Texas Roadhouse Inc (TXRH) 2025 Q2 法說會逐字稿

Good evening, and welcome to the Texas Roadhouse second quarter earnings conference call. Today's call is being recorded. (Operator Instructions) I would now like to introduce Michael Bailen, Head of Investor Relations for Texas Roadhouse. You may begin your conference.

晚上好，歡迎參加德州客棧第二季財報電話會議。今天的通話正在錄音。（操作員指示）現在我想介紹德州客棧投資者關係主管邁克爾貝倫 (Michael Bailen)。您可以開始您的會議了。

Thank you, Samita, and good evening. By now, you should have access to our earnings release for the second quarter ended July 1, 2025, it may also be found on our website at texasroadhouse.com in the Investors section.

謝謝你，薩米塔，晚上好。現在，您應該可以查看我們截至 2025 年 7 月 1 日的第二季財報，也可以在我們的網站 texasroadhouse.com 的「投資者」部分找到報告。

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. We refer all of you to our earnings release and our recent filings with the SEC.

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業績的保證，因此不應過度依賴它們。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。

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.

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，我們也可以參考非公認會計準則指標。如果適用，非 GAAP 指標與 GAAP 資訊的對帳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 Keith Humpich, our Interim 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 執行長 Jerry Morgan 和我們的臨時財務長 Keith Humpich。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 are pleased with our second quarter results and the continued top line momentum of the business. Strong traffic growth throughout the quarter drove a 5.8% increase in same-store sales. As a result, our revenue for the quarter grew to over $1.5 billion for the first time in our history. We are especially encouraged to see that all three brands contributed to our second quarter traffic and sales growth.

謝謝，邁克爾，大家晚上好。我們對第二季的業績和業務持續的成長動能感到滿意。整個季度強勁的客流量成長推動同店銷售額成長 5.8%。結果，我們本季的營收首次成長至 15 億美元以上。我們尤其高興地看到，這三個品牌都為我們第二季的流量和銷售成長做出了貢獻。

Texas Roadhouse averaged approximately $172,000 in weekly sales for the second quarter. The brand continues to benefit from a relentless focus on food, service, hospitality, and value. This is why Texas Roadhouse once again earned top recognition from external surveys for guest experience and satisfaction in the Casual Dining segment.

德州客棧第二季的每周平均銷售額約為 172,000 美元。該品牌繼續受益於對食品、服務、熱情好客和價值的不懈關注。這就是為什麼 Texas Roadhouse 再次在外部調查中因休閒餐飲領域的顧客體驗和滿意度而獲得最高認可。

And Bubba's 33, average weekly sales exceeded $128,000 in the second quarter. In addition to solid performance from our same-store sales group, we are also seeing strong sales at our most recent openings. We believe Bubba's 33, which currently has 53 locations in 16 states has a sound infrastructure and a seasoned management team in place who can execute our road to 200 locations strategy. This could include double-digit openings next year. We are equally excited about Jaggers.

Bubba 的 33 家門市第二季度的平均每週銷售額超過 128,000 美元。除了同店銷售團隊的穩健表現外，我們最近開的店也表現出色。我們相信，Bubba's 33 目前在 16 個州擁有 53 家分店，擁有完善的基礎設施和經驗豐富的管理團隊，可以執行我們的 200 家分店策略。這可能包括明年兩位數的開幕。我們對賈格斯同樣感到興奮。

We delivered average weekly sales of nearly $76,000 in the second quarter. New store openings have been limited as we have been building the growth strategy for the brand. With our plan in place, we could open as many as eight company and franchise locations next year.

我們第二季的平均每週銷售額接近 76,000 美元。由於我們一直在為品牌制定成長策略，因此新店的開設數量有限。根據我們的計劃，明年我們可能會開設多達八家公司和特許經營店。

We recently completed discussions with our operators regarding menu pricing. Based on those conversations, we will take a menu price increase of approximately 1.7% at the beginning of the fourth quarter. We feel confident this is the right level of pricing to maintain our everyday value while offsetting some of the inflationary pressures we are facing.

我們最近與我們的運營商完成了有關菜單定價的討論。根據這些對話，我們將在第四季初將菜單價格上調約 1.7%。我們相信，這是維持我們日常價值的正確定價水平，同時抵消我們面臨的部分通膨壓力。

On the development front, we recently opened our 800 system-wide restaurants. This milestone is a testament to the appeal of our brands, our operational excellence and the effectiveness of our growth strategy.

在發展方面，我們最近開設了 800 家全系統餐廳。這一里程碑證明了我們品牌的吸引力、我們卓越的營運以及我們成長策略的有效性。

During the second quarter, we opened four company-owned restaurants, including two Bubba's 33 locations, and we remain on track to open approximately 30 company-owned restaurants this year. Our franchise partners opened one Jaggers location in the second quarter and we currently expect they will open four international Texas Roadhouse restaurants in the second half of this year.

在第二季度，我們開設了四家公司自營餐廳，其中包括兩家 Bubba's 33 餐廳，今年仍計劃開設約 30 家公司自營餐廳。我們的特許經營合作夥伴在第二季開設了一家 Jaggers 餐廳，我們目前預計他們將在今年下半年開設四家國際 Texas Roadhouse 餐廳。

During the second quarter, we completed the acquisition of three franchise restaurants, bringing the total number of franchise restaurants acquired this year to 17. We also have plans in place to acquire three more franchise locations in the fourth quarter.

第二季度，我們完成了三家特許經營餐廳的收購，使今年收購的特許經營餐廳總數達到 17 家。我們也計劃在第四季收購另外三家特許經營店。

Additionally, we will be purchasing our remaining five California franchise restaurants at the beginning of 2026. We are also excited to share we entered into an agreement to purchase our support center. The purchase of these two buildings, which we previously leased solidifies space planning for the future and reflects our long-term commitment to our hometown of Louisville, Kentucky.

此外，我們將在 2026 年初收購剩餘的五家加州特許經營餐廳。我們也很高興地告訴大家，我們已經達成了購買支援中心的協議。購買這兩棟我們之前租賃的建築鞏固了未來的空間規劃，並反映了我們對家鄉肯塔基州路易斯維爾的長期承諾。

We remain rooted in our community and look forward to growing our presence in Louisville for many years to come. As to our future, I am fully confident in the strength of our operations and the commitment of RodyNation.

我們仍然紮根於我們的社區，並期待在未來的許多年裡擴大我們在路易斯維爾的影響力。至於我們的未來，我對我們的營運實力和 RodyNation 的承諾充滿信心。

While there are always be challenges -- we will continue to focus on what we can control for the long-term health of our business. Through it all, we will remain a people-first company that delivers on its mission of providing legendary food and legendary service to every guest.

儘管總是存在挑戰——但我們將繼續專注於我們能夠控制的事情，以確保我們業務的長期健康發展。在整個過程中，我們將始終堅持以人為本的原則，並履行為每位客人提供傳奇美食和傳奇服務的使命。

Now Keith will provide some thoughts.

現在 Keith 將提供一些想法。

Thanks, Jerry. During the second quarter, we saw our positive traffic trends accelerate from what we experienced in the first quarter. Also, our mix trends in the second quarter remained similar to what we have seen in the last several quarters.

謝謝，傑瑞。在第二季度，我們發現我們的流量趨勢比第一季有所加速。此外，我們第二季的組合趨勢與過去幾季的趨勢相似。

These traffic and mix trends show that our guests continue to appreciate the high-quality food, experience, and value that all three of our brands provide. As for communities, our second quarter inflation was in line with our expectations.

