One Group Hospitality Inc (STKS) 2026 Q1 法說會逐字稿

Greetings, and welcome to The ONE Group first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 The ONE Group 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Nicole Thaung. Please go ahead.

現在我想把會議交給本次會議主持人 Nicole Thaung。請開始。

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

謝謝接線員，大家好。在我們開始正式發言之前，先提醒各位，我們今天討論的一部分內容將包含前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，您不應對其過度依賴。這些陳述亦受到多項風險與不確定性影響，可能導致實際結果與我們預期出現重大差異。另請注意，這些前瞻性陳述僅反映截至本次電話會議日期我們的觀點。對於因新資訊或未來事件而需要修訂的前瞻性陳述，我們不承擔修訂或公開發布任何修訂內容的義務。關於可能影響我們未來營運結果與財務狀況之風險的更詳細討論，請參閱我們近期向 SEC 提交的文件。

During today's call, we'll discuss certain non-GAAP financial measures which we believe can be useful in evaluating our performance. However, the presentation of these matters 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, restaurant operating profit, comparable sales, annual adjusted operating income, and total food and beverage sales at company-owned, managed, licensed, and franchised units, to GAAP measures, along with a discussion of why we consider these measures useful, please see the earnings release issued today.

在今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。然而，這些事項或其他資訊的呈現不應被孤立看待，也不應作為依 GAAP 編製之結果的替代。關於這些衡量指標（例如調整後 EBITDA、餐廳營運利潤、同店銷售、年度調整後營業利益，以及公司自營、受管理、授權與加盟門店的食品與飲料總銷售額）與 GAAP 指標之間的調節，以及我們認為這些指標有用的原因說明，請參閱今日發布的財報新聞稿。

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

接下來，我想把電話會議交給 Manny Hilario。

Thank you, Nicole, and good afternoon, everyone. I appreciate you joining us today. I want to start where I always do by thanking our teammates. Every day our teams across every brand and market show up focused on creating memorable experiences for our guests. These days, consistency is more important than ever, and I appreciate all that they do in executing with excellence and upholding the Vibe Dining experience that defines our brands.

謝謝你，Nicole，各位下午好。感謝大家今天加入。我想一如既往先感謝我們的團隊夥伴。每天，我們在各品牌與各市場的團隊都專注於為賓客創造難忘的體驗。在這樣的時期，一致性比以往任何時候都更重要，我也感謝他們在卓越執行與維持定義我們品牌的 Vibe Dining 餐飲體驗方面所做的一切。

Today, I will begin with an overview of our first-quarter performance, and then I will walk you through our progress with respect to our strategic priorities before turning it over to Nicole for the financial details. We are excited about our continued momentum. Our operational performance is resulting in strong financial results. Total GAAP revenues grew year-over-year, and comparable sales are sequentially better than the previous quarter. Owned restaurant cost of sales improved to 19.4% from 20.8% in the prior-year quarter.

今天我將先概述我們第一季的表現，接著說明我們在策略優先事項方面的進展，然後把電話交給 Nicole 說明財務細節。我們對持續的動能感到振奮。我們的營運表現帶來強勁的財務成果。GAAP 總營收年增，同店銷售較前一季呈現連續改善。自營餐廳銷貨成本由去年同期的 20.8% 改善至 19.4%。

Operating income increased 30%, adjusted EBITDA increased 12.1%, and capital expenditures, net of tenant improvement allowances, reduced 22% year-over-year, as we prioritize capital-efficient growth and free cash flow generation. Total GAAP revenues for the first quarter were $213 million, an increase from $211 million in the same quarter last year. First-quarter consolidated comparable sales were relatively flat at negative 0.3%, representing a continuation of the positive momentum we experienced exiting the fourth quarter. For clarity, consolidated comparable sales are reported on the same number of days year over year.

營業利益增加 30%，調整後 EBITDA 增加 12.1%；在我們優先推動資本效率成長與自由現金流創造之下，資本支出（扣除房東裝修補助後）年減 22%。第一季 GAAP 總營收為 2.13 億美元，較去年同季的 2.11 億美元增加。第一季合併同店銷售大致持平，為 -0.3%，延續我們在第四季末所展現的正向動能。為釐清起見，合併同店銷售係以年對年相同營業天數計算並報告。

Looking at each brand, US STK total comparable sales reported another positive quarter at 1.4%. Benihana comparable sales were flat, reflecting stable demand for the brand. Our growth concept comparable sales, while down 4.9%, represented the strongest early performance since early 2023. Growth transactions were positive for the quarter. Each segment continues to improve from the previous quarter.

就各品牌來看，美國 STK 同店銷售再度繳出正成長的一季，為 1.4%。Benihana 同店銷售持平，反映該品牌需求穩定。我們的成長概念（growth concept）同店銷售雖下滑 4.9%，但仍是自 2023 年初以來最強的早期表現。成長概念的交易量在本季為正。各事業區隔皆持續較前一季改善。

What is most notable, particularly in a period of elevated inflation, is the strength of our margin performance, a direct result of the hard work we have been doing across our supply chain, including, most importantly, beef sourcing. Restaurant operating profit increased 11% to $40 million, while restaurant operating profit margins expanded 100 basis points to 19%. The margin improvement was driven by a 140-basis-point reduction in food and beverage costs, reflecting menu optimization, integration synergies, and supply chain efficiencies. We also achieved a 40-basis-point improvement in restaurant operating expenses as a percentage of restaurant revenues.

最值得注意的是，特別是在通膨仍高的期間，我們的毛利率表現依然強勁，這是我們在供應鏈各環節（尤其是牛肉採購）持續努力的直接成果。餐廳營運利潤增加 11% 至 4,000 萬美元，餐廳營運利潤率擴張 100 個基點至 19%。毛利率改善主要來自食品與飲料成本下降 140 個基點，反映菜單優化、整合綜效與供應鏈效率提升。我們也使餐廳營運費用占餐廳營收比重改善 40 個基點。

STK delivered particularly strong results with restaurant operating profit margins expanding 280 basis points to 21%, while Benihana margins improved 130 basis points to 21%. Adjusted EBITDA grew 12% to $29 million. The improvement was driven by cost management discipline, contracted beef pricing, continued Benihana integration synergies, and the benefit of portfolio optimization actions. The key point I want to make is that these results are execution-driven.

STK 表現尤其亮眼，餐廳營運利潤率擴張 280 個基點至 21%；Benihana 利潤率亦改善 130 個基點至 21%。調整後 EBITDA 成長 12% 至 2,900 萬美元。改善動能來自成本管理紀律、簽約鎖定的牛肉價格、Benihana 持續的整合綜效，以及投資組合優化措施帶來的效益。我想強調的重點是：這些成果是由執行力所驅動。

We are not dependent on macroeconomic recovery or shifts in consumer sentiment, but would certainly welcome them. Over the past 18 months, we have implemented a series of strategic initiatives, including operational improvements at Benihana, the barbell strategy at STK, portfolio optimization across the Grill concepts, and rigorous cost management. It is these initiatives that are driving our successful performance. Now, let me update you on our four strategic priorities.

