One Group Hospitality Inc (STKS) 2024 Q3 法說會逐字稿

Greetings, and welcome to The ONE Group third quarter 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 The ONE Group 2024 年第三季財報電話會議。（操作員指令）

As a reminder, this conference is being recorded. I would now like to turn the conference over to Tyler Loy, Chief Financial Officer, The ONE Group Hospitality, Inc., please go ahead.

提醒一下，本次會議正在錄音。現在，我想將會議交給 The ONE Group Hospitality, Inc. 的財務長 Tyler Loy，請開始。

Thank you, operator, and hello, everyone. 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 are back.

謝謝接線員，大家好。在我們開始正式發言之前，請允許我提醒您，我們今天的討論內容將包括前瞻性陳述。這些前瞻性陳述並不能保證未來的表現，您不應過度依賴它們。這些聲明也受到許多風險和不確定性的影響，可能導致實際結果與我們所預測的結果有重大差異。

Please also note that these forward-looking statements reflect our opinions only as of the data that's all we undertake no obligation to revise or publicly release any revisions of these forward-looking statements in light of new information or future events.

另請注意，這些前瞻性陳述僅反映我們的觀點，僅此而已，我們不承擔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的義務。

We refer you to our recent SEC filings for more detailed discussion of the risks that could impact our future operating results on the division during today's call will discuss certain non-GAAP financial measures that 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.

請您參閱我們最近提交給美國證券交易委員會(SEC) 的文件，以便更詳細地討論可能影響該部門未來經營業績的風險。某些非公認會計準則財務指標。然而，這些指標或其他資訊的呈現不應被孤立地看待，也不應將其視為按照 GAAP 編制的結果的替代方案。

For reconciliations of these measures such as adjusted EBITDA, adjusted net income, restaurant operating profit, comparable sales and total food and beverage sales at owned and managed licensed and franchised units to GAAP measures. Along with a discussion of why we consider these measures useful, please see our earnings release issued today.

為了將這些指標（例如調整後的 EBITDA、調整後的淨收入、餐廳營業利潤、可比較銷售額以及自有和管理的許可和特許經營單位的食品和飲料總銷售額）與 GAAP 指標進行調節。除了討論我們為什麼認為這些措施有用之外，請參閱我們今天發布的收益報告。

With that, I'd 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 (Manny Hilario)。

Thank you, Tyler, and hello, everyone. Thank you all for joining us today and for your continued interest in The ONE Group. Let me begin by recognizing our amazing team members for their unwavering commitment to our mission of creating great guest memories through exceptional, an unforgettable experiences to every guest every time is what gives me confidence in our vision of becoming the global leader and vibe dining, able to report a full quarter's results for our recent acquisition of any Benihana unrest sushi, and we are excited by the combined potential of our platform of exciting vibe and experiential centric dining brands.

謝謝你，泰勒，大家好。感謝大家今天的參與以及對 The ONE Group 的持續關注。首先，我要感謝我們出色的團隊成員，他們堅定不移地致力於我們的使命，即透過為每位客人提供卓越、難忘的體驗，為客人創造美好的回憶，這讓我對我們成為全球領導者和氛圍餐廳的願景充滿信心，能夠報告我們最近收購 Benihana unrest sushi 的完整季度業績，我們對我們的激動人心的氛圍和以體驗為中心的餐飲品牌平台的綜合潛力感到興奮。

Let me start by sharing some highlights for the third quarter. First, with a full quarter of banging on unrest sushi, we increased our revenues by or $170million for 152% to a record $194 million. Secondly and equally important, we increased our restaurant operating profit by 90 basis points, driven by robust restaurant-level margins of 17% of Benihana, which improved 20 basis points versus the pro forma prior performance and tight cost management at our pretax existing businesses.

首先，我來分享一下第三季的一些亮點。首先，憑藉整整一個季​​度的強勁表現，我們的營收增加了 1.7 億美元，增幅達 152%，達到創紀錄的 1.94 億美元。其次，同樣重要的是，我們的餐廳營業利潤增加了90 個基點，這得益於Benihana 餐廳層面的利潤率高達17%，與預計的先前業績相比提高了20 個基點，並且我們嚴格控制稅前現有業務的成本。

Next during the second quarter, update will discuss the $9 million in run rate savings related to duplicate support costs. Then we have implemented an additional $10 million in annualized run rate synergies, and we've already begun to see their impact on the Benihana, our restaurant level margins. And finally, we finished the third quarter with over $70 million in resources between cash on hand short-term credit receivables and move our availability, which is currently undrawn.

接下來在第二季度，更新將討論與重複支援成本相關的 900 萬美元的運行率節省。然後，我們又實施了額外 1000 萬美元的年度運行率協同效應，而且我們已經開始看到它們對 Benihana 和我們的餐廳級利潤率的影響。最後，第三季結束時，我們的庫存現金、短期應收信貸和可用資金超過 7,000 萬美元，目前尚未提取。

Looking at our key strategic priorities for the balance of the year remain first, a focus on driving sales at all of our brands through the execution of our strategic pillars like others. In the fine dining category, we're experiencing a dynamic environment driven by macro headwinds and consumer uncertainty. As you look around the restaurant landscape from all-you-can-eat to all they happy hours, the industry is chasing traffic to deep discounting and promotional activity. Yet. Our mission continues to be to create great guest experiences and memories by operating the best restaurants and all of our markets and delivering exceptional and unforgettable guest experiences to every guest every time three strategic pillars of operations, marketing and culinary.

縱觀我們今年餘下時間的主要策略重點，我們仍將首先致力於透過執行我們的策略支柱來推動所有品牌的銷售。在高級餐飲類別中，我們正經歷著由宏觀不利因素和消費者不確定性所驅動的動態環境。環顧餐廳業，從自助餐到歡樂時光，你會發現，餐廳業正在透過大幅折扣和促銷活動來吸引客流。然而。我們的使命仍然是透過營運、行銷和烹飪三大策略支柱，經營最好的餐廳和所有的市場，為每位客人提供卓越而難忘的賓客體驗，從而創造美好的賓客體驗和回憶。

We continue to see robust demand on Fridays and Saturdays across all of our brands. And we are focused on maximizing reservations turn times and throughput during our peak days and peak hours. In addition, we continue to emphasize local store outreach to ensure we are top of mind with concierges hotels and businesses in the four-block radius around each of our restaurants to drive business, Danaher's happy hours for our launches. We can branches and late-night visits across our portfolio of brands. We know we are executing at a high level as we continue to see some of the highest guest satisfaction metrics across all of our restaurants.

