Dave & Buster's Entertainment Inc (PLAY) 2023 Q3 法說會逐字稿

Good day, and welcome to the Dave & Buster's third 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 年第三季財報電話會議。 （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 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執行長克里斯莫里斯 (Chris Morris) 主持。和我們的財務長 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 third 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 年第三季業績之前，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資訊已在我們向 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.

此外，我們今天的演講將包括參考公認會計原則中未定義的財務措施。

Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP measure contained in our earnings announcement released this afternoon.

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較公認會計準則衡量標準的調整。

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.

好的。

Thank you, Cory.

謝謝你，科里。

Good afternoon, everyone.

大家下午好。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

In our third quarter of fiscal 2023, we generated revenue of $467 million and adjusted EBITDA of $82 million, both of which are slightly below the third quarter of fiscal '22, but meaningfully above the third quarter of 2019 even after adjusting for the acquisition of main event.

在2023 財年第三季度，我們的營收為4.67 億美元，調整後EBITDA 為8,200 萬美元，兩者均略低於22 財年第三季度，但即使在對收購進行調整後，仍顯著於2019 年第三季主要活動。

We are operating in a unique and complex macroeconomic environment as we lap challenging comparisons to the prior year, driven by robust post COVID demand.

我們正處於一個獨特而複雜的宏觀經濟環境中，在新冠疫情後強勁需求的推動下，與前一年相比，我們面臨著挑戰​​性的挑戰。

Despite these dynamics, I am proud that due to the efforts of our talented and dedicated team as well as the strength and resiliency of our business model year to date, in 2023, we have grown both revenue and adjusted EBITDA and have expanded adjusted EBITDA margins relative to the same period in fiscal 2022 on a pro forma basis.

儘管存在這些動態，但我感到自豪的是，由於我們才華橫溢、敬業的團隊的努力以及我們業務模式的實力和彈性，2023 年我們的收入和調整後EBITDA 均實現增長，並擴大了調整後EBITDA 利潤率以預計計算，與 2022 財年同期相比。

We'd also like to highlight the year to date, our revenue and adjusted EBITDA are also up meaningfully relative to 2019, even after adjusting for the acquisition of main event and our adjusted EBITDA margins are up 390 basis points relative to 2019, nearly double the previously communicated goal of 200 basis point margin improvement.

我們也想強調，今年迄今為止，即使在對主要事件的收購進行調整之後，我們的營收和調整後EBITDA 也較2019 年大幅增長，而且我們調整後EBITDA 利潤率較2019 年增長了390 個基點，幾乎翻了一番之前傳達的目標是利潤率提高 200 個基點。

Additionally, we are pleased to report that during the quarter, we have made significant progress against our key growth initiatives.

此外，我們很高興地報告，在本季度，我們在關鍵成長計劃方面取得了重大進展。

We will further detail in a moment but on the organic growth front, we have seen meaningful success in the test we have implemented in our marketing, pricing, food and beverage, remodels and special event initiatives, which we will be rolling out across the broader portfolio in the coming weeks and months, in which we expect will lead to substantial improvement in revenue, profitability and cash flow.

我們稍後將進一步詳細介紹，但在有機成長方面，我們在行銷、定價、食品和飲料、改造和特別活動計劃中實施的測試中取得了有意義的成功，我們將在更廣泛的範圍內推廣這些計劃我們預計未來幾週和幾個月的投資組合將帶來收入、獲利能力和現金流的大幅改善。

As it relates to cost, we have maintained a relentless focus on finding efficiencies and have successfully reduced our recurring cost base.

由於與成本相關，我們一直堅持不懈地專注於提高效率，並成功降低了經常性成本基礎。

Furthermore, we have continued to open new stores at a highly attractive returns on investment and have continued to opportunistically return capital shareholders in highly accretive manner.

此外，我們繼續以極具吸引力的投資回報開設新店，並繼續以高度增值的方式機會主義地回報資本股東。

We remain as confident as ever and the $1 billion adjusted EBITDA target, we indicated during investor day and remain laser focused on delivering that results in the coming years.

我們仍然一如既往地充滿信心，調整後的 EBITDA 目標為 10 億美元，我們在投資者日期間表示，並將繼續專注於在未來幾年實現這一成果。

I'd like to take a moment to go into more detail on the progress on our six key organic growth initiatives.

我想花點時間更詳細地介紹我們六項關鍵有機成長措施的進展。

First; marketing optimization.

第一的;行銷優化。

We believe there is a huge opportunity to improve both conversion and guest frequency by making sure we get the right message to the right people at the right time.

我們相信，透過確保我們在正確的時間向正確的人提供正確的訊息，有一個巨大的機會來提高轉換率和客人頻率。

During the quarter, we made significant progress towards that goal.

本季度，我們在實現這一目標方面取得了重大進展。

Through targeted investments in our new marketing, technology and infrastructure we are building out our digital marketing engine, which we remain confident will begin bearing fruit in the early part of fiscal 2024.

透過對新行銷、技術和基礎設施進行有針對性的投資，我們正在建立我們的數位行銷引擎，我們仍然有信心該引擎將在 2024 財年初期開始取得成果。

With a particular focus on quick wins, we have already launched pilots across both owned and paid channels designed to provide a specific data-driven learnings on how to effectively target both known and unknown guests that will enable us to engage with our guests more effectively and efficiently with personalized communications.

特別注重快速獲勝，我們已經在自有管道和付費管道啟動了試點，旨在提供特定的數據驅動學習，幫助我們有效地瞄準已知和未知的客人，使我們能夠更有效地與客人互動。高效地進行個人化溝通。

We will scale the learnings from the initial pilots in additional test scheduled for the fourth quarter, to inform our digital strategy efforts in 2024.

我們將在第四季度計劃的額外測試中擴大從初始試點中獲得的經驗教訓，為我們 2024 年的數位策略工作提供資訊。

Ultimately, this digital marketing engine will help us acquire more high value guests and increased frequency as well as lifetime value from our existing guests by better leveraging our data and technology to increase personalization and enhance the guest experience.

最終，這個數位行銷引擎將幫助我們更好地利用我們的數據和技術來增加個人化和增強客戶體驗，從而獲得更多高價值客戶，並提高現有客戶的頻率和終身價值。

We already know the immense value of getting this right.

我們已經知道做到這一點的巨大價值。

As previously disclosed guest in our loyalty database, which is now 5.4 million users, already visit over 50% more frequently and spend approximately 15% more on each visit versus non loyalty guests.

正如先前在我們的忠誠度資料庫中所揭露的那樣，與非忠誠度賓客相比，賓客的造訪頻率已高出50% 以上，每次造訪的花費也增加了約15%，該資料庫現已擁有540萬用戶。

Second; strategic game pricing.

第二;策略遊戲定價。

We historically have not had a robust games pricing strategy as game prices were stagnant for decades and game prices were also consistent across all regions nationwide, despite obviously different economic conditions in different parts of the country.

我們歷來沒有製定穩健的遊戲定價策略，因為遊戲價格幾十年來一直停滯不前，儘管全國不同地區的經濟狀況明顯不同，但全國所有地區的遊戲價格也保持一致。

We believe there is a significant opportunity to grow same store sales by strategically increasing game prices while still maintaining our strong value proposition.

我們相信，透過策略性地提高遊戲價格，同時仍保持我們強大的價值主張，存在著增加同店銷售額的重大機會。

During the quarter, we initiated certain technology investments to facilitate our new gaming system, which will give us our desired capabilities to optimize the price of our games.

在本季度，我們啟動了某些技術投資，以促進我們的新遊戲系統的發展，這將為我們提供優化遊戲價格所需的能力。

In advance of implementing the new system we have been testing a number of strategies to unlock pricing opportunity in certain areas.

在實施新系統之前，我們一直在測試多種策略，以釋放某些領域的定價機會。

Within our current system, these tests have showed encouraging results, which we will continue to fine tune ahead of rolling out across our broader portfolio in the coming weeks and months.

