Cheesecake Factory Inc (CAKE) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to The Cheesecake Factory Incorporated Q2 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 The Cheesecake Factory Incorporated 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Etienne Marcus, Vice President of Finance and Investor Relations. Sir, please go ahead.

現在我想將電話轉給財務和投資者關係副總裁 Etienne Marcus。先生，請繼續。

Good afternoon, and welcome to our second quarter 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.

下午好，歡迎參加我們的 2025 財年第二季財報電話會議。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)。

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

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

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有重大差異。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。

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. In addition, during this conference call, we will be presenting results on an adjusted basis, which exclude acquisition-related items and impairment of assets and lease termination expenses.

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。此外，在本次電話會議中，我們將以調整後的結果公佈，其中不包括收購相關項目、資產減損和租賃終止費用。

Explanations 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.

我們使用非公認會計準則 (non-GAAP) 財務指標的解釋以及與最直接可比較的公認會計準則 (GAAP) 指標的對帳如前所述，已在我們網站上的新聞稿中披露。

David Overton will begin today's call with some opening remarks, and David Gordon will provide an operational update. Matt will then review our second quarter financial results and 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二季財務業績，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. Our second quarter results exceeded expectations with consolidated revenues and adjusted earnings per share, setting new milestones for the company. These solid financial results are fueled by operational excellence and sustained demand across our differentiated high-quality concepts.

謝謝你，艾蒂安。我們第二季的業績超乎預期，綜合營收和調整後每股盈餘均創下新高，為公司樹立了新的里程碑。這些穩健的財務表現得益於卓越的營運和對我們差異化高品質概念的持續需求。

Second quarter comparable sales at The Cheesecake Factory restaurants increased 1.2%, driving record high average weekly sales and further elevating our industry-leading and realized unit volumes to nearly $12.8 million for the quarter.

芝士蛋糕工廠餐廳第二季度可比銷售額增長 1.2%，推動平均每週銷售額創歷史新高，並進一步提升了我們行業領先地位，本季度實現的單位銷售額達到近 1280 萬美元。

Strategic innovation in our menu has always been a key pillar of our success, reflecting that ongoing focus, we are now introducing our latest menu, which features 14 new dishes across two innovative categories. And tomorrow, in celebration for National Cheesecake Day, we are launching our newest Cheesecake Peach Perfect with Raspberry Drill.

菜單上的策略創新一直是我們成功的關鍵支柱，體現了這一持續關注，我們現在推出最新菜單，其中包含兩個創新類別的 14 道新菜餚。明天，為了慶祝全國起司蛋糕日，我們將推出最新的覆盆子鑽孔桃子起司蛋糕。

We believe our continued focus on culinary innovation keeps our menu highly relevant without relying on discounting and combined with the strength of our best-in-class operators positions us to stand out competitive landscape.

我們相信，我們對烹飪創新的持續關注使我們的菜單保持高度相關性，而無需依賴折扣，再加上我們一流運營商的實力，使我們在競爭中脫穎而出。

Thanks to the outstanding execution of our operators, we delivered strong flow-through and meaningful improvement in profitability. In fact, Cheesecake Factory's four wall restaurant margin increased to 18.5%, up 80 basis points year-over-year and the highest level recorded in eight years.

由於我們運營商的出色執行，我們實現了強勁的流通和盈利能力的顯著提升。事實上，Cheesecake Factory 的四面餐廳利潤率上升至 18.5%，較去年同期成長 80 個基點，達到八年來的最高水準。

Turning to development, we successfully opened eight restaurants in the second quarter, including two Cheesecake Factory restaurants, one North Italia, three Flower Child and two FRC restaurants. Subsequent to quarter end, we opened one FRC restaurants and one international Cheesecake factoring restaurant in Mexico under our licensing agreement.

談到發展，我們在第二季度成功開設了 8 家餐廳，其中包括 2 家 Cheesecake Factory 餐廳、1 家 North Italia 餐廳、3 家 Flower Child 餐廳和 2 家 FRC 餐廳。季度末之後，我們根據許可協議在墨西哥開設了一家 FRC 餐廳和一家國際起司蛋糕保理餐廳。

We are pleased with the progress we've made on new unit growth so far this year and continue to expect to open as many as 25 new restaurants in 2025. Additionally, we anticipate two Cheesecake Factory restaurants to open internationally under a licensing agreement.

我們對今年迄今新店成長所取得的進展感到滿意，並預計到 2025 年將開設多達 25 家新餐廳。此外，我們預計兩家 Cheesecake Factory 餐廳將根據許可協議在國際上開業。

As we look ahead, the strong demand for our distinct dining experiences reaffirms our confidence in the long-term trajectory of our portfolio. Our results clearly demonstrate the strength of our platform and the effectiveness of our strategy to deliver sustainable growth and value.

展望未來，市場對我們獨特餐飲體驗的強勁需求再次堅定了我們對產品組合長期發展軌跡的信心。我們的業績清楚地證明了我們平台的實力以及實現永續成長和價值的策略的有效性。

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 performance this quarter reflects the operational strength and disciplined execution of our teams who continue to manage their restaurants with precision and excellence. Notably, both hourly and management retention increased year-over-year, driving improvements in labor productivity, food efficiencies and wage management.

謝謝你，大衛。本季的業績體現了我們團隊的營運實力和嚴謹的執行力，他們繼續以精準和卓越的方式管理餐廳。值得注意的是，小時工和管理留任率均較去年同期成長，推動了勞動生產力、食品效率和工資管理的改善。

As we've noted previously, our success in staffing continues to be a key driver behind the improvement in guest satisfaction scores. Ultimately, it's our team members who make it all possible, bringing our vision to life and delivering exceptional dining experiences every day.

正如我們之前所指出的，我們在人員配備方面的成功仍然是客人滿意度得分提高的關鍵驅動力。最終，是我們的團隊成員讓這一切成為可能，將我們的願景變為現實，並每天提供卓越的用餐體驗。

To this point, our internal Net Promoter Score metrics improved across nearly all key areas this quarter including in both the dine-in and off-premise channels with notable gains in pace of experience, staff service and food quality.

到目前為止，本季度我們內部的淨推薦值指標在幾乎所有關鍵領域都有所改善，包括堂食和外賣管道，體驗速度、員工服務和食品品質都有顯著提高。

Record Cheesecake Factory average weekly sales in the second quarter were supported by off-premise sales of 21%, consistent with the average of the prior four quarters. And our newest Cheesecake Factory restaurant in Naperville, a suburb of Chicago, open to remarkable demand, underscoring the strong affinity for the brand and the enduring value of our distinctive dining experience.

起司蛋糕工廠第二季創紀錄的每周平均銷售額得益於 21% 的場外銷售額，與前四個季度的平均銷售額持平。我們位於芝加哥郊區內珀維爾的最新芝士蛋糕工廠餐廳需求旺盛，凸顯了人們對該品牌的強烈喜愛以及我們獨特就餐體驗的持久價值。

As David mentioned, strategic menu innovation remains core to our success and we're bringing that to life with the launch of two new menu categories, bowls and bites. Our new bowl selection includes 6 thoughtfully crafted options, such as the Teriyaki Salmon bowl, Orange Color Flower bowl, the Peruvian Chicken bowl.

正如大衛所提到的，戰略菜單創新仍然是我們成功的核心，我們透過推出兩個新的菜單類別「碗」和「小吃」來實現這一點。我們的新碗選擇包括 6 種精心製作的選擇，例如照燒鮭魚碗、橙色花朵碗、秘魯雞肉碗。

We also introduced a lineup of eight new bites, smaller plates offered at an attractive price point. These are designed to drive interest and offer new ways to enjoy the menu, with items like New Orleans Cation Shrimp, Chicken and Biscuits, and meat bowl sliders.

我們還推出了八種新小吃，以極具吸引力的價格提供較小的盤子。這些設計旨在激發人們的興趣，並提供享受菜單的新方式，例如新奧爾良陽離子蝦、雞肉和餅乾以及肉碗滑塊。

These new offerings reinforce the relevance of our menu and the strength of our innovation strategy. Together with our best-in-class operational execution, they drive sales and traffic to reinforce our leadership and experiential dining.

