Brinker International Inc (EAT) 2025 Q1 法說會逐字稿

Good day, and welcome to Brinker's first-quarter fiscal year 2025 earnings call. (Operator Instructions)

美好的一天，歡迎參加 Brinker 的 2025 財年第一季財報電話會議。（操作員說明）

It is now my pleasure to turn the floor over to your host, Kim Sanders, Vice President of Investor Relations. Ma'am, the floor is yours.

現在我很高興將發言權交給東道主投資者關係副總裁 Kim Sanders。女士，地板是你的了。

Thank you, Holly, and good morning, everyone, and thank you for joining us on today's call. Here with me today are Kevin Hochman, President and Chief Executive Officer; and Michaela Ware, Chief Financial Officer.

謝謝霍莉，大家早安，謝謝您參加今天的電話會議。今天和我在一起的還有總裁兼執行長 Kevin Hochman；和財務長 Michaela Ware。

Results for our first quarter were released earlier this morning and are available on our website at brinker.com. As usual, Kevin and Mika will first make prepared comments related to our strategic initiatives and operating performance. Then we will open the call for your questions.

我們第一季的業績已於今天早上早些時候發布，可在我們的網站 brinker.com 上查看。像往常一樣，凱文和米卡將首先就我們的策略舉措和經營業績發表準備好的評論。然後我們將打開電話詢問您的問題。

Before beginning our comments, I would like to remind everyone of our Safe Harbor regarding forward-looking statements. During our call, management may discuss certain items, which are not based entirely on historical facts. Any such items should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在開始評論之前，我想提醒大家注意我們有關前瞻性陳述的安全港。在我們的電話會議中，管理階層可能會討論某些並非完全基於歷史事實的項目。任何此類項目應被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

All such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include factors more completely described in this morning's press release and the company's filings with the SEC. And of course, on the call, we may refer to certain non-GAAP financial measures that management uses in its review of the business and believes will provide insight into the company's ongoing operations.

所有此類陳述都存在風險和不確定性，可能導致實際結果與預期有重大差異。這些風險和不確定性包括今天早上的新聞稿和該公司向美國證券交易委員會提交的文件中更完整描述的因素。當然，在電話會議上，我們可能會參考管理階層在業務審查中使用的某些非公認會計準則財務指標，並相信這些指標將提供對公司持續營運的深入了解。

And with that said, I will turn the call over to Kevin.

話雖如此，我會將電話轉給凱文。

Good morning, everyone. Thank you for joining us as we share insights from our first quarter and our outlook on the remainder of fiscal 2025. We are off to a strong start in Q1 with Chili's delivering 14% sales growth on a 6.5% traffic increase. We also continue to see meaningful progress on our four-wall economics on both brands with Brinker year-over-year restaurant operating margin improvement of 310 basis points.

大家早安。感謝您加入我們，我們將分享第一季的見解以及 2025 財年剩餘時間的展望。我們在第一季取得了良好的開局，Chili's 的銷售額成長了 14%，流量成長了 6.5%。我們也繼續看到兩個品牌的四牆經濟學取得了有意義的進展，Brinker 餐廳營業利潤率年增了 310 個基點。

The simplification and investments we've been layering into the business over the past two years have put us in a position to win in a market where customers want great food, great service at a great value. And from our own guest scores, I can say with confidence that our restaurant teams are delivering our daily Chili's metric guess with a problem came in at an all-time low of 2.7% for the quarter, which is even more impressive given the significantly higher traffic trends. This would tell us our decision to invest in additional labor in June to keep up with the dramatic acceleration in traffic worked to keep service levels high. We're excited about our progress, and we still see plenty of upside in the business.

過去兩年來，我們對業務進行了分層簡化和投資，使我們能夠在客戶想要物超所值的優質食品、優質服務的市場中獲勝。從我們自己的客人評分來看，我可以自信地說，我們的餐廳團隊正在提供每日Chili 的指標猜測，但本季出現的問題是2.7% 的歷史最低水平，考慮到顯著更高的評分，這更令人印象深刻流量趨勢。這將告訴我們，我們決定在 6 月投資額外的勞動力，以跟上流量的急劇增長，從而保持高服務水準。我們對我們的進步感到興奮，我們仍然看到該業務有很大的上升空間。

At Chili's, we continue to work through improvements on our core menu. Over the past 2.5 years, we've removed around a quarter of our menu to focus on our core four offerings, burgers, crispers, fajitas, and margaritas, which now represent 47% of our business. On burgers, our Big Smasher better than fast food advertising campaign continues to win with guests. The 3 for Me $10.99 bundle includes an appetizer of unlimited chips and salsa, a 7.5 ounce burger and fries, and a bottomless choice of Coca-Cola soft drink, which is tough for competitors to match.

在 Chili's，我們繼續改進我們的核心菜單。在過去的 2.5 年裡，我們刪除了大約四分之一的菜單，專注於我們的四個核心產品：漢堡、薯片、法加它和瑪格麗塔，它們現在占我們業務的 47%。在漢堡方面，我們的 Big Smasher 比快餐更好的廣告活動繼續贏得客人的青睞。10.99 美元的 3 for Me 套餐包括一份無限量薯條和莎莎醬的開胃菜、一份 7.5 盎司的漢堡和薯條，以及無限量的可口可樂軟飲料，這是競爭對手難以匹敵的。

Our 3 for Me value offer clearly resonates with guests who are looking for high quality and abundance that may not be the lowest price, but it is a very reasonable price. And when new guests come in, we often get feedback that the burger looks just like the ad and that no one else has a value like this.

我們的 3 for Me 超值優惠顯然與尋求高品質和豐富的客人產生共鳴，這可能不是最低的價格，但它是一個非常合理的價格。當新客人進來時，我們經常會收到反饋說漢堡看起來就像廣告中的一樣，而且沒有其他人具有這樣的價值。

Despite the industry's challenged consumer and our significant traffic lifts being driven by the Big Smasher campaign, we've only seen a 1% increase in 3 for Me mix since last quarter and nearly half of those guests are still choosing the more premium 3 for Me tiers at $14.99 and $16.99.

儘管該行業的消費者面臨挑戰，而且Big Smasher 活動推動了我們的客流量大幅提升，但自上季度以來，3 for Me 組合僅增長了1%，其中近一半的客人仍在選擇更優質的3 for Me等級分別為 14.99 美元和 16.99 美元。

We will continue with the Big Smasher campaign in the Q3, a period we know consumers seek out value coming off their holiday spend. On margaritas, our barbell strategy is helping drive the top line and margins with super premium margaritas, while our Margarita of the Month is protecting entry level price points to drive drink incidents.

我們將在第三季繼續進行 Big Smasher 活動，我們知道消費者會在這段時期從假期消費中尋求價值。在瑪格麗塔酒方面，我們的槓鈴策略正在幫助提高超優質瑪格麗塔酒的收入和利潤，而我們的本月瑪格麗塔酒則保護入門級價格點以減少飲料事故。

In Q1, we introduced the new super premium Don Julio margarita and are over $10 price tier. The Don Julio is off to a good start and on expectations. On the other side of the barbell, the entry price point, we introduced the October $6 Marg of the Month, the Witches Brew and it's now one of the bestselling promotional margaritas ever.

在第一季度，我們推出了新的超優質 Don Julio 瑪格麗塔，價格超過 10 美元。Don Julio 有著良好的開端並符合預期。在槓鈴的另一邊，即入門價格點，我們推出了 10 月 6 美元的本月 Marg，Witches Brew，它現在是有史以來最暢銷的促銷瑪格麗特酒之一。

While some competitors are offering more aggressive discounted margaritas, including one being advertised on TV, our success proves that value isn't necessarily offering the lowest price point, but that the price quality equation is critical for this guest. Our barbell strategy has proven an effective way to meet all our guest needs and balance great value while driving profitability.

雖然一些競爭對手提供更激進的瑪格麗特折扣，包括在電視上做廣告的瑪格麗塔酒，但我們的成功證明，價值不一定提供最低的價格點，但價格質量方程式對這位客人來說至關重要。事實證明，我們的槓鈴策略是滿足所有客人需求並在提高盈利能力的同時平衡巨大價值的有效方法。

Another key driver of our results is the success of the Triple Dipper. We saw the social media discussion of the Triple Dipper picking up momentum with our campaign in the spring and it remains at high volumes even six months later. We recently introduced the Nashville Hot Mozz Sticks to the Triple Dipper via social media and it's been so successful that we've actually taken that item now to our permanent menu.

我們業績的另一個關鍵驅動因素是三斗星的成功。我們看到社交媒體上關於三鬥七星的討論隨著我們春季的活動而勢頭強勁，甚至在六個月後仍然保持很高的數量。我們最近透過社群媒體向三斗星推出了納許維爾熱馬茲棒，它非常成功，我們現在實際上已經將該項目納入我們的永久菜單中。

The Triple Dipper continues to gain steam and now represents 11% of our business, with sales up over 70% versus last year. It's very relevant with younger guests and how they prefer to eat with more variety, customization and experiential flavors through a wide variety of dips. Because of the Triple Dipper's ability to attract the next generation of guests as well as drive guest check, we are expanding our core four menu strategy to become the five to drive. With the addition of the Triple Dipper, those five items now represent 58% of our business.

三連鬥持續成長，目前占我們業務的 11%，銷售額比去年成長了 70% 以上。這與年輕客人非常相關，也與他們更喜歡透過各種蘸醬來享受更多品種、客製化和體驗式風味的飲食有關。由於 Triple Dipper 能夠吸引下一代客人並推動客人入住，因此我們正在擴展我們的核心四菜單策略，將其發展為五星級菜單。隨著三鬥星的加入，這五個項目現在占我們業務的 58%。

We're confident this five to drive focus will increase opportunities for innovation and further accelerate sales growth. I also want to share some insights into the guest count list that we are experiencing at Chili's that gives us increased confidence in the sustainability of our results. The tokenized data is telling us that we have two big traffic drivers right now. The primary one is our 3 for Me better than fast food campaign, which is bringing in more new guests across all demographics, turns out that all households, regardless of income, want unbeatable value, high quality and a great experience. In addition to increasing Chili's penetration, we also see that guests who purchased 3 for Me return to Chili's more often than those who have not.

我們相信，這五項驅動重點將增加創新機會並進一步加速銷售成長。我也想分享一些對 Chili's 客人數量清單的見解，這讓我們對業績的可持續性更有信心。代幣化數據告訴我們，我們現在有兩個重要的流量驅動因素。第一個是我們的3 for Me 比快餐更好的活動，該活動為所有人群帶來了更多新客人，事實證明，所有家庭，無論收入如何，都希望獲得無與倫比的價值、高品質和出色的體驗。除了提高 Chili 的滲透率外，我們還發現，為 Me 購買 3 份的客人比沒有購買過的客人更常再次光顧 Chili's。

The second primary traffic driver is our social media marketing campaign. Social mentions about our Triple Dipper started accelerating in April and May, and with people talking and experiencing the unique food items that you can only get at Chili's. This dialogue is attracting new guests to come experience the brand. We now know that guests who purchased the Triple Dipper skew younger. Their check average is approximately 20% higher, and we're driving frequency with that group as well.

第二個主要流量驅動因素是我們的社群媒體行銷活動。4 月和 5 月，關於我們的三連星的社交提及開始加速，人們談論並體驗只有在 Chili's 才能買到的獨特食品。這種對話正在吸引新客人前來體驗該品牌。我們現在知道，購買三鬥七星的客人大多比較年輕。他們的檢查平均值大約高出 20%，我們也正在提高該群體的檢查頻率。

In addition to getting tokenized data up and running, I'm pleased to announce we have a new data analytics leader, Alex Knight. Alex comes to us from a large restaurant company where he was the Senior Director of Data Analytics. Having worked with Alex previously, I know he has the experience and track record to build out our data analyst capabilities to accelerate our business.

除了啟動和運行標記化數據之外，我很高興地宣布我們有了新的數據分析領導者 Alex Knight。Alex 加入我們之前曾在一家大型餐飲公司擔任數據分析高級總監。之前與 Alex 共事過，我知道他擁有豐富的經驗和業績記錄，可以增強我們的數據分析師能力，從而加速我們的業務發展。

In summary, these strong business results are being driven by great marketing, which is doing an exceptional job of bringing guests in and these results are being sustained by the improved guest experience our restaurant teams are delivering. Our operations leadership chose traffic as their fiscal 2025 of session metric, and they are delivering by focusing on a few simple fundamentals of a better guest experience and then executing like crazy.

