Dave & Buster's Entertainment Inc (PLAY) 2023 Q2 法說會逐字稿

Good day, and welcome to the Dave & Buster's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Dave & Buster 的 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I'd now like to turn the conference over to Cory Hatton, Vice President, Investor Relations and Treasurer. Please go ahead.

現在我想將會議交給投資者關係副總裁兼財務主管科里·哈頓 (Cory Hatton)。請繼續。

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

謝謝您，接線員，歡迎在線的每個人。今天的電話會議將由我們的首席執行官克里斯·莫里斯 (Chris Morris) 主持。和我們的首席財務官 Mike 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 Incorporated and is copyrighted.

在我們準備好發言後，我們將很樂意回答您的問題。此通話是代表 Dave & Buster's Entertainment Incorporated 錄製的，並受版權保護。

Before we begin the discussion on our company's second quarter 2023 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. 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.

在我們開始討論公司 2023 年第二季度業績之前，我想提請您注意，在我們的言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。這些項目中的任何一項均應被視為與 1995 年《私人證券訴訟改革法案》含義內的未來事件相關的前瞻性陳述。

All such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Information on the various risk factors and uncertainties have been published in our filings with the SEC, which are available on our website.

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預期不同。有關各種風險因素和不確定性的信息已在我們向 SEC 提交的文件中發布，這些文件可在我們的網站上查看。

In addition, our remarks today will include references to financial measures that are not defined under Generally Accepted Accounting Principles. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP measure contained in our earnings announcement released this afternoon.

此外，我們今天的講話將包括參考公認會計原則中未定義的財務措施。投資者應審查這些非公認會計準則衡量標準與我們今天下午發布的收益公告中包含的可比公認會計準則衡量標準的調整情況。

With that, it is my pleasure to turn the call over to Chris.

至此，我很高興將電話轉給克里斯。

All right. Thank you, Cory. Good afternoon, everyone. Thank you for joining our call today. We are pleased to report record results for the second quarter of fiscal 2023.

好的。謝謝你，科里。大家下午好。感謝您今天加入我們的電話會議。我們很高興報告 2023 財年第二季度創紀錄的業績。

We generated revenue of $542 million, and adjusted EBITDA of $140 million resulting in an adjusted EBITDA margin of 25.9% for the quarter. In a few moments, Mike will walk you through the details of our financial performance.

我們的收入為 5.42 億美元，調整後 EBITDA 為 1.4 億美元，調整後 EBITDA 利潤率為 25.9%。稍後，邁克將向您詳細介紹我們的財務業績。

As we take a step back and reflect on where we are, we remain as confident as ever in our ability to execute against the numerous and sizable growth initiatives that we laid out in our recent Investor Day presentation, and which we have already begun implementing.

當我們退後一步並反思我們所處的位置時，我們仍然一如既往地相信我們有能力執行我們在最近的投資者日演講中提出的眾多大規模增長計劃，並且我們已經開始實施這些計劃。

During the quarter, we are pleased that we continue to open new stores at a highly attractive returns on invested capital, that we have diligently managed our cost structure, and continue to expand our adjusted EBITDA margins, and that our exceptional team has done a phenomenal job navigating our highly profitable and resilient business model through a dynamic period in our economy, and against strong top line comparisons versus 2022.

在本季度，我們很高興我們繼續以極具吸引力的投資回報率開設新店，我們努力管理我們的成本結構，並繼續擴大我們調整後的 EBITDA 利潤率，我們卓越的團隊取得了驚人的成績我們的工作是在我們經濟的一個充滿活力的時期，以及與2022 年相比強勁的收入比較中，引導我們的高利潤和有彈性的商業模式。

We are laser-focused on optimizing our business and growing revenue, adjusted EBITDA, and cash flow. We remain committed to our long-term target of adjusted EBITDA of $1 billion, and are making considerable progress towards that goal. I'd like to take a moment to update you on each of the 6 key organic growth initiatives.

我們專注於優化業務和增加收入、調整後的 EBITDA 和現金流。我們仍然致力於實現調整後 EBITDA 10 億美元的長期目標，並且正在朝著這一目標取得重大進展。我想花點時間向您介紹 6 項關鍵有機增長舉措的最新情況。

First, marketing [optimization]. As a reminder, we strongly believe that there is a meaningful opportunity to grow traffic by making sure we get the right message to the right people at the right time. To that end, we have successfully completed our investment in the marketing technology infrastructure, and are now in the process of building the digital marketing engine that we expect will begin bearing fruit in the early part of fiscal 2024.

第一，營銷【優化】。提醒一下，我們堅信，通過確保我們在正確的時間向正確的人提供正確的信息，這是一個增加流量的有意義的機會。為此，我們已經成功完成了對營銷技術基礎設施的投資，目前正在構建數字營銷引擎，我們預計該引擎將在 2024 財年初期開始取得成果。

These tools will play a key role in developing a more personalized approach to marketing through improved targeting and guest engagement. In addition, our loyalty database is now 5.2 million users, up from 4.8 million users last quarter, as our mobile app experience keeps getting better.

這些工具將通過改進目標定位和賓客參與度，在開發更加個性化的營銷方法方面發揮關鍵作用。此外，隨著我​​們的移動應用程序體驗不斷改善，我們的忠誠度數據庫現在有 520 萬用戶，高於上季度的 480 萬用戶。

Continuing to grow our loyalty database will be a key benefit for our top and bottom line as customers in our loyalty database visit approximately 50% more frequently, and spend approximately 15% more when they visit. As part of our broader effort to highlight our superior watch offering, and to use the sports calendar to drive visitation, This week we launched our fall football campaign along with an everyday $5 Bites menu.

繼續擴大我們的忠誠度數據庫將成為我們收入和利潤的一個關鍵優勢，因為我們忠誠度數據庫中的客戶訪問頻率增加了大約 50%，並且訪問時的支出增加了大約 15%。作為我們更廣泛努力的一部分，以突出我們卓越的手錶產品，並利用體育日曆來增加訪問量，本週我們推出了秋季足球活動以及每日 5 美元小吃菜單。

We are also bringing back the successful All You Can Eat Wings on Mondays and Thursdays which our guests will particularly enjoy while cheering on their favorite teams.

我們還在周一和周四重新推出了“吃到飽”的雞翅，我們的客人在為他們最喜歡的球隊加油時會特別喜歡。

Second, strategic game pricing. Playing games is at the core of our business model, and what we are and will always be most known for as a brand. As highlighted during our Investor Day, we believe there is a significant opportunity to implement a new comprehensive game pricing strategy to drive meaningful additional revenue, adjusted EBITDA and cash flow, while still maintaining our everyday value proposition with game prices still well below our peers.

第二，戰略遊戲定價。玩遊戲是我們商業模式的核心，也是我們作為一個品牌而聞名的。正如我們在投資者日期間強調的那樣，我們相信有一個重要的機會來實施新的全面遊戲定價策略，以推動有意義的額外收入、調整後的EBITDA 和現金流，同時仍然保持我們的日常價值主張，遊戲價格仍遠低於同行。

While we require certain investments to fully implement all elements of our new strategy, we are currently unlocking new ways to optimize regional pricing that we expect to have a positive impact in the fourth quarter of 2023 during our key holiday period.

