First Watch Restaurant Group Inc (FWRG) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the First Watch Restaurant Group Inc second quarter earnings conference call occurring today, August 6, 2024, at 8:00 AM Eastern Time. (Operator Instructions) This call will be archived and available for replay at investors.firstwatch.com under the News & Events section.

感謝您的耐心等待，歡迎參加今天（2024 年 8 月 6 日）東部時間上午 8:00 舉行的 First Watch Restaurant Group Inc 第二季度財報電話會議。（操作員說明）本次電話會議將存檔並可在 Investors.firstwatch.com 的「新聞與活動」部分重播。

I would now like to turn the conference over to Steven Marotta, Vice President of Investor Relations at First Watch to begin.

現在我想將會議交給 First Watch 投資者關係副總裁史蒂文·馬洛塔 (Steven Marotta) 開始。

Hello everyone. I am joined by First Watch’s Chief Executive Officer and President, Chris Tomasso; and Chief Financial Officer, Mel Hope. This morning, First Watch issued its earnings release for the second quarter of fiscal 2024 on Globe Newswire and filed its quarterly report on Form 10-Q with the SEC. These documents can be found at investors.firstwatch.com.

大家好。First Watch 執行長兼總裁 Chris Tomasso 也加入了我的行列。財務長梅爾·霍普。今天上午，First Watch 在 Globe Newswire 上發布了 2024 財年第二季的收益報告，並向 SEC 提交了 10-Q 表格的季度報告。這些文件可以在 Investors.firstwatch.com 上找到。

This conference call will include forward-looking statements that are subject to various risks and uncertainties that could cause the company’s actual results to differ materially from these statements. Such statements include, without limitations, statements concerning the condition of the company’s industry and its operations, performance and financial condition, outlook, growth plans and strategies, and future expenses.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致公司的實際結果與這些陳述有重大差異。此類聲明包括但不限於有關公司行業狀況及其營運、業績和財務狀況、前景、成長計劃和策略以及未來費用的聲明。

Any such statements should be considered in conjunction with cautionary statements in the company’s earnings release and the risk factor disclosure in the company’s filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

任何此類聲明應與公司收益發布中的警示性聲明以及公司向 SEC 提交的文件中的風險因素披露一起考慮，包括我們的 10-K 表年度報告和 10 表季度報告-Q。

First Watch assumes no obligation to update these forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law. Lastly, management’s remarks today will include references to various non-GAAP measures, including restaurant-level operating profit, restaurant-level operating profit margins, adjusted EBITDA and adjusted EBITDA margin. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in the company’s earnings release filed this morning.

First Watch 不承擔更新這些前瞻性聲明的義務，無論是由於新資訊、未來發展或其他原因，除非法律要求。最後，管理階層今天的演講將提及各種非公認會計準則衡量標準，包括餐廳層級的營業利潤、餐廳層級的營業利潤率、調整後的 EBITDA 和調整後的 EBITDA 利潤率。投資者應審查這些非公認會計原則衡量指標與公司今天上午提交的財報中包含的可比較公認會計原則結果的一致性。

During today’s call, references to same-restaurants sales and traffic growth compares the 13-week periods ended June 30, 2024 and July 2, 2023, in order to compare like-for-like periods. Otherwise, any reference to percentage growth when discussing second quarter performance is a comparison to the second quarter of 2023 unless otherwise indicated.

在今天的電話會議中，提及同餐廳銷售額和客流量增長時，對截至 2024 年 6 月 30 日和 2023 年 7 月 2 日的 13 週期間進行了比較，以便比較同類期間的情況。否則，除非另有說明，否則在討論第二季業績時提及的成長百分比都是與 2023 年第二季的比較。

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

這樣，我會將電話轉給克里斯。

Thanks, Steve. Good morning. I’m pleased to report another quarter of solid operating results and adjusted EBITDA growth, and I thank everyone in our organization for their hard work. I remain extremely proud of our teams for continuing to control what we can control and delivering exceptional customer experiences both of which are key factors in sustaining our profitability improvements as evidenced by our adjusted EBITDA performance.

謝謝，史蒂夫。早安.我很高興地報告又一個季度的穩健經營業績和調整後的 EBITDA 成長，我感謝我們組織中每個人的辛勤工作。我仍然為我們的團隊感到非常自豪，他們繼續控制我們可以控制的事情並提供卓越的客戶體驗，這兩者都是維持我們盈利能力提高的關鍵因素，正如我們調整後的EBITDA 業績所證明的那樣。

As expected, traffic was challenging during the quarter given the macro headwinds throughout most of our industry. Despite that, we are operating at a very high level and are comfortable reiterating our fiscal year 2024 total revenue and adjusted EBITDA guidance. In Q2, we generated $299 million in system-wide sales, $258.6 million in total revenues and $35.3 million in adjusted EBITDA, the latter of which represented a 37% increase versus last year.

正如預期的那樣，鑑於我們大多數行業的宏觀阻力，本季的流量面臨挑戰。儘管如此，我們的營運水準非常高，並且很樂意重申我們的 2024 財年總收入和調整後 EBITDA 指導。第二季度，我們的全系統銷售額為 2.99 億美元，總營收為 2.586 億美元，調整後 EBITDA 為 3,530 萬美元，後者比去年增長了 37%。

Additional second quarter highlights include sequentially better same restaurant traffic compared to the first quarter, positive mix, improved labor productivity and better than expected contributions from both our new restaurant openings and strategic franchisee acquisitions completed over the past year.

第二季的其他亮點包括與第一季相比，同店客流量連續增加、積極的組合、勞動生產率的提高以及我們新餐廳開業和過去一年完成的策略特許經營商收購的貢獻好於預期。

We opened seven total new restaurants in six states during the second quarter, six of which are company-owned and one that’s franchise-owned. We also completed our largest First Watch franchisee acquisition on April 15 when we purchased 21 restaurants along with the development rights in the Raleigh-Durham, North Carolina DMA.

第二季度，我們在 6 個州總共開設了 7 家新餐廳，其中 6 家為公司所有，1 家為特許經營。我們也於 4 月 15 日完成了最大的 First Watch 特許經營商收購，購買了 21 家餐廳以及北卡羅來納州羅利-達勒姆 DMA 的開發權。

Our results in our internal KPIs demonstrate that we continue to operate our restaurants with remarkable efficiency. Our NROs by vintage and across geographies have been outstanding, performing at or above their sales expectations, and our pipeline for future growth is stronger than ever.

我們的內部關鍵績效指標結果表明，我們繼續以卓越的效率經營我們的餐廳。我們的各個年份和各個地區的 NRO 都非常出色，其銷售業績達到或高於其銷售預期，並且我們未來成長的管道比以往任何時候都更加強大。

As of today, we have more than 130 new restaurant projects in our pipeline and we are on track with our long-term target of delivering annual new restaurant growth in the low-double digits as a percentage of our system. As we continue to expand the system, the pipeline remains a significant driver of long-term value creation and earnings growth.

