Red Robin Gourmet Burgers Inc (RRGB) 2022 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc. Fourth Quarter 2020 Earnings Call. (Operator Instructions) This conference is being recorded. During management's presentation and in response to your questions, we will be making forward-looking statements about the company's business outlook and expectations.

大家下午好，歡迎來到 Red Robin Gourmet Burgers, Inc. 2020 年第四季度財報電話會議。 （操作員說明）正在錄製此會議。在管理層的介紹和回答您的問題時，我們將對公司的業務前景和預期做出前瞻性陳述。

These forward-looking statements and all other statements that are not historical facts reflect management's beliefs and predictions as of today and therefore, are subject to risks and uncertainties as described in the company's SEC filings.

這些前瞻性陳述和所有其他非歷史事實的陳述反映了管理層截至今天的信念和預測，因此受到公司提交給美國證券交易委員會的文件中所述的風險和不確定性的影響。

Management will also discuss non-GAAP financial measures as part of today's conference call. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles but are intended to illustrate an alternative measure of the company's operating performance that may be useful.

作為今天電話會議的一部分，管理層還將討論非 GAAP 財務措施。這些非 GAAP 指標並非根據公認的會計原則編制，而是旨在說明可能有用的衡量公司經營業績的替代指標。

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in the earnings release. The company has posted its fourth quarter and full year 2022 earnings release on its website at ir.redrobin.com. I'd now like to turn the call over to Red Robin's CEO, G.J. Hart. Please go ahead.

在收益發布中可以找到非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。該公司已在其網站 ir.redrobin.com 上發布了其第四季度和 2022 年全年收益報告。我現在想把電話轉給 Red Robin 的首席執行官 G.J.哈特。請繼續。

Hello, and thank you for joining us today. With me is Todd Wilson, our Chief Financial Officer; who will review our quarterly and year-end financial results and outlook for 2023 after I conclude my prepared remarks.

您好，感謝您今天加入我們。和我一起的是我們的首席財務官 Todd Wilson；在我結束準備好的發言後，誰將審查我們的季度和年終財務業績以及 2023 年展望。

I'd like to start by thanking the restaurant management teams and team members in our restaurants. We will succeed because of your passion, dedication, tenacity and hard work. As I have traveled and visited our restaurants and teams, I've witnessed so much talent and genuine goodness in the people of Red Robin. For that, I am very grateful.

首先，我要感謝我們餐廳的餐廳管理團隊和團隊成員。我們將因您的熱情、奉獻、堅韌和努力而取得成功。在我參觀和參觀我們的餐廳和團隊時，我目睹了 Red Robin 員工的才華和真誠善良。為此，我非常感激。

As we exited 2022, we took immediate steps to reverse the declining trajectory of the business and set ourselves up for improved performance as we entered 2023. We -- as I initially stated on my inaugural conference call as Red Robin's new CEO last November, I am so excited to be here and my optimism for what we can achieve has only grown since assuming this role. In my first now 6 months as CEO, we have moved quickly as a company to identify our strategic path forward and transition to a new leadership team.

當我們離開 2022 年時，我們立即採取措施扭轉業務下滑的軌跡，並為進入 2023 年時改善業績做好準備。正如我在去年 11 月作為 Red Robin 新任首席執行官的就職電話會議上最初所說的那樣，我來到這裡我感到非常興奮，自從擔任這個角色以來，我對我們能夠取得的成就的樂觀情緒只增不減。在我擔任 CEO 的前 6 個月裡，作為一家公司，我們迅速採取行動，確定了我們的戰略前進道路，並向新的領導團隊過渡。

I'm pleased to share the leadership transition is nearing completion. Todd Wilson joined in November as CFO. And Sarah Mussetter returned to Red Robin at the same time as Chief Legal Officer. To lead operations teams, Rod Jones started in December, and Jesse Griffith will start later in March. Amy Woolen and Deena DePhillips have done fantastic work as interim CMO and CTO, respectively. I expect we will announce permanent CMO and CTO addition soon with Amy and Deena continuing to be leaders on the team. Wayne Davis and Jason Rusk complete what I am confident will prove to be a fantastic leadership team.

我很高興與大家分享領導層交接即將完成。 Todd Wilson 於 11 月加入，擔任首席財務官。而 Sarah Mussetter 在擔任首席法務官的同時回到了 Red Robin。為了領導運營團隊，Rod Jones 於 12 月開始工作，Jesse Griffith 將在 3 月下旬開始工作。 Amy Woolen 和 Deena DePhillips 分別作為臨時 CMO 和 CTO 做了出色的工作。我預計我們將很快宣布永久 CMO 和 CTO 的增加，而 Amy 和 Deena 將繼續擔任團隊的領導者。 Wayne Davis 和 Jason Rusk 完成了我相信將被證明是一支出色的領導團隊。

We have a great mix of internal and external talent, all with leaders who have proven success in our industry. In January, at the ICR conference, we announced our North Star, a 5-point plan that we expect will enhance our competitive positioning, drive sustainable growth and build long-term shareholder value. In developing this plan, we reviewed the full history of Red Robin from the parts of the brand and execution that made Red Robin great to any missteps along the way. This plan is a blueprint for the comeback of an iconic brand.

我們擁有大量的內部和外部人才，所有領導者都在我們的行業中取得了成功。 1 月，在 ICR 會議上，我們宣布了我們的北極星計劃，這是一項 5 點計劃，我們預計該計劃將提升我們的競爭地位、推動可持續增長並建立長期股東價值。在製定此計劃時，我們回顧了 Red Robin 的完整歷史，從使 Red Robin 偉大的品牌和執行力到沿途的任何失誤。這個計劃是一個標誌性品牌捲土重來的藍圖。

Our focus is now squarely on the future. Brands are always evolving, and we are moving thoughtfully and quickly to deliver needed changes at Red Robin. We are confident that these changes are right and will result in improved guest book experience, team members that are happier, more engaged and better rewarded and financial results that reward our investors.

我們現在的重點完全放在未來。品牌總是在不斷發展，而我們正在周到而迅速地行動，以在 Red Robin 提供所需的變化。我們相信這些變化是正確的，並將帶來更好的留言簿體驗、更快樂的團隊成員、更多的參與和更好的回報以及回報我們投資者的財務結果。

I would like to share some additional thoughts on what we were doing in 2023 to execute against the North Star. Number one, to transform us to an operations-focused restaurant company. First and foremost, we are going to be operations driven. This means that frontline operators will be involved in all key decisions. They have a voice, their voice matters, and we will listen. We will look to compensate our restaurant leaders as partners by creating a similar program to other companies that I have led. Under this program, the management team at each restaurant will be compensated every month based on the profits of their restaurant. This will intend -- instill a real sense of ownership and drive real-time accountability and rewards for performance. We expect to share more communication with the team soon and deploy this compensation model later in 2023.

