Good Times Restaurants Inc (GTIM) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Good Times Restaurants Inc. Fiscal 2022 Fourth Quarter Earnings Call. By now, everyone should have access to the company's earnings release, which is available in the Investors section of the company's website. As a reminder, a part of today's discussion will include forward-looking statements within the meaning of federal securities law.

女士們先生們，下午好。歡迎來到 Good Times Restaurants Inc. 2022 財年第四季度財報電話會議。到現在為止，每個人都應該可以訪問公司的收益發布，可以在公司網站的投資者部分找到。提醒一下，今天討論的一部分將包括聯邦證券法含義內的前瞻性陳述。

These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect, and therefore, investors should not place undue reliance on them. And the company undertakes no obligation to update these statements to reflect the events or circumstances that might arise after this call.

這些前瞻性陳述並不是對未來業績的保證，因此，您不應過分依賴它們。這些陳述還受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異，因此，投資者不應過分依賴它們。公司不承擔更新這些聲明以反映本次電話會議後可能出現的事件或情況的義務。

Such risks and uncertainties include, among other things, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company, the company's financial performance and its cash flows from the operations, general economic conditions, which could adversely affect the company's results of operations and cash flows.

此類風險和不確定性包括但不限於公司股票不時通行的市場價格、向公司提供的其他投資機會的性質、公司的財務業績及其經營現金流量、總體經濟狀況、這可能對公司的經營業績和現金流量產生不利影響。

These risks also include such factors as a disruption to our business from the COVID-19 pandemic and the impact of the pandemic on results of operations, financial condition and prospects, which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local governmental actions and customer behavior in response to the pandemic; the impact and duration of staffing constraints at our restaurants; the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants; delays in developing and opening new restaurants because of weather, local permitting and other reasons; increased competition; cost increases or shortages in raw food products; supply chain and inflationary factors due to the unknown impacts of the war in Ukraine; and other matters discussed under the Risk Factors section of Good Times' annual report on Form 10-K for fiscal year ended September 27, 2022, filed with the SEC and other filings with the SEC.

這些風險還包括諸如 COVID-19 大流行對我們業務的干擾以及大流行對運營結果、財務狀況和前景的影響等因素，這些影響可能因大流行的持續時間和程度以及聯邦、州和地方政府為應對這一流行病而採取的行動和客戶行為；我們餐廳人員配置限制的影響和持續時間；當前餐廳發展計劃的不確定性以及實施這些計劃和整合新餐廳的能力；由於天氣、當地許可和其他原因，延遲開發和開設新餐廳；競爭加劇；生食產品的成本增加或短缺；由於烏克蘭戰爭的未知影響，供應鍊和通脹因素；以及 Good Times 向 SEC 提交的截至 2022 年 9 月 27 日止財政年度的 10-K 表格年度報告的風險因素部分下討論的其他事項以及向 SEC 提交的其他文件。

During today's call, the company will discuss non-GAAP measures, which they believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP and reconciliation to comparable GAAP measures available in our earnings release. And now I would like to turn the call over to Ryan. Please go ahead, sir.

在今天的電話會議中，公司將討論非 GAAP 指標，他們認為這些指標有助於評估我們的業績。這些額外信息的呈現不應被孤立地考慮或替代根據 GAAP 編制的結果以及與我們收益發布中可用的可比 GAAP 措施的調節。現在我想把電話轉給瑞安。請繼續，先生。

Thank you, Emma, and thank you all for joining us on the call today. As mentioned, you should have access to our earnings release and our annual 10-K filing. We are thrilled to have grown same-store sales at both brands this year while navigating continued labor and product shortages, rising cost of goods and the uncertain nature of consumer behavior in a highly inflationary environment.

謝謝你，艾瑪，感謝大家今天加入我們的電話會議。如前所述，您應該可以訪問我們的收益發布和年度 10-K 申報。我們很高興今年這兩個品牌的同店銷售額均有所增長，同時應對持續的勞動力和產品短缺、商品成本上升以及高通脹環境下消費者行為的不確定性。

This year represents a record sales year for Bad Daddy's in the third consecutive year in 10 of the last 11 years with growth in same-store sales at Good Times. As with prior quarters, we remain displeased with the company's profitability this year. However, our high standards prevent us from compromising on product quality or making other decisions that would drive elevated profitability in the short term at the expense of customer satisfaction and loyalty, which we know are the most important drivers of the long-term profitability and success of both of our concepts.

