Texas Roadhouse Inc (TXRH) 2024 Q3 法說會逐字稿

Good evening and welcome to the Texas Roadhouse third-quarter earnings conference call. Today's call is being recorded. (Operator Instructions)

晚上好，歡迎參加德州路屋第三季財報電話會議。今天的通話正在錄音。（操作員說明）

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

現在我想介紹一下德州路屋投資者關係主管邁克爾·拜倫(Michael Bailen)。您可以開始您的會議了。

Thank you, Rob, and good evening. By now, you should have access to our earnings release for the third quarter ended September 24, 2024. It may also be found on our website at texasroadhouse.com in the Investors section.

謝謝你，羅布，晚上好。到目前為止，您應該可以存取我們截至 2024 年 9 月 24 日的第三季財報。您也可以在我們的網站 texasroadhouse.com 的投資者部分找到這些資訊。

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.

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. 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有重大差異的相關因素進行了更詳細的討論。此外，如果適用，我們可能會參考非 GAAP 衡量標準，非 GAAP 衡量標準與 GAAP 資訊的調整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, could everyone please limit yourself to one question.

今天與我通話的是德州路屋 (Texas Roadhouse) 執行長 Jerry Morgan；和我們的財務長克里斯門羅。在準備好發言後，我們將回答您的問題。為了方便大家提問，請大家限制提問一個問題。

Now, I would 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. We are pleased to report strong third-quarter results, which were highlighted by 8.5% same-store sales growth and approximately $1.3 billion of revenue. These results are a testament to our operators continuing to create an environment where Roadies want to work and our guests want to dine.

謝謝邁克爾，大家晚上好。我們很高興地報告強勁的第三季業績，同店銷售額成長 8.5%，營收約 13 億美元。這些結果證明了我們的經營者繼續創造一個讓路人想要工作、讓我們的客人想要用餐的環境。

Since last quarter, I had the opportunity to visit with managers and Roadies adding a number of our international franchise restaurants. Also, over the past five weeks, I have been traveling the country meeting with our managing partners during our annual Fall Tour.

自上個季度以來，我有機會拜訪了經理和Roadies，增加了我們的一些國際特許經營餐廳。此外，在過去的五周里，我一直在全國各地與我們的管理合夥人在年度秋季巡迴演出期間會面。

Both internationally and domestically, I can tell you the pride and passion our operators have for running their restaurants have never been higher. As always, the feedback we received from managing partners during these listening sessions is extremely beneficial as we learn what our owner-operators need to run their business.

無論是在國際還是國內，我可以告訴您，我們的經營者對經營餐廳的自豪感和熱情從未如此高漲。像往常一樣，我們在這些聆聽會議期間從管理合作夥伴那裡收到的回饋非常有益，因為我們了解了業主經營者經營業務所需的內容。

On the development front, we opened seven Texas Roadhouse company-owned locations in the third quarter. For the full year, we expect to open approximately 30 restaurants across all brands. Our franchise partners opened three international Texas Roadhouse restaurants during the quarter. This puts them on track for a total of 14 openings this year, including three Jaggers.

在開發方面，我們在第三季開設了 7 家 Texas Roadhouse 公司旗下的門市。全年，我們預計將開設約 30 家所有品牌的餐廳。我們的特許經營合作夥伴在本季度開設了三家國際德州路屋餐廳。這使得他們今年有望總共獲得 14 個空缺職位，其中包括 3 個賈格斯。

I also want to call out the recent October opening of our first international Jaggers location on a US military base in South Korea. This marks our fifth franchise restaurant location on a US military base.

我還想提及最近 10 月在韓國美軍基地開設的第一家國際 Jaggers 門市。這標誌著我們在美國軍事基地開設的第五家特許經營餐廳。

Looking ahead to 2025, we are targeting approximately 30 company-owned restaurant openings across all brands. Additionally, we have a tentative agreement with one of our largest domestic franchisees to acquire 13 Texas Roadhouse restaurants at the beginning of 2025. Our international Texas Roadhouse franchise partners are currently expecting seven openings next year, while our domestic Jaggers franchise partners are targeting three new locations.

展望 2025 年，我們的目標是在所有品牌中開設約 30 家公司自營餐廳。此外，我們與國內最大的特許經營商之一達成了一項暫定協議，將於 2025 年初收購 13 家德克薩斯州 Roadhouse 餐廳。我們的國際 Texas Roadhouse 特許經營合作夥伴目前預計明年將開設 7 家新店，而我們的國內 Jaggers 特許經營合作夥伴則瞄準了 3 家新店。

During the third quarter, we also completed our normal review of menu pricing with our operators. As a result, we rolled out new menus at the beginning of the fourth quarter, which included a price increase of less than 1%. We remain proud of our everyday value proposition and believe this is the appropriate level of pricing.

在第三季度，我們還與營運商完成了對菜單定價的正常審查。因此，我們在第四季初推出了新菜單，其中價格漲幅不到 1%。我們仍然對我們的日常價值主張感到自豪，並相信這是適當的定價水平。

Also, our technology initiatives continue as planned, and we remain encouraged by the positive feedback we are receiving with over 200 digital kitchen conversions completed so far this year. We feel confident in achieving our target of over 250 conversions by the end of this year. We also remain on track to convert nearly all of our restaurants to a digital kitchen by the end of 2025. Additionally, we are making progress on the upgrading of our restaurant guest management system.

此外，我們的技術舉措仍在按計劃進行，今年迄今已完成 200 多項數位廚房改造，收到的正面回饋仍然令我們深受鼓舞。我們有信心在今年年底前實現超過 250 次轉換的目標。我們也將繼續致力於在 2025 年底之前將幾乎所有餐廳轉變為數位廚房。此外，我們在餐廳賓客管理系統的升級方面也取得了進展。

Finally, October has been a very rewarding month for our company. In addition to Fall Tour, we had the privilege of celebrating 20 years as a public company by ringing the closing bell at Nasdaq. We are very proud of the growth we have seen as a public company. We have expanded from one brand to three. We have increased our footprint from just over 175 restaurants to nearly 775. And we have grown Roadie Nation from over 10,000 employees to nearly 100,000.

最後，十月對我們公司來說是非常有意義的一個月。除了秋季巡迴演出之外，我們還有幸在納斯達克敲響了收市鐘聲，慶祝上市公司成立 20 週年。作為一家上市公司，我們對所取得的發展感到非常自豪。我們已經從一個品牌擴展到三個品牌。我們的足跡從剛剛超過 175 家餐廳增加到近 775 家。我們已將 Roadie Nation 的員工從 10,000 多名員工增加到近 100,000 名。

Also, we were named the 2024 brand icon by Nation's Restaurant News. We are truly humbled to be the first casual dining restaurant to receive this award. All of these events were even more special because we were surrounded by the best operators and support team in the industry.

此外，我們也被《國家餐廳新聞》評為 2024 年品牌偶像。我們非常榮幸成為第一家獲得此獎項的休閒餐廳。所有這些活動都更加特別，因為我們周圍都是業內最好的操作員和支援團隊。

Now, Chris will provide some thoughts.

現在，克里斯將提供一些想法。

Thank you, Jerry. Fall Tour is quickly becoming one of my favorite times of the year. The conversations with our operators have proven to be really important and help us all perform our best, and the Nasdaq Bell Ringing was such a special moment for all of us.

謝謝你，傑瑞。秋季巡迴很快就成為我一年中最喜歡的時刻之一。事實證明，與我們的操作員的對話非常重要，有助於我們所有人發揮最佳水平，納斯達克鐘聲對我們所有人來說都是一個特殊的時刻。

It was especially meaningful that we had 50 of our managing partners on speech with us. We were able to demonstrate in a visible and tangible way just how important our managing partners are to the success of our company.

特別有意義的是，我們有 50 位管理合夥人與我們一起演講。我們能夠以看得見摸得著的方式展示我們的管理合夥人對我們公司的成功有多重要。

Now moving to the third quarter, weekly sales averaged $153,000 at Texas Roadhouse, $117,000 at Bubba's 33 and $72,000 at Jaggers, our quick service brand. We were especially encouraged to see that all three brands delivered positive traffic and sales growth, and this momentum has carried forward into the beginning of our fourth quarter.

現在進入第三季度，Texas Roadhouse 的周平均銷售額為 153,000 美元，Bubba's 33 的周銷售額為 117,000 美元，我們的快速服務品牌 Jaggers 的周銷售額為 72,000 美元。我們特別高興地看到這三個品牌都實現了積極的流量和銷售成長，而這種勢頭一直延續到第四季度初。

As we look forward to the remainder of this year and into next year, we believe the 0.9% menu price increase will allow us to maintain our value proposition and our traffic and mix levels.

當我們展望今年剩餘時間和明年時，我們相信 0.9% 的菜單價格上漲將使我們能夠維持我們的價值主張以及我們的流量和組合水準。

Additionally, we continue to see a steady to more positive outlook for inflation within commodities and labor. Commodity inflation driven, by lower-than-forecasted beef costs, was once again below our guidance in the third quarter. This has also resulted in an improvement in our outlook for fourth-quarter commodity inflation and factors into our initial expectations for next year's inflation.

此外，我們繼續看到大宗商品和勞動力通膨前景穩定且更加積極。由於牛肉成本低於預期，第三季商品通膨再次低於我們的指引。這也導致我們對第四季商品通膨前景的改善，並影響了我們對明年通膨的初步預期。

At this time, we are updating our full-year commodity inflation guidance to less than 1%. This adjustment reflects both the impact of lower than initially forecast in inflation in the third quarter and our current expectation of relatively flat commodity price levels in the fourth quarter. Also, we are establishing our initial 2025 commodity inflation guidance at 2% to 3%.

目前，我們將全年商品通膨指引更新為低於 1%。這項調整既反映了第三季通膨低於最初預測的影響，也反映了我們目前對第四季大宗商品價格水準相對平穩的預期。此外，我們也將 2025 年商品通膨率初步指引設定為 2% 至 3%。

Wage and other labor relation during the third quarter remained in line with our guidance and we believe this trend will continue in the fourth quarter. We were also pleased to see that our labor hour growth relative to traffic growth remained well below our historical levels.

