One Group Hospitality Inc (STKS) 2024 Q2 法說會逐字稿

Greetings, and welcome to The One Group second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 The One Group 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference call over to Tyler Loy, Chief Financial Officer. Please go ahead.

我現在想將電話會議轉給財務長泰勒洛伊 (Tyler Loy)。請繼續。

Thank you, operator, and hello, everyone.

謝謝接線員，大家好。

Before we begin our formal remarks, let me remind you that part of our discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Please also note that these forward-looking statements reflect our opinion only as of the date of this call. We undertake no obligation to revise or publicly release any revisions of these forward-looking statements in light of new information or future events. We refer you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial conditions.

在我們開始正式發言之前，請允許我提醒您，我們今天討論的一部分將包括前瞻性陳述。這些前瞻性陳述並不是對未來績效的保證，您不應過度依賴它們。這些陳述也面臨許多風險和不確定性，可能導致實際結果與我們的預期有重大差異。另請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見。我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修訂。我們建議您參閱我們最近向 SEC 提交的文件，以更詳細地討論可能影響我們未來經營業績和財務狀況的風險。

During today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating our performance. However, the presentation of these measures or other information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. For reconciliations of these measures, such as adjusted EBITDA, adjusted net income, restaurant operating profit, comparable sales, and total food and beverage sales of owned and managed licensed and franchised units, to GAAP measures, along with the discussion of why we consider these measures useful, please see our earnings release issued today.

在今天的電話會議中，我們將討論某些非公認會計準則財務指標，我們認為這些指標有助於評估我們的表現。然而，這些措施或其他資訊的呈現不應被孤立地考慮或作為根據 GAAP 準備的結果的替代。將這些指標（例如調整後的EBITDA、調整後的淨利潤、餐廳營業利潤、可比銷售額以及擁有和管理的許可和特許經營單位的食品和飲料銷售總額）與GAAP 指標進行核對，並討論我們為何考慮這些指標措施有用，請參閱我們今天發布的收益報告。

With that, I would like to turn the call over to Manny Hilario.

說到這裡，我想把電話轉給曼尼·希拉里奧。

Thank you, Tyler, and hello, everyone. We sincerely appreciate you joining us today and for your interest in The One Group.

謝謝你，泰勒，大家好。我們衷心感謝您今天加入我們並感謝您對 The One Group 的興趣。

Let me start by thanking our dedicated team members and extending a warm welcome to the approximately 6,500 new teammates who joined The One Group in May following our acquisition of the Benihana and RA Sushi brands. The acquisition marks the beginning of an exciting new chapter for The One Group as we now operate four distinct brands -- STK, Benihana, Kona Grill, and RA Sushi. Together, these brands, along with our hospitality venues, comprise 167 highly differentiated experiential restaurants offering craveable, high-quality food across 32 states and 12 countries.

首先，我要感謝我們敬業的團隊成員，並對 5 月收購 Benihana 和 RA Sushi 品牌後加入 The One Group 的約 6,500 名新隊友表示熱烈歡迎。此次收購標誌著 The One Group 令人興奮的新篇章的開始，我們現在經營著四個不同的品牌——STK、Benihana、Kona Grill 和 RA Sushi。這些品牌與我們的接待場所共同組成了 167 家高度差異化的體驗式餐廳，在 32 個州和 12 個國家/地區提供令人垂涎的高品質美食。

The second quarter was a busy one for us as we accomplished a great deal in setting ourselves up for the long-term success. This included making significant headway integrating Benihana and RA Sushi into the company. And we have already started realizing synergies in G&A, purchasing, and operations. For example, we have already completed approximately $9 million in G&A synergies. And over the next two years, we expect to achieve a total of $20 million annually in synergies, covering G&A, purchasing, and operations, as we leverage our larger scale, combine our expertise, and enhance our capabilities to develop a best-in-class business across our now expanded portfolio.

第二季度對我們來說是忙碌的一個季度，因為我們在為長期成功做好準備方面取得了巨大的進展。其中包括在將 Benihana 和 RA Sushi 整合到公司中取得重大進展。我們已經開始實現一般管理、採購和營運方面的綜效。例如，我們已經完成了約 900 萬美元的 G&A 協同效應。在接下來的兩年裡，隨著我們利用更大的規模、結合我們的專業知識並增強我們開發最佳的能力，我們預計每年將實現總計2000 萬美元的協同效應，涵蓋一般管理費用、採購和營運。 我們現在擴大的產品組合中的一流業務。

Now, let us discuss some highlights from the second quarter of 2024 and provide an update on our key strategic initiatives. First, with the addition of Benihana and RA Sushi, we increased revenue 107% to $172.5 million. Had we owned Benihana and RA Sushi for the entire quarter, we would have delivered approximately $213 million in revenue, an increase of $129 million or 155%.

現在，讓我們討論 2024 年第二季的一些亮點，並提供我們關鍵策略舉措的最新資訊。首先，隨著 Benihana 和 RA Sushi 的加入，我們的收入增加了 107%，達到 1.725 億美元。如果我們整個季度都擁有 Benihana 和 RA Sushi，我們將實現約 2.13 億美元的收入，增加 1.29 億美元或 155%。

Second, despite a challenging consumer environment, we improved restaurant-level margin for Kona Grill, grew restaurant-level profit for STK, and kept restaurant-level margin relatively flat for STK, driven by the cost-saving initiatives we implemented during the second half of last year, coupled with the strength of the six new restaurants opened since July of last year.

其次，儘管消費環境充滿挑戰，但在我們下半年實施的成本節約舉措的推動下，我們提高了 Kona Grill 的餐廳利潤率，增加了 STK 的餐廳利潤率，並保持 STK 的餐廳利潤率相對持平。加上去年7月以來新開的六家餐廳的實力。

Next, together, Benihana and RA Sushi added $88.7 million in additional company-owned revenue and $17.7 million in additional restaurant-level profit, or approximately 20% restaurant-level margin, to our second-quarter income statement. All of this is just two months of contributions. This, coupled with the STK and Kona Grill performance I just described, drove consolidated restaurant operating margin to a robust 17.7% for the quarter.

接下來，Benihana 和 RA Sushi 共同為我們第二季的損益表增加了 8,870 萬美元的公司自有收入和 1,770 萬美元的餐廳級額外利潤，即餐廳級利潤率約 20%。這一切只是兩個月的貢獻。再加上我剛才描述的 STK 和 Kona Grill 的業績，推動本季綜合餐廳營業利潤率達到 17.7% 的強勁水平。

Next, as previously discussed, we have already realized approximately $9 million in G&A synergies, and we continue to effectively manage support costs as G&A as a percentage of revenue adjusted for stock-based compensation improved 290 basis points to 5.3% compared to 8.2% of revenue last year. All of this resulted in $23.9 million in adjusted EBITDA, which keeps us on track to achieve adjusted EBITDA of between $95 million and $100 million for the full year. Looking ahead, we remain laser-focused on continuing to drive topline growth while further enhancing operational efficiencies.

