Chuy's Holdings Inc (CHUY) 2022 Q4 法說會逐字稿

And welcome to the Chuy's Holdings Fourth Quarter 2021 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

歡迎來到 Chuy's Holdings 2021 年第四季度收益電話會議。今天的通話正在錄音中。 （操作員說明）

On today's call, we have Steve Hislop, President and Chief Executive Officer; and Jon Howie, Vice President and Chief Financial Officer of Chuy's Holdings, Inc.

在今天的電話會議上，我們有總裁兼首席執行官 Steve Hislop； Chuy's Holdings, Inc. 副總裁兼首席財務官 Jon Howie

At this time, I'll turn the call over to Mr. Howie. Please go ahead, sir.

這時候，我會把電話轉給豪伊先生。請繼續，先生。

Thank you, operator, and good afternoon. By now, everyone should have access to the fourth quarter 2022 earnings release. If not, it can be found on our website at chuys.com in the Investors section.

謝謝接線員，下午好。到現在為止，每個人都應該可以訪問 2022 年第四季度的財報。如果沒有，可以在我們網站 chuys.com 的投資者部分找到。

Before we begin our formal remarks, I need to remind everyone that part of our discussions today will include forward-looking statements. These forward-looking statements are not a guarantee of future performance, and therefore, you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We refer all of you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.

在我們開始正式發言之前，我需要提醒大家，我們今天的部分討論將包括前瞻性陳述。這些前瞻性陳述不是未來業績的保證，因此，您不應過分依賴它們。這些陳述還受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。我們建議大家參考我們最近提交給美國證券交易委員會的文件，以更詳細地討論可能影響我們未來經營業績和財務狀況的風險。

With that out of the way, I'd like to turn the call over to Chuy's President and CEO, Steve Hislop.

有了這個，我想把電話轉給 Chuy 的總裁兼首席執行官史蒂夫希斯洛普。

Thank you, Jon. Good afternoon, everyone, and thank you for joining us on our fourth quarter earnings call today. We're proud of our strong results for the quarter, driven by organic top line growth and sustained operational efficiencies. Such was complemented by our continued capital return to shareholders through our share repurchases enabled by the ongoing strength of our operating model.

謝謝你，喬恩。大家下午好，感謝您今天加入我們的第四季度財報電話會議。在有機收入增長和持續運營效率的推動下，我們為本季度的強勁業績感到自豪。通過我們持續強大的運營模式實現的股票回購，我們持續向股東返還資本，從而補充了這一點。

During the fourth quarter, we saw strong comparable sales growth across all periods, and importantly, our momentum has continued into January. We believe our fresh, made-from-scratch food and drinks at an incredible value, continue to resonate with our guests and are the driving force behind our growth, regardless of how our guests choose to access the brand.

在第四季度，我們看到所有時期的可比銷售額都強勁增長，而且重要的是，我們的勢頭一直持續到 1 月份。我們相信，我們新鮮、從頭開始製作的食品和飲料具有令人難以置信的價值，將繼續與我們的客人產生共鳴，並且是我們發展背後的推動力，無論我們的客人選擇如何使用該品牌。

Turning to our growth drivers. We'll start with menu innovation. As we noted last call, we launched our first ever limited time offer platform, Chuy's knockouts in October.

轉向我們的增長動力。我們將從菜單創新開始。正如我們在上次電話會議中提到的那樣，我們在 10 月份推出了有史以來第一個限時優惠平台 Chuy's Knockouts。

Chuy's knockouts through quarterly specials introduced our guests to exciting new menu innovation while also reintroducing our guests to old favorites for a limited time. We plan to offer Chuy's knockouts once per quarter for a 6-week period of time.

Chuy's 通過季度特色菜的淘汰賽向我們的客人介紹了令人興奮的新菜單創新，同時也在有限的時間內重新向我們的客人介紹了舊的最愛。我們計劃每季度提供一次 Chuy 的淘汰賽，為期 6 週。

I'm thrilled to report that our first CKO drove incremental traffic and mixed at approximately 2.5% of all entrees sold during the 6-week period. Importantly, we did not see consumer demand trail off in the latter weeks of the CKO period as you do with many limited time offers and thus giving us increased confidence in the platform longer term.

我很高興地報告說，我們的第一個 CKO 推動了增量流量，並在 6 週期間混合了大約 2.5% 的所有主菜銷售量。重要的是，我們沒有看到消費者需求在 CKO 期的後幾週下降，就像許多限時優惠一樣，從而使我們對平台的長期信心增強。

That said, while these results are encouraging, the CKO platform is still new to the brand, and we intend to continue to reiterate and experiment with the platform to determine what resonates best with our guests in the long term.

