Texas Roadhouse Inc (TXRH) 2024 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 and all participants are now in a listen only mode. (Operator Instructions)

晚上好，歡迎參加德州路屋第二季財報電話會議。今天的通話正在錄音，所有參與者現在都處於只聽模式。 （操作員說明）

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

現在我想介紹一下 Texas Roadhouse 投資者關係主管 Michael Bailen。您可以開始您的會議了。

Thank you, Breanna, and good evening. By now, you should have access to our earnings release for the second quarter ended June 25, 2024. 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，布里安娜，晚上好。到目前為止，您應該可以訪問我們截至 2024 年 6 月 25 日的第二季度收益發布。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績效的保證，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.

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有重大差異的相關因素進行了更詳細的討論。

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.

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資訊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 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, please limit yourself to one question. Now I would like to turn the call over to Jerry.

今天與我通話的是 Texas Roadhouse 執行長 Jerry Morgan 和我們的財務長 Chris Monroe。在準備好發言後，我們將回答您的問題。為了方便所有想提問的人，請限制自己只回答一個問題。現在我想把電話轉給傑瑞。

Thanks, Michael, and good evening, everyone. We are pleased with our second quarter results as our operators continue to do an amazing job serving our guests and communities. Same-store sales growth of 9.3% and the benefit of a steady pace of new store openings in 2024 helped us drive revenue to over $1.3 billion in the quarter. We remain excited about the future of all three of our brands. During the second quarter, Texas Roadhouse restaurants averaged approximately $163 in weekly sales. Our managing partners continue to drive sales and traffic growth, which keeps the brand's position as a leader in the casual dining industry. Motus 33 maintained its positive trend with approximately $123,000 in weekly sales. I recently had the opportunity to visit the three newest Bubba's 33 locations in Texas and Virginia.

謝謝邁克爾，大家晚上好。我們對第二季的業績感到滿意，因為我們的營運商繼續出色地為我們的客人和社區提供服務。同店銷售額成長 9.3%，加上 2024 年新店開幕的穩定步伐，幫助我們將本季營收推至超過 13 億美元。我們對這三個品牌的未來仍然感到興奮。第二季度，Texas Roadhouse 餐廳平均每週銷售額約為 163 美元。我們的管理合作夥伴繼續推動銷售和客流量成長，從而保持了該品牌作為休閒餐飲行業領導者的地位。 Motus 33 保持了積極的趨勢，每週銷售額約為 123,000 美元。最近，我有機會參觀了位於德克薩斯州和維吉尼亞州的 3 個最新的 Bubba's 33 家分店。

Nothing is more energizing this spending time in the restaurants, working alongside our people and getting feedback from our guests. There's no doubt that our Bubba's 33 operators are building name recognition and creating guest loyalty. Bubba's is also receiving a number of local awards, including being named Best Burger and Best family and casual dining restaurant in Chesapeake, Virginia, and 2024 Best Pizza in Buford, Georgia.

沒有什麼比在餐廳度過的時光更充滿活力的了，與我們的員工一起工作並獲得客人的回饋。毫無疑問，我們 Bubba 的 33 家經營者正在建立知名度並建立顧客忠誠度。 Bubba's 還獲得了多項當地獎項，包括被評為弗吉尼亞州切薩皮克最佳漢堡和最佳家庭及休閒餐廳，以及佐治亞州佈福德 2024 年最佳披薩。

Jaggers, our quick service brand is also gaining increased consumer awareness which helped generate approximately $73,000 in weekly sales during the second quarter. Jaggers is also being recognized as its burger was named a Community Choice finalist in Louisville, Kentucky. Additionally, we are looking forward to our first international Jaggers franchise location later this year on the Camp Humphreys military base in South Korea.

我們的快速服務品牌 Jaggers 也獲得了消費者認知度的提高，第二季的每週銷售額約為 73,000 美元。 Jaggers 的漢堡也獲得了認可，因為它的漢堡被評為肯塔基州路易斯維爾的社區選擇決賽入圍者。此外，我們期待今年稍晚在韓國漢弗萊斯營軍事基地開設我們的第一個國際 Jaggers 特許經營店。

Speaking of openings, during the second quarter, we opened three company-owned Texas Roadhouses and three Bubba's 33 restaurants. For the full year, we remain on track to open approximately 30 company-owned restaurants across all brands. Also, our franchise partners opened three Texas Roadhouse locations, including our first restaurant in Puerto Rico. We expect as many as 13 franchise openings this year, including three Jaggers. We also made great progress on our technology initiatives during the second quarter. First, we completed the rollout of our Rod first technology system throughout the company. We believe improved improved mobile access to our resources will provide Roadies with the help -- help us remain as employer of choice for years to come.

說到開業，在第二季度，我們開設了三家公司擁有的 Texas Roadhouses 和三家 Bubba's 33 餐廳。全年，我們仍有望開設約 30 家所有品牌的公司自營餐廳。此外，我們的特許經營合作夥伴在德克薩斯州開設了三家 Roadhouse 餐廳，其中包括我們在波多黎各的第一家餐廳。我們預計今年將開設多達 13 家特許經營店，其中包括 3 家 Jaggers。第二季度我們的技術計劃也取得了巨大進展。首先，我們在整個公司完成了「Rod First」技術系統的推廣。我們相信，改善對我們資源的行動訪問將為 Roadies 提供幫助——幫助我們在未來幾年繼續成為首選雇主。

Second, the pace of the digital kitchen conversion remains on track. We have completed 50% of the approximate 230 scheduled for this year. The feedback remains positive and our current expectation is that nearly all restaurants will convert to a digital kitchen by the end of 2025.

其次，數位廚房轉型的步伐仍步入正軌。我們已經完成了今年計劃的約 230 項任務的 50%。回饋仍然積極，我們目前的預期是，到 2025 年底，幾乎所有餐廳都將轉變為數位廚房。

Finally, there has been significant discussion within the restaurant industry concerning the health of the consumer as well as the increased focus on promotions and discounting from others in the industry. Through the first half of the year, we have not seen a measurable impact on our overall business from these issues. Our guests continue to recognize the quality and value we offer and do not appear to be changing their dining habits. At Texas Roadhouse, we will continue to focus on what we do best, which is taking care of our Roadies and providing the legendary experience to each and every one of our guests. Now Chris will provide some thoughts.

最後，餐飲業內部就消費者的健康以及業內其他公司對促銷和折扣的日益關注進行了廣泛的討論。今年上半年，我們尚未看到這些問題對我們的整體業務產生可衡量的影響。我們的客人繼續認可我們提供的品質和價值，並且似乎沒有改變他們的用餐習慣。在 Texas Roadhouse，我們將繼續專注於我們最擅長的事情，即照顧我們的 Roadies 並為每位客人提供傳奇的體驗。現在克里斯將提供一些想法。

Thanks, Jerry. We are pleased from top to bottom with our second quarter financial results. Leverage from same-store sales growth, coupled with the lower-than-forecasted inflationary pressures, drove a meaningful increase in diluted earnings per share. During the second quarter, we continued seeing a resilient guest visiting our restaurants.

謝謝，傑瑞。我們對第二季的財務表現從上到下感到滿意。同店銷售成長的槓桿作用，加上低於預期的通膨壓力，推動稀釋每股收益大幅成長。在第二季度，我們繼續看到有彈性的客人光臨我們的餐廳。

In addition to strong traffic growth, we also experienced encouraging mixed trends within our checks. For the quarter, our overall mix was basically flat with positive mix in entrees, add-ons and soft beverages. This was offset by continued but improving negative mix and alcohol. Additionally, our sales momentum has carried forward into the third quarter with strong same-store sales growth through the first four weeks.

除了強勁的流量成長之外，我們的檢查中還經歷了令人鼓舞的混合趨勢。本季度，我們的整體組合基本上持平，主菜、附加菜和軟性飲料的組合積極。這被持續但改善的負面組合和酒精所抵消。此外，我們的銷售動能延續到第三季度，前四週同店銷售成長強勁。

In the coming weeks, we will have our normal discussions with our operators regarding the amount of menu pricing we may take at the beginning of the fourth quarter. We will continue to follow our disciplined process of focusing on maintaining our value proposition while balancing the impact of structural inflationary pressures. On the topic of inflation, we benefited in the second quarter from lower commodity costs than we had forecasted. The benefit came from our floating beef contracts that enable us to take advantage of market prices that were lower than our expectation for the back half of the quarter. At this time, we are updating our full year commodity inflation guidance to approximately 2%. This adjustment reflects both the impact of the lower than initially forecasted inflation incurred so far this year and our current expectation of between 2% and 3% commodity inflation in the second half of the year.

在接下來的幾週內，我們將與營運商就第四季初可能採取的菜單定價金額進行正常討論。我們將繼續遵循嚴格的流程，專注於維持我們的價值主張，同時平衡結構性通膨壓力的影響。在通貨膨脹方面，我們在第二季受益於商品成本低於我們的預期。收益來自我們的浮動牛肉合約，使我們能夠利用低於我們對本季後半段預期的市場價格。目前，我們將全年商品通膨指引更新至 2% 左右。這項調整既反映了今年迄今通膨低於最初預測的影響，也反映了我們目前對下半年大宗商品通膨率在 2% 至 3% 之間的預期。

With regard to labor in the second quarter, wage and other inflation came in as expected. We also saw a continuation of the positive productivity trends of the last several quarters. We believe the benefit of fully staffed restaurants with longer tenured R oadies should result and continued labor efficiency improvement through at least the end of this year.

就第二季的勞動力而言，薪資和其他通膨數據符合預期。我們也看到了過去幾個季度積極的生產力趨勢的延續。我們相信，至少在今年年底，員工配備齊全、員工任期較長的餐廳將帶來好處，並持續提高勞動效率。

Our guidance remains at 4% to 5% wage and other labor inflation for the full year.

