Red Robin Gourmet Burgers Inc (RRGB) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers Incorporated fourth quarter 2023 earnings call.

大家下午好，歡迎參加 Red Robin Gourmet Burgers Incorporated 2023 年第四季財報電話會議。

This conference is being recorded.

本次會議正在錄製中。

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.

在管理層的演講和回答您的問題時，我們將就公司的業務前景和期望做出前瞻性陳述。

These forward-looking statements and all other statements that are not historical facts reflects management's beliefs and predictions as of today and therefore are subject 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目前的信念和預測，因此存在公司向 SEC 文件中所述的風險和不確定性。

Management will also discuss non-GAAP financial measures as part of today's conference call.

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。

These non-GAAP measures are not prepared in accordance generally accepted accounting principles, but are intended to illustrate alternate measures of the company's operating performance that may be useful.

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績效的替代衡量標準。

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in the earnings release.

非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表可以在收益報告中找到。

The company has posted its fourth quarter 2023 earnings release on its website at ir.redrobin.com.

該公司已在其網站 ir.redrobin.com 上發布了 2023 年第四季財報。

Now I would like to turn the call over to Red Robin's President and Chief Executive Officer, G.J. Hart.

現在我想將電話轉給 Red Robin 的總裁兼執行長 G.J.哈特。

Good afternoon, everyone, and thank you all for joining us today and your interest in Red Robin. 2023 marked the first year of our north star plan and was six a successful transformational year for our iconic brand.

大家下午好，謝謝大家今天加入我們以及對紅羅賓的興趣。 2023 年是我們北極星計畫的第一年，也是我們標誌性品牌成功轉型的第六年。

Operationally, we made the necessary investments in what we serve and how we serve it to ensure that every guest experience at Red Robin is a memorable one, and we are seeing early signs of traction from these initiatives.

在營運方面，我們對我們的服務內容和服務方式進行了必要的投資，以確保紅羅賓的每位客人體驗都令人難忘，而且我們正在看到這些舉措的早期跡象。

Financially, we made substantial progress by delivering 1.6% increase in comparable restaurant sales, a 33% increase in adjusted EBITDA and we strengthened our balance sheet, supported by two sale leaseback transactions, ultimately through reducing our long-term debt by almost $25 million.

在財務方面，我們取得了實質進展，可比餐廳銷售額增長了1.6%，調整後EBITDA 增長了33%，並且在兩項售後回租交易的支持下，我們加強了資產負債表，最終將我們的長期債務減少了近2500 萬美元。

I'd like to extend my heartfelt thank you to all of our more than 20,000 team members around the country.

我謹向全國2萬多名團隊成員致以衷心的感謝。

The success of Red Robin in 2023 and in the future due to your efforts and all of us working towards the same goals all in this together.

Red Robin 在 2023 年和未來的成功得益於你們的努力以及我們所有人共同努力實現相同的目標。

Before I dive into our plans for 2024, I want to take a look back on what we accomplished in 2023 through the framework of our north star plan.

在深入探討 2024 年的計畫之前，我想透過北極星計畫的框架回顧一下我們在 2023 年所取得的成就。

First, we transformed into an operations focused restaurant company.

首先，我們轉型為以營運為中心的餐飲公司。

Our achievements rests on the success of our managing partners and restaurant leadership teams.

我們的成就取決於我們的管理夥伴和餐廳領導團隊的成功。

During the second quarter of 2023, we revamped our market partner compensation program for multiunit operators through this program.

2023 年第二季度，我們透過該計畫修改了針對多單元營運商的市場合作夥伴薪酬計畫。

They now see themselves as owners of the restaurants they oversee and are rewarded based on their profits.

他們現在將自己視為自己監管的餐廳的所有者，並根據利潤獲得獎勵。

Said another way, our restaurant leaders are now incentivized to deliver strong financial results like never before with unlimited upside earnings potential for themselves.

換句話說，我們的餐廳領導者現在受到激勵，以前所未有的方式實現強勁的財務業績，為自己帶來無限的上升收入潛力。

We believe this has not only helped to recruit and retain the best talent available, but also made the Red Robin experience come to life for both our guests and our team members.

我們相信，這不僅有助於招募和留住最優秀的人才，也為我們的客人和團隊成員帶來了紅羅賓的體驗。

The multi-unit rollout has gone exceedingly well and has informed the launch of our single unit operator program to start 2024.

多機組的推出進展非常順利，並為我們從 2024 年開始啟動單機組營運商計畫提供了資訊。

The initial feedback has been positive and we are thrilled to align the entire organization around the unified goal of driving traffic and ultimately profit dollars.

最初的回饋是正面的，我們很高興能夠使整個組織圍繞增加流量和最終利潤的統一目標進行調整。

One of the many signals we are monitoring is management time turnover, which has improved by 5% in 2023 as compared to 2022.

我們正在監控的眾多訊號之一是管理時間週轉率，與 2022 年相比，2023 年管理時間週轉率提高了 5%。

We believe this is a reflection of our team's belief in the direction of the company under the North Star plan and the attractiveness of the partner program.

我們相信，這反映了我們團隊對北極星計畫下公司發展方向的信念以及合作夥伴計畫的吸引力。

Second, we elevated the guest experience.

其次，我們提升了賓客體驗。

During the year, we made substantial investments and upgrades to the guest experience on the labor front, it was a busy year with the return to an industry best practice staffing model, giving service fewer tables, adding back busters and a dedicated Expo and bringing back more than 250 dedicated kitchen managers.

這一年，我們在勞動力方面進行了大量投資和升級，以提升賓客體驗，這是忙碌的一年，我們回歸了行業最佳實踐的人員配置模式，減少了服務桌數，增加了巴斯特和專門的世博會，並恢復了超過 250 名專職廚房經理。

These investments have led to far fewer false weights, increased cleanliness ratings, improve, wait times and ultimately better hospitality on the food side of the equation.

這些投資大大減少了錯誤重量，提高了清潔度，改善了等待時間，並最終在食品方面提供了更好的招待。

We were equally as busy as we rolled out Flat Top grills during the second quarter, which delivers a thicker juicier and more flavorful burger.

我們在第二季同樣忙於推出平頂烤架，它提供了更厚實多汁、更美味的漢堡。

We also enhanced our food presentation by moving from wax paper wrapping in a basket to showcasing our brick burgers on beautiful new plateware.

我們還透過將蠟紙包裝在籃子裡改為在漂亮的新盤子上展示我們的磚漢堡來增強我們的食物展示。

Next, we unveiled new and improved recipes in October for each of our more than 20 gourmet burgers now prepared with higher quality and more flavorful ingredients.

接下來，我們在 10 月推出了 20 多種美味漢堡的新配方和改進配方，現在均採用更高品質、更美味的原料製成。

And finally, we introduce new on trays, appetizers, beverages and seasonal additions to delight our guests with new innovations.

最後，我們推出了新的托盤、開胃菜、飲料和季節性添加物，以新的創新取悅我們的客人。

In total, we made enhancements to approximately 85% of our menu.

總的來說，我們對大約 85% 的菜單進行了改進。

In terms of drinks, we upgraded our bar menu to include higher quality brands that our guests know and love while making quality upgrades to things like our Margarita mix with fresh lime juice and above.

在飲品方面，我們升級了酒吧菜單，加入了客人熟悉和喜愛的更高品質品牌，同時對瑪格麗塔混合新鮮酸橙汁等產品進行了品質升級。

We've accomplished a lot and our guests are recognizing our efforts as part of our best practices.

