Texas Roadhouse Inc (TXRH) 2025 Q4 法說會逐字稿

Good evening and welcome to the Texas Roadhouse fourth-quarter earnings conference call.

各位晚安，歡迎參加 Texas Roadhouse 第四季財報電話會議。

Today's call is being recorded. (Operator Instructions)

今天的電話會議將被錄音。(接線員指示)

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

現在我想介紹 Texas Roadhouse 投資人關係副總裁 Michael Bailen。您可以開始會議。.

Thank you, [Krista]. Good evening.

謝謝，[Krista]。各位晚安。

By now, you should have access to our earnings release for the fourth quarter ended December 30, 2025. It may also be found on our website at texasroadhouse.com in the Investors section.

截至目前，您應可取得我們截至 2025 年 12 月 30 日止第四季的財報新聞稿。您也可在我們網站 texasroadhouse.com 的「投資人」專區找到。

I would like to remind everyone that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance; and, therefore, undue reliance should not be placed upon them.

我想提醒各位，我們今天的部分討論將包含前瞻性陳述。這些陳述不保證未來表現；因此，不應過度依賴。

We refer all of you to our earnings release and our recent filings with the SEC. These documents provide a more detailed discussion of the relevant factors that could cause actual results to differ materially from those forward-looking statements.

我們請各位參閱我們的財報新聞稿以及近期向美國證券交易委員會（SEC）提交的文件。這些文件更詳細說明了可能導致實際結果與前瞻性陳述存在重大差異的相關因素。

In addition, we may refer to non-GAAP measures. If applicable, reconciliations of the non-GAAP measures to the GAAP information can be found in our earnings release.

此外，我們可能會提及非 GAAP 指標。如適用，非 GAAP 指標與 GAAP 資訊之間的調節表可在我們的財報新聞稿中找到。

On the call with me today is Jerry Morgan, Chief Executive Officer of Texas Roadhouse; Mike Lenihan, our Chief Financial Officer; and Keith Humpich, our Chief Accounting and Financial Services Officer.

今天與我一同出席電話會議的有：Texas Roadhouse 執行長 Jerry Morgan；我們的財務長 Mike Lenihan；以及我們的會計與財務服務長 Keith Humpich。

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?

在預先準備的發言結束後，我們將開放回答各位的問題。為了讓所有想提問的人都有機會，請各位每人僅限提一個問題，好嗎？

Now, I would like to turn the call over to Jerry.

現在，我想把電話交給 Jerry。

Thanks, Michael. Good evening, everyone.

謝謝你，Michael。各位晚安。

2025 was another successful year, as revenue grew to nearly $5.9 billion; and all three brands delivered positive sales and traffic growth. We also just completed our 60th consecutive quarter of comparable restaurant sales growth, excluding 2020. That's 15 years of sales growth, going back to 2010.

2025 年是另一個成功的一年，營收成長至接近 59 億美元；三個品牌皆實現銷售與來客數的正成長。我們也剛完成（不含 2020 年）連續第 60 個季度的同店銷售成長。這代表自 2010 年以來連續 15 年的銷售成長。

2025 included a number of company milestones and accomplishments:

2025 年包含多項公司里程碑與成就：

We opened our 800th system-wide restaurant and acquired 20 of our franchise locations. Over 70% of our restaurants set both daily and weekly sales records.

我們在全系統開出第 800 家餐廳，並收購了 20 家加盟店。超過 70% 的餐廳同時創下單日與單週銷售紀錄。

We completed the roll-out of our digital kitchen and upgraded guest management systems. We also solidified our home in Louisville by purchasing our support center buildings.

我們完成數位廚房的全面導入，並升級顧客管理系統。我們也透過購買支援中心大樓，進一步鞏固我們在路易維爾的據點。

Our operators continue to serve their communities by raising over $40 million for local schools in non-profit organizations through their dedicated dine to donate fundraisers.

我們的營運團隊持續服務社區，透過專注投入的「用餐捐助」募款活動，為在地學校與非營利組織募得超過 4,000 萬美元。

Finally, we remain proud to honor those who have served our nation by providing 1.2 million meals to veterans and active military in honor of Veterans Day.

最後，我們仍以表彰曾為國家服務的人為榮；在退伍軍人節之際，我們為退伍軍人與現役軍人提供了 120 萬份餐點。

On the development front, in 2025, we added 48 restaurants to our company-owned restaurant base. This included 28 new store openings and the previously mentioned acquisition of 20 franchise restaurants. Our franchise partners opened four restaurants, including three international Texas Roadhouses and one domestic Jaggers.

在展店方面，2025 年我們在自營餐廳版圖新增 48 家餐廳。其中包括 28 家新店開幕，以及前述收購的 20 家加盟餐廳。我們的加盟夥伴也開出 4 家餐廳，包括 3 家海外 Texas Roadhouse 與 1 家美國本土 Jaggers。

For 2026, we continue to expect approximately 35 company restaurant openings across the three brands. 2026 will also benefit from the acquisition of five California-franchise restaurants, which occurred on the first day of the fiscal year.

展望 2026 年，我們仍預期三個品牌合計約開出 35 家自營餐廳。2026 年也將受惠於在會計年度第一天完成的 5 家加州加盟餐廳收購案。

Our outlook for franchise development also remains unchanged, with the expectation of opening six international Texas Roadhouses and four domestic Jaggers.

我們對加盟展店的展望亦維持不變，預期將開出 6 家海外 Texas Roadhouse 與 4 家美國本土 Jaggers。

For 33 years, our mission has been, Legendary Food and Legendary Service, with a focus on high-level hospitality and value. This will remain the same in 2026 and beyond.

33 年來，我們的使命一直是「傳奇美食與傳奇服務」，聚焦於高水準待客之道與價值。這在 2026 年及未來也將維持不變。

While commodity inflation will continue to be a headwind this year, our operators remain committed to driving growth over the long term by providing a legendary experience to every guest.

雖然原物料通膨今年仍將帶來逆風，但我們的營運團隊仍致力於透過為每位顧客提供傳奇體驗，推動長期成長。

We just completed menu pricing calls with our operators. As always, maintaining our value proposition was a big topic of conversation. Based on these calls, we will be implementing a 1.9% menu price increase at the beginning of the second quarter.

我們剛與營運團隊完成菜單定價討論。一如既往，維持我們的價值主張是討論的重點。根據這些討論，我們將在第二季初實施 1.9% 的菜單價格調漲。

We will also continue to focus on our line-up of beverages, with all of our restaurants offering some combination of mocktails, dirty sodas, and a $5 all-day everyday beverage special.

我們也將持續聚焦飲品組合，所有餐廳都會提供無酒精調飲（mocktails）、髒汽水（dirty sodas）以及 5 美元「全天、每天」飲品特惠的某種組合。

Moving on to technology, as I mentioned earlier, in late 2025, we completed the roll-out of our digital kitchen and upgraded guest management systems. We are pleased with the results. Our technology priorities in 2026 and will include the continued integration of these enhanced systems.

接著談科技，如我先前提到的，在 2025 年底我們完成數位廚房的全面導入並升級顧客管理系統。我們對成果感到滿意。我們 2026 年的科技優先事項將包括持續整合這些強化後的系統。

Additionally, in 2026, we will expand the testing of a handheld tablet that our servers can use to input guest orders at the table.

此外，在 2026 年，我們將擴大測試一款手持平板，讓服務人員可在桌邊輸入顧客點餐。

As our attention shift to 2026 and beyond, we will remain relentless in our commitment to driving top-line growth; providing high-level hospitality and everyday value to our guests; and remaining a people-first company.

隨著我們把重心轉向 2026 年及未來，我們將持續不懈地致力於推動營收成長；為顧客提供高水準待客之道與日常價值；並維持以人為本的企業文化。

Finally, I want to welcome Mike Lenihan, our new CFO, to the Texas Roadhouse family. For purposes of today's call, Mike is on for introductory purposes only.

最後，我想歡迎我們的新任財務長 Mike Lenihan 加入 Texas Roadhouse 大家庭。就今天的電話會議而言，Mike 僅以自我介紹為主。

I will tell you that we are extremely excited to have Mike on the team. He's been getting to know us. Beginning next week, he will start his operations training at each of our brands.

我可以告訴各位，我們非常興奮 Mike 能加入團隊。他一直在熟悉我們的業務。從下週開始，他將在我們各品牌展開營運訓練。

Mike, please share some thoughts on your experience, so far.

Mike，請分享一下你目前為止的心得。

Thanks, Jerry.

謝謝你，Jerry。

I'm honored to have the privilege of joining Texas Roadhouse. As a member of the restaurant community for the last 20-plus years and a long-time resident of Louisville, I have witnessed Texas Roadhouse's incredible journey to become a leader in the industry and our community.

