Brinker International Inc (EAT) 2025 Q3 法說會逐字稿

Good day and welcome to the Brinker International's Q3 F 25 earnings call. (Operator Instructions)

大家好，歡迎參加 Brinker International 的 Q3 F 25 收益電話會議。（操作員指示）

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主持人、投資者關係副總裁金桑德斯 (Kim Sanders)。女士，請您發言。

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 President of Chili's; and Michael Ware, Chief Financial Officer.

謝謝你，霍莉，大家早安，謝謝你們參加今天的電話會議。今天和我一起在場的還有 Chili's 總裁兼執行長兼總裁 Kevin Hochman；以及財務長 Michael Ware。

Results for our third 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.

我們第三季的業績已於今天早上公佈，可在我們的網站 brinker.com 上查閱。像往常一樣，Kevin 和 Mika 將首先就我們的策略舉措和營運績效發表準備好的評論。然後我們將開始回答你們的提問。

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.

在開始我們的評論之前，我想提醒大家注意我們關於前瞻性陳述的安全港。在電話會議中，管理階層可能會討論某些並非完全基於歷史事實的事項。任何此類項目都應被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

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.

所有此類聲明都存在風險和不確定性，可能導致實際結果與預期結果有重大差異。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層在審查業務時使用的某些非 GAAP 財務指標，並相信這些指標將為公司持續營運提供見解。

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

說完這些，我會把電話轉給凱文。

Thank you, Kim, and good morning, everyone. Thank you for joining us as we discuss our financial and operating performance in the third quarter. Chili's delivered another strong quarter with same restaurant sales up 31.6% and traffic up 21%. Sales leverage and simplification continue to drive improved for all economics, which allowed us to deliver a 18.9% restaurant operating margin for the quarter.

謝謝你，金，大家早安。感謝您加入我們討論第三季的財務和營運表現。Chili's 本季再創佳績，同店銷售額上漲 31.6%，客流量上漲 21%。銷售槓桿和簡化繼續推動所有經濟狀況的改善，這使我們在本季度實現了 18.9% 的餐廳營業利潤率。

These results were achieved by our continued focus on the fundamentals of casual dining, food service, and atmosphere. Our Q3 sales performance significantly outpaced the industry which is especially encouraging given we launched no new food or value news. We remained on the same Big Smasher campaign. We continued reducing our menu and pantry skews, and we were still able to weather the increase in competitive promotional offers. These results further demonstrate the operational muscle we continue to build is accelerating performance.

這些成果源自於我們持續關注休閒餐飲、餐飲服務和氛圍的基本原則。我們的第三季銷售業績大幅超過行業水平，考慮到我們沒有推出新的食品或價值新聞，這一點尤其令人鼓舞。我們仍然參與同一項 Big Smasher 活動。我們持續減少菜單和食品儲藏室的種類，但仍能承受競爭性促銷活動的增加。這些結果進一步表明，我們不斷建構的營運能力正在加速提升績效。

Marketing is driving guests in, and operations is bringing guests back. I'd like to recognize the marketing team led by George Felix and our field operations team led by Doug Cummings and his VPOs for just exceptional teamwork that is driving our industry leading results. Our restaurant support center and our field restaurant teams are operating as one team with the common goal of improving the guest and team member experience.

行銷是吸引客人，營運是讓客人回頭。我要表彰由喬治·菲利克斯 (George Felix) 領導的營銷團隊和由道格·卡明斯 (Doug Cummings) 及其 VPO 領導的現場運營團隊，感謝他們出色的團隊合作，推動我們取得行業領先的成果。我們的餐廳支援中心和現場餐廳團隊作為一個團隊運作，共同目標是改善客人和團隊成員的體驗。

Now let's talk about the operational improvements we completed in the third quarter. It starts with menu simplification as we remove three menu items as well as four lower mixing wing sauces. Eliminating those sauces helps simplify Zone 1, our fry station, which also has gotten much busier with the increased volumes. This sauce reduction also allowed us to eliminate the sauce station in small orders, which freed up much needed space for our cooks and reduced the amount of Zone 1 equipment they need to clean daily.

現在讓我們來談談我們在第三季完成的營運改善。首先簡化菜單，我們刪除了三個菜單項目以及四種較低的混合雞翅醬。取消這些醬汁有助於簡化 1 區（我們的油炸站），隨著產量的增加，該區也變得更加繁忙。醬料的減少也使我們能夠在小訂單中省去醬料站，從而為我們的廚師釋放了急需的空間，並減少了他們每天需要清潔的 1 區設備的數量。

We also made three key operational improvements during the quarter. The first ops initiative was a renewed focused on burger mastery in preparation for our Big QP launch in Q4. Burger mastery training and coaching involves making sure every burger is properly smashed, properly seasoned, and the flat top grill is properly maintained, so we deliver a tasty, juicy, perfectly cooked burger every time.

本季我們也進行了三項關鍵的營運改善。第一項營運舉措是重新關注漢堡製作工藝，為我們第四季度推出的 Big QP 做準備。漢堡製作精湛的培訓和指導包括確保每個漢堡都經過適當的壓扁、適當的調味，並且平頂烤架得到適當的維護，這樣我們每次都能提供美味、多汁、烹飪完美的漢堡。

The second option initiative was adding an all-day button to our kitchen display systems which summarized the counts on high mixing items for our cooks. Prior to this enhancement, cooks would have to scroll through several pages of screens and count how many crispers to fry or how many burgers to drop on the flattop.

第二個選擇方案是在我們的廚房顯示系統中添加一個全天按鈕，為我們的廚師匯總高混合物品的數量。在這項改進推出之前，廚師必須滾動瀏覽幾頁螢幕，計算要炸多少個薯片或要在平板上放多少個漢堡。

Now our cooks can easily see a running total of what to cook, which will reduce both response time and total ticket times during busy shifts. No more scrolling, no more adding in their heads, so they can focus on making great food faster every time.

現在我們的廚師可以輕鬆查看需要烹飪的菜餚總數，這將減少繁忙班次期間的回應時間和總票證時間。他們不再需要滾動螢幕，不再需要在腦海中添加任何內容，因此他們可以專注於每次更快地製作出美味的食物。

The third big Q3 ops initiative was making significant improvements to win with our dishwashers, one of our most important roles in our restaurants, and it's a high turnover position in the heart of house. We held listening sessions to understand what would make their jobs easier and more enjoyable, particularly given how much busier they are with our sustained higher volumes.

第三季的第三個重大營運舉措是對我們的洗碗機進行重大改進，以贏得勝利，洗碗機是我們餐廳中最重要的角色之一，也是餐廳核心中人員流動率很高的職位。我們舉行了傾聽會，以了解怎樣才能讓他們的工作更輕鬆、更愉快，特別是考慮到他們在我們的持續高音量下變得更加忙碌。

We then made the changes that were most important to them that were rolled out in Q3. We believe this continued focus on operational improvements and making team members' jobs easier sets us up for more sustainable success in the out quarters.

然後，我們做出了對他們來說最重要的改變，並在第三季推出。我們相信，持續專注於營運改善和簡化團隊成員的工作將使我們在外部季度取得更永續的成功。

Now I want to give an update on marketing and menu innovation. Two weeks ago at the start of Q4, we launched a Big QP, a burger packed with 85% more beef than a quarter pound burger. It's topped with two slices of American cheese, ketchup, mustard, pickles, and onions. It joins the Big Smasher on the 3 for Me menu at the $10.99 price point.

現在我想介紹一下行銷和菜單創新的最新情況。兩週前，也就是第四季開始時，我們推出了 Big QP，這種漢堡的牛肉含量比四分之一磅的漢堡高出 85%。上面放有兩片美國起司、番茄醬、芥末、泡菜和洋蔥。它與 Big Smasher 一起出現在 3 for Me 菜單上，價格為 10.99 美元。

As consumers' frustration with high prices and shrinkflation continues, we're continuing Chili's better than fast food campaign to demonstrate our unbeatable value. To launch the Big QP, Jesse Johnson, our Vice President of Marketing and our amazing PR team, opened up fast food financing, a limited time pop-up experience in the heart of Manhattan. This successful event generated more impressions than the Big Smasher launch did in both creating awareness of the Big QP and further strengthening our position as a great value our guests can count on.

由於消費者對高物價和通貨膨脹的不滿持續存在，我們將繼續進行 Chili's 優於快餐的活動，以展示我們無與倫比的價值。為了推出 Big QP，我們的行銷副總裁 Jesse Johnson 和我們出色的公關團隊在曼哈頓中心開設了快餐融資，這是一種限時快閃體驗。這次成功的活動比 Big Smasher 的推出產生了更深刻的印象，既提高了人們對 Big QP 的認識，也進一步鞏固了我們作為客人可信賴的超值服務的地位。

Our world class marketing team also continues to find new ways to insert the brand into pop culture and differentiate Chili's from its casual dining peers. This is what we call building the brand over time, and it is a way to separate ourselves from the sea of casual dining competitors.

我們世界一流的行銷團隊也不斷尋找新方法將品牌融入流行文化，並使 Chili's 有別於其他休閒餐飲品牌。這就是我們所說的隨著時間的推移打造品牌，這是一種讓我們從眾多休閒餐飲競爭對手中脫穎而出的方法。

On April 7, we opened our Chili's Scranton Branch, a new restaurant that pays homage to Chili's on-screen moments from one of the most famous television comedies of all time. The special location features 2005 decor seen in the famous Chili's episode, a booth for guests to recreate the scene for social media, and is now the only Chili's in the world to serve the awesome blossom, which was prominently featured in the episode.

