First Watch Restaurant Group Inc (FWRG) 2024 Q3 法說會逐字稿

Greetings, and welcome to the First Watch Restaurant Group third quarter 2024 earnings conference call.

您好，歡迎參加 First Watch Restaurant Group 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Steven Marotta, Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁史蒂文·馬洛塔。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Hello, everyone.

大家好。

I'm joined by First Watch's Chief Executive Officer and President, Chris Tomasso; and Chief Financial Officer, Mel Hope.

First Watch 執行長兼總裁 Chris Tomasso 也出席了會議。財務長梅爾·霍普。

This morning, First Watch issued its earnings release for the third quarter of fiscal year 2024 on Globe Newswire and filed its quarterly report on Form 10-Q with the SEC.

今天上午，First Watch 在 Globe Newswire 上發布了 2024 財年第三季的收益報告，並向 SEC 提交了 10-Q 表格的季度報告。

These documents can be found at investors.firstwatch.com.

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.

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。

Such statements include, without limitation, statements concerning the conditions of the company's industry and its operations, performance and financial condition, outlook, growth plans and strategies and future expenses.

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結合考慮，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

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.

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。

Lastly, management's remarks today will include references to various non-GAAP measures, including restaurant-level operating profit, restaurant-level operating profit margin, adjusted EBITDA and adjusted EBITDA margin.

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。

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.

投資者應審查這些非公認會計準則指標與今天上午提交的公司收益報告中包含的可比較公認會計準則結果的對帳情況。

During today's call, references to same-restaurant sales and traffic growth compares to the 13-week periods ended September 29, 2024 and October 1, 2023, in order to compare like-for-like periods.

在今天的電話會議中，我們將同家餐廳的銷售額和客流量增長與截至 2024 年 9 月 29 日和 2023 年 10 月 1 日的 13 週期間進行了比較，以進行同類期間的比較。

Otherwise, any reference to percentage growth when discussing third quarter performance is a comparison to the third quarter of 2023, unless otherwise indicated.

否則，除非另有說明，否則在討論第三季業績時提及的成長百分比都是與 2023 年第三季的比較。

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

這樣，我會將電話轉給克里斯。

Good morning.

早安.

Thank you all for joining us this morning to discuss our third quarter 2024 financial results.

感謝大家今天早上加入我們討論我們 2024 年第三季的財務表現。

Before I begin, I'd like to express my appreciation to the many of you in the investment community who reached out to us with concern regarding the recent hurricanes.

在開始之前，我想向投資界中許多人向我們表示感謝，他們對最近的颶風表示擔憂。

We're grateful for your thoughtfulness.

我們感謝您的體貼。

Now let's jump right in.

現在讓我們直接開始吧。

Our third quarter performance highlights include strong adjusted EBITDA growth, traffic momentum within the quarter and our continued demonstration of solid operational execution.

我們第三季的業績亮點包括調整後的 EBITDA 強勁成長、本季的流量動能以及我們持續展現的穩健營運執行力。

In the quarter, we generated $291.8 million in system-wide sales, $251.6 million in total revenues, $25.6 million in adjusted EBITDA and $2.1 million in net income.

本季，我們的全系統銷售額為 2.918 億美元，總營收為 2.516 億美元，調整後 EBITDA 為 2,560 萬美元，淨利為 210 萬美元。

In addition, we recognized increased restaurant-level operating profit margin and our teams opened 9 new system-wide restaurants across 8 states, 7 of which are company-owned and 2 that are franchise owned.

此外，我們認識到餐廳層面的營業利潤率有所提高，我們的團隊在 8 個州開設了 9 家新的系統範圍餐廳，其中 7 家為公司所有，2 家為特許經營。

While overall same-restaurant traffic was slightly lower in the third quarter versus the second quarter, there were several factors at play that masked improvement later in the quarter.

雖然第三季同餐廳的整體客流量略低於第二季度，但有幾個因素在起作用，掩蓋了本季稍後的改善。

First, as we noted on the last earnings call, July traffic was abnormally negative for us and the industry.

首先，正如我們在上次財報電話會議上指出的那樣，7 月的流量對我們和整個行業來說都異常負面。

Despite that sluggish start, following July, our traffic trends improved and dining room traffic turned positive in the last period of the quarter, which we believe was partially driven by a favorable response to targeted marketing campaigns we tested during the quarter.

儘管開局緩慢，但在7 月之後，我們的客流量趨勢有所改善，餐廳客流量在本季度最後一段時間內轉為正數，我們認為這部分是由於我們在本季度測試的有針對性的行銷活動得到了良好的回應。

Secondly, around midyear, we saw third-party delivery traffic move more negative, acting as a drag to consolidated traffic and concealing improving trends in both our dining room and direct off-premise traffic.

其次，在年中左右，我們看到第三方外送流量變得更加負面，這拖累了整合流量，並掩蓋了我們餐廳和直接場外流量的改善趨勢。

As we've stated previously, our primary focus remains on growing our dining room and direct off-premise channels, although we are exploring plans to address the changes in third-party delivery dynamics.

正如我們之前所說，我們的主要重點仍然是發展我們的餐廳和直接的場外管道，儘管我們正在探索解決第三方交付動態變化的計劃。

Moving to operations.

轉向營運。

Our teams once again delivered solid execution and another quarter of improvement in employee turnover.

我們的團隊再次實現了紮實的執行力，員工流動率又提高了四分之一。

Turnover is the lifeblood of any restaurant organization as our business is about people, not just food.

營業額是任何餐廳組織的命脈，因為我們的業務涉及人，而不僅僅是食物。

Reducing turnover and increasing tenure supports knowledge transfer, reduces training time and facilitates better execution, all of which are manifested in our results.

減少人員流動和增加任期有助於知識轉移、減少培訓時間並促進更好的執行，所有這些都體現在我們的結果中。

Several ongoing initiatives highlight the aim to control what we can control, including efforts to: one, increase our rate of internal promotes within the First Watch organization; two, improve scheduling, including the addition of new labor tools and app-based scheduling; and three, strengthen our training program for new managers.

一些正在進行的舉措強調了控制我們可以控制的事情的目標，包括以下努力：第一，提高我們在 First Watch 組織內的內部晉升率；二是改進調度，包括增加新的勞動工具和基於應用程式的調度；三是加強新任管理人員訓練。

Even more than delivering another quarter of focused cost management, our labor management is building a strong foundation for our continued unit growth as we march toward 2,200 domestic units.

隨著我們向 2,200 家國內單位邁進，我們的勞動力管理不僅為我們的持續單位成長奠定了堅實的基礎，還不僅僅實現了另一個季度的集中成本管理。

Given our operators' successful optimization of restaurant-level performance and the dining room traffic trend, we're confident increasing the midpoint of our adjusted EBITDA guidance.

鑑於我們的營運商成功優化了餐廳績效和餐廳客流量趨勢，我們有信心提高調整後 EBITDA 指引的中位數。

And before I leave the topic of our teams, I want to mention a recognition that they received just last month.

在結束我們團隊的話題之前，我想提一下他們上個月才剛獲得的認可。

While we've earned quite a number of accolades, this one is really extra special.

雖然我們贏得了相當多的榮譽，但這次的榮譽確實非常特別。

First Watch's culture is guided by our You First vision with the core value to Just Be Kind.

First Watch 的文化以「You First」願景為指導，其核心價值是「Just Be Kind」。

We know that if we take care of our people, they will in turn take care of our customers.

我們知道，如果我們照顧我們的員工，他們也會反過來照顧我們的客戶。

This core principle was established by our founders and is practiced widely across our organization every day.

這項核心原則是由我們的創辦人制定的，並且每天在我們的組織中廣泛實踐。

With this in mind, I'm pleased to share that First Watch was recognized as the number 1 Most Loved Workplace in America by Newsweek and the Best Practice Institute following a survey of more than 2.6 million employees across hundreds of companies around the country.

考慮到這一點，我很高興地告訴大家，在對全國數百家公司的超過260 萬名員工進行調查後，《新聞周刊》和最佳實踐研究所將First Watch 評為美國最受歡迎的工作場所第一。

This is the third consecutive year First Watch has been recognized on this list, but it's our first time in the number 1 spot.

這是 First Watch 連續第三年入選該榜單，但這是我們第一次名列第一。

To us, this recognition highlights what makes First Watch and our You First culture so special and distinguishable.

對我們來說，這種認可凸顯了 First Watch 和 You First 文化如此特別和與眾不同的原因。

To all of our teams listening, I want to thank you for all that you do every day to make First Watch great.