我們並不依賴總體經濟復甦或消費者情緒轉變，當然若出現也會樂見其成。過去 18 個月，我們推動了一系列策略性舉措，包括 Benihana 的營運改善、STK 的槓鈴策略（barbell strategy）、Grill 概念品牌的投資組合優化，以及嚴謹的成本管理。正是這些舉措推動了我們的成功表現。接下來我將更新我們的四項策略優先事項。

Priority one, accelerating comparable sales through execution. Our first strategic priority is accelerating comparable sales through disciplined execution. I want to highlight that Valentine’s Day 2026 was a record-breaking day for our portfolio. Easter was also strong across the brands, with sales up high single digits compared to last year. These results are a testament to both the operational capabilities we have built and the strength of our brands as a celebration destination.

第一項優先事項：透過執行加速同店銷售。我們的第一項策略優先事項，是透過有紀律的執行來加速同店銷售。我想特別指出，2026 年情人節是我們整體投資組合創紀錄的一天。復活節在各品牌也表現強勁，銷售較去年成長高個位數。這些成果證明了我們所建立的營運能力，以及我們品牌作為慶祝聚會目的地的強大吸引力。

As we look ahead, we are gearing up for what we expect to be a strong Mother’s Day and graduation season. Both occasions are critically important to us, and our teams are focused on delivering exceptional guest experiences during these high-volume periods. Through the first five weeks of the second quarter, the company has positive comparable sales and transactions. Momentum has continued through all of our brands, with STK and Benihana so far delivering positive comparable sales and the growth sequentially improving.

展望未來，我們正為預期將表現強勁的母親節與畢業季做準備。這兩個檔期對我們至關重要，我們的團隊專注於在這些高客流期間提供卓越的賓客體驗。第二季前五週，公司同店銷售與交易量皆為正。動能在所有品牌持續延伸，目前 STK 與 Benihana 的同店銷售均為正，而成長概念也呈現逐季改善。

We have made operational improvements to position the brands for a strong spring and summer and are seeing encouraging trends as happy hour has been a real driver and is working well, while lunch traffic is also returning. Our Friends with Benefits loyalty program continues to gain momentum. Since launching last year, we added over 8,000 new organic members into the program per week. Newly enrolled guests continue to show strong repeat participation, and we are seeing loyalty members spend more per visit compared to non-loyalty guests.

我們已進行營運改善，使各品牌能在春夏旺季有更強的表現；我們也看到令人鼓舞的趨勢：歡樂時光（happy hour）已成為實質的成長驅動因素且運作良好，而午餐來客數也正在回升。我們的 Friends with Benefits 會員忠誠計畫持續累積動能。自去年推出以來，我們每週新增超過 8,000 名自然（organic）加入的會員。新加入的賓客持續展現強勁的重複參與度，我們也看到忠誠會員每次來訪的消費金額高於非會員賓客。

We will be actively targeting our Friends with Benefits members for Mother’s Day and graduation celebrations, leveraging personalized outreach to drive traffic during these occasions. We continue to focus on growing membership, driving organic sign-ups, and increasing engagement within the program to strengthen brand connection and repeat visits.

我們將在母親節與畢業慶祝檔期積極鎖定 Friends with Benefits 會員，運用個人化觸達來帶動這些場合的來客數。我們將持續聚焦於擴大會員規模、推動自然註冊，並提升計畫內的互動參與，以強化品牌連結與回訪率。

We are driving growth through seasonal innovation, launching new food and beverage menus four times a year across all brands. This keeps our offerings fresh, differentiates us from competitors, and generates strong engagement on social media. We are expanding our off-premises business with a focus on curbside operations. Highlights include burgers and sides, which continue to drive strong takeout and delivery volume across all brands, and Benihana and RA Sushi’s fried rice burritos for takeout and delivery, which have performed well.

我們透過季節性創新推動成長，在所有品牌每年推出四次新的餐飲菜單。這使我們的產品保持新鮮、與競爭對手形成差異化，並在社群媒體上帶來高度互動。我們也擴大外帶外送（off-premises）業務，並聚焦於路邊取餐（curbside）營運。亮點包括漢堡與配菜，持續在所有品牌帶動強勁的外帶與外送量；以及 Benihana 與 RA Sushi 的炒飯捲餅（fried rice burritos）外帶與外送產品，表現亦相當出色。

Priority two, capital-efficient growth with disciplined expansion. Next, our second priority is capital-efficient growth. We currently have two company-owned STK restaurants and one company-owned Benihana restaurant under construction, an STK in Phoenix, Arizona, a relocation of STK Downtown in New York City, and a Benihana in Seattle, Washington. We intend to open 6 to 10 new venues in 2026, as we prioritize locations requiring $1.5 million or less in net capital investment to open. Capital expenditures, net of TI allowances, were 22% lower at $10 million in the first quarter compared to the year-ago period. Of this amount, $6.5 million was related to new restaurant construction, with the remainder supporting existing restaurants. This reduction reflects our disciplined approach to capital allocation as we focus on high-return, capital-efficient growth.

第二項優先事項：以資本效率為核心、並以紀律推進擴張。接下來，我們的第二項優先事項是資本效率成長。目前我們有兩家自營 STK 餐廳與一家自營 Benihana 餐廳正在施工中，分別為亞利桑那州鳳凰城的 STK、紐約市 STK Downtown 的搬遷，以及華盛頓州西雅圖的 Benihana。我們計畫在 2026 年開出 6 至 10 家新據點，並優先選擇開店所需淨資本投入為 150 萬美元或以下的地點。第一季資本支出（扣除 TI 補助後）為 1,000 萬美元，較去年同期下降 22%。其中 650 萬美元與新餐廳建置相關，其餘用於支援既有餐廳。此一下降反映我們在資本配置上的紀律作法，並聚焦於高報酬、資本效率成長。

On the franchise side, our 10-unit California Benihana and Benihana Express development agreement continues to progress, and our commitments for a franchised Benihana and licensed Benihana Express in the Flor Keys remain on track. The Benihana Express format continues to generate strong franchise interest as it delivers the Benihana food experience without the teppanyaki tables, making it more labor-efficient and more appealing from a cost-of-entry perspective for potential franchisees.

在加盟業務方面，我們在加州的 10 家 Benihana 與 Benihana Express 開發協議持續推進；同時，我們在佛羅里達群島（Florida Keys）設立一家加盟 Benihana 與一家授權（licensed）Benihana Express 的承諾也仍按計畫進行。Benihana Express 形式持續引發強勁的加盟興趣，因其在不設鐵板燒（teppanyaki）桌的情況下仍能提供 Benihana 的餐飲體驗，使其在人力配置上更有效率，且就潛在加盟主的進入成本角度而言更具吸引力。

In January, we completed the relocation of our Kona Grill in San Antonio, Texas, to a smaller footprint location. And in February, we acquired a franchised Benihana in Monterey, California, to a company-owned restaurant to accommodate a long-time franchise partner who wished to retire. Both are tracking in line with our expectations.

1 月，我們完成將德州聖安東尼奧（San Antonio）的 Kona Grill 搬遷至一個面積較小的新址。2 月，我們收購了加州蒙特雷（Monterey）一家原為加盟的 Benihana，並將其轉為公司自營餐廳，以配合一位希望退休的長期加盟夥伴。兩者的進度皆符合我們的預期。

Priority three, portfolio optimization to improve returns. Our third priority is portfolio optimization to improve returns, and we have made significant progress improving the quality and return of our portfolio. As we discussed last quarter, we are converting grow locations to higher-performing STKs and Benihanas. In 2025, we exited six RA Sushi and Kona Grill locations, and in January 2026, we exited one additional RA Sushi location that did not fit our conversion criteria. The remaining grow locations are healthy, profitable restaurants in quality real estate, and we expect them to generate approximately $10 million in restaurant-level EBITDA and over $100 million in revenue.

