Brinker International Inc (EAT) 2025 Q4 法說會逐字稿

Good day and welcome to the Brinker International's Q4 F 25 earnings call.

大家好，歡迎參加 Brinker International 的 Q4 F 25 收益電話會議。

(Operator Instructions)

（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.

謝謝你，霍莉，大家早安，謝謝你們參加今天的電話會議。

Here with me today are Kevin Hochman, President and Chief Executive Officer and President of Chili's; and Mika Ware, Chief Financial Officer.

今天與我一起在場的還有 Chili's 總裁兼執行長 Kevin Hochman 和財務長 Mika Ware。

Results for our fourth 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. 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. 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.

我們第四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。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。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 today to discuss our financial and operating performance in the quarter, as well as to share guidance for fiscal '26.

謝謝你，金，大家早安。感謝您今天加入我們，討論本季的財務和營運業績，並分享 26 財年的指導。

Q4 Chili's same-store sales were plus 24%, outperforming a stronger casual dining industry by 1,890 basis points. This result was lapping of 15% in Q4 last year for a two-year comp of plus 39%. Q425 marks the completion of our three years into our turnaround plan, and the sustained results continue to be very encouraging.

Chili 第四季同店銷售額成長 24%，比實力更強的休閒餐飲業高出 1,890 個基點。這一結果比去年第四季成長了 15%，兩年的複合成長率為 39%。2025 年第四季標誌著我們三年轉虧為盈計畫的完成，持續的業績仍然令人鼓舞。

Chili's has now beat the industry the past seven quarters on traffic, as well as completed our 17th consecutive quarter of positive same-store sales growth. Our three year fiscal '25 comp sales growth number is plus 40%, and that growth has lifted AUVs to $4.5 million.

過去七個季度，Chili's 的客流量一直領先於行業平均水平，並且連續第 17 個季度實現了同店銷售額正成長。我們 25 財年的三年同店銷售額成長率為 40%，這一成長使平均銷售額 (AUV) 達到 450 萬美元。

Through simplification and growth, we've also been able to expand Chili's restaurant operating margins significantly from 11.9% in fiscal '22 to 17.6% in fiscal '25. With $4.5 million AUVs, everything generally gets easier for the restaurants, labor budgets, repairs and maintenance, staffing, cleaning, and keeping food coming out hot and delicious.

透過簡化和成長，我們也能夠將 Chili 餐廳的營業利潤率從 22 財年的 11.9% 大幅提高到 25 財年的 17.6%。有了 450 萬美元的 AUV，餐廳的一切都會變得更加輕鬆，包括勞動力預算、維修和保養、人員配備、清潔以及保證食物又熱又美味。

When you have these fundamentals in place and labor and facilities are properly funded, it's a lot easier to continue improving the guest and team member experience over the next three years. With a significantly streamlined menu, more labor deployed, a restaurant, a state in better condition with better equipment, and a brand and culture that people are excited about, Chili's is well positioned to continue growing market share in the industry for years to come.

當你具備了這些基礎條件，並且勞動力和設施得到了適當的資金支持，那麼在未來三年內繼續改善客人和團隊成員的體驗就會容易得多。憑藉著大幅精簡的菜單、部署的更多勞動力、一家餐廳、擁有更好設備的更好的狀態以及人們所興奮的品牌和文化，Chili's 完全有能力在未來幾年繼續擴大其行業市場份額。

These strong quarterly results were achieved by our continued focus on the fundamentals of casual dining, food service, and atmosphere. At the end of Q4, we relaunched our ribs platform. Customers are raving about the look, the size, and the taste of the ribs.

這些強勁的季度業績得益於我們持續關注休閒餐飲、餐飲服務和氛圍的基本面。在第四季末，我們重新推出了我們的ribs平台。顧客們對排骨的外觀、大小和味道讚不絕口。

It's a very noticeable upgrade with a full rack of ribs that are so big and look so delicious, they are a wow when guests see them come to the table. After we get a quarter of execution reps for our restaurant teams on the new ribs, our plan is to turn on digital marketing in Q2.

這是一個非常明顯的升級，滿滿一排排骨又大又美味，當客人看到它們端上餐桌時，都會驚嘆不已。在我們餐廳團隊獲得四分之一的新排骨執行代表後，我們計劃在第二季度啟動數位行銷。

It's clear we have a winning product with our new ribs, and our intent now is to use them to drive traffic. We also rolled out our new frozen Marg program, which features a New Premium PATRÓN Frozen base whipped in newly tailored Marg machines.

顯然，我們的新肋條產品很受歡迎，我們現在的目的是利用它們來吸引流量。我們還推出了新的冷凍瑪格麗特 (Marg) 計劃，該計劃以全新優質 PATRÃN 冷凍基底為特色，並在全新定制的瑪格麗特 (Marg) 機器中攪打而成。

The new tailors deliver a superior frozen Marg texture as well as have a larger production capacity, which is important because we are selling nearly twice the number of frozen Margs even at the significantly higher $10 price point.

新的裁縫提供了優質的冷凍瑪格麗特質地，並且具有更大的生產能力，這一點很重要，因為即使價格高得多，達到 10 美元，我們銷售的冷凍瑪格麗特數量也幾乎是原來的兩倍。

Customers love the new PATRÓN Frozen, the Flamingo Freeze featuring Tito's Vodka, and the Arctic Drift featuring Malibu Coconut Rum and Blue Curaçao. We believe we now have the best tasting frozen Margs in the restaurant industry.

顧客喜歡新款 PATRÃN Frozen、以 Tito's Vodka 為特色的 Flamingo Freeze 以及以 Malibu 椰子蘭姆酒和藍色庫拉索酒為特色的 Arctic Drift。我們相信我們現在擁有餐飲業中最美味的冷凍瑪格麗特。

The marketing team successfully launched a new frozen program at a press event in New York City featuring the world's first ever frozen Chili's restaurant, and the reviews and sales of the new frozen program are significantly exceeding expectations.

行銷團隊在紐約市舉行的新聞發布會上成功推出了一項新的冷凍計劃，其中介紹了世界上第一家冷凍 Chili's 餐廳，新冷凍計劃的評價和銷售量大大超出了預期。

And lastly on food, I'd like to share the results of the Big QP launch, which continues our Chili's industry leading value story at $10.99. The marketing team came up with a brilliant launch event that they called Fast Food Financing, where guests tired of paying high prices for fast food could apply for loans to pay for their next fast food purchase and try the new Big QP.

最後，關於食品，我想分享 Big QP 的發布成果，它延續了 Chili's 行業領先的超值理念，售價僅為 10.99 美元。行銷團隊策劃了一場精彩的發布活動，名為“快餐融資”，讓厭倦了高價快餐的顧客可以申請貸款，支付下次購買快餐的費用，並嘗試全新的 Big QP。

This event not only created incredible buzz all throughout the country, it reinforced Chili's as a restaurant value leader. And through sharp menu merchandizing, we've been able to keep 3 for Me mix flat at under 18% and reduce $10.99 mix to 7.7% even with the Big QP's success.

這項活動不僅在全國引起了轟動，還鞏固了 Chili’s 作為餐廳價值領導者的地位。透過精準的菜單行銷，即使在 Big QP 取得成功的情況下，我們也能夠將 3 for Me 混合裝的售價保持在 18% 以下，並將 10.99 美元的混合裝售價降低至 7.7%。

We also delivered more operational improvements in Q4. TurboChefs have now been successfully installed in all restaurants, resulting in the retirement of the CTX and impinger units. We continue to hear from the restaurant teams that TurboChefs put out way less heat in the kitchen, cook more evenly and quickly, are more reliable and easier to clean than the old equipment.

我們也在第四季度實現了更多營運改善。TurboChefs 現已成功安裝在所有餐廳，CTX 和撞擊式裝置已不再使用。我們不斷聽到餐廳團隊表示，與舊設備相比，TurboChefs 在廚房中產生的熱量更少，烹飪更均勻、更快速，更可靠且更容易清潔。

They also enabled the noticeable delicious bark on our new ribs, and we believe the sales growth in ribs alone will deliver the return on investment we need for the new equipment. Q4 also saw continued simplification of pantry ingredients and menu items.

它們還使我們的新排骨具有了明顯美味的外皮，我們相信僅排骨的銷售增長就足以為我們帶來新設備所需的投資回報。第四季度，食品儲藏室的配料和菜單項目也持續簡化。

We eliminated a net of 10 pantry SKUs and 8 food and drink menu items, which will allow our bartenders and cooks to focus on making fewer things better and help with less things to order and to inventory. We have now started the year four of our turnaround, and there are some that have questioned the sustainability of our results, which is a fair question given the history of casual dining and of Chili's.

我們淨減少了 10 個食品儲藏室 SKU 和 8 個食品和飲料菜單項，這將使我們的調酒師和廚師能夠專注於讓更少的東西變得更好，並有助於減少訂購和庫存的東西。現在我們已經進入轉型的第四年，有些人質疑我們業績的可持續性，考慮到休閒餐飲和 Chili's 的歷史，提出這樣的質疑也是合理的。

Our strategy that we shared 2.5 years ago at our Investor Day was simple. Address the key fundamentals to winning casual dining for the long term, food, service and atmosphere. And while there's still lots of opportunity ahead of us, we are a much different Chili's today than we were three years ago.

我們兩年半前在投資者日分享的策略很簡單。解決長期贏得休閒餐飲的關鍵基本要素，即食物、服務和氛圍。儘管我們面前仍有很多機會，但今天的 Chili's 與三年前相比已經有很大不同。

Here are some facts that provide some color on how much different Chili's is today. Our average restaurant volume has grown from 3.1 million at the end of fiscal '22 to 4.5 million in fiscal '25, and Chili's restaurant operating margin has improved from 11.9% in fiscal '22 to 17.6% today.

以下事實可以說明如今的 Chili's 有多麼不同。我們的平均餐廳數量從 22 財年末的 310 萬家增加到 25 財年的 450 萬家，而 Chili 餐廳的營業利潤率從 22 財年的 11.9% 提高到今天的 17.6%。

We've eliminated over 25% of our menu, and we do fewer things a whole lot better. We focused on improving our 5 to drive core segments, burgers, crispers, fajitas, margaritas, and the Triple Dipper. As a result of the simplification of menu upgrades, food grade scores have never been higher.

我們已刪除了超過 25% 的菜單，並且我們做得更好。我們專注於改善五大核心細分市場，即漢堡、薯片、法士達、瑪格麗塔和 Triple Dipper。由於菜單升級的簡化，食品等級評分從未如此高。

On service, we now invest over $160 million more in labor than we did in fiscal '22, and that going investment is built into the 17.6% restaurant operating margin. Guest With A Problem or GWAP, our dining room key measure, we track daily on a guest experience is a mere 2.3% and has never been lower since we started tracking it.

在服務方面，我們現在對勞動力的投資比 22 財年增加了 1.6 億美元，而這項持續投資已計入 17.6% 的餐廳營業利潤率。我們每天追蹤的餐廳關鍵指標「客人問題」或 GWAP 的客人體驗率僅為 2.3%，自我們開始追蹤以來從未更低。

Less things to do with more people to do those things makes it a whole lot easier to deliver better food and service. On repairs and maintenance, we've invested over $100 million incrementally in the past three years, allowing us to catch up on deferred maintenance accumulated during COVID, which had significantly impacted the guests and team member experience.

用更多的人來做更少的事情，可以更輕鬆地提供更好的食物和服務。在維修和保養方面，我們在過去三年中逐步投資了超過 1 億美元，這使我們能夠彌補 COVID 期間累積的延期維護，這些維護嚴重影響了客人和團隊成員的體驗。

Our estate has never been in better condition than it is today, and we are now funded ongoing to keep it that way. Our marketing budgets are also much bigger now, which allows us to drive traffic to our better operating restaurants.

我們的莊園從來沒有像今天這樣處於良好的狀態，而且我們現在獲得了持續的資金來維持這種狀態。我們的行銷預算現在也大大增加，這使我們能夠為營運更好的餐廳吸引客流。

In fiscal '22, we invested $32 million in marketing. In fiscal '25, we invested $137 million. We built a world-class marketing team led by George Felix, Jesse Johnson, Steve Kelly, Mary Ellen Scott to invest those incremental dollars, and that team is now widely considered the best in restaurant marketing.

在 22 財年，我們在行銷方面投資了 3,200 萬美元。在 2025 財年，我們投資了 1.37 億美元。我們組建了一支由喬治·菲利克斯、傑西·約翰遜、史蒂夫·凱利、瑪麗·艾倫·斯科特領導的世界級行銷團隊來投資這些增量資金，現在該團隊被廣泛認為是餐廳行銷領域最好的團隊。

They were awarded Ad Age's 2025 Brand of the Year, which spans all industries and not just restaurants. Lastly, because of our much improved performance, we've been able to strengthen our balance sheet. We've paid down over $570 million of our outstanding debt in the past three years and are now at a very strong 1.7% lease adjusted leverage ratio.

