Texas Roadhouse Inc (TXRH) 2023 Q2 法說會逐字稿

Good evening, and welcome to the Texas Roadhouse Second Quarter Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

晚上好，歡迎參加德克薩斯州路屋第二季度收益電話會議。今天的通話正在錄音。 （操作員說明）

I would now like to introduce Michael Bailen, Head of Investor Relations for Texas Roadhouse. You may begin.

現在我想介紹一下 Texas Roadhouse 投資者關係主管 Michael Bailen。你可以開始了。

Thank you, Emma, and good evening. By now, you should have access to our earnings release for the second quarter ended June 27, 2023. It may also be found on our website at texasroadhouse.com in the Investors section. I would like to remind everyone that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.

謝謝你，艾瑪，晚上好。到目前為止，您應該可以訪問我們截至 2023 年 6 月 27 日的第二季度收益發布。您也可以在我們的網站 texasroadhouse.com 的投資者部分找到該信息。我想提醒大家，我們今天討論的一部分將包括前瞻性陳述。這些陳述並不是對未來業績的保證，因此，不應過度依賴它們。

We refer all of you to our earnings release and our recent filings with the SEC. These documents provide a more detailed discussion of the relevant factors that could cause actual results to differ materially from those forward-looking statements. In addition, we may refer to non-GAAP measures. If applicable, reconciliations of the non-GAAP measures to the GAAP information can be found in our earnings release.

我們請大家參閱我們的收益發布以及我們最近向美國證券交易委員會提交的文件。這些文件對可能導致實際結果與前瞻性陳述存在重大差異的相關因素進行了更詳細的討論。此外，我們可能會參考非公認會計原則措施。如果適用，非公認會計原則措施與公認會計原則信息的調節可以在我們的收益報告中找到。

On the call with me today is Jerry Morgan, Chief Executive Officer of Texas Roadhouse; and Chris Monroe, our newly appointed Chief Financial Officer. Following the prepared remarks, we will be available to answer your questions. In order to accommodate everyone that would like to ask a question, we kindly ask analysts to please limit yourself to 1 question.

今天與我通話的是德克薩斯州路屋 (Texas Roadhouse) 首席執行官傑里·摩根 (Jerry Morgan)；以及我們新任命的首席財務官 Chris Monroe。在準備好發言後，我們將回答您的問題。為了方便每個想提問的人，我們懇請分析師將自己的問題限制在 1 個以內。

Now I'd like to turn the call over to Jerry.

現在我想把電話轉給傑瑞。

Thanks, Michael, and good evening, everyone. Before we begin our formal remarks, I want to welcome Chris Monroe to Texas Roadhouse. I am thrilled to have Chris join the Texas Roadhouse family, and I look forward to working closely with him to make us bigger, faster and stronger. I am confident that Chris is going to add value to our leadership team, our finance department and our company. I also want to thank Keith Humpich and our amazing financial team for stepping up and ensuring that we did not miss a beat over the last 6 months.

謝謝邁克爾，大家晚上好。在我們開始正式發言之前，我想歡迎克里斯·門羅來到德克薩斯州路屋。我很高興克里斯加入 Texas Roadhouse 大家庭，我期待著與他密切合作，讓我們變得更大、更快、更強。我相信克里斯將為我們的領導團隊、財務部門和公司增加價值。我還要感謝 Keith Humpich 和我們出色的財務團隊，他們挺身而出，確保我們在過去 6 個月裡沒有錯過任何一個節拍。

Moving on to our quarterly results. We are pleased with our strong sales and profits growth in the second quarter. Our sales momentum carried over from the first quarter as we averaged nearly $147,000 in weekly sales with comparable sales up over 9%. There is no doubt that our guests continue to support our commitment to serving made-from-scratch food in a fun and friendly atmosphere.

接下來是我們的季度業績。我們對第二季度的強勁銷售和利潤增長感到滿意。我們的銷售勢頭延續了第一季度的勢頭，每周平均銷售額接近 147,000 美元，可比銷售額增長了 9% 以上。毫無疑問，我們的客人將繼續支持我們在有趣和友好的氛圍中提供現做食品的承諾。

On the cost side, Commodities have performed largely in line with our expectations, and beef remains the primary driver of inflation. On the labor front, we remain committed to ensuring we are properly staffed to provide a legendary experience for every guest. We are encouraged by our outlook for the remainder of the year as we continue to expect strong margin dollar growth which is central to how we run our business.

在成本方面，大宗商品的表現基本符合我們的預期，牛肉仍然是通脹的主要驅動力。在勞動力方面，我們仍然致力於確保配備適當的人員，為每位客人提供傳奇般的體驗。我們對今年剩餘時間的前景感到鼓舞，因為我們繼續預計利潤率將強勁增長，這對於我們經營業務的方式至關重要。

We will soon begin the normal process with our operators to determine the level of menu pricing to take in October. As is typical for us, our pricing decisions will focus on maintaining our value proposition while also looking to offset the impact of wage inflation, including any state-mandated wage increases.

我們很快將與運營商開始正常流程，以確定 10 月份的菜單定價水平。正如我們的典型做法，我們的定價決策將側重於維持我們的價值主張，同時也尋求抵消工資通脹的影響，包括任何國家規定的工資上漲。

On the development front, we opened 2 company-owned Texas Roadhouses and 1 Bubba's 33 during the second quarter. In addition, our franchise partners opened 3 restaurants, including 2 international locations. For the full year, we expect to open as many as 28 company-owned Texas Roadhouse and Bubba's 33 restaurants as well as 3 Jaggers. At this time, all remaining restaurants in the class of 2023 are under construction.

在開發方面，我們在第二季度開設了 2 家公司擁有的 Texas Roadhouses 和 1 家 Bubba's 33。此外，我們的特許經營合作夥伴開設了 3 家餐廳，其中 2 家是國際餐廳。我們預計全年將開設多達 28 家公司自營的 Texas Roadhouse 餐廳和 33 家 Bubba's 餐廳以及 3 家 Jaggers 餐廳。目前，所有剩餘的 2023 級餐廳都在建設中。

Lastly, we expect our franchise partners to open as many as 13 international and domestic restaurants, including 3 Jaggers. Last week, I attended the opening of our first Jaggers franchise restaurant in Jacksonville, North Carolina. It was great to see the passion that our franchise partner has for the brand. And we look forward to seeing how they will build upon our foundation.

最後，我們預計我們的特許經營合作夥伴將開設多達 13 家國際和國內餐廳，其中包括 3 家 Jaggers。上週，我參加了我們在北卡羅來納州傑克遜維爾開設的第一家 Jaggers 特許經營餐廳的開業典禮。很高興看到我們的特許經營合作夥伴對該品牌的熱情。我們期待看到他們將如何在我們的基礎上繼續發展。

Finally, we continue to reinvest in the business through our new store pipeline, maintenance of our existing restaurant base and technology initiatives. We believe our capital investments will enable future growth and contribute to improved operating results. With a healthy balance sheet and an expectation of continued growth in cash flow, we will continue to focus on long-term, sustainable growth which has enabled us to generate consistent total returns for our shareholders throughout our history.

最後，我們繼續通過新店渠道、現有餐廳基礎的維護和技術舉措對業務進行再投資。我們相信我們的資本投資將促進未來的增長並有助於改善經營業績。憑藉健康的資產負債表和現金流持續增長的預期，我們將繼續專注於長期、可持續的增長，這使我們能夠在整個歷史上為股東創造一致的總回報。

So Chris, you have been on the team for a month, mostly training in our restaurants, can you share your initial thoughts on what you have experienced?

克里斯，你已經加入團隊一個月了，主要是在我們的餐廳接受培訓，你能分享一下你對所經歷的初步想法嗎？

Thanks, Jerry. I couldn't be more excited about joining the company and the opportunities ahead of us. I have been well aware of and impressed by the Texas Roadhouse leadership team and the brand for quite some time. As Jerry mentioned, most of my time so far has been spent in a restaurant learning about our operations.

謝謝，傑瑞。對於加入公司以及我們面前的機會，我感到非常興奮。一段時間以來，我對 Texas Roadhouse 的領導團隊和品牌非常了解並印象深刻。正如傑里提到的，到目前為止，我的大部分時間都花在餐廳裡了解我們的運營情況。

After working alongside several of my fellow Roadies and witnessing firsthand the commitment and discipline it takes to deliver on the promise of legendary food and legendary service, I now have an even greater appreciation for the brand and the passion of our people. I'm looking forward to bringing my experience to the company and helping to build upon its success for many years to come.

