One Group Hospitality Inc (STKS) 2024 Q4 法說會逐字稿

Greetings and welcome to The ONE Group fourth-quarter and full year 2024 earnings conference call.

問候並歡迎參加 The ONE Group 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

As a reminder, this event is being recorded.

提醒一下，此事件正在記錄中。

I would now like to turn the conference over to Tyler Loy. Please go ahead.

現在我想將會議交給泰勒·洛伊。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 the date of this call. We undertake no obligation to revise or publicly release any revisions of these forward-looking statements considering 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 condition. 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 that company owned, managed, licensed, and franchise units to GAAP measures, along with the discussion of why we consider these measures useful, please see our earnings release issued today.

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的預期有重大差異。另請注意，這些前瞻性陳述僅反映我們在本次電話會議之日的觀點。考慮到新資訊或未來事件，我們不承擔修改或公開發布這些前瞻性陳述的任何修訂的義務。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我們未來營運績效和財務狀況的風險。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。有關這些指標的調節表，例如調整後的 EBITDA、調整後的淨收入、餐廳營業利潤、可比銷售額以及公司擁有、管理、許可和特許經營單位的食品和飲料總銷售額與 GAAP 指標的調節表，以及我們認為這些指標有用的原因的討論，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 (Manny Hilario)。

Thank you, Tyler, and hello, everyone.

謝謝你，泰勒，大家好。

Thank you all for joining us today and for your continued interest in The ONE Group.

感謝大家今天的參與以及對 The ONE Group 的持續關注。

I would like to begin this call by recognizing our amazing team members, their unwavering commitment to our mission, creating great guest experiences by operating the best restaurant in every market we're in by delivering exceptional and unforgettable guest experiences to every guest every time.

首先，我想對我們出色的團隊成員表示感謝，他們堅定不移地致力於我們的使命，透過在我們所在的每個市場經營最好的餐廳，為每位客人提供每次都非凡而難忘的客人體驗，創造出色的客人體驗。

It's what gives me confidence that we can realize our vision of becoming the global leader in vibe dining. 2024 marked a transformative year for us with the strategic acquisition of Benihana and RA Sushi last spring. This milestone event expanded our portfolio of vibe dining venues and enabled us to achieve scale that would have taken us years to build organically.

這讓我有信心，我們能夠實現成為全球氛圍餐飲領導者的願景。 2024 年對我們來說是轉型的一年，去年春天我們策略性地收購了 Benihana 和 RA Sushi。這一里程碑事件擴大了我們的氛圍餐飲場所組合，並使我們達到了原本需要多年時間才能自然建立的規模。

The acquisition also drove significant operational efficiencies, yielding significant run rate synergies during 2024. These savings came from streamlining restaurant operations and support functions, eliminating redundant costs, and leveraging our enhanced scale to secure more favorable supplier contracts.

此次收購還顯著提高了營運效率，並在 2024 年產生了顯著的運行率協同效應。這些節省來自於簡化餐廳營運和支援功能、消除冗餘成本以及利用我們增強的規模來獲得更有利的供應商合約。

Looking ahead, we are targeting a total of $20 million in total cost savings by year end 2026. Our annual financial performance certainly reflected the transformational change at our company. Full year revenue increased over 100% to $672 million and adjusted EBITDA increased almost 130% to $75.2 million.

展望未來，我們的目標是到 2026 年底節省總計 2,000 萬美元的成本。我們的年度財務表現確實反映了公司的轉型變革。全年營收成長超過 100%，達到 6.72 億美元，調整後 EBITDA 成長近 130%，達到 7,520 萬美元。

Both metrics obviously represent significant growth from the prior year, but also came in at the higher end of our 2024 guidance ranges.

這兩項指標顯然較上年同期有顯著成長，同時也達到了我們 2024 年預期範圍的高端。

Now let us share highlights from our recent fourth quarter. First, we increased revenues by almost 150% to a record $222 million. We had our best consolidated comparable sales of the year, including positive transactions at STK and improved sales performance at Benihana due to our initiatives.

現在讓我們分享我們最近第四季的亮點。首先，我們的收入增加了近 150%，達到創紀錄的 2.22 億美元。由於採取了多項舉措，我們取得了本年度最好的綜合可比銷售額，包括 STK 的積極交易和 Benihana 銷售業績的提升。

The momentum seen in the fourth quarter has carried into the first quarter, and we anticipate another quarter of sequential improvement in comparable sales. In addition, we increased our adjusted EBITDA by almost 150% to $30.3 million led by strong restaurant level margins of 16.4%.

第四季的動能已經延續到了第一季度，我們預計可比銷售額將再出現一個季度的連續成長。此外，我們的調整後 EBITDA 成長了近 150%，達到 3,030 萬美元，這得益於餐廳層級 16.4% 的強勁利潤率。

Next, we opened three restaurants, including two company-owned units and one managed location end of the year with six new restaurants. And finally, we had over $71 million in liquid resources at year end, between cash on hand, short-term credit card receivables, and revolver availability, which is currently undrawn.

接下來，我們開了三家餐廳，包括兩家公司自營餐廳和一家管理餐廳，年底共有六家新餐廳。最後，截至年底，我們的流動資源超過 7,100 萬美元，包括庫存現金、短期信用卡應收款和循環信用額度（目前尚未提取）。

Looking ahead, let us review our priorities. First, driving sales across all brands by executing our strategic pillars. As I referenced earlier, we are determined to create great memories for our guests by operating the best restaurants across all our markets and delivering exceptional and unforgettable experiences to every guest every time.

展望未來，讓我們回顧一下我們的優先事項。首先，透過執行我們的策略支柱來推動所有品牌的銷售。正如我之前提到的，我們決心在所有市場經營最好的餐廳，並為每位客人每次提供非凡而難忘的體驗，為我們的客人創造美好的回憶。

We do this through our focus on three strategic pillars, operations, culinary, and marketing. While traffic generation across the industry remains challenging, we were encouraged by the positive transactions at STK during the fourth quarter.

我們透過專注於三大策略支柱：營運、烹飪和行銷來實現這一目標。儘管整個行業的流量產生仍然充滿挑戰，但 STK 在第四季度的積極交易令我們感到鼓舞。

Our focus is on maintaining guest frequency and brand engagement during this period. And when the economic conditions improve, we expect these guests to return to traditional dining patterns. Our menu strategy balances accessibility with innovation. We offer complete dinner and beverage packages at $69 for STK and $39 for all other brands, and maintain strategic entry price points.

我們的重點是在此期間保持客人頻率和品牌參與度。當經濟狀況好轉時，我們預期這些客人會恢復傳統的用餐模式。我們的菜單策略在可訪問性與創新性之間取得平衡。我們提供完整的晚餐和飲料套餐，STK 為 69 美元，所有其他品牌為 39 美元，並保持戰略入門價格點。

For instance, like $50 premium steaks at STK and $39 bistro options at Benihana. We also refresh our offerings four to five times annually with new seasonal items. The tool strategy of approachable pricing and regular menu innovation helps maintain guest engagement and loyalty, which is particularly important in today's promotion-driven environment.

