Shake Shack Inc (SHAK) 2021 Q4 法說會逐字稿

Greetings, and welcome to the Shake Shack Fourth Quarter 2021 Earnings Call. (Operator Instructions) Please note this conference is being recorded.

您好，歡迎參加 Shake Shack 2021 年第四季度財報電話會議。 （操作員說明）請注意此會議正在錄製中。

I will now turn the conference over to your host, Annalee Leggett. You may begin.

我現在將會議轉交給您的主持人 Annalee Leggett。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 in the final details section of our supplemental materials. 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.

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。我們的補充材料最後詳細信息部分的收益發布中提供了與可比 GAAP 措施的對賬。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, 2020 included a 53rd fiscal week and to normalize for consistent like-for-like comparison when discussing 2021 year-over-year sales and revenue metrics tonight, we've excluded the impact of the 53rd week in 2020. We've included metrics, including the 53rd week in our press release and a slide detailing the impact to the Same-Shack sales calculation in the financial details section of our earnings supplemental. By now, you should have access to our fourth quarter 2021 earnings release, which can be found at investor.shakeshack.com in the News section. Additionally, we have posted our fourth quarter 2021 supplemental earnings materials, which can be found in the Events and Presentations section on our site or as an exhibit to our 8-K for the quarter.

提醒一下，2020 年包括第 53 個財政週，為了在今晚討論 2021 年同比銷售和收入指標時進行標準化以實現一致的同類比較，我們排除了 2020 年第 53 週的影響。我們我們已經包含了指標，包括我們新聞稿中的第 53 週，以及在我們的收益補充的財務細節部分中詳細說明對 Same-Shack 銷售計算影響的幻燈片。到目前為止，您應該可以訪問我們的 2021 年第四季度收益發布，該發布可在investor.shakeshack.com 的新聞部分找到。此外，我們還發布了 2021 年第四季度的補充收益材料，可以在我們網站的“活動和演示”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. Tonight, we'll highlight the strong fourth quarter recovery and full year 2021 performance, following up from our prerelease of initial revenue and profitability results earlier in January. Katie and I will also be giving color on the current quarter's performance, especially in light of Omicron impacts. As always, I want to take a moment to thank our team. This recent Omicron wave amidst an already challenging staffing environment has been a tough hurdle for our teams. The way they get out there day after day to take care of each other and their communities amazes us, and they deserve our thanks. More than ever, it's important we maintain our commitment to stand for something good by elevating our people. This is Shake Shack.

謝謝，安娜莉。大家晚上好。今晚，我們將重點介紹強勁的第四季度復甦和 2021 年全年業績，這是繼 1 月初我們預發布的初始收入和盈利能力結果之後。凱蒂和我還將對當前季度的表現進行說明，特別是考慮到 Omicron 的影響。與往常一樣，我想花一點時間感謝我們的團隊。在已經充滿挑戰的人員配置環境中，最近的 Omicron 浪潮對我們的團隊來說是一個艱難的障礙。他們日復一日地出去照顧彼此和他們的社區的方式讓我們感到驚訝，他們值得我們感謝。比以往任何時候都更重要的是，我們通過提升我們的員工來維護我們的承諾，即代表美好的事物。這是Shake Shack。

The fourth quarter represented a strong improvement in sales and profitability and highlighted what recovery can start to look like when urban centers, travel and return to pre-COVID movement patterns take hold. In 2021, we had a record system-wide sales of over $1.1 billion, growing over 47%, marking the highest sales in the company's history. Average weekly sales outpaced historical seasonality at $74,000. Same-Shack sales were up nearly 21% versus 2020 and for the first time, was positive versus 2019 at up 2.2%. And due to the strength in both urban and suburban markets. Our licensed Shacks in the U.S. and around the globe also performed well, contributing to record license revenue.

