Texas Roadhouse Inc (TXRH) 2026 Q1 法說會逐字稿

Good evening, and welcome to the Texas Roadhouse first-quarter 2026 earnings conference call. Today's call is being recorded. (Operator Instructions)

晚安，歡迎參加 Texas Roadhouse 2026 年第一季財報電話會議。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。您可以開始您的會議。

Thank you, [Amy], and good evening. By now, you should have access to our earnings release for the first quarter ended March 31, 2026. It may also be found on our website at texasroadhouse.com in the Investors section.

謝謝，[Amy]，各位晚安。到目前為止，您應已取得我們截至 2026 年 3 月 31 日止第一季的財報新聞稿。您也可在 texasroadhouse.com 網站的「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. 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。這些陳述並非對未來績效的保證，因此不應過度依賴。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; and Mike Lenihan, our Chief Financial Officer. Following the prepared remarks, we will be available to answer your questions. (Operator Instructions)

今天與我一同出席電話會議的有 Texas Roadhouse 執行長 Jerry Morgan，以及我們的財務長 Mike Lenihan。在事先準備的發言之後，我們將回答各位的提問。（接線員指示）

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

現在我想把電話交給 Jerry。

Thanks, Michael, and good evening, everyone. We are proud of the results our operators delivered for the first quarter of 2026, driven by a same-store sales increase of 7.1%, including 4.5% traffic growth. Revenue surpassed $1.6 billion for the quarter. We are also pleased with the strong flow-through of sales to the bottom line.

謝謝你，Michael，各位晚安。我們為營運團隊在 2026 年第一季交出的成果感到自豪；同店銷售成長 7.1%，其中來客數成長 4.5%。本季營收突破 16 億美元。我們也很高興看到銷售對獲利端的強勁轉化。

Our traffic and mix trends show that our guests continue to trust us to provide an experience worthy of their time and money. Our operators continue to focus on what they can control, which is maintaining our value proposition for our guests and delivering on our mission of legendary food and legendary service. This all leads to us being a place where Roadies want to work and guests want to dine.

我們的來客數與組合（mix）趨勢顯示，顧客持續信任我們，願意把他們的時間與金錢交給我們，因為我們提供值得的體驗。我們的營運團隊持續專注於可控事項，也就是維持對顧客的價值主張，並落實我們「傳奇美食、傳奇服務」的使命。這一切讓我們成為 Roadies 想工作的地方，也成為顧客想用餐的地方。

And we continue to be recognized for the experience that we deliver to our guests. For the second year in a row, Texas Roadhouse has been named America's Best Restaurant Experience in the Datassential 500 Awards. This award goes to the brand that earns the highest overall consumer ratings for service quality, atmosphere and guest satisfaction.

我們也持續因為帶給顧客的體驗而獲得肯定。Texas Roadhouse 連續第二年在 Datassential 500 Awards 中獲選為「美國最佳餐廳體驗」。此獎項頒給在服務品質、氛圍與顧客滿意度等面向獲得最高整體消費者評分的品牌。

On the development front, we continue to expect approximately 35 company-owned openings for the full year. In the first quarter, we opened four Texas Roadhouse restaurants and expect as many as nine openings across all brands in the second quarter. This means that openings in 2026 will be weighted towards the back half of the year.

在展店方面，我們仍預期全年約有 35 家公司自營店開幕。第一季我們開了 4 家 Texas Roadhouse 餐廳，並預期第二季全品牌合計最多可開 9 家。這表示 2026 年的開店將偏重於下半年。

On the franchise side, during the first quarter, our Jaggers partners opened one domestic restaurants, and we expect they will open an additional three locations over the remainder of the year. Internationally, our partners also opened one Texas Roadhouse in the first quarter, and we expect they will open as many as six more throughout the rest of the year. Our international business has significant momentum as Texas Roadhouse continues to connect with guests around the world.

在加盟方面，第一季我們的 Jaggers 合作夥伴在美國國內開了 1 家餐廳，並預期今年剩餘期間還會再開 3 個據點。在國際市場方面，我們的合作夥伴第一季也開了 1 家 Texas Roadhouse，並預期今年其餘時間最多再開 6 家。我們的國際業務動能強勁，Texas Roadhouse 持續與全球各地的顧客建立連結。

Moving on to technology. The results from our restaurants and the feedback from our managing partners tell us that our investments continue to positively impact operations. Our digital kitchen technologies are supporting operators as they execute a higher volume of to-go orders without negatively impacting the dine-in experience.

接著談科技。我們餐廳的成果以及管理合夥人的回饋顯示，我們的投資持續對營運帶來正面影響。我們的數位廚房技術正在支援營運團隊，使其能在不影響內用體驗的情況下，執行更高量的外帶訂單。

We are also encouraged by the initial feedback from the testing of upgraded handheld tablets that servers can use to input guest orders at the table. Our strategy remains too slowly expand this test as we continue gathering feedback.

我們也對升級版手持平板的測試初期回饋感到鼓舞；服務人員可在桌邊直接輸入顧客點單。我們的策略仍是緩慢擴大此測試，同時持續蒐集回饋。

Last week, we had our Annual Managing Partner Conference in Nashville. The theme was Kicking It Up which was certainly appropriate based on our operators' mindset of continuing to elevate their level of performance. It was an inspiring week filled with education, motivation and celebration as well as giving back to the local community. We were also able to kick up our level of fun while we work together.

上週我們在納許維爾舉辦年度管理合夥人年會，主題是「Kicking It Up」，這非常貼切，因為我們的營運團隊心態是持續提升績效水準。這是一個令人振奮的一週，充滿教育、激勵與慶祝，也回饋在地社區。同時，我們也在共同合作之際，把工作中的樂趣提升到更高層次。

Speaking of celebration, I want to congratulate the following Roadies. Mary Landry of Jacksonville, Florida for being named our Texas Roadhouse Managing Partner of the Year; Philip Severson from Killeen, Texas for being recognized as our Bubba's 33 Managing Partner of the Year. Alvaro Galindo of Covington, Louisiana, for winning our national meat cutter championship; and Allison Williams for being honored as our Support Center Roadie of the Year. And lastly, I would like to congratulate and thank all of our award finalists for their contributions, accomplishments and passion for all of our brands.

說到慶祝，我想恭喜以下幾位 Roadies：來自佛羅里達州傑克遜維爾的 Mary Landry，獲選為 Texas Roadhouse 年度管理合夥人；來自德州基林的 Philip Severson，獲選為 Bubba's 33 年度管理合夥人；來自路易斯安那州科溫頓的 Alvaro Galindo，贏得全國切肉師錦標賽；以及 Allison Williams，獲選為支援中心年度 Roadie。最後，我也要恭喜並感謝所有獎項入圍者，感謝你們對我們所有品牌的貢獻、成就與熱情。

Now Mike will provide some thoughts.

現在由 Mike 提供一些看法。

Thanks, Jerry. During the first quarter, I spent a lot of time training in our Texas Roadhouse and Bubba's 33 restaurants. I'm grateful to the managing partners, Stephanie, Brian, Tim, and Jeff for welcoming me so graciously into their stores. I saw firsthand throughout my training of their people-first and guest-focused mentality drives our winning recipe for growing sales and traffic. I also echo Jerry's comments on our Managing Partner Conference as it was an incredible way for me to experience our culture and celebrate what has and will continue to make this company so special.

謝謝你，Jerry。第一季期間，我花了很多時間在 Texas Roadhouse 與 Bubba's 33 餐廳受訓。我很感謝管理合夥人 Stephanie、Brian、Tim 和 Jeff 如此親切地歡迎我到他們的店裡。我在受訓過程中親眼看到，他們以人為本、以顧客為中心的心態，如何驅動我們成長銷售與來客數的致勝配方。我也呼應 Jerry 對管理合夥人年會的評論，對我而言那是體驗我們文化、並慶祝讓這家公司如此特別且將持續特別的事物的絕佳方式。

Moving on to the first quarter. All of our brands delivered positive comparable sales growth. Weekly sales averaged nearly $180,000 at Texas Roadhouse, over $125,000 at Bubba's 33 and $71,000 at Jaggers. This top-line momentum has carried forward into the first five weeks of the second quarter with comparable sales of 6.5% and our restaurants averaging weekly sales of $174,000. Included within this positive sales trend is the benefit of the 1.9% menu price increase that went into effect at the beginning of the second quarter.

