Shake Shack Inc (SHAK) 2021 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Shake Shack Third Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，女士們，先生們，謝謝你們的支持。歡迎參加 Shake Shack 2021 年第三季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now turn the conference over to your host, Annalee Leggett, Senior Manager of Investor Relations and FP&A for Shake Shack. Thank you. You may begin.

我現在將會議轉交給您的主持人 Annalee Leggett，她是 Shake Shack 的投資者關係和 FP&A 高級經理。謝謝你。你可以開始了。

Thank you, and good evening, everyone. Joining me for Shake Shack's conference call is our CEO, Randy Garutti; and CFO, Katie Fogertey.

謝謝大家，大家晚上好。和我一起參加 Shake Shack 電話會議的是我們的首席執行官 Randy Garutti；和首席財務官 Katie Fogertey。

During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our supplemental materials.

在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標有助於評估我們的業績。不應孤立地考慮提供此附加信息或替代根據公認會計原則編制的結果。我們的收益發布和補充材料的財務細節部分提供了與可比 GAAP 措施的對賬。

Some of today's statements may be forward-looking, and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K filed on February 26, 2021. Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements if our views change.

今天的一些陳述可能是前瞻性的，實際結果可能會因許多風險和不確定性而存在重大差異，包括我們在 2021 年 2 月 26 日提交的 10-K 表格年度報告中討論的風險和不確定性。任何前瞻性陳述都代表我們的觀點僅截至今天，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。

As a reminder and as we have discussed and disclosed for several quarters now, 2020 included a 53rd week. And to normalize for a consistent like-for-like comparison, our comparable periods for both 2020 and 2019 have been shifted forward 1 week from the fiscal calendar. We've included an example calendar on Page 19 of the supplemental materials.

提醒一下，正如我們已經討論和披露了幾個季度的那樣，2020 年包括第 53 週。為了實現一致的同類比較正常化，我們將 2020 年和 2019 年的可比期間從財政日曆向前移動了 1 週。我們在補充材料的第 19 頁包含了一個示例日曆。

By now, you should have access to our third quarter 2021 earnings release, which can be found at investor.shakeshack.com in the News section. Additionally, we have posted our third quarter 2021 supplemental earnings materials, which can be found in the Events & Presentations section on our site or as an exhibit to our 8-K for the quarter.

到目前為止，您應該可以訪問我們的 2021 年第三季度收益發布，該發布可在investor.shakeshack.com 的新聞部分找到。此外，我們還發布了 2021 年第三季度的補充收益材料，可以在我們網站的“活動與演示”部分找到，也可以作為本季度 8-K 的展覽。

I will now turn the call over to Randy.

我現在將把電話轉給蘭迪。

Thanks, Annalee. Good evening, everyone. I want to start off this call, as I often do, by thanking our teams. There simply has never been a more challenging but simultaneously more rewarding time to be working in the restaurant industry and in our Shack family. Our teams continue to lead the dynamic sales recovery we're experiencing across the globe while navigating some real pressures in the constantly changing environment. Opportunity abounds for this team, and I'm proud of them for always standing for something good.

謝謝，安娜莉。大家晚上好。就像我經常做的那樣，我想通過感謝我們的團隊來開始這個電話。在餐飲業和我們的 Shack 大家庭中工作，從來沒有像現在這樣充滿挑戰，但同時也更有回報。我們的團隊繼續引領我們在全球範圍內經歷的動態銷售復甦，同時在不斷變化的環境中應對一些實際壓力。這支球隊的機會比比皆是，我為他們總是為美好的事物而自豪。

This quarter represented the highest total revenue quarter in our company's history. With all the noise, it's easy to overlook that revenue is up 49% this quarter versus the same time last year. In October, we had our highest ever company-operated Shack sales day, hitting just under $3 million. And in the fourth quarter, we expect to surpass $1 billion in system-wide sales for the year, a first for us. That is quite a comeback our team is making.

本季度是我們公司歷史上總收入最高的季度。儘管有這麼多噪音，很容易忽視本季度的收入與去年同期相比增長了 49%。 10 月，我們迎來了公司經營的 Shack 銷售日最高的一天，銷售額略低於 300 萬美元。在第四季度，我們預計全年系統範圍內的銷售額將超過 10 億美元，這對我們來說是第一次。這是我們團隊正在做的一次相當大的回歸。

Our Same-Shack sales compares continue to improve and are nearly back to 2019 levels on average, most notably exiting fiscal October at down just 1%. Our hometown of New York and our hardest-hit urban Shacks are leading the way, building every day as the energy of offices, events, commuters and eventually, tourists slowly return.

我們的 Same-Shack 銷售比較繼續改善，幾乎回到 2019 年的平均水平，最值得注意的是 10 財年僅下降 1%。我們的家鄉紐約和受災最嚴重的城市棚屋正在引領潮流，隨著辦公室、活動、通勤者以及最終遊客慢慢返回的活力，每天都在建設。

For Shake Shack long term, we believe the balance of urban renewal and the strength and focus of our suburban models will build a solid foundation for the future. None of us knows what's ahead in this environment, but we're hopeful this momentum continues. Yet, as sales keep climbing back, we acknowledge profitability challenges remain, and there's a fair amount of uncertainty for the world in the coming quarters.

對於 Shake Shack 的長期而言，我們相信城市更新的平衡以及我們郊區模式的實力和重點將為未來奠定堅實的基礎。我們都不知道在這種環境下會發生什麼，但我們希望這種勢頭能繼續下去。然而，隨著銷售額不斷回升，我們承認盈利能力挑戰依然存在，未來幾個季度全球存在相當大的不確定性。

As many industries have shared, we, too, are experiencing a swift and broad acceleration in the cost of goods and labor pressures facing our business. In the third quarter, this coincided with a high number of Shack closure days related to COVID and other weather events, which impacted our sales. Katie will dive more into the detailed numbers in a moment, but I want to name a few highlights.

正如許多行業所分享的那樣，我們也正在經歷我們業務面臨的商品成本和勞動力壓力的迅速而廣泛的加速。在第三季度，恰逢與 COVID 和其他天氣事件相關的大量 Shack 關閉日，這影響了我們的銷售。 Katie 稍後將詳細介紹詳細的數字，但我想列舉一些亮點。

As seen in nearly every industry and especially in hospitality, staffing our Shacks remains challenging. But it will always be our top priority as we strive to deliver and lighten hospitality at every one of our touch points. In July, we made significant investments in higher wages, retention bonuses and leadership development initiatives. Still at times and in some Shacks, we remain below optimal staffing levels and are working harder than ever to attract and retain the strongest teams.

正如幾乎在每個行業，尤其是在酒店業中所看到的那樣，為我們的棚屋配備人員仍然具有挑戰性。但這始終是我們的首要任務，因為我們努力在每個接觸點提供和減輕款待。 7 月，我們在提高工資、留任獎金和領導力發展計劃方面進行了大量投資。有時，在某些棚屋中，我們仍然低於最佳人員配置水平，並且比以往任何時候都更加努力地吸引和留住最強大的團隊。

You can count on us to invest in wages, bonuses and incentives that take care of our teams and offer the kind of career opportunities our teams need. All of this will come at a cost, and you've seen this in our Q3 numbers, and you should expect this impact to remain a pressure near term as we work to elevate our people.

您可以指望我們投資於工資、獎金和激勵措施，以照顧我們的團隊，並為我們的團隊提供所需的職業機會。所有這一切都是有代價的，您已經在我們的第三季度數據中看到了這一點，並且您應該預計這種影響在短期內仍將是一個壓力，因為我們正在努力提升我們的員工。

In addition, we're seeing inflation throughout the supply chain. Most of the premium ingredients we buy, such as the no-hormone, no-antibiotic proteins that separate us from traditional fast food, have seen significant increases in a very short period of time. As just one example, beef, the largest part of our basket, was up approximately 30% in the third quarter compared to the same period last year and up high single digits from just the second quarter.

此外，我們看到整個供應鏈都出現了通貨膨脹。我們購買的大多數優質成分，例如將我們與傳統快餐區分開來的無激素、無抗生素蛋白質，在很短的時間內出現了顯著增長。僅舉一個例子，我們籃子中最大的部分牛肉在第三季度與去年同期相比增長了約 30%，僅比第二季度增長了高個位數。

With supply chain inflation and disruptions being felt across the globe, we're expecting our cost of goods to remain elevated over our historical levels for the foreseeable future. To offset some of this pressure, in mid-October, we took an additional 3% to 3.5% in price across our regional price tiers. This is ahead of our normal annual price raise of roughly 1% to 2%. We've remained conservative on price at Shake Shack for the 17 years we've been in business and believe we have continued pricing power should we need to exercise that further next year.

隨著全球範圍內的供應鏈通脹和中斷，我們預計在可預見的未來，我們的商品成本將繼續高於歷史水平。為了抵消部分壓力，在 10 月中旬，我們將區域價格等級的價格額外提高了 3% 至 3.5%。這比我們正常的每年大約 1% 到 2% 的提價要高。 17 年來，我們一直對 Shake Shack 的價格持保守態度，並相信如果明年我們需要進一步行使定價權，我們將繼續擁有定價權。

So with sales coming back, accelerated growth ahead and margins pressured, where are we looking around the corner? Well, as we wrap up 2021 and plan for the next few years, here's where we're focused. First, we're elevating our people. You've heard me talk a bit about this today, but we're going to do even more to build a diverse and winning team to meet the growth ahead. We expect to continue to invest in higher wages for our teams and programs that fuel their growth opportunity. In '22, we intend to host our biennial leadership retreat where we'll bring together leaders at every management level across the country and the globe to align, inspire and plan for the growth ahead.

因此，隨著銷售額的回升、未來的加速增長和利潤率的壓力，我們將目光投向何處？好吧，當我們結束 2021 年併計劃未來幾年時，這就是我們關注的地方。首先，我們正在提升我們的員工。你今天聽我談了一點，但我們將做更多的工作來建立一支多元化和成功的團隊，以迎接未來的增長。我們預計將繼續為我們的團隊和項目投資更高的工資，以推動他們的增長機會。在 22 年，我們打算舉辦兩年一次的領導力務虛會，屆時我們將匯集全國和全球各個管理級別的領導者，以協調、激勵和規劃未來的增長。

Second, we're in the midst of a digital transformation, investing deeply in the omnichannel guest experience that will lead our future. We've unveiled a brand-new website focused on the guest ordering experience. We're launching new menu items exclusively in our app, driving sharp increases in digital guest acquisition, engagement and sales. We're investing in data infrastructure to better know and connect with our guests more personally, whether through our digital channels, e-mail and potential offers and rewards.

其次，我們正處於數字化轉型之中，大力投資於引領我們未來的全渠道客戶體驗。我們推出了一個專注於客人訂購體驗的全新網站。我們將在我們的應用程序中獨家推出新的菜單項，推動數字客人獲取、參與和銷售的急劇增長。我們正在投資數據基礎設施，以便更好地了解我們的客人並更加個性化地與客人建立聯繫，無論是通過我們的數字渠道、電子郵件還是潛在的優惠和獎勵。

And in every way, we're working to make the digital hospitality of our company an even better guest experience than we've ever had. Count on us to continue to make material investments in our digital transformation in the coming years. As of fiscal September, we had retained nearly 80% of our digital channel sales compared to fiscal January '21 even as in-Shack sales return. So it's clear these investments are paying off.

在各個方面，我們都在努力使我們公司的數字化酒店服務成為比以往更好的賓客體驗。期待我們在未來幾年繼續對我們的數字化轉型進行重大投資。截至 9 財年，與 21 財年 1 月相比，我們保留了近 80% 的數字渠道銷售額，即使在 Shack 內銷售回升。所以很明顯，這些投資正在獲得回報。

Third, we're working hard to build a better Shack. You've heard us talk a lot about our excitement for our first-ever drive-thru opening this year and our commitment for up to 10 through next year. Construction is coming together for our first few drive-thrus located across suburban locations in Kansas City, Minneapolis, Orlando and Detroit. These are drive-thru-heavy markets where we can optimize our learnings, adapt, pivot and add to the dialogue of this evolving new format for us.

第三，我們正在努力打造更好的 Shack。您已經聽到我們談論了很多關於我們對今年首個免下車開放的興奮以及我們對明年最多 10 家的承諾。我們位於堪薩斯城、明尼阿波利斯、奧蘭多和底特律郊區的前幾個得來速公路正在建設中。這些是“得來速”密集型市場，我們可以在其中優化我們的學習、適應、調整和增加這種不斷發展的新格式的對話。

We're also working to optimize our other core Shack formats, learning and adding to our drive-up window Shacks, most recently opening our newest in Oak Lawn in the Chicago area, and all the while focusing our long-term work on smarter designs, capital allocation and 4-wall metrics that will drive the rapid growth we have ahead.

我們還在努力優化我們的其他核心 Shack 格式，學習並添加到我們的免下車窗口 Shacks，最近在芝加哥地區的 Oak Lawn 開設了我們最新的，同時將我們的長期工作集中在更智能的設計上、資本配置和四壁指標，將推動我們未來的快速增長。

As of fiscal October end, we've opened 25 company-operated Shacks this year with 5 of those in the third quarter. And the fourth quarter will be a busy one as we look to open between 10 to 13 more restaurants. Our new Shacks this year continue to outperform the overall company average, strengthening our brand across the country. 2022 class will be 45 to 50 Shacks, our largest class ever. About 25% of the class will have Shack Track Drive Up or walk-up windows, and we expect up to 10 drive-thru formats. As is often the case and maybe even more so next year due to supply chain disruptions, we expect the class of '22 to be heavily back-weighted to the latter part of the year.

截至 10 財年末，我們今年開設了 25 家公司經營的小屋，其中 5 家在第三季度。第四季度將是繁忙的一年，因為我們希望再開 10 到 13 家餐廳。今年我們的新棚屋繼續超越公司整體平均水平，加強了我們在全國的品牌。 2022 年的班級將是 45 到 50 個棚屋，這是我們有史以來最大的班級。大約 25% 的班級將有 Shack Track Drive Up 或步行窗口，我們預計最多 10 種得來速格式。由於供應鏈中斷，通常情況下，明年可能更是如此，我們預計 22 年級的學生將在今年下半年大幅回升。

It's also important to spend some time talking about the incredible growth in our license business. We've opened 21 new licensed Shacks so far this year through fiscal October and remain on track to open up to 25 total this year. During the third quarter, we welcomed new Shacks in Singapore at Gardens by the Bay; in Monterrey, Mexico; and in Hangzhou, China. Next year, we'll be going even deeper in these regions as we expand into brand-new markets such as Chengdu in Central China.

花一些時間談論我們的許可業務令人難以置信的增長也很重要。今年到目前為止，截至 10 財年，我們已經開設了 21 家新的許可棚屋，並且有望在今年總共開設 25 家。在第三季度，我們在新加坡濱海灣花園迎來了新的 Shacks；在墨西哥蒙特雷；在中國杭州。明年，隨著我們向華中成都等全新市場的擴張，我們將在這些地區更加深入。

On the domestic licensed side, we remain committed to growing our presence across airports, event venues and Roadside Shacks in the coming years. We also want to congratulate our friends at the Houston Astros who once again brought Shack burgers to fans all season and all the way to a great World Series. We're proud to partner with them and some of baseball's best as we bring Shake Shack to sports fans in stadiums around the country.