我想分享一些關於我們在 2023 年針對 North Star 執行的操作的額外想法。第一，將我們轉變為一家以運營為中心的餐飲公司。首先，我們將以運營為導向。這意味著一線操作員將參與所有關鍵決策。他們有發言權，他們的發言很重要，我們會傾聽。我們將尋求通過創建與我領導的其他公司類似的計劃來補償我們作為合作夥伴的餐廳領導。根據該計劃，每個餐廳的管理團隊將根據餐廳的利潤每月獲得報酬。這將旨在 - 灌輸真正的主人翁意識並推動實時問責制和績效獎勵。我們希望盡快與團隊分享更多溝通，並在 2023 年晚些時候部署這種薪酬模式。

We have also restructured both our restaurant support center and operations leadership. These changes are designed to better support our single unit operators by removing bureaucracy and speeding decision-making. Number two, elevating the guest experience. In December, we began adding back busters, hosts and bar tenders, which were removed in the past. We will progress with a phased implementation to shift our service model back to a more traditional service standard where servers have fewer tables and are supported with buster assistance.

我們還重組了餐廳支持中心和運營領導層。這些變化旨在通過消除官僚作風和加快決策制定，更好地支持我們的單機操作員。第二，提升賓客體驗。 12 月，我們開始重新添加過去被刪除的主播、主持人和酒吧招待。我們將分階段實施，將我們的服務模型轉變回更傳統的服務標準，其中服務器的表更少，並得到 buster 協助的支持。

We have already seen evidence in sales gains from these changes as returning to being appropriately staffed allows us to capture guests that are already coming to us but were being lost in the past due to a false waits in the restaurant. We make a commitment to our guests when we hang a sign on each of our 500-plus restaurants that says gourmet burgers.

我們已經看到這些變化帶來的銷售收益的證據，因為恢復適當的人員配備使我們能夠吸引已經來找我們但過去由於餐廳錯誤等待而迷路的客人。當我們在我們的 500 多家餐廳中的每一家都掛上寫著美味漢堡的標誌時，我們就向我們的客人做出了承諾。

While our burgers today are good to fully deliver on this commitment, we are upgrading our cooking techniques. We expect to transition from the existing conveyor belt cooking system to a more traditional flat top cooking method. The flat top hears the burger, ceiling and flavor of delivering a product that is 20% larger and provides an even greater quality and value for our guests.

雖然我們今天的漢堡很好地兌現了這一承諾，但我們正在升級我們的烹飪技術。我們希望從現有的傳送帶烹飪系統過渡到更傳統的平頂烹飪方法。平頂聽到漢堡、天花板和交付更大 20% 的產品的味道，並為我們的客人提供更高的質量和價值。

This process is simpler and quicker for our team members to execute and we eliminate significant maintenance and repair costs associated with the cooking platform. We began testing the Flat Top cooking method in January and now have 10 restaurants live. Reviews and feedback from both guests and team members has been outstanding.

這個過程對我們的團隊成員來說執行起來更簡單、更快捷，而且我們消除了與烹飪平台相關的大量維護和維修成本。我們從 1 月份開始測試 Flat Top 烹飪方法，現在有 10 家餐廳上線。來自客人和團隊成員的評論和反饋非常出色。

We expect to begin full system deployment in the second quarter and target completion by the middle of this year. Our commitment to our guests extends to ingredient quality improvements and menu innovation. Brian Sullivan joined Red Robin in February to lead our culinary and beverage teams. Brian and I have worked together previously, and I'm confident he'll do a fantastic job to elevate classic items that made Red Robin great and developed new items to satisfy guest feedback.

我們預計在第二季度開始全面部署系統，目標是在今年年中完成。我們對客人的承諾延伸到成分質量改進和菜單創新。 Brian Sullivan 於 2 月加入 Red Robin，領導我們的烹飪和飲料團隊。 Brian 和我之前曾一起工作過，我相信他會出色地提升經典項目，讓 Red Robin 變得偉大，並開發新項目以滿足客人的反饋。

He and his team are already underway developing items like non-fried appetizers and new entree options. This innovation will provide our guests a wider array of menu and price point options. We have been very pleased with our long-standing Donatos partnership, which is currently available in approximately 250 Red Robin restaurants. Donatos is an excellent product that offers our guests another American favorite on our menu.

他和他的團隊已經在著手開發非油炸開胃菜和新主菜等產品。這項創新將為我們的客人提供更廣泛的菜單和價位選擇。我們對與 Donatos 的長期合作夥伴關係感到非常滿意，該合作夥伴目前在大約 250 家 Red Robin 餐廳提供。 Donatos 是一款出色的產品，在我們的菜單上為我們的客人提供了另一種美國人的最愛。

As we long stated, comparable restaurant sales and restaurants that offer Donatos have outperformed restaurants that do not. In any comeback, there are many opportunities. We are being very thoughtful to be aggressive in our actions and ensure we prioritize putting the core foundation in place first to build for our long-term success. This led to us to scale back the pace of the Donatos expansion.

正如我們長期以來所說，可比較的餐廳銷售額和提供多納托斯的餐廳的表現要好於不提供多納托斯的餐廳。任何翻盤，都有很多機會。我們非常謹慎地積極採取行動，並確保我們優先考慮將核心基礎放在首位，以實現我們的長期成功。這導致我們縮減了多納托斯擴張的步伐。

We do anticipate completing approximately 25 Donatos installations in 2023. Number three, remove cost and complexity. The investments in the guest experience are needed and opportunities to thoughtfully reduce costs, provide the funding for those investments in the near term. While the guests felt many of the cost-saving efforts in Red Robins passed, we are now focused on changes that uphold the commitment to quality and do not negatively impact the guest experience.