第三項優先事項：透過投資組合最佳化提升報酬。我們的第三項優先事項是進行投資組合最佳化以改善報酬，我們在提升投資組合品質與回報方面已取得顯著進展。如同上季所討論，我們正將 grow 據點轉換為表現更佳的 STK 與 Benihana。2025 年，我們退出了 6 家 RA Sushi 與 Kona Grill 據點；而在 2026 年 1 月，我們又退出了 1 家不符合轉換標準的 RA Sushi 據點。其餘 grow 據點皆為位於優質不動產的健康且獲利餐廳，我們預期它們將帶來約 1,000 萬美元的餐廳層級 EBITDA，以及超過 1 億美元的營收。

Five grow locations closed on January 5, 2026, for conversion to either Benihana or STK. Construction is in progress with all five expected to reopen by the end of 2026. Each conversion is expected to cost between $1 million and $1.5 million and to be EBITDA accretive. As a reminder, our first conversion, the RA Sushi to STK in Scottsdale, Arizona, is currently operating at a run rate of approximately $7 million in annual sales, delivering an increase of over $4 million in sales and a return on investment of approximately 4 times. This validates our conversion strategy and gives us confidence in the pipeline. As we have said before, we will continue to evaluate the portfolio as leases expire. We have approximately one to two grow leases that come up each year as part of the natural end-of-cycle process, and we'll make decisions on a case-by-case basis.

5 個 grow 據點已於 2026 年 1 月 5 日關閉，以進行轉換為 Benihana 或 STK。五個據點皆已動工，預計將於 2026 年底前重新開幕。每項轉換預計成本介於 100 萬至 150 萬美元，並可增厚 EBITDA。提醒一下，我們的第一個轉換案——亞利桑那州斯科茨代爾（Scottsdale）的 RA Sushi 轉為 STK——目前年化銷售額約 700 萬美元，帶來超過 400 萬美元的銷售增量，投資報酬約為 4 倍。這驗證了我們的轉換策略，並讓我們對後續管線更具信心。如同我們先前所說，我們將在租約到期時持續評估投資組合。我們每年約有 1 到 2 份 grow 租約會在自然週期結束時到期，我們將逐案做出決策。

Priority four, maintaining balance sheet strength and flexibility. Our fourth priority for 2026 is conserving cash and optimizing the balance sheet. We are significantly reducing discretionary capital expenditures, targeting company-owned development projects requiring on average $1.5 million or less in buildout costs. We are also working through our existing lease pipeline rather than adding new commitments. This discipline gives us flexibility in an uncertain environment and positions us to invest selectively in the highest-return opportunities. We finished the quarter with $6.6 million in cash and cash equivalents and restricted cash, and we have $33.7 million available under our revolving credit facility.

第四項優先事項：維持資產負債表的強度與彈性。我們 2026 年的第四項優先事項是保留現金並最佳化資產負債表。我們正大幅降低可自由裁量的資本支出，目標是公司自營開發專案的裝修建置成本平均不超過 150 萬美元。我們也將優先消化既有的租賃管線，而非新增承諾。這樣的紀律讓我們在不確定的環境中保有彈性，並使我們能選擇性投資於報酬最高的機會。本季結束時，我們持有 660 萬美元的現金及約當現金與受限制現金，且在循環信用額度（revolving credit facility）下尚有 3,370 萬美元可用額度。

Under current conditions, our term loan does not have a financial covenant. Cash flow from operations was a strong $22 million compared to $9 million in the prior quarter. This improvement was primarily attributable to increased net income and collections on holiday credit card receivables. We also reduced our debt with $2 million in repayments under the credit agreement and $7 million in repayments on the revolving facility, bringing our revolving facility balance to zero. As we discussed on our previous call, we expect to generate free cash flow in 2026. Debt reduction and creating shareholder value remain our top priorities.

在目前條件下，我們的定期貸款（term loan）不設財務契約條款（financial covenant）。營運活動現金流為強勁的 2,200 萬美元，較前一季的 900 萬美元增加。此改善主要來自淨利增加，以及對節慶期間信用卡應收款的回收。我們也透過在信貸協議下償還 200 萬美元、並償還循環額度 700 萬美元來降低負債，使循環額度餘額降至零。如同我們在上一通電話會議中所討論，我們預期 2026 年將產生自由現金流。降低負債與創造股東價值仍是我們的首要任務。

Before I turn it over to Nicole for the financial details, I want to reiterate that the items I have outlined today are fundamentally execution-driven and within our direct control. We are focused on strategic initiatives that position us to deliver results regardless of broader economic trends.

在我把時間交給 Nicole 說明財務細節之前，我想再次強調，我今天所概述的事項本質上都以執行為導向，且在我們的直接掌控之內。我們專注於策略性計畫，使我們無論在更廣泛的經濟趨勢如何變化下，都能交付成果。

With that, I will turn the call over to Nicole.

接下來，我把電話會議交給 Nicole。

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 2026, our fiscal calendar began on December 29, 2025, and our first quarter contained 91 days. Consolidated comparable sales are reported on the same number of days year-over-year. Let me start by discussing our first-quarter financials in greater detail before introducing our outlook for the second quarter of 2026 and reiterating our fiscal '26 guidance, with the exception of an update to our expected effective tax rate.

謝謝你，Manny。提醒一下，自今年起，我們以會計季度為基礎揭露財務資訊，採用四個 13 週季度，必要時會增加第 53 週。2026 年，我們的會計年度日曆自 2025 年 12 月 29 日開始，第一季共 91 天。合併同店銷售（comparable sales）以年對年相同天數計算。我先更詳細說明第一季財務表現，接著介紹 2026 年第二季展望，並重申 2026 會計年度指引（'26 guidance），但會更新我們預期的有效稅率（effective tax rate）。

Total consolidated GAAP revenues were $212.8 million, increasing 0.8% from $211.1 million for the same quarter last year. Growth was driven by two primary factors. The fiscal calendar shift that moved New Year’s Eve into fiscal 2026 added approximately $8.3 million to our top line, as well as contributions from new openings and conversions completed in the second half 2025. These gains were partially offset by the closure of underperforming Grill locations as part of our portfolio optimization strategy, which reduced revenues by approximately $1.8 million.

合併 GAAP 營收總額為 2.128 億美元，較去年同期的 2.111 億美元成長 0.8%。成長主要由兩項因素帶動：會計年度日曆的變動使跨年夜（New Year’s Eve）落入 2026 會計年度，為我們的營收增加約 830 萬美元；以及 2025 年下半年完成的新開店與轉換所帶來的貢獻。上述增幅部分被我們依投資組合最佳化策略關閉表現不佳的 Grill 據點所抵銷，該等關閉使營收約減少 180 萬美元。

Included in total revenues were company-owned restaurant net revenues of $209.3 million, which increased 0.9% from $207.4 million for the prior-year quarter. The increase was primarily due to the change in the fiscal year calendar, which resulted in a shift of New Year’s Eve into fiscal year '26, and sales generated by eight new restaurants. These gains were partially offset by a decrease in revenue from Grill restaurants closed and a 0.3% decrease in comparable restaurant sales. Management, license, franchise, and incentive fee revenues decreased slightly to $3.5 million from $3.7 million in the prior-year quarter. The decrease is primarily attributable to the exit of a management agreement in Scottsdale, Arizona, in the second quarter of 2025. As Manny noted, we converted a former RA Sushi to a company-owned STK in that market.