這些新產品增強了我們菜單的相關性和創新策略的實力。它們與我們一流的營運執行相結合，推動了銷售和客流量，從而鞏固了我們的領導地位和體驗式餐飲。

Moving to Cheesecake Rewards. The program continues to perform well with strong member growth and high satisfaction. As we evolve the program, we've shifted from large-scale testing to a more targeted data-driven strategy, delivering personalized offers aligned with member behavior and preferences. This refined approach has driven meaningfully higher engagement and deeper loyalty.

轉向 Cheesecake Rewards。該計劃持續表現良好，會員數量強勁增長，滿意度很高。隨著該計劃的不斷發展，我們已經從大規模測試轉向更有針對性的數據驅動策略，提供符合會員行為和偏好的個人化服務。這種改進的方法顯著提高了參與度和忠誠度。

Turning to North Italia. Second quarter annualized AUVs increased 2%, reaching $8 million. Comparable sales declined 1%, reflecting some continued impact from the Los Angeles fires weighing more heavily on performance due to the concept's smaller comp base relative to the Cheesecake Factory as well as some sales transfer impact from new restaurants.

轉向北義大利。第二季年化 AUV 成長 2%，達到 800 萬美元。可比銷售額下降了 1%，反映出洛杉磯大火的持續影響對業績造成了更大的影響，因為該概念店相對於芝士蛋糕工廠的顧客群較小，而且新餐廳的銷售轉移也產生了一些影響。

We also successfully opened a new North Italia Boise, Idaho during the quarter, marking our entry into another market. Early performance exceeded expectations, with average weekly sales trending approximately 40% above the Q2 system average, reaffirming strong consumer demand for the concept.

本季度，我們也成功在愛達荷州博伊西開設了新的 North Italia 餐廳，標誌著我們進入了另一個市場。早期表現超出預期，每周平均銷量比第二季度系統平均水平高出約 40%，再次證明了消費者對該概念的強勁需求。

Restaurant level profit margin for the adjusted mature North Italia locations improved 290 basis points from the prior year to 18.2%. The margin expansion was primarily driven by operational improvements as well as more favorable commodity and labor inflation.

調整後的成熟北義大利餐廳的餐廳等級利潤率較前一年提高了 290 個基點，達到 18.2%。利潤率的擴大主要得益於營運的改善以及更有利的商品和勞動力通膨。

Flower Child continues on a strong upward trajectory, with second quarter comparable sales increasing 4%, significantly outperforming the Black Box fast casual dining index, which was essentially flat for the quarter. The improvement resulted in average weekly sales of $91,400 for an annualized AUV of over $4.8 million, a new milestone for the concept.

Flower Child 持續保持強勁上升勢頭，第二季可比銷售額成長 4%，明顯優於本季基本持平的 Black Box 快餐休閒餐飲指數。這項改進使每周平均銷售額達到 91,400 美元，年平均銷售額超過 480 萬美元，這對該概念來說是一個新里程碑。

We also opened three new Flower Child locations during the quarter, including two in new markets, Collectively, these restaurants averaged nearly $82,900 in weekly sales, translating to a solid AUV of approximately $4.3 million annualized.

我們還在本季開設了三家新的 Flower Child 餐廳，其中兩家位於新市場，這些餐廳的每周平均銷售額總計近 82,900 美元，相當於年平均銷售額 (AUV) 約為 430 萬美元。

Operational enhancements continue to support strong performance, with restaurant level profit margin for adjusted mature Flower Child locations reaching 20.4% in the second quarter. Our strong portfolio performance, fueled by sustained sales momentum, operational excellence and margin expansion positions us well to deliver on our long term growth ambitions.

營運改善持續支持強勁的業績，第二季調整後的成熟 Flower Child 餐廳的餐廳級利潤率達到 20.4%。我們的產品組合表現強勁，受到持續的銷售勢頭、卓越的營運和利潤率擴張的推動，這使我們能夠實現長期成長目標。

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 second quarter results versus our expectations I outlined last quarter. Total revenues of $956 million and adjusted net income margin of 5.8%, both exceeded the high end of the guidance ranges we provided.

謝謝你，大衛。首先，讓我對我們的第二季業績與上個季度概述的預期進行一個高層次的回顧。總收入為 9.56 億美元，調整後淨收入率為 5.8%，均超過了我們提供的指導範圍的高端。

Now turning to some more specific details around the quarter. Second quarter total sales at the Cheesecake Factory restaurants were $683.3 million, up 1% from the prior year. Comparable sales increased 1.2% versus the prior year. Total sales for North Italia were $90.8 million, up 20% from the prior year period.

現在來談談本季的一些更具體的細節。起司蛋糕工廠餐廳第二季總銷售額為 6.833 億美元，比上年增長 1%。可比銷售額較上年增長1.2%。North Italia 的總銷售額為 9,080 萬美元，比去年同期成長 20%。

Other FRC sales totaled $90.2 million, up 22% from the prior year. And sales per operating week were $136,800. Flower Child sales totaled $48.2 million, up 35% from the prior year. And sales per operating week were $91,400. And external bakery sales were $12.9 million.

其他 FRC 銷售額總計 9,020 萬美元，比上年增長 22%。每個營業週的銷售額為 136,800 美元。Flower Child 的銷售額總計 4,820 萬美元，比前一年成長 35%。每個營業週的銷售額為 91,400 美元。外部烘焙銷售額為 1290 萬美元。

Now moving to year-over-year expense variance commentary. In the second quarter, we continued to realize some year-over-year improvement across several key line items in the P&L. Specifically, cost of sales decreased 70 basis points, primarily driven by favorable commodity costs.

現在轉到同比費用差異評論。在第二季度，我們繼續在損益表中的幾個關鍵項目上實現同比增長。具體而言，銷售成本下降了 70 個基點，主要原因是商品成本有利。

Labor as a percent of sales declined 20 basis points primarily driven by the continued improvement in retention, supporting labor productivity gains and wage leverage, partially offset by higher group medical costs.

勞動力佔銷售額的百分比下降了 20 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工資槓桿，但被更高的團體醫療成本部分抵消。

Other operating expenses increased 40 basis points, primarily driven by higher facility related costs. G&A increased 10 basis points from the prior year. Depreciation remained relatively flat as a percent of sales. Pre-opening costs were $9 million in the quarter compared to $7 million in the prior year period. We opened eight restaurants during the second quarter versus five restaurants in the second quarter of 2024.

其他營運費用增加了 40 個基點，主要是由於設施相關成本的增加。總體及行政開支較上年同期增加 10 個基點。折舊佔銷售額的百分比保持相對穩定。本季開業前成本為 900 萬美元，而去年同期為 700 萬美元。我們在第二季開設了 8 家餐廳，而 2024 年第二季開設了 5 家餐廳。

And in the second quarter, we recorded a pre-tax net expense of $1.2 million related to FRC acquisition related items and impairment of assets and lease termination expenses. Second quarter GAAP diluted net income per share was $1.14. Adjusted diluted net income per share was $1.16.

在第二季度，我們記錄了與 FRC 收購相關項目、資產減損和租賃終止費用有關的稅前淨支出 120 萬美元。第二季GAAP稀釋每股淨收益為1.14美元。調整後每股稀釋淨收益為1.16美元。

Now turning to our balance sheet and capital allocation. The company ended the quarter with total available liquidity of approximately $515.3 million, including a cash balance of $148.8 million, and approximately $366.5 million available on our revolving credit facility.

現在轉向我們的資產負債表和資本配置。該公司本季結束時的總可用流動資金約為 5.153 億美元，其中包括 1.488 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 due 2026, and $575 million in principal amount of convertible notes due 2030. CapEx totaled approximately $42 million during the second quarter for new unit development and maintenance. During the quarter, we completed approximately $0.1 million in share repurchases and returned $14.3 million to shareholders via our dividend.

未償還債務本金總額為 6.44 億美元，其中包括 2026 年到期的可轉換票據本金 6,900 萬美元，以及 2030 年到期的可轉換票據本金 5.75 億美元。第二季度，用於新單位開發和維護的資本支出總計約為 4,200 萬美元。本季度，我們完成了約 10 萬美元的股票回購，並透過股息向股東返還了 1,430 萬美元。

Now let me turn to our outlook. While we will not be providing specific comparable sales and earnings guidance, we will provide our updated thoughts on our underlying assumptions for Q3 and full year 2025. Our assumptions factor in everything we know as of today, including net restaurant counts, quarter-to-date trends, our expectations for the weeks ahead and anticipated impacts associated with holiday shifts.