我們確實預計在 2023 年完成大約 25 個 Donatos 安裝。第三，降低成本和復雜性。需要對賓客體驗進行投資，並有機會深思熟慮地降低成本，在短期內為這些投資提供資金。雖然客人認為 Red Robins 的許多節省成本的努力都已過去，但我們現在專注於堅持對質量的承諾並且不會對客人體驗產生負面影響的變化。

We have already identified meaningful opportunities in our supply chain with simple changes like increasing pack size for the same products we buy today or consolidating vendors to take advantage of our scale. We see opportunities beyond supply chain, including. We have engaged our current vendor partners to strengthen those relationships and rightsize contracts to competitive market standards. We are working to eliminate redundant or unnecessary third-party contracts. We rightsighted the support team structure to align with the priorities of the North Star plan.

我們已經通過簡單的改變在我們的供應鏈中發現了有意義的機會，例如增加我們今天購買的相同產品的包裝尺寸或整合供應商以利用我們的規模。我們看到供應鏈以外的機會，包括。我們已經聘請了我們當前的供應商合作夥伴來加強這些關係，並根據競爭市場標準調整合同規模。我們正在努力消除多餘或不必要的第三方合同。我們調整了支持團隊結構，使其與北極星計劃的優先事項保持一致。

We are utilizing technology and analytics to identify further opportunities and reduce costs. Four, to optimize the guest engagement. Next, we are optimizing the guest engagement by going back to being a local community brand that supports the communities we serve. This is in contrast with the previous approach of positioning ourselves as a national company with a national media presence. This focus on local store marketing and serving the communities around us is the approach that built Red Robin. And I've used the same approach very successfully in the past.

我們正在利用技術和分析來發現更多機會並降低成本。四、優化客人參與度。接下來，我們通過重新成為支持我們所服務社區的本地社區品牌來優化賓客參與度。這與之前將自己定位為擁有全國媒體存在的全國性公司的做法形成鮮明對比。這種專注於本地商店營銷和服務我們周圍社區的方法是建立 Red Robin 的方法。我過去曾非常成功地使用過相同的方法。

We will continue to build and engage with guests through our Red Robin royalty -- loyalty platform. which has 11.3 million members today. The goal is to elevate it from being a discount program for its newest members into being a true loyalty platform for those guests that are eager to demonstrate their loyalty to us and drive more frequency. We are fortunate in so many ways. Red Robin is a company that gives back and supports our families and our communities. Later this week, we will issue a press release announcing our partnership with Make-A-Wish Foundation.

我們將繼續通過我們的 Red Robin 版稅 - 忠誠度平台與客人建立聯繫。今天有 1130 萬會員。目標是將其從面向其最新會員的折扣計劃提升為真正的忠誠度平台，面向那些渴望向我們展示忠誠度並提高頻率的客人。我們在很多方面都很幸運。 Red Robin 是一家回饋和支持我們的家庭和社區的公司。本週晚些時候，我們將發布新聞稿，宣布我們與 Make-A-Wish Foundation 的合作夥伴關係。

This is an organization I was privileged to serve on the Board of Directors in the past. They do wonderful things to inspire children and families and Red Robin is honored to help support them. through a donation of $0.10 for every kid's meal we sell, Red Robin is making the largest corporate commitment from a new partner in the history of Make-A-Wish with a commitment of over $3 million over the next 3 years.

這是我過去有幸在董事會任職的組織。他們做一些很棒的事情來激勵孩子和家庭，Red Robin 很榮幸能幫助支持他們。通過為我們售出的每份兒童餐捐贈 0.10 美元，Red Robin 正在做出 Make-A-Wish 歷史上新合作夥伴最大的企業承諾，在未來 3 年內承諾超過 300 萬美元。

Number five, drive growth in comparable restaurant revenue and unit level profitability and deliver on our financial commitments. When we execute on the first 4 parts of the North Star, we expect the outcome to be growth in comparable restaurant sales positive guest traffic, meaningful gains in restaurant-level operating profit and unit economics that compel unit growth in the future.

第五，推動可比餐廳收入和單位盈利能力的增長，並兌現我們的財務承諾。當我們執行 North Star 的前 4 個部分時，我們預計結果將是可比餐廳銷售額的增長、積極的客流量、餐廳級營業利潤的顯著增長以及推動未來單位增長的單位經濟效益。

While we see tremendous financial opportunity for Red Robin, regaining credibility with the investment community is of paramount importance to us. As a result, our financial guidance will be conservative and measured as we work to build a track record of delivering on our financial commitments. In the big picture, our North Star will be the filter that we use to guide our efforts, which we believe will enable us to more than double our 2022 adjusted EBITDA margin by 2025.

雖然我們看到了 Red Robin 巨大的財務機會，但重新獲得投資界的信譽對我們來說至關重要。因此，在我們努力建立履行財務承諾的記錄時，我們的財務指導將是保守的和衡量的。從大局來看，我們的北極星將成為我們用來指導我們努力的過濾器，我們相信這將使我們到 2025 年將 2022 年調整後的 EBITDA 利潤率提高一倍以上。

In closing, comebacks are not easy, but there is also so much to work with here at Red Robin. We are therefore highly confident that we can bring this brand back better than before, and we hope that you'll share our enthusiasm for where we are headed.

最後，捲土重來並不容易，但在 Red Robin 也有很多工作要做。因此，我們非常有信心能夠比以前更好地恢復這個品牌，我們希望您能分享我們對前進方向的熱情。

Now let me turn the call over to Todd.

現在讓我把電話轉給托德。

Thank you, G.J., and good afternoon, everyone. I'd like to start by providing a recap of our financial performance for the fourth -- fiscal fourth quarter of 2022, and then we'll move to our financial guidance for 2023.

謝謝 G.J.，大家下午好。我想首先回顧一下我們第四財季——2022 財年第四季度的財務業績，然後我們將轉向 2023 年的財務指導。

Total revenues in Q4 were approximately $290 million, an increase of $6.7 million versus the fourth quarter of 2021. The increase in revenue resulted from an increase in comparable restaurant revenue of 2.5% compared to Q4 2021. This is the eighth consecutive quarter of positive comparable restaurant growth.

第四季度的總收入約為 2.9 億美元，與 2021 年第四季度相比增加了 670 萬美元。收入的增加是由於可比餐廳收入與 2021 年第四季度相比增長了 2.5%。這是連續第八個季度實現正可比餐廳增長。

Revenue also increased due to an increase in gift card breakage. Compared to the fourth quarter of 2019, comparable restaurant sales increased by 2.1%. The Red Robin business has posted comparable restaurant sales growth versus 2019 for the past 4 quarters.

