Cheesecake Factory Inc (CAKE) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫蒂娜，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Cheesecake Factory Incorporated 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

It is now my pleasure to turn today's conference over to Etienne Marcus, Vice President of Finance and Investor Relations. Please go ahead.

現在我很高興將今天的會議交給財務和投資者關係副總裁艾蒂安·馬庫斯 (Etienne Marcus) 來主持。請繼續。

Good afternoon and welcome to our third-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2025財年第三季財報電話會議。今天與我一起通話的有：我們的董事長兼執行長大衛‧歐佛頓；我們的總裁大衛‧戈登；以及我們的執行副總裁兼財務長馬特‧克拉克。

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. 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. The company undertakes no duty to update any forward-looking statements.

在開始之前，請容我快速提醒各位，本次電話會議中將討論一些並非基於歷史事實的內容，這些內容屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。由於今天新聞稿中詳述的因素，實際結果可能與前瞻性聲明中陳述或暗示的結果有重大差異。新聞稿可在我們的網站 investors.thecheesecakefactory.com 以及我們向美國證券交易委員會提交的文件中查閱。本次電話會議中所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聲明的義務。

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. Explanations of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in a press release on our website as previously described.

此外，在本次電話會議中，我們將以調整後的形式展示業績，其中不包括與收購相關的項目、資產減損和租賃終止費用。有關我們使用非GAAP財務指標的解釋以及與最直接可比較的GAAP指標的調節表，請參閱我們網站上發布的新聞稿，如前所述。

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

David Overton 將在今天的電話會議上致開幕詞。David Gordon，請提供最新營運。接下來，Matt 將回顧我們第三季的財務業績，並對我們的財務前景進行評論，之後將開放問答環節。

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

接下來，我將把電話交給大衛·奧弗頓。

Thank you, Etienne. Our third-quarter results were solid, with consolidated revenues within our guidance range and earnings and profitability finishing above the high end of our expectations. Our performance was led by the Cheesecake Factory restaurant, delivering positive comparable sales results amid a more challenging and competitive environment, underscoring the strength and resilience of our brand.

謝謝你，艾蒂安。我們第三季的業績表現穩健，合併收入符合預期範圍，獲利和利潤率均高於預期上限。在競爭日益激烈的市場環境下，起司蛋糕工廠餐廳的出色表現引領了我們的業績，實現了積極的同店銷售業績，凸顯了我們品牌的實力和韌性。

While we, along with the broader restaurant industry, are navigating a softer macro and consumer environment, our overall performance remains stable in line with expectations. These results highlight the healthy demand for our high-quality concepts, the strength of our operators, and the durability of our business model.

儘管我們和整個餐飲業一樣，正面臨著較為疲軟的宏觀經濟和消費環境，但我們的整體業績仍保持穩定，符合預期。這些結果凸顯了市場對我們高品質理念的健康需求、我們營運團隊的實力以及我們商業模式的持久性。

Specifically, comparable sales at the Cheesecake Factory restaurants increased 0.3% for the third quarter, with annualized unit volumes averaging over $12 million. We believe our strategic focus on menu innovation remains a key point of differentiation, supporting our broad consumer appeal and strong relevance with guests. Our new menu offerings are resonating well, reflecting the success of our culinary innovation. We will continue to lean into this core strength to keep our menu highly relevant while providing exceptional value without relying on discounting.

具體來說，起司蛋糕工廠餐廳第三季的同店銷售額成長了 0.3%，年化單位銷售額平均超過 1,200 萬美元。我們相信，我們對菜單創新的策略重點仍然是我們的一大差異化優勢，這有助於我們吸引廣泛的消費者，並與顧客保持緊密的聯繫。我們的新菜單反應良好，反映了我們在烹飪創新方面的成功。我們將繼續發揮這一核心優勢，在不依賴折扣的情況下，保持菜單的高度相關性，同時提供卓越的價值。

Supported by improved retention, our operators once again executed at a high level, driving year-over-year improvements in labor productivity and wage management, resulting in meaningful profitability growth. The Cheesecake Factory's restaurant-level profit margin increased 60 basis points year over year to 16.3%, with margin improvement also realized at North Italia and Flower Child.

在員工留任率提高的支持下，我們的營運人員再次高效執行，推動了勞動生產力和工資管理逐年提高，從而實現了盈利能力的顯著增長。Cheesecake Factory 餐廳的利潤率年增 60 個基點，達到 16.3%，North Italia 和 Flower Child 的利潤率也提高了。

Turning to development, in the third quarter, we opened two FRC restaurants and two Cheesecake restaurants opened in Mexico under a licensing agreement. Subsequent to quarter end, we opened one additional FRC restaurant. With 19 restaurant openings so far this year, we're well positioned to meet our objective of opening as many as 25 new restaurants in 2025.

再來看發展方面，第三季度，我們開設了兩家 FRC 餐廳，並根據許可協議在墨西哥開設了兩家 Cheesecake 餐廳。季度末之後，我們又開了一家 FRC 餐廳。今年到目前為止，我們已經開設了 19 家餐廳，我們完全有能力實現 2025 年開設多達 25 家新餐廳的目標。

Looking ahead to 2026, We plan to further accelerate development with as many as 26 new restaurant openings across our portfolio of concepts. As we move forward, we will remain focused on delivering exceptional food, service, and hospitality, the hallmarks of our success, while continuing to execute against our long-term growth strategy.

展望 2026 年，我們計劃進一步加快發展步伐，旗下所有餐飲品牌將開設多達 26 家新餐廳。展望未來，我們將繼續專注於提供卓越的食品、服務和熱情款待，這是我們成功的標誌，同時繼續執行我們的長期成長策略。

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

接下來，我將把電話交給大衛·戈登，讓他提供最新的營運情況介紹。

Thank you, David. Our teams once again demonstrated strong leadership and operational discipline this quarter, delivering improvements across multiple areas of the business while maintaining consistently high levels of guest satisfaction. Their efforts were instrumental in driving profitability and ensuring our guests continue to receive the exceptional service and hospitality that sets us apart. These results are a direct outcome of our sustained investment in our people. We remain committed to developing and supporting our managers and staff members, and that focus has yielded meaningful results.

謝謝你，大衛。本季度，我們的團隊再次展現了強大的領導力和營運紀律，在業務的多個領域取得了進步，同時保持了始終如一的高客戶滿意度。他們的努力對提高盈利能力和確保我們的客人繼續獲得使我們脫穎而出的卓越服務和熱情款待起到了至關重要的作用。這些成果是我們對員工持續投入的直接結果。我們始終致力於培養和支持我們的管理人員和員工，而這項措施也取得了顯著成效。

Over the past several quarters, we have achieved notable year-over-year improvements in both manager and hourly staff retention. In addition, our already strong team engagement scores have remained at historically high levels, underscoring the strength of our culture and the effectiveness of our people-first approach. As part of this ongoing commitment, we hosted our general manager conference last month where we emphasized culinary excellence, focusing on elevating the quality of the food we serve every day and further optimizing our kitchen systems to ensure consistent execution of our broad and complex menu.

在過去的幾個季度裡，我們在管理人員和小時工的留任率方面都取得了顯著的年比進步。此外，我們原本就很強的團隊敬業度得分一直保持在歷史高位，這凸顯了我們企業文化的強大以及我們以人為本的方法的有效性。作為這項持續承諾的一部分，我們上個月舉辦了總經理會議，會上我們強調了烹飪卓越性，重點是提高我們每天提供的食物的質量，並進一步優化我們的廚房系統，以確保我們廣泛而復雜的菜單能夠始終如一地執行。

Speaking of our menu, as David noted earlier, our recent additions are resonating strongly with guests. The new bites have driven higher appetizer attachment rates, while the new bowls are among some of the most frequently ordered new items we've introduced in recent years. Together, these new offerings have contributed to an improvement in check mix and demonstrated the success of our menu innovation efforts.

說到我們的菜單，正如大衛之前提到的，我們最近新增的菜餚受到了顧客的強烈歡迎。新推出的小吃推高了開胃菜的附加率，而新推出的餐食碗則是近年來我們推出的新品中最受歡迎的菜餚之一。這些新推出的菜色共同促進了客單價的提升，也證明了我們在菜單創新方面所取得的成功。

Turning to Cheesecake Rewards, we remain highly encouraged by the program's positive momentum. Membership growth remains strong, and member satisfaction continues to over-index. In a recent internal survey, members shared positive feedback, noting that the program is easy to use, delivers clear value, and encourages them to dine with us more often. This validation reinforces our confidence that we are on the right path in delivering meaningful value to our most loyal guests.

談到 Cheesecake Rewards，我們對該計劃的積極發展勢頭感到非常鼓舞。會員成長依然強勁，會員滿意度持續高於平均水準。在最近的一次內部調查中，會員們分享了積極的回饋，指出該計劃易於使用，提供了明顯的價值，並鼓勵他們更頻繁地與我們一起用餐。這項驗證增強了我們的信心，我們正走在正確的道路上，為我們最忠實的顧客提供有意義的價值。

Earlier this year, we shifted to a more personalized strategy and the results have been promising, with a notable uptick in member engagement. Looking ahead, we will continue refining offers to improve their effectiveness and look for ways to enhance the overall guest experience, including how we engage with our members. To that end, we're currently developing a dedicated rewards app, which we believe will provide a more seamless and impactful way to engage with our guests.