我們已經取得了許多成就，我們的客人也意識到我們的努力是我們最佳實踐的一部分。

We regularly survey our loyalty database and we see a clearly favorable response. 52% indicated our burgers are better, in line with our third quarter measurements.

我們定期調查我們的忠誠度資料庫，並看到明顯有利的反應。 52% 的受訪者表示我們的漢堡更好，與我們第三季的測量結果一致。

54% agree our food quality has improved, increased from 46% at the end of the third quarter. 59% indicate that our service and hospitality have improved up from 48% at the end of the third quarter.

54% 的人認為我們的食品品質有所改善，這一比例高於第三季末的 46%。 59% 的受訪者表示我們的服務和招待比第三季末的 48% 有所改善。

Third, we remove cost and complexity to help fund investments in guest experience.

第三，我們消除了成本和複雜性，以幫助為賓客體驗投資提供資金。

We continually identify and capture numerous non guest-facing savings opportunities.

我們不斷發現並捕捉大量非面向客人的節省機會。

These efforts have been centered around the fantastic work of our supply chain team who have found smart saving levers and have been able to procure products from our vendors of the same or better quality at a lower cost.

這些努力以我們的供應鏈團隊的出色工作為中心，他們找到了明智的節省槓桿，並能夠以更低的成本從我們的供應商購買相同或更好品質的產品。

For example, in the fourth quarter, we changed from pre previously using a frozen free breaded chicken breast to now freshly hand battering in the restaurant.

例如，在第四季度，我們從之前使用冷凍的無麵包屑雞胸肉改為現在在餐廳新鮮手工打漿。

This change alone accounts for nearly $5 million annual savings and delivers a tremendous quality flavor and helpful improvement for our guests.

僅此一項變化就每年節省近 500 萬美元，並為我們的客人提供了巨大的品質風味和有益的改進。

This type of change illustrates how we think about cost savings as changes that are beneficial to both our guests and to our restaurants finally, as we've previously spoken.

正如我們之前所說，這種類型的變化說明了我們如何將成本節約視為最終對我們的客人和我們的餐廳都有利的變化。

In July, we made decisions to discontinue the virtual brands that we added in 2020.

7 月，我們決定停止 2020 年新增的虛擬品牌。

While this type of offering had a place at the time multiple brands, product and procedures created unnecessary complexity for our operators.

雖然這種類型的產品當時有多個品牌，但產品和程序為我們的營運商帶來了不必要的複雜性。

Economies of these virtual brands resulted in minimal profit but creates a comparable restaurant sales headwind of 200 to 250 basis points until we pass the anniversary of the elimination in the third quarter of 2024.

這些虛擬品牌的經濟帶來的利潤微乎其微，但在 2024 年第三季消除週年紀念日之前，卻造成了 200 至 250 個基點的可比餐廳銷售阻力。

Four, we optimize guest engagement.

第四，我們優化賓客參與度。

In our ongoing efforts to reinvigorate the Red Robin brand and enhance our restaurant experience, we have proactively been elevating our marketing capabilities.

在我們不斷努力重振紅羅賓品牌並增強我們的餐廳體驗的過程中，我們一直在積極提升我們的行銷能力。

Given the substantial digital traffic from our guests, we have and continue to rapidly improve our guest acquisition capabilities and capacity to target the right audience with timely and pertinent messages.

鑑於來自客人的大量數位流量，我們已經並將繼續快速提高我們的客人獲取能力和能力，以透過及時和相關的資訊瞄準正確的受眾。

We significantly increase the efficiency of our paid media strategy through more precise targeting, which we expect will be beneficial to our upcoming marketing program, which I'll speak to in just a moment, we have shifted towards more category-specific search strategies to capture the attention of guests seeking an experience like ours.

我們透過更精確的定位顯著提高了付費媒體策略的效率，我們預計這將有利於我們即將推出的行銷計劃，我稍後會談到，我們已經轉向更針對特定類別的搜尋策略來捕獲尋求像我們這樣的體驗的客人的注意力。

Our investments in earned media and targeted social marketing initiatives have also positioned our brand in new consumer touch points, fostering engagements with guests eager to see Red Robin's resurgence and explore our latest menu offerings.

我們對免費媒體和有針對性的社交行銷活動的投資也將我們的品牌定位在新的消費者接觸點，促進與渴望看到紅羅賓復興並探索我們最新菜單產品的客人的互動。

As an example, to our commitment to focus social engagement.

舉個例子，我們致力於關注社會參與。

In October, we collaborated with RE automatics, a celebrity bartender, an influencer on our burger chain collaboration, which generated over 500,000 views in the first few days.

10 月份，我們與 REautomatics 合作，後者是一位名人調酒師，也是我們漢堡連鎖店合作的影響者，在最初幾天內就產生了超過 50 萬次觀看。

More recently, a partnership with Juicy Couture.

最近，與 Juicy Couture 合作。

We reimagined Magic the iconic track suit to celebrate our juicier and more flavorful burgers.

我們重新設計了標誌性運動服 Magic，以慶祝我們的漢堡更加多汁、更加美味。

Social and gave response has been fantastic with over 800,000 impressions to date and counting and we quickly sold out of the tracks.

社群媒體和給予的反應非常好，迄今為止已經有超過 80 萬次印象並且還在不斷增加，我們的曲目很快就售空了。

Fifth, we drove growth in comparable restaurant revenue and profitability.

第五，我們推動了可比較餐廳收入和獲利能力的成長。

We increased comparable restaurant revenue by 1.6% for the year.

今年我們的可比較餐廳收入增加了 1.6%。

While we strive to drive growth in every quarter, the declines we experienced in the third and fourth quarter were not unexpected due to our intentional decision to remove the IQstream deep discounting marketing programs.

雖然我們努力推動每個季度的成長，但由於我們有意決定取消 IQstream 深度折扣行銷計劃，因此第三和第四季的下滑並不出人意料。

The business was executing when I started in the second half of 2022.

當我2022年下半年開始工作時，這項業務正在執行。

Overall, we are on track relative to the expected cadence of the North Star plan.

整體而言，相對於北極星計畫的預期節奏，我們正步入正軌。

We've seen the tangible results of our work during 2023 as we drove an increase in comparable restaurant revenue invested approximately $24 million back into the guest experience through food and labor increased.

我們在 2023 年看到了工作的實際成果，我們透過增加食品和勞動力，推動了可比餐廳收入的增加，投資了約 2,400 萬美元，重新投入到賓客體驗中。

Guest satisfaction scores across multiple measurement tools, flushed out the excessive discounting and virtual brands decisions of years past captured our targeted cost savings and delivered a 33% increase in adjusted EBITDA.

多種衡量工具的賓客滿意度得分，消除了過去幾年的過度折扣和虛擬品牌決策，實現了我們目標成本節約，並使調整後 EBITDA 增長了 33%。

2024 will also be a transformational year as well as ensuring that our guests are aware of the improvements that we've made to drive traffic back into our restaurants, driven by the initiatives I will outline below, we fully intend to outpace the industry on traffic growth as we exit the year.

2024 年也將是轉型的一年，確保我們的客人了解我們為推動餐廳客流量而做出的改進，在我將在下面概述的舉措的推動下，我們完全打算在客流量方面超越行業當我們結束這一年時，我們會看到成長。

Now let's talk about how we plan to get there and the cadence you should expect to see.