雖然我們需要一定的投資來全面實施新戰略的所有要素，但我們目前正在探索優化區域定價的新方法，我們預計這將在 2023 年第四季度的關鍵假期期間產生積極影響。

Third, improved food and beverage. As a reminder, significant opportunity exists to improve our attachment rate and overall revenue and profits generated by food and beverage business by simplifying our offerings, improving the quality of our offerings, investing in technology to accelerate speed of service, and optimizing our labor model.

三是改善餐飲。謹此提醒，通過簡化我們的產品、提高產品質量、投資技術以加快服務速度以及優化我們的勞動力模式，存在著重要的機會來提高我們的依附率以及食品和飲料業務產生的總體收入和利潤。

We recently completed a test of the next phase of our new Dave & Buster's menu of the future and new hospitality-focused service model, which we are pleased to report was successful. During the test, these stores saw a low single-digit increase in sales, a 170 basis point improvement in food cost of sales, improved labor costs due to operational efficiency, improved speed of service and [OSAT] scores. We are on track to launch this phase of our new menu and F&B strategy system-wide by the end of September.

我們最近完成了對 Dave & Buster 新的未來菜單和新的以酒店為中心的服務模式的下一階段的測試，我們很高興地報告取得了成功。在測試期間，這些商店的銷售額出現了較低的個位數增長，食品銷售成本提高了 170 個基點，由於運營效率、服務速度和 [OSAT] 分數的提高而改善了勞動力成本。我們有望在 9 月底之前在全系統範圍內推出這一階段的新菜單和餐飲策略。

Fourth, remodels. We are in the process of modernizing and refreshing the look and feel of our D&B stores, improving the layout to increase traffic and overall productivity as well as implementing technology to support guest engagement, and introducing new entertainment offerings to drive traffic for a walk-in and special event business. I'm pleased to report the successful launch of our first of 12 test remodels, which went live in mid-August introducing our enhanced entertainment offerings.

第四，改造。我們正在對 D&B 商店進行現代化改造和煥然一新的外觀和感覺，改進佈局以增加客流量和整體生產力，實施支持顧客參與的技術，並推出新的娛樂產品以增加步入式客流量和特別活動業務。我很高興地向您報告，我們已成功推出 12 項測試改造中的第一項，該改造於 8 月中旬上線，推出了我們增強的娛樂產品。

Although it's only been 3 weeks, the new format is being well received by our guests, and performing ahead of expectations of a double-digit improvement in comparable store sales growth trends. There will be 8 more test remodels coming online in the balance of 2023 with the remaining 3 in 2024.

雖然只有三週時間，但新的形式受到了客人的好評，並且表現超出了可比商店銷售增長趨勢兩位數增長的預期。到 2023 年，還將有 8 款測試改裝車型上線，其餘 3 款將在 2024 年上線。

Once these tests are complete, we will provide more comprehensive financial observations of these test remodels, and how these initial results are sharpening our strategy for the planned rollout of the remodel program to the remaining D&B locations in 2024 and beyond. However, you can rest assured that we remain laser-focused on generating highly attractive returns on invested capital for the remodels.

一旦這些測試完成，我們將對這些測試改造提供更全面的財務觀察，以及這些初步結果如何強化我們計劃在 2024 年及以後向 D&B 其餘地點推出改造計劃的策略。然而，您可以放心，我們仍然專注於為改造的投資資本創造極具吸引力的回報。

Fifth, special Events. We continue to believe that there is a significant opportunity to improve execution in our special events business. While we have recovered back to pre-COVID levels on a combined brand basis, we are leveraging the strongest elements of the Main Event playbook to drive additional sales at Dave & Buster's, which is still meaningfully below pre-COVID levels.

五是專題活動。我們仍然相信，我們的特別活動業務存在改善執行力的重大機會。雖然我們在綜合品牌基礎上已經恢復到新冠疫情前的水平，但我們正在利用主賽事劇本中最強大的元素來推動Dave & Buster's 的額外銷售額，該銷售額仍明顯低於新冠疫情前的水平。

We've completed the initial phase of adding sales managers to the stores, which has shown encouraging results. For example, while still in the early innings of the rollout of this initiative, at the stores where we've made the changes, we have seen more than double the advance group bookings for Q3 and Q4 on average versus the rest of the system.

我們已經完成了向商店增加銷售經理的初始階段，並取得了令人鼓舞的成果。例如，雖然仍處於該計劃推出的早期階段，但在我們做出改變的商店中，我們發現第三季度和第四季度的提前團體預訂量比系統其他部分平均增加了一倍多。

While we expect significant near-term improvements in the special event business, we also expect the introduction of new entertainment offerings in connection with our store remodel program, to be a catalyst for our Special Event business.

雖然我們預計特別活動業務近期將出現重大改善，但我們也預計與我們的商店改造計劃相關的新娛樂產品的推出將成為我們特別活動業務的催化劑。

Sixth, technology enablement. At the store level, we are focused on optimizing our current service model and updating our store IT infrastructure, which will lead to vastly improved data and analytics, better guest engagement and improved guest satisfaction.

第六，科技賦能。在商店層面，我們專注於優化當前的服務模式並更新商店 IT 基礎設施，這將大大改善數據和分析、提高顧客參與度並提高顧客滿意度。

Our technology leaders are hard at work in the quarter implementing a server tablet solution, selecting our enterprise POS of the future, installing new kiosks and working closely with our entertainment and operations team on our remodels. As with the remodels, we strongly believe these initiatives will lead to additional revenue, adjusted EBITDA, and we are laser-focused on generating an attractive return on the required investment in this area.

我們的技術領導者在本季度努力實施服務器平板電腦解決方案，選擇未來的企業 POS，安裝新的自助服務終端，並與我們的娛樂和運營團隊密切合作進行改造。與改造一樣，我們堅信這些舉措將帶來額外收入、調整後的 EBITDA，並且我們將專注於在該領域所需的投資中產生有吸引力的回報。

In aggregate, we are confident our organic growth initiatives will create significant shareholder value over the long-term, and our operational achievements in the quarter are indicative of the progress we are making towards our goal. As Mike will discuss in greater detail, our approach to running the business with sharpened cost controls enabled us to continue to expand our margins, which grew a 120 basis points versus 2022, and are now up 230 basis points in the second quarter versus 2019. We continue to find ways to permanently reduce our cost base that will be particularly powerful for cash flow generation, as the momentum continues to build as we execute against our long-term strategic plan.

總的來說，我們相信我們的有機增長計劃將在長期內創造顯著的股東價值，我們本季度的運營成就表明我們在實現目標方面所取得的進展。正如邁克將更詳細地討論的那樣，我們通過加強成本控制來運營業務的方法使我們能夠繼續擴大利潤率，利潤率比2022 年增長了120 個基點，現在第二季度比2019 年增長了230 個基點。我們將繼續尋找永久降低成本基礎的方法，這對於現金流的產生尤其有效，因為隨著我們執行長期戰略計劃，這種勢頭不斷增強。

In the quarter, we opened 2 new Dave & Buster's and 1 new Main Event. Our strong track record of opening new stores remains intact for fiscal 2023 as we continue to expect a total of 16 new stores this year across both brands. Our new store openings continue to perform exceptionally well and generate strong cash-on-cash returns.