第三季的薪資和其他勞資關係與我們的指導保持一致，我們相信這一趨勢將在第四季度繼續下去。我們也很高興地看到，相對於流量成長的工時成長仍遠低於歷史水準。

As we approach the end of the year, we are narrowing our full-year 2024 labor inflation guidance to approximately 4.5%. For 2025, we are forecasting wage and other labor inflation of 4% to 5%, with mandated increases representing as much as 1.5% of the increase.

隨著年底的臨近，我們將 2024 年全年勞動力通膨指引縮小至 4.5% 左右。我們預期 2025 年薪資和其他勞動力通膨率為 4% 至 5%，其中強制增幅最高可達 1.5%。

With regard to cash flow, we ended the third quarter with $189 million of cash. Cash flow from operations was $139 million which was offset by $141 million of capital expenditures, dividend payments, and share repurchases. As Jerry mentioned, we do have a tentative agreement in place to acquire franchise restaurants at the beginning of 2025. Included in this acquisition will be seven restaurants in Indiana and Ohio, and six in California. Our current expectation is to fund this acquisition through existing cash on hand.

就現金流而言，第三季末我們的現金為 1.89 億美元。營運現金流為 1.39 億美元，被 1.41 億美元的資本支出、股利支付和股票回購所抵銷。正如 Jerry 所提到的，我們確實達成了一項暫定協議，將於 2025 年初收購特許經營餐廳。此次收購將包括印第安納州和俄亥俄州的七家餐廳以及加州的六家餐廳。我們目前的預期是透過現有手頭現金為此次收購提供資金。

Finally, for 2025, we are establishing our initial capital expenditure guidance at approximately $400 million, excluding the aforementioned franchise restaurant acquisition costs. This should provide sufficient capital to build new restaurants, maintain, expand, or relocate our existing restaurants, and invest in our various technology initiatives. As always, we believe these investments are a great use of our capital and should result in further shareholder value creation.

最後，我們將 2025 年的初始資本支出指引定為約 4 億美元，不包括上述特許經營餐廳收購成本。這應該提供足夠的資金來建造新餐廳，維護、擴大或搬遷我們現有的餐廳，並投資於我們的各種技術計劃。一如既往，我們相信這些投資是對我們資本的充分利用，應該會進一步創造股東價值。

And now, Michael will walk us through the third-quarter results.

現在，麥可將向我們介紹第三季的業績。

Thanks, Chris. For third quarter of 2024, we reported revenue growth of 13.5%, driven by a 7.5% increase in average unit volume and 5.8% store week growth. We also reported a restaurant margin dollar increase of 24.1% to $202 million, and a diluted earnings per share increase of 32.5% to $1.26. Average weekly sales in the third quarter were $149,000 with To-Go representing $19,000 or 12.7% of these total weekly sales.

謝謝，克里斯。2024 年第三季度，我們報告營收成長 13.5%，這主要得益於平均單位銷售成長 7.5% 和商店週成長 5.8%。我們還報告稱，餐廳利潤率增長 24.1%，達到 2.02 億美元，稀釋每股收益增長 32.5%，達到 1.26 美元。第三季平均每週銷售額為 149,000 美元，其中 To-Go 銷售額為 19,000 美元，佔總銷售額的 12.7%。

Comparable sales increased 8.5% in the third quarter, driven by 3.8% traffic growth and a 4.7% increase in average check. By month, comparable sales grew 8%, 8.1%, and 9.3% for our July, August, and September periods, respectively. And comparable sales for the first four weeks of the fourth quarter were up 8.3%, with our restaurant averaging sales of over $151,000 per week during that period.

第三季可比銷售額成長 8.5%，得益於 3.8% 的流量成長和 4.7% 的平均支票成長。按月計算，7 月、8 月和 9 月的可比銷售額分別成長 8%、8.1% 和 9.3%。第四季前 4 週的可比銷售額增長了 8.3%，在此期間我們餐廳的平均每週銷售額超過 151,000 美元。

In the third quarter, restaurant margin dollars per store week increased 17.3% to nearly $24,000. Restaurant margin as a percentage of total sales increased 137 basis points to 16%.

第三季度，餐廳每店週獲利成長 17.3%，達到近 24,000 美元。餐廳利潤率佔總銷售額的百分比增加了 137 個基點，達到 16%。

The year-over-year improvement in the restaurant margin percentage was negatively impacted by approximately 30 basis points due to the change in our annual gift card breakage adjustments to $0.6 million this year from $3.7 million last year.

由於我們的年度禮品卡破損調整從去年的 370 萬美元調整為今年的 60 萬美元，餐廳利潤率的同比改善受到約 30 個基點的負面影響。

Food and beverage costs as a percentage of total sales were 33.5% for the third quarter. The 107 basis point year-over-year improvement was primarily driven by the benefit of a 4.7% check increase, offsetting the 1.3% commodity inflation for the quarter.

第三季食品和飲料成本佔總銷售額的比例為 33.5%。年比成長 107 個基點主要是由於支票成長 4.7%，抵消了本季 1.3% 的商品通膨。

Labor as a percentage of total sales decreased 18 points to 33.8% as compared to the third quarter of 2023. Labor dollars per store week increased 6.7%, primarily due to wage and other labor inflation of 4.7% and growth in hours of 1.1%.

與 2023 年第三季相比，勞動力佔總銷售額的百分比下降了 18 個百分點，至 33.8%。每家商店每週的勞動力成本增長了 6.7%，主要是由於工資和其他勞動力通膨 4.7%，以及工時增長 1.1%。

The remaining 0.9% increase was due to the $3.5 million net impact from adjustments related to group insurance and workers' comp claims experienced. This includes $2.2 million of unfavorable claims experienced this year, the lapping of last year's $1.3 million favorable claims adjustment.

其餘 0.9% 的增長是由於與團體保險和工傷補償索賠相關的調整產生的 350 萬美元的淨影響。這包括今年 220 萬美元的不利索賠，是去年 130 萬美元有利索賠調整的基礎。

Other operating costs were 15.1% of sales, which was 8 basis points better than the third 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.

其他營運成本佔銷售額的 15.1%，比 2023 年第三季高 8 個基點。由於餐廳水平獲利能力較去年同期提高，經營者獎金佔銷售額的比例較高，產生了 30 個基點的負面影響。

This was largely offset by the 23 basis point positive net year-over-year impact from general liability insurance reserve adjustments, which includes a $0.4 million unfavorable adjustment this year and the lapping of a $2.9 million unfavorable adjustment from last year.

這在很大程度上被一般責任保險準備金調整帶來的同比 23 個基點的正淨影響所抵消，其中包括今年 40 萬美元的不利調整和去年 290 萬美元的不利調整。

Moving below restaurant margin, G&A dollars grew 15.6% year over year and came in at 4.3% of revenue for the third quarter. The majority year-over-year dollar increase was due to higher compensation and benefit expense, including the $2.1 million impact of the timing of our change from quarterly to annual equity grants.

低於餐廳利潤率，一般管理費用年增 15.6%，佔第三季營收的 4.3%。年比成長的主要原因是薪酬和福利費用增加，包括我們從季度股權授予改為年度股權授予的時間表帶來的 210 萬美元影響。

Our effective tax rate for the quarter was 16.7%. The higher tax rate was driven by an increase in our profitability outlook for the full year. Based on this outlook, we are updating the guidance for our full-year 2024 income tax rate to approximately 15%. And our initial forecast for the full-year 2025 income tax rate is between 15% and 16%.

我們本季的有效稅率為 16.7%。較高的稅率是由於我們全年獲利前景的提高而推動的。基於這項展望，我們將 2024 年全年所得稅稅率指引更新為 15% 左右。我們對2025年全年所得稅稅率的初步預測在15%至16%之間。

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%.

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. There's no doubt that reflecting on 20 years as a public company fills us with great pride and gratitude. Speaking of 20 years, we also just celebrated our 20-year partnership with Homes For Our Troops, which provides custom-built homes for severely injured post-9/11 veterans.

謝謝，麥可。毫無疑問，回顧上市公司 20 年來的發展讓我們充滿自豪和感激之情。說到 20 年，我們也剛剛慶祝了與 Homes For Our Troops 的 20 年合作夥伴關係，該組織為 9/11 後嚴重受傷的退伍軍人提供客製化房屋。

We recently had the privilege of funding their 400 home for Lance Corporal Alberto Flores in New Braunfels, Texas. Partnering with such a great organization is what Texas Roadhouse is all about as we strive to serve communities across America and the world.

最近，我們有幸為一等兵阿爾貝托·弗洛雷斯 (Alberto Flores) 位於德克薩斯州新布朗費爾斯的 400 間住宅提供了資助。與這樣一個偉大的組織合作是 Texas Roadhouse 的宗旨，我們努力為美國和世界各地的社區提供服務。

Finally, as I have said before, we will always honor our past, but our focus will remain on the future. At 31 years' young, we are just getting started.

最後，正如我之前所說，我們將永遠尊重我們的過去，但我們的重點仍將放在未來。31歲的我們，才剛開始。

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

我們準備好的演講到此結束。羅布，請打開提問線。

(Operator Instructions) Sara Senatore, Bank of America.

（操作員指令）Sara Senatore，美國銀行。

Hi, good evening. Thank you. This is Katherine on for Sarah. First question, I just wanted to ask about the labor leverage in the quarter. Michael, you spoke a little bit about some of the claims and adjustments that were in that number. So I just want to get a sense for how much longer you should be considering those adjustments in that labor line going forward? And is there a point at which they are no longer a headwind?