接下來，如前所述，我們已經實現了約900 萬美元的G&A 協同效應，並且我們繼續有效管理支援成本，因為根據股票薪酬調整後的G&A 佔收入的百分比提高了290 個基點，達到5.3% ，而2017 年的比例為8.2%。所有這些導致調整後 EBITDA 達到 2,390 萬美元，這使我們預計將全年實現 9,500 萬至 1 億美元的調整後 EBITDA。展望未來，我們將持續專注於持續推動營收成長，同時進一步提高營運效率。

Key strategic priorities for 2024 include, first, a focus on driving sales through execution and restaurant basics. Although we are facing a challenging consumer environment, we are committed to creating great guest memories by providing exceptional, unforgettable experiences to every guest every time. This commitment is core to our operating model, distinguishes from our competitors, and why our customer satisfaction metrics are at record levels.

2024 年的關鍵策略重點包括，首先，重點是透過執行和餐廳基礎知識來推動銷售。儘管我們面臨著充滿挑戰的消費環境，但我們致力於透過每次為每位客人提供卓越、難忘的體驗來創造美好的客人回憶。這項承諾是我們營運模式的核心，與我們的競爭對手區分開來，也是我們的客戶滿意度指標達到創紀錄水平的原因。

Given the current operating environment, we have been focused on promoting everyday value across our brand portfolio. Our $3, $6, $9 Happy Hour program, which will soon be available at Benihana and RA Sushi, offers main menu quality items at attractive entry price points, and we are seeing accelerated growth in this day part. In addition to Happy Hour, our Night Up menu also provides exceptional value at $69 per person at STK and $39 per person at Kona Grill. Both offers include drinks, appetizer, entree, side, and dessert.

鑑於當前的營運環境，我們一直致力於提升品牌組合的日常價值。我們的 3 美元、6 美元、9 美元歡樂時光計劃很快將在 Benihana 和 RA Sushi 推出，以有吸引力的入門價格提供主菜單優質商品，我們看到這一天的加速增長。除了歡樂時光之外，我們的 Night Up 菜單還提供超值優惠，STK 為每人 69 美元，Kona Grill 為每人 39 美元。兩種優惠均包括飲料、開胃菜、主菜、配菜和甜點。

These are a couple of examples of our commitment of delivering value The One Group way. No discounting, no sacrifice of quality or service, and value offerings across all day parts and occasions, such as power lunch, weekend brunch, late nights, and special pre-theater and restaurant week menus. We will continue to drive value through our experience in creating guest memories, regardless if our customers are focused on our value-driven offerings or opt in to our full-price dining experiences.

這些是我們致力於以 The One Group 方式交付價值的幾個例子。不打折，不犧牲品質或服務，全天和各種場合都提供超值服務，例如豐盛午餐、週末早午餐、深夜以及特殊的劇院前和餐廳週菜單。無論我們的客戶是專注於我們的價值驅動型產品還是選擇我們的全價用餐體驗，我們都將繼續透過創造賓客回憶的經驗來推動價值。

Our second key priority was to improve restaurant-level margins. I'm pleased to report we have done just that during the second quarter. Despite challenging same-store sales at STK and Kona Grill, combined restaurant operating profit and restaurant-level margins improved year over year. This was driven by the cost-saving initiatives put in place during the second half of the last year, coupled by the strength of our new restaurants. With the addition of Benihana and RA Sushi, our year-over-year margins improved to 17.7% for the quarter.

我們的第二個關鍵優先事項是提高餐廳層面的利潤率。我很高興地報告我們在第二季度做到了這一點。儘管 STK 和 Kona Grill 的同店銷售面臨挑戰，但餐廳的綜合營業利潤和餐廳利潤率較去年同期有所改善。這是由去年下半年實施的成本節約措施以及我們新餐廳的實力所推動的。隨著 Benihana 和 RA Sushi 的加入，我們本季的年比利潤率提高至 17.7%。

Next, we are focused on executing our self-funded growth plan. We have a strong pipeline for unit growth in 2024 and beyond. This year, we plan to open 8 to 11 new venues, consisting of three to four STKs, two to three Kona Grills, one to two Benihanas, one Saltwater Social, and one RA Sushi. In March, we opened an STK in Washington, D.C., and in July, we celebrated the opening of RA Sushi's newest location in Plantation, Florida, marking the second RA Sushi in the Fort Lauderdale market.

接下來，我們的重點是執行我們的自籌資金成長計畫。我們擁有強大的管道，可以在 2024 年及以後實現單位成長。今年，我們計劃開設 8 到 11 個新場所，包括 3 到 4 個 STK、2 到 3 個 Kona Grills、1 到 2 個 Benihanas、1 個 Saltwater Social 和 1 個 RA Sushi。3 月，我們在華盛頓特區開設了一家 STK；7 月，我們慶祝了 RA Sushi 在佛羅裡達州種植園的最新分店開業，這標誌著 RA Sushi 在勞德代爾堡市場開設了第二家分店。

In the coming weeks, we plan to open an STK in Aventura, Florida, at the Aventura Mall. In addition to the STK in Aventura, there are currently four company-owned restaurants under construction in the following cities: a Saltwater Social, which is a high-end seafood vibe dining restaurant, that will be located in Denver, Colorado, in the Cherry Creek neighborhood; a Kona Grill restaurant in Tigard, Oregon, at Bridgeport Village.; an STK at the Westfield Topanga Mall in Topanga, California; and a Benihana in San Mateo, California.

在接下來的幾週內，我們計劃在佛羅裡達州阿文圖拉的 Aventura 購物中心開設 STK。除了 Aventura 的 STK 之外，目前還有四家公司自營餐廳正在以下城市建設中： 一家 Saltwater Social，這是一家高端海鮮氛圍餐廳，將位於科羅拉多州丹佛市的 Cherry 地區。 ; 俄勒岡州蒂加德 Bridgeport Village 的一家 Kona Grill 餐廳。加州托潘加 Westfield Topanga 購物中心的 STK；以及加州聖馬刁市的 Benihana。

Over the long term, we plan to grow three to five new units per year for STK, three to five new units per year for Benihana, and three to five new units for Kona Grill or RA Sushi per year. We view this as a proven and scalable platform with compelling white space with an addressable market of over 800 venues, which includes 400 restaurants for Benihana in the US, 200 STK restaurants globally, and over 200 Kona Grill and RA Sushi restaurants in the US. We are clearly in the early innings of a robust growth strategy.

從長遠來看，我們計劃每年為 STK 增加三到五個新單位，為 Benihana 每年增加三到五個新單位，每年為 Kona Grill 或 RA Sushi 增加三到五個新單位。我們認為這是一個經過驗證的、可擴展的平台，擁有引人注目的空白空間，其潛在市場擁有800 多個場所，其中包括美國400 家Benihana 餐廳、全球200 家STK 餐廳以及美國200 多家Kona Grill 和RA Sushi 餐廳。我們顯然正處於強勁成長策略的早期階段。

Next, our fourth key priority is the successful integration of Benihana. I have spoken about it previously, and while we are in the early stages of integration, I'm pleased with the progress we have made in onboarding Benihana and RA Sushi to our platform of vibe dining restaurants. It has been exciting bringing on board the 90 company-owned restaurants and the 6,500 new teammates to our family. The teams are dedicated, passionate, and focused on creating great guest memories, which makes them a perfect fit for The One Group.