對於我們所有聆聽的團隊，我要感謝你們每天為讓《First Watch》變得精彩而付出的一切。

This award is a recognition of our focus on people, and I couldn't be prouder of this team.

這個獎項是對我們對人的關注的認可，我為這個團隊感到無比自豪。

Next, I'd like to dive a little bit deeper into our demand generation efforts that I just referenced.

接下來，我想更深入探討我剛才提到的需求生成工作。

In prior quarters, we highlighted our strategy of focusing on demand generation efforts rooted in customer data and analytics and done the First Watch way.

在前幾個季度，我們強調了專注於植根於客戶數據和分析的需求生成工作的策略，並採用了「第一觀察」方式。

This multiyear initiative aims to develop strategies to efficiently attract new customers as well as remain top of mind for current category users.

這項為期多年的計劃旨在製定策略，以有效吸引新客戶，並保持當前類別用戶的首要關注。

In the nearer term, we believe the opportunity exists to increase impressions to spur the next breakfast and brunch occasion for those active category users.

在短期內，我們認為有增加印象的機會，以刺激那些活躍類別使用者的下一次早餐和早午餐場合。

By using data sets that give us confidence in one-to-one targeting, we are leveraging customer analytics to sharpen our plans and enhance marketing spend efficiency to reach specific audiences, whether lapsed or frequent customers or those who may have recently visited a competitor.

透過使用使我們對一對一定位充滿信心的數據集，我們正在利用客戶分析來完善我們的計劃並提高行銷支出效率，以吸引特定受眾，無論是流失的客戶還是常客，還是最近可能訪問過競爭對手的客戶。

In the third quarter, we deployed or increased usage of early versions of this strategy through our own database as well as various digital and social media networks, and other channels, including streaming video and connected TV to name a few.

在第三季度，我們透過自己的資料庫以及各種數位和社交媒體網路以及其他管道（包括串流媒體視訊和聯網電視等）部署或增加了該策略早期版本的使用。

We're encouraged by our preliminary results, which we believe contributed to our traffic improvements in the restaurants and look forward to furthering our efforts in this area.

我們對初步結果感到鼓舞，我們相信這有助於改善餐廳的客流量，並期待在這一領域進一步努力。

Investments in technology remain a core aim across the business.

技術投資仍然是整個企業的核心目標。

Beyond demand generation, our teams continue to focus on efficiencies stemming from our investments, including KDS, pay at the table, point-of-sale and waitlist management enhancements.

除了產生需求之外，我們的團隊也持續專注於投資帶來的效率，包括 KDS、餐桌支付、銷售點和候補名單管理增強。

One example of our collective efforts is reducing ticket times again by over 15% in the third quarter versus the same period a year ago, with the majority of our restaurants regularly reporting below 10 minutes, a remarkable achievement for a full-service restaurant that features a highly modified menu and cooks to order.

我們集體努力的一個例子是，與去年同期相比，第三季度再次將售票時間減少了15% 以上，我們的大多數餐廳定期報告時間低於10 分鐘，這對於一家提供全方位服務的餐廳來說是一項了不起的成就經過高度修改的菜單和現點現做的菜餚。

The combination of increased restaurant-level operating efficiencies and demand generation tactics is supporting market share gains during a time when the morning meal occasion overall is experiencing softness.

在早餐市場整體疲軟的情況下，餐廳營運效率的提高和需求產生策略的結合正在支持市場份額的成長。

To that point, during the third quarter, our same-restaurant traffic and sales were better than the Black Box Casual Dining segment.

到目前為止，在第三季度，我們的同店客流量和銷售額都比黑盒休閒餐飲部門好。

Finally, turning to development and given that we still have so many new restaurants scheduled to open in the fourth quarter, I thought it was timely to dive a bit deeper into the topic of our new restaurant development.

最後，談到開發，考慮到我們仍然有很多新餐廳計劃在第四季度開業，我認為現在是時候更深入地探討我們新餐廳開發的話題了。

Our team's execution on our strategy continues to deliver impressive results, is fueling our growth and continues to extend our segment-leading position.

我們的團隊執行我們的策略，繼續取得令人印象深刻的成果，推動我們的成長，並繼續擴大我們的細分市場領先地位。

Last 12 months revenue from all NROs since 2022 is outperforming their underwriting expectations by roughly 10%.

自 2022 年以來所有 NRO 過去 12 個月的收入比其承保預期高出約 10%。

Our long-standing track record of high-performing prolific unit growth has increased confidence with top-tier developers.

我們長期以來的高績效多產單位成長記錄增強了頂級開發商的信心。

Now more than ever, we received first looks into great locations, including new plan centers as well as prominent existing sites, many of which are the result of vacating restaurant brands.

現在，我們比以往任何時候都更能首次看到絕佳地點，包括新的規劃中心以及著名的現有地點，其中許多是騰出餐廳品牌的結果。

For instance, we opened 13 formerly occupied freestanding restaurant locations in the last 24 months, and they are among the highest performers in our system with AUVs tracking over 15% higher than all other NROs in the same period.

例如，我們在過去 24 個月內開設了 13 家以前佔用的獨立餐廳，它們是我們系統中績效最高的餐廳之一，AUV 比同期所有其他 NRO 高出 15% 以上。

Our current pipeline now includes more than 25 of these prominent locations, which are slated to open over the next few years.

我們目前的籌建項目包括超過 25 個這樣的著名地點，這些地點預計在未來幾年內開業。

Thanks to the hard work of so many throughout our organization, we experienced an immaterial same-restaurant sales impact from Hurricane Milton at the start of Q4.

由於整個組織中許多人的辛勤工作，我們在第四季度初經歷了颶風米爾頓對同餐廳銷售的影響。

The storm did, however, cause some construction-related disruptions across the Southeast and beyond, impacting many of our new restaurants under near-term development.

然而，風暴確實在東南部及其他地區造成了一些與建築相關的中斷，影響了我們許多近期開發的新餐廳。

We know that strong restaurant openings are key to ensuring strong long-term restaurant performance.

我們知道，強勁的餐廳開業是確保餐廳長期強勁業績的關鍵。

As such, we never compromise on any aspect of a new restaurant opening, which is why we've decided to reschedule 5 previously anticipated December openings into January 2025.

因此，我們在新餐廳開業的任何方面都不會妥協，這就是為什麼我們決定將 5 家之前預計 12 月開業的餐廳重新安排到 2025 年 1 月。

In the fourth quarter, we expect to open 23 new restaurants.

第四季度，我們預計將開設 23 家新餐廳。

And with the expectation of increasing the size of the system by 10% or more annually, we're currently shepherding more than 120 projects in our development pipeline, many of which are slated to open in 2025 and 2026.

預計系統規模每年增加 10% 或更多，目前我們正在開發項目中引導 120 多個項目，其中許多項目預計於 2025 年和 2026 年開放。

In closing, I'm proud of our performance, our teams and our results.

最後，我為我們的表現、我們的團隊和我們的成果感到自豪。

Our customer proposition is highly differentiated with a culinary forward menu, fresh ingredients, high touch point customer service, fast ticket times and easy accessibility at the corner of

我們的客戶主張具有高度差異化，包括先進的烹飪菜單、新鮮的食材、高接觸點的客戶服務、快速的售票時間以及位於拐角處的便捷交通

[Main and Main].

[主要和主要]。

The daypart remains highly fragmented and largely occupied by legacy players who continue to struggle with relevancy, which makes our opportunity even more significant.

該時段仍然高度分散，並且主要由傳統玩家佔據，他們繼續在相關性方面掙扎，這使得我們的機會更加重要。

First Watch's clear and growing leadership in the daytime dining daypart, combined with significant scale advantages associated with our 547 restaurants across 29 states, positions us well within a large addressable market and provides a clear path to 2,200 restaurants.

First Watch 在日間餐飲領域擁有明顯且不斷增長的領導地位，再加上我們在29 個州擁有547 家餐廳的顯著規模優勢，使我們在龐大的目標市場中佔據有利地位，並為我們通往2,200 家餐廳提供了一條清晰的道路。

Before I turn the call over to Mel, I'd like to welcome our 2 newest Board members, Charlie Jemley and Michael Fleisher.

在將電話轉給梅爾之前，我要歡迎我們的兩位最新董事會成員：查理·傑姆利 (Charlie Jemley) 和邁克爾·弗萊舍 (Michael Fleisher)。

Both are accomplished CFOs who have deep operational experience as senior executives at public companies in the consumer space and both bring additional corporate governance proficiencies.

