Dave & Buster's Entertainment Inc (PLAY) 2024 Q1 法說會逐字稿

Good day and welcome to the Dave & Buster's first quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Dave & Buster 的 2024 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

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

我現在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. 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.

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。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 first-quarter 2024 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 2024 年第一季業績之前，我想提請您注意，在我們的言論和對問題的回答中，可能討論的某些內容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均面臨風險和不確定性，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. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP measure contained in our earnings announcement released this afternoon.

此外，我們今天的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調整。

Also, the presentation we will be referencing today will be made available on the events and presentations page of our Investor Relations website shortly after the conclusion of the call.

此外，我們今天引用的簡報將在電話會議結束後不久發佈在我們投資者關係網站的活動和簡報頁面上。

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。

Alright. Thank you, Cory. Good afternoon, everyone and thank you for joining our call today. I will begin with some brief highlights from the quarter, turn it over to Mike to walk through our first quarter financials, and then we will spend the remainder of the call presenting a status update on our strategic growth initiatives as we lap the one-year anniversary of our Investor Day last June.

好吧。謝謝你，科里。大家下午好，感謝您今天加入我們的電話會議。我將首先介紹本季度的一些簡短亮點，然後將其交給麥克，讓他了解我們第一季度的財務狀況，然後我們將在電話會議的剩餘時間裡介紹我們一年後戰略增長計劃的最新狀態去年六月是我們投資者日的週年紀念日。

In our first quarter of fiscal 2024, we generated revenue of $588 million and adjusted EBITDA of $159 million. While these top-line results were well below the potential we see for this business with the choppiness we alluded to in February, we are encouraged by more recent improving top and bottom-line trends in May and early June as we have scaled some of our more successful organic growth initiatives.

在 2024 財年第一季度，我們的營收為 5.88 億美元，調整後 EBITDA 為 1.59 億美元。雖然這些營收結果遠低於我們在2 月提到的波動情況下看到的該業務的潛力，但我們對5 月和6 月初營收和利潤趨勢的近期改善感到鼓舞，因為我們已經擴大了一些業務規模。

Additionally, during the quarter, we realized more than $10 million of incremental labor and marketing costs associated with the rollout of new initiatives and certain marketing tests, which we do not expect to repeat going forward. We continue to make material progress advancing our key organic growth initiatives.

此外，在本季度，我們意識到與推出新措施和某些行銷測試相關的勞動力和行銷成本增量超過 1000 萬美元，我們預計未來不會重複這種情況。我們持續在推動關鍵有機成長計劃方面取得實質進展。

We have seen meaningful success growing our loyalty database through our new marketing engine, highlighting our enhanced food and beverage offering through compelling promotions, refining our games pricing strategy, driving incremental special events, and clear outperformance in our remodel initiative, which we expect would lead to substantial improvement in revenue and profitability over the medium term.

我們透過新的行銷引擎擴大了我們的忠誠度資料庫，透過引人注目的促銷活動突出了我們增強的食品和飲料產品，完善了我們的遊戲定價策略，推動了增量特別活動，並在我們的改造計劃中取得了明顯的優異表現，我們預計這將引領我們取得重大成功。

We also continue to open new stores at highly attractive returns on our investment and have continued to opportunistically return capital to shareholders via our share repurchase program in a highly accretive manner.

我們也繼續以極具吸引力的投資回報開設新店，並繼續透過股票回購計畫以高度增值的方式向股東返還資本。

I'm proud of the hard work of our dedicated team as we continue to deliver strong operating performance and generate significant free cash flow in the face of a difficult prior-year comparison and the complex macroeconomic environment. We remain laser-focused on delivering the $1 billion adjusted EBITDA target in the coming years.

我為我們敬業的團隊的辛勤工作感到自豪，因為面對去年的艱難比較和複雜的宏觀經濟環境，我們繼續提供強勁的經營業績並產生大量的自由現金流。我們將繼續專注於在未來幾年實現 10 億美元的調整後 EBITDA 目標。

I'd now like to turn the call over to Mike to walk you through our first quarter financial results in more detail before turning to the update on our strategic growth initiatives.

現在，我想將電話轉給麥克，讓您更詳細地了解我們第一季的財務業績，然後再介紹我們的策略成長計畫的最新情況。

Thanks, Chris. We generated first quarter revenue of $588 million and adjusted EBITDA of $159 million for an adjusted EBITDA margin of 27.1%, a 200 basis point margin expansion versus the same (technical difficulty) 2019. As Chris mentioned, adjusted EBITDA in the quarter decreased in part due to $11 million of incremental costs, which we do not expect to repeat, which includes labor and marketing costs related to the rollout of our new menu, our new service model, and the deployment of several new systems, as well as an unsuccessful incremental marketing campaign test.

謝謝，克里斯。我們第一季營收為5.88 億美元，調整後EBITDA 為1.59 億美元，調整後EBITDA 利潤率為27.1%，與2019 年同期（技術難度）相比，利潤率擴大了200 個基點。的，本季調整後EBITDA 部分下降由於1100 萬美元的增量成本（我們預計不會重複），其中包括與推出新菜單、新服務模式和部署多個新系統相關的勞動力和營銷成本，以及不成功的增量成本行銷活動測試。

Net income in the first quarter totaled $41 million or $0.99 per diluted share. We reported $46 million of adjusted net income or $1.12 of adjusted earnings per diluted share. Reconciliations of all non-GAAP financial measures can be found in today's press release. Comparable store sales decreased 5.6% on a same-week basis in the first quarter versus the prior-year period.

第一季淨利潤總計 4,100 萬美元，攤薄後每股收益 0.99 美元。我們公佈的調整後淨利潤為 4,600 萬美元，調整後每股攤薄收益為 1.12 美元。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。第一季可比商店銷售額年減 5.6%。

As Chris mentioned, we have seen an improving trend in this important top-line metric through the first five weeks of this quarter. We generated $109 million of operating cash flow during the first quarter, contributing to an ending cash balance of $32 million for total liquidity of $516 million when combined with the $484 million available on our $500 million revolving credit facility, net of outstanding letters of credit.

正如克里斯所提到的，我們在本季的前五週看到了這個重要營收指標的改善趨勢。第一季我們產生了1.09 億美元的營運現金流，期末現金餘額為3,200 萬美元，流動性總額為5.16 億美元，再加上我們5 億美元的循環信貸額度中可用的4.84 億美元（扣除額未償還的信用證）。

We ended the year, or should say the quarter, with a total net leverage ratio of 2.3 times as defined under the credit agreement. We entered into a sale-leaseback agreement for the sale of two additional Dave & Buster's stores that opened in 2023 and anticipate generating $45 million of gross proceeds from the sale in the second quarter. After this sale, we still have four owned and operating real estate assets and two additional wholly owned stores coming online in the second half of 2024.

我們在年底（或應該說季度）的總淨槓桿率為信貸協議定義的 2.3 倍。我們簽訂了售後回租協議，出售 2023 年開業的另外兩家 Dave & Buster's 商店，預計第二季的銷售收入將達到 4,500 萬美元。此次出售後，我們仍然擁有四項自有和營運的房地產資產，另外還有兩家全資商店將於 2024 年下半年上線。

As a reminder, we expect to command a premium price in the market versus other comparable real estate given our superior unit economics, strong credit and attractive brand attributes, and commitment to being a long-term tenant in the space.

提醒一下，鑑於我們卓越的單位經濟效益、強大的信用和有吸引力的品牌屬性，以及致力於成為該領域的長期租戶，我們預計將在市場上獲得比其他同類房地產更高的價格。

Turning to capital spending, we've invested a total of $113 million in capital additions during the first quarter, opening three new Dave & Buster's and one new Main Event. We've already opened one new Dave & Buster's during the second quarter of fiscal '24 in Port St. Lucie, Florida. We expect to open a total of 15 new stores across both brands during fiscal '24. We also have eight incremental remodels coming online in the second quarter to add to the nine existing remodels and anticipate having a total of 45 done by the end of fiscal '24.