接下來，我們的第四個關鍵優先事項是 Benihana 的成功整合。我之前已經談過這一點，雖然我們正處於整合的早期階段，但我對我們在將 Benihana 和 RA Sushi 納入我們的氛圍餐廳平台方面所取得的進展感到高興。90 家公司自營餐廳和 6,500 名新隊友加入我們的大家庭，令人興奮不已。這些團隊敬業、充滿熱情，專注於為賓客創造美好回憶，這使得他們非常適合 The One Group。

This acquisition not only aligns with our vision of being the undisputed global leader in vibe dining, but it also generates tremendous synergies. Our ability to manage commodity costs at scale, drive many mixed engineering through our culinary innovation, leverage our digital database footprints, and utilize our robust reservation management capabilities creates a tremendous opportunity to drive value for our shareholders through this combination of top entertainment brands.

此次收購不僅符合我們成為氛圍餐飲領域無可爭議的全球領導者的願景，而且還產生了巨大的協同效應。我們能夠大規模管理商品成本，透過烹飪創新推動許多混合工程，利用我們的數位資料庫足跡，並利用我們強大的預訂管理功能，創造了巨大的機會，透過頂級娛樂品牌的組合為我們的股東創造價值。

Lastly, our fifth key priority is to continue to return value to our shareholders through share repurchases. This quarter, we could return roughly $1 million to the shareholders through share repurchases. This is on top of the $15 million repurchase program we have completed last year. We will continue to evaluate opportunistic share repurchases under our already Board-authorized program.

最後，我們的第五個關鍵優先事項是繼續透過股票回購為股東回報價值。本季度，我們可以透過股票回購向股東返還約 100 萬美元。這是我們去年完成的 1500 萬美元回購計畫的基礎。我們將繼續根據董事會已授權的計劃評估機會性股票回購。

A new chapter has begun at The One Group, and we are now on our path to $5 billion in system-wide sales. We are excited for the future and will remain focused on executing our strategy and creating shareholder value.

The One Group 已開啟新篇章，我們正朝著全系統銷售額 50 億美元的目標邁進。我們對未來感到興奮，並將繼續專注於執行我們的策略和創造股東價值。

I will now return the call over to Tyler Loy.

我現在將把電話轉給泰勒·洛伊。

Thank you, Manny. Let me start by discussing our second-quarter financials in greater detail. Please note the prior year quarter excludes any contribution from the recent acquisition of Benihana, which closed in May 2024. The second quarter of 2024 has two months of contributions from Benihana and RA Sushi.

謝謝你，曼尼。讓我先更詳細地討論我們第二季的財務狀況。請注意，上一年季度不包括最近收購 Benihana 的任何貢獻，該收購於 2024 年 5 月完成。2024 年第二季有 Benihana 和 RA Sushi 兩個月的貢獻。

Total consolidated GAAP revenues were $172.5 million, increasing 106.8% from $83.4 million for the same quarter last year. Included in our total revenues are owned restaurant net revenue of $169 million, which increased 111.5% from $79.9 million for the same quarter last year. The increase is due primarily to $89.1 million in contributions from Benihana and RA Sushi, which we acquired on May 1, 2024. The increase was also attributable to the opening of six STK and Kona Grill restaurants since July 2023, partially offset by a 7% reduction in comparable sales.

GAAP 合併總收入為 1.725 億美元，比去年同期的 8,340 萬美元成長 106.8%。我們的總收入包括自有餐廳淨收入 1.69 億美元，比去年同期的 7,990 萬美元成長了 111.5%。這一增長主要是由於我們在 2024 年 5 月 1 日收購的 Benihana 和 RA Sushi 貢獻了 8,910 萬美元。這一增長也歸因於自 2023 年 7 月以來開設了 6 家 STK 和 Kona Grill 餐廳，但可比銷售額下降 7% 部分抵消了這一增長。

Comparable sales decreased 1% of Benihana, 10.6% of STK, 14% of Kona Grill, and 10.3% of RA Sushi. Management, license, and incentive fee revenues were flat at $3.5 million in both the second quarter of 2024 and 2023.

Benihana 的可比銷售額下降了 1%，STK 下降了 10.6%，Kona Grill 下降了 14%，RA Sushi 下降了 10.3%。2024 年第二季和 2023 年第二季的管理費、授權費和激勵費收入均持平於 350 萬美元。

Owned restaurant cost of sales as a percentage of owned restaurant net revenue improved 280 basis points to 21.2% in the second quarter of 2024 compared to 24% in the prior year. This was primarily due to the operational cost reduction initiatives, product mix management, and pricing that was partially offset by cost inflation at STK and Kona Grill. This also includes the addition of Benihana and RA Sushi, which contributed positively to cost of sales as a percentage of revenue.

2024 年第二季度，自有餐廳銷售成本佔自有餐廳淨收入的百分比提高了 280 個基點，達到 21.2%，而上一年為 24%。這主要是由於 STK 和 Kona Grill 的營運成本削減措施、產品組合管理和定價被成本上漲部分抵銷。這也包括 Benihana 和 RA Sushi 的加入，這對銷售成本佔收入的百分比做出了積極貢獻。

Owned restaurant operating expenses as a percentage of owned restaurant net revenue increased 10 basis points to 61.1% in the second quarter of 2024 from 61% in the second quarter of 2023 due to cost inflation and fixed operating costs, partially offset by operational cost reduction initiatives and pricing at STK and Kona Grill. This also includes the addition of Benihana and RA Sushi, which contributed positively to operating expenses as a percentage of revenue.

由於成本通膨和固定營運成本，自營餐廳營運費用佔自營餐廳淨收入的百分比從2023 年第二季的61% 增加了10 個基點，增至2024 年第二季的61.1%，但部分被營運成本削減措施所抵銷以及 STK 和 Kona Grill 的定價。這也包括 Benihana 和 RA Sushi 的加入，這對營運費用佔收入的百分比做出了積極貢獻。

Restaurant operating profit increased 280 basis points to 17.7% for the second quarter of 2024, compared to 14.9% in the second quarter of 2023. Combined restaurant operating profit grew up to 15.2% from 14.9% in the previous year for STK and Kona Grill. The remaining increase was driven by the nearly 20% restaurant operating profit for Benihana and RA Sushi.

2024 年第二季餐廳營業利潤成長 280 個基點，達到 17.7%，而 2023 年第二季為 14.9%。STK 和 Kona Grill 的餐廳合併營業利潤從前一年的 14.9% 成長至 15.2%。剩餘的成長是由 Benihana 和 RA Sushi 近 20% 的餐廳營業利潤推動的。

On a total reported basis, general and administrative costs increased $2.6 million, or 32.1%, to $10.6 million in the second quarter of 2024 from $8 million in the second quarter of 2023. Since May, we have realized approximately $170,000 per week in G&A synergies or approximately $9 million annually. As a reminder, that leaves approximately $11 million to be realized over the next two years to achieve our $20 million target across G&A, purchasing, and operations.

