One Group Hospitality Inc (STKS) 2025 Q1 法說會逐字稿

Greetings, and welcome to The ONE Group first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 The ONE Group 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我想將電話會議交給泰勒·洛伊先生。請繼續。

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 expect. Please also note that these forward-looking statements reflect our opinion only as of the date of this call.

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。這些前瞻性陳述並非對未來績效的保證，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截至本次電話會議之日的觀點。

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 offering 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.

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。請您參閱我們最近向美國證券交易委員會提交的文件，以便更詳細地討論可能影響我們未來發行結果和財務狀況的風險。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。

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 EBITDA, comparable sales and total food and beverage sales at company-owned managed, license and franchise units to GAAP measures, along with a discussion of why we consider these measures useful, please see our earnings release issued today.

然而，這些措施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。有關這些指標（例如調整後的 EBITDA、調整後的淨收入、餐廳 EBITDA、可比銷售額以及公司自有、管理、許可和特許經營單位的食品和飲料總銷售額）與 GAAP 指標的對照表，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'd like to turn the call over to Manny Hilario.

說完這些，我想把電話轉給曼尼·希拉里奧 (Manny Hilario)。

Thanks, Tyler, and hello, everyone. Thank you for joining us today and for your continued interest in The ONE Group. Let me start by thanking our over 11,000 teammates across our STK, Benihana, Samurai, Kona Grill, RA Sushi, and Salt Water Social brands. Your dedication to creating unforgettable guest experiences is what truly differentiates our company and gives me tremendous confidence that we can achieve our vision of becoming the global leader in fine dining.

謝謝，泰勒，大家好。感謝您今天的加入我們以及您對 The ONE Group 的持續關注。首先，我要感謝 STK、Benihana、Samurai、Kona Grill、RA Sushi 和 Salt Water Social 品牌的 11,000 多名隊友。您致力於創造令人難忘的客戶體驗，這才是我們公司真正的與眾不同之處，也給了我極大的信心，我們能夠實現成為全球高級餐飲領導者的願景。

Let's review our first-quarter's highlights and our progress against our strategic initiatives. We were pleased that first-quarter revenues, comparable sales, and adjusted EBITDA reached or exceeded the high end of our guided ranges. We increased revenues by almost 150% to $211 million fueled by a full quarter of Benihana and RA Sushi contributions and the strength of our new units.

讓我們回顧一下第一季的亮點以及我們策略舉措的進展。我們很高興看到第一季的營收、可比銷售額和調整後的 EBITDA 達到或超過了我們預期範圍的高端。由於 Benihana 和 RA Sushi 整個季度的貢獻以及我們新部門的強勁表現，我們的收入增長了近 150%，達到 2.11 億美元。

This was driven by another quarter of sequential improvement in our combined comparable sales trend, positive comparable sales at our Benihana restaurants and strong positive transaction growth of 4.1% at our flagship STK brand. We grew restaurant-level EBITDA to 16.4%, representing a 50-basis-point improvement year-over-year through strategic operational efficiencies across our portfolio.

這是由於我們的綜合可比銷售額趨勢連續一個季度改善、我們的 Benihana 餐廳可比銷售額呈正增長以及我們的旗艦品牌 STK 交易額強勁增長 4.1% 所致。透過整個投資組合的策略營運效率，我們將餐廳等級 EBITDA 提高至 16.4%，比去年同期提高了 50 個基點。

Notably, both our Benihana and STK concepts achieved industry-leading rational level EBITDA margins at 20.1% and 17.7%, respectively, for the quarter. We also increased adjusted EBITDA by over 230% to $25.2 million, meaningfully exceeding our top line growth and demonstrating our ability to increase profitability through the execution of our initiatives, that cost management, and our growing economies of scale.

值得注意的是，本季我們的 Benihana 和 STK 概念均實現了業界領先的合理水準 EBITDA 利潤率，分別為 20.1% 和 17.7%。我們還將調整後的 EBITDA 提高了 230% 以上，達到 2520 萬美元，大大超過了我們的營收成長，並證明了我們有能力透過執行成本管理和不斷增長的規模經濟來提高盈利能力。

Our growth strategy gained momentum in March with the opening of a company-owned Benihana in San Mateo, California. Our first new Benihana restaurant since acquiring the brand last year. We then continued our expansion in April just after the quarter's end by unveiling a new company-owned STK restaurant Topanga, California, further strengthening our presence in Los Angeles.

隨著 3 月公司旗下的 Benihana 百貨在加州聖馬刁開業，我們的成長策略獲得了發展動力。這是我們自去年收購該品牌以來開設的第一家 Benihana 餐廳。隨後，我們在本季結束後的 4 月繼續擴張，在加州托潘加開設了一家新的公司自營 STK 餐廳，進一步加強了我們在洛杉磯的業務。

Now let me provide an update on our four strategic priorities. First, driving sales across our brands by executing our strategic pillars. Our mission is to create great guest memories by offering the best restaurants in every market that we operate by delivering exceptional and unforgettable guest experiences to every guest every time. Our success is built on three fundamental pillars: operations, flawless daily execution in every location, culinary, masterful preparation and innovative menu development, and marketing drive strategic guest engagement through thoughtful marketing that creates meaningful connections. Each element works together to ensure that we consistently exceed expectations and create the dining memories that our guests deserve.

現在，讓我介紹一下我們的四個策略重點。首先，透過執行我們的策略支柱來推動我們品牌的銷售。我們的使命是在我們經營的每個市場提供最好的餐廳，為每位客人每次提供卓越而難忘的體驗，為客人創造美好的回憶。我們的成功建立在三大基本支柱之上：營運、在每個地點完美的日常執行、烹飪、精湛的準備和創新的菜單開發，以及行銷，透過建立有意義的聯繫的周到行銷來推動策略客戶參與。每個元素共同作用，確保我們始終超越期望，為客人創造應得的用餐回憶。

While we saw positive comparable sales at our Benihana Restaurants, and strong positive transaction growth at our flagship STK brand, we are still seeing some dining shifts across our restaurants because of the challenged and volatile economic environment. We see a growing preference for alternative dayparts like Happy Hour and particularly in our steakhouse business and an increase in guest sharing dishes and thoughtfully managing their average check. As a result, we continue to focus on our value-driven offerings while maintaining our premium positioning.

雖然我們看到 Benihana 餐廳的可比銷售額呈現正成長，而且我們的旗艦品牌 STK 的交易量也出現強勁增長，但由於充滿挑戰和動蕩的經濟環境，我們仍然看到各家餐廳的餐飲業務發生了一些變化。我們發現，人們越來越喜歡歡樂時光等其他時段，尤其是在我們的牛排館業務中，客人分享菜餚並精心管理平均帳單的現像也越來越多。因此，我們將繼續專注於價值驅動的產品，同時保持我們的高端定位。

Our strategic dual-tier approach features exciting Happy Hour menus with $3, $6 and $9 selections across all brands. We also offer midweek complete dining experiences with beverage bearings at $69 for STK and $39 for all our other brands, creating accessible value-driven entry points. Simultaneously, we're elevating our culinary program with premium items for certain guests, including Australian and Japanese wagyu offerings at STK and Benihana.