在本季度，我們開設了 2 場新的 Dave & Buster 賽事和 1 場新的主賽事。我們在 2023 財年開設新店的良好記錄仍然完好無損，因為我們仍然預計今年兩個品牌總共將開設 16 家新店。我們的新店開業繼續表現出色，並產生強勁的現金回報。

We are very pleased with the progress being made throughout all areas of the business, and have high conviction that our strategic plan will deliver significant shareholder value. Despite the progress we've made towards our strategic plan and the demonstrated strength and resiliency of our business model, D&B remains extremely undervalued by the market.

我們對業務各個領域所取得的進展感到非常高興，並堅信我們的戰略計劃將帶來顯著的股東價值。儘管我們在戰略計劃方面取得了進展，並且我們的業務模式展現了實力和彈性，但鄧白氏的價值仍然被市場極度低估。

To that end, our Board of Directors has approved an increase to our current share repurchase authorization, bringing our current authorization to $200 million. While we continue to prioritize high ROI investments in the business, and new stores we will also continue to opportunistically and aggressively buy back shares when our shares trade materially below our view at fair value.

為此，我們的董事會已批准增加當前的股票回購授權，使當前的授權達到 2 億美元。雖然我們繼續優先考慮對業務和新店的高投資回報率投資，但當我們的股票交易價格大幅低於我們對公允價值的看法時，我們也將繼續機會主義地積極回購股票。

So, now let me turn the call over to Mike for a review of our second quarter results. Mike?

因此，現在讓我將電話轉給邁克，以審查我們第二季度的業績。麥克風？

Thanks, Chris. We are pleased to report strong financial results for the second quarter. We generated second quarter revenue of $542.1 million and adjusted EBITDA of $140.3 million, an increase of 21.3% versus the prior year.

謝謝，克里斯。我們很高興地報告第二季度強勁的財務業績。我們第二季度的收入為 5.421 億美元，調整後 EBITDA 為 1.403 億美元，比上年增長 21.3%。

Net income in the second quarter totaled $25.9 million or $0.60 per diluted share. We reported $40.9 million of adjusted net income or $0.94 of adjusted earnings per diluted share, which includes an adjustment for the $11.2 million loss on debt refinancing in the quarter.

第二季度淨利潤總計 2590 萬美元，即稀釋後每股收益 0.60 美元。我們報告了 4090 萬美元的調整後淨利潤或 0.94 美元的調整後每股攤薄收益，其中包括本季度 1120 萬美元債務再融資損失的調整。

Reconciliations of these new non-GAAP measures can be found in today's press release. Pro forma comparable store sales decreased 6.3% versus 2022, as we continue to lap robust prior year periods from a top-line perspective. When we look back at a more normalized level of business, we are up 5.8% versus 2019 on a consolidated basis, led by the continued strength of our entertainment business.

這些新的非公認會計原則措施的調節可以在今天的新聞稿中找到。預計可比商店銷售額與 2022 年相比下降了 6.3%，因為我們從營收角度繼續保持去年同期的強勁表現。當我們回顧更加正常化的業務水平時，在娛樂業務持續強勁的帶動下，我們的綜合業務較 2019 年增長了 5.8%。

Our special events business continues to recover with revenues up 15.6% on a year-over-year basis in the second quarter and remains close to flat in comparison to pro forma 2019 levels. Our second quarter adjusted EBITDA improved 230 basis points to 25.9% versus 2019.

我們的特別活動業務繼續復甦，第二季度收入同比增長 15.6%，與 2019 年預計水平相比仍接近持平。我們第二季度調整後的 EBITDA 比 2019 年提高了 230 個基點，達到 25.9%。

As Chris mentioned, we continue to drive margin in this environment with a laser focus on our cost base, leaving no stone unturned across cost of goods sold, labor, store operating expenses and G&A. We are confident in the levers that we have to pull, and all 4 of these cost buckets that will result in the annualized run rate cost savings of $40 million to $60 million, as we laid out in our Investor Day presentation.

正如克里斯所提到的，我們在這種環境下繼續提高利潤率，重點關注我們的成本基礎，在銷售商品成本、勞動力、商店運營費用和一般行政費用方面不遺餘力。正如我們在投資者日演講中所闡述的那樣，我們對必須採取的措施以及所有這 4 個成本桶充滿信心，這將導致年化運行成本節省 4000 萬至 6000 萬美元。

We generated a $103.8 million of operating cash flow during the second quarter, contributing to an ending cash balance of $82.6 million, for liquidity of over $572 million when combined with the $490 million available on our $500 million revolving credit facility, net of outstanding letters of credit. We ended the quarter with a total net leverage ratio of 2.1x.

第二季度我們產生了1.038 億美元的運營現金流，期末現金餘額為8260 萬美元，流動性超過5.72 億美元，再加上我們5 億美元的循環信貸額度中可用的4.9 億美元（扣除未償還的信用證）信用。本季度結束時，我們的總淨槓桿率為 2.1 倍。

Our strong balance sheet, low leverage and superior cash flow profile provides us with the ability to invest in the business, to drive profitable growth and continue to return capital to shareholders.

我們強大的資產負債表、低杠桿率和卓越的現金流狀況使我們有能力投資業務、推動盈利增長並繼續向股東返還資本。

As previously disclosed in the second quarter, we repurchased 2.1 million shares at a total cost of $74.5 million, and after increasing our share repurchase authorization, we currently have $200 million of share repurchase authorization. Also in the quarter, we opportunistically re-priced our credit facility, reducing the spread on our Term Loan B, and any future revolver borrowings by 1.25%.

正如之前在第二季度披露的那樣，我們回購了 210 萬股股票，總成本為 7450 萬美元，在增加股票回購授權後，我們目前擁有 2 億美元的股票回購授權。同樣在本季度，我們機會主義地重新定價了我們的信貸安排，將我們的定期貸款 B 和任何未來循環借款的利差降低了 1.25%。

Turning to capital spending. We invested a total of $82.6 million in capital additions during the second quarter, opening 2 new Dave & Buster's stores and 1 new Main Event. We've already opened 1 new Dave & Buster's store during the third quarter of fiscal year 2023, and 1 new Main Event store as well. Also, as Chris mentioned, we are on track to open a total of 16 new stores and relocate 1 store across both brands during fiscal year '23.

轉向資本支出。我們在第二季度總共投資了 8260 萬美元的增資資金，開設了 2 家新的 Dave & Buster's 商店和 1 家新的 Main Event。我們已在 2023 財年第三季度開設 1 家新的 Dave & Buster's 商店，以及 1 家新的 Main Event 商店。此外，正如 Chris 提到的，我們有望在 23 財年開設 16 家新店，並搬遷兩個品牌的 1 家店。

To summarize, we are pleased with the progress we made in the quarter, strengthening our company's financial position with the favorable repricing of our Term Loan B, returning capital to shareholders via our share buyback program, and establishing a quantifiable roadmap to execute upon by unveiling our long-term strategic plan at our Investor Day in June.