例如，STK 的優質牛排售價為 50 美元，Benihana 的小酒館菜餚售價為 39 美元。我們也每年四到五次更新我們的產品，推出新的季節性商品。平易近人的定價和定期菜單創新的工具策略有助於維持客人的參與度和忠誠度，這在當今以促銷為主導的環境中尤其重要。

On culinary innovation, we launched a successful Wagyu program at Benihana as a premium offering with significant potential for further menu innovation ahead. We also launched a new drink menu with three new margaritas.

在烹飪創新方面，我們在 Benihana 推出了成功的和牛項目，作為高端產品，具有巨大的菜單創新潛力。我們還推出了包含三種新瑪格麗特酒的新飲品菜單。

Moving on to marketing. We are prioritizing local store outreach within a four block radius of each restaurant, building strong relationships with local businesses, concierge, and hotels to drive traffic across our portfolio brands.

繼續進行行銷。我們優先在每家餐廳周圍四個街區內開展本地門市拓展業務，並與當地企業、禮賓部和飯店建立牢固的關係，以增加我們投資組合品牌的客流量。

Evolving our digital tool engagement and assets is critical across all our brands. We maintain active communication with our guests across digital platforms, consistently sharing fresh, compelling content that showcases our innovation and keeps guests connected to our brands through their mobile devices.

對於我們所有品牌來說，改善數位工具參與度和資產都至關重要。我們透過數位平台與賓客保持積極溝通，不斷分享新鮮、引人注目的內容，展示我們的創新，並讓賓客透過行動裝置與我們的品牌保持聯繫。

At Benihana, we have updated our digital channels to showcase the brand as more than just a special location destination, highlighting our quality ingredients in everyday dining appeal. Obviously, Benihana does well with celebrations, birthdays, and anniversaries.

在 Benihana，我們更新了我們的數位頻道，以展示品牌不僅僅是一個特殊的地點目的地，還突出了我們優質食材在日常餐飲中的吸引力。顯然，Benihana 在慶祝、生日和周年紀念日方面表現出色。

But one of our biggest learnings so far is that promotions and product innovation also bring people into our restaurants. And so there's a tremendous opportunity to build frequency beyond milestone events and turn people into regular Monday through Thursday customers of the brand.

但迄今為止我們最大的收穫之一是促銷和產品創新也能吸引人們來到我們的餐廳。因此，這是一個巨大的機會，可以在里程碑事件之外建立頻率，並將人們轉變為該品牌週一至週四的常規客戶。

On a related note, this year, we plan to launch a new customer loyalty program across all our brands with a special emphasis on celebrating birthdays and rewarding our guests milestone moments with personalized offerings.

與此相關，今年我們計劃在所有品牌中推出一項新的客戶忠誠度計劃，特別注重慶祝生日並透過個人化服務獎勵客人的里程碑時刻。

This is another strategy in how we show appreciation to our guests and represents a key step forward in our retention efforts because our underlying goal is to convert those who dine with us once or twice annually into more frequent visitors.

這是我們向客人表達感謝的另一種策略，也是我們保留客人的重要一步，因為我們的根本目標是將每年來我們餐廳用餐一兩次的客人轉變為更常來的客人。

Our second key priority is the successful integration of Benihana, delivering on our cost initiatives. Our post-acquisition integration efforts have delivered strong results this year. We have achieved significant synergies through streamlined operations at both the restaurant and support center levels.

我們的第二個主要任務是成功整合 Benihana，實現我們的成本計劃。我們收購後的整合努力今年取得了強勁成果。我們透過餐廳和支援中心層面的精簡營運實現了顯著的協同效應。

These savings came from consolidating contracts and eliminating redundant costs. Key areas of optimization include workforce efficiency, professional services consolidation, unified insurance coverage, centralized purchasing, and streamlined supply chain management.

這些節省來自於合併合約和消除冗餘成本。優化的關鍵領域包括勞動力效率、專業服務整合、統一保險覆蓋、集中採購和精簡的供應鏈管理。

We expect to fully realize these benefits over the next 12 months. Looking ahead, we have identified additional opportunities for operational efficiency and expect to achieve annual synergies of at least $20 million from the acquisition.

我們預計在未來 12 個月內充分實現這些好處。展望未來，我們已經發現了提高營運效率的更多機會，並預計透過此次收購實現每年至少 2000 萬美元的協同效應。

Our company's largest scale and strength of supply chain team have helped us negotiate better prices from our suppliers across all our brands. We take pride in constantly pushing ourselves to maintain the most competitive cost structure in the industry.

我們公司最大規模和最強大的供應鏈團隊幫助我們與所有品牌的供應商協商獲得更優惠的價格。我們為不斷努力保持業界最具競爭力的成本結構而感到自豪。

This focus on cost efficiency combined with our commitment to delivering great customer experience, means that as we gain more traffic, we will be able to increase our profit margins. Notably, we're not overly dependent on any single product across any of our brands and therefore are able to manage our product mix to keep the cost structure in line and manage through economies fluctuations.

注重成本效率，加上我們致力於提供卓越的客戶體驗，意味著隨著我們獲得更多流量，我們將能夠提高利潤率。值得注意的是，我們不會過度依賴任何品牌的任何單一產品，因此能夠管理我們的產品組合，以保持成本結構合理並應對經濟波動。

And finally, as part of our integration process, we have applied our core strengths to enhance both Benihana and RA Sushi. By sharing our expertise in operations, marketing, and culinary innovation, we are boosting sales and performance at both restaurant brands.

最後，作為整合過程的一部分，我們運用我們的核心優勢來提升 Benihana 和 RA Sushi。透過分享我們在營運、行銷和烹飪創新方面的專業知識，我們正在提高兩個餐廳品牌的銷售額和業績。

This includes improvements in supply chain management, reservation systems, digital marketing strategies, and manual development. We have also streamlined our back office operations by implementing unified systems for HR, payroll, financial reporting, and employee training across all of our restaurants.

這包括供應鏈管理、預訂系統、數位行銷策略和手冊開發的改進。我們也在所有餐廳實施了人力資源、薪資、財務報告和員工培訓統一系統，簡化了後台營運。

Third, we are focused on our next phase of growth, balancing company owned development and asset-light growth. We ended 2024 with six new restaurants, opening three units in the last 70 days of the year. In October, we opened an STK in Aventura, Florida, our third STK in the state of Florida.

第三，我們專注於下一階段的成長，平衡公司自主發展和輕資產成長。到 2024 年底，我們開設了 6 家新餐廳，並在該年最後 70 天開設了 3 家新餐廳。10 月份，我們在佛羅裡達州阿文圖拉開設了一家 STK，這是我們在佛羅裡達州的第三家 STK。

In November, we opened our new concept, Salt Water Social within the Cherry Creek neighborhood of Denver, Colorado. And in November, we opened a managed STK in the Embassy Suites, Niagara Falls Hotel on the Canadian side of the falls.

