Chuy's Holdings Inc (CHUY) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to the Chili's Holdings first quarter 2024 earnings conference call. Today's call is being recorded. At this time, all participants have been placed on a listen only mode and the lines will be open for your questions following the prepared remarks.

大家好，歡迎參加 Chili's Holdings 2024 年第一季財報電話會議。今天的通話將會被錄音。此時，所有參與者都已進入只聽模式，在準備好的發言結束後，將開放提問通道。

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

在今天的電話會議上，我們有 TrueID Holdings, Inc. 的執行長兼總裁 Steve Hyslop，以及副總裁兼財務長 Jon Howie。

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

現在，我將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 first quarter 2024 earnings release. If not, it can be found on our website at www.chuy's.com in the Investors section.

謝謝接線員，下午好。現在大家應該可以看到我們2024年第一季的財報了。如果找不到，可以在我們的網站 www.chuy's.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 and 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.

在我們正式發言之前，我需要提醒大家，我們今天的討論內容將包含一些前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，因此，您不應過度依賴它們。這些聲明也受到許多風險和不確定因素的影響，可能導致實際結果與我們的預期有重大差異。我們建議各位參閱我們最近向美國證券交易委員會提交的文件，以更詳細地了解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 second quarter 2024 earnings on Thursday, August 8, 2024 after the market close.

展望未來，我們計劃在 2024 年 8 月 8 日星期四股市收盤後發布 2024 年第二季財報。

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

既然如此，我想把電話交給 Chuy's 的總裁兼執行長 Steve Hislop。

Thank you, Jon. Good afternoon, everyone, and thank you for joining us on today's call. In the first quarter, we experienced the same weather and macro challenges facing the broader restaurant industry leading to a top line growth that was below our expectations.

謝謝你，喬恩。各位下午好，感謝各位參加今天的電話會議。第一季度，我們遇到了與整個餐飲業相同的天氣和宏觀挑戰，導致營收成長低於預期。

That said, we were encouraged to see our top line trends improve as we move through the quarter when adjusting March for the Easter calendar shift. In addition, our off-premise business continued to see growth as consumers embrace the opportunity enjoy Chuy's high-quality made-from-scratch food from the comfort of their own home. Ultimately, despite top-line headwinds, our team's continued focus on four-wall operational excellence allowed us to deliver an 18.8 restaurant-level operating margin, which remains among the best in our industry.

儘管如此，我們還是很高興地看到，隨著季度推進，在調整三月復活節日曆變化的影響後，我們的營收趨勢有所改善。此外，我們的外送業務也持續成長，因為消費者樂於在家中舒適地享用 Chuy's 高品質的現做食品。最終，儘管面臨營收方面的不利因素，但我們的團隊持續專注於卓越的餐廳運營，使我們能夠實現 18.8% 的餐廳層面運營利潤率，這仍然是我們行業中最好的之一。

Before I jump into our growth drivers, I want to acknowledge the hard work and dedication of our team members who make truly truly specials. In times of macro uncertainty, our ability to refocus on the fundamentals of driving great guest experiences is what we allow us will allow us to be successful in the long term despite the short term pressures.

在深入探討我們的成長動力之前，我想感謝我們團隊成員的辛勤工作和奉獻精神，正是他們創造了真正意義上的卓越成就。在宏觀經濟情勢不明朗的時期，我們能否重新專注於提升賓客體驗的基本要素，才能克服短期壓力，最終取得長期的成功。

So shifting to our growth drivers, menu innovation. Innovation remains to be the backbone of our growth as we continuously introduce fresh and flavorful options for our guests. In January, we were thrilled to introduce a new CKO iteration that includes shrimp and crab enchiladas with our delicious lobster bisque sauce Machos, nachos and lastly, our cheesy pig burrito.

因此，接下來我們將重點轉向我們的成長動力——菜單創新。創新一直是公司發展的支柱，我們將持續為顧客推出新鮮美味的選擇。一月份，我們非常高興地推出了新的 CKO 系列，其中包括蝦蟹餡餅配我們美味的龍蝦濃湯醬、玉米片、墨西哥玉米片，以及最後的芝士豬肉捲餅。

We continue to be encouraged by our guest feedback on the platform, which is resonating well with our guests, built to build upon our momentum. We were thrilled to introduce our next CKO. at the end of April that included that includes green chili, barbecue ribs, Pablo enchiladas, and our fact that allowed us so far our guests are very receptive to the new options, and we look forward to to successfully Chuy's knockout campaigns in the future.

我們對賓客對平台的回饋持續感到鼓舞，該平台引起了賓客的良好共鳴，旨在鞏固我們的發展勢頭。我們很高興在四月底推出了下一場 CKO 活動，其中包括青椒、烤排骨、Pablo 辣醬玉米餅卷，而且到目前為止，我們的顧客對新選擇非常接受，我們期待著未來 Chuy's 的精彩活動能夠取得成功。

In conjunction with our retail offerings as we mentioned in our last call. We are also optimizing our menu by by adding some of our guest favorite CKO to our regular menu to further drive traffic growth in our restaurants. As part of this initiative. We were encouraged by the performance of our burrito bowls as we added them to the menu as a permanent item, we expect to see scales will continue to be a culinary testing ground for us, but remain committed to the streamlined menu we achieved during the pandemic.

結合我們在上次電話會議中提到的零售產品。我們也在優化菜單，將一些顧客最喜歡的 CKO 添加到常規菜單中，以進一步推動餐廳客流量成長。作為這項計劃的一部分。我們的墨西哥捲餅碗表現出色，這讓我們倍受鼓舞，於是我們將其作為永久菜餚加入菜單。我們預計餐廳將繼續作為我們的烹飪試驗場，但我們仍將致力於在疫情期間實現的精簡菜單。

Moving on to off-premise, we are pleased to have delivered another strong quarter of off-premise performance mixing at approximately 29%. Our delivery channel continued to perform well with 130 basis points improvement year over year, and mix generated approximately 12% during the first quarter.