第四季度代表了銷售和盈利能力的強勁改善，並強調了當城市中心、旅行和恢復到 COVID 之前的運動模式時，復甦可能會開始。 2021 年，我們的全系統銷售額超過 11 億美元，增長超過 47%，創下公司歷史最高銷售額。平均每週銷售額超過歷史季節性 74,000 美元。 Same-Shack 的銷售額與 2020 年相比增長了近 21%，並且首次與 2019 年相比增長了 2.2%。並且由於城市和郊區市場的實力。我們在美國和全球範圍內獲得許可的 Shacks 也表現良好，為創紀錄的許可收入做出了貢獻。

Our Shack level operating profit in the fourth quarter was 16.4%, benefiting from strong sales, offset by continued labor and cost of goods inflation. The environment of commodity and labor wage inflation is still taking a material impact on our restaurant margins. We expect this dynamic for the foreseeable future. But in order to offset some inflationary pressures, we took a price increase of 3% to 3.5% in October of last year. Given the continued outlook, we've decided to take another 3% to 3.5% in March, resulting in inflation-based price raise of 6% to 7% heading into Q2. We'll also be raising our price premium on third-party delivery services from 10% to 15% higher than our in-Shack pricing. This gives us the opportunity for better profitability on those channels and even more reasons to drive people to our own digital channels for the best value.

得益於強勁的銷售，我們第四季度的 Shack 級營業利潤為 16.4%，但被持續的勞動力和商品成本通脹所抵消。商品和勞動力工資上漲的環境仍在對我們的餐廳利潤率產生重大影響。我們預計在可預見的未來會出現這種動態。但為了抵消部分通脹壓力，我們在去年 10 月上調了 3% 到 3.5% 的價格。鑑於持續的前景，我們決定在 3 月份再提高 3% 至 3.5%，導致進入第二季度的基於通脹的價格上漲 6% 至 7%。我們還將把第三方送貨服務的價格溢價從比我們的 Shack 定價高 10% 提高到 15%。這使我們有機會在這些渠道上獲得更好的盈利能力，甚至更有理由將人們吸引到我們自己的數字渠道以獲得最大價值。

Shake Shack has historically taken roughly 2% price per year, and that's given us a strong value proposition for our premium products. We believe these current price raises are necessary to protect margins. We'll be keeping a close eye towards the cost of our business, and we'll consider whether additional price may be necessary later this year.

Shake Shack 歷來每年收取大約 2% 的價格，這為我們的優質產品提供了強大的價值主張。我們認為這些當前的價格上漲對於保護利潤率是必要的。我們將密切關注我們的業務成本，我們將考慮今年晚些時候是否需要額外的價格。

We're committed to delivering a high-quality restaurant experience at a reasonable price and believe this value proposition is key as we expand in new and existing markets across the country. While the fourth quarter results represented a lot of optimism around our recovery, we started this year with much more volatility on the business due to Omicron. The first quarter typically experiences a seasonal decline in sales versus the fourth quarter. But in January, a sharp increase of COVID cases limited our ability to staff and keep all of our restaurants fully open. Additionally, we saw many of the drivers of our business such as office returns, events, travel, tourism and the general gathering of people that contributes to Shake Shack's best results turn downward.

我們致力於以合理的價格提供高品質的餐廳體驗，並相信這一價值主張是我們在全國新市場和現有市場擴張的關鍵。雖然第四季度的業績代表了我們對複甦的樂觀態度，但由於 Omicron，我們今年開始時業務波動性更大。與第四季度相比，第一季度的銷售額通常會出現季節性下降。但在 1 月份，COVID 病例的急劇增加限制了我們配備員工和保持所有餐廳全面營業的能力。此外，我們看到許多推動我們業務的驅動因素，例如辦公室回報、活動、旅行、旅遊以及有助於 Shake Shack 取得最佳業績的一般人群聚集。

The combination of lower than average sales per hour, reduced operating hours and outright closures due to COVID resulted in materially lower sales versus our seasonal expectations. We expect these trends may continue to impact sales in our company-owned Shacks in our license business through the first quarter. However, we're happy to report a steady uptick in sales over the last few weeks, with fiscal February month-to-date Same-Shack sales of approximately 13% as of Tuesday of this week. With Omicron rates now plummeting, we'll point back to the fourth quarter as an indicator of the kind of momentum we know can occur as a more normalized consumer environment returns. No one quite knows the timing of how people will move about following this recent Omicron wave, but we're bullish on what spring and our recovery can look like later this year.

