Dave & Buster's Entertainment Inc (PLAY) 2024 Q2 法說會逐字稿

Good day and welcome to the Dave & Buster's second 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 年第二季財報電話會議。 （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, VP of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Cory Hatton。請繼續。

Thank you, operator, and welcome to everyone on the line. Joining me on today's call are Chris Morris, our Chief Executive Officer, and Darin Harper, our Chief Financial Officer. After our prepared remarks, we will be happy to take your questions.

謝謝您，接線員，歡迎在線的每個人。參加今天電話會議的有我們的執行長克里斯莫里斯 (Chris Morris) 和我們的財務長達林哈珀 (Darin Harper)。在我們準備好發言後，我們將很樂意回答您的問題。

This call is being recorded on behalf of Dave & Buster's Entertainment Inc., and is copyrighted.

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 second quarter 2024 results, I'd like to call your attention to the fact that in our prepared remarks and responses to questions, certain items may be discussed, which are not entirely based on historical facts. Any of these items should be considered forward-looking statements relating to future events within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Information on these risks and uncertainties have been published in our filings with the SEC, which are available on our website.

在我們開始討論公司 2024 年第二季業績之前，我想提請您注意，在我們準備好的評論和問題答覆中，可能會討論某些項目，這些項目並不完全基於歷史事實。這些項目中的任何一項應被視為與1995 年《私人證券訴訟改革法案》含義內的未來事件相關的前瞻性陳述。導致實際結果與預期結果有所不同預期。有關這些風險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 release 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報告中包含的可比較公認會計準則衡量標準的調節情況。

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. Thank you for joining our call today. In our second quarter of fiscal '24, we generated revenue of $557 million and adjusted EBITDA of $152 million.

好的。謝謝你，科里，大家下午好。感謝您今天加入我們的電話會議。在 2024 財年第二季度，我們的營收為 5.57 億美元，調整後 EBITDA 為 1.52 億美元。

We are pleased with the progress we're making on our strategic initiatives and on the strong financial results achieved during the quarter. During the quarter, we grew revenue and adjusted EBITDA, expanded our adjusted EBITDA margins, and generated strong operating cash flow, which allowed us to invest in the business and return cash to shareholders.

我們對策略性舉措所取得的進展以及本季所取得的強勁財務業績感到高興。在本季度，我們實現了收入成長和調整後 EBITDA，擴大了調整後 EBITDA 利潤率，並產生了強勁的營運現金流，這使我們能夠投資於業務並向股東返還現金。

We've also continued to make significant progress toward our strategic goals. Our initial fully programmed remodels continue to perform well and we are excited about the remodels that have recently opened and will open throughout the remainder of fiscal '24 and beyond.

我們也持續在實現策略目標方面取得重大進展。我們最初完全規劃的改造繼續表現良好，我們對最近開放的改造感到興奮，並將在 24 財年剩餘時間及以後開始。

Our new menu continues to be well received by our guests, as indicated by improving F&B performance and guest satisfaction scores. We continue to refine our menu and are excited about the next phase of our menu rollout that just occurred in August.

我們的新菜單繼續受到客人的好評，餐飲業績和客人滿意度得分的提高表明了這一點。我們繼續完善我們的菜單，並對八月剛推出的下一階段菜單感到興奮。

We've also continued to test our games in F&B pricing levels, which we have benefited our top line and margins, and which we expect to bear more fruit going forward as we optimize our pricing strategies.

我們也繼續在餐飲定價水準上測試我們的遊戲，這使我們的收入和利潤受益，隨著我們優化定價策略，我們預計未來會取得更多成果。

Additionally, we have seen material improvement in our special events business with substantial growth in same-store sales in the quarter and year-to-date and with the forward bookings for fiscal '24 currently significantly above the prior year period.

此外，我們也看到我們的特別活動業務取得了重大進展，本季和年初至今的同店銷售額大幅成長，24 財年的遠期預訂量目前顯著高於去年同期。

Further, we have continued to open new domestic stores which have consistently performed in line with or above our expectations. We've also managed our cost structure well, which has enabled us to expand our adjusted EBITDA margins while still delivering a high quality experience to our guests.

此外，我們繼續開設新的國內門市，其業績始終符合或高於我們的預期。我們也很好地管理了我們的成本結構，這使我們能夠擴大調整後的 EBITDA 利潤率，同時仍然為我們的客人提供高品質的體驗。

While we are disappointed with our same-store sales performance during the quarter in this complex and challenging environment, we are laser-focused on our medium-term goals and encouraged by the progress we are making on each of the initiatives. We fully expect the impact of our initiatives to lead to growth in same-store sales, revenue, EBITDA, and cash flow in the coming quarters.

雖然我們對本季在這個複雜且充滿挑戰的環境中的同店銷售業績感到失望，但我們專注於我們的中期目標，並對我們在每項舉措上取得的進展感到鼓舞。我們完全預期我們的舉措將帶來未來幾季同店銷售額、收入、EBITDA 和現金流的成長。

I will now give you a brief update on the progress of each of our strategic initiatives, starting with our six key organic revenue growth initiatives. First, marketing and optimization. As a reminder, we believe there is huge opportunity to improve both conversion and guest frequency with the right marketing approach.

我現在將向您簡要介紹我們每項策略舉措的進展情況，首先是我們的六項關鍵有機收入成長舉措。第一，行銷和優化。提醒一下，我們相信透過正確的行銷方法，有巨大的機會來提高轉換率和客人頻率。

We've made a material shift to digital marketing and away from linear TV over the past few years, which allows us to move quickly on campaigns and rapidly address specific business needs while localizing and personalizing our messaging. The data we glean from this digital approach are immense and constantly fueling our marketing engine to progress forward with more actionable insights.

在過去的幾年裡，我們已經從線性電視轉向數位行銷，這使我們能夠快速開展行銷活動並快速滿足特定的業務需求，同時在地化和個性化我們的訊息。我們從這種數位方法中收集到的數據是巨大的，並且不斷地推動我們的行銷引擎，以提供更多可行的見解來取得進展。

These digital channels also allow us to be particularly nimble with our spend and enables us to quickly pivot when we are not achieving the desired results. Leveraging our learnings over the past few quarters, we are beginning to more strategically target our growing loyalty database with creative and compelling tailored messaging to drive, visit frequency, and spend.

這些數位管道還使我們能夠特別靈活地處理支出，並使我們能夠在未達到預期結果時快速調整方向。利用過去幾季的經驗教訓，我們開始更具策略性地瞄準我們不斷增長的忠誠度資料庫，透過創意和引人注目的客製化訊息來推動、存取頻率和支出。

We now have nearly 7 million loyalty members in our database and active members have grown over 25% on a year-over-year basis. As a reminder, these loyalty guests visit us 2.5 times more frequently on average and spend 15% more per visit than non-loyalty members.

目前，我們的資料庫中有近 700 萬名忠誠會員，活躍會員較去年同期成長超過 25%。提醒一下，這些忠誠客戶造訪我們的頻率平​​均比非忠誠會員高 2.5 倍，每次造訪的花費比非忠誠會員高 15%。

As we have discussed, we've been focused on a test-and-learn approach to our marketing. Due to a number of tests we have run across our portfolio over the last several weeks, we are excited for what we have to offer our guests for the fall season. In addition to our new food menu, our new beverage menu, our selection of new games and new experiences, in particular in our remodeled stores, which are rapidly increasing as a percentage of our portfolio.

正如我們所討論的，我們一直專注於測試和學習的營銷方法。由於過去幾週我們對我們的產品組合進行了多次測試，我們對秋季為客人提供的服務感到非常興奮。除了我們的新食品菜單、新飲料菜單、新遊戲和新體驗的選擇，特別是在我們改造後的商店中，它們在我們產品組合中所佔的比例正在迅速增加。

We also have a number of local store activations and compelling value-driven promotions tied to the fall football season that we expect to drive continued improvement in top line trends at Dave & Buster's.