今年是 Bad Daddy's 在過去 11 年中的 10 年中連續第三年創下銷售記錄的一年，Good Times 的同店銷售額有所增長。與前幾個季度一樣，我們對公司今年的盈利能力仍然不滿意。然而，我們的高標準阻止我們在產品質量上做出妥協或做出其他以犧牲客戶滿意度和忠誠度為代價在短期內提高盈利能力的決定，我們知道這是長期盈利能力和成功的最重要驅動力我們的兩個概念。

Our focus this year has been on organic growth and customer traffic from our existing restaurant footprint. And our investments this year have reflected that mission. Last November, we launched new online ordering experiences at both brands, including a refreshed web experience at Bad Daddy's, the introduction of online ordering for the first time at Good Times and the release of mobile apps at both brands.

我們今年的重點是現有餐廳足蹟的有機增長和客戶流量。我們今年的投資反映了這一使命。去年 11 月，我們在兩個品牌推出了新的在線訂購體驗，包括 Bad Daddy's 的全新網絡體驗、Good Times 首次引入在線訂購以及兩個品牌的移動應用程序發布。

Sales through this platform continue to increase. Digital sales for which we include orders not just through our own platforms, but through our delivery partners, exceeded 10% for the Good Times concept during the fourth quarter. At Good Times, our digital sales lean heavily on orders originating through our delivery partners. And our goal for 2023 is to begin shifting those into our native platforms and further direct traffic to direct digital, growing our app and web-originated orders.

通過該平台的銷售額繼續增加。我們不僅通過我們自己的平台，而且通過我們的交付合作夥伴包括訂單的數字銷售額在第四季度超過了 Good Times 概念的 10%。在 Good Times，我們的數字銷售在很大程度上依賴於通過我們的送貨合作夥伴發出的訂單。我們 2023 年的目標是開始將這些轉移到我們的原生平台，並進一步將流量引導至直接數字，增加我們的應用程序和網絡訂單。

Shortly after the end of the fiscal year, we completed the installation of digital menu boards and modern lane timers at all of our company-operated Good Times restaurants. And before the end of the fiscal second quarter, we expect all but 2 of our Colorado-franchised restaurants to have installed the new menu board, which are a critical part of the modernization of the Good Times brand.

本財年結束後不久，我們在公司經營的所有 Good Times 餐廳完成了數字菜單板和現代車道計時器的安裝。在第二財季結束之前，我們預計除了 2 家科羅拉多州特許經營餐廳外，所有餐廳都將安裝新的菜單板，這是 Good Times 品牌現代化的關鍵部分。

We recently completed the first installation of our new signage package at Good Times, and we expect to complete at least 1/3 of the system this year. Back in late 2019, we reduced the menu at Good Times while still maintaining a compelling variety of products to improve our kitchen efficiency and our order accuracy. Though we continue to feature our seasonal and monthly burger and tested flavors, the commitment to a focused menu ultimately remains.

我們最近在 Good Times 完成了新標牌包的首次安裝，我們預計今年將完成至少 1/3 的系統。早在 2019 年底，我們就減少了 Good Times 的菜單，同時仍保留了引人注目的各種產品，以提高我們的廚房效率和訂單準確性。儘管我們繼續以我們的季節性和每月漢堡和經過測試的口味為特色，但最終仍然堅持對重點菜單的承諾。

We continue to optimize the menu with a dual focus of improving labor efficiency to offset increasing labor costs, but also delivering better product to our customers by serving fresher and hotter burgers and fries at a higher speed than our competitors. We're extremely impressed not only with our sales growth at Bad Daddy's, but at the customer retention and traffic counts, with 3.7% same-store sales and only 5.7% average price during the quarter. The implied 2% traffic erosion is significantly better than the casual dining benchmark as measured by Black Box Intelligence.