在我們目前的系統中，這些測試顯示出了令人鼓舞的結果，我們將繼續對其進行微調，然後在未來幾週和幾個月內將其推廣到我們更廣泛的產品組合中。

Third, food and beverage.

第三，食品飲料。

We've talked a lot about the substantial improvement through -- I'm sorry the substantial opportunity we see to improve the overall quality of our F&B offering.

我們已經談論了很多關於透過以下方式實現的實質改進——我很抱歉，我們看到了提高餐飲產品整體品質的巨大機會。

During the last quarter, we spoke about a multi-phased approach we are taking to rollout the D&B's menu of the future.

在上個季度，我們談到了我們正在採取的多階段方法來推出 D&B 的未來菜單。

We also told you about the success we saw during the initial test Phase, Phase 2, which was designed with a sharp focus on operational execution by removing unnecessary complexity in the back of the house and improving speed of service to improve overall food quality and drive more throughput at peak.

我們還向您介紹了我們在第二階段的初始測試階段所取得的成功，該階段的設計重點是運營執行，消除了後台不必要的複雜性並提高了服務速度，以提高整體食品質量並推動尖峰時吞吐量更高。

We are pleased to report that we launched phase 2 system-wide on September 25, and it has had a positive and an immediate impact and only five short weeks of contribution to the third quarter of the Phase 2 menu drove approximately 5% increase in food and beverage revenue per check in and almost 100 basis point improvement in F&B COGS, all while improving the speed of service and overall food quality of the guest dining experience.

我們很高興地報告，我們於9 月25 日在全系統範圍內啟動了第二階段，它產生了積極和直接的影響，僅短短五週的時間就為第二階段第三季度的菜單做出了貢獻，推動了食品成長約5%每次入住的飲料收入和餐飲 COGS 提高了近 100 個基點，同時提高了服務速度和賓客用餐體驗的整體食品品質。

Simultaneous with the go live of Phase 2, we started testing phase 3 of our D&B menu of the future in10 stores that assuming success, we would plan to launch system-wide in April of 2024.

在第二階段上線的同時，我們開始在 10 家商店測試未來 D&B 菜單的第三階段，如果成功，我們計劃於 2024 年 4 月在全系統範圍內推出。

Phase 3 is particularly exciting for us as it is designed with the objective to further increase F&B sales through targeted culinary innovation around or appetizers, bowls, desserts and sides that lines with our new hospitality model and better meets the needs dates of our entertainment-oriented guest.

第三階段對我們來說特別令人興奮，因為它的設計目標是透過圍繞開胃菜、碗、甜點和配菜的有針對性的烹飪創新，進一步增加餐飲銷售額，這符合我們新的酒店模式，並更好地滿足我們以娛樂為導向的需求。客人。

Already in Phase 3 testing, we are seeing incremental improvement in food check, overall satisfaction scores and F&B attached rates above and beyond the favorable Phase 2 results.

在第三階段測試中，我們看到食品檢查、整體滿意度評分和餐飲附加率的逐步改善，超越了第二階段的有利結果。

Fourth, remodels.

第四，改造。

While we believe our current stores deliver very high-quality experience to our guests, we believe there is significant scope to remodel our store base as the majority of our boxes today essentially have the same look, feel, layoff and offerings as they did more than a decade ago.

雖然我們相信我們現有的商店可以為客人提供非常高品質的體驗，但我們相信我們的商店基地還有很大的改造空間，因為我們今天的大多數盒子基本上具有與過去相同的外觀、感覺、裁員和產品。十年前。

After significant research and analysis, we've designed a remodel program that not only approve the physical appearance of our stores, but also represents the culmination of an interrelated strategic reset and how we will run our business more efficiently and better meet the needs dates of our guest.

經過大量研究和分析，我們設計了一個改造計劃，不僅批准了我們商店的外觀，而且代表了相互關聯的戰略重置的頂峰，以及我們將如何更有效地運營我們的業務並更好地滿足需求日期我們的客人。

Specifically, our remodel program was designed to accomplish the following- grow overall revenue through the introduction of disruptive entertainment product news, improved F&B sales through one; a reconfigured dining room, improving operational execution into an elevated and relevant new design.

具體來說，我們的改造計畫旨在實現以下目標：透過引入顛覆性的娛樂產品新聞來增加整體收入，透過一舉提高餐飲銷售額；重新配置的餐廳，將營運執行力提高到一個更高的、相關的新設計。

Grow special event cells through the introduction of more group-related entertainment options, improved guest engagement and gather important guest data analytics through the introduction of a digital guest platform, and finally, improve brand relevancy and attempt to return to a fresh modern look and feel.

透過引入更多與團體相關的娛樂選項來發展特殊活動單元，透過引入數位賓客平台提高賓客參與度並收集重要的賓客數據分析，最後提高品牌相關性並嘗試回歸全新的現代外觀和感覺。

During the last call, we had highlighted encouraging results from the first few weeks of the initial remodel test of our store in Friendswood, Texas.

在上次電話會議中，我們強調了德克薩斯州弗蘭德斯伍德商店最初幾週改造測試取得的令人鼓舞的結果。

While still early and still just one store we are pleased to report that the encouraging financial results we saw from our Friendswood store have not only continued but improved over the last few weeks and have exceeded our expectations, driving a double-digit sales uplift compared to the prior year and a more than 30% sales uplift compared to 2019.

雖然還為時過早，而且仍然只有一家商店，但我們很高興地報告，我們從Friendswood 商店看到的令人鼓舞的財務業績不僅持續而且在過去幾週內有所改善，並且超出了我們的預期，與去年同期相比，推動了兩位數的銷售額成長與前一年相比，銷售額比 2019 年成長了 30% 以上。

In addition to driving significant overall sales growth, our food and beverage mix is up nearly a full percentage point.

除了推動整體銷售顯著成長外，我們的食品和飲料組合也成長了近一個百分點。

Special Events sales are up over 45%, net Promoter scores are up 15%.

特別活動銷售額成長超過 45%，淨推薦值成長 15%。

Our loyalty membership has increased at a faster rate than the rest of the system.

我們的忠誠會員數量增長速度比系統中的其他成員更快。

And we now have important guest data on thousands of guests through our digital guest engagement platform.

現在，我們透過數位賓客參與平台擁有數千位賓客的重要賓客數據。

Notably based on what we are seeing, we are highly confident this remodel is on pace to hit or exceed our target return threshold, and we expect to value-engineer future remodels to have an even better ROIs.

值得注意的是，根據我們所看到的情況，我們非常有信心這次改造將達到或超過我們的目標回報閾值，並且我們期望對未來的改造進行價值設計，以獲得更好的投資回報率。

Given the initial encouraging results, we've instructed our development team to put us in a position to meaningfully accelerate the overall pace of remodels to the extent that results for future remodels remain consistent with what we've seen so far.

鑑於最初的令人鼓舞的結果，我們已指示我們的開發團隊使我們能夠有意義地加快改造的整體步伐，以使未來改造的結果與我們迄今為止所看到的保持一致。

As of now and plan to complete eight additional remodels in the fourth quarter of 2023 and three additional remodels in early fiscal 2024.

截至目前，計劃在 2023 年第四季完成八項額外改造，並在 2024 財年年初完成三項額外改造。

Additionally, we have already begun permitting a significant number of additional remodels sites for fiscal 2024 and assuming success of additional test remodels will be in a position to complete a total of 40 to 45 remodels by the end of fiscal 2024, with the majority of the remaining D&B system remodel by 2025 and 2026.

此外，我們已經開始允許在 2024 財年進行大量額外改造，並假設額外測試改造取得成功，將能夠在 2024 財年年底前完成總共 40 至 45 處改造，其中大部分改造將在 2024 財年完成。到2025 年和2026 年，剩餘的D&B 系統將進行改造。

The upcoming remodel test results will continue to formulate our go-forward plan with a strict stage gate process to ensure achievement of our target, return on capital thresholds for all remodel capital.