4 月 7 日，我們開設了 Chili's Scranton 分店，這是一家新餐廳，旨在向有史以來最著名的電視喜劇之一中 Chili 的螢幕瞬間致敬。這個特殊地點採用了著名的《Chili's》一集中出現的 2005 年裝飾風格，並設有一個展位，供客人在社交媒體上重現當時的場景，而且現在它是世界上唯一一家供應該集中突出出現的令人驚嘆的花朵的 Chili's 餐廳。

We surrounded the launch with ads featuring popular actors from the show, which appealed to both longtime viewers of the show's first run in addition to a younger generation that now streams the library of episodes.

我們在發布會上播放了由該劇的知名演員主演的廣告，這不僅吸引了該劇首播的長期觀眾，還吸引了現在透過串流媒體觀看劇集庫的年輕一代。

Chili's Scranton Branch is yet another way to reignite Chili's brand history in a modern, relevant way that no other casual dining brand could do. Fans are raving about this move, and this initiative has generated over 9 billion impressions for Chili's. And now the Scranton Branch is a place where super fans of the show can pilgrimage and be a part of the Chili story.

Chili's Scranton Branch 以現代、貼切的方式重新點燃了 Chili's 品牌的歷史，這是其他休閒餐飲品牌無法做到的。粉絲們對這項舉措讚不絕口，這項舉措為 Chili's 帶來了超過 90 億次的曝光量。現在，斯克蘭頓分店已成為該劇超級粉絲的朝聖之地，成為《辣椒》故事的一部分。

We have also recently launched three initiatives designed to reinforce Chili's as the number one seller of margaritas and bring us to the top of the consideration that when consumers are craving a mark. First, we partner with Lifetime Television to premiere Chili's first ever movie in celebration of National Margarita Day. The 15 minute original film titled I'll be Home for National Margarita Day starred Maria Menounos and Taye Diggs and leveraged Lifetime fans' love of holiday movies to bring top of mind awareness for Chili's and margaritas.

我們最近也推出了三項舉措，旨在鞏固 Chili’s 作為瑪格麗塔酒第一大銷售商的地位，並使我們成為消費者渴望品牌時的首選。首先，我們與 Lifetime Television 合作首映 Chili 的第一部電影，以慶祝全國瑪格麗塔日。這部 15 分鐘的原創電影名為《我將回家過國家瑪格麗塔日》，由瑪麗亞·曼努諾斯和泰雅·迪格斯主演，利用 Lifetime 粉絲對節日電影的熱愛，讓人們更多地了解辣椒和瑪格麗塔酒。

We've also partnered with the JM&D agency to make Chili's first ever music video entitled Ride the Dente as a way to drive awareness of our famous Presidente Margarita with NASCAR fans and activate our sponsorship of the number 77 Spire motorsports car driven by Carson Hocevar.

我們還與 JM&D 機構合作，製作了 Chili 的首部音樂視頻，名為《Ride the Dente》，以此來提高 NASCAR 車迷對我們著名的 Presidente Margarita 的認識，並啟動我們對 Carson Hocevar 駕駛的 77 號 Spire 賽車的讚助。

And starting May 1, our new margarita of the month will tap into the 90s nostalgia with the Radical Rita featuring 90s pop TV icon Tiffani Thiessen. The marketing team has leveled up their mark of the month strategy and is leading a record breaking mark of the month sales to help -- both help protect alcohol incidents as well as give Chili's fans exciting new drinks to come try at a hot price point.

從 5 月 1 日開始，我們本月的新款瑪格麗塔酒將採用 Radical Rita 調製，以 90 年代流行電視偶像 Tiffani Thiessen 為主角，喚起人們對 90 年代的懷舊之情。行銷團隊已升級了他們的月度策略，並正在引領月度銷售創紀錄的步伐，以幫助防止酒精事件發生，並為 Chili's 的粉絲提供令人興奮的新飲品，並以熱門的價格進行嘗試。

Food news, drink news, culture pops of strategic marketing are all a part of our marketing team's plan to drive sales every night as well as the brand over time.

食品新聞、飲料新聞、策略行銷的文化流行都是我們行銷團隊計畫的一部分，旨在推動每晚的銷售以及品牌的長期發展。

Now let's do an update on Maggiano's. The team continues to follow the Chili's playbook to bring the magic back to Maggiano's by simplifying and elevating the menu with innovation, removing discounting from the business, improving service levels, refreshing atmosphere to drive more sustainable traffic over time.

現在讓我們來更新一下 Maggiano 的情況。團隊繼續遵循 Chili's 的策略，透過創新簡化和提升菜單，取消業務折扣，提高服務水平，清新氛圍，從而隨著時間的推移推動更永續的客流量，將魔力帶回 Maggiano's。

Much like Chili's early around turnaround days, we're doing the hard work in the gym to simplify operational complexity and invest in improving the fundamentals of food, service, and atmosphere. We're also stopping unprofitable discounting that's not consistent with the Maggiano's brand that has been embedded in the business for years.

就像 Chili 早期的轉型時期一樣，我們在健身房裡努力工作，簡化營運的複雜性，並投資改善食品、服務和氛圍的基本面。我們也將停止那些與多年來根植於業務中的 Maggiano 品牌不符的無利可圖的折扣。

During the third quarter, the team launched a new menu with four significantly upgraded core dishes, including The Grand Chicken Parmesan, a new Fettuccine Alfredo, a new Lasagna Bolognese, and a Snake River Farms Wagyu meatballs that are available both as an appetizer and part of our spaghetti and meatballs entree.

在第三季度，團隊推出了一份新菜單，其中有四道核心菜餚進行了大幅升級，包括大份帕瑪森雞肉、新款阿爾弗雷多寬麵、新款肉醬千層麵和蛇河農場和牛丸，這些菜餚既可作為開胃菜，也可作為意大利麵和肉丸主菜的一部分。

These upgraded dishes along with four previously upgraded core recipes that President Dominique Bertolone and VP of Culinary Anthony Amoroso have brought to the menu now represent 50% of the entree mix, and I firmly believe the more mix we get into these new and renovated modern and delicious menu items, the more loyalty we will drive with Maggiano's guests over time.

這些升級的菜餚以及總裁 Dominique Bertolone 和烹飪副總裁 Anthony Amoroso 添加到菜單中的四種先前升級的核心食譜現在佔主菜組合的 50%，我堅信我們在這些新的和翻新的現代美味菜單中加入的混合越多，隨著時間的推移，我們就能贏得 Maggiano 客人的更多忠誠度。

To enable the restaurant teams to execute these elevated dishes consistently. The Maggiano's menu has now been reduced by 20% over the last year, and we continue to simplify our cooks jobs by consolidating ingredients and removing process that does not add value for guests. During Q3, we removed 8 lower mixing menu items, 10 pantry skews, and 17 prep recipes from the business.

使餐廳團隊能夠始終如一地製作出這些高級菜餚。去年，Maggiano 的菜單減少了 20%，我們繼續透過整合食材和去除對客人沒有增值的工序來簡化廚師的工作。在第三季度，我們從業務中移除了 8 個較低的混合菜單項目、10 個食品儲藏室烤串和 17 個準備食譜。

We have also removed the remaining deep discounts that were in the business, including double your portion, which gave as much as a 50% discount across our digital channels, Marco's Meal, which was a significantly discounted meal for two, and discounted carry out meals.

我們也取消了該業務中剩餘的大幅折扣，包括雙倍份量（透過我們的數位管道提供高達 50% 的折扣）、Marco's Meal（雙人套餐的大幅折扣）以及折扣外帶餐。

We're getting out of the discounts that were originally installed to drive sales in the short term and reinvesting those resources in a more sustainable long-term business building activities that will upgrade the food service, and atmosphere similar to the Chili's playbook in year one.

我們正在取消最初為推動短期銷售而實施的折扣，並將這些資源重新投資於更永續的長期業務建設活動，以升級食品服務和氛圍，類似於 Chili's 第一年的策略。

And just like Chili's in the early days of the turnaround, we expect to see traffic choppiness over the next four quarters as we build a stronger Maggiano's brand for the long term. I continue to be encouraged by our business momentum, and I'm just so proud of our team.

就像 Chili's 在轉型初期的情況一樣，隨著我們長期打造更強大的 Maggiano's 品牌，我們預計未來四個季度的客流量將會出現波動。我們的業務發展勢頭繼續鼓舞著我，我為我們的團隊感到驕傲。

Our focus on the fundamentals has been at the core of the turnaround, and we believe it will continue to allow us to push through the macro pressures the industry is now experiencing. Guests are pulling back the number of trips across restaurants in the industry and are choosing those brands they trust to have a great experience. So those brands delivering on superior fundamentals will grow market share, and we believe Chili's is well positioned to be one of those winning share, and Maggiano's has now started the journey too.

