Chuy's Holdings Inc (CHUY) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Chuy's Holdings Second Quarter 2023 Earnings Conference Call. Today's call is being recorded.

大家好，歡迎參加 Chuy's Holdings 2023 年第二季度收益電話會議。今天的通話正在錄音。

(Operator Instructions)

（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.

出席今天的電話會議的有總裁兼首席執行官 Steve Hislop； Jon Howie，Chuy's Holdings, Inc. 副總裁兼首席財務官

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

這個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 our second quarter 2023 earnings release. If not, it can be found on our website at chuys.com in the Investors section. 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.

謝謝您，接線員，下午好。到目前為止，每個人都應該可以查看我們 2023 年第二季度的收益發布。如果沒有，可以在我們網站 chuys.com 的投資者部分找到。在我們開始正式發言之前，我需要提醒大家，我們今天討論的一部分將包括前瞻性陳述。這些前瞻性陳述並不是對未來業績的保證，因此，您不應過度依賴它們。

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.

這些陳述還受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。我們建議大家參閱我們最近向 SEC 提交的文件，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。

Looking ahead, we plan to release our third quarter 2023 earnings on Thursday, November 2 after the market closed. With that out of the way, I'd like to turn the call over to Chuy's President and CEO, Steve.

展望未來，我們計劃於 11 月 2 日星期四收盤後發布 2023 年第三季度收益。既然如此，我想將電話轉給 Chuy 的總裁兼首席執行官 Steve。

Thank you, Jon. Good afternoon, everybody, and thank you for joining us on our call today. Our results marked another strong quarterly performance with second quarter revenue growth of over 7%, including a 3.2% improvement in comparable restaurant sales. During the quarter, we saw solid comparable sales growth across all periods. Moreover, our strong top line momentum has continued, and we are pleased with the results we've seen thus far into the third quarter. In terms of profitability, we grew restaurant level operating margin dollars by over 21% and generated an industry-leading restaurant level margin as of a percent of revenue up 21.6%, which represents a 250 basis point improvement over last year.

謝謝你，喬恩。大家下午好，感謝您今天加入我們的電話會議。我們的業績標誌著另一個強勁的季度業績，第二季度收入增長超過 7%，其中可比餐廳銷售額增長 3.2%。在本季度，我們看到各個時期的可比銷售額均實現穩健增長。此外，我們強勁的營收勢頭仍在繼續，我們對第三季度迄今為止所看到的結果感到滿意。在盈利能力方面，我們餐廳層面的營業利潤率增長了 21% 以上，餐廳層面的利潤率佔收入的比例增長了 21.6%，達到行業領先，比去年提高了 250 個基點。

We are proud of what our team was able to accomplish during the quarter and believe that these results are a testament to the continued progress we are making on the various initiatives we've put in place to drive sustainable top line growth and profitability.

我們對我們的團隊在本季度取得的成就感到自豪，並相信這些結果證明了我們為推動可持續的營收增長和盈利能力而採取的各種舉措所取得的持續進展。

Moving on to our growth drivers. We continue to focus on menu innovation through our Chuy's Knockouts, our CKO platform. In April, we introduced our guests to several exciting menu items, including the Tex-Mex Burrito Bowl, Grilled Grupo Tacos and Creamy Green Chile Chicken Enchilada. The CKO performance continues to resonate with our guests as our April CKO drove incremental traffic and mix at a higher percentage of the sales than our previous CKOs.

繼續我們的增長動力。我們繼續通過我們的 CKO 平台 Chuy's Knockouts 專注於菜單創新。四月，我們向客人介紹了幾款令人興奮的菜單項目，包括德州墨西哥捲餅碗、烤玉米捲和奶油青智利雞肉辣醬玉米餅餡。 CKO 的表現繼續與我們的客人產生共鳴，因為我們 4 月份的 CKO 帶動了客流量的增加，並且與之前的 CKO 相比，其銷售比例更高。

To build upon this excitement in late July, we launched our most recent CKO with Hatch Green Chile Burger, Steak Burrito Bowl and Chicken Tinga Enchiladas. Early feedback from our guests thus far has been very encouraging.

為了在 7 月下旬的這種激動人心的基礎上再接再厲，我們推出了最新的 CKO，包括 Hatch Green Chile 漢堡、牛排捲餅碗和 Chicken Tinga Enchiladas。迄今為止，我們客人的早期反饋非常令人鼓舞。

Our off-premise channel also performed very well during the quarter, mixing at approximately 28% of total sales as compared to 27% a year ago. The delivery channel helped drive our off-premise growth with over a 30% increase in volume, mixing now at approximately 10.6% of our second quarter sales, an increase of approximately 210 basis points versus last year. In addition, we saw a significant improvement in our catering channel as we continue to build out our catering markets, representing 3.5% of our second quarter sales, an increase of approximately 80 basis points versus last year.

我們的場外渠道在本季度也表現出色，佔總銷售額的比例約為 28%，而去年同期為 27%。交付渠道幫助推動了我們的場外增長，銷量增長了 30% 以上，目前占我們第二季度銷售額的約 10.6%，比去年增加了約 210 個基點。此外，隨著我​​們繼續拓展餐飲市場，我們的餐飲渠道也有了顯著改善，占我們第二季度銷售額的3.5%，比去年增加了約80個基點。

Over time, we continue to believe our off-premise business will represent at least the mid-20s of our sales with catering contributing approximately 4% to 6% of the total sales. In terms of our marketing initiatives, our optimized digital media strategy effectively communicates our defining differences from our incredible value for our made-from-scratch food and drink to our exciting CKO offerings and overall differentiated experience at every Chuy's restaurant. This includes the use of TikTok, organic influencer programs on Instagram and Facebook, YouTube video advertising and the promotional advertising partnership with DoorDash.