談到資本支出，我們在第一季總共投資了 1.13 億美元的資本增加，開設了三個新的 Dave & Buster's 和一個新的主賽事。我們已於 2024 財年第二季在佛羅裡達州聖露西港開設了一家新的 Dave & Buster's 店。我們預計在 2024 財年期間，兩個品牌將總共開設 15 家新店。我們也在第二季上線了 8 項增量改造，以增加現有的 9 項改造，預計到 24 財年末將完成 45 項增量改造。

Thus far in fiscal '24, we have spent $50 million repurchasing nearly a million shares, and we have $150 million remaining on our board-approved share repurchase authorization. We see tremendous value in continuing to opportunistically repurchase our shares in an accretive manner with the excess free cash flow above and beyond what is then needed to invest in our new units, accelerate our remodel program, and support our organic growth initiatives.

到目前為止，24 財年我們已經花了 5,000 萬美元回購了近 100 萬股股票，董事會批准的股票回購授權還剩 1.5 億美元。我們看到，繼續機會主義地以增值的方式回購我們的股票具有巨大的價值，多餘的自由現金流超出了投資我們的新單位、加速我們的改造計劃和支持我們的有機增長計劃所需的資金。

And now I'd like to turn the call back over to Chris to walk through the presentation and update on our key organic growth initiatives.

現在我想將電話轉回給克里斯，讓他完成演示並更新我們的關鍵有機增長計劃。

All right. Thanks, Mike. As I mentioned at the start of the call, tomorrow marks the one-year anniversary of our Investor Day, where we first unveiled our medium-term strategic plan. So we thought it was important to provide a more wholesome status update on how we are tracking against this plan.

好的。謝謝，麥克。正如我在電話會議開始時提到的，明天是我們投資者日一周年紀念日，我們在這一天首次公佈了中期戰略計劃。因此，我們認為提供更全面的狀態更新來說明我們如何追蹤該計劃非常重要。

We have made meaningful progress on all of our initiatives, which in their own right are meeting or exceeding expectations. We've also discovered new opportunities and initiatives ranging from F&B realized check to our optimized remodel strategy to additional incremental cost savings. We expect a substantive impact over the next several months from these initiatives scaling and rolling out from the successful test we have run. Consequently, I remain confident in our target of over $1 billion of adjusted EBITDA.

我們的所有措施都取得了有意義的進展，這些舉措本身就達到或超越了預期。我們還發現了新的機會和舉措，從餐飲實現檢查到我們優化的改造策略，再到額外的增量成本節約。我們預計這些舉措將在接下來的幾個月中根據我們成功進行的測試進行擴展和推廣，從而產生實質影響。因此，我對調整後 EBITDA 超過 10 億美元的目標仍然充滿信心。

We have made significant strides advancing each of our six key organic growth initiatives. However, as you can see on the right-hand side of the slide, we are still in the early innings of most of these initiatives with meaningful upside to come. Within marketing optimization, which remains our largest revenue and adjusted EBITDA opportunity, we began by getting the right team in place and hired a new top-notch CMO in December of 2023.

我們在推動六項關鍵有機成長舉措中每一項都取得了重大進展。然而，正如您在幻燈片右側所看到的，我們仍處於大多數此類舉措的早期階段，並且未來將出現有意義的上漲。在行銷優化方面，這仍然是我們最大的收入和調整後的 EBITDA 機會，我們首先組建了合適的團隊，並於 2023 年 12 月聘請了一位新的頂尖 CMO。

Megan has been phenomenal in her first six months. She has embraced our culture and added a significant amount of data-driven rigor to our marketing engine. Under her leadership, we have engaged a new creative agency, meaningfully grown our loyalty program metrics in terms of both members and spend, and substantially improved our customer engagement.

梅根在她的前六個月表現非常出色。她接受了我們的文化，並為我們的行銷引擎添加了大量數據驅動的嚴謹性。在她的領導下，我們聘請了一家新的創意機構，在會員和支出方面顯著提高了我們的忠誠度計劃指標，並大幅提高了我們的客戶參與度。

Within our strategic game pricing initiative during Q1 '24, we successfully completed the first increase in chip prices in over 20 years with a significant overhaul of our game system. This was just the beginning of our process to optimize game prices as we have run a number of tests of different price levels across the portfolio to try to determine the optimal level for each store. While we have done this, we've experienced significant improvement in our amusement guest satisfaction scores, spend, and sales trends.

在 24 年第一季的戰略遊戲定價計畫中，我們對遊戲系統進行了重大改革，成功完成了 20 多年來晶片價格的首次上漲。這只是我們優化遊戲價格流程的開始，因為我們已經對整個產品組合的不同價格水平進行了多次測試，試圖確定每個商店的最佳水平。在我們這樣做的同時，我們的娛樂遊客滿意度評分、支出和銷售趨勢都得到了顯著改善。

In our improved F&B initiative, we successfully implemented a new service model and throughout Q1 2024 and into Q2 2024, we have rolled out multiple phases of our new menu across the system. We have experienced improved F&B guest satisfaction scores, attachment, check size, overall sales trends, and gross margins as we have done this.

在我們改進的餐飲計劃中，我們成功實施了新的服務模式，並在 2024 年第一季和 2024 年第二季在整個系統中推出了新菜單的多個階段。在我們這樣做的過程中，我們的餐飲客戶滿意度評分、附件、支票大小、整體銷售趨勢和毛利率都提高了。

More recently, we have identified an additional revenue opportunity from optimizing our F&B pricing and menu mix, which we will describe in further detail later. As you know, to date, we have opened nine remodels with four fully programmed remodels performing exceptionally well, up double digits in both sales and traffic relative to the prior year. Given the strong success, we've accelerated our remodel plans and have optimized our strategy to lean in on the success of these fully programmed stores to bring as many to market as possible with a strict 20% return on investment.

最近，我們透過優化餐飲定價和菜單組合發現了額外的收入機會，我們將在稍後詳細描述。如您所知，迄今為止，我們已經開放了 9 個改造項目，其中 4 個完全編程的改造項目表現非常好，與前一年相比，銷售額和客流量均增長了兩位數。鑑於我們的巨大成功，我們加快了改造計劃，並優化了我們的策略，以依靠這些完全規劃的商店的成功，以嚴格的 20% 投資回報率將盡可能多的商店推向市場。

On special events, in order to provide more accountability at the local level, we strategically reinserted 20 sales managers into the stores in the back half of 2023 and ensured that their compensation was tied to top-line performance. We have seen significant outperformance relative to the rest of the system of those stores relative to both prior year and 2019. Based on that success, we've added over 30 additional sales managers in fiscal '24 to date. We expect this to have a meaningful positive impact on the revenue trends in this segment, which are already approaching 2019 levels overall.

在特殊活動中，為了在地方層級提供更多問責制，我們在 2023 年下半年策略性地向門市重新安置了 20 名銷售經理，並確保他們的薪酬與營收績效掛鉤。與前一年和 2019 年相比，我們看到這些商店的表現明顯優於系統的其他部分。我們預計這將對這一領域的收入趨勢產生有意義的正面影響，該領域的整體收入趨勢已接近 2019 年的水準。

In our tech enablement initiative, the team has worked efficiently to upgrade our IT infrastructure across the portfolio, which includes, amongst other items, outfitting our stores with Wi-Fi and upgraded payment processors which will improve guest experience and drive operational efficiencies in our stores. To date, we have completed over 50% of the system. We also rolled out server tablets across our whole system as part of the enhancements to our new service model.

在我們的技術支援計畫中，團隊有效地升級了整個產品組合的 IT 基礎設施，其中包括為我們的商店配備 Wi-Fi 和升級的支付處理器，這將改善顧客體驗並提高商店的營運效率。到目前為止，我們已經完成了超過50%的系統工作。作為增強新服務模式的一部分，我們還在整個系統中推出了伺服器平板電腦。

Turning to new units, we have opened 15 new stores domestically in the last 12 months and continue to produce sizable cash on cash returns consistent with our historical levels of 40%-plus. Internationally, we signed up seven additional international franchise units committed to development, bringing our grand total to 38. In terms of cost savings, we realized all of the $25 million in upsized, targeted synergies from the Main Event merger and continue to go after additional opportunities as we make solid progress on the incremental $40 million to $60 million outlined at Investor Day.