接下來是外送銷售方面，我們很高興地看到，外送銷售業績又實現了強勁增長，混合銷售佔比約為 29%。我們的配送通路持續表現良好，年增 130 個基點，第一季產品組合成長約 12%。

In terms of our catering channel, we remain focused on building awareness around our capabilities and working on and completing the rollout of our Easy Care platform to all of our restaurant. For the first quarter, catering is mixing in around 3.5%. As we look ahead, we continue to believe off-premise channel will remain at least 25% of our sales with catering contributor and profit approximately four to six of total sales long-term.

就我們的餐飲管道而言，我們將繼續專注於提高人們對我們能力的認識，並努力完成將我們的 Easy Care 平台推廣到我們所有餐廳的工作。第一季度，餐飲業佔比約為 3.5%。展望未來，我們仍然相信，外送管道將至少占我們銷售額的 25%，餐飲服務貢獻和利潤將長期佔總銷售額的 4% 到 6%。

Turning to our marketing initiatives, our marketing approach has continued to be favorable in communicating our strong brand value and sharing our unique Chuy's experience for the guest near and far. To that end, we will remain focused on utilizing digital media platforms such as META Google, TikTok, YouTube video advertising and organic influencer programs. To share our defining differences, having our incredible value through our made-from-scratch food and drink.

談到我們的行銷舉措，我們的行銷方式一直行之有效，有效地傳達了我們強大的品牌價值，並與遠近的顧客分享了我們獨特的 Chuy's 體驗。為此，我們將繼續專注於利用數位媒體平台，例如GoogleMETA、TikTok、YouTube影片廣告和自然流量網紅推廣計畫。為了展現我們與眾不同的特色，我們透過純手工製作的食物和飲料，為顧客帶來非凡的價值。

And finally, let's turn to our development plans unit growth remains to be a core piece of our long-term growth and growth plan with a strong focus in markets that have a proven track record of brand awareness and high average unit volumes. During the first quarter, we successfully opened one restaurant in New Brownsville, Texas, followed by another new restaurant opening in Austin, Texas subsequent to the end of the first quarter.

最後，讓我們來看看我們的發展計劃，單位成長仍然是我們長期成長和成長計畫的核心部分，我們將重點放在那些品牌知名度和平均單位銷售都已得到驗證的市場。第一季度，我們在德克薩斯州新布朗斯維爾成功開設了一家餐廳，然後在第一季末，我們在德克薩斯州奧斯汀又開設了一家新餐廳。

This is aligned with our plans to open two new restaurants in the first half of 2024, and we are pleased with the performance of these restaurants thus far. As we look ahead to the remainder of 2024, our pipeline remains robust and we plan on opening between six to eight new restaurants in our core markets for the year.

這與我們計劃在 2024 年上半年開設兩家新餐廳的計劃相符，我們對這些餐廳迄今為止的業績感到滿意。展望 2024 年剩餘時間，我們的專案儲備依然強勁，我們計劃在核心市場開設 6 至 8 家新餐廳。

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

接下來，我將把電話交給我們的財務長喬恩·豪伊，讓他更詳細地討論我們第一季的業績。

Thank you, Steve. Revenues for the fourth quarter was $110.5 million compared to $112.5 million in the same quarter last year. As a reminder, there was a one week calendar shift in comparison to the fiscal first quarter of 2024 to the fiscal first quarter of 2023 due to a 53rd week in fiscal 2023.

謝謝你，史蒂夫。第四季營收為 1.105 億美元，去年同期為 1.125 億美元。提醒一下，由於 2023 財年有 53 週，因此 2024 財年第一季與 2023 財年第一季相比，日曆上出現了一週的偏移。

This resulted in reduced revenue in the first quarter of 2024 as the shift caused the week between Christmas and New Year's traditionally a high volume week for our brands' units to be included in the first quarter of 2023. It was replaced by an average volume week in the first quarter of 2024.

由於調整導致聖誕節和新年之間的那週（通常是我們品牌銷量高峰期）被計入 2023 年第一季度，因此 2024 年第一季的收入有所減少。2024 年第一季度，該指標被平均每週銷售所取代。

Overall, we estimate that the 53rd week shift negatively impacted sales by $1.8 million, EBITDA by approximately $900,000, and EPS by approximately $0.04 to $0.05 per share. Comparable restaurant sales on a calendar basis in the first quarter, adjusted for the shift decreased 4.3% versus last year, driven by 6.9% decrease in average weekly customers and partially offset by 2.6% increase in average check. Effective pricing during the quarter was approximately 2.9%, and off-premise sales were approximately 29% of total revenue as compared to 27% of total revenue a year ago.

總體而言，我們估計第 53 週的調整對銷售額產生了負面影響 180 萬美元，對 EBITDA 產生了約 90 萬美元，對每股收益產生了約 0.04 至 0.05 美元。第一季按日曆年計算的同店餐廳銷售額（已根據季節變化進行調整）比去年同期下降了 4.3%，主要原因是每周平均顧客人數下降了 6.9%，但平均客單價上漲了 2.6%，部分抵消了這一影響。本季有效定價約 2.9%，非現場銷售額約佔總營收的 29%，去年同期佔總營收的 27%。

Turning to expenses, cost to sales as a percentage of revenue decreased 30 basis points to 25.2% driven overall by overall commodity deflation of 1.3% as compared to last year.

就費用而言，成本佔銷售額的百分比下降了 30 個基點，至 25.2%，這主要是由於大宗商品整體通貨緊縮較去年下降了 1.3%。

Looking to 2024, we currently expect commodity inflation in the low single digits for the year. Labor costs as a percentage of revenue increased 110 basis points to 31.4%, primarily due to hourly labor inflation of approximately 3.6% at comparable restaurants as well as meaningful improvement in hourly labor staffing levels compared to last year.