由於禮品卡破損的增加，收入也有所增加。與 2019 年第四季度相比，可比餐廳銷售額增長了 2.1%。過去 4 個季度，Red Robin 業務的餐廳銷售額增長與 2019 年相當。

Now 4 years later in 2023, we expect to generally move past benchmarks to 2019 in our public comments. As a percentage of restaurant sales, dine-in sales mix increased sequentially in each quarter of fiscal year 2022 to approximately 73% in the fourth quarter.

現在 4 年後的 2023 年，我們預計在我們的公眾評論中通常會將過去的基準移至 2019 年。作為餐廳銷售額的百分比，堂食銷售額在 2022 財年的每個季度連續增加，在第四季度達到約 73%。

Restaurant-level operating profit as a percentage of restaurant revenue was 11.4%, a decrease of approximately 170 basis points compared to the fourth quarter of 2021. Extreme inflationary pressures continued in the fourth quarter in many cost categories. We are very thoughtful to ensure we deliver great value to our guests and have taken less menu price increases than we observed being reported by many of our competitors. Commodity inflation percentage has moderated from the peak in the second quarter of 2022 to a still elevated 13% in the fourth quarter.

餐廳層面的營業利潤佔餐廳收入的比例為11.4%，與2021年第四季度相比下降了約170個基點。第四季度，許多成本類別的極端通脹壓力持續存在。我們非常周到，以確保我們為客人提供巨大的價值，並且菜單價格上漲幅度低於我們觀察到的許多競爭對手報告的價格。大宗商品通脹率已從 2022 年第二季度的峰值放緩至第四季度仍然較高的 13%。

Commodity inflation is the primary driver of the 170 basis point increase in cost of goods sold as compared to the fourth quarter of fiscal 2021. Each of our other restaurant operating cost categories, labor, other operating and occupancy are unchanged as a percentage of restaurant revenue in the fourth quarter of '22 as compared to the fourth quarter of 2021.

與 2021 財年第四季度相比，商品通貨膨脹是銷售商品成本增加 170 個基點的主要驅動因素。我們的其他餐廳運營成本類別、勞動力、其他運營和入住率佔餐廳收入的百分比均保持不變與 2021 年第四季度相比，22 年第四季度。

In labor expenses, hourly wage inflation of approximately 6% was offset by menu price increases. Other operating expenses saw lower third-party sales commission resulting from lower third-party sales mix, offset by higher repair and maintenance costs and utility costs.

在人工費用方面，約 6% 的小時工資上漲被菜單價格上漲所抵消。由於第三方銷售組合較低，其他運營費用的第三方銷售佣金較低，但被較高的維修和維護成本以及公用事業成本所抵消。

General and administrative costs were $20.2 million, an increase versus the prior year of $2.5 million, driven primarily by higher spend in professional services legal fees and contract termination costs. Selling expenses were $14.2 million, a decrease versus the prior year of $1.5 million as we began the shift and reduction in selling spend to local efforts that we expect will continue in 2023.

一般和行政費用為 2020 萬美元，比上一年增加 250 萬美元，這主要是由於專業服務法律費用和合同終止費用支出增加所致。銷售費用為 1,420 萬美元，比上年減少 150 萬美元，因為我們開始將銷售支出轉移到當地，預計 2023 年將繼續減少。

We recorded a noncash impairment expense of approximately $25 million related to 36 restaurant locations. This outcome is primarily due to restaurants that did not perform as expected as a result of inflationary cost pressures at levels not experienced in decades that reduced restaurant-level profitability.

我們記錄了與 36 家餐廳地點相關的約 2500 萬美元的非現金減值費用。這一結果主要是由於幾十年來未曾經歷過的通貨膨脹成本壓力降低了餐廳的盈利能力，導致餐廳的業績沒有達到預期。

We assessed it is appropriate to record this noncash expense, and we remain optimistic about the future prospects of these restaurants as we expect our North Star initiatives to drive future performance gains. For the fourth quarter of fiscal 2022, adjusted EBITDA was $8.9 million, in line with adjusted EBITDA of $8.9 million in the fourth quarter of 2021.

我們認為記錄這種非現金支出是合適的，我們對這些餐廳的未來前景保持樂觀，因為我們預計我們的北極星計劃將推動未來的業績增長。 2022 財年第四季度，調整後 EBITDA 為 890 萬美元，與 2021 年第四季度 890 萬美元的調整後 EBITDA 一致。

For the fiscal 2022 year, adjusted EBITDA was $52.8 million compared to adjusted EBITDA of $63.5 million in 2021. We Capital expenditures totaled $38.2 million for fiscal 2022. Investments in 2022 included completion of our Donatos installations, 5 restaurant remodels over 200 vinyl seating renovations, technology upgrades and a majority of the construction costs related to our new restaurant build in Glendale, Arizona, which we expect to open in March.

在 2022 財年，調整後的 EBITDA 為 5280 萬美元，而 2021 年調整後的 EBITDA 為 6350 萬美元。我們在 2022 財年的資本支出總計 3820 萬美元。2022 年的投資包括完成我們的 Donatos 安裝、5 家餐廳改造、200 多個乙烯基座椅翻新、技術升級和大部分建築成本與我們在亞利桑那州格倫代爾建造的新餐廳有關，我們預計該餐廳將於 3 月開業。

We ended fiscal '22 with approximately $48.8 million of cash and cash equivalents and $10 million available borrowing capacity under our revolving line of credit.

在我們的循環信貸額度下，我們以大約 4880 萬美元的現金和現金等價物以及 1000 萬美元的可用借貸能力結束了 22 財年。

At year-end, our outstanding principal balance under our credit agreement was $214 million and letters of credit outstanding were $9.1 million. As we map our path forward, it is important that we are able to accurately forecast our business performance as we make the needed investments in the guest experience.

年末，我們的信貸協議項下的未償本金餘額為 2.14 億美元，未償信用證為 910 萬美元。當我們規劃前進的道路時，重要的是我們能夠準確預測我們的業務績效，因為我們對客戶體驗進行了必要的投資。

It is equally important to regain credibility with the investment community and deliver our commitments. With this in mind, we are taking an appropriately conservative approach to guidance. Our guidance for 2023 is as follows: total revenue of approximately $1.3 billion, restaurant-level operating profit of at least 13% inclusive of investments in the guest experience, primarily in labor.

