Cheesecake Factory Inc (CAKE) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Cheesecake Factory Incorporated first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫艾比 (Abby)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Cheesecake Factory Incorporated 2025 年第一季財報電話會議。（操作員指示）

Thank you. And I would now like to turn the conference over to Etienne Marcus, Vice President of Investor Relations and Finance. You may begin.

謝謝。現在我想將會議交給投資者關係和財務副總裁 Etienne Marcus。你可以開始了。

Good afternoon and welcome to our first quarter of fiscal 2025 earnings call. On the call with me today are David Overton, our Chairman and Chief Executive Officer; David Gordon, our President; and Matt Clark, our Executive Vice President and Chief Financial Officer. Before we begin, let me quickly remind you that during this call, items will be discussed that are not based on historical fact that are considered forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995.

下午好，歡迎參加我們 2025 財年第一季財報電話會議。今天與我一起參加電話會議的有我們的董事長兼首席執行官戴維·奧弗頓 (David Overton)、我們的總裁戴維·戈登 (David Gordon) 以及我們的執行副總裁兼首席財務官馬特·克拉克 (Matt Clark)。在我們開始之前，請允許我快速提醒您，在本次電話會議中，將討論並非基於歷史事實的議題，這些議題在 1995 年《私人證券訴訟改革法案》的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.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有重大差異，該新聞稿可在我們的網站 investors.thecheesecakefactory.com 和我們向美國證券交易委員會提交的文件中找到。本次電話會議中所做的所有前瞻性陳述僅代表截至今日的觀點，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 excludes loss on extinguishment of debt associated with the partial redemption of our convertible senior notes, impairment of assets and lease terminations, and acquisition-related expenses. An explanation of our use of non-GAAP financial measures and reconciliation to the most directly comparable GAAP measures appear in our press release on our website as previously described.

此外，在本次電話會議中，我們將以調整後的基礎公佈業績，其中不包括與部分贖回可轉換優先票據相關的債務清償損失、資產減損和租賃終止以及收購相關費用。我們對非公認會計準則 (non-GAAP) 財務指標的使用以及與最直接可比較的公認會計準則 (GAAP) 指標的調節的解釋已在我們網站上的新聞稿中披露，如前所述。

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

大衛·奧弗頓 (David Overton) 將在今天的電話會議上致開幕詞，大衛·戈登 (David Gordon) 將提供運營更新信息。然後，馬特將回顧我們的第一季財務業績，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 the call over to David Overton.

說完這些，我將把電話轉給大衛·奧弗頓。

Thank you, Etienne. We delivered solid top and bottom line results in the first quarter with revenues finishing towards the higher end of our guidance and profitability surpassing expectations. This resulted in the 27% year over year increase in adjusted earnings per share, marking our sixth consecutive quarter of 20% or higher growth.

謝謝你，艾蒂安。我們在第一季實現了穩健的營收和淨利潤業績，收入接近預期的上限，獲利能力超出預期。這使得調整後每股盈餘年增 27%，這是我們連續第六個季度實現 20% 或更高的成長。

Comparable sales at the Cheesecake Factory restaurants increased 1% for the first quarter, with annualized unit volumes exceeding $12.5 million. These industry leading volumes underscore the strength and distinct positioning of the Cheesecake Factory. It's one of the most differentiated concepts in casual dining, a reflection of our unwavering commitment to deliver an exceptional service. Hospitality and delicious memorable experiences for our valued guests.

第一季度，乳酪蛋糕工廠餐廳的可比銷售額成長了 1%，年化單位銷售額超過 1,250 萬美元。這些業界領先的銷量凸顯了起司蛋糕工廠的實力和獨特定位。這是休閒餐飲領域最具差異化的概念之一，體現了我們堅定不移地致力於提供卓越服務的承諾。為我們尊貴的客人提供熱情的款待和美味難忘的體驗。

Our experienced operators capitalized on improving manager and staff retention to drive guests satisfaction to new heights, while effectively managing all facets of their restaurants. Their efforts led to year over year improvements in labor management and food efficiencies, resulting in substantially greater restaurant level profitability. In fact, the Cheesecake Factory four wall restaurant margins increased to 17.4%, up 140 basis points from the first quarter in 2024.

我們經驗豐富的業者利用提高經理和員工留任率來將客人滿意度推向新的高度，同時有效地管理餐廳的各個方面。他們的努力使得勞動力管理和食品效率逐年提高，從而大幅提高了餐廳的獲利能力。事實上，Cheesecake Factory 四面餐廳的利潤率上升至 17.4%，比 2024 年第一季上升了 140 個基點。

On the development front, we're off to an excellent start with eight restaurant openings in the first quarter, including three North Italians, three Flower Childs, and two FRC restaurants. Subsequent to quarter end, we opened three restaurants, including one Flower child and two FRC restaurants, and we expect to open as many as five more restaurants in the next two months for a total of eight new openings in the second quarter. This continued development cadence reflects meaningful progress towards our goal of accelerating new unit growth.

在發展方面，我們開局良好，第一季度開設了 8 家餐廳，其中包括 3 家 North Italians 餐廳、3 家 Flower Childs 餐廳和 2 家 FRC 餐廳。季度末之後，我們開設了三家餐廳，包括一家 Flower child 餐廳和兩家 FRC 餐廳，我們預計在未來兩個月內將再開設多達五家餐廳，第二季度總共將開設八家新餐廳。這種持續的發展節奏反映了我們在加速新單位成長的目標上取得了有意義的進展。

Looking ahead, we continue to expect to open as many as 25 new restaurants in 2025, and we anticipate two Cheesecake Factory restaurants to open internationally under licensing agreements. Underscoring the strength of our culture and values, we're proud to have been named once again to the Fortune magazine 100 best companies to work for the 12th consecutive year. This recognition highlights our vibrant culture, exceptional training programs, and commitment to our employees, all of which continue to support our ability to attract and retain talent as the employer of choice in the industry.

展望未來，我們預計 2025 年仍將開設多達 25 家新餐廳，我們預計將有兩家 Cheesecake Factory 餐廳根據授權協議在國際上開業。我們非常榮幸能夠連續第 12 年被《財星》雜誌評為 100 家最適合工作的公司之一，這充分體現了我們文化和價值觀的力量。這項認可凸顯了我們充滿活力的文化、卓越的培訓計劃以及對員工的承諾，所有這些都將繼續支持我們作為行業首選雇主吸引和留住人才的能力。

In summary, we delivered another strong quarter, and as we look ahead, we remain steadfast in our commitment to our menu innovation, exceptional operational execution, and maintaining the contemporary design and ambience of our restaurants. These are hallmarks of our more than 4.5 decades of excellence, and we will continue to pave the way for future success.

總而言之，我們又度過了一個強勁的季度，展望未來，我們將繼續堅定不移地致力於菜單創新、卓越的營運執行，並保持餐廳的現代設計和氛圍。這些都是我們 45 多年來卓越成就的標誌，我們將繼續為未來的成功鋪路。

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

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

Thank you, David. Our strong operational performance and notable results are driven by our talented team and our ongoing focus on staffing and retention. During the first quarter, we saw further improvement in our already industry leading manager and staff retention, which we believe directly contributes to outstanding guest experiences, overall restaurant performance, and ultimately sales growth. And in fact, first quarter guest satisfaction scores improved both sequentially and year over year.

謝謝你，大衛。我們強勁的營運表現和顯著的成果得益於我們優秀的團隊以及我們對人員配備和保留的持續關注。在第一季度，我們已經處於行業領先的經理和員工保留率進一步提高，我們相信這直接有助於提供卓越的客戶體驗、整體餐廳業績以及最終的銷售成長。事實上，第一季的客人滿意度得分與上一季和去年同期相比都有所提高。

As David highlighted, we believe a significant driver of our margin expansion was improved operational execution, while maintaining the quality of our guests' experiences and compelling value perception that are essential in today's increasingly competitive landscape.

正如大衛所強調的，我們認為利潤率成長的一個重要驅動力是營運執行力的提高，同時保持客人體驗的品質和令人信服的價值觀念，這在當今日益激烈的競爭環境中至關重要。

Shifting the marketing. Our latest new menu change, which featured more than 20 new items across a broad range of contemporary cuisines and categories, garnered substantial media coverage with over 700 placements and more than 8 billion potential PR impressions, nearly double the coverage from Q1 of 2024. This success highlights our ability to effectively leverage social media along with the broadcast, print, and digital channels to engage with our guests and further elevate brand awareness.

轉變行銷方式。我們最新的菜單變化涵蓋了廣泛的當代菜系和類別的 20 多種新菜品，獲得了大量媒體報道，超過 700 個展示位置和超過 80 億次潛在 PR 曝光，幾乎是 2024 年第一季度報道量的兩倍。這項成功凸顯了我們有效利用社群媒體以及廣播、印刷和數位管道與客人互動並進一步提升品牌知名度的能力。

Turning to cheesecake rewards, we're pleased with the program's continued momentum. Member acquisition continues to exceed our expectations, and guests feedback remains overwhelmingly positive, with member satisfaction over indexing. As we progress to the next phase of the program, our approach to offers has shifted from broad, large-scale testing to a more personalized strategy, tailoring offers based on member behavior, activity, and attributes. This shift has driven higher engagement as members respond to offers increasingly relevant to them.

談到芝士蛋糕獎勵，我們對該計劃的持續發展勢頭感到滿意。會員獲取量持續超出我們的預期，客人的回饋仍然非常積極，會員滿意度超過指數。隨著我們進入計劃的下一階段，我們提供的服務方式已從廣泛的大規模測試轉變為更個人化的策略，根據會員的行為、活動和屬性自訂服務。隨著會員對與他們越來越相關的優惠做出回應，這種轉變推動了更高的參與。

Now turning to North Italia, first quarter annualized AUBs for North Italia increased 1% to $7.75 million. Comparable sales declined 1%, with the impact of the Los Angeles fires weighing more heavily on performance due to the concept's smaller comp base relative to the Cheesecake Factory. We opened three new North Italia locations during the quarter, including one in a new market, Salt Lake City.