在總營收中，公司自營餐廳淨營收為 2.093 億美元，較去年同期的 2.074 億美元成長 0.9%。增加主要來自會計年度日曆變動（使跨年夜移入 2026 會計年度），以及 8 家新餐廳所帶來的銷售。上述增幅部分被已關閉的 Grill 餐廳營收下降，以及同店餐廳銷售下滑 0.3% 所抵銷。管理、授權（license）、加盟與激勵費收入則小幅下降，從去年同期的 370 萬美元降至 350 萬美元。下降主要歸因於我們在 2025 年第二季退出亞利桑那州斯科茨代爾的一項管理合約。如 Manny 所提，我們已將該市場一間原 RA Sushi 轉換為公司自營的 STK。

Now turning to expenses. We continue to implement targeted cost management initiatives. Last year, we made strategic adjustments to our beef tenderloin sourcing and contracted pricing through September 2026, eliminating our exposure to significant US beef price fluctuations and providing meaningful cost certainty. We also optimized our labor structure across the business last year by improving scheduling management, and we're still realizing synergies from the Benihana acquisition.

接著談費用。我們持續推動具針對性的成本管理措施。去年，我們對牛菲力（beef tenderloin）的採購來源與合約定價做了策略性調整，並已簽約至 2026 年 9 月，消除了我們對美國牛肉價格大幅波動的曝險，並提供了具意義的成本確定性。我們也在去年透過改善排班管理來最佳化全公司的勞動力結構，且我們仍在實現收購 Benihana 所帶來的協同效益。

Company-owned restaurant cost of sales as a percentage of company-owned restaurant net revenues improved 140 basis points to 19.4% from 20.8%. This improvement was primarily due to menu optimization, integration synergies, supply chain initiatives, increased menu pricing, and more efficient cost of sales associated with New Year’s Eve and our record-breaking Valentine’s Day. Company-owned restaurant operating expenses as a percentage of company-owned restaurant net revenues improved 40 basis points to 61.7% from 62.1%. This reflects improvements in labor costs. Restaurant operating profit, excluding grow concepts restaurants closed, was $39.9 million, or 19.1% of owned restaurant net revenues, improving 100 basis points from 18.1% in the prior-year quarter.

公司自營餐廳銷貨成本占公司自營餐廳淨營收的比率改善 140 個基點，從 20.8% 降至 19.4%。此改善主要來自菜單最佳化、整合協同效益、供應鏈措施、菜單提價，以及跨年夜與創紀錄情人節所帶來的更有效率銷貨成本結構。公司自營餐廳營運費用占公司自營餐廳淨營收的比率改善 40 個基點，從 62.1% 降至 61.7%，反映勞動成本的改善。餐廳營運利潤（不含已關閉的 grow 概念餐廳）為 3,990 萬美元，占自營餐廳淨營收 19.1%，較去年同期的 18.1% 改善 100 個基點。

On a total reported basis, general and administration costs increased $1.9 million to $15 million from $13.1 million in the same quarter prior year driven by inflation in salaries and bonus, higher audit-related fees, investments in information technology specifically AI-related technologies, and increased marketing expenses. When adjusting for stock-based compensation of $1.1 million, adjusted general and administrative expenses were $13.9 million compared to $11.5 million in the first quarter of 2025. As a percentage of revenues when adjusting for stock-based compensation, adjusted general and administrative costs were 6.5% compared to 5.4% in the prior year.

以總報表口徑（total reported basis）計算，一般及行政費用增加 190 萬美元，從去年同期的 1,310 萬美元增至 1,500 萬美元，主要受薪資與獎金通膨、更高的審計相關費用、資訊科技投資（特別是 AI 相關技術）以及行銷費用增加所致。若調整 110 萬美元的股份基礎給付（stock-based compensation），調整後一般及行政費用為 1,390 萬美元，而 2025 年第一季為 1,150 萬美元。若以營收百分比並調整股份基礎給付後計算，調整後一般及行政費用率為 6.5%，去年同期為 5.4%。

Depreciation and amortization expense was $10.4 million compared to $9.8 million in the prior-year quarter. The increase is attributed to new restaurants opened during fiscal year 2025. Lease termination and restaurant closure expenses were $2 million for the quarter, primarily as a result of the grow portfolio optimization, which included $500,000 in non-cash expenses related to closed restaurants. Pre-opening expenses were approximately $1.5 million, primarily related to pre-opening rent for restaurants under development, including $500,000 in non-cash rent and payroll costs for Kona Grill Landmark, which opened in January 2026. Pre-opening expenses decreased by $200,000 compared to the prior-year period.

折舊與攤銷費用為 1,040 萬美元，較去年同期季度的 980 萬美元增加。此增幅主要歸因於 2025 會計年度新開設的餐廳。本季度租約終止與餐廳關閉費用為 200 萬美元，主要源自 grow 投資組合最佳化，其中包含與已關閉餐廳相關的 50 萬美元非現金費用。開店前費用約為 150 萬美元，主要與開發中餐廳的開店前租金相關，其中包含 50 萬美元與 Kona Grill Landmark（於 2026 年 1 月開幕）相關的非現金租金與薪資成本。與去年同期相比，開店前費用減少 20 萬美元。

Transition and integration expenses were $500,000, down significantly from $3.7 million in the prior-year quarter as we're nearing completion of the integration of the Benihana and RA Sushi acquisition. Operating income was $13.9 million compared to operating income of $10.7 million in the first quarter of '25, an increase of $3.2 million primarily due to improved restaurant operating profit and reduction in transition and integration costs. For reconciliation, please refer to our press release issued earlier today.

轉型與整合費用為 50 萬美元，較去年同期季度的 370 萬美元大幅下降，因我們正接近完成 Benihana 與 RA Sushi 收購案的整合。營業利益為 1,390 萬美元，較 2025 年第一季的 1,070 萬美元增加 320 萬美元，主要由於餐廳營運利潤改善以及轉型與整合成本下降。對於調節表，請參閱我們今日稍早發布的新聞稿。

Interest expense was $9.7 million compared to $9.8 million in the prior-year quarter. Our weighted average interest rate was 10.2% compared to 10.9% in the prior-year quarter. Provision for income taxes was $1.2 million compared to $300,000 in the prior-year quarter, as a result of increase in pre-tax book income. Net income attributable to The ONE Group Hospitality, Inc., was $3.2 million compared to net income of $1 million in the first quarter of 2025. Net loss available to common stockholders was $6.2 million, or $0.20 net loss per share, compared to $6.6 million in the first quarter of 2025, or $0.21 net loss per share. Adjusted EBITDA attributable to The ONE Group Hospitality, Inc., was $28.8 million compared to $25.7 million in the prior-year quarter, an increase of 12.1%. We finished the quarter with $6.6 million in cash and cash equivalents and restricted cash and cash equivalents.

