Texas Roadhouse Inc (TXRH) 2025 Q1 法說會逐字稿

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

晚上好，歡迎參加德州客棧第一季財報電話會議。今天的通話正在錄音。（操作員指示）

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

現在我想介紹德州客棧投資者關係主管 Michael Bailen。您可以開始您的會議了。

Thank you, Kayla, and good evening. By now, you should have access to our earnings release for the first quarter ended April 1, 2025. 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，凱拉，晚上好。現在，您應該可以查看我們截至 2025 年 4 月 1 日的第一季財報。您也可以在我們的網站 texasroadhouse.com 的「投資者」部分找到它。我想提醒大家，我們今天的討論內容將包含前瞻性陳述。這些聲明並非對未來表現的保證，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報告和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，我們可能會參考非公認會計準則 (non-GAAP) 指標，非公認會計準則 (non-GAAP) 指標與公認會計準則 (GAAP) 資訊的對帳可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.

今天與我一起通話的是 Texas Roadhouse 的執行長 Jerry Morgan 和我們的財務長 Chris Monroe。聽完準備好的發言後，我們將回答您的問題。為了方便每個想提問的人，請每個人只問一個問題。

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 recently returned from our Annual Managing Partner Conference where we celebrated the performance of our restaurants and recognize the success of our top operators. Spending time surrounded by our partners leaves me inspired and energized by the passion and enthusiasm they have for operating great restaurants.

謝謝，邁克爾，大家晚上好。我們最近參加了年度管理合夥人會議，在會上我們慶祝了我們餐廳的業績並認可了我們頂級營運商的成功。與我們的合作夥伴一起度過的時光讓我深受啟發和鼓舞，他們對經營一流餐廳的熱情和熱情讓我充滿活力。

Moving to our results. We remain pleased with the direction of our overall business and the demand for our brands is as strong as ever. For the quarter, we generated over $1.4 billion of revenue and same-store sales increased 3.5%, including positive traffic growth. After a somewhat mixed start to the year, our top line trends have returned to more normalized levels in March, April and May. In fact, our average weekly sales for March hit all-time highs at all three brands.

轉向我們的結果。我們對整體業務的發展方向仍然感到滿意，並且對品牌的需求一如既往地強勁。本季，我們的營收超過 14 億美元，同店銷售額成長 3.5%，其中客流量正成長。在經歷了年初的喜憂參半之後，我們的營收趨勢在 3 月、4 月和 5 月已經恢復到更正常的水平。事實上，我們三個品牌三月的平均週銷售額都創下歷史新高。

While we can't control the broader economic landscape, including potential tariffs, consumer sentiment, and other macro conditions, we see the current environment as an opportunity to double down on what we do best.

雖然我們無法控制更廣泛的經濟格局，包括潛在的關稅、消費者情緒和其他宏觀條件，但我們認為當前的環境是加倍努力做好我們最擅長的事情的機會。

We will stay true to our mission values and purpose and continue to focus on what we can control, which is delivering legendary food and legendary service. It is our belief that despite any external factors our recipe right food, high-level hospitality and everyday value will continue to resonate with our guests and drive long-term growth.

我們將忠於我們的使命價值和宗旨，繼續專注於我們能夠控制的事情，即提供傳奇的美食和傳奇的服務。我們相信，無論受到何種外部因素的影響，我們精心烹調的菜餚、高水準的招待和日常價值都將繼續引起客人的共鳴，並推動長期成長。

On the development front, during the first quarter, we opened 8 company-owned restaurants, including 1 Bubba's 33 location with an additional 15 restaurants already opened or under construction we remain on track to open approximately 30 company-owned restaurants this year. This includes as many as 7 Bubba's 33 openings as well as 1 Jaggers.

在發展方面，第一季度，我們開設了 8 家公司自營餐廳，其中包括 1 家 Bubba's 33 餐廳，另外還有 15 家餐廳已經開業或正在建設中，我們仍有望在今年開設約 30 家公司自營餐廳。其中包括多達 7 個 Bubba's 33 開場以及 1 個 Jaggers。

Our current outlook for franchise openings this year includes five international Texas Roadhouses and two domestic Jaggers. In addition to the 13 franchised restaurants that were acquired at the beginning of the year, we purchased one additional restaurant later in the first quarter, and we expect to acquire another three restaurants in the second quarter.

我們目前預計今年將開設五家國際德州客棧和兩家國內 Jaggers 餐廳。除了年初收購的13家特許經營餐廳外，我們在第一季末又收購了一家餐廳，預計第二季還將收購三家餐廳。

We also owned our 50th Bubba's 33 during the first quarter and have already opened 2 additional locations in the second quarter. We just completed our guest attitude and usage study for Bubba's 33, and it is providing us with a lot of good insight into the brand. It has reinforced our belief that Bubba's 33 is a family-friendly sports team restaurant that appeals to consumers of all ages. Our guests expressed love for the brand and appreciation for the consistency, quality and taste of our food. We also received high praise for our fun and energetic atmosphere.

我們還在第一季開設了第 50 家 Bubba's 33 餐廳，並且在第二季度已經開設了另外 2 家分店。我們剛剛完成了 Bubba's 33 的顧客態度和使用情況研究，這為我們提供了對該品牌的許多深刻見解。這進一步堅定了我們的信念：Bubba's 33 是​​一家適合家庭的運動隊伍餐廳，可以吸引各個年齡層的消費者。我們的客人表達了對該品牌的喜愛，並對我們食物的一致性、品質和口味表示讚賞。我們的有趣和充滿活力的氛圍也獲得了高度讚揚。

From a technology standpoint, our current initiatives are progressing as planned. 65% of our restaurants are currently using a digital kitchen and the remainder of our restaurants are scheduled to convert by the end of this year. As we have said before, we believe these conversions are creating a more efficient kitchen and a less stressful environment for our Roadies. Additionally, the upgrade of our guest management system is moving quickly. 70% of our restaurants have the new system with the rest on track to receive it by the end of the year.

從技術角度來看，我們目前的舉措正在按計劃進展。我們 65% 的餐廳目前正在使用數位廚房，其餘餐廳則計劃在今年年底前完成轉換。正如我們之前所說，我們相信這些轉變將為我們的 Roadies 創造一個更有效率的廚房和一個壓力更小的環境。此外，我們的客人管理系統升級正在快速推進。我們 70% 的餐廳都已安裝新系統，其餘餐廳也預計在今年年底前安裝。

This upgrade is allowing our operators to quote more accurate wait times and better manage their floor plan. This week, we are in the process of rolling out new beverage menus for our Texas Roadhouse restaurants. We are excited that for the first time, we will be using regional beverage menus that are tailored to specific geographic preferences. These menus will also include our mocktails as well as our $5 all day everyday beer and Margarita offerings.

此次升級使我們的操作員能夠報出更準確的等待時間並更好地管理他們的平面圖。本週，我們正在為 Texas Roadhouse 餐廳推出新的飲料菜單。我們很高興，我們將首次使用根據特定地理偏好量身定制的區域飲料菜單。這些菜單還包括我們的無酒精雞尾酒以及全天 5 美元的啤酒和瑪格麗塔酒。

Finally, I want to recognize and want to congratulate Ron Marcus from Concordville, Pennsylvania as he was named our Texas Roadhouse Managing Partner of the Year. On the Bubba's 33 side, congratulations to Kyle Morris from Glen Burnie, Maryland for being named the brand's Managing Partner of the Year. Additionally, I want to recognize Daniel Rivera of Covington, Louisiana, for being named for the third time our national meat cutter champion, and Katie Vincent, for being our support center rod of the Year. And lastly, I would like to congratulate and to thank all of our award finalists for their contributions, accomplishments and passion for Texas Roadhouse.

最後，我要表揚並祝賀來自賓州康科德維爾的 Ron Marcus 被評為德州客棧年度執行合夥人。在 Bubba's 33 週年之際，恭喜來自馬裡蘭州格倫伯尼的 Kyle Morris 被評為該品牌的年度執行合夥人。此外，我還要表彰路易斯安那州卡溫頓的丹尼爾·裡維拉 (Daniel Rivera)，他第三次榮獲全國肉類切割冠軍稱號，以及凱蒂·文森特 (Katie Vincent)，她榮獲年度最佳支持中心釣竿獎。最後，我要祝賀並感謝所有入圍者對 Texas Roadhouse 的貢獻、成就和熱情。

Now Chris will provide some thoughts.