也就是說，雖然這些結果令人鼓舞，但 CKO 平台對品牌來說仍然是一個新平台，我們打算繼續重申和試驗該平台，以確定從長遠來看最能引起客人共鳴的內容。

Following the success of our first CKO, late January saw a return of our fan favorite veggie enchiladas, as well as an introduction of our new Wild Burrito and Hatch Beef Tacos. While we are only 3 weeks into the CKO period, we're excited about the results we've seen thus far.

繼我們的第一個 CKO 成功之後，1 月下旬我們又回歸了我們粉絲最喜歡的蔬菜辣醬玉米餅餡，並推出了我們新推出的野生捲餅和哈奇牛肉炸玉米餅。雖然我們進入 CKO 階段僅 3 週，但我們對迄今為止看到的結果感到興奮。

Next, we will turn to off-premise. Our momentum continued with the growth of our off-premise, which represented approximately 29% of total sales for this quarter. The delivery channel helped drive our off-premise growth as consumers embrace the opportunity to enjoy Chuy's high-quality made-from-scratch food from the comfort of their own home.

接下來，我們將轉向場外。隨著我們場外業務的增長，我們的勢頭繼續保持，約佔本季度總銷售額的 29%。送貨渠道幫助推動了我們的場外業務增長，因為消費者有機會在舒適的家中享用 Chuy 的優質現做食品。

We also continue to fill out our existing catering markets and have further opportunities to expand in several other new markets in 2023 to complete the rollout of the catering program system-wide.

我們還將繼續填補我們現有的餐飲市場，並有更多機會在 2023 年擴展到其他幾個新市場，以完成全系統餐飲計劃的推出。

Catering represented almost 4% of our fourth quarter sales and approximately 2.6% of our annual sales. We continue to believe that off-premise will represent a low to mid-20s of our sales over time with catering contributing approximately 4% to 6%.

餐飲占我們第四季度銷售額的近 4%，占我們年銷售額的約 2.6%。我們仍然相信，隨著時間的推移，場外銷售將占我們銷售額的 20 % 左右，餐飲貢獻約 4% 至 6%。

Finally, in terms of our marketing initiatives, we continue to put heavy emphasis on digital media including the use of TikTok, organic influencer programs on Instagram, YouTube video advertising and a promotional advertising partnership with DoorDash.

最後，就我們的營銷舉措而言，我們繼續高度重視數字媒體，包括使用 TikTok、Instagram 上的有機影響者計劃、YouTube 視頻廣告以及與 DoorDash 的促銷廣告合作夥伴關係。

These initiatives have allowed us to effectively communicate our defining differences from our made-from-scratch food and drinks offered at an incredible value to our newly introduced CKO offerings and the unique overall experience at every Chuy's restaurant. Along with our new website, we believe these initiatives will help us to better connect with both new and returning guests.

這些舉措使我們能夠有效地傳達我們與以難以置信的價值從零開始製作的食品和飲料與我們新推出的 CKO 產品以及每家 Chuy's 餐廳獨特的整體體驗之間的明顯差異。除了我們的新網站，我們相信這些舉措將幫助我們更好地與新客人和回頭客建立聯繫。

Moving to profitability. Our ongoing focus on operational efficiencies and cost management resulted in a strong 17% restaurant-level operating margin, representing a 270 basis point improvement over 2019. We achieved these results despite double-digit commodity inflation and high single-digit labor inflation.

轉向盈利。我們對運營效率和成本管理的持續關注使餐廳層面的運營利潤率達到了 17%，比 2019 年提高了 270 個基點。儘管商品通貨膨脹率達到兩位數，勞動力通貨膨脹率居高不下，但我們仍取得了這些成果。

Looking at 2023 at the end of January, took approximately 3.5% pricing. We believe this is an appropriate level to balance our strong value proposition to our consumers as well as solidifying our margin profile. We have not made any decisions on any additional pricing actions for the year and will reevaluate as necessary given the macro environment.

展望 2023 年 1 月底，定價約為 3.5%。我們認為這是一個適當的水平，可以平衡我們對消費者的強大價值主張以及鞏固我們的利潤率。我們尚未就今年的任何額外定價行動做出任何決定，並將根據宏觀環境在必要時重新評估。

Lastly, before I turn the call over to Jon, let me update you on our development plan. During the fourth quarter, we successfully opened 2 new restaurants in our core markets of Texas and Tennessee, bringing on our total development to 3 restaurants during the year. We also closed 1 restaurant at the end of its lease term as we have already developed another restaurant in a more desirable location for the trade area. In total, we had 98 restaurants at the end of fiscal year.