兩位都是卓有成就的財務官，在消費領域的上市公司擔任高階管理人員，擁有豐富的營運經驗，並且都擁有額外的公司治理能力。

They are terrific assets for First Watch.

它們對於 First Watch 來說是極好的資產。

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.

謝謝你，克里斯。

Good morning, everyone.

大家早安。

As they have all year, our restaurant managers and crews continue to operate with efficiency and drove our third quarter profits.

與全年一樣，我們的餐廳經理和工作人員繼續高效運營，推動了我們第三季的利潤。

The financial headline is that our revenues continue to grow and our third quarter restaurant-level operating profit margin and our adjusted EBITDA margin exceeded the prior year.

財務標題是我們的收入持續成長，第三季餐廳級營業利潤率和調整後的 EBITDA 利潤率超過了前一年。

Total third quarter revenues were $251.6 million, an increase of 14.8%.

第三季總營收為 2.516 億美元，成長 14.8%。

Our top line growth in the third quarter is attributed to 44 new restaurant openings over the last year, coupled with our franchise acquisitions.

我們第三季的營收成長歸功於去年新開的 44 家餐廳以及我們的特許經營權收購。

This was offset somewhat by negative same-restaurant sales of 1.9%, which includes a same-restaurant traffic decline of 4.4%.

這在一定程度上被同店銷售額 1.9% 的負成長所抵消，其中同店客流量下降 4.4%。

We experienced no check management in the third quarter, though planned targeted marketing campaigns did have a small impact on our net per person average.

儘管計劃的有針對性的行銷活動確實對我們的人均淨值產生了很小的影響，但我們在第三季度沒有經歷任何檢查管理。

As Chris mentioned, compared to last year, our dining room traffic, which is our most meaningful sales channel and represents more than 4/5 of overall sales and traffic, improved each month during the quarter and turned slightly positive in our ninth period.

正如Chris 所提到的，與去年相比，我們的餐廳客流量（這是我們最有意義的銷售管道，佔整體銷售額和客流量的4/5 以上）在本季度每個月都有所改善，並在第九個期間略有轉正。

While off-prem traffic remains negative, we're encouraged by the indications of our improving dining room traffic, which we believe reflects the consistency of our food and service, our modest pricing philosophy and the successful targeted campaigns.

雖然店外客流量仍然為負，但餐廳客流量的改善跡象令我們感到鼓舞，我們認為這反映了我們食品和服務的一致性、我們適度的定價理念以及成功的有針對性的營銷活動。

On the restaurant cost front, food and beverage was 22.4% of sales compared to 22.6% in the same period last year.

在餐廳成本方面，食品和飲料佔銷售額的 22.4%，而去年同期為 22.6%。

As a percent of sales, costs benefited from carried pricing of 3.4% and offset by commodity inflation of 3.4%.

作為銷售額的百分比，成本受益於 3.4% 的固定定價，並被 3.4% 的商品通膨所抵銷。

Bacon, avocados and eggs were the primary drivers of food inflation during the quarter.

培根、酪梨和雞蛋是本季食品價格上漲的主要推動因素。

During the quarter, restaurant-level labor inflation was 3.8%.

本季度，餐廳層面的勞動力通膨率為 3.8%。

Labor and other related expenses were 33.6% of sales in the third quarter, a 30-basis point improvement from 33.9% reported in the third quarter of 2023.

勞動力和其他相關費用佔第三季銷售額的 33.6%，比 2023 年第三季的 33.9% 提高了 30 個基點。

This labor efficiency is largely the result of continued gains our operators have driven from the application of new management tools implemented over the last year or so.

這種勞動效率很大程度上是我們的操作員透過去年左右實施的新管理工具的應用所帶來的持續效益的結果。

As with last quarter, our customer experience scores improved again.

與上季一樣，我們的客戶體驗得分再次提高。

The combination of labor efficiency, coupled with favorable consumer service scores, reflects our restaurants' commitment to excellent operations.

勞動效率與良好的消費者服務評分相結合，體現了我們餐廳對卓越營運的承諾。

The improvements in food and labor helped lift restaurant-level operating profit margin to 18.9%, 20 basis points better than the prior year.

食品和勞動力的改善有助於餐廳層面的營業利潤率提升至 18.9%，比前一年提高了 20 個基點。

Income from operations margin was 2.5%.

營業利益率為 2.5%。

General and administrative expenses were $27.7 million, approximately $2.5 million higher than the prior year, primarily due to IT and other miscellaneous expenses, as well as additional headcount.

一般及管理費用為 2,770 萬美元，比上年增加約 250 萬美元，主要是由於 IT 和其他雜項費用以及人員增加所致。

As a percent of third quarter sales, general and administrative expenses was 11%, which was favorable to the prior year by 50 basis points.

一般及管理費用佔第三季銷售額的百分比為 11%，較上年同期高出 50 個基點。

Adjusted EBITDA was $25.6 million, a $4 million increase versus the $21.6 million reported last year, and adjusted EBITDA margin was 10.2% versus 9.9% margin we realized in the third quarter last year.

調整後 EBITDA 為 2,560 萬美元，比去年報告的 2,160 萬美元增加了 400 萬美元，調整後 EBITDA 利潤率為 10.2%，而我們去年第三季實現的利潤率為 9.9%。

The year-over-year growth in both adjusted EBITDA and adjusted EBITDA margin was the result of improvement in restaurant-level operations as well as the levering of G&A expenses, as I just mentioned.

正如我剛才提到的，調整後 EBITDA 和調整後 EBITDA 利潤率的同比增長是餐廳營運改善以及一般管理費用槓桿化的結果。

Net income was $2.1 million and net income margin was 0.8%.

淨利潤為 210 萬美元，淨利潤率為 0.8%。

With the 9 new system-wide restaurants opened during the third quarter, of which 7 are company-owned and 2 are franchise-owned, we ended the third quarter with 547 restaurants.

隨著第三季新開業的 9 家全系統餐廳（其中 7 家為公司所有，2 家為特許經營），我們在第三季末擁有 547 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 third quarter revenue by about $16.5 million and adjusted EBITDA by about $4 million.

出於財務建模目的，收購的淨效應（僅包括過去 12 個月內購買的影響）使第三季收入增加了約 1,650 萬美元，調整後的 EBITDA 增加了約 400 萬美元。

We're pleased with the performance of our acquired restaurants.

我們對收購的餐廳的業績感到滿意。

And as such, their expected net impact on fiscal year 2024 adjusted EBITDA has increased to $14 million from $13 million previously.

因此，他們對 2024 財年調整後 EBITDA 的預期淨影響已從先前的 1,300 萬美元增至 1,400 萬美元。

For further details on the third quarter, please review our supplemental materials deck on our Investor Relations website beneath the webcast link.

有關第三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 continue to raise the bar on customer experience in our restaurants while delivering strong profitability.

我們再次為我們的餐廳團隊感到自豪，他們不斷提高餐廳的客戶體驗標準，同時提供強勁的獲利能力。

Before we move on to guidance, I'd like to remind investors when making comparisons to the fourth quarter last year to consider the approximate $5 million of adjusted EBITDA benefit to the fourth quarter of 2023 associated with that fiscal year's 53rd week.

在我們繼續提供指導之前，我想提醒投資者在與去年第四季度進行比較時，考慮到 2023 年第四季度與該財年第 53 週相關的約 500 萬美元的調整後 EBITDA 收益。

Additionally, our targeted marketing campaigns in the third quarter were impactful and at least partially a stimulant to same-restaurant traffic improvement through the quarter.

此外，我們在第三季進行的有針對性的行銷活動產生了影響，至少在一定程度上刺激了整個季度同餐廳客流量的改善。

Some of these initiatives carried into October as well.

其中一些措施也持續到十月。

The results of our 2024 marketing programs are currently being assessed in order to optimally plan for 2025.

我們目前正在評估 2024 年行銷計畫的結果，以便為 2025 年制定最佳計畫。

For the balance of 2024, our holiday marketing plans are similar to 2023.

對於 2024 年剩餘時間，我們的假期行銷計畫與 2023 年類似。

To update our full year outlook for 2024, we are narrowing our same-restaurant sales growth estimate to around negative 1% with same-restaurant traffic declining 4% to 4.5%, similarly with what we have experienced year-to-date.