截至今天，我們有超過 130 個新餐廳項目正在籌備中，我們正在實現我們的長期目標，即每年新餐廳增長占我們系統的比例保持在低兩位數。隨著我們繼續擴展該系統，管道仍然是長期價值創造和獲利成長的重要驅動力。

As we stated on our last earnings call, we believe our traffic headwinds are more macro than micro and our insights indicate that one much of the industry-wide pressure is occurring primarily during the weekday breakfast and lunch dayparts as consumers look to trim weekday occasions. Two, that the behavior and frequency of our repeat customers remain relatively consistent, which is encouraging. And three, that occasions from our infrequent customers, those who average a single visit annually have declined, as have visits by lower income consumers.

正如我們在上次財報電話會議上所說，我們認為我們的流量阻力更多是宏觀的而不是微觀的，我們的見解表明，整個行業的壓力主要發生在工作日的早餐和午餐時段，因為消費者希望減少工作日的活動。第二，我們的回頭客的行為和頻率保持相對一致，這是令人鼓舞的。第三，那些不常光顧的客戶（平均每年一次造訪的客戶）以及低收入消費者的造訪次數已經減少。

While it’s evident that our customer is under some pressure, our business is strong and our long-term strategy remains intact and compelling. In the second quarter, our customer experience scores improved versus the same period last year. Growth in our per person average check exceeded carried pricing as a result of positive mix through menu innovation.

雖然我們的客戶顯然​​面臨一些壓力，但我們的業務強勁，我們的長期策略仍然完整且引人注目。第二季度，我們的客戶體驗得分較去年同期增加。由於菜單創新的積極組合，我們的人均支票增長超過了附帶定價。

Our ticket times were more than 20% faster than last year. Our employee turnover improved again, marking six straight quarters. It’s clear that our investments in technology both customer facing and our enhanced business intelligence tools for our operations teams are bearing fruit, exemplified by a record Mother’s Day that featured positive 1.8% same restaurant traffic, positive 5.4% same restaurant sales, better than 20% faster ticket times and higher customer experience scores. And in the second quarter, Placer.ai data indicates that First Watch’s traffic share increased against the direct daytime dining competitive set.

我們的售票時間比去年快了 20% 以上。我們的員工流動率再次改善，連續六個季度實現改善。很明顯，我們在面向客戶的技術以及為營運團隊增強的商業智慧工具方面的投資正在取得成果，母親節創紀錄的同店客流量為 1.8%，同店客流量為 5.4%銷售，票務時間縮短20%以上，客戶體驗得分較高。Placer.ai 數據顯示，第二季度，First Watch 的流量份額相對於直接日間餐飲競爭對手有所增加。

As I’ve shared with investors and our teams, our approach in the current environment is to double down where we already excel. Through our investments in technology, data capture and analytics, we now know and continue to learn more about First Watch customers than ever. We’re putting those insights to work.

正如我與投資者和我們的團隊分享的那樣，我們在當前環境下的做法是在我們已經擅長的領域加倍努力。透過我們在技術、數據收集和分析方面的投資，我們現在比以往任何時候都更了解並繼續了解 First Watch 客戶。我們正在將這些見解付諸實踐。

We’ve accumulated an opt in database of roughly 7 million customers and are analyzing and segmenting customer information by visitation patterns to deliver the appropriate communication to the appropriate audience at the appropriate time. Whether we’re delighting our repeat customers, reengaging a lapsed customer or reaching a competitive user, we are focused on targeting demand generation across our own communication channels as well as paid digital media.

我們已經累積了大約 700 萬客戶的選擇資料庫，並且正在根據存取模式分析和細分客戶訊息，以便在適當的時間向適當的受眾提供適當的溝通。無論我們是要取悅回頭客、重新吸引流失的客戶還是吸引有競爭力的用戶，我們都致力於透過我們自己的溝通管道和付費數位媒體來滿足需求。

Our approach is in stark contrast to the broad based discounting that many in our industry are deploying. It’s our opinion that while aggressive promotions drive short-term traffic in some instances, we view that tactic as sacrificing margin from loyal customers while also attracting temporary discount motivated customers with low recurrence rates.

我們的方法與我們行業中許多人正在部署的廣泛折扣形成鮮明對比。我們認為，雖然在某些情況下積極的促銷活動會帶來短期流量，但我們認為這種策略會犧牲忠誠客戶的利潤，同時也會吸引具有低迴頭率的臨時折扣動機的客戶。

We will lean into traffic driving marketing initiatives the First Watch way, focusing on profitable growth with messages that lever our core brand attributes to increase the frequency of targeted customer groups. We realize that some may not fully appreciate our approach, but our industry has a history littered with brands that lost their way during challenging times. First Watch has always played to win the long game.

我們將以 First Watch 的方式依靠流量推動行銷活動，重點關注利潤成長，並透過利用我們的核心品牌屬性的訊息來增加目標客戶群的頻率。我們意識到，有些人可能不完全欣賞我們的方法，但我們的行業歷史上充斥著在充滿挑戰的時期迷失方向的品牌。First Watch 始終致力於贏得持久戰。

First Watch restaurants deliver exceptional everyday value featuring a culinary forward menu using fresh, high quality ingredients, and consistent customer service that creates memorable experiences. We’re very measured when it comes to pricing actions in any environment and our conservatism, which is guided by our goal of preserving our value proposition is well documented.

First Watch 餐廳提供卓越的日常價值，採用新鮮優質食材烹製的前沿菜單，以及始終如一的客戶服務，創造難忘的體驗。在任何環境下的定價行為方面，我們都非常慎重，而且我們的保守主義以維護我們的價值主張為目標，這一點是有據可查的。

The modest 1% price action we implemented during the last week of the second quarter is merely a continuation of our conservative pricing philosophy and is consistent with the multi-year strategy we implemented upon exiting COVID.

我們在第二季最後一周實施的 1% 的適度價格行動只是我們保守定價理念的延續，並且與我們退出新冠疫情後實施的多年戰略一致。

As I stated earlier, our growth engine continues to hum and is a particular point of strength for us and our long-term growth outlook remains in place. Inclusive of the 40 company-owned NROs combined with the 45 franchise acquisitions completed, we’ve added nearly 4,500 additional annual operating weeks to our operating model since the second quarter of 2023. Our new restaurants as a group and by vintage are meeting or exceeding our targets.

正如我之前所說，我們的成長引擎繼續運轉，是我們的一個特殊優勢點，我們的長期成長前景仍然存在。包括 40 家公司自有的 NRO 以及已完成的 45 個特許經營收購，自 2023 年第二季以來，我們的營運模式已增加近 4,500 個年度營運週。我們的新餐廳作為一個整體和年份都達到或超過了我們的目標。

New restaurant third-year AUV targets have increased by more than 40% since 2019 and our capital return criteria continues to be achieved. We had 538 restaurants in operation at the end of the second quarter, representing only a quarter of our total addressable market of 2,200. And encouragingly, no DMA is completely built out. The 130 new restaurant projects currently under development reflect nearly 25% of our current system. Our future growth opportunities abound and our manager ready bench is as robust as our real estate pipeline.