這些客流量和組合趨勢表明，我們的客人繼續欣賞我們三個品牌提供的高品質食品、體驗和價值。至於社區，我們第二季的通膨符合我們的預期。

Looking ahead, we have increased our guidance for full year inflation to approximately 5% primarily due to higher than previously forecasted beef inflation, particularly in the third quarter. This guidance includes approximately 30 basis points of full year 2025 inflation related to tariffs, which remains consistent with our initial estimates from last quarter.

展望未來，我們已將全年通膨預期上調至約 5%，這主要是因為牛肉通膨率高於先前的預測，尤其是在第三季。該指引包括與關稅相關的約 30 個基點的 2025 年全年通膨，這與我們上個季度的初步估計一致。

Labor inflation in the second quarter was also in line with our expectations. Our operators continue to do a great job of staffing the restaurants as labor hours grew at approximately 40% of comparable traffic growth. With greater visibility into inflationary trends for the year, we have lowered our guidance for full year wage and other labor inflation to approximately 4%.

第二季的勞動力通膨也符合我們的預期。我們的操作員繼續出色地完成餐廳人員配備工作，因為工時的成長速度與客流量的成長速度大約相同，約為 40%。隨著今年通膨趨勢的更加清晰，我們已將全年薪資和其他勞動力通膨預期下調至約 4%。

With regards to capital allocation, we ended the second quarter with $177 million of cash. Cash flow from operations was $128 million which was offset by $148 million of capital expenditures, dividend payments, and share repurchases as well as $16 million for the three franchise restaurant acquisitions.

關於資本配置，我們第二季末的現金為 1.77 億美元。經營活動產生的現金流為 1.28 億美元，但被 1.48 億美元的資本支出、股息支付和股票回購以及 1,600 萬美元的三家特許經營餐廳收購所抵銷。

As Jerry mentioned, we will be acquiring our support center buildings in the third quarter for a net purchase price of approximately $23 million. We are maintaining our full year capital expenditure guidance at approximately $400 million inclusive of this transaction.

正如傑瑞所提到的，我們將在第三季以約 2,300 萬美元的淨購買價收購我們的支援中心大樓。我們將全年資本支出預期維持在約 4 億美元（包括此交易）的水平。

Going forward, our capital allocation philosophy remains unchanged. Our first priority remains the funding of new restaurant development and taking care of our existing restaurant base. We also expect our dividend will continue to increase annually at a measured rate.

展望未來，我們的資本配置理念維持不變。我們的首要任務仍然是為新餐廳的開發提供資金並照顧我們現有的餐廳基礎。我們也預期我們的股利將繼續以穩定的速度逐年增加。

And at a minimum, we will repurchase shares to offset dilution. Beyond that, we will continue to look at opportunities to acquire additional domestic Texas Roadhouse franchise restaurants as well as repurchase additional shares as appropriate.

至少，我們會回購股票來抵銷稀釋。除此之外，我們將繼續尋找機會收購更多國內 Texas Roadhouse 特許經營餐廳，並在適當的時候回購更多股份。

And now Michael will walk us through the second quarter results.

現在麥可將向我們介紹第二季的業績。

Thanks, Keith. For the second quarter of 2025, we reported revenue growth of 12.7%, primarily driven by a 5.3% increase in average weekly sales and 7.2% store week growth. We also reported a restaurant margin dollar increase of 6.1% to $257 million and a diluted earnings per share increase of 4% to $1.86.

謝謝，基斯。2025 年第二季度，我們報告營收成長 12.7%，主要得益於平均每週銷售額成長 5.3% 和門市週成長 7.2%。我們還報告稱，餐廳利潤率增長 6.1% 至 2.57 億美元，每股攤薄收益增長 4% 至 1.86 美元。

Average weekly sales in the second quarter were over $167,000 with to-go representing approximately $22,000 or 13.3% of these total weekly sales. Comparable sales increased 5.8% in the second quarter, driven by 4% traffic growth and a 1.8% increase in average check.

第二季的平均每週銷售額超過 167,000 美元，外送銷售額約為 22,000 美元，佔每週總銷售額的 13.3%。第二季可比銷售額成長 5.8%，主要得益於客流量成長 4% 和平均支票金額成長 1.8%。

By month, comparable sales grew 4.3%, 7.2%, and 5.8% for our April, May, and June periods, respectively. And comparable sales for the first five weeks of the third quarter were up 5.3% with our restaurants averaging sales of over $158,000 per week during that period.

按月計算，4 月、5 月和 6 月的可比較銷售額分別成長了 4.3%、7.2% 和 5.8%。第三季前五週的可比較銷售額成長了 5.3%，在此期間，我們餐廳的平均每週銷售額超過 158,000 美元。

In the second quarter, restaurant margin dollars per store week decreased 1% to over $28,500. Restaurant margin as a percentage of total sales decreased 108 basis points year over year to 17.1%. Food and Beverage costs as a percentage of total sales were 34% for the second quarter.

第二季度，餐廳每週利潤下降 1% 至 28,500 美元以上。餐廳利潤率佔總銷售額的百分比年減 108 個基點至 17.1%。第二季食品和飲料成本佔總銷售額的 34%。

The 131 basis point year-over-year increase was driven by 5.2% commodity inflation combined with shifts within the entree category, which was partially offset by the benefit of a 1.8% check increase.

年比增長 131 個基點，是由 5.2% 的商品通膨和主菜類別的變化共同推動的，但支票金額增加 1.8% 帶來的收益部分抵消了這一增長。

Labor as a percentage of total sales increased 6 basis points to 32.9% as compared to the second quarter of 2024. Labor dollars per store week increased 5.4% due to wage and other labor inflation of 3.8% and growth in hours of 1.6%.

與 2024 年第二季相比，勞動力佔總銷售額的百分比增加了 6 個基點，達到 32.9%。由於工資和其他勞動力通膨 3.8% 以及工作時間增長 1.6%，每家商店每週的勞動力成本增加了 5.4%。

Other operating costs were 14.5% of sales, which was 32 basis points better than the second 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 $300,000 of additional expense this year as compared to $2.1 million of additional expense last year.

其他營運成本佔銷售額的 14.5%，比 2024 年第二季高出 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 210 萬美元。

Moving below restaurant margin, G&A dollars grew 7.9% year over year and came in at 4.2% of revenue for the second quarter. Our effective tax rate for the quarter was 14.9%. Based on our outlook for the remainder of the year, we are updating the guidance for our full year 2025 income tax rate to approximately 15%.

低於餐廳利潤率，G&A 費用年增 7.9%，佔第二季營收的 4.2%。本季我們的有效稅率為 14.9%。根據我們對今年剩餘時間的展望，我們將 2025 年全年所得稅率預期更新為約 15%。

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. I am so proud of our operators and support center Roadies who work together as one team to deliver great results. I'm also excited to spend time with our managing partners on our annual fall tour. As always, we look forward to getting feedback on how we can better support them or remove any obstacles so they can focus on partnering with Roadies, serving their guests and growing the business.

謝謝，麥可。我為我們的操作員和支援中心 Roadies 感到自豪，他們齊心協力，並取得了出色的成果。我也很高興能與我們的管理合夥人一起參加我們的年度秋季巡迴演出。像往常一樣，我們期待獲得回饋，以便我們能夠更好地支持他們或消除任何障礙，以便他們能夠專注於與 Roadies 合作、服務他們的客人並發展業務。

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

我們的準備好的演講到此結束。薩米塔，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Obviously, very strong top line results. I was just wanted to ask about maybe the inflation. I know last year, commodity inflation beef inflation kind of consistently surprised the downside. This year, it seems to be surprising upside. I was wondering if you could maybe talk about some of the dynamics there?

