Texas Roadhouse Inc (TXRH) 2025 Q3 法說會逐字稿

Good evening, and welcome to the Texas Roadhouse third quarter earnings conference call. Today's call is being recorded.

晚上好，歡迎參加德州路邊牛排館第三季財報電話會議。今天的通話將會被錄音。

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

（操作員說明）現在我謹向大家介紹德州路邊牛排館投資人關係主管麥可貝倫。您可以開始會議了。

Thank you, Julianne, and good evening. By now, you should have access to our earnings release for the third quarter ended September 30, 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. We refer all of you to our earnings release and our recent filings with the SEC.

謝謝你，朱莉安娜，晚上好。現在，您應該可以查閱我們截至 2025 年 9 月 30 日的第三季財報。您也可以在我們的網站 texasroadhouse.com 的「投資者」部分找到它。我想提醒大家，我們今天的討論部分內容將包含前瞻性陳述。這些聲明並非對未來業績的保證，因此不應過度依賴這些聲明。請各位參閱我們的獲利報告及近期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這些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，我們也可能參考非GAAP指標。如有需要，非GAAP指標與GAAP資訊的調節表可在我們的獲利報告中查閱。

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.

今天和我一起通話的是德州路邊牛排館執行長傑瑞摩根，以及我們的臨時財務長基斯漢皮奇。在發言結束後，我們將回答各位的問題。為了讓每個人都有機會提問，請大家盡量只提一個問題。

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

現在我想把電話交給傑瑞。

Thanks, Michael, and good evening, everyone. Before we begin our formal remarks, I want to take a moment to recognize Michael Bailen on his promotion to Vice President of Investor Relations. As many of you know, he has played a pivotal role in our -- in shaping our investor outreach and communicating the company's financial strategy. Congratulations, Michael, I am very proud of all you have done for Texas Roadhouse, and I'm excited to see you continue to grow our Investor Relations program.

謝謝你，邁克爾，大家晚上好。在我們正式發言之前，我想花一點時間祝賀麥可貝倫晉升為投資人關係副總裁。正如你們許多人所知，他在我們公司發揮了關鍵作用——在塑造我們的投資者拓展策略和傳達公司財務策略方面。恭喜你，邁克爾，我為你為德州牛排館所做的一切感到非常自豪，我很高興看到你繼續發展我們的投資者關係項目。

Moving on to our quarterly results. Our strong top line momentum continued in the third quarter with revenue topping $1.4 billion. Through the relentless efforts of the best operators in the business we achieved our highest quarterly growth of the year in revenue, same-store sales and traffic. There's no doubt there is a healthy demand for our brands. Our people first focused value proposition and operational excellence continue to be a winning formula to drive our long-term success.

接下來是我們的季度業績報告。第三季度，我們強勁的營收成長動能得以延續，營收超過 14 億美元。透過業界最優秀營運人員的不懈努力，我們在收入、同店銷售額和客流量方面實現了全年最高的季度成長。毫無疑問，我們的品牌擁有良好的市場需求。我們以人為本的價值主張和卓越營運仍然是推動我們長期成功的致勝法寶。

On the development front, we opened seven company-owned locations in the third quarter, including two Bubba's 33 restaurants and one Jaggers. We remain on track to open approximately 30 restaurants across the three brands in 2025. We have also acquired 20 franchise restaurants this year, including three purchased at the beginning of the fourth quarter. Our franchise partners opened two international Texas Roadhouse restaurants during the third quarter. We expect they will open one more franchise location in the fourth quarter.

在發展方面，我們在第三季開設了七家公司自營店，其中包括兩家 Bubba's 33 餐廳和一家 Jaggers 餐廳。我們仍按計劃在 2025 年透過這三個品牌開設約 30 家餐廳。今年我們也收購了 20 家特許經營餐廳，其中包括第四季度初收購的 3 家。我們的加盟合作夥伴在第三季開設了兩家國際德州牛排餐廳。我們預計他們將在第四季再開設一家加盟店。

Looking ahead to 2026, we expect to open approximately 35 company-owned restaurants, including approximately 20 Texas Roadhouses, 10 Bubba's 33 and as many as five Jaggers. Additionally, as mentioned on last quarter's earnings call, we have an agreement in place to acquire our five remaining California franchise locations at the beginning of 2026. On the franchise side, our partners are planning to open 10 new restaurants, including six international Texas Roadhouses and four domestic Jaggers.

展望 2026 年，我們預計將開設約 35 家公司直營餐廳，其中包括約 20 家 Texas Roadhouse 餐廳、10 家 Bubba's 33 餐廳和多達 5 家 Jaggers 餐廳。此外，正如上個季度財報電話會議上提到的那樣，我們已經達成協議，將於 2026 年初收購我們在加州的剩餘五家特許經營店。在特許經營方面，我們的合作夥伴計劃開設 10 家新餐廳，其中包括 6 家國際連鎖的 Texas Roadhouse 餐廳和 4 家國內連鎖的 Jaggers 餐廳。

Regarding consumer behavior in the third quarter, we are pleased with what we saw from our guests visiting our restaurants as they continue to favor stakes in larger sized entrees. In addition, we haven't seen any noticeable change in guest behavior since our 1.7% menu price increase at the beginning of the fourth quarter. The guest is also responding positively to our newer offerings on the beverage side.

關於第三季的消費者行為，我們很高興看到顧客光顧我們的餐廳，他們繼續偏愛份量較大的主菜。此外，自第四季初菜單價格上漲 1.7% 以來，我們尚未發現顧客行為有任何明顯變化。客人對我們新推出的飲品也給予了正面的回饋。

In addition to mocktails and our $5 all-day everyday beverage specials, we are also having success with our regional approach to the beverage menu and offerings. For example, we are testing dirty sodas in Utah and Idaho, which have been well received by our guests. The regional approach allows us to be more receptive and responsive to local taste and potential trends.

除了無酒精雞尾酒和我們每天 5 美元的特價飲品外，我們在飲品菜單和供應方面採取的區域性策略也取得了成功。例如，我們正在猶他州和愛達荷州測試“髒蘇打水”，受到了顧客的好評。區域性方法使我們能夠更好地接受和回應當地的口味和潛在趨勢。

Our to-go business continues to show solid momentum. Our operators have done a great job focusing on speed and order accuracy. This focus has improved the overall guest experience and as we become more efficient, our operators can take more orders per hour. Outside the 4 walls of our restaurants, we are also very excited about the retail segment of our business. Our retail strategy is about building guest awareness and engagement. Over the past several years, we have introduced many roles, buttery spreads, steak sauces and dips.

我們的外送業務持續保持強勁成長勢頭。我們的操作員在提高速度和確保訂單準確性方面做得非常出色。這種專注提升了整體顧客體驗，隨著我們效率的提高，我們的操作員每小時可以處理更多訂單。除了餐廳之外，我們對零售業務也感到非常興奮。我們的零售策略旨在提升顧客認知度和參與度。在過去幾年裡，我們推出了許多產品，包括奶油抹醬、牛排醬和沾醬。

We are excited that between our gift cards and retail items, we have a presence in over 120,000 retail outlets across the country. We believe having our logo in the grocery store aisles helps keep Texas Roadhouse top of mind to our current and potential guest. Our success would not be possible without the partners of our vendors. We just recently held our annual Vendor Partner Summit. During this event, we met with many of our key suppliers. There were a number of takeaways around how we continue to work together to strengthen our partnership and ultimately better support our operators.

我們很高興，憑藉我們的禮品卡和零售商品，我們的產品已經遍布全國超過 12 萬家零售店。我們相信，在雜貨店的過道上展示我們的標誌有助於讓德州路邊牛排館在現有和潛在顧客心中保持領先地位。如果沒有供應商夥伴的支持，我們的成功是不可能的。我們最近舉辦了年度供應商合作夥伴高峰會。在這次活動中，我們與許多主要供應商進行了會面。圍繞著我們如何繼續攜手合作以加強夥伴關係並最終更好地支持我們的運營商，我們總結出了一些經驗教訓。

Moving on to technology. Approximately 95% of our restaurants are currently using a digital kitchen and upgraded guest management system. We expect the rollout of both systems to be completed by year-end. As we look to next year, our operating philosophies remain unchanged despite the current inflationary environment, we will maintain our focus on driving top line through a combination of guest traffic growth and the expansion of our restaurant base, will remain an industry leader in all in offering high-level hospitality in everyday value to our guests and continue to invest in our rods to ensure we remain an employer of choice.

接下來談談科技。目前，我們約 95% 的餐廳都在使用數位化廚房和升級的顧客管理系統。我們預計這兩個系統的推廣部署將在年底前完成。展望明年，儘管當前通膨環境嚴峻，但我們的經營理念依然不變。我們將繼續專注於透過增加客流量和擴大餐廳規模來推動營收成長，繼續在日常服務中為顧客提供高水準的款待，保持行業領先地位，並繼續投資於我們的員工，以確保我們仍然是員工的首選雇主。

And finally, we will stay true to our mission, values and purpose for the long-term health of the business. This is what has made us successful for over 30 years, and what we believe best sets us up for further success going forward.

最後，我們將始終堅持我們的使命、價值觀和宗旨，以實現企業的長期健康發展。正是這一點讓我們在過去 30 多年中取得了成功，我們也相信這能讓我們在未來取得更大的成功。

Now Keith will provide some thoughts.