嗨，晚上好。謝謝。這是凱瑟琳為莎拉配音。第一個問題，我只是想問一下本季的勞動力槓桿。邁克爾，您談到了該數字中的一些聲明和調整。所以我只是想了解一下，您應該在多長時間內考慮對勞動力線進行調整？到了某個點，它們就不再是逆風了嗎？

Yeah, Hi, Katherine. It is Michael. And a lot of those adjustments have to do with insurance and how those clearances come in. And so that's something that you really never know how they may affect us one way or another. But that is separate from the labor productivity that we are seeing, which I think can continue certainly through the end of this year.

是的，嗨，凱瑟琳。這是麥可.其中許多調整都與保險以及這些許可的產生方式有關。因此，你真的永遠不知道它們會如何以某種方式影響我們。但這與我們所看到的勞動生產力是分開的，我認為這種情況肯定會持續到今年年底。

And Katherine, this is Chris. I mean I think we're comfortable being self-insured, and that's why we report those numbers every quarter. But also, the productivity levels that we talked about have -- and have continued to improve.

凱瑟琳，這是克里斯。我的意思是，我認為我們對自我保險感到滿意，這就是我們每季報告這些數字的原因。而且，我們談到的生產力水準已經並且持續提高。

We were -- in terms of hours of labor versus traffic growth -- we're well below our 50% historical averages. And again, in Q3, we were below 30%. So we've had five straight months of that metric improving.

就勞動時間與流量成長而言，我們遠低於 50% 的歷史平均值。第三季度，我們再次低於 30%。因此，我們已經連續五個月該指標有所改善。

Great. Okay, thank you. And then I just want to move to the commodity inflation guidance, which continues to surprise to the downside, and it seems like next year's inflation assumption -- doesn't anticipate -- a really step up in inflation despite concerns about the size of the beef heard. So can you talk about what you're seeing there? What's embedded in that inflation guidance?

偉大的。好的，謝謝。然後我只想談談大宗商品通膨指引，該指引繼續令人意外地下行，而且明年的通膨假設——並沒有預期——通膨確實會上升，儘管人們對通膨規模感到擔憂。那麼你能談談你在那裡看到了什麼嗎？通膨指引包含哪些內容？

Sure. Sure. I mean, obviously, our purchasing department has been hard at work and determining what levels of cost we are going to have in 2025. And while we're not going to get into the specifics of what may be fixed price contracted versus not. It does include a combination of lock prices and assumptions. And the majority of that inflation guide is coming from beef similar to this year.

當然。當然。我的意思是，顯然，我們的採購部門一直在努力工作，並確定 2025 年我們的成本水準。雖然我們不會詳細討論什麼是固定價格合同，什麼是非固定價格。它確實包括鎖定價格和假設的組合。與今年類似，通膨指南的大部分來自牛肉。

Thank you.

謝謝。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great. Thanks for taking the question. Mine was another one on the commodity outlook in beef. One thing about the beef picture, it seems that when there's good news in one year, it can be bad news for the next. So supply has been a little less bad this year.

偉大的。感謝您提出問題。我的文章是關於牛肉商品前景的另一篇文章。關於牛肉圖片的一件事是，似乎當一年有好消息時，下一年可能會是壞消息。因此，今年的供應情況沒有那麼糟。

And my impression was that means that that supply next year kicking the can down the road. So a little surprised to see two decent years in a row expected within beef costs. And so I guess -- the question is why?

我的印像是，這意味著明年的供應將繼續下去。因此，看到牛肉價格連續兩年表現不錯，我有點驚訝。所以我想——問題是為什麼？

But also, just if you can help us understand what your beef inflation is expected to be in '24 and what's expected to be in '25? I just want to make sure I understand what the beef expectations are in those two years for the commodity guidance.

而且，如果您能幫助我們了解 24 年和 25 年的牛肉通膨預期是多少？我只是想確保我了解這兩年牛肉對商品指導的期望。

Jake, it's Chris. Beef is roughly half of our basket. And so it drives a lot of the commodity increase. And you're correct in that this year has been a surprise that we didn't see the amount of inflation driven primarily by beef that we expected. And look, we think that there's a lot going on in that.

傑克，是克里斯。牛肉大約占我們購物籃的一半。因此它推動了大宗商品的成長。你是對的，今年令人驚訝的是，我們沒有看到我們預期的主要由牛肉驅動的通貨膨脹量。看，我們認為這其中發生了很多事情。

There's supply and demand. And these -- Ranchers are just businesspeople, and they're looking at the price they're able to get for their cattle and what it costs them to raise the cattle. So -- and as interest rates come down, is there perhaps more rain as grain prices have come down, that may inspire -- there to be more breeding and to rebuild the herd.

有供給和需求。這些牧場主人只是商人，他們關注的是他們的牛能夠得到的價格以及飼養牛的成本。因此，隨著利率的下降，隨著穀物價格的下降，是否可能會出現更多的降雨，這可能會激發更多的繁殖和重建牛群。

But it is a challenged environment for sure in beef. We just haven't seen it come to fruition because of the demand side, at least this year and at least what we can see so far into 2025. Michael, did you have something to add?

但對牛肉來說，這無疑是一個充滿挑戰的環境。只是由於需求方面的原因，我們還沒有看到它實現，至少今年是這樣，至少到 2025 年到目前為止我們還沒有看到這一點。邁克爾，你有什麼要補充的嗎？

Yeah. Overall inflation from beef. And this year in 2024, everything and then some is coming from beef with other items being flat to deflationary for 2025 beef is driving the majority of our assumed inflation with most other items flat to maybe a touch of inflation.

是的。牛肉整體通膨。今年 2024 年，一切都來自牛肉，而其他商品則持平至通貨緊縮，而到 2025 年，牛肉推動了我們假設的大部分通脹，而大多數其他商品則持平至可能出現輕微通脹。

Okay. And just in terms of those other items, and I know we all focus on beef, but there is 50% -- that's the other. Do you have visibility on that portion? I assume there's maybe a little ability to contract for that portion. But how confident are you in the the flat -- I think you made flat for that other 50% of your commodity needs?

好的。就其他食物而言，我知道我們都專注於牛肉，但還有 50%——這就是其他食物。你能看到那部分嗎？我認為可能有一點能力簽訂這部分合約。但你對這套公寓有多大信心——我認為你建造的公寓是為了滿足你另外 50% 的商品需求？

There are certain items that were probably more locked into than others. There's no one item that is a huge component of our overall basket. So certainly, there is the potential for those costs to be higher or lower than what we expected they would have to really be dramatically different to play a big part in the numbers.

有些物品可能比其他物品更容易被鎖定。沒有一件商品是我們整個購物籃中的重要部分。因此，當然，這些成本可能會高於或低於我們的預期，它們必須與我們的預期有很大不同才能在數字中發揮重要作用。

All right. Thank you very much.

好的。非常感謝。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thanks. I wanted to ask a question about pricing into 2025 relative to your cost inflation. You took the 0.9% price increase in September. And I think that put you at a pricing run rate around 3.1% until you lap pricing from -- in late March. Please correct me if that's wrong. That's just my math.

謝謝。我想問一個關於 2025 年相對於成本通膨的定價問題。您接受了 9 月份 0.9% 的價格上漲。我認為這會讓你的定價運行率約為 3.1%，直到你從 3 月底開始定價。如果這是錯誤的，請糾正我。這只是我的數學。

And you initiated guidance for commodity inflation of 2% to 3% wage inflation of 4% to 5% for 2025. So how does that inform you about your pricing strategy next year relative to this 3%-ish run rate you're taking into the new year? And how do you want us analysts thinking about pricing for 2025?

你們也提出了 2025 年商品通膨率 2% 至 3%、薪資通膨率 4% 至 5% 的指導方針。那麼，相對於新一年 3% 左右的運行率，這如何讓您了解明年的定價策略？您希望我們分析師如何考慮 2025 年的定價？

And I'll start off basically, we have the same process that we've used. We will again look at pricing and have conversation with all of our operators after the first of the year. And then as we make that decision based on the environment that we're in at that time, we get feedback from our operators we talked amongst ourselves and then we will decide on what we believe is the best long-term decision for the business.

我將從基本上開始，我們有與我們使用過的相同的流程。今年第一年後，我們將再次考慮定價並與所有營運商進行對話。然後，當我們根據當時所處的環境做出決定時，我們會從我們內部交談的運營商那裡獲得反饋，然後我們將決定我們認為對業務最好的長期決策。

So I guess from a bigger picture standpoint, it's still early to decide but we will continue to use the process we've used for multiple years of evaluating, talking with our partners and then making a decision based on that current event, which is many months from now.

因此，我想從更大的角度來看，現在做出決定還為時過早，但我們將繼續使用我們多年來使用的評估流程，與我們的合作夥伴交談，然後根據當前事件做出決定，這有很多從現在開始的幾個月。

And Brian, this is Michael. Your math is correct. We will have 3.1% pricing in the menu for the fourth quarter. We'll have that same 3.1% for the first quarter, and then we would have 2.2% rolling off, and we will go through our normal conversations to see what we may or may not do come the beginning of the second quarter.

布萊恩，這是麥可。你的數學是正確的。我們將在第四季度的菜單中提供 3.1% 的定價。第一季我們將有相同的 3.1%，然後我們將有 2.2% 的滾動，我們將進行正常的對話，看看我們在第二季初可能會做什麼或不會做什麼。

Got it. Got it. So when that 2.2% rolls off, for instance, you would have to take, say, 1.6% at that point to be at that 2.5% price range until you lap the 0.9% you just took, right? Just confirming that.

知道了。知道了。因此，例如，當 2.2% 的利率下降時，您必須採取 1.6% 的利率才能保持在 2.5% 的價格範圍內，直到您超過剛剛採取的 0.9%，對嗎？只是確認這一點。

Yeah, the 1.6% that combined with 0.9% to 2.5%.

是的，1.6% 加上 0.9% 到 2.5%。

Okay, great. Thanks, guys.

好的，太好了。謝謝，夥計們。

Thank you.

謝謝。

Eric Gonzalez, KeyBanc.