總而言之，這些強勁的業務成果是由出色的行銷推動的，行銷在吸引客人方面做得非常出色，而我們的餐廳團隊提供的改善的客人體驗也支撐著這些成果。我們的營運領導層選擇流量作為 2025 財年的會話指標，他們透過專注於更好的賓客體驗的一些簡單基礎知識，然後瘋狂執行來實現這一目標。

Now, I'd like to give an update on Maggiano's. We're applying lessons from the Chili's turnaround to our Maggiano's brand to strengthen the four-wall economics and help build more relevance back into the brand, what our Maggiano's President Dominique Bertolone calls bringing the magic back. Dom has spent the past six months deep in the field listening to Maggiano's teammates to understand what's working and what needs to change to improve the brand's experience.

現在，我想介紹一下馬賈諾的最新情況。我們正在將 Chili 轉型的經驗教訓應用到我們的 Maggiano 品牌中，以加強四牆經濟並幫助品牌重新建立更多的相關性，我們的 Maggiano 總裁 Dominique Bertolone 稱之為「恢復魔力」。在過去的六個月裡，Dom 深入現場聆聽 Maggiano 隊友的意見，了解哪些措施有效，哪些需要改變，以改善品牌體驗。

Now, Dom and his leadership team are focused on the fundamentals, simplifying the menu and operations, so we can elevate the food, speed up service and more relevant. And we already have a few quick wins. The new Cocktail Innovation and Master Sommelier wine curation we launched last quarter has successfully reversed a 10-year declining alcohol trend and the Maggiano's Old Fashioned, which is presented to the guest in a smoking box has quickly become the Maggiano's number one selling cocktail.

現在，Dom 和他的領導團隊專注於基礎知識，簡化菜單和操作，以便我們能夠提升食品品質、加快服務速度並提高相關性。我們已經取得了一些快速勝利。我們上季度推出的新雞尾酒創新和侍酒師大師葡萄酒策劃成功扭轉了10年來酒精度下降的趨勢，以吸煙盒呈現給客人的Maggiano's Old Fashioned迅速成為Maggiano銷量第一的雞尾酒。

We also recently launched two classic dishes that our guests are already raving about and are mixing very well, Rigatoni alla Vodka and a new Maggiano's Signature Caesar salad finished tableside. Dom and team are also working on simplification to shift labor to areas that will improve the guest experience, which in turn will drive profitable and sustainable growth.

我們最近也推出了兩道經典菜餚，我們的客人已經讚不絕口，並且混合得非常好：Rigatoni alla Vodka 和新的 Maggiano's 招牌凱撒沙拉。Dom 和團隊也致力於簡化工作，將勞動力轉移到能夠改善賓客體驗的領域，從而推動獲利和永續成長。

One example of this simplification is removing our $6 take home pasta offerings. To prepare and package six different take home meals daily requires significant kitchen prep labor as well as time for service to sell this offering to guests, but it's not a profitable business driver. We estimate that exiting this business in December will be a 1% drag on Maggiano's top line and traffic assumption but will have minimal impact on profitability. The time, attention, and investment we are putting towards $6 take home pastas will now be redeployed to elevating and accelerating the business. I'm excited to share more details of the Maggiano's transformation plan to bring the magic back in future calls.

這種簡化的一個例子是取消我們 6 美元的帶回家麵食產品。每天準備和包裝六種不同的帶回家的飯菜需要大量的廚房準備工作以及向客人出售這些產品的服務時間，但這並不是一個有利可圖的業務驅動因素。我們估計，12 月退出這項業務將對 Maggiano 的營收和客流量假設造成 1% 的拖累，但對獲利能力的影響微乎其微。我們為 6 美元的帶回家麵食投入的時間、注意力和投資現在將重新部署到提升和加速業務發展上。我很高興能分享 Maggiano 改造計畫的更多細節，以便在未來的電話中恢復魔力。

Lastly, I did want to quickly give an update on an initiative that is touching both brands, our move to replace legacy back office systems with the modern Oracle ERP system. The objective of this project is to upgrade it to a more stable, secure and productive back office system, which touches finance, supply chain, and human capital management. We're in the middle of the transition now and overall, it's going well. We're experiencing the normal bumps you would expect with a large-scale ERP implementation and the team has done a good job, working through these bumps and managing the change.

最後，我確實想快速介紹一個涉及兩個品牌的計劃的最新情況，即我們用現代 Oracle ERP 系統取代傳統後台系統的舉措。該專案的目標是將其升級為更穩定、更安全、更有效率的後台系統，涉及財務、供應鏈和人力資本管理。我們現在正處於過渡期，整體而言進展順利。我們正在經歷大規模 ERP 實施過程中所遇到的正常障礙，團隊做得很好，克服了這些障礙並管理了變革。

Most importantly, the Oracle transition has not materially impacted our day-to-day operation, and this is evidenced in our great results. I'm very encouraged by the momentum of our business. Our results demonstrate we're working on the right things, the right way to drive long-term growth. Specifically, Q1 results are a proof point that we are building significant and sustainable improvements in both the top and bottom line.

最重要的是，Oracle 的轉型並未對我們的日常營運產生重大影響，這在我們的出色業績中得到了證明。我對我們業務的發展勢頭感到非常鼓舞。我們的結果表明，我們正在做正確的事情，以正確的方式推動長期成長。具體來說，第一季的結果證明我們正在對營收和利潤進行重大且可持續的改進。

Our focus on consistently improving the fundamentals of casual dining, food service, atmosphere and team member engagement is working. This improved experience combined with driving differentiated relevant brands is becoming Brinker's unique strategic advantage that we believe will consistently outperform the industry.

我們致力於不斷改善休閒餐飲、餐飲服務、氛圍和團隊成員參與度的基礎，這一點正在發揮作用。這種改進的體驗與推動差異化的相關品牌相結合，正在成為 Brinker 獨特的策略優勢，我們相信這種優勢將持續超越產業。

Now I'll hand the call over to Mika to walk you through first quarter numbers and our updated guidance for the remainder of the year.

現在，我將把電話轉交給 Mika，讓您了解第一季的數據以及我們今年剩餘時間的最新指導。

Thank you, Kevin, and good morning, everyone. Our first quarter results represent a great start to the fiscal year and as Kevin shared are reflection of the success of our long-term invest to grow strategy. As noted in our press release, once again, we saw strong year-over-year top line growth, comp sales and traffic well above industry averages and significant restaurant margin expansion. For the first quarter, Brinker reported total revenues of $1,139 million with consolidated comp sales of positive 13%.

謝謝你，凱文，大家早安。我們第一季的業績代表了本財年的良好開端，正如凱文所分享的那樣，這反映了我們長期投資成長策略的成功。正如我們在新聞稿中所指出的，我們再次看到收入同比強勁增長，公司銷售和客流量遠高於行業平均水平，餐廳利潤率大幅增長。Brinker 報告第一季總營收為 11.39 億美元，綜合銷售額成長 13%。

Our adjusted diluted EPS for the quarter was $0.95, up from $0.28 last year. Both brands reported top line sales growth with Chili's comps coming in at positive 14.1%, driven by price of 6.8%, positive mix of 0.8% and positive traffic of 6.5%, with traffic improving sequentially throughout the quarter.

本季調整後稀釋後每股收益為 0.95 美元，高於去年的 0.28 美元。兩個品牌都報告了營收成長，其中 Chili 的銷售額成長了 14.1%，其推動因素包括價格 6.8%、正組合 0.8% 和流量 6.5%，整個季度流量環比增長。

These impressive results were driven by the continued success of our marketing campaigns on both TV and social media, highlighting our industry leading everyday 3 for Me value and our popular Triple Dipper appetizer. We're encouraged to see that our restaurant teams continue to deliver record guest metrics demonstrating material improvement in the overall guest experience at even higher sales volumes.

這些令人印象深刻的業績得益於我們在電視和社群媒體上的行銷活動的持續成功，凸顯了我們業界領先的日常 3 for Me 價值和我們廣受歡迎的三連開胃菜。我們很高興看到我們的餐廳團隊繼續提供創紀錄的賓客指標，表明在更高的銷售下整體賓客體驗得到了實質改善。

Turning to Maggiano's, the brand reported 4.2% positive comp sales for the quarter driven by 10.8% price, positive 2.1% mix, partially offset by negative 8.7% traffic. As Kevin mentioned, Dominique and his team are making progress at Maggiano's and we're seeing some early signs those initiatives are working. I'm happy to share that Maggiano's had a solid first quarter with year-over-year operating income up an impressive 117%, primarily driven by increased alcohol mix, simplification efforts, and labor productivity.

至於 Maggiano's，該品牌報告稱，該季度的同銷量為 4.2%，由 10.8% 的價格推動，正值 2.1% 的組合，部分被負值 8.7% 的客流量所抵消。正如凱文所提到的，多明尼克和他的團隊在馬賈諾正在取得進展，我們看到了這些舉措正在發揮作用的一些早期跡象。我很高興與大家分享，Maggiano's 第一季業績強勁，營業收入年增 117%，令人印象深刻，這主要是由於酒類組合的增加、簡化工作和勞動生產率的推動。

At the Brinker level, we made significant progress on flow through this quarter with restaurant operating margin coming in at 13.5%, an impressive 310 basis points improvement year-over-year, primarily driven by sales leverage from top line growth. This resulted in favorability in all categories of food and beverage cost, labor and restaurant expense.

在 Brinker 層面，本季我們在流量方面取得了重大進展，餐廳營業利潤率為 13.5%，與去年同期相比提高了 310 個基點，令人印象深刻，這主要是由營收成長的銷售槓桿所推動的。這導致食品和飲料成本、勞動力和餐廳費用的所有類別都受到青睞。

Food and beverage cost for the quarter was favorable 60 basis points year-over-year benefiting from higher price partially offset by 2.5% commodity inflation. Labor for the quarter was favorable 130 basis points year-over-year despite incremental labor investments. Top line growth offset wage rate inflation of approximately 4.3%.

本季的食品和飲料成本較去年同期有利 60 個基點，這得益於 2.5% 的商品通膨率部分抵銷了價格上漲。儘管勞動力投資增加，但本季勞動力市場仍較去年同期上漲 130 個基點。收入成長抵消了約 4.3% 的薪資通膨。

Advertising for the first quarter was flat year over year, but marketing costs will ramp up versus prior year as we progress through the fiscal year. Each time we go on there with our 3 for Me messaging, we pick up momentum. We are particularly pleased with how our advertising strategy continues to deliver positive lapse versus prior year media windows.

第一季的廣告與去年同期持平，但隨著本財年的進展，行銷成本將比上年有所上升。每次我們繼續發布「3 for Me」訊息時，我們都會獲得動力。我們對我們的廣告策略如何繼續提供與去年媒體窗口相比積極的失誤感到特別滿意。

G&A for the quarter came in at 4.5% of total revenues with the year-over-year increase largely driven by an increase in performance-based compensation expense. First quarter adjusted EBITDA was $112 million, a 55% increase from prior year. We will continue to prioritize paying down debt for the remainder of the fiscal year and we have used our revolving credit facility to repay the bond that came due in October.

本季的一般管理費用佔總收入的 4.5%，年成長主要是由於績效為基礎的薪酬費用的增加。第一季調整後 EBITDA 為 1.12 億美元，比去年同期成長 55%。我們將繼續優先償還本財年剩餘時間內的債務，並已使用循環信貸額度償還 10 月到期的債券。

Capital expenditures for the quarter were approximately $56 million driven by capital maintenance, IT expenses, and new restaurant development. We did open one new restaurant during the quarter in Leander, Texas with opening week sales over $160,000. This is the latest in a string of openings that all have well surpassed their hurdle rates and current brand averages, which demonstrates the increasing strength of the Chili's brand, particularly in new markets. While it's still early in the quarter, we're excited to see strong momentum as we finish our first month of Q2. October comp sales to-date for Chili's remain in the double digits with positive traffic and we continue to increase our GAAP to the casual dining industry.

本季的資本支出約為 5,600 萬美元，主要由資本維護、IT 支出和新餐廳開發推動。本季我們確實在德克薩斯州利安德開設了一家新餐廳，開業一周銷售額超過 16 萬美元。這是一系列新店開幕中最新的一個，所有新開業的店家都遠遠超過了最低門檻和當前品牌平均水平，這表明 Chili 品牌的實力日益增強，尤其是在新市場上。雖然現在還處於本季初期，但我們很高興在第二季第一個月結束時看到強勁的勢頭。迄今為止，Chili's 10 月的同店銷售額仍維持在兩位數，客流量為正，我們繼續提高休閒餐飲業的公認會計準則。

In terms of our expectations for the balance of the year, as noted in this morning's press release, we're raising our fiscal 2025 full year guidance to include the following. Annual revenues in the range of $4.7 billion to $4.75 billion. Adjusted diluted EPS in the range of $5.20 to $5.50. Our existing guidance for weighted average shares and annual capital expenditures were also reiterated. Assumptions underlying this guidance include planned commodity inflation in the low single digits, wage inflation in the mid-single digits and a tax rate in the mid-double digits.