我們的全年薪資和其他勞動力通膨指引仍維持在 4% 至 5%。

With regard to cash flow, we ended the second quarter with $197 million of cash. Cash flow from operations was $134 million, which was offset by $145 million of capital expenditures, dividend payments and share repurchases. Given our current cash position and expectation for strong operating cash flow generation to continue, we have approved and or accelerated additional store level capital projects that were not in our initial plan. As such, we are raising our full year 2024 capital expenditure guidance to between $360 and $370 million. We are excited to make this capital commitment as we believe investing in new and existing restaurants remains a productive use of our cash for creating shareholder value. And now, Michael will walk us through the second quarter results.

就現金流而言，第二季末我們的現金為 1.97 億美元。營運現金流為 1.34 億美元，被 1.45 億美元的資本支出、股利支付和股票回購所抵銷。鑑於我們目前的現金狀況以及對持續強勁的營運現金流產生的預期，我們已經批准和/或加速了不在我們最初計劃中的額外商店級資本項目。因此，我們將 2024 年全年資本支出指引提高至 3.6 至 3.7 億美元。我們很高興做出這項資本承諾，因為我們相信投資新的和現有的餐廳仍然是我們現金創造股東價值的有效利用方式。現在，麥可將向我們介紹第二季的業績。

Thanks, Chris. For the second quarter of 2024, we reported revenue growth of 14.5%, driven by an 8.5% increase in average unit volume and 5.6% store week growth. We also reported a restaurant margin dollar increase of 32.7% to $243 million and a diluted earnings per share increase of 46.4% to $1.79. Average weekly sales in the second quarter were approximately $159,000, with To-Go representing approximately $20,000 or 12.6% of the total weekly sales.

謝謝，克里斯。 2024 年第二季度，我們報告營收成長 14.5%，主要得益於平均單位銷售成長 8.5% 和商店週成長 5.6%。我們還報告稱，餐廳利潤率增長了 32.7%，達到 2.43 億美元，攤薄後每股收益增長了 46.4%，達到 1.79 美元。第二季平均每週銷售額約為 159,000 美元，其中 To-Go 銷售額約為 20,000 美元，佔每週總銷售額的 12.6%。

Comparable sales increased 9.3% in the second quarter, driven by 4.5% traffic growth and a 4.8% increase in average check. By month, comparable sales grew 9.8%, 9% and 9.1% for our April, May and June periods, respectively. And comparable sales for the first four weeks of the third quarter were up 8% with our restaurants averaging sales of approximately $151,000 per week during that period.

第二季可比銷售額成長 9.3%，得益於 4.5% 的流量成長和 4.8% 的平均支票成長。按月計算，4 月、5 月和 6 月期間的可比銷售額分別成長 9.8%、9% 和 9.1%。第三季前 4 週的可比銷售額成長了 8%，在此期間我們餐廳的平均每週銷售額約為 151,000 美元。

In the second quarter, restaurant margin dollars per store week increased 25.7% to nearly $29,000. Restaurant margin as a percentage of total sales increased 250 basis points year-over-year to 18.2%. Food and beverage costs as a percentage of total sales were 32.7% for the second quarter. The 176 basis point year-over-year improvement was primarily driven by the benefit of a 4.8% check increase, offsetting the 0.4% commodity inflation for the quarter.

第二季度，餐廳每店週的利潤成長了 25.7%，達到近 29,000 美元。餐廳利潤率佔總銷售額的百分比年增 250 個基點，達到 18.2%。第二季食品和飲料成本佔總銷售額的百分比為 32.7%。年成長 176 個基點主要是由於支票成長 4.8%，抵消了本季 0.4% 的商品通膨。

Labor as a percentage of total sales decreased 76 basis points to 32.8% as compared to the second quarter of 2023. Labor dollars per store week increased 6% due to wage and other labor inflation of 4.4% and growth in hours of 1.6%. A $2.2 million adjustment to our quarterly insurance reserve had a 16 basis point negative impact on this quarter's labor expense as a percentage of sales. This charge had minimal impact on the year-over-year change as we lapped a $1.8 million reserve adjustment from last year. Other operating costs were 14.8% of sales, which was seven basis points higher than the second quarter of 2023. Higher operator bonuses as a percentage of sales resulting from increased year-over-year restaurant-level profitability had a 30 basis point negative impact. Additionally, a $2.1 million adjustment to our quarterly reserve for general liability insurance had a 16 basis point negative impact on this quarter's other operating expense as a percentage of sales. This charge had minimal impact on the year-over-year change as we lapped a $1.6 million reserve adjustment from last year.

與2023 年第二季相比，勞動力佔總銷售額的百分比下降了76 個基點，至32.8%。 。我們對季度保險準備金進行 220 萬美元的調整，對本季勞動力費用佔銷售額的百分比產生了 16 個基點的負面影響。這項費用對年比變動的影響很小，因為我們比去年調整了 180 萬美元的準備金。其他營運成本佔銷售額的 14.8%，比 2023 年第二季高出 7 個基點。此外，我們對一般責任保險季度準備金進行 210 萬美元的調整，對本季其他營運費用佔銷售額的百分比產生了 16 個基點的負面影響。這項費用對年比變動的影響很小，因為我們比去年調整了 160 萬美元的準備金。

Moving below restaurant margin, G&A dollars grew 14% year-over-year and came in at 4.3% of revenue for the second quarter. The majority of the year-over-year increase was due to higher compensation and benefit expense. Our effective tax rate for the quarter was 15%. The higher tax rate is driven by our increased profitability. Based on our outlook for the remainder of the year, we are updating our full year 2024 income tax rate to approximately 14.5%. Finally, as a reminder, 2024 is a 53 week year for us. As such, the fourth quarter will have 14 weeks versus our normal 13 weeks. We estimate that the additional week could benefit full year 2024 earnings per share growth by approximately 4%.

G&A 美元低於餐廳利潤率，年增 14%，佔第二季營收的 4.3%。年比成長的主要原因是薪資和福利費用增加。我們本季的有效稅率為 15%。較高的稅率是由於我們獲利能力的提高而推動的。根據我們對今年剩餘時間的展望，我們將 2024 年全年所得稅稅率更新為約 14.5%。最後，提醒一下，2024 年對我們來說是 53 週的一年。因此，第四季將有 14 週，而正常情況下為 13 週。我們估計，額外的一周可能有利於 2024 年全年每股收益成長約 4%。

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. I'm looking forward to our upcoming Annual Fall tour, where our senior leadership travels the country for six weeks visiting with our managing partners. This gives us the opportunity to personally thank them for their efforts. And just as importantly, we will listen to what is on their mind and learn how we can help continue growing their business.

謝謝，麥可。我期待著我們即將到來的年度秋季之旅，我們的高級領導層將在全國各地與我們的管理合夥人進行為期六週的訪問。這使我們有機會親自感謝他們的努力。同樣重要的是，我們將傾聽他們的想法，並了解我們如何幫助他們繼續發展業務。

Finally, thank you to all of Roadie nation for your contributions to our success. It takes all of us to deliver on our mission of legendary food and legendary service.

最後，感謝所有 Roadie 國家為我們的成功做出的貢獻。我們所有人都需要努力實現傳奇美食和傳奇服務的使命。

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

我們準備好的演講到此結束。 Breanna，請撥打電話提問。

Thank you. We will now open the line for your questions. (Operator Instructions)

謝謝。我們現在將開通您的提問專線。 （操作員說明）

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

你的第一個問題來自 Truist Securities 的 Jake Bartlett。

Please go ahead, Brian.

請繼續，布萊恩。

Thank you so much for taking the question. In my mind was on the implications of the quarter-to-date trends. You mentioned 8% in the first four weeks of the quarter. But one question is whether there's any moving pieces there like calendar shifts to 4th of July impact on just want to make sure on that.

非常感謝您提出這個問題。我的想法是季度至今趨勢的影響。您提到本季的前四個星期增長了 8%。但有一個問題是，是否有任何變動，例如日曆調整到 7 月 4 日，只是想確定這一點。

And then the other part of the question is your comparison is materially last year, so in August and September. So how do you think about those compares on easing? Does that give you comfort that we could accelerate from the current levels or it was last year more in relationship to what was happening the prior year? Just how should we think of the quarter to date and the implications for the quarter as a whole?

問題的另一部分是你的比較實質上是去年，所以是在八月和九月。那麼您如何看待這些寬鬆政策的比較呢？這是否讓您感到放心，我們可以從當前水平加速，或者去年的水平與前一年發生的情況有更多關係？我們該如何看待本季迄今以及對整個季度的影響？

Jake, it's Michael. I appreciate the question. I'm going to first say, I think we're very happy with the 8% for the month. There's really no timing issues in there that we would call out. And no, I think we've somewhat moved away from looking at the multiyear stacks. But to the extent you do look at them on a two year on even a five year basis, there is no weakness being shown in that 8% number. And given what we are lapping from from prior years, you are right. The overall comp in the next several months on its surface is easier, but you -- but on a multiyear basis, we will see what happens. And so we'll continue to do what we're doing at our operators are focused on driving more guests through the doors, and we feel very happy about the trends we're seeing.

傑克，這是麥可。我很欣賞這個問題。我首先要說的是，我認為我們對這個月的 8% 感到非常滿意。那裡確實不存在我們要指出的時間問題。不，我認為我們已經不再關注多年的堆疊了。但如果你以兩年甚至五年為基礎來觀察它們，你會發現 8% 的數字並沒有顯示出任何弱點。考慮到我們從前幾年得到的數據，你是對的。表面上看，接下來幾個月的整體比較容易，但從多年的角度來看，我們會看看會發生什麼。因此，我們將繼續在我們的運營商處做我們正在做的事情，專注於吸引更多的客人進來，我們對我們所看到的趨勢感到非常高興。

Thank you.