總而言之，我們對本季度取得的進展感到滿意，通過定期貸款 B 的有利重新定價加強了公司的財務狀況，通過股票回購計劃向股東返還資本，並通過公佈來建立可量化的路線圖來執行我們在六月份的投資者日上發布了我們的長期戰略計劃。

There are numerous opportunities for us to pursue in the immediate near-term and long-term, and we remain focused on managing costs to unlock the maximum value of these 2 great brands and deliver the highest possible returns for our shareholders.

我們在近期和長期都有大量的機會可以追求，我們仍然專注於管理成本，以釋放這兩個偉大品牌的最大價值，並為我們的股東帶來盡可能高的回報。

Now, operator, please open up the line for questions.

現在，接線員，請開通提問線路。

(Operator Instructions) Today's first question comes from Jake Bartlett at Truist.

（操作員說明）今天的第一個問題來自 Truist 的 Jake Bartlett。

My first is on the 3-year plan, the $1 billion in EBITDA that you're targeting by year 3. When you presented that it was a little -- I wasn't sure what the base year was. I think it was '22, but you kind of qualify that, but it depends on the macro environment. So my question is, are you on track with that 3-year plan? Has that been pushed out a little bit, or should we kind of think about year 3 as of 2025?

我的第一個問題是關於 3 年計劃，您的目標是到第 3 年實現 10 億美元的 EBITDA。當您提出這個數字有點時，我不確定基準年是多少。我認為那是 22 年，但你有點符合這個條件，但這取決於宏觀環境。所以我的問題是，你的三年計劃是否按計劃進行？這是否被推遲了一點，或者我們應該考慮 2025 年的第 3 年？

Yes. As we said during Investor Day, we are very enthusiastic and confident in our ability to deliver on that plan. We -- the 3-year timeline that we put out there will tell you, is, that's not a fixed timeline, but there is clearly a path towards a $1 billion in EBITDA over the medium-term.

是的。正如我們在投資者日期間所說，我們對實現該計劃的能力充滿熱情和信心。我們發布的 3 年時間表會告訴您，這不是一個固定的時間表，但顯然有一條在中期內實現 10 億美元 EBITDA 的道路。

We haven't shifted at all our thinking on delivering on the outcome of that plan, but we really want to stay away from putting like a fixed timeline on it. It was merely, just simply saying -- look, there's incredible opportunity in this business. There is a clear line of sight on how we get to $1 billion. It feels like that -- we feel confident that we can deliver on that in the medium-term.

我們對於實現該計劃結果的想法沒有任何轉變，但我們確實希望避免為其設定固定的時間表。這只是簡單地說——看，這個行業有難以置信的機會。我們對於如何達到 10 億美元目標有著清晰的目標。感覺就像這樣——我們有信心能夠在中期實現這一目標。

In term -- that might shift 1 month or 2 or 6 months or 2, or even 1 year or 2 depending on things that are happening in the external environment. But make no mistake, the opportunity is there. In terms of the progress that we've made, I will tell you that we are right in line with our plan. We are very encouraged with the results that we are seeing with respect to the items that we've implemented thus far.

就期限而言，這可能會改變 1 個月、2 個月、6 個月或 2 個月，甚至 1 年或 2 年，具體取決於外部環境中發生的事情。但不要誤會，機會就在那裡。就我們所取得的進展而言，我會告訴你們，我們完全符合我們的計​​劃。我們對迄今為止所實施的項目所取得的成果感到非常鼓舞。

Investor Day was June 13. So, we are only just a few months into this. But from what we are seeing right now, we are even more confident than we were 3 months ago in where we are going and where our [team's] -- what our team is focused on and our ability to drive meaningful value over the medium-term.

投資者日是 6 月 13 日。所以，我們才剛剛幾個月。但從我們現在所看到的情況來看，我們比三個月前更有信心，對我們的前進方向和我們的[團隊]的方向——我們團隊的重點是什麼以及我們通過媒介推動有意義的價值的能力——學期。

My next question is just on the trajectory of the business. Obviously, the comps versus '19 have been decelerating pretty consistently now for the last 4 quarters. What is your confidence that, that's going to stabilize? The excess demand essentially that was kind of -- that occurred post-COVID has worked its way out, and that you should see at least a reacceleration? I guess within that question, are you seeing that -- yes, is there any -- as you look at the trends within the quarter, the quarter-to-date, any indication that you're seeing that stabilization, even outside of some of the initiatives that seen really promising coming up in the next quarter or 2?

我的下一個問題是關於業務的發展軌跡。顯然，在過去的 4 個季度裡，與 19 年相比，比賽一直在減速。您對這種情況會穩定下來有何信心？基本上，新冠疫情后發生的需求過剩已經解決了，你至少應該看到重新加速？我想在這個問題中，你是否看到——是的，有沒有——當你觀察本季度、本季度至今的趨勢時，有任何跡象表明你看到了這種穩定，甚至在某些方面之外哪些舉措真正有希望在下一兩個季度出現？

Yes, let me -- I'll start and then I'll turn it over to Mike to just to add some additional color commentary. What you're going to consistently hear from us, this is a team that's very much focused on delivering on that long-term plan, and that's where our focus is. We are excited about what we are doing. As I said, there is a clear line of sight and our ability to deliver on that plan over the long run.

是的，讓我——我先開始，然後把它交給邁克，讓他添加一些額外的色彩評論。您將不斷從我們那裡聽到，這是一個非常專注於實現長期計劃的團隊，這就是我們的重點所在。我們對我們正在做的事情感到興奮。正如我所說，從長遠來看，我們有明確的目標和能力來實現該計劃。

And so where -- we don't really get caught up in month-to-month trends. What I'll tell you is, [yes], look, the comparisons to the prior year are challenging. Last year at this point in time we benefited from the post-COVID surge along with all of our peers, and as we're lapping that period of time on a year-over-year basis, comps are challenging. We are pleased that compared to 2019 we are still up 6% over that comparison.

因此，我們並沒有真正陷入逐月趨勢中。我要告訴你的是，[是的]，看，與前一年的比較是具有挑戰性的。去年的這個時候，我們與所有同行一起從新冠疫情后的激增中受益，當我們逐年經歷這段時間時，比較是具有挑戰性的。我們很高興與 2019 年相比仍然增長了 6%。

And we are particularly pleased and proud of the work that our team has done to navigate through this environment, and still deliver on the bottom line. And most importantly, we remain as confident as ever in the initiatives that we outlined during Investor Day, and the exciting opportunity in front of us to drive meaningful value.