現在讓我談談我們的展望。雖然我們不會提供具體的可比較銷售額和獲利指引，但我們將對 2025 年第三季和全年的基本假設提供最新想法。我們的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、對未來幾週的預期以及與假期變化相關的預期影響。

Specifically, for Q3, we anticipate total revenues to be between $905 million and $915 million. Next, at this time, we expect effective commodity inflation of low single digits for Q3. 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.

具體來說，我們預計第三季的總營收將在 9.05 億美元至 9.15 億美元之間。接下來，我們預期第三季有效商品通膨率將達到低個位數。在考慮工資率和最低工資成長以及勞動力其他組成部分的最新趨勢時，我們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 $61 million. Depreciation is estimated to be approximately $28 million. We are estimating pre-opening expenses to be approximately $7 million to $8 million to support the planned openings in the quarter and early Q4 openings.

一般及行政費用 (G&A) 估計約 6,100 萬美元。折舊估計約 2800 萬美元。我們估計開業前的費用約為 700 萬至 800 萬美元，以支持本季和第四季初的計畫開業。

Based on these assumptions, we would anticipate adjusted net income margin to be about 3.25% at the midpoint of the sales range provided. For modeling purposes, we are assuming a tax rate of approximately 10%, and weighted average shares outstanding of 48.5 million.

根據這些假設，我們預期調整後的淨收入利潤率約為所提供的銷售範圍中點的 3.25%。為了建模目的，我們假設稅率約為 10%，加權平均流通股數為 4,850 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. 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. We are estimating G&A to be about flat year-over-year as a percent of sales, and depreciation to be about $109 million for the year.

現在，就全年而言，基於類似的假設，並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）。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。我們估計，一般及行政費用佔銷售額的百分比與去年同期基本持平，全年折舊約為 1.09 億美元。

And given our unit growth expectations, we are estimating pre-opening expenses to be approximately $34 million. Based on these assumptions, we now expect full year adjusted net income margin to be approximately 4.9% of the sales estimate provided.

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。基於這些假設，我們現在預計全年調整後的淨收入利潤率約為所提供的銷售額估計的 4.9%。

For modeling purposes, we are assuming an 11.5% tax rate and a weighted average share count of approximately 50 basis points lower than 2024. To help with modeling, this implies a Q4 tax rate of 11% to 12% and (inaudible) of $49 million.

為了建模目的，我們假設稅率為 11.5%，加權平均股數比 2024 年低約 50 個基點。為了幫助建模，這意味著第四季度的稅率為 11% 至 12%，且（聽不清楚）為 4,900 萬美元。

With regard to development, as David stated earlier, we expect to open as many as 25 new restaurants in 2025. This includes as many as four Cheesecake Factories, six North Italias, six Flower Childs and nine FRC restaurants.

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。其中包括多達四家 Cheesecake Factory、六家 North Italias、六家 Flower Childs 和九家 FRC 餐廳。

And we would anticipate approximately $190 million to $200 million in cash CapEx to support unit development as well as required maintenance on our restaurants. In closing, we delivered another quarter of strong financial and operational performance, with record revenue continued margin expansion and earnings growth.

我們預計將有大約 1.9 億至 2 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。最後，我們又一個季度取得了強勁的財務和營運業績，創紀錄的收入、利潤率的持續擴大和獲利的成長。

Our restaurant teams continue to execute at a high level and our differentiated experiential concepts remain well positioned to consistently deliver the delicious, memorable dining experiences our guests expect. As always, we remain focused on making steady progress toward our long-term value creation priorities, growing comparable restaurant sales, expanding operating margins and accelerating accretive unit development.

我們的餐廳團隊繼續保持高水準的執行力，我們差異化的體驗理念始終能夠為我們的客人提供他們所期望的美味、難忘的用餐體驗。像往常一樣，我們將繼續致力於穩步推進我們的長期價值創造重點，增加可比餐廳銷售額，擴大營業利潤率並加速增值單位發展。

With a stable foundation, a resilient business model and a clear strategic focus, we believe we are well positioned to continue generating consistent results and driving meaningful long-term shareholder value. With that said, we'll take your questions.

憑藉穩定的基礎、有彈性的商業模式和明確的策略重點，我們相信我們有能力繼續創造持續的績效並推動有意義的長期股東價值。話雖如此，我們會回答您的問題。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作員指示） Brian Bittner，奧本海默。

Thank you. Good afternoon. As it relates to the increase in the net income margin for 2025 from 4.75% to 4.9%, is this primarily operationally driven at the store level? Do you basically do you have a different assumption for the four wall margin expansion in 2025 versus I think 15 to 25 basis points of increase is what you had previously assumed?

謝謝。午安.有鑑於此，2025 年淨收入利潤率將從 4.75% 增加到 4.9%，這主要由商店層面的營運推動嗎？您對 2025 年四壁利潤率擴張的假設是否有所不同，而我認為您先前假設的成長是 15 到 25 個基點？

Hey, Ryan, it's Matt. Thanks for the question. That's true. I think the four wall, our expectations now or that it will be better than we had originally expected. I mean clearly demonstrated by our Q2 results being above our expectations. And so I think we are committed to continuing to take it one quarter at a time, but our outlook has definitely increased based on operational excellence and overall sales trends.

嘿，瑞安，我是馬特。謝謝你的提問。這是真的。我認為，就目前的情況來看，我們的預期或將比我們最初預期的要好。我的意思是，我們的第二季業績超出了我們的預期，這清楚地證明了這一點。因此，我認為我們致力於繼續逐個季度實現這一目標，但基於卓越的營運和整體銷售趨勢，我們的前景肯定會有所增長。

Thanks for that. And just lastly, as it relates to the third quarter, the revenue outlook you provided, there's a lot of moving pieces within the model these days. Does it basically assume a base case for Cheesecake Factory same-store sales that's relatively similar to the quarter?

謝謝。最後，就第三季而言，您提供的收入前景目前模型中有很多變動因素。它是否基本上假設芝士蛋糕工廠同店銷售額的基本情況與本季相對相似？

At the high end, that's right. So I would say we really didn't -- we've seen very, very stable sales. And so we continue to have that stable outlook. But I still think there's no reason to get out ahead of our SKUs and try to forecast something greater until we see it happen.

從高端來說，這是對的。所以我想說我們確實沒有——我們看到了非常非常穩定的銷售情況。因此我們繼續保持穩定的前景。但我仍然認為，在我們看到事情發生之前，沒有理由超越我們的 SKU 並試圖預測更大的事情。

Great. Thank you.

偉大的。謝謝。

Drew North, Baird.

德魯諾斯，貝爾德。

Thanks. I wanted to follow up on the topic of labor. And my question is focused on labor retention, which has continued to be a good topic and positive for your business in the broader industry. But I was wondering if you could provide some perspective on where retention levels or turnover levels are maybe relative to pre-pandemic or prior peaks to help us understand how much further improvement could be made?

謝謝。我想繼續討論勞動這個話題。我的問題集中在勞動力保留上，這一直是一個很好的話題，並且對你們在更廣泛行業的業務有積極作用。但我想知道您是否可以提供一些關於保留水平或營業額水平相對於大流行前或之前的峰值的看法，以幫助我們了解還可以取得多大的進步？

Or I guess, higher level, how you're thinking about the opportunity to continue to leverage labor across in the back half of the year here?

或者我想，從更高的層次來看，您如何看待在今年下半年繼續利用勞動力的機會？

Sure, hi Drew, this is David Gordon. We continue to be very pleased with our progress around staff and management retention. Our staff level retention today is as good as it's been historically in the company. So even exceeding pre-pandemic levels and the same thing for management retention, and best-in-class across the industry.

當然，嗨，德魯，我是大衛戈登。我們對員工和管理層保留方面的進展感到非常滿意。我們今天的員工留任率與公司歷史上一樣好。因此，甚至超過了疫情前的水平，管理層的保留率也同樣如此，並且在整個行業中處於領先地位。

And we continue to believe that's because of the culture, the enduring culture of Cheesecake Factory and how we care for our staff and managers, the opportunities for them to continue to promote within the concept, whether that's to be more productive as an hourly staff member and learn new stations, which improves productivity in the long run for us over time.