謝謝。

Our next question comes from the line of Brian Bittner with Oppenheimer.

我們的下一個問題來自布萊恩·比特納和奧本海默的對話。

Please go ahead.

請繼續。

Yes, congratulations on great results. I wanted to ask about margins.

是的，恭喜您取得了很好的成績。我想問一下利潤率。

And kind of a two-part question on margins. First, on the labor side, it's just the flow through on labor margins is meaningfully better this year. It just seems like you've cracked the code on growing hours that a much lesser rate than traffic. So first, can you just help us understand what's going on with labor and why it's so successful now from a leverage perspective?

關於利潤率的問題分為兩部分。首先，在勞動力方面，今年勞動力邊際流量明顯改善。看起來你已經破解了成長時間的密碼，其成長速度比流量低得多。首先，您能否幫助我們了解勞動力的現狀以及為什麼從槓桿角度來看它現在如此成功？

And then secondly, on the food cost side, 2% to 3% in the second half of the year. Can you just remind us how that's going to pace in 3Q versus 4Q, whether it's going to be bifurcated in the trend between those two quarters. So we can think about the amount of COGS leverage you're going to get in three and four Q potentially?

其次，在食品成本方面，下半年將上漲 2% 至 3%。您能否提醒我們第三季和第四季的進度如何，這兩個季度之間的趨勢是否會出現分歧。因此，我們可以考慮一下您在第三季和第四季可能獲得的銷貨成本槓桿金額是多少？

Yes, Brian, this is Jerry. I'll take the labor side and then I think Michael's address the food cost side. But I really do believe that our investment in the last couple of years in our and our rebuilding of our management teams in our our hourly ranks has really found a way to flow through the productivity now. And obviously with our elevated sales and people getting comfortable and doing their jobs and getting the repeat reps in basically from that side of it, I think is all flowing through where we're fully staffed. We're comfortable with the tenure that we're having. And all of that is producing some outstanding results on the labor side, which we've been really pushing in the last couple of years.

是的，布萊恩，這是傑瑞。我會談談勞動力方面，然後我認為邁克爾會解決食品成本方面的問題。但我確實相信，過去幾年我們對每小時管理團隊的投資和重建確實找到了提高生產力的方法。顯然，隨著我們銷售額的增加，人們變得舒適並做好他們的工作，並基本上從那一邊得到重複的代表，我認為這一切都在我們人員配備齊全的地方流動。我們對我們所擁有的任期感到滿意。所有這些都在勞動力方面產生了一些突出的成果，這是我們在過去幾年中一直在努力推動的。

And Jerry, I'll just jump in there.

傑瑞，我就跳進去吧。

This is Chris. Before we get it over to Michael. On the labor, just for percentages, we've talked about having about a 50% of our labor hours growth compared to our traffic growth. And we got there in the fourth quarter, we were down to 25% in Q1, we're still below the 50% in the mid 30s this quarter, and it's all reflective of the things that Jerry was talking about.

這是克里斯。在我們把它交給邁克爾之前。在勞動力方面，僅就百分比而言，我們談到與流量成長相比，我們的勞動力時間增加了約 50%。我們在第四季度達到了這一目標，第一季下降到了 25%，本季我們仍然低於 30 多歲的 50%，這一切都反映了傑瑞所說的事情。

And Michael, you want to speak to the food costs?

邁克爾，你想談談食品成本嗎？

Sure.

當然。

Yes.

是的。

When it comes to the back half of the year, commodity inflation, we said 2% to 3%.

說到下半年，大宗商品通膨，我們說2%到3%。

Yes, that maybe you're a little bit higher in the third quarter than you are in the fourth. But at this time they are they really aren't that that different from each other.

是的，也許第三季的表現比第四季高。但此時他們之間確實沒有那麼不同。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

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

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德的台詞。

Please go ahead.

請繼續。

Hi. I had a question maybe a follow-up on the beef costs. I guess two quarters ago, there was a lot about these costs being elevated for a multiyear period. And this year, it seems like they've come in quite a bit below what you're anticipating. So I guess, can you just maybe talk about your current outlook for beef costs. I know maybe some pressures coming in in the second half. I'm thinking more about the next year or two and what the beef cycle might look like for you?

你好。我有一個問題可能是牛肉成本的後續問題。我想兩個季度前，這些成本在多年期間一直在上升。今年，它們的表現似乎遠低於您的預期。所以我想，您能談談您目前對牛肉成本的展望嗎？我知道下半場可能會有一些壓力。我更多地考慮未來一兩年以及牛肉週期對您來說會是什麼樣子？

Hey, David, it's Michael. Appreciate the question. Yes, I mean, we have I think the belief that the supply is going to be down in the back half of the year. And we have benefited from maybe a little bit less demand out there in the retail space than we had expected. And that has kept prices from going as high as we had originally expected them to do. We were obviously expecting to feel more pressure from that in the back half of the year. It's a little early for us to get into any kind of guidance for 2025. I think the industry data, you called out the expectation for supply to continue to tighten, but we'll see what happens with demand and what that does to the to the beef pressure. We'll give you are probably early thoughts on commodity inflation for 2025 on our next earnings call.

嘿，大衛，我是麥可。感謝這個問題。是的，我的意思是，我們相信今年下半年的供應量將會下降。我們受益於零售領域的需求可能比我們預期的要少一些。這使得價格沒有像我們最初預期的那樣上漲。我們顯然預計下半年會感受到更大的壓力。對我們來說，對 2025 年做出任何指導還為時過早。 。我們將在下一次財報電話會議上向您提供有關 2025 年大宗商品通膨的初步想法。

Great.

偉大的。

Thank you for that.

謝謝你。

And then as it relates to the pricing decision you're going to make I guess you mentioned that you will take some pricing against whatever you consider structural inflation, too. But I guess I'm wondering on this topic of beef costs, if it looks like commodity costs are going to be out on a year or two beyond this year, would that be considered structural in your mind? Would you take pricing against that or would you consider that more cyclical?

然後，由於它與您將做出的定價決策相關，我想您提到您也會根據您認為的結構性通膨採取一些定價。但我想我想知道牛肉成本這個主題，如果看起來大宗商品成本將在今年之後的一兩年內出現，那麼在您看來，這會被視為結構性的嗎？您會根據這一點進行定價還是認為更具週期性？

Yes, I think we would consider that side of it a little more cyclical. But um, you know, we will start that process in a few weeks talking with all of our operators across the country and in going through that really looking at what that will be at this time a year, knowing that things have changed a little from the beginning of the year. But I do believe we'll continue to approach it with a very conservative mindset, and we'll see what our operators have to say and then make a great decision.

是的，我認為我們會認為這方面更具週期性。但是，嗯，你知道，我們將在幾週內開始這個過程，與全國各地的所有運營商進行交談，並通過這個過程真正了解每年的這個時候會發生什麼，知道事情已經發生了一些年初變化。但我確實相信我們將繼續以非常保守的心態來對待它，我們會看看我們的運營商有什麼要說的，然後做出一個偉大的決定。

Great.

偉大的。

Thank you very much and congrats on a great quarter.

非常感謝並祝賀您度過了一個美好的季度。

Thank you very much. Appreciate that.

非常感謝。感謝。

Our next question comes from the line of Brian Harbor with Morgan Stanley.

我們的下一個問題來自布萊恩哈伯 (Brian Harbor) 與摩根士丹利 (Morgan Stanley) 的對話。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon. I was just curious on the CapEx comments you made increasing for this year. What that going towards? Are you doing some more store expansion or is that perhaps going to some of the other brands? Or is some of this kind of getting a head start on next years new units?

午安.我只是對您今年增加的資本支出評論感到好奇。那要走向什麼？您是否正在進行更多商店擴張，或者可能擴展到其他一些品牌？或者說，這種類型是否能在明年的新單位中佔據先機？

Hey, Brian, it's Chris. Yes, thanks for that question. It's really sort of all of the above. We even in last quarter's call, we talked about how we were getting good returns on these store investments. And so we're going to continue to do that. So we're expanding dining areas, we're expanding back of house. And this also gives us an opportunity to get after the 2025 pipeline to just I've put some more into that to make sure that we get that good opening cadence throughout the year.

嘿，布萊恩，我是克里斯。是的，謝謝你提出這個問題。這確實是上述所有內容。我們甚至在上個季度的電話會議中談到了我們如何從這些商店投資中獲得良好的回報。所以我們將繼續這樣做。所以我們正在擴大用餐區，我們正在擴大後勤區域。這也讓我們有機會在 2025 年的管道之後投入更多精力，以確保我們全年都能保持良好的開工節奏。

Our next question comes from the line of Jim Celerra with Stevens.

我們的下一個問題來自吉姆·塞萊拉和史蒂文斯的對話。

Please go ahead.

請繼續。

Hi, guys. Thanks for taking our question. You continue to deliver. It seems like on its strong value and good quality food as a combo to keep customers coming in the door. Can you give us any commentary around possible trade down dynamics and maybe interactions that you're seeing from customers by income cohorts?

嗨，大家好。感謝您提出我們的問題。你繼續送貨。似乎其強大的價值和優質的食品相結合才能吸引顧客前來。您能否就您從不同收入群體的客戶那裡看到的可能的降價動態以及可能的互動發表評論？

Yes, Jeff, it's Michael. I couldn't talk on that yet. Not a lot of commentary that we're hearing right now as far as anything being different than what we've been seeing for a while, which I think we have people, you know trading up to us, trading down to us, trading across to us. So we're very pleased with that. The guests' decision to visit with us. We're not seeing any degradation in what they are ordering as seen by kind of our flat mix trends right now. So really right now, there's been really no change in what we're seeing and we're very pleased by that.