我們繼續看到所有品牌在周五和周六的強勁需求。我們致力於最大限度地提高高峰日和高峰時段的預訂時間和吞吐量。此外，我們繼續強調本地門市的拓展，以確保我們在禮賓部、酒店和每家餐廳周圍四個街區範圍內的企業中處於首要位置，以推動業務發展，並為我們的新品發布提供丹納赫歡樂時光。我們可以透過我們的品牌組合開設分店並進行深夜訪問。我們知道，我們的執行水準很高，因為我們看到，我們所有餐廳的客戶滿意度指標一直名列前茅。

From a marketing perspective, we are leveraging our digital marketing capabilities and ever-growing digital database to drive one of our many everyday value messages, such as $3 $6, a $9 Happy Hour, which has also been launched at Benihana unrest. Sushi loyalty continues to be a key focus of ours. And in the coming quarters, we'll roll out a loyalty program across all brands with a special emphasis on birthday celebrations and personalized rewards for our gas special occasions. This enhanced approach to customer appreciation marks a significant evolution in our retention strategy. As we know our guests love to celebrate with our brands, and we plan to convert those guests who may come to our restaurants once or twice a year to more frequent visitors.

從行銷角度來看，我們正在利用我們的數位行銷能力和不斷增長的數位資料庫來推動我們許多日常價值訊息之一，例如 3 美元 6 美元、9 美元歡樂時光，這些資訊也在 Benihana 動亂中推出。壽司的忠誠度仍然是我們關注的重點。在接下來的幾個季度中，我們將在所有品牌中推出忠誠度計劃，特別注重生日慶祝和針對我們的加油特殊場合的個人化獎勵。這種增強的客戶讚賞方式標誌著我們的保留策略的重大進步。我們知道，我們的客人喜歡與我們的品牌一起慶祝，我們計劃將那些每年來我們餐廳一兩次的客人轉變為更常來的客人。

Moving on to culinary would continue to be extremely focused on culinary innovation and enhancing the guest experience. For example, at bending on restaurants, we rolled out our waipu program for guests seeking a premium offering, and the early read is very positive. We believe there's tremendous upside for many innovation and Hannah, and we have only just begun.

在烹飪方面，我們將繼續高度重視烹飪創新和提升賓客體驗。例如，在 Bentley 餐廳，我們針對尋求優質服務的客人推出了 waipu 計劃，早期的效果非常積極。我們相信，許多創新和漢娜都具有巨大的上升空間，而這才剛開始。

We are excited about our exceptional lineup of holiday and seasonal menu offerings as our venues surely come alive during the holiday season. A second key priority is the successful integration of any Hana and Raw Sushi and delivering on our cost initiatives. We've made significant strides in achieving our post acquisition synergies target, and we began to see the impact this quarter on the Ventana restaurant level margins. We are nearing $90 million in run rate synergies across both restaurant level and support costs by eliminating duplicate costs and achieving improved pricing to contract consolidations. Areas. We've seen significant progress and plan to deliver at least $20 million in annual synergies, eliminate duplicate headcounts, eliminate duplicate professional services, capturing insurance synergies, leverage, broadline purchasing and improve commodities and operating supply costs.

我們對我們提供的一系列精彩的節日和季節性菜單感到非常興奮，因為我們的場所在節日期間肯定會變得活躍起來。第二個關鍵優先事項是成功整合 Hana 和 Raw Sushi 並實現我們的成本計劃。我們在實現收購後的協同效應目標方面取得了重大進展，而本季我們開始看到對 Ventana 餐廳利潤率的影響。透過消除重複成本並實現合約合併定價改進，我們在餐廳層級和支援成本方面的運作率綜效已接近 9,000 萬美元。區域。我們已經看到了重大進展，並計劃每年實現至少 2000 萬美元的協同效應，消除重複的員工人數，消除重複的專業服務，獲取保險協同效應、槓桿作用、廣泛採購並改善商品和運營供應成本。

As part of the Kona Grill unwrapped sushi integration, we have evaluated our portfolio of existing restaurants with the goal to optimize overall performance. After careful consideration. In October, we closed for a Sushi locations, three of which are in markets with existing kind of growth. We expect to retain a substantial amount of the delivery and takeout business for these restaurants generated through other nearby Kona Grill locations supporting improved margins in our growth concepts. In addition to the closures, we are working on a number of sales driving an operating efficiency initiatives at Kona Grill. For example, we are testing dynamic Virtual Academy delivered in markets where Benihana is currently not present, and the early results are very encouraging.

作為 Kona Grill 無包裝壽司整合的一部分，我們評估了現有餐廳的組合，目標是優化整體績效。經過深思熟慮。十月份，我們關閉了三家壽司店，其中三家位於已有成長潛力的市場。我們希望為這些餐廳保留大量的外送和外送業務，這些業務是透過附近的其他 Kona Grill 店產生的，以支持我們成長理念中利潤率的提高。除了關閉門市之外，我們還在進行一系列銷售舉措，以提高 Kona Grill 的營運效率。例如，我們正在 Benihana 目前尚未涉足的市場測試動態虛擬學院，早期結果非常令人鼓舞。

We're also streamlining hours of operations in order to maximize staffing for revenue during our peak hours and reduced shoulder period hours in order to capture labor efficiencies above and beyond cost savings, we have overlaid our strategic pillars of operations, marketing and culinary to the Benihana and Raw Sushi brands. We are leveraging our logistics reservations, digital marketing and culinary core competencies to drive sales and performance of anyhow nonres sushi. In addition from a restaurant support sources, payroll, financial reporting development and many other internal systems and processes.

我們也精簡了營運時間，以便在高峰時段最大限度地提高員工收入，並減少肩部時段的工作時間，以便在節約成本的基礎上提高勞動力效率，我們將營運、行銷和烹飪的戰略支柱與Benihana和Raw Sushi 品牌。我們正在利用我們的物流預訂、數位行銷和烹飪核心競爭力來推動非傳統壽司的銷售和業績。此外，還有來自餐廳支援來源、薪資單、財務報告開發和許多其他內部系統和流程。

Thirdly, we are focused on our next phase of growth, balancing company owned development and asset by growth. We plan to open six new venues by the end of 2024, consisting of five company owned restaurants to STKs 1.01 Rob sushi and one saltwater. So also in addition, we also plan to open one managed STK in September. We opened our first cannot grow in Oregon in the city of Tiger at Bridgeport bill, which then in October we opened and STK11 tour. Our third s became a state of Florida.

第三，我們專注於下一階段的成長，平衡公司自身發展和資產成長。我們計劃在 2024 年底開設 6 家新店，包括 5 家公司自營餐廳、1 家 STKs 1.01 Rob 壽司店和 1 家海水餐廳。此外，我們還計劃在 9 月開設一個託管 STK。我們在俄勒岡州的 Tiger 市的 Bridgeport Bill 開設了第一家分店，然後在 10 月我們開設了 STK11 巡演。我們的第三個州是佛羅裡達州。

Today, we opened our new concept saltwater social in Denver, Colorado within the Cherry Creek neighborhood, saltwater social. We are combining the best in class experience and unmatched atmosphere of STK. in a refresh setting that places a focus on the collectible cream and seafood offerings. In the fourth quarter, we plan to open a managed STK in Niagara Falls Embassy Suites on the Canadian side of the calls. Moving forward, we plan to open five to six company-owned restaurants annually, and it will balance this with asset-light growth of managed and licensed STK and Kona Grill's and franchise Bahamas. In addition, we'll continue to explore opportunities for planning, ANA and stadium concessions where we have five locations, and we plan to grow the retail grocery business.