重新贏得投資界的信任並兌現我們的承諾同樣重要。考慮到這一點，我們正在採取適當保守的指導方法。我們對 2023 年的指導如下：總收入約為 13 億美元，餐廳級營業利潤至少為 13%，其中包括對客人體驗的投資，主要是勞動力。

Selling and general and administrative expense from $120 million to $125 million, capital expenditures from $35 million to $40 million, adjusted EBITDA from $62.5 million to $72.5 million. I will add texture to this guidance.

銷售和一般及行政費用從 1.2 億美元增至 1.25 億美元，資本支出從 3500 萬美元增至 4000 萬美元，調整後的 EBITDA 從 6250 萬美元增至 7250 萬美元。我將為本指南添加紋理。

We are very optimistic about the future of Red Robin and are confident the investments we are making back into the guest experience will resonate with consumers. However, we expect it will take time to build frequency and guest traffic. Our revenue guidance is grounded in a general continuation of comparable restaurant traffic trends experienced by the industry in the fourth quarter of 2022. We anticipate commodity and labor inflation will be in the mid- to high single digits with a generally equal level of menu price increases. We have identified and are starting to implement smart cost savings opportunities that support the investments back into the guest experience.

我們對 Red Robin 的未來非常樂觀，並相信我們對賓客體驗的投資將引起消費者的共鳴。但是，我們預計建立頻率和訪客流量需要時間。我們的收入指引基於 2022 年第四季度該行業經歷的可比餐廳客流量趨勢的普遍延續。我們預計商品和勞動力通脹將處於中高個位數，菜單價格上漲水平大致相同.我們已經確定並開始實施明智的成本節約機會，以支持將投資重新投入到客戶體驗中。

We expect these captured savings will increase through the year as additional actions are implemented. We have been encouraged by the resiliency of the consumer despite inflationary pressures on the back of a continued strong labor market. Our comparable restaurant sales and traffic results through the first 8 weeks of fiscal 2023 have exceeded the comparable Black Box benchmark.

我們預計，隨著更多行動的實施，這些節省的資金將在全年增加。儘管在持續強勁的勞動力市場的支持下存在通脹壓力，但消費者的韌性令我們感到鼓舞。我們在 2023 財年前 8 週的可比餐廳銷售和客流量結果超過了可比的黑盒基準。

We attribute this outperformance to our progress to return to industry standard staffing levels that will allow us to serve those guests that are already coming to our restaurants and may have faulted and been lost in the past due to a false wait. As one reflection of our conservative approach, this strong start to the year is not yet reflected in our 2023 guidance. We announced in January that we are evaluating a sale-leaseback transaction for up to 35 owned properties. This evaluation is fully underway, and we continue to expect the evaluation to be complete in the first quarter.

我們將這種出色表現歸因於我們在恢復到行業標准人員配備水平方面取得的進展，這將使我們能夠為那些已經來到我們餐廳並且可能因錯誤等待而在過去出現故障和迷路的客人提供服務。作為我們保守方法的一種反映，今年的強勁開局尚未反映在我們的 2023 年指南中。我們在 1 月份宣布，我們正在評估最多 35 個自有房產的售後回租交易。該評估正在全面進行中，我們繼續預計評估將在第一季度完成。

If pursued, we expect the transaction to be completed in the second quarter of 2023. If we proceed with the transaction, we anticipate using the proceeds to repay debt fund capital investments and repurchase shares of company stock, subject to the terms of our credit agreements and Board approval.

如果繼續進行，我們預計交易將在 2023 年第二季度完成。如果我們繼續進行交易，我們預計根據我們的信貸協議條款，使用所得款項償還債務基金資本投資和回購公司股票和董事會批准。

Please note, as we are still evaluating this transaction, our 2023 guidance does not incorporate completion of any sale-leaseback transaction. In closing, I joined the team here at Red Robin back in November. I was excited by the opportunities in front of the business then, and I'm even more energized and optimistic today. With that, I'll turn the call back over to G.J..

請注意，由於我們仍在評估此交易，我們的 2023 年指南不包括任何售後回租交易的完成。最後，我於 11 月加入了 Red Robin 的團隊。那時我對企業面前的機會感到興奮，今天我更加精力充沛和樂觀。有了這個，我會把電話轉回給 G.J..

Thank you, Todd. Let me reiterate that all of the elements of our Five-Point Plan are geared towards upholding the exceptional restaurant experience that our guests deserve and fulfilling on our brand promise. Over the next few years, we have a great opportunity ahead of us and are committed to taking bold action to build a successful and sustainable business that will ultimately create value for our shareholders.

謝謝你，托德。讓我重申，我們五點計劃的所有要素都是為了維護我們的客人應得的卓越餐廳體驗，並履行我們的品牌承諾。在接下來的幾年裡，我們面臨著一個巨大的機遇，我們致力於採取大膽的行動來建立一個成功和可持續的業務，最終為我們的股東創造價值。

With the support of our team members here in Englewood and within our restaurants themselves, we are energized by the work we do, and thank you for your interest in Red Robin. We will now open the call for questions.

在恩格爾伍德和我們餐廳內部團隊成員的支持下，我們所做的工作充滿活力，感謝您對 Red Robin 的關注。我們現在將開始提問。

(Operator Instructions) The first question comes from Alex Slagle from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Alex Slagle。

Wanted to just start off, I guess, looking at the same-store sales drivers for 2023 and get a sense for what you'd call out is the most significant and visible drivers as we stand here today. And clearly, some of the initiatives like you mentioned, will take some time to bear fruit, but it seems like some of the opportunities like the reduction in false waits can deliver improvements pretty quickly. So just kind of love to hear a bit more about how you're thinking about it as we look ahead.

我想剛開始，看看 2023 年的同店銷售驅動因素，並了解你所說的是我們今天站在這裡最重要和最明顯的驅動因素。顯然，像您提到的一些舉措需要一些時間才能見效，但似乎減少錯誤等待等一些機會可以很快帶來改進。因此，在我們展望未來時，很高興聽到更多關於您的想法。

Alex, this is Todd. Yes, the -- I think there's a few angles to that. One, embedded in our guidance, we tried to give the texture through the call there.

亞歷克斯，這是托德。是的，我認為這有幾個角度。第一，在我們的指導中，我們試圖通過那裡的電話來提供質感。

I think we've been fairly conservative in terms of how we thought about sales in our guidance. We embedded, as we said, kind of continued traffic trends from Q4. In terms of the sales drivers, though, it is really all about the guest experience, right?