為了更新 2024 年全年展望，我們將同店銷售成長預期縮小至負 1% 左右，同店客流量下降 4% 至 4.5%，與我們今年迄今的經歷類似。

We are adjusting our annual revenue growth expectations to a range of 16.5% to 17% from the previous range of 17% to 19%, in part due to the hurricane-related delays and our decision to push a handful of our new restaurant openings into early 2025.

我們正在將年度收入成長預期從先前的 17% 至 19% 調整至 16.5% 至 17%，部分原因是與颶風相關的延誤以及我們決定將少數新餐廳開業推遲到2025 年初。

Approximately 7% of the growth is expected to be the net contribution from the franchise restaurants acquired in 2023 and 2024.

預計約 7% 的成長將來自 2023 年和 2024 年收購的特許經營餐廳的淨貢獻。

For adjusted EBITDA, we're now guiding to the high end of our previous range.

對於調整後的 EBITDA，我們現在的指導目標是先前範圍的高端。

Our guidance is now $110 million to $112 million.

我們目前的指導值為 1.1 億至 1.12 億美元。

The net impact from acquisitions is now expected to contribute about $14 million to the current year adjusted EBITDA.

目前預計收購的淨影響將為本年度調整後的 EBITDA 貢獻約 1,400 萬美元。

We now expect a total of 47 net new system-wide restaurants updated to reflect 43 company-owned restaurants, 6 franchise-owned restaurants and 2 system-wide closures.

我們現在預計系統範圍內總共有 47 家淨新增餐廳更新，以反映 43 家公司自營餐廳、6 家特許經營餐廳和 2 家全系統關閉餐廳。

Our 2024 development pipeline is heavily weighted in the fourth quarter with 10 already opened thus far, and we're confident in our team's ability to execute those that are remaining.

我們的 2024 年開發管道在第四季度佔據重要地位，迄今已開放 10 個，我們對我們的團隊執行剩餘開發管道的能力充滿信心。

We now expect a blended tax rate of around 33%.

我們現在預計混合稅率約為 33%。

Our expectation of commodity inflation for the year is around 3% and our expected restaurant-level labor cost inflation is around 5%.

我們預計今年的商品通膨約為 3%，預計餐廳勞動成本通膨約為 5%。

And finally, we're planning capital expenditures of around $130 million, not including capital invested in franchise acquisitions.

最後，我們計劃資本支出約為 1.3 億美元，其中不包括投資於特許經營收購的資本。

And with that, operator, if you'll please open the line for questions.

那麼，接線員，如果您願意的話，請開通提問線路。

(Operator Instructions)

（操作員說明）

Jim Salera.

吉姆·薩萊拉.

I really wanted to drill down on some of the success you guys mentioned on the targeting marketing campaign.

我真的很想深入研究你們在定向行銷活動中提到的一些成功案例。

And maybe if I could make that into a 2-part question.

也許我可以把它變成一個由兩個部分組成的問題。

As we think about improving consumer trends in the back half of this year and really going into 2025, is that a lever that you guys think you'll be able to flex to help kind of return traffic on the dining room back to positive growth?

當我們考慮在今年下半年以及真正進入 2025 年改善消費趨勢時，你們認為你們能夠利用這一槓桿來幫助餐廳客流量恢復正成長嗎？

And then do you think that, that has any impact on the off-premise channel as well such that it can kind of be a double whammy?

那麼您是否認為這也會對場外管道產生影響，造成雙重打擊？

Yes.

是的。

Jim, it's Chris Tomasso.

吉姆，我是克里斯托馬索。

Thanks for the question.

謝謝你的提問。

As we mentioned, we put a number of initiatives into test in Q3 on the demand generation front.

正如我們所提到的，我們在第三季在需求產生方面對多項措施進行了測試。

And also, as we mentioned, we're pleased with some of the results that we saw.

而且，正如我們所提到的，我們對所看到的一些結果感到滿意。

I will tell you that we believe that the on-prem and off-prem channels are very distinct.

我會告訴您，我們相信本地和非本地管道非常不同。

And while there might be a little carryover in the tactics that we use, they really are very specific, which is why we called that out as well.

雖然我們使用的策略可能有一些遺留，但它們確實非常具體，這就是我們也指出這一點的原因。

So in talking about controlling what we can control and reading the macro environment, again, none of us having the crystal ball and knowing how long this environment will be in place, we did take some steps to leverage the data that we've been talking about that we've been kind of cultivating and refining and tried a number of different things, and we're pleased with the success.

因此，在談論控制我們可以控制的東西和解讀宏觀環境時，我們沒有人有水晶球並且知道這種環境將持續多久，我們確實採取了一些措施來利用我們一直在談論的數據關於這一點，我們一直在培育和完善，並嘗試了許多不同的事情，我們對成功感到高興。

So it's not something that we think will impact in Q4, but it's certainly something that we're considering for our overall plan for next year.

因此，我們認為這不會對第四季度產生影響，但這肯定是我們明年總體計劃中考慮的事情。

Great.

偉大的。

And then maybe if I could just ask a higher-level question.

然後也許我可以問一個更高層次的問題。

What do you think you would need to see from whether it's full service in general or the consumer more broadly that would make you more confident just kind of broader consumer recovery going into 2025?

您認為您需要從整體的全方位服務還是更廣泛的消費者中看到什麼，才能讓您對 2025 年更廣泛的消費者復甦更有信心？

I think the step-up in in-restaurant dining, I think, for us is what our bellwether is.

我認為，對我們來說，餐廳用餐的進步才是我們的領頭羊。

And as we've said, we -- that turned positive for us at the end of the quarter.

正如我們所說，這在本季末對我們來說是積極的。

So that's one of the green shoots that we look at looking forward.

這是我們期待的新芽之一。

So, encouraged by that.

因此，受到鼓舞。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Two questions.

兩個問題。

The first one, just, Chris, you mentioned the industry is seeing some softness in the AM daypart.

第一個，克里斯，您提到該行業在上午時段出現了一些疲軟。

And for better or for worse, that is your primary focus.

無論好壞，這都是您的主要關注點。

I'm wondering what you think are the primary drivers of that and whether or not that's concerning for you or whether you're confident in the recovery.

我想知道您認為造成這種情況的主要驅動因素是什麼，這是否與您有關，或者您對復甦是否有信心。

I know some people talk about more back to office during the week is perhaps somewhat more of a headwind for the AM daypart, at least during the week.

我知道有些人說，本週更多地回到辦公室可能對上午時段來說是一種阻力，至少在本周是這樣。

So, just trying to get your assessment as to that AM segment commentary and your outlook going into '25 on that front.

所以，只是想了解您對 AM 部分評論的評估以及您對 25 年這方面的展望。

And then I had one follow-up.

然後我進行了一項後續行動。

Sure.

當然。

Our take is that the morning meal occasion is the one that's most under pressure right now and that it is really due to the macro environment.

我們的看法是，早餐時段是目前壓力最大的時段，這實際上是由宏觀環境造成的。

And by that, I mean, we said it on calls before, it's not that we've seen trade down into QSR or convenience breakfast.

我的意思是，我們之前在電話中說過，我們並沒有看到 QSR 或方便早餐的交易。

It really has been the occasion across the board.

這確實是一個全面的場合。

And to answer your question about why we believe that is, we think that as the consumer is thinking about reducing their dine-out dollars during this time, the breakfast occasion is one that's easily one that can be replaced at home.

為了回答你為什麼我們相信這一點的問題，我們認為，隨著消費者正在考慮減少這段時間外出就餐的費用，早餐場合是一個可以在家中輕鬆替代的場合。

And so we continue to take market share even in this down environment.

因此，即使在這種低迷的環境下，我們仍能繼續佔據市場份額。

So we're -- and we're operating the restaurants really, really well.

所以我們——而且我們的餐廳經營得非常非常好。

So I think we're weathering this extremely well.

所以我認為我們很好地應對了這種情況。

And I do believe that there's an absence makes the heart grow fonder, and people will remember why they love breakfast and brunch specifically and that occasion.

我確實相信，缺席會讓心變得更加親密，人們會記住為什麼他們特別喜歡早餐和早午餐以及那個場合。

And that once the consumer environment eases a little bit, I think we'll benefit from that.

一旦消費環境稍微放鬆一點，我認為我們將從中受益。

And then the follow-up is just on the comp trends.

然後後續只是比較趨勢。

A lot of restaurants have reported over the past 10 days, and many of them are talking about pretty consistent improvement in the trends in September and going into October and early November.