最後，在我將電話轉給喬恩之前，讓我向您介紹我們的發展計劃。第四季度，我們在得克薩斯州和田納西州的核心市場成功開設了 2 家新餐廳，使我們在年內的總發展達到了 3 家。我們還在租期結束時關閉了 1 家餐廳，因為我們已經在貿易區更理想的位置開發了另一家餐廳。截至本財年末，我們總共擁有 98 家餐廳。

As we look ahead, we are excited about the organic growth opportunities ahead for the brand through accelerated unit expansion. For 2023, we've developed a robust pipeline now consisting of 6 to 7 new restaurants focused on markets where our concept is proven with high AUVs and brand awareness. This includes our Fayetteville, Arkansas restaurant, which is slated to open in late February, early March.

展望未來，我們對通過加速單位擴張為品牌帶來的有機增長機會感到興奮。到 2023 年，我們已經開發了一個強大的渠道，現在包括 6 到 7 家新餐廳，專注於我們的概念被證明具有高 AUV 和品牌知名度的市場。這包括我們位於阿肯色州費耶特維爾的餐廳，該餐廳計劃於 2 月底、3 月初開業。

With that, I will now turn the call over to our CFO, Jon Howie, to discuss our fourth quarter results in greater detail.

有了這個，我現在將把電話轉給我們的首席財務官 Jon Howie，以更詳細地討論我們第四季度的業績。

Thanks, Steve. And revenues for the fourth quarter increased 5.5% to $104.1 million compared to $98.7 million in the same quarter last year. The increase was primarily related to improvement in our comparable restaurant sales as well as an additional 22 operating weeks from new restaurants opened subsequent to the fourth quarter of 2021. In total, we had approximately 1,269 operating weeks during the fourth quarter of 2022 and off-premise sales were approximately 29% of total revenue.

謝謝，史蒂夫。與去年同期的 9870 萬美元相比，第四季度的收入增長了 5.5%，達到 1.041 億美元。這一增長主要與我們可比餐廳銷售額的改善以及 2021 年第四季度之後開設的新餐廳增加的 22 個營業周有關。在 2022 年第四季度，我們總共有大約 1,269 個營業周，並且關閉物業銷售額約佔總收入的 29%。

Comparable restaurant sales in the fourth quarter increased 3.4% versus last year, primarily driven by a 6.1% increase in average check, partially offset by a 2.7% decrease in average weekly customers. Effective pricing during the quarter was just shy of 7%. Compared to 2019, comparable restaurant sales increased 3.1%.

第四季度可比餐廳銷售額與去年同期相比增長 3.4%，這主要是由於平均支票增長 6.1%，部分被平均每週顧客減少 2.7% 所抵消。本季度的有效定價僅略低於 7%。與 2019 年相比，可比餐廳銷售額增長了 3.1%。

Turning to expenses. Cost of sales as a percentage of revenue increased 170 basis points to 27.5% driven by an increase in the cost of beef and chicken as well as fresh produce cheese and grocery items. Overall, commodity inflation during the quarter was in line with our expectations at approximately 15% and partially offset by menu price taken during the year.

談到開支。由於牛肉和雞肉以及新鮮農產品奶酪和雜貨的成本增加，銷售成本佔收入的百分比增加了 170 個基點，達到 27.5%。總體而言，本季度的商品通脹符合我們的預期，約為 15%，部分被年內的菜單價格所抵消。

Based on the current market condition, we are currently expecting commodity inflation of mid-single digits for fiscal 2023 with high single digits for the first quarter.

根據當前的市場狀況，我們目前預計 2023 財年商品通脹將達到中個位數，第一季度將達到高個位數。

Labor costs as a percentage of revenue increased approximately 140 basis points to 30.5%, primarily due to hourly labor inflation of approximately 9%, at comparable restaurants as well as an improvement in our hourly staffing levels as compared to last year. This was partially offset by menu price increases taken during the year. We are currently expecting hourly labor rate inflation of mid-single digits for fiscal 2023, with a high single-digit inflation for the first quarter in addition to a continuation of year-over-year staffing level increases.