在與我的幾位 Roadies 同事一起工作並親眼目睹了兌現傳奇美食和傳奇服務承諾所需的承諾和紀律之後，我現在對這個品牌和我們員工的熱情更加讚賞。我期待著將我的經驗帶到公司，並幫助公司在未來的許多年裡取得成功。

And now Michael will provide the financial update.

現在邁克爾將提供最新的財務信息。

Thanks, Chris. For the second quarter of 2023, revenue grew 14.3% driven by an 8.7% increase in average unit volume and 5.6% store week growth. Restaurant margin dollars grew 8.3% to $182.8 million, while earnings per share increased 14.7% to $1.22 per diluted share. As Jerry mentioned, our stores averaged nearly $147,000 in weekly sales in the second quarter and to-go represented approximately $18,500 or 12.6% of the total weekly sales. The to-go sales were especially encouraging given this was the first quarter since the reopening of our dining rooms that average weekly to-go sales dollars increased on a year-over-year basis.

謝謝，克里斯。 2023 年第二季度，平均單位銷量增長 8.7%，商店週增長 5.6%，收入增長 14.3%。餐廳利潤增長 8.3%，達到 1.828 億美元，每股攤薄收益增長 14.7%，達到 1.22 美元。正如 Jerry 提到的，我們的商店第二季度的平均每週銷售額接近 147,000 美元，外帶銷售額約為 18,500 美元，佔每週總銷售額的 12.6%。鑑於這是我們餐廳重新開放以來的第一個季度，外賣銷售額尤其令人鼓舞，平均每週外賣銷售額同比增長。

Comparable sales increased 9.1% in the second quarter, driven by 4.7% traffic growth and a 4.4% increase in average check. By month, comparable sales grew 8.7%, 8.8% and 9.7% for our April, May and June periods, respectively. And for the first 4 weeks of the third quarter, weekly sales averaged over $140,000 with comparable sales up 10.7%. I will point out that the 4-week comp number benefited by approximately 1.4% from the timing of the July 4 holiday.

第二季度可比銷售額增長 9.1%，得益於 4.7% 的流量增長和 4.4% 的平均支票增長。按月計算，4 月、5 月和 6 月期間的可比銷售額分別增長 8.7%、8.8% 和 9.7%。第三季度的前 4 週，每周平均銷售額超過 140,000 美元，可比銷售額增長 10.7%。我要指出的是，由於 7 月 4 日假期的時間安排，為期 4 週的補償數量增加了約 1.4%。

For the second quarter, restaurant margin dollars increased to nearly $23,000 per store week, Restaurant margin as a percentage of total sales decreased 88 basis points to 15.7%. Second quarter margins were negatively impacted by approximately 35 basis points from onetime adjustments, most of which I will detail in a moment.

第二季度，餐廳利潤增加至每店每週近 23,000 美元，餐廳利潤佔總銷售額的百分比下降 88 個基點至 15.7%。第二季度的利潤率因一次性調整而受到約 35 個基點的負面影響，我稍後將詳細介紹其中的大部分內容。

Food and beverage costs as a percentage of total sales were 34.5% for the second quarter. This was 37 basis points higher than 2022, driven by 6% commodity inflation. Overall, commodity costs were in line with our expectations for the first half of the year. With approximately 75% of the overall basket locked for Q3 and approximately 35% locked for Q4, we now expect full year commodity inflation to be on the higher end of our full year guidance range of 5% to 6%.

第二季度食品和飲料成本佔總銷售額的比例為 34.5%。在 6% 的大宗商品通脹率的推動下，這一數字比 2022 年高出 37 個基點。總體而言，上半年大宗商品成本符合我們的預期。由於整個籃子中約 75% 的產品鎖定在第三季度，約 35% 的產品鎖定在第四季度，我們現在預計全年大宗商品通脹率將處於我們全年指導範圍 5% 至 6% 的高端。

Labor as a percentage of total sales, increased 90 basis points to 33.6% as compared to the second quarter of 2022. Labor dollars per store week increased 11.3%, primarily due to wage and other labor inflation of 7% and growth in hours of 3.5%. Labor growth was also negatively impacted by the $2.7 million net impact of unfavorable claims experience related to group insurance and workers' comp.

與 2022 年第二季度相比，勞動力佔總銷售額的百分比增加了 90 個基點，達到 33.6%。每店每週的勞動力美元增加了 11.3%，主要是由於工資和其他勞動力通脹 7%，以及工作時間增長 3.5% %。與團體保險和工人賠償相關的不利索賠經歷造成 270 萬美元的淨影響，也對勞動力增長產生了負面影響。

This net impact includes $1.8 million of additional claims expense this year and the overlapping of a $0.8 million favorable adjustment in the prior year. Similar to commodities, we expect the level of labor inflation to moderate as we move through the year.

這一淨影響包括今年 180 萬美元的額外索賠費用以及上一年 80 萬美元有利調整的重疊部分。與大宗商品類似，我們預計勞動力通脹水平將在今年內放緩。

That said, we have seen marginally more wage pressure in the first half of the year than we originally contemplated. As such, we have updated our full year 2023 guidance for wage and other labor inflation to between 6% and 7%, with current trends pointing towards the midpoint of that range. Other operating costs were 14.7% of sales, which was 29 basis points lower as compared to the second quarter of 2022. The year-over-year benefit of sales leverage was partially offset by the negative impact of a $1.6 million adjustment to our quarterly reserve for general liability insurance.

儘管如此，我們看到今年上半年的工資壓力比我們最初預期的略大。因此，我們已將 2023 年全年工資和其他勞動力通脹指引更新至 6% 至 7% 之間，當前趨勢指向該範圍的中點。其他運營成本佔銷售額的 14.7%，與 2022 年第二季度相比下降了 29 個基點。銷售槓桿的同比效益被季度準備金調整 160 萬美元的負面影響部分抵消了用於一般責任保險。

Moving below restaurant margin, G&A dollars grew year-over-year by 3.6% and came in at 4.4% of revenue. The primary driver of the $1.8 million year-over-year increase was higher compensation expense. Our effective tax rate for the quarter was 12.7% and we now expect a full year 2023 income tax rate of between 13% and 14%.

低於餐廳利潤率，一般行政費用同比增長 3.6%，佔收入的 4.4%。同比增長 180 萬美元的主要推動因素是薪酬支出增加。我們本季度的有效稅率為 12.7%，我們現在預計 2023 年全年所得稅率為 13% 至 14%。

Lastly, with regards to cash flow, we ended the second quarter with $107 million of cash. Cash flow from operations was $99 million. This was more than offset by $88 million of capital expenditures, $37 million of dividend payments and $23 million of share repurchases. We are increasing our expectation for full year 2023 capital expenditures to approximately $300 million. This increase is driven by several factors including the cost of new locations currently under construction and a higher than originally forecasted reinvestment at existing restaurants.

最後，關於現金流，第二季度末我們的現金為 1.07 億美元。運營現金流為 9900 萬美元。這被 8800 萬美元的資本支出、3700 萬美元的股息支付和 2300 萬美元的股票回購所抵消。我們將 2023 年全年資本支出預期提高至約 3 億美元。這一增長是由多種因素推動的，包括目前正在建設的新店的成本以及現有餐廳的再投資高於最初預測。

Now I will turn the call back over to Jerry for final comments.

現在我將把電話轉回傑瑞以徵求最終意見。

Thanks, Michael. In a few months, we will start our annual fall tour, which is one of my favorite times each year. During the 6-week tour, our senior leadership team visits with every managing partner to gather feedback and to hear what is top of mind for them. This is a great opportunity for us to listen and learn how we can better serve and support our managing partners. I have no doubt that our operators will have some ideas to drive our business forward and enable us to continue generating strong shareholder value.

謝謝，邁克爾。幾個月後，我們將開始一年一度的秋季巡演，這是我每年最喜歡的時間之一。在為期 6 週的考察中，我們的高級領導團隊拜訪了每位管理合夥人，收集反饋並聽取他們的首要想法。對於我們來說，這是一個很好的機會來傾聽和學習如何更好地服務和支持我們的管理合作夥伴。我毫不懷疑，我們的運營商會有一些想法來推動我們的業務發展，並使我們能夠繼續創造強大的股東價值。

That concludes our prepared remarks. Operator, please open the line for questions.