展望 2024 年，我們目前預期當年大宗商品通膨率將維持在個位數低點。勞動成本佔收入的百分比上升了 110 個基點，達到 31.4%，這主要是由於同類餐廳的每小時勞動力成本上漲了約 3.6%，以及與去年相比，每小時勞動力人員配備水準有了顯著提高。

We are currently expecting labor inflation of mid-single digits for fiscal 2024 operating costs as a percentage of revenue increased 30 basis points to 16.4%, driven by higher delivery service fees from an increase in off-premise sales, an increase in restaurant repair and maintenance costs, partially offset by a decrease in utility costs and to-go supplies as compared to last year.

我們目前預計 2024 財年勞動力通膨率為個位數中段，營運成本佔收入的百分比上升 30 個基點至 16.4%，主要原因是外賣銷售增加導致配送服務費上漲，以及餐廳維修和維護成本增加，但部分被公用事業成本和外賣用品成本較去年下降所抵消。

General and administrative expenses decreased to $7.1 million in the first quarter from $7.8 million in the same period last year, driven mainly by lower performance-based bonuses. As a percentage of revenue, G&A increased to 6.5% from 6.9% during the same period last year.

由於績效獎金減少，第一季一般及行政費用從去年同期的 780 萬美元減少至 710 萬美元。管理費用佔收入的百分比從去年同期的 6.9% 增至 6.5%。

In summary, net income for the first quarter of 2024 was $6.9 million, or $0.4 per diluted share compared to $8.2 million or $0.45 per diluted share in the same period last year. During the first quarter of 2024 and 2023, we incurred a $0.4 million or $0.02 per share diluted share in impairment, closed restaurant, and other costs. Taking that into account adjusted net income for the quarter first quarter of 2024 was $7.3 million or $0.42 per diluted share compared to $8.5 million or $0.47 per diluted share in the same period last year.

總而言之，2024 年第一季淨收入為 690 萬美元，即每股攤薄收益 0.4 美元，而去年同期淨收入為 820 萬美元，即每股攤薄收益 0.45 美元。2024 年和 2023 年第一季度，我們因減損、關閉餐廳和其他成本而產生了 40 萬美元或每股攤薄收益 0.02 美元。考慮到這一點，2024 年第一季的調整後淨收入為 730 萬美元，即每股攤薄收益 0.42 美元，而去年同期為 850 萬美元，即每股攤薄收益 0.47 美元。

Moving to our liquidity and balance sheet. As of the end of the quarter, we had $56.4 million in cash and cash equivalents, no debt outstanding, and $25 million available under our rock revolving credit facility. We also purchased 214,659 shares of our common stock during the quarter for a total of approximately $7.3 million. I'm proud to say following these purchases, we have repurchased over $3.1 million shares since 2020 and have reacquired the shares we issued in our ATM offering in 2020 at the height of the pandemic. As of March 31, 2024, we had $13.8 million remaining under our $50 million repurchase program, which will expire on December 31, 2024.

接下來來看看我們的流動性和資產負債表。截至季末，我們擁有 5,640 萬美元現金及現金等價物，無未償債務，並且根據我們穩健的循環信貸額度，我們有 2,500 萬美元可用。本季我們也購買了 214,659 股普通股，總計約 730 萬美元。我很自豪地宣布，自 2020 年以來，我們已回購了超過 310 萬美元的股票，並重新購回了我們在 2020 年疫情高峰期透過 ATM 發行的股票。截至 2024 年 3 月 31 日，我們的 5,000 萬美元回購計畫還剩 1,380 萬美元，該計畫將於 2024 年 12 月 31 日到期。

With that, I will now provide you with the following outlook for 2024. We are reaffirming our expectations of adjusted EPS of $1.82 to $1.87 for 2024. As compared to the adjusted EPS of $1.87 after adjusting for the extra week in 2023. This is based in part on the following annual assumptions. G&A expense of $29 million to $30 million, six to eight new restaurants, net cash tax expenditures of approximately $41 million to $46 million, restaurant pre-opening 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 $17.4 million.

接下來，我將為大家帶來2024年的展望。我們重申 2024 年調整後每股盈餘的預期為 1.82 美元至 1.87 美元。相比之下，2023 年調整後的每股收益為 1.87 美元（已計入多出的一周）。這部分是基於以下年度假設而得出的。一般及行政費用為 2,900 萬至 3,000 萬美元，新增 6 至 8 家餐廳，淨現金稅支出約為 4,900 萬至 4,600 萬美元，餐廳開業前費用約為 270 萬至 320 萬美元，有效年稅率約為 13% 至 14%，年度加權稀釋流通數為 1740 萬股。

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

這樣，我就把電話轉回給史蒂夫了。

Thanks, John. Overall, we remain optimistic about our ability to capitalize on the long term growth opportunities ahead for tools through the initiatives we've put in place we will continue to focus on our four-wall operational excellence and provide our guests with the unique choose experience. All known map combined with a strong balance sheet, disciplined capital allocation and a robust development pipeline, we are in a position to maximize long-term shareholder value in 2024 and beyond.

謝謝你，約翰。整體而言，我們對利用未來長期成長機會的能力仍然保持樂觀，透過我們已採取的舉措，我們將繼續專注於卓越的營運管理，並為我們的顧客提供獨特的選擇體驗。憑藉所有已知的地圖，加上強勁的資產負債表、嚴謹的資本配置和穩健的開發項目儲備，我們有能力在 2024 年及以後最大限度地提高股東的長期價值。

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

我們很樂意回答任何問題。接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Thanks and good afternoon, guys. Tom Trenwick, I guess, Steve, I know you said comps improved during the quarter, but can you help us understand the rate of change in maybe where counts are quarter today?

謝謝，各位下午好。Tom Trenwick，Steve，我知道你們說過本季同店銷售情況有所改善，但你們能否幫我們了解一下本季各季度的銷售量變化率？

You have that Johnny funny. As far as quarter to date, we see we were after period for so called a quarter I'm sorry?

你真有強尼那種幽默感。就本季至今而言，我們看到我們一直在等待所謂的季度，抱歉？

Quarter to date, we are down about 2.2% is does that include the Easter benefit? Jon,

本季至今，我們下降了約 2.2%，這是否包括復活節的利多因素？喬恩，

It does, Chris, but it was kind of offset by I think, go so that's flat. You've got I think that was a Friday last year and then Sunday machines Sunday this year.

