Dave & Buster's Entertainment Inc (PLAY) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Dave & Buster's Entertainment, Inc. Third Quarter 2022 Conference Call. (Operator Instructions) Please note that this event is being recorded.

下午好，歡迎來到 Dave & Buster's Entertainment, Inc. 2022 年第三季度電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mr. Cory Hatton, Vice President of Investor Relations and Treasurer. Please go ahead, sir.

我現在想將會議轉交給投資者關係副總裁兼財務主管 Cory Hatton 先生。請繼續，先生。

Thank you, operator, and welcome to everyone on the line. Leading today's call is our Chief Executive Officer, Chris Morris; and Michael Quartieri, our Chief Financial Officer.

謝謝接線員，歡迎大家在線。主持今天電話會議的是我們的首席執行官 Chris Morris；以及我們的首席財務官 Michael Quartieri。

After our prepared remarks, we will be happy to take your questions. This call is being recorded on behalf of Dave & Buster's Entertainment, Inc. and is copyrighted. Before we begin the discussion on our company's results, I'd like to call your attention to the fact that in our remarks and our responses to questions, certain items may be discussed, which are not entirely based on historical fact.

在我們準備好的發言之後，我們將很樂意回答您的問題。此通話由 Dave & Buster's Entertainment, Inc. 錄製，並受版權保護。在我們開始討論我們公司的業績之前，我想提請您注意一個事實，即在我們的評論和對問題的回答中，可能會討論某些項目，這些項目並不完全基於歷史事實。

Any of these items should be considered forward-looking statements relating to future events within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated.

這些項目中的任何一項都應被視為與 1995 年《私人證券訴訟改革法案》所指的未來事件相關的前瞻性陳述。所有此類前瞻性陳述都存在風險和不確定性，可能導致實際結果與這些陳述有所不同預期的。

Information on the various risk factors and uncertainties have been published in our filings with the SEC which are available on our website. In addition, our remarks today will include references to financial measures that are not defined under generally accepted accounting principles.

有關各種風險因素和不確定性的信息已在我們提交給美國證券交易委員會的文件中公佈，這些文件可在我們的網站上查閱。此外，我們今天的評論將包括對公認會計原則下未定義的財務指標的引用。

Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP measure contained in our earnings announcement released this afternoon, which is also available on our website. Also, pro forma financials including Main Event for the trailing 4 quarters ended October 30, 2022 are available at the bottom of the Events and Presentations section of our IR website.

投資者應審查這些非 GAAP 措施與我們今天下午發布的收益公告中包含的可比 GAAP 措施的對賬情況，該公告也可在我們的網站上找到。此外，包括截至 2022 年 10 月 30 日的連續 4 個季度的主賽事在內的備考財務數據可在我們 IR 網站的“活動和演示”部分底部找到。

Now I will turn the call over to Chris.

現在我將把電話轉給克里斯。

Okay. Thank you, Cory, and good afternoon, everyone, and thank you for joining our call today. We are pleased to report strong financial results for the third quarter, which are clearly indicative of the progress we are making on our growth strategy.

好的。謝謝你，科里，大家下午好，感謝你今天加入我們的電話會議。我們很高興地報告第三季度強勁的財務業績，這清楚地表明了我們在增長戰略方面取得的進展。

We delivered record revenue for the quarter, driven by double-digit comparable sales growth, which in turn led to record adjusted EBITDA for the quarter despite the challenging macro and inflationary environment.

在兩位數的可比銷售額增長的推動下，我們在本季度實現了創紀錄的收入，儘管宏觀和通脹環境充滿挑戰，但這反過來又導致本季度調整後的 EBITDA 創下歷史新高。

I want to recognize the outstanding effort of our teams, both in the field and here in our support center that produce these record results as we continue the work of integration to become a more efficient organization.

我想表彰我們團隊的傑出努力，無論是在現場還是在我們的支持中心，在我們繼續整合工作以成為一個更高效的組織的過程中，他們創造了這些創紀錄的結果。

Since our last analyst call, our team has been focused on 3 key work streams: one, effectively managing the merger integration; two, long-term strategic planning and three, managing sales and profitability in the near term to offset the ongoing inflationary pressure in our business.

自上次分析師電話會議以來，我們的團隊一直專注於 3 個關鍵工作流：一是有效管理合併整合；第二，長期戰略規劃，第三，管理近期的銷售和盈利能力，以抵消我們業務中持續的通脹壓力。

I'm pleased to say we are ahead of schedule and exceeding expectations in all 3 areas. As it relates to our merger integration, our team's excellence in execution has accelerated the pace of realizing the anticipated benefits.

我很高興地說，我們在所有 3 個領域都提前完成並超出了預期。由於涉及到我們的合併整合，我們團隊卓越的執行力加快了實現預期收益的步伐。

To date, over $17 million of annualized synergies were implemented and we continue to be confident in our $25 million target. The pace of implementing these synergies has accelerated as we swiftly addressed all redundant staffing, continue to combine our purchasing power to offset inflation and move toward combining the best-in-class systems across both brands.

迄今為止，已實施超過 1700 萬美元的年度協同效應，我們繼續對我們 2500 萬美元的目標充滿信心。隨著我們迅速解決所有冗餘人員問題，繼續結合我們的購買力來抵消通貨膨脹，並朝著結合兩個品牌的一流系統的方向邁進，實施這些協同效應的步伐加快了。

We are moving -- we are moving aggressively to fully capture synergy opportunities implementing superior operating initiatives and leveraging the scale of our combined operations. Secondly, our teams have been aggressively focused on developing our long-term strategic plan to further cement the Dave & Buster's and Main Event brands as undeniable leaders in location-based entertainment and add meaningful long-term shareholder value.

我們正在行動——我們正在積極行動，以充分抓住協同機會，實施卓越的運營計劃，並利用我們聯合運營的規模。其次，我們的團隊一直積極專注於製定我們的長期戰略計劃，以進一步鞏固 Dave & Buster's 和 Main Event 品牌作為現場娛樂領域不可否認的領導者的地位，並增加有意義的長期股東價值。

Based on a thorough strategic review of the business, anchored and deep consumer research and spending considerable time learning directly from our operators, our core brand position for our Dave & Buster's brand going forward will bring greater focus to executing adult occasions aged 21 to 39 who are visiting our locations to have a great time with their squad.

基於對業務的全面戰略審查、有針對性的深入消費者研究以及花費大量時間直接向我們的運營商學習，我們 Dave & Buster 品牌未來的核心品牌定位將更加專注於舉辦 21 至 39 歲的成人活動正在訪問我們的地點，與他們的小隊共度美好時光。

These crew connectors, as we like to call them, are energized by social situations and in-the-know on culture and social trends happening at the time. Over the months and years to come, this refined brand positioning will guide our marketing strategy, entertainment innovation pipeline, food and beverage offering, store design and layout and tech-enabled hospitality model.