隨著時間的推移，我們仍然相信我們的場外業務將至少占我們銷售額的 20 多歲，其中餐飲約佔總銷售額的 4% 至 6%。在我們的營銷舉措方面，我們優化的數字媒體策略有效地傳達了我們的決定性差異，從我們從頭開始製作的食品和飲料的令人難以置信的價值，到我們令人興奮的CKO 產品和每家Chuy's 餐廳的整體差異化體驗。這包括使用 TikTok、Instagram 和 Facebook 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。

Lastly, let me provide some update on our development plan. During the second quarter, we successfully opened 1 new restaurant in Oklahoma City, Oklahoma. Subsequent to the end of the second quarter, we opened 1 additional restaurant in Hawker Heights, Texas. We're pleased to report that all of our recent openings have performed to our expectation. Additionally, in the second quarter, we closed 1 restaurant in the state of Illinois. This was a unique opportunity to exit the lease of a satellite location at no cost to the company, and we do not currently expect any additional strategic closures.

最後，讓我介紹一下我們的發展計劃的最新情況。第二季度，我們在俄克拉荷馬州俄克拉荷馬城成功開設了 1 家新餐廳。第二季度末後，我們在德克薩斯州霍克高地又開設了 1 家餐廳。我們很高興地報告，我們最近開設的所有空缺職位均達到了我們的預期。此外，在第二季度，我們關閉了伊利諾伊州的 1 家餐廳。這是一個獨特的機會，可以讓公司免費退出衛星位置的租賃，我們目前預計不會有任何額外的戰略關閉。

As we look ahead, we remain excited about our organic growth opportunities for 2023 due to the continued permitting and inspection delays that are outside of our control, we are now expected to open 5 new restaurants, 3 of which have already opened and the remaining units scheduled for the fourth quarter.

展望未來，由於我們無法控制的持續許可和檢查延誤，我們對 2023 年的有機增長機會仍然感到興奮，我們現在預計將開設 5 家新餐廳，其中 3 家已經開業，其餘餐廳預定第四季度。

Unit growth remains a core piece of our long-term growth model with our strategic focus on markets where our concept has is proven with high AUVs and brand awareness. We continue to believe we can achieve 10% unit growth over time and the growth we expect to achieve in 2023 and 2024 will be important steps to get there.

單位增長仍然是我們長期增長模型的核心部分，我們的戰略重點是我們的理念已通過高 AUV 和品牌知名度得到證明的市場。我們仍然相信，隨著時間的推移，我們可以實現 10% 的銷量增長，並且我們預計在 2023 年和 2024 年實現的增長將是實現這一目標的重要步驟。

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

現在，我將把電話轉給我們的首席財務官 Jon Howie，更詳細地討論我們第一季度的業績。

Thanks, Steve. Revenues for the second quarter increased 7.3% to $119 million compared to $110.9 million in the same quarter last year. The increase was primarily related to improvement in our comparable restaurant sales as well as an additional 53 operating weeks from new restaurants opened subsequent to the second quarter of 2022.

謝謝，史蒂夫。第二季度收入增長 7.3%，達到 1.19 億美元，而去年同期為 1.109 億美元。這一增長主要與我們可比餐廳銷售額的改善以及 2022 年第二季度後開設的新餐廳的營業時間增加 53 周有關。

In total, we had approximately 1,289 operating weeks during the second quarter of 2023 and off-prem sales were approximately 28% of total revenue as compared to 27% a year ago. Comparable restaurant sales in the second quarter increased 3.2% versus last year, primarily driven by a 5.8% increase in average check, partially offset by a 2.6% decrease in average weekly customers. Effective pricing during the quarter was just shy of 7%. And we expect to carry approximately 3.25% to 3.5% pricing for the remainder of the year.

2023 年第二季度，我們總共運營了約 1,289 週，場外銷售約佔總收入的 28%，而去年同期為 27%。第二季度的可比餐廳銷售額與去年同期相比增長了 3.2%，主要是由於平均客流量增加了 5.8%，但部分被平均每週顧客數量減少 2.6% 所抵消。本季度的有效定價略低於 7%。我們預計今年剩餘時間的定價約為 3.25% 至 3.5%。

Turning to expense. Cost of sales as a percentage of revenue decreased 310 basis points to 24.7% driven by the leverage on menu price increases as well as overall commodity deflation of approximately 4% during the quarter. Based on the current market conditions, we continue to expect flat commodity inflation for the fiscal year with deflation of low single digits for the third quarter. Labor cost as a percentage of revenue increased approximately 40 basis points to 29.5%, primarily due to hourly labor inflation of approximately 5% at our comparable restaurants as well as incremental improvement in our hourly staffing levels as compared to last year.

轉向費用。由於菜單價格上漲的槓桿作用以及本季度約 4% 的整體商品通貨緊縮，銷售成本佔收入的百分比下降了 310 個基點至 24.7%。根據當前市場狀況，我們繼續預計本財年大宗商品通脹將持平，第三季度通貨緊縮將保持在個位數較低水平。勞動力成本佔收入的百分比增加了約40個基點，達到29.5%，這主要是由於我們的同類餐廳的每小時勞動力通脹率約為5%，以及我們的每小時員工水平與去年相比逐步改善。

This was partially offset by menu price increases taken subsequent to the second quarter of 2022. We continue to expect hourly labor rate inflation of mid-single digits for the fiscal year and third quarter in addition to a continuation of year-over-year staffing level increases. Operating costs as a percentage of revenue increased 10 basis points to 15.9% driven by higher delivery service charges from increase in delivery sales and an increase in repairs and maintenance costs, partially offset by lower utilities and higher sales leverage on insurance costs as compared to last year.