即將到來的改造測試結果將繼續制定我們的前進計劃，並有嚴格的階段性流程，以確保實現我們的目標，即所有改造資本的資本回報門檻。

Fifth, special events.

五是專項活動。

We continue to reinvigorate and put additional resources behind our special event business, which has allowed us to take a more aggressive approach to outbound prospecting at the Dave & Buster's brand.

我們繼續重振並為我們的特殊活動業務投入更多資源，這使我們能夠採取更積極的方法來尋找 Dave & Buster 品牌的出境勘探機會。

We are already seeing dividends in the 20 stores where we embedded the dedicated sales manager earlier this year, as they are pacing 80% higher in terms of special event upsell revenue growth in the stores with our dedicated sales managers.

今年早些時候，我們已經在 20 家配備了專職銷售經理的商店中看到了紅利，因為在配備了專職銷售經理的商店中，特別活動追加銷售收入增長速度快了 80%。

We have implemented several additional items at our special events product offerings that are empowering ourselves teams to drive more incremental revenue.

我們在特別活動產品中實施了多項附加項目，使我們的團隊能夠推動更多的增量收入。

Our holiday showcase events where we demonstrate our superior special event's offerings to groups both virtually and in person had nearly double the attendance of the prior year.

我們的節慶展示活動透過虛擬方式和現場方式向團體展示了我們卓越的特別活動產品，參與人數幾乎是前一年的兩倍。

In addition, our new SMS launch to engage with our special event customers will have a large impact on conversion and lead to additional repeat business.

此外，我們推出的新簡訊旨在與我們的特殊活動客戶互動，這將對轉換率產生巨大影響，並帶來更多的回頭客業務。

All of this provides significant momentum in the fourth quarter where we expect to eclipse pre-pandemic levels and have already booked as many $10,000 plus events for the quarter as we did in the entire fourth quarter of 2019.

所有這些都為第四季度提供了巨大的動力，我們預計將超越大流行前的水平，並且已經為該季度預訂了10,000 美元以上的活動，就像我們在2019 年整個第四季度所做的那樣。

Sixth, technology enablement.

第六，科技賦能。

We are powering the growth of our strategic initiatives through an optimized service model, enterprise game ecosystem, new-store IT infrastructure and improved data analytics.

我們透過優化的服務模式、企業遊戲生態系統、新店 IT 基礎設施和改進的數據分析來推動戰略計劃的發展。

At the beginning of November, we completed the domestic rollout of one dying server tablets, which enable our guest facing team members to execute ordering in the closing out a transactions from the palm of their hands.

11 月初，我們完成了一台瀕臨崩潰的伺服器平板電腦的國內部署，這使我們面向客戶的團隊成員能夠在手掌中執行訂單並完成交易。

We are on track to have 61 D&B stores with updated IT infrastructure by the end of the year, with the remainder complete in 2024.

我們預計到今年年底，將有 61 家 D&B 商店擁有更新的 IT 基礎設施，其餘的商店將在 2024 年完工。

With our adoption of a new ERP, we have streamlined the integration of our back-off systems to maximize real-time actionable insights for our teams and we are driving innovation with new footfall traffic technology that has been tested in three locations with the anticipation of a system wide rollout in 2024.

透過採用新的ERP，我們簡化了回退系統的集成，以最大限度地為我們的團隊提供即時可行的見解，並且我們正在利用新的客流量技術推動創新，該技術已在三個地點進行了測試，預計 2024 年在全系統範圍內推出。

We strongly believe these initiatives will lead to additional revenue in adjusted EBITDA, and we are laser focused on generating attractive return on the required investments in this area.

我們堅信這些舉措將帶來調整後 EBITDA 的額​​外收入，並且我們專注於為該領域所需的投資創造有吸引力的回報。

In aggregate, we are confident these organic growth initiatives are primed to drive our business forward and create significant shareholder value.

總的來說，我們相信這些有機成長舉措將推動我們的業務向前發展並創造顯著的股東價值。

We have conviction that we are focused in the right areas, making the right investments and at our recent operational achievements are indicative of the progress we're making towards this long-term goal.

我們堅信，我們專注於正確的領域，進行正確的投資，我們最近的營運成就表明我們正在朝著這一長期目標取得進展。

Our team of talented general managers and managing partners are doing a phenomenal job, driving down labor cost while improving overall satisfaction scores by implementing efficiencies and our back-of-house operations to reduce hours and redeploying a portion of those hours to the front house labor, particularly during peak times.

我們的才華橫溢的總經理和管理合夥人團隊做得非常出色，透過提高效率和後台營運來減少工作時間並將部分時間重新部署到前台勞動力，從而降低了勞動力成本，同時提高了總體滿意度得分，特別是在尖峰時段。

We are confident that these efforts, combined with the ongoing benefit of synergies to dramatically improve supply chain, driving lower cost of goods sold and additional progress we're making in all areas of the business to sustainably lower this company's cost base are creating a far more efficient and profitable organisation over time.

我們相信，這些努力，加上協同效應的持續效益，可顯著改善供應鏈，降低銷售商品成本，以及我們在所有業務領域為持續降低公司成本基礎而取得的額外進展，正在創造一個遠大的目標。隨著時間的推移，組織將變得更有效率、更有利潤。

Furthermore we continue to successfully open new stores.

此外，我們繼續成功開設新店。

We opened three stores in the third quarter, and we are on pace to open six additional stores in the fourth quarter, three of which have already been opened.

我們在第三季開設了 3 家門市，並計劃在第四季再開設 6 家門市，其中 3 家已經開業。

This brings us to expect a total of 16 new stores in fiscal 2023.

這使我們預計 2023 財年將總共開設 16 家新店。

We are very pleased with the performance our new stores, which continue to generate highly attractive returns on investment.

我們對新店的業績非常滿意，它們繼續產生極具吸引力的投資回報。

On the international front with our previously announced franchise partnership in the Middle East, India and Australia, we look forward to breaking ground on four international locations in fiscal 2024, with more announcements to come as we finalize partnership agreements and additional international geographies.

在國際方面，我們先前宣佈在中東、印度和澳洲建立特許經營合作夥伴關係，我們期待在2024 財年在四個國際地點破土動工，隨著我們敲定合作協議和其他國際地區，我們也將宣布更多消息。

Acting upon our confidence in our long-term plan, our consistently strong free cash flow profile, our desire to return capital to shareholders and our conviction in the dislocation of our valuation in the market we repurchased $100 million worth of our shares in the third quarter and have now bought back 17.5% of our shares outstanding year to date in 2023.

基於我們對長期計劃的信心、我們一貫強勁的自由現金流狀況、我們向股東返還資本的願望以及我們對市場估值錯位的信念，我們在第三季度回購了價值 1 億美元的股票現已在2023 年回購了年初至今17.5% 的已發行股票。

While we continue to prioritize high or high return on investments in this business and building new stores that attractive cash-on-cash returns we will also continue to opportunistically and aggressively buy back shares, when our shares trade maturely below our view of fair value.

雖然我們繼續優先考慮該業務的高或高投資回報，並建立具有吸引力的現金回報的新商店，但當我們的股票交易成熟低於我們認為的公允價值時，我們也將繼續機會主義和積極地回購股票。

So with that, now let me turn the call over to Mike to review our third-quarter results.

因此，現在讓我將電話轉給麥克，以審查我們的第三季業績。

Thanks, Chris.

謝謝，克里斯。

We are pleased to report financial results for the third quarter, which highlight our resilient business model and strong margin profile.

我們很高興報告第三季的財務業績，這突顯了我們富有彈性的業務模式和強勁的利潤率。

We generated third-quarter revenue of $467 million and adjusted EBITDA of $82 million for on a EBITDA margin of 17.5%, a 350 basis point margin expansion versus the same period in 2019.

我們第三季營收為 4.67 億美元，調整後 EBITDA 為 8,200 萬美元，EBITDA 利潤率為 17.5%，與 2019 年同期相比，利潤率成長了 350 個基點。

Net loss in the third quarter totaled $5.2 million, or $0.12 per diluted share.