許多餐廳在過去 10 天都發布了報告，其中許多餐廳都在談論 9 月、10 月和 11 月初趨勢的持續改善。

I'm wondering whether you've seen similar.

我想知道你是否見過類似的。

And as you think about the traffic component of that, which is obviously the area of focus, your level of confidence that you can revert that trend, whether it's through targeted marketing or otherwise?

當您考慮其中的流量組成部分（這顯然是重點領域）時，您對可以扭轉這一趨勢的信心程度，無論是透過有針對性的行銷還是其他方式？

I know the down 4% was disappointing for you, but are there levers you have to reverse that to flat to positive?

我知道 4% 的下跌讓您感到失望，但是您是否可以透過槓桿將其從持平轉為正值？

Or are there some just internal challenges that make a return to positive less likely into '25?

或者是否存在一些內部挑戰導致 25 世紀恢復積極的可能性較小？

Yes, we saw improved trends in our dining room and direct off-premise channel.

是的，我們看到餐廳和直接場外管道的趨勢有所改善。

So again, encouraging from that perspective.

從這個角度來看，這又令人鼓舞。

And I actually believe that we'll continue to see that should the environment improve.

我實際上相信，如果環境得到改善，我們將繼續看到這一點。

And that, coupled with some of the things that we're able to do from a marketing standpoint now, I think, is going to be our approach going forward.

我認為，再加上我們現在從行銷角度能夠做的一些事情，將成為我們未來的方法。

So I mean, it's -- there's no question that this environment has led to a lot of pivoting, if you will.

所以我的意思是，毫無疑問，這種環境導致了許多轉變，如果你願意的話。

And we've done that, and I think we've managed it very well.

我們已經做到了，而且我認為我們做得很好。

Todd Brooks, The Benchmark Company.

托德·布魯克斯，基準公司。

Two questions, if I may.

如果可以的話，有兩個問題。

One, there's obviously kind of a silver lining maybe for the environment that we're in now.

第一，對於我們現在所處的環境來說，顯然還有一線希望。

Daytime dining, a high-growth category.

日間餐飲，一個高成長的類別。

A lot of participants want to grow from that regional player to more of a superregional or national over time, but you have such a scale advantage with the footprint.

隨著時間的推移，許多參與者希望從區域參與者成長為超區域或國家參與者，但你在足跡上擁有如此規模優勢。

I'm just wondering if you look longer term and more strategic, the challenges of this environment that you're all slogging through currently, what benefit does that accrue to on the back end of it from First Watch's positioning within the category?

我只是想知道，如果你們著眼長遠、更具策略性，你們目前正在努力應對的環境挑戰，那麼 First Watch 在該類別中的定位會為後端帶來什麼好處？

This is Chris.

這是克里斯。

There's no question that we're the leader in this segment.

毫無疑問，我們是這一領域的領導者。

You mentioned the scale, but I think also the 40 years of operational excellence and some of which we reported here today.

您提到了規模，但我也想到了 40 年的卓越營運以及我們今天在這裡報導的一些內容。

So -- and as I mentioned, we know we're taking market share.

因此，正如我所提到的，我們知道我們正在佔領市場份額。

There's a lot of legacy players that are closing locations.

有很多傳統玩家正在關閉地點。

We think that gives us a great opportunity as well.

我們認為這也給了我們一個很好的機會。

So looking forward, I mean, I think maybe there'll be some contraction in our segment, and I think our leadership position will serve us well.

因此，展望未來，我的意思是，我認為我們的細分市場可能會出現一些收縮，而且我認為我們的領導地位將對我們很有幫助。

I think one of the things one of the things that I think people miss is the smart things that the company has done even in what has been a choppy environment between acquisitions of restaurants, our offerings, the efficiencies we've driven into the restaurants.

我認為人們懷念的一件事是，即使在收購餐廳、我們的產品、我們提高餐廳效率之間的動盪環境中，公司也所做的明智之舉。

As a result, the revenue has grown nearly 15%.

結果，收入成長了近15%。

We've grown our EBITDA nearly 18% to $25.6 million in the quarter.

本季我們的 EBITDA 成長了近 18%，達到 2,560 萬美元。

We've opened over 30 restaurants now for the -- through today this year that are company-owned and with more to come.

截至今年今天，我們已經開設了 30 多家公司自營餐廳，而且還會開設更多餐廳。

So I think people look a lot at the same-restaurant sales and our traffic.

所以我認為人們會經常關注同一家餐廳的銷售額和我們的客流量。

And of course, those are choppy.

當然，這些都是不穩定的。

But the company is winning.

但該公司正在獲勝。

The company is extending its lead.

該公司正在擴大領先地位。

And I think that positions us going into an improving environment as maybe the first out of the box.

我認為這使我們能夠進入一個不斷改善的環境，這可能是第一個開箱即用的。

That's great.

那太棒了。

And then my second question, you talked about that improving trend in dine-in traffic over the course of the quarter.

然後是我的第二個問題，您談到了本季用餐流量的改善趨勢。

I was wondering if you could parse out.

我想知道你是否能解析出來。

You've talked in the past about Florida performance versus rest of the fleet.

您過去曾談論過佛羅裡達州與機隊其他船隊的表現。

And are you seeing any type of traffic improvement in those stores as well that would allow you to close that gap that you've seen is really that reverse migration headwind has been in place for the last 4 quarters?

您是否也看到這些商店的客流量有任何類型的改善，從而可以縮小您所看到的差距（您所看到的實際上是過去 4 個季度出現的反向遷移逆風）？

Yes.

是的。

There's a couple of things that we're optimistic about as it relates to stabilization.

我們對一些與穩定相關的事情感到樂觀。

One is that Florida has become more stable for us.

一是佛羅裡達州對我們來說變得更加穩定。

Obviously, the sequentially improving in-restaurant traffic during the quarter with September being positive.

顯然，本季餐廳客流量連續改善，其中 9 月是正面的。

Direct off-prem is no longer a real drag on consolidated traffic, although, as I mentioned, third-party continues to be.

直接場外不再是整合流量的真正拖累，儘管正如我所提到的，第三方仍然如此。

So, all of those things are a reason for us to be optimistic.

因此，所有這些都是我們樂觀的理由。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Just want to make sure I'm calculating it, but mix looks like it was down about 1 point or so in the quarter.

只是想確保我正在計算它，但混合看起來本季下降了約 1 個百分點左右。

And I just want to tie that into the demand generation.

我只是想將其與需求的產生連結起來。

I like that, Chris.

我喜歡這樣，克里斯。

That's truly from a former marketing guy.

這確實出自一位前行銷人員之口。

Related to a little bit of promo and discounting, is that kind of how we would have seen that in the quarter?

與一點促銷和折扣相關，我們在本季度會看到這種情況嗎？

Little different.

有點不同。

PPA was down a little bit, but it was all attributed to the promo effect.

PPA略有下降，但這都是促銷效應造成的。

Overall, we were -- mix was pretty flat.

總的來說，我們的組合非常平淡。

Yes.

是的。

And as Mel said in his prepared remarks, no check management when we look at it, I mean, it's been tracking well all year.

正如梅爾在他準備好的演講中所說，當我們看到它時，沒有檢查管理，我的意思是，它全年都進展順利。

Got it.

知道了。

And again, just going into the fourth quarter, I know you ran a little bit into October, but would you expect that overall mix to kind of flatten out just given backing off on the promotional stuff, it sounds like for the holidays?

再說一遍，剛剛進入第四季度，我知道你們已經進入了十月份，但你們是否認為在促銷活動取消後整體組合會趨於平緩，聽起來像是假期？

I believe that to be the case, yes.

我相信情況確​​實如此，是的。

Okay.

好的。

And then, Mel, just I guess, with that many openings in the 4Q, just maybe level setting on what we should be aware of in terms of where we might see a little bit of restaurant-level margin pressure.

然後，梅爾，我想，隨著第四季度的空缺數量如此之多，我們應該意識到我們可能會在哪裡看到一點餐廳層面的利潤壓力。

And I know it's tough because you're comparing against an extra week last year, which helps margins.

我知道這很困難，因為你正在與去年的額外一周進行比較，這有助於提高利潤。

But just any color on that might be helpful for the group.

但任何顏色都可能對團隊有幫助。

Well, the planned timing of the openings and their path to maturity, obviously, those are the least productive restaurants in terms of delivering at the restaurant-level operating profit margin in a couple of weeks after they open.

嗯，計劃的開業時間和成熟之路，顯然，就開業後幾週內餐廳層面的營業利潤率而言，這些餐廳是生產力最低的餐廳。

So it's kind of -- I would say we probably had to push more to December than we prefer.