談到新單位，我們在過去 12 個月內在國內開設了 15 家新店，並繼續產生可觀的現金回報率，與 40% 以上的歷史水平一致。在國際上，我們又簽約了7 個致力於開發的國際特許經營單位，使我們的特許經營單位總數達到38 個。擴大、有針對性的協同效應，並繼續追求更多我們在投資者日概述的 4000 萬至 6000 萬美元增量方面取得了紮實進展，這是一個機會。

In the coming months, we have a lot planned on each of our initiatives. On marketing optimization, we will continue to optimize our media mix and messaging, and leverage our scale and presence to drive traffic. We also have a number of partnerships that we expect will help improve traffic and sales trends. We are particularly excited about a number of these partnerships and the potential impacts they will have during the summer movie season as well as the upcoming fall and winter sports seasons.

在接下來的幾個月裡，我們對每項措施都有很多計畫。在行銷優化方面，我們將繼續優化媒體組合和資訊傳遞，並利用我們的規模和影響力來增加流量。我們還擁有許多合作夥伴關係，我們預計這些合作夥伴關係將有助於改善流量和銷售趨勢。我們對其中一些合作夥伴關係及其在夏季電影季以及即將到來的秋季和冬季運動季節期間產生的潛在影響感到特別興奮。

We believe there is still significant upside on games pricing. Through overhauls to our games system, we now have the functionality to have differentiated pricing by region. We will use that new functionality to continue to optimize the price levels of our stores. We will also make sure that going forward, we will raise prices in line with inflation, something that we have not done historically.

我們認為遊戲定價仍有顯著的上漲空間。透過對遊戲系統的徹底改造，我們現在擁有按地區進行差異化定價的功能。我們將使用該新功能繼續優化商店的價格水平。我們還將確保未來我們將根據通貨膨脹提高價格，這是我們歷史上從未做過的事情。

Additionally, we are excited by the prospect of optimizing existing and developing and implementing new yield management strategies which should help drive check during peak periods and traffic during off-peak periods.

此外，我們對優化現有策略以及開發和實施新的收益管理策略的前景感到興奮，這將有助於推動高峰期的檢查和非高峰期的流量。

We are launching the next evolution of our new menu in August, which is primarily focusing on beverage innovation and our special event menu and we will continue to refine and improve the operating model to drive attachment and guest satisfaction scores, which continue to be at historical highs.

我們將於 8 月推出新菜單的下一個版本，主要專注於飲料創新和特別活動菜單，我們將繼續細化和改進營運模式，以提高依戀度和賓客滿意度評分，使其繼續保持歷史最高水平高點。

We will increase the pace of remodels and expect to have 35% of the fleet completed by the end of 2024, 68% completed by 2025, and 100% by 2026. Given the encouraging results with our pilots, we plan to continue to add special event managers to our stores and markets and expect to benefit from our improved special event menu, operating model, and event management capabilities.

我們將加快改造步伐，預計到 2024 年底完成 35% 的機隊改造，到 2025 年完成 68%，到 2026 年完成 100%。我們的商店和市場的活動經理，並期望從我們改進的特別活動菜單、營運模式和活動管理能力中受益。

We plan to complete the integration of our new IT infrastructure in the coming quarters and implement new POS systems to optimize workflow across our stores. We are on track to open 10 more stores in 2024, with 16 additional units hitting our fleet each year in 2025 and beyond. We expect to have several international stores open in the coming months and we will continue to leverage the D&B brand to drive more international franchise agreements.

我們計劃在未來幾季完成新 IT 基礎架構的集成，並實施新的 POS 系統以優化整個商店的工作流程。我們預計在 2024 年再開設 10 家門市，並在 2025 年及以後每年增加 16 家門市。我們預計未來幾個月將開設多家國際商店，並將繼續利用 D&B 品牌推動更多國際特許經營協議。

We have historically executed on our cost savings initiatives and think there is still a lot of opportunity. It is an ongoing focus for us and you can expect to see more progress on that front in the near future.

我們歷來執行過成本節約計劃，並認為仍有許多機會。這是我們持續關注的焦點，您可以期待在不久的將來在這方面看到更多進展。

As we have been focused on executing on our plan, we have identified three incremental opportunities to keep driving our performance. On F&B, as we will show you later, we have realized significantly less price compared to our peers and believe there's an opportunity for us to optimize our prices and menu mix in order to close this gap.

由於我們一直專注於執行我們的計劃，因此我們確定了三個增量機會來繼續推動我們的業績。在餐飲方面，正如我們稍後將向您展示的那樣，與同行相比，我們的價格明顯較低，並相信我們有機會優化價格和菜單組合，以縮小這一差距。

As we've discussed, our remodels continue to deliver impressive results and we believe there's a strong opportunity to accelerate and improve the pace of these remodels. On cost savings, due to additional efforts, we believe we can take out another $10 million to $20 million in addition to what we announced at Investor Day.

正如我們所討論的，我們的改造繼續取得令人印象深刻的成果，我們相信有很大的機會來加快和提高這些改造的步伐。在成本節約方面，由於額外的努力，除了我們在投資者日宣布的之外，我們相信我們還可以再拿出 1000 萬至 2000 萬美元。

As I mentioned earlier, our marketing and optimization strategy is progressing and our KPIs are clearly highlighting that. Hyper-targeted promotions and data-driven insights are helping us craft unique campaigns that has helped us drive website visitors up 49% and our social media engagement up multifold.

正如我之前提到的，我們的行銷和優化策略正在取得進展，我們的 KPI 也清楚地強調了這一點。高度針對性的促銷活動和數據驅動的洞察正在幫助我們打造獨特的行銷活動，幫助我們將網站訪問量提高了 49%，並將社群媒體參與度提高了數倍。

Loyalty members who, let me remind you, spend more and visit 2.5 times versus non-members are up 23%, which we think is very meaningful in driving spend and traffic. We believe that these strong leading indicators that customers are thinking about and engaging with us more, coupled with our other initiatives, will ultimately lead to strong same-store sales growth.

讓我提醒您一下，與非會員相比，消費更多且訪問 2.5 次的忠誠會員增加了 23%，我們認為這對於推動支出和流量非常有意義。我們相信，這些強有力的領先指標表明客戶更多地思考和與我們互動，再加上我們的其他舉措，最終將帶來強勁的同店銷售成長。

As we discussed, yield management is an important part of our strategy. One element of that is using targeted promotions to drive traffic during off-peak periods. During the quarter, we tested a number of promotional messages to help bring in incremental customers during the week. As you would expect, some of these tests worked well and others did not, both of which provided us with significant learnings.

正如我們所討論的，產量管理是我們策略的重要組成部分。其中之一是利用有針對性的促銷活動來增加非尖峰時段的流量。在本季度，我們測試了一些促銷訊息，以幫助在一周內吸引更多客戶。正如您所期望的，其中一些測試效果很好，而另一些測試效果不佳，這兩者都為我們提供了重要的經驗教訓。

One area we saw success was driving traffic in sales during the week. As you can see on the page, while same-store sales were up versus prior year, during the week, we were most excited by the almost 11% improvement in sales trends. It shows that we have started to identify some levers that can meaningfully drive the business. We will continue to test and learn in order to find the optimal mix of promotional messages in our media.

我們看到成功的一個領域是推動本週的銷售流量。正如您在頁面上看到的，雖然同店銷售額比去年同期有所增長，但在本週，我們最興奮的是銷售趨勢近 11% 的增長。這表明我們已經開始尋找一些可以有效推動業務發展的槓桿。我們將繼續測試和學習，以便在我們的媒體中找到促銷訊息的最佳組合。

As you know, we believe that our amusement offering is significantly underpriced. We showed you last year that D&B hadn't increased its chip pricing for more than 20 years and that the prices of our games were meaningfully below the prices of our competitors.