今年早些時候，我們轉向了更個人化的策略，結果令人鼓舞，會員參與度顯著提高。展望未來，我們將持續改善優惠活動以提高其有效性，並尋找提升整體賓客體驗的方法，包括我們如何與會員互動。為此，我們目前正在開發一款專門的獎勵應用程序，我們相信這將為與顧客互動提供更順暢和有效的方式。

Turning to North Italia, third-quarter annualized AUVs reached $7.3 million. Comparable sales declined 3%, reflecting sales trends in the broader industry which softened in the quarter, and continued pressure from some sales transfer from recently opened restaurants, as well as the lingering impact of the Los Angeles fires. That said, our strong manager and staff retention enables us to execute at a high level, and we remain confident in our ability to compete effectively in a more challenging and competitive environment.

再來看義大利北部，第三季年化AUV達到730萬美元。同店銷售額下降了 3%，反映了本季度整個行業的銷售趨勢疲軟，以及近期新開餐廳的部分銷售轉移帶來的持續壓力，以及洛杉磯火災的持續影響。儘管如此，我們強大的管理人員和員工留任率使我們能夠高水準地執行任務，我們仍然有信心在更具挑戰性和競爭性的環境中有效競爭。

Restaurant-level profit margin for the adjusted mature North Italian locations improved 70 basis points from the prior year to 15.7%. The margin expansion was driven by operational improvements as well as more favorable commodity inflation. Flower Child continues to perform exceptionally well, with third-quarter comparable sales increasing 7%, significantly outpacing the fast casual segment. The strong sales performance translated into annualized AUVs of $4.6 million.

經調整後，成熟的北義大利餐廳的餐廳層級利潤率比前一年提高了 70 個基點，達到 15.7%。利潤率的提升得益於營運效率的提高以及大宗商品通膨的利多。Flower Child 的業績持續表現出色，第三季同店銷售額成長了 7%，顯著超過了快餐休閒餐飲領域的成長速度。強勁的銷售業績轉化為年化平均單店銷售額460萬美元。

The combination of robust top-line growth and disciplined operational execution drove restaurant-level profit margins for adjusted mature Flower Child locations to 17.4% in the third quarter, an improvement of 140 basis points year over year. And lastly, we expanded our FRC portfolio with the openings of Culinary Dropout in Franklin, Tennessee; and The Henry in Carlsbad, California. Both restaurants opened to strong demand and early sales momentum, with average weekly sales surpassing $200,000.

強勁的營收成長和嚴謹的營運執行相結合，使得經調整後的成熟 Flower Child 餐廳的利潤率在第三季度達到 17.4%，比上年同期提高了 140 個基點。最後，我們透過在田納西州富蘭克林開設 Culinary Dropout 餐廳，以及在加州卡爾斯巴德開設 The Henry 餐廳，擴大了我們的 FRC 投資組合。兩家餐廳開業後需求強勁，銷售動能良好，平均每週銷售額超過 20 萬美元。

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

那麼，接下來我將把電話交給馬特，讓他為我們做財務回顧。

Thank you, David. Let me first provide a high-level recap of our third-quarter results versus our expectations I outlined last quarter. Total revenues of $907 million finished near the midpoint of the range we provided. Adjusted net income margin of 3.7% exceeded the high end of the guidance we provided. And we returned $13.8 million to our shareholders in the form of dividends and stock repurchases.

謝謝你，大衛。首先，讓我簡要回顧一下我們第三季的業績與我上個季度概述的預期之間的差異。總收入為 9.07 億美元，接近我們提供的範圍的中點。調整後淨利潤率為 3.7%，超過了我們先前給出的預期上限。我們以股利和股票回購的形式向股東返還了 1,380 萬美元。

Now, turning to some more specific details around the quarter. Third-quarter total sales at the Cheesecake Factory restaurants were $651.4 million, up 1% from the prior year. Comparable sales increased 0.3% versus the prior year. Total sales for North Italia were $83.5 million, up 16% from the prior year period. Other FRC sales totaled $78 million, up 16% from the prior year, and sales per operating week were $115,600. Flower Child sales totaled $48.1 million, up 31% from the prior year, and sales per operating week were $88,200. And external bakery sales were $18 million, up 20% from the prior year period.

現在，讓我們來看看本季的一些更具體細節。Cheesecake Factory 餐廳第三季總銷售額為 6.514 億美元，比去年同期成長 1%。同店銷售額較上年成長0.3%。北義大利的總銷售額為 8,350 萬美元，比上年同期成長 16%。其他 FRC 銷售額總計 7,800 萬美元，比前一年增長 16%，每週營業銷售額為 115,600 美元。Flower Child 的銷售額總計 4,810 萬美元，比前一年增長了 31%，每週營業銷售額為 88,200 美元。外部烘焙銷售額為 1800 萬美元，比上年同期成長 20%。

Now moving to year-over-year expense variance commentary. In the third quarter, we continued to realize some year-over-year improvement across several key line items in the P&L. Specifically, cost of sales decreased 80 basis points, primarily driven by favorable commodity costs. Labor as a percent of sales declined 30 basis points, primarily driven by the continued improvement in retention, supporting labor productivity gains and wage leverage.

接下來將對同比費用差異進行分析。第三季度，我們在損益表中的幾個關鍵項目上繼續實現了同比改善。具體而言，銷售成本下降了 80 個基點，主要原因是商品成本有利。勞動成本佔銷售額的百分比下降了 30 個基點，這主要是由於員工留任率的持續提高，從而支撐了勞動生產力的提高和工資槓桿作用。

Other operating expenses increased 50 basis points, primarily driven by higher facility-related costs. G&A remained relatively flat as a percent of sales. Depreciation increased 10 basis points from the prior year. Pre-opening costs were $6.6 million in the quarter compared to $7 million in the prior year period.

其他營運費用增加了 50 個基點，主要原因是設施相關成本增加。一般及行政費用佔銷售額的比例基本不變。折舊額比上年增加10個基點。本季開業前成本為 660 萬美元，而去年同期為 700 萬美元。

We opened two restaurants during the third quarter versus four restaurants in the third quarter of 2024. And in the third quarter, we recorded a pre-tax net expense of $0.8 million primarily related to FRC acquisition-related expenses. Third-quarter GAAP diluted net income per share was $0.66. Adjusted diluted net income per share was $0.68.

我們在第三季開設了兩家餐廳，而 2024 年第三季則開設了四家餐廳。第三季度，我們錄得稅前淨支出 80 萬美元，主要與 FRC 收購相關支出有關。第三季以美國通用會計準則計算的稀釋後每股淨收益為0.66美元。調整後的稀釋後每股淨收益為0.68美元。

Now turning to our balance sheet and capital allocation. The company ended the quarter with total available liquidity of approximately $556.5 million including a cash balance of $190 million and approximately $366.5 million available on a revolving credit facility. 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 to 2030. CapEx totaled approximately $37 million during the third quarter for new unit development and maintenance. During the quarter, we completed approximately $1.2 million in share repurchases and returned $12.6 million to shareholders via our dividend.

現在來看我們的資產負債表和資本配置。該公司本季末可用流動資金總額約為 5.565 億美元，其中包括 1.9 億美元的現金餘額和約 3.665 億美元的循環信貸額度。未償債務本金總額為 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。第三季用於新單元開發和維護的資本支出總計約 3,700 萬美元。本季度，我們完成了約 120 萬美元的股票回購，並透過股息向股東返還了 1,260 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 Q4 2025 and full-year 2026. Our assumptions factor in everything we know as of today, including net restaurant counts, quarter-to-date trends, our expectations for the weeks ahead, anticipated impacts associated with holiday shifts, and the recent softness in industry sales trends and a more cautious consumer environment.

現在，讓我談談我們的前景。雖然我們不會提供具體的可比較銷售額和收益預測，但我們會提供我們對 2025 年第四季和 2026 年全年基本假設的最新看法。我們的假設考慮了我們目前所知道的一切，包括餐廳淨數量、本季至今的趨勢、我們對未來幾週的預期、與假日變化相關的預期影響，以及近期行業銷售趨勢的疲軟和消費者更加謹慎的環境。

Specifically, for Q4, we anticipate total revenues to be between $940 million and $955 million, representing an approximate 1% step down from the Q3 sales trend. Next, at this time, we expect effective commodity inflation of low-single digits for Q4. 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.

具體而言，我們預計第四季總收入將在 9.4 億美元至 9.55 億美元之間，比第三季的銷售趨勢下降約 1%。接下來，我們預期第四季大宗商品有效通膨率將處於個位數低點。考慮到工資水準和最低工資成長的最新趨勢以及其他勞動力組成部分，我們預測淨總勞動力通膨率將處於個位數低到中等水準。

G&A is estimated to be about $60 million. Depreciation is estimated to be approximately $28 million. We are estimating pre-opening expenses to be approximately $8 million to $9 million to support the seven planned openings in the quarter and early Q1 openings.

一般及行政費用預計約 6,000 萬美元。折舊費用預計約2800萬美元。我們預計開業前的費用約為 800 萬至 900 萬美元，以支持本季計劃開設的七家門市以及第一季初的門市開幕。

Based on these assumptions, we would anticipate adjusted net income margin to be about 5.1% at the midpoint of the sales range provided. And importantly, even with the current top client headwinds, our full-year outlook for 4.9% net income margin remains intact, underpinned by prudent financial management and operational efficiency. For modeling purposes, we are assuming a tax rate of approximately 12% and weighted average shares outstanding of $49 million.

基於這些假設，我們預期在所提供的銷售範圍的中點處，調整後的淨利率約為 5.1%。更重要的是，即使面臨當前最大的客戶阻力，我們全年 4.9% 的淨利潤率預期仍然保持不變，這得益於審慎的財務管理和營運效率。為了建模，我們假設稅率約為 12%，加權平均流通股數為 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. And we continue to anticipate approximately $190 million to $200 million in cash CapEx to support this year's and some of next year's unit development as well as required maintenance on a restaurant.