顯然，營收業績非常強勁。我只是想問通貨膨脹的問題。我知道去年，大宗商品價格上漲，牛肉價格上漲，一直出乎意料地下跌。今年，似乎出現了令人驚喜的上漲。我想知道您是否可以談談那裡的一些動態？

I know in the past, the retail what's happening in retail and groceries has been a big impact, but there may also be obviously, the supply has been coming down consistently. And then within that, I know you said 3Q perhaps was the peak in terms of relative to your expectations. So is any of this maybe timing quarter-to-quarter? So I know there's a lot in there, but you always have good insight into the cycle.

我知道過去零售業和雜貨業的狀況產生了很大的影響，但顯然供應量也持續下降。然後，我知道您說過，就您的預期而言，第三季也許是高峰。那麼這些時間可能是按季度計算的嗎？所以我知道這裡面有很多東西，但你總是對這個週期有很好的洞察力。

Thanks, Sara. This is Michael. I'll do my best to cover those questions. Yeah, I think we obviously updated our guidance, and it's a combination of demand between retail demand for beef has remained resilient. So we're seeing strong demand out there and the supply situation, which we knew was going to be tight as we move through the year.

謝謝，薩拉。這是邁克爾。我會盡力解答這些問題。是的，我認為我們顯然更新了我們的指導，這是由於零售對牛肉的需求保持強勁。因此，我們看到了強勁的需求和供應狀況，我們知道，隨著今年的到來，供應狀況將變得緊張。

We saw some additional pressure on the production side from the beef suppliers cutting back on how much they were reducing given some of their margin commentary that we've probably hurt. So we saw a further tightening of supply, which certainly drove the cost higher in June.

我們看到，牛肉供應商在生產方面面臨一些額外的壓力，他們削減了產量，因為我們可能對他們的利潤率造成了影響。因此，我們看到供應進一步收緊，這無疑地推高了 6 月的成本。

And so we are expecting to -- as that beef ages to see the impact of that here in the third quarter. We have about 80% of our beef locked for the third quarter. and about 50% locked for the fourth quarter. So our team continues to monitor the situation, and we'll update you all accordingly.

因此，我們預計，隨著爭端的加劇，我們將在第三季看到其影響。我們有大約 80% 的牛肉鎖定在第三季度，大約 50% 的牛肉鎖定在第四季度。因此，我們的團隊將繼續監控情況，並及時向大家通報最新情況。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Just a couple of line item questions that maybe there's some insights behind. When I look at the mix effect for over two years now, and initially, I was thinking this would make a lot of sense that mix would be negative coming out of COVID.

這只是幾個具體問題，也許能提供一些見解。當我回顧兩年多來的混合效應時，最初，我認為這很有道理，因為 COVID 會導致混合效應為負面。

There was a lot of check growth during those particularly the latter stages, people had some money. But now 2.5 years of a slightly negative mix. I'm wondering how you're thinking about that, maybe what are the behaviors that's driving that?

在那些時期，特別是在後期，支票增長了很多，人們有一些錢。但如今，兩年半以來的情況略有負面。我想知道您對此有何看法，也許是什麼行為導致了這種現象？

Maybe it's some of the alcohol dynamics or maybe is just a cautious consumer, but anything that maybe drives your strategy as you think about pricing, for example? And then secondly, you did really well with labor leverage this quarter. Obviously, traffic accelerated. That's a good way to get that. Does it really come down to that if you're doing a very nice traffic number like this quarter?

也許是某些酒精動態，或者只是謹慎的消費者，但在您考慮定價時，有什麼因素可能會影響您的策略嗎？其次，本季你們在勞動力槓桿方面做得非常好。顯然，交通速度加快了。這是實現這一目標的好方法。如果您本季的流量數字非常好，那麼真的會這樣嗎？

Does that labor -- is the labor leverage, that gap of 2 points just much more possible than cutting back on hours? I'd love to hear your thoughts on that.

這是否是勞動力——勞動槓桿，這 2 個百分點的差距比削減工時更有可能實現？我很想聽聽你對此的看法。

David, it's Michael. On the mix front, I'll tell you, all of the negative mix pressure is coming from the alcohol category. We are actually continuing to see positive entree mix. The guest is actually trading up still to bigger stakes or more often ordering a stake from us, and we're seeing positive mix in the mocktail categories. So really no downward pressure overall from our menu pricing actions.

大衛，我是麥可。在混合方面，我會告訴你，所有的負面混合壓力都來自酒精類別。事實上，我們繼續看到積極的主菜組合。實際上，客人仍在升級飲品，選擇更大的份量，或更常向我們訂購份量，而且我們看到無酒精雞尾酒類別的積極組合。因此，我們的菜單定價行動總體上並沒有下行壓力。

It's all in that alcohol category, which a lot of that we've talked about before is societal and not just a Roadhouse specific item, and that's what drove us partly to introduce mocktails, which have been well received by the guest.

這些都屬於酒精類，我們之前討論過的很多都是社會性的，而不僅僅是 Roadhouse 特有的商品，這也是促使我們推出無酒精雞尾酒的部分原因，這些雞尾酒受到了客人的好評。

So I think we feel very good about how the guest is using our menu, and we're in or training on the menu. As far as the labor question, yes, certainly, more traffic helps on the labor line, but our operators are doing a very good job of staffing their restaurants, and they're also benefiting from lower turnover in their restaurants.

所以我認為我們對客人使用菜單的方式感到非常滿意，並且我們正在對菜單進行培訓。就勞動力問題而言，是的，當然，更多的客流量有助於提高勞動力水平，但我們的經營者在餐廳配備人員方面做得非常好，而且他們也受益於餐廳較低的人員流動率。

And the a longer tenured employee is a more productive employee and some of that can go to our digital kitchen investments and just the overall way we're running those restaurants. So we are definitely encouraged by those labor productivity trends that we've seen, and we're cautiously optimistic that those can continue throughout the year.

任職時間越長的員工效率越高，其中一部分資金可以用於我們的數位廚房投資以及我們經營這些餐廳的整體方式。因此，我們看到的勞動生產力趨勢確實讓我們感到鼓舞，並且我們謹慎樂觀地認為這種趨勢能夠持續到全年。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Maybe two questions I'm going to cheat here. But Michael, can you just give us a sense of what the inflation in Q3 and Q4 is going to look like based on your current outlook? And I just want to make sure everybody is on the same page. And then I guess my real question is, Jerry, you mentioned the step-up in Bubba's openings for next year. And I just wanted to get your thoughts on what that means for the total enterprise and your overall growth rate?

也許這裡有兩個問題我要作弊。但是邁克爾，根據您目前的展望，您能否告訴我們第三季和第四季的通膨情況將會如何？我只是想確保每個人都了解情況。那麼我想我真正的問題是，傑瑞，你提到了明年巴巴的開場將會有所提升。我只是想聽聽您的看法，這對整個企業和整體成長率意味著什麼？

I know you said in the past, you're pretty comfortable million or so openings, but does this allow you to push higher than that as you think about next year and future years?

我知道您以前說過，您對百萬左右的空缺職位感到很滿意，但是當您考慮明年和未來幾年時，這是否可以讓您將空缺職位推得更高？

Yeah, David, I'm assuming you're talking about beef inflation and our expectations there. And as we said, as of now, we expect that highest pressure in the third quarter, and that could be as much as 7% commodity inflation in the third quarter.

是的，大衛，我假設你談論的是牛肉通膨和我們的預期。正如我們所說，截至目前，我們預計第三季的壓力最大，第三季商品通膨率可能高達 7%。

And then the expectation is it would probably come down from there more in the 4% to 5% range in the fourth quarter would be our current expectations. And remember, we are feeling some additional negative impact on the cost of sales line in addition to that inflation coming from the guests trading more often to stake. So that's something we've seen in the last several quarters and would expect to see in the third quarter as well.