現在讓我們談談我們計劃如何實現這一目標以及您應該看到的節奏。

First, we're in the process of launching our new marketing program.

首先，我們正在啟動新的行銷計劃。

Starting in March and into the second quarter, you will begin to see our new marketing platform showcasing the work we've been doing to improve the guest experience and remind our guests about some of the unique aspects of Red Robin.

從三月開始到第二季度，您將開始看到我們的新行銷平台展示我們為改善賓客體驗所做的工作，並提醒賓客紅羅賓的一些獨特之處。

For over 54 years, Red Robin has had bottomless sides and other menu items, but has not done a good job historically of telling people that beginning in March that will change.

54 年來，Red Robin 一直提供無底配菜和其他菜單項，但從歷史上看，它並沒有很好地告訴人們從 3 月開始這種情況將會改變。

On our menu, we have over 30 items that are bottomless and we want to make sure our consumers know that.

我們的菜單上有超過 30 種無限量的菜餚，我們希望確保我們的消費者知道這一點。

From our fan favorite steak fries to our of Lemonade and all the way down to our root beer float, if you want another The answer is yes.

從我們粉絲最喜歡的牛排薯條到我們的檸檬水，一直到我們的根汽啤酒，如果您想要另一個答案是肯定的。

Additionally, guests can swap items between bottomless refills, get broccoli with your burger and fries with your milkshake.

此外，客人可以在無限續杯之間交換物品，將西蘭花與漢堡搭配，將薯條與奶昔搭配。

We want to ensure consumers notice core equity of Red Robin as a place for everyday value for your family.

我們希望確保消費者註意到 Red Robin 的核心資產，作為您家庭日常價值的場所。

We're excited to utilize our marketing program to get this message out and expect to invest an incremental approximately $3 million in selling expense to support this effort.

我們很高興利用我們的行銷計劃來傳達這一訊息，並預計將增加約 300 萬美元的銷售費用來支持這項努力。

Second, we plan to launch our new loyalty platform.

其次，我們計劃推出新的忠誠度平台。

Red Robin rewards program is an exceptionally strong asset at our disposal with over 13 million loyalty members.

Red Robin 獎勵計劃是我們可支配的異常強大的資產，擁有超過 1300 萬忠誠會員。

Historically, it has been more of a discount program rather than rewarding our guests for their loyalty to us.

從歷史上看，它更像是一個折扣計劃，而不是獎勵客人對我們的忠誠。

We intend to transform our loyalty program into a BIP like experience delivering more relevant messaging to our members and ultimately fostering a new generation of Red Robin ambassadors.

我們打算將我們的忠誠度計劃轉變為類似 BIP 的體驗，向我們的會員提供更相關的信息，並最終培養新一代紅羅賓大使。

We're excited to transition to a points-based program that makes it easier for our most loyal guests to earn rewards, giving them incentive to visit us more often.

我們很高興過渡到基於積分的計劃，這使我們最忠實的客人更容易獲得獎勵，從而激勵他們更頻繁地光臨我們的酒店。

We expect to launch the new program in the middle of this year, and we look forward to sharing additional details throughout the year.

我們預計在今年年中推出新計劃，並期待全年分享更多細節。

Finally, we plan to continue removing cost and complexity to strengthen our financial model.

最後，我們計劃繼續降低成本和複雜性，以加強我們的財務模型。

In addition to the rollover benefit of approximately $8 million from initiatives started in 2023, we expect to generate an additional $11 million of cost savings from new initiatives that we plan to launch in 2024 for a total of $19 million in targeted incremental cost savings.

除了從2023 年啟動的舉措中獲得約800 萬美元的展期效益外，我們預計還可以從計劃於2024 年推出的新舉措中額外節省1,100 萬美元的成本，目標增量成本節省總額為1,900 萬美元。

We continue to see opportunities in our supply chain, and we have launched initiatives to support our operators through upgrades to tools like theoretical food cost and hourly labor and overtime manage.

我們繼續在供應鏈中看到機會，並推出了一些舉措，透過升級理論食品成本、小時工和加班管理等工具來支持我們的營運商。

With that, let me turn the call over to Todd to walk you through our financial performance for the quarter and year, as well as our initial thoughts on 2024 guidance.

接下來，讓我將電話轉給托德，向您介紹我們本季和年度的財務業績，以及我們對 2024 年指導的初步想法。

Thank you, G.J., and good afternoon, everyone.

謝謝你，G.J.，大家下午好。

In the fourth quarter, total revenues were $309 million, an increase of approximately $19 million versus the fourth quarter of fiscal 2022.

第四季總營收為 3.09 億美元，比 2022 財年第四季增加約 1,900 萬美元。

The increase in revenue was led by an additional operating week in the quarter, the 53rd week of our fiscal year.

營收的成長得益於本季額外的營運週，即我們財年的第 53 週。

The additional week added approximately $24.5 million to restaurant revenue and was partially offset by a decrease in comparable restaurant revenue of 2.7%, driven by the removal of our previous deep discounting, marketing promotions and elimination of virtual brands.

額外的一周餐廳收入增加了約 2,450 萬美元，但由於取消了先前的大幅折扣、行銷促銷和虛擬品牌，可比餐廳收入下降了 2.7%，部分抵消了這一下降。

Restaurant-level operating profit as a percentage of restaurant revenue was 12.2%, an increase of approximately 90 basis points compared to the fourth quarter of 2022.

餐廳層級營業利潤佔餐廳營收的比例為12.2%，較2022年第四季成長約90個基點。

The improvement was driven by cost-saving initiatives and cost of goods and other operating expenses, menu price increases and reduced discounting.

這項改善是由成本節約措施、商品成本和其他營運支出、菜單價格上漲和折扣減少所推動的。

Additionally, the inflation environment continues to improve.

此外，通膨環境持續改善。

The rate of inflation across all major cost categories, including commodities, wages and operating expenses was in line with or reduced from levels experienced during the third quarter.

所有主要成本類別（包括商品、工資和營運費用）的通膨率與第三季的水平一致或有所下降。

General and administrative costs were approximately $22.7 million versus the prior year of $20.2 million.

一般及行政費用約 2,270 萬美元，而前一年為 2,020 萬美元。

The increase was led by approximately $1.7 million due to a 13-week quarter of this year versus a 12 week quarter last year and an increase in incentive compensation expense due to the company's improved performance in 2023.

這一成長約 170 萬美元是由於今年季度為 13 週（去年為 12 週），以及公司 2023 年業績改善導致激勵薪酬費用增加。

Selling expenses were approximately $12.1 million, a decrease versus the prior year of approximately $2.1 million, led by a strategic reduction in media spending on social and local channels.

銷售費用約 1,210 萬美元，比前一年減少約 210 萬美元，主要是策略性減少社交和本地管道的媒體支出。

Adjusted EBITDA was approximately $10.6 million compared to approximately $8.4 million in the fourth quarter of 2022.

調整後 EBITDA 約為 1,060 萬美元，而 2022 年第四季約為 840 萬美元。

For the full 53 week fiscal year, adjusted EBITDA was $68.9 million and approximately $66 million on a 52-week basis.

在整個 53 週的財年中，調整後的 EBITDA 為 6,890 萬美元，以 52 週計算約為 6,600 萬美元。

As we have previously discussed we are taking actions to strengthen our balance sheet and in combination with gains in adjusted EBITDA, we'll look to use that improved credit profile to refinance our debt with more favorable terms over time.

