Ruth's Hospitality Group Inc (RUTH) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to today's Ruth's Hospitality Group Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

早安，女士們先生們。歡迎參加今天的露絲飯店集團 2022 年第四季財報電話會議。 （操作員說明）提醒一下，今天的電話會議正在錄音。

I would now like to turn the conference over to Mike Hynes, Vice President of Finance and Accounting. Please go ahead.

現在我想將會議交給財務和會計副總裁 Mike Hynes。請繼續。

Thank you, Latanya, and good morning, everyone. Joining me on the call today is Cheryl Henry, our President, Chief Executive Officer, and Chairperson of the Board; and Kristy Chipman, our Chief Financial Officer and Chief Operating Officer.

謝謝拉塔尼亞，大家早安。今天和我一起參加電話會議的是我們的總裁、執行長兼董事會主席謝麗爾·亨利 (Cheryl Henry)；以及我們的財務長兼營運長克里斯蒂·奇普曼 (Kristy Chipman)。

Before we begin, I'd first like to remind you that part of our discussion today will include forward-looking statements. These statements are not guarantees of our future performance, and therefore, undue reliance should not be placed upon them. We would also encourage you to refer to the Investor Relations section of our website at rhgi.com as well as the SEC's website for copies of today's earnings press release in our recent filings with the SEC for a more detailed discussion of the risks that could impact our future operating and financial results.

在我們開始之前，我首先想提醒您，我們今天討論的部分內容將包括前瞻性陳述。這些聲明並不是我們未來業績的保證，因此，不應過度依賴它們。我們也鼓勵您參考我們網站 rhgi.com 的投資者關係部分以及 SEC 網站，獲取我們最近向 SEC 提交的文件中今天的收益新聞稿的副本，以更詳細地討論可能影響的風險我們未來的運營和財務業績。

During this call, we will refer to non-GAAP financial measures, including adjusted earnings per share and adjusted EBITDA. You can find a reconciliation of these non-GAAP financial measures in our press release for today's call.

在本次電話會議中，我們將參考非公認會計準則財務指標，包括調整後每股盈餘和調整後 EBITDA。您可以在我們今天的電話會議新聞稿中找到這些非公認會計準則財務指標的調節表。

I would now like to turn the call over to the company's Chief Executive Officer, Cheryl Henry.

我現在想將電話轉給公司執行長謝麗爾·亨利 (Cheryl Henry)。

Thank you, Mike, and good morning, everyone. Our fourth quarter results marked the end to another solid year for our stakeholders at Ruth's Chris. The amazing efforts of our team delivered high single-digit top line and double-digit adjusted EBITDA growth for the quarter, contributing to adjusted EBITDA of $83.8 million for the year. Driving these results were continued demand from our (inaudible) and special occasion guests and improvements in our private dining business. Combined with our team's ability to manage costs and drive efficiencies, we were very pleased to deliver year-over-year adjusted earnings per share growth of over 13%.

謝謝你，麥克，大家早安。我們第四季的業績標誌著 Ruth's Chris 的利害關係人又一個堅實的一年的結束。我們團隊的驚人努力實現了本季高單位數營收和兩位數調整後 EBITDA 成長，全年調整後 EBITDA 達到 8,380 萬美元。推動這些結果的是我們（聽不清楚）和特殊場合客人的持續需求以及我們私人餐飲業務的改進。結合我們團隊管理成本和提高效率的能力，我們非常高興實現調整後每股收益同比增長超過 13%。

Quarterly results aside, 2022 was a year of many accomplishments for the Ruth's Chris team. If you recall, we started the year with a goal to deliver on our total return strategy for shareholders, and that began with organic growth, including new restaurants, remodels and digital technologies. It also included smartly allocating capital on behalf of our shareholders, and we believe we were able to accomplish both.

拋開季度業績不談，2022 年對 Ruth's Chris 團隊來說是許多成就的一年。如果你還記得的話，我們年初的目標是為股東實現整體回報策略，而這一目標是從有機成長開始的，包括新餐廳、改造和數位技術。它還包括代表我們的股東明智地分配資本，我們相信我們能夠實現這兩點。

During the year, we successfully opened four new company-operated restaurants, including one in the territory we acquired from a franchisee on Long Island, New York, and relocated and redesigned our Winter Park, Florida restaurant. As a group, these five restaurants have continued to perform above our expectations.

年內，我們成功開設了四家新的公司經營餐廳，其中一家位於我們從紐約長島的特許經營商處收購的地區，並搬遷並重新設計了佛羅裡達州溫特帕克餐廳。作為一個整體，這五家餐廳的表現繼續超越我們的預期。

We are especially encouraged by the October relocation of our Winter Park restaurant, which has outperformed its former location by over 35% in November and December combined. This is due to a new contemporary design that gives our guests different dining room experience options, with increased energy from a new bar design and a larger outdoor dining space. Winter Park floor plans and interior and exterior design elements will serve as a model for future new restaurants and relocations as well as remodels as structures allow.

我們對 Winter Park 餐廳 10 月的搬遷尤其感到鼓舞，該餐廳 11 月和 12 月的業績比原來的位置高出 35% 以上。這是由於新的現代設計為我們的客人提供了不同的餐廳體驗選擇，新的酒吧設計和更大的戶外用餐空間增加了能量。冬季公園平面圖和內部和外部設計元素將作為未來新餐廳和搬遷以及結構允許的改造的模型。

We are pleased to report that our data digital transformation project is now well underway, and we are happy to announce that we have completed Phase 1 with great success. Our investments in this area have been important to our total return strategy as they have enabled us to elevate the guest experience and increased productivity across our entire operation.

我們很高興地報告，我們的數據數位轉型專案目前正在順利進行，並且我們很高興地宣布我們已經成功完成了第一階段。我們在這一領域的投資對我們的總回報策略非常重要，因為它們使我們能夠提升賓客體驗並提高整個營運的生產力。

One of the most exciting accomplishments this year was the development of a proprietary demand forecasting platform, which seamlessly integrates with our labor management system to create more efficient schedule. We are pleased to report that these efforts resulted in a 10% improvement in hours per entree, translating to approximately 200 basis points of labor improvement over pre-pandemic levels for the year. It is important to note that we were able to achieve these results despite facing record high wage increases and adding managers back to most of our highest volume restaurants.