11 月份，我們在科羅拉多州丹佛市 Cherry Creek 社區開設了新概念店「Salt Water Social」。11 月份，我們在位於加拿大一側的尼加拉瀑布 Embassy Suites 酒店內開設了一家管理式 STK。

Throughout 2025, we plan to open five to seven company-owned restaurants and will balance this with asset-light growth of managed and licensed STK and Kona Grills and franchise Benihanas. In March, we'll open a company-owned Benihana in San Mateo, California at the Bridgepointe Shopping Center, one of the premier power centers in the Bay Area.

到 2025 年，我們計劃開設五至七家公司自營餐廳，並透過管理和授權的 STK 和 Kona Grills 以及特許經營的 Benihanas 實現輕資產成長。今年 3 月份，我們將在加州聖馬刁的 Bridgepointe 購物中心（灣區首屈一指的購物中心之一）開設一家公司直營的 Benihana 商店。

Next, we'll open a company owned STK in Los Angeles, California, in Westwood Village. This is a relocation of the existing STK in the W Hotel. We also plan to open a company owned STK restaurant in the Westfield Topanga Shopping Center, located in the heart of California's San Fernando Valley.

接下來，我們將在加州洛杉磯的韋斯特伍德村開設一家由 STK 擁有的公司。這是 W 飯店現有 STK 的搬遷。我們也計劃在位於加州聖費爾南多谷中心的 Westfield Topanga 購物中心開設一家公司直營的 STK 餐廳。

The new Topanga location will extend our presence in the greater Los Angeles area. Also under construction is the Kona Grill on Lake Union in Seattle, Washington. We are still in the early stages of our growth story with significant expansion potential across our portfolio.

新的托潘加辦事處將擴大我們在大洛杉磯地區的影響力。位於華盛頓州西雅圖聯合湖的科納燒烤餐廳 (Kona Grill) 也正在興建中。我們仍處於成長的早期階段，我們的產品組合具有巨大的擴張潛力。

Looking ahead, we envision Benihana growing to 400 locations, while STK has a clear path to 200 restaurants and provide us with an exceptional return on investment, making it one of the most profitable expansion models in the restaurant industry, and naturally positions STK as our priority for development.

展望未來，我們預計Benihana將發展到400家門市，而STK則有明確的200家門市的目標，並為我們帶來豐厚的投資回報，這使其成為餐飲業最賺錢的擴張模式之一，因此STK自然是我們發展的重點。

We're also accelerating our franchising strategy for Benihana. We have discovered strong interest from franchisees looking to diversify their portfolios with an established upscale casual dining brand. In response, we have enhanced our franchising infrastructure, and we are currently negotiating numerous development agreements.

我們也正在加快 Benihana 的特許經營策略。我們發現特許經營者對透過成熟的高檔休閒餐飲品牌來實現投資組合多元化表現出濃厚興趣。作為回應，我們加強了我們的特許經營基礎設施，目前正在協商多項開發協議。

This franchising initiatives will be instrumental in driving Benihana's expansion.

此特許經營措施將有助於推動 Benihana 的擴張。

Turning to our growth concepts. We'll be highly selective on growth opportunities for Kona Grill and RA Sushi, depending on the circumstances. The demand for our concepts in non-traditional venues continues to grow. We are seeing significant opportunities in airports with both STK and Benihana Express.

談談我們的成長理念。根據具體情況，我們將嚴格篩選 Kona Grill 和 RA Sushi 的成長機會。非傳統場館對我們理念的需求持續成長。我們看到 STK 和 Benihana Express 在機場中都擁有巨大的機會。

Hotels are actively seeking to refresh their food and beverage programs post-COVID, while casinos represent another exciting channel building on our existing successful locations. We are also exploring retail opportunities for Benihana.

疫情過後，酒店業正積極尋求更新其餐飲項目，而賭場則是在我們現有的成功門市基礎上構建的另一個令人興奮的管道。我們也正在探索 Benihana 的零售機會。

Lastly, our fourth key priority is balance sheet flexibility and returning value to our shareholders through share repurchases. We finished the quarter with over $71 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.

最後，我們的第四個主要優先事項是資產負債表靈活性以及透過股票回購為股東帶來價值回報。截至本季末，我們將庫存現金、短期信用卡應收款以及尚未動用的循環信貸額度下的可用資金加在一起，流動資源超過 7,100 萬美元。

Under the current conditions, our term loan is not subject to a financial covenant. During 2024, we returned approximately $3.2 million to shareholders through share repurchases, and we will continue to evaluate optimistic share repurchases under our Board authorized program.

在當前條件下，我們的定期貸款不受財務契約的約束。2024 年，我們透過股票回購向股東返還了約 320 萬美元，我們將繼續根據董事會授權的計劃評估樂觀的股票回購。

We are laser focused on our balance sheet and are prioritizing cash flow generation, balance sheet flexibility, and maximizing shareholder returns. As you can tell, we have been busy building a path to $5 billion in system-wide sales.

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以及最大化股東回報。如你所知，我們一直在忙於建立全系統 50 億美元銷售額的道路。

Our operating cash flow generation complying with our disciplined pipeline of new locations, proven unit economics and asset-light strategies provide us with multiple avenues for growth. We're excited for the future and will remain focused on executing our strategy and creating long-term shareholder value.

我們的經營現金流產生符合我們嚴謹的新地點規劃、經過驗證的單位經濟效益和輕資產策略，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和創造長期股東價值。

I will now turn the call over to Tyler.

現在我將電話轉給泰勒。

Thank you, Manny.

謝謝你，曼尼。

Let me start by discussing our fourth quarter financials in greater detail before providing our outlook for the first quarter and current year. Please note that the fourth quarter of 2024 has three months of contributions from Benihana and RA Sushi, whereas the prior year quarter excludes any contribution from the acquisition of Benihana, which closed on May 1, 2024.

在提供第一季和今年的展望之前，讓我先詳細討論我們第四季的財務狀況。請注意，2024 年第四季包含 Benihana 和 RA Sushi 三個月的貢獻，而去年同期則不包括 2024 年 5 月 1 日完成的收購 Benihana 的貢獻。

Total consolidated GAAP revenues were $221.9 million, increasing 147% from $89.9 million for the same quarter last year. Included in total revenues were our company owned restaurants net revenue of $217.8 million, which increased 155.7% from $85.2 million for the prior year quarter.

合併 GAAP 總營收為 2.219 億美元，較去年同期的 8,990 萬美元成長 147%。總收入包括我們公司自有餐廳的淨收入 2.178 億美元，較去年同期的 8,520 萬美元成長 155.7%。

The increase was due primarily to $130.4 million in contributions from Benihana and RA Sushi, and to a lesser extent, contributions from the opening of six STKs, to two Kona Grill, and a Salt Water Social restaurant since the onset of the fourth quarter of 2023.