我們準備好的發言到此結束。接線員，請開通提問線路。

(Operator Instructions) The first question comes from the line of Brian Bittner with Oppenheimer. Mr. Bittner, your line is open.

（操作員說明）第一個問題來自 Brian Bittner 和 Oppenheimer 的對話。比特納先生，您的線路已接通。

Sorry, can you hear me?

抱歉，你能聽到我說話嗎？

Yes.

是的。

Sorry about that, guys. I wanted to ask a question about your sales trends. Your third quarter is obviously off to a fabulous start. Your headline same-store sales up over 10%. When we look back to last year, your comparisons got a lot more difficult in August and September versus July by around 700 basis points.

抱歉，伙計們。我想問一下你們的銷售趨勢。您的第三季度顯然有一個美妙的開始。您的整體同店銷售額增長了 10% 以上。當我們回顧去年時，您會發現 8 月和 9 月與 7 月相比變得更加困難，大約增加了 700 個基點。

And the question is, should we take that into account when modeling the rest of the quarter? I just kind of want to get us all on the same page? Or should we focus on the fact that your average weekly sales are in that $140,000 range, which if we carry that forward, that suggests a continuation of very strong headline comps for the rest of the quarter?

問題是，我們在對本季度剩餘時間進行建模時是否應該考慮到這一點？我只是想讓我們大家達成共識？或者我們應該關注這樣一個事實，即您的平均每週銷售額在 140,000 美元的範圍內，如果我們繼續下去，這表明本季度剩餘時間將繼續保持非常強勁的總體業績？

Yes, Brian, it's Michael. Thanks for the question. I do think -- I mean you are correct that our year-over-year trends did pick up. But I do think the more important thing is to look at where we're currently trending this year and how normal seasonality plays out year-over-year. So I think we are lined up for continued strong sales growth and -- but I will leave to you all and others to determine what those comp percents might be, but I do think, we would think that seasonality is back in our business.

是的，布萊恩，是邁克爾。謝謝你的提問。我確實認為——我的意思是你是正確的，我們的同比趨勢確實有所回升。但我確實認為更重要的是看看今年我們目前的趨勢以及正常的季節性如何逐年發揮。因此，我認為我們已經做好了持續強勁銷售增長的準備，但我將讓你們所有人和其他人來確定這些補償百分比可能是多少，但我確實認為，我們認為季節性又回到了我們的業務中。

Your next question comes from the line of David Tarantino with Baird.

你的下一個問題來自大衛·塔倫蒂諾和貝爾德的台詞。

Congratulations on the sales strength. My question relates to the margin outlook. As you think about the second half of the year, given the inflation outlook you just shared, I guess, what's your thoughts on your ability to grow restaurant margin percentage? I know you mentioned you're set up to grow the margin dollars per week. But I guess, how are you thinking about the percentage on a year-over-year basis when you think about the next few quarters?

恭喜你的銷售實力。我的問題與利潤前景有關。當您考慮下半年時，考慮到您剛剛分享的通脹前景，我想您對提高餐廳利潤率的能力有何看法？我知道您提到您準備增加每週的保證金。但我想，當您考慮接下來的幾個季度時，您如何看待同比百分比？

David, it's Michael. I don't think our -- the way we're looking at it has changed much. With the guidance that we have out there on the cost of sales side, it would imply that our commodity inflation would be at the lower end of our 5% to 6% range in Q3 and then below the low end of the range in Q4 and with the pricing that we have, that would probably imply that cost of sales is, for the most part, fairly flat in Q3, and we should be able to get some leverage in the fourth quarter, that's what the math would say.

大衛，這是邁克爾。我認為我們看待它的方式沒有太大改變。根據我們在銷售成本方面的指導，這意味著我們的商品通脹將在第三季度處於 5% 至 6% 範圍的下限，然後低於第四季度和該範圍的下限，根據我們現有的定價，這可能意味著第三季度的銷售成本在很大程度上相當持平，我們應該能夠在第四季度獲得一些槓桿作用，這就是數學所說的。

Rents and other operating, I would expect, under the current trends that we see more of the same of what we saw in Q1 and Q2 of being able to get some leverage on that line. And labor is probably that one that still remains a headwind for us. We'll leave that to you, again, you all for modeling purposes, but certainly, third quarter would -- could see that as a headwind, and we're -- and then maybe flattening out in the fourth quarter. So really, that leaves a lot of the potential restaurant margin expansion for Q4, that's what our guidance would imply.

我預計，在當前趨勢下，租金和其他運營業務與我們在第一季度和第二季度看到的情況更多相同，能夠在這條線上獲得一些槓桿作用。勞動力可能仍然是我們面臨的一個阻力。我們將把這個問題留給你們，再次，你們所有人都出於建模目的，但當然，第三季度可能會認為這是一個逆風，而我們可能會在第四季度趨於平緩。因此，實際上，第四季度餐廳利潤率仍有很大潛力擴大，這就是我們的指導所暗示的。

Got it. And then I guess I wanted to revisit as a follow-up. You've talked about 17% to 18% of the long-term target. Clearly, this year, it looks like you're going to be well below that. I guess what's your updated thoughts on how you get to 17% to 18%. Is it just a matter of the commodity cycle needing to go your way? Or is there some strategy or initiatives you have that are going to get you there regardless of the commodity cycle?

知道了。然後我想我想作為後續行動再次訪問。您談到了長期目標的 17% 到 18%。顯然，今年的情況似乎會遠低於這個水平。我猜你對如何達到 17% 到 18% 的最新想法是什麼。這只是商品週期需要按照你的方式發展的問題嗎？或者，無論商品週期如何，您是否有一些策略或舉措可以幫助您實現這一目標？

Well, I mean, the commodity cycle is going to continue to be our challenge. We're going to continue to focus on attacking the top line sales and growing the restaurant margin dollars. And then we will continue to see what we need to do to try to get back there. We knew it was going to take a little time for us to accomplish that. But we are -- and as we adjust to the labor and to the commodity, knowing that or expecting one day that the beef will start to slow down a little bit and give us a chance to catch up. But we really do believe that, that is a spot we can achieve. We're just waiting for a few things to turn our way to help us there.

嗯，我的意思是，大宗商品週期將繼續成為我們的挑戰。我們將繼續專注於提高營收和增加餐廳利潤。然後我們將繼續看看我們需要做什麼才能回到那裡。我們知道我們需要一些時間才能實現這一目標。但當我們適應勞動力和大宗商品時，我們知道或期望有一天牛肉產量會開始放緩一點，讓我們有機會迎頭趕上。但我們確實相信，這是我們能夠實現的目標。我們只是在等待一些事情來幫助我們實現這一目標。

Great.

偉大的。

Thank you, appreciate the shout out, too.

謝謝你，也謝謝你的大聲喊叫。

Your next question comes from the line of Peter Saleh with BTIG.

您的下一個問題來自 BTIG 的 Peter Saleh。

Great. And congrats, Chris, on the new role. I just wanted to ask on the consumer overall. I think in the past, maybe a quarter or 2, you were talking about seeing trade up into your brand or maybe even some trade down. Can you give us a little bit of color on what you're seeing today? Is there any change in behavior on the menu? What are you seeing on the value entree mix? Does that continue to tick up? Any thoughts there would be helpful.

偉大的。恭喜克里斯，擔任新角色。我只是想詢問一下消費者的總體情況。我認為在過去，也許是一個季度或兩個季度，您正在談論看到您的品牌升級，甚至可能有所下降。您能給我們介紹一下您今天所看到的情況嗎？菜單上的行為有任何變化嗎？您對價值主菜組合有何看法？是否會繼續上漲？任何想法都會有幫助。

Yes, it's Michael. I'd say it's really been a lot of the same of what we've seen, I mean, continue to see strong consumer demand to come to Texas Roadhouse. The mix of -- kind of trends have continued where we're seeing some alcohol negative mix and the rest is coming from the entree category. And with the strong guest counts that we're seeing, it would appear to us that we are seeing people trading into Texas Roadhouse, but the value side of the menu there could be certainly some people who are doing some check management as well and are trading down our menu, but we feel very good about the value proposition that we're offering and continue to see very strong trends within our restaurants.