現在轉向 North Italia，North Italia 第一季的年化 AUB 成長 1%，達到 775 萬美元。可比銷售額下降了 1%，由於該概念店的顧客群相對於起司蛋糕工廠較小，洛杉磯大火對業績的影響更為嚴重。我們在本季開設了三家新的 North Italia 門市，其中一家位於新市場鹽湖城。

All three restaurants opened with above average AUBs, reinforcing our belief in the strong consumer demand for an on-trend contemporary Italian dining experience like North Italia. Restaurant level profit margin for the adjusted mature North Italia locations approved meaningfully from the prior year to 16.6%. The margin expansion was primarily driven by operational improvements as well as more favorable commodity and labor inflation than anticipated.

這三家餐廳開業時的 AUB 均高於平均水平，這進一步證明了我們對消費者對 North Italia 等時尚當代義大利餐飲體驗的強勁需求的信心。調整後的北義大利成熟門市的餐廳利潤率較上年同期大幅上升至 16.6%。利潤率的擴大主要得益於營運的改善以及比預期更有利的商品和勞動力通膨。

Flower Child continues on a strong upward trajectory, with comparable sales increasing by 5%, significantly outperforming the black box fast casual dining index, which declined 1%. The sales momentum drove average weekly sales of $88,500 for an annualized AUB of over $4.6 million a 6% increase over the first quarter of 2024.

Flower Child 持續保持強勁上升勢頭，可比銷售額成長 5%，明顯優於下降 1% 的黑盒子快餐休閒餐飲指數。強勁的銷售勢頭推動每周平均銷售額達到 88,500 美元，年化 AUB 超過 460 萬美元，比 2024 年第一季增長 6%。

We also opened three new flower child locations during the quarter to solid demand with aggregate average weekly sales for the three restaurants reaching nearly $80,500 for an annualized AUV of nearly $4.2 million. Restaurant level profit margins for the adjusted mature flower child locations rose to 18.6% for the first quarter, reflecting continued operational improvements.

本季度，我們還開設了三家新的 Flower Child 餐廳，需求旺盛，三家餐廳的每周平均銷售額總計接近 80,500 美元，年平均銷售額接近 420 萬美元。第一季度，調整後的成熟花童餐廳的餐廳級別利潤率上升至 18.6%，反映出營運的持續改善。

In summary, we are encouraged by the strong performance of our portfolio, fueled by consistent sales growth, operational enhancements, and sequential margin expansion. We believe we are well positioned to achieve our long-term unit growth objectives.

總而言之，由於持續的銷售成長、營運改善和連續的利潤率擴大，我們的產品組合表現出色，這令我們感到鼓舞。我們相信，我們已做好準備，實現我們的長期單位成長目標。

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. Let me first provide a high-level recap of our first quarter results versus our expectations I outlined last quarter. Total revenues of $927 million finished towards the high end of the range we provided. Adjusted net income margin of 4.9% exceeded the high end of the guidance range we provided.

謝謝你，大衛。首先，讓我對我們的第一季業績與上個季度概述的預期進行一個高層次的回顧。總收入達到 9.27 億美元，處於我們提供的範圍的高端。調整後的淨利潤率為 4.9%，超過了我們提供的指導範圍的高端。

Additionally, during the first quarter, we strengthened our liquidity position and balance sheet through the issuance of $575 million of 2% convertible notes to 2030. The proceeds were allocated to repurchase $276 million of our 2026 convertible notes, buy back 2.4 million shares of our common stock. And fully pay down a revolving credit facility balance.

此外，在第一季度，我們透過發行 5.75 億美元、票面利率為 2% 的可轉換債券（有效期至 2030 年）來增強我們的流動性狀況和資產負債表。所得款項將用於回購 2.76 億美元的 2026 年可轉換票據，以及回購 240 萬股普通股。並全額償還循環信貸額度餘額。

In total, we returned $153.8 million to shareholders during the quarter through dividends and share repurchases, including the $130 million related to the common stock repurchase concurrently with the issuance.

總體而言，本季我們透過股利和股票回購向股東返還了 1.538 億美元，其中包括與發行同時進行的普通股回購相關的 1.3 億美元。

Now turning to some more specific details around the corner. First quarter total sales at the Cheesecake Factory restaurants for $673 million up 1% from the prior year. Comparable sales increased 1% versus the prior year, supported by 22% off-premise sales mix.

現在來談談一些更具體的細節。起司蛋糕工廠餐廳第一季總銷售額為 6.73 億美元，比上年增長 1%。可比銷售額較上年增長 1%，這得益於 22% 的場外銷售額組合。

Total sales for North Italia for $83.4 million up 18% from the prior year period. Other FRC sales totaled $87.4 million up 18% from the prior year, and sales per operating week were $139,700. Flower child sales totaled $43.5 million up 26% from the prior year, and sales per operating week were $88,500.

North Italia 的總銷售額為 8,340 萬美元，比去年同期成長 18%。其他 FRC 銷售總額為 8,740 萬美元，比上年增長 18%，每營運週銷售額為 139,700 美元。Flower child 的銷售額總計 4,350 萬美元，比上年增長 26%，每週的銷售額為 88,500 美元。

And external bakery sales were $12.7 million. Now moving to year-over-year expense variance commentary.

外部烘焙銷售額為 1270 萬美元。現在轉到同比費用差異評論。

In the first quarter, we continued to realize some year-over-year improvement across several key line items in the P&L. Specifically, cost of sales decreased 100 basis points, primarily driven by favorable commodity costs.

在第一季度，我們的損益表中的幾個關鍵項目繼續實現了同比增長。具體而言，銷售成本下降了 100 個基點，主要原因是商品成本有利。

Labor, as a percent of sales, declined to 30 basis points, primarily driven by the continued improvement in retention, supporting labor productivity gains and wage leverage. Other operating expenses increased 40 basis points, as expected, primarily driven by timing of marketing and rewards costs, and slightly higher facility-related costs.

勞動力佔銷售額的百分比下降至 30 個基點，主要原因是留任率持續提高，支持勞動生產力提高和薪資槓桿。其他營運費用增加了 40 個基點，符合預期，主要原因是行銷時間和獎勵成本以及略高的設施相關成本。

GNA decreased 30 basis points, primarily driven by lower professional fees. Depreciation remained relatively flat as to percent of sales. Pre-opening costs were $8.1 million in the quarter compared to $5.9 million in the prior year period. We opened eight restaurants during the first quarter versus five restaurants in the first quarter of 2024.

GNA 下降了 30 個基點，主要原因是專業費用下降。折舊佔銷售額的百分比保持相對穩定。本季開業前成本為 810 萬美元，而去年同期為 590 萬美元。我們在第一季開設了 8 家餐廳，而 2024 年第一季開設了 5 家餐廳。

And in the first quarter, we recorded a pre-tax net expense of $17.3 million related to loss on extinguishment of debt associated with the partial redemption of our convertible senior notes due 2026, FRC acquisition-related items, and impairment of assets and lease termination expenses.

在第一季度，我們記錄了 1,730 萬美元的稅前淨支出，與部分贖回 2026 年到期的可轉換優先票據相關的債務清償損失、FRC 收購相關項目以及資產減損和租賃終止費用有關。

First quarter, GAAP diluted net income per share was $0.67. Adjusted diluted that income per share was $0.93.

第一季度，GAAP稀釋每股淨收益為0.67美元。調整後稀釋每股收益為0.93美元。

Now turning to our balance sheet and capital allocation. The company ended the quarter with total available liquidity of approximately $501.9 million including a cash balance of $135.4 million and approximately $366.5 million available on a revolving credit facility.

現在轉向我們的資產負債表和資本配置。該公司本季結束時總可用流動資金約為 5.019 億美元，其中包括 1.354 億美元的現金餘額和約 3.665 億美元的循環信貸額度。

Total principal amount of debt outstanding was $644 million. Including $69 million in principal amount of convertible notes to 2026, and $575 million in principal amount of convertible notes to 2030.

未償還債務本金總額為 6.44 億美元。其中包括截至 2026 年的 6,900 萬美元本金可轉換票據，以及截至 2030 年的 5.75 億美元本金可轉換票據。

CapEx totaled approximately $43 million during the first quarter for new unit development and maintenance.

第一季用於新單位開發和維護的資本支出總計約為 4,300 萬美元。

During the quarter, we completed approximately $141.4 million in share repurchases and returned $12.5 million to shareholders via our dividend.

本季度，我們完成了約 1.414 億美元的股票回購，並透過股息向股東返還了 1,250 萬美元。

Now, let me turn to our outlook. Well, we will not be providing specific comparable sales and earnings guidance, we will provide our updated thoughts on our underlying assumptions for Q2 and full year 2025. Our assumptions factor in everything we know as of today.

現在，讓我談談我們的展望。好吧，我們不會提供具體的可比較銷售額和獲利指引，我們將提供 2025 年第二季和全年基本假設的最新想法。我們的假設考慮到了我們今天所知道的一切。

Including net restaurant counts, quarter to date trends, our expectations for the weeks ahead, and anticipated impacts associated with holiday shifts.

包括淨餐廳數量、本季迄今的趨勢、我們對未來幾週的預期以及與假期輪班相關的預期影響。

To that end, we are updating our total revenue outlook to align more closely with the lower end of previous expectations. We believe this to be prudent in light of recent economic growth and real disposable income forecasts, which have been revised downward by approximately 1%.

為此，我們正在更新我們的總收入預期，以使其更接近先前預期的低端。我們認為，鑑於近期經濟成長和實際可支配收入預測（已下調約 1%），此舉是謹慎的。

Lastly and importantly, we continue to evaluate the potential impact of the tariffs, along with the business levers we control to mitigate the effects.

最後，也是最重要的一點，我們將繼續評估關稅的潛在影響，以及我們為減輕影響而控制的業務槓桿。

At this time, based on the tariffs as currently outlined, we believe we are well positioned to substantially absorb the impact without changing our adjusted net income margin expectations. Specifically, for Q2, we anticipate total revenues to be between $935 million and $950 million.

目前，根據目前概述的關稅，我們相信我們有能力在不改變調整後的淨收入利潤率預期的情況下大幅吸收影響。具體來說，我們預計第二季總營收將在 9.35 億美元至 9.5 億美元之間。

Next, at this time, we expect effective commodity inflation of low single digits for Q2. 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.