每小時銷售額低於平均水平、營業時間減少以及因新冠疫情而徹底關閉，導致銷售額大幅低於我們的季節性預期。我們預計這些趨勢可能會在第一季度繼續影響我們公司擁有的 Shacks 在我們的許可業務中的銷售。然而，我們很高興地報告過去幾週的銷售額穩步上升，截至本週二，2 財年本月至今的 Same-Shack 銷售額約為 13%。隨著 Omicron 利率現在暴跌，我們將回到第四季度，作為我們知道隨著更加正常化的消費者環境回歸而可能出現的那種勢頭的指標。沒有人知道人們在最近的 Omicron 浪潮之後將如何行動的時機，但我們看好今年晚些時候的春天和我們的複蘇會是什麼樣子。

So let's check in on each of our strategic pillars for 2022. First, elevating our people. We're not alone in the challenges of staffing and increased turnover amongst our teams. Omicron exacerbated this over the last couple of months, and our teams work diligently to hire, train and develop leaders at every level. We'll remain an employer of choice through our competitive pay, benefits and commitments to our team and the way we take care of them during tough times like these and through their tenure as they rise up through the ladder of opportunity here at Shake Shack.

因此，讓我們檢查一下我們 2022 年的每個戰略支柱。首先，提升我們的員工。面對人員配備和團隊人員流動率增加的挑戰，我們並不孤單。在過去的幾個月裡，Omicron 加劇了這種情況，我們的團隊努力在各個層面招聘、培訓和培養領導者。通過我們有競爭力的薪酬、福利和對團隊的承諾，以及我們在這樣的艱難時期照顧他們的方式，以及他們在 Shake Shack 的機會階梯中上升的任期，我們將繼續成為首選雇主。

Heading into 2022, we have raised hourly starting wages more than 13% over where they were at the end of 2020. And this year, for the fourth year in a row, the Human Rights Campaign Corporate quality -- Equality Index gave us a 100% score and named us as the best place to work for our LGBTQ+ team. Yet another way our team is recognized as we stand for something good. This year, we'll also host our biannual leadership retreat, where we'll gather all of our managers, partners, key suppliers for a week of inspiration, learning and connection as we prepare for the incredible growth ahead.

進入 2022 年，我們的時薪起薪比 2020 年底提高了 13% 以上。今年，人權運動企業質量 - 平等指數連續第四年給了我們 100 % 得分，並將我們評為 LGBTQ+ 團隊的最佳工作場所。另一種方式是我們的團隊被認可，因為我們代表著美好的事物。今年，我們還將舉辦一年兩次的領導力務虛會，在這裡我們將聚集我們所有的經理、合作夥伴、主要供應商，在我們為未來令人難以置信的增長做準備時，為期一周的靈感、學習和聯繫。

In 2021, we filled nearly 60% of operations leadership positions with internal candidates. 70% of those being people of color, and approximately half of those promotions being women. We still have much work to do, but we're incredibly proud of how the team is developing.

2021 年，我們用內部候選人填補了近 60% 的運營領導職位。其中 70% 是有色人種，其中大約一半是女性。我們還有很多工作要做，但我們為團隊的發展方式感到無比自豪。

Our second strategic pillar is our focus on digital transformation. Katie will go into more specifics here, but I'll begin by sharing that over the past 2 years, we've invested deeply in our digital transformation, shifting guest preferences over to our digital tools, improving our products and guest experience, adding 3.5 million new app and web purchases since March 2020, and enhancing all the ways our guests can more easily and more frequently come to the Shack on their terms.

我們的第二個戰略支柱是我們對數字化轉型的關注。 Katie 將在這裡詳細介紹，但我首先要分享的是，在過去 2 年中，我們在數字化轉型方面投入了大量資金，將客人的偏好轉移到我們的數字工具上，改善了我們的產品和客人體驗，增加了 3.5自 2020 年 3 月以來，新的應用程序和網絡購買量達到了 100 萬，並增強了我們的客人可以更輕鬆、更頻繁地按照他們的條件來到 Shack 的所有方式。

We are building a true omnichannel experience. And this year, we're investing in new brand marketing within our digital products to enhance personalization, drive frequency and grow guest connection. We're also leveraging digital tools to improve operations by allowing teams to manage the digital business based on current traffic and wait times. We'll be focused on improving the Shack Track digital experience, upgrading and adding kiosks in Shacks and developing more personalized ways to connect and reward our digital community.