是的，這是邁克爾。我想說，這確實與我們所看到的有很多相同，我的意思是，繼續看到消費者對德克薩斯州路屋的強勁需求。這種混合趨勢仍在繼續，我們看到一些酒精負面混合，其餘來自主菜類別。隨著我們看到的大量客人數量，在我們看來，我們看到人們在德克薩斯路屋進行交易，但菜單的價值方面肯定會有一些人也在進行一些檢查管理，並且我們的菜單有所下降，但我們對我們提供的價值主張非常滿意，並且我們的餐廳繼續看到非常強勁的趨勢。

Great. And then just on the labor side. I know there's a modest increase in your outlook in terms of inflation for the year. Can you just elaborate a little bit on what changed versus your prior guidance? What are you seeing on the field that made you feel like you need to tick it up just slightly?

偉大的。然後是勞動力方面。我知道您對今年通脹的預期略有上升。您能否詳細說明一下與您之前的指導相比發生了什麼變化？你在球場上看到了什麼讓你覺得你需要稍微提高一下？

Yes, it is a combination of the wage inflation, maybe just being a little bit stronger in the first and second quarter, which then compounds on itself throughout the year that adds a little bit to an overall wage pressure. And then the strong top line that we have delivered certainly has seen us growing our hours, which isn't a direct component of the wage and other inflation, but the payroll taxes that didn't come with the higher wages and the more hours are the other component of that wage and other, and we've seen that tick up a little bit. So those 2 things combined just moved enough to where we felt the guidance did need to be updated.

是的，這是工資通脹的綜合影響，可能只是第一季度和第二季度稍微強勁一些，然後全年都會加劇，從而增加了整體工資壓力。然後，我們所交付的強勁收入肯定見證了我們工作時間的增長，這並不是工資和其他通貨膨脹的直接組成部分，但工資稅的增加並沒有伴隨更高的工資和更多的工作時間而來。工資的其他組成部分等等，我們已經看到它略有上升。因此，這兩件事結合起來足以達到我們認為指南確實需要更新的程度。

Your next question comes from the line of Chris O'Cull with Stifel.

你的下一個問題來自 Chris O'Cull 和 Stifel 的對話。

This is Patrick on for Chris. Jerry, I believe the company has historically targeted labor hour growth that's roughly 50% to 55% of traffic growth. And it looks like this quarter remained quite a bit above that. So I'm just curious if you're looking at ways to improve labor productivity? And if so, what actions do you believe you can take that can improve the flow through on your sales growth?

這是帕特里克代替克里斯。傑里，我相信該公司歷來的目標是工時增長約為流量增長的 50% 至 55%。看起來本季度仍高於該水平。所以我很好奇您是否正在尋找提高勞動生產率的方法？如果是這樣，您認為可以採取哪些行動來改善銷售增長的流程？

Yes. Thanks, Patrick. I believe that, obviously, as we focus on our top line sales, and Michael and I were doing some reviewing. There is definitely an uptick in hours in the front of the house, in the back of the house. And I believe some of the hours that we might be seeing in our key employee side is, there's probably purposely to give our managers a little quality of life. So I think there is some investment on our side in the labor pool to maybe try to identify ways to have quality of life, too. So that is an investment but I believe to be able to attack our execution at the highest level right now that's costing us a few extra hours to be able to execute there with the escalated volume on the top line. But I feel real comfortable overall with where we're going. I think we can improve, and we'll continue to look at ways to get better at that.

是的。謝謝，帕特里克。我相信，顯然，當我們專注於我們的頂線銷售時，邁克爾和我正在做一些審查。在房子前面和後面的時間肯定會增加。我相信，我們在關鍵員工方面可能會看到的一些時間，可能是故意為我們的經理提供一點生活質量。因此，我認為我們在勞動力資源方面也進行了一些投資，也許可以嘗試找到提高生活質量的方法。所以這是一項投資，但我相信現在能夠在最高水平上攻擊我們的執行，這會花費我們額外的幾個小時才能在頂線增加交易量的情況下執行。但總的來說，我對我們要去的地方感到非常滿意。我認為我們可以改進，並且我們將繼續尋找改進的方法。

Yes, Patrick, and I would just add on to that, that again, I do think that historical algorithm is still maybe not at play that we are rebuilding from being understaffed last year. And so our labor hours are growing as we feel very good about our staffing now, and those hours that were growing are just not exactly correlating right now to the traffic growth we're seeing and probably would have seen those hours growth even if traffic have been a little bit higher or lower than what we reported.

是的，帕特里克，我想補充一點，我確實認為歷史算法可能仍然沒有發揮作用，我們去年人手不足的情況下正在重建。因此，我們的勞動時間正在增長，因為我們對現在的人員配置感到非常滿意，而那些增長的時間與我們所看到的流量增長並不完全相關，即使流量增長，也可能會看到這些時間的增長。比我們報告的要高一點或低一點。

Your next question comes from the line of Jeff Farmer with Gordon Haskett.

你的下一個問題來自傑夫·法默（Jeff Farmer）和戈登·哈斯克特（Gordon Haskett）的對話。

Looks like the Texas Roadhouse concept put up a 9.4% comp with Bubba's a little bit lower at 3.9%. But can you help us understand what's going on there? Is that traffic menu pricing mix? What's driving that pretty healthy spread between the core Roadhouse concept and Bubba's as it relates to same-store sales?

看起來 Texas Roadhouse 概念的利率為 9.4%，而 Bubba 的利率稍低，為 3.9%。但你能幫助我們了解那裡發生了什麼嗎？這是流量菜單定價組合嗎？是什麼推動了 Roadhouse 核心概念與 Bubba's 之間的同店銷售之間相當健康的差距？

Yes. I mean certainly, Roadhouse is leading the charge on the comp growth that we are seeing simply because of the size of the company. Yes, I mean, we feel very good with what we are seeing at Bubba's overall, and the menu pricing can be a little bit different -- at each concept and the traffic trend can be a little bit different as well. But again, our new Bubba's are opening well, and we're feeling very good overall about their sales performance.

是的。我的意思當然是，Roadhouse 在我們所看到的公司增長方面處於領先地位，這僅僅是因為該公司的規模。是的，我的意思是，我們對 Bubba's 的整體情況感到非常滿意，而且菜單定價可能有點不同——每個概念和流量趨勢也可能有點不同。不過，我們的新 Bubba 店開業情況良好，我們對他們的整體銷售業績感覺非常好。

Okay. And just one quick follow-up. The effective menu pricing at the core Roadhouse in Q3, what are you thinking that's going to be right now?

好的。只需一個快速跟進。第三季度核心 Roadhouse 的有效菜單定價，您認為現在會是多少？

Yes. 5.1% will be our third quarter pricing.

是的。我們第三季度的定價將是 5.1%。

Your next question comes from the line of Jake Bartlett with Truist Securities.

您的下一個問題來自 Truist Securities 的 Jake Bartlett。

My question is about G&A. And trying to kind of just understand the correct run rate of G&A for the third and the fourth quarter. I believe that the second quarter would have had the conference costs in it, and maybe you correct me if I'm wrong, but I think you, overall, was much lower than we were expecting what the Street was expecting maybe that conference was less expensive? But any detail on how much the conference was and then the right run rate for the next couple of quarters.

我的問題是關於一般行政費用的。並試圖了解第三季度和第四季度的一般管理費用的正確運行率。我相信第二季度會有會議費用，如果我錯了，也許你會糾正我，但我認為總體而言，你的費用比我們預期的要低得多，華爾街的預期也許會議費用會更少昂貴的？但有關會議費用以及接下來幾個季度的正確運行率的任何詳細信息。

Yes. I mean I would say we're not going to get into the exact numbers on the conference expense. It was probably a little bit less than we expected it to be and that was one of the components that maybe helped G&A in the second quarter coming a little bit better than what we may have discussed on the last call and certainly are -- we're doing the best we can of managing those costs and making sure when we're spending G&A dollars, it's for something important.