這被 2022 年第二季度之後的菜單價格上漲部分抵消。我們繼續預計，除了同比人員配置水平繼續保持不變之外，本財年和第三季度的每小時勞動力價格通脹將達到中個位數增加。運營成本佔收入的百分比增加了10 個基點，達到15.9%，原因是送貨銷售增加以及維修和保養成本增加導致送貨服務費增加，但與去年相比，公用事業費用減少和保險成本銷售槓桿增加部分抵消了運營成本年。

General and administrative expenses increased to $7.7 million in the second quarter from $6.5 million in the same period last year, driven mainly by higher performance-based bonuses. As a percentage of revenue, G&A increased to 6.5% from 5.9% during the same period last year.

第二季度的一般及管理費用從去年同期的 650 萬美元增加到 770 萬美元，主要是由於績效獎金增加。 G&A 佔收入的百分比從去年同期的 5.9% 上升至 6.5%。

In summary, net income for the second quarter of 2023 increased $2.8 million or 36.4% to $10.7 million or $0.59 per diluted share compared to $7.9 million or $0.41 per diluted share in the same period last year. During the second quarter of 2023, we incurred $0.5 million or $0.02 per diluted share in impairment, closed restaurant and other costs compared to $0.7 million or $0.03 per diluted share in the same period last year. The decrease was primarily related to a reduction in rent paid on previously closed restaurants.

總之，2023 年第二季度的淨利潤增加了280 萬美元，即36.4%，達到1,070 萬美元，即稀釋後每股收益0.59 美元，而去年同期為790 萬美元，即稀釋後每股收益0.41 美元。 2023 年第二季度，我們發生了 50 萬美元或稀釋每股 0.02 美元的減值、關閉餐廳和其他成本，而去年同期為 70 萬美元或稀釋每股 0.03 美元。這一下降主要與之前關閉的餐廳支付的租金減少有關。

Taking that into account, adjusted net income for the second quarter of 2023 increased $2.7 million or 31.6% to $11.1 million or $0.61 per diluted share compared to $8.4 million or $0.44 per diluted share in the same period last year.

考慮到這一點，2023 年第二季度調整後淨利潤增加了270 萬美元，即31.6%，達到1110 萬美元，即稀釋後每股收益0.61 美元，而去年同期為840 萬美元，即稀釋後每股收益0.44 美元。

Moving to our liquidity and balance sheet as of the quarter -- end of the quarter, we had $82.6 million in cash and cash equivalents, no debt outstanding, $35 million available under our revolving credit facility. We also purchased 83,521 shares of our common stock during the quarter for a total of $3 million. As of June 25, 2023, we had $47 million remaining under our $50 million repurchase program, which will expire on December 31, 2024.

轉向我們的流動性和資產負債表，截至本季度末，我們有 8260 萬美元的現金和現金等價物，沒有未償債務，我們的循環信貸額度下有 3500 萬美元的可用資金。我們還在本季度購買了 83,521 股普通股，總價為 300 萬美元。截至 2023 年 6 月 25 日，我們的 5000 萬美元回購計劃尚有 4700 萬美元，該計劃將於 2024 年 12 月 31 日到期。

With that, let me provide an update on our outlook. For 2023, we are now expecting an adjusted EPS of $1.80 to $1.85, which includes an estimated $0.08 to $0.10 per share positive impact due to the fourth quarter of 2023 containing 14 weeks versus 13 weeks in fiscal 2022. This is based in part on the following annual assumptions. G&A expense of $30 million to $31 million; 5 new restaurants; net capital expenditures of approximately $30 million to $35 million; restaurant preopening expenses of approximately $2.5 million to $2.7 million; effective annual tax rate of approximately 13% to 14% and annual weighted diluted shares outstanding of 18.1 million to 18.2 million shares.

接下來，讓我介紹一下我們的最新展望。對於2023 年，我們目前預計調整後每股收益為1.80 美元至1.85 美元，其中包括由於2023 年第四季度包含14 周而2022 財年為13 週，預計每股0.08 至0.10 美元的積極影響。這部分基於以下年度假設。 G&A 費用為 3000 萬至 3100 萬美元； 5家新餐廳；淨資本支出約為3000萬至3500萬美元；餐廳開業前費用約為250萬至270萬美元；有效年稅率約為 13% 至 14%，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.

這樣，我會將電話轉回給史蒂夫。

Thanks, Jon. Our passion has always been to provide our guests with the unique Chuy's experience through our high-quality, made-from-scratch food and drinks offered at an incredible value. We believe this is clearly reflected by our performance year-to-date. Through our continued focus on four-wall operational excellence, thoughtful capital allocation and exciting pipeline of unit growth, we are well positioned to capitalize on our positive momentum and the vast opportunity ahead of us.

謝謝，喬恩。我們始終熱衷於通過高品質、現做的食品和飲料以令人難以置信的價值為客人提供獨特的 Chuy's 體驗。我們相信我們今年迄今的業績清楚地反映了這一點。通過我們持續關註四壁卓越運營、深思熟慮的資本配置和令人興奮的單位增長渠道，我們已做好充分準備，充分利用我們的積極勢頭和麵前的巨大機遇。

Most importantly, I'd like to thank each and every Chuy's team member for their hard work and dedication to earning the dollar every single day. With that, we're happy to answer any questions. Operator, please open the line for questions.

最重要的是，我要感謝 Chuy 的每一位團隊成員每天的辛勤工作和奉獻精神。因此，我們很樂意回答任何問題。接線員，請開通提問線路。

(Operator Instructions)

（操作員說明）

Our first question comes from Joshua Long with Stephens.