艾瑞克‧岡薩雷斯 (Eric Gonzalez)，KeyBanc。

Good evening and thanks for taking my question. Maybe if you could help us sum all this up and think about the margin implications of what looks like a more conservative pricing strategy and a relatively benign food cost outlook for the prior years. So your plan on taking another pricing midyear to see that you're comfortable letting the price lower as commodity inflation goes in the right direction. So given these assumptions, can you help us understand what it means for so little margins between that?

晚上好，感謝您提出我的問題。也許您可以幫助我們總結所有這些，並考慮一下前幾年看似更保守的定價策略和相對良性的食品成本前景對利潤率的影響。因此，您計劃在年中進行另一次定價，以確保隨著大宗商品通膨朝著正確的方向發展，您可以放心地降低價格。因此，考慮到這些假設，您能否幫助我們理解這之間如此小的差距意味著什麼？

Yeah, Eric, it's Chris. We're always more focused on growing restaurant margin dollars than absolutely trying to hit a margin number. That being said, our 17% to 18% goal is always out there, and we're interested in hitting it consistently. But there's a -- I mean, that number is highly sensitive, particularly the margin number to traffic, pricing, inflation, both commodity and labor -- and we've already talked about pricing having another component to it starting in the second quarter. So it really is going to depend on how all of those things come together.

是的，艾瑞克，是克里斯。我們總是更注重增加餐廳的利潤，而不是絕對試圖達到利潤數字。話雖這麼說，我們 17% 到 18% 的目標始終存在，而且我們有興趣持續實現它。但有一個——我的意思是，這個數字非常敏感，特別是對流量、定價、通貨膨脹、大宗商品和勞動力的利潤率——我們已經討論過從第二季度開始定價還有另一個組成部分。因此，這實際上取決於所有這些事情如何結合在一起。

We've been very pleased with our ability to expand the margin this year, but you'll have to -- we'll just have to look at all those elements as they come together in 2025.

我們對今年擴大利潤率的能力感到非常滿意，但你必須——我們只需要在 2025 年將所有這些要素結合起來看看。

Thank you.

謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Thanks for taking my questions. Maybe a two-part question on mix. part one, if you could just give us an update on the mix contribution in the quarter and particularly on alcohol versus the add-ons? And then part two is if we think about where you took pricing across the menu, is it basically that 0.9% evenly across? Or are there any particular parts of the menu, whether it's appetizers or desserts that saw a little bit more or less pricing? Just how do you think about that? How does it impact mix?

感謝您回答我的問題。也許是關於混合的兩部分問題。第一部分，您能否向我們介紹本季混合貢獻的最新情況，特別是酒精與附加產品的情況？第二部分是，如果我們考慮您在整個菜單中的定價，基本上是 0.9% 均勻分佈嗎？或者菜單中是否有任何特定部分（無論是開胃菜還是甜點）的價格有所上漲或下跌？您對此有何看法？它如何影響混合？

Yeah. Maybe I'll touch on the mix here to start. I'll tell you our mix in the third quarter was very similar to what we had seen in the second quarter, still seeing positive entree mix, positive soft beverage mix. And positive add-ons. That alcohol mix -- is remaining negative.

是的。也許我會先談談混音。我會告訴你，我們第三季的組合與我們在第二季度看到的非常相似，仍然看到積極的主菜組合和積極的軟飲料組合。以及積極的附加組件。酒精混合物仍然是負面的。

It hasn't gotten any worse, but it is the -- it's really what's driving that slight negative mix. We're probably around 20 basis points. of negative mix in the third quarter. So to me, we're seeing good results from our guests, not hearing of any pushback on the menu pricing that we have taken. So I believe we're still screening value.

情況並沒有變得更糟，但這確實是造成這種輕微負面影響的原因。我們的利率可能約為 20 個基點。第三季的負面組合。所以對我來說，我們看到了客人的良好結果，沒有聽到我們對菜單定價有任何反對。所以我相信我們仍在篩選價值。

And Jim, I'll say on the 0.9% across the board, there's probably -- I don't have it right here in front of me. But I think in general, as we look at the overall menu, that's how we come up with that. So it would be hard for me to break it down at this point, now that we're five weeks into it on that side. But typically, it is spread out through the menu.

吉姆，我想說的是，關於 0.9% 的整體情況，可能——我面前沒有。但我認為總的來說，當我們查看整體菜單時，我們就是這樣想出來的。所以我現在很難分解它，因為我們已經在這方面進行了五週了。但通常情況下，它是透過選單分散的。

Okay, great. I'll hop back into queue. Thank you very much.

好的，太好了。我會跳回隊列。非常感謝。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah, thanks. Good afternoon, guys. I'm just curious about the the technology things you mentioned, the Digital Kitchen and Guest Management System. I'm sure there's an aspect of that, that improves the employee experience, but do you think is that starting to contribute to like some of the labor productivity you're seeing, do you think it helps table turns? Is it showing in other ways that we might observe from the outside?

是的，謝謝。下午好，夥計們。我只是對你提到的技術感到好奇，數位廚房和賓客管理系統。我確信其中有一個方面可以改善員工體驗，但您認為這是否會像您所看到的一些勞動生產力一樣開始做出貢獻，您認為這有助於扭轉局面嗎？它是否以我們可以從外部觀察到的其他方式表現出來？

I would say it's still a little early for that, but the indicators are good. And obviously, the number one reason is the experience of our employees and our managers and really just the cadence that we use in the kitchen and the communication. I do believe that there are going to be some other benefits as we get more and more stores on the program and on the digital kitchen. So it's hard for me to quantify that at this time. But the indicators are showing that we should expect some of that return also.

我想說現在還太早，但指標很好。顯然，第一個原因是我們的員工和經理的經驗，以及我們在廚房和溝通中使用的節奏。我確實相信，隨著越來越多的商店加入該計劃和數位廚房，還會帶來一些其他好處。所以我現在很難量化這一點。但指標顯示我們也應該期待其中的一些回報。

Thank you.

謝謝。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks, guys. Wondering if you could speak a little more to labor hour perhaps into next year after another really strong quarter of managing hours this year. Anything to give on how we should think about the labor hours dynamic heading into next year, again, relative to the gains that we saw this year? Thank you.

偉大的。謝謝，夥計們。想知道在今年管理時間又一個非常強勁的季度之後，您是否可以更多地談論一下工作時間，也許到明年。相對於今年看到的收益，我們該如何考慮明年的勞動時間動態，有什麼可以提供的嗎？謝謝。

Yeah, Dennis, this is Michael. As I said a little bit earlier, I do think we have the opportunity to see that algorithm of labor hours to traffic growth -- be below that 50% level through the end of this year. And maybe as I've talked about in the past, going in to '25, it's something we're probably going to be running together as we enter 2025 as a well-staffed restaurant doing high volumes but lapping being well-staffed restaurants and with growing volumes.

是的，丹尼斯，這是麥可。正如我之前所說，我確實認為我們有機會看到流量成長的工時演算法——到今年年底低於 50% 的水平。也許正如我過去談到的那樣，進入 25 年，當我們進入 2025 年時，我們可能會一起經營這件事，作為一家人員配備齊全的餐廳，銷量很高，但對成為人員配備齊全的餐廳和隨著數量的不斷增長。

So what we're learning is 50% the -- still the expectation or maybe something lower can be had. Our operators are going to be focused on doing what's right for the restaurants, and they know being well-staffed help them grow. And certainly, our turnover continues to trend in the right way, and that should help with training and 10-year matters, the more experience you are, the better you are at the job. So hopefully, we can continue to be improve our productivity, but we'll be running that together in 2025.

所以我們了解到的是 50% 的——仍然是期望，或者也許可以有更低的期望。我們的經營者將專注於做適合餐廳的事情，他們知道配備充足的員工有助於他們的成長。當然，我們的營業額繼續以正確的方式發展，這應該有助於培訓和 10 年事務，你的經驗越多，你的工作就越好。因此，希望我們能夠繼續提高生產力，但我們將在 2025 年共同實現這一目標。

Sounds good. Thanks, Michael. Congrats, team.

聽起來不錯。謝謝，麥可。恭喜，團隊。

Thank you.

謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon and congrats on delivering such strong momentum in your business. I wanted to ask about unit growth. I think the guidance for next year is 30 openings, which is for company operated and it's similar to what you did this year? And I guess as the numbers creep up, I think in the past, you've talked about a 5%-ish unit growth number. But as the base starts to get bigger at 30 openings are going to start to fall below that.

大家好，下午好，恭喜您的業務取得如此強勁的發展勢頭。我想問一下單位成長的情況。我認為明年的指導是 30 個空缺職位，這是針對公司運營的，與今年的做法類似？我想，隨著數字的不斷上升，我想在過去，您已經談到了 5% 左右的單位成長數字。但隨著 30 個職缺的基數開始變大，職缺將開始低於這個數字。

So I was just wondering what is your philosophy around unit growth as you look even beyond 2025? Is it to stay at the mid-single digit or 5% level? Or is that going to come down as you -- as the base scales?

所以我只是想知道，當您展望 2025 年後，您對單位成長的理念是什麼？是保持在個位數中間還是5%的水平？或者說，隨著基礎規模的擴大，這個數字會下降嗎？

David, this is Jerry. I don't think we've ever really targeted a per advantage. We've always looked at the number of openings for Texas Roadhouse, Bubba's and now as we add Jaggers into the mix about doing it right and balanced for our operations. And I think we will continue to evaluate whether what is the right number for us. And to do it right, you have to send 25 trainers out on the road.

大衛，這是傑瑞。我認為我們從未真正針對每項優勢。我們一直在關注 Texas Roadhouse、Bubba's 的空缺數量，現在我們將 Jaggers 添加到其中，以確保我們的營運正確和平衡。我認為我們將繼續評估這個數字是否適合我們。為了做到這一點，你必須派出 25 名訓練員上路。

You got to hire 200-plus people. We're opening at really high volumes. So we've got -- we believe that if we continue to do these openings properly, that they hold their sales and our operational focus. And if we stretch that too far, then I think that risk that.