如您所知，我們認為我們的娛樂產品價格明顯偏低。去年我們向您展示了 D&B 已經 20 多年沒有提高晶片價格了，而且我們遊戲的價格明顯低於競爭對手的價格。

We have and continue to believe that there is scope for us to thoughtfully increase our game prices while still remaining an attractive value proposition to our guests. During the quarter, we experimented with a number of different price levels across the system.

我們已經並將繼續相信，我們有空間深思熟慮地提高遊戲價格，同時仍然對我們的客人保持有吸引力的價值主張。在本季度，我們在整個系統中嘗試了多種不同的價格水平。

While we saw an improvement in amusement sales trends universally, what got us most excited was that the stores in the highest price increase tiers actually saw the biggest improvement and have turned positive in amusement same-store sales. Notably, we've experienced significant year-over-year increases in customer satisfaction despite these changes to price levels, which means that they are not materially negatively impacting the customer experience.

雖然我們普遍看到遊樂銷售趨勢有所改善，但最令我們興奮的是，價格漲幅最高的商店實際上看到了最大的改善，並且遊樂同店銷售轉正。值得注意的是，儘管價格水準發生了這些變化，但我們的客戶滿意度仍顯著提高，這意味著它們不會對客戶體驗產生重大負面影響。

We are very encouraged by these results and we will be moving a significant number of stores onto those pricing structure in the second quarter and beyond.

我們對這些結果感到非常鼓舞，我們將在第二季及以後將大量商店轉移到這些定價結構上。

As we have previously discussed, we've been making a lot of improvements to our F&B offering in order to drive attachment, guest satisfaction, and ultimately sales. As you can see on the page, we have been making substantive progress in those areas. Our speed of service is up meaningfully as our attachment and guest satisfaction scores. We are encouraged by these results and importantly, as we rolled out the new menu and service model, we saw improving F&B trends throughout the quarter and subsequent to the quarter.

正如我們之前所討論的，我們一直在對我們的餐飲產品進行大量改進，以提高依戀度、賓客滿意度並最終提高銷售額。正如您在頁面上看到的，我們一直在這些領域取得實質進展。隨著我們的依戀度和客人滿意度得分，我們的服務速度顯著提高。我們對這些結果感到鼓舞，重要的是，隨著我們推出新的菜單和服務模式，我們看到整個季度以及本季之後的餐飲趨勢有所改善。

We will continue to drive these guest metrics and expect them to continue to drive top-line improvement over time. As we mentioned earlier, we have also identified another significant opportunity within F&B, specifically around realized check. The chart on this page lays out a number of publicly reported peers and their check growth relative to 2019.

我們將繼續推動這些賓客指標，並期望它們隨著時間的推移繼續推動營收改善。正如我們之前提到的，我們也在餐飲領域發現了另一個重要機會，特別是圍繞已兌現支票。本頁的圖表列出了一些公開報導的同行及其相對 2019 年的支票增長情況。

As you can see, on average the peers increased check by about 22%, which is roughly in line with CPI growth over the same time period. And you can also see D&B has only realized approximately 6% check on its F&B relative to 2019. Upon investigation, we discovered that we took fewer price increases than our peers since COVID and we also discovered that a menu change that was made in 2021 was well-intentioned, but actually was constructed in a way that incentivized trade downs.

正如您所看到的，同行平均增加了約 22% 的支票，這與同期 CPI 的增長大致一致。您還可以看到，相對於2019 年，D&B 的餐飲費用僅實現了約6%。是其本意是好的，但實際上是為了刺激貿易下降而建構的。

We've been testing a few different ways that we can close the gap. Our initial tests have been encouraging. More to come on this topic as we learn and explore more, but we do believe that over time we should be able to close a significant portion of those gap. Our remodels are delivering significant sales and traffic growth consistently and we are highly encouraged by the results and excited by the opportunity to implement this across the board.

我們一直在測試幾種不同的方法來縮小差距。我們的初步測試令人鼓舞。隨著我們學習和探索的深入，這個主題還會有更多內容，但我們確實相信，隨著時間的推移，我們應該能夠縮小這些差距的很大一部分。我們的改造持續帶來顯著的銷售和流量成長，我們對結果感到非常鼓舞，並對全面實施這項計劃的機會感到興奮。

In aggregate, we have seen success and increased year-over-year sales in the remodels we have opened to date. However, what has been most encouraging is that our fully programmed remodels have driven double-digit growth in sales. Even more encouraging is that these remodels are also up double digits in traffic. Our plan is for almost all of the remodels going forward to be fully programmed, and we expect to have 35% of the system complete by 2024 and 100% done by 2026.

總的來說，我們迄今為止開業的改建項目取得了成功，銷售額年增。然而，最令人鼓舞的是，我們完全規劃的改造推動了銷售額的兩位數成長。更令人鼓舞的是，這些改造的流量也實現了兩位數的成長。我們的計劃是對未來幾乎所有的改造進行全面編程，我們預計到 2024 年完成系統的 35%，到 2026 年完成 100%。

As you can see, our strategy around in-store sales managers for special events is bearing fruit, and stores with an in-store sales manager have significantly outperformed the system. This is what we expected as we strongly believe that local accountability and the right incentive structure can lead to meaningfully improved results in this area.

正如您所看到的，我們圍繞特殊活動店內銷售經理的策略正在取得成果，擁有店內銷售經理的商店的表現明顯優於該系統。這是我們所期望的，因為我們堅信地方問責制和正確的激勵結構可以顯著改善該領域的成果。

Given these strong results, we've accelerated the placement of managers and will place three times more managers in stores in 2024 as compared to 2023. We believe having a sales manager will significantly impact the recovery of our Event business to 2019 levels and beyond.

鑑於這些強勁的業績，我們加快了經理的安置速度，並將在2024 年在商店安置的經理數量比2023 年增加三倍。及以後的水平產生重大影響。

Our new unit model continues to be highly compelling with our 2022 and 2023 cohorts delivering 40% ROIs consistently. We continue to believe in a long-term potential of 550 stores, which we estimate is an EBITDA opportunity of $150 million to $225 million with long-term potential of 550 stores in total. We continue to make progress on the international front. We've signed seven new franchise stores since Investor Day with a total pipeline of 38 international locations. We expect to have the first international locations open within the coming months, which will be a huge milestone for the company.

我們的新單位模式繼續極具吸引力，我們的 2022 年和 2023 年團隊將持續實現 40% 的投資回報率。我們仍然相信 550 家商店的長期潛力，我們估計 EBITDA 機會為 1.5 億至 2.25 億美元，總共 550 家商店的長期潛力。我們在國際方面持續取得進展。自投資者日以來，我們已簽約 7 家新的特許經營店，國際門市總數達 38 家。我們預計在未來幾個月內開設第一批國際門市，這對公司來說將是一個巨大的里程碑。

As we highlighted at Investor Day, we believe we trade at a very low valuation and there is significant upside to our share price as we continue to execute on our key initiatives. Given the strength of our business model as well as the clear and actionable opportunities for growth we see in this business, we do not believe D&B's current trading multiple is warranted and we believe our stock is materially undervalued.

正如我們在投資者日強調的那樣，我們相信我們的估值非常低，隨著我們繼續執行我們的關鍵舉措，我們的股價將有顯著的上漲空間。鑑於我們業務模式的優勢以及我們在該業務中看到的明確且可行的成長機會，我們認為 D&B 目前的交易倍數是不合理的，並且我們認為我們的股票被嚴重低估。

To that end, we continue to be laser-focused on executing on the most lucrative opportunities to deploy or return capital to shareholders. To date, we've repurchased [50 million] of shares and since 2023, we have repurchased almost 9.5 million shares, representing approximately 20% of outstanding shares. We will continue to weigh most optimal uses of cash and monitor the share price and valuation levels to appropriately repurchase shares as the opportunity arises.

