Lucky Strike Entertainment Corp (LUCK) 2025 Q2 法說會逐字稿

Good morning and welcome everyone to the Lucky Strike Entertainment Corp due to 2025 earnings conference call.

早上好，歡迎大家參加 Lucky Strike Entertainment Corp 2025 年收益電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the call over to Bobby Lavan CFO of like Lucky Strike Entertainment.

現在我想將電話轉給 Lucky Strike Entertainment 的財務長 Bobby Lavan。

Please go ahead.

請繼續。

Good morning to everyone on the call.

通話中的各位早安。

This is Bobby Lavan Lucky Strikes, Chief Financial Officer.

我是 Bobby Lavan Lucky Strikes，財務長。

Welcome to our conference call to discuss Lucky Strike second quarter, 2025 earnings.

歡迎參加我們的電話會議，討論 Lucky Strike 2025 年第二季的收益。

Today we issued a press release announcing our financial results for the period ended December 29, 2024.

今天，我們發布了一份新聞稿，宣布了截至 2024 年 12 月 29 日的財務表現。

The copy of the press release is available in the investor relations section of our website.

新聞稿的副本可在我們網站的投資者關係部分找到。

Joining me on the call today are Thomas Shannon, our Founder and Chief Executive Officer and Lev Ekster our President.

今天與我一起參加電話會議的還有我們的創辦人兼執行長 Thomas Shannon 和我們的總裁 Lev Ekster。

I'd like to remind you that during today's conference call, we may make certain forward-looking statements about the company's performance.

我想提醒您，在今天的電話會議中，我們可能會對公司業績做出某些前瞻性陳述。

Such forward-looking statements are not guarantees of future performance and therefore one should not place undue reliance on them.

此類前瞻性陳述並非對未來績效的保證，因此不應過度依賴它們。

Forward-looking statements are also subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed.

前瞻性陳述也受固有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所表達的結果有重大差異。

for additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements.

有關可能導致實際結果與我們的前瞻性陳述中討論的結果不同的因素的更多資​​訊。

You should refer to the cautionary statements contained in our press release as well as the risk factors contained in the company's filings with the securities and exchange commission.

您應該參考我們新聞稿中的警告聲明以及公司向美國證券交易委員會提交的文件中包含的風險因素。

Lucky Strike Entertainment undertakes no obligation to revise or update any forward-looking statements reflect events or circumstances that occur after today's call.

Lucky Strike Entertainment 不承擔修改或更新任何反映今天電話會議後發生的事件或情況的前瞻性陳述的義務。

Also during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC regulation.

此外，在今天的電話會議上，公司可能會討論美國證券交易委員會 (SEC) 法規定義的某些非 GAAP 財務指標。

G the GAAP Financial measures most directly comparable to each non-GAAP Financial measure discussed and the reconciliation of the differences between each non-GAAP Financial measure and the comparable GAAP Financial measure can be found on the company's website.

G 在公司網站上可以找到與所討論的每個非 GAAP 財務指標最直接可比較的 GAAP 財務指標以及每個非 GAAP 財務指標與可比較 GAAP 財務指標之間的差異的對帳表。

I'll now turn the call over to Tom.

我現在將電話轉給湯姆。

Good morning and thank you for joining us today.

早安，感謝您今天加入我們。

I am Thomas Shannon, founder and CEO of Lucky Strike Entertainment.

我是 Thomas Shannon，Lucky Strike Entertainment 的創辦人兼執行長。

Last week, we celebrated our 28th anniversary beginning with one bowling alley in Union Square, New York and undergoing a few name changes along the way.

上週，我們慶祝了公司成立 28 週年，從紐約聯合廣場的一家保齡球館開始，其間經歷了幾次更名。

Lucky Strike Entertainment reflects our commitments to being a world class entertainment platform.

Lucky Strike Entertainment 體現了我們致力於成為世界級娛樂平台的承諾。

Our company has navigated through turmoil and disruption multiple occasions.

我們的公司曾多次渡過動盪和混亂。

We were the closest bowling center to ground Zero or 9/11, half of our events revenue disappeared during the great financial crisis.

我們是距離世貿中心遺址或 9/11 事件最近的保齡球中心，在金融危機期間，我們一半的活動收入消失了。

Even though it seems like a distant memory.

儘管它看起來已是遙遠的記憶。

We're still experiencing the lingering effects of COVID 19 during which we shut down and quickly rebuilt to where we are today.

我們仍在經歷新冠肺炎疫情的持續影響，在此期間我們進行了停工並迅速重建到現在的狀態。

Six months ago, we reported double digit growth and mid single digit same store sales while our peers were down by double digits.

六個月前，我們報告了兩位數的成長和中位數的同店銷售額，而我們的同業則下降了兩位數。

However, this most recent quarter came with heightened macroeconomic uncertainty.

然而，最近一個季度的宏觀經濟不確定性加劇。

We began the quarter with the corporate events business on hold due to concerns over the election outcome.

由於對選舉結果的擔憂，我們在本季開始時暫停了企業活動業務。

Compounding this Thanksgiving fell a week later this year, shortening the critical corporate events holiday schedule by about a third and finally New Year's Eve fell in our next quarter versus being in the second quarter.

除此之外，今年的感恩節比往年晚了一周，導致重要公司活動假期安排縮短了約三分之一，而新年前夕則落在了下一季度，而不是第二季度。

Last year, our sticky league business continues to grow and retail walk in customer traffic has been steady despite headlines of the weak consumer.

去年，儘管消費市場表現疲軟，但我們的黏性聯盟業務持續成長，零售客流量保持穩定。

So how did we respond to all of this noise as we always have?

那麼，我們一如既往地如何應對這些噪音呢？

We optimized payroll to reflect the uncertain environment resulting in a double digit reduction payroll hours across many of our centers.

我們優化了工資單以反映不確定的環境，導致我們許多中心的工資小時數減少了兩位數。

We tighten capital expenditures driving down spending by 33% year over year in this quarter.

我們收緊資本支出，導致本季支出較去年同期下降 33%。

Boomers and our two water parks received new offerings that will help improve our earnings.

嬰兒潮世代和我們的兩個水上樂園收到了新的服務，這將有助於提高我們的收入。

This coming summer. we're investing in incremental marketing channels and improving our corporate events operating structure to bring in new business.

今年夏天即將來臨。我們正在投資增量行銷管道並改善我們的企業活動營運結構以引入新業務。

we leaned into improving food attachment with our new menu, implementing a selling culture among the staff and adding technologies in center to drive efficiencies and wallet share.

我們傾向於透過新菜單改善食物附件，在員工中實施銷售文化，並在中心添加技術以提高效率和錢包份額。

We rolled that dynamic pricing and added hot new games for arcade business, food and amusements grew faster than the rest of our business lines.

我們推出了動態定價，並為街機業務添加了熱門新遊戲，食品和娛樂業務的成長速度超過了我們其他業務線。

Despite top line pressure, the underlying performance of the different business lines gives me confidence in our long term operating leverage and the core product we have built is better than ever.

儘管面臨營收壓力，但不同業務線的基本表現讓我對我們的長期經營槓桿充滿信心，而且我們打造的核心產品比以往任何時候都更好。

During this quarter, we opened four new Lucky Strike centers, two in Denver, one in the heart of Beverly Hills, and one in Ladera Ranch, California.

本季度，我們開設了四家新的 Lucky Strike 中心，其中兩家在丹佛，一家在比佛利山莊中心，另一家在加州的拉德拉牧場。

Lucky Strike, Beverly Hills and Lucky Strike Ladera Ranch each generated over $1 million in revenue within their first 30 days of operation.

Lucky Strike、Beverly Hills 和 Lucky Strike Ladera Ranch 在營運後的前 30 天內都創造了超過 100 萬美元的收入。

A new record.

一項新紀錄。

You can view these four new properties, images in our investor deck and I encourage you to do so.

您可以在我們的投資者平台中查看這四個新屬性和圖像，我鼓勵您這樣做。

They represent an evolution of our best in class product that underscores our position as visionaries and leaders in consumer entertainment.

它們代表了我們一流產品的演變，彰顯了我們作為消費娛樂領域的遠見者和領導者的地位。

We also began the rebranding of centers to Lucky Strike with four centers changed to date and the roll out ramping up.

我們也開始將中心重新命名為 Lucky Strike，迄今為止已有四個中心發生變化，並且推廣力度正在加大。

We currently have 21 lucky strike centers and will end the year near 75.

我們目前有 21 個幸運打擊中心，到今年年底將達到 75 個左右。

Our ability to consistently grow.

我們持續成長的能力。

Despite the challenges we have faced over the past 28 years is a testament to our resilience and the endurance of the business model we have built.

儘管過去 28 年我們面臨諸多挑戰，但這證明了我們的韌性和我們所建立的商業模式的持久力。

Thank you for your support.