我們還開展了許多與秋季足球賽季相關的本地商店活動和引人注目的價值驅動促銷活動，我們預計這將推動 Dave & Buster's 的營收趨勢持續改善。

On the Main Event side, we are applying many of the learnings we have gleaned from Dave & Buster's and are excited about some recent strategies we have executed to drive awareness, excitement and attachment to our full product assortment. We are also laying the foundation of our plan to launch a loyalty program at Main Event in early 2025 that we think can emulate the success of the Dave & Buster's database.

在主賽事方面，我們正在應用從 Dave 和 Buster 收集到的許多知識，並對我們最近執行的一些策略感到興奮，這些策略旨在提高對我們整個產品系列的認識、興奮和依戀。我們也為 2025 年初在主賽事上推出忠誠度計畫的計畫奠定了基礎，我們認為該計畫可以效仿 Dave & Buster 資料庫的成功。

We will continue to optimize our media mix messaging and better leverage our scale and presence to drive traffic. We also are evaluating numerous partnerships that we expect will help improve traffic and sales trends later this year. We're particularly excited about a number of these big name partnerships with the buzz we generated during the summer movie season, with the box office success of Deadpool versus Wolverine and our exclusive crane experience.

我們將繼續優化我們的媒體組合訊息傳遞，並更好地利用我們的規模和影響力來增加流量。我們也正在評估眾多合作夥伴關係，我們預計這些合作夥伴關係將有助於改善今年稍後的流量和銷售趨勢。我們對這些大牌合作關係感到特別興奮，我們在夏季電影季期間引起了轟動，《死侍大戰金鋼狼》的票房成功以及我們獨特的起重機體驗。

Second, strategic game pricing. We continue to believe there is a significant amount of upside on game pricing and we've been particularly methodical in the current consumer environment, while we continue to gain insights from our various iterations of regional and game specific tests constantly running within our gaming ecosystem.

第二，策略遊戲定價。我們仍然相信遊戲定價有很大的上升空間，並且我們在當前的消費者環境中特別有條理，同時我們繼續從我們的遊戲生態系統中不斷運行的區域和遊戲特定測試的各種迭代中獲得見解。

We have driven clear uplifts with our multi-tiered approach to regional pricing with the highest tier significantly outperforming the other tiers and we are constantly evaluating performance to make changes on an individual store basis, a technical ability that was unlocked with the recent enhancements to our gaming system.We are also increasingly applying these learnings from the Dave & Buster's brand to the Main Event brand.

我們透過多層次的區域定價方法推動了明顯的提升，其中最高層的表現明顯優於其他層，並且我們不斷評估績效以在單一商店的基礎上做出改變，這是透過最近增強我們的技術能力而釋放的技術能力。 我們也越來越多地將這些從 Dave & Buster 品牌學到的知識應用到主賽事品牌中。

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 order to bring attachment back towards the historical levels and to drive increased revenue and EBITDA.

第三，改進食品和飲料，提醒一下，我們看到了改善我們餐飲產品的整體品質和服務模式的巨大機會，以便將依戀帶回歷史水平並推動收入和 EBITDA 的增加。

As a reminder, earlier this year we successfully implemented a new service model, which has been focused on enhancing efficiency, while improving the guest experience and the quality of our food offering through a new menu.

提醒一下，今年早些時候，我們成功實施了一種新的服務模式，該模式的重點是提高效率，同時透過新菜單改善賓客體驗和食品品質。

We are pleased with the initial success in this area as we've seen improvement in trends on the food side of our business both during Q2 and subsequent to the quarter. As we mentioned on our last call in August, we launched our Phase 4 menu, which is primarily focused on beverage innovation and special events.

我們對這一領域的初步成功感到高興，因為我們看到我們業務的食品方面的趨勢在第二季度和本季度之後有所改善。正如我們在 8 月的最後一次電話會議中提到的，我們推出了第四階段菜單，主要專注於飲料創新和特別活動。

On the beverage side as part of this new menu, we've introduced 13 new and 12 revised beverages, including premium drink offerings that is significantly elevating our bar experience. We've also created a set of near-term beverage sales initiatives like a reinvigorated happy hour and improved salesmanship strategies for our bartenders to drive beverage attached based on our ongoing research findings from guest feedback. We believe that this focus on improvement in beverage, in addition to continued momentum in food will set up the F&B side of our business for success in the coming quarters.

在飲料方面，作為新菜單的一部分，我們推出了 13 種新飲料和 12 種經過修改的飲料，其中包括可顯著提升我們酒吧體驗的優質飲料。我們還制定了一系列近期飲料銷售計劃，例如重振歡樂時光，並根據我們從客人反饋中獲得的持續研究結果，為我們的調酒師改進銷售策略，以推動飲料附加。我們相信，除了食品方面的持續成長動能之外，對飲料改善的關注將為我們的餐飲業務在未來幾季取得成功奠定基礎。

With respect to the special event side of Phase 4, our new banquet menu features eight new menu items and significant plating and menu revisions, creating additional opportunities for salesmanship on our special events team. We're excited for the opportunity that these new items give us to further add to the momentum we are seeing in special events in which we will detail later.

在第四階段的特別活動方面，我們的新宴會菜單包括八個新菜單項目以及重大的擺盤和菜單修訂，為我們的特別活動團隊的銷售創造了更多機會。我們很高興這些新產品有機會進一步增強我們在特別活動中看到的勢頭，稍後我們將詳細介紹這些活動。

Fourth, remodels, our fully programmed remodels continue to perform well with positive sales trends on both a year-over-year basis and on a pre-post net of control basis. This sustained positive performance has solidified our confidence that product news and innovation are a proven lever to ignite our momentum.

第四，改造，我們完全規劃的改造持續表現良好，無論是同比或事前控制淨值均呈現正面的銷售趨勢。這種持續的正面表現堅定了我們的信心，即產品新聞和創新是點燃我們動力的有效槓桿。

We're pleased to report that our first fully programmed remodel in Friendswood, Texas just outside of Houston has lapped the anniversary of the remodel completion and thus far in its second year, it is still comping up relative to prior year, which is a true testament to not only the success and healthy return profile of the remodel program, but most importantly, it's staying power as a complete strategic reset and new platform for sustainable growth.

我們很高興地向大家報告，我們在德克薩斯州休斯敦郊外的Friendswood 進行的第一次完全編程改造已經度過了改造完成周年紀念日，到目前為止，在第二年，它仍然比前一年有所進步，這是一個真正的這不僅證明了改造計劃的成功和健康的回報，而且最重要的是，它作為一個完整的戰略重置和可持續增長的新平台的持久力。

During the quarter, we remodeled nine existing stores as our development team has gone into overdrive to accelerate the exciting investments we are making into Dave & Buster's stores of the future across the system. Interestingly, while we have not yet fully reintroduced our newest remodels in their respective markets with the same preopening and marketing push, we've done for our first batch of fully programmed remodels.

在本季度，我們改造了 9 家現有商店，因為我們的開發團隊已加緊努力，加速我們對整個系統的未來 Dave & Buster 商店進行的令人興奮的投資。有趣的是，雖然我們尚未透過相同的預開業和行銷推動在各自的市場中完全重新引入我們最新的改造，但我們已經完成了第一批完全編程的改造。

We're still seeing strong performance with aggregate year-over-year growth on both a pre-post and year-over-year basis over the last few weeks across these nine remodels. All told, we have opened 18 remodels and are on pace to have 29 remodels completed by the end of the third quarter and 44 remodels completed by the end of this fiscal year.

在過去的幾周里，我們仍然看到這九項改造的表現強勁，前後和同比的整體同比增長。總而言之，我們已經開放了 18 個改造項目，並預計在第三季末完成 29 個改造項目，並在本財年末完成 44 個改造項目。

Fifth, special events. We continue to make considerable strides reinvigorating our special event business by repositioning the team with a more local hands-on approach and equipping them with enhanced training and tools to win in this area.

五是專項活動。我們透過採用更在地化的實踐方法重新定位團隊，並為他們配備強化培訓和工具，以在該領域取得勝利，從而在重振我們的特殊活動業務方面繼續取得長足進步。

Beginning in the back half of last year, we reinserted sales managers into several of our Dave & Buster's stores as a test. The idea was that more dedicated on-premise sales managers would be able to tailor the guest experience at the individual store level and that aiming this team with more product news like the innovation of our Phase 4 banquet menu and increasingly our remodels would further allow them to drive success for this business.