我們的策略性雙層方法包括令人興奮的歡樂時光菜單，所有品牌均提供 3 美元、6 美元和 9 美元的選擇。我們還提供周中完整的餐飲體驗，包括飲料，STK 售價 69 美元，所有其他品牌售價 39 美元，創造了可承受的價值驅動切入點。同時，我們正在為特定客人提供優質菜餚，包括 STK 和 Benihana 提供的澳洲和日本和牛菜餚，從而提升我們的烹飪計劃。

We're also laser-focused on improving throughput during our peak Friday and Saturday periods, leveraging our centralized logistics and reservation systems to enhance stable turn times and overall efficiency. We're also leveraging our $39 taste of Benihana menu in the bar to increase seating capacity so we can accommodate more guests during our peak dinner service hours of 6 PM to 9 PM on weekends.

我們也專注於提高週五和週六高峰時段的吞吐量，利用集中的物流和預訂系統來提高穩定的周轉時間和整體效率。我們還利用酒吧中 39 美元的 Benihana 風味菜單來增加座位容量，以便我們可以在周末晚上 6 點至 9 點的晚餐服務高峰時段容納更多客人。

Holiday dining represents a consistent strength across our brand portfolio. Building on our Valentine's Day success, we capitalized on our specialty peer-rated Eastern menus and are now gearing up from Mother's Day menus this week. These celebratory occasions truly showcase what makes our restaurant concept special. We continue to leverage our digital marketing infrastructure to drive awareness of both our value propositions and exceptional offerings, creating targeted messaging that resonates with distinct customer segments.

節慶餐飲代表著我們品牌組合的一貫優勢。在情人節成功的基礎上，我們充分利用同行評審的特色東方菜單，並在本週為母親節菜單做準備。這些慶祝活動真正展示了我們餐廳理念的獨特之處。我們繼續利用我們的數位行銷基礎設施來提高人們對我們的價值主張和卓越產品的認識，創造與不同客戶群產生共鳴的有針對性的信息。

Our database currently consists of approximately seven million contacts that we can strategically target. Additionally, we have soft launched our Friends with Benefits Rewards program designed to enhance our guest dining experiences across all our restaurant concepts. This exciting new program will allow guests to earn points seamlessly through our family of restaurants with one point awarded for every dollar spent at STK, Benihana, Samurai, Kona Grill, Salt Water Social, or RA Sushi. These points can be converted to food and beverage offerings redeemable during future visits at any one of The ONE Group restaurants throughout the United States.

我們的資料庫目前包含大約七百萬個我們可以策略性地定位的聯絡人。此外，我們還試運行了「朋友福利獎勵」計劃，旨在提升我們所有餐廳的客人用餐體驗。這項令人興奮的新計劃將允許客人透過我們的餐廳系列無縫賺取積分，在 STK、Benihana、Samurai、Kona Grill、Salt Water Social 或 RA Sushi 每消費 1 美元即可獲得 1 分。這些積分可以兌換為食品和飲料，可在將來光顧美國境內任何一家 The ONE Group 餐廳時兌換。

As a special touch, there will be exclusive rewards for both birthdays and half birthdays, giving guests even more reasons to celebrate special occasions with us. In other words, by combining strategic pricing, culinary innovation, and targeted marketing with flawless execution, we are confident that we can navigate the current market challenges and drive sustainable long-term sales growth.

作為一種特別的體驗，生日和半歲生日都將獲得專屬獎勵，讓客人有更多理由與我們一起慶祝特殊場合。換句話說，透過將策略定價、烹飪創新和目標行銷與完美的執行相結合，我們有信心能夠應對當前的市場挑戰並推動可持續的長期銷售成長。

Our second key priority is the successful integration of Benihana and delivering on our cost initiatives. By uniting two premier entertainment brands, we have secured a key position as a global leader in vibe dining. Our integration efforts have already yielded significant results with synergies realized from streamlined operations at both the restaurant and support levels. We've optimized workforce efficiency, consolidated professional services and insurance, centralized purchasing, and streamlined supply chain management with expected annual synergies of at least $20 million in 2026.

我們的第二個主要優先事項是成功整合 Benihana 並實現我們的成本計劃。透過聯合兩個頂級娛樂品牌，我們鞏固了在氛圍餐飲領域全球領先地位。我們的整合努力已經取得了顯著成果，透過餐廳和支援層面的精簡營運實現了協同效應。我們優化了勞動力效率，整合了專業服務和保險，集中採購，並簡化了供應鏈管理，預計到 2026 年每年的協同效應將至少達到 2,000 萬美元。

Our enhanced scale has strengthened our negotiating power with suppliers across all brands. By maintaining the industry's most competitive cost structure while delivering exceptional customer experiences, we are positioned to increase profit margins as traffic grows. And notably, our diversified product mix across brands also provides resilience against commodity fluctuations.

我們規模的擴大增強了我們與所有品牌供應商的談判能力。透過維持業界最具競爭力的成本結構，同時提供卓越的客戶體驗，我們能夠隨著流量的成長而提高利潤率。值得注意的是，我們跨品牌的多樣化產品組合也能夠抵禦商品波動。

We have also successfully applied our operational expertise, marketing skills, and culinary innovation to strengthen Benihana and RA Sushi, from unified reservation system to enhance digital strategies and many developments. These improvements, combined with streamlined back-office operations have created a powerful platform for continued transaction growth and operational excellence across our dining portfolio.

我們也成功地運用我們的營運專業知識、行銷技能和烹飪創新來加強Benihana和RA Sushi，從統一預訂系統到加強數位策略和許多發展。這些改進與精簡的後台營運相結合，為我們餐飲組合的持續交易成長和卓越營運創造了強大的平台。

Third, we are focused on our next phase of growth, balancing company-owned development and asset-light growth. After opening 60 new restaurants last year, our 2025 expansion is off to a strong start. As I mentioned earlier, we celebrated a significant milestone in March with the opening of our San Mateo Benihana, the first Benihana restaurant opened under our ownership. This was followed by our successful April launch of the company-owned STK at the Westfield Topanga Mall in the San Fernando Valley, further strengthening our California presence. This is our second successful opening in the high-end mall.

第三，我們專注於下一階段的成長，平衡公司自有發展和輕資產成長。繼去年開設 60 家新餐廳後，我們 2025 年的擴張計畫已取得良好開端。正如我之前提到的，我們在三月慶祝了一個重要的里程碑，即 San Mateo Benihana 餐廳的開業，這是我們旗下開設的第一家 Benihana 餐廳。隨後，我們於 4 月在聖費爾南多谷的 Westfield Topanga 購物中心成功推出了該公司所有的 STK，進一步加強了我們在加州的業務。這是我們第二次在高端商場成功開幕。

While early, both restaurants are off to a strong start. We continue to develop company-owned locations while pursuing asset-light expansion with high-margin royalty streams through managed and licensed properties. We plan to open a franchise Benihana Express at Bayside Marketplace in Miami, Florida, as we have begun to accelerate our Benihana franchising strategy. We have discovered strong interest from franchisees seeking to enhance their portfolios with our established upscale and casual dining brand. In response, we have strengthened our franchising infrastructure, and we are actively negotiating numerous development agreements. This franchising initiative will be instrumental in driving Benihana's expansion.

