Dave & Buster's Entertainment Inc (PLAY) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the Dave & Buster's Fourth Quarter and Full Year 2023 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Corey have Vice President of Investor Relations and Treasurer. Please go ahead.

下午好，歡迎參加 Dave & Buster 的 2023 年第四季和全年財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係副總裁兼財務主管科里。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 courts, Perry, our Chief Financial Officer. After our prepared remarks, we will be happy to take your questions. This call is being recorded on behalf of Dave & Buster's Entertainment, Inc, and is copyrighted.

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 Chris Morris 和我們的財務長 Mike Courts, Perry 主持。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, Inc. 錄製的，並受版權保護。

Before we begin the discussion on our Company's fourth-quarter and fiscal year end 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, costs which are not entirely based on historical fact. Any of these items should be considered forward looking statements within 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第四季和2023 財年終業績之前，我想提請您注意這樣一個事實：在我們的言論和對問題的答覆中，可能會討論某些項目，但這些項目並不完全包括成本。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. 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.

所有此類前瞻性陳述均受到風險和不確定性的影響，可能導致實際結果與我們向SEC 提交的文件中發布的有關各種風險因素和不確定性的預期信息有所不同，這些文件可在在我們的網站上取得。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指標。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對帳情況。

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

因此，我很高興將電話轉給克里斯。

All right. Thank you, Cory, and good afternoon, everyone, and thank you for joining our call today. In our fourth quarter of fiscal 2023, we generated revenue of $599 million and adjusted EBITDA of $152 million. These improved year over year results benefited from an extra 14th operating week in the fourth quarter. However, this was partially offset by the considerable weather related headwinds our business based in the month of January, as you've likely heard about by now for many of our peers.

好的。謝謝科里，大家下午好，謝謝您今天加入我們的電話會議。在 2023 財年第四季度，我們的營收為 5.99 億美元，調整後 EBITDA 為 1.52 億美元。這些年比業績的改善得益於第四季額外的第 14 個營業週。然而，這一點被我們一月份業務中與天氣相關的巨大阻力所部分抵消，正如您現在可能已經聽說過我們的許多同行一樣。

The weather disruption resulted in numerous full and partial store closures to our system and contributed a significant headwind to the quarter's comparable store sales growth. Weather aside, I'm pleased with our strong financial results for the final quarter of fiscal 2023 in the year as a whole, which are testament to the hard work and dedication of our phenomenal team members at our growing portfolio of 223 stores across the country.

天氣幹擾導致我們系統中的許多商店全部或部分關閉，並對本季的可比較商店銷售成長造成了重大阻力。撇開天氣不談，我對 2023 財年最後一個季度的全年強勁財務業績感到滿意，這證明了我們在全國範圍內不斷壯大的 223 家門店的出色團隊成員的辛勤工作和奉獻精神。

With respect to our most recent progress in 2024, while there has been some choppiness in the quarter to date and some significant calendar shifts with the timing of spring breaks, I'm even more excited than I had been in the past by the significant progress in our goal of substantially improving the revenue, EBITDA and cash flow generation of the business over the medium and long term. During the quarter, we opened up six new domestic Dave & Buster's stores that are all performing in line with expectations and are historically high ROIs.

關於我們在 2024 年的最新進展，雖然本季度迄今為止出現了一些波動，並且隨著春假時間的推移，日曆發生了一些重大變化，但我對取得的重大進展比過去更加興奮我們的目標是在中長期大幅提高業務的收入、EBITDA 和現金流量。本季度，我們在國內開設了六家新的 Dave & Buster's 商店，其業績均符合預期，並且投資回報率創歷史新高。

We also signed up an additional franchise agreement, bringing our total signed pipelines of new international stores to 33. We will discuss in more detail shortly, but we also advanced a number of our organic growth initiatives, all of which are showing positive signs in gives us confidence in our ability to drive same-store sales growth in the business.

我們還簽署了一份額外的特許經營協議，使我們簽署的新國際商店總數達到33 家。我們將很快進行更詳細的討論，但我們也推進了一些有機增長舉措，所有這些都在給定的時間內顯示出正面的跡象。我們對推動業務同店銷售成長的能力充滿信心。

Additionally, due to a rigorous focus on managing expenses, we grew adjusted EBITDA and further expanded our adjusted EBITDA margins. We strongly believe that all the work we have done over the last several months has laid the foundation to help us achieve our ambitious yet achievable expectations we have for the business going forward. Fiscal '24 is set out to be a transformative year for our company with significant expected progress on our organic growth initiatives, including an acceleration of our remodel program as well as continued growth in our store base and continued focus on cost efficiency.

此外，由於嚴格關注管理費用，我們增加了調整後 EBITDA 並進一步擴大了調整後 EBITDA 利潤率。我們堅信，過去幾個月所做的所有工作為幫助我們實現對未來業務的雄心勃勃但可實現的期望奠定了基礎。 24 財年對我們公司來說將是變革性的一年，我們的有機成長計畫將取得重大預期進展，包括加速我們的改造計畫以及我們商店基礎的持續成長以及持續關注成本效率。

I can clearly state that everything we are seeing it in the belief and our ability to achieve our $1 billion adjusted EBITDA target in the coming years. In fiscal '23, we grew adjusted EBITDA $28 million and expanded adjusted EBITDA margins 80 basis points on a pro forma year-over-year basis despite a reset of the consumer demand curve relative to the post COVID highs of 2022.

我可以明確地說，我們所看到的一切都是基於我們的信念和我們在未來幾年實現 10 億美元調整後 EBITDA 目標的能力。在 23 財年，儘管消費者需求曲線相對於 2022 年新冠疫情後的高點進行了重置，但預計調整後 EBITDA 增長了 2800 萬美元，調整後 EBITDA 利潤率同比擴大了 80 個基點。

Since 2019, our adjusted EBITDA margin has expanded 380 basis points, well in excess of the 200 basis point expansion target, driven by top line growth and material improvements to our recurring cost structure that provides our business a substantially stronger cash flow base to grow. In 2023, we opened 16 new stores, 11 Dave & Buster's, and 5 main events with 6 of these new Dave & Buster's opened in the fourth quarter alone. Our new stores continue to produce exceptional cash on cash returns across both brands and remain one of our most accretive investment opportunities.

自2019 年以來，我們的調整後EBITDA 利潤率擴大了380 個基點，遠超200 個基點的擴張目標，這得益於營收成長和經常性成本結構的實質改善，為我們的業務成長提供了更強大的現金流基礎。 2023 年，我們開設了 16 家新店，其中 11 家 Dave & Buster's 和 5 個主要活動，其中 6 家新的 Dave & Buster's 僅在第四季度就開業了。我們的新店繼續為兩個品牌帶來卓越的現金回報，並且仍然是我們最具增值性的投資機會之一。

As a reminder, as we showed you during an Investor Day, since 2018, our new stores generated cash on cash returns greater than [40%]. We still have a very robust pipeline of new units that we plan to open over the next several years that we expect will continue to perform similarly. Our business benefits from significant national awareness, which allows us to open stores in new markets with an enormous amount of local excitement, as evidenced by the consistently strong sales of new units generate in their first two weeks of operation.

提醒一下，正如我們在投資者日向您展示的那樣，自 2018 年以來，我們的新店產生的現金回報率超過 [40%]。我們仍然擁有非常強大的新單位管道，我們計劃在未來幾年內開設這些新單位，我們預計這些新單位將繼續表現類似。我們的業務受益於顯著的全國意識，這使我們能夠在新市場開設商店，並在當地引起極大的興奮，新店在運營的前兩週內持續強勁的銷售就證明了這一點。

Importantly, we have recently optimize our new unit opening strategy to better capitalize on immediate demand our stores generate by using our loyalty database to capture significantly more relevant information about our new customers and markets, which we expect to translate into superior level of frequency management and ultimately even higher returns on new store capital.

重要的是，我們最近優化了新單位開業策略，以更好地利用我們商店產生的即時需求，透過使用我們的忠誠度數據庫來捕獲有關新客戶和市場的更多相關信息，我們希望將其轉化為卓越水準的頻率管理和最終新店資本的回報會更高。

Turning to our international development efforts, we recently entered into another international franchise partnership agreement to develop to Dave & Buster's stores in the Dominican Republic, all told and just two years since we reinvigorated our international strategy, we currently have 33 stores in international development pipeline across six countries, with anticipation of opening up to 4 of these stores and the next 12 to 18 months.

談到我們的國際發展努力，我們最近簽訂了另一項國際特許經營合作夥伴協議，以開發多明尼加共和國的Dave & Buster's 商店，總而言之，自我們重振國際戰略以來僅兩年，我們目前在國際開發管道中擁有33 家商店遍佈 6 個國家，預計在未來 12 至 18 個月內開設最多 4 家此類商店。

We also continue to engage with potential partners all over the world, which we expect will lead to continued strong growth of this international pipeline over the balance of the year. I'd now like to take a moment to go into more detail, a more detailed update on the progress of each of our six key organic growth initiatives. First, marketing optimization. As a reminder, we believe there's huge opportunity to improve both conversion and guest frequency by getting the right message, the right people, the right time.