自 2019 年以來，新餐廳第三年 AUV 目標增加了 40% 以上，我們的資本回報標準繼續實現。截至第二季末，我們有 538 家餐廳在運營，僅占我們目標市場總數 2,200 家的四分之一。令人鼓舞的是，沒有 DMA 是完全建構出來的。目前正在開發的 130 個新餐廳項目占我們現有系統的近 25%。我們未來的成長機會比比皆是，我們的經理準備工作與我們的房地產管道一樣強大。

Since May 2023, our franchise acquisition strategy has resulted in our conversion of 45 restaurants from franchise operated to company owned, including our largest First Watch acquisition, which took place in the second quarter. Restaurants we have acquired from our franchisees have added nearly $100 million in annual restaurant sales and 17 new DMAs for corporate development.

自 2023 年 5 月以來，我們的特許經營收購策略已使 45 家餐廳從特許經營餐廳轉變為公司所有餐廳，其中包括第二季度發生的最大的 First Watch 收購。我們從特許經營商收購的餐廳增加了近 1 億美元的年度餐廳銷售額，並為企業發展提供了 17 個新的 DMA。

We’re delighted with how these restaurants, leaders and employees have integrated into our corporate operations. We successfully retained 94% of leaders, manager and above across our 2024 acquisitions, including 100% of directors of operations. In short, times are good for us, just not in the usual way. Our most loyal customers expect a consistently high experience and are maintaining frequency. We’re delivering on their high expectations.

我們對這些餐廳、領導者和員工如何融入我們的公司營運感到高興。在 2024 年的收購中，我們成功保留了 94% 的領導者、經理及以上人員，其中包括 100% 的營運總監。簡而言之，現在的情況對我們來說是有利的，只是不是以平常的方式。我們最忠實的客戶期望獲得始終如一的優質體驗，並保持頻率。我們正在滿足他們的高期望。

Furthermore, both our restaurant and enterprise level profitability is exceptional. While we’re not immune to macro headwinds, we are managing through these times by playing to our strengths, which is paying off in restaurant level profitability and the continued rapid growth in the number of well run First Watch restaurants.

此外，我們的餐廳和企業層面的獲利能力都非常出色。雖然我們不能免受宏觀逆風的影響，但我們正在透過發揮我們的優勢來應對這些時期，這在餐廳層面的盈利能力和經營良好的 First Watch 餐廳數量的持續快速增長中得到了回報。

And with that, I’ll turn it over to Mel.

有了這個，我會把它交給梅爾。

Thank you, Chris, and good morning everybody. We’re pleased to report strong second quarter profits. We are controlling the controllables, and as a result, our teams continue to generate higher restaurant level operating profit margin and improved adjusted EBITDA margin. Total second quarter revenues were $258.6 million, an increase of 19.5%. Our top line growth in the second quarter was driven by our new restaurant openings and the franchise restaurants we acquired over the past year.

謝謝你，克里斯，大家早安。我們很高興地報告第二季的強勁利潤。我們正在控制可控因素，因此，我們的團隊繼續創造更高的餐廳水平營業利潤率和改善的調整後 EBITDA 利潤率。第二季總營收為 2.586 億美元，成長 19.5%。我們第二季的營收成長是由新餐廳開幕和去年收購的特許經營餐廳所推動的。

Same restaurant sales slipped 30 basis points on negative same restaurant traffic of 4%. Our food and beverage costs were 21.8% of sales in the second quarter, compared to 22.4% in the same period last year. As a percent of sales, costs benefited from carried pricing of 3.5% and positive mix partially offset by commodity inflation of 4.2%.

由於同店客流量負 4%，同店銷售額下滑 30 個基點。我們的食品和飲料成本佔第二季銷售額的 21.8%，而去年同期為 22.4%。作為銷售額的百分比，成本受益於 3.5% 的附帶定價和積極的組合，部分被 4.2% 的商品通膨所抵消。

During the quarter, restaurant level labor inflation was 4.6%. Nevertheless, labor and other related expenses were 32.8% of sales in the second quarter, a 40 basis points improvement from 33.2% in the second quarter of 2023. The improvement in labor efficiency illustrates the success of our operators who have also been building on our reputation for great service.

本季度，餐廳層面的勞動力通膨率為 4.6%。儘管如此，勞動力和其他相關費用佔第二季銷售額的 32.8%，比 2023 年第二季的 33.2% 提高了 40 個基點。勞動效率的提高體現了我們營運商的成功，他們也一直在建立我們優質服務的聲譽。

For the quarter, our customer experience scores have strengthened by roughly 10% versus last year. In short, and in the spirit of controlling what we can control, our restaurants continue to successfully serve our customers more efficiently, at the same time, our customers are reporting that our service is even better. The improvements in food and labor helped lift restaurant level operating profit margin by 100 basis points versus the prior year and income from operations margins by 110 basis points.

本季度，我們的客戶體驗得分比去年提高了約 10%。簡而言之，本著控制我們能控制的事情的精神，我們的餐廳繼續成功地更有效地為我們的顧客提供服務，同時，我們的顧客報告我們的服務甚至更好。食品和勞動力的改善幫助餐廳水平營業利潤率比前一年提高了 100 個基點，營業利潤率收入提高了 110 個基點。

General and administrative expenses were $27.2 million, approximately $1.9 million higher than in the prior year, primarily due to additional headcount. G&A expenses were actually lower than the first quarter of 2024 and at 10.5% of sales they were 120 basis points lower than last year.

一般及行政費用為 2,720 萬美元，比上年增加約 190 萬美元，主要是因為人員增加。G&A 費用實際上低於 2024 年第一季度，佔銷售額的 10.5%，比去年低 120 個基點。

Adjusted EBITDA was $35.3 million, a $9.5 million increase versus the $25.8 million reported last year. We’re pleased to report this significant year-over-year growth in adjusted EBITDA as we continue to open and acquire restaurants in the execution of our strategic long-term growth plan.

調整後 EBITDA 為 3,530 萬美元，比去年報告的 2,580 萬美元增加了 950 萬美元。我們很高興地報告，隨著我們在執行長期策略成長計畫中繼續開設和收購餐廳，調整後的 EBITDA 年比大幅成長。

Adjusted EBITDA margin was 13.7% versus the 11.9% margin we realized in the second quarter of 2023. The improvement was primarily attributable to the increase in restaurant level operating profit margin we discussed, as well as lower general and administrative expenses as a percent of sales.

調整後 EBITDA 利潤率為 13.7%，而我們在 2023 年第二季實現的利潤率為 11.9%。這項改善主要歸因於我們討論的餐廳層級營業利潤率的增加，以及一般和管理費用佔銷售額百分比的降低。

Net income was $8.9 million and net income margin was 3.4%. We opened seven new system-wide restaurants during the second quarter, of which six are company-owned and one is franchise-owned. So at the end of the second quarter, the First Watch system has now grown to 538 restaurants.

淨利潤為 890 萬美元，淨利潤率為 3.4%。我們在第二季新開了 7 家全系統餐廳，其中 6 家是公司自營餐廳，1 家是特許經營餐廳。因此，到第二季末，First Watch 系統現已發展到 538 家餐廳。

For your financial modeling purposes, the net effect of acquisitions, which includes only the impact of purchases made within the last 12 months, increased both second quarter revenue by about $21 million and adjusted EBITDA by about $5 million. For further details on the second quarter, please review our supplemental materials deck on our Investor Relations website beneath the webcast link.