你必須僱用 200 多人。我們的開業量非常大。所以我們相信，如果我們繼續正確地進行這些空缺職位，他們就能保持銷售和我們的營運重點。如果我們把這個範圍延伸得太遠，那麼我認為就會面臨這樣的風險。

So I guess from my standpoint is I'm very comfortable in that 30-ish range as we go, and I would like to climb up a little bit, but I'm not trying to hit a percentage I'm really just trying to do it right for our operators and for our guests from a business perspective is our philosophy.

所以我想從我的角度來看，我在 30 左右的範圍內感到非常舒服，我想爬升一點，但我並不是想達到一個百分比，我真的只是想達到從商業角度為我們的運營商和客人做對的事是我們的理念。

And David, it's Chris, and always good to talk to you. Don't forget, we're adding 13 via acquisition this year. So it's a 43-unit increase this year.

大衛，我是克里斯，很高興與你交談。別忘了，今年我們將透過收購增加 13 個。今年增加了 43 台。

Understood. Thank you very much.

明白了。非常感謝。

Thank you for your kind words. We appreciate it.

謝謝你的客氣話。我們很感激。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great, thanks and congrats on another great quarter. Just maybe a question and then one clarification. Just -- in terms of the same-store sales trajectory, September and into beginning of October, there was some pretty nasty weather, but that doesn't seem to be, at least in the Southeast, doesn't seem to be reflected in your comp numbers did you guys see any impact on weather?

太好了，感謝並祝賀又一個偉大的季度。也許只是一個問題，然後一個澄清。只是 - 就同店銷售軌跡而言，九月和十月初，出現了一些相當惡劣的天氣，但這似乎並沒有反映出來，至少在東南部，似乎沒有反映出來。影響嗎？

I know you guys don't like to talk about it, but with 9.3% and 8.3% comps. Just wondering if you had any impact on weather at the end of September and beginning of October? And then I just had a quick follow-up.

我知道你們不喜歡談論這個，但 9.3% 和 8.3% 的比較。只是想知道九月底和十月初的天氣是否受到影響？然後我就進行了快速跟進。

Yeah -- and Michael may clean this up for me. It's Chris here. But basically, what we've seen and we had -- you're correct, there were a number of storms that came through. We've seen -- we had stores closed for a couple of days. We were able to get them -- most of them reopen, if not all of them reopened very swiftly.

是的——麥可可以幫我解決這個問題。克里斯在這裡。但基本上，我們所看到的和我們所經歷的——你是對的，經歷了許多風暴。我們已經看到——我們的商店關門了幾天。我們能夠讓它們——大多數都重新開放，如果不是全部都很快重新開放的話。

And then we experienced a bounce back at those stores. So we got -- there were sales loss for the couple of days where we closed, we saw more people coming to us, first responders and people in the community looking to dine with us.

然後我們在這些商店經歷了反彈。因此，我們在關閉的幾天裡出現了銷售損失，我們看到更多的人來找我們，包括急救人員和社區中希望與我們一起用餐的人。

And so you're right, the numbers are literally consistent, but there definitely was impact, but it was matched by the fact that -- I think we lost a couple of days, we got some nice bounce back in the weeks following.

所以你是對的，這些數字實際上是一致的，但肯定有影響，但它與事實相匹配——我認為我們損失了幾天，但在接下來的幾週內我們得到了一些不錯的反彈。

And I'll just chime in for a second on that. Obviously, in the big machine, it may not look like it impacted, but our owner operators that are in those communities and affected. We just -- our thoughts go out to them and how hard they work to get their restaurants back open and take care of their communities. So I just want to say thank you to the operators and the partners out there because it did have a significant impact in many of our communities across that region of the country. And we just continue to think about them and be here to support them.

我只想插話一下。顯然，在大型機器中，它可能看起來沒有受到影響，但我們在這些社區中的所有者經營者受到了影響。我們只是——我們關心他們，關心他們如何努力讓他們的餐廳重新開業並照顧他們的社區。所以我只想對營運商和合作夥伴表示感謝，因為它確實對我們全國該地區的許多社區產生了重大影響。我們只是繼續關心他們並在這裡支持他們。

Great. And then just as a quick follow-up, I just want to understand the message on the labor hour growth into next year into 2025? Michael, I think you said potential to be 50% or below. The last, I think, couple of quarters you've been below that 50% hour growth versus traffic. I'm just -- just want to make sure I understand that.

偉大的。然後，作為一個快速跟進，我只想了解明年到 2025 年勞動時間增長的信息？邁克爾，我想你說過潛力是 50% 或更低。我認為，過去幾季的流量成長率一直低於 50%。我只是——只是想確保我理解這一點。

We're not talking about a situation where you're growing labor hours above 50%? Just trying to understand the message, maybe I'm missing something there. Thank you.

我們談論的不是勞動時間增加 50% 以上的情況？只是想理解這個消息，也許我錯過了一些東西。謝謝。

Yeah. No real message there. It's more of -- we don't have a labor model that we put down to the restaurants. They are going to staff the restaurants they feel -- the way they feel is appropriate. And certainly, they are not looking to use more hours than they need, but they do know that staffing the restaurants well helps them grow.

是的。那裡沒有真正的消息。更重要的是──我們沒有將勞動力模式強加在餐廳。他們將為他們認為合適的餐廳配備員工——他們認為合適的方式。當然，他們不希望使用超出實際需要的時間，但他們確實知道，為餐廳配備充足的員工有助於他們的成長。

And some of the benefit we are seeing this year is because of what we're lapping from the previous year. And so we'll be well staffed going up against well staffed and doing higher volumes than we've ever done before. And all I think we're trying to say is -- we'll be learning together what that ratio may look like, and we can't sit here today and tell you it's going to be 30% or 40%, but we're also not trying to tell you that it's going to be something above 50%. It's something we'll be learning as we go.

我們今年看到的一些好處是因為我們比前一年有所進步。因此，我們將配備充足的人員來應對，並完成比以往更多的工作量。我認為我們想說的是——我們將一起了解這個比例可能會是什麼樣子，我們今天不能坐在這裡告訴你它將是 30% 或 40%，但我們'我們也並不是想告訴您它會高於50%。這是我們不斷學習的。

Thank you very much.

非常感謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Just a bigger picture question, Jerry, just wondering as you've traveled the country side and Chris, it sounds like you're going for the ride. I'm just wondering, you mentioned in the press release that from a macro perspective, it's an extremely competitive environment. Just wondering what you're seeing or what you're learning from your operators? Maybe is there any response you guys implement when you see more aggressive competitive environment to protect your own share? Again, it doesn't seem like you're seeing much impact.

偉大的。非常感謝。只是一個更大的問題，傑瑞，只是想知道你已經去過鄉村了，克里斯，聽起來你要去兜風。我只是想知道，您在新聞稿中提到，從宏觀角度來看，這是一個競爭極其激烈的環境。只是想知道您看到了什麼或從操作員那裡學到了什麼？當你們看到更激烈的競爭環境來保護自己的份額時，你們會採取什麼應對措施嗎？同樣，您似乎沒有看到太大的影響。

So just curious in terms of some qualitative commentary behind what you're seeing in terms of an extremely competitive environment, whether it's in the state category, whether it's by maybe local operators?

因此，我只是好奇您所看到的競爭激烈的環境背後的一些定性評論，無論是在國家類別中，還是由本地運營商提供？

And is there anything we should make of the fact that the comp slowed from 93% in September to 83% in October. Is there anything to make of that? Or is that more just comparisons and perhaps a little bit of weather? Just trying to clarify. Thank you.

鑑於該比率從 9 月的 93% 放緩至 10 月的 83%，我們應該做些什麼呢？這有什麼好解釋的嗎？或者這只是比較，也許還有一點天氣？只是想澄清一下。謝謝。

Jeffrey, I'll hit number one. Thank you very much for that. I will tell you that from talking with the operators, again, we feel like our operational excellence focus are our environment that we have, our fresh-made food and all of the things that we do is just what we need to consistently do and operate at a high level and to do all of the things that a great restaurant does, which is greet people, get them fed, make sure they have a great experience and thank them for coming into our business and supporting us as a locally owned and operated operations. So we just doubled down on everything that we do, and we try to do it a little bit better you're trying to create an experience that people absolutely want to reward you for.

傑弗裡，我會打第一名。非常感謝你。I will tell you that from talking with the operators, again, we feel like our operational excellence focus are our environment that we have, our fresh-made food and all of the things that we do is just what we need to consistently do and operate at a high level and to do all of the things that a great restaurant does, which is greet people, get them fed, make sure they have a great experience and thank them for coming into our business and supporting us as a locally owned and operated營運.因此，我們在所做的每一件事上都加倍努力，我們努力做得更好一點，你正在努力創造一種人們絕對想要獎勵你的體驗。

So I think from a bigger picture standpoint, the things that we're talking about with the partners are a lot of internal stuff. -- and things that we've got going on. But when it comes to the operation and creating a guest experience -- we are laser focused on our food, our service and our community partnership.

所以我認為從更大的角度來看，我們與合作夥伴談論的事情有很多是內部的事情。 ——以及我們正在進行的事情。但在營運和創造賓客體驗方面，我們非常專注於我們的食物、服務和社區合作夥伴關係。

I agree with all that. And Jeffrey, before Michael gets you in to talk about the sequential performance, I just wanted to add to Jerry's comment. When we do talk with -- it could be an individual situation, I know you're aware that we have our local store marketing. We have -- we try and own the communities that we're in. And so when there's specific competition or something going on in a market, that reaction is coming from the operators in the market.

我同意這一切。傑弗裡，在邁克爾讓你談論連續表演之前，我只想補充一下傑瑞的評論。當我們確實交談時——這可能是個別情況，我知道您知道我們有本地商店行銷。我們嘗試並擁有我們所在的社區。因此，當市場上出現特定的競爭或發生某些事情時，這種反應就會來自市場中的營運商。

They're not waiting for us to come over the top with some program. They're reacting to that, and they're competing every day in their community.