感謝您的支持。

I will now turn it over to Lev

我現在將把它交給 Lev

.

。

Thanks Tom.

謝謝湯姆。

As Tom described, there was a lot of noise this past quarter due to calendar shifts and macro economic uncertainty, which especially affected our corporate events business.

正如湯姆所描述的，由於日曆變化和宏觀經濟不確定性，上個季度出現了許多噪音，這尤其影響了我們的企業活動業務。

But our job as operators is to focus on the things that we can control, which is why I'm pleased to report on the progress we made on our operating initiatives during the quarter.

但作為營運商，我們的工作是專注於我們可以控制的事情，這就是為什麼我很高興地報告我們在本季度營運計劃方面取得的進展。

As you know, we launched a new retail F&B menu last quarter, which has been well received by our customers.

如您所知，我們在上季度推出了新的零售餐飲菜單，受到了顧客的一致好評。

Our KPI of food and beverage revenue attachment to bowling revenue grew to $0.80 up from $0.76 the year prior, we continue to lean into our improved F&B offerings at our locations to drive increased average check size and guest satisfaction.

我們的食品和飲料收入與保齡球收入的 KPI 從去年的 0.76 美元增長至 0.80 美元，我們將繼續依靠改善門市的餐飲服務來提高平均帳單金額和客人滿意度。

Our Net Promoter Score was 74 in the quarter, up from 72 a year prior ,we saw improved scores driven by the enhanced food experience.

本季我們的淨推薦值為 74，高於去年同期的 72，這得益於餐飲體驗的提升。

As we rolled out the new food menu to our retail business.

當我們向零售業務推出新的食品菜單時。

A new menu is now being introduced into our events business across all locations.

現在，我們正在所有地點的活動業務中引入新菜單。

By the spring, the first change to the events menu in 10 years, we expect this new menu to [reinvigorate] this channel and drive uptake the next few quarters in the quarter.

到春季，這將是 10 年來活動菜單的首次變化，我們預計新菜單將為該管道注入新的活力，並推動未來幾季的活動成長。

We also rolled out handheld tablets for our servers.

我們也為我們的伺服器推出了手持平板電腦。

It is still early days, but we've already noticed signs of efficiencies.

現在還為時過早，但我們已經注意到了效率的跡象。

From the technology as seen in our payroll benefits costs being down 9% year over year.

從技術角度來看，我們的薪資福利成本較去年同期下降了 9%。

The tablets should allow our servers to cover more liens and grow, check averages through Upsell prompts.

平板電腦應該可以讓我們的伺服器覆蓋更多的留置權並成長，並透過 Upsell 提示檢查平均值。

Lastly, the team was focused on decreasing the EBITDA loss.

最後，該團隊致力於減少 EBITDA 損失。

We've been running at the PBA and managed to cut that in half.

我們一直在 PBA 運行並成功將其減少了一半。

Going into this newly launched season.

進入這個新開始的季節。

We expect these results to continue to improve as we work closely with the newly hired UTA agency to bring on new sponsors.

隨著我們與新聘請的 UTA 代理商密切合作並引入新的贊助商，我們預計這些結果將繼續改善。

Now let me hand it over to Bobby to review the quarter's financial performance.

現在，讓我把報告交給 Bobby，讓他回顧一下本季的財務表現。

Bobby?

鮑比？

Thanks Bobby.

謝謝鮑比。

In the second quarter of 2025 generated total revenue of $300.1 million and adjusted EBITDA $98.8 million compared to the last year of $305.7 million and adjusted EBITDA of $103.1 million.

2025 年第二季總營收為 3.001 億美元，調整後 EBITDA 為 9,880 萬美元，而去年同期為 3.057 億美元，調整後 EBITDA 為 1.031 億美元。

Our total revenue growth was minus 1.8%.

我們的總收入成長率為-1.8%。

It seems to a [comp] was minus 6.2%.

對[comp]來說似乎是負6.2％。

The quarter had one less week of holiday events due to the late Thanksgiving year over year and New Year's pushed into the third quarter.

由於感恩節較上年同期晚，且新年推遲到第三季度，本季的假期活動減少了一周。

The quarter had one less week of holiday events and that push was about a 300 basis point headwind for the quarter.

本季度的假日活動減少了一周，這對本季度造成了約 300 個基點的阻力。

Our retail business was flat lead business up small single digits and events business down mid single digits in the quarter.

本季，我們的零售業務持平，主要業務成長小個位數，活動業務下降中位數個位數。

And adjusted EBITDA was $98.8 million.

調整後的 EBITDA 為 9,880 萬美元。

We right size costs in the quarter to reflect the uncertain macro environment.

我們調整本季的成本以反映不確定的宏觀環境。

And so tailwinds from labor F&D costs and repairs and name same store sales were $19 million drag that would flow to the bottom line.

因此，勞動力、財務和研發成本、維修和同店銷售額的順風將帶來 1,900 萬美元的拖累，並流向利潤。

We limited negative operating leverage through cost efficiencies and we expect to maintain those cost levels as revenue improves driving operating leverage.

我們透過成本效率來限制負經營槓桿，並且我們預計隨著收入提高推動營運槓桿，這些成本水準將得以維持。

We earned $3 million ft that got from new centers and boomers and raging waves were a $2 million drag in the core, the investments we are making in boomers and raising waves more than doubles our total addressable market and smooth out seasonality of our business.

我們從新的中心和嬰兒潮一代那裡獲得了 300 萬美元的收入，而洶湧的浪潮對核心區造成了 200 萬美元的拖累，我們在嬰兒潮一代和浪潮中所做的投資使我們的總目標市場增加了一倍多，並平滑了我們業務的季節性。

Raging waves generated $9 million of even do from June to August last summer.

去年夏天 6 月至 8 月間，洶湧的海浪造成了 900 萬美元的損失。

And Boomers should generate some of that over this summer we have seen and we'll see over the rest of the fiscal year lumpiness in revenue.

而嬰兒潮世代應該會在今年夏天產生一些收入，我們已經看到，我們將在本財年剩餘時間內看到收入的波動。

The benefit we expected to get from school winter break being pushed from the third week of December 2nd week of January was offset by wildfires in LA.

我們原本預計學校寒假將從 12 月第三週推遲到 1 月第二週，但這項政策卻因洛杉磯的山火而抵消。

In addition, January, February ,March are very important months for our business.

此外，一月、二月、三月對我們的業務來說都是非常重要的月份。

We continue to focus on S&D and amusement initiative and we expect to see a good lift in the spring and summer from boomers and raising waves overall.

我們將繼續關注娛樂和休閒活動，我們預計春季和夏季嬰兒潮世代和整體上漲浪潮將帶來良好的推動力。

With the current macro uncertainty, we are taking a cautious view of our guidance for the rest of the year, but we still expect to be within our full year guidance range for the fiscal 2025 and we reiterated in our earnings release this morning.

鑑於當前宏觀不確定性，我們對今年剩餘時間的業績指引持謹慎態度，但我們仍預計 2025 財年業績將處於全年業績指引範圍內，我們在今天上午的收益報告中重申了這一點。

In the quarter, we spent $53 million in capital expenditures.

本季度，我們的資本支出為 5,300 萬美元。

Gross CapEx was $19 million new build.

新建項目總資本支出為 1900 萬美元。

CapEx was $8 million and maintenance was $12 million.

資本支出為 800 萬美元，維護費用為 1,200 萬美元。

We spent $9 million purchasing incremental land at raising waves that flows through the capital expenditures line.

我們花了 900 萬美元在流經資本支出線的上升浪潮中購買增量土地。

CapEx is down $30 million year-to-date from the previous year.

今年迄今，資本支出較前一年下降了 3,000 萬美元。

Our liquidity at the end of the quarter was $397 million with nothing drawn on our revolver and $81 million of cash net debt was $1.2 billion and bank credit facility and net leverage ratio was 2.9 times.

本季末，我們的流動資金為 3.97 億美元，沒有動用任何循環信貸，現金為 8,100 萬美元，淨債務為 12 億美元，銀行信貸額度和淨槓桿率為 2.9 倍。

Thank you for your time and we look forward to seeing you at one of our new facilities in the coming months.

感謝您的時間，我們期待在未來幾個月在我們的新工廠中見到您。

Operator, can we now open the line up to questions.

接線員，現在可以開始回答問題了嗎？

(Operator Instructions)

（操作員指令）

And your first question comes from the line of Matthew Boss with JP Morgan.

您的第一個問題來自摩根大通的 Matthew Boss。

Please go ahead.

請繼續。

You’ve got Zach on for Matt.

你讓扎克 (Zach) 代替馬特 (Matt)。

Tom or Bobby, to start, can you maybe elaborate on the heightened macroeconomic uncertainty you cited?

湯姆或鮑比，首先，您能否詳細說明您提到的宏觀經濟不確定性加劇的情況？

And maybe just discuss what you’re seeing at walk-in retail versus corporate events.