我很榮幸能加入 Texas Roadhouse。過去 20 多年我一直是餐飲業的一員，同時也長期居住在路易維爾；我見證了 Texas Roadhouse 非凡的旅程，成為產業與社區的領導者。

Since joining in December, I've immersed myself into the culture of the support center, learning about the incredible hard work, people-first approach, and teamwork needed to support our restaurants.

自 12 月加入以來，我全心投入支援中心的文化，了解支援餐廳所需的卓越努力、以人為本的做法，以及團隊合作。

I would like to specifically thank Keith, along with the rest of team CFO, who have made my transition seamless and special.

我特別要感謝 Keith，以及 CFO 團隊的其他成員，讓我的交接過程順暢且令人難忘。

It's become clear that we have an incredible team. I look forward to the opportunity to lead it, while helping Texas Roadhouse on its growth journey.

很明顯，我們擁有一支非常出色的團隊。我期待有機會帶領這支團隊，同時協助 Texas Roadhouse 持續走在成長之路上。

Finally, as Jerry mentioned, I'm looking forward to spending the next several weeks in our restaurants, learning from the best operators in the industry.

最後，如 Jerry 所提到的，我期待在接下來幾週走訪我們的餐廳，向業界最優秀的營運團隊學習。

Now, I'd like to turn it over to Keith for some thoughts on our 2025 performance, as well as comments on 2026.

現在，我想把電話交給 Keith，請他分享我們 2025 年的表現，以及對 2026 年的看法。

Thanks, Mike. Along with the rest of the team, I would like to welcome you and your family to Texas Roadhouse. We can't wait to support you further in your Texas Roadhouse journey.

謝謝你，Mike。我也代表團隊其他成員，歡迎你和你的家人加入 Texas Roadhouse。我們迫不及待想在你 Texas Roadhouse 的旅程中提供更多支持。

Moving on to our results, 2025 was another banner year for top-line growth in our restaurants. Same-store sales increased 4.9% for the full year, including 2.8% traffic growth.

接著談我們的業績表現，2025 年我們餐廳的營收成長再創佳績。全年同店銷售成長 4.9%，其中來客數成長 2.8%。

Consolidated average unit volume exceeded $8.4 million, with average weekly sales of over $166,000 at Texas Roadhouse, $122,000 at Bubba's 33, and nearly $73,000 at Jaggers.

合併平均單店營收（AUV）超過 840 萬美元；其中 Texas Roadhouse 平均每週銷售超過 166,000 美元，Bubba's 33 為 122,000 美元，而 Jaggers 接近 73,000 美元。

In addition, despite cost pressures, we still generated the second-highest restaurant margin dollars, income from operations, and earnings per share in our history.

此外，儘管面臨成本壓力，我們仍創下公司歷史上第二高的餐廳利潤（以美元計）、營業利益以及每股盈餘。

While commodity inflation and the lapping of an additional week impacted our ability to generate earnings growth in 2025, we have not deviated from our strategy of serving more guests and expanding our restaurant base across the three brands.

雖然商品通膨以及去年多出一週的比較基期影響了我們在 2025 年創造獲利成長的能力，但我們並未偏離我們的策略：服務更多顧客，並在三個品牌下擴大我們的餐廳版圖。

We are confident in our long-term strategy and believe we are set up for continued success over the coming years.

我們對長期策略充滿信心，並相信未來幾年我們已做好持續成功的準備。

Additionally, we ended the year with over $130 million of cash. Cash flow from operations for the full year was over $730 million. With this cash flow, we funded $388 million of capital expenditures, as well as the acquisition of 20 franchise restaurants for $108 million.

此外，我們在年底持有超過 1.30 億美元現金。全年營運活動現金流超過 7.30 億美元。憑藉這些現金流，我們投入 3.88 億美元的資本支出，並以 1.08 億美元收購 20 家加盟餐廳。

We also returned $180 million to shareholders through dividends and another $150 million in share repurchases.

我們也透過股利向股東返還 1.80 億美元，並透過庫藏股回購再返還 1.50 億美元。

Moving on to 2026, our commodity inflation guidance of approximately 7% remains unchanged, with the continued expectation of being above the guidance in the first half of the year and below the guidance in the second half of the year.

展望 2026 年，我們對商品通膨約 7% 的指引維持不變，並持續預期上半年將高於該指引、下半年將低於該指引。

Beef inflation accounts for nearly all of the expected commodity inflation throughout the year.

牛肉通膨幾乎占了全年預期商品通膨的全部。

Our guidance for wage and other labor inflation also remains unchanged at 3% to 4%. We expect the wage component of the inflation should moderate despite state-mandated increases, while cost pressures on insurance and other employee benefits will likely trend higher.

我們對薪資及其他勞動成本通膨的指引也維持不變，為 3% 至 4%。我們預期薪資通膨的部分即使在各州強制調薪下仍應會趨緩，但保險及其他員工福利的成本壓力可能會走高。

Our approach to capital allocation for 2026 remains consistent with our proven philosophy of prioritizing new restaurant development and maintaining the condition of our existing locations. As such, our capital expenditure guidance of approximately $400 million remains unchanged.

我們 2026 年的資本配置方式，仍與我們經驗證的理念一致：優先投入新餐廳開發，並維持既有據點的良好狀態。因此，我們約 4.00 億美元的資本支出指引維持不變。

This amount does not include $72 million paid at the beginning of the year to complete the previously mentioned acquisition of five California-franchise locations. As part of funding this acquisition, we borrowed $50 million on our credit facility.

此金額不包含年初支付的 7,200 萬美元，用以完成前述收購加州五個加盟據點的交易。為了資助此收購案的一部分，我們在授信額度下借入 5,000 萬美元。

Also, today, we announced a 10% increase to our quarterly dividend, which brings it to $0.75 per quarter.

另外，我們今天宣布將季度股利提高 10%，使其達到每季 0.75 美元。

Now, Michael will provide the fourth-quarter financial update.

接下來，Michael 將提供第四季的財務更新。

Thanks, Keith.

謝謝你，Keith。

Before I begin the discussion of results, I want to remind everyone that the fourth quarter of 2024 included an additional week. Lapping the additional week negatively impacted fourth-quarter revenue growth by approximately 9% and earnings growth by approximately 12%.

在我開始討論業績之前，我想提醒大家，2024 年第四季包含額外一週。與多出一週的比較基期相較，對第四季營收成長約造成 9% 的負面影響，對獲利成長約造成 12% 的負面影響。

My discussion will be based on reported results, which include the negative impact (technical difficulty).

我的討論將以公告的結果為基礎，其中包含該負面影響。(技術問題)。

For the fourth quarter of 2025, we reported revenue growth of 3.1%, driven by a 4% increase in average weekly sales, partially offset by a 0.6% decline in store weeks. We also recorded a restaurant-margin dollar decrease of 15.6% to $205 million and a diluted earnings per share decrease of 26.1% to $1.28.

2025 年第四季，我們公布營收成長 3.1%，主要由平均每週銷售額成長 4% 所帶動，但部分被門店週數下降 0.6% 所抵銷。我們也錄得餐廳利潤（以美元計）下降 15.6% 至 2.05 億美元，稀釋後每股盈餘下降 26.1% 至 1.28 美元。

Average weekly sales in the fourth quarter were over $160,000 ,with to-go representing approximately $22,000 or 13.8% of these total weekly sales. Comparable sales increased 4.2% in the fourth quarter, driven by 1.9% traffic growth and a 2.3% increase in average check.

第四季平均每週銷售額超過 16 萬美元，其中外帶約 2.2 萬美元，占每週總銷售額約 13.8%。第四季同店銷售成長 4.2%，主要由來客數成長 1.9% 與平均客單價成長 2.3% 所帶動。

By month, comparable sales grew 6.1%, 4.8%, and 2.2% for our October, November, and December periods, respectively. Comparable sales for the first seven weeks of the first quarter were up 8.2%, with our restaurants averaging sales of approximately $170,000 per week during that period.

按月份來看，我們 10 月、11 月與 12 月期間的同店銷售分別成長 6.1%、4.8% 與 2.2%。第一季前七週的同店銷售成長 8.2%，該期間我們餐廳平均每週銷售額約 17 萬美元。

In the fourth quarter, restaurant-margin dollars per store week decreased 15.1% to $22,200. Restaurant margin as a percentage of total sales decreased 309 basis points, year over year to 13.9%. The year-over-year decline included lapping an estimated 45 basis points benefit from the additional week.

第四季每店週的餐廳利潤（以美元計）下降 15.1% 至 22,200 美元。餐廳利潤占總銷售額的比率年減 309 個基點至 13.9%。年對年下滑包含與多出一週所帶來的估計 45 個基點效益之比較基期影響。

Food and beverage costs as a percentage of total sales were 36.4% for the fourth quarter. The 281 basis points year-over-year increase was driven by 9.5% commodity inflation, combined with shifts within the entree category. This was partially offset by the benefit of a 2.3% check increase.