正如我們喜歡稱呼的那樣，這些船員連接器會因社交情況和對當時發生的文化和社會趨勢的了解而充滿活力。在未來的歲月裡，這種精緻的品牌定位將指導我們的營銷戰略、娛樂創新管道、食品和飲料供應、商店設計和佈局以及技術支持的酒店模式。

This long-term holistic approach to managing the business anchored in strategic planning and operational execution led to the successful reinvigoration of the Main Event brand, and we're excited to apply the same approach to the larger Dave & Buster's enterprise. We look forward to sharing more details with you at our Investor Day in the early part of next year.

這種以戰略規劃和運營執行為基礎的管理業務的長期整體方法導致 Main Event 品牌成功重振，我們很高興將同樣的方法應用於更大的 Dave & Buster's 企業。我們期待在明年年初的投資者日與您分享更多細節。

Lastly, our teams have been focused on mitigating inflationary pressures with thoughtful pricing and increased operating efficiencies. Despite ongoing inflationary cost pressure in the business, we have made great progress and continue to find opportunities to manage our cost and increase our profitability.

最後，我們的團隊一直專注於通過深思熟慮的定價和提高運營效率來緩解通脹壓力。儘管業務中持續存在通脹成本壓力，但我們取得了長足進步，並繼續尋找機會來管理我們的成本並提高我們的盈利能力。

In addition to the work on cost controls, we are very pleased with the top line momentum throughout our portfolio. As indicated by our third quarter results, guests continue to visit and spend at healthy rates. On the marketing front, in Q3, we launched our National Where Winners Watch Football campaign, featuring Kansas City Chiefs great Travis Kelce, designed to drive awareness of Dave & Buster's as a great football viewing destination, which contributed to our strong Q3 performance.

除了成本控制方面的工作外，我們對整個產品組合的頂線勢頭感到非常滿意。正如我們第三季度的業績所示，客人繼續以健康的速度來訪和消費。在營銷方面，在第三季度，我們發起了我們的全國優勝者觀看足球活動，堪薩斯城酋長隊偉大的特拉維斯凱爾塞，旨在提高人們對 Dave & Buster's 作為一個偉大的足球觀看目的地的認識，這有助於我們在第三季度的強勁表現。

In November, we recently completed our Eat & Play Combo promotion at Dave & Buster's. We've had tremendous success with our local focus on World Cup Watch activations and are excited about the launch of our Impossible Holiday Hangout contest, which will bring together 4 friends from around the country to spend the holiday together at Dave & Buster's in Kansas City.

11 月，我們最近在 Dave & Buster's 完成了 Eat & Play Combo 促銷活動。我們在本地關注世界杯手錶活動方面取得了巨大的成功，並且對我們的“不可能的假期環聊”競賽的啟動感到興奮，該競賽將匯集來自全國各地的 4 位朋友在堪薩斯城的 Dave & Buster 一起度過假期.

As we head into Q4, our Special Event sales teams and operating teams are aggressively focused on delivering a strong holiday banquet season. We are optimistic that the upcoming holiday season will provide additional momentum as we enter the New Year as our Special Events business has nearly recovered to pre-COVID levels.

當我們進入第四季度時，我們的特別活動銷售團隊和運營團隊積極專注於提供一個強勁的節日宴會季。我們樂觀地認為，隨著我們進入新年，即將到來的假期將提供額外的動力，因為我們的特別活動業務幾乎恢復到 COVID 之前的水平。

We are excited about the future of this organization. We have 2 industry-leading brands in Dave & Buster's and Main Event. These brands have exceptional business models, strong assets and talented teams. Bringing these brands together under one umbrella presents our company with exceptional growth opportunities, which will benefit all stakeholders.

我們對這個組織的未來感到興奮。我們在 Dave & Buster's 和 Main Event 中擁有 2 個行業領先品牌。這些品牌擁有卓越的商業模式、強大的資產和才華橫溢的團隊。將這些品牌集中在一個保護傘下，為我們公司提供了非凡的增長機會，這將使所有利益相關者受益。

We have a clear line of sight on the strategic opportunities ahead for the Dave & Buster's brand and a world-class management team with a proven track record of superior execution. We believe there is meaningful upside potential for this company and our stakeholders, and we are working diligently to realize that potential.

我們對 Dave & Buster 品牌和世界一流的管理團隊未來的戰略機遇有著清晰的認識，該團隊擁有出色的執行記錄。我們相信這家公司和我們的利益相關者有很大的上升潛力，我們正在努力實現這一潛力。

Let me take a minute to recap a few growth initiatives that have me excited about the opportunity in front of us. The continued development and rollout of our improved hospitality-based service model, the brand awareness work that's driving innovation of our product offering and in turn, how we approach the refresh program for our stores. The continued recovery of our Special Event business, our development pipeline of new stores for both brands our progress on developing our international franchisee network, the tenacity of our teams to identify and implement our synergy opportunities. And last but certainly not least, the proven capabilities of the executive management team which gives me confidence in our ability to succeed.

讓我花點時間回顧一下一些增長計劃，這些計劃讓我對我們面前的機會感到興奮。我們改進的以酒店為基礎的服務模式的持續發展和推出，推動我們產品供應創新的品牌知名度工作，反過來，我們如何處理我們商店的更新計劃。我們特別活動業務的持續復甦，我們為兩個品牌開發新店的渠道，我們在發展國際加盟商網絡方面取得的進展，我們團隊在確定和實施我們的協同機會方面的毅力。最後但同樣重要的是，執行管理團隊經過驗證的能力讓我對我們取得成功的能力充滿信心。

To put it succinctly, everywhere we look, we are seeing significant growth opportunities, and we are poised to unlock long-term shareholder value. So now with that, let me turn the call over to Mike to review our Q3 results.

簡而言之，無論我們放眼望去，我們都看到了巨大的增長機會，我們已準備好釋放長期股東價值。所以現在，讓我把電話轉給邁克來審查我們第三季度的結果。

Thanks, Chris. We're pleased with our financial results for the third quarter and encouraged by the trends continuing into the fourth quarter.

謝謝，克里斯。我們對第三季度的財務業績感到滿意，並對持續到第四季度的趨勢感到鼓舞。

Amidst considerable economic uncertainty, we remain focused on successfully managing our newly combined business, which generated record revenue of $481 million and produced a record $90 million of adjusted EBITDA in the third quarter, which I'll remind you is holistically our seasonally softest quarter of the fiscal year.

在相當大的經濟不確定性中，我們仍然專注於成功管理我們新合併的業務，該業務在第三季度創造了創紀錄的 4.81 億美元收入和創紀錄的 9000 萬美元調整後 EBITDA財政年度。

We produced an 18.7% adjusted EBITDA margin in the third quarter, which represents a 320 basis point improvement above the 15.5% margin of the third quarter of 2019. We continue to be laser-focused on optimizing our cost structure and unlocking our synergy target of $25 million from the combination with Main Event.

我們在第三季度產生了 18.7% 的調整後 EBITDA 利潤率，比 2019 年第三季度的 15.5% 利潤率提高了 320 個基點。我們繼續專注於優化我們的成本結構和解鎖我們的協同目標2500 萬美元來自與主賽事的結合。

With regards to pro forma comparable store sales figures, I'd like to direct you to the supplemental schedule titled December 2022 supplemental pro forma financial data posted in the Events and Presentations section on our IR website.

