplanned closures of Cheesecake Factory and then really the two openings over relocations, right?

這實際上只是簡單的數學運算，回到去年，當時芝士蛋糕工廠兩次意外關閉，然後又因搬遷而兩次開業，對嗎？

So you think about like in a in a normal world, that's about 2% of comp right there.

因此，您可以想像一下，在正常情況下，這個數字大約是 2%。

So if that situation, which essentially was very unique, doesn't happen, we we'd be at an 8% this year.

因此，如果這種本質上非常獨特的情況沒有發生，我們今年的成長率將達到 8%。

So I think we're already there from a run rate perspective on the opening.

因此我認為從開局的運行率角度來看我們已經達到了這個水平。

The contribution from the new units is fantastic, as David Gordon alluded to in our planned comments.

正如大衛·戈登 (David Gordon) 在我們計劃的評論中所提到的，新單位的貢獻是巨大的。

I mean, you have the North openings in the fourth quarter averaging 10 million out of the gate.

我的意思是，第四季北方的開局平均開局金額達到 1000 萬美元。

So now, we feel like we've hit that run rate and feel great about the future in terms of getting that 70% on a consistent annual basis.

所以現在，我們覺得我們已經達到了那個運行率，並且對未來能夠以每年持續 70% 的速度成長感到滿意。

Okay.

好的。

And you've talked about your 2025 revenue outlook being underpinned by kind of a 1% to 2% comp.

您曾談到，2025 年的營收預期將由 1% 到 2% 的年增幅支撐。

And within that, you've talked about mix, which has been negative flattening out in 2025.

在其中，您談到了混合，到 2025 年，混合將呈現負向趨於平緩。

Obviously, that's a really important component of the comp build.

顯然，這是公司組建過程中一個非常重要的組成部分。

Is the mix flattening out still something you feel good about that you have visibility into, particularly with this new menu that just rolled out?

您是否仍然對混合趨於平穩感到滿意並且能夠看到這一點，尤其是對於剛推出的新菜單？

Yeah, I do.

是的，我知道。

I think, look, it was probably a 0.5% higher in the fourth quarter, but that's not material in terms of the total guide, right, because traffic continues to be very consistent.

我認為，第四季度的增幅可能為 0.5%，但這對於整體預期而言並不重要，因為流量仍然保持非常穩定。

So even with that, we were still above consensus on the Cheesecake comp at 1.7. So I feel like the business is extremely predictable.

因此，即使如此，我們對 Cheesecake 股票的預期仍然高於 1.7 的預期。所以我覺得這個生意是極為可預測的。

And I do think to your point, the new menu will only help with that, right?

我確實認為，新菜單只會對此有所幫助，對嗎？

So we have some attractive price points, quite a few of them are appetizers or sides, and we are also focused this year on rolling out some incremental non-alcoholic beverages, because that's the one category I think that the industry has seen a little bit of pressure in.

因此，我們有一些具有吸引力的價位，其中不少是開胃菜或配菜，今年我們還專注於推出一些增量式非酒精飲料，因為我認為這是該行業面臨一點壓力的一個類別。

So we certainly are addressing all of that and we feel like the business continues to be predictable, and that comp range is definitely attainable.

因此，我們肯定會解決所有這些問題，而且我們覺得業務仍然是可預測的，而且競爭範圍肯定是可以實現的。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Hey, guys.

嘿，大家好。

Good afternoon.

午安.

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to ask maybe a clarifying point on the FRC restaurants for the year.

我想問一下今年的 FRC 餐廳的一個澄清問題。

You guys call for eight to nine, and I believe you said, two are already opened in 1Q , but the size of the boxes varies pretty drastically.

你們要求八到九個，我相信你們說過，第一季已經打開了兩個，但是箱子的尺寸差異很大。

And so we're just trying to think about the contribution of those new units for the full year.

因此，我們只是想考慮這些新單位對全年的貢獻。

Can you just give some color around average size of the restaurants you expect to open under the FRC portfolio this year and then when we should expect them -- are they going to be more front half or kind of spread out throughout the year?

您能否介紹今年預計在 FRC 投資組合下開設的餐廳的平均規模，以及它們何時開業——它們會集中在前半部分還是會分散在全年？

Yeah, Jim.

是的，吉姆。

This is Matt.

這是馬特。

So pretty spread out, although I would say for the FRC specific, think about it like three in the first, second, and third quarters, probably, and maybe near the end of the third, early fourth.

所以分佈相當廣泛，但對於 FRC 具體來說，我想說的是，可能在第一、第二和第三季各有三次，也可能是在第三季末或第四季初。

Average size, pretty much around 5,000 to 6,000 square feet and average contribution of about 6 million, which is what they're doing.

平均規模約為 5,000 到 6,000 平方英尺，平均出資額約為 600 萬美元，這就是他們正在做的事情。

So we don't see in aggregate that there will be any difference than what the trend has been for them.

因此，從總體上看，我們並不認為他們的趨勢會有什麼不同。

So that's kind of a mathematical way to model them in.

這是一種用數學方法建模的方法。

Okay, great.

好的，太好了。

And then maybe shifting gears a little bit, I believe you talked in the past, average Cheesecake guest visits 1 to 2 times per year, but the best guests come significantly more frequently, maybe even double-digit times per year.

然後可能稍微轉換一下話題，我相信您過去談過，平均而言，Cheesecake 的客人每年會來 1 到 2 次，但最好的客人來得更頻繁，甚至可能每年來兩位數的次數。

How do we think about the other concepts, North Italia, Flower Child, the frequency between really strong guests versus people that have just been introduced to the brand?

我們如何看待其他概念，North Italia、Flower Child，以及真正強大的客人與剛接觸品牌的人之間的頻率？

And how do you expect that frequency to kind of expand as you get more density with some of these concepts, building out more units?