就我們對今年剩餘時間的預期而言，正如今天早上的新聞稿中指出的那樣，我們正在提高 2025 財年全年指導，包括以下內容。年收入在 47 億美元至 47.5 億美元之間。調整後攤薄每股收益在 5.20 美元至 5.50 美元之間。我們也重申了對加權平均股和年度資本支出的現有指引。該指引的假設包括計劃商品通膨處於低個位數、薪資通膨處於中個位數以及稅率處於中兩位數。

I'm very proud of the work our teams are doing to put the guest and team member first and the smart investments we're making into the business to make their experiences better. We've demonstrated that when we do what is right for our team members and guests, positive sales and profits follow. Our business continues to drive outstanding positive sales and traffic as well as material margin expansion. I'm confident our investments into food service and atmosphere are the foundation that will drive the business for the long-term.

我對我們的團隊將賓客和團隊成員放在第一位所做的工作以及我們為改善他們的體驗而對業務進行的明智投資感到非常自豪。我們已經證明，當我們為團隊成員和客人做正確的事情時，積極的銷售和利潤就會隨之而來。我們的業務繼續推動出色的銷售和客流量以及實質利潤率擴張。我相信我們對餐飲服務和氛圍的投資是長期推動業務發展的基礎。

With our comments now complete, I will turn the call back to Holly to moderate questions.

我們的評論現已完成，我將把電話轉回給霍莉，以緩和問題。

(Operator Instructions) Jeff Farmer, Gordon Haskett.

（操作員說明）Jeff Farmer、Gordon Haskett。

Good morning and very impressive quarter to say the least. A couple of model questions for you. So the first one would be, you gave a lot of updated guidance items, but how are you thinking about the restaurant level margin for the year with the strong same-store sales performance through Q1?

早上好，至少可以說是非常令人印象深刻的季度。給你幾個模型問題。因此，第一個是，您提供了許多更新的指導項目，但是您如何看待今年餐廳層面的利潤率以及第一季強勁的同店銷售表現？

Hi, Jeff. We do think that we're going to continue to drive restaurant level margins. And so I think now we will be probably a 100 basis points or more favorable year over year.

嗨，傑夫。我們確實認為我們將繼續提高餐廳的利潤率。因此，我認為現在我們可能會比去年同期有利 100 個基點或更有利。

Okay, that's helpful. And then just on advertising, you've talked about this a little bit over the last couple of calls. Just to compare and contrast, just remind us how many TV advertising weeks you had in 2024 and then what you're contemplating for 2025?

好的，這很有幫助。然後就廣告而言，您在過去幾次通話中談到了這一點。只是為了進行比較和對比，請提醒我們您在 2024 年有多少電視廣告週，然後您在 2025 年打算做什麼？

So I have the weeks in front of me for 2025. So we'll be on a year of total of 31 weeks, and I don't have the number of weeks from last year in front of me. I will tell you, I can -- we can get you the specifics of the actual spend versus a year ago in a little bit. So just give us a little time and we can calculate that for you, so you can at least start the benchmark.

2025 年還有幾週的時間。所以我們這一年總共有 31 週，而我沒有去年的周數。我會告訴你，我可以 - 我們可以稍後向你提供實際支出與一年前相比的具體情況。因此，請給我們一點時間，我們可以為您計算，這樣您至少可以開始基準測試。

Yeah. I have the dollar. So it's an incremental four weeks, I think year-over-year that we have. And so what's going to happen is, I think it's more important to understand how the dollars are going to flow for your modeling. They're going to be up probably $3 million to $4 million for the second quarter and the third quarter and up a little bit more in the fourth quarter, probably closer to $7 million. So that's how that advertising spend will spread.

是的。我有美元。所以我認為我們比去年同期增加了四個星期。因此，我認為更重要的是了解資金將如何用於建模。第二季和第三季的營收可能會增加 300 萬至 400 萬美元，第四季會增加一點，可能接近 700 萬美元。這就是廣告支出的分佈方式。

All right, very helpful. Thank you.

好的，非常有幫助。謝謝。

Thanks, Jeff.

謝謝，傑夫。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks. Good morning, guys and congratulations on another strong quarter.

謝謝。早上好，夥計們，祝賀又一個強勁的季度。

Thanks, Chris.

謝謝，克里斯。

Kevin, it's great to see the company gain insights from the tokenized data. I was wondering if you could provide some more color on how you plan to use these insights to continue the traffic and sales momentum.

凱文，很高興看到公司從代幣化數據中獲得見解。我想知道您是否可以提供更多資訊來說明您計劃如何利用這些見解來保持流量和銷售勢頭。

Yeah. I think probably the most important thing about loyalty and CRM is going to be the mining of the data to understand how our initiatives are performing in markets. So for example, I think before we had tokenized data, it was more difficult to understand like who was coming in from the Big Smasher campaign, who was coming in from the social media campaign on Triple Dipper. How frequently are they coming? Are they coming back within the next 90 days after trying the brand for the first time?

是的。我認為關於忠誠度和 CRM 的最重要的事情可能是挖掘數據，以了解我們的計劃在市場上的表現。例如，我認為在我們擁有代幣化數據之前，更難以理解誰來自 Big Smasher 活動，誰來自 Triple Dipper 的社交媒體活動。他們來的頻率如何？他們在第一次嘗試品牌後會在接下來的 90 天內再次光臨嗎？

So these are things that allow us to understand not just the marketing that we put in place to try to attract new guests, but then because we have the transaction level data, we're able to understand what did they buy and did they come back and how long did it take them to come back. So, for example, we now know that if you're a Chili's guest this year versus -- before we had kind of the real acceleration in traffic in May, call it, last year a Chili's guest. If you were a Chili's guest, you came back every 37 weeks. Now we know based on what we believe is the experience improvements, that same guest is coming back every 31 weeks, right?

因此，這些東西不僅使我們能夠了解我們為吸引新客人而進行的營銷，而且因為我們擁有交易級別數據，我們能夠了解他們購買了什麼以及他們是否會回來他們花了多長時間才回來。舉例來說，我們現在知道，如果您今年是 Chili's 的客人，而在 5 月份流量真正加速之前，可以稱之為去年 Chili's 的客人。如果您是 Chili 的客人，您每 37 週就會回來一次。現在，根據我們所認為的體驗改進，我們知道同一位客人每 31 週就會回來一次，對吧？

So it gives us more confidence. If you think about our strategy, it's about improving the fundamentals of casual dining. So better food, better service in a fun and friendly atmosphere. Those are very hard things for us to model. It's very hard for you guys to model too, right, versus like, did I drop X amount of coupons or did I do something with my CRM program, right?

所以這給了我們更多的信心。如果您考慮一下我們的策略，那就是改善休閒餐飲的基礎。因此，在有趣和友好的氛圍中提供更好的食物和更好的服務。這些對我們來說是非常難以建模的。你們也很難建模，對吧，與我是否放棄了 X 數量的優惠券或我是否對我的 CRM 程式做了什麼，對吧？

And so when we start having the insights on what is actually -- how is it changing consumer behavior and we can connect that to the transaction level detail of sales, it gives us a whole lot more confidence that the investments that we're making are going to drive the sustainable long-term growth. And honestly, that's the key to this whole thing is like believing that these improvements on the fundamentals of casual dining will in fact sustainably grow the business. And now we have more insights of what things are working and what things may need some tweaking. So I hope that makes sense, Chris.

因此，當我們開始深入了解消費者行為的實際情況時，我們可以將其與銷售的交易等級細節聯繫起來，這讓我們更有信心，我們所做的投資是將推動可持續的長期成長。老實說，這就是整個事情的關鍵，就像相信休閒餐飲基礎上的這些改進實際上會可持續發展業務一樣。現在我們對哪些事情正在發揮作用以及哪些事情可能需要進行一些調整有了更多的了解。所以我希望這是有道理的，克里斯。

No. It does. That was very helpful. I also had a question about menu pricing at Chili's. The 3 for Me platform, the Big Smasher, the 3 For Lunch combos, all offer consumers price certainty. I'm just wondering, as these platforms and products grow and mix, it would seem you would need to raise prices more aggressively on other menu items. So how are you thinking about this dynamic?

不。確實如此。這非常有幫助。我還有一個關於 Chili's 菜單定價的問題。3 for Me 平台、Big Smasher 和 3 For Lunch 組合都為消費者提供了價格確定性。我只是想知道，隨著這些平台和產品的成長和混合，您似乎需要更積極地提高其他菜單項目的價格。那麼您如何看待這種動態？

You're thinking -- that's exactly right, Chris. We just have to make sure that we're managing the merchandising, so the mix doesn't go sideways on us, right? Because at the end of the day, the barbell strategy is dependent on meeting all guest needs, not just the extreme value guests. So we look at this very closely and it's one of the reasons why we shared that in our prepared comments, because I know that's on everybody's mind. Despite all the success in traffic that we had for the quarter, we only saw the 3 for Me mix increase a point and we're still selling almost half of the 3 for Me's at the higher $14.99 and $16.99 price tiers, which is accretive to check.

你在想——完全正確，克里斯。我們只需要確保我們正在管理銷售，這樣組合就不會對我們產生不利影響，對嗎？因為歸根究底，槓鈴策略取決於滿足所有客人的需求，而不僅僅是極端價值客人的需求。因此，我們非常仔細地研究這一點，這也是我們在準備好的評論中分享這一點的原因之一，因為我知道每個人都這麼想。儘管我們本季在流量方面取得了巨大成功，但我們只看到3 for Me 組合增加了一個點，而且我們仍然以14.99 美元和16.99 美元的較高價格層出售幾乎一半的3 for Me 組合，這增加了查看。

So we just got to continue to keep our eye on it. The good news is in California, we tend to have an early warning system, if we see something that was going to get out of check. It would probably start in California just based on -- it's more expensive to do business there and there's more sensitivity to that dynamic that you're talking about. Because we're one of the few concepts that no matter where you go in the country, you're going to be able to get that $10.99 advertised value, including California. So that will give us an early warning whether things are going in a place that we don't want them to go. But so far, I think just making sure that we continue to offer premium items at the same time of offering entry point price value. It seems to be working to control that mix and not give us any kind of trouble from a P&L or a restaurant level margin standpoint.

所以我們只能繼續關注它。好消息是在加州，如果我們發現某些情況會失控，我們往往會有預警系統。它可能會從加州開始，因為那裡做生意的成本更高，而且對你所說的這種動態更敏感。因為我們是少數幾個無論您去美國任何地方，都可以獲得 10.99 美元廣告價值的概念之一，包括加州。因此，這將為我們提供早期預警，以確定事情是否朝著我們不希望的方向發展。但到目前為止，我認為只是確保我們在提供入門價格價值的同時繼續提供優質產品。從損益表或餐廳利潤率的角度來看，它似乎正在努力控制這種混合，並且不會給我們帶來任何麻煩。

Great. Thanks guys.

偉大的。謝謝你們。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Hey guys, and congratulations. Another modeling question first if I could. Following that strong flow through in the first quarter, wondering if you could touch a little bit more on the investments through '25. Mika, great color on sort of getting the all-in restaurant margin for the year and the perspective on marketing. Just anything more on cadence though, I think R&M is coming down as we go through the year. Anything else to be thinking about on those investments or other sort of margin items as we go through the year here?

偉大的。嘿夥計們，恭喜你。如果可以的話，先解決另一個建模問題。繼第一季強勁的資金流之後，想知道您是否可以多談談 25 年之前的投資。米卡（Mika），對今年餐廳的總利潤以及行銷的觀點有很好的了解。不過，就節奏而言，我認為隨著這一年的過去，R&M 正在下降。當我們度過這一年時，關於這些投資或其他類型的保證金項目還有什麼需要考慮的嗎？

Dennis, I think, the big one -- the big changes again, are marketing. That's why I mentioned that one and wanted to be clear on the dollars. I think I talked about that advertising was going to -- I mean, R&M was going to continue to be up in the first quarter, up slightly in the second quarter, will get flat in the third, and probably favorable in the fourth. So those are some of the big expenses as they flow through. I will say that we had great restaurant operating margin expansion in Q1. I think we'll continue to see some outsized margin improvement in Q2. It will probably start to moderate in three and four just because we're lapping even better numbers as the business had started to ramp up. So you can think about it that way as how margins. I think they'll improve every quarter, but the largest improvement will probably be in the first and second quarter.