今天，我們在科羅拉多州丹佛的 Cherry Creek 社區內開設了新概念海水社交活動——海水社交活動。我們將 STK 一流的經驗和無與倫比的氛圍結合在一起。在一個清新的環境中，重點是可收藏的奶油和海鮮產品。第四季度，我們計劃在加拿大一側的尼亞加拉瀑布大使館套房酒店開設一個託管 STK。展望未來，我們計劃每年新開五至六家公司自營餐廳，並透過管理和授權的 STK、Kona Grill's 和巴哈馬特特許經營店實現輕資產成長。此外，我們將繼續探索規劃、全日空和體育場特許經營的機會，我們在那裡擁有五個地點，並且我們計劃發展零售雜貨業務。

Lastly, our four key priority is balance sheet flexibility and returning value to our shareholders. We finished the quarter with over $70 million in liquid resources. When combining our cash on hand, short-term credit card receivables and the availability under the revolving credit facility, which remains undrawn under the current conditions of term loan is not subject to any financial covenants.

最後，我們的四個主要優先事項是資產負債表靈活性和為股東帶來價值回報。本季結束時，我們的流動資源超過 7,000 萬美元。當結合我們庫存現金、短期信用卡應收款和循環信貸額度下的可用資金時，在當前定期貸款條件下未提取的資金不受任何財務契約的約束。

This quarter, we returned approximately $2.2 million to shareholders through share repurchases, and we will continue to evaluate opportunistic Choice program. We are laser focused on our balance sheet and are prioritizing cash flow generation, balance sheet flexibility and maximizing shareholder returns.

本季度，我們透過股票回購向股東返還了約 220 萬美元，我們將繼續評估機會選擇計畫。我們高度關注我們的資產負債表，並優先考慮現金流量的產生、資產負債表的靈活性和最大化股東回報。

As you can tell, we've been very busy, and I are now on our path to $5 [billion] in system-wide sales are strong. Free cash flow generation, combined with our disciplined pipeline of new locations, proven unit economics in the asset-light strategies provide us with multiple avenues for growth. We are excited for the future, and we will remain focused on executing our strategy and creating long-term shareholder value.

如你所知，我們一直非常忙碌，現在我們正朝著全系統 50 億美元銷售額的目標邁進。自由現金流的產生，加上我們嚴謹的新地點管道，以及輕資產策略中經過驗證的單位經濟效益，為我們提供了多種成長途徑。我們對未來充滿期待，並將繼續專注於執行我們的策略並創造長期股東價值。

I will now turn the call over to Tyler.

現在我將電話轉給泰勒。

Thank you, Manny. Let me start by discussing our third quarter financials in greater detail. We know the prior quarter was any contribution from the recent acquisition of Indiana, which closed on May first, 2024, for the third quarter of 2024 has three months of contributions from Benihana on Radvision, total consolidated GAAP revenues were $194 million, increasing 152.3% from $76.9 million for the same quarter last year. Included in our total revenue as our owned restaurant net revenue of $190.6, which increased 158.6% from $73.7 million for the same quarter last year.

謝謝你，曼尼。首先，讓我更詳細地討論一下我們第三季的財務狀況。我們知道上一季的任何貢獻都來自於最近收購印第安納州，該收購於2024 年5 月1 日完成，2024 年第三季有三個月來自Benihana 對Radvision 的貢獻，合併GAAP 總收入為1.94 億美元，成長152.3%而去年同期則為 7,690 萬美元。我們的總收入包括我們自有餐廳的淨收入 1.906 億美元，比去年同期的 7,370 萬美元增長了 158.6%。

The increase was due primarily to $119.4 million in contributions from Benihana on Raw Sushi. The increase was also attributable to deal with six at STK and Kona Grill restaurant is October 2023 was partially offset by 8.8% reduction. Comparable sale comparable sales decreased 4.2% depending on our 11.1% at STK and 70% of our grill concepts. For clarity at STK traffic with minus 4.7%. Management license and incentive fee revenue increased 6.4%. That $3.4 million for the three months ended September 30th, 2024, from $3.2 million for the three months ended September 30th, 2023.

這一增長主要歸功於 Benihana 對 Raw Sushi 的 1.194 億美元捐款。這一增長也歸因於 STK 和 Kona Grill 餐廳的六家門市的交易，2023 年 10 月的 8.8% 的減幅被部分抵消。可比銷售額下降了 4.2%，這取決於我們在 STK 的 11.1% 以及我們 70% 的燒烤概念。為清楚起見，STK 流量為負 4.7%。管理許可和激勵費收入成長6.4%。截至 2024 年 9 月 30 日的三個月，金額為 340 萬美元，而截至 2023 年 9 月 30 日的三個月，金額為 320 萬美元。

Benihana on our franchise restaurants contributed $0.7 million in revenue during the third quarter of 2024. Owned restaurant concepts as well as a percentage of restaurant net revenue increased 80 basis points to 20.9% of the 4.2% in the prior year. This was primarily due to operational cost reduction initiatives, product mix management and pricing, those partially offset by cost inflation. This also includes the Benihana addition of any on and Ross synergy, which contributed positively to the cost of sales percentage of revenue.

我們的特許經營餐廳 Benihana 在 2024 年第三季貢獻了 70 萬美元的收入。自有餐廳概念以及餐廳淨收入百分比從上年的4.2%增加了80個基點至20.9%。這主要歸因於營運成本削減措施、產品組合管理和定價，但部分被成本通膨所抵銷。這也包括 Benihana 的加入以及 Ross 的協同效應，這對銷售成本佔收入的百分比產生了積極貢獻。

Our restaurant operating expenses as a percentage of owned restaurant net revenue increased 300 basis points to 65.9% in the third quarter of 2024 from 62.9% in the third quarter 2023 food cost inflation at fixed operating costs, partially offset by operational costs. We are continuing positive and pricing at STK and Kona Grill also included the addition of betting Ana Graciela de, which contributed positively to operating as a percentage of revenue. Restaurant operating profit increased 90 basis points to 13.2% for the third quarter of 2024 compared to 12.3% in the third quarter.