或許只是討論一下您在零售店和公司活動中看到的情況。

And any lead indicators of historical demand you’re focused on today?

您今天關注的歷史需求領先指標有哪些？

Hey, I'll take this, this is lev.

嘿，我要這個，這是lev。

So Boss, I think everyone is seeing what's playing out in the macro economic environment right now.

所以老闆，我想每個人都看到了當前宏觀經濟環境的狀況。

When you look at the political environment, there's just a lot of uncertainty and I think the trade down with the consumer is real right now.

當你觀察政治環境時，你會發現存在著許多不確定性，我認為目前消費者的貿易下滑是真實存在的。

The consumers kind of in a wait and see mode, some people are holding up, they're not going to take that maybe European vacation, we likely will be the beneficiary of that trade down.

消費者處於觀望狀態，有些人在等待，他們可能不會去歐洲度假，我們可能會成為這種貿易下滑的受益者。

But you also see that trade down in the flight from premium alcohol, for example.

但你也會看到，例如高檔酒類的消費量下降。

And so when you look at our results, food performed really well, but there's definitely some detachment with alcohol, alcohol sales didn't perform as well as our food sales did.

所以當你看到我們的結果時，你會發現食品表現非常好，但酒精的銷售量肯定存在一些差距，酒精的銷售表現不如食品。

And we're seeing the consumer just elect to not make that premium alcohol purchase.

我們發現消費者只是選擇不買高檔酒類。

In response to that, the team is working on various promotions to drive more foot traffic and late night business to counteract that.

為了應對這一問題，該團隊正在進行各種促銷活動，以吸引更多的客流量和深夜業務來抵消這種影響。

But I think there is a flight to value right now.

但我認為現在正出現一股價值飛躍。

And we plan to be the beneficiaries of that.

我們希望成為其中的受益者。

And just to add to that, off line event, which is really kind of corporate events and office parties, which is a big driver in December, in October, we saw a lot of sort of what I would say, election uncertainty when we got to December while you know,

除此之外，線下活動，也就是公司活動和辦公室聚會，是 12 月和 10 月的一大推動力，到了 12 月，我們看到了很多我想說的選舉不確定性，你知道，

people who had planned six months out, they had, booked their parties when we got to December, sort of the last minute parties.

那些提前六個月計劃的人，到了 12 月才預訂了聚會，算是最後一刻的聚會。

You know, they just, they didn't happen, you know, from our perspective, events or what we call offline events is, 25% of our business in the second quarter,

你知道，這些都沒有發生，你知道，從我們的角度來看，活動或我們所說的線下活動占我們第二季業務的 25%，

but it drops down to about 13% of our business the rest of the year.

但在一年中其他時間，這一比例會下降到約 13%。

And so we really saw a lot of uncertainty on the corporate event side, but, we've seen, good retail traffic particularly as sort of the trade down plays out.

因此，我們確實看到企業活動方面存在著許多不確定性，但是，我們也看到，零售流量良好，特別是隨著貿易下滑。

Got it.

知道了。

I appreciate it.

我很感激。

And then maybe just as a follow up kind of following the latest pricing increase you cited last quarter with the new F&B menus.

然後也許只是對您上個季度提到的新餐飲菜單的最新價格上漲的一種跟進。

I was just wondering if you could maybe break down the composition of same center sales between traffic and ticket this quarter and then maybe any initiatives in place moving forward to kind of drive the embedded acceleration in the back half Thanks.

我只是想知道您是否可以細分本季度同一中心的客流量和票價的銷售組成，然後看看是否有任何舉措可以推動下半年的嵌入式加速。

Yeah, yeah, I mean, traffic was really the [comp] but that was on the event side versus the retail side traffic was, flat.

是的，是的，我的意思是，流量確實是[比較]，但那是在活動方面，而零售方面的流量是持平的。

Ultimately, the price increases were offset by detachment on the alcohol side.

最終，價格的上漲被酒類價格的下降所抵消。

So we're seeing F&B up, we're seeing traffic sort of you know, down on events flat on retail and events is just a bigger portion of the business at this point in the second quarter.

因此，我們看到餐飲業務正在上升，客流量正在下降，活動業務正在下降，而零售業務持平，而活動業務在第二季度此時佔據了業務的更大份額。

So ultimately, it like weighed on the

因此，最終，它就像影響了

[comp].

[比較]。

Thanks, sir, operator.

謝謝，接線生先生。

Your next question comes from the line of Steven Wieczynski with Stifel Financial Corp. Steven.

您的下一個問題來自 Stifel Financial Corp. 的 Steven Wieczynski。

Please go ahead.

請繼續。

Hey guys, good morning.

嘿，大家早安。

So Bobby, I just kind of staying on that last topic there.

所以 Bobby，我只是繼續討論最後一個主題。

I mean, if we, if we think about the next two quarters, you know, how should we be thinking about same store sales to kind of get you guys into your guidance range?

我的意思是，如果我們考慮接下來的兩個季度，你知道，我們應該如何考慮同店銷售額，以便讓你們達到你們的指導範圍？

I guess what I'm trying to figure out is, like there, clearly a tailwind now with New Year's being pushed into the third quarter, but, it seems like there's some headwinds as well whether that's, the economy, you know, or California given the fires, not sure if you're seeing an impact there.

我想弄清楚的是，由於新年被推遲到第三季度，現在顯然出現了順風，但似乎也存在一些逆風，無論是經濟，還是加州的火災，不確定你是否看到那裡的影響。

Just, you're just trying to see how we should be thinking about the next two quarters, then maybe elaborate a little bit more about, I think you said you're prepared markets, you're looking at your guidance range.

只是，你只是想看看我們應該如何考慮接下來的兩個季度，然後可能再詳細說明一下，我想你說過你已經準備好了市場，你正在看你的指導範圍。

I think you said the word cautiously and just trying to understand, a little bit more what that means.

我認為您謹慎地說出這個詞並只是想進一步理解它的含義。

Yeah.

是的。

So let's, talk about the fires for a second.

那麼就讓我們來談談火災吧。

So the fires were sort of a $5 million hit.

所以這場火災的損失大約是 500 萬美元。

You know, the direct fire impact was you know, we had three centers, that were down for a while.

你知道，直接的火力影響是，我們有三個中心暫時癱瘓了。

But generally we saw a significant pullback in corporate events in January.

但總體而言，我們看到 1 月企業活動大幅減少。

So, January is, is going to be, small down.

因此，一月將會有小幅下降。

You know, we expect sort of the rest of the year to be up, but we're cautious on that.

你知道，我們預計今年剩餘時間的銷售量會有所上漲，但我們對此持謹慎態度。

So from our perspective, we can make our guide on EBITA because we, effectively managed payroll costs, which is our single biggest cost.

因此從我們的角度來看，我們可以製定 EBITA 指南，因為我們有效地管理了工資成本，這是我們最大的單一成本。

We spend $300 million.

我們花了3億美元。

You know, the revenue is going to continue to be a little uncertain.

你知道，收入將繼續有點不確定。

But, ultimately, that events, business becomes less important as we go throughout the year and then you get into the summer month and, we'll have, a revised summer pass, an optimized summer pass,

但最終，隨著一年的進行，這些活動和業務變得不那麼重要，然後進入夏季，我們將推出修訂版夏季通行證，優化夏季通行證，

we're going to have boomers, which, boomers in the second quarter did about $6 million revenue in the fourth quarter.

我們將迎來嬰兒潮世代，第二季的嬰兒潮世代在第四季的收入約為 600 萬美元。

It does $15 million plus the outraging waves which were expanding their season.

其票房收入達 1500 萬美元，此外還有延長演出季的巨浪。

And so, managing through sort of this, this macro uncertainty on the revenue, is that we're going to be a little bit more cautious, our ability to sort of hit our EBIT targets is something we feel a lot more confident about.

因此，在管理這種收入的宏觀不確定性時，我們會更加謹慎，我們對實現息稅前利潤目標的能力更有信心。

Okay.

好的。

Got you.

明白了。

Thanks for that, Bobby.

謝謝你，鮑比。

And then, you know, Tom, maybe a question for you and, and a little bit of a bigger picture question.

然後，你知道，湯姆，也許我要問你一個問題，一個更大層次的問題。

But I mean, we continue to get asked, you know, by investors, what makes Lucky Strike different than, other entertainment options and, and what I mean by that is obviously the Dave and Buster's the top golf of the world are struggling and it seems,

但我的意思是，投資者不斷問我們，是什麼讓 Lucky Strike 與其他娛樂選擇不同，我的意思是，很明顯，世界頂級高爾夫球場 Dave and Buster 正在苦苦掙扎，而且看起來，

you guys are just going to continuously get lumped, get lumped in with them, whether that's fair, whether it's not fair.

你們將會不斷地被歸類，和他們歸為一類，不管這是否公平。

So you know how, how would you combat that narrative and, and and kind of show the investment community, that you guys are in fact different from those other entertainment options.