丹尼斯，我認為，最大的變化——又一個巨大的變化——是行銷。這就是為什麼我提到這一點並想澄清美元問題。我想我談到了廣告將會——我的意思是，R&M 第一季將繼續增長，第二季度略有增長，第三季度將持平，第四季度可能會有利。因此，這些是它們流經時的一些大額支出。我想說的是，我們第一季的餐廳營業利潤率大幅成長。我認為第二季我們將繼續看到利潤率大幅改善。它可能會在三到四年後開始放緩，因為隨著業務開始成長，我們正在取得更好的數字。所以你可以這樣考慮利潤率。我認為他們每個季度都會有所改善，但最大的改善可能是在第一季和第二季。

Very helpful. And then just the second one is just on the social media support or initiative that you highlighted as one of the two primary drivers of this impressive traffic and sales growth. So wondering if you could talk a little bit more about what the team has done to sort of help this initiative and perhaps how some of the external factors from influencers, et cetera, has helped. And obviously this has gone on for an extended period of time. So just kind of thinking about the work that you've done and how much you can control and kind of continue to control in kind of making this aspect of the growth a bit more sustainable. Thank you.

非常有幫助。第二個是社群媒體支援或舉措，您強調這是這令人印象深刻的流量和銷售成長的兩個主要驅動力之一。所以想知道您是否可以多談談團隊為幫助這一舉措所做的事情，以及影響者等的一些外部因素是如何提供幫助的。顯然，這種情況已經持續了很長一段時間。因此，只需思考一下您已經完成的工作以及您可以控制和繼續控制多少，以使這方面的成長更加永續。謝謝。

Yeah. From when I was a marketer, a lot has changed today and the tools that are available to the team. We have an exceptional, I mean, literally an exceptional leader and Louis Becker who runs our social media program. And number one, she and her team are constantly monitoring the trends and the insights that they're seeing in social media literally every day. That's big part of their job.

是的。從我還是行銷人員的時候開始，今天發生了很多變化，團隊可以使用的工具也發生了很多變化。我的意思是，我們有一位傑出的領導者，路易斯貝克爾負責管理我們的社群媒體專案。第一，她和她的團隊每天都在不斷監控他們在社群媒體上看到的趨勢和見解。這是他們工作的重要部分。

And then two, they work very effectively with professional agencies that are experts at influencer in -- working with influencers and understanding how to translate those insights into content that's going to be exciting and craveable for hopefully future guests or current guests, right, to get them to engage with the brand and I understand what items that we offer at Chili's and how they might be relevant to them, right?

第二，他們與專業機構非常有效地合作，這些機構是影響者方面的專家——與影響者合作，了解如何將這些見解轉化為令未來客人或當前客人興奮和渴望的內容，對吧，獲得他們與該品牌互動，我了解我們在Chili's 提供哪些商品以及它們與他們的相關性，對嗎？

So it's a very -- there's deliberate investments that go in. So as we talk about the marketing dollars that we share with you guys, that's all baked in. In terms of the social media platforms and then we have an exceptional team that really -- they are professionals in what they're doing and they've been doing this for a while. And you can see that they're constantly thinking about how they're going to continue to sustain that momentum and that conversation in social media.

所以這是一個非常——有深思熟慮的投資。因此，當我們談論與你們分享的行銷資金時，這一切都已被考慮在內。就社群媒體平台而言，我們擁有一支出色的團隊，他們確實是他們正在做的事情的專業人士，而且他們已經這樣做了一段時間了。你可以看到他們不斷思考如何繼續維持這種勢頭和社群媒體上的對話。

So at this point, we're -- typically when you see something that goes viral or something that really catches fire on social media, that's a pretty short flame. And the fact that we've just continued to be able to maintain these high levels of social impressions tells you something about the quality of that team and the results that they're delivering.

所以在這一點上，通常當你看到一些病毒式傳播的東西或在社群媒體上真正火起來的東西時，那是一個非常短暫的火焰。事實上，我們只是能夠繼續保持這些高水準的社會印象，這可以告訴您有關該團隊的品質以及他們所交付的結果的一些資訊。

Great. Thanks guys, congrats.

偉大的。謝謝各位，恭喜。

Thanks, Dennis.

謝謝，丹尼斯。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks. Good morning and congratulations on what has been a spectacular brand strategy and recovery. Wanted to ask you just a simple one about the near-term sales, but also I want to ask you something longer term on unit growth since you have had so much success, maybe how you're thinking about that? How is that strategy evolving in your mind as you look beyond this year and how do you think about capital strategies?

謝謝。早安，恭喜您取得了令人矚目的品牌策略和復甦。我想問您一個關於近期銷售的簡單問題，但我也想問您一些關於單位增長的長期問題，因為您已經取得瞭如此巨大的成功，也許您對此有何看法？當您展望今年之後，您的想法如何演變？

But in the near-term, how have sales trends evolved versus the industry through the quarter, maybe into this quarter? How are you thinking about that going forward and how is that informing what's working and not?

但從短期來看，整個季度（甚至本季）的銷售趨勢與產業相比有何變化？您如何看待未來的發展？

And then as far as the unit growth goes, I wonder, are you getting to return thresholds where you might think about pedal to the metal or maybe thinking about tweaks to the format and maybe help us think through how you're thinking about early thoughts on fiscal '26. Thanks.

然後就單位成長而言，我想知道，你是否會回到閾值，你可能會考慮全力以赴，或者考慮對格式進行調整，也許會幫助我們思考你如何思考早期的想法26 財年。謝謝。

Okay. Well, you got a lot of questions in there, Dave. So what I heard is you asked about sales. And so sales, they actually accelerated throughout the quarter and our gap to the industry accelerated throughout the quarter and that trend continued into October. So we're very pleased with the momentum. Again, every time, we go on air we continue to pick up, it seems like even more momentum with the industry leading value. So we couldn't be more pleased with how the trajectory continues to go.

好的。好吧，戴夫，你有很多問題。我聽說你問的是銷售問題。因此，銷售實際上在整個季度都在加速，我們與行業的差距在整個季度都在加速，這種趨勢一直持續到十月。所以我們對這種勢頭感到非常滿意。再說一遍，每次我們播出時，我們都會繼續回升，似乎更具行業領先價值的動力。因此，我們對發展軌蹟的持續發展感到非常滿意。

Yeah. Good morning, Dave. I can handle the unit question. So right now, just a short answer is, we have no change in the approach and the net new units that we've shared with you prior. I will tell you we are going through capital allocation discussions internally about -- okay, we've got all these new opportunities in front of us based on the success of the business. Where should we start thinking about deploying capital differently?

是的。早上好，戴夫。我可以解決單位問題。所以現在，一個簡短的答案是，我們之前與您分享的方法和淨新單位沒有變化。我會告訴你，我們正在內部進行資本分配討論——好吧，基於業務的成功，我們面前有所有這些新機會。我們應該從哪裡開始考慮以不同的方式部署資本？

And the options that we have are obviously we can accelerate new builds. The new builds that we've done now, it's at a slower pace than they were a couple years ago, but the new builds that we've done, we're very excited about the return. So that's an option, right? I would -- the thing I'm challenging the team on now is do we want to continue to build out existing markets or can we -- is there white space markets on both brands, on Maggiano's and Chili's that we could go into that might be more incremental for our business, but -- so that's one option.

我們擁有的選項顯然是我們可以加速新的建置。我們現在完成的新構建的速度比幾年前要慢，但是我們完成的新構建，我們對回歸感到非常興奮。所以這是一個選擇，對嗎？我現在向團隊提出的挑戰是，我們是否想繼續拓展現有市場，或者我們可以嗎——Maggiano's 和 Chili's 這兩個品牌是否都存在空白市場，我們可以進入這可能為我們的業務帶來更多增量，但是——所以這是一種選擇。

Another option is we do have an estate that could use some reimaging. And so I personally did some tours last week to understand the different prototypes within the system. And what are the prototypes that we want to try to deploy capital faster, because you think about the brand getting more and more relevant. It needs to be relevant everywhere, not just the newer builds and not just with menu and social media. It has to be relevant everywhere. And so I think that's a great opportunity for us. And that's typically where you get better reimaging returns when you start with older assets that haven't been touched in a while.

另一個選擇是我們確實有一個可以進行一些重新成像的資產。因此，我上週親自進行了一些參觀，以了解系統內的不同原型。我們想要嘗試更快部署資本的原型是什麼，因為你認為品牌變得越來越相關。它需要與任何地方相關，而不僅僅是新版本，也不僅僅是菜單和社交媒體。它必須在任何地方都是相關的。所以我認為這對我們來說是一個很好的機會。當您從一段時間沒有觸及的舊資產開始時，這通常是您獲得更好的重新映像回報的地方。

And then obviously there's other capital allocation discussions that we have to have in terms of returning capital to shareholders, et cetera. So the short answer is there's no change to the guidance that we've given you on net new units. The success that we've had in the business certainly opens up additional opportunities to deploy capital. And once we have those answers and we're aligned with our board, we'll certainly share that out with all of you.

顯然，我們也必須就向股東返還資本等方面進行其他資本分配討論。因此，簡短的回答是，我們為您提供的有關淨新單位的指導沒有變化。我們在業務中取得的成功無疑為部署資本提供了更多機會。一旦我們得到了這些答案並且我們與董事會保持一致，我們肯定會與大家分享。

And Dave, just one follow-up on that, just to -- I think there could be some questions out there again. So capital allocation strategy hasn't changed, as Kevin said, first priority is to invest back in the business. You did see that we bought back some shares in the first quarter and that was as planned. We wanted to -- we always buy back shares to offset dilution, so we took care of that in the first quarter. Now that we have taken the October bond, we put that onto the revolver. So we will resume paying down our debt. So that will now be our second priority is to pay down our debt and then third is return cash to the shareholders. So that's where we are now. Was there any other piece of your question we didn't answer?

戴夫，只是對此的一個後續行動，只是為了——我認為可能會再次出現一些問題。所以資本配置策略沒有改變，如Kevin所說，首要任務就是重新投資業務。您確實看到我們在第一季回購了一些股票，這是按計劃進行的。我們希望——我們總是回購股票以抵消稀釋，所以我們在第一季就解決了這個問題。現在我們已經拿到了十月債券，我們把它放在左輪手槍上。因此，我們將繼續償還債務。因此，現在我們的第二要務是償還債務，第三是向股東返還現金。這就是我們現在的處境。您的問題還有其他我們沒有回答的嗎？

No, that was great. Thanks, and congrats again.

不，那太好了。謝謝，並再次恭喜。

Okay, thanks, Dave.

好的，謝謝，戴夫。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi. Thanks, and good morning. A couple quick ones for me, just on the quarter-to-date comps, I guess, in the spirit of setting reasonable near-term expectations, would you be willing to be a bit more specific on what you're seeing in October? Maybe kind of level setting relative to what you put up to 14 in the first quarter? Any incremental color you'd be willing to provide?

你好。謝謝，早安。我想，本著設定合理的近期預期的精神，您願意更具體地介紹一下您在 10 月看到的情況嗎？也許是相對於第一季 14 的水平設定？您願意提供任何增量顏色嗎？

Brian, just because it is early in the quarter, we don't want to get too specific, but what we will say is we're very pleased. We did say double-digit sales in October positive traffic, we're lapping the media window very nicely. So we're excited about that.

布萊恩，只是因為現在是本季初期，我們不想說得太具體，但我們會說我們非常高興。我們確實說過 10 月份的銷售額達到了兩位數，而且流量正，我們很好地抓住了媒體窗口。所以我們對此感到興奮。

All right, fair enough. On the topic of mix, I'm guessing, it was up 80 bps, I think, at Chili's. I'm guessing that's mostly from the Triple dipper. But, Kevin, I caught your comment on the margarita growth and success you're seeing in the $6 category. I'm curious just what you're seeing broadly in terms of your alcohol sales overall. And do you expect mix to maybe be a tailwind for the next few quarters?