我們對我們的團隊在這種環境下所做的工作感到特別高興和自豪，並且仍然實現了盈利。最重要的是，我們對投資者日期間概述的舉措以及我們面前推動有意義價值的令人興奮的機會一如既往地充滿信心。

Yes, I think to add on to that, when you look back 1 year ago we comped plus 17.5% in Q3. And so that is a huge number to overlap. And so, when you go back versus '22, yes, it's a tough comp. We look back at '19, we see still the growth in the business that we wanted to see, which is that 2% type growth on an annual basis going forward, which is a more normalized environment that you would expect to see in businesses like ours.

是的，我想補充一點，當你回顧一年前時，我們在第三季度的業績增長了 17.5%。因此，這是一個巨大的重疊數字。所以，當你回顧 22 年的比賽時，是的，這是一場艱難的比賽。我們回顧 19 年，我們仍然看到我們希望看到的業務增長，即未來每年 2% 的增長，這是一個更加正常化的環境，您希望在像這樣的企業中看到我們的。

What has us at this point, we can't control the macroeconomic factors that are driving traffic into those effect. What we do control is what happens in the 4 walls of our business and that's the type of attitude the -- as I call it bringing it every day to control those 4 wall EBITDA margins and that's the value that you're seeing in that EBITDA margin today, even in this type of an environment where we can expand on those EBITDA margins.

目前我們無法控制導致流量產生這些影響的宏觀經濟因素。我們所控制的是我們業務的 4 堵牆中發生的事情，這就是我所說的態度——每天都要控制這 4 堵牆 EBITDA 利潤率，這就是您在 EBITDA 中看到的價值今天的利潤率，即使在這種我們可以擴大EBITDA 利潤率的環境下。

The actions that we are taking today around that will -- are permanent in nature, and will be able to benefit us even further as traffic and economy returns back to more normalized levels.

我們今天圍繞這一意願採取的行動本質上是永久性的，隨著交通和經濟恢復到更加正常化的水平，這些行動將使我們進一步受益。

Our next question today comes from Jeff Farmer at Gordon Haskett.

今天我們的下一個問題來自戈登哈斯克特的傑夫法默。

Just wanted to start with following up on Jake's question. So is there anything you guys can share as it relates to how the Q2 same-store sales sort of finished relative to your internal expectations? Anything that caught you guys off guard either positively or negatively?

只是想從跟進傑克的問題開始。那麼，關於第二季度同店銷售相對於你們內部預期的完成情況，你們有什麼可以分享的嗎？有什麼事情讓你們措手不及，無論是積極的還是消極的？

No, I think as you look at the back end of Q2, and what we're seeing today, it's a relatively consistent level of comp store sales. Unfortunately, it's a decline, but those levels are pretty consistent across the board. We evaluate each of the different demographics within our business, I'd say demographics of our consumer, but also from a geographic perspective.

不，我認為當你看到第二季度的後端以及我們今天看到的情況時，你會發現這是一個相對穩定的比較商店銷售水平。不幸的是，這是下降的，但這些水平在各個方面都相當一致。我們評估業務中的每個不同人口統計數據，我想說的是我們消費者的人口統計數據，但也從地理角度進行評估。

And at this point, we are not seeing any one particular group that's underperforming the rest of the demographic area as well as the geography of those types of results.

目前，我們沒有看到任何一個特定群體的表現低於其他人口統計區域以及這些類型結果的地理分佈。

And then, it looks like you guys saw roughly 250 basis points of food and beverage cost favorability year-over-year. The question is -- so lot of things can impact that, so either cost initiatives, menu pricing, commodity inflation. Can you help us understand what drove that level of 250 basis points, which was more than doubled what you saw in the Q1? And then as we move forward, how should we be thinking about that? So just understanding the drivers of that cost favorability? And how we should be thinking about it moving over the next 2 quarters?

然後，看起來你們看到了食品和飲料成本優惠同比大約 250 個基點。問題是——很多因素都會影響這一點，比如成本計劃、菜單定價、商品通脹。您能否幫助我們了解是什麼推動了 250 個基點的水平，這是您在第一季度看到的兩倍多？然後，當我們前進時，我們應該如何思考這個問題？那麼，只是了解成本優惠的驅動因素嗎？我們應該如何考慮未來兩個季度的發展？

Yes. So when you look at the improvement in the cost of goods sold line for food and beverage, and there's couple of aspects. One, we haven't done anything from a pricing perspective between Q1 and Q2. So pricing there is consistent. The benefit comes from continued work from a synergy perspective as we've gone through kind of the second round of contracts, where contracts that were fixed in nature needed to run their term.

是的。因此，當您觀察食品和飲料銷售線的商品成本的改善時，會發現有幾個方面。第一，我們在第一季度和第二季度之間沒有從定價角度採取任何措施。所以那裡的定價是一致的。好處來自於從協同角度持續開展工作，因為我們已經完成了第二輪合同，其中性質固定的合同需要運行其期限。

And then, we were able to then consolidate the procurement volumes, and go after that from a cost save perspective. As Chris spoke to during his prepared remarks, we're testing new menu items that yield a cost benefit to us from a cost of goods sales perspective. And then lastly, as we always look for more improvement from prep time and things of that effect.

然後，我們能夠整合採購量，並從節省成本的角度進行採購。正如克里斯在準備好的講話中所說，我們正在測試新的菜單項，從商品銷售成本的角度來看，這些項目可以為我們帶來成本效益。最後，我們總是從準備時間和相關效果中尋求更多改進。

The ability from a commodity perspective, we are seeing relative consistency commodities quarter-to-quarter. So, we're benefiting on a commodity basis relatively as a straightforward from Q1 at about 3% improvement on a year-over-year basis.

從商品的角度來看，我們看到商品季度與季度的相對一致性。因此，我們在商品基礎上相對受益，與第一​​季度相比，同比增長約 3%。

And our next question today comes from Brian Vaccaro with Raymond James.

今天我們的下一個問題來自布萊恩·瓦卡羅和雷蒙德·詹姆斯。

Just wanted to ask about the comps again, and just sort of the cadence you saw through the quarter. Obviously comps down in the [6s] now. And I just wanted to get your perspective on what you think is driving that sequential softness and just sort of the health of your consumer? I think you mentioned it's not concentrated in any area, but is there anything you're seeing day part or weekday versus weekend or F&B versus amusements? Just any incremental context on what you think is driving those -- that sequential softening?

只是想再次詢問有關比較的情況，以及您在本季度看到的節奏。顯然，現在的補償在[6s]。我只是想了解您對推動連續疲軟以及消費者健康的因素有何看法？我想你提到它並不集中在任何區域，但是你在白天或工作日與週末或餐飲與娛樂活動中看到了什麼嗎？您認為驅動這些因素的增量背景是什麼——順序軟化？

Yes, Brian. I'll take that, and then let Q wrap it up. First thing I'll say is -- I'll repeat what I said to Jake earlier is, last year -- part of what we are dealing with is just a tough comparison to the prior year, just with the post-COVID surge, and our performance last year benefited from that just as our peer group did. And so, there is a bit of a tough comparison.