接著談第一季。我們所有品牌的同店銷售皆呈現正成長。Texas Roadhouse 平均每週銷售接近 18 萬美元，Bubba's 33 超過 12.5 萬美元，Jaggers 為 7.1 萬美元。這股營收端動能延續到第二季前五週，同店銷售成長 6.5%，餐廳平均每週銷售為 17.4 萬美元。此一正向銷售趨勢亦包含第二季初生效的 1.9% 菜單調價所帶來的效益。

Now moving on to our outlook for commodities. With first-quarter inflation coming in slightly better than expected as well as an updated forecast for the second quarter and increased visibility into the back half of the year, we are reducing our full-year 2026 commodity inflation guidance from approximately 7% to between 6% and 7%. Our current expectation is to be above the top end of the guidance in the second quarter, but at or below the bottom end of the guidance in the second half of the year.

接著談我們對食材成本（commodities）的展望。由於第一季通膨略優於預期，加上第二季預測更新，以及對下半年能見度提高，我們將 2026 全年食材通膨指引由約 7% 下調至 6% 至 7% 之間。我們目前預期第二季將高於指引區間上緣，但下半年將落在指引區間下緣或更低。

On the labor side, first quarter inflation was in line with our expectations, and we are maintaining our full-year 2026 wage and other labor inflation guidance of 3% to 4%. Also, as expected, labor productivity improved in the first quarter, with labor hours growing at approximately 35% of comparable traffic growth.

在人力方面，第一季通膨符合我們的預期，我們維持 2026 全年薪資及其他人力成本通膨指引為 3% 至 4%。此外，如同預期，第一季勞動生產力有所改善，勞動工時的成長約為同店來客數成長的 35%。

With regard to our capital position, we ended the first quarter with $215 million of cash. We also generated cash flow from operations of $259 million which was partially offset by $158 million of capital expenditures, dividend repayments and share repurchases as well as $72 million for the previously disclosed acquisition of five California franchise restaurants.

就資本狀況而言，我們第一季末現金為 2.15 億美元。我們也創造了 2.59 億美元的營運現金流，但部分被 1.58 億美元的資本支出、股利支付與庫藏股回購所抵銷，另有 7,200 萬美元用於先前已揭露的收購加州 5 家加盟餐廳。

Our guidance for 2026 capital expenditures remains unchanged and at approximately $400 million. Our strong cash balance and healthy cash flow continue to provide us the flexibility to invest in our growth while also returning capital to shareholders.

我們對 2026 年資本支出之指引維持不變，約為 4 億美元。我們強勁的現金餘額與健康的現金流，持續提供我們在投資成長的同時，也能回饋股東資本的彈性。

And now Michael will provide the first-quarter financial update.

接下來 Michael 將提供第一季財務更新。

Thanks, Mike. For the first quarter of 2026, we reported revenue growth of 12.8%, driven primarily by a 6.8% increase in average weekly sales and a 5.7% increase in store weeks. We also reported a restaurant margin dollar increase of 10.5% and to $264 million and a diluted earnings per share increase of 9.6% to $1.87.

謝謝你，Mike。2026 年第一季，我們營收成長 12.8%，主要由平均每週銷售成長 6.8% 以及營業週數（store weeks）成長 5.7% 所帶動。我們也報告餐廳利潤金額增加 10.5% 至 2.64 億美元，稀釋後每股盈餘成長 9.6% 至 1.87 美元。

Average weekly sales in the first quarter were over $174,000 with To-Go representing more than $25,000 or 14.6% of these total weekly sales. Comparable sales increased 7.1% in the first quarter, driven by 4.5% traffic growth and a 2.6% increase in average check. By month, comparable sales grew 6.9%, 8.3% and 6.3% for our January, February and March periods, respectively.

第一季每週平均銷售額超過174,000美元，其中外帶（To-Go）超過25,000美元，占每週總銷售額的14.6%。第一季同店銷售成長7.1%，主要由來客數成長4.5%以及平均客單價提升2.6%所帶動。按月份來看，我們1月、2月與3月期間的同店銷售分別成長6.9%、8.3%與6.3%。

In the first quarter, restaurant margin dollars per store week increased 4.5% year over year to over $28,000. Restaurant margin as a percentage of total sales decreased 36 basis points to 16.3% as compared to the same period last year. Food and beverage costs as a percentage of total sales were 35.3% for the first quarter. The 122-basis-point year over year increase was primarily driven by 6.2% commodity inflation. The inflationary pressure was partially offset by the benefit of a 2.6% check increase.

第一季，每店每週餐廳毛利金額（restaurant margin dollars）年增4.5%，超過28,000美元。餐廳毛利占總銷售額的比重較去年同期下降36個基點至16.3%。第一季食品與飲料成本占總銷售額的35.3%。年增122個基點主要由6.2%的原物料通膨所驅動。通膨壓力部分被2.6%的客單價提升所帶來的效益抵銷。

Labor as a percentage of total sales improved 46 basis points to 32.9%, as compared to the first quarter of 2025. Labor dollars per store week increased 5.4% due to wage and other labor inflation of 3.8% and growth in hours of 1.6%. Other operating costs were 14% of sales, which was 36 basis points better than the first quarter of 2025.

人力成本占總銷售額的比重較2025年第一季改善46個基點至32.9%。每店每週人力成本金額增加5.4%，原因在於薪資及其他人力通膨3.8%，以及工時成長1.6%。其他營運成本占銷售額的14%，較2025年第一季改善36個基點。

The leverage was a result of higher sales combined with a benefit to our quarterly reserve for general liability insurance. This insurance benefit included a credit of $600,000 this year as compared to $300,000 of additional expense last year.

這項槓桿效益來自較高的銷售額，並結合我們季度一般責任保險準備金的利多。該保險利多包含今年認列600,000美元的貸項（credit），相較之下去年則為增加300,000美元的費用。

Moving below restaurant margin, G&A dollars increased 8.7% as compared to the first quarter of 2025 and came in at 3.7% of revenue for the first quarter. For full-year 2026, we continue to forecast a low double-digit percentage increase in our total G&A dollar expense.

在餐廳毛利以下，G&A（一般及行政）費用金額較2025年第一季增加8.7%，第一季占營收比重為3.7%。對於2026全年，我們仍預估G&A總費用金額將呈現低雙位數百分比的成長。

Depreciation expense increased 16.5% year over year in the first quarter and came in at 3.5% of revenue. For full-year 2026, we expect a low teen percentage increase in our total depreciation dollar expense. Our effective tax rate for the quarter was 14.3%. Our forecast for the full-year 2026 income tax rate remains unchanged at between 14% and 15%.

第一季折舊費用年增16.5%，占營收比重為3.5%。對於2026全年，我們預期折舊費用總金額將呈現低十位數百分比（low teen）的成長。本季有效稅率為14.3%。我們對2026全年所得稅率的預估維持不變，仍為14%至15%。

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

接下來我把電話交回Jerry，請他做最後的補充。

Thanks, Michael. I wanted to give a big shout out to our vendor partners. It was great to spend time with them at our Managing Partner Conference and to have the opportunity to recognize their ongoing contributions to our success and a special congratulations to Bounteous for being named our Vendor of the Year for 2025.

謝謝你，Michael。我想特別向我們的供應商夥伴致上最高的感謝。在我們的管理合夥人（Managing Partner）大會上與他們相聚非常棒，也很高興有機會表揚他們持續為我們成功所做的貢獻；並特別恭喜Bounteous獲選為我們2025年度最佳供應商（Vendor of the Year）。

There's no doubt 2026 is off to a great start. But as you all know, the game is never won in the first quarter. Our operators are focused on the work and opportunity that lies ahead. We are confident that Roadie Nation is up for the challenge of picking it up and continuing to grow our brands.

毫無疑問，2026年開局非常強勁。但各位都知道，比賽不會在第一季就分出勝負。我們的營運團隊正專注於眼前的工作與機會。我們有信心Roadie Nation能迎接挑戰、再接再厲，並持續推動我們的品牌成長。

Finally, I want to thank all of our Roadies who help support the best operators in the industry. Let's kick it out Roadhouse.

最後，我要感謝所有Roadies，因為你們協助支持業界最優秀的營運團隊。讓我們一起把Roadhouse的氣勢帶起來。

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

以上為我們事先準備的發言。Amy，請開放電話線供提問。

(Operator Instructions) Chris Carril, KeyBanc Capital Markets.