我們也繼續與世界各地的潛在合作夥伴進行接觸，我們預計這將導致這一國際管道在今年剩餘時間內持續強勁成長。現在我想花點時間更詳細地介紹我們六項關鍵有機成長計畫中每一項的進展。一是行銷優化。提醒一下，我們相信，透過在正確的時間、正確的人員處獲取正確的訊息，有巨大的機會來提高轉換率和訪客頻率。

We spoke last quarter about the development of our marketing engine in the pilot program for quick wins to better engage our existing customers with relevant content and offers to drive frequency. Our material shift to digital marketing allows us to act fast to build campaigns and align our spend with more specific business needs while returning significant data-driven insights about our customer that were impossible to glean from the primarily linear TV approach of our company's past.

上個季度，我們談到了試點計畫中行銷引擎的開發，以實現快速獲勝，以便透過相關內容和優惠來更好地吸引我們的現有客戶，從而提高頻率。我們向數位行銷的重大轉變使我們能夠快速採取行動，開展行銷活動，並使我們的支出與更具體的業務需求保持一致，同時返回有關我們客戶的重要數據驅動洞察，而這些洞察是我們公司過去主要的線性電視方法無法收集到的。

We have a balance of compelling promotions paired with our strong product offers hyper targeted within paid media at the segment and market level. For example, our Kids Eat Free promo targeted towards families and $2 beers, and All You Can Eat Wings targeted for young adults. Additionally, we've enlisted top-tier talent and influencers to amplify our seasonal offers and experiences in store to promote spring break for everyone campaign and contextually relevant campaign around March basketball, along with our buster brackets, 1 million ship giveaway, rewarding gas with free play.

我們在引人注目的促銷活動與我們在細分市場和市場層面的付費媒體中極具針對性的強大產品之間取得了平衡。例如，我們針對家庭和 2 美元啤酒的「兒童免費用餐」促銷活動，以及針對年輕人的「無限量吃雞翅」促銷活動。此外，我們還招募了頂級人才和有影響力的人來擴大我們的季節性優惠和店內體驗，以促進所有人的春假活動以及圍繞三月籃球的上下文相關活動，以及我們的破壞性支架、100萬艘船贈品、獎勵汽油免費玩。

This combination of hyper targeted paid media and promotions and influencer talent to amplify unique experiences as an offerings across our stores has generated more effective and efficient campaigns in recent months While still early innings, our ability to roll campaigns and promotions out swiftly across our growing database of users who are quickly becoming the lion's share of our most profitable guests by visiting us 50% more frequently and spending 15% more on each visit versus non-loyalty guest is having a material impact.

近幾個月來，這種高度針對性的付費媒體和促銷活動以及影響者人才的結合，以放大獨特的體驗作為我們商店的產品，產生了更有效和高效的活動，雖然仍處於早期階段，但我們有能力在不斷增長的資料庫中迅速推出活動和促銷活動與非忠誠客戶相比，這些用戶訪問我們的頻率增加了50%，每次訪問的花費增加了15%，從而迅速成為我們最賺錢的客戶中的最大份額，這些用戶正在產生重大影響。

Our loyalty program grew by 500,000 users in the fourth quarter, and we continue to drive higher levels of sales penetration with these loyalty guests with improvements we are making. Our loyalty offers our personalized at the tier an individual level to appeal to the specific behaviors of each guest. For example, While rewarding are primarily gaming audience was free play incentives in our dining enthusiasts with food and beverage offers. We believe enhance personalized engagement is leading to higher guest satisfaction scores by cultivating consistent newsworthy communication.

我們的忠誠度計劃在第四季度增加了 50 萬名用戶，並且透過我們所做的改進，我們將繼續推動這些忠誠度客戶的銷售滲透率達到更高水平。我們的忠誠度提供個人化的個人化服務，以吸引每位客人的特定行為。例如，雖然獎勵主要是遊戲觀眾，但我們的餐飲愛好者透過提供食品和飲料優惠來獲得免費遊戲獎勵。我們相信，透過培養一致的有新聞價值的溝通，增強個人化參與可以帶來更高的賓客滿意度。

That brings a more excited guests into our doors. Tying back to our influencer programs and unique partnerships. We always provide our loyalty members with the first plus any marketing campaign that we launch, and we have excess citing big reward giveaways and new promotions planned for this audience in April with the launch of our exciting brand new menu. In 2024, we expect that channel this power and continually refine the approach, which will ultimately allow us to manage our traffic via frequency and conversion.

這讓更多興奮的客人來到我們的門前。依賴我們的影響者計劃和獨特的合作夥伴關係。我們總是為我們的忠誠會員提供我們推出的第一個和任何行銷活動，並且我們有大量的獎勵贈品和新的促銷活動計劃在四月份推出我們令人興奮的全新菜單。到 2024 年，我們預計將發揮這種力量並不斷完善方法，最終使我們能夠透過頻率和轉換來管理流量。

Second, strategic game pricing. We made material strides in the implementation of our new games pricing strategy in the quarter. We continue to unlock new abilities and glean insights from various tests across regions by adjusting the multiple layers of price in our gaming ecosystem. We have launched a number of nationwide tests, adjusting adjusting both absolute price as well as introducing regional differentiation (technical difficulty) --

第二，策略遊戲定價。本季我們在實施新遊戲定價策略方面取得了重大進展。我們透過調整遊戲生態系統中的多層價格，繼續釋放新的能力並從跨地區的各種測試中收集見解。我們在全國範圍內開展了多項測試，既調整絕對價格，又引入區域差異化（技術難度）——

Pardon me, ladies analyst conference operator, we appear to have lost the audio signal from the speakers location. Please stand by as we tried to regain content.

請原諒，女士分析師會議操作員，我們似乎丟失了揚聲器位置的音訊訊號。當我們試圖重新獲得內容時，請稍候。

Pardon me, everybody. This is accomplished. Operator, we have regained audio from these speakers, location. Gentleman, please re-queue, continued call. Thank you.

請原諒我，大家。這樣就完成了。接線員，我們已經從這些揚聲器、位置重新獲得了音訊。先生，請重新排隊，繼續通話。謝謝。

Okay. All right. Thank you. And everybody. Thank you for your patience. As we work through those technical glitch, it's our understanding that the call dropped off right, the beginning of strategic game pricing. So I'm going to pick up from the from the beginning.

好的。好的。謝謝。還有大家。感謝您的耐心等待。當我們解決這些技術故障時，我們了解到電話中斷了，這是戰略遊戲定價的開始。所以我將從頭開始。

So our update on the second piece of our strategic plan and strategic game pricing. We made material strides in it limitation of our new games pricing strategy in the quarter, we continue to unlock new abilities and glean insights from various tests across regions by adjusting the multiple layers of clients in our gaming ecosystem.

因此，我們對戰略計劃和戰略遊戲定價的第二部分進行了更新。本季我們在新遊戲定價策略的限制方面取得了重大進展，透過調整遊戲生態系統中的多層客戶，我們繼續解鎖新功能並從跨地區的各種測試中收集見解。

We have launched a number of nationwide cast, adjusting both absolute price as well as introducing regional differentiation, both of which are showing encouraging results. Specifically, the stores with the highest price increases have shown the most positive impact to sales and have not shown any material negative impact. The guest satisfaction, which is encouraging. We enacted a tier point-of-sale pricing change for the Power Card in mid February to optimize the volume amount and corresponding shifts purchase to better align with the significant regional variations across our Dave & Buster's portfolio of stores.

我們推出了一批全國性的演員陣容，既調整了絕對價格，又引入了區域差異化，都取得了令人鼓舞的效果。具體來說，價格漲幅最高的商店對銷售表現出最積極的影響，並且沒有表現出任何實質的負面影響。客人的滿意度令人鼓舞。我們在 2 月中旬對 Power Card 進行了分級銷售點定價變更，以優化銷售和相應的輪班購買，從而更好地適應 Dave & Buster 商店組合的顯著區域差異。

We expect these changes to provide a significant boost to our entertainment sales in fiscal '24, highlighting the exciting flow through possibilities for what how revenue consistently delivered over 90% gross margins. We are closely monitoring the results of our pricing tests and will continue to test, learn and optimize our strategy with near term near real-time strategic intelligence we are receiving. I can not stress and not how siding these unlocks our for our business and take a great leap forward to proactively manage our entertainment pricing while still maintaining a strong value proposition.

我們預計這些變化將顯著推動我們 24 財年的娛樂銷售，突顯收入如何持續實現 90% 以上毛利率的可能性。我們正在密切關注定價測試的結果，並將繼續利用我們收到的近期近實時戰略情報來測試、學習和優化我們的策略。我不能強調，也不能強調這些如何為我們的業務解鎖，並在主動管理我們的娛樂定價方面邁出一大步，同時仍然保持強大的價值主張。

Third, improved food and beverage. As a reminder, we see a tremendous opportunity to improve the overall quality and service model of our F&B offering in an area we know our company has lots of cash flow over the past decade. We believe the steps we are taking to improve our food offering and service model will go a long way towards recapturing are historically higher levels of attachment.

三是改善餐飲。提醒一下，我們看到了一個巨大的機會來改善我們餐飲產品的整體品質和服務模式，我們知道我們公司在過去十年中擁有大量現金流。我們相信，我們正在採取的改善食品供應和服務模式的措施將大大有助於重新獲得歷史上更高水準的依戀。

As discussed in the past, we have created a multi-phase roadmap to introduce the Dave & Buster's many of the future and our improved hospitality service model, which we are introducing and in close strategic connection with the physical changes of our system wide store remodel program.