從報告總額來看，2024 年第二季的一般和管理成本從 2023 年第二季的 800 萬美元增加了 260 萬美元，增至 1,060 萬美元，增幅為 32.1%。自 5 月以來，我們每週在 G&A 協同效應中實現了約 17 萬美元，或每年約 900 萬美元。提醒一下，未來兩年還剩下大約 1,100 萬美元，才能實現我們在一般管理費用、採購和營運方面 2000 萬美元的目標。

When adjusting for stock-based compensation, adjusted general and administrative expenses were $9.1 million and $6.8 million in the second quarter of 2024 and 2023, respectively. As a percentage of revenues, adjusted general and administrative costs improved 290 basis points to 5.3% compared to 8.2%. The improvement is due to the sales leverage realized through the Benihana acquisition.

在對股票薪酬進行調整後，2024 年第二季和 2023 年第二季調整後的一般費用和管理費用分別為 910 萬美元和 680 萬美元。調整後的一般和管理成本佔收入的百分比從 8.2% 下降了 290 個基點，達到 5.3%。這一改善歸因於透過收購 Benihana 實現的銷售槓桿。

Pre-opening expenses were $2.5 million compared to $1.6 million in the prior year. The increase was related to payroll, training, and non-cash pre-opening rent for RA Plantation, along with the restaurants currently under development. We incurred non-recurring costs totaling $10.6 million in the second quarter of 2024, consisting of transaction and exit costs of $6.8 million and transition and integration costs of $3.8 million, both related to the acquisition of Benihana.

開業前費用為 250 萬美元，而前一年為 160 萬美元。這一增長與 RA Plantation 以及目前正在開發的餐廳的工資、培訓和非現金開業前租金有關。2024 年第二季度，我們產生了總計 1060 萬美元的非經常性成本，其中包括 680 萬美元的交易和退出成本以及 380 萬美元的過渡和整合成本，兩者均與收購 Benihana 有關。

Interest expense was $7.9 million in the second quarter of 2024, compared to $1.6 million in the second quarter of 2023. In addition, we incurred a $4.1 million loss on debt extinguishment due to the refinancing of our credit facility related to the acquisition of Benihana. Benefit in the provision for income taxes was $3.3 million in the second quarter of 2024, compared to a benefit of $13,000 in the second quarter of 2023.

2024 年第二季的利息支出為 790 萬美元，而 2023 年第二季的利息支出為 160 萬美元。此外，由於與收購 Benihana 相關的信貸安排再融資，我們因債務清償而蒙受了 410 萬美元的損失。2024 年第二季所得稅撥備收益為 330 萬美元，而 2023 年第二季為 13,000 美元。

Net loss available to common stockholders was $11.5 million, or $0.36 net loss per share, compared to a net income available to common stockholders of $0.6 million in the second quarter of 2023, or $0.02 net income per share.

普通股股東可獲得的淨虧損為 1,150 萬美元，即每股淨虧損 0.36 美元，而 2023 年第二季普通股股東可獲得的淨收益為 60 萬美元，即每股淨收益 0.02 美元。

Adjusted net income available to common stockholders was $2.8 million, or $0.08 adjusted net income per share, compared to an adjusted net income available to common stockholders of $1.8 million in the second quarter of 2023, or $0.06 adjusted net income per share.

普通股股東可獲得的調整後淨利為280 萬美元，即調整後每股淨利0.08 美元，而2023 年第二季普通股股東可獲得的調整後淨利為180 萬美元，即調整後每股淨利0.06 美元。

Adjusted EBITDA for the second quarter attributable to The One Group Hospitality Inc., was $23.9 million compared to $8.5 million in the second quarter of 2023. We have included a reconciliation of adjusted EBITDA and adjusted net income in the tables in our second-quarter 2024 earnings release.

The One Group Hospitality Inc. 第二季調整後 EBITDA 為 2,390 萬美元，而 2023 年第二季為 850 萬美元。我們在 2024 年第二季財報發布的表格中納入了調整後 EBITDA 和調整後淨利的調節表。

During the first quarter, our Board of Directors authorized an additional $5 million share repurchase program. And during the second quarter of 2024, the company spent $0.9 million for the repurchase of 0.2 million shares.

第一季度，我們的董事會批准了額外 500 萬美元的股票回購計畫。2024年第二季度，該公司花費90萬美元回購20萬股股票。

Now, I would like to provide some forward-looking commentary regarding our business. This commentary is subject to risks and uncertainties associated with forward-looking statements as discussed in our SEC filings. We, as always, remind our investors the actual number and timing of new restaurant openings for any given period is subject to a number of factors outside the company's control, including macroeconomic conditions, weather, and factors under the control of landlords, contractors, licensees, and regulatory and licensing authorities.

現在，我想對我們的業務提供一些前瞻性的評論。本評論受到與我們在 SEC 文件中討論的前瞻性陳述相關的風險和不確定性的影響。我們一如既往地提醒投資者，在任何特定時期內新餐廳開業的實際數量和時間都受到公司無法控制的許多因素的影響，包括宏觀經濟狀況、天氣以及房東、承包商、被許可人控制下的因素以及監管和許可機構。

Based on the information available now and the expectations as of today, we are reaffirming our 2024 guidance. The guidance includes projections for Benihana from May 1, the date of the acquisition, until the end of the year. Beginning with revenues, we project total GAAP revenues of between $700 million and $740 million; managed, franchised, and licensee revenues are expected to be between $17 million and $19 million; total owned operating expenses as a percentage of owned restaurant net revenue of approximately 83%; total G&A excluding stock-based compensation of approximately $40 million; adjusted EBITDA of between $95 million and $100 million; restaurant pre-opening expenses of between $7 million and $9 million; an effective income tax rate between 5% and 10%; total capital expenditures, net of allowances received from landlords, of between $50 million and $60 million; and finally, we plan to add 8 to 11 new venues in 2024.

根據現有資訊和截至目前的預期，我們重申 2024 年的指導。該指南包括對 Benihana 從 5 月 1 日（收購之日）到年底的預測。從收入開始，我們預計 GAAP 總收入在 7 億至 7.4 億美元之間；管理、特許經營和被授權人收入預計在 1,700 萬美元至 1,900 萬美元之間；自有經營費用總額佔自有餐廳淨收入的比例約為 83%；不包括股票薪酬的一般管理費用總額約為 4,000 萬美元；調整後的 EBITDA 在 9,500 萬至 1 億美元之間；餐廳開幕前費用在 700 萬至 900 萬美元之間；有效所得稅率為 5% 至 10%；資本支出總額（扣除房東提供的津貼）介於 5,000 萬至 6,000 萬美元之間；最後，我們計劃在 2024 年新增 8 至 11 個新場館。

I will now turn the call back to Manny.

我現在將把電話轉回給曼尼。

Thank you, Tyler, and thank you all for your time today and interest in The One Group.

謝謝泰勒，也謝謝大家今天抽出寶貴的時間以及對 The One Group 的興趣。

Our long-term growth strategy is just beginning to unfold as we expand our portfolio of high-volume brands, aiming to deliver attractive returns for our shareholders. The recent addition of Benihana and RA Sushi has significantly diversified and reinforced our already impressive array of experiential dining concepts. These new additions complement our existing STK and Kona Grill brands perfectly, further solidifying our position as an industry leader. We are entering an exciting phase in our company's journey, and we appreciate your continued support.