所以你知道如何應對這種說法，並向投資界展示，你們實際上與其他娛樂選擇有所不同。

I'll take that this is lev.

我認為這是 lev。

So Lucky Strike entertainment is just a very special concept.

所以 Lucky Strike 娛樂是一個非常特殊的概念。

We don't even consider it to be exactly the same as our Bowlero Corp. So right now, as we mentioned, we're actively working to convert Bowlero locations to Lucky Strikes.

我們甚至不認為它與我們的 Bowlero Corp 完全相同。

We've done four in the last four weeks with one additional this week when we convert these locations.

在過去四周中，我們已經完成了四次，本週當我們轉換這些位置時，還會再進行一次。

It's not just the sign change.

這不僅僅是標誌的改變。

This is a training for the staff.

這是一次針對員工的訓練。

It's a totally different level of hospitality.

這是完全不同層次的款待。

In some cases in cold weather environments, you're going to find co check to be included with your experience.

在某些情況下，在寒冷的天氣環境中，您會發現共同檢查包含在您的體驗中。

We've never offered that before.

我們之前從來沒有提供過這樣的服務。

The menus are completely different as you know, the training of how to sell the menu is completely different.

如您所知，菜單完全不同，如何銷售菜單的培訓也完全不同。

The design of the interiors is getting revamped.

室內設計正在改造。

And when you look at a property like Beverly Hills that we opened last month in early December, that property only has 20 liens.

當您看到我們上個月（12 月初）開業的比佛利山莊這樣的房產時，該房產只有 20 個留置權。

It did a million dollars in revenue its 1st month.

第一個月它的收入就達到了一百萬美元。

If you think about those kind of results, you can only achieve that with special property.

如果您考慮那種結果，您只有透過特殊屬性才能實現它。

And by the way, we opened Ladera Ranch, a week and a half later, also did $1 million in its first month.

順便說一下，我們開業了一個半星期的拉德拉牧場 (Ladera Ranch)，第一個月的營業額也達到了 100 萬美元。

So what I would invite the investment community to do is visit some of these properties, see it for yourself, walk the spaces, look at the environment that we've created from the decor to the layout to our game rooms.

因此，我希望投資界能夠親自參觀這些房產，親自走一走，看看我們從裝飾到佈局再到遊戲室所創造的環境。

You know, I'm very closely tied to the amusements business.

你知道，我與娛樂業關係密切。

Very passionate about it.

非常熱衷於此。

Our company, I think we do amusements better than anyone in the business.

我認為，我們公司在娛樂方面的表現比業內任何公司都要好。

We started as a bowling company.

我們最初是一家保齡球公司。

Bowling is still paying for us.

保齡球仍在為我們帶來收入。

But I think today we do amusement better than anyone when you visit some of our redemption stores in these locations at Ladera Ranch, at Beverly Hills, at Northfield that we recently opened called the

但我認為，今天我們在娛樂方面做得比任何人都好，當你參觀我們在拉德拉牧場、貝弗利山莊、諾斯菲爾德等地最近開的一些回收店時，這些回收店被稱為

[Prize Hault].

[獎品收穫]。

It's stunning.

太令人震驚了。

And I think the product speaks for itself.

我認為產品本身就說明了一切。

I think the results speak for themselves as well.

我認為結果也是不言而喻的。

That's good color.

這顏色真好。

Appreciate it.

非常感謝。

Thanks guys.

謝謝大家。

Your next question comes from the line of Jason Tilchen with Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Jason Tilchen。

Jason, please go ahead.

傑森，請說。

Yeah, good afternoon, good morning and thanks for taking the questions.

是的，下午好，早安，感謝您回答問題。

And I guess just following up on one of the comments I've just made, you talked about how in this rebranding, it's not just sort of changing the signs,

我想，我只是在跟進我剛才發表的評論之一，你談到了這次品牌重塑，不僅僅是改變標誌，

but also some of those other improvements in terms of sort of the where you guys stand in the overall portfolio and refreshing centers and, and sort of putting in those upgrades like amusements and things like that.

但同時也有一些其他的改進，例如你們在整體投資組合中所處的位置以及更新中心，以及諸如娛樂等升級之類的事情。

Just wondering if you can give a little bit of an update on where that stands overall in relation to sort of the rebranding progress.

我只是想知道您是否可以稍微更新一下與品牌重塑進展有關的整體情況。

And that, that marker that you put out of 75 centers, that'll be under the lucky strike brand at the end of this fiscal year.

而且，您在 75 個中心中設立的標記，將在本財政年度結束時歸屬 Lucky Striking 品牌。

Thanks.

謝謝。

Yes.

是的。

So the rebrand process has started.

因此，品牌重塑過程已啟動。

We’ve achieved the masthead of Mar Vista, San Marcos, Atlantic Station and Houston.

我們已經登上了 Mar Vista、San Marcos、Atlantic Station 和 Houston 的頭版。

And we’re going to get a few done a week starting now.

從現在開始我們每週都會完成一些任務。

The internal part of the change is happening as well.

內部的變革也正在發生。

So changing the masthead, my history always gets you kind of like a 10%, 15% bump in retail traffic year one.

因此，根據我的歷史記錄，更改標題總是能讓第一年的零售流量增加 10% 或 15%。

The question is how do you maintain it, right?

問題是你如何維護它，對嗎？

And to maintain it means that we’ve got co checks and cold weather, geos – we’ve upgraded the amusements, we’ve upgraded the food.

為了保持這種狀態，意味著我們要進行聯合檢查和應對寒冷天氣，我們必須升級娛樂活動，升級食物。

We’ve upgraded – we go from paper boats to China dishes, like there’s a lot of different elements to just improving the experience and that is happening.

我們已經升級了——從紙船到中國盤子，有很多不同的元素只是為了改善體驗，而這些正在發生。

And ultimately, I think that this is going to be a big tailwind for the business in that if you look at Chelsea Piers, Times Square.

最終，我認為，如果你看看切爾西碼頭、時代廣場，這將為業務帶來巨大的推動力。

These are two beautiful bowling centers, two biggest bowling centers in the world, and they haven’t really been that refreshed in 10 years.

這兩個保齡球中心非常漂亮，也是世界上最大的保齡球中心，但十年來它們都沒有經過翻新。

So the world where we rebrand them Lucky Strike, we add that co-check, we upgrade the amusement, we upgrade the plate wear, we upgrade the food.

因此，在我們將其重新命名為 Lucky Strike 的世界裡，我們添加了共同檢查，我們升級了娛樂項目，我們升級了餐具，我們升級了食物。

It’s just going to bring it to a different level and this goes to Steve’s question is.

這只會將其提升到一個不同的層次，而這正是史蒂夫的問題所在。

What is the differentiator between us in kind of some of our competitors, and we are a premium product.

我們和一些競爭對手的差別是什麼？

People, when they walk into a Lucky Strike, they have an amazing experience.

當人們走進 Lucky Strike 時，他們會有一個奇妙的體驗。

So they pay a little extra sure, right?

所以他們會多付一點錢，對嗎？

But it’s a premium experience.

但這是一種優質的體驗。

And ultimately, people want to come back, and we’re building a brand that people can get – really get hip on.

最終，人們希望回來，我們正在建立一個人們能夠真正了解的品牌。

You know, I just want to build on the question that you asked, which was I think the volume of these conversions.

你知道，我只是想基於你提出的問題，我認為這個問題就是這些轉換的數量。

And I think we’ve really perfected the process of these over these first four, we’re doing one, as I mentioned, this week as well.

我認為我們在前四個過程中已經真正完善了這些流程，正如我所提到的，本週我們也在做一個。

So the team has done the end of this process, because there are a lot of touch points outside and inside the locations, you’re going to start to see that ramp up as we get into the summer months.

所以團隊已經完成了這個過程，因為在地點內外都有很多接觸點，隨著夏季的到來，你會開始看到這些接觸點的增加。

When we have a little bit more availability in the locations to make these conversions.

當我們在地點上有更多的可用性時，就可以進行這些轉換。

So I think that 75 figure is very realistic.

所以我認為75這個數字非常現實。

What’s also really interesting when Bobby talks about the tailwind this provides, and that number of Lucky’s increases, this week will be at 23.

同樣有趣的是，當 Bobby 談到這帶來的順風以及 Lucky 數量的增加時，本週將達到 23 個。

As that volume of locations increases, it’s also going to open up the opportunity for us, to invest more marketing dollars, right?

隨著門市數量的增加，我們也將有機會投入更多的行銷資金，對嗎？

Because we can spread that around more locations, and we haven’t really done meaningful brand awareness, brand building marketing for the Lucky Strike brand.

因為我們可以在更多地點進行推廣，而且我們還沒有為 Lucky Strike 品牌進行真正有意義的品牌知名度和品牌建設行銷。

But with 50, 75, 100 of these locations, we can really invest into that now.