從去年下半年開始，我們在 Dave & Buster 的幾家商店中重新安置了銷售經理作為測試。我們的想法是，更專注的本地銷售經理將能夠在各個商店層面定制客戶體驗，並且向該團隊提供更多產品新聞，例如我們第四階段宴會菜單的創新以及越來越多的改造，將進一步使他們能夠推動這項業務的成功。

We've also mentioned that due to the strong performance that we saw in those stores, that we would be reinserting sales managers into a significant number of additional stores. As of today, we now have over 70 on-premise sales managers inserted into the Dave & Buster's portfolio.

我們還提到，由於我們在這些商店中看到了強勁的業績，我們將在大量額外商店中重新安置銷售經理。截至今天，Dave & Buster 的投資組合中已有 70 多名當地銷售經理。

We're pleased to report that this strategy has been working well, driving high-single-digit year-over-year growth and special event sales across the entire Dave & Buster's system during the second quarter with continued strong momentum in the third quarter.

我們很高興地報告，這一策略一直運作良好，在第二季度推動了整個 Dave & Buster 系統的高個位數同比增長和特別活動銷售，並在第三季度繼續保持強勁勢頭。

Additionally, as mentioned earlier, forward bookings for the third and fourth quarter are meaningfully above where they were a year ago, which gives us confidence and excitement about our strategy and momentum ahead of the peak special event holiday season in the fourth quarter.

此外，如前所述，第三和第四季度的提前預訂量顯著高於一年前，這讓我們對第四季度特殊活動假期高峰季之前的戰略和勢頭充滿信心和興奮。

Sixth, tech enablement. As a reminder, we are powering the growth of all strategic initiatives through an optimized service model, enterprise gaming ecosystem, new store IT infrastructure, and improved data and analytics. Thus far in 2024, we have completed major IT enhancements to the whole Dave & Buster's system, which updated connectivity and all server infrastructure. This was paramount to support our new service model because it heavily relies on wireless connectivity and stable computing power for all points-of-sale in PCs along with our handheld server tablets.

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、新的商店 IT 基礎設施以及改進的數據和分析來推動所有戰略計劃的發展。 2024 年到目前為止，我們已經完成了整個 Dave & Buster 系統的重大 IT 增強，更新了連接性和所有伺服器基礎架構。這對於支援我們的新服務模式至關重要，因為它嚴重依賴個人電腦和手持伺服器平板電腦中所有銷售點的無線連接和穩定的運算能力。

We've also completed the back office modernization of our service center and this is the first quarter we seamlessly closed the books in our new ERP system. New store monitoring technology has been installed in most of Dave & Buster's locations and we are working diligently to embed these new property level insights into our strategic analysis.

我們也完成了服務中心的後台現代化改造，這是我們在新 ERP 系統中無縫結帳的第一個季度。 Dave & Buster 的大部分地點都安裝了新的商店監控技術，我們正在努力將這些新的物業層面的見解嵌入到我們的策略分析中。

Our mission of driving further innovation in our mobile app will continue throughout the balance of 2024 with the integration of additional features and games to better engage with our guests before, during and after each visit. We are still just scratching the surface of what we can do with our growing loyalty database from a data analytics and product offering perspective, which we are excited to unveil to you in the coming quarters and are confident it will drive meaningful relevance and repeat visitation for our brands.

我們推動行動應用程式進一步創新的使命將在 2024 年餘下的時間裡繼續下去，整合額外的功能和遊戲，以便在每次訪問之前、期間和之後更好地與我們的客人互動。從數據分析和產品提供的角度來看，我們仍然只是觸及了我們不斷增長的忠誠度資料庫的皮毛，我們很高興在未來幾個季度向您揭曉，並相信它將為客戶帶來有意義的相關性和重複訪問。

We are proud of the achievements and long overdue investments we are making in this area, which will enable us to lead the industry in a far more seamless and desirable guest experience.

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，這將使我們能夠在更無縫和理想的賓客體驗方面引領業界。

To summarize, our organic growth initiative update, we remain convinced that we are putting our focus, resources and investments in the right opportunities to grow the top line and in doing so that will drive meaningful shareholder return along the way. I had the pleasure of spending significant time with our store general managers this quarter. And with each interaction, I come away feeling more energized and passionate about our culture and the team members who are part of this great company.

總而言之，我們的有機成長計畫更新，我們仍然相信，我們正在將我們的重點、資源和投資放在正確的機會上，以增加收入，並以此為股東帶來有意義的回報。本季我很高興與我們的商店總經理一起度過了重要的時間。每次互動時，我都會對我們的文化以及這家偉大公司的團隊成員感到更加充滿活力和熱情。

Their commitment to the cause of enhancing the guest experience and competitive spirits to win are remarkable. There is a positive ripple effect in the way that we treat our team members, to how they treat each other, to how they serve the guests, to how that environment manifests in our stores, making them an enjoyable place for friends and families to create memorable experiences.

他們對提升賓客體驗和獲勝競爭精神的承諾是非凡的。我們對待團隊成員的方式，他們如何對待彼此，他們如何為客人服務，以及我們商店中的環境如何體現，使它們成為朋友和家人創造的愉快場所，都會產生積極的連鎖反應難忘的經歷。

We see this hospitality loud and clear in the guest satisfaction metrics that we meticulously track with our combined OSAT, speed of service, overall cleanliness, and the fully independent OSAT social media scores all up materially on a year-over-year basis and this improvement is even more pronounced when we compare our cohort of remodeled stores to the balance of the system.

我們在客戶滿意度指標中清楚地看到了這種熱情好客的態度，我們透過綜合OSAT、服務速度、整體清潔度和完全獨立的OSAT 社交媒體的綜合評分進行了仔細跟踪，這些指標與去年同期相比都取得了實質的提高，而且這種改進當我們將改造後的商店群與系統的其餘部分進行比較時，這一點甚至更加明顯。

We are very confident that these results are not coincidental and that the enhancements we are making to our service model, coupled with the investments we are making in our remodels are driving these strong leading indicators of success.

我們非常有信心，這些結果並非巧合，我們對服務模式的改進，加上我們在改造方面的投資正在推動這些強有力的領先成功指標。

In addition to our organic revenue growth initiatives, as we have discussed, we have also maintained a focus on managing our cost structure. Due to our always rigorous focus on managing expenses, we grew adjusted EBITDA $11 million or 8% and expanded our adjusted EBITDA margins 130 basis points in the second quarter.

正如我們所討論的，除了我們的有機收入成長計劃之外，我們還一直在關注管理我們的成本結構。由於我們始終嚴格關注管理費用，第二季調整後 EBITDA 成長了 1,100 萬美元，即 8%，調整後 EBITDA 利潤率成長了 130 個基點。

It's important to note that while we are very focused on managing costs and enhancing margins, we've also strived to do that while ensuring we continue to deliver a high quality experience to our guests. We are proud that we've been able to cut costs and improve margins, while simultaneously improving our guest satisfaction metrics, which is not always an easy balance to strike.

值得注意的是，雖然我們非常注重管理成本和提高利潤，但我們也努力做到這一點，同時確保我們繼續為客人提供高品質的體驗。我們感到自豪的是，我們能夠削減成本並提高利潤，同時提高客戶滿意度指標，這並不總是一個容易實現的平衡。

With respect to new domestic units during the second quarter, we opened two new Dave & Buster's stores in Port St. Lucie, Florida and Johnson City, New York. Both are performing in line with our historically high ROIs.

在第二季的國內新店方面，我們在佛羅裡達州聖露西港和紐約州約翰遜城開設了兩家新的 Dave & Buster's 商店。兩者的表現都符合我們史上最高的投資報酬率。

In the third quarter, we've already opened a new Dave & Buster's in Barboursville, West Virginia and a new Main Event in Grand Rapids, Michigan. We continue to expect to open a total of 15 stores during fiscal 2024.