隨著我們擴大大批量品牌組合，我們的長期成長策略才剛開始展開，旨在為股東帶來有吸引力的回報。最近新增的 Benihana 和 RA Sushi 顯著多元化，並強化了我們本已令人印象深刻的一系列體驗式餐飲概念。這些新增產品完美地補充了我們現有的 STK 和 Kona Grill 品牌，進一步鞏固了我們作為產業領導者的地位。我們公司正在進入一個令人興奮的階段，感謝您的持續支持。

Tyler and I will be happy to answer any questions that you may have. Operator?

泰勒和我很樂意回答您的任何問題。操作員？

(Operator Instructions) Jim Salera, Stephens Inc.

（操作員說明）Jim Salera，Stephens Inc.

Hey, guys. Good afternoon. Thanks for taking our question. I wanted to dig in on maintaining the revenue guide. Manny, if it's possible, could you maybe just detail for us kind of the expectations for the legacy STK portfolio versus the new Benihana as we work into the back half of the year and maybe the puts and takes for what you're seeing on consumer demand for each concept?

嘿，夥計們。午安.感謝您提出我們的問題。我想深入研究維持收入指南。Manny，如果可能的話，您能否為我們詳細介紹一下我們在今年下半年工作時對傳統 STK 產品組合與新 Benihana 的預期，以及您在消費者身上看到的情況每個概念的需求？

I mean, I think we posted that on our press release. I think Benihana in general is doing very well on same-store sales for the quarter. We were down one for Benihana. I think there's a lot of levers that we've identified with the brand that we are working on, for instance, reservation systems in terms of bringing the Benihana concept into our call center structure and reservation models. We also are rolling out Wagyu, a premium offering at Benihana, which they haven't had before.

我的意思是，我認為我們在新聞稿中發布了這一點。我認為 Benihana 本季的同店銷售整體表現非常好。我們為貝尼哈納 (Benihana) 輸了一場。我認為我們已經確定了我們正在開發的品牌的許多槓桿，例如，將 Benihana 概念引入我們的呼叫中心結構和預訂模型的預訂系統。我們還推出了和牛，這是 Benihana 以前從未有過的優質產品。

So I think the outlook for Benihana is very strong for the back end of the year. And in the new business model, Benihana is over 55% of our same-store sales. So I see a lot of velocity and momentum on that. Keeping in mind that a big portion of the Benihana business model is around celebrations of birthdays and date nights. So I think that business, particularly on Fridays and Saturdays and Sundays, has been very good.

因此，我認為 Benihana 在今年年底的前景非常強勁。在新的商業模式中，Benihana 占我們同店銷售額的 55% 以上。所以我看到了很大的速度和動力。請記住，Benihana 商業模式的很大一部分是圍繞著生日慶祝和約會之夜。所以我認為生意特別是周五、週六和週日的生意非常好。

STK, a little different, more urban in terms of our footprint there. We've seen a very interesting phenomenon there. For the quarter, we were down around 10 points on same-store sales; 7.5% of that points were -- or 7.5 points were in trade-down on PMIC, so what we're seeing mostly on STKs is a pretty interesting just trade-down of products in store. And I think that emphasis on Happy Hour actually over the next couple of quarters will be a very positive because that means that we've maintained pretty good traffic at STK in the current environment.

STK，有點不同，就我們在那裡的足跡而言，更加城市化。我們在那裡看到了一個非常有趣的現象。本季度，我們的同店銷售額下降了約 10 個百分點；其中 7.5% 的點是——或者說 7.5 個點是在 PMIC 上進行折價的，所以我們在 STK 上看到的主要是商店中產品的非常有趣的折扣。我認為，在接下來的幾個季度中，對歡樂時光的重視實際上將是非常積極的，因為這意味著我們在當前環境下在 STK 保持了相當好的客流量。

In terms of Kona Grill and RA, a little different, they're less of a meaningful number in our overall portfolio. But I think that they -- the fact that they are in the sushi business, and sushi is a bit of a less consumed product in slower economies, people tend to shed off the lesser of the cuisines, I think it's a more challenged proposition right now. And also, particularly for Kona Grill, we have a high exposure to industry, meaning like a lot of people who work in restaurants use the brand. So the overall restaurant industry being challenged is not a good overall outcome.

就 Kona Grill 和 RA 而言，略有不同，它們在我們的整體產品組合中並不是一個有意義的數字。但我認為他們- 事實上他們從事壽司行業，在經濟放緩的情況下，壽司是一種消費較少的產品，人們往往會放棄較少的菜餚，我認為這是一個更具挑戰性的主張，對吧現在。而且，特別是對於 Kona Grill，我們在行業中擁有很高的知名度，這意味著許多在餐廳工作的人都使用這個品牌。所以整體餐飲業受到挑戰並不是一個好的整體結果。

But overall, I would say, as I mentioned earlier, the fact that Benihana is positive or had a relatively good two months since we've taken over, and we have a lot of initiatives that we're putting in place, I feel pretty good about it now. It doesn't mean that the environment isn't super challenging out there. So hopefully, that provides a little bit of color.

但總的來說，我想說，正如我之前提到的，Benihana 是積極的，或者說自從我們接手以來的兩個月裡表現相對良好，而且我們正在實施很多舉措，我感覺很好現在很好。這並不意味著那裡的環境不是非常具有挑戰性。希望這能提供一點色彩。

In terms of the new stores, I think that the new STKs are still performing in the $9 million to $10 million AUV in the second quarter, which is pretty good. I mean, now, having new restaurants that can have that kind of AUVs really helps your revenue mix.

就新店而言，我認為第二季新的STK仍然在900萬至1000萬美元的AUV中表現，這相當不錯。我的意思是，現在擁有配備此類 AUV 的新餐廳確實有助於您的收入組合。

Yeah. That's great, and I appreciate all the detail there. Maybe one follow-up on Benihana in particular. I know it's still relatively early days, but as you can look across the Benihana portfolio, do you have any sense for if there's additional CapEx needed across the restaurant base? I mean, I know some of them are well-established restaurants that either have maybe been underinvested in, or do you feel that there's a pretty stable base level across the Benihana portfolio that you don't need incremental CapEx from where they are now?

是的。太棒了，我很欣賞那裡的所有細節。也許是 Benihana 的一個特別後續行動。我知道現在還處於相對早期的階段，但是當您縱觀 Benihana 投資組合時，您是否知道整個餐廳基地是否需要額外的資本支出？我的意思是，我知道其中一些是成熟的餐廳，要么可能投資不足，要么您認為 Benihana 投資組合有一個相當穩定的基礎水平，您不需要從現在的位置增加資本支出？

I would say that's a great question. So first of all, it is Benihana's 60th birthday. So the brand is turning 60 this year. So that's one of the big marketing items that -- or actually one of the milestones that we're super proud to celebrate.