我們的餐廳營運費用佔自有餐廳淨收入的百分比從2023 年第三季的62.9% 增加了300 個基點至2024 年第三季的65.9%，固定營運成本的食品成本通膨，部分被營運成本所抵消。我們繼續保持積極態度，STK 和 Kona Grill 的定價還包括增加 Ana Graciela de 的投注，這對營業收入的百分比做出了積極貢獻。2024 年第三季餐廳營業利潤較上年同期的 12.3% 成長 90 個基點至 13.2%。

Quite frankly, this includes restaurant operating profit of 70% at Benihana. On a total reported basis. General and administrative costs decreased $5.5 million or 75.6% to $12.8 billion in the third quarter of 2024 from $7.3 million in the third quarter of 2023. When adjusting for stock-based compensation, adjusted general and administrative expenses were $11.2 million and $6million third quarter of 2024 and 2023, respectively. As a percentage of revenue, adjusted general and administrative costs improved 210 basis points to 5.8% compared to 7.9%. The improvement is due to the sales leverage real live Benihana on acquisition. Depreciation and amortization expense of $9.4 million in the third quarter 2024 compared to $3.7 million in the third quarter likely period.

坦白說，這其中包括Benihana 70%的餐廳營業利潤。按總報告基礎計算。2024 年第三季的一般和行政費用從 2023 年第三季的 730 萬美元減少 550 萬美元（即 75.6%）至 128 億美元。經股票薪酬調整後，2024 年第三季及 2023 年第三季的調整後一般及行政費用分別為 1,120 萬美元及 600 萬美元。調整後的一般及行政費用佔收入的百分比從 7.9% 提高至 5.8%，提高了 210 個基點。這項改善得益於 Benihana 實際收購所帶來的銷售槓桿。2024 年第三季的折舊和攤提費用為 940 萬美元，而第三季可能期間的折舊和攤提費用為 370 萬美元。

The increase was primarily related to depreciation and amortization for the venue Benihana losses you restaurant depreciation associated with the opening of six new owned venues as October 2023, and capital expenditures and maintain and enhance the guest experience in our restaurants, $2.1 million compared to $3.1 million in the prior year. We incurred nonrecurring costs totaling $7.1 million, the third quarter 2024, consisting of transaction and exit costs of $0.9 million and transition and integration costs of $6.3 million. Both related to the acquisition of Benihana interest expense was $10.7 million in the third quarter of 2024 compared to $1.7 million in the third quarter of 2023.

成長主要與餐廳折舊和攤銷有關，Benihana 餐廳的折舊損失與2023 年10 月開設六家新自有餐廳有關，以及資本支出和維護及提升我們餐廳的顧客體驗有關，210 萬美元，而2023 年同期為310 萬美元在上一年。2024 年第三季度，我們發生的非經常性成本總計 710 萬美元，其中包括 90 萬美元的交易和退出成本以及 630 萬美元的過渡和整合成本。兩項皆與收購 Benihana 相關的利息支出，2024 年第三季為 1,070 萬美元，而 2023 年第三季為 170 萬美元。

Benefit and a provision for income taxes was $4.6 million in the third quarter of 2024 compared to a benefit of $325,000 in the third quarter of 2023. Net loss available to common stockholders was $16 million or $0.52 net loss per share compared to net loss available to common stockholders of $3.1 million in the third quarter of 2023. Adjusted net loss available to common stockholders was [$9.1 million], or $0.30 of adjusted net loss per share compared to it adjusted net loss available to common stockholders of $3 million in the third quarter of 2023 or $0.09 adjusted net loss per share.

2024 年第三季的福利和所得稅準備金為 460 萬美元，而 2023 年第三季的福利為 325,000 美元。普通股股東淨虧損為 1,600 萬美元，即每股淨虧損 0.52 美元，而 2023 年第三季普通股股東淨虧損為 310 萬美元。調整後歸屬於普通股股東的淨虧損為[910 萬美元]，或調整後每股淨虧損0.30 美元，而2023 年第三季調整後歸屬於普通股股東的淨虧損為300 萬美元，或調整後每股淨虧損0.09 美元。

Adjusted EBITDA for the third quarter attributable to The ONE Group Hospitality thing was $14.9 million compared to $3.1 million in the third quarter of 2023. Please note that our third quarter we updated our definition of adjusted EBITDA to no longer adjust for preopening expenses. Under the previous definition, adjusted EBITDA would have been $17 million versus $6.2 million in the third quarter prior year. We've included a reconciliation of adjusted EBITDA of historical adjusted EBITDA and adjusted net income in the tables in our third quarter of 2024.

第三季歸因於 The ONE Group Hospitality 業務的調整後 EBITDA 為 1,490 萬美元，而 2023 年第三季為 310 萬美元。請注意，我們在第三季更新了調整後 EBITDA 的定義，不再調整開業前費用。根據先前的定義，調整後的 EBITDA 將為 1700 萬美元，而去年同期第三季為 620 萬美元。我們在 2024 年第三季的表格中納入了歷史調整後 EBITDA 與調整後淨收入的調整後 EBITDA 對帳。

Earnings release during the third quarter was $2.3 million on the purchase of 0.6 million shares. Turning to liquidity, we finished the quarter were $36.2 million cash and short-term credit card receivables and $34.1 million available under our revolving credit facility, which remains undrawn. Under the current conditions. Our term loans did not have the financial covenants. Now I would like to provide some forward-looking commentary regarding our business.

第三季購買了 60 萬股股票，收益為 230 萬美元。談到流動性，截至本季末，我們擁有 3,620 萬美元的現金和短期信用卡應收款，以及 3,410 萬美元的循環信貸額度，但仍未動用。在目前的條件下。我們的定期貸款沒有財務契約。現在我想對我們的業務提供一些前瞻性的評論。

This commentary is subject to risks and uncertainties and other filings with always remind our investors, the actual number and timing of new restaurant openings or any given period, subject to a number of factors outside the Company's control, including macroeconomic conditions, weather and factors under the control plan, more contractors, license fee and regulatory and licensing authority.

本評論受風險和不確定性以及其他文件的影響，並始終提醒我們的投資者，新餐廳開業的實際數量和時間或任何特定時期，受公司無法控制的多種因素的影響，包括宏觀經濟條件、天氣和控制計劃、更多承包商、許可費以及監管和許可權力。

As we enter the back half of the year, we anticipated improving same-store sales trends for the third and fourth quarter based on previous year's comparison and less consumer uncertainty. Based on our third quarter results, the information available now and the expectations as of today, we are updating our 2024 darker the targets that would projections for being on our from paper the date of the acquisition until the end of the year. Excluding discussions regarding the run rate performance for calculations of run rate measures, please refer back to our press release that was issued today.

進入下半年，基於去年同期的比較和消費者不確定性的減少，我們預計第三季和第四季同店銷售趨勢將會改善。根據我們第三季的業績、目前可用的資訊以及截至今天的預期，我們正在更新 2024 年的目標，這些目標將是我們從收購之日到年底的紙面上的預測。除了有關計算運行率指標的運行率表現的討論外，請參閱我們今天發布的新聞稿。

Beginning with revenues. We project total GAAP revenue of $680 million, which reflects our integration of consolidated same-store sales for the fourth quarter minus four minus 8%. On a run-rate basis, we project total GAAP revenue of $845million to $865 million. Manage license and franchise fee revenues are expected to be between $15million and $16million. Them total operating expenses as a percent owned restaurant net revenue of 83% to 83.6%. Total G&A, excluding stock-based compensation of approximately $39 million, adjusted EBITDA of between $71 million and $76 million.