我認為我們在指南中對銷售的看法一直相當保守。正如我們所說，我們嵌入了第四季度的持續流量趨勢。不過，就銷售驅動因素而言，這實際上完全與客戶體驗有關，對嗎？

It's staffing the restaurants appropriately. It's giving a great experience. It will be food, it'll be the atmosphere elements, those types of things. As I said in my comments though, we think the long-term build of that will take time, right? Guests have to come in, they have to experience that difference, and we can accelerate that to a degree with marketing, but we think the long-term build takes time.

它正在適當地為餐廳配備人員。它提供了很棒的體驗。它將是食物，將是氣氛元素，諸如此類的東西。正如我在評論中所說，我們認為長期構建需要時間，對吧？客人必須進來，他們必須體驗到這種不同，我們可以通過營銷在一定程度上加快這一進程，但我們認為長期建設需要時間。

As you alluded to, though, in the near term, we believe that the benefit that we're seeing in terms of outpacing the industry to start the quarter is related to staffing and guest that we were losing in the past due to the false wait. So all of that said, we think there's near-term benefits. The long-term plan, though, is really about building healthy, sustainable traffic through a great guest experience.

不過，正如您提到的那樣，在短期內，我們認為我們在本季度開始時超越行業所看到的好處與我們過去因錯誤等待而失去的員工和客人有關.所以綜上所述，我們認為有近期的好處。不過，長期計劃實際上是通過出色的客戶體驗來建立健康、可持續的交通。

Okay. And I don't know if you care to give more color on just how much you're outperforming the Black Box benchmark or just a number to give us a frame of reference?

好的。而且我不知道你是否願意在你的表現優於黑盒基準測試的情況下提供更多顏色，或者只是一個數字來給我們一個參考框架？

I think fair to say we'll probably hold to the outperformance. We're obviously very pleased with that. I'm sure you and the audience knows, it's been a strong start for the industry. So we're certainly pleased by that, but equally as pleased to be outpacing the industry because we think it provides data points that it's what we're doing and the changes that we're implementing that are driving those changes, that outperformance.

我認為可以公平地說，我們可能會保持出色的表現。我們顯然對此非常滿意。我相信你和觀眾都知道，這對這個行業來說是一個良好的開端。因此，我們當然對此感到高興，但同樣高興地超越了行業，因為我們認為它提供了數據點，表明我們正在做的事情以及我們正在實施的改變正在推動這些改變，即表現出色。

Okay. And so the components of same-store sales as you think about for the year, pricing, I guess, in the high single digits or sort of offsetting the inflation, the menu mix Curious if you can think you can continue to keep that positive and growing.

好的。因此，您考慮的年度同店銷售的組成部分，定價，我猜，在高個位數或某種程度上抵消了通貨膨脹，菜單組合很好奇您是否可以認為您可以繼續保持積極和生長。

And then on the discounting, if you expect that impact to become a positive check driver as you think through your actions through the year on discounting?

然後在折扣方面，如果您在考慮全年的折扣行動時希望這種影響成為積極的支票驅動因素？

Yes, I'd say you -- I'm sure you can put it all together, but it's a marginally positive comp sales number that's embedded in our guidance. And I think you've got the components right there. We'll see what happens with inflation, but we do have that mid- to high single-digit pricing embedded in our numbers. The discounting and the mix components, I'll talk about mix first. As we look at all of the attachment items in our business, meaning appetizers, desserts, alcoholic beverage incidents, we think there's great opportunity in all of those. I would share we're not counting on those necessarily to achieve our guidance numbers, but those are certainly areas that we see big opportunities and have steps to promote.

是的，我會說你 - 我相信你可以把它們放在一起，但它是我們指導中嵌入的一個略微積極的銷售數字。而且我認為您已經擁有了組件。我們將看看通貨膨脹會發生什麼，但我們的數字中確實有中高個位數的定價。折扣和混合組件，我會先談談混合。當我們審視我們業務中的所有附件項目時，即開胃菜、甜點、酒精飲料事件，我們認為所有這些都有很大的機會。我想分享一下，我們並不一定指望那些來實現我們的指導數字，但這些肯定是我們看到巨大機遇並採取措施推動的領域。

On the discount side, that's play, I believe, that will take a little bit more time to develop. The team has done great work beginning that plan. We just have to push it across the finish line. But over time, I do expect that you'll see discount levels decline. It may just take a little bit of time to get there.

在折扣方面，這就是遊戲，我相信，這需要更多的時間來開發。該團隊在開始該計劃方面做得很好。我們只需要把它推過終點線。但隨著時間的推移，我確實希望您會看到折扣水平下降。到達那裡可能只需要一點時間。

And just final one I wanted to touch on the restaurant level margin guidance and just trying to think through the cadence through the year, getting to that 13% and I guess, the investments that you're making upfront on the labor piece and I guess just trying to think through how that's going to flow as we move through the year and any other cost efficiency initiatives that you might have planned out? .

最後一個，我想談談餐廳層面的利潤率指導，我只是想通過這一年的節奏來思考，達到 13%，我猜，你在勞動力方面所做的前期投資，我猜只是想想想隨著我們這一年的進展以及您可能計劃的任何其他成本效率計劃，這將如何流動？ .

Yes, absolutely. The cost efficiencies, we already have implemented some of those, they'll continue to be implemented, but we know exactly what we're going to do there. It's just a matter of getting the execution complete, so that will ramp through the year. I think broadly, what I may say is the proof points that we're going to be looking for that confirm to us that we're on the right track are sequential improvements in guest traffic, sequential improvements in guest satisfaction scores, which we're seeing, by the way, and sequential improvements in restaurant level operating profit.

是的，一點沒錯。成本效率，我們已經實施了其中一些，它們將繼續實施，但我們確切地知道我們將在那裡做什麼。這只是完成執行的問題，所以這將在這一年中逐漸增加。我認為，從廣義上講，我可能會說的是我們將要尋找的證明點，以向我們確認我們走在正確的軌道上，這些證據是客人流量的連續改進，客人滿意度得分的連續改進，我們'順便說一句，我們看到了餐廳層面營業利潤的持續改善。

So there will be a tilt to that, an upward tilt to that, we expect -- and so that's how we're thinking about it, Alex, is starting the year at a thoughtful place. Now granted the sales that we've seen to start the year will help that quite a bit that we weren't planning on. but we do anticipate that you'll see an upward trajectory to all of those metrics that I just mentioned.