但有了 50、75、100 個這樣的地點，我們現在就可以真正進行投資了。

Great.

偉大的。

That's really helpful overview there.

這是非常有用的概述。

Just one other follow up, I think in the prepared to marks.

只需再跟進一次，我認為就已準備好得分了。

It might have been Bobby who mentioned you're working on improving the corporate events operating structure.

可能是 Bobby 提到您正在致力於改善公司活動營運結構。

I'm just wondering if there's anything else you can share in terms of those plans.

我只是想知道您是否還有關於這些計劃的其他資訊可以分享。

A lot to come.

接下來還有很多事情。

But we really want to focus on a lot of food taking.

但我們確實想集中精力多吃食物。

So if you go back to sort of the ethos of the business, Tom built in 1997, with [indiscernible] is we had these beautiful events, we had these beautiful food and people, we would have parties where all the event coordinators in the market will kind of come in,

所以如果你回顧湯姆在 1997 年建立的企業精神，[音頻不清晰] 就是我們舉辦了這些美好的活動，有美味的食物和人，我們會舉辦派對，市場上所有的活動協調員都會來參加，

we let them bowl, we let them play arcade and we would serve them this premium food products.

我們讓他們打保齡球，我們讓他們玩電子遊戲，我們會為他們提供優質的食物。

That really stopped with COVID.

隨著 COVID 的出現，這種情況才真正停止了。

We really, stopped really engaging sort of the customers in selling them the product.

我們確實停止了向顧客推銷產品。

And I think that that’s something, we’re going to bring back,

我認為這是我們要帶回來的東西，

pretty quickly with the way that our F&B portfolio, has really been upgraded in the past few years, is you’re going to see a lot of sort of pop up events, where we invite in sort of all the.

過去幾年來，我們的餐飲組合得到了很大的升級，你會看到很多即興活動，我們邀請所有人參加。

Sales coordinators or events coordinators of different, companies in their markets and say, isn’t this a great product?

不同公司的銷售協調員或活動協調員在其市場中會說，這不是一款很棒的產品嗎？

Why don’t you come in and bring your office and that.

為什麼不進來，把你的辦公室和那個帶過來呢？

That’s something that really was lost with COVID.

這是新冠疫情真正導致的損失。

When we talk about kind of the lingering effects of COVID, I think the – that selling part of the business, is something we really want to lean into.

當我們談論 COVID 的持續影響時，我認為出售部分業務是我們真正想要依靠的事情。

Thank You very much.

非常感謝。

And your next question comes from the line of Michael Kupinski with Noble Capital Markets.

您的下一個問題來自 Noble Capital Markets 的 Michael Kupinski。

Please go ahead.

請繼續。

Thank you and thanks for taking my questions.

謝謝您，謝謝您回答我的問題。

I just have a couple of quick ones here.

我這裡只想簡單說幾個。

I just wanted to see if you can add a little bit more color on the margins in the second half.

我只是想看看你是否可以在後半部分的邊緣添加更多一點的顏色。

I know seasonally, you have better margins in the back half.

我知道從季節角度來看，你們下半年的利潤率會更好。

You were trending a little lower than expected in the first half.

上半年你的表現比預期略低。

Can you talk a little bit about where that margin pickup might be coming from, Maybe gauges, whether it’s Boomer’s and Raging Waves or how much is going to come from the shift in New Year’s Eve in the quarter?

您能否稍微談一談利潤率上升可能來自何處，可能是衡量標準，無論是嬰兒潮一代還是洶湧浪潮，或者有多少利潤率上升將來自本季度新年前夕的轉變？

And are there other dynamics at play in the third quarter and the second half?

第三季和下半場還有其他什麼動態？

Yes.

是的。

So I think there’s a few kind of core things.

所以我認為有幾種核心的東西。

So in the first quarter, you did not see much, if any, benefit from payroll costs being down.

因此，在第一季度，你不會看到工資成本下降帶來太多好處，甚至沒有好處。

In the second quarter, in the comp, we had $10 million of payroll costs down.

在第二季度，我們的工資成本減少了 1000 萬美元。

That’s sort of your single biggest driver.

這可以說是你最大的驅動力。

F&D we did change over our food provider, our food partner on October 1.

F&D 我們確實在 10 月 1 日更換了我們的食品供應商和食品合作夥伴。

So we saw a few million dollars of F&B savings in the quarter on comp.

因此，我們本季看到餐飲業節省了幾百萬美元。

You’re going to see that play through the start in the fourth quarter.

您將會在第四節開始的時候看到這一幕。

Additionally, in the third quarter, you’ll see a $55 million, $65 million lift over the second quarter.

此外，第三季的銷售額將比第二季增加 5,500 萬美元至 6,500 萬美元。

And so, there’s just a lot of incremental operating leverage that, happened in the third quarter.

所以，第三季的經營槓桿出現了很大的增量。

And that is something that’s really playing out, particularly as Boomer’s, which this last quarter was $6 million of revenue, minus $1 million of EBITDA.

這是確實正在發生的事情，尤其是對於 Boomer 來說，其上個季度的收入為 600 萬美元，減去 100 萬美元的 EBITDA。

In the fourth quarter will be $15 million of revenue and $5 million of EBITDA, right?

第四季的營收將是 1500 萬美元，EBITDA 將是 500 萬美元，對嗎？

And so ultimately, that negative operating leverage that we’re going to have in the second and third quarter, as we invest in more of the summer businesses, will get pushed into the fourth and first quarter.

因此，最終，隨著我們對更多夏季業務進行投資，我們在第二季和第三季將面臨的負經營槓桿將推遲到第四季和第一季。

Got you.

明白了。

Thanks for the color.

謝謝你的顏色。

And then how much of your food and beverage is coming from the sale of alcohol and premium liquors.

那麼，您的食品和飲料中有多少來自酒精和高檔酒的銷售。

I know that liquor sales industry-wide are down 7%, 8%, and whether that be from macroeconomic issues, or simply that consumers are shifting beverage patterns, possibly due to healthcare risk.

我知道整個行業的酒類銷售額下降了 7% 到 8%，無論是由於宏觀經濟問題，還是僅僅是由於消費者的飲酒模式發生了變化（可能是由於醫療風險）。

I was just wondering, I know that the younger demographic, is moving to like mocktails.

我只是想知道，我知道年輕的群體開始喜歡無酒精雞尾酒。

And can you talk a little bit, about whether or not you think liquor sales will come back?

您能否談談，您是否認為酒類銷售將會回升？

Or do you think that there might be, a need to retool the offerings that you have there?

或者您認為可能需要重新調整您所提供的產品？

Yes.

是的。

So just to clarify, alcohol did still outperform bowling and overall food outperformed.

因此需要澄清的是，酒精飲料的表現確實仍然優於保齡球，而且整體而言食物的表現也優於保齡球。

It was just that – excuse me, SMB outperforming food which is way more pronounced.

只是——抱歉，SMB 的表現優於食品，後者更為明顯。

And I think that has a lot to do with the new menu, the new focus on selling the new menu.

我認為這與新菜單以及銷售新菜單的新重點有很大關係。

I think the guest reception to the new menu across our properties has been phenomenal.

我認為我們所有飯店的客人對新菜單的反應都非常熱烈。

I mentioned our NPS score was up.

我提到我們的 NPS 分數上升了。

I think that’s correlated to that as well, going from 72% to 74%.

我認為這也與此相關，從 72% 上升到 74%。

But I don’t know it’s a permanent shift away from premium alcohol, we did notice that alcohol lag compared to food.

但我不知道這是否會永久地遠離優質酒精，我們確實注意到與食物相比，酒精的消費有所滯後。

Now fortunately, we also offer mocktails in our locations, and we’ll continue to lead into that.

幸運的是，我們現在也在我們的門市提供無酒精雞尾酒，我們將繼續推動這項服務。

But again, we’re not going to sit on our hands and try to find out if it’s permanent or not.

但是，我們不會袖手旁觀，試圖找出它是否是永久性的。

So I mentioned the team is going to be launching food and beverage promotions, later this quarter, and it’s going to have a focus on driving that stronger nighttime traffic, with these value-led offerings.

因此我提到，團隊將在本季稍後推出食品和飲料促銷活動，並將重點放在透過這些價值主導的產品來推動更強勁的夜間客流量。

So until the consumer comes back and chooses to upgrade their beverage choices.

因此直到消費者回來並選擇升級他們的飲料選擇。

We’re going to lean into promotions, and traffic generating activities to see if we can drive alcohol sales, as strongly as we’ve been able to do with our food.

我們將利用促銷和流量創造活動來看看我們是否能夠像推動食品銷售一樣大力推動酒類銷售。

We historically have not really done happy hours.

從歷史上看，我們並沒有真正享受過歡樂時光。

You know, there's, there's obviously one competitor in the market who has a one restaurant competitor in the market that has done exceptionally well and that was really through, a lot of marketing and a lot of sort of specials.

