Red Robin Gourmet Burgers Inc (RRGB) 2023 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc. Second Quarter 2023 Earnings Call. This conference is being recorded.

大家下午好，歡迎參加 Red Robin Gourmet Burgers, Inc. 2023 年第二季度收益電話會議。本次會議正在錄製中。

During management's presentation and in response to your questions, they will be making forward-looking statements about the company's business outlook and expectations. 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.

在管理層的演講和回答您的問題期間，他們將對公司的業務前景和期望做出前瞻性陳述。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目前的信念和預測，因此受到公司向 SEC 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 alternative measures of the company's operating performance that may be useful. Reconciliations 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 second quarter 2023 earnings release on its website at ir.redrobin.com.

作為今天電話會議的一部分，管理層還將討論非公認會計準則財務措施。這些非公認會計準則衡量標準並非根據公認會計原則制定，而是旨在說明可能有用的公司經營業績的替代衡量標準。非公認會計原則財務指標與最直接可比的公認會計原則指標的調節表可以在收益報告中找到。該公司已在其網站 ir.redrobin.com 上發布了 2023 年第二季度收益報告。

Now I'd like to turn the call over to Red Robin's CEO, G.J. Hart. You may begin.

現在我想將電話轉給 Red Robin 的首席執行官 G.J.哈特。你可以開始了。

Good afternoon, and thank you for joining us today. With me is Todd Wilson, our Chief Financial Officer, who will review our second quarter results and updated 2023 financial guidance, among other items, after I conclude my remarks. Let me first begin by expressing how pleased we are with our performance through the first half of 2023 and the continued traction we are seeing with our North Star plan. I want to acknowledge the hard work of our restaurant team operators our team members as well as our restaurant support center team. Thank you, and keep up the great work.

下午好，感謝您今天加入我們。和我在一起的是我們的首席財務官托德·威爾遜 (Todd Wilson)，在我結束髮言後，他將審查我們的第二季度業績並更新 2023 年財務指引等。首先，我要表達我們對 2023 年上半年的業績以及我們看到的北極星計劃的持續吸引力感到非常高興。我要感謝我們的餐廳團隊經營者、我們的團隊成員以及我們的餐廳支持中心團隊的辛勤工作。謝謝你，並繼續努力。

Our strong financial results in the second quarter, combined with other guest data provide further proof points that we are on the right track in this multiyear comeback. The highlights include comparable restaurant sales increased for the tenth consecutive quarter. The simple changes we have already made provide our operators greater ownership and control of their businesses, and they continue to break sales records. In the first half of 2023, we have now broken over 900 hourly, daily, weekly and period sales records. This is an amazing accomplishment for a 50-year-old brand.

我們第二季度強勁的財務業績，加上其他賓客數據，進一步證明我們在多年的複蘇中走在正確的軌道上。亮點包括可比餐廳銷售額連續第十個季度增長。我們已經做出的簡單改變為我們的運營商提供了對其業務更大的所有權和控制權，並且他們不斷打破銷售記錄。 2023 年上半年，我們已打破 900 多項每小時、每日、每周和時段的銷售記錄。對於一個擁有 50 年曆史的品牌來說，這是一項了不起的成就。

Guest feedback continues to demonstrate how much they appreciate the changes we are making. We measure these in multiple ways and find aligned proof points across all measures. Dine-in is where most guests experience the improvements we have made to hospitality and food. We are encouraged by our growth in dine-in sales and our overall SMG satisfaction scores, which increased 3 percentage points versus a year ago. We also monitor Google, Yelp and Tripadvisor reviews. Total net sentiment and service net sentiment increased 13% and 28%, respectively, as compared to the second quarter of 2022.

賓客的反饋繼續表明他們對我們所做的改變有多麼讚賞。我們以多種方式衡量這些，並在所有衡量標準中找到一致的證據點。大多數客人都可以在堂食中體驗我們在接待和食品方面所做的改進。我們對堂食銷售的增長和 SMG 整體滿意度得分的增長感到鼓舞，與一年前相比提高了 3 個百分點。我們還監控 Google、Yelp 和 Tripadvisor 評論。與 2022 年第二季度相比，總淨情緒和服務淨情緒分別增長 13% 和 28%。

Finally, we routinely survey our loyalty database. Among these most loyal guests who have visited us in the past month say, 42% agreed food quality has improved, 44% agree burgers have improved and 46% agree service and hospitality have improved. When we drill in further, the greatest gains are in our bottom quartile special focused restaurants, which represent tremendous opportunity for us.

最後，我們定期調查我們的忠誠度數據庫。在過去一個月來過我們的最忠實的客人中，42% 的人認為食品質量有所改善，44% 的人認為漢堡有所改善，46% 的人認為服務和接待有所改善。當我們進一步深入研究時，最大的收穫是我們排名倒數四分之一的特色餐廳，這對我們來說代表著巨大的機會。

While making improvements in the guest experience, we've also quickly reinvigorated our profitability. In the first half of 2023, we have already generated $51.5 million of adjusted EBITDA, compared to just $52.1 million for the entire year of 2022.

在改善賓客體驗的同時，我們也迅速恢復了盈利能力。 2023 年上半年，我們已經實現了 5150 萬美元的調整後 EBITDA，而 2022 年全年僅為 5210 萬美元。

Now let me provide some brief updates on each of our 5 points of our North Star plan. First, we are transforming into an operations-focused restaurant company. Our frontline operators are the most influential people in ensuring our continued success. This is why we are keeping them front and center in every decision we make. They are the ones closest to the action, and so this is paying dividends as we roll out our guest experience improvements. We want to make sure the goals of our operators are the same as the goals of our support center and shareholders.

現在讓我對北極星計劃的 5 點逐一進行簡要更新。首先，我們正在轉型為一家以運營為中心的餐飲公司。我們的一線操作人員是確保我們持續成功的最有影響力的人。這就是為什麼我們在做出的每一個決定中都將它們放在首位和中心。他們是最接近行動的人，因此當我們推出賓客體驗改進時，這會帶來回報。我們希望確保運營商的目標與支持中心和股東的目標一致。

As announced previously at the start of the second quarter, we launched our revamped market partner compensation program, which rewards our multiunit operators by allowing them to share in the profitability of the restaurants they oversee. This incentivizes strong financial results and helps us hire and retain the best of talent available. We are learning from the multiunit operator rollout, which has been well received to date and we are developing a single-unit operator program, which we expect to launch in early 2024.