是的，布萊恩。我會接受，然後讓 Q 結束它。我要說的第一件事是 - 我會重複我去年對傑克說的話 - 我們正在處理的部分問題只是與前一年進行艱難的比較，只是與新冠疫情后的激增相比，正如我們的同行一樣，我們去年的業績也受益於此。因此，這是一個有點艱難的比較。

And as I said, when we compare ourselves to 2019, first, we are pleased with the growth from 2019. Secondly, there was no -- there was really no material trend in the business throughout the quarter. It was fairly consistent. We've -- As we always do, we've analyzed the heck out of our business, slicing and dicing it every single way. What I'll tell you is there was nothing meaningful that came out of that.

正如我所說，當我們與 2019 年進行比較時，首先，我們對 2019 年的增長感到滿意。其次，整個季度的業務確實沒有重大趨勢。這是相當一致的。我們一如既往地對我們的業務進行了徹底的分析，從各個方面對其進行了切分和切分。我要告訴你的是，這並沒有產生任何有意義的結果。

We think that it was just overall -- relative to 2002 there was just a decline. So, there's not one thing that we could really point to that would suggest that it's related to a shift in consumer behavior in terms of how they're trading at Dave & Buster's or anything along those lines.

我們認為這只是總體而言——相對於 2002 年，只是有所下降。因此，我們無法真正指出任何一件事表明這與消費者行為的轉變有關，即他們在戴夫和巴斯特的交易方式或類似的事情。

Yes, I think one thing to add on that, what we are seeing is for the customers that are coming in, they're spending at consistent levels of what we historically have seen in that post-COVID environment. So, when you look at our mix between revenue -- of revenues between amusement and food and beverage, we are still kind of holding at that 1/3, 2/3s with the 2/3s being on the amusement side.

是的，我認為需要補充的一點是，我們所看到的是，對於即將到來的客戶來說，他們的支出水平與我們在後新冠疫情環境中所看到的歷史水平一致。因此，當你看看我們的收入組合——娛樂和餐飲收入之間的組合時，我們仍然保持著 1/3、2/3 的比例，其中 2/3 是在娛樂方面。

And just on the initiatives to optimize your pricing on the games. Could you elaborate on the changes that you're making that will have an impact beginning in the fourth quarter? Just some of the specifics there? And any ballpark of how much of a pricing benefit you expect that to yield starting in the fourth quarter?

以及優化遊戲定價的舉措。您能否詳細說明您正在做出的、將從第四季度開始產生影響的變化？只是一些具體情況嗎？您預計從第四季度開始將產生多少定價效益？

And then also, I think you were thinking about -- and maybe testing raising the buy-in -- the minimum buy-in level, may be from $15 to $20 if memory serves. Have you made a decision on that front?

然後，我認為您正在考慮——也許還需要測試提高買入金額——如果沒記錯的話，最低買入水平可能是從 15 美元到 20 美元。您在這方面做出了決定嗎？

Yes. So I'll give you the 2 main takeaways. One, towards the end of the quarter -- so there was really no benefit in Q2. We did adjust the rate card, which is the buy-in at the kiosk. When you look at our pricing before, the low-end entry point was $15 and then it went from $15 to $25 to $35 to $45. We adjusted those rate cards to actually start with $20. So -- and then it goes from $20 to $30 to $40 to $50.

是的。所以我會給你兩個主要要點。第一，在本季度末，第二季度確實沒有任何好處。我們確實調整了價目表，即在售貨亭購買的價目表。當你之前查看我們的定價時，低端入門點是 15 美元，然後從 15 美元到 25 美元，再到 35 美元，再到 45 美元。我們調整了價目表，實際起價為 20 美元。所以——然後價格從 20 美元漲到 30 美元，再到 40 美元，再到 50 美元。

The dollar value per chip that the customer receives is consistent. So, it really wasn't much of a call at a price change as it was a change in just the buy-in amount at the minimum level, and then it went up through there.

客戶收到的每個芯片的美元價值是一致的。因此，這實際上並不是價格變化的看漲期權，因為這只是最低水平買入金額的變化，然後價格就上漲了。

The other aspect of what we are looking to accomplish is, as we've talked before, one of the strategic unlocks in pricing is the ability to alter pricing between geographic areas.

正如我們之前所討論的，我們希望實現的另一個方面是，定價的戰略解鎖之一是能夠在地理區域之間改變定價。

So, no different than when you look at food and beverage costs. In major metropolitan areas usually, it costs more from a price point than in more regional markets or smaller towns. Right now our limitation is that all pricing for all games is consistent across the entire system. We're now able to unlock that, and be able to put regional pricing in place, which will start going into test in the next couple of weeks.

因此，這與查看食品和飲料成本沒有什麼不同。通常，在主要大都市地區，從價格角度來看，其成本比在更多區域市場或小城鎮更高。目前我們的限制是所有遊戲的所有定價在整個系統中都是一致的。我們現在能夠解鎖這一點，並能夠制定區域定價，這將在接下來的幾週內開始進行測試。

One of the key things we want to do, though, in doing such is make sure that we maintain the value of our product offering in relation to our peers. So from that respect, we haven't communicated, nor would we, what we think that estimated growth would be in Q4, but we would expect there to be something there.

不過，在這樣做的過程中，我們想做的關鍵事情之一是確保我們保持我們的產品相對於同行的價值。因此，從這方面來看，我們還沒有、也不會傳達我們認為第四季度的預計增長情況，但我們預計會有一些東西。

And then just the last one from me if I could. I appreciate the update you provided on certain initiatives that you laid out at the Analyst Day. But -- I know it's early days, but can you elaborate on the customer response you've seen in the Friendswood remodel? Any specifics on how the social base are performing, or other specific changes that you made that are driving the increase most meaningfully?

如果可以的話，然後是我的最後一篇。我感謝您就分析師日提出的某些舉措提供的最新信息。但是——我知道現在還為時過早，但是您能詳細說明一下您在 Friendswood 改造中看到的客戶反應嗎？有關社會基礎表現如何的具體信息，或者您所做的對推動增長最有意義的其他具體改變？

Yes, happy to do so. I mean, I -- it's -- we're very pleased with the guest response in the community on all aspects of the remodel, to be perfectly frank. As we said in our prepared remarks, it's only 3 weeks. It's only 1 store. And so, we are trying to be guarded in our enthusiasm. But over the last 3 weeks, [Friendswood], that particular unit has outperformed our expectations.

是的，很高興這樣做。我的意思是，坦率地說，我——我們——我們對社區中客人對改造各個方面的反應感到非常滿意。正如我們在準備好的發言中所說，只有三週時間。只有1家店。因此，我們努力保持熱情。但在過去的三周里，[Friendswood]，這個特定的單位的表現超出了我們的預期。

So, we are feeling very good about what we'll be able to do with remodels, and we feel very good about expanding our entertainment offering, and doing it in a way that we think is at the heart and center of what a D&B guest is looking for. So, so far so good.

因此，我們對改造的能力感到非常滿意，並且對於擴大我們的娛樂產品以及以我們認為 D&B 賓客的核心和中心的方式來實現這一點感到非常滿意在尋找。所以，到目前為止一切順利。

And our next question today comes from Andrew Strelzik with BMO.