第三季淨虧損總計 520 萬美元，或攤薄後每股虧損 0.12 美元。

We reported $400,000 of adjusted net income or $0.01 of adjusted earnings per diluted share.

我們報告了 400,000 美元的調整後淨利潤或調整後每股攤薄收益 0.01 美元。

Reconciliations of these non GAAP financial measures can be found in today's press release.

這些非公認會計原則財務指標的調節表可以在今天的新聞稿中找到。

Pro forma comparable store sales decreased 7.8% versus 2022 as we continue to lap robust prior year periods from a top-line perspective.

從營收角度來看，我們繼續保持去年同期的強勁表現，預計可比商店銷售額與 2022 年相比下降了 7.8%。

As a reminder, in the third quarter, we are lapping over a third quarter of 2022 that had a 17.5% comp to 2019.

提醒一下，在第三季度，我們將超越 2022 年第三季度，與 2019 年相比成長 17.5%。

On the same pro forma consolidated basis when we look back at a more normalized level of business, we were up 8.1% versus the third quarter of 2019, led by the continued strength of our entertainment business.

在相同的預估合併基礎上，當我們回顧更正常化的業務水準時，我們比 2019 年第三季成長了 8.1%，這主要得益於我們娛樂業務的持續強勁。

Importantly, this 8.1% growth versus 2019 marks an improvement in trends relative to the second quarter of fiscal '23, which we interpret as a positive indicator that are most challenging comps behind us.

重要的是，與 2019 年相比 8.1% 的成長標誌著相對於 23 財年第二季的趨勢有所改善，我們將其解讀為一個積極指標，是我們身後最具挑戰性的公司。

Our special event business continues to recover, with comparable sales up 4.8% on a year-over-year basis in the third quarter and down only 3.5% in comparison to pro forma 2019 levels.

我們的特別活動業務持續復甦，第三季可比銷售額年增 4.8%，與 2019 年預期水準相比僅下降 3.5%。

As Chris stated earlier, we remain confident that the recovery trend fueled by our strategic investments will continue into the fourth quarter of -- for special event business, where we expect to exceed 2019 levels on a comp store sales basis.

正如克里斯早些時候所說，我們仍然相信，我們的策略投資推動的復甦趨勢將持續到第四季度——特別活動業務，我們預計在比較商店銷售的基礎上將超過 2019 年的水平。

Despite the comp being down, we generated $70.8 million in operating cash flow during the third quarter, a $2.9 million more than $67.9 million of operating cash flow generated in the prior year period.

儘管比較下降，我們第三季的營運現金流仍達到 7,080 萬美元，比去年同期的 6,790 萬美元增加了 290 萬美元。

Contributing to an ending cash balance of $64 million for total liquidity of $554.2 million when combined with the $490.2 million available on our $500 million revolving credit facility, net of outstanding letters of credit.

加上我們 5 億美元循環信貸額度中的 4.902 億美元（扣除未償還信用證），期末現金餘額為 6,400 萬美元，總流動資金為 5.542 億美元。

We ended the quarter with a net total leverage ratio of 2.3 times as defined under our credit agreement.

本季結束時，我們的淨總槓桿率為信用協議規定的 2.3 倍。

We entered into a sale leaseback transaction for [four] operating Dave & Buster's stores in the third quarter, generating proceeds of $85.8 million net of sale leaseback proceeds received.

我們在第三季為[四家]經營 Dave & Buster 商店進行了售後回租交易，扣除收到的售後回租收益後，產生了 8580 萬美元的收益。

These stores are on track to generate significantly more attractive cash-on-cash returns than the already great returns on our remaining new store portfolio.

這些商店預計將產生比我們剩餘的新商店組合已經很高的回報更具吸引力的現金回報。

We are encouraged by the strong demand for unique real estate assets and feel of a long-term partnerships that we've cultivated with our landlords and greater week community is a testament to the confidence that they have in our business model and our long-term operational capabilities.

對獨特房地產資產的強勁需求以及我們與房東和更大的社區建立的長期合作夥伴關係讓我們感到鼓舞，這證明了他們對我們的商業模式和我們的長期發展充滿信心營運能力。

Based on our current development pipeline, we anticipate having an additional four owned and operated in real estate assets by the end of fiscal '23 with an additional seven own real estate assets commencing operations in fiscal '24 and another seven coming online in fiscal '25 for a grand total of 18 locations with owned real estate across both brands over the next two fiscal years.

根據我們目前的開發管道，我們預計到 23 財年末將擁有和經營另外 4 項房地產資產，另外 7 項自有房地產資產將在 24 財年開始運營，另外 7 項將在 25 財年上線在接下來的兩個財年中，兩個品牌總共擁有18 個擁有自有房地產的地點。

We believe these wholly owned assets will provide us with financial flexibility to opportunistically maximize the value of our real estate, providing us with significantly more capital to invest in our business or returned to shareholders.

我們相信，這些全資資產將為我們提供財務靈活性，以機會最大化我們的房地產價值，為我們提供更多的資本來投資我們的業務或回報股東。

In the third quarter, we repurchased 2.8 million shares at a total cost of $100 million.

第三季度，我們回購了280萬股股票，總成本為1億美元。

As Chris mentioned, total share repurchases to date in fiscal '23 are $8.5 million shares totaling $300 million and representing 17.5% of our shares outstanding at the beginning of the year.

正如 Chris 所提到的，23 財年迄今的股票回購總額為 850 萬美元，總計 3 億美元，占我們年初已發行股票的 17.5%。

We still have $100 million remaining on our board approved share repurchase program.

我們董事會批准的股票回購計畫還剩 1 億美元。

Turning to capital spending, we invested a net total of $67.4 million in capital additions during the third quarter, opening two new Dave & Buster's and one new main event location.

談到資本支出，我們在第三季的資本增加淨投資總額為 6,740 萬美元，開設了兩家新的 Dave & Buster's 餐廳和一家新的主要活動場所。

We have already opened three new Dave & Buster's during the fourth quarter of fiscal '23, one in Colorado Springs, Colorado, another in Lafayette, Louisiana, and the third, Pooler Georgia.

我們已經在 23 財年第四季開設了三家新的 Dave & Buster's 店，一家位於科羅拉多州科羅拉多斯普林斯，另一家位於路易斯安那州拉斐特，第三家位於喬治亞州普勒。

And we are on track to open the remaining three Dave & Buster's stores in the next few weeks bringing us to 16 new stores across both frames during fiscal '23.

我們預計在接下來的幾週內開設剩下的 3 家 Dave & Buster's 商店，從而使我們在 23 財年期間在這兩個框架中開設 16 家新商店。

To summarize, we took advantage of our strong balance sheet, liquidity and credit profile in the quarter to continue to invest in the business, open new stores, advance our remodel plans enter into a sale leaseback for the four D&B properties and return capital to shareholders via the $100 million share repurchase.

總而言之，我們利用本季強勁的資產負債表、流動性和信用狀況，繼續投資業務、開設新店、推進我們的改造計劃、為四項 D&B 物業進行售後回租並向股東返還資本通過1億美元的股票回購。

We are encouraged by the process we are making in the quarter laying the foundation of investments related to our long-term strategic plan and managing costs to continue to drive our recurring cost base lower.

我們對本季所做的進程感到鼓舞，為我們的長期策略規劃和管理成本奠定了投資基礎，以繼續降低我們的經常性成本基礎。

Future is bright for this organization that we feel the actions we're taking today are setting us up for many years of financial success to come.

組織的未來是光明的，我們認為今天採取的行動將為我們未來多年的財務成功奠定基礎。

And with that, operator, I'll open up the line for questions.

接線員，接下來我將開通提問專線。

(Operator Instructions)

（操作員說明）

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Good afternoon, guys.

下午好，夥計們。

Just trying to get a sense of kind of, the underlying comparisons as we move through the fourth quarter and anything we should be aware of with calendar shifts and all that.

