Chuy's Holdings Inc (CHUY) 2023 Q4 法說會逐字稿

good day, everyone, and welcome to Chuy's holding Fourth Quarter 2023 earnings conference call.

大家好，歡迎參加 Chuy 控股 2023 年第四季財報電話會議。

Today's call is being recorded. At this time, all participants have been placed in a listen only mode. The lines will be open to questions. Following the prepared remarks from 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.

今天的通話正在錄音。此時，所有參與者均已置於僅聽模式。這些線路將接受提問。在今天電話會議上準備好的演講之後，我們邀請了總裁兼執行長 Steve Hislop； Jon Howie，Chuy's Holdings Inc. 副總裁兼財務長

At this time, I will now turn the conference over to Mr. Howie. Please go ahead, sir.

現在，我將會議轉交給豪伊先生。請繼續，先生。

Thank you, operator, and good afternoon by now. Everyone should have access to our fourth quarter 2023 earnings release. If not, it can be found on our website at chuys.com in the Investors section.

謝謝您，接線員，下午好。每個人都應該能夠存取我們發布的 2023 年第四季財報。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.

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能保證未來業績，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. Looking ahead, we plan to release our first quarter 2024 on Thursday, May 9, 2024 after the market close.

這些陳述也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有重大差異。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。展望未來，我們計劃於 2024 年 5 月 9 日星期四收盤後發布 2024 年第一季業績。

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

既然這樣，我想把電話轉給 Chuy 的總裁兼執行長。史蒂夫？

Thank you, John. Good afternoon, everyone, and thank you for joining us on the call today. I am proud of what she has accomplished during 2023. We grew revenues almost 9.3%, driven by comparable restaurant sales of approximately 3.3%. Our team's ability to effectively execute on our four-wall operations resulted in a 200 basis point expansion, our restaurant-level margins to over 20%, representing our best result in over a decade, excluding the COVID impact in 2021 and among the best in the industry.

謝謝你，約翰。大家下午好，感謝您今天加入我們的電話會議。我為她在 2023 年所取得的成就感到自豪。在可比較餐廳銷售額約 3.3% 的推動下，我們的營收成長了近 9.3%。我們的團隊有效執行四牆業務的能力使我們的業務增長了200 個基點，我們的餐廳利潤率達到了20% 以上，這是我們十多年來的最佳業績（不包括2021 年新冠疫情的影響），屬於有史以來最好的業績之一。行業。

And finally, we returned approximately $28.9 million to our shareholders through share repurchases, enabled by our ongoing strength of our operating model. As we look ahead, we will continue to do what we do best to provide our guests with fresh, made-from-scratch food and drinks at an incredible value despite weather issues across a country that has impacted the restaurant industry in January. We believe the initiatives we put in place to drive long-term sustainable top line growth and profitability has positioned us well to weather these near-term challenges.

最後，我們透過股票回購向股東返還了約 2,890 萬美元，這得益於我們營運模式的持續優勢。展望未來，儘管一月份全國各地的天氣問題對餐飲業造成了影響，但我們將繼續盡最大努力為客人提供物超所值的新鮮食品和飲料。我們相信，我們為推動長期可持續的收入成長和盈利能力而採取的舉措使我們能夠很好地應對這些近期挑戰。

With that let me provide some update on our growth drivers starting with menu innovation. As we mentioned on our last call, we introduced our first barbell approach to the CKO platform during the fourth quarter, and we were very pleased with how well received by our guests. In fact, this was our second most successful chuy's knockout campaign to date following the success we were thrilled to introduce to our guests the next CKO.

接下來，讓我從菜單創新開始介紹我們的成長動力的一些最新情況。正如我們在上次電話會議中提到的，我們在第四季度向 CKO 平台引入了第一個槓鈴方法，我們對客戶的好評感到非常高興。事實上，這是繼我們很高興向我們的客人介紹下一位 CKO 之後，迄今為止我們第二次最成功的 chuy 淘汰賽。

Iteration in late January with shrimp and crab enchiladas with lobster business off as a higher price CKO. menu item along with module nachos and the cheesy big burrito. Again, early feedback continues to be positive as our CKO are resonating well with both new and returning guests along side our exciting CKO. offering recently added several new menu items to our permanent menu, including reintroducing the appetizer plate and adding the burrito bowls.

1 月下旬推出蝦蟹玉米捲餅，龍蝦業務因 CKO 價格較高而關閉。菜單項目以及模組玉米片和俗氣的大墨西哥捲餅。同樣，早期的反饋仍然是積極的，因為我們的 CKO 與令人興奮的 CKO 一起與新老客人產生了良好的共鳴。最近在我們的永久菜單中添加了幾個新菜單項，包括重新推出開胃菜盤和添加墨西哥捲餅碗。

If you recall, burrito bowls were part of our CKO. platform during the second and third quarter of 2023. And this menu addition is a reflection of how well our burrito both performed last year and the high demand from our guests to bring them back to a permanent menu. Chuy's knockouts is now is not the only platform that we create to introduce our guest to exciting new menu innovations, but also a tool to help us optimize our regular menu to further drive traffic to our restaurants.

如果你還記得的話，墨西哥捲餅碗是我們 CKO 的一部分。平台將於 2023 年第二季推出。這一菜單的增加反映了我們的墨西哥捲餅去年的表現以及我們的客人對將他們帶回永久菜單的強烈需求。Chuy's Knockouts 現在不僅是我們為向客人介紹令人興奮的新菜單創新而創建的唯一平台，也是幫助我們優化常規菜單以進一步增加餐廳客流量的工具。

We also delivered another strong off-premise performance during the quarter mixing at approximately 31% with our delivery channel continuing to perform well at it and mixing at approximately 12% a 160 basis point increase from last year.

我們也在本季實現了另一個強勁的場外績效，混合率約為 31%，而我們的交付管道繼續表現良好，混合率約為 12%，比去年增加了 160 個基點。

In terms of catering, we continue to roll out the Easy Care platform to our restaurants and are on track to complete this rollout by the end of the first quarter our channel. Our catering channel is currently missing at approximately 4.8% for the quarter. Going forward, we continue to believe our off-premise channel will be at least 25% of our sales with catering contributing between 4% and 6% of total sales. While the fourth quarter is typically our highest mixing quarter for catering, we are encouraged by the growth we continue to see in the channel and believe we can achieve our long-term care and targets over the next 24 months.

在餐飲方面，我們繼續向我們的餐廳推出 Easy Care 平台，並預計在我們的管道第一季末完成這項推出。我們的餐飲通路目前本季的缺口約為 4.8%。展望未來，我們仍然相信我們的場外管道將至少占我們銷售額的 25%，其中餐飲佔總銷售額的 4% 至 6%。雖然第四季度通常是我們餐飲業混合程度最高的季度，但我們對該通路的持續成長感到鼓舞，並相信我們可以在未來 24 個月內實現長期照護和目標。

In terms of marketing initiatives, we believe our current approach to marketing has been effective in communicating our defining differences from our made-from-scratch food and drinks offered at an incredible value through our unique scale offerings and the unique overall experience at every Chuy's restaurants to that.