現在克里斯將提供一些想法。

Thanks, Jerry. For the first quarter, weekly sales averaged $167,000 at Texas Roadhouse, $123,000 at Bubba's 33 and and $71,000 at Jaggers. All three brands delivered positive same-store sales and traffic growth during the quarter with momentum building in the back half of the quarter. This momentum has carried forward into the first 5 weeks of the second quarter with comparable sales up 5% and our restaurants averaging weekly sales of approximately $164,000. The positive sales trend through the first five weeks includes the benefit of the 1.4% menu price increase that we implemented at the beginning of the second quarter as well as improved mix trends.

謝謝，傑瑞。第一季度，Texas Roadhouse 的每周平均銷售額為 167,000 美元，Bubba's 33 的每周平均銷售額為 123,000 美元，Jaggers 的每周平均銷售額為 71,000 美元。本季度，這三個品牌的同店銷售額和客流量均實現了正成長，並且在本季後半段勢頭強勁。這一勢頭一直延續到第二季​​度的前五週，可比銷售額增長了 5%，我們餐廳的平均每週銷售額約為 164,000 美元。前五週的銷售趨勢呈現正面趨勢，這包括我們在第二季初實施的 1.4% 菜單價格上漲以及組合趨勢的改善。

Before discussing our inflation outlook, I would like to address our current thoughts on the potential impact of tariffs. The most likely areas of our business impacted by tariffs are commodities, supplies and equipment. However, there are still many unknowns, including how much of the expense will be passed through as well as the timing of when we will see the increased expense.

在討論我們的通膨前景之前，我想談談我們目前對關稅潛在影響的看法。我們的業務中最有可能受到關稅影響的領域是商品、供應品和設備。然而，仍有許多未知數，包括有多少費用將被轉嫁，以及何時我們會看到費用增加。

For commodities, seafood will be the most impacted portion of our basket. Much of this category comes from non-US MCA countries. Outside of seafood, there are no other significant components of our commodity basket that are purchased from outside North America.

對於商品而言，海鮮將是我們籃子中受影響最大的部分。這一類別的大部分來自非美國 MCA 國家。除海鮮外，我們的商品籃子中沒有其他重要組成部分是從北美以外購買的。

Within supplies, tariffs on some items such as disposables and platewear will be the most impactful to us. However, due to inventory and orders already in transit, the higher cost should not be felt until the back half of the year.

在供應方面，一次性用品和餐具等一些物品的關稅對我們的影響最大。然而，由於庫存和訂單已在運輸途中，成本上漲的影響要到下半年才會顯現。

For equipment, the potential impact this year is lessened as we typically order much of our new restaurant equipment well in advance. However, we could also see some impact from unplanned equipment replacement at existing restaurants.

對於設備而言，今年的潛在影響較小，因為我們通常會提前訂購大部分新餐廳設備。然而，我們也可能會看到現有餐廳計劃外的設備更換帶來一些影響。

Now moving on to our outlook for commodity inflation. While first quarter inflation was in line with our internal forecast, we have increased our guidance for full year commodity inflation to approximately 4%. This increase is based on our updated expectations for beef costs through the remainder of the year as well as the impact of tariffs. We currently estimate that tariffs will drive approximately 30 basis points of the full year commodity inflation. Labor inflation in the first quarter was also in line with our projections.

現在我們來談談商品通膨的展望。雖然第一季的通膨率與我們的內部預測一致，但我們已將全年商品通膨率預期上調至約 4%。此次上調是基於我們對今年剩餘時間牛肉成本的最新預期以及關稅的影響。我們目前估計，關稅將推動全年商品通膨率上升約30個基點。第一季的勞動力通膨也符合我們的預測。

The ongoing focus by our operators on productivity resulted in labor hours growing at approximately 35% of comparable traffic growth. Based on our outlook for the remainder of the year, we are maintaining our 4% to 5% wage and other labor inflation guidance for the full year.

我們的營運商持續專注於生產力，導致勞動時間的成長速度與可比較流量的成長速度相當，約為 35%。根據我們對今年剩餘時間的展望，我們維持全年 4% 至 5% 的薪資和其他勞動力通膨預期。

With regard to cash flow, we ended the first quarter with $221 million in cash. Cash flow from operations was $238 million, which was offset by $173 million of capital expenditures, dividend payments and share repurchases as well as $78 million for the acquisition of 14 franchise restaurants. Our guidance for 2025 capital expenditures, including any tariff-related cost pressures remains unchanged at approximately $400 million.

就現金流而言，第一季末我們的現金為 2.21 億美元。營運現金流為 2.38 億美元，被 1.73 億美元的資本支出、股息支付和股票回購以及 7,800 萬美元收購 14 家特許經營餐廳所抵銷。我們對 2025 年資本支出（包括任何與關稅相關的成本壓力）的指導保持不變，約為 4 億美元。

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

現在，麥可將向我們介紹第一季的業績。

Thanks, Chris. For the first quarter of 2025, we reported revenue growth of 9.6% primarily driven by a 2.4% increase in average unit volume and 7.1% store week growth. We also reported a restaurant margin dollar increase of 4.7% to $239 million and a diluted earnings per share increase of 1% and to $1.70.

謝謝，克里斯。2025 年第一季度，我們報告營收成長 9.6%，主要得益於平均單位銷售成長 2.4% 和門市週成長 7.1%。我們還報告稱，餐廳利潤率增長 4.7%，達到 2.39 億美元，每股攤薄收益增長 1%，達到 1.70 美元。

Average weekly sales in the first quarter were over $163,000 with to-go representing approximately $22,000 or 13.6% of these total weekly sales. Comparable sales increased 3.5% in the first quarter, driven by 1.1% traffic growth and a 2.4% increase in average check. By month, comparable sales grew 5.5%, 0.5% and 4.6% for our January, February and March periods, respectively.

第一季的平均每週銷售額超過 163,000 美元，其中外送銷售額約為 22,000 美元，佔每週總銷售額的 13.6%。第一季可比銷售額成長 3.5%，主要得益於客流量成長 1.1% 和平均支票金額成長 2.4%。按月計算，一月、二月和三月的可比較銷售額分別成長了 5.5%、0.5% 和 4.6%。

In the first quarter, restaurant margin dollars per store week decreased 2.2% to approximately $27,000. Restaurant margin as a percentage of total sales decreased 77 basis points year-over-year to 16.6%. Food and beverage costs as a percentage of total sales were 34.1% for the first quarter.

第一季度，餐廳每週每店利潤下降 2.2% 至約 27,000 美元。餐廳利潤率佔總銷售額的百分比年減 77 個基點至 16.6%。第一季食品和飲料成本佔總銷售額的 34.1%。

The 22 basis point year-over-year decline was driven by 2.1% commodity inflation combined with shifts within the entree category, partially offset by the benefit of a 2.4% check increase. Labor as a percentage of total sales increased 79 basis points to 33.3% as compared to the first quarter of 2024. Labor dollars per store week increased 4.8% due to wage and other labor inflation of 4.6% and growth in hours of 0.3%.

年減 22 個基點是由於 2.1% 的商品通膨和主菜類別的變化所致，但被 2.4% 的支票增長所部分抵消。與 2024 年第一季相比，勞動力佔總銷售額的百分比增加了 79 個基點，達到 33.3%。由於工資和其他勞動力通膨 4.6% 以及工時增長 0.3%，每家商店每週的勞動力成本增加了 4.8%。

Other operating costs were 14.4% of sales, which was 32 basis points better than the first quarter of 2024. The improvement was driven by leverage on operator bonuses as well as the year-over-year change in our quarterly reserve for general liability insurance. These insurance adjustments include $0.3 million of additional expense this year as compared to $3.5 million of additional expense last year.