是的。我的意思是，我們不會透露會議費用的確切數字。它可能比我們預期的要少一點，這可能是幫助第二季度總務管理費用比我們在上次電話會議中討論的要好一點的組成部分之一，當然是——我們”我們正在盡最大努力管理這些成本，並確保我們在花一般行政費用時花在重要的事情上。

And to your question about looking through the remainder of the year, I think maybe starting with Q1 of this year, which was just under $50 million. And if you back out the onetime charge that we had talked about of that $2.4 million, that gets you to about $47.5 million. That's probably the best way we can give you as a starting point to look at where G&A may be in the third and fourth quarters of this year. Maybe we see a little bit of growth on top of that through the remainder of the year and depending upon how the year continues to progress. There can always be the need to take some more compensation expense. But I think starting with your Q1 of this year adjusted number is your starting point for looking at that G&A.

至於你關於回顧今年剩餘時間的問題，我想也許從今年第一季度開始，這個數字略低於 5000 萬美元。如果你取消我們談到的 240 萬美元的一次性費用，那麼你就得到了大約 4750 萬美元。這可能是我們可以為您提供了解今年第三和第四季度一般管理費用情況的最佳起點。也許我們會在今年剩餘時間內看到一些增長，具體取決於今年的進展情況。總是需要承擔更多的補償費用。但我認為，從今年第一季度調整後的數字開始，您就可以開始了解一般管理費用。

Your next question comes from the line of Brian Harbour with Morgan Stanley.

你的下一個問題來自布萊恩·哈伯與摩根士丹利的對話。

I was just curious about the capital budget actually. How much of that was from new locations is some of that related more to 2024 units? And then what is that reinvestment focused on? And I know that you've also talked about perhaps some technology initiatives. I don't know if that's part of it. Could you just elaborate on the capital budget?

實際上我只是對資本預算感到好奇。其中有多少來自新地點，其中一些與 2024 年的單位更多相關？那麼再投資的重點是什麼？我知道您可能還談到了一些技術舉措。我不知道這是否是其中的一部分。您能否詳細說明一下資本預算？

Yes. I mean it's a mixture of all those things that you commented on, it's the cost of the new buildings that we're building this year. We're seeing slightly higher cost in what we've maybe originally forecasted for some of those, and that will factor into as we start building later this year, some of our 2024 class openings, we'll see some expense from that. So that is a component. The technology initiatives as we continue to look at digital kitchens, that can be a small component of it but also really that maintenance CapEx has been elevated.

是的。我的意思是，這是您評論的所有這些事情的混合體，這是我們今年建造的新建築的成本。我們發現，我們最初預測的其中一些課程的成本略高，當我們在今年晚些時候開始建設 2024 年的一些課程時，這將被考慮在內，我們會從中看到一些費用。所以這是一個組件。當我們繼續關注數字廚房時，技術舉措可能只是其中的一小部分，但實際上維護資本支出已經提高。

And that goes to the better conditions that we're seeing out there, the supply chain opening up, our ability to get more projects done. We'll probably be -- we're targeting 20 bump outs this year, which we haven't been able to do for quite a few years and getting some projects done in our restaurants, building out, doing some kitchen remodels and cooler additions giving these restaurants some more capacity to handle these high volumes, all great -- shareholder -- great from my total return standpoint. So we are excited that we are going to be able to invest this money and keep these restaurants fresh and ready to serve more guests.

這取決於我們看到的更好的條件、供應鏈的開放以及我們完成更多項目的能力。我們可能會 - 今年我們的目標是 20 次突破，這是我們多年來一直未能做到的，並在我們的餐廳完成一些項目，擴建，進行一些廚房改造和更酷的添加從我的總回報的角度來看，給予這些餐廳更多的能力來處理這些高產量，所有這些都很棒——股東——很棒。因此，我們很高興能夠投資這筆資金並保持這些餐廳的新鮮度並準備好為更多的客人提供服務。

Your next question comes from the line of Sara Senatore with Bank of America.

你的下一個問題來自美國銀行薩拉參議員的電話。

Just a quick housekeeping and then a question, please. So just to confirm, in terms of the amount of price you had on the second quarter, is it -- was 5.6%? I'm just trying to sort of think through the negative...

只是簡單的整理一下，然後請提問。所以我想確認一下，就第二季度的價格而言，是 5.6% 嗎？我只是想從消極的角度思考一下...

That's correct.

這是正確的。

Okay. So you had a little bit of negative mix in the second quarter, which we haven't seen for a while now. And I was just curious, is that what you talked about with the value and less attached? Or is there's something else going on there?

好的。因此，第二季度出現了一些負面影響，我們已經有一段時間沒有看到這種情況了。我只是很好奇，這就是你所說的價值和不那麼附加的東西嗎？還是還有其他事情發生？

Well, we actually haven't seen that negative mix for a little while. I think we had about 80 basis points of negative mix in the first quarter. It did step up a little bit here in the second quarter to that 120 basis points of negative mix. I'll tell you, we saw it start to come down a little bit here in June and July. So it does seem like maybe the worst of some of that negative mix is behind us. And the majority of that is coming from alcohol. So yes, we are seeing a little bit of negative mix. It does seem that it's not necessarily because of the menu pricing we've taken, given that it's alcohol. And the remainder of it is in that entree category, which is part of why we think that some of our new guest traffic is coming from people trading up to us but hitting the value side of the menu.

嗯，實際上我們已經有一段時間沒有看到這種負面的組合了。我認為第一季度我們有大約 80 個基點的負面組合。第二季度確實略有上升，達到 120 個基點的負值組合。我告訴你，我們看到它在六月和七月開始有所下降。因此，看起來最糟糕的一些負面組合已經過去了。其中大部分來自酒精。所以，是的，我們看到了一些負面的混合。考慮到它是酒精，這似乎不一定是因為我們採用的菜單定價。其餘的都在主菜類別中，這就是為什麼我們認為我們的一些新客流量來自於向我們進行交易但達到了菜單的價值方面的人們。

Got it. And then the question was to follow up on the labor. (inaudible) said you expect labor flatten out in 4Q. I think that's sort of wage rate comment. But as you talk about the idea of needing to staff up, at what point do the restaurants look fully staffed. I think like off-premise mix has been fairly stable. So from that perspective, your on-premise dining is more consistent over in the last couple of quarters. So when do you get to a point where the restaurants are fully staffed such that you could get back to that historical algorithm?

知道了。接下來的問題是跟進勞動力情況。 （聽不清）表示您預計第四季度勞動力將趨於平穩。我認為這是一種工資率評論。但是，當您談到需要增加人員的想法時，餐廳在什麼時候看起來人員配備齊全。我認為場外混合已經相當穩定。因此，從這個角度來看，過去幾個季度您的內部用餐更加穩定。那麼，什麼時候餐廳人員配備齊全，才能回到歷史算法呢？

Yes. Sara, I do think we feel very good about our staffing levels right now, and it's a matter of lapping the understaffing from last year. And throughout last year, we talked about each quarter we felt better and better sequentially about those staffing levels. So theoretically, the hours growth should come down as we move through the year, and we talked about the level of wage inflation should come down as we move through the year because again, a lot of the wage pressure we're feeling is from increases that you saw last year that you have to lap for a full 12 months. So the expectation is that you see the level of hours growth moderate as we continue to move through the year because it should not be required as many hours to get us to that level that we're at right now.

是的。薩拉，我確實認為我們現在對我們的人員配置水平感覺非常好，這是一個解決去年人員不足問題的問題。去年全年，我們每個季度都在談論我們對這些人員配置水平的感覺越來越好。因此，從理論上講，隨著時間的推移，工作時間的增長應該會隨著這一年的推移而下降，而且我們談到工資通脹水平應該隨著這一年的推移而下降，因為同樣，我們感受到的很多工資壓力來自於增長去年你就看到，你必須跑一圈整整 12 個月。因此，預計隨著我們在這一年中繼續前進，您會看到工時增長水平放緩，因為不應該需要那麼多工時才能達到目前的水平。

So you sort of by the end of last year, had kind of been approaching being fully staffed is sort of how to think about it?

那麼，到去年年底，您是否已經接近人員配備齊全的狀態，您對此有何看法？

Yes. End of last year, early this year, yes, we did have a little bit of -- with the weather in late December last year, a little bit of a step back in late December. But other than that, yes, we were starting to feel pretty good about our staffing levels as we were exiting last year and entering this year.

是的。去年年底，今年年初，是的，我們確實有一點——去年12月下旬的天氣，12月下旬有一點退步。但除此之外，是的，當我們去年退出並進入今年時，我們開始對我們的員工水平感到非常滿意。

Your next question comes from the line of Andy Barish with Jefferies.