第三季度，我們已經在西維吉尼亞州巴伯斯維爾開設了一家新的 Dave & Buster's 商店，並在密西根州大急流城開設了一家新的主賽事。我們預計 2024 財年將開設 15 家門市。

On the international development front, we expect to open four to five stores in the next 12 months with our respective franchise partners across the globe as the commitment to develop a current total of 38 sites and counting comes to fruition.

在國際發展方面，我們預計在未來 12 個月內與全球各地的特許經營合作夥伴一起開設 4 到 5 家門市，目前開發 38 家門市的承諾正在逐步實現。

We expect the first of these international sites to open before the end of the year. Our business is in an enviable position with strong operating cash flow that it consistently generates to continue to grow, invest and to update you on the progress as we find better and more efficient paths to unlock the value for all of us.

我們預計第一個國際站點將在今年年底前開放。我們的業務處於令人羨慕的地位，擁有強勁的營運現金流，不斷產生持續成長、投資的現金流，並在我們找到更好、更有效的途徑來為我們所有人釋放價值時向您通報最新進展情況。

Finally, before I turn the call over to Darin, I would like to take a minute to introduce our new CFO, Darin Harper. Darin and I have worked together during transformative moments at multiple companies throughout our respective careers and I cannot be more excited to publicly welcome him onboard.

最後，在將電話轉給 Darin 之前，我想花一點時間介紹我們的新財務長 Darin Harper。達林和我在各自的職業生涯中曾在多家公司的變革時刻一起工作，我非常高興地公開歡迎他加入。

With his vast experience and intimate knowledge of the location-based entertainment space, he has hit the ground running overseeing the financial elements of the numerous initiatives we have going for us and I have a tremendous amount of confidence he will be a significant asset to our company.

憑藉他豐富的經驗和對基於位置的娛樂空間的深入了解，他已經開始監督我們為我們採取的眾多舉措的財務要素，我非常有信心他將成為我們的重要資產。

So with that, Darin, please walk us through a more detailed review of our Q2 results.

因此，達林，請引導我們對第二季的結果進行更詳細的審查。

Thanks, Chris, and good afternoon, everyone. Let me first start by saying how excited I am to be here and working alongside Chris again. It's truly an honor to represent this great company and to work with the fantastic team that we've got here.

謝謝克里斯，大家下午好。首先我要說的是，我很高興能夠來到這裡並再次與克里斯一起工作。能夠代表這家偉大的公司並與我們這裡出色的團隊合作，我感到非常榮幸。

So turning to the results for the second quarter, comp store sales decreased 6.3% on a calendar basis in the second quarter versus 2023. We generated second quarter revenue of $557 million, which reflects a year-over-year growth of $15 million or 3% and adjusted EBITDA of $152 million, which reflects year-over-year growth of $11 million or 8%. And adjusted EBITDA margin of 27.2%, which is 130 basis point margin expansion versus the prior year and a 360 basis point margin expansion versus the same period in 2019.

因此，轉向第二季的業績，與 2023 年相比，第二季的比較店銷售額按日曆計算下降了 6.3%。 ，調整後EBITDA 為1.52 億美元，年增1,100 萬美元，即8%。調整後的 EBITDA 利潤率為 27.2%，與前一年相比，利潤率增長了 130 個基點，與 2019 年同期相比，利潤率增長了 360 個基點。

Net income in the second quarter $40 million or $0.99 per diluted share. We reported $46 million of adjusted net income or $1 and $0.12 of adjusted earnings per diluted share. And reconciliations of all non-GAAP financial measures can be found in the press release from earlier today.

第二季淨利為 4,000 萬美元，或攤薄後每股收益 0.99 美元。我們報告了 4600 萬美元的調整後淨利潤，或調整後每股攤薄收益 1 美元和 0.12 美元。所有非公認會計準則財務指標的調節表均可在今天早些時候的新聞稿中找到。

We generated $102 million in operating cash flow during the second quarter ended the quarter with a net cash balance of $13 million from total liquidity of $494 million when combined with the $481 million available on our $500 million revolving credit facility net of outstanding letters of credit. We ended the quarter with a net total leverage ratio of 2.3 times as defined under our credit agreement.

截至本季末的第二季度，我們產生了1.02 億美元的營運現金流，總流動資金4.94 億美元的淨現金餘額為1,300 萬美元，再加上我們5 億美元的循環信貸額度（扣除未償信用證）可用的4.81 億美元。本季結束時，我們的淨總槓桿率為信用協議規定的 2.3 倍。

Our decisive plans for the Dave & Buster's store remodel program are progressing at an impressive cadence under the leadership of our best in class development team. We now have 18 completed remodels under our belt with 26 additional scheduled for the completion in the balance of fiscal 2024 as we approach critical mass of the system in fiscal 2025. The results that we have we have seen remain very encouraging with the earliest fully programmed remodeled units continuing to significantly outperform the balance of the system.

在我們一流的開發團隊的領導下，我們對 Dave & Buster 商店改造計劃的決定性計劃正在以令人印象深刻的節奏取得進展。目前，我們已完成18 項改造，另外26 項計劃將在2024 財年剩餘時間內完成，因為我們將在2025 財年接近系統的臨界質量。規劃完成改造後的單位持續顯著優於系統的平衡。

Our first remodel this program and friends with Texas completed its construction in August of 2023 and as Chris mentioned, it's a testament to the effectiveness staying power and potential upside of this remodel program. But the friend's wood store is comping up in the early innings of its second year post remodel. As a small update and reminder, on sale leaseback opportunities, we closed on the previously announced sale of two, Dave & Buster's properties in July, generating $45 million in proceeds.

我們和德克薩斯州的朋友對該項目的第一次改造於 2023 年 8 月完成了施工，正如克里斯所提到的，這證明了該改造項目的有效性持久力和潛在優勢。但朋友的木料店在改造後的第二年的早期階段就表現出色。作為關於出售回租機會的一個小更新和提醒，我們在 7 月完成了先前宣布的 Dave & Buster 兩處房產的出售，產生了 4500 萬美元的收益。

We have five owned and operating real estate assets today with one more wholly-owned properties scheduled to open later this year. We are being methodical in how and when we decide to monetize these assets and 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 tenets of the space.

我們目前擁有五處擁有和經營的房地產資產，還有一處全資擁有的房產計劃於今年稍後開業。我們正在有條不紊地決定如何以及何時將這些資產貨幣化，並且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，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。

Turning to capital spending, we invested a total of $112 million in capital additions during the second quarter, opening to Dave & Buster's in Port St. Lucie, Florida, and Johnson City, New York. We have already opened one new Dave & Buster's and one new main events during the third quarter thus far in Barbara's, Phil West Virginia and Grand Rapids, Michigan, respectively. We continue to expect to open a total of 15 new stores across both brands during fiscal '24 with eight already open to date.

談到資本支出，我們在第二季度總共投資了 1.12 億美元的資本增加，在佛羅裡達州聖露西港和紐約州約翰遜城開設了 Dave & Buster's 店。到目前為止，我們已經在第三季分別在西維吉尼亞州菲爾的 Barbara's 和密西根州的大急流城舉辦了一項新的 Dave & Buster's 活動和一項新的主要活動。我們仍預計在 24 財年期間兩個品牌將總共開設 15 家新店，迄今已有 8 家開幕。

We have $140 million remaining on our Board-approved share repurchase authorization to operate opportunistically repurchase our shares. As you know, we and our Board are maniacally focused on driving shareholder value. We will use our significant excess cash flow to invest in our accelerated remodel program new units, which continue to generate sizable cash on cash returns, make accretive investments to support our organic growth initiatives and opportunistically return capital to shareholders.

我們董事會批准的股票回購授權中還剩 1.4 億美元，可以趁機回購我們的股票。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。我們將利用大量過剩現金流投資於我們的加速改造計劃新單位，這些單位將繼續產生大量現金回報，進行增值投資以支持我們的有機增長計劃，並機會主義地向股東返還資本。

Our team has a lot to be proud of in the second quarter results. We grew adjusted EBITDA continue to expand our industry-leading adjusted EBITDA margins. Progress our organic growth journey through strategic investments in our remodels and other initiatives and bought back additional shares outstanding, all of which will benefit our shareholders over the long run. We also have a growing pipeline of attractive international frontiers with our many franchise partners with four to five anticipated open in the next 12 months.