我們對基本面的關註一直是扭轉局面的核心，我們相信這將繼續幫助我們克服產業目前面臨的宏觀壓力。顧客們正在減少光顧本行業餐廳的次數，並選擇那些他們信賴的品牌來獲得良好的體驗。因此，那些擁有卓越基本面的品牌將會擴大市場份額，我們相信 Chili’s 完全有能力成為其中的贏家之一，而 Maggiano’s 現在也已經開始了這一旅程。

Now I'll hand the call over to Mika to walk you through the third quarter numbers in our updated guidance. Go ahead, Mika.

現在我將把電話交給 Mika，讓她向您介紹我們更新後的指南中的第三季數據。繼續吧，米卡。

Thank you, Kevin, and good morning everyone. Brinker delivered another double digit same store sales growth quarter, which is a direct result of our focus on improving the fundamentals of food, service, and atmosphere. It's exciting to see our multi-layered marketing strategy, driving trial and our ongoing operational improvements bringing guests back. These results give us confidence that our invest to grow strategy continues to deliver, and we're excited by the opportunities ahead to grow the base business.

謝謝你，凱文，大家早安。Brinker 本季同店銷售額再創兩位數成長，直接得益於我們專注於改善食品、服務和氛圍等基本要素。看到我們多層次的行銷策略、推動試驗和持續的營運改善讓客人回頭，我們感到非常興奮。這些結果讓我們相信，我們的投資成長策略將繼續發揮作用，我們對未來發展基礎業務的機會感到興奮。

For the third quarter, Brinker reported total revenues of $1,425 million with consolidated comp sales of positive 28.2%. Our adjusted diluted EPS for the quarter was $2.66 up from $1.24 last year.

Brinker 報告第三季總營收為 14.25 億美元，合併銷售額成長 28.2%。本季調整後的稀釋每股收益為 2.66 美元，高於去年的 1.24 美元。

Both brands reported topline sales growth, with Chili's comps coming in at 31.6%, driven by positive traffic of 20.9%, positive mix of 6.3% in price of 4.4%. The Chili's team delivered these sales results against the backdrop of industry and macro headwinds from weather and consumer economic uncertainty, except for a slight dip in both sales and traffic in February due to weather, Chili's delivered consistent results every period of the quarter and has maintained its momentum into April.

兩個品牌都報告了總銷售額的成長，其中 Chili 的銷售額增長了 31.6%，這得益於 20.9% 的正客流量、6.3% 的正組合以及 4.4% 的價格。Chili's 團隊在天氣和消費者經濟不確定性等行業和宏觀不利因素的背景下取得了這些銷售業績，除了 2 月份由於天氣原因銷售額和客流量略有下降外，Chili's 在本季度的每個時期都取得了穩定的業績，並在 4 月份保持了這一勢頭。

We now believe more than ever, consumers will continue to reward Chili's as a brand that consistently provides great food, service, and atmosphere at an exceptional value.

我們現在比以往任何時候都更加相信，消費者將繼續青睞 Chili's 這個始終以超值的價格提供優質食品、服務和氛圍的品牌。

Turning to Maggiano's, the brand reported comp sales for the quarter a positive 0.4%, driven by 7.3% price, positive 1.3% mix, partially offset by negative 8.2% traffic, of which 1.2% was weather related.

談到 Maggiano's，該品牌報告本季同店銷售額增長 0.4%，其中價格增長 7.3%，產品組合增長 1.3%，但客流量下降 8.2%（其中 1.2% 與天氣有關）部分抵消了這一增長。

As Kevin mentioned, Maggiano's is still in the early stages of its turnaround strategy. Dom and the team continue to follow the Chili's playbook by eliminating discounting, and simplifying operations to improve the menu, service, and atmosphere. Like the early days in Chili's turnaround, we expect some traffic headwinds in the near term, but I'm proud of the team for doing what it takes to grow the business for the long term.

正如凱文所說，Maggiano 的轉型策略仍處於早期階段。Dom 和他的團隊繼續遵循 Chili 的策略，取消折扣，簡化運營，以改善菜單、服務和氛圍。就像 Chili 轉型初期一樣，我們預計短期內會遇到一些流量阻力，但我為團隊為長期發展業務所做的努力感到自豪。

At the Brinker level, we saw continued strong flow through this quarter with restaurant operating margins coming in at 18.9%, a 470 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.

從 Brinker 層級來看，我們看到本季餐廳營業利潤率持續保持強勁成長，達到 18.9%，較上年同期提高 470 個基點，這主要得益於營業收入成長帶來的銷售槓桿作用。這使得食品和飲料成本、勞動力和餐廳費用等所有類別呈現良好勢頭。

Food and beverage costs for the quarter were favorable 10 basis points year every year, with pricing offsetting 1.8% of commodity inflation.

本季食品和飲料成本年減 10 個基點，價格抵銷了 1.8% 的商品通膨。

We're also pleased with the mix and profitability of our $10.99 3 for Me value platform, which continues to perform as expected. It offers a compelling price point for guests seeking value while remaining cost effective for us, allowing us to maintain margin profitability.

我們也對售價 10.99 美元的 3 for Me 價值平台的組合和盈利能力感到滿意，該平台繼續按照預期表現。它為尋求價值的客人提供了一個極具吸引力的價格點，同時又為我們保持了成本效益，使我們能夠保持利潤盈利能力。

Labor for the quarter was favorable 140 basis points year over year. Top-line sales growth offset additional investments in labor and wage rate inflation of approximately 4.5%. Advertising spend for the third quarter was 2.9% of sales and increased 40 basis points year over year. Our marketing team continues to do an excellent job bringing Chili's back into the cultural conversation and making the brand relevant again, which is helping drive traffic.

本季勞動成本較去年同期上漲了 140 個基點。營業額的成長抵消了勞動力的額外投資和約 4.5% 的工資率通膨。第三季的廣告支出佔銷售額的 2.9%，較去年同期成長 40 個基點。我們的行銷團隊繼續出色地完成工作，將 Chili's 重新帶回文化對話中，並使品牌再次具有相關性，這有助於增加流量。

G&A for the quarter came in at 4.1% of total revenues with year to year sales leverage offset by increases in performance-based compensation and ERP system cost. Our second quarter adjusted EBITDA was approximately $221 million and 80% increase from prior year.

本季的一般及行政費用佔總營收的 4.1%，年比銷售槓桿被績效薪資和 ERP 系統成本的增加所抵銷。我們第二季的調整後 EBITDA 約為 2.21 億美元，比去年同期成長 80%。

Capital expenditures for the quarter were approximately $80 million driven by accelerated investments in kitchen equipment and capital maintenance.

本季資本支出約 8000 萬美元，主要原因是廚房設備和資本維護的投資增加。

During the quarter, we repaid approximately $125 million in funded debt, leaving only $90 million remaining on our revolver from the $350 million notes that matured in October, bringing our overall lease adjusted leverage ratio to 1.9 times.

在本季度，我們償還了約 1.25 億美元的融資債務，10 月份到期的 3.5 億美元票據中僅剩下 9,000 萬美元的循環信貸額度，使我們的整體租賃調整槓桿率達到 1.9 倍。

Our current $900 million revolver expires in August of 2026. We are on track to close the refinance of the revolver during Q4, locking in ample liquidity to continue to support all of our disciplined capital allocation strategy, which is to invest in the business, pay down debt, and return excess cash to the shareholders.

我們目前的 9 億美元循環信貸將於 2026 年 8 月到期。我們預計在第四季度完成循環信貸的再融資，鎖定充足的流動性，繼續支持我們所有嚴謹的資本配置策略，即投資業務、償還債務並將多餘的現金返還給股東。

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 $5.33 billion to $5.35 billion. Adjusted diluted EPS in the range of $8.50 to $8.75. Capital expenditures in the range of $265 million to $275 million. Weighted average shares in the range of [46 million to 46.5 million].

就我們對今年剩餘時間的預期而言，正如今天上午的新聞稿中所述，我們將提高 2025 財年全年預期，將以下年度收入提高到 53.3 億美元至 53.5 億美元之間。調整後的稀釋每股收益在 8.50 美元至 8.75 美元之間。資本支出在 2.65 億美元至 2.75 億美元之間。加權平均股份範圍[4600萬到4650萬]

Assumptions underlying this guidance include consideration of the macro environment, planned commodity inflation in the low single digits, wage rate inflation in the mid-single digits, and a tax rate in the high-teens. We've seen a step change in our business over the past year as we remain committed to improving the fundamentals of food, service, and atmosphere with world-class marketing making us relevant and our restaurant teams providing a great guest experience, we are back in the consideration set and a destination of choice for consumers.

此指導意見所依據的假設包括宏觀環境考量、低個位數的計畫商品通膨率、中等個位數的工資率通膨率以及高十幾個百分點的稅率。在過去的一年裡，我們的業務發生了巨大的變化，我們始終致力於改善食品、服務和氛圍的基本面，世界一流的營銷使我們更具相關性，我們的餐廳團隊為顧客提供了極佳的體驗，我們重新回到了消費者的考慮範圍和首選目的地。

I'm so proud of what the team has accomplished, and I'm confident that by sticking to our strategy and making smart investments, we'll continue to drive long-term success.

我為團隊所取得的成就感到自豪，我相信，透過堅持我們的策略和進行明智的投資，我們將繼續推動長期成功。

Now, as our call is complete, I will turn the call back over to Holly to moderate questions. Holly?