從收入開始。我們預計總 GAAP 收入為 6.8 億美元，這反映了我們第四季度合併同店銷售額減 4% 的結果。根據運行率計算，我們預計 GAAP 總收入為 8.45 億至 8.65 億美元。管理許可和特許經營費收入預計在1500萬美元至1600萬美元之間。他們總營業費用佔自有餐廳淨收入的百分比為83%到83.6%。總 G&A（不包括約 3,900 萬美元的股票薪酬）調整後 EBITDA 在 7,100 萬美元至 7,600 萬美元之間。

On a run-rate basis, we project total adjusted EBITDA of $111 million to $116 million, adjusted EBITDA, excluding preopening expenses of between $80million to $85 million. On a run-rate basis, we project total adjusted EBITDA, excluding preopening of $120million to $145 million, restaurant pre-opening expenses of between $8million and $9 million, an effective income tax rate of approximately 30%. Total capital expenditures net of allowances received from landlords of between $50 million to $60 million. And finally, as we plan to add six new than in 2024.

根據運行率計算，我們預計調整後 EBITDA 總值為 1.11 億美元至 1.16 億美元，調整後的 EBITDA 不包括 8,000 萬美元至 8,500 萬美元的開業前費用。根據營運率，我們預計調整後的 EBITDA 總值（不包括開業前費用 1.2 億至 1.45 億美元）將在 800 萬美元至 900 萬美元之間，實際所得稅率約為 30%。扣除從業主收到的補貼後的總資本支出在 5,000 萬至 6,000 萬美元之間。最後，我們計劃在 2024 年增加 6 個新成員。

Thank you, Tyler, and thank you all for your time today and interest into one group. While we are facing macro headwinds in the short term, we remain confident in our solid portfolio of high volume, iconic brands and long-term vision to be the undisputed global leader in five dining.

謝謝你，泰勒，也謝謝大家今天抽出時間並對我們這個小組感興趣。雖然我們在短期內面臨宏觀阻力，但我們對我們穩固的品牌組合、高銷量和標誌性品牌以及成為五大餐飲領域無可爭議的全球領導者的長期願景仍然充滿信心。

We are entering an exciting phase in our company's journey, and we appreciate your continued support, however, and I would be happy to answer any questions they may have.

我們正進入公司發展歷程中一個令人興奮的階段，我們感謝您一直以來的支持，我很樂意回答他們可能提出的任何問題。

Operator, we will now begin the question-and-answer session.

接線員，我們現在開始問答環節。

(Operator Instructions) Mark Smith, Lake Street Capital.

（操作員指示）馬克史密斯（Mark Smith），Lake Street Capital。

Hi, guys, first, just update on the industry's going to how things are going to be kind of how tough battle is negative comp trends. I can talk about your direct competitors, what you're seeing as far as promotions in non-regional house you, Bobby, we're able to compete in are in this environment. Yes.

大家好，首先，我來更新一下行業的發展情況，以及應對負面競爭趨勢的鬥爭將會有多麼艱難。我可以談談你的直接競爭對手，就你在非區域性房屋促銷活動而言，Bobby，我們能夠在這種環境中競爭。是的。

Thanks, Mark. So I mean, more direct competitors we're seeing are they happy hour? I think that's become a big promotion for some of our competitors are offering highly discounted items all day. So that's been one of the bans on the casual dining seems to be everything we got for you now have a lot of endless Pasta Bowls and we have the burgers and Chile.

謝謝，馬克。所以我的意思是，我們看到的更直接的競爭對手是歡樂時光嗎？我認為這對我們的一些競爭對手來說已經成為一個巨大的促銷活動，他們全天都在提供大幅折扣的商品。因此，這是對休閒餐飲的禁令之一，似乎我們為您提供的一切現在都有無盡的意大利麵碗，我們有漢堡和辣椒。

We have we have a lot of price point compound of what we've been seeing in. And of course, centers E-Z-GO go lower on the on the scale of one of QSR and everything else. Obviously, you guys know about all the super heavy discounting there.

我們已經看到了很多價格點的複合。當然，E-Z-GO 中心在 QSR 和其他一切方面的排名都較低。顯然，你們知道那裡所有的超大折扣。

So everybody is putting out there very high price points. Our response to it has been and we obviously do have the I was always on happy hour. So, we're competing with happy hour during the regular hours, you know, three to six. And so that's been one of the things that we've been competing with. The second thing that we've been competing with has been, you know, we offer $39 dinners at a kind of growth, and we offer $69 dinners at STK. every day and does come was beverage.

因此每個人都標出了非常高的價格。我們對此的回應是，我們顯然確實一直感到快樂。所以，我們在正常營業時間（三點到六點）與歡樂時光競爭。這就是我們一直在競爭的事情之一。我們面臨的第二個競爭問題是，你知道，我們在某種成長模式中提供 39 美元的晚餐，而在 STK 模式中提供 69 美元的晚餐。每天都會來飲料。

So we think that's a pretty compelling price point, but we've been doing that on ongoing basis now for a while. So that's our hog price there, if you will, in terms of there. And then we've also launched at Kona Grill. We continue to see on Sunday nights, and that's a pretty compelling promotions, and we're starting to see some traction on that as well right now. So timhose are the majority of what we've been doing. And then of course, as we discussed in our prepared statements, we were looking at loyalty. We think loyalty. He is a big play right now.

因此，我們認為這是一個相當有吸引力價格點，而且我們已經持續這樣做了一段時間。如果你願意的話，這就是我們那裡的生豬價格。然後，我們也在 Kona Grill 推出了新產品。我們在周日晚上繼續看到，這是一個非常引人注目的促銷活動，我們現在也開始看到一些吸引力。因此，這些就是我們所做的大部分工作。當然，正如我們在準備好的聲明中所討論的那樣，我們關注的是忠誠度。我們認為忠誠。他現在是一個大人物。

I think if you look at Cheesecake Factory, for instance, that's an example of someone who's been going heavy on the on the loyalty side. So so our job here is to sustain the value sector, but did not get into the heavy discounting sector because I wanted to hear the question is what we're seeing on the economy. I think we've started I see a little bit of a bottom bottom, a stabilization of on on that. And then if you look at some of our concepts, I think the TowerCo, a quota design there, we're actually doing very well. And traffic at STK were only down for four or five points on traffic at STK.