關於備考可比商店銷售數據，我想向您介紹我們 IR 網站“活動和演示”部分中發布的標題為“2022 年 12 月補充備考財務數據”的補充時間表。

I'd like to highlight that the strong comp sales figures in the third quarter of 13.3% versus 2021 and 17.5% comp versus 2019 on a consolidated basis. Notably, our SMB business has continued to improve with our tailored new menu offerings and SMB represents an increasing mix of our total revenue versus the prior year period. Additionally, our Special Events business continues to provide tremendous upside as it continues to normalize the pre-pandemic levels with the pro forma combined comps down only 6.7% this quarter versus 2019 in comparison to last quarter when it was comping down 13.4% versus 2019.

我想強調的是，第三季度的綜合銷售數據與 2021 年相比增長 13.3%，與 2019 年相比增長 17.5%。值得注意的是，我們的 SMB 業務通過我們量身定制的新菜單產品不斷改善，SMB 代表我們的總收入與去年同期相比有所增加。此外，我們的特殊活動業務繼續提供巨大的上升空間，因為它繼續使大流行前的水平正常化，與 2019 年相比，本季度備考合併收入僅下降 6.7%，而上一季度與 2019 年相比下降 13.4%。

We generated $68 million in operating cash flow during the quarter, contributing to an ending cash balance of $108 million for total liquidity of almost $600 million when combined with the undrawn revolving credit facility. We ended the quarter with a net total leverage ratio of 2.2x.

我們在本季度產生了 6800 萬美元的運營現金流，加上未提取的循環信貸額度，導致期末現金餘額達到 1.08 億美元，流動資金總額接近 6 億美元。本季度末，我們的淨總槓桿率為 2.2 倍。

Turning to capital spending. We invested a total of $64 million in capital additions and opened 3 new Dave & Buster stores, one in Lynnwood, Washington, one in Long Beach, California and the other in Bakersfield, California. We plan to open 1 new Dave & Buster's branded store and 2 main event branded stores in the fourth quarter of fiscal '22.

轉向資本支出。我們總共投資了 6400 萬美元用於增資，並開設了 3 家新的 Dave & Buster 商店，一家在華盛頓林伍德，一家在加利福尼亞州長灘，另一家在加利福尼亞州貝克斯菲爾德。我們計劃在 22 財年第四季度開設 1 家新的 Dave & Buster 品牌店和 2 家主要活動品牌店。

Finally, let me update you on comparable store sales through the first 5 weeks of the quarter. Pro forma combined comparable store sales has increased 3.1% compared to the same period in 2021 and 9.2% compared to the same period in 2019. We estimate that the calendar shift of the holiday season as it specifically relates to our special events business in '22 versus 2019 for this 5-week period represents a temporary negative 3% overall comp headwind and which will reverse in the remaining weeks of December.

最後，讓我向您介紹本季度前 5 週的可比商店銷售情況。預計合併可比店面銷售額與 2021 年同期相比增長了 3.1%，與 2019 年同期相比增長了 9.2%。我們估計假期的日曆變化，因為它特別與我們 22 年的特殊活動業務有關與 2019 年相比，這 5 週期間代表了 3% 的暫時負整體競爭逆風，並將在 12 月的剩餘幾週內逆轉。

To summarize, we are excited about the strong execution in our business, our progress capturing synergies the numerous growth opportunities for us to pursue and the talent and experience of our team to drive growth despite the challenging macroeconomic environment. We remain focused on closely managing costs and capital spending to ensure we strategically unlock the maximum value of these 2 great brands and deliver the highest returns possible for our shareholders.

總而言之，儘管宏觀經濟環境充滿挑戰，但我們對業務的強大執行力、我們的進步捕捉協同效應、我們追求的眾多增長機會以及我們團隊的才能和經驗推動增長感到興奮。我們仍然專注於密切管理成本和資本支出，以確保我們從戰略上釋放這兩個偉大品牌的最大價值，並為我們的股東提供盡可能高的回報。

Now operator, please open up the line for questions.

現在接線員，請打開問題線路。

(Operator Instructions) And the first question will come from Andy Barish with Jefferies.

（操作員說明）第一個問題將來自 Jefferies 的 Andy Barish。

Just a couple of thoughts on the top line, if you could. Were you pleased with Eat & Play in November, I guess, firstly? And then secondly, can you talk to us about sort of the importance of December for the quarter and any quantification maybe on how we should think about sort of seasonality versus the 3Q as you kind of look at average unit volumes?

如果可以的話，只是對最重要的一些想法。我想，首先，您對 11 月的 Eat & Play 感到滿意嗎？其次，您能否與我們談談 12 月對本季度的重要性，以及在您查看平均單位數量時我們應該如何考慮季節性與第三季度的任何量化？

Andy, this is Chris. I'll start and let kind of fill in some additional color. In terms of Eat & Play, what I'd tell you is that we're pleased with the trends in our business on top line, and that includes the month of November.

安迪，這是克里斯。我將開始填充一些額外的顏色。在 Eat & Play 方面，我要告訴你的是，我們對我們的業務趨勢感到滿意，其中包括 11 月份。

When we look at our entire arsenal of marketing activities, the ones that I walk you through, first, the NFL campaign, we felt that did a very nice job bringing awareness to the sports viewing.

當我們審視我們的整個營銷活動庫時，首先是 NFL 活動，我帶您了解的那些活動，我們認為這在提高人們對體育賽事的認識方面做得非常好。

We continue to see nice sales results on the weekends, which we think is a combination of, first, the campaign, we believe was successful. And secondly, our operators are very keenly focused on maximizing throughput on the weekend.

我們在周末繼續看到不錯的銷售結果，我們認為這是我們認為首先是成功的活動的結合。其次，我們的運營商非常專注於週末的吞吐量最大化。

And so we think that, that helps.

所以我們認為，這有幫助。

The Eat & Play Combo in November, we're pleased with. As we look at really trying to understand the contribution that promotion had, the data is a little murky. But overall, we're pleased that we did it. We have no regrets. The thing I'll tell you about that particular platform is it's part of -- it's one of those promotions that is identifiable to the D&B experience. And over time, there's a lot of brand equity, a lot of promotional equity in that particular campaign.

十一月的 Eat & Play Combo，我們很滿意。當我們真正試圖了解促銷的貢獻時，數據有點模糊。但總的來說，我們很高興我們做到了。我們沒有遺憾。我要告訴你的關於那個特定平台的事情是它的一部分——它是 D&B 體驗可識別的促銷活動之一。隨著時間的推移，在那個特定的活動中有很多品牌資產，很多促銷資產。

And so I would look to see us to continue to do it. But we'll -- going forward, we'll be very selective when we do it as opposed to kind of an always-on type of promotion, but no regrets at all in November.