他們被《廣告時代》評為 2025 年度品牌，該獎項涵蓋所有行業，而不僅僅是餐飲業。最後，由於我們的業績大幅改善，我們能夠加強我們的資產負債表。在過去三年中，我們已償還了超過 5.7 億美元的未償債務，目前租賃調整後的槓桿率已達 1.7%。

This will give us increased flexibility in the future and the financial strength to weather any macro headwinds or bumps in the road that would be more difficult if we continued to have all that leverage. The reason why we are sharing this detail is to substantiate that Chili's is a completely different concept today than it was three years ago.

這將使我們在未來擁有更大的靈活性和財務實力，以抵禦任何宏觀逆風或障礙，如果我們繼續擁有所有這些槓桿，那麼這些障礙將更加困難。我們分享這個細節的原因是為了證實 Chili's 今天的概念與三年前完全不同。

Those who believe our success was driven solely from a cheese pool on social media are just not close enough to our story. Yes, internet virality and TV advertising will bring new guests in, but that success is fleeting and short-lived unless the experience they have in the restaurant matches what they saw in advertising.

那些認為我們的成功僅僅源自於社群媒體上的「起司池」的人根本就不了解我們的故事。是的，網路病毒式傳播和電視廣告會吸引新客人，但這種成功是短暫的，除非他們在餐廳的體驗與他們在廣告中看到的一致。

The investments we have made in the food, operations and facilities have allowed our guest experience to match the quality of our world-class marketing. As we say at Chili's, marketing brings them in, but operation keeps them coming back. This is why we continue to grow and sustain those gains.

我們在食品、營運和設施方面的投資使我們的客人體驗與我們世界一流的行銷品質相匹配。正如我們在 Chili's 所說的那樣，行銷吸引顧客，但營運讓他們回頭。這就是我們繼續發展並維持這些成果的原因。

Now I'd like to spend a few minutes on what's coming in fiscal '26. Our Chili's fiscal '26 plans are strong and will allow us to continue the momentum and comp the comp, which includes rolling two big quarters of plus 30% same-store sales growth in Q2 and Q3, the fiscal '25, and a whopping plus 43% same-store sales growth in November.

現在我想花幾分鐘時間談談 26 財年即將發生的事情。我們的 Chili's 26 財年計畫非常強勁，將使我們能夠延續這一勢頭並與競爭對手競爭，其中包括 2025 財年第二季度和第三季度兩個季度的同店銷售額增長均超過 30%，以及 11 月份的同店銷售額增長高達 43%。

Our 12 Vice Presidents of operations once again selected an obsession metric to be laser focused on this fiscal. With their confidence in the plans and their confidence in the restaurant team's ability to deliver them, I'm excited to share they have again chosen traffic as their obsession metric in fiscal '26.

我們的 12 位營運副總裁再次選擇了一種關注指標，以重點關注本財年。由於他們對計劃充滿信心，並且對餐廳團隊實現計劃的能力充滿信心，我很高興地告訴大家，他們再次選擇客流量作為 26 財年的關注指標。

And the food pillar will have a full year of the ribs upgrade that started in July. Queso and nacho upgrades at the beginning of Q2, which we believe will position us to have the best tasting queso in the industry served hot every order.

而食品支柱將從 7 月開始進行全年的排骨升級。在第二季初，我們對 Queso 和 nacho 進行了升級，我們相信這將使我們在業界為每份訂單提供最美味的熱 Queso。

And in the back half of the year, we have a major relaunch of our chicken sandwich platform. Chicken sandwiches are a very large and growing segment. We have an exceptional product at an exceptional value which positions us well to gross share in the chicken category.

今年下半年，我們將對雞肉三明治平台進行重大重新推出。雞肉三明治是一個非常龐大且不斷成長的市場。我們擁有一款具有卓越價值的卓越產品，這使我們在雞肉類別中佔據了有利的市場份額。

And from the beverage side, we'll have a full year of our new frozen Marg platform and a full lineup of exciting $6 Margs of the month. We expect this plan will extend our number one position in margaritas, driven by our barbell pricing strategy and growth in the large frozen Marg segment.

從飲料來看，我們將在全年推出新的冷凍瑪格麗特 (Marg) 平台，並推出令人興奮的每月 6 美元瑪格麗特 (Marg) 系列。我們預計，該計劃將鞏固我們在瑪格麗特酒領域的第一地位，這得益於我們的槓鈴定價策略和大型冷凍瑪格麗特酒市場的成長。

We are also investing in base ingredients to continue elevating food grade scores. Throughout the fiscal, we will be making investments in more premium mayo, ranch, bacon bits, and 50% thicker bacon, which are key building blocks in the Chili's menu and are featured in many of our recipes.

我們也對基礎原料進行投資，以持續提高食品等級分數。在整個財政年度，我們將投資更多優質蛋黃醬、牧場醬、培根碎和厚度增加 50% 的培根，這些都是 Chili 菜單的關鍵組成部分，並在我們的許多食譜中都有體現。

At a time when others may be pulling back on quality to offset inflationary headwinds, we view this as an opportunity to accelerate our food quality versus competition. From the operations front, we have several initiatives coming in fiscal '26.

當其他公司可能降低食品品質以抵銷通膨阻力時，我們卻將此視為一個在競爭中提高食品品質的機會。從營運方面來看，我們在 26 財年推出了幾項措施。

We will have four quarters of simplification rollouts which will continue to make it easier for our teams to execute with excellence. Fiscal '26 will see the start of our north of six initiatives where we take the best in class processes from high $6 million AUV restaurants and roll them into the balance of the system to increase throughput.

我們將分四個季度推出簡化措施，這將繼續使我們的團隊更輕鬆地出色地執行任務。26 財年我們將啟動六項計劃，其中我們從平均營業收入 (AUV) 高達 600 萬美元的餐廳中採用最佳流程，並將其納入系統平衡以提高吞吐量。

And lastly, we will launch a new hospitality initiative that includes new labor scheduling process tools to help our general managers build stronger teams and an initiative to help build a culture of manager ownership and accountability.

最後，我們將推出一項新的酒店業計劃，其中包括新的勞動力調度流程工具，以幫助我們的總經理建立更強大的團隊，以及一項幫助建立經理所有權和責任製文化的計劃。

In the atmosphere pillar, we are now finished with catching up on repairs and maintenance, and with our improved cash position, we are now switching over to playing offense, which means remodeling and building new restaurants.

在氣氛支柱方面，我們現在已經完成了維修和維護工作，隨著現金狀況的改善，我們現在正轉向進攻，這意味著改造和建造新餐廳。

We're on track to do our first four remodels in the new modern Greenville Reimage package by the end of this calendar year, where we'll learn what's working, what's not, and land on the right package to roll to the system.

我們計劃在今年年底之前在新的現代 Greenville Reimage 套件中完成前四次改造，我們將了解哪些有效，哪些無效，並找到合適的套件來推廣到系統中。

The modern Greenville project objective is to remodel 10% of the fleet annually, which means restaurants are refreshed every 10 years, and we maintain an atmosphere that guests are excited to dine in. We expect to ramp up reimage pace in calendar '26, and our plan is to get to a run rate of the 10% by the beginning of calendar '27.

現代格林維爾計畫的目標是每年改造 10% 的餐廳，這意味著每 10 年餐廳就會更新一次，並且我們保持一種讓客人興奮地用餐的氛圍。我們預計在 26 年加快重塑步伐，我們的計劃是在 27 年初達到 10% 的運行率。

The work I've seen so far is exciting, and when we showed the modern Greenville remodel renderings to the managers last week at our annual conference, there were a lot of oohs and aahs with iPhones out snapping away.

到目前為止，我看到的作品都令人興奮，當我們上週在年度會議上向管理人員展示現代格林維爾改造效果圖時，很多人發出驚嘆聲，並拿出 iPhone 拍照。

Our world class marketing team set a vision for an exciting new design that is uniquely Chili's, and our construction team is doing a brilliant job of how to cost effectively bring this to life. To up our reimaging and our new restaurant development capability, we've invested in the new officer role to lead the group.

我們世界一流的行銷團隊為 Chili's 獨有的令人興奮的新設計設定了願景，而我們的施工團隊正在出色地完成如何以經濟有效的方式將其變為現實。為了提升我們的重塑和新餐廳開發能力，我們投資了新的官員職位來領導該集團。

I'm pleased to share Richard Ingram started a few months ago as our Vice President of Restaurant Development. His responsibilities across both Chili's and Maggiano's are to one, lead the reimage program to upgrade our state, and two, restart a new restaurant opening program that will accelerate development.

我很高興地告訴大家，理查德·英格拉姆幾個月前開始擔任我們的餐廳開發副總裁。他在 Chili’s 和 Maggiano’s 的職責是：一是領導重塑計劃以提升我們的州；二是重新啟動新餐廳開業計劃以加速發展。

Richard spent over two decades working in development at a large convenience store chain that built a lot of new stores over a long period of time, and we are confident Richard will be able to do the same at Brinker.

Richard 在一家大型便利商店連鎖店從事開發工作超過二十年，該連鎖店在很長一段時間內開設了許多新店，我們相信 Richard 能夠在 Brinker 做同樣的事情。

Lastly, I want to share several of the big technology initiatives we have planned for '26 to improve both the guest and team member restaurant experience. The biggest one is a dramatic simplification of the handheld iPad application our servers use to take hundreds of millions of orders annually.

最後，我想分享我們為 26 年計劃的幾項重大技術舉措，以改善客人和團隊成員的餐廳體驗。最大的改進是大幅簡化了我們的伺服器每年用來處理數億份訂單的手持 iPad 應用程式。

It will feature a more intuitive design created by a third party UX expert, the removal of over 700 SKUs that are no longer sold but currently show up in the application, and faster paths to create orders. The results will be hundreds of millions of less taps for our servers, less scrolling, and more importantly, more accuracy and faster order taking.

它將採用由第三方 UX 專家創建的更直觀的設計，刪除不再銷售但目前顯示在應用程式中的 700 多個 SKU，並提供更快的訂單建立路徑。結果是，我們的伺服器將減少數億次點擊，減少滾動，更重要的是，訂單處理將更加準確和快速。

We also believe this initiative will help with server turnover as we've had some issues of new servers leaving after being frustrated by the current tablet system within 30 days of starting. The new app will also continue to work even if the restaurant's internet connection goes down through a seamless offline mode and also feature easier split check capability, which can be a pain for our servers and slow down table turns in the current system.

我們也相信這項措施將有助於伺服器週轉，因為我們遇到一些新伺服器在啟動後 30 天內因對目前平板電腦系統感到失望而離開的問題。即使餐廳的網路連線透過無縫離線模式中斷，新應用程式仍將繼續運作，並且還具有更簡單的分割檢查功能，這可能會給我們的伺服器帶來麻煩並減慢當前系統中的餐桌週轉速度。

Another major tech initiative is upgrading the internet and Wi-Fi throughout our state. This was a project that began last year with our Comcast partners and will be completed by calendar year end. It brings three important improvements to our connection.

另一項重大技術舉措是升級我們整個州的網路和 Wi-Fi。該計畫於去年與我們的康卡斯特合作夥伴啟動，並將於年底完成。它為我們的連結帶來了三項重要的改進。

One, cellular backup if the network goes down to continue service. Two, higher speed internet for restaurants on older technology, and three, better Wi-Fi coverage within the restaurants by installing over 5,000 new access points.

一、如果網路故障，可以使用蜂窩備份來繼續提供服務。第二是為採用舊科技的餐廳提供更高速的網路；三是透過安裝 5,000 多個新存取點，改善餐廳內的 Wi-Fi 覆蓋範圍。

Given how much of our operation now depends on the internet connection and the speed of it, this is a very important foundational upgrade. CIO, Chris Caldwell has done an exceptional job in his first year refocusing his organization on enterprise technology projects that will make a real difference removing friction and improving productivity every day for our restaurant teams.

考慮到我們現在的營運很大程度上依賴網路連線及其速度，這是一個非常重要的基礎升級。首席資訊長 Chris Caldwell 上任第一年就做出了出色的工作，他將組織的重點重新放在企業技術項目上，這將真正消除摩擦，提高我們餐廳團隊的日常生產力。

Now let's do an update on Maggiano's. Today, we announced a leadership change. Dominique Bertolone has made a decision to step away from Maggiano's and Brinker. Dom brought Brinker a new lens to hospitality and food that has inspired all of us to see what the Maggiano's brand can be, especially with the recent re-imaged Orlando Maggiano's, our first reimage restaurant in the Maggiano's turnaround.