勞動力成本佔收入的百分比增加了約 140 個基點，達到 30.5%，這主要是由於可比餐廳的小時工通貨膨脹率約為 9%，以及與去年相比我們的小時工配置水平有所提高。這部分被年內菜單價格上漲所抵消。我們目前預計 2023 財年的時薪通脹率將達到中個位數，第一季度的通脹率將達到高個位數，此外員工人數將繼續同比增長。

Operating costs as a percentage of revenue increased 120 basis points to 16.6% due to higher delivery charges and to-go supplies, as well as continued inflationary pressure on other operating expenses, including increase in utility cost, restaurant repair and maintenance costs, insurance premiums and credit card fees.

運營成本佔收入的百分比增加了 120 個基點，達到 16.6%，原因是送貨費和外賣供應增加，以及其他運營支出的持續通脹壓力，包括公用事業成本、餐廳維修和維護成本、保險費的增加和信用卡手續費。

Marketing expenses as a percentage of revenue increased 40 basis points to 1.4% as the company reinstated digital advertising nationwide. Our occupancy costs as a percentage of revenue decreased 30 basis points to 7% as a result of sales leverage on fixed occupancy costs.

隨著公司在全國范圍內恢復數字廣告，營銷費用佔收入的百分比增加了 40 個基點，達到 1.4%。由於固定佔用成本的銷售槓桿作用，我們的佔用成本佔收入的百分比下降了 30 個基點至 7%。

General and administrative expenses increased $6.5 million in the fourth quarter from $6.1 million in the same period last year, driven by higher management salaries, as well as an increase in public company and travel cost. As a percentage of revenue, G&A held steady at 6.2%.

第四季度的一般和行政費用從去年同期的 610 萬美元增加到 650 萬美元，原因是管理人員工資上漲，以及上市公司和差旅費用的增加。 G&A 佔收入的百分比穩定在 6.2%。

In summary, net income for the fourth quarter of 2022 was $2.5 million or $0.14 per diluted share compared to $6 million or $0.30 per diluted share in the same period last year. During the fourth quarter of 2022, we incurred $3.2 million or $0.14 per diluted share in impairment, closed restaurants and other costs compared to $2.5 million or 10% per diluted share in the same period last year.

總之，2022 年第四季度的淨收入為 250 萬美元或攤薄後每股收益 0.14 美元，而去年同期為 600 萬美元或攤薄後每股收益 0.30 美元。在 2022 年第四季度，我們產生了 320 萬美元或攤薄後每股 0.14 美元的減值、關閉餐廳和其他成本，而去年同期為 250 萬美元或攤薄後每股 10%。

The increase was primarily related to a non-cash loss on long-lived assets of an underperforming restaurants, partially offset by a reduction in rent paid on previously closed restaurants.

這一增長主要與業績不佳餐廳的長期資產的非現金損失有關，部分被之前關閉的餐廳支付的租金減少所抵消。

Taking that into account, adjusted net income for the fourth quarter of 2022 was $5 million or $0.27 per diluted share compared to $7.9 million or $0.40 per diluted share in the same period last year.

考慮到這一點，2022 年第四季度的調整後淨收入為 500 萬美元或攤薄後每股收益 0.27 美元，而去年同期為 790 萬美元或攤薄後每股收益 0.40 美元。

Moving to our liquidity and balance sheet. As of the end of the quarter, we had $78 million in cash and cash equivalents, no debt and $35 million of availability from our credit facility.

轉到我們的流動性和資產負債表。截至本季度末，我們有 7800 萬美元的現金和現金等價物，沒有債務，我們的信貸額度有 3500 萬美元。

As we mentioned on our last call, during the fourth quarter of 2022, we purchased approximately 327,000 shares of our common stock for a total of $7.8 million and completed our existing $50 million repurchase program. In conjunction with that, the Board has also approved a new share repurchase program effective October 27, 2022, with an authorization to repurchase another $50 million of our common shares. As of December 25, 2022, the company had $50 million remaining under that new program.

正如我們在上次電話會議中提到的，在 2022 年第四季度，我們以總計 780 萬美元的價格購買了大約 327,000 股普通股，並完成了我們現有的 5000 萬美元回購計劃。與此同時，董事會還批准了一項新的股票回購計劃，該計劃將於 2022 年 10 月 27 日生效，並授權回購另外 5000 萬美元的普通股。截至 2022 年 12 月 25 日，該公司在該新計劃下剩餘 5000 萬美元。

We believe this further demonstrates the strength of our financial position and our ongoing commitment to long-term shareholder value.