現在，我們的通話已經結束，我將把電話轉回給 Holly 來主持提問。冬青？

(Operator Instructions)

（操作員指示）

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks, Kevin and Mike. As you can imagine, people are really thinking a lot about same store sales and sustainability of same store sales growth. Obviously, they're looking at your comparisons and they get a lot tougher coming into fiscal two the December quarter. So people are looking at that as a big mountain that you're going to have to climb, and I know you've been -- that you take your comparisons seriously and you're thinking about your initiatives and you have things lined up.

謝謝，凱文和麥克。你可以想像，人們確實在考慮同店銷售額以及同店銷售額成長的可持續性。顯然，他們正在考慮你的比較，而進入 12 月季度的第二個財季，他們的要求會變得更加嚴格。因此，人們將其視為你必須攀登的一座大山，我知道你一直在認真對待你的比較，你正在考慮你的舉措，你已經安排好了一切。

But people look, they look at multiyear trends, they look at the two year trend, they look at compare it to your growth versus 2019 and I think people are mixed, some people think things might be slightly negative by that quarter and things might be slightly positive, but there's concern out there. People wonder about you did you have brand lightning in a bottle last year that's tough to replicate.

但是人們會觀察多年的趨勢，觀察兩年的趨勢，將其與 2019 年的增長進行比較，我認為人們的看法是混合的，有些人認為到那個季度情況可能會略有下降，而有些人認為情況可能會略有上升，但人們還是存在擔憂。人們好奇您去年是否創造了難以複製的品牌光輝。

And so I -- on the other hand, I know there's a significant number of polls that are that see you as having initiatives too. So I'm just wondering if you wanted to sort of lean into that debate where people are really arguing about climbing that mountain and what gives you confidence in the metrics you see and what are the most important initiatives that you're doing that gives you confidence that you'll be able to sustain positive comps and thank you.

因此，另一方面，我知道有相當多的民意調查顯示，您也採取了主動行動。所以我只是想知道您是否想參與這場辯論中，人們真正爭論的是攀登那座山，是什麼讓您對所看到的指標充滿信心，以及您正在做的最重要的舉措是什麼，讓您有信心能夠保持積極的業績，謝謝。

Yeah, hey, David, it's Kevin, good morning. No, this is a discussion that we have internally all the time, right? Because we are doing things that don't necessarily give you that, this new initiative or these 50 new buildings that we're going to build that you can guarantee and take to the bank, we're building it based on the fundamentals of casual dining, which is improved -- improves food, improved service levels, improved atmosphere, and our belief is we'll continue to cop the cop if we continue to do that.

是的，嘿，大衛，我是凱文，早安。不，這是我們內部一直在進行的討論，對嗎？因為我們所做的事情不一定會為你帶來這些，這個新舉措或我們將要建造的這 50 棟新建築，你可以保證並把錢存入銀行，我們是基於休閒餐飲的基本原則來建造的，這得到了改進——改善了食物，提高了服務水平，改善了氛圍，我們相信，如果我們繼續這樣做，我們將繼續應對警察。

We're honest with ourselves on the improvements on that. Now, here's what I would tell you. I think even if we go and comp the [31 in October, November, December, it'll be whatever the next big mountain is. And so the only thing I can point to is, we were -- this quarter that we're in right now. Last year we were a plus 15, and I think at that point everybody was asking the exact same questions, which is how the heck are they going to comp a plus 15] in Q4?

我們對自己在這方面的改進很誠實。現在，這就是我要告訴你的。我認為，即使我們在 10 月、11 月或 12 月參加 [31 場比賽，下一座大山也會是什麼。所以我唯一能指出的是，我們現在正處於這個季度。去年我們的獲利為 +15，我想當時每個人都在問同樣的問題，那就是他們到底要如何在第四季實現 +15 的獲利？

I think we're generally over that mountain, our trends have been quite good heading into April, we see very similar to trends that we saw in March, with great traffic and great sales results. So we've been able to go over this first hurdle. We're going to have another hurdle two quarters from now and after, we figure that one out, there'll be another hurdle in the future because if you're going to be focused on improving same store sales versus really laser focused on system sales, it's going to be harder to look at that and go, I have 100% confident this is going to happen.

我認為我們已經基本克服了困難，進入四月份，我們的趨勢相當不錯，與三月份的趨勢非常相似，客流量和銷售業績都很好。因此我們已經能夠克服第一個障礙。從現在起兩個季度後我們將會面臨另一個障礙，我們會發現，未來還會有另一個障礙，因為如果你專注於提高同店銷售額而不是真正專注於系統銷售額，那麼你將很難看待這個問題，但我 100% 有信心這會發生。

So this is not something that we know is new to us. What I will tell you is what I focus on with our team is on food service and atmosphere. Are we going to be significantly better this year versus last year? If the answer is yes, we have a lot of confidence we're going to continue to grow the comp. So that's how we think about it. I know it's very hard to go put that in a mathematical model and feel really confident, but we're going to continue to do that because that continues to work.

所以這對我們來說並不是什麼新鮮事。我要告訴你的是，我和我們團隊關注的是食品服務和氛圍。與去年相比，我們今年的表現會明顯改善嗎？如果答案是肯定的，我們非常有信心繼續發展公司。這就是我們的想法。我知道將其放入數學模型中並感到非常有信心是非常困難的，但我們會繼續這樣做，因為它會繼續發揮作用。

Thank you.

謝謝。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Thanks guys and congratulations. I just wanted to ask if you're seeing any notable shift in sort of the biggest contributors to the momentum that you're seeing in recent quarters. In thinking maybe about 3 for Me utilization, Triple Dipper utilization, marketing benefits, et cetera. Any observations there or has it been pretty steady and consistent, any kind of call outs or observations, be curious. Thank you.

偉大的。謝謝大家，恭喜你們。我只是想問一下，您是否看到最近幾季中對這一勢頭貢獻最大的因素發生了顯著變化。也許正在考慮 3 for Me 的使用率、Triple Dipper 的使用率、行銷優勢等等。有任何觀察嗎？或者它是否相當穩定和一致，任何形式的呼叫或觀察，請保持好奇。謝謝。

Hi Dennis, it's Mika. What really, as Kevin said, our momentum has been very sustainable moving from Q3 into Q4. A couple things I'll note is in Q4 we will roll off a little bit of price. We will be lapping some of the initial Triple Dipper ramp up, so we'll probably most likely roll off a point or so of mix, but traffic continues to be really strong year over year, and we've not seen that momentum slow down at all.

你好，丹尼斯，我是米卡。正如凱文所說，我們的發展勢頭從第三季到第四季一直非常可持續。我要指出的幾件事是，在第四季度，我們將稍微降低一點價格。我們將會涵蓋 Triple Dipper 最初的一些成長點，因此我們很可能會減少大約一個點的混合，但流量逐年保持強勁，而且我們根本沒有看到這種勢頭放緩。

Thanks, Mika. I appreciate it.

謝謝，米卡。我很感激。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Hey, good morning guys. Mika, just a quick clarification on that last comment. You mentioned Chili's maintained momentum in April. Just given the step up in the lap. I was hoping you could clarify is that maintained momentum on a one year basis, or should we be thinking about the comp trend maintaining on a two year basis?

嘿，大家早安。米卡，我只是想快速澄清最後一則評論。您提到了 Chili 在四月保持的勢頭。剛剛在腿上邁出了一步。我希望您能澄清一下，這種保持勢頭是否是基於一年，還是我們應該考慮這種保持趨勢是基於兩年？

It's really very similar trends to Q3 April has, so on the one year it is maintaining, and in a two year I would say traffic is stepped up slightly because we are laughing harder numbers in April.

它的趨勢與 4 月第三季的趨勢非常相似，所以在一年內它保持不變，而在兩年內我會說流量會略有增加，因為我們在 4 月的數據更加強勁。

Okay, that's great. And then the CapEx guidance was a noticeable step up this quarter. Can you give us a little more detail of what changed there? I'm assuming some of it may be the acceleration of the other replacements. But I was hoping you could confirm that and then detail any other items that drove the increase and maybe just help us ballpark what you're thinking for the next fiscal year.

好的，太好了。本季的資本支出指引明顯上升。您能否向我們詳細介紹那裡發生了哪些變化？我推測其中一些可能是其他替代品的加速。但我希望您能確認這一點，然後詳細說明導致成長的任何其他因素，也許能幫助我們大致了解您對下一財年的想法。

Okay. No, great. So you nailed it on the head. So one of the largest increases was the new TurboChef ovens that we spoke about last quarter. So we do have a one-time write-off that will happen in happened -- part of it happened in Q3, the other half of it will happen in Q4 as we write off the old ovens and install the new ovens.

好的。不，太好了。所以你的說法完全正確。增幅最大的產品之一就是我們上個季度談到的新 TurboChef 烤箱。因此，我們確實有一次性註銷，其中一部分發生在第三季度，另一半將發生在第四季度，因為我們註銷了舊烤箱並安裝了新烤箱。

So that did contribute to the step up and depreciation as well as the cost of the new equipment. Just equipment in general is the other driver in maintenance capital as we continue to invest in our buildings, in our atmosphere as sales remain elevated, we continue to take that opportunity to make sure that we have the absolute best and most updated assets that we can.

所以這確實導致了新設備價格的上漲和貶值以及成本的增加。一般來說，設備是維護資本的另一個驅動因素，因為我們繼續投資於我們的建築，在我們的氛圍中，隨著銷售額的持續上升，我們繼續抓住這個機會，確保我們擁有絕對最好和最新的資產。

Okay, great. Thanks.