正如我們之前所討論的，我們正在採取行動加強我們的資產負債表，並結合調整後的EBITDA 收益，隨著時間的推移，我們將尋求利用改善的信用狀況以更優惠的條件為我們的債務再融資。

As a reminder, our term loan matures in 2027.

提醒一下，我們的定期貸款將於 2027 年到期。

So this is an opportunistic effort.

所以這是一種機會主義的努力。

While we are in the very early stages of this process, we have been pleased with the initial engagement from potential lenders and look to recent refinancings from others in the industry as markers for what may be possible.

雖然我們正處於這一過程的早期階段，但我們對潛在貸方的初步參與感到滿意，並期待業內其他公司最近的再融資作為可能實現的目標。

Our sale leaseback transactions are in support of this effort following our two successful transactions in 2023, we marketed a third tranche of owned properties.

繼 2023 年的兩筆成功交易之後，我們的售後回租交易支持了這項努力，我們銷售了第三批自有房產。

We received multiple bids from investors and have been working through diligence items with the winning bidder.

我們收到了投資者的多次投標，並一直在與中標者進行盡職調查。

I'm pleased to share that diligence period is coming to a close, and we expect to complete this transaction in the first quarter.

我很高興地告訴大家，盡職調查期即將結束，我們預計在第一季完成此交易。

We expect the final transaction will include from 8 to 11 properties and generate gross proceeds of $20 million to $26 million with net proceeds used to repay debt.

我們預計最終交易將包括 8 至 11 處房產，總收益為 2,000 萬至 2,600 萬美元，淨收益將用於償還債務。

We ended the first quarter with approximately $23.6 million of cash and cash equivalents, $7.9 million of restricted cash and $25 million of available borrowing capacity under our revolving line of credit.

截至第一季末，我們的循環信貸額度下擁有約 2,360 萬美元的現金和現金等價物、790 萬美元的限制性現金以及 2,500 萬美元的可用借款能力。

At quarter end, our outstanding principal balance under our credit agreements was $189.1 million unchanged from the end of the third quarter and letters of credit outstanding were $7.7 million.

截至季末，我們的信貸協議項下的未償本金餘額為 1.891 億美元，與第三季末持平，未償信用狀為 770 萬美元。

As a reminder, the 53rd week adds an additional payroll cycle to the fourth quarter.

提醒一下，第 53 週在第四季的基礎上增加了一個額外的薪資週期。

This has a short term negative impact on our cash position at the end of 2023 that reverts as we move through 2024.

這對我們 2023 年底的現金部位產生短期負面影響，隨著 2024 年的到來，這種影響將會恢復。

Turning now, our guidance for 2024 is as follows.

現在，我們對 2024 年的指導如下。

Total revenue of $1.25 billion to $1.275 billion, including comparable restaurant revenue of a low single digit percentage decline.

總收入為 12.5 億美元至 12.75 億美元，其中可比餐廳收入出現低個位數百分比下降。

Restaurant-level operating profit of 12.5% to 13.5%, inclusive of investments in the guest experience and rent expenses related to the sale leaseback transactions.

餐廳級營業利潤為12.5%至13.5%，包括對賓客體驗的投資以及與售後回租交易相關的租金費用。

Adjusted EBITDA of $60 million to $70 million and capital expenditures of $25 million to $35 million.

調整後的 EBITDA 為 6,000 萬美元至 7,000 萬美元，資本支出為 2,500 萬美元至 3,500 萬美元。

The $65 million midpoint of our adjusted EBITDA range represents a modest increase year over year when adjusting for the benefit of the 53rd week in 2023 and the additional rent we will incur in 2024 due to the sale leaseback transactions.

我們調整後的 EBITDA 範圍中點為 6500 萬美元，在根據 2023 年第 53 週的收益以及我們因售後回租交易而在 2024 年產生的額外租金進行調整後，同比略有增長。

And compound annual growth of approximately 12% relative to 2022 the starting points of the North Star plan.

相對於北極星計畫的起點2022年，複合年增長率約為12%。

As added color for our 2024 financial guidance, we expect the following factors to influence our 2024 results.

作為我們 2024 年財務指引的增添色彩，我們預期以下因素將影響我們 2024 年的表現。

We will revert back to a 52 week fiscal year in 2024 as compared to 53 weeks in 2023 we expect this will result in an approximate $25 million reduction in restaurant sales and $3 million reduction in adjusted EBITDA as compared to 2023.

我們將在 2024 年恢復到 52 週的財政年度，而 2023 年為 53 週，我們預計與 2023 年相比，這將導致餐廳銷售額減少約 2500 萬美元，調整後 EBITDA 減少 300 萬美元。

The sale leaseback transactions we completed in 2023 and the third tranche we expect to close during this first quarter will result in incremental rent expense of approximately $4 million in 2024 and a reduction of annualized interest of approximately $5 million to $6 million, driven by debt reduction.

我們在2023 年完成的售後回租交易以及我們預計在第一季完成的第三筆交易將導致2024 年租金支出增加約400 萬美元，並在債務減少的推動下，年化利息減少約500 萬至600 萬美元。

We anticipate inflation will return to more normalized levels with inflation across our entire cost basket, including commodities, wages and operating expenses in a range of 3% to 4%.

我們預計通膨將恢復到更正常化的水平，包括大宗商品、工資和營運費用在內的整個成本籃子的通膨率將在 3% 至 4% 之間。

We expect total selling and general and administrative expenses to be relatively unchanged as compared to 2023.

我們預計與 2023 年相比，總銷售費用以及一般和管理費用將保持相對不變。

As G.J. mentioned earlier, this includes an increase of approximately $3 million in selling to support our marketing efforts, we expect an offsetting reduction in G&A expenses.

正如 G.J.前面提到，這包括增加約 300 萬美元的銷售費用以支持我們的行銷工作，我們預計 G&A 費用將相應減少。

We have included in our guidance, the impact of adverse weather to start the year.

我們已將年初惡劣天氣的影響納入我們的指導中。

Due to this impacts, along with the lack of the strong results we had in the first quarter of 2023, we expect results will be particularly challenged in the first quarter of 2024.

由於這種影響，加上我們在 2023 年第一季未能取得強勁業績，我們預計 2024 年第一季的業績將尤其受到挑戰。

Our confidence in the balance of the year is driven by the significant investments we made in 2023 to enhance the guest experience and the ongoing improvements in guest satisfaction in response to those investments.

我們對 2023 年剩餘時間的信心來自於我們在 2023 年為增強賓客體驗而進行的重大投資，以及因這些投資而不斷提高的賓客滿意度。

Our anticipated return on the investments we expect to continue to make in 2024 and levers we generally control, including cost savings measures and menu price increases.

我們預計在 2024 年繼續進行的投資回報以及我們通常控制的槓桿，包括成本節約措施和菜單價格上漲。

In summary, while we've made significant progress across all points of our north star plan.

總之，我們在北極星計畫的所有方面都取得了重大進展。

We are still at the start of year two of our multi-year come back strategy.

我們仍處於多年回歸策略的第二年開始。

We remain on track to achieve our targets and are building this brand to be successful over the long term.

我們仍然朝著實現目標的方向前進，並正在打造這個品牌以取得長期成功。

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

這樣，我會將電話轉回 G.J.

Thank you, Todd.

謝謝你，托德。

Come back journey of Red Robin and building a long term sustainable and growing business take some time.

紅羅賓的回歸之旅和建立長期可持續發展的業務需要一些時間。

We have used the analogy of a baseball game to measure our progress.