是的，傑夫，是麥可。我還不能談論這個。就與我們一段時間以來所看到的不同之處而言，我們現在聽到的評論並不多，我認為我們有人，你知道，向我們進行向上交易，向下向我們進行交易，向我們進行交易對我們來說。所以我們對此非常滿意。客人決定與我們一起參觀。從目前我們的扁平化混合趨勢來看，我們沒有看到他們訂購的產品有任何下降。所以現在，我們所看到的確實沒有任何變化，我們對此感到非常高興。

Okay, great. And then in some of our pricing data that we look at. It seems like pricing in California was minimal during the quarter. Can you just talk about the labor market in California specifically and kind of your thoughts around pricing for the FAST Act?

好的，太好了。然後是我們查看的一些定價數據。本季加州的定價似乎很低。您能否具體談談加州的勞動市場以及您對 FAST 法案定價的想法？

Yes, sure.

是的，當然。

I can speak of that. You know, Jim, we don't have a large presence in California. So you have not a lot really to comment on out there, our California stores from a sales standpoint are doing fine. And obviously, if there's more structural pressure, you may have a little bit more pricing that you've taken in a state like that. But we certainly haven't done anything in California from a pricing standpoint out of our outside of our normal process.

我可以談談這一點。你知道，吉姆，我們在加州的業務並不多。所以你沒有太多可以評論的地方，從銷售的角度來看，我們的加州商店做得很好。顯然，如果結構性壓力更大，你可能會比在這種狀態下採取的定價更高一些。但從定價的角度來看，我們在加州肯定沒有做任何超出正常流程的事情。

Okay. Great.

好的。偉大的。

Thanks, guys. I'll head back in the queue.

多謝你們。我會回到隊列中。

Thank you.

謝謝。

Our next question comes from the line of Elliot Simon with Evercore ISI.

我們的下一個問題來自 Elliot Simon 和 Evercore ISI 的對話。

Please go ahead.

請繼續。

Hey, guys.

大家好。

Congrats on a great quarter. I was particularly impressed by those 5.5% same-store sales growth in the quarter, which maybe sort of Roadhouse, but seemingly much better than most other concepts this quarter.

恭喜您度過了一個出色的季度。本季 5.5% 的同店銷售成長給我留下了特別深刻的印象，這可能有點像 Roadhouse，但似乎比本季的大多數其他概念要好得多。

I know you've done a lot of work on the brand.

我知道您在品牌方面做了很多工作。

So can you talk about the time line to reaching that eight to 10 net opening figure annually you've referenced in the past and are you able to walk us through the building blocks of the ROI on new Bubba's units, incorporating the strong performance you've recently achieved? maybe ex capitalized leases and preopening costs which is how many others in the industry give it?

那麼，您能談談您過去提到的每年達到 8 到 10 個淨開放數字的時間線 最近 您能否向我們介紹新 Bubba 單元的投資回報率的組成部分，並結合您的強勁表現？取得了什麼成就？也許是除資本化租賃和開業前的費用，這是業內有多少其他人給出的？

Yes. I'll start us off, and I'll let Michael finish. We're really, really excited about what this brand is doing. And we've made some adjustments a few years ago in our leadership and just really our identity to some degree, made a few adjustments, added a couple of menu items, a combo appetizer, we restructured the wings and and we've been testing with a couple of other products that have been very, very successful. But I think the biggest thing for us is the consistency of the experience that we are providing for our guests with our burgers and pizzas and just all of our offerings, the consistency of our operations. And so just from an operator standpoint and from a brand standpoint, we feel like we are really excited about where we're at and the things that we've done, and we'll continue to look at how we ramp it up going forward.

是的。我將讓我們開始，然後我將讓邁克爾結束。我們對這個品牌所做的事情感到非常非常興奮。幾年前，我們在領導層和我們的身份方面做了一些調整，在某種程度上做了一些調整，添加了一些菜單項目、組合開胃菜，我們重組了機翼，並且我們一直在測試還有其他一些非常非常成功的產品。但我認為對我們來說最重要的是我們為客人提供漢堡和披薩以及我們所有產品的體驗的一致性，以及我們營運的一致性。因此，僅從營運商的角度和品牌的角度來看，我們覺得我們對我們所處的位置和我們所做的事情感到非常興奮，我們將繼續關注未來如何提升它。

And Elliot, this is Michael. I can go into a little bit on your question and probably not going to walk through the whole ROI equation on the call. But for me, investment costs, if you're excluding the brands, and so therefore, just getting to the CapEx and the cash cost of pre-opening, you're probably more in the $6.5 million range for that. And again Bubba's with its focus on burgers, pizza and wings and a little bit higher alcohol mix than our other Texas Roadhouse is probably has the ability to generate higher restaurant margins. So we're very pleased with the ability of above and beyond meet our internal hurdles and believe that it is very possible going forward.

艾略特，這是麥可。我可以稍微討論一下你的問題，但可能不會在電話會議上詳細介紹整個投資報酬率方程式。但對我來說，投資成本，如果你不包括品牌，因此，只要考慮資本支出和開業前的現金成本，你可能會在 650 萬美元的範圍內。再次強調，Bubba's 專注於漢堡、披薩和雞翅，其酒精含量比我們德克薩斯州的其他 Roadhouse 稍高一些，因此可能有能力創造更高的餐廳利潤。因此，我們對超越我們內部障礙的能力感到非常滿意，並相信未來很有可能實現。

Great.

偉大的。

And then just as a quick follow-up, I know it's in the 10-K -- 10-Q, but I get a little antsy. What was the restaurant margin for Bubba's in the quarter?

然後，作為一個快速跟進，我知道它在 10-K - 10-Q 中，但我有點坐立不安。 Bubba's 本季的餐廳利潤是多少？

Yes, I think we're just we'll let you stay and that in the queue when it comes out and it shortly.

是的，我想我們只是讓你留下來，當它出來時，很快就會在隊列中。

Got it.

知道了。

Great. Thanks, guys, and best of luck.

偉大的。謝謝，夥計們，祝你好運。

Thank you.

謝謝。

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

我們的下一個問題來自傑弗裡·伯恩斯坦與巴克萊銀行的對話。

Please go ahead.

請繼續。

Hi, this is (inaudible) on for Jeff, but appreciate the question.

嗨，這是傑夫的（聽不清楚），但感謝這個問題。

Just a quick question about technology.

只是一個關於科技的簡單問題。

It's exciting to see that digital kitchens are going to be deployed up to get fully throughout the system by the end of '25.

令人興奮的是，到 25 年底，數位廚房將全面部署到整個系統。

I'm just looking ahead at what's next on the list? Any exciting initiatives that you guys are potentially looking at, perhaps at the front of the house to help drive greater throughput on because it seems like your store are as busy as ever.

我只是看看清單上的下一個是什麼？你們可能會關注的任何令人興奮的舉措，也許是在房子前面，以幫助提高吞吐量，因為你們的商店似乎和以前一樣繁忙。

Thank you.

謝謝。

Well, thank you very much for the question. We are very excited about the digital kitchen. Again, we're halfway through, so we've got a little over 100 plus stores rolling out on. It's still very new to us. We're definitely learning some things and excited about it. We rolled out the Roadhouse pay or the pay at the table a couple of years ago, and that's been very successful. Our AGM or guest management, we are looking on a new version that might help us be a little faster at the host stand. So there's a few things that are in progress, but we need to make sure that the digital kitchen is up and rolling, and we're really comfortable there where well again, we'll look at the guest management and the Roadhouse payer. They're all teaching us that these are these are -- they help enhance the guest experience and our employee work experience with us. So both of them are big wins.

嗯，非常感謝你的提問。我們對數位廚房感到非常興奮。再說一遍，我們已經完成了一半，所以我們已經有超過 100 家商店正在推出。這對我們來說仍然很新。我們確實學到了一些東西並且對此感到興奮。幾年前，我們推出了“路屋付費”或“餐桌付費”，非常成功。我們的年度股東大會或來賓管理，我們正在尋找一個新版本，它可能會幫助我們在東道主展位上更快一些。因此，有一些事情正在進行中，但我們需要確保數位廚房正常運行，我們對此感到非常滿意，我們將再次關注賓客管理和 Roadhouse 付款人。他們都在告訴我們，這些就是這些——它們有助於增強賓客體驗和我們員工的工作體驗。所以他們倆都是巨大的勝利。

Thank you.

謝謝。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Our next question comes from the line of Lauren Silberman with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lauren Silberman。

Please go ahead.

請繼續。

Hey, thanks for the question. Congrats on the quarter. I wanted to ask about restaurant margin on the near term, close to 18% in the first half of the year. Given the commodity guide, do you expect to hit at least 17% this year? Any other dynamic we should consider?

嘿，謝謝你的提問。恭喜本季。我想問一下餐廳近期的利潤率，上半年接近 18%。根據大宗商品指南，您預計今年至少會達到 17% 嗎？我們還應該考慮其他任何動態嗎？

And then just on a longer-term question on margin. As you head into back to the 17% to 18% target, is there a scenario where we could be talking about margins north of 18% in a couple of years? Or how do you guys think about that you're going to reinvest?