好的，太好了。謝謝。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Good morning. Thanks. How should we be thinking about your ability to either hold or grow restaurant level margins moving into FY26? I know there's a lot of moving pieces there, but again, sort of your confidence and continuing to have that margin expansion roll into '26.

早安.謝謝。我們應該如何看待您在進入 26 財年時保持或增加餐廳利潤的能力？我知道這裡面有很多變數，但同樣，你的信心和利潤率的持續擴張將會持續到 26 年。

Hi Jeff, yes, no, great question. I do expect restaurant margins to maintain or continue to grow into the future. So a couple things. First of all, we're going to continue to invest in the business, so we maintain our pricing power and by doing that allows us to protect our margins.

嗨，傑夫，是的，不，很好的問題。我確實預計餐廳利潤率在未來將保持或繼續成長。有幾件事。首先，我們將繼續對業務進行投資，以維持我們的定價能力，從而保護我們的利潤率。

A longer term, I'll reserve the right to invest in labor, but as the teams continue to increase in their tenure, they get more productive. We get more used to these higher levels of traffic that all the teams are experiencing. I think that we'll have some productivity opportunities there.

從長遠來看，我將保留投資勞動力的權利，但隨著團隊任期的增加，他們的生產力也會更高。我們已經逐漸習慣了所有團隊都經歷的這種更高水準的流量。我認為我們在那裡會有一些生產力機會。

And then as Kevin said, we expect to grow this business for the long term. So the largest thing for us is to continue to increase our AUVs and we'll be able to leverage those fixed costs and grow margins, as we move forward. So that's worked really well for us, and we continue to plan to do that as we move forward in the future.

正如凱文所說，我們希望長期發展這項業務。因此，對我們來說最重要的事情是繼續增加我們的 AUV，並且隨著我們前進，我們將能夠利用這些固定成本並增加利潤率。這對我們來說非常有效，我們計劃在未來繼續這樣做。

Okay. Thank you.

好的。謝謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Yes, thank you. I was wondering how we should think about kind of the estimated tariff impact on cost of sales, mainly of Tequila and avocado, et cetera. I know there's a lot of uncertainty at the moment, but could you help us kind of size the exposure and whether you have any flexibility in the supply chain to help offset some of that incremental pressure. And any changes to your thinking around pricing if the inflationary pressures end up escalating more meaningfully. Thank you.

是的，謝謝。我想知道我們應該如何看待關稅對銷售成本的影響，主要是龍舌蘭酒和酪梨等。我知道目前存在許多不確定性，但您能否幫助我們確定風險敞口的規模，以及您的供應鏈是否具有靈活性來幫助抵消一些增量壓力。如果通膨壓力最終進一步加劇，您對定價的想法會做出任何改變嗎？謝謝。

All right. Hi, Christine, great question. First of all, so let me go through a lot of different parts of that. So obviously, the tariff situation continues to be fluid, but we have thought about it a lot. So first of all, over 80% of our supply chain basket is sourced domestically. So that's a great thing.

好的。你好，克莉絲汀，這個問題問得好。首先，讓我來介紹一下其中的不同部分。顯然，關稅情況仍在不斷變化，但我們已經對此進行了深思熟慮。首先，我們供應鏈籃子的 80% 以上來自國內。這是一件很棒的事。

Of the balance that's left, at least a third of that comes from Mexico and Canada, and we've had some opportunity there that we won't have as much tariff or as of, right this minute. And then we've looked at the rest of the world and we do have flexibility in our supply chain to move to different countries or do whatever we can to control the cost.

剩下的餘額中，至少有三分之一來自墨西哥和加拿大，我們在那裡有機會避免那麼多的關稅，或者就目前而言。然後我們考察了世界其他地區，我們的供應鏈確實具有靈活性，可以轉移到不同的國家或盡我們所能控製成本。

I will say in the grand scheme of things when we have quantified the impact, we have over $1 billion of food and beverage costs, so it's relatively small to the whole spend that we have in that bucket. So we do think with our current pricing strategy that we can absorb any tariffs that come our way really just within the current strategy that we have.

我想說，從總體上看，當我們量化影響時，我們的食品和飲料成本超過 10 億美元，因此與我們在這一類別中的全部支出相比，這筆費用相對較小。因此，我們確實認為，透過我們目前的定價策略，我們可以吸收任何遇到的關稅。

With our pricing strategy, one of the most important things for us will be to continue to protect those opening price points and that industry leading value for the guests that need it. And then we're going to continue to invest in the business so that we can improve our pricing power and keep leaning into that barbell strategy so that we can price and make sure we protect margins and face any inflation that comes our way.

對於我們的定價策略來說，最重要的事情之一就是繼續為有需要的客人保護這些起始價格點和行業領先的價值。然後，我們將繼續投資於業務，以便我們能夠提高定價能力，並繼續依靠槓鈴策略，以便我們能夠定價並確保我們保護利潤率並應對任何通貨膨脹。

Thank you so much and congrats.

非常感謝，恭喜。

Oh thanks, Christine.

哦，謝謝，克里斯汀。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Hi, good morning, thanks. This is [Pratik] on for Jeff. Kevin, you spoke in your prepared remarks about simplification and removing some of those menu items that are more complex and not maybe mixing as well as, you'd like, but just I wanted to ask maybe the opposite side of that just anything in the pipeline that you're excited about in terms of upgrading the platform. I think fajitas has not necessarily gone through a major overhaul of weight, but just anything you're thinking about going forward to kind of enhance the menu. Thanks.

你好，早安，謝謝。我是 [Pratik]，代表 Jeff 發言。凱文，您在準備好的發言中談到了簡化和刪除一些更複雜、可能混合得不太好的菜單項，但是我只是想問一下，也許與此相反，在平台升級方面，您對任何正在進行的事情感到興奮。我認為法士達不一定要經歷重量上的大調整，但只要你想進一步增強菜單就可以了。謝謝。

Yeah, thanks for the question. So as I said last quarter, we've been working very diligently on redoing our ribs and our Smokehouse platform that will launch in Q1. That will feature a significantly upgraded rib recipe and process in making that rib. You'll get a much crustier, more smoky, delicious rib.

是的，謝謝你的提問。正如我上個季度所說的那樣，我們一直在努力重新設計我們的排骨和 Smokehouse 平台，這些平台將於第一季推出。這將顯著升級排骨的配方和製作過程。您將得到更酥脆、煙燻味更濃鬱、更美味的排骨。

We're also going to be upgrading sides as part of the Smokehouse combo and redoing the merchandizing similar to what we did. With Chicken Crispers a few years ago where we saw explosive growth, today the Chicken Crispers business is up 66% even though it's a more simplified lineup.

我們還將升級 Smokehouse 組合中的配菜，並重新進行與我們之前所做的類似的商品銷售。幾年前，雞肉脆片取得了爆炸式增長，如今，儘管產品線更加簡化，雞肉脆片的業務仍增長了 66%。

So we expect very big things out of the rib platform. We're known for ribs. It's a part of our equity. It's only 3% of our sales. So huge upside to improve that product and improve that platform going forward. We've also got of appetizer upgrades coming in Q1, so we're going to have an all new case. So we have two cases today and we have an opportunity to have one really great case so that's going to allow us to reinvent our nachos today, our nachos are made almost like a tostada style, and most people when they order nachos, expect to get trash can style. That's going to allow us some pricing power as well as a much upgraded nacho that's more consistent with what guests would want.

因此，我們對 Ribbon 平台寄予厚望。我們以排骨聞名。這是我們股權的一部分。這僅占我們銷售額的3%。因此，改進該產品和改進該平台具有巨大的潛力。我們也將在第一季推出開胃菜升級版，因此我們將推出一個全新的案例。因此，我們今天有兩個案例，我們有機會擁有一個非常棒的案例，這樣我們就可以重新發明我們的玉米片，我們的玉米片幾乎像烤玉米餅風格，大多數人訂購玉米片時，都希望得到垃圾桶風格。這將使我們擁有一些定價權，並且可以提供更符合客人需求的升級版玉米片。

The nachos that I've tasted, I think is unbeatable in the market right now, so I'm very excited about Q1. That's going to be all launch before football season when ribs, nachos, and queso, it's going to be very much in vogue. And then in the back half of that fiscal year, we're looking at upgrading our steak program as well as our salad program.

我認為我品嚐過的玉米片在目前市場上是無與倫比的，所以我對第一季感到非常興奮。這一切都將在足球賽季之前推出，屆時排骨、玉米片和起司醬將會非常流行。然後在該財政年度的後半段，我們正在考慮升級我們的牛排計劃以及沙拉計劃。

So and then there's more things in the following fiscal. So we've got, I always say there's way more opportunities ahead of us that are behind us now. I know we feel really good about the core for upgrades and the five to drive, but quite frankly we've got a lot more things on the menu that we can make even stronger and better, and that both gives us pricing power as well as continues to allow us to drive traffic when we have craveable items that you can only get at Chili. So I'm very bullish about the innovation moving forward.