我們的第一個問題來自約書亞·朗和斯蒂芬斯。

When we think about just the underlying environment and the strong results you reported, Steve, I think you mentioned that there was solid comps through the quarter. Curious if you could talk about that, what you're seeing from the consumer? And then maybe just any other reads you have in terms of how they're using your concept. It feels like perhaps the mix piece and the traffic pieces consistent, if you kind of look at the underlying piece that I would be curious what your perspective is, given kind of the update in the current environment.

當我們考慮基本環境和您報告的強勁業績時，史蒂夫，我想您提到過整個季度都有穩定的業績。好奇您是否可以談談您從消費者那裡看到了什麼？然後也許只是您所擁有的任何其他關於他們如何使用您的概念的讀物。感覺混合部分和流量部分可能是一致的，如果你看看底層部分，我會好奇你的觀點是什麼，考慮到當前環境中的更新。

We haven't seen -- it's been pretty consistent over the last 1 year, 1.5 years, and we've been -- we haven't seen a whole bunch of pullback in any 1 area, maybe slightly in bar mix. And a few months back, probably slightly in [apps], but since we added on our bowls, you've seen that rebound a little bit. So we haven't really seen any main issue as far as our real differences our track had over the last year.

我們還沒有看到——在過去的 1 年、1.5 年裡，情況非常穩定，而且我們一直——我們沒有看到任何 1 個領域出現大量回調，也許在酒吧組合中略有回調。幾個月前，可能在[應用程序]中略有增加，但自從我們添加了碗後，您已經看到了一點反彈。因此，就去年我們的賽道的真正差異而言，我們還沒有真正看到任何主要問題。

Got it. That's helpful. And when we think about some of the strength you called out on the CKO platform. Can you talk about how that's progressing versus your expectations? And it seems like that maybe in April or in the 2Q period that brought in some incremental guests. I'm just curious if you attribute that to awareness, just culinary innovation, maybe all of the above, but anything that you could share there in terms of just...

知道了。這很有幫助。當我們想到您在 CKO 平台上呼籲的一些優勢時。您能談談與您的預期相比進展如何嗎？看起來可能是在四月份或第二季度，帶來了一些增量客人。我只是好奇你是否將其歸因於意識，只是烹飪創新，也許是以上所有，但是你可以在那里分享的任何東西......

Yes, all of the above. Thanks for answering the question. Yes, a little bit all of the above. We've realized probably 1%, 1.5% of traffic, I'd say, by the CKOs. And obviously, we just finished our third -- we just finished our third, entering our fourth one ever for us. And so it's really got a level of excitement starting with our people first. And then obviously, on all our digital marketing and so far that we're doing is really getting people excited about trying some new stuff that's out there.

是的，以上都是。感謝您回答問題。是的，以上都有一點。我想說，我們已經實現了大約 1%、1.5% 的流量是由 CKO 實現的。顯然，我們剛剛完成了第三個——我們剛剛完成了第三個，進入了我們有史以來的第四個。因此，首先從我們的員工開始，確實令人興奮不已。顯然，在我們所有的數字營銷中，到目前為止我們所做的確實讓人們對嘗試一些新東西感到興奮。

Like we mentioned before, we usually run 3 items that will run for a total of 4 weeks in our stores, so -- 4 to 6 weeks. So we're pretty excited about those. Coming up in the fourth quarter, you'll see a little bit of a change in some of the CKO where we're going to do a barbell approach to 1 item that will start in quarter 4, that's coming up. But yes, it's built with a nice excitement and really, it's nice to have some new things to talk about on a quarterly basis.

正如我們之前提到的，我們通常會在商店中運行 3 種商品，總共運行 4 週，即 4 到 6 週。所以我們對此感到非常興奮。即將到來的第四季度，你會看到一些 CKO 發生了一些變化，我們將對即將在第四季度開始的一項項目進行槓鈴方法。但是，是的，它是在令人興奮的情況下構建的，而且確實，每季度都有一些新的事情可以討論，這真是太好了。

Appreciate it. And then one last one, then I'll hop in the queue. When we think about just the overall development environment. I mean we've heard a lot from your peers in terms of just permitting being the primary point of friction. It seems like you might be seeing something similar to that. But just curious how you're thinking about development overall human capital investments to support that. And then specific to the 2 units that sound like they might have slipped as part of your updated unit development guidance. Do you think about those slipping into next year and being additive? Or does that just kind of push the entire pipeline now?

欣賞它。然後最後一張，然後我就插隊了。當我們只考慮整體開發環境時。我的意思是，我們從你們的同行那裡聽到了很多關於允許成為主要摩擦點的意見。看來您可能會看到類似的東西。但只是好奇你如何考慮發展整體人力資本投資來支持這一點。然後具體到聽起來像是您更新的單元開髮指南的一部分可能已被忽略的 2 個單元。您是否認為那些會滑入明年並成為累加的內容？或者這會推動整個管道的發展嗎？

I'll go with the end first. It's definitely going to just push the whole pipeline out a little bit. That's how that's going to work with the construction, not only the permits and getting some people coming out and walking the units, it's still the construction cost is still quite a bit higher than it has been. And we've seen that kind of flatten out, but it definitely hasn't come back down yet. So we're kind of also looking at that as we move forward. But you'll see us this year in that 5 that we mentioned and then our long-term goal right around probably in '25 is to get back to that 10% growth rate.

我先從結局開始吧。這肯定會將整個管道推後一點。這就是施工的方式，不僅需要許可證並讓一些人出來走動，而且施工成本仍然比以前高很多。我們已經看到這種情況趨於平緩，但肯定還沒有回落。因此，在我們前進的過程中，我們也在考慮這一點。但今年你會在我們提到的 5 個國家中看到我們，然後我們的長期目標可能在 25 年左右恢復到 10% 的增長率。

Got it. One more there, do you think that you can accelerate that in 2024 kind of a step function, if you're going to do 5 this year, is that the right number in absolute terms? Or can you step that up despite some of the headwinds that we're seeing out there?