其次，我們目前預期第二季有效商品通膨率將達到個位數低點。在考慮工資率和最低工資增長以及勞動力的其他組成部分的最新趨勢時，我們模擬的淨總勞動力通膨率為低至中等個位數。

G&A is estimated to be about $60 million. Depreciation is estimated to be approximately $27 million.

一般及行政費用 (G&A) 估計約 6,000 萬美元。折舊估計約 2700 萬美元。

We are estimating pre-opening expenses to be approximately $9.5 million to support the eight planned openings in the quarter and early Q3 openings.

我們估計開業前的費用約為 950 萬美元，以支持本季計劃開業的 8 家店和第三季初開業的店。

Based on these assumptions, we would anticipate adjusted net income margin to be about 5.3% to 5.4% 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 5.3% 至 5.4%。

For modeling purposes, we are assuming a tax rate of 9% to 10% in weighted average shares outstanding of just above 48 million shares.

為了建立模型，我們假設流通在外的加權平均股票稅率為 9% 至 10%，約為 4,800 萬股。

Now for the full year. Based on similar assumptions and no material operating or consumer disruptions, We anticipate total revenues for fiscal 2025 to be approximately $3.76 billion at the midpoint of our estimates. For sensitivity purposes, we are using a range of plus or minus 1%.

現在是全年。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 財年的總收入約為 37.6 億美元（為我們估計的中位數）。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, inclusive of the currently proposed tariff levels.

我們目前估計，包括目前提議的關稅水準在內，我們的商品籃子、勞動力和其他營運費用的整體通膨率將處於低至中等個位數範圍內。

We are estimating G&A to be about flat year-over-year as a percent of sales. And depreciation to be about $108 million for the year. And given our unit growth expectations, we're estimating pre-opening expenses to be approximately $34 million.

我們估計，一般及行政費用佔銷售額的百分比與去年同期相比基本持平。全年折舊額約 1.08 億美元。根據我們的單位成長預期，我們估計開業前的費用約為 3400 萬美元。

Based on these assumptions, we continue to expect full year adjusted net income margin to be approximately 4.75% at the sales estimate provided. For modeling purposes, we are assuming a 10% tax rate. And weighted average shares outstanding relatively flat to 2024.

基於這些假設，我們繼續預期全年調整後的淨收入利潤率將達到提供的銷售額估計的約 4.75%。為了建模目的，我們假設稅率為 10%。到 2024 年，加權平均流通股數相對持平。

With regard to development, as David stated earlier, we expect to open as many as 25 new restaurants in 2025. With as many as eight openings in the second quarter and the remainder in the back half of the year.

關於發展，正如 David 之前所說，我們預計到 2025 年將開設多達 25 家新餐廳。第二季將有多達 8 個職缺，其餘職缺將在今年下半年出現。

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. 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.

其中包括多達三到四家起司蛋糕工廠，六到七家 North Italias。六到七名花童和八到九家 FRC 餐廳。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單位開發以及餐廳所需的維護。

In closing, we are pleased with our first quarter performance, which reflected steady sales trends, solid operational execution, and continued profitability improvement.

最後，我們對第一季的業績感到滿意，這反映了穩定的銷售趨勢、穩健的營運執行和持續的獲利能力提高。

Our operators executed well across key performance drivers, and our new restaurant openings were met with strong demand, delivering solid early sales results. The consistency of execution and the strength of our concepts continue to reinforce our confidence as we progress through the year.

我們的營運商在關鍵績效驅動因素方面表現良好，新開的餐廳也獲得了強勁的需求，並取得了穩健的早期銷售業績。隨著一年的進展，執行的一致性和我們理念的力量繼續增強我們的信心。

We remain focused on making progress against our long term priorities. Growing comparable restaurant sales, expanding margins. And accelerating new unit development. While the broader macroeconomic environment has become more uncertain.

我們將繼續致力於實現我們的長期優先事項。同店餐廳銷售額不斷成長，利潤率不斷擴大。並加速新單位的發展。同時，宏觀經濟環境也變得更加不確定。

Our experience and success operating through a variety of economic cycles underscores the durability of our business. With a strategy that has delivered consistent results and enhanced financial flexibility, we believe we are well positioned to manage near-term uncertainty and continue delivering sustainable long-term value.

我們在各種經濟週期中營運的經驗和成功凸顯了我們業務的持久性。憑藉著能夠帶來持續成果和增強財務靈活性的策略，我們相信我們完全有能力應對短期不確定性並繼續提供可持續的長期價值。

With that said, we'll take your questions.

話雖如此，我們會回答您的問題。

And thank you. We will now begin the question and answer session.

謝謝你。我們現在開始問答環節。

(Operator Instructions) David Tarantino, Baird

（操作員指示）大衛·塔倫蒂諾，貝爾德

Hi, good afternoon. Matt, I think you mentioned in your guidance that you’re assuming or at least factoring in the uncertain macro environment. And I guess my question is, is that something you’re already seeing in your business? Have you already seen that kind of creep in at the end of Q1 and early Q2 like we’ve heard from some others? Or is this just a projection that it might creep in as the year goes on?

嗨，下午好。馬特，我想你在你的指導中提到過，你假設或至少考慮了不確定的宏觀環境。我的問題是，這是您在業務中已經看到的事情嗎？您是否已經看到這種趨勢在第一季末和第二季初出現，就像我們從其他人那裡聽到的那樣？或者這只是一個預測，隨著時間的推移，這種現象可能會逐漸出現？

Yes, David, this is Matt. I mean, I think it’s an understatement to say that there’s been a lot of noise in the first four months of this year. We’re talking about unprecedented weather, the fires in Los Angeles, the holiday shifts, the potential that there’s a lot of pull forward of spending into March from consumers. So I would say it’s a little bit of both. I mean certainly we hit the number in the first quarter.

是的，大衛，這是馬特。我的意思是，我認為說今年前四個月有很多噪音是輕描淡寫的說法。我們談論的是前所未有的天氣、洛杉磯的火災、假期的變化，以及消費者在三月大幅增加支出的可能性。所以我想說兩者都有一點。我的意思是我們在第一季就達到了這個數字。

The business remains very stable, very predictable. But the environment doesn’t feel as robust as maybe three months ago. And so it seems like a pretty prudent perspective to assume that continues throughout the balance of this year. And we feel good about where we’re at. We’re managing it exceptionally well.

業務仍然非常穩定，非常可預測。但環境似乎不像三個月前那麼強。因此，假設這種情況將在今年年底前持續下去，似乎是一個相當謹慎的觀點。我們對目前的狀況感到滿意。我們管理得非常好。

Our flow through is excellent. And so we’ve built a lot of credibility over the past year and a half with our results and that’s our intention to continue to build on that.

我們的流程非常好。因此，我們在過去一年半中憑藉業績建立了良好的信譽，我們打算在此基礎上繼續努力。

Makes sense. And then just a clarification. I think your prior revenue range, I believe, assumed comps up 1% to 2% like you’ve been running for most of 2024. And it looks like your total revenue came down by about a point. So is the right way to think about it that the new guidance assumes comps may be flat to up 1% instead of up one to two

有道理。然後只是澄清一下。我認為，您先前的收入範圍假設可比銷售額成長 1% 至 2%，就像您在 2024 年的大部分時間裡所做的那樣。看起來您的總收入下降了約一個百分點。因此，正確的思考方式是，新的指導方針假設可比銷售額可能持平或上漲 1%，而不是上漲 1 到 2%

I mean, think the math is pretty straightforward as you indicated and that aligns with our overall perspective of where GDP and disposable income is likely to fall out. And so it’s similarly in the comp.

我的意思是，正如您所說，數學計算非常簡單，這與我們對 GDP 和可支配收入可能下降的總體看法一致。在同類產品中也同樣如此。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good afternoon. I appreciate the comments on tariffs. I guess if you could help quantify kind of where you would expect to see tariffs hit your P&L and kind of the magnitude? And when you’re talking about absorbing, is that through incremental efficiencies? Is that through price? If you could kind of walk us through your thoughts.

嗨，下午好。我很感謝有關關稅的評論。我想，您能否幫助量化一下關稅將對您的損益產生何種影響，以及影響的程度如何？您所說的吸收是指透過提高效率嗎？是透過價格嗎？如果您能告訴我們您的想法的話。

Sure. Sharon, this is Matt. Thanks for that question. I think it’s an important topic, to cover. And certainly as we’re talking about it, it’s really reflective of where things are at today. And it’s as everybody knows it’s an uncertain future with respect to that.

當然。莎倫，這是馬特。謝謝你的提問。我認為這是一個值得討論的重要議題。當然，當我們談論它時，它確實反映了當今的狀況。眾所周知，這是一個不確定的未來。

But probably the biggest impact we would see particularly as a percentage of the actual spend would be in other operating expenses. Obviously, we’re importing a preponderance of our small wares and to go packaging and things like that. Whereas really if you think about on the true commodities for the cost of goods for the food side of that most of that is coming from The United States.

但可能我們看到的最大影響，特別是實際支出的一定比例將體現在其他營運費用上。顯然，我們大部分的小商品、外包裝等等都依賴進口。而實際上，如果你考慮真正的商品，那麼食品方面的商品成本大部分來自美國。

And so it’s probably going to taper in because a lot of the items were either brought in advance or on ship for the second quarter.

因此，它可能會逐漸減少，因為許多物品要么提前運送，要么在第二季度裝船。

And then it will probably build a little bit into the third and then we’ll be at a sort of a steady state at that point in time. As we said, we’re not going to change our margin outlook regardless of that or the sales piece. We’ve been running favorably in labor and cost of sales. Some of those pieces are offsetting it naturally. So I think that that’s a benefit.

然後它可能會在第三階段逐漸增強，然後我們將在那個時間點處於穩定狀態。正如我們所說，無論銷售額如何，我們都不會改變我們的利潤前景。我們的勞動力和銷售成本一直表現良好。其中一些部分自然地抵消了它。所以我認為這是有好處的。

I do think we’ll look for actionable reduction in costs in other areas. If we have to implement a little bit of pricing in the future, it’s somewhere in the 50 to 75 basis points. We’ll evaluate that as well. We’ll also just continue to work with our vendors. We have very strong long term relationships.