現在讓我們來更新一下 Maggiano 的情況。今天，我們宣布了領導層變動。多明尼克貝爾托洛內 (Dominique Bertolone) 已決定離開 Maggiano's 和 Brinker。多姆為布林克帶來了酒店業和餐飲業的全新視角，激勵我們所有人去了解馬賈諾 (Maggiano) 品牌的未來，尤其是最近重新形象化的奧蘭多馬賈諾 (Orlando Maggiano)，這是我們馬賈諾 (Maggiano) 轉型期間第一家重新形象化的餐廳。

I want to offer my sincere thanks to Dom for his friendship, leadership, and service to Brinker over the past two years and wish him the very best in his next. While we are making progress on menu simplification and upgrading recipes, we do have an opportunity to apply more of the Chili's turnaround to Maggiano's. One of the keys at Chili's was leaning into the things that made Chili's great when it was at its best and making those things relevant again.

我要向 Dom 在過去兩年中對 Brinker 的友誼、領導和服務表示誠摯的感謝，並祝他在接下來的工作中一切順利。在我們簡化菜單和升級食譜方面取得進展的同時，我們確實有機會將更多 Chili's 的轉變應用到 Maggiano's。Chili's 的成功秘訣之一就是藉鏡那些讓 Chili's 在巔峰時期取得成功的因素，並讓這些因素再次具有現實意義。

When Maggiano's was at its best and growing the fastest, its core was a menu of delicious Italian American favorites served in abundant portions in an inviting atmosphere where you'd have a great time with friends and family.

當 Maggiano's 處於鼎盛時期和發展最快的時期，它的核心是一份美味的意大利裔美國人的菜單，份量很足，氛圍溫馨，您可以與朋友和家人共度美好時光。

This was the recipe for great value. The core essence is why guests frequent Maggiano's and it's what we need to focus on to reignite and make Maggiano's a growth concept. To accelerate a back to Maggiano's turnaround, I will now be overseeing Maggiano's as the Interim President.

這是獲得巨大價值的秘訣。其核心本質是為什麼客人經常光顧 Maggiano's，這也是我們需要關注的重點，以重新點燃 Maggiano's 並使其成為一個成長理念。為了加速馬賈諾的轉變，我現在將以臨時總裁的身份監督馬賈諾的工作。

We also have promoted the Chili's VP of Operations from the Florida region, Rich Kissel, to COO of Maggiano's. Florida has been a top three performing Chili's region for years, and Rich's leadership has been the reason why.

我們也將佛羅裡達地區的 Chili's 營運副總裁 Rich Kissel 提升為 Maggiano's 的營運長。多年來，佛羅裡達州一直是 Chili's 地區業績排名前三的地區，而 Rich 的領導能力是其成功的原因。

Rich is known for being a disciplined operator who builds great teams and is not afraid to challenge the status quo when change is needed. Rich and I, together with the Maggiano's leadership team, are crafting a back to Maggiano's plan which will apply the key learnings from Chili's turnaround to address the biggest opportunities on the brand's food, service and atmosphere.

里奇以嚴謹的紀律而聞名，他組建了優秀的團隊，並且在需要改變時不畏挑戰現狀。我和 Rich 以及 Maggiano 的領導團隊正在製定重返 Maggiano 的計劃，該計劃將運用 Chili 轉型過程中的關鍵經驗來解決該品牌在食品、服務和氛圍方面面臨的最大機會。

We will also commit to spending more time listening to the restaurant team's ideas like we've done on Chili's to drive the ideation that will accelerate Maggiano's turnaround. I'm looking forward to sharing plans in upcoming calls.

我們也將致力於花更多時間傾聽餐廳團隊的想法，就像我們在 Chili’s 餐廳所做的那樣，以推動能夠加速 Maggiano 轉型的想法。我期待在接下來的電話會議中分享計劃。

I continue to be encouraged by our business momentum, and I'm just so proud of our team. Our Chili's business has been rebuilt for the long term sustainable growth, with a larger consumer base that now includes a new generation being introduced to the brand, a tighter menu, more labor, properly working equipment, upgraded technology, and restaurants in good condition.

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。我們的 Chili's 業務已重建，以實現長期可持續增長，擁有更大的消費者群體，包括接觸該品牌的新一代人、更緊湊的菜單、更多的勞動力、正常運行的設備、升級的技術以及狀況良好的餐廳。

That stronger foundation plus an exceptionally strong fiscal '26 plan gives me the confidence we'll be able not just to sustain the growth from '25 but add an additional four quarters of growth. It's not just our executive team in Dallas that's confident in the plans.

更強勁的基礎加上異常強勁的26財年計畫讓我相信我們不僅能夠維持25年的成長勢頭，而且還能再實現四個季度的成長。不僅我們達拉斯的執行團隊對這些計畫充滿信心。

We just completed our annual general manager conference in Las Vegas last week, and they all couldn't have been more excited about the progress they've made together and the fiscal '26 plans. With great plans, the right investments and field leadership who was fired up, I am very confident about our ability to deliver fiscal '26.

我們上週剛在拉斯維加斯結束了年度總經理會議，他們都對共同取得的進展和 26 財年計劃感到無比興奮。憑藉出色的計劃、正確的投資和充滿活力的現場領導，我對我們實現 26 財年目標的能力充滿信心。

Before I hand the call off to Mika, I do want to recognize three restaurant leaders from that conference for their amazing results this year. John Calvacca is our fiscal '25 general manager of the year. He leads a great team out of Bethpage in New York on Long Island. He was selected above 1,000 plus other general managers.

在我將電話轉交給米卡之前，我確實想表彰今年會議上三位餐廳領導者所取得的驚人成績。約翰‧卡爾瓦卡 (John Calvacca) 是我們 25 財年的年度總經理。他領導著一支來自紐約長島貝斯佩奇的優秀團隊。他是從1000多名總經理中脫穎而出的。

Henry Altuve was our above restaurant leader of the year. He's done an exceptional job leading to the South Florida market and was chosen out of over 140 directors of operations, and Vice President, Dale Bullotta was our 5-star VP this year.

亨利·奧圖夫 (Henry Altuve) 是我們年度最佳餐廳領導者。他在領導南佛羅裡達市場方面做得非常出色，從 140 多名營運總監中脫穎而出，而副總裁 Dale Bullotta 是今年我們的五星級副總裁。

Now Dale just beat only 11 other VPOs, but that's still really good because our VPOs are the best in the business. A big congratulations to John, Henry, and Dale. Well done.

現在 Dale 僅擊敗了其他 11 家 VPO，但這仍然非常好，因為我們的 VPO 是業內最好的。向約翰、亨利和戴爾表示熱烈祝賀。做得好。

Now I'm going to hand the call over to Mika, and she's going to walk you through the fiscal '25 fourth quarter numbers and our guidance for fiscal '26.

現在我將把電話交給米卡，她將向您介紹 25 財年第四季的數據以及我們對 26 財年的指導。

Go ahead, Mika.

繼續吧，米卡。

Thank you, Kevin, and good morning, everyone.

謝謝你，凱文，大家早安。

Today's results marked the fifth quarter in a row of double digit same-store sales growth for Chili's. As Kevin mentioned, this comes on the heels of lapping the prior year fourth quarter same-store sales growth of almost 15%, capping off a very successful fiscal 2025 for Brinker.

今天的業績標誌著 Chili’s 連續第五個季度實現兩位數同店銷售額成長。正如凱文 (Kevin) 所提到的，這是繼去年第四季同店銷售額成長近 15% 之後，Brinker 2025 財年取得了巨大成功。

This was year three of our investor growth strategy, and we continue to deliver industry leading results by focusing on the fundamentals of food, service, and atmosphere. Our multi-layered marketing strategy continues to drive trial, and our ongoing operational improvements are bringing guests back.

這是我們投資者成長策略的第三年，我們繼續透過關注食品、服務和氛圍的基本面來提供業界領先的業績。我們的多層次傳銷策略繼續推動嘗試，我們正在進行的營運改進正在吸引客人回頭。

For the year, we reported total revenue growth of 21.9%, eclipsing over $5 billion in revenues for the first time in our history. We also reported restaurant operating margin improvement of 420 basis points and adjusted EPS growth of 117.1%.

今年，我們的總收入成長了 21.9%，歷史上首次超過 50 億美元。我們也報告餐廳營業利潤率提高了 420 個基點，調整後的每股盈餘成長了 117.1%。

In addition, we improved average annual volumes at Chili's from $3.6 million a year ago to over $4.5 million. Turning to the fourth quarter, we continue to see strong year over year top line growth, same-store sales in traffic well above industry averages, and significant restaurant margin expansion at Chili's.

此外，我們將 Chili's 的年平均營業額從一年前的 360 萬美元提高到了 450 萬美元以上。展望第四季度，我們繼續看到強勁的同比營收成長、同店銷售額遠高於行業平均水平以及 Chili's 餐廳利潤率大幅擴大。

Brinker reported total revenues of $1,462 million with consolidated comp sales of positive 21.3%. Our adjusted diluted EPS for the quarter was $2.49, up from $1.61 last year. Chili's reported top line sales growth with comps coming in at positive 23.7%, driven by positive traffic of 16.3%, positive mix of 4.7%, and price of 2.7%.

Brinker 公佈的總營收為 14.62 億美元，合併銷售額成長 21.3%。本季調整後的稀釋每股收益為 2.49 美元，高於去年的 1.61 美元。Chili's 報告稱，其營業額增長了 23.7%，其中客流量增長了 16.3%，商品組合增長了 4.7%，價格增長了 2.7%。

Our improved operations and effective marketing have brought more guests to Chili's. By showcasing our strong everyday value, we've continued to build on the success we saw with the Big Smasher launch last year, carrying that momentum through this quarter and into July.

我們改進的營運和有效的行銷為 Chili's 帶來了更多的客人。透過展現我們強大的日常價值，我們繼續鞏固去年 Big Smasher 推出時所取得的成功，並將這一勢頭延續到本季和 7 月。

July sales and traffic for Chili's increased double digits again, and we continue to maintain our significant GAAP to the casual dining industry.

Chili’s 7 月的銷售額和客流量再次達到兩位數成長，我們持續維持對休閒餐飲業的重要 GAAP。

Turning to Maggiano's. The brand reported comp sales for the quarter of negative 0.4%. As Kevin mentioned, Maggiano's will continue to focus on the fundamentals of improving food, service, and atmosphere, and we remain confident in our ability to grow the business for the long term.

轉向 Maggiano 的。該品牌報告本季同店銷售額下降 0.4%。正如凱文所說，Maggiano's 將繼續專注於改善食品、服務和氛圍的基本要素，我們對長期發展業務的能力充滿信心。

At the Brinker level, we saw continued strong flow through this quarter with restaurant operating margin coming in at 17.8%, a 260 basis points improvement year over year, primarily driven by sales leverage, partially offset by unfavorable food and beverage costs and higher advertising cost.

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 17.8%，較去年同期提高 260 個基點，這主要得益於銷售槓桿，但被不利的食品和飲料成本以及更高的廣告成本部分抵消。

Food and beverage costs for the quarter were unfavorable 60 basis points year over year due to unfavorable menu mix with 1.7% of commodity inflation offset by price. We remain pleased with the mix and profitability of our $10.99 3 for Me value platform, which continues to perform as expected.

由於菜單組合不佳，且 1.7% 的商品通膨被價格抵消，本季食品和飲料成本較去年同期下降 60 個基點。我們對我們的 10.99 美元 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。

It offers a compelling price point for guests seeking value while still allowing us to maintain margin profitability. Labor for the quarter was favorable 60 basis points year over year. Top line sales growth offset additional investments in labor, increased manager bonus due to performance achievement, and wage rate inflation of approximately 3.8%.

它為尋求價值的客人提供了一個極具吸引力的價格點，同時仍允許我們保持利潤盈利能力。本季勞動力狀況較去年同期好 60 個基點。營業額的成長抵消了勞動力的額外投資、因業績成長而增加的經理獎金以及約 3.8% 的工資率通膨。

Advertising expenses for the fourth quarter were 3% of sales and increased 20 basis points year over year to help support the rollout of the Big QP campaign. Our marketing team continues to do an excellent job with menu innovation, keeping Chili's in the cultural conversation, and making the brand relevant again, which is helping to drive traffic.

第四季的廣告費用佔銷售額的 3%，年增 20 個基點，以幫助支持 Big QP 活動的發展。我們的行銷團隊繼續在菜單創新方面做得非常出色，讓 Chili's 繼續參與文化對話，並使品牌再次具有相關性，這有助於增加客流量。

G&A for the quarter came in at 4% of total revenues with year over year sales leverage offset by increases in ERP and system support cost. Depreciation and amortization for the quarter came in at 4% of total revenues and increased 30 basis points year over year due to accelerated depreciation associated with the retirement of kitchen equipment.

本季的一般及行政費用佔總收入的 4%，年比銷售槓桿被 ERP 和系統支援成本的增加所抵銷。本季折舊和攤提佔總收入的 4%，由於廚房設備退役導致折舊加速，較去年同期增加 30 個基點。

Fourth quarter adjusted EBITDA was approximately $212 million, a 50% increase from prior year. The tax rate for the quarter increased to 19.5%, driven by the increase in sales, which accelerates at a greater rate than the offset generated by the FICA Tax Tip Credit and due to an increase in non-deductible executive compensation related to an increase in the stock price.