今年最令人興奮的成就之一是開發了專有的需求預測平台，該平台與我們的勞動力管理系統無縫集成，以創建更有效率的時間表。我們很高興地報告，這些努力使每道主菜的工作時間減少了 10%，相當於今年的勞動力比大流行前的水平提高了約 200 個基點。值得注意的是，儘管面臨創紀錄的高工資增長，並且在大多數營業額最高的餐廳重新增加了管理人員，但我們仍然能夠取得這些成果。

In addition, we have implemented new proprietary processes that leverage our data platform, allowing us to improve capacity and table management. This has been especially effective on our busiest days, including Fridays, Saturdays and holidays, resulting in an increase in sales during these peak periods.

此外，我們還實施了利用我們的資料平台的新專有流程，使我們能夠提高容量和表格管理。這在我們最繁忙的日子（包括週五、週六和假日）尤其有效，導致這些高峰期的銷售增加。

Finally, we are excited to share that we have completed the rollout of our hospitality app to all restaurants. Although it is still early days, we are seeing a positive impact on repeat visits.

最後，我們很高興與大家分享，我們已完成向所有餐廳推出酒店應用程式。儘管現在還處於早期階段，但我們已經看到了重複訪問的積極影響。

Overall, we are proud of the progress we have made in our data digital transformation, and we are confident that these investments will continue to drive value for our guests and our shareholders in the years to come.

總的來說，我們對數據數位轉型所取得的進展感到自豪，我們相信這些投資將在未來幾年繼續為我們的客人和股東帶來價值。

Mark Kupferman, our recently appointed Chief Commercial Officer, will spearhead these efforts and ensure that our investments in digital support the evolution of the Ruth's Chris brand.

我們最近任命的首席商務長 Mark Kupferman 將帶頭進行這些工作，並確保我們在數位領域的投資支持 Ruth's Chris 品牌的發展。

The final piece of our total return strategy in 2022 was smartly allocating excess capital. For the year, we repurchased $29.6 million worth of shares. We paid $18.3 million in dividend payments, and we reduced debt by $40 million.

我們 2022 年總回報策略的最後一部分是明智地分配多餘資本。今年，我們回購了價值 2,960 萬美元的股票。我們支付了 1830 萬美元的股息，並減少了 4000 萬美元的債務。

In February, we also announced an increase of our dividend to $0.16, which we paid in March and is the highest dividend we've ever paid. Along with investments in new restaurants, existing assets in our technology platform, we believe this balanced approach best positions our shareholders for value creation in the long run.

2 月份，我們還宣布將股息增加至 0.16 美元，這是我們在 3 月份支付的，這是我們有史以來支付的最高股息。除了對新餐廳和技術平台現有資產的投資外，我們相信這種平衡的方法最有利於我們的股東創造長期價值。

I'm pleased to say our 2023 playbook reads much like 2022. Before I talk about this year's portfolio development, let me quickly touch on the planned closure of our Manhattan location.

我很高興地說，我們 2023 年的策略與 2022 年非常相似。

As you may have heard, after 30 years of serving guests, we are closing our New York City restaurant in April. We've decided not to renew the lease due to a shift in the trade area and fully intend to open at least one new Manhattan location by the end of 2025. This plan allows us to relocate and redesign our New York City presence to better serve the market.

您可能已經聽說，在為客人服務 30 年後，我們將於 4 月關閉紐約市餐廳。由於貿易區域的變化，我們決定不再續簽租約，並完全打算在 2025 年底之前在曼哈頓開設至少一個新店。市場。

In 2023, we expect to open five company restaurants, including one new opening in a casino resort in Michigan. In addition to these new openings, we expect one relocation in the second quarter and as many as 10 remodels and refreshes to our portfolio throughout the year. In addition to this development, we are excited that one of our franchisees will open our first Ruth's Chris Steakhouse restaurant in Iowa.

到 2023 年，我們預計將開設 5 家公司餐廳，其中包括在密西根州賭場度假村新開一家餐廳。除了這些新開幕之外，我們預計第二季將進行一次搬遷，全年我們的產品組合將進行多達 10 次改造和更新。除了這一發展之外，我們很高興我們的一位特許經營商將在愛荷華州開設我們的第一家 Ruth's Chris Steakhouse 餐廳。

This year, we will also embark on Phase 2 of our digital journey. As part of this effort, we'll be developing our new inventory platform, which we expect to drive at least 25 basis points of margin improvement over time. The platform is scheduled for testing throughout 2023. In addition, we are launching a new data-driven digital paid media program.

今年，我們也將踏上數位化之旅的第二階段。作為這項工作的一部分，我們將開發新的庫存平台，我們預計隨著時間的推移，該平台將推動利潤率提高至少 25 個基點。該平台計劃於 2023 年進行測試。

Our third priority in 2023 will be the launch of the first phase of an elevated guest experience. Specifically, over the next 12 to 18 months, we will be rolling out Ruth's Reimagine to the entire system. The program includes new hospitality training and standards, uniform, table presentation and smallwares. We'll also introduce a refreshed menu and new bar program. Our guests have shown that they want variety, not just in options, but also in price points. In the test of our prior bar menu, we experienced double-digit growth in average checks, as guests trade-off to more premium offerings.