為此，我們繼續專注於執行最有利可圖的機會，並向股東部署或返還資本。到目前為止，我們已經回購了[5,000萬股]股票，自2023年以來，我們已經回購了近950萬股股票，約佔已發行股票的20%。我們將繼續權衡現金的最佳使用方式，並監控股價和估值水平，以便在機會出現時適當回購股票。

So in conclusion, we've made significant progress on each initiative outlined during the 2023 Investor Day. But also want to remind you that most of these initiatives are in their early innings. In fact, we increased internal expectations on a number of initiatives, including F&B improvement, remodels, and cost savings, and we remain confident in our target of $1 billion adjusted EBITDA. Given what we know about our business and its potential, we see our stock as meaningfully undervalued and we would expect to see meaningful equity value appreciation as we scale and roll out our initiatives.

總之，我們在 2023 年投資者日期間概述的每項舉措都取得了重大進展。但也要提醒您，這些舉措大多仍處於早期階段。事實上，我們提高了對多項措施的內部期望，包括餐飲改進、改造和成本節約，並且我們對 10 億美元調整後 EBITDA 的目標仍然充滿信心。鑑於我們對我們的業務及其潛力的了解，我們認為我們的股票被嚴重低估，隨著我們擴大規模和推出我們的計劃，我們預計股權價值會出現有意義的升值。

So -- and with that operator, please open up the line for questions.

那麼，請與那位接線生一起開通提問專線。

(Operator Instructions) Jake Bartlett, Truist Securities.

（操作員指示）Jake Bartlett，Truist 證券公司。

Great. Thanks for taking the question. My question was about the traffic. I assume that your pricing increase, your food and beverage, and your game price initiatives should have driven check-up and price up. So to me, it looks like traffic has decelerated. So the question is, what is driving that deceleration? I imagine it's macro pressures, but I'd like to hear from you. It sounds like your initiatives, you're encouraged by your initiatives, yet it does look like traffic is decelerating at this point. So any comment there would be helpful.

偉大的。感謝您提出問題。我的問題是關於交通。我認為你們的價格上漲、你們的食品和飲料以及你們的遊戲價格舉措應該會推動檢查和價格上漲。所以對我來說，交通似乎已經放緩。所以問題是，是什麼導致了這種減速？我想這是宏觀壓力，但我想聽聽你的意見。聽起來像是您的舉措，您對您的舉措感到鼓舞，但此時流量似乎確實在減速。所以任何評論都會有幫助。

Yeah, sure, Jake. Well, the first thing I'll tell you is, we don't -- as you know, we don't disclose the breakdown between check and traffic. And that's something that we haven't done for a very long period of time. And that's just simply a function of traffic is just an estimate in the business. It's not an actual precise number, just given how our stores are constructed and how people use our stores.

是的，當然，傑克。好吧，我要告訴你的第一件事是，我們不會——如你所知，我們不會透露支票和流量之間的細目。這是我們很長一段時間沒有做過的事情。這只是流量的函數，只是業務中的估計。這不是一個實際的精確數字，只是考慮到我們商店的建造方式以及人們如何使用我們的商店。

But with that said, I mean, clearly, the macro trends, it's a complex macro environment and it's been challenging. But as we said in our prepared remarks, we do -- we are encouraged by the fact that throughout the quarter, we've seen trends improve, and as our initiatives have started to take hold and those initiatives are a combination of both price and traffic, as our initiatives are starting to take hold, we have seen some improvement in the business. And that gives us a lot of confidence as we move forward knowing that many of the initiatives are just now starting to take hold.

但話雖如此，我的意思顯然是宏觀趨勢，這是一個複雜的宏觀環境，而且充滿挑戰。但正如我們在準備好的發言中所說，我們確實感到鼓舞，因為整個季度我們看到趨勢有所改善，而且我們的舉措已經開始生效，而且這些舉措是價格和價格的結合。舉措開始生效，我們看到業務有所改善。這給了我們很大的信心，因為我們知道許多舉措剛開始生效，所以我們繼續前進。

I'd also point you to remodels. We're very excited about what we're seeing on our fully programmed remodels and the remodel is really the best representation of our strategic vision of the future because it's everything that we're doing all wrapped into one, along with a brand new product offering and a new look and feel for our stores.

我還建議您進行改造。我們對在完全編程的改造中看到的東西感到非常興奮，改造確實是我們未來戰略願景的最佳體現，因為它是我們正在做的所有事情以及全新產品的一部分。外觀和感覺。

And as you heard us say, we're seeing very significant improvement on our fully programmed remodel stores. We're seeing double-digit sales lift and double-digit traffic growth in those stores. So things are improving. It's a complex macro environment, and -- so that's creating a little bit of headwinds, but we are very encouraged by where things are going.

正如您所聽到的，我們看到我們完全編程的改裝店有了非常顯著的改進。我們看到這些商店的銷售額實現了兩位數的成長，客流量也實現了兩位數的成長。所以情況正在改善。這是一個複雜的宏觀環境，所以這造成了一些阻力，但我們對事情的進展感到非常鼓舞。

Got it. Great. And then just as a follow-up, you mentioned the improvement in the last five weeks, I think particularly in the last several weeks. What do you think is driving that improvement? Do you think it's more -- it's something that you are doing? Maybe in your answer you can address this -- how some of these initiatives are reaching scale. Maybe just explain exactly which initiatives are getting other than having more remodels, but -- the other initiatives, how are they becoming more and more impactful as the year progresses here and maybe as the quarters progressed in the second quarter?

知道了。偉大的。然後，作為後續行動，您提到了過去五週的進步，我認為特別是過去幾週的進步。您認為是什麼推動了這種改進？你認為這更多的是——這是你正在做的事情嗎？也許在你的回答中你可以解決這個問題——其中一些舉措是如何達到規模的。也許只是準確地解釋一下除了進行更多改造之外還有哪些舉措正在實施，但是，隨著今年的進展，或者隨著第二季度的進展，其他舉措如何變得越來越有影響力？

Yeah, sure. So during the quarter, we rolled out our brand new menu. At the same time, we rolled out a brand new service model. Both of those are designed in a way to elevate the guest experience, very much focused on setting our operators up for success, to drive more throughput in our stores, as well as to grow F&B attached. So still very early in, but all signs are looking very good. Keep in mind that these are initiatives that we tested.

是的，當然。因此，在本季度，我們推出了全新的菜單。同時，我們推出了全新的服務模式。這兩者的設計都是為了提升顧客體驗，非常注重讓我們的業者成功，提高我們商店的吞吐量，以及發展餐飲附加價值。現在還處於早期階段，但所有跡像看起來都非常好。請記住，這些都是我們測試過的舉措。

And I think by now, I think we've proven that we mean what we say. This is a management team that is very measured, very deliberate, and we test, we learn, we refine, and then we roll. And so, the new menu and the new service model are working the way that they were designed and matching what we saw during the test. And so we're encouraged by that. But it's still -- we're very much in the early innings, but we fully expect that those initiatives are going to continue to drive incremental sales.

我認為到目前為止，我認為我們已經證明我們說到做到。這是一個非常謹慎、非常深思熟慮的管理團隊，我們進行測試、學習、完善，然後進行滾動。因此，新選單和新服務模式正在按其設計方式運行，並與我們在測試期間看到的內容相符。我們對此感到鼓舞。但我們仍然處於早期階段，但我們完全期望這些舉措將繼續推動增量銷售。

Our half-off food promotion, you saw -- we've had a number of initiatives that we've been fine-tuning on the marketing side of things to stimulate some demand off-peak Monday through Thursday. And so we have all-you-can-eat wings on Mondays and Thursdays. We have the longstanding evergreen value of half-price games on Wednesdays, and then we wrap that with a half-price food offer through loyalty, member engagement, and the combination of all of those we're very pleased with what we're seeing midweek. And so that helped as well.

您看到，我們的半價食品促銷活動 - 我們已經在行銷方面進行了許多舉措的微調，以刺激週一至週四非高峰時段的一些需求。因此，我們在周一和周四提供無限量雞翅。我們擁有周三半價遊戲的長期常青價值，然後我們透過忠誠度、會員參與度以及我們對所看到的所有這些的結合，用半價食品優惠來包裝它周中。這也有幫助。

So we've just got -- we've got a number of different things, as I said, both on pricing and on traffic that are all working at different levels. And as we move forward, we'll continue just to pick up more and more momentum from here.