因此，我希望看到我們繼續這樣做。但是我們會 - 展望未來，我們會非常有選擇性地這樣做，而不是那種永遠在線的促銷活動，但在 11 月一點也不後悔。

And then as Q walked you through, as we think through our Q4 sales performance, overall, we're pleased. When you make the adjustments for the timing there's still considerable momentum in this business on both brands. And the December period is a very important period, as you mentioned, because of the majority of our sales during that period for the Main Event brand and a significant portion of the sales for the Dave & Buster's brand comes from Special Events.

然後當 Q 帶你走過時，當我們考慮我們第四季度的銷售業績時，總的來說，我們很高興。當你對時間進行調整時，這兩個品牌的業務仍有相當大的勢頭。正如您所提到的，12 月期間是一個非常重要的時期，因為我們在此期間主要活動品牌的大部分銷售額以及 Dave & Buster 品牌的很大一部分銷售額來自特別活動。

And our teams are laser-focused on maximizing the opportunity on Special Events. It's been a couple of years since that demand has been there. The demand is back, and we intend to optimize that. And so we've got the teams focused. We're selling and our operators are ready to execute -- and we -- at this point in time, we are approaching pre-Covid levels, which we're very pleased about.

我們的團隊專注於最大限度地增加特殊活動的機會。這種需求已經過去幾年了。需求回來了，我們打算優化它。所以我們讓團隊集中精力。我們正在出售，我們的運營商已準備好執行——我們——在這個時間點，我們正在接近 Covid 之前的水平，我們對此感到非常高興。

Yes. Andy, just one other thought. Just on the timing and what you see in the first 5 weeks. So if you think about our Special Events business, the peak of that takes place in the 3-week period leading up to the Christmas holiday, and so in 2022, this peak consists of the week of December 5, the current week that we're in, the 12th and the 19th. But if you go back and look at 2019, the Christmas holiday was on a Tuesday, Wednesday, which caused that 3-week period to push forward. So the weeks were really December 2, 9th and 16th.

是的。安迪，只是另一個想法。只是關於時間和您在前 5 週內看到的內容。所以如果你想想我們的特別活動業務，它的高峰期發生在聖誕節假期前的 3 週期間，因此在 2022 年，這個高峰期包括 12 月 5 日那一周，也就是我們當前的一周12 號和 19 號。但如果你回頭看看 2019 年，聖誕節假期是在周二、週三，這導致那 3 週的時間提前了。所以這幾週實際上是 12 月 2 日、9 日和 16 日。

So the difference between just December 2 versus December 5 in this period is significant to us, and that's what's causing about a 3% headwind in our comp store sales for just this 5-week period. We'll get the benefit of that on the back end as we get closer to that Christmas holiday week, we'll pick up that extra piece of business at that point.

因此，這一時期 12 月 2 日與 12 月 5 日之間的差異對我們來說意義重大，這就是導致我們的 comp 商店銷售額在這 5 週期間出現約 3% 逆風的原因。隨著聖誕節假期週的臨近，我們將在後端從中受益，屆時我們將獲得額外的業務。

And so overall, for the month of December, when you take this noise out between the 5 weeks in the full quarter, we're extremely pleased with the level of work that we're seeing by our sales team and what we think we will experience from the Special Events business as a whole for the month of December.

所以總的來說，在 12 月份，當你在整個季度的 5 週之間消除這種噪音時，我們對我們的銷售團隊所看到的工作水平以及我們認為我們會做的事情感到非常滿意12 月份整個特別活動業務的經驗。

The next question will come from Jack (sic) [Jake] Bartlett with Truist Securities.

下一個問題將來自 Jack (sic) [Jake] Bartlett with Truist Securities。

This is Jake. I had a question on just so we can understand the trends. I think you're reporting same-store sales just for Dave & Buster's because the Main Event stores, I don't think are considered comp base, and then you're giving us pro forma.

這是傑克。我有一個問題，以便我們了解趨勢。我認為你只是在報告 Dave & Buster's 的同店銷售額，因為主賽事商店，我認為不被認為是競爭基礎，然後你給了我們預估。

The guidance is in pro forma, but I think you're going to be reporting just the same-store sales for Dave & Busters if I got that right. Can you give us what the quarter-to-date was for Dave & Buster's as it relates to the 13.6% versus '19 that you reported in the third quarter?

該指導是形式上的，但我認為如果我沒記錯的話，您將只報告 Dave & Busters 的同店銷售額。你能告訴我們 Dave & Buster's 的季度迄今為止是什麼，因為它與你在第三季度報告的 13.6% 和 19% 相關嗎？

Yes. I think just for perspective purposes, when we look and we manage the business, we're managing it as 1 consolidated entity. We have 1 management team in place. We do look at both brands as having a slightly different offering but the way we allocate the resources accordingly, we put both in that same vein.

是的。我認為僅出於透視目的，當我們審視和管理業務時，我們將其作為一個合併實體進行管理。我們有 1 個管理團隊。我們確實認為這兩個品牌的產品略有不同，但我們相應地分配資源的方式，我們將兩者放在同一脈絡中。

So from our perspective, what we're trying to do is get to a point where we are commenting on the consolidated business as a whole because we are redeploying assets between both brands accordingly on a daily basis.

因此，從我們的角度來看，我們正在嘗試做的是達到我們對整個合併業務發表評論的地步，因為我們每天都相應地在兩個品牌之間重新部署資產。

Okay. And just I'm trying to think about the trends here. And it looks like just as we -- the first 5 weeks of the third quarter, for Dave & Buster's alone, I think that's all you provided at the time was 17.6% and then you reported 13.6% guidance is for -- even on a consolidated basis, significant deceleration -- or not guidance, but the quarter-to-date, even when we're making that 3-point adjustment to 12% versus the 17.5%.

好的。我只是想考慮這裡的趨勢。看起來就像我們——第三季度的前 5 週，僅就 Dave & Buster 而言，我認為你當時提供的全部是 17.6%，然後你報告了 13.6% 的指導——即使是在綜合基礎，顯著減速 - 或者不是指導，而是季度至今，即使我們將 3 點調整為 12% 而不是 17.5%。

There does seem to be a deceleration going on. I guess your thoughts on what driving that. The Eat & Play when you ran in April drove a really massive and pretty -- really strong result in same-store sales doesn't seem to be repeating. What do you think is driving the -- it seems like what it looks like is decelerating momentum.

似乎確實在減速。我猜你是怎麼想的。當您在四月份跑步時，Eat & Play 在同店銷售中取得了非常巨大和漂亮的 - 非常強勁的結果似乎不會重複。你認為是什麼在推動——它看起來像是在減速勢頭。

Well, I think I've taking that point, if you're looking versus '21, you do have the impact of the Delta variant coming to a close kind of the end of October, which November had a nice bump.

好吧，我想我已經接受了這一點，如果你正在看與 21 年相比，你確實有 Delta 變體的影響接近 10 月底，11 月有一個很好的顛簸。

If you recall during our earnings call a year ago when we commented on November, we had comp store sales at Dave & Busters, which was 14-plus percent for that month alone on the walk-in business. So from a '21 perspective, we are lapping that at this point in time.