在國內許可方面，我們將繼續致力於在未來幾年擴大我們在機場、活動場所和路邊小屋的影響力。我們還要祝賀我們在休斯頓太空人隊的朋友們，他們在整個賽季再次為球迷們帶來了 Shack 漢堡，並一路贏得了一場偉大的世界大賽。當我們將 Shake Shack 帶給全國各地體育場的體育迷時，我們很自豪能與他們以及一些棒球界的佼佼者合作。

While our licensed business continues to benefit from the overall global recovery, conditions do remain volatile and ever-changing. As a reminder, as of fiscal October 6 -- excuse me, as of fiscal October end, 6 of our airport locations around the world were still temporarily closed. Many of the pressures we feel here exists similarly across the globe, and we're working hard with our licensed partners to keep sharing and building Shacks that sustain the test of time in some of the world's greatest locations.

雖然我們的授權業務繼續受益於全球整體復甦，但情況確實仍然不穩定且不斷變化。提醒一下，截至 10 月 6 日財政年度 - 對不起，截至 10 財政年度末，我們在全球的 6 個機場仍然暫時關閉。我們在這裡感受到的許多壓力在全球範圍內都存在類似的情況，我們正在與我們的授權合作夥伴一起努力，繼續共享和建造能夠在世界上一些最偉大的地方經受住時間考驗的小屋。

Finally, we are working continuously to create an uplifting guest experience by elevating everything we do. We're focused on gathering communities, enriching our neighborhoods, launching great products and driving our brand in new and innovative ways.

最後，我們不斷努力通過提升我們所做的一切來創造令人振奮的賓客體驗。我們專注於聚集社區、豐富我們的社區、推出出色的產品並以創新的方式推動我們的品牌。

On the menu front, we're really excited about our latest LTOs, the Black Truffle Burger and Parmesan Black Truffle Fries, which began as an app-only option to drive digital engagement. This burger features sauce made with real black truffle oil and is layered with crispy shallots and Gruyère cheese. At $8.99 in most Shacks in our urban markets, this item also pushed the upper envelope of pricing tiers for us, and it's going to teach us a lot about our opportunities to offer even more premium items down the road.

在菜單方面，我們對我們最新的 LTO、Black Truffle Burger 和 Parmesan Black Truffle Fries 感到非常興奮，它們最初是作為推動數字參與的僅限應用程序的選項。這個漢堡的特色是用真正的黑松露油製成的醬汁，裡面有香脆的小蔥和格魯耶爾奶酪。在我們城市市場的大多數 Shacks 中，這款產品的售價為 8.99 美元，也為我們推高了定價層的上限，它將教會我們很多關於我們在未來提供更多優質產品的機會。

On the beverage front, we remain focused on growing our beverage attach rate. In the quarter, we saw continued strong performance from our cold beverage innovation of cocktail-inspired Summerades, followed by our October launch of our new Winterades, featuring seasonal flavors of Cran Citrus Punch, Pomegranate Yuzu Lemonade and Apple Ciderade. In the quarter, we also teamed up with our friend, Christina Tosi of Milk Bar for a limited time offering Birthday Cake and Cornflake Chocolate Drizzle Shakes, which we featured in special promotions through our digital channels.

在飲料方面，我們仍然專注於提高我們的飲料附加率。在本季度，我們看到以雞尾酒為靈感的 Summerades 的冷飲創新繼續保持強勁表現，隨後我們在 10 月推出了新的 Winterades，其中包括 Cran Citrus Punch、石榴柚子檸檬水和 Apple Ciderade 的季節性口味。在本季度，我們還與我們的朋友 Milk Bar 的 Christina Tosi 合作限時提供生日蛋糕和玉米片巧克力毛毛雨奶昔，我們通過我們的數字渠道進行了特別促銷。

Menu innovation continues to be an important part of our strategy to drive traffic to our owned digital channels and increase engagement when guests trade up to our exciting LTO offerings and menu add-ons.

菜單創新仍然是我們戰略的重要組成部分，以增加我們自有數字渠道的流量，並在客人使用我們令人興奮的 LTO 產品和菜單附件時增加參與度。

On the brand side of Shake Shack, we're doing more fun work than ever. Recently, as one example, as part of Adweek here in New York, we teamed up with Snapchat and turned our Hudson Yards Shack into the Snap Shack with a full takeover, where the Snap team launched their new augmented reality products inside the Shack itself. You could download special filters, experience virtual world of characters partying in the Shack upon arrival and snag exclusive merch through your Snap app.

在 Shake Shack 的品牌方面，我們做的工作比以往任何時候都有趣。最近，作為一個例子，作為紐約 Adweek 的一部分，我們與 Snapchat 合作，通過全面收購將我們的 Hudson Yards Shack 變成了 Snap Shack，Snap 團隊在 Shack 內部推出了他們新的增強現實產品。您可以下載特殊過濾器，在抵達時體驗在 Shack 中聚會的虛擬角色世界，並通過您的 Snap 應用程序搶購獨家商品。

These are the focuses where we need to be spending our time and investing our capital right now: people, digital, new Shack growth and the guest experience. Our team is excited for what's ahead.

這些是我們現在需要花費時間和投資的重點：人員、數字、新的 Shack 增長和客戶體驗。我們的團隊對未來感到興奮。

I'll hand it off to Katie to share more about the details of the quarter and expectations moving forward.

我將把它交給凱蒂，以分享更多關於本季度的細節和未來的期望。

Thank you, Randy, and good evening, everyone. I want to begin with a big thank you to our team and expressing my appreciation for all that they do. Even though this environment has its challenges, it is our people and our immense dedication to creating uplifting guest experiences that is truly laying the building blocks of what is to come. It is our teams that make Shake Shack such an incredible place for all of us to work.

謝謝蘭迪，大家晚上好。首先，我要非常感謝我們的團隊，並對他們所做的一切表示感謝。儘管這種環境存在挑戰，但真正為未來奠定基礎的是我們的員工和我們對創造令人振奮的賓客體驗的巨大奉獻。是我們的團隊讓 Shake Shack 成為我們所有人工作的絕佳場所。

In the third quarter, we reported total revenue of $193.9 million, marking the highest revenue in the company's history, with year-over-year growth of 49%. We landed at the bottom end of our guided total revenue range of $194 million to $200 million that we provided you in August. And I want to provide some more context and discuss the puts and takes of our Shack sales this quarter.

第三季度，我們報告的總收入為 1.939 億美元，是公司歷史上最高的收入，同比增長 49%。我們在 8 月為您提供的指導總收入範圍為 1.94 億美元至 2 億美元的最低值。我想提供更多背景信息並討論本季度我們 Shack 銷售的投入和收益。

So the negative impacts of COVID-related and extreme weather across our business in the quarter resulted in about 100 days of temporary closures, which totaled an approximate $850,000 in lost sales. Despite this, our third quarter average weekly sales, and that's a figure that normalizes for closures, was $72,000. That exceeded our historical seasonality expectations by coming in flat quarter-over-quarter.

因此，本季度與 COVID 相關的極端天氣對我們業務的負面影響導致了大約 100 天的臨時關閉，總計約 850,000 美元的銷售損失。儘管如此，我們第三季度的平均每週銷售額是 72,000 美元，這是一個正常關閉的數字。這超出了我們的歷史季節性預期，季度環比持平。

While our October average weekly sales have historically declined month-on-month, we were pleased to have generated $70,000 in average weekly sales for the month, which was above September levels. We provide further detail of monthly and quarterly average weekly sales performance on Page 6 of the supplemental materials.

雖然我們 10 月份的平均每週銷售額歷來環比下降，但我們很高興該月的平均每週銷售額達到了 70,000 美元，高於 9 月份的水平。我們在補充材料的第 6 頁提供了有關月度和季度平均每週銷售業績的更多詳細信息。

Same-Shack sales rose 24.8% year-over-year in the third quarter, driven by strong recovery in traffic, offset slightly by mix as more guests came to dine in our restaurants. As a reminder, our in-Shack check is lower than our digital check. As we have shown throughout the year, the combination of our in-Shack recovery and our strong digital retention has helped us to continue to narrow the gap to our 2019 sales. We have done so even as many of our highest performing individual Shacks have not fully recovered.

在客流量強勁復甦的推動下，Same-Shack 銷售額在第三季度同比增長 24.8%，但隨著越來越多的客人來到我們的餐廳就餐，混合銷售略有抵消。提醒一下，我們的小屋內支票低於我們的數字支票。正如我們全年所展示的那樣，我們在 Shack 中的恢復和我們強大的數字保留相結合，幫助我們繼續縮小與 2019 年銷售額的差距。我們已經這樣做了，即使我們許多表現最好的個人棚屋還沒有完全恢復。

In the quarter, our Same-Shack sales were about 7% below 2019 levels, an improvement to the approximate 12% gap we reported in the second quarter. We are proud to report that October Same-Shack sales were just 1% below 2019 levels, and momentum in October was fairly broad-based across regions and formats.

本季度，我們的 Same-Shack 銷售額比 2019 年水平低約 7%，改善了我們在第二季度報告的約 12% 的差距。我們很自豪地報告，10 月份 Same-Shack 的銷售額僅比 2019 年水平低 1%，而且 10 月份的勢頭在各個地區和形式上都相當廣泛。

We continued to benefit from a steady urban recovery led by the early signs of return to office, event, commuting and travel. Sales in some of our Shacks that were our strongest before COVID, including those in New York City, Los Angeles, Chicago and Boston, contributed to the majority of our sales recovery in the quarter. While our diverse restaurant base has a wide range of performance today, on average, urban Same-Shack sales were down 11% from 2019 levels in September and improved to down just 8% from 2019 levels in October. This marks strong growth from down 23% we realized in the second quarter.

我們繼續受益於由重返辦公室、活動、通勤和旅行的早期跡象所引領的穩步城市復蘇。在 COVID 之前，我們的一些棚屋的銷售表現最為強勁，包括紐約市、洛杉磯、芝加哥和波士頓的棚屋，這對我們本季度的大部分銷售復甦做出了貢獻。雖然我們多元化的餐廳基礎今天表現出廣泛的表現，但平均而言，城市 Same-Shack 的銷售額比 9 月份的 2019 年水平下降了 11%，並且比 10 月份的 2019 年水平下降了 8%。這標誌著我們在第二季度實現的下降 23% 的強勁增長。

As of October, Same-Shack sales in all regions outside of New York City has more than fully recovered to their 2019 levels. We saw a particular strength in Texas, in certain markets in the Northeast, where our Same-Shack sales are now high single digit to low double digit above 2019 levels.

截至 10 月，紐約市以外所有地區的 Same-Shack 銷售額已完全恢復到 2019 年的水平。我們在德克薩斯州和東北部的某些市場看到了特別的優勢，我們的 Same-Shack 銷售額現在比 2019 年的水平高出個位數到低兩位數。

Our suburban Shacks also showed strong improvement in the quarter. And we are pleased to report that in the month of October, we recorded suburban Same-Shack sales 7% above 2019 levels. We have built our suburban Shacks in high-traffic locations, some of which have been impacted more by COVID than others. We show several different examples of our suburban Shacks on Page 8 of the supplementals to provide a little bit more color on these different types of formats.

我們的郊區棚屋在本季度也顯示出強勁的改善。我們很高興地報告，在 10 月份，我們記錄的郊區 Same-Shack 銷售額比 2019 年水平高出 7%。我們在人流量大的地方建造了郊區棚屋，其中一些受 COVID 的影響比其他地方更大。我們在附錄的第 8 頁上展示了我們郊區小屋的幾個不同示例，以便為這些不同類型的格式提供更多顏色。

We operate a number of Shacks in premium malls and outlet shopping centers. These are Shacks like in The Westchester Mall and Orlando Premium Outlets. Mall traffic broadly still has not recovered to pre-COVID levels, but we are encouraged by the results we have seen this quarter. Given our smaller footprint, build costs for these units are usually notably lower than our freestanding units. And even at today's sales, we are pleased with many of the margins and returns in these small-format Shacks, and we're bullish on the potential for our Shacks to continue to recover sales.

我們在高檔商場和奧特萊斯購物中心經營著許多棚屋。這些是像威徹斯特購物中心和奧蘭多名牌折扣店一樣的棚屋。商場客流量大體上仍未恢復到 COVID 之前的水平，但我們對本季度看到的結果感到鼓舞。鑑於我們的佔地面積較小，這些單元的建造成本通常明顯低於我們的獨立單元。即使在今天的銷售中，我們對這些小型棚屋的許多利潤和回報感到滿意，我們看好我們的棚屋繼續恢復銷售的潛力。

We also operate a number of more accessible and convenient suburban locations such as the freestanding buildings and those in open air shopping centers where our recovery has been materially better than the suburban Shacks that are more reliant on mall traffic. In our supplementals, we show our recently opened Shack in Oak Lawn that is freestanding and offers a Shack Track Drive Up window. We also show our Shack in Suburban Square, Pennsylvania, which we opened earlier this year as an example of a Shack in an outdoor shopping center.

我們還經營一些更容易到達和方便的郊區地點，例如獨立式建築和露天購物中心中的地點，我們的恢復比更依賴商場交通的郊區棚屋要好得多。在我們的補充材料中，我們展示了我們最近在 Oak Lawn 開設的 Shack，它是獨立的，並提供 Shack Track Drive Up 窗口。我們還展示了我們今年早些時候在賓夕法尼亞州郊區廣場開設的小屋，作為戶外購物中心小屋的一個例子。

It's important to note when thinking about our suburban and urban recoveries, we are reporting on Same-Shack sales relative to 2019 for the Shacks that we include in our comp base, and we only include Shacks that have been opened for 2 years or more in our comp base. The majority of the suburban Shacks that we have opened since 2019 are the suburban freestanding and outdoor shopping center formats, similar to Oak Lawn and Suburban Square.

在考慮我們的郊區和城市復蘇時，重要的是要注意，我們報告的是相對於 2019 年我們組合基礎中包含的棚屋的 Same-Shack 銷售，並且我們僅包括已開業 2 年或更長時間的棚屋我們的補償基地。自 2019 年以來，我們開設的郊區 Shacks 大部分是郊區獨立式和戶外購物中心形式，類似於 Oak Lawn 和 Suburban Square。

And looking forward to 2022, we are targeting 45 to 50 new openings, with more of half of that to come in the suburban market, principally being the freestanding and shopping center locations with enhanced convenience options such as drive-thru and drive-up. That being said, our robust development pipeline is comprised of many formats, both urban and suburban, and spans a variety of regions. And we view our broad and diverse portfolio of Shacks as critical to our growth strategy going forward.

展望 2022 年，我們的目標是新增 45 到 50 個新開業，其中一半以上將出現在郊區市場，主要是獨立式和購物中心的位置，提供更多便利選項，例如得來速和得來速。話雖如此，我們強大的開發渠道由多種形式組成，包括城市和郊區，並且跨越多個地區。我們認為我們廣泛而多樣化的 Shacks 產品組合對我們未來的增長戰略至關重要。

Even as our in-Shack sales grew about 120% year-over-year in the third quarter, we are pleased to still grow our digital sales versus 3Q 2020 and retained nearly 80% of our digital business in fiscal September versus fiscal January 2021 when digital sales hit its peak. Since just last quarter, we have grown our first-time app and web purchasers by 14%, and this brings the total acquired to 3.2 million since mid-March 2020.