第四季食品與飲料成本占總銷售額比率為 36.4%。年對年增加 281 個基點，主要由 9.5% 的商品通膨，以及主菜品類內部組合變化所致。部分被客單價成長 2.3% 的效益所抵銷。

Commodity inflation for full-year 2025 was 6.1%, which was in line with our guidance of approximately 6%.

2025 年全年商品通膨為 6.1%，與我們約 6% 的指引一致。

Labor as a percentage of total sales increased 18 basis points to 33.2%, as compared to the fourth quarter of 2024. Labor dollars per store week increased 4.3% due to wage and other labor inflation of 2.9% and growth in hours of 1.4%. For the full year, wage and other labor inflation came in at 3.7%, which was slightly below our guidance of approximately 4%.

勞動成本占總銷售額比率較 2024 年第四季增加 18 個基點至 33.2%。每店週的勞動成本（以美元計）增加 4.3%，原因為薪資及其他勞動成本通膨 2.9%，以及工時成長 1.4%。全年薪資及其他勞動成本通膨為 3.7%，略低於我們約 4% 的指引。

Other operating costs were 14.9% of sales, which was 4 basis points better than the fourth quarter of 2024. While higher sales continue to generate leverage within some line items of other operating costs, it was almost fully offset this quarter by lapping the benefit of last year's additional week, as well as an increase in our quarterly reserve for general liability insurance. These insurance adjustments included $3.5 million of additional expense this year, as compared to $2.7 million of additional expense last year.

其他營運成本占銷售額比率為 14.9%，較 2024 年第四季改善 4 個基點。雖然較高的銷售額持續在其他營運成本的部分科目帶來規模效益，但本季幾乎被去年多出一週的效益比較基期，以及我們一般責任保險季度準備金增加所完全抵銷。這些保險調整包含今年額外費用 350 萬美元，相較去年額外費用 270 萬美元。

Moving below restaurant margin, G&A dollars declined 6%, as compared to the fourth quarter of 2024, and came in at 3.6% of revenue for the fourth quarter. This was primarily driven by lapping approximately $3.7 million of higher expense related to last year's additional week. With our budgeting process for 2026 complete, we are currently forecasting a low-double-digit percentage increase in G&A dollars for full-year 2026.

在餐廳利潤以下，G&A（一般及行政）費用（以美元計）較 2024 年第四季下降 6%，第四季占營收比率為 3.6%。主要原因是與去年多出一週相關的較高費用約 370 萬美元之比較基期影響。隨著我們完成 2026 年預算流程，目前我們預估 2026 年全年 G&A 費用（以美元計）將呈現低雙位數百分比的成長。

Our effective tax rate for the quarter was 11.5%. Our full-year 2025 income tax rate was 13.8%. At this time, we are updating our forecast for the full-year 2026 income tax rate from approximately 15% to between 14% and 15%.

本季有效稅率為 11.5%。2025 年全年所得稅率為 13.8%。目前，我們將 2026 年全年所得稅率預估由約 15% 更新為 14% 至 15% 之間。

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

現在，我把電話會議交回 Jerry 作最後評論。

Thanks, Michael.

謝謝你，Michael。

I want to take a moment to thank our guests and our operators for their continued support of our recent tinnitus fundraiser in honor of our founder, Kent Taylor. This year was our fifth annual event. We raised over $1.1 million to the American Tinnitus Association. We are proud to raise funds for research, education, and awareness for this condition that impacts so many people.

我想花點時間感謝我們的顧客與營運夥伴，持續支持我們近期為紀念創辦人 Kent Taylor 而舉辦的耳鳴募款活動。今年是我們第五屆年度活動。我們為美國耳鳴協會（American Tinnitus Association）募得超過 110 萬美元。我們很自豪能為這項影響許多人的疾病籌措研究、教育與宣導的資金。

Finally, 33 years ago, Ken opened the first Texas Roadhouse. While most milestone birthday celebrations end in a zero or a five, at our company, we believe 33 means something special. When we celebrate our birthday, we are also celebrating opportunity, growth, and a commitment to operating at a high level.

最後，33 年前，Ken 開了第一家 Texas Roadhouse。雖然多數里程碑生日慶祝通常以 0 或 5 作結，但在我們公司，我們相信 33 代表特別的意義。當我們慶祝生日時，我們也在慶祝機會、成長，以及對高水準營運的承諾。

What started as Kent's dream on a napkin has grown to over 800 locations, 3 brands, and more than 100,000 roadies.

從 Kent 在餐巾紙上的夢想開始，如今已成長為超過 800 個據點、3 個品牌，以及超過 100,000 名 Roadies。

I'll close with a happy 33rd birthday to Texas Roadhouse and all of Roadie Nation.

最後，祝 Texas Roadhouse 與所有 Roadie Nation 33 週年生日快樂。

On a account of 3, can I get a big yeeha? One, two, three.

數到 3 的時候，我能不能來個大大的 yeeha？一、二、三。

Yeeha!

Yeeha！

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

以上是我們事先準備的發言。接線員，請開放提問。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Congrats on a great year. I wanted to just squeeze two questions.

恭喜你們度過非常出色的一年。我想簡單塞進兩個問題。

The one is just about that fourth quarter and the fact that the sales slowed down in December. We heard in the industry that there was some weather dislocation in that month. And so, a lot of times, when a chain gets caught with slow sales late in the quarter, it's tough to adjust the labor and to save the budget for the quarter, so to speak.

第一個是關於第四季，以及 12 月銷售放緩這件事。我們在產業裡聽到，當月有一些天氣造成的擾動。因此很多時候，當連鎖在季度末期遇到銷售轉慢時，往往很難調整人力、也很難在某種意義上把季度預算省下來。

You did have a higher ratio of labor hours versus traffic than normal for you. I suspect that was something -- you're not wanting to make excuses but maybe you could speak to what a drag that noise -- or even just the fact that that happened late in the quarter might have had on your earnings that quarter.

你們的人力工時相對於來客量的比率確實比你們平常更高。我猜那可能是某種因素——你們不想找藉口，但也許可以談談，那些雜訊的拖累——或者只是這件事發生在季度末，可能對當季獲利造成了多大影響。

And then, I'm just wondering, also -- bigger-picture question is, just the long term, when it comes to these inflation, it feels (inaudible) this cycle, where it's not getting better fast, in terms of the number of cattle head out there. The demand is remaining strong.

另外我也想問一個更宏觀的問題：長期來看，談到這波通膨，感覺（聽不清）這個循環，在牛隻頭數方面並沒有很快改善。需求仍然很強。

It feels like the relief might not be as fast as it was the last time we saw one of these cycles. I'm just wondering if you're thinking, is there things that you could do besides have food costs get down to 34% to get back to 17%-plus?

感覺緩解的速度可能不會像上一次我們看到這類循環時那麼快。我想了解你們是否在思考：除了讓食材成本降到 34% 之外，還有沒有其他方法能回到 17% 以上？

You talked about the handhelds but is there anything that you're thinking about on the labor side and effectiveness there to really offset some -- what might be longer -- higher for longer on beef?

你們提到手持設備，但在人力端與效率端，是否還有你們正在思考的作法，來真正抵消一些——可能會更久——牛肉「高位維持更久」的情況？

David, it's Michael. I appreciate the question. Hopefully, I can touch on all the topics.

David，我是 Michael。謝謝你的問題。希望我能把所有主題都涵蓋到。

You are correct. For the fourth quarter, that labor hours ratio was 68%. For October and November, it was sub-50%. That slowed down. The entire industry saw, in December -- certainly, resulted in an elevated number there.

你說得沒錯。第四季的人力工時比率是 68%。10 月和 11 月都在 50% 以下。12 月放慢了。整個產業在 12 月都看到——確實——使那個數字偏高。

I can tell you, so far, in the first quarter, we are back to sub-40%. That does feel like it was a little bit of an anomaly, given the results from December. Again, December was impacted by both holiday shifts and weather.

我可以告訴你，到目前為止，在第一季我們已回到 40% 以下。考量 12 月的結果，這看起來確實有點像是異常值。再說一次，12 月同時受到假期時點移轉與天氣影響。

For 2026, I think we believe that we can continue to run in that sub-50% level.

對於 2026 年，我們認為可以持續把它維持在 50% 以下的水準。

As far as beef inflation, yes, we're going to have that pressure here in '26, Far too early to start predicting what may happen in '27. But I think the industry would say that it will be certainly a little early to see the herd beginning to expand before late '27.