第四季調整後的 EBITDA 約為 2.12 億美元，較上年成長 50%。本季稅率上升至 19.5%，這得益於銷售額的增長，銷售額的增長速度高於聯邦保險捐款法稅收抵免所產生的抵消額，以及由於股價上漲導致不可扣除的高管薪酬增加。

Capital expenditures for the quarter were approximately $80 million driven by accelerated investments in kitchen equipment and capital maintenance. Due to our ability to generate significant free cash flow, in addition to investing back in our restaurants, we repaid the remaining amounts outstanding on our revolver of approximately $90 million, totaling over $350 million in debt repaid year-to-date.

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。由於我們有能力產生大量的自由現金流，除了重新投資我們的餐廳之外，我們還償還了循環信貸中未償還的剩餘金額約 9000 萬美元，今年迄今為止償還的債務總額超過 3.5 億美元。

This further improved our balance sheet and reduced our lease adjusted leverage to 1.7 times. In addition, during the quarter, we extended and increased our $900 million revolver that was set to expire in August of 2026.

這進一步改善了我們的資產負債表，並將我們的租賃調整槓桿率降低至 1.7 倍。此外，本季我們延長並增加了原定於 2026 年 8 月到期的 9 億美元循環信貸額度。

Our new $1 billion revolver expires in May of 2030 and locks in ample liquidity to continue to support our disciplined capital allocation strategy, which is to invest in the business, pay down debt, and return excess cash to shareholders.

我們新的 10 億美元循環信貸將於 2030 年 5 月到期，並鎖定充足的流動性以繼續支持我們嚴謹的資本配置策略，即投資於業務、償還債務並將多餘的現金返還給股東。

In support of our capital allocation strategy, our Brinker Board of Directors authorized an additional $400 million under our current share repurchase program, bringing the total amount available to $507 million.

為了支持我們的資本配置策略，Brinker 董事會根據我們目前的股票回購計畫批准額外增加 4 億美元，使可用總金額達到 5.07 億美元。

Turning to fiscal 2026. We will continue the path of making smart and opportunistic investments against the backdrop of our successful strategy to continue growing the business. In addition, we'll continue with our barbell pricing strategy to protect our industry leading value for those that need it while providing more premium options for those who want a more elevated experience.

展望2026財年。我們將繼續在成功的策略背景下進行明智和機會主義的投資，以繼續發展業務。此外，我們將持續推行槓鈴定價策略，為有需要的用戶保護我們領先業界的價值，同時為想要更高體驗的用戶提供更多優質選擇。

We'll continue to focus on menu management with the expectation that mix will be relatively flat and will continue to focus on improving the guest experience with expectations of delivering traffic well above the industry.

我們將繼續專注於菜單管理，期望組合相對平穩，並將繼續專注於改善客人體驗，期望提供遠高於行業的客流量。

Regarding fiscal '26 guidance. In this morning's press release, we shared that we expect fiscal '26 annual revenues in the range of $5.6 billion to $5.7 billion, adjusted diluted EPS in the range of $9.90 to $10.50, weighted average shares in the range of 45 million to 46 million and capital expenditures in the range of $270 million to $290 million.

關於 26 財年指導。在今天早上的新聞稿中，我們表示，我們預計 26 財年的年度收入將在 56 億美元至 57 億美元之間，調整後稀釋每股收益將在 9.90 美元至 10.50 美元之間，加權平均股數將在 4500 萬至 4600 萬股之間，資本支出將在 2.7 億美元之間。

Assumptions underlying this guidance include planned commodity and wage inflation in the low single digits, a tax rate of approximately 19% and one to four net company owned restaurant closures which are not expected to impact overall profitability.

該指引所依據的假設包括計劃中的商品和工資通膨率處於低個位數、稅率約為 19% 以及一到四家公司自營餐廳淨關閉，預計不會影響整體獲利能力。

In the upcoming year, we will turn our focus to ramping up our reimage programs for both Chili's and Maggiano's while also working on our long-term new unit growth strategy with the goal of fully rolling out both programs during fiscal 2027, helping us return to positive net unit growth.

在即將到來的一年裡，我們將把重點轉向加強 Chili's 和 Maggiano's 的重塑計劃，同時致力於製定長期新單位增長戰略，目標是在 2027 財年全面推出這兩個計劃，幫助我們恢復正淨單位增長。

To provide some additional context on our guidance, we are confident our plans will enable us to lap fiscal 2025 and continue to significantly outperform the industry on sales and traffic. We anticipate the strongest same-store sales growth at Chili's in the first quarter of the year, with more moderate gains in subsequent quarters due to last year's high comparison base.

為了給我們的指導提供一些額外的背景信息，我們相信我們的計劃將使我們能夠跨越 2025 財年，並在銷售和流量方面繼續顯著超越行業。我們預計今年第一季 Chili's 的同店銷售額將實現最強勁的成長，由於去年的比較基數較高，後續幾季的增幅將較為溫和。

Positive sales and traffic are expected for Chili's each quarter. As a reminder, we will continue to manage the business for the long term and make investments strategically so timing of expenses may not be spread evenly across quarters.

預計 Chili's 每季的銷售額和客流量都會呈現成長動能。提醒一下，我們將繼續長期管理業務並進行策略性投資，因此費用的時間可能不會平均分佈在各個季度。

An unwavering commitment to investment in the fundamentals, continuing to improve our food, service and atmosphere has put us at the top of the casual dining industry. Being a part of the turnaround for the Chili's brand has been fun, and the exciting thing is that we are just getting started.

我們堅定不移地致力於基礎投資，不斷改善我們的食品、服務和氛圍，使我們處於休閒餐飲業的領先地位。參與 Chili's 品牌的轉型過程非常有趣，令人興奮的是，我們才剛開始。

I'm so proud of what the team has accomplished over the past three years, and I remain confident that by sticking to our investor growth strategy, we'll continue to drive further growth and sustain momentum through the business for the long term.

我為團隊在過去三年中所取得的成就感到自豪，我仍然相信，透過堅持我們的投資者成長策略，我們將繼續推動進一步的成長並長期保持業務發展勢頭。

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

現在我們的評論已經結束，我將把電話轉回給 Holly 來主持提問。

(Operator Instructions)

（操作員指示）

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

I feel like I always say congratulations, but congratulations on fantastic year.

我感覺我總是說恭喜，但祝賀你度過了美好的一年。

The question is really on the restaurant margins, and I wanted to maybe ask for a comment on Maggiano's, but the midpoint of the guidance would seem to imply maybe 100 basis points of restaurant margin expansion next year, and that's better than what the street was expecting.

問題實際上在於餐廳利潤率，我想問對 Maggiano 的評論，但指導的中點似乎意味著明年餐廳利潤率可能擴大 100 個基點，這比華爾街的預期要好。

Your comps guidance was more or less in line with the street. So just wondering, maybe could you give some detail about the line items you would expect to get leverage from or perhaps deleverage from. I would expect there's going to be some comparison help from restaurant expenses given the repair and maintenance investments, but there's concern about food inflation, so any color around that would be helpful.

您的同店銷售指引與華爾街的預期大致一致。我只是想知道，您是否可以提供一些關於您期望從中獲得槓桿或去槓桿的項目的詳細資訊。考慮到維修和維護投資，我預計餐廳費用會有一些比較幫助，但人們擔心食品通膨，因此任何相關因素都會有所幫助。

And then on Maggiano's, just wondering conceptually at this point, Kevin, in what ways do you feel like the Maggiano's turnaround is going to be different in ways that are more or perhaps even less challenging than what you saw with Chili's.

然後關於 Maggiano's，凱文，我現在只是從概念上想知道，您覺得 Maggiano's 的轉變在哪些方面會有所不同，與 Chili's 相比會更具挑戰性還是更容易實現。

I see one brand as being a little bit more marketing led than the other one, so any color on that and the prospects for a turnaround would be helpful.

我認為一個品牌比另一個品牌更注重行銷，因此任何有關這方面的消息和扭轉前景的消息都會有所幫助。

Okay, well, I'll start. So just to clarify a little bit, our margin expansion next year, I think it's going to be more like I have talked about in the past in that 30 basis points to 40 basis points expansion. So I'm not really promising 100 basis points at this time.

好的，那我就開始了。因此，稍微澄清一下，我們明年的利潤率擴張，我認為會更像我過去談到的 30 個基點到 40 個基點的擴張。所以我現在其實不承諾 100 個基點。

That's more in line with the sales and the guidance that we gave on revenue. I will say that there is some inflation in the cost of sales line. We could invest a little bit there. We've actually planned about $12 million of investment in the cost of sales line for Chili's.

這更符合銷售額和我們對收入的指導。我想說的是，銷售成本存在一些通貨膨脹。我們可以在那裡投資一點。實際上，我們計劃在 Chili's 的銷售成本線上投資約 1,200 萬美元。

We also have a couple of million planned in the food and beverage line for Maggiano's. For labor, we will continue to leverage that again as we move forward and also our fixed costs in the other exit lines. So I'm thinking margins are still -- we're planning on expanding, but I think it's more in that 30 basis points to 40 basis points range obviously if sales are higher than we planned, and that gives us more opportunity to continue to expand the margins like we did this year.

我們還計劃為 Maggiano's 的食品和飲料生產線投入數百萬美元。對於勞動力，隨著我們前進，我們將繼續利用這一點，同時也利用其他出口線的固定成本。所以我認為利潤率仍然 - 我們計劃擴大，但我認為如果銷售額高於我們的計劃，利潤率顯然會在 30 個基點到 40 個基點的範圍內，這將為我們帶來更多機會繼續擴大利潤率，就像我們今年所做的那樣。

And then on Maggiano's, David, so I don't think it's really that much different than the Chili's turnaround. I think that's part of the challenges that we've had in the past year is that I think we kind of fell in love a little too much with this idea of elevating the experience when you actually talk to Maggiano's core guests and why they frequent Maggiano's, it's pretty clear. They love the taste of the food.

然後是 Maggiano's，David，所以我不認為這與 Chili's 的轉變有太大不同。我認為這是我們在過去一年中面臨的挑戰之一，我認為我們有點太喜歡這種提升體驗的想法了，當你真正與 Maggiano 的核心客人交談時，你就會明白他們經常光顧 Maggiano 的原因。他們喜歡這種食物的味道。

They love scratch-made Italian favorites. They love of the abundant portion, so this idea of this over the top value that they get from Maggiano's, and they love the connections that they get from the teammates at Maggiano's, and the connections that they make.

他們喜歡自製的義大利美食。他們喜歡豐富的份量，所以他們從 Maggiano's 獲得了這種超值的感覺，他們喜歡從 Maggiano's 的隊友那裡得到的聯繫，以及他們建立的聯繫。

So they -- it almost feels like it's not a chain restaurant to them. It's like their local restaurant and when we look at what we were doing in the last 12 months and compare that to what I just said, there were some things that were consistent and then there were some disconnects.

所以他們——幾乎感覺這不是連鎖餐廳。這就像他們當地的餐館，當我們回顧過去 12 個月所做的事情並將其與我剛才所說的進行比較時，我們會發現有些事情是一致的，但也存在一些脫節。

So for example, we had certain ways of bussing tables, that made less noise and it was a lot more detailed on the way you drop plates on napkins and take all over to bus a table when the reality is the Maggiano's guest wants to be seated when the reservation comes, right, or if you're walking, they don't want to be told 40 minutes, they want to be told 10 minutes, right?

舉例來說，我們有特定的收拾桌子的方法，這樣噪音更小，而且在把盤子放在餐巾紙上以及收拾桌子時更加細緻，而實際情況是，Maggiano 的客人希望在預訂時間到來時就座，對吧，或者如果你走路，他們不想被告知 40 分鐘，他們想被告知 10 分鐘，對吧？

So if we get true about the experience that the Maggiano's guest wants and then actually sit down with the Maggiano's leaders in the restaurant to understand how we can better serve them, I'm very confident we can get this thing back on track.

因此，如果我們真正了解 Maggiano 客人想要的體驗，然後真正與 Maggiano 餐廳的領導者坐下來，了解我們如何更好地為他們服務，我非常有信心我們可以讓這件事回到正軌。

So I don't think it's going to be that different than Maggiano's, and I couldn't be more excited than of the COO that is coming over from Chili's who literally helped lead the three-year turnaround at Chili's and knows exactly what success looks like, so I'm very confident we're going to get that thing back on track.

因此，我認為它與 Maggiano's 不會有太大不同，我對從 Chili's 走馬上任的首席營運官感到非常興奮，他確實幫助領導了 Chili's 的三年轉型，並且非常清楚成功是什麼樣子，所以我非常有信心我們會讓事情重回正軌。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Congrats on another great quarter.