好吧，很公平。關於混合主題，我猜，Chili's 的漲幅為 80 個基點。我猜這主要來自三鬥。但是，凱文，我聽到了您對 6 美元類別瑪格麗塔的成長和成功的評論。我很好奇您對酒類整體銷售情況的大致了解。您預計混合可能會成為未來幾季的推動力嗎？

So, Brian, let me start out on that, and Kevin can jump in if he has any color. But our alcohol mix has actually been pretty flattish, so flat just slightly negative like everyone else is. But we are more profitable with alcohol with the new premium margaritas that we've introduced. We are very pleased with the Margarita of the Month and the success of that. So it's helping us to kind of hang in there on the alcohol. Now taking it up on mix a little bit, we did introduce the new 3 for Lunch combos. That was really late in Q1, so I don't have a lot of data to share.

所以，布萊恩，讓我從這個開始，如果凱文有任何顏色，他可以加入。但我們的酒精混合實際上相當平淡，如此平淡，只是像其他人一樣略有負面。但透過我們推出的新型優質瑪格麗塔酒，我們的利潤更高。我們對本月瑪格麗塔酒及其成功感到非常滿意。所以它可以幫助我們堅持喝酒。現在我們稍微介紹一下混合，我們確實推出了新的 3 份午餐組合。第一季已經很晚了，所以我沒有太多數據可以分享。

But we do think this is a positive mix driver. So we'll have more information as we end the second quarter. But I do think our mix will be positive through the second quarter. Then as we lap different things, it could flatten out a little bit in the back half of the year. But where I originally said mix would be flat to slightly negative, I would now say it could be more flat to slightly positive, especially with the new rollout of the lunch combos.

但我們確實認為這是一個積極的混合驅動因素。因此，我們將在第二季結束時獲得更多資訊。但我確實認為我們的組合在第二季將是積極的。然後，當我們經歷不同的事情時，它可能會在今年下半年趨於平緩。但我最初說組合會持平到略為負值，現在我會說它可能會更加持平到略為正值，特別是在新推出的午餐組合之後。

All right, that's great. And then just last one for me, looking at the fiscal first quarter margins, Mika, did you say advertising dollars were flat year on year? Did I hear that correctly?

好吧，那太好了。然後是我的最後一個，看看第一財季的利潤率，米卡，你說廣告收入比去年同期持平嗎？我沒聽錯嗎？

They were. They were basically flat. The dollars will ramp up in the next three quarters.

他們是。它們基本上是平坦的。未來三個季度美元將上漲。

Okay. And then on R&M specifically, can you share what was the change in dollars in the first quarter? And do you still expect R&M dollars to be down around $10 million versus fiscal 2024?

好的。然後具體到 R&M，您能分享一下第一季的美元變化嗎？您是否仍預期 R&M 費用將比 2024 財年減少約 1,000 萬美元？

I think I gave a range of $8 million to $10 million favorable. So that'll depend as the year progresses and how we manage those repairs. But it was basically in line with what we expected. So R&M -- the Chili's R&M specifically, it kind of matters what different lines you group together. But that was still up about $8 million or $9 million, which was our expectation. Again, I think that will still be slightly up in Q2, flattish in Q3, and favorable in Q4. So that's how kind of the cadence goes of saving that $8 million to $10 million year over year.

我認為我給了 800 萬至 1000 萬美元的優惠。因此，這將取決於今年的進展以及我們如何管理這些維修。但基本上符合我們的預期。因此，R&M——特別是 Chili 的 R&M，將不同的產品線組合在一起很重要。但這仍然增加了約 800 萬或 900 萬美元，這是我們的預期。同樣，我認為第二季仍將略有上升，第三季持平，第四季有利。這就是每年節省 800 萬至 1000 萬美元的節奏。

Great. Thanks very much. I'll pass it along.

偉大的。非常感謝。我會把它傳遞下去。

You're welcome.

不客氣。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Two questions. The first one just, Kevin, you talked about the new guests and increased frequency, which presumably is key to driving further traffic acceleration. Just wondering if you can share any new color on your learnings there. I think you mentioned something about maybe frequency has come in or improved every 31 weeks versus 37. I was just trying to get some more color, if that's the way you look at it, primarily. And maybe if you have any metrics to compare that to peers across casual dining or elsewhere. Just trying to get a sense for any specific metrics you guys use to demonstrate that you're seeing kind of that ramp up in frequency.

偉大的。非常感謝。兩個問題。第一個，凱文，您談到了新客人和增加的頻率，這可能是推動流量進一步加速的關鍵。只是想知道你是否可以在那裡分享你所學到的任何新的色彩。我想你提到過，與 37 週相比，頻率可能每 31 週就會增加或增加。我只是想獲得更多的色彩，如果你主要這麼看的話。也許你有任何指標可以與休閒餐飲或其他地方的同行進行比較。只是想了解你們用來證明你們看到頻率有所上升的任何具體指標。

Yeah. So we don't have any benchmarks for competitors. This is the tokenized data of how we are able to understand which guests at the transaction level detail are coming back and when are they coming back. So there's not really much more color to give you other than, number one, we're growing with all income cohorts now. So Chili's is for everyone. And when you have growth like we're having on that brand, you likely would see it across demographics, and you are. So there's no demographic that we're not winning with. As far as the detail on the two drivers that I shared, 3 for Me and the Triple Dipper, the 3 for Me is winning with all households. It's skewing just a tad older. It's not significant. And it might be a function of how we're placing that advertising in more traditional TV.

是的。所以我們沒有任何競爭對手的基準。這是我們如何能夠了解交易級別詳細資訊的哪些客人會回來以及他們何時回來的標記化數據。因此，除了第一名之外，沒有什麼更多的色彩可以給你了，我們現在正在與所有收入群體一起成長。所以 Chili's 適合所有人。當你像我們在該品牌上那樣實現成長時，你可能會在整個人口統計中看到它，而你確實如此。因此，我們沒有無法贏得勝利。至於我分享的兩個驅動程式的細節，3 for Me 和 Triple Dipper，3 for Me 贏得了所有家庭的青睞。它只是有點老了。這並不重要。這可能與我們如何在更傳統的電視中投放廣告有關。

And then the Triple Dipper is skewing younger. So essentially, we feel like we're introducing a whole new generation of Chili's. And so that's good. And then another really good thing is this frequency data point that I shared. So if you go to Chili's, we've compressed your purchase cycle from 37 weeks to 31 weeks. And what that tells you is they're having a good experience and they're coming more frequently, which means that we're not just in their rotation, but we're being chosen more often than we were a year ago. So those data points give us confidence that we'll be able to sustain some of these gains, if not all of these gains. And as we get more and more insights from the tokenized data, we'll make sure we share it with all of you.

然後北斗七星正在變得年輕化。所以本質上，我們覺得我們正在推出全新一代的 Chili's。所以這很好。另一件非常好的事情是我分享的頻率數據點。因此，如果您去 Chili's，我們已將您的購買週期從 37 週壓縮到 31 週。這告訴你，他們有很好的體驗，而且來得更頻繁，這意味著我們不僅在他們的輪換中，而且比一年前更頻繁地被選中。因此，這些數據點讓我們有信心，我們將能夠維持其中一些成果，即使不是全部成果。隨著我們從代幣化數據中獲得越來越多的見解，我們將確保與大家分享。

Got it. And my follow-up was just on the restaurant margin, Mika, clearly, 300-plus basis points in the first quarter is impressive. I think you said 100 basis points for the full year. So obviously, we're going to see those benefits pull back materially, I guess, in the back half as you lap the strength from last year. But is there any color you can provide? How we should think about margins over time, whether it's the range of performance you're currently seeing across your system to contextualize some of the better margins out there. Just trying to gauge what the upside opportunity is if sales continue to deliver. Whether or not maybe you look historically or your best performing markets. How do you best think about where the restaurant margins can go beyond just this year but over the next few years as you think about the business? Thank you.

知道了。我的後續行動只是關注餐廳利潤率，米卡，顯然，第一季 300 多個基點令人印象深刻。我想你說的是全年 100 個基點。很明顯，我想，隨著去年的強勁成長，我們將在下半年看到這些效益大幅回落。但是你們可以提供任何顏色嗎？隨著時間的推移，我們應該如何考慮利潤，是否是您目前在整個系統中看到的性能範圍，以將一些更好的利潤結合起來。只是想衡量一下，如果銷售持續成長，上行機會是什麼。無論您是否專注於歷史或表現最好的市場。當您考慮業務時，您如何最好地考慮餐廳利潤率可以超越今年，以及未來幾年的水平？謝謝。

That's a great question, Jeff. So obviously, this whole strategy has been built around, it's an invest to grow strategy. And we always said we were going to improve the four-wall economics, but we were going to do it by investing in the business and growing the top line. And so I think we demonstrated over the last two years when we improve the top line, we absolutely can flow through and have some great sales leverage.

這是一個很好的問題，傑夫。顯然，整個策略都是圍繞著投資成長策略而建立的。我們總是說我們要改善四牆經濟，但我們將透過投資業務和增加收入來實現這一目標。因此，我認為我們在過去兩年中證明，當我們提高營收時，我們絕對可以流通並擁有一些巨大的銷售槓桿。

So depending on how fast we continue to grow revenues, I think we're going to continue to improve our margins. The fact that now we're getting back to those historical margins where people used to say can you get back to the mid-teens? I think that is well within range at this point. And that also includes a lot of changes in the model that like sale leasebacks and things that happened in the past that would have taken that down, so that's even more impressive.

因此，根據我們繼續成長收入的速度，我認為我們將繼續提高利潤率。事實上，現在我們又回到了人們常說的歷史邊緣，你能回到十幾歲嗎？我認為目前這完全在範圍之內。這也包括模型中的許多變化，例如售後回租以及過去發生的事情，這些變化會導致這種情況的發生，所以這更令人印象深刻。

And then also I think that's really critical is our new pricing strategy. So again, we continue to be focused on execution. When we're focused on execution, that gives us more pricing power. And we're going to make sure that we use that pricing power to make sure we price ahead of inflation and then that allows us to protect those margins. So I just think we have an all-around better strategy to drive our margins. All the underlying initiatives such as simplification, the pricing strategy, all the things are helping us to make sure those margins have opportunity to continue to grow in the future.

我還認為，真正關鍵的是我們的新定價策略。所以，我們再次強調執行力。當我們專注於執行時，這給了我們更多的定價權。我們將確保利用這種定價能力來確保我們的定價先於通貨膨脹，然後才能保護這些利潤。所以我認為我們有一個全面的更好的策略來提高我們的利潤。所有的基本舉措，例如簡化、定價策略，所有這些都在幫助我們確保這些利潤在未來有機會繼續成長。

Thank you.

謝謝。

You're welcome.

不客氣。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

Hey, good morning. Thanks for taking the questions. My first one, you gave some helpful color on the marketing spend cadence, excuse me, for the rest of this year, but I guess I'm wondering how the marketing spend, and the marketing approach evolves over the next couple of years. Is there room or do you want to take weeks higher in the future? Do you look at placements? I guess, I'm just thinking about how you continue to evolve that approach between linear and digital.

嘿，早安。感謝您提出問題。我的第一個，您對今年剩餘時間的營銷支出節奏給出了一些有用的信息，但我想我想知道未來幾年營銷支出和營銷方法將如何發展。有空間還是你想在未來幾週採取更高的價格？你看展示位置嗎？我想，我只是在考慮如何在線上性和數位之間繼續發展這種方法。

Yeah, Andrew. So thanks for the question. So it's really the marketing team, so every year when we go into planning, we look at, do we want to continue to make incremental investments or just flow the percentage of advertising as a percentage of sales. So that's the first question is, do we feel like there's opportunities to continue to get the return that we've been getting from the advertising spend?

是的，安德魯。謝謝你的提問。所以這其實是行銷團隊的問題，所以每年當我們進行規劃時，我們都會考慮是否要繼續進行增量投資，或者只是將廣告的百分比作為銷售額的百分比來流動。所以第一個問題是，我們是否覺得有機會繼續從廣告支出中獲得回報？

There is no -- we have no data right now that would suggest that we wouldn't continue to increase the investment as we continue to grow the business, right? So that would be point one, which is like magnitude. And then the second would be and then how do you deploy those dollars? I think the things that we're learning on social media, also what we're learning on TV, what they'll take into that new account and start planning whatever incremental dollars they have for next fiscal.

沒有——我們現在沒有數據表明我們在繼續發展業務的同時不會繼續增加投資，對嗎？這就是第一點，就像大小一樣。第二個問題是如何部署這些美元？我認為我們在社群媒體上學到的東西，還有我們在電視上學到的東西，他們將把什麼記入新帳戶，並開始規劃下一財年的增量資金。

So typically, you start with are your weeks -- do you feel like they're sufficient or is there opportunity to make them upside, to create upside. And then once you get there, then do you want to add additional weeks, which is the bulk of the spend in TV? So from a social media standpoint, it really involves. It's just not as linear in terms of weeks on air and frequency. It's more about what are the priorities of the brand to communicate that we think is content worthy and how are you going to deploy that from a social media standpoint? So that's the way we think about it.

