One Group Hospitality Inc (STKS) 2025 Q3 法說會逐字稿

(audio in-progress). At STK we are introducing a new premium holiday menu focused on Wagyu and premium seafood, aligning with today's selective diners who are more intentional about what they choose to dine. At Kona Grill, we are strategically expanding our menu to reduce reliance on categories facing current market pressures.

（音訊正在播放）STK 推出了全新的高級節日菜單，主打和牛和高級海鮮，以滿足當今挑剔的食客對用餐選擇更加講究的需求。Kona Grill 正在有策略地擴展我們的菜單，以減少對目前面臨市場壓力的菜餚類別的依賴。

The brand has historically been centered around seafood, sushi, and our distinctive bar experience, but we are seeing headwinds across those core areas. Our menu diversification introduces broader culinary options that appeal to more frequent dining occasions and are less sensitive to economic fluctuations. Our Friends with Benefits loyalty program continues to gain momentum with over 6.5 million members. During the quarter we added over 200,000 new members.

該品牌歷來以海鮮、壽司和我們獨特的酒吧體驗為中心，但我們看到這些核心領域正面臨逆風。我們的菜單多樣化引入了更廣泛的烹飪選擇，以吸引更頻繁的用餐場合，並且對經濟波動不太敏感。我們的「好友互惠」會員忠誠計畫持續發展壯大，會員人數已超過 650 萬人。本季我們新增了超過 20 萬名會員。

Newly enrolled guests are showing the most repeat participation in the program. We are focused on growing a best-in-class program that fuels long-term business growth. Our key objectives of the Friends with Benefits loyalty program are maximize membership size by converting members from other STK marketing programs, drive organic signups through increased awareness and engagement, and increase member engagement within the program to strengthen brand connection and repeat visits. We have also upgraded our brand websites.

新註冊的客人對該計劃的重複參與度最高。我們致力於打造一流的項目，以促進企業的長期發展。「好友互惠」忠誠度計畫的主要目標是：透過轉換其他 STK 行銷計畫的會員來最大限度地擴大會員規模；透過提高知名度和參與度來推動自然註冊；以及提高會員在計畫內的參與度，以加強品牌聯繫和提高回頭客。我們還升級了品牌網站。

Benihana, STK, Kona Grill, and RA Sushi now feature fresh, mobile-optimized designs that are increasing both traffic and conversion rates. These digital enhancements combined with our loyalty platform position us to compete effectively as national chains ramp up promotional activity.

Benihana、STK、Kona Grill 和 RA Sushi 現在都採用了全新的行動優化設計，從而提高了流量和轉換率。這些數位化增強功能與我們的會員平台相結合，使我們能夠在全國連鎖店加大促銷力度之際有效參與競爭。

Priority 2, capital-efficient growth. The newly redesigned Benihana location we opened in San Mateo, California earlier this year has become the top-performing restaurant opening in the brand's sixty-year history.

優先事項 2，資本效率成長。今年早些時候，我們在加州聖馬刁開設了一家經過重新設計的 Benihana 餐廳，這家餐廳已成為該品牌六十年歷史上業績最好的新餐廳。

This outstanding start validates the effectiveness of our redesigned Benihana format. In this redesign, we made several meaningful changes to the Benihana footprint. We relocated the sushi station to the back of the house to create more teppanyaki table capacity, expanded the bar seating area, modernized the interior with a brighter, more contemporary look, and created a dedicated takeout station that improves overall restaurant flow.

這一出色的開局證明了我們重新設計的Benihana模式的有效性。在這次重新設計中，我們對 Benihana 的佈局進行了幾項意義重大的改變。我們將壽司台移到了後廚，以增加鐵板燒餐桌的數量；擴大了酒吧座位區；使室內裝潢更加明亮、現代；並設立了專門的外賣台，從而改善了餐廳的整體客流。

We are now implementing these learnings system-wide, adding 2 to 3 teppanyaki tables per restaurant to create meaningful capacity increases that directly boost revenue potential. This success gives us confidence that future locations can achieve $8 million in annual sales with profit margins in the mid-20% range. Franchise momentum continues to accelerate.

我們現在正在全系統範圍內實施這些經驗，每家餐廳增加 2 到 3 張鐵板燒桌，以創造有意義的容量成長，從而直接提高收入潛力。這項成功讓我們有信心，未來的門市可以實現年銷售額 800 萬美元，利潤率約為 20%。特許經營的發展動能持續加速。

We opened our second Benihana Express location in Miami in the second quarter with more in development. The express format offers the full menu without teppanyaki tables, generating strong franchise interest while enabling asset-light expansion.

我們在第二季在邁阿密開設了第二家 Benihana Express 分店，還有更多分店正在籌建中。這種快速模式提供完整的菜單，但沒有鐵板燒台，既能引起強烈的加盟興趣，又能實現輕資產擴張。

Over time, we expect franchise, licensed, and managed locations to represent over 60% of our total footprint. We are also expanding Benihana into more non-traditional venues. We currently operate in 3 professional sports stadiums, generating 9 million fan impressions annually, with additional airport and arena opportunities under discussion.

隨著時間的推移，我們預計特許經營、授權經營和管理的門市將占我們總門市數量的 60% 以上。我們也在將Benihana擴展到更多非傳統場所。我們目前在 3 個專業體育場館開展業務，每年吸引 900 萬球迷關注，並且正在洽談在機場和體育館開展業務的機會。

Across our portfolio, we have opened 4 company-owned venues and 1 franchise location year-to-date, with additional 4th quarter openings planned, bringing our total 2025 openings to 5 to 7 new venues. In the 4th quarter, we already opened an STK in Scottsdale, Arizona, and plan to open a company-owned STK in Oak Brook, Illinois, and a Kona Grill San Antonio relocation.

今年迄今，我們旗下已開設了 4 家公司直營店和 1 家加盟店，並計劃在第四季度開設更多分店，預計到 2025 年將新增 5 至 7 家分店。第四季度，我們已經在亞利桑那州斯科茨代爾開設了一家 STK 餐廳，並計劃在伊利諾伊州奧克布魯克開設一家公司直營的 STK 餐廳，並將 Kona Grill 餐廳遷至聖安東尼奧。

Relocations remain a key strategy to unlock strong returns in existing markets by prioritizing nearby high-quality real estate opportunities in areas that are ready to embrace our brands, we can increase capacity, optimize traffic, and better position our brands for long-term success.

透過優先考慮附近優質房地產機會，在已準備好接納我們品牌的地區，搬遷仍然是釋放現有市場強勁回報的關鍵策略，我們可以增加產能、優化流量，並更好地定位我們的品牌，以實現長期成功。

For example, our recent relocation of Westwood STK has delivered marginal improvement over the previous location. Remodels are also showing promise and success.

例如，我們最近將 Westwood STK 搬遷，與之前的地點相比，效果略有改善。改造計畫也展現出良好的前景和成功。

During the 3rd quarter, we remodeled our dated Tampa Bay Kona Grill. With modest capital investment, it has delivered a significant turnaround in same-store sales performance. Priority 3, portfolio optimization. We have taken decisive action to strengthen our portfolio quality through strategic location optimization. After conducting a thorough evaluation of our RA Sushi portfolio.

第三季度，我們對老舊的坦帕灣科納燒烤店進行了翻新。僅投入少量資金，該公司就實現了同店銷售業績的顯著改善。優先 3，投資組合最佳化。我們已採取果斷措施，透過策略性選址優化來提升投資組合品質。在對我們的 RA Sushi 產品組合進行全面評估後。

We closed 6 underperforming locations in the second quarter and 1 additional location in the 3rd quarter within challenging trade areas. These were primarily older units, which would have required substantial capital investment.