在行銷舉措方面，我們相信，我們目前的行銷方法已經有效地傳達了我們與透過我們獨特的規模產品和每家Chuy's 餐廳獨特的整體體驗以令人難以置信的價值提供的從頭開始製作的食品和飲料的明顯差異。對此。

And we will continue to put heavy emphasis on digital media and optimize our campaigns through the use of Google, TikTok, Instagram and Facebook including organic influencer content, YouTube, video advertising and promotional advertising with DoorDash and Uber. In addition, we will include some spot on progress with programmatic connected TV targeting live sports events during March Madness.

我們將繼續高度重視數位媒體，並透過使用 Google、TikTok、Instagram 和 Facebook 來優化我們的行銷活動，包括自然影響者內容、YouTube、影片廣告以及 DoorDash 和 Uber 的促銷廣告。此外，我們還將介紹一些針對瘋狂三月期間直播體育賽事的程序化聯網電視的進展。

Lastly, let me update you on our development plan. During the fourth quarter, we successfully opened one new restaurant in Terrell Texas, bringing our total restaurant count to 101 as of the end of fiscal 2023 with four new restaurants opening opened during this year.

最後，讓我向您介紹我們的發展計畫。第四季度，我們在德州特雷爾成功開設了一家新餐廳，截至 2023 財年末，我們的餐廳總數達到 101 家，其中今年新開了四家餐廳。

As we look into 2024, we continue to have a robust pipeline with a goal to open between six to eight new restaurants focused primarily in core markets where our concept is already proven with high AUVs and brand awareness. We expect to open two restaurants in the first half of the year, including our first location of the year in new Brownsville, Texas, which opened this week.

展望 2024 年，我們將繼續擁有強大的管道，目標是開設六到八家新餐廳，主要集中在核心市場，在這些市場，我們的理念已經透過高 AUV 和品牌知名度得到了證明。我們預計在今年上半年開設兩家餐廳，其中包括本週在德克薩斯州新布朗斯維爾開業的今年第一家餐廳。

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

現在，我將把電話轉給我們的財務長約翰·豪，更詳細地討論我們第四季的業績。

Steve revenues for the fourth quarter increased 11.8% to $116.3 million compared to $104.1 million in the same quarter last year. As a reminder, our fourth quarter of 2023 included 14 weeks compared to 13 weeks in fiscal 2022, with the extra operating week contributing about $8.7 million of revenue. In addition to the extra operating week, the increase was driven by growth in our comparable restaurant sales as well as additional 62 operating weeks from new restaurants opened subsequent to the fourth quarter of 2022.

Steve 第四季營收成長 11.8%，達到 1.163 億美元，而去年同期為 1.041 億美元。提醒一下，我們 2023 年第四季包括 14 週，而 2022 財年為 13 週，額外的營運週貢獻了約 870 萬美元的收入。除了額外營業週外，這一增長還得益於我們可比餐廳銷售額的增長以及 2022 年第四季度後開設的新餐廳額外增加的 62 個營業週。

In total, we had approximately [1,403] operating weeks during the fourth quarter of 2023 and off-premise sales were approximately 31% of total revenue as compared to 29% a year ago. Comparable restaurant sales in the fourth quarter increased 0.3% versus last year on a 13-week comparable basis, primarily driven by a 3.4% increase in average check, partially offset by a 3.1% decrease in average weekly customers. Effective pricing for the quarter was approximately 3%.

2023 年第四季度，我們總共營運了約 [1,403] 週，場外銷售約佔總收入的 31%，而一年前為 29%。在 13 週可比基礎上，第四季度的可比餐廳銷售額與去年同期相比增長了 0.3%，這主要是由於平均支票量增加 3.4%，但部分被平均每週顧客數量減少 3.1% 所抵消。本季的有效定價約為 3%。

Turning to expenses, cost of sales as a percentage of revenue decreased 240 basis points to 25.1%, driven by overall commodity deflation of approximately 8% compared to last year. As well as leverage on our menu prices taken subsequent to the fourth quarter of last year.

就費用而言，銷售成本佔收入的百分比下降了 240 個基點，至 25.1%，這是由於整體商品通貨緊縮與去年相比約為 8%。以及我們去年第四季之後的菜單價格的槓桿作用。

Looking into 2024, we currently expect commodity inflation in the low single digits for the year. Labor cost as a percentage of revenue increased 30 basis points to 30.8%, primarily due to hourly labor inflation of approximately 4% at comparable restaurants as well as incremental improvement in our hourly labor staffing levels.

展望 2024 年，我們目前預期全年大宗商品通膨率將維持在低個位數水準。勞動成本佔收入的百分比增加了 30 個基點，達到 30.8%，這主要是由於同類餐廳的小時勞動力通膨率約為 4%，以及我們的小時勞動力配備水準的逐步改善。

This was partially offset by menu price increase taken subsequent to the fourth quarter last year, we are currently expecting labor inflation of mid-single digits for fiscal 2024. Operating costs as a percentage of revenue increased 10 basis points to 16.7%, driven by higher delivery service charges from an increase in delivery sales, an increase in restaurant repair and maintenance and higher insurance costs, partially offset by lower utility costs as compared to last year.

去年第四季之後的菜單價格上漲部分抵消了這一影響，我們目前預計 2024 財年的勞動力通膨將達到中個位數。營運成本佔收入的百分比增加了10 個基點，達到16.7%，原因是外賣銷售額增加、餐廳維修和保養增加以及保險成本增加導致外賣服務費上漲，但與去年相比，公用事業成本下降部分抵消了營運成本年。

General and administrative expenses increased to $8.1 million in the fourth quarter from $6.5 million in the same period last year, driven mainly by higher performance-based bonuses and management salaries as a percentage of revenue, G&A increased to 6.9% from 6.2% during the same period last year.

第四季一般及行政費用從去年同期的650 萬美元增至810 萬美元，主要是由於基於績效的獎金和管理人員工資佔收入的比例上升，總務及行政費用從去年同期的6.2% 增至6.9 %去年期間。

In summary, net income for the fourth quarter of 2023 was $5.5 million or $0.31 per diluted share compared to $2.5 million or $0.14 per diluted share in the same period last year. During the fourth quarter of 2023, we incurred $3.1 million or $0.14 per diluted share in impairment, closed restaurant and other costs compared to $3.2 million or $0.14 per diluted share in the same period last year. Taking that into account, adjusted net income for the fourth quarter of 2023 was $7.9 million or $0.45 per diluted share, compared to $5 million or $0.27 per diluted share in the same period last year.