他們不會等待我們透過一些計劃來超越。他們對此做出反應，並且每天都在社區中競爭。

Yeah, And Jeff, this is Michael. With regards to that comp from September to October. I think what you're maybe not fully contemplating is the amount of pricing we had in the menu. In September, we still had 4.9%. October 3.1%.

是的，傑夫，這是麥可。關於九月到十月的比賽。我想您可能沒有充分考慮到我們菜單中的定價金額。9月份，我們還有4.9%。10 月 3.1%。

So our traffic actually accelerated from something in the mid-4% range in September to in the mid-5% range in October. So we actually saw an acceleration in our traffic trends from September to October.

因此，我們的流量實際上從 9 月的 4% 左右加速到 10 月的 5% 左右。因此，從 9 月到 10 月，我們實際上看到了流量趨勢的加速。

Incredible. I didn't fully appreciate that. Thank you. And just to clarify, the 30 units that you talked about for next year. First of all, I guess that the three Jaggers are incremental to that. So it's on that 30 core units of Texas and Bubba's.

極好的。我沒有完全理解這一點。謝謝。澄清一下，你談到的明年的 30 個單位。首先，我猜三個賈格斯是對此的補充。這就是德州和布巴的 30 個核心單位。

And if that's the case, I'm just wondering, roughly how many Texas and how many Bubba's would you think within that 30 for next year? Thank you.

如果是這樣的話，我只是想知道，明年您認為這 30 名中大約有多少個德克薩斯州和多少個布巴州？謝謝。

Yeah. It will probably be -- again, that number could move a little bit. But I would say in the mid maybe at the 20 to 20-ish on Roadhouse and then, obviously, the rest will be Bubba's and Jaggers.

是的。再次，這個數字可能會略有變化。但我想說的是，在 Roadhouse 的中間，也許是 20 到 20 左右，然後，顯然，剩下的將是 Bubba 和 Jaggers。

Yeah. And Jeff, just to clean that up a little bit. We had said approximately 30 restaurants across all the brands. When we talked about the three Jaggers that those were franchise locations. So you may see a couple of Jaggers as Jerry said, probably in the low 20s on Roadhouse and six, seven Bubba's in there.

是的。傑夫，只是為了清理一下。我們說過大約 30 家餐廳涵蓋所有品牌。當我們談論三個賈格斯時，那些都是特許經營地點。因此，正如 Jerry 所說，你可能會在 Roadhouse 看到幾個 Jagger，大概是 20 多歲，還有六、七個 Bubba。

Thank you.

謝謝。

Thank you.

謝謝。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you and congrats. I wanted to ask about comp. The 8.5% incredibly impressive. Have you seen any changes in consumer behavior differences across regions, dayparts, anything to unpack there? And then a follow-up the quarter-to-date acceleration.

謝謝你並恭喜你。我想問關於comp的事情。8.5% 令人難以置信。您是否發現不同地區、不同時段的消費者行為差異有任何變化？然後跟進本季至今的加速情況。

It seems like traffic, I guess, is closer to 5%, which is better than you guys have done all year. What do you think is driving that momentum building?

我猜流量似乎接近 5%，這比你們一整年的表現都要好。您認為是什麼推動了這種勢頭的形成？

Hey, Lauren, it's Michael. I would say, as far as the third quarter and any regional differences. I would tell you, north, south, east, west, we saw strong comp performance, nothing that I would say one area was meaning the outperforming another or anyone was lagging. So very strong performance not only regional but by day of the week and by shift, so very strong performance there. And you are right, our comp in October include over 5% traffic growth and that is a little bit of a -- seems to be a little bit of an acceleration.

嘿，蘿倫，我是麥可。我想說的是，就第三季和任何地區差異而言。我會告訴你，無論是北、南、東、西，我們都看到了強勁的競爭表現，我想說的任何一個領域並不意味著表現優於另一個領域或任何人落後。因此，不僅在區域內，而且在一周中的每一天和輪班中，表現都非常強勁，因此那裡的表現非常強勁。你是對的，我們 10 月的比較包括超過 5% 的流量成長，這似乎有點加速。

And I think it's just a continuation of us our operators doing what they always do and making sure that we are providing a legendary experience and being well staffed and priced accordingly and delivering on our promise and the consistency that we've always delivered to them, we're being rewarded for that.

我認為這只是我們運營商一如既往所做的事情的延續，確保我們提供傳奇般的體驗，配備充足的人員和相應的價格，並兌現我們的承諾和我們一直向他們提供的一致性，我們因此而得到獎勵。

Great. Do you think there's anything we should consider in terms of compares getting tougher through the fourth quarter?

偉大的。您認為在第四季的比較變得更加艱難方面，我們應該考慮什麼？

I mean nothing -- we'll see how it all plays out. And the comps are -- were strong in November and December, but whether it's looking at one year or multi-year to maybe see what the right trend is, I'll leave that up to you. But we know we're ready to serve the guests and we believe there's a lot of demand out there for our product.

我沒什麼意思——我們會看看這一切會如何發展。11 月和 12 月的比較很強勁，但無論是著眼於一年還是多年，看看正確的趨勢是什麼，我都會把它留給你。但我們知道我們已經準備好為客人提供服務，我們相信市場對我們的產品有很大的需求。

Great. Thank you very much.

偉大的。非常感謝。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thank you. Just following up on Jeff's managing partner tour question. I'm curious what were some of the more interesting or I guess, unexpected things you guys heard from managers and specifically as it relates to pricing power, which you touched on, but also demand across the customer income levels?

謝謝。只是跟進傑夫的管理合夥人巡迴演出問題。我很好奇你們從經理那裡聽到了哪些更有趣的事情，或者我猜想是意想不到的事情，特別是與你們提到的定價權有關的事情，以及跨客戶收入水平的需求？

Well, our conversations are -- like I said, a lot of the internal -- we've got a couple of things that are going on that we're trying to adjust on the system side -- pricing, we've already had those conversations. So we haven't seen any or heard any negative on the 0.9% that we took at the end of the -- or the start of the fourth quarter.

好吧，我們的對話 - 就像我說的，很多內部的 - 我們正在進行一些事情，我們正在嘗試在系統方面進行調整 - 定價，我們已經有了那些談話。因此，我們沒有看到或聽到任何關於我們在第四季末或第四季初採取的 0.9% 的負面消息。

So I think that most of the conversations are really good right now, which is because obviously, we're having some real success and exciting to share that with the operators, and they love what they're doing. They just want to keep get better at it.

所以我認為現在大多數對話都非常好，這是因為顯然我們取得了一些真正的成功並且很高興與運營商分享這些成功，他們喜歡他們正在做的事情。他們只是想繼續做得更好。

Okay, thank you.

好的，謝謝。

You're welcome. Thank you.

不客氣。謝謝。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Hey, thanks for taking the question and I appreciate it. Maybe just on the inflation outlook for labor next year. Chris, I think you had mentioned that state mandated increases is going to add about 1.5 points to that of the 4% to 5% that you outlined for '25. Just curious if you could get into what the balance of that will be driven by?

嘿，感謝您提出問題，我很感激。也許只是關於明年勞動力的通膨前景。克里斯，我想您曾提到，州強制上漲將比您為 25 年概述的 4% 至 5% 增加約 1.5 個百分點。只是好奇您能否了解其中的平衡是由什麼驅動的？

And specifically in the context of looking across the landscape, it seems as if maybe starting wage rates have inflation in that as maybe come down a little bit, certainly versus what we've been seeing in recent years. So just curious if you could flesh out what is driving the balance of that increase?

特別是在縱觀整個情況的背景下，似乎起始工資率可能會導致通貨膨脹，這可能會稍微下降，當然與我們近年來所看到的情況相比。所以只是好奇你是否能具體說明是什麼推動了這種成長的平衡？

Hey, Jon, it's Michael. I can maybe do a little bit there. Yeah, I mean there is certainly still an expectation that we will see underlying wage pressure as a people-first company, we're going to want to make sure that we are paying our people well and compensating them for the hard work they are doing. And we'll see whether new hire rates change.

嘿，喬恩，我是麥可。我也許可以在那裡做一點事。是的，我的意思是，人們肯定仍然期望我們作為一家以人為本的公司會看到潛在的工資壓力，我們將希望確保我們向員工支付豐厚的工資並補償他們所做的辛勤工作。我們將看看新員工的僱用率是否會改變。

But again, you want to reward your performers. And so we factored that into the numbers. Obviously, we talked about the mandated increases. The acquisition will have a little -- will have a little bit of pressure with adding some California stores into the mix there. And those are probably the lion's share of what we're tracking there.

但同樣，你想獎勵你的表演者。因此我們將其納入數字中。顯然，我們討論了強制增加。此次收購將帶來一些壓力，因為將一些加州商店納入其中。這些可能是我們在那裡追蹤的大部分內容。

Okay. Cool. And maybe just pivoting to CapEx. The number for next year, the number of stores sitting similar to this year, at roughly 30. And I think you're going to have more of the KDS development.

好的。涼爽的。也許只是轉向資本支出。明年的數量，門市數量與今年類似，約為 30 家。我認為您將會有更多的 KDS 開發。

So is that the difference between the $360 million, $370 million this year and the $400 million you're targeting next year?

那麼，今年的 3.6 億美元、3.7 億美元和明年的 4 億美元目標之間有什麼區別嗎？

Hey, Jon, it's Chris. Yeah, you have it right there. It's -- and again, we're focused on putting money into our stores. Some of them are getting older. We want to make sure that they look fresh that they're inviting to our guests and they're great places to work as well.

嘿，喬恩，我是克里斯。是的，你就在那裡。再次強調，我們專注於向我們的商店投入資金。他們中的一些人正在變老。我們希望確保它們看起來新鮮，吸引我們的客人，而且它們也是工作的好地方。

And we are investing, as we discussed in previous quarters, we're investing in bump-outs, kitchen expansions and other things that will provide value as well. And -- and keep in mind, those investments are in stores that are doing well. So you're expanding somewhere where you already have great business, and you're just creating some capacity there. So we feel like that makes a lot of sense.