關於發展方面，正如大衛之前所說，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 餐廳、六家 North Italia 餐廳、六家 Flower Childs 餐廳和九家 FRC 餐廳。我們繼續預計需要約 1.9 億美元至 2 億美元的現金資本支出，以支持今年和明年部分門市的開發以及餐廳的必要維護。

Turning to fiscal 2026, this reflects our initial outlook based on what we know today. And given the dynamic macro backdrop, we'll continue to update our assumptions as conditions evolve.

展望 2026 財年，這反映了我們基於目前所掌握的資訊所做的初步展望。鑑於宏觀經濟情勢瞬息萬變，我們將隨著情勢的發展不斷更新我們的假設。

First, with regard to development, as David stated earlier, we plan to continue accelerating unit growth next year. At this time, we expect to open as many as 26 new restaurants in 2026, with roughly three-quarters of those openings planned for the second half of the year. Next, based on our estimates for net operating week growth, and depending on the length of the current software consumer environment, we are targeting total revenue growth of approximately 4% to 5% for 2026 over full-year 2025, with sales trends expected to improve as the year progresses.

首先，關於發展方面，正如大衛之前所說，我們計劃明年繼續加快單位成長。目前，我們預計在 2026 年將開設多達 26 家新餐廳，其中約四分之三的餐廳計劃在下半年開業。接下來，根據我們對淨營業週成長的估計，並取決於當前軟體消費環境的持續時間，我們預計 2026 年的總收入成長目標為 2025 年全年增長約 4% 至 5%，預計隨著時間的推移，銷售趨勢將有所改善。

We currently estimate total inflation across our commodity basket, labor, and other operating expenses to be in the low- to mid-single-digit range and fairly consistent across the quarters. And we expect G&A, depreciation, and pre-opening expenses to remain essentially flat as a percent of sales compared to 2025. Based on these assumptions, we would expect full-year net income margin to be approximately 5% at the midpoint of the sales range provided.

我們目前估計，商品籃子、勞動力和其他營運費用的總通膨率將在個位數低到中等水平，並且在各個季度都相當穩定。我們預計，與 2025 年相比，一般及行政費用、折舊和開業前費用佔銷售額的百分比將基本保持不變。基於這些假設，我們預計全年淨利潤率在所提供的銷售範圍的中點約為 5%。

For modeling purposes, we are assuming a tax rate of approximately 12% and weighted average shares outstanding relatively flat to 2025. And we would anticipate approximately $200 million to $210 million in cash CapEx to support unit development as well as required maintenance on our restaurants. Note that the total CapEx estimated range assumes a similar mix of new restaurant openings by concept as 2025.

為了建模，我們假設稅率約為 12%，並且到 2025 年加權平均流通股數將保持相對穩定。我們預計將投入約 2 億至 2.1 億美元的現金資本支出，用於支持門市開發以及餐廳的必要維護。請注意，總資本支出估算範圍假設新開餐廳的種類和概念與 2025 年類似。

In closing, we delivered another quarter of stable performance and strong profitability despite a more cautious consumer backdrop. Our operators executed at a high level Our portfolio of high-quality concepts remains well-positioned, and our balance sheet and cash flow provide a solid foundation for growth. We remain confident in our ability to navigate the dynamic macro environment, as we have successfully done so in the past. And we believe our strong execution and resilient business model will enable us to emerge even stronger. With our scale and financial strength, we are well-positioned to continue creating meaningful long-term shareholder value.

總而言之，儘管消費者情緒較為謹慎，我們依然實現了另一個季度的穩定業績和強勁獲利能力。我們的營運團隊執行力強，我們高品質的餐飲理念組合依然佔據優勢地位，我們的資產負債表和現金流為成長提供了堅實的基礎。我們依然有信心應對瞬息萬變的宏觀環境，因為我們過去也曾成功做到這一點。我們相信，憑藉我們強大的執行力和富有韌性的商業模式，我們將變得更加強大。憑藉我們的規模和財力，我們完全有能力繼續創造有意義的長期股東價值。

With that said, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions)

（操作說明）

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Just kind of wondering what you're seeing in terms of consumer behavior, you know, that's driving a little bit more, you know, caution in the current environment. Is it, you know, is it regional? Is it, you know, check management? Or is it just, you know, kind of been a little bit of a drop off in the traffic trends?

我只是想知道你觀察到的消費者行為方面的情況，你知道，這導致他們在當前環境下更加謹慎。這是，你知道，是地域性的嗎？這是，你知道的，支票管理嗎？或者說，流量趨勢只是稍微下降？

Hey, Andy, it's Matt. Thanks for the question. Really, it's the last piece. It's mostly in the traffic. I think we've seen pretty stable day-to-day parts. As David Gordon noted, too, the bison bulls are going well, and we're getting good attachment there.

嘿，安迪，我是馬特。謝謝你的提問。真的，這是最後一塊拼圖了。主要問題出在交通。我認為我們已經看到了相當穩定的日常部分。正如大衛·戈登也指出的那樣，野牛公牛長得很好，我們在那裡獲得了很好的依附。

And I would say, really, the more cautionary tone is associated with the fourth quarter. And I think, frankly, there's probably been an impact from the government shutdown. And we're looking forward to having that resolved. And overall, things remain pretty predictable, just slightly below where we have been.

而且我認為，謹慎的基調確實與第四季有關。坦白說，我認為政府停擺可能已經產生了一定的影響。我們期待這個問題能夠得到解決。總的來說，情況依然相當可預測，只是略低於我們之前的水準。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Just a bookkeeping question to start, if I could. Could you just provide the breakdown of comps for both Cheesecake Factory and North Italia traffic price makes?

能否先問一個關於記帳的問題？能否提供 Cheesecake Factory 和 North Italia 兩家餐廳的客流量和價格構成明細？

Sure. This is Matt, Brian. So for Cheesecake, pricing was about 4% as it has been. Traffic was a negative 2.5%, and then obviously mixed was the difference there. I said you have North, Brian. For North, price was 4%, mixed was negative 1%, and traffic rounded to negative 6%.

當然。這是馬特，布萊恩。所以起司蛋糕的價格漲幅與之前一樣，大約是 4%。交通流量下降了 2.5%，顯然，混合交通流量的變化就是其中的原因。我說你負責北方，布萊恩。對於北部地區，價格為 4%，混合因素為 -1%，交通狀況為 -6%。

Okay, great. Thank you for that. And as you think about the margin outlook just here in the near term, in the fourth quarter, I'm sorry if I missed it, Matt, but what was the commodity inflation in the third quarter? And how do you see the fourth quarter playing out from a commodity inflation perspective?

好的，太好了。謝謝。就近期而言，也就是第四季的利潤率前景而言，如果我錯過了什麼，馬特，請問第三季的大宗商品通膨率是多少？那麼，從大宗商品通膨的角度來看，您如何看待第四季的走勢？

And then if you could just kind of round out some of the store margin dynamics. Obviously a little bit of sales deleverage, but beyond sales deleverage, is there anything worth calling out in the fourth-quarter margin outlook?

然後，如果您能稍微完善一下門市利潤率的動態變化就更好了。顯然銷售額有所下降，但除了銷售額下降之外，第四季利潤率前景還有什麼值得關注的地方嗎？

Yeah, Brian, that's a really important question, so thank you for asking that. This is Matt. So when we think about commodities, obviously beef has moved up another step, so we wouldn't expect to see the same degree of year-over-year favorability that we did certainly in the third quarter. It was about flattish in the third quarter. And I would think it would be more like a full 2%, really all of that delta coming from [beef and south]. And so thinking about those margin line items, you can do the math there that the favorability will be cut in half or something like that on the cost of sales.

是的，布萊恩，這確實是個重要的問題，謝謝你提出來。這是馬特。所以當我們考慮大宗商品時，顯然牛肉價格又上漲了一個檔次，因此我們預計不會像第三季度那樣出現同比同樣好轉的趨勢。第三節比賽比較平淡。我覺得應該更接近2%，所有這些差異都來自…[牛肉和南方]。因此，考慮到這些利潤項目，你可以計算出銷售成本的優惠幅度會減半或類似情況。

On the labor piece, the really important thing to know here is about group medical in the fourth quarter comparison. So we still believe, based on the best-in-class retention and improving year-over-year in the third quarter, that we will continue to garner some productivity improvements, some great wage management from our operations. But there's about a 50 basis point impact on just a comparison of group medical.

關於勞動力方面，真正需要了解的是第四季度團體醫療保險的比較。因此，基於一流的員工留任率和第三季同比有所提高，我們仍然相信，我們將繼續提高生產力，並在營運中實現良好的薪資管理。但僅比較團體醫療保險，就會產生約 50 個基點的影響。

A lot of that is just timing, as you know. It depends on when some of the big claims hit. Last year, we had a credit. So if you think about that piece alone, on the true operational labor side, we still think it'll be 10 to 20 basis points favorable. On the last major piece there of the floor wall, really on the other OpEx, some of that was also timing, but we do continue to see a little bit of negativity related facility, maybe 20 basis points negative and another OpEx for the fourth quarter.

很多時候，這取決於時機，你也知道。這取決於一些重大索賠何時發生。去年我們有一筆信用額度。所以，如果只考慮這個因素，從實際的營運勞動力方面來看，我們仍然認為會有 10 到 20 個基點的利多。關於地板牆的最後一個主要部分，實際上是關於其他營運支出，其中一些也是時間因素，但我們確實繼續看到一些與設施相關的負面因素，可能為負 20 個基點，以及第四季度的另一項營運支出。

So really pretty stable outside of group medical and the beef. Really operationally, we have a really firm hold on the business.