我們相信這進一步證明了我們的財務實力和我們對長期股東價值的持續承諾。

Turning to our 2023 outlook. We are currently expecting adjusted EPS of $1.60 to $1.65 per share, which includes an estimated $0.08 to $0.10 per share positive impact to the fourth quarter of 2023 containing 14 weeks versus the normal 13 weeks in fiscal 2022.

轉向我們的 2023 年展望。我們目前預計調整後的每股收益為 1.60 美元至 1.65 美元，其中包括對 2023 年第四季度的估計每股 0.08 美元至 0.10 美元的積極影響，其中包括 14 週，而 2022 財年通常為 13 週。

This is based in part on the following annual assumptions. G&A expenses of $28 million to $29 million, 6 to 7 new restaurants, net capital expenditures of approximately $35 million to $39 million, restaurant preopening expenses of approximately $2.5 million to $3 million, effective annual rate of effective annual tax rate of approximately 13% and annual weighted diluted shares outstanding of 18.1 million to 18.2 million shares.

這部分基於以下年度假設。 G&A 費用為 2800 萬至 2900 萬美元，新餐廳 6 至 7 家，淨資本支出約為 3500 萬至 3900 萬美元，餐廳開業前費用約為 250 萬至 300 萬美元，有效年稅率約為 13% 和年度加權稀釋流通股為 1810 萬股至 1820 萬股。

With that, I'll turn the call back over to Steve.

有了這個，我會把電話轉回給史蒂夫。

Thanks, Jon. We believe our business fundamentals remain strong. This, combined with our focus on 4-wall operational excellence have positioned our company to capitalize on our positive momentum and the vast opportunities ahead of us.

謝謝，喬恩。我們相信我們的業務基礎依然強勁。這一點，再加上我們對 4-wall 卓越運營的關注，使我們的公司能夠利用我們的積極勢頭和擺在我們面前的巨大機遇。

Together with our disciplined capital allocation and accelerated unit growth plan, we believe we've put Chuy’s on a path to maximize shareholder value in '23 and beyond.

加上我們嚴格的資本分配和加速的單位增長計劃，我們相信我們已經讓 Chuy's 走上了在 23 世紀及以後實現股東價值最大化的道路。

With that, we are happy to answer any questions. Operator, please open the line for questions.

有了這個，我們很樂意回答任何問題。接線員，請打開問題線路。

(Operator Instructions) We have a first question from the line of Mary Hodes with Baird.

（操作員說明）我們有第一個問題來自 Mary Hodes 和 Baird。

First, would you be willing to share a specific update on how comps have tracked to date in Q1? It seems like the broader industry indicators have improved and your prepared remarks suggested you may have experienced that as well. But wondering if you'd be willing to share a specific update on the quarter-to-date comp?

首先，您是否願意分享有關 comps 在第一季度迄今為止的跟踪情況的具體更新？似乎更廣泛的行業指標有所改善，您準備好的評論表明您可能也經歷過這種情況。但想知道您是否願意分享季度至今的具體更新？

Well, I think with everybody else, I mean we're rolling over the Omicron. So yes, I mean in the first period, they were up double digit just because we're rolling over that Omicron.

好吧，我想和其他人一樣，我的意思是我們正在推翻 Omicron。所以是的，我的意思是在第一階段，他們增長了兩位數，只是因為我們正在滾動那個 Omicron。

Yes. And in the second period, we ran over a little bit of weather, although we did have a little weather, we ran over a much worse a year ago.

是的。在第二階段，我們遇到了一點天氣，雖然我們確實遇到了一點天氣，但一年前我們遇到了更糟糕的天氣。

But they're coming back to line…

但他們又回來了……

Yes, makes sense. And then would you also be willing to share what you're assuming for same-store sales in the 2023 outlook that you provided?

是的，有道理。然後，您是否也願意分享您對您提供的 2023 年展望中的同店銷售額的假設？

Not at this time. It's in the...

不是在這個時候。它在...

Okay…

好的……

It'd be in the low single digits, low to mid-single digits.

它會在低個位數，低到中個位數。

And then based on the expected cost inflation you laid out a mid-single digits in pricing, I guess how are you thinking about restaurant margins, how that shapes up in 2023 at that level of comp. I think you previously talked about returning to delivering that 300 to 350 basis points in the second half of the year. Does that still look like it could be possible?

然後根據預期的成本通脹，你在定價中設定了中等個位數，我想你是如何看待餐廳利潤率的，以及 2023 年在那個補償水平上的情況。我想你之前談到在今年下半年恢復提供 300 到 350 個基點。這看起來還有可能嗎？

In the second half of the year, yes, I mean we're looking at inflation like we said in our remarks, especially in cost of sales and also labor up into the high single digits and that to kind of tone down in the back half of the year.