知道了。還有一點，您認為您是否可以在 2024 年加速這種階躍函數，如果今年您打算實現 5 個，那麼從絕對值來看，這個數字是否正確？或者，儘管我們看到了一些不利因素，但您能否繼續採取行動？

I'd say a couple more than 5. We'll be looking at probably for next year and then by 25% to get back to that 10% growth, as I mentioned a second ago.

我想說的是超過 5 個。我們可能會考慮明年增長 25%，以恢復到 10% 的增長，正如我剛才提到的那樣。

Our next question comes from David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德。

First question is on the recent sales trends. I think, Steve, you mentioned that you were pleased with what you've seen so far in Q3. I was wondering if you could elaborate on what you're seeing more specifically. I know you have less pricing than you had in Q2. So any color would be helpful.

第一個問題是關於最近的銷售趨勢。我想，史蒂夫，您提到您對第三季度迄今為止所看到的情況感到滿意。我想知道您是否可以更具體地詳細說明您所看到的內容。我知道你們的定價比第二季度要低。所以任何顏色都會有幫助。

It's really trending fairly similar to P6 in that 2-plus range, 2 to 3.

在 2+ 範圍（2 到 3）中，它的趨勢確實與 P6 非常相似。

Okay. And that's the total comp?

好的。這就是總的補償嗎？

Yes.

是的。

The total comp, yes. And as you mentioned, we had about 3%, 3.5% pricing roll off. So that's talking -- you're talking about a 1% negative traffic possibly, yes.

總的補償，是的。正如您提到的，我們的價格下調了大約 3%、3.5%。所以這就是——你說的是可能有 1% 的負流量，是的。

That's good. That's helpful. And then Jon, if I look at your guidance and the performance you've had on restaurant margin, it looks like maybe this year shaping up to be at least at the high end, if not above the high end of that long-term target you shared previously. So I was wondering if you can kind of frame up how you're thinking about the margin structure longer term? And is it possible to think about 20% plus type restaurant margins as you look at the business?

那挺好的。這很有幫助。然後喬恩，如果我看看你的指導和你在餐廳利潤率方面的表現，看起來今年至少會達到高端，即使不高於長期目標的高端你之前分享過。所以我想知道您是否可以闡述一下您對長期利潤結構的看法？當您審視業務時，是否可以考慮 20% 以上的餐廳利潤？

Well, I mean, it's all related to kind of the volumes and how those shake out. But what we're seeing for the rest of the year, we're looking in the third quarter with those prices coming off. We're not going to have the sales leverage that we've had in the first 2 quarters. And so we're going to see a little less margin here in the third quarter.

嗯，我的意思是，這一切都與數量的種類以及這些數量的產生方式有關。但我們在今年剩餘時間裡看到的是，我們預計第三季度這些價格將會下降。我們將不會再擁有前兩個季度那樣的銷售槓桿。因此，我們將在第三季度看到利潤率略有下降。

And then in the fourth quarter, obviously, we have the extra week, but we're also rolling over the addition of our extra delivery partner in the fourth quarter. So that's going to flatten that out a little bit as well. So I think that will temper the margins a little bit than what we're seeing right now. But long term, I mean, we're still looking at that 350 basis points above, so in that 19% to 20% range.

然後在第四季度，顯然，我們有額外的一周，但我們也在第四季度增加了額外的交付合作夥伴。所以這也會讓這個問題變得更平一些。因此，我認為這將比我們現在看到的情況稍微緩和一點。但從長遠來看，我的意思是，我們仍在關注上述 350 個基點，即 19% 至 20% 的範圍。

Our next question comes from Brian Mullan with Piper Sandler.

我們的下一個問題來自布萊恩·穆蘭和派珀·桑德勒。

This is actually Aisling on for Brian. My question is about your recent catering business and how that is coming along versus your own internal expectations of that? And what kind of impact has it had to your off-premise business?

這實際上是艾斯林為布萊恩辯護的。我的問題是關於您最近的餐飲業務，以及您對此的內部預期進展如何？它對您的場外業務產生了什麼樣的影響？

We're excited, obviously, we're in 16 states, well, how many -- 17 markets currently on the catering, and we're excited. I think I mentioned in my prepared statement, we are about 80 basis points higher than the year. And so we're very, very excited about that. We'll continue to add certain trucks and refill some of our markets as we continue forward. But we believe long term, we believe that catering number can be in that 4% to 6% range over the next few years.

顯然，我們很興奮，我們目前在 16 個州、17 個州提供餐飲服務，我們很興奮。我想我在準備好的聲明中提到過，我們比今年高了大約 80 個基點。所以我們對此非常非常興奮。隨著我們的繼續前進，我們將繼續添加某些卡車並補充我們的一些市場。但我們認為，從長遠來看，未來幾年餐飲數量可能會保持在 4% 至 6% 的範圍內。

Your next question comes from Brian Vaccaro with Raymond James.

您的下一個問題來自布萊恩·瓦卡羅和雷蒙德·詹姆斯。

I just wanted to circle back on commodities. And Jon, could you provide some more color on the items you're seeing favorability on driving that recent deflation? And also remind us where you are on beef contracts specifically?

我只是想回到大宗商品上來。喬恩，您能否對您認為有利於推動近期通貨緊縮的項目提供更多信息？還提醒我們您在牛肉合同上具體處於什麼位置？

Sure. So I'll just start with the beef. Beef, we're contracted through the rest of the year, just a little spillover in the next year, but not much. So it's really just basically through the rest of the year. And those are at prices a little less than last year. So that's some of that deflation. We're also seeing significant deflation, obviously, in chicken, as I think most people are coming off of the all-time highs from last year, seeing deflation in dairy as well and then some of our produce.