雖然營業時間還早，但兩家餐廳的開局都很不錯。我們繼續開發公司自有場所，同時透過管理和許可的物業獲得高利潤的特許權使用費流，追求輕資產擴張。我們計劃在佛羅裡達州邁阿密的 Bayside Marketplace 開設一家 Benihana Express 特許經營店，因為我們已經開始加速我們的 Benihana 特許經營策略。我們發現特許經營者對利用我們成熟的高檔休閒餐飲品牌來增強其產品組合有著濃厚的興趣。作為回應，我們加強了特許經營基礎設施，並正在積極談判多項開發協議。此次特許經營措施將有助於推動 Benihana 的擴張。

Looking ahead, we are on track to open a total of five to seven new venues in 2025 across our portfolio, with the remaining locations opening in the third and fourth quarters including Kona Grill in Seattle, Washington. Even with all this activity, it is important to remember that we are still in the early stages of our growth story with significant expansion potential across our portfolio.

展望未來，我們計劃在 2025 年在我們的投資組合中開設總共五到七家新店，其餘門市將在第三季和第四季開業，包括位於華盛頓州西雅圖的 Kona Grill。即使開展了所有這些活動，重要的是要記住，我們仍處於成長故事的早期階段，我們的投資組合具有巨大的擴張潛力。

Benihana has a clear path to 400 locations through our dual strategy of company-owned and asset-light expansion. STK presents exceptional unit economics with new locations averaging over $11 million in revenue and 23% restaurant level EBITDA margins. STK's remarkable cash-on-cash returns make it one of the most profitable expansion models in the restaurant industry, naturally positioning as our priority for development with a target of 200 restaurants globally. Our approach to growth concepts will remain optimistic allowing us to selectively pursue only the highest potential locations that meet our return thresholds.

Benihana 透過公司自營和輕資產擴張的雙重策略，明確了將門市擴張至 400 家的路線。STK 展現出卓越的單位經濟效益，新店平均收入超過 1,100 萬美元，餐廳級 EBITDA 利潤率為 23%。STK 卓越的現金回報率使其成為餐飲業最賺錢的擴張模式之一，自然而然地成為我們的發展重點，目標是在全球開設 200 家餐廳。我們對成長概念的態度將保持樂觀，這使我們能夠選擇性地追求符合我們回報門檻的最具潛力的地點。

Lastly, our fourth priority is balance sheet flexibility and returning value to our shareholders through share repurchases. We finished the quarter with nearly $68 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, our term loan is not subject to a financial covenant.

最後，我們的第四個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提取的循環信貸額度下的可用資金加在一起，擁有近 6,800 萬美元的流動資源。在當前條件下，我們的定期貸款不受財務契約的約束。

Wrapping up, we are excited for the future. We are laser-focused on balance sheet flexibility, prioritizing cash flow generation and maximizing shareholder returns. We are building a path to $5 billion in system-wide sales by executing a strategy that encompasses multiple avenues for growth and will enable us to create long-term shareholder value.

總而言之，我們對未來充滿期待。我們專注於資產負債表的靈活性，優先考慮現金流量的產生和最大化股東回報。我們正在實施一項涵蓋多種成長途徑的策略，以實現全系統銷售額 50 億美元，並使我們能夠創造長期股東價值。

I will now turn the call over to Tyler.

現在我將把電話轉給泰勒。

Thank you, Manny. As a reminder, beginning this year, we are reporting financial information on a fiscal quarter basis using four 13-week quarters with the addition of a 53rd week when necessary. For 2025, our fiscal calendar began on January 1, 2025, and will end on December 28, 2025, and our first quarter contained 89 days.

謝謝你，曼尼。提醒一下，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。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。

Let me start by discussing our first-quarter financials in greater detail before providing our outlook for the second quarter and the current year. Please note that the first quarter of 2025 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.

在提供第二季和今年的展望之前，讓我先更詳細地討論一下我們的第一季財務狀況。請注意，2025 年第一季包含 Benihana 和 RA Sushi 三個月的貢獻，而去年同期不包括 2024 年 5 月 1 日完成的收購 Benihana 的貢獻。

Total consolidated GAAP revenues were $211.1 million, increasing 148.4% from $85 million for the same quarter last year. Included in total revenues were our company-owned restaurant net revenue of $207.4 million, which increased 154.5% from $81.5 million for the prior year quarter. The increase was due primarily to $128.3 million in contributions from Benihana and RA Sushi, and to a lesser extent, contributions from the opening of six restaurants since the beginning of the first quarter of 2024. These were partially offset by a 3.2% reduction in consolidated comparable sales.

合併 GAAP 總營收為 2.111 億美元，較去年同期的 8,500 萬美元成長 148.4%。總收入包括我們公司自有餐廳的淨收入 2.074 億美元，比去年同期的 8,150 萬美元成長 154.5%。這一增長主要得益於 Benihana 和 RA Sushi 的 1.283 億美元貢獻，以及自 2024 年第一季初以來開設的六家餐廳的貢獻（較小程度上）。但合併可比銷售額下降 3.2% 部分抵消了這一影響。

Managed license and incentive fee revenues increased 7% to $3.7 million from $3.5 million for the prior year quarter. Benihana franchise restaurants contributed $0.5 million in revenue during the first quarter of 2025 and was partially offset by decreased revenue at managed STK restaurants in North America.

管理許可和獎勵費收入從去年同期的 350 萬美元增長 7% 至 370 萬美元。Benihana 特許經營餐廳在 2025 年第一季貢獻了 50 萬美元的收入，但北美管理的 STK 餐廳收入的下降部分抵消了這一增長。

Company-owned restaurant cost of sales as a percentage of company-owned restaurant net revenue decreased 220 basis points to 20.8%, compared to 23% in the prior year quarter. This was primarily due to integration synergies and lower cost of sales for Benihana restaurant and our existing business. Company-owned restaurant operating expenses as a percentage of company-owned restaurant net revenue increased 120 basis points to 62.1% from 60.9% in the prior year quarter. This was primarily due to fixed cost deleveraging driven by decrease in same-store sales, partially offset by integration synergies.

公司自有餐廳銷售成本占公司自有餐廳淨收入的百分比下降 220 個基點至 20.8%，去年同期為 23%。這主要是由於 Benihana 餐廳和我們現有業務的整合綜效和較低的銷售成本。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 60.9% 增加 120 個基點至 62.1%。這主要是由於同店銷售額下降導致的固定成本去槓桿，但被整合協同效應部分抵銷。

Restaurant EBITDA increased 50 basis points to 16.4%, compared to 15.9% in the prior year quarter. This included restaurant EBITDA of 20.1% for Benihana locations and 17.7% at STK locations. On a total reported basis, general and administrative costs increased $5.6 million or 73.8% to $13.1 million from $7.5 million in the prior quarter, driven by the addition of the Benihana acquisition. When adjusting for stock-based compensation, adjusted general and administrative expenses were $11.5 million and $6.2 million in the first quarter of 2025 and 2024, respectively.