（接線員指示）KeyBanc Capital Markets的Chris Carril。

In your prepared remarks, you pointed to 1Q results and increasing visibility into the rest of the year. But can you please expand on your updated commodity inflation guidance now, 6% to 7%. And perhaps any more detail on specific inputs that drove the change and your latest thoughts on the beef cost outlook?

在你們的準備稿中，你們提到第一季的結果，以及對今年其餘時間的能見度提升。不過能否請你們進一步說明目前更新後的原物料通膨指引（commodity inflation guidance），也就是6%到7%？也請提供一些更具體的細項，說明是哪些投入成本（inputs）推動了這項變動，以及你們對牛肉成本展望的最新看法？

Chris, it's Michael. I appreciate the question. Certainly, as Mike referenced, our first quarter came in a little bit better than expected at 6.2% inflation, and some of that has carried over into our expectations for the second quarter. And we do have a little bit more visibility to our cost for the back half of the year.

Chris，我是Michael。謝謝你的提問。確實如Mike所提到，我們第一季的通膨為6.2%，表現略優於預期，其中一部分也延續到我們對第二季的預期。此外，我們對今年下半年成本也有更高的能見度。

I would say the supply issues with beef are well known and those have not changed. But we have seen some demand shift within the retail segment. And while beef is still very popular, there have been some shifts as to what cuts are being purchased and that has been reflected in our updated commodity guidance.

我會說，牛肉供給面的問題眾所周知，而且並沒有改變。但我們確實看到零售端的需求出現一些轉移。雖然牛肉仍然非常受歡迎，但在購買的部位（cuts）上出現了一些變化，而這也反映在我們更新後的原物料指引中。

Drew North, Baird.

Baird的Drew North。

Great. I wanted to follow up on the commodity outlook and maybe get a little bit more specific. I think previously, the expectation was for commodity inflation to peak in Q2, maybe as high as the very high single digits and moderate through the balance of the year. And I appreciate the color on the shape of the year in your remarks.

好的。我想追問一下原物料展望，並希望能更具體一些。我記得先前的預期是原物料通膨會在第二季達到高峰，可能高到非常高的個位數，然後在今年剩餘期間趨於緩和。我也感謝你們在發言中對全年走勢形狀所提供的補充說明。

But I guess, could you clarify maybe where the expectation is for commodity inflation in Q2? And how you're thinking about spot prices for beef as we get to the back half relative to where we're currently sitting.

不過我想請你們釐清一下：你們對第二季原物料通膨的預期大概落在哪裡？以及當我們進入下半年時，你們如何看待牛肉現貨價格（spot prices）相對於目前水準的走勢？

Drew, it's Michael again. Thanks for the question. We still expect that our highest commodity inflation of the year will be in the second quarter, but we're probably now talking somewhere in the range of 7% to 8% commodity inflation is where we're thinking right now. And then as we said, being below the bottom end of the range in the back half of the year, we would expect that cadence to improve as in the fourth quarter, less than the third quarter as far as the inflation.

Drew，我又是Michael。謝謝你的提問。我們仍預期今年最高的原物料通膨會出現在第二季，但目前我們大概認為會落在7%到8%的區間。接著如我們所說，下半年會低於區間下緣；就通膨節奏而言，我們預期第四季會比第三季更好，也就是通膨更低。

And we obviously have our internal expectations as to where those prices will be throughout the next six or seven months of the year. It's not just taking current prices and carrying those forward. And as a reminder, some of our inflation into the back part of the year is a result of what you're lapping last year from a fixed price contract standpoint and not just our viewpoints on the spot market.

而且我們內部對未來六到七個月的價格走勢有自己的預期，並不是單純把目前價格直接往後延伸。也提醒一下，下半年部分通膨是因為要與去年固定價格合約（fixed price contract）的基期進行比較（lapped），不僅僅是我們對現貨市場的看法。

Andrew Charles, TD Cowen.

TD Cowen的Andrew Charles。

Keeping on the beef train, since your last call, given the spike in oil prices and spot beef prices, certainly encouraging to see you reduce the '26 commodity forecast. But I'm curious, if we look at the futures curve, with investor optimism that you might see flat commodity inflation in '27, just kind of curious what are vendors is an early peak to next year, just given the change in beef prices in the spot market since our last call?

延續牛肉這個話題。自上次電話會議以來，考量油價與牛肉現貨價格的上升，看到你們下調2026年的原物料預測確實令人鼓舞。但我想問的是，如果我們看期貨曲線（futures curve），投資人樂觀認為你們在2027年可能看到原物料通膨持平；我有點好奇，供應商端是否認為明年會提早見頂？尤其是自上次電話會議以來，牛肉現貨市場價格已經出現變化。

Yeah. Andrew, it's Michael. I'd say it's way too early for us to get into any commentary on next year. There's still a lot of this year to go. So going to hold off there will -- much later this year, we'll be talking about our 2027 expectations.

是的。Andrew，我是Michael。我會說現在談明年的任何評論都還太早。今年還有很多變數與時間要走，所以我們先不做評論——我們會在今年稍晚再來談2027年的預期。

Andrew Strelzik, BMO Capital.

BMO Capital的Andrew Strelzik。

This is [Jared Lesinski] on for Andrew. So with value tier construction becoming central across casual dining this year, how are you thinking about the role chicken and pork play in your value strategy given their margin profile versus steak?

我是代替Andrew提問的[Jared Lesinski]。今年在休閒餐飲（casual dining）領域，價值分層（value tier）設計變得愈來愈核心；考量雞肉與豬肉相較牛排的毛利結構（margin profile），你們如何看待雞肉與豬肉在你們價值策略中的角色？

Jared, this is Jerry. Obviously, we've got a great selection of chicken on trades and pork and obviously, are steak. So I think we'll continue to monitor it as we got great products, that's what they're choosing to opt in on. Then we're doing we don't necessarily try to guide anybody to where we want them to come in and get the experience that they want, the choice of food that they would prefer. And we have it available and we're ready to serve it.

Jared，我是Jerry。很明顯地，我們有很棒的雞肉選擇、豬肉選擇，當然也有牛排。所以我想我們會持續觀察；我們有很棒的產品，顧客選擇想點什麼，我們就提供什麼。我們不一定會刻意引導大家去點我們希望他們點的品項；我們希望他們進來獲得他們想要的體驗、選擇他們偏好的食物。我們都有供應，也隨時準備好為他們服務。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

Could we start with the cadence of traffic through the quarter? And then as you think about market share, could you talk about to what extent you maintained or widen your spread versus the industry as we move through Q1 and into April?

我們能否先從本季各月份的來客量節奏談起？另外，談到市占率，隨著我們走過第一季並進入四月，能否請你說明你們相較於產業在差距（spread）方面，是維持不變還是進一步擴大？

Zach, it's Michael. As far as traffic by month, it was 4.3% in our January period, 5.7% in our February period and 3.7% in our March period and approximately 3.5% in the five weeks so far quarter to date.

Zach，我是 Michael。就各月份的來客量而言，我們一月期間為 4.3%，二月期間為 5.7%，三月期間為 3.7%，而本季截至目前（年初至今）前五週約為 3.5%。

I would say we are very pleased with the cadence of that traffic and how it compares to the industry. I think we -- I know we have maintained healthy gap to the industry throughout those time periods.

我會說，我們對這樣的來客量節奏以及它與產業的比較感到非常滿意。我想我們——我知道我們在這些期間一直維持著相較於產業的健康差距。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，巴克萊。

Great. Just following up on that comp trend. The -- I think it was a 6.3% you said in March and 6.5% in the first five weeks of this quarter. And as you just shared, it sounds like the traffic has been in the mid-threes in March and then in April. So from the outside, there appears to be stability. But with that said, it does feel like a lot of your peers are talking about a big ramp-up in volatility. It doesn't seem that way with your results.

很好。就接續追問同店趨勢（comp trend）。我想你說三月是 6.3%，而本季前五週是 6.5%。而如你剛分享的，來客量在三月以及四月似乎都在 3% 中段。從外部看起來，似乎相當穩定。但話說回來，感覺你們很多同業都在談波動性大幅升高；從你們的結果看起來似乎不是這樣。

But are you seeing any change in consumer behavior, whether you think it's just attributed to the macro more broadly or there's a lot of attention being paid to gas prices more specifically, especially on the lower and middle income consumer that you presumably do very well with. Any color you could share in terms of your view on the consumer trend would be very helpful.