我想說這是一個很好的問題。首先，今天是 Benihana 的 60 歲生日。今年品牌即將迎來 60 歲生日。所以這是重大行銷項目之一——或者實際上是我們非常自豪慶祝的里程碑之一。

And in terms of one of the things that was very interesting to me when we brought on Benihana is how well the facilities program was at Benihana. So if you go through the restaurants, some of them are aged, but they're clean and very functional. So I would say that our predecessor company or the predecessor leadership had a very good facilities program in place.

當我們引進 Benihana 時，我非常感興趣的一件事是 Benihana 的設施計劃有多好。因此，如果你逛逛餐館，你會發現其中一些已經很舊了，但它們很乾淨而且功能齊全。所以我想說，我們的前公司或前領導層制定了非常好的設施計畫。

But of course, what we will start doing going forward is we are opening new Benihanas. And part of the vision is to elevate a little bit of the look and feel of the new restaurants just as we did with Kona Grill. So I think what will happen over time is that we will adapt some of the new design elements. But right now, we don't have any particular immediate like, well, we got to go back and refresh the whole system. It's not that kind of if-you-will strategy, but we will keep the facilities program working well and we'll keep refreshing the restaurant so that customers will want to spend with us.

當然，我們接下來要做的是開設新的 Benihanas。我們的部分願景是提升新餐廳的外觀和感覺，就像我們對 Kona Grill 所做的那樣。所以我認為隨著時間的推移，我們將採用一些新的設計元素。但現在，我們沒有任何特別的緊迫感，例如，我們必須返回並刷新整個系統。這不是那種「如果你願意」的策略，但我們將保持設施計劃的良好運行，我們將不斷更新餐廳，以便顧客願意在我們這裡消費。

So I feel pretty good about the facilities program. And the only thing I would say that we had to do in the third quarter, it's a very warm summer, so we've had to make sure that our air conditioning units worked really well in the units. So we did put a little extra emphasis in just making sure that temperature management was critical in there.

所以我對設施計劃感覺很好。我想說的唯一一件事是我們在第三季度必須做的，這是一個非常溫暖的夏天，所以我們必須確保我們的空調裝置在單位中運作良好。因此，我們確實特別強調確保溫度管理在那裡至關重要。

That's great. I appreciate all the detail, Manny. I'll hop back in the queue.

那太棒了。我很欣賞所有的細節，曼尼。我會跳回到隊列中。

Mark Smith, Lake Street Capital.

馬克史密斯，湖街資本。

Hi, guys. A couple questions for me. First off, just wanted to dig into the kind of restaurant-level margin guidance. Q2 came in above our expectations, really solid, especially Benihana. Is the 17% guidance maybe conservative given what these restaurants did in the two months that you had them during the quarter? Or is there some seasonality or mix shift that maybe will -- could bring margin down in the second half of the year?

嗨，大家好。有幾個問題想問我。首先，我只是想深入了解餐廳層級的利潤指導。第二季的表現超出了我們的預期，非常穩定，尤其是 Benihana。考慮到這些餐廳在本季開設的兩個月內的表現，17% 的指導是否可能保守？或者是否存在一些季節性或混合變化可能會導致下半年的利潤率下降？

I mean, that's a very good observation, Mark, there. So I think for the quarter, our restaurant-level margin was about 17.2% consolidated. Our guidance is 17% for the year, so I think that's the inverse of the 82% restaurant-level costs. As you know, the fourth quarter is really our margin quarter, and then the third quarter historically is a little bit more pressure because of the lower volume.

我的意思是，馬克，這是一個非常好的觀察。因此，我認為本季我們餐廳層級的綜合利潤率約為 17.2%。我們今年的指導是 17%，所以我認為這與 82% 的餐廳成本相反。如您所知，第四季度實際上是我們的利潤率季度，而從歷史上看，由於銷量較低，第三季度的壓力更大。

So I do think that, obviously, we issued the guidance, so it's a number that we feel reasonably good about. So I would say 17%, in my view, is an achievable number. Obviously, you notice from the numbers that we've made tremendous progress with the margins at Kona Grill, which we said we would in a down revenue environment. So that's a good plus.

所以我確實認為，顯然我們發布了指導意見，因此我們對這個數字感到相當滿意。所以我認為 17% 是一個可以實現的數字。顯然，您從數字中註意到我們在 Kona Grill 的利潤率方面取得了巨大進步，我們曾說過在收入下降的環境下我們會取得巨大進步。所以這是一個很好的優點。

And the Benihana margin is very robust. And the first two months under our leadership, it did very well. And we see tremendous amount of upside in terms of supply chain still ahead of us, as well as other areas. So I would say that we feel very good about our margin outlook for the rest of the year.

Benihana 的利潤率非常強勁。在我們的領導下，前兩個月表現得非常好。我們看到供應鏈以及其他領域仍然存在巨大的上升空間。所以我想說，我們對今年剩餘時間的利潤前景感到非常滿意。

And then in the release, you guys talk and break down some non-core Kona Grills and non-core RA Sushi units. Can you just give us more insight into maybe the number of these units and kind of what we should be looking at or what we should read into the data that you gave us on these units?

然後在發布中，你們討論並分解了一些非核心的 Kona Grills 和非核心的 RA Sushi 單位。您能否讓我們更深入地了解這些單位的數量以及我們應該關注的內容，或者我們應該從您提供給我們的這些單位的資料中讀取哪些內容？

So it's very interesting. We have four Kona Grills -- almost four -- I'd say three Kona Grills and three RA Sushi. They are in a very tight geographical area, meaning that they're very close to each other. We knew that when we did this deal.

所以這很有趣。我們有四個科納燒烤店——差不多四個——我想說三個科納燒烤店和三個 RA 壽司。它們位於一個非常狹窄的地理區域，這意味著它們彼此非常接近。當我們做這筆交易時我們就知道這一點。

Here's an interesting dynamic is when I used to compete with RA and they were not part of the portfolio, I was always left to go after their business. Now, there's a problem now. They're both in the portfolio. So I have three RAs and three Kona Grills that I have to sort out what to do from a real estate perspective as well as -- and sometimes they might just be as simple as getting some concessions from the landlords or some other stuff, but that's just part of what happened with the acquisition. So that's why from our definition of that.

一個有趣的動態是，當我過去與 RA 競爭時，他們並不屬於投資組合的一部分，我總是被留下來追求他們的業務。現在，現在有問題了。他們都在投資組合中。所以我有三個 RA 和三個科納燒烤店，我必須從房地產的角度來弄清楚該怎麼做——有時它們可能只是像從房東或其他東西那裡獲得一些讓步一樣簡單，但那就是這只是收購過程中發生的事情的一部分。這就是我們對此的定義的原因。

And then I have one or two Kona Grills that just frankly the real estate was not very good and has never been very good all along, very high rent real estate. So Tyler and I are very diligent in working with the landlords trying to either work out some kind of a deal there or to try to get the P&L to get more in line, as well as getting more support from those landlords in terms of marketing for those restaurants. So that's how we define those non-core restaurants, a bit of an overlap, RA, Kona Grill, plus now, we have a couple of them that we just need to get better rents and structure on.

然後我有一兩個科納燒烤店，坦白說，房地產不是很好，而且一直以來都不是很好，租金非常高。因此，泰勒和我非常努力地與房東合作，試圖在那裡達成某種交易，或者嘗試讓損益表更加一致，並在營銷方面獲得這些房東的更多支持。這就是我們如何定義那些非核心餐廳，有點重疊，RA，Kona Grill，再加上現在，我們有幾家，我們只需要獲得更好的租金和結構。

Hopefully that helps.