除了團體醫療保險和牛肉問題之外，其他方面都相當穩定。從實際營運層面來說，我們對公司有著非常強大的控制。

Jon Tower, Citigroup.

Jon Tower，花旗集團。

Great, thanks for taking the questions. Maybe just two. You know, you're speaking to a softer consumer right now, showing up in the business, and Lord knows the factors that are causing it. And you're speaking to guests with bowls and bites' lower price points than what you traditionally have in your menu.

太好了，謝謝你回答這些問題。或許就兩個。你知道，你現在面對的是一個比較敏感的消費者，在這個行業裡，天知道造成這種情況的原因是什麼。而且，你面向的顧客提供的是價格比你傳統菜單上菜色更低的碗裝和小吃。

How are you thinking about, one, promoting that next year more, or are you considering promoting that more so Into next year than you have been currently? And then two, how are you thinking about pricing at the core Cheesecake Factory into 2026?

您正在考慮明年是否要加強推廣力度，或者您是否考慮比目前加強推廣力度到明年？其次，您如何考慮 2026 年 Cheesecake Factory 核心產品的定價？

Hey, Jon, this is David Gordon. Maybe I'll take the first half and then I'll turn it over to Matt. I think we're executing on the bite symbols really well. I think the increased awareness through our social media channels and all of our marketing campaigns along with our strategy to have the bites and bowls on the separate menu card has paid off really well. We're seeing strong attachment rates and we're not really seeing the check impact. So that's a very positive sign. It's what we were expecting to have happen and it has played out that way.

嘿，喬恩，我是大衛戈登。也許我會先做前半部分，然後交給馬特。我認為我們對咬合符號的運用非常出色。我認為，透過我們的社交媒體管道和所有行銷活動提高知名度，以及將小吃和碗裝菜餚放在單獨的菜單卡上的策略，都取得了非常好的效果。我們看到附加條款的執行率很高，但並沒有真正看到支票的影響。這是一個非常正面的訊號。這正是我們預料之中的事情，而且事情也確實如此發展了。

As we move into our winter menu change beginning of next year, we would anticipate using the card again. and using the same methodology to make guests aware, along with the Cheesecake Rewards Program, which is a great way to make guests aware of those new items and those new price points. And I think you can anticipate a few new items in maybe both of those sections along with other new items as well.

明年年初我們將迎來冬季菜單更新，屆時我們預計會再次使用會員卡，並採用相同的方式告知顧客，同時配合芝士蛋糕獎勵計劃，這也是讓顧客了解新品和新價格的好方法。我認為，除了其他一些新產品之外，這兩個類別中可能還會推出一些新產品。

We're going to continue to lean into menu innovation wherever we can come up with delicious new menu items that are craveable. And we think that's how we'll continue to win in the long run.

我們將繼續致力於菜單創新，盡可能推出美味可口、令人垂涎的新菜餚。我們認為，從長遠來看，這就是我們繼續取勝的方式。

And Jon, this is Matt. Just speaking to the pricing, so in Q4, it's already going to be down to about 3.5%. We would continue to expect that to moderate into next year. And keep in mind, because of the lower price points and the adoption rate, the effectiveness is about 100 basis points less than that. So if we're at 2.5% effectively to the consumer and we're going to maybe a 2% in the first half of next year, that's really well below the food away from home inflation that's been reported in the mid threes. So we feel very competitive about that while still keeping the brand where it should be.

喬恩，這位是馬特。就價格而言，第四季價格將會下降到約 3.5%。我們預計這種情況明年將繼續趨於緩和。請記住，由於價格較低且普及率較低，其有效性比上述結果低約 100 個基點。因此，如果消費者實際支出為 2.5%，而明年上半年可能降至 2%，那麼這將遠低於據報道在 3% 左右的外食通膨率。因此，我們在這方面很有競爭力，同時也要維持品牌應有的地位。

Okay. And then just flipping to North Italia, I can appreciate the headwinds for the industry and the hit on traffic, but can you speak to the cannibalization impact or the sales transfer you spoke to hitting their comps in the period? When thinking about development for 2026, are you building out a schedule such that you're not going to see the same level of sales transfer next year as perhaps we've seen this year?

好的。然後，我們再來看看北義大利的情況。我能理解該行業面臨的逆境和交通流量的下降，但您能否談談您提到的蠶食效應或銷售轉移對他們同期業績的影響？在考慮 2026 年的發展時，您是否制定了相應的計劃，以避免明年出現與今年類似的銷售轉移水平？

Yeah, Jon, this is Matt. I think, as we've said, it could be a little bit bumpy because as we think about sites, it's always about getting the best site and whether there could be some near-term pressure on existing regional performance is not really what's going to define the investment returns that we're looking for.

是的，喬恩，這是馬特。我認為，正如我們所說，這可能會有點坎坷，因為當我們考慮選址時，我們始終關注的是找到最佳地點，而現有區域業績是否會在短期內受到一些壓力，並不是真正決定我們所尋求的投資回報的因素。

That being said, really it's kind of what we had said previously. It's about one point from the LA fires and maybe about two points from the cannibalization. Really, the difference that we've seen is more in North, quarter to quarter. There's a little bit more in the macro environment. I think you saw it more in the higher end, slightly higher price point, and a little bit in the midweek lunch is where we can attribute.

也就是說，這其實跟我們之前說的差不多。這比洛杉磯大火的程度大約高出一個百分點，比食人事件的程度大約高出兩個百分點。實際上，我們看到的差異主要體現在北部賽區，每季之間差異更大。宏觀環境方面還有一些其他因素。我認為這種情況比較常出現在高端市場，價格稍高的市場，而且在周中午餐時段也比較常見。

And we know from five decades of history of managing in this space, that's the first place that when you see consumers pull back, you get a little bit of pressure there. So I think from an execution standpoint, we're doing a great job. And we'll keep everybody informed. If we think there's going to be a material shift in those patterns around the transfer, we'll try to let you know in advance to build that into your models.

我們從五十年來在這個領域的管理經驗中了解到，當消費者減少支出時，首先會在這裡感受到一些壓力。所以我覺得從執行層面來說，我們做得非常好。我們會及時向大家通報最新情況。如果我們認為在過渡期間這些模式將會發生實質變化，我們會提前通知您，以便您將這些變化納入您的模型中。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

I guess I wanted to build on the commentary around the government shutdown. Did you just start to see the softness in October? Or did you start to see some waning in the latter part of the third quarter?

我想就政府停擺這件事展開一些評論。你十月才開始看到葉子變軟嗎？或者，您是否在第三季後半段開始看到一些下滑的跡象？

We saw, I would say, a little bit of choppiness in September, but there was a little bit of movement relative to some of the rewards programs that we had done the year before, so it wasn't really meaningful. I would honestly say that the bigger shift has come in October.

我想說，9 月出現了一些波動，但相對於我們前一年實施的一些獎勵計劃而言，還是有一些變化的，所以並沒有太大意義。說實話，我認為更大的轉變發生在十月。

I think we saw this in the industry in the start of 2019 during the last shutdown. I went back and looked at some of the old data there. There appeared to be a 1% to 2% shift down for a month there. So it sort of correlates to what I think some of the data is and the indices that are out there seems to corroborate that.

我認為我們在 2019 年初的上次停工期間已經在行業中看到了這一點。我回去查看了一些舊數據。一個月內，該地區的降幅似乎達到了 1% 到 2%。所以它與我認為的一些數據相吻合，而且現有的指數似乎也證實了這一點。

And then the thought process on sales getting better as '26 progresses, is that related to any specific initiatives or marketing plans? Or is that just a function of, you know, expecting to have easier comparisons in the back house?

那麼，隨著 2026 年的推進，銷售額不斷提高的想法，是否與任何具體的舉措或行銷計畫有關？或者，這只是因為人們期望在後屋更容易進行比較？

Sharon, I think it's a little bit of both. I mean, certainly, by the time we get to, say, the middle of the second quarter, we'll have gone through three pretty significant menu changes, right, all enhancing the value proposition. We'll have a materially lower effective price point. So those things certainly will benefit us, we believe, in terms of traffic, as well as the mix side of things.

莎倫，我覺得兩者兼具。我的意思是，當然，到第二季中期的時候，我們已經經歷了三次非常重要的菜單調整，對吧，所有這些都提高了價值主張。我們將擁有更低的實際價格點。因此，我們相信，這些措施肯定會對我們有利，無論是在交通方面，還是在產品組合方面。

So I think those will help. And then, frankly, that will lap around kind of the beginning of some of the consumer noise this year that started in early April. And assuming the shutdown ends and we get some trade deals, at least the reports that I've been reading have been much more constructive on the consumer outlook for next year. So I think it's a combination of both.

所以我覺得這些會有幫助。坦白說，這將會與今年4月初開始的一些消費波動同時出現。假設停擺結束，我們達成一些貿易協議，至少我看到的報導對明年的消費者前景持更樂觀的態度。所以我認為兩者兼具。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on some of the labor productivity benefits you've been getting. I think you mentioned maybe lower turnover as part of that. But I just wanted to ask, I mean, it's a little unusual to see such improvement in the margins when you have slightly negative traffic. So I guess, could you just maybe talk about the sustainability of that and how much more room you think you have as you move into next year to achieve productivity savings even in the face of maybe a soft industry environment?