即使我們在第三季度的 Shack 銷售額同比增長約 120%，我們很高興與 2020 年第三季度相比，我們的數字銷售額仍然增長，並且在 9 財年與 2021 財年 1 財年相比，我們保留了近 80% 的數字業務，當時數字銷售達到頂峰。自上個季度以來，我們的首次應用程序和網絡購買者增長了 14%，這使自 2020 年 3 月中旬以來獲得的總數達到 320 萬。

We remain encouraged by our digital retention and acquisition even as our in-Shack sales have led a recovery. We are committed to the digital transformation of our business, and our continued efforts to bring more of our traditional in-Shack guests into our growing omnichannel will allow us to engage across multiple touch points.

即使我們在 Shack 的銷售引領了復甦，我們仍然對我們的數字保留和收購感到鼓舞。我們致力於業務的數字化轉型，我們不斷努力將更多傳統的 Shack 客人帶入我們不斷增長的全渠道，這將使我們能夠跨多個接觸點進行互動。

We're also going to invest more next year in building upon our in-Shack digital ecosystem. Our plans include many initiatives from drive-thru menu boards to pickup screens and enhancing our in-Shack kiosks. Investing in digital remains critical, and we aim to continually build on this by developing an improved level of access, convenience and connection with a strong priority on welcoming more guests into our owned channels.

明年我們還將加大投資，建立我們的 In Shack 數字生態系統。我們的計劃包括許多舉措，從得來速菜單板到取貨屏幕，再到增強我們的小屋內信息亭。投資數字化仍然至關重要，我們的目標是通過提高訪問、便利和連接的水平來不斷建立這一點，並優先考慮歡迎更多客人進入我們的自有渠道。

Our kiosk program is just one example of our digital initiatives in our Shack. Although not all of our Shacks have kiosks today, in those that do, we generate more than 75% of our sales through our kiosk and our digital channels. Our digital team has developed a kiosk experience that leaves guests delighted as well as helps them navigate our simple menu and premium add-ons. In fact, kiosk orders have higher checks than those that are taken at the cash register. Kiosks also help our team members be more efficient and simplify their work and, over the long term, allow us to expand our digital and omnichannel ecosystem.

我們的信息亭計劃只是我們在 Shack 中的數字計劃的一個例子。雖然今天並非所有的 Shacks 都有售貨亭，但在那些有售貨亭的情況下，我們通過售貨亭和數字渠道產生了超過 75% 的銷售額。我們的數字團隊開發了一種信息亭體驗，讓客人感到高興，並幫助他們瀏覽我們的簡單菜單和高級附加組件。事實上，售貨亭訂單的支票比在收銀台收取的支票要多。信息亭還幫助我們的團隊成員提高效率並簡化他們的工作，並且從長遠來看，使我們能夠擴展我們的數字和全渠道生態系統。

Now on to the license business that generated total revenue of $6.9 million this quarter. Our sales benefited from many regions relaxing COVID-related restrictions in addition to strong performance of our class of 2021. While our license business could continue to benefit from lessening domestic and international travel restrictions, we do remain subject to global headwinds and uncertainty due to COVID.

現在談談本季度總收入為 690 萬美元的許可業務。除了我們 2021 屆學生的強勁表現外，我們的銷售還受益於許多地區放鬆與 COVID 相關的限制。雖然我們的許可業務可能會繼續受益於國內和國際旅行限制的減少，但我們仍然受到 COVID 帶來的全球逆風和不確定性的影響.

Moving on to sales guidance, which we outlined in more detail on Page 17 of the supplemental materials. Assuming no major new COVID-related disruptions, we are guiding to total revenue in the fourth quarter of $193.5 million to $200 million with Shack sales of $187 million to $193 million. We expect 4Q Same-Shack sales to grow mid to high teens.

繼續閱讀銷售指南，我們在補充材料的第 17 頁上對其進行了更詳細的概述。假設沒有與 COVID 相關的重大新中斷，我們預計第四季度總收入為 1.935 億美元至 2 億美元，Shack 銷售額為 1.87 億美元至 1.93 億美元。我們預計第 4 季度 Same-Shack 銷售額將增長到中高水平。

While we remain confident in the investments we are making in our digital business, new Shack pipeline and new formats, we remain cautious on the continued pressures resulting from the state of the labor market, potential supply chain disruptions, volatility in the commodity markets and continued uncertainty around COVID as we approach the colder months. In addition, our sales guidance is based on our expectation that we are opening 12 to 15 new Shacks in the fourth quarter that is inclusive of the 2 that we have already opened in fiscal October.

雖然我們對我們在數字業務、新 Shack 管道和新格式方面的投資仍然充滿信心，但我們對勞動力市場狀況、潛在供應鏈中斷、大宗商品市場波動以及持續的持續壓力保持謹慎態度。隨著我們接近寒冷的月份，圍繞 COVID 的不確定性。此外，我們的銷售指導基於我們的預期，即我們將在第四季度開設 12 至 15 個新棚屋，其中包括我們在 10 財年已經開設的 2 個棚屋。

Based on the widespread delays and material shortages that we are seeing across the construction industry, it's possible that we open some Shacks later than our guidance reflects. It's also possible that some of these openings in which we expect to happen in 2021 will slip into 2022. The current state of the global supply chain and labor market is just presenting an above-average level of uncertainty around our opening calendar, and we want to highlight this as a potential risk around our ability to meet our 4Q Shack sales and total revenue guidance.

基於我們在整個建築行業看到的廣泛的延誤和材料短缺，我們可能會在我們的指導反映之後才開設一些棚屋。我們預計將在 2021 年發生的這些職位空缺也有可能會滑到 2022 年。全球供應鍊和勞動力市場的現狀只是在我們的開幕日曆上呈現出高於平均水平的不確定性，我們希望強調這是我們滿足 4Q Shack 銷售和總收入指導能力的潛在風險。

We expect 4Q licensed revenue to be between $6.5 million and $7 million based on a recovery in certain regions, balanced with continued global uncertainty. Within this guidance is a view that COVID-related pressures in our restaurants and in our supply chain will persist, but will not materially worsen.

基於某些地區的複蘇，與全球持續的不確定性相平衡，我們預計第四季度的許可收入將在 650 萬美元至 700 萬美元之間。該指南認為，我們的餐廳和供應鏈中與 COVID 相關的壓力將持續存在，但不會實質性惡化。

In the quarter, we generated a 15.8% Shack-level operating margin, and that was within our guided range of 15% to 17%. I'll go through the details in a moment, but we saw 330 basis points of margin dilution related to our investments in our team members as well as chicken and beef inflation. This is the swift and broad acceleration of costs that Randy referenced to earlier. The guidance we provide for next quarter anticipates that these cost pressures will persist.

在本季度，我們產生了 15.8% 的 Shack 級營業利潤率，這在我們 15% 至 17% 的指導範圍內。我稍後會詳細介紹，但我們看到與我們對團隊成員的投資以及雞肉和牛肉通脹有關的利潤率稀釋了 330 個基點。這就是蘭迪之前提到的成本的迅速而廣泛的加速。我們為下一季度提供的指導預計這些成本壓力將持續存在。

We are highly focused on working with our suppliers, many of which we have had strategic relationships with over the history of our company, to help navigate these pressures and believe we are in a relatively strong position. However, it's likely we will continue to feel the impacts from our distributors and supply chain's ability to staff and fulfill orders.

我們高度專注於與我們的供應商合作，其中許多在我們公司的歷史上都與我們建立了戰略關係，以幫助應對這些壓力，並相信我們處於相對有利的地位。但是，我們可能會繼續感受到我們的分銷商和供應鏈配備人員和履行訂單能力的影響。

Food and paper costs in the third quarter were 31% of total Shack sales as higher commodity inflation across chicken and beef resulted in approximately 130 basis point headwind to our Shack-level operating margin. We are hopeful protein costs will continue to stabilize throughout the fourth quarter. And at the same time, we do not anticipate cost returning to similar levels that we realized in 2019 and 2020. We also anticipate freight, paper and packaging expenses will rise in the fourth quarter and remain elevated for the foreseeable future, contributing to the inflationary pressures our business is likely to face into 2022.

第三季度的食品和紙張成本佔 Shack 總銷售額的 31%，因為雞肉和牛肉的商品通脹上升導致我們 Shack 級別的營業利潤率下降約 130 個基點。我們希望蛋白質成本將在整個第四季度繼續穩定。同時，我們預計成本不會回到我們在 2019 年和 2020 年實現的類似水平。我們還預計第四季度的運費、紙張和包裝費用將上升，並在可預見的未來保持高位，從而導致通貨膨脹到 2022 年，我們的業務可能面臨的壓力。

Labor costs in the third quarter were 31.1% of total Shack sales as we made investments in wages and bonuses to both retain and welcome new team members. We expect continued pressure across our labor lines for the foreseeable future as we navigate industry-wide staffing challenges.

第三季度的勞動力成本佔 Shack 總銷售額的 31.1%，因為我們對工資和獎金進行了投資，以留住和歡迎新的團隊成員。隨著我們應對全行業的人員配備挑戰，我們預計在可預見的未來，我們的勞動力隊伍將繼續面臨壓力。

But it is important to note that we view this challenging time for the industry as an important opportunity for us as a company to still attract best-in-class talent. We offer competitive pay with an average team member's starting wage of about $15 per hour. That is 13% higher than what we offered in 4Q last year. We also offer a generous bonus program, paid time off and flexible schedules in addition to health care, vision and dental insurance as well as an opportunity for our team members to build on their retirement savings with our 401(k) plan. These are just some of the ways that we say thank you to our teams each and every day.

但重要的是要注意，我們認為這個行業充滿挑戰的時期是我們作為一家公司仍能吸引一流人才的重要機會。我們提供具有競爭力的薪酬，平均團隊成員的起薪約為每小時 15 美元。這比我們去年第四季度的報價高出 13%。除了醫療保健、視力和牙科保險外，我們還提供豐厚的獎金計劃、帶薪休假和靈活的日程安排，以及讓我們的團隊成員有機會通過我們的 401(k) 計劃建立他們的退休儲蓄。這些只是我們每天向我們的團隊表示感謝的一些方式。

Our robust unit growth pipeline and strong balance sheet as well as our long-standing investments in leadership and development allow us to be in a fortunate position to offer our team members meaningful career trajectories. In our Shift Up program, we invest in training our hourly team members to move up into various management positions and be part of our growth story for many years to come. And the bottom line here is we believe we offer candidates a compelling opportunity to join our Shack family. Investing in our teams remains a priority for us, and we are committed to ensuring that we have the best team members to execute on our strategic growth plan and develop the next generation of future leaders here at Shake Shack.

我們強大的單位增長渠道和強大的資產負債表以及我們在領導力和發展方面的長期投資使我們能夠有幸為我們的團隊成員提供有意義的職業軌跡。在我們的 Shift Up 計劃中，我們投資於培訓我們的小時工團隊成員，使其升任各種管理職位，並成為我們未來多年成長故事的一部分。最重要的是，我們相信我們為候選人提供了一個加入我們 Shack 大家庭的絕佳機會。投資我們的團隊仍然是我們的首要任務，我們致力於確保我們擁有最好的團隊成員來執行我們的戰略增長計劃並在 Shake Shack 培養下一代未來的領導者。

Other operating expenses were 14.2% of total Shack sales, an 80 basis point increase over the second quarter, as more of our guests dined in our restaurants, prompting higher maintenance costs. We also realized elevated costs from the continued strength of our delivery business.

其他運營費用佔 Shack 總銷售額的 14.2%，比第二季度增加 80 個基點，因為越來越多的客人在我們的餐廳用餐，導致維護成本增加。我們還意識到由於我們的交付業務的持續實力而提高了成本。

Occupancy costs in the third quarter were 7.8% of total Shack sales, a 40 basis point decrease over the second quarter. This is a function of our restaurant footprint and development pipeline. We expect our occupancy costs in the fourth quarter to be slightly elevated relative to the third quarter.

第三季度的入住成本佔 Shack 總銷售額的 7.8%，比第二季度下降 40 個基點。這是我們餐廳足跡和開發管道的功能。我們預計第四季度的入住成本將比第三季度略高。

Overall, we are focused on a long-term margin recovery, and we're working hard on every line item. Our business is dependent on the recovery of sales across some of our most impacted Shacks, which remain below 2019 levels. And as we look forward to the remainder of the year, we'll be focusing on continued initiatives to offset some of these pressures on top of price increases that we rolled through the system in October.

總體而言，我們專注於長期利潤率恢復，並且我們正在努力處理每個項目。我們的業務依賴於一些受影響最嚴重的 Shacks 的銷售復甦，這些 Shacks 仍低於 2019 年的水平。在我們期待今年剩餘時間的同時，我們將專注於繼續採取舉措，以抵消我們在 10 月份通過系統推出的價格上漲之外的一些壓力。

That being said, we expect our overall sales recovery and the inflationary impact from fluctuations in commodity prices, in addition to our ongoing investment in team members, to persist for the foreseeable future and well into 2022. We, therefore, expect Shack-level operating margins to be between 14% and 16% in the fourth quarter. We'll outline -- we outlined this in more detail on Pages 16 and 17 of our supplemental materials.

話雖如此，我們預計我們的整體銷售復甦和商品價格波動帶來的通脹影響，以及我們對團隊成員的持續投資，將在可預見的未來持續到 2022 年。因此，我們預計 Shack 級別的運營第四季度的利潤率在 14% 到 16% 之間。我們將概述——我們在補充材料的第 16 頁和第 17 頁更詳細地概述了這一點。

G&A expense in the third quarter was $20.5 million, including $2.3 million of equity-based compensation and other noncash items, as we continued to invest in marketing, technology and the digital evolution of our business. These strategic priorities are integral to the future of Shake Shack, and we anticipate using our strong balance sheet to build upon these key elements of our business going forward.

隨著我們繼續投資於營銷、技術和業務的數字化發展，第三季度的 G&A 費用為 2050 萬美元，其中包括 230 萬美元的股權薪酬和其他非現金項目。這些戰略重點是 Shake Shack 未來不可或缺的一部分，我們預計將利用我們強大的資產負債表來建立我們未來業務的這些關鍵要素。

We remain committed to make -- what makes Shake Shack so unique, our people, and are viewing this moment as an opportunity to build our team and the future of the company, rooted in our strong and differentiated culture as well as our robust growth trajectory. And as we move into the fourth quarter and into 2022, we expect our G&A to increase in order to support our long-term growth initiatives. We also reiterate our full year guided range for fiscal '21 of $86 million to $88 million.

我們仍然致力於讓 Shake Shack 如此獨特，我們的員工，並將這一刻視為建立我們團隊和公司未來的機會，植根於我們強大和差異化的文化以及我們強勁的增長軌跡.隨著我們進入第四季度和 2022 年，我們預計我們的 G&A 將會增加，以支持我們的長期增長計劃。我們還重申我們 21 財年的全年指導範圍為 8600 萬美元至 8800 萬美元。

Preopening expenses in the third quarter were $2.9 million, an increase from $2.3 million in the second quarter. At this point in the year and as we execute on our development pipeline, we expect full year 2021 preopening expenses to be between $13 million and $14 million, consistent with last quarter's guidance.