As discussed in the past, we have created a multi-phase roadmap to introduce the Dave & Buster's many of the future and our improved hospitality service model, which we are introducing and in close strategic connection with the physical changes of our system wide store remodel程式.

In the first full quarter of its rollout, we continue to experience material gains with our Phase 2 menu, which enhanced operational execution by removing unnecessary complexity in the back of house, improved overall food quality, and accelerated speed of service to drive more throughput at peak. Since the system wide launch at the two, we have been testing phase three of our D&D the menu, the future and 10 stores and unveiled the final plans in training internally at our Annual General Manager's Conference in early March.

在其推出的第一個完整季度中，我們繼續通過第二階段菜單獲得實質性收益，該菜單通過消除後台不必要的複雜性來增強運營執行力，提高整體食品質量，並加快服務速度，以提高吞吐量頂峰。自從系統在兩家公司全面啟動以來，我們一直在測試 D&D 的第三階段：菜單、未來和 10 家商店，並在 3 月初的年度總經理大會上公佈了內部培訓的最終計劃。

The Phase 3 menu aims to introduce targeted culinary innovation around appetizers, bowls, desserts and signs that aligns with our new hospitality model and better meet the need states of our guests to drive our cash. Really just last week, we rolled out our Phase three menu to roughly third of the Dave & Buster's system, and we'll launch into the remainder of the system on April 15.

第三階段的菜單旨在圍繞開胃菜、碗、甜點和招牌推出有針對性的烹飪創新，與我們新的酒店模式相一致，並更好地滿足客人的需求狀態，以增加我們的現金收入。就在上週，我們將第三階段選單推出了 Dave & Buster 系統的大約三分之一，我們將於 4 月 15 日推出系統的其餘部分。

Based on how the Phase two menus performed since launching system wide on September 25 and our test results from the Phase three menu, we expect to drive at least a mid single digit increase in F&B revenue per check, a material impact movement and F&B [COGS], a further 3 to 5 point improvement in food satisfaction scores versus the prior year period.

根據自9 月25 日在全系統推出以來第二階段菜單的表現以及我們第三階段菜單的測試結果，我們預計每張支票的餐飲收入至少會實現中個位數的增長，重大影響運動和餐飲[COGS ]，食品滿意度分數比去年同期進一步提高了 3 至 5 分。

We are very proud of the new menu service model we have rolled out in order to drive the most amount of trial and consistent with the results of the tests we have done to date in the coming weeks, we expect to officially launch our new menu nationally in connection with a strong value focused message, which we believe will drive traffic, new loyalty member sign-ups, food and beverage attach, as well as incremental gaming revenue.

我們對我們推出的新菜單服務模式感到非常自豪，以推動最大數量的試用，並且與我們迄今為止在未來幾週內所做的測試結果一致，我們預計將在全國正式推出我們的新菜單與以價值為中心的強烈訊息相關，我們相信這將推動流量、新忠誠會員註冊、餐飲附加以及增量遊戲收入。

Fourth, remodels. Nine months ago, we embarked on a store remodel program that after a substantial amount of research was designed to accomplish the following five things. Number one, grow overall revenue through the introduction of disruptive entertainment product news. Number two, improve F&B sales through a reconfigured dining room, improving operational execution and an elevated relevant new design.

第四，改造。九個月前，我們開始了一項商店改造計劃，經過大量研究，旨在完成以下五件事。第一，透過引入顛覆性娛樂產品新聞來增加整體收入。第二，透過重新配置餐廳、改善營運執行力和提升相關新設計來提高餐飲銷售。

Number three, gross specials and sells through the introduction of more group-related entertainment options. Number four, improved guest engagement and gather important gas data and analytics through the introduction of a digital guest engagement platform. And number five, improved brand relevancy and intent to return direct fresh, modern look and feel.

第三，透過引入更多與團體相關的娛樂選項來進行特價和銷售。第四，透過引入數位賓客參與平台，提高賓客參與度並收集重要的天然氣數據和分析。第五，提高了品牌相關性和回歸直接新鮮、現代外觀和感覺的意圖。

Our first test location was [principally] in Houston, Texas, which embodies our go forward offering with new attractions, service model, food menu inserted a dedicated store special events sales team in completely transformed the look and feel of the space. During our last call, we highlighted the encouraging results from our first remodel Brentwood that was exceeding expectations, driving a double digit sales uplift compared to the prior year and a more than 30% sales uplift compared to 2019.

我們的第一個測試地點[主要]是在德克薩斯州休斯頓，這體現了我們向前提供新的景點、服務模式、食品菜單，插入了專門的商店特別活動銷售團隊，徹底改變了空間的外觀和感覺。在上次電話會議中，我們強調了第一次改造布倫特伍德取得的令人鼓舞的結果，該結果超出了預期，與上一年相比，銷售額實現了兩位數的增長，與2019 年相比，銷售額成長了30% 以上。

We are very encouraged that now more than 30 weeks after completion of this remodel, it continues to perform at these levels. We have hit the mark across all of our objectives with this remodel and are making meaningful improvement with OSAT scores and higher intent to return. I've listened loyalty members and special event revenues of nearly 60%, all of which gives us even more confidence in the importance and staying power of these remodel investments.

我們感到非常鼓舞的是，在這次改造完成 30 多周後，它仍然保持在這些水平上。透過這次改造，我們已經實現了所有目標，並且正在透過 OSAT 分數和更高的回報意願做出有意義的改進。我聽過忠誠會員和特殊活動收入接近 60%，所有這些都讓我們對這些改造投資的重要性和持久力更有信心。

Over the past few months, we completed eight additional tests remodels for the test. We intentionally hand-selected of a variety of our stores across geography, legacy performance, store age, and layout and tailored key product offerings. On average, these test stores have outperformed the balance of the system by 9% post remodel through March.

在過去的幾個月裡，我們為測試完成了八次額外的測試改造。我們精心挑選了不同地理位置、傳統業績、店齡和佈局的各種商店，並客製化了關鍵產品。平均而言，截至 3 月份，這些測試商店在改造後的表現比系統其餘商店高出 9%。

While the remodels are exceeding expectations in aggregate across the bearing scopes, what has become crystal clear in the tests that are fully programmed, large-scale remodels similar to friends would are performing exceptionally well relative to the remodels that do not include the enhanced entertainment offering.

雖然改造在整個軸承範圍內總體上超出了預期，但在完全編程的測試中已經變得非常清楚，與不包括增強娛樂產品的改造相比，類似於朋友的大規模改造將表現得異常出色。

Our fully program remodels are seeing substantial increases in traffic check and overall same-store sales versus the prior year and are outperforming the system double digits with some nearing 30% outperformance on a relative year over year basis. We have also accumulated a significant amount of learnings on how to improve these results were further reduced construction time and minimize costs that will lead to even higher returns. We are very confident in these findings and know what it takes to drive this business.

與前一年相比，我們的全面規劃改造發現流量檢查和整體同店銷售額大幅增加，且優於系統兩位數，與去年同期相比，表現優於近 30%。我們也累積了大量關於如何改善這些結果的經驗教訓，進一步減少施工時間並最大限度地降低成本，從而帶來更高的回報。我們對這些發現非常有信心，並且知道如何推動這項業務。

Our plan now apply what we've done in friends way across the next 35 remodel stores with a strict stage gate process laser focused on our 20%-plus return threshold. As a result of that, we will have a total of 40 to 45 stores remodeled by the end of fiscal '24, which we're confident will drive a similar outperformance. We are convinced that this remodel program is a significant gateway to the future of the Dave & Buster's brand in the culmination of everything we've set out to achieve through our organic growth initiatives.

現在，我們的計劃將我們在朋友那裡所做的事情應用到接下來的 35 家改造商店中，並採用嚴格的階段門流程激光，重點關注我們 20% 以上的退貨閾值。因此，到 24 財年末，我們將改造總共 40 至 45 家商店，我們相信這將帶來類似的優異表現。我們相信，這項改造計畫是 Dave & Buster 品牌未來的重要門戶，也是我們透過有機成長計畫實現的一切目標的頂峰。

Fifth, special events. We are making considerable strides reinvigorating our special events business by repositioning the team with a more local hands on approach and equipping them with enhanced training and tools to win our fair share. Based on independent test, we run to evaluate ourselves looking at effectiveness and the competitiveness of our product offering. We are encouraged that these changes in strategy or having the desired outcomes.

五是專項活動。透過以更本地化的實踐方法重新定位團隊，並為他們配備強化的培訓和工具，以贏得我們的公平份額，我們在重振我們的特殊活動業務方面取得了長足的進步。基於獨立測試，我們透過產品的有效性和競爭力來評估自己。我們感到鼓舞的是，這些策略變化或取得了預期的成果。

After embedding 20 dedicated sales managers into the D&B stores in the back half of 2023, we are accelerating the rollout of an additional 45 local sales managers at the store level in 2024. The upcoming upcoming phases of our menu of the future, our refined service model and our remodeled stores that introduced social base in the arena, along with of VIT. watch area provide our new sales team areas of focus and are all very conducive to do drive additional special event revenue.

繼 2023 年下半年在 D&B 門市增設 20 位專職銷售經理後，我們將在 2024 年加快在門市層級增設 45 位本地銷售經理。我們未來的菜單、我們的精緻服務即將推出模型和我們改造後的商店，在競技場中引入了社交基礎以及VIT。觀看區域為我們新的銷售團隊提供了重點關注領域，並且都非常有利於推動額外的特殊活動收入。

We are pacing to finish the first quarter were up mid single digits and special events revenue versus 2019 is a material improvement versus prior quarters, treatment with graduations in May and June.