正如之前在第二季度初宣布的那樣，我們啟動了改進後的市場合作夥伴補償計劃，該計劃通過允許我們的多單位經營者分享他們所監管的餐廳的盈利能力來獎勵他們。這激勵了強勁的財務業績，並幫助我們僱用和留住最優秀的人才。我們正在藉鑑迄今為止廣受好評的多機組運營商推出的經驗，並且正在開發單機組運營商計劃，預計於 2024 年初推出。

Second, we are elevating the guest experience. As I mentioned earlier, we are seeing traction amongst our guest base evidenced by increases to our overall satisfaction. This is a direct result of the people, food and hospitality investments we have made to improve their experience. We are focused on the quality of staffing and delivering on our promise of unbridled hospitality. We have returned our overall hospitality model to what it was during Red Robin's long and successful history, beginning with service being responsible for fewer tables so they can deliver a great experience to each guest while minimizing the false waits that have occurred in the past.

其次，我們正在提升賓客體驗。正如我之前提到的，我們的整體滿意度有所提高，這證明了我們的賓客群的吸引力。這是我們為改善他們的體驗而進行的人員、食品和酒店投資的直接結果。我們注重員工素質，並兌現我們熱情好客的承諾。我們已將整體接待模式恢復到Red Robin 悠久而成功的歷史中的狀態，首先是負責減少餐桌數量的服務，這樣他們就可以為每位客人提供良好的體驗，同時最大限度地減少過去發生的錯誤等待。

Other staffing improvements include adding back busters, which has driven increases in cleanliness ratings, staffing at the host stand, which has improved wait times and bringing back the dedicated expo, who is responsible for the in-restaurant execution of every order. The additions we targeted for all of these roles are now substantially complete.

其他人員配備的改進包括重新增加破壞者，這推動了清潔度評級的提高，主展台的人員配備，這縮短了等待時間，並恢復了專門的博覽會，負責在餐廳內執行每一個訂單。我們針對所有這些角色的新增​​內容現已基本完成。

Finally, we know having the right management complement in place at each restaurant is paramount to ensuring consistent execution. So far this year, we've added over 200 dedicated kitchen managers and expect to substantially complete our management complement investments by year-end.

最後，我們知道在每家餐廳配備合適的管理人員對於確保一致的執行至關重要。今年到目前為止，我們已增加了 200 多名專門的廚房經理，預計到年底將大幅完成我們的管理補充投資。

On food quality, we moved quickly and successfully completed the rollout of flat top grills during the second quarter across the entire system, including franchise-owned restaurants. This upgraded cooking platform, sears in the natural juices of the burger delivering a 20% larger and more flavorful burger. The cooking process is also simpler to execute enabling greater throughput and a more consistent end product delivered to our guests. We are very pleased with the guest feedback thus far. This upgraded cooking technology serves as a foundation for additional and future innovation as it is more flexible platform than the previous conveyor belt char broiler.

在食品質量方面，我們迅速採取行動，並在第二季度成功完成了整個系統（包括特許經營餐廳）平頂烤架的推出。這個升級的烹飪平台可在漢堡的天然汁液中進行燒烤，從而提供 20% 更大、更美味的漢堡。烹飪過程也更容易執行，從而實現更高的產量和為客人提供更一致的最終產品。迄今為止，我們對客人的反饋感到非常滿意。這種升級的烹飪技術為額外和未來的創新奠定了基礎，因為它是比以前的傳送帶炭烤爐更靈活的平台。

To showcase our food, we have upgraded the presentation by moving away from serving our burgers wrapped in wax paper in baskets and now showcase them on a beautiful new plateware. Chef Ryan has done fantastic work to identify and develop improvements across our menu, and we could not be more excited. Along with changes to our cooking procedures, we have improved the quality of our chicken in our fried chicken sandwich, moving to a hand-bread fresh product that tastes and looks amazing.

為了展示我們的食物，我們升級了展示方式，不再將漢堡包在籃子裡用蠟紙包裹，現在將它們展示在漂亮的新盤子上。瑞安主廚在我們的菜單上做出了出色的發現和改進工作，我們對此感到非常興奮。隨著烹飪程序的改變，我們提高了炸雞三明治中雞肉的質量，轉向味道和外觀都令人驚嘆的手工麵包新鮮產品。

Coming down the pipeline, we are phasing in upgrades to our bacon, mayonnaise, vine-ripened tomatoes and other produce. We also plan to launch new menu items later this year to broaden our barbell strategy. This includes St. Louis style pork ribs, featuring our signature Whiskey River barbecue sauce, panko breaded tsunami shrimp and crispy parmesan brussels sprouts as an appetizer.

接下來，我們將分階段升級我們的培根、蛋黃醬、藤熟番茄和其他農產品。我們還計劃在今年晚些時候推出新菜單，以擴大我們的槓鈴策略。其中包括聖路易斯風格的排骨，搭配我們的招牌威士忌河燒烤醬、麵包屑麵包屑海嘯蝦和脆皮帕爾馬干酪球芽甘藍作為開胃菜。

While we are so pleased with the progress to date, through our prioritized investments in people, food and hospitality, it is now time to take the next step. In the second half of the year, we expect to launch the Red Robin renovation program and an output test group of up to 5 restaurants. We plan to use this first test group to redefine design elements, evaluate economies of scale for a full rollout and guide our investments in 2024 and beyond. Perhaps most importantly, we expect to demonstrate Red Robin's potential in bringing all elements of the best guest experience together. This entails upgrading the interior ambience and exterior appeal of our restaurants to match the food and hospitality upgrades that we are already underway with. We expect the test group renovations to start in the fourth quarter and to be complete in late 2023 or early 2024.

雖然我們對迄今為止取得的進展感到非常高興，但通過我們對人員、食品和酒店的優先投資，現在是採取下一步的時候了。下半年，我們預計將啟動紅羅賓改造計劃和最多5家餐廳的產出測試組。我們計劃利用第一個測試組重新定義設計元素，評估全面部署的規模經濟，並指導我們在 2024 年及以後的投資。也許最重要的是，我們希望展示紅羅賓將最佳賓客體驗的所有元素融合在一起的潛力。這需要升級我們餐廳的內部氛圍和外部吸引力，以匹配我們已經正在進行的食品和接待升級。我們預計測試組改造將於第四季度開始，並於 2023 年底或 2024 年初完成。

Third, removing costs and complexity. To fund our guest-facing investments, we identified a number of nonguest-facing cost savings opportunities. Our supply chain team has done a fantastic job collaborating with our vendor partners finding smart cost savings levers and recurrent products at the same or better quality at a lower cost. Year-to-date, we have saved approximately $3 million and expect the savings rate to accelerate in the remainder of 2023. We also made the decision to exit the partnership with MrBeast Burger, virtual brand. This decision supports our operators by reducing complexity in our kitchens, allow them to focus on executing great food and hospitality under the Red Robin brand while driving more profitable sales. We wound down the partnership and we're substantially complete with the exit in July.