總之，2023 年第四季的淨利潤為 550 萬美元，即稀釋後每股 0.31 美元，去年同期為 250 萬美元，即稀釋後每股 0.14 美元。2023 年第四季度，我們發生了 310 萬美元或稀釋每股 0.14 美元的減損、關閉餐廳和其他成本，而去年同期為 320 萬美元或稀釋每股 0.14 美元。考慮到這一點，2023 年第四季調整後淨利為 790 萬美元，即稀釋後每股收益 0.45 美元，而去年同期為 500 萬美元，即稀釋後每股收益 0.27 美元。

Moving to our liquidity and balance sheet. As of the end of the quarter, we had $67.8 million in cash and cash equivalents, no debt outstanding and $25 million available under our revolving credit facility. We also purchased 167,535 shares of our common stock during the quarter for a total of approximately $5.9 million. For the full year of 2023, we purchased a total of 789,963 shares of our common stock for a total of approximately $28.9 million. As of December 31, 2023, we had $21.1 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。截至本季末，我們擁有 6,780 萬美元的現金和現金等價物，沒有未償還債務，循環信貸額度下有 2,500 萬美元可用。我們還在本季購買了 167,535 股普通股，總價值約 590 萬美元。2023 年全年，我們總共購買了 789,963 股普通股，總價值約 2,890 萬美元。截至 2023 年 12 月 31 日，我們的 5,000 萬美元回購計畫尚有 2,110 萬美元，該計畫將於 2024 年 12 月 31 日到期。

With that, we will now provide you with the following outlook for 2024. We are currently expecting adjusted EPS of $1.82 to $1.87 for 2024 as compared to adjusted EPS of $1.87 after adjusting out the 53rd week of 2023. This is based in part on the following annual assumptions. G&A expenses of $30 million to $31 million, six to eight new restaurants net capital expenditures of approximately $41 million to $46 million, Restaurant preopening expenses of approximately $2.7 million to $3.2 million, effective annual tax rate of approximately 13% to 14% and annual weighted diluted shares outstanding of about $17.4 million. With that, I'll turn the call back over to Steve.

至此，我們現在將為您提供以下 2024 年展望。我們目前預計 2024 年調整後每股收益為 1.82 至 1.87 美元，而調整後 2023 年第 53 週的調整後每股收益為 1.87 美元。這部分基於以下年度假設。一般及行政費用為3,000 萬至3,100 萬美元，六至八家新餐廳淨資本支出約4,100 萬至4,600 萬美元，餐廳開幕前費用約270 萬至320 萬美元，有效年稅率約13%至14%，年度加權稅率稀釋後的已發行股票約為 1,740 萬美元。這樣，我會將電話轉回給史蒂夫。

Thanks, John. We believe our results demonstrate that our focus on our four-wall operational excellence and excellence continuing to resonate well with our guests, combined with thoughtful capital allocation and excellent pipeline of unit growth, we are well positioned to capitalize on our positive momentum in the long-term growth opportunities ahead of us with a goal to maximize shareholder value in 2024 and beyond.

謝謝，約翰。我們相信，我們的結果表明，我們對四牆卓越運營和卓越的關注繼續與我們的客人產生良好的共鳴，再加上深思熟慮的資本配置和出色的單位增長渠道，我們有能力充分利用我們長期的正向動能- 我們面臨長期成長機會，目標是在 2024 年及以後實現股東價值最大化。

In closing, I'd like to thank every chuy's team member for their hard work and dedication to earning the dollar every single day without whom none of these accomplishments would have been possible.

最後，我要感謝 Chuy 的每一位團隊成員的辛勤工作和每天賺取美元的奉獻精神，沒有他們，這些成就都是不可能實現的。

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

我們很樂意回答任何問題。接線員，請開通提問線。

Thank you, sir. At this time we will be conducting a question and answer session. (Operator Instructions) David Tarantino, Robert Baird.

謝謝你，先生。此時我們將進行問答環節。（操作員說明）大衛‧塔倫提諾、羅伯特‧貝爾德。

Hi, good afternoon. Ever got a couple of questions. I'll start was the question on kind of what you're seeing from from a comp perspective in the first quarter? I know, Steve, you mentioned some challenges, and I know we've seen that elsewhere. But if you could maybe give us an update on on how you're running in the first quarter? And then I have a follow-up related to that.

嗨，下午好。有幾個問題。我首先要問的問題是，從第一季的比較角度來看，您會看到什麼？我知道，史蒂夫，你提到了一些挑戰，我知道我們在其他地方也看到過這種情況。但您能否向我們介紹一下您第一季的最新進展？然後我有一個與此相關的後續行動。

Yes, it I've obviously a period of one. We're up against an enormous match up, but we also had a little bit whether that probably cost us about a 4% of sales, but we've started off the year in a real tough situation in that 6% to 7% down approximately right around there and us not like it's better than that and rolling into the second period.

是的，我顯然已經經歷過一段時間了。我們面臨著一場巨大的競爭，但我們也不確定這是否會讓我們損失約 4% 的銷售額，但今年伊始我們的處境非常艱難，銷售額下降了 6% 到 7%大約就在那裡，我們不喜歡它比這更好，並進入第二階段。

Got it. And then I guess the real question I had is just on the guidance for the year came in a bit below what we were expecting. I just wanted to maybe unpack some of the factors that are weighing on the earnings performance for this year? And then in particular, John, if you could maybe give some perspective on what sales or same-store sales assumption is embedded in your earnings guidance.

知道了。然後我想我真正的問題只是今年的指導有點低於我們的預期。我只是想了解一些影響今年獲利表現的因素？特別是，約翰，您是否可以就您的收益指引中包含哪些銷售或同店銷售假設提供一些看法。

Here, like Steve said, I mean, the first period was rather challenging around that 7% and the second period were about half to three-fourth of that. So when you're looking at the sales down, we've got a lot to make up to get up to flat. So right now based on that and kind of what we're expecting, especially the rollover Hoover that we've been talking about that comprised about 350 basis points last year of total sales.

在這裡，就像史蒂夫說的那樣，我的意思是，第一階段在 7% 左右相當具有挑戰性，第二階段大約是其中的一半到四分之三。因此，當你看到銷售額下降時，我們有很多東西需要彌補才能達到持平的水平。因此，現在基於這一點和我們的預期，特別是我們一直在談論的胡佛轉期，它佔去年總銷售額的約 350 個基點。

And so we're going to we're going to start rolling over that full implementation by the end of this quarter. And so we're looking at kind of flat to up 1% for the year in total same store sales. Now obviously with our pricing in that of approximately 3%, just shy of 3%, we're going to have, you know, about 2% negative traffic in that 1% to 2% negative traffic into that.