確實如此，克里斯，但我覺得這有點被抵消了，所以那裡很平坦。我想去年那是星期五，今年是星期日。

Okay. That's helpful. And then, John, what comp sales assumption are you using for the earnings range, companies guiding.

好的。那很有幫助。約翰，那麼，各公司給出的獲利範圍是基於怎樣的同店銷售額假設呢？

So for the year, we're going to be a little right around flat to slightly positive, Chris.

所以今年整體情況大概會持平或略有成長，克里斯。

Okay. Okay. That's helpful. And then, Steve, I know, in the past, the Company has slowed its unit growth plans when comp sales have been challenged in a lot of the restaurants have talked about the environment being more challenging here recently. And I'm just wondering if comps do continue to be challenged for the balance of the year, do you think it will affect development plans for '25?

好的。好的。那很有幫助。史蒂夫，我知道，過去當同店銷售額受到挑戰時，公司會放緩門市成長計畫。很多餐廳都表示，最近這裡的環境更具挑戰性。我想知道，如果今年剩餘時間比賽繼續受到挑戰，您認為這會影響 2025 年的發展計畫嗎？

As I sit here now, Chris, I'd say no. Again, if you look at what we're rolling over in the first quarter of last year for the first quarter, along with what John already mentioned about the $1.8 million shift in the 53rd week. We're rolling over our first quarter of 8% increase in the whole first quarter. So if you look at our two year stack, we're still up 3.7 on the on the whole first quarter. So again, I think it would be little premature, but you are right if it goes that way. I'll always consider that because you know that the sales and obviously guest counts are a lifeblood of any concept.

克里斯，我現在坐在這裡，我的答案是：不。再看看我們去年第一季結轉的金額，以及約翰已經提到的第 53 週 180 萬美元的變化。我們將第一季8%的成長延續到整個第一季。所以，如果你看我們兩年的投資組合，我們第一季的整體收益率仍然比去年同期高出 3.7%。所以我覺得現在下結論還太早，但如果事情真朝著那個方向發展，你是對的。我會一直考慮到這一點，因為你知道，銷售額和客流量顯然是任何概念的命脈。

Okay. That's helpful. Thanks, guys. I'll pass it on.

好的。那很有幫助。謝謝各位。我會轉達的。

Thank you, sir.

謝謝您，先生。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

I guess it's good afternoon. Thanks for taking our questions and appreciate the color around the 53rd week and the impact from that. We've heard a lot of people in the industry talk about impact from weather in January. So do you have any sense for what that impact was in in the first quarter and maybe what comps have been if you were to strip that out?

我想大家下午好。感謝您回答我們的問題，也感謝您對第 53 週的色彩以及由此產生的影響的分析。我們聽到業內很多人談論一月份天氣的影響。那麼，您是否了解第一季受到的影響，以及如果剔除這項因素，同業比較的結果會是什麼樣的呢？

Sure. Basically with the weather and the shift in the Easter is about 1.2% on our comp sales.

當然。基本上，受天氣和復活節假期的影響，我們的同店銷售額下降了約 1.2%。

Okay, great. That's super helpful. Then if I look at restaurant level margin growth, you guys are are up significantly since pre COVID. Is there any opportunity to maybe reenter some of that back into value offerings for the consumer or maybe more into the marketing line to just any thoughts on that as you guys all through the year?

好的，太好了。這太有幫助了。然後，如果我看一下餐廳層面的利潤率成長，你們的利潤率自新冠疫情前以來已經顯著增長。有沒有可能將其中一些重新融入到面向消費者的價值產品中，或更多地融入行銷中？各位在這一年中對此有什麼想法嗎？

Yeah. One thing that we've always prided ourselves in as a value within our whole menu as it currently stands, you know, we're not a discount people like you've seen a lot of other companies out there because our whole menu, they're out there doing a lot of two for 20, two for 25. You can do that all day in our existing menu, and we've always constantly looking at our marketing spend as we move forward. So we feel pretty comfortable.

是的。我們一直以來都以我們整個菜單的價值而自豪，你知道，我們不像其他很多公司那樣打折，因為我們的整個菜單，他們很多都在搞“兩件20，兩件25”之類的促銷活動。您可以在我們的現有菜單中全天做到這一點，而且我們一直在不斷審視我們未來的行銷支出。所以我們覺得很安心。

One thing about digital, it's easy to spin on a dime. So no doubt, we've definitely looked at are really talking more about value and even more so than our defining differences, although the freshness of our product making everything from scratch, we think is still a unique message. So we'll continue that. But right now, we're pretty happy what the way our model is situated.

數位時代的特徵之一就是變化莫測。所以毫無疑問，我們確實更專注於價值，甚至超過了我們之間的根本區別，儘管我們認為，我們產品從零開始製作的新鮮感仍然是一個獨特的訊息。所以我們會繼續這樣做。但就目前而言，我們對我們的模式現狀相當滿意。

Okay. Great. Appreciate Telic. I'll hop back in the queue.

好的。偉大的。欣賞 Telic。我重新排隊。

Thank you.

謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon and my question's on the outlook for the year, Jon, that you mentioned for comps kind of flattish to slightly positive comps. I guess that would require a pretty big improvement from what you're seeing currently. So I was just wondering if you could share your thoughts on why you expect comps to get better as the year goes on? And I guess what are the key drivers of that improvement.

嗨，下午好，Jon，我的問題是關於今年的前景，你提到比較數據會比較穩定或略有成長。我想那需要比目前的情況有相當大的改進。所以我想問您，您覺得隨著今年比賽的進行，比賽水準會越來越好，您覺得原因是什麼？那麼，我想了解一下推動這項進步的關鍵因素是什麼。

Great question, David. One is by the end of this month, we should be on fully on easy cater of approximately seven more stores on easy cater which will help us. To as we get further right now. And in Q2 in Q3, we're going to start to roll over Uber Eats right now. It's pretty we're basically challenged with rolling over those comps from last year. As we get into Q4, we fully kind of rolled over that. And so that will be helpful with that. So we think that's going to be beneficial and those are the big things.