第三，消除成本和復雜性。為了資助我們面向客人的投資，我們確定了許多非面向客人的成本節省機會。我們的供應鏈團隊與我們的供應商合作夥伴合作非常出色，找到了明智的成本節約手段和以更低的成本提供相同或更好質量的經常性產品。今年迄今為止，我們已節省了約 300 萬美元，預計 2023 年剩餘時間內節省率將加快。我們還決定退出與虛擬品牌 MrBeast Burger 的合作關係。這一決定通過降低廚房的複雜性來支持我們的經營者，使他們能夠專注於在 Red Robin 品牌下提供美味的食物和款待，同時推動更有利可圖的銷售。我們結束了合作關係，並在 7 月份基本完成了退出。

Fourth, optimizing the guest engagement. We are making great progress in this area as we refocus our efforts towards driving our vision of being the most loved brand in the communities we serve. Our restaurants are returning to what made them great in the past, a focus on local marketing to build relationships. We are empowering each single unit operator with a local store marketing toolkit including engaging in fundraisers to support local community initiatives. To build visibility and excitement around our investments in food quality, we launched the coast-to-coast Summer of Yummm promotional tour, letting prospective guests sample our new and improved burgers, win prizes and have some real fun. The response has been great as we connect with local communities across the U.S.

第四，優化賓客參與度。我們在這一領域取得了巨大進展，我們重新集中精力，致力於實現成為我們所服務的社區中最受歡迎的品牌的願景。我們的餐廳正在回歸過去的輝煌，專注於本地營銷以建立關係。我們為每個單位運營商提供本地商店營銷工具包，包括參與籌款活動以支持當地社區倡議。為了提高我們在食品質量方面的投資的知名度和興奮度，我們推出了從東海岸到西海岸的Summer of Yummm 促銷之旅，讓潛在客人品嚐我們全新和改進的漢堡，贏取獎品並享受真正的樂趣。當我們與美國各地的當地社區建立聯繫時，反響非常好。

Our team is also focused on enhancing the ability to reach more guests efficiently through a digital infrastructure and omnichannel approach. This includes leveraging the strength of our owned marketing channels, including our approximately 12.9 million member loyalty program to drive traffic efficiently. At the same time, we are making changes to the program, pivoting away from what we view as an overreliance on discounts, instead rewarding those who are truly most loyal to the brand. As we continue to make investments in our people and food, we intend to reduce our reliance on discounts going forward. We are currently designing and developing a new program structure that we believe will enhance the value of this program to our guests and to Red Robin. Our new Chief Marketing Officer, Kevin Mayer and the team have hit the ground running, and I will share more as this work progresses.

我們的團隊還致力於通過數字基礎設施和全渠道方法提高有效接觸更多客人的能力。這包括利用我們自有營銷渠道的優勢，包括我們約 1,290 萬會員忠誠度計劃，以有效增加流量。與此同時，我們正在對該計劃進行更改，擺脫我們認為的過度依賴折扣的做法，轉而獎勵那些真正對該品牌最忠誠的人。隨著我們繼續對員工和食品進行投資，我們打算減少對未來折扣的依賴。我們目前正在設計和開發一個新的計劃結構，我們相信這將提高該計劃對我們的客人和紅羅賓的價值。我們的新任首席營銷官 Kevin Mayer 和團隊已經開始行動，隨著這項工作的進展，我將分享更多信息。

Fifth, we are driving growth in comparable restaurant revenue and unit level profitability to deliver on our financial commitments. Q2 marked our tenth quarter of comparable restaurant revenue growth. We achieved this despite the headwind of intentional reductions in marketing spend and discounting compared to a year ago quarter. These funds have been reinvested back into the guest experience to drive traffic that is stickier and sustainable over the long term. Traffic and sales in the second quarter were in line with our expectations. Credibility with our multiple stakeholders is critically important. With the results that have been achieved this quarter, we continue to demonstrate our ability to deliver on our financial commitments.

第五，我們正在推動可比餐廳收入和單位盈利能力的增長，以兌現我們的財務承諾。第二季度標誌著我們的可比餐廳收入第十個季度增長。儘管與去年同期相比，我們有意減少營銷支出和折扣，但我們還是實現了這一目標。這些資金已重新投入到賓客體驗中，以推動更具粘性和長期可持續的流量。第二季度的流量和銷售額符合我們的預期。我們多個利益相關者的信譽至關重要。通過本季度取得的成果，我們繼續證明我們有能力兌現財務承諾。

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 will begin with a recap of our financial performance for the second quarter, then discuss the moderating inflation trends we are seeing and our updated financial guidance for 2023.

謝謝你，G.J.，大家下午好。我將首先回顧我們第二季度的財務業績，然後討論我們看到的通脹放緩趨勢以及我們更新的 2023 年財務指引。

Total revenues in the second quarter of fiscal 2023 are $298.6 million, an increase of $4.6 million versus the second quarter of fiscal 2022. The increase in revenue resulted primarily from an increase in comparable restaurant revenue of 1.5%. We continue to see strength in dine-in sales which increased 5.9% as compared to the second quarter of 2022. As a percentage of restaurant sales, dine-in sales mix increased in the second quarter and represented approximately 75% of sales. We expect this shift back to dine-in will continue as consumers seek the service and experiential aspects of dining with family and friends and as we step away from virtual brands.

2023 財年第二季度的總收入為 2.986 億美元，比 2022 財年第二季度增加了 460 萬美元。收入的增長主要來自可比餐廳收入增長 1.5%。我們繼續看到堂食銷售的強勁勢頭，與2022 年第二季度相比增長了5.9%。作為餐廳銷售額的百分比，堂食銷售組合在第二季度有所增加，約佔銷售額的75% 。我們預計，隨著消費者尋求與家人和朋友一起用餐的服務和體驗以及我們遠離虛擬品牌，這種回歸堂食的轉變將繼續下去。

Like many in the industry, we experienced year-over-year sales declines in the off-premise portion of our business and the third-party delivery segment in particular. We observed the greatest change in consumer behavior in the third-party segment with guests managing their check down by approximately 12% as compared to the second quarter of fiscal 2022. A bright spot in our off-premise business is catering. Catering generated approximately $23 million of revenue in fiscal 2022 and has grown 44% in the first half of 2023 and as compared to last year. The team has done fantastic work building and growing this business, and we believe plenty of opportunity remains.