成長主要歸因於 Benihana 和 RA Sushi 的 1.304 億美元捐款，以及自 2023 年第四季開始以來開設六家 STK、兩家 Kona Grill 和一家 Salt Water Social 餐廳的捐款（較小程度上）。

These were partially offset by a 4.3% reduction in consolidated comparable sales. Management, license and incentive fee revenues decreased 14.5% to $4.1 million from $4.8 million for the prior year quarter. Benihana franchise restaurants contributed $0.5 million in revenues during the fourth quarter of 2024, but was offset by decreased revenues that managed STK restaurants in North America and the prior termination of an F&B hospitality agreement for incidentally.

但合併可比銷售額 4.3% 的下降部分抵消了這一影響。管理、授權和獎勵費收入從去年同期的 480 萬美元下降 14.5% 至 410 萬美元。Benihana 特許經營餐廳在 2024 年第四季度貢獻了 50 萬美元的收入，但被管理北美 STK 餐廳的收入下降以及先前終止的 F&B 接待協議所抵消。

Company-owned restaurant cost of sales as a percentage of company-owned restaurant net revenue decreased 250 basis points to 20.4% compared to 22.8% in the prior year quarter. This was primarily due to the addition and strong performance of Benihana and RA Sushi, as they contributed positively to cost of sales as a percentage of company owned restaurant net revenue.

公司自營餐廳銷售成本占公司自營餐廳淨收入的百分比從去年同期的 22.8% 下降 250 個基點至 20.4%。這主要歸功於 Benihana 和 RA Sushi 的加入及其強勁的表現，它們對銷售成本在公司自有餐廳淨收入中所佔的百分比做出了積極貢獻。

Company owned restaurant operating expenses as a percentage of company owned restaurant net revenue increased 340 basis points to 61.2% from 57.8% in the prior year quarter. This was due to cost inflation and fixed operating costs, partially offset by operational cost reduction initiative and pricing at STK and Kona Grills.

公司自有餐廳營運費用占公司自有餐廳淨收入的百分比從去年同期的 57.8% 增加 340 個基點至 61.2%。這是由於成本上漲和固定營運成本造成的，但被 STK 和 Kona Grills 的營運成本削減計劃和定價部分抵消。

Notably, the addition of Benihana and RA Sushi contributed positively to operating expenses as a percentage of company owned restaurant net revenue. Restaurant operating profit decreased 90 basis points to 18.4% compared to 19.3% in the prior year quarter.

值得注意的是，Benihana 和 RA Sushi 的加入對營業費用占公司自有餐廳淨收入的百分比產生了積極貢獻。餐廳營業利潤較去年同期的 19.3% 下降 90 個基點至 18.4%。

This included restaurant operating profit of 22.6% for Benihana grand locations, which improved approximately 300 basis points versus the prior year. On a total reported basis, general and administrative costs increased $5.3 million, or 66.5% to $13.2 million from $7.9 million in the prior year quarter, driven by the addition of the Benihana acquisition.

其中，Benihana Grand 餐廳的營業利潤為 22.6%，較上年同期提高約 300 個基點。在總報告基礎上，由於收購 Benihana，一般及行政費用從去年同期的 790 萬美元增加了 530 萬美元，達到 1,320 萬美元，增幅為 66.5%。

When adjusting for stock-based compensation, adjusted general and administrative expenses were $11.6 million and $6.7 million in the fourth quarter of 2024 and 2023 respectively. As a percentage of revenues, adjusted general and administrative costs improved 230 basis points to 5.2% compared to 7.5%.

調整股票薪酬後，2024 年第四季及 2023 年第四季的調整後一般及行政費用分別為 1,160 萬美元及 670 萬美元。調整後的一般及行政費用佔收入的百分比從 7.5% 改善了 230 個基點至 5.2%。

The improvement is due to the sales leverage realized with the Benihana acquisition and the implementation of cost saving and transaction synergies. Depreciation and amortization expense was $11.4 million compared to $4.8 million in the prior year quarter.

業績改善得益於收購 Benihana 後實現的銷售槓桿以及成本節約和交易綜效的實施。折舊和攤提費用為 1,140 萬美元，而去年同期為 480 萬美元。

The increase was primarily related to depreciation and amortization for the Benihana and RA Sushi restaurants, depreciation associated with the opening of eight new company owned venues since October 2023 and capital expenditures to maintain and enhance the guest experience in our restaurants.

成長主要與 Benihana 和 RA Sushi 餐廳的折舊和攤銷、自 2023 年 10 月以來開設 8 家新公司自有場所相關的折舊以及維護和提升我們餐廳的顧客體驗的資本支出有關。

Pre-opening expenses were $2 million compared to $2.9 million in the prior year. Non-recurring costs of $3.7 million consisted of transition and integration costs of $3.6 million and transaction and exit cost of $0.1 million both related to the acquisition.

開業前費用為 200 萬美元，而前一年為 290 萬美元。370 萬美元的非經常性成本包括 360 萬美元的過渡和整合成本以及 10 萬美元的交易和退出成本，兩者都與收購有關。

Interest expense was $10.5 million compared to $1.9 million in the prior year quarter due to our higher level of outstanding debt post acquisition. Provision for income taxes was $0.3 million compared to a benefit of $1.5 million in the prior year quarter.

利息支出為 1,050 萬美元，而去年同期為 190 萬美元，原因是收購後我們的未償還債務水準較高。所得稅準備金為 30 萬美元，而去年同期的所得稅準備金為 150 萬美元。

Net loss available to common stockholders was $5.4 million or $0.18 net loss per share compared to a net income available to common stockholders of $4.6 million in the fourth quarter of 2023 or $0.15 net income per share.

普通股股東淨虧損為 540 萬美元，即每股淨虧損 0.18 美元，而 2023 年第四季普通股股東淨收入為 460 萬美元，即每股淨收入 0.15 美元。

Adjusted net loss available to common stockholders was $0.9 million or $0.03 adjusted net loss per share compared to adjusted net income available in common stockholders of $5.3 million or $0.17 adjusted net income per share in the prior year quarter.

調整後普通股股東淨虧損為 90 萬美元，即每股調整後淨虧損 0.03 美元，去年同期普通股股東調整後淨收入為 530 萬美元，即每股調整後淨收入 0.17 美元。

Adjusted EBITDA attributable to The ONE Group Hospitality Inc was $30.3 million compared to $12.2 million in the prior year quarter. Please note in the third quarter of 2024, we updated our definition of adjusted EBITDA to no longer adjust for pre-opening expenses.

歸屬於 The ONE Group Hospitality Inc 的調整後 EBITDA 為 3,030 萬美元，而去年同期為 1,220 萬美元。請注意，在 2024 年第三季度，我們更新了調整後 EBITDA 的定義，不再調整開業前費用。

Under the previous definition, adjusted EBITDA would have been $32.1 million versus $14.5 million in the fourth quarter of the prior year. We have included a reconciliation of adjusted EBITDA, adjusted net income, and historical adjusted EBITDA in the tables in our fourth quarter 2024 earnings release.