我們始終相信，這是因為芝士蛋糕工廠的文化，持久的文化，以及我們如何關心我們的員工和管理人員，為他們提供在理念下不斷晉升的機會，無論是作為計時員工提高生產力還是學習新的崗位，從長遠來看，這都會提高我們的生產力。

We think we'll continue to see the benefits of this ongoing retention, whether that's in lower overtime, lower training costs. We don't see why that's going to change in the near term. based on the current environment. Certainly, if things change in the macro environment that we don't have control of, we'll see what happens.

我們認為，我們將繼續看到這種持續保留帶來的好處，無論是減少加班時間，還是降低培訓成本。基於目前的環境，我們看不出這種情況在短期內會改變。當然，如果宏觀環境發生我們無法控制的變化，我們就會看看會發生什麼。

And on the management side, I think we continue to offer terrific career opportunities for people. for them to progress their career to work in a company that has really leading unit growth today and giving them lots of opportunities to grow in each level of management to go as high as they potentially want to go.

在管理方面，我認為我們將繼續為員工提供極好的職業發展機會，讓他們能夠在一家目前單位增長真正領先的公司中發展自己的職業生涯，並為他們提供在各個管理層面成長的大量機會，讓他們能夠達到他們想要達到的最高水平。

And we continue to be an employer of choice on the selection side because of the stability of the restaurants, the stability of the sales are really staff members know they're going to ours. The tip staff members know they're going to get good consistent tips that we have best-in-class benefits.

由於餐廳的穩定性、銷售的穩定性，我們繼續成為員工選擇我們的首選雇主，員工確實知道他們會來我們這裡工作。小費工作人員知道，他們將會得到持續良好的小費，因為我們擁有一流的福利。

So our challenge to the operators is to keep this up and to ensure that we make it through the second half of the year, maintaining the type of retention that we've seen thus far.

因此，我們向營運商提出的挑戰是繼續保持這種勢頭，確保我們能夠度過下半年，維持迄今為止所見的保留率。

Thank you. That's very helpful. And then one on the comp, if I could. On Cheesecake Factory, can you share the Q2 breakdown related to price and mix and the implied traffic, I guess? And then how we should think about the cadence of pricing as we think about the second half?

謝謝。這非常有幫助。如果可以的話，我還會再在電腦上寫一篇。在 Cheesecake Factory 上，您能否分享與價格、組合和隱含流量相關的第二季細目分類？那麼，當我們考慮下半年時，我們應該如何考慮定價的節奏？

Sure, Drew, this is Matt. The net effective pricing in Q2 is about 4% for Cheesecake. Traffic was a negative 1.1%, and then mix was the balance and effectively, that's what's encompassed in the guidance for the back half.

當然，德魯，這是馬特。第二季的淨有效定價為 Cheesecake 約為 4%。客流量為負 1.1%，然後組合達到平衡，實際上，這就是下半年指引中所包含的內容。

We do anticipate with the value that we're putting on the menu that we might continue to see that level of mix continue, but we're really focused on getting that traffic back to the positive side of the ledger. So very stable sales throughout the quarter and predictable. And I think that's helped our operators deliver on the margins. And so that's what we're forecasting at the back half right now.

我們確實預計，隨著我們在菜單上投入的價值，我們可能會繼續看到這種混合水平的持續，但我們真正關注的是讓流量回到分類帳的積極方面。因此整個季度的銷售額非常穩定且可預測。我認為這有助於我們的營運商實現利潤成長。這就是我們現在對後半部的預測。

Thank you, I'll pass it on.

謝謝，我會傳達的。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thanks. You guys touched on it, but with that February menu update, you did shine a brighter marketing light on the new menu items. So I guess the question would be, did you guys see a customer response to that in terms of just in terms of the innovation aspect of the new menu?

謝謝。你們已經提到了這一點，但是隨著二月菜單的更新，你們確實為新菜單項目帶來了更明亮的營銷光芒。所以我想問題是，就新菜單的創新方面而言，你們是否看到過顧客對此的反應？

Hey Jeff, this is David again. Well, certainly, our approach with this next menu is very similar to the last menu change. We are taking all of the new menu items and putting them on a separate card to ensure that guests see them and they don't get lost in the menu early on in their life.

嘿，傑夫，我又是大衛。嗯，當然，我們對下一個選單的處理方式與上次菜單更改非常相似。我們將把所有新菜單項目放在單獨的卡片上，以確保客人能夠看到它們，並且不會在早期的菜單中迷失。

We feel good about the stickiness of the menu items that we put on that the previous menu change that you mentioned in February. And as Matt touched on, we think that this new menu from a price point value perspective and also from a flavor profile perspective, should be as successful, if not more successful than the rollout that we had in February.

我們對菜單項目的黏性感到非常滿意，這與您在二月份提到的上次菜單更改相比。正如馬特所提到的，我們認為，從價格價值角度和風味特徵的角度來看，這個新菜單應該會像我們二月推出的菜單一樣成功，甚至更成功。

Okay. And then just as a follow-up to that, as it relates to sort of some of the lower price point menu items you put out there, do you think, two things, that the consumer is aware of the lower prices or the lower price points? And are they responding to those lower price points?

好的。然後作為後續問題，由於這與您推出的一些低價菜單項目有關，您認為消費者是否意識到了低價或低價位？他們對這些較低的價格點有反應嗎？

Sure. Well, certainly, again, the fact that they're outside of the menu, if your guests are already coming into the restaurant, you're going to see that lower price point right away. And we can see the order rates from the previous new menu that guests are responding to that.

當然。嗯，當然，事實上它們不在菜單上，如果你的客人已經進入餐廳，你會馬上看到較低的價格點。我們可以從先前的新菜單的訂單率中看到客人對此的反應。

And as Matt touched on the mix, we're anticipating that there'll be some impact to the mix that we're planning on. So we do think that it will continue to resonate and it's the right strategy, and people want to come in and add a bite to their meal, right?

正如馬特談到混音時所說，我們預計這會對我們計劃的混音產生一些影響。所以我們確實認為它會繼續引起共鳴，這是正確的策略，人們想進來為他們的飯菜加點東西，對嗎？

Just like they did when we rolled out small plates and snacks, right? We have guests who are actually introduced to a new category and instead of even cannibalizing from previous sales, they were just adding something that perhaps they weren't planning on ordering.

就像我們推出小盤子和小吃時他們做的那樣，對吧？我們有一些客人實際上接觸了一個新的類別，他們並沒有蠶食以前的銷售，而是添加了一些他們可能沒有計劃訂購的東西。

And we think this will happen with the bites perhaps as well. And somebody will add something like Chicken and Biscuits along with an appetizer and an entree whereas before perhaps they were just going to get an appetizer and entree. So it will be interesting to study here in the next few months.

我們認為，叮咬也可能引發同樣的情況。有些人會在開胃菜和主菜之外添加雞肉和餅乾之類的東西，而以前他們可能只會點開胃菜和主菜。因此接下來的幾個月在這裡學習將會很有趣。

Okay, thank you.

好的，謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. A quick follow-up and then a question on Flower Child. So just on the follow-up. I just wanted to make sure I understood. I know at the beginning of -- or the end of -- when you reported last quarter, you would you did some caution just given the operating environment. And it sort of seems like that didn't materialize.

謝謝。快速跟進，然後詢問有關 Flower Child 的問題。因此，僅進行後續行動。我只是想確保我理解了。我知道，在您報告上個季度的開始或結束時，考慮到營運環境，您會採取一些謹慎的態度。但看起來這似乎並未實現。

I just want to make sure, is that the right read that the operating environment perhaps is a little bit healthier than you might have initially thought given some of the headlines. So that's a clarification.

我只是想確認一下，根據一些頭條新聞，您是否正確解讀了營運環境可能比您最初想像的要健康一些。所以這是一個澄清。

And then on Flower Child, is there any kind of color you can give on profitability or unit economics? That certainly seems to be a very successful concept. The comps are very strong, and I think you're adding units at a nice clip. So as you think about kind of the return profile of the company as a whole, anything you can say about how that might shift it in one direction or another.