我的問題是關於你們所獲得的一些勞動生產力方面的利益。我想你之前提到過，降低人員流動率或許也是其中的一部分。但我只是想問一下，我的意思是，在流量略微下降的情況下，利潤率卻有如此大的改善，這有點不尋常。所以我想，您能否談談這種做法的可持續性，以及您認為在明年即使面對可能疲軟的行業環境，您還有多少空間來實現生產力提升？

Sure, David. This is Matt. We definitely take credit for the benefits that we've seen related to the retention. and those do ripple through in productivity, and in some of that is also in more stable wage environment. I think that's probably a balance between the internal efforts and the external, you know, job hugging, if you will, in this situation where you're just seeing, you know, some lower turnover there. And the fewer people turn over, the less pressure there is to sort of adjust wages for the existing base. So I think that's part of it as well.

當然可以，大衛。這是馬特。我們確實應該為員工留任率提升帶來的益處感到自豪。這些益處確實會轉化為生產力的提升，而且在某種程度上也得益於更穩定的工資環境。我認為這可能是內部努力和外部因素（比如說，對工作的維護）之間的一種平衡，在這種情況下，你會看到人員流動率下降。人員流動越少，調整現有員工薪資的壓力就越小。所以我覺得這也是原因之一。

But whether that's sustainable or not, I think at this point in time, our goal every quarter is really just to hold the line. But we've gotten better year over year, each quarter. So there's still a tailwind going into next year. given that even through the third quarter we were better year over year on retention. And we continue to invest in cross-training during these times as well. So I feel pretty good about being able to manage the margins even in a slightly softer environment.

但無論這種狀況是否可持續，我認為目前我們每季的目標其實就是守住現有水準。但我們每季、每年都在進步。因此，明年仍存在利多因素。即便到了第三季度，我們的客戶留存率也比去年同期有所提高。在此期間，我們也持續增加對交叉訓練的投入。因此，即使在市場環境略微疲軟的情況下，我對能夠控制利潤率也感到相當滿意。

I think it's kind of an overall important point for the investors, right? Traders will trade on 100 basis points of sales and that's what they do. But I think for the long-term investors, you know, the P&L has the potential to be much more resilient in this environment because of the stable labor environment and the relatively stable and lower commodities. And so I think, you know, we're well positioned to manage into next year and, you know, that's the guidance that we gave.

我認為這對投資者來說是一個非常重要的方面，對吧？交易員會以 100 個基點的銷售差額進行交易，他們就是這麼做的。但我認為對於長期投資者而言，由於勞動力環境穩定，大宗商品價格相對穩定且較低，損益表在這種環境下具有更強的韌性。所以我覺得，我們已經做好充分準備迎接明年的挑戰，這也是我們給的指導意見。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

So very impressed by the resilient comp trends at Flower Child. And with many of the fast casual brands experiencing a broad-based deceleration, could you provide some insights into what might be driving Flower Child's relative strength and how the trends are tracking so far in the fourth quarter?

Flower Child 的競爭趨勢展現了極強的韌性，讓我留下了深刻的印象。鑑於許多快餐休閒品牌都經歷了普遍的放緩，您能否就 Flower Child 相對強勢的驅動因素以及第四季度迄今為止的趨勢走向提供一些見解？

Sure, Christine. This is David Gordon. I think we continue to believe that Flower Child is very differentiated from those other fast casuals, and guests are appreciating everything from the menu variety to the very strong price points. Our ability to not have to take the type of price that many in the fast casual space have had to take, which perhaps has impacted them a bit over the past 12 months. And the higher level of hospitality and food quality.

當然可以，克里斯汀。這是大衛·戈登。我認為我們仍然相信 Flower Child 與其他快餐休閒餐廳截然不同，顧客們對從菜單種類到極具競爭力的價格等各方面都非常滿意。我們不必像許多快餐休閒餐廳那樣承擔高昂的價格，這或許在過去 12 個月裡對他們造成了一定的影響。以及更高水準的待客之道和食品品質。

As we move Flower Child into new markets or existing markets, we continue to see an affinity for the brand be very strong. And we would anticipate that continuing into the future. So we're really, really pleased. We're looking forward to continuing the growth of Flower Child, getting more restaurants open next year, and bringing it across the country.

隨著 Flower Child 進入新市場或現有市場，我們不斷看到消費者對該品牌的喜愛度非常高。我們預計這種情況將持續下去。所以我們真的非常非常高興。我們期待Flower Child繼續發展壯大，明年開設更多餐廳，並將其推廣到全國各地。

Great. Thank you so much. Just a follow-up. I think you mentioned earlier that bowls and bites are doing its job at Cheesecake Factory, but how do you think about the value proposition at North Italia? Any additional plans to communicate value differently amid the current backdrop and the increasing focus on kind of that lower fixed-dollar prices and entry-level price points?

偉大的。太感謝了。補充一下。我想你之前提到過，起司蛋糕工廠的碗裝和小吃系列做得很好，那麼你覺得北義大利餐廳的價值主張如何呢？在當前背景下，以及人們越來越關注較低的固定價格和入門價格點時，是否有其他計劃以不同的方式傳達價值？

Yeah, that's a great question, Christine. I think Matt mentioned that, you know, North plays a little bit more in that polished casual sort of space with the higher check average. But that doesn't mean we can't find ways to continue to leverage the menu.

是的，克莉絲汀，你問得好。我想 Matt 有提到過，你知道，North 的風格更偏向那種精緻休閒的氛圍，平均消費額也更高。但這並不意味著我們不能找到繼續利用菜單的方法。

As an example, currently we have a promotion in North that is a small plate and a pasta at lunch for $25. So that's a great price point for somebody to get those two menu items with some great variety made fresh from scratch. And we're using all of our internal marketing avenues to be able to share that with guests and make them aware. Those are the type of things we will continue to do along with menu innovation like we've done at Cheesecake Factory.

例如，目前我們在北區推出一項促銷活動，午餐時段只需 25 美元即可享用一份小份菜餚和一份義大利麵。所以，對於想要品嚐這兩道菜的人來說，這個價格非常划算，而且菜色種類豐富，都是新鮮現做的。我們正在利用所有內部行銷管道與顧客分享這些訊息，讓他們了解情況。這些是我們將繼續做的事情，同時我們也會像在 Cheesecake Factory 一樣進行菜單創新。

We actually have our new seasonal menu for North rolling out tomorrow across the country with a couple of new menu items and a lot of the seasonal changes that we make on a regular basis. And we know that that's very effective and it gives us some good marketing to talk about with our current guests and to attract new guests.

實際上，我們明天將在全國推出 North 的全新季節性菜單，其中包含幾款新菜餚以及我們定期進行的許多季節性調整。我們知道這非常有效，它為我們提供了一些很好的行銷素材，可以與現有顧客交流，並吸引新顧客。

Sara Senatore, Bank of America

薩拉參議員，美國銀行

Thank you for all the color on your business. I guess I wanted to ask maybe a little broader macro. You mentioned North, which as you said, plays kind of more polished. I guess the higher income customer has been more insulated to the extent that your business is a read on that.

感謝您為貴公司增添的繽紛色彩。我想問的或許是一個更宏觀的問題。你提到了 North，正如你所說，它的演奏更加流暢。我猜想，高收入客戶受到的影響較小，你的業務也反映了這一點。

Are you seeing some of this weakness kind of percolating higher up on income? Because up until now, it's primarily been lower and maybe middle. So that was one question on the macro. And then the other piece is, I think you talked about more competition. Is that coming from other polished casual chains? Is it more from independents? We seem to be getting kind of a mixed read on kind of how some of the smaller operators are doing.

你是否注意到這種疲軟的局面正在向收入更高的層級蔓延？因為到目前為止，它主要還是低階市場，或許還有中階市場。這是關於宏觀經濟學的一個問題。還有一點，我想你提到了更多的競爭。這是來自其他高端休閒連鎖品牌嗎？獨立媒體的參與度更高嗎？我們似乎對一些小型業者的經營狀況有了比較複雜的了解。

Sure, sure. This is Matt. I think it's, you know, every environment is going to be a little bit different, but some of the things we can carry from our past experiences. You know, obviously, North, like I said, has a little bit of an idiosyncratic situation. But there may be a little bit more pressure at that mid-week launch. And whether that's an insight onto the higher-end consumer, I mean, sometimes what we've seen in these environments is you do get trade down, even from those that are being insulated based on sentiment.

當然，當然。這是馬特。我認為，你知道，每個環境都會略有不同，但我們可以從過去的經驗中汲取一些東西。你知道，很顯然，就像我說的，諾斯的情況有點特殊。但周中發布可能會面臨更大的壓力。至於這是否反映了高端消費者的某種傾向，我的意思是，我們有時在這樣的環境下看到的是，即使是那些因為市場情緒而受到保護的人，也會進行降級消費。

They may still have a job and a good income, but for whatever the reasons are that things are going down. They're still going out to eat and still spending, which would give you a positive read on their overall spend profile, but they may be taking it down a notch to a slightly lower price point experience, right? So that might be one of those opportunities.

他們可能仍然有工作和不錯的收入，但無論出於什麼原因，情況都在惡化。他們仍然外出用餐，仍然消費，這會讓你對他們的整體消費狀況有一個積極的判斷，但他們可能正在降低消費檔次，選擇價格稍低一些的餐飲體驗，對嗎？所以這或許就是其中一個機會。

I think in terms of competition, really, the competitive environment today is twofold. Number one, that's surrounding the deals, right? So you think about the competitive environment isn't just the number of competitors, but the extent to which every restaurant is offering some sort of BOGO or discount or whatnot. And I think I've seen some research that says it's at an all-time high. So that, I think, one defines a competitive environment.