隨著這些概念的密度越來越大，建構出更多的單元，您認為頻率會如何擴大？

Sure, Jim.

當然，吉姆。

This is David Gordon.

這是大衛·戈登。

I think the average Cheesecake is a little more like 4 to 5 a year.

我認為平均每年的起司蛋糕數量應該在 4 到 5 個左右。

Our aspirational guests of Cheesecake that's maybe coming in for a celebration is more like the 1 to 2.

我們期望來起司蛋糕店慶祝的客人大概是 1 到 2 人。

But when you look across the breadth of other concepts, certainly, Flower Child being a fast casual, you have a use case where people could be coming very frequently, a few times a week, using it in a completely different way, primarily, especially for lunch, considering the lunch mix is probably more like 65 lunch, 35 dinner, and it's 55% off-premise versus the other concept.

但當你縱觀其他概念時，當然，Flower Child 是一種快速休閒餐廳，你有一個用例，人們可能會非常頻繁地光顧，每週幾次，以完全不同的方式使用它，主要是，特別是午餐，考慮到午餐組合可能更像是 65% 午餐、35% 晚餐，而且與其他概念相比，55% 是在場外用餐。

So it has probably a different unique profile of frequency.

因此它可能具有不同的獨特頻率分佈。

The other FRC concept in North, very similar to Cheesecake Factory, is I think what we've seen thus far.

我認為，北方的另一個 FRC 概念與 Cheesecake Factory 非常相似，這就是我們迄今為止所看到的。

And the data that we can look at, whether that's at reservations through OpenTable, which is a good source of data for all the other concepts at FRC and for North.

我們可以查看的資料包括是否透過 OpenTable 預訂，這對於 FRC 和 North 的所有其他概念來說都是良好的資料來源。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great.

偉大的。

Thank you very much.

非常感謝。

My first question is just on the more recent trends.

我的第一個問題是關於最近的趨勢。

It seems like for the broader industry, after seeing improving trends for most of the fourth quarter, things maybe slowed a little to close the fourth quarter, and that continued thus far in the first quarter.

對於整個行業而言，在第四季度大部分時間呈現改善趨勢之後，第四季度末的成長趨勢可能有所放緩，並且這種情況在第一季迄今持續。

I know many have talked about weather and holiday shifts.

我知道很多人都在談論天氣和假期變化。

I think you noted maybe a $7 million weather hit?

我記得您提到了可能因天氣原因造成的 700 萬美元損失？

Just trying to get a sense to whether you believe there's anything else to the past couple of months, if you've seen it at all -- maybe you haven't -- but whether you've seen any change in underlying consumer behavior or whether your comp has been stable through the fourth quarter and thus far, in the first quarter?

只是想了解您是否認為過去幾個月還有其他事情發生，如果您已經看到了——也許您沒有——但您是否看到潛在的消費者行為發生了任何變化，或者您的公司在第四季度以及迄今為止的第一季是否一直保持穩定？

And then I have one follow-up.

然後我還有一個後續問題。

Hey, Jeff.

嘿，傑夫。

This is Matt.

這是馬特。

I think when you model in even the range that we've now provided, it shows that there's pretty steady comps from quarter to quarter.

我認為，當你按照我們現在提供的範圍進行建模時，你會發現各個季度之間的比較都相當穩定。

So I think Cheesecake Factory and other concepts are incredibly resilient.

所以我認為起司蛋糕工廠和其他概念具有極強的彈性。

We've been through these weather cycles before.

我們以前經歷過類似的氣候週期。

And so it's pretty easy to see in the data, the differentiation when there's two feet of snow in Pittsburgh.

因此，從數據中很容易看出，當匹茲堡的積雪厚度達到兩英尺時，情況就會有所不同。

Then you have an impact of sales, right?

那麼您會對銷售產生影響，對嗎？

Because we're not really -- they were not talking about just some of the coming and going of temperature or whatever -- those weather events.

因為我們實際上並不是——他們談論的不僅僅是溫度的變化或其他什麼——那些天氣事件。

And so even despite that, we feel very confident that our comps have been consistent, and that's what the guide lays out.

因此，儘管如此，我們仍然非常有信心，我們的業績一直保持穩定，這正是指南中所述的。

So I do feel like we're in a good spot overall.

所以我確實覺得我們總體上處於良好狀態。

That's great.

那太棒了。

And just my follow-up, for North Italia and Flower Child, I know you talked about 20% type annual unit growth.

我的後續問題是，對於 North Italia 和 Flower Child，我知道您談到了 20% 類型的年度單位增長率。

For most companies, people are always asking, can you accelerate the gating factor to go faster.

對於大多數公司來說，人們總是在問，你能否加速門控因素以使其發展得更快。

With you guys doing that 20%-plus, I feel like the reverse is in order.

你們實現了 20% 以上的成長，我覺得反過來做才是合理的。

I was wondering your comfort level in managing that degree of growth, whether it's at the manager level or staffing or real estate?

我想知道您對管理這種程度的成長的舒適度，無論是在經理級別、人員配備還是房地產？

And I'm just looking back, I mean Cheesecake hasn't had that level of growth in 20 years.

回顧過去，我發現 Cheesecake 在 20 年內都沒有達到如此高的成長水準。

So just trying to get a sense for your confidence in being able to sustain that 20%-type unit growth with those, again, North Italia and Flower Child brands.

所以只是想了解一下您對能夠憑藉 North Italia 和 Flower Child 品牌維持 20% 的單位成長的信心。

Thank you.

謝謝。

Great question, Jeff.

很好的問題，傑夫。

This is David Gordon.

這是大衛·戈登。

I think for the past few years, we have been working hard on retention and manager development and growth, specifically at North and Flower Child, because we want to ensure we have the talent in place to be able to grow at that 20% rate.