如果你還記得一年前我們在 11 月發表評論的財報電話會議上，我們在 Dave & Busters 的商店銷售額中，僅當月的步入式業務就達到了 14% 以上。因此，從 21 世紀的角度來看，我們現在正在處理這個問題。

When you look at the balance of the year in that '21 period, then Omicron hit and the business fell off dramatically. So we do expect to have a much easier comp for the December, January period as we go forward.

當您查看 21 年期間的年度餘額時，Omicron 受到打擊，業務急劇下滑。因此，隨著我們的前進，我們確實希望在 12 月、1 月期間有一個更容易的組合。

Well, I was talking versus '19. You started the third quarter at 17.6% and then it was 13.6% for the quarter and now it's closer to 12% consolidated. So there's a deceleration versus '19. Is there -- what do you think is driving that?

好吧，我說的是 19 年。第三季度開始時為 17.6%，然後本季度為 13.6%，現在接近 12%。所以與 19 年相比有所減速。有沒有 - 你認為是什麼在推動它？

I would just look at just overall trends in the business. I think from a back-to-school perspective, there are economic issues that are out there, although we don't see it as much. I mean to talk about comp store sales at the levels that we are versus '19, I think it's still a remarkable component of this business that shows the strength of the overall business in itself.

我只想看看業務的總體趨勢。我認為從返校的角度來看，存在一些經濟問題，儘管我們沒有那麼多地看到它。我的意思是談論我們與 19 年相比的商店銷售，我認為它仍然是這項業務的一個重要組成部分，它顯示了整體業務本身的實力。

Agreed. And just one question on the -- as we think about the quarter-to-date and then we think about I believe the comment was that -- or maybe you can confirm that you expect the Special Events business to be above '19 levels, so kind of no longer a drag.

同意。只有一個問題——當我們考慮季度至今，然後我們考慮我相信評論是——或者你可以確認你預計特殊活動業務將高於 19 年的水平，這樣就不再拖累了。

But should we think of the whole quarter if demand kind of levels remain the same, we would think about the quarters being higher than the quarter-to-date just as you consider the lift that you have, I think, probably some visibility on for the Special Events? Should we think about the quarter as higher than what the quarter-to-date is just given that dynamic?

但是，如果需求水平保持不變，我們是否應該考慮整個季度，我們會考慮季度高於季度至今，就像你考慮你所擁有的提升一樣，我認為，可能對特別活動？考慮到這種動態，我們是否應該認為該季度高於季度迄今的水平？

The short answer is yes. I mean if you look at quarter-to-date sales, just adjusting for the holiday mismatch, which as Mike said, we expect that mismatch to recover as we move into December, that alone would tell you that we expect the quarter-to-date number to end up better than the 5 weeks.

簡短的回答是肯定的。我的意思是，如果您查看季度至今的銷售額，僅針對假期不匹配進行調整，正如邁克所說，我們預計隨著我們進入 12 月，這種不匹配將恢復，僅此一項就可以告訴您我們預計本季度至 -日期數字結束比 5 週更好。

But then you factor that into just the strength in the business, the focus on Special Events, the pacing that we're on right now to deliver on Special Events, we feel great. We feel great about the business. We feel great about the trends and excited that we're in a position to end the year on a really high note.

但是，如果您將其考慮到業務實力、對特殊活動的關注以及我們現在開展特殊活動的節奏，我們感覺很棒。我們對這項業務感覺很好。我們對這些趨勢感覺很好，並且很高興我們能夠以非常高的音調結束這一年。

Your next question will come from Andrew Strelzik with BMO Capital Markets.

您的下一個問題將來自 BMO Capital Markets 的 Andrew Strelzik。

My first one, I was curious if you think there's any reason to believe recognizing kind of that the overall momentum of the business is still strong, that there has been a touch of a slowdown. Do you think there's any reason to believe that you're seeing any pushback from some of the pricing or some of the pricing adjustments at the game level maybe that you made, do you have kind of any metrics or data points that you're watching to gauge that?

我的第一個，我很好奇你是否認為有任何理由相信認識到業務的整體勢頭仍然強勁，已經出現了一些放緩。您是否認為有任何理由相信您會看到某些定價或遊戲級別的某些定價調整的任何阻力，也許是您所做的，您是否有任何正在觀察的指標或數據點衡量那個？

Yes. So we certainly have the metrics to anytime we raise prices, that's something that we take very seriously. And so we we're always going back and doing the postmortem analysis. We're not seeing -- we're not seeing any pushback or negative reaction or change in consumer behavior related to the price increases.

是的。因此，我們當然有任何時候提高價格的指標，這是我們非常重視的事情。所以我們總是回去做事後分析。我們沒有看到 - 我們沒有看到與價格上漲相關的任何阻力或負面反應或消費者行為的變化。

So in fact, we still feel like that there is room in some aspects of our business to continue to raise prices. So nothing there. I guess I would just point you back to the comments that we've been making is that there's still -- the underlying trends in this business are still very good. And so we still feel good about that.

所以其實我們還是覺得我們業務的某些方面還有繼續漲價的空間。所以什麼也沒有。我想我只想讓你回到我們一直在發表的評論中——這項業務的潛在趨勢仍然非常好。所以我們仍然對此感覺良好。

Okay. Great. And then on the synergies and the integration, what exactly do you have left to do there? And you talked about the $17 million annualized, I believe. How much of the $25 million do you actually expect to realize this year on a reported basis?

好的。偉大的。然後在協同效應和整合方面，你到底還有什麼要做的？我相信你談到了年化 1700 萬美元。在報告的基礎上，您實際期望今年實現 2500 萬美元中的多少？

Okay. So first part of your question, what's left to do. I'll kind of walk you through what's been done and where we're headed. So immediate actions that were taken at the end of Q2 were really around the head count where we got rid of the duplicative nature of you don't need 2 Chief Financial Officers. You don't need 2 CEOs and the like.

好的。所以你的問題的第一部分，還有什麼要做。我將向您介紹已經完成的工作以及我們的前進方向。因此，在第二季度末採取的直接行動實際上是圍繞人數，我們擺脫了你不需要 2 名首席財務官的重複性。您不需要 2 個 CEO 之類的人。

So those decisions were made quickly and implemented swiftly. The next phase that you're seeing right now, which gave us the confidence to up the ante from $20 million to $25 million is really around our supply chain where we've been able to combine the purchasing power of both brands, renegotiate contracts.

因此，這些決定很快做出並迅速實施。你現在看到的下一階段，讓我們有信心將賭注從 2000 萬美元提高到 2500 萬美元，實際上是圍繞我們的供應鏈，我們已經能夠結合兩個品牌的購買力，重新談判合同。

That work is now done, and we're now entering the next phase of that component, which is around taking certain contracts out to bid. And so that RFP process takes a little bit longer, much more demanding on the procurement team rather than just looking at contracts, consolidating and eliminating the 1 that's least favorable for us.