然後預計第四季度的成長率可能會進一步下降到 4% 到 5% 之間，這是我們目前的預期。請記住，除了客人更頻繁地進行賭注交易所帶來的通貨膨脹之外，我們還感受到了對銷售成本的一些額外的負面影響。這是我們在過去幾季看到的情況，預計在第三季也會出現。

And David, this is Jerry. On the growth of Bubba's, yes, we've got 7 openings slated that will happen this year, and the pipeline for '26 looks very solid. We are approaching that double-digit count. And so there -- we obviously have said around 30 -- is approximately 30. So it could be a little bit on the high side of that approximate 30 with the escalation of Bubba's growth.

大衛，這是傑瑞。關於 Bubba’s 的發展，是的，我們計劃今年開設 7 家新店，26 年的新店開幕計畫看起來非常穩固。我們正在接近兩位數的數字。所以 — — 我們顯然說過大約 30 — — 大約是 30。因此，隨著 Bubba 的成長，這個數字可能會比大約 30 稍微高一些。

So we are excited about the results that we're getting and the investment and the brand in itself. So I think we could see a little tick up on that.

因此，我們對所取得的成果、投資和品牌本身感到非常興奮。所以我認為我們可以看到這一點略有上升。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

On the comp side, the monthly cadence, any additional color you can provide on what drove some of the monthly differences. I think broadly, the industry has seen some choppiness. So just wondering if there's anything you're seeing that's different than typical consistency?

在比較方面，您可以提供每月節奏方面的任何其他信息，以說明每月差異的原因。我認為總體而言，該行業已經出現了一些波動。所以只是想知道您是否看到了與典型一致性不同的東西？

Lauren, it's Michael. Obviously, we were pleased with the overall performance that we have seen. I guess, the July period. You probably had about a 70 basis point negative impact from the timing of Easter. And the five-week period that we gave for the beginning of the third quarter has about 60 basis points of negative pressure from the calendar shift for the fourth of July.

勞倫，我是麥可。顯然，我們對所看到的整體表現感到滿意。我猜是七月期間。復活節的時間可能會為你帶來約 70 個基點的負面影響。而我們為第三季開始所設定的五週時間，由於 7 月 4 日的日曆變化，將帶來約 60 個基點的負面壓力。

Sorry, is 2Q is a 70 basis point negative impact.

抱歉，第二季的負面影響是 70 個基點。

That was on just our April period. On the quarter, it was about 20 basis points. Yes, just April was 70.

那隻是我們四月的情況。本季度，這一數字約為 20 個基點。是的，四月就 70 歲了。

Understood. Anything you can provide on comp performance or differences that you're seeing across region days?

明白了。您能提供任何有關公司業績或不同地區間差異的資訊嗎？

Yeah. I'll tell you when we look at that and been the case for a while, we're seeing solid growth seven days a week through all day parts of each day both in our dining room and to go. And when you look at it regionally strong performance, in all areas. So nothing really to call out as a specific area of weakness or outsized strength. So we're very pleased with what we're seeing across the board.

是的。我會告訴你，當我們觀察這種情況時，情況已經持續了一段時間，我們看到每週七天、每天全天，無論是在餐廳還是外賣，都在穩步增長。從區域來看，各領域都表現強勁。因此，實際上沒有什麼可以指出具體的弱點或過大的優勢。因此，我們對所看到的整體情況感到非常滿意。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. And I appreciate all the color on the cost inflation pieces. Maybe just one more in thinking about restaurant margins for the back half of the year. Just as far as the other OpEx line, thinking about that and if there's any differences 3Q and 4Q as we think about how the labor setup might play out? Anything that's had there to kind of fully fill in the pieces for us in thinking about 2H restaurant margins?

偉大的。我很欣賞成本膨脹方面的所有色彩。也許這只是對今年下半年餐廳利潤率的另一個思考。就其他 OpEx 線而言，請考慮這一點，當我們考慮勞動力設定如何發揮作用時，第三季和第四季是否存在任何差異？有什麼可以幫我們全面了解下半年餐廳利潤率嗎？

Den, it's Michael. I think you asked for both labor and other ops. And I would see, obviously, a part of it will be based on your assumption for traffic growth. But if you're assuming that we continue with some modest level of traffic growth. And I think that other off-line could continue to get a similar level of leverage that it's been getting the last two quarters.

丹，我是麥可。我認為您要求的是勞動和其他操作。顯然，我認為其中一部分將基於您對流量成長的假設。但如果你假設我們的流量會繼續保持適度成長。我認為其他線下業務可以繼續獲得與過去兩個季度類似的槓桿水平。

You could see that again in Q3 and Q4. And the labor line, again, with some traffic growth is probably in that flat to maybe a little potential for a little bit of leverage as we move into the back half of the year.

您可以在第三季和第四季再次看到這種情況。隨著我們進入下半年，勞動力線再次出現一定流量成長，可能保持平穩，甚至可能具有一點槓桿潛力。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

This is Kelly Merrill on for Brian. Obviously, saw some commodity inflation in the second quarter with the expectation of that continuing into 2H. Could you just provide some color on what's driving that? Obviously, beef, but is there anything else inflationary outside of that? And could there be any offsets to beef on the commodity side? And then on labor, is there anything to explore there just from an efficiency standpoint as you look to offset the commodity inflation?

我是凱利梅里爾 (Kelly Merrill)，為布萊恩 (Brian) 主持節目。顯然，第二季出現了一些商品通膨，預計這種情況將持續到下半年。能否詳細說明一下造成這現象的原因？很明顯是牛肉，但除此之外還有其他因素會導致通貨膨脹嗎？那麼，在商品方面，是否存在可以抵銷牛肉價格上漲的因素呢？那麼關於勞動力，當您尋求抵消商品通膨時，從效率的角度來看，有什麼值得探索的嗎？

Yeah. It's Michael. It really is the beef that is driving that inflation in -- for commodities, it being over 50% of our basket, and they're really not being another item that's large enough to make a serious impact on the overall numbers. I'd say the rest of the proteins maybe are slightly inflationary, getting a little bit of offset, maybe a little benefit on the produce area, but really all the pressure is coming from beef.

是的。我是麥可。牛肉確實是通貨膨脹的根源——就大宗商品而言，牛肉占到了我們籃子的 50% 以上，而且它們實際上還不足以對總體數字產生嚴重影響。我想說，其餘蛋白質可能會略微通膨，得到一點補償，也許對農產品領域有一點好處，但實際上所有的壓力都來自牛肉。

And on the labor side, our operators are always looking to run efficient restaurants. We aren't mandating any kind of scheduling for them, and they do what is appropriate for their restaurants for staffing for the sales they have and the sales they want in the future. And so they're always looking at that to see if there is opportunity, but I don't believe there are any levers to be pulled that will dramatically change our approach to labor.

在勞動力方面，我們的經營者始終致力於經營高效率的餐廳。我們沒有為他們強制安排任何日程，他們可以根據餐廳目前的銷售情況以及未來銷售目標安排合適的人員。因此，他們總是在尋找機會，但我不認為有任何手段可以徹底改變我們對待勞動力的方式。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

I wanted to dig in a little bit on Bubba's 33. You guys crossed 50 units, mainly concentrated in Texas, but just thoughts around how do we kind of continue to scale that and maybe regional attack plan and where we should anticipate to see new units in the strategy for engaging new guests as that brand becomes more and more visible?

我想更深入地了解 Bubba 的 33 歲。你們的分店數量已超過 50 家，主要集中在德克薩斯州，但我們只是想知道如何繼續擴大規模，也許是區域攻擊計劃，以及隨著該品牌越來越引人注目，我們應該在哪裡看到新的分店來吸引新客人？

Yeah. Thanks, Jim. This is Jerry. Yeah, we've -- like we said, we're in 16 states, and we're continuing to focus typically, in our program. We have a multiunit operator that lives in a certain area, and we try to build out that turf.