那麼關於 Flower Child，您能對獲利能力或單位經濟學給出什麼解釋嗎？這確實是一個非常成功的概念。這些公司非常強大，我認為你們正在以良好的速度增加單位。因此，當您考慮整個公司的回報狀況時，您可以說說這可能會如何改變公司的方向。

Sure, Sara. This is Matt. Just to start with on the environment, I mean I think certainly for Cheesecake Factory, Flower Child, all of our concepts, the environment has been very, very steady for us. I don't know that it's better or they're certainly not true for everybody, but I feel like we were weathering this environment in a very strong way.

當然，薩拉。這是馬特。首先從環境開始，我的意思是，我認為對於 Cheesecake Factory、Flower Child 以及我們所有的概念來說，環境對我們來說都非常非常穩定。我不知道這是否更好，或者這是否對每個人都適用，但我覺得我們正在以非常強大的方式抵禦這種環境。

And I think it's a testament to our execution and as well as the brands that we have. So I think it's prudent just to continue to take a little bit of a cautious approach. We feel really good about where we're sitting today.

我認為這證明了我們的執行力以及我們擁有的品牌。因此我認為繼續採取謹慎的態度是明智之舉。我們對今天的處境感到非常滿意。

With regards to Flower Child and sort of the unit economics, as David Gordon mentioned in the prepared remarks, we're seeing exceptional performance. The mature unit margins cresting over 20% at 20.4% is a high mark for our company at the moment. And the AUV is getting up to in the quarter of 4.8%. So we're looking down at $5 million up there, maybe in the near-term future.

關於 Flower Child 和單位經濟學，正如 David Gordon 在準備好的評論中所提到的那樣，我們看到了卓越的表現。成熟單位利潤率突破 20%，達到 20.4%，這對我們公司來說是一個高標準。而AUV在本季成長了4.8%。因此，我們預計近期內可能達到 500 萬美元。

So certainly, the returns that we're getting today are in the mid-30s, and we feel really positive about that and look forward to continuing to grow the concept, and it seems to be working everywhere that we've been opening.

因此，我們今天獲得的回報肯定在 35% 左右，我們對此感到非常樂觀，並期待繼續發展這一理念，而且它似乎在我們開設的所有地方都發揮了作用。

Okay. I apologize I missed the prepared remarks on that. But just as you think about it as potentially a driver, do you see like an inflection point in terms of is moving the needle on your results just because you haven't broken it out yet and yet it seems very, very attractive.

好的。我很抱歉錯過了對此的準備好的發言。但是，正如您認為它可能是一個驅動因素一樣，您是否認為這是一個轉折點，它正在推動您的業績發展，只是因為您還沒有將其分解出來，但它看起來非常非常有吸引力。

Yeah, it's a little small from an accounting perspective in terms of segment reporting for sure. Our intention when we started this journey about six months ago was to continue to pret more information every quarter, so we're continuing to add data to the ability for people to see the progress. And certainly, we would continue to expect to provide even more information.

是的，從會計角度來看，分部報告的規模確實有點小。大約六個月前，我們開始這一旅程時的目的是繼續每個季度提供更多信息，因此我們將繼續添加數據，以便人們了解進展情況。當然，我們將繼續期待提供更多資訊。

And certainly, the performance has inflected over the past 18 months with all of the work that the team has done, whether it's with a KDS system or the operational dashboards or the catering, right, has all come to fruition and really it is on a very strong trajectory. And I would suspect that it will play a bigger and bigger role as we go forward.

當然，在過去 18 個月中，團隊所做的所有工作，無論是 KDS 系統、操作儀表板還是餐飲，都已經取得了成果，而且確實處於非常強勁的發展軌跡中，業績已經發生了變化。我相信，隨著我們不斷前進，它將發揮越來越大的作用。

Thank you.

謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Hey guys, good afternoon. Thanks for taking our questions. Wanted to ask a couple on North Italia, if I could. First, just some housekeeping, if you could give us the comp breakdown there, price, volume and mix for North Italia for the quarter?

大家好，下午好。感謝您回答我們的問題。如果可以的話，我想問北義大利的一對夫婦。首先，只是一些基本情況，您能否向我們提供本季北義大利地區的公司明細、價格、銷售和產品組合？

And then if I recall correctly, in 1Q there were some headwinds from the fires in LA and some regional weather. And so I believe the comp was similar, if not maybe down or up a little bit, but just any comments on kind of what's continuing to (inaudible)

如果我沒記錯的話，第一季洛杉磯的火災和一些區域性天氣帶來了一些不利因素。因此，我相信比較結果類似，即使不是下降，也可能上升一點點，但對於什麼會繼續（聽不清楚）

Hey Jim, this is Etienne. I'll just give you the breakdown here. So price was 4% in the second quarter. Mix was negative 1%, traffic was negative 4%.

嘿，吉姆，我是艾蒂安。我在這裡只給你詳細說明。因此第二季的價格上漲了 4%。混合率為負 1%，流量為負 4%。

So let me just give some extra color there, Jim, because I think it's important for everybody to understand the performance at North is actually very, very strong. If you look at the AUVs of $8 million, actually outpacing the comps, that's because the new units are coming on that much stronger.

所以，吉姆，讓我在這裡提供一些額外的信息，因為我認為讓每個人都了解北方的表現實際上非常非常強勁是很重要的。如果你看一下 800 萬美元的 AUV，它實際上超過了同類產品，那是因為新單位的實力更加強大。

We delivered 18.2% on the mature margins, right? And so the higher sales and the higher margins are making for great returns. But what we are seeing is there is a little bit of sales transfer in some markets. And then that's really what's weighing on it.

我們的成熟利潤率為 18.2%，對嗎？因此，更高的銷售額和更高的利潤率帶來了豐厚的回報。但我們看到，一些市場出現了少量銷售轉移。這才是真正讓人頭痛的事。

So if you take Charlotte as a good example, and it talks to our ability to penetrate markets at the pace that we expected, so we have two Cheesecake factories in Charlotte that are doing $25 million, $26 million, right, near the system average.

因此，如果以夏洛特為例，它說明了我們以預期的速度滲透市場的能力，因此我們在夏洛特有兩家芝士蛋糕工廠，其營業額分別為 2500 萬美元、2600 萬美元，接近系統平均水平。

We just opened our third North in that market. And the first full quarter was Q2, and it did on an annualized basis of $10 million, right? And so as the third one there, in total, the three of them are averaging around $8 million. And the mature margins there are in the low 20%. And so they're great investments.

我們剛剛在該市場開設了第三家北方分店。第一個完整季度是第二季度，以年率計算，其收入為 1000 萬美元，對嗎？作為第三位，總的來說，他們三人的平均收入約為 800 萬美元。那裡的成熟利潤率在 20% 以下。所以它們都是很好的投資。

But when you open up that strong, you're just moving a little bit of sales from one existing to another. And that's really the major drive towards the comp there. If we net that out, it's performing pretty much in line with Cheesecake Factory. Like when we net out the sales transfer, it's probably a 1% comp with a negative on traffic. And so we're actually really, really pleased. They're just opening faster and bigger than we expected.

但是，當你強勢開放時，你只是將少量的銷售額從一個現有的市場轉移到另一個現有的市場。這確實是推動該企業發展的主要動力。如果我們將其扣除，它的表現與 Cheesecake Factory 基本一致。例如，當我們扣除銷售轉移額時，它可能與 1% 的銷售額相差無幾，而對流量的影響是負面的。因此我們真的非常非常高興。他們的擴張速度比我們預期的快，規模也更大。

Got it. No, that's super helpful. And maybe if I could just have one quick follow-up there. Just any color that you guys have on North in terms of trends by income bracket, if there's anything that you've noticed in some locations with lower end consumer to the extent that like an aspirational consumer would go to North as kind of an elevated experience.

知道了。不，這非常有幫助。也許我可以在這裡快速跟進。就收入階層的趨勢而言，你們對北方有什麼看法，如果你注意到某些地方的低端消費者在某種程度上像有抱負的消費者一樣會去北方尋求一種高級體驗。

Yeah, I mean, I think it's similar to Cheesecake Factory, but maybe it's a little more narrow. It's probably slightly higher income on average, but certainly, aspirational guest can still go to North and use the menu however they see fit, right? I mean they can get it in pizza and pasta and salads, all in the low 20s. And so I think that there's opportunity there.