所以我想說，我們可能不得不將比我們希望的時間推遲更多的時間到 12 月。

It's a little heavily weighted toward the end of the period now.

現在接近期末，它的權重有點重。

But all of that's been built into our guidance for our full year guidance that we provide.

但所有這些都已納入我們提供的全年指導中。

So I think you may be able to kind of back into their contribution.

所以我認為你或許可以回饋他們的貢獻。

So we've got 10 of them open now with the plan to open 23 in the period.

目前我們已經開放了 10 家，並計劃在此期間開設 23 家。

So we've got 13 yet to go, and we're on pace to open every week, but it is -- we will have some open in December, which is what we typically try to avoid doing actually.

因此，我們還有 13 家尚未開業，而且我們正按計劃每週開業，但實際上，我們將在 12 月開業一些，這是我們通常會盡量避免實際做的事情。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Just following up on the comps.

只是跟進比較。

Could you give us a better sense of the magnitude of traffic improvement that you saw through the quarter or maybe where recent trends sort of are shaking out?

您能否讓我們更了解本季流量改善的程度，或是最近的趨勢正在發生哪些變化？

And I'm curious, in past quarters, you've noted that the weekday is softer than the weekend.

我很好奇，在過去的幾個季度中，您注意到工作日比週末更溫和。

Maybe you could give just an update on those dynamics as well.

也許您也可以提供有關這些動態的最新資訊。

Brian, when you said the magnitude of traffic, I'm trying to understand what it is.

布萊恩，當你提到流量的大小時，我試著理解它是什麼。

You're...

你是...

Yes.

是的。

From an industry perspective, July was definitely worse than August and September.

從產業角度來看，7月的情況肯定比8月、9月份還要差。

So I want to be cognizant of that and then obviously cognizant of some of the levers that you're pulling.

所以我想認識到這一點，然後顯然認識到你正在拉動的一些槓桿。

So just trying to get a sense of your traffic was X in the quarter, just what we're seeing more recently versus what we saw earlier in the quarter.

因此，只是想了解本季的流量是 X，這就是我們最近看到的情況與本季早些時候看到的情況。

Just any sense of magnitude of improvement or just absolute traffic trends?

只是有任何改進幅度的感覺還是只是絕對的流量趨勢？

Yes.

是的。

I think if you take the 2 channels that I mentioned, so we saw in-restaurant traffic turn positive in September, and we said that our direct off-prem stabilized.

我想如果你採用我提到的兩個管道，那麼我們看到九月份餐廳內的客流量轉為正值，我們說我們的直接場外穩定了。

So I think that gives you a feel for where we ended up because we had kind of already talked about July on our last earnings call.

因此，我認為這可以讓您了解我們最終的結果，因為我們在上次財報電話會議上已經談到了 7 月的情況。

So you can make that leap from the improvement from July through the end of the quarter with those 2 channels, which represent the majority of our sales.

因此，您可以透過這兩個管道實現從 7 月到季度末的改進，這兩個管道代表了我們銷售額的大部分。

All right.

好的。

Fair enough.

很公平。

And then any comments on weekday versus weekend trends?

那麼對工作日與週末趨勢有什麼評論嗎？

Weekend still is trending better than weekday.

週末的趨勢仍然好於工作日。

Okay.

好的。

And I guess as you study the weekday trend, I don't know if you want to triple click, quadruple click, whatever you want to call it.

我想當你研究工作日趨勢時，我不知道你是否想要三次點擊，四次點擊，無論你想怎麼稱呼它。

But I'm curious with this discussion around back to office, return to office, do you -- I mean, can you see anything within like the Tuesday to Thursday trends or that would point to kind of a return to office dynamic or anything regionally?

但我很好奇關於重返辦公室、重返辦公室的討論，你能看到週二到週四的趨勢嗎？

And then the other question I had for you, Chris, is during the weekday, when you look at where that softness might be, is there an opportunity -- I understand you don't want to discount or get it more aggressive on price point discounts.

然後我問你的另一個問題是，克里斯，在工作日，當你看看哪裡可能出現疲軟時，是否有機會——我理解你不想打折或在價格上變得更加激進折扣。

But is there an opportunity -- there are other brands that have great everyday value.

但有機會嗎——還有其他品牌具有巨大的日常價值。

And they do some early dine programs or some late-night programs, obviously, for their businesses that are mostly dinner.

顯然，他們的業務主要是晚餐，他們會做一些早晚餐節目或一些深夜節目。

But is there any opportunity to do like an early riser type of thing before 8 AM or maybe lunch is softer, I don't know, but if it was, maybe there was some lunch news that you could inject that might drive some weekday -- targeted weekday?

但有沒有機會在早上 8 點之前做早起之類的事情，或者也許午餐會比較溫和，我不知道，但如果是的話，也許有一些午餐新聞可以注入，這可能會推動某個工作日 - -目標工作日？

Sure.

當然。

I'll answer the first part of your question first.

我先回答你問題的第一部分。

On the return to work, I mean, we've looked at it since COVID.

關於重返工作崗位，我的意思是，自從新冠疫情以來我們就一直在關注這個問題。

And when you hear about office occupancy increasing and things like that, and we haven't seen a correlation there.

當你聽到辦公室入住率增加之類的事情時，我們還沒有看到其中的相關性。

I think we might get some movement around when somebody uses us if we have a restaurant near their office or near their home.

我認為，如果有人在他們的辦公室或家附近有一家餐廳，那麼當有人使用我們時，我們可能會得到一些移動。

I still think if they're looking at an occasion that we provide that we're still a good option for them.

我仍然認為，如果他們正在考慮我們提供的機會，我們仍然是他們的一個不錯的選擇。

So no real correlation there.

所以那裡沒有真正的相關性。

Different from a highly urban penetrated concept.

與高度城市滲透的概念不同。

So -- and then on the back half of your question, really, our focus there, it comes back to leveraging the data that we're now getting and some of the things that we tested are more timely messages around those occasions to the right consumer at the right time.

那麼，在你問題的後半部分，我們的重點實際上是利用我們現在獲得的數據，以及我們測試的一些內容，這些信息是圍繞這些場合的更及時的消息。

And I think we've been talking for a while about cultivating this data that we have, and we started to put some of that into play in Q3, and that's what it was about, the right message at the right time to the right consumer, and we're happy with what we've seen.

我認為我們已經討論了一段時間關於培養我們擁有的這些數據，我們開始在第三季度發揮其中的一些作用，這就是它的意義，在正確的時間向正確的消費者提供正確的信息，我們對所看到的感到滿足。

So still not necessarily looking to go down that discounting route or whatnot, but we think we can be better, smarter and more targeted with our messaging now that we have tools, frankly, and data that allows us to do that.

因此，仍然不一定要走折扣路線或其他方式，但我們認為，坦白說，我們擁有可以做到這一點的工具和數據，因此我們可以更好、更聰明、更有針對性地傳達訊息。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

This is Katherine Griffin on for Sara.

我是凱瑟琳·格里芬（Katherine Griffin）為莎拉配音。

First, I wanted to ask, I think it was -- Chris, you were talking a little bit earlier about the receptivity to some of your targeted marketing from lapsed users and maybe some customers that have been going to competitors.

首先，我想問，我想是——克里斯，你之前談到了流失用戶以及一些已經轉向競爭對手的客戶對你的一些定向營銷的接受程度。

I'm just curious if you're able to tell if there's anything in common with either cohort.

我只是好奇你是否能夠判斷這兩個群體是否有任何共同點。

I would guess that these are customers that might be more value seeking.

我猜想這些客戶可能會更尋求價值。

But just want to make sure I understand, I guess, like what -- as far as what the opportunity is to continue to leverage targeted marketing and kind of where you might take share from.

但我只是想確保我理解，例如繼續利用有針對性的行銷的機會是什麼，以及你可以從哪裡獲得份額。

Yes.

是的。

Great question.

很好的問題。

I think it's those things and more.

我認為就是這些事情以及更多。

We typically don't attract the value-driven customer.

我們通常不會吸引價值驅動的客戶。

And as we all know, right now, there's a lot of consumers out there are just bouncing from discount offer to discount offer, taking advantage of it to help ease their wallet, and we get that.

眾所周知，現在有許多消費者不斷地從一個折扣優惠轉向另一個折扣優惠，利用它來幫助減輕他們的錢包負擔，我們明白這一點。

But we're really looking for our target demographic who is also perhaps trying some of our competitors.