我確實認為我們會尋求在其他領域切實可行的成本削減措施。如果我們將來必須實施一點定價，那麼價格將在 50 到 75 個基點之間。我們也會對此進行評估。我們也將繼續與我們的供應商合作。我們擁有非常牢固的長期關係。

We’ll evaluate whether there can be some offsets on their end to support that and or if there needs to be different supply options for us in the more medium to longer term. So it’s just it’s all on the table. We have a pretty good book here from the COVID years of how to navigate challenging supply chains and we’re pretty confident that everything will be pretty seamless in near term.

我們將評估他們是否可以提供一些補償來支持這一點，或者是否需要在中長期內為我們提供不同的供應選擇。所以一切都擺在桌面上。我們有一本關於如何應對 COVID 時期充滿挑戰的供應鏈的非常好的書，我們非常有信心，在短期內一切都會變得非常無縫。

And I wanted to touch too upon like loyalty and marketing because those are certainly loyalties nascent and marketing I feel like has never been a huge part of The Cheesecake Factory story historically, but you kind of got my attention with the media impressions comment that you made for the first quarter and then loyalty maybe gives you a new lever if you can get more segmented on kind of driving consistency in a more volatile environment. Can you kind of talk through how important you think these could be for you in ’25? Or is it more still learning and iterative and more of like a ’26 and beyond driver?

我也想談談忠誠度和行銷，因為這些肯定是新興的忠誠度，而我覺得行銷從歷史上看從來都不是起司蛋糕工廠故事的重要組成部分，但你在第一季度發表的媒體印象評論引起了我的注意，如果你能在更動蕩的環境中更加細分地推動一致性，忠誠度可能會給你一個新的槓桿。您能否談談您認為這些對您 2025 年來說有多重要？或者它仍然處於學習和迭代階段，更像是 26 年及以後的驅動程式？

Hi. This is David Gordon. That’s a great question. And we certainly got some great PR around the new menu that has been rolling out for the past couple of months. A lot of publicity around the types of cuisines and the fact that we added roughly 20 new menu items. And thus far, guest reception to that new menu has been really terrific.

你好。這是大衛·戈登。這是一個很好的問題。過去幾個月我們推出的新菜單確實得到了一些很好的公關宣傳。我們大力宣傳各種菜係以及新增了大約 20 種菜單。到目前為止，客人對新菜單的反應非常好。

So anytime we can get that type of PR around menu innovation, which is a key component and competitive advantage for us, we’re going to look to continue to garner that as we work on the next menu change that will be coming up in summer.

因此，任何時候我們都可以圍繞菜單創新進行這種類型的公關宣傳，這對我們來說是一個關鍵組成部分和競爭優勢，我們將在夏季即將推出的下一個菜單變更過程中繼續尋求獲得這種宣傳。

In regards to rewards, we continue to be very pleased with member acquisition. It continues to exceed our own internal expectations. Member guest satisfaction scores, average check and frequency continue to be very, very promising. We spent a good amount of time in Q1 working with our marketing and IT teams to collaborate to be able to enable very specific daypart offers.

關於獎勵，我們對會員獲取情況持續感到非常滿意。它繼續超出了我們自己的內部預期。會員客人滿意度分數、平均消費金額和頻率仍然非常非常有希望。我們在第一季花費了大量時間與我們的行銷和 IT 團隊合作，以便能夠提供非常具體的時段優惠。

And that’s something that as we move into the second quarter, we think we’re going to be able to do and throughout the remainder of this year, be much more targeted with rewards members. We certainly see that when we’re able to personalize those behavior personalize those offers, that the behavior of those guests have higher redemption rates than just broad based rewards when we when we have launched them throughout last year. So I think it is a promising lever for us moving forward.

隨著我們進入第二季度，我們認為我們將能夠做到這一點，並且在今年剩餘時間內，我們將更有針對性地獎勵會員。我們確實看到，當我們能夠個性化這些行為、個人化這些優惠時，這些客人的行為具有比我們去年推出的廣泛獎勵更高的兌換率。所以我認為這對我們前進來說是一個有希望的槓桿。

I think we’re set up really well internally to continue to pull that lever and drive some incrementality, if we need to, to specific day parts and to specific parts of the check. So it’s a lever we haven’t historically had. We’ve worked hard for the past few years to get to the point we’re at today, and we’re excited to be able to launch a lot of it throughout the remainder of the year.

我認為，我們內部已經做好了充分的準備，如果需要的話，可以繼續推動這一槓桿，並在特定的日期部分和支票的特定部分推動一定的增量。所以這是我們歷史上從未有過的槓桿。過去幾年我們一直努力工作才達到今天的水平，我們很高興能夠在今年剩餘時間內推出許多產品。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Hey, guys. Wondering if you could just give us the quick same store sales components at The Cheesecake and your gap versus Black Box. And then you mentioned some of the calendar stuff. I assume the later Easter was a little bit of a headwind in the 1Q, but then helps in the 2Q. Am I remembering that correctly?

嘿，大家好。想知道您是否可以快速告訴我們 The Cheesecake 的同店銷售額組成以及與 Black Box 的差距。然後你提到了一些日曆內容。我認為復活節晚些時候會給第一季帶來一點阻力，但會給第二季度帶來幫助。我記得對嗎？

Yes. Andy, this is Matt. That is correct. So specifically for cake, we were at about 4% effective pricing. Traffic was a negative 1.2% and so mix was the difference on that.

是的。安迪，這是馬特。沒錯。具體來說，對於蛋糕來說，我們的有效定價約為 4%。流量為負 1.2%，因此混合就是差異所在。

It was about where we expected to given the weather and we’ve given that number in the prior call and that’s the primary impact on traffic. The mix piece keeping in mind the large menu change that David Gordon mentioned, we put a lot of newer items with lower price points on. We actually took some higher price point items off. And so there was a little bit of a rollover here that is continuing that. But we think that’s important to stress the value and to drive the long term for the guests.

這與我們對天氣狀況的預期差不多，我們在先前的電話會議中已經給出了這個數字，這是對交通的主要影響。混合菜餚考慮到了 David Gordon 提到的菜單大變化，我們添加了許多價格較低的新菜餚。我們實際上下架了一些價格較高的商品。因此，這裡出現了一點點的轉變，而這種轉變仍在繼續。但我們認為強調價值並為客人帶來長期利益非常重要。

And so we’ll continue to lean into that. We don’t necessarily see that as an impediment of bringing in new lower priced items. And generally speaking, I think the trends have been very, very consistent absent some of those pieces. I don’t have the black box right in front of me. I know we’re looking at it both on a one and a two year because of the whole calendar shift. And I think on a two year basis, we’re still pretty favorable.

因此我們將繼續傾向於此。我們不一定認為這會成為推出新的低價產品的障礙。總的來說，我認為，儘管存在一些因素，但趨勢一直非常一致。我面前並沒有黑盒子。我知道，由於整個日曆的變化，我們會以一年和兩年為單位來看待這個問題。我認為從兩年來看，我們的前景仍然相當有利。

Got it. And then just on North, assume beverage alcohol is still a little bit of a headwind as consumers adjust and maybe it’s a little bit of a secular thing. So is that kind of what you’re seeing along with a small comp base in that brand?

知道了。然後就北方而言，假設隨著消費者的調整，酒精飲料仍然有點逆風，也許這是一種長期現象。那麼，您是否看到了該品牌的較小客戶群的情況？

Yeah. I mean, there are a couple of things, right? The fires were more impactful as David Gordon mentioned. If you look at the fire and the weather combined, it would have been basically the same comp as it was in the fourth quarter. And so, yes, there’s a little bit of that alcohol piece, a little bit of the idiosyncratic, but it was also much more stable than maybe that number looks like, right, I mean and predictable.

是的。我的意思是，有幾件事，對吧？正如大衛·戈登所說，火災的影響更大。如果將火災和天氣因素結合起來看，它基本上與第四季度的情況相同。所以，是的，這其中有一點酒精成分，有一點特殊性，但它也比這個數字看起來的要穩定得多，對，我的意思是，而且是可以預測的。

And I think you can also see that in the margin improvement. Obviously, when you’ve got sales trends that the operators are able to see and to manage to, that’s one of the ways that you get a significant boost in the four wall margins that we saw in the first quarter for North, which is a really promising sign.

我認為您也可以從利潤率的提高中看到這一點。顯然，當你掌握了營運商能夠看到並能夠管理的銷售趨勢時，這就是我們在第一季看到的北方四牆利潤率顯著提升的方法之一，這是一個非常有希望的跡象。

Jon Tower, Citigroup.

花旗集團的喬恩‧陶爾 (Jon Tower)。

Hey, thanks for taking the question. Maybe just on the labor productivity side, you guys have obviously done a great job of levering that line over time and sales have held in there nicely. I’m just curious, it’s down I think on a per store week basis another roughly 2% this quarter year-over-year.

嘿，謝謝你回答這個問題。也許僅從勞動生產力來看，你們顯然在長期利用這一優勢方面做得很好，而且銷售額也保持得很好。我只是好奇，我認為本季每家商店每週的銷售額比去年同期下降了約 2%。

And I’m just thinking about it going forward, are you anticipating this kind of level of continued improvement going forward? It sounds like you’re not anticipating much by way of inflation ticking higher or are there anything in the horizon with respect to initiatives that we should be aware of that would alter kind of the path on a per week spending basis? Just trying to make sure we’re not missing anything going forward.

我只是在思考未來，您是否預期未來會出現這種程度的持續改善？聽起來你對通貨膨脹的預期並不高，或者在我們應該注意的舉措方面，是否有任何舉措可以改變每週支出的方向？只是想確保我們不會錯過任何進展。

Yes, John, this is Matt. I mean, I just give the operators all the credit really with the retention and the focus on back to basics over the past 18 months as well. We’ve seen productivity improvements, reduction in training expenses, reduction in overtime. I think it was our seventh sequential improvement in retention. And so I don’t know that we get better.

是的，約翰，這是馬特。我的意思是，我真的把所有的功勞都歸功於運營商，因為他們在過去 18 個月裡保留了客戶，並且專注於回歸基礎。我們看到了生產力的提升、培訓費用的減少、加班時間的減少。我認為這是我們在保留率方面的第七次連續提升。所以我不知道我們是否會變得更好。

I mean, it’s are by far leading the industry. But certainly we’ll continue to lap over if we just hold the line, right? And so I think that you’ll continue to see some benefit in that metric, but it may be tapering a little bit over the course of the balance of the year.