正如我所說，我們在定價和流量方面做了很多不同的事情，這些事情都在不同的層面上發揮作用。隨著我們的前進，我們將繼續從這裡獲得越來越多的動力。

Great. Thank you.

偉大的。謝謝。

You bet. Thank you.

你打賭。謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi. Good afternoon. I had some questions around the full remodels. When we think about that and the ramp you're having, can you talk about the downtime that you see or the inefficiencies while you're doing the remodels? And then how quickly the labor normalizes once the remodel is complete? I've noticed there does seem to be some labor optimization that has to occur when the new units or I should say the revamped units are fully out there. And just curious on how we should think about that as you ramp this up aggressively.

你好。午安.我對全面改造有一些疑問。當我們考慮到這一點以及您所擁有的坡道時，您能談談您在改造時看到的停機時間或效率低下嗎？那麼改造完成後，勞工恢復正常的速度有多快呢？我注意到，當新單位或我應該說改造後的單位完全投入使用時，似乎必須進行一些勞動力優化。只是好奇當你積極地加大力度時我們應該如何思考這一點。

So in terms of the construction period, I'd say it's about eight weeks, where the units have some negative pressure. We keep the units open. Our teams, we've got a world-class construction development team. They've been doing this for a very long period of time, and they are very skilled at going through a remodel and doing it in a way to where it's not -- it's less intrusive on the guest, and so it allows us to stay open.

所以就施工週期而言，我認為大約是八週，單位有一些負壓。我們保持單位開放。我們的團隊，我們擁有世界一流的建築開發團隊。他們這樣做已經有很長一段時間了，他們非常擅長進行改造，並以一種不那麼打擾客人的方式進行改造，這樣可以減少對客人的干擾，因此可以讓我們留下來打開。

But we do see somewhat of a negative impact on comps for about eight weeks. And as we start to do more and more remodels, we will start to quantify that to the extent that we feel it's necessary to understand our comp performance. I do think it's important to note when we refer to the lift that we're seeing in sales, we are excluding that construction period. So the lift that we see in remodels is a pure lift.

但我們確實看到了大約八週內對比較的一些負面影響。隨著我們開始進行越來越多的改造，我們將開始量化，直到我們認為有必要了解我們的比較表現。我確實認為值得注意的是，當我們提到在銷售中看到的電梯時，我們不包括施工期。所以我們在改造中看到的電梯是純粹的電梯。

As it relates to the labor optimization, it's -- now that we have the service model out there, the teams are getting -- they're very efficient now. We've been working on this for a very long period of time, and so we don't expect there to be any inefficiency from a labor standpoint post-remodel. So our expectation is we're at the optimal level day one.

由於它與勞動力優化相關，現在我們有了服務模型，團隊變得非常有效率。我們已經為此努力了很長一段時間，因此從勞動力的角度來看，改造後我們預計不會出現任何效率低下的情況。所以我們的期望是我們第一天就處於最佳水平。

Can I ask a follow-up? I know you just have a handful right now. How are you planning to grow customer awareness of the revamped offerings as this rolls out more broadly?

我可以問後續嗎？我知道你現在只有少數。隨著改版產品的更廣泛推廣，您計劃如何提高客戶對改版產品的認識？

Yeah, no, that's an outstanding question, and another reason why we're so excited about this is the results that we're seeing are all done just through that local awareness. As you can imagine, once we get to a certain amount of scale, we'll be able to bring more awareness at a national level on the new product offerings and the new experiences. And so we think that that's just going to be additional fuel to the fire.

是的，不，這是一個懸而未決的問題，我們對此如此興奮的另一個原因是我們看到的結果都是透過本地意識完成的。正如您可以想像的那樣，一旦我們達到一定規模，我們將能夠在全國範圍內提高新產品和新體驗的知名度。所以我們認為這只會火上加油。

And so our teams, each one of these remodels, we are doing local activation. We get the community involved before the opening to try to generate some excitement. We partner with micro-influencers to get the word out. We do some earned media and then we have some paid media as well. All done in the zip code -- in the general zip code of the store. So all done at the local level.

因此，我們的團隊，每一項改造，我們都在進行在地啟動。我們在開幕前讓社區參與進來，試圖引起一些興奮。我們與小影響者合作，進行宣傳。我們做了一些免費媒體，然後我們也有一些付費媒體。一切都在郵政編碼中完成——在商店的通用郵政編碼中。所以一切都是在地方層級完成的。

Okay. Thank you.

好的。謝謝。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

Hey, good afternoon. Thanks for taking the questions. I guess my first one -- and then I have a follow-up -- but my first one, there's obviously a lot of initiatives that you guys are working on, and so I'm just trying to think about the sequencing or how you guys are going to be layering those in. And so can you help frame what could be most impactful in fiscal '24 versus what will be more '25 and beyond?

嘿，下午好。感謝您提出問題。我想我的第一個 - 然後我有一個後續 - 但我的第一個，顯然你們正在研究很多舉措，所以我只是想考慮一下順序或如何大家將把它們分層。是在24 財年最有影響力的，而不是在25 財年及以後影響力更大的嗎？

Sure. So I -- without getting into a lot of specifics, I will tell you that the price initiatives that we've rolled out through our strategic game pricing are working very well. And as you heard me say, no noticeable impact at all in the guest satisfaction scores. In fact, we've seen guest satisfaction scores go up in the stores where we had the highest price increase.

當然。因此，我不會透露太多細節，但我會告訴您，我們透過策略性遊戲定價推出的價格舉措效果非常好。正如您聽到我所說的那樣，對賓客滿意度評分沒有任何明顯影響。事實上，我們發現價格漲幅最高的商店的顧客滿意度得分有所上升。

And so the reason that's so significant is that -- it does two things for us. One, from a pricing standpoint, is now we have the ability to process, to take price across the entire universe of product offerings. Up until this point, we were limited to only managing price through food and beverage. And so now we have the ability to drive price through the game offering, which is two-thirds of our business. So that's number one.

所以它如此重要的原因是——它為我們做了兩件事。一是，從定價的角度來看，我們現在有能力對整個產品範圍進行處理和定價。到目前為止，我們僅限於透過食品和飲料來管理價格。因此，現在我們有能力透過遊戲產品來推動價格，這占我們業務的三分之二。所以這是第一。

Number two is, towards the end of the year, we believe that if things move accordingly, that we are continuing to evolve the technology and we will have the ability towards the end of 2024 to start to have more of a flexible pricing model to where we can continue to drive business between peak versus off-peak. And so that has us very excited.

第二點是，到今年年底，我們相信，如果事情發生相應進展，我們將繼續發展技術，我們將有能力在 2024 年底之前開始採用更加靈活的定價模式我們可以繼續在高峰和非高峰之間推動業務發展。這讓我們非常興奮。

So I would say the pricing on strategic games is very meaningful. But at the same time, the work that we've done through our food and beverage offering and the new service model should not be underestimated because we believe, and we're seeing in our guest experience metrics, that we are making a very noticeable impact on the guest experience.

所以我覺得策略遊戲的定價是很有意義的。但同時，我們透過餐飲服務和新服務模式所做的工作不應被低估，因為我們相信，而且我們在客戶體驗指標中看到，我們正在做出非常引人注目的貢獻。的影響。

And we strongly believe that the best way to grow this business is through elevating the experience that happens in the four walls of every one of our stores. And so I truly believe that the combination of the food and beverage menu and the new service model will continue to gain momentum as we move forward. The teams are going to get more skilled, we're going to continue to just take care of the guests at a higher -- at an elevated manner, and we believe the guests will return back with a repeat business. So the combination of those two, I feel very good about.

我們堅信，發展這項業務的最佳方式是提升我們每家商店四面牆的體驗。因此，我堅信，餐飲菜單與新服務模式的結合將在我們前進的過程中繼續獲得動力。團隊將變得更加熟練，我們將繼續以更高的方式照顧客人，我們相信客人會再次光臨。所以這兩者的結合，我感覺非常好。

Okay. That's helpful. And then my follow-up is on the visitation, I guess, between cohorts, specifically your loyalty customers, where you're seeing nice growth in membership there, and the non-loyalty customers. I think you said, if I got this right, that your loyalty members visit 2.5 times as often as regular members. A year ago at the Investor Day, you said that was, I think, 1.5 times. And so you're seeing that gap widen.