依照先前的定義，調整後的 EBITDA 將為 3,210 萬美元，而去年同期為 1,450 萬美元。我們在 2024 年第四季財報的表格中納入了調整後 EBITDA、調整後淨收入和歷史調整後 EBITDA 的對帳。

Turning to liquidity. We finished the year with $38.1 million in cash and short-term credit card receivables, and $33.6 million under our revolving credit facility which remains undrawn. Under the current conditions, our term loans did not have a financial covenant.

轉向流動性。我們截至年底的現金和短期信用卡應收款餘額為 3,810 萬美元，而循環信貸額度下尚未動用的部分為 3,360 萬美元。在當前條件下，我們的定期貸款沒有財務契約。

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.

現在我想對我們的業務提供一些前瞻性的評論。本評論受到與我們提交給美國證券交易委員會 (SEC) 的文件中討論的前瞻性陳述相關的風險和不確定性的影響。

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.

我們一如既往地提醒我們的投資者，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多種因素的影響，包括宏觀經濟條件、天氣以及房東、承包商、許可證持有人、監管和許可機構控制的因素。

Based on the information available now and the expectations as of today, we are issuing the following financial targets for the first quarter of 2025. Beginning with top line. We project total GAAP revenues of between $205 million and $210 million, which reflects our anticipation of consolidated comparable sales of minus 4% to minus 3%, a sequential improvement from the fourth quarter of last year.

根據目前可用的資訊和截至今天的預期，我們發布 2025 年第一季的以下財務目標。從頂線開始。我們預計 GAAP 總收入在 2.05 億美元至 2.1 億美元之間，這反映了我們對合併可比銷售額下降 4% 至 3% 的預期，比去年第四季有所改善。

Managed franchise and license fee revenues are expected to be between $3.5 million and $4 million. Total company owned operating expenses as a percentage of company-owned restaurant net revenue of approximately 83%. Total G&A excluding stock-based compensation of approximately $11 million. Adjusted EBITDA of between $24 million and $26 million. Restaurant pre-opening expenses of between $1.5 million and $2 million.

管理特許經營和許可費收入預計在 350 萬至 400 萬美元之間。公司自有營業費用總額占公司自有餐廳淨收入的百分比約為 83%。不包括股票薪酬在內的一般及行政開支總額約為 1,100 萬美元。調整後的 EBITDA 在 2,400 萬美元至 2,600 萬美元之間。餐廳開業前的費用在150萬至200萬美元之間。

And finally we plan to add one to two new venues. And based on the information available now and the expectations as of today, we are issuing the following financial targets for 2025. We project total GAAP revenues of between $835 million and $870 million, which reflects our anticipation of consolidated comparable sales of minus 3% to plus 1%.

最後，我們計劃增加一到兩個新場館。根據目前掌握的資訊和今天的預期，我們發布了以下 2025 年財務目標。我們預計 GAAP 總營收在 8.35 億美元至 8.7 億美元之間，這反映了我們對合併可比銷售額下降 3% 至成長 1% 的預期。

Managed franchise and license fee revenues are expected to be between $15 million and $16 million. Total company owned operating expenses as a percentage of company owned restaurant net revenue of 83.5% to 82.2%. Total G&A excluding stock-based compensation of approximately $47 million. Adjusted EBITDA of between $95 million and $115 million. Restaurant pre-opening expenses of between $7 million and $8 million. An effective income tax rate of approximately 7.5%. Total capital expenditures, net of allowances received from landlords between $45 million and $50 million.

管理特許經營和許可費收入預計在1500萬至1600萬美元之間。公司自有營業費用總額占公司自有餐廳淨收入的百分比為 83.5% 至 82.2%。不包括股票薪酬在內的一般及行政開支總額約為 4,700 萬美元。調整後的 EBITDA 在 9,500 萬美元至 1.15 億美元之間。餐廳開業前的費用在700萬至800萬美元之間。有效所得稅率約為7.5%。總資本支出（扣除從業主收到的補貼）在 4,500 萬至 5,000 萬美元之間。

And finally, we plan to add five to seven new venues. Lastly, beginning this year, we will report financial information on a fiscal quarter basis using four 13-week quarters with the addition of a 53rd week when necessary.

最後，我們計劃增加五到七個新場館。最後，從今年開始，我們將按財政季度報告財務信息，使用四個 13 週的季度，並在必要時增加第 53 週。

For 2025, our fiscal calendar begins on January 1, 2025 and ends on December 28, 2025, and our first quarter will contain 89 days.

2025 年，我們的財政日曆從 2025 年 1 月 1 日開始，到 2025 年 12 月 28 日結束，第一季有 89 天。

I will now turn the call back to Manny.

我現在將電話轉回給曼尼。

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

謝謝你，泰勒，也感謝大家今天抽出時間並對 The ONE Group 感興趣。

We remain confident in our portfolio of iconic high volume brands and long-term vision to be the undisputed global leader in vibe dining. We are in the early stages of an exciting phase in our company's journey, and we appreciate your continued support.

我們對我們的標誌性大品牌組合和成為氛圍餐飲領域無可爭議的全球領導者的長期願景充滿信心。我們正處於公司發展令人興奮的早期階段，感謝您一直以來的支持。

Tyler and I are happy to answer any questions that you may have.

泰勒和我很樂意回答您的任何問題。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Jim Salera, Stephens Inc.

薩萊拉（Jim Salera），Stephens Inc.

Manny, I wanted to drill down a little bit on maybe the shape of the year, obviously, some consumer uncertainty right now. But how can we think about the same-store sales progression? Is it fair to say that it'll -- you expect it to kind of get gradually better each quarter as the year progresses or just any call outs such worth that.

曼尼，我想深入探討今年的情況，顯然目前消費者存在一些不確定性。但我們如何看待同店銷售額的成長呢？是否可以公平地說——您是否預計隨著時間的推移，每個季度的情況都會逐漸好轉，或者只是任何值得的呼籲。

And then the other piece is, what do you expect from kind of a traffic versus mix component as the year progresses, as we've heard, industry traffic is expected to be kind of flat to down for the year?

然後另一件事是，隨著時間的推移，您對流量與組合成分的預期是什麼，正如我們所聽到的，今年的行業流量預計將持平或下降？

Yeah, Jim. Thanks.

是的，吉姆。謝謝。

So as you can see from our guidance for the quarter, we're looking at a minus 4% to minus 3%. And same store sales for the first quarter. And then for the full year, we're looking at a minus 3% to plus 1%. So obviously, the progression has been sequentially better this quarter than it was on the fourth quarter last year.