現在基斯將發表一些看法。

Thanks, Jerry. As Jerry mentioned, our operators drove strong sales performance in the third quarter with all three brands delivering same-store sales growth. Weekly sales averaged nearly $162,000 at Texas Roadhouse, $119,000 at Bubba's 33 and over $75,000 at Jaggers.

謝謝你，傑瑞。正如傑瑞所提到的那樣，我們的營運商在第三季度實現了強勁的銷售業績，所有三個品牌都實現了同店銷售額成長。Texas Roadhouse 的周平均銷售額接近 162,000 美元，Bubba's 33 的周平均銷售額為 119,000 美元，Jaggers 的周平均銷售額超過 75,000 美元。

On commodities, inflation in the third quarter was above our expectation due to higher-than-anticipated beef prices in the back half of the quarter. These higher prices have persisted and have impacted our forecast for beef inflation over the remainder of the year. As a result, we are updating our full year 2025 commodity inflation guidance to approximately 6%. As everyone is aware, there is certainly significant volatility and multiple unknowns related to beef prices.

大宗商品方面，由於第三季後半段牛肉價格高於預期，第三季通膨率高於我們的預期。這些較高的價格持續存在，並影響了我們對今年剩餘時間牛肉通膨的預測。因此，我們將 2025 年全年大宗商品通膨預期更新為約 6%。眾所周知，牛肉價格波動性很大，而且存在許多未知因素。

With that said, we are setting our initial 2026 commodity inflation guidance at approximately 7%. At this time, we expect to be above the guidance in the first half of the year and below the guidance in the second half of the year.

綜上所述，我們初步將 2026 年大宗商品通膨預期設定在 7% 左右。目前，我們預期上半年業績將高於預期，下半年業績將低於預期。

Moving on to labor. Wage and other labor inflation for the third quarter was in line with our expectations. Our operators continue to execute at a very productive level as labor hours grew at approximately 35% of comparable traffic growth.

接下來是勞動環節。第三季薪資和其他勞動成本通膨符合我們的預期。我們的營運人員持續保持非常高效的工作效率，勞動時間成長了約 35%，與相應的交通量成長相當。

Our full year 2025 wage and other labor inflation guidance remains unchanged at approximately 4%. And for 2026, we are guiding to wage and other labor inflation of 3% to 4% with mandated increases representing approximately 1% of the increase.

我們對 2025 年全年薪資和其他勞動力通膨的預期保持不變，約為 4%。對於 2026 年，我們預期薪資和其他勞動力成本通膨率為 3% 至 4%，其中強製成長約佔成長的 1%。

With regard to capital allocation, we ended the third quarter with a cash balance of $108 million. Cash flow from operations was $144 million, which was offset by $214 million of capital expenditures, dividend payments and share repurchases. Also, as previously mentioned, we acquired three franchise restaurants at the beginning of the fourth quarter, and we will be acquiring five California franchise restaurants at the beginning of 2026.

在資本配置方面，我們第三季末的現金餘額為 1.08 億美元。經營活動產生的現金流量為 1.44 億美元，但被 2.14 億美元的資本支出、股利支付和股票回購所抵銷。此外，如同先前所提到的，我們在第四季初收購了三家特許經營餐廳，我們將在 2026 年初收購五家加州特許經營餐廳。

Finally, with regard to capital expenditures in 2026, we will continue to prioritize new store development and maintaining our existing restaurants. With approximately 35 new store openings, and five restaurants being acquired at the beginning of the year, we are expecting 5% to 6% store week growth in 2026. And we are establishing our initial 2026 capital expenditure guidance at approximately $400 million. This excludes the cost of acquiring the California franchise restaurants.

最後，關於 2026 年的資本支出，我們將繼續優先發展新店和維護現有餐廳。今年年初，我們計劃開設約 35 家新店，並收購 5 家餐廳，預計到 2026 年，每週門市數量將增加 5% 至 6%。我們初步確定 2026 年資本支出指引目標約為 4 億美元。這不包括收購加州特許經營餐廳的成本。

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

現在麥可將為我們介紹第三季業績。

Thanks, Keith. For the third quarter of 2025, we reported revenue growth of 12.8%, primarily driven by a 5.5% increase in average weekly sales and 6.8% store week growth. We also reported a restaurant margin dollar increase of 1.1% to $204 million and a diluted earnings per share decrease of 0.8% to $1.25. Average weekly sales in the third quarter were over $157,000, with to-go representing approximately $21,500 or 13.6% of these total weekly sales. Comparable sales increased 6.1% in the third quarter, driven by 4.3% traffic growth and a 1.8% increase in average check.

謝謝你，基斯。2025 年第三季度，我們報告營收成長 12.8%，主要得益於平均每週銷售額成長 5.5% 和門市每週銷售額成長 6.8%。我們還報告稱，餐廳利潤增長1.1%至2.04億美元，稀釋後每股收益下降0.8%至1.25美元。第三季平均每週銷售額超過15.7萬美元，其中外送銷售額約為2.15萬美元，佔每週總銷售額的13.6%。第三季同店銷售額成長 6.1%，主要得益於客流量成長 4.3% 和平均客單價成長 1.8%。

By month, comparable sales grew 5%, 7% and 6.1% for our July, August and September periods, respectively. And comparable sales for the first 5 weeks of the fourth quarter were up 5.4% with our restaurants averaging sales of nearly $160,000 per week during that period. In the third quarter, restaurant margin dollars per store week decreased 5.3% to approximately $22,500. Restaurant margin as a percentage of total sales decreased 168 basis points year-over-year to 14.3%.

按月來看，7 月、8 月和 9 月的同店銷售額分別成長了 5%、7% 和 6.1%。第四季前 5 週的同店銷售額成長了 5.4%，在此期間，我們餐廳的平均每週銷售額接近 16 萬美元。第三季度，餐廳每店每週的利潤下降了 5.3%，約 22,500 美元。餐廳利潤率佔總銷售額的百分比年減 168 個基點至 14.3%。

Food and beverage loss as a percentage of total sales were 35.8% for the third quarter. The 224 basis point year-over-year increase was driven by 7.9% commodity inflation, combined with shifts within the on-trade category, which was partially offset by the benefit of a 1.8% check increase. Labor as a percentage of total sales decreased 18 basis points to 33.6% as compared to the third quarter of 2024. Labor dollars per store week increased 5.2% due to wage and other labor inflation of 3.9% and growth in hours of 1.3%.

第三季食品和飲料虧損佔總銷售額的 35.8%。年比上漲 224 個基點，主要受 7.9% 的大宗商品通膨以及餐飲通路消費類別的變化推動，但部分被 1.8% 的收銀價格上漲所抵銷。與 2024 年第三季相比，勞動成本佔總銷售額的比例下降了 18 個基點，至 33.6%。由於工資和其他勞動力成本上漲 3.9% 以及工時增長 1.3%，每家商店每週的勞動力成本增加了 5.2%。

Other operating costs were 14.7% of sales which was 40 basis points better than third quarter of 2024. The improvement was driven by leverage on operator bonuses, partially offset by changes in our quarterly reserve for general liability insurance. These insurance adjustments include $1.7 million of additional expense this year as compared to $400,000 of additional expense last year.

其他營運成本佔銷售額的 14.7%，比 2024 年第三季低 40 個基點。這項改善主要得益於營運商獎金的增加，但部分被季度一般責任保險準備金的變動所抵銷。今年的保險調整包括170萬美元的額外支出，而去年為40萬美元的額外支出。

Moving below restaurant margin, G&A dollars declined 1.4% year-over-year and came in at 3.8% of revenue for the third quarter. The decline was primarily driven by lower incentive compensation and lapping the additional expense from our change to annual equity grants.

第三季度，G&A 支出低於餐飲利潤率，年減 1.4%，佔營收的 3.8%。下降的主要原因是激勵性薪酬降低，以及因改為年度股權授予而產生的額外費用。

Our effective tax rate for the quarter was 13.1%. 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 14.5%. We are also setting our guidance for the full year 2026 income tax rate at approximately 15%. Finally, as a reminder, in the fourth quarter of we will be lapping a 14-week quarter from last year. We estimate that this will have an approximately 10% negative year-over-year impact on fourth quarter EPS growth.

本季實際稅率為 13.1%。根據我們對今年剩餘時間的展望，我們將 2025 年全年所得稅率的預期更新為約 14.5%。我們預計 2026 年全年所得稅稅率約為 15%。最後提醒一下，今年第四季我們將比去年同期多出 14 週。我們預計這將對第四季每股收益成長產生約 10% 的年比負面影響。

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，請他做最後的總結演講。

Thanks, Michael. We just completed our 20th annual fall tour, where we traveled to 28 cities over a six-week period gathering feedback from nearly 800 managing partners. While it is called fall tour, it is really about listening to and engaging with our managing partners to learn how we can better support them. There's nothing that feeds my sole more than spending time with the best operators in the industry who continue to create a place where Rotes want to work and our guests want to dine.

謝謝你，麥可。我們剛完成了第 20 屆年度秋季巡迴活動，在六週的時間裡，我們走訪了 28 個城市，收集了近 800 位管理合夥人的回饋意見。雖然名為秋季巡講，但實際上是為了傾聽和與我們的管理合夥人交流，並了解我們如何才能更好地支持他們。沒有什麼比與業界最優秀的經營者共度時光更能滋養我的靈魂了，他們不斷創造一個讓員工願意工作、讓客人願意用餐的地方。

And speaking of guests, I want to give a big shout out to some of our Raby fans, Mike and Judy McNamara, who have just completed their 530 store visit. We are proud to have Mike and Judy as a part of Roady Nation.