例如，如果你看看芝士蛋糕工廠 (Cheesecake Factory)，你會發現這是一個在忠誠度方面非常重視的人的例子。因此，我們的工作是維持價值部門，但沒有進入大幅折扣部門，因為我想聽到的問題是我們對經濟看到了什麼。我認為我們已經開始看到一點底部，並且趨於穩定。如果你看一下我們的一些概念，我認為 TowerCo 的配額設計，我們實際上做得很好。STK 的交通量僅下降了四、五個點。

And I believe that's part of our success without with the again, think that a little bit of that in the trend now, I think it's starting to bottom out. As a matter of fact, you probably saw that aren't our guidance. We guided to minus eight to minus four for the fourth quarter, and we're coming out of a negative eight same-store sales. So I think our guidance kind of implies that we're starting to see a bottom on the on the trends.

我相信這是我們成功的部分原因，但我認為現在的趨勢已經開始觸底了。事實上，您可能已經看到這不是我們的指導。我們預期第四季的銷售額將為負八到負四，而且我們的同店銷售額已經是負八了。因此，我認為我們的指導意味著我們開始看到趨勢的底部。

Okay. And then on the development front, it seems like we've had some delays. Can you just talk about kind of permitting and construction process, anything that may be causing some delays from as you tried to get some of these restaurants open?

好的。然後在開發方面，我們似乎遇到了一些延遲。您能否談談許可和施工流程以及在您嘗試開設這些餐廳的過程中可能導致延誤的因素？

Yes. I mean, I think right now the timing on the on development is really more controlled by the fact, as we mentioned on our prepared statements that we want to get more to the asset-light growth side of development. And so, we're keeping pace with, you know, a company owned restaurants. I think mentioned six in us in our in our communications. So, we're keeping it at that base.

是的。我的意思是，我認為現在發展的時機實際上更多地受到事實的控制，正如我們在準備好的聲明中提到的那樣，我們希望在發展中更多地關注輕資產增長方面。所以，我們正在與公司旗下的餐廳保持同步。我認為我們在我們的通訊中提到了六個。因此，我們將它保留在那個基地。

As a matter of fact, we have opened three restaurants in the last 60 days, so, you know, so it's really more about pacing and at a pace that we feel comfortable with. And again, we've been spending a lot more time, I would say in the last 30 to 45 days on franchising from Indiana, which I think is a very good opportunity for us. There's a really good model there that we can up Accel apps. And then we also opening up our next management contract and Niagara Falls. So we've been working there. And then we have a couple of airport deals that we're actively working on right now.

事實上，我們在過去 60 天裡開了三家餐廳，所以，你知道，這實際上更多的是關於節奏，以及我們感覺舒服的節奏。而且，我想說，在過去的 30 到 45 天裡，我們花了很多時間在印第安納州的特許經營上，我認為這對我們來說是一個非常好的機會。這是一個非常好的模型，我們可以用它來開發 Accel 應用程式。然後我們也將開啟下一個管理合約和尼加拉瀑布。因此我們一直在那裡工作。目前我們正在積極洽談幾項機場交易。

And then we also have some casino opportunities that we can now look before SDK. as well. And more recently, we've also started working on some potential license and management opportunities for for Asia. Obviously still early on that, but we're definitely more actively working at sort of building our pipeline with a management license deals in terms of the delays, unlike on permitting and and we really haven't seen a significant change from three to six months ago. Obviously, we've already reported see any meaningful change in mix from within the last 90 days.

然後我們還有一些賭場機會，我們現在可以在 SDK 之前查看。也一樣。最近，我們也開始研究亞洲的一些潛在的授權和管理機會。顯然這還處於早期階段，但我們肯定在更積極地致力於透過管理許可協議來建立我們的管道，以應對延遲問題，而不像許可問題，而且我們確實沒有看到從三到六個月的重大變化前。顯然，我們已經報告了過去 90 天內混合物發生的任何有意義的變化。

Okay. And just one last one for me. We have the foreclosures of Raw Sushi. Do you anticipate or do you see each other's, you know, throughout your system maybe at the end of the lease term or any of potential closures on the horizon?

好的。對我來說，還有最後一個問題。我們已經取消了 Raw Sushi 的贖回權。您是否預計，或者您是否在整個系統中看到彼此的情況，可能是在租賃期結束時或任何潛在的關閉時？

Yes. I mean, I think we have as we said, I'm not prepared statements. I think one of the synergies and one of the benefits of having done our acquisition is that gives us flexibility in managing the portfolio. And in this case, we did have three arise. There were significantly close to Kona Grill's. And so those are those just it made sense for us. So, we've taken care in the short term in the ones that make sense. And then as these leases becomes do, we'll evaluate the extension. And if it makes sense for us, stick around, obviously, as you know, our commitment has always been, and I can seem to be we do not do negative cash flow location. So that plays a big role into our decision.

是的。我的意思是，我認為正如我們所說，我沒有準備好聲明。我認為，收購帶來的綜效和好處之一就是讓我們能夠靈活地管理投資組合。在這種情況下，我們確實遇到了三種情況。它們與 Kona Grill 非常接近。所以這些對我們來說都是有意義的。所以，我們在短期內已經關注了那些有意義的問題。然後，隨著這些租約的到期，我們將評估其延期。如果這對我們有意義，那麼請堅持下去，顯然，如你所知，我們的承諾始終如一，而且我似乎可以肯定，我們不會做負現金流的事情。所以這對我們的決定有很重要的影響。

And we really want to build a very successful portfolio of high volume, high margin restaurants. So, if there's Russians, I just don't meet our profitability. And our and our sales screens, we obviously will move on. And we also have a very robust pipeline. So, we do have the flexibility that we can always we place on lower quality real estate with really high-quality real estate. So, it's just part of our ongoing strategy of managing our portfolio restaurants.

我們確實希望建立一個非常成功的、高銷售量、高利潤的餐廳組合。所以，如果有俄羅斯人，我就達不到我們的獲利能力。我們的銷售螢幕顯然會繼續前進。我們還有非常強大的管道。因此，我們確實具有靈活性，可以將低品質的房地產與真正高品質的房地產結合。所以，這只是我們管理投資組合餐廳的持續策略的一部分。

Great. Thank you.

偉大的。謝謝。

The next question comes from Jim Salera, Stephens Inc.

下一個問題來自 Stephens Inc. 的 Jim Salera。

Good afternoon. Thanks for taking my questions. I wanted to maybe ask first about the sequencing throughout the quarter because it seems like when we talked with other restaurant operators, July was kind of the worst and then step up in August and then step down into September, but still kind of higher than July. So I think it's come down. And then the exit rate on into 4Q?

午安.感謝您回答我的問題。我想先問一下整個季度的順序，因為當我們與其他餐廳經營者交談時，似乎7 月份的情況最糟糕，然後8 月份的情況有所好轉，9 月份的情況有所下降，但仍然比7月份要好。所以我認為它已經下降了。然後退出率會進入第四季嗎？

Yes. I mean, that's a great question and then I'll let Tom add some more color on this as well. But I think the sequencing that we've been seeing is that typically the 1st month in any kind of calendar quarter has been the softest circling back to the beginning of this year. So we have seen a softening in the 1st month of every quarter, then it gets progressively better by the second and 3rd month of the quarter. So we see no reason there.