與業內許多公司一樣，我們的場外業務部分，尤其是第三方交付領域的銷售額同比下降。我們觀察到，第三方細分市場的消費者行為發生了最大的變化，與 2022 財年第二季度相比，客人管理支票的數量減少了約 12%。我們場外業務的一個亮點是餐飲。餐飲在 2022 財年創造了約 2300 萬美元的收入，2023 年上半年與去年相比增長了 44%。該團隊在建設和發展這項業務方面做了出色的工作，我們相信仍然存在大量機會。

Restaurant-level operating profit as a percentage of restaurant revenue was 12.6%, a decrease of approximately 100 basis points compared to the second quarter of 2022. Directionally, this change was expected, as we said on our last conference call, and the actual result was better than our internal target. The reduction was driven by inflation across all cost categories and our intentional investments back into the guest experience through both food quality and staffing levels.

餐廳層面營業利潤佔餐廳收入的比例為12.6%，較2022年第二季度下降約100個基點。從方向上看，這一變化正如我們在上次電話會議中所說，是預期的，而實際結果比我們的內部目標更好。成本下降的原因是所有成本類別的通貨膨脹以及我們通過食品質量和員工水平對賓客體驗進行的有意投資。

While we do continue to see rising costs, the rate of inflation has eased faster than we expected. Commodity inflation was 5% in the second quarter of 2023, down from 8% in the first quarter and 13% in the fourth quarter of 2022. We expect commodity inflation will continue to sequentially step down through the balance of 2023. Hourly wage inflation was approximately 5%, moderating from 6% in the first quarter.

雖然我們確實繼續看到成本上升，但通貨膨脹率的下降速度比我們預期的要快。 2023 年第二季度商品通脹率為5%，低於2022 年第一季度的8% 和2022 年第四季度的13%。我們預計商品通脹將在2023 年餘下時間裡繼續逐步下降。時薪通脹率為約為 5%，較第一季度的 6% 有所下降。

We invested approximately $5 million in the quarter to add staffing across the different roles G.J. reviewed earlier. This amount substantially represents the quarterly run rate of our people investments and increased total labor to approximately 37% of restaurant revenue in the second quarter. We anticipate a lag effect from the time that we make investments like this until we see the return in the form of increases in guest traffic. In time, we expect these added resources to gain mastery of their role and build efficiency. In addition, we expect traffic growth to leverage our fixed costs. Together, we anticipate these levers can drive total labor as a percentage of restaurant revenue back to Red Robin's historical run rate of approximately 35%.

我們在本季度投資了約 500 萬美元，用於增加不同角色的人員配置。之前評論過。這一金額實質上代表了我們人力投資的季度運行率，並且第二季度勞動力總量增加至餐廳收入的約 37%。我們預計，從進行此類投資到看到客流量增加帶來的回報，會出現滯後效應。隨著時間的推移，我們期望這些新增資源能夠充分發揮其作用並提高效率。此外，我們預計流量增長將利用我們的固定成本。我們預計這些槓桿可以將總勞動力佔餐廳收入的百分比推回到 Red Robin 歷史上約 35% 的運行率。

In other operating expenses, inflation continues to moderate, particularly in natural gas, as we lap the geopolitical events that drove increases last year, and electric costs now that we are past the big increases in absolute rates during the first half of 2022. In addition, this expense category experienced lower third-party sales commissions due to the lower third-party sales mix.

在其他運營支出中，通貨膨脹繼續放緩，特別是天然氣，因為我們經歷了去年推動增長的地緣政治事件，而電力成本現在已經過去了 2022 年上半年絕對費率的大幅增長。 ，由於第三方銷售組合較低，該費用類別的第三方銷售佣金較低。

General and administrative costs were approximately $20.7 million, an increase versus the prior year of $1.9 million. The increase is led by accrual of higher incentive compensation expenses. We intentionally reduced marketing and promotional activity to support our hospitality investment. Selling expenses were approximately $6.2 million, a decrease versus the prior year of approximately $7.2 million, led by reduced spend in internet, local media and Donatos marketing costs. Discounts represented 3.9% of revenue in 2023, a decrease of 90 basis points compared to the second quarter of 2022.

一般和行政費用約為 2,070 萬美元，比上一年增加 190 萬美元。這一增長是由於應計較高的激勵補償費用所致。我們有意減少營銷和促銷活動以支持我們的酒店投資。銷售費用約為 620 萬美元，比上年減少約 720 萬美元，主要是由於互聯網、當地媒體和 Donatos 營銷成本的支出減少。 2023 年折扣佔收入的 3.9%，較 2022 年第二季度下降 90 個基點。

Adjusted EBITDA is $15.5 million compared to adjusted EBITDA of $11.9 million in the second quarter of 2022. We ended the quarter with approximately $44 million of cash and cash equivalents and $25 million available borrowing capacity under our revolving line of credit. At quarter end, our outstanding principal balance under our credit agreement was $197.5 million and letters of credit outstanding were $11.7 million.

調整後的EBITDA 為1550 萬美元，而2022 年第二季度調整後的EBITDA 為1190 萬美元。截至本季度末，我們的循環信貸額度下擁有約4400 萬美元的現金和現金等價物以及2500 萬美元的可用借款能力。截至季度末，我們的信貸協議項下的未償本金餘額為 1.975 億美元，未償信用證為 1170 萬美元。

During the second quarter, among other items, we used cash to repay $15.5 million of debt, purchase $5 million of stock and capital expenditures totaled $9.7 million.

在第二季度，除其他事項外，我們使用現金償還了 1550 萬美元的債務，購買了 500 萬美元的股票，資本支出總計 970 萬美元。

We have made two updates to our 2023 financial guidance metrics. First, we updated comparable restaurant revenue guidance from an increase of 2% to 4% previously to now an increase of 1% to 3%. This change is primarily due to the elimination of the MrBeast virtual brand. Due to the economics of the agreement, we do not anticipate a material profitability impact. Second, we increased adjusted EBITDA guidance from a range of $70 million to $80 million previously to now a range of $72.5 million to $82.5 million. The increase is due to, first, our overperformance versus our expectations in the second quarter; and second, inflation rates easing more quickly than we previously expected. We reiterate all other measures from our prior guidance.