我們用棒球比賽來類比來衡量我們的進步。

I believe that we were in the second inning of a nine-inning game.

我相信我們正處於九局比賽的第二局。

This assessment reflects the fantastic foundational progress we made during 2023 at completion of the first inning and the remaining eight innings as the great opportunity we see ahead.

這項評估反映了我們在 2023 年第一局和剩餘八局完成時取得的巨大基礎性進步，這是我們看到的巨大機會。

Through our operations execution focus, increased marketing communication, the launch of our new loyalty program and continued cost savings, we look forward to demonstrating further step-change progress in 2024 as we bring back guests back into our restaurants for moments of connection over craveable food that only Red Robin can provide.

透過我們對營運執行的關注、加強行銷溝通、推出新的忠誠度計劃以及持續節省成本，我們期待在 2024 年展示進一步的進步，讓客人重新回到我們的餐廳，享受美味佳餚的時刻。羅賓才能提供。

With that, we are now happy to open and take questions.

至此，我們現在很樂意開放並回答問題。

Operator, thank you.

接線員，謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Right.

正確的。

Hey, guys.

大家好。

So I'm just trying to think about some of the comments you were making towards the end of 2024.

所以我只是想思考一下您在 2024 年底發表的一些評論。

It's going to be year two on this path.

這將是這條道路上的第二年。

And I guess initially, you were sort of thinking a three year path to doubling EBITDA margin.

我想最初，您可能會考慮用三年的時間將 EBITDA 利潤率翻一番。

I mean, it's hard to expect a linear progression towards that target.

我的意思是，很難期望實現該目標的線性進展。

Obviously, it '24 seems like an important year for customers to come in and sorry, experiencing the improved food and experience for the first time.

顯然，24 年對顧客來說似乎是重要的一年，他們第一次體驗到改進的食物和體驗，並感到抱歉。

So it's going to take a while to see that translate into traffic gains and float own, not like you're going to sort of make cuts that reverse the guest experience improvements you've made, but does this outlook for '24 suggests we should think or like a four year plan versus a three year plan?

因此，需要一段時間才能看到這轉化為流量增益和浮動，而不是像您要進行某種削減來扭轉您所取得的客戶體驗改善一樣，但是 24 年的前景是否表明我們應該認為或喜歡四年計劃與三年計劃？

Or has this trajectory changed in your mind at all?

或是你的想法中這個軌跡發生了根本改變嗎？

I mean, there's been a lot of external dynamics as well, but down, just thoughts on that would be helpful.

我的意思是，也有很多外在動力，但在下降時，只要對此進行思考就會有所幫助。

Hey, Alex, this Todd.

嘿，亞歷克斯，這個托德。

I'll start out of one of your comments.

我將從您的一則評論開始。

We're really pleased with the improvements in the performance and the feedback from our guests.

我們對性能的改進和客人的回饋感到非常滿意。

So we feel like those are the right investments.

所以我們覺得這些都是正確的投資。

We're seeing the feedback from guests confirm that.

我們看到客人的回饋證實了這一點。

So we feel really comfortable with those investments.

所以我們對這些投資感到非常滿意。

On your comment on traffic?

您對交通的評論？

Yes, I think we would agree.

是的，我想我們會同意的。

We don't expect a linear line.

我們不期望一條直線。

We know that that builds over time.

我們知道這是隨著時間的推移而建立的。

And part of we've talked about this in the past, but part of how we're thinking about the markers of how do we know we're on the right track.

我們過去已經討論過這一點，但我們如何思考我們如何知道我們走在正確的軌道上的標記的部分內容。

We've said, hey, the first marker was improved guest satisfaction.

我們說過，嘿，第一個指標是提高了客人滿意度。

And we've seen that now what we're looking for really is sequential improvements in traffic, especially as we get into the second half of the year.

我們已經看到，現在我們真正尋求的是流量的連續改善，特別是當我們進入今年下半年時。

G.J. referenced that in his prepared remarks, but especially with the investments that we've made, one resonating with guests to getting the marketing plussed up to really get that message out there.

G.J.在他準備好的演講中提到了這一點，尤其是我們所做的投資，與客人產生共鳴，加強行銷，並真正傳達這一訊息。

And then three, our loyalty program kicking in in the second half of the year.

第三，我們的忠誠度計畫將於今年下半年啟動。

We are looking for that just sequential improvement, Q2 a little better than Q1, Q3 better than Q2 and so on.

我們正在尋找連續的改進，Q2 比 Q1 好一點，Q3 比 Q2 好，等等。

And so that's how we're thinking about it.

這就是我們的想法。

I don't know that that I'd tell you we'd put a 2-, 3-, 4-, 5-year time line on it.

我不知道我會告訴你我們會設定一個 2 年、3 年、4 年、5 年的時間線。

It's really continuing to build the brand for the long term.

它確實是在繼續長期打造該品牌。

And we know that one step at a time gets us ultimately to where we want to be at the end of the journey.

我們知道，一步一腳印最終會讓我們到達旅程結束時想要到達的地方。

Yes, I would say, Alex, that Todd's last comment to build this brand, this iconic brand back to a sustainable business that we're doing all the right, right pieces to make that happen.

是的，我想說，亞歷克斯，托德最後的評論是要打造這個品牌，這個標誌性品牌回歸可持續發展的業務，我們正在做所有正確、正確的事情來實現這一目標。

And so I don't think I would say that it's necessarily a longer period of time, but just it does take some time.

所以我不認為我會說這一定是更長的時間，但它確實需要一些時間。

It's just not going to happen overnight, but when I look at the progress that our team members have made in 2023, pretty amazing.

這不可能一蹴而就，但當我看到我們的團隊成員在 2023 年的進展時，我感到非常驚人。

And so while we referenced kind of the second third inning in a baseball game, which I do the point there is that there's just so much upside for us as we get ourselves totally straight down from some of the decisions of the past.

因此，雖然我們提到了棒球比賽的第二個第三局，但我想說的是，當我們完全擺脫過去的一些決定時，我們就有很多好處。

That's helpful.

這很有幫助。

And I guess as you look at the performance you look at through your top quartile or bottom quartile stores and then maybe even just anecdotally, but if you look at some of the key metrics, the comps, the traffic, the customer satisfaction scores are a key point to an tenure of management and things like that.

我想，當你查看業績時，你會透過前四分之一或後四分位商店查看，甚至可能只是軼事，但如果你查看一些關鍵指標，比較、流量、客戶滿意度得分管理任期之類別的關鍵點。

How did the metrics compare a year ago.

這些指標與一年前相比如何？

Can you sort of point to some things that tell you about the progress?

您能指出一些可以告訴您進展的事情嗎？

Yes, Alex, when we we've talked about the quartiles and we look at that routinely one of the things.

是的，亞歷克斯，當我們談論四分位數時，我們通常會關注其中的一件事。

When we look back at last year, there was progress in same-store sales across all four quartiles, right?

當我們回顧去年時，所有四個四分位數的同店銷售額都取得了進步，對吧？

All four quartiles posted positive same-store sales as groups.

所有四個四分位數的同店銷售額均呈正值。

And so that was encouraging to see if not only it's easy sometimes to focus on the fourth quartile, but not only were we able to improve those restaurants, but our top performers, which are fantastic financial restaurants, those were able to increase their same-store sales as well.