恭喜您又一個出色的季度。

Kevin, I believe fiscal '26 was the final year contemplated in the three year growth outlook the company had provided at the Investor Day. Just looking ahead, do you see a need to update those growth targets, and maybe if so, what particular metrics do you believe you should revisit? And then I had a follow up.

凱文，我相信 26 財年是公司在投資者日提供的三年成長展望中考慮的最後一年。展望未來，您是否認為有必要更新這些成長目標？如果需要，您認為應該重新檢視哪些具體指標？然後我進行了跟進。

I can start and then Mika, feel free to chime in. The biggest thing I think that we see in the next three years that we didn't really contemplate at that Investor Day 2.5 years ago was this ability to start building faster. It's going to take a year to build out that organization and find enough sites to really ramp up growth, but like we're in a way different place today than we were three years ago.

我可以開始，然後 Mika，請隨意加入。我認為，未來三年我們將看到的最大的事情是這種更快地開始建立的能力，而我們在 2.5 年前的投資者日並沒有真正考慮到這一點。建立該組織並找到足夠的站點以真正促進成長需要一年的時間，但今天我們的處境與三年前相比已經有所不同。

Three years ago, whatever available capital we had needed to be deployed to the existing restaurants to get them in good working condition, get the equipment in the right places that they needed to be so that we could start our turnaround on Chili's, and not build new restaurants.

三年前，我們所有的可用資金都必須部署到現有的餐廳，使它們處於良好的工作狀態，將設備放置在正確的位置，這樣我們就可以開始扭轉 Chili's 的頹勢，而不是開設新的餐廳。

And now we're in a completely different place on that, right? The restaurants are in much better condition. We have the equipment that's required to service the volumes that we're at now, so I don't see the need for deploying as much capital to the existing restaurants we can deploy the new restaurants.

現在我們對此的看法已經完全不同了，對嗎？餐廳的條件好多了。我們擁有滿足當前業務量需求的設備，因此我認為沒有必要向現有餐廳投入與新餐廳一樣多的資金。

The second thing that's completely different about the business today is that the restaurants make 3x the restaurant contributions today than they did three years ago. So when we build new restaurants, we get paybacks a whole lot faster, which makes it a whole lot more attractive to play capital to new restaurants.

如今的業務完全不同的第二個特點是，餐廳的貢獻是三年前的三倍。因此，當我們開設新餐廳時，我們可以更快地獲得回報，這使得投資新餐廳更具吸引力。

So when you ask that question, the first thing I thought was that's a very big difference than we were three years ago and so there might be some needs to update that once we have a new build plan in place which we're not ready to share yet but I don't know, Mika, you wanted to add anything beyond that.

所以當你問這個問題時，我首先想到的是，這與三年前相比有很大不同，因此，一旦我們制定了新的建設計劃，可能需要進行一些更新，我們還沒有準備好分享，但我不知道，米卡，你想添加除此之外的任何東西。

Yeah, no, but just taking a step back, that 3% to 5% revenue growth is that's a really nice range for longer terms. So we don't feel any need to immediately change it. EBITDA growth in the 5% to 8% and double digit EPS growth.

是的，不是，但退一步來說，3% 到 5% 的收入成長對於長期來說是一個非常好的範圍。所以我們覺得沒有必要立即改變它。EBITDA 成長 5% 至 8%，EPS 成長兩位數。

So right now, we feel really good about that, but like Kevin said, as we ramp up new unit growth, as we see, we've had some really great years of exceptional growth as we see that start to normalize, then we'll make sure that our long term algorithm reflects all of our expectations as we move forward. But right now, it's still a very relevant algorithm for us.

所以現在，我們對此感覺非常好，但就像凱文所說的那樣，隨著我們加快新單位的增長，正如我們所看到的，我們已經經歷了一些非常棒的非凡增長年，隨著我們看到這種情況開始正常化，然後我們將確保我們的長期演算法反映出我們前進的所有期望。但目前，它對我們來說仍然是一個非常相關的演算法。

And then Kevin, how are you thinking about opportunities to either increase marketing investment or improve the efficiency of the spin that you already are making and then any comments maybe just on what could come next in terms of value?

那麼凱文，您如何看待增加行銷投資或提高您已經在進行的行銷效率的機會？然後您對接下來在價值方面可能發生的事情有何評論？

I mean, the Big QP messaging has been very successful, but I'm just curious what maybe the value innovation pipeline could look like.

我的意思是，Big QP 訊息非常成功，但我只是好奇價值創新管道可能會是什麼樣子。

Yeah. So what was the first question again, Chris?

是的。那麼第一個問題是什麼呢，克里斯？

He just said about investment. So we are investing. We're keeping our marketing accrual at about 3% of total revenues, but that does allow us to incrementally invest every year as it grows a little bit. So I think we have about $19 million, $20 million more in the budget this year.

他剛才講了投資的事情。所以我們正在投資。我們將行銷費用保持在總收入的 3% 左右，但這確實使我們能夠隨著收入的逐年增長而逐步進行投資。所以我認為我們今年的預算增加了大約 1900 萬美元到 2000 萬美元。

We've made some huge step up to this point. So it'll be more about tweaking it and investing smaller pieces where we think it makes sense, but you want to talk about just the overall TV strategy, social and value?

到目前為止我們已經取得了巨大的進步。因此，我們將更多地對其進行調整，並在我們認為有意義的地方投資較小的部分，但您想談論整體電視策略、社交和價值嗎？

Yeah. I had forgotten the first question.

是的。我忘了第一個問題。

So there is more money in the budgets, like Mika has said for marketing. Every year, the team looks at what worked, what didn't, and they make tweaks to the menu -- the marketing mix, so they'll probably be slightly more mixed to social this year based on the work that we've been doing with influencers.

因此，就像 Mika 所說的那樣，預算中有更多的資金用於行銷。每年，團隊都會研究哪些有效，哪些無效，並對菜單（行銷組合）進行調整，因此根據我們與有影響力人士合作的工作，今年的社交活動可能會更加多樣化。

But I don't think there's like major mix changes that we would report on other than some small tweaks. I mean, obviously things are working pretty well, so it's kind of hard to rationalize making major changes to the mix other than just putting more money into the business.

但我不認為除了一些小的調整之外，我們會報告重大的混合變化。我的意思是，顯然事情進展得相當順利，所以除了向業務投入更多資金之外，很難合理地對組合進行重大改變。

So and then as far as the value, we're going to stay on value so we got a bunch of new margaritas of the month at $6 coming. We're going to continue to ride the Big QP. We've got some new advertising ideas on value.

那麼就價值而言，我們將保持價值，因此我們本月推出了一系列新的瑪格麗塔酒，售價為 6 美元。我們將繼續搭乘 Big QP。我們有一些關於價值的新廣告概念。

One is going to be on price point. That's going to start fairly soon, something we haven't advertised yet, which I think is really exciting, will be really exciting for the guests, and it won't screen value like a price point, but it'll screen value in other ways and then in the back half of the year, we plan to have an all new message for $10.99 value that we're not ready to share yet, but so we're very much in touch with we need to make sure we continue to bring news to value, keep it exciting for the guest.

一是價格點。這很快就會開始，這是我們尚未宣傳過的事情，我認為這真的令人興奮，對客人來說真的會令人興奮，它不會像價格點那樣顯示價值，但它會以其他方式顯示價值，然後在今年下半年，我們計劃以 10.99 美元的價格推出一條全新的信息，我們尚未準備好分享，但我們保持密切聯繫，我們需要確保我們繼續興奮的新聞，我們尚未準備好分享，我們需要確保我們保持密切聯繫，我們需要確保我們繼續興奮的新聞。

We have a lead right now versus some of our competitors. We can't let our foot off the gas.

與一些競爭對手相比，我們現在處於領先地位。我們不能放鬆油門。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Could you guys just provide a little bit more color on the expectations for basically, the same-store sales components, traffic pricing mix, your assumptions for Chili's in FY26 and then beyond that, how you're thinking about casual dining segment traffic for '26 as well?

你們能否更詳細地介紹一下對同店銷售額組成部分、客流量定價組合的預期，以及對 Chili’s 在 26 財年的假設，除此之外，你們對 26 年休閒餐飲部門客流量的看法如何？

Okay. So I'll start, Jeff. So I'll start with price. So we have our 3% to 5% pricing strategy. We were taking price in previous years at a much higher rate. This last fiscal '25, we got it to the mid single digits, and I think this upcoming year, what's embedded in our guidance is even a little bit lower, so a little bit closer to the 3% instead of the 5%.

好的。那我先開始了，傑夫。所以我先從價格開始。所以我們有 3% 到 5% 的定價策略。我們前幾年的定價要高得多。在上一個 25 財年，我們的成長率達到了個位數的中間值，我認為，在即將到來的這一年，我們的預期成長率甚至會更低一些，更接近 3%，而不是 5%。

Some good news with that is we don't have a lot of price increases planned for the back half of the year. So we have a lot of flexibility there. If we have any unexpected inflation, I think we have some flexibility to take price if need be, but with that being said, we're very aware of the consumer and we're going to make sure that we protect our industry leading value and just lean into that that barbell strategy.

好消息是，我們沒有計劃在今年下半年大幅漲價。因此我們在這方面具有很大的靈活性。如果我們遇到任何意外的通貨膨脹，我認為我們可以靈活地在必要時採取價格措施，但話雖如此，我們非常了解消費者，我們將確保保護我們行業領先的價值，並依靠槓鈴策略。

So we did take a little bit of price at the very end of Q4 and F 25, so that means that for F 26, Chili's price will be closer to that 4% range in Q1 and Q2, and then it'll taper off to 3% and then maybe 2% as the year goes on.

因此，我們確實在第四季度和 F 25 的末期降低了一點價格，這意味著對於 F 26，Chili 的價格將更接近第一季和第二季的 4% 範圍，然後隨著時間的推移逐漸下降到 3%，然後可能是 2%。

So those are some high level guidance. Again, we always reserve the right to take a little price or those could change, but that's what we have embedded in the guidance right now. As far as mix goes, I said to my script that we expect it to be flat.

這些是一些高層指導。再次強調，我們始終保留收取少量價格的權利，否則價格可能會發生變化，但這就是我們目前在指導中所嵌入的內容。就混合而言，我對我的腳本說我們希望它是平的。

We've had some great mix, a great mix run, especially with the Triple Dipper. As we start to lap that into F 26, that can start to moderate. I will say we had some great numbers in Q4 with on top of the Triple Dipper, we had some favorability. We added the $12.99 layer in our 3 for Me and had some nice upgrades there that helped drive mix.

我們有一些很棒的混音，很棒的混音運行，特別是 Triple Dipper。當我們開始將其納入 F 26 時，它就會開始變得緩和。我想說的是，我們在第四季度取得了一些出色的成績，除了三重優勢之外，我們還獲得了一些好感。我們在 3 for Me 中增加了 12.99 美元的層，並進行了一些不錯的升級，有助於推動混合。

We've also had some positive mix in appetizers and in dessert. So with that being said, we're going to keep with our sharp menu management and any mix that continues to be positive will really be upside to what we're planning.

我們也在開胃菜和甜點方面做出了一些積極的改進。因此，話雖如此，我們將繼續進行嚴格的菜單管理，任何持續積極的組合都將對我們的計劃產生積極的影響。

And then as far as traffic goes again, like I said, we plan to continue to be positive in traffic. We know that those comparisons get a little tougher in the back half, but our plan is to continue to drive traffic as the year progresses.

至於交通問題，就像我說的，我們計劃繼續積極應對交通問題。我們知道，下半年這些比較會變得更加困難，但我們的計劃是隨著時間的推移繼續推動流量。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Congrats. First, I wanted to ask just on sort of if any shifts in the contributors to your sales momentum. Kevin, I know you ran and Mika, I know you ran through a bunch of the drivers. Any shift this quarter from prior, you gave the 3 for Me mix? I don't know on the triple or some on the marketing side?

恭喜。首先，我想問一下，影響你們銷售動能的因素是否改變了。凱文，我知道你跑了，米卡，我知道你撞倒了一群司機。與之前相比，本季有什麼變化嗎，您給了 3 for Me 組合？我不知道三重還是行銷方面的狀況？

If you're going to notice anything different there and as it relates to 2026, some of your bigger broader initiatives, do the contributors look different in '26 and '25 recognizing, of course, there are different initiatives specifically?

如果您注意到那裡有什麼不同，並且與 2026 年相關的一些更大、更廣泛的舉措，那麼 26 年和 25 年的貢獻者是否看起來有所不同，當然，具體而言，有不同的舉措？

Well, the same-store sales being mid single digits, so that's just a different guideline, but what it's going to be is, like I said, a price will still be a contributor. It'll be not as high whereas mid single digits, maybe closer to the 3% to 4% range. We have mixed planned flattish and so any continued mix progress will be upside there and then again, to have positive traffic to fill in the rest. So that's kind of what we're planning as we move forward.