是的。我的意思是，這是一個很好的問題，然後我會讓湯姆對此做出更多的詮釋。但我認為，我們所看到的順序是，通常任何日曆季度的第一個月都是最溫和的，可以追溯到今年年初。因此，我們看到每個季度第一個月出現疲軟趨勢，然後到第二個月和第三個月逐漸好轉。因此我們認為沒有理由。

And then the other thing that we've seen and probably a little bit more predominantly is that the first week of every calendar months seems to be from softer than than week two, three and four. And so, there's a progression where we were seeing a softer than getting too better. Obviously, we think that's part of it has to do with the fact that people pay rent and there's a lot of things that are due at the end of the market.

我們看到的另一件事，可能更主要的是，每個日曆月的第一周似乎比第二週、第三週和第四周要疲軟。因此，我們看到了比之前更溫和的進展。顯然，我們認為部分原因在於人們支付租金，而且市場末期有很多事情需要處理。

And I think Tyler can add some color on that tower once you do a little bit more on that, or do you think you're seeing in there?

而且我認為，只要你對此做更多的事情，泰勒就可以為那座塔添加一些顏色，或者你認為你在那裡看到了嗎？

Yes, James, I think that the commentary that you had on the cadence throughout the third quarter, I think that we saw exactly the same trend, which was a pretty choppy July, followed by an August. Those, um, you know, I think much better in terms of trend and then a lot the words in September. So um, so nothing different from us on there.

是的，詹姆斯，我認為你對整個第三季度節奏的評論，我認為我們看到了完全相同的趨勢，即 7 月份相當波動，隨後是 8 月份。嗯，你知道，我認為從趨勢來看這些要好得多，然後是九月份的很多話。所以嗯，那和我們那裡沒什麼不同。

And I think in terms of the exit out of the quarter, our guidance on kind of implying on the fourth quarter and then innovate in Singapore, we finished at a minus eight for the third quarter was guided into a range is a little bit better for them than not. Just kind of give you a sense of kind of a feel how a lot of it, though.

我認為，就本季的收尾而言，我們對第四季度的指引以及新加坡的創新，第三季的業績為負 8%，這比預期要好一些。只是給你一種感覺，讓你感受一下有​​多少這樣的事。

And I think our view on the bottom box, but the trend spotting bottom line is based a lot on how we look out two year stacks on sammuce-store sales. And just in general, how we've seen that aggression in the last couple of weeks in terms of same-store sales. So when we think that in our as our guidance implies, once again in the fourth quarter, we think that will be better than we were in the third. And then we'll see what goes from thereafter.

我認為我們對底部框的看法以及趨勢發現的底線很大程度上取決於我們如何觀察 sammuce 商店銷售的兩年堆疊情況。整體而言，過去幾週我們看到同店銷售額呈現強勁成長動能。因此，當我們認為正如我們的指導意見所暗示的那樣，第四季度的表現將比第三季度更好。然後我們再看看接下來會發生什麼事。

Okay, great. And Todd, I think you gave traffic number. I was a combined total company, but if you could give kind of the decomposition for the eight number traffic price and mix? And then just any trends you guys are seeing in mix as it relates to Manny talked about some of these value offerings in kind of the day all day on ABI hours and just show any mixture and you can speak to.

好的，太好了。托德，我認為你給了流量數字。我是一家綜合性公司，但您能否給出八位數字流量價格和組合的分解？然後，你們看到的任何混合趨勢都與 Manny 談論的一些價值產品有關，這些產品是 ABI 全天營業時間的一部分，只是展示任何混合，你可以談論。

Yes, Jim. So, I would say the on for STKA., which is what we talked about on the call, was negative four seven for traffic. And so, mix was actually more average check. There would have been minus six three. And I guess across if you blend everything together, I will say that's come, you know, probably blended traffic is in line with the same-store sales when you bought when you have all three of those together. So, you've got average check kind of offsetting any kind of price or a product mix kind of offsetting any kind of pricing.

是的，吉姆。因此，我想說，STKA 的交通狀況（我們在電話會議上討論過）為負四七。因此，混合實際上更加平均。本來應該是負六三。我想，如果你把所有的東西混合在一起，我會說，你知道，當你把這三者放在一起時，混合流量可能與你購買時的同店銷售額一致。因此，您可以獲得平均支票來抵消任何類型的價格，或產品組合來抵消任何類型的定價。

But on the average, we're running about five points on pricing, right? Yes, for the brands. So so the check is we're getting trade downs, but not exactly the same amount as the price increases.

但平均而言，我們的定價大約是 5 個點，對嗎？是的，對於品牌而言。因此，我們的交易確實有所下降，但下降的幅度並不與價格上漲的幅度完全相同。

Okay. And then maybe if I could ask one or maybe high-level question. What do you think the opportunity is for the unit growth for the nine company owned stores? Just as we think about kind of ignoring the near term and in a more normalized environment, given you have a couple of different concepts that I think play different kinds U-verse, how do you think about the potential growth rate of the non company-owned stores?

好的。然後也許我可以問一個或更高層次的問題。您認為該公司旗下九家店的銷售成長機會為何？正如我們考慮忽略短期和更正常化的環境中的情況一樣，鑑於您有幾個不同的概念，我認為它們在不同的 U-verse 中發揮作用，您如何看待非公司的潛在增長率？ ？

I mean, I think if we look back at our general business plan for STK going back to how we evaluate to market, we've always stock that over 50% of the STK units would be owned by someone else or management or license deal. So I think our addressable market is about 200 for SK. So we think that's about in our call, it's, you know, 100 hundred just for compensation purposes. Now when we look at, but on 400 units and as we start looking out now, we think we probably can get to 50 to 100 franchise units, if not more of their. So I think that that's how you'll see the mix and their initial. So prominent mixed skewing more towards management license for STK and kind of the franchise growing for for from spending on. In fairness, we our early with bending Benihana .

我的意思是，如果我們回顧一下 STK 的整體商業計劃，回顧我們如何評估市場，我們始終認為超過 50％ 的 STK 單位將由其他人或管理層或許可交易擁有。所以我認為對 SK 來說我們的潛在市場大約是 200。所以我們認為，就我們的說法而言，這 100 百隻是為了補償目的。現在，當我們看一下 400 個單位，當我們開始查看時，我們認為我們可能可以獲得 50 到 100 個特​​許經營單位，如果不是更多的話。所以我認為這就是你所看到的混合和它們的初始版本。因此，突出的混合偏向於 STK 的管理許可和因支出而增長的特許經營權。公平地說，我們很早就開始彎曲 Benihana。

So we're trying to understand how deep that market is. We're starting to go out and and talking to people at conferences and just your general talking to people in the franchise side of the business. So we think there's an opportunity there. And some of the things that we're doing with the brand in terms of many engineering will definitely line it up so that we can have on some opportunities that we also look at the rate of about sheet teppanyaki market, very fragmented by small operators.