你的下一個問題來自安迪·巴里什（Andy Barish）與杰弗里斯（Jefferies）的對話。

There seems to be a growing view that beef may be higher for longer. I'm wondering, Jerry, if you've kind of thought about the kind of a contingency plan, if that is the case. Do you go to menu breadth? Do you use price a little bit more? Is there something else we should be thinking about as we start to size up '24, '25?

似乎越來越多的人認為牛肉價格可能會持續更長的時間。我想知道，傑里，你是否考慮過那種應急計劃，如果是這樣的話。你去菜單寬度嗎？你用價格多一點嗎？當我們開始評估“24”、“25”時，我們還應該考慮其他什麼事情嗎？

Yes. Thanks, Andy. Good to hear it from you, but I would tell you, we'll consider some of those things. Obviously, we still want to be very -- we don't know what's going to happen in beef, obviously, as it continues. There's a lot of chatter out there. We will continue to monitor it. It's a big part of our menu. It is the cost of doing business right now.

是的。謝謝，安迪。很高興聽到你的消息，但我想告訴你，我們會考慮其中的一些事情。顯然，我們仍然想要非常 - 我們不知道牛肉會發生什麼，顯然，隨著事情的繼續。那裡有很多閒聊。我們將持續關注。這是我們菜單的重要組成部分。這是現在做生意的成本。

We do need to be very cautious and careful on the pricing to make sure that we are continuing to drive our value component and then deliver on the experience. And I think in the long run, we will still win with that strategy. But we will always look at several factors of what we could do. The question is will we do that. But we are going to continue to focus on the long-term run and taking great care of our guests and our business.

我們確實需要在定價上非常謹慎和小心，以確保我們繼續推動我們的價值部分，然後提供體驗。我認為從長遠來看，我們仍然會通過這一策略獲勝。但我們總是會考慮我們可以做什麼的幾個因素。問題是我們會這樣做嗎？但我們將繼續專注於長期發展，並精心照顧我們的客人和我們的業務。

Your next question comes from the line of Brian Vaccaro with Raymond James.

您的下一個問題來自布萊恩·瓦卡羅 (Brian Vaccaro) 和雷蒙德·詹姆斯 (Raymond James) 的對話。

Most of mine have been asked, but I just was going to ask on the other operating cost line. It looks like cost per week is still running up in the 6s, which is an improvement versus closer to 10% in the first quarter, but still up in the 6s. And I guess, could you remind us what percentage of that basket of cost is fixed versus variable these days? And are there any categories worth highlighting where there's some relief on the horizon? Or would you expect a pretty similar level of inflation in the second half as you've been recently seeing?

我的大部分人都被問過，但我只想問其他運營成本。看起來每周成本仍在 6 多美元的範圍內上漲，這比第一季度接近 10% 的成本有所改善，但仍然在 6 多美元的範圍內上漲。我想，您能否提醒我們，目前這一籃子成本中固定成本與可變成本的比例是多少？是否有任何值得強調的類別即將出現一些緩解？或者您預計下半年的通脹水平與您最近看到的非常相似？

Brian, it's Michael. Yes, I'm not sure I have at my fingertips what is fixed versus variable within there. And you could argue most things -- the hatch you could -- can go away. But I'll tell you, I think we saw just what we expected to happen happened, that level of operating dollars per store week did slow, as you said, from around 10% to a little over 6%. And I think the expectation is you'd probably see that continued slowdown of that rate of increase, it would on a year-over-year basis.

布萊恩，這是邁克爾。是的，我不確定我是否掌握了其中的固定內容和可變內容。你可以說大多數事情——你可以的艙口——都可以消失。但我會告訴你，我認為我們看到的正是我們預期發生的情況，正如你所說，每家商店每週的營業收入水平確實下降了，從 10% 左右降至 6% 多一點。我認為預計您可能會看到增長率持續放緩，與去年同期相比。

And again, some of that is coming from the traffic growth and the menu pricing that we have, but it's really that a lot of the items in that basket which were a lot of services being provided went up dramatically last year, now you're seeing not a lot of additional upward pressure on them. They've just flattened out at these levels, and you're able to get the leverage from the higher volumes right now. So other operating is a line, all else being equal, that we should continue to hopefully see some leverage on as we move through the remainder of the year.

再說一次，其中一些來自我們的流量增長和菜單定價，但事實上，去年提供的大量服務中的很多項目都大幅上漲，現在你是看到他們沒有太多額外的上行壓力。它們剛剛在這些水平上趨於平穩，您現在可以從更高的交易量中獲得槓桿作用。因此，在其他條件相同的情況下，其他業務是一條線，在今年剩餘時間裡，我們應該繼續希望看到一些槓桿作用。

Your next question comes from the line of Gregory Francfort with Guggenheim.

你的下一個問題來自格雷戈里·弗蘭克福特與古根海姆的關係。

Maybe just going back to the alcohol mix, I think, you guys last year actually had alcohol mix above where it was before COVID and a lot of your peers were down a point or 2 in mix. Do you have a sense for why that was? And maybe just some of this you giving that back versus some of your peers that maybe lost it over the last couple of years instead?

也許只是回到酒精混合，我想，你們去年的酒精混合實際上比新冠疫情之前的水平高，而你們的很多同行的混合比例下降了一兩點。你知道為什麼會這樣嗎？也許你只是回饋了其中的一部分，而你的一些同行可能在過去幾年中失去了它？

Yes. I mean I don't have the exact numbers right in front of me, but I do think over the last year, you have what I would call that euphoric consumer who was happy to be back out there who had some extra money in their pocket, whether that have been from stimulus or just not having other places suspend it. And they were maybe getting a drink that they were not historically getting or getting a second drink. And now you're maybe seeing a little bit more of a return to normalcy as far as what people are ordering from that alcohol standpoint. And again, obviously, with our to-go business being a bigger component of the overall sales versus prepandemic our alcohol sales are going to be a little bit lower. But in the dining rooms, I think, we feel very good about where we are now. But yes, you are right, we are lapping probably that euphoric consumer from last year.

是的。我的意思是，我面前沒有確切的數字，但我確實認為在過去的一年裡，你有我所說的欣快的消費者，他們很高興回到那裡，口袋裡有一些額外的錢，無論是來自刺激措施還是只是沒有其他地方暫停它。他們可能喝了一杯他們以前沒有喝過的飲料，或者喝了第二杯。現在，就人們從酒精角度訂購的商品而言，您可能會看到更多地回歸正常。顯然，與大流行前相比，我們的外賣業務在整體銷售中所佔的比例更大，因此我們的酒類銷售量將會略低一些。但我認為，在餐廳裡，我們對現在的處境感覺非常好。但是，是的，你是對的，我們可能正在欣賞去年的欣喜若狂的消費者。

Your next question comes from the line of Dennis Geiger with UBS.

您的下一個問題來自瑞銀集團的丹尼斯·蓋革 (Dennis Geiger)。

Could you put a little bit more about the food inflation breakdown, perhaps? Any updates on the breakout between beef and non-beef inflation expected for the year? And then, Jerry (technical difficulty) gave some comments on (technical difficulty) was kind of been mentioned already, is there anything else to share kind of on beef considerations looking ahead? Seeing any kind of softness in demand out there at retail, et cetera, that might impact how you think about '24?

您能否多介紹一下食品通脹的具體情況？有關今年牛肉和非牛肉通脹預期突破的最新消息嗎？然後，Jerry（技術難度）對已經提到的（技術難度）發表了一些評論，對於未來的牛肉考慮因素還有什麼可以分享的嗎？看到零售業等領域的任何需求疲軟，這可能會影響您對“24”的看法？

Dennis, this is Michael. I'll start and if Jerry wants to add anything, he can. I think again, I'll go back to our prepared remarks and we said the majority, if not all, of the inflation that we expect to feel this year is coming from beef. So we have other items in the basket, pork, chicken that we would expect to be overall deflationary on a full year basis that are offsetting maybe still some pressure in some grocery items and some of the [produce] items. But for the full year, beef is driving the overall inflation.