今天我們的下一個問題來自 BMO 的 Andrew Strelzik。

My first one -- appreciating certainly that you can affect the macro environment. I guess it's a question how you're thinking about balancing the multi-year strategic plan and implementation of that versus like flexibility on the nearer in opportunities? And so, I guess it sounds like there's more value on the F&B side. Some of the other changes that you've talked about, some more marketing around football. Do you think that, that addresses kind of what…?

我的第一個想法——當然要認識到你可以影響宏觀環境。我想這是一個問題，您如何考慮平衡多年戰略計劃及其實施與近期機會的類似靈活性？所以，我想听起來餐飲方面更有價值。您談到的其他一些變化，以及更多圍繞足球的營銷。您認為這解決了某種問題嗎……？

Andrew, we lost you. Andrew, we're having a connection problem. Yes, we lost you right after you said -- do you mind just starting from the beginning?

安德魯，我們失去了你。安德魯，我們遇到了連接問題。是的，在你說完之後我們就失去了你——你介意從頭開始嗎？

Yes. I guess the question is really is, how are you -- like, what is the flexibility of the plan in the near term as you kind of navigate what isn't a macro that you cannot control? Do you think about the pricing opportunities differently? Are there any other programs that you can implement that you're thinking about to be adaptable to the current macro?

是的。我想問題實際上是，當你在處理不是你無法控制的宏時，你的計劃在短期內的靈活性是什麼？您對定價機會有不同的看法嗎？您是否可以實現任何其他您正在考慮適應當前宏的程序？

Yes. Well, look, the short answer is we are very mindful of how we navigate the business during this period of time and still deliver on our long-term goals. A big part of that is how we are managing the cost structure. And as I said 1 minute ago, I'm very proud of all the work that our team is doing to manage the middle of the P&L, and when we can navigate through this type of environment and still deliver on the bottom line.

是的。嗯，看，簡短的回答是，我們非常關注在這段時間如何引導業務，並仍然實現我們的長期目標。其中很大一部分是我們如何管理成本結構。正如我一分鐘前所說，我對我們的團隊為管理損益表所做的所有工作感到非常自豪，當我們能夠在這種類型的環境中導航並仍然實現盈利時。

That provides just a tremendous amount of flexibility, and gives us confidence to continue to invest in the right areas of the business. With all that said though, we are moving forward with eyes wide open, and being very mindful of not getting too far ahead of ourselves on investment spending, and ensuring that we are balancing all sides of the business.

這提供了巨大的靈活性，並使我們有信心繼續投資於正確的業務領域。儘管如此，我們還是睜大眼睛向前邁進，並非常注意不要在投資支出上走得太遠，並確保我們平衡業務的各個方面。

I don't see -- at this point in time, we are not seeing anything that would suggest that we need to rethink our strategic priorities. We're still just as committed as we were at June 13, on the areas that we outlined with you. Where we see some momentum in the business is on the food and beverage changes that we're making. And so, this space that we tested that we're going to be rolling out in September.

我不認為——目前，我們沒有看到任何表明我們需要重新考慮我們的戰略重點的事情。我們仍然像 6 月 13 日一樣致力於我們與您概述的領域。我們看到業務的一些動力來自於我們正在做出的食品和飲料變革。因此，我們測試的這個空間將於 9 月推出。

We feel great about the results that we're driving. And that's a very thoughtful approach to food and beverage. It's not just recipes, it's how the menu -- how we deliver on that menu at the store level and drive a great guest experience. That's something that we're going to continue to push forward on, the enhanced service model to be able to promote that phenomenal food and beverage offering and to drive attached.

我們對所取得的成果感到非常滿意。這是一種非常深思熟慮的食品和飲料方法。這不僅僅是菜譜，還包括菜單的方式——我們如何在商店層面提供菜單並帶來良好的顧客體驗。這是我們將繼續推進的事情，即增強的服務模式，以便能夠推廣非凡的食品和飲料產品並推動附加。

That's something that we continue to be focused on. Special Events is an area. So all the areas that we outlined at this point in time, we're still moving forward with the same amount of enthusiasm and the same commitment. But obviously, we're doing it in a very careful way just to make sure we don't get ahead of ourselves.

這是我們繼續關注的事情。特別活動是一個區域。因此，我們此時概述的所有領域仍然以同樣的熱情和同樣的承諾向前推進。但顯然，我們正在以非常謹慎的方式做這件事，以確保我們不會超前。

I just wanted to quickly -- there is a second question, ask about some of the new stores that you guys have opened and kind of, you sounded pretty excited about the return profile and the performance of the new stores in this environment. I'm just curious kind of any other color that you can share how those are tracking versus other prior classes et cetera? That would be great.

我只是想快點——還有第二個問題，詢問你們開設的一些新商店，聽起來你們對這種環境下新商店的回報情況和表現非常興奮。我只是好奇您是否可以分享其他顏色與其他先前課程等的跟踪情況？那太好了。

I'll just say, what we said is, I mean we were consistently getting phenomenal returns. This is -- we've got a great business with great margins and a great business model that delivers very strong cash-on-cash returns. And we're pleased with the economics of our most recent new store openings. And so, we're going to continue to make new unit openings a priority in our capital allocation.

我只想說，我們所說的是，我的意思是我們一直在獲得驚人的回報。這是——我們擁有出色的業務，利潤率很高，商業模式也很好，可以帶來非常強勁的現金回報。我們對最近新開店的經濟效益感到滿意。因此，我們將繼續將開設新單位作為我們資本配置的優先事項。

(Operator Instructions) Our next question comes from Dennis Geiger at UBS.

（操作員說明）我們的下一個問題來自 UBS 的 Dennis Geiger。

I'm wondering if you could talk a little bit more about the menu enhancements or the menu of the future, which sounds particularly [interesting]? Could you share sort of approximately how many stores were in that test? Anything else sort of on customer feedback scores to share, which I guess sounds good? And then just as a quick reminder that's rolling out across the system by the end of this month. Do I -- Did I catch that correctly?

我想知道您是否可以多談談菜單增強功能或未來的菜單，這聽起來特別[有趣]？您能否透露一下大約有多少家商店參與了該測試？關於客戶反饋分數還有什麼可以分享的嗎？我覺得這聽起來不錯？然後作為一個快速提醒，將於本月底在整個系統中推出。我——我聽對了嗎？

Yes, you caught that correctly. So, let me step back. So, in Investor Day, we said, improving food and beverage was one of our 6 growth initiatives, and specifically grown F&B attached. Our -- That's a multi-phased -- our approach to delivering on those outcomes is a multi-phased approach.

是的，你沒看錯。那麼，讓我退後一步。因此，在投資者日，我們表示，改善食品和飲料是我們的 6 項增長舉措之一，並附加了專門種植的食品和飲料。我們實現這些成果的方法是多階段的。

What we tested -- and we tested it in 10 locations, was the second phase of this multi-phased approach, but through this phase it's been highly impactful and done by design. What we intended to do is first, let's remove unnecessary operating complexity, because we want it -- for us to deliver a consistently high-quality product. We want to set our operators up for success, and we want to invest a labor in the right areas. It's going to lead to quality and enhanced guest experience.