我的意思是，它目前在行業中處於領先地位。但只要我們堅守陣地，我們一定會繼續超越，對嗎？因此我認為你會繼續看到該指標的一些好處，但在今年餘下的時間裡，它可能會略有減弱。

Okay. Great. And then I know we discussed a little bit earlier the rewards program and marketing. I’m just curious maybe if you could provide a little bit more by way of metrics, numbers in terms of how many members you’ve got signed up? And perhaps I know you also had spoke to it being a bit of a drag on the P&L this quarter.

好的。偉大的。然後我知道我們之前討論過獎勵計劃和行銷。我只是好奇，您是否可以提供更多指標，例如您註冊了多少會員？也許我知道您也說過這會對本季的損益表造成一些拖累。

I think that line, the other OpEx line was up about 40 basis points year-over-year. Can you quantify how much of a drag that actually was on a basis point basis?

我認為這條線路，另一條 OpEx 線路比去年同期上漲了約 40 個基點。您能否以基點為基礎來量化這實際上造成了多大的拖累？

Yes, John, this is Matt. I’ll start with that. It was probably about 15 for sort of the marketing rewards piece of it, so not significant. And then as we had talked about before the facilities related and there might be some of the utilities and the non cash rent that hits that. So it was pretty much right where we thought it would be.

是的，約翰，這是馬特。我先從那裡開始。其中行銷獎勵部分大概是 15，所以不多。然後，正如我們之前討論過的設施相關內容，可能會有一些公用設施和非現金租金影響這一點。所以它幾乎就在我們的想像之中。

And then from a technical perspective, the number of members that we have is a lot. That’s the number we’re going to give you for this call.

從技術角度來看，我們的會員數量很多。這就是我們將在本次通話中提供給您的號碼。

Which is a little more than we gave you on the last call.

這比我們上次給你的金額要多一點。

Brian Vaccaro. Raymond James.

布萊恩·瓦卡羅。雷蒙德詹姆斯。

Hi. Thanks and good evening. Just a question back on the commodity inflation piece. What was the inflation in the first quarter? Are there any savings or other initiatives that are worth quantifying playing out? And then and then how do you expect q two second half inflation on the commodity side to play out?

你好。謝謝，晚上好。我只是想回答一下有關商品通膨的問題。第一季的通貨膨脹率是多少？是否有任何節省或其他措施值得量化實施？那麼，您預計第二季下半年大宗商品通膨將如何表現？

Yeah. Brian, this is Matt. It was pretty close to breakeven on the commodities in the first quarter overall. And I think also related to the retention, the teams are doing a great job with food efficiencies. And so it remains again with our broad market basket very, very stable relative to all the puts and takes, right? All of the kind of ups and downs of eggs and everything all of that.

是的。布萊恩，這是馬特。整體而言，第一季大宗商品的損益平衡已經非常接近。我認為，與保留相關的是，團隊在食品效率方面做得很好。因此，相對於所有的看跌期權和看漲期權而言，我們的大盤籃子仍然非常非常穩定，對嗎？雞蛋的所有起伏和所有這一切。

Looks pretty decent in the second quarter as well maybe a tick up from that still low single digits. And certainly there’s an anticipation of a little bit of pressure with the with the tariffs going into the back half of the year specifically. But even with all of that, it’s still low single digits in our model at this point in time.

第二季看起來也相當不錯，可能比仍較低的個位數上升。當然，人們預期關稅會帶來一些壓力，特別是在下半年。但即使如此，目前在我們的模型中它仍然是低個位數。

Okay. That’s, that’s helpful. And then I wanted to ask, I think there’s a Cheesecake Factory closure, happening in this week, maybe in Seattle. Think I see saw some headlines. Can you confirm that? But then also, are there any other closures we should be mindful of that relates to your annual guidance?

好的。這很有幫助。然後我想問一下，我認為本週起司蛋糕工廠將會關閉，也許是在西雅圖。我想我看到了一些頭條新聞。你能證實嗎？但是，還有什麼與您的年度指導相關的、我們應該注意的嗎？

That is correct. We had mentioned on the last call that we had a mid Q2 Cheesecake closure and the location is Seattle. And there are no other planned or forecasted at this point in time to make people aware of.

沒錯。我們在上次電話會議上提到，我們將在第二季中期關閉 Cheesecake 店，地址是西雅圖。目前還沒有其他計劃或預測需要讓人們知道。

Okay. And then last one for me, just on the Flower Child side. Obviously, mentioned the continued strong comps at 5%. In in a slowing environment, softer environment, maybe just talk about, what you think is differentiating, that brand’s performance. Maybe just some color or context on the comps you’re seeing there would be great.

好的。對我來說這是最後一個，就在 Flower Child 方面。顯然，提到了 5% 的持續強勁成長。在經濟放緩、環境疲軟的環境下，也許只需談談您認為品牌的表現有何不同。也許您在那裡看到的 comps 上的一些顏色或背景就很棒了。

Sure, Brian. This is David Gordon. We continue to be very pleased with the performance of Flower Child. So we opened in a new market in the quarter in Indianapolis and, saw guests standing in line for that opening. So new markets and existing markets, I think that the concept continues to resonate because of the food quality, because of the offerings.

當然，布萊恩。這是大衛·戈登。我們仍然對 Flower Child 的表現感到非常滿意。因此，我們在本季在印第安納波利斯開設了一個新市場，並看到客人排隊等候開業。因此，無論是新市場還是現有市場，我認為這個概念都會因為食品品質和產品供應而繼續引起共鳴。

And I think the stability of the operations team there, the restaurants are running very, very well. They’ve had the same stable team in place now for a while. And they’ve been able to open new restaurants well and maintain things like productivity, ramp up the restaurants quickly, really a focus on retention, the same type of focus on people that we have at Cheesecake Factory has spread to Flower Child North and all the FRC concepts. And I think that’s giving them a bit of a competitive advantage. It’s tough staffing market in the fast casual segment.

我認為那裡的營運團隊很穩定，餐廳的營運也非常非常好。他們現在已經擁有同一支穩定的團隊一段時間了。他們能夠順利開設新餐廳，並保持生產力，快速擴大餐廳規模，真正注重保留客戶，我們在 Cheesecake Factory 的對人的關注也延伸到了 Flower Child North 和所有 FRC 概念。我認為這給了他們一些競爭優勢。速食休閒產業的人員配備市場競爭十分激烈。

But Flower Child being a little bit more like a full service restaurant, I think it offers a good employment opportunity for people. And so that stability has helped operations. But most importantly, I think that delicious food, the experiential element of Flower Child, the design of the restaurants is very attractive to today’s consumer along with the price points. And it’s just really continuing to resonate, and we’re really happy about that and looking forward to the continued growth this year.

但 Flower Child 更像是一家提供全方位服務的餐廳，我認為它為人們提供了良好的就業機會。因此，穩定性有助於營運。但最重要的是，我認為美味的食物、Flower Child 的體驗元素、餐廳的設計以及價格對當今的消費者來說非常有吸引力。它確實繼續引起共鳴，我們對此感到非常高興，並期待今年的持續成長。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yes. Hey, guys. Good afternoon. Is 4% still your pricing expectation for this year? Or I guess did anything change with the new menu you just released?

是的。嘿，大家好。午安.4% 仍是您對今年的定價預期嗎？或者我猜您剛發布的新菜單有什麼變化嗎？

Ryan, this is Matt. No, that’s our expectation. And as you know, we’ll change our menu twice a year. We will evaluate pricing at each of those turns based on all of the factors that we know at that point in time. But I would say for modeling purposes that that’s a good estimate to use for the balance of the year.

瑞安，這是馬特。不，這是我們的期望。如您所知，我們每年更換兩次菜單。我們將根據當時所了解的所有因素來評估每次轉變的定價。但我想說，出於建模目的，這對於今年的餘額來說是一個很好的估計。

Okay. Cool. And out of curiosity, I don’t know if you’ve talked about this before, but do, the other the other concepts besides Cheesecake have sort of like a different margin structure in terms of what cost of sales versus labor versus OpEx looks like? And I guess, like, as those grow, you know, would we see a different food cost ratio or a different labor cost ratio? I don’t know if that’s played into any of what’s going on recently, but, curious about that longer term too.

好的。涼爽的。出於好奇，我不知道您之前是否談論過這個問題，但是除了 Cheesecake 之外的其他概念在銷售成本、勞動力成本和營運成本方面是否有不同的利潤結構？我想，隨著這些的成長，我們會看到不同的食品成本比率或不同的勞動成本比率嗎？我不知道這是否與最近發生的任何事情有關，但我對長期情況也很好奇。

Yes. Brian, that’s a really interesting question. I appreciate that because it does add a little bit of context to particularly how the P&L might look today versus say 20219 and people are kind of modeling it over time. Certainly, we look at the other concepts coming from FRC, whether it’s a North or a Flower or any of the others, they’ll have a little bit more in the other OpEx line. I think that that’s where you’ve seen a little bit of that creep and we talk about that being permanent.

是的。布萊恩，這是一個非常有趣的問題。我很感激這一點，因為它確實增加了一點背景信息，特別是今天的損益表與 20219 年的損益表相比如何，而且人們正在隨著時間的推移對其進行建模。當然，我們會研究來自 FRC 的其他概念，無論是 North 還是 Flower 還是其他任何概念，它們在其他 OpEx 系列中都會有更多內容。我認為這就是你所看到的一點點令人毛骨悚然的情況，我們談論的是這種情況是永久性的。

Some of that has to do with the rent and the way that the lease accounting works and some other components. But by and large, it’s close enough. It’s really not that different, just a little bit different there and maybe a little bit different on the cost of sales and sort of netting out on labor. Each of those maybe only though 10, 20 basis points off. And so overall using Cheesecake as a baseline you’re going to get pretty close.

其中一些與租金、租賃會計運作方式和其他一些因素有關。但總的來說，已經夠接近了。其實沒有太大的不同，只是有一點點不同，也許在銷售成本和勞動淨額上有一點點不同。每個利率可能只下降 10 到 20 個基點。因此，總的來說，以起司蛋糕為基準，你會得到非常接近的結果。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Thanks. I think that’s three Brian’s in a row. I think this has happened before, actually. I wanted to ask, you gave specific revenue guidance for 2Q just to level set. Is that this is just quick math on my end, so I could be wrong. Is that just like kind of flat to down one comps for Cheesecake and North Italia to get there for 2Q?