嗯，同店銷售額是中等個位數，所以這只是一個不同的指導方針，但就像我說的，價格仍然是一個因素。它不會那麼高，而是中等個位數，可能更接近 3% 到 4% 的範圍。我們的混合計劃比較平穩，因此任何持續的混合進展都會帶來上行，然後再有積極的流量來填補其餘部分。這就是我們未來的計劃。

And then I just want to touch on the new customer dynamic and sort of what you're seeing there. I know you've given updates in the past as it relates to those new customers, the frequency after newer visits or kind of bringing customers back. Any kind of latest updates there on that cohort behavior shift that you guys are seeing?

然後我只想談談新客戶動態以及您在那裡看到的情況。我知道您過去曾提供過與新客戶、新訪問後的頻率或讓客戶回頭的方式相關的更新。你們觀察到的團體行為轉變有什麼最新進展嗎？

Yes. So we're still growing all income levels, so that's the good news. We saw growth in low, medium, and high, especially when you have traffic numbers like we've had. So every income level is growing. And as far as frequency goes, what I will tell you is we've had a huge influx, obviously of new and lapsed users, and our frequency is actually staying flat.

是的。因此，各個收入水準的人口仍在成長，這是個好消息。我們看到了低、中、高的成長，特別是當你擁有像我們這樣的流量數字時。因此每個收入水準都在成長。至於頻率，我想告訴你的是，我們迎來了大量新用戶和流失用戶的湧入，而我們的頻率實際上保持穩定。

So that's really good that we don't dilute that number as we move forward. So we're bringing new guests and they're falling. They're having a great operational experience and they're coming back just as frequently as our other guests, so we feel really good about how that's working out.

因此，隨著我們不斷前進，我們不會減少這個數字，這真的很好。因此，我們帶來了新客人，但他們卻在流失。他們擁有出色的營運體驗，並且像我們的其他客人一樣頻繁地回來，因此我們對這種運作感到非常滿意。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Congratulations on the successful three year milestone. I was hoping to get a little bit more detail on your store reimage plans this year, particularly around that 200 priority assets that need updating. Any color on the timeline, scope for required investments, and any early sense of kind of the sales list or return profile for these investments?

恭喜您三年來的里程碑圓滿成功。我希望能更詳細地了解您今年的商店重塑計劃，特別是有關需要更新的 200 個優先資產。時間表上有任何顏色、所需投資的範圍，以及這些投資的銷售清單或回報概況的任何早期感覺嗎？

Yeah. So Christine, we're still really early in the process. So our plan is to get four restaurants reimaged here in Dallas. They're going to be at different levels and different scopes. We'll evaluate the results there and then the team is working on what's really scalable for the back half of the year.

是的。克里斯汀，我們還處於這個過程的早期階段。因此，我們的計劃是重新改造達拉斯的四家餐廳。它們將處於不同的層次和不同的範圍。我們將在那裡評估結果，然後團隊將致力於研究下半年真正可擴展的內容。

So still a lot of learnings to be had this fiscal year. I expect later in the fiscal year, we'll have just more details to share on exact levels of investments if we can expect any sales list and what that ramp up will be. Again, on the 200, that is where we said hey, those are some that we may prioritize as we start ramping up but again, we're just looking to get to that run rate that Kevin mentioned of that 10% per year just to get in a more just a better cadence of keeping all of our restaurants updated and relevant.

因此本財政年度仍有許多事情需要學習。我預計在本財政年度晚些時候，我們將有更多關於投資的具體水平的細節可以分享，如果我們可以預期任何銷售清單以及投資的增長幅度。再一次，關於 200 家餐廳，我們說過，嘿，這些是我們在開始加大力度時可能會優先考慮的一些事項，但同樣，我們只是希望達到 Kevin 提到的每年 10% 的運行率，以便更好地保持所有餐廳的更新和相關性。

Yeah. I mean, the only thing I'd add is we're not in a rush to reimage. We're in a rush to get it right. And then once we get it right, we'll move with speed. So right now, we're just going to get those four reimage. We're going to learn from them and then hopefully, we're going to ramp up more in the back half of the year, but like I said on my prepared comments, we don't expect to get to that 100 plus run rate until the start of calendar '27.

是的。我的意思是，我唯一要補充的是，我們並不急於重新塑造形象。我們急於把事情做好。一旦我們做對了，我們就會快速行動。所以現在，我們只需要取得這四個重新映像。我們將向他們學習，然後希望在今年下半年能夠取得更大的進步，但就像我在準備好的評論中所說的那樣，我們預計直到 27 年初才能達到 100 以上的運行率。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

My first question is just on the fiscal '26 comp. I think Mika, you just confirmed kind of that mid single digit guidance, which is similar to the revenue growth, which I guess makes sense with really no material unit growth, but I think you also know the plans for positive comps each quarter of the year.

我的第一個問題是關於 26 財年的表現。我認為，米卡，你剛剛確認了中等個位數的指導，這與收入增長類似，我認為這在沒有實質單位增長的情況下是有道理的，但我認為你也知道每年每個季度的正增長計劃。

I'm just wondering how do you think about that, whether that's something that's important to you and obviously the second and third quarter seems like it'll be a lot tougher to achieve. I'm just wondering if you're making strategic decisions with that goal in mind or how you should -- how we should kind of think about that sequencing through the year.

我只是想知道您對此有何看法，這對您來說是否重要，顯然第二季和第三季似乎更難實現這一目標。我只是想知道您是否在考慮這個目標的情況下做出戰略決策，或者您應該如何考慮——我們應該如何考慮全年的排序。

I know you said you're off to a good start, but just trying to understand the potential for those comps to go negative and still achieve that mid single digit for the full year, and then I have one follow up.

我知道您說過您已經有了一個良好的開端，但我只是想了解一下這些可比銷售額出現負增長但全年仍能實現中等個位數增長的可能性，然後我還有一個後續問題。

Right. So I'll start and let Kevin kind of add some color on that, but no, we feel really good. I talked about that we have some great momentum in the Q1. So we know that we feel really solid about that, and we have some great plans to lap the -- to comp the comp, say, so we do expect to have positive same-store sales at Chili's all four quarters.

正確的。因此，我將開始讓凱文對此添加一些色彩，但不，我們感覺真的很好。我說過我們在第一季取得了一些良好的發展勢頭。所以我們知道我們對此感到非常堅定，並且我們有一些很好的計劃來超越競爭對手，所以我們確實預計 Chili's 四個季度的同店銷售額都會呈正增長。

Now it will be maybe less positive as we lap the harder numbers, but we still expect it to be positive.

現在，當我們面對更困難的數字時，它可能會變得不那麼積極，但我們仍然希望它是積極的。

Yeah. I mean, we're very deliberate with the comments, Jeff on that and that we are very confident. Part of planning a year is math. Planning the year is making sure you have really strong plans so that you can deliver that math.

是的。我的意思是，我們對這些評論非常慎重，傑夫對此非常有信心。年度計劃的一部分是數學。規劃這一年是為了確保你有真正周密的計劃，這樣你才能完成數學任務。

And the reason why we shared comments that we did is we only were able to do this. So look at the plans and you look at the momentum and you look at the run rate, like we believe you're going to grow sales every quarter regardless of how big the rollover is.

我們之所以分享這些評論，是因為我們只能這樣做。因此，看看計劃，看看勢頭，看看運行率，就像我們相信無論展期有多大，你每個季度的銷售額都會增長。

So that was very important to share with everybody.

因此與大家分享這一點非常重要。

That's our expectation.

這是我們的期望。

No, we look forward to tracking that progress. And then the second question is just on the flow through. Just wondering, how do you balance maybe the desire to flow through the common momentum into restaurant margin and ultimately earnings versus reinvesting in the business.

不，我們期待追蹤這項進展。第二個問題是關於流程的。只是想知道，您如何平衡希望透過共同動力流入餐廳利潤並最終盈利與對業務進行再投資的願望。

Presumably, you're still in the early days of this turnaround and therefore, reinvestment would be prudent. So I'm just wondering how you balance that maybe what the top reinvestment priorities are. It sounds like it's, I guess remodels in the short term, but how you balance the flow through to earnings versus reinvesting?

據推測，您仍處於這一轉變的早期階段，因此，再投資是謹慎之舉。所以我只是想知道您如何平衡最重要的再投資優先事項。聽起來，我猜短期內會進行重塑，但您如何平衡收益流與再投資？

Yes. So Jeff, that's always something that on the top of our minds. If I take a step back and look at fiscal '25, Kevin recapped a ton of investments that we made. We watched our revenues. That allows us to accelerate investments when we do really well. So with all those investments we've made, we still managed to grow restaurant operating margins by 400 basis points.

是的。所以傑夫，這始終是我們最關心的事。如果我退一步回顧 25 財年，凱文會重述我們所做的大量投資。我們關注我們的收入。當我們表現得非常好時，這使我們能夠加快投資。因此，透過我們所做的所有這些投資，我們仍然成功地將餐廳營業利潤率提高了 400 個基點。

I started talking about this a little bit, but we do have some nice investments still already factored in the guidance that I gave you. So I mentioned the food that we have, about $12 million at Chili's built in for some investments in food.

我開始稍微談論這一點，但我們確實有一些不錯的投資已經考慮到了我給你的指導中。所以我提到了我們的食品，Chili's 大約投入了 1200 萬美元用於食品投資。

We have another $1 million or $2 million from Maggiano's. We actually have $17 million built in for some incremental labor for Chili's, another $4 million for Maggiano's. So I feel really good about the investments that we have. A nice amount of investments already built into this guidance we gave, so that's good.

我們從 Maggiano's 那裡得到了另外 100 萬或 200 萬美元。實際上，我們已經為 Chili’s 的部分增量勞動力投入了 1700 萬美元，為 Maggiano’s 投入了另外 400 萬美元。所以我對我們的投資感到非常滿意。我們給出的指導中已經包含了大量投資，所以這很好。

And I think that our rate of investment, it is slowing a little bit, which is good so we can flow through a little bit more, but we'll see what the sales do. So the sales allow us to accelerate some of those ideas and have more, but at the end of the day, the most important thing is we are going to take some of the profits and flow through and reinvest it back into the guests and team member experience because we think that is the secret sauce to our success is to continue to invest to improve that experience gives us just better guest experience, more pricing power, all the things we need to stay relevant and keep that top line growing.

我認為我們的投資速度正在放緩一點，這是好事，這樣我們就可以多投入一些，但我們會看看銷售情況如何。因此，銷售使我們能夠加速實現其中的一些想法，並產生更多的想法，但歸根結底，最重要的是我們要拿出一部分利潤，並將其重新投資到客人和團隊成員的體驗中，因為我們認為這是我們成功的秘訣，即繼續投資以改善體驗，從而為我們提供更好的客人體驗、更強的定價能力以及保持相關性和保持營收增長所需的一切。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Where do you see the chance to build more Chili's as you sort of get to that unit growth plan? And I guess are there still other kind of -- I think you've done successful relocations in the past too. Are there still opportunities to do that?

當您制定單位增長計劃時，您認為在哪裡有機會開設更多的 Chili's 餐廳？我想還有其他類型的——我認為您過去也曾成功進行過搬遷。還有機會這樣做嗎？

Yes. So historically, we've been very successful in our three biggest states which is Texas and Florida and California. With Richard and team, we think we have an opportunity to do -- to even put some more analytics on the front half of this process and to go into some markets where we historically haven't gone.

是的。從歷史上看，我們在三個最大的州，即德克薩斯州、佛羅裡達州和加利福尼亞州，並取得了巨大的成功。在理查德和他的團隊的幫助下，我們認為我們有機會對這個過程的前半部分進行更多的分析，並進入一些我們以前從未進入過的市場。

So just with the strength of the brand, with the sales, with the margins that allows us to move to different spots, it could be we could build more where we have some very -- some of our most successful restaurants are in the Northeast, so we could lean into that a little bit more.

因此，憑藉品牌實力、銷售額和利潤率，我們可以將業務轉移到不同的地點，我們可以在已有的一些非常成功的餐廳所在地開設更多餐廳——我們的一些最成功的餐廳位於東北部，因此我們可以更多地向東北部傾斜。

The Pacific Northwest is the area we said we haven't been in, and I do think there's just many areas across the country that we could probably look a little bit harder and expand our growth. So more to come on what we think that landscape looks like from a bigger picture, but we do think there's plenty of opportunity to build outside of those three main states.

太平洋西北地區是我們尚未涉足的地區，我確實認為全國還有很多地區值得我們更加努力地探索，以擴大我們的成長。因此，從更廣闊的角度來看，我們認為這種情況會是怎樣的，但我們確實認為在這三個主要州之外還有很多建設機會。

Mika, isn't cost inflation some -- or I guess also the investments, is that going to be somewhat similar by quarter? Is there any lumpiness to that? I don't know where commodity contracting is if you think it's more inflation in the first half or anything like that.