利息費用為 970 萬美元，較去年同期季度的 980 萬美元略降。我們的加權平均利率為 10.2%，去年同期季度為 10.9%。所得稅費用為 120 萬美元，較去年同期季度的 30 萬美元增加，係因稅前帳面收益增加所致。歸屬於 The ONE Group Hospitality, Inc. 的淨利為 320 萬美元，較 2025 年第一季的 100 萬美元增加。可供普通股股東分配的淨損為 620 萬美元，或每股淨損 0.20 美元，較 2025 年第一季的 660 萬美元（或每股淨損 0.21 美元）改善。歸屬於 The ONE Group Hospitality, Inc. 的調整後 EBITDA 為 2,880 萬美元，較去年同期季度的 2,570 萬美元增加 12.1%。本季度結束時，我們持有現金及約當現金與受限制現金及約當現金合計 660 萬美元。

We had $33.7 million available under our revolving credit facility, subject to certain conditions. As Manny said, as of quarter end, we had no borrowings outstanding under the revolving credit facility nor does our term loan currently require financial covenant.

在符合若干條件下，我們的循環信用額度項下可動用金額為 3,370 萬美元。如 Manny 所述，截至季度末，我們在循環信用額度項下並無任何未償借款，且我們的定期貸款目前亦不要求財務契約條款。

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 remind our investors that the actual number and timing of new restaurants 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. Based on the information available now and our expectations as of today, we are issuing the following financial targets for the second quarter of 2026.

接下來，我想就我們的業務提供一些前瞻性評論。此等評論受我們在 SEC 申報文件中所討論之與前瞻性陳述相關的風險與不確定性影響。我們提醒投資人，任何特定期間新餐廳的實際數量與開幕時點，均可能受公司無法控制的因素影響，包括總體經濟狀況、天氣，以及房東、承包商、被授權人與監管及發照機關所控制的因素。根據目前可得資訊以及我們截至今日的預期，我們提出以下 2026 年第二季的財務目標。

Beginning with the top line, we project total GAAP revenues of between $202 million and $206 million, which reflects our anticipation of consolidated comparable sales of 1% to 2%. Management, license, franchise, and incentive fee revenue are expected to be approximately $3 million to $4 million. Total company-owned operating expenses as a percentage of company-owned restaurant revenue between 81% and 82%. Total G&A, excluding stock-based compensation, between $13 million and $14 million. Adjusted EBITDA between $24 million and $26 million. And finally, restaurant pre-opening expenses are between $1 million and $2 million.

先從營收端來看，我們預估 GAAP 總營收介於 2.02 億至 2.06 億美元，反映我們對合併同店銷售成長 1% 至 2% 的預期。管理、授權、加盟與激勵費收入預期約為 300 萬至 400 萬美元。公司自營營運費用占公司自營餐廳營收之比重介於 81% 至 82%。不含股票基礎報酬的總一般及行政費用（G&A）介於 1,300 萬至 1,400 萬美元。調整後 EBITDA 介於 2,400 萬至 2,600 萬美元。最後，餐廳開店前費用介於 100 萬至 200 萬美元。

Based on the information available to us now and our expectations as of today, we are reiterating the following financial targets for fiscal year '26, with the exception of increasing the range of the effective tax rate. We project total GAAP revenues of between $840 million and $855 million, which reflects our anticipation of consolidated comparable sales of 1% to 3%. Management, license, franchise, and incentive 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 revenues are approximately 82% to 83%.

根據目前可得資訊以及我們截至今日的預期，除提高有效稅率區間外，我們重申 2026 會計年度的以下財務目標。我們預估 GAAP 總營收介於 8.40 億至 8.55 億美元，反映我們對合併同店銷售成長 1% 至 3% 的預期。管理、授權、加盟與激勵費收入預期介於 1,400 萬至 1,500 萬美元。公司自營營運費用占公司自營餐廳淨營收之比重約為 82% 至 83%。

Total G&A, excluding stock-based compensation, is approximately $53 million. Adjusted EBITDA is between $100 million and $110 million. Restaurant pre-opening expenses are between $5 million and $6 million. And effective income tax rate is approximately 10% to 20%. Total capital expenditures, net of allowance receipts from landlords, are between $38 million and $42 million. And finally, we plan to open 6 to 10 new venues.

不含股票基礎報酬的總一般及行政費用（G&A）約為 5,300 萬美元。調整後 EBITDA 介於 1.00 億至 1.10 億美元。餐廳開店前費用介於 500 萬至 600 萬美元。有效所得稅率約為 10% 至 20%。資本支出（扣除房東補助款收入後）介於 3,800 萬至 4,200 萬美元。最後，我們計畫新開 6 至 10 個新據點。

With that, I will now turn the call back to Manny.

接下來，我把電話交回給 Manny。

Thank you, Nicole. Before we open up for questions, I want to emphasize how excited we are about our business. Although the current environment remains challenging, our future looks bright. With our proven ability to execute, a strengthened portfolio, and expanded franchise capabilities, we are well positioned to capture the significant opportunities ahead of us.

謝謝你，Nicole。在開放提問之前，我想強調我們對業務的興奮之情。儘管目前環境仍具挑戰，我們的未來依然光明。憑藉我們經驗證的執行能力、更強化的投資組合，以及擴大的加盟能力，我們已做好充分準備，把握前方重大的機會。

We thank you for your continued support and look forward to sharing our progress in the quarters ahead. It is always a special thanks to all teammates across the globe who live our mission every day, creating great guest memories by operating the best restaurants in every market and delivering exceptional and unforgettable guest experiences to every guest, every time.

感謝各位持續的支持，我們也期待在未來幾個季度與各位分享進展。同時也要特別感謝全球所有團隊夥伴每天實踐我們的使命：在每個市場經營最好的餐廳，為每一位賓客、每一次，提供卓越且難忘的體驗，創造美好的賓客回憶。

Nicole and I look forward to your questions. Operator?

Nicole 和我期待各位的提問。接線員？

(Operator Instructions) Joe Gomes, Noble Capital Markets.

（接線員指示）Joe Gomes，Noble Capital Markets。

I just want to start. The revenues were a little below where the guide was for the first quarter, and the comps were a little off from where the guide was. Maybe give us a little more color there, Manny, on what transpired during the quarter to cause that slight miss.

我想先從這裡開始。第一季營收略低於指引區間，同店表現也稍微偏離指引。Manny，能否請你多提供一些背景，說明本季度發生了什麼，導致這個小幅落差？

Yeah, I mean, I think the only thing that was less than we expected in the quarter was our volume at our STK restaurants in malls. It was really the first year where we've had two restaurants fully operating in the first quarter in the mall. I think the first quarter is a little different from the other quarters for those restaurants. So I would say just the seasonality of our mall STKs was a little bit different than what we expected, but other than that, I think the quarter was solid.

是的，我的意思是，我認為本季度唯一低於我們預期的是我們位於購物中心的 STK 餐廳來客量。這其實是第一年我們在第一季有兩家餐廳在購物中心完整營運。我認為第一季對這些餐廳而言，與其他季度有些不同。所以我會說，我們購物中心 STK 的季節性表現與我們預期略有差異，但除此之外，我認為本季度表現很扎實。

I think the only other noise in the quarter was just spring break this year seemed to have a lot of different changes in terms of how people took their holidays. And then I think Easter being much earlier is just a little bit of a different cadence of sales, if you will, in the year. But overall, I thought the business was very strong in our brands.