說到客人，我要特別感謝我們的 Raby 粉絲 Mike 和 Judy McNamara，他們剛完成了 530 家門市的訪問。我們很榮幸 Mike 和 Judy 能成為 Roady Nation 的一員。

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

我們的發言稿到此結束。朱莉安娜，請開放提問通道。

(Operator Instructions) Sara Senatore, Bank of America.

（操作員說明）薩拉·塞納托雷，美國銀行。

I just -- I guess, maybe one question and one clarification. I'll start with a clarification. As you think about the outlook for beef inflation or commodity inflation, I think the implication is that beef inflation might be up kind of mid-teens if your commodity basket is up high single digits. Could you -- could you just talk a bit about what you're seeing that's leading you to draw that conclusion. I guess I thought maybe we would start to see some pullback in demand at retail, just given where prices have gone in some like perhaps -- that's not the case. And then I guess the question was more about your beverage program. I know that's something that you've been working on for a while, kind of mocktails and shifting perhaps to address the fact that younger consumers maybe aren't drinking alcohol. Could you talk a little bit about whether you're continuing to see that trend in terms of negative mix?

我只是——我想，也許只有一個問題和一個需要澄清的地方。我先做個澄清。當你考慮牛肉通膨或大宗商品通膨的前景時，我認為這意味著，如果你的大宗商品價格上漲了接近兩位數，那麼牛肉通膨可能會上漲到十幾度左右。您能否－您能否談談您看到了什麼，才得出這個結論？我原以為鑑於某些商品的價格已經漲到如此高位，零售需求可能會開始出現一些回落——但事實並非如此。然後，我猜問題更多的是關於你們的飲料方案。我知道你一直在研究無酒精雞尾酒，或許是為了解決年輕消費者可能不喝酒的問題。您能否談談您是否繼續觀察到負面組合方面的這種趨勢？

Sara, this is Michael. I'll start with your commodity question. Were you referring to fourth quarter of this year or our next year commentary?

薩拉，這位是麥可。我先回答你關於商品的問題。您指的是今年第四季還是我們對明年的展望？

Next year, next year, please.

明年，明年吧。

Yes. For next year, we are assuming high single-digit inflation when it comes to formula pricing. We also we'll be lapping some favorable contracts from this year. So the combination of those two things is what gets us into low double-digit unweighted beef inflation.

是的。對於明年，我們預計配方奶粉價格將出現較高的個位數通膨。我們也將延續今年的一些有利合約。因此，這兩個因素結合起來就導致了兩位數以下的未加權牛肉通膨率。

And then I'll -- Sara, this is Jerry. Talk about the beverage program. I really am excited in the last couple of years as we've rolled out or $5 all day every day, which is a 10-ounce margarita, value paint beer and some other things there. And the mocktails have gone very well. 30 sodas we're testing in Utah and Idaho, and there's a lot of our consumers out there that beverage is a different category for them.

然後我──薩拉，這位是傑瑞。談談飲料方案。在過去的幾年裡，我們推出了「每天只需 5 美元」的優惠活動，其中包括 10 盎司的瑪格麗塔酒、超值啤酒以及其他一些商品，我對此感到非常興奮。無酒精雞尾酒的銷售情況非常好。我們正在猶他州和愛達荷州測試30種蘇打水，對許多消費者來說，飲料是他們關注的另一個類別。

And I think us being aware of consumer trends and how that applies and I think people want a good beverage, maybe not as much the beer and margarita anymore, but they want to have a quality beverage option and so whether it be liquor beer and wine, whether it be soft or iced teas and sodas or mocktail or a dirty soda. And I think we're learning that the better the offering, the more options the guests than consumer has the better it is for us. So I think the overall blend of the beverage category has clearly been a focus of ours for the last 18 to 24 months, and I'm excited to see that continue to expand.

我認為我們應該了解消費趨勢及其應用方式，人們想要好的飲料，也許不再像以前那樣喜歡啤酒和瑪格麗塔酒，但他們想要有高品質的飲料選擇，無論是烈酒、啤酒和葡萄酒，還是軟飲、冰茶、蘇打水、無酒精雞尾酒或髒蘇打水。我認為我們逐漸認識到，提供的服務越好，顧客（消費者）擁有的選擇就越多，這對我們來說就越有利。所以我認為，在過去的 18 到 24 個月裡，飲料品類的整體融合顯然一直是我們的關注重點，我很高興看到這一趨勢繼續擴大。

Okay. Great. Very helpful. And just impact on mix, anything to say there on the tech mix?

好的。偉大的。很有幫助。那麼，就混音而言，技術混音方面有什麼需要說明的嗎？

When it comes to mix, we're continuing to see some negative alcohol mix that's really remained consistent through the year, and that's where most of the negative mix that we are -- it's really where all of the negative mix that we're seeing this year is coming from. Some of that is being offset by positive mix of mocktails and soft beverages continue to be flat year-over-year.

就混合飲料而言，我們持續看到一些負面的酒精混合飲料，這種情況在今年一直保持穩定，而這正是我們今年看到的所有負面混合飲料的主要來源。部分損失被無酒精雞尾酒和軟性飲料組合的積極變化所抵消，但這些組合的銷售額與去年同期相比仍然持平。

Gregory Francfort, Guggenheim.

格雷戈里·弗朗福特，古根漢。

I guess I'm curious, maybe not to hammer on beef, but what gives you guys the confidence that this is transitory versus structural? And I guess how are you evaluating the structural nature of what's going on versus maybe not pricing against this transitory?

我有點好奇，也許不想落井下石，但你們憑什麼確信這只是暫時的，而不是結構性的呢？那麼，您是如何評估當前情勢的結構性本質，而不是僅僅根據這種暫時性因素來定價的呢？

Greg, it's Michael. Thanks for the question. I think the industry, the experts, our purchasing department, all believe that this is -- we are in a cattle cycle and it is transitory in nature. Cattle cycles do last longer, and you tend to when you come out of it, settle in, probably higher than where you came into it.

格雷格，我是麥可。謝謝你的提問。我認為業內人士、專家、我們採購部門都認為，我們正處於牛市週期中，而且這種週期本質上是暫時的。牛群的生長週期確實會持續更長時間，而且當你結束這個週期時，牛群的價格往往會穩定下來，可能比你開始生長時的價格更高。

So certainly, as we take pricing for other structural inflationary pressure, i.e., wage pressure, it does help offset any component that is structural in nature on the commodity line. We're not going to on the front end, guess of what is structural and what is transitory when the capital cycle ends, or the industry expects something different than we would have different conversations. But right now, everything we're told and believe that this is a cyclical issue and one that we just need to manage through.

因此，當我們考慮其他結構性通膨壓力（即薪資壓力）進行定價時，它確實有助於抵消商品價格中任何結構性因素。我們不會在初期就去猜測哪些是結構性的，哪些是暫時性的，當資本週期結束時，或是當產業預期與實際情況不同時，我們就會進行不同的討論。但就目前而言，我們聽到的和相信的都是，這是一個週期性問題，我們只需要處理它。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

I just wanted to ask on your take on the consumer. I know traffic was strong, but are you seeing any differences by income cohort, age cohort? And then other restaurants have said that there's been a bifurcation among consumers and how you manage your menu and your pricing architecture to appeal to both sides of --

我只是想問您對消費者的看法。我知道交通流量很大，但你有沒有發現不同收入群體、不同年齡層的人之間有差異？其他餐廳也表示，消費者群體出現了分化，你需要調整菜單和定價策略，才能同時吸引這兩類消費者。--

Thanks, Jacob, this is Jerry. I'll kick it off, and then I think Michael will have a comment. But there's nothing significant that we can see. We're excited about our traffic growth and our sales growth and our menu has always had value built into it, and we have some offerings on our early dine and -- and so I think we've always been focused on that from the very beginning. And we do have some larger stakes and some entrees that can go to that side of the menu, but there's also a lot of entrees with our country dinners or 6-ounce sirloin with two sides are still extremely value-oriented. And I do believe that that is what allows our menu to be very favorable for all consumers.

謝謝你，雅各布，我是傑瑞。我先拋磚引玉，然後我想麥可會發表一些看法。但我們看不到任何顯著的跡象。我們對客流量和銷售額的成長感到興奮，我們的菜單一直以來都注重性價比，而且我們還提供一些早鳥優惠——所以我覺得我們從一開始就一直專注於此。我們確實有一些分量較大的菜餚和一些主菜可以放在菜單的這一側，但我們的鄉村晚餐或 6 盎司西冷牛排配兩份配菜等主菜仍然非常物超所值。而我相信，正是這一點使得我們的菜單能夠受到所有消費者的青睞。

So we feel like we're in a great position to be able to provide folks. And when we talk about our beef selection, and we have four cuts of sirloin that you can choose a 6 and 8, 11 or 16, so that you have options on how much you want to spend and how much you want to eat. And I really do believe that that's always been our philosophy, and it's really served us extremely well.