只是想了解第四季度的基本比較以及我們應該注意的日曆變化等問題。

I know there's a lot, but I guess the bottom line is, the trends versus '19, as you talked about sequentially better in the 3Q than the 2Q, is that something we should expect to continue here as we move into the holiday season and such?

我知道有很多，但我想最重要的是，與19 年相比，正如您所說的，第三季度的趨勢比第二季度的情況更好，這是我們應該期望在進入假期季節時繼續下去的趨勢，這樣的？

Yeah, hey look Andy, I don't think there's anything really necessarily around the calendar shift in the fourth quarter, should be relatively consistent with what you saw last year fiscal '22.

是的，嘿，安迪，我不認為第四季度的日曆變化確實有什麼必然的，應該與你去年 22 財年看到的情況相對一致。

I think from a trends perspective, look, the trends relative to '22 and '19 have improved throughout the third quarter subsequent to the quarter, especially on the walk inside, trends have continued to improve, relative to last year and into 2019.

我認為從趨勢的角度來看，相對於'22和'19的趨勢在本季度之後的整個第三季度都有所改善，特別是在內部行走，相對於去年和進入2019年，趨勢持續改善。

However, most of the quarter is still ahead of us.

然而，本季的大部分時間仍然在我們前面。

Just to give perspective, November represents about 25% of our business in the quarter.

僅供參考，11 月約占我們本季業務的 25%。

So with nearly 75% still to go, I think it's still too early to read too much into that at this point.

因此，由於仍有近 75% 的項目尚未完成，我認為現在對此進行過多解讀還為時過早。

On a special events side since the quarter ended, there's been a bit of a shift in the special events calendar.

在特別活動方面，自本季結束以來，特別活動日曆發生了一些變化。

So recent trends that we're seeing over the first five weeks of the quarter are meaningless at this point, but any of that calendar shift gets taken care of in the quarter so when you're looking quarter to quarter, there is no material shift as I mentioned before.

因此，我們在本季度前五週看到的最新趨勢在這一點上毫無意義，但任何日曆變化都會在本季度得到處理，所以當你逐季度查看時，沒有重大變化正如我之前提到的。

But all in all, look, given what we're seeing in the business, we remain confident that what we're doing is working and that we are ultimately going to be very successful in driving this business forward.

但總而言之，考慮到我們在業務中所看到的情況，我們仍然相信我們正在做的事情正在發揮作用，並且我們最終將非常成功地推動這項業務向前發展。

And then -- the one thing I'll add to that, Andy, is on special events.

然後，安迪，我要補充的一件事是特別活動。

So as Mike said, there is a calendar shift and special events.

正如麥克所說，有日曆變化和特殊活動。

However, when we look at our special events business this year relative to prior year and relative to 2019 on a same week basis so we've taken into account that shift in weeks, we continue to see meaningful progress against where we were in 2019 and certainly 2022.

然而，當我們比較去年和 2019 年同一周的特殊活動業務時，我們考慮到了周內的變化，我們繼續看到與 2019 年相比取得了有意義的進展，並且當然是2022年。

So we feel very good about the effort we're putting the special events and the impact that we're having on the business and feel very good about being in a position to come in significantly ahead of 2019 on special events.

因此，我們對我們在特別活動上所做的努力以及我們對業務產生的影響感到非常滿意，並且對於能夠在 2019 年特別活動上大幅領先而感到非常高興。

Got it.

知道了。

Thanks, guys.

多謝你們。

And then just one quick follow up just to level set on pricing, I mean you laid out in the strategic plan that kind of three-year games pricing would be about 10%, about 3% annualized.

然後只是為了確定定價水平而進行快速跟進，我的意思是您在戰略計劃中規定，三年期遊戲的定價約為 10%，年化約為 3%。

I know that could differ.

我知道這可能會有所不同。

But how do we think about sort of the rollout right now on changes in in tiered pricing, by geography?

但我們如何看待現在以地理位置推出分級定價變動的情況呢？

And then the potential for dynamic pricing, I guess, in '24, how should we sort of think about what's in the numbers now or what you have visibility on for the next year or so?

然後是動態定價的潛力，我想，在 24 年，我們應該如何考慮現在的數字或您對明年左右的可見性？

Yeah, I'll go through a good question.

是的，我會問一個好問題。

Chris can chime in and add to it.

克里斯可以插話並補充一下。

So when we look at the strategic pricing, we're in the process right now running tests and as we evaluate those tests will make adjustments accordingly.

因此，當我們考慮策略定價時，我們正在執行測試，並且在評估這些測試時將做出相應的調整。

We are very aware that we want to maintain the value proposition, especially at this juncture where the economy is in a hole.

我們非常清楚，我們希望維持價值主張，尤其是在經濟陷入困境的時刻。

However, regardless of that, we still have full conviction that the amounts that we laid out at investor day over the long term period past that three-year period will be achieved and part of our ongoing process.

然而，無論如何，我們仍然堅信，我們在投資者日所設定的三年後的長期金額將會實現，並且是我們正在進行的流程的一部分。

To get to some of the other components of that pricing increase we need the new game system to be installed that is on the road map to be done next year in '24.

為了實現價格上漲的其他一些組成部分，我們需要安裝新的遊戲系統，這在明年 24 年完成的路線圖上。

So we'll see more things like you had like on dynamic pricing and other intricacies of that effect was probably not hit until very late '24 or probably into '25 at this point.

因此，我們會看到更多像您在動態定價方面遇到的事情，而這種影響的其他複雜性可能要到 24 年很晚或可能到 25 年才會受到影響。

Understood.

明白了。

Thank you, guys.

感謝你們。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Good afternoon and thank you.

下午好，謝謝。

Few quick questions.

幾個簡單的問題。

So first would be on the loyalty membership, understanding how that will be incredibly important and sort of that digital marketing journey but can you help us understand the efforts that you guys have in place or will have in place to help drive loyalty membership ranks?

首先是忠誠會員，了解這將是多麼重要以及數位行銷之旅，但您能否幫助我們了解您們已經或將要做出的努力來幫助提高忠誠會員等級？

Yeah, sure, Jeff.

是的，當然，傑夫。

The first when we walk through all the opportunity on marketing authorization, there is -- as we said many times, there's tremendous opportunity to be more effective with our approach to marketing with in that we believe strongly that there is incredible opportunity to improve our approach to digital marketing and that is the past year we've been hard at work, putting all the foundational building blocks in place so investing in all the technology that will help us drive digital marketing and to maximize that opportunity.

首先，當我們回顧行銷授權的所有機會時，正如我們多次說過的那樣，我們有巨大的機會使我們的行銷方法更加有效，因為我們堅信，有難以置信的機會來改進我們的方法到數字行銷，在過去的一年裡，我們一直在努力工作，將所有基礎構建模組落實到位，因此投資於所有技術，這將有助於我們推動數位行銷並最大限度地利用這一機會。

So when we think about the benefit of growing the loyalty database, clearly, there's an opportunity for us to at the more engaged we are with our guests in a better position where we're going to be able to deliver a service model for that guests, is tailored for the guest, and a better position to deliver personalized messages to the guest.

因此，當我們考慮擴大忠誠度資料庫的好處時，很明顯，我們有機會與客人進行更多的互動，從而處於更好的位置，我們將能夠為客人提供服務模式，是為客人量身定制的，能夠更好地向客人傳遞個人化的訊息。

And so we clearly see an opportunity to build out our loyalty platform and as we do that to improve both sides of it, the service model as well as our marketing performance.

因此，我們清楚地看到了建立我們的忠誠度平台的機會，並在過程中改進它的兩面：服務模式以及我們的行銷績效。

The ways we will do that is first; we rolled out a mobile app, inside of that was step one.

我們要做的第一件事是：我們推出了一個行動應用程序，其中就是第一步。

We intend over the next several years we're just going to continue to make that app better and better and so we'll continue to refine it and as we do, we'll be testing and learning and so we believe that there is incredible opportunity there.