丹尼斯，這是邁克爾。我先開始，如果傑瑞想補充什麼，他可以。我再次想，我將回到我們準備好的講話，我們說過，我們預計今年感受到的通貨膨脹的大部分（如果不是全部）都來自牛肉。因此，我們籃子裡還有其他物品，比如豬肉、雞肉，我們預計這些物品全年都會出現通貨緊縮，這可能會抵消一些雜貨和一些[農產品]物品的壓力。但從全年來看，牛肉正在推動整體通脹。

And I think that goes to that conversation about what the future might hold. Yes, beef is going -- has the potential to be a pressure point again next year or too soon to know what that means. But we have another half of our baskets that could potentially offset some of that pressure. So that's why we aren't going to overreact until we -- at any point, but we don't have a full picture yet of what 2024 might bring that might offset some of the continued beef supply constraints.

我認為這就是關於未來可能會發生什麼的對話。是的，牛肉正在消失——明年有可能再次成為壓力點，或者現在還不知道這意味著什麼。但我們還有另一半的籃子可以抵消部分壓力。因此，這就是為什麼我們不會反應過度，直到我們——在任何時候，但我們還沒有全面了解 2024 年可能會帶來什麼，這可能會抵消一些持續的牛肉供應限制。

Your next question comes from the line of Jeffrey Bernstein with Barclays.

你的下一個問題來自杰弗裡·伯恩斯坦與巴克萊銀行的對話。

This is Anisha Datt on for Jeffrey Bernstein. I wanted to ask you to give some more color on recent trends at Bubba's relative to the Texas Roadhouse brand? Do they move in tandem? Or is one better positioned in a slowing macro? And perhaps if you could provide an update on your confidence in Bubba's new unit openings showing the ultimate slowdown at Texas Roadhouse?

我是杰弗裡·伯恩斯坦的阿尼莎·達特。我想請您詳細介紹一下 Bubba's 相對於 Texas Roadhouse 品牌的最新趨勢？它們是同步移動的嗎？或者在宏觀經濟放緩的情況下是否能更好地定位？也許您能提供您對 Bubba 新單位開業的最新信心嗎？這表明 Texas Roadhouse 的最終放緩？

Yes. Thanks for the question. I mean I think from a standpoint of openings, again, we feel very good about our opportunity to get some Bubba's open this year, we've talked about. This year, probably see 5 Bubba's openings, and the next couple of years, want to be in that 5 to 7 Bubba's openings with a maybe next goal after that getting closer to 10 openings.

是的。謝謝你的提問。我的意思是，我認為從開放的角度來看，我們對今年開放一些布巴的機會感覺非常好，我們已經討論過了。今年，可能會看到 5 個布巴的空缺，接下來的幾年，希望進入 5 到 7 個布巴的空缺，也許下一個目標是接近 10 個空缺。

Again, the slowdown in our number of openings for this year has nothing to do from anything on our side of our excitement for any of our concepts. It is more of an issue of things that are out of our control, getting permanent power to a restaurant site and the timing of work getting done.

同樣，今年空缺職位數量的放緩與我們對任何概念的興奮無關。這更多是一個我們無法控制的事情的問題，比如餐廳的永久供電以及工作完成的時間。

So we are excited about getting all -- getting restaurants open from all of our concepts at this point. And our overall trends in the different concepts are also very strong. We think we are set up for a great success across all the brands. And certainly, Bubba's with less of a focus on steaks is not feeling the level of inflation that our Roadhouse is, so everyone has different things going on that makes us feel very good about what the future holds for each concept.

因此，我們很高興能夠在這一點上實現我們所有的概念，讓餐廳開業。而且我們在不同概念上的整體趨勢也非常強勁。我們認為我們已經為所有品牌取得巨大成功做好了準備。當然，Bubba's 不太關注牛排，並沒有像我們的 Roadhouse 那樣感受到通貨膨脹水平，所以每個人都有不同的事情發生，這讓我們對每個概念的未來感到非常好。

Your next question comes from the line of Jon Tower with Citigroup.

你的下一個問題來自花旗集團的喬恩·塔爾（Jon Tower）。

Great. Just, I guess, circling back to the pricing thoughts again. I'm just curious if you can elaborate on what sort of tools the managing partners have at their stores in terms of thinking about overall pricing in general. Are they considering what obviously, the market competitive set is doing, but also what's happening at the grocery store when it comes to beef prices and then how they weave that into labor in their distinct market? Like can you help us just walk through how they build up to a labor -- an inflation expectation for the year to come and then, therefore, the decision on pricing?

偉大的。我想，只是再次回到定價的想法上。我只是很好奇您是否可以詳細說明管理合夥人在其商店中擁有哪些工具來考慮總體定價。他們是否考慮了市場競爭群體正在做什麼，以及雜貨店在牛肉價格方面發生的情況，以及他們如何將其融入到其獨特市場的勞動力中？你能幫我們簡單介紹一下他們是如何建立勞動力——來年的通脹預期，然後做出定價決定的嗎？

Yes. So our pricing process is very similar. We ask the managing partners for inputs on what's going on in their local area from a competition standpoint, from a retail grocery and they share that with us. And then we obviously talk to the multi-units that kind of share a bigger picture of what might be going on in their turf, in their markets. Obviously, state by state, we all -- on our side, we know a lot more of the details overall on some mandates.

是的。所以我們的定價過程非常相似。我們向管理合夥人詢問零售雜貨店從競爭角度了解當地情況的意見，他們會與我們分享。然後我們顯然會與多個單位進行交談，這些單位對他們的地盤和市場可能發生的事情有更大的了解。顯然，每個州，我們所有人——就我們而言，我們對某些任務的整體細節了解更多。

So it's an extensive process that we go through to try to get it right for every store but also by market and by region and company. And so it's a complicated formula for sure, but there's a lot of thought put into it on every level so that with the inputs from our operators and from the knowledge that we have from the company stand, we try to make the absolute best decision literally by store, by market, by state and for the company. And the overall number rolls up to it. But those conversations that we have with our partners are valuable in the decision-making process.

因此，這是一個廣泛的過程，我們要努力為每家商店、市場、地區和公司提供正確的解決方案。因此，這肯定是一個複雜的公式，但在各個層面上都進行了很多思考，以便根據我們操作員的輸入以及我們從公司立場獲得的知識，我們嘗試從字面上做出絕對最佳的決策按商店、按市場、按州和按公司。總數累計到此。但我們與合作夥伴的對話在決策過程中很有價值。

Got it. And then just, I guess, Chris, you're coming in with a fresh set of eyes to the company. Obviously, it's been a very successful company for a very long time. But I'm curious to get your perspective perhaps with this fresh set of eyes, do you see anything that you feel like could be a new opportunity for the brand or perhaps areas where you believe there could be improvement on the business?

知道了。然後，我想，克里斯，你將以全新的眼光看待公司。顯然，長期以來，它一直是一家非常成功的公司。但我很想听聽您的觀點，或許您會以這種新鮮的眼光看待您的觀點，您是否認為任何您認為可能成為該品牌的新機會的事物，或者您認為可以改善業務的領域？

Well, thank you, Jon, for the question. And these are early days, I must say. And so it's probably not time for me to opine on any sort of changes that we might consider. But there's a great tradition here. There's a very successful brand that's nationwide and it's doing very well. And of course, we'll be reviewing a number of things, along with Jerry and the rest of the team here but pretty early for me to opine on some sort of change process.

好吧，謝謝喬恩提出的問題。我必須說，現在還處於早期階段。因此，現在可能不是我對我們可能考慮的任何改變發表意見的時候。但這裡有一個偉大的傳統。有一個非常成功的品牌，在全國范圍內做得很好。當然，我們將與 Jerry 和團隊的其他成員一起審查許多事情，但對我來說對某種變革過程發表意見還為時過早。

Your next question comes from the line of Andrew Strelzik with BMO.

您的下一個問題來自 BMO 的 Andrew Strelzik。

I just wanted to ask about the unit openings for the rest of the year. How should we think about the cadence between 3Q and 4Q? And do you think there's risk that some of those get pushed further into next year? And then to the extent that some have gotten pushed or more due, do we think about next year as a makeup year? Or do you think you'll stick to kind of your normal framework of openings and the entire kind of time line gets pushed?

我只是想問一下今年剩餘時間的單位空缺情況。我們應該如何看待第三季度和第四季度之間的節奏？您認為其中一些項目是否存在被進一步推遲到明年的風險？然後，在某種程度上，有些已經被推遲或更多到期，我們是否認為明年是補足年？或者你認為你會堅持你通常的空缺框架，並且整個時間線都會被推遲？

Andrew, it's Jerry. Like I said, we have every store that's scheduled to open this year under construction. We do know there's a couple in December that a little concerned about. We have had some utility issues, but we're monitoring it closely. We're pretty confident we'll be at that number or extremely close.