出於財務建模目的，收購的淨效應（僅包括過去 12 個月內進行的採購的影響）使第二季收入增加了約 2,100 萬美元，調整後 EBITDA 增加了約 500 萬美元。有關第二季度的更多詳細信息，請查看我們投資者關係網站上網絡廣播鏈接下方的補充材料。

Again, we’re proud of our restaurant teams who have continued to improve the experience in our restaurants while delivering strong profitability. To provide you with more insight on our planning for the rest of the year, third quarter to date same restaurant traffic growth has been below our second quarter results, and we’re anticipating the second half of the year to be at least as challenging as the first half. We took about 1% of additional price, the last week of June and so will carry about 3.5% of price in the third quarter.

我們再次為我們的餐廳團隊感到自豪，他們不斷改善餐廳的體驗，同時提供強勁的獲利能力。為了讓您更深入了解我們今年剩餘時間的計劃，第三季度迄今為止的同一餐廳客流量增長低於我們第二季度的業績，我們預計下半年至少同樣具有挑戰性作為上半場。我們在 6 月最後一周收取了約 1% 的額外價格，因此第三季將收取約 3.5% 的價格。

Furthermore, our third-party off-prem channel remains volatile and we expect it to continue to weigh on our overall traffic for the balance of the year. To update our full year outlook for 2024, we are adjusting same restaurant sales growth to a range of negative 2% to flat, with a mid-single-digit decline in same restaurant traffic. We expect a total of 52 to 56 net new system-wide restaurants updated to reflect 45 to 48 company-owned restaurants, 9 to 10 franchise-owned restaurants and the two system-wide closures.

此外，我們的第三方場外管道仍然不穩定，我們預計它將繼續影響我們今年剩餘時間的整體流量。為了更新 2024 年全年展望，我們將同店銷售額成長調整至負 2% 至持平，同店客流量出現中個位數下降。我們預計全系統範圍內將有 52 至 56 家淨新增餐廳，其中包括 45 至 48 家公司自營餐廳、9 至 10 家特許經營餐廳以及兩家全系統關閉餐廳。

Our 2024 development pipeline remains heavily weighted in the second half of the year, the fourth quarter in particular similar to our cadence in 2023. We now expect a blended tax rate between 31% and 33%. The outperformance of our non-comp restaurants is largely offsetting our negative same restaurant sales growth, and as such, we’re maintaining our total revenue growth guidance in a range of 17% to 19%, excluding the impact of the 53rd week last year, approximately 7% of the growth is expected to be the net contribution from the 23 restaurants we acquired in 2023 and the 22 restaurants acquired in 2024.

我們的 2024 年開發計畫仍在下半年、尤其是第四季佔據重要地位，與 2023 年的節奏類似。我們現在預計混合稅率將在 31% 到 33% 之間。我們非競爭餐廳的優異表現在很大程度上抵消了我們同店銷售額的負增長，因此，我們將總收入增長指導維持在 17% 至 19% 的範圍內，不包括去年第 53 週的影響今年，預計約7% 的成長將來自我們在2023 年收購的23 家餐廳和2024 年收購的22 家餐廳的淨貢獻。

We’re also maintaining the adjusted EBITDA guidance range of $106 million to $112 million. The net impact from acquisitions is now expected to contribute about $13 million to current year adjusted EBITDA. Our expectation of commodity inflation for the year remains unchanged at 2% to 4%, as does our expected restaurant level labor cost inflation in the range of 5% to 7%. Finally, we continue to plan capital expenditures of $125 million to $135 million, not including the capital invested in the franchise acquisitions.

我們也將調整後的 EBITDA 指引範圍維持在 1.06 億美元至 1.12 億美元之間。目前預計收購的淨影響將為本年度調整後的 EBITDA 貢獻約 1,300 萬美元。我們對今年商品通膨的預期保持在 2% 至 4% 不變，我們預計餐廳勞動成本通膨在 5% 至 7% 的範圍內。最後，我們繼續規劃1.25億至1.35億美元的資本支出，不包括投資於特許經營收購的資本。

And with that operator, would you please open the line for the questions?

那位接線生可以請您打開提問線路嗎？

(Operator Instructions)

（操作員說明）

Chris O’Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Great. Thanks, guys. This is Patrick on for Chris. Good morning.

偉大的。謝謝，夥計們。這是派崔克代替克里斯。早安.

Good morning, Patrick.

早上好，派崔克。

Morning. I know you guys called out last quarter that Florida was a region of weakness for the system. And I’m curious if you’ve seen that remain the same and if there’s been a change when you look geographically across any other regions of the country that you have a relatively good penetration in.

早晨。我知道你們上個季度指出佛羅裡達州是該系統的薄弱地區。我很好奇，當您從地理上觀察該國滲透率相對較高的任何其他地區時，您是否發現這種情況保持不變，以及是否發生了變化。

Yeah. We saw the gap between Florida and the rest of the system widen a little bit, again, but our position hasn’t changed. I mean, we still see that as a normalization of trends in the state kind of coming out of COVID and normalizing, but we’re still all in on Florida from a growth perspective. I mean, Florida is still one of the top states for net migration in the US And we continue to see it as an excellent opportunity for us to continue to operate and grow there. And still with the tourist destination aspect of it, we just -- we believe that -- the presence that we have in Florida is strong and we’ll continue to focus on it.

是的。我們看到佛羅裡達州與系統其他地區之間的差距再次擴大，但我們的立場沒有改變。我的意思是，我們仍然認為這是該州擺脫新冠疫情並實現正常化的趨勢正常化，但從成長的角度來看，我們仍然看好佛羅裡達州。我的意思是，佛羅裡達州仍然是美國淨移民最多的州之一，我們仍然認為這是我們繼續在那裡運營和發展的絕佳機會。儘管如此，在旅遊目的地方面，我們相信，我們在佛羅裡達州的影響力很強，我們將繼續關注它。

And we don’t have any other regions of the country that we’d call out as being weaker than the rest of the -- our development process is really data driven. And so our -- when we select a site, the success of the site really performs pretty predictably within a narrow band.

而且我們沒有其他地區比其他地區弱——我們的開發過程實際上是數據驅動的。因此，當我們選擇一個站點時，該站點的成功確實在一個狹窄的範圍內表現得相當可預測。

Got it. That’s helpful. And then, Chris, I know the company utilizes digital channels to drive greater frequency among current users, and you called some of that out in your prepared remarks. But I was curious how you’re thinking more about what you might call top of the funnel tactics that you can deploy from a marketing perspective that maybe can help reach consumers who have never used First Watch.