餐廳 EBITDA 成長 50 個基點至 16.4%，去年同期為 15.9%。其中，Benihana 餐廳的 EBITDA 為 20.1%，STK 餐廳的 EBITDA 為 17.7%。在整體報告基礎上，由於收購 Benihana，一般及行政成本從上一季的 750 萬美元增加了 560 萬美元（即 73.8%）至 1,310 萬美元。經股票薪酬調整後，2025 年第一季及 2024 年第一季的調整後一般及行政費用分別為 1,150 萬美元及 620 萬美元。

As a percentage of revenues, when adjusting for stock-based compensation, adjusted general and administrative costs improved 190 basis points to 5.4% compared to 7.3%. The improvement is due to sales leverage realized with the Benihana acquisition and the implementation of cost savings and integration synergies.

作為收入的百分比，在調整股票薪酬後，調整後的一般和行政費用從 7.3% 改善了 190 個基點至 5.4%。這項改善得益於收購 Benihana 後實現的銷售槓桿以及成本節約和整合綜效的實施。

Depreciation and amortization expense was $9.8 million compared to $5.3 million in the prior year quarter. The increase was primarily related to depreciation and amortization for the Benihana and RA Sushi restaurants. Depreciation associated with the opening of six new company-owned restaurants since March 2024 and capital expenditures to maintain and enhance the guest experience in our restaurants.

折舊和攤銷費用為 980 萬美元，而去年同期為 530 萬美元。成長主要與 Benihana 和 RA Sushi 餐廳的折舊和攤提有關。自 2024 年 3 月以來開設六家新的公司自有餐廳相關的折舊以及用於維護和提升我們餐廳的顧客體驗的資本支出。

Pre-opening expenses were $1.7 million, consisting primarily of payroll, training and other costs for Benihana, San Mateo and STK Topanga, which opened in March 2025 and April 2025, respectively. Payroll and travel costs for the training team and preopening expenses for restaurants currently under development. Preopening expenses were $2.9 million in the prior year.

開業前費用為 170 萬美元，主要包括分別於 2025 年 3 月和 2025 年 4 月開業的 Benihana、San Mateo 和 STK Topanga 的薪水、培訓和其他費用。培訓團隊的工資和差旅費用以及目前正在開發的餐廳的開業前費用。去年開業前的費用為 290 萬美元。

Interest expense was $9.8 million compared to $2.1 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 $0.3 million in the prior year quarter. The effective income tax rate for the first quarter of 2025 was 31.4%, compared to 9.9% for the first quarter of 2024, which was driven by the ratio of discrete items compared to pretax net income during the quarter.

由於收購後我們的未償債務水準較高，利息支出為 980 萬美元，而去年同期為 210 萬美元。所得稅準備金為 30 萬美元，而去年同期的收益為 30 萬美元。2025 年第一季的有效所得稅率為 31.4%，而 2024 年第一季的有效所得稅率為 9.9%，這是由本季單獨項目與稅前淨收入的比率所驅動的。

Net loss available to common stockholders was $6.6 million or $0.21 net loss per share, compared to $2.1 million in the first quarter of 2024 or $0.07 net loss per share. Adjusted net income was $4.6 million or $0.14 adjusted net income per share, compared to an adjusted net loss of $0.6 million or $0.02 adjusted net loss per share in the prior year quarter. Please note we have redefined our definition of adjusted net income this quarter. For additional information, please refer to our previously issued press release from earlier today.

普通股股東淨虧損為 660 萬美元，即每股淨虧損 0.21 美元，而 2024 年第一季為 210 萬美元，即每股淨虧損 0.07 美元。調整後淨收入為 460 萬美元，即每股調整後淨收入 0.14 美元，而去年同期調整後淨虧損為 60 萬美元，即每股調整後淨虧損 0.02 美元。請注意，我們本季重新定義了調整後淨收入的定義。欲了解更多信息，請參閱我們今天早些時候發布的新聞稿。

Adjusted EBITDA attributable to The ONE Group Hospitality, Inc. was $25.2 million, compared to $7.6 million in the prior quarter, an increase of 233%. We've included a reconciliation of adjusted EBITDA, adjusted net income and historical adjusted net income in the table with our first-quarter 2025 earnings release.

歸屬於 The ONE Group Hospitality, Inc. 的調整後 EBITDA 為 2,520 萬美元，而上一季為 760 萬美元，成長 233%。我們在 2025 年第一季財報中將調整後的 EBITDA、調整後的淨收入和歷史調整後的淨收入進行了對帳。

Turning to liquidity. We finished the quarter with $34.1 million in cash and short-term credit card receivables and $33.6 million available under our revolving credit facility, which remains undrawn. Under the current conditions, our term loan does not have a financial covenant.

轉向流動性。本季結束時，我們的現金和短期信用卡應收款為 3,410 萬美元，循環信貸額度下可用餘額為 3,360 萬美元，尚未提取。在目前情況下，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. 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 control of landlords, contractors, licensees, and regulatory and licensing authorities. Based on the information available now and the expectations as of today, we are issuing the following financial targets for the second quarter of 2025.

現在我想就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。我們一如既往地提醒投資者，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、許可證持有人以及監管和許可機構控制的因素。根據目前掌握的資訊和今天的預期，我們發布 2025 年第二季的以下財務目標。

Beginning with the top line, we project total GAAP revenues between $205 million and $210 million, which reflects our anticipation of consolidated comparable sales of minus 5.5% to minus 4% and factored in a greater amount of uncertainty in the near-term macro environment. Managed franchise and license fee revenues are expected to be between $3 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 between $23 million and $25 million, the restaurant preopening expenses of between $1.5 million and $2 million. And finally, we plan to add one to two new venues.

從營收開始，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 5.5% 至下降 4% 的預期，並考慮到了近期宏觀環境中的更大不確定性。管理特許經營權和許可費收入預計在 300 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%。總 G&A（不包括約 1100 萬美元的股票薪酬）調整後 EBITDA 在 2300 萬美元至 2500 萬美元之間，餐廳開業前費用在 150 萬美元至 200 萬美元之間。最後，我們計劃增加一到兩個新場館。

Based on the information available now and the expectations of today, we are reiterating the following financial targets for 2025. Please note, this does not include the potential impact of tariffs on broader economic conditions. 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%. 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 from 83.5% to 82.2%.

根據目前掌握的資訊和今天的預期，我們重申以下 2025 年財務目標。請注意，這不包括關稅對更廣泛的經濟狀況的潛在影響。我們預計 GAAP 總營收將在 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。管理特許經營權和許可費收入預計在 1500 萬美元至 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從 83.5% 降至 82.2%。

Total G&A, excluding stock-based compensation of approximately $47 million, adjusted EBITDA between $95 million and $115 million, restaurant preopening 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 of between $45 million and $50 million. And finally, we plan to add five to seven new venues.

總 G&A（不包括約 4,700 萬美元的股票薪酬）調整後 EBITDA 在 9,500 萬美元至 1.15 億美元之間，餐廳開業前費用在 700 萬美元至 800 萬美元之間，有效所得稅率約為 7.5%。總資本支出扣除從房東收到的 4,500 萬至 5,000 萬美元的補貼後為淨額。最後，我們計劃增加五到七個新場館。

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. We remain confident in our plans and 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.