但你們是否看到任何消費者行為的改變？不論你認為是更廣泛的總體環境所致，或是市場特別關注油價，尤其是對你們應該很擅長服務的中低收入消費者。能否分享一些你們對消費趨勢的看法，會非常有幫助。

Jeff, it's Jerry. I'll tell you, we're really pleased with what we're seeing out there. We believe our operators are executing great shifts. And obviously, the value proposition that we have in our menu and the taste profile of our food and the hospitality that we're providing, it just continues to tell us that the things that we're doing are absolutely working and people are responding to that. I think our operators are very excited to see that.

Jeff，我是 Jerry。我跟你說，我們對目前看到的情況真的很滿意。我們相信我們的營運團隊在每個班次（shifts）的執行都很出色。顯然，我們菜單的價值主張、食物的風味輪廓，以及我們提供的待客之道，都持續讓我們看到：我們正在做的事情確實有效，而且顧客也對此有回應。我想我們的營運團隊看到這點也非常振奮。

We know that there's a lot going on in the industry, and with all kinds of things. But what we really focus on is open and operating and closing quality shifts and providing great places for our employees to work and for our guests to join us and spend their time and money. And I'll let Michael kind of get into some of the details, but we're really, really excited about what we continue to see for the loyalty to the Texas Roadhouse brand.

我們知道產業裡有很多事情正在發生，各式各樣。但我們真正專注的是：把店開好、把營運做好、把每個班次以高品質收尾，並為員工提供很棒的工作場所，讓賓客願意來到我們這裡，花時間也花錢。我會讓 Michael 來談一些細節，但我們對 Texas Roadhouse 品牌持續展現的忠誠度感到非常、非常興奮。

Jeff, on the mix side, our mix has been very steady throughout the year, not seeing anything that is of any concern to us. Most of the negative mix is still coming from the alcohol category. When you look at our dine-in trends overall, they are pretty much flat. We're seeing positive mix in the entrees and some other areas. So we're very encouraged by what we're seeing out of the consumer.

Jeff，就組合（mix）而言，我們今年以來的組合非常穩定，沒有看到任何讓我們擔心的情況。大部分的負向組合仍然來自酒精飲品類別。整體來看，我們的內用（dine-in）趨勢幾乎持平。我們在主餐（entrees）以及其他一些領域看到正向組合。因此，我們對消費者端的表現感到非常鼓舞。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

I guess maybe just two quick follow-ups. One is on the To-Go business. I noticed that it was up 14.6%, it was at 14.6%. I think that's the highest sales mix we've seen since maybe shortly after COVID. So I'm just curious if there's anything going on or if that's just a function of maybe weather was more of a headwind so people stayed home.

我想再快速追問兩點。第一是外帶（To-Go）業務。我注意到它成長 14.6%，而且占比達到 14.6%。我想這可能是我們自 COVID 之後不久以來看到的最高銷售占比。所以我很好奇是否有什麼特別因素，或只是因為天氣可能更具逆風，讓大家待在家裡。

And then I do have a question about kind of your beverage platform, please.

另外我也想請教一下你們的飲料平台（beverage platform），謝謝。

Sara, it's Jerry. I think we continue to operate at a high level, and we continue to execute and some of the technologies that we're using might help us manage the business a little bit more. But again, it really comes down to the ease to be able to place the order through the app the pickup window that we have in the transaction there, the people grabbing their food, getting home, making sure all of the food has everything in it. .

Sara，我是 Jerry。我認為我們持續以高水準營運，也持續把執行做好；而我們使用的一些技術，可能也幫助我們更好地管理業務。但再說一次，關鍵還是在於：透過 App 下單的便利性、我們的取餐窗口，以及交易流程中人員取餐、回到家後確認所有餐點都齊全。.

So I just -- I believe that not only is our food delivery a great To-Go experience, and we're continuing to improve upon it, but it's just resonating with -- when you get home and you have every item that you requested and you've got plan. We never have enough roles and butter in there, but we keep trying hard. I just really, really believe that it's about the demand for our product and the execution that our operators are continuing to focus on.

所以我只是——我相信我們的外送不僅提供很棒的外帶體驗，而且我們也持續在改善；而且這真的很能引起共鳴——當你回到家，你點的每一樣都到齊，而且你也有計畫。我們的麵包捲和奶油永遠放不夠，但我們一直很努力。我真的、真的相信，這關乎對我們產品的需求，以及我們營運團隊持續專注的執行力。

And then just a quick question on beverages. I think based on what I think your pricing was, I think 3.1%, maybe mix was very slightly negative. Have -- is there anything there?

然後再快速問一下飲料。我想依照我理解的你們定價，大概是 3.1%，而組合可能是非常小幅的負向。那邊有什麼狀況嗎？

I know you said Michael entrees hasn't been the issue. Is it still alcoholic beverages? And are you seeing kind of traction with some of your other nonalcoholic beverages?

我知道你說 Michael 主餐不是問題。還是酒精飲品嗎？你們在其他非酒精飲品方面有看到一些進展嗎？

Sara, yeah. So we had 3.1% pricing in the first quarter and the check was up 2.6%, so about 50 basis points of negative mix. And it's all coming from a combination [of either some] still some negative mix in the alcohol category, although that has been improving.

Sara，是的。我們第一季定價是 3.1%，而客單價（check）上升 2.6%，所以大約有 50 個基點的負向組合。而這全部來自於幾個因素的組合[包括某些]：酒精類別仍有一些負向組合，雖然那已經在改善。

That combined with the To-Go business is growing at a faster rate than the dine-in business, the dine-in is still growing. And since the To-Go business has a lower average check which typically not a beverage attachment, that puts a little bit of pressure on the overall mix. So not seeing anything in the entree or other food categories that are concerning us.

再加上外帶業務的成長速度快於內用業務——內用仍在成長。由於外帶的平均客單較低，通常也不太會附帶飲料（beverage attachment），因此會對整體組合造成一些壓力。所以我們在主餐或其他食物類別沒有看到任何讓我們擔心的情況。

Elliott Simon, Evercore.

Elliott Simon，Evercore。

Jerry, first, I have to complement the burger eating prowess and the beer look tasty, too. I just wish there was a Bubba's close to New York City.

Jerry，首先我得稱讚你吃漢堡的功力，那杯啤酒看起來也很可口。我只是希望紐約市附近能有一家 Bubba's。

We're working on it. Thank you, though.

我們正在努力。也謝謝你。

Yeah, it's 1.5 hours away. On Bubba's, you've talked in some interviews about the potential for the brand to grow well beyond 200 restaurants over time. The unit economics are already solid, but the comm energy still feels different than Texas Roadhouse.

是啊，還要開 1.5 小時。關於 Bubba's，你在一些訪談中談到，長期來看這個品牌有機會成長到遠超過 200 家餐廳。單店經濟（unit economics）已經很穩健，但整體氛圍能量（comm energy）似乎仍與 Texas Roadhouse 不太一樣。

So as you evaluate the brand today, what are the biggest unlocks to getting Bubba's performing more like Roadhouse over time? Is it brand awareness, site selection, marketing, operational maturity or the smaller format restaurants you mentioned in the annual report. And when everything starts coming for the brand, what is the big audacious goal on the wall in terms of how many Bubba's you can build in a year?

所以當你評估目前這個品牌時，要讓 Bubba's 隨時間推進、表現更像 Roadhouse，最大的解鎖點（unlocks）是什麼？是品牌知名度、選址、行銷、營運成熟度，還是你在年報中提到的較小型店面？以及當這個品牌各方面都到位時，你們牆上那個「大膽宏大的目標」（big audacious goal）會是：一年能開出多少家 Bubba's？

Well, Elliott, that's a big question out there, sir. And -- but I will tell you, it really -- if you don't look at Roadhouse, and put Bubba's against all of its competitors in that segment, it is at the top of the class. And we're really proud of the operations. We're proud of the people and the work that's been done get it there.