知道了。這很有幫助。然後，克里斯，我知道該公司利用數位管道來提高當前用戶的使用頻率，您在準備好的演講中提到了其中的一些內容。但我很好奇，您如何更多地考慮所謂的「漏斗頂端」策略，您可以從行銷角度部署這種策略，這也許可以幫助吸引從未使用過 First Watch 的消費者。

Yeah. I think we look at and segment the consumer based on, obviously, demographics, psychographics, but probably more importantly, the frequency. And we do have a focus on all the channels that I mentioned on the call. So our infrequent users, lapse users, and even users of competitors, so -- and we’re doing that, again, what we’re just calling the First Watch way, which is through the owned channels that we have and then through social and digital.

是的。我認為我們顯然是根據人口統計、心理統計數據來觀察和細分消費者，但可能更重要的是頻率。我們確實關注我在電話中提到的所有管道。因此，我們的不常使用的用戶、流失的用戶，甚至競爭對手的用戶，我們正在這樣做，我們稱之為「首次觀察」方式，即透過我們擁有的自有管道，然後透過社交和數位。

Helpful. Thanks, guys.

有幫助。謝謝，夥計們。

You’re welcome.

不客氣。

Brian M. Vaccaro, Raymond James.

布萊恩·M·瓦卡羅，雷蒙德·詹姆斯。

Hi. Thanks and good morning. Back on the sales, I was also curious to what degree you think maybe return to office dynamics could be impacting your business. Could you elaborate on what you’re seeing weekday versus weekend? Or are there any other data dynamics that you analyze to try to answer that questions?

你好。謝謝，早安。回到銷售方面，我也很好奇您認為重返辦公室的動態可能會在多大程度上影響您的業務。您能詳細說明一下您在工作日和週末看到的情況嗎？或者您是否分析了任何其他數據動態來嘗試回答這些問題？

Yeah. We don’t have any data that suggests that it’s due to return to work. We do know that the weekday occasion is the -- weekday lunch specifically is where we’re seeing the most softness, weekday breakfast and weekday lunch. And so we just think it’s maybe a factor of the consumer just choosing to treat that occasion as one that they can have at home or something like that in this environment.

是的。我們沒有任何數據顯示這是由於重返工作崗位所致。我們確實知道，工作日的場合是——工作日午餐，特別是我們看到最柔軟的地方，工作日早餐和工作日午餐。因此，我們認為這可能是消費者選擇將這種場合視為可以在家中或在這種環境下進行的活動的一個因素。

Again, we didn’t see any check management steps prior to what we’re seeing in the traffic pressure. So we believe it’s actually a -- and then when we look at industry data, we also see that those day parts are down across full service QSR and whatnot. So that kind of leads us more, Brian, towards hypothesis that it’s the occasion.

同樣，在我們看到交通壓力之前，我們沒有看到任何檢查管理步驟。因此，我們相信這實際上是——然後當我們查看行業數據時，我們也發現全方位服務 QSR 等的日間零件有所下降。因此，布萊恩，這讓我們更傾向於假設這就是時機。

All right, that’s helpful. Thanks, Chris. And on the labor front, another quarter of solid cost controls evident in your Q2 results. Could you just remind us what some of the new tools and processes you’ve deployed and any benchmarks or data points you could provide on the efficiencies that that’s driving in your restaurants?

好的，這很有幫助。謝謝，克里斯。在勞動力方面，第二季的業績中明顯反映出另一個季度的穩健成本控制。您能否提醒我們您已經部署了哪些新工具和流程，以及您可以提供有關提高餐廳效率的基準或數據點？

So, good morning, Brian, by the way. The tools that we created, really, last year and have rolled out in the system continue to improve, basically help the managers in the restaurant actually see their kind of real time labor costs, which helps them with scheduling and staffing during weekdays and during their peak hours. They also have just better hourly management, I would say, in terms of labor and better scheduling.

那麼，早上好，布萊恩，順便說一下。The tools that we created, really, last year and have rolled out in the system continue to improve, basically help the managers in the restaurant actually see their kind of real time labor costs, which helps them with scheduling and staffing during weekdays and during their尖峰時段.我想說，在勞動力和更好的調度方面，他們也有更好的小時管理。

They’re also successful in more throughput during our peak hours, which makes our labor look a little bit better. I don’t have any metrics that I can give you or to share with you, but it’s really just the attention to the management of the restaurant, the scheduling, and the labor management that our operators have been attentive to as they learn to use the new tools and apply some of the strengths of those.

他們也成功地在我們的高峰時段提高了吞吐量，這使我們的勞動力看起來更好了一些。我沒有任何指標可以給你或與你分享，但這實際上只是我們的經營者一直關注的對餐廳管理、調度和勞動力管理的關注。

And then, Brian, I’ll add that we -- just to give you an example, we had been testing a digital scheduling platform, and the test went extremely well. And we’re rolling it out here in Q3 -- excuse me, in Q3. And that’s a typical platform where the servers can look at their schedules, actually, all employees can look at their schedules. They’re a lot -- they can trade schedules on their trade shifts, things like that, things that we had to do very manually and, frankly, through the manager before. So this will again, improve our efficiency and free up the manager to focus on other things.

然後，布萊恩，我要補充一點，我們——只是給你舉個例子，我們一直在測試一個數位調度平台，並且測試進行得非常順利。我們將在第三季推出它——對不起，在第三季。這是一個典型的平台，伺服器可以在其中查看他們的日程安排，實際上，所有員工都可以查看他們的日程安排。他們很多——他們可以根據交易輪班安排交易時間表，諸如此類的事情，這些事情我們以前必須非常手動地完成，坦率地說，是透過經理完成的。因此，這將再次提高我們的效率並讓經理有時間專注於其他事情。

And make it easier for the crews.

並讓工作人員更輕鬆。

Yeah.

是的。

Okay. Well, I’ll pass it along. Thank you very much.

好的。好吧，我會把它傳遞出去。非常感謝。

Thanks.

謝謝。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Hey, guys. Good morning. Wondering, as you kind of tease out the traffic impact, does discounting kind of in the breakfast category, some of the legacy players, obviously, that’s a subject we’re hearing a lot about across the restaurant industry right now. Do you think that’s having a near-term impact? Are you able to kind of tease that out of what you’re seeing?

嘿，夥計們。早安.想知道，當你梳理出交通影響時，早餐類別是否會打折，顯然，一些傳統參與者，這是我們現在在整個餐飲行業經常聽到的一個話題。您認為這會產生短期影響嗎？你能從你所看到的看出這一點嗎？

Andy, I’d say that we worked really hard years ago to differentiate ourselves from that segment through our brand repositioning and things like that. That’s not an area that we choose to kind of operate in. What I’ll tell you is that back to my comment, if we were seeing check management and things like that, and looking at our own menu pricing compared to others in our space and saw that there was something that we were -- that was self inflicted, I think we would address that. But that’s really not what we’re seeing. It really seems to be an occasion issue right now.

安迪，我想說，幾年前我們非常努力地工作，透過我們的品牌重新定位和類似的事情來使自己從該細分市場中脫穎而出。這不是我們選擇開展業務的領域。我要告訴你的是，回到我的評論，如果我們看到檢查管理和類似的東西，並查看我們自己的菜單定價與我們空間中的其他人的比較，並發現我們有一些東西 - 那是自己造成的，我想我們會解決這個問題。但這其實並不是我們所看到的。現在看來確實是個場合問題。

So we are focused on our everyday value. What we are, what we have launched here recently is really stepping up the communications and focusing on our brand attributes and reminding people why they love First Watch so much. And so that’s kind of our take there. We won’t -- I would say, at the discounting level, that’s out there right now, that’s just not something that we would do.