我們正在打造真正的全渠道體驗。今年，我們將在我們的數字產品中投資新品牌營銷，以增強個性化、提高頻率並增加客戶聯繫。我們還利用數字工具通過允許團隊根據當前流量和等待時間管理數字業務來改善運營。我們將專注於改善 Shack Track 數字體驗，在 Shacks 中升級和添加信息亭，並開發更個性化的方式來連接和獎勵我們的數字社區。

We came ahead of growth and development of our third strategic pillar, build a better Shack. In 2021, we opened 36 domestic company-operated Shacks, currently with an AUV of $3.9 million. This year, we're targeting our largest ever development class of 45 to 50 company-operated Shacks with our development schedule heavily weighted to the back half, specifically to the fourth quarter of the year. So I want to level-set those targets as we've been shooting for that schedule for a couple of years. We expect to open a total of 7 company-operated Shacks in Q1 and between 5 and 7 in Q2, as we're already feeling the impact of supply chain disruption, labor availability and construction and extended permitting time lines pushing this year's opening schedule heavily into the fourth quarter.

我們領先於我們的第三個戰略支柱的增長和發展，建立一個更好的小屋。 2021 年，我們開設了 36 家國內公司運營的 Shacks，目前 AUV 為 390 萬美元。今年，我們的目標是有史以來最大的 45 到 50 個公司運營的棚屋開發類別，我們的開發計劃在後半段，特別是今年第四季度。所以我想設定這些目標，因為我們已經為這個時間表拍攝了幾年。我們預計在第一季度總共開設 7 家公司經營的棚屋，並在第二季度開設 5 至 7 家，因為我們已經感受到供應鏈中斷、勞動力供應和建設以及延長許可時間線的影響，極大地推動了今年的開業時間表進入第四季度。

There's risk to these numbers as uncertainty and availability of time line critical items have continued to grow even over the last quarter. We'll keep you posted on timing and final guidance, but we're really excited about this year and in the coming years as we transform our portfolio of Shacks around the country. The class of 2022 will feature a big commitment to new formats like drive-thru, while expanding proven formats in urban street retail and suburban freestanding. Now we expect 25% of the class to have a Shack Track walk-up or drive-up window.

這些數字存在風險，因為即使在上個季度，時間線關鍵項目的不確定性和可用性也在持續增長。我們會及時向您發布有關時間安排和最終指導的信息，但隨著我們在全國范圍內改造我們的 Shacks 產品組合，我們對今年和未來幾年感到非常興奮。 2022 屆畢業生將大力發展得來速等新業態，同時在城市街道零售和郊區獨立式零售業中擴大行之有效的業態。現在，我們預計 25% 的班級會有 Shack Track 步行或駕車窗口。

In December, we opened our first ever drive-thru locations, Maple Grove, Minnesota, Lee's Summit, Missouri. This past week, we opened our third drive-thru, Livonia, Michigan outside Detroit and are preparing upcoming openings in Vineland Pointe, Orlando and Castle Rock, Colorado. Our strategy is to open this first group in busy traffic locations so we can optimize learnings from the markets and our guests. We're building experience that provides the elevated hospitality we're known for, including made-to-order burgers and hand spun Shakes, balanced with the convenience that guests expect to drive-thru. And while our preliminary results have been impacted by Omicron, we're really encouraged by what we're seeing, how the drive-thru is operating in all the use cases we can already imagine for how we'll build these in the future. We look forward to continuing to expand with up to a total of 10 drive-thrus operating by the end of 2022.