我們對 2023 年財務指導指標進行了兩次更新。首先，我們將可比餐廳收入指引從之前的增長 2% 至 4% 更新為現在的增長 1% 至 3%。這一變化主要是由於 MrBeast 虛擬品牌的取消。由於該協議的經濟性，我們預計不會對盈利能力產生重大影響。其次，我們將調整後的 EBITDA 指導從之前的 7000 萬美元至 8000 萬美元提高到現在的 7250 萬美元至 8250 萬美元。這一增長是由於，首先，我們第二季度的業績超出了我們的預期；其次，通脹率下降的速度比我們之前預期的要快。我們重申之前指導中的所有其他措施。

I will add texture to one of the other guidance metrics. Our prior and current guidance for capital expenditures is from $45 million to $50 million. We are actively marketing additional properties for potential sale-leaseback transactions and remain optimistic these efforts will prove successful. If we do complete additional sale-leaseback transactions in 2023, a we expect to reinvest a portion of the proceeds back in the business through capital expenditures, which could increase our 2023 expectation.

我將為其他指導指標之一添加紋理。我們之前和當前的資本支出指導為 4500 萬美元至 5000 萬美元。我們正在積極營銷更多房產以進行潛在的售後回租交易，並對這些努力將取得成功保持樂觀。如果我們確實在 2023 年完成額外的售後回租交易，我們預計將通過資本支出將部分收益再投資回業務，這可能會提高我們 2023 年的預期。

Finally, as a reminder, as we think about the remainder of 2023, we will overlap Red Robin's $10 meal deal promotion from the second half of 2022. We expect our marketing messaging in 2023 will support the launch of our now better burger with significantly less discounting than last year. While last year's promotion successfully drove traffic in sales, the deep discount economics were quite penalizing to the profitability of the company in the second half of 2022. We anticipate shifting away from this type of heavy discount promotion in 2023 and on building a healthy, sustainable and more profitable traffic base.

最後，提醒一下，當我們考慮2023 年剩餘時間時，我們將從2022 年下半年開始與Red Robin 的10 美元餐食優惠促銷活動重疊。我們預計2023 年的營銷信息將支持我們推出現在更好的漢堡，而且成本要少得多。比去年有折扣。雖然去年的促銷活動成功推動了銷售流量，但大幅折扣經濟對公司2022 年下半年的盈利能力造成了相當大的影響。我們預計2023 年將不再採用這種大幅折扣促銷方式，而是建立一個健康、可持續的以及更有利可圖的流量基礎。

In summary, we are extremely pleased with our financial performance through the first 2 quarters of the year, and have set up Red Robin to achieve and exceed our objectives for 2023.

總之，我們對今年前兩個季度的財務業績非常滿意，並成立了 Red Robin 以實現並超越我們 2023 年的目標。

With that, I will turn the call back over to G.J.

這樣，我會將電話轉回給 G.J.

Thank you, Todd. In closing, I remain incredibly optimistic about the future of Red Robin. Our mission is very simple, serving up an awesome American food and bottomless fun. We have great people doing the hard work of transforming a brand across all touch points, growing traffic and sales and increasing profitability. And we are having fun doing it. We have the right people, the right plan, an iconic brand with 50 years of amazing history and an amazing loyal guest base to build on, and I'm proud to be a part of this incredible comeback story.

謝謝你，托德。最後，我對紅羅賓的未來仍然非常樂觀。我們的使命非常簡單，即提供美味的美式美食和無盡的樂趣。我們有優秀的員工在各個接觸點上努力實現品牌轉型、增加流量和銷售額以及提高盈利能力。我們做起來很開心。我們擁有合適的人才、正確的計劃、擁有 50 年悠久歷史的標誌性品牌以及令人驚嘆的忠誠客戶群，我很自豪能夠成為這個令人難以置信的複興故事的一部分。

We are now happy to take your questions. Operator, please open the lines.

我們現在很樂意回答您的問題。接線員，請開通線路。

(Operator Instructions) Our first question comes from the line of Alex Slagle with Jefferies.

（操作員說明）我們的第一個問題來自 Alex Slagle 和 Jefferies 的線路。

I wanted to kind of touch on the same-store sales and traffic and maybe you could elaborate on those trends relative to the peer benchmarks as you progress through the quarter and into the 3Q? And what you think were the bigger drivers of relative performance? Because I think you would mostly pick the low-hanging fruit from bringing down the false waits and more -- really shifting more to driving the sales per hour as you start to improve the service and food and experience and really leverage those investments. But imagine that does come pretty gradually. So if you could kind of talk about how that progressed and what the path ahead looks like as you ramp awareness and frequency.

我想談談同店銷售和客流量，也許您可​​以詳細說明隨著本季度和第三季度的進展，相對於同行基準的這些趨勢？您認為相對績效的更大驅動因素是什麼？因為我認為，當你開始改善服務、食品和體驗並真正利用這些投資時，你主要會從減少錯誤等待等方面選擇容易實現的目標，真正將更多的精力轉向推動每小時的銷售。但想像一下這確實是逐漸發生的。因此，您能否談談進展如何，以及隨著您提高意識和頻率，未來的道路會​​是什麼樣子。

Yes, Alex, Todd here. Absolutely happy to talk about that. As we saw the quarter progress and now thinking about the balance of the year, if you go back to Q1, we outpaced the industry, and especially on the marketing front, we had, I'd say, relatively similar levels of marketing support this year versus last year. And so with similar marketing, to your point, the benefit of eliminating the false wait, those types of things in our favor that drove the beat versus the segment. It was really the second half of the second quarter that we started to see the change in year-over-year spend.

是的，亞歷克斯，托德在這裡。非常高興談論這個。當我們看到季度進展並考慮今年的平衡時，如果你回到第一季度，我們超越了行業，特別是在營銷方面，我想說，我們擁有相對相似水平的營銷支持今年與去年相比。因此，通過類似的營銷，就你的觀點而言，消除錯誤等待的好處是，這些類型的事情對我們有利，推動了細分市場的發展。實際上，從第二季度下半年開始，我們就開始看到同比支出的變化。

Now keep in mind, we very intentionally held powder dry, so to speak, in the first half of the year so that we'd have marketing dollars to work for us in the second half of the year to support the better burger. But even with that, we're going to face year-over-year declines in marketing spend. Again, we think that's right because ultimately, we do have to make the guest experience compelling to build that healthier, stickier traffic that G.J. spoke about. But that's part of really what you see in our sales guidance. We knew that hurdle was going to be out there. our sales guidance of 1% to 3% for the full year really implies flat-to-potentially negative sales in the balance of the year. That's been contemplated in our numbers. And even with that, we're able to deliver the much higher adjusted EBITDA guidance. But that's how we're thinking about the year.