然後是關於保證金的長期問題。當您回到 17% 至 18% 的目標時，我們是否可以談論幾年內利潤率超過 18% 的情況？或者你們如何看待要進行再投資？

Hey, Lauren, it's Chris. Well, look, what a great first half, right? I mean, we expanded margins by 250 basis points over year-over-year, a true team effort, and it really is led by the operators. For the second half, we're definitely expecting to see margin expansion relative to last year, but there's a lot of factors that you have to consider. And I think these are the things that you guys model, all the things that you know, but mainly commodities and that has concern for us. But the bottom line in the short run for the rest of this year is fantastic first half margin and definite expectations for margin expansion year-over-year for the second half. In terms of long term, that 17 to 18 has been our goal for a long time and you get much north of that and you're usually you can impact your customer. You're not you may lose your value. So there's that's been a north star here for a while, and I think that's likely to continue.

嘿，蘿倫，我是克里斯。好吧，看，上半場多棒啊，對吧？我的意思是，我們的利潤率同比增長了 250 個基點，這是真正的團隊努力，而且確實是由運營商領導的。對於下半年，我們肯定預期利潤率將比去年擴大，但您必須考慮許多因素。我認為這些是你們建模的東西，所有你們知道的東西，但主要是商品，這是我們關心的。但從短期來看，今年剩餘時間的底線是上半年利潤率出色，並且下半年利潤率同比擴張的明確預期。從長遠來看，17 到 18 一直是我們長期以來的目標，如果你實現了這一目標，那麼你通常可以影響你的客戶。如果你不這樣做，你可能會失去你的價值。所以這顆北極星已經存在了一段時間了，我認為這種情況可能會持續下去。

Thank you for that. Quick one on, I guess, quarter to date, did you guys see any impact from the hurricane and some of the severe weather that's worth calling out?

謝謝你。我想，到目前為止，你們有沒有看到颶風和一些值得關注的惡劣天氣的影響？

Yes, Lauren, it's Michael. Yes, I mean, we looked at that and as we typically do for a short-term event like that in a specific area, you feel on a short term impact and then you also get a bounce back. So we think it's a very minimal impact, If any, on the overall numbers are not something worth quantifying at this time.

是的，蘿倫，是麥可。是的，我的意思是，我們對此進行了研究，就像我們通常對特定領域的短期事件所做的那樣，你會感受到短期影響，然後你也會得到反彈。因此，我們認為這對總體數字的影響非常小，如果有的話，目前不值得量化。

Okay.

好的。

Thank you very much.

非常感謝。

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

我們的下一個問題來自 BTIG 的 Peter Saleh。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks and congrats on a great quarter. I didn't want to ask a couple of questions. One on menu mix. Menu mix was flat. It's the first time in call it six or seven quarters now, and it was a pretty meaningful improvement from the first quarter to the second quarter. So it is what can you tell us about that? Are you seeing customers trading up to trading down two is I assume this is not the end of this kind of improving trend and any color on what you saw in terms of menu mix in the month of July?

感謝並祝賀您度過了一個美好的季度。我不想問幾個問題。菜單上的一份組合。菜單組合很平淡。現在這是第一次稱其為六、七個季度，從第一季到第二季這是一個非常有意義的改進。那您能告訴我們什麼呢？您是否看到客戶的交易量上升到下降兩位數（我認為這不是這種改善趨勢的結束），以及您在 7 月的菜單組合方面看到的任何顏色？

And then just on the second question on labor hours, you grew the labor hours, you know, substantially less than the historical rate of 50% of traffic. Should we anticipate that to continue in the back end of the year? Or where do you think labor hours will grow kind of more in that 50% of traffic in the second half? Thank you.

然後就關於工時的第二個問題，你知道，你增加的工時大大低於 50% 流量的歷史成長率。我們是否應該預計這種情況會在今年年底繼續下去？或者您認為下半年 50% 的流量中哪些地方的勞動時間會增加更多？謝謝。

Yes, sure. Hey, Peter, it's Michael. Yes, I mean, I think we're very pleased with the mix trends that we are seeing and as we had in our prepared remarks, we are seeing some positive mix in on-trade and add-ons. And the soft beverage is still seeing some negative mix in alcohol, but not as much as we had been, which led to a basically flat mix for the quarter.

是的，當然。嘿，彼得，我是麥可。是的，我的意思是，我認為我們對所看到的混合趨勢非常滿意，正如我們在準備好的評論中所說，我們在貿易和附加產品方面看到了一些積極的組合。軟性飲料中的酒精含量仍然存在一些負面影響，但沒有以前那麼嚴重，這導致本季的混合情況基本持平。

And that trend is basically continued into July summer remaining in that flattish range. And we'll see how that trend holds up into the back half of the year would not surprise me to see some alcohol negative mix remain with us. That seems to be not a Roadhouse specific issue, but more of a need in the industry and societal at this point. And yes, but overall, very pleased with our guests' reception to our menu prices and they're recognizing the value that we're offering them on your second part with the labor, ours and the productivity that we're seeing?

這種趨勢基本上持續到七月夏季，保持在平坦的範圍內。我們將看看這種趨勢如何持續到今年下半年，看到我們仍然存在一些酒精負面組合，我不會感到驚訝。這似乎不是 Roadhouse 的具體問題，而更多的是目前行業和社會的需求。是的，但總的來說，我們對客人對我們菜單價格的接受感到非常滿意，他們認識到我們在第二部分中為他們提供的價值以及我們所看到的勞動力和生產力？

Yes, I would say we are cautiously optimistic that we can continue to see that trend continue through the back half of the year. We'll see what the future holds. But I think that the hard work that our operators have done to get their stores, the restaurants well staffed, we will we'll continue to pay dividends into the back half of the year.

是的，我想說，我們對今年下半年可以繼續看到這種趨勢持續持謹慎樂觀態度。我們將看看未來會怎樣。但我認為，我們的經營者為讓他們的商店和餐廳配備充足的人員而付出的努力，我們將在今年下半年繼續支付股息。

Thank you very much.

非常感謝。

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

我們的下一個問題來自瑞銀集團的丹尼斯蓋革 (Dennis Geiger)。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks, guys, and congratulations.

謝謝你們，恭喜你們。

Just a quick follow-up to kind of the back half margin question and answer. Anything specific since you've given us up most of the pieces, I think there anything else specific to the operating expenses, as we think about inflation, I know it's a big bucket there, but as we think about inflation across that bucket or any other items to be thinking about compares one-time things over the back half of this year that some that's worth flagging?

只是對後半邊距問題和答案的快速跟進。既然你已經給了我們大部分的部分，我認為還有其他具體的營運費用，當我們考慮通貨膨脹時，我知道這是一個很大的桶，但當我們考慮整個桶或任何其他的通貨膨脹時其他需要考慮的項目與今年下半年的一次性事情相比，有些值得標記？

I guess specific to that other other operating expense bucket over the the balance of the year?

我想具體是指今年剩餘時間的其他營運支出嗎？

Thank you.

謝謝。

Yes, sure, Dennis, it's Michael. Obviously that then other operating some of the pressure that we felt the last several quarters has been from the the benefit on the COGS line, the benefit on the labor line that's leading to this margin expansion, which means there's higher bonuses that were pleased to pay to our operators. So if we continue to see some of that benefit into the back half of the year on those other lines, then our bonuses will continue to be a pressure point for us. We'll see if we have any reserve adjustments that continue into the back half of the year. And, but come the fourth quarter with the extra week, that probably gives a little bit more of an opportunity to get some some leverage on that line. But we'll see what happens in Q3 and Q4 as far as the other lines. But yes, other op remains a growing on a dollars per store week amount, but a lot of that's because we're growing the top line.

是的，當然，丹尼斯，是麥可。顯然，我們在過去幾季感受到的其他營運壓力來自於銷貨成本線的收益，勞動力線的收益導致了利潤率的擴張，這意味著我們願意支付更高的獎金給我們的營運商。因此，如果我們在今年下半年繼續在其他方面看到一些好處，那麼我們的獎金將繼續成為我們的壓力點。我們將看看是否有任何準備金調整會持續到今年下半年。而且，但到了第四季度，再加上一周，這可能會提供更多的機會，在這條線上獲得一些槓桿作用。但我們將看看第三季和第四季其他線路會發生什麼。但是，是的，其他業務仍然以每店每週一美元的金額成長，但這很大程度上是因為我們正在增加收入。

Great stuff.

好東西。

Thanks, Michael.

謝謝，麥可。

Congrats, guys.

恭喜，夥計們。

Thank you.

謝謝。

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

我們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。

Please go ahead.

請繼續。

Thanks.

謝謝。

You guys touch on the upcoming sort of pricing conversations with your operators, but I am curious what your current read is on your own consumers in terms of acceptance of incremental pricing? I know that you've mentioned that there's been a little bit of pushback over the last year or so, but nothing too material on listening to Chipotle late last night, different sort of segment of the sector. They strongly implied that it was getting a little bit more challenging to pass through menu pricing. So at least from your perspective, your lens, I'm curious how you are thinking about your customers' tolerance two incremental menu pricing moving forward?

你們談到了即將與你們的業者進行的定價對話，但我很好奇你們目前對你們自己的消費者在接受增量定價方面有何看法？我知道你提到過，在過去一年左右的時間裡出現了一些阻力，但昨晚深夜聽 Chipotle 時並沒有什麼太大的實質性內容，這是該行業的不同部分。他們強烈暗示，透過菜單定價變得更具挑戰性。因此，至少從您的角度、您的視角來看，我很好奇您如何考慮客戶對未來兩種增量菜單定價的容忍度？

Yes, I'm just I think we're sensitive to it also on we have done our or AU study. And if you've been a consumer with us for a very, very long time, you might feel a certain way in. And so we're definitely listen into both. There's a lot of folks that trade into us and feel like we are value value value, which is fantastic is the way it's designed and supposed to be.