當然。所以我先從牛肉開始。牛肉，今年剩下的時間裡我們都會簽訂合同，明年只會有一點溢出，但不多。所以基本上就這樣度過了今年剩下的時間。這些產品的價格比去年略低。這就是通貨緊縮的一部分。顯然，我們還看到了雞肉的嚴重通貨緊縮，因為我認為大多數人都已經擺脫了去年的歷史高點，乳製品以及我們的一些農產品也出現了通貨緊縮。

But we expect kind of the produce that always kind of jumps up here in kind of the third and fourth quarter. We're also seeing inflation in some of our grains and oils and things in our grocery basket. But those are really the big items.

但我們預計第三季度和第四季度的產品總是會有所上升。我們還看到一些穀物、油以及雜貨籃中的物品出現通貨膨脹。但這些確實是大項目。

Okay. Great. And on labor, I just -- you talked about increasing staffing levels, which I think makes a lot of sense as dining continues to recover. But could you provide any perspective just on how much average hours were up or some other way that you might be able to quantify that? And maybe more broadly, just speak to what you're seeing in terms of turnover? And are you seeing any tangible benefits of more tenured teams driving better ops, increasing guest satisfaction, et cetera? Maybe just speak to that dynamic a little bit?

好的。偉大的。關於勞動力，我剛剛——您談到了增加人員配備水平，我認為隨著餐飲業的持續復甦，這很有意義。但是您能否提供關於平均工作時間增加了多少的觀點，或者您可以通過其他方式來量化這一點？也許更廣泛地說，只是談談您所看到的營業額？您是否看到更多終身任職的團隊能夠推動更好的運營、提高賓客滿意度等帶來任何切實的好處？也許只是談談這種動態？

I'll speak to turnover. Turnover, from an hourly standpoint, we're still a little over 100% from a management standpoint, a little over 26%, 27% and as far as the hourly, I don't have that figure for you as far as the increase over the last year. But what we have been doing is replacing a lot of our overtime hours with kind of full-time positions now, which obviously, when you replace them with fresh people, that's going to help the guest experience as well. So you don't have as much overtime. So that's also helping out, but we're continuing to get fully staffed on each and every shift and that helps the customer experience.

我會談談營業額。營業額，從每小時的角度來看，從管理的角度來看，我們仍然略高於 100%，略高於 26%、27%，就每小時而言，我沒有為您提供增幅的數字在過去的一年裡。但我們現在一直在做的就是用全職職位取代大量加班時間，顯然，當你用新鮮人取代他們時，這也將有助於客人的體驗。所以你沒有那麼多加班時間。因此，這也有所幫助，但我們將繼續在每個輪班中配備充足的人員，這有助於改善客戶體驗。

All right. That's great. And then just lastly, on the development front. Obviously, build-out costs have been pressured in recent years. Are you seeing any green shoots of relief on that front on the horizon? And maybe you could just level set as just in terms of your unit economics that you're underwriting as you think about the pipeline next 12 to 24 months?

好的。那太棒了。最後，在開發方面。顯然，近年來建設成本受到壓力。您是否在地平線上看到了任何緩解的綠芽？也許您可以在考慮未來 12 到 24 個月的管道時，根據您所承保的單位經濟效益來設定水平？

Well, we continue to underwrite. We're looking at the cost in a new unit in that [2.9 to 3.3]. It's kind of the cost of it. All in, net of landlord dollars. But as far as what we're seeing a construction cost standpoint. We're seeing costs starting to flatten out but not yet come down. I think I've heard somebody else saying we don't want to get these developers used to these prices. And so hopefully, we're trying to get as competitive as we can in some of these pricings. So we can bring those costs down. But right now, we're not seeing it.

好吧，我們繼續承保。我們正在研究新單位的成本[2.9 至 3.3]。這就是它的成本。全部投入，扣除房東的錢。但就我們所看到的建築成本的角度而言。我們看到成本開始趨於平穩，但尚未下降。我想我聽到其他人說過我們不想讓這些開發商習慣這些價格。因此，我們希望在某些定價方面盡可能具有競爭力。所以我們可以降低這些成本。但現在，我們還沒有看到它。

Your next question comes from Todd Brooks with Benchmark Company.

您的下一個問題來自 Benchmark Company 的托德·布魯克斯 (Todd Brooks)。

Quick question, not much left to ask. But you talked about, Steve, you referred to kind of the June, July trends and I think they were -- Jon, you might have sized them in the 2% to 3% range, which with the pricing roll-off is very impressive for the July result. I'm just wondering with your geographic footprint is crushing heat, have you been able to use the patios to the full extent that you normally would seasonally in the summertime? And do you have a sense of maybe -- is there actually a stronger underlying demand at just this brutal heats keeping from being able to use the restaurant?

問題很快，沒什麼可問的了。但你談到，史蒂夫，你提到了6 月、7 月的趨勢，我認為它們是——喬恩，你可能將它們調整在2% 到3% 的範圍內，隨著價格的下滑，這是非常令人印象深刻的7月份的結果。我只是想知道您的地理足跡正在承受酷熱，您是否能夠充分利用露台，就像您通常在夏季季節性使用的那樣？你是否有一種感覺——在如此殘酷的高溫下，是否真的存在更強烈的潛在需求，導致無法使用餐廳？

Yes. It's been a while, but is that really exactly -- I think if you remember a year ago at this time, we talked about the 60-something days of over 100, and we're just again. So it's very similar to a year ago. And yes, it definitely affects in Texas, obviously, and elsewhere, definitely some of the patio sales, no one's sitting out in the patio at 100 degrees. So that's definitely an effect. But like I said, it's very similar to a year ago at this particular time.