所以通常情況下，你會從你的幾週開始——你覺得它們是否足夠，或者是否有機會讓它們變得更好，創造更好的空間。然後，一旦你到達那裡，你是否想增加額外的幾週，這是電視支出的大部分？因此，從社交媒體的角度來看，它確實涉及。只是就播出週數和頻率而言並不是線性的。更多的是關於我們認為值得內容傳播的品牌優先事項是什麼，以及從社群媒體的角度如何部署它？這就是我們的想法。

I think we'll have more to share likely sometime in the spring as we think about the next the following fiscal based on what we learned for this fiscal, we're still pretty early into this fiscal with this incremental spend. So as we learn more, we'll make sure we share it with you.

我認為我們可能會在春季的某個時候分享更多信息，因為我們會根據本財年了解到的情況來考慮下一個財年，我們仍處於本財年增量支出的早期階段。因此，當我們了解更多資訊時，我們將確保與您分享。

Okay. Great. And then last quarter, there was a discussion about the cadence or sequencing of your initiatives and how some of those were moving around a little bit, I guess, as you continue to see momentum in the business, is there -- are you considering kind of further evolving the timing or that sequencing moving away from the Big Smasher, other menu news or any of the other kind of strategic priorities that you've had in place for the balance of this year and the next year? Thanks.

好的。偉大的。然後上個季度，有人討論了你們的計劃的節奏或順序，以及其中一些計劃是如何稍微移動的，我想，隨著你們繼續看到業務的勢頭，您是否正在考慮善意進一步改進時間安排或順序，遠離Big Smasher、其他菜單新聞或您為今年和明年的平衡制定的任何其他類型的戰略優先事項？謝謝。

Yeah. I mean, you're thinking about the way we're thinking about it, so we're not going to be blind to what we're seeing from a result standpoint. So the current plan right now is to continue the Big Smasher, as I said in the prepared comments through Q3, and then we're going to pivot to a new innovative item on the 3 for Me in Q4. Obviously, if we continue to see the same results that we've been seeing with the Big Smasher campaign throughout Q3, we would revisit that decision.

是的。我的意思是，你正在考慮我們思考問題的方式，所以我們不會對從結果的角度看到的事情視而不見。因此，目前的計劃是繼續推出 Big Smasher，正如我在第三季度準備好的評論中所說的那樣，然後我們將在第四季度轉向 3 for Me 上的新創新項目。顯然，如果我們在整個第三季度繼續看到 Big Smasher 活動的相同結果，我們將重新考慮該決定。

So I think there's more to come on that based on how the business evolves. But we've been basically running the same campaign now for over 18 months with the same ads, and the business continues to accelerate. So typically, corporations get bored with their messaging before the consumer does, which is funny because we see the same ads over and over.

因此，我認為根據業務的發展方式，還會有更多的事情發生。但我們基本上已經使用相同的廣告投放相同的廣告活動超過 18 個月了，而且業務還在繼續加速成長。因此，通常情況下，企業會先於消費者對他們的訊息感到厭倦，這很有趣，因為我們一遍又一遍地看到相同的廣告。

But the reality is, as long as the data continues to deliver or as long as the data continues to show that the ads are working, why will we then change them just because we are bored of them? When the customer still is learning about 3 for Me, and we see that within the tokenized data too, we are not just seeing new customers come in for the Triple Dipper, we are seeing them come in for the 3 for Me. So more to come on that obviously, we are going to stay close to the trends, but as long as we continue to have the same success, we will continue to delay moving off the message to something else until we see otherwise.

但現實是，只要數據繼續提供，或者只要數據繼續表明廣告有效，我們為什麼會因為厭倦它們而改變它們呢？當客戶仍在了解 3 for Me 時，我們也看到在代幣化資料中，我們不僅看到新客戶進入 Triple Dipper，我們還看到他們進入 3 for Me。因此，顯然，我們將繼續關注趨勢，但只要我們繼續取得同樣的成功，我們就會繼續推遲將訊息轉移到其他事情上，直到我們看到其他情況。

Great. Thank you very much.

偉大的。非常感謝。

John Ivankoe, JP Morgan.

約翰‧伊凡科，摩根大通。

Hi, thank you. You were -- turnaround in your results, I mean is truly remarkable. And it actually had me think how many times in my career I've seen it happen before. Maybe it was McDonald's in 2003, which they sustained. Maybe it was Domino's 2010, which they sustained. But really, you're in a class of a very, very few that I can't really think of such acceleration, especially for what is kind of a difficult category.

你好，謝謝。我的意思是，你的結果發生了轉變，這確實是令人矚目的。事實上，這讓我想到在我的職業生涯中我已經見過多少次這樣的事情發生了。也許是2003年的麥當勞，他們堅持了下來。也許這是多米諾骨牌的2010年，他們堅持了下來。但實際上，你屬於一個非常非常少的班級，我真的無法想像這樣的加速，特別是對於一個困難的類別。

So Kevin, I'll ask you, is there any case study or anything that you kind of look at from a learnings experience in terms of, we've all used the word catching lightning in a bottle, but you're in a very special place in terms of the level of outperformance that you have both from a traffic and total comp perspective. What type of paradigm, if any, have you seen that we can kind of point to of why this can really be a multi-year event?

所以凱文，我會問你，是否有任何案例研究或任何你從學習經驗中看到的東西，我們都使用過“在瓶子裡捕捉閃電”這個詞，但你處於一個非常困難的境地。流量和整體競爭角度來看，您的表現水準都處於特殊位置。您是否看過什麼類型的範式（如果有的話）可以讓我們指出為什麼這確實是一個多年活動？

Well, I think we shared it in the Investor Day that was 18 months ago kind of what -- where these thoughts were inspired by number one, there's a best-in-class casual dining competitor that you guys track that there's no secret on their secret success to win, right, which is the fundamentals of casual dining, great food, great experience in a fun and friendly atmosphere.

嗯，我想我們在 18 個月前的投資者日分享了這一點——這些想法的靈感來自於第一，有一家一流的休閒餐飲競爭對手，你們追踪到，他們的業務沒有秘密。秘密，對吧，這是休閒餐飲、美味佳餚、有趣和友好的氛圍中的美好體驗的基礎。

And that was what we had embarked on 18 months ago to get after, right? And now, we're starting to see the fruits of those investments and the fruits of that labor come to bear. I don't think that's going to change. Like I still think those are the things that are going to win in recessionary times and non-recessionary times. I think the fundamentals of why a customer goes out and being able to win on those things are going to continue to win.

這就是我們 18 個月前開始追求的目標，對嗎？現在，我們開始看到這些投資和勞動的成果正在顯現。我認為這不會改變。我仍然認為這些是在經濟衰退時期和非經濟衰退時期將會獲勝的東西。我認為客戶為什麼出去以及能夠在這些事情上獲勝的基本原理將繼續獲勝。

And so the challenge for our team to keep it going is, what are the next things that we need to do to continue to improve the Chili's experience, whether it's a food -- from a food standpoint or a service standpoint or whatever. And so it's funny, we're going into our planning season for next fiscal.

因此，我們團隊繼續前進的挑戰是，我們接下來需要做哪些事情來繼續改善 Chili 的體驗，無論是從食物的角度還是服務的角度或其他角度。有趣的是，我們即將進入下一財政年度的規劃季節。

And when I look at the things that we're really proud that we've been able to accomplish and I look at what's still left on the plate, I still think more of the changes are ahead of us than behind us because there are so many more things that we can do to continue to improve the experience. So that's the first thing I would tell you.

當我看到我們已經能夠完成的事情，以及我們還剩下的事情時，我仍然認為我們前面的變化比我們後面的變化更多，因為有太多的變化我們可以做更多的事情來繼續改善體驗。這就是我要告訴你的第一件事。

And then obviously, we look at some of the more modern concepts and the way they do marketing and the way they're attracting new guests and we're trying to replicate some of those things. And so I know it some of the characters that you guys follow and understand, they've done an exceptional job, and we've learned a lot from them and brought those into the business too.

顯然，我們會研究一些更現代的概念、他們的行銷方式以及吸引新客人的方式，我們正在嘗試複製其中的一些東西。所以我知道你們關注和理解的一些角色，他們做得非常出色，我們從他們身上學到了很多東西，並將這些也帶入了業務中。

So I would share with you, it's kind of a little bit of old school in the fundamentals of casual dining in restaurants and then a little bit of new school with how do we make sure we stay relevant and reach new customers in ways that they expect to be reached versus some of the more traditional ways.

因此，我想與您分享的是，在餐廳休閒餐飲的基礎知識方面有點老派，但在如何確保我們保持相關性並以新客戶期望的方式接觸新客戶方面又有點新派與一些更傳統的方式相比。

I like the old school, new school, that's a perfect way to characterize it. And then secondly, I apologize if I missed this word. Are we still working on kind of relaunching fajitas? I mean, is that still a front burner activity for you guys? How big of an opportunity do you think that is?

我喜歡老學校，新學校，這是描述它的完美方式。其次，如果我漏掉了這個詞，我深感抱歉。我們還在努力重新推出墨西哥捲餅嗎？我的意思是，這對你們來說仍然是一項重要活動嗎？您認為這是一個多大的機會？

Yes. We still think it's a big opportunity. We're debating whether it's going to be like the number one priority from a marketing standpoint, because once again, what we have on advertising right now continues to work. So it's like, why would you change that, especially when you're in an environment where value is so important, especially on -- in your advertising and on TV. So right now, the fajitas relaunch is still on track for Q4. We plan to make a huge deal about it from a menu merchandising standpoint and a feature card standpoint.

是的。我們仍然認為這是一個很大的機會。我們正在討論從行銷的角度來看這是否會成為第一要務，因為我們現在的廣告策略仍然有效。所以這就像是，為什麼你要改變這一點，特別是當你處於一個價值如此重要的環境時，尤其是在廣告和電視上。因此，目前，法加它的重新推出仍有望在第四季進行。我們計劃從菜單行銷的角度和功能卡的角度對此進行大量研究。

We'll probably have some out of store advertising or marketing behind it. It probably won't look like the 3 for Me campaign that you've come to understand in terms of the level of weights and the visibility of it, but we still think it's a big opportunity. We also think there's a lot more opportunities throughout our menu to continue to improve.

我們可能會在其背後進行一些店外廣告或行銷。就權重程度和可見性而言，它可能看起來不像您所理解的「3 for Me」活動，但我們仍然認為這是一個巨大的機會。我們也認為我們的菜單中還有很多機會可以繼續改進。

And we're looking at appetizers now, we're looking at ribs. We're looking at continued innovation on Triple Dipper, which I talked about in my prepared comments, and expanding the core four now to the five to drive. And that idea has really excited that team to create innovation on Triple Dipper that we hadn't been thinking about prior.

我們現在正在研究開胃菜，我們正在研究排骨。我們正在研究三鬥的持續創新，我在準備好的評論中談到了這一點，並將核心四項擴展至五項。這個想法讓團隊非常興奮，他們在 Triple Dipper 上進行了創新，這是我們之前沒有考慮過的。

Obviously, the Nashville Hot Mozz was the first innovation we've had on Triple Dipper in a long time that has worked and that's got that team super fired up about what's next to continue to bring news to the Triple Dipper. So I think you're going to see a lot more than just fajitas, especially as we start talking about the next fiscal year in terms of continuing to upgrade our menu.

顯然，Nashville Hot Mozz 是我們在很長一段時間內在 Triple Dipper 上進行的第一個創新，這讓團隊對下一步繼續為 Triple Dipper 帶來新聞感到非常興奮。所以我認為你會看到的不僅僅是墨西哥捲餅，特別是當我們開始談論下一個財年繼續升級我們的菜單時。

And once again, as I said earlier, as long as we continue to make improvements on the fundamentals of casual dining, great food, great service, and a fun and friendly atmosphere, I think we're going to continue to win in this marketplace.

正如我之前所說，只要我們繼續改進休閒餐飲、美味的食物、優質的服務以及有趣和友好的氛圍的基礎，我認為我們將繼續在這個市場上獲勝。

Sounds good. Thank you.