因此，在接下來的財政年度中還會有更多的事情。所以，我總是說，我們面前還有更多機會。我知道我們對升級的核心和五個驅動因素感到非常滿意，但坦白說，我們的菜單上還有更多可以做得更強大、更好的東西，這不僅給了我們定價權，而且當我們有隻能在 Chili 買到的令人垂涎的物品時，也讓我們繼續吸引流量。因此，我對未來的創新發展非常樂觀。

Sounds very exciting. Thank you so much for the color.

聽起來很令人興奮。非常感謝你提供的顏色。

Andrew Strelzik, BMO.

蒙特利爾銀行 (BMO) 的 Andrew Strelzik。

Hey, good morning. Thanks for taking the question. I wanted to ask about investments moving forward. And Mike, you talked about reserving the right to invest in labor and having the listening sessions with some of the dishwashers.

嘿，早安。感謝您回答這個問題。我想詢問有關未來的投資情況。麥克，你談到了保留投資勞動力的權利以及與一些洗碗工進行傾聽會議。

How is the conversation evolving with operators in terms of what they're asking for to keep up with the traffic growth? Where are you seeing kind of maybe some of the biggest opportunities? And how do we think about the timing of those things? Thanks.

就營運商要求如何跟上流量成長而言，與營運商的對話進度如何？您認為哪裡存在著最大的機會？我們如何看待這些事情發生的時機？謝謝。

Hi, Andrew, yes. So great question. It is a journey for us. So as the -- we had a huge step change in the business that started in October with traffic trends really increasing at a significant amount. And I'm really proud of how the operators have stepped up and made sure that we were prepared and had the labor that we needed to take care of the guests.

嗨，安德魯，是的。這個問題問得真好。對我們來說這是一趟旅程。因此，從 10 月開始，我們的業務發生了巨大的變化，流量趨勢確實大幅成長。我為操作員的挺身而出並確保我們做好準備並擁有照顧客人所需的勞動力感到非常自豪。

So that was step one is we just had to make sure that we're staffed and we're ready for the new guests that are trying out Chili's and the guests that are coming back to make sure they have an out of this world experience and that they come back. And so that was job one.

所以第一步是我們必須確保我們配備了員工，並為嘗試 Chili's 的新客人和回來的客人做好準備，確保他們擁有超乎尋常的體驗，並願意再次光臨。這就是第一項工作。

I do think over time that the operators will work closely to make sure where we are investing more hours that its strategic and that we know what the return is and that we are improving the guest or team member experience in some form or fashion to continue to drive traffic in the long term.

我確實認為，隨著時間的推移，運營商將密切合作，以確保我們投入更多的時間，這是戰略性的，我們知道回報是什麼，並且我們正在以某種形式或方式改善客人或團隊成員的體驗，以繼續長期推動流量。

So I do think there's opportunity as we get -- we build those muscles and we can improve some productivity, but we may identify, like Kevin said, some other places that we need to continue to invest to make sure that we grow this thing for the long-term.

因此，我確實認為我們有機會——我們鍛鍊了這些力量，我們可以提高一些生產力，但就像凱文所說的那樣，我們可能會發現一些我們需要繼續投資的其他地方，以確保我們長期發展這個產業。

One other thing is guest metrics continue to improve year over year, and that's something we watch really closely. So we're going to continue to keep an eye on that. But right now, we feel really good about those investments that we made, and we're going to work together to make sure we continue to make smart investments as we move forward.

另一件事是客人指標逐年持續改善，這是我們密切關注的事情。因此我們將繼續關注此事。但現在，我們對所做的投資感到非常滿意，我們將共同努力，確保在未來繼續進行明智的投資。

Yeah. And it's Kevin, Andrew. The other thing I would add is, and we've been consistent since I started three years ago is that the investments that we make, we're tying them to growing the overall business. So if you actually look at our -- all the investments and then compare that to the ROM results that we've had, the EBITDA results we have, I think we've got a track record now where we primarily invest in things that grow the business and improve the four-wall economics of owning Chili's.

是的。我是凱文，安德魯。我想補充的另一件事是，自從三年前我開始工作以來，我們始終堅持將所做的投資與整體業務的成長聯繫起來。因此，如果你真的看看我們的所有投資，然後將其與我們的 ROM 結果、EBITDA 結果進行比較，我認為我們現在已經有了良好的業績記錄，我們主要投資於能夠發展業務和改善擁有 Chili's 的四面經濟效益的項目。

And so I don't anticipate that changing. I will tell you, we are literally this week with our Vice President of Operations and my leadership team, and we are looking at next fiscal's plan. We understand our pricing assumptions. We understand our traffic assumptions. We're looking at the headwinds that are there, things like tariff to make sure that we can cover them like Mika talked about.

所以我預計這種情況不會改變。我會告訴你，本週我們確實與我們的營運副總裁和我的領導團隊一起研究下一個財務計劃。我們了解我們的定價假設。我們了解我們的交通假設。我們正在研究存在的不利因素，例如關稅等，以確保我們能夠像米卡所說的那樣解決這些問題。

And then we're looking at potential investments, and we're going to all hold hands together as a field and home office team to decide which things that we think are needed to continue to accelerate the business and which things maybe we need to pause on based on what we -- everybody is seeing in the macro until we have a little bit more visibility about what's happening.

然後，我們正在尋找潛在的投資，我們將作為一個現場和總部團隊攜手合作，決定哪些事情我們認為需要繼續加速業務發展，哪些事情我們可能需要暫停，這取決於我們——每個人在宏觀上看到的情況，直到我們對正在發生的事情有更清晰的了解。

And so if you look at the track record of what we've done with investments and I think taking it to the next level where we're partnering with the field team as one team to figure out which investments are going to make the most sense to accelerate the business, I'm very confident we're going to make the right choices.

因此，如果你看看我們在投資方面所做的事情的記錄，我認為將其提升到一個新的水平，即我們與現場團隊合作，作為一個團隊來找出哪些投資最能加速業務發展，我非常有信心我們會做出正確的選擇。

Great. Thank you very much.

偉大的。非常感謝。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great. Thanks for taking the question. Maybe first, a modeling one and then just the natural question. On the modeling side, for the fourth quarter, can you give us a range for where you think G&A and D&A will settle out?

偉大的。感謝您回答這個問題。也許首先要有一個模型，然後才是自然的問題。在模型方面，對於第四季度，您能否給我們一個您認為 G&A 和 D&A 將會穩定的範圍？

And then the question is, on the Chili's business itself, traffic has been exceptionally impressive. So I'm curious if maybe you can speak to the breakdown between an increase in frequency with existing guests versus new guests coming in the door for the first time or perhaps lapsed users to the brand coming back in the doors. And just curious if you could kind of suss out the distinction between them?

然後問題是，就 Chili 的業務本身而言，流量一直非常令人印象深刻。所以我很好奇，您是否可以談談現有客人頻率增加與首次進店的新客人或品牌流失用戶再次進店的頻率增加之間的細分情況。我只是好奇您是否能弄清楚它們之間的差異？

Okay. Hi, Jon. So first of all, to start with your first question, depreciation and G&A from maybe an absolute dollar amount, those will be very similar from what you saw in Q3 and Q4. So I'll just guide you guys that way for the modeling question.

好的。你好，喬恩。首先，從您的第一季度開始，折舊和一般及行政費用可能從絕對美元金額來看，與您在第三季和第四季看到的情況非常相似。因此我將以這種方式指導你們解決建模問題。

As far as traffic goes, really, when you have traffic trends like ours when they're up over 20%, it's really coming from all places. So again, we're growing all income levels, all age groups. It's new guests that are coming back, and it's current guests that are coming back more frequently.

就流量而言，實際上，當流量趨勢像我們這樣上漲超過 20% 時，它實際上來自各個地方。所以，我們各個收入水準、各個年齡層的人都在成長。回來的是新客人，回來的也是老客人。

So it's really hard to break it down when everybody is coming more often at Chili's. What we do know, again, is that, that guest experience continues to improve and that we know people are coming to Chili's are having a great experience and they're coming back. And over time, we think we're going to continue to drive that frequency number.

因此，當每個人都越來越頻繁地光顧 Chili's 時，要細分情況真的很難。我們確實知道的是，客人的體驗不斷改善，我們知道來到 Chili's 的人們獲得了很棒的體驗，並且他們會再次光臨。隨著時間的推移，我們認為我們將繼續推動這個頻率數字。

All right. Thank you.

好的。謝謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Hi, Brian. Brian?

你好，布萊恩。布賴恩？

I wonder if you are unmute, Brian.

我想知道你是否解除了靜音，布萊恩。

Sorry about that. Yep, unmute. Sorry about that. So thank you. Good morning. So just a couple of clarifications if I could. On Chili's year on year pricing, is that still expected to moderate sort of into that 2.5% to 3% range as we move into the fourth quarter? And do you view that as sort of a sustainable range from here?

很抱歉。是的，取消靜音。很抱歉。所以謝謝你。早安.如果可以的話我只想澄清幾點。關於 Chili 的同比定價，隨著我們進入第四季度，是否仍預計會緩和到 2.5% 至 3% 的範圍內？您認為這是一個可持續的範圍嗎？

And you made a comment on mix as well that you might, I think, roll off a point. But I just wanted to clarify, you still expect mix to be up, call it, mid-single somewhere in that range, but you're just rolling off a point. Was that what you were saying there, Mika?