我們 2023 年的第三個優先事項將是啟動提升賓客體驗的第一階段。具體來說，在接下來的 12 到 18 個月內，我們將把 Ruth's Reimagine 推廣到整個系統。該計劃包括新的酒店管理培訓和標準、制服、餐桌展示和小器具。我們還將推出更新的菜單和新的酒吧計劃。我們的客人已經表明他們想要多樣化，不僅在選擇上，而且在價格上。在我們之前的酒吧菜單的測試中，隨著客人轉向更優質的產品，我們的平均支票數量出現了兩位數的增長。

To conclude, 2023 is an exciting year for us, balancing new unit growth, relocations and remodels, along with digital investments and new programs to accelerate both top and bottom line growth in our existing fleet and managing excess capital on behalf of our shareholders. While we acknowledge there is some uncertainty around the economy, our strong balance sheet and free cash flow allows us to plan and continue investing in the future. We look forward to keeping you up-to-date throughout the year as we roll in these initiatives.

總而言之，2023 年對我們來說是令人興奮的一年，我們要平衡新單位的成長、搬遷和改造，以及數位投資和新計劃，以加速我們現有機隊的收入和利潤成長，並代表我們的股東管理多餘的資本。雖然我們承認經濟存在一些不確定性，但我們強勁的資產負債表和自由現金流使我們能夠規劃並繼續投資未來。當我們推出這些舉措時，我們期待讓您全年了解最新情況。

With that, I'll turn the call over to Kristy to cover the specifics of the quarter.

這樣，我會將電話轉給克里斯蒂，以介紹本季的具體情況。

Thank you, Cheryl. For the fourth quarter ended December 25, 2022, we reported GAAP net income of $12.4 million, or $0.38 per diluted share, compared to $13.8 million, or $0.40 per diluted share last year. Non-GAAP diluted earnings per common share was $0.38 compared to $0.34 in the prior year quarter. Adjusted EBITDA for the quarter was $24 million compared to $21.4 million in the same quarter last year. Please refer to our earnings release for reconciliations of non-GAAP measures.

謝謝你，謝麗爾。截至 2022 年 12 月 25 日的第四季度，我們公佈的 GAAP 淨利潤為 1,240 萬美元，即稀釋後每股收益 0.38 美元，而去年為 1,380 萬美元，即稀釋後每股收益 0.40 美元。非 GAAP 稀釋後每股普通股收益為 0.38 美元，去年同期為 0.34 美元。本季調整後 EBITDA 為 2,400 萬美元，去年同期為 2,140 萬美元。請參閱我們的收益發布，以了解非公認會計準則指標的調節表。

Our strong quarterly results were driven by total revenue growth of 9.2%, including company-operated restaurant sales growth of approximately 9.6%. Comp sales for the quarter increased 4.5% versus 2021 and increased 5.5% compared to 2019. Average weekly sales during the quarter were $130,000 versus $123,000 in 2021 and $118,800 in 2019. Please note, going forward, we will no longer provide 2019 as a comparison period.

我們強勁的季度業績得益於 9.2% 的總收入成長，其中公司經營的餐廳銷售額成長約 9.6%。本季的比較銷售額較2021 年成長4.5%，較2019 年成長5.5%。不再提供2019 年作為比較時期。

Franchise income for the quarter was $5.8 million, up 6.1% versus the same period last year, driven by a comparable franchisee sales growth of 2.3%. Food and beverage costs improved versus the prior year quarter by 93 basis points to 33.2%, as beef prices declined approximately 4%, partially offset by 1% increase in the balance of our commodity basket. To give you a sense of the impact of beef prices on our overall financial performance, we estimate that a 10% change in beef cost would impact EBITDA by approximately $6 million to $7 million on an annual basis, all else remaining equal.

本季特許經營收入為 580 萬美元，較去年同期成長 6.1%，主要得益於可比特許經營商銷售額成長 2.3%。食品和飲料成本較去年同期下降 93 個基點，達到 33.2%，牛肉價格下降約 4%，部分被我們商品籃子餘額增加 1% 所抵銷。為了讓您了解牛肉價格對我們整體財務表現的影響，我們估計，在其他條件保持不變的情況下，牛肉成本 10% 的變化每年將影響 EBITDA 約 600 萬至 700 萬美元。

Labor expense for the quarter versus 2021 increased 200 basis points, primarily due to hourly wage increases of approximately 9.5% and increased management labor due to higher wages as well as more managers per restaurant versus the same time last year. When compared to 2019, management labor expense was better by 105 basis points.

與 2021 年相比，本季的勞動力支出增加了 200 個基點，主要是由於每小時工資增長約 9.5%，以及由於工資上漲以及每家餐廳的經理人數比去年同期增加而導致管理勞動力增加。與 2019 年相比，管理人工費用提高了 105 個基點。

Moving beyond restaurant expenses, combined marketing and G&A as a percent of revenues was 9.7% compared to 11.6% in the fourth quarter of 2021, reflecting the timing of expenses related to bonus accruals and data digital initiatives.

除餐廳支出外，行銷和一般行政費用合計佔收入的百分比為 9.7%，而 2021 年第四季為 11.6%，反映了與獎金應計和數據數字計畫相關的支出時間表。

For the quarter, we repurchased approximately 905,000 shares, for a total cost of $14.7 million, and we paid $4.6 million in dividend payments. As of December 25, we had approximately $23 million in cash on our balance sheet, and our outstanding debt was $30 million. In addition, subsequent to the end of the fourth quarter, we paid down $15 million of debt, leaving $15 million on the balance sheet as of today.

本季度，我們回購了約 905,000 股股票，總成本為 1,470 萬美元，並支付了 460 萬美元的股息。截至 12 月 25 日，我們的資產負債表上約有 2,300 萬美元現金，未償債務為 3,000 萬美元。此外，第四季末後，我們還清了 1,500 萬美元的債務，截至目前資產負債表上還剩下 1,500 萬美元。

2022 delivered record revenue for the full year, and our start to January was strong with comp sales of about 17% as we lapped Omicron in January of 2022. Starting in February and carrying through July, the comparisons get more difficult as we lap against the country's reopening post-Omicron and record high comp sales from last year. In the last week of this quarter, we will be taking a price increase of approximately 3%. And as a reminder, we took 3.4% price during the same week last year.