現在請記住，我們非常有意地在上半年保持粉末乾燥，以便我們在下半年有營銷資金為我們工作，以支持更好的漢堡。但即便如此，我們仍將面臨營銷支出的同比下降。再說一遍，我們認為這是正確的，因為最終我們確實必須讓賓客體驗引人注目，以建立 G.J. 所說的更健康、更有粘性的流量。談到。但這是您在我們的銷售指南中看到的真正內容的一部分。我們知道障礙將會存在。我們全年銷售指導為 1% 至 3%，這實際上意味著今年剩餘時間的銷售將持平甚至可能為負。我們的數字中已經考慮到了這一點。即便如此，我們仍能夠提供更高的調整後 EBITDA 指導。但這就是我們對這一年的看法。

And so yes, we see the headwinds in the absolute numbers and relative to the segment. But part of this -- really all of this is about the reset of this brand to set us up long term.

所以，是的，我們看到了絕對數字和相對於該細分市場的不利因素。但其中一部分——實際上所有這一切都是關於這個品牌的重置，以便我們建立長期的關係。

That's good. Maybe you could talk about the opportunity to build awareness and get people in the doors to experience the improvements in the food and service and perhaps more details on the marketing plan. You mentioned a few things, but just whether you need to step beyond the digital, social and local or just how you'd weigh your options?

那挺好的。也許您可以談論建立意識並讓人們上門體驗食品和服務改進的機會，也許還可以談論營銷計劃的更多細節。您提到了一些事情，但您是否需要超越數字、社交和本地化，或者您將如何權衡您的選擇？

Yes. Alex, it's G.J. here. At this point, the way we're looking at it is we revamp our whole loyalty platform and focus on doing the right thing by our most loyal guests and being able to communicate them, that's a process that we're in the middle of right now. We will use that as we really have the launch of our third -- or if we call it T3, our promotion with all better ingredients that we launched in early October. And that will be combined with things that we're doing digitally that are very, very targeted to the communities that we serve and becoming much more efficient in terms of how we use media. That's the current plan.

是的。亞歷克斯，我是 G.J.這裡。在這一點上，我們看待它的方式是我們改造我們的整個忠誠度平台，專注於讓我們最忠誠的客人做正確的事情並能夠與他們溝通，這是一個我們正處於正確的過程中現在。我們將利用這一點，因為我們真的推出了第三種產品——或者如果我們稱之為 T3，我們的促銷活動使用了我們在 10 月初推出的所有更好的原料。這將與我們正在以數字方式所做的事情相結合，這些事情非常非常針對我們所服務的社區，並且在我們使用媒體的方式方面變得更加高效。這就是目前的計劃。

In terms of going outside into something more of a more national media itself, I don't see us doing that at the moment. I think, candidly, we think that there's enough going on here that from a word of mouth and an experience perspective that we're going to gain traction pretty rapidly. And we're seeing that early phases with what we've done with our flat top cooking. Just the changes we've made to date with the bun, the burger cooking as well as the way we presented on the plateware. So I feel good about where we are and when we -- we'll take some of this marketing spend and put it to work here later in the year.

至於走出去，進入更多的全國性媒體本身，我認為我們目前不會這樣做。坦率地說，我們認為這裡發生的事情已經足夠多了，從口碑和經驗的角度來看，我們將很快獲得關注。我們已經看到了平頂烹飪的早期階段。只是我們迄今為止對麵包、漢堡烹飪以及我們在餐具上的呈現方式所做的改變。因此，我對我們的現狀以及何時——我們將採取一些營銷支出並在今年晚些時候在這裡發揮作用感到滿意。

Our next question comes from the line of Andrew Wolf with CL King.

我們的下一個問題來自 Andrew Wolf 和 CL King 的對話。

Just wanted to kind of ask a follow-up on the same-store sales guidance. First of all, for the quarter, did the discontinuation of the virtual brand, the MrBeast, was that in the second quarter at all? Or was that a comp that did not get penalized by that?

只是想詢問同店銷售指導的後續情況。首先，就本季度而言，虛擬品牌MrBeast的停產是否是在第二季度？或者說這是一個沒有受到懲罰的組合？

Yes, Andy, Todd here. A little bit in the second quarter, really more of a third quarter impact, but right at the tail end of the second quarter is when we really started to wind that down and we did exit.

是的，安迪，托德在這裡。第二季度有一點，實際上更多的是第三季度的影響，但就在第二季度末，我們真正開始減少這種影響，我們確實退出了。

Okay. So if I just use the number there and kind of back into the back half, I mean Todd, you did say that you'd be flat to down. But I think I got -- it's a pretty wide range, plus 1% to down 3%. And -- so is there something in some of the trends you're seeing that -- maybe a lot of variability in the weekly sales or daily sales that suggests you need that wider range? Or is that sort of just the typical prudence you'd like to have on your guidance instead of tightening it up I'm just trying to get to why that range might be so tight for the back half -- wide for the back half?

好的。所以，如果我只使用那裡的數字，然後回到後半部分，我的意思是托德，你確實說過你會持平到下降。但我認為——這是一個相當寬的範圍，加上 1% 到下降 3%。而且，您所看到的一些趨勢中是否存在某些東西，也許每週銷售額或每日銷售額存在很大的變化，這表明您需要更廣泛的範圍？或者這只是您希望在指導上採取的典型謹慎態度，而不是收緊它，我只是想弄清楚為什麼後半部分的範圍可能如此之緊 - 後半部分的範圍如此之寬？

Yes. I guess as we think about it, it's not an intentional wide or narrow, just kind of the range that we feel like we need. The trends certainly can ebb and flow but we still frankly have, right, half of the year to go. So there's a long way to still get through the balance of the year. And so not intentionally wide or narrow, just kind of the range that we felt comfortable with. And I think we would typically have at this point in the year.