謝謝你，泰勒，也謝謝大家今天的時間和對 The ONE Group 的關注。我們對我們的計劃、標誌性大批量品牌組合以及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。我們公司的發展歷程正處於令人興奮的早期階段，感謝您的持續支持。

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

泰勒和我很樂意回答您的任何問題。操作員？

(Operator Instructions)

（操作員指示）

Mark Smith, Lake Street Capital.

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

Hi, guys. First question for me. Just big picture, wanted to look at consumer behavior. It sounds like during the quarter, higher-end consumers held up better than kind of real concepts consumers. Is this right? And then can you speak to if there's -- if you've seen any change in behavior here in Q2 thus far?

嗨，大家好。我的第一個問題。只是從大局來看，想了解消費者行為。聽起來，在本季度，高端消費者的表現比實際概念消費者更好。這是對的嗎？然後您能否談談到目前為止第二季度的行為是否有任何變化？

Hey, Mark, this is Manny. I mean, I think the consumer trends that we continue to talk about is more about the check in the higher end in the STK brand. If I look at the performance of STK on traffic, I think that's more of a function of the strategy and the emphasis on value rather than just a pure demographic play on that. So I would say that I would attribute to the own performance more to what we're doing strategically with the brands. In terms of the growth side, obviously, that still continues to be the more challenged side of the business for us.

嘿，馬克，這是曼尼。我的意思是，我認為我們繼續談論的消費趨​​勢更多的是關於 STK 品牌的高端檢驗。如果我看一下 STK 在流量方面的表現，我認為這更多的是戰略的功能和對價值的強調，而不僅僅是純粹的人口統計作用。因此我想說，我認為我們自身的表現更歸功於我們對品牌採取的策略。就成長方面而言，顯然這仍然是我們業務中更具挑戰性的方面。

Okay. And as we think about grill concept, can you just talk about kind of work that's being done in those brands to improve results and even longer-term plans or options should we think about kind of some of those non-core grow concepts units?

好的。當我們考慮燒烤概念時，您能否談談這些品牌為改善業績所做的工作，甚至長期計劃或選擇，我們是否應該考慮一些非核心成長概念單位？

I mean I think the big -- I don't know if it's the due difference, but we're clearly stepping up our marketing efforts. I think particularly in the casual category, there's been a heavy emphasis on TV. And obviously, at our size, that's not really a viable alternative to us. So we have to compete more on the local store marketing area and try to be a little bit more grassroots in our marketing. So we stepped up dramatically our marketing efforts.

我的意思是，我認為最大的——我不知道這是否是應有的差異，但我們顯然正在加強我們的行銷力度。我認為，特別是在休閒類別中，電視受到極大重視。顯然，以我們的規模來說，這對我們來說並不是一個可行的選擇。因此，我們必須在本地商店行銷領域展開更多競爭，並嘗試在行銷中更加基層化。因此我們大力加強了行銷力道。

And obviously, the big one for us is the launch of our Friends with Benefits loyalty program, which is, as we mentioned on the prepared statements is on a soft phase right now, but with emphasis on bringing in the casual brands first. So that's kind of some of the things that we're working on. So it's mostly on the side of marketing.

顯然，對我們來說最重要的是推出「朋友福利」忠誠度計劃，正如我們在準備好的聲明中提到的那樣，該計劃目前處於軟階段，但重點是首先引入休閒品牌。這就是我們正在努力的一些事情。所以這主要與行銷有關。

When I look at the execution on the experience, I mean our casual brands are executing at a very high level, at least from what we see on our social metrics and in-store surveys and secret shopper [report]. So I think the quality of execution is strong, so our emphasis has been on the marketing side.

當我審視體驗的執行情況時，我認為我們的休閒品牌的執行程度非常高，至少從我們的社交指標、店內調查和神秘顧客調查來看是如此。[報告]。所以我認為執行品質很高，所以我們的重點一直放在行銷方面。

Okay. And last question for me. We haven't talked about it in a while, just wanted to look at restaurant labor costs, any changes that you're seeing there? And also anything that you can speak to on retention in today's economy or you guys having an easier time retaining? Or are you seeing difficulties around retention?

好的。這是我的最後一個問題。我們有一段時間沒有談論這個了，只是想看看餐廳的勞動成本，你看到有什麼改變嗎？另外，您能談談在當今經濟環境下的留任問題嗎，或者您如何更輕鬆地留任？或者您發現在保留方面有困難？

I think retention, at least for us, retention is at parity with what we experienced in the second half of last year. So nothing really dramatically either worse or better, I think, actually for STK and Benihana, the retention has been very good. So nothing really noticeable there. And on the cost side, I think the inflation has been very moderate on the wage. So we haven't really seen any inflationary pressures on the labor line.

我認為，至少對我們來說，保留率與去年下半年的保留率持平。所以我認為，實際上對於 STK 和 Benihana 來說，保留率一直都很好，沒有什麼明顯變壞或變好的情況。所以那裡沒有什麼值得注意的地方。在成本方面，我認為薪資通膨一直非常溫和。因此，我們實際上沒有看到勞動力方面出現任何通膨壓力。

Excellent. Thank you.

出色的。謝謝。

Thanks, Mark.

謝謝，馬克。

Anthony Lebiedzinski, Sidoti.

安東尼·萊比津斯基，西多蒂。

Good afternoon and thank you for taking the questions. So first, I just wanted to see if you guys could talk about the cadence of same-store sales during the quarter. How did January through March progress, would be curious to get your take on that?

下午好，感謝您回答問題。所以首先，我只是想看看你們是否可以談談本季同店銷售額的節奏。一月到三月的進度如何，想知道您的看法嗎？

I mean I think generally in the quarter, at least for us, I think February was probably the more challenged of the period, although we did have a very good Valentine's holiday period. But in general, that probably was the choppier of the period. But I think that, March probably was the place where we performed really well. Obviously, with the Easter coming in at the end of the quarter, everything else. So I would say that the toughest month would have been February.

我的意思是，我認為總體而言，至少對我們來說，二月可能是本季中最具挑戰性的時期，儘管我們確實度過了一個非常好的情人節假期。但總體而言，這可能是該時期最動盪的時期。但我認為，三月可能是我們表現最好的一個月。顯然，隨著本季末復活節的到來，其他一切都將受到影響。所以我想說最艱難的月份是二月。

Understood. Yes. Thank you for that. And then just in terms of the second quarter comp guidance, I know you touched on this a little bit, but just overall, it does imply more of a decline than the first quarter. So can you just maybe talk about what you're seeing so far in the second quarter, maybe just be a little bit more specific as to the trends that you're seeing thus far?

明白了。是的。謝謝你。就第二季的業績指引而言，我知道您稍微提到了這一點，但總體而言，這確實意味著比第一季的下滑幅度更大。那麼，您能否談談您目前在第二季度看到的情況，更具體地說明您目前看到的趨勢？

I think for us, the second quarter is a little bit more about a little bit of weather, at least for our portfolio footprints, and the other item that's a little unique for us in the second quarter. It's a little bit of the convention schedules. There's less weeks between Easter and Mother's Day this year. So I think the convention business schedule has shifted a little bit.