你知道，市場上顯然有一家競爭對手，這家餐廳的市場表現非常出色，這是透過大量的行銷和大量的特色活動實現的。

You know, we think that our locations are, very prime for that.

您知道，我們認為我們的位置非常適合這一點。

It's something we've historically not done and, getting that traffic in 4 to 6 p.m. for happy hour.

這是我們以前沒有做過的事情，並且在下午 4 點到 6 點之間處理這些流量。歡樂時光。

It's going to be incremental for the business.

這對於業務來說將會是一個增量。

Great.

偉大的。

Thank you.

謝謝。

That's all I have.

這就是我的所有了。

And your next question comes from the line of Mike Swartz with Truist Securities Mike.

您的下一個問題來自 Truist Securities 的 Mike Swartz。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Bobby, maybe just touch on some of the labor efficiencies.

鮑比，也許只是談一些勞動效率。

I’m just trying to understand maybe the mechanism by, which you’re deriving that?

我只是想知道您是透過什麼機制得出這個結論的？

And as we think about the year ahead, and yes that the – I guess, the push to lift comps.

當我們展望未來的一年時，是的，我想，這就是推動同店銷售額成長的動力。

I mean, is there any risk that by removing that labor, you kind of penalize your ability to grow comps?

我的意思是，透過消除這些勞動力，你是否有可能在某種程度上損害你發展公司的能力？

So great question.

這個問題問得真好。

So huge initiatives that has been sort of a core partnership, between myself and Leverage, in that we really want to optimize payroll in the centers, right?

因此，我和 Leverage 之間的重大舉措已經成為一種核心合作，我們確實希望優化中心的薪資單，對嗎？

And so using data, we’ve looked at historically what the company did was post September when leagues floored, we ramped up staffing into the holiday, right?

因此，透過數據，我們回顧了公司的歷史做法，即在 9 月聯賽重啟後，我們在假期期間增加了員工數量，對嗎？

And so it’s like staffing went from September into December in a straight line.

因此，人員配置從 9 月到 12 月呈直線進行。

And the business wasn’t really there to justify it in the September, October time frame, and so we slowed that down.

但 9 月和 10 月的業務量還不足以證明這一點，因此我們放慢了速度。

Now some inside baseball have we probably cut a little too much of the F&B revenue facing labor, yes,

現在一些內部人士認為，我們可能削減了太多的餐飲收入，這是勞動力面臨的問題，是的，

but we think that there’s some opportunity to continue to optimize.

但我們認為仍有繼續優化的機會。

We found that we’re relying, a little bit too much on the kiosk mid-week, versus having that server when you’ve got a lead that’s on 40, 50 lanes.

我們發現，我們在周中過度依賴自助服務終端，而當你擁有 40、50 條車道上的銷售線索時，就沒有那個伺服器了。

Like a server can really justify itself.

就像伺服器真的可以證明自己一樣。

But this is sort of a lot of the tinkering that Tom talked about in that we’re tinkering with our labor.

但這有點像湯姆所說的修補，我們正在修補我們的勞動力。

We think that it was good before we’re making it better.

我們認為在改進之前它已經很好了。

And ultimately, we’re going to optimize labor in every center, by hour, by day based on very defined revenue forecast.

最終，我們將根據非常明確的收入預測，逐小時、逐天優化每個中心的勞動力。

And so ultimately, if adding labor is accretive we’ll do it.

因此，最終，如果增加勞動力可以帶來增值，我們就會這麼做。

If we’re moving labor is accretive, we’ll do it.

如果我們轉移勞動力可以增加產量，我們就會這麼做。

And Lev was really the leader of this.

而列夫確實是這個組織的領導者。

So why don’t you give some comments?

那為什麼不發表一些評論呢？

Yes.

是的。

Look, I think we proved that we can operate efficiently, during a time when we have to.

看，我認為我們證明了在必要時我們可以有效地運作。

But like everything else in this company, we’re going to continue to fine tune and added back where it’s justified.

但就像公司裡的其他一切一樣，我們將繼續進行微調，並在合理的範圍內添加新內容。

I want you to also consider other initiatives that we’ve rolled out, and we’re going to continue to optimize like server tablets.

我還希望您考慮我們推出的其他舉措，並且我們將繼續優化伺服器平板電腦等舉措。

So server tablets are going to allow a server that historically may be covered four lanes.

因此，伺服器平板電腦將允許傳統上可以覆蓋四個通道的伺服器。

Now they can cover maybe 8 to 10 lanes, and do it more effectively, and get food into the kitchen faster, and still can buy a better guest service, and also increase their check sizes, because of the problems on the tablet.

現在他們可以覆蓋大約 8 到 10 個通道，並且更有效率地完成工作，將食物更快地送到廚房，同時仍然可以購買更好的客戶服務，並且由於平板電腦上的問題，還可以增加他們的帳單規模。

So it’s not just, crude labor operating.

所以這不僅僅是粗糙的勞動力操作。

It’s also adding technology into the equation that will allow us to be more efficient, with our labor.

它還將技術添加到方程式中，讓我們能夠更有效率地利用勞動力。

Okay.

好的。

Thanks.

謝謝。

And just the second question.

這是第二個問題。

And I know you guys aren’t the poster children for tariff risks.

我知道你們並不是關稅風險的典型代表。

But – is there anything to think of just in terms, of some of the prices or sourcing, or anything of that nature where there might be some risk?

但是－在價格或採購方面，或任何類似方面，是否需要考慮可能有風險的事情？

So we buy about $15 million of amusements merch, half of that is domestic, half of that’s coming from China.

因此，我們購買了價值約 1500 萬美元的娛樂商品，其中一半來自國內，一半來自中國。

So we have $1 million of risk on amusements merch.

因此我們在娛樂商品上承擔了 100 萬美元的風險。

I think that as it relates to the global supply chain, there is probably a few more million from China tariffs.

我認為，由於它與全球供應鏈有關，中國關稅的損失可能還會增加數百萬。

We don’t have much exposure other than on input costs from Canada, Mexico.

除了來自加拿大和墨西哥的投入成本外，我們沒有太多的風險。

But really, I’m more concerned about tariffs from like a consumer perspective.

但實際上，從消費者的角度來看，我更關心關稅。

Right now, we’re seeing softness on events.

目前，我們看到事態發展趨於疲軟。

We’re seeing like flatness on consumers, and we’re getting the benefit of the trade down on top of

我們看到消費者的購買力持平，而且我們正在從貿易中獲益

we’re going to have this very optimized summer path coming.

我們即將迎來這條非常優化的夏季路線。

But tariffs really hit sort of that consumer sentiment.

但關稅確實打擊了消費者情緒。

There’s stats what keeps me up at night, is that from a tariff perspective, not the ones and two is on inputs like those, are never great, but ultimately, I am more concerned about what that would do from a macro perspective.

讓我夜不能寐的統計數據是，從關稅的角度來看，不是一和二是像這樣的投入從來都不是很好，但最終，我更關心從宏觀角度來看這會造成什麼影響。

Thanks Bobby.

謝謝鮑比。

And your next question comes from the line of Eric Handler with ROTH Capital.

您的下一個問題來自 ROTH Capital 的 Eric Handler。

Eric.

埃里克。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning.

早安.

I assume your corporate event staff has a database of, all the people have booked parties with you in the past.

我認為您的公司活動工作人員擁有一個資料庫，其中包含過去與您預訂過聚會的所有人的資訊。

As they proactively talk to these corporates, are they getting a sense – is this a permanent shift?

當他們主動與這些企業交談時，他們是否意識到這是一種永久性的轉變？

Or is this something that the corporates view is, it’s just a temporary situation?

或者從企業的角度來看，這只是暫時的情況？

It’s a balance.

這是一種平衡。

So I would say there is corporate opportunity going on out there.

因此我想說，那裡存在著商業機會。

When we look at sort of the IAPA data, the IAPA data says that 60% of corporates were expecting – were expecting to cut spend in the December quarter, and that’s really what we saw.

當我們查看 IAPA 數據時，IAPA 數據顯示，60% 的企業預計在 12 月季度削減支出，而這正是我們看到的情況。

Ultimately, like everything, we’re going to optimize as much as we can, but we are – it appears we’re going to be optimizing from a lower level to go up.

最終，像所有事情一樣，我們將盡可能地進行最佳化，但我們似乎將由較低的層次逐步向上進行最佳化。

But we’ve worked through this in the past.

但我們過去已經解決過這個問題。

As Tom said, we saw 50% of our events just disappeared during GFC.

正如湯姆所說，我們發現 50% 的活動在全球金融危機期間消失了。

We’re going to have to up our game, so it’s nice that we really haven’t done these F&B tasting to menu is awesome.

我們必須提高我們的水平，所以很高興我們還沒有做過這些餐飲品嚐，菜單也很棒。

I would put our menu against any of our competitors in any day.