因此，正如您從我們對本季的預測中看到的那樣，我們預計降幅為-4% 至-3%。第一季同店銷售額。對於全年而言，我們預計成長率為-3%至+1%。因此顯然，本季的進展比去年第四季更好。

So we've seen continued improvement in the fourth quarter was already an improvement over prior quarters. So we're sequencing it to much better periods. And then going out into the year, we think that we'll continue the improvement in the second, third, and obviously, the fourth quarter is always a great quarter for us in terms of being able to go on sale.

因此，我們看到第四季度的情況持續改善，並且比前幾季度有所改善。因此我們將其排序為更好的時期。然後展望今年，我們認為我們將在第二、第三季繼續改善，顯然，就銷售情況而言，第四季對我們來說始終是一個好季度。

So obviously, the environment is what the environment is. The challenges are still out there. But I think in total, we are making progress for all our brands. In terms of traffic, as we mentioned earlier, in the prepared comments, STK traffic was positive in the fourth quarter.

顯然，環境就是環境。挑戰仍然存在。但我認為總體而言，我們所有品牌都在取得進步。在流量方面，正如我們之前在準備好的評論中提到的，STK 流量在第四季度是正數。

And we feel really good about the traffic for that brand for 2025. So we feel really good about the strategies and initiatives that we've put in place there. And then for Benihana, obviously, we're now into our third quarter into working with the brands.

我們對該品牌 2025 年的流量感到非常滿意。因此，我們對在那裡實施的策略和措施感到非常滿意。對 Benihana 來說，顯然我們現在已經進入與品牌合作的第三季。

And we have made a significant amount of initiatives and improvements and changes to both marketing, menu and operations, which we think will continue to yield transactions going forward. So we also feel good about the transaction outlook for the Benihana brand.

我們對行銷、菜單和營運等方面做出了大量創新、改進和改變，我們認為這些措施將繼續帶來交易。因此，我們對 Benihana 品牌的交易前景也充滿信心。

In terms of the growth, that continues to be a challenged sector in general. But I think as you saw from the numbers is we continue to make improvements there. And we do have a very solid leadership team in place in Grill right now. So I feel pretty comfortable about our ability to get to better traffic in 2025.

從成長角度來看，這總體上仍然是一個充滿挑戰的行業。但我認為，正如你從數字中看到的那樣，我們會繼續在這方面取得進步。目前，我們在 Grill 確實擁有一支非常強大的領導團隊。所以我對我們在 2025 年改善交通狀況的能力感到非常有信心。

And then maybe another question is on the kind of sequencing of the new unit openings. Is there anything we should factor in in terms of equipment availability? I don't know if any of the tariffs impact suits your ability to get equipment set up for new restaurant openings and if that should be kind of even throughout the year. If we should expect maybe more in the back half versus the front half.

然後也許另一個問題是關於新單位開幕的順序。在設備可用性方面我們應該考慮什麼嗎？我不知道關稅的影響是否會影響您為新餐廳開業設置設備的能力，以及這是否應該在全年保持均衡。如果我們對後半部的期望可能比前半部要高一些。

Yeah. I mean so right now, from a sequencing of restaurants, we have three units that are pretty much in final stages. We have our Benihana in San Mateo, which is already in heavy pre-opening operations right now.

是的。我的意思是，現在，從餐廳的排序來看，我們有三個單位已經進入最後階段。我們在聖馬刁有一家 Benihana 門市，目前店內正忙於開業前的準備工作。

So that one is very close to getting opened. And then we also have two STKs that will follow shortly thereafter. We have one in Topanga, California, which is coming up very soon. We also have Westwood, two in the very near future. So all those three restaurants are currently already in pre-opening operations.

因此，這個已經非常接近開放了。我們還有兩個 STK 將會緊接著推出。我們在加州托潘加有一個，很快就會建成。我們還有 Westwood，不久的將來就會有兩家。因此，這三家餐廳目前均已處於開業前營運狀態。

So those are very -- will be very close to being open here. And then we also have a franchise, Benihana Express that will be opening here very shortly. And then expect the balance of the openings to be late third quarter, early fourth quarter with probably the most likely one is the Kona Grill in Seattle.

所以這些都非常——即將在這裡開放。我們還有一家特許經營店，Benihana Express，很快就會在這裡開業。預計新開店的數量將在第三季末或第四季初，最有可能的是位於西雅圖的 Kona Grill。

So a bunch of them opening up now. One, kind of middle of the year and then the balance late third quarter, early fourth quarter. In terms of equipment availability and stuff, of course, for those that are opening now, all the equipment is already in place. I think the Kona Grill equipment is pretty much sort out.

所以現在很多都開放了。第一，大概是年中，第二，是第三季末，第四季初。當然，就設備可用性和其他方面而言，對於現在開業的場館來說，所有設備都已經到位。我認為 Kona Grill 的設備已經整理好了。

And then for the late end of the year openings, I think we also have a big part of that equipment also sort out. So I wouldn't say we'd see any immediate impact in 2025 with anything to do with equipment.

對於年底開業的店，我想我們也對很大一部分設備進行了整理。因此，我不會說我們會在 2025 年看到與設備相關的任何直接影響。

Mark Smith, Lake Street Capital.

馬克史密斯 (Mark Smith)，Lake Street Capital。

Similar question. Just wanted to ask, as we look at the tariff front, any impact on commodities? Anything that you guys are seeing shifting out there on the commodity front?

類似的問題。只是想問一下，從關稅方面來看，對商品有什麼影響嗎？你們看到商品方面有什麼改變嗎？

I mean other than the more obvious ones that everybody speaks about today like eggs and some of the stuff we see out there, we don't see any significant shifts. Obviously beef is a big one for us and also frozen seafood as we go through a lot of shrimp and prawns, et cetera.

我的意思是，除了今天每個人都在談論的那些比較明顯的商品，例如雞蛋和我們在外面看到的一些東西，我們沒有看到任何重大的變化。顯然，牛肉對我們來說很重要，此外冷凍海鮮也很重要，因為我們吃了很多蝦和對蝦等等。

So I think those two commodities, at least from our perspective, are pretty well solved for the remainder of the year. So we don't see any impact, particularly now on the second, third quarter, we don't see anything, that it would be significant or even the first quarter, but yeah, the environment is a little bit more I guess more complex in terms of navigating it with all the conversations about tariffs and the potential shifting and supply sources, et cetera.

因此我認為，至少從我們的角度來看，在今年剩餘時間內，這兩種商品的問題已經得到很好的解決。因此，我們沒有看到任何影響，特別是現在在第二季度、第三季度，我們沒有看到任何重大影響，甚至沒有看到第一季度的影響，但是是的，我想環境有點更複雜，需要應對有關關稅、潛在轉移和供應來源等的所有討論。

So it's a little bit more complex. But I think as I mentioned in my prepared statements, one of our core strengths now is a really strong supply chain team as well as a very strong supply chain process. So I feel pretty good that through the acquisition and integration process of Benihana, we've really gotten our systems and our practices in place for supply chains.