嗯，Elliott，這是一個很大的問題，先生。不過我會告訴你，實際上——如果你不拿 Roadhouse 來比，而是把 Bubba's 放在該細分市場的所有競爭對手中比較，它是同級中的頂尖。我們對營運感到非常自豪，對團隊、以及為了達到今天所做的努力也感到自豪。

The energy has a lot of the similarity, a little different vibe versus the country, more into the rock and roll side but it's still got the sports, the music, the energy, the entertainment and more importantly, the fantastic food. So I think we'll continue to work on that piece of it and keep growing. And as long as we're continuing to have great success, we have tried a little smaller prototype and we've got number two up and running now, and we'll continue to evaluate it as we build.

那股能量有很多相似之處，只是氛圍跟鄉村風相比略有不同，更偏向搖滾風，但仍然有運動、音樂、活力與娛樂，更重要的是，還有非常棒的食物。所以我想我們會持續在這一塊努力並繼續成長。只要我們持續取得很好的成功，我們也嘗試了稍小的原型店（prototype），現在第二家也已經開起來了；我們會在拓店的同時持續評估。

We've had a couple of conversions, I guess, you would call them, that we're very excited about from a profitability standpoint. So we're continuing to look at all kinds of options to make sure that we have a second concept that can bring burgers and pizzas and wings and beer and margaritas and fun to any community that we plan or flag in. So I'll tell you, we're very excited about the Bubba's brand and everything and the energy that it continues to bring to our company.

我們已經做了幾個轉換案（我想你可以這麼稱呼），從獲利角度來看讓我們非常振奮。因此，我們會持續評估各種選項，確保我們有第二個概念品牌，能把漢堡、披薩、雞翅、啤酒、瑪格麗特調酒以及歡樂氛圍帶到我們計畫或鎖定進駐的任何社區。所以我跟你說，我們對 Bubba's 品牌以及它持續為公司帶來的一切與能量都非常興奮。

Jim Salera, Stephens Inc.

Jim Salera，Stephens Inc.

Two-part question on the consumer. One, if you look back historically, is there any correlation we can glean from periods where there's longer higher gas prices? Do you see a point in which maybe some of the consumer engagement starts to fade? Or maybe do you perhaps benefit given the overall value proposition and the lower frequency?

關於消費者我有兩個問題。第一，回顧歷史，在汽油價格長時間維持高檔的期間，我們能否看出任何相關性？你們是否看到某個點，消費者的參與度可能開始減弱？或者，考量你們整體的價值主張以及較低的消費頻率，你們反而可能受惠？

And then the second part of that, have you seen any demand destruction at retail given higher beef prices? And is that something that you think might be supporting the robust trends you continue to see on traffic?

第二部分，你們是否在零售端看到因牛肉價格上漲而造成的需求破壞（demand destruction）？你們認為這是否可能在支撐你們持續看到的強勁來客數趨勢？

Yeah. Jim, it's Michael. On the first part with the higher gas prices, I don't think we've ever been able to find a correlation between gas prices and our traffic trends. I think people still want to go out there and have those -- that simple luxury of a casual dining deal with friends and family. They're going to be picky as to where they go. And so what you talked around about our value proposition probably does benefit us in a situation like that.

是的。Jim，我是 Michael。第一部分關於油價較高，我不認為我們曾經能找到油價與我們來客數趨勢之間的相關性。我認為人們仍然想外出，享受那種——與親友一起在休閒餐飲消費的簡單小奢侈。他們會挑剔要去哪裡。而你提到的我們的價值主張，在那樣的情境下確實可能讓我們受惠。

So if someone is trying to watch what they spend because they're putting -- they're spending more money at the gas pump, Texas Roadhouse becomes a great option for them. But like I said, never been able to see an exact correlation there.

所以如果有人因為在加油站花更多錢而想控制支出，Texas Roadhouse 對他們來說會是很好的選擇。但如我所說，我們從未能看到非常明確的相關性。

As far as demand for beef at retail, I do think there has been some demand destruction, people trading to pork and chicken. But maybe even also within the beef category, there's been some shift to lower cost cuts. So we are seeing that as well in retail.

至於零售端的牛肉需求，我確實認為出現了一些需求破壞，人們轉向豬肉和雞肉。但也可能是在牛肉品類內部，轉向成本較低的部位。因此我們在零售端也有看到這種情況。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行（Deutsche Bank）。

Congrats on the quarter. I wanted to just ask on the mix side as it relates to the COGS line. I know you talked about the increase in beef consumption last year, which is a bit of a pressure point on COGS. Are you still seeing that? Or has it stabilized?

恭喜本季表現。我想就組合（mix）對 COGS（銷貨成本）項目的影響請教。我知道你們提到去年牛肉消耗量增加，這對 COGS 造成一些壓力。現在還有看到這種情況嗎？還是已經穩定下來了？

Laura, it's Michael. It really has stabilized. There may still be a little bit in there. I would expect maybe it's around 10 basis points of the COGS pressure is related to that or that's kind of what I'm expecting going forward. So we've lapped a lot of that. We are still seeing a lot of state demand but not as much of a pressure point, but then the COGS percent at this point.

Laura，我是 Michael。確實已經穩定下來了。可能仍然還有一點點。我預期未來大概只有約 10 個基點的 COGS 壓力與此相關，或這是我對後續的預期。我們已經跨過（lapped）了其中很大一部分。我們仍然看到牛排需求很強，但不再像之前那樣形成壓力點，至少就目前的 COGS 百分比而言。

Great. And then just on the comp side, any color that you gave on trends that if there's any differences across regions state parks that you're seeing?

很好。那在同店（comp）方面，你們對趨勢有沒有任何補充，例如你們看到不同地區、州立公園周邊是否有差異？

Yeah. Lauren, it's Mike. The quick answer is no. We continue to see strength across all regions. We also see strength across all age of our restaurants. And very encouragingly, we continue to see the trend of our highest restaurants. Our highest comp restaurants also being some of our highest volume restaurants.

是的。Lauren，我是 Mike。簡短答案是沒有。我們持續看到各區域都很強。我們也看到不同開店年齡的餐廳都很強。更令人鼓舞的是，我們持續看到一個趨勢：同店成長最高的餐廳，也同時是一些營收量最高的餐廳。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Congrats on the quarter. Jerry, you mentioned the handhelds in the stores that you're testing and are maybe rolling out. Can you just give us a little bit more color on what this unlocks for you at Texas Roadhouse? Does this help the servers cover more tables? Or is that something that you're not looking for? Just trying to understand the unlock here?

很好，恭喜本季表現。Jerry，你提到你們在門店測試、可能也在推廣的手持裝置。你能否再多說一點，這對 Texas Roadhouse 來說能解鎖（unlock）什麼？這是否能讓服務生負責更多桌？還是你們並不是要追求這個？我想了解這裡的關鍵效益。

And then Michael, if you could give us the pricing by quarter that's embedded now going forward given the pricing you took in April, that would be helpful.

另外，Michael，如果你能提供一下，考量你們 4 月調價後，未來各季度內含的定價（漲價）幅度，會很有幫助。

Peter, it's Jerry. Yeah. I think what it is, is technology is to enhance the experience in -- we have a group of employees that really are very reliant and used to technology. So -- and we do believe that it could speed up things a little bit if you're placing the order and sending it.

Peter，我是 Jerry。是的。我認為重點在於用科技來提升體驗——我們有一群員工非常依賴且習慣使用科技。所以——我們也相信，如果你在點餐時直接下單並送出，確實可以讓流程稍微加快。

But that's not the motivation behind it is to run more tables. It's actually just to be more efficient and more functional when it comes to the overall and complete experience of our guests. And so we want to make sure that our services are comfortable, whether it's a hardwired POS or a handheld, that there are ways that they can get the order in.

但背後的動機不是為了讓他們多跑更多桌。其實是為了在整體、完整的顧客體驗上更有效率、更順暢。因此我們希望確保我們的服務人員用起來很舒服，不論是有線的 POS 或手持裝置，都有方式可以把訂單送進系統。

The accuracy of it is something that we have continued to see improved on the handheld. So that is definitely a component that we like. We're still working on it. We're going slow, but there are definitely some favorable attitudes towards it.

我們也持續看到手持裝置在準確度方面有所提升，這絕對是我們喜歡的一個面向。我們仍在持續優化。我們推進得很慢，但對它確實有一些正面的看法。

And Peter, it's Mike. On pricing and the cadence throughout the quarter, I think Michael may have mentioned in his prepared remarks, we had 3.1% in Q1 and for Q2 and Q3, we'll have 3.6% and in Q4, it will be 1.9% plus whatever additional they choose to take at the beginning of the fourth quarter.