是的。謝謝，吉姆。這是傑瑞。是的，就像我們說的，我們的業務範圍已覆蓋 16 個州，並且我們將繼續專注於我們的計劃。我們有一個居住在特定區域的多單元營運商，我們試圖拓展該區域。

And as we continue to expand and bring on more market partners and get into a new turf or two demographic areas will continue to grow. We're having good success on the openings. We're kind of spread out over those 16 states, and we'll probably keep that philosophy.

隨著我們不斷擴張，引入更多的市場合作夥伴，進入一兩個新的領域，人口區域將繼續成長。我們的開幕式取得了良好的成功。我們的業務分佈在 16 個州，我們可能會堅持這種理念。

But the big thing really has been getting stable on the leadership side, clearly focusing on our menu and our execution. And we've always felt great about the look of the building and the energy that the restaurant provides between the entertainment and the sports and the food is incredible. But as we continue to settle in and really start executing at a high level. I think we'll continue to be able to develop at a higher rate than we have in the last few years, so exciting times for sure.

但真正重要的是領導層的穩定，明確地關注我們的菜單和執行情況。我們一直對這座建築的外觀以及餐廳在娛樂和體育之間提供的活力感到非常滿意，而且食物也令人難以置信。但隨著我們不斷穩定下來並真正開始在高水準上執行。我認為我們將繼續以比過去幾年更高的速度發展，因此肯定是令人興奮的時刻。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

This is Anisha Datt on for Jeff Bernstein. I wanted to ask about value. How has the mix of value-oriented sales evolved at both Texas Roadhouse and Bubba's compared to historical levels? And do you have plans to further emphasize value offerings in coming quarters particularly to support lower income gas?

我是 Anisha Datt，為 Jeff Bernstein 主持節目。我想問的是價值。與歷史水準相比，Texas Roadhouse 和 Bubba’s 的價值導向銷售組合有何變化？您是否計劃在未來幾季進一步強調價值產品，特別是支持低收入天然氣？

Yeah, I'll start with that. On the value side, we've always believed that there's a lot of value built into our menu and they're the country dinners and because we offer multiple cuts of beef, you can pick how much you want to spend and from 6 ounces to 16 ounces. So I think from that side of it, we've got an early dine feature. All of those things have been in play for a very long time.

是的，我就從那裡開始。在價值方面，我們始終相信我們的菜單具有很高的價值，它們是鄉村晚餐，而且由於我們提供多種牛肉，您可以選擇想要花多少錢，從 6 盎司到 16 盎司不等。所以我認為從這個方面來說，我們有一個提前用餐的特色。所有這些事情都已經發生了很長時間了。

And we really see people picking and choosing how they want to have their dining experience. And we like it that way. We want people to spend as much money as they like or to be as much a very conscious as they want to be, too.

我們確實看到人們在挑選他們想要的用餐體驗。我們喜歡這樣。我們希望人們能夠隨心所欲地花錢，或盡可能地保持理性。

But you get a protein to free sides and bread and butter and all of the things that go with it, the peanut. So it's just -- like I said, the value is really into it. I think in the last year, we leaned into more on a $5 beverage mix menu, so offering some value pint beer and a value 10-ounce margarita and our mocktails are $5, which have really new to us.

但是你可以得到免費的蛋白質、麵包和黃油以及與之搭配的所有東西，花生。所以就像我說的，它的價值確實在於此。我想在去年，我們更傾向於 5 美元的飲料混合菜單，因此提供一些超值的一品脫啤酒和一杯 10 盎司的瑪格麗塔酒，而我們的無酒精雞尾酒售價為 5 美元，這對我們來說真的很新鮮。

So there's a lot of things that are very reasonably priced with great quality. And I think that's what's always been the big driver for our success on the top line. And our operators executing at a high level and acting like owners. They're all owners in the business, and they grow their sales, they control their costs, and they run a great business, and they get rewarded by driving that top line. So I hope that answered your question.

所以有很多東西價格合理，品質優良。我認為這一直是我們取得營收成功的主要動力。我們的操作員執行力極強，就像主人一樣。他們都是企業的所有者，他們增加銷售額，控製成本，經營出色的企業，並透過推動營收成長而獲得回報。我希望這回答了你的問題。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great. Just a couple of quick ones on my end. In the past, you guys have -- we've seen beef inflation sometimes you see a highly promotional retail environment, which kind of contributes to those elevated beef prices. Are you seeing any of that today? Or is this mostly a function of the shorter or tighter supply?

偉大的。我這邊只想快速說幾句。過去，我們看到牛肉價格上漲，有時你會看到高度促銷的零售環境，這在某種程度上導致了牛肉價格上漲。您今天看到這些了嗎？或者這主要是由於供應短缺或緊張造成的？

And then second, on construction costs going forward, are you seeing any elevated costs or anything that's been dislocated, anything with tariffs that may be impacting the construction costs going forward?

其次，關於未來的建築成本，您是否看到任何成本上升或任何混亂的情況，任何與關稅有關的情況都可能影響未來的建築成本？

Peter, it's Michael. First, on the beef comment, I think that certainly, beef is being offered at retail, but I don't think the retailers are being rational in their pricing. They are not using it as a loss leader to drive people into their stores, but they are marketing beef at a pretty high level.

彼得，我是麥可。首先，關於牛肉的評論，我認為當然，牛肉是在零售店出售的，但我不認為零售商的定價是合理的。他們並沒有利用牛肉作為虧本銷售的商品來吸引顧客進店，而是以相當高的水平來行銷牛肉。

And what we've seen this year is the consumer willing to pay for that. So I think that's really been part of what's driven the pressure is a consumer who's willing to keep spending and a supply that has been very tight.

我們今年看到的是消費者願意為此付費。所以我認為造成這種壓力的真正原因之一是消費者願意繼續消費，而供應卻一直非常緊張。

Yeah. And then Peter, this is Keith. On the construction side, we really aren't seeing any impact yet from tariffs. We had a lot of inventory for all of our builds for the year. So like I said, we just really haven't seen anything yet, and we're still evaluating that to see how that's going to affect us going forward.

是的。然後是彼得，這是基斯。在建築方面，我們實際上還沒有看到關稅的任何影響。我們為今年的所有建築儲備了大量庫存。所以就像我說的，我們真的還沒有看到任何東西，我們仍在評估它，看看它將如何影響我們未來的發展。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Just shifting gears a bit. I'm just looking for an update on the Roadhouse mobile app. Specifically, can you guys share the number of active users, how quickly that's growing? And how you guys have been leveraging that customer database?

只要稍微改變一下節奏。我只是想了解 Roadhouse 行動應用程式的更新。具體來說，你們能否分享活躍用戶的數量以及成長速度有多快？你們是如何利用客戶資料庫的？

Yeah, I mean, obviously, it is out there. I don't know that we know the exact amount of users, but I mean there is a large percentage of folks that are obviously placing their to-go orders getting on our wait list, the efficiency of being able to really do that.

是的，我的意思是，顯然它就在那裡。我不知道我們是否知道確切的用戶數量，但我的意思是，顯然有很大一部分人將他們的外賣訂單放在了我們的等候名單上，能夠真正做到這一點的效率很高。

We did upgrade our mobile app to have more pictures when you are kind of ordering the side items. So we continue to look at the mobile app on making it easier to navigate and place your order, and then we're executing at the restaurants at a much higher level on how we grade making sure we don't have missing items that the order is ready when you get there.

我們確實升級了我們的行動應用程序，以便在您訂購配菜時顯示更多圖片。因此，我們繼續研究行動應用程序，使其更易於導航和下訂單，然後我們在餐廳以更高的水平執行我們的評級，確保我們不會缺少任何物品，當您到達時訂單已經準備好。

And all of those little details that really do matter when you're an off-premise order and the consistency of the product in the food. And obviously, we believe the mobile app is really widely used in a lot of ways, and it's been a game changer in a lot of ways since early on coming out of the pandemic from that.