好的。這很有幫助。然後我想我的後續行動是在群組之間的訪問，特別是您的忠誠客戶和非忠誠客戶，您會看到那裡的會員數量大幅增長。我想您說過，如果我沒猜錯的話，您的忠誠會員的訪問頻率是普通會員的 2.5 倍。一年前的投資者日，您說這是我認為的 1.5 倍。所以你會看到差距在擴大。

So I guess is that a function of just the traction that you're seeing with the loyalty members, or are you also seeing moderation in your less frequent customers underneath that? I guess I'm just trying to think about the drivers there and the implications. Thanks.

所以我想這只是你在忠誠會員中看到的吸引力的一個功能，或者你是否也看到了在這之下不太頻繁的客戶的適度？我想我只是想思考那裡的驅動因素及其影響。謝謝。

Yeah. No, I mean, we're excited about that metric. I mean, you think about that, that's substantial, going from 1.5 times to 2.5 times. And we've seen a growth in our loyalty platform. So we've grown loyalty membership by 23%. And so I think it's just a reflection of us. It's a priority in the business. We have exceptionally talented people focused on the right metrics and going through a test and learn process and continue to engage with our loyalty members in a more effective way. And so -- and you're seeing it through those metrics. And so we believe that that's -- we're just going to get better and better as we move forward. So I think we're just being smarter about it and we've got the right people focused on it.

是的。不，我的意思是，我們對這個指標感到興奮。我的意思是，你想一想，這是相當大的，從 1.5 倍增加到 2.5 倍。我們已經看到我們的忠誠度平台的成長。因此，我們的忠誠會員數量增加了 23%。所以我認為這只是我們的反映。這是業務中的優先事項。我們擁有非常有才華的人員，專注於正確的指標，並經歷測試和學習過程，並繼續以更有效的方式與我們的忠誠會員互動。所以——你可以透過這些指標看到這一點。所以我們相信，隨著我們的前進，我們會變得越來越好。所以我認為我們只是在這方面變得更聰明，並且我們有合適的人關注它。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks, guys. Chris, I wanted to ask a little bit more on some of the customer behaviors that you saw in the quarter in light of some of the macro pressures that you commented on and that the industry is seeing. I know you don't break out the traffic in the food and bev versus the entertainment piece, but anything on spend? You talked a little bit about days of the week. Any additional breakdown on maybe where, where you're seeing more pressure versus where you're seeing less pressure, if there's anything on that front to touch on?

偉大的。謝謝，夥計們。克里斯，鑑於您所評論的以及行業所面臨的一些宏觀壓力，我想多問一些您在本季度看到的一些客戶行為。我知道你沒有將食品和飲料的流量與娛樂部分的流量進行比較，但是有什麼關於支出的數據嗎？你談到了一周中的幾天。是否有任何額外的細分，可能在哪裡，哪裡會看到更大的壓力，哪裡會看到更少的壓力，是否有什麼可以提及的？

I want to -- so I want to say on spend. One of the trends that we've noticed in the business that we discussed last quarter was on our lower-income consumers. There was more weakness within lower-income consumers versus moderately income and high income, and we saw some strengthening in the higher income last quarter. Those trends continued into Q1.

我想說——所以我想說的是支出。我們在上個季度討論的業務中註意到的趨勢之一是低收入消費者。與中等收入和高收入消費者相比，低收入消費者的疲軟程度更大，我們看到上個季度較高收入的消費者有所加強。這些趨勢持續到第一季。

And one of the things that as we continue to fine-tune our marketing approach and get smarter about targeting the right guest and delivering the right message to that guest, one of the things that we've been very encouraged by is, as we've started to focus on midweek promotions, we've actually been able to recapture some of the low-income consumers. And so we've been able to return them back to Dave & Buster's and as they've returned back, we've been able to convert them into our loyalty platform, and as they've converted, those individuals are engaging at a higher rate.

隨著我們不斷調整我們的行銷方法，並更加明智地瞄準正確的客人並向該客人傳遞正確的信息，我們一直深受鼓舞的一件事是，因為我們'我們開始注重周中促銷，實際上我們已經能夠重新俘虜一些低收入消費者。因此，我們能夠將他們帶回戴夫和巴斯特，當他們回來時，我們能夠將他們轉換到我們的忠誠度平台，並且當他們轉換時，這些人的參與度更高速度。

And so we think -- that's just a testament to the type of work that we're doing now and just being very surgical about how we approach our guest. And there's first understanding where the deterioration is occurring and then being very smart about getting the right message to the right guests at the right time. We still have long ways to go to where we want to be. But that's a data point that things are moving in the right direction.

所以我們認為——這只是我們現在正在做的工作類型的證明，並且我們對待客人的方式非常謹慎。首先要了解惡化發生在哪裡，然後非常聰明地在正確的時間向正確的客人提供正確的資訊。我們距離我們想去的地方還有很長的路要走。但這是一個數據點，顯示事情正在朝著正確的方向發展。

That's very helpful. And maybe just one more following up on the promotional side of things that you touch on there, which sounds encouraging. Just on the food promo, if there's anything more to add there on what you saw in the quarter relative to your expectations? What you attribute that to? And then what that means, maybe on the go forward you just mentioned the midweek promos which sound encouraging. Anything more on promos going forward at a high level on how you're thinking about that? Thank you.

這非常有幫助。也許只是對您提到的事情的促銷方面進行進一步的跟進，這聽起來令人鼓舞。就食品促銷而言，相對於您的預期，您在本季看到的情況是否還有任何需要補充的內容？你把這歸因於什麼？那麼這意味著什麼，也許在前進的過程中你剛剛提到了周中的促銷活動，這聽起來令人鼓舞。關於您如何看待這個問題，還有更多關於高水準的促銷活動嗎？謝謝。

Well, I think what you're going to continue to see from us is, just being -- going through the testing and learning process, fine-tuning the process, and then being very targeted in how we approach the business. I would say based on the success that we've seen in the midweek, that's something we're going to continue to focus on. We're still running half-off food right now. That's not going to be an evergreen marketing approach whatsoever, but for in the near term, we're going to continue to run with that.

嗯，我認為您將繼續從我們身上看到的是——經歷測試和學習過程，微調過程，然後非常有針對性地處理業務。我想說，基於我們在周中所看到的成功，這是我們將繼續關注的事情。我們現在仍然實行半價食品。這不會是一種常青的行銷方式，但在短期內，我們將繼續採用這種方式。

We think it still has some legs, but we like what we're seeing on all-you-can-eat wings, we like what we're seeing on the evergreen promotion of half-off games on Wednesday. And so we really like the approach that we're taking to driving off-peak demand.

我們認為它仍然有一些優勢，但我們喜歡在無限量吃的翅膀上看到的東西，我們喜歡在周三的半價遊戲常青促銷中看到的東西。因此，我們非常喜歡我們正在採取的推動非高峰需求的方法。

In terms of other promotions, we're just -- that's something that we're going to just be very smart about what we're doing. We have some partnerships that I mentioned during the call that we are quite excited about, that we think are going to really give us some juice here in the summer months as well as in the fall. And so it's going to be a constant balance between having the right promotion, having the right partnerships, and having the right pricing strategy.

就其他促銷活動而言，我們將非常明智地對待我們正在做的事情。我在電話會議中提到的一些合作關係讓我們感到非常興奮，我們認為這些合作關係將在夏季和秋季為我們帶來一些活力。因此，正確的促銷、正確的合作夥伴關係和正確的定價策略之間將保持持續的平衡。

Appreciate it. Thanks, Chris.

欣賞它。謝謝，克里斯。

Yeah. Thank you.