我們預計第一季的營收將實現中等個位數成長，特別活動收入與 2019 年相比，與前幾季相比有了實質改善，並考慮到 5 月和 6 月的畢業典禮。

Sixth, tech enablement. As a reminder, we are powering the growth of our strategic initiatives through an optimized service model, enterprise gaming ecosystem, new IT infrastructure, and improved data and analytics. In many ways, this is the glue that creates a digital guest platform and connects all the other initiatives together.

第六，科技賦能。提醒一下，我們正在透過優化的服務模型、企業遊戲生態系統、新的 IT 基礎設施以及改進的數據和分析來推動我們戰略計劃的發展。在許多方面，這是創建數位訪客平台並將所有其他計劃連接在一起的黏合劑。

In 2023, we completed the rollout of our updated IT infrastructure at 62 Dave & Buster's stores, and we'll have the remainder of the Dave & Buster's system complete in 2024, along with full integration of our back office systems.

2023 年，我們在 62 家 Dave & Buster 商店完成了更新的 IT 基礎架構的部署，我們將在 2024 年完成 Dave & Buster 系統的其餘部分，以及我們後台系統的全面整合。

We also expect to drive further innovation in our app in 2024, with the integration of additional features in gains to engage with our guests before during and after each visit. We are proud of the achievements and long overdue investments we are making in this area and lead the industry in a seamless guest experience.

我們還期望在 2024 年推動我們的應用程式進一步創新，整合額外的功能，以便在每次訪問之前和之後與我們的客人互動。我們對在這一領域取得的成就和早該進行的投資感到自豪，並在無縫賓客體驗方面引領業界。

To summarize organic growth initiative update, we remain very confident that these initiatives will create significant shareholder value by driving our business into a period of material, sustainable and profitable growth. Our conviction that we are focused in the right areas and making the right investments is unwavering. We looked at building on the achievements of this quarter and look forward to continuing to update you on each of these initiatives moving forward with a clear line of sight on our long-term goals.

總結有機成長計畫的更新，我們仍然非常有信心，這些計畫將推動我們的業務進入實質、永續和獲利成長時期，從而創造顯著的股東價值。我們堅定不移地堅信，我們專注於正確的領域並進行正確的投資。我們著眼於本季所取得的成就，並期待繼續向您通報每項舉措的最新進展，並對我們的長期目標有清晰的認識。

In addition to these organic growth initiatives, we made tremendous strides throughout the year, streamlining our business to be more efficient and reduce our recurring cost base, which had a material impact to our whole P&L, allowing us to increase adjusted EBITDA and expand our adjusted EBITDA margins. By the fourth quarter as a percentage of revenue versus the prior year, our cost of food and beverage declined 240 basis points, our other store OpEx declined 80 basis points, and our G&A costs declined 180 basis points.

除了這些有機成長舉措之外，我們在這一年中取得了巨大進步，精簡了我們的業務，提高了效率，減少了經常性成本基礎，這對我們的整個損益產生了重大影響，使我們能夠增加調整後的 EpITDA 並擴大調整後的利潤。EBITDA 利潤率。到第四季度，與前一年相比，我們的食品和飲料成本佔收入的百分比下降了 240 個基點，我們其他商店的營運支出下降了 80 個基點，我們的 G&A 成本下降了 180 個基點。

Our team of exceptional general managers continue to drive down labor costs while improving OSAT scores by implementing efficiencies in our back-of-house operations to reduce hours and redeploying a portion of those hours to guest facing and revenue generating front-of-house labor, particularly during peak times.

我們的優秀總經理團隊繼續降低勞動力成本，同時透過提高後台營運效率來減少工作時間並將部分時間重新部署到面向客戶和創收的前台勞動力，從而提高 OSAT 分數，特別是在高峰時段。

It is important to highlight that we realize these cost savings and margin improvements during the 12-month economic period, characterized by high inflation, a tight labor market, and with same-store sales growth well below our long-term expectations for the business, which underscores the incredible amount of upside in a more normal environment.

需要強調的是，我們在 12 個月的經濟時期實現了這些成本節約和利潤率提高，其特點是高通膨、勞動力市場緊張，而且同店銷售成長遠低於我們對業務的長期預期，這凸顯了在更正常的環境下有著令人難以置信的巨大上升空間。

Given the success in this area as well as the realities of the environment, we have increased our efforts and have implemented a number of new cost savings initiatives that we believe will further reduce our cost base. We are confident that these additional cost efforts, combined with an improving labor market and supply chain, will create an increasingly more efficient and profitable organization over time.

鑑於該領域的成功以及環境的現實，我們加大了努力並實施了許多新的成本節約舉措，我們相信這些舉措將進一步降低我們的成本基礎。我們相信，隨著時間的推移，這些額外的成本努力，加上勞動市場和供應鏈的改善，將創造一個更有效率和更有利可圖的組織。

While the improvements we've made to our recurring cost base and driven a significant amount of margin and profitability, what is most exciting to us is that at the same time, our operational execution has made great strides and taking care of the guest.

雖然我們對經常性成本基礎進行了改進，並大幅提高了利潤和盈利能力，但最令我們興奮的是，與此同時，我們的運營執行取得了長足進步，並為客人提供了照顧。

We have made very significant improvements to the guest experience with our evolving service model. And we continue to layer on additional enhancements to drive higher gross debt and net promoter scores. During 2023, our overall satisfaction scores as well as our overall speed of service score improved 5 points. Our social media scores improved 3.5 points, and our net promoter scores improved 3 points.

透過不斷發展的服務模式，我們對賓客體驗做出了非常重大的改進。我們繼續採取額外的增強措施，以推動更高的總債務和淨推薦分數。 2023 年，我們的整體滿意度得分以及整體服務速度得分提高了 5 分。我們的社群媒體得分提高了 3.5 分，淨推薦值提高了 3 分。

All of these metrics are queuing their trend of improvement thus far in 2024 and fast. We've seen sequential growth in each of these metrics over the past three months in each metric has reached their respective all-time high since we've been tracking this data.

到 2024 年為止，所有這些指標都呈現出快速改善的趨勢。自從我們追蹤這些數據以來，我們已經看到過去三個月中每個指標的連續成長，每個指標都達到了各自的歷史最高水準。

Finally, before I turn the call over to him, I'd like to take a moment to recognize Mike, who we affectionately call Q as he steps away from the day-to-day responsibilities as CFO at the end of April, I enjoy a much deserved retirement. He will leave a positive mark on this company long into the future, having successfully integrated the two great brands and Dave & Buster's, I mean, I know Bill high-class teams and demonstrated the highest standards of ethics on capital stewardship.

最後，在我把電話轉給他之前，我想花點時間認識一下 Mike，我們親切地稱他為 Q，因為他將於 4 月底辭去首席財務官的日常職責，我很高興當之無愧的退休生活。他將在未來很長一段時間裡為這家公司留下積極的印記，成功整合了兩個偉大的品牌和戴夫和巴斯特的，我的意思是，我了解比爾的高級團隊，並在資本管理方面表現出了最高的道德標準。

So with that, Q please walk us through a more detailed review of Q4 results.

那麼，Q 請引導我們對第四季度的結果進行更詳細的審查。

Thanks, Chris. We generated fourth-quarter revenue of $599 million and adjusted EBITDA of $152 million for an adjusted EBITDA margin of 25.3%, a 380 basis point margin expansion versus the same period in 2019. Net income in the fourth quarter totaled $36 million, or $0.88 per diluted share. We reported $42 million of adjusted net income or $1.3 of adjusted earnings per diluted share.

謝謝，克里斯。我們第四季的營收為5.99 億美元，調整後的EBITDA 為1.52 億美元，調整後的EBITDA 利潤率為25.3%，與2019 年同期相比，利潤率擴大了380 個基點。第四季淨利潤總計3,600 萬美元，每股收益0.88 美元。稀釋份額。我們報告了 4200 萬美元的調整後淨利潤或 1.3 美元的調整後每股攤薄收益。

Reconciliations of all non-GAAP financial measures can be found in today's press release. Pro forma comparable store sales decreased 7% in the fourth quarter versus 2022. And looking back at a more normalized level of business, we were up 8% versus the fourth quarter of 2019.

所有非公認會計準則財務指標的調節表均可在今天的新聞稿中找到。與 2022 年相比，預計第四季度可比商店銷售額下降了 7%。回顧更正常化的業務水平，我們比 2019 年第四季成長了 8%。

As a reminder, in the fourth quarter, we are lapping over the fourth quarter of 2022 that had a 14.1% comp to 2019 and an over 25% comp in the last four weeks of the quarter was particularly robust consumer spending. Through early January, our quarter-to-date comp was pacing down low single digits to the prior year and then the culmination of severe weather was significantly negatively impacted our business and challenging January comparison led to our ending the quarter down 7%.

提醒一下，在第四季度，我們將回顧 2022 年第四季度，該季度與 2019 年相比增長了 14.1%，而該季度最後四個星期的增長超過 25%，消費者支出尤其強勁。截至1 月初，我們的季度至今的比較與上一年相比下降了低個位數，然後惡劣天氣的高潮對我們的業務產生了重大負面影響，並且與1 月份相比充滿挑戰，導致我們在本季結束時下降了7%。

We've generated $97 million of operating cash flow during the quarter. Contributing to an ending cash balance of $37 million for total liquidity of $527 million when combined with the $490 million available on our $500 million revolving credit facility net of outstanding letters of credit. We ended the year with a net total leverage ratio of 2.2 times as defined under our credit agreement.