我們的團隊在第二季的業績中有很多值得自豪的地方。我們的調整後 EBITDA 不斷成長，繼續擴大我們行業領先的調整後 EBITDA 利潤率。透過對我們的重組和其他舉措進行策略性投資，並回購額外的已發行股票，推進我們的有機成長之旅，從長遠來看，所有這些都將使我們的股東受益。我們還與眾多特許經營合作夥伴建立了越來越多具有吸引力的國際前沿項目，預計在未來 12 個月內將開放 4 到 5 個項目。

I'm excited to be back at the financial helm of this great company, particularly since it's well positioned for growth. And I have a significant amount of confidence that the work we are putting into these two great brands will provide material upside for all of our stakeholders.

我很高興能重新掌管這家偉大公司的財務，特別是因為它處於良好的成長態勢。我非常有信心，我們為這兩個偉大品牌所做的工作將為我們所有的利害關係人提供實質的好處。

Now with that, operator, please open the line for questions.

現在，接線員，請打開線路提問。

(Operator Instructions) Jake Bartlett, Truist Securities.

（操作員指示）Jake Bartlett，Truist 證券公司。

My first was on the top line and so far you have your initiatives in place. It seems like you're feeling very confident in them. Same-store sales have decelerated, though, so it looks like macro headwinds are offsetting it. The question is, you expressed confidence in accelerating same-store sales in coming quarters and that your initiatives are going to do that. I guess how can you feel so confident given the macro headwinds? Maybe in that answer, you could talk about whether you see the macro headwinds building or decreasing or just staying consistent as well as whether you're seeing kind of improved or increased contribution from your initiatives in the last few months?

我的第一個任務是在頂線，到目前為止，您的舉措已經到位。看來你對他們很有信心。不過，同店銷售已經放緩，因此宏觀阻力似乎正在抵銷這種影響。問題是，您表示有信心在未來幾季加速同店銷售，並且您的舉措將實現這一目標。我猜考慮到宏觀逆風，你怎麼能如此自信？也許在這個答案中，你可以談談你是否認為宏觀阻力正在增強或減少，或者只是保持一致，以及你是否看到過去幾個月你的舉措的貢獻有所改善或增加？

Jake, great question. The first thing I'll say is we continue to be very bullish about the long-term prospects of our initiatives. And I think that's what you're hearing from us. The initiatives that we're focused on, we've shared with all of you the math and the upside. And there is still very -- there is still a tremendous opportunity to add incredible value to this organization through executing on those initiatives.

傑克，好問題。我要說的第一件事是，我們仍然對我們舉措的長期前景非常樂觀。我想這就是您從我們這裡聽到的。我們已經與大家分享了我們所關注的舉措的數學原理和優點。透過執行這些舉措，仍然有巨大的機會為該組織增加難以置信的價值。

And as we've always said, the one thing we can't control is the macro environment. But make no mistake, there's real value creation opportunity on these initiatives and our stance really hasn't changed. It is a tough consumer environment, it's complicated, and there are headwinds in this business and we felt those headwinds in the second quarter. And they're still there.

正如我們常說的，我們無法控制的一件事就是宏觀環境。但請不要誤會，這些措施確實存在著創造價值的機會，而我們的立場確實沒有改變。這是一個艱難的消費者環境，很複雜，而且這個行業存在阻力，我們在第二季感受到了這些阻力。他們還在那裡。

I think what has us excited as we move forward, more of our initiatives are starting to come online. And when we look forward, we really like what we're seeing on our remodel program. And the remodel program is, you've heard us talk about it as a strategic reset. It's the culmination of everything we're doing all wrapped up into one. And we continue to see very nice improvement on the remodels.

我認為，隨著我們的前進，讓我們感到興奮的是，我們的更多舉措開始上線。當我們展望未來時，我們真的很喜歡我們在改造計劃中看到的東西。改造計畫是，你已經聽過我們將其視為策略重置。這是我們所做的一切的結晶。我們繼續看到改造方面有非常好的改進。

And so we've got the nine that we just opened this quarter. They opened towards the end of the quarter, but now we have 11 in Q3 and then 15 in Q4. And so those remodels at this point in time, we continue to believe that they're going to continue to see the same results that we've seen in previous remodels.

所以我們有本季剛開業的九家。它們在本季末開業，但現在第三季有 11 家，第四季有 15 家。因此，在目前的這些改造中，我們仍然相信他們將繼續看到我們在先前的改造中看到的相同結果。

And so that gives us a lot of optimism. In addition to that, the other initiatives we're focused on, that I outlined with special events and the banquet season coming up and so on and so forth. So I think that's what you're hearing from us is just confidence in the things that we're working on.

這讓我們非常樂觀。除此之外，我還概述了我們關注的其他舉措，包括特別活動和即將到來的宴會季節等等。所以我認為您從我們這裡聽到的只是對我們正在努力的事情的信心。

And just building on the commentary around the remodels. Last quarter and I think in prior quarters, you've been a little more specific. You said double-digits sales lift for the fully-loaded remodels. Is that true? I'm wondering whether the omission is conspicuous or not or whether it just the message remains the same, but anything changed there in terms of what lift you're getting from the remodels?

只是建立在圍繞改造的評論之上。上個季度，我認為在前幾個季度，你們說得更具體了一些。您說滿載改造後的銷售量將達到兩位數的成長。這是真的嗎？我想知道這一遺漏是否明顯，或者只是資訊保持不變，但就您從改造中獲得的提升而言，有什麼改變嗎？

No, no, it's still, no, nothing has changed. We're still seeing a double-digit increase in those first four fully programmed remodels. And the nine that just came on, as I said, it's still very early they were towards the end of the quarter, but at this point in time, we're seeing a nice lift there. And there's no reason to believe that they're performing in line with what we would expect.

不不不，還是一樣，不，什麼都沒有改變。我們仍然看到前四次完全編程的改造出現了兩位數的增長。正如我所說，剛剛出現的九個，距離本季末還很早，但在這個時間點，我們看到了一個不錯的提升。沒有理由相信他們的表現符合我們的期望。

And I think on those in particular, we're seeing nice separation in sales and we haven't even fully put our marketing muscle behind those yet. And so that's -- and as we start getting more critical mass, there'll just be more we can do from a marketing standpoint to get out and tell the story of store of the future.

我認為特別是在這些方面，我們在銷售方面看到了很好的分離，而且我們甚至還沒有完全發揮我們的行銷力量。所以，當我們開始獲得更多的臨界質量時，從行銷的角度來看，我們可以做更多的事情來講述未來商店的故事。

So and then the last thing, the one thing that has changed is we now have Friendswood in year two and that's always been -- we've been very open about that, that we don't you know time will tell you know what this looks like in year two. And so far Friendswood is green on green. So that's very encouraging as well and it just speaks to the staying power of what we're doing.

所以最後一件事，改變的一件事是我們現在在第二年有了 Friendswood，而且一直以來我們對此都非常開放，我們不知道時間會告訴你這是什麼看起來像第二年。到目前為止，Friendswood 已經是綠上加綠了。所以這也非常令人鼓舞，它說明了我們正在做的事情的持久力。

And last question for me, a pretty interesting or impressive feat to grow margins as you did, 170 basis points at the store level with such negative same-store sales. So the question, I just want to make sure there's nothing in there that's abnormal, that's not maybe enough non-recurring to be backed out, but just that will not happen or benefit you in the future or coming quarters. Anything in there that we should be wary about? I guess the idea, the real question is, can you drive, if we expect negative same-store sales for the next quarter or two, is it feasible to continue to drive restaurant level or store level margin expansion?