第二季我們關閉了 6 家業績不佳的門市，第三季在充滿挑戰的貿易區域關閉了 1 家門市。這些主要是較老舊的單元，需要大量的資金投入。

Looking ahead, we have identified up to 9 additional RA Sushi locations to convert to either Benihana or STK formats through the end of 2026. These conversions represent an excellent capital allocation opportunity. They require about $1 million in capital investments, and the average STK generates over $1 million in annual EBITDA.

展望未來，我們已經確定到 2026 年底，將最多 9 家 RA Sushi 門市改造為 Benihana 或 STK 餐廳。這些改造項目代表著絕佳的資本配置機會。它們需要約 100 萬美元的資本投資，平均每台 STK 每年可產生超過 100 萬美元的 EBITDA。

Our first conversion of a RA Sushi location to an STK location has already happened in Scottsdale, Arizona, which opened at the end of October. After completing all planned conversions, we will operate all profitable locations that we expect to generate approximately $10 million in incremental EBITDA and over $100 million in revenue, with all units maintaining positive cash flow.

我們第一家將 RA Sushi 門市改造成 STK 門市的案例已經發生在亞利桑那州斯科茨代爾，該門市於 10 月底開業。完成所有計劃的改造後，我們將運營所有盈利地點，預計這些地點將產生約 1000 萬美元的增量 EBITDA 和超過 1 億美元的收入，所有單位都將保持正現金流。

Priority 4 balance sheet strength. With approximately $45 million in liquidity, we have the means to invest in growth while maintaining discipline. Our board authorized a $5 million share repurchase program last year, and we view our stock as an attractive investment. Additionally, we expect to further reduce discretionary capital expenditures in the coming year across all of our brands, allowing us to strengthen our balance sheet while enhancing financial flexibility.

第四優先：資產負債表實力。我們擁有約 4500 萬美元的流動資金，這使我們能夠在保持紀律的同時投資於成長。去年，董事會批准了一項 500 萬美元的股票回購計劃，我們認為我們的股票是一項有吸引力的投資。此外，我們預期來年將進一步削減旗下所有品牌的自由支配資本支出，進而增強資產負債表，同時提高財務彈性。

Finally, I'm optimistic about our 4th quarter. This is historically our strongest period, and we are better positioned than ever to capitalize on that strength. 2024 marked our first holiday season with Benihana in the portfolio, and we set records across every holiday with exceptional demand. This year we have made targeted investments to capture even greater holiday demand.

最後，我對我們第四季的業績持樂觀態度。這是歷史上我們業績最強勁的時期，我們比以往任何時候都更有能力充分利用這一優勢。 2024年是我們旗下擁有Benihana餐廳的第一個假期季，我們在每個假日都創下了銷售紀錄，需求異常旺盛。今年我們進行了有針對性的投資，以滿足更大的假期需求。

Our enhanced reservation technology, streamlined operational flow, and comprehensive team training initiatives position us to execute flawlessly during our busiest periods. A key operational focus is optimizing Benihana table efficiency. We are targeting a reduction from 120 minutes to 90 minutes table turns throughout the fourth quarter, which will significantly expand our capacity to serve more guests during the busy dinner periods.

我們先進的預訂技術、精簡的營運流程和全面的團隊培訓計劃，使我們能夠在最繁忙的時期完美地執行各項任務。營運的重點是優化Benihana餐桌的效率。我們的目標是在第四季度將餐桌週轉時間從 120 分鐘縮短到 90 分鐘，這將大大提高我們在繁忙的晚餐時段接待更多客人的能力。

The items that I have outlined today are fundamentally execution-driven and within our direct control. We are not relying on macroeconomic recovery or waiting for consumer sentiment shifts. Instead, we are focused on strategic initiatives that position us to deliver strong results regardless of broader economic trends.

我今天概述的這些事項，從根本上來說都是執行驅動的，並且都在我們的直接控制範圍內。我們不依賴宏觀經濟復甦，也不等待消費者情緒的轉變。相反，我們專注於策略舉措，使我們能夠無論整體經濟趨勢如何變化都能取得優異的成績。

Before I turn it over to Nicole for the financial details, I want to thank our teammates. Every day they live our mission of creating great guest memories by operating the best restaurants in every market that we operate, by delivering exceptional and unforgettable guest experiences to every guest every time. They are the foundation of everything we do. With that, I'll turn it over to Nicole.

在把財務細節交給妮可之前，我想感謝我們的隊友們。他們每天都實踐著我們的使命，在我們經營的每個市場中，透過經營最好的餐廳，為每位顧客提供卓越而難忘的用餐體驗，從而創造美好的顧客回憶。它們是我們一切工作的基礎。接下來，我會把麥克風交給妮可。

Thank you, Manny. As a reminder, beginning this year we're reporting financial information on a fiscal quarter basis using 4 13-week quarters with the addition of a 53rd week when necessary. For 2025, our fiscal calendar began on January 1st, 2025 and will end on December 28, 2025, and our third quarter contained 91 days.

謝謝你，曼尼。提醒各位，從今年開始，我們將按財政季度報告財務信息，採用 4 個 13 週的季度，必要時增加 53 週。2025 年，我們的財政年度從 2025 年 1 月 1 日開始，到 2025 年 12 月 28 日結束，第三季共有 91 天。

Let me start by discussing our 3rd quarter financials in greater detail before updating our outlook for 2025. Total consolidated GAAP revenues were $180.2 million decreasing 7.1% from $194 million for the same quarter last year. Included in total revenues were our company-owned restaurant's net revenue of $177.4 million which decreased 6.9% from $190.6 million for the prior year quarter.

在更新我們對 2025 年的展望之前，讓我先詳細討論一下我們第三季的財務狀況。以 GAAP 計算，合併總收入為 1.802 億美元，比去年同期的 1.94 億美元下降了 7.1%。總收入包含我們公司自營餐廳的淨收入 1.774 億美元，比去年同期的 1.906 億美元下降了 6.9%。

The decrease was primarily due to a 5.9% reduction in consolidated comparable sales and the closure of underperforming restaurants from the prior year period.

下降的主因是合併同店銷售額下降了 5.9%，以及去年同期業績不佳的餐廳關閉。

Management, license, franchise, and incentive fee revenues decreased to $2.8 million from $3.4 million in the prior year. The decrease is attributed to lower management, license, and incentive fee revenue at our managed STK restaurants in North America and reduced franchisee revenues due to exiting two license agreements.

管理費、許可費、特許經營費和激勵費收入從前一年的 340 萬美元減少到 280 萬美元。下降的原因在於我們在北美管理的 STK 餐廳的管理費、授權費和激勵費收入減少，以及因終止兩項授權協議而導致的加盟商收入減少。

It is important to note that our sales at our managed STK in Las Vegas have notably improved quarter to date. Additionally, we exited our management deal with STK Scottsdale and converted a former RA Sushi to a company-owned STK.

值得注意的是，我們位於拉斯維加斯的自營門市 STK 的銷售額在本季迄今已顯著提高。此外，我們終止了與 STK Scottsdale 的管理協議，並將一家前 RA Sushi 餐廳改建為公司直營的 STK 餐廳。

Now turning to expenses. We continue to implement targeted cost management initiatives, including strategic adjustments to our protein sourcing to reduce costs and a temporary hiring increase to optimize our labor structure.