但我們確實在尋找我們的目標族群，他們可能也在嘗試我們的一些競爭對手。

We'd like to get one more of those occasions, and we're going to leverage our core brand strengths to do that and make sure that we, again, increase the messaging and have the messaging be more relevant.

我們希望再有一次這樣的機會，我們將利用我們的核心品牌優勢來做到這一點，並確保我們再次增加訊息傳遞並使訊息更具相關性。

So we think there's a lot of opportunity for us to continue to take market share like we have been.

因此，我們認為我們有很多機會繼續像以前一樣佔據市場份額。

And now we're starting to feel really good about the tools that we have to do that.

現在我們開始對我們必須使用的工具感到非常滿意。

Great.

偉大的。

And then I was curious, you mentioned a little bit about just continuing to look at like technology investments.

然後我很好奇，你提到了一些關於繼續專注於技術投資的內容。

And I wanted to know where else you see opportunities, whether it's like in the 4 walls or maybe with regard to more like targeted marketing initiatives.

我想知道您還能在哪裡看到機會，是在 4 堵牆中，還是在更有針對性的行銷活動中。

Just kind of like what's on your wish list for technology investments, what are you prioritizing?

就像您的技術投資願望清單上有什麼一樣，您優先考慮什麼？

Yes.

是的。

I don't think we get full credit for all the tech stack that we've launched in our restaurants, both front of house and back of house, consumer-facing and employee-facing.

我認為我們在餐廳推出的所有技術堆疊（無論是前台還是後台、面向消費者還是面向員工）都沒有得到充分的認可。

I ran through a quick list of those in my comments, but the benefit of those has been tremendous, as you can see in our results.

我在評論中快速瀏覽了這些內容，但正如您在我們的結果中看到的那樣，這些內容的好處是巨大的。

So, reducing friction from the customer experience, continuing to deliver tools that make us the most loved workplace because we're removing even friction with our employees.

因此，減少客戶體驗中的摩擦，繼續提供使我們成為最受歡迎的工作場所的工具，因為我們正在消除與員工的摩擦。

But our focus now and where you'll probably see us leveraging more technology is on the consumer-facing side, specifically around marketing.

但我們現在的重點以及您可能會看到我們利用更多技術的地方是面向消費者的方面，特別是在行銷方面。

So I know we're talking a lot about that demand generation efforts right now, but that's where our focus is.

所以我知道我們現在正在談論很多關於需求產生的工作，但這就是我們的重點所在。

And enhancing what we already do.

並加強我們已經在做的事情。

Yes.

是的。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Just -- I mean, zooming out a little bit, I think your marketing spend as a percentage of sales kind of looks a lot lower than, frankly, brands of similar scale.

只是 - 我的意思是，稍微縮小一點，我認為您的行銷支出佔銷售額的百分比看起來比類似規模的品牌要低得多。

And I'm just curious, I know in the past, you've talked about the idea of not necessarily wanting to go bump that number higher and/or at least advertise at a national level.

我只是很好奇，我知道在過去，你談到不一定要提高這個數字和/或至少在全國範圍內做廣告的想法。

But can you maybe help us think about -- do you believe that today, the marketing dollars that you have are appropriate for the size of the business and frankly, where you want the brand to be over time, that 2,200 stores in North America?

但您能否幫助我們思考一下—您是否認為目前您所擁有的行銷資金適合您的業務規模？

That's a great question.

這是一個很好的問題。

What I'd say is that we're not targeting a specific percentage or ratio.

我想說的是，我們的目標不是特定的百分比或比率。

What we're looking at is can we efficiently and effectively spend either at the current rate that we're spending now or do we need to increase that to get the results that we want.

我們正在考慮的是，我們能否以目前的支出速度高效且有效地支出，還是需要增加支出才能獲得我們想要的結果。

And all of that's in play and under consideration for 2025.

所有這些都將在 2025 年發揮作用並考慮。

Got it.

知道了。

Okay.

好的。

TBD.

待定。

All right.

好的。

Then maybe just -- Chris, you mentioned the idea that, obviously, third party has been a bit of a drag on your business for some time.

那麼也許只是 - 克里斯，你提到了這樣的想法，顯然，第三方一段時間以來一直對你的業務造成一些拖累。

And I'm just curious if you could help us, one, maybe quantify that number in the third quarter?

我只是好奇你是否可以幫助我們，一，也許在第三季量化這個數字？

And then two, I think you spoke to the idea of potentially finding some new solutions around it or other ways to improve that going forward.

第二，我認為您談到了可能圍繞它找到一些新解決方案或其他方法來改進未來的想法。

Can you maybe speak to what exactly you're thinking about there?

可以談談你到底在想什麼嗎？

I'll take the second part, and Mel can take the first part if we even want to report on that.

我將承擔第二部分，如果我們想對此進行報告，梅爾可以承擔第一部分。

But yes, I mean, look, it's a completely different marketing channel and way to reach the consumer.

但是，是的，我的意思是，看，這是一種完全不同的行銷管道和接觸消費者的方式。

And frankly, it's a different way the consumer wants to use us.

坦白說，這是消費者想要使用我們的不同方式。

I think the frustrating and challenging part for us and anybody is there's not a lot of control that you have on that from an awareness perspective and whatnot.

我認為對我們和任何人來說，令人沮喪和具有挑戰性的部分是，從意識角度等角度來看，你對此沒有太多的控制權。

So we're working closely with our partners.

因此，我們正在與合作夥伴密切合作。

Overall, off-prem is about 17%, 18% of our business and third party is about, call it, half of that.

整體而言，場外業務約占我們業務的 17%、18%，第三方約佔其中的一半。

And then we have a couple of players within that half.

然後我們在半場有幾名球員。

So -- but just working with them to optimize our presence there and our offering to the consumer and seeing -- I mean, if you really parse out these channels for us, we're very encouraged by our in-restaurant dining trends, very encouraged by the third-party -- or excuse me, by the direct off-prem.

因此，只要與他們合作，優化我們在那裡的存在以及我們向消費者提供的服務，我的意思是，如果你真的為我們解析這些管道，我們對餐廳內的用餐趨勢感到非常鼓舞，非常受到第三方的鼓勵——或者對不起，是直接來自外部的鼓勵。

Those are the 2 channels that we control.

這些是我們控制的兩個管道。

But the real drag on traffic and the headwind to it when you look at it on a consolidated basis has been the third party.

但當你綜合考慮時，真正對流量造成拖累和阻礙的是第三方。

So that's why I mentioned that.

這就是我提到這一點的原因。

The first part of the question, the third-party in terms of traffic has been down mid-teens since really the middle of the year.

問題的第一部分是，自今年年中以來，第三方的流量一直在下降。

It's been pushing downward.

一直在往下推。

So that's the challenge.

這就是挑戰。

The other thing I'll say, Jon, is that some of the other brands are spending and treating it almost as a primary growth channel for them, and that's not our approach.

喬恩，我要說的另一件事是，其他一些品牌正在花錢並將其幾乎視為他們的主要成長管道，但這不是我們的方法。

We focus on our dining rooms.

我們專注於我們的餐廳。

And honestly, competitive activity has picked up significantly in those channels just as it has in the general consumer space with promotions and whatnot.

老實說，這些管道的競爭活動顯著增加，就像一般消費者領域的促銷活動和其他活動一樣。

Okay.

好的。

I appreciate the color.

我很欣賞它的顏色。

And then maybe the last one.

然後也許是最後一個。

Chris, you also spoke to the new classes of stores outpacing, I believe, your underwriting from a volume standpoint by about 10%, which is awesome to hear.

克里斯，您還談到了新類別的商店，我相信，從數量的角度來看，您的承保速度超出了約 10%，這聽起來很棒。

I'm just curious if you can maybe drill into anything specific about these stores that might be allowing that to happen, right?

我只是好奇你是否可以深入研究這些商店的任何具體內容，這些商店可能會允許這種情況發生，對吧？

I know you've talked about building bigger boxes, but obviously, that would have been contemplated in the underwriting.

我知道您曾經談論過建造更大的盒子，但顯然，這在承保中已經考慮到了。

Like what else are you doing to drive that volume improvement?

例如您還採取了哪些措施來推動銷售的提升？

Yes.

是的。

Well, when you think about the group that I talked about, those are a class that was '22 to '24, which means we approved those sometimes in 2020 and 2021.