我認為就競爭而言，當今的競爭環境實際上是雙重的。第一，這指的是圍繞著交易展開的那些事，對吧？所以，你認為競爭環境不只是競爭對手的數量，還包括每家餐廳提供買一送一、折扣或其他優惠的程度。而且我看到一些研究表明，這個數字已經達到了歷史最高水準。所以，我認為，這就是競爭環境的定義。

And I think the second part is that it's a little bit of a harder read today. I think probably the independents are having a harder time, but for the change, whether it's casual dining or fast casual or any of the different layers. The capacity is very different to measure today because of the off-premise, right. And so much has moved from on-premise to off-premise that has actually expanded capacity so it's not necessarily a number of competitors but it's the way that the consumers use them has made the environment also I would just as we discuss it more competitive in general. So hopefully that helps.

我認為第二點是，如今讀起來稍微有點困難。我認為獨立餐廳的經營可能會更艱難，但就餐飲業的轉型而言，無論是休閒餐飲、快餐休閒餐飲或其他各種類型的餐飲，情況都可能改變。由於非現場營運的存在，如今衡量產能的方式與以往大不相同，對吧。很多東西都從店內消費轉移到了店外消費，這實際上擴大了產能，所以這不一定是競爭對手的數量，而是消費者使用它們的方式，正如我們討論的那樣，這使得整個環境更具競爭性。希望這能有所幫助。

Very helpful.

很有幫助。

Brian Bittner, Oppenheimer.

Brian Bittner，奧本海默。

Just as it relates to the new menu, I know you anticipated some pressure on mix a little bit from the bites and bowls, just given those are more affordable options. And you talked about how the customer is navigating those nicely. So is that playing out exactly how you thought from a mix perspective? And if so, how should we anticipate mix to impact the comp moving forward in 2026?

至於新菜單，我知道您預料到小吃和碗菜會為菜單帶來一些變化，因為這些菜餚價格更實惠。你也談到了客戶是如何很好地應對這些問題的。所以從混音的角度來看，事情的發展是否完全符合你的期待？如果真是如此，我們該如何預測這種組合在 2026 年將如何影響市場競爭格局？

Yeah, Brian, this is Matt. I think we show, to be honest, it's been pretty much in line with our forecast and actually in the initial read has been a benefit to the mix, which has come into the low one percentages so far. But we would anticipate kind of holding that line. You know, there is still economic pressure out there for the consumer. You still might see some trade down.

是的，布萊恩，這是馬特。說實話，我認為我們的表現基本上符合我們的預測，而且實際上，初步結果對整體情況有利，目前為止，各方面佔比都已降至 1% 左右。但我們預計會堅守這條底線。你知道，消費者仍然面臨經濟壓力。你仍然可能會看到一些交易降級。

So we're really pleased with the first round, and as David Gordon mentioned, we'll probably lean in more to it next year as well. So I would just think about around a negative one for next year, just as an ease of modeling.

所以我們對第一輪的表現非常滿意，正如大衛戈登所提到的那樣，我們明年可能也會更加重視它。所以，為了方便建模，我建議明年的預期值設定為負值。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Maybe just a couple of clarification questions. In North, I thought in the past we had sort of talked about some honeymoon effects in these restaurants. I think your comment was more about sales transfer. Is it both? Is it more one or the other?

可能還有幾個需要澄清的問題。在北方，我以為我們過去曾討論過這些餐廳的蜜月效應。我認為你的評論更多的是關於銷售轉移。兩者都是嗎？是偏向其中之一嗎？

Brian, it's Matt. We're definitely talking about sales transfer in this environment. Now, that's driven in some instances by both phenomenon. if the newer restaurant in the market has a substantially higher opening rate than we thought, then that can drive the sales transfer in that market, right, if that makes sense.

布萊恩，我是馬特。在這種情況下，我們肯定是在討論銷售轉移。現在，在某些情況下，這兩種現像都會影響結果。如果市場上新開的餐廳開業速度遠超預期，那麼這可能會推動該市場的銷售轉移，對吧？如果這樣說你能理解的話。

Okay, understood. Your comment, I think, about a point step down in growth, was that just overall top-line growth or was that also roughly what you'd expect from same-store sales? I know sometimes there's also just revenue dynamics from how many stores you're opening and what brands you're opening, but could you comment on that?

好的，明白了。我認為，您提到的成長放緩是指整體營收成長放緩，還是也大致反映了同店銷售額的下滑？我知道有時營業額也會受到開店數量和開設品牌等因素的影響，您能否就此發表一下看法？

For sure. I would say it's total revenue, but it's predicated on traffic, right? So we would just anticipate in the fourth quarter based on sort of the impact as we've noted more recently, and likely relative to the shutdown amongst others, economic factors that we would be about 1% less in traffic than third quarter.

一定。我認為這是總收入，但這要取決於流量，對吧？因此，根據我們最近指出的影響，以及可能與其他經濟因素（包括停工）相關的因素，我們預計第四季的交通量將比第三季減少約 1%。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. I'm just curious, the sequential trends through the third quarter and thus far into October from a comp perspective. I think we're all assuming maybe a deceleration that maybe ramped up through the third quarter and maybe continued in the fourth quarter. Just curious at your core casual dining brands of late how you're thinking about that sequential trend and maybe what your assumption is for closing out 2025.

偉大的。我只是好奇，從同業比較的角度來看，第三季以及截至10月的連續趨勢如何。我認為我們都在假設比賽可能會減速，這種減速可能在第三節加速，並可能持續到第四節。我很好奇您近期的核心休閒餐飲品牌是如何看待這一發展趨勢的，以及您對 2025 年底的發展有何預期。

I know you mentioned maybe one less point of traffic in the fourth quarter, but are you assuming trends stabilize from here? Or are you assuming the trend continues to ease? Just curious because we're sitting at what appears to be an inflection point of slowing trends.

我知道您提到第四季度的流量可能會減少一個點，但您認為趨勢會從此趨於穩定嗎？或者您認為這種趨勢會繼續放緩？只是好奇，因為我們似乎正處於一個趨勢放緩的轉折點。

Yeah, like I said, Jeff, this is Matt. I mean, I think, you know, the first two periods were pretty consistent in Q3. We did see a little bit of choppiness. I mean, in hindsight, maybe a half a point of that was already some easing of the consumer, but we're also lapping a bigger rewards program. And it's always, you know, in the moment, hard to tell.

對，就像我說的，傑夫，這是馬特。我的意思是，我覺得，你知道，前兩個時期在第三季相當穩定。我們確實看到了一些顛簸。我的意思是，事後看來，也許其中0.5個百分點已經減輕了消費者的負擔，但我們同時也在推行一個更大的獎勵計劃。而且你知道，在當下，很難說清楚。

Definitely said and would reiterate that in the fourth quarter, we would anticipate a 1% lower traffic run rate. Generally, we are continuing to be predictable and steady and have the ability to manage the P&L. So we feel good about the guidance we're giving. And again, historically, looking at some of the trends, these types of events tend to be based more on a macro component and not that long lived. So I think we're confident in our ability to manage the business in this near-term environment.

已經明確表示，我會重申，在第四季度，我們預計交通流量成長率將下降 1%。總的來說，我們繼續保持可預測性和穩定性，並且有能力管理損益。所以我們對所提供的指導感到滿意。而且，從歷史角度來看，從一些趨勢來看，這類事件往往更多地基於宏觀因素，而不是持續時間很長。所以我認為我們有信心在近期的市場環境下管理好業務。

Got it. And just following up, I appreciate the color you gave on 2026. I'm guessing most of your peers probably wouldn't give that level of granularity, so it's encouraging. I think you mentioned for commodities or for commodities and labor, you kind of talked about low-single digit to mid single digit. which is somewhat of a broad range. But I know you talked about beef being on the rise.

知道了。另外，我很欣賞你對 2026 年的詮釋。我猜你的大多數同行可能不會給出如此細緻的描述，所以這令人鼓舞。我想你提到過大宗商品或大宗商品和勞動力，你大概談到了個位數低到個位數中段的成長率。這範圍相當廣泛。但我知道你之前說過牛肉價格正在上漲。

So how should we think about commodities as we think about 2026 more broadly? I mean, do you have any insights into where that could fall out relative to that range you suggested or where maybe beef is headed?

那麼，當我們更廣泛地思考2026年時，我們該如何看待大宗商品呢？我的意思是，您對牛肉價格可能落在您建議的範圍內有什麼見解嗎？或者說，您對牛肉價格的未來走向有什麼看法？

Sure. And don't think that we're not giving a little bit of a broader range on purpose, Jeff, just to be clear. But, you know, the reality is that we are booking more commodities and feel better about it than some years, right? So we've seen the dairy complex really look positive on a year-over-year basis based on the capitulation of butter in late summer. And, you know, we have a much broader market basket than most.

當然。傑夫，我得說清楚，別以為我們故意不擴大範圍。但你知道，現實情況是，我們預訂的商品數量更多，而且感覺比往年好，對吧？因此，根據夏末黃油價格的暴跌，我們看到乳製品行業同比形勢確實一片大好。而且，你知道，我們的產品組合比大多數公司都要廣泛得多。

You know, beef will likely continue to be a pressure point. It's just not as big of a component for us. I think some of the, you know, the crop yields came in very, very strong and so that supports some of the other proteins like chicken, right, which is really driven off the feeder corn piece of it. It supports some of the grocery and oil complexes with soybeans where they're at and bread.