安德魯，是傑瑞。就像我說的，我們計劃今年開業的每一家商店都在建設中。我們確實知道十二月有一對夫婦有點擔心。我們遇到了一些實用問題，但我們正在密切監控。我們非常有信心能夠達到或非常接近這個數字。

And if not, then it will push into next year and go from there. But our pipeline for next year will be very consistent to what we've done in the past. We have a strong pipeline. We will continue to stay focused on the growth and development of all 3 brands pretty much as we have in the past and really focused on doing it right and doing it well as we go through there. So still a little early in the year to be concerned yet, but they're under construction. We are moving forward, and we'll keep monitoring throughout the year and give you an update on the next go round.

如果沒有，那麼它將推遲到明年並從那裡開始。但我們明年的計劃將與我們過去所做的非常一致。我們有強大的管道。我們將繼續像過去一樣專注於所有 3 個品牌的成長和發展，並真正專注於把事情做好並做好。所以現在擔心還為時過早，但它們正在建設中。我們正在向前邁進，我們將全年持續監控，並為您提供下一輪的最新情況。

Your next question comes from the line of Elliott Simon with Evercore.

你的下一個問題來自 Elliott Simon 和 Evercore 的對話。

On the prepared remarks, you mentioned pricing decisions are based on wages as well as the value proposition. Clearly, the wage side has given you a green light to take some price in October. But how do you characterize the value proposition today, they're different like your price gaps? The steak peers as well as other casual dining peers outside the steak segment, which may not have faced as much inflation. When you say they are narrower, the same or wider than historical levels?

在準備好的評論中，您提到定價決策基於工資和價值主張。顯然，工資方面已經為你在十月份接受一些價格開了綠燈。但是，您如何描述今天的價值主張，它們與您的價格差距一樣不同？牛排同行以及牛排領域以外的其他休閒餐飲同行，可能沒有面臨那麼大的通貨膨脹。當你說它們比歷史水平更窄、相同還是更寬時？

Yes. That's a great question, Elliott. Thank you. I believe that we focus on -- we watch it very closely and to see knowing where our gap is at. I think it has changed a little bit. It probably has gotten a little tighter. But I think in general, we try to focus on what we're doing and what's right for our business and others have to make their own decisions. So if we look at labor or look at any other costs that are part of our decision making, we try to encompass all of the information and really try to make a decision that we feel is right for our business going forward to protect our value and to protect our menu that's built in with that value to our consumer and to really protect those top line sales.

是的。這是一個很好的問題，埃利奧特。謝謝。我相信我們專注於——我們非常密切地關注它，並了解我們的差距在哪裡。我認為它已經改變了一點。可能已經變得更緊了一些。但我認為總的來說，我們努力專注於我們正在做的事情以及什麼對我們的業務是正確的，而其他人必須做出自己的決定。因此，如果我們考慮勞動力或決策過程中的任何其他成本，我們會嘗試涵蓋所有信息，並真正嘗試做出我們認為對我們的業務未來正確的決定，以保護我們的價值和保護我們對消費者俱有價值的內置菜單，並真正保護那些頂線銷售。

So there's a lot of work put into it, and we've been conservative. We probably will stay in that direction, but we also have proven if we need to, we can use that leverage.

因此，我們投入了大量的工作，而且我們一直很保守。我們可能會繼續朝這個方向發展，但我們也已經證明，如果需要的話，我們可以利用這一槓桿。

Great. And just a quick follow-up. I mean as you talked about protecting the top line. I'm curious, Jerry, if you can kind of boil down the secret sauce, the 1 or 2 things that really differentiate yourself from competitors, what it would be, the value proposition, the service you provide or something else?

偉大的。只是快速跟進。我的意思是，正如您所說的保護頂線。我很好奇，傑里，你是否可以總結出真正使自己與競爭對手區分開來的秘訣，即一兩件事，它會是什麼，價值主張，你提供的服務或其他什麼？

Well, I think it's all of it, to be honest with you. I think we work really, really hard to present an environment. Our made-from-scratch food or handmade, all of that adds value. When you walk into that restaurant, and you smell that fresh baked bread and you know that we're cooking that steak to order for you, and we've got this friendly individually. We're still hungry to serve people at an extremely high level.

好吧，老實說，我認為這就是全部。我認為我們非常非常努力地呈現一個環境。我們的食品從頭開始製作或手工製作，所有這些都增加了價值。當您走進那家餐廳時，您會聞到新鮮出爐的麵包的味道，並且您知道我們正在為您烹製牛排，並且我們會單獨為您提供友好的服務。我們仍然渴望為人們提供極高水平的服務。

And when I look at the lines that are waiting at our restaurants, it tells me that we need to continue to focus on doing the things that we do. And they're loving the food, they're loving the service. We need to be able to execute to get them in the restaurant, provide them with an experience, thank them for coming to our business because it's still important for us to serve them at a high level. And we're trying to earn their business every single day. Somebody woke up this morning thinking about where they were going to dinner, and I want them thinking about Texas Roadhouse, Bubba's 33 and Jaggers all day long to choose to walk through our doors. So we're hungry for it. Sorry, you got me excited.

當我看到餐廳裡排隊等候的隊伍時，我發現我們需要繼續專注於我們所做的事情。他們喜歡這裡的食物，喜歡這裡的服務。我們需要能夠讓他們進入餐廳，為他們提供體驗，感謝他們來到我們的店，因為為他們提供高水平的服務對我們來說仍然很重要。我們每天都在努力贏得他們的生意。今天早上有人醒來就想著要去哪裡吃晚飯，我希望他們整天想著 Texas Roadhouse、Bubba's 33 和 Jaggers，然後選擇走進我們的大門。所以我們很渴望它。抱歉，你讓我興奮了。

Your next question comes from the line of Jim Sanderson with Northcoast Research.

您的下一個問題來自 Northcoast Research 的吉姆·桑德森 (Jim Sanderson)。

Just wanted to follow up a little bit more on capital expenditures. I think that went up to $300 million from $265 million, if I'm not mistaken. Just wondering if that elevated level is causing fundamental or permanent changes in returns on store development or if that's causing you to rethink the cadence of development over the next 3 to 4 quarters?

只是想對資本支出進行更多跟進。如果我沒記錯的話，我認為這個數字從 2.65 億美元增加到了 3 億美元。只是想知道這種水平的提高是否會導致商店開發回報發生根本性或永久性的變化，或者是否會導致您重新考慮未來 3 到 4 個季度的開發節奏？

Jim, thanks for the question. No, it really is not changing any of our thought. I mean there is a piece of it that is related to new store development. But our internal models are still generating returns above our target levels. So we still feel very comfortable with the ability to open restaurants and I have no plans to slow that down at this time.

吉姆，謝謝你的提問。不，它確實沒有改變我們的任何想法。我的意思是其中有一部分與新店開發有關。但我們的內部模型仍然產生高於我們目標水平的回報。因此，我們仍然對開設餐廳的能力感到非常滿意，我目前不打算放慢速度。

Your next question comes from the line of John Parke with Wells Fargo.

你的下一個問題來自富國銀行約翰帕克的電話。

Just on the quarter-to-date acceleration, you spoke to the calendar benefit and mix potentially getting a little bit better. But I guess is there anything else to point to that's kind of driving that acceleration you're seeing?

就季度至今的加速而言，您談到了日曆收益和組合可能會變得更好一些。但我想還有什麼可以表明這推動了你所看到的加速嗎？

I would say the only other thing is the continued improvement in our staffing levels and our ability to serve the demand that is out there. So our restaurants are open. They are well staffed, and there's strong demand to come to them, and it's really as simple as that.

我想說唯一的另一件事是我們的人員配備水平和滿足外部需求的能力不斷提高。所以我們的餐館開門了。他們人員配備齊全，而且需求量很大，就這麼簡單。

There are no further questions at this time. I will now turn the call back over to Jerry Morgan.

目前沒有其他問題。我現在將把電話轉回給傑里·摩根。

Thank you all very much for your time today, and we wish you the best of the weeks coming to finish your summer, and thank you.

非常感謝大家今天抽出寶貴的時間，祝你們在接下來的幾周里度過愉快的暑假，謝謝你們。

This concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。