其他營運成本佔銷售額的 14.4%，比 2024 年第一季高出 32 個基點。這項改善是由營運商獎金的槓桿作用以及我們季度一般責任保險準備金的同比變化所推動的。這些保險調整包括今年 30 萬美元的額外支出，而去年的額外支出為 350 萬美元。

Moving below restaurant margin, G&A dollars grew 6.9% year-over-year and came in at 3.9% of revenue for the first quarter. Our effective tax rate for the quarter was 14.8%. Our expectation for the full year 2025 income tax rate remains unchanged at between 15% and 16%.

低於餐廳利潤率，G&A 費用年增 6.9%，佔第一季營收的 3.9%。本季我們的有效稅率為 14.8%。我們對 2025 年全年所得稅率的預期保持不變，介於 15% 至 16% 之間。

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

現在我將把電話轉回給傑瑞，請他發表最後的評論。

Thanks, Michael. As I mentioned, we just returned from our managing partner conference where the theme was going all in. It is clear to me that our operators are going all in on the fundamentals of our business and purpose of serving communities across America and the world.

謝謝，麥可。正如我所提到的，我們剛剛參加了管理合夥人會議，會議的主題是全力以赴。我很清楚，我們的營運商正在全力以赴地履行我們的業務基本原則和服務美國和世界各地社區的宗旨。

Speaking of our communities around the world, I recently completed store visits in the Philippines. I can tell you that no matter the country, the culture or brand the passion for legendary food and legendary service is truly amazing.

說到我們在世界各地的社區，我最近完成了菲律賓的商店訪問。我可以告訴你，無論哪個國家、哪個文化或品牌，對傳奇美食和傳奇服務的熱情都是令人驚奇的。

Let's go Roadhouse.

我們去 Roadhouse 吧。

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

我們的準備好的演講到此結束。凱拉，請打開熱線來回答問題。

(Operator Instructions) Sara Senatore, Bank of America.

（操作員指示）美國銀行的 Sara Senatore。

Just quickly, the components of the tech, Michael, if you don't mind, I think you have probably about 3% price. And I wanted to sort of make sure I understood. It sounds like you'll probably price below inflation, not just kind of this updated commodities, but also maybe even wage inflation. I wanted to make sure that, that was correct.

邁克爾，如果你不介意的話，簡單說一下該技術的組成部分，我想你大概有 3% 的價格。我想確保我理解了。聽起來你的定價可能會低於通膨率，不僅是更新的商品，甚至可能是薪資通膨。我想確認一下，這是正確的。

And then the question is about mix. If you could just talk about, is that the sort of the new alcohol program? Or what are you seeing that's driving improvement in mix, which I think has been a headwind for a little while now?

接下來的問題是關於混合。您能談談嗎？這是新的酒精計劃嗎？或者您看到了什麼推動了混合改進，我認為這已經成為一段時間以來的阻力？

Sure. Thanks, Sara. So we did have 3.1% pricing in the first quarter. That dropped down to 2.3% and in the second and third quarter. So yes, we are priced below the inflation guidance that we have. But that's typically -- we're typically not going to price for commodity inflation. So that change there is really not something that is driving our decisions there.

當然。謝謝，薩拉。因此，第一季我們的定價確實有 3.1%。在第二季和第三季度，這一比例下降至 2.3%。是的，我們的定價低於通膨指導價。但這通常是——我們通常不會根據商品通膨來定價。因此，那裡的變化實際上並不是推動我們做出決定的因素。

As far as the mix, the benefit that we saw in the first five weeks was a little bit of an improvement -- further improvement from already having positive mix in the entree category. And then some improvements as well in the advertisers. Advertisers softened a little bit in the first quarter and came back here so far in the second quarter and alcohol has kind of remained as we have been seeing down a little over 0.5 point.

就組合而言，我們在前五週看到的好處是有一點改善——在主菜類別中已經有積極組合的基礎上有了進一步的改善。廣告商也有一些改進。廣告商在第一季略有減弱，但在第二季度有所回升，而酒精類廣告則保持了一定水平，我們看到下降幅度略高於 0.5 個百分點。

Got it. I think you're also pricing below wage inflation. Was that the right interpretation? That's seems like something you've historically priced for it.

知道了。我認為你的定價也低於薪資通膨率。這是正確的解釋嗎？這看起來像是你過去已經定價過的東西。

With 4% to 5% being our wage and other guidance. Now within that 4% to 5% the underlying wage pressure is probably about 3%. But we do tend to price for structural inflation. It doesn't mean that we always price for all of it all in one. So it's something that we're very careful on and very methodical in our pricing decisions.

其中 4% 至 5% 是我們的薪資和其他指引。現在，在 4% 到 5% 的範圍內，潛在的薪資壓力大概在 3% 左右。但我們確實傾向於根據結構性通膨來定價。這並不意味著我們總是對所有產品都統一定價。因此，我們在定價決策時非常謹慎，而且非常有條理。

Understood. Seems to be working for you. Thank you.

明白了。看起來對你有用。謝謝。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

I wanted to ask a question about labor and labor leverage, oftentimes, when it's a choppy quarter, it's hard to nail your labor hours, especially when it is volatile as that first quarter was. But in the quarter, that labor leverage, which had gotten better than that 50% ratio that you've been doing was less so. It was closer to 1:1.

我想問一個關於勞動力和勞動力槓桿的問題，通常，當一個季度波動較大時，很難確定你的勞動時間，尤其是在第一季這樣動盪的情況下。但在本季度，勞動力槓桿率雖然比你一直以來的 50% 有所提高，但情況卻有所下降。更接近1：1。

I'm wondering, should we not look into that too much as sort of an end of an error? Or was it really about that volatility? Or maybe when things just moderate and generally, you're not going to be going down in hours like you would let your hours go up less than the traffic? Or just any thoughts about what that means, if anything, for the year?

我想知道，我們是否應該過度研究這一點，將其視為錯誤的結束？或者這真的與波動性有關嗎？或者也許當情況只是緩和並且一般情況下，你不會減少工作時間，就像你會讓你的工作時間比流量增加得少一樣？或者您有什麼想法，想知道這對今年來說意味著什麼嗎？

Hi, David, it's Chris. And I just want to clarify because I thought I had it in my comments, but just to be clear, we did in the first quarter, have 35% labor hours to traffic growth. So we were back under that 50%. And that's the sixth straight quarter below 50% on that metric. And so yeah, so that has continued.

嗨，大衛，我是克里斯。我只是想澄清一下，因為我認為我在我的評論中已經提到了這一點，但需要明確的是，我們在第一季確實有 35% 的勞動時間用於流量成長。所以我們又回到了 50% 以下。這是該指標連續第六個季度低於 50%。是的，這種情況一直持續著。

And we've stayed very productive and the operators have stayed very productive even through the difficulties and in particular, it was February. But largely, you can attribute a lot of that, of course, to their focus, but the turnover has remained low the hourly turnover is below prepandemic levels and as is manager turnover. So that's continued as well.

即使面臨困難，尤其是在二月，我們一直保持著非常高的生產力，操作員也一直保持著非常高的生產力。但很大程度上，你可以將其中很大一部分歸因於他們的專注，但人員流動率仍然很低，每小時的人員流動率低於疫情前的水平，經理的流動率也是如此。所以這也將繼續下去。

I misheard that. That's helpful.

我聽錯了。這很有幫助。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is about restaurant margin performance. And I think if I look at the long history of Texas Roadhouse, there's been very few periods where we've seen restaurant profit dollars per week decline and you had a slight decline in the first quarter.

我的問題是關於餐廳利潤表現的。我認為，如果我回顧一下德州客棧的悠久歷史，我們很少看到餐廳每週利潤下降的時期，而第一季的利潤略有下降。

So just wondering if you could maybe think about or frame up your thought process around what that metric could look like for this year, given some of the inflation and the very small amount of pricing. And specifically, is it important to you that you try to keep that positive? Or because it was so positive last year, you're willing to give some back. I guess what is the philosophy and how you manage that line for this year?

所以我只是想知道，考慮到一些通貨膨脹和非常少量的定價，您是否可以考慮或構思今年該指標的趨勢。具體來說，保持這種正面態度對你來說重要嗎？或者因為去年的表現非常積極，所以你願意回饋一些。我猜您今年的理念是什麼以及如何管理這條路線？

David, it's Michael. I appreciate the question. And I think you're touching on a lot of things that we discuss internally. Certainly, those margin dollars per store is something we watch. And yeah, with the choppy start to the year, we just didn't get as much growth in that area as maybe we normally would.