因此，我們覺得我們處於非常有利的位置，能夠為人們提供服務。當我們談到牛肉的選擇時，我們有四種不同規格的西冷牛排，您可以選擇 6 和 8、11 或 16 份，這樣您就可以根據自己的預算和食量進行選擇。而且我真的相信這始終是我們的理念，它也確實為我們帶來了極大的好處。

And Jacob, this is Michael. When I look at our mix trends from the third quarter and the first part of the fourth quarter, I'm really not seeing anything different than what we've been seeing all year. We don't spend a lot of time separating out income or consumer by cohorts. But there's nothing in there that tells me that we aren't continuing to see a guest that appreciates the value that we're offering. When I look -- by region, I'm seeing strong results.

雅各布，這位是邁克爾。當我查看第三季和第四季上半場的組合趨勢時，我發現與我們全年所看到的情況並沒有什麼不同。我們不會花太多時間按收入群體或消費者群體進行劃分。但其中沒有任何跡象表明我們沒有繼續看到欣賞我們所提供價值的客人。從地區來看，結果非常顯著。

When I look seven days a week, I'm seeing strong results. And when I look by daypart, I'm seeing strong results, and that goes for both our dine-in business and our to-go business. So we're very happy with what we're seeing from consumer and believe that just goes to the value that we offer and the overall experience that we're offering in the desktop still is enjoying what they're getting from us.

我一週七天都觀察，都看到了顯著的效果。以時段來看，我們的堂食業務和外送業務都取得了顯著成效。所以我們對消費者的回饋非常滿意，並相信這證明了我們提供的價值，以及我們在桌面端提供的整體體驗，消費者仍然很享受他們從我們這裡獲得的東西。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Great. Congratulations, Michael, on the promotion, Crazy, well deserved. Yes, two questions, Jerry. I was just wondering philosophically about pricing. And I'm wondering how you weigh the potential impact of pricing or not pricing or underpricing the inflation on a managing partner pay. You were one in the past and you manage a ton of them now.

偉大的。恭喜麥可升職，克雷齊，實至名歸。是的，傑瑞，我有兩個問題。我只是從哲學角度思考定價問題。我想知道您如何權衡定價、不定價或低估通貨膨脹對管理合夥人薪酬的潛在影響。你過去就是其中之一，現在你管理著很多這樣的公司。

And then if this is going to be a year where we're getting a spike in beef, and I'm not saying you should chase that with pricing because it won't last forever, but I do wonder how you manage that in a year like what we might be having in '26? And then separately, I just wanted to ask about Bubba's. The same-store sales it decelerated a bit, 2.5 points or so, not a massive slowdown, but obviously, Texas Roadhouse really didn't slow at all and actually accelerated a little bit. So any theories about why those would have been different in terms of the sequential growth.

如果今年牛肉價格飆升，我並不是說你應該追逐這種價格上漲，因為這種情況不會永遠持續下去，但我確實想知道，在像 2026 年這樣的年份，你該如何應對？另外，我還想單獨問一下關於 Bubba's 的事。同店銷售額略有下降，大約下降了 2.5 個百分點，雖然沒有大幅放緩，但顯然，德州路邊牛排館的銷售額根本沒有放緩，反而略有加快。那麼，對於為什麼這些成長順序會有所不同，有什麼理論可以解釋嗎？

Thanks, David. Yes, I'll -- as far as the MP compensation, it really has been built around that partnership side of it in you grow your sales, you grow your profits, you grow your paycheck. And I think that philosophy works very well. And when we look at store restaurant store margin, those dollars are what they get paid off of.

謝謝你，大衛。是的，我會——至於MP的薪酬，它確實是圍繞著合夥制這一方面建立起來的，你的銷售額增長，你的利潤就會增長，你的薪水也會增長。我認為這種理念非常有效。當我們查看門市餐廳的利潤率時，這些美元就是他們用來支付款項的資金。

So we continue to monitor and reach that. But again, if you're running a healthy business and you're executing at a high level and you're growing your sales and your profits and your people, then you're going to get compensated for that. And I think that's been a great philosophy for us. If there are people in our system that might be struggling for whatever reason, then we will continue and have great conversations with them if there's any adjustments. But the overall system works extremely well. When you got skin in the game and you've got ownership and partnership.

因此，我們將繼續監測並努力實現這一目標。但話說回來，如果你經營著一家健康的企業，並且有效率地執行各項工作，不斷提升銷售額、利潤和員工隊伍，那麼你就會得到相應的回報。我認為這對我們來說一直是個非常棒的理念。如果我們的系統中有人因為任何原因遇到困難，那麼我們將繼續與他們進行深入的溝通，探討是否需要進行任何調整。但整個系統運作得非常好。當你投入了真金白銀，擁有了所有權和合作夥伴關係。

And we just came off of fall tour, and we talked about they all have their own individual challenges and problems and how can we help them solve them, whether it be sales profits or people and helping them run a healthy business for the long term. And there are ups and downs in business, and that is part of a partnership. We're not going to be able to fix everything for you every time, but we will work with you to help you grow that side of the business.

我們剛結束了秋季巡演，我們討論了他們各自面臨的挑戰和問題，以及我們如何幫助他們解決這些問題，無論是銷售利潤還是人員管理，以及如何幫助他們長期健康地經營業務。商業中有起有落，這也是合作關係的一部分。我們不可能每次都幫你解決所有問題，但我們會與你合作，幫助你發展這方面的業務。

And as far as Bubba's is concerned, I think we are still very excited. There's been a lot of work put in Bubba's in the last few years from a leadership standpoint, from a menu engineering standpoint. There's a lot of things going on in their competitor set. So what we feel have a lot of confidence in what Bubba's is doing in the offerings that we have with our burgers and pizzas and wings and all of those things that go in there, the sports, the rock and roll, Michael, would say that again for me?

至於 Bubba's，我認為我們仍然非常興奮。從領導層到菜單設計，Bubba's 在過去幾年裡投入了大量精力。他們的競爭對手群體中有很多事情正在發生。所以，我們對 Bubba's 提供的漢堡、披薩、雞翅以及所有相關食品，還有運動、搖滾樂，都充滿信心。邁克爾，你再說一次我的看法？

Rock and roll.

搖滾樂。

Yes. So we like what we got going on in Bubba's. It's always been a great. It's our second brand. We believe in it completely. So we'll continue to watch and see if there's anything we need to do differently. But we still have a lot of faith and confidence in Bubba's 33.

是的。所以我們對Bubba's現在的經營狀況很滿意。它一直都很棒。這是我們的第二個品牌。我們完全相信這一點。所以我們會繼續觀察，看看是否需要做出一些改變。但我們仍然對巴布的33號球員充滿信心。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

I wanted to follow up on the last question about the restaurant profit dollars. And if I look at restaurant profit dollars per location or per operating week, which is, I guess, a proxy for the metric that you pay, the store managers on -- it's been a really long time since that metric has declined in two consecutive years. So this year looks like a year where we're going to see a decline.

我想就餐廳利潤金額的最後一個問題做個後續說明。如果我看一下每家門市或每週的餐廳利潤（我想，這可以作為支付給門市經理的指標的參考），那麼這個指標已經很久沒有連續兩年下降了。所以今年看來是會出現下滑的一年。

So I'm just wondering Jerry, if you could comment specifically on the appetite for letting that decline in 2026, given all this inflation or perhaps is there a thought to around the time you make your next pricing decision to price in a manner that would protect that line specifically so that you don't have two years in a row of declines in pay?

所以我想問傑瑞，鑑於目前的通貨膨脹，你是否願意就2026年允許該項支出下降發表具體評論？或者，當你做出下一個定價決定時，你是否考慮過以一種能夠保護該支出的方式進行定價，以避免連續兩年出現支出下降的情況？

Yes, David, thank you. I think we'll continue to look at our philosophy on pricing. We've always tried to have a conservative approach, and we do believe that protects that top line and that consumer and we do understand that the beef is driving a lot of those other results. So -- but as we look at it, we just started our pricing for the fourth quarter. We took the 1.7%. And as we get closer to the end of the year, our next pricing will be in period four, which is the start of April. We'll start having conversations with our company and within ourselves and within all of the operators and seeing what they're going up against when their competitive set in their own communities.

是的，大衛，謝謝你。我認為我們會繼續審視我們的定價理念。我們一直努力採取保守的做法，我們相信這樣做可以保護營收和消費者，我們也明白牛肉是推動其他許多業績成長的關鍵因素。所以——但當我們審視這個問題時，我們才剛開始第四季的定價工作。我們選擇了 1.7%。隨著年底臨近，我們的下一個定價週期將是第四期，也就是四月初。我們將開始與公司內部、我們自己以及所有營運商進行對話，了解他們在各自的社群中與競爭對手競爭時所面臨的挑戰。

And then we'll make that decision from that standpoint. So I think, again, we always try to have a conservative approach, and I think it's paid us very well overall. And we want to talk to our partners before we make a decision like that.

然後我們會從這個角度做出決定。所以我覺得，我們一直都盡量採取保守的做法，而且我認為整體來說，這種做法為我們帶來了非常好的結果。在做出這樣的決定之前，我們希望先和合作夥伴溝通。

And David, this is Michael. Our partners take a long-term view just like we do. And we were -- we look back and know that those restaurant margin dollars per store week are still approximately 35% higher than they were in 2019. So yes, maybe we've given a little bit back. We need to watch and see what happens next year, but where those profit dollars have gone over the last five or six years is still very impressive.

大衛，這位是麥可。我們的合作夥伴和我們一樣，都著眼於長遠發展。我們回顧過去，發現餐廳每週每家門市的利潤仍比 2019 年高出約 35%。所以，是的，或許我們已經做出了一些貢獻。我們需要觀察明年會發生什麼，但過去五、六年這些利潤的去向仍然令人印象深刻。

Brian Bittner, Oppenheimer.