現在來說說費用。我們將繼續實施有針對性的成本管理措施，包括對蛋白質採購進行策略性調整以降低成本，以及暫時增加招募以優化勞動力結構。

Company-owned restaurant cost of sales as a percentage of company-owned restaurant net revenue increased slightly to 21.1% from 20.9%. This was primarily due to sales deleveraging coupled with higher than anticipated inflation in certain commodity costs. This was partially offset by additional integration synergy from our Benihana acquisition.

該公司自營餐廳的銷售成本占公司自營餐廳淨收入的百分比從 20.9% 略微上升至 21.1%。這主要是由於銷售槓桿化加劇，以及某些大宗商品成本通膨高於預期所致。收購 Benihana 帶來的額外整合綜效部分抵銷了這種影響。

Company-owned restaurant operating expenses as a percentage of company-owned restaurant net revenue increased 140 basis points to 67.6% from 66.2% in the prior year quarter. This is primarily due to investments in marketing, general cost inflation, and fixed cost deleveraging driven by a decrease in same-store sales.

該公司自營餐廳的營運費用占公司自營餐廳淨收入的百分比從去年同期的 66.2% 增加 140 個基點至 67.6%。這主要是由於行銷投資、整體成本上漲以及同店銷售額下降導致的固定成本去槓桿化所致。

Restaurant operating profit decreased to $20.1 million or 11.3% of owned restaurant net revenue, compared to $24.5 million or 12.8% in the prior year quarter. On a total reported basis, general administration costs increased $500,000 to $13.3 million from $12.8 million in the same quarter prior year, driven by increased marketing expenses.

餐廳營業利潤下降至 2,010 萬美元，佔自有餐廳淨收入的 11.3%，而上年同期為 2,450 萬美元，佔淨收入的 12.8%。以報告總額計算，一般管理費用從去年同期的 1,280 萬美元增加 50 萬美元至 1,330 萬美元，主要原因是行銷費用增加。

When adjusting for stock-based compensation of $1.2 million adjusted general and administrative expenses were $12 million compared to $11.2 million in the third quarter of 2024. As a percentage of revenues when adjusting for stock-based compensation, adjusted general and administrative costs were 6.7% compared to 5.8% in the prior year.

扣除 120 萬美元的股票選擇權費用後，調整後的一般及行政費用為 1,200 萬美元，而 2024 年第三季為 1,120 萬美元。經調整股票選擇權費用後，調整後的一般及行政費用佔收入的百分比為 6.7%，而前一年為 5.8%。

Depreciation and amortization expenses was $11.5 million compared to $9.4 million in the prior year quarter. The increase is primarily related to depreciation and amortization of new venues and capital expenditures to maintain and enhance the guest experience in our restaurants.

折舊和攤提費用為 1,150 萬美元，而去年同期為 940 萬美元。成長主要與新場所的折舊和攤銷以及為維持和提升我們餐廳的顧客體驗而進行的資本支出有關。

During the quarter we completed our regular assessment of the recoverability of the net book value of our fixed assets. A non-cash loss on impairment may be necessary when the net book value exceeds the future expected cash flows of the restaurant and can happen due to economic factors, end of lease, or restaurant performance.

本季我們完成了固定資產帳面淨值可回收性的定期評估。當餐廳的帳面淨值超過其未來預期現金流時，可能需要提列非現金減損損失，這種情況可能是由於經濟因素、租賃到期或餐廳經營狀況等原因造成的。

As a result of this assessment, we identified five restaurants that required impairment charges that total $3.4 million. Mostly related to RA Sushi that we plan not to extend the lease on. Pre-opening expenses were approximately $700,000.

透過這項評估，我們發現有五家餐廳需要提列減損費用，總計 340 萬美元。主要與我們計劃不再續租的 RA Sushi 有關。開業前費用約70萬美元。

Primarily related to the pre-open rent for restaurants under development and payroll costs associated with the pre-opening training team as we prepare restaurants scheduled to open in the 4th quarter of 2025. Pre-opening expenses decreased $1.4 million compared to the prior year period.

主要涉及正在開發的餐廳的開業前租金以及與開業前培訓團隊相關的工資成本，因為我們正在為計劃於 2025 年第四季度開業的餐廳做準備。與去年同期相比，開業前費用減少了 140 萬美元。

Operating loss was $7.9 million compared to an operating loss of $3.6 million in the third quarter of 2024, mostly impacted by the $3.4 million in non-cash loss on impairment. Interest expense was $10.5 million compared to $10.7 million in the prior year quarter.

與 2024 年第三季 360 萬美元的營業虧損相比，本季營業虧損為 790 萬美元，主要原因是 340 萬美元的非現金減損損失。利息支出為 1,050 萬美元，而去年同期為 1,070 萬美元。

Provision for income taxes was $59.1 million compared to a benefit of $4.9 million in the prior year quarter. The increase in income tax expense is primarily the result of the establishment of a full valuation allowance against our deferred tax assets during the 3rd quarter.

所得稅準備金為 5,910 萬美元，而去年同期則為 490 萬美元。所得稅費用的增加主要是由於我們在第三季對遞延所得稅資產提列了全額估值準備。

This is a non-cash income tax expense item that was reported because of management's assessment of the future usability of our deferred tax assets and liabilities.

這是一項非現金所得稅支出項目，由於管理層對遞延所得稅資產和負債的未來可用性進行了評估，因此予以報告。

Net loss attributable to The ONE Group Hospitality was $76.7 million compared to net loss of $9.3 million in the third quarter of 2024. The 2025 loss was primarily driven by the non-cash loss on impairment and non-cash recognition of the valuation allowance.

ONE Group Hospitality 的淨虧損為 7,670 萬美元，而 2024 年第三季的淨虧損為 930 萬美元。2025 年的虧損主要是由於減損造成的非現金損失和估價準備金的非現金確認所造成的。

Net loss available to common shareholders was $85.3 million or $2.75 net loss per share compared to $16.4 million in the third quarter of 2024 or $0.53 net loss per share. The previously discussed non-cash loss on impairment and establishment of the deferred tax asset valuation allowance represent $2.02 of the third quarter 2025 net loss per share.

歸屬於普通股股東的淨虧損為 8,530 萬美元，即每股淨虧損 2.75 美元，而 2024 年第三季淨虧損為 1,640 萬美元，即每股淨虧損 0.53 美元。先前討論的減損和遞延所得稅資產估值準備金的設立所產生的非現金損失佔 2025 年第三季每股淨虧損 2.02 美元。

Adjusted EBITDA attributable to The ONE Group Hospitality Inc. was $10.6 million compared to $14.9 million in the prior year, a decrease of 28.9%. We finished the quarter with $6 million in cash and cash equivalents and restricted cash. We have $28.7 million available under our revolving credit facility. And as the quarter end, we had $5.5 million outstanding on a revolver credit facility. Under current conditions, our term loan does not have a financial covenant.

歸屬於 ONE Group Hospitality Inc. 的調整後 EBITDA 為 1,060 萬美元，而上年同期為 1,490 萬美元，下降了 28.9%。本季末，我們持有現金及現金等價物及受限現金 600 萬美元。我們循環信貸額度下有 2870 萬美元可用。截至季末，我們還有 550 萬美元的循環信貸額度未償還。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 filing. We remind our investors that the actual number and timing of new restaurant openings for any given period is subject to factors outside of the company's control, including macroeconomic conditions, weather, and factors under the control of landlords, contractors, licensees, and regulatory and licensing authorities.