是的，我只是認為我們對此也很敏感，因為我們已經完成了我們或非洲聯盟的研究。如果你已經成為我們的消費者很久了，你可能會有某種感覺。有很多人在我們這裡交易，覺得我們很有價值，這就是它的設計和應有的方式，這太棒了。

But I think we got to hear from our operators. We've heard there's no significant news I'm hearing from the guests and the consumer at this time, but we're focused on our food, our service and our community partnership and the value that we built into that menu.

但我認為我們必須聽取運營商的意見。我們聽說，目前沒有從客人和消費者那裡聽到任何重大消息，但我們專注於我們的食物、我們的服務、我們的社區合作夥伴關係以及我們在菜單中建立的價值。

And you know, if we charge a little bit more then the guests should expect more. We've got heating side. We've got everything that we've ever done is still intact. So I think as long as we stay focused on what we do and make sure the portion that we put in front of the guest is of value, then they feel good about that piece of it, and we'll continue to talk with our operators and then make a great decision after we discuss what's going on in their local communities.

你知道，如果我們收取更多費用，那麼客人的期望就會更高。我們有加熱側。我們所做的一切仍然完好無損。所以我認為只要我們專注於我們所做的事情並確保我們放在客人面前的部分是有價值的，那麼他們就會對這部分感覺良好，我們將繼續與我們的運營商交談然後在我們討論當地社區的情況後做出重大決定。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Andrew Strelzik with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Andrew Strelzik。

Please go ahead.

請繼續。

Hey, good afternoon. Thanks for taking the questions.

嘿，下午好。感謝您提出問題。

I just had two quick follow-ups.

我剛剛進行了兩次快速跟進。

The first one is on the commodity basket. How much visibility do you have on the back part of the year? How much do you have locked for the commodity basket?

第一個是商品籃子上的。今年下半年的能見度有多少？您的商品籃子鎖定了多少錢？

And then the second question, you kind of alluded to learning some things about the digital kitchen. And I'm just curious if you could elaborate a little bit what you're learning or you make claim to make any changes?

然後是第二個問題，您提到要學習一些有關數位廚房的知識。我只是好奇你能否詳細說明你正在學習的內容或你聲稱要做出任何改變？

Just what exactly did you mean by that?

你這到底是什麼意思？

Hey, Andrew. I'll start with the commodity basket. This is Michael. Similar to the first half of the year? We are you'll probably see a lot of our beef being purchased on a formula basis. We still believe that is the best approach in the environment that we are in right now. So we-- where we are in the third quarter, we already have some of our beef purchased, so we have a better visibility into the third quarter and then there's less visibility into Q4, but probably going to for competitive reasons, not get into much more detail on levels of beef locked for the back half of the year.

嘿，安德魯。我將從商品籃子開始。這是邁克爾。與上半年類似嗎？您可能會看到我們的許多牛肉都是以配方購買的。我們仍然相信這是我們目前所處環境的最佳方法。因此，我們在第三季度的情況下，我們已經購買了一些牛肉，因此我們對第三季度有更好的了解，然後對第四季度的了解較少，但可能出於競爭原因，不會進入有關今年下半年牛肉鎖定水平的更多詳細資訊。

And Andrew, this is Jerry. On the digital kitchen. You know, the thing that we're really learning is the organization in the back of the house and the cooks really doing the math for the cooks to some degree. So it's just a calmer environment, not having to look at all of the checks and sometimes it just tells you how much the fire and wind to fire it. So that's been a big win.

安德魯，這是傑瑞。關於數位廚房。你知道，我們真正學習的是房子後面的組織和廚師在某種程度上真正為廚師做數學計算。所以這只是一個更平靜的環境，不必查看所有的檢查，有時它只是告訴你有多少火和風來點燃它。所以這是一個巨大的勝利。

We can monitor our Royal cook times, which is really our steak side of it. So we definitely have the ability to see what the average check is coming out of the kitchen app. So I think those are all very helpful and will help us go forward again, we're still pretty new into it at 100 plus stores in it and we've got a very aggressive back half of the year to get to that 230 number, but we're very excited and all of the feedback from our managers and our employees is very positive and ultimately with sound and we couldn't measured at this time because we're not up against ourselves, but what will it do in the future, we're expecting it to be positive.

我們可以監控我們的皇家烹飪時間，這實際上是我們牛排的一面。因此，我們絕對有能力查看廚房應用程式的平均支票金額。所以我認為這些都非常有幫助，將幫助我們再次前進，我們在 100 多家商店中仍然很新，並且我們將在今年下半年非常積極地達到 230 家的數量，但我們非常興奮，我們的經理和員工的所有回饋都是非常正面的，最終是合理的，我們現在無法衡量，因為我們不是在對抗自己，但它在未來會做什麼，我們預期它是正面的。

Great.

偉大的。

Thank you very much.

非常感謝。

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

我們的下一個問題來自花旗集團的喬恩·塔爾（Jon Tower）。

Please go ahead.

請繼續。

Great Thanks for taking question. Maybe -- you hit on the idea of taking up CapEx a little bit higher this year, and I'm curious, you're obviously, rich with capital. Your brands seem to have quite a bit of strong momentum right now with respect to traffic and sales. So I'm just curious when you think about your ability to kind of flex above that 30 stores or so into 2025 and beyond? Like what would prevent that from not happening next year? I know human capital is probably a part of it, but it seems like you're on a great trajectory, opened more stores than what you've been doing the past couple of years.

非常感謝您提出問題。也許——你想到了今年將資本支出提高一點的想法，我很好奇，你顯然擁有豐富的資本。您的品牌目前在流量和銷售方面似乎有相當強勁的勢頭。所以我很好奇，你是否有能力在 2025 年及以後將 30 家左右的門市靈活擴張？例如什麼可以阻止明年這種情況不再發生？我知道人力資本可能是其中的一部分，但看起來您正處於良好的發展軌道上，開設的商店比過去幾年還要多。

Well, thank you for that question.

嗯，謝謝你提出這個問題。

I like our pipeline, we're targeting that 30 ish number. And if we get a few extra deals that come in, we know that we can handle that. So I think we're when -- we look at all three of the brands, we continue to focus on pipeline is done for 24 for most of 25, we're working on 26. So I think we're going to land somewhere in that 30 ish number. I don't ever really expect us to get too much further north of that and unless something really special happens, but it's a good it's a good practice for us. We're very disciplined and focused on that number. We've got three brands we're building out. So we feel really good at that pace and that cadence that we have in new store openings. So we'll probably stay in that area.

我喜歡我們的頻道，我們的目標是 30 左右。如果我們得到一些額外的交易，我們知道我們可以處理這個問題。所以我認為我們正在研究所有三個品牌，我們繼續專注於 25 個品牌中的 24 個品牌，我們正在開發 26 個品牌。我從來沒有真正期望我們能夠走得更遠，除非發生真正特別的事情，但這對我們來說是一個很好的實踐。我們非常自律並專注於這個數字。我們正在打造三個品牌。因此，我們對新店開業的速度和節奏感覺非常好。所以我們可能會留在那個地區。

Got it. And then just I know you have a few Bubba's that kind of overlap pretty nicely with with Roadhouses. I'm curious in terms of your own thinking going forward, how you see the brands growing across markets, do you feel like there's a lot of opportunity to infill Bubba's near Roadhouses across markets going forward and ditto for Jaggers?

知道了。然後我就知道你們有一些 Bubba 與 Roadhouse 的重疊非常好。我很好奇你自己對未來的想法，你如何看待這些品牌在各個市場的成長，你是否覺得有很多機會在未來的市場中填補布巴附近的路屋，賈格斯也是如此？

Yes. I mean, it hasn't hurt us by doing that we have several that are right side-by-side. And, you know, as I look back in the industry and of the old that, you know, there's a lot of concepts that put there side by side. And I think because of the different menu offerings, we see the community in different segments. So steak and potatoes and burgers and pizza complement each other from that. I do believe Jaggers will be able to get in the mix in a community.

是的。我的意思是，這樣做並沒有傷害我們，因為我們有幾個並排的。而且，你知道，當我回顧這個行業和舊的行業時，你知道，有很多概念並存。我認為由於提供不同的菜單，我們看到社區處於不同的細分市場。所以牛排和馬鈴薯、漢堡和披薩是相輔相成的。我確實相信賈格斯能夠融入社區。

They may not all be on a pad or something, but I do think that the communities that Roadhouse is in and having success. And when we present Bubba's and we present Jaggers, we believe that will benefit us. And you know, they've got to live up to their end of the bargain with quality food and quality service and represent our brand at a high level.

他們可能並不都是在墊子或其他東西上，但我確實認為 Roadhouse 所在的社區並取得了成功。當我們介紹布巴和賈格斯時，我們相信這將使我們受益。您知道，他們必須履行承諾，提供優質食品和優質服務，並以高水準代表我們的品牌。

Got it. Thanks for taking the question.

知道了。感謝您提出問題。

Thank you.

謝謝。

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

我們的下一個問題來自 Chris O'Cull 和 Stifel 的對話。

Please go ahead.

請繼續。

Thanks.

謝謝。

Good afternoon, guys. Chris, are you currently seeing commodity inflation in the third quarter in line with 2% to 3% guidance you provided for the back half of the year?

下午好，夥計們。 Chris，您目前認為第三季的商品通膨是否與您為下半年提供的 2% 至 3% 的指引一致？

Yes.

是的。

Hey, Chris, good to talk to you.

嘿，克里斯，很高興和你說話。

Yes.

是的。

I mean, we are -- it's a it's following that pattern for now.

我的意思是，我們現在正在遵循這種模式。

Okay.

好的。

And then as a follow-up question related to the pricing, can you confirm that the company will be rolling off about 2.7% pricing in October? And I know you're going to be speaking with operators here in the next several weeks, but it does sound like for modeling purposes, we should assume some level of pricing that would replace what's going to be some level of pricing will will replace what's rolling off in October.