至於牛肉通膨，是的，2026 年我們會面臨那個壓力；現在要開始預測 2027 年可能發生什麼還太早。但我想產業會說，在 2027 年下半年之前，要看到牛群開始擴張，肯定還會偏早。

In periods like this, we focus on the dollars and growing the top line. That's what flows through. Certainly, more dollars can help you leverage labor; can help you leverage other operating -- we're going to stay true to who we are. That's really going to be our approach to the business.

在這樣的時期，我們專注在金額（dollars）以及擴大營收（top line）。這些會往下流到損益。當然，更多的營收金額能幫助你槓桿人力；也能幫助你槓桿其他營運——我們會忠於我們的本質。這將會是我們經營的核心作法。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Maybe, first, if you just quantify, if you can, the impact of [Fern] on the quarter to date. Obviously, a very stellar number but just curious, with weather, how much that impacted it?

也許先請你量化一下，如果可以的話，[Fern] 對本季迄今的影響。顯然數字非常亮眼，但我只是好奇，在天氣因素下，影響有多大？

My real question is really around, now that you're focused; now that you fully rolled out the digital kitchens, how does it allow you to go on offense in 2026? Can we expect more advertising around carry-out? Could a market test on a third-party delivery potentially be something you're focused on?

我真正的問題是：既然你們現在已聚焦、也已全面導入數位廚房，它如何讓你們在 2026 年採取更積極的進攻策略？我們是否可以預期會有更多關於外帶（carry-out）的廣告？你們是否會把第三方外送的市場測試，作為你們關注的方向？

I'd love to learn more about, now the digital kitchen is over, what this allows you to do.

我很想更了解：數位廚房告一段落之後，這讓你們能做些什麼。

Andrew, it's Michael. I'll certainly start with the question on Fern. It definitely -- on the first seven weeks, it had about a 2.5% negative impact. Now, we were lapping some weather from last year that offset some of that. I would say the net impact of weather on the seven weeks was about 1.5% negative for us.

Andrew，我是 Michael。我先回答 Fern 的問題。確實——在前七週，它大約造成 2.5% 的負面影響。不過我們也在對比去年一些天氣因素，抵消了其中一部分。我會說，天氣對這七週的淨影響，對我們約為 -1.5%。

And then, when it relates to the digital kitchen, maybe I'll start there and see if anybody else wants to join in. Certainly, it has led to that can-require restaurant -- excuse me, kitchen experience. I think it does free us up to do more to-go business. I think we've seen that over the last several quarters.

接著談到數位廚房，也許我先開始，看看是否有人要補充。當然，它帶來了那種「罐頭式」餐廳——抱歉，是廚房體驗。我認為它確實讓我們更有餘裕去做更多外帶業務。我想我們在過去幾個季度已經看到這點。

Don't know what else will change fundamentally about how we do the business. But I do believe that our operators know that it allows them to do some more to-go.

我不確定我們做生意的方式還會有什麼根本性的改變。但我確實相信，我們的營運團隊知道，這讓他們能做更多外帶。

Andrew, this is Jerry.

Andrew，我是 Jerry。

I would tell you, we will continue to learn, as we now have the whole concept on the digital kitchen, what all it can do for us, other than create a very calm environment that our cooks are really enjoying -- and just how we execute in the back. So it will not lead us to looking at delivery service, at this time.

我會告訴你，我們會持續學習：現在整個品牌概念都已導入數位廚房，它除了創造一個非常平靜、我們的廚師非常享受的環境之外，還能為我們做些什麼——以及我們如何在後場執行。因此，這不會讓我們在此時去考慮外送服務。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Great. Just, first, housekeeping: Could you just let me know what price was for the quarter?

很好。先做個例行問題：可以告訴我本季的定價（price）是多少嗎？

Also, I know you talked about taking 1.9% in 2026; at least, the first price. What should we expect for pricing?What does that mean -- on a quarterly basis -- pricing looks like?

另外，我知道你們談到 2026 年會調價 1.9%；至少是第一次調價。我們對定價應該有什麼預期？這代表——以季度來看——定價會是什麼樣子？

And then, I do have a question.

然後我還有一個問題。

Yes, Sara. It's Michael.

好的，Sara。我是 Michael。

We had 3.1% pricing for the fourth quarter. We'll have that same 3.1% here in the first quarter.

第四季我們的定價是 3.1%。第一季也會維持同樣的 3.1%。

And then, with the [1.9] rolling on, that means we'll have 3.6% in the menu for the second and third quarters before we have conversations about what we may do at the beginning of the fourth quarter.

接著，隨著 [1.9] 的滾動生效，代表第二季和第三季菜單上的定價會是 3.6%，之後我們才會討論第四季初可能會做什麼。

Okay. Great. And then, as I think about the price cost dynamic, I know, typically, you price just for structural changes; but, as I think through the year ahead, is your sense that part of the reason the traffic growth has accelerated so much is because you've maintained your pricing substantially below the competitive set?

好的。很好。接著，當我思考價格與成本的動態時，我知道你們通常只為結構性變動而調價；但展望接下來一年，你們是否認為，來客數成長之所以加速這麼多，部分原因是你們的定價一直顯著低於競爭同業？

I'm trying to understand, like, how you think about that elasticity because, certainly, the quarter-to-date trends, again, including weather, were very impressive.

我想理解你們如何看待這種需求彈性，因為本季迄今的趨勢——再次強調，包含天氣因素——都非常亮眼。

Just a philosophy, as you think about the year ahead.

就你們展望接下來一年而言，想請教你們的理念。

Thanks, Sara. This is Jerry.

謝謝，Sara。我是 Jerry。

I'll start it off a little bit on the pricing. We continue to try to be very conservative. We believe that the full-service dining segment, we are still well underneath that. So we continue to have great conversations with our operators.

我先從定價稍微談起。我們仍然努力保持非常保守。我們相信在全服務餐飲（full-service dining）這個區隔，我們的定價仍明顯低於同業。因此我們持續與我們的營運團隊進行很好的討論。

We look at it from the lens of our guests, our business, and our shareholders; and try to find a solid balance. We also know beef is a challenge. We will continue to look at it.

我們會從顧客、我們的業務以及股東的角度來看，並試著找到一個穩健的平衡點。我們也知道牛肉是一項挑戰。我們會持續關注。

But we focus on a great experience, value in our menu that's built in throughout everything that we have. It's been a great strategy.

但我們專注於提供很棒的體驗，以及在我們所提供的一切之中都內建於菜單的價值。這一直是個很好的策略。

I believe we don't skimp on any of our portions. We really focus on nothing has changed; all we try to do is get a little bit better for our guest experience.

我相信我們在任何份量上都不會偷工減料。我們真正專注的是：一切都沒有改變；我們所做的只是讓顧客體驗再好一點點。

Jim Salera, Stephens.

Jim Salera，Stephens。

I wanted to ask around tax refunds. There's been a lot of conversations around that potentially driving some incremental consumption, particularly in -- more in the second quarter.

我想問一下關於退稅的情況。大家一直在討論，退稅可能會帶動一些額外的消費，尤其是在——更偏向第二季。

Do you have any historical precedent for years where there's a larger-than-expected tax refunds? Do you see an immediate flow-through into the restaurants and more engagement? If so, does that show up just purely in transactions? Or do you maybe see higher attachments?

你們是否有任何歷史先例，曾出現退稅金額高於預期的年份？你們是否看到會立即反映到餐廳端、帶來更多互動與參與？如果是，這是否只會純粹反映在交易筆數上？還是你們可能會看到更高的加購／搭售（attachments）？

Any comments you could provide there would be helpful.

你能提供的任何評論都會很有幫助。

Jim, it's Michael. Thanks for the question.

Jim，我是Michael。謝謝你的問題。

I would say, historically, if the timing of the refunds moves around, I think we can see it a little bit in our numbers. I do think refunds do have the potential to be a tailwind for us.

我會說，從歷史來看，如果退稅發放的時間點有所移動，我認為我們的數字會稍微看得出來。我確實認為退稅有可能成為我們的順風因素。

Whether this time around and who may be getting these refunds will result in a benefit for us, to be determined. But, typically, yes, when people are getting a larger-than-normal refund, I would say it may result in them looking to spend some of that.

至於這次的情況，以及哪些人可能會拿到這些退稅，是否會對我們有利，還有待觀察。但一般來說，是的，當人們拿到比平常更高的退稅時，我會說他們可能會想把其中一部分拿來消費。

David Tarantino, Baird.

David Tarantino，Baird。

Michael, just a clarification on the recent comp trends. Did you have a calendar impact in December from the shift of New Year's eve? If so, can you quantify the impact of that on Q4 and on Q1, quarter to date?

Michael，我想釐清一下近期同店趨勢（comp trends）。12月是否因為跨年夜（New Year’s Eve）的移動而有日曆效應？如果有，你能量化它對第四季以及第一季截至目前（quarter to date）的影響嗎？

And then, I have a follow-up to that.