而且您也對混合發表了評論，我認為您可能會得出一個觀點。但我只是想澄清一下，你仍然希望混合度上升，稱之為中間單調，在這個範圍內的某個地方，但你只是滾動了一個點。米卡，這就是你所說的嗎？

Yes. Thank you, Brian. So yes, you got it exactly right. So we're going to roll off a little bit of price. I would say price will be in that 2% to 3% in the fourth quarter. I think longer term, our price should probably live in that 3% to 5% range. We always reserve the right to move that up or down depending on what's happening in the macro environment, but that's kind of an earmark, I would use now for a longer-term place.

是的。謝謝你，布萊恩。是的，您說得完全正確。因此我們將稍微降低一點價格。我認為第四季價格將上漲 2% 至 3%。我認為從長遠來看，我們的價格應該在 3% 到 5% 的範圍內。我們始終保留根據宏觀環境變化而上調或下調這筆金額的權利，但這是一種專項撥款，我現在會將其用於長期用途。

As far as mix goes, again, Triple Dipper is driving a lot of mix. And then you got that right. I said we'd roll over about 1 point or so as we start lapping those higher mix numbers from last year when Triple Dipper really took off.

就混合而言，Triple Dipper 再次推動了大量混合。那你就答對了。我說過，當我們開始超越去年 Triple Dipper 真正起飛時的那些更高的混合數字時，我們將翻番大約 1 分左右。

All right. Thank you. And sorry if I missed it, but what was the total 3 for Me mix in the quarter and the split between the $10.99 and the higher tiers? And do you also have the sales mix on the Triple Dipper handy?

好的。謝謝。如果我錯過了，請見諒，但本季 3 for Me 的總量是多少，以及 10.99 美元和更高等級之間的分配是多少？您手邊還有 Triple Dipper 的銷售組合嗎？

Yes. So as far as the 3 for Me, we've done a really great job of keeping it very consistent. So it's been in that 18% to 19% range and it stayed right there in Q3, nothing changed. And then as far as the $10.99 level, it's right at that 56%. Again, no change Q2 to Q3. So we're managing it exactly as expected. Triple dipper sales for the quarter, I think we talked about that being about -- the increase is up, I think it's about up 1%, yeah. So of total sales, it went from like, I think, 11% to 12%. Is that right, Kim?

是的。就 3 for Me 而言，我們在保持其一致性方面做得非常出色。所以它一直處於 18% 到 19% 的範圍內，並且在第三季度保持在這個水平，沒有任何變化。就 10.99 美元的水平而言，它正好處於 56%。同樣，Q2 到 Q3 沒有變化。因此我們的管理完全符合預期。本季銷售額成長了三倍，我想我們討論的是——增幅正在上升，我認為大約上升了 1%，是的。因此，我認為，在總銷售額中所佔比例從 11% 上升到了 12%。對嗎，金？

Yeah. Actually, the menu mix went -- the mix went from 11% to 12%.

是的。實際上，菜單組合從 11% 上升到了 12%。

Okay, yeah.

好的，是的。

And sales, dollar sales are 15%, up a point.

銷售額、美元銷售額成長了 15%，上升了一個點。

Exactly, yeah.

確實如此。

Okay. Dollar sales up 1 point to 15%. Okay. Very helpful. Last one, if I could just ask on the margins real quick. Can you level set us on your advertising spend expectations in the fourth quarter? And then I think we're lapping the outsized repair and maintenance from last fourth quarter.

好的。美元銷售額成長 1 個百分點，達到 15%。好的。非常有幫助。最後一個問題，如果我可以快速詢問一下邊緣問題的話。您能否為我們設定第四季的廣告支出預期？然後我認為我們正在進行去年第四季以來的大規模維修和維護。

Any guardrails on kind of repair and maintenance, I'm obviously mindful of the investments you're making in the business given your very, very healthy traffic? But just if you could level set your thinking on those two items? Thanks so much.

在維修和保養方面有任何防護措施嗎？考慮到你們的交通狀況非常非常好，我顯然很關注你們在業務上所做的投資？但是，如果您能對這兩項內容進行公平思考，會怎麼樣呢？非常感謝。

Yeah. So advertising, as I talked about last time, will be up in the fourth quarter. That's where we have some of our increased spend. It will probably be closer to 3% of sales, where it was a little bit less than that in the third quarter. So you will see an increase there. And then R&M, it is planned to be favorable year over year. I would expect the run rate to be about the same as the third quarter, though.

是的。正如我上次提到的，廣告業務在第四季將會增加。這就是我們增加的部分支出。它可能接近銷售額的 3%，比第三季略低。因此你會看到那裡有所增長。然後是 R&M，計劃逐年取得良好進展。不過，我預計運行率將與第三季大致相同。

Thank you very much.

非常感謝。

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 results. The step-up in April in terms of two-year traffic, can you discuss whether that was a reaction to the big QP promotion or perhaps, it's just momentum in addition to some other factors such as weather or macros? And in terms of the performance of the Big QP, how does that compare to the Big Smasher in terms of menu incidents?

你好。感謝您的提問，並祝賀您取得如此出色的成績。就兩年來的流量而言，四月份的流量有所增加，您能否討論一下這是對大型 QP 促銷活動的反應，還是僅僅是勢頭加上天氣或宏觀等一些其他因素？就 Big QP 的性能而言，它在菜單事件方面與 Big Smasher 相比如何？

Yeah. So it's Kevin. Eric, so the momentum is all of the above. So when we saw the Big Smasher a year ago really take off, we thought, hey, we need to make sure we have really, really strong plans a year from now so we can continue the momentum going. And that was why the Big QP was designed. It was designed to keep momentum going.

是的。原來是凱文啊。埃里克，所以勢頭就是以上所有。因此，當我們在一年前看到 Big Smasher 真正起飛時，我們就想，嘿，我們需要確保我們在一年後有非常非常強大的計劃，這樣我們才能繼續保持這種勢頭。這就是設計 Big QP 的原因。其設計目的是為了保持發展勢頭。

We are selling more Big QPs than we did Big Smashers at launch. So we feel very bullish. We've also had more media impressions or PR impressions for the Big QP probably because we have more of an audience now about value based on our track record of value.

我們銷售的 Big QP 比剛推出時的 Big Smashers 還要多。所以我們感到非常樂觀。我們也獲得了更多關於 Big QP 的媒體印像或公關印象，可能是因為根據我們以往的價值記錄，我們現在擁有了更多了解價值的受眾。

So we feel very good about the ability of the Big QP to continue the acceleration of the business. I also think just in general, as we continue to improve service levels and food grade scores, I think that's why you're seeing the business continue to have momentum.

因此，我們對 Big QP 繼續加速業務的能力感到非常滿意。我還認為，總的來說，隨著我們繼續提高服務水平和食品等級評分，我認為這就是您看到業務繼續保持發展勢頭的原因。

Like that's what we've always maintained is we've got to continue to improve the experience for the guests if we expect to continue to grow comps on top of growing comps, and that's exactly what we're doing right now. So the net of it is Big QP is doing what it's been designed to do, which is to continue the momentum on value. And then the things that we're doing outside of a promotion, working on the fundamentals of casual dining, we can continue to work to continue to accelerate our business.

就像我們一直堅持的那樣，如果我們希望繼續增加客人數量，我們就必須繼續改善客人的體驗，而這正是我們現在正在做的事情。因此，Big QP 的淨值正在執行其設計目的，即繼續保持價值動能。然後，除了促銷之外，我們還在做一些致力於休閒餐飲基本面的事情，我們可以繼續努力繼續加速我們的業務。

Thanks.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Hi. Thanks for the question. Isiah Austin on for Sara. Just a quick question, just speaking about value perception. How would you say that the value environment, promotional intensity has trended just throughout the quarter and going into April? And if you can just give broader comments on the demand environment as a whole, that would be appreciated. And I have a quick follow-up.

你好。謝謝你的提問。伊賽亞·奧斯汀替換薩拉上場。這只是一個簡單的問題，只是談論價值觀念。您認為整個季度以及 4 月份的價值環境和促銷強度趨勢如何？如果您能對整個需求環境給予更廣泛的評論，我們將不勝感激。我有一個快速的後續行動。

Okay. For us, the 3 for Me, the demand on our $10.99 has been very stable, very steady. So we didn't see any increases from Q3 into April. It's been right at that 19% and then a little bit over half of that is what's on the $10.99 value.

好的。對我們來說，3 for Me 對 10.99 美元的需求一直非常穩定。因此，我們沒有看到從第三季到四月的任何成長。它正好處於 19% 的位置，其中略多於一半的價格就是 10.99 美元的價格。

And competitively, you guys see what we see, right? Obviously, the environment has gotten more and more competitive. It got more competitive last quarter that we reported on in Q2. It's obviously gotten more competitive this quarter. It doesn't seem to be making a dent in what we're doing.

從競爭角度來看，你們也看到了我們所看到的，對嗎？顯然，環境變得越來越有競爭力。正如我們在第二季報告中所報告的那樣，上個季度的競爭變得更加激烈。本季的競爭顯然變得更加激烈。這似乎並沒有對我們所做的事情產生影響。

And once again, I don't think that the value equation is just about the lowest price. I think we've proven now it's about both the price as well as what you get and the experience that you have. And I think what you're seeing in the industry is the guys that are growing market share right now, they're the ones that have generally better experience. And so it's not just about the lowest price point.