2022 年全年營收創歷史新高，我們在 2022 年 1 月超越了 Omicron，從 2022 年 1 月開始一直到 7 月，隨著我們與 Omicron 的對比，比較變得更加困難。重新開放，去年的銷售額創歷史新高。在本季度的最後一周，我們將漲價約 3%。提醒一下，去年同一周我們採取了 3.4% 的價格。

From a cost of goods sold perspective, we will not be guiding for the first quarter or full year given the volatility in the beef market, which makes up about half of our basket. However, I will say that in January, our cost of goods sold was 33.3%, driven by an increase in beef of 12% versus prior year, offset by the rest of the basket, which is down mid-single digits.

從銷售成本的角度來看，鑑於牛肉市場的波動（約占我們籃子的一半），我們不會對第一季或全年進行指導。然而，我要說的是，1 月份，我們的銷售成本為33.3%，這是由於牛肉比去年增加了12%，但被籃子中的其他產品所抵消，而其他產品則下降了中個位數。

With that, I'll now turn the call back to Cheryl for a few closing comments.

現在，我將把電話轉回給謝麗爾，請其發表一些結束語。

Thank you, Kristy. Our success over the past 2 years is a real testament to the grit and determination of our team and franchise partners and their ability to adjust quickly to change. Through their efforts, we've achieved record revenue, opened successful new restaurants, invested in new technologies to increase efficiencies, paid down debt and continued to return cash to shareholders, and we accomplished this through a global pandemic, generationally high inflation and numerous macro challenges.

謝謝你，克里斯蒂。我們過去兩年的成功真正證明了我們的團隊和特許經營夥伴的勇氣和決心，以及他們快速適應變化的能力。透過他們的努力，我們實現了創紀錄的收入，開設了成功的新餐廳，投資新技術以提高效率，償還債務並繼續向股東返還現金，我們透過全球大流行、世代高通膨和眾多宏觀經濟政策實現了這個目標挑戰。

Going forward, I believe the next couple of years can be as productive as the past. We believe we can open at least 10 new restaurants and relocate up to three more, utilizing our refreshed and enhanced brand standards. We will also continue to embrace technology as we've discussed today and allocate excess capital to shareholders as appropriate. The levers at our disposal have never been stronger, and I'm excited for what our team and franchisees will deliver.

展望未來，我相信未來幾年會像過去一樣富有成效。我們相信，利用我們更新和增強的品牌標準，我們可以開設至少 10 家新餐廳，並重新安置多達 3 家餐廳。我們也將繼續擁抱今天討論的技術，並酌情向股東分配多餘的資本。我們擁有前所未有的強大槓桿，我對我們的團隊和加盟商將提供的服務感到興奮。

Thank you for joining us on the call this morning, and we look forward to taking your questions.

感謝您今天早上參加我們的電話會議，我們期待回答您的問題。

Latanya, would you please open up the line.

拉塔尼亞，請開通電話線好嗎？

(Operator Instructions) Our first question comes from Brian Vaccaro with Raymond James.

（操作員說明）我們的第一個問題來自 Brian Vaccaro 和 Raymond James。

I wanted to start out with the Winter Park redesign. I haven't had a chance to see it yet. But Cheryl, many minutes ago, we had -- you had Ruth's 2.0. And could you just provide a little more color on some of the key sort of guest-facing changes of the new Winter Park redesign? And does it include both interior and exterior elements?

我想從冬季公園的重新設計開始。我還沒有機會看到它。但謝麗爾，幾分鐘前，我們有了——你有了露絲的 2.0。您能否為新的冬季公園重新設計的一些面向客人的關鍵變化提供更多的資訊？它包括內部和外部元素嗎？

Thanks, Brian. Yes. And yes, so Ruth's 2.0, and that as we were coming and approaching 2020, we had a plan put together for the redesign of restaurants as well as some programming changes, and then, obviously, COVID hit.

謝謝，布萊恩。是的。是的，所以露絲的 2.0，當我們即將到來並接近 2020 年時，我們制定了一個重新設計餐廳的計劃以及一些編程更改，然後，顯然，新冠疫情爆發了。

So this is exciting for us. This restaurant was in plan. We were able to fulfill those plans, and as you can see, to a great success. And a lot of those changes -- yes, so both exterior and interior, a lot of changes based on guest feedback we had about the next generation and how they want to dine.

所以這對我們來說是令人興奮的。這家餐廳是在計劃中的。我們能夠實現這些計劃，正如您所看到的，並且取得了巨大的成功。其中有很多變化 - 是的，所以無論是外部還是內部，很多變化都是基於我們對下一代以及他們想要如何用餐的客人回饋。

And so specifically, larger patios, better outdoor experience, elevations on the restaurant explaining who we are as a brand and what awaits them inside, a lot of work done around that. Also offering different dining room experiences.

具體來說，更大的露臺、更好的戶外體驗、餐廳的立面解釋了我們作為一個品牌的定位以及裡面等待著他們的是什麼，圍繞著這些做了很多工作。也提供不同的餐廳體驗。

So we know we have a loyal and faithful special occasion guest, and we have an opportunity in the restaurant for those folks that want to come and celebrate those moments together in a more formalized comfortable setting. And then we also have what we are calling this specific restaurant, the Atrium, which is a separate dining room off the bar, which allows for a bit of a more energized dining experience for those more frequent guests. And it's working out well. So we're excited to continue to monitor that, Brian, and see how we can then take the elements that work best for us and roll them into future restaurants as well as remodel.

因此，我們知道我們有一位忠誠的特殊場合客人，並且我們在餐廳為那些想要在更正式、舒適的環境中一起慶祝這些時刻的人們提供了機會。然後，我們還有我們所說的這家特定餐廳，中庭，這是酒吧外的一個獨立餐廳，為那些經常光顧的客人提供了一些更有活力的用餐體驗。而且效果很好。因此，我們很高興能夠繼續監控這一點，布萊恩，看看我們如何採用最適合我們的元素，並將它們推廣到未來的餐廳以及改造中。

All right. Great. That's helpful. And Kristy, on the remodels, what's the average investment that you expect here on up to 10 in 2023? And what sort of the sales lift do you expect to achieve? And then what's sort of the breakeven on a comp lift you need to achieve an ROI on that investment?