當您訂購外帶時，所有這些小細節以及食品中產品的一致性確實很重要。顯然，我們相信行動應用程式在許多方面都得到了廣泛的應用，而且自從疫情爆發以來，它在許多方面都改變了遊戲規則。

And we continue to upgrade and find ways to make it easier for our guests to get that order placed. And then again, at the restaurant level, we're executing at a higher level than we ever have, and we're continuing to find ways to improve that experience at the pickup window.

我們將繼續升級並尋找方法讓我們的客人更輕鬆地下訂單。再說一次，在餐廳層面，我們的執行程度比以往任何時候都要高，而且我們正在繼續尋找方法來改善取餐窗口的體驗。

Andrew Strelzik, BMO Capital Markets.

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

Obviously, a lot of focus on the discussion of value and in the industry these days. And I'm curious, where now are your price gaps against your competitive set versus either the last several years or historical levels? Is there anything that has changed? And also, can you remind us over the next several quarters and especially with the 17 coming in, in the fourth quarter where your price will trend?

顯然，目前業界對價值的討論非常關注。我很好奇，與過去幾年或歷史水準相比，你們與競爭對手的價格差距現在在哪裡？有什麼變化嗎？另外，您能否提醒我們在接下來的幾個季度，特別是 17 個季度，第四季度您的價格趨勢如何？

Thanks, Andrew. I believe we still always look at where we're positioned. I think we look at ourselves first and make sure that we're comfortable with our pricing, and then we fact check a little bit against some of our competitors just to make sure that we feel comfortable with that gap. And it has changed over the years and in different items for different reasons. But I think in general, we're very happy with the value that's built into the menu, the gap that we have between our competitors.

謝謝，安德魯。我相信我們仍然會專注於自己的位置。我認為我們首先要審視自己，確保我們對自己的定價感到滿意，然後我們會對一些競爭對手進行一些事實核查，以確保我們對這一差距感到滿意。多年來，由於不同的原因，它在不同方面發生了變化。但我認為總的來說，我們對菜單的價值以及我們與競爭對手之間的差距感到非常滿意。

And some of that gap, is it really just about the dollar? Or is it about the ability to execute? Is it the portion size, there's so many components that are built into value. And with getting a protein in two sides and free butter and bread and peanuts and all of that, I think that's all built into the value component. And then what was -- you had the question on the -- Michael has got the other side of that question.

其中的一些差距真的僅僅與美元有關嗎？還是執行能力的問題？是份量大小嗎？有很多因素決定了它的價值。而且，透過兩份配菜中的蛋白質以及免費的黃油、麵包、花生等，我認為這些都已經融入了價值成分中。那麼，您的問題是什麼呢？麥可已經回答了這個問題的另一面。

The other side of the question was on our pricing and how much pricing you have in the menu. We'll have 2.3% pricing in the menu here for the third quarter. and then we'll have 0.9% that rolls off when the 17 rolls in, that will leave us with a 3.1% pricing for the fourth quarter of this year and the first quarter of 2026.

問題的另一面是我們的定價以及菜單上的定價是多少。我們將在第三季的菜單中設定 2.3% 的定價。然後，當 17 號價格到來時，我們將設定 0.9% 的定價，這樣一來，今年第四季和 2026 年第一季的定價將達到 3.1%。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

I had a question on California. And I think you said you were acquiring the remaining five franchise units in that space. And it's a state, I think it's only around 20 Roadhouse units. So I'm just curious how you think about the growth opportunity there? And if you're setting the table so to speak to maybe accelerate growth there over the next few years?

我有一個關於加州的問題。我想您說過您正在收購該地區剩餘的五個特許經營單位。我認為，這個州只有大約 20 家 Roadhouse 餐廳。所以我只是好奇您如何看待那裡的成長機會？如果您正在製定計劃，那麼也許可以在未來幾年加速那裡的成長？

Thanks, Brian. This is Jerry. Yes, we're very excited. We obviously were able to get an acquisition done on the Northern California Group and now through some great partnership and hard work through both our company and our great franchise group down in Southern California have been able to come to terms. We're very excited to have them in the family.

謝謝，布萊恩。這是傑瑞。是的，我們非常興奮。我們顯然能夠完成對北加州集團的收購，現在透過我們公司和南加州的優秀特許經營集團的良好合作和辛勤工作，我們能夠達成協議。我們非常高興他們能成為我們家庭的一員。

And that is a very special unit to us is obviously that group has been with our organization for a very, very long time. And we're really proud of that partnership. And it's a little bitter sweet, but we are happy for Steve and his family and happy for the Roadhouse family.

對我們來說，這是一個非常特別的單位，顯然這個團體已經在我們的組織中存在了很長很長時間。我們對於這段合作關係感到非常自豪。雖然這有點苦樂參半，但我們為史蒂夫和他的家人感到高興，也為 Roadhouse 家族感到高興。

And as we look at owning all those stores in California, in our growth strategy, we are meeting as a group and really discussing from a real estate team to an operations team on how do we look at California. We know there's a lot of folks there that love great food.

當我們考慮在加州擁有所有這些商店時，在我們的成長策略中，我們正在作為一個小組開會，從房地產團隊到營運團隊真正討論如何看待加州。我們知道那裡有很多人喜歡美食。

And we've had a lot of success there with our 19 stores open and where we'll continue to see our presence in California grow. We believe that people in California are love and legendary food and high-level hospitality, and that's what Texas Roadhouse provides.

我們在那裡取得了巨大的成功，開設了 19 家門市，我們將繼續在加州擴大業務。我們相信，加州人民熱愛傳奇美食和高水準的款待，而這正是 Texas Roadhouse 所提供的。

Absolutely. And then just a quick follow-up. What was a reasonable expectation for G&A spend this year?

絕對地。然後只是快速的跟進。今年的一般及行政開支合理預期是多少？

Yeah. This is Keith. I'll take that one. Yes. On G&A, I'd say for the rest of the year, you can expect us to get some leverage, I'd say, especially in the fourth quarter as we're lapping the 53rd week.

是的。這是基斯。我要那個。是的。關於一般及行政費用，我想說，在今年剩餘時間內，你可以期待我們獲得一些優勢，尤其是在第四季度，因為我們即將進入第 53 週。

And then just one thing to mention with us purchasing the support center. On an annual basis, we're going to be saving about $2.5 million in rent. And so you'll see a little -- a prorated benefit of that for this year also in the back half.

然後，我們購買支援中心時只需提一件事。每年，我們將節省約 250 萬美元的租金。因此，您會看到今年下半年也會有比例分配的收益。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

I was hoping you could talk a little bit more about how you expect the corporate store margin to evolve as you start to look more closely at developing Bubba's? And then how do you see mix of company versus franchised as you target that 200 unit growth goal?

我希望您能再多談一下，當您開始更加密切地關注開發 Bubba's 時，您預計公司商店利潤率將如何變化？那麼，當您設定 200 個單位的成長目標時，您如何看待公司與特許經營的組合？

Jim, it's Michael. I guess I'll take the second part first. With that 200 number, I assume this is a question about Bubba's. Bubba's is all plan to be company development at this time. So that is our company.

吉姆，我是麥可。我想我會先看第二部分。根據 200 這個數字，我推測這是一個關於 Bubba 的問題。Bubba 的所有計劃目前都是為了公司發展。這就是我們的公司。

And really most of our growth protects Roadhouse and Bubba's domestically is company growth. Jaggers will be a mix of company and franchise and international is a franchise business. We expect Bubba's over time will deliver similar margins to a Texas Roadhouse.