對我來說，最後一個問題是，像您一樣，提高利潤率是一項非常有趣或令人印象深刻的壯舉，在同店銷售額如此負的情況下，商店層面提高了 170 個基點。所以問題是，我只是想確保其中沒有任何異常情況，這可能還不足以取消，但這種情況在未來或未來幾季不會發生或對您有利。這裡面有什麼值得我們警戒的地方嗎？我想這個想法，真正的問題是，如果我們預計下一兩個季度同店銷售額為負，那麼繼續推動餐廳層級或商店層級的利潤率擴張是否可行？

Yeah, I'm going to answer the first part of that and I'll turn it over to Darin to comment on the second part. I mean, we're very proud of the work that's going into managing our bottom-line, given the uncertain top-line environment. And that's really -- it's so important that we do that as we're starting to continue to execute these initiatives, in a period of time where the consumer environment is challenging and the team really stepped up and delivered.

是的，我將回答第一部分，然後將其交給達林來評論第二部分。我的意思是，考慮到不確定的營收環境，我們對管理營收的工作感到非常自豪。這確實是非常重要的，因為我們開始繼續執行這些舉措，在消費者環境充滿挑戰且團隊真正加強並交付的一段時間內，我們這樣做非常重要。

And we've implemented a number of cost-cutting initiatives that are coming through the P&L. That we expect will continue to benefit the rest of this year. We're managing our all the things within our control. The team is just doing an outstanding job managing those things, but we've seen very significant improvement in cost of sales. We're tightly managing labor in all areas. It's not, it's wage rates are flat to down on a year-over-year basis. Our productivity has improved and we're doing all that at the same time our guest experience metrics are improving.

我們已經實施了一系列透過損益表削減成本的措施。我們預計這將繼續使今年剩餘時間受益。我們正在管理我們控制範圍內的所有事情。團隊在管理這些事情方面做得非常出色，但我們已經看到銷售成本有了非常顯著的改善。我們在所有領域嚴格管理勞動力。事實並非如此，它的工資率比去年同期持平甚至下降。我們的生產力得到了提高，我們在做這一切的同時，我們的客戶體驗指標也在改善。

And as I said in my prepared remarks, that's not easy to do. And the team is doing it just through managing the details every single week and just being absolutely maniacal about protecting the bottom line. And then we've been able to capture some considerable G&A savings. And so there's real margin improvement in the numbers that will that's not going away. And that's going to put us in the best possible position to navigate a challenging top-line environment.

正如我在準備好的發言中所說，這並不容易做到。團隊只是透過每週管理細節並絕對瘋狂地保護底線來做到這一點。然後我們就能夠節省一些可觀的管理費用。因此，數字上的利潤率確實有所提高，而且這種情況不會消失。這將使我們處於最佳位置，以應對充滿挑戰的營收環境。

And with respect to other items, I'll let Darin jump in on that?

至於其他項目，我會讓達林參與其中嗎？

Yeah. Just to echo what Chris said. Yeah, we feel like we have a number of levers here and I think the brand has demonstrated that in being able to manage margins despite some sales headwinds. And every quarter there's noise in the prior year and there's always certain adjustments in the current year and the prior year that frequently just have an offsetting impact as we go along. So I wouldn't raise anything of note that is reflected in this quarter that we don't think is reflective of our ongoing trends of the business.

是的。只是為了回應克里斯所說的話。是的，我們覺得我們在這裡有很多槓桿，我認為該品牌已經證明了儘管存在一些銷售阻力，但仍能夠管理利潤。每個季度都會有前一年的噪音，今年和前一年總會有某些調整，這些調整通常只會在我們前進的過程中產生抵銷影響。因此，我不會提出本季反映的任何值得注意的問題，我們認為這些內容不能反映我們當前的業務趨勢。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

A little specific here, but I think on the last call you presented that presentation that showed that I think you had 33 of the 165 stores running at that highest price increase tier as of Q1. I'm just curious where that stands as of Q2 or currently in terms of the number of stores running at that highest pricing increase tier?

這裡有一點具體，但我認為在上次電話會議中，您的演示表明，我認為截至第一季度，您的 165 家商店中有 33 家處於最高價格上漲級別。我只是好奇截至第二季或目前處於最高價格上漲等級的商店數量如何？

We've made no material changes to the tiers. We feel like we're in a really good spot right now. As we've gone through an extensive testing and learning process and we feel like that we've got the right formula. It's an area that we're going to continue to evaluate and we now feel like that's a lever that we're going to be able to adjust or pool as we move forward. And so as we start planning for next year, there could be potentially some changes. But as of right now, we feel like that we're in a good spot and don't anticipate -- there haven't been any material changes and we don't anticipate any material changes for the rest of this year.

我們沒有對等級進行任何重大更改。我們覺得我們現在處於一個非常好的位置。當我們經歷了廣泛的測試和學習過程時，我們覺得我們已經找到了正確的公式。這是我們將繼續評估的一個領域，我們現在覺得這是我們在前進過程中能夠調整或集中的槓桿。因此，當我們開始計劃明年時，可能會發生一些變化。但截至目前，我們感覺我們處於一個良好的位置，並且預計不會發生任何重大變化，我們預計今年剩餘時間不會發生任何重大變化。

Unrelated, just in terms of trying to understand whether or not the demand headwinds are further mounting or you're seeing some stability. At the beginning, actually, when you reported the Q1, you pointed to low single-digit same-store sales declines through the first. I think it was four or five weeks of Q2. You finished the quarter down 6%. The math implies mid-to-high single-digit same-store sales declines over the balance of the quarter. So can you help us reconcile what went on there? It sounds like you have more initiatives that were kicking in, but the comps got softer. So, what was it, the demand headwinds that mounted? Just any color there would be helpful.

無關，只是試圖了解需求逆風是否進一步加劇，或者您是否看到了一些穩定性。實際上，一開始，當您報告第一季時，您指出第一季同店銷售額的下降幅度較低。我認為這是第二季的四、五週。本季結束時，您的業績下降了 6%。計算結果表明，本季剩餘時間同店銷售額出現中高個位數下降。那麼你能幫助我們協調那裡發生的事情嗎？聽起來你有更多的措施正在實施，但競爭變得更加疲軟。那麼，需求逆風加劇的原因是什麼呢？任何顏色都會有幫助。

Sure. Yeah, I mean, June and July were tougher months. And so the summer months were just a little more challenging than where we started the quarter. And that's we're not alone. Many others felt that same pressure. We saw equally Main Event and Dave & Buster's the two brands have really been moving in lockstep. And so which is just another data point that we're dealing with something that's a little more macro.

當然。是的，我的意思是，六月和七月是更艱難的幾個月。因此，夏季的幾個月比我們本季開始時更具挑戰性。我們並不孤單。許多其他人也感受到了同樣的壓力。我們同樣看到 Main Event 和 Dave & Buster's 這兩個品牌確實步調一致。這只是另一個數據點，我們正在處理一些更宏觀的東西。

And so it was a challenging summer, which is, again all the more reason why our team really hunkered down and manage the bottom line and did all the great things that we did to control costs, just to give ourselves breathing room to continue to execute these initiatives.

因此，這是一個充滿挑戰的夏天，這也是為什麼我們的團隊真正埋頭苦幹並管理利潤並做了我們為控製成本所做的所有偉大事情的原因，只是為了給自己喘息的空間來繼續執行這些舉措。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Just wanted to dig into the highest price tier that's performing well. I mean, does that show that that's a demographic that's also maybe a little higher than a broad cross section and that demos hanging in there better than what we've heard from pressures being seen at the lower end? Just trying to tease that one point out as an opener.

只是想深入了解表現良好的最高價格層。我的意思是，這是否表明這一群體的人口可能也比廣泛的橫截面略高一些，並且那裡的演示比我們從低端壓力中聽到的要好？只是想把這一點當作開場白。

Well, it's the higher price tier certainly is reflective of higher cost of living. What we've talked about, before we started enacting all these changes, we had, one, the same price. There's a price in Times Square and there's a price in Overland Park, Kansas and they were exactly the same. And so the higher price tier is reflective of more of cost of living adjustments. We did play around with kind of like demographic profiles on household income and things of that nature, but for the most part, generally speaking, our tiers are more in line with traditional pricing tiers that have to do with the cost of living.