謝謝。我認為那是連續三個 Brian。事實上，我認為這件事以前就發生過。我想問一下，您給了第二季的具體收入指導，只是為了設定一個水準。這只是我的快速計算，所以我可能是錯的。這是否就像 Cheesecake 和 North Italia 在第二季度的業績下滑一樣？

No. It’s pretty similar to the whole guide that David Tarantino. It’s closer to zero to one. The other factors in there obviously would be Seattle and we ended up closing that a little bit earlier than we saw some of the trends on the third party bakery sales. For us the fourth of July weekend is a negative. So all of that’s being factored in and it’s closer to that range.

不。它與大衛·塔倫蒂諾的整本指南非常相似。它更接近零到一。其中的其他因素顯然是西雅圖，我們最終比看到的第三方麵包店銷售趨勢更早完成了這項交易。對我們來說七月四日的周末是件壞事。所以所有這些都被考慮在內並且更接近這個範圍。

Okay. That’s helpful. And just on your financial guidance initially, I think the implied restaurant margins were around 15 to 25 basis points of expansion. Obviously, the first quarter, you put up 80 basis points of expansion overall in that line item. So you’re well ahead.

好的。這很有幫助。僅根據您最初的財務指導，我認為隱含的餐廳利潤率將擴大 15 至 25 個基點。顯然，第一季度，該項目總體擴張了 80 個基點。所以你領先很多。

And I realize COGS were a helper with that flat food cost. But you didn’t change the net income margin guidance. So are you still expecting kind of 15 bps to 25 bps of restaurant margin expansion? Are you just building in some conservatism there now with the tariff talk and all the rest of it?

我意識到 COGS 對固定食品成本有幫助。但你沒有改變淨收入利潤率指引。那麼，您是否仍預期餐廳利潤率將擴大 15 個基點到 25 個基點？你們現在是否只是透過關稅談判和其他一切來建立某種保守主義？

Yes. Brian, we are still expecting that for the four wall. And you’re right, really the part of the difference from where we ended up in Q1 versus the outlook is that we have assumed the tariffs as they are right now in expectations, right? And so we are absorbing quite a bit of that expense and that all sits in the four wall perspective.

是的。布萊恩，我們仍然期待著四面牆。你說得對，我們第一季的最終結果與預期之間的差異實際上在於，我們已經在預期中假設了目前的關稅，對嗎？因此，我們承擔了相當一部分的費用，而且這些費用都是從四面牆的角度來考慮。

And so certainly, we feel good about being able to do that and leverage the underlying fundamental momentum that we have and not have to either pass it on to consumers or pass it on to our shareholders. It’s kind of a win given our situation.

因此，我們很高興能夠做到這一點，並利用我們擁有的基本動力，而不必將其傳遞給消費者或股東。就我們的情況而言，這算是一場勝利。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Yes, good afternoon. Thanks for taking our question. I apologize if I missed this earlier. You guys gave the store sales composition per cake. Can you give it for North as well, just the break between ticket and traffic?

是的，下午好。感謝您回答我們的問題。如果我之前沒有註意到這一點，我深感抱歉。你們給了每塊蛋糕的商店銷售組成。您也可以給北方這個嗎，只是罰單和交通之間的間隔？

Yes, Jim. This is Etienne. Sure. The North Italia mix was negative 2%. So actually a slight improvement from where it was last year. Price is between 4.55%. Traffic was negative 4%. Just note, as Matt mentioned earlier, that was affected by the LA fires, and the weather impact was a little greater just given our concentration in Texas.

是的，吉姆。這是艾蒂安。當然。北義大利組合指數為負2%。因此實際上與去年相比略有改善。價格在4.55%之間。客流量為負4%。請注意，正如馬特之前提到的，這是受到洛杉磯火災的影響，而且由於我們集中在德克薩斯州，天氣影響要大一些。

Jim Salera, Analyst, Stephens: Okay. Great. And then if I think about the outlook for the rest of the year in the consumer, can you maybe talk through how same store sales progress through the quarter? And any color you could give on exit rate in April?

史蒂芬斯分析師吉姆‧薩萊拉 (Jim Salera)：好的。偉大的。然後，如果我考慮今年剩餘時間的消費者前景，您能否談談本季同店銷售額的進展？能透露一下四月份的退出率嗎？

Because I’m just trying to parse, is it that you’re seeing some of the trends actually materialize or pretty consistent trends through 1Q and you guys are just kind of being prudent given a lot of the uncertainty. But if things kind of stay as they are in terms of a run rate basis, it would actually imply maybe a little bit better than that flat 200 basis points.

因為我只是試圖分析，您是否看到一些趨勢實際上已經實現，或者在第一季度呈現相當一致的趨勢，考慮到很多不確定性，你們只是比較謹慎。但如果情況按照運行率基礎保持不變，那麼實際上可能比 200 個基點的水平要好一點。

Yes, Jim, this is Matt. I mean, I think it’s there’s a couple of factors. One is, as I noted, just a lot of noise. So being able to triangulate between the weather, the fires, the holiday shifts, the retail pull forward in March, That’s a lot to parse out over the first four months probably more dynamic than it has been in five years on the sales front really. And I think obviously we finished near the high end, but it wasn’t at the high end of our guide.

是的，吉姆，這是馬特。我的意思是，我認為有幾個因素。一是，正如我所指出的，噪音很大。因此，能夠對天氣、火災、假期變化、三月份零售提前等因素進行三角測量，對前四個月進行分析有很多需要分析的地方，這可能比五年來的銷售情況更加活躍。我認為我們顯然已經接近高端，但還沒有達到我們指南的高端。

The sales are very predictable and stable. But I would say that the environment overall feels not quite as robust as we expected. And then all of the news and all of the economists are saying expect a 1% or so impact in the back half of the year. So I think combining those two components it just seems prudent.

銷售情況非常可預測且穩定。但我想說的是，整體環境並不像我們預期的那麼強勁。然後所有的新聞和所有的經濟學家都說預計今年下半年的影響會達到 1% 左右。因此我認為將這兩個部分結合起來似乎是明智的。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. Just a bit of a follow-up, if we could dissect comps a little bit more. Any differences that you’re seeing in performance across regions or days? Any discernible changes in consumer behavior?

非常感謝。這只是一點後續行動，如果我們可以對 comps 進行更深入的分析的話。您發現不同地區或不同日期的表現有何差異？消費者行為有任何明顯的改變嗎？

Lauren, this is Matt. I was just looking at all of that this morning in anticipation of your question. The dayparts remain incredibly consistent. The days of week remain consistent. I think any of the regional discrepancies that we’ve seen can be substantially attributed to weather or holiday shifts and the spring breaks that each of the areas observed can be significantly different.

勞倫，這是馬特。我今天早上剛看過這些內容，期待著回答您的問題。每天的時段保持著驚人的一致性。一周中的日子保持一致。我認為，我們所看到的任何地區差異都可以在很大程度上歸因於天氣或假期變化，每個地區觀察到的春假可能會有顯著差異。

And particularly for Cheesecake Factory that can be a major influence. And so the good news is while the environment isn’t as robust as I think any of us would like, the predictability and the consistency of our sales patterns remains.

這對於 Cheesecake Factory 來說尤其具有重大影響。因此，好消息是，雖然環境並不像我們任何人所希望的那樣強勁，但我們的銷售模式的可預測性和一致性仍然存在。

Great. On that mix dynamic, I know that we’ve talked about alcohol like over the past several quarters. You spoke to the menu change component this quarter. I guess how do you expect mix to trend as we move through the rest of the year?

偉大的。關於這種混合動態，我知道我們在過去幾季中討論過酒精問題。您談到了本季的菜單變更部分。我想您認為在接下來的一年中混合趨勢會如何？

Yes. I would say that given the menu change that we did and I think our probably anticipation of continuing to lean into value with the future menu changes in this environment, which has been our historical norm. And consumer preferences moving from particularly alcoholic to non-alcoholic where we’ve seen a significant bump up in attachment, but obviously at a lower price. I would continue to expect the mix to be negative for us. And I don’t know exact number, but that 1.5% to 2% range for modeling purposes is probably pretty good.

是的。我想說，考慮到我們所做的菜單更改，我認為我們可能會預期在這種環境下未來的菜單更改會繼續傾向於價值，這是我們的歷史常態。消費者的偏好從專愛酒精飲料轉向了非酒精飲料，我們看到非酒精飲料的依戀度顯著上升，但價格顯然更低。我仍預期這種組合對我們不利。我不知道確切的數字，但對於建模目的而言，1.5% 到 2% 的範圍可能相當不錯。

Great. And then just last one on the off premise channel. Are you seeing any differences in terms of demand in delivery or other channels in off premise? Thank you.

偉大的。然後是場外管道上的最後一個。您是否發現配送或其他場外管道的需求有任何差異？謝謝。

Yeah. Hi, Lauren. This is David again. Incredible consistency in off premise. Cheesecake Factory was at 22% total off prem, which was exact same as, Q1 of 2024 and up 1% sequentially from last quarter. So the consistency is really remarkable with Cheesecake, and the mix of that is about 10% delivery, 7% phone and walk up, and 7% digital ordering.

是的。你好，勞倫。我又是大衛。場外的一致性令人難以置信。起司蛋糕工廠的總銷售額下降了 22%，與 2024 年第一季完全相同，比上一季環比成長 1%。因此，Cheesecake 的一致性確實非常出色，其混合比例約為 10% 送貨、7% 電話和現場訂購以及 7% 數位訂購。

And then North sits about 14% total off prem, also right in line with where they were inQ1 of 2024, and the consistency there is very similar to cheesecake. 10% of that mix is delivery, and Phone and Walk Up, make up the rest of it. So it’s a part of our business that has remained very, very stable.

然後，North 的總銷售額約為 14%，也與 2024 年第一季的水平一致，而且那裡的一致性非常類似於起司蛋糕。其中 10% 是送貨，其餘部分由電話和步行構成。因此，這是我們業務中一直保持非常非常穩定的一部分。

I think guests continue to use Cheesecake Factory for off premise, number one for food quality and variety, but also for value. And the operator is doing a great job of consistent performance in the off premise channel.