再說一次，我不認為價值等式只是與最低價有關。我認為我們現在已經證明，這不僅與價格有關，還與您獲得的產品和體驗有關。我認為，你在行業中看到的是，現在市場份額不斷增長的人，他們通常擁有更豐富的經驗。所以這不僅涉及最低價格點。

We're pretty confident that as long as we keep our experience levels high and keep our food scores high with a $10.99 price point, we think that's pretty difficult to beat in the industry, and we're well positioned even if the macro were to continue to soften.

我們非常有信心，只要我們保持高水準的經驗，並以 10.99 美元的價格保持高食品分數，我們認為這在行業中很難被打敗，而且即使宏觀經濟繼續疲軟，我們也能佔據有利地位。

So -- but we're seeing exactly what you guys are seeing, intense promotional activity. We're seeing all the same things about where the consumer sentiment is. But as far as our business results that they don't seem to be that impacted by what's going on right now, I think, given where we're positioned.

所以——但我們看到的和你們看到的完全一樣，激烈的促銷活動。我們看到消費者情緒呈現相同的情況。但就我們的業務成果而言，考慮到我們的定位，我認為它們似乎並沒有受到當前情況的影響。

Got it. Makes sense. Thank you. And just really quickly, it looks like operating leverage was slightly lower year over year versus 2Q, despite like similar same store sales growth. Could you talk about kind of the underlying dynamic that may have shifted quarter over quarter there?

知道了。有道理。謝謝。很快我們就可以看出，儘管同店銷售額成長類似，但與第二季相比，營業槓桿率比去年同期略有下降。您能否談談每個季度可能發生的變化的潛在動態？

Yeah. So really, it was labor. And so I talked about in Q2 that we were understaffed in October. And so we staffed up throughout that quarter, and then you saw that momentum continue with the staffing up into Q3. So we over earned just a touch in labor in Q2 and then that normalized in Q3. So that's where you saw that change.

是的。所以實際上，這是勞動。所以我在第二季談到我們十月人手不足。因此，我們在整個季度都增加了員工，然後您會看到這種勢頭持續到第三季。因此，我們在第二季的勞動成本中略微獲利，然後在第三季恢復正常。這就是你看到的改變。

Thank you.

謝謝。

You're welcome.

不客氣。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

Hey, thanks for the question. Congratulations on a great quarter. I was wondering, given the many changes you've made, how has the capacity of an average Chili's improved in terms of weekly in-store traffic and off-premises traffic? And then what constraints -- capacity constraints are you trying to resolve going forward?

嘿，謝謝你的提問。恭喜本季取得優異成績。我想知道，鑑於你們所做的許多改變，就每週店內客流量和店外客流量而言，Chili's 的平均容量有何提高？那麼，您未來想要解決哪些限制—容量限制？

Yeah. Hey, Jim, it's Kevin. So that's a great question. It's something we're working on. We have a team that we put together, we call it the north of six team. So there's over 100 restaurants today that do more than $6 million AUVs. Our brand average is closer to [43, 45] right now. So these are restaurants that they're not any bigger than a normal Chili's. And for some reason, they're able to handle huge capacities, right?

是的。嘿，吉姆，我是凱文。這是一個很好的問題。這是我們正在努力的事情。我們組了一支隊伍，我們稱之為「北六隊」。因此，目前有超過 100 家餐廳的平均每日營業額 (AUV) 超過 600 萬美元。我們的品牌平均值目前接近[43, 45]。所以這些餐廳並不比普通的 Chili's 大。而且由於某種原因，它們能夠處理巨大的容量，對嗎？

And what we're learning is they do some things differently than the corporate structure, and we're learning from them to then reapply that to the other parts of the system. So we don't think there's any capacity constraint in terms of the equipment or the size of the boxes, given we have a sizable number of restaurants that are doing upwards. Some of them do $9 million, $10 million AUVs. It's really about learning from them to understand what are the different things that we need to do to make sure we get the most out of our boxes.

我們正在學習的是，他們所做的事情與公司結構有所不同，我們正在向他們學習，然後將其重新應用到系統的其他部分。因此，考慮到我們擁有大量正在向上發展的餐廳，我們認為在設備或箱子尺寸方面不存在任何容量限制。其中一些公司的 AUV 價值 900 萬美元、1000 萬美元。這實際上是為了向他們學習，了解我們需要做哪些不同的事情，以確保最大限度地利用我們的盒子。

The other thing that Mika referred to earlier is our teams are starting to get used to the higher volumes. So it was probably easier for a team that was doing, let's say, $5 million AUVs and it's gone up to $7 million. That's much easier for that team because they're used to having high volumes versus a team that maybe was doing $3 million AUVs that is doing $4.5 million.

Mika 之前提到的另一件事是我們的團隊開始適應更高的工作量。因此，對於 AUV 價值為 500 萬美元並且已經上漲到 700 萬美元的團隊來說，這可能會更容易。對該團隊來說這要容易得多，因為他們習慣於高交易量，而之前可能做 300 萬美元 AUV 的團隊現在做 450 萬美元。

And so the teams are getting more and more used to how they deal with the volumes. They're sharing learnings across the system, and we're just getting stronger about higher volume and higher traffic. So our traffic is now back to where it was over a decade ago in terms of 2015 levels.

因此，團隊越來越習慣如何處理這些數量。他們在整個系統內分享經驗，我們在應對更高容量和更高流量方面也變得更加強大。因此，就 2015 年的水準而言，我們的流量現已恢復到十多年前的水準。

So we're going to continue to get stronger and stronger. And I love this north of six team, using the best operators in the system, working on the highest volume restaurants to start teaching the lower volume restaurants as well as what are the things that we need to do differently corporately to be able to handle the increased traffic.

所以我們會變得越來越強大。我喜歡這個位於六號以北的團隊，他們使用系統中最好的操作員，從客流量最大的餐廳開始，向客流量較小的餐廳進行培訓，並指導我們在公司層面需要做哪些不同的事情才能應對日益增長的客流量。

All right. And a quick follow-up. Could you update us on what the off-premises mix is delivery and pickup?

好的。並進行快速跟進。您能否向我們介紹一下場外配送和提貨的情況？

Yes. So off-premise for both brands keeps -- it still hovers around that 24%, 25%. And then the delivery for Chili's is half of that. So it's still about half and half split between carryout and delivery.

是的。因此，這兩個品牌的場外銷售額仍徘徊在 24% 至 25% 左右。而 Chili's 的送貨費用只有這個的一半。因此，外帶和外送的比例仍然是各佔一半。

All right. Thank you very much.

好的。非常感謝。

You're welcome.

不客氣。

[Rahul Krott, JP Morgan].

[拉胡爾·克羅特，摩根大通]

Good morning, guys. You have a significantly delevered balance sheet now and a strong free cash flow trajectory. How should we think about the levels of future CapEx, especially considering the ramp of Chili’s remodels and Maggiano's growth? If you can elaborate some detail there? And further down the line, would M&A re-enter the picture for Brinker at all?

大家早安。您現在擁有顯著去槓桿化的資產負債表和強勁的自由現金流軌跡。我們應該如何考慮未來的資本支出水平，尤其是考慮到 Chili 的改造和 Maggiano 的成長？能詳細說明一下嗎？那麼，未來 Brinker 是否還會再考慮併購呢？

All right. So moving forward, we did talk about that our CapEx could ramp up with the reimages. And so we'll get into more specifics on what our CapEx budget will be in the future next quarter when we wrap it up and kind of guide for next year. But again, we will continue to utilize this cash that we're generating to invest in the business and grow the business long term.

好的。因此，展望未來，我們確實談到了我們的資本支出可能會隨著重新映像而增加。因此，當我們總結時，我們將在下個季度更詳細地介紹我們的資本支出預算，並為明年提供指導。但我們將繼續利用所獲得的現金來投資業務並實現業務的長期發展。

Other than that, I've said, invest in the business, pay down our debt, that will be significantly done by the end of this fiscal year. So the third priority would be return cash to the shareholders. We've mentioned that we would probably do that in the form of a share purchase program next on the list. So we'll see as the time happens on that.

除此之外，我已經說過，投資業務，償還債務，這些將在本財年結束前完成。因此，第三個優先事項是向股東返還現金。我們已經提到，我們可能會以股票購買計劃的形式來實現這一目標。因此，我們將隨著時間的推移觀察這種情況。

As far as M&A goes, obviously, there is nothing that is on the radar right now. We always look at opportunities in the future, but nothing that we're doing or considering right now. We're going to lean into Maggiano's. We have a small brand that we're very proud of that we're in the midst of turning around, and we think that brand has a lot of growth opportunities. So we're going to lean into that opportunity first.

就併購而言，顯然目前還沒有任何值得關注的事情。我們總是尋找未來的機會，但不會考慮現在正在做的事情。我們將傾向於 Maggiano 的。我們有一個小品牌，我們對此感到非常自豪，我們正處於轉型期，我們認為該品牌有很多成長機會。因此，我們將首先抓住這個機會。

Thank you.

謝謝。

You're welcome.

不客氣。

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.

問答環節已結束。現在我想請金·桑德斯發表最後評論。

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

謝謝你，霍莉。今天的通話到此結束。我們感謝大家的加入，並期待在八月向您報告我們的第四季業績。祝您有美好的一天。

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。現在您可以斷開電話線並享受美好的一天。感謝您的參與。