因此，我們將在本季末開始全面實施。因此，我們預計今年同店總銷售額將持平至成長 1%。現在顯然我們的定價約為 3%，略低於 3%，您知道，我們將在 1% 到 2% 的負流量中產生約 2% 的負流量。

So with that being said, some of the changes, if I go through and get a walk-forward from the EPS this year to next year. The big items in that is obviously $0.10 on that extra week. That immediately takes it down from about $1.97 to about $1.87, right? We won't have that extra week in this year. Also, we were getting fully staffed by the end of last year as far as our staffing is concerned.

話雖這麼說，如果我仔細閱讀並從今年的每股盈餘向前推進到明年，就會發生一些變化。其中的大項目顯然是額外一周的 0.10 美元。這立即將其從約 1.97 美元降至約 1.87 美元，對嗎？今年我們不會再有額外的一週了。此外，就我們的人員配置而言，到去年年底，我們的人員配備已經齊全。

And so that's now rolled that extra cost is rolling over into the current year. And so we'll have not only inflation of 4% to 5% in labor, but now fully staffed. So that's going to attribute to the, you know, anywhere from probably 30 to 60 basis points of lost margin there. And then if you flow through kind of the changes look in the 53 impact that we talked about of the new store openings. We're trying to ramp up this new store openings versus four last year.

現在，額外成本已轉入本年度。因此，我們不僅會面臨 4% 到 5% 的勞動力通膨，而且現在人員配備齊全。因此，這將歸因於，你知道，那裡的利潤損失可能有 30 到 60 個基點。然後，如果你仔細觀察這些變化，看看我們談到的新店開幕帶來的 53 影響。我們正在努力增加今年新店的開幕數量，而不是去年的四家。

So your added cost and openings and pre-opening cost as well as the inefficiency is going to be a larger portion of that as well as the decrease in investment balance, we were getting a sizable amount in interest income as well. So we expect that to be down about $0.06 or $0.07 in and of itself with the decreased balance and the new store openings is probably another $0.06 to $0.07. So those are the big big items.

因此，您增加的成本、開業和開業前的成本以及低效率將佔其中的很大一部分，以及投資餘額的減少，我們也獲得了相當大的利息收入。因此，我們預計，隨著餘額減少和新店開業，其本身可能會下降約 0.06 美元或 0.07 美元，另外可能會下降 0.06 美元至 0.07 美元。所以這些都是大項目。

Yes, that's very helpful. Thanks. Jon.

是的，這非常有幫助。謝謝。喬恩.

Thank you.

謝謝。

So the next question we have comes from Andy Barish of Jefferies. Please go ahead.

我們的下一個問題來自傑富瑞 (Jefferies) 的安迪·巴里什 (Andy Barish)。請繼續。

Hey, good evening. Guys.

嘿，晚上好。夥計們。

John, can you address just the occupancy costs, that number really stepped down from kind of what's been for a while? Is that it's sort of getting out of and some releasing some leases now and things like that from cleaning up the system over the last few years.

約翰，你能談談入住成本嗎？這個數字確實比一段時間以來有所下降？是不是它有點擺脫了，有些人現在釋放了一些租約，以及過去幾年清理系統的類似事情。

Are you talking the fourth quarter ends?

你說第四季結束了嗎？

I am. Yeah.

我是。是的。

Well, that is a lot of that entity is the extra week in quarter that's totally leveraging that occupancy.

嗯，這個實體的很大一部分是季度中額外的一周，完全利用了該佔用率。

Okay. No, no fundamental change yet still somewhere in that 6.5%, 7% range going forward?

好的。不，沒有根本性的變化，但未來仍處於 6.5%、7% 的範圍內嗎？

Yes.

是的。

Okay.

好的。

And then on just secondly, any update, I mean, it hasn't been a lot of data points, but obviously, the development strategy has been fine-tuned and honed with these sites.

其次，我的意思是，任何更新都沒有很多數據點，但顯然，開發策略已經透過這些網站進行了微調和磨練。

Is there anything we should be thinking about, you know, as you kind of think about sort of first year volumes with these stores in your core markets and then I think on New Braunfels is still the Austin area.

你知道，我們應該考慮什麼，因為你會考慮這些商店在核心市場的第一年銷售，然後我認為新布朗費爾斯仍然是奧斯汀地區。

So you don't have and haven't thought about it in a while, but any impact or sales transfer that you're expending expecting from Austin openings? I think you have one more maybe this year as well.

所以你已經有一段時間沒有考慮過這個問題了，但是你期望奧斯汀開業會帶來什麼影響或銷售轉移？我想今年也許你還會再有一個。

Yes, Andy, when we look at that, we looked at and with the east side to make sure and kind of look at it, that would look at anything that has under 5% cannibalization and actually any ones that we did in the last couple of years has been much better than that on the expectation of new bonds will is on South, let's say, halfway between here and San Antonio as we go down south.

是的，安迪，當我們考慮這個問題時，我們會考慮東邊的情況，以確保並進行某種程度的考慮，這會考慮任何蠶食率低於5% 的事物，實際上是我們在過去幾年中所做的任何事情多年來的情況比對新債券的預期要好得多，新債券將在南部，比方說，當我們向南行駛時，這裡和聖安東尼奧之間的中間位置。

So we don't extend that to in between our Selma store, which is in San Antonio and San Marcus store. It's about 18 miles from either one of them. So it's going to be very very minimal, and we're pretty excited about it. And we're real excited. Obviously, what we think we're going to do there, obviously, is when you're looking at about where we're going to be opening stores and definitely this year and over the next three to four years in our opening.

因此，我們不會將其擴展到位於聖安東尼奧的塞爾瑪商店和聖馬庫斯商店之間。距離其中任何一個大約 18 英里。所以這將是非常非常小的，我們對此感到非常興奮。我們真的很興奮。顯然，我們認為我們要做的就是當你考慮我們將在哪裡開設商店時，肯定是今年以及未來三到四年的開業時間。

As we mentioned in my roughly five states that we have good AUVs, strong strong AUVs that are that are a lot higher than our system wide AUV, which is currently at [$4.5 million]. You'll probably see a pickup of [$10 million to $15 million] in the five states will I mean 10% to 15% in the states that we're looking at. So we feel real comfortable about our growth over the next three to four to five years. It is good to hear.

正如我們在大約五個州中提到的，我們擁有良好的 AUV，強大的 AUV，它們比我們系統範圍的 AUV 高得多，目前處於[450萬美元]。您可能會看到這五個州的收入增加 [1000 萬至 1500 萬美元]，我的意思是我們正在研究的州增加 10% 至 15%。因此，我們對未來三、四、五年的成長感到非常滿意。很高興聽到。

And then one one final, just on easy cater and catering, is that primarily the lunch daypart? That's kind of where I've seen easy cater, but I may I may be not fully aware of how you're using it.