然後，作為與定價相關的後續問題，您能否確認該公司將在 10 月下調約 2.7% 的定價？我知道您將在接下來的幾週內與運營商進行交談，但這聽起來確實是出於建模目的，我們應該假設某種水平的定價將取代將要發生的定價水平十月滾動。

Is that fair?

這樣公平嗎？

I'm going to answer the first part.

我來回答第一部分。

You're correct.

你是對的。

The 2.7 is rolling off and I don't know, Jerry, if you want to speak to that specific question or not. It's we still have work to do. We still have we have talked to our operators?

2.7 即將推出，我不知道，Jerry，你是否想談談這個具體問題。我們還有工作要做。我們還和我們的運營商談過嗎？

Yes, I think we're still -- we'll go into it like we see with a conservative mindset. We'll see what the operators are feeling and thinking. And it's just a little too early to make that call.

是的，我認為我們仍然會以保守的心態看待這個問題。我們將看看運營商的感受和想法。現在做出這樣的決定還為時過早。

Okay, fair enough. Thanks, guys.

好吧，很公平。多謝你們。

Thank you.

謝謝。

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

我們的下一個問題來自古根漢證券公司的格雷戈里·弗蘭克福特（Gregory Francfort）。

Please go ahead.

請繼續。

Hey, thanks. I had two quick ones. The first is just some maybe going back. I don't know if Jon's development question. I think the this is like kind of the second quarter in a row where new store productivity is kind of more like low 90% of the 100%. Anything going on specifically with the new units, some just in terms of their opening up in different areas. Just just trying sort to that number.

嘿，謝謝。我有兩個快的。第一個可能只是一些回去。我不知道喬恩的開發問題是否如此。我認為這就像連續第二個季度一樣，新店的生產力更像是 100% 的 90% 的低水平。新單位具體發生的任何事情，有些只是在不同領域的開放方面。只是想對這個數字進行排序。

Hey, Greg, it's Michael here. When I look at the new store and I can tell you, we are very pleased with their performance in -- they're hitting our expectations and their hurdles. You can expect, you know, part of the reason for that, maybe no separation, its just the incredible growth. The comparable stores have had over the last, whether it's a couple of quarters or couple of years and to expect a brand-new restaurant to run at that level is maybe a little aggressive, but we are very pleased with the performance of our new restaurants.

嘿，格雷格，我是麥可。當我看到新店時，我可以告訴你，我們對他們的表現非常滿意——他們達到了我們的期望和障礙。你可以預期，你知道，部分原因可能不是分離，而是令人難以置信的成長。類似的商店在過去，無論是幾個季度還是幾年，期望一家全新的餐廳能夠達到這個水平可能有點激進，但我們對新餐廳的表現非常滿意。

Got it.

知道了。

Thanks.

謝謝。

And then just on the kitchen technology that's going out over the next 18 months. Can you help frame what that's going to allow you to do in the kitchen and there's going to be benefits more on the cost of sales side on the labor side just with that alone?

接下來是未來 18 個月內將推出的廚房技術。您能否幫助制定您可以在廚房做什麼，並且僅憑這一點就可以在銷售成本和勞動力方面帶來更多好處？

Yes, yes, it's still a little early on all of that. Again, we the biggest thing it does is it just comes it because it organizes for us. So I think the employee experience we're expecting that there could be some benefit on whether it be speed of service or how we do our production sheet.

是的，是的，這一切現在還為時過早。再說一遍，它所做的最重要的事情就是它來了，因為它為我們組織起來。因此，我認為我們期望的員工體驗可能會對服務速度或我們的生產表的製作方式帶來一些好處。

So still a little bit early on us to really determine the impact of that. But the big win really and truly is the organization and the calmness of not having to hear a poll paper and have paper everywhere and in it just organizes everything from a bump screen. So that bump screen really allows them to focus on the chips in front of them on the screen in. And so they don't stress out as much. I guess when you have a rail of 50 checks hanging in front of it can be very intimidating at times. So that's the real benefit. The employees just keep a very steady pace because of this of the bump system that we're using on the digital kitchen. So it's still very early, but we're excited.

因此，我們要真正確定其影響還為時過早。但真正最大的勝利是組織和平靜，不必聽到民意調查報紙，到處都有報紙，裡面只是透過凹凸螢幕組織一切。因此，凹凸螢幕確實可以讓他們將注意力集中在螢幕上前面的籌碼上。我想當你前面掛著 50 張支票時，有時會很嚇人。所以這才是真正的好處。由於我們在數位廚房上使用了碰撞系統，員工保持著非常穩定的步伐。所以現在還很早，但我們很興奮。

Thank you, appreciate it.

謝謝，很感激。

Thank you.

謝謝。

Our next question comes from the line of Logan Reich with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Logan Reich。

Please go ahead, Dave.

請繼續，戴夫。

Thanks for taking my question and congrats on the really solid results this quarter. I kind of wanted to would have a little follow-up question to the prior one, just on the digital kitchen.

感謝您提出我的問題，並祝賀本季取得了非常紮實的業績。我有點想對前一個問題提出一些後續問題，只是關於數位廚房。

Then also ask about the Roadie. First, I feel like you guys have been talking about labor improvements for a while now. Can you help us sort of dimensionalize or delineate where exactly those improvements are coming from? And is the Roadie first system a big driver of that or or can you just help us sort of like, Tony, the key drivers of that labor productivity improvements?

然後也要詢問 Roadie 的狀況。首先，我覺得你們談論勞動改善已經有一段時間了。您能幫助我們對這些改進進行維度化或描述到底來自哪裡嗎？ Roadie First 系統是其中一個重要的驅動因素，還是東尼，您能幫助我們成為勞動生產力提升的關鍵驅動因素嗎？

Yes, yes, the Logan, it's Michael. Yes, I wouldn't I wouldn't say that those are the big drivers of that improvement. Really it's the you have a hard work over the last several years of getting our restaurants than our operators that have under taken to get their restaurants well-staffed and that staff is staying with the restaurants. So they are they on your more tenured, they've had more reps at doing their job. So they're better at it. They can do it more quickly where we're not having to train as much. So you're we're able to do more with what we have. That's really from what we're seeing is a lot of the hard work. The last several years coming to fruition, and now you're now seeing that benefit come through.

是的，是的，洛根，這是麥可。是的，我不會說這些是改進的主要驅動力。事實上，在過去的幾年裡，你為我們的餐廳付出了艱苦的努力，而不是我們的經營者為他們的餐廳配備了充足的人員而採取的措施，並且工作人員都留在餐廳裡。所以他們的任期更長，他們有更多的代表來完成他們的工作。所以他們更擅長。他們可以更快地做到這一點，而我們無需進行太多訓練。因此，我們可以利用現有資源做更多事情。這確實是我們所看到的大量艱苦工作的結果。過去幾年的成果即將實現，現在您正在看到這種好處正在顯現。

Okay.

好的。

That's helpful. And then just wanted to ask one quick one on the takeout versus in-store. Looks like in-store accelerated while takeout decelerated relative to Q1. I guess just how should we think about the in-store business? Is that still an area of growth for you guys? Or is it sort of a little bit of like a post-COVID, nice to have business that you that you have, but it's not necessarily a large growth driver, but it's just sort of how would you characterize the takeout business?

這很有幫助。然後只是想快速詢問一下關於外帶和店內的情況。與第一季相比，店內銷售速度似乎有所加快，而外送速度則有所放緩。我想我們該如何看待店內業務呢？這對你們來說仍然是一個成長領域嗎？還是有點像後新冠疫情時期，很高興擁有你所擁有的業務，但這不一定是一個巨大的成長動力，但這只是你如何描述外送業務的特徵？

Yes. Look, I think you may have said that the dining business, as you're asking about our feelings on the to-go business, correct?

是的。聽著，我想你可能會說餐飲業務，就像你問我們對外送業務的感受一樣，對嗎？

Oh yeah, apologies. Yes, the takeout business as a driver.

哦，是的，抱歉。是的，外送業務當司機。

Sure, yes, that is still certainly a big area of focus and very important to us. We continue to see in the second quarter, what we feel is a very strong trends there and an increase not only the sales dollars, but the number of guests served to go. So that is definitely something our operators. You have your core to their business and their health. They want to make sure those dining rooms are full and get and continue to get fuller. But absolutely being able to drive more to-go business is a huge opportunity and it's something that they're focused upon.

當然，是的，這仍然是一個重點領域，對我們來說非常重要。我們在第二季度繼續看到，我們認為那裡的趨勢非常強勁，不僅銷售額增加，而且接待的客人數量也有所增加。所以這絕對是我們運營商的事情。您擁有他們的業務和健康的核心。他們希望確保這些餐廳都滿員，並且越來越滿。但絕對能夠推動更多的外送業務是一個巨大的機會，也是他們的焦點。

Thank you so much and congrats again.

非常感謝並再次恭喜。

Our next question is from Kristen Stewart.

我們的下一個問題來自克莉絲汀·史都華。

I'm sorry, I was just going to add that I mean, that's $20,000 a week average at each store. So that's significant. That business is significant. It's important to us.

抱歉，我只是想補充一點，我的意思是，每家商店平均每週 20,000 美元。所以這很重要。這項業務意義重大。這對我們很重要。

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

我們的下一個問題來自 Northcoast Research 的 Jim Sanderson。

Please go ahead.