好的。偉大的。這很有幫助。 Kristy，關於改造，您預計 2023 年 10 棟的平均投資是多少？您期望實現什麼樣的銷售提升？那麼，為了實現該投資的投資報酬率，您需要什麼樣的補償來提升收支平衡？

Yes. So on the investment overall in the 10 that we're talking about is a combination of both what we'll call major remodels, which will be between $1.5 million and $2 million as well as more minor remodels, which include carpet and chairs, and we will be testing the new exterior on a few of those as well this year.

是的。因此，就我們所討論的 10 個項目的總體投資而言，我們所說的重大改造（150 萬至 200 萬美元）以及更多小型改造（包括地毯和椅子）的組合，今年我們也將在其中一些上測試新的外觀。

That will be somewhere between [$600,000] and $1 million, depending on what we can do with that exterior and how much we need beyond just carpets and chairs in these restaurants to make sure we provide a refreshed experience for the guests. So that's reflected in that capital guidance that we gave.

這將在[60 萬美元] 到100 萬美元之間，具體取決於我們可以對外部進行什麼處理，以及除了這些餐廳的地毯和椅子之外我們還需要多少資金，以確保我們為客人提供煥然一新的體驗。這反映在我們提供的資本指引中。

We are -- we're very encouraged by the information that we're seeing out of Winter Park. And we just completed in -- late in the fourth quarter, a couple more remodels. So I'm not going to share any kind of ROI guidance at this point in time, but we would expect over time, as we learn even more about the Winter Park restaurant, we're going to put the right elements into the restaurant to make sure we deliver those 20% return on investment as we need to, given those investment levels.

我們對從溫特帕克看到的訊息感到非常鼓舞。我們剛剛在第四季末完成了幾次改造。因此，我目前不會分享任何類型的投資回報率指導，但我們預計隨著時間的推移，隨著我們對冬季公園餐廳的了解更多，我們將在餐廳中加入正確的元素考慮到這些投資水平，確保我們能夠實現我們需要的20% 的投資回報。

All right. Great. And circling back, if I could, just one more on the fourth quarter comp performance. Could you just provide a little more color on what you saw across sales channels? And maybe some perspective on how the private dining side of the business performed? And kind of how that compared to pre-COVID levels, say, in fourth quarter '19, just to frame that a bit for us?

好的。偉大的。如果可以的話，我再回顧一下第四季的業績表現。您能否提供更多關於您在銷售管道中看到的情況的資訊？也許對私人餐飲業務的表現有一些看法？與新冠疫情爆發前的水平（例如 19 年第四季）相比，情況如何？

Sure. So from a private dining perspective, every month in the quarter got better. So just as a reminder, first quarter was down [50%]. Second and third quarter, we're down about 25% each. As we went into fourth quarter, we're still in that down mid-20s range. And as we got to the December, we were down 14%. So the total quarter was down 16% versus 2019.

當然。因此，從私人餐飲的角度來看，本季每個月都在好轉。提醒一下，第一季下降了 [50%]。第二季和第三季度，我們分別下降了約 25%。當我們進入第四季度時，我們仍然處於 20 多歲左右的區間。到了 12 月份，我們的業績下降了 14%。因此，與 2019 年相比，整個季度下降了 16%。

When we look at the other channel, which you might be referring to, which is Ruth's Anywhere, we were at about [4,500] per restaurant per week. And so that was the overall on the channel.

當我們查看您可能提到的另一個頻道（即 Ruth's Anywhere）時，我們每家餐廳的每週收入約為 [4,500]。這就是頻道的整體情況。

Okay. And then just one quick clarification. I think you mentioned comps up 17%. That was for the 5 weeks in January?

好的。然後簡單澄清一下。我想你提到了比較成長 17%。那是一月份的 5 週？

Correct.

正確的。

Just January-specific?

只是一月的具體情況嗎？

Just January-specific.

只是一月的具體情況。

Okay. And would you be willing to just level set where average weekly sales are because these comps year-on-year or 3 year they get a little disorienting at times?

好的。您是否願意將平均每週銷售設定為水平，因為這些同比或三年的比較有時會讓人有點迷失方向？

Sure. They're 126,000 for January.

當然。一月份的人數為 126,000 人。

The next question comes from Todd Brooks with Benchmark Company.

下一個問題來自 Benchmark Company 的 Todd Brooks。

Following up on Brian's question around Winter Park. If you look at the existing base, how many do you think would support a Winter Park type of remodel going forward? And given what that kind of universe looks like, does that change the balance of maybe new unit growth versus remodels as we look to '24 and '25?

跟進布萊恩關於冬季公園的問題。如果您看看現有的基地，您認為有多少人會支持未來進行冬季公園類型的改造？考慮到這種宇宙的樣子，這是否會改變我們展望「24」和「25」時新單位成長與改造之間的平衡？

Yes. That's a great question, Todd. So as we think about the existing portfolio, we probably have about 50% of the restaurants where you wouldn't be required to do major structural changes to put some of the elements. And again, I think Kristy described it well.

是的。這是一個很好的問題，托德。因此，當我們考慮現有的投資組合時，我們可能有大約 50% 的餐廳不需要重大的結構性改變來放置某些元素。再說一次，我認為克里斯蒂描述得很好。

You don't have to necessarily build the exact floor plan and existing restaurants to get some of the benefit of the new programming and new design elements, and that's really what we're going to go forward with this year about (inaudible). So how much of that is related to exterior work? How much is related to having the opportunity to have a dining room off the bar?

您不必建立精確的平面圖和現有餐廳即可獲得新規劃和新設計元素的一些好處，這確實是我們今年要推進的內容（聽不清楚）。那麼其中有多少是與外部工作有關呢？與有機會在酒吧外擁有一間餐廳有多大關係？

And I'll give you an example. We opened Marina del Rey 6 years ago now, and it has an opportunity for having a dining room off the bar. So there are some existing restaurants that have an opportunity to kind of slide right into what Winter Park is offering from a programming perspective.