我認為本季度另外一個雜音是，今年春假在大家安排假期的方式上似乎有不少變化。再者，復活節來得更早，也使得全年銷售節奏（如果你願意這麼說）略有不同。但整體而言，我認為我們各品牌的業務表現非常強勁。

Okay. And then I think also last quarter you talked about the conversions. You were hoping to have them all done by mid-July, and now it sounds like at the end of the year. Anything there, or is it just extended construction cycles or just being a little more conservative in the conversion opportunity?

了解。然後我記得上季你也談到轉換（conversions）。你原本希望在 7 月中前全部完成，但現在聽起來是在年底。這部分有什麼原因嗎？是施工週期拉長，還是對轉換機會採取更保守的做法？

No, I just think it's just the pacing of lease sources to reopen them up properly. I mean, they are reloads and, if you will, conversion sites, but you still have to go through the full training cycle. So I think the timing of these restaurants is really based on how we feel about the right pace of opening the units without being negatively impactful to operations. It's really just timing and pace, making sure that you're moving your opening teams to the right places at the right time. So it's just an internal judgment relative to when you want to open the restaurants.

不，我認為主要就是租約來源（lease sources）推進的節奏，以便能夠妥善地重新開幕。我的意思是，它們是重新啟用（reloads），或者說是轉換據點，但你仍然必須走完整的培訓週期。所以我認為這些餐廳的時點，主要取決於我們對以適當節奏開店的判斷，避免對營運造成負面影響。這真的就是時點與節奏的問題，確保你在正確的時間把開店團隊調度到正確的地點。因此，這只是內部對於何時開店的判斷。

Okay, great. And then last one for me, I will jump back in queue. Anything new on the franchising front or some more of the nontraditional venues? You had some success that you reported on in the past couple of quarters, but just wondering if there is new in the pipeline there.

好的，很棒。那我最後一個問題，之後我會回到排隊序列。加盟方面或一些非傳統場域有沒有新的進展？你們在過去幾個季度回報過一些成功案例，但我想了解那邊的管線是否有新的消息。

Yeah. I mean, I think franchising -- still lots of interest. We're actively talking to people all the time. We have amped up our resources behind getting new deals. So I think that it is progressing really well, and interest is very high. I am very pleased with the progress, and I feel very positive about the outlook relative to franchising, particularly for Benihana.

有的。我是說，我認為加盟——仍然有很多興趣。我們一直都在積極地和人洽談。我們也加大了促成新交易的資源投入。所以我認為進展得非常順利，市場興趣也非常高。我對進度非常滿意，並且對加盟的前景感到非常正面，特別是對 Benihana 而言。

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

So Manny, just wondering if you guys saw any notable regional differences in terms of your same-store sales performance in the quarter.

Manny，我想問一下，你們在本季度的同店銷售表現上，是否看到任何顯著的區域性差異？

Yeah, I mean, I think for us, if there was one market that stood out a little bit differently, it was Texas. We did see a little bit of different trends in Texas, but other than that, everything was relatively very similar. So that's probably the only market, and if I had to drill down a little bit more, I think that was per se was one of the markets where we saw a little bit more softness in the business. But other than that, as our results show coming into the second quarter, we have a lot of momentum and sales are positive for the company and transactions.

是的。我是說，對我們來說，如果有一個市場稍微比較突出，那就是德州。我們確實在德州看到一些不同的趨勢，但除此之外，其他地區都相對非常類似。所以那大概是唯一的市場；如果要再更深入一點，我認為那算是我們看到業務稍微偏疲軟的一個市場。不過除此之外，從我們進入第二季度的結果來看，我們有很強的動能，公司整體的銷售與交易量都是正向的。

So in this environment, I believe that is a really strong testament to the initiatives and all the activities that we are doing in building traffic and sales.

所以在這樣的環境下，我相信這非常有力地證明了我們的各項倡議與所有正在進行、用以帶動來客數與銷售的活動是有效的。

So as it relates to Texas, was there any change in the competitive landscape, or was it something else that drove some of the softness there, you think?

那就德州而言，那邊的競爭態勢是否有任何變化？還是你認為是其他因素導致那邊出現一些疲軟？

I think in Dallas specifically, I think it's just a very competitive market and there's always a lot of competition coming into that market. So I just think it's the -- at least from my perspective, my perspective in the market is that there's just a lot of people trying in the market and so from time to time, you will have a little bit of up and down in the business just because there's just a lot of people.

我認為特別是在達拉斯，我覺得那就是一個競爭非常激烈的市場，而且總是有很多競爭者進入那個市場。所以我只是覺得——至少從我的角度、我對那個市場的看法是，很多人都在那個市場嘗試，因此有時候業務會有一些起伏，原因就是競爭者太多。

It's an attractive market, it's a large market, and everybody wants to have a restaurant in Dallas. So I think it's just a matter of what the competitors are doing in the marketplace.

那是一個很有吸引力的市場、規模很大，而且每個人都想在達拉斯開餐廳。所以我認為這只是取決於競爭對手在市場上做了什麼。

Understood. And then in terms of the commentary about the second-quarter same-store sales which are tracking positive, can you give us a sense of traffic versus ticket? What's the breakdown approximately?

了解。那關於你提到第二季度同店銷售目前追蹤為正成長，能否讓我們了解一下來客數與客單價的貢獻？大概的拆分是怎樣？

We are up in traffic, so it is a good lead-in, and I think that -- to me, that is the most important part of that mix of sales is that our initiatives, particularly around value and our continuous messaging around happy hour and some of the great price points we have at lunch and at dinner, are starting to really resonate, and our marketing is starting to really make lots of progress in communicating those value points. So I feel very good about that.

我們的來客數是上升的，所以這是一個很好的切入點。我認為——對我來說，在銷售組合中最重要的部分就是：我們的各項倡議，特別是圍繞「價值」的策略，以及我們持續傳遞的歡樂時光訊息，還有我們在午餐與晚餐提供的一些很有吸引力的價格帶，開始真正引起共鳴；而我們的行銷在傳達這些價值主張方面也開始取得很大進展。所以我對此感覺非常好。

And then Benihana, we also launched our power lunch offering, which is a starting at $15.95 45-minute guarantee. Lunch is starting to also gain traction. So I feel really good about all the initiatives, and we are starting to see progress made on building traffic.

另外在 Benihana，我們也推出了 power lunch 方案，起價 15.95 美元，並提供 45 分鐘保證。午餐也開始逐步獲得動能。所以我對所有這些倡議都感到非常有信心，我們也開始看到在提升來客數方面取得進展。

Got it. And last question for me, Nicole, you mentioned that there were some Benihana cost synergies realized in the quarter. Can you expand on that, and are there any other synergies you think maybe realized this year as it relates to the Benihana acquisition?

了解。我最後一個問題，Nicole，你提到本季度實現了一些 Benihana 的成本綜效。你能否進一步說明？另外，就 Benihana 併購而言，你認為今年還可能實現哪些其他綜效？

Yeah. I think one of the biggest synergies we are still realizing is the beef contracts, combining the different brands that are both very heavily reliant on beef products. We are able to secure a pretty decent contract. So that's something that we will continue to see through the coming months. We are also seeing some of our other contracts that we placed over the last year or so in terms of linens and other operating supplies that we're still realizing synergies on as well.