我們打算在接下來的幾年裡繼續使該應用程式變得越來越好，因此我們將繼續完善它，同時我們將進行測試和學習，因此我們相信會有令人難以置信的那裡有機會。

Secondly; we believe that there's an opportunity to do, and we've seen this in our remodeled store to improve our digital guest engagement platform at the store level.

第二;我們相信這是一個機會，我們已經在改造後的商店中看到了這一點，以改善我們在商店層面的數位客戶參與平台。

And so being very deliberate about how we migrate, through the entire guest journey and do it in a way to where the mobile app should enhance guest journey to enhance the overall service model.

因此，我們非常慎重地考慮如何在整個賓客旅程中進行遷移，並以行動應用程式應該增強賓客旅程的方式進行遷移，從而增強整體服務模式。

And as we focus on enabling a better service model, a better guest experience, we believe that will migrate more people into the mobile app, which will then improve our loyalty database platform.

當我們專注於實現更好的服務模式、更好的客戶體驗時，我們相信這將使更多的人遷移到行動應用程序，從而改善我們的忠誠度資料庫平台。

So there's a number of different initiatives, both in the app itself as well as the service model and the way we engage with the guest at the store level.

因此，無論是應用程式本身還是服務模式以及我們在商店層面與客人互動的方式，都有許多不同的舉措。

But that's just one component of growing achieving our goals for marketing optimization and improving our ability to be better, get better return on our investment in digital marketing.

但這只是不斷實現我們的行銷優化目標和提高我們做得更好的能力、獲得更好的數位行銷投資回報的組成部分。

Okay, that's helpful.

好的，這很有幫助。

Two other hopefully, quick ones.

希望還有另外兩個，快點。

First is just on staffing, a lot of the restaurant companies.

首先是人員配備，很多餐飲公司。

Admittedly, you guys are not a restaurant company, but this earnings season pointed to much better staffing levels, much lower much lower turnover trend, turnover numbers driving some efficiencies -- some labor efficiencies as it relates to your model, anything that you guys can add as it relates to staffing?

誠然，你們不是一家餐飲公司，但這個財報季表明，人員配備水平要好得多，營業額趨勢要低得多，營業額數字推動了一些效率——一些與你們的模式相關的勞動力效率，你們可以做的任何事情添加與人員配置相關的內容？

No, I think we're seeing the same things -- go back a year or two years ago where it was difficult to find a staffing and to get stores even remotely close to par were effectively at par and managing our hours accordingly based on business levels.

不，我認為我們看到了同樣的事情——回到一兩年前，當時很難找到員工，也很難讓商店甚至遠程接近標準水平，但實際上是在標準水平上，並根據業務相應地管理我們的時間水平。

Okay.

好的。

And then last one from me apologize for being long-winded here, but probably three or four years ago, arguably pre-COVID, a lot of focus with the Dave & Buster's name as it relates to both cannibalization and competitive encroachment and some of the cannibalization concern, obviously disappears with the main event acquisition.

最後，我為在這裡囉嗦而道歉，但可能是三、四年前，可以說是在新冠疫情之前，人們非常關注戴夫和巴斯特的名字，因為它與同類蠶食和競爭性侵占以及一些隨著主要事件的收購，蠶食的擔憂顯然消失了。

But as you're opening up the 16 boxes or stores this year, and you're thinking about both of those two metrics, or drivers of potential headwinds, cannibalization, competitive encroachment, any update on how you guys are thinking about that or what you've seen?

但是，當你今年開設 16 個盒子或商店時，你會考慮這兩個指標，或者潛在逆風、蠶食、競爭性侵占的驅動因素，以及你們如何看待這些問題的任何更新或什麼你看過？

That's obviously something that we take a close look at and we can tell you that there's no significant cause concern of all on cannibalization.

顯然，我們會仔細研究這一點，並且我們可以告訴您，對於同類蠶食，沒有任何重大原因值得關注。

We were getting phenomenal returns on the 16 units that we've opened and we feel great about right about that.

我們開設的 16 個單位獲得了驚人的回報，我們對此感到非常高興。

I think one of the advantages is now that we've designed the smaller prototype and we're going into -- that's opened the door for markets that we weren't interested in pursuing because of the level of investment and so as we've shrunk our prototype that's provided us access into new market.

我認為優勢之一是現在我們已經設計了更小的原型，我們正在進入——這為我們由於投資水平而沒有興趣追求的市場打開了大門，因此我們已經縮小了我們的原型，這為我們提供了進入新市場的機會。

That's helped cannibalization.

這有助於蠶食。

But when we've gone through and looked at our performance against the stores nearby at this point in time, we're not seeing anything at all that's a concern.

但是，當我們回顧並查看我們此時與附近商店的表現時，我們沒有看到任何令人擔憂的事情。

And we feel very confident in the white space opportunity that we laid out at Investor Day in achieving that without significant cannibalization.

我們對在投資者日上所展現的空白機會非常有信心，能夠在不造成重大蠶食的情況下實現這一目標。

All right, thank you.

好吧。謝謝。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you.

謝謝。

Just a question on the remodel program.

只是關於改造計畫的問題。

You showed some encouraging steps in the prepared remarks.

您在準備好的講話中展示了一些令人鼓舞的步驟。

Just clarification, the pace for next year specifically, is that accelerated versus your prior thinking?

只是澄清一下，具體來說明年的步伐，與您之前的想法相比是否加快了？

And then if so, any color on what made you decide to accelerate?

如果是這樣，有什麼原因讓您決定加速嗎？

It sounds like the [test] is going well, but I would also think you expected to go well so just any color would be great.

聽起來[測試]進展順利，但我也認為您期望進展順利，所以任何顏色都很棒。

And so the answer is yes that, we've now laid out a plan to be able to have -- to be in a position to have 40 to 45 remodel stores done by the end of 2024, and that is an accelerated pace.

所以答案是肯定的，我們現在已經制定了一項計劃，能夠在 2024 年底之前完成 40 到 45 家改造商店，而且這是一個加快的步伐。

However, we were moving forward in a very controlled way, and we were only get to 40 to 45 if we continue to see the same level of results and continue to not only hit or exceed our return on investment thresholds.

然而，我們正在以一種非常可控的方式前進，如果我們繼續看到相同水平的結果，並且繼續不僅達到或超過我們的投資回報閾值，我們只能達到 40 到 45。

And so we're being very controlled but at the same time, we're wanting to move fast in order to get maximize the opportunity that we see the reason for that, yeah, I mean, you're absolutely right, we did expect on the remodel program be successful.

因此，我們受到非常嚴格的控制，但同時，我們希望快速行動，以獲得最大的機會，我們看到了原因，是的，我的意思是，你是絕對正確的，我們確實期望改造計劃能否成功。

However, we're exceeding our own expectations and our expectations were pretty high.

然而，我們超越了我們自己的期望，而且我們的期望相當高。

I think the thing that has us very encouraged not only the results that were driving, but the underlying -- the underpinnings of those results.

我認為讓我們非常鼓舞的不僅是推動的結果，還有這些結果的基礎。

So specifically what's leading to the improvement in the store?

那麼具體是什麼導致了商店的改善呢？

And we can point to the strategic initiatives, the strategic objectives that we had when we designed the remodel.

我們可以指出我們設計改造時的策略舉措和策略目標。

So when we see our overall sales up double digits over prior year and up 30% over 2019, that's encouraging.

因此，當我們看到我們的整體銷售額比上一年增長兩位數、比 2019 年增長 30% 時，這是令人鼓舞的。

But when you when you look at it and say, we specifically designed the entertainment platform to bring news to the market and provide more variety to the guest, and we're driving more entertainment revenue through that entertainment product when we specifically designed it to give our sales team more opportunity to drive special events because now we have items that appeal to group activities and our special events are up 45%.