第三季度的開業前費用為 290 萬美元，高於第二季度的 230 萬美元。在今年的這個時候，隨著我們執行我們的開發管道，我們預計 2021 年全年的開業前費用將在 1300 萬美元至 1400 萬美元之間，與上一季度的指導一致。

As a reminder, we're experiencing increased material and labor costs as we look into our Shack build-outs over the next 18 months, and we're committing extra investments into our drive-up formats as well as our first-ever drive-thru. With up to 10 drive-thrus planned through 2022 as well as the material and labor inflation that we've discussed, we're anticipating historical build-out costs to increase 10% to 15% on average for the class. We've got a lot to learn here, and we're committed to investing in these new formats that we can believe can deliver strong sales and returns over the long term.

提醒一下，在我們研究未來 18 個月的 Shack 擴建項目時，我們正在經歷不斷增加的材料和勞動力成本，並且我們正在對我們的駕車形式以及我們的首次駕車形式進行額外投資 -通過。到 2022 年計劃多達 10 個得來速以及我們已經討論過的材料和勞動力通脹，我們預計歷史建造成本將平均增加 10% 至 15%。我們在這裡有很多東西要學習，我們致力於投資這些新格式，我們相信這些格式可以在長期內帶來強勁的銷售和回報。

On an adjusted pro forma basis, we reported a net loss of $2 million or $0.05 per fully exchanged and diluted share. Excluding the tax impact of stock-based compensation, our adjusted pro forma tax rate during the third quarter was 30.7%. A full reconciliation of our tax rate can be found in the financial detail section of our supplemental materials.

在調整後的備考基礎上，我們報告淨虧損 200 萬美元或每股完全交換和稀釋後的股份 0.05 美元。排除股票薪酬的稅收影響，我們第三季度調整後的備考稅率為 30.7%。我們的稅率的完整調節可以在我們補充材料的財務細節部分找到。

Similar to previous quarters, we will not issue specific 2021 tax guidance range at this time, given the continued uncertainty for the rest of the year and the timing of our recovery. However, in a normal operating environment, our adjusted pro forma tax rate, excluding the impact of stock-based compensation, is expected to be between 26% and 28%. This is in line with 2020 levels.

與前幾個季度類似，鑑於今年剩餘時間的持續不確定性以及我們復甦的時機，我們目前不會發布具體的 2021 年稅收指導範圍。然而，在正常經營環境下，我們調整後的備考稅率（不包括股票薪酬的影響）預計在 26% 至 28% 之間。這符合2020年的水平。

The balance sheet remains in a strong position, ending the quarter with $401.5 million in cash and marketable securities. We'll be using this to support our continued investments and initiatives across our business as we look to move into the next exciting chapter of the Shake Shack story.

資產負債表保持強勁，本季度末現金和有價證券為 4.015 億美元。我們將用它來支持我們在整個業務中的持續投資和計劃，因為我們希望進入 Shake Shack 故事的下一個激動人心的篇章。

We're not immune to the challenges that continue to impact the overall hospitality industry landscape. Although we are likely to continue to face headwinds as we move into next year, we are confident that our investments across our business and our people position us well as we move towards a more normal operating environment.

我們不能倖免於繼續影響整個酒店業格局的挑戰。儘管我們在進入明年時可能會繼續面臨逆風，但我們相信，我們對業務和員工的投資將使我們處於有利地位，因為我們正朝著更正常的運營環境邁進。

As mentioned before, we continue to be thankful to our employees and their families for their hard work and dedication during this unprecedented time. As always, we hope that everyone continues to remain safe and healthy as we move into the holiday season.

如前所述，我們繼續感謝我們的員工及其家人在這個前所未有的時期內的辛勤工作和奉獻精神。與往常一樣，我們希望每個人在進入假期時都能繼續保持安全和健康。

And with that, I'll turn it back to Randy.

有了這個，我會把它轉回給蘭迪。

Thanks, Katie. It's really encouraging to see our teams capitalize on the broad-based sales recovery and renewed momentum we're seeing across the country. Shake Shack was built as a community gathering place, and it's gratifying to again see our Shacks filled with friends, colleagues and visitors. There's no doubt a number of macro factors are impacting our business at the moment. We expect much of that uncertainty to remain through this year and well into 2022.

謝謝，凱蒂。看到我們的團隊利用我們在全國范圍內看到的廣泛的銷售復甦和新的勢頭，真是令人鼓舞。 Shake Shack 是作為社區聚會場所而建造的，很高興再次看到我們的 Shack 擠滿了朋友、同事和訪客。毫無疑問，目前有許多宏觀因素正在影響我們的業務。我們預計大部分不確定性將持續到今年和 2022 年。

I've been working in restaurants since I was 13 years old. It's never been an easy business, and I believe most would agree that this is a particularly challenging time with so many persistent pressures hitting all at once. But history tells us that there are seasons to these challenges, and great teams and great brands endure.

我從 13 歲起就在餐館工作。這從來都不是一件容易的事，而且我相信大多數人都會同意，這是一個特別具有挑戰性的時期，同時面臨著如此多的持續壓力。但歷史告訴我們，這些挑戰存在季節，偉大的團隊和偉大的品牌經久不衰。

None of us knows exactly what's coming next. And what we do know is that our team is working harder than ever to take care of each other, bring hospitality to our neighborhoods, transform our Shack formats, invest in critical digital infrastructure and uplift everyone in our Shack community along the way. We look forward to sharing a Shack Burger with you soon. And as always, I hope you and your family stay safe and healthy.

我們誰也不知道接下來會發生什麼。我們所知道的是，我們的團隊比以往任何時候都更加努力地互相照顧，為我們的社區帶來熱情好客，改變我們的 Shack 格式，投資於關鍵的數字基礎設施，並在此過程中提升我們 Shack 社區中的每個人。我們期待很快與您分享 Shack Burger。和往常一樣，我希望您和您的家人保持安全和健康。

With that, operator, go ahead and open up the call for questions.

有了這個，接線員，繼續打開問題的電話。

(Operator Instructions) Our first question is from Jim Sanderson with Northcoast Research.

（操作員說明）我們的第一個問題來自 Northcoast Research 的 Jim Sanderson。

Congratulations on an improving quarter. I wanted to dig into your commentary about some temporary operational delays in the third quarter and how that impacted average weekly sales. Are you experiencing any reduction in average weekly sales in the current quarter related to staffing challenges?

祝賀季度改善。我想深入了解您對第三季度一些臨時運營延遲以及這如何影響平均每週銷售額的評論。您是否在本季度遇到與人員配備挑戰相關的平均每週銷售額減少的情況？

From time to time -- Jim, thanks. Yes, we named a couple of things in the third quarter, right, about 100 days of full closures, right? Now the average weekly sales adjust for that, okay? So that is not included in those. But what we saw in the third quarter, obviously, we had hurricanes in the South, we had some pretty dynamic weather in the Northeast as well, but a lot of those were COVID-related closures. From time to time, as Katie noted, we do see either shortened hours or sometimes some small disruptions from staffing. It's not broad, but it is from time to time and in certain Shacks.

不時——吉姆，謝謝。是的，我們在第三季度命名了幾件事，對，大約 100 天完全關閉，對吧？現在平均每週銷售額會調整，好嗎？所以這不包括在那些中。但我們在第三季度看到的情況很明顯，南方有颶風，東北部也有一些非常動態的天氣，但其中很多是與 COVID 相關的關閉。正如凱蒂指出的那樣，我們不時會看到工作時間縮短，或者有時會出現人員配備的一些小中斷。它並不廣泛，但它有時會出現在某些棚屋中。

We also see certain things with supply chain, right? We've had moments, like every company has talked about, where certain things we need to operate on a given day don't arrive on the truck. It's frustrating for our team. It's not foreseeable in most cases and it's hard, and that does, at times, impact our sales. Again, it is not broad-based. It is more here and there. But there's some small impact in this quarter, and we would expect, for some time to come, that's going to continue.

我們也看到了供應鏈的某些東西，對吧？就像每家公司都談到的那樣，我們曾經有過這樣的時刻，我們需要在某一天進行操作的某些事情沒有到達卡車上。這對我們的團隊來說是令人沮喪的。在大多數情況下這是不可預見的，而且很難，而且有時確實會影響我們的銷售。同樣，它的基礎並不廣泛。它在這里和那裡更多。但是本季度會有一些小的影響，我們預計，在未來一段時間內，這種影響會持續下去。

All right. And a quick follow-up question on pricing. I think you mentioned low single-digit pricing. A lot of your peers are taking their prices up mid- to high-single digits. In some instances, we're seeing menu prices increase 10%. Given the cost inflation pressures on food and labor, wondering how you're looking at menu pricing going into the fourth quarter and into 2022, meaning can we expect maybe a few more menu price adjustments over the next several quarters in addition to what you've already proposed?

好的。還有一個關於定價的快速跟進問題。我想你提到了低個位數的定價。您的許多同行正在將他們的價格提高到中高個位數。在某些情況下，我們看到菜單價格上漲了 10%。考慮到食品和勞動力的成本通脹壓力，想知道您如何看待進入第四季度和 2022 年的菜單定價，這意味著我們是否可以預期在接下來的幾個季度中，除了您的菜單價格之外，還會有更多的菜單價格調整？已經提出了嗎？

Yes, we're going to look at it really closely. Look, we have a history of 17 years of basically taking 1% to 2% a year. We have been at or below CPI increases forever. We don't love taking more price. We want to be a brand that sustains the test of time. Even now with these pressures, we may be taking less price than we could. However, we are going to be patient about it. So we've taken roughly 3% to 3.5%. We've done some of that in our digital channels where we've increased. We talked about this last quarter, on our third-party delivery, we have a 10% upcharge in there. So we're doing it more surgically.

是的，我們將仔細研究它。看，我們有17年的歷史，基本上每年拿1%到2%。我們一直處於或低於 CPI 漲幅。我們不喜歡採取更多的價格。我們希望成為一個經得起時間考驗的品牌。即使現在有這些壓力，我們可能會採取比我們能承受的更低的價格。但是，我們將對此保持耐心。所以我們取了大約 3% 到 3.5%。我們已經在我們增加的數字渠道中完成了其中的一些工作。我們在上個季度談到了這一點，在我們的第三方交付中，我們有 10% 的附加費。所以我們正在做更多的手術。

Should we continue to see rapid inflationary costs on any part of the P&L, we may consider taking more price earlier next year than we planned. Today, we don't have a plan on that. We got our -- sort of towards the end of October, we got our 3% to 3.5% price flowing through the system. We feel good about that. That's hitting now. And again, it's not going to offset all of the pressures we see at the moment. But for Shake Shack, we take a long view on these things, and we'll keep an eye on it closely.

如果我們繼續在損益表的任何部分看到快速的通脹成本，我們可能會考慮在明年早些時候採取比我們計劃的價格更高的價格。今天，我們沒有這方面的計劃。我們得到了我們的 - 有點像 10 月底，我們得到了 3% 到 3.5% 的價格流經系統。我們對此感覺良好。現在正在打。再說一次，它不會抵消我們目前看到的所有壓力。但是對於 Shake Shack，我們對這些事情有長遠的看法，我們會密切關注它。

And just building on that point there, when you think about how early we are on our growth potential, I think that's something that's really important to keep in mind. We still have many more Shacks to build and to open, many new markets to enter and many new formats. And so echoing on Randy's point here, being mindful of that as we think about price will be absolutely essential.

就在那一點上，當你想到我們的增長潛力有多早時，我認為這是非常重要的事情要牢記。我們還有更多的棚屋要建造和開放，還有許多新的市場要進入，還有許多新的形式。因此，在這裡呼應蘭迪的觀點，在我們考慮價格時注意這一點將是絕對必要的。

Our next question is from Jared Garber with Goldman Sachs.

我們的下一個問題來自高盛的 Jared Garber。

Lots of great details to digest. I wanted to dive into the suburban trends that you guys disclosed. In October, the trends are particularly encouraging, that plus 7%, but there seem to be a pretty meaningful step-up versus September. And I just wanted to know if there's anything specific that's driving that. Is there a seasonality impact there, something in the consumer or something more granular to your strategy that drove that?

很多很棒的細節要消化。我想深入探討你們披露的郊區趨勢。 10 月份的趨勢特別令人鼓舞，增加了 7%，但與 9 月份相比似乎有了相當大的提升。我只是想知道是否有任何具體的驅動因素。那裡是否存在季節性影響，消費者中的某些因素，或者您的策略中更細化的因素推動了這種影響？

Jared, yes, I mean October, really across the board for us, was just very broad-based. There was a small benefit from the price that we took in the month. We took it mid-month. But what we're seeing here is a strong rebound in traffic across the board. We thought -- we outlined and gave a little bit more detail around our different type of suburban formats. And really it was -- all of those improved. And the important thing here is that we're beating seasonality. So typically, you would expect a more muted October. And across the board, we outperformed that.

Jared，是的，我的意思是 10 月份，對我們來說真的是全面的，基礎非常廣泛。我們在這個月的價格中獲得了一點好處。我們在月中拿了它。但我們在這裡看到的是全面的流量強勁反彈。我們想——我們圍繞我們不同類型的郊區格式概述並提供了更多細節。真的是——所有這些都得到了改善。這裡重要的是我們正在擊敗季節性。所以通常情況下，你會期待一個更加平靜的十月。總體而言，我們的表現優於這一點。

I'd really also highlight here, we have a pretty strong performing LTO right now with Black Truffle. We launched that through our app-only channel to begin with and then rolled it out to our stores and just recently through a third party. I've been seeing a lot of strong reception there on that front. And on that point, we talked about a little bit in the script, but we're charging $8.99 for that, for the Black Truffle Burger in our core urban markets, and we're really learning a lot about our ability to kind of pass on a really premium elevated product to our guests.

我真的還要在這裡強調一下，我們現在有一個非常強大的 LTO 和 Black Truffle。我們一開始是通過我們的純應用程序渠道推出的，然後將其推廣到我們的商店，最近才通過第三方推出。我在這方面看到了很多強烈的反響。在那一點上，我們在劇本中談了一點，但我們為此收取 8.99 美元，用於我們核心城市市場的黑松露漢堡，我們真的學到了很多關於我們通過能力的知識為我們的客人提供真正優質的高級產品。

And Jared, I would also just note, if you're talking about suburban, I think one of the notes that is a good vital sign is urban continues to improve and with that, suburban improved. So that was encouraging. Now look, we've said it, we've shared it, we still have a long way to go in our urban business, especially in New York City and other large metropolitan areas still not fully recovered and have great impact on the company overall. But it's encouraging to see the continued recovery in all of those markets.

賈里德，我還要指出，如果你在談論郊區，我認為一個很好的生命體徵的註釋之一是城市繼續改善，因此，郊區得到改善。所以這是令人鼓舞的。現在看，我們說了，我們分享了，我們的城市業務還有很長的路要走，尤其是紐約市和其他大都市區還沒有完全恢復，對公司整體影響很大.但令人鼓舞的是，所有這些市場都在持續復甦。

Yes, that's great. And if I can just quickly follow up on -- just a quick question on beef prices. I know you noted that beef was up 30% year-over-year in the third quarter. I'm not sure if I missed it, but did you give an update on what the fourth quarter was looking like so far? Are you seeing that measure accelerate, decelerate, kind of hold in that 30%? Any color would be really helpful.