本季我們產生了 9,700 萬美元的營運現金流。加上我們的 5 億美元循環信貸額度（扣除未償還信用證）可用的 4.9 億美元，期末現金餘額為 3,700 萬美元，流動性總額為 5.27 億美元。截至年底，我們的淨總槓桿率為信用協議規定的 2.2 倍。

At a small update on future sale leaseback opportunities, we have four owned and operating Dave & Buster's real estate assets today. While we are being judicious in how and when we decide to monetize these assets, we expect these assets when monetize to command a premium price in the market versus other comparable real estate given our superior unit economics, strong credit, attractive brand attributes, and commitment to being a long-term tenant in this space.

在有關未來售後回租機會的小幅更新中，我們今天擁有並經營 Dave & Buster 的四項房地產資產。雖然我們在決定如何以及何時將這些資產貨幣化時非常明智，但考慮到我們卓越的單位經濟效益、強大的信用、有吸引力的品牌屬性和承諾，我們預計這些資產在貨幣化時將比其他同類房地產在市場上獲得更高的價格成為這個空間的長期租戶。

Turning to capital spending, we invested a total of $122.6 million in capital additions during the fourth quarter, opening six new Dave & Buster's. We've already opened two new Dave & Buster's and one new main event during the first quarter of fiscal '24 in Schaumburg, Illinois; Folsom, California. We expect to open a total of 15 new stores across both brands during fiscal '24.

說到資本支出，我們在第四季總共投資了 1.226 億美元的資本追加資金，開設了 6 家新的 Dave & Buster’s 店。我們已經在 24 財年第一季在伊利諾伊州紹姆堡開設了兩家新的 Dave & Buster's 餐廳和一家新的主要活動；加州福爾瑟姆。我們預計在 2024 財年期間，兩個品牌將總共開設 15 家新店。

Our Board of Directors approved a $100 million increase to our share repurchase authorization, which gives us a total of $200 million of availability to opportunistically repurchase our shares. As you know, we and our Board are maniacally focused on driving shareholder value. As we have stated historically, we will use our significant excess free cash flow to invest in new units, which continue to generate over 40% cash-on-cash returns, make accretive investments to support our organic growth initiative, and opportunistically return capital to shareholders.

我們的董事會批准將我們的股票回購授權增加 1 億美元，這使我們有總計 2 億美元的資金可以機會性地回購我們的股票。如您所知，我們和我們的董事會瘋狂地致力於推動股東價值。正如我們過去所說，我們將利用大量過剩的自由現金流投資新單位，這些單位將繼續產生超過40% 的現金回報率，進行增值投資以支持我們的有機增長計劃，並機會主義地將資本返還給股東。

We have a lot to be proud of in this fourth quarter and full year 2023 results. We grew adjusted EBITDA, continued to expand our industry-leading adjusted EBITDA margin, strengthen our balance sheet and credit profile, lowered our controllable interest cost, and bought back 17.5% of our shares outstanding, all to the benefit of our shareholders.

我們在第四季和 2023 年全年業績中有很多值得自豪的地方。我們成長了調整後EBITDA，繼續擴大業界領先的調整後EBITDA 利潤率，加強我們的資產負債表和信用狀況，降低我們的可控利息成本，並回購了17.5% 的已發行股票，所有這些都是為了我們股東的利益。

We have considerable high ROI investment opportunities to grow organically, both by improving our existing store base and opening new stores with a pipeline of attractive international Frontier's on the horizon. I have tremendous confidence that the trajectory ahead will bear scenario fruit for all stakeholders.

我們擁有相當高的投資回報率投資機會來實現有機成長，既可以透過改善我們現有的商店基礎，也可以透過開設具有吸引力的國際 Frontier 即將推出的新商店來實現。我非常有信心，未來的發展軌跡將為所有利害關係人帶來成果。

Now, operator, you can open up the line for questions.

現在，接線員，您可以撥打電話提問。

(Operator Instructions)

（操作員說明）

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great. Thank you so much. My first question was about on the more recent performance. And Chris, you talked about feeling more confident in the plan, more confident than ever on. We also mentioned the results have been choppy quarter to date. We've seen that's an industry-wide. So what can you point to in Vinod? I hope you could point maybe choosing specific your change in trajectory here from from January. But any more detail there, what gives you such confidence that the things you're actually getting more encouraging for you?

偉大的。太感謝了。我的第一個問題是關於最近的表現。克里斯，你談到對計劃更有信心，比以往任何時候都更有信心。我們也提到，迄今為止，季度業績一直不穩定。我們已經看到這是一個全行業的情況。那麼你能在 Vinod 中指出什麼呢？我希望你能指出，也許你可以選擇從一月開始在這裡具體改變你的軌跡。但還有更多的細節，是什麼讓你如此自信，以至於你實際上得到的事情對你來說更加鼓舞人心？

Yes, absolutely. Jake. The at every area that we're focused on and everything that we've outlined during our Investor Day, we're making progress and we're seeing the impact on the business. I think the thing that's most encouraging as we've been hard at work in F23, we're hard at work at testing, learning adjusting, and we are now in a position where we are executing these initiatives that have already been tested and validated.

是的，一點沒錯。傑克.在我們關注的每個領域以及我們在投資者日期間概述的所有內容，我們都在取得進展，並且我們看到了對業務的影響。我認為最令人鼓舞的是，我們在 F23 中一直在努力工作，我們努力測試、學習調整，現在我們正在執行這些已經過測試和驗證的措施。

And so that gives us great confidence that as we execute these, that we will be able to continue to drive the same impact that we saw during the test period. And so when we go through F&B, we have a brand new menu that's rolling out and that we know that that menu is driving check. It's improving speed of service of setting our operators have for excess. And there's no doubt in our mind over time, that's going to be a big contributor to our cash.

因此，這給了我們很大的信心，當我們執行這些計劃時，我們將能夠繼續產生與測試期間所看到的相同的影響。因此，當我們瀏覽餐飲時，我們會推出全新的菜單，並且我們知道該菜單正在推動檢查。它提高了我們運營商的服務速度。毫無疑問，隨著時間的推移，這將成為我們現金的重要貢獻者。

We know that we've been able to successfully pass through menu price increases with strategic game pricing. That's something we didn't have figureṇ out last year. We now have the ability to add here our pricing and have different pricing in different parts of the country. That seems so simple. But yet the Company has never had that before the fall last time, we've been able to have different game pricing in different parts of the country.

我們知道，我們已經能夠透過戰略遊戲定價成功地透過菜單價格上漲。這是我們去年沒有弄清楚的事情。我們現在可以在此處添加我們的定價，並且在全國不同地區有不同的定價。這看起來很簡單。但在上次秋天之前，公司從未有過這樣的情況，我們已經能夠在全國不同地區制定不同的遊戲定價。

And so we've tested that and we see that we're able to flow through that gives us confidence the work that we're doing on special events and the fact that we are on pace to exceed the pre pandemic levels. And we have so many other things coming down down the pike on special events, preparing our teams for the May and June busy season school events and setting ourselves up for banquet towards the end of the year.

因此，我們已經對此進行了測試，我們看到我們能夠順利通過，這讓我們對我們在特殊活動中所做的工作以及我們正在超越大流行前水平的事實充滿信心。我們在特別活動中還有很多其他事情要做，為我們的團隊準備五月和六月繁忙的季節學校活動，並為年底的宴會做好準備。

The new service model is driving the results, and we just rolled that out at our operator conference in March. And as you saw you heard ever in my remarks, those are meaningful improvements that we've made to the guest experience. We're still a long ways away from where we want to be, but there is no doubt that were better than where we bend.

新的服務模式正在推動結果，我們剛剛在三月的營運商大會上推出了這項模式。正如您在我的演講中看到的那樣，這些都是我們對賓客體驗所做的有意義的改進。我們距離我們想要的目標還有很長的路要走，但毫無疑問，這比我們彎曲的地方要好。

And at every month for the past three months, we've been setting record highs in all of our key satisfaction metrics. And that's before we've rolled out our new refined service model system. Why that we just introduced that conference that that has us excited on our remodels that we walk through. Now we've before we didn't know which is exactly how to program a remodel.

在過去的三個月裡，我們每個月的所有關鍵滿意度指標都創下了歷史新高。那是在我們推出新的精細服務模型系統之前。為什麼我們剛剛介紹了那個讓我們對我們所經歷的改造感到興奮的會議。現在我們之前不知道究竟如何對改造進行程式設計。

We don't know what was the right amount of spending. We now have that to answer. And the answer is crystal clear and compelling were not only hitting our return thresholds were exceeding those thresholds. And so you see us ramping that up. And so now we have confidence that were taking what we did in Brentwood, and we're rolling that out across 35 stores next year. So by the end of the year, we have 44 in the system.