大衛，我是麥可。我很感謝你提出這個問題。我認為您觸及了我們內部討論的許多事情。當然，我們關注的是每家商店的利潤。是的，由於今年開局不順，我們在該領域沒有取得像往常一樣大的成長。

Now how this will play out throughout the year? Is still to be determined. Our traffic has come back very strongly. But you're also right, we've had a really strong 2024 and lapping that right now in the face of some commodity pressures will probably mean that those margin dollars per store week maybe don't grow nearly as much as we have seen but it's something we'll keep an eye on and be aware of. But you are correct that it's definitely a little bit softer in the first quarter than what we typically see.

那麼這一情況全年將如何發展呢？仍有待確定。我們的客流量已經強勁回升。但您也說得對，我們在 2024 年取得了非常強勁的業績，現在面對一些商品壓力，這可能意味著每家商店每週的利潤率可能不會像我們所看到的那麼高，但我們會密切關注並注意這一點。但您說得對，第一季的經濟表現肯定比我們通常看到的要弱一些。

If I could just ask a quick follow-up to that. I guess as you approach your menu price decision later in the year with all this inflation that you're essentially absorbing, including the new-found tariff impacts, I guess how do you think about pricing against some of that inflation or maybe catching up for maybe what you haven't taken so far?

我是否可以快速詢問一下這個問題？我想，當您在今年稍後做出菜單價格決策時，考慮到您基本上正在吸收的所有通貨膨脹，包括新發現的關稅影響，我想您會如何考慮根據部分通貨膨脹來定價，或者彌補迄今為止您還沒有承受的部分？

Hi David, it's Jerry. Yeah, we'll continue on with our strategy. We're just a few weeks into the pricing that we took for basically the spring and the summer, as we get a little closer to the fall decision, we'll get with our operators. We'll kind of see where the climate in the world is at that time and try to make the best decision not only for shareholders, but for our consumers and for our operators and partners. So we will continue on with that same philosophy. As we get closer, I think we'll have a better idea of what we'd like to do.

你好，大衛，我是傑瑞。是的，我們將繼續我們的策略。我們剛開始製定春季和夏季的基本定價，隨著秋季決策的臨近，我們將與營運商達成協議。我們會觀察當時的世界情勢，並努力做出最好的決定，不僅對股東，也對我們的消費者、營運商和合作夥伴。因此我們將繼續秉持同樣的理念。隨著我們越來越接近目標，我想我們會對我們想要做的事情有更好的想法。

Brian Harbor, Morgan Stanley.

摩根士丹利的布萊恩‧哈伯。

This is [Kelly Marel] on for Brian. It looks like a nice start to the quarter with some pickup from Q1. Some peers have noted as well. I'm just curious if what you're seeing is in line with the industry? Or if there are any Roadhouse-specific efforts that are driving the acceleration?

我是 [Kelly Marel]，為 Brian 播報。本季度看起來有一個良好的開端，與第一季相比有所回升。一些同行也注意到了這一點。我只是好奇您所看到的是否與行業一致？或者是否有任何 Roadhouse 特定的努力正在推動加速發展？

I think we've stayed very true to our focus on our food and our service and our value and our execution and I think that's what's continuing to drive that rebound, I guess, you would call it in March, April and May. And we feel really good about our game plan as we've always had and our continued focus.

我認為我們始終專注於我們的食物、服務、價值和執行，我認為這就是繼續推動反彈的動力，我想，你會在三月、四月和五月稱之為反彈。我們對我們的比賽計劃感到非常滿意，因為我們一如既往地關注並持續關注。

So I think our results are a reflection of our operators performing at a high level and executing and our guests continuing to reward and trust us that we've created an environment that they enjoy spending their time and their money.

因此，我認為我們的業績反映了我們的運營商的高水準表現和執行力，也反映了我們的客人不斷獎勵和信任我們，相信我們創造了一個他們樂於花時間和金錢的環境。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Wondering if we could give -- or you could give any additional thoughts on margins for the year. Obviously, you've given a lot of the pieces on labor and commodities. Anything else as we think about other OpEx, managing that this year maybe visibility into the beef side of things? Any other pieces to help us kind of better put together some puts and takes for full year '25 restaurant margins?

想知道我們是否可以提供——或者您可以就今年的利潤率給出任何其他想法。顯然，您已經發表了許多有關勞動力和商品的文章。當我們考慮其他營運支出時，還有什麼其他事項嗎？今年的管理是否可能對牛肉有可見性？還有什麼其他資訊可以幫助我們更好地匯總 25 年全年餐廳利潤的利弊？

Hi, Dennis, it's Michael. Now obviously, your traffic assumptions will play a part in that, but if you were to assume that we were going to have some modest traffic growth through the year. I think the guidance that we have given would say that the commodity line is going to be under some pressure through the year.

你好，丹尼斯，我是麥可。現在顯然，您的流量假設將在其中發揮作用，但如果您假設我們全年的流量將有所增長。我認為我們給出的指導表明大宗商品線全年將面臨一些壓力。

And labor could still have some pressure probably wouldn't beat to the extent you saw in the first quarter. And then other operating is, just like we said last quarter, it's probably that line where we do have some opportunity to get some leverage and where we got some leverage in the first quarter. So we'll see where the overall margins come in, but it would seem like other ops are as we sit here today with what we know is the area with the greatest opportunity for some leverage.

勞動力仍可能面臨一些壓力，可能不會像第一季那麼嚴重。然後其他營運就像我們上個季度所說的那樣，這可能是我們確實有機會獲得一些槓桿並且我們在第一季獲得了一些槓桿的機會。因此，我們將看看整體利潤率如何，但今天我們坐在這裡，似乎其他操作都是如此，我們知道這是獲得一些槓桿機會最大的領域。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

Mine is on tabs and the dynamics there and what we should expect maybe over the next couple of quarters. In the first quarter -- comps were up 22 basis points, as you mentioned, on pricing it was 1 point higher than commodity inflation. So there were some negative impacts, some, I think, mix shift, but it seems pretty severe.

我關注的是標籤和那裡的動態以及我們對未來幾季的預期。第一季度，同店商品上漲了 22 個基點，正如您所說，其定價比商品通膨率高出 1 個百分點。因此存在一些負面影響，我認為是混合轉變，但似乎相當嚴重。

And I'm wondering whether that continues, whether we should expect more deleverage from COGS than just the pricing and the commodity inflation guidance would suggest and then within the commodity inflation guidance, I'm wondering whether the cadence is pretty -- differs, meaning I'm kind of thinking maybe the second quarter, you'd see the most inflation then it comes down from there. But just any idea about cadence would be helpful.

我想知道這種情況是否會持續下去，我們是否應該預期 COGS 帶來的去槓桿作用會比定價和商品通膨指引所建議的更多，然後在商品通膨指引範圍內，我想知道節奏是否相當不同，這意味著我在想也許在第二季度，你會看到通膨最高，然後從那裡開始下降。但任何有關節奏的想法都會有幫助。

Sure. Yeah. Let me start off with the actual COGS line because you are correct, we had 2.1% inflation in the first quarter, and our check was up 2.4%. That math by itself would have said that we should have levered the commodity line by about 10 basis points. So we did about 30 basis points of pressure on that line from that mix shift.

當然。是的。讓我從實際的 COGS 線開始，因為您說得對，第一季我們的通貨膨脹率為 2.1%，而我們的支票上漲了 2.4%。根據這項計算，我們應該將商品線的槓桿率提高約 10 個基點。因此，我們透過這種混合轉變對該線路施加了大約 30 個基點的壓力。

What we've started to see a little bit more of is our guest trading from chicken or a seafood entree up into our state category. And I think some of that makes a lot of sense given the cost of stake at the grocery, I guess are recognizing the value that we're offering and choosing to order a stake a little bit more often with us.

我們開始看到更多的是我們的客人從雞肉或海鮮主菜交易到我們的州類別。我認為，考慮到雜貨店牛排的價格，這樣做很有意義，我想他們認識到了我們提供的價值，並選擇更頻繁地向我們訂購牛排。

With that comes some positive overall mix. It helps the top line, but it does put pressure on the COGS line because those stake items are not as high a margin item as maybe on a percentage basis as chicken is. So it's kind of net neutral to our margin dollars but you do see that pressure very obviously on the commodity or on the cost of sales line.