是的。已經有一段時間了，但真的是這樣嗎？我想如果你還記得一年前的這個時候，我們談論過 100 多天的 60 多天，而我們又回來了。所以這與一年前非常相似。是的，它肯定會影響德克薩斯州，顯然，還有其他地方，肯定會影響一些露台銷售，沒有人坐在 100 度的露台上。所以這肯定是有效果的。但就像我說的，這與一年前的這個特定時間非常相似。

Our next question comes from Nick Setyan with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Nick Setyan。

In terms of the commodity inflation, I appreciate the Q2 disclosure around down 4%. What's -- and I'm sorry if I missed this, but what's the Q3 expectation, the Q4 expectation. Or maybe a better way to ask it is sequentially versus Q2, are we kind of flattish in terms of [what] basket is? Or are we continuing to see it go down?

就大宗商品通脹而言，我很欣賞第二季度披露的下降 4% 左右的信息。如果我錯過了這個，我很抱歉，但第三季度的預期、第四季度的預期是什麼。或者也許更好的方式是按順序與第二季度相比，我們在[什麼]籃子方面是否有點平淡？或者我們會繼續看到它下降嗎？

I think it's flattening now. I mean if you're looking like over last year, we're looking -- I think we said low single-digit deflation for the third quarter. We look something similar to that to flat deflation in the back half and the fourth quarter, which gets us to basically flattish for the year is kind of how we're looking at it right now.

我認為現在已經趨於平緩。我的意思是，如果你看起來像去年，我們正在尋找 - 我認為我們說過第三季度的低個位數通貨緊縮。我們看起來與下半年和第四季度的通貨緊縮持平類似，這讓我們今年基本上持平，這就是我們現在的看法。

And so, just given the math on the lower pricing and that the inflation is sort of a mid-25% COGS. Is the right way to think about Q3? Because it just seems like there will be a big jump from Q2.

因此，只要考慮到較低的定價和通脹率約為 25% 的 COGS 即可。思考 Q3 的方式正確嗎？因為看起來與第二季度相比會有很大的跳躍。

Yes. It's kind of -- that's kind of what we're looking at.

是的。這就是我們正在關注的。

Okay. Okay. And in terms of just Q3, Q4 unit-level margins, historically, Q4 is a little bit lower, but we have the extra week. So I mean, do they end up being a little bit closer to each other, both of them may be in the sort of high 17% range?

好的。好的。就第三季度、第四季度單位層面的利潤率而言，從歷史上看，第四季度略低一些，但我們還有額外的一周時間。所以我的意思是，他們最終是否會更加接近彼此，他們都可能在 17% 的高範圍內？

Come back again on the unit level margins. Is that what you're saying for Q4?

再次回到單位層面的利潤。這就是你所說的第四季度嗎？

Q4 tends to be lower than Q3 historically. But given that for extra week, does that kind of help it come up closer to Q3 this year?

從歷史上看，第四季度往往低於第三季度。但考慮到額外一周的時間，這是否有助於今年更接近第三季度？

Yes. It actually increased it a little bit over Q3.

是的。實際上比第三季度有所增加。

Our next question comes from Andy Barish with Jefferies.

我們的下一個問題來自杰弗里斯的安迪·巴里什。

Wondering if you can give us an update on sort of dining room traffic versus pre-COVID. I know there's been some big changes in seating and hours. But just trying to level set on that. And do you see that as an opportunity, just given some of the shifting consumer behavior out there?

想知道您能否向我們提供有關餐廳客流量與新冠疫情爆發前的最新情況。我知道座位和營業時間發生了一些重大變化。但只是想以此為基礎。考慮到消費者行為的一些變化，您是否認為這是一個機會？

Well, again, with our addition of our other delivery service and that increasing from a percentage of sales, our dine-in sales are still right from a traffic standpoint, still at about 75% to 80% of what they were prior to the pandemic and then we've been pretty consistent with that. As you know, we still have taken some of those seats out and we haven't put those back in, just from a productivity standpoint.

好吧，再說一遍，隨著我們增加了其他送貨服務，並且從銷售額的百分比來看，我們的堂食銷售額從客流量的角度來看仍然是正確的，仍然是大流行之前的75 % 到80% 左右我們在這一點上一直非常一致。如您所知，僅從生產力的角度來看，我們仍然取消了其中一些席位，並且沒有將其放回原位。

And also the hours, we haven't brought those hours back either. Those -- we've deemed that those haven't been very profitable hours as well. So yes, we're still at that 75% to 80% in traffic from a dine-in perspective, but our off-premise has grown a little bit.

還有時間，我們也沒有恢復這些時間。我們認為這些時間也不是非常有利可圖的。所以，是的，從堂食的角度來看，我們的客流量仍然是 75% 到 80%，但我們的店外流量有所增長。

Okay. And then on the marketing side, I know you're up back up to about 1.5% or so of sales. Is there any new channels or waiting kind of that you're looking at for that media spend?

好的。然後在營銷方面，我知道您的銷售額已回升至 1.5% 左右。您是否正在尋找任何新的渠道或等待的媒體支出？

Yes. Right now, we're pretty happy with that percent. And as things change, we're obviously looking at everything. We're doing a little bit -- I mentioned a few during the -- my prepared statement, but a couple of other things that are fairly new is programmatic, TV, and we're doing a lot of stuff with Yelp and so on, on top of that. But we're always looking at things and redistributing, but we're pretty pleased with all the mediums that we're using.

是的。目前，我們對這個百分比非常滿意。隨著情況的變化，我們顯然正在關註一切。我們正在做一些事情——我在準備好的聲明中提到了一些，但其他一些相當新的事情是程序化、電視，我們正在通過 Yelp 等做很多事情， 最重要的是。但我們總是在關注事物並重新分發，但我們對我們使用的所有媒體都非常滿意。

Okay. And a few years back, I mean, again, pre-pandemic, you guys were doing outdoor, which seems to have some effectiveness in highlighting kind of the core values, anything along those lines in certain markets or just keeping it balanced?