我們不知道適當的支出是多少。我們現在要回答這個問題。答案非常清晰且令人信服，不僅達到了我們的回報閾值，而且還超過了這些閾值。所以你看到我們正在加大力度。因此，現在我們有信心繼續在布倫特伍德所做的事情，明年我們將在 35 家商店推廣這項做法。到今年年底，我們的系統中有 44 個。

But at the same time, we're going to continue to evaluate to make sure that we are getting the returns we expect. So we there yet and international. We just now we're gaining real momentum on international. Our new units continued to perform. So we just we have worse, seeing so much progress and all these different initiatives. And this is the year and this is why we said it's a transformative year. This is the year when all these initiatives will start to layer on top of each other and we believe will go a long ways to on put is putting us on the trajectory to accomplish our long-term goals.

但同時，我們將繼續評估，以確保我們獲得預期的回報。所以我們還在那裡並且國際化。我們現在正在國際上獲得真正的動力。我們的新單位繼續表現。所以我們的情況更糟，看到這麼多的進步和所有這些不同的舉措。今年，這就是為什麼我們說這是改變的一年。今年，所有這些舉措將開始相互疊加，我們相信，這些舉措將大有幫助，讓我們走上實現長期目標的軌道。

Great. That's really helpful. I appreciate the detailed response here. I guess the another question that I have is you understand that this year to implement these changes, but you also have to contend with where the consumer is right now.

偉大的。這真的很有幫助。我很欣賞這裡的詳細回覆。我想我的另一個問題是，您知道今年要實施這些變化，但您也必須應對消費者現在的處境。

So we think about the price increases and we have found it and pretty significant increase in the just cost per chip on in for volumes on your Phase two is you have the menu in changes isn't, I think largely increase in the chat. That's one of the biggest drivers to the sales impact.

因此，我們考慮了價格上漲，我們發現，第二階段的每塊晶片的成本顯著增加，因為菜單沒有變化，我認為聊天中的價格大幅上漲。這是影響銷售的最大驅動因素之一。

So it might be a good thing to do with is the consumer in a spot to take to accept some of those increases? Is this the right time, the fruit for the consumer? That's where I'm wondering about the quarter to date and just how what you're seeing how the consumers actually responding to all of this in this particular environment? Any detail there would be helpful.

因此，消費者是否能夠接受其中的一些上漲可能是一件好事？現在是為消費者提供水果的好時機嗎？這就是我想知道本季迄今為止的情況，以及您所看到的消費者在這個特定環境中對這一切的實際反應如何？任何細節都會有幫助。

Well, I mean, first, I think the way you're thinking about it is exactly right. And so that you have the right instincts. And it's something we think about all the time is making sure that we're navigating the business to meet the consumer where they are right now. What I can tell you on pricing, let's kind of set for each one of those on the game pricing. Keep in mind, we've that's not something we did system wide. We did it region by region, and we did it testing along the way evaluating ensuring that we are protecting the value proposition.

嗯，我的意思是，首先，我認為你的思考方式是完全正確的。這樣你就有了正確的直覺。我們一直在考慮的事情是確保我們正在引導業務以滿足消費者現在的需求。關於定價，我可以告訴你的是，讓我們為每個遊戲定價進行設定。請記住，這不是我們在系統範圍內所做的事情。我們逐一地區進行了測試，並一路進行測試評估，以確保我們保護價值主張。

And so we have a lot of confidence that we've now we've been able to pass through price in the right area, but do in a way where the value proposition is held impact on food and beverage, you are correct that we are seeing an increase in check that that's not being driven by product that's being driven by favorable mix shift. And so we're just simply being very smart about the products that were offering and doing it in a way to where the gas is selecting items that they've not in a way that also drives check.

因此，我們非常有信心，我們現在已經能夠在正確的區域傳遞價格，但要以一種對食品和飲料產生影響的價值主張的方式進行，你是對的，我們是看到檢查的增加，這不是由有利的組合轉變所驅動的產品所驅動的。因此，我們只是對所提供的產品非常聰明，並以天然氣選擇他們沒有的項目的方式來做，同時也推動檢查。

And we have a lot of confidence that our food satisfaction scores have grown substantially on both Phase two and Phase three. We also have a lot of confidence that the service model that we're implementing. We're investing dollars taken aback investment in the front and enhancing our overall guest experience. We think that helps drive the value proposition for the guest. And at the same time, we're also and this is where as we continue to refine our marketing muscle, and that's just going to get better and better.

我們非常有信心，我們的食品滿意度得分在第二階段和第三階段都大幅成長。我們對我們正在實施的服務模式也充滿信心。我們正在將資金投入到前台並增強我們的整體賓客體驗。我們認為這有助於推動客人的價值主張。同時，我們也在不斷完善我們的行銷能力，而且這會變得越來越好。

We are better equipped today than ever before. To be nimble and to come not only roll out there right discounting, but do it in the right way where we're aiming at the right depth. And that's something that we're just going to get better and better as we move forward. But you saw kind of pivot here recently, we've introduced and $2 beers the timed with the NCWA tournament. We have All You Can Eat Wings and on Thursday, both of those are going very well and we have kids eat free that's really aimed at families. We feel good about that.

今天我們的裝備比以往任何時候都更好。要靈活，不僅要推出正確的折扣，還要以正確的方式進行，以達到正確的深度。隨著我們的前進，我們會變得越來越好。但你最近在這裡看到了一些轉變，我們在 NCWA 錦標賽期間推出了 2 美元的啤酒。我們有吃到飽的雞翅，週四，這兩個都進展順利，而且我們還為孩子們免費提供餐食，這確實是針對家庭的。我們對此感覺很好。

And we've got we've got an offer that we're going to be announcing here in a couple of weeks that we think really kind of a headset, a lot of the things that we've been doing strategically and it also addresses value.

我們已經得到了一個報價，我們將在幾週後在這裡宣布，我們認為它確實是一款耳機，我們一直在戰略上做很多事情，它還解決了價值。

So the trick is balancing. We think we're being very careful about where we're taking price versus value and to have. I've now said, I think the third time I've said this, we're going to get better and better at that. That's a muscle that that were in the process of developing were better than we've been that we're going to get better going forward.

所以技巧就是平衡。我們認為，我們在考慮價格與價值以及擁有的方面非常謹慎。我現在說過，我想我已經第三次這麼說了，我們會在這方面做得越來越好。這是一種正在發展的過程中比我們現在更好的肌肉，我們會變得更好。

Great. I really appreciate it.

偉大的。對此，我真的非常感激。

Thank you.

謝謝。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Significant goes on offering kind of guidance, you know today. But in in your remarks, the press release, Chris, I mean, can you talk about some adjusted EBITDA margin improvement? You know, in regard to fiscal '24, is that something that, um, you know, even without the additional cost savings you were you were sort of thinking about as you come into this new year?

今天你知道，重要的繼續提供某種指導。但在你的演講和新聞稿中，克里斯，我的意思是，你能談談調整後的 EBITDA 利潤率的改善嗎？你知道，關於 24 財年，即使沒有額外的成本節約，你在進入新的一年時也會考慮這一點嗎？

Yes. No, absolutely. It's something that we're always thinking about and that's what we will always have that mindset. Yes, our approaches, we were developing a culture that is absolutely maniacal about eradicating waste in the business and not allowing it to incur because we're so committed to our strategic initiatives. And so we're constantly looking for opportunities to be efficient. So then we can invest in the right areas. And so that's just something that we will always be doing.

是的。不，絕對是。這是我們一直在思考的事情，也是我們永遠擁有的心態。是的，我們的方法，我們正在發展一種文化，這種文化絕對瘋狂地消除業務中的浪費，並且不允許它發生，因為我們非常致力於我們的戰略舉措。因此，我們不斷尋找提高效率的機會。這樣我們就可以在正確的領域進行投資。所以這就是我們將一直在做的事情。

Got you. And then on the remodels on it sounds like, you know, the full remodels or where you're heading. I think, you know, initially the split was more kind of half and half between kind of a full touches in the light or touches from. Should we be kind of thinking about that, you know, over the next couple of years as being more skewed towards the mill full remodels at this point?

明白你了。然後，關於改造，聽起來像是，你知道，完整的改造或你要去的地方。我認為，你知道，最初的劃分更多是在光線下的完全接觸或來自光線下的接觸之間的一半和一半。你知道，在接下來的幾年裡，我們是否應該考慮這一點，因為此時更傾向於對工廠進行全面改造？

At this point? The answer is yes. And I'll let you jump in here and provide some more color on the financial side. But as I said, that the real benefit to where we are in our journey as the fact that we on have gone through the testing phase. And so as we move forward, we're moving forward with confidence, but it is very clear and the testing that we've done that the fully program remodels and not only generate and hit our return thresholds. But I think that what has us I'm so enthusiastic is the manner in which are driving the result is not just the results.

在此刻？答案是肯定的。我會讓你跳到這裡並提供一些關於財務方面的更多資訊。但正如我所說，我們目前所處的階段的真正好處是我們已經經歷了測試階段。因此，當我們前進時，我們充滿信心地前進，但很明顯，我們所做的測試表明，整個程序進行了重塑，而不僅僅是生成並達到了我們的回報閾值。但我認為，讓我們如此熱情的是推動結果的方式而不僅僅是結果。

We see the staying power at Trentwood and the other as we've extended that test beyond the units were that were driving the results. We see it building over time. When we dig into the numbers, it's coming from the reason we took so much time to walk you through remind you of our objectives of the remodel is because each one of those objectives are leading to the results.