我們繼續優化菜單，一方面提高勞動效率以抵消不斷增加的勞動力成本，另一方面通過以比競爭對手更快的速度提供更新鮮、更熱的漢堡和薯條，為我們的客戶提供更好的產品。我們不僅對 Bad Daddy's 的銷售額增長印象深刻，而且對客戶保留率和客流量也印象深刻，該季度同店銷售額為 3.7%，平均價格僅為 5.7%。隱含的 2% 流量侵蝕明顯好於 Black Box Intelligence 衡量的休閒餐飲基準。

At Bad Daddy's, digital sales make up about 23% of our sales, and total off-premises sales are approximately 27% of our restaurant sales. Sales through third-party aggregators have been surprisingly consistent even as customers have reembraced on-premises visits. And third-party delivery sales continue to represent approximately 15% of our orders. We offer delivery through our own online ordering and app-based ordering platform.

在 Bad Daddy's，數字銷售額約占我們銷售額的 23%，而店外總銷售額約占我們餐廳銷售額的 27%。即使客戶重新接受現場訪問，通過第三方聚合器進行的銷售也出奇地穩定。第三方送貨銷售繼續占我們訂單的大約 15%。我們通過我們自己的在線訂購和基於應用程序的訂購平台提供送貨服務。

And similar to our approach for Good Times, we're exploring ways to shift traffic from the aggregators to direct ordering. We are dedicated to an elevated level of customer service, but our true focus remains serving up unbelievable burgers with unparalleled customization. During the initial throes of the pandemic and thereafter, we simplified our menu at Bad Daddy's.

與我們的 Good Times 方法類似，我們正在探索將流量從聚合器轉移到直接訂購的方法。我們致力於提高客戶服務水平，但我們真正的重點仍然是通過無與倫比的定制服務提供令人難以置信的漢堡。在大流行初期及之後，我們簡化了 Bad Daddy's 的菜單。

Since then, we have reintroduced seasonal chef specials at Bad Daddy's to provide momentum for incremental visits to shift mix into above-average margin products, but while at the same time, retaining efficient, highly productive kitchens. Moving into 2023 and 2024. We're planning expansion of Bad Daddy's with one lease already signed in Greater Huntsville, Alabama that we expect to open in the fourth fiscal quarter of 2023 with potential sites under negotiations in Birmingham and Raleigh, and evaluation of expansion opportunities in other markets.

從那時起，我們在 Bad Daddy's 重新推出季節性廚師特色菜，為增加訪問量提供動力，將組合轉變為利潤率高於平均水平的產品，但同時保留高效、高產的廚房。進入 2023 年和 2024 年。我們計劃通過在阿拉巴馬州大亨茨維爾簽署一份租約來擴大 Bad Daddy's，我們預計該租約將於 2023 年第四財季開業，並正在談判伯明翰和羅利的潛在地點，並評估擴張其他市場的機會。

Restaurant margins are compressed this year, but we expect them to remain so into the first quarter or first half of fiscal 2023 as we absorb an 8% minimum wage increase in our Colorado restaurants. Wage rate inflation has been intense, but our operators have done an excellent job of managing productivity to minimize the increases in labor cost. Cost of sales have been more challenging for us.

今年餐廳利潤率受到壓縮，但我們預計它們將在 2023 財年第一季度或上半年保持不變，因為我們吸收了科羅拉多餐廳 8% 的最低工資增長。工資率通脹一直很嚴重，但我們的運營商在管理生產力方面做得非常出色，可以最大限度地減少勞動力成本的增加。銷售成本對我們來說更具挑戰性。

During the last quarter of the year, we continue to see extremely high chicken breast costs, which have more recently started to recede but still remain elevated. Beef and bacon were also elevated during the fourth quarter, but have shown moderation in pricing into the first fiscal quarter of 2023. Throughout the restaurant P&L, increased delivery costs, primarily at Good Times or that portion of the business has seen meaningful growth and elevated repair and maintenance costs across both concepts have also been a source of margin compression.