現在我想就我們業務的未來發展做一些展望性的評論。本評論存在與前瞻性陳述相關的風險和不確定性，詳情請參閱我們提交給美國證券交易委員會的文件。我們提醒投資者，在任何特定時期內，新餐廳的實際數量和開業時間均受公司無法控制的因素影響，包括宏觀經濟狀況、天氣以及房東、承包商、被許可人、監管和許可機構可控制的因素。

Based on the information available now and our expectations as of today, we are updating the following financial targets for fiscal year 2025. Please note this does not include the potential impact of tariffs on broader economic conditions.

根據目前掌握的資訊和我們截至今日的預期，我們對 2025 財年的財務目標進行瞭如下更新。請注意，這不包括關稅對更廣泛經濟狀況的潛在影響。

We project total GAAP revenues of between $820 and $825 million which reflects our anticipation of consolidated comparable sales of negative 3 to negative 2%. Managed franchise and license fee revenues are expected to be between $14 million and $15 million. Total company-owned operating expenses as a percentage of company-owned restaurant net revenue of approximately 83.5%. Total G&A excluding stock compensation of approximately $46 million.

我們預計 GAAP 總收入在 8.2 億美元至 8.25 億美元之間，這反映了我們對合併可比銷售額為負 3% 至負 2% 的預期。預計特許經營和授權費收入將在 1400 萬美元至 1500 萬美元之間。公司自有餐廳的總營運費用占公司自有餐廳淨收入的約 83.5%。不包括股權激勵在內的總行政費用約為 4,600 萬美元。

Adjusted EBITDA of between $95 and $100 million. Pre-opening expenses of between $5 and $6 million. An effective income tax rate of between 1 and 4% when excluding the valuation allowance and the items subject to valuation allowance. Total capital expenditures, net of allowances received from landlords of between $45 and $50 million. And finally, we plan to open five to seven new venues. I will now turn the call back to Manny.

調整後 EBITDA 預計在 9,500 萬至 1 億美元之間。開業前支出在 500 萬至 600 萬美元之間。扣除估值補貼和適用估值補貼的項目後，實際所得稅率在 1% 到 4% 之間。扣除從房東處獲得的補貼後，資本支出總額在 4,500 萬至 5,000 萬美元之間。最後，我們計劃開設五到七個新場館。現在我將把電話轉回給曼尼。

Thank you, Nicole. Before we open it up for questions, I want to emphasize how excited we are about the future of our business. Although the current environment is challenging, our future looks bright. With our strengthened portfolio and our expanded franchise capabilities, we are well positioned to capture the significant opportunities ahead of us. We thank you for your continued support and look forward to sharing our progress in the quarters ahead. Nicole and I look forward to your questions. Operator?

謝謝你，妮可。在開放提問環節之前，我想先強調我們對公司未來發展前景的興奮之情。儘管當前環境充滿挑戰，但我們的未來一片光明。憑藉我們更強大的產品組合和更廣闊的特許經營能力，我們已做好充分準備，抓住未來的重要機會。感謝您一直以來的支持，我們期待在接下來的幾季與您分享我們的進展。妮可和我期待回答你們的問題。操作員？

(Operator Instructions)

（操作說明）

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Good evening. Thanks for taking my questions.

晚安.謝謝您回答我的問題。

Hi, Joe.

嗨，喬。

So I want to start out the last couple of quarters you talked about Benihana having two quarters in a row of same-store sales growth and STK three quarters in a row of positive traffic, and I might have missed it, but I didn't hear that discussion today. I was wondering if you could kind of give us a little update on those.

我想先說說您之前提到的幾個季度，Benihana 連續兩個季度實現了同店銷售額增長，STK 連續三個季度實現了客流量增長。我可能錯過了，但我今天沒有聽到相關的討論。我想問您能否給我們簡單介紹一下這些方面的情況。

I mean, I think probably the best thing to do is talk about maybe our traffic overall as a company. I think if I look at the 3rd quarter 2025, I think that's been our best quarter in traffic actually for the whole year as a consolidated company. I think we were down 6.9% in traffic for the third quarter, whereas in the second quarter we were down 7.5% and in Q1 we were down 7.8%.

我的意思是，我認為最好的方法可能是談談我們公司的整體流量狀況。我認為，如果我看一下 2025 年第三季度，那實際上是我們公司全年流量最好的一個季度。我認為我們第三季的流量下降了 6.9%，而第二季下降了 7.5%，第一季下降了 7.8%。

So the third quarter this year was by far our best, or better traffic quarter. The big difference for us in the third quarter though is that until the end of the second quarter, beginning of the 3rd quarter, we had about 7% effective pricing in there, so that offsets part of the traffic experience that we were having and then going into the middle of the 3rd quarter around August, we began lapping some pricing from last year and we just saw a lot of noise in the middle of August in traffic so we decided to just hold off on the pricing and so our pricing in the third quarter was only plus 4% for the quarter, so we effectively lost about 3 points of pricing in the third quarter.

所以今年第三季是我們迄今為止流量最好，或至少是更好的一個季度。不過，第三季對我們來說最大的不同在於，直到第二季末、第三季初，我們的有效定價約為 7%，這抵消了部分流量波動的影響。然後，到了第三季中期，大約在 8 月份，我們開始調整去年的一些定價策略，並且在 8 月中旬發現流量波動很大，所以我們決定暫緩調整定價策略。因此，我們第三季的定價僅上漲了 4%，也就是說，我們在第三季實際上損失了約 3 個百分點的定價收益。

So I would say from my perspective or our perspective we made significant or we're doing improvements on traffic, which is one of the reasons why going into the 4th quarter, and we put some pricing in effect right at the beginning of November, I think that we've basically put the pricing back on. And with the sequential improvement in traffic, I think we feel pretty good about the sales position going into the 4th quarter.

所以，從我或我們的角度來看，我們在流量方面取得了顯著的進步，這也是進入第四季度以來，我們在 11 月初實施了一些定價措施的原因之一，我認為我們基本上已經恢復了定價。隨著流量的持續成長，我認為我們對第四季的銷售狀況相當樂觀。

Okay, and what do you think is driving the traffic improvements, in the 4th quarter so far?

好的，您認為第四季至今，推動交通狀況改善的因素是什麼？

Well, on the 3rd quarter, I'd say the improvement, the sequential improvement in the 3rd quarter, I think is really a testament to the value proposition and the marketing that we've been doing. We also, as I mentioned in my prepared statements, do have some macro forces that haven't really supported sales.

嗯，就第三季而言，我認為第三季的改善，尤其是環比改善，真正證明了我們所做價值主張和行銷工作的成功。正如我在事先準備好的聲明中所提到的，我們也面臨一些不利於銷售的宏觀因素。

For instance, if you look at our cost of our portfolio, our concentrations of restaurants are in California, Arizona, Florida, and Texas, and then we have the other, which is about 50% of our concentration of sales. And if I just look in the third quarter alone, I think there was a lot of macro pressures, for instance, in our California sales.

例如，如果你看一下我們的投資組合成本，我們的餐廳主要集中在加州、亞利桑那州、佛羅裡達州和德克薩斯州，然後我們還有其他地區，這些地區的銷售額約占我們總銷售額的 50%。如果只看第三季度，我認為存在著許多宏觀壓力，例如我們在加州的銷售額。

Sequential between the second and 3rd quarter, actually got negative by 7 points. So there's some geographical pressures that came in that quarter. Since the 3rd quarter, we've seen some of that loosen up a little bit, but certainly in August and September we saw a lot more pressure in our traffic in California, which is, by the way, one of the reasons why we put the pause on our pricing actions just because we saw the traffic in there.