這項工作現已完成，我們現在正進入該組件的下一階段，即圍繞對某些合同進行投標。因此，RFP 流程需要更長的時間，對採購團隊的要求要高得多，而不僅僅是查看合同、合併和消除對我們最不利的合同。

The next phase, which I call the more longer toll step forward is really around more systems related and more foundational structural items that we need to make changes to -- consolidating, whether it's the POS system, back-office accounting systems, HR systems, combining 401(k) plans. It's that type of work that's in process. And that's the long lead time that takes the 18 to 24 months that we quoted previously when we started this process. As far as what we think we're going to experience or see come through, I think it's at least like directionally about $6 million coming through in that period. A lot of that is what we're seeing in our food and beverage costing, which is helping to offset a lot of the inflationary factors that we've seen before.

下一階段，我稱之為更長的收費步驟，實際上是圍繞更多系統相關和更基礎的結構項目，我們需要對其進行更改——整合，無論是 POS 系統、後台會計系統、人力資源系統，結合 401(k) 計劃。這就是正在進行的工作。這就是我們之前在開始這個過程時引用的 18 到 24 個月的漫長準備時間。就我們認為我們將要經歷或看到的事情而言，我認為那段時間至少有 600 萬美元的定向收入。其中很多是我們在食品和飲料成本核算中看到的，這有助於抵消我們之前看到的許多通貨膨脹因素。

Okay. Perfect. Extremely helpful. And if I could just squeeze one last quick one in here. You gave the update on 4Q openings. Is there any change in the way you're thinking about the '23 store openings? Or I just didn't hear an update to that.

好的。完美的。非常有幫助。如果我能在這裡快速擠出最後一個。您提供了第 4 季度職位空缺的最新信息。您對 '23 開店的想法有什麼變化嗎？或者我只是沒有聽到更新。

No, not at this time. We are very mindful of the timing as it relates to any supply chain issues, getting governmental approvals at the local level for permitting and things to that effect -- so the 15 to 17 that we've talked about earlier in the last quarter is still in place, but we'll be providing more details and updates when we get to our Investor Day coming up in the April time frame.

不，不是現在。我們非常注意時間安排，因為它與任何供應鏈問題有關，在地方一級獲得政府批准以獲得許可以及相關的事情 - 所以我們在上個季度早些時候談到的 15 到 17 仍然是到位，但我們將在 4 月份的投資者日到來時提供更多詳細信息和更新。

The next question will come from Brian Vaccaro with Raymond James.

下一個問題將來自 Brian Vaccaro 和 Raymond James。

I just wanted to circle back to the comps and some of the combined versus brand trends. I mean the 2 brands have obviously been generating very different levels of AUVs versus 2019.

我只是想回到比較和一些組合與品牌趨勢。我的意思是，與 2019 年相比，這兩個品牌顯然產生了非常不同的 AUV 水平。

And I think it's important to try to maintain at least a little perspective, at least in the near term on how the 2 businesses are trending because one was up 30% and 40% and one was up, say, 10%, what have you on the DB side.

而且我認為重要的是至少要保持一點觀點，至少在短期內了解這兩家公司的趨勢，因為一家上漲了 30% 和 40%，一家上漲了，比如說，10%，你有什麼在數據庫方面。

So I guess, just in the spirit of reducing the risk of any confusion, could you provide any breakdown between the quarter-to-date comp, D&B and Main Event and maybe give us some perspective on average weekly sales, understanding there's Special Events moving around. But just to try to keep us all on the same page, given the moving pieces here.

所以我想，本著減少任何混淆風險的精神，你能否提供季度至今的比賽、D&B 和主賽事之間的任何細分，也許可以給我們一些關於平均每週銷售的觀點，了解特殊賽事的變化大約。但只是為了讓我們所有人都在同一頁面上，考慮到這裡的移動部分。

Yes. Look, I'll give it to you the best that I can. So if you're looking at the quarter-to-date from an average weekly sales perspective. And again, we're working with both brands. It's about $183,000 that is comparable to what we've seen previously.

是的。聽著，我會盡我所能給你最好的。因此，如果您從平均每週銷售的角度來看季度至今。同樣，我們正在與這兩個品牌合作。它的價格約為 183,000 美元，與我們之前看到的價格相當。

It's the same kind of basic $184,000 that you saw in Q3. So the weekly average of what we're seeing is fairly consistent with that level of, call it, differentiation or split between the Main Event in the Dave & Buster's brand that you saw back in Q3 that we showed in the detail to help everybody get their arms around what Main Event is and to help you guys with your modeling perspective.

這與您在第三季度看到的基本 184,000 美元相同。因此，我們所看到的每周平均水平與您在第三季度看到的 Dave & Buster 品牌主賽事之間的差異化或分裂水平相當一致，我們在細節中展示了這一點，以幫助每個人獲得他們圍繞著主賽事是什麼，並幫助你們建立建模視角。

Now if you -- I'll add on to, if you're looking at the consolidated average weekly sales for '21 for both brands, on a consolidated basis, that would be about $177,000. And if you're looking back to 2019, that number is about $171,000. So there is meaningful growth in the quarter during that period, just between -- the different brands are, I would say, sticking in line with the trajectories that we saw previously.

現在，如果你 - 我會補充說，如果你正在查看這兩個品牌 21 年的合併平均每週銷售額，在合併的基礎上，那將是大約 177,000 美元。如果你回顧 2019 年，這個數字約為 171,000 美元。因此，在此期間，本季度出現了有意義的增長，就在——不同品牌之間，我想說，與我們之前看到的軌跡保持一致。

Okay. Perhaps you'd be willing to maybe -- okay, we'll stay to the combined. So versus '19, Europe, I think you said 17.5% on a combined 3-year comp in the third -- in this quarter you just reported, and that's slowed to say, maybe in the 12% now if you make the Special Events adjustment.

好的。或許你願意——好吧，我們將繼續合併。因此，與 19 年歐洲相比，我認為你在第三個季度說了 3 年期組合的 17.5%——在這個季度你剛剛報告了，這說得慢了，如果你參加特別活動，現在可能是 12%調整。

Has the -- so you've moderated, let's say, underlying by, call it, 500 basis points. I don't know if you'd agree with that high level, but around 500 bps versus '19. Is one brand decelerating more than the other? Can you provide any qualitative perspective on Main Event versus D&B that 3-year trend, one versus the other?

有 - 所以你已經緩和了，比方說，潛在的，稱之為 500 個基點。我不知道你是否同意這個高水平，但與 19 年相比大約 500 個基點。一個品牌是否比另一個品牌減速得更多？您能否提供關於 Main Event 與 D&B 這 3 年趨勢的任何定性觀點，一個與另一個？

Yes, so there's no noticeable difference between the trends. This is -- what you're seeing is just last quarter, we provided the details for Main Event to aid investors and analysts in the modeling since Main Event was not public before.

是的，所以趨勢之間沒有明顯的區別。這是 - 你所看到的只是上個季度，我們提供了主賽事的詳細信息，以幫助投資者和分析師進行建模，因為主賽事之前並未公開。

Now rolling into the Dave & Buster's, we thought it was necessary to provide that detail so you could adjust. And then going forward, I appreciate where you're coming from, wanting more detail. But going forward, this is the disclosures that we've elected to pursue and it's reflective of how as Q said, or as Mike said, it's reflective of how we're managing the business. Main Event is 20% of our business. We don't want to get into providing granular data. We don't provide that across any different regions. And we're focused on managing the entire enterprise, and this is how we're looking at the business, and this is how we want to communicate the business.