是的，那太好了。如果我能快速跟進 - 只是一個關於牛肉價格的快速問題。我知道你注意到第三季度牛肉同比增長 30%。我不確定我是否錯過了它，但是您是否提供了迄今為止第四季度的最新情況？您是否看到該措施加速，減速，保持在這 30% 中？任何顏色都會很有幫助。

Yes, sure. So beef prices, again, as we talked about, really kind of spiked up in the second -- or in the third quarter. We've seen them come down a little bit, but they are still at elevated levels. And we're seeing them hold a little bit, come down from the high highs, but we're definitely still in an inflationary environment.

是的，當然。因此，正如我們所說，牛肉價格再次在第二季度或第三季度飆升。我們已經看到它們有所下降，但它們仍處於較高水平。而且我們看到它們保持了一點點，從高點回落，但我們肯定仍處於通脹環境中。

Our next question is from Nicole Miller with Piper Sandler.

我們的下一個問題來自 Nicole Miller 和 Piper Sandler。

2 quick ones. The first is just a numbers question. When you think about October and November and December in the prior year, was there anything notable in -- well, maybe a 2-year trend, anything notable in same-store sales adjustments that we would want to know, like it's an easing comparison or a more challenging comparison? And then just making sure October would be the lowest average weekly sales month of the quarter, is that the right way to think about it?

2個快速的。第一個只是一個數字問題。當您考慮上一年的 10 月、11 月和 12 月時，是否有什麼值得注意的——嗯，也許是 2 年的趨勢，我們想知道的同店銷售調整有什麼值得注意的地方，比如這是一個寬鬆的比較還是更具挑戰性的比較？然後只是確保 10 月是本季度平均每週銷售量最低的月份，這是正確的思考方式嗎？

Well, there's a couple of things. There's some calendar shifts and some other things. Generally, in '19, if you look back at that quarter, we talked about sort of a decelerating trend and being a little bit weaker towards the end of the year. Now we've got -- because of the week shift and also there's a little call-out, which matters for Shake Shack, when holidays and where they fall.

嗯，有幾件事。有一些日曆變化和其他一些事情。一般來說，在 19 年，如果你回顧那個季度，我們談到了一種減速趨勢，並且在年底時會有所減弱。現在我們有了——因為每週輪班，而且還有一點提醒，這對 Shake Shack 來說很重要，什麼時候放假，什麼時候放假。

So if you look at the calendar, we're going to have a few days of that Christmas holiday in this year of 2021 and others going into the first quarter. That will have a negative impact on our P12 upcoming. Additionally, Christmas is on a Saturday. We will lose that day of sales. That is worse than in years past when you lose a Thursday or a Friday day of sales. So that's a little bit of a pressure for us as we look at P12 pressure.

因此，如果您查看日曆，我們將在 2021 年的聖誕節假期中度過幾天，而其他人將進入第一季度。這將對我們即將推出的 P12 產生負面影響。此外，聖誕節是在星期六。我們將失去那一天的銷售。這比過去幾年在周四或週五失去銷售時更糟糕。因此，當我們查看 P12 壓力時，這對我們來說有點壓力。

And then just a high-level question. Like super appreciative of the color and commentary around the different venues that you have going forward, like I'm thinking about drive-thrus, and there was some commentary around the kiosks and the employees' efficiency there. But the fact of the matter is the friction point changes as you change your channels and modes of operation. And so I don't really -- or a customer doesn't walk in and get that necessarily Shack hospitality at the point of sale. And so I can understand everything you're doing from a sales and marketing and consumer-facing perspective. But the question is, what are you doing from an employee training perspective to align yourselves in that way to still produce like the hospitality that you're known for?

然後只是一個高級問題。就像超級欣賞你前進的不同場地周圍的顏色和評論一樣，就像我在考慮得來速一樣，關於售貨亭和那裡的員工效率有一些評論。但事實上，當您改變渠道和操作模式時，摩擦點也會發生變化。所以我真的不 - 或者客戶不會在銷售點走進並獲得必然的 Shack 款待。所以我可以從銷售和營銷以及面向消費者的角度理解你所做的一切。但問題是，從員工培訓的角度來看，您正在做什麼以使自己以這種方式保持一致，從而仍然像您所熟知的熱情好客一樣工作？

Yes. That's where you heard me, Nicole, say so many things about our focus on the guest experience, specifically to your question because we think about your question a lot. And I noted, I've been working in restaurants my whole life, like I can remember the days when we switched our reservation systems at Union Square Cafe from a pencil and paper to open table, right? And these things that you said, geez, this could kind of hurt hospitality.

是的。那就是你聽到我的地方，妮可，說了很多關於我們對客戶體驗的關注，特別是關於你的問題，因為我們經常考慮你的問題。我注意到，我一生都在餐館工作，就像我記得我們將聯合廣場咖啡館的預訂系統從鉛筆和紙切換到開放式桌子的日子一樣，對吧？你說的這些話，天哪，這可能會損害熱情好客。

If we do it right, and we will, technology should enable hospitality. Digital hospitality should exist in the way that our products work, in the way that they should be on your side, make the experience easier. I can tell you as a consumer, I don't ever want to wait in line. I haven't ordered with a human being myself at Shake Shack in years, right? Because the experience I want is the digital hospitality for the stuff that is more annoying, that is ordering and paying.

如果我們做對了，而且我們會做的，技術應該能夠實現熱情好客。數字化款待應該存在於我們產品的工作方式中，就像它們應該站在您這邊一樣，讓體驗變得更輕鬆。作為消費者，我可以告訴你，我不想排隊等候。我已經好幾年沒在 Shake Shack 和一個人訂過餐了，對吧？因為我想要的體驗是對更煩人的東西的數字款待，即訂購和支付。

However, when I get to my Shack, I still want to talk to a nice person. I want it to be well-prepared. I want my food hot and cold where it belongs. And I want that to be seamless, whether I'm staying or leaving. And we're going to have to continue to work on that as we add convenience factors such as drive-thru, drive-ups and all these other things.

然而，當我到達我的小屋時，我仍然想和一個好人交談。我希望它做好充分的準備。我希望我的食物在它所屬的地方既冷又熱。我希望這是無縫的，無論我是留下還是離開。我們將不得不繼續努力，因為我們增加了便利因素，例如得來速、駕車和所有其他東西。

What we generally see is that people are very pleased when we do those things. And as in-Shack sales has returned, people will still love coming to Shake Shack. And as this COVID recovery we hope continues in the right trend, people are coming back. They are coming back. And they're also coming back but preordering on the app or ordering with our kiosk, as Katie talked a lot about in there.

我們通常看到的是，當我們做這些事情時，人們會非常高興。隨著 Shack 內銷售的回歸，人們仍然會喜歡來 Shake Shack。隨著我們希望這種 COVID 復甦繼續保持正確的趨勢，人們正在回歸。他們要回來了。他們也回來了，但在應用程序上預購或通過我們的信息亭訂購，因為凱蒂在那裡談了很多。

Yes. And on that point, too, there is just such an increased opportunity. There's such a strong opportunity to continue to invest in digital in the Shack to provide an even better guest experience. I know many of -- everybody on the line has probably been into a Shake Shack. And one of the things that we are investing in next year even more on, and I talked about this in the script, is just really a pickup screen to help direct people to where they should be waiting for their order.

是的。在這一點上，也有這樣一個增加的機會。有如此巨大的機會繼續在 Shack 中投資數字化，以提供更好的賓客體驗。我知道很多——在線上的每個人都可能去過Shake Shack。明年我們將進一步投資的一件事，我在劇本中談到了這一點，實際上只是一個引導屏幕，幫助引導人們到他們應該等待他們的訂單的地方。

Now it might seem like that might not be that big of a deal, but what that does for the guest experience is helping them be able to figure out where to go and, in some cases, how long their wait time will be. That, we think, will leave them delighted and better understand where their ordering process will play out.

現在看起來這似乎沒什麼大不了的，但這對客人體驗的作用是幫助他們弄清楚去哪裡，在某些情況下，他們的等待時間會是多長。我們認為，這將使他們感到高興，並更好地了解他們的訂購過程將在哪裡進行。

And then from just a staffing perspective alone, freeing up people from taking cash -- orders at the cash register and actually greeting guests and making sure that they're keeping the dining rooms fresh, that is all a great opportunity to enhance our guest experience. And so when we -- as Randy said, we closely look at our guest experience scores all the time. And we are very pleased with what we see from kiosk versus our in-Shack at the register transaction.

然後僅從人員配置的角度來看，將人們從收銀台的訂單中解放出來，並實際問候客人並確保他們保持餐廳新鮮，這都是提升我們客人體驗的絕佳機會.因此，當我們——正如蘭迪所說，我們一直密切關注我們的客戶體驗分數。我們對我們在登記交易中從信息亭與我們的小屋中看到的情況感到非常滿意。

Our next question is from Michael Tamas with Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Michael Tamas。

You've always talked about how important menu innovation is to your business. So is the current environment with commodities, supply chain and staffing limiting your ability in any way to sort of test this menu innovation and roll it out at the pace and with the items you'd like to? Meaning that as the environment improves, does that actually give you an opportunity to sort of drive your sales in a way you may not be able to do so today?

您一直在談論菜單創新對您的業務有多麼重要。那麼當前的商品、供應鍊和人員配置環境是否會以任何方式限制您測試這種菜單創新並以您想要的速度和項目推出的能力？這意味著隨著環境的改善，這是否真的讓您有機會以您今天可能無法做到的方式推動您的銷售？

Yes, a little bit of balance on that. Yes, there's definitely disruptions we have from time to time. Certain things like already -- things we have planned just getting caught up in supply chain challenges. There's also things that can seem small, but basic paper goods that we may not be able to get, and you're seeing this across every industry, every retailer where different things are popping up. That's happening with us, too. So sometimes that is happening, but it isn't really a material distraction for us.

是的，在這方面有點平衡。是的，我們肯定會不時遇到干擾。某些事情已經 - 我們計劃的事情剛剛陷入供應鏈挑戰。還有一些看起來很小的東西，但我們可能無法獲得基本的紙製品，你會在每個行業、每個零售商都看到這種情況，不同的東西正在湧現。這也發生在我們身上。所以有時會發生這種情況，但這對我們來說並不是真正的物質分心。

Look, we simplified the menu a bit during COVID, right? We removed Chicago-style hotdogs, which had a high number of items. We removed concretes, which had a high number of items. Some of those things we may test bringing back again, but now is not the environment. When you have both supply chain and labor disruption challenges, we really want to be as focused as possible. And when we do LTOs, like we're doing now, we want them to be run for a significant period of time so we can work through some of that disruption and to be impactful. That's so far what we're seeing with Black Truffle, and we'll have a fun slate of LTOs that we hope can be impactful next year.

看，我們在 COVID 期間稍微簡化了菜單，對吧？我們刪除了芝加哥風格的熱狗，其中包含大量物品。我們拆除了含有大量物品的混凝土。其中一些東西我們可能會再次測試，但現在不是環境。當您同時面臨供應鍊和勞動力中斷挑戰時，我們真的希望盡可能專注。當我們做 LTO 時，就像我們現在正在做的那樣，我們希望它們運行很長一段時間，這樣我們就可以克服一些中斷並產生影響。到目前為止，這就是我們在 Black Truffle 中看到的情況，我們將擁有一系列有趣的 LTO，我們希望它們在明年能夠產生影響。

And then on your '22 development, are all those sites sort of signed and locked and ready to go and maybe just sort of construction and the equipment you're waiting on? And then just maybe on the equipment side of things, can you buy stuff today that you may not need for a little while, but just so it's ready to go so you minimize your interruptions?

然後在您的 '22 開發中，所有這些站點是否都已簽署並鎖定並準備就緒，也許只是某種建設和您正在等待的設備？然後也許只是在設備方面，你今天能買一些你可能暫時不需要的東西，但它已經準備好了，這樣你就可以最大限度地減少干擾？

Yes, as much as possible. Not every one of those 45 to 50 is signed, but they're certainly identified, right? And we have more than that, that we identified this far out in a class where we're looking at what that class could be with the goal and target of 45 to 50. But we named this and it's really important to name it, you're seeing more disruption than ever in the development side, right? Whether it is a landlord who can't get materials and, therefore, cannot deliver the space to us, permitting supply chain challenges, local governments, I mean it's just a series of cascading items that you hear about every day, you listen to the news.

是的，盡可能地。並不是這 45 到 50 人中的每一個人都有簽名，但他們肯定是被識別出來的，對吧？我們還有更多，我們在一個班級中確定了這一點，我們正在研究這個班級可能是什麼，目標和目標是 45 到 50。但是我們命名了這個，命名它真的很重要，你'在開發方面看到比以往更多的破壞，對嗎？無論是房東無法獲得材料，因此無法將空間交付給我們，允許供應鏈挑戰，地方政府，我的意思是這只是你每天聽到的一系列級聯項目，你聽消息。

Now we still believe we can deliver on the 45 to 50. We think it will be more back-weighted, as often happens, but certainly going to happen next year. We know this. And where we can either prebuy or pre-prepare, we'll do that. And certain things -- you may have American-made items that are waiting for a part that couldn't -- that needs to go somewhere. You may have things as basic as some of our kitchen equipment, some of our WiFi equipment. From time to time, you're just having funky disruptions. And we expect that stuff is going to be choppy for a bit, and I don't think we're alone in that.

現在我們仍然相信我們可以在 45 到 50 之間實現。我們認為它會更加偏重，就像經常發生的那樣，但肯定會在明年發生。我們知道這一點。在我們可以預先購買或預先準備的地方，我們會這樣做。某些東西——你可能有美國製造的物品正在等待一個不能等待的部分——需要去某個地方。您可能擁有一些基本的廚房設備、一些 WiFi 設備。時不時地，你只是有一些時髦的干擾。我們預計這些東西會有點波濤洶湧，我認為我們並不孤單。

Our next question is from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

So culture is core to how you operate the company. In the face of current challenges, can you talk about what you're seeing with turnover as well as just overall sentiment among your teams and managers? Are there any markets or regions where you've seen outside pockets of labor challenges?

因此，文化是您運營公司的核心。面對當前的挑戰，您能否談談您所看到的營業額以及團隊和經理之間的整體情緒？您是否在任何市場或地區看到了勞動力挑戰之外的領域？

Yes. Well, okay, a couple of ways to answer that. Yes, I would say turnover is generally elevated this year than in years past. We expect that. You're seeing that everywhere. That's true of our industry right now. And I expect that will continue for a while. And we're hopeful that people continue to come back to the workforce and that they make the choice to work with Shake Shack. We're doing more than ever in our recruiting and our investments there.

是的。好吧，有幾種方法可以回答這個問題。是的，我想說今年的營業額普遍高於往年。我們希望如此。你到處都能看到。我們現在的行業就是這樣。我預計這將持續一段時間。我們希望人們繼續重返工作崗位，並希望他們選擇與 Shake Shack 合作。我們在招聘和投資方面做得比以往任何時候都多。

And then -- I'm sorry, remind me the second part of your question.

然後 - 對不起，提醒我你問題的第二部分。

If you're seeing -- yes, so well, one, which is overall sentiment amongst your team. And then I guess the second part was any markets or regions where you're seeing outside pockets...

如果你看到——是的，很好，一個，這是你團隊的整體情緒。然後我猜第二部分是你看到外部口袋的任何市場或地區......