然後一對一的決賽，只是簡單的餐飲和餐飲，這主要是午餐時段嗎？這就是我見過的 easy category，但我可能不完全知道你是如何使用它的。

Yeah, I think that that's right, Andy. We expect a larger percentage that come in from lunch. As we as you know, we've got about 72 stores on that right now. We're hoping to get the rest of them by the end of Q1 on just to give you an indication. Last year, we did about $2.5 million in that platform, just shy of under [$1,000] a week per store. And so we're looking to get that up and running in the first quarter?

是的，我認為這是對的，安迪。我們預計午餐中的比例會更高。如您所知，我們現在大約有 72 家商店。我們希望在第一季末之前讓其餘的內容上線，只是為了給您一個指示。去年，我們在該平台上的收入約為 250 萬美元，每家商店每週的收入略低於 [1,000 美元]。所以我們希望在第一季啟動並運行它？

Yeah. And we're excited about that actually as people are continuing to go back to their offices.

是的。事實上，隨著人們繼續返回辦公室，我們對此感到興奮。

Great. Thanks, guys.

偉大的。多謝你們。

Thanks, Andy.

謝謝，安迪。

Thank you. Brian Vaccaro, Raymond James. Please go ahead.

謝謝。布萊恩·瓦卡羅，雷蒙德·詹姆斯。請繼續。

Thanks and good evening, guys. Just on the quarter to date and it might be a tough ask, but as you pass through the weather impact, do you think you've seen a change in your underlying demand trends or any changes in behavior or order patterns that you've noted in recent months compared to the prior couple of quarters?

謝謝，晚上好，夥計們。就本季迄今而言，這可能是一個艱難的問題，但當您經歷天氣影響時，您認為您是否看到了潛在需求趨勢的變化或您注意到的行為或訂單模式的任何變化與前幾個季度相比，近幾個月的情況如何？

Not really, Brian. I mean, we continue to see kind of lower attachment rates in the bar area. We are seeing a little higher attachments in the US, the appetizers, and that's really due to what we're doing during the the happy hour timeframe with our chips and dips kind of program, we are seeing that come back a little bit, but that is a discounted program. And so the dollars are slightly better, but the attachment rates are definitely better

不是真的，布萊恩。我的意思是，我們繼續看到酒吧區域的附著率較低。我們在美國看到開胃菜的依戀度有所提高，這實際上是由於我們在歡樂時光期間通過我們的薯條和蘸醬類計劃所做的事情，我們看到這種情況有所回升，但是這是一個折扣計劃。所以美元稍微好一些，但附件率肯定更好

And we're still seeing a similar mix over the last even through COVID and back to even gotten pre-COVID with, you know, a 40-60 mix at lunch to dinner. And those are staying very, very consistent.

即使在新冠疫情期間，我們仍然看到類似的混合情況，甚至在新冠疫情之前，午餐到晚餐的混合比例為 40-60。這些都保持非常非常一致。

And really that to go, as we said earlier, the off-premises still staying fairly consistent from a percentage.

事實上，正如我們之前所說，場外的百分比仍然保持相當穩定。

Okay. And John, I think you made a comment on February you said a decline of around [half of the down seven] in January. So just wanted to make sure I understood that we get the receivables down [mid threes].

好的。約翰，我想你在二月發表了評論，你說一月份的下降幅度約為[下降七分之二]。所以只是想確保我明白我們已經減少了應收帳款[中三]。

Yeah, yeah.

是啊是啊。

Yeah.

是的。

And that's again, the key number there for us is rolling over that the implementation of October.

再說一遍，對我們來說，關鍵數字是延續 10 月的實施。

Right, right. Understood. Okay.

是的是的。明白了。好的。

And then, John, on margins, I wanted to just ask on the commodity side of the deflation that you saw in the fourth quarter I think was much more significant than you kind of had expected. Could you just provide some color on what drove that favorability?

然後，約翰，關於利潤率，我想問一下您在第四季度看到的通貨緊縮的商品方面，我認為比您預期的要嚴重得多。您能提供一些關於推動這種好感度的原因嗎？

Yeah, a lot of it was I can continuing just second here, and it's continuing in. I pull it up here. Yes, the big items, if I look at it was continuing chicken and produce were the big items and dairy and cheese, those things came down a lot more than we were expecting.

是的，很多事情我都可以在這裡繼續，而且還在繼續。我把它拉到這裡。是的，大件商品，如果我看一下，雞肉和農產品是大件商品，還有乳製品和奶酪，這些東西的下降量比我們預期的要多得多。

Okay. And I think you said low single digits for the year in 2024. Is there any any year on year lumpiness or differentials we should be mindful of thinking about the quarters or relatively stable through the year?

好的。我認為您所說的 2024 年是低個位數。是否存在任何同比波動或差異，我們應該注意考慮季度或全年相對穩定的情況？

Yeah, we're looking at that. I mean, I would say it's relatively flat going to be flat in the first quarter and then starkly growing with our highest quarter, probably in the fourth, third and fourth quarters.

是的，我們正在考慮這一點。我的意思是，我會說第一季相對平穩，然後在最高季度（可能是第四、第三和第四季）出現大幅成長。

Okay. Thank you. I'll pass it along.

好的。謝謝。我會把它傳遞下去。

Thank you.

謝謝。

Thank you, sir. (Operator Indtructions) Aisling Grueninger, Piper Sandler.

謝謝你，先生。（操作員說明）Aisling Grueninger、Piper Sandler。

Hi, good afternoon, guys. You mentioned on the last earnings call that you were going to increase ad spend during the 4Q time period. I'm just wondering if you saw an increase in traffic or any other measurable points from the ad spend that would influence your influence your decision on how much you're going to spend going into 2024?

嗨，大家下午好。您在上次財報電話會議上提到，您將在第四季增加廣告支出。我只是想知道您是否看到流量或廣告支出中任何其他可衡量的點的增加，這些增加會影響您對 2024 年要花多少錢的決定？

Yeah, we didn't no so much increase has been ad spend. We just reallocated it a little bit from our normal cash spend on percentage wise on marketing is roughly in that 1.45%, 1.5% range, and we're anticipating that throughout 2024. But we did reallocated a lot. And as you know, as I mentioned in the call, mostly -- of our social with Google.

是的，我們的廣告支出並沒有增加那麼多。我們只是從正常的行銷現金支出中稍微重新分配了一點，大約在 1.45%、1.5% 的範圍內，我們預計整個 2024 年都是如此。但我們確實重新分配了很多。如你所知，正如我在電話中提到的，主要是我們與Google的社交活動。

I'm new to programmatic TV and help and support and what I mentioned earlier, but it will be just a reallocation for what we really were excited about in 2023 and do more of that and less of the things we weren't excited about. But we'll still stand those major channels and the spend will be very consistent from a year ago, that's great.