是的，我的意思是，我認為它與 Cheesecake Factory 類似，但可能更狹窄一些。平均收入可能略高一些，但當然，有抱負的客人仍然可以去北方並以他們認為合適的方式使用菜單，對嗎？我的意思是，他們可以在披薩、義大利麵和沙拉中找到它，價格都在 20 美元出頭。所以我認為那裡有機會。

And every market that we're going into now, we're seeing really strong demand. We noted opening in Boise being 40% above the system average, right? And so that's telling us that guests of all walks of life of all income brackets of all demographics are going to North. You don't open up doing $10 million and 6,500 square feet, if that's on the case.

我們現在進入的每個市場都看到了強勁的需求。我們注意到博伊西的開業率比系統平均高出 40%，對嗎？這告訴我們，各行各業、各個收入階層、各個人口群體的客人都會前往北方。如果情況確實如此，你就不會願意花 1000 萬美元建造 6500 平方英尺的建築。

Great, appreciate all the time. I'll hop back in the queue.

太棒了，一直很感激。我會重新回到隊列中。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Hi, thanks, and good evening. I wanted to ask about menu pricing at Cheesecake Factory. I think you've been running, you said around 4%, maybe the low 4s. Margins have obviously exceeded your expectations. It still seems to be a pretty intense value environment, just broadly thinking about the consumer.

你好，謝謝，晚上好。我想問一下芝士蛋糕工廠的菜單價格。我認為你一直在運行，你說的是 4% 左右，也許是 4% 以下。利潤顯然超出了您的預期。它似乎仍然是一個非常激烈的價值環境，只是廣泛地考慮消費者。

So I guess how does that feed into your current thinking on your fall menu rollout, and I guess, why not let year-on-year pricing roll off a bit, given the tailwinds that you're seeing?

所以我想這會對您目前關於秋季菜單推出的想法產生什麼影響？而且，考慮到您所看到的順風，為什麼不讓同比價格稍微下降一點呢？

Yeah, Brian, this is Matt. So in fact, it will. We are taking less pricing going into the back half of the year. But also, we're introducing some items that have some inherently lower prices. So the effective pricing that we're taking. It is actually going down quite a bit more.

是的，布萊恩，這是馬特。事實上，它會的。進入下半年，我們的定價將會降低。但同時，我們也推出了一些價格較低的商品。所以我們採取的是有效定價。事實上，下降幅度還相當大。

And David Gordon mentioned bowls and the bite. The bites are predominantly items that are under $10, and the bowls are in the $15 to $16 range with Cheesecake Factory portions. So when we look at what we're doing from a value perspective. On really on an effective pricing, I think it's going to be well below where the industry is at, and we're driving significant value for the consumer.

大衛戈登 (David Gordon) 提到了碗和咬合。小點心的價格主要在 10 美元以下，而碗裝小吃的價格則在 15 至 16 美元之間，包括起司蛋糕工廠的份量。因此，當我們從價值角度看待我們所做的事情時。就真正有效的定價而言，我認為它將遠低於行業水平，並且我們正在為消費者創造巨大的價值。

Okay. Sorry, I might have misunderstood previous comments on the pricing. But what type of year-on-year pricing at Cheesecake would be reasonable for the second half?

好的。抱歉，我可能誤解了之前關於定價的評論。但是，Cheesecake 下半年的年比定價應是多少才合理呢？

3.5%, probably on a headline basis. But again, I would just reiterate that with the new menu items it is probably another 100 basis points of negative mix inherently built into that. So right -- so the real pricing is probably going to be more like 2% to 2.5% in terms of what the consumer feels.

3.5%，可能只是整體水準。但我再次重申，新選單項目的出現可能會為負面組合帶來 100 個基點的負面影響。所以正確——就消費者的感受而言，實際定價可能更像是 2% 到 2.5%。

Okay. That's super helpful. I wanted to ask about margins as well and maybe dial in on the North Italia margins. Certainly encouraging improvement. I think our segment margin was nearly 15% if I did the rough math quickly.

好的。這非常有幫助。我也想詢問利潤率，也許可以撥打北義大利的利潤率。無疑會令人鼓舞地進步。如果我快速粗略計算一下，我認為我們的細分利潤率接近 15%。

I guess can you just elaborate a little bit on what drove that improvement in a slightly negative comp environment? And I saw the other OpEx line in particular, maybe 100, 130 basis points year-on-year. Maybe just some broader comments on those margin dynamics you're seeing at North.

我想您能否稍微解釋一下，在略微不利的競爭環境下，是什麼推動了這種改善？我看到另一條營運支出線具體年增了 100 到 130 個基點。也許只是對您在北方看到的利潤動態的一些更廣泛的評論。

Sure, Brian, this is Matt. I think generally, it's the stability of the business and operational execution. We did if you remember, kind of catch up on pricing equivalently to Cheesecake at the end of last year. So some of that is flowing through at this point in time. But we've also seen some of the favorable commodities that we've had for the entire company.

當然，布萊恩，這是馬特。我認為總體來說，這是業務和營運執行的穩定性。如果你還記得的話，我們去年年底的定價確實趕上了 Cheesecake 的水平。因此，目前其中一些正在流經。但我們也看到了一些對整個公司有利的商品。

And really, if you think about the total sales, I mean, $8 million AUV, we're leveraging those sales and driving profitability in the four walls. So we're super encouraged by that as well. The teams continue to stay intently focused on driving the sales because we know we can deliver the profitability when we get the sales.

實際上，如果您考慮總銷售額，我的意思是，800 萬美元的 AUV，我們正在利用這些銷售額並推動整個行業的盈利能力。因此我們也對此感到非常鼓舞。團隊繼續專注於推動銷售，因為我們知道，只要有銷售，就能實現盈利。

Great. And then just last quick clarification on North Italia comps, you mentioned the negative impact on the LA unit. Is it possible to quantify that and kind of what the comp would have been ex the LA?

偉大的。最後，關於 North Italia 公司的最新消息，您提到了對洛杉磯分部的負面影響。是否可以量化這一點以及洛杉磯以外的情況如何？

It would have been flat without (inaudible)

如果沒有（聽不清楚）

Okay, perfect. Thanks very much.

好的，完美。非常感謝。

You're welcome.

不客氣。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Hey guys, more of a high-level question and thought, I'd love to hear your perspective on. I mean casual dining seems to be kind of having a moment right now, especially experiential. What do you guys kind of think and see as going on and obviously helping the success of your business?

嘿夥計們，這是一個更高層次的問題和想法，我很想聽聽你的看法。我的意思是休閒餐飲現在似乎很流行，尤其是體驗式餐飲。你們認為哪些事情對你們的業務成功有明顯的幫助？

Sure, Andy, hey, this is David. I think that people want their dollars spent in the most productive way possible, you mentioned experiential dining. We believe that we will continue to be leaders in experiential dining and people want to go out to eat for great, wonderful, delicious food, but also as an experience. They want to be in an environment that has a lot of energy.

當然，安迪，嘿，這是大衛。我認為人們希望以最有效的方式花錢，你提到了體驗式餐飲。我們相信，我們將繼續成為體驗式餐飲領域的領導者，人們不僅希望外出用餐，享受美味、美妙的食物，也希望獲得一種體驗。他們希望身處一個充滿活力的環境。

We think we provide that at all of our concepts from Cheesecake Factory to a higher-end fast casual Flower Child, which very much is an experience, not just a transaction. So as people maybe move away from especially younger people, move away from transactional purchases, I want to spend time together, our restaurants, highly designed, high-touch hospitality, today's consumer appreciates that more than ever, the more sophisticated than they've ever been about food.

我們認為，從起司蛋糕工廠到高端快速休閒花童餐廳，我們在所有概念中都提供了這種服務，這不僅僅是一種交易，而是一種體驗。因此，隨著人們，尤其是年輕人，遠離交易性購買，我想花時間在一起，我們的餐廳，精心設計，高接觸的款待，今天的消費者比以往任何時候都更欣賞這一點，他們對食物的了解也比以往任何時候都更加複雜。

And we're making all of our food from scratch every single day in every single concept. And we believe we can take market share and have been taking market share because of that sustained quality, I think the sustained level of great operations and all the way leading back to the retention numbers that we see at Cheesecake that have led to high NPS numbers, which show consistency and people appreciate that consistency as well.