我認為對我們來說，第二季更多的是受天氣影響，至少對我們的投資組合足跡而言是如此，而第二季對我們來說還有一點獨特的因素。這是一些會議日程。今年復活節和母親節之間的間隔縮短了幾週。所以我認為會議業務日程有所調整。

So we do have exposure to markets like Orlando and Vegas and some of the -- in San Diego, some of the markets where there's a lot of active conventions and the conferences. So I think that gets changed a little bit. So I think that's part of what's implied in there.

因此，我們確實接觸了奧蘭多、拉斯維加斯和聖地牙哥等一些市場，這些市場有許多活躍的會議和研討會。所以我認為這會有所改變。所以我認為這就是其中隱含的部分。

And just in general, I mean, the second quarter, there's been a lot of environmental ups and downs with the tariffs on, tariffs off, all kinds of different activities that we think kind of sometimes causes the consumer to change their behavior within the quarter. So I think those probably would be the items that I would point out that caused our number, our guidance in the second quarter to be a little bit different from the first-quarter performance.

總的來說，第二季度，環境因素起伏很大，有關稅上調，有關稅取消，各種不同的活動，我們認為這些因素有時會導致消費者在本季改變其行為。所以我認為這些可能是我要指出的導致我們第二季的數字、指導與第一季的表現略有不同的因素。

That's very helpful. And the last question for me. Just wondering if you've seen any notable changes from your competitors in regards to promotions and discounting, anything to call out?

這非常有幫助。這是我的最後一個問題。只是想知道您是否看到競爭對手在促銷和折扣方面有任何顯著的變化，有什麼值得注意的嗎？

Yes. I mean I think as I mentioned on my previous answer to Mark's question, TV is back. And if you have scale and you have TV power, I think that this is the time, post COVID, where we've seen a lot of the brands, particularly on the casual category going heavy on TV. And obviously, I don't have to call out who's been super successful with that, but there's been significant amount of brands out there who really have leveraged TV to get out and ahead with their frankly, very high value point promotion.

是的。我的意思是，我認為正如我之前回答馬克的問題時提到的那樣，電視又回來了。如果你有規模，有電視影響力，我認為現在是新冠疫情之後的時代，我們會看到很多品牌，特別是休閒類別的品牌在電視上大力推廣。顯然，我不需要指出誰在這方面取得了巨大成功，但已經有相當多的品牌真正利用電視來推廣他們的高價值點。

So I think the combination of high volume with -- I mean, high value with TV has changed a little bit the game on the casual side. So we've seen that out there. And as I mentioned earlier, particularly on our casual side -- for the size of our casual brands, we've really had to up our grassroots promoting, and we've also had to add emphasis with our loyalty. So that's how we tend to offset some of the macro pressure from the discounting and the TV strategies.

所以我認為高銷量與高價值的結合——我的意思是，電視在休閒方面稍微改變了遊戲規則。我們已經看到了這一點。正如我之前提到的，特別是在我們的休閒方面——對於我們休閒品牌的規模，我們確實必須加強基層推廣，我們也必須更加重視我們的忠誠度。這就是我們傾向於抵消折扣和電視策略帶來的一些宏觀壓力的方法。

Got it. Thank you. Best of luck.

知道了。謝謝。祝你好運。

Thank you, sir.

謝謝您，先生。

Joe Gomes, Noble Capital.

喬·戈麥斯 (Joe Gomes)，Noble Capital 的創始人。

Good afternoon. Thanks for taking my questions.

午安.感謝您回答我的問題。

Thanks for being on the call.

感謝您接聽電話。

So the first question, I just wanted to see if you could touch base a little bit on your franchising efforts, do you see them picking up? I know you had talked in the past about your looking at developing more of a team on the franchising side to get that part of the business growing faster. And I wonder if you could just give us a little update on that?

所以第一個問題，我只是想看看您是否可以稍微談談您的特許經營努力，您認為它們有進展嗎？我知道您過去曾談過，您考慮在特許經營方面組建更多的團隊，以使該部分業務更快地發展。我想知道您是否可以向我們簡單介紹一下最新情況？

Yes. I mean, great question. So we have updated the infrastructure in terms of internally people, everything else that's required to drive a franchising model. We've also expanded our participation in conventions and conferences where people talk about franchising. So we've really created -- we've elevated the awareness in the marketplace of that we are in the franchising business.

是的。我的意思是，這個問題問得好。因此，我們更新了內部人員的基礎設施以及推動特許經營模式所需的一切。我們也擴大了對人們討論特許經營的會議和研討會的參與。因此，我們確實創造了——我們提高了市場對我們從事特許經營業務的認識。

So that's kind of like stage 1 is infrastructure. Stage 2 is building kind of the awareness. And now currently, we have a significant amount of people who have come to the table and have interest in being that franchising business. So now we're working on, if you will, putting together development deals with these individuals based on their experience and their financial ability.

所以這有點像是第一階段的基礎建設。第二階段是建立意識。目前，已經有大量的人士前來洽談，對特許經營業務感興趣。因此，現在我們正在根據這些人的經驗和財務能力與他們達成開發協議。

So we definitely have made significant progress basically in about nine months or so because we started this probably in the middle of July last year. So I think we've moved fast and the demand has been there and we feel excited about the progress that we've made there. And as we have sign-on development agreements, we'll be communicating that out to everybody.

因此，我們確實在大約九個月的時間內取得了重大進展，因為我們大概在去年七月中旬就開始了這項工作。所以我認為我們行動迅速，需求也一直存在，我們對所取得的進展感到興奮。由於我們已經簽署了開發協議，因此我們將其傳達給每個人。

Thank you for that. I just wanted to touch base also about pricing. Are you still holding off on taking pricing? Are you looking at selectively increasing prices is kind of where you are on that today?

謝謝你。我只是想了解價格問題。您還在猶豫是否接受定價嗎？您是否正在考慮選擇性提高價格，這就是您目前的做法？

Yes. I mean our overall strategy, frankly, at this point has been to be conservative on pricing and only take it while we have to take it or if there's like significant gaps to market, but for the most part, we want to stay true to the value positioning and we want to stay true to building traffic. And so in the long term, traffic and market share are probably the more important part of our story. So we certainly weigh more on the side of playing on the traffic now and picking up market share at this point. So I would say we're super conservative.

是的。我的意思是，坦白說，目前我們的整體策略是在定價上持保守態度，只有在必須定價或市場存在重大差距時才會定價，但在大多數情況下，我們希望堅持價值定位，並堅持建立流量。因此，從長遠來看，流量和市場份額可能是我們故事中更重要的部分。因此，我們現在當然更注重利用流量並搶佔市場份額。所以我想說我們非常保守。

Okay. And then last one for me. Maybe just kind of give us a little bit more of your thinking of how you weigh opening more company-owned stores versus deleveraging the balance sheet. Any additional color you can give there would be greatly appreciated.

好的。這是我的最後一個。或許您可以向我們透露更多您的想法，即如何權衡開設更多公司自營商店與降低資產負債表槓桿率之間的權衡。如果您能提供任何額外的顏色，我們將非常感激。

Yes. I mean I think the balance is always about figuring out what the best return is for shareholders as well as managing the business risk. So we weigh those factors in all the time, and we talk about that internally. And obviously, over time, as I've mentioned earlier, we expect to grow more through franchising and asset-light assets. So I think in the longer term, that's the most important part of our growth story.