第二節和第三節之間，實際淨負7分。所以，那一季確實存在一些地域性的壓力。自從第三季以來，我們看到這種情況有所緩解，但可以肯定的是，在 8 月和 9 月，我們在加州的流量壓力更大，順便說一句，這也是我們暫停定價行動的原因之一，因為我們看到了那裡的流量。

So again, I think that the combination of the sequential improvement in traffic on the quarters, and now I feel as if California is getting slightly better, and last but not least, as I mentioned also in my prepared statement, in the month of December, taking the turn times at Benihana from 120 minutes to 90 minutes creates a significant lift in availability and tables and capacity to take more business.

所以，我認為，季度客流量的逐步改善，以及現在我覺得加州的情況略有好轉，再加上我在事先準備好的聲明中也提到過，12 月份 Benihana 的周轉時間從 120 分鐘縮短到 90 分鐘，顯著提高了餐廳的可用性、餐桌數量和接待能力，從而能夠承接更多業務。

Okay, and then one more for me if I could sneak one in, and maybe just can you give us a little color on your efforts on the Benihana franchising side? I know that's something that you’re hoping to see a little faster growth, so just want to get an update there.

好的，如果可以的話，我再問一個問題，您能否詳細介紹一下您在 Benihana 特許經營方面所做的努力？我知道您希望看到這方面成長得更快一些，所以我想了解最新進展。

Yeah, so I mean we did open one in the second quarter in Florida and then our activities on the franchising side have also yielded results. We now have a deal that's almost done for some Benihana Express type operations in California and we also have a potential franchise deal for the Bay Area that's also shaping up.

是的，我的意思是，我們在第二季度在佛羅裡達州開設了一家分店，我們在特許經營方面的活動也取得了成果。我們現在與加州的一些 Benihana Express 類型的餐廳達成了一項接近完成的協議，而且我們在舊金山灣區也有一個潛在的特許經營協議正在醞釀中。

So we've made significant improvement on the pipeline, so now our team is out there working with these potential individuals and closing these deals down. We've also made some improvements on our pipeline for licensed sites for STKs. So we do have both the franchising move forward on the pipeline for Benihana and also STKs. We've gotten some more leads and actually we are getting very close to announcing some additional license deals for STK.

因此，我們在人才儲備方面取得了重大進展，現在我們的團隊正在與這些潛在候選人合作，並促成這些交易。我們也對 STK 授權站點的流程進行了一些改進。所以，Benihana 和 STK 的特許經營計劃都在籌備中。我們又獲得了一些線索，實際上我們即將宣布一些關於 STK 的額外授權協議。

Great, thanks for that update. I'll get back in que thank you.

太好了，謝謝你的最新消息。謝謝，我會重新排隊。

Thanks, Joe. Take care.

謝謝你，喬。保重。

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

Yes, good evening and thank you for taking the question. So, Manny, I think that also last quarter you called out Las Vegas as being a market where you saw some softness. Can you comment on that? Did you see that as well? And have you seen any improvements 4th quarter to date?

是的，晚上好，謝謝您回答這個問題。所以，曼尼，我想上個季度你也提到拉斯維加斯是個市場疲軟的地區。您對此有何評論？你也看到了嗎？那麼，您認為第四季至今有任何改進嗎？

Yeah, so I will caveat my response on Vegas on the fact that it's our experience. We only have, let's call it 3 or 4 restaurants in that market, actually 4 in total, but our experience right now with STK is that it's actually improving for STK. So we've seen an improvement in our business on that side.

是的，所以我對拉斯維加斯的看法會帶有保留意見，因為這只是我們個人的體驗。我們在那個市場只有，姑且稱之為 3 或 4 家餐廳吧，實際上總共只有 4 家，但我們目前在 STK 的經驗是，STK 的情況實際上正在改善。所以，我們這方面的業務已經有所改善。

Again, as I mentioned earlier, part of that has to do with the shifting in the conference and convention schedule. I think if you follow Vegas, you probably are aware that there was a shift in the convention calendar.

正如我之前提到的，部分原因在於會議和大會日程的調整。我認為，如果你有在關注拉斯維加斯，你可能已經注意到會展日程發生了變化。

So that's definitely now benefiting us in the 4th quarter, having a more robust conference schedule. I think the other restaurants though, I would say that it's more of a little bit of a mixed bag. So I haven't seen the kind of same improvement that I've seen on the STK business.

所以，在第四季度，我們有更密集的賽程安排，這無疑對我們有利。至於其他餐廳，我覺得就比較參差不齊了。所以，我沒有看到像 STK 業務那樣的改善。

Got it. Okay. And then, you gave us some numbers on the loyalty program which it looks like it's doing well in terms of sign-ups. Can you give us maybe some details as far as like what's the average ticket or frequency or anything else you can share about the loyalty members versus non-loyalty members? What do you see in terms of behavior from them?

知道了。好的。然後，您還向我們提供了一些關於會員忠誠度計劃的數據，從註冊人數來看，該計劃似乎運作良好。您能否提供一些細節信息，例如會員和非會員的平均票價、購票頻率或其他任何相關信息？你觀察到他們的行為表現如何？

Yeah, a great question. So we have about 6.5 million people that are in the program. A lot of those members came through our conversion of memberships from other programs. So we had Benihana programs, we had Kona Grill, and RA Sushi. And so that's the case.

是的，問得好。所以目前大約有650萬人參與了這個計畫。這些會員中有很多都是透過我們把其他項目的會員轉入而來的。所以我們有 Benihana 餐廳、Kona Grill 餐廳和 RA Sushi 餐廳。事實正是如此。

So we brought everybody into the same common program, if you will, and into that loyalty program. And since then we've done about 200,000 sign-ups of new members coming into the program. We're early, so I'm going to give you what I've seen so far because of all the brands we have, Kona Grill is the one that had been on the loyalty program much longer than anyone else because we were already utilizing Konavore, which was the legacy program from Kona, and for that particular brand it's actually been helpful.

所以，我們把所有人都納入了同一個共同的計劃，也就是那個會員忠誠度計劃。自那以後，我們已經有大約 20 萬名新會員註冊加入該計劃。現在時間還早，所以我先跟大家介紹一下我目前為止看到的情況。在我們所有的品牌中，Kona Grill 是加入會員計劃時間最長的品牌，因為我們之前已經在使用 Konavore，這是 Kona 的舊會員計劃，而對於這個品牌來說，這個計劃實際上很有幫助。

So we've seen frequency increase on use of the program. So we feel very good, the early returns are very promising because we have members in that program who've been around for longer, and I think the new program and new activations that we're doing with it has driven a little bit more interest. But again, as I said earlier, it's early.

因此，我們看到該程式的使用頻率增加。所以我們感覺非常好，早期的回報非常令人鼓舞，因為我們該計劃中有一些成員已經參與了很長時間，我認為我們正在進行的新計劃和新活動已經激發了更多人的興趣。但是，正如我之前所說，現在還為時過早。

I think we've rolled it out only earlier this year. I think that we will continue to pick up momentum with it going forward, but again, I think that our overall, as I look at the overall story for the quarter, I think that the 3rd quarter being our best traffic quarter for the company, I think it bodes well for all the initiatives and the actions that we're taking with marketing and everywhere else.

我認為我們今年年初才開始推出這項服務。我認為我們將繼續保持成長勢頭，但話說回來，從整個季度來看，第三季度是我們公司流量最高的一個季度，我認為這預示著我們在行銷和其他方面採取的所有舉措和行動都將取得良好成效。

Got you. Okay. And then I guess my last question before I pass it on to others, in terms of recent price increases, I know it's still early on, but, any sort of early read on the reaction to the price increases? Have you seen any customer pushback, to those higher prices, or you think that you'll be able to successfully pass those along?