Brian Bittner，奧本海默。

Clearly, you're seeing really resilient traffic trends in an environment where most are seeing choppier or softer trends and that's not surprising based on your track record. But my question is, based on the data and insights you guys have, do you see new customers coming through the door? Are you picking up new customers right now? And if so, where are you stealing those customers from? Are they trading up from QSR? Are you stealing them from the grocery store? How would you frame that up?

顯然，在大多數人流趨勢波動較大或較為疲軟的環境下，你們的流量趨勢卻非常穩定，根據你們過去的業績來看，這並不令人意外。但我的問題是，根據你們掌握的數據和見解，你們認為會有新客戶上門嗎？你現在有新客戶嗎？如果真是這樣，你們又是從哪裡搶走這些客戶的？他們是從速食店升級而來嗎？你是從超市偷的嗎？你會如何描述這件事？

I'll kick it off, but it's hard. We don't really measure it that way. We try to get a great reputation in a community and be the talk of the town to some degree. And that's what really drives the excitement around. When you drive into a Texas Roadhouse and the parking lot is full and the energy is going on and the lights are so bright. I mean, that is our attraction. And if you drive to another business and maybe they don't have same the activity, but I think we're drawing from everyone, whether it be a higher-end steakhouse, whether it be QSR, whether it be -- I mean, we got quality made from scratch food.

我先來，但這很難。我們其實不那樣衡量。我們努力在社區中贏得良好的聲譽，並在某種程度上成為人們茶餘飯後的談資。而這正是真正令人興奮之處。當你開車進入一家德州路邊牛排館時，停車場停滿了車，氣氛熱烈，燈光璀璨。我的意思是，這就是我們彼此吸引的地方。如果你開車去另一家店，也許他們沒有同樣的生意，但我認為我們吸引了所有人的目光，無論是高檔牛排館、快餐店，還是其他類型的餐廳——我的意思是，我們提供的是高品質的現做食品。

We cut our own steaks and we've got this energy and the survive in these restaurants. So I think the American consumer or the consumer across the world is just saying they like what we're doing from an energy standpoint, a hospitality standpoint and the quality of our food always has been in our respect and reputation in the communities all across America and the world is something to be really proud of, and we are extremely proud. And we work really hard to deliver a great experience our employees and for our guests.

我們自己切牛排，我們精力充沛，才能在這些餐廳生存下去。所以我認為美國消費者或世界各地的消費者都表示，他們喜歡我們在能源、服務等方面所做的一切，而且我們食品的品質一直備受尊重，我們在美國乃至世界各地的社區中享有盛譽，這真的是一件值得驕傲的事情，我們也為此感到無比自豪。我們努力為員工和顧客提供良好的體驗。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Maybe two quick questions. Just one on the beef side. Just curious if you can comment a little bit on how much of this beef is already locked for next year, if we do see a rolling over, which I don't think anybody expects of beef. Could there be some moderation in your inflation targets for 2026? And then just secondly, on the KDS, 95% of the units now have it. Can you talk about what you're seeing on table turns and just how you try and balance speed of going fast, maybe getting a couple of table turns, but not going too fast and not destroying the overall guest experience?

也許可以問兩個小問題。牛肉那邊就一個。我只是好奇，如果牛肉供應出現滾動式增長（我認為沒有人會期待牛肉供應出現這種情況），你能稍微評論一下明年有多少牛肉供應已經鎖定嗎？你們能否在2026年的通膨目標上做出一些調整？其次，在KDS上，現在95%的設備都配備了它。您能否談談您在餐桌週轉率方面觀察到的情況，以及您如何努力在快速翻台和避免過快而破壞整體賓客體驗之間取得平衡？

Peter, this is Michael. I'll definitely take the first one. On the commodity basket, I will tell you that the overall commodity basket is approximately 40% locked in the first half of the year for competitive reasons, we're not going to get into specifics on what percent of the beat has been locked, but I think it's fair to say if there's moderation or a change in expectations, then that could certainly move the needle on our forecast for overall inflation in 2026.

彼得，這是麥可。我肯定選第一個。關於大宗商品籃子，我要告訴你們，出於競爭原因，今年上半年整體大宗商品籃子約有 40% 的預期已被鎖定。我們不會透露具體鎖定了多少百分比的預期，但我認為可以肯定的是，如果預期有所緩和或發生變化，那麼這肯定會影響我們對 2026 年整體通膨的預測。

And then on the digital kitchen, I think as like you said, we'll be completely rolled out with the digital kitchen, the guest management system upgrade by the end of the year. There are indicators that show that it does give us more information so that we can make great decisions. We want to balance how fast that we are. We still see the guest experience at about 54 minutes and that's a good spot for us to be. You want them to feel important and that we're hustling but not rushed.

至於數位化廚房，我想正如你所說，我們將在年底前全面推出數位化廚房和賓客管理系統升級。有跡象表明，它確實能為我們提供更多信息，從而幫助我們做出正確的決策。我們希望在速度上保持平衡。我們仍然認為賓客體驗時長約為 54 分鐘，這對我們來說是一個理想的位置。你想讓他們覺得自己很重要，並且讓他們覺得我們正在努力工作，但又不會讓他們感到倉促。

And so I think all of this does is give us some more information about how to make sure that we balance a great experience when it comes to your drinks, to your appetizer, salads, your entrees and your -- and obviously, the Roadhouse pay or the pay at the table has been a huge component where our guests can pay and leave when they're ready and they're wanting not waiting on us or we're not waiting on them kind of thing.

所以我覺得所有這些都讓我們對如何確保在飲品、開胃菜、沙拉、主菜等方面提供良好的體驗有了更多了解——顯然，路邊餐廳的付款方式或餐桌付款方式一直是我們的一個重要組成部分，我們的客人可以在準備好後付款離開，這樣他們就不用等我們，我們也不需要等他們。

So I think all of technology, if it enhances the guest experience, then we're all about it. And if we learn things once the whole system is on it, then we will share that with our operators and make some decisions on how do we increase speed of service, if needed.

所以我認為，只要能提升賓客體驗的技術，我們都會全力支持。如果整個系統投入使用後我們發現了一些問題，那麼我們將與我們的營運商分享這些問題，並根據需要決定如何提高服務速度。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. My question is on the uses of cash. I guess it's a two-part question. The first part, just on the franchise acquisitions it seems like a clear ramp in activity over the past few years. Just wondering what those conversations are like presumably, these are very profitable units. I'm just wondering how many are still outstanding, which could be potential targets for 2026. And then to balance that, I guess, on the CapEx side, I think you mentioned for '26, it's going to be $400 million, which is similar to '25, but we know you're opening up more new units, and I'm sure there's inflation on the cost to build and it's larger boxes.

偉大的。我的問題是關於現金的用途。我想這是一個包含兩個部分的問題。第一部分，僅就特許經營權收購而言，過去幾年來的活動似乎明顯增加。我只是好奇這些對話大概是什麼樣的，畢竟這些都是利潤非常高的部門。我只是想知道還有多少項目尚未完成，這些項目可能是 2026 年的潛在目標。然後為了平衡這一點，我想，在資本支出方面，我想你提到過 2026 年的支出將是 4 億美元，這與 2025 年類似，但我們知道你們正在開設更多的新單元，我相信建造成本會有通貨膨脹，而且建築面積也更大。

So I'm just wondering the offset there, why we're not seeing an increase in that CapEx, whether it's -- you found a way to be more efficient with the openings or maybe Bubba's is a little much lower cost to build? Just trying to figure out the balance of CapEx between the two years despite greater openings.

所以我想知道其中的原因，為什麼我們沒有看到資本支出增加，是不是因為你們找到了提高開業效率的方法，或者 Bubba 的建造成本要低得多？儘管開業數量更多，但我還是想弄清楚這兩年資本支出之間的平衡。

Yes, Jeff, this is Keith. Thanks for the question. On the franchise acquisition side, after we complete the California acquisition at the beginning of the year, we will have approximately 30 franchises left. I think it's actually 31 is the exact number. And we just continue to have ongoing conversations with all of our franchise groups. We still have, I'd say, three large franchise groups left after this. and we continue to have ongoing conversations with them. And I think you can expect to see other franchise acquisitions in the future. On the CapEx, I think you have to factor in that this year, we had the support center acquisition was part of our number. So I think you kind of have to back that out. And when you do that, I think the numbers become a little bit more comparable.

是的，傑夫，我是基斯。謝謝你的提問。在特許經營收購方面，年初完成加州收購後，我們將剩下約 30 家特許經營店。我認為確切的數字是 31。我們一直在與所有加盟商團體保持溝通。我想說，這次之後我們還有三家大型特許經營集團，我們將繼續與他們洽談。我認為未來還會出現其他特許經營權收購的情況。關於資本支出，我認為你必須考慮到，今年我們收購支援中心也算在內了。所以我覺得你得把那部分排除掉。這樣做的話，我覺得這些數字就更具可比性了。

How much is that acquisition?

這次收購金額是多少？

$23 million.

2300萬美元。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I guess I think the beef side is pretty clear. I guess I'm just curious, as you think about sort of labor lines, OpEx lines, which were a bit favorable in the quarter, G&A as well. Is that something you still expect to continue in 4Q? And some of those, I assume, were affected by the extra week. So how should we think about that?