你知道，牛肉問題很可能會繼續成為一個敏感點。對我們來說，它並不是一個很重要的組成部分。我認為，你知道，有些作物的產量非常非常高，因此這對其他一些蛋白質，例如雞肉，也有好處，而雞肉的供應很大程度上依賴於飼料玉米。它為當地的一些雜貨店和石油綜合體提供大豆和麵包。

So overall, it feels pretty good. I don't know that I would go back to the teen years where it was negative or zero, but certainly a one to two feels achievable at this point in time, and labor being maybe a little bit above that.

總的來說，感覺還不錯。我不知道我是否會回到青少年時期，那時收入是負數或零，但在這個階段，收入達到一到二肯定是可以實現的，而勞動收入可能略高於這個數字。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I want to start with following up on the comp side. Are you seeing the deceleration broad-based across geographies or certain markets weaker, which is kind of informing your view on the impact from government shutdowns? And I guess, are you assuming these similar trends continue at least into the first half of '26?

我想先跟進一下薪資方面的事宜。您是否觀察到經濟成長放緩是普遍現象，還是某些特定市場成長放緩？這種放緩是否影響了您對政府停擺影響的看法？我猜，您是認為這些類似的趨勢至少會持續到 2026 年上半年嗎？

Yeah, I mean, generally, Lauren, geographically, Cheesecake is usually pretty stable. There's certainly outliers. I mean, the closer you get to DC, the more prone I think anyone is to pressure in this. But that's kind of like an anomaly.

是的，我的意思是，總的來說，勞倫，從地理位置上看，起司蛋糕通常相當穩定。當然，也存在一些例外情況。我的意思是，離華盛頓特區越近，我覺得任何人在這方面就越容易受到壓力。但這有點像是例外情況。

Generally speaking, we think this will potentially continue into the first quarter. I think a lot of it depends on the ability for government to get back to work and trade deals to get done to give businesses and consumers more certainty, right? Everybody wants to be able to plan their lives and add jobs to the economy and all of those attributes that help drive restaurant sales. But I think that we're going to be cautious until we see that turn.

總的來說，我們認為這種情況可能會持續到第一季。我認為這很大程度上取決於政府能否恢復工作以及貿易協議能否達成，從而為企業和消費者帶來更多確定性，對嗎？每個人都希望能夠規劃自己的生活，為經濟增加就業機會，以及所有有助於推動餐飲業銷售的因素。但我認為，在看到轉機之前，我們仍會保持謹慎。

I would say maybe the closest analogy to go back and track, I referenced the last shutdown. But really, if you look at 2017, we saw a very, very similar trend in the industry. And it was about a six-to-eight-month period of time. So we're sort of planning on that without any better information. And we'll manage the business appropriately.

我覺得最接近的例子就是上次的停擺。但實際上，如果你回顧 2017 年，我們會發現該行業出現了非常非常相似的趨勢。時間大約持續了六到八個月。所以，在沒有更確切資訊的情況下，我們只能這樣計劃。我們會妥善管理這項業務。

Got it. Helpful. Thank you. And then on the restaurant margin side, you guys have obviously seen really strong four-wall performance the last couple of years. In a two-part question, one is you think to '26, what are you betting in four-wall restaurant margin?

知道了。很有幫助。謝謝。而在餐飲利潤方面，你們顯然已經看到了過去幾年四面牆餐廳業績的強勁成長。這是一個分成兩部分的問題，第一部分是：你認為 26 年，你在四面牆餐廳的利潤率押注多少？

And then two, Cheesecake Factory four-wall is now exceeding 2019 levels. As we think ahead, is the future RLM expansion more driven by improvements in margin from North and other concepts, or you still see room for Cheesecake?

其次，起司蛋糕工廠的四面牆現在已經超過了 2019 年的水準。展望未來，RLM 的未來擴張更多是受到北方及其他概念帶來的利潤提升的驅動，還是您仍然認為 Cheesecake 有發展空間？

Sure. Yeah, I mean, I think what we've been talking about all along for, like, the last six to nine months for next year is that we'd like to get 25 basis points of four-wall margin. And, you know, based on the tax rate and the G&A and all the other pieces, you can pretty much back into that and the guidance.

當然。是的，我的意思是，我認為我們過去六到九個月以來一直在討論的，就是明年我們希望四壁利潤率能達到 25 個基點。你知道，根據稅率、一般及行政費用以及所有其他因素，你基本上可以反推到指導意見中。

And I do think that, you know, Cheesecake really would focus on margin stability. And that we have opportunities to improve margins across some of the more early-stage concepts for sure. And longer-term, that would absolutely be the case.

而且我認為，起司蛋糕確實會非常注重利潤率的穩定性。而且我們肯定有機會提高一些早期概念產品的利潤率。從長遠來看，情況的確如此。

John Ivankoe, JP Morgan.

約翰‧伊凡科，摩根大通。

Two questions, if I may. First, on the labor side, you know, obviously I know you guys use E-Verify I understand that your turnover remains low, but it's kind of an industry or maybe a market-specific question in terms of just maybe demand for labor and kitchen labor specifically that you're seeing going up. Obviously, the broad industry has a decent amount of undocumented workers that are in it, not a Cheesecake Factory, but are in it broadly. And I was just curious if there was any tightening of this important labor segment that you're seeing in any various markets?

請問兩個問題。首先，關於勞動力方面，我知道你們使用 E-Verify，也了解到你們的員工流動率仍然很低，但這有點像是行業或市場特有的問題，因為你們看到的勞動力需求，特別是廚房勞動力需求，正在上升。顯然，整個行業中都有相當數量的無證工人，他們不是在芝士蛋糕工廠這樣的地方工作，而是廣泛地從事這個行業。我只是好奇，您是否在各個市場觀察到這個重要勞動市場出現任何趨緊的現象？

Yeah, thanks for the question, John. This is David Gordon. We really haven't seen any change by geography. We have continued terrific applicant flow across the country. We have a couple openings coming up for Cheesecake Factory, where we've had over 1,000 applicants for those restaurants. So the marketplace really has not changed for us in the kitchen nor in the front, and our continued best-in-class retention has helped us to not need as many staff members as others may have had now or historically.

謝謝你的提問，約翰。這是大衛·戈登。我們並沒有看到任何因地理位置而產生的變化。我們持續收到來自全國各地的大量申請者。我們起司蛋糕工廠餐廳有幾個職缺，已經收到了超過 1000 份申請。因此，無論是在廚房還是在前廳，市場對我們來說都沒有發生真正的變化，而且我們持續保持著一流的員工留任率，這幫助我們不需要像其他餐廳現在或過去那樣多的員工。

So the marketplace seems very steady and very stable. It's allowed us to keep our wage inflation in line with expectations. And as Matt said, we'll continue to build on this momentum moving into next year. And the stable environment, we think, will sustain itself because of the employer in choice that we are.

所以市場看起來非常穩定。這使我們能夠將工資增長控制在預期範圍內。正如馬特所說，我們將繼續保持這種勢頭，邁入明年。我們認為，這種穩定的環境將得以維持，因為我們是眾多雇主中的佼佼者。

Thank you. And secondly, I think I heard in your prepared remarks an app at Cheesecake Factory which, at least for what I can find, just still doesn't exist. So remind us why you haven't had an app in the past, what kind of functionality that you might be able to do with it, how the loyalty program might change, and if you think it's a potentially big idea for you or more evolutionary in nature?

謝謝。其次，我好像在您準備好的發言稿中聽到了 Cheesecake Factory 的一個應用程序，但至少就我目前所知，這個應用程式還不存在。那麼請提醒我們一下，為什麼您過去沒有推出過應用程式？您可以利用應用程式實現哪些功能？會員計畫可能會發生哪些變化？您認為這對您來說是一個潛在的重大想法，還是一個更漸進的想法？

Thanks, John. I think it's evolutionary. You're right. We don't have one. And I know you're a Cheesecake fan, and so you would know before anyone else when that app launches. But we are, currently today, in scope of trying to get an app launched in the first half of next year, and I think we're going to meet that goal. And it's sort of an evolutionary part of the rewards program, which will allow guests to make reservations and see their history in an easier way.

謝謝你，約翰。我認為這是進化的結果。你說得對。我們沒有。我知道你是起司蛋糕的粉絲，所以當這款應用程式上線時，你會比任何人都先知道。但就目前而言，我們的目標是在明年上半年推出一款應用程序，我認為我們能夠實現這個目標。這算是獎勵計劃的一個進化部分，它將使客人能夠更輕鬆地預訂和查看他們的歷史記錄。

It will certainly allow guests to order off-premise in an easier way, repeat their orders from previous orders in a more seamless way, and track their history of rewards and redemption. So we think there's good benefits to it. We want to create a program that really works for casual dining and guests will find a lot of value in. And we think we're on the right path to do that, and we'll hopefully get it launched here next year.

這無疑將使顧客能夠更輕鬆地進行店外訂餐，更順暢地重複先前的訂單，並追蹤他們的獎勵和兌換歷史記錄。所以我們認為這樣做有很多好處。我們希望打造一個真正適合休閒餐飲的方案，讓顧客從中獲得許多價值。我們認為我們正走在正確的道路上，希望明年能在這裡推出。

And can I ask, what was the sticking point in the past several years of having one? Why are we waiting until '26 for this?

請問，在過去幾年裡，擁有它的最大障礙是什麼？為什麼我們要等到 2026 年才做這件事？

I think without a rewards program, it became a little more challenging to find the value proposition for the consumer, right? So we really wanted to make sure that it made sense for somebody to take up that real estate on their phone when your average guest is coming four to six times a year. And we think with the amount of rewards members we have today, and their high frequency that they will really find the benefit in downloading the app and using it on a regular basis.