正如我們在前幾個季度討論的那樣，我們正在投資，我們正在投資於升級、廚房擴建和其他也能提供價值的事情。並且 - 請記住，這些投資是針對業績良好的商店的。因此，您正在向已經擁有出色業務的地方擴張，而您只是在那裡創造了一些能力。所以我們覺得很有意義。

Got it. And then just lastly, curious if you could add any color on how the [Bun and Butter] is going at Walmart so far?

知道了。最後，想知道您是否可以為沃爾瑪迄今為止的[小圓麵包和黃油]進展情況添加一些顏色？

Well, thanks for asking. It's still pretty early indications are it's exceeding our expectations. But it's still -- all the retail business is really to drive awareness of our brands and have some fun with it and see if it's the demand on the consumer side. We've learned a lot since we've gotten into that segment over the last several years. But it's still pretty new. But it's exciting to see that there is still a demand for anything inspired by Texas Roadhouse.

嗯，謝謝你的提問。現在的跡象表明它超出了我們的預期還為時過早。但它仍然是 - 所有零售業務實際上都是為了提高我們品牌的知名度並享受其中的樂趣，看看這是否是消費者方面的需求。自從過去幾年進入該領域以來，我們學到了很多東西。但它仍然很新。但令人興奮的是，人們仍然對受德州路屋啟發的任何東西有需求。

Awesome. Thanks for the question.

驚人的。謝謝你的提問。

Thank you.

謝謝。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks, guys, and congrats. to ask you about pricing versus wages in and how you're thinking about that? And in recent years, I was beginning to think that you would generally price towards wages rather than towards food inflation cycles -- that you -- would price to the consumer that would be represented by the type of wages that you'd be paying your own people. This next year, it feels like we're navigating towards the 2s type of price increases and your wage rate will be going up roughly twice that level. So I'm wondering if you're consciously thinking that way that you're either making an investment in labor right now that ways that you think are appropriate or may be opportunistic?

謝謝你們，恭喜你們。詢問您有關定價與薪資的問題以及您對此有何看法？近年來，我開始認為，你通常會根據工資而不是食品通膨週期來定價——你會向消費者定價，這將由你將支付的工資類型來代表。明年，感覺我們正在走向 2 秒的價格上漲，而你的工資率將上漲約兩倍。所以我想知道你是否有意識地認為你現在要么以你認為合適的方式對勞動力進行投資，要么可能是機會主義的？

Or are you making investments in value to the consumer that reflect some realities that you see out there. I'm just wondering how you're thinking about that.

或者您是否正在對消費者進行有價值的投資，以反映您所看到的一些現實。我只是想知道你怎麼想的。

Yeah, hey, David, it's Michael. I think you hit it on the nose there at the end. We are certainly viewing this as we are investing -- in the guest. This is not any leap of correlating the pricing that we're taking to the level of commodity pressure that we may be feeling. We'll probably not be an accurate thought -- those pricing discussions we're having -- were happening well before we had a current picture of what we expected for 2025.

是的，嘿，大衛，我是麥可。我認為你最後擊中了鼻子。我們當然將這一點視為我們對客人的投資。這並不是將我們正在採取的定價與我們可能感受到的大宗商品壓力水平聯繫起來的任何飛躍。我們可能不會有一個準確的想法——我們正在進行的那些定價討論——早在我們對 2025 年的預期有一個當前的了解之前就已經發生了。

So the pricing reflects what we think was -- and with collaboration of our operators, what we all think is appropriate for the business right now and making sure that we continue to deliver on that value proposition that has been so important for us for 30-plus years.

因此，定價反映了我們的想法 - 透過我們運營商的合作，我們都認為現在適合我們的業務，並確保我們繼續實現對我們來說非常重要的價值主張 30-再加上歲月。

Part of the reason I'm asking about this in the past, call it, 7 to 10 years, there have been eras where you were either investing in hours, and I think a little bit before COVID. And then you were started also doing some wage adjustments that you thought appropriate in the business, too.

我過去問這個問題的部分原因是，7到10年，曾經有過這樣的時代，你要么投資時間，我想在新冠疫情之前。然後你也開始進行一些你認為適合業務的薪資調整。

So you guys have been very thoughtful in certain eras about your investments in things and maybe there's something opportunistic. I mean your hours are so efficient versus on a year-over-year basis -- there's maybe something of a good timing in terms of the wages outpacing, what is typically what we're seeing out there elsewhere. So I'm wondering how you're thinking about that.

所以你們在某些時代對事物的投資非常深思熟慮，也許有一些機會主義。我的意思是，與去年同期相比，你的工作時間非常有效率——就薪資成長而言，也許是一個很好的時機，這通常是我們在其他地方看到的情況。所以我想知道你是怎麼想的。

Yeah. Again, we're just running the business the way we always have really no change. We're going to do what's right for the operators with right for the restaurant and what's right for our guests. And if that means adding people, we want them adding people -- but we're going to always be very careful on the pricing side and airing on the side of making sure we're screaming value.

是的。再說一遍，我們只是以一貫的方式經營業務，沒有任何改變。我們將做對經營者有利、對餐廳有利、對我們的客人有利的事情。如果這意味著增加人員，我們希望他們增加人員 - 但我們將始終在定價方面非常小心，並在確保我們尖叫價值方面進行播出。

Thanks, guys.

謝謝，夥計們。

Thank you.

謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Hey, guys, thanks for taking the question. Jerry, it looks like the newer Bubba's locations are running at significantly higher volumes from the older store cohorts. I realize you only have 3 stores open in the last 6 months, but is there something special about those stores? Or are higher volumes from new units, something we can expect from Bubba's?

嘿，夥計們，謝謝你提出問題。傑瑞，看來新的布巴店的營業量比老店的銷量高很多。我知道過去 6 個月你們只開了 3 家商店，但這些商店有什麼特別之處嗎？或者新單位的銷售量會增加，這是我們對布巴的期望？

Well, thank you for noticing. We appreciate that. I think it could be somewhat of where they're opening at, but we are very happy with the success that we've had in our new store openings over the last 18 months. And it does seem to be elevating and again, as we continue to look at opening these stores with the right amount of support and with operational excellence in mind, that could be is that we're executing at a higher level. There's definitely a demand when we open the store.

嗯，謝謝你的關注。我們對此表示讚賞。我認為這可能是他們開業的地方，但我們對過去 18 個月新店開業的成功感到非常高興。這似乎確實令人振奮，而且，當我們繼續考慮在適當的支持和卓越運營的情況下開設這些商店時，這可能是我們正在更高的水平上執行。我們開店的時候一定有需求。

So the more efficient that we can be of getting folks in and getting them taken care of and have a memorable experience could be rewarding us from that side of it. So it just tells me we need to continue to put the effort into getting these openings done and executing at a high level because the demand is there. And so that's very exciting news from our standpoint.

因此，我們越能有效地讓人們進來並照顧他們並擁有難忘的經歷，就可以從這方面為我們帶來回報。所以它只是告訴我，我們需要繼續努力完成這些空缺並在高水準上執行，因為需求是存在的。從我們的角度來看，這是一個非常令人興奮的消息。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

Thank you.

謝謝。

Andrew Strelzik, BMO Capital.

安德魯·斯特雷齊克 (Andrew Strelzik)，BMO 資本。

Hey, good afternoon. Thanks for taking the questions. Just two quick ones for me. Can you share how the volumes and margins of the stores that you acquired for the franchisee, how this compared to the rest of the company stores? And then my second question -- and I feel little silly asking this, I think I know the answer, but we've seen most of the delivery hold -- I guess, have evolved they're thinking around third-party and found structures that work for them. Has your thinking evolved at all? Or do you think there's ever a structure that you could find that might make sense for your brand? Thanks.

嘿，下午好。感謝您提出問題。對我來說只有兩個快速的。您能否分享一下您為特許經營商收購的商店的銷售和利潤如何，與公司其他商店相比如何？然後是我的第二個問題——我覺得問這個問題有點傻，我想我知道答案，但我們已經看到了大部分的交付擱置——我猜，他們正在考慮第三方並找到了結構這對他們有用。你的思想有進化嗎？或者您認為是否存在對您的品牌有意義的結構？謝謝。

Hey, Andrew, it's Michael. Andrew, it's Michael. I'll address the first one, and then I'll let Jerry chime in on the delivery. As far as those acquisition stores, they actually will drive some nice volume increases for us. Our average weekly sales as you're modeling that for 2025, you probably want to add about 0.5% evenly mix between traffic and check growth coming from what those 13 stores will deliver volume-wise. And they're probably about neutral to margins, maybe a slight increase in margin dollars coming from them.

嘿，安德魯，我是麥可。安德魯，這是麥可。我將解決第一個問題，然後讓傑瑞插話。就這些收購商店而言，它們實際上將為我們帶來一些不錯的銷售成長。當您對 2025 年的平均每週銷售額進行建模時，您可能希望在流量之間均勻地添加約 0.5%，並檢查這 13 家商店將提供的銷售成長。他們的利潤率可能是中性的，他們的利潤率可能會略有增加。

And then on the third party, we do utilize it at Jaggers. We also have it in most of our Bubba's stores and 1 Roadhouse in New York City. That it does make sense in. So I think our stance is still the same. We will continue to evaluate if it will, at this time, add any value to the business.

然後在第三方，​​我們確實在 Jaggers 中使用了它。我們在紐約市的大多數 Bubba's 商店和 1 Roadhouse 也有售。這確實有意義。所以我認為我們的立場還是一樣的。我們將繼續評估此時是否會為業務增加任何價值。

We're comfortable where we're at now. And we are paying attention to what's going on out there at all levels of third-party involvement. But right now, I feel very comfortable with us not having to rely on that to grow sales we really like to try to do it through our dining room and through our to-go business first.