12 月，我們在明尼蘇達州 Maple Grove 和密蘇里州 Lee's Summit 開設了首個得來速餐廳。上週，我們在底特律郊外的密歇根州利沃尼亞開設了第三家得來速餐廳，並正在為即將在奧蘭多的 Vineland Pointe 和科羅拉多州的 Castle Rock 開設的門店做準備。我們的策略是在交通繁忙的地點開設第一組，這樣我們就可以優化從市場和客人那裡學到的知識。我們正在打造體驗，以提供我們眾所周知的高級款待，包括定制漢堡和手紡奶昔，與客人期望得來速通過的便利性相平衡。雖然我們的初步結果受到了 Omicron 的影響，但我們對我們所看到的情況感到非常鼓舞，直通車如何在我們已經可以想像的所有用例中運行，以及我們將來如何構建這些用例。我們期待繼續擴大，到 2022 年底，共有 10 個得來速運營。

Unlocking this potential can have a tremendous impact on our long-term addressable market, and we're focused on deepening our investments, resources and learning about this critical new addition to the Shack family of experiences. We continue to anticipate build-out costs for the class of 2022 to increase 10% to 15% above historical levels due to sustained inflation on material costs and labor costs.

釋放這種潛力會對我們的長期潛在市場產生巨大影響，我們專注於深化我們的投資、資源和了解 Shack 體驗系列中這一重要的新成員。由於材料成本和勞動力成本的持續通脹，我們繼續預計 2022 年班級的擴建成本將比歷史水平增加 10% 至 15%。

We continue to be pleased with the growth of our license business. In 2021, this part of our business drove over $400 million of system-wide sales. Contributing to this was the opening of 26 new licensed Shacks, highlighted by new market launches in Monterrey, Mexico, Macau, Shenzhen, Hangzhou and the deepening of our commitment to growth in Korea, Mexico and more.

我們繼續對我們的許可業務的增長感到滿意。 2021 年，我們的這部分業務推動了超過 4 億美元的全系統銷售額。對此作出貢獻的是 26 家新獲得許可的 Shacks 的開業，特別是在蒙特雷、墨西哥、澳門、深圳、杭州的新市場推出，以及我們對韓國、墨西哥等地增長的承諾的深化。

In the fourth quarter, we opened 6 new licensed Shacks, including our second in the city of Shenzhen. We're really excited to continue building on this momentum in China, and we see this region as a major potential growth focus with expansion this year into brand-new markets such as Guangzhou and Chengdu. We're also proud to announce that we'll be targeting opening in Malaysia in 2023 through a new development agreement. Our international licensed business remains a key focus asset-light strategy to grow our brand and profitability over the long term. On the domestic side, our business in Q4 benefited from increased air travel, especially serving holiday travelers. We'll be building on that momentum with a slate of new roadside Shacks in New Jersey and Upstate New York in a new development agreement we now have with Applegreen to grow this format.

第四季度，我們開設了 6 家新的持牌小屋，其中包括我們在深圳的第二家。我們很高興能在中國繼續發揚這一勢頭，我們認為該地區是一個主要的潛在增長重點，今年將擴展到廣州和成都等全新市場。我們也很自豪地宣布，我們的目標是通過新的開發協議於 2023 年在馬來西亞開業。我們的國際許可業務仍然是長期發展我們的品牌和盈利能力的重點輕資產戰略。在國內方面，我們第四季度的業務受益於航空旅行的增加，尤其是為度假旅客提供服務。在我們現在與 Applegreen 達成的一項新開發協議中，我們將在新澤西州和紐約州北部的一系列新路邊棚屋的基礎上繼續發展這一勢頭，以發展這種格式。

Finally, we're always working on improving our guest experience. In our kitchen, we are uplifting our culinary program with exciting LTOs and buzzworthy collabs that drive engagement with new and existing guests. Recently, we ran our truffle burger and fries, which were the strongest performing LTOs of 2021 in our digital channels after being launched early exclusively on our app. And right now, we're highlighting our new buffalo chicken sandwich, a crispy hamburger chicken breast, covered in our Buffalo sauce topped with our ranch sauce with pickles and shredded lettuce on a toasted potato bun. This bears great with our buffalo spice fries, classic crinkle cuts, dusted with our Buffalo season served with our ranch sauce.