抓到你了。好的。在把問題轉給其他人之前，我想問最後一個問題，關於最近的價格上漲，我知道現在下結論還為時過早，但是，對於價格上漲的反應，有沒有什麼初步的了解？您是否遇過客戶對更高價格的抵觸情緒？或者您認為您能夠成功地將這些成本轉嫁給客戶？

Yeah, I mean, I think we started rolling out those price increases late October in some places and so we're really early on it, but I think again, the way that we did our pricing increase this time is we really tried to wait until we think the timing is a little better. I think we're now into what actually starts our seasonally better months, weeks, whatever you want to call it. Actually for the next 36 weeks is really kind of our high season periods for us.

是的，我的意思是，我認為我們在10月下旬才開始在一些地方逐步提高價格，所以我們現在還處於早期階段，但我認為，我們這次提高價格的方式是，我們真的努力等到我們認為時機更好一些的時候。我認為我們現在真正進入了季節性好轉的月份、週，或者隨便你怎麼稱呼它。事實上，接下來的 36 週正是我們的旺季。

So I think putting the price right at the beginning of the high season is actually a good strategy for us. Have we seen any noise in terms of feedback? The answer is no. We have followed obviously through all our listening tools and social and everything, so we have not seen anything above and beyond what we usually see on the pricing.

所以我認為，在旺季開始時設定合理的價格實際上是一個不錯的策略。我們是否觀察到任何回饋方面的噪音？答案是否定的。我們顯然已經透過所有監聽工具、社交媒體等管道進行了跟踪，因此我們沒有發現任何超出通常定價範圍的情況。

Got it. All right. Well thank you very much and best of luck.

知道了。好的。非常感謝，祝你好運。

Thank you, sir.

謝謝您，先生。

Mark Smith, Lake Street Capital Markets.

馬克史密斯，湖街資本市場。

Hi guys, I wanted to, dig in a little bit more into, Benihana comps, here in the quarter. They came down more than we've seen here recently. Can you just talk about traffic and ticket at Benihana?

大家好，我想更深入地了解 Benihana 本季的比賽情況。它們的降幅比我們最近在這裡看到的要大得多。能不能談談Benihana餐廳的交通和罰單問題？

Yeah, I think for the quarter for Benihana, as I mentioned earlier we had pricing coming off. Benihana was the one that had 5 points of pricing, might have actually been a little higher than 5 points, that we did not replace in the quarter. So if I look at their differential in same-store sales year-to-date to what we performed in the 3rd quarter, I would attribute it mostly to the pricing, not taking the pricing action.

是的，我認為對於 Benihana 來說，正如我之前提到的，本季我們進行了價格下調。Benihana 的價格有 5 個點，實際上可能略高於 5 個點，我們本季沒有對其進行替換。因此，如果我查看他們今年迄今為止的同店銷售額與我們第三季度的業績之間的差異，我會將其主要歸因於定價，而不是我們採取的定價措施。

And again I want to reiterate this; if I look at our same-store sales by geography, California was by far the most impacted of all markets in our portfolio and the Benihana portfolio does have extra weight in the California market, some of our higher-volume restaurants. So again, I think that I would say that the two items in Benihana would be not replacing the 5 points in pricing that we came off and then the additional pressure in the California market. Okay.

我再次重申這一點；如果我按地域查看我們的同店銷售額，加利福尼亞州是我們所有市場中受影響最大的，而Benihana品牌在加州市場佔有額外的比重，我們的一些高銷量餐廳也佔據了加州市場的很大一部分份額。所以，我再次認為，Benihana 的這兩件商品並不能彌補我們先前降價 5 個點帶來的損失，也無法緩解加州市場的額外壓力。好的。

And then just on the impairment that you took in the quarter, was all of that on RA Sushi Concepts or was there anything on any of the other brands?

那麼，關於您本季提列的減損損失，全部都與 RA Sushi Concepts 有關，還是也與任何其他品牌有關？

Yeah, I think that the majority of the impact was on Kona Grill, and then we did have a very minor amount coming out of our STK in downtown New York just because that lease is up. We're in the last year of that lease and we're moving that restaurant, actually relocating that restaurant around the corner, so that will be a reload, but right now we just have some additional amounts in the books that we have to accelerate. And by the way, they were all assets that we couldn't move over to the new location because a lot of the assets may move to the new location.

是的，我認為大部分影響都集中在 Kona Grill，其次，由於紐約市中心 STK 的租約到期，也造成了非常小的影響。租約還有一年到期，我們正在搬遷那家餐廳，實際上是將餐廳搬到街角，所以這將是一筆新的支出，但目前我們帳上還有一些額外的款項需要提前支付。順便說一句，這些都是我們無法轉移到新地點的資產，因為許多資產可能會轉移到新地點。

Okay, and then just talking about kind of changing locations here, can you just walk us through a little bit more on maybe the economics of the conversions? I think you said kind of a million dollars maybe on spend, but just the economics there and then maybe your outlook of these that you plan on converting how many maybe to STK, how many to Benihana and I'm curious, sorry to throw a lot on you here, do these come with a new lease signing or do you typically keep the lease terms that you currently have?

好的，接下來我們來談談地點變更的問題，您能否再詳細地為我們介紹一下轉換的經濟效益？我想你之前說過大概要花一百萬美元，但就經濟效益而言，還有你對這些餐廳的展望，比如你計劃把多少家改成STK，多少家改成Benihana，我很好奇，不好意思一下子問你這麼多，這些餐廳的改租是需要重新簽訂租約，還是你們通常會保留現有的租約條款？

Well, so very good question. So the first one we did at Scottsdale, it was a RA Sushi restaurant, and in that one we actually converted to an STK. It took us, I think from beginning to end somewhere between 6 and 8 weeks to do the full conversion. The cost of the conversion, I'm putting it at about a million dollars in round numbers.

嗯，問得好。所以我們在斯科茨代爾做的第一家店，是一家 RA 壽司餐廳，我們實際上把它改造成了一家 STK 餐廳。我想，從開始到結束，我們大概花了 6 到 8 週的時間才完成整個轉換過程。轉換費用，我粗略估計大約是一百萬美元。

It was a very effective refurbishing of the restaurant and we kept the majority of all the infrastructure, so it was very cost-effective in that. And the question on the lease is that one actually, we got an extension on the lease by choice, so we got another 5-year option just because we like the real estate. If you want to go to that property, you'll notice that it's in an A-plus I’m not going to give it A-plus, but we'll call it A real estate with very good lease terms and a good presence there, and we've already reopened it.

這次餐廳翻新非常有效，而且我們保留了大部分基礎設施，因此在成本效益方面非常划算。關於租賃的問題在於，我們實際上是主動選擇延長租賃期限的，所以我們又獲得了 5 年的續租選擇權，只是因為我們喜歡這處房產。如果您想去那處房產，您會注意到它位於一個 A+ 級地段——我不會給它 A+ 級，但我們會稱它為 A 級房產，租賃條款非常好，在那裡佔有一席之地，而且我們已經重新開放了它。

I would say that we just opened the door, we didn't really do much marketing. We're actually starting the marketing push in the next couple of weeks, and I've been so far very happy with what's happened there. Obviously, as our model for STK, brand-new STK is about $8 million in volume with margins around 20%.

我覺得我們只是開了門，並沒有做太多市場推廣。我們將在接下來的幾週內正式啟動市場推廣活動，到目前為止，我對進展非常滿意。顯然，作為我們的 STK 車型，全新的 STK 銷量約為 800 萬美元，利潤率約為 20%。

So I would expect that STK to be in that range of value. It's in a market that we've already been in, so we have pretty good experience there. So I feel pretty good about that one.