因此，我們專注於我們的日常價值。我們最近在這裡推出的產品實際上是加強溝通，專注於我們的品牌屬性，並提醒人們為什麼如此喜愛 First Watch。這就是我們的看法。我們不會——我想說，在折扣水平上，現在就存在這種情況，這不是我們會做的事情。

Got it. And where are you on sort of seasonals? And I think last call, you may have mentioned, we’ve got some things that maybe mix really well, maybe a little bit lower on the price point. Is that starting to kind of work into the seasonals in the back half of the year?

知道了。季節性的時候你在哪裡？我想您可能在上次電話會議中提到過，我們有一些東西可能混合得很好，也許價格稍微低一點。這是否會在下半年開始影響季節性？

Yeah. Well, first of all, I know everybody’s excited that we’re almost to pumpkin season, so we’ll get there with our pumpkin pancake breakfast soon. But, yeah, I mean, we had positive mix in Q2 and in Q1. And I think a lot of the favorability you’re seeing on the profit line in the restaurants was a result of that. I talked about the shrimp and grits and some other items that we brought back and put on. And so that strategy has actually helped us a lot.

是的。好吧，首先，我知道每個人都很興奮，因為南瓜季節即將到來，所以我們很快就會帶著南瓜煎餅早餐到達那裡。但是，是的，我的意思是，我們在第二季和第一季都有積極的組合。我認為你在餐廳的利潤線上看到的許多好感都是由此產生的。我談到了我們帶回來並放上的蝦子和粗玉米粉以及其他一些物品。所以這個策略其實對我們幫助很大。

And then variation in mix for us, as you know, is kind of a quarter-to-quarter function because of the LTOs and the menu modifications. But there’s really been no discernible change in customer behavior in mix or attachment this year. But we are able to flex up a little bit sometimes with favorites like the shrimp and grits and when the pumpkin pancake breakfast comes back.

如你所知，由於 LTO 和菜單的修改，我們的組合變化是一種季度到季度的變化。但今年客戶的混合或依戀行為確實沒有明顯的改變。但有時我們可以稍微放鬆一下，例如蝦子和粗玉米粉等最喜歡的食物，或是當南瓜煎餅早餐回來時。

Got it. And then just finally, the 130 projects in the pipeline for growth, obviously that’s multiple years of new unit growth, even assuming absolute level of pickup. How does that -- how should we frame that versus the past? I mean, I know some new territory obviously, is now flowing into that through the franchise acquisitions, just yes, any help on that would be great.

知道了。最後，還有 130 個正在醞釀成長的項目，顯然這是多年來新單位的成長，即使假設絕對水準的回升也是如此。與過去相比，我們應該如何建構它？我的意思是，我顯然知道一些新領域現在正在透過特許經營收購流入，是的，對此的任何幫助都會很棒。

I think the point being made there is that we are on track, like we have been for many years to meet our development goals. And so that stat is really to provide some comfort that we’re well on our way. That’s been one of our hallmarks is the consistency of the openings and then also the outperformance of the new restaurants. So that’s really what we were trying to convey there.

我認為這裡要表達的一點是，我們正在走上正軌，就像我們多年來一直在實現我們的發展目標一樣。因此，這項統計數據實際上是為了讓我們感到安慰，讓我們知道我們進展順利。我們的標誌之一是新餐廳的一致性以及新餐廳的出色表現。這就是我們真正想要傳達的內容。

Right. And we know that our 10% growth in the system, long-term guidance is a big number, and we want people to be comfortable that we’re actually curating enough projects that we can fill that pipeline.

正確的。我們知道，我們的系統 10% 的成長，長期指導是一個很大的數字，我們希望人們感到放心，我們實際上正在策劃足夠的項目，我們可以填補這個管道。

Yeah. Looking forward to a couple of those coming out of the pipeline in Massachusetts. Thanks, guys.

是的。期待馬薩諸塞州即將推出的一些產品。謝謝，夥計們。

That’s right. Get ready.

沒錯。準備。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Hi, good morning. This is Pratik on for Jeff. Thanks for the question. I just wanted to get a sense of what you’re seeing in your sales trends by income cohorts. What buckets are you seeing strength from? And where might you be seeing a little bit of softness? You did call out the weekday breakfast day part as a little bit weaker. And is that really just a function of consumers choosing food at home rather than losing traffic share? And if you can call out any particular consumer segment where you’re seeing that as most prevalent. Thanks.

嗨，早安。這是傑夫的普拉蒂克。謝謝你的提問。我只是想了解您所看到的按收入群體劃分的銷售趨勢。您從哪些桶子中看到了力量？你可能在哪裡看到一點柔軟的地方？您確實指出工作日的早餐部分有點弱。這真的只是消費者在家中選擇食物而不是失去流量份額的結果嗎？如果您能指出您認為最普遍的任何特定消費群體。謝謝。

Yeah. So we talked about the lower income consumer, us seeing less visits by that group. I don’t think that’s very different than what you’re hearing pretty much across the industry as far as a pressure point. And for us, that’s defined as 70,000 household income or below. And then the only other insights I can give you that we’ve shared is that the infrequent customer is one that we’re seeing less visits by as well, based on our credit card data analysis.

是的。所以我們討論了低收入消費者，我們看到該群體的訪問量較少。我認為，就壓力點而言，這與您在整個行業中聽到的幾乎沒有什麼不同。對我們來說，這被定義為家庭收入 70,000 或以下。然後，我可以向您分享的唯一其他見解是，根據我們的信用卡數據分析，不常來訪的客戶也是我們看到的訪問量較少的客戶。

Got it. That’s very helpful. And then I apologize, if you already gave it, but are you contemplating any potential weather impact from Debby in 3Q, is that baked into your guidance?

知道了。這非常有幫助。然後我很抱歉，如果您已經給出了這一點，但是您是否正在考慮黛比在第三季度的任何潛在天氣影響，這是否已納入您的指導中？

We really had, I think yesterday, we might have had three restaurants with partial day closures, something like that. So I don’t know that it’s going to be all that meaningful, if that changes, we’ll update.

我想昨天我們確實有過三家餐廳部分時間關閉的情況，類似的情況。所以我不知道這是否會那麼有意義，如果情況發生變化，我們會更新。

What we’re really looking for is the mobility of the consumer right now, I can tell you, as I’m sure everybody on the call heard, where we’re based, Sarasota got the worst of it. And there’s a lot of folks not able to get to our office today. So whether we’re open or not, we’re -- I think we’re going to see some impacts, but we don’t expect it to be significant as it relates to the whole company.

我們現在真正尋找的是消費者的流動性，我可以告訴你，我確信電話中的每個人都聽到了，在我們的總部所在地，薩拉索塔遭遇了最糟糕的情況。今天有很多人無法到達我們的辦公室。因此，無論我們是否開放，我認為我們都會看到一些影響，但我們不認為它會產生重大影響，因為它關係到整個公司。

Got it. Thank you. Very helpful. Appreciate it.