因此，令人鼓舞的是，有時不僅很容易專注於第四個四分位，而且我們不僅能夠改善這些餐廳，而且我們表現最好的餐廳，這些都是出色的金融餐廳，那些能夠增加他們的相同 -商店銷售也是如此。

And so the sales performance, but also the restaurant profitability, again, that top quartile increased sales increased profitability.

因此，銷售業績也是餐廳的獲利能力，同樣，前四分之一的銷售額增加也增加了獲利能力。

Part of what we saw.

我們看到的一部分。

We found this interesting the fourth quartile increased sales, but we had to spend some money to do that.

我們發現第四個四分位數的銷售額增加很有趣，但我們必須花一些錢才能做到這一點。

And that's not surprising to us, frankly, we knew that would be the case because we knew they weren't staffed properly.

坦白說，這對我們來說並不奇怪，我們知道會發生這種情況，因為我們知道他們沒有配備適當的人員。

We knew that in many cases, the food was not executed to our standards.

我們知道，在許多情況下，食物不符合我們的標準。

And so yes, I think I'd say it's progressing as we would expect.

所以，是的，我想我會說它的進展正如我們預期的那樣。

And the encouraging piece to us is as we make the investments, yes, we know there's investments, but we start to see it pay off in sales, even in those most challenged restaurants.

對我們來說，令人鼓舞的是，當我們進行投資時，是的，我們知道有投資，但我們開始看到它在銷售中得到回報，即使是在那些面臨最大挑戰的餐廳。

And so that's what gives us confidence going forward.

這就是我們前進的信心。

Okay.

好的。

And just one quick follow-up on that.

對此只有一個快速跟進。

With all the menu work and the new on-trade snacks and beverages seasonal stuff.

提供所有菜單工作以及新的貿易小吃和季節性飲料。

I guess I would have thought those would be more accretive to the check and you sort of see that that mix impact start to turn a little bit more positive.

我想我以為這些會對支票產生更大的增值，而且你會看到這種混合影響開始變得更加積極。

Maybe any thoughts on why that mix is still negative or color on sort of level of trial with new items?

也許你有什麼想法，為什麼這種組合仍然是負面的，或者在新產品的嘗試層面上有什麼色彩？

Anything surprises you or do you want to share?

有什麼讓你驚訝的事情或想分享的嗎？

Yes, the is that still how you're Alex, but some the texture, I'm sure there is we've had really nice trial in a lot of our new appetizers as well of some of the new Andres, we added a ribs item at a more premium price point shrimp item at a more premium price points.

是的，這仍然是你的亞歷克斯，但有些質地，我確信我們已經在很多新的開胃菜以及一些新的安德烈斯中進行了非常好的嘗試，我們添加了排骨價格更優惠的商品價格較優惠的蝦子商品。

And we've seen really good trial and mix overall in those items.

我們在這些項目中看到了非常好的嘗試和混合。

The offsetting factors interesting to watch the consumer behavior and this of as we've sold more appetizers, we have seen that somewhat offset by reductions in dessert mix.

觀察消費者行為的抵消因素很有趣，隨著我們銷售了更多的開胃菜，我們發現甜點組合的減少在一定程度上抵消了這一點。

And so you see people just managing their overall check, which is not surprising to us there.

所以你會看到人們只是管理他們的整體檢查，這對我們來說並不奇怪。

And that's been happening for the past several quarters.

過去幾個季度一直在發生這種情況。

So that's the dynamic you see in mix as we do see some guests gravitating to the more premium priced option part of what you've seen through all of 2023 is some guests gravitating more to our Tavern line of our more value-priced burgers.

這就是您在混合中看到的動態，因為我們確實看到一些客人傾向於選擇更優質的價格選擇，您在2023 年全年看到的一部分是一些客人更傾向於我們的Tavern 系列價格更實惠的漢堡。

We think that actually positions us really well.

我們認為這實際上使我們處於非常有利的位置。

If there is a value we see a lot of what our competitors are doing value promotions.

如果有價值的話，我們會看到我們的競爭對手正在做很多有價值的促銷活動。

And so we actually really like the barbell strategy.

所以我們其實非常喜歡槓鈴策略。

We've been employing that, hey, if you want a more premium option, we have those options for you.

我們一直在採用這一點，嘿，如果您想要更優質的選擇，我們可以為您提供這些選擇。

But also if you are if you're looking for more value option, we have those options for you as well.

但如果您正在尋找更有價值的選擇，我們也為您提供這些選擇。

So we think it actually positions us really well going into 2024.

所以我們認為這實際上讓我們在進入 2024 年時處於有利位置。

The last piece of that, Alex, is that I'll just remind you that although those menu items weren't put in place until second week of October, so it hasn't been very long at all.

最後一點，亞歷克斯，我只是提醒你，雖然這些菜單項目直到十月第二週才到位，所以時間並不長。

And if you think about frequency of the brand, there's just a lot of folks that haven't had the opportunity yet because they haven't been and so.

如果你考慮一下該品牌的頻率，你會發現很多人還沒有機會，因為他們還沒有機會等等。

So we're still feeling very, very hopeful and positive about where we position the brand, as Todd pointed out, the whole barbell strategy.

因此，正如托德指出的那樣，我們對品牌的定位仍然非常非常充滿希望和積極，整個槓鈴策略。

Good point.

好點子。

Thanks.

謝謝。

That's helpful.

這很有幫助。

Thanks, Alex.

謝謝，亞歷克斯。

Thank you.

謝謝。

Todd Brooks, Benchmark Company.

托德·布魯克斯，基準公司。

Hey, good evening, guys.

嘿，晚上好，夥計們。

Thanks for taking my questions on.

感謝您回答我的問題。

First, I'd like to lead off we've talked in the past because some of the headwinds as far as not lapping the $10 burger Meal Deal promotion and exiting the virtual brands that you created a headwind that you've been fighting against.

首先，我想先談談我們過去討論過的一些阻力，例如不接受 10 美元漢堡餐優惠促銷以及退出虛擬品牌，這些阻力是您一直在對抗的阻力。

That's probably masking some internal evidence of our traffic benefits from all the work that you did over fiscal year '23.

這可能掩蓋了一些內部證據，表明我們的流量受益於您在 23 財年所做的所有工作。

I know we talked about some of the customer sentiment scores.

我知道我們討論了一些客戶情緒評分。

But are there other examples you can point to that that gives you real confidence that when the customer finally finds a visit to Red Robin, and discovers the better service, better, better environment, better food experience that you are seeing anything from a frequency of visit standpoint or intend to repeat or anything else you can point to that kind of bolsters the cases are that the improvements are resonating?

但是，您是否可以指出其他例子，讓您真正有信心，當客戶最終找到Red Robin 並發現更好的服務、更好、更好的環境、更好的食品體驗時，您會從以下頻率看到任何東西：訪問觀點或打算重複或其他任何您可以指出的支持案例，這些改進正在引起共鳴？

Hey, Todd, Todd here again.

嘿，托德，托德又來了。

Yes, a few things come to mind there.

是的，我想到了一些事情。

One of the pieces that our marketing team has done a great job of this.

我們的行銷團隊在這方面做得非常出色，其中之一就是。

We were able to track our web traffic pretty well.

我們能夠很好地追蹤我們的網路流量。

And this is really about more about new users.

這實際上與新用戶有關。

But over the past quarter or through the fourth quarter, especially on the heels of the menu rollout that G.J. just mentioned in October, the number of new guests coming to our website has increased substantially and so to us, that's a very encouraging sign of bringing new users.