是的。我想當我們思考這個問題時，這不是故意的寬或窄，只是我們感覺需要的範圍。趨勢當然會潮起潮落，但坦率地說，我們還有半年時間。因此，距離今年剩下的時間還有很長的路要走。所以並不是故意變寬或變窄，只是我們覺得舒服的範圍。我認為我們通常會在一年中的這個時候進行。

Okay. And I just want to ask kind of generalized strategic question on kind of the two things. Well, basically on driving traffic with promotions or advertising and obviously, you brought the selling expense down. I guess that makes sense if you don't have the kind of offer you want to entice new customers with complete yet. But as we look to next year, is that -- should we see a higher selling expense given that the -- what you're ready to present -- or later this year, ready to present to newer diners will be more or less complete. And unrelated -- related, but a different topic is how does the loyalty program play into that into traffic? Is it a retention tool because you want to use it more as a really a loyalty -- true loyalty program versus a discount program. So two different questions, but both at least related to traffic.

好的。我只想就這兩件事問一些普遍的戰略問題。嗯，基本上是通過促銷或廣告來增加流量，顯然，你降低了銷售費用。我想，如果您還沒有提供完整的優惠來吸引新客戶，那麼這是有道理的。但當我們展望明年時，我們是否應該看到更高的銷售費用，因為你準備好展示的東西，或者今年晚些時候準備展示給新食客的東西將或多或少完成。不相關——相關，但不同的主題是忠誠度計劃如何影響流量？它是一個保留工具，因為您希望將其更多地用作真正的忠誠度——真正的忠誠度計劃而不是折扣計劃。這是兩個不同的問題，但都至少與流量有關。

Yes, Andy, I'll start with the back question there. Relative to the loyalty, exactly, we want to do exactly that as we'll recognize our most loyal guests and reward them accordingly and be able to develop a relationship with them. And that revamp of that program, as I said, is ongoing, and I'm very confident that the direction that we're going is going to reap some real, real, real benefits. In fact, I would tell you that our -- we're finally going to use our loyalty platform in a way to really drive our business. So I'm very excited as we go into '24, what we'll be able to achieve.

是的，安迪，我將從後面的問題開始。確切地說，相對於忠誠度，我們希望做到這一點，因為我們將認識到我們最忠誠的客人並相應地獎勵他們，並能夠與他們建立關係。正如我所說，該計劃的改進正在進行中，我非常有信心我們的方向將獲得一些真正的、真正的、真正的好處。事實上，我想告訴你，我們最終將利用我們的忠誠度平台來真正推動我們的業務。因此，當我們進入 24 年時，我對我們將能夠實現的目標感到非常興奮。

In terms of your question around marketing and the level of marketing spend, I want to -- I'm not -- I won't totally answer your question, but I'm going to say this to you, is that the marketing spend that was done here in my opinion, was not done effectively. It was not spent in a very targeted way. In fact, we have plenty of proof points that demonstrate that candidly, it didn't work at all, and it wasn't targeted to our -- to the folks that we want to get to. So I believe the working dollars that we'll have available in '24, will be spent a little bit more? Possibly. But I think we can do a lot with what we've been spending at these kind of levels to be much more efficient and drive our business forward.

關於你關於營銷和營銷支出水平的問題，我想——我不是——我不會完全回答你的問題，但我要對你說的是，營銷支出我認為這裡所做的事情並沒有有效地完成。它沒有以非常有針對性的方式花費。事實上，我們有大量的證據表明，坦率地說，它根本不起作用，而且它不是針對我們的——我們想要接觸的人。所以我相信我們 24 年可用的工作資金會花得更多一點？可能吧。但我認為我們可以利用我們在這種水平上的支出做很多事情，以提高效率並推動我們的業務向前發展。

So yet to be determined. Will we ultimately end up investing back in our business for the right reasons to drive new people into our buildings, to tell them about new news? The answer is yes. Will we continue to do the deep discounting that this company did in last year and particularly in the last half of year? The answer is no. We don't believe we need to give our product away. We've got something pretty special that we're bringing back and candidly, our guests are telling that -- telling us that as well.

所以還有待確定。我們最終會以正確的理由重新投資我們的業務，吸引新人進入我們的大樓，告訴他們新消息嗎？答案是肯定的。我們會繼續像這家公司去年特別是下半年那樣進行大幅折扣嗎？答案是不。我們認為我們不需要放棄我們的產品。我們帶回了一些非常特別的東西，坦率地說，我們的客人也告訴了我們這一點。

Our next question comes from the line of Todd Brooks with the Benchmark Company.

我們的下一個問題來自 Benchmark 公司的托德·布魯克斯 (Todd Brooks)。

First thing, I just want to clarify off of Andy's last question. You guys did not broaden out your range for same-store sales guidance. It's still the same 200 basis points, right? It's up [1% to up 3%,] not up [1% to down 3%?]

首先，我想澄清安迪的最後一個問題。你們沒有擴大同店銷售指導的範圍。還是一樣的 200 個基點，對嗎？是上漲[1%到上漲3%]，而不是上漲[1%到下跌3%？]

That's exactly right, Todd. Yes. It's -- we shifted it because of the elimination of MrBeast. But to your point, the range, it's the same spread of 2 points for the year, just shifted due to MrBeast.

完全正確，托德。是的。由於 MrBeast 的消失，我們改變了它。但就你的觀點而言，這個範圍與今年的 2 個點的差距相同，只是由於 MrBeast 而發生了變化。

Okay. Perfect. And then just a couple of additional questions. G.J., you talked about the greatest improvement being seen in the bottom quartile of stores. And I think at the ICR Conference, you talked about that being a 3,800 basis point spread from top to bottom. Would you want to share how much improvement you've seen or how much of that spread has closed between the bottom quartile and top quartile store with all your efforts?

好的。完美的。然後還有幾個問題。 G.J.，您談到了在商店底部四分之一中看到的最大改善。我想在 ICR 會議上，您談到了從上到下的 3,800 個基點的利差。您想分享一下您看到了多少改進，或者通過您的努力，排名最後四分之一的商店和排名前四分之一的商店之間的差距縮小了多少？

Todd here. I'll start that and G.J., obviously will chime in. But as we look at the quartiles, yes, I think I'd frame it this way from two lenses: one, for same-store sales and two from a customer satisfaction, guest satisfaction level. One, fortunately, as we looked at the quartiles, all 4 quartiles posted positive same-store sales but the bottom quartile was clearly the leader, which is what we would expect, right? It's the greatest opportunity there. It also was the leader, as G.J. said in his prepared remarks in terms of improvement in guest satisfaction. So it's still an opportunity for us, right? That bottom quartile is still on the bottom, but we're seeing the greatest improvement there, both in terms of guest satisfaction as well as same-store sales.