我給你舉個例子。我們六年前開設了 Marina del Rey，現在有機會在酒吧外設有餐廳。因此，一些現有的餐廳有機會從程式設計的角度直接融入冬季公園所提供的服務。

So I do think coming forward, as we put some of these exterior programs to work, and we continue to study Winter Park, we'll talk about what that means for our remodel program. Not prepared to give you that just yet.

因此，我確實認為，當我們將其中一些外部項目投入使用並繼續研究冬季公園時，我們將討論這對我們的改造項目意味著什麼。還沒準備好給你這個。

Okay. Great. Secondly, if we look at -- and Kristy, this is just to make sure. So pricing ran what level in Q4? And then I think you'll roll off about 40 basis points net at the end of March from what you said earlier in the call. But then what's the outlook for further pricing in the remainder of the year?

好的。偉大的。其次，如果我們看看克里斯蒂，這只是為了確定。那麼第四季的定價處於什麼水準？然後我認為您將在 3 月底將淨利率從您之前在電話會議中所說的基礎上下調約 40 個基點。那麼今年剩餘時間進一步定價的前景如何呢？

Sure. So pricing versus 21% in the quarter of -- quarter 4 was 4.9%. You're correct, we roll off. So first quarter, this year, we lose that 40 basis points you discussed. And for the full year, we expect pricing based on this -- only this one pricing increase, which, again, we'll look, again, in about midyear into September for another opportunity to take price depending on the dynamics of the cost and inflation environment. But based on what we know today and the price increase we're taking in March, you should expect about 4% full year pricing out for us.

當然。因此，第四季度的定價為 4.9%，而第四季度的定價為 21%。你說得對，我們滾吧。因此，今年第一季度，我們損失了您討論的 40 個基點。對於全年來說，我們預計定價將基於此——只有這次定價上漲，我們將再次在年中到 9 月左右尋找另一個機會，根據成本的動態和成本的變化來定價。但根據我們今天所了解的情況以及我們 3 月份的價格上漲，您應該預期我們全年的定價將上漲約 4%。

Okay. Great. And a final one for me, and I'll jump back in the queue also. You gave us some sensitivity around these cost trends relative to EBITDA from a full year standpoint. And Prime, which looks like it -- or beef, which looks like it was favorable in the fourth quarter. Things have picked up here in January with what you talked about from a COGS standpoint.

好的。偉大的。對我來說是最後一個，我也會跳回隊列。從全年的角度來看，您向我們提供了一些相對於 EBITDA 的成本趨勢的敏感度。還有Prime，看起來很像——或者牛肉，看起來在第四季度很受歡迎。從銷貨成本的角度來看，一月情況有所改善。

Can you talk -- and is it possible to talk about a full year outlook for beef yet? Or maybe the willingness of counterparties to contract at least let you get some of your needs locked in going forward to take -- to put some stability around a cost level versus being at the whim of kind of how the market moves here?

您能談談嗎？或者，也許交易對手願意簽訂合同，至少可以讓你鎖定一些未來的需求——在成本水平上保持一定的穩定性，而不是隨市場走勢的變化而變化？

Yes. I can tell you, there's been a lot of discussion around these always for us, but an even elevated amount of discussion most recently. January did tick up a little bit. I will tell you, February has come down from those highs. The reality of the situation with beef is the herd size is down. And until we can bring that back up, which will take some time, we are going to see some challenges on beef.

是的。我可以告訴你，我們一直圍繞著這些問題進行了很多討論，但最近的討論量甚至更多。一月份確實有上升。我會告訴你，二月已經從那些高點回落。牛肉的實際情況是牛群規模下降。在我們能夠恢復這種狀態之前（這需要一些時間），我們將看到牛肉麵臨一些挑戰。

To your point about can we [lock]? We are always actively pursuing where we can lock portions of the basket, and we're taking smaller locks wherever we can in addition to larger blocks where we can. But right now, we don't have any significant locks on our beef right now.

對於你的觀點，我們可以[鎖定]嗎？我們一直在積極尋求可以鎖定部分籃子的位置，除了盡可能鎖定較大的區塊之外，我們還盡可能採用較小的鎖定。但現在，我們的牛肉還沒有任何重大的鎖定。

(Operator Instructions) The next question comes from Josh Long with Stephens.

（操作員說明）下一個問題來自 Josh Long 和 Stephens。

This is Daniel Breen on for Joshua. First, could you quantify the headwind from the Boston, Manhattan, and Hawaii markets this past quarter?

我是約書亞的丹尼爾·布林。首先，您能否量化上個季度來自波士頓、曼哈頓和夏威夷市場的阻力？

Sure. The impact was about 480 basis points.

當然。影響約 480 個基點。

Okay. That's helpful. And then on your proprietary demand platform, you talked about a 10% improvement in hours per entree translating into that 200 bps of labor improvements. Do you think there's any more incremental labor or COGS benefit do you think you could pull out from these initiatives? And as we go into 2023, I think you had sized around 105 bps of labor, if I heard that correctly?

好的。這很有幫助。然後在您專有的需求平台上，您談到每道主菜的工作時間提高了 10%，這意味著勞動力改善了 200 個基點。您認為您可以從這些措施中獲得更多增量勞動力或銷貨成本收益嗎？當我們進入 2023 年時，我認為你們的勞動力規模約為 105 個基點，如果我沒聽錯的話？

Yes. So I would tell you that the actual efficiency metric was beyond the 200 bps, but obviously, we had average hourly rate increases and adding managers back. And if you look back at the quarter, we started with significantly higher basis point improvement, but we have been adding managers back into the restaurants every quarter in order to protect the guest experience overall.