我認為，過去幾年來，我們一直在努力保留管理人員並培養和成長，特別是在 North 和 Flower Child，因為我們希望確保我們擁有足夠的人才來實現 20% 的成長速度。

So some of the benefits that we've seen at Cheesecake Factory with improved management retention, we've also seen in North.

因此，我們在起司蛋糕工廠看到的一些好處，如管理層留任率的提高，在北方也同樣可以看到。

So we feel really good about the pipeline and management talent to enable execution that we need for new restaurant openings with a highly talented general managers and executive chefs across all of the concepts.

因此，我們對新餐廳開業所需的人才和管理人才感到非常滿意，我們有非常才華的總經理和行政總廚來負責所有概念，這使我們能夠順利開業。

Certainly, on the infrastructure side, we have very strong opening teams across all of our corporate center that help us open all the restaurants, make sure that they're planned-for properly and open on time.

當然，在基礎設施方面，我們在整個公司中心都有非常強大的開業團隊，幫助我們開設所有餐廳，確保它們得到妥善規劃並準時開業。

And on the construction, design, real estate team, we've been working on these pipelines now for years and feel very confident that we have the right talent in the right place to be able to hit those targets.

在建築、設計和房地產團隊中，我們多年來一直致力於這些管道，並非常有信心我們在合適的地方擁有合適的人才，能夠實現這些目標。

And does it feel like the North Italia units are generally located in reasonable proximity to Cheesecake Factory?

並且，您覺得 North Italia 分店通常都位於距離 Cheesecake Factory 較近的位置？

I feel like they're similar big box, a little more affluent than the average.

我覺得它們就像大型商場一樣，比一般商場富裕一點。

It seems like you'd have a competitive advantage if you already knew the market you want to go into?

如果您已經了解了想要進入的市場，那麼您似乎就會具有競爭優勢？

Like what percentage of the North Italia units are typically in close proximity to a Cheesecake?

例如，North Italia 單位中有多少比例通常與芝士蛋糕很接近？

Probably the majority of them, depending on what you would consider a close proximity.

可能大多數都是這樣的，這取決於你認為什麼才算是近距離。

But if you're saying within 10 miles, probably all of them, because those are the right demographic, the right guest profile that we would look for in North, very similar to a Cheesecake Factory.

但如果你說的是 10 英里之內，可能所有的人都會去，因為這些都是我們在北方尋找的正確的人口統計和正確的客人資料，非常類似於芝士蛋糕工廠。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Hi, thank you so much.

你好，非常感謝。

So I just wanted to follow up on the labor efficiency.

所以我只是想追蹤一下勞動效率。

I know in 2024, the stable labor market has been a huge tailwind for you.

我知道在 2024 年，穩定的勞動市場對你來說是一個巨大的順風。

Do you expect this to continue into 2025 and what are some of the key variables here?

您預計這種情況會持續到 2025 年嗎？

And do you see some room for further improvement here even from these levels?

即使從這些層面來看，您是否認為這裡還有進一步改進的空間？

Thank you.

謝謝。

Sure.

當然。

Hi Christine.

你好，克里斯汀。

This is David Gordon again.

我又是大衛·戈登。

Certainly, one of our goals for this year is to maintain the levels that we were able to achieve last year.

當然，我們今年的目標之一就是保持去年所達到的水平。

As Matt stated earlier, these are all-time lows in attrition for the company.

正如馬特之前所說，這是公司員工流動率的歷史最低水準。

So we've talked to the operators and set some goals around ensuring on the management and staff side that the programs we have in place and the execution we have in place remains solid because they know that it's been a key contributor to everything across the restaurant from profitability to sales just to get satisfaction.

因此，我們與經營者進行了交談，並設定了一些目標，以確保從管理層和員工方面來說，我們實施的計劃和執行仍然穩固，因為他們知道，從盈利能力到銷售額，這都是餐廳各個方面的關鍵貢獻者，只是為了獲得滿意度。

So we think we can maintain those levels.

因此我們認為我們可以保持這些水平。

The macro world seems to be relatively stable so far.

到目前為止，宏觀世界似乎相對穩定。

Even in January, we saw some really terrific numbers around attrition.

甚至在一月份，我們就看到了一些非常驚人的人員流失數字。

So when it comes to the people side of the business, we think it's one of the things that we are best at.

因此，當談到業務的人力方面時，我們認為這是我們最擅長的事情之一。

We continue to be a best-in-class employer.

我們將繼續成為一流的雇主。

People want to come work for us because of the stability and the hours and the culture.

人們願意來我們公司工作是因為我們的穩定性、工作時間和文化。

I think we've done a good job of spreading that culture across the other concepts now as well, and they've seen increased improvement in retention.

我認為我們現在在將這種文化傳播到其他概念方面也做得很好，而且他們的保留率也得到了提高。

So I think we feel good about it and have the programs in place to maintain where we are for this year.

因此我認為我們對此感到滿意，並且已製定計劃以維持今年的現狀。

Great.

偉大的。

Thank you.

謝謝。

And it does feel like the stepped-up value narrative across the space is here to stay.

而且確實感覺整個領域的價值提升敘事將會持續下去。

And so are you approaching your key messaging to your to your guests any differently versus prior years in turn?

那麼，與前幾年相比，您向客人傳達的關鍵訊息有什麼不同嗎？

You did mention the CSAT scores are record high, but what is your consumer intelligence telling you about kind of CAKE's relative value proposition relative to peers?

您確實提到 CSAT 分數創下了歷史新高，但是您的消費者情報告訴您 CAKE 相對於同行的相對價值主張是什麼？

Thank you.

謝謝。

Well, certainly -- this is David again.

嗯，當然了──我又是大衛。

I think our guests look at value a few different ways.

我認為我們的客人以幾種不同的方式看待價值。

One is definitely price points.