我會隨時將我們的菜單與任何競爭對手的菜單進行比較。

And ultimately, when we get those event coordinators at the big companies and they come in.

最終，當我們從大公司招募活動協調員時，他們就會加入。

And they have to choose between us and one of our competitors.

他們必須在我們和我們的競爭對手之間做出選擇。

Sure, maybe they’re doing 20%, 30% less business, but will give us more business, and that’s something that we’ve proven in the past, we can do, and it’s just part of the consolidation that’s coming out of COVID.

當然，他們的業務可能減少了 20% 或 30%，但會為我們帶來更多業務，這是我們過去已經證明可以做到的，這只是 COVID 疫情後整合的一部分。

Okay.

好的。

And then, Bobby, I know you’re saying you’re taking a more cautious view with revenue.

然後，鮑比，我知道你說你對收入採取了更加謹慎的看法。

As you look at the situation now, do you still think that we’re in a positive same-store comp environment for the year?

就目前的情況來看，您是否仍然認為我們今年的同店銷售成長環境是正面的？

I think there’s a lot of innings left in this game, with February, March in front of me, it’s hard to really project that at this point.

我認為這場比賽還有很多局，二月、三月就在我面前，現在很難預測。

But again, we’ll come in flattish up, down a little bit, like it’s not going to be dramatic one way or the other.

但是，我們再次以平穩的方式上升，下降一點，不管怎樣，都不會出現太大的變化。

I think, ultimately though, our focus is we are going to be positive total growth and EBITDA, will be up significantly this year.

我認為，最終我們的重點是實現整體正成長，並且今年 EBITDA 將大幅上升。

Okay.

好的。

And then one last question.

最後一個問題。

So you bought some land next to Raging Waters.

所以你買了 Raging Waters 旁邊的一些土地。

I assume there’s some expansion plans you have there.

我猜你們那裡有一些擴張計劃。

How fast can you pedal there so that could this – whatever you’re doing there, be ready for the upcoming summer season?

你能騎多快到達那裡，以便為即將到來的夏季做好準備——無論你在那裡做什麼？

Or is that going to have to wait a year?

還是說一定要等一年？

No.

不。

I mean, we’re in – that will be a two to three-year project.

我的意思是，這將是一個兩到三年的項目。

We are expanding Raging Waves right now.

我們現在正在擴展 Raging Waves。

Raging Waves has sort of a peak capacity of 6,000 to 7,000.

Raging Waves 的峰值容量約為 6,000 至 7,000。

We’re putting in some changes this year that, should increase that a little bit.

我們今年正在進行一些變革，應該會稍微增加這一點。

But also one of the big changes this year, as we’re building out an event pavilion.

但這也是今年的一大變化，因為我們正在建造一個活動館。

And so ultimately, events is something that we haven’t really done inside that Raging Wave.

所以最終，事件是我們在狂潮中還沒有真正做過的事情。

So that will add to sort of like, not necessarily a peak capacity, but it will add to capacity during the week,

因此，這不一定會增加高峰容量，但會增加週內容量，

where we bring in corporates and local schools, and things like that.

我們將企業和當地學校等引入其中。

But in two years, you’ll see us adding slide, as it relates to the incremental land, that’s a two to three-year project.

但兩年後，你會看到我們增加幻燈片，因為它與增量土地有關，這是一個兩到三年的計畫。

Got it.

知道了。

Thank you So much.

太感謝了。

And your next question come from the line of Jeremy Hamblin with Craig-Hallum Capital Group.

您的下一個問題來自 Craig-Hallum Capital Group 的 Jeremy Hamblin。

Jeremy, please go ahead.

傑里米，請說。

Thanks.

謝謝。

I wanted to follow-up here just to make sure I understood, your kind of expectations on same-store sales trends.

我想在這裡跟進一下，以確保我理解您對同店銷售趨勢的期望。

So it sounds like January was down maybe low single-digit, several puts and takes there.

因此聽起來一月份的跌幅可能低於個位數，有幾次跌跌撞撞。

I think you said $5 million impact from the wildfires,

我記得你說的是山火造成的 500 萬美元損失，

which we would assume is maybe 400 basis points or so, maybe 500 of impact to total comp in the month.

我們估計，這對當月總薪酬的影響可能為 400 個基點左右，甚至 500 個基點。

But in terms of thinking about the comment that you’re going to expect to be flattish, plus or minus a little bit here for the year.

但是從評論的角度考慮，您預計今年的成長將持平，略有增減。

Are you still thinking that the March quarter is a positive comp.

您是否仍認為 3 月份季度的業績表現良好？

You’re lapping clearly a tougher compare in the June quarter, but just wanted to see expectations here, more near term?

您顯然在 6 月季度中面臨著更艱難的比較，但只是想看看這裡的預期，更近期的預期？

Yes.

是的。

I’m less focused on the comp.

我不太關注比賽。

I mean, total growth in the third quarter will be up.

我的意思是，第三季的整體成長率將會上升。

Again, as we said, it’s a little uncertain at this point.

再說一遍，正如我們所說，目前還有些不確定。

So we feel good about total growth, particularly with Beverly Hills, with Air Ranch, Boomer’s, and we’ve got two acquisitions that will come in, in the quarter.

因此，我們對整體成長感到滿意，尤其是 Beverly Hills、Air Ranch、Boomer’s 的成長，而且本季我們還將進行兩項收購。

And so ultimately, we continue to be focused on total growth, but our confidence on total growth for the year is high.

因此，最終，我們將繼續關注整體成長，但我們對今年的整體成長充滿信心。

Got it.

知道了。

Okay.

好的。

Let’s come back to the Lucky Strike conversions, right?

讓我們回到 Lucky Strike 的轉換，對吧？

So you’re excited about what you’re seeing there.

你對所見所聞感到興奮。

I think you indicated that typically you’re getting a 10% to 15% lift in the business when you complete those.

我想您已經表明，當您完成這些任務時，您的業務通常會獲得 10% 到 15% 的提升。

Can you just walk us through the timing that it takes, from kind of initial work on getting the remodels, and the rebranding done, how much does that cost on average, how long does it take to complete?

您能否向我們介紹整個過程所需的時間，從最初的改造工作到品牌重塑，平均花費多少，需要多長時間才能完成？

So really varies by location by market.

因此確實因地點和市場而異。

A component of that, as you can imagine, is the permitting that it takes that, it requires to change the exterior signage.

你可以想像，其中一個組成部分是更改外部標誌所需的許可。

Had it not been for that, we probably do these a lot faster, but that’s usually the prerequisite.

如果不是這樣，我們可能會做得更快，但這通常是先決條件。

And then depending on the location, the size, the amount of touch points in the location, anywhere where you would see a Bowlero is changing.

然後根據位置、大小、位置上的觸控點數量，在任何地方您都會看到 Bowlero 發生變化。

A lot of the elements, seating, the games that stuff changes as well.

許多元素、座位、遊戲等等也都發生了變化。

So the cost really varies by location as does the timing, and so we have our list of focused properties that list of 75 that we want to do this year.

因此，成本確實因地點和時間的不同而有所差異，因此，我們列出了今年想要重點關注的 75 處房產。

And you just see almost like on a daily basis the locations changing the order based on who’s coming online faster.So what I also wanted to mention is, what happens in parallel to these conversions is a full marketing plan.

而且你幾乎每天都會看到，各個地點的順序會根據誰上線更快而改變。

So again, it’s not just the sign change.

所以再說一遍，這不僅僅是標誌的改變。

It’s everything that happens outside the location, inside location, physically with the staff, with the hospitality.

這包括場地外部發生的一切，場地內部發生的一切，以及與工作人員、接待人員相關的一切。

Then there’s also a full marketing support plan that, piggybacks on all of these.

然後還有一個完整的行銷支援計劃，依賴於所有這些。

And that plan also varies from a dollars perspective, based on the location and what the revenue there is, that we can justify investing marketing.

而且從金錢的角度來看，該計劃也會有所不同，這取決於地點和收入，我們才能證明投資行銷是合理的。

Yes, I would add.

是的，我想補充一下。

I think the thing as the most exciting about the Lucky Strike rebrand, is we’ll spend $10 million, $12 million this year on marketing.

我認為 Lucky Strike 品牌重塑最令人興奮的事情是，今年我們將在行銷上投入 1,000 萬美元至 1,200 萬美元。

That is half of what the company spent pre-COVID.

這是該公司疫情之前支出的一半。

And we’ve directed a lot of dollars, performance marketing, online continues to crush it.

我們投入了大量資金，進行效果行銷，在線上繼續大舉進攻。

And that has been proven to be a very good trade.

事實證明，這是一筆非常好的交易。

But as these Lucky Strike roll out, our ability to go spend $50,000, $100,000 per center to reopen the property.