Oh, yes. Sorry, yes. Sorry, Lauren, yes. I've said this before, where it was hard before COVID, it's hard. And where it was easier, it's easier. And that just kind of exists. I think you see that in certain markets around the country that have always been hard, especially in some of our, further out, some of our suburban markets where you have younger workforce generally working. And you may not have as many of them whose parents don't want them to work during the time of COVID, right, or small examples like that, that get bigger over time. But look, this is going to be an ongoing journey. It's hard, it's been hard, it's going to be hard, and we're going to continue to focus to take care of our team.

哦是的。對不起，是的。對不起，勞倫，是的。我以前說過，在 COVID 之前很難，很難。在更容易的地方，它更容易。這就是存在的。我想你會看到，在全國各地的某些市場一直很艱難，特別是在我們的一些更遠的郊區市場，那裡有年輕的勞動力普遍工作。而且你可能沒有那麼多父母不希望他們在 COVID 期間工作的人，或者像這樣的小例子，隨著時間的推移會變得更大。但是看，這將是一個持續的旅程。這很難，很難，會很難，我們將繼續專注於照顧我們的團隊。

If I could just ask a quick one on commodity costs. So how are you thinking about the sustainability of elevated commodity costs? I understand sort of the near-term dynamics, high-demand labor shortages due to that labor cost increasing across the supply chain. So trying to feel or understand how you're thinking about that in the context of willingness to take price if more of this is a bit structural in nature.

如果我能快速詢問一下商品成本。那麼，您如何看待商品成本上漲的可持續性？我理解由於整個供應鏈的勞動力成本增加而導致的短期動態，高需求勞動力短缺。因此，如果更多這在本質上有點結構性，那麼在願意接受價格的情況下，試著去感受或理解你是如何考慮的。

Yes. So on that point, we expect to be in this inflationary environment for the foreseeable future. And while we might be seeing moderation at elevated levels in beef, we're starting to see, and we've called this out, that paper packaging and freight are moving up. So we're just in a very -- a pretty inflationary time and certainly not immune from the effects of the broader industry here. And as Randy said, we are pleased so far with the price increase that we put through in October, but we're going to wait and see how that plays out. And we could take more price next year, but it's not something that we have committed to at this point in time.

是的。因此，在這一點上，我們預計在可預見的未來將處於這種通脹環境中。雖然我們可能會看到牛肉的含量有所下降，但我們開始看到，並且我們已經提出了這一點，紙包裝和運費正在上漲。所以我們正處於一個非常 - 相當通貨膨脹的時期，當然不能免受這裡更廣泛行業的影響。正如蘭迪所說，到目前為止，我們對 10 月份的價格上漲感到滿意，但我們將拭目以待，看看結果如何。明年我們可能會採取更高的價格，但這不是我們目前承諾的事情。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 和 Cowen。

I had a question for both of you. So first, just Randy, on the October price increase, if I recall, I think you guys were running 5% pricing premium on third-party delivery. You mentioned you're now 10%. Was that price increase you took in October, was that exclusively on marketplace channels? Or can you tell us how much is balanced between marketplace as well as in-store, if that's possible?

我有一個問題要問你們兩個。首先，蘭迪，關於 10 月份的價格上漲，如果我記得的話，我認為你們在第三方交付上運行 5% 的定價溢價。你提到你現在是 10%。您在 10 月份採取的價格上漲是僅在市場渠道上進行的嗎？或者，如果可能的話，您能否告訴我們市場和店內之間的平衡程度？

Yes, so it's a balance. It's regional also netting out to 3% to 3.5%, we think, over the whole system, okay? We moved from 5% to 10% in July on our third-party delivery services, okay? So obviously, that -- you can work that out. It was less than that in the overall regular pricing of in-Shack pricing.

是的，所以這是一種平衡。我們認為，在整個系統中，區域性的淨額也達到 3% 到 3.5%，好嗎？ 7 月份，我們的第三方送貨服務從 5% 提高到 10%，好嗎？很明顯，那 - 你可以解決這個問題。低於 Shack 定價的整體常規定價。

Got it. Okay, that's helpful. And then, Katie, I totally get the industry staffing commodity challenges that weighed on 3Q margins or guide to persist in 4Q. And it sounds like, unfortunately, they will be around for a good portion of 2022. And I know you're not ready to formally guide 2022 restaurant margins, but I think investors are looking for some guardrails. So is it fair to say 2022 margins will be able to trend above 18%, the low end of the long-term guidance?

知道了。好的，這很有幫助。然後，凱蒂，我完全理解了影響第三季度利潤率或指導第四季度持續存在的行業人員配備商品挑戰。不幸的是，聽起來它們將在 2022 年的大部分時間裡出現。而且我知道你還沒有準備好正式指導 2022 年的餐廳利潤率，但我認為投資者正在尋找一些護欄。那麼可以說 2022 年的利潤率將能夠超過 18%（長期指導的低端）嗎？

We're not giving guidance at this point. What we've tried to do is just kind of highlight the pressures that the business is facing.

我們目前不提供指導。我們試圖做的只是強調企業面臨的壓力。

And we expect these pressures that you're seeing now to continue. I think that's the punchline. On COGS, labor and the main pressures that we have, we expect to continue into '22. Now again, we look at the vital signs of our business right now in a long-term basis, and that looks like the continued straight-line recovery of our sales that we've talked about for the last year. And that's where we are really focused. There's going to be some things out of our control right now. There are some things that we can do about those elevated costs that are hurting our margins. But in general, we are expecting margins to be pressured for some time.

我們預計您現在看到的這些壓力將繼續存在。我認為這就是妙語。在 COGS、勞動力和我們面臨的主要壓力方面，我們預計將持續到 22 年。現在，我們再次從長遠的角度審視我們目前業務的生命體徵，這看起來就像我們去年談到的銷售額的持續直線復甦。這就是我們真正關注的地方。現在會有一些事情超出我們的控制。對於那些損害我們利潤的高成本，我們可以做一些事情。但總的來說，我們預計利潤率將在一段時間內受到壓力。

Our next question is from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

2 questions. The first one, on the pipeline for next year, the 45 to 50 U.S. company operated, I think you mentioned already, you've already got the sites chosen. You're still working on some of the paperwork. But it seems like people would be more of the issue based on the conversations thus far. I know some of your peers are talking about having a tough time recruiting and retaining managers. And it would seem like it will be more of an issue for a brand that's actually adding 50 units above and beyond the hiring just to fill the existing posts.

2個問題。第一個，明年的管道，45 到 50 家美國公司運營，我想你已經提到過，你已經選擇了網站。你還在處理一些文書工作。但根據迄今為止的對話，似乎人們會成為更多的問題。我知道你的一些同行正在談論招聘和留住經理的艱難時期。對於一個實際上在招聘之外增加 50 個單位來填補現有職位的品牌來說，這似乎會成為一個更大的問題。

So I'm just wondering if you can give any qualitative color or some metrics to demonstrate your confidence in the people pipeline that you're opening up these stores, but they're set up for success with however many hundreds of managers you've got lined up and ready to run their own restaurant. And then I had one follow-up.

因此，我只是想知道您是否可以提供任何定性顏色或一些指標來證明您對開設這些商店的人員管道的信心，但是無論您擁有多少數百名經理，它們都是為了成功而建立的排好隊，準備經營自己的餐廳。然後我進行了一次跟進。

Yes. That is exactly what we talk about every day and making sure that we are recruiting, retaining and developing. Katie talked about Shift Up, our program where right now, we have nearly 60 of our shift managers who are going through a leadership development program in order to work their way up to exempt salary level managers. We also are strategically, it's an important thing we're doing here, not going to too many new markets next year, right? That helps you when you need to grow teams from within and not have to move people, that helps. But you're hitting on the right pressure. It's not going to be easy, and that is hard work.

是的。這正是我們每天都在談論的內容，並確保我們正在招聘、留住和發展。 Katie 談到了 Shift Up，這是我們的計劃，目前，我們有近 60 名輪班經理正在接受領導力發展計劃，以便逐步提高工資水平經理的豁免。我們也在戰略上，這是我們在這裡做的一件重要的事情，明年不會去太多的新市場，對吧？當您需要從內部發展團隊而不需要調動人員時，這對您很有幫助，這很有幫助。但你正在施加正確的壓力。這並不容易，而且是艱苦的工作。

Now if you look at our percentage growth, we have strong percentage unit growth, call it, roughly 25-plus percent next year just in our company-operated domestic. Those are the kind of numbers we've looked at year-on-year, and that's some impressive growth, and we believe we can hit it. And again, if we -- if for some reason we see that we need to slow those down, we would.

現在，如果你看看我們的百分比增長，我們有強勁的百分比單位增長，稱之為，僅在我們公司運營的國內，明年大約 25% 以上。這些是我們逐年查看的數字，這是一些令人印象深刻的增長，我們相信我們可以實現這一目標。再說一次，如果我們 - 如果出於某種原因我們看到我們需要放慢速度，我們會的。

But that's the bench we're building. It's the opportunities we're giving. It's why we're going to spend money. If you follow the story for a long time on our leadership retreat, which will be next year in first quarter, we expect to spend a lot of time and money developing the nearly 1,100 managers that we have across all of our restaurants across the country.

但這就是我們正在建造的長凳。這是我們提供的機會。這就是我們要花錢的原因。如果您長時間關注我們的領導力撤退（將於明年第一季度舉行），我們預計將花費大量時間和金錢來培養我們在全國所有餐廳擁有的近 1,100 名經理。

Understood. And then the follow-up is just on the restaurant margin. And I know you said there's no specific guardrails that you're providing for 2022 at this point other than the puts and takes. I'm just wondering if there's a certain level over time that you'd say here's a line in the sand where we will take incremental pricing because this business needs to hold a certain margin, whether or not it's via incremental cost savings that you might have or I know a lot of people are pushing on the incremental menu pricing opportunity. But is there a level where you say these pressures are just too much, and therefore, that would dictate a certain minimum amount of price increase just to hold that certain margin level, whether it's in 2022 or beyond?

明白了。然後跟進只是在餐廳邊緣。而且我知道您說過，除了看跌期權之外，您目前沒有為 2022 年提供特定的護欄。我只是想知道隨著時間的推移是否存在一定的水平，您會說這是一條我們將採取增量定價的界限，因為該業務需要保持一定的利潤，無論您是否通過增量成本節省可能有或者我知道很多人都在推動增加菜單定價的機會。但是，您是否說這些壓力太大了，因此，無論是在 2022 年還是之後，這將規定一定的最低價格上漲量以保持一定的利潤率水平？

We've never thought about it that linearly. I would say we've always thought about it as what is the point where the guest is having a great experience and this restaurant is going to be here for many years to come. We don't run our restaurants by percentages. We run them by guests and human beings and people who need to come in and love our product. If we sense that we continue to have added pressures and it would -- it is -- would be accepted and well received by that community, then we may certainly choose to take more price in those.

我們從來沒有這麼線性地考慮過它。我想說的是，我們一直認為這是讓客人獲得美妙體驗的意義所在，而這家餐廳將在未來很多年都在這裡。我們不按百分比經營餐廳。我們由客人和人類以及需要進來並喜歡我們產品的人經營它們。如果我們感覺到我們繼續增加壓力，並且它會 - 它是 - 會被該社區接受和接受，那麼我們當然可能會選擇在這些方面採取更高的價格。

But we're long-term thinkers. We're not going to overreact because we are having -- we are all as a world. Shake Shack is not unique in this conversation. The world is experiencing very high inflationary pressure. And let's be patient and let's see where that goes in the coming quarters.

但我們是長遠的思考者。我們不會反應過度，因為我們擁有——我們都是一個世界。在這次談話中，Shake Shack 並不是獨一無二的。世界正在經歷非常高的通脹壓力。讓我們耐心等待，讓我們看看未來幾個季度的情況。

Our next question is from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

Randy, I just want to come back to the development question. And I guess, given the pressures on labor, given the pressures on costs which you have to live with in development forever, have you ever contemplated that this is a time to maybe go slower, get them right? And if not, why not? And maybe how do you pro forma a new store now, right? I mean what margin assumption do you want to use? What cost assumption? It would seem like that's a harder thing to do than it used to be. And I just wonder if you changed your assumptions based on that.

Randy，我只想回到開發問題。而且我想，考慮到勞動力的壓力，考慮到你在開發中必須永遠承受的成本壓力，你有沒有想過這是一個可能會放慢腳步的時候，對嗎？如果沒有，為什麼不呢？也許你現在如何備考一家新店，對吧？我的意思是你想使用什麼保證金假設？什麼成本假設？這似乎比以前更難做。我只是想知道你是否基於此改變了你的假設。

Yes. Lots of good questions in there. I think getting it right is not necessarily about the number, the quantity or the speed. Getting it right is choosing a great site with the right format for its community. Now we have some major changes in that, right? The evolution of this brand is going to do 10 drive-thrus. Between now, we've never done one. We're doing that in the next 15 months. It's going to be super exciting. Different levels of convenient formats with Shack Track windows, drive up and walk-ups. So we are really, really excited about that. So I think, John, we have always believed that we're going to grow to the extent we can continue to develop great sites and great teams that can execute them.

是的。裡面有很多好問題。我認為做對不一定是數量、數量或速度。做對就是為社區選擇一個格式正確的好網站。現在我們在這方面有一些重大變化，對吧？這個品牌的發展將進行 10 次得來速。從現在開始，我們從來沒有做過。我們將在接下來的 15 個月內這樣做。這將是超級令人興奮的。帶有 Shack Track 窗口、開車和步行的不同級別的便捷格式。所以我們對此非常非常興奮。所以我認為，約翰，我們一直相信我們會發展到可以繼續開發出色的網站和可以執行它們的優秀團隊的程度。

When you think about the returns, yes, look, we've obviously outperformed any targeted returns we've shared since the day of our IPO, right? And we're not changing any long-term metrics at this time. We're not reiterating anything other than to say, of course, when your margins are pressured and you're spending a little bit more as we are to develop larger units that have a higher investment cost, our returns in the near term will likely be impacted. There's no question about that, right? It's simple math.

當你考慮回報時，是的，你看，我們的表現顯然超過了自 IPO 那天以來我們分享的任何目標回報，對吧？我們目前不會更改任何長期指標。我們只是說，當然，當您的利潤受到壓力並且您在我們開發具有更高投資成本的更大單位時花費更多時，我們沒有重申任何內容，我們在短期內的回報可能會受到影響。毫無疑問，對吧？這是簡單的數學。

But the long-term return to the total addressable market opportunity that we can get from getting these formats right and continuing to grow is what we're after. And look, if we need to slow down for any number of reasons, we've been through that over the last couple of years, we'll certainly react. But we feel like that's an appropriate development schedule for this next 15 months.

但是，我們可以通過正確使用這些格式並繼續增長來獲得總可尋址市場機會的長期回報，這正是我們所追求的。看，如果我們出於任何原因需要放慢速度，過去幾年我們已經經歷過，我們肯定會做出反應。但我們認為這是未來 15 個月的合適開發計劃。

I appreciate the answer. And just you did comment on new store productivity. Last quarter, I think the -- or I can't remember, was it trailing 12-month class or whatever it was, was up 20%. I think either -- and I can't remember what it was versus something, it was good. What is that now? Is that still trending in that similar direction?