我對程序化電視、幫助和支援以及我之前提到的內容很陌生，但這只是對 2023 年我們真正感興趣的事情的重新分配，做更多的事情，減少我們不感興趣的事情。但我們仍然會支持這些主要管道，而且支出將與一年前非常一致，這很好。

You mentioned I know at ICR that you were confident in your ability to return to 10% unit growth in 2025. Just what have you seen? Or is your real estate team done so far this year to support this goal and just the confidence in reaching that?

您提到，據我所知，ICR 您對 2025 年恢復 10% 單位成長率的能力充滿信心。你到底看到了什麼？或者，您的房地產團隊今年到目前為止是否已完成了支持這一目標的工作，並且有信心實現這一目標？

Yes, we're very confident as far as what we're doing on the ground with our master broker system. And so we got there by probably our pipeline is as good with sites over the next couple of years. That it's ever been. So we're pretty, pretty excited about that. So thing we're not excited about is the cost. They they've they're up 35% to 40%. They have moderated but they have not come started coming down yet.

是的，我們對我們的主經紀商系統在實地所做的事情非常有信心。因此，我們透過在未來幾年內我們的管道與站點一樣好來實現這一目標。從來都是這樣。所以我們對此非常非常興奮。所以我們不感興趣的是成本。他們上漲了 35% 到 40%。他們已經緩和了，但還沒有開始下降。

Also the developers aren't doing any more of the site costs, which is $1 million on top of that development cost. So that's the thing that we're working hardest without with our people on also on a daily basis going in and make sure we're value engineering and everything we're doing inside our four walls and going there. But that's the disappointment that thing when you're looking at your cash on cash, are you going to be looking at that [dollars and 40%] increase.

此外，開發商不再承擔任何網站成本，除開發成本外，還需支付 100 萬美元。因此，這就是我們最努力工作的事情，而不是讓我們的員工每天都參與其中，並確保我們重視工程以及我們在四面牆內所做的一切。但令人失望的是，當你查看現金時，你會看到[美元和 40%] 的成長嗎？

Thank you. That's very helpful. I'll pass it back.

謝謝。這非常有幫助。我會把它傳回來。

Thank you.

謝謝。

Thank you, ma'am. Nick Setyan, Wedbush Securities.

謝謝你，女士。Nick Setyan，韋德布希證券公司。

Hey, thanks, gents. So just kind of the margin, I guess trajectory, given the sort of the comp context you gave us, it sounds like [COGS] 10, 20 bps of leverage, maybe slightly more a labor, maybe 70 to 80 bps of deleverage and operating deleverage as well. Is that kind of the right right way to think about the various buckets?

嘿，謝謝，先生們。因此，我猜想，考慮到您給我們的比較環境，這只是一種利潤率，聽起來像是[COGS] 10、20 個基點的槓桿率，可能稍微多一點，可能是70 到80 個基點的去槓桿化和運作去槓桿也是如此。這是思考各種桶子的正確方法嗎？

Yeah, I think the only thing I would add is we're looking at probably flat from the cost of sales standpoint as far as being kind of the low single digits, which are with our, which we're thinking 2% to 3%. And so basically your pricing would cover that. So probably not much leverage there. But the other items that you said as far as operating expenses deleverage and the labor deleverage. And yes.

是的，我想我唯一要補充的是，從銷售成本的角度來看，我們認為可能是持平的，我們認為是低個位數，我們認為是 2% 到 3% 。所以基本上你的定價就涵蓋了這一點。所以可能沒有太多槓桿作用。但你所說的其他項目是營業費用去槓桿化和勞動力去槓桿化。是的。

Okay. And then [18], I mean, understanding sort of the period one period, two challenges we do have to kind of come forward with [lift] and maybe just walk us through some of the other comp drivers for the rest of the year?

好的。然後[18]，我的意思是，理解一個時期的一個時期，我們確實必須提出[提升]的兩個挑戰，也許只是引導我們了解今年剩餘時間的一些其他競爭驅動因素？

Yeah. The comp driver for us is, again what I've already mentioned, the marketing. And if I read all of the one thing that we're pushing on, everything that we have out there is our value within our menu. I mean, I know you've been out there saying a lot of our competitors said are going back to the 2019 ways of doing all their promotions and their price offs.

是的。正如我已經提到的，我們的競爭驅動因素是行銷。如果我讀了我們正在推動的所有一件事，我們所擁有的一切都是我們菜單中的價值。我的意思是，我知道你們一直在說，我們的許多競爭對手都表示將回到 2019 年進行所有促銷和降價的方式。

And and obviously, they haven't done that for three years. So when they pop back in the market in the third and fourth quarter of last year, you know, people are trying that out. We don't we don't think we need to do that, obviously because you can eat in our menu all day long for $20. So we're pretty excited about really pushing our value message again.

顯然，他們已經三年沒有這樣做了。因此，當它們在去年第三和第四季度重新回到市場時，你知道，人們正在嘗試這一點。我們不認為我們需要這樣做，顯然因為你可以花 20 美元全天在我們的菜單上吃飯。因此，我們對再次真正推動我們的價值訊息感到非常興奮。

And then also the increases in what we're doing with our CKO's and keeping things new and fresh. And as I mentioned earlier, that we had done a little bit of you know, we added a few different items back on the menu, whether it be the burrito bowls and so forth. And the key for all everything that we do is what hurdles and what we approach. And what we want to do right now is this is when we want to tuck inside our four walls and execute execute every single day, every single shift every single hour. And that's the thing that we believe one buys out there.

然後我們還增加了 CKO 的工作量並保持新鮮感。正如我之前提到的，我們做了一些你知道的事情，我們在菜單上添加了一些不同的項目，無論是墨西哥捲餅碗等等。我們所做的一切的關鍵是遇到什麼障礙以及我們要採取什麼方法。我們現在想做的是，當我們想要塞進我們的四面牆內並執行每一天、每個小時的每個班次時。這就是我們相信人們會在那裡購買的東西。

Looking for a silver bullet, we believe that's what's really going to drive demand into our restaurants short and long term.

尋找靈丹妙藥，我們相信這才是真正能夠推動我們餐廳短期和長期需求的因素。

And on that, Nick, I might add we look at the sentiment scores that we get from some black box and you don't necessarily compare it with others, but we compare it with ourselves and make sure those are increasing. We've seen a significant betterment of those sentiment scores over the last six months. So I think, you know, those will turn into two sales as we continue to increase in the cinema scores towards the back half of the year.