最後，我們一直在努力改善我們的客戶體驗。在我們的廚房裡，我們正在通過令人興奮的 LTO 和值得關注的合作來提升我們的烹飪計劃，從而推動與新老客人的互動。最近，我們推出了松露漢堡和薯條，這是 2021 年我們數字渠道中表現最強勁的 LTO，在我們的應用程序早期獨家推出後。而現在，我們正在重點介紹我們的新水牛雞肉三明治，這是一種香脆的漢堡雞胸肉，上面覆蓋著我們的水牛醬，上面是我們的牧場醬汁、泡菜和生菜絲，放在烤土豆麵包上。這非常適合我們的水牛香料薯條、經典的皺紋切塊，撒上我們的水牛季節和我們的牧場醬汁。

Our seasonal shakes in the first quarter incorporated delicious flavors with a connection to our communities. The Wake & Shake is a coffee shake, hand spun with vanilla frozen custard maple syrup and orange zest, topped with whipped cream and orange candies. We've partnered with Red Bay Coffee, a black-owned coffee maker out of Oakland, California as yet another example of our commitment to gather communities and enrich our neighborhoods by supporting local businesses. We've got an exciting lineup of LTOs plant for this year, focusing on chicken, burgers, shakes and lemonades, all with the goal of driving frequency, Shack and brand love.

我們在第一季度的季節性奶昔融合了與我們社區相關的美味風味。 Wake & Shake 是一種咖啡奶昔，用香草冷凍奶油楓糖漿和橙皮手工紡製而成，上面撒上生奶油和橙糖。我們與加利福尼亞州奧克蘭市的黑人咖啡製造商 Red Bay Coffee 合作，這是我們致力於通過支持當地企業聚集社區和豐富我們的社區的另一個例子。今年我們有一個令人興奮的 LTO 工廠陣容，專注於雞肉、漢堡、奶昔和檸檬水，所有這些都是為了提高頻率、Shack 和品牌愛。

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

有了這個，我會把它交給凱蒂，分享更多關於本季度的細節和我們對未來的期望。

Great. Thank you, Randy, and good afternoon, everyone. I want to thank our amazing teams in our Shacks and at our home office for the tireless work that they do as we continue to work together and navigate this challenging landscape. Our deep dedication, perseverance and innovation is shining bright through the lingering pressures from COVID.

偉大的。謝謝蘭迪，大家下午好。我要感謝我們棚屋和家庭辦公室中出色的團隊，感謝他們在我們繼續共同努力並駕馭這一充滿挑戰的環境時所做的不懈工作。在來自 COVID 的揮之不去的壓力下，我們堅定的奉獻精神、毅力和創新精神閃耀著光芒。

We ended the year on an optimistic note with encouragement about what a recovery for our more urban and tourism-heavy restaurant footprint can start to look like. We saw notable green shoots across Shacks even as consumers were still not fully back to pre-COVID behavior patterns in terms of international and domestic tourism, return to office as well as dining in restaurants.

我們以樂觀的態度結束了這一年，對我們更多城市和旅遊密集的餐廳足跡可能開始復蘇感到鼓舞。儘管消費者在國際和國內旅遊、重返辦公室以及在餐廳用餐方面仍未完全恢復到 COVID 之前的行為模式，但我們在 Shacks 看到了顯著的萌芽。

Our fourth quarter revenue grew over 38% year-over-year to $203.3 million as our Same-Shack sales rose 20.8%, more than closing the gap to 2019 Same-Shack sales. This was a long-awaited milestone for the company. And this happened even as many of our Shacks that had the largest sales volumes prior to COVID were still far from recovered. We generated Shack-level operating profit margin of 16.4%, up 40 basis points year-on-year, our licensed business had a record quarter, and we generated adjusted EBITDA of $12.4 million, up 36% year-over-year.