好的。我認為我們仍在持續實現的最大綜效之一是牛肉合約，因為我們把不同品牌合併起來，而這些品牌都非常依賴牛肉產品。我們因此能夠拿到相當不錯的合約條件。這會在接下來幾個月持續反映出來。我們也看到過去一年左右簽下的一些其他合約，例如布草與其他營運用品，也仍在持續實現綜效。

Mark Smith, Lake Street Capital Markets.

Mark Smith，Lake Street Capital Markets。

Hi, guys. You have Alexer on the line for Mark Smith today. First one for me. Looking at capital allocation priorities, you have made good progress on the balance sheet revolver now paid down to zero, free cash flow generation improving, and leverage comes down further. How are you thinking about balancing debt reduction, conversion investments, and potentially becoming more active with share purchases.

嗨，各位。我今天代表 Mark Smith，由 Alexer 在線上提問。我第一個問題：從資本配置優先順序來看，你們在資產負債表方面已取得不錯進展，循環信貸（revolver）現在已償還至零，自由現金流生成也在改善，槓桿也進一步下降。你們如何在減債、轉換投資，以及可能更積極進行庫藏股/股票回購之間取得平衡？

I mean, I think, as you saw in the quarter, our focus has been that because we did pay the revolver as well as term loan, and so that will continue to be a priority so really focusing on debt and really balancing that with a growth portfolio of restaurants that is really cost effective. So that's really in the short term is our primary objective. Of course, capital allocation and shareholder value creation is always a priority of our Board. So we always are actively looking at anything and everything that makes sense in terms of creating value for the shareholders.

我是說，我認為如你在本季度看到的，我們的重點一直在那裡，因為我們確實償還了循環信貸以及定期貸款，所以這仍將是優先事項——也就是專注於債務，並在此同時平衡一個具成本效益的餐廳成長組合。因此短期內這是我們的主要目標。當然，資本配置與為股東創造價值一直都是董事會的優先事項。所以我們也一直在積極評估任何與一切在為股東創造價值方面合理可行的選項。

Okay. Last one for me, just switching over to the restaurants. Benihana Express seems to be getting a lot of traction from a franchise interest standpoint. Maybe just talk about how you view that long-term opportunity for the format relative to the traditional Benihana concept and what you think franchisees are finding most attractive about the model today.

好的。我最後一個問題，轉到餐廳端。Benihana Express 從加盟興趣的角度看似乎獲得很大動能。能否談談你們如何看待這種店型相對於傳統 Benihana 概念的長期機會？以及你認為加盟主目前覺得這個模式最吸引人的地方是什麼？

Yeah, I mean, good question. What the franchise interest is is around the product itself. The fact that we have a fantastic fried rice product and protein offerings that go with it, so there is excitement around the product offering. There is also excitement about the price point positioning of that product because, being a Benihana product, it is premium in market, so they do like that.

是的，我是說，問得很好。加盟興趣主要在於產品本身。事實上我們有非常出色的炒飯產品，以及搭配的蛋白質品項，所以大家對產品組合很興奮。大家也對該產品的定價定位感到興奮，因為作為 Benihana 的產品，它在市場上屬於高端定位，所以他們也喜歡這一點。

Then, of course, in franchise, economics are paramount, so I think within the Benihana Express, we get the best of Benihana and great COGS, cost of goods. And we also get very beneficial labor equation, meaning that we don't have to service at the table or the teppanyaki tables, so there's a really relatively predictable and strong labor on that.

另外，當然在加盟體系中，單店經濟模型是最重要的。所以我認為在 Benihana Express，我們能同時擁有 Benihana 的優勢與很好的 COGS（銷貨成本/食材成本）。同時我們也有非常有利的人力配置，也就是我們不需要桌邊服務或鐵板燒桌的服務，因此人力成本相對可預測且表現強勁。

And then obviously, it goes without saying the fact that these footprints are small, occupancy is also very effective, and then also the fact that the footprint is smaller allows for a lot more flexibility in terms of what real estate is available for that brand. So again, we start having all those things. And of course, the cost of development is also very affordable relative to building other full-sized store. So I think once you add all those up, the franchisees are very interested in pursuing that.

再來很明顯的是，這些店面坪數小，租佔比/店面占用成本也非常有效；而且因為坪數較小，在可用的房地產選址方面也更有彈性。所以當我們把這些因素加總起來，當然開發成本相較於建置其他全尺寸門店也更可負擔。我認為把這些都加在一起，加盟主就非常有興趣去推進這個模式。

That is very helpful.

非常有幫助。

Jim Sanderson, Northcoast Research.

Jim Sanderson，Northcoast Research。

I wanted to go back to your update on same-store sales and traffic and build on that. Any feedback on what your bookings are looking like for Mother’s Day and graduation events relative to where you were, say, one year ago?

我想回到你們對同店銷售與來客數的更新並延伸一下。關於母親節與畢業季活動的訂位/預訂情況，相較於例如一年前，你們目前看到的回饋如何？

I mean, without getting to precise numbers, I would say that traffic is positive coming into the quarter. And I I think just in line with that, I think in general, our bookings, because we do manage that very closely. Our bookings in general are very solid, so I would say that I feel very good about the forward look on the books.

我是說，不談得太精確的數字，我會說進入本季度時來客數是正向的。而且我認為也與此一致的是，我們的訂位/預訂因為我們管理得非常緊密，整體來說非常穩健，所以我會說我對未來的訂位簿（book）展望感覺非常好。

Excellent. Shifting over to your store margin guidance, I noticed that relative to the first half of the year, you are probably expecting some modest margin compression. Can you walk through how margin is going to progress over the year?

很好。再轉到你們的門店利潤率指引，我注意到相較於上半年，你們可能預期利潤率會有一些小幅壓縮。你能否說明一下利潤率在全年將如何演進？

I mean, for us, it is always the third quarter, right? So we always have first, second, and fourth quarters are always very good margins. And our third quarter is our lowest-volume quarter, and so we do always get that shift in margin in the third quarter just because of seasonality.

我的意思是，對我們來說，總是第三季，對吧？所以我們的第一季、第二季和第四季的毛利率一向都非常好。而第三季是我們量最小的一季，因此因為季節性因素，我們在第三季的毛利率確實總會出現那樣的變動。

Other than that, everything in the margin, as Nicole reported during her update, is strong. We have great momentum in COGS. As a matter of fact, our cost of goods is the lowest we have ever reported as a company, and I think the margin overall outlook for the year is very solid.

除此之外，毛利率方面的一切——正如 Nicole 在她的更新中所報告的——都很強勁。我們在 COGS（銷貨成本）方面有很好的動能。事實上，我們的銷貨成本是公司有史以來報告過的最低水準，我認為今年整體毛利率展望非常穩健。

And then speaking to margin a little bit more, you mentioned you've got beef visibility until September. Any thoughts on what you're looking at for locking in those prices as we get to the holiday quarter?

再多談一點毛利率，你提到你們對牛肉的可視性到 9 月。對於進入假日季度時鎖定那些價格，你有什麼想法嗎？

I mean, always in active dialogue about what we do with beef. I mean, of course I do not have a crystal ball, so I wish I could give you a fourth-quarter look on beef. But again, our view on beef is still a tough market right now, and so there is a lot to manage there. But our focus really with beef for now is just looking at alternative cuts and promotional windows to try to take advantage of other cuts that might be lower cost than maybe a filet or something else. So it's really more about PMIX management, and starting to really plan out for Q4 promotional windows that are not so reliant on filets because that takes pressure off the cost line.