但在過去的一個季度或整個第四季度，尤其是在菜單推出之後，G.J.剛才提到十月份，造訪我們網站的新訪客數量大幅增加，因此對我們來說，這是帶來新用戶的非常令人鼓舞的跡象。

Back to Red Robin, a lot of our marketing has been focused in new channels.

回到紅羅賓，我們的許多行銷活動都集中在新管道上。

And so that's one of the markers we've been looking at in terms of in terms of data points that tells us we're on the right track beyond your point, the customer satisfaction.

因此，這是我們一直在關注的數據點指標之一，這些數據點告訴我們，我們走在正確的軌道上，超越了您的觀點，即客戶滿意度。

Yes, I would just add, Todd, that in addition, what we're seeing is on the sentiment, the scores are actually even higher from new guests coming into the restaurants than what they've been in the past.

是的，我想補充一點，托德，此外，我們看到的是情緒，新客人進入餐廳的分數實際上比過去更高。

So that's pretty encouraging that we're obviously striking a chord and we've seen them their repeat visits increase as well.

因此，這非常令人鼓舞，我們顯然引起了共鳴，而且我們看到他們的重複訪問次數也有所增加。

Excellent.

出色的。

And second question, you talked about the incremental $3 million in selling expenses to really get out there and message on the work that you've done on the brand over the course of '23.

第二個問題，您談到了增加 300 萬美元的銷售費用，以便真正走出去，並傳達您在 23 年期間為品牌所做的工作。

Is there a place knowing that the focus has been repositioned around local store marketing, digital platform marketing.

有沒有一個地方知道重點已經重新定位在本地商店行銷、數位平台行銷上。

Is there a place at all, especially in denser markets for any more of maybe a mass channel overlay that arm maybe gets that message out in a way that you hit a broader swath of people and really highlight the improvement in the brand and drive some traffic that way.

是否有一個地方，特別是在人口密集的市場中，可以透過更多的大眾管道覆蓋來傳達訊息，從而吸引更廣泛的人群，真正突出品牌的改進並帶來一些流量。

Yes.

是的。

Todd, we're I think we're thinking very much along similar channels.

托德，我認為我們正在沿著類似的管道進行思考。

Part of the marketing push that, you know, the first stages have just kicked off and it will really ramp up in Q2.

您知道，行銷推動的一部分剛剛開始，並將在第二季度真正加速。

But one of the of the pieces to the marketing plan is really a going on TV.

但行銷計劃的其中一個部分實際上是電視上的節目。

We're going to test that in six of our core markets and to really very much to your point, get that message out.

我們將在我們的六個核心市場中進行測試，並且非常符合您的觀點，將這一訊息傳達出去。

It's still targeted, right, where we're targeting certain channels, certain times of day certain events, but it's much more of a mass media type of approach that we think obviously there will be other levers or layers as well.

它仍然是有針對性的，對吧，我們針對某些管道、一天中的某些時間的某些事件，但它更多的是一種大眾媒體類型的方法，我們認為顯然還會有其他槓桿或層次。

So we think going on TV, it really does get the word out broadly and so part of our approach in that is to go to those six markets.

因此，我們認為在電視上確實可以廣泛宣傳，因此我們的部分方法是進入這六個市場。

You measure performance.

您衡量績效。

And that will then inform how we approach the second half of the year.

這將告訴我們如何應對下半年。

But it's very much along the lines of what you're talking about.

但這非常符合你所說的內容。

They're really pushing to get the word out and get people to come back in to experience what we what we know by all the data is going to be a great experience.

他們確實在努力宣傳並讓人們回來體驗我們透過所有數據所知道的將是一次很棒的體驗。

Okay.

好的。

Great and I have one more and then I'll hop back in queue if I can.

太好了，我還有一個，然後如果可以的話我會重新排隊。

If you look at where the Street kind of went to for '24 and restaurant-level margins.

如果你看看 24 世紀華爾街的利潤率和餐廳等級的利潤率。

We had we had the improvement north of 14% by centers.

我們的中心進步了 14% 以上。

We may have gotten a little bit over our tips relative to the reality of what it takes to improve and inflect margin.

相對於改善和影響利潤率的現實情況，我們可能有點超出了我們的建議。

But is there anything incremental I mean, if the commodity inflation outlook sounded good, I know you put a lot of labor investment back into the model.

但我的意思是，如果大宗商品通膨前景聽起來不錯，我知道你會在模型中投入大量勞動投資。

Is there anything in 20 store that's kind of layered into that on that guidance that you provided that 12.5% to 13.5% restaurant-level margin?

在 20 家商店中，是否有任何東西與您提供的 12.5% 至 13.5% 餐廳水平利潤率的指導方針分層？

Thanks.

謝謝。

You know, I think we laid out the big pieces and I think you just mentioned many of them.

你知道，我認為我們已經列出了重要的部分，我想你剛剛提到了其中的許多部分。

So I think we laid out the big pieces.

所以我認為我們已經佈局了大的部分。

I think the piece that relative to the information that you or others have out there on us, I think the piece that we layered in that's perhaps incremental to that is really just the impact of what we saw at the start of the year.

我認為，相對於您或其他人掌握的有關我們的信息，我認為我們分層的部分可能是增量的，實際上只是我們在年初看到的影響。

We were we were certainly impacted by the weather.

我們確實受到了天氣的影響。

We've seen those comments from others in the industry, certainly impacted by the weather to start the year.

我們已經看到了業內其他人的評論，這肯定受到了年初天氣的影響。

And quite frankly, when we look back at 2023, we had a great first quarter of 2023, we were up 8.6% comparable restaurant sales last year, and quite frankly, the heaviest hurdles.

坦白說，當我們回顧 2023 年時，我們在 2023 年第一季表現出色，去年我們的可比餐廳銷售額成長了 8.6%，坦白說，這是最嚴重的障礙。

January was the biggest hurdle.

一月是最大的障礙。

February is the second biggest hurdle and then the hurdle, so to speak isn't quite so severe in the rest of the quarter and the rest of the year.

二月是第二大障礙，然後是第二大障礙，可以說在本季剩餘時間和今年剩餘時間並沒有那麼嚴重。

But I think when you put those really big hurdles from Taiwan or from January and February on top of that, the weather events of this year.

但我認為，當你把來自台灣或一月和二月的那些真正的大障礙放在最重要的時候，今年的天氣事件。

Yes, I think that's the piece that we're reacting to a little bit real time.

是的，我認為這就是我們實時做出反應的部分。

And my sense is that the Street numbers probably didn't have that factor Inc. where we did add about factor in.

我的感覺是，街道數字可能沒有我們添加的因素。

Okay.

好的。

Do you want to speak to Todd I don't know in this forum you either want talk to quarter to date or knowing that you still have the business 60 week for you guys maybe frame up the expectation for the full quarter so that we're not trying to guess how much you can chase back against some easier comparisons as Q1 progresses?

你想和托德談談嗎？隨著第一季的進展，您可以對一些更簡單的比較進行多少追蹤？

Yes.

是的。

It's a fair question, Todd.

這是一個公平的問題，托德。

And I think as we think about it, I go right where you went of we do have right, we're somewhat unique and we have a 16-week first quarter that really we're only halfway through, meaning we've still got a really long way to go.

我認為，當我們思考這個問題時，我就和你說的一樣，我們確實有權利，我們有些獨特，我們有一個為期16 週的第一季度，實際上我們只完成了一半，這意味著我們仍然還有很長的路要走。

I think the obviously weeks and months and even quarter sometimes can sometimes be volatile.