但隨著這些 Lucky Strike 的推出，我們有能力花費每個中心 5 萬到 10 萬美元來重新開放該物業。

That’s how you get sort of that reintroduction to the event community, to the consumer community, to the birthday experience.

這就是您重新加入活動社群、消費者社群和生日體驗的方式。

And so ultimately, we really view the rebrand as a North Star, to kind of really bring the brand back out, and drive that reintroduction to the market that, it’s something frankly, we haven’t done since pre-COVID

因此，最終，我們真的將品牌重塑視為北極星，真正將品牌帶回來，並推動其重新進入市場，坦白說，這是我們自新冠疫情之前以來從未做過的事情

Got it.

知道了。

Just one more from me.

我再說一個。

So you guys have talked about mobile ordering, improving speed, efficiency.

所以你們談到了行動訂購、提高速度和效率。

I wanted to just get an update on where you stand in, kind of completing the rollout of that.

我只是想了解你們的最新情況，完成這項工作。

And kind of how it’s measuring versus expectation?

以及它是如何與預期進行比較的？

So today, we piloted successfully the handheld server tablets at 30 of our locations.

所以今天，我們在 30 個地點成功試用了手持伺服器平板電腦。

We expect that to be at 100, by the end of the quarter.

我們預計，到本季末，這一數字將達到 100。

And it’s not just rolling them out and leaving it there, right?

這不只是把它們推出去然後就不管了，對吧？

Like every day, there’s learnings from the utilization of these tablets where we’re speaking to the associates using them.

就像每天一樣，我們透過使用這些平板電腦與使用它們的同事交談，從而學到很多東西。

We’re adding modifiers or improving the flow on the tablets.

我們正在添加修飾符或改善平板電腦的流程。

We’re improving the comps, the functionality, the reception of these tablets.

我們正在改進這些平板電腦的效能、功能和接收效果。

These are big buildings that you have to cover.

這些都是你必須覆蓋的大樓。

And as I mentioned in the reporting,

正如我在報道中提到的那樣，

these are early innings of a new technology, and we’re going to continue to tinker and fine-tune it, until it’s across our entire organization, but that will be this year.

這是新技術的早期階段，我們將繼續修補和微調，直到它涵蓋整個組織，但那將是今年。

And the efficiencies, I think we’re going to pick up, the benefits are really immense when you, again.

而且我認為我們會提高效率，當你再次這樣做時，好處真的是巨大的。

Consider just how much more coverage, a single server can have with a tablet in their hands, instead of running back and forth to a POS station, when they take orders.

試想想，當一個服務生拿著平板電腦接受訂單時，不需要來回跑到 POS 站，就能獲得多大的覆蓋範圍。

And sending that food into the kitchen faster, and getting hot food to the lanes faster and giving their customer an opportunity we’re on,

更快地將食物送進廚房，更快地將熱食送到餐檯，為顧客提供機會，

during their bowling session.

在打保齡球期間。

So, if we can improve the guest satisfaction, we’re also serving better food, as you know.

所以，如果我們能夠提高客人滿意度，我們也會提供更好的食物，正如您所知。

We’re getting it to the consumer faster.

我們正在以更快的速度將其送到消費者手中。

They have more time to order additional items, a dessert item, a second drink, another app.

他們有更多的時間去點其他菜品，例如一份甜點、第二杯飲料或另一道菜。

All of this is going to really increase our F&B attachment, and that’s really the name of the game for us.

所有這些都將真正增強我們對餐飲的依賴，這才是我們的遊戲名稱。

Got it.

知道了。

Thanks for taking our questions.

感謝您回答我們的問題。

Best wishes.

最好的祝愿。

[Operator Instructions] Our next question comes from the line of line of Ian Zaffino with Oppenheimer.

[操作員指示] 我們的下一個問題來自奧本海默的伊恩·扎菲諾 (Ian Zaffino)。

Please go ahead.

請繼續。

Hi, great.

嗨，太好了。

Thank you very much.

非常感謝。

I just want to drill down on the buyback, kind of decision there?

我只是想深入了解回購的情況，那裡有什麼樣的決定？

And maybe also, Bobby, can you give us a kind of a discussion about what cash flow is going to look like for the rest of the year?

另外，Bobby，您能和我們討論一下今年剩餘時間的現金流狀況嗎？

How you’re thinking about deploying that in buybacks versus deleveraging, or whatever else you want to do, as far as acquisitions.

就收購而言，您考慮如何將其部署在回購與去槓桿中，或其他您想做的事情。

So any color you could kind of give there would be helpful?

那麼，您提供的任何顏色都有幫助嗎？

Thanks.

謝謝。

Yes.

是的。

We try to balance our buyback with cash generated from operations.

我們試圖在回購和營運產生的現金之間實現平衡。

We are balancing – these are sort of December to March, we’re generating $30 million to $40 million of free cash flow a month.

我們正在平衡——從12月到3月，我們每月產生3000萬到4000萬美元的自由現金流。

And so, we tie sort of the buyback to that.

所以，我們將回購與此連結。

We’re very focused on analyzing our different ROICs that exist on deployment of capital.

我們非常注重分析資本部署中存在的不同投資報酬率。

And right now, the best investments for us effectively are M&A, rebrand and buying back our stock.

目前，對我們來說最有效的投資是併購、品牌重塑和回購股票。

So those are sort of kind of the key initiatives.

這些都是關鍵舉措。

We’ll continue to sort of deploy capital in that way.

我們將繼續以這種方式部署資本。

Ultimately, deleveraging, is sort of a core focus for mine, but deleveraging doesn’t happen in a quarter.

最終，去槓桿是我關注的核心問題，但去槓桿不會在一個季度內完成。

It happens over a few years.

這件事發生需要幾年的時間。

And that’s something that I’m very committed, to getting that lease adjusted leverage below five times in the next 24 months.

我非常致力於在未來 24 個月內將租賃調整後的槓桿率降至 5 倍以下。

Okay.

好的。

So are we going to be free cash flow positive for the year, backing out CapEx?

那麼，我們今年的自由現金流是否會變成正數，退出資本支出？

I’m just thinking about.

我只是在想。

Okay.

好的。

Thank you.

謝謝。

And then on the Lucky side, or just the business in general, I know a lot of the effort and a lot of the focus recently has been on, call it, preimmunizing some of the product, larger ones,

然後就 Lucky 方面，或者說是整個業務方面，我知道我們最近投入了大量精力和精力，重點放在了對一些較大的產品進行預先免疫上，

one that’s across the old FTX arena.

一個位於舊 FTX 競技場對面的競技場。

How does that then square with, I guess, some of the trade down you’re seeing, or kind of lack of the premium purchases?

那麼我想，這與您所看到的部分交易下滑或缺乏優質購買有什麼關係呢？

Because it seems like you’re kind of going in the opposite direction.

因為看起來你好像朝著相反的方向前進。

So how are you kind of mitigating that, and how are you thinking about that from a business, planning perspective going forward?

那麼您如何緩解這種情況？

Thanks.

謝謝。

When we say premium in terms of our food menu, we’re not saying we’re serving caviar and lobster on the menu.

當我們說菜單上的菜餚是高檔的時候，我們並不是說我們在菜單上提供魚子醬和龍蝦。

We’re seeing premium products in sense of quality.

我們看到的是品質優良的優質產品。

So I mentioned there’s a flight to value.

因此我提到了價值飛躍。

When people see the menu and

當人們看到菜單時

the quality of the product right, better ingredients, better recipes, more trending items that the consumer is eating today, that’s what we mean.

我們指的是產品品質好、配料更好、食譜更好、消費者現在吃的食品更流行。

We’re not going to, you know, filet mignon.

你知道，我們不會吃菲力牛排。

So I think maybe it’s just a matter of the linguistics, but in terms of, you order a well, vodka or a Grey Goose, that’s what we’re seeing on the alcohol side, but not on the food side.

所以我認為這也許只是語言學的問題，但就你點一杯伏特加或灰雁啤酒而言，我們在酒精方面看到的是這樣的，但在食物方面卻不是這樣。

And I don’t think our menus are, premium in that sense.

從這個意義上來說，我不認為我們的菜單是高檔的。

It’s premium in the sense that we’re offering items that the consumer is eating today.

我們提供的產品是消費者今天正在食用的，從這個意義上來說，它是優質的。

They’re popular, the quality is much better.

它們很受歡迎，品質也好得多。

The presentation of the product is much better.

產品的呈現效果好多了。

In terms of the plating, the plateware, the menus are much nicer.

就鍍層、餐具和菜單而言，它們都更加漂亮。

That’s what we’re talking about when we say we have a premium food product now.

這就是我們說我們現在有優質食品產品時所說的內容。

Okay, thank you very much.

好的，非常感謝。

There's no further question at this time.

現在沒有其他問題了。

This concludes the meeting.

會議到此結束。

Thank you all for joining you.

感謝大家的加入。

May now disconnect.

現在可以編輯。