一個肯定是價格點。

And as we talked about earlier, this new menu has a great range of price points, everything from $12.95 to $31.

正如我們之前所說，新菜單的價格範圍很廣，從 12.95 美元到 31 美元不等。

So if you're looking for value at a lower price point with an appetizer, it's there.

因此，如果您想以較低的價格享用美味的開胃菜，這裡就是您的最佳選擇。

Or if you want some of the best steak treats you've ever had at $31, which is a great value if you compare that to a high-end steakhouse when it comes to what our offering is, we were meeting all those different price points.

或者，如果您想以 31 美元的價格品嚐您吃過的最好的牛排，那麼與高端牛排館相比，這是一個很超值的價格，因為就我們提供的菜餚而言，我們可以滿足所有不同的價格點。

So I think Cheesecake has always played well on the price point because of so many different options for guests.

所以我認為起司蛋糕在價格方面一直表現良好，因為為客人提供瞭如此多的不同選擇。

And of course the value proposition of the experience of the size, of the portions that allows people to share and have leftovers for the next day.

當然，還有大小體驗的價值主張，以及允許人們分享並將剩菜留到第二天的份量。

And the overall experience of dining at a Cheesecake is a large part of the value proposition that people are looking for today.

在 Cheesecake 餐廳用餐的整體體驗是當今人們所尋求的價值主張的重要組成部分。

Katherine Griffin, Bank of America.

美國銀行的凱瑟琳·格里芬。

Hi, thanks for the question.

你好，謝謝你的提問。

First, I wanted to ask about North Italia comps.

首先，我想詢問有關 North Italia 公司的情況。

I just want to make sure I can contextualize them, given that for the last several quarters, growth has outpaced core Cheesecake pretty meaningfully, and this is the first quarter where that trend didn't happen.

我只是想確保我能將它們具體化，因為在過去幾個季度中，成長速度已經遠遠超過了核心 Cheesecake，而這是第一個沒有這種趨勢的季度。

So is there anything like in the monthly cadence that's worth calling out in terms of -- or if there's anything like period-over-period comps just -- comparisons just to think about why you might have seen slower growth at North Italia versus Cheesecake in the fourth quarter?

那麼，在月度節奏方面，是否有任何值得關注的地方——或者是否有任何類似同期的比較——只是想想為什麼在第四季度 North Italia 的增長速度低於 Cheesecake？

Katherine, this is Matt.

凱瑟琳，這是馬特。

I'm glad you brought that up, because it gives me the window to get back to Brian's question.

我很高興你提出這個問題，因為這讓我有機會重新回答布萊恩的問題。

So the traffic for North was very similar to Cheesecake Factory, just slightly negative.

因此，北方的流量與 Cheesecake Factory 非常相似，只是略微呈負成長。

The pricing was similar too; it's in the mid-4s.

定價也差不多；目前處於 4 秒中段。

The mix was a little bit of a heavier impact for North.

這種混合對於 North 的影響要大一些。

It has been kind of for the past two to three quarters.

過去兩到三個季度以來，情況一直如此。

And really, again, that's in the alcohol category.

事實上，這屬於酒精類。

If you think about North has -- just a heavier component there.

如果您想想北方，那裡就有更重的組成部分。

But we feel really good.

但我們感覺非常好。

It was very consistent and very stable.

它非常一致且非常穩定。

And you could see with the North margins that David Gordon commented on, the mature margins were up very strong -- very, very similar to Cheesecake Factory.

您可以看到，正如大衛戈登 (David Gordon) 評論的那樣，北部利潤率上升非常強勁 - 與 Cheesecake Factory 非常非常相似。

So we feel like everything is really very consistent at this point in time and just a little bit of a differential in the alcohol mix component.

因此，我們覺得目前一切都非常一致，只是酒精混合成分有點不同。

Okay, thank you.

好的，謝謝。

And then in the past, you've spoken about the new unit inefficiencies at, I think it was North Italia, specifically, that it takes a few years for AUVs to build up so that you can leverage your costs.

然後在過去，您曾經談到過新單位效率低下的問題，我想那是在 North Italia，具體來說，AUV 需要幾年的時間來建立，這樣您才能利用成本。

I'm curious if that trend is also something you see at Flower Child or if maybe there's more of a honeymoon there versus North Italia?

我很好奇您在 Flower Child 是否也看到了這種趨勢，或者與 North Italia 相比，那裡是否更像是蜜月期？

Katherine, it's Matt again.

凱瑟琳，又是馬特。

I think it depends on the market, right?

我認為這取決於市場，對嗎？

So when we go into existing markets for both North and Flower, we see the sales ramp up faster because of the brand awareness.

因此，當我們進入 North 和 Flower 的現有市場時，我們看到銷售額因品牌知名度而更快上升。

But when you think specifically about the margin profile, Flower Child is a different level, right?

但是，當您具體考慮利潤概況時，Flower Child 是一個不同的級別，對嗎？

It's fast casual.

這是快餐休閒。

And they are able to get up to the targeted margins faster regardless.

無論如何，他們都能夠更快達到目標利潤。

And so either way, there -- that period of time is probably more like 1 year to 1.5 versus the 3 years.

無論如何，這段時間可能更像是 1 年到 1.5 年，而不是 3 年。

So it's a much shorter period of time, even at the different sales volumes, whether it's a new or existing market, just faster for that team to be able to get up to speed overall.

因此，即使銷售量不同，無論是新市場還是現有市場，團隊都能夠更快地全面跟上進度，所需時間也大大縮短。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thanks.

謝謝。

Just following up on Jeff's earlier question.

只是跟進傑夫之前的問題。

A couple of restaurant management teams, including one today, acknowledged that they're seeing an increasingly anxious consumer in recent weeks.

一些餐廳管理團隊（包括今天的一個團隊）承認，最近幾週他們發現消費者越來越焦慮。

So this is sort of beyond weather and some calendar shifts.