問得好，大衛。一是到本月底，我們應該會有大約七家店全面上線 Easy Cater 平台，這將對我們有所幫助。隨著我們進一步深入探討。在第二季和第三季度，我們將開始逐步淘汰 Uber Eats。我們面臨的挑戰基本上是要把去年的那些比賽結果延續下去。進入第四季後，我們就完全擺脫了這種情況。所以這會有所幫助。所以我們認為這將會帶來好處，這些都是大事。

Yeah, sequentially, if you look at it and as I mentioned as we started, you know, when you're looking at the first quarter, it was an anomaly a little bit where we're up last year, 8%. It goes we are progressively down to normal numbers in the second and the third and actually we run a roll over a little bit easier numbers in the fourth quarter. So sequentially, it just moves throughout the whole year like that.

是的，從連續性來看，正如我一開始提到的，當你查看第一季時，你會發現這是一個有點反常的情況，我們比去年同期增長了 8%。情況是，第二季和第三季我們的數字逐漸恢復正常，實際上，第四季我們的數字會稍微輕鬆一些。所以，一年到頭，事情就是這樣按部就班地進行下去的。

And David, if you look at a two year stack, I mean even for the quarter, we were up about 3.7% on a two year stack. So if you keep rolling and we've been pretty consistent with that. We keep rolling that forward.

大衛，如果你看一下兩年的投資組合，我的意思是，即使只看這個季度，我們兩年的投資組合也上漲了大約 3.7%。所以，如果你能保持這種勢頭，而我們在這方面一直都相當穩定。我們繼續推進這項工作。

That would suggest higher comps going forward, specifically the second half of the year and definitely in the fourth quarter Got it.

那意味著未來幾年，特別是下半年和第四季度，業績比較會更高。明白了。

And then, John, on the on the cost outlook, it also looks like you're assuming that that inflation might get a little stronger as the year goes on. I think you mentioned in both cases, commodities and labor being a little bit higher for the year than what you saw in Q1. So I guess what what's driving that assumption for each of those buckets.

約翰，關於成本前景，你似乎也認為隨著時間的推移，通貨膨脹可能會略有加劇。我想你在兩種情況下都提到過，今年的商品和勞動成本都比第一季略高。所以我想知道，在每個類別中，是什麼因素導致了這種假設。

But the big thing is we think labor is going to be in that mid-single digits, probably a little lighter than that at this point, probably in the 4% to 5% or maybe a little shy of four at the present time.

但最重要的是，我們認為勞動成長率將處於個位數中段，目前可能略低於這個水平，可能在 4% 到 5% 之間，或目前可能略低於 4%。

On on the cost side, though, the biggest thing is we have beef locked in through the second quarter with ground beef and locked into Q3, the heater right now, if we were to lock that in significantly higher than what we have locked in at Now with that being said, the slaughter rates are starting to increase above 600,000. And so hopefully by the time we have to lock that in or buy on the market, those will come down. But right now we are projecting some inflation related to our cuts, which, as you know, are the thin meats and right now they are running a little higher than your center cuts today.

不過，就成本方面而言，最大的問題是我們已經鎖定了第二季的牛肉供應，以及第三季的碎牛肉供應。目前，牛肉供應正處於高峰期，如果我們鎖定的價格比現在鎖定的價格高得多，那麼屠宰率就會開始超過 60 萬頭。所以，希望到我們必須鎖定價格或在市場上購買的時候，這些價格能夠下降。但目前我們預計，由於我們的切塊肉價格上漲，可能會出現一些通貨膨脹。如您所知，我們的切塊肉是較薄的肉，目前它們的價格比您今天購買的中心切塊肉價格略高。

Got it. So just in terms of the sequencing you would expect would you expect Q2 to be similar to Q1 in terms of maybe flat to slightly down and then you get some step-ups in the second half based on what you just said.

知道了。所以就順序而言，你認為 Q2 會像 Q1 一樣嗎？也許會平穩或略微下降，然後根據你剛才所說，下半部會出現一些上升趨勢。

And in Q2, we're expecting some because we actually have stepped up with the Q2 because we have a different purchase for the ground beef in Q2. So that stepped it up a little bit. So we're expecting inflation over the prior year in that 2% to 3% in Q2, and it's kind of staying at that rate a little higher than that by another hundred basis points in Q3 and then another 200 basis points in Q4 Got it.

在第二季度，我們預計會有一些成長，因為我們在第二季度實際上加大了力度，因為我們在第二季度對碎牛肉進行了不同的採購。所以這稍微提升了一個檔次。所以我們預計第二季通膨率將比上年同期高出 2% 至 3%，第三季將略高於這個水準 100 個基點，第四季將再高出 200 個基點。明白了。

Okay, great. Thanks for all that color. Thank you.

好的，太好了。謝謝你帶來的繽紛色彩。謝謝。

And thanks, David.

謝謝你，大衛。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Hey, guys. I'm just checking on are the the 2Q CDOs, are those kind of barbell as well? Do you have the cloud is kind of a lower lower price point in there with with rigs being premium, I would imagine.

嘿，夥計們。我只是想確認一下，2Q CDO 也是那種槓鈴嗎？我猜想，雲端服務的價格應該比硬體設備低一些，而硬體設備的價格比較高。

Yes, exactly exactly. And we're just starting our second week of it this year. We're also have the barbecue as an add on three bone add-on, which is the first time we've done anything like that that should help us on some incremental sales. And that has definitely been been a crowd favorite, the I don't know.

是的，完全正確。今年我們才剛開始第二週。我們還推出了燒烤附加套餐，包含三根骨頭，這是我們第一次這樣做，應該有助於我們增加銷售額。而這無疑是觀眾最喜歡的，我不知道。

And then on just wondering, I know Austin's a big market, but there are other also high-volume restaurants. I mean, you've opened two here recently. Is that a headwind in any way, just same-store sales this year?