隨之而來的是一些積極的整體組合。它有助於提高營業收入，但確實給銷貨成本線帶來了壓力，因為這些股份項目的利潤率可能不如雞肉項目高。因此，這對我們的利潤來說是淨中性的，但你確實可以非常明顯地看到商品或銷售成本上的壓力。

We do think that will stay with us into the second and third quarters, maybe not to that full 30 basis points. We're thinking more like 20 basis points of pressure. And in the fourth quarter, we think it may step down to about 10 basis points of pressure.

我們確實認為這種情況將持續到第二季​​和第三季度，但可能不會達到整整 30 個基點。我們認為壓力可能高達 20 個基點。我們認為，第四季利率壓力可能會降至 10 個基點左右。

And then as far as the cadence of our inflation for the year, you're probably fairly similar as our expectations, certainly for the second and third quarter, maybe it comes down a little bit into the fourth quarter. But pretty similar is our expectation right now.

就今年通膨的節奏而言，可能與我們的預期非常相似，當然是第二季和第三季度，但到第四季可能會略有下降。但我們現在的預期非常相似。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just looking back at the comp trends you offered for the first quarter, not unlike others, it seemed like you were running mid-single digit and then trends really fell off in February and then bounce back to that mid-single digit.

偉大的。回顧您提供的第一季的比較趨勢，與其他趨勢不同，似乎您的業績處於中等個位數，然後趨勢在 2 月真正下降，然後反彈至中等個位數。

Just wondering to what you attribute that slowed down. I mean a lot of people talk about weather. Other has been referred to a slowing macro, weather seems to have subsided, but the macro most to argue is still challenged. So the fact that you made it all the way back to kind of where you were running before.

我只是想知道您認為導致速度減慢的原因是什麼。我的意思是很多人都在談論天氣。其他人已經提到宏觀經濟放緩，天氣似乎已經平息，但最值得爭論的宏觀經濟仍然受到挑戰。所以事實上你已經完全回到了你之前跑步的地方。

I'm just wondering how you think about the weakness and whether on the yields of that, you've seen any change in consumer behavior, whether it's weekday, weekend or any mix shift changes? I know you mentioned actually consumers potentially trading up in the stake. I was thinking maybe there would be trading in the other way. So any thoughts on the drivers of the pullback and the lasting impact from that since then.

我只是想知道您如何看待這種弱點，以及就其收益而言，您是否看到消費者行為有任何變化，無論是工作日、週末還是任何混合輪班變化？我知道您提到消費者實際上可能會增加股份交易。我在想也許可以用其他方式進行交易。那麼，您對回調的驅動因素及其持續影響有何看法？

Hi, Jeff, it's Chris. And thank you for that question. It's a thoughtful one. And it's something we've been studying here the entire quarter. And it really did come down to the weather and some influenza different parts of the country had it worse than others.

嗨，傑夫，我是克里斯。感謝您的提問。這是一個深思熟慮的問題。這是我們整個季度一直在研究的事情。這確實與天氣有關，而且該國不同地區的流感情況比其他地區更嚴重。

But it was absolutely store closures from snow. It was the weather. It was people staying in, we saw more to go business during that period of time. And then the bounce back came when the weather got better. And so we're not seeing anything that's concerning us in any sort of geographic area.

但商店確實因下雪而關閉。是天氣原因。因為人們都待在家裡，所以我們在那段時間看到更多的外出做生意。天氣轉好時，情況又開始反彈。因此，我們在任何地理區域都沒有看到任何令我們擔憂的事情。

And any sort of -- any other way you would divide up the consumer base. They're coming back there enjoying what we have to offer, and we have strength and momentum that's carrying into the second quarter.

以及任何其他劃分消費者群體的方式。他們回來享受我們提供的服務，我們擁有的實力和勢頭將延續到第二季​​度。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

You guys did briefly touch on it, but you just returned from a Managing Partner Conference. So I'm curious if there were anything you heard from your restaurant operators that were surprising to you? Anything about ops or just how the consumer is holding up in general basically, I'm just looking for anything you guys heard from sort of a boots on the ground perspective about your restaurants?

你們確實簡要地談到了這一點，但你們剛剛參加完管理合夥人會議。所以我很好奇，您是否從餐廳經營者那裡聽到了令您感到驚訝的事情？關於營運或消費者整體情況如何，我只是想了解一下你們從實地了解餐廳的情況嗎？

Yes, Jeff, I appreciate it. I think it was all very positive. We were celebrating the success of 2024. We did discuss a little bit of our start to '25, and I believe we had a strong January, and we all know what happened in February across the country. And we bounced right back in March, April and May. And I think they're feeling very, very confident.

是的，傑夫，我很感激。我認為這一切都非常積極。我們正在慶祝2024年的成功。我們確實討論了 25 年的開始，我相信我們度過了一個強勁的 1 月份，我們都知道 2 月份全國各地發生了什麼。我們在三月、四月和五月就迅速恢復了元氣。我認為他們感覺非常非常自信。

Again, there's still concerns. We all have questions about some of the things that are going on. But I think, in general, our restaurants are pack full of people that love -- are made from scratch food and our high level of hospitality, and they're feeling very confident that as the world kind of settles, we'll be right back to doing what we always do, and that's to deliver on legendary food and legendary service. And we will focus on what we can control and do everything we can to serve communities across America and the world at the highest level, and that's what we're focused on.

再次，仍然存在擔憂。我們都對正在發生的一些事情抱持疑問。但我認為，總的來說，我們的餐廳擠滿了熱愛我們自製食物和高水平招待的顧客，他們非常有信心，隨著世界逐漸穩定下來，我們會回到我們一直在做的事情上，那就是提供傳奇的美食和傳奇的服務。我們將專注於我們能夠控制的事情，並盡我們所能為美國和世界各地的社區提供最高水準的服務，這就是我們所關注的。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I wanted to follow up actually on the quarter-to-date comp. I believe price in April is lower than what you had in January or March. So can you just give that breakdown across traffic, price and mix? And I think you also mentioned mix has been improving. And then are you seeing any differences in trend across regions or days of the week?

我實際上想跟進本季度迄今為止的業績。我相信四月份的價格會比一月或三月的價格低。那麼，您能否給出流量、價格和組合方面的細分情況？我認為您也提到了混合一直在改善。那麼，您是否發現不同地區或一週內不同日子的趨勢有差異？

Hi, Lauren, it's Michael, that quarter-to-date, those five weeks, same-store sales up 5%. That includes traffic of about 3.1%, meaning that the check was up 1.9%, and that was with 2.3% pricing. So about 40 basis points of negative mix as compared to the 60 basis points we saw in the first quarter.

嗨，勞倫，我是邁克爾，本季度迄今為止，這五週內，同店銷售額增長了 5%。其中包括約 3.1% 的流量，這意味著支票上漲了 1.9%，而價格上漲了 2.3%。因此，與第一季看到的 60 個基點相比，負面組合約為 40 個基點。

And again, that improvement was coming in the entree and the appetizer categories and maybe a little bit in the mocktails as well as what drove that improvement. As far as the regional trends that we're seeing.

再次強調，這種改進是在主菜和開胃菜類別中取得的，也許在無酒精雞尾酒中也有所改進，這也是推動這種改進的因素。就我們所看到的區域趨勢而言。

Like Chris said, whether it be for the first quarter or the first 5 weeks, we're seeing strong performance throughout the country in all days of the week and all segments of the day. So we're very pleased with how the guest is using us right now.

正如克里斯所說，無論是第一季還是前五週，我們都看到全國各地一周中所有日子、一天中所有時段都表現強勁。因此，我們對客人目前的使用方式感到非常滿意。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Just back to the quarter-to-date. Just curious, can you clarify how the shift of Easter or spring break timing -- how does that impact your March versus April?

回到本季至今的情況。只是好奇，您能否解釋一下復活節或春假時間的變化——這對您三月和四月有何影響？

Sure, Brian. Are we talking about for the quarter to date, right?