請繼續。

Thanks for the question. I wanted to go back to the pricing discussion. Just make sure I understand the dynamics here. As we get to the fourth quarter, you're going to roll off about 2.7. So that leaves you about three points of price that probably could cover most of inflation. Wondering how traffic plays a role in your decision making if there's an threshold of traffic declines, let's say traffic is flattish that would adjust your outlook on pricing going into the fourth quarter?o slightly up and t

謝謝你的提問。我想回到定價討論。只要確保我了解這裡的動態即可。當我們進入第四季度時，您將下降約 2.7。這樣一來，您的價格大約可以覆蓋大部分通貨膨脹的三個點。想知道如果存在流量下降的閾值，流量如何在您的決策中發揮作用，假設流量持平，這會調整您對進入第四季度的定價前景？

Well, Jim, this is Mike. Let me just start off with. We're currently running with about 4.9% pricing, which we'll have for Q3, so when that when the two seven rolls off, that will leave us with two points, 2% before we do any additional pricing actions and obviously, we'll be making our pricing decisions over the coming months because there is a lag time where we may need to make those decisions as you do those menus printed. So we certainly always take our traffic trends into consideration or operators absolutely will comment on that as we are as part of their decision making process.

好吧，吉姆，這是麥克。讓我開始吧。我們目前的定價約為 4.9%，這是我們第三季度的定價，所以當兩個七滾動結束時，我們將剩下兩點，即在我們採取任何額外定價行動之前的 2%，顯然，我們我們將在未來幾個月內做出定價決定，因為在您列印菜單時我們可能需要一段時間才能做出這些決定。因此，我們當然總是會考慮我們的流量趨勢，否則營運商絕對會對此發表評論，因為我們是他們決策過程的一部分。

And let me add just a follow-up to that. I think recently Olive Garden took down their promotional price points by about $0.5, hoping to get a better everyday value price point. Is part of the discussion on pricing in Texas Roadhouse to consider maybe offering a lower price point or reducing the opening price point, some of the entry-level menu entrees?

讓我補充一點後續內容。我認為最近 Olive Garden 將促銷價格點降低了約 0.5 美元，希望獲得更好的日常價值價格點。關於 Texas Roadhouse 定價的討論是否會考慮提供較低的價格點或降低一些入門級菜單主菜的開盤價？

Yes, Jim, it's Michael, again, I would say at this point, you know, our everyday value speaks for itself. We don't do any promotions. We do have our early dine. You can come in early and when the store first opens in there is I'm a discount on on a handful of the items, but I don't think there's any discussion right now of us bringing down the prices on anything, I think we feel very good about where our prices are and the value that that we offer.

是的，吉姆，我是邁克爾，我現在要說的是，你知道，我們的日常價值不言而喻。我們不做任何促銷活動。我們確實吃早餐了。你可以早點來，當商店第一次開業時，我對一些商品有折扣，但我認為現在沒有任何關於我們降低任何東西價格的討論，我想我們對我們的價格和我們提供的價值感到非常滿意。

All right.

好的。

Thank you very much.

非常感謝。

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

我們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。

Please go ahead.

請繼續。

Hi. Thanks and good evening. Just following up on the labor, are there any metrics you can share on tenure or turnover, just to give us a sense of how much more efficient your teams might be on the hourly side? And you mentioned Roadie first. Could you just elaborate on what functionality that brings or how that benefits the employee experience.

你好。謝謝，晚上好。就勞動力情況而言，您是否可以分享任何有關任期或營業額的指標，以便讓我們了解您的團隊在小時方面的效率可能會提高多少？你首先提到了Roadie。您能否詳細說明它帶來了什麼功能或它如何改善員工體驗。

Sure.

當然。

Hey, Brian, it's off, Michael. Yes, I don't think we have a ton of information that we're going to able to share with you. I mean, first on the turnover, I can tell you it continues to trend in the right direction. It's at or below pre pandemic levels. So very great to see that with that comes higher tenure. I don't have any numbers with me right here that will, you know, talk to how long our Roadies have been with us.

嘿，布萊恩，結束了，麥可。是的，我認為我們沒有大量資訊可以與您分享。我的意思是，首先關於營業額，我可以告訴你它繼續朝著正確的方向發展。它處於或低於大流行前的水平。很高興看到隨之而來的是更高的任期。你知道，我這裡沒有任何數據可以告訴我們Roadies 已經陪伴我們多久了。

But typically if we if someone's with us for 90 days, they tend to stay with us for quite a while. So we are we're seeing some benefit there. And there was a third part to your question on the Roadie first technology. But a lot of that is just, again, it gives our employees' access to their information. I don't think it's necessarily driving productivity, but it's just another item that we're able to provide that makes it easier for our employees to see their information and can and -- so it's just one less reason that they would have to pick someone else over over us. So it's really a combination of a providing mobile access. And then there's also a just a back office benefit to have the support center the RFT program.

但通常情況下，如果有人和我們在一起 90 天，他們往往會和我們待很長一段時間。所以我們看到了一些好處。你的問題的第三部分是關於 Roadie 優先技術的。但其中很多只是讓我們的員工能夠存取他們的資訊。我認為這不一定會提高生產力，但這只是我們能夠提供的另一項功能，使我們的員工能夠更輕鬆地查看他們的信息，並且能夠——因此，這只是他們必須選擇的另一個原因別人比我們強。所以它實際上是提供行動存取的組合。 RFT 計畫的支援中心還有一個後台福利。

It's essentially a Workday implementation but it is allowing us to reduce a number of back-office systems. And then it does provide our employees with a mobile technology and other things that that helps us to become that employer of choice.

它本質上是一個 Workday 實施，但它使我們能夠減少一些後台系統。然後它確實為我們的員工提供了行動技術和其他東西，幫助我們成為首選的雇主。

That's helpful. And then just one more, if I could. On the last call, you noted some incremental costs in the second half I think was $3 million in labor, 3.5, maybe in G&A.

這很有幫助。如果可以的話，然後再來一張。在上次電話會議上，您注意到下半年的一些增量成本，我認為是 300 萬美元的勞動力成本，3.5 美元，可能是一般管理費用。

Do you still expect that? Has there been any change on that front?

你還期待這樣嗎？這方面有什麼變化嗎？

And would you be willing to provide some guardrails on G&A for the year?

您願意為今年的一般行政費用提供一些保障嗎？

Thank you.

謝謝。

Hey, Brian, it's Michael. Yes, we absolutely still are expecting those costs. They relate to our equity compensation program and some changes that we're making. They are going from a quarterly grant to an annual grant. So we'll start feeling that impact here in the third quarter.

嘿，布萊恩，我是麥可。是的，我們絕對仍在期待這些成本。它們與我們的股權補償計劃以及我們正在做出的一些改變有關。他們將從季度撥款改為年度撥款。因此，我們將在第三季開始感受到這種影響。

As far as G&A goes, I think it's the story remains the same as what we said before. This may be a year where G&A as a percent of revenue is it's basically flat. It's maybe it's slightly deleverage. I think it all depends on your top line assumptions and how the year continues to play out with the being a 53 week year for us.

就 G&A 而言，我認為故事與我們之前所說的一樣。今年，一般管理費用佔收入的百分比可能基本上持平。也許是稍微去槓桿化了。我認為這一切都取決於您的頂線假設以及今年對我們來說是 53 週的一年如何繼續發展。

Yes, we do and -- how the first half of the year has performed. Our bonus program probably then requires us to accrue for some additional compensation expense. We have to lap that into next year. So yes, yes, you probably expect G&A to be flat to a -- flat year on a percentage of revenue year-over-year is probably the best guidance, I can give you.

是的，我們確實這麼做了——今年上半年的表現如何。我們的獎金計劃可能會要求我們累積一些額外的補償費用。我們必須把它延續到明年。所以，是的，是的，你可能會期望 G&A 與去年同期相比持平，這可能是我可以給你的最好的指導。

All right.

好的。

Thanks very much.

非常感謝。

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

我們的下一個問題來自 Sara Senatore 與美國銀行的對話。

Please go ahead.

請繼續。

Thank you. And just a quick clarification on the CapEx. Is it sort of -- is any of this like timing shift as in deferred maintenance or maybe pull forward? Or as you think about the back of the house, is it perhaps the capacity constraints have emerged that after just because your business has been so strong, but just trying to understand it. Certainly, you've earned the right to systemic, but trying to understand as I think about kind of the marginal returns and on on the increased CapEx.

謝謝。簡要說明一下資本支出。這是否有點像延遲維護中的時間轉移，或者可能提前？或者當你想到房子的後面時，是否可能只是因為你的業務如此強大，但只是試圖理解它之後，才出現了容量限制。當然，你已經贏得了系統性的權利，但試著理解我對邊際回報和增加資本支出的思考。

Yes, Sarah, it's Chris. I think that that that you have it exactly right. The back-of-house expansions, the kitchen expansions, the dining room expansions, those have great returns. And then there are some elements that we wanted to do. So in terms of refreshes and making sure that we have great facilities for our employees and for our guests. And so those are some of those things that were on the list, but we didn't quite make it into the budget now now they're making it in. And so that's the that's really we're going to get great benefit out of out of all that.

是的，莎拉，是克里斯。我認為你說得完全正確。後台擴建、廚房擴建、餐廳擴建，這些都會帶來巨大的回報。然後還有一些我們想做的元素。因此，在更新方面，並確保我們為員工和客人提供良好的設施。這些是清單上的一些事情，但我們現在還沒有完全納入預算，現在他們正在納入預算。

Thanks.

謝謝。

We have no further questions at this time. I will now turn the call back to Jerry Morgan for any closing remarks.

目前我們沒有進一步的問題。我現在將把電話轉回給傑瑞·摩根，請他發表結束語。

Thank you all. We appreciate your time and to all Roadies out there. Keep rocking legendary. Good night you all.

謝謝你們。感謝您抽出寶貴的時間，感謝所有路人。繼續搖滾傳奇。大家晚安。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。