托德在這裡。我會開始，G.J.，顯然會插話。但是當我們看四分位數時，是的，我想我會從兩個角度來構建它：一個是同店銷售，兩個是客戶滿意度，客人滿意度。第一，幸運的是，當我們查看四分位數時，所有4 個四分位數都公佈了正的同店銷售額，但底部四分之一顯然是領先者，這正是我們所期望的，對嗎？這是那裡最好的機會。它也是領導者，G.J.在他準備好的講話中談到了客人滿意度的提高。所以這對我們來說仍然是一個機會，對嗎？底部四分之一仍處於底部，但我們看到那裡的改善最大，無論是在賓客滿意度還是同店銷售額方面。

I don't know that we've really quantified that publicly. But I think directionally, we're seeing very much what we would aspire to see there of the top performing restaurants are getting a little bit stronger and the bottom restaurants are showing the greatest improvement, which is very encouraging.

我不知道我們是否真的公開量化過這一點。但我認為，從方向上看，我們非常希望看到表現最好的餐廳變得更強一些，而排名墊底的餐廳則表現出最大的進步，這是非常令人鼓舞的。

Okay. Great. And then the final one for me. You talked about the elimination of MrBeast and some of the other virtual brands. That 100-basis point drag to same-store sales, was that a relatively profitless business? So it eases complexity for your operators and you're really not taking a hit on the restaurant-level operating margin line or the EBITDA line from exiting those businesses?

好的。偉大的。然後是我的最後一個。您談到了 MrBeast 和其他一些虛擬品牌的取消。同店銷售額下降 100 個基點，這是一項相對無利可圖的業務嗎？因此，它減輕了運營商的複雜性，並且您真的不會因為退出這些業務而對餐廳級別的運營利潤線或 EBITDA 線造成影響嗎？

It was no -- Todd, it's nowhere near as profitable as our regular business at all. And in fact, that whole business over time has become even more complex and the margins continue to deteriorate in terms of what their expectations were. So no, it's not even close.

托德，它根本沒有我們的常規業務那麼有利可圖。事實上，隨著時間的推移，整個業務變得更加複雜，而且利潤率持續惡化，低於他們的預期。所以不，它甚至還沒有接近。

Okay. And then last one, I lied before. If you look at same-store sales trends and the outlook for the second half and you have to parse out the headwind that you're up against from lapping the $10 promotion that ran in second half of last year. I guess, how do you measure the success with the operational initiatives? And if you look at the promotion, was it more impactful at launch? So it's one of those things that had a bigger impact, let's say, deeper into Q3. But then as you got to Q4, it wasn't impactful as far as a mix standpoint or anything? Or was it a pretty steady impact across the year?

好的。最後一點，我之前撒過謊。如果您查看同店銷售趨勢和下半年的前景，您必須分析去年下半年進行的 10 美元促銷活動所面臨的阻力。我想，您如何衡量運營舉措是否成功？如果你看看促銷活動，它在發佈時是否更具影響力？因此，這是對第三季度產生更大影響的事情之一。但當你進入第四季度時，就混合角度或其他方面而言，它並沒有產生影響？還是全年影響相當穩定？

Todd, I'd say on the last piece there as it relates to the $10 meal deal, it was a pretty steady push through the second half of last year. And a lot of that activity predates many of us, but the company, frankly, pressed on that with spurts of marketing activity to really drive that message. And to your point, how do we measure it? We've benchmarked sales and traffic back to 2019, right? We look at sequential trends and try to parse all of that out. And we do -- we see a clear improvement in traffic as a result of the promotion last year, somewhere in the 3%, 4%, 5% range is where we estimated that. But we also see just very significant discounting that I commented on in my prepared remarks.

托德，我想說的是，關於最後一篇文章，因為它與 10 美元的餐食交易有關，去年下半年這是一個相當穩定的推動。很多這樣的活動早於我們許多人，但坦率地說，該公司通過大量的營銷活動來推動這一點，以真正推動這一信息。就你的觀點而言，我們如何衡量它？我們已經對 2019 年的銷售和流量進行了基準測試，對嗎？我們觀察連續趨勢並嘗試解析所有這些趨勢。我們確實看到，由於去年的促銷活動，流量有了明顯的改善，我們估計在 3%、4%、5% 的範圍內。但我們也看到了我在準備好的發言中評論過的非常重大的折扣。

So through the back half of the year, both Q3 and Q4, discounts for the company last year were between 5% and 6% of sales. We think this year is going to be closer to 3% to 4%. And that's the flow-through or the contribution on that is obviously quite significant. So that's part of how we're thinking about this is getting back to that healthier, more profitable base that we talked about, there could be some traffic headwind as a result of that, but we think the move makes us a much stronger and healthier company, especially to G.J's point, now that we know we've got great products, great experience, and we're seeing guests tell us that in their comments to us.

因此，今年下半年，無論是第三季度還是第四季度，該公司去年的折扣都在銷售額的 5% 到 6% 之間。我們認為今年的增長率將接近 3% 至 4%。這就是流量或貢獻顯然是相當重要的。因此，我們考慮的一部分是回到我們談到的更健康、更有利可圖的基礎，因此可能會出現一些流量逆風，但我們認為此舉使我們變得更強大、更健康公司，尤其是G.J的觀點，現在我們知道我們擁有出色的產品和豐富的經驗，而且我們看到客人在給我們的評論中告訴我們這一點。

Yes. And I think it's important that we continue just to monitor the guest response and how they're feeling about what we're doing, how we're doing it. and we're doing a tremendous amount of work around sentiment and kind of what we're seeing and how -- and we'll adjust accordingly. So right now, we're feeling like we're pretty close to it. And we'll be able to share more of those data points as we get them.

是的。我認為重要的是，我們繼續監控客人的反應以及他們對我們正在做的事情以及我們如何做的感受。我們正在圍繞情緒和我們所看到的以及如何進行大量工作 - 我們將進行相應的調整。所以現在，我們感覺我們已經非常接近它了。當我們獲得這些數據點時，我們將能夠分享更多這些數據點。

There are no further questions in the queue. I'd like to hand it back to management for closing remarks.

隊列中沒有其他問題。我想將其交還給管理層以供結束語。

Thank you all for joining us today. We are very, very pleased where we are at the first half of the year. Looking forward to the balance of 2023 and look forward to talking to you in a few months. Take care.

感謝大家今天加入我們。我們對今年上半年的情況非常非常滿意。期待 2023 年的餘下時間，期待幾個月後與您交談。小心。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。