在今年最後一個季度，我們繼續看到極高的雞胸肉成本，最近開始回落，但仍處於高位。牛肉和培根在第四季度也有所上漲，但到 2023 年第一財季的定價有所放緩。在整個餐廳的損益表中，交付成本增加，主要是在好時光或該業務的那一部分出現了有意義的增長和提升這兩個概念的維修和維護成本也是利潤壓縮的一個來源。

Shifting traffic to our direct purchasing platforms is one of several ways in which we're attempting to reduce the impact of high-cost delivery aggregator fees. The current inflationary environment has caused other restaurant groups to reduce or reevaluate aspects of the development program. We have, over the past year, focused our capital deployment in areas where we believe we will attain the best return in assets with predictable cash flow, including both the acquisition of our previously franchised Bad Daddy's restaurant and investment into our already existing restaurants.

將流量轉移到我們的直接購買平台是我們試圖減少高成本交付聚合費用影響的幾種方法之一。當前的通貨膨脹環境導致其他餐廳集團減少或重新評估開發計劃的各個方面。在過去的一年裡，我們將資本部署集中在我們認為我們將以可預測的現金流獲得最佳資產回報的領域，包括收購我們之前特許經營的 Bad Daddy's 餐廳和投資我們現有的餐廳。

Additionally, we have continued to repurchase our stock through a repurchase program, which has resulted in the purchase of 316,000 shares under the company's -- of the company's stock during fiscal 2022. We continue to repurchase shares under this program during fiscal 2023. A saying that's been recently posted and reposted on LinkedIn says something to the effect of restaurant jobs have always been hard, it's just that more people are now realizing this fact.

此外，我們繼續通過回購計劃回購我們的股票，這導致在 2022 財年根據公司股票購買了 316,000 股股票。我們在 2023 財年繼續根據該計劃回購股票。最近在 LinkedIn 上發布和轉發的內容說，餐廳工作一直很艱難，只是現在越來越多的人意識到了這一事實。

And that saying likely applies to the industry itself as well. And that it, too, the industry itself, has always been very challenging. Restaurant companies and concepts often deviate from core strategies and become willing to compromise what differentiates them. We continue to stay the course and are confident about our position in both of the restaurant segments that we operate in. We'll continue to strengthen our brands by creating great experiences appropriate for each concept for our customers, thoughtfully developing new locations and rewarding hard-working team members and leaders for their contributions in building brand equity for Good Times and for Bad Daddy's. With that, I'll turn to Matthew to review this quarter's results.

這句話可能也適用於行業本身。而且，這個行業本身也一直非常具有挑戰性。餐飲公司和概念往往偏離核心戰略，並願意妥協讓它們與眾不同。我們將繼續堅持到底，並對我們在我們經營的兩個餐廳領域的地位充滿信心。我們將通過為我們的客戶創造適合每個概念的良好體驗、深思熟慮地開發新地點和努力獎勵來繼續加強我們的品牌- 工作團隊成員和領導者為 Good Times 和 Bad Daddy's 建立品牌資產所做的貢獻。有了這個，我將求助於馬修來回顧本季度的結果。

Thank you, Ryan. Total revenues increased 5% to $35.2 million for the quarter. Total restaurant sales increased $1.7 million to $34.9 million for the quarter. Total restaurant sales for Bad Daddy's restaurants increased $1.5 million to $26 million for the quarter, and this increase is due to average menu price increases throughout the year as well as the continued strength of off-premise sales and strong demand for in-person dining.

謝謝你，瑞安。本季度總收入增長 5% 至 3520 萬美元。本季度餐廳總銷售額增加 170 萬美元，達到 3490 萬美元。 Bad Daddy 餐廳的餐廳總銷售額在本季度增長了 150 萬美元至 2600 萬美元，這一增長是由於全年平均菜單價格上漲以及場外銷售的持續強勁和對現場用餐的強勁需求。

Same-store sales increased 3.7% during the quarter, with 38 Bad Daddy's in the comp base at the end of the quarter. Cost of sales at Bad Daddy's were 32.8% for the quarter. That's a 170 basis point increase from last year's quarter and the result of significantly higher food and packaging costs as seen through inflationary and supply chain pressure. Bad Daddy's labor costs decreased by 110 basis points compared to the prior year quarter to 33.2% for the quarter.