我們現在所處的位置很舒服。我們正在關注第三方參與的各個層面上正在發生的事情。但現在，我對我們不必依賴於此來增加銷售額感到非常滿意，我們真的很喜歡嘗試先透過我們的餐廳和外送業務來實現這一目標。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Raul Krotthapalli, JPMorgan.

勞爾·克羅塔帕利，摩根大通。

Good afternoon, guys. Thanks for all the color today. I wanted to touch back on the state consumption trends. It was discussed the demand side of the equation was one of the factors for beef inflation outlook. How do you internally think about the risk of gross repricing or discounting for beef products in this environment? And in case at the margin, if it becomes more attractive for consumers to cook stake at home? And I have a follow-up.

下午好，夥計們。感謝今天所有的顏色。我想回顧一下國家的消費趨勢。人們討論了需求方是牛肉通膨前景的因素之一。您內部如何看待這種環境下牛肉產品總重新定價或折扣的風險？萬一在邊際上，在家煮飯對消費者來說是否更具吸引力？我有一個後續行動。

Yeah, Rahul, it's Chris, and I'll take the first before you get to your follow-up. That's absolutely what I was talking about. There is a retail demand element to this. that just wasn't there, at least so far this year. And part of that is we haven't seen the discounting that we might have seen in previous years -- from some of the major retailers, particularly on cuts of steak that would compete with where we are.

是的，拉胡爾，我是克里斯，我先講第一個，然後再講後續內容。這絕對是我所說的。這其中有零售需求因素。至少今年到目前為止，這種情況還不存在。部分原因是我們沒有看到前幾年可能看到的折扣——來自一些主要零售商的折扣，特別是與我們競爭的牛排切塊。

So yes, that's a risk. If they were to start that. that would bring demand up from that cohort, and that is something we would have to think through.

所以是的，這是一個風險。如果他們要開始的話。這會增加該群體的需求，這是我們必須考慮的問題。

Perfect. And I do understand that you guys don't advertise on TV, but just from a presidential election year or a typical disruption in trends seen across casual diners. Anything -- you guys noted in the past cycles when it comes to food traffic trends November, December. And then also this year, there is a shorter holiday period gap between Thanksgiving and Christmas. Is there any positive or negative impact we should be thinking about from these factors? Thank you.

完美的。我確實知道你們不會在電視上做廣告，而只是在總統選舉年或休閒食客中看到的典型趨勢中斷中做廣告。任何事——你們在過去的周期中註意到十一月、十二月的食品運輸趨勢。今年感恩節和聖誕節之間的假期間隔也更短。我們應該考慮這些因素有什麼正面或負面的影響嗎？謝謝。

Yeah. First on the election. Obviously, 2020 isn't going to be much help to us in looking at any trends. But 2016, 2012, can't recall there being much of an impact from the election cycle. And we also did look back at that shorter time frame between Thanksgiving and Christmas, I believe 2019 was the last time we had that.

是的。首先是選舉。顯然，2020 年對我們觀察任何趨勢都沒有太大幫助。但不記得 2016 年、2012 年選舉週期有多少影響。我們也確實回顧了感恩節和聖誕節之間較短的時間範圍，我相信 2019 年是我們最後一次經歷這樣的情況。

There was a lot of noise in there, but I didn't see anything significant. I would say that we'd be experiencing any issues during that time frame.

裡面有很多噪音，但我沒有看到任何重要的東西。我想說，在這段時間內我們會遇到任何問題。

Perfect. Thanks for the update, guys.

完美的。謝謝你們的更新，夥計們。

Thank you.

謝謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi. Thanks. Just two quick ones for me. Just two quick ones for me, if I could. On that labor question and just thinking about the hours next year. Can you help us frame what you're seeing currently from an hourly turnover or retention perspective? any perspective on the absolute levels or how that might compare to whatever you view as a normal level. And what other dynamics beyond retention and turnover might cause that relationship to move higher into next year versus what you saw in '24?

你好。謝謝。對我來說只有兩個快速的。如果可以的話，就給我兩個快速的。關於勞工問題，只考慮明年的工作時間。您能幫助我們從每小時營業額或保留率的角度來描述您目前所看到的情況嗎？對絕對水平的任何看法，或與您認為的正常水平相比如何。除了保留率和流動率之外，還有什麼其他動力可能會導致這種關係在明年比 24 世紀更高？

Yeah, Brian, it's Michael. I would tell you, we don't share that turnover number just because everyone calculates differently, we do look at it on a 12-month basis, and it continues to trend in the right direction, below historical -- certainly back to historical low levels. And so we're very pleased to be seeing that just goes to show when we provide a great experience for our employees and give them the hours that they're looking for and those in the kitchen an e-commerce experience, it has them sticking with us.

是的，布萊恩，是麥可。我想告訴你，我們不會僅僅因為每個人的計算方式不同而分享營業額數字，我們確實以12 個月為基礎進行研究，並且它繼續朝著正確的方向發展，低於歷史水平- 當然會回到歷史低點水準。因此，我們非常高興地看到，當我們為員工提供良好的體驗並為他們提供他們想要的時間以及為廚房裡的人提供電子商務體驗時，這會讓他們堅持下去和我們一起。

As far as what could cause that to change in the '25. I don't know if I really have anything fair to add, unfortunately.

至於什麼可能導致這種情況在 25 世紀發生變化。不幸的是，我不知道我是否真的有什麼可以補充的。

Okay. Okay. Fair enough. That's helpful. And I guess one just following up on the commodity outlook next year. Do you expect much of a difference in your year-on-year inflation in the first half versus second half at this point?

好的。好的。很公平。這很有幫助。我猜想他們只是在跟進明年的大宗商品前景。您預計目前上半年和下半年的年比通膨率是否會有很大差異？

Yeah, Brian, it's Michael again. Maybe a little bit more commodity inflation in the back half of the year, probably just from the standpoint of what we're lapping this year versus last year, but nothing at this point that would say it's dramatically different in the back half of the year than the first half.

是的，布萊恩，又是麥可。也許只是從我們今年與去年相比的角度來看，今年下半年的大宗商品通膨可能會更高一些，但目前還沒有任何證據表明今年下半年的情況有顯著不同比上半場。

All right. Thanks very much.

好的。非常感謝。

Thank you.

謝謝。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

Hey, guys, thanks for the question. Maybe just the franchise acquisition that happened, how did that come about? And I guess, as you think about the rest of your franchise base, is that something you're looking to do more of?

嘿，夥計們，謝謝你的提問。也許只是發生了特許經營權收購，這是怎麼發生的？我想，當您考慮其他特許經營基礎時，您是否希望在這方面做更多的事情？

Thanks for that question. Thanks for the question. Now we talk to our franchise partners regularly, and they've been with us a very long time, and -- and we started this conversation a few years back, and we were able to get a deal done through a lot of partnership and hard work, and we're very excited.

謝謝你提出這個問題。謝謝你的提問。現在我們定期與我們的特許經營合作夥伴交談，他們已經和我們在一起很長時間了，而且我們幾年前就開始了這次對話，我們能夠通過大量的合作夥伴關係和努力完成交易工作，我們非常興奮。

And in a lot of these cases, it was always the intention 20, 25 years ago when these groups came with us. So we were able to get the terms. We were able to get a heck of a deal for them and for us. And -- and it's just the timing worked out perfectly and how we like to see it roll out at the start of '25 and -- and so it's a very, very exciting transaction for us at Roadhouse, and we will continue to talk to others that are out there. If anything ever comes to fruition, we'll keep you guys posted.

在很多情況下，這些團體在 20、25 年前就和我們一起來到了這裡。所以我們能夠得到條款。我們為他們和我們達成了一筆非常划算的交易。而且——這只是一個完美的時機，我們希望看到它在 25 年初推出——所以這對我們 Roadhouse 來說是一筆非常非常令人興奮的交易，我們將繼續與那裡的其他人。如果有任何成果，我們會及時通知大家。

Thanks, guys. Appreciate it.

謝謝，夥計們。欣賞它。

Thank you.

謝謝。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Thanks for the question. A couple of quick follow-ups on capital expenditures. What do you expect build-out costs to be in 2025? Are they relatively stable or any type of relief, so to speak, relative to past inflationary years?

謝謝你的提問。關於資本支出的一些快速後續。您預計 2025 年的擴建成本是多少？相對於過去的通貨膨脹年份，它們是否相對穩定或有任何類型的緩解？

Yeah. I think they're relatively stable. I think you're just looking at a normal a year in terms of build-out of the buildings.

是的。我覺得他們還是比較穩定的。我認為您所看到的只是建築物擴建方面的正常年份。

All right. And for fourth quarter, I don't know if you track this or not, but any feedback on whether your advanced bookings on holiday parties or special bank of events in the fourth quarter or where they should be, where you would expect or potentially any pickup in demand that you could comment on?

好的。對於第四季度，我不知道您是否跟踪這一點，但有關您是否提前預訂了第四季度的假日派對或特殊活動庫或它們應該在哪裡、您期望或可能在哪裡的任何反饋您可以評論一下需求的取貨嗎？

Jim, it's Chris here. We don't really play in that game. So that's not going to be something that we speak.

吉姆，我是克里斯。我們並沒有真正玩那個遊戲。所以這不會成為我們談論的內容。

All right. Thank you very much.

好的。非常感謝。

And that concludes our question-and-answer session. I will now turn the call back over to Jerry Morgan for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給傑瑞摩根（Jerry Morgan）發表結束語。

Thank you very much. I appreciate all your time and being with us tonight. And thank you for all of those that spoke out on our positive quarter. So with [Roadie] enthusiasm, I bid you a good night. Let's go Roadhouse.

非常感謝。我感謝您今晚與我們在一起的所有時間。感謝所有對我們的積極季度表示讚賞的人。因此，懷著[Roadie]的熱情，我祝您晚安。我們去路屋吧。

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。