我的意思是，我們一直都在就牛肉的策略進行積極對話。當然我沒有水晶球，所以我希望我能給你第四季牛肉的展望。但再說一次，我們對牛肉的看法是目前仍是艱難的市場，因此有很多需要管理的地方。不過我們目前在牛肉上的重點，是看替代部位與促銷檔期，嘗試利用其他可能比菲力或其他品項成本更低的部位。所以這更關乎 PMIX（產品組合）管理，並開始真正規劃第四季不那麼依賴菲力的促銷檔期，因為那樣可以減輕成本端的壓力。

Very good. And I think you also reported your weighted average interest rate was down. Could you walk us through what is driving that and what your outlook for the rest of the year is?

非常好。我想你也提到你們的加權平均利率下降了。你能帶我們了解一下是什麼在驅動這件事，以及你對今年剩餘時間的展望嗎？

I think that the Fed rates came down a bit, which impacts overall rates. So I think that is the big part of it. And again, our focus on that right now is to -- as much as we have free cash flow is to bring it down, and that's our number one objective as we go forward is to really balance that growth and be effective on growth, and still have free cash flow to service debt so we can bring that principal down.

我認為聯準會利率下來了一點，這會影響整體利率。我想這是主要因素。再說一次，我們目前的重點是——只要我們有自由現金流——就把它降下來；而我們往前走的首要目標，就是在平衡成長、有效推動成長的同時，仍保有自由現金流來償付債務，讓我們可以把本金降下來。

Alright. Last question for me. Any feedback on what your off-premises mix was in the first quarter and how that was broken up between third-party delivery and pickup?

好。我的最後一個問題。第一季你們的外帶/外送（off-premises）占比是多少？其中第三方外送與自取各占多少？

As I reported in previous quarters, very low double digits is our percentage of mix in delivery and takeout. And I think that the majority of our mix right now is still reliant on delivery. It's more delivery than pickup at the restaurants. And as you might imagine, our focus right now is building up that pickup at the store because that's more P&L effective, and we think that there's also big opportunities on that.

正如我在前幾季所報告的，外送與外帶的占比是低雙位數百分比。我認為我們目前的組合仍主要依賴外送；也就是外送多於到店自取。你可以想像，我們現在的重點是把到店自取做起來，因為那對損益表（P&L）更有效率，而且我們也認為那裡有很大的機會。

Very good. I will pass it on.

非常好。我把問題交給下一位。

Roger Lipton, Lipton Financial Services.

Roger Lipton，Lipton Financial Services。

A great number of my potential questions have been answered. I did want to just explore a little bit more the store-level margin, which it looks like you could have been in a position to bring down the operating expenses, bring up your margin a little bit in terms of your full-year guidance doing -- beating the first quarter by, I guess, 150 to 160 basis points over the mid 19.1% instead of 17.5%, the midpoint of your previous guidance. And in the second quarter, you are 81% to 82% instead of 82% to 83% in terms of expense totals.

我很多原本想問的問題都已經被回答了。我確實想再多探討一下店面層級的利潤率。看起來你們其實可能有空間降低營運費用、把毛利率再提高一些，並在全年指引上——相較第一季——把全年指引提高一些；也就是說，相對於先前指引中點 17.5%，你們可能可以做到約 19.1% 的中點，等於高出我猜大概 150 到 160 個基點。另外在第二季，你們的費用總額指引是 81% 到 82%，而不是 82% 到 83%。

So it looks like maybe you have got a little room for the full year to improve upon that 82% to 83%.

所以看起來你們全年在 82% 到 83% 這個區間上，或許還有一些改善空間。

Thanks, Roger, and good to hear from you. I think our view on this and as I answered the previous question is our fourth quarter is really a big quarter, and I just want to make sure that we have numbers that we're super comfortable with. And again, I am very happy with our first-quarter results, and I think that we are making tremendous progress in the second quarter and forward.

謝謝你，Roger，也很高興聽到你的聲音。我們對此的看法——也如我在前一個問題所回答的——是第四季確實是一個很大的季度，我只是想確保我們給出的數字是我們非常有把握的。再說一次，我對第一季的結果非常滿意，我也認為我們在第二季以及往後都在取得巨大的進展。

But I always want to make sure that we are realistic about the environment. It is still a challenging environment. Lots of noise with gas prices, and as you know, gas prices over time can impact your supply chain. So again, I am not saying that we believe that is ultimately going to happen, but we are just being cautious about how we go about guiding for the rest of the year on margin.

但我總是想確保我們對環境的判斷是務實的。現在仍是具挑戰性的環境。油價有很多雜音，而且如你所知，油價長期來看可能會影響供應鏈。所以再說一次，我不是說我們認為那最終一定會發生，但我們在對今年剩餘時間的毛利率指引上，只是採取更審慎的態度。

Okay. That is fair. It went over so quickly. The new economics on that Scottsdale conversion. You are saying increasing the ROI by 4 times. Could you just run by those numbers one more time quickly?

好的。這很合理。剛剛帶過得很快。關於 Scottsdale 那家店改裝後的新經濟模型，你說 ROI 提高了 4 倍。你能不能再把那些數字快速講一次？

That is a good question. So just for clarity, that restaurant was doing about $3 million to $4 million in revenues. It is now north of $7 million. So we grew revenues there by about $4 million, we think, year over year on an annual basis, and we spent about $1 million getting that $4 million in sales. So it is really 4 times return on sales on the investment we put in the site.

這是個好問題。為了更清楚說明，那家餐廳原本的營收大約是 300 萬到 400 萬美元，現在已經超過 700 萬美元。所以我們把那裡的營收提高了大約 400 萬美元；我們認為以年度口徑、年對年來看是如此。而我們為了取得這 400 萬美元的銷售額，大約投入了 100 萬美元。因此就我們在該據點的投資而言，基本上是 4 倍的投資回報（以銷售增量衡量）。

The ROI will also be very good because that $4 million increase in revenues will drive a significant amount of incremental EBITDA. So our ROI on that conversion will be very, very high.

ROI 也會非常好，因為這 400 萬美元的營收增加將帶來相當可觀的增量 EBITDA。因此我們在那次改裝上的 ROI 會非常、非常高。

Got it. Okay. Well, I am glad you clarified that.

了解。好的，我很高興你澄清了這點。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I would now like to turn the conference call back to Manny Hilario for closing remarks.

各位女士先生，我們已經到達問答環節的結束。現在我想把電話會議交回 Manny Hilario 作結語。

Thank you, everyone. I appreciate everyone taking the time to be with us here today. As I said earlier, we are very excited about the future of the company and as always tell everyone none of this would be possible without the incredible contributions from all of our teammates who live our mission every day. So I want to thank them all once again, and then I look forward to running into all you in our restaurants. So everybody have a great summer. Back to you, operator.

謝謝大家。我很感謝各位今天撥冗與我們一同參與。正如我先前所說，我們對公司的未來感到非常興奮；也一如既往地告訴大家，若沒有所有每天實踐我們使命的隊友所做出的卓越貢獻，這一切都不可能實現。所以我想再次感謝他們，並期待在我們的餐廳與各位不期而遇。祝大家有個美好的夏天。交回給你，接線員。

Thank you. This concludes today’s conference call. Thank you for joining us. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位加入。您現在可以掛斷線路。