是的。我的意思是，我認為平衡始終在於找出對股東的最佳回報以及管理業務風險。因此，我們一直在權衡這些因素，並在內部討論這些問題。顯然，隨著時間的推移，正如我之前提到的，我們希望透過特許經營和輕資產實現更大的成長。所以我認為從長遠來看，這是我們成長故事中最重要的部分。

Right now, we do have a significant pipeline of really high-quality real estate, which I think we do a good job of developing. So our plan is to keep a healthy balance on the short term of the company owned. And frankly, as I mentioned earlier, our emphasis on asset light is to build up the pipeline. So we're building in the pipeline on franchising and on licensed deals.

目前，我們確實擁有大量真正高品質的房地產，我認為我們在開發這些房地產方面做得很好。因此，我們的計劃是在公司擁有的短期內保持健康的平衡。坦白說，正如我之前提到的，我們強調輕資產是為了建立管道。因此，我們正在籌備特許經營和授權交易。

Great. Thank you very much. I'll get back in the queue.

偉大的。非常感謝。我會回到隊列中。

Thank you, sir.

謝謝您，先生。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

Thanks for the question. Just wanted to follow up a little bit more on the discussion on same-store sales trend in the first quarter and heading into the second quarter. Can you walk us through how the Easter calendar shift impacted first quarter? And will impact second quarter across the major brands?

謝謝你的提問。只是想進一步討論第一季和第二季的同店銷售趨勢。您能向我們介紹一下復活節日曆的變化對第一季有何影響嗎？這會對第二季各大品牌產生影響嗎？

I mean, Easter was definitely an impact, but I would not consider Easter to be a significant impact in terms of being a significant holiday for us. So they did have a little bit of an impact, but I wouldn't qualify that as a big impact between quarters.

我的意思是，復活節肯定會產生影響，但就我們作為一個重要節日而言，我認為復活節不會產生重大影響。所以它們確實有一點影響，但我不會將其視為季度之間的重大影響。

Okay. So that would be maybe a slight benefit in the first -- or negative in the first quarter and maybe slight in the second. Is that the --.

好的。因此，這在第一季可能會帶來輕微的好處，或在第一季帶來負面影響，在第二季可能帶來輕微的好處。那是--.

Yes. I mean that cause a differential in the rounding, not a lot. It's not a really big holiday for us.

是的。我的意思是這會導致舍入的差異，但不是很大。對我們來說這並不是一個重要的節日。

Just wondering if you have any feedback on your Mother's Day bookings if you think that's where it should be for this time of year?

我只是想知道，如果您認為母親節的預訂就應該是今年這個時候的預訂，您對母親節的預訂有什麼反饋嗎？

Yes. I mean I think that so far, the books are where we thought it should be. So we don't have -- we haven't detected anything that drive us to think one way or the other. And frankly, the big game for us for Mother's Day is such a big day. It's more about operational execution, and throughput in the restaurants because there's always a significant amount of demand for reservations on the Friday and Saturday before Mother's Day.

是的。我的意思是，我認為到目前為止，這些書都處於我們認為應該處於的位置。所以我們沒有——我們沒有發現任何促使我們以某種方式思考的東西。坦白說，母親節對我們來說是一個重要的日子。這更多的是關於營運執行和餐廳的吞吐量，因為母親節前的周五和周六總是有大量的預訂需求。

So our emphasis has been more on readiness and being able to take the walk-in traffic and managing the reservations on the two last days before the holiday. So that's really been our emphasis.

因此，我們的重點更放在準備工作上，以及在假期前兩天接待臨時客流和管理預訂。所以這確實是我們的重點。

And then more recently, particularly with the proliferation of online reservations, people that booked early before Mother's Day, tend to have higher rates of no shows in the actual holidays. So we're really putting a lot more thought behind cleaning up our reservation books for anticipated no shows, et cetera. So we're just putting on more emphasis on it, but I haven't really noticed any particular either bullish or not so good trends on the bookings at this point.

最近，特別是隨著網路預訂的普及，在母親節前提前預訂的人，在實際假期中往往有更高的未入住率。因此，我們確實花了更多心思來清理預訂簿，以應對預計的未入住情況等等。所以我們只是更加重視這一點，但目前我還沒有真正注意到預訂方面有任何特別的看漲或不太好的趨勢。

All right. Any feedback on concern with tourism travel to the United States? Any exposure there? You mentioned conventions, for example?

好的。對前往美國旅遊有什麼擔憂嗎？那裡有曝光嗎？例如，您提到了慣例？

Yes. I mean I think it's probably -- I mean, again, I think there's been a lot of source, better sources of information on this than probably us. But we certainly believe that in markets like Vegas that has a significant influx of visitors from Canada and Mexico. I think we've seen some level of decrease in their visits to the U.S. and so I think there has been some of that, of course, it's a little bit more anecdotal to us because we don't do (inaudible) studies on tourism, but we certainly have noticed a little bit less people in the restaurants from those countries.

是的。我的意思是，我認為這很可能是——我的意思是，我再說一次，我認為有很多來源，比我們更好的資訊來源。但我們確實相信，像拉斯維加斯這樣的市場將有大量來自加拿大和墨西哥的遊客湧入。我認為我們已經看到他們訪問美國的次數有所減少，所以我認為確實存在這種情況，當然，這對我們來說只是軼事，因為我們沒有做過（聽不清楚）旅遊業研究，但我們確實注意到來自這些國家的餐館裡的人少了一點。

And then just a follow-up question to the same-store sales numbers you published for the first quarter. Can you break that out for us between traffic and check, just so we can understand maybe what type of menu pricing you're carrying into 2025 and how mix is impacting check?

然後我再問您發布的第一季同店銷售額數據。您能否為我們分解一下客流量和帳單，以便我們了解您在 2025 年將採用哪種類型的菜單定價以及組合如何影響帳單？

Well Tyler can give you the pricing for the brands, pricing is around 3%, 4% for the brands, Tyler?

那麼泰勒可以提供你這些品牌的定價，這些品牌的定價大約是 3%、4%，泰勒？

Yes. Average check was about 4%.

是的。平均支票金額約為4%。

Average check.

平均檢查。

Okay. So how do we look at maybe some potential mix? You mentioned a little bit of leaning towards value for STK. Is that pressuring check a little bit?

好的。那我們如何看待一些潛在的組合呢？您提到了對 STK 價值的一點點傾向。是不是有點壓力檢查？

Yes. I think overall mix is just kind of slightly down. I mean, Benihana is now 55% of the revenue. So we didn't see a lot of mix there. And so the mix is slightly down across the portfolio.

是的。我認為整體混合度略有下降。我的意思是，Benihana 現在佔了總收入的 55%。所以我們在那裡沒有看到很多混合。因此，整個投資組合的成分比略有下降。

All right. And last question for me. I just want to go back to the commentary on Benihana. Any thoughts on how you will balance company and franchised stores as far as your 400-unit target goal in the United States?