希望有幫助。

No, that's helpful. Next, just looking at same-store sales, obviously a tough quarter on the comp side. Manny, can you give us any more insight as far as kind of what you're seeing in the restaurants from customer behavior, traffic versus ticket? Are people not coming out? Are they cutting their check, managing maybe drinks? Any insight that you can give us from the higher end of STK to maybe lower tickets at Kona in what you're seeing in restaurant behavior, consumer behavior?

不，這很有幫助。接下來，僅看同店銷售，顯然從比較方面來看這是一個艱難的季度。曼尼，您能否從顧客行為、客流量與門票方面向我們提供更多有關您在餐廳中看到的情況的資訊？人不出來嗎？他們是否削減了支票，也許管理飲料？從高端的 STK 到可能較低的科納門票，您能向我們提供您在餐廳行為、消費者行為中所看到的任何見解嗎？

Yeah, so great question. I think I mentioned this earlier in one of my answers to -- I think it was Jim's question earlier. So STK, we actually saw it was down 10 in same-store sales and, I said earlier, 7.5 in mix. So as you can see there, that means checks were relatively mellow compared to the high end of the industry. So we're very, actually, frankly, the brand has really shown very resilient.

是的，很好的問題。我想我之前在我的一個回答中提到過這一點——我想這是吉姆之前提出的問題。所以 STK，我們實際上看到它的同店銷售額下降了 10，而且我之前說過，混合銷售額下降了 7.5。正如您所看到的，這意味著與行業高端相比，支票相對溫和。所以我們非常、實際上、坦白說，這個品牌確實展現了非常強的彈性。

Obviously, there are some markets that we're closely working on. For instance, Vegas, there's been a bit of a shift on consumers there. Because with now people traveling internationally and some of the things, people have a lot more things to do. So we're trying to kind of work on the Vegas mark in a couple of the markets. But overall, I'd say that STK has helped very, very well on same-store sales and on traffic relative to the industry.

顯然，我們正在密切關註一些市場。例如，拉斯維加斯，那裡的消費者發生了一些轉變。因為現在人們出國旅行和做一些事情，人們有更多的事情要做。因此，我們正在嘗試在幾個市場上建立拉斯維加斯品牌。但總的來說，我想說 STK 在同店銷售和相對於行業的流量方面提供了非常非常好的幫助。

I already kind of commented on Benihana being 55%-plus of our same-store sales basis. Obviously, it's super critical now as we manage that. It was down only 1 point, so we're pretty -- we saw some success in there. Obviously, as I said, there's tremendous amount of upside on there. And so right now, we're really just working the upside the things that are under our control.

我已經評論過 Benihana 占我們同店銷售額的 55% 以上。顯然，現在我們處理這個問題非常關鍵。只下降了 1 個百分點，所以我們很漂亮——我們看到了一些成功。顯然，正如我所說，那裡有巨大的上升空間。所以現在，我們實際上只是在我們控制的事情上努力工作。

The demand for Benihana on Saturdays and Sundays is fantastic. Everybody's still going out for birthdays. And frankly, there, we're still managing volume management, capacity management, which is we're pretty -- we're really good at that. So we're kind of really utilizing our skills there.

週六和週日對 Benihana 的需求量非常大。大家還是出去過生日。坦白說，我們仍在管理容量管理、容量管理，這是我們非常擅長的——我們真的很擅長。所以我們確實在那裡利用了我們的技能。

I mean, the bigger problem, as I mentioned earlier, is we got Kona Grill, RA with some overlap in real estate. We've got to sort that out and figure that out. And then the other thing that's very interesting about Kona Grill brand is that 15% to 20% of our sales comes from industry people. And that is not a good sector right now because they're very price sensitive since a lot of the industry is challenged right now. So we have to retool a little bit that and kind of work out on the promotions to really work that brand.

我的意思是，正如我之前提到的，更大的問題是我們在房地產方面有一些重疊的科納燒烤餐廳 (Kona Grill)。我們必須解決這個問題並弄清楚。Kona Grill 品牌的另一件非常有趣的事情是，我們 15% 到 20% 的銷售額來自業界人士。目前這不是一個好的行業，因為他們對價格非常敏感，因為許多行業目前都面臨挑戰。因此，我們必須進行一些重組，並進行促銷活動，以真正發揮品牌的作用。

I would say that of all the days of the week, I think Sundays for Kona Grill and also RA have been challenged a little bit. Some of the things that we're doing differently on RA, we're rolling out a more active Happy Hour program. I think that should help those restaurants there. And so it's really more about having to deal with the reality that the restaurant space is more challenged right now. And we got to deal with some marketing and some more initiatives.

我想說的是，在一周中的所有日子中，我認為 Kona Grill 和 RA 的周日都受到了一些挑戰。我們在 RA 上做了一些不同的事情，我們正在推出一個更活躍的歡樂時光計劃。我認為這應該對那裡的餐廳有所幫助。因此，更多的是必須應對餐廳空間目前面臨更大挑戰的現實。我們還需要處理一些行銷和更多舉措。

One of the things that we're putting a lot more attention to on the marketing side is loyalty. I think historically, we haven't pushed loyalty as hard as we have to. I think the next couple quarters, you're going to see us really putting added emphasis on activating our loyalty programs. So obviously, we have Konavore at Kona Grill, and then we have some other more birthday-related clubs at the other brands. But we're going to try to really roll out a more formalized loyalty program for all the brands.

我們在行銷方面更加關注的事情之一就是忠誠度。我認為從歷史上看，我們並沒有像我們必須的那樣努力推動忠誠。我認為在接下來的幾個季度，您將看到我們真正更加重視啟動我們的忠誠度計劃。顯然，我們在 Kona Grill 有 Konavore，然後在其他品牌也有一些與生日相關的俱樂部。但我們將嘗試真正為所有品牌推出更正式的忠誠度計劃。

Okay. And then the last one for me, just looking at managed, licensed, and franchised business, that came in a little lower than expected. It looks like guidance implies a decent ramp in revenues from that business in the second half. Just maybe walk us through any of the puts and takes maybe in the quarter and kind of expectations in the second half.

好的。最後一個對我來說，僅專注於管理、授權和特許經營業務，其結果略低於預期。看起來指導意味著下半年該業務的收入將出現可觀的成長。也許可以帶我們了解本季的任何看跌期權和看跌期權以及下半年的預期。

Yeah. I mean, another great question. So on that one, we're really -- we're going to show up the Benihana franchise business. We picked that up as part of this deal. I'm a big fan of franchise business. So we're going to really prop up and work with our franchise base and really support them with marketing and really elevate that. So I think there's a nice up on that line to our franchising programs.