Peter，我是 Mike。關於定價以及季度內的節奏，我想 Michael 在事先準備的講稿中可能有提到：我們第一季是 3.1%；第二季與第三季會是 3.6%；第四季會是 1.9%，再加上他們在第四季初可能選擇額外調整的部分。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

Michael, you called out improved labor productivity in the quarter. I'm just curious if you see an opportunity to drive further productivity gains on the labor side.

Michael，你提到本季勞動生產力有所改善。我想請教，你是否看到在勞動端還有進一步提升生產力的機會？

Yeah. Jeff, thanks for the question. As a reminder, we talk about that ratio with you all. That is not a ratio or measurement that our operators are focused on. It is an output. And so we still want them to staff for the volumes that they want.

是的。Jeff，謝謝你的問題。提醒一下，我們會跟各位談那個比率，但那不是我們營運團隊會去聚焦的比率或衡量指標。它是一個結果。因此我們仍希望他們依照想要的營運量來配置人力。

But with all that said, I do think the expectation is that we could be below that historical 50% level, whether we dropped further down from the 35% that we just saw here in the first quarter. I don't know if I would be expecting that, but being around 40% would not be a surprising number to me based upon the trends that we have been seeing. So that's kind of how I'm looking at it these days.

不過話說回來，我確實認為，預期我們可以低於歷史上的 50% 水準；至於是否會從我們第一季看到的 35% 再進一步下降，我不確定我會這樣期待，但依據我們看到的趨勢，落在約 40% 對我來說不會是令人意外的數字。這大概就是我目前的看法。

So we're -- part of that is the benefit of To-Go, which is a little bit less labor intensive. So if that's growing, you do get a little bit of maybe later additional labor productivity there.

其中一部分也來自外帶（To-Go）的效益，因為外帶的勞力密集度較低。所以如果外帶在成長，你確實可能在那裡再獲得一些額外的勞動生產力。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Kudos on the results. Just curious, you gave great color on the food cost and the COGS side of things and just spoke to the labor a bit there. Anything else though as it relates to restaurant margins over the balance of the year, maybe how to think about OpEx over the coming quarters? I probably it's the only piece that you haven't touched on. So just curious maybe if any color there for the rest of '26.

成果很棒。想請教一下，你們在食材成本與 COGS 方面提供了很好的說明，剛剛也談到一些勞動面。那麼，關於今年剩餘期間的餐廳利潤率，還有其他需要注意的嗎？例如接下來幾季要如何看待營運費用（OpEx）？我想這大概是你們唯一還沒談到的部分，所以想請你們對 2026 年剩餘時間提供一些看法。

It's Michael. On restaurant margin, I do think under the assumption that we continue these positive trends on traffic that we have been seeing, and I think there's opportunity on the labor line as well as the other offline to continue to get leverage and that leverage could look fairly similar to what we saw in the first quarter. Again, the traffic trends, the pricing flow through will have a big impact on exactly what levels we do see.

我是 Michael。關於餐廳利潤率，我認為在我們持續看到目前這些正向來客數趨勢的前提下，而且我也認為勞動成本線以及其他費用線都有機會持續取得槓桿效益（leverage），而這種槓桿效益看起來可能會與第一季相當。再說一次，來客數趨勢、以及定價的傳導（flow through）會對我們最終看到的水準造成很大影響。

But those are the areas that are under our control and where our operators are doing a tremendous job of managing the sites. So that would be the expectation as we can get some leverage on from a margin standpoint on those lines. And certainly, what's more important to us are the margin dollars and the dollars per store week and if these trends continue, we would absolutely expect that both of those on a dollar basis continue to grow year over year throughout the year.

但這些是我們可控的領域，也是我們營運團隊在管理各店時做得非常出色的地方。因此，我們的預期是從利潤率角度，在這些項目上可以取得一些槓桿效益。當然，對我們更重要的是利潤金額（margin dollars）以及每店每週的金額；如果這些趨勢延續，我們完全預期這兩者在金額基礎上都會在全年持續年增。

Gregory Frankfurt, Guggenheim Securities.

Gregory Frankfurt，Guggenheim Securities。

Jerry, your off-prem business, I mean, it seems like it's accelerating as the base kind of grows. And anything you did specific this quarter to kind of add to that? And other strategies you're working on? And maybe any reason -- any level that can get to over time? Just curious how you're thinking about it.

Jerry，關於你們的外帶（非店內）業務，我的意思是，隨著基礎客群擴大，看起來正在加速成長。這一季你們有沒有做什麼特別的事情來推動它？還有你們正在進行的其他策略？以及也許——長期來看它可能達到什麼樣的規模？只是好奇你們怎麼思考這件事。

Thanks for the question. I just think that we're continuing to execute at a high level. And the bottom line is that when people get home and they open up that food that they've got everything that they desired. And I think we worked really, really hard on not having any missing items and really making the experience.

謝謝你的提問。我只是覺得我們持續以很高的水準在執行。歸根結底是，當人們回到家、打開他們帶回去的食物時，裡面有他們想要的一切。我想我們非常、非常努力地確保不會缺漏任何品項，並把整體體驗做到位。

But just the ease of getting on the app, placing the order, we have revamped a little bit of the order guide and with the pictures of the food. And just some of that makes it a little easier to language. We continue to learn what makes the ordering process for to get easier through our own learnings and through our guest feedback, the pickup of the window in every restaurant being able to either get into a to-go window, and then our operators just really understanding how big of a part of the business that it is and really dedicating people to it.

另外就是使用 App 的便利性、下單的流程；我們也稍微改版了點餐指引，加入食物圖片。這些都讓表達與操作更容易一些。我們持續從自身的學習以及顧客回饋中，了解如何讓點餐流程更簡單；每家餐廳都有窗口取餐，能夠走外帶窗口；而我們的營運團隊也真正理解這是業務中很大的一部分，並且確實投入人力專責處理。

And so I just feel like it's just absolutely grown because of the efforts that we've put in. We're not really doing anything additionally other than delivering on the promise of legendary food and legendary service through that hospitality and the ease of them being able to pick it up. I really believe those are the biggest drivers.

所以我覺得它的成長完全來自於我們投入的努力。除了兌現承諾——透過我們的待客之道，提供傳奇般的食物與傳奇般的服務，以及讓顧客能輕鬆取餐——我們並沒有額外做什麼。我真的相信這些是最大的驅動因素。

Brian Bittner, Oppenheimer & Company.

Brian Bittner，Oppenheimer & Company。

Last quarter, as it relates to the COGS inflation outlook, you said you expected 2Q to be the peak. And you actually said very high single digits for 2Q. So first of all, has that changed? Is it going to be better than that given the change to the inflation guide?

上一季，談到 COGS（銷貨成本）通膨展望時，你們說預期第二季會是高峰，而且你們其實說第二季會是非常高的個位數。首先，這有改變嗎？在通膨指引調整之後，第二季會不會比原先更好？

And just for the full year, as you brought inflation to 6% to 7% from 7%, is that all related to beef? Or is there anything else going on in the food basket that also helped drive the change in the outlook?

另外就全年而言，你們把通膨從 7% 下修到 6% 到 7%，這全部都跟牛肉有關嗎？還是食材籃子裡還有其他因素，也推動了展望的改變？

Brian, it's Michael. Yes, our second quarter expectation for commodity inflation is still our highest expectation for the year, but we would say it's more of the 7% to 8% inflation range now for Q2. And it really is beef and has caused the change in our expectations that almost all, if not the lion's share of it.

Brian，我是 Michael。是的，我們對第二季商品通膨的預期仍然是全年最高，但我們現在會說第二季大約在 7% 到 8% 的通膨區間。這確實是牛肉所致，幾乎全部——即使不是全部，也占了絕大部分——都來自牛肉，因而改變了我們的預期。

John Ivankoe, JPMorgan.

John Ivankoe，JPMorgan。

So the question is on Bubba's new unit volumes and particularly in your newest class of new unit volumes. The volumes actually look and have looked quite strong. So what are you really learning, I guess, in terms of those new unit volumes, which actually are compressing more towards Roadhouse the unit volumes and the overall average unit volumes of the concept. So what are you learning of the new unit volumes at Bubba's?