所以它有點複雜。但我認為，正如我在準備好的陳述中提到的那樣，我們現在的核心優勢之一是真正強大的供應鏈團隊以及非常強大的供應鏈流程。因此，我很高興看到，透過 Benihana 的收購和整合過程，我們真正建立了適合供應鏈的系統和實踐。

So obviously, there'll be some things happening in the environment, but I think that we set ourselves up to be able to navigate through that environment really well with our systems.

因此顯然，環境中會發生一些事情，但我認為我們已經做好了準備，能夠利用我們的系統來很好地駕馭這種環境。

And then you already walked through kind of opening cadence and outlook there. I'm curious as we think about primarily raw, maybe with Kona, are there any restaurants coming to end of lease terms or anything that maybe we should look for on the closure front?

然後您已經了解了那裡的開場節奏和前景。我很好奇，當我們主要考慮生食時，也許在科納，是否有任何餐廳的租約即將到期，或者我們在關閉方面應該注意什麼？

I mean as I said in the earlier calls, obviously portfolio management is really important for the growth side, at this point. For RA, we don't have any plans. As a matter of fact, we don't have any planned closures at this point. But obviously, we'll continue to evaluate that, but no RA locations on our plan right now to close down.

我的意思是，正如我在之前的電話會議中所說的那樣，顯然投資組合管理對於成長方面目前來說確實非常重要。對於 RA，我們沒有任何計劃。事實上，我們目前還沒有任何關閉計劃。但顯然，我們會繼續評估這一點，但目前我們的計劃中沒有關閉任何 RA 門市。

And I think the last one for me. Just trying to dig in a little bit more into kind of consumer behavior as we think about kind of traffic ticket mix. Maybe talk about your ability to take price where necessary and what's maybe built into the guidance here.

我想對我來說這是最後一個。當我們考慮交通罰單組合時，我們試圖更深入地了解消費者行為。也許可以談談您在必要時採取價格的能力，以及這裡的指導中可能包含的內容。

And then I'm also curious just in changes in behavior maybe over the last few months, are you seeing anything significant like cut back on alcohol or drinks, desserts? Anything to call out on consumer behavior would be great.

然後我也很好奇過去幾個月行為的變化，你是否看到任何顯著的變化，例如減少飲酒或飲料、甜點？任何能夠引起消費者註意的行為都是很好的。

Yeah. I mean I think there were two questions in there. One of them was the pricing, and how we're looking at pricing. Obviously, we do want to be cautious on pricing just because the consumer is paying close attention to tickets right now.

是的。我的意思是我認為其中有兩個問題。其中之一就是定價，以及我們如何看待定價。顯然，我們確實希望在定價上保持謹慎，因為消費者現在非常關注門票。

So what the prices are on the tickets. So we have to be thoughtful and cautious about it. We do still have some opportunities. We've been very disciplined. With STK, we've been very thoughtful about not going too far ahead in that brand.

那麼門票價格是多少？因此我們必須深思熟慮、謹慎對待此事。我們確實還有一些機會。我們一直都非常自律。對於 STK，我們一直非常謹慎，不會在該品牌上走得太遠。

So we do have some firepower and pricing there if we wanted to. But for all intents and purposes, we'll only go to pricing if we get into a commodity or situation here where we have to deal with inflation. So we'll be very careful with that.

所以如果我們願意的話，我們確實有一些火力和定價。但無論出於何種目的，我們只有在遇到某種商品或情況需要應對通貨膨脹時才會進行定價。因此我們會非常小心。

In terms of the consumer behaviors, I mean I think I've reported earlier. I think that the bigger behavior that we've seen from consumers is them opting for alternative day parts such as happy hour. And we also see particularly on the steakhouse side, we see more people sharing maybe some of the sides.

關於消費者行為，我想我之前已經報道過了。我認為，我們看到的消費者更普遍的行為是他們選擇一天中的其他時段，例如歡樂時光。我們也發現，特別是在牛排館裡，更多人會分享一些配菜。

But we haven't really seen anything other than those two mega trends if you will within the portfolio.

但如果你願意的話，我們在投資組合中除了這兩大趨勢之外，沒有看到其他趨勢。

Nick Setyan, Wedbush Securities.

韋德布希證券公司的尼克‧塞蒂安 (Nick Setyan)。

Can we just talk about some of the newer openings and how they're doing. If you're happy with sort of the sales trends, particularly, the Kona and the RA Sushi that opened this year.

我們能否談論一些新開業的餐廳以及它們的經營狀況？如果您對銷售趨勢感到滿意，特別是今年開業的 Kona 和 RA Sushi。

Yeah. I mean I think the two openings, one was in Plantation was the RA opening. I think that one is tracking in the $3.5 million to $4 million revenue range, which is for RA, it's pretty much on brand. And then our second opening in that category was Tigard, which is in Oregon, fantastic shopping mall right by a fantastic Apple Store.

是的。我的意思是，我認為有兩個開場，一個是在 Plantation，另一個是在 RA 開場。我認為其中一個的收入範圍在350萬至400萬美元之間，這對RA來說，基本上與品牌有關。然後我們在這個類別中開設了第二家店，它位於俄勒岡州的蒂加德 (Tigard)，是一家很棒的購物中心，緊鄰一家很棒的蘋果商店。

I think that an up and coming restaurant. It's done. It did really well during season, during the holiday season, which is, you'd expect out of that shopping center. Obviously, the first quarter is a little slower because of the rains up in Oregon and the fact that we have a beautiful rooftop in that property.

我認為這是一家很有前途的餐廳。完成了。在旺季，也就是假期期間，它的銷售量確實很好，這正是人們對該購物中心的期望。顯然，第一季的業績稍微放緩，因為俄勒岡州的降雨量很大，而且我們那塊土地的屋頂很漂亮。

So I'm actually been pretty pleased with the progress of both Tigard and Plantation. So I would say that's a good check. I mean the other openings that we've done are the STKs which continue to be above our model and continue to do extremely well.

因此，我對蒂加德和種植園的進展感到非常滿意。因此我認為這是一次很好的檢查。我的意思是，我們所做的其他開局是 STK，它們繼續高於我們的模型並且繼續表現得非常好。

And then we also opened Salt Water Social. My view on that restaurant that opening is -- was to be around 85,000 to 100,000 a week. We're in the mid 100s, about 130,000, 140,000. So that restaurant is actually, frankly, doing extremely, extremely well for a one-off concept.

然後我們也開了 Salt Water Social。我認為新開的那家餐廳每週的客流量大約是 85,000 到 100,000 人。我們的人數在 100 人左右，大約有 13 萬到 14 萬人。所以坦白說，對於一個獨特的概念來說，這家餐廳實際上做得非常非常好。

So we -- I would say that I look at the 2024 classes as a good class of openings and the '25 class is also super exciting class of units. The quality of the real estate is super high in all the property. So we're looking forward to another strong year in real estate in 2025.

所以我們 — — 我想說，我認為 2024 級是一個很好的開端，而 '25 級也是非常令人興奮的部隊級。該樓所有物業品質超高。因此，我們期待 2025 年房地產產業再創輝煌。

And just please update us on the construction costs and where they are across the concept, at least the ones that you're developing, like how much it costs to build the new units?