然後我還有一個追問。

Yeah. David, definitely, we had a negative impact from Christmas shifting and, also, the timing of our year end. Those two on the quarter had about a little under -- when you combine in Halloween shifting, as well, all of those had about a 1% negative impact on the fourth quarter.

是的。David，確實，我們受到聖誕節日期移動以及我們年度結算時間點的負面影響。這兩項在該季度的影響，加上萬聖節日期移動，合計對第四季約有不到1%的負面影響。

The first quarter -- or, I'm sorry, the first weeks is benefiting from having New Year's Eve in the first quarter. That's had about a one -- a little over 1% benefit to our first quarter -- first seven weeks, excuse me.

第一季——抱歉，是第一季的前幾週——因為跨年夜落在第一季而受惠。這對我們第一季——更精確地說是前七週——帶來約1%多一點的正面效益。

Great. That's helpful. If I net all the impacts from the calendar and the weather, it does look like Q1 has accelerated pretty meaningfully on the traffic side. I just wanted to get your thoughts on why that's occurred.

很好。這很有幫助。如果我把日曆與天氣的影響都扣除，第一季在來客數（traffic）面似乎相當明顯地加速。我想聽聽你對於為什麼會發生這種情況的看法。

I know there's a lot of cross currents in the economy. But what are your thoughts on what's driving the recent strength?

我知道經濟上有很多相互拉扯的因素。但你認為近期的強勁表現是由什麼驅動的？

Well, thanks, David. This is Jerry.

謝謝，David。我是Jerry。

I do know there was some weather in that timeline. But I really do believe that it's just about us operating at a hot level. Our operators are out there hustling.

我知道那段期間確實有一些天氣因素。但我真的相信，這主要是因為我們的營運表現很到位。我們的營運團隊在第一線非常拚。

We're continuing to provide a great experience for the guest. We benefited a little bit from some of that.

我們持續為顧客提供很棒的體驗。我們也從其中一些因素中小幅受惠。

It would be hard to measure exactly what it is but I just think we're out there hustling. We're trying to make sure our employees have a great experience coming to work and our guests are having a great experience, dine-in, with us.

要精確衡量到底是哪一項因素很難，但我認為就是我們在第一線努力拚搏。我們努力確保員工來上班有很好的體驗，也確保顧客在店內用餐時與我們一起擁有很好的體驗。

We are very appreciative of their business.

我們非常感謝他們的支持。

Brian Harbour, Morgan Stanley.

Brian Harbour，Morgan Stanley。

Can you comment on, just, where you are with commodity contracting, at this point? And then, is your expectation that inflation in the first quarter could look similar to 4Q; and then, it comes down ratably from there. Could you help us a little bit on that?

你能談談目前你們在大宗商品合約鎖定（commodity contracting）方面的進度嗎？另外，你們是否預期第一季的通膨看起來可能與第四季相近，之後再逐步下降？能否就這點多提供一些說明？

Sure, Brian. It's Michael.

當然可以，Brian。我是Michael。

As far as locked, we're certainly more locked (inaudible) fixed price in the first half of the year, probably about 65% locked in first half of the year and only about 25% in the back half of the year. That's probably not abnormal over the more recent years, from that standpoint.

就鎖定程度而言，我們在上半年確實有更多以固定價格鎖定（inaudible），上半年大約鎖定了65%，而下半年只鎖定了約25%。從這個角度來看，這在近幾年大致也算正常。

As far as the cadence of the commodity inflation, we mentioned that the first half of the year would be probably above our 7% guidance. I'd say, within that, Q1 is probably in line with the guidance. Q2 is probably where we expect to have our highest commodity inflation of the year. That could be in the very-high-single-digit level. And then, it should start to come down in the back half of the year.

至於大宗商品通膨的節奏，我們提到上半年可能會高於我們7%的指引。在這之中，我會說第一季大概與該指引一致。第二季可能是我們預期全年大宗商品通膨最高的季度。那可能會落在非常高的個位數百分比水準。然後在下半年應該會開始回落。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Jerry, I wanted to ask, real quick, on the expanding test of the handheld ordering in 2026. I think you guys have been testing this since 2024. I think it was in about 40 restaurants. Can you maybe a little bit talk about what you're seeing; how much this test will expand; and what you expect to see?

很好。Jerry，我想很快問一下，關於你們在2026年擴大手持點餐（handheld ordering）測試的情況。我記得你們從2024年就開始測試了。我想大概在40家餐廳。你能否談談你們看到的情況；這項測試會擴大到什麼程度；以及你們預期會看到什麼？

And then, Michael, if you could just comment on the G&A and how that goes throughout the year? I think you said a low-double-digit increase so any details you could provide there would be helpful.

另外，Michael，如果你能評論一下G&A（一般及行政費用）以及它在全年如何走勢就更好了。我想你提到會有低雙位數的增幅，因此任何你能提供的細節都會很有幫助。

Yeah. Thanks, Peter. This is Jerry.

是的。謝謝，Peter。我是Jerry。

On the handhelds, we did absolutely have a test out there. We have pulled back on it just a little bit to rewrite some software.

關於手持裝置，我們確實有在外部進行測試。我們稍微收斂了一點，因為要重寫一些軟體。

We have had it in a store right before the holidays and learned a lot of things. We paused it for a minute. We now have it back in that store. We've just got a couple of more tweaks to make before I think we can offer it up to the operators.

我們在假期前剛好在一家店導入，學到了很多。我們暫停了一下。現在我們已經在那家店重新上線。在我認為可以提供給營運團隊之前，我們還需要再做幾個小調整。

There's no doubt that the handheld and technology side of it [does] (inaudible) make us a little bit quicker when it allows the server to take the order at the table to press send, obviously, from an order accuracy standpoint.

毫無疑問，手持裝置與相關技術面（inaudible）能讓我們更快一些，因為它讓服務員可以在桌邊點餐後按下送出，當然也有助於點餐正確性。

There's a lot of things that we really like about it. What we have to have is it to be reliable. And so we're just working through a few more things. We'll continue to get it out there and test; and then, I think, later on in the year, we should be ready to offer it up for our operators to opt in, if they want to do that.

有很多地方是我們非常喜歡的。我們必須確保的是它要可靠。所以我們正在把幾個問題再處理完。我們會持續推出並測試；然後我認為在今年稍晚，我們應該就能準備好提供給營運團隊選擇是否導入，如果他們想這麼做的話。

But we have made a lot of progress. I feel good that (inaudible) a lot of focus on it, right now.

不過我們已經取得了很大的進展。我對於目前（inaudible）投入了很多心力在這上面感到很有信心。

Peter, this is Keith.

Peter，我是Keith。

On the G&A, I think we guided to low-double-digit increases. I think you can pretty much see that throughout the year, evenly (inaudible) throughout the year.

關於G&A，我想我們給出的指引是低雙位數的增幅。我想你基本上可以看到這種情況在全年都相當平均地呈現，（聽不清）在全年都相當平均。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

You did touch on it. But with all the moving pieces, how should we be thinking about the restaurant-level margin for the full-year 2026?

你確實有提到。但在這麼多變動因素之下，我們應該如何看待2026全年餐廳層級的利潤率？

Jeff, this is Michael.

Jeff，我是Michael。

Obviously, there are a lot of moving pieces. I would say, with 7% commodity inflation -- and that's where we end up with the pricing that we're talking about taking, assuming that, some of that, not all of it, flows through the check.

顯然，有很多變動因素。我會說，在7%的食材商品通膨之下——而這也是我們最終落點——配合我們所談到要採取的定價，並假設其中一部分（但不是全部）會反映到客單上。

I think it's going to be a challenge to get leverage on the cost-of-sales line. Now, I do believe there is opportunity on the other components of restaurant margin but that may not fully offset.

我認為要在銷貨成本這一項取得槓桿效益會是個挑戰。不過，我確實相信在餐廳利潤率的其他組成項目上有機會，但可能無法完全抵消。

So it is certainly possible that restaurant margin percents remain under pressure. But the restaurant -margin dollars certainly have a path, both on an absolute and a dollar per store week basis, to go higher. That's really where more of our focus is, right now, during this cattle cycle.

因此，餐廳利潤率百分比很可能仍會承受壓力。但餐廳利潤額（以金額計）無論是絕對值，或是以每店每週的金額來看，都確實有上升的路徑。這才是我們目前在這個牛隻週期中更聚焦的地方。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，Barclays。

Great. Jerry, just curious, your updated thoughts on Bubba's. Obviously, it's taking on a bigger role in the unit growth. Needless to say, when you're the big brothers, Texas Roadhouse, your results probably would not look as good in the short term.