我們第四季度的收入同比增長超過 38% 至 2.033 億美元，因為我們的 Same-Shack 銷售額增長了 20.8%，超過了與 2019 年 Same-Shack 銷售額的差距。這對公司來說是一個期待已久的里程碑。即使在 COVID 之前銷量最大的許多棚屋還遠未恢復，這種情況也發生了。我們創造了 16.4% 的 Shack 級營業利潤率，同比增長 40 個基點，我們的許可業務創下了創紀錄的季度，我們產生了 1240 萬美元的調整後 EBITDA，同比增長 36%。

System-wide sales were $314.3 million in the quarter and more than $1.1 billion for the full year, up over 47% year-over-year and by more than 25% relative to 2019 levels. We are learning more insights as we enter new countries, markets and formats as there are now 379 Shake Shacks operating across 15 countries, and we have a strong digital presence in our company-owned business. We generated $74,000 in average weekly sales, up from $72,000 we reported last quarter, and each month of the quarter outperformed historical seasonality, driven by a function of higher menu price and a building recovery in our urban Shacks as well as continued strength in our suburban Shacks.

本季度全系統銷售額為 3.143 億美元，全年超過 11 億美元，同比增長超過 47%，相對於 2019 年水平增長超過 25%。隨著我們進入新的國家、市場和形式，我們正在學習更多的見解，因為現在有 379 家 Shake Shacks 在 15 個國家/地區運營，並且我們在公司擁有的業務中擁有強大的數字存在。我們的平均每週銷售額為 74,000 美元，高於我們上一季度報告的 72,000 美元，並且本季度每個月的表現都優於歷史季節性，這是由於菜單價格上漲和我們城市棚屋的建築恢復以及我們郊區的持續強勁棚屋。

In the fourth quarter, our urban Same-Shack sales were 4% below 2019 levels, a material improvement from down 15% in the prior quarter. Most urban markets outside of Manhattan were up relative to 2019, and New York City had the largest impact on the sequential improvement in total Same-Shack sales. Our suburban Same-Shack sales were 9% above 2019 levels, also a material acceleration quarter-over-quarter even as our urban business performed well. Towards the end of the quarter, our mall-based Shacks benefited from more of our guests out shopping for the holidays. Our traditional freestanding and outdoor shopping center Same-Shack sales also showed continued strength. We saw strong performance across all regions in the fourth quarter.

第四季度，我們的城市 Same-Shack 銷售額比 2019 年水平低 4%，比上一季度下降 15% 有了實質性改善。相對於 2019 年，曼哈頓以外的大多數城市市場都出現了上漲，而紐約市對 Same-Shack 總銷售額的環比增長影響最大。我們郊區的 Same-Shack 銷售額比 2019 年水平高 9%，即使我們的城市業務表現良好，環比也有實質性的增長。到本季度末，我們位於商場的 Shacks 受益於更多的客人在假期購物。我們傳統的獨立式戶外購物中心 Same-Shack 的銷售也顯示出持續的強勁勢頭。我們在第四季度看到所有地區的強勁表現。

Texas, Connecticut and Georgia Same-Shack sales were each up 20% or more relative to 2019 levels. Then with rising COVID case counts in the end of December and throughout January, we saw a swift reversal of the strong fourth quarter trends. Our average weekly sales fell to $63,000 in January, flat to last year, and our Same-Shack sales momentum slowed to up 2% year-over-year. Rising case counts in addition to weather drove 87 full days of Shack closures and a high single-digit reduction in operating hours. We also throttled digital channels in some cases. These pressures, of course, are not new, but rather consistent with what we have experienced in prior COVID waves.

德克薩斯州、康涅狄格州和喬治亞州 Same-Shack 的銷售額均較 2019 年增長 20% 或更多。然後，隨著 12 月底和整個 1 月 COVID 病例數的增加，我們看到強勁的第四季度趨勢迅速逆轉。 1 月份，我們的平均每週銷售額降至 63,000 美元，與去年持平，我們的 Same-Shack 銷售勢頭放緩至同比增長 2%。除了天氣因素外，案件數量的增加還導致 Shack 關閉了 87 天，營業時間大幅減少了個位數。在某些情況下，我們還限制了數字頻道。當然，這些壓力並不是新的，而是與我們在之前的 COVID 浪潮中所經歷的一致。

While the timing of when our guests will return to pre-COVID momentum or movement patterns is uncertain, our sales in February are showing strong improvement from January levels, and our Same-Shack sales are now up approximately 13% year-over-year as of Tuesday this week. We are cautiously optimistic on recent sales trends, but this uncertainty is understandably impacting our ability to guide 1Q and full year 2022 with precision as it pertains to sales, costs, staffing, development and other metrics.