米卡，成本通膨是不是有些──或者我猜投資也是，每季的通膨情況會有些類似嗎？這其中有什麼不平整之處嗎？如果您認為上半年通膨加劇或類似情況的話，我不知道大宗商品萎縮的情況如何。

Yeah. You know what, right now, I'd say it's more evenly spread, so commodities might be a little heavier, the inflation might be a little heavier in Q1, and so that one might be a little, Q1 and Q3 look like they have a little lumpiness to it, but other than that, most of the other investments like labor and the other things I mentioned are more evenly spread.

是的。你知道嗎，現在，我會說它分佈得更均勻，所以大宗商品可能會更重一些，通貨膨脹在第一季度可能會更重一些，所以第一季度和第三季度可能會有一點不平整，但除此之外，大多數其他投資，如勞動力和我提到的其他東西，分佈得更均勻。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

One for Mika and one for Kevin. Mika, with the accelerated depreciation for this quarter and last quarter, can you just kind of help us think about how that's going to look in fiscal '26? And then Kevin, you'd mentioned the north of six initiatives. I was just wondering if you could kind of flesh out what those stores are doing differently than the rest of the system, how they look and what you're going to integrate back into the remainder of the system versus what they have today to kind of push them towards that $6 million AUV.

一個給米卡，一個給凱文。米卡，考慮到本季和上個季度的加速折舊，您能否幫助我們思考一下 26 財年的情況會如何？然後凱文，你提到了六項舉措中的北部。我只是想知道您是否可以詳細說明這些商店與系統其他部分有何不同，它們的外觀如何，以及您將如何將它們重新整合到系統的其餘部分中，而不是它們目前所擁有的，以推動它們實現 600 萬美元的 AUV。

I'll start with depreciation. So Jon, if you back out that accelerated depreciation of about $3 million I talked about, I think that's probably dollar wise a good starting place for next year what you can think the run rate and depreciation will be.

我先從折舊開始。因此，喬恩，如果你撤回我談到的約 300 萬美元的加速折舊，我認為從美元角度來看，這可能是明年的一個好起點，你可以認為運行率和折舊將是多少。

And then on north of six, Jon, so there's several pieces to it. There's some short term pieces and there's some longer term pieces. So the questions range from how do they better use the space in the heart of the house or the kitchen to how do they staff differently, how do they schedule differently, and even things like delivery.

然後在六點以北，喬恩，所以它有幾部分。有一些短期作品，也有一些長期作品。因此，問題範圍包括如何更好地利用房屋中心或廚房的空間，如何以不同的方式安排人員，如何以不同的方式安排時間，甚至送貨等事情。

So many of those restaurants get three deliveries a week instead of two deliveries a week. And then how they also space out certain things coming in a traditional delivery. Some come with the fresh delivery, and there's some things we can change on that so that when they do get deliveries, it's not so overwhelming because they can spread it across multiple different deliveries.

因此，許多餐廳每週都會收到三次外賣，而不是兩次。然後他們還如何在傳統交付中分隔某些物品。有些是隨新鮮送貨一起來的，我們可以對此進行一些改變，這樣當他們收到送貨時，就不會太不知所措，因為他們可以將其分散到多個不同的送貨中。

So there's a lot of different things coming from north of six team, and it's really exciting because they're operating with the same mousetrap as the others. Like they're not any -- they're not bigger restaurants. They don't have bigger kitchens. They're not in dramatically different trade areas.

因此，六號以北的團隊有很多不同的事情要做，這真的令人興奮，因為他們使用與其他人相同的捕鼠器。就像它們不是任何——它們不是更大的餐廳。他們沒有更大的廚房。他們的貿易領域並沒有太大差異。

It literally is the way they operate. And so we're just taking the best learnings from those restaurants. We're applying them to the existing restaurants and then those restaurants are also coming up with new things that they don't do that we could potentially deploy the entire system to also improve throughput for everybody.

這實際上就是他們的運作方式。因此，我們只是從這些餐廳中汲取最好的經驗。我們將它們應用到現有的餐廳，然後這些餐廳也會想出一些他們沒有做過的新事物，我們可能會部署整個系統來提高每個人的吞吐量。

So it's very, very encouraging and when we actually have things that roll out, I'll make sure I share them in the operational updates, in our earnings calls but our belief is there's so much more capacity still left in our business.

所以這非常非常令人鼓舞，當我們真正推出新產品時，我會確保在營運更新和收益電話會議上分享它們，但我們相信我們的業務仍然有很大的發展空間。

Like you look at our traffic over the last 20 years, like we're nowhere near where our peak was. So everybody's like wondering like how much more can they do and the answer is a whole lot more. If you believe 20 years ago with probably a more complex menu, we were able to do even more throughput.

看看我們過去 20 年的流量，你會發現我們遠遠沒有達到峰值水平。所以每個人都想知道他們還能做多少，答案是很多。如果您相信 20 年前可能有更複雜的菜單，那麼我們能夠實現更高的吞吐量。

So when we have more details on what we roll out, we'll make sure we share it but like the first one we've done is moving a bunch of restaurants from two deliveries to three deliveries which frees up a ton of time for those managers.

因此，當我們獲得有關所推出產品的更多細節時，我們一定會與大家分享，但就像我們所做的第一件事一樣，我們將一批餐廳的送貨方式從兩次改為三次，這為那些經理節省了大量時間。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Kevin, you talked in the prepared remarks about how much the business has changed over the last few years, in that spirit, just want to ask about the evolution of the core four. I think it was something like 40% of sales when you started, I think.

凱文，您在準備好的發言中談到了過去幾年業務發生了多大的變化，本著這種精神，我只想問一下核心四人組的演變情況。我認為當你剛開始的時候，它的銷售額大約佔 40%。

Maybe talk about how that's grown and where that sits today and then just related to that, as you address improving the rest of the menu from here forward, do you think the core four maintain the sales volumes at the same time you grow the rest of the menu? Any thoughts would be great.

也許可以談談它是如何發展起來的，以及它現在的狀況，然後與此相關的是，當您從現在開始改進菜單的其餘部分時，您是否認為核心四種產品會在您增加菜單其餘產品的同時保持銷售量？任何想法都很好。

Yeah. Well, we call it the 5 to drive. Now, it includes Triple Dipper. It continues to grow. So we continue to be put heat on it, which is exciting. The thing that's really exciting, I think in the next three years of the turnaround is our ability to upgrade the balance of the menu.

是的。好吧，我們稱之為 5 驅動。現在，它包括 Triple Dipper。它還在繼續增長。因此我們繼續對此施加壓力，這是令人興奮的。真正令人興奮的是，我認為在未來三年的轉型中我們有能力升級菜單的平衡。

So a lot of times, people hear great things about Chili's. And they're like, I'm going to give it another try, and they come in and some -- we haven't touched everything and the things that we haven't touched, they have a lower probability of being as good as the things that we have touched and maybe they don't have as good experience as they would with the 5 to drive and our core items.

很多時候，人們都會聽到關於 Chili's 的讚美之詞。他們就像，我要再試一次，然後他們進來，有些——我們還沒有接觸過所有的東西，而那些我們還沒有接觸過的東西，它們不太可能像我們接觸過的東西一樣好，也許他們對 5 to drive 和我們的核心項目的體驗不如他們那麼好。

And then they leave thinking, well, maybe all the hype's wrong and this is the same old Chili's, right? So one of the ways that we can continue to comp growth over the next three years is to make sure everything is as great as the 5 to drive and it's consistently made and has the right operational procedures.

然後他們離開時會想，好吧，也許所有的炒作都是錯的，這還是老樣子的 Chili's，對嗎？因此，我們在未來三年內繼續保持成長的方法之一就是確保一切都像 5 號車一樣出色，始終如一，並擁有正確的操作程序。

So that's all upside. And we just saw that. The ribs was not part of the core four when we started. We spent almost two years fixing that product, fixing the process, getting to a much bigger rib spec, getting the better a better recipe, better smoking, a crust on the ribs, we had to get new equipment to do that, and I promise, you go in and get a full rack of ribs, you're going to be blown away.

所以這都是好處。我們剛剛就看到了這一點。當我們開始時，肋骨並不是核心四部分的一部分。我們花了將近兩年的時間來修復該產品，修復流程，獲得更大的排骨規格，獲得更好的配方，更好的煙熏，排骨上的脆皮，我們必須獲得新設備才能做到這一點，我保證，你進去吃一整排排骨，你會被震撼的。

I mean, it's pretty awesome and I'm pretty excited about that product. And the thing I've really challenged the team is like, why can't all of our products be that wow, right? They should be. That's why people go out to eat.

我的意思是，它非常棒，我對該產品感到非常興奮。我真正向團隊提出的挑戰是，為什麼我們的所有產品都不能都那麼令人驚訝呢？他們應該是。這就是人們出去吃飯的原因。

So I have a lot of -- I have a huge amount of confidence that we're focusing on the right things in the next three years, which is these other items that are not quite as big as the core four or 5 to drive. And my hope would be in three years from now is that everything's as great as the 5 to drive, and I think we have plans to do that.

所以我非常有信心——我們在未來三年將專注於正確的事情，也就是這些不像核心的四項或五項那麼重要的其他項目。我希望三年後一切都能像 5 一樣好駕駛，我想我們已經有計劃做到這一點。

And just to follow up, same one question. The steak platform and the salad platform, is there -- can you get to that this year or is that maybe beyond this year?

只是為了跟進，同樣的問題。牛排平台和沙拉平台，今年可以實現嗎？或者可能要到今年以後？

No. I shared all of our food innovation in the call. So our hope is to get that in the '27 steaks and salads. So the main items that we're working on, they'll be a full year ribs, full year frozen. We've got the new queso which will also show up -- shows up like five different ways in the menu, but the nachos, the trash can style nachos.

不。我在電話中分享了我們所有的食品創新。所以我們希望在 27 年的牛排和沙拉中實現這一點。因此，我們正在研究的主要項目是全年排骨，全年冷凍。我們有新的 queso，它也會以五種不同的方式出現在菜單中，但是玉米片，垃圾桶風格的玉米片。

Chicken bacon ranch nachos are going to be I think a big hit in the restaurants. And in the back half, we got this new chicken sandwich platform and then all throughout the year, there's four core ingredients that show up in a ton of our recipes that we're upgrading which is bacon bits.

我認為雞肉培根牧場玉米片將在餐廳中大受歡迎。在後半段，我們推出了這個新的雞肉三明治平台，然後在全年中，我們正在升級的大量食譜中出現了四種核心成分，那就是培根碎。

We're going to 50% more thick bacon strips. We've got upgraded mayo coming. That will eventually upgrade the ranch once the mayo is upgraded. So we've got some pretty big upgrades coming in the core products. So I think we're going to help all of the dishes too.

我們將增加 50% 厚度的培根條。我們已經推出了升級版蛋黃醬。一旦蛋黃醬升級，牧場最終也會升級。因此，我們在核心產品方面進行了一些相當大的升級。所以我想我們也會幫忙洗所有的碗。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

Congrats.

恭喜。

Question on the ribs and what you think the opportunity is there in terms of sales mix, how you want to really entice people to come in and drive that frequency and I'm kind of curious what the ribs mix was way back if you have any information on that kind of going years back.

關於排骨的問題，您認為在銷售組合方面存在什麼機會，您希望如何真正吸引人們進來並提高購買頻率，如果您有關於幾年前排骨組合的任何信息，我很好奇排骨組合是什麼樣的。

Yeah. I don't really have the specific numbers. I can tell you we don't mix that much today, right? So before the rib upgrade, I think it was, between 4% and 5% when you add the Smokehouse combos. What I can tell you right now is, per 100s are up over 20%, and that's just from the menu merchandizing and the quality of the ribs.

是的。我確實沒有具體的數字。我可以告訴你，我們今天混在一起的不多，對吧？因此，在肋骨升級之前，我認為，當您添加煙熏房組合時，這個比例在 4% 到 5% 之間。我現在可以告訴你的是，每 100 份的菜色價格上漲了 20% 以上，而這還只是菜單商品和排骨品質的提升。

And when you see guests, when they get the rib platter, they're just kind of blown away. That's why we have so much confidence that it's something that we could use to drive traffic. It's not the biggest segment in the world. Like bone-in products aren't the biggest segment because young people tend to like things that are boneless, but we think we have such a good product.

當你看到客人拿到排骨拼盤時，他們一定會大吃一驚。這就是為什麼我們如此有信心我們可以用它來推動流量。這不是世界上最大的部分。帶骨產品並不是最大的細分市場，因為年輕人往往喜歡無骨的產品，但我們認為我們有非常好的產品。

We think we'll be able to use that to drive traffic over time. Maybe it won't be the big 10 pole that you see on TV with $10.99 burgers, but there are we do believe it's such a good product. There should be ways to be able to get -- to use it to drive demand and drive traffic into our restaurants because it is such a wow when you order it.