很好。Jerry，我只是好奇你對Bubba's更新後的看法。顯然，它在門店成長中扮演更重要的角色。不用說，當你們的大哥是Texas Roadhouse時，短期內你的表現可能看起來不會那麼好。

I'm wondering if you can -- just because it is in a different category, do you think that, one day, if you do the same focus on Bubba's that you do on Texas, it will have the same level of resilience that Texas has had or probably maybe in a different category in a different position where it will never achieve something similar?

我想問的是——因為它屬於不同的品類——你是否認為有一天，如果你們對Bubba's投入像對Texas一樣的專注，它會具備與Texas相同程度的韌性？還是說它可能在不同品類、不同定位之下，永遠無法達到類似的水準？

Just trying to get your sense on Bubba's outlook. Obviously, you're accelerating that globe for the next few years; but how you vision that brand long term, relative to Texas?

只是想了解你對Bubba's前景的看法。顯然，你們未來幾年正在加速那個成長曲線；但從長期來看，相對於Texas，你如何描繪這個品牌？

Thanks, Jeff.

謝謝，Jeff。

Yeah. I see Bubba's. I really like to compare it to the competitive set that it goes in it.

是的。我看待Bubba's。我很喜歡把它拿來和它所處的競爭組合做比較。

Obviously, 6.4 million average unit volume. We have a lot of confidence in what Bubba's is doing and who it's competing with. And so we are very excited about it.

顯然，平均單店營收（AUV）為640萬美元。我們對Bubba's正在做的事情以及它所面對的競爭對手非常有信心。因此我們對它感到非常興奮。

We've got a great team over there. We've got great people, great operators, executing at a high level. So we continue to lean into it and how we can support Bubba's to be as successful as they can be. I am really proud of where we're at from that.

我們那邊有一個很棒的團隊。我們有很棒的人才、很棒的營運者，以很高的水準在執行。所以我們會持續加大投入，思考我們如何支持Bubba's，讓他們盡可能成功。我對我們目前的進展感到非常自豪。

We have done a lot of great things getting some of the cost out of the building to make it a little more profitable for our operators, as we go forward. We'll continue to look at ways to offset some of the inflation and other sides of it for that business.

我們已經做了很多很棒的事情，從建置成本中移除一些成本，讓它在未來對我們的營運者而言更有利潤。我們也會持續尋找方法，來抵消這項業務所面臨的一些通膨與其他面向的影響。

But, yes, we'll ramp up the growth on it. We'll get to approximately 10 this year. That's what's on schedule for the following year. We believe that it will continue to add a lot of value to our company, as we go forward, from a sales and profit standpoint.

不過，是的，我們會加快它的成長。今年我們大約會開到10家。明年也會依照這個節奏進行。我們相信，從營收與獲利的角度來看，未來它將持續為公司帶來很大的價值。

Jake Bartlett, Trust Securities.

Jake Bartlett，Trust Securities。

Mine is about mix. There's two mixes here that I want to ask about.

我的問題是關於組合。這裡有兩個組合我想問。

One is on COGS. Your COGS have been higher than we would think or one would think, given the pricing and the commodity inflation. You mentioned that's a shift towards stake. I think that differential increased in the fourth quarter.

第一個是COGS。在你們的定價與食材商品通膨之下，你們的COGS比我們（或一般人）預期的還要高。你提到那是因為組合轉向牛排。我想那個差異在第四季擴大了。

The question is: What should we expect from that dynamic in '26? Is there a possibility that that reverses out? Should we continue to expect maybe increased pressure on COGS from that dynamic?

問題是：2026年我們應該如何預期這個動態？有沒有可能它會反轉回去？我們是否應該繼續預期這個動態會讓COGS承受更大的壓力？

And then, if I look at, just, a mix within check, it increased in the fourth quarter. A little bit confusing.

另外，如果我看客單內部的組合，它在第四季上升了。這有點令人困惑。

Have that increased or gotten more negative, yet the COGS (inaudible) impact getting bigger.

它已經上升或變得更負面，但COGS（聽不清）的影響卻變得更大。

The question on mix, what is driving the negative mix within same-store sales? Should that continue? What are the dynamics there, going into '26?

關於組合的問題，同店銷售中的負向組合是由什麼驅動的？這種情況會持續嗎？進入2026年，背後的動態是什麼？

Thanks, Jake. This is Michael.

謝謝，Jake。我是Michael。

First, on that mix within our food cost, it was lower in the fourth quarter than it had been in the third. It probably was 30 basis points, maybe 35 basis points of pressure, where it had been over 50 basis points in the third quarter.

首先，關於我們食品成本中的那個組合因素，第四季比第三季要低。它大概帶來30個基點、也許35個基點的壓力，而第三季曾超過50個基點。

From what we're seeing, so far, this year, it does seem like we have lapped a lot of that trade up to the state category. That doesn't mean that it couldn't reaccelerate. But, right now, my assumption is maybe 10 basis points to 15 basis points of pressure coming from that, call it, usage line within the cost of sales.

就我們目前今年所看到的情況，似乎我們已經消化了很多升級到牛排品類的那波影響。這不代表它不可能再度加速。但就目前而言，我的假設是大概有10到15個基點的壓力，來自那個——就稱之為——銷貨成本中的用量（usage）項目。

As far as the product mix, you are right. It did step up a little bit in the fourth quarter. We saw that trend higher, as we move through the last several months of the quarter.

至於產品組合，你說得對。第四季確實小幅上升。在該季最後幾個月，我們看到那個趨勢走高。

Some of that -- I think, more of that came from the to-go side of it and the growth of our to-go putting a little bit more pressure on that line. As I've looked at the beginning of this year, some of that pressure has abated.

其中一部分——我認為更大一部分——來自外帶端，我們外帶業務的成長讓那一項承受了更多壓力。我觀察今年年初後，那些壓力已有所緩解。

Alcohol is still negative but not as negative as it was at any point last year. So some encouraging signs within our mix. We continue within thes dining room to see a positive mix in entrees, appetizers, soft beverages, mocktails.

酒精品項仍是負向，但沒有去年任何時點那麼負向。所以在我們的組合上有一些令人鼓舞的跡象。在內用餐廳方面，我們持續看到主菜、開胃菜、軟性飲料、無酒精調酒（mocktails）呈現正向組合。

But when the to-go business is growing at a slightly faster rate and that comes with a lower average check, it does continue to put a little bit of pressure on mix.

但當外帶業務以略快的速度成長，而外帶的平均客單較低時，確實會持續對組合造成一些壓力。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

I just wanted to ask about share gains. You've shown super consistent traffic strength. Peers have shown less so (inaudible) Restaurants; food; fast-, casual-QSR; et cetera.

我想問一下市占提升。你們的來客數表現一直非常穩健。同業則沒那麼一致（聽不清）餐廳；食品；速食、休閒餐飲（casual）-QSR；等等。

What portion of the traffic outperformance do you view as structural share gains versus, like, people trading between channels or in and out? How should we view that durability, if the consumer weakens further?

你們認為來客數超越同業的表現，有多少是結構性的市占提升，而不是像消費者在不同通路之間互相轉換、進進出出？如果消費者進一步轉弱，我們應該如何看待這種表現的耐久性？

Yeah. Jacob, I can start. It's hard to predict all of that.

是的。Jacob，我可以先開始回答。這些都很難預測。

We open up our doors and. Serve our guests and represent our communities all across America in the world.

我們打開大門，然後。服務我們的顧客，並在全美各地乃至全世界代表我們的社區。

I think the guest has to make a choice. The choice is where do they get quality food, where they get great value, and where they get hospitality at a high level. I do believe that that's where we continue to win and that reputation that we have in the industry for consistently providing great service, great food, and what we call legendary food and luxury service and that just resonates with our consumer.

我認為顧客必須做出選擇。這個選擇在於：他們要在哪裡獲得高品質的餐點、在哪裡獲得很高的性價比，以及在哪裡享受到高水準的待客之道。我確實相信，這正是我們持續勝出的地方；而且我們在業界因為一貫提供卓越服務、優質餐點，以及我們所稱的傳奇美食與奢華服務而建立的聲譽，確實能引起消費者共鳴。

They want to spend money. But they want to spend money where they're getting a great product with value. I believe that's where we settled in nicely.

他們想花錢。但他們想把錢花在能以合理價值獲得優質產品的地方。我相信這正是我們很自然地站穩的位置。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Great. Thanks, guys. Welcome, Mike.

很好。謝謝，各位。歡迎你，Mike。

Just wondering if you guys could break down the G&A guidance, the G&A increase, a bit more. Is that increase coming from, is it a compensation dynamic? Is it related to the acquisitions? Anything more you could say there?

想請問你們能否更進一步拆解一下G&A指引、也就是G&A增加的原因。這個增加是來自薪酬方面的因素嗎？是與併購相關嗎？還有沒有其他可以補充的？

And then, longer-term, does anything change on how you think about G&A beyond this year? I know you've given some targets in the past for the long-term as a percent basis. Thank you.