我認為客人繼續在 Cheesecake Factory 用餐，首先是因為食物品質和種類，其次是價值。且營運商在場外通路的一致性能方面做得非常出色。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

Hey, thanks for the question. I wanted to go back to development, asking if you were noticing any impact on build costs or materials costs related to tariffs on Chinese goods or if there’s any impact you’re noticing on your ability to procure and to sustain your development targets for the next one to two years?

嘿，謝謝你的提問。我想回到開發問題上，我想問您是否注意到與中國商品關稅相關的建築成本或材料成本有任何影響，或者您是否注意到這對您的採購能力以及在未來一到兩年內維持開發目標有任何影響？

Jim, this is Matt. It’s a good question. It’s an important part of our growth. And certainly we continue to target that 25 openings this year. We’ll target for the first-half sixteen. So I think that that’s a really good cadence for us. And so we’re ahead of schedule. For this year, the preponderance of those orders right have already been made and shipped.

吉姆，這是馬特。這是個好問題。這是我們成長的重要部分。當然，我們今年仍將目標定為 25 個新職位。我們的目標是上半場打進 16 球。所以我認為這對我們來說是一個非常好的節奏。因此我們提前完成了計劃。就今年而言，大部分訂單已經下單並發貨。

And so we’re not really anticipating any significant tariff impacts to construction costs, which have by the way come back really nicely in line with our long term expectations following the COVID inflation. So we’re feeling really good about where all our CapEx is coming in for this year.

因此，我們實際上並不預期關稅會對建築成本產生任何重大影響，順便說一句，建築成本已經很好地符合了我們在新冠疫情通膨後的長期預期。因此，我們對今年所有資本支出的去向感到非常滿意。

And with respect to the longer term, we’ll see where the tariffs play out and we’ll adapt as we always have. But I don’t have any 12 or 18 month prognosis on that really, but it’d be dependent on the policy at the government level.

從長遠來看，我們將觀察關稅的最終結果，並一如既往地進行調整。但我對此並沒有任何 12 或 18 個月的預測，但這取決於政府層級的政策。

No, understood. Is your supply chain built such that you won’t really see an impact until sometime in 2026 because you’ve already procured enough?

不，明白了。您的供應鏈是否建構得如此之好，以至於直到 2026 年某個時候您才會真正看到影響，因為您已經購買了足夠的產品？

That’s exactly right. Yes, exactly right. So we’ll watch right now and see how things play out. And we’re constantly on a rolling ordering schedule for large pieces of equipment and for all of those pieces. And speaking to our development team, we haven’t seen any impact on the construction front or the construction labor front or any of those components that would keep us from hitting our goals.

完全正確。是的，完全正確。所以我們現在就觀察事情如何發展。我們始終按照滾動訂單計劃訂購大型設備以及所有類型的設備。與我們的開發團隊交談後，我們表示，我們沒有看到建築方面或建築勞動力方面或任何會阻礙我們實現目標的因素受到任何影響。

Okay. And a quick follow-up. Any change in sentiment you’re picking up from real estate developers as you discuss longer term projects and building out on a multiyear basis?

好的。並進行快速跟進。當您討論長期專案和多年期建設時，您從房地產開發商那裡感受到的情緒有什麼變化嗎？

Jim, this is David. No. Actually, things continue to look promising. I think our portfolio of brands continue to attract landlords that want experiential dining in their projects, whether that’s Cheesecake Factory or North Italia or fast casual like Flower Child. So we’re sitting in a really good place. We continue to feel, as Matt said, really good about the growth moving forward and our ability to hit the targets that we’ve talked about.

吉姆，這是大衛。不。事實上，事情看起來仍然充滿希望。我認為我們的品牌組合將繼續吸引那些希望在其專案中提供體驗式餐飲的業主，無論是 Cheesecake Factory 還是 North Italia，還是 Flower Child 這樣的快餐休閒餐廳。所以我們現在處於一個非常好的位置。正如馬特所說，我們繼續對未來的成長以及我們實現所談論的目標的能力感到非常滿意。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. First question was just a follow-up on the comps. With all the data you have on your consumer, just wondering whether there’s any noticeable change by income level or by ethnicity or mix changes towards value? I know you mentioned you have a new menu, which is more value friendly, but I’m wondering whether there’s any conscious shift you’re noticing.

偉大的。非常感謝。第一個問題只是對同類產品的後續關注。透過掌握所有有關消費者的數據，您是否想知道收入水平、種族或混合因素是否會對價值產生明顯影響？我知道您提到您有一份新的菜單，它更有價值，但我想知道您是否注意到了任何有意識的轉變。

I know your core customer tends to be more affluent than the average, but it does seem like no one is immune. So just trying to get your sense for, based on the data you have, what trends you’ve seen? And then I had one follow-up.

我知道您的核心客戶往往比一般人富裕，但似乎沒有人能倖免。那麼，根據您掌握的數據，您嘗試了解您看到了什麼趨勢？然後我進行了一次後續行動。

Sure, Jeff. This is David again. Our consumer remains incredibly consistent. We really have not seen a change in ordering patterns. If you look at dessert sales for Cheesecake Factory, they’re still sitting at 17% of total sales.

當然，傑夫。我又是大衛。我們的消費者始終保持著驚人的一致性。我們確實沒有看到訂購模式的改變。如果你看看起司蛋糕工廠的甜點銷售額，它們仍然佔總銷售額的 17%。

We’ve talked a lot about the dip in alcohol sales. But if you really go back and look at the past four quarters now, it’s not like that’s taken another step down. It’s very consistent to where it was in Q1 of last year. So we’re not seeing a real change in any consumer behavior. Other than the mix shift that Matt talked about earlier, we don’t see incident rate changes in any dramatic way. So I think our consumer thus far has been really, really resilient. We’ll see what happens throughout the remainder of the year.

我們已經多次討論過酒類銷售下滑的問題。但如果你真的回過頭來看過去四個季度，你會發現情況並沒有進一步惡化。這與去年第一季的情況非常一致。因此，我們沒有看到消費者行為有任何真正的改變。除了馬特之前提到的混合變化之外，我們沒有看到事故率有任何顯著的變化。所以我認為到目前為止我們的消費者確實非常有韌性。我們將拭目以待今年剩餘時間會發生什麼。

That’s good to hear. And then my follow-up is just more curiosity’s sake. Obviously, have a lot of international units, and I would think Cheesecake Factory is well recognized as a US Brand. So I’m wondering whether there’s any sign of pressure or change in behavior. There’s a lot of talk about geopolitics and anti American sentiment. So just curious, as you have stores in so many different markets and you are kind of a US Brand, any thoughts there would be great. Sure,

聽到這個消息我很高興。然後我的後續行動只是出於好奇。顯然，有許多國際單位，我認為 Cheesecake Factory 作為美國品牌得到了廣泛認可。所以我想知道是否有任何壓力或行為改變的跡象。人們常談論地緣政治和反美情緒。所以只是好奇，因為你們在這麼多不同的市場都有商店，而且你們是一個美國品牌，所以任何想法都很好。當然，

Jeff. Certainly, there’s a lot of turmoil out there in the world. Think we’re really pleased with the performance in all of our international locations. They all comped positive in the first quarter in all those different geographies. So the brand continues to resonate everywhere around the world.

傑夫。確實，世界上存在著許多動盪。我認為我們對所有國際辦事處的表現都非常滿意。所有這些不同地區的公司第一季的業績均呈正成長。因此該品牌繼續在世界各地引起共鳴。

And we’ll see, obviously, when it unfolds throughout the rest of this year. But there was certainly nothing in q one that would give us pause that people are pulling back from enjoying all the benefits of eating at a Cheesecake Factory around the world.

顯然，我們將在今年剩餘時間內看到事情的進展。但第一問中肯定沒有什麼能讓我們停下來思考，人們正在放棄享受在世界各地的起司蛋糕工廠用餐的所有好處。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you for taking my question. So I wanted to tap into your four decades of Cheesecake Factory experience. Historically, casual dining demand has had more macro sensitivity versus kind of the QSRs. But some recent survey seem to suggest that it is actually holding up relatively better this time around. Firstly, would you agree with this observation?

感謝您回答我的問題。所以我想利用你在芝士蛋糕工廠四十年的經驗。從歷史上看，休閒餐飲需求比快餐店具有更大的宏觀敏感度。但最近的一些調查似乎表明，這次的情況實際上相對較好。首先，您同意這個觀察嗎？

And if so, are there any structural or behavioral changes that you’re seeing that might explain why this time it could play out differently? Thank you.

如果是這樣，您是否看到任何結構性或行為上的變化，可以解釋為什麼這次的情況會有所不同？謝謝。

Hi, Christine, this is Matt. I do think that that’s true. I think our data would support that. I think some of the components of that that are possibly different now than 10 or 20 years ago. Number one, overall consumer behavior has shifted more towards eating away from home than eating at home.

你好，克里斯汀，我是馬特。我確實認為這是真的。我認為我們的數據可以支持這一點。我認為其中的一些組成部分現在可能與 10 年或 20 年前有所不同。首先，整體而言，消費者行為已經從在家吃飯轉向外出用餐。

And that has been driven much more by full service, right? So consumers have become more accustomed to getting a meal replacement or an experience in going out to a full service restaurant. If you look at percentage of wallet share over time it has grown.

這更多的是由全方位服務推動的，對嗎？因此，消費者已經越來越習慣購買代餐食品或前往提供全方位服務的餐廳的體驗。如果你觀察一下錢包份額的百分比隨時間的變化，你會發現它已經成長了。

So I won’t say there’s a dependency, but I think there’s an expectation in the American consumer today to go out to eat to full service, where I think QSR has been more ubiquitous for longer. And it’s also a little bit more sensitive to the lower income cohort, whereas our cohort the income it depends on the slowdown, incomes aren’t slowing down, right?

所以我不會說有依賴性，但我認為當今美國消費者期望外出用餐時享受全方位服務，而我認為 QSR 已經更加普遍。而且它對低收入群體也更敏感一些，而我們群體的收入取決於經濟放緩，收入並沒有放緩，對嗎？

So our income of 100k,-plus those jobs are going away. There’s not mass layoffs. So if you look at the reasons for slowing down, I think that would also be a structural reason to say that there’s a lot of potential here for resiliency. And I think really people are different today too having grown up watching the Food Network and all of those other attributes is just part of their everyday routine. So I do think that structurally things are different today than they than they were and it and it helps support stability in our business.