所以會有一個傾斜，向上傾斜，我們預計 - 這就是我們正在考慮的方式，亞歷克斯，在一個深思熟慮的地方開始新的一年。現在，我們已經看到今年年初的銷售情況將對我們沒有計劃的事情有很大幫助。但我們確實預計您會看到我剛才提到的所有這些指標的上升軌跡。

(Operator Instructions) The next question comes from Todd Brooks from the Benchmark Company.

（操作員說明）下一個問題來自 Benchmark 公司的 Todd Brooks。

Couple of questions here. Firstly, just, Todd, on the restaurant level operating margin guidance of 13% and I'm just wondering, and we probably need to keep in mind this is a 3-year plan as far as the North Star goes.

這裡有幾個問題。首先，托德，關於 13% 的餐廳層面營業利潤率指導，我只是想知道，我們可能需要記住，就北極星而言，這是一個 3 年計劃。

And I'm just wondering if you can maybe -- I don't know if there's a way you could talk to how investment is going to be staged across the 3-year window and the increased stability, if you're getting those 3 proof points that you talked about when you're answering Alex's question, the ability to self-fund those incremental investments in year 2 and year 3 as you hopefully see success with those proof points?

我只是想知道你是否可以——我不知道你是否有辦法討論如何在 3 年窗口期進行投資以及增加穩定性，如果你得到這 3 年你在回答亞歷克斯的問題時談到的證據點，在第 2 年和第 3 年自籌這些增量投資的能力，因為你希望通過這些證據點取得成功？

Yes, Todd, that's exactly kind of the discussion we've been having internally. In terms of how we think about phasing the investments, the addition of busters and hosts and bar tenders, I would say you can think of at the top of that list, right? That goes to the staffing and the false waits that both G.J. and I mentioned on the call or in our prepared remarks, we can measure the opportunity in false waits and what we've lost over the past few years.

是的，托德，這正是我們內部一直在進行的討論。就我們如何考慮分階段投資、增加 busters 和 hosts 以及 bar tenders 而言，我想說你可以在列表的頂部想到，對吧？這涉及到人員配備和虛假等待，G.J.我在電話中或在我們準備好的發言中提到，我們可以衡量錯誤等待中的機會以及我們在過去幾年中失去的東西。

We know it's a meaningful opportunity. And so that's a -- or those positions or positions that we're looking to add effectively ASAP, right? The team has already started that work. It just takes time to get there. But those will be the near-term additions. The evolution that G.J. spoke about in terms of the service model, we're confident that that's the right change that I think will take a little bit more time to fully layer in. It is one, I think you can expect, we'll get to completion on that this year. It will just happen throughout the year.

我們知道這是一個有意義的機會。所以這是一個 - 或者我們希望盡快有效添加的那些職位或職位，對嗎？該團隊已經開始了這項工作。到達那裡需要時間。但這些將是近期的補充。 G.J. 的演變談到服務模式，我們相信這是正確的改變，我認為需要更多時間才能完全融入。這是一個，我想你可以期待，我們將在那一年。它只會在全年發生。

Beyond 2023, there are investments that we'll likely look to make into the facility itself and technology, those types of areas. But our focus in 2023 really is on those labor components. The other piece I should mention G.J. mentioned in his prepared remarks was the partner compensation program. That's a change that we'll look to make in 2023 as well.

2023 年以後，我們可能會考慮對設施本身和技術等領域進行投資。但我們在 2023 年的重點實際上是那些勞動力組成部分。另一件我應該提到 G.J.他在準備好的發言中提到的是合作夥伴補償計劃。這也是我們希望在 2023 年做出的改變。

One additional, Todd. One additional thing that we're doing is as I mentioned when we met at ICR, the management complement and going to having a more traditional sense with a managing partner, a kitchen manager and assistant managers that move work -- fast going out as well. And then lastly, I would say that the other approach is if we're having success, to Todd's point, sequentially making improvements that we will continue to earn our way and it will allow us to move faster.

另外一個，托德。我們正在做的另一件事是，正如我在 ICR 會面時提到的那樣，管理層補充並與管理合夥人、廚房經理和助理經理一起進行更傳統的工作——快速走出去.最後，我想說的是，另一種方法是，如果我們取得成功，就 Todd 的觀點而言，依次進行改進，我們將繼續贏得我們的方式，這將使我們能夠更快地前進。

That's great. And then following up because you just hit the labor bucket, but I know kind of broadening out the menu and elevating the food quality is another key focus of the plan. You talked about rolling out the new flat tops fairly rapidly as well. But as you're thinking about kind of funding better food quality and you bake it in with your commodity outlook, Todd, are the savings there to kind of offset that part of the initiative? Or is there an investment in food quality that happens in fiscal '23?

那太棒了。然後跟進，因為你剛剛達到勞動力桶，但我知道擴大菜單和提高食品質量是該計劃的另一個重點。您還談到了相當快地推出新的平頂。但是當你在考慮為更好的食品質量提供資金並且你將它與你的商品前景結合起來時，托德，那裡的節省是否可以抵消該計劃的那一部分？還是在 23 財年對食品質量進行了投資？

Todd, I'll start off here and let Todd also make comments here, but we are confident that some of our approach around our vendor partnerships, being able to use our scale and look at single vendors where it's appropriate. Those kind of things we believe will allow us to invest in higher quality that is not going to be incremental spend for us.

托德，我將從這裡開始，讓托德也在這裡發表評論，但我們相信我們的一些方法圍繞我們的供應商合作夥伴關係，能夠使用我們的規模並在適當的地方尋找單一供應商。我們相信這些東西將使我們能夠投資於更高質量，而這對我們來說不會是增量支出。

And Todd, I would just only add to that of our guidance of at least 13% to all of our comments on being thoughtful of putting out guidance that we're confident we can achieve. That effectively is in line with our 2022 result. And we obviously view that as a floor that we need to work our way up from.

托德，我只想在我們的所有評論中增加至少 13% 的指導意見，即考慮周全地提出我們有信心可以實現的指導意見。這實際上與我們 2022 年的結果一致。我們顯然將其視為我們需要努力提高的底線。

So the -- my point in that being yes, we can grow restaurant-level operating profit while making these investments at the same time.

所以——我的觀點是，我們可以在進行這些投資的同時增加餐廳層面的營業利潤。

Yes. And Todd, I would just lastly say that I think that's a big piece of the -- that we talking about here is we feel good that we eventually will get back to margins that this company has achieved in the past. And I think if you look back in history, this company was a pretty steady performer for many years.