另外，從更長期來看，對於今年之後你們如何看待G&A，有沒有任何改變？我知道你們過去曾提供一些長期目標（以占比為基礎）。謝謝。

Dennis, it's Keith. Thanks for the question.

Dennis，我是Keith。謝謝你的提問。

Yeah. In December, we completed our 2026 budget process that included finalizing our incentive plans for the year. As part of that, we did increase our G&A forecast.

是的。在12月，我們完成了2026年的預算流程，其中包含敲定今年的激勵計畫。在這個過程中，我們確實上調了G&A的預估。

This was mainly due to the new long-term management equity grants that we announced in late December and then, also, some higher forecasted incentive compensation.

這主要是因為我們在12月下旬宣布的新一輪長期管理層股權授予，另外也包括一些較高的激勵薪酬預估。

I can tell you that when we look at G&A as a percentage sales, though, I think we see it coming in very similar and consistent to what our recent years have been. We're comfortable with that level.

不過我可以告訴你，當我們把G&A視為銷售額的百分比來看時，我認為它會與我們近幾年的水準非常相近且一致。我們對這個水準感到放心。

Andy Barish, Jefferies.

Andy Barish，Jefferies。

One question and a quick follow-up.

一個問題，外加一個簡短追問。

Just, can you give us a little better sense on what the guest management software is potentially driving this year? Is it is it table yields or wait-time quotes? How is that up and running?

能否更具體說明一下，顧客管理軟體今年可能帶來哪些推動？是提升翻桌率，還是等候時間的預估報價？目前運作情況如何？

Thanks, Andy. This is Jerry.

謝謝你，Andy。我是Jerry。

I think it helps in all categories to be able to manage your floor plan with the amount of consumers that are on the waitlist.

我認為它在各個面向都有幫助，因為你可以依據等候名單上的消費者數量來管理你的座位配置（floor plan）。

For them to be able to navigate a little bit on their own to get on the waitlist and allowing us to -- if folks aren't there. There are so many components that can help us be faster, not only in managing how table turns work; how we get guests on the list; how we get them set; and then, how do we accurately quote them when -- we're on longer waits.

讓他們能在一定程度上自行操作加入等候名單，也讓我們能夠——如果有些人不在現場。它有很多組成要素能幫助我們更快，不僅是在管理翻桌節奏上；也包括如何把顧客加入名單、如何安排入座；以及在——等候時間較長時——如何更精準地給出等候時間預估。

We just went through a tremendous weekend over Valentine's Day. What a success. I think it all contributes to the ability to handle that volume.

我們剛經歷了情人節那個非常忙碌的週末。非常成功。我認為這一切都有助於我們處理那樣的客流量。

We believe that there are so many things that you -- just little things that all add up to additional success. So it's about all I can share on that butt it's about really being bigger, faster, and stronger in getting more people sat accurately, from that standpoint.

我們相信有很多事情——一些小細節——累積起來就能帶來額外的成功。所以我能分享的大概就是這些，但重點在於，從這個角度來看，讓我們在更大規模下更快、更強，能更準確地讓更多人入座。

But, thank you, Andy.

不過，謝謝你，Andy。

Yeah. Very helpful. And then, on the headquarters acquisition, is that -- I assume that's a benefit to G&A this year versus last? But maybe I'm thinking about it wrong.

是的。非常有幫助。另外，關於總部的收購，那——我猜這對今年的G&A相較去年是有利的？但也許我理解錯了。

No. Andy, this is Keith. Yeah. You are correct. It will definitely be a benefit for us this year.

沒有。Andy，我是Keith。是的。你說得沒錯。這今年肯定會對我們有利。

Jon Tower, Citigroup.

Jon Tower，花旗集團（Citigroup）。

Jerry, just a quick question for you. The past year, one-and-a-half years or so, you focused a lot of -- some time on innovating around and focusing on beverage in the menu. I think mocktails, dry sodas, are a couple of things; and then, having the $5 draft on tap -- and messaging that to the guests.

Jerry，想快速問你一個問題。過去一年到一年半左右，你們花了不少時間在菜單飲品方面做創新並加強聚焦。我想無酒精調酒（mocktails）、風味汽水（dirty sodas）是其中幾項；另外還有5美元的生啤（draft）——以及把這個訊息傳達給顧客。

Is there anything else on your menu that you see today as an opportunity, either you're not currently -- it's not either on the menu today or it's something that's underperforming your internal expectations? Or anything you're hearing from your operators that says, hey, this would be a nice area we should be focusing more on?

你們目前在菜單上還看到其他機會嗎？例如你們現在——不是目前菜單上的品項，或是某些品項表現低於你們內部預期？或者你從營運端聽到任何回饋，覺得「嘿，這會是我們應該更聚焦的領域」？

Well, thanks, Jon. Yeah.

謝謝你，Jon。是的。

I think, on the beverage side, obviously, mocktails have become very popular out there; dirty sodas; the five-day -- $5 all-day every day. It is about the beer but it's really also about that margarita.

我想在飲品方面，顯然無酒精調酒在市場上變得非常受歡迎；風味汽水；以及「五美元——全天、每天都是5美元」。這當然與啤酒有關，但其實也很關鍵的是那杯瑪格麗特。

Really, Roadhouse was built on ice cold beer and a legendary margarita. Having that $5 10-ounce margarita back in the system has been really, really popular.

事實上，Roadhouse是建立在冰涼啤酒與傳奇瑪格麗特之上。把那杯5美元、10盎司的瑪格麗特重新回到系統裡，真的、真的非常受歡迎。

On the food side, we're always looking at some innovative ideas in talking with our operators about trying different things, whether it be a menu item, whether it be the ability to add on a different smother or even a sidekick of some sort.

在食物方面，我們一直在和營運團隊討論一些創新想法、嘗試不同的東西，不管是新的菜單品項，或是能否加上不同的淋醬（smother），甚至是某種配菜加購（sidekick）。

We are constantly out there looking at things. We have some things that are out there in test. We'll continue to monitor, look at them, and make a decision down the road if we think it goes regionally or nationwide could be impactful.

我們一直在外部觀察各種可能。我們也有一些項目正在測試中。我們會持續追蹤、評估，並在之後做出決定：如果我們認為在區域性或全國推廣會帶來影響，就會採取行動。

Yeah. We're constantly testing, looking, and talking with our operators about what we might look at on the menu. We don't have a lot that underperform at the level that they would be replaced. So it would be a tough one for us to take anything off. It really have to be a superstar to get added to it.

是的。我們持續測試、觀察，並與營運團隊討論菜單上可能要做的事情。我們沒有太多品項表現差到需要被替換。所以對我們來說，要把任何東西下架都會很困難。真的必須是一個超級明星品項，才有機會被加進來。

Andrew Strelzik, BMO Capital Markets. Please go ahead.

Andrew Strelzik，BMO資本市場（BMO Capital Markets）。請開始。

Going back to the beef topic -- and I appreciate some of the color you gave on the cattle cycle dynamics. There's been some optimism around beef inflation easing at some point in '26 because of demand destruction at retail.

回到牛肉的話題——也謝謝你剛才對牛隻週期動態提供的一些說明。市場上有一些樂觀預期，認為由於零售端需求被破壞（demand destruction），牛肉通膨可能會在2026年的某個時間點趨緩。

I was curious if you've seen any evidence in any of the data that you've looked at or any of your discussions around that dynamic that maybe does offer a little bit of optimism, as the year progresses.

我想請教，你是否在你們看過的任何數據中，或在你們針對這個動態的討論中，看到任何證據，能在今年進行的過程中帶來一些樂觀的可能性？

Andrew, it's Michael. Thanks for the question.

Andrew，我是Michael。謝謝你的提問。

I think we've certainly seen, at retail, some trade-away from beef over the last several quarters to whether it be pork or chicken or other proteins. And so that has been in effect.

我想我們確實看到，在零售端，過去幾個季度有一些從牛肉轉向其他品類的情況，不管是豬肉、雞肉或其他蛋白質。所以這個現象確實存在。

The level that that may or may not continue, it is hard for us to know.

至於這種程度是否會持續、以及會持續到什麼程度，我們很難判斷。

In our forecast, we aren't trying to predict what the demand side might be. If there was a further, call it, demand destruction or trade-away from beef, then maybe there is some potential for our numbers to come down. But a lot of things to learn about there.

在我們的預測中，我們並沒有試圖去預測需求端可能會如何變化。如果出現進一步的——姑且稱之為——需求破壞或從牛肉轉向其他品類，那麼我們的數字或許有一些下修的可能。但這裡面還有很多需要觀察與學習的地方。

What we do know what we do know is what's going on with the size of the herd and what that takes for a rebuild. The demand will really play into how things fully play out.