我認為顯然，幾週、幾個月甚至一個季度有時會出現波動。

So I don't know that we're ready to give you a number for Q1.

所以我不知道我們是否準備好向您提供第一季的數字。

But I think the way that we're thinking about it is part of the progression that we've seen through the first quarter.

但我認為我們思考這個問題的方式是我們在第一季看到的進展的一部分。

When we look at the January results and then the improvement as we get into Q2 to February, we've seen a basically a 600 basis point improvement from January to February now those are still in January was still a decline in same-store sales as was February.

當我們查看 1 月份的業績以及進入第二季度到 2 月份的改善時，我們發現從 1 月份到 2 月份基本上有 600 個基點的改善，現在仍然是 1 月份，同店銷售額仍然下降，是二月。

But seeing that sequential improvement, it gives us confidence that it is a year-over-year lap that's driving our numbers so far this year and seeing them improve gives us confidence in the balance of the quarter.

但看到連續的改善，這讓我們相信，今年迄今為止，我們的數據是逐年增長的，並且看到它們的改善讓我們對本季度的平衡充滿信心。

So I don't know that we're ready to put out a number yet on Q1, but it is one that obviously it's been a headwind to start the year, but we're seeing the sequential improvement in the right direction.

所以我不知道我們是否準備好在第一季公佈一個數字，但這顯然是今年伊始的逆風，但我們看到了朝著正確方向的連續改善。

Okay, perfect.

好的，完美。

Thanks, Todd.

謝謝，托德。

Thank you.

謝謝。

Andrew Wolf, C.L. King.

安德魯沃爾夫，C.L.國王。

Thank you.

謝謝。

Good afternoon.

午安.

I kind of wanted to piggyback on Todd's question on the comp was kind of the cadence, but not in the quarter.

我有點想藉用托德關於比較的問題，但不是在本季。

I mean, I think you wouldn't have called it out as particularly challenging and you're not alone if it wasn't going to be well below, you know, somewhat to well below trend level of guidance.

我的意思是，我認為您不會說它特別具有挑戰性，而且如果它不會遠低於，您知道，略低於趨勢指導水平，那麼您並不孤單。

So I guess what I want to get to is, you know, the comparisons get a lot easier in the second half.

所以我想我想要的是，你知道，下半場的比較變得容易多了。

And obviously, the first quarter is going to be what it is.

顯然，第一季將會如此。

But I'm certainly I'm going to model it below meaningfully below the guidance you put in.

但我當然會在您輸入的指導下有意義地對其進行建模。

I've looked down low-single digits.

我看過低個位數的數據。

So could you give I mean are you guys is it reasonable to expect your costs to at least flatten out, if not turn positive in the second half when you start to hit the easier comparisons, that's sort of how you're viewing the year in the first quarter is not in the books yet, but certainly the two half first two months, first two four-week periods, but in a tough spot.

那麼，我的意思是，您是否合理地期望您的成本至少會趨於平緩，如果下半年當您開始進行更簡單的比較時，成本不會轉為正數，這就是您對這一年的看法第一季尚未入賬，但肯定是前兩個月的後半段，前兩個四周的時期，但處境艱難。

Here and yet you're spot on, we do expect with what we've seen so far in the first quarter that I just referenced of in our February period better than the January period.

但你說得對，我們確實期望我們在第一季所看到的情況，我剛剛提到的二月期間比一月份期間要好。

We are looking for that to continue.

我們正在尋找這種情況繼續下去。

Yes, that is both true for same-store sales as well as the traffic side of things.

是的，對於同店銷售和流量方面都是如此。

I referenced that in the prepared remarks that especially on the traffic side, the marker is going to be each quarter better than the last.

我在準備好的評論中提到，特別是在交通方面，每個季度的標記都會比上一個季度更好。

So you're thinking about that the right way, and we do see a track and that gets us positive as we move through the year.

所以你的思考方式是正確的，我們確實看到了一條軌跡，這讓我們在這一年中保持積極的態度。

And kind of related to what I'm asking about when is your marketing incremental marketing going to really start to hit?

這與我要問的問題有關：您的行銷增量行銷何時才能真正開始發揮作用？

It's the mediums you're going to use to use

這是你將要使用的媒介

As we I think we mentioned it.

我認為我們提到過這一點。

It's it will start in March.

事情是從三月開始的。

Okay.

好的。

Begin that.

開始吧。

And it really goes into the second quarter really full stop.

它真的進入了第二季度真正的句號。

All right.

好的。

And then a housekeeping.

然後是家事服務。

I think you mentioned you had an extra payroll cycle, which hit your cash, was that a meaningful number?

我想你提到你有一個額外的工資發放週期，這會影響你的現金，這是一個有意義的數字嗎？

And did it improve your liquidity position from year end

從年底開始，它是否改善了您的流動性狀況

Andy, no, and you know, it was it was actually a headwind to our liquidity position, which is part of why I called it out up one payroll for us is $17 million or $18 million.

安迪，不，你知道，這實際上對我們的流動性狀況構成了不利影響，這就是為什麼我稱我們的工資為 1700 萬美元或 1800 萬美元的部分原因。

Now Notably, we had an extra week of revenue to help offset that, but it was definitely a headwind to our liquidity.

現在值得注意的是，我們多了一周的收入來幫助抵消這一點，但這絕對是我們流動性的阻力。

It's just a point in time headwind, though, right at it quickly balances out.

不過，這只是一個時間點的逆風，很快就會平衡。

But just because we drew the line of the fiscal year ends a week later.

但僅僅因為我們劃定的財政年度結束時間晚了一周。

We ended up carrying effectively seven payroll cycles in the quarter rather than a typical six.

我們最終在本季有效地進行了七個薪資週期，而不是典型的六個。

And that's what I was asking is your liquidity position is somewhere $17 million plus or minus better than you ended the year.

這就是我要問的，你的流動狀況比年底好出 1700 萬美元左右。

Exactly.

確切地。

It's it is a And usually that's depressed versus what we feel like it should have been so to speak if we run a net normal 52-week calendar.

通常情況下，如果我們運行淨正常的 52 週日曆，那麼我們的感覺應該是令人沮喪的。

Okay.

好的。

And we'll look at cash flow statement, but sort of backing into that, there must be some other things in there either in working capital or that seem to have hit the cash from operations that might not repeat?

我們將查看現金流量表，但在某種程度上支持這一點，其中必須有一些其他東西，或者是營運資金，或者似乎已經影響了可能不會重複的運營的現金？

That's correct.

這是正確的。

Yes.

是的。

That was the big headwind that I'd call out on cash.

這是我對現金的巨大阻力。

And again, that's just a timing aspect, but we can certainly talk through the cash flow statement as you're able to digest it.

再說一遍，這只是一個時間方面的問題，但我們當然可以透過現金流量表進行討論，因為您能夠消化它。

Okay.

好的。

Thank you.

謝謝。

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of question and answer session.

女士們、先生們，我們的問答環節已經結束。

I would now like to turn the floor over to G.J. Hart for closing comments.

我現在想請 G.J.哈特結束評論。

All right.

好的。

Well, thank you all for joining us today, and we look forward to our next report.

好的，感謝大家今天加入我們，我們期待下次報告。

And again, we're excited about this come back and making it come to reality.

再次，我們對這次回歸並使其成為現實感到興奮。

So take care.

所以要小心。

Thank you, and we'll talk soon.

謝謝您，我們很快就會再談。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。