所以我預計 STK 的數值會在這個範圍內。這是一個我們已經涉足過的市場，所以我們在這方面擁有相當豐富的經驗。所以我覺得那件事還不錯。

Now we have other, I think up to 9 other sites that we're looking at converting and the cost should be around that same million-dollar price tag, and the conversion cycle should be relatively fast, and we'll do the same thing in terms of taking advantage of existing infrastructure and electrical, HVAC, kitchen, plumbing, et cetera.

現在我們還有多達 9 個其他網站正在考慮進行轉換，成本應該在一百萬美元左右，轉換週期應該相對較快，我們將採取同樣的方式，利用現有的基礎設施和電力、暖通空調、廚房、管道等等。

So we think those will be very effective. Again, what really drives that decision is the quality of the real estate. That's one of the things that we're really happy about at The ONE Group we have great real estate and that's one of the things that having multi-brands like we do gives us a lot of flexibility and gives us an opportunity to really leverage the strength in the real estate.

所以我們認為這些措施會非常有效。再次強調，真正決定這項決定的因素是房地產的品質。在 ONE 集團，我們感到非常高興的一點是，我們擁有優質的房地產資源。而像我們這樣擁有多品牌的公司，也給了我們很大的靈活性，讓我們有機會真正利用我們在房地產方面的優勢。

Would there be much of a difference in the cost or maybe return metrics on converting to a Benihana versus STK?

將餐廳改成 Benihana 而不是 STK，在成本或回報指標上會有很大差異嗎？

I mean, again, another great question. I think the biggest difference between a Benihana and STK conversion is actually the mechanical cost because with the tables in the dining room we have to do more upgrading on the exhaust system and sometimes electrical systems if we add electrical cables, so it's a little bit more on the mechanical side and it may take a little bit more time because we actually have to have a lot more engineering and architectural work into it, so it's a little bit different of a process.

我的意思是，這又是一個很好的問題。我認為Benihana和STK改造之間最大的區別實際上在於機械成本，因為餐廳裡的桌子需要對排氣系統進行更多升級，如果增加電纜，有時還需要對電氣系統進行升級，所以機械方面需要投入更多，而且可能需要更多時間，因為我們實際上需要進行更多工程和建築方面的工作，所以這是一個略有不同的過程。

But our view on it is the cost will still be around a million dollars in either one and so we don't foresee a lot of cost incrementality there. Again, we have a lot of real estate in malls and other places that make a lot more sense for Benihana than STK, so that's part of our decision on Benihana, it’s a great concept for mall-type locations.

但我們認為，無論哪種方案，成本都將在一百萬美元左右，因此我們預計成本不會有太大的增加。再說一遍，我們在購物中心和其他地方有很多房地產，這些地方更適合開設 Benihana 而不是 STK，所以這也是我們決定開設 Benihana 的原因之一，它對購物中心之類的地點來說是一個很棒的概念。

Okay, thank you.

好的，謝謝。

Jim Sanderson, North Coast Research.

吉姆·桑德森，北海岸研究公司。

Hey, thanks for the question. I wanted to go back to the issue of pricing. I think you mentioned you exited 3rd quarter with a global price of about 4% points and that you took price in November. What should we expect as far as the impact of menu price on 4th quarter trend, 4th quarters for sales?

嘿，謝謝你的提問。我想回到定價問題上來。我想你有提到過，第三季末全球股價上漲了約 4 個百分點，並且你在 11 月實現了股價回落。菜單價格對第四季趨勢和第四季銷售額的影響預期是什麼？

So I think the biggest, the bigger part of that increase was Benihana around 5, slightly above 5, points on pricing, so, that will weigh in heavily, and then STK and the other brands, we had about 22 to 3 points on pricing, so the other ones are very modest. I would call that just clean up, pricing. So I would say overall somewhere around 4.5 to 5.5 on a weighted basis would be the impact of the new pricing layer.

所以我認為漲幅最大的，大部分漲幅來自 Benihana，價格漲幅大約在 5 個百分點左右，略高於 5 個百分點，因此這將產生很大的影響，而 STK 和其他品牌的價格漲幅大約在 3 個百分點到 22 個百分點之間，所以其他品牌的漲幅非常溫和。我覺得這只是清理工作和定價而已。因此，我認為新定價層的影響總體上加權計算約為 4.5 到 5.5。

Very, and that probably will last for the next 36 weeks, give or take, is that the right way to look at that? That's right. Great, okay, great, could you talk a little bit more about bookings? I think you mentioned in the press release that you were optimistic given the love of holiday bookings. Maybe you can tell us any comparison with respect to last year this time.

確實如此，而且這種情況可能會持續接下來的 36 週左右，這樣看待這個問題是否正確？這是正確的。好的，好的，您能再詳細談談預訂方面的問題嗎？我認為你在新聞稿中提到過，鑑於人們對度假預訂的熱情，你對此持樂觀態度。或許您可以告訴我們，與去年同期相比有哪些比較。

Yeah, I mean, we actually just reviewed the books this morning. Nicole and I did a review of our bookings progress right now. I think this is, frankly, since COVID, if I look at the month of November looking into December, it has been one of the months where I've actually seen a significant amount of progress on the number of bookings that we've seen in events.

是的，我的意思是，我們今天早上剛剛複習了這些書。妮可和我剛剛查看了我們的預訂進度。坦白說，我認為這是自新冠疫情以來，如果我回顧 11 月到 12 月的情況，就會發現這是我們在活動預訂數量方面取得顯著進展的月份之一。

Obviously that also reflects a little bit of the fact that we have a very experienced, very good sales team, so that team has become very good at working in the current environment of sales and again the convention business, and a lot of the stuff that used to happen in the 3rd quarter last year also got moved into the 4th quarter this year, so definitely that helps bring up the books into the 4th quarter.

顯然，這也在一定程度上反映了我們擁有一支經驗豐富、非常優秀的銷售團隊，該團隊非常擅長在當前的銷售環境和會展業務中工作，而且去年第三季度發生的許多事情也轉移到了今年的第四季度，因此這肯定有助於提高第四季度的業績。

And can you remind us how, what like share of 4th quarter is related to the holiday bookings or special events, that type of thing?

您能否提醒我們一下，第四季度的份額與假日預訂或特殊活動等因素有何關聯？

I would say about 15 to 15% of our business comes from the group event business in the fourth quarter.

第四季度，我們大約有 15% 的業務來自團體活動業務。

Gotcha. Also wanted to shift gears on Benihana. You mentioned a lot of changes taking place in the design of the store that you're going to be implementing. Can you give us a sense of when that change will be implemented across all Benihana stores and any feedback on helping us understand to quantify the increased capacity, how you think that potentially could benefit AUVs.

明白了。也想換個角度談談Benihana餐廳。您提到店鋪設計方面有很多變化，您打算實施這些變化。您能否告知我們這項變更何時會在所有 Benihana 門市實施，以及您能否提供一些回饋意見，幫助我們了解並量化增加的產能，以及您認為這可能會如何使 AUV 受益。

So, our planning for that is we typically say that our CapEx is about 1.5% to 2.5% of sales on existing stores. So we're not putting together a special allocation of capital for that. We will do that revamp within our typical allocated basket, if you will, of CapEx.

因此，我們在這方面的計劃通常是，我們的資本支出約為現有門市銷售額的 1.5% 至 2.5%。所以我們不會為此專門撥出專款。我們將在通常分配的資本支出範圍內進行這項改造。

And so it will take a little bit of time to do that, but our changes will be more around our priority is, one is getting rid of smoke in the dining room. So we do have some things that can help with that. So we're working on that right now for a lot of our restaurants, HVAC, I think I've mentioned HVAC in previous calls.