是的。謝謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi. Thanks and good evening. You noted the improvement that you've seen the last several weeks after the first quarter came in below expectations. I guess in the spirit of level-setting trends and reasonable expectations, could you provide some more color on the comps that you saw moving through the first quarter? And how the quarter-to-date trending, or what a reasonable expectation would be as it relates to the second quarter? Could we see comps get back to flat if not positive? Just trying to level set expectations a bit.

你好。謝謝，晚上好。您注意到，在第一季低於預期之後，您在過去幾週內看到了改善。我想本著設定趨勢和合理預期的精神，您能否為您看到的第一季的比較提供更多資訊？本季迄今的趨勢如何，或與第二季相關的合理預期是什麼？如果業績不樂觀的話，我們能否看到業績回落？只是想稍微調整一下期望值。

Yeah. It's Mike here. When you think about what we were experiencing coming into the beginning of, I'll say the calendar year. January and February were tougher comps on the year-over-year basis. You had the weather that we saw in January. So the beginning of the calendar year started off slow for us and everybody else. As we got into January, February, we kept still seeing that lower income, that [75,000] and below customers still being challenged. That's not news to anybody. You've heard that on the news more so for the last at least four to -- three to four months that we've seen.

是的。麥克在這裡。當你想到我們年初所經歷的事情時，我會說日曆年。與去年同期相比，一月和二月的比較更加艱難。你的天氣和我們一月看到的一樣。因此，對於我們和其他人來說，新年伊始進展緩慢。當我們進入 1 月、2 月時，我們仍然看到收入較低，[75,000] 及以下的客戶仍然面臨挑戰。這對任何人來說都不是什麼新聞。在我們所看到的過去至少四到三到四個月裡，你已經在新聞中聽過更多這樣的消息。

So sales in that period from January, February into March were choppy as we said on the call. Spring break this year was a much more shorter period. So it did cause a little bit of what I call either a mismatch or just a shorter period, which meant it was more condensed. So we didn't get a real benefit of a prolonged spring break where more activities would have taken place over that more prolonged period.

因此，正如我們在電話中所說，從 1 月、2 月到 3 月期間的銷售波動很大。今年的春假時間短得多。所以它確實造成了一點我所說的不匹配或只是更短的時間，這意味著它更加濃縮。因此，我們並沒有從延長的春假中得到真正的好處，因為在更長的時間內會進行更多的活動。

But as we've moved out of that and got into, call it the end of April into May timeframe, we've seen considerable improvement in the traffic numbers. The promotions of, like what we talked about, Half Off food has helped drive in. The largest increase from a cohort perspective came in from that under $75,000 a year consumer. So that was an opportunity that we continue to see and keeping that offer out there for a week day basis.

但當我們擺脫這種情況並進入四月底到五月的時間框架時，我們看到流量數量有了相當大的改善。正如我們所討論的，半價食品的促銷活動幫助推動了這一趨勢。因此，這是我們繼續看到的機會，並將該優惠保留在工作日。

And so at this point in time, we're seeing that low single-digit negative comp right now, but we do see that trend getting better as we get more into the summer months at this point.

因此，在這個時候，我們現在看到的是低個位數的負補償，但隨著夏季的到來，我們確實看到這種趨勢變得更好。

All right. That's very helpful. Thank you, Mike. And on the marketing front, could you just level set what was your ad spend in the first quarter? And what level of spend do you contemplate all things today, in 2024 compared to the, I think it was $65 million or $70 million you spent in 2023? Thank you.

好的。這非常有幫助。謝謝你，麥克。在行銷方面，您能否簡單設定第一季的廣告支出是多少？與 2023 年花費的 6,500 萬美元或 7,000 萬美元相比，您認為 2024 年的支出水準是多少？謝謝。

Yes, I would say that part of the, I'll call it lean in or a little bit more heavier spend in Q1, we had three larger events that we got ourselves behind on, or at least put the muscle effort into. The biggest one being around the spring break and the season, and I should say the spring break pass, which -- that's the test that we alluded to in our costs of just not being as successful as we were hoping for. But we do see the marketing spend as we get further into the year to be more normalized across Q2, Q3, and Q4.

是的，我想說的是，我稱之為精益或第一季加大支出的一部分，我們有三項較大的賽事，但我們落後了，或者至少投入了精力。最大的一個是在春假和賽季期間，我應該說春假通過，這就是我們提到的對我們成本的考驗，因為我們沒有像我們希望的那樣成功。但我們確實看到，隨著今年的進一步深入，第二季、第三季和第四季的行銷支出將更加正常化。

It just was a little bit more heavy in Q1 that we had normally would have spent because of that, as well as helping the promotion of the half-off food offer, which was really more about driving awareness and bringing customers into the building to experience the new food and new service menu or a new service model.

只是第一季的支出比我們通常會花的錢多了一點，而且還有助於促銷食品半價優惠，這實際上更多的是為了提高意識並讓顧客進入大樓體驗新的食物和新的服務選單或新的服務模式。

I can jump in, just add a little bit more color about some of our comments on -- see, look, during the quarter, we had some things that worked. We had some things that didn't clearly in Q1, the two areas that where we weren't pleased with was our labor performance and the marketing spend. And so labor is very clearly it was related to we rolled out the new food, we rolled out the new service model, and we had all these different systems that were being implemented at that point in time. And we just got out of line for a couple of periods.

我可以插話，只是為我們的一些評論添加更多色彩——看，看，在本季度，我們做了一些有效的事情。我們在第一季有一些不清楚的事情，我們不滿意的兩個領域是我們的勞動力績效和行銷支出。因此，勞動力很明顯地與我們推出新食品、推出新服務模式以及當時正在實施的所有這些不同系統有關。我們剛剛有幾個時期出格了。

But the good news is on labor, we got it right back in line very quickly. The business has stabilized back to the numbers that we would expect, and they've been consistent throughout the month of May and heading into June. So that was a blip. We took care of it. This is a team that's always going to communicate with you directly when things are working well and also directly when things aren't.

但好消息是關於勞動力的，我們很快就恢復正常了。該業務已穩定回到我們預期的數字，並且從整個 5 月到 6 月一直保持穩定。所以那隻是曇花一現。我們處理了它。這個團隊總是會在事情進展順利時直接與您溝通，也會在事情進展不順利時直接與您溝通。

On the marketing side, the spring break paths that Q alluded to was just a -- it was a mistake, and it was constructed before our new CMO got here. I'll own it as the CEO of the company, but it didn't work. It was designed poorly. It had too high of a price point and had too short of a period of time, and it was about a $6 million spent and we got very little out of it. And so that's a mistake that we've learned and we're not going to repeat.

在行銷方面，Q 提到的春假路徑只是一個錯誤，它是在我們的新 CMO 到來之前建立的。我將作為公司的首席執行官擁有它，但它不起作用。它設計得很糟糕。它的價格太高，時間太短，花費了大約 600 萬美元，但我們得到的卻很少。所以這是我們已經吸收的錯誤，我們不會再重蹈覆轍。

And so when you look at our quarter, that's why we quantified that impact, so you can have a better feel for how to think about the overall financial performance. There's over $10 million there that we do not expect to occur, and we are managing this business with those learnings in mind going forward.

因此，當您查看我們的季度時，這就是我們量化這種影響的原因，以便您可以更好地了解如何考慮整體財務表現。其中有超過 1000 萬美元是我們預計不會發生的，我們在管理這項業務時會牢記這些經驗教訓。

That's a helpful color. Thank you. I'll pass it along.

這是一種有用的顏色。謝謝。我會把它傳遞下去。

All right. Thank you.

好的。謝謝。

This concludes our question-and-answer session. I would 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。

All right. Thank you, operator. We continue to see a tremendous amount of upside in this business, and based on what we're seeing in terms of leading indicators of success, are very optimistic that the financial inflection point we have been driving towards is quickly approaching. Thank you all for joining. We look forward to speaking with you again soon.

好的。謝謝你，接線生。我們繼續看到該業務的巨大上升空間，根據我們所看到的領先成功指標，我們非常樂觀地認為我們一直在努力實現的財務轉折點正在迅速逼近。感謝大家的加入。我們期待很快再次與您交談。

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。