所以這有點超出了天氣和日曆變化的範圍。

I'm just curious how you guys are seeing this or what you're thinking about an increasingly anxious consumer or whether or not that's happening for your concepts.

我只是好奇你們是如何看待這個問題的，或者你們對日益焦慮的消費者有何看法，或者這是否發生在你們的概念中。

Jeff, this is Matt.

傑夫，這是馬特。

I mean I wouldn't say that we see that in the data today.

我的意思是我不會說我們在今天的數據中看到了這一點。

I would think that we would be able to parse it out.

我認為我們能夠解析它。

I mean the weather impacts have been very, very clear to us.

我的意思是，天氣的影響對我們來說非常非常明顯。

We had a tremendous Valentine's Day.

我們度過了一個美好的情人節。

I think people still want to go out and have experiences regardless.

我認為，無論怎樣，人們還是想出去體驗生活。

And so if they're cutting back, it might be more on the quick-serve side or those types of things.

因此，如果他們削減開支，可能更多地是削減快餐或諸如此類的開支。

But I think we're off to a good start, and we have optimism for the year.

但我認為我們已經有了一個很好的開端，我們對今年充滿樂觀。

The Cheesecake Factory brand particularly shows incredible resilience throughout cycles.

起司蛋糕工廠品牌在整個週期中展現了令人難以置信的彈性。

And I think you saw that.

我想你也看到了。

I know people are talking about anxious consumer.

我知道人們正在談論焦慮的消費者。

I feel like that's been talked about for two years, right?

我感覺這個問題已經討論了兩年了，對嗎？

It was the coming recession that never happened.

即將到來的經濟衰退實際上從未發生過。

And so I think we weathered the storm.

所以我認為我們安然度過了這場風暴。

And people see Cheesecake Factory as being a very unique, I think, experience and value proposition, as David Gordon highlighted.

正如大衛‧戈登 (David Gordon) 所強調的，人們認為 Cheesecake Factory 是一種非常獨特的體驗和價值主張。

And we feel like our business is still pretty predictable.

我們覺得我們的業務仍然相當可預測。

All right.

好的。

Thank you for that.

謝謝你。

It does make sense.

這確實有道理。

And then somewhat related, and again, a little bit of a follow-up, but again, in terms of listening to management teams through the first, let's call it, two-thirds of this earnings season, definitely a lot more cautious sort of commentary around menu pricing across 2020-2025, implying that there's some heightened price sensitivities out there.

然後有些相關，再次，有一點後續，但同樣，就聽取管理團隊的意見而言，我們稱之為這個收益季節的三分之二，對於 2020-2025 年菜單定價的評論肯定要謹慎得多，這意味著人們對價格的敏感性有所提高。

You sort of acknowledge that.

您似乎承認了這一點。

But I'm just curious what you're seeing at the core Cheesecake specifically as it relates to price sensitivities.

但我只是好奇您對核心起司蛋糕的看法，特別是它與價格敏感性的關係。

Well, regarding, like say, attachment rates, if you will, we're still above 2019 levels.

嗯，關於附著率，如果你願意的話，我們仍然高於 2019 年的水準。

And so through all of the inflation and the waves in pricing that we've needed to take, right, to support the business, I think we've really straddled that line very well.

因此，在我們需要承受通貨膨脹和價格波動以支持業務的情況下，我認為我們確實很好地跨越了這條線。

We always talk about the dual mandate to protect guest traffic and to protect the margins.

我們總是談論保護客流量和保護利潤的雙重任務。

And I think we've been very effective about distributing it across the menu to preserve that value proposition.

我認為我們非常有效地將其分佈在菜單中以保留這一價值主張。

We never get into the discounting wars, right?

我們從來不參與折扣戰，對吧？

And I think that's where some of the challenges come in that people that are looking for that and are trading off of that, and that's not what The Cheesecake Factory does to drive traffic.

我認為這才是挑戰所在，人們在尋找這一點並以此為代價，而這並不是 The Cheesecake Factory 吸引流量的方式。

And so we'll continue to monitor the pricing.

因此我們將繼續監控價格。

I mean I think in the full service space, we're still pretty much within the middle of the range.

我的意思是，我認為在全方位服務領域，我們仍然處於中間水平。

I think a lot of those discussions, because most of the first half of the earnings calendar, frankly, is centered around quick-service.

我認為有很多這樣的討論，因為坦白說，收益日曆的前半部分大部分都圍繞著快餐服務。

And so that wouldn't surprise me that that commentary was coming from that side of the fence.

因此，當這種評論來自那邊時我並不感到驚訝。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

Hey, thanks for the question.

嘿，謝謝你的提問。

Just wanted to clarify, as far as '25 guide for unit growth, what closures are embedded in that, if at all?

只是想澄清一下，就 25 個單位成長指南而言，其中包含哪些封閉措施（如果有的話）？

Right now, we do anticipate one closure with Cheesecake Factory.

目前，我們確實預計 Cheesecake Factory 將會關閉。

We haven't specified that.

我們還沒有具體說明這一點。

So we would have the 25 new, and we'd have one closure around the middle of the year for Cheesecake.

因此，我們將有 25 家新店，並且會在年中左右關閉一家 Cheesecake 店。

And that's included in the revenue outlook.

這包含在收入前景中。

Very good.

非常好。

Thank you.

謝謝。

I just want to talk also a little bit more about the margin potential for North Italia and Flower Child.

我還想再多談談 North Italia 和 Flower Child 的利潤潛力。

Give your mature locations are reporting pretty strong margins, is there maybe some text you can provide on what you see as far as potential goes for the long-term margin of those banners or brands?

鑑於您成熟的門市報告的利潤率相當可觀，您能否提供一些文字說明，說明您認為這些橫幅廣告或品牌的長期利潤潛力如何？

Sure.