但是，當您看到它並說，我們專門設計了娛樂平台，將新聞推向市場並為客人提供更多多樣性，並且當我們專門設計該娛樂產品以提供更多娛樂收入時，我們正在通過該娛樂產品推動更多娛樂收入我們的銷售團隊有更多機會推動特別活動，因為現在我們有吸引團體活動的商品，而且我們的特別活動增加了 45%。

That gives us confidence that we're approaching it the right way.

這讓我們相信我們正在以正確的方式解決這個問題。

We specifically designed the remodel program to drive throughput on the dining room because our belief is one of the reasons why we've seen a decline in our F&B mix is because we haven't set our operators up for success.

我們專門設計了改造計劃來提高餐廳的吞吐量，因為我們相信，我們的餐飲組合下降的原因之一是我們沒有為營運商的成功做好準備。

So we've addressed that in the remodel.

所以我們在改造中解決了這個問題。

We've reconfigured the dining room to set our operators that for success and drive that throughput and even though we've grown our revenue in very significant way, our F&B revenues actually outpaced everything else that we're doing, so that gives us confidence.

我們重新配置了餐廳，讓我們的經營者能夠成功並提高吞吐量，儘管我們的收入增長非常顯著，但我們的餐飲收入實際上超過了我們正在做的其他所有事情，因此這給了我們信心。

And then the impact we're having on the guests experience or net promoter scores are up 15 points that just again, just bolsters our confidence is over.

然後我們對客人體驗或淨推薦值的影響提高了 15 個百分點，這再次增強了我們的信心。

We're feeling very good about the lot what we've been able to achieve in Friendswood, because we see those data points, we really believe that, that validates our strategies and that gives us confidence to start to move faster, but at the same time being very controlled.

我們對在 Friendswood 取得的成就感到非常滿意，因為我們看到了這些數據點，我們真的相信，這驗證了我們的策略，並讓我們有信心開始更快地採取行動，但在同時又非常受控制。

So we don't get ahead of ourselves on the investment.

所以我們在投資上不會超前。

Okay, thank you.

好的謝謝。

That's great color.

那顏色真棒。

And then just a question on G&A.

然後是關於一般行政費用的問題。

If we make all the adjustments, it seems like the underlying G&A has been running in the $18 million to $20 million range per quarter for the last several quarters.

如果我們進行所有調整，那麼過去幾季的基本 G&A 似乎一直在每季 1800 萬至 2000 萬美元的範圍內運行。

Is that a good run rate to think about for 4Q and into next year?

對於第四季和明年來說，這是一個不錯的運作率嗎？

Or are there any investments or some other items you would want us to be mindful of as we think about next year?

或者您希望我們在考慮明年時注意任何投資或其他一些事項？

That $20 million is a fair pacing for where we were expecting quarter G&A to be after you take out those adjustments.

這 2000 萬美元對於我們預計扣除這些調整後的季度 G&A 的水平來說是一個公平的節奏。

Okay.

好的。

Thanks a lot.

多謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks and good evening.

你好，謝謝，晚上好。

My question I wanted to circle back on demand and percentages can sometimes get a little confusing, given the big seasonal swings, I think the comps versus '19 had quite a bit different between the two brands.

我想根據需求和百分比來回答我的問題，考慮到季節性波動很大，我認為兩個品牌之間的比較與 19 年有很大不同。

So I guess how would you characterize what you're seeing in terms of underlying demand in the third quarter, maybe compared to the second quarter?

因此，我想您如何描述第三季（也許與第二季相比）的潛在需求？

Are there any changes in behavior worth noting?

行為上有什麼值得注意的改變嗎？

Any color on how the quarter progressed or anything else you'd be willing to highlight?

關於本季進展的任何顏色或您願意強調的其他內容？

No, I think -- kind of refer back to an earlier question.

不，我想——有點像回到之前的問題。

I would just go Q2 to Q3 haven't seen much in the change in demand, though when we look at Q3, what we have seen starting in October is improved results Versus '22 and versus '19.

我只想從第二季度到第三季度，需求沒有太大變化，儘管當我們看第三季度時，我們從 10 月開始看到的結果是與 22 年和 19 年相比有所改善。

And those improved results have continued into November.

這些改善的結果一直持續到十一月。

But as I said earlier, from a Q4 perspective, given the size of the business that still to come with the Christmas holiday, winter break, New Year's, MLK holiday in January, those are all big events for us.

但正如我之前所說，從第四季度的角度來看，考慮到聖誕假期、寒假、新年、一月份的馬丁路德金假期仍將帶來的業務規模，這些對我們來說都是大事件。

And so the vast majority of business from a revenue perspective will take place in the December and January period.

因此，從收入角度來看，絕大多數業務將發生在 12 月和 1 月期間。

So it's a little hard to take into account what we've seen for November to project that out over the rest of the quarter.

因此，很難根據 11 月的情況來預測本季剩餘時間的情況。

Okay, and then, Mike, I think you mentioned a calendar shift on special events sort of in November or in the fourth quarter.

好吧，麥克，我想你提到了 11 月或第四季度特殊活動的日曆調整。

Can you just clarify what that shift is?

您能澄清一下這個轉變是什麼嗎？

A lot of events start taking place after the Halloween, call it, holiday or event.

許多活動在萬聖節之後開始舉行，稱為假期或活動。

And so what happens is versus 2019, our special event calendar is one week lagging versus what you had in '19.

因此，與 2019 年相比，我們的特別活動日曆比 19 年晚了一周。

All of that goes away by the time you get to the Christmas holiday.

當你到了聖誕節假期時，所有這些都會消失。

And all of that has been caught up.

所有這些都已被追上。

So right, although it's a little bit of a mismatch today versus '19, but that's only on a week-to-week trend basis for the whole quarter it's not relevant.

沒錯，儘管今天與 19 年相比有點不匹配，但這只是整個季度逐週趨勢的基礎，這是不相關的。

Right, that's similar dynamic last year that you highlighted compared to '19, correct?

是的，您去年強調的動態與 19 年的動態類似，對嗎？

Correct, there's about three days in prior year on that, call it 15 business days of peak period that we are lapping over, which, by the way, is one of the reasons why we don't give that up to date where are in the quarter view anymore.

是的，去年大約有 3 天，我們稱之為 15 個工作日的高峰期，順便說一句，這也是我們不提供最新情況的原因之一季度視圖不再。

Understood, okay.

明白了，好吧。

And then shifting gears to the games pricing, could you just share some more on the tests that you run?

然後轉向遊戲定價，您能否分享更多有關您正在運行的測試的資訊？

How much have you tested in different regions?

您在不同地區測試了多少？

What have you learned?

你學到了什麼？

How has it impacted sales?

它對銷售有何影響？

And sorry if I missed it earlier, but have you made that the go decision on most of the system went -- what's the rollout look like on the strategic gamings pricing?

抱歉，如果我之前錯過了，但是您是否已決定對系統的大部分內容進行決策 - 戰略遊戲定價的推出是什麼樣子？

Yeah, look, our test right now is not to get too much in the weeds on an earnings call, but is roughly about -- it's 12 stores.

是的，你看，我們現在的測試不是在財報電話會議上透露太多信息，而是大致涉及 12 家商店。

We've looked at various price points within that 12 stores, and we're just continuing to evaluate those results and the impact that would have and we're looking at it holistically.

我們已經研究了這 12 家商店的不同價格點，我們只是繼續評估這些結果及其可能產生的影響，並且我們正在全面地考慮它。

So it's not only an impact on what your initial card load is, but it's also on the overall revenues, what kind of recharge rate do you have, We will also look at what the impact on dwell time because we kind of look at all of that in its totality to understand the real value that we're driving to the customer as part of that value proposition.

因此，這不僅會影響您的初始卡片負載，還會影響整體收入，您的儲值率是多少，我們還將研究對停留時間的影響，因為我們會考慮所有全面了解我們為客戶帶來的真正價值，作為該價值主張的一部分。

So we've got a few more weeks to go in our test and we would probably look to make some type of pricing adjustment either late into Q1 or into early or site late into Q4, early into Q1.