實際上，我們的大部分成長都保護了 Roadhouse 和 Bubba's 的國內公司成長。Jaggers 將是公司和特許經營的混合體，而國際業務則是特許經營業務。我們預計隨著時間的推移，Bubba's 的利潤率將與 Texas Roadhouse 相近。

Now obviously, Roadhouse sales were a little bit higher, which helps on the margin side. But Bubba's has proven it can do a very strong performance as well. So over time, we would expect to continue to drive strong margins out of both brands.

顯然，Roadhouse 的銷售額略高一些，這對利潤率有幫助。但 Bubba's 已證明其性能同樣出色。因此，隨著時間的推移，我們預計這兩個品牌的利潤率將繼續保持強勁。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

I know it's a bit of a tongue twister. I blame my parents. The question I had, Jerry, is margin profile. And I know you guys have said for a long time that 17 to 18 is the right place to be kind of, but maybe between the B cycles in 2024, you got kind of just over 17 and I guess, we're probably headed lower with this level of inflation.

我知道這有點繞口令。我責怪我的父母。傑瑞，我的問題是保證金概況。我知道你們很久以前就說過，17 到 18 是正確的水平，但也許在 2024 年的 B 週期之間，通膨率會略高於 17，我想，在這種通膨水平下，通膨率可能會走低。

As I look back five or six years, I think your AUVs are up 10 to 15 points more than your development costs are up. And so I wonder if that 17 to 18 is going to be 16.5 to 17.5 or you still think 17 to 18 is the right place to be?

回顧過去五、六年，我認為您的 AUV 成長幅度比開發成本成長率高出 10 到 15 個百分點。所以我想知道 17 到 18 歲是否會變成 16.5 到 17.5 歲，或者您仍然認為 17 到 18 歲是正確的位置？

Yeah. And thank you. And we do believe that internally that obviously, the world has to cooperate to and the beef cycle does have to turn for us. But I want to always challenge ourselves to be a strong balance when we're talking about financial results. And for our organization to believe that over the years in 32 years or so, that's a great spot for us to be.

是的。謝謝你。我們確實相信，從內部來看，世界顯然必須合作，牛肉循環也必須為我們轉變。但當我們談論財務結果時，我總是想挑戰自己保持強大的平衡。對於我們組織來說，我們相信在未來 32 年左右的時間裡，這對我們來說是一個很好的位置。

But again, things have to work out. So we are not changing that out of right now. We did get our chin over the bar last year, and we were very happy with that, and it had been growing and the momentum has been building up to that point.

但事情還是得解決。因此我們現在不會改變這一點。去年我們確實突破了門檻，我們對此感到非常高興，而且我們一直在進步，並且勢頭也一直在增強。

And obviously, we're fighting some inflation this year, which we thankfully didn't have as much of last year, and that helped us through there. But I believe that as of right now, we're going to continue to focus on that top line and do everything we can to control that cost and be very balanced when it comes to fiscal responsibility for our roads, our guests and for our shareholders.

顯然，我們今年正在應對通貨膨脹，值得慶幸的是，去年的通貨膨脹沒有那麼嚴重，這幫助我們度過了難關。但我相信，從現在起，我們將繼續專注於營收，盡一切努力控製成本，並在對我們的道路、我們的客人和我們的股東的財務責任方面保持平衡。

And we'll continue. If we ever did feel like that was unreasonable, we would have some internal discussions. But as of now, we still believe that we can get our thin over that bar at some point.

我們將繼續。如果我們確實覺得這不合理，我們會進行一些內部討論。但截至目前，我們仍然相信我們最終能夠突破這個限制。

Jake Bartlett, Truist Securities.

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

I had one and then I had a follow-up. The question is about your off-premise sales, and this might build on the answer about your app, but over the last four quarters, off-premise sales per operating week have been growing much faster than on-premise and has been a driver of your comps.

我有一個，然後我有一個後續行動。問題是關於您的場外銷售的，這可能建立在您的應用程式的答案之上，但在過去四個季度中，每週經營場外銷售額的增長速度遠遠快於場內銷售額，並且一直是您同店銷售額的驅動力。

The question is what is driving that? Is it just really just spill over and people kind of turn out of the line and taking it home? Or is it something operationally that you've done? Is it the app? And then I guess, most importantly, how sustainable do you think that is?

問題是，是什麼推動了這現象？它真的只是溢出來然後人們就離開隊伍把它帶回家了嗎？或者這是您在操作上所做的事情？是應用程式嗎？然後我想，最重要的是，您認為這有多可持續？

Yeah, Jake, this is Jerry. Thanks for the question. I truly believe it's a combination of all those things, the convenience of us putting in windows for folks to be able to walk up and get their order, the mobile app, the easier that it is to order and navigate through that app.

是的，傑克，這是傑瑞。謝謝你的提問。我真的相信這是所有這些因素的結合，我們設置窗口方便人們走上前去取訂單，有了移動應用程序，通過該應用程序訂購和瀏覽變得更加容易。

We're seeing a more completion rate through that and then the missing items is really the biggest thing, and we've just gotten better at it. We've focused on it. we've got ways of -- it's really the operators, in my opinion, that are executing at a very high level guest is rewarding us because when they get home, they have their items, they're opening our food in their dining room table with their families and they've got everything that they need.

透過這種方式，我們看到了更高的完成率，而缺少的物品確實是最重要的事情，我們在這方面做得更好了。我們一直專注於此。我們有辦法——在我看來，真正執行得非常高的水平的經營者會給客人帶來回報，因為當他們回到家時，他們有自己的物品，他們和家人在餐桌上打開我們的食物，他們已經得到了他們需要的一切。

And we've heard it over and over again, if you focus on something, you put energy on it, then the result improves. And I think that's what we're seeing from that standpoint. So it is exciting to see it continuing to grow, but I really believe it's the app, it's the ease of pickup and it's the operators delivering a great experience to our consumer.

我們一遍又一遍地聽說，如果你專注於某件事，你投入精力，那麼結果就會改善。我想這就是我們從這個角度所看到的情況。因此，看到它繼續增長是令人興奮的，但我真的相信這是應用程序，這是取貨的便利，這是運營商為我們的消費者提供的良好體驗。

Great. And the follow-up was on building on your comments, and I just want you to kind of maybe say it again. I just want to make sure I'm hearing it right. But the idea that as you increase the number of Bubba's, you also talked about some company-owned Jaggers in '26. You've been very consistent about kind of about keeping the total number of units about 30 because of operational limitations or just making sure you execute very well.

偉大的。後續內容是根據您的評論進行的，我只是希望您再說一次。我只是想確認我聽得正確。但隨著 Bubba 數量的增加，你也在 26 年談到了一些公司旗下的 Jaggers。由於營運限製或只是為了確保執行得非常好，您一直非常堅持將單位總數保持在 30 個左右。

Is that changing? I mean it seems like you have the capacity you've gotten bigger, you could. I just want to make sure I'm hearing you right, so we didn't get over my skis as we look at our ability to maybe sustain the pace of Roadhouse openings and then add to that with these other concepts?

這種情況有改變嗎？我的意思是，看起來你的能力已經變得更強了，你可以。我只是想確保我聽得沒錯，所以我們沒有忘記我的能力，也許我們可以維持 Roadhouse 開業的步伐，然後再加入這些其他的概念？

Yeah, Jake, I am encouraged by our ability to get that approximately 30, I think you will see us a little on the high side of that, the next couple of years, the pipeline for Roadhouse is still strong. We are pressing on the gas with Bubba's a little bit. And you'll see, as we mentioned, Jaggers coming into the fold also. So I really want to get into the next year and we have that confident before I move that number up. But we are clearly starting to tip our head over the skis in that direction.