我們看到了特倫特伍德和其他公司的持久力，因為我們將測試擴展到了推動結果的單位之外。我們看到它隨著時間的推移而不斷增強。當我們深入研究這些數字時，我們之所以花了這麼多時間引導您完成改造，是因為每個目標都會帶來成果。

We're seeing the incremental entertainment offerings that we've that we've provided, where we're expanding our variety. Each one of those on a stand-alone basis are generating on our returns on a stand-alone basis. And then combined, we believe they're creating Just Energy. That's looking up all traffic. We're seeing double digit increases and special events. When we add these new entertainment offerings, we're seeing improved service model execution. We're seeing a couple of stores. We're seeing very significant growth in food beverage mix.

我們看到我們已經提供了增量娛樂產品，我們正在擴大我們的多樣性。其中每一項都在獨立的基礎上為我們帶來獨立的回報。然後結合起來，我們相信他們正在創造正義能源。那就是查找所有流量。我們看到兩位數的成長和特殊活動。當我們添加這些新的娛樂產品時，我們看到服務模型執行得到了改進。我們看到有幾家商店。我們看到食品飲料組合的顯著成長。

So we're able to trade through results into the remodel. And so that gives us a lot of confidence, but it's moving forward. It's a little more capital intensive, but the team has has done a great job at value engineering and taking cost out. And so I'm going to have to walk Q through that.

因此我們能夠將結果轉化為改造。這給了我們很大的信心，但它正在向前發展。它的資本密集度更高一些，但團隊在價值工程和降低成本方面做得很好。所以我將不得不向 Q 介紹這一點。

Yes, they have see as an important aspect to think about when you start talking about when a light touch is that has probably more to do with the fact that this stage of the building and the condition that is in the size of it as it is the amount of additional work that's going into to expand the offering from an entertainment perspective.

是的，當你開始談論何時輕觸時，他們認為這是一個需要考慮的重要方面，這可能更多地與以下事實有關：建築物的這個階段以及其尺寸的狀況從娛樂的角度來看，為了擴展產品而需要進行的額外工作量。

So when we start talking about lighter touch, as those are stores that are around the 20,000 25,000 foot locations, they're more current in the pipeline where they've been built, like probably like in the last five years versus some of the older stores or the larger, say, footprint of the DB1s and 2s, which are more in that 40,000 to 45,000 square foot location.

因此，當我們開始談論輕觸感時，因為這些商店分佈在 20,000 個 25,000 英尺的位置左右，所以它們在建造的管道中更具流動性，就像過去五年中與一些較舊的商店相比商店或佔地面積較大的DB1 和2，它們更多地分佈在40,000 至45,000 平方英尺的位置。

So all in all, I think the CapEx that we laid out previously will still be fairly close to where we'll end up over this journey over the next two years or so.

總而言之，我認為我們之前製定的資本支出仍將相當接近我們在未來兩年左右的時間內最終實現的目標。

So just to summarize, we are moving more into the large format, but the big benefit as we've been able to drive down the capital investment. At the same time, the performance has exceeded our expectations. And so we're very confident that we're going to hit our return thresholds were actually go cautiously optimistic that we're going to exceed our return thresholds. But you're going to continue to see from this team, a very disciplined approach when it comes to capital allocation. So we're committed to doing those [35] that we've built in the right stage gates that if for some reason we're not replicating these results, we will have the ability to pivot at the right time and redirect.

總而言之，我們正在更多地轉向大尺寸，但最大的好處是我們能夠降低資本投資。同時，業績也超出了我們的預期。因此，我們非常有信心我們將達到我們的回報閾值，實際上我們對我們將超過我們的回報閾值持謹慎樂觀的態度。但你會繼續從這個團隊中看到在資本配置方面非常嚴格的方法。因此，我們致力於做那些我們在正確的階段門中構建的[35]，如果由於某種原因我們沒有複製這些結果，我們將有能力在正確的時間進行調整和重定向。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thank you. Just wanted to follow up on the tiered pricing efforts, more specifically, how we should be thinking about the scale of those increases? Were potential skills, those increases on anything you can offer there in terms of order of magnitude as you've gone ahead and made some changes to the pricing structure on the gaming side from engagement as such?

謝謝。只是想跟進分級定價工作，更具體地說，我們該如何考慮這些上漲的規模？隨著您繼續對遊戲方面的定價結構進行一些改變，您可以提供的任何東西的數量級是否會增加潛在的技能？

Yes. What I'll tell you is we had during the at our Investor Day last June, we sized up the opportunity. And we said that we believe that there's approximately there's an opportunity that you add a 10% increase in strategic game pricing over a period of time, and we're still committed to that. And so we still do believe that's a good number. What you'll see on as we move forward into F24 is that the price is going to be different region to region, but we would expect that to a price increase that occurred in the day, which is 10% over a longer period of time. So 2024 would be a step in that direction.

是的。我要告訴你的是，在去年六月的投資者日期間，我們評估了這個機會。我們說過，我們相信大約有機會在一段時間內將戰略遊戲定價增加 10%，我們仍然致力於這一點。所以我們仍然相信這是一個不錯的數字。當我們進入 F24 時，您會看到不同地區的價格會有所不同，但我們預計當天的價格會上漲，在較長一段時間內會上漲 10% 。因此，2024 年將是朝這個方向邁出的一步。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi, thanks and good evening up. Just a question on sales, if we can go back to that, Mike, I think you said you were running down low single digit comps up until January, which is if my quick math is right, January, it was down somewhat low to mid-teens. Year on year. I'm going to just confirm that was right, sir. Sorry, quick math here, but and if it is, I understand it's really marquee, but how do you view sort of the underlying comp trend? And what's a reasonable expectation near term for when comps might stabilize if not turned positive moving through 2024?

你好，謝謝，晚上好。只是一個關於銷售的問題，如果我們可以回到那個問題，邁克，我想你說過直到一月份你的銷售業績都在下降個位數，如果我的快速數學是正確的話，一月份，它下降了一些低到中-青少年。去年同期。我只是要確認一下這是正確的，先生。抱歉，這裡是快速數學，但如果是的話，我知道這確實是大帳篷，但您如何看待潛在的競爭趨勢？如果 2024 年的績效指標沒有轉為正值，那麼短期內何時會趨於穩定，合理的預期是什麼？

Sure I'll kind of preferences. Just reading your math is fairly close because when we look at when we exited out of the holiday season, you're looking at it being about the end of the first full week of January, which is right at the time that we've talked about confident over that 20%-plus mark plus the the weather impact did have a significant impact. We had close to 60-plus stores that were either partially closed or fully closed for certain number of days during that period of time.

當然我會有點偏好。光是閱讀你的數學就相當接近了，因為當我們查看假期結束時，你會發現它大約在一月的第一個完整週結束時，這正是我們談論的時間對超過20% 的水平充滿信心，加上天氣影響確實產生了重大影響。在那段時間裡，我們有近 60 多家商店在一定天數內部分關閉或完全關閉。

So there was a material impact to us as we look forward to the consumer trends and everything else, I think it's kind of hard for us to pinpoint given the uncertainty. And I say with certainty is there's so much holiday mismatch around spring breaks at this point in time. And the continued choppiness that we're seeing. So at this point, we're continuing to be focused on the longer-term objectives, as you heard the passion that Chris has been laying out each of the strategic initiatives that we are up and all of those will continue to just produce green shoots and provide with a better return as we get further into the year and beyond.

因此，當我們期待消費趨勢和其他一切時，這對我們產生了重大影響，我認為鑑於不確定性，我們很難確定這一點。我可以肯定地說，目前春假前後有很多假期不匹配的情況。我們看到了持續的波動。因此，在這一點上，我們將繼續關注長期目標，正如您聽到的那樣，克里斯一直在熱情地制定我們正在製定的每一項戰略舉措，所有這些都將繼續產生新芽隨著我們進入今年及以後，我們會提供更好的回報。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

Thanks for taking the question. Yes, it's been almost, I guess, a year since the Investor Day when you laid out kind of the earnings build towards you reviewed EBITDA targets. And so I guess I'd be curious to hear you kind of biggest step back and frame where you are now in terms versus where you maybe would have expect to be at that point in time. Are there? Are there some of the initiatives where you're seeing more or less track and then you expected or were your ahead or behind on time lines and kind of as you were to recast your expectations, anything that would have been different versus at that time?

感謝您提出問題。是的，我想，自從投資者日你為審查的 EBITDA 目標制定了某種盈利建設以來，已經過去了差不多一年了。所以我想我很想聽聽你最大的退一步，並框架一下你現在的處境與你可能期望在那個時間點的處境。在那兒？是否有一些舉措您或多或少看到了進展，然後您預期或者在時間線上領先或落後，並且有點像您要重新調整您的期望，與當時相比有什麼不同嗎？

Yes, that's a great question. So I'll tell you that the way the way that we've done, I've been thinking about this journey that we've all been on the internally. We've always referred to a year one of the year, the foundation and the reason we describe as the year the foundation is because there was so much infrastructural work that we needed to do just to catch up for what we refer to as 15 years of neglect in this business.

是的，這是一個很好的問題。所以我會告訴你，就像我們所做的那樣，我一直在思考我們內在經歷的這段旅程。我們總是提到一年中的一年、基金會，而我們之所以將其稱為基金會年，是因為我們需要做很多基礎設施工作才能趕上我們所說的 15 年在這項業務中的疏忽。

From a systems standpoint, the systems are just waiting behind where they needed to be. Their processes were way behind where they needed to be, as evidenced by the fact that I just mentioned that we didn't even have the ability to have variable pricing across regions.