請向我們介紹一下建造成本以及整個概念的進展情況，至少是您正在開發的概念，例如建造新單位需要花費多少錢？

Yeah. I mean I think that the gross costs on concepts right now is in the high 600s, to close $700 per square foot on the space. And then we're getting about $150 and in TI. So call it in the mid 500s. After TI, I mean that's just kind of what the environment's been.

是的。我的意思是，我認為目前概念的總成本在 600 美元以上，接近每平方英尺 700 美元。然後我們在 TI 獲得大約 150 美元。因此稱為 500 年代中期。我的意思是，TI 之後的環境就是這樣的。

If I look at the -- throughout the last two years, obviously, with labor having been an issue at some point, construction did go up and then equipment and some other stuff. So obviously, the big pressure point not to really watch out is for steel prices.

如果我回顧一下——在過去的兩年裡，顯然，由於勞動力在某種程度上成為一個問題，建築成本確實上漲了，然後是設備和一些其他東西。因此顯然，不需要真正警惕的最大壓力點是鋼鐵價格。

Some of our properties we use steel in it. So we obviously are managing through it. But again, I think as we've gotten bigger, our -- the quality of our development team is really big, is really high. So I have a very high quality team that spends a significant amount of time on cost engineering just to make sure that we're getting the right specs and we're doing a good job of only spending what we need to spend on these projects.

我們的部分物業使用了鋼材。所以我們顯然正在設法解決這個問題。但我認為，隨著我們的規模不斷擴大，我們開發團隊的品質也會越來越高。因此，我擁有一支高素質團隊，他們花費大量時間進行成本工程，以確保我們獲得正確的規格，並且我們在這些項目上只花費需要花費的資金。

So I think that, again our team and our process is very strong in that area right now.

所以我認為，我們的團隊和流程目前在這個領域非常強大。

And then just final question for me. Just given the down only 20 bps for Benihana in Q4, your comments around continued sequential progression. Is it fair to assume that Benihana has turned positive in Q1 or we should think about it as positive within the overall guidance, the comp guidance?

接下來是最後一個問題。鑑於 Benihana 在第四季度僅下降了 20 個基點，您的評論圍繞著持續的連續發展。是否可以合理地假設 Benihana 在第一季的表現已經轉為積極，或者我們應該將其視為在整體指引、可比較指引範圍內的正面表現？

I mean I think in general, we didn't provide brand guidance for the quarter. But I would say that looking at the progression, the progression holds well, right? So I mean obviously, our overall quarter over quarter, based on our guidance, I think the midpoint of our guidance is about minus 3.5, which is an improvement from the fourth quarter. And Benihana was relatively flat in the fourth quarter.

我的意思是，我認為總體而言，我們沒有為本季提供品牌指導。但我想說，從進展來看，進展保持得很好，對嗎？因此，我的意思是，顯然，根據我們的指導，我們的整體季度環比增長，我認為我們的指導中點約為-3.5，這比第四季度有所改善。而 Benihana 在第四節的表現則相對平淡。

I think you mentioned there 20 bps. I think that's correct. But I feel good about it. I think the thing I feel really good about Benihana has been the initiatives that we put in place and added emphasis on happy hour, which helps the Monday, Tuesday, Wednesday business.

我記得你提到過 20 個基點。我認為這是正確的。但我感覺很好。我認為我對 Benihana 真正滿意的地方是我們所採取的舉措以及對歡樂時光的重視，這對週一、週二、週三的業務很有幫助。

And I think the next big initiative has been our emphasis on throughput on Fridays and Saturdays because the restaurants do get jammed up on those days of the week. So we've been working with operations and just really making sure that we put a lot of our know-how and how we do reservations and utilizing our central logistics process to really enhance throughput at the restaurants and table turn times.

我認為下一個重大舉措是強調週五和週六的吞吐量，因為餐廳在一周中的這幾天確實很擁擠。因此，我們一直在營運方面進行合作，確保我們充分運用我們的專業知識和預訂方式，並利用我們的中央物流流程來真正提高餐廳的吞吐量和餐桌週轉時間。

So we're emphasizing that on the weekends. And then the other thing that we're super excited about is we've been adding products, innovating with Wagyu for instance, and that's done very well in the windows that we put in that.

所以我們在周末強調這一點。另一件讓我們非常興奮的事情是，我們一直在增加產品，例如用和牛進行創新，而且在我們放置的窗口中做得非常好。

For instance, we featured a great white goose steak offering surf and turf for Valentine's and that was really well accepted by the consumer side. I would say that I'm super pleased with the progress that we've done on sales with Benihana.

例如，我們在情人節推出了海陸大餐，推出了上好的白鵝牛排，這確實受到了消費者的熱烈歡迎。我想說，我對我們與 Benihana 合作所取得的銷售進展感到非常滿意。

And the other thing that we did in the quarter for Benihana and this is in our press releases, we've improved the margins of Benihana by 300 basis points quarter to quarter on the fourth quarter, although we didn't own them last year. We did own them this year. So I think that really shows not only our ability to get to better sales with Benihana, but we've made significant improvements in the store level economics of the brand.

我們在本季為 Benihana 所做的另一件事，也就是我們在新聞稿中提到的，我們在第四季度將 Benihana 的利潤率環比提高了 300 個基點，儘管去年我們並不擁有該公司。今年我們確實擁有了它們。所以我認為這不僅表明我們有能力透過 Benihana 提高銷量，而且我們還在品牌的店鋪層面經濟方面取得了顯著的進步。

So I would say that we had a very successful fourth quarter with Benihana brand and I look forward to it. I also want to emphasize that that's over 55% of our business now. So it's really good to have a significant of a part of our business operating at a really high level.

所以我想說，Benihana 品牌在第四季度取得了非常大的成功，我對此充滿期待。我還想強調的是，這已經占我們業務的55％以上。因此，我們的大部分業務能夠以非常高的水平運營，這是一件非常好的事情。

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

我們的問答環節到此結束。我想將會議交還給曼尼·希拉里奧 (Manny Hilario) 做結束語。

Thank you, operator. And as I always say, thank you, ONE Group teammates, for living our mission every day. Only through your significant contributions can we be successful and do what we do. So I appreciate everyone's commitment and living that mission every day.

謝謝您，接線生。正如我常說的，感謝 ONE Group 隊友們，感謝你們每天都在完成我們的使命。只有透過您的重大貢獻，我們才能取得成功並進行我們的工作。因此，我感謝大家的承諾以及每天實踐的使命。

And then also for all of you on the conference call, thank you very much for your interest in our company, and I always look forward to seeing you all in our restaurants. Everybody, have a great day. Thank you.

同時，也感謝電話會議中的所有嘉賓對我們公司的關注，我期待在我們的餐廳見到你們。祝大家有個愉快的一天。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。