我們每天都按照每個理念從頭開始製作所有食物。我們相信我們能夠佔領市場份額，而且我們一直在佔領市場份額，因為我們擁有持續的高質量，我認為持續的出色運營水平以及我們在 Cheesecake 看到的留存率數字，這導致了較高的 NPS 數字，這表明了一致性，人們也欣賞這種一致性。

Got it. And then just if you're willing to share, I guess, an early look at the development pipeline, at least directionally, I'm assuming you're going to open more units? Is that something that you're honing in on as we sit here with only four or five months to go in 2025?

知道了。然後我想，如果您願意分享一下開發流程的早期情況，至少是方向上的，我假設您會開設更多單位？現在距離 2025 年僅剩四、五個月了，這是您所關注的事情嗎？

Yeah. We certainly anticipate opening more units in the '25 that will open this year. We feel good about the pipeline. We feel good about the cadence of openings. So I think you can anticipate that number of percentage unit growth that we've shared in the past is one that we're going to continue to be able to hit moving forward.

是的。我們當然期望在今年 25 家新店開幕後能再開設更多新店。我們對這條管道感覺很好。我們對開幕式的節奏感到滿意。因此，我認為您可以預見，我們過去所分享的百分比單位成長數字是我們在未來將繼續能夠達到的數字。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Sorry, we have new phones. Can you hear me now?

抱歉，我們有新手機。現在你能聽到我說話嗎？

Yeah.

是的。

Okay. I have to learn to unmute, it's 2025. Sorry if you mentioned this. I was on another call and then hopped on here, but I wanted to ask about the rewards program for Cheesecake. I think you mentioned it, but I was hoping to get some more kind of meat on the bone in terms of kind of what you're seeing there, kind of in terms of percent of transactions that are involving rewards or incremental lift on spend for rewards members versus non-rewards.

好的。我必須學會取消靜音，現在是 2025 年了。如果您提到了這一點，我很抱歉。我當時正在接聽另一個電話，然後跳到這裡，但我想詢問有關 Cheesecake 的獎勵計劃。我想你有提到過，但我希望就你所看到的內容獲得更多實質內容，例如涉及獎勵的交易百分比或獎勵會員與非獎勵會員支出的增量提升。

And if you have any data on frequency, kind of how that customer is visiting Cheesecake kind of before they joined rewards versus now or just versus the overall non-rewards population?

如果您有任何關於頻率的數據，那麼在加入獎勵計劃之前，與現在相比，或者與整體非獎勵人群相比，該客戶訪問 Cheesecake 的情況如何？

Sure, Sharon, this is David. I think we're going to still continue to keep things at a pretty high level. What I will share is that we continue to see month-over-month acquisition exceeding our internal expectations. So that's good to see. People are still enthused about the program and continuing to sign up at a higher level than we anticipate.

當然，莎倫，這是大衛。我認為我們仍將繼續保持相當高的水平。我要分享的是，我們繼續看到每月收購量超出了我們的內部預期。很高興看到這一點。人們仍然對該計劃充滿熱情，並且報名人數繼續增加，而且比我們預期的要多。

Members continue to have higher frequency, higher check average, higher NPS scores than non-members. So all very, very positive signs. And as we move from the more broad approach that we took in 2024, which had about a 1% redemption rate across very large swath of audiences, very broad, reaching everybody with the same type of offer.

會員繼續擁有比非會員更高的頻率、更高的平均支票額度和更高的 NPS 分數。所有這些都是十分正面的跡象。隨著我們逐漸放棄 2024 年採取的更廣泛的方法，當時的方法在非常廣泛的受眾群體中兌換率約為 1%，範圍非常廣泛，可以用相同類型的優惠覆蓋所有人。

As you know, this year, we've moved to more personalized offers that are more behavior-based based on the data we have about rewards members and timing based. We're seeing those redemption rates of about 4% or higher. So significantly better than the broad-based approach that we were taking before.

如您所知，今年，我們已轉向更個人化的優惠，這些優惠更加基於我們掌握的獎勵會員的行為和時間數據。我們看到贖回率約為 4% 或更高。這比我們之前採取的廣泛方法要好得多。

We now have our internal team fully intact. We brought on board a Director of Rewards, who's leading our team to continue to do analysis to make sure we have the right type of data to ensure that the redemption rates moving forward are positive, accretive, and very much in line with the margin profile around what we want to spend the program overall.

現在我們的內部團隊已經完全完好。我們聘請了一位獎勵總監，他帶領我們的團隊繼續進行分析，以確保我們擁有正確的數據，從而確保未來的兌換率是正的、可增值的，並且與我們希望在整個計劃中花費的利潤率狀況非常一致。

Can I ask a follow-up? When you have the rewards with Flower Child as well, kind of are there similarities or differences that you would point out between how the customer kind of interacts with the Flower Child rewards versus Cheesecake?

我可以問後續問題嗎？當您也獲得 Flower Child 的獎勵時，您能指出客戶與 Flower Child 獎勵和 Cheesecake 獎勵的互動方式有何相似之處或不同之處嗎？

Yeah, Flower Child is much more of a traditional rewards program. It's an app-based program that has points for visitation and for spend. So we're really not comparing them because they are so different. We're very happy with the program at Flower Child and believe it is driving behavior for guests that are in the program.

是的，Flower Child 更像是一個傳統的獎勵計劃。這是一個基於應用程式的程序，具有存取積分和消費積分。因此我們實際上並沒有比較它們，因為它們實在是太不同了。我們對 Flower Child 的專案非常滿意，並相信它能夠推動參與該專案的嘉賓的行為。

You can order within the app, you can order ahead all the typical things that you'd be able to do in a fast casual. And thus far, it's had a pretty positive response from guests, but completely different than the Cheesecake program, which is more of that published, unpublished non-points program.

您可以在應用程式內訂購，可以提前訂購快餐店裡可以做的所有典型事情。到目前為止，它得到了客人的積極響應，但與起司蛋糕計劃完全不同，起司蛋糕計劃更像是已發布的、未發布的非積分計劃。

Okay, thank you.

好的，謝謝。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

Hey, thanks for the question. I wanted to follow up a little bit more on Flower Child. I was wondering if you could give us a sense of where you think the store capacity could end up given your success on average weekly sales growth, I think you've more or less doubled sales volume over the past seven years. But wondering where you think this brand can actually end up given the opportunity for catering and for off-premises?

嘿，謝謝你的提問。我想對 Flower Child 進行更多的了解。我想知道您是否可以告訴我們，鑑於您在平均每週銷售額增長方面的成功，您認為商店容量最終會達到多少，我認為在過去七年裡您的銷售額或多或少翻了一番。但您是否想知道，考慮到餐飲和場外業務的機會，這個品牌最終會走向何方？

Hey Jim, it's Matt. It's a really interesting question. I don't think we know 100%. And then the reason I say that is because the operating team just keeps getting better and they're able to drive more throughput. And you mentioned one of those reasons, which is definitely catering.

嘿，吉姆，我是馬特。這是一個非常有趣的問題。我認為我們還沒有完全了解。我之所以這麼說，是因為營運團隊不斷進步，他們能夠提高吞吐量。您提到了其中一個原因，那肯定是餐飲。

They figured out a way to squeeze those sales in early before store open sometimes and maximize the total throughput. I can tell you, we have locations doing between $6.5 million and $7 million. And so we know that there's a pretty good runway still for the overall brand to continue to grow.

他們想出了一種方法，有時在商店開門之前就擠出時間進行銷售，從而最大限度地提高總吞吐量。我可以告訴你，我們各門市的營業額在 650 萬到 700 萬美元之間。因此我們知道，整個品牌仍有相當好的發展空間。

It's AUV on an organic basis, right, from traffic and transactions, that's not from pricing, that's just from volume. So hopefully, we'll continue to increase that capacity, but we know we've got a long runway in the overall footprint here to go.

這是基於有機基礎的 AUV，對，來自流量和交易，不是來自定價，而是來自數量。因此，希望我們能夠繼續提高產能，但我們知道，我們在整體足跡方面還有很長的路要走。

You mentioned those locations doing $6.5 million to $7 million. Are those the most mature locations or anything specific about those sites that might be.

您提到那些地點的收入為 650 萬至 700 萬美元。這些是最成熟的地點嗎？或這些地點可能有什麼具體特點。

Yeah. They are some of the more mature locations. And so they've been building business for a longer period of time. Sometimes it can just be the idiosyncratic nature of the site just works particularly well. But in general, the business keeps growing. And so yeah, the longer that the sites have been around, typically, the more traffic they have.