是的。所以我會告訴你，實際的效率指標超出了 200 bps，但顯然，我們的平均每小時費率有所增加，並重新增加了經理。如果你回顧本季度，我們一開始就取得了顯著更高的基點改進，但我們每個季度都在餐廳增加經理，以保護整體賓客體驗。

From a go-forward basis, I think our opportunities are much more in the cost of goods line and food and beverage line than they are in the labor line. We, obviously, are experiencing like everybody, changes in staffing, which requires more training costs. I think we are committed to keeping the efficiency in our hours per entree going forward, the ones that we captured already. But I do not see more coming in that particular area for us in the short run.

從長遠來看，我認為我們的機會更多地出現在商品線和食品和飲料線的成本方面，而不是勞動力線。顯然，我們和其他人一樣正在經歷人員配置的變化，這需要更多的訓練成本。我認為我們致力於保持每道主菜的工作時間的效率，這是我們已經捕獲的。但我認為短期內我們在該特定領域不會有更多進展。

The next question comes from Andy Barish with Jefferies.

下一個問題來自傑弗里斯的安迪·巴里什。

Just wondering on some of the moving parts for '23. I mean it sounds like there's going to be a significant amount of investment going on in experience, in digital, paid media tests. Just kind of how you're thinking about that as it rolls through the P&L? And maybe the extra week is kind of an offset, just a couple of those factors, if you could provide a little bit more color, please?

只是想知道 23 年的一些活動部件。我的意思是，聽起來將會在體驗、數位、付費媒體測試方面進行大量投資。當它滾動到損益表時，你是如何看待這個問題的？也許額外的一周是一種補償，只是其中幾個因素，如果你能提供更多的顏色，好嗎？

Yes. So as we're thinking about -- I think your first question was on capital investments. The $40 million to $50 million, we got a little tighter, obviously. But on an ongoing basis, especially given the remodels and the refreshes that we're doing, which are important to us, the paid media test is complete.

是的。因此，當我們考慮時，我認為您的第一個問題是關於資本投資。顯然，我們對 4000 萬至 5000 萬美元的預算有點緊張。但在持續的基礎上，特別是考慮到我們正在進行的對我們很重要的改造和更新，付費媒體測試已經完成。

And so all of the costs associated with that are in the guide that you saw from a marketing perspective, all of the costs associated with launching that paid media program based on the results of our tests are in that number already.

因此，與此相關的所有成本都在您從行銷角度看到的指南中，根據我們的測試結果啟動付費媒體計劃的所有相關成本都已包含在該數字中。

Got it. And then what about the kind of smallwares, menus, uniforms, stuff like that?

知道了。那麼那些小器具、菜單、制服之類的東西呢？

Got it. Yes. So obviously, built into our overall, I'm not going to give an exact dollar amount per restaurant, but it's not overly significant. And I would say that as you think about our other office as a percentage of sales, which is where you would find some of the smallwares, will be relatively consistent on a percentage of restaurant sales perspective.

知道了。是的。顯然，就我們的整體而言，我不會給出每家餐廳的確切金額，但也不會太重要。我想說的是，當你考慮我們其他辦公室的銷售額百分比時，你會發現一些小商品，從餐廳銷售百分比的角度來看，這將是相對一致的。

Okay. And then anything else kind of on Phase 2, I guess, Cheryl, that we should be looking for as the year goes on?

好的。然後，我想，謝麗爾，隨著時間的推移，我們應該在第二階段尋找其他東西？

Yes. So I'll speak, and I'll turn to Kristy. So we've rolled out the idea of having our data transformation. There are several use cases that are coming forward. And -- so a big one we're focused on this year, and I mentioned it in my comments is around inventory and COGS. I think Kristy followed up on that, and we think that's an opportunity for us.

是的。所以我要發言，然後我會轉向克里斯蒂。因此，我們提出了進行資料轉換的想法。有幾個用例即將出現。而且，我們今年關注的一個大問題是庫存和銷貨成本，我在評論中提到了這一點。我認為克里斯蒂對此進行了跟進，我們認為這對我們來說是一個機會。

We look forward to testing that throughout the year. That's a big one for us this year, getting the hospitality app. And now that it's fully rolled, in understanding how that could impact our top line guest experience, guest (inaudible), et cetera, is a big focus for us. And then again, the other -- the (inaudible) in the new far menu for this year.

我們期待全年對此進行測試。獲得酒店應用程式對我們來說是今年的一件大事。現在它已經全面展開，了解這將如何影響我們的頂級賓客體驗、賓客（聽不清楚）等，是我們的重點。然後，另一個——今年新的遠端選單中的（聽不清楚）。

Yes. And I'll just add, and Cheryl mentioned that a 25 basis points of improvement with the inventory. I think many of us believe that, that's a very modest assumption, but we do need to do is detailed test for this. This is a very complicated change for our operators, and we want to make sure we take some of the learnings from the rollout of both our new POS and our labor management system and spend a little bit more time and test than we had originally planned, to get this right and make sure that we capture the greatest amount of savings in food by having this inventory system in place.

是的。我只想補充一下，謝麗爾提到庫存改善了 25 個基點。我想我們很多人都相信，這是一個非常溫和的假設，但我們確實需要對此進行詳細的測試。對於我們的營運商來說，這是一個非常複雜的變化，我們希望確保從新 POS 和勞動力管理系統的推出中吸取一些經驗教訓，並花費比我們最初計劃更多的時間和測試，為了做到這一點，並確保我們透過建立這個庫存系統來最大限度地節省糧食。

The next question is a follow-up from Brian Vaccaro with Raymond James.

下一個問題是布萊恩·瓦卡羅 (Brian Vaccaro) 和雷蒙德·詹姆斯 (Raymond James) 的後續問題。

I just wanted to circle back on margins. And I guess on commodities, Kristy, I think you said that the non-beef basket was up 1% in the fourth quarter. I guess, how do you expect inflation on the non-beef basket to play out moving through '23? I'm just wondering how much visibility via contracts in place you have on that non-beef basket?