聽起來不錯。謝謝。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

All right. Good morning. Great work here. Kind of curious if there are any new eye-opening dynamics, sort of with the big jump in traffic now, it's like half a year of sustained higher volumes. And what are the biggest things that your restaurant teams are talking about, if there's anything new that they need at the top of their list to help them out?

好的。早安.這裡的工作很棒。有點好奇是否有任何新的令人大開眼界的動態，現在流量大幅增長，就像半年來持續增加的流量一樣。如果您的餐廳團隊需要任何新的東西來幫助他們解決問題，那麼您的餐廳團隊正在談論的最重要的事情是什麼？

Yeah, it's a great question. Number one, continued simplification is what we continue to hear from the restaurant team. So anything you can do to make my life easier, either in terms of the prep steps for Heart of House cooks or the amount of administration that our managers have to do to run the business. And so we continue to get after that, every -- basically every period, we have some new rollouts that are going to simplify either the Heart of House or the Front of House steps that they have to take to serve the guests and make food.

是的，這是一個很好的問題。第一，持續簡化是我們不斷從餐廳團隊聽到的。因此，您可以做任何事情來讓我的生活變得更輕鬆，無論是在家庭廚師的準備步驟方面還是在我們的經理為經營業務而必須做的管理工作方面。因此，我們將繼續做到這一點，基本上每個時期，我們都會推出一些新的產品，這些產品將簡化他們為客人提供服務和製作食物所必須採取的「中心」或「前台」步驟。

And that will continue. So we have a more formal team now that literally takes all these simplification ideas, prioritizes them, gets them ready for a restaurant, and then rolls them out. And it's just the way we do business now. So that's kind of point one.

這種情況還會持續下去。因此，我們現在有了一個更正式的團隊，他們確實接受了所有這些簡化想法，對它們進行優先排序，為餐廳做好準備，然後將它們推出。這就是我們現在做生意的方式。這就是第一點。

The second thing that we're looking at is what equipment do we need to make sure that we have in place to handle the higher volume. So we've established, we call it a 2030 Heart of House team. And the idea is, as volumes continue to improve, do we have the necessary equipment to keep up with the volume, especially at peak during the weekend? So opportunities that we see on the horizon.

我們要考慮的第二件事是我們需要什麼設備來確保我們有能力處理更高的產量。所以我們建立了一個 2030 Heart of House 團隊。我們的想法是，隨著交易量持續增加，我們是否擁有必要的設備來跟上交易量，尤其是在週末的高峰時段？所以我們看到了即將出現的機會。

We've been testing these TurboChefs as a replacement for our Impinger and CTX, which are conveyor belt ovens, which are much slower, they're not as reliable. When they go down, they're very expensive to repair. The TurboChefs are much faster, they make a much more consistent product. The teams actually rave about them. So that's like an example where potentially making that investment in that move would certainly create more capacity and deliver a better food experience for the guest.

我們一直在測試這些 TurboChefs 作為我們的 Impinger 和 CTX 的替代品，它們是傳送帶烤箱，速度慢得多，而且不那麼可靠。當它們出現故障時，維修費用非常昂貴。TurboChef 速度更快，他們生產的產品也更一致。團隊實際上對他們讚不絕口。因此，這就像一個例子，潛在地對該舉措進行投資肯定會創造更多的容量並為客人提供更好的美食體驗。

Another one is fryer capacity. So as we think about the Triple Dipper and the Crisper relaunch that we did 18 months ago having so much success, it puts a lot of weight on what we call zone one, which is our fry capacity. And so the question there is, do we need some bigger fryers in there or you need to add fryers? Certainly, if you add fryers, then it's about hood and exhaust areas for the fryers to be under. So that's probably a little bit more of a longer-term project.

另一項是油炸機容量。因此，當我們想到 18 個月前我們重新推出的 Triple Dipper 和 Crisper 取得瞭如此巨大的成功時，我們非常重視我們所說的第一區，即我們的油炸能力。那麼問題來了，我們是否需要一些更大的油炸鍋，或者你需要添加油炸鍋？當然，如果您添加炸鍋，那麼炸鍋下方的通風罩和排氣區域就很重要。所以這可能是一個更長期的項目。

And quite frankly, we'll probably only have some issues in very, very high-volume restaurants right now and they typically just put more bodies on it to get through those peaks. So the answer is yes. There's a lot of things we can do. There's short-term things on simplification that we're working on and then there's what we're calling this Heart of House 2030 project. And when we have more details on that, we'll make sure we share that with you.

坦白說，我們現在可能只會在客流量非常大的餐廳遇到一些問題，他們通常只是在上面放更多的人來度過這些高峰。所以答案是肯定的。我們可以做很多事。我們正在致力於簡化一些短期的事情，然後就是我們所謂的「2030 年之家之心」計畫。當我們獲得更多詳細資訊時，我們將確保與您分享。

Alex, I'd also like to add another thing that we stay very close to is the labor model. And we want to make sure that, we're listening to the front line and those teams to make sure that they have the labor they need to take care of those guests. So we'll continue to tweak that model and make sure we have the right bodies in the right place as we move on. So that's another big one that we make sure that we're taking care of those guests, so that they come back, especially with the step change in traffic.

亞歷克斯，我還想補充我們非常關注的另一件事是勞動模式。我們希望確保，我們正在傾聽前線和這些團隊的意見，以確保他們有足夠的勞動力來照顧這些客人。因此，我們將繼續調整模型，並確保我們在繼續前進時在正確的位置擁有正確的機構。因此，這是我們確保照顧好這些客人的另一項重大任務，以便他們回來，尤其是在交通量發生巨大變化的情況下。

That's great. And the labor levels feel pretty good at this point where they've stepped up to.

那太棒了。在他們已經達到的這一點上，勞動力水平感覺相當不錯。

Yeah. No, we stepped up in the fourth quarter and we continue to lean into that, especially adding on incremental buzzers where, Chili's a long time ago eliminated the buzzer position. When you talk about, what's the best practice in the restaurant industry, it's probably having a buzzer, especially with higher volumes and more traffic, to make sure that we're keeping the restaurants clean and well maintained, that we're turning those tables. So that's one we're going to continue to lean into as the volumes ramp up.

是的。不，我們在第四季度加強了，我們繼續傾向於這一點，特別是增加了增量蜂鳴器，辣椒很久以前就消除了蜂鳴器位置。當你談論餐飲業的最佳實踐是什麼時，它可能是有一個蜂鳴器，特別是在客流量更大和客流量更大的情況下，以確保我們保持餐廳清潔和維護良好，我們正在扭轉局面。因此，隨著銷量的增加，我們將繼續致力於這一領域。

Thanks.

謝謝。

Thanks. Thank you.

謝謝。謝謝。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

Hi, thank you. My first question is on the 3 for Me Lunch combo. I think it replaces an existing promotion. I think that that's [3 for 10]. Mika, you alluded a little bit to how this might be more of a mix driver. I'm curious if I should be thinking about 3 for Me as kind of an extension of like earlier strategies to shed less profitable transactions or is this just kind of capitalizing on the momentum you had with 3 for Me at dinner, at lunch, just trying to think about the balance of traffic and mix in terms of 3 for Me at lunch.

你好，謝謝。我的第一個問題是關於 3 for Me 午餐組合。我認為它取代了現有的促銷活動。我認為那就是[3 換 10]。Mika，你提到了這可能更像是一個混音驅動程式。我很好奇我是否應該將 3 for Me 視為早期策略的延伸，以擺脫利潤較低的交易，或者這只是利用您在晚餐、午餐時使用 3 for Me 的勢頭，只是嘗試考慮午餐時流量和組合的平衡3 for Me。

Yeah. So really this was just an evolution as we looked at how successful the 3 for Me platform was and we thought, let's simplify the menu because we had a lot of one-time items on that old lunch combo menu. Let's align it a little bit more with the 3 for Me. But let's lean into some more lunch favorite items on that menu. It has multiple tiers, so really, it's been a win for us, a win for the guest and a win for us, just we simplified for operations, we still have that entry price at $10.99, which our guests love, and we have some more options for them.

是的。所以這實際上只是一種演變，當我們看到 3 for Me 平台有多成功時，我們想，讓我們簡化菜單，因為我們在舊的午餐組合菜單上有很多一次性項目。讓我們將其與 3 for Me 進一步對齊。但讓我們來看看菜單上更多午餐最喜歡的食物。它有多個級別，所以說真的，這對我們來說是一次勝利，對客人來說是一次勝利，對我們來說也是一次勝利，只是我們簡化了操作，我們仍然有10.99 美元的入門價格，這是我們的客人喜歡的，而且我們有一些為他們提供更多選擇。

So it does drive a little bit more positive mix because the tiers are a little bit different. But again, more to come on that as we get through the second quarter. But we're really pleased with the initial launch.

因此，它確實推動了更積極的組合，因為層級略有不同。但同樣，隨著第二季的結束，還會有更多的事情發生。但我們對最初的發布感到非常滿意。

Yeah. The -- and just to build on that, like the big wins that we see so far are operationally like the lunch combos -- the prior lunch combos were a very small percentage of the business -- of the total business, but yet, it had a lot of unique pantry SKUs and unique items that we'd have to train new team members on for a very, very small percentage of the mix. I mean, it was less than most entrees that we have on the menu, this entire list of menu items.

是的。在此基礎上，我們迄今為止看到的重大勝利在運營上就像午餐套餐一樣，之前的午餐套餐只佔總業務的很小一部分，但是，它有很多獨特的食品儲藏室SKU 和獨特的物品，我們必須對新團隊成員進行培訓，以適應其中非常非常小的比例。我的意思是，它少於我們菜單上的大多數主菜，整個菜單項目列表。

So just getting rid of all that and then aligning it to everyday items that we already make on the everyday menu has been a huge win for the restaurants as well as how we manage pantry SKU and inventory. The other big piece is mix. And so we're seeing a little bit of mix help because in the old lunch combo menu, everything was priced at $10. In the new lunch combo menu, it starts at $10.99, but then there's trade up options at $12.99, $14.99, and $16.99.

因此，擺脫所有這些，然後將其與我們已經在日常菜單上製作的日常食品保持一致，對於餐廳以及我們管理食品儲藏室 SKU 和庫存的方式來說都是一個巨大的勝利。另一大塊是混合。所以我們看到了一點混合幫助，因為在舊的午餐組合菜單中，所有東西的價格都是 10 美元。在新的午餐組合菜單中，起價為 10.99 美元，但也有 12.99 美元、14.99 美元和 16.99 美元的升級選項。

So just having those options, obviously some guests are going to gravitate to either a bigger eat or something that's more premium. So we've seen some mix help there. We'll continue to learn more about it. There are some opportunities on it. So we are seeing people -- three people will come in and they'll all order the three for lunch and they don't all want chips and salsa. And so how do we manage that and make sure that the servers has the right procedures to manage that, either with take home chips and salsa or offering something else.

因此，只要有了這些選擇，顯然有些客人就會傾向於選擇更大的食物或更優質的東西。所以我們在那裡看到了一些混合幫助。我們將繼續了解更多相關資訊。其中有一些機會。所以我們看到人們——三個人會進來，他們都會點三個人的午餐，但他們並不都想要薯條和莎莎醬。那麼我們如何管理它並確保服務器有正確的程序來管理它，無論是帶回家的薯條和莎莎醬還是提供其他東西。

So we've got some work to do on it. But overall, from an operational standpoint and a guest standpoint, it's been pretty favorable because the guest sees more value in these bigger bundles, and they've given us that feedback. So more to come still very early in this, but it seems to be a pretty good move so far.

所以我們還有一些工作要做。但總的來說，從營運的角度和客人的角度來看，這是相當有利的，因為客人看到了這些更大的捆綁包的更多價值，並且他們給了我們反饋。因此，目前還處於早期階段，還會有更多的內容出現，但到目前為止，這似乎是一個相當不錯的舉措。

Great. Thank you. That's super helpful. And then the second question is two parts. First, can you remind me, like, if you've quantified the lift to same-store sales from reimaging, maybe like what you're seeing now versus what you've seen historically. And then just to ask again about unit growth, I'd like to know like what would need to happen in order for Chili's unit growth to reaccelerate. Is it more like macro driven, more favorable build environment versus sort of underlying momentum in the business as kind of the dictator of that?