是的。它們是一些比較成熟的地點。因此他們已經經營業務很長一段時間了。有時，可能只是網站的特殊性質導致其運作效果特別好。但總體而言，業務仍在持續成長。是的，網站存在的時間越長，通常流量就越大。

All right. And just a couple of questions on traffic trends. I think in the past, you'd mentioned sometimes your patio capacity is at risk when you have heat waves, things like that. Is there any change in traffic trends you noticed in the second quarter or in July to date related to weather or something unexpected?

好的。我只想問幾個關於交通趨勢的問題。我想，過去您曾提到過，當遇到熱浪等類似情況時，您的露台容量有時會面臨風險。您是否注意到第二季或 7 月至今的交通趨勢有任何變化，與天氣或意外情況有關？

No, it's been very steady across our company. Certainly, we do watch the weather. And you could have some pockets where it can impact it for a period of time, a week here or there. But really, if you take the bigger picture, it's been very steady and predictable.

不，我們公司的情況一直很穩定。當然，我們確實關注天氣。並且它可能會在一段時間內（一周或一周左右）產生影響。但實際上，如果從更大角度來看，它一直非常穩定且可預測。

All right. Thank you very much.

好的。非常感謝。

Jon Tower, Citigroup.

花旗集團的喬恩‧陶爾 (Jon Tower)。

Great, thanks for taking the questions. Just curious, I know it sounds like new menus coming now or are hitting now and it does sound like the bowls and the bites, lower price points, $10, $15 or so. It sounds like those kind of would work well, particularly around the lunch.

太好了，感謝您回答這些問題。只是好奇，我知道這聽起來像是現在即將推出或即將推出的新菜單，而且聽起來像是碗和小吃，價格較低，10 美元、15 美元左右。聽起來這些會很有效，特別是在午餐時間。

So are you doing any sort of social marketing or just marketing in general to kind of hit that day part, particularly during the weekdays when maybe your volumes aren't as robust as your bigger weekends.

那麼，您是否在進行某種形式的社交行銷或只是一般的行銷來打動那段日子，特別是在工作日，那時您的交易量可能不如週末那麼大。

Sure, Jim, this is David. I think as I mentioned earlier on the rewards program, that's the perfect opportunity for us to use the data that we have today to drive behavior to a specific day part, so we've been doing that throughout the first half of this year. We're going to continue to do that.

當然，吉姆，這是大衛。我認為，正如我之前提到的獎勵計劃，這是我們利用現有數據來推動特定時段行為的絕佳機會，因此我們在今年上半年一直在這樣做。我們將繼續這樣做。

And certainly, as we message the new menu, we actually let members know about the new menu earlier than the rest of the population. And if we knew that your guests maybe then come for lunch, maybe we send that to you in a particular time, talked about a lunch promotion that made you aware of those new items all at the same time.

當然，當我們發布新菜單時，我們實際上會比其他人更早讓會員了解新菜單。如果我們知道您的客人可能會來吃午餐，我們可能會在特定時間將資訊發送給您，並討論午餐促銷活動，讓您同時了解這些新品。

So having the data really makes it more impactful for us to be able to do the right type of targeted messaging to drive specific day part. And so we're going to be excited to do that through the rest of the year.

因此，擁有數據確實使我們能夠更有影響力地發送正確類型的有針對性的消息來推動特定的一天。因此，我們將很高興在今年餘下的時間裡做到這一點。

And it's really, Jon, one of the things, too, it's at lunch, but it's also channels right? We think that the ball category will work really well for delivery. And as you know, we really don't take incremental pricing. So we have a $15 or $16 Cheesecake portion bowl. We think that stacks up pretty well in this environment to be delivered.

喬恩，這確實也是其中一件事，它在午餐時，但它也是頻道，對吧？我們認為球類運動非常適合投球。如您所知，我們確實不採取增量定價。因此，我們有一份價值 15 美元或 16 美元的起司蛋糕分量碗。我們認為，在這種環境下，這目標的實現相當順利。

Yeah, no, that's great. Maybe just pivoting just back to the Flower Child brand, obviously, you guys are -- the brand itself sounds like it's hitting on all cylinders today, and you're opening in a fairly healthy, I think mid-20s percent growth clip in terms of new stores. And the returns sound like they're justifying this.

是的，不，那太好了。也許只是把焦點轉向 Flower Child 品牌，顯然，你們——這個品牌本身聽起來今天正全力以赴，而且你們的新店開業情況相當健康，我認為新店的增長率在 20% 左右。而回報聽起來也證明了這一點。

Is there a threshold at which you won't bump up against in terms of new store opening cadence? Are you guys not going above 30% a year, given human capital constraints or anything like that?

在新店開設節奏方面，是否存在一個不會遇到的門檻？考慮到人力資本限製或類似因素，你們的年增長率不會超過 30% 嗎？

Sure, Jon. That's a great question. You've probably heard us talk about that before. And right today, we're comfortable with that 20% number. We could probably be a little bit higher than that.

當然，喬恩。這是一個很好的問題。您可能之前聽過我們談論這個話題。而今天，我們對這個 20% 的數字感到滿意。我們可能還會比這更高一點。

That team is very focused today on manager development and ensuring that we have the right general managers and executive chefs to open those restaurants and open them well, especially because so many of them are opening at such high volumes, and we want to make sure that, that guest experience is perfect from the get-go.

如今，團隊非常注重管理人員的培養，確保我們擁有合適的總經理和行政總廚來開設這些餐廳，並將它們經營得很好，特別是因為其中許多餐廳的開業量如此之大，我們希望確保客人的體驗從一開始就是完美的。

So management development is a key focus for the team. We're comfortable with where we are today at 20% or a little bit higher as we continue to build that pipeline. We certainly have the capacity from a company standpoint to build more and to do it faster, but we're going to be cautious and careful and make sure we can execute as well as we want to.

因此管理髮展是團隊關注的重點。隨著我們繼續建造這條管道，我們對目前的 20% 或略高一點的水平感到滿意。從公司的角度來看，我們當然有能力創造更多成果並更快地完成，但我們會謹慎小心，確保我們能夠按照自己的意願執行。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Rahul Kro, JPMorgan.

摩根大通的拉胡爾·克羅 (Rahul Kro)。

Good afternoon guys. Can you help us understand the dynamics around the $500 million converts. It looks like we are not far off from the conversion price here. And should we see this elected ahead? What kind of dilution would you anticipate after like expecting to pay a portion through cash? And also remind us how much of this is also hedged through call options?

大家下午好。您能幫助我們了解有關 5 億美元轉換者的動態嗎？看起來我們距離轉換價格已經不遠了。我們是否應該看到這一點提前當選？如果您希望透過現金支付一部分股份，那麼您預計會出現什麼樣的稀釋？並且提醒我們其中有多少是透過看漲期權來對沖的？

Yeah, so this is Matt. It's a great question. So the price -- the strike prices are $70, $71 sort of right in that zone. Certainly, with the (inaudible) $69, we would watch and sort of decide to do something on that based on economics. And it would have to be around $80 for the sort of cost of carry to net out for us to decide to extinguish those.

是的，這就是馬特。這是一個很好的問題。因此價格——執行價格是 70 美元、71 美元，正好位於該區域。當然，對於（聽不清楚） 69 美元，我們會觀察並根據經濟狀況決定採取一些措施。而且，當我們決定取消這些貸款時，淨持有成本必須達到 80 美元左右。

And on the other is really what I can remember on the $575 million is at, say, $8, a $10 increase over the strike price there, you're talking about 1.5% dilution. It's not that meaningful in the bigger picture for us. And so certainly, that would be a high-cost problem. I think all investors would be happy if we were at $80 and there was a 1.5% dilution at that point in time.

另一方面，我記得 5.75 億美元的價格比執行價格高出 8 到 10 美元，也就是說稀釋了 1.5%。從更大角度來看，這對我們來說意義不大。所以這肯定會是一個高成本的問題。我認為，如果我們的股價為 80 美元並且當時的稀釋率為 1.5%，所有投資者都會感到高興。

Thank you.

謝謝。

There are no further questions at this time. Ladies and gentlemen, this concludes today's call. We thank you all for joining. You may now disconnect.

目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。我們感謝大家的加入。您現在可以斷開連線。