嗯，較高的價格水平肯定反映了較高的生活成本。我們已經討論過，在我們開始實施所有這些變更之前，我們的價格是相同的。時代廣場的價格和堪薩斯州歐弗蘭帕克的價格完全相同。因此，較高的價格等級反映了更多的生活成本調整。我們確實對家庭收入和類似性質的人口統計資料進行了研究，但在大多數情況下，一般來說，我們的等級更符合與生活成本相關的傳統定價等級。

And then just checking in on the rest of the remodels this year, are a majority or all of those going to be fully programmed at this point?

然後檢查今年其餘的改造，其中大部分或全部改造是否將在這一點上完全編程？

The vast majority of them. We'll have three or four that won't have the arena attraction. They'll have everything else but the arena. And that's just simply because we don't have the space in those stores. But based on everything that we've seen to-date suggests that there's real value in a fully programmed entertainment offering. And so the plan is to continue to move forward with that type of offering. But we will continue to evaluate it as we always do and to make sure that hold ourselves to a strict return on investment threshold. And we always leave room for adjustments if necessary. But at this point in time that's the plan.

他們中的絕大多數。我們將有三、四個沒有競技場吸引力的。他們將擁有除了競技場以外的一切。這只是因為我們那些商店沒有空間。但根據我們迄今為止所看到的一切表明，完全編程的娛樂產品具有真正的價值。因此，我們的計劃是繼續推進此類產品。但我們將一如既往地繼續對其進行評估，並確保嚴格遵守投資回報門檻。如有必要，我們總是留有調整的空間。但目前這就是計劃。

And then just finally, on food costs, you said you were managing. I assumed there is still some of the 50% off kind of promotion discounting on food that you've used. How are you measuring the returns on that? Is it driving some of the incremental traffic you expected? And then does that continue as we move forward? Do you use it for certain times of the quarter or things like that like a boost when needed?

最後，在食品成本方面，你說你正在管理。我猜你用過的食物仍然有一些 50% 的促銷折扣。您如何衡量其回報？它是否會帶來您預期的一些增量流量？那麼隨著我們的前進，這種情況還會繼續嗎？您是否在季度的某些時間使用它，或者在需要時使用它之類的東西？

Yeah. So we talked a lot about just this approach of testing and learning and putting different things in the market and having, not be moving away from just one big campaign, and instead of that, having an arsenal of tools that we can use to stimulate traffic.

是的。因此，我們談論了很多這種測試和學習的方法，並將不同的東西投入市場，而不是僅僅放棄一個大型活動，而是擁有一系列可以用來刺激流量的工具。

And so I would put half off food in that category. It's a tool that will be in our arsenal that we might use in the future from time to time depending on what we see. When we a couple -- when we look back on it, it was, it broke even. And so we spent a lot of time making sure that we designed the economics in a way to where it would break even. It's half off food, but that represents about 20% of our sales. And so it was something that we could achieve economically and we did. And so that we felt great about that.

所以我會把這個類別的食物減半。它是我們的武器庫中的一個工具，我們將來可能會根據我們所看到的情況不時使用它。當我們成為情侶時——當我們回顧過去時，它是收支平衡的。因此，我們花了很多時間來確保我們設計的經濟學能夠達到收支平衡。食品有半價優惠，但這約占我們銷售額的 20%。所以這是我們可以在經濟上實現的目標，而我們也做到了。所以我們對此感覺很好。

It was loyalty-fenced, so you had to sign up for the loyalty program. So that helped mitigate the risk of cannibalization and it also drove loyalty sign-ups that we were then able to use to engage. And so that's half off food is just an example of, it's more of an example of the approach that you should start to see from us is testing and learning. And when you find a product that when you find an offer that works, we go deep with it and constantly pulsing in what we think is necessary. Does that make sense?

它受到忠誠度的限制，所以你必須註冊忠誠度計劃。因此，這有助於降低同類競爭的風險，也推動了忠誠度註冊，我們隨後可以利用這些註冊來參與。所以，食物半價只是一個例子，它更多的是你應該開始從我們身上看到的測試和學習方法的例子。當您找到產品時，當您找到有效的報價時，我們會深入研究它，並不斷推出我們認為必要的產品。這樣有道理嗎？

It does. And then just finally, I know, quarter-to-date, basically August. I mean, industry numbers got better. Are you willing to comment on how you started the 3Q?

確實如此。最後，我知道，從本季至今，基本上就是八月。我的意思是，行業數據有所改善。您願意評論一下您是如何開始第三季的嗎？

Yeah. Andy, as you know, we don't quantify intra-quarter results. I'll say that and it's just one period, we just wrapped up our first period of the quarter, that one period, the sales performance was better than the previous two periods, but it's just one quarter. We still have two periods left of this quarter. And so our focus is on the initiatives and continue to execute at a high level, managing the bottom line, and putting ourselves in a position to really get the most out of our remodels as they start to come online.

是的。安迪，如您所知，我們不會量化季度內的業績。我想說的是，這只是一個時期，我們剛結束了本季的第一個時期，那個時期，銷售業績比前兩個時期更好，但這只是一個季度。本季還剩下兩個時期。因此，我們的重點是這些舉措，並繼續在高水準上執行，管理利潤，並使我們能夠在改造開始上線時真正充分利用它們。

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO 資本市場。

This is Jared Hludzinski on for Andrew Strelzik. Thank you for taking the question. So you discussed the opportunity to accelerate the pace of remodels. But I'm wondering if there's an opportunity to improve returns based on what you've learned from existing remodels and if you could provide any color on how the company is prioritizing remodels through 2026 and whether that's based on store tenure or geography or somewhat? Thank you.

我是安德魯‧斯特雷齊克 (Andrew Strelzik) 的賈里德‧赫魯津斯基 (Jared Hludzinski)。感謝您提出問題。所以您討論了加快改造步伐的機會。但我想知道是否有機會根據您從現有改造中學到的知識來提高回報，以及您是否可以提供有關公司如何在2026 年之前優先考慮改造的信息，以及這是否基於商店任期或地理位置或某種程度？謝謝。

So we're still -- we're in the process of building out our plans for '25, our fiscal 25 year. And that's something that obviously we work in close partnership with our Board and the Board ultimately approves the capital outlay for 2025. And so what we're doing internally is we're making sure that we can yeah, to the extent that there is data there that suggests that from a capital allocation standpoint, it makes sense to move even faster that we have the ability to do that.

因此，我們仍在製定 25 年（即我們的 25 財年）的計劃。顯然，我們與董事會密切合作，董事會最終批准了 2025 年的資本支出。我們有能力做到這一點，那麼採取更快的行動是有意義的。

And so our development team is hard at work at building out all the plants to ramp up as quickly as possible. But we're -- this is a team that is just very disciplined around ensuring that we're using our capital judiciously and we're looking for every opportunity to maximize return on investment. So stay tuned on what our plans are for the future. Obviously, what you're hearing from us is that we like what we see and we want to do more of it. But we've we need to go through the planning process for next year.

因此，我們的開發團隊正在努力建造所有工廠，以盡快提高產量。但我們——這是一個非常自律的團隊，確保我們明智地使用我們的資本，並且我們正在尋找每一個機會來最大化投資回報。因此，請繼續關注我們的未來計劃。顯然，您從我們這裡聽到的是，我們喜歡我們所看到的，我們想做更多。但我們需要完成明年的規劃過程。

We are -- the team is spending a lot of time on -- continuing to look for value engineering opportunities. We've already had quite a bit of success at doing that, but we're always challenging ourselves to trying to get more. And we're also spending a lot of time just going through working closely with our operators to understand what's working and what's not and and what can we do to further drive the revenue opportunity with these remodels. And I am convinced that I mean, we're very happy with what we're seeing. I'm convinced that we can even get more out of it. And so we're going to spent a lot of time on it to optimize it.