當然，布萊恩。我們談論的是本季迄今為止的情況，對嗎？

Yes.

是的。

Yes. It had about -- for the 5 weeks, about a 50 basis point negative impact on our reported comp. So that should come out to about a 20 basis point negative on the quarter -- second quarter, and we had about a 20 basis point positive impact in the first quarter. We'd estimated at about 30 basis points and the actual was about 20 basis points.

是的。在這 5 週內，它對我們報告的表現產生了約 50 個基點的負面影響。因此，這應該會對第二季造成約 20 個基點的負面衝擊，而對第一季則產生約 20 個基點的正面衝擊。我們估計約為 30 個基點，實際約為 20 個基點。

Okay. Very helpful. And on commodity inflation, obviously, you took the guidance up 4%. We've seen spark debt growth has increased pretty meaningfully through April. It seems like some industry participants, I think we could (technical difficulty) [early times of type of] retention, we'll see. But just curious if you could kind of expand on your latest thoughts on the beef outlook, both from a supply and demand perspective?

好的。非常有幫助。至於商品通膨方面，顯然您將預期提高了 4%。我們看到，四月火花債務成長顯著增加。似乎一些行業參與者認為，我們可以（技術難度）[早期類型的]保留，我們拭目以待。但我只是好奇您是否可以從供需角度詳細說明您對牛肉前景的最新看法？

Yes. Sure, Brian. I mean, obviously, things haven't changed that dramatically in our outlook. We still expect a tightening supply and it looks like that is continuing to happen and demand has stayed robust, both in the food service sector and retail.

是的。當然，布萊恩。我的意思是，顯然，從我們的角度來看，事情並沒有那麼巨大的變化。我們仍然預計供應將會收緊，而且看起來這種情況正在繼續發生，食品服務業和零售業的需求仍然強勁。

At this point, in the grocery store, people are still willing to pay for the beef. And so that is coming along with this tighter supply, you're seeing the suppliers maybe tighten how much they're producing and that has led to some of those higher prices that you're talking about.

此時，在雜貨店裡，人們仍然願意為牛肉付錢。因此，隨著供應趨緊，你會看到供應商可能會縮減產量，從而導致你所說的價格上漲。

So whether or not we're seeing that hamper or retention as of yet, is something we're watching as well, and that can obviously drive prices higher if when that occurs. And so all those things are baked into our guidance of the approximately 4% for the full year.

因此，無論我們目前是否看到這種阻礙或保留，都是我們正在關注的事情，如果發生這種情況，顯然會推高價格。所有這些都已納入我們對全年約 4% 的預測中。

All right. And if I could just slip one more in just on the margins. It did look like the rent line picked up a little bit, increased, I don't know, 7%, 8% on MAT per week. I just wanted to confirm, is that the impact of the acquisition? Or were there some one-timers we should be mindful of in that line?

好的。如果我可以在邊緣處再插入一個的話。看起來租金確實上漲了一點，每週上漲了 7% 或 8%。我只是想確認一下，這是收購的影響嗎？或者在那條線上我們是否應該留意一些一次性事件？

No. Hi, Brian, it's Michael again. Yeah, you're correct. A lot of that is driven by the acquisition that we made in some of those -- half of those stores are nearly half being in California with some higher rents and new stores, in general, tend to have higher rents as well. So those are the two things driving that. And I would expect that to probably continue maybe not to the as much of a degree as the first quarter with a little bit more sales -- potential sales growth, but that rent line could deleverage us slightly in 2025.

不。嗨，布萊恩，我又是麥可。是的，你說得對。這在很大程度上是由於我們對其中一些商店的收購——這些商店中有一半位於加利福尼亞州，租金較高，而且一般來說，新店的租金也往往較高。這就是推動這現象發生的兩個因素。我預計這種情況可能不會像第一季那樣持續下去，銷售額可能會略有增加——潛在的銷售額成長，但租金線可能會在 2025 年略微降低我們的槓桿率。

Jim Salera, Stephens Inc.

吉姆·薩萊拉（Jim Salera），史蒂芬斯公司（Stephens Inc.）

I want ask about to-go sales? It looks like, if my math is correct, stepped up about 60 basis points sequentially from 4Q. Can you just talk about what you're seeing there from the consumer? And maybe just remind us margin differential between to-go sales and in-restaurant dining?

我想問外送的狀況嗎？如果我的計算正確的話，看起來從第四季開始連續上漲了約 60 個基點。能談談您從消費者角度看到的情況嗎？也許只是提醒我們外送銷售和餐廳用餐之間的利潤差異？

Yeah. I mean I can talk to the sales side of it a little bit. Again, I think it's just our focus on the execution. We did mention a little bit that some of that February might have ticked it up a little bit also with some of the weather and so we've seen that.

是的。我的意思是我可以稍微談談銷售方面的事情。再說一次，我認為這只是我們對執行的關注。我們確實提到過，由於某些天氣原因，二月的某些月份的氣溫可能會略有上升，我們已經看到了這一點。

But I think if you really look at the last 24 months, I mean, we've really continued to execute very well. We've really improved our -- how are measurable of missing items to some degree and just we've changed our packaging.

但我認為，如果你認真回顧過去 24 個月，你會發現我們確實一直表現得非常好。我們確實改進了——如何在一定程度上衡量丟失物品，並且我們改變了包裝。

We've done a lot of things operationally to provide a better to-go experience. And I think those have been good payoffs for us in the long run. And I think Michael wanted to follow up on that.

我們在營運上做了很多工作來提供更好的外帶體驗。我認為從長遠來看，這些對我們來說是很好的回報。我認為邁克爾想跟進這一點。

Yeah, Jim, as far as the margins on to go versus dine in, obviously, we can put costs in any bucket and make it look differently. The way I like to talk about it is under the assumption that our dining room is full, which largely it is the to-go business is great incremental margin dollar occurrence for us.

是的，吉姆，就外帶和堂食的利潤率而言，顯然，我們可以把成本放在任何類別中，並使其看起來有所不同。我喜歡這樣談論它：假設我們的餐廳已滿，這很大程度上是因為外賣業務為我們帶來了巨大的利潤增量。

And it's probably just about margin neutral to just slightly positive, having the step-up in the to-go business. You have to remember, we don't get the beverage attachment typically with the to-go order. But if we're already pulling the dining room and our kitchen is fully staffed, getting those to go sales are definitely beneficial to the dollars and neutral to slightly positive on the percent.

由於外送業務的成長，利潤率可能只是中性或略為正值。您必須記住，我們通常不會在外帶訂單中附帶飲料附件。但如果我們已經拉起了餐廳，並且我們的廚房已經配備了全部工作人員，那麼獲得這些外賣銷售肯定對收入有利，並且對百分比的影響為中性或略微正值。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great. Just two quick ones, one clarification. Your prior commodity guidance was 3% to 4%, you're now talking 4% commodity inflation with about 30 basis points from the tariffs. So I'm just curious, does anything really change other than the tariffs on the commodity inflation picture? Has anything really changed there?

偉大的。只要簡單說兩點，澄清一點。您之前對大宗商品的預期是 3% 至 4%，而現在您談論的是 4% 的大宗商品通膨率，其中關稅將帶來約 30 個基點的通膨。所以我很好奇，除了關稅之外，大宗商品通膨情況還真的有什麼改變嗎？那裡真的有什麼改變嗎？

And then I guess my second question would be more on the Bubba's side. You guys mentioned you completed a study recently. Can you share some of the learnings there? And if you learned anything about guest frequency with that brand?

那麼我想我的第二個問題更多是關於 Bubba 的。你們提到你們最近完成了一項研究。能分享一些經驗嗎？您是否了解該品牌的客人頻率？

Yes. Peter, I'll start off with your cost of sales question. We certainly have taken a slightly higher inflation view for beef going along with the tariffs as well. There's a few areas offsets in the basket, a few items that maybe we don't think will be as inflationary as we were thinking at the last time that we spoke, produce being one of those. And with some of the changes to our relationships with some of the produce generating countries, we've modified some of our assumptions there. So that was a little bit of an offset.