我認為如果沒有獎勵計劃，就很難找到對消費者而言的價值主張，對吧？因此，我們非常希望確保，對於平均每年入住四到六次的客人來說，在手機上佔用這塊空間是有意義的。我們認為，以我們目前擁有的獎勵會員數量和他們的高使用頻率來看，他們一定會發現下載該應用程式並定期使用它的好處。

Look forward to it. Thank you.

敬請期待。謝謝。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

One more on loyalty there following up. As it relates to the app and just kind of the momentum that you talked about with the membership growth and the customer satisfaction with the program, as we think about, or you think about benefits to '26, does it look similar to maybe what we saw in '25?

關於忠誠度，還有一點要跟進。就應用程式而言，以及您剛才提到的會員成長動能和客戶對該計劃的滿意度，當我們思考或您思考 2026 年的收益時，它看起來是否與我們在 2025 年看到的類似？

Or again, based on your response to the last question, do we build on that? I think you guys have talked maybe about 100 basis points. from a contribution perspective. Is that still the right level to be thinking about from loyalty?

或者，根據您對上一個問題的回答，我們是否要以此為基礎繼續討論？我認為你們從貢獻率的角度討論過大約100個基點。從忠誠度的角度來看，這個標準現在還合適嗎？

Hey, Dennis, this is Matt. You know, I think we're continuing to evolve the program. We definitely know that we're getting incremental contribution from it, but certainly in the very near term, when you've got a little bit more of a bumpy consumer, just making sure that we're not overstating where we're at with that. I think, as David Gordon mentioned with the app, we want to really reduce friction and improve, if you think about it, the holistic guest experience, not just within the four walls. And we think that there is a lot of opportunity.

嘿，丹尼斯，我是馬特。你知道，我認為我們正在不斷改進這個項目。我們當然知道它能帶來增量貢獻，但肯定在短期內，當消費者情緒波動較大時，我們需要確保不會誇大我們在這方面的進展。我認為，正如大衛戈登在談到這款應用程式時提到的那樣，我們真正想要減少摩擦，並改善整體的賓客體驗，而不僅僅是酒店內部的體驗。我們認為這裡有很多機會。

We're only now about six months into the more refined, more specific analyses that will help us to develop the cohorts that we believe will drive even more incrementality. So again, we think it's a long-term proposition. And yeah, there is some benefit today. We would expect to continue to build on that next year, but I don't think we're specifying that yet.

我們現在才剛開始進行更精細、更具體的分析大約六個月，這些分析將幫助我們建立我們認為能夠帶來更大增量的隊列。所以，我們再次認為這是一個長期的方案。是的，現在確實有一些好處。我們預計明年將繼續在此基礎上發展，但我認為我們目前還沒有具體說明。

Great. Thanks, Matt. And then just a quick one. Just anything on delivery, where that shook out in the quarter? Was that stable, similar to off-prem, or any changes sequentially on the delivery performance side of things?

偉大的。謝謝你，馬特。然後就快速地來一個。所有送貨上門的商品，這部分在本季表現如何？部署穩定性如何？是否與非本地部署類似？或者在交付性能方面是否有任何變化？

Yeah, Dennis, off-premise continues to stay very, very stable. Total off-premise was 21% of sales, right in line with Q2 and last year. Of that, delivery was about 10%, and the rest of it was made up of 5% of online ordering and a little over 5% of phone and walk-up still. So very, very stable business. We continue to think Cheesecake is a great value in the off-premise channel. and we'll continue that way.

是的，丹尼斯，非現場銷售仍然非常非常穩定。非現場銷售總額佔銷售額的 21%，與第二季和去年同期持平。其中，外賣約佔 10%，其餘部分包括 5% 的線上訂購和略高於 5% 的電話和到店訂購。所以，這是一家非常非常穩定的企業。我們仍然認為起司蛋糕在非現場銷售管道具有很高的性價比，我們將繼續堅持這一觀點。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

You guys largely answered the question with a one-point step down in traffic, but what is the implied Q4 Cheesecake same-store sales range with that $940 million to $955 million revenue guidance?

你們的預測基本上回答了這個問題，流量下降了1個百分點，但是，在9.4億美元至9.55億美元的營收預期下，第四季起司蛋糕同店銷售額的隱含範圍是多少？

You know, it's just about a negative 1 to 0, right? I mean, that's kind of in the range, if you look at where the comp was in the third quarter, roughly.

你知道，這差不多就是負1到0的差值，對吧？我的意思是，如果你看看第三季的同業比較情況，這差不多就在這個範圍內了。

Okay. And then just more macro -- one more macro question. So a lot of discussion, obviously, about lower income cohort for the last, really, 18 months or so. But over the last couple of quarters, a little bit more discussion about that sort of younger demo or that 35-and-under consumer cohort. Have you seen that consumer behavior or that consumer see a change in behavior across your portfolio of concepts?

好的。然後，再來一個宏觀問題──一個宏觀問題。所以，很顯然，在過去18個月左右的時間裡，關於低收入群體的討論很多。但在過去幾個季度裡，關於年輕族群或 35 歲及以下消費族群的討論越來越多。您是否觀察到消費者行為或消費者行為在您的產品組合中發生了變化？

I don't know if we would parse it down to that. I read an analyst report recently that said the challenge groups were the lower income, the Hispanic, the liberal, the younger, the tourists, so I didn't know who was left.

我不知道我們能否把它簡化到那個程度。我最近讀到一份分析報告，報告指出面臨挑戰的群體是低收入群體、西班牙裔群體、自由派群體、年輕人群體和遊客群體，所以我不知道還剩下哪些群體。

All right. Well said. Got it. Thank you.

好的。說得好。知道了。謝謝。

Tyler Prause, Stephens Inc.

泰勒普勞斯，史蒂芬斯公司

Two questions for my end. Regarding media and advertising, what are you seeing in terms of consumer engagement per ad spend? You know, appreciate the color around flat G&As percent of sales in '26, but, you know, given the more competitive environment, could there be a need for more marketing dollars in '26?

我有兩個問題。就媒體和廣告而言，您認為每次廣告支出能帶來什麼樣的消費者參與度？你知道，雖然 2026 年一般及行政費用佔銷售額的百分比保持平穩，但考慮到競爭環境更加激烈，2026 年是否需要投入更多行銷資金？

That's a super interesting question. This is Matt. I mean, I think we have continued to spend more, but really just in the rewards program. So we're not going to try to do national TV advertising, but we are increasing the amount that we are doing with rewards. So I think that's the on-brand way.

這是一個非常有趣的問題。這是馬特。我的意思是，我認為我們一直在增加支出，但實際上只是在獎勵計劃上。所以我們不會嘗試進行全國電視廣告宣傳，但我們會加強獎勵。所以我認為這才是符合品牌形象的做法。

And I think, you know, that's a fair point. It goes back to the question about how do you let guests know about the value proposition. And so you know, I think social media also is where we would probably dedicate more funding rather than really ad placement.

我覺得，嗯，這確實是個合理的觀點。這又回到如何讓顧客了解價值主張的問題。所以，我認為社群媒體也是我們應該投入更多資金的地方，而不是廣告投放。

Great. That's super helpful. And, you know, you kind of touched on this just now, but although you're a different occasion, you know, some fast-casual concepts have, you know, called out a headwind from the Hispanic consumer, you know, just given the tighter immigration policies in recent months. Just curious if you've seen any noticeable step change within that particular cohort.

偉大的。這太有幫助了。你知道，你剛才也稍微提到了這一點，雖然你指的是不同的場合，但你知道，一些快餐休閒餐飲概念已經受到了來自西班牙裔消費者的不利影響，你知道，這主要是由於近幾個月來收緊的移民政策。只是好奇你是否觀察到該特定群體中有任何明顯的進步。

You know, I don't know that we, again, we would parse it out. I think it's just, what it says to us is that it's more broad-based, right? What you've seen in the back half of the year, and if I can claim this, back in April, we said that we thought the environment would soften in the back half of the year based on just macroeconomic factors. Tariffs cause lower discretionary income. There's been fewer jobs created, and consumer sentiment is at a low point.

你知道，我不知道我們是否能再次分析它。我覺得這說明它的基礎更廣泛，對吧？你們在今年下半年看到的，如果我可以這麼說的話，早在四月份，我們就說過，我們認為下半年市場環境會根據宏觀經濟因素有所緩和。關稅導致可支配所得減少。新增就業機會減少，消費者信心處於低谷。

I don't know that I would say we're pointing at one cohort or another. I think it's an accumulation of those factors. But we also don't think it's permanent, right? I mean, we operate in what's called the consumer discretionary category, which tends to be cyclical. And while it has stabilized much more over the past 10 to 15 years to become a little bit more stable, there tends to be a little bit of movement. Like I said, 100 basis points here, or there, but we're confident that with our execution and best-in-class operators and concepts that it'll normalize in the next three, four, five months.

我不認為我們指的是某一類群體。我認為這是多種因素共同作用的結果。但我們認為這也不是永久性的，對吧？我的意思是，我們從事的是所謂的非必需消費品類別，而這個類別往往具有週期性。雖然在過去 10 到 15 年裡，市場已經趨於穩定，但仍會有一些波動。正如我所說，這裡波動 100 個基點，那裡波動 100 個基點，但我們有信心，憑藉我們的執行力、一流的營運人員和理念，這種情況將在未來三、四、五個月內恢復正常。

Thank you. And with no further questions in queue, this does conclude today's conference call. You may now disconnect.

謝謝。由於沒有其他問題需要提問，今天的電話會議到此結束。您現在可以斷開連線了。