因此，這需要一些時間，但我們的改變將更多地圍繞著我們的優先事項展開，其中之一是消除餐廳裡的煙霧。所以我們有一些方法可以幫助解決這個問題。所以，我們目前正在為許多餐廳解決這個問題，關於暖通空調（HVAC），我想我在之前的電話會議中提到過暖通空調。

And then the third priority is adding tables, because on Fridays and Saturdays we can really use more tables in the restaurant. So we'll be upping those tables as we go. And then I'd say the next level of priority, things like the artwork is pretty compelling. The new artwork that we put in the San Mateo location and we've defined for the brand is actually very cool.

第三項優先事項是增加餐桌，因為週五和週六餐廳真的需要更多的餐桌。所以我們會逐步升級這些桌子。然後，我認為下一個優先順序更高的因素，例如藝術作品，就非常引人注目。我們在聖馬刁門市安裝的全新藝術作品，以及我們為品牌重新定義的藝術作品，真的非常酷。

So we really want to start working on that, and then over time it's just the key with Benihana is to continue a very strong maintenance program which we do have in place. We have a very high-quality facilities team that keeps these things maintained, but as time goes on, with our typical basket of capital we'll try to take care of that as you probably picked up on my prepared statements and on the press release.

所以我們真的想開始著手這項工作，隨著時間的推移，對 Benihana 來說，關鍵在於繼續執行我們目前已經實施的強有力的維護計劃。我們擁有一支非常高素質的設施團隊來維護這些設施，但隨著時間的推移，我們將利用我們通常的資金組合來解決這個問題，正如您可能從我準備好的聲明和新聞稿中了解到的那樣。

We're also tightening down and keeping down the amount of CapEx that we're using because we want to work on the balance sheet. So it's all about balancing all those things and that's where we'll fund the capital for Benihana from my regular CapEx basket.

我們也在收緊並控制資本支出，因為我們想改善資產負債表。所以關鍵在於平衡所有這些因素，而我們將從我的常規資本支出預算中為 Benihana 提供資金。

Right, and I need a bit of a follow-up question just to make sure I understood the lower cap x in 2026 that you mentioned. So how should we put that into perspective based on the, plan you have in place this year? How is that CapEx number going to change?

好的，我還需要問一個後續問題，以確保我理解了您提到的 2026 年較低的上限 x 的含義。那麼，根據你今年制定的計劃，我們該如何看待這個問題呢？資本支出數字將如何變動？

Just so we're, yeah, very good question. So we're focusing, our capital on the conversions which are about 1 million for restaurants. And then on brand-new restaurants in the world, we're only focusing on restaurants that we can do for $1.5 million or less on the whole cost of the restaurant.

所以，嗯，這是一個很好的問題。所以我們正集中精力，將資金投入到餐廳改造項目中，該項目規模約為 100 萬家。對於全球全新的餐廳，我們只專注於總成本不超過 150 萬美元的餐廳。

So we're really working our low-cost real estate inventory and also the other thing too is we're not doing any new leases right now because we do have a pipeline of about 12 leases, so we stopped doing leasing and we're going to work through the existing pipeline of leases.

所以我們正在努力開發低成本的房地產庫存，另外，我們現在也沒有簽訂任何新的租賃合同，因為我們手頭上有大約 12 份租賃合同正在洽談中，所以我們停止了新的租賃業務，我們將專注於處理現有的租賃合同。

Alright, and last question for me, I just wanted to better understand the Benihana Express, I think you mentioned that could eventually become a sizable portion of your portfolio. Can you describe any changes with the AUVs are store margin, and how that's different from, let's say a larger Benihana?

好的，最後一個問題，我只是想更好地了解Benihana Express，我想您提到過它最終可能會成為您投資組合中相當大的一部分。您能否描述一下 AUV 和門市利潤率方面的任何變化，以及這與例如規模更大的 Benihana 餐廳有何不同？

Yeah, I mean the box will be much smaller, so we're trying to keep the restaurant, let's just for hypothetically right now keep it around 1,000 square feet, so the economics are different from a top-line perspective just because of size. And then there will be no tip on tables in the property.

是的，我的意思是，店面會小很多，所以我們盡量把餐廳的面積控制在1000平方英尺左右，所以從總收入的角度來看，由於面積的不同，經濟效益也會有所不同。屆時酒店內所有餐桌將不收取小費。

All the food will be ordered and pick up and take away, and then we'll have some tables in the property and chairs, but we will be very limited seating and so it will be a much smaller compact box.

所有食物都將透過訂餐、自取或外帶的方式提供，我們會在店內擺放一些桌椅，但座位非常有限，所以店面會是一個很小很緊湊的空間。

And so, expect revenues right now, Nicole and I talk about somewhere around $1 million to $1.5 million, but very low cost of build-out because there's nothing really to put in there, so you know we'll probably build that for around $500,000 to $600,000 in cost so it'll be a very effective box if you think of it most as a fast casual, grab and go take your food back home, or you may choose to eat there, but it'll be a more casual environment.

所以，目前預計收入在 100 萬到 150 萬美元之間，我和妮可討論過，但建設成本非常低，因為實際上沒什麼需要投入的，所以你知道，我們大概會以 50 萬到 60 萬美元的成本建成，所以如果你把它看作一個快餐店，它會非常有效，你可以買走食物帶回家，或者你也可以選擇在那裡更休閒的環境。

Just to follow-up on that, how do we look at the cash returns or the cash on cash returns that franchisees would be reviewing?

為了進一步說明，我們應該如何看待加盟商需要審查的現金回報或現金報酬率？

Yeah, I mean, we think that because of the lower cost of goods and the fact that we'll be able to be effective labor in that box, it'll be a very high ROI. I think the store level margins even after, royalties can be in the 15% to 20% range, so it'll be a very good, return vehicle for potential franchisees. The ones that we're talking to, they're super excited about it and, to testing that model out.

是的，我的意思是，我們認為由於商品成本較低，而且我們能夠在那個空間裡有效率地工作，這將帶來非常高的投資報酬率。我認為即使加上特許經營費，門市層面的利潤率也能達到 15% 到 20%，所以對於潛在的加盟商來說，這將是一個非常好的回報機制。我們接觸的那些人，他們對此都非常興奮，並且很想測試這個模型。

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

非常好。非常感謝。我會轉達的。

Thank you. We have reached our a lot of time for questions. I will now turn the call back over to Manny Hilario. Please go ahead.

謝謝。我們已經有很多時間回答問題了。現在我將把電話轉回給曼尼·希拉里奧。請繼續。

All right, thank you very much, [Brittany]. As I was, closing my calls here, I want to thank the team once again. I will, I'm very, impressed and very pleased as to how, the team, put above and beyond, effort and really, showed progress in the 3rd quarter, as our traffic numbers show, so I appreciate that. And we look forward to a great 4th quarter, in terms of traffic and sales, and as always, I appreciate your support of the one group, and I look forward to seeing you out in one of our restaurants. Everybody have a great day.

好的，非常感謝。[布列塔尼]在我結束通話之際，我想再次感謝團隊。我對團隊的表現非常滿意，他們付出了超乎尋常的努力，並在第三季度取得了顯著進步，正如我們的流量數據所顯示的那樣，所以我對此表示讚賞。我們期待第四季在客流量和銷售額方面都能取得佳績，一如既往，感謝大家對我們集團的支持，期待在我們的餐廳裡見到你們。祝大家今天過得愉快。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。