是的。彼得，我先從你的銷售成本問題開始。當然，我們也認為隨著關稅的提高，牛肉的通貨膨脹率會略有上升。籃子中有幾個領域的抵消，我們認為其中一些商品的通膨率可能不像我們上次談話時想像的那麼高，農產品就是其中之一。隨著我們與一些農產品生產國的關係發生變化，我們也修改了一些假設。所以這有一點偏移。

And then on the Bubba's question, what we really learned was that the food for all messaging that we have is really something they understand. It's family-friendly. They love the energy and the enthusiasm around it. I mean Roadhouse is stakes and potatoes and cold beer and margaritas and Bubba's is more burgers and pizzas and kind of a rock and roll and sports team because of all the TVs and things like that. So what we really learned was mostly was that they really love the vibe of Bubba's and they love the food for all being so family friendly. So it was a great learning for us for that go around.

然後關於 Bubba 的問題，我們真正了解到的是，我們發布的所有資訊中的食物都是他們真正理解的東西。它適合家庭觀看。他們喜歡周圍的活力和熱情。我的意思是 Roadhouse 有牛排、馬鈴薯、冰啤酒和瑪格麗塔酒，而 Bubba’s 則有更多的漢堡和披薩，還有點搖滾和運動隊的感覺，因為那裡有電視和類似的東西。所以我們真正了解到的是，他們真的很喜歡 Bubba's 的氛圍，也喜歡這裡適合全家人一起享用的食物。所以這次經驗對我們來說是一次很好的學習。

Andrew Strelzik, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Andrew Strelzik。

You guys have been pretty consistent talking about the kitchen technology is improving the back of house and just making a better environment back there. But I guess as you have more quarters under your belt, more stores under your belt, are you getting to the point where you can start to identify more operational benefits, throughput, table turns, labor efficiency? Any color on that would be great.

你們一直在談論廚房技術如何改善後勤環境並創造更好的環境。但我想，隨著您累積了更多經驗，經營了更多商店，您是否可以開始發現更多的營運優勢、吞吐量、餐桌週轉率和勞動效率？任何顏色都可以。

Thanks, Andrew. This is Jerry. I appreciate the question. Yeah, we're excited about getting it wrapped up with all of our AGM enhancements to the stores and to the digital kitchen. I think we are learning some things, but it's from a measurable really able to discuss it at this time. We'd really like to see everybody up and running on it and really understand what are the efficiencies.

謝謝，安德魯。這是傑瑞。我很感謝你提出這個問題。是的，我們很高興能夠完成所有針對商店和數位廚房的年度股東大會改進。我認為我們正在學習一些東西，但這是可以衡量的，現在才真正能夠討論它。我們真的希望看到每個人都能開始使用它並真正了解它的效率。

But the bottom line is in the back of the house that digital kitchen. Our employees really love it. Our managers really love it. It does help manage the mathematics of the work orders a little bit. And in the dining room that the AGM 2.0 as we're calling it, really about managing floor plan and even helping us manage some of the wait list that we have for different reasons that might people come and go and change positions. But really it helps us calculate how to keep moving fast. And for us, that's the key component at this point in time. So thanks for the question, Andrew.

但最重要的是房子後面的數位廚房。我們的員工非常喜歡它。我們的經理非常喜歡它。它確實有助於稍微管理工作訂單的數學。在餐廳中，我們稱之為 AGM 2.0，實際上是在管理平面圖，甚至幫助我們管理由於不同原因而來的等候名單，人們可能會來來去去，更換位置。但實際上它幫助我們計算如何保持快速移動。對我們來說，這是目前的關鍵因素。謝謝你的提問，安德魯。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Just wondering on the labor line this quarter, was there any unique items in there that drove -- I don't know if it's kind of state taxes or things like that at the beginning of the year? Just wondering if there's any other call-outs there.

我只是想知道本季的勞動力線上是否有任何獨特的因素推動了——我不知道它是否是年初的州稅或類似的東西？我只是想知道那裡是否還有其他呼叫。

Andy, it's Michael. Nothing really to call out there. I mean, the deleverage there is really a function of while we had a comparable sales growth of 3.5% in Q1, as we talked about on the last call, because of the mismatch of the week. We were expecting average weekly sales to be as much as 150 basis points lower, and it was 120 basis points lower.

安迪，我是麥可。沒什麼好說的。我的意思是，那裡的去槓桿實際上是因為我們第一季的可比銷售額增長了 3.5%，正如我們在上次電話會議上討論的那樣，這是由於本週的不匹配造成的。我們預計每周平均銷售額將下降 150 個基點，但實際上下降了 120 個基點。

So we had 2.3% average weekly sales growth and had our normal commodity inflation right in the middle of our -- I'm sorry, labor inflation of 4.5% right in the middle of our guidance with good productivity from our stores on the labor on our side. So it's just a function of only having the 2.3% average weekly sales growth in the first quarter.

因此，我們每週的平均銷售額成長率為 2.3%，正常的商品通膨率正好處於我們的預期中間——抱歉，勞動通膨率為 4.5%，正好處於我們的預期中間，而且我們商店的勞動生產力也很好。因此，這只是第一季平均每週銷售額成長 2.3% 的結果。

Okay. That's helpful color. And then -- any update on G&A dollar growth? I assume mid-single-digit dollar growth is still in the ballpark for '25?

好的。這是很有幫助的顏色。然後——G&A 美元增長有任何更新嗎？我認為 2025 年美元仍能維持中位數個位數成長？

Yes, that would still be our assumption not much change from what we thought last year. We had mid-single almost just under 7% G&A dollar growth in the first quarter. Could you see that come up a little bit in the second quarter and then could be flat in the third quarter, should be lower in Q4 because of lapping the extra week. So that probably gets you into low to mid-single-digit dollar growth.

是的，這仍然是我們的假設，與我們去年的想法相比沒有太大變化。第一季度，我們的 G&A 費用成長率接近 7%。您是否會看到第二季度有所上升，然後在第三季度持平，由於額外一周的重疊，第四季度應該會更低。因此，這可能會使您的美元收入實現低至中等個位數的成長。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Okay. I had maybe a little bit of a longer-term question on store hours. And I think you guys have kind of over the last 5, 10 years, opened up a little earlier and earlier. I think you're opening a lot of stores like 3 o'clock. How productive has that been? And I guess, is there an opportunity to open later some of your stores? Like I think a lot of them closed at 10:00 or 11:00 depending on the day of the week. And just do you think there's an opportunity to kind of keep pushing hours out a little bit more than you have been?

好的。我可能對商店營業時間有一些長期疑問。我認為你們在過去 5 到 10 年裡開放得越來越早了。我認為你們會在 3 點左右開很多店。這樣做有什麼成效？我想，以後是否還有機會開設一些店家？我認為很多商店根據星期幾在 10:00 或 11:00 關門。您是否認為還有機會比以前多工作一些時間？

This is Jerry. Thanks for the question. I like our hours where we're at. I think closing at 10:00 during the week seems to make sense just in general, we stay a little open, like you say, a little later on the weekends for Roadhouse and Bubba's even stays a little longer than that. So and there -- and Bubba's is open for lunch. So I think that there is a demand than a conversation would be maybe we keep opening incrementally a little bit earlier to capture that versus staying late.

這是傑瑞。謝謝你的提問。我喜歡我們所在的位置。我認為在工作日 10:00 關門一般來說都是合理的，就像你說的，週末 Roadhouse 和 Bubba's 的營業時間會晚一點，甚至會更長一些。那麼——Bubba’s 午餐時間開始營業了。因此，我認為存在一種需求，而不是對話，也許我們會逐步提前一點來滿足這種需求，而不是等到很晚。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

The question is something specific on Roadhouse average unit volumes for stores that, I guess, are open 6 to 18 months. Lower year-over-year, I know they're volatile, and I know it's a fairly small sample size, but how you're feeling about, I guess, that not the newest class, but the newer type of class relative to average unit volumes, do you expect them to get to average unit volumes?

問題是關於 Roadhouse 開業時間為 6 至 18 個月的商店的平均單位銷售的具體資訊。與去年同期相比有所下降，我知道它們不穩定，而且我知道樣本量相當小，但我想您對此有何看法，這不是最新的類別，而是相對於平均單位數量而言較新的類別類型，您預計它們會達到平均單位數量嗎？

And I know at least at ICR, and maybe some other times, we've talked about some intentional cannibalization or fill in of markets that would lower average volumes and that would overall grow over time. Is that some of the phenomenon that we're seeing at this point where we're adding capacity to a market and it's just going to take some time for customers to refill some of the seats all the time.