我們確實知道的是，牛群規模目前的狀況，以及要進行重建需要什麼條件。需求端將會在事情最終如何發展上扮演關鍵角色。

Rahul Kro, JP Morgan.

Rahul Kro，摩根大通。

Can you update us on the build-cost inflation and how it is tracking at both Roadhouse and Bubba's; especially, how you're thinking about cash-on-cash returns for both these concepts, as we go forward?

你能否更新一下建置成本通膨的情況，以及在 Roadhouse 與 Bubba's 兩個品牌的追蹤狀況；特別是，展望未來，你們如何看待這兩個概念的現金對現金報酬率（cash-on-cash returns）？

I have a follow-up on -- the company was a franchise mix. I've seen this slowly pick up, over time, from low-[80s] company mix to the high-80s we are, currently. Is there a conscious goal to get to a certain level, over time? Can you share some of your thoughts here?

我有一個追問——公司原本是加盟店占比的組合。我看到這個占比隨時間慢慢上升，從公司自營占比低於[80%多]，到目前我們在高 80% 的水準。是否有意識地、隨時間推進，朝某個特定水準前進？你能分享一些想法嗎？

Yeah. Sure. This is Michael.

是的。當然。我是 Michael。

I'll start with the investment costs. On the Roadhouse side, we are expecting our average all-in investment cost that includes 10 times rent factor will be increasing to around $8.9 million. We think we're around $8.3 million to $8.4 million here in 2025.

我先從投資成本談起。在 Roadhouse 方面，我們預期平均的全包投資成本（包含租金 10 倍係數）將上升到約 890 萬美元。我們認為 2025 年大約在 830 萬到 840 萬美元。

Some of that increase is coming from higher rents. Certainly, it is not getting any cheaper to build a building but we -- and we also have a handful of restaurants in California that we will be opening in '26. That probably adds a few hundred thousand dollars to that cost for Roadhouse.

部分增幅來自更高的租金。當然，蓋一棟建築並沒有變得更便宜；另外，我們在加州也有幾家餐廳將於 2026 年開幕。這可能會讓 Roadhouse 的成本增加幾十萬美元。

On the Bubba's side, the opposite is expected. We're expecting to see maybe a little more than a $0.5 million reduction in our investment costs, going from around $9 million down to $8.5 million, $8.4 million for 2026.

在 Bubba's 方面，預期則相反。我們預期投資成本可能會下降略多於 50 萬美元，從約 900 萬美元降到 2026 年的 850 萬美元、840 萬美元左右。

We've done a lot of work on the building in getting the prototype to where we want it to be. We also have a handful of conversions that we are going to be doing so taking an existing building and turning it into a Bubba's.

我們在建築方面做了很多工作，把原型店調整到我們想要的樣子。我們也會做幾個改裝案，也就是把既有建築改造成 Bubba's。

We've done two of those, so far, that have opened and (inaudible) definitely seen some cost savings by doing that. We are hopeful, expecting that that can continue with some more of these conversions.

到目前為止我們已經開了兩家這樣的店，（聽不清）確實看到透過這種方式帶來一些成本節省。我們希望、也預期這種節省能在更多改裝案中延續。

As far as returns, we look at it more as an IRR. We're targeting a mid-teen IRR for our new restaurants. I'd say we are achieving or exceeding that expectation as an overall portfolio.

至於報酬，我們更看重的是 IRR（內部報酬率）。我們對新餐廳的目標是中十位數（mid-teen）的 IRR。我會說，以整體投資組合來看，我們正在達成或超越這個預期。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Most of mine have been asked but just two nitpicks, if I could.

我大多數問題都被問過了，但如果可以的話，我有兩個小細節想確認。

Within the other OpEx line, I'm curious what you're seeing, just from an underlying inflation perspective within that line? aany changes in the outlook related to utilities or other areas we should be mindful of?

在其他營運費用（OpEx）那一行裡，我想了解就該項目內部的通膨而言，你們看到的是什麼？在公用事業費或其他領域的展望上，有沒有任何變化是我們需要留意的？

On the acquisition of the five units for $72 million, was the acquired real estate within that acquisition price?

關於以 7,200 萬美元收購五家門店，那個收購價格是否包含所取得的不動產？

Yeah. Brian, I'll just start with the second one first. There is no acquired real estate within that acquisition price for those California stores.

是的。Brian，我先回答第二個問題。那筆加州門店的收購價格不包含任何取得的不動產。

As far as the other OpEx, I think, certainly, there is an expectation that utility costs will continue to go higher. But I do think there is still opportunity to get some -- potentially, to get some leverage and other op in 2026.

至於其他 OpEx，我認為，確實預期公用事業成本會持續上升。但我也認為在 2026 年仍有機會取得一些——可能在其他營運費用上取得一些槓桿效益。

Probably, low -single-digit growth in dollars per store week is probably the best guidance I can give you. I don't think I have an inflationary percentage to throw out at this time.

以每店每週美元金額來看，低個位數的成長可能是我能給你的最佳指引。目前我沒有一個可以提出的通膨百分比。

We do think we're going to continue to see some cost pressures but nothing, other than utilities, too out of the ordinary.

我們確實認為成本壓力會持續存在，但除了公用事業之外，沒有什麼特別異常的。

Gregory Francfort, Guggenheim.

Gregory Francfort，Guggenheim。

Maybe sticking with expenses, just, labor inflation running under 3% this quarter. Is there anything that, maybe, there were less overtime hours, just given the sales?

也許延續費用的話題，本季勞動通膨低於 3%。是否有任何因素，例如因為銷售情況導致加班時數較少？

I'm trying to figure why that might ramp next year or this year, in '26?

我想了解為什麼它可能在明年或今年、也就是 2026 年會上升？

Yeah. There are several components. We talk about wage and other inflation.

是的。這裡有幾個組成因素。我們談的是薪資以及其他通膨。

And so the wage components, certainly, we have seen that trend down and stabilize. That's the expectation that we have into 2026.

就薪資組成而言，我們確實看到趨勢下滑並趨於穩定。這也是我們對 2026 年的預期。

But we do think that there's still going to be some pressures on insurance costs and other components within labor that may be a little bit higher than what we saw in 2025.

但我們確實認為，在保險成本以及勞動項目中的其他組成部分上，仍會有一些壓力，可能會比 2025 年看到的略高。

We guided the 3% to 4% wage and other. I think the underlying wage component is probably down year over year and the overall could be a little bit down versus 2025.

我們給的指引是薪資及其他為 3% 到 4%。我認為底層的薪資組成可能年對年下降，而整體可能會比 2025 年略低一些。

Jim Sanderson, Northcoast Research.

Jim Sanderson，Northcoast Research。

I wanted to talk a little bit more about pricing. Given the $3.6 million you'll have in the second quarter, how you see yourself positioned with respect to top competitors, if you feel that your value gap is just as strong and compelling?

我想再多談一點定價。考量你們第二季會有 360 萬美元，你們如何看待自己相對於主要競爭對手的定位？你們是否覺得你們的價值差距（value gap）仍然同樣強勁且具吸引力？

Maybe, if you have any consumer feedback about how the consumer perceives the brand on a value basis, if that's improving?

另外，你們是否有任何消費者回饋，關於消費者如何以「價值」角度看待品牌？這方面是否正在改善？

Thanks, Jim.

謝謝，Jim。

Absolutely, we will keep our close eye on any conversation that comes up -- but, obviously, after these first seven weeks, as we continue to roll.

當然，我們會密切關注任何出現的討論——但顯然，在這前七週之後，隨著我們持續推進。

But, again, we're built on a conservative approach to pricing. We still believe we're well under our competitors in full-service dining, average, 12 months rolling. So we will continue to look at that.

不過再說一次，我們的定價建立在保守的策略上。我們仍然相信，相較於全服務餐飲的競爭對手，以過去 12 個月滾動平均來看，我們的價格仍明顯更低。因此我們會持續關注。

But, if we get feedback, we absolutely will consider and talk with that. But we really feel like we've got such a great value.

但如果我們收到回饋，我們絕對會納入考量並加以討論。不過我們真的覺得我們提供了非常好的價值。

We're continuing to operate at a high level. That's the approach that we'll continue to take. We feel great about it.

我們持續以高水準營運。這就是我們會持續採取的做法。我們對此感覺很好。

That concludes our question-and-answer session.

以上結束我們的問答環節。

I will now turn the conference back over to Jerry Morgan for closing comments.

接下來我將把電話會議交回給 Jerry Morgan 作結語。

Thank you, all, for your time with us tonight.

感謝各位今晚撥冗與我們交流。

To Roadie Nation, stay focused on high-level hospitality.

致 Roadie Nation，請持續專注於高水準的待客之道。

Let's go, Roadhouse!

出發吧，Roadhouse！

Ladies and gentlemen, that does conclude today's conference call.

各位女士、先生，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。