我覺得牛肉一方的情況應該很清楚了。我只是好奇，當你考慮勞動成本、營運支出（本季略有改善）以及一般及行政費用時，會發現這些方面都比較有利。您是否仍預計第四季會繼續這樣做？我估計，其中一些受到了額外一周的影響。那我們該如何看待這個問題呢？

Brian, it's Michael. I'd say, yes, that the fourth quarter, we should still be able to -- if the top line trends continue the way they have for the first five weeks, I would expect to see leverage on all those on labor, other op and G&A. And those are also lines that potentially could see some leverage into 2026, again, if the top line trends continue. Our operators are doing a great job in staffing the restaurants. And so that those labor hour growth relative to traffic has been very favorable. Other op again, we continue to see some leverage on that. And G&A, we'll see how that plays out.

布萊恩，我是麥可。是的，我認為，如果第四季營收趨勢繼續保持前五週的勢頭，我們仍然能夠——我預計在勞動力成本、其他營運成本和一般及行政費用方面，所有這些成本都將得到有效控制。如果營收成長趨勢持續下去，這些業務線在 2026 年也可能再次獲得一些成長空間。我們的營運人員在餐廳人員配備方面做得非常出色。因此，相對於交通流量而言，勞動時間的成長非常有利。再說其他操作，我們繼續看到一些利用這一點的槓桿作用。至於一般及行政費用，我們拭目以待。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Congrats, Michael. Wanted to ask you this sort of the sticker shock effect in the grocery store. In my local market, rebuy is over $23 a pound. And I think for maybe $6 or $7 more; I could have you guys cook it and not burn it like I do at home and have great service, and you'll leave and do the dishes for me. I mean -- so I guess the question is, even anecdotally, are you hearing that from your customers? And do you think that that's adding some incremental top spin to your comps? Is there any way to flesh that out in your data or any demand destruction you're seeing in the grocery store? I don't think I've ever seen it that pronounced is sort of my point, even 10, 12 years ago. It just seems quite intense that effect.

恭喜你，麥可。我想問你，你在超市購物時是否也遇到類似的「價格標籤衝擊」現象。在我當地的市場上，重購價超過每磅 23 美元。我覺得再加 6 或 7 美元，你們就可以幫我做飯，不會像我在家那樣把飯燒糊，還能享受優質的服務，而且你們還會幫我洗碗。我的意思是──所以我想問的是，即使是道聽途說，你的客戶是否也這樣說過？你認為這會為你的比賽增加一些額外的上旋嗎？你的數據中是否有任何方法可以具體說明這一點，或者你在雜貨店觀察到的任何需求下降？我的意思是，我以前從未見過這種現像如此明顯，即使在 10 年、12 年前。這種效果似乎相當強烈。

Brian, it's Michael. I certainly do think that people are aware of what it cost to buy beef in the grocery store. And while maybe we weren't seeing as much retail demand degradation over in the second quarter, in third quarter, we've heard that maybe you're seeing a little bit more of that now. And we certainly have seen this year that more of our gas when they come in or getting a steak when they order from Texas Roadhouse than what we had seen in years past. I think they are recognizing the value of our stake offerings relative to what they can do at home. And as a company that prepares the tremendous steak that creates loyal guests for us for years to come. So we are aware of that, and I think it is helping us.

布萊恩，我是麥可。我當然認為人們都清楚在超市購買牛肉的價格。雖然我們在第二季可能沒有看到零售需求大幅下降，但我們聽說第三季這種情況可能會加劇。我們今年確實看到，顧客進店加油或在德州牛排館點餐時消耗的汽油量比往年要多。我認為他們認識到了我們提供的股權激勵的價值，以及他們自己在家能做的事情的價值。我們公司致力於烹調美味牛排，從而在未來多年為我們贏得忠實顧客。所以我們已經意識到了這一點，我認為這對我們有所幫助。

All right. That's helpful. And then just on the unit growth side, I was going to touch on maybe both Jaggers and Bubba's. But Bubba's is opening 10 units, and I think you said 5 on Jaggers. But on Bubba's specifically, maybe, can you talk about any new markets that you're going into? Or is it mostly existing markets maybe just elaborate on sort of the growth and how it's accelerating at Bubba's?

好的。那很有幫助。然後，就單位成長方面而言，我打算談談 Jaggers 和 Bubba's。但 Bubba's 要開 10 家分店，我想你之前說過 Jaggers 要開 5 家。但具體到 Bubba's，您能否談談您正在進入的任何新市場？或者說，這主要是指現有市場，也許應該詳細說明一下 Bubba's 的成長情況以及成長速度是如何加速的？

Yes, Brian, this is Jerry. We I think this year, we'll get seven. And the year prior -- a couple of years, we got four, a handful. And we've been able to work the pipeline. We are trying to stay primarily with the market partners that we have. We're continuing to look at the future growth. But I would say most of that growth is in pretty existing markets from that standpoint. And Jaggers, we have a homeland or strategy here of the Heartland, and it's really Ohio, Indiana, Kentucky, Tennessee, Georgia. So our company side stores will be kind of close to the Louisville base. And that's the strategy for now.

是的，布萊恩，這是傑瑞。我認為今年我們會得到七個。前一年──也就是兩三年，我們只有四個，寥寥幾個。我們已經能夠正常運作這條管道了。我們盡量維持與現有市場合作夥伴的合作關係。我們將繼續關注未來的成長。但從這個角度來看，我認為大部分的成長都發生在相當成熟市場。賈格斯，我們這裡有一個「中心地帶」的家園或戰略，它實際上指的是俄亥俄州、印第安納州、肯塔基州、田納西州和喬治亞州。因此，我們公司的分店會離路易斯維爾基地比較近。這就是目前的策略。

And -- but we're very excited about the growth. We will be going into Tennessee or in Nashville area and then start looking in a little south of that, but -- and try to even break into Ohio. So that's kind of the strategy that we have with Jaggers to stay close to Kentucky and maybe the two states north and south from that. We call that the Heartland strategy for the company side.

但我們對成長感到非常興奮。我們將前往田納西州或納許維爾地區，然後開始向南尋找機會，甚至嘗試打入俄亥俄州。所以，這就是我們與 Jaggers 的策略，即保持與肯塔基州的緊密聯繫，以及可能位於其南北兩側的兩個州。我們稱之為公司層面的「核心地帶策略」。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Michael, I'll echo the congrats well deserved. I always appreciate all of your help for sure. Great detail on the inflation on your key cost items for -- just curious if you would comment at all on thinking about that other line item looking to '26 G&A. Any notable call-outs there? I know the other OpEx has a gazillion buckets in it, and we're not in '26 yet, but any call-outs on those other items as we're just kind of trying to get a full picture of the P&L looks in the next year?

偉大的。邁克爾，我也要向你表示祝賀，你實至名歸。我當然一直都很感激你的幫忙。您對主要成本項目的通貨膨脹情況進行了非常詳細的說明—只是好奇您是否願意就「2026 年一般及行政費用」這一項發表一些看法。有什麼值得特別指出的地方嗎？我知道其他營運支出項目有很多細節，而且現在還沒到 2026 年，但對於其他項目有什麼特別需要注意的地方嗎？因為我們只是想全面了解明年的損益情況。

Den, this is Michael. I appreciate the kind comments. It's certainly early, but as we think about other operating for next year, it could look grow in a similar fashion to what we've seen this year, low single-digit growth in other operating dollars per store week. We have heard that utility costs are going up and tariffs would be something that maybe flow through there. But not expecting anything dramatic on that line as we know it right now. So assuming our top line continues to grow at a healthy traffic pace. Right now, I'm expecting low single-digit dollar per store week growth.

丹，我是麥可。感謝您的好評。現在下結論還為時過早，但當我們考慮明年的其他營運情況時，它可能會以類似於今年的方式增長，即每家門市每週其他營運收入實現個位數低成長。我們聽說公用事業成本正在上漲，而關稅可能會隨之增加。但我們預計這條線上不會出現任何戲劇性的變化。假設我們的營收繼續以健康的流量速度成長。目前，我預計每家店每週的銷售額成長率將只有個位數美元。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Did want to level set on the quarter-to-date? I mean, with the pricing you took, it looks like traffic, we don't know all the variables, but it looks like traffic is probably running half the rate of the 3Q. Is that in the ballpark? And what may explain that other than maybe comparisons or something else out there?

是否想對本季至今的業績進行調整？我的意思是，根據你給出的價格來看，雖然我們不知道所有變量，但看起來流量可能只有第三季的一半。這個數字差不多嗎？除了比較或其他因素之外，還有什麼可以解釋這種情況呢？

Yes. Andy, it's Michael. Yes. So we reported a 5.4% for those first five weeks. I will tell you that the timing of Halloween moving from a Thursday to a Friday had over a 60 basis point negative impact on that number. So I would say if you were to adjust for that, we would be running over 6%. But within that 5.4%, you do have pricing that's probably running in the -- a little over 2.5%. And so you are seeing traffic that's over 3% at this point. But that -- that 3% will probably be over 3.5% ex the Halloween adjustment.

是的。安迪，我是麥可。是的。因此，我們報告稱，前五週的成長率為 5.4%。我可以告訴你，萬聖節從星期四改到星期五，對這個數字產生了超過 60 個基點的負面影響。所以，如果考慮到這一點，我們的收益率應該會超過 6%。但在這 5.4% 的範圍內，價格可能略高於 2.5%。所以，目前流量佔比已經超過 3%。但是，在扣除萬聖節調整因素後，這 3% 可能會超過 3.5%。

Okay. So your menu price kind of layered in through the month?