我知道至少在 ICR，也許在其他一些時候，我們討論過一些有意蠶食或填補市場的舉措，這會降低平均交易量，但總體而言會隨著時間的推移而增長。這是我們目前看到的現象嗎？我們正在增加市場容量，但乘客需要一些時間來補充一些座位。

Hi, John, it's Michael. I do appreciate that question. And that is a group of stores and it somewhat is subject to how many stores are in there and the geographic makeup of the restaurants that are in there in maybe last year's number, there were a few more California stores, which can be very high volume, whereas this year, there are some stores in there that are in parts of the country where we don't originally expect them to be doing 140,000, 150,000 a week right out of the -- out of the gate, so maybe some Midwestern locations that we feel very comfortable with the returns that we're going to get at the sales volumes that they're doing.

嗨，約翰，我是麥可。我非常感謝你提出這個問題。這是一組商店，它在某種程度上取決於其中有多少家商店以及其中餐廳的地理分佈。也許去年的數字中，有更多的加州商店，銷量可能非常高，而今年，其中的一些商店位於我們最初預計不會一開始就達到每週 140,000 到 150,000 家的地區——所以也許一些中西部地區的商店，我們對他們目前的銷售量所帶來的回報感到非常滿意。

So whether there be one or two in there also that maybe, as you're saying, we're filling in between other stores, that's possible. But those tend to open pretty well also. So we're not feeling any concern by the volumes we're seeing there, it's kind of to be expected. And then if you look at that newest store group, we're seeing some very strong performance there as well.

因此，無論其中是否有一兩個，也許，正如你所說，我們正在其他商店之間填補，這是可能的。但這些也往往能很好地打開。因此，我們對所看到的數量並不感到擔憂，這在某種程度上是可以預料到的。如果你看一下最新的商店組，我們也會看到那裡的表現非常強勁。

For sure. I know it's ebb and flow over the years, but overall average unit volumes have gone up.

一定。我知道這些年來情況有起有落，但整體平均單位銷售量是上升的。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

Wondering if you could provide a little bit more feedback on the franchisee acquisitions you've mentioned going forward? And how we should look at the mix of franchise versus company or if eventually you would consider refranchising some of the company stores.

想知道您是否可以就您提到的未來特許經營商收購提供更多回饋嗎？我們應該如何看待特許經營與公司的組合，或者最終是否會考慮重新特許經營一些公司商店。

Hi, Jim, it's Chris. We've got less than 40 domestic Texas Red house franchises that are left. And we do maintain an active dialogue with all of our franchisees. And when they're ready to step back, we're ready to step in. But it is an ongoing conversation with them. And there's not a specific plan to roll up anymore anytime soon. In fact, we don't have anything imminent beyond what we've already disclosed.

嗨，吉姆，我是克里斯。我們國內的德州紅屋特許經營店僅剩不到 40 家。我們確實與所有加盟商保持著積極的對話。當他們準備撤退時，我們就準備介入。但這是與他們的持續對話。且近期還沒有任何具體的計劃可以實施。事實上，除了我們已經披露的內容之外，我們沒有任何即將發生的事情。

But those are conversations that we have, we have quarterly meetings with the franchisees individually with them and have a great dialogue going. And then the second part of your question was, are we thinking about adding franchises, that's more of a Jagger's question. So we are adding franchises in Jaggers but not in Texas Roadhouse.

但這些都是我們進行的對話，我們每季都會與特許經營商單獨舉行會議，並進行良好的對話。然後你問題的第二部分是，我們是否考慮增加特許經營權，這更像是賈格爾的問題。因此，我們在 Jaggers 增加了特許經營權，但沒有在 Texas Roadhouse 增加特許經營權。

Right. And any consideration as far as selling the company-owned stores to franchisees for the Texas Roadhouse system?

正確的。有沒有考慮將公司自有商店出售給 Texas Roadhouse 系統的特許經營商？

No, Jim, there's not.

不，吉姆，沒有。

Todd Brooks, Benchmark.

布魯克斯 (Todd Brooks)，《基準》。

I wanted to ask about the bar menu relaunch that's imminent here. Three questions, did this initiative come from the managing partner level back up through the system as something that you should look at? How do you test something like this? And then if we think about adding in mocktails but also a more regional mix in the offering, how do we think about the profitability profile of the bar business going forward?

我想詢問一下即將重新推出的酒吧菜單。三個問題，這個舉措是否來自管理合夥人層面並透過系統向上層回饋，這是您應該關注的嗎？您如何測試這樣的東西？然後，如果我們考慮添加無酒精雞尾酒，同時在產品中添加更具區域特色的混合飲品，我們如何看待未來酒吧業務的盈利狀況？

Hi, Todd, this is Jerry. I'll tell you, the conversation about a $5 all day, every day Margarita, beer and LIT offering really came from the consumer as we traveled out over the last few years about what were we offering at our bar specials.

你好，托德，我是傑瑞。我可以告訴你，關於全天 5 美元、每天提供瑪格麗塔、啤酒和 LIT 的討論實際上來自於消費者，我們在過去幾年中外出旅行時討論了我們在酒吧特價中提供的內容。

And so that conversation kind of create -- we used to have a 10-ounce margarita for great value, and then we didn't have it, I guess, coming out of the pandemic and so we were a little slow getting it back on, but it was a popular item by our consumer and that's really the driver.

因此，這種對話就產生了——我們以前有一種 10 盎司的瑪格麗塔酒，非常划算，但後來，我想，疫情結束後，我們就沒有這種酒了，所以我們恢復供應的速度有點慢，但它是我們的消費者很歡迎的商品，這才是真正的驅動力。

As we started talking to the operators about what we were hearing, they were absolutely in favor of us coming up with a more all day every day for the dining room and for the bar offering that they had some input on. The margarita has been a great seller for us in getting that back on, but to having the flexibility on what kind of beer they wanted to sell for in a pint and -- an ice-cold pint glass and so they've got a lot of flexibility on that.

當我們開始與業者討論我們所聽到的內容時，他們非常支持我們為餐廳和酒吧提供更多全天候服務，他們對此提出了一些意見。瑪格麗塔酒對我們來說是一個很好的賣點，可以幫助我們重新恢復銷售，但是對於他們想要以一品脫和一品脫冰鎮啤酒杯出售哪種啤​​酒具有靈活性，因此他們在這方面具有很大的靈活性。

So that's a big win overall. The mocktails, I think, is really, again, driven by consumer and some of the demand of the flavor profile of beverages these days. And so we've seen very -- they've been -- become very popular for us, and we like where they're going to still pretty new to it. I think maybe October, November of last year, we really got it on most of the menus and probably even a little later on some of the stores. So this will be our first full year in that segment, but we are excited with what we are seeing so far.

總的來說，這是一個巨大的勝利。我認為，無酒精雞尾酒實際上再次受到消費者以及當今飲料風味特徵的一些需求的推動。因此，我們看到它們變得非常受歡迎，而且我們喜歡它們仍然很新穎。我想可能是去年十月、十一月的時候，我們在大多數菜單上都出現了它，甚至可能稍後在一些商店裡也出現了它。這是我們在該領域的第一個全年，但我們對目前所看到的情況感到非常興奮。

(Operator Instructions) And it appears there are no further questions at this time. Jerry Morgan, I will turn the call back over to you.

（操作員指示）目前似乎沒有其他問題了。傑瑞摩根，我會把電話轉回給你。

Thank you very much. Just want to appreciate all of you being on the call with us today and to all of Roadie Nation out there, 2024 was an incredible year I thank you from the bottom of my heart for appreciate all of your efforts and everything you've done. Let's stay focused on legendary food and legendary service and supporting one another as we continue on. Let's go!

非常感謝。只想感謝今天與我們通話的所有人以及 Roadie Nation 的所有成員，2024 年是不可思議的一年，我從心底感謝你們所做的一切努力。讓我們繼續專注於傳奇美食和傳奇服務，並繼續互相支持。我們走吧！