好的。這是我的最後一個問題。我只是想回到 Benihana 的評論。就美國實現 400 家門市的目標而言，您如何平衡公司和特許經營店？

I mean I think although we haven't provided a full guidance on this, at least internally, we're talking somewhere in the 50% kind of portfolio balance between franchise and company-owned stores for Benihana.

我的意思是，我認為，儘管我們還沒有就此提供完整的指導，但至少在內部，我們正在討論 Benihana 特許經營店和公司自營店之間 50% 的投資組合平衡。

Very good. All right. Thank you very much. I'll pass it on.

非常好。好的。非常感謝。我會傳達的。

Thanks, sir.

謝謝，先生。

Roger Lipton, Lipton Financial.

羅傑·利普頓，利普頓金融。

Hi, Manny. Hi, Tyler. Thanks for taking the question. I wanted just to follow up on Benihana as you just pointed out, it happens to represent 55% of your total revenues, and has the best comps right now, the best comps and best margins of any of your brands. So it becomes pretty important.

你好，曼尼。你好，泰勒。感謝您回答這個問題。我只是想跟進一下您剛才指出的 Benihana 的情況，它恰好占到您總收入的 55%，並且目前擁有最好的可比性，在所有品牌中擁有最好的可比性和最好的利潤率。所以它變得非常重要。

In terms of the improvement in comps you were assuming the rest of this year to get to that minus 3% to plus 1% for the year, obviously, will require a stronger second half. Does that come from sort of just Benihana's dominance? Or are you figuring some improvement in STK and even Kona in that improvement?

就您假設今年剩餘時間內可比銷售額的改善而言，要實現全年-3%至+1%的增幅，顯然需要下半年表現更強勁。這是否僅僅源自於 Benihana 的主導地位？或者您是否認為 STK 甚至 Kona 會有所改進？

I mean I think probably one of the big things that drives our view on that fourth quarter. We've learned a lot about holidays in Benihana and Benihana is certainly holiday concept. And as we've gained more experience in working with the team on throughput and volume in the restaurants, I think a big part of our thought is that Benihana should do very well, particularly during the holiday season this year in the fourth quarter. Last year was kind of our first holiday season with the brand. So we have a lot of learnings that we will clearly apply that we can help set out.

我的意思是，我認為這可能是影響我們對第四季的看法的重要因素之一。我們在 Benihana 學到了很多關於假期的知識，Benihana 當然是一個假期概念。而且，隨著我們在與團隊合作提高餐廳吞吐量和數量方面積累了更多經驗，我認為我們很大程度上認為 Benihana 應該會表現得非常好，尤其是在今年第四季度的假期季節。去年是我們與該品牌合作的第一個假期季節。因此，我們有很多可以明確應用的經驗，可以幫助闡明。

And I think just in general, our lap in the third and fourth quarter is more manageable for us than the lap in Q1, Q2. So I think that's a big part of their view on guidance, Tyler, anything else you want to add on that?

我認為整體而言，我們在第三和第四節的圈數比 Q1 和 Q2 的圈數更容易掌控。所以我認為這是他們對指導的看法的重要組成部分，泰勒，您還有什麼要補充的嗎？

Okay. And just before I move on to STK for a moment. At Benihana, as I recall, the average volume domestically is about $6.5 million. Is that like recall right?

好的。在我繼續討論 STK 之前。我記得，Benihana 的國內平均交易額約為 650 萬美元。這就像回憶吧？

That's about right.

差不多就是這樣。

Right. And then if you had to guess what the hard cost would be in terms of building a Benihana these days, what would be an approximate number?

正確的。那麼，如果您必須猜測現在建造 Benihana 的硬成本是多少，那麼大約是多少？

I mean we just built one just in fairness in disclosure. Some of the costs were already loaded up in our acquisition of the company. I think probably a fair valuation that is after we open the next couple them, but I figured that on a net basis, we're looking somewhere between $400 and $500 a square foot. So I would just take the size of the box times the midpoint of that range of $400 to $500.

我的意思是，我們只是為了公平披露而建立的。我們在收購該公司時已經承擔了部分成本。我認為在我們開設下幾家門市之後，這可能是一個公平的估值，但我認為，以淨價計算，我們的估值在每平方英尺 400 至 500 美元之間。因此，我只需將盒子的大小乘以 400 美元到 500 美元範圍的中點。

Okay. And how large --. Go ahead, sorry.

好的。還有多大--.繼續吧，抱歉。

(inaudible) 7,000 is kind of the sweet spot for Benihana [price].

（聽不清楚）7,000 對 Benihana 來說是一個不錯的價位[價格]。

So if it were 7,000 times $500, it would be $3.5 million and a 20% margin on 6.5% is $1.3 million on 3.5%. That's an interesting return on the cash-on-cash return on investment. Going back to STK for a moment, the 17.7% margin is obviously a little lower than we're used to seeing, subject probably because of the value orientation. Is there a prospect that, that can improve the rest of the year? What would be your expectation in terms of the margin at STK the rest of the year?

因此，如果是 7,000 乘以 500 美元，那就是 350 萬美元，而 6.5% 的 20% 利潤率就是 3.5% 的 130 萬美元。這是現金投資報酬率的一個有趣的回報。回到 STK，17.7% 的利潤率顯然比我們習慣看到的要低一點，可能是因為價值導向。是否有可能改善今年剩餘的時間？您對今年剩餘時間 STK 的利潤率有何預期？

Well, I mean I think seasonally, the fourth quarter is always the best quarter for margin. So I think there's a function of seasonality there. And so I think it probably Q2 and Q4 tends to be in the higher end of the margins. And then Q1 and Q3 usually are the tighter on the restaurant level margins for the STK brand. Again, if you could just take a look at the history of how we published the number, but that tends to be seasonality.

嗯，我的意思是，我認為從季節性來看，第四季始終是利潤率最好的季度。所以我認為這裡有季節性因素。因此我認為第二季和第四季的利潤率可能處於較高水準。然後，對於 STK 品牌來說，Q1 和 Q3 通常對餐廳層面的利潤率是比較緊張的。再說一次，如果你能看一下我們發布數字的歷史記錄，你會發現這往往具有季節性。

So I wouldn't look at the seven, number that we published for Q1 as the ultimate number. So there's upside, particularly in the fourth quarter and possibly even in the second quarter.

因此，我不會將我們發布的第一季數字“7”視為最終數字。因此存在上行空間，特別是在第四季度，甚至可能在第二季度。

Okay. That's all for now. Thank you very much.

好的。目前就這些。非常感謝。

Thanks, Roger.

謝謝，羅傑。

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

我們的問答環節到此結束。我想將會議交還給希拉蕊奧先生，請他作最後發言。

Thank you all for your interest in The ONE Group. As I always do, I'd like to thank our teammates, again for a significant work in driving results for the company and living our mission every day. And I look forward to seeing everyone out in our restaurants. Everyone, have a great day.

感謝大家對 The ONE Group 的關注。像往常一樣，我想再次感謝我們的隊友，感謝他們為推動公司業績和每天履行我們的使命所做的重要工作。我期待在我們的餐廳見到大家。祝大家有個愉快的一天。

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。