偉大的。謝謝。這非常有幫助。然後第二個問題分為兩部分。首先，您能否提醒我，如果您已經量化了重新形象對同店銷售額的提升，也許就像您現在看到的與歷史上看到的相比。然後再次詢問有關單位增長的問題，我想知道需要發生什麼才能使 Chili 的單位增長重新加速。它是否更像是宏觀驅動的、更有利的建構環境，而不是業務中的某種潛在動力作為獨裁者？

So Katherine, I'll start with those. So first of all, we're not really reimaging in a big way yet. So Kevin, he was indicating that that's something we think we can ramp up in the future to reimage our restaurants. So I don't have any returns to share. Historically, we did see a sales lift when we do this, but we think it's something that we want to continue to invest in the fleet, to continue with our relevance and being culturally relevant moving forward. So that is more to come in the future. That's a future initiative that we want to lean into.

凱瑟琳，我將從這些開始。首先，我們還沒有真正進行大規模的重塑。凱文（Kevin）表示，我們認為我們可以在未來加大力度，重新塑造我們的餐廳形象。所以我沒有任何回報可以分享。從歷史上看，當我們這樣做時，我們確實看到了銷售的提升，但我們認為我們希望繼續投資於機隊，繼續我們的相關性並保持文化相關性向前發展。所以未來還會有更多這樣的事情發生。這是我們希望致力於的未來舉措。

The second thing about the unit count is, we feel really good about where we are right now. But again, it's back to Kevin's point that when we're looking at our capital allocation strategy, there's still a lot of dollars that we think we need to invest into the fleet or the base business. And we're getting a great return there. So we're going to continue to have slow and steady on Chili's and open new units.

關於單位數量的第二件事是，我們對目前的狀況感覺非常好。但再次回到凱文的觀點，當我們考慮我們的資本配置策略時，我們認為我們仍然需要向機隊或基礎業務投資大量美元。我們在那裡獲得了豐厚的回報。因此，我們將繼續緩慢而穩定地發展 Chili's 並開設新單位。

We're very pleased with them and how they're performing. We also mentioned that we may want to lean into Maggiano's, because Maggiano's, those are $10 million boxes. There's only 50 of them. So there's a lot more white space there as well. And we're excited about the momentum that that brand is picking up. So those are things we'll continue to work through as a management team on where we allocate those dollars. But right now, we're not ramping up too much on the Chili's side.

我們對他們以及他們的表現感到非常滿意。我們也提到，我們可能想轉向 Maggiano's，因為 Maggiano's 的盒子價值 1000 萬美元。他們只有 50 個人。所以那裡也有更多的空白。我們對該品牌正在崛起的勢頭感到興奮。因此，作為管理團隊，我們將繼續解決這些問題，並確定如何分配這些資金。但現在，我們並沒有在辣椒方面加大力度。

Thank you.

謝謝。

You're welcome.

不客氣。

Eric Gonzalez, KeyBanc.

艾瑞克‧岡薩雷斯 (Eric Gonzalez)，KeyBanc。

Hi, thanks for the question, and congrats on the really strong momentum and improved profitability this quarter. It's really impressive in light of what some of your peers are saying about the difficulty of the operating environment. I'd actually like to ask about Maggiano's. It's exciting to hear how you can take what you've done at Chili's and carried it over to Maggiano's brand. I think it really validates the strategy and reinforces that you're doing the right things for the long-term health of the business.

您好，感謝您的提問，並祝賀本季度的強勁勢頭和盈利能力的提高。考慮到一些同行對操作環境困難的評價，這確實令人印象深刻。我其實想問一下馬賈諾的事。很高興聽到您如何將在 Chili's 所做的事情延續到 Maggiano 的品牌。我認為這確實驗證了該策略，並強化了您正在為業務的長期健康發展做正確的事情。

So like the question there is on the pricing levels, they've been fairly elevated relative to peers. So can you discuss the strategy there and what your thoughts are and perhaps moving more towards a traffic focused strategy versus the check growth we've seen in the past few quarters.

因此，就像定價水平的問題一樣，它們相對於同行來說已經相當高了。那麼，您能否討論一下那裡的策略以及您的想法，也許會更多地轉向以流量為中心的策略，而不是我們在過去幾個季度看到的支票增長。

Yeah, Eric. So good morning, it's Kevin. So the way to think about it is the year that Maggiano's is in right now feels like year one of Chili's turnaround. So we did a lot of things to try to put the pieces in place, so we could start winning with the fundamentals of casual dining. So we reduced a lot of the discounting that we were doing on the brand. We caught up on some pricing that we had missed during COVID to be able to reinvest in things like labor and food quality and the experience.

是的，埃里克。早上好，我是凱文。因此，馬賈諾現在所處的這一年感覺就像是辣椒扭虧為盈的第一年。因此，我們做了很多事情來嘗試將各個部分落實到位，這樣我們就可以從休閒餐飲的基本原理開始獲勝。因此，我們減少了對該品牌的大量折扣。我們抓住了新冠疫情期間錯過的一些定價，以便能夠對勞動力、食品品質和體驗等方面進行再投資。

We got rid of a bunch of small mixing items that were creating a lot of complexity in the kitchen to be able to reinvest in the core four. But that's what Maggiano's is going through right now. So there is some traffic they're losing because of the reduction in discounting. We are going to lose a point of sales in traffic that we talked about on eliminating the $6 take home meals.

我們擺脫了一堆小混合物品，這些物品在廚房中造成了極大的複雜性，以便能夠重新投資於核心的四個物品。但這就是馬賈諾現在正在經歷的事情。因此，由於折扣減少，他們失去了一些流量。我們將失去一個客流量銷售點，我們曾討論過取消 6 美元的外帶餐點。

But quite frankly, it's going to accelerate both traffic over time and restaurant level margins as we start building a stronger customer base that's more loyal to the brand versus a discount and then improve the food quality, the service and the atmosphere of going to Maggiano's. So the way I would think about it is, they're kind of in year one of what Chili's turnaround was and that you would expect to start seeing improvements in traffic sometime in year two as the investments that we're putting in the business start taking hold and the innovation starts bringing guests in.

但坦白說，隨著時間的推移，隨著我們開始建立一個更強大的客戶群，他們對品牌比折扣更忠誠，然後改善食品品質、服務和去Maggiano's 的氛圍，它將隨著時間的推移而加速流量和餐廳水準的利潤。所以我的想法是，他們在第一年就實現了 Chili 的扭虧為盈，隨著我們對業務的投資開始，你會期望在第二年的某個時候開始看到流量的改善創新開始紮根，開始吸引客人。

Great. Thank you.

偉大的。謝謝。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Hey, thanks for the question and congratulations on a great quarter. Just going back to trying to understand better the amazing turnaround at Chili's that's taking place. Can you update us on how your household income demographics have changed since you first launched TV advertising? I'm just really wondering if you fundamentally shifted the consumer base to a less price sensitive consumer.

嘿，感謝您的提問，並祝賀您度過了一個美好的季度。只是回過頭來試圖更好地理解 Chili's 正在發生的驚人轉變。您能否向我們介紹一下自首次推出電視廣告以來您的家庭收入人口統計數據發生了怎樣的變化？我只是想知道您是否從根本上將消費者群轉移到了對價格不太敏感的消費者。

Well, we don't have that exact anecdotal data or the specific data yet to confirm that. I will tell you when you talk to the restaurant teams, they tell you they're seeing different demographics of guests. And we're seeing the same thing now at Maggiano's. I was just with the team literally yesterday in their regional meetings here in Dallas. And Maggiano's is also saying they're starting to see the guest demographic literally change in front of them.

嗯，我們還沒有確切的軼事數據或具體數據來證實這一點。我會告訴你，當你與餐廳團隊交談時，他們告訴你他們看到了不同的客人人口統計。現在我們在馬賈諾店也看到了同樣的情況。昨天我剛剛和團隊一起參加了在達拉斯舉行的區域會議。Maggiano's 也表示，他們開始看到眼前的客人群體發生了真正的變化。

And I think what we're seeing is we're not as reliant on coupons to bring guests in, and those guests might have gone somewhere else where they have a coupon. And we're replacing those guests with guests that are coming because they're excited about the innovation or what they're seeing on TV with the value. So it's very much more of an -- Chili's a more EDLP strategy. You might hear that from a retailer everyday low price, where we have great value, great service, a consistent food, versus kind of the high low that I think we used to be in our old strategy. So I do think that creates a more resilient customer base over time because they're choosing you for the right reasons versus something that can be replicated easily by a competitor.

我認為我們所看到的是，我們不再依賴優惠券來吸引客人，而這些客人可能去了他們有優惠券的其他地方。我們將用即將到來的客人來取代這些客人，因為他們對創新或他們在電視上看到的有價值的東西感到興奮。因此，Chili 更像是一種 EDLP 策略。你可能會從零售商那裡聽說，每天的低價，我們有很大的價值，優質的服務，一致的食物，而不是我認為我們以前的策略中的高低。因此，我確實認為，隨著時間的推移，這會創造出更具彈性的客戶群，因為他們選擇您的原因是正確的，而不是競爭對手可以輕鬆複製的。

Okay. And for the different demographics you are seeing, is that adjusting the way you're allocating funds for the way you're marketing going forward, whether it be social media channels or advertising traditional.

好的。對於您所看到的不同人口統計數據，調整您分配資金的方式以適應未來的行銷方式，無論是社群媒體管道還是傳統廣告。

Yeah. At the end of the day, Chili's is still for everyone. So we talked about that earlier on. When we look at the income demographics and where we're growing with, we're growing with literally every income demographic right now, and there's no reason to change our marketing mix right now, we feel like the mix of TV that we have kind of our air war and then the ground war that we have with social media continues to work. So unless, we see something that would tell us differently right now, we're going to continue with the mix levels that we're at.

是的。歸根結底，Chili's 仍然適合每個人。所以我們早些時候討論過這一點。當我們觀察收入人口統計數據以及我們正在增長的領域時，我們現在幾乎與每個收入人口統計數據一起增長，而且現在沒有理由改變我們的營銷組合，我們覺得我們擁有的電視組合我們的空戰以及我們與社群媒體的地面戰仍在繼續。因此，除非我們現在看到一些不同的情況，否則我們將繼續保持現有的混合水平。

Understood. And just one last question on new unit development, I think you cited some pretty impressive results. Average weekly sales on some of the new stores opened. How does that benefit -- same-store sales trend given it sounds to me as if you're replacing underperforming stores with strong performers, is there any metric you would call out that would be a contributor to strong sales performance?

明白了。關於新單位開發的最後一個問題，我認為您引用了一些非常令人印象深刻的結果。一些新開店的平均每週銷售。這對同店銷售趨勢有什麼好處，因為在我看來，好像你正在用表現出色的商店取代表現不佳的商店，你會指出有什麼指標可以促進強勁的銷售業績嗎？

Well, new restaurants won't impact same-store sales because you have to be open 18 months before you get rolled into that number. But what they are doing is, I mean, really, the strategy is we're opening new restaurants. We're thrilled with how they're opening and at the sales volumes, at the same time, we talked about, I think on the last call that through COVID, we had not closed any restaurants. We held everyone out until we kind of really wanted to see the turnaround.

嗯，新餐廳不會影響同店銷售額，因為你必須開業 18 個月才能達到這個數字。但他們正在做的是，我的意思是，實際上，我們的策略是開設新餐廳。我們對他們的開業方式和銷售感到興奮，同時，我們談到，我認為在最後一次通話中，由於新冠疫情，我們沒有關閉任何餐廳。我們阻止了所有人，直到我們真的想看到轉變。

Chili's isn't -- almost approaching a 50-year-old brand. So there's some natural leases that end and things. So we have been closing some of those underperformers. So it could be a net neutral impact to revenue when we're closing a little bit more than we're opening. So it's not really material to revenues, but it is going to be helpful to margins and the long-term strategy to just continue to keep the brand relevant.

Chili's 則不然——幾乎已經接近一個擁有 50 年歷史的品牌了。所以有些自然租約結束等等。因此，我們已經關閉了一些表現不佳的公司。因此，當我們的結盤比開盤多一點時，這可能會對收入產生淨中性影響。因此，這對收入來說並不重要，但它將有助於提高利潤率和繼續保持品牌相關性的長期策略。

All right. Thank you. I'll pass it on.

好的。謝謝。我會把它傳遞下去。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. And I would now like to turn the floor back to Kim Sanders for closing comments.

我們的問答環節已經結束。現在我想請金桑德斯 (Kim Sanders) 發表結束評論。

Thank you, Holly. That concludes our call for today. We appreciate everyone joining us and look forward to updating you on our second quarter results in January. Have a wonderful day.

謝謝你，霍莉。我們今天的呼籲到此結束。我們感謝大家加入我們，並期待在一月向您通報我們第二季的最新業績。祝你有美好的一天。

Thank you. This concludes today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。