從系統的角度來看，系統只是在它們需要的地方等待。他們的流程遠遠落後於他們需要的水平，我剛才提到的事實證明我們甚至沒有能力跨地區進​​行可變定價。

And so there's a lot of work to do on the infrastructure at. There's also a lot of testing that needs to be done. And so I know where we are right now is we're right on schedule. We believe we've executed everything that we set out to do on the infrastructure. We've tested everything that we set out to do, and we are now in the process of implementing all of those initiatives.

因此，基礎設施方面還有很多工作要做。還有很多測試要完成。所以我知道我們現在所處的位置是我們照計畫進行的。我們相信我們已經執行了我們在基礎設施上計劃要做的一切。我們已經測試了我們計劃要做的一切，現在正在實施所有這些措施。

And so I'm very proud of the work that the team has done on. We're right, where we want to be on remodels are new units continue to perform exceptionally well. We're on pace on international, right in line with what we were expecting when we built out our long-term plan.

因此，我對團隊所做的工作感到非常自豪。我們是對的，我們希望改造的地方是新設備繼續表現出色。我們在國際上的步伐與我們制定長期計劃時的預期完全一致。

Again, pricing is where we thought we'd be just given the system limitations on our food and beverage offering. I feel very good about the work that we're doing there and the results that were driving and the new service model, as evidenced by the impact that were already happened on the guest experience.

同樣，定價是我們認為我們只會受到食品和飲料產品系統限制的地方。我對我們在那裡所做的工作、所取得的成果以及新的服務模式感到非常滿意，這從已經對賓客體驗產生的影響中得到了證明。

So on the initiatives side of things, I'm very proud of the work the team is doing. And so this is that what we did say is I look, this is and this is a journey that we're on. And clearly, there is tremendous upside in this business. There's upside on each one of these initiatives when you size it up and there's collectively an enormous amount of upside side and the value of stock. And we continue to believe that the stock is significantly undervalued with the potential that we have in front of us.

因此，在舉措方面，我對團隊所做的工作感到非常自豪。所以這就是我們所說的，我看，這就是我們正在進行的旅程。顯然，這項業務有著巨大的優勢。當你仔細衡量這些措施時，每一項都有好處，並且整體上有巨大的好處和股票價值。我們仍然認為，鑑於我們面前的潛力，該股的價值被嚴重低估。

That the unknown is just the macro environment and you know what's going to happen with the consumer and the uncertainties. And so our focus is just focusing on and what we can control. And clearly what we can control we're executing against.

未知的只是宏觀環境，你知道消費者會發生什麼事以及不確定性。因此，我們的重點只是專注於我們可以控制的事情。很明顯我們可以控制我們正在執行的目標。

And and there's as we've done a deep dive deeper into each one of these initiatives, we're as confident as we ever have been and being able to make a positive impact on this business over the medium term. And so the time line might shift a little bit here or there, but we're still committed to getting the job done.

隨著我們對每項舉措進行了深入研究，我們一如既往地充滿信心，並能夠在中期內對這項業務產生積極影響。因此，時間軸可能會有所改變，但我們仍然致力於完成工作。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, thanks for taking the question. I wanted to go back to me that kind of phases and what you're doing with the gaming prices. I know you indicated that that's been a positive going through to the bottom line. I guess I'm curious on kind of what amount of some impact there is from maybe in only and people staying longer. I mean is it isn't saying for a lesser amount of time because the Power Cards are are enough click or any what is the the core? Is there any potential offset that you're seeing in the game price increases?

您好，感謝您提出問題。我想回顧一下那個階段以及你們對遊戲價格所做的事情。我知道你表示這對最終的結果是正面的。我想我很好奇，也許只有人們停留更長時間會產生多大的影響。我的意思是，它並不是說需要較少的時間，因為電源卡足以點擊或任何核心是什麼？您認為遊戲價格上漲是否有任何潛在的抵銷作用？

Yes. No, it's again, very good question. So keep in mind, I said that we've gone through the testing and learning process. And one of the things that we wanted to make sure we understood is exactly what you'd outlined is we didn't want to have a negative impact on value proposition. And we did it. I want to just kind of trade right pocket for left pocket and grow price on the front end, but then you reduce your overall spend by reducing to all-time.

是的。不，這又是一個很好的問題。所以請記住，我說我們已經完成了測驗和學習過程。我們想要確保我們理解的一件事正是您所概述的，我們不想對價值主張產生負面影響。我們做到了。我想把右口袋換成左口袋，並提高前端的價格，但隨後你會透過減少到歷史最高水平來減少整體支出。

And so we've been closely evaluating that and tweaking it to get to the right balance. And so what what we are implementing or what we implemented we rolled out in February of 2024 was on the result of all of that testing. And so we didn't get it right at the beginning. And so we made some adjustments and we changed pricing to make sure that we were protecting the value proposition. We move stores tier added here. We did all of that.

因此，我們一直在仔細評估並調整它以達到適當的平衡。因此，我們正在實施的內容或我們在 2024 年 2 月推出的內容是基於所有測試的結果。所以我們一開始就沒有做對。因此，我們進行了一些調整併更改了定價，以確保我們保護價值主張。我們移動此處新增的商店層級。我們做了所有這些。

And so now we're moving forward with confidence that we've got the right formula. And so what we rolled out, we're not seeing any material deterioration and dwell time, and we're not seeing any impact on value proposition. But I will tell you we're going to continue to closely monitor this and ask you to make changes will make changes. And so that's the benefit of where we are now is we're in a much better position to be nimble and to adapt to the extent that the consumer starts to go different directions.

因此，現在我們滿懷信心地向前邁進，因為我們已經找到了正確的方案。因此，我們推出的產品，我們沒有看到任何材料惡化和停留時間，也沒有看到對價值主張的任何影響。但我會告訴你，我們將繼續密切關注此事，並要求你做出改變，我們會做出改變。因此，我們現在所處的位置的好處是，我們處於一個更好的位置，可以靈活地適應消費者開始走向不同方向的程度。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks, guys. I'm wondering if you could just speak a little bit more to that, maybe choppiness content for the first quarter. Are you recognizing you're appropriately, you're focused on the longer term strategic opportunities. But just maybe as it relates to anything you're seeing from from a customer standpoint, whether it's across visits, other other spending patterns of income or or age cohorts, anything to kind of call out there? And again, recognizing there has been a choppiness across the industry in recent months, but is there anything you could share on the customer behaviors, et cetera, in recent months, any kind of shifting, et cetera on that front?

偉大的。多謝你們。我想知道你是否可以多說一點，也許是第一季的不穩定內容。如果您認識到自己是合適的，那麼您就會專注於長期策略機會。但也許這與你從客戶的角度看到的任何事情有關，無論是跨訪問、其他收入或年齡組的支出模式，有什麼值得指出的嗎？再說一次，認識到整個行業在過去幾個月中出現了波動，但是您可以分享一下最近幾個月來客戶行為等方面的任何變化嗎？

Do you want to, Q?

你想嗎，Q？

Yes, I guess I would say it this way. The choppiness we've seen is really from a visitation perspective. But once people are in the door, they're still spending at the same levels. They've already spent the dwell time or just the same as they were before. So it's really more of that visitation aspect of it than it is anything else.

是的，我想我會這樣說。我們所看到的波動實際上是從訪問角度來看的。但一旦人們進來，他們的消費水準仍然相同。他們已經度過了停留時間或與之前一樣。所以它實際上更多的是探訪方面而不是其他任何事情。

So that's the piece that we're feeling really good about. And that's where we start seeing the improvement in the food and beverage spend and things of that effect that we've got us really excited about the long-term potential of the actions were taken from an organic growth perspective.

這就是我們感覺非常好的作品。這就是我們開始看到食品和飲料支出改善的地方，我們對從有機成長角度採取的行動的長期潛力感到非常興奮。

Yeah maybe to just add in just a little bit more color as we continue to dig in and look at our business, we've seen couple of things. We've seen a little bit of weakness on the lower income consumer. But at the same time, we've seen strength on the higher end consumer and everybody in between kind of acting in a normal fashion.

是的，也許只是添加一點色彩，當我們繼續深入研究我們的業務時，我們已經看到了一些事情。我們看到低收入消費者的表現有些疲軟。但同時，我們看到了高端消費者的力量，以及介於兩者之間的每個人都以正常方式行事。

And so that's those tiers somewhat offsetting each other. But it is something that we've been able to kind of tease out of the data. And we're using data to inform how we're approaching the business and inform promotions and things that nature.

所以這些層級在某種程度上是互相抵銷的。但這是我們能夠從數據中梳理出來的。我們正在使用數據來告知我們如何開展業務並告知促銷活動和其他自然事項。

This concludes our question and answer session. I'd like to turn the conference back over to Chris Morris for any closing remarks.

我們的問答環節到此結束。我想將會議轉回克里斯莫里斯（Chris Morris）發表閉幕詞。

Okay. Thank you. We are entering 2024 from a position of financial strength. And we expect this year to be a transformative on our journey to unlock the potential that for now M&O business. Thank you all for joining. We look forward to welcome you at one of our stores this year. And speaking with you again soon. Thank you.

好的。謝謝。進入 2024 年，我們的財務實力雄厚。我們預計今年將是我們釋放 M&O 業務潛力的變革性一年。感謝大家的加入。我們期待今年在我們的商店之一歡迎您。很快就會再次與您交談。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。