因此我們試圖了解這個市場的深度。我們開始走出去，在會議上與人們交談，並且只是與特許經營業務方面的人們進行一般性交談。因此我們認為那裡有機會。我們為品牌所做的一些事情，在許多工程方面肯定會使其對齊，以便我們能夠抓住一些機會，我們也會關注鐵板燒市場的利率，這個市場被小型經營者所分散。

So we think there's an opportunity there to reach out to some of the smaller operators and bringing the power of the brand Benihana and start utilizing that as an opportunity to drive franchising business. So down are super excited about that. I think we also have a sports fan is we have Tianqi stadium and when Phoenix and some other stadiums, and we've gotten a lot more inbound inquiries about that. So I think that's a great opportunity for Benny, another very successful in the stadiums. We also have some very strong franchisees currently in the Latin America who are excited about what we're doing with the brand. So there's a lot of interest and more Latin America franchising.

因此，我們認為有機會接觸一些規模較小的營運商，發揮 Benihana 品牌的力量，並開始利用這個機會推動特許經營業務。因此大家對此都十分興奮。我認為我們也有體育迷，我們有天齊體育場、鳳凰城體育場和其他一些體育場，我們收到了更多關於此方面的訪問諮詢。所以我認為這對班尼來說是一個很好的機會，他也是在體育場中非常成功的球員。目前，我們在拉丁美洲也有一些非常強大的特許經營商，他們對我們對該品牌的舉措感到非常興奮。因此人們對拉丁美洲的特許經營興趣濃厚，而且數量不斷增加。

So again, as we said on our prepared comments, you'll see us going more towards the two towards an asset-light opportunities. And and frankly, company-owned will still play a big role. We'll play a role in our development because it allows us to take opportunity to have incredible high quality real estate and not have to wait and give up one great real estate. So that's kind of fill in whatever we can do with asset light.

因此，正如我們在準備好的評論中所說的那樣，您會看到我們更多地朝著輕資產機會的方向發展。坦白說，公司自有仍將發揮重要作用。我們將在開發中發揮作用，因為它使我們能夠抓住機會擁有令人難以置信的高品質房地產，而不必等待並放棄一處優質的房地產。這就是我們可以用輕資產做的一切。

I appreciate the context of back into queue.

我很欣賞回到隊列的上下文。

Nick Setyan, Wedbush Securities.

韋德布希證券公司的尼克‧塞蒂安 (Nick Setyan)。

Thank you. It's good to see the trends maybe have stabilized. And obviously, the Q4 implied guide is indicating potentially a little bit of a of an uptake than maybe we have seen a 25. How should we think about maybe the four-wall margins across the brand there? Or I guess maybe better way to ask is how where are your targets that you're shooting for in terms of the four-wall margins for the for the various brands?

謝謝。很高興看到趨勢可能已經穩定下來。顯然，第四季的隱含指引表明，成長幅度可能比我們看到的 25 大一些。我們該如何看待整個品牌的四面利潤？或者我想也許更好的問法是，就各個品牌的四面牆利潤而言，您所追求的目標是什麼？

Nick, a great question. I think it out in 2025. As we look at the margins, where now we're looking at a consolidated 17 for for the company, that's kind of how we've guided to somewhere around 17. We actually think there's a significant amount of upside on that. one of the things that we have found out to the acquisition is just the synergies have been very clear and obvious to us. And there's a lot of areas where we've picked up significant savings in operating costs and cost of goods.

尼克，這個問題問得好。我認為2025年就能解決。當我們查看利潤率時，我們現在看到的是公司合併後的利潤率為 17，這就是我們指導的 17 左右的水平。我們確實認為這有很大的上升空間。我們發現，此次收購帶來的綜效非常清晰、明顯。我們在許多領域都節省了營運成本和商品成本。

So, I think over time, you'll see our margins climbing closer to 18 and so forth are remembering that we were able to improve any kind of margins on a down sales scenario. So that tells you that we do have a really good margin, if you will, a growth opportunity within the portfolio. I think you'll start seeing us getting closer to that 18 range on that. On the consolidated margins.

因此，我認為隨著時間的推移，您會看到我們的利潤率攀升至接近 18%，請記住，我們能夠在銷售下降的情況下提高任何利潤率。所以這告訴你，我們確實擁有非常好的利潤率，如果你願意的話，投資組合中存在成長機會。我想你會看到我們正逐漸接近 18 這個範圍。關於合併利潤率。

Obviously, what we're also doing with the ground, which is it is will help the margins because we're starting to work on the on the restaurant base that, frankly, doesn't help the overall output in a profile of our margin. So, there will be another net plus.

顯然，我們也在地面上做著同樣的事情，這將有助於提高利潤，因為我們開始在餐廳基礎上開展工作，坦白說，這對我們利潤率的整體產出沒有幫助。因此，還會有另一個淨收益。

And I think in general, for 2025, obviously, we don't have the crystal ball that is perfect for that. But as I said earlier, with the stabilization, a little bit of a what we've seen in the market is a very encouraging and positive. And we also think that interest rates coming off is also a nice catalyst for our business. A considering that we do a cater to customers in the 75,000 household income and less. So I think that those interest rates get better and maybe credit card fees and everything else starts to pull back and mortgage rates, I think that really bodes well going into 2025.

我認為，總體而言，對於 2025 年，顯然我們還沒有完美的水晶球來預測。但正如我之前所說，隨著市場的穩定，我們在市場上看到的一些情況是非常令人鼓舞和積極的。我們也認為，利率下調對我們的業務也是一個很好的催化劑。考慮到我們確實滿足家庭收入在 75,000 美元及以下的客戶的需求。因此，我認為這些利率會變得更好，也許信用卡費用和其他一切都會開始下降，抵押貸款利率也會下降，我認為這對 2025 年來說確實是一個好兆頭。

Okay. Thank you very much.

好的。非常感謝。

This concludes turn the conference back over to Manny Hilario for any closing remarks.

最後，將會議交還給 Manny Hilario 進行結束語。

All right. Thank you, everyone, for once again being here with us. So we appreciate all your incredible interest and support in the business. As I always say, all of this is only possible by the incredible commitment and work of our teammates who work in this business. So I'm very appreciative were very appreciative of that. And I look forward to seeing you all in our restaurants in the fourth quarter. And I wish you all a great holiday this season.

好的。謝謝大家再次來到這裡。因此，我們感謝您對我們業務的極大關注和支持。正如我常說的，所有這一切只有在從事這項事業的隊友的堅定承諾和辛勤工作下才有可能實現。因此我非常感激，也非常感激這一點。我期待著第四季在我們的餐廳見到大家。我祝福大家這個季節都能度過一個愉快的假期。

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。