現在進入 Dave & Buster's，我們認為有必要提供該細節以便您進行調整。然後繼續前進，我很欣賞你來自哪裡，想要更多細節。但展望未來，這是我們選擇追求的披露，它反映了 Q 所說的或邁克所說的，它反映了我們管理業務的方式。主賽事占我們業務的 20%。我們不想提供細粒度數據。我們不在任何不同地區提供該服務。我們專注於管理整個企業，這就是我們看待業務的方式，這就是我們想要傳達業務的方式。

To the extent that there ever is a material shift between the 2 brands, and it's -- and we deem that it's necessary to talk about that, then we will do so. just as we have done in the past. So the trends heading into 5 weeks for Q4, proportionately between the 2 brands is comparable to where we've been. This just -- but this is the disclosure that we're going with going forward.

如果這兩個品牌之間存在實質性轉變，而且我們認為有必要討論這個問題，那麼我們就會這樣做。正如我們過去所做的那樣。因此，進入第 4 季度 5 週的趨勢，這兩個品牌之間的比例與我們一直以來的情況相當。這只是 - 但這是我們要繼續前進的披露。

Okay. Understood. Fair enough. My follow-up, I guess, is on the margin front. And I guess I'll take the other OpEx line here. saw quite a bit of leverage on the other OpEx line, I guess, versus our expectations or compared to what you saw in last quarter, if we're trying to base it out a little bit.

好的。明白了。很公平。我想我的後續行動是在保證金方面。我想我會在這裡使用其他 OpEx 線路。我猜，與我們的預期或與您在上個季度看到的情況相比，如果我們試圖將其作為基礎，那麼在其他 OpEx 線上看到了相當多的槓桿作用。

Can you just kind of, at a high level, move through some of the puts and takes? I know sometimes there are swings in marketing, swings in R&M and other spend levels that might show up in that line. Mike, any help on sort of the puts and takes on that line in the quarter would be very helpful.

你能不能在高層次上通過一些 puts 和 takes 來移動？我知道有時營銷、R&M 和其他支出水平可能會出現波動，這可能會出現在這條線上。邁克，本季度任何關於推銷和接管的幫助都會非常有幫助。

Yes. I think from a puts-and-takes perspective, I think we continue to see higher costs.

是的。我認為從買賣的角度來看，我認為我們將繼續看到更高的成本。

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area. Two components of that. Part of it is external janitorial services. As we -- as we've talked about before, as we reopened post pandemic, finding labor was difficult, so we did a lot of outsourcing at that point.

區域。其中的兩個組成部分。其中一部分是外部清潔服務。正如我們——正如我們之前談到的那樣，當我們在大流行後重新開放時，很難找到勞動力，所以我們在那個時候做了很多外包。

As we are seeing today a recovery in the labor market where we've got 12% more job applicants for positions today than we saw a year ago, we are able to now start going back on a strategic basis and looking and evaluating whether those costs are better off in-house versus external.

正如我們今天看到的勞動力市場的複蘇，我們今天的職位申請人比一年前多了 12%，我們現在能夠開始在戰略基礎上回顧並評估這些成本是否內部比外部更好。

So there is that piece of business that's going. We continue to see higher costs around security. Wage inflation there has not come down. When you're asked to include security from the local municipality because of certain areas that they have cut back on, that is a cost that we're absorbing, and we want to do that.

因此，這部分業務正在進行中。我們繼續看到圍繞安全的更高成本。那裡的工資通脹並沒有下降。當你被要求包括當地市政當局的安全措施時，因為他們削減了某些地區，這是我們正在吸收的成本，我們想這樣做。

Because we take the safety of our customers, first and foremost, as one of the most important table stakes they have and choosing to come to a Dave & Buster's or a Main Event. We also look at things from a repairs and maintenance perspective. We are looking through -- if you kind of go back post pandemic, there was a lot of deferred maintenance in the building.

因為我們首先將客戶的安全作為他們擁有的最重要的籌碼之一，並選擇來參加 Dave & Buster's 或主賽事。我們還從維修和保養的角度看待事物。我們正在調查——如果你在大流行病後回去，大樓裡有很多延期維修。

So some people have come back and we have made a little bit more of investment there on the R&M side from an expense perspective. Now the recovery aspects of what's offsetting some of that is the utility costs that we spoke about before, it was a very hot summer that we all had extreme higher energy costs that we had to deal with, not only from the usage but also from a rate perspective, that utilization is obviously coming down as we get to the cooler months of the winter time. And so those are pretty much the 4 puts and takes that we have.

所以有些人回來了，從費用的角度來看，我們在 R&M 方面做了更多的投資。現在抵消其中一部分的恢復方面是我們之前談到的公用事業成本，那是一個非常炎熱的夏天，我們所有人都必須應對極高的能源成本，不僅來自使用，還來自從利率的角度來看，隨著我們進入冬季較涼爽的月份，利用率明顯下降。因此，這些幾乎就是我們擁有的 4 次投入和投入。

The next question will come from Jeff Farmer with Gordon Haskett.

下一個問題將來自 Jeff Farmer 和 Gordon Haskett。

I have a couple of questions for you guys. So can you just update us on what you're seeing from the lower-income consumer? How large is this cohort for you guys? And how are they behaving?

我有幾個問題要問你們。那麼，您能否向我們介紹一下您從低收入消費者那裡看到的情況？這個隊列對你們來說有多大？他們的行為如何？

Sure. I'll take that. We've -- we're constantly trying to understand our business, understand the trends and certainly understanding how our guest profiles are impacting our business. And there's really nothing noteworthy there. We -- there's still strength in our business across all demos. We're not seeing -- we haven't seen a disproportionate shift in trends on a lower end consumer.

當然。我會接受的。我們 - 我們一直在努力了解我們的業務，了解趨勢，當然也了解我們的客人資料如何影響我們的業務。那裡真的沒有什麼值得注意的。我們 - 在所有演示中我們的業務仍然很強大。我們沒有看到——我們沒有看到低端消費者的趨勢發生不成比例的轉變。

Okay. And then just really 2 modeling ones. The first is simple, which is which -- what interest rate should we be using in the model, considering the movement in rates out there? And then you guys were talking about 25% commodity inflation last time we heard from you. What's the update there?

好的。然後只是真正的 2 個建模。第一個很簡單，即考慮到那裡的利率變動，我們應該在模型中使用什麼利率？上次我們收到你們的消息時，你們談論的是 25% 的商品通脹。那裡有什麼更新？

Let me start off with commodity inflation. So if you're looking at 21%, I should say, versus 21%. In Q2, we were up 17%. In Q3, we're only up 9%. And a lot of piece of that is the work that we've been doing around our synergies and really driving home on the renegotiation of contracts and combined purchasing power to lower our commodity costs at that point.