我很感激這個答案。只是你對新店的生產力發表了評論。上個季度，我認為 - 或者我不記得了，是落後 12 個月的課程還是其他什麼，上漲了 20%。我認為要么 - 我不記得它是什麼，它是好的。那現在是什麼？這仍然朝著類似的方向發展嗎？

Yes. You're commenting on -- we talked about the new Shack class for the year, this year so far, versus the total company average being at those elevated numbers. Those remain elevated. We're not breaking out the numbers every quarter, but we did reiterate the comment that they remain higher than our classes.

是的。你正在評論——我們談到了今年到目前為止的新 Shack 課程，而公司的總平均水平處於這些較高的數字。這些仍然很高。我們不是每個季度都公佈這些數字，但我們確實重申了他們仍然高於我們班級的評論。

A couple of things to note. We only opened 5 restaurants this quarter. We're going to open 10 to 13 next. Shake Shacks, as you know, tend to open big. We had a number of new market openings, which we've commented on and how strong they were. Indianapolis, Hoboken, the Bronx, Portland, Oregon and some other really high volume ones. Tampa was our first there in that area of Florida.

有幾點需要注意。本季度我們只開了 5 家餐廳。我們接下來將開放 10 到 13 點。如您所知，Shake Shacks 往往會開得很大。我們有許多新的市場開放，我們已經評論了它們以及它們有多強大。印第安納波利斯、霍博肯、布朗克斯、波特蘭、俄勒岡和其他一些非常高容量的。坦帕是我們在佛羅里達那個地區的第一個地方。

So again, those moderate. Those come down over time. And we have a new class of the next 10 plus that will likely open in this quarter. So that's a number that will go back and forth. The whole point of giving that number is to say, even during COVID, even during our sales recovery time, our new Shacks were and are continuing to perform.

再說一次，那些溫和的。這些隨著時間的推移而下降。我們有一個新的 10 多個班級，可能會在本季度開放。所以這是一個會來回走動的數字。給出這個數字的全部意義在於，即使在 COVID 期間，即使在我們的銷售恢復期間，我們的新棚屋已經並將繼續發揮作用。

Our next question is from Jake Bartlett with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Jake Bartlett。

I just want to clarify on the menu pricing, the 3% to 3.5%. I believe you typically take it in December. So is that the total pricing that's in the menu right now? Or is there more until you lap what you had taken last December? I'm just trying to make sure we understand what the effective pricing is in the first quarter -- in the fourth quarter.

我只是想澄清一下菜單定價，即 3% 到 3.5%。我相信你通常會在 12 月服用。那麼這就是現在菜單中的總價格嗎？或者在你把去年 12 月的成績單圈起來之前還有更多嗎？我只是想確保我們了解第一季度 - 第四季度的有效定價。

Yes. No, that's exactly right. So we took in total 3% to 3.5% this -- in October, inclusive of the 10% delivery premiums that we're charging, and that's on top of the price that was taken last year. So now you're looking at kind of a mid-single-digit price right now.

是的。不，完全正確。因此，我們在 10 月份總共收取了 3% 到 3.5%，包括我們收取的 10% 交付溢價，這是在去年收取的價格之上。所以現在你正在尋找一個中等個位數的價格。

Yes, we took about 2% in December -- end of December last year, so that will roll off at that time next year.

是的，我們在 12 月（去年 12 月底）拿了大約 2%，所以明年那個時候會下降。

Great. That's really helpful. And then just looking at G&A, the guidance for the fourth quarter is significantly higher than you saw in the third quarter. What is the right kind of level to -- I don't know if there's any -- anything abnormal in the fourth quarter in terms of a catch-up or accrual or something. I'm just trying to really make sure we understand or I understand what to grow from, what's the right kind of quarterly run rate from which to grow in 2022.

偉大的。這真的很有幫助。然後只看 G&A，第四季度的指引明顯高於你在第三季度看到的。什麼是正確的水平——我不知道是否有——第四季度在追趕或應計或其他方面有任何異常。我只是想真正確保我們理解或我理解從什麼開始增長，2022 年增長的正確季度運行率是多少。

Yes, we're going to keep growing, and here's how you should think about it. We're going to keep growing in the fourth quarter. We are working -- our guidance implies and our -- and you will see through 2022, we intend to hire. We intend to build our teams. We intend to make big digital and tech and marketing investments as well as in the development schedule. We're about to build the largest class of restaurants we've ever had.

是的，我們將繼續增長，這就是你應該如何考慮它。我們將在第四季度繼續增長。我們正在努力——我們的指導暗示和我們的——你將看到到 2022 年，我們打算僱用。我們打算建立我們的團隊。我們打算在開發計劃中進行大量的數字、技術和營銷投資。我們即將建造有史以來規模最大的餐廳。

We're also beginning to travel more, right? There's G&A costs. Our international team, in some cases, has not been able to travel. We intend to get back at that in 2022. We intend to really continue to just make deep investments in the long term.

我們也開始更多地旅行，對吧？有 G&A 費用。在某些情況下，我們的國際團隊無法出差。我們打算在 2022 年恢復這一點。我們打算真正繼續進行長期的深度投資。

So to the point of, are we going to leverage G&A anytime soon, that's not our -- you're not going to hear us use those words. So you're going to hear us say we're going to continue to invest in the people, infrastructure, marketing and all the things that will build this brand. We have just over 200 company-operated Shacks. We've got a lot of opportunity out there, and we're going to keep investing in it.

因此，我們是否會很快利用 G&A，這不是我們的 - 你不會聽到我們使用這些詞。所以你會聽到我們說我們將繼續投資於人員、基礎設施、營銷和所有將建立這個品牌的東西。我們只有 200 多家公司經營的棚屋。我們有很多機會，我們將繼續投資。

Great. And then last quick question. The digital sales mix, it's really held in, I think, more than most just on a kind of a monthly basis and an absolute kind of average weekly sales. But how incremental is that? It's a little different with other concepts as we think about off-premise being really totally incremental. Is this just -- I mean this could just be a shift from people using that channel and doing the same behavior that they did before. So how do you think on -- about how that increases your opportunity, the digital mix here and really the incrementality of it?

偉大的。然後是最後一個快速問題。數字銷售組合，我認為，它確實比大多數僅以每月和絕對平均每週銷售量為準。但這有多增量？這與其他概念略有不同，因為我們認為場外環境確實是完全增量的。這只是 - 我的意思是這可能只是人們使用該渠道並進行與以前相同的行為的轉變。那麼你如何看待 - 關於這如何增加你的機會，這裡的數字組合以及它的增量？

Yes. I mean one of the stats that I find to be really helpful when understanding what that digital mix to us is, is when we talked about how we grew our first-time app and web purchasers by 14% in the quarter. And we have seen and when we study our data, when we bring a guest into our digital ecosystem, we see higher frequency, we see a higher lifetime value of that guest. And so it's kind of that true omnichannel guest that we're looking to get here.

是的。我的意思是，當我們談到我們如何在本季度將首次應用程序和網絡購買者增長 14% 時，我發現在了解數字組合對我們來說真正有用的統計數據之一。我們已經看到，當我們研究我們的數據時，當我們將客人帶入我們的數字生態系統時，我們會看到更高的頻率，我們看到這位客人的生命週期價值更高。因此，我們正在尋找真正的全渠道客戶。

So we are really encouraged and excited about the fact that we were able to retain about 80% of the digital business that we have built in the peak of the pandemic and that our mix remains strong even though in-Shack is growing much faster than our digital business right now. All of that aside, this is just, we think, kind of planting the seeds of a greater frequency from our core guests in years to come.

因此，我們能夠保留在大流行高峰期建立的大約 80% 的數字業務，並且即使 in-Shack 的增長速度遠快於我們的增長速度，我們的組合仍然強勁，這讓我們感到非常鼓舞和興奮。現在的數字業務。除了所有這些，我們認為，這只是在未來幾年從我們的核心客人那裡播下更高頻率的種子。

Our next question is from Chris O'Cull from Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

This is Patrick on for Chris. I wanted to ask a quick follow-up on John's question. But is the new store curve that you're seeing today and the new openings and the way they're outperforming the system, is that similar to what you saw pre-COVID? Or do you still have room there for the honeymoon period to recover relative to what you saw before the pandemic? And then I had one follow-up.

這是帕特里克對克里斯的看法。我想快速跟進約翰的問題。但是，您今天看到的新店曲線、新開張以及它們優於系統的方式，是否與您在 COVID 之前看到的相似？或者相對於大流行前的情況，您在蜜月期間還有恢復的空間嗎？然後我進行了一次跟進。

We haven't -- we never really talked about those numbers in the past. So it's hard to get into that today other than to say in the past, we have talked for many years about how Shake Shacks, especially in new markets, generally performed strong out of the gate and then come down to some extent in year 2 and then generally come back out. But it's hard. They're all different. Every class is different, every Shack is different. So that comment was really about this year as we look at recovery and our overall sales having been remained down a bit.

我們沒有——我們過去從未真正談論過這些數字。所以今天很難說清楚，除了過去說，我們多年來一直在談論 Shake Shacks，尤其是在新市場，通常表現強勁，然後在第 2 年有所下降，然後一般會回來。但這很難。他們都是不同的。每個班級都不一樣，每個小屋都不一樣。所以這個評論真的是關於今年的，因為我們著眼於復蘇，我們的整體銷售額仍然略有下降。

And I think just piling on here, it's really hard to make kind of broad sweeping generalizations here, given we are still recovering and in the midst of COVID. So...

而且我認為只是在這裡堆積，真的很難在這裡做出一種廣泛而全面的概括，因為我們仍在恢復並且處於 COVID 之中。所以...

Got it. That's helpful. And then just a quick longer-term question on the international business and the license segment. As you continue to grow there and your partners do, obviously, there's the near-term challenges with COVID. But is there a point in the longer term where you see density get to a point where you can actually have a step change in the level of development, particularly in markets where you have a lot of white space like China?

知道了。這很有幫助。然後只是一個關於國際業務和許可領域的快速長期問題。隨著您和您的合作夥伴繼續在那裡成長，顯然，COVID 面臨著近期的挑戰。但從長遠來看，您是否會看到密度達到一個實際可以在發展水平上實現階梯式變化的地步，尤其是在像中國這樣擁有大量空白空間的市場中？

Yes. We're obviously really excited about Asia generally, especially China. We've had just incredible starts there. I noted that Hangzhou, which is a new city, which is a smaller -- I mean smaller by China relative terms, but a very major city in the world outside of Shanghai, where we've had a tremendous start. And we have still just very few Shacks in China, but we're going to keep growing there.

是的。我們顯然對整個亞洲感到非常興奮，尤其是中國。我們在那裡有了令人難以置信的開端。我注意到杭州是一個新城市，它是一個較小的城市——我的意思是相對於中國而言較小，但它是上海以外的世界上一個非常重要的城市，我們在那裡有了一個巨大的開端。而且我們在中國仍然只有很少的棚屋，但我們將繼續在那裡發展。

So look, we want to focus on the most important markets. And we're also really proud of our mature markets like the Middle East where we have a huge business, like the U.K. where we have a number of great restaurants that are still recovering. So look, we got our eyes on a big global license opportunity and domestic license opportunity that we noted. And we love this part of our business. It's really asset-light, cash accretive and brand exciting. So everything about it is an important and exciting piece of our business. We can't wait to keep growing it.

所以看，我們想專注於最重要的市場。我們也為我們的成熟市場感到自豪，例如中東，我們擁有龐大的業務，例如英國，我們擁有許多仍在復甦的一流餐廳。所以看，我們注意到了一個巨大的全球許可機會和國內許可機會。我們喜歡我們業務的這一部分。這真的是輕資產、現金增值和品牌令人興奮的。因此，關於它的一切都是我們業務中重要且令人興奮的部分。我們迫不及待地想繼續發展它。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

Katie, just a quick clarification on the guidance for the fourth quarter comps. Can you give some perspective on what that would imply for a 2-year comp or, I guess, a comp versus 2019? I guess the number I would calculate would be different given the fiscal period shift. So just wondering what that would be.

凱蒂，只是對第四季度比賽指導的快速澄清。您能否就這對 2 年比較或我猜是 2019 年的比較意味著什麼給出一些看法？我想考慮到財政期間的變化，我計算的數字會有所不同。所以只是想知道那會是什麼。

Yes, we're not going to go into that again. 4Q '19 had a lot of different -- it had a lot of noise in it, and we have the 53rd week adjustment we've made here. So I feel very good about the guidance that we've given you, and that's as much detail as we're going to get into.

是的，我們不會再談這個了。 19 年第 4 季度有很多不同之處——其中有很多噪音，我們在這裡進行了第 53 週的調整。因此，我對我們為您提供的指導感覺非常好，這就是我們將要介紹的詳細信息。

On the back of that comment, though, I do want to clarify, the guidance that we're providing you for 4Q on Shack sales and on our same-store sales guidance, that is using the trends that we are seeing today and expecting that those trends will continue with normal historical seasonality patterns to help kind of address that point.

不過，在該評論的背後，我確實想澄清一下，我們為第四季度提供的關於 Shack 銷售和同店銷售指導的指導，是利用我們今天看到的趨勢，並期待這些趨勢將以正常的歷史季節性模式繼續下去，以幫助解決這一問題。

Okay. That essentially answers the question. And then, Randy, I just wanted to ask, what do you think the ultimate solution is for the staffing issues? Do you think it's just much higher wage rates? Or do you think, I guess, something else related to the employment proposition is necessary? I guess what -- as you think about your long history in the industry, I'd be curious to get your thoughts on that question.

好的。這基本上回答了這個問題。然後，蘭迪，我只是想問一下，您認為人員配備問題的最終解決方案是什麼？你認為這只是更高的工資率嗎？或者你認為，我猜，與就業建議相關的其他事情是必要的嗎？我猜是什麼——當你想到你在這個行業的悠久歷史時，我很想知道你對這個問題的看法。

That is such a deep -- we're going to need a lot more time for that one. And I think I'm not sure I'm going to answer that for the world's challenges right now. Look, there's such a host of things that are causing this, and I think it's probably 9 or 10 different things. I'm not going to name one or the other. They're all included, all leading towards, I believe, ultimately, we have to be the best employer in our industry. I do believe the restaurant business is an incredible occupation. I've lived it my whole life, and I have seen how many people we have lifted from entry-level jobs into leadership jobs across the country. And the restaurant business is not for everyone, but it is for a lot of people. And we've got to keep focusing on that.

那太深了——我們將需要更多的時間來做那個。我想我不確定我是否會為現在的世界挑戰回答這個問題。看，造成這種情況的原因有很多，我認為可能有 9 或 10 種不同的原因。我不會說出其中一個的名字。他們都包括在內，我相信，最終，我們必須成為我們行業中最好的雇主。我確實相信餐飲業是一項令人難以置信的職業。我一生都過著這樣的生活，我已經看到我們在全國范圍內將多少人從入門級工作提升為領導工作。餐飲業並不適合所有人，但適合很多人。我們必須繼續關注這一點。

I do think time will be a heal for this as well. I do think we have to get people. I do think we'll continue to return to the workforce. I believe we've got to be leaders there. And we've got to give people reasons to join Shake Shack instead of somewhere else. Part of that is pay, part of that is leadership development, and all of it is pride in the place that you work.