然後我就在想，我知道奧斯汀是一個很大的市場，但還有其他一些客流量很大的餐廳。我的意思是，你最近在這裡開了兩家店。今年的同店銷售是否會受到不利影響？

Or what how do you how do you kind of think about that as we open some of these, but, you know, we're opening, you know, in basically five states for the next three to five years. As we've mentioned before, Andy, and as we modeled all these, we made sure they had no cannibalization above 5%. Having said that, on the two that we've opened right now, one's down in new Brownsville, as I've mentioned to you earlier, there's been really no cannibalization on either or any of our stores for that one so far. And again, we're only in a third week at Mueller, which is the Austin store. But again, we've been pretty comfortable on all stores that there's really not much effective cannibalization in any of them so far.

或者，當我們開放其中一些場所時，你會如何看待這個問題？你知道，我們基本上會在未來三到五年內在五個州開放。正如我們之前提到的，安迪，當我們模擬所有這些情況時，確保它們的相互蠶食率不超過 5%。話雖如此，就我們目前新開的兩家店而言，其中一家位於新布朗斯維爾，正如我之前跟你提到的，到目前為止，這家新店還沒有對我們其他任何一家店造成任何蠶食效應。再說一遍，我們在 Mueller（奧斯汀店）才開業三週。但話說回來，我們對所有門市的情況都相當有信心，到目前為止，它們之間並沒有出現太多有效的蠶食現象。

Got it. Thank you very much.

知道了。非常感謝。

Thanks, Andy.

謝謝你，安迪。

Nick Setyan with Wedbush Securities. Please proceed with your question.

尼克‧塞蒂安，韋德布希證券公司。請繼續提問。

Thanks, gentlemen. Just a question around the geographic sort of what you're seeing in terms of the different geographies for the comp. And also are you seeing like a better comp in your higher volume stores than your lower volume, doors because of, let's say, excess demand?

謝謝各位先生。我只是想問一下，就比賽的不同地理區域而言，你看到了什麼？另外，您是否發現，由於需求過剩等原因，高銷售量門市的業績比低銷售門市更好？

No, I mean, it's been from a operational standpoint, it's been pretty consistent throughout the population of stores.

不，我的意思是，從營運角度來看，所有門市的情況都相當一致。

Got it. Okay. And the labor piece of the deleverage is what it is in Q1. Can we see sort of that 100 basis points, 200 basis points of deleverage as the year progresses around the comp improves. Hopefully, we see less leverage here deleverage.

知道了。好的。而第一季去槓桿化的勞動力部分情況與第一季相同。隨著年內比較數據的改善，我們能否看到大約 100 個基點、200 個基點的去槓桿化？希望我們能看到槓桿率下降，也就是去槓桿化。

Well, I mean, you're always going to see some leverage in the second quarter, Nick, as you know, that's our strongest quarter. So you could see 100 basis points of leverage in that second quarter. Third quarter is our second best quarter. So again, you'll see a little bit more leverage there than you did in the first quarter as well. So we not in the fourth quarter.

嗯，我的意思是，尼克，你也知道，第二季總是會有一些優勢，因為那是我們業績最好的季度。因此，第二季度槓桿率可能達到 100 個基點。第三季是我們業績第二好的季度。所以，你會發現，與第一季相比，槓桿作用會更大一些。所以我們現在還沒到第四季。

probably none by 100 bps of leverage in Q2. You mean sequentially versus Q1? Right? That year-over-year?

第二季可能不會出現100個基點的槓桿效應。你是說按順序與 Q1 比較嗎？正確的？與前一年相比呢？

Yes, sequentially.

是的，按順序。

Got it. Okay. Thank you very much.

知道了。好的。非常感謝。

Thanks, Nick.

謝謝你，尼克。

(Operator Instructions) Todd Brooks, The Benchmark Company.

（操作說明）托德·布魯克斯，基準公司。

Hey, thanks for taking my questions. Just two quick ones. John. You gave us what the pricing was in the quarter. Could you let us know and average check rents Q1.

嘿，謝謝你回答我的問題。就兩個簡單的問題。約翰。您已經告知了我們本季的定價情況。請告知我們Q1的平均租金是多少。

Yes, the average check was actually down 2.6% or up 2.6% in that price was the second and after 1941, 1941.+ 1941.

是的，平均帳單實際上下降了 2.6%，或上漲了 2.6%，因為價格是 1941 年之後的第二個價格，1941 年 + 1941 年。

Okay, thanks. So you said up 2.6% transiently like at three-- a 30 basis points drag from mix in the quarter?

好的，謝謝。所以你的意思是暫時上漲 2.6%，就像 3 點一樣——季度內受到產品組合 30 個基點的拖累？

Correct, yes.

沒錯。

Yes. Okay. Perfect.

是的。好的。完美的。

And then my second question, in thinking about CKO. is proving ground for items coming back from the menu. Steve, how much broadening the menu are you comfortable with these customer favorites coming off?

那麼我的第二個問題是，在思考 CKO 時，它是否是菜單上重新推出的菜餚的試驗場？史蒂夫，你覺得在取消這些顧客最喜歡的菜餚的情況下，菜單可以擴展到什麼程度？

The CKO. is how many would you expect to be on the menu by year end? And are you are you kind of rationalizing anything off the menu to trying to maintain some of that simplicity that you built in over the course of the pandemic?

CKO（營運長）是指，您預計到年底菜單上會有多少種菜色？你是否在為取消菜單上的某些菜餚找藉口，以維持你在疫情期間建立起來的那種簡約風格？

Great. Great question. Exactly what you just said that, yes, these was we felt great about adding the balls because it's really a burrito that we currently are pretty much almost deal, but now it's in a bowl. So again, it wasn't adding a lot of prep and a lot of excitement in the back of the house as far as it's moving around a lot. So that everything's on the station. So we were very comfortable adding those on.