我只是想回到邊緣。我想在大宗商品方面，克里斯蒂，我想你說過非牛肉籃子在第四季度上漲了 1%。我想，您預計 23 年非牛肉籃子的通膨會如何發展？我只是想知道您透過合約對非牛肉籃子有多少可見度？

Yes. So we expect it to be down about mid-single digits for the year based upon those contracts that we have, some of our seafood, particularly seafood products. Obviously, there's still some exposure in areas like dairy that we have to offset.

是的。因此，根據我們所擁有的合同，我們的一些海鮮，特別是海鮮產品，我們預計今年的價格將下降約中個位數。顯然，乳製品等領域仍然存在一些我們必須抵消的風險。

And based on the visibility we have, we do have local restaurant purchases in some areas, including produce. And so we'll have to see how all that shakes out. But based on the direct visibility that we have, down mid-single digits is what we're planning for.

根據我們的知名度，我們確實在某些地區購買了當地餐廳的產品，包括農產品。因此，我們必須看看這一切會如何發展。但根據我們所掌握的直接可見性，我們的計劃是下降中個位數。

Okay. Great. And then on labor, if I could just ask. Kristy, I think you said labor was up about 200 bps year-on-year, but favorable versus pre-COVID by about 100 basis points. Do you -- I think in previous calls, you've expressed confidence that you could sustain, call it, 200 basis points of labor favorability.

好的。偉大的。然後是關於分娩，我可以問一下嗎？克里斯蒂，我想你說過勞動力同比上漲了約 200 個基點，但與新冠疫情爆發前相比有利約 100 個基點。我認為在先前的電話會議中，您表示有信心能夠維持（稱之為）200 個基點的勞工支持率。

Do you still think that's achievable? And then I guess the other question is just on wage inflation. What are your expectations? Are you starting to see that moderate? I think you said up 9% or 10%, 9.5% in the fourth quarter. What are you expecting on wage inflation through '23?

您仍然認為這是可以實現的嗎？然後我想另一個問題就是薪資通膨。您的期望是什麼？你開始看到溫和了嗎？我想你說的是第四季成長9%或10%、9.5%。您對 23 年薪資上漲有何預期？

Yes. So we're 193 bps better versus 2019. And our 200 basis point guide was always versus 2019. So we're going to keep that efficiency. But clearly, our ability to take price to offset wages is going to flow through and impact our basis point change for this year on labor.

是的。因此，我們比 2019 年好 193 個基點。但顯然，我們用價格來抵消工資的能力將滲透並影響我們今年勞動力基點的變化。

I think we're in a good place where we feel pretty satisfied that the pricing we're taking can offset a lot of the wage inflation we're going to see. But we are still expecting mid- to -- probably mid-single-digit levels of inflation in both hourly and management wages as we work through the year.

我認為我們處於一個很好的位置，我們感到非常滿意，因為我們採取的定價可以抵消我們將要看到的大量薪資通膨。但我們仍然預計，在我們全年的工作中，時薪和管理人員薪資的通膨率可能會達到中個位數。

Okay. So that helps -- that clarified. So the total labor was down 190 bps. It was the management labor you were saying that was down 100.

好的。這很有幫助——這一點已經澄清了。因此總勞動力下降了 190 個基點。你所說的管理勞動力減少了 100。

Right.

正確的。

The next follow-up question comes from Todd Brooks with Benchmark.

下一個後續問題來自 Benchmark 的 Todd Brooks。

Just a couple of quick follow-ups, if I can. I know that we've been talking about Manhattan as one of the three laggard markets. But can you walk through the impact of closing that store in May? Just how should we think about it? What type of volume store was that? What type of hit should that be to revenues for back half of the year?

如果可以的話，請進行一些快速跟進。我知道我們一直在談論曼哈頓是三個落後市場之一。但您能詳細了解五月關閉那家商店的影響嗎？只是我們該如何思考呢？那是什麼類型的捲商店？這會對今年下半年的收入造成什麼樣的影響？

The volume -- the post-COVID volume, I think we were giving it to you in percentages before. I'd say it's about an average volume restaurant. So $6 million to $6.5 million overall. Obviously, there's -- I'm not going to give the exact ROI number that, that one did, but you can do the math on what we will be doing from a restaurant operating income perspective there.

成交量－新冠疫情後的成交量，我想我們之前是用百分比形式給大家的。我想說這大約是一家平均量的餐廳。所以總共 600 萬到 650 萬美元。顯然，我不會給出確切的投資報酬率數字，但你可以從餐廳營業收入的角度計算我們將要做的事情。

Okay. Great. And then I wanted to follow up, Kristy. We didn't touch much on the consumer and how they behaved across holiday, how they built checks, attached rates on apps, desserts, alcohol. Any changes in behavior there? And as a follow-on to that, any color you can give us on gift card sales year-over-year? If that's changed or accelerated at all?

好的。偉大的。然後我想跟進，克里斯蒂。我們沒有過多涉及消費者以及他們在假期中的行為方式，他們如何建立支票，如何對應用程式、甜點、酒精進行附加費率。那裡的行為有什麼改變嗎？作為後續，您可以為我們提供禮品卡同比銷售的任何顏色嗎？如果這種情況改變或加速呢？

So from a check perspective, we were still seeing some trade up into more apps, higher cost of beef, et cetera. I think that has moderated a bit from what we were seeing earlier in the year, but adding size, et cetera. So that's still a positive to us from a check perspective overall. From a gift card perspective, we were up low single digits from '21.

因此，從支票的角度來看，我們仍然看到一些交易轉向更多的應用程式、更高的牛肉成本等。我認為這比我們今年早些時候看到的情況有所緩和，但增加了規模等。因此，從整體檢查的角度來看，這對我們來說仍然是積極的。從禮品卡的角度來看，我們的成長率比 21 年低個位數。

At this time, I would like to turn the call back over to management for closing comments.

此時，我想將電話轉回給管理層以徵求結束意見。

Thank you, everyone, for joining the call this morning and for your questions, and we look forward to updating you again soon.

感謝大家今天早上加入電話會議並提出問題，我們期待很快能再次向您通報最新情況。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與，祝您有美好的一天。