好的。所以你們的菜單價格是按月分階段收取的？

Well, no, the 3.1% pricing was fully -- that was fully in effect as of day one, but we still have some negative mix, call it, 50 to 60 basis points. So you're running 2.5%, 2.6% check increase and the remainder is traffic.

不，3.1% 的定價從一開始就完全生效了，但我們仍然有一些負面因素，大約有 50 到 60 個基點。所以你的運作情況是 2.5%、2.6% 的檢查成長，剩下的部分是流量。

Okay. Got it. Got it. And then yes, with the beef side of things, I mean, 2015 was your previous high on COGS at 36%. Is that kind of the analog with hopefully, the peak in the cattle cycle, at least the low in the cattle cycle driving peak prices for 2026 at least what we know today in terms of what you've laid out.

好的。知道了。知道了。是的，就牛肉方面而言，我的意思是，2015 年你們的銷售成本率達到了 36%，創下了歷史新高。這是否類似於牛市週期的高峰（至少是牛市週期的低谷）推動2026年價格達到高峰的情況？至少就你目前所闡述的情況來看是這樣。

Andy, it's Michael again. It's hard to pull. You are right, 2015, I think it was 35.9% and that was the end of the cycle and the next year when things did turn, we were 200 basis points lower. So we do obviously expect that percentage to increase in 2026. We will see what happens beyond that. But again, we know when the cycle does turn and you get that year of less inflation or deflation that, that COGS line does improve very quickly. And so that's why we're remaining patient. But too early for us to guide and predict what will happen beyond 2026.

安迪，我是麥可。很難拉動。你說得對，2015 年，我記得是 35.9%，那是週期的結束，第二年情況開始好轉，我們下降了 200 個基點。因此，我們顯然預計到 2026 年這一比例將會上升。我們拭目以待後續發展。但是，我們都知道，當經濟週期轉變，通貨膨脹或通貨緊縮較少的年份時，銷售成本線很快就會改善。所以這就是我們保持耐心的原因。但現在就預測2026年後會發生什麼事還為時過早。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

A couple of follow-ups. I wanted to also ask on the quarter-to-date side. There's been a lot of noise around October industry-wide, it's been pretty volatile in recent weeks. It sounds like things have slowed given pressure from the government shutdown outside of what you saw with the Halloween, are you seeing any volatility in trends at all more recently? Or it's been pretty stable?

還有一些後續問題。我還想問一下本季至今的情況。十月份整個產業都充滿了各種傳言，最近幾週市場波動相當劇烈。聽起來，由於政府停擺帶來的壓力，除了萬聖節期間的情況外，市場似乎已經放緩。你最近是否觀察到任何趨勢波動？或者說它一直都相當穩定？

Lauren, this is Michael. I would say, as I look at each week of the October period, outside of Halloween, it was very stable and consistent. So we saw a strong performance throughout the month of October.

勞倫，這位是麥可。我覺得，除了萬聖節之外，十月的每一週都非常穩定一致。因此，我們看到整個十月份業績表現強勁。

That's great. And then on the commodity guide, are you guys actually in being a step up in underlying costs on a dollar basis in '26? Or is it more about compares I guess I'm just thinking through commodities up 8%, 9% in the second half of '25. And I guess your guide would imply close to mid-single digit in the back half of next year as well. So just trying to understand that point.

那太棒了。那麼關於商品價格指南，你們是否真的預期 2026 年以美元計價的基礎成本會上升呢？或者說，更多的是關於比較，我想我只是在思考大宗商品價格在 2025 年下半年上漲了 8%、9%。我猜你的指南也暗示明年下半年氣溫將接近個位數中段。我只是想弄明白這一點。

It is a mixture of that. I mean does go through cycles or prices or there seasonality in the prices. So it is not on every cut that the dollar cost is going straight up from where it was in the third quarter. In some cases, it may be lower in the fourth quarter and then it could go higher and some things move around. So it is not a linear assumption in there.

它是兩者的混合體。我的意思是，價格會經歷週期性波動，或者說價格有季節性變化。所以不是每次削減開支，美元成本都會從第三季的水平直接上漲。在某些情況下，第四季可能會較低，然後可能會升高，情況可能會有所波動。所以這裡不存在線性假設。

Our procurement experts in the beef area spend a lot of time thinking about how this will play out and it varies by cut. So a lot of this inflation, certainly in the first half of the year is simply the fact that formula-based pricing was much lower and really escalated in the back half of the year. So some of this is just the year-over-year lap even if it comes down from where we were in the third quarter.

我們牛肉領域的採購專家花費大量時間思考這將如何發展，而且不同部位的牛肉狀況也不盡相同。因此，今年上半年的通貨膨脹很大程度是由於公式定價較低，而下半年通貨膨脹則急劇上升。所以，即使比第三季度有所下降，其中一些也只是同比下降而已。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

I actually had to remind myself when your IPO was, which I think was in 2004, correct me on that. But shortly after, your unit growth obviously significantly accelerated as a public company. And sometimes in this industry, our 20-year-old restaurants, can one kind of lead to a lease renewals. So just kind of comment if there are any kind of step-ups in rent as you go from the first 20 years to the second.

我其實得提醒自己一下你們公司是什麼時候上市的，我記得好像是 2004 年，如果我記錯了請指正。但不久之後，作為一家上市公司，貴公司的業務成長速度顯然顯著加快。在這個行業，有時像我們這樣經營了 20 年的餐廳，可能會出現某種程度的租賃續約問題。所以，請問從前 20 年到 20 年，租金是否有任何上漲趨勢？

And then the question just kind of on -- as you think about the asset itself, do you have an opportunity? Or is there a need to kind of comment and say, okay, you can only remodel a restaurant kind of cosmetically to an extent where it actually makes sense to go back and do some more major work for the next 20 years of the restaurants life. Is that something that we should consider as part of the future CapEx cycle?

然後問題變成了——當你思考資產本身時，你是否擁有機會？或者有必要評論說，好吧，餐廳的翻新只能做到表面功夫，而真正有意義的是，為了餐廳未來 20 年的生存，應該進行一些更大規模的改造。這是否應該納入我們未來的資本支出週期考量？

Yes, John, it's Michael. First on the rent. We do straight line on the rent. So we were we report similar rent numbers, and so there wouldn't be the step up there. It is certainly possible if we came to the end of the negotiated lease term with a restaurant, whether that's 20 or 30 years or with the landlord, excuse me, that there is a reset that could be higher, but that was going to be on a smaller number of stores, so probably wouldn't have a huge impact on that rent number. As far as the need for investing in our restaurants. I mean, we continually maintain our restaurants.

是的，約翰，我是麥可。首先是房租。我們採用直線法支付租金。所以如果我們報告的租金數字相似，就不會出現上漲的情況。如果與餐廳協商的租賃期限到期，無論是 20 年還是 30 年，或者與房東（抱歉）協商的租賃期限到期，租金重置可能會更高，但這只會影響到較少數量的店鋪，因此可能不會對租金數字產生巨大影響。至於投資我們餐廳的必要性。我的意思是，我們會持續維護我們的餐廳。

And certainly, there have been some that we have relocated that maybe in the early days that Texas Roadhouse wasn't the first restaurant to be in that building, and it wasn't something where you could not continue to just take care of the building and we did relocate. And you'll have cases like that, but the fact that we take care of these restaurants, I think prevents us from having any major concern about a huge step-up in the CapEx needs because we're taking care of them year in and year out.

當然，我們也搬遷過一些餐廳，可能在早期，德州路邊牛排館並不是那棟樓裡的第一家餐廳，而且當時的情況是，你無法繼續維護那棟樓，所以我們就搬遷了。確實會遇到這樣的情況，但事實上，我們一直在照顧這些餐廳，我認為這讓我們不必擔心資本支出需求會大幅增長，因為我們年復一年地照顧著它們。

And John, this is Keith. I would just add on the CapEx side; we do have an aging restaurant base now. And that is why you have seen kind of the uptick in the last couple of years as all the projects that we have been doing to maintain our restaurants. So I think you can expect to see it kind of like the level that we've been at going forward.

約翰，這位是基斯。我只想補充一點關於資本支出方面；我們現在的餐廳顧客群確實有些老化了。這就是為什麼在過去幾年裡，你會看到餐廳數量增加，因為我們一直在進行各種項目來維護我們的餐廳。所以我認為，未來它的水平應該會和我們目前的水平差不多。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

I had a follow-up and then a question. The follow-up is on the mix shift to larger entrees and steaks and things like that. Can you quantify how much of a margin headwind that created is number one. And number two, on the pricing side, your price increases that you've been taking for the last couple of rounds here have been stepping up a little bit. Not that's undeveloped, but a little bit. And at the same time, your wage growth expectations have actually been coming down from 4% to 5% to 4% to 3% to 4%. So in your conversations with the operators, what are they pointing to that's driving that larger price increase over the last couple of rounds?