我們測試的是這種多階段方法的第二階段，我們在 10 個地點進行了測試，但在這個階段，它已經產生了巨大的影響，並且是經過精心設計的。我們想做的是，首先，讓我們消除不必要的操作複雜性，因為我們希望它能夠提供始終如一的高質量產品。我們希望讓我們的運營商取得成功，我們希望在正確的領域投入勞動力。這將帶來質量和增強的賓客體驗。

So, we intentionally removed operating complexity. We -- everything that we're doing is anchored in deep research, and so, we spent a lot of time understanding how our guests view our F&B offering and where the gaps are. And through that research we felt like that there were some areas on the menu that either weren't necessary. Our guests -- there was no loyalty to those items based on our research, or we were under delivering on the execution. And so, we redesigned the menu with -- in an effort to close that gap. That was the second piece that we did.

因此，我們有意消除了操作複雜性。我們所做的一切都以深入研究為基礎，因此，我們花了很多時間來了解客人如何看待我們的餐飲產品以及差距在哪裡。通過這項研究，我們覺得菜單上的某些區域是不必要的。我們的客人——根據我們的研究，對這些物品沒有忠誠度，或者我們沒有執行到位。因此，我們重新設計了菜單——以努力縮小這一差距。這是我們做的第二件作品。

Third is, there were certain areas in our execution that we felt like that were driving up food cost without really adding value to satisfaction. And so, part of what we aim to do is to remove -- reduce that added cost to our food cost when it wasn't necessary.

第三，我們認為在執行過程中的某些領域推高了食品成本，卻沒有真正增加滿意度的價值。因此，我們的目標之一就是消除——減少不必要的食品成本增加。

And so, there were some steps that we're doing that added unnecessary ingredient costs that really didn't make a difference and so, we changed those. So all of those are in our Phase 2, and as you can see in the results in that 10-unit test we're very pleased. We kind of hit on all marks, and the next phase will be launched -- So, to roll this out across the system, it takes time and so, we're being thoughtful about it. We rollout Phase 2 the end of September, and then Phase 3 will be in February next year.

因此，我們正在採取的一些步驟增加了不必要的原料成本，但實際上並沒有產生什麼影響，所以我們改變了這些步驟。所以所有這些都在我們的第二階段，正如您在 10 單元測試的結果中看到的那樣，我們非常高興。我們幾乎達到了所有目標，下一階段將啟動——因此，要在整個系統中推廣這一點，需要時間，所以我們正在考慮這一點。我們將在 9 月底推出第 2 階段，然後第 3 階段將在明年 2 月推出。

And at that point in time, Phase 3 will include additional innovation. We'll really start to push the envelope on new products. We'll be very intentional about in-store marketing, and at the same time we'll be rolling out an enhanced service model, giving our operators the tools that they need to really deliver in a big way. So, it's fairly -- it's thoughtful and strategic and multi-step. So, we are pleased.

屆時，第三階段將包括更多創新。我們將真正開始挑戰新產品的極限。我們將非常注重店內營銷，同時我們將推出增強的服務模式，為我們的運營商提供真正大規模交付所需的工具。所以，這是公平的——它是深思熟慮的、戰略性的、多步驟的。所以，我們很高興。

Just one more. Wanted to -- just like to ask a little more on promotions and marketing campaigns going forward over the coming quarters. I know you highlighted some as it relates to -- for the football season, which sound compelling. But can you talk maybe a little more about -- at a high level at least about perhaps what the next 12 months may look like in thinking about promotions, and campaigns relative to historical -- maybe you don't want to say too much for competitive reasons, but just thinking about where food costs are et cetera? And maybe what that allows you to do from a promotional standpoint? Just curious if anything additional to share there on the go forward?

還有一個。我想——只是想多詢問一些有關未來幾個季度的促銷和營銷活動的信息。我知道你強調了一些與足球賽季相關的內容，這聽起來很引人注目。但是，您能否多談談 — 至少在較高層面上，在考慮促銷和與歷史相關的活動時，未來 12 個月可能會是什麼樣子 — 也許您不想說太多競爭原因，但只是想一下食品成本在哪裡等等？也許從促銷的角度來看，這可以讓你做什麼？只是好奇接下來還有什麼可以分享的嗎？

Nothing to share at this point in time. We're still in the process of finalizing our marketing calendar for next year. And so, our team is very focused on building up an exciting marketing calendar. And so, more to come on that, but nothing to share at this point in time. The calendar -- the fall football campaign that we just launched this week, we're pretty excited about that.

目前沒有什麼可分享的。我們仍在敲定明年的營銷日曆。因此，我們的團隊非常專注於建立令人興奮的營銷日曆。因此，還有更多內容，但目前沒有什麼可分享的。日曆——我們本周剛剛推出的秋季足球賽，我們對此感到非常興奮。

One, it just gives us more opportunity to highlight the great sports watch offer that we have in the marketplace. Number two is, from our research we know that the consumer is gravitating to value-driven messages. And so, based on our concept testing, we feel like the $5 Bite message is a message that's going to resonate very well. And then the rolling out All You Can Eat Wings, we went back and looked at the last time we did this.

第一，它讓我們有更多機會來突出我們在市場上擁有的優質運動手錶產品。第二，根據我們的研究，我們知道消費者傾向於接受價值驅動的信息。因此，根據我們的概念測試，我們認為 5 美元 Bite 的信息會引起很好的共鳴。然後推出了“All You Can Eat Wings”，我們回顧了上次這樣做的情況。

And we talked to our operators, and we're pretty encouraged about what we are doing on All You Can Eat Wings, this go around, and it appeared to be a nice traffic mover in the past, and what we've done is we've retooled that to be even more effective. So again, just working closely with our operators to make sure we're setting them up for success. So, we like the message. We like the marketing plan for the remainder of this year, and we're pretty optimistic.

我們與我們的運營商進行了交談，我們對自己在“All You Can Eat Wings”上所做的事情感到非常鼓舞，這在過去似乎是一個很好的交通推動者，我們所做的是我們對其進行了重組，使其更加有效。再次強調，只需與我們的運營商密切合作，以確保我們為他們的成功做好準備。所以，我們喜歡這個消息。我們喜歡今年剩餘時間的營銷計劃，並且非常樂觀。

And ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to the management team for any final remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回給管理團隊以發表最後的評論。

Okay. All right. Thank you very much, operator. In closing, we'd like to commend our team for the exceptional results they continue to produce across our growing portfolio of Dave & Buster's, our Main Event stores. Thank you all for joining. We look forward to speaking with you again next quarter, and keeping you [apprised] of our continued progress on our strategic initiatives. Have a great day.

好的。好的。非常感謝您，接線員。最後，我們要讚揚我們的團隊在我們不斷增長的 Dave & Buster's 和主賽事商店產品組合中不斷取得的卓越成果。感謝大家的加入。我們期待下個季度再次與您交談，並讓您[了解]我們在戰略舉措方面的持續進展。祝你有美好的一天。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。