偉大的。問得好。正如你剛才所說，是的，我們覺得加入這些丸子很棒，因為它實際上就是一個墨西哥捲餅，我們現在幾乎已經把它做成了一個碗裝的捲餅。所以，就它四處移動而言，它並沒有為後廚增加太多準備和興奮感。這樣一來，所有東西都在車站裡了。所以我們很樂意添加這些功能。

But as we have a very disciplined approach as we continue to move forward as we look at adding any of our CKOS. because that is our proving ground for some possibly some new items as we evolve our menu will be very disciplined that when we have one come on, we'll absolutely it does look at our product mix find out where it's come from and possibly move one another one off. So we'll be doing that as we do, but we'll be very disciplined in our approach across all of our stations and how well we can execute all of this.

但是，我們採取非常嚴謹的態度，在推進任何新增CKOS產品時都會如此。因為CKOS是我們檢驗某些新產品的試驗場，隨著菜單的不斷完善，我們會非常謹慎地進行調整。每當有新產品上架，我們都會仔細審視我們的產品組合，找出它的來源，並可能相應地調整其他產品的擺放位置。所以我們會繼續這樣做，但我們會在所有站點採取非常嚴謹的方法，並盡力把所有工作都做好。

Okay, perfect.

好的，完美。

Thank you both.

謝謝你們兩位。

Thank you so much.

太感謝了。

Brian Vaccaro, Raymond James. Please proceed with your question.

Brian Vaccaro，Raymond James。請繼續提問。

Thanks, and Steve, I think you alluded to it earlier, but just in light of the softer environment and one where it seems that you have to have value, but you also need to message it effectively. Could you just elaborate a little bit on just how you're how you're adjusting your tactics? Any changes in your marketing message or your CKO. is beyond the latest launch that you're thinking about?

謝謝，史蒂夫，我想你之前已經提到過了，但考慮到現在這種比較溫和的環境，你不僅需要有價值，還需要有效地傳達你的價值。能否詳細說明一下您是如何調整策略的？除了您正在考慮的最新產品發布之外，您的行銷訊息或行銷長 (CKO) 是否還有其他任何變動？

Sure. Sure. I you know, the one thing that we have is value all throughout our menu, not only in our price point, which is why our price point spreads because of our prior price increases are compared to our competitors. We actually increased our value spread over the years. So we're very great with that. But also, we've always said that there's no white space on our our main, our main on our plates, which is also screaming value than on meal kits.

當然。當然。你知道，我們最大的優勢在於我們菜單上的每一道菜都物有所值，而不僅僅是價格。正因如此，我們先前漲價後，價格區間才會與競爭對手相比有所差異。這些年來，我們的價值溢價實際上有所提高。所以，我們在這方面做得非常好。但我們也一直強調，我們的主菜，也就是我們餐盤上的主菜，沒有一絲空白，比餐包更能體現價值。

So those things that I just mentioned, we're actually moved our digital to really talking at all about that type of stuff, not only the value of low price point, but also the value of the amount of food that you get and the experience that you get it in. So that's been and as you know, as you know, Brian, the one thing about digital is you can quickly turn on a dime on your message.

所以，我剛才提到的那些事情，我們實際上已經將我們的數位轉型，開始真正討論這類事情，不僅是低價的價值，還有你能得到的食物量以及你獲得的體驗的價值。所以，事情就是這樣。如你所知，布萊恩，數位媒體的一大優勢就是你可以迅速改變你的訊息。

Our messages has been always talking about value, but we spent a lot of time talking about our defining differences, whether it be our hand squeezed lines for our margaritas are first product. We have nothing frozen. We don't have freezers that will still be in it, but it is probably going to be a little bit more tainted to specifically our value message in all the mediums that we're doing. You know, we're obviously, we're on social with Meta Fest, Facebook, and we're on that all quarter. We have been doing search with Google or on YouTube. All quarter were on TikTok, eight weeks in the quarter.

我們一直在談論價值，但我們花了很多時間談論我們的獨特之處，例如我們手工鮮榨的瑪格麗塔酒是我們的首要產品。我們沒有冷凍任何東西。我們沒有冷凍櫃，但可能會受到一些影響，尤其是在我們正在使用的所有媒介中，我們的價值資訊可能會受到一些幹擾。你知道，我們顯然在社交媒體上與 Meta Fest 和 Facebook 都有合作，而且整個季度我們都會在那裡活動。我們一直都在使用谷歌或YouTube進行搜尋。整個季度都在TikTok上發佈內容，季度中有八週時間都在發佈內容。

Then we have programmatic CTV, which is some of our videos that really showing our value and some of our price points. I will definitely do it on all our email or even a blast that will do two per period. And then obviously, CKO. as value and third party delivery promotions is dealing with value. So that's pretty much we're hitting it hard and heavy.

然後我們還有程序化 CTV，其中包含一些真正展現我們價值和價格定位的影片。我肯定會在所有郵件中都這樣做，或者甚至會設定群發郵件，每個週期發送兩封。然後很明顯，CKO，作為價值和第三方交付促銷，就是在處理價值。所以，我們基本上就是全力以赴了。

And the reason we're hitting it hard and heavy. As you know, if you look at the competitive environment out there, specifically over the last six, six months, you're now seeing all our competitors and even some fast food and even some quick casual really get non-major medium and talking about their price offs or things like that. And that's really been back only for about six months.

這就是我們大力打擊它的原因。如您所知，如果您觀察一下當前的競爭環境，特別是過去六個月的情況，您會發現我們所有的競爭對手，甚至一些快餐店和一些休閒快餐店，都在大力宣傳他們的降價促銷之類的活動。而這種情況其實也才恢復了大約六個月。

And that's after 2.5 years with a worse, and we've learned this discounting at all through COVID. So now this is a new phenomenon again. And again, just like 2019, where that was part of their their their their media plan back, then it will start doing that. And as people go in and eat the restaurant, you're going to realize the food hasn't changed so again, we feel our message on the value is the right way to for us to go.