我們認為我們可以利用它來隨著時間的推移推動流量。也許它不會是你在電視上看到的售價 10.99 美元的 10 桿大漢堡，但我們確實相信它是一款好產品。應該有辦法用它來推動需求並增加餐廳的客流量，因為當你訂購它時它會讓你感到驚喜。

So so far, without any kind of advertising, just the menu merchandizing and the quality of product, we've seen an increase of 20% on incidence, so there's no reason why we don't think that could be even more once we turn advertising on.

因此到目前為止，在沒有任何廣告的情況下，僅透過菜單行銷和產品質量，我們已經看到發病率增加了 20%，因此，我們沒有理由不相信，一旦我們開始投放廣告，發病率可能會更高。

And that's in the 2Q?

那是在第二季嗎？

Yeah. That plan is to turn advertising on in Q2, that's right.

是的。該計劃是在第二季開始投放廣告，沒錯。

Eric Gonzalez, KeyBanc.

艾瑞克·岡薩雷斯（Eric Gonzalez），KeyBanc。

Congrats on just a great year.

恭喜您度過了美好的一年。

I'm just curious if there's any discernible difference between the performance at lunch versus dinner or perhaps you're seeing strength during the week versus the weekend. Just anything you can read into regarding consumer behavior around the day parts and the days of the week?

我只是好奇午餐和晚餐的表現之間是否存在明顯差異，或者您是否看到了周中和週末的實力。您能讀到任何有關一天中各個時段和一周中各個日子的消費者行為的資訊嗎？

You know what, Eric, the great news is that there's not really a big difference. So we're driving lunch. We're driving dinner. We're driving weekday, weekend. So we're driving this all pieces of the business. The great news is that $10.99 3 for Me, that does drive lunch. It drives dinner, it drives everything.

你知道嗎，艾瑞克，好消息是其實沒有太大的差別。所以我們正在開車送午餐。我們正在開車送晚餐。我們在平日和週末開車。所以我們正在推動業務的各個方面。好消息是，3 件商品只需 10.99 美元，這確實可以作為午餐。它主導晚餐，它主導一切。

So yeah, no, we're seeing growth across all parts, so very happy with that.

是的，我們看到各個部分都在成長，對此我們非常高興。

And then Kevin, just on the Maggiano's turnaround, obviously, it's not a huge part of the business, but I'm just wondering, how you're going to manage your time and just make sure that it doesn't become a distraction or do you feel like Chili's is just such a well-oiled machine that you could delegate a little more responsibility and really focus on Maggiano's or is this -- just how you're thinking about that going forward?

然後凱文，就 Maggiano 的轉型而言，顯然這不是業務的很大一部分，但我只是想知道，您將如何管理時間並確保它不會分散您的注意力，或者您是否覺得 Chili 就是一台運轉良好的機器，您可以委託更多的責任並真正專注於 Maggiano ，或者這只是您對未來的看法？

Yeah. I mean, obviously, that's a concern for everybody, right, because we've had such great success on Chili's. The first thing I'd tell you is we have an exceptionally strong Brinker and Chili's leadership team. So over the last three years, we've built, I mean, pretty much every one of our leaders are best in class in the industry and so it makes it a little bit easier to take a little bit of time away from there to go spend more time in Maggiano's restaurants.

是的。我的意思是，顯然這是每個人都關心的問題，因為我們在 Chili’s 上取得了巨大的成功。我要告訴你們的第一件事是，我們有一個非常強大的 Brinker 和 Chili 領導團隊。因此，在過去三年中，我們培養的幾乎每位領導者都是行業內的佼佼者，因此，我們可以更輕鬆地抽出一些時間，去 Maggiano 的餐廳多待一會兒。

The second thing I would tell you is all of our executives are doing listening sessions now, so year one, it probably was just me and a little bit of our COO, Doug Comings. Now all of our executives are doing listening sessions, so we stay very much in touch with what's happening in Chili's.

我想告訴你的第二件事是，我們所有的高階主管現在都在參加聽力會議，所以第一年，可能只有我和我們的營運長道格·康明斯（Doug Comings）參加。現在我們所有的高階主管都在參加聆聽會議，因此我們非常了解 Chili's 的最新動態。

There's nobody on our team that doesn't know what the hot topics are that we need to bird dogging and improve in the business that continues to drive the comp. So the number one I'd say is I think the team is a lot stronger today than it was three years ago.

我們團隊中每個人都知道哪些是我們需要關注的熱門話題，哪些是需要改進的，哪些是可以繼續推動公司發展的業務。所以我想說的第一點是，我認為今天的球隊比三年前強大得多。

The second is that, I've mapped out my time. I've done this before in a prior assignment where I run two brands and it's very easy when you start making choices about what's most important and what's not to figure out how to carve out time to do this.

第二，我已經規劃好了我的時間。我以前在經營兩個品牌的任務中也做過這樣的事情，當你開始選擇什麼是最重要的、什麼是不重要的時，弄清楚如何抽出時間來做這件事就很容易了。

So I don't -- the reason I don't say this for forever, and two, I don't think it's going to be that much time. If I thought it'd be more time, I'd probably be having a different discussion with our Board about what we want to do.

所以我不會——我不會永遠這麼說，原因有兩個，一是我認為不會花那麼長時間。如果我認為會有更多時間，我可能會與董事會就我們想要做的事情進行不同的討論。

So I'm not particularly worried about it. I'm actually energized by the opportunity because I think the more I've gotten into the business in the last couple of months, the more I see is very, very similar challenges to Chili's and I think we're treating it a little bit differently, and I don't think it needs to be treated that much differently.

所以我對此並不是特別擔心。事實上，這個機會讓我充滿活力，因為我認為，在過去的幾個月裡，我越深入這個行業，就越能看到它與 Chili’s 面臨的挑戰非常非常相似，而且我認為我們對待它的方式略有不同，但我認為不需要有太大的不同。

So obviously, I think in the next earnings call, we'll be able to share the initial things that we're going to do because I think it is pretty clear what we need to do, and I think you're going to see some progress. So but I'm not -- to answer your question more directly, I'm not worried at all about the amount of time it's going to take.

因此顯然，我認為在下一次財報電話會議上，我們將能夠分享我們將要做的初步工作，因為我認為我們需要做的事情非常清楚，而且我認為你會看到一些進展。所以，但我不是——更直接地回答你的問題，我根本不擔心它需要花費多少時間。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

I had a question on the Triple Dipper and sorry if I missed it, but what was sales mix in the quarter and are there any specific initiatives planned to continue to drive that platform?

我對 Triple Dipper 有一個問題，很抱歉我錯過了，但是本季的銷售組合是什麼樣的？是否有任何具體舉措計劃繼續推動該平台？

So while they pull the mix, I'll share the next initiative on Triple. So the social team is constantly mining for how our guests are using the Triple Dipper and seeing other ideas that we can use and so there's really -- there's two things going on.

因此，當他們進行混合時，我將分享 Triple 的下一個舉措。因此，社交團隊不斷挖掘我們的客人如何使用 Triple Dipper，並尋找我們可以使用的其他想法，所以實際上 - 有兩件事正在發生。

One is there's going to be a social influencer push on a new way that the customer's been using the Triple, so they've been ordering mock planks and then putting them on the Burger Bites and then pulling the Burger Bite apart so you get like a cheese pull inside of a burger, and that's going to be happening soon.

一是，將會有一位社會影響力人士推動客戶使用 Triple 的新方式，所以他們會訂購模擬木板，然後把它們放在漢堡塊上，再把漢堡塊拉開，這樣你就可以在漢堡裡面得到一塊奶酪，這將很快發生。

I think it's in the next couple of weeks. I don't have the exact date, where that's going to go live. So we hope that'll create some excitement on Triple. And then the second is we are going to be putting Triple on TV, and that's something that we just worked with in our general manager conference to make sure they are aligned with what's happening, but it's a big deal because we do a ton of Triples today and so we're likely going to be doing more once it goes on TV and we need to make sure that operationally, we're ready and we've been spent the last two quarters making some things more operationally simple on the Triple so that we can handle more volume.

我認為會在接下來的幾週內。我不知道具體的上線日期。所以我們希望這會給 Triple 帶來一些興奮。第二件事是，我們將把 Triple 放到電視上，這是我們在總經理會議上討論過的事情，以確保他們與正在發生的事情保持一致，但這是一件大事，因為我們今天做了很多 Triple 節目，所以一旦它上電視，我們可能會做更多，我們需要確保在操作上我們已經做好準備，我們在過去的兩個季度裡一直在使 Triple 上的一些操作更簡單，這樣我們就可以處理更多簡單的東西。

And we're also doing the TV at a time of year where the absolute volume seasonally are lower, so we're going to get a pretty good read about understanding whether we can activate Triple on TV both in terms of driving demand with TV, similar to what we've done with social, as well as can we handle the volume operationally by doing in a quarter where we just don't -- absolute volumes aren't as high.

而且，我們在一年中的某個時間做電視廣告，這個時間的絕對播放量季節性較低，因此，我們將仔細了解是否能夠在電視廣告中啟動 Triple，一方面通過電視推動需求，類似於我們在社交媒體上的做法，另一方面，我們能否在絕對播放量不那麼高的季度中通過運營來處理播放量。

So I'm very excited about the Triple plans and I think all the other improvements that we're making on things like bacon bits and ranch and mayo, I think it's going to also help the quality of the Triple Dipper too. So I think we're going to have a great year on Triple Dipper.

所以我對 Triple 計劃感到非常興奮，我認為我們在培根碎、牧場醬和蛋黃醬等方面所做的所有其他改進也將有助於提高 Triple Dipper 的品質。所以我認為我們在 Triple Dipper 上將會度過美好的一年。

Yeah. And Brian, as I think we talked about last quarter percent of total sales, so Triple Dipper is still about 15% of our total sales, so still going strong.

是的。布萊恩，我想我們討論的是上個季度總銷售額的百分比，所以 Triple Dipper 仍然占我們總銷售額的 15% 左右，所以仍然表現強勁。

I guess you talked also about rolling upgraded server handheld. When do you expect that to be rolled and kind of any details on how that cost is going to be accounted for and do you expect that to impact average table station sizes or to yield any productivity gains?

我想您也談到了滾動升級的伺服器手持設備。您預計什麼時候會推出這項服務，能否提供關於如何核算該成本的詳細信息，以及您是否預計這會影響平均桌面工作站大小或帶來任何生產力提升？

Yeah. So it's not -- so there's no -- it's not a hardware upgrade. We actually -- last year, we actually upgraded all of our iPads to the latest version and we got enough iPads because they're -- because the restaurants are so busy we needed more iPads for all the servers.

是的。所以這不是——所以沒有——這不是硬體升級。實際上——去年，我們將所有 iPad 都升級到了最新版本，而且我們有足夠的 iPad，因為——因為餐廳太忙了，我們需要為所有服務員配備更多的 iPad。

So that's all been -- that's already been deployed last fiscal. The upgrade that we're talking about is a software upgrade. So it's completely changing the user interface. It's removing all the 700 PLUs that kind of clutter the system and then shortening the amount of time it takes to order something.

所以這一切都已經——上個財年已經部署好了。我們所說的升級是軟體升級。所以它徹底改變了使用者介面。它會刪除所有 700 個使系統變得混亂的 PLU，然後縮短訂購商品所需的時間。

So I think the team did a time study on it. It's going to remove eight years of tapping for the servers when you add it all up annually, so it's a pretty big project. I believe it's going to go live by Q3. But we can get an exact time of that, but I'm pretty sure at the end of the calendar year, it's going to be ready to go assuming the testing goes well.

所以我認為團隊對此進行了時間研究。如果每年加起來，這將減少伺服器八年的佔用時間，所以這是一個相當大的專案。我相信它將在第三季上線。但我們無法確定確切的時間，但我很確定，如果測試進展順利，到年底它就可以投入使用了。

And I guess, just one more. Mika, on the fiscal '26 guidance, what does that embed for G&A?

我想，還剩一個。米卡，關於 26 財年的指導，這對 G&A 有何影響？

Yes. So G&A is going to be about 4% of total revenues for the full year.

是的。因此，一般及行政費用將佔全年總收入的 4% 左右。

We have reached the end of the question-and-answer session, and I will now turn the call back to Kim Sanders for closing remarks.

問答環節已經結束，現在我將把電話轉回給金·桑德斯，請他作結束語。

Thank you, Holly.

謝謝你，霍莉。

That concludes our call for today.

今天的通話到此結束。

We appreciate everyone joining us and look forward to updating you on our first quarter of fiscal 2026 results in October.

我們感謝大家的加入，並期待在 10 月向您報告我們 2026 財年第一季的業績。

Have a wonderful day.

祝您有美好的一天。

Bye, everyone.

大家再見。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your phone lines at this time and have a wonderful day.

您現在可以斷開電話線並享受美好的一天。

Thank you for your participation.

感謝您的參與。