我的問題是關於 Bubba's 的新店單店營收（unit volumes），特別是你們最新一批新店的表現。這些營收看起來、而且一直看起來都相當強勁。所以你們從 Bubba's 的新店營收中到底學到了什麼？因為它其實正更接近 Roadhouse 的單店營收，以及該品牌整體的平均單店營收。你們從 Bubba's 的新店營收學到什麼？

And what, if anything, can you do to take those new unit volumes that actually grow from there as opposed to just kind of experience a honeymoon. In other words, once you have the initial customers in the door, any specific plans or things that you can do in the future to not just retain that customer base, but even grow because that's obviously where the unit in total economics would actually compress between the two concepts in a very nice way.

以及，如果有的話，你們能做些什麼，讓這些新店單店營收能在此基礎上繼續成長，而不是只是經歷一段蜜月期？換句話說，一旦初期客人進店之後，未來有沒有任何具體計畫或作法，不只是留住這些客群，甚至還能擴大？因為那顯然會讓兩個品牌之間的單店整體經濟模型以很好的方式收斂。

John, it's Jerry. Yeah, I mean we're very excited about Bubba's and the brand recognition as we creep up to 60 units open, and we're getting to understand who we are. I think the big thing is, again, are we opening and operating through these high-volume openings and successfully doing so. And are we able to serve more people and make sure that more satisfied and taken care of.

John，我是 Jerry。是的，我們對 Bubba's 很興奮。隨著我們逐步接近 60 家店開出，我們的品牌辨識度也在提升，我們也更了解自己是誰。我覺得關鍵還是：我們是否能在這些高營收的新店開幕期間順利開出並成功營運；以及我們是否能服務更多人，確保更多顧客滿意、被照顧到。

And then it's about getting settled in, running great shifts and then getting out into our -- a lot like Texas Roadhouse is we're getting out there and do local store marketing, really making sure that our community knows who we are, what kind of food that we serve, what is our vibe and our energy that's going on and how can we help them in their business by partnering with them from a marketing strategy.

接著就是把營運穩定下來、跑好每個班次，然後走出去做在地店鋪行銷——這點很像 Texas Roadhouse——確保社區知道我們是誰、我們提供什麼樣的食物、我們的氛圍與能量是什麼，以及我們如何透過行銷策略與他們合作，幫助他們的生意。

So using that same basically game plan, boots on the ground, shaking people's hands, getting to know the brand of Bubba's 33 and how can we partner up with them. But first and foremost, you got to deliver on the experience, greet them at the front door, get them sat, get them fed and appreciate that they came in and let them be sure that they're having a great experience inside the restaurant, watching some sports, drinking cold beer, having a little pizza, burger wings and just having some fun and then being appreciated for being there.

所以基本上就是用同一套作戰計畫：深入第一線、到處走動、握手寒暄，讓大家認識 Bubba's 33 的品牌，並思考如何與他們合作。但最重要的是，你必須兌現體驗：在門口迎接、安排入座、把餐點做好並送上，感謝他們光臨，並確保他們在店內有很棒的體驗——看運動、喝冰啤酒、吃點披薩、漢堡、雞翅，玩得開心，並且感受到被重視。

So that's kind of the formula of that the same that we've always used as an organization, provide great food, great service and hospitality and then be great partners in our community. So that's the approach, and it seems to be working pretty well.

所以這就是我們一直以來的公式：提供好食物、好服務與好款待，並在社區裡成為很好的合作夥伴。這就是我們的做法，而看起來效果相當不錯。

Jim Sanderson, Northcoast Research.

Jim Sanderson，Northcoast Research。

I wanted to go back to your pricing. I think you were carrying about, you mentioned 3.6% pricing. How does that compare to peers in the steakhouse category. Just wondering how you line up and if you're satisfied with your value position relative to those peers?

我想回到你們的定價。我記得你提到你們大概有 3.6% 的漲價幅度。這跟牛排館類別的同業相比如何？只是想了解你們的相對位置，以及你們是否滿意自己相對於同業的價值定位？

Thank you. Jim, we believe very firmly in our conservative approach to how we look at pricing. Again, we go through the same exercise. We just implemented that pricing in April. It will run through October. But we'll start having conversations with our operators in August and make that decision in September and where we go from there.

謝謝。Jim，我們非常堅定地相信我們在定價上的保守做法。同樣地，我們會做同樣的評估流程。我們在 4 月剛實施這次定價，會一路延續到 10 月。但我們會在 8 月開始和營運團隊討論，並在 9 月做出決定，然後再看接下來怎麼走。

But I believe that we are a little lower than most of our steak competition from that standpoint. And we try not to really focus too much on that. We just try to make sure that we feel good about the pricing that we have to charge our consumer. And again, if you're paying more, are we doing a better job? I think that's ultimately what we focus on.

但我認為，從這個角度來看，我們的價格比大多數牛排競爭對手略低。而我們也不會太把焦點放在這件事上。我們只是想確保，我們對必須向消費者收取的價格感到合理。再說，如果你付得更多，我們是否做得更好？我想這才是我們最終關注的重點。

I believe the consumer knows that we have to charge a little bit more because of beef and everything going on in the world. But what they expect is at least the same service and hospitality, if not better or a little more energy focused or hustle to serve them when we're forced to do some of the things that we've had to do from a pricing standpoint, but our intention is always to be conservative.

我相信消費者知道，因為牛肉以及世界上發生的一切，我們不得不多收一點。但他們期待的是至少同樣的服務與款待，甚至更好——也許更有活力、更專注、更積極地服務他們——尤其是在我們被迫在定價上做出一些調整的情況下；但我們的意圖始終是保持保守。

Logan Reich, RBC.

Logan Reich，RBC。

I wanted to go back to the carryout business. Is there any opportunity for you guys to ramp up the marketing for the carryout business given the kitchen is operating at a higher level? And then just curious how the margins compare on carryout versus in-store?

我想回到外帶業務。鑑於廚房目前的運作水準更高，你們是否有機會加大外帶業務的行銷力度？另外也想了解，外帶與店內用餐相比，毛利率表現如何？

I'll kick it off with a little bit on. We don't really market things. We believe that the brand markets itself in a lot of ways in the food. So I just think that we continue to execute, and again, a high demand allows us to give our guests the choice of -- coming in the dining room or if they're in a real hurry to be able to play in a meal at home by stopping by their local Texas Roadhouse or Bubba's 33 and taking that food to their dining room table and getting a great experience.

我先簡單說一下。我們其實不太做行銷。我們相信品牌在很多方面會靠自己行銷，尤其是靠食物本身。所以我覺得我們就是持續把執行做好；而且再說一次，高需求讓我們能給顧客選擇——要嘛進餐廳用餐，要嘛如果他們很趕時間，也可以到附近的 Texas Roadhouse 或 Bubba's 33 取餐，把食物帶回家裡的餐桌，同樣能有很棒的體驗。

Yeah. Logan, on the second part of your question on the profitability, talk To Go. So long as the dining room is full and continues to grow as it has been. The To-Go business is very beneficial to the margin dollars and is probably slightly beneficial to the overall restaurant margin percent of the business.

是的。Logan，針對你問題的第二部分、關於獲利能力，談談外帶（To-Go）。只要內用餐廳座位滿席，且如同目前一樣持續成長，外帶業務對毛利金額非常有利，並且對整體餐廳毛利率（以百分比計）可能也略有助益。

I can allocate costs between the two businesses differently and make one look more or less profitable. But at the end of the day, so long as we continue to grow the dining room, keep that busy and we're doing this incremental To-Go business I would expect you would see a little bit of benefit to the margin percent and the dollars benefit greatly.

我可以用不同方式在兩項業務之間分攤成本，讓其中一項看起來更或更不賺錢。但歸根結底，只要我們持續擴大內用、維持忙碌，同時做這些增量的外帶業務，我預期你會看到毛利率百分比有些微改善，而毛利金額的受益會非常明顯。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Got another beef question for you. I'm just curious like what would we have to see in order for you to decide that beef costs are structurally higher? Is it really just a matter of waiting until the herd rebuild a little bit? And then in that scenario, should we just expect like a similar pricing cadence based on other inflationary pressures until we get to a point where you could decide if it's structurally higher -- just [cyclically] higher?