讓我從商品通脹開始。所以如果你看的是 21%，我應該說，而不是 21%。在第二季度，我們上漲了 17%。在第三季度，我們只上漲了 9%。其中很大一部分是我們圍繞協同效應所做的工作，並真正推動合同的重新談判和合併購買力，以降低當時的商品成本。

When you look at our interest rate Remember, we've got the 7.625 notes that are outstanding. And when you're looking at LIBOR -- or sorry, LIBOR -- SOFR, where at SOFR plus 500 is the term loan. So you could just look at the forward yield curve for SOFR for the next year, and that will give you your interest rate.

當您查看我們的利率時請記住，我們有未償還的 7.625 票據。當你查看 LIBOR——或者抱歉，LIBOR——SOFR 時，SOFR 加 500 就是貸款。因此，您可以只查看明年 SOFR 的遠期收益率曲線，這將為您提供利率。

The next question will come from Sharon Zackfia with William Blair.

下一個問題將來自 Sharon Zackfia 和 William Blair。

I guess the question on the spend per card. I know that it's been quite elevated kind of in the early innings coming out of the pandemic for Dave & Buster's. How has that been trending now as we've gotten to maybe a more normalized pandemic status with the consumer?

我猜是關於每張卡花費的問題。我知道在 Dave & Buster's 的大流行病爆發後的早期階段，它已經相當高了。隨著我們與消費者的流行病狀態可能變得更加正常化，現在這種趨勢如何？

Yes, we are at a same consistent level of what we saw coming out of the pandemic. So if you look at it over the last year, we've seen no decline in the average transaction value of the Power Card at the kiosks.

是的，我們所處的水平與我們所看到的大流行病的水平相同。因此，如果您查看去年的情況，我們會發現售貨亭中 Power Card 的平均交易價值沒有下降。

Right. And then on the EBITDA margin, I know you've been targeting 200 basis points over '19. I want to confirm that that's also a target for the fourth quarter.

正確的。然後在 EBITDA 利潤率上，我知道你在 19 年的目標是 200 個基點。我想確認這也是第四季度的目標。

And then beyond kind of this current quarter, I assume we're not going to be talking about 2019 anymore. I think things become a little bit more apples-to-apples when we get into 2023.

然後在當前季度之外，我認為我們不會再談論 2019 年了。我認為當我們進入 2023 年時，事情會變得更加平等。

I'm just curious on the Dave & Buster's business, given that you guys have fresh eyes on the business, there had been a lot of volatility pre-pandemic with comps negative. I mean what do you consider a win for Dave & Buster's? Is it slightly positive comps, mid-single? Like what's the winning scenario here as you think about Dave & Buster's and more of a kind of steady-state environment, when we're not talking about the consumer still getting back to normal patterns?

我只是對 Dave & Buster 的業務很好奇，鑑於你們對業務有新的看法，在大流行前有很多波動，補償為負。我的意思是，您如何看待 Dave & Buster's 的勝利？它是稍微積極的伴奏，中單嗎？當你想到 Dave & Buster 的時候，這裡的成功場景是什麼，更多的是一種穩態環境，當我們不是在談論消費者仍在恢復正常模式時？

Well, I'll handle the first part of your question in regards to margin. Yes, I'm getting pretty tired of talking about 2019 levels as well. But as you do look back to '21, you still see whether it's the Delta variant or the Omicron variant, it just makes for a noisy comparison. So that's why we've been providing '21 and '19.

好吧，我會處理你關於保證金的問題的第一部分。是的，我也厭倦了談論 2019 年的水平。但是當你回顧 21 年時，你仍然會看到它是 Delta 變體還是 Omicron 變體，這只是一個嘈雜的比較。所以這就是為什麼我們一直提供 '21 和 '19。

The 200 basis point commitment that was given a year plus ago, we still remain committed that that's what we'll be able to achieve on this Q4 period.

一年多前給出的 200 個基點的承諾，我們仍然承諾這就是我們在第四季度能夠實現的目標。

And then, Sharon, in terms of defining the win, look, we're here to grow this business. We want to -- we're maniacal about growing our business through just a very sharp focus on the guest experience and driving revenue through the way we manage, the way we manage our business and manage the throughput and focus on guest satisfaction.

然後，莎倫，就定義勝利而言，看，我們來這裡是為了發展這項業務。我們希望——我們瘋狂地通過非常專注於客戶體驗來發展我們的業務，並通過我們的管理方式、我們管理業務和管理吞吐量的方式以及對客戶滿意度的關注來推動收入。

And so really, I guess, what defines winning is just the magnitude of the growth. We want to grow as much as possible. in all areas of the business. So starting -- we're very focused on growing our guest counts and maximizing our revenue opportunity. So we want to grow our check and we want to do it in a way where it's very profitable, and we flow dollars to the bottom line and maximize EBITDA and open as many stores as we can in the future.

所以，我想，真正定義勝利的只是增長的幅度。我們希望盡可能地成長。在業務的所有領域。所以開始 - 我們非常專注於增加客人數量和最大化我們的收入機會。所以我們想增加我們的支票，我們想以一種非常有利可圖的方式來做這件事，我們將美元流向底線並最大化 EBITDA 並在未來開設盡可能多的商店。

So I don't know exactly how to answer your question. I can tell you that we're -- we believe right now we are winning. We're pleased with the results that we're seeing in the fourth quarter. And as we look through the noise of this holiday mismatch and what we're seeing on Special Events coming into December, we're in a winning position right now. And so it's really just in terms of -- we always want more. And so as we move forward, this is a team that is completely focused on maximizing every single growth opportunity, but doing it the right way to lead to sustainable results. Hopefully, that answers your question.

所以我不知道如何回答你的問題。我可以告訴你，我們 - 我們相信現在我們正在獲勝。我們對第四季度的結果感到滿意。當我們審視這個假期不匹配的噪音以及我們在即將到來的 12 月的特別活動中看到的情況時，我們現在處於勝利的位置。所以這真的只是——我們總是想要更多。因此，隨著我們向前邁進，這是一個完全專注於最大化每一個增長機會的團隊，但以正確的方式實現可持續的結果。希望這能回答您的問題。

Yes, I suspect you'll tell us more when you have the Analyst Day.

是的，我想您在分析師日時會告訴我們更多信息。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Chris Morris, Chief Executive Officer, for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉回給首席執行官 Chris Morris 先生，聽取任何閉幕詞。請繼續。

All right. Thank you, operator. In closing, we'd like to again commend our team for the exceptional results they continue to produce at our stores across the country and for all the hard work being done at our Dallas support center to integrate the Main Event business and optimize the infrastructure to support the bright future of these 2 phenomenal brands. Thank you for joining. We look forward to keeping you apprised of our continued progress on growth initiatives, and we look forward to hosting you at our Investor Day in the early part of the year. So happy holidays, everybody. Thank you.

好的。謝謝你，運營商。最後，我們要再次讚揚我們的團隊在全國各地的門店繼續取得的卓越成果，以及我們在達拉斯支持中心為整合主賽事業務和優化基礎設施所做的所有辛勤工作支持這兩個非凡品牌的光明未來。感謝您的加入。我們期待讓您了解我們在增長計劃方面的持續進展，我們期待在今年年初的投資者日接待您。大家節日快樂。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。