是的。我的意思是，另一個很好的問題。因此，在這一點上，我們真的要展示 Benihana 特許經營業務。我們把它當作這筆交易的一部分。我是特許經營業務的忠實粉絲。因此，我們將真正支持我們的特許經營基礎並與他們合作，並透過行銷真正支持他們並真正提升這一點。所以我認為我們的特許經營計劃在這方面有一個不錯的進步。

We also got our license program with stadiums. And I think there's some things that we can do a little bit better there. We're also working more actively with our partner for the product that we have in groceries. So we're going to be putting some more emphasis on that, so that should help that line a bit.

我們也獲得了體育場館的許可計畫。我認為有些事情我們可以做得更好。我們也與合作夥伴更積極地合作開發雜貨產品。因此，我們將更加重視這一點，這應該會對這條線有所幫助。

And obviously, the big difference in the fourth quarter for us on that line is one of our licensed stores is Scottsdale, which is a very seasonal restaurant. So at the end of the third quarter, beginning of the fourth quarter, that restaurant really will come up. And then obviously, just in general, the fourth-quarter performance on the management locations, we get a lot more profit from those locations.

顯然，第四季度我們在這條線上的最大區別是我們的授權商店之一是斯科茨代爾，這是一家季節性很強的餐廳。所以在第三季末、第四季初，那家餐廳真的會出現。顯然，總的來說，從管理地點第四季的表現來看，我們從這些地點獲得了更多的利潤。

So it's a little bit of all of that. It's a little bit of just seasonality and just a bit of us upping some of the business that we got as part of the acquisitions. And just in general, we're really getting focused on the asset-light business and putting resources behind marketing and supporting those businesses.

所以這只是所有這些的一點點。這只是季節性因素，而且我們在收購過程中增加了一些業務。總的來說，我們確實專注於輕資產業務，並將資源投入行銷和支持這些業務。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Michael Symington, Wedbush Securities.

麥可賽明頓，韋德布希證券。

Hi. Thanks for the question. Wondering, could you perhaps provide the comp breakdown at Kona, the pricing and mix that you saw there in traffic?

你好。謝謝你的提問。想知道，您能否提供科納的比較細目，您在交通中看到的定價和組合？

Yeah. Hey, Michael. It's Tyler. So the sales were minus 14, checks were minus 19, and then average check was up 5.

是的。嘿，麥可。是泰勒。因此，銷售額為負 14，支票為負 19，然後平均支票增加了 5。

Got it. Thanks. And was there anything notable to call out in terms of monthly cadence that you saw at STK and Kona, or were trends fairly consistent throughout the quarter?

知道了。謝謝。您在 STK 和 Kona 看到的月度節奏有什麼值得注意的地方，或者整個季度的趨勢是否相當一致？

I mean, I think the trends were fairly consistent throughout the quarter. I don't think there's anything.

我的意思是，我認為整個季度的趨勢相當一致。我不認為有什麼。

Michael, do you need the breakout for Q2 or just need Kona growth?

邁克爾，你需要第二季的突破還是只需要科納的成長？

Just speaking to Kona. And I guess just the last one for me right now, could you provide the commodity and labor inflation you saw on Q2? And has there been any shifts in your thinking towards the second half?

剛剛和科納說話。我想現在對我來說就是最後一個問題，您能否提供您在第二季度看到的商品和勞動力通膨情況？下半年你的想法有什麼轉變嗎？

Yeah. So labor inflation with low single digits kind of consistent with the industry, and then commodity inflation kind of in that same range of low, low to mid single digits. And then for the back half of the year, I don't think we expect anything much differently except, I think, we've seen a little bit of favorability in beef coming in over the last just month or so.

是的。因此，勞動通膨率處於低個位數，與產業一致，而商品通膨則處於相同的低、中低個位數範圍內。然後，對於今年下半年，我認為我們的預期不會有太大不同，除了我認為，我們在過去一個月左右的時間裡看到了對牛肉的一些青睞。

Got it. Thank you very much.

知道了。非常感謝。

Roger Lipton, Lipton Financial Services.

羅傑‧利普頓，利普頓金融服務公司。

Hi, Tyler. Hi, Manny. Forgive me for a bit of a bookkeeping question here, but I just wanted to make sure my understanding of this warrant registration is correct. While the company does not get any proceeds from the sale of the warrants, you would receive proceeds when those warrants are exercised. And those -- that would then increase the shares outstanding. Is that correct?

嗨，泰勒。嗨，曼尼。請原諒我在這裡提出一些簿記問題，但我只是想確保我對認股權證註冊的理解是正確的。雖然公司不會從出售認股權證中獲得任何收益，但當這些認股權證被行使時，您將獲得收益。而那些——這將增加流通股。這是正確的嗎？

Yeah. Roger, so there's two different types of warrants there. There's a penny warrant and a market warrant. And so the penny warrant would have a nominal impact, but the market warrant would -- those would be paid in cash.

是的。羅傑，所以有兩種不同類型的認股權證。有便士認股權證和市場認股權證。因此，便士認股權證會產生名義上的影響，但市場認股權證會－這些認股權證將以現金支付。

But the penny warrants would -- you'd be issuing 1.9 million shares of common stock, would you not? So you'd have a new 1.9 million shares outstanding. Is that correct?

但是便士認股權證將發行 190 萬股普通股，不是嗎？這樣你就有了 190 萬股新的流通股。這是正確的嗎？

Yeah, that's right.

是的，沒錯。

All right. So that would obviously increase -- obviously, you'd get 10 million on the market warrants, you'd get $10 a share. So you'd get $10 million roughly on the exercise of those million warrants. Is that correct?

好的。所以這顯然會增加——顯然，你會在市場上獲得 1000 萬張認股權證，每股收益為 10 美元。因此，透過行使這 100 萬張認股權證，您將獲得約 1000 萬美元。這是正確的嗎？

Yeah. I think that's right. I mean, I think the other thing to remember is we've reduced the share count quite a bit over the last couple years through the share repurchase, so --

是的。我認為這是對的。我的意思是，我認為另一件事要記住的是，我們在過去幾年中透過股票回購減少了相當多的股票數量，所以--

Right. Understood. Okay, thanks for clarifying that. Sorry for taking up the time with the bookkeeping aspect. Thank you.

正確的。明白了。好的，謝謝你的澄清。很抱歉佔用簿記方面的時間。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Manny Hilario for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉回曼尼·希拉里奧（Manny Hilario）發表閉幕詞。請繼續。

Thank you. Thank you, everyone, for your interest on The One Group and for taking the time today to join us. As I always say, thank you to all our teammates in the restaurants and in our support offices that make our business come to life every day. I truly appreciate everybody's engagements and, frankly, fantastic engagements and really getting us through what is some interesting times and challenging times in the space. So we appreciate that.

謝謝。感謝大家對 The One Group 的關注並今天抽出時間加入我們。正如我常說的，感謝餐廳和支援辦公室的所有隊友，是你們讓我們的業務每天都充滿生機。我真的很感謝每個人的參與，坦白說，非常棒的參與，真正幫助我們度過了這個領域的一些有趣的時刻和充滿挑戰的時刻。所以我們對此表示讚賞。

And then obviously, we are focused on growth and on vibe dining. And I look forward to running into all of you in the restaurants. Everybody have a great day. Thank you.

顯然，我們專注於成長和氛圍餐飲。我期待在餐廳裡見到你們所有人。每個人都有美好的一天。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。