我還有一個關於牛肉的問題。我只是好奇，你們需要看到什麼情況，才會判斷牛肉成本在結構上更高？是否真的只是等到牛群規模稍微重建起來？在那種情境下，在你們能判斷它是結構性更高——而不是只是（週期性）更高——之前，我們是否應該預期你們會基於其他通膨壓力，維持類似的定價節奏？

Jacob, it's Michael. I mean there certainly is always going to be a portion of that beef cycle that is structural. But we do believe it is a cycle that we will see relief over time, but we have to be patient there. And so the pricing that we have taken, which we've always said we tried for structural inflation. We use maybe labor is more of the guidepost for determining that level of pricing.

Jacob，我是Michael。我的意思是，牛肉週期中確實總會有一部分是結構性的。但我們相信這是一個週期，隨著時間推移會看到緩解，只是我們必須有耐心。因此，我們所採取的定價——我們一直說是為了因應結構性通膨——我們可能會以勞動力作為判斷定價水準的更重要參考基準。

But obviously, the pricing we take benefits to the COGS line and all the lines of the P&L. So we'll be patient. And you are right, we'll see where things settle in, in the future and where beef prices land to help us determine, have we taken the appropriate amount of pricing where that COGS percent settles in over time. We've seen it come down in the past cycles, and that's what we would expect to occur here again.

但顯然，我們採取的定價會讓COGS（銷貨成本）項目以及損益表（P&L）的所有項目都受益。所以我們會保持耐心。你說得對，我們會看未來情況如何落定，以及牛肉價格落在什麼水準，以幫助我們判斷：我們是否已採取適當幅度的定價，讓COGS占比能隨時間穩定下來。我們在過去的週期中看過它回落，而這也是我們預期這次會再次發生的情況。

(Operator Instructions) Brian Harbour, Morgan Stanley.

（接線員指示）Brian Harbour，Morgan Stanley。

The good performance you had just on kind of labor hours, is that sort of a retention thing? I guess like are your operators kind of doing anything differently in stores? Do you think you're seeing some benefits from the kitchen display system or anything else behind that, do you think?

你們在勞動工時方面的表現很好，這算是留任（retention）的因素嗎？也就是說，你們的門店營運團隊是否在店內做了什麼不同的作法？你覺得是否有從廚房顯示系統或其他因素中看到一些效益？

I mean, Brian, I mean, I think our turnover, obviously, keeping people in the positions a lot longer. It's been very positive for us from that standpoint, which makes them more productive. I do believe maybe that the technology things that we're doing in the kitchen that helped also by creating a calmer experience and allowing the cooks to really be able to look at the screen and know exactly what they have to do. So we believe there are several factors that could be helping us on that labor productivity side, and I appreciate the shout out on that.

我的意思是，Brian，我想我們的離職率（turnover）——顯然，讓員工在職位上待更久——從這個角度對我們非常正面，因為這會讓他們更有生產力。我也確實相信，我們在廚房導入的一些科技也有幫助，因為它能帶來更平穩的工作體驗，讓廚師能真正看著螢幕，清楚知道自己要做什麼。所以我們認為有幾個因素可能都在幫助我們提升勞動生產力，也謝謝你特別提到這點。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Most of might have been asked, but maybe I'll ask. Jerry, in your prepared remarks, you noted the tech investments positively impacting operations. And I know it's been a couple of years now in the works between different elements.

大部分可能都被問過了，但我還是問一下。Jerry，在你準備好的發言中，你提到科技投資正向影響營運。我知道這已經推動了好幾年，涵蓋不同的元素。

But could you elaborate just on the benefits on any metrics you might share, whether it'd be kitchen output, speed of service, et cetera? And then I had just a quick bookkeeping question on comps.

你能否更具體說明一下帶來的效益，分享一些你們可以提供的指標，例如廚房產出、服務速度等等？另外我還有一個關於同店（comps）的簡單會計問題。

Yeah, Brian, I mean everything we've done, let's just -- the first thing to pay at the table it allows the guests to choose wind to pay out. That was probably four or five years ago when we instituted that's been a big win for the consumer. Our operators love it. So that has worked out. Our guest management upgrade is really about how we manage the dining room and getting people set quickly and efficiently in the right-sized table. So there are some things with that efficiency.

好的，Brian，我的意思是，我們做的每一件事——先講桌邊付款（pay at the table），它讓客人可以選擇何時結帳。那大概是四、五年前我們導入的，對消費者來說是很大的勝利。我們的營運團隊也很喜歡，所以運作得很好。我們的候位/客席管理（guest management）升級，主要是關於我們如何管理用餐區，讓客人能快速且有效率地入座到合適大小的桌位。因此在效率上有一些改善。

The digital kitchen continues to really show us some things. We are able to track a little bit of our cook times and identify something that maybe we didn't do before or we had to do manually. But -- and it will -- I believe we'll continue to learn more from that technology based in the kitchen, and then we'll continue to look at these handhelds. So there's there are a lot of things.

數位化廚房也持續讓我們看到一些成果。我們能追蹤部分烹調時間，並辨識一些以前做不到、或必須手動處理的事情。不過——而且——我相信我們會持續從廚房端的這些技術中學到更多，接著我們也會持續評估這些手持裝置（handhelds）。所以有很多事情在進行。

Technology is designed to help enhance the guest experience and that's what we're seeing. And actually, the benefit is that it's enhancing our employee experience also by doing some of the math for our positions. And so it's working. It's working really well from the guest experience and from our employee experience and helping our managers run their business more efficiently. So all of it together is definitely helpful.

科技的設計是為了提升顧客體驗，而這正是我們看到的結果。實際上，它也在提升員工體驗，因為它替各個職位做了一些計算工作。因此它確實在發揮作用——無論是顧客體驗或員工體驗——並幫助我們的經理更有效率地經營門店。所以整體而言，這些都非常有幫助。

All right. That's helpful. And then just back to the comps, Michael, can you just level set kind of what the weather impact you estimate in the quarter was? And any calendar shift, I think New Year's Eve early in the quarter? And then were there any Easter spring break shift to be mindful of as we think about March versus April?

好的，這很有幫助。接著回到同店（comps），Michael，你能否先幫我們校準一下：你們估計本季天氣影響大概是多少？以及是否有任何日曆位移，我想跨年夜在本季較早？另外，當我們思考3月相對4月時，是否有任何復活節或春假位移需要留意？

Brian, so for the first quarter, the New Year's eve shift had about a 60-basis-point benefit to the quarter. That was offset by weather, and there were two components of the weather. There was the negative from the weather in January of this year that had about a 1.4% negative impact on the quarter. But that was offset, and I think a lot don't call this out, but lapping weather from last year, probably it was about a 60-basis-point benefit to us.

Brian，就第一季而言，跨年夜的位移對本季約有60個基點的正面貢獻。這被天氣因素抵消，而天氣有兩個部分：今年1月的天氣帶來負面影響，對本季約有1.4%的負面衝擊。但這又被抵消了——而且我想很多人不會特別點出——去年同期的天氣基期（lapping weather）對我們大概有60個基點的正面貢獻。

So weather was about an 80-basis-point negative, while the holiday was a 60-basis-point positive for an overall 20-basis-point negative impact to the quarter. So that 7.1% maybe would have been closer to 7.3%, if not for that noise. Nothing to call out as far as Easter or any other either in the first quarter -- or sorry, to date in the second quarter. I think everything looks good there.

所以天氣約為80個基點的負面，而假期約為60個基點的正面，合計對本季整體約為20個基點的負面影響。因此那個7.1%如果沒有這些雜訊，可能會更接近7.3%。至於復活節或其他因素，第一季沒有需要特別指出的——或者抱歉，就目前第二季迄今也沒有。我認為一切看起來都很好。

Thank you. There are no further questions at this time. Mr. Morgan, I turn the call back over to you for closing remarks.

謝謝。目前沒有其他問題。Morgan先生，我把電話交回給您做結語。

Thanks, Amy. And just a reminder, Sunday is Mother's Day, so Happy Mother's Day to all of you out there and to [Mama Morgan]. If your plans include your favorite steakhouse, it might be good to use our digital wait list as we're usually very busy. Thank you all, and have a great evening. Let's kick it up, Roadhouse.

謝謝你，Amy。也提醒一下，星期日是母親節，祝在座各位以及[媽媽Morgan]母親節快樂。如果你們的計畫包含去你最喜歡的牛排館，建議使用我們的數位候位名單，因為我們通常會非常忙。謝謝大家，祝各位晚上愉快。讓我們把氣氛炒熱，Roadhouse。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。