知道了。謝謝。非常有幫助。欣賞它。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

Hey, good morning, guys. I had two questions. The first is just from a same-store sales perspective, I guess, as we look to the back half, what can you guys do to maybe have an impact on the comps? I mean, are you guys thinking about deploying a little bit more marketing from a calendar perspective? Is there something you can do or is this just going to be more kind of bouncing around with the industry in terms of what’s going to happen?

嘿，早上好，夥計們。我有兩個問題。第一個只是從同店銷售的角度來看，我想，當我們展望後半部分時，你們能做些什麼來對比較產生影響？我的意思是，你們是否考慮從日曆的角度進行更多的行銷？有什麼你可以做的嗎，或者這只是在行業中隨將要發生的事情而改變？

No. I think we are taking steps to, again, reach out to our consumers again, just I know I keep saying the same targets, but really focusing on our owned audiences, which as we said on the call, we’ve got an opt in database now of close to 7 million that we’ve been curating over a period of time and just really cutting that data in ways that we can be more efficient and more effective in the way we communicate with them. I’d say you’ll probably start to see us increase the frequency of the communications as well with that group and then also stepping up our digital and social activity as we do that simultaneously.

不。我認為我們正在採取措施，再次接觸我們的消費者，只是我知道我一直在說同樣的目標，但真正關注我們自己的受眾，正如我們在電話中所說，我們有一個選擇現在，我們已經在資料庫中收集了近700 萬條數據，我們已經在一段時間內對其進行了整理，並以我們能夠更有效率、更有效地與他們溝通的方式真正削減了這些數據。我想說，您可能會開始看到我們增加了與該群體的溝通頻率，然後同時加強了我們的數位和社交活動。

Yeah, but I mean, to your question, we do not -- absolutely do not bounce around with the system. I mean, we’d go straight at the audiences that, where we have the most touch and we know people are listening.

是的，但我的意思是，對於你的問題，我們絕對不會隨系統而改變。我的意思是，我們會直接面向觀眾，在那裡我們最有觸動，我們知道人們正在傾聽。

I mean, just on the G&A side of things, how much of that was lower incentive comp versus belt tightening versus project timing? Just trying to think about that for the rest -- the next couple quarters.

我的意思是，就一般行政費用而言，與勒緊褲腰帶相比，與專案時間安排相比，激勵補償的降低有多少？只是試著在接下來的幾季裡思考這個問題。

Yeah, for the most part, it’s just unspooling the timing of our G&A realization for the year. I don’t think the incentive comp differences were all that meaningful. And then the timing of new restaurant openings tends to drive some other costs into the back half of the year too.

是的，在很大程度上，這只是推遲了我們今年 G&A 實現的時間。我認為激勵補償差異沒有那麼有意義。新餐廳開業的時間往往也會將一些其他成本推至下半年。

I said two, but maybe I’ll sneak in one last one. Just can you give us an update, Mel, on where new store returns look, right now, I know you said new store AUV sounded becoming really, really strong and I think the CapEx guidance is unchanged. Just maybe the update on what those numbers look like.

我說了兩個，但也許我會偷偷地放進最後一個。梅爾，您能否為我們介紹一下新店回報的最新情況，現在，我知道您說新店 AUV 聽起來變得非常非常強勁，我認為資本支出指導沒有變化。也許只是這些數字的最新情況。

Yeah. They’re tracking with the unit economic model that we have in the investor deck that’s attached to the -- to our website.

是的。他們正在追蹤我們網站上附加的投資者資料中的單位經濟模型。

Thank you guys. Appreciate it.

謝謝你們。欣賞它。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Hi, this is Ali Arfstrom on for Brian Mullan. Thank you for taking the question. Wondering if you could share comp trends directionally or by month in Q2. Thanks.

大家好，我是阿里·阿夫斯特羅姆 (Ali Arfstrom)，替補布萊恩·穆蘭 (Brian Mullan) 發言。感謝您提出問題。想知道您是否可以在第二季直接或按月分享比較趨勢。謝謝。

We don’t typically share by month. We share by quarter. And so I can tell you that quarter-to-quarter, you have both those comps. And what we did say is exiting the quarter into the third quarter, our traffic was running somewhat below the full quarter of Q2.

我們通常不會按月分享。我們按季分享。所以我可以告訴你，每個季度，你都有這些比較。我們確實說過，從本季進入第三季度，我們的流量略低於第二季整個季度的流量。

Thank you.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Hi, thank you. This is Katherine on for Sara. First, I wanted to ask just about the traffic trend in the quarter, which was sequentially stable versus the first quarter. So just curious if you can opine on what that means about the operating environment right now. It would seem to suggest that it’s relatively stable.

你好，謝謝。這是凱瑟琳為莎拉配音。首先，我想問本季的流量趨勢，與第一季相比，該趨勢連續穩定。所以只是好奇您是否可以對這對現在的操作環境意味著什麼發表意見。這似乎表明它相對穩定。

Yeah, I’d agree with that.

是的，我同意這一點。

Okay. And then, yeah, I guess, just another question on demand. I think given that weekend brunch generally has a lower average check than other daypart occasions in full-service broadly. So I would think that First Watch could be a beneficiary of a kind of shift in that occasion. Are you still seeing that?

好的。然後，是的，我想，這只是按需提出的另一個問題。我認為，考慮到週末早午餐的平均支票通常比其他全天服務場合的平均支票要低。因此，我認為 First Watch 可能會成為這種情況下某種轉變的受益者。你還看到那個嗎？

Yeah. I think obviously for us, weekend brunch is our highest check average occasion and it’s still an area where we have demand. And so I think our general commentary here is that weekends are helping to offset the softness that we’re seeing during weekdays, which is why our focus has been on throughput optimization, in that we can serve more people when we have the demand rather than trying to create an occasion that maybe the consumer’s not open to at this point.

是的。我認為顯然對我們來說，週末早午餐是我們平均消費最高的場合，而且它仍然是我們有需求的領域。因此，我認為我們的整體評論是，週末有助於抵消我們在工作日看到的疲軟狀態，這就是為什麼我們的重點是吞吐量優化，因為我們可以在有需求時為更多人提供服務，而不是在有需求時為更多人提供服務。

So that’s been our focus, and I think that’s why we delivered the results we did this quarter and last quarter, because we’re really, really optimized as it relates to the peak sales hours and the time when we have the most demand.

這就是我們的重點，我認為這就是我們交付本季和上季業績的原因，因為我們確實非常優化，因為它與高峰銷售時間和銷售高峰時間有關。

Great. Thank you.

偉大的。謝謝。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Hi, this is Karen Holthouse on for Jon. Thanks for taking the question. I wanted to dig a little bit into the commentary on stronger non-comp store performance. Is there anything you would point to in particular that’s helping that whether that’s just improving site analytics, better developer relationships, the mix of info versus new market, just anything your own data is telling you.