本季度同店銷售額增長 3.7%，本季度末有 38 家 Bad Daddy's 入駐。 Bad Daddy's 本季度的銷售成本為 32.8%。這比去年同期增加了 170 個基點，這是從通貨膨脹和供應鏈壓力中看出食品和包裝成本顯著增加的結果。 Bad Daddy 的勞動力成本與去年同季度相比下降了 110 個基點，達到本季度的 33.2%。

This decrease as a percentage of sales reflects improved productivity and lower unit level incentive compensation, the latter of which resulting from lower restaurant-level profitability. Occupancy cost at Bad Daddy's decreased 20 basis points to 6.4% due primarily to the leveraging of higher sales. Bad Daddy's other operating costs were 14.7% for the quarter, an increase of 170 basis points, and that's primarily due to higher increased spending on repair and maintenance expenses, restaurant technology costs, utilities and increases in restaurant supply costs.

這種佔銷售額百分比的下降反映了生產力的提高和單位層面激勵薪酬的降低，後者是由於餐廳層面的盈利能力較低所致。 Bad Daddy's 的入住成本下降 20 個基點至 6.4%，這主要是由於銷售額增加。 Bad Daddy 本季度的其他運營成本為 14.7%，增加了 170 個基點，這主要是由於維修和維護費用、餐廳技術成本、公用事業支出增加以及餐廳供應成本增加所致。

Overall, restaurant-level operating profit, a non-GAAP measure, for Bad Daddy's was approximately $3.4 million for the quarter or 12.9% of sales compared to $3.7 million or 15% last year. The decline is primarily due to the increased cost of sales and other restaurant operating costs. Restaurant sales at Good Times were $8.9 million, an increase of $0.2 million, resulting from 5.9% comp sales, partially offset by the closure of one restaurant earlier in fiscal 2022.

總體而言，Bad Daddy's 本季度的餐廳級營業利潤（非 GAAP 指標）約為 340 萬美元，佔銷售額的 12.9%，而去年為 370 萬美元，佔銷售額的 15%。下降的主要原因是銷售成本和其他餐廳運營成本增加。 Good Times 的餐廳銷售額為 890 萬美元，增加了 20 萬美元，這是由於 5.9% 的複合銷售額，部分被 2022 財年早些時候關閉的一家餐廳所抵消。

Food and packaging costs for Good Times were 32.3% for the quarter, an increase of 430 basis points compared to the last year's quarter. Again, the result of significant inflationary pressures on food and packaging material, primarily beef, bacon and oil-based products and rolling over unusually low costs for our all-natural beef in the prior year quarter. Total labor costs for Good Times decreased to 31.9% and from 32.5% for the quarter last year due primarily to increases in unit level productivity.

本季度好時光的食品和包裝成本為 32.3%，比去年同期增加 430 個基點。同樣，這是食品和包裝材料（主要是牛肉、培根和油基產品）面臨巨大通脹壓力的結果，並且我們的全天然牛肉在上一季度的成本異常低廉。 Good Times 的總勞動力成本從去年同期的 32.5% 下降至 31.9%，這主要是由於單位生產率的提高。

Occupancy costs at Good Times were 7.8%. That's a slight increase of 10 basis points from the prior year quarter due primarily to increased real property tax assessments. Delivery sales -- sorry, Good Times' other operating costs were 12.7% for the quarter. That's an increase of 270 basis points and is due primarily to additional delivery service charges, accompanying a higher mix of delivery sales and higher repair and maintenance expenses during the quarter.

Good Times 的入住成本為 7.8%。這比去年同期略有增加 10 個基點，這主要是由於增加了不動產稅評估。送貨銷售——抱歉，本季度 Good Times 的其他運營成本為 12.7%。這增加了 270 個基點，主要是由於額外的送貨服務費用，以及本季度送貨銷售和維修費用的增加。

Good Times restaurant-level operating profit decreased by $0.5 million for the quarter to $1.4 million. As a percent of sales, restaurant-level operating profit decreased by 600 basis points versus last year to 15.3% due primarily to higher costs previously discussed. Combined general and administrative expenses were $2.8 million during the quarter or 8.1% as a percent of total revenue. This represents an increase of $0.5 million versus the prior year quarter.