我們的團隊花了大量時間繼續尋找價值工程機會。我們在這方面已經取得了相當大的成功，但我們總是挑戰自己，爭取更多。我們還花了大量時間與營運商密切合作，以了解哪些有效、哪些無效，以及我們可以採取哪些措施來透過這些改造進一步推動收入機會。我確信我的意思是，我們對所看到的感到非常滿意。我相信我們甚至可以從中獲得更多。因此我們將花費大量時間來優化它。

And then I just wanted to get an update on how you're tracking against the marketing optimization initiative relative to your expectation, any learnings that you can share with us? And then on loyalty, what would you attribute to the continued strength in membership growth. I believe you said it was up 25% this quarter and on what gives you confidence that this growth is sustainable going forward? Thank you.

然後我只是想了解您如何根據您的期望追蹤行銷優化計劃的最新情況，您可以與我們分享任何經驗教訓嗎？然後在忠誠度方面，您將會員成長的持續強勁歸因於什麼。我相信您說過本季成長了 25%，是什麼讓您對這種成長在未來永續發展充滿信心？謝謝。

Yes. So, first, starting with, I mean, we're in the very early stages of marketing authorization. And last quarter we provided an update on our Investor Day presentation and we provided our rating. And we indicated then that we're still very much in the early stages. So this is -- there's a lot that goes into it. You've got to build the technology then you got to build the capabilities and then there's the whole testing and learning process. And so, I would say, we're just now getting really started and to where we want to be. So that's -- we're pushing ourselves to move faster there.

是的。因此，首先，我的意思是，我們正處於行銷授權的早期階段。上季度我們提供了投資者日演示的最新信息，並提供了我們的評級。當時我們表示我們仍處於早期階段。所以這就是——這裡面有很多內容。你必須建立技術，然後建立能力，然後是整個測試和學習過程。因此，我想說，我們現在才剛真正開始，並朝著我們想要達到的目標邁進。所以，我們正在推動自己加快腳步。

On loyalty, I think, we're doing, the team is just really making that a priority and looking for two opportunities. One, to encourage the signups, but then once you have the sign up to stay engaged with the guests. And I think we're doing a much better job on both. The way we get more out of it is doing things like the loyalty fencing on half off food. So we had a very compelling offer. It helped drive more awareness to the great F&B offering as we rolled out the new menu. And we really drove sign-ups and then we were able to stay engaged with those guests and keep them engaged better than we ever have in the past.

關於忠誠度，我認為我們正在做，團隊確實將其作為優先事項並尋找兩個機會。第一，鼓勵註冊，但一旦註冊，就與客人保持互動。我認為我們在這兩方面都做得更好。我們從中獲得更多收益的方法是做一些事情，例如對食物半價進行忠誠圍欄。所以我們得到了一個非常有吸引力的報價。當我們推出新菜單時，它有助於提高人們對優質餐飲產品的認識。我們確實推動了註冊量，然後我們能夠與這些客人保持聯繫，並讓他們比過去更好地參與。

Another testament to all of this coming together is, in our remodeled stores, we're seeing a very significant increase in frequency for loyalty members in a remodel versus a non-remodel. And that just goes to show that when you combine the right product offering and the right execution with the right level of engagement, these tools really can pay off. And so that's just another point of validation that we think that we're onto something here.

所有這一切的另一個證明是，在我們改造後的商店中，我們發現忠誠會員在改造後的頻率與未改造的相比顯著增加。這表明，當您將正確的產品、正確的執行與正確的參與度結合時，這些工具確實可以帶來回報。因此，這只是我們認為我們正在做的事情的另一個驗證點。

In terms of, I think, the more -- we're very pleased with the 25% growth. I'm not going to put a number out there on expectations going forward, but I can tell you that we have pretty high expectations. And I just think that it's all about the way we engage and it's all about being very personalized in the way we do it and earning the right to have a conversation with the guests and then delivering the right content to that guest. And we're -- that's an area that we're just going to continue to strengthen that muscle. And so as I said at the very beginning we're just now getting started.

我認為，我們對 25% 的成長感到非常滿意。我不會透露未來的期望數字，但我可以告訴你，我們有相當高的期望。我只是認為這一切都與我們參與的方式有關，並且與我們的方式非常個性化有關，並贏得與客人交談的權利，然後向該客人提供正確的內容。我們將繼續加強這一領域的實力。正如我一開始所說的，我們現在才剛開始。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

I wanted to ask a question just on the other operating cost line and obviously leverage that line despite the negative comps. I noted in the 10-Q that it disclosed some gain on some transactions. Could you quantify that? And then maybe more broadly, talk about other sources of year-on-year favorability you saw within that line.

我想問一個關於其他營運成本線的問題，並且儘管存在負面補充，但顯然還是利用了該線。我在 10-Q 中指出，它披露了一些交易的一些收益。你能量化一下嗎？然後也許更廣泛地談談您在該領域看到的其他同比好感度的來源。

I'll let Darin answer that. Go ahead, Darin.

我會讓達林回答這個問題。來吧，達林。

Yeah. One of the items in that line was a $4 million gain related to a termination of one of our leases in New York. That line is excluded from our adjusted EBITDA measure. But that was a big item that was in there.

是的。其中一項是與終止我們在紐約的一項租約相關的 400 萬美元收益。該行不包括在我們調整後的 EBITDA 指標中。但那是裡面的一個大東西。

Really the most notable just in terms of flagging one-off benefit for the period is the additional two operating days that we had in quarter two, which added about a couple million dollars of EBITDA. And then you just have routine adjustments that come throughout the year as well. But that gain is the most notable.

實際上，就該期間的一次性收益而言，最值得注意的是我們在第二季度額外增加了兩個營業日，這增加了約幾百萬美元的 EBITDA。然後你也只需進行全年的例行調整。但這種收穫是最顯著的。

Yeah, I was going to ask you about that too, Darin. The extra sales on those two days is ballpark say maybe $12 million, $13 million. I guess sales days can change depending on seasonality and whatnot but. And just how to think about the flow through on those sales, because a lot of costs are accrued for either weekly or monthly, are you able to tighten any of that math up on the two extra days?

是的，我也想問你這個問題，達林。這兩天的額外銷售額約為 1200 萬美元、1300 萬美元。我想銷售日可能會根據季節性等因素而變化。如何考慮這些銷售的流程，因為每週或每月都會產生大量成本，您是否能夠在額外的兩天內收緊任何數學計算？

Yeah. No, they were low sales volume days. It was a Monday and a Tuesday. So it's about $4 million in incremental sales with about a 50% flow through. So it's about a $2 million EBITDA impact.

是的。不，那是銷量低迷的日子。那是星期一和星期二。因此，增量銷售額約為 400 萬美元，其中流通量約為 50%。因此，其 EBITDA 影響約為 200 萬美元。

Comps, I know it's tough to measure traffic, but could you just maybe give us a sense of how much price you'd estimate is reflected in your Q2 year-on-year comps and just level-set what your latest thinking is on potentially taking additional pricing in the second half, either F&B or amusements?

比較，我知道很難衡量流量，但您能否讓我們了解一下您估計的價格會反映在第二季度的同比比較中，並確定您最新的潛在想法下半年採取額外定價，餐飲還是娛樂？

At this point in time, we don't have plans to adjust price in a meaningful way for the second half of the year. As I said a minute ago, we're just now in the process of building out our plans for 2025. And so we will certainly go through and have a pricing optimization plan for 2025. But we feel like we're in a good spot for the rest of this year. We don't get in. We don't disclose the granularity of all of our different initiatives. And so what we're getting on price is not something that we're going to disclose -- that we have disclosed.

目前，我們還沒有計劃在下半年進行有意義的價格調整。正如我一分鐘前所說，我們現在正在製定 2025 年的計劃。我們不會介入。因此，我們所得到的價格不是我們要披露的——我們已經披露了。

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

我們的問答環節到此結束。我想將會議轉交給克里斯莫里斯（Chris Morris）負責結束。

Okay. Well, thank you so much for their participation today. We look forward to speaking to you and continue to give you an update on all of our initiatives. Thank you. Have a great day.

好的。嗯，非常感謝他們今天的參與。我們期待與您交談，並繼續向您提供我們所有舉措的最新資訊。謝謝。祝你有美好的一天。

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。