而且這是在經歷了兩年半更糟糕的時期之後，我們在新冠疫情期間吸取了教訓，並認識到折扣的重要性。所以這又是一種新現象。就像 2019 年一樣，當時那是他們媒體計畫的一部分，那麼現在它又會開始這樣做。當人們走進餐廳用餐時，你會發現食物並沒有改變，所以我們再次認為，我們傳遞的價值訊息是正確的方向。

All right. Thank you. That's helpful. And, John, sorry if I missed it, just a bookkeeping question, but what were operating weeks in the quarter? Do you have that handy? -- I can follow up offline. If you don't have yet

好的。謝謝。那很有幫助。約翰，如果我錯過了請見諒，我只是想問一個記帳方面的問題，季度中的營運週數是多少？您手邊有嗎？ ——我可以線下跟進。如果你還沒有的話

I thought a yes, I'll follow up with you.

我想，好的，我會跟進的。

Okay. Thank you very much.

好的。非常感謝。

Thanks, Brian.

謝謝你，布萊恩。

Andrew Wolf, CL King

安德魯沃爾夫，CL金

Thanks. I just wanted to ask about the adjustments, the calendarization of Easter and the weather, which supplied that number. It's almost 2% to the traffic being down six, nine, making sure I'm doing thinking along with you, it would be down about 5%. It would have been the sort of the calendar and weather adjusted view of your traffic, the guest count?

謝謝。我只是想詢問一下有關調整、復活節的日曆安排以及天氣（也就是造成這個數字的原因）的情況。流量下降了近 2%，如果下降 6、9 次，確保我理解正確，那應該會下降 5% 左右。這應該就是那種會根據日曆和天氣狀況調整後的客流量和訪客人數視圖吧？

Let me take the nine. We were down 1.2 with that one.

讓我選九號。那場比賽我們落後1.2分。

It's one two on the sales impact and then so yes, so the 4.3 was already adjusted for the calendar. So when we when we do ours, it's an operational base from calendar calendar, not fiscal. We kind of give you the fiscal for your modeling purposes, but it's 4.9 to 3 generic another, I think the weather out too, and Brian, you've kind of the wet weather and Easter was 1.2 together about the comp sales comp sales of 6.9 minus the 1.2.

銷售影響方面，它排在前兩位，所以是的，4.3已經根據日曆進行了調整。所以，當我們進行操作時，我們是基於日曆而非財政年度進行操作的。我們提供你一些財務數據供你建模之用，但大致是 4.9 比 3，另一個方面，我認為天氣也有影響，布萊恩，你那裡潮濕的天氣加上復活節的 1.2，再加上 6.9 減去 1.2，總銷售額是多少。

Okay. That makes sense. Yes, I guess I read that wrong. And currently, if you took into 2.2% quarter to date because of check and assumed it was running that up to six. Now you're running up a little under 5%. So your guest count on this basis has improved, whatever, 50, 70 basis points sequentially said about it?

好的。這很有道理。是的，看來我理解錯了。目前，由於支票，你考慮到本季度迄今為止的 2.2% 的成長率，並假設它會運行到 6%。現在你的漲幅略低於 5%。所以，你們的客流量以此計算有所提高，比如說連續提高了 50 或 70 個基點？

Yes, yes.

是的，是的。

Okay. And is that is that the overage or is that more or your marketing or do you think the environment's gotten a little better? And how would you think about?

好的。那是因為超額收入，還是因為你們的行銷策略，或是你們認為環境有改善？你覺得怎麼樣？

Well, it's I think it's both. Obviously, it's about how we're looking at definitely the Uber Eats, that's a big headwind or rollover.

嗯，我覺得兩者都是。顯然，這取決於我們如何看待 Uber Eats，這無疑是一個巨大的阻力或阻礙。

And then on what we sent, I just mean in the quarter to date with the guest traffic being a little better, I mean, rightly then probably, but I'm just trying to dig inside that given that you know how important that is.

至於我們發送的內容，我的意思是，就本季度迄今為止的情況來看，訪客流量略有好轉，我的意思是，那可能是理所當然的，但我只是想深入挖掘一下，因為你知道這有多重要。

Yes, I think I didn't hit all of it.

是的，我覺得我沒全部擊中。

Yes, I mean, just the environment, I think is getting a little better from what we've seen from heart from our trends.

是的，我的意思是，就環境而言，我認為從我們內心和趨勢來看，情況正在好轉一些。

Now with that being said, we are in the in the south southeast you've seen all the tornadoes going through this area in the last few. So and that's in those numbers as well.

話雖如此，我們現在位於東南部，在過去的幾個月裡，你們已經看到龍捲風襲擊了這個地區。所以，這些數字裡也包含了這一點。

And what's your sense of your feeling about marketing as a way to get the guest count up highly left. This is not the right word, but an impactful for you and you want to do social media LTOs and stick with your net FX.

你對透過行銷手段來提高客流量有何看法？ （你的感受非常強烈，請提供完整原文）這個詞用得不太準確，但對你來說很有影響力，你想做社群媒體限時促銷活動，並堅持你的淨外匯收入。

So social media is a lot of that is really your share of voice is kind of just keeping your baseline out there. We believe the value messages that we've switched to our new tube. Our programmatic video has a little bit more of an impact on moving the needle a little bit there.

所以社群媒體很大程度上就是讓你發出自己的聲音，保持你的基本形象。我們相信，我們已經切換到新的管材，傳遞出相應的價值訊息。我們的程式化影片廣告對推動績效成長起了一定的作用。

And just switching to a, you know about 80% value message and a 20% a competitive advantage. A message is we feel is the right way to go.

然後就變成了，你知道，大約 80% 是價值訊息，20% 是競爭優勢。我們認為，傳遞訊息的方式是正確的。

Yes. Thank you.

是的。謝謝。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of today's question and answer session. I would like to turn the call back over to Mr. Steve, his love for closing comments.

女士們、先生們，今天的問答環節到此結束。我想把電話交還給史蒂夫先生，聽聽他喜歡做的總結發言。

Thank you so much. We appreciate your continued interest in choosing are available to answer questions that any of I mean answer questions. Any and all questions. Again, thank you for a thank you again and have a good evening.

太感謝了。我們感謝您一直以來對我們的關注，我們隨時準備回答您的任何問題。任何問題。再次感謝，祝您晚安。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。