當然。

We talk about the full-service category -- and Flower Child is fast casual, but it's a little bit hybrid -- really operating between 16% and 18% on a regular basis depending on the business cycle.

我們談論的是全方位服務類別——Flower Child 是一家快餐休閒餐廳，但有點混合風格——根據商業週期，其營運率通常介於 16% 至 18% 之間。

And certainly, for Cheesecake Factory, we're right there for the full year already and I think still improving.

當然，對於 Cheesecake Factory 來說，我們全年的業績已經達到了預期，而且我認為仍在不斷改善。

And so, as long as the environment remains supportive, I think we can continue to push that towards the higher end.

因此，只要環境繼續支持，我認為我們就可以繼續推動這一目標向更高端邁進。

And I would think that North mature would look and feel and operate a lot like Cheesecake Factory, right?

我認為 North mature 的外觀、感覺和運作方式應該很像 Cheesecake Factory，對嗎？

And so that is what we saw in the fourth quarter.

這就是我們在第四季看到的情況。

And certainly, there's always going to be the drag from the new units, but the mature we would feel like we'll operate very similar to Cheesecake and the same for Flower Child, right?

當然，新單位總是會帶來拖累，但隨著業務的成熟，我們會覺得我們的運作方式與 Cheesecake 和 Flower Child 非常相似，對嗎？

So for the full year, Flower Child mature, we're 17% -- same as Cheesecake Factory.

因此，就全年而言，Flower Child 的成熟度而言，我們的利率為 17%，與 Cheesecake Factory 相同。

So pretty consistent, Jim.

所以說，非常一致，吉姆。

I think overall, our business models kind of work similarly, and we target similar returns.

我認為整體而言，我們的商業模式類似，而且我們的回報目標也類似。

And we think the margin profiles are lining up pretty equivalent.

我們認為利潤率狀況相當一致。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

So I just want to follow up on, I think, both of Jeff's questions, a lot of noise exiting '24 and to start the year.

所以我只是想跟進傑夫的兩個問題，2024 年即將結束，而新年伊始，有很多喧鬧聲。

Can you give some color on the cadence of trends that you saw throughout the quarter?

您能否描述一下整個季度所看到的趨勢節奏？

And then I think it was like a 100-basis-point headwind that you're talking to 1Q.

然後我認為，這就像是您在談論第一季時遇到的 100 個基點的逆風。

To confirm, do you expect to be in that 1% to 2% range on comps in the first quarter?

確認一下，您是否預期第一季的同店銷售成長率會在 1% 到 2% 之間？

So business was pretty steady and predictable through the fourth quarter.

因此第四季的業務相當穩定且可預測。

I think that there wasn't a lot of noise, and we talked about there's a little blip around the election that was kind of assumed in our guidance, and that came true and then a little bit of the holiday shifts.

我認為沒有太多的噪音，我們談論的是選舉期間出現的一個小波動，這在我們的指導中是預料之中的，而且這成真了，然後假期又發生了一些變化。

But those are all as pretty much spot-on expected.

但這些都如預期的。

It was eerily consistent with our own expectations there.

這與我們自己的預期驚人地一致。

And then I think if you, Laura, if you look at the guide, the answer would be yes.

然後我想，勞拉，如果你看指南，答案是肯定的。

We're not giving specific comps, but we feel like even inclusive of the weather, we're experiencing consistent trends similar to what we did all last year.

我們沒有給出具體的比較，但我們覺得即使考慮到天氣因素，我們也經歷著與去年全年類似的趨勢。

Great.

偉大的。

Thanks.

謝謝。

And then a follow-up on the prior question, really impressive Cheesecake four-wall margins.

然後接著上一個問題，起司蛋糕的四面牆面確實令人印象深刻。

I think you mentioned 18.4% this quarter, highest in over seven years.

我記得您曾提到本季的 18.4%，是七年多來的最高水準。

Is there a restaurant margin level where you think about reinvesting in price?

當餐廳的利潤水平達到某個水平時，您會考慮對價格進行再投資嗎？

Or are you sort of -- do you still see room to get to, I guess, the high end of 16% to 18% is how you're thinking about it?

或者您仍然認為有達到 16% 至 18% 的高位的空間？

Yeah.

是的。

Two things on that, right?

有兩件事，對吧？

Keep in mind that Q4 tends to be a higher margin for us given the seasonality effect and the flow-through.

請記住，考慮到季節性影響和流通性，第四季度我們的利潤率往往會更高。

So that's a great question.

這是一個很好的問題。

We were thinking about it more on an annual basis though, because you kind of have a little bit -- Q1 tends to come back down because of the sales volumes and then Q2 goes back up.

我們更從年度角度考慮這個問題，因為有點——第一季往往會因為銷售量而回落，而第二季則會回升。

But so we were 17% for Cheesecake for the full year.

但全年來看，Cheesecake 的銷售額佔比是 17%。

So it feels good, right?

感覺不錯，對吧？

That feels like we're in a good spot, I mean, plus or minus a few basis points, it's right in the middle of the range we targeted.

感覺我們處在一個好的位置，我的意思是，加減幾個基點，正好處於我們目標範圍的中間。

So we'll continue to watch that and monitor it.

因此，我們將繼續關注並監控此事。

And there's also other ways of sort of reinvesting.

還有其他的再投資方式。

I mean we're certainly not cutting back on any of the training that we do with our teams, the menu development, all of the other components of the business.

我的意思是，我們絕對不會削減對我們的團隊、菜單開發以及業務的所有其他組成部分的任何培訓。

We've never taken portion sizes down or taking anything away from the guests that many of our competitors did to get their margins up in the first place.

我們從來沒有減少份量或從客人那裡拿走任何東西，而我們的許多競爭對手卻為了提高利潤而這樣做。

And so part of the reinvestment, I will say, is keeping it the same.