在今年下半年，是的，我的意思是我們正在關注通貨膨脹，就像我們在我們的評論中所說的那樣，特別是在銷售成本和勞動力方面也達到了很高的個位數，並且在下半年有所緩和的一年。

So we're looking at labor and cost of sales in kind of that mid-single digit. So given kind of what we're talking about in price increase, we're looking at margins that are flat to down if we can get a little higher sales, we could see some leverage.

因此，我們正在研究中等個位數的勞動力和銷售成本。因此，考慮到我們正在談論的價格上漲，如果我們能夠獲得更高的銷售額，我們正在尋找持平或下降的利潤率，我們可以看到一些槓桿作用。

Yes.

是的。

Okay. Great. That's all for us.

好的。偉大的。這就是我們的全部。

(Operator Instructions) We have a next question from the line of Chris O'Cull with Stifel.

（操作員說明）我們有來自 Stifel 的 Chris O'Cull 的下一個問題。

Hi. This is Zaki on for Chris. Just a quick question. It looks like you lowered the top end of your unit add guidance for 2023. Could you just give us some color on what drove that decision and what shape you expect the openings to take throughout the year?

你好。這是克里斯的紮基。只是一個簡單的問題。看起來你降低了你的單位的上限，增加了 2023 年的指導。你能給我們一些顏色，說明是什麼推動了這個決定，以及你希望全年開放的形狀是什麼？

Yes. I think over the last 2 quarters, we've always said in that 6-plus category, and we always said we were very comfortable on the low end of that range in that 6 to 7 range. Taking a look at what we've dealt with, with the supply chain and permitting and time spent just waiting for things to get there. And specifically, the increase in construction costs in that 20% to 25% range, we thought it was prudent to push some of them back.

是的。我想在過去的兩個季度裡，我們總是說在 6+ 類別中，我們總是說我們在 6 到 7 範圍內的低端非常舒服。看看我們已經處理過的事情，供應鍊和許可以及等待事情到達那裡所花費的時間。具體來說，建築成本在 20% 到 25% 的範圍內增加，我們認為將其中一些推回是謹慎的做法。

Although as you look at some of the openings this year, you'll see a pretty balanced attack throughout the year of our openings quarter-to-quarter. So they'll be pretty evenly done. But mostly, it's just the permitting, the supply chain and honestly, the actual cost that we do expect to see some relief in the second half of the year.

儘管當您查看今年的一些空缺時，您會發現全年各季度空缺的攻擊相當均衡。所以他們會做得很均勻。但主要是，這只是許可、供應鍊和老實說，我們確實希望在今年下半年看到一些緩解的實際成本。

Understood. And another question is I appreciate the guidance on kind of your commodity inflation outlook. Could you let us know what specific commodities you're kind of contemplating when it comes to potentially taking pricing or anything outside of commodities that might drive your decision-making there?

明白了。另一個問題是，我很欣賞你對商品通脹前景的指導。您能否讓我們知道在可能採取定價或可能推動您在那裡做出決策的商品以外的任何事情時，您正在考慮哪些特定商品？

Well, right now, as we mentioned in our script and so forth that we've already taken out about around 3 -- approximately 3.5% price at the beginning of our second period of the year. Right now, I contemplating that being our price increase for the year unless something goes kind of crazy throughout the rest of the year, which we don't anticipate at this particular time.

好吧，現在，正如我們在腳本中提到的那樣，我們已經在今年第二個時期開始時拿出了大約 3%——大約 3.5% 的價格。現在，我正在考慮這是我們今年的價格上漲，除非在今年餘下的時間裡出現某種瘋狂的情況，而我們在這個特定時間預計不會發生這種情況。

(Operator Instructions) As there are no further questions from the participants, at this time, I'd like to turn the floor back over to Steven Hislop CEO, for closing comments. Over to you, sir.

（操作員說明）由於參與者沒有進一步的問題，此時，我想將發言權轉回給 Steven Hislop 首席執行官，以徵求結束意見。交給你了，先生。

Thank you. Thank you so much. Jon and I appreciate your continued interest in Chuy's and are available to answer any and all questions. And again, thank you, and have a good evening.

謝謝。太感謝了。喬恩和我感謝您對 Chuy's 的持續關注，並且可以回答任何和所有問題。再次感謝大家，祝大家晚上愉快。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。