對此，尼克，我可能會補充一點，我們會查看從某個黑盒子中獲得的情緒分數，您不一定將其與其他人進行比較，但我們會將其與我們自己進行比較，並確保這些分數正在增加。在過去六個月中，我們看到這些情緒得分顯著改善。因此，我認為，隨著下半年影院票房的持續成長，這些銷售額將轉化為兩筆銷售額。

Perfect. Thank you very much.

完美的。非常感謝。

Thanks, Nick.

謝謝，尼克。

Thank you. Chris O'Cull, Stifel.

謝謝。克里斯·奧卡爾，斯蒂菲爾。

Thanks for taking the question, guys, and good afternoon.

謝謝你們提出這個問題，夥計們，下午好。

Hey, Steve.

嘿，史蒂夫。

Just given the recent traffic performance, I'm just curious if the company debated whether to spend more on advertising this year and maybe even use more paid media in markets where you have good density and it could help maybe improve top of mind awareness?

考慮到最近的流量表現，我只是好奇該公司是否討論過今年是否要在廣告上投入更多資金，甚至可能在密度較高的市場上使用更多付費媒體，這可能有助於提高人們的首要意識？

Yes, Chris, we're looking at that currently, and that's always going to vary on nimble on that approach within our marketing budget, and we'll look at that continuing and as you know, the one thing about a lot of digital is you can pivot on a dime. So we're constantly looking at that and we'll continue to look at that as we're going on right now.

是的，克里斯，我們目前正在考慮這個問題，在我們的行銷預算範圍內，這種方法的靈活性總是會有所不同，我們將繼續考慮這一點，正如你所知，關於很多數位化的一件事是你可以在一毛錢上轉動。因此，我們一直在關注這一點，並且我們將繼續關注這一點，因為我們現在正在進行的工作。

Would you consider things like broadcast make TV in certain markets?

您會考慮在某些市場廣播電視嗎？

And certain ones run right now. As you heard me talk about programmatic TV currently are right now, we're doing a lot on ESPN and a lot of stuff around sports, especially as we were mentioning to you on the call about looking at it more. So in as we get into March Madness and so forth. But we'll definitely look and probably more on the programmatic side of it, probably not major media.

有些現在正在運行。正如你聽到我談論目前的程序化電視一樣，我們在 ESPN 上做了很多工作，也做了很多圍繞體育的事情，特別是當我們在電話中向你提到要更多地關注它時。當我們進入“瘋狂三月”時，等等。但我們肯定會更關注它的程序化方面，可能不是主要媒體。

Okay.

好的。

And then, John, can you describe the visibility you have into that low single digit commodity inflation for this year?

然後，約翰，您能描述一下您對今年低個位數商品通膨的了解嗎？

Sure. So I mean, the biggest component would be from our beef. Our beef we've got locked in through the third quarter of this year. As far as that he to beef, those are at, you know, increased prices as well as our ground beef. We only have locked in through the Q1, we expect when we start buying that after Q1, that will be elevated compared to the prices of this year. And so those are the two big drivers as well as you know, some of it maybe the chicken coming back a little bit as well since we had it. And we since it was down so much last year.

當然。所以我的意思是，最大的成分來自我們的牛肉。我們的牛肉已經鎖定到今年第三季。至於牛肉，你知道，這些牛肉以及我們的碎牛肉都漲價了。我們只鎖定了第一季度，我們預計當我們在第一季之後開始購買時，價格將比今年更高。所以，正如你所知，這就是兩個重要的驅動因素，其中一些可能是自從我們擁有它以來，雞也回來了一點。自從去年以來我們的股價下跌了很多。

Okay. Great. Thanks, guys.

好的。偉大的。多謝你們。

Thanks, Chris.

謝謝，克里斯。

Thank you. (Operator Instructions) Todd Brook, Benchmark Company.

謝謝。（操作員說明）Todd Brook，Benchmark 公司。

Please go ahead and thanks for squeezing me. And I only have a couple left here on one. I was just wondering, can we get an update on the stores that were kind of mothballed during the start of the pandemic? How many of those are you still kind of carrying and the costs that we saw for them, just the underperforming discontinued performance in the quarter, is that against those stores fully or are you looking at anything in the base that you impaired? And do we need to think about any closures against the openings planned for this year?

請繼續，謝謝你擠壓我。我這裡只剩下一對了。我只是想知道，我們能否獲得有關在大流行開始期間被封存的商店的最新資訊？您仍然持有其中的多少，以及我們為它們看到的成本，只是本季度表現不佳的停產業績，是完全針對這些商店還是您正在考慮您受損的基礎中的任何內容？我們是否需要考慮關閉今年計劃的開業項目？

Well, I mean, as you know, the impairment is a fundamental kind of exercise from an accounting standpoint. So that particular impairment was one of our stores in Denver area. We don't plan on closing any one anytime soon on but of but that is a challenge store. So we'll continue to look at that store as far as the ones that we mothballed, we've gotten rid of most of them.

嗯，我的意思是，如您所知，從會計的角度來看，減損是一種基本的操作。因此，特別的損害是我們在丹佛地區的一家商店。我們不打算很快就關閉任何一家商店，但那是一家充滿挑戰的商店。因此，我們將繼續關注該商店，直到我們封存的商店為止，我們已經擺脫了其中的大部分。

I think we're still working on of three of them, and we're pretty close to getting getting those out a year. And so again, that will just go back to I think there's like three of them that are currently on subleases that there's a little differential in the sublease. But other than that, we almost have all done.

我認為我們仍在研究其中的三個，我們非常接近在一年內完成它們。再說一次，這將回到我認為目前有大約三個正在轉租的情況，轉租存在一些差異。但除此之外，我們幾乎都已經完成了。

Great. And then, Steve, just a question on and then we're working our way back to the 10% unit growth in the past, you've talked about that being related to what you're seeing in kind of traffic trends and the strength of your customer with what you're seeing now, is this the right time to accelerate from kind of the six to eight this year? Or do you need to see a pickup in the consumer or just with the challenges in getting the real estate you mined in new markets and the fact that you're doing infills, are you comfortable with the 10% growth in '25?

偉大的。然後，史蒂夫，只是一個問題，然後我們正在努力回到過去 10% 的單位增長，你談到了這與你所看到的流量趨勢和強度有關根據您現在所看到的情況，現在是否是從今年的六家加速到八家的合適時機？或者您需要看到消費者的回升，或者只是面臨在新市場中開採房地產的挑戰以及您正在進行填充的事實，您對 25 年 10% 的增長感到滿意嗎？

Yes, I'm more comfortable for this year and that six to eight range because as I mentioned to you before, our I mentioned earlier, is just the initial cost of getting into these. And while we're retooling our building and even again, it's at 40%, it's huge and then put the site site costs on top of that. So that's the big we'll see some and you know, reasonable, and that's happened throughout 2024 on that, that it makes sense from a capital side to get to that 10% growth. But right now for this year, I'm comfortable in that six to eight range.