是的。托德，我最後想說的是，我認為這是一個很大的部分——我們在這裡談論的是我們感覺很好，我們最終會回到這家公司過去取得的利潤率。而且我認為，如果你回顧歷史，這家公司多年來表現相當穩定。

Now it may take us a little bit to get there because you can't just snap your fingers and get all the stuff implemented, and we're in a tough environment from a supply chain perspective, but we are highly confident that we'll get there.

現在我們可能需要一點時間才能到達那裡，因為你不能彈一下手指就能實施所有的東西，而且從供應鏈的角度來看，我們處在一個艱難的環境中，但我們非常有信心我們會到達那裡。

The next question comes from Andrew Wolf from CLK.

下一個問題來自 CLK 的 Andrew Wolf。

Congratulations on the partnership with the Make-A-Wish Foundation.

祝賀與許願基金會的合作。

Thanks, We're excited.

謝謝，我們很興奮。

I wanted to start with, I guess, my sort of bigger picture question is -- you alluded to bringing new products to the menu, and I know you've talked about that part of the menu are not sufficient and talk about on a Friday appetizers and there's a lot of opportunity. Could you give us -- walk us through the product innovation cycle from ideas and wherever you're sourcing your ideas internally, externally to testing and when it finally -- when new products are actually on the menu?

我想開始，我想，我的那種更宏觀的問題是——你提到將新產品帶到菜單上，我知道你已經談到菜單的那一部分是不夠的，並在星期五談論開胃菜，還有很多機會。您能否給我們介紹一下產品創新周期，從創意到您在內部、外部尋找創意的任何地方，再到測試，以及最終什麼時候——新產品真正出現在菜單上？

Well, Andrew, I'll give you just a little bit of under the tent here in terms of we're trying to move as quickly as possible. have a lot of consumer insights in terms of what those demands and what those requests are has been done in the past. And we're going to filter those out like an on Friday appetizers that we mentioned.

好吧，安德魯，就我們正在努力盡快採取行動而言，我會在這裡給你一些隱蔽的信息。在過去已經完成了這些需求和這些請求方面，有很多消費者見解。我們將像我們提到的周五開胃菜一樣過濾掉那些。

And that's going to be our guiding principles in terms of what we're looking to do. Same thing with entrees. And candidly, by looking back in the history of Red Robin as well as what the consumer insights that we have, you put those 2 things together, and our Brian Sullivan, who's head of culinary for us is well on his way to working around those things. We will then put them into a small beta test into restaurants, and then we will expand from there. But I will say that we will probably if we're feeling really strong about it, we will probably shortchange the normal cycle, which has been too long here at Red Robin in my opinion. We need to be courageous and make some of those decisions.

就我們希望做的事情而言，這將成為我們的指導原則。主菜也一樣。坦率地說，通過回顧 Red Robin 的歷史以及我們對消費者的洞察，您將這兩件事放在一起，我們的烹飪主管 Brian Sullivan 正在努力解決這些問題事物。然後我們會將它們放入餐廳進行小型 Beta 測試，然後我們將從那裡擴展。但我要說的是，如果我們對此感覺非常強烈，我們可能會縮短正常週期，我認為這在 Red Robin 已經太長了。我們需要勇敢地做出其中一些決定。

We may make a mistake, but we believe we have enough insights to bring it to market much faster than it's been done in the past. A little bit nontraditional in terms of the longer cycle that you might think about. But I think in the case of where we are in this comeback, we need to do that.

我們可能會犯錯誤，但我們相信我們有足夠的洞察力，可以比過去更快地將其推向市場。就您可能會想到的較長周期而言，這有點非傳統。但我認為，就我們在這次復出中所處的位置而言，我們需要這樣做。

Got it. All right. Well, we'll go to the restaurants and see what's going on. And a housekeeping question. I think you maybe answered this, but I want to sort of underline it. The restaurants that were closed, were they all company-owned Or were any...

知道了。好的。好吧，我們去餐館看看發生了什麼。還有一個家政問題。我想你可能已經回答了這個問題，但我想強調一下。關閉的餐廳，它們都是公司所有的還是任何...

Yes. Yes.

是的。是的。

And just also just on the quarter and the sequential increase in the food costs as a percent of sales, -- my takeaway is that it's all the inflation, still -- hopefully, it's peaked, but still the high year-over-year inflation and sequential inflation. Was there any early increasing quality that maybe wasn't funded through vendor consolidation or other means? Or was it really just all explained by insulation?

而且就在本季度以及食品成本佔銷售額的百分比的連續增長，我的結論是，這仍然是所有通貨膨脹 - 希望它已經達到頂峰，但仍然是同比高通脹和連續通貨膨脹。是否有任何早期質量提高可能不是通過供應商整合或其他方式資助的？還是真的只能用絕緣來解釋？

Andrew, this is Todd. In terms of Q4, you can think of that as inflation. The changes that we're talking about really will kick in or have kicked in at the start of the year here on labor and there were not any material changes in terms of food in the fourth quarter. So that's really an inflation piece. Just for the clarity of it, we're optimistic the inflation percentage has peaked. But we're still seeing year-over-year inflation, and we're still planning for further inflation in 2023.

安德魯，這是托德。就第四季度而言，您可以將其視為通貨膨脹。我們正在談論的變化真的會在今年年初開始或已經開始，而且第四季度在食品方面沒有任何實質性變化。所以這真的是一個通貨膨脹的部分。為清楚起見，我們對通貨膨脹率已經見頂持樂觀態度。但我們仍然看到同比通脹，我們仍在計劃 2023 年進一步通脹。

Overall, right?

總的來說，對吧？

Correct. Correct. So at a lesser percentage than we saw in 2022 but still an increase in cost dollars on an absolute basis.

正確的。正確的。因此，百分比低於我們在 2022 年看到的，但絕對成本仍然有所增加。

At this time, there are no further questions. I'd now like to turn the call over to G.J. Hart for closing remarks. Thank you, sir.

目前，沒有進一步的問題。我現在想把電話轉給 G.J.哈特致閉幕詞。謝謝你，先生。

Thank you very much. I appreciate all of you joining us here today. We very much look forward to the journey here and look forward to reporting our first quarter results in late May, and we look forward to talking to you then. Take care.

非常感謝。感謝大家今天加入我們。我們非常期待這裡的旅程，期待在 5 月下旬報告我們的第一季度業績，我們期待屆時與您交談。小心。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time, and thank you very much for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，非常感謝您的參與。