好的。幾年前，我的意思是，在大流行之前，你們在戶外活動，這似乎在強調某種核心價值觀方面有一定的效果，在某些市場中是否有類似的做法，或者只是保持平衡？

Yes. No, we consider that. I have that in that local store marketing fund that we do and that's part of the [1.5, 1.45] and those are continuing. We do have quite a bit of outdoor and a lot of local store initiatives that we always will do from a local store profile.

是的。不，我們考慮到這一點。我在我們所做的本地商店營銷基金中擁有這一點，這是 [1.5, 1.45] 的一部分，並且這些正在繼續。我們確實有相當多的戶外活動和許多本地商店計劃，我們總是會根據本地商店的情況進行這些計劃。

(Operator Instructions)

（操作員說明）

Our next question comes from Chris O'Cull with Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

My question relates to development. Just given the company's strong performance and sizable cash position, why not try to accelerate unit growth in '24 beyond just a handful of locations.

我的問題與發展有關。鑑於該公司強勁的業績和可觀的現金狀況，為什麼不嘗試在 24 年加速除少數幾個地點之外的單位增長。

Well, I mean we're going to grow as fast as deemed reasonable given the environment. I mean right now, it's not a matter of finding sites, it's a matter of getting those sites open with the permitting and things like that. So if we can -- right now, we're saying that we'd also like some of the costs to come down a little bit. But that's kind of where we're looking right now until we see kind of the construction and the permitting and some of that stuff to turn around a little bit.

嗯，我的意思是，考慮到環境，我們將以合理的速度增長。我的意思是，現在，這不是尋找站點的問題，而是在獲得許可等情況下開放這些站點的問題。因此，如果可以的話——現在，我們也希望部分成本能夠稍微下降。但這就是我們現在正在尋找的地方，直到我們看到某種建設和許可以及其中一些東西可以稍微扭轉。

Yes, maybe some relief in those areas.

是的，也許這些方面會有所緩解。

I know you guys have struggled with openings in certain markets like Chicago and Denver. So I'm just wondering how those experiences are shaping your development plans over the next couple of years.

我知道你們在芝加哥和丹佛等某些市場的空缺職位上遇到了困難。所以我只是想知道這些經歷如何影響你未來幾年的發展計劃。

Well, I think that's why we're looking at kind of the 5 to 7 and focusing on those states, Chris, because as we focus on those states, I think we're getting better brand recognition in some of the other states that we're in (inaudible) period of 3 to 5 years. But those states we're currently focusing in on have high AUVs, great brand recognition. And quite honestly, they're very favorable from a business standpoint, from a margin standpoint. So those are the states we're focusing on in the next 3 to 5 years.

好吧，我認為這就是為什麼我們正在關注5 到7 個州並專注於這些州，克里斯，因為當我們專注於這些州時，我認為我們在其他一些州獲得了更好的品牌認知度。處於（聽不清）3 到 5 年的時期。但我們目前關注的那些州擁有較高的 AUV、較高的品牌認知度。老實說，從商業角度、利潤角度來看，他們非常有利。這些是我們未來 3 到 5 年重點關注的州。

Is the strategy to be more -- follow more of a contiguous market going from markets in close proximity because you just need that brand awareness as you go into newer markets?

戰略是否應該更多地關注來自鄰近市場的連續市場，因為您在進入新市場時只需要品牌知名度？

I think so. And I think if you go back to -- I hate to bring up 2013, but we kind of jumped into a lot of new markets. So we'll take that more slowly, I guess, when we start branching into new markets and not all at once in 1 year. So we'll continue to open in these states that we have high brand recognition and contiguously next to that state opening some of the new ones.

我想是這樣。我想如果你回顧一下——我不想提起 2013 年，但我們進入了很多新市場。因此，我想，當我們開始進軍新市場時，我們會放慢腳步，而不是在一年內一次性全部進軍。因此，我們將繼續在這些擁有較高品牌知名度的州開設門店，並在該州附近開設一些新店。

And that's over the next -- and the states that we're talking about was our growth over the next 5 years and a little bit beyond. So plenty of room.

這就是接下來的事情——我們正在談論的州是我們在未來 5 年甚至更遠的時間裡的增長。所以有足夠的空間。

Okay. And I apologize if I missed it, but Jon, did you comment on just the cash position of the company and what you guys are maybe considering for deploying that cash or returning to shareholders maybe more aggressively?

好的。如果我錯過了，我很抱歉，但是喬恩，您是否僅評論了公司的現金狀況以及你們可能正在考慮如何部署現金或可能更積極地向股東返還？

Yes. I mean we continue to want to be somewhat opportunistic in buying back the stock, but we did buy back $3 million this quarter. We still have about $82 million to $83 million on the balance sheet, and then continue obviously opening stores. But we'd like to get a little more aggressive in buying that stock back. But again, we want to be somewhat opportunistic in that as well.

是的。我的意思是，我們仍然希望在回購股票時採取一定的機會主義態度，但本季度我們確實回購了 300 萬美元。我們的資產負債表上仍有約 8200 萬至 8300 萬美元，然後顯然會繼續開設商店。但我們希望更積極地回購該股票。但同樣，我們也希望在這方面表現出一些機會主義。

There are no further questions at this time. I'll now hand the floor over to Steve Hislop for closing remarks.

目前沒有其他問題。現在我將請史蒂夫·希斯洛普 (Steve Hislop) 致閉幕詞。

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

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。再次感謝您，祝您晚上愉快。

Thank you. This concludes today's conference. All parties may disconnect. Have a great evening.

謝謝。今天的會議到此結束。所有各方都可以斷開連接。祝您度過一個美好的夜晚。