是的，我對今年的六到八個範圍感到更舒服，因為正如我之前向您提到的，我之前提到的只是進入這些的初始成本。當我們重新裝備我們的建築時，甚至再次，它是 40%，這是一個巨大的數字，然後將工地成本算在上面。因此，這就是我們將看到的一些重大事件，你知道，這是合理的，這在 2024 年全年都發生了，從資本方面來看，實現 10% 的增長是有意義的。但今年，我對六到八個範圍感到滿意。

Okay, great.

好的，太好了。

Thank you both.

謝謝你們倆。

Thanks, Todd.

謝謝，托德。

Yeah, thank you, sir. Andrew Wolf, CL King & Associates.

是的，謝謝你，先生。安德魯沃爾夫 (Andrew Wolf)，CL King & Associates。

Okay, thank you. I just have a couple of follow-ups versus on developments. I mean, recently, you've talked about targeting a 30% cash-on-cash return. But you're still in I mean, you called out how expensive it is to build the buildings. And at the end, you've kind of talked about as you know, buying the land and doing an eventual sale and leasebacks.

好的謝謝。我只是對進展進行一些後續行動。我的意思是，最近，您談到了 30% 現金回報率的目標。但你仍然在，我的意思是，你大聲疾呼建造建築物有多昂貴。最後，如您所知，您談到了購買土地並進行最終的出售和回租。

But could you just unpack for me is one is that 30% cash-on-cash returns, which is a strong return still realistic? Or is that going to change? And if you're going to keep it, is it predicated on doing an eventual sale and leaseback just based on market rates to build build out a restaurant?

但您能否為我解釋一下，其中之一是 30% 的現金回報率，這是一個仍然現實的強勁回報嗎？或者說這種情況會改變嗎？如果你打算保留它，是否需要根據市場價格進行最終的售後回租來建造一家餐廳？

Well, there's a lot to unpack there. So yes, I mean, our ultimate target is 30% cash on cash return with the cost. The way they are. And that's why we're trying to do a lot of value engineering that we spoke of. We've actually hired two additional architects to kind of go through our whole current building and our prototype and all the layers that we have in it and suggest different ways to build at different ways to design it, different layers and different alternative materials on the layers that we have in the restaurants as well as even looking at the equipment package that we have and totally.

嗯，那裡有很多東西需要解壓。所以，是的，我的意思是，我們的最終目標是 30% 的現金回報率和成本。他們就是這樣。這就是為什麼我們正在嘗試進行我們談到的大量價值工程。實際上，我們已經聘請了另外兩位建築師來仔細檢查我們目前的整個建築、原型以及其中的所有層，並建議以不同的設計方式、不同的層和不同的替代材料來建造不同的方法。我們在餐廳裡的層數，甚至看看我們擁有的設備包。

So we're doing a soup to nuts. If you will of kind of value engineering right now. Now initially, we're getting some fairly good results. Obviously, we don't have one of the new ones in the ground, but some of the plans coming back, we're liking. But currently, I would say those targeted cash on cash returns are more in the way of about 25% versus 30%. But our ultimate target is 30% and does it really we look at the purchase and when we're doing the pro forma.

所以我們正在做一個堅果湯。如果你現在願意進行價值工程的話。現在最初，我們得到了一些相當不錯的結果。顯然，我們還沒有任何新的計劃，但我們喜歡一些計劃的回歸。但目前，我認為這些目標現金回報率更多是在 25% 與 30% 左右。但我們的最終目標是 30%，我們在進行準備考試時會考慮購買情況。

So if that makes sense and if we can do a purchase, I'm looking at that sales leaseback and seeing what we get back from the sales leaseback to actually boost those returns on cash on cash return. But all that goes into the decision of whether to buy or to lease and then ultimately this value engineering. Currently to date, we have about seven properties that we own. There's about two or three other properties that we're looking at right now to buy and that development in the current year, we do not have any properties that we have purchased. They will fall into 2025 but hopefully I answered all your questions there.

因此，如果這是有道理的，如果我們可以進行購買，我會考慮銷售回租，看看我們從銷售回租中得到什麼，以實際提高現金回報率。但這一切都取決於購買還是租賃的決定，以及最終的價值工程。目前為止，我們擁有大約七處房產。我們現在正在考慮購買大約兩到三處其他房產，而今年的開發項目，我們沒有購買任何房產。它們將在 2025 年到來，但希望我能回答你們所有的問題。

Yeah. Very much, really appreciate the detail.

是的。非常非常，非常欣賞細節。

Thnak you.

謝謝你。

Can I just ask another follow up just on the ovaries comparisons so it sounds like it's 350 bps this quarter as a headwind. And I guess you got another quarter or two of that and then it must ease in the fourth quarter, which is sort of the other way of asking how much was it, how much was the Uber Eats a headwind in the quarter you just reported in Q4 last year's fourth quarter.

我可以問一下關於卵巢比較的另一個跟進嗎，所以聽起來這個季度的 350 bps 是一個逆風。我猜你還會再經歷一兩個季度，然後第四季度的情況一定會有所緩解，這有點像是另一種方式，詢問你剛剛報告的季度中，Uber Eats 的逆風有多大。去年第第四季Q4。

Great. Well, yes, if you look at it, so basically, Uber Eats was about 2.1% of our sales in the fourth quarter of 2022 when we implemented it. And that grew kept growing in the first quarter, about 2.8% of sales until eventually for all of 2023, it was about 3.5%. So you're looking at, you know, three three, 300 to 400 basis points of that were rolling over, which is a little challenging.

偉大的。嗯，是的，如果你看一下，那麼基本上，當我們實施 Uber Eats 時，Uber Eats 約占我們 2022 年第四季銷售額的 2.1%。這一成長在第一季持續成長，約佔銷售額的 2.8%，直到最終 2023 年全年成長約 3.5%。所以你會看到，其中三個三個、300 到 400 個基點正在滾動，這有點具有挑戰性。

Okay. Got it. All right. Thank you.

好的。知道了。好的。謝謝。

Thank you, sir. Ladies and gentlemen, we have reached the end of the question and answer session, and I would like to turn the call back to speakers for closing remarks. Please go ahead, sir.

謝謝你，先生。女士們、先生們，我們的問答環節已經結束，我想將電話轉回給發言者，讓其致閉幕詞。請繼續，先生。

Thank you. Thank you so much, John, 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.

謝謝。非常感謝您，約翰，我感謝您對 Chuy's 的持續關注，並且可以再次回答任何和所有問題。謝謝您，祝您晚上愉快。

Thank you. Ladies and gentlemen, that does conclude today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。