因此我想說，再投資的一部分就是保持不變。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Thanks.

謝謝。

Good afternoon, guys.

大家下午好。

Matt, just on kind of the margins as we think about this year.

馬特，當我們考慮今年的時候，這只是一個邊緣問題。

I mean, obviously, in '24, you had quite a bit of favorability on the food line.

我的意思是，顯然，在 24 年，你在食物方面有相當多的支持率。

4Q, it looks like you had very good favorability on the labor line.

4Q，看來你在勞動線上的支持率很高。

How should we think about that in '25?

在25年我們該如何思考這個問題？

I mean do you think there is still food favorability?

我是說你認為還存在著對食物的偏好嗎？

Is this more of sort of a labor opportunity and it does seem like your stores are very focused on that?

這是否更像是一種勞動機會？

Could you talk about some of those different pieces of the cost side?

您能談談成本方面的一些不同部分嗎？

Yeah.

是的。

Brian, great question.

布萊恩，這個問題問得好。

Just to give some color for everybody here, I do think there is a little bit of room in both of those.

只是為了給這裡的每個人一些色彩，我確實認為這兩者都有一點空間。

I think, again, this is consistent with what we said on the last call.

我認為這與我們上次通話中所說的內容一致。

And the great news is the business continues to be predictable and consistent.

好消息是業務繼續保持可預測和穩定。

So I think there's some room on both COGS and labor, although not as much, right?

所以我認為在銷售成本和勞動力方面都還有一定的空間，儘管不是那麼多，對嗎？

I mean we captured quite a bit.

我的意思是我們捕獲了相當多的內容。

But I do think that we'll see 20 basis points to 30 in each of those for a full year.

但我確實認為，全年來看，每個利率都將上漲 20 到 30 個基點。

But maybe a little bit of pressure in other OpEx, and we've seen the cost of utilities has gone up a little bit faster possibly.

但也許其他營運支出方面會面臨一點壓力，而且我們已經看到公用事業成本可能會上漲得更快一些。

So maybe a slight offset on the other OpEx, and then certainly the pre-opening costs that we talked about are the other kind of key components there.

因此，也許其他營運支出會略有抵消，當然，我們談到的開業前成本是另一個關鍵組成部分。

But as we've seen retention continued to improve even into January of this year, we should lap around some of those benefits on the labor line regardless of any of the other pieces.

但正如我們所看到的，即使到了今年 1 月份，留任率仍在繼續提高，我們應該將其中的一些福利轉移到勞動力線上，而不管其他因素如何。

And on the commodities, it continues to be fairly benign outside of eggs, of course.

就大宗商品而言，除雞蛋之外，其他商品的情況依然相當溫和。

I mean that's a huge flash point for everybody, and we're watching that.

我的意思是，這對每個人來說都是一個巨大的爆發點，我們正在關注這一點。

But any one piece isn't going to, I think, derail our momentum in that given the broad market basket.

但我認為，考慮到廣泛的市場籃子，任何一個因素都不會破壞我們的發展勢頭。

Okay.

好的。

Makes sense.

有道理。

And quickly, could you just comment on what the impairment was related to for the other FRC segment?

您能否快速評論一下該減損與其他 FRC 部分有何關係？

Yeah, we did, and already reminded me here for Jim's question on the closures.

是的，我們確實這樣做了，並且已經在這裡提醒我吉姆關於關閉的問題。

We did actually have one culinary dropout in Atlanta that we did have to close and impair.

我們確實在亞特蘭大遇到了一個烹飪失誤，我們不得不關閉它並造成傷害。

In a market where there was like 15 restaurants that closed on, basically, this one street a kind of -- a development just didn't happen.

在一個有 15 家餐廳關門的市場裡，基本上，這條街上的某種發展就沒有發生。

And so we wanted to continue to focus on the other areas of positivity.

因此我們希望繼續關注其他正面領域。

So that was like 80% of everything right there, Brian.

所以，這就像是所有事情的 80% 都在那裡，布萊恩。

[Rahul Kro], JPMorgan.

[Rahul Kro]，摩根大通。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

I wanted to dig in a little more on the Flower Child.

我想更深入地了解 Flower Child。

What would be the potential average volumes for a fully mature box?

一個完全成熟的箱子的潛在平均容量是多少？

And what kind of margin profile would you target over time?

隨著時間的推移，您希望實現什麼樣的利潤率？

Because I think the format, looking at the fast casual boxes out there, there seems to be a lot more opportunity than the 17%.

因為我認為，從這種形式來看，看看外面的快餐休閒盒，似乎有比 17% 多得多的機會。

And I'm also looking at slide 31, you don't seem to model a lot of AUV growth from here when I look at the revenue potential.

而且我也看了第 31 張投影片，當我查看收入潛力時，您似乎並沒有從這裡模擬很多 AUV 成長。

So I'm curious how you guys like to think about this.

所以我很好奇你們是怎麼看待這個問題的。

And also, any comments on the sales-to-investment ratio today and how you can improve will be helpful.

此外，有關今天的銷售與投資比率以及如何改進的任何評論都將有所幫助。

Sure, Rahul.

當然，拉胡爾。

Good questions.

好問題。

And like we said, we're super happy about the performance of Flower Child.

正如我們所說，我們對 Flower Child 的表現感到非常滿意。

And you're right; we didn't model out AUV growth, I think, just to be conservative there.

你是對的；我認為，我們沒有模擬 AUV 成長情況，只是為了保守一點。

And certainly, there are upside potential associated with that.

當然，這也具有上行潛力。

We have units in the system that are doing in excess of $6 million, right?

我們系統中有些單位的營業額超過 600 萬美元，對嗎？

So there's significant capacity potential in the build-out.