是的，傑克，我們能夠達到大約 30 個，這讓我很受鼓舞，我想你會看到我們在這個數字的高端，在接下來的幾年裡，Roadhouse 的頻道仍然很強大。我們正在對 Bubba 施加一點壓力。正如我們所提到的，您還會看到賈格斯 (Jaggers) 也加入了我們的行列。因此，我真的很想進入下一年，在提高這個數字之前，我們有信心。但我們顯然已經開始朝這個方向傾斜了。

Jon Tower, Citigroup.

花旗集團的喬恩‧陶爾 (Jon Tower)。

This is Karen Holthouse on for Jon. Piggybacking a little bit on off-premise questions. I understand there's your state argument state doesn't travel well and some things like that. But would you consider doing kind of -- doing delivery on a unit-by-unit basis of managing partners were asking for it? Was it maybe a unit in a denser marketplace or the attacker back of house limitation to doing that?

我是卡倫‧霍爾特豪斯 (Karen Holthouse)，為喬恩 (Jon) 報道。稍微搭上場外問題。我理解您關於州政府的論點，即州政府的出行不便以及諸如此類的事情。但是，您是否會考慮按照管理合夥人的要求，逐個單位地進行交付？這可能是市場密度較高的單位，還是攻擊者的後台限制導致這樣做？

Yeah. Thanks for the question. We have resisted the temptation of going that route as of now. We do to it at the Jaggers concept and at Bubba's, and we have one store that's in a very urban market in New Rhodes Hall, New York that we do delivery at -- and then I will continue to have conversations with operators.

是的。謝謝你的提問。到目前為止，我們已經抵抗了走這條路的誘惑。我們在 Jaggers 概念店和 Bubba's 店也這樣做，我們在紐約新羅茲大廳的一個非常城市化的市場裡有一家商店，我們提供送貨服務——然後我會繼續與營運商進行對話。

But as of right now, I think we're holding the line on not doing delivery in the rest of the concept, unless there's a real reason to do it individually, we will have some conversations -- but as of right now, we have resisted going that route.

但截至目前，我認為我們堅持不在其餘概念中進行交付，除非有真正的理由單獨進行交付，否則我們會進行一些對話 - 但截至目前，我們一直拒絕走這條路。

We're focused on providing our guests a great experience in the dining room and through our off-premise through our pickup system and through the app and all of that, that's where we'd really like to continue to focus as of right now.

我們專注於為我們的客人提供在餐廳、透過我們的場外取餐系統、透過應用程式等的良好體驗，這是我們現在真正想繼續關注的重點。

Zachary Fadem, Wells Fargo.

富國銀行的紮卡里‧法德姆 (Zachary Fadem)。

On the entree mix shifting more to beef, it looks like it's been about a 30 basis point headwind on the food and beverage line, assuming that held in Curious if you view this more cyclical or a structural phenomenon? And as you think about the impact in the second half, is the 30 bps still the right impact? Or would you expect it to step down?

在主菜組合更多地轉向牛肉的情況下，看起來食品和飲料線上出現了大約 30 個基點的逆風，假設這種情況持續下去，您是否好奇地認為這是周期性現象還是結構性現象？當您考慮下半年的影響時，30 個基點仍然是正確的影響嗎？或者你希望它會下台嗎？

Zach, it's Michael. And it was around 30 basis points in the first quarter. It probably stepped down to about 25 basis points in the second quarter and maybe it holds in that 20 to 25 level in the third quarter would be my expectation. And then I think it would step down a little bit more in the fourth quarter as we lap it. So I kind of view it as a one-year change in behavior and whether that means it will change back and we will see something else occur. We'll have to wait and see on that.

札克，我是麥可。第一季約30個基點。我預計，第二季利率可能會降至 25 個基點左右，而第三季利率可能會維持在 20 至 25 個基點的水平。然後我認為，隨著我們在第四節取得進步，這個數字還會進一步下降。因此，我將其視為一年內的行為變化，以及這是否意味著它會改變回來，我們將看到其他事情發生。我們將拭目以待。

But I do think what's driving a lot of it is the value on the menu and the state category and the and guest appreciating the price they can pay with Texas Roadhouse for a stake, and that helps our top line growth, but you see a little bit more pressure right now on the COGS line from that. But as a steakhouse, we see people wanting to try our stakes. We think that is great for our long-term success.

但我確實認為，推動這一增長的主要因素是菜單的價值和州類別，以及客人對德州客棧股份價格的認可，這有助於我們的營業額增長，但你現在會看到 COGS 線上的壓力有所增加。但作為一家牛排館，我們看到人們想要嘗試我們的牛排。我們認為這對我們的長期成功非常有利。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

I'm going to keep the off-premise train rolling here. So it looks like off-premise has been mixing in kind of that mid-13% range recently. I think there was one point is the rollout of KDS was happening, and it brings that additional efficiency and calm to the kitchen that there might have been a theory that more off-premise demand could be met out of the kitchens and that managers would be more comfortable going after and servicing that demand. Has that been the case? Is that still on the common? If you look at maybe your best quartile of stores with off-premise, how high is their mix versus the 13% train wide?

我將繼續在這裡開展場外列車。因此看起來，場外交易最近一直處於 13% 中間的範圍內。我認為，KDS 的推出有一點是，它為廚房帶來了額外的效率和平靜，可能有一種理論認為，更多的場外需求可以在廚房得到滿足，管理人員會更輕鬆地滿足這些需求。事實真的是如此嗎？這還是常見的事嗎？如果您看一下擁有場外銷售的最佳四分之一商店，那麼它們的混合比例與 13% 的列車寬度相比有多高？

Todd, this is Jerry. Yes, I believe it is definitely one of the components probably helping us be able to have a little more capacity through the to-go business. So I think you're right, as we're almost 80% done of having all the concept on the digital kitchen at this point.

托德，這是傑瑞。是的，我相信這絕對是幫助我們透過外送業務獲得更多產能的因素之一。所以我認為你是對的，因為目前我們已經完成了數位廚房概念的 80%。

Then as we get finished this year, and we continue to learn from each other about how we can utilize that technology to help us bigger, faster and stronger and improve our guest experience as well as our roadie experience in the back of the house. We believe that the digital kitchen will have some components that will play into our ability to be faster and to be focused on taking great care of our guests. So I do believe it is a component of that increase for sure.

然後，當我們今年完成時，我們將繼續互相學習如何利用該技術來幫助我們變得更大、更快、更強，並改善我們的客戶體驗以及我們在後台的巡迴體驗。我們相信，數位廚房的一些組件將使我們更快地專注於為客人提供優質的服務。因此我確實相信這肯定是成長的一個因素。

Yeah. And Todd, there are definitely restaurants that do higher levels of it to go on a dollar basis and a percentage basis, don't have all those numbers at our fingertips, but we definitely have stores that are examples to others that you can do even more to go in your restaurants. So we think there still is a lot of opportunity.

是的。托德，肯定有一些餐館在美元和百分比方面做得更高，我們手頭沒有那麼多數字，但我們肯定有一些商店可以作為榜樣，向其他人展示你可以在你的餐館裡做更多的事情。所以我們認為仍有許多機會。

At this time, there are no further audio questions. I will now hand this call over to Jerry Morgan for closing remarks.

目前，沒有其他音訊問題。現在我將把這個電話交給傑瑞摩根 (Jerry Morgan) 來做結束語。

Thank you all. I want to close with a special shout out to our Jaggers team in Lexington, Kentucky, which represents our 800th system-wide restaurant. Great job on delivering high-level hospitality and creating raving fans. Let's go TXRH. Good night, you all.

謝謝大家。最後，我要特別感謝位於肯塔基州列剋星敦的 Jaggers 團隊，這是我們全系統的第 800 家餐廳。在提供高水準的接待和贏得狂熱粉絲方面做得非常出色。我們去 TXRH 吧。大家晚安。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。