大家好，我是喬恩的凱倫‧霍爾特豪斯。感謝您提出問題。我想深入研究一下關於更強的非競爭商店表現的評論。您有什麼特別要指出的事情可以幫助您實現這一點嗎？

Over the course of the last few years, our non-comp restaurants, new restaurants have all fairly predictably outperformed the legacy system. Some of that is because the legacy system includes a number of restaurants that might be occupied in smaller footprint and that sort of thing. And our shift to more premium real estate in about 2017 or so has served us well in terms of accommodating more interest from the customers and greater volumes.

在過去的幾年裡，我們的非免費餐廳、新餐廳的表現都明顯優於傳統系統。其中一些是因為遺留系統包括許多可能佔用較小佔地面積的餐廳之類的。我們在 2017 年左右轉向更優質的房地產，在滿足客戶的更多興趣和更大的銷售方面為我們提供了良好的幫助。

And then just on the modeling front, this is two quarters in a row now that we’ve seen sub 22% COGS, which is below where historically you’ve tracked. Is that sustainable and driven by some of the benefits of, like, alcohol in the juicing platform, or are you worried about working that number too low, that you’re going to get off-sides on a value proposition for the consumer?

然後就在建模方面，我們已連續兩個季度看到 COGS 低於 22%，低於您歷史上追蹤的水平。這是可持續的，並且是由榨汁平台中的酒精等一些好處驅動的，還是您擔心這個數字太低，以至於您會在為消費者提供的價值主張上偏離立場？

Yeah, not worried about it. Sometimes that number changes around when you have a heavier load of new restaurants coming on Board in the back half of the year, we might see some of the labor margins tick up a bit as we have more of a larger cohort of new restaurants who have some built in inefficiency when they first open. But I would say, it does show the success of our operators in terms of managing their crews better. And I think if we can see that hover in the 22% area, that’s something to be proud of over a long period of time.

是的，不擔心這個。有時，當下半年有更多新餐廳加入時，這個數字會發生變化，我們可能會看到一些勞動力利潤率會有所上升，因為我們有更多的新餐廳有些在剛開業時效率低下。但我想說，這確實表明了我們的營運商在更好地管理員工方面取得了成功。我認為，如果我們能夠看到這一比例徘徊在 22% 的區域，那麼在很長一段時間內，這都是值得自豪的事情。

And there’s one final one for me, and apologies if I missed this in the prepared remarks. The last couple of quarters you’ve shared, your performance versus Black Box. Do you have that for this quarter?

我還有最後一句話，如果我在準備好的發言中錯過了這一點，我深表歉意。您分享的最後幾個季度，您與 Black Box 的表現。這個季度你有這個嗎？

We do. I think we said that we hadn’t, that in terms of performance, that the Black Box data on the metrics that we measure, we’re slightly below the cohort. There’s a lot of participants in that group that are pressing on aggressive advertising, promotions and discounting. So there’s we look closely at the traffic number, and so this would be a period where, for, relative to the casual dining category that our traffic hasn’t -- has not met Black Box. We do continue to take share, however, in the against the category in the second quarter. Our Placer.ai, which I know people are using more and more these days, indicates that our traffic shares increased against the direct daytime dining competitive set.

我們做到了。我想我們說過我們沒有——就性能而言，我們衡量的指標的黑盒子數據略低於同類。該群體中的許多參與者都在大力推行廣告、促銷和折扣。因此，我們密切關注客流量，因此，相對於我們的客流量尚未達到的休閒餐飲類別而言，這將是一個沒有遇到黑盒子的時期。然而，我們在第二季度確實繼續在該類別中佔據份額。我知道人們現在越來越多地使用我們的 Placer.ai，這表明我們的流量份額相對於白天直接用餐的競爭群體有所增加。

Okay. Thanks. I’ll pass it on from there.

好的。謝謝。我將從那裡傳遞它。

Brian M. Vaccaro, Raymond James.

布萊恩·M·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks for the quick follow-up. I just wanted to circle back on the second half guidance and could you elaborate on some of the assumptions you embedded on both sales and margins? You mentioned the software quarter-to-date. Many have seen that in the industry as well. Did you assume that continues? Or maybe there were some calendar or other seasonal factors impacting July and really on the margins as well.

您好，感謝您的快速跟進。我只是想回顧一下下半年的指導，您能否詳細說明您對銷售額和利潤率的一些假設？您提到了該軟體的季度至今。許多人在業界也看到了這一點。你認為這種情況會持續下去嗎？或者也許有一些日曆或其他季節​​性因素影響了七月，而且實際上也有一定的影響。

I understand you have less pricing, but following the very strong Q2 EBITDA performance, just curious kind of what some of the margin dynamics that could be different in second half versus first half. Thanks very much.

我知道你們的定價較低，但在第二季非常強勁的 EBITDA 表現之後，我只是好奇下半年與上半年的一些利潤動態可能會有所不同。非常感謝。

Yeah. For the back half of the year, I’ve already alluded to the fact that as we bring on, we’ve got a great deal of new restaurant openings that are calendared to enter the mix in the back half of the year. And as I mentioned earlier, that their immature margins can sometimes affect the overall margins of the company.

是的。對於今年下半年，我已經提到過這樣一個事實：隨著我們的推進，我們將有大量新餐廳開業，預計將在今年下半年加入。正如我之前提到的，他們的利潤率不成熟有時會影響公司的整體利潤率。

We also have heavy up on expenses that occur in the back half of the year. Our fourth quarter, for example, we have our national conference and some of those more seasonal type things. And there’s a sort of a natural tendency to make sure that we onboard staff and complete projects before the end of the year. So there’s a tendency, sort of call it human nature, that we tend to experience an uptick in our G&A expense during the fourth quarter. So those are kind of some of the seasonal kind of items.

我們下半年的開銷也很大。例如，我們的第四季度，我們有全國會議和一些季節性的活動。我們有一種自然的傾向，確保我們在年底前招募員工並完成專案。因此，有一種趨勢，可以稱之為人性，即我們在第四季度的一般管理費用往往會增加。所以這些都是一些季節性的物品。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Christopher Tomasso for closing comments.

謝謝。女士們、先生們，問答環節已經結束。現在我想請克里斯多福·托馬索發表總結意見。

I want to personally thank our teams for their efforts in this and every quarter with a special shout out to our operations leaders for the exceptional results they delivered in these interesting times. And while I’m proud of what we accomplished, I’m even prouder of how we did it. We’re guided by our You First philosophy. It’s at our core and it defines who we are. Our achievements have been and our future growth is underpinned by standing shoulder to shoulder, rolling up our sleeves, putting others first and being kind. Thanks everybody for your time today.

我想親自感謝我們的團隊在本季和每季所做的努力，並特別感謝我們的營運領導者在這些有趣的時期所取得的卓越成果。雖然我為我們所取得的成就感到自豪，但我為我們的實現方式感到自豪。我們以「您至上」的理念為指導。它是我們的核心，它定義了我們是誰。我們過去所取得的成就和未來的發展都是靠並肩而行、捲起袖子、以人為本、仁慈為基礎的。感謝大家今天抽出時間。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。