因此，在建設方面有巨大的容量潛力。

But I think there's, again, no reason to overshoot this early stage.

但我認為，沒有理由超越這個早期階段。

We feel great about the mature margins being at 17%.

我們對 17% 的成熟利潤率感到非常滿意。

They do continue to accelerate.

它們確實在繼續加速。

I don't think that we're ready to give sort of a definitive answer.

我認為我們還沒有準備好給出明確的答案。

But when we think about the returns and we're comparing to, say, fast casual, as you think about a $4.5 million AUV, the dollar contribution is very, very significant coming out of 3,300 or 3,400 square feet relative to a lot of fast casuals that are in the $2.5 million AUV, right?

但是，當我們考慮回報，並將其與快餐休閒店進行比較時，當您想到 450 萬美元的 AUV 時，相對於許多 AUV 為 250 萬美元的快餐休閒店而言，3,300 或 3,400 平方英尺的面積所帶來的美元貢獻是非常非常可觀的，對嗎？

So it's a little bit of a unique play, and we think that's the competitive moat, right?

所以這是一個比較獨特的玩法，我們認為這就是競爭的護城河，對吧？

I mean nobody is doing what we're doing there.

我的意思是沒有人做我們在做的事情。

So we're super excited about the accretive returns that it can bring, and the magnitude of the business that we think it can become.

因此，我們對它能夠帶來的增值回報以及我們認為它能夠實現的業務規模感到非常興奮。

And I think this is just the first sort of salvo as we grow that brand.

我認為這只是我們發展品牌的第一個舉措。

Do you mind like sharing the off-premise mix for this brand?

您介意分享一下這個品牌的場外組合嗎？

Sure.

當然。

It's about 50-50, roughly speaking.

粗略地講，大約是 50-50。

So we're about 50% on-premise, 50% off-premise.

因此我們的業務大約有 50％ 在現場，50％ 在場外。

Again, we think that's incredibly unique, right, because standard fast casual, it's much higher off-premise; if you have standard full service, it's much lower off-premise.

再說一次，我們認為這是非常獨特的，對吧，因為標準的快餐休閒，在場外的價格要高得多；如果您擁有標準的全套服務，那麼場外服務的費用會低得多。

And so we don't think anybody is really doing the business the way that we're doing it a Flower Child today.

因此，我們認為沒有人真正像我們今天這樣經營 Flower Child 的業務。

Brian Vaccaro with Raymond James.

布萊恩·瓦卡羅和雷蒙德·詹姆斯。

Please go ahead.

請繼續。

Hi, thanks.

嗨，謝謝。

I just wanted to squeeze one quick one in on North Italia.

我只是想快速擠出時間去北義大利。

You mentioned some very strong new unit openings there for the brand recently.

您提到，該品牌最近在那裡開設了一些非常強勁的新店。

Are there any common threads you highlight there that are driving those higher volumes?

您是否強調了哪些共同點，推動了這些更高的銷售量？

Well, Brian, they were certainly in great markets.

嗯，布萊恩，他們的市場確實很大。

If we look at the busiest one, it was in Cerritos out here in California, where we have one of our busiest Cheesecake Factories.

如果我們看看最繁忙的工廠，那就是位於加州的塞里托斯，那裡有我們最繁忙的起司蛋糕工廠之一。

Another one was in Henderson.

另外一個在亨德森。

So they are in markets where we currently have a good presence with North.

因此，他們處於我們目前在北方有良好表現的市場中。

So as Matt mentioned earlier, when we go into, not necessarily an infill situation because there's only two now in Nevada.

正如馬特之前提到的，當我們進入時，不一定是填充情況，因為現在內華達州只有兩個。

But when we have that awareness, we certainly see those heightened sales.

但當我們有了這種意識時，我們肯定會看到銷售額的成長。

That was part of the benefit in Q4.

這是第四季的部分收益。

Okay.

好的。

Great.

偉大的。

And the margin is also -- I mean the mature margins sitting at 18.8%, quite a nice improvement, especially relative to comps that were up about 1%.

而且利潤率也是——我的意思是成熟利潤率為 18.8%，這是一個相當不錯的進步，特別是相對於上漲了約 1% 的同類產品而言。

Could you just elaborate a little bit on what drove that specifically?

能否詳細說明一下造成這現象的原因？

In your view, is the brand starting to hit sort of a higher gear where you'd expect the store margins on the mature stores to be in that 16% to 18% going forward?

您認為，品牌是否開始進入更高檔次的階段，您預計成熟門市的利潤率未來將達到 16％至 18％？

Yeah, Brian.

是的，布萊恩。

This is Matt.

這是馬特。

I think so.

我認為是這樣。

Again, there's seasonality, right?

再說了，有季節性，對吧？

So certainly, North Italia plays well in the holiday season and special occasion and drove really strong volumes at the mature level.

因此，North Italia 在節日季節和特殊場合表現出色，並在成熟階段實現了非常強勁的銷量。

And so we would anticipate that the mature store would continue to be on an annual basis between 16% and 18% at this point in time.

因此，我們預計成熟商店目前的年增長率將繼續保持在 16% 至 18% 之間。

As we've said during last year, we got a little behind on pricing.

正如我們去年所說的那樣，我們的定價有些落後。

As noted in the commentary, we caught that up finally.

正如評論中指出的那樣，我們終於趕上了這一點。

And so I think it's a combination of great operations and improving brand awareness, and then being sort of fully stable on the pricing versus inflation.

所以我認為這是良好營運和不斷提高的品牌知名度的結合，並且使定價相對於通貨膨脹保持完全穩定。

Ladies and gentlemen, that does conclude our question-and-answer session, and that does conclude today's conference call.

女士們、先生們，我們的問答環節到此結束，今天的電話會議也到此結束。

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

感謝您的參與，您現在可以斷開連接。