本季度 Good Times 餐廳級營業利潤減少 50 萬美元至 140 萬美元。作為銷售額的百分比，餐廳級營業利潤比去年下降 600 個基點至 15.3%，這主要是由於先前討論的成本增加所致。本季度綜合一般和行政費用為 280 萬美元，佔總收入的 8.1%。與去年同期相比增加了 50 萬美元。

G&A expenses increased versus the prior year due primarily to increased legal fees, training expenses, regional cost and home office salary expense, partially offset by decreased underwriting losses associated with the self-insured employee health care plan and rolling over costs related to our tender offer in the fourth quarter of '21. We recorded impairment of long-lived assets of $1.4 million during the quarter, and that's for the impairment of one Bad Daddy's restaurant in the Atlanta, Georgia market.

G&A 費用較上年增加主要是由於法律費用、培訓費用、區域成本和家庭辦公室工資費用增加，部分被與自保員工醫療保健計劃相關的承保損失減少和與我們的收購要約相關的滾動成本所抵消在 21 年第四季度。我們在本季度記錄了 140 萬美元的長期資產減值，這是針對佐治亞州亞特蘭大市場 Bad Daddy 一家餐廳的減值。

No impairment costs were recorded in the prior year quarter. Our net loss to common shareholders for the quarter was $1.3 million or a loss of $0.10 per share versus income to common shareholders of $1.3 million or $0.10 per share in the fourth quarter last year. For the full fiscal year, our net loss to common shareholders was $2.6 million or a loss of $0.21 per share versus income of $16.8 million or $1.32 per share in the prior year-to-date period.

去年同期沒有記錄減值成本。我們本季度普通股股東的淨虧損為 130 萬美元或每股虧損 0.10 美元，而去年第四季度普通股股東的收入為 130 萬美元或每股虧損 0.10 美元。在整個財政年度，我們對普通股股東的淨虧損為 260 萬美元或每股虧損 0.21 美元，而去年同期的收入為 1680 萬美元或每股虧損 1.32 美元。

Adjusted EBITDA for the quarter was $0.8 million compared to $2.5 million for the fourth quarter of 2021. And for the year-to-date period, our adjusted EBITDA was $4.8 million versus adjusted EBITDA of $9.6 million for the same period in fiscal 2021. We finished the quarter with $8.9 million in cash and no long-term debt. And I will end with that I, too, am thrilled that we continue to grow same-store sales at both brands, and we continue to invest in our restaurants, our employees and our customers. And with that, I will give it back to Ryan.

本季度調整後的 EBITDA 為 80 萬美元，而 2021 年第四季度為 250 萬美元。年初至今，我們調整後的 EBITDA 為 480 萬美元，而 2021 財年同期的調整後 EBITDA 為 960 萬美元。我們本季度結束時現金為 890 萬美元，沒有長期債務。最後，我也很高興我們兩個品牌的同店銷售額繼續增長，並且我們繼續投資於我們的餐廳、我們的員工和我們的客戶。有了這個，我會把它還給瑞安。

Thank you, Matthew. Emma, at this time, we can open the call for questions.

謝謝你，馬修。艾瑪，這個時候，我們可以打開提問的電話。

(Operator Instructions). Your first question comes from the line of Brian London.

（操作員說明）。你的第一個問題來自 Brian London。

I was wondering if you guys can -- if you can't provide detail, maybe some general color on the traffic across both brands. I've watched -- follow a lot of restaurants over the years, and I've watched prices increase and traffic decline -- even before the pandemic, I was watching this pattern. So again, if you can't provide detail, that's fine. A general feel would be interesting, too.

我想知道你們是否可以——如果你們不能提供細節，也許可以提供關於兩個品牌流量的一些一般顏色。這些年來，我觀察過很多餐館，我觀察過價格上漲和客流量下降——甚至在大流行之前，我就在觀察這種模式。同樣，如果您不能提供詳細信息，那也沒關係。總體感覺也會很有趣。

Certainly, Brian. As I mentioned during my prepared remarks, during the fourth quarter, we had traffic erosion at Bad Daddy's of about 2%, and that was sitting on price of about 5.7%. We didn't go into this as much on -- in the prepared remarks, but nothing has really changed in terms of our strategy around price for Bad Daddy's, which we've commented before and in our filings have stated that we've tried to be modest in our price increases.