我還有一個後續問題。後續計畫是調整菜餚組合，增加分量更大的主菜、牛排等等。第一點是，你能量化一下這造成了多大的利潤率逆風嗎？第二點，在定價方面，你們最近幾輪的價格上漲幅度有所加大。並非完全不發達，只是還有點欠缺。同時，你們的薪資成長預期實際上已經從 4% 到 5% 下降到 4% 下降到 3% 下降到 4%。那麼，在您與營運商的交流中，他們指出了哪些因素導致了最近幾輪價格的大幅上漲？

Andrew, I'll start on the mix shift. Certainly, the higher percentage of guests ordering a stake has had a little bit of a negative impact on our food and beverage as a percentage of sales, maybe 20 to 30 basis points of impact on that percentage. But I'll tell you it's net neutral by and large, to our profit dollars. Those states tend to be -- or larger entrees come at a higher sales price, so we get more sales dollars and their profit dollars are probably equal to what the guests maybe would have ordered otherwise. So from a margin dollar standpoint, not having a huge impact, but you definitely do see a little bit of extra pressure on the food and bev percent line.

安德魯，我先開始混音工作。當然，點牛排的客人比例較高，這對我們的餐飲銷售額佔總銷售額的比例產生了一定的負面影響，可能影響了 20 到 30 個基點。但我可以告訴你，就我們的利潤而言，這基本上是淨中性的。這些州往往是——或者說，較大的主菜售價較高，所以我們能獲得更多的銷售額，他們的利潤可能與顧客原本可能會點的菜量相當。因此，從利潤率的角度來看，影響不大，但食品和飲料的利潤率肯定會受到一些額外的壓力。

And Andrew, yes, this is Jerry. On the pricing, I think we have really candid conversations about what's going on in their local community, what's going on in their state whether it be labor or continued commodity and utilities and all the other factors that come into running a profitable business and then make those decisions based off of that. And sometimes it is about a store or a market or a state, but overall for the company, it's what we feel comfortable with. And it is a little bit about what our competitors are doing. We try to get as educated as possible when we make those decisions twice a year. on where we're at and what we're comfortable with. We're not going to be able to price for every beef inflation as of right now. But we want to make sure that we protect the value side of our business in our menu and our perception.

安德魯，是的，這是傑瑞。關於定價，我認為我們會就他們當地社區的情況、他們所在州的情況（無論是勞動力市場、持續的商品和公用事業，還是其他所有影響企業盈利的因素）進行非常坦誠的對話，然後根據這些因素做出決策。有時它關乎一家商店、一個市場或一個州，但總體而言，對公司而言，它關乎我們感到舒適的事情。這多少也關乎我們的競爭對手在做什麼。我們每年兩次在做這些決定時，都會盡可能地了解我們目前的處境以及我們能夠接受的條件。目前我們無法將牛肉價格上漲的所有因素都考慮在內。但我們希望確保在菜單和品牌形象方面保護我們業務的價值。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Jerry, if you're looking for a place for new Jaggers in Ohio, I recommend the west side of Cleveland if the real estate team needs some site selection help. I wanted to -- I wanted to ask a little bit about the retail piece of the business that you guys had mentioned earlier. Do you be able to quantify how much of an impact that is? I would think given the really strong brand equity that you have, that can potentially be a way to access kind of a whole new group of consumers, what I would think is a decent margin for you. But just any color you can offer there? And if you have any thoughts around maybe the potential size of that business?

傑瑞，如果你正在俄亥俄州尋找新的 Jaggers 住宅區，如果房地產團隊需要選址的幫助，我推薦克利夫蘭西區。我想問一下你們之前提到的零售業務部分。你能量化一下這種影響有多大嗎？我認為，鑑於您擁有非常強大的品牌資產，這有可能成為您接觸全新消費群體的一種方式，我認為這對您來說會是一個相當可觀的利潤。但你們那裡提供的任何顏色都可以嗎？如果您對這家企業的潛在規模有任何想法的話？

Well, thanks for the -- obviously, all of our retail initiatives are about the brand awareness and being on the grocery store and our consumer, they see that logo and they put a smile on their face and they think about their local Texas Roadhouse. And all we're trying to do in all of that. Now with that said, the -- obviously, the inspired by roles are really a hit and they are really selling well at the retail outlets out there. And we are extremely happy and so is our vendor partner. So it's still just early on as we wrap up the year and we see what kind of revenue that it provides. But I would tell you there is a demand for that particular product. And so we're excited about it. And we will continue to look at making sure that it's available to folks, and we've had a tough time keeping up with it, but it's exciting to see Texas Roadhouse and fired by many roles flying off the shelf like they are. So we're very proud of that. And I'll let the real estate team know about that selection.

嗯，謝謝——顯然，我們所有的零售舉措都是為了提高品牌知名度，讓產品出現在雜貨店裡，我們的消費者看到這個標誌，臉上就會露出笑容，然後就會想到他們當地的德州路邊牛排館。而我們做這一切的目的，就是為了實現這個目標。話雖如此，很顯然，這些以角色為靈感的作品非常受歡迎，在零售店的銷售也非常好。我們和我們的供應商夥伴都非常高興。所以現在還處於早期階段，我們即將結束這一年，還要看看它能帶來什麼樣的收入。但我可以告訴你，市場對這種產品是有需求的。所以，我們對此感到很興奮。我們將繼續努力確保大家都能接觸到它，雖然我們一直很難跟上它的步伐，但看到 Texas Roadhouse 和許多角色如此搶手，真是令人興奮。所以，我們為此感到非常自豪。我會把這個選擇告訴房地產團隊。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

So on the inflation front, you see competitors trying to shift the mix to chicken or less inflationary items, either via promo or other avenues. So philosophically, curious if there's a point where beef inflation gets to so high where you would consider either a menu pivot at the core business or Bubba's, et cetera. Any thoughts there?

因此，在通貨膨脹方面，你會看到競爭對手試圖透過促銷或其他途徑，將產品組合轉向雞肉或其他通貨膨脹率較低的商品。從哲學角度來說，我很好奇牛肉價格上漲到什麼程度時，你會考慮對核心業務或 Bubba's 等餐廳進行菜單調整。大家有什麼想法嗎？

Yes. We're a steakhouse and I think that it would be hard. We have a lot of offerings with our chicken and pork and in salmon and the country dinners with our country fried chicken and all of those things. So I think we have a lot of other offerings, but America really does believe that we cook a great steak. We serve a great streak and we provide a great steak. And that's what they create. So we're not going to take that away from them.

是的。我們是一家牛排館，我覺得很難。我們提供多種雞肉、豬肉、鮭魚菜餚，還有鄉村晚餐，包括鄉村炸雞等等。所以我覺得我們還有很多其他選擇，但美國人確實認為我們能做出很棒的牛排。我們提供上等的五花肉和優質牛排。這就是他們所創造的。所以，我們不會剝奪他們這項權利。

Jake Bartlett, Truist Securities.

Jake Bartlett，Truist Securities。

Mine was on your pace of development and nice to see the increase in '26 and kind of putting a number on that, really driven by the Bubba's 33. My question was on the growth at Texas Roadhouse. You've always been very disciplined, not wanting to stretch the team, but your 20 openings would be the least amount that you've opened since I guess, since COVID or just post COVID and on the low end of your historical range.

我的進度和你一樣快，很高興看到 2026 年的成長，並且用數字來衡量，這真的要歸功於 Bubba 的 33。我的問題是關於德州牛排館的增長情況。你一直都很自律，不想讓團隊負擔過重，但你開放的 20 個職位是你自新冠疫情以來，或者說疫情后開放的職位數量最少的，而且處於你歷史開放職位數量的低端。

So the question is why have it so low? Are there any sort of headwinds or anything to think about of why that couldn't be a little higher I know bandwidth is something you're very conscious about. But I think -- I would think as you open different brands, the bandwidth is more on a kind of a per concept basis. But any comments there would be helpful.

所以問題是，為什麼要設定得這麼低？有沒有什麼不利因素或是其他什麼原因導致頻寬不能再高一些？我知道你非常重視頻寬。但我認為——我認為，隨著你開設不同的品牌，頻寬更多地取決於每個概念的具體情況。但任何評論都將不勝感激。

Yes. I think we said approximately. So that gives us some wiggle room. Some of these deals take a little longer. But I'll tell you, I feel great about the pipeline for '26 and '27 for Texas Roadhouse, for Bubba's and Jaggers. We obviously know that that Roadhouse is what drives a big part of the business. So we feel very comfortable at approximately 20. I can't commit too far past that. It's a little early, but I do believe that we will be north of that number.

是的。我想我們當時說的是大約。這樣我們就有了一些迴旋餘地。有些交易需要更長時間才能完成。但我可以告訴你，我對德州路邊牛排館 (Texas Roadhouse)、巴布餐廳 (Bubba's) 和賈格斯餐廳 (Jaggers) 在 2026 年和 2027 年的發展前景感到非常樂觀。我們當然知道，路邊餐廳是推動公司業務發展的重要因素。所以我們覺得20左右比較適合。我無法做出更進一步的承諾。現在說這個數字還為時過早，但我相信我們會超過這個數字。

We have no further questions. I would like to turn the call back over to Jerry Morgan for any closing remarks.

我們沒有其他問題了。我謹將電話轉回給傑瑞摩根，請他作總結發言。

Thank you everyone. Congratulations, Michael, for all your hard work with everyone, and we appreciate the support. It's been a heck of a year. And let's go Roadhouse.

謝謝大家。邁克爾，恭喜你為大家付出的辛勤努力，我們感謝大家的支持。真是糟糕的一年。咱們去路邊餐廳吧。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。