因此，我們還有幾週的時間進行測試，我們可能會在第一季末或早期或第四季末、第一季初進行某種類型的定價調整。

Okay.

好的。

Great.

偉大的。

That's very helpful.

這非常有幫助。

And then last one for me.

然後是我的最後一張。

Just back to the Friendswood remodel.

回到友誼伍德改造。

I'm just curious if you could share more on what elements of the remodel you think are driving the uplift?

我只是好奇您是否可以分享更多關於您認為改造中哪些因素推動了提升？

Any specifics on how the social base are performing or other new elements are worth highlighting?

關於社會基礎如何表現的具體細節或其他新元素值得強調嗎？

Sure we're very pleased with social base, both in terms of the entertainment revenue as well as the food and beverage attach that we're able to drive through participants in the base.

當然，我們對社交基礎非常滿意，無論是娛樂收入還是我們能夠透過基礎參與者帶來的​​食品和飲料附加費。

So very pleased with that.

對此非常滿意。

We just rolled out a brand new attraction in Friendswood just a couple of weeks ago.

幾週前，我們剛在 Friendswood 推出了一個全新的景點。

And so we'll be interested see how that performs as well.

所以我們也有興趣看看它的表現如何。

But in terms of the other items that are driving the performance, it's everything that I just walk through just a minute ago.

但就推動效能的其他項目而言，這就是我一分鐘前剛剛經歷過的所有內容。

So we're very pleased with the performance in all areas.

所以我們對所有領域的表現都非常滿意。

So the strategic objectives that I just walked everyone through in every one of those areas, we're making an impact on the business.

因此，我剛剛向每個人介紹了每個領域的策略目標，我們正在對業務產生影響。

And so that just gives us a lot of confidence because we move forward that these are results that on that we fully expect to continue to drive.

這給了我們很大的信心，因為我們繼續前進，我們完全期望繼續推動這些結果。

All right, I'll pass it on.

好的，我會轉達的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, good afternoon.

嗨，下午好。

I apologize if I missed it, but given the accelerated pace of remodels, is there any impact on the '24 development pipeline as results?

如果我錯過了，我深表歉意，但考慮到改造步伐的加快，對'24開發管道的結果有什麼影響嗎？

And how should we think about CapEx in '24 relative to '23?

我們該如何看待 24 年相對於 23 年的資本支出？

Yeah, I'll answer that.

是的，我會回答這個問題。

A there will be no adjustment to our new store opening pipeline.

答：我們的新店開張通路不會有任何調整。

We're looking at 15 new locations and one remodel, which is consistent with the 16 that we've always discussed back with the Investor Day.

我們正在考慮 15 個新地點和一個改造地點，這與我們在投資者日上一直討論的 16 個地點一致。

And which will be kind of the of all of a rounded number plus one minus one.

這將是所有四捨五入的數字加一減一的結果。

And as you go through from a year to year basis, when we look at the overall CapEx, we laid out in the Investor Day what our CapEx would be, which was roughly about $340 million.

當你逐年查看整體資本支出時，我們在投資者日列出了我們的資本支出，大約為 3.4 億美元。

That number, I think would be relatively consistent on a net basis going forward.

我認為這個數字在未來的淨基礎上將相對穩定。

Obviously, as the remodels adjust from a timing perspective, we feel very confident with our leverage profile right now and the vast amount of liquidity we have that we're willing to put that to work to yield the returns on an overall basis for the company accordingly.

顯然，隨著重組從時間角度進行調整，我們對目前的槓桿狀況和我們擁有的大量流動性非常有信心，我們願意將其用於為公司帶來整體回報因此。

Great, and then on Phase 3 of the food and beverage plan, does that give back any of the food and beverage savings that you've achieved in Phase two?

太好了，那麼在食品和飲料計劃的第三階段，這是否會回饋您在第二階段實現的食品和飲料節省？

No, it actually expands it.

不，它實際上擴展了它。

Okay.

好的。

The numbers that Chris alluded to would all be incremental to the savings that -- and improvement that we've seen in Phase 2.

克里斯提到的數字都將是我們在第二階段看到的節省和改進的增量。

So it's just basically Phase 2 is one block Phase 3 is the next building block, and then we continue to innovate beyond that.

所以基本上第二階段是一個模組，第三階段是下一個建置模組，然後我們繼續在此基礎上進行創新。

Okay.

好的。

And then last question from me on the remodel you've done so far, have you done anything to drive traffic to the locations or is it the location is generally word of mouth?

然後我問的最後一個問題是關於您迄今為止所做的改造，您是否採取了任何措施來增加這些地點的流量，或者該地點通常是口碑相傳的？

I mean, how this word getting out that something is newer, Dave & Buster's.

我的意思是，這個詞如何表明某些東西是更新的，戴夫和巴斯特的。

So it started with the launch.

所以它從發布開始。

So on as we reopened, Friendswood and keep in mind that the unit was never closed.

因此，當我們重新開放時，Friendswood，請記住，該單元從未關閉。

So we did all of the remodel activity keeping the unit open.

因此，我們進行了所有改造活動，並保持單位開放。

But when we were ready to -- when the remodel was 100% done, we treated it like a brand-new opening.

但當我們準備好時——當改造100%完成時，我們就把它當作一個全新的開幕。

So we had a VIP party.

所以我們舉辦了一個 VIP 派對。

We've invited a lot of a very important people in the market in, invited a bunch influencer present to experience the attractions.

我們邀請了市場上許多非常重要的人物，並邀請了許多有影響力的人來體驗景點。

We did a big community event, and then we've done quite a bit of our local store marketing since opening.

我們舉辦了一場大型社區活動，然後自開業以來我們做了相當多的本地商店行銷。

But I'll tell you we're not -- I don't want to leave anyone with the impression that part of the reason we're getting these results is because we've allocated significant incremental marketing dollars to the store because that's not the case, and we've supported it with marketing, but it's been more in the ordinary course of business.

但我會告訴你，我們不是——我不想給任何人留下這樣的印象：我們取得這些結果的部分原因是我們為商店分配了大量增量營銷資金，因為這不是在這種情況下，我們透過行銷來支持它，但更多的是在正常的業務過程中。

The differences now we have news to talk about and we firmly believe that as we move forward, one of the items that -- one of the ways that we reinvigorate this brand and to get people interested in, is bringing disruptive product news to the market.

現在我們有新聞要談論這些差異，我們堅信，隨著我們前進，其中一項——我們重振這個品牌並讓人們感興趣的方式之一，就是向市場帶來顛覆性的產品新聞。

And we've got 90% brand awareness.

我們的品牌知名度達 90%。

We have strong brand attributes, but we haven't really innovated in a real long time.

我們有很強的品牌屬性，但我們已經很久沒有真正創新了。

And so as we start to bring news to the market, we think that that's going to generate trial and a renewed interest.

因此，當我們開始向市場帶來消息時，我們認為這將引發嘗試和新的興趣。

And we believe what we're seeing new Friendswood is a proof point to that.

我們相信，我們所看到的新 Friendswood 就是一個證明。

Thank you very much.

非常感謝。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to our fee or Chris Morris for any closing remarks.

我現在想將會議轉回由我們的費用或克里斯莫里斯發表閉幕詞。

Alright, thank you, operator.

好的，謝謝接線生。

And in closing, we'd like to commend our team for all the hard work, the behind the success at our growing portfolio of Dave & Buster's and Main Event stores.

最後，我們要讚揚我們的團隊所做的所有辛勤工作，這也是我們不斷壯大的 Dave & Buster's 和 Main Event 商店組合成功的背後原因。

We're excited for what lies ahead in our enthusiasm about the direction we are steering this company.

我們對未來的發展感到興奮，我們對公司的發展方向充滿熱情。

So thank you all for joining, Happy Holidays.

謝謝大家的加入，節日快樂。

We look forward to speaking with you again in the new year.

我們期待在新的一年裡再次與您交談。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。