當然，布賴恩。正如我在準備好的發言中提到的那樣，在第四季度，Bad Daddy's 的流量減少了約 2%，而價格下降了約 5.7%。在準備好的評論中，我們並沒有過多地討論這個問題，但就我們對 Bad Daddy's 的價格策略而言，並沒有真正改變，我們之前已經評論過，並且在我們的文件中表示我們已經嘗試過在我們的價格上漲中保持適度。

And I think you'd find based upon the CPI numbers, food away from home, in particular, food -- full-service food away from home recently came in for the month of November at 8.0%. Our price increases have been less than that. And our strategy is to try and do right by the customer. And in the short run, you've seen that somewhat in our increased cost of sales. That's been our strategy for Bad Daddy's. I would say the price increases across the segment in fast food have been, generally speaking, higher and -- although most recently, the Bureau of Labor and Statistics numbers for the CPI has been slightly under full service.

我想你會發現，根據 CPI 數據，外出就餐，尤其是外出就餐——最近 11 月份出門在外的全方位服務食品佔 8.0%。我們的價格漲幅低於此。我們的戰略是努力為客戶做正確的事。在短期內，您已經在我們增加的銷售成本中看到了這一點。這就是我們對 Bad Daddy's 的策略。我想說的是，總體而言，快餐行業的價格上漲幅度更高，而且——儘管最近，美國勞工統計局的 CPI 數據略低於全面服務水平。

We've taken actually a little bit more price at the Good Times concept. We have seen a little more traffic erosion there. And we're allowing that data to influence future decision-making. I think the challenge we have at Good Times and at 12 of our Colorado restaurants at Bad Daddy's is simply the labor cost that is attributable to the higher minimum wage. And that has driven up, as I mentioned, again, in the remarks, 8% coming in January of 2023 because it's a CPI-driven price mechanism there.

實際上，我們在 Good Times 概念上付出了更多的代價。我們在那裡看到了更多的交通侵蝕。我們允許這些數據影響未來的決策。我認為我們在 Good Times 和 Bad Daddy's 在科羅拉多州的 12 家餐廳所面臨的挑戰僅僅是由於最低工資較高而導致的勞動力成本。正如我在評論中再次提到的那樣，這已經推高了 2023 年 1 月的 8%，因為這是一個由 CPI 驅動的價格機制。

So very important to us. I agree with you that it's concerning. Its -- I have seen restaurant companies in the past increase pricing too quickly and beyond the level that's sustainable for the customer and that is -- that goes into our thinking in every pricing decision that we make.

對我們來說非常重要。我同意你的看法，這是令人擔憂的。它——我在過去看到過餐館公司提高價格太快，超出了客戶可持續的水平——這進入了我們在做出的每一個定價決定中的想法。

(Operator Instructions). There are no further questions today. Ryan, I turn the call back to you.

（操作員說明）。今天沒有進一步的問題。瑞安，我把電話轉給你。

Thanks again, Emma. Pressing on into 2023, we're excited about the future for each of our brands and for our company as a whole. With a strong balance sheet, relevant concepts as demonstrated by the strong sales and an amazing group of leaders at all levels of the team, we're poised to continue to create greater value for shareholders. My thanks and appreciation go out to the entire team who take care of their customers.

再次感謝，艾瑪。進入 2023 年，我們對每個品牌和整個公司的未來感到興奮。憑藉穩健的資產負債表、強勁的銷售業績所展示的相關概念以及團隊各級的優秀領導團隊，我們準備繼續為股東創造更大的價值。我感謝和讚賞照顧客戶的整個團隊。

That's whether those customers are visiting in the restaurants or their internal customers who are cared for by individuals here at our home office. With that, we will conclude today's call. I thank you all for joining us today, and I wish you all a safe and happy holiday season.

這就是這些客戶是在餐廳拜訪還是他們的內部客戶在我們的家庭辦公室由個人照顧。至此，我們將結束今天的電話會議。感謝大家今天加入我們，祝大家度過一個安全快樂的假期。

Thank you for attending today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。