我確實認為時間也會治愈這種情況。我確實認為我們必須得到人。我確實認為我們將繼續重返工作崗位。我相信我們必須成為那裡的領導者。我們必須讓人們有理由加入 Shake Shack 而不是其他地方。其中一部分是薪酬，一部分是領導力發展，所有這些都是對你工作的地方的自豪感。

So well, it's a great question. It's a host of things. I wish I had the silver bullet. And I think it's just going to be heads down a ton of work for our operators and our people teams for a while as we get back to optimal staffing labors, and I believe we will, and I believe the industry will and will probably move forward.

那麼，這是一個很好的問題。這是很多事情。我希望我有銀彈。而且我認為，隨著我們恢復到最佳的人員配置，一段時間內我們的運營商和人員團隊將面臨大量工作，我相信我們會，而且我相信行業將會並且可能會向前發展.

Our next question is from Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

I wanted to ask about the menu price, and I know you guys have taken some recently. But I guess if you look back in the last maybe couple of menu prices that you've taken, have you seen any resistance from the customer on the menu pushback? And how have you guys measured that in the past?

我想問一下菜單價格，我知道你們最近吃了一些。但我想如果你回顧一下你最近接受的幾個菜單價格，你有沒有看到客戶對菜單的抵制有任何抵抗？你們過去是如何衡量的？

I mean not really. I mean you obviously see it through sales and traffic. I mean that's the best measure of anything in this regard. I think it's hard to answer that definitively. But no, look, that's why we've always been cautious. It's always been in that 1% to 2% range. So -- and we've talked a lot about on this call tonight the different pieces of that and how we see it now.

我的意思是不是真的。我的意思是你顯然可以通過銷售和流量看到它。我的意思是，在這方面，這是對任何事情的最佳衡量標準。我認為很難明確地回答這個問題。但是不，看，這就是我們一直保持謹慎的原因。它一直在 1% 到 2% 的範圍內。所以 - 我們在今晚的電話會議上談了很多關於不同的部分以及我們現在如何看待它。

Yes. And another point to add here because we just have a little bit more time of observation here is with the now 10% that we're charging through our third-party delivery channels, we're still seeing our guests favor that look and willing to -- they're willing to pay for that convenient channel. So that gives us a little bit of hope there, too.

是的。還有一點要在這裡補充，因為我們在這裡有更多的觀察時間，現在我們通過第三方交付渠道收取 10% 的費用，我們仍然看到我們的客人喜歡這種外觀並願意——他們願意為那個方便的渠道付費。所以這也給了我們一點希望。

Got it. And then I know this one may be a little bit more difficult to answer. But as you talk to your suppliers and your partners on the supply chain, is there any sort of sense on how much of this inflation may be transitory in nature? Clearly, I think everybody is struggling with the same thing, but nobody is really sure how much of the commodity inflation is transitory. I think that the labor component is likely not at this point.

知道了。然後我知道這個問題可能有點難以回答。但是，當您與供應鏈上的供應商和合作夥伴交談時，您是否知道這種通脹在多大程度上可能是暫時的？顯然，我認為每個人都在為同樣的事情而苦苦掙扎，但沒有人真正確定商品通脹有多少是暫時的。我認為勞動力部分可能不在這一點上。

Yes, I think that's probably fair. I'm not a big agreer with transitory inflation at the moment. I think, of course, everything is supply and demand curve, and we're going to swing very far in one direction here during this tough time. And then I believe that will ultimately swing back. Certain commodities will swing back sooner than others, some might never. And I think we're going to live in a high-cost environment for a while, and that's going to translate into inflation.

是的，我認為這可能是公平的。目前，我不太同意暫時性通貨膨脹。我認為，當然，一切都是供需曲線，在這個艱難時期，我們將在一個方向上搖擺不定。然後我相信這最終會倒退。某些商品會比其他商品更快回落，有些可能永遠不會。而且我認為我們將在高成本環境中生活一段時間，這將轉化為通貨膨脹。

So I don't think anyone knows. I think every quarter has been more surprising than the last for everyone involved in the discussion. And we're just going to keep watching, reacting as we can and making sure we give a good, great guest experience in the meantime.

所以我想沒有人知道。我認為對於參與討論的每個人來說，每個季度都比上一個季度更令人驚訝。我們將繼續觀察，盡我們所能做出反應，並確保我們同時提供良好、出色的客人體驗。

Our next question is from Brett Levy with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Brett Levy。

I'm going to try one I know you might not want to answer. With all of the different performances you're seeing now across your different segments, would you care to either share a little bit more margin color on segments or top and bottom quartiles? Just how far down the bottom have fallen or how well the top are holding up?

我將嘗試一個我知道你可能不想回答的問題。鑑於您現在在不同細分市場中看到的所有不同表現，您是否願意在細分市場或上下四分位數上共享更多的邊距顏色？底部到底跌了多遠，或者頂部支撐得有多好？

Yes, that's okay. I mean I'm not going to answer it with exact numbers other than to say it's the same theme we've talked about. There are restaurants in high urban density areas that are significantly down from their highs. It's very far down. That remains. If you are in Midtown Manhattan, while things continue to get better every day, and you've seen that through our numbers quarter after quarter, they remain deeply impacted. And there are some Shacks in high-traffic suburban areas that continue to win. By the way, there are some urban Shacks that continue to win for various reasons.

是的，沒關係。我的意思是我不會用確切的數字來回答它，只是說這與我們討論過的主題相同。城市密度高的地區有一些餐館，它們的價格明顯低於最高點。下得很遠。那仍然存在。如果您在曼哈頓中城，儘管情況每天都在好轉，並且您已經通過我們一個季度一個季度的數據看到了這一點，但它們仍然受到了深遠的影響。在人流量大的郊區也有一些棚屋繼續獲勝。順便說一句，有一些城市小屋由於各種原因繼續獲勝。

So it's balanced. It's balanced, and you can see it in our numbers. Look at period 10, look at the third quarter, every region continued to grow and improve, and we're still down in the deep urban regions. And that's just what's going to be for a while. There's high highs, low lows, and we still believe -- we haven't closed a single Shack during all of this, except for Penn Station that we were forced to close because of a construction project. So if that gives you an indication how we feel about the Shack's ability to recover, there you have it.

所以是平衡的。它是平衡的，你可以在我們的數字中看到它。看第 10 期，再看第三季度，每個區域都在繼續增長和改善，而我們仍然在城市深處。這只是一段時間內的情況。有最高點，也有最低點，我們仍然相信——在所有這些過程中，我們沒有關閉一個小屋，除了賓夕法尼亞車站，我們因為建設項目而被迫關閉。因此，如果這讓您了解我們對 Shack 恢復能力的看法，那麼您就知道了。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I'll try to be quick. I thought during this call how -- if some of your employees aren't necessarily benefiting directly from customer tips where some of your service providers actually are, do you think -- and to some extent, this is back to David Tarantino's question, can we solve some of the pay issue of just giving customers more of an opportunity to tip maybe through some of the new next-generation point-of-sale systems, whether in your kiosks or through your app? If you think pay is part of the problem, could you put it to some extent in the customers' hands?

我會盡量快點。我在這次電話會議中想，如果您的某些員工不一定直接從您的某些服務提供商實際提供的客戶提示中受益，您認為嗎？在某種程度上，這又回到了大衛塔倫蒂諾的問題，可以我們解決了一些支付問題，即通過一些新的下一代銷售點系統（無論是在您的信息亭還是通過您的應用程序）為客戶提供更多小費的機會？如果你認為工資是問題的一部分，你能在某種程度上把它放在客戶手中嗎？

John, you're always ahead of the curve as usual, and I appreciate that. We've talked about tips for a long time. And I'll tell you how we think about it. For many, many years, our guests have said, can I give you a tip? And we've always said, no, no, no, we're good. We don't do that here. It's something we're talking about a lot and mostly because our guests have asked for it and, of course, for -- to ultimately hopefully have higher pay.

約翰，你總是像往常一樣走在前面，我很感激。我們已經討論了很長時間的技巧。我會告訴你我們是怎麼想的。多年來，我們的客人一直說，我可以給你小費嗎？我們總是說，不，不，不，我們很好。我們在這裡不這樣做。這是我們經常談論的事情，主要是因為我們的客人要求這樣做，當然，是為了最終希望獲得更高的薪水。

We're actually testing right now in just 2 Shacks, and it's a test that literally began weeks ago, just weeks ago. So we're going to test that. We're going to see various versions of that. And we want to make sure that we don't ever want to be the brand that people feel compelled or guilty about it, like they have to do it. It should only be for superior service and hospitality. And if we can set up a system where that could work in some of our channels and that could then benefit our team, that would be great. But again, really new, really new and just testing that too. So this is a long, long-term project, so don't expect to see a massive rollout anytime soon here. But thank you for asking.

實際上，我們現在只在 2 個棚屋中進行測試，而且這是幾週前開始的測試，就在幾週前。所以我們要測試一下。我們將看到它的各種版本。我們希望確保我們永遠不想成為人們對此感到被迫或內疚的品牌，就像他們必須這樣做一樣。它應該只用於優質的服務和款待。如果我們可以建立一個可以在我們的某些渠道中工作的系統，然後可以使我們的團隊受益，那就太好了。但同樣，真的很新，真的很新，也只是在測試它。所以這是一個長期的項目，所以不要指望很快就會在這裡看到大規模的推出。不過謝謝你的提問。

Yes. And listen, I mean I am sure a lot of customers would be happy just for that opportunity, and I'm sure you'll do it in the right way.

是的。聽著，我的意思是我相信很多客戶會因為這個機會而高興，我相信你會以正確的方式做到這一點。

So the month of October, you did mention the Regalis truffle burger doing well. I think that's obvious. I mean how significant do you think that actually was for the month of October? And I mean you also said you might consider other higher-priced products like that. I mean do you have a full pipeline is kind of the first point.

所以在 10 月份，你確實提到 Regalis 松露漢堡做得很好。我認為這很明顯。我的意思是，您認為 10 月份的實際意義有多大？我的意思是你也說過你可能會考慮其他價格更高的產品。我的意思是你有一個完整的管道是第一點。

And then secondly, if I could sneak it in, were your staffing levels in the month of October materially better than some of the preceding months that also could have contributed to some of the cross-regional performance in that month?

其次，如果我可以偷偷說一下，你們 10 月份的人員配備水平是否明顯好於前幾個月，這也可能有助於該月的一些跨區域業績？

Okay. So starting with staffing, no, it wasn't materially better staffing-wise, but it also wasn't materially worse. It was still challenging, let's start there. So we certainly were not optimized at every Shack every day to capture the best sales, and that remains a challenge.

好的。因此，從人員配置開始，不，從人員配置的角度來看，它並沒有實質上更好，但也沒有實質上更糟。它仍然具有挑戰性，讓我們從那裡開始。因此，我們當然沒有在每個 Shack 每天都進行優化以獲取最佳銷售，這仍然是一個挑戰。

When it comes to LTOs, we love this truffle burger. It's something we tested last year just in a couple of markets to see, and it's hitting. And people love it and they're willing to spend. So that gives us a lot of confidence in potential premium LTOs or also not just LTOs, John, but you're seeing us more and more look to the premiumization of current items.

說到 LTO，我們喜歡這款松露漢堡。這是我們去年在幾個市場上測試過的東西，它正在發揮作用。人們喜歡它，他們願意花錢。因此，這讓我們對潛在的優質 LTO 或不僅僅是 LTO 充滿信心，John，但你看到我們越來越關注當前產品的高端化。

If you actually pay attention in our app, you'll see bacon avocado, which was an LTO and is not anymore, but you can still get it, right? You can see more easily able to add on features like adding bacon, like adding avocado on a burger. Those are things that we're really excited about being able to do. So the truffle didn't really launch until mid to end of October, so it wasn't a huge part of the October performance, but certainly had some fun involved in it.

如果您真正注意我們的應用程序，您會看到培根鱷梨，它是一個 LTO，現在不再是，但您仍然可以得到它，對吧？您可以看到更容易添加諸如添加培根之類的功能，例如在漢堡上添加鱷梨。這些是我們非常興奮能夠做到的事情。所以鬆露直到 10 月中下旬才真正推出，所以它不是 10 月演出的重要組成部分，但肯定有一些樂趣。

We also, last comment, we did that digitally only in that first couple of weeks. So there was time when it was only available in our app, then there was a time where we didn't have it on third-party channels, and it finally did. And we think it's going to be a fun item to run for a couple of months. So we'll see where that goes, and we've got our eye on other exciting LTOs for next year.

最後，我們還說，我們僅在最初的幾週內以數字方式進行了該操作。所以有一段時間它只能在我們的應用程序中使用，然後有一段時間我們在第三方渠道上沒有它，但它終於有了。我們認為這將是一個有趣的項目，可以運行幾個月。因此，我們將看到它的發展方向，並且我們將關註明年其他令人興奮的 LTO。

Our next question is from Brian Vaccaro with Raymond James.

我們的下一個問題來自 Brian Vaccaro 和 Raymond James。

Just a real quick one. I wanted to circle back on the suburban trends. I always really appreciate the monthly total AWS that you provide in the presentation. But could you speak to what you're seeing sort of from a suburban AWS standpoint, specifically? I'm just trying to work through any noise in that improvement you're seeing in October that might be seasonality, COVID world versus pre-COVID. And also trying to get a read beyond just the comp base a bit since you're growing so rapidly. So any additional color there would be great.

只是一個真正的快速。我想回到郊區的趨勢。我一直非常感謝您在演示文稿中提供的每月 AWS 總量。但是，您能具體談談您從郊區 AWS 的角度看到的情況嗎？我只是在努力解決您在 10 月份看到的可能是季節性、COVID 世界與 COVID 之前的改進中的任何噪音。並且由於您的增長如此迅速，因此還試圖閱讀超出補償基礎的內容。所以任何額外的顏色都會很棒。

Yes, Brian. I mean what we've shown here and what we're going to share with you is just the same-store sales trends. So if you go to Page 7 of the supplementals, we outlined the urban versus the suburban and the overall blend. Just to give you some more color there, we saw a broad-based improvement across the board, and it was across a variety of the different mix of formats in suburban that we talked about.

是的，布賴恩。我的意思是我們在這裡展示的以及我們將與您分享的只是同店銷售趨勢。因此，如果您轉到補充材料的第 7 頁，我們概述了城市與郊區以及整體融合。只是為了給你更多的色彩，我們看到了全面的廣泛改進，這是我們談到的郊區的各種不同格式組合。

Okay. Would you say that AWS in the suburban markets were higher in October than they were September and August?

好的。您會說 10 月份郊區市場的 AWS 比 9 月和 8 月高嗎？

We're not commenting on AWS for October.

我們不會對 10 月份的 AWS 發表評論。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Randy Garutti for closing remarks.

女士們，先生們，問答環節到此結束。我想把電話轉回給 Randy Garutti 做閉幕詞。

Thanks, everybody. I appreciate the long hour plus here, and look forward to getting a Shack burger with you soon. Thanks for joining. Take care.

謝謝大家。我很欣賞這裡的漫長時光，並期待很快與您一起享用 Shack 漢堡。感謝您的加入。小心。

This concludes today's conference. Shake Shack thanks you for your participation. You may disconnect your lines at this time.

今天的會議到此結束。 Shake Shack 感謝您的參與。此時您可以斷開線路。