因此，我們的 10 多萬收入，這些工作正在消失。沒有大規模裁員。因此，如果你看看放緩的原因，我認為這也是一個結構性原因，說明這裡有很大的彈性潛力。而且我認為，如今的人們確實也不同了，他們從小看著美食頻道長大，而其他所有的一切只是他們日常生活的一部分。因此我確實認為，從結構上講，今天的情況與過去有所不同，這有助於維持我們業務的穩定。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thank you. Just have one question. So improved retention has come up several times this afternoon. So Matt, was just hoping you could level set us, meaning how much retention has improved year over year, however, whatever metric you might use to sort of demonstrate that. And then moving forward, is there still a pretty sizable incremental retention opportunity? Thanks.

謝謝。只有一個問題。今天下午我們已經多次提到了提高保留率的問題。所以，馬特，我只是希望你能為我們設定一個水平，也就是說，保留率逐年提高了多少，無論你使用什麼指標來證明這一點。那麼，展望未來，是否還存在相當大的增量保留機會？謝謝。

Hi, Jeff. This is David. The retention in the restaurants at the management level and the staff level continues to be incredibly consistent over the past six quarters now. Our management attrition in Q1 was in the mid teens, which is as low as it’s been historically. Our staff level attrition ranged between 6070%, best in class in the industry.

你好，傑夫。這是大衛。過去六個季度以來，餐廳管理層和員工的留任率一直保持著驚人的一致性。我們第一季的管理階層人員流失率在十幾歲左右，這是史上最低的水平。我們的員工流動率在 60-70% 之間，是業界最佳。

And as we our outlook for the rest of this year is to maintain those levels. That’s sort of what we’ve set for the operators. Certainly, we’ll see what happens with the macro labor force, but I think we’re set up to continue to be able to retain that same amount of attrition moving forward. We our operators are very focused on ensuring that the culture in the restaurant continues to be as strong as it’s been historically. Being on the Fortune 100 best places to work for list now for 12 years in a row is meaningful to the people that work for us today.

我們對今年剩餘時間的展望是保持這些水準。這就是我們為操作員設定的。當然，我們將拭​​目以待宏觀勞動市場會發生什麼變化，但我認為，我們已做好準備，繼續保持同樣的人員流失率。我們的經營者非常注重確保餐廳的文化能夠像歷史上一樣繼續保持強勁。連續 12 年入選《財星》雜誌 100 家最佳工作場所榜單，對今天為我們工作的員工來說意義重大。

And so it’s giving us a competitive advantage, and our goal is to continue to maintain where we are thus far throughout the main remainder of the year. Right. Thank you. Appreciate it.

因此，這給了我們競爭優勢，我們的目標是在今年剩餘的時間裡繼續保持目前的水平。正確的。謝謝。非常感謝。

Jon Ivankoe, JPMorgan.

摩根大通的喬恩·伊万科。

Hi. Thank you. The question is on the COGS and really as a percentage of sales and where you think that should land longer term? I know years ago if we would have talked about sub-- 2% COGS, we all probably would have looked at each other funny. So it’s obviously a very low number relative to the history of the industry.

你好。謝謝。問題在於銷貨成本 (COGS) 及其實際佔銷售額的百分比，以及您認為長期來看應該達到什麼水準？我知道，如果幾年前我們談論低於 2% 的銷售成本，我們可能都會覺得對方很奇怪。因此，相對於該行業的歷史而言，這顯然是一個非常低的數字。

I understand all the reasons for it. But when you kind of think about that number and look at things like burger combos that are pressing 20 and pastas that can be in the mid-20s, are we kind of nearing certain breakpoints on the menu that you really don’t want to get above?

我了解其中的所有原因。但是，當您考慮這個數字並查看漢堡組合的價格接近 20 美元、意大利麵價格在 20 美元左右時，我們是否已經接近菜單上的某些臨界點，而您真的不想超過這些臨界點？

I mean, I understand a lot of value with Cheesecake outside of just set price very clearly in terms of the total experience. But are you sensitive in terms of where some of the absolute price points are and any unwillingness to go above those?

我的意思是，我非常清楚，除了在整體體驗方面明確定價之外，Cheesecake 還有很多其他的價值。但是，您是否對某些絕對價格點以及是否不願意超過這些價格點很敏感？

Matt Clark, Executive Vice President and Chief Financial Officer, The Cheesecake Factory: Hey, John, it’s Matt. It’s a great question. Totally fair and absolutely. I mean, David and David and the culinary team, they pour over that menu and they agonize over all of the pricing, right? Because you really have set that dual mandate and here over in finance I’m pushing for the margins and they’re pushing for the guests.

馬特克拉克 (Matt Clark)，起司蛋糕工廠執行副總裁兼財務長：嘿，約翰，我是馬特。這是一個很好的問題。完全公平，絕對。我的意思是，大衛和烹飪團隊仔細研究了菜單，並對所有定價進行了苦苦思索，對嗎？因為你確實設定了雙重使命，在財務方面，我追求利潤，而他們追求客人。

We have to find that middle ground. I mean, really do look at it as sort of the core cost. And I know you’ve talked about it that way as well. And if you think about there has been a transition over time to heavier labor because of the wages and probably a lower COGS in the industry in general. Certainly for us, I think we have a competitive advantage when it comes to that because of the fact that we bring in everything fresh into our restaurants.

我們必須找到中間立場。我的意思是，確實將其視為核心成本。我知道你也曾經這樣談論過它。如果你考慮一下，隨著時間的推移，由於工資和整個行業的 COGS 可能較低，勞動力已經轉向更重的勞動。當然，對我們來說，我認為我們在這方面具有競爭優勢，因為我們將所有新鮮食材帶入我們的餐廳。

And so we’re bypassing a component of labor and delivery costs that some of our competitors have when they use the commissary. So that’s an initial savings, but longer term it also emboldens or it burdens you with these incremental components that necessarily aren’t as flexible when you see the benefit of commodity inflation at flat, right? And so I think we’re getting some benefit. But we’ll continue to make sure that we have price points across the menu.

這樣，我們就繞過了一些競爭對手在使用小賣部時所產生的勞動力和運輸成本。所以，這是最初的節省，但從長遠來看，它也會增強你的膽量，或者給你帶來這些增量部分的負擔，而當你看到商品通膨平穩帶來的好處時，這些增量部分必然不那麼靈活，對嗎？所以我認為我們得到了一些好處。但我們將繼續確保菜單上有合適的價格。

So over time, who would have thought that we would ever have burgers over $15 Well, the industry crossed that line five years ago and we’re not going to look back. But we want to make sure that we continue to have it on both sides of the ledger. And so we’ll always focus on bringing new items in at very attractive price points to offset the need to take that pricing. It’s that art and science over time.

所以隨著時間的推移，誰會想到我們的漢堡價格會超過 15 美元呢？五年前，這個產業就已經跨越了這條線，我們不會回頭。但我們希望確保我們能夠繼續在帳簿的兩邊保留它。因此，我們將始終專注於以極具吸引力的價格推出新產品，以抵消採取這種定價的需要。這就是隨著時間推移而發展的藝術和科學。

And let me ask this, I think it’s related. I’ve had almost all the new menu. I think I have had all the new menu. And obviously a real focus on vegetables, maybe more so than what I’ve seen before, and it’s actually become pretty noticeable on the menu. Is your relationship with Flower Child informing any of that? I mean, is it just overall consumer trends?

讓我問一下，我認為這是相關的。我幾乎吃完了所有新菜單。我想我已經了解了所有新菜單。顯然，我們真正關注的是蔬菜，可能比我以前見過的更注重，而且它在菜單上變得非常引人注目。您與 Flower Child 的關係是否對您有所啟發？我的意思是，這只是整體的消費趨勢嗎？

Obviously, it’s maybe the ticket isn’t as high as certain vegetable type of or vegetarian type of items, but the margin can be quite good. Just tell me if I’m right in kind of seeing that shift and maybe what drove some of that and whether there’s even greater future direction in the menu in that way.

顯然，它的票價可能不如某些蔬菜或素食類商品那麼高，但利潤率可能相當不錯。請告訴我，我是否正確地看到了這種轉變，是什麼推動了這種轉變，以及菜單在未來是否有更大的發展方向。

Sure, John. I think, you know, we’ve always been known for the no veto vote. Right? So as vegetarian dining options have become more popular and more prominent, we want to be able to put those on the menu. So I don’t know if that’s necessarily informed by anything we see at Flower Child.

當然，約翰。我想，你知道，我們一直以不否決票而聞名。正確的？因此，隨著素食主義變得越來越流行和突出，我們希望能夠將其納入菜單。所以我不知道這是否一定是我們在 Flower Child 所看到的事物所啟發的。

I think it’s following consumer trends and what we know people want and certainly ensuring that we’re attracting every single guest, not only every price point, but every type of cuisine, which is something we have always done, every demographic, every age demographic.

我認為它遵循了消費者趨勢以及我們所知道的人們的需求，當然也確保我們吸引每一位客人，不僅是每個價位，還有每一種類型的菜餚，這也是我們一直在做的事情，針對每個人口群體、每個年齡段的人群。

And I think this menu, we were really strategically trying to go after that and do it. It’s something we’ll continue to do, whether that’s putting on different types of epic cuisines. This this menu has a few more Mediterranean items on it, and that’s become more popular in the past few years. It’s a strength of Cheesecake Factory, and we’ll continue to lean into menu innovation, and be able to put on what we believe people want to eat today.

我認為，我們確實在策略性地嘗試實現這個菜單。我們會繼續做這件事，無論是提供不同類型的史詩級美食。這份菜單上有更多的地中海菜餚，這些菜餚在過去幾年變得越來越受歡迎。這是芝士蛋糕工廠的優勢，我們將繼續致力於菜單創新，並提供我們認為人們今天想吃的菜餚。

And ladies and gentlemen, that concludes our question and answer session and today’s -- .

女士們、先生們，我們的問答環節和今天的——到此結束。