好吧，當你想到我談到的小組時，這些是「22 至 24」的類別，這意味著我們有時會在 2020 年和 2021 年批准這些類別。

So at that time, I'm not sure we had the baseline of information on, say, these stand-alone freestanding former full-service restaurant sites that we have now as a benchmark.

因此，當時，我不確定我們是否擁有這些獨立的前全方位服務餐廳網站的資訊基線，而我們現在將其作為基準。

So we're just -- the real answer is we're getting better and smarter as we open more of these diverse kind of restaurant platforms.

所以，真正的答案是，隨著我們開設更多這類多樣化的餐廳平台，我們會變得更好、更聰明。

And so that's why we wanted to call out the percentage of those freestanders that are in our pipeline coming up.

這就是為什麼我們想要指出我們管道中的自由站立者的百分比。

But I mean, even if you take those out, the classes themselves are doing well.

但我的意思是，即使你把它們去掉，課程本身也表現得很好。

And we've gotten better at locating sites, being near the epicenter, outpositioning competitors, the layouts of the restaurants to optimize operations, the dining room configurations.

我們在選址、靠近震央、超越競爭對手、優化營運的餐廳佈置、餐廳配置等方面都做得更好。

I mean you've heard us talk about this cocktail of things that we've been working on to really optimize our operations.

我的意思是，您已經聽過我們談論我們一直在努力真正優化我們的營運的一系列事情。

And that's a big part of it is the work that we've done when a restaurant opens, we analyze it within 60 days of it opening and look at optimization so that we can impact whatever the next one is that we're approving that still may not open for a couple of years.

其中很大一部分是我們在餐廳開業時所做的工作，我們在開業後 60 天內對其進行分析並考慮優化，以便我們能夠影響我們正在批准的下一個餐廳可能幾年內都不會開放。

So that's why you've seen our -- I think that's a big reason you've seen our AUVs grow so tremendously from $1.6 million to now we're talking about $2.2 million and some of the ones we're approving are now going in at $2.6 million.

這就是為什麼你們看到我們的 AUV 從 160 萬美元成長到現在的 220 萬美元，我們正在批准的一些項目現在正在投入使用。

So I mean, that's a tremendous increase in projected average unit volumes for a restaurant that's only opened 7.5 hours a day.

所以我的意思是，對於一家每天只營業 7.5 小時的餐廳來說，預計平均單位銷售量將大幅增加。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

The first question, just going back to maybe the marketing.

第一個問題，也許回到行銷方面。

And I think one of the challenges for full service has been just frequency.

我認為全方位服務的挑戰之一就是頻率。

A lot of the customers visit brands, I don't know, 2 or 3 times a year.

我不知道，很多顧客每年都會造訪品牌 2 到 3 次。

Can you just remind us what your frequency is?

您能提醒我們您的頻率是多少嗎？

And I guess, is your kind of pushing into this marketing, do you think there's a bigger opportunity in lower frequency guests who might be lapsed?

我想，您是否正在推動這種行銷，您是否認為可能會流失的頻率較低的客人有更大的機會？

Or is it the customers coming every month or 2 that you can really move the needle for?

還是每個月或兩個月來的客戶才是您真正可以採取行動的客戶？

I'm just curious how you kind of segment or think about your customers and who you can move the needle with.

我只是好奇你如何細分或思考你的客戶以及你可以與誰一起行動。

Yes.

是的。

The first thing I'll tell you is that our frequency pretty much mirrors what you talked about there with casual dining.

我要告訴您的第一件事是，我們的頻率幾乎反映了您在休閒餐飲中談論的內容。

And we're looking at in terms of another visit, another half visit from all of the cohorts, but really understanding what's the motivation for the visit, what's the occasion for the visit.

我們正在考慮另一次訪問，所有隊列的另一半訪問，但真正了解訪問的動機是什麼，訪問的場合是什麼。

So the more we know about that, the better we can be in targeting.

因此，我們對此了解得越多，我們就能更好地定位目標。

And we're not -- I would say we're not discriminating against any particular frequency cohort, we kind of have a good feel for the groups and how often they use us and how they use us.

我想說，我們不會歧視任何特定頻率的群體，我們對這些群體以及他們使用我們的頻率和方式有很好的感覺。

And now, for example, what I was talking about earlier is if it's somebody who's weekday lunch, making sure that we hit them with the right message at the right time when they're making a decision on where to go for lunch during the week, and likewise, on brunch on the weekends or weekday breakfast.

現在，例如，我之前談到的是，如果有人在工作日吃午餐，請確保當他們決定一周去哪裡吃午餐時，我們在正確的時間向他們傳達正確的信息，同樣，週末早午餐或工作日早餐。

So we're looking -- if you think back to what we've said all along and how diverse and broad our customer base is, we actually have the opportunity to not have to be so specific and can make an impact, which is what we've been testing.

所以我們正在尋找 - 如果你回想一下我們一直以來所說的話以及我們的客戶群是多麼的多樣化和廣泛，我們實際上有機會不必那麼具體並且可以產生影響，這就是我們一直在測試。

Got it.

知道了。

And then maybe for Mel, just as I look at kind of the margin lines, labor, you've done a really good job of leveraging that despite negative comps.

然後也許對梅爾來說，正如我關注的利潤線和勞動力一樣，儘管薪酬為負，但你在利用這一點方面做得非常好。

Can you talk about kind of what's going on there from an hour efficiency perspective and just your outlook for kind of cost inflation going forward?

您能否從每小時效率的角度談談正在發生的事情以及您對未來成本通膨的展望？

Yes.

是的。

I think the credit goes to the operators, frankly.

坦白說，我認為這要歸功於營運商。

And we've talked about it for a couple of quarters that we enhanced some of their tools that are provided for managers to actually see more close to real time how their labor is running and how they're -- and they can be more accountable.

我們已經討論了幾個季度，我們增強了他們的一些工具，為經理們提供了更多的實時信息，讓他們能夠更接近地實時了解他們的勞動力如何運作以及他們的情況如何——他們可以更加負責。

But to their credit, it's not just providing them the information, it's their actual commitment to focusing on it and holding each other accountable in the restaurants.

但值得讚揚的是，這不僅僅是為他們提供信息，而是他們真正致力於專注於資訊並在餐廳中相互問責。

And so I think the success that we have seen has been the focus that Dan Jones and his team really have applied to scheduling properly and being very attentive to the labor cost line.

因此，我認為我們所看到的成功是丹瓊斯和他的團隊真正關注的重點，即正確安排時間並非常關注勞動力成本線。

And it cuts down on many things, like keeps us from paying for inefficient overtime or crews during our hours that are not peak hours.

它減少了很多事情，例如讓我們不必為低效的加班費或非尖峰時段的工作人員支付費用。

It helps with optimal staffing and that sort of thing.

它有助於優化人員配置等。

So I would say that it's -- yes, the tools, but it's really -- most of it's elbow grease.

所以我想說，是的，是工具，但實際上，大部分都是苦勞。

It's the attention of the restaurants on that line item.

這是餐廳對該行項目的關注。

And then just the outlook maybe for food and labor inflation?

然後只是食品和勞動力通膨的前景？

I think that in terms of inflation, I think we've given our full year guidance.

我認為就通膨而言，我們已經給出了全年指引。

It's 5% or so.

大約是5%左右。

There are no further questions at this time.

目前沒有其他問題。

I would now like to turn the floor back over to Chris Tomasso for closing comments.

我現在想把發言權交還給克里斯·托馬索以供結束評論。

Thanks for your thoughtful questions this morning.

感謝您今天早上提出的深思熟慮的問題。

We appreciate it and for spending time with us here.

我們非常感謝您在這裡與我們共度時光。

I want to thank our teams again for their combined efforts.

我要再次感謝我們團隊的共同努力。

The -- I have to say the entire organization's dedication and kindness was on full display in response to the recent hurricanes.

我必須說，整個組織的奉獻精神和善意在應對最近的颶風中得到了充分體現。

Their collective actions really supported our reopening locations in short order, and again, typifies our You First culture.

他們的集體行動確實支持了我們在短時間內重新開放營業地點，這再次體現了我們「以客為先」的文化。

So I was really pleased with how our teams responded to that.

所以我對我們團隊對此的回應感到非常滿意。

And we look forward to finishing the year strong and continuing to create memorable experiences for every First Watch customer.

我們期待以強勁的勢頭結束這一年，並繼續為每位 First Watch 客戶創造難忘的體驗。

So thank you, and I hope you all have a great day.

謝謝你們，希望你們都有愉快的一天。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。