雖然我們的客人何時恢復到 COVID 之前的勢頭或運動模式尚不確定，但我們 2 月份的銷售額與 1 月份的水平相比有很大改善，我們的 Same-Shack 銷售額現在同比增長約 13%，因為本周星期二。我們對最近的銷售趨勢持謹慎樂觀的態度，但可以理解的是，這種不確定性影響了我們準確指導 2022 年第一季度和全年的能力，因為它與銷售、成本、人員配備、發展和其他指標有關。

We are guiding first quarter Shack sales of $190 million to $195 million, supported by an assumption that our sales remain impacted by COVID, but that the impact will continue to lessen from January levels. However, this assumes no major new unanticipated disruptions throughout the quarter. We expect our Same-Shack sales to grow high single digits to low double digits year-over-year.

我們指導第一季度 Shack 銷售額為 1.9 億美元至 1.95 億美元，假設我們的銷售額仍受 COVID 影響，但影響將繼續從 1 月份的水平減弱。但是，這假設整個季度沒有重大的新的意外中斷。我們預計我們的 Same-Shack 銷售額將同比增長高個位數至低兩位數。

We are encouraged by the results of our October price increase and believe our brand has pricing power. The extent of inflation this year remains uncertain, and we may take additional price later this year to help build back margins, all while focusing on a tiered approach to pricing and ensuring that our guests still realize a great value in terms of superior food quality and guest service as well as a wide range of offerings across price points.

我們對 10 月份提價的結果感到鼓舞，並相信我們的品牌具有定價權。今年的通貨膨脹程度仍然不確定，我們可能會在今年晚些時候採取額外的價格來幫助建立利潤，同時專注於分層定價方法，並確保我們的客人在卓越的食品質量和客戶服務以及各種價位的產品。

With rising COVID case counts in January, we saw significant sales impact and deleverage across our restaurant P&L. This, along with a higher delivery mix, ongoing inflationary pressures and added expenses to support the return over in-Shack sales are likely to negatively impact our Shack-level operating profit margins for the first quarter. We are guiding to Shack-level operating profit margins to be between 11% and 14%. We are taking price late in the first quarter, so it will have little benefit to this quarter's Shack level operating profit margin.

隨著 1 月份 COVID 病例數的增加，我們看到餐廳損益表的銷售影響和去槓桿化顯著。再加上更高的交付組合、持續的通脹壓力以及支持 Shack 內銷售回報的額外費用，可能會對我們第一季度的 Shack 級營業利潤率產生負面影響。我們正在指導 Shack 級別的營業利潤率在 11% 到 14% 之間。我們在第一季度末定價，因此對本季度 Shack 級別的營業利潤率幾乎沒有好處。

We generated nearly 40% of our system sales through our licensed partners in the quarter, with license sales reaching $118.4 million, up 50% year-over-year. This performance was driven by new openings, increased holiday air travel domestically and relaxation of COVID-related restrictions in select international markets. Our partners are now operating more than 150 licensed restaurants worldwide, and we expect to see 20 to 25 new licensed Shack openings in 2022. Our licensed partners are seeing a wide range of impacts from the recent increase in COVID case counts and restrictions, and we expect this impact to continue throughout the year. As such, we are guiding for our licensed business revenue of $6 million to $6.4 million in the first quarter and note risks and uncertainties around rising restrictions, particularly in Asia.

我們在本季度通過我們的許可合作夥伴產生了近 40% 的系統銷售額，許可銷售額達到 1.184 億美元，同比增長 50%。這一業績是由新開業、國內假日航空旅行增加以及在特定國際市場放寬與 COVID 相關的限制推動的。我們的合作夥伴現在在全球經營著 150 多家持牌餐廳，我們預計 2022 年將有 20 到 25 家新的持牌小屋開業。我們的持牌合作夥伴正在看到最近 COVID 病例數量和限制增加的廣泛影響，我們預計這種影響將持續一整年。因此，我們在第一季度指導我們的許可業務收入為 600 萬美元至 640 萬美元，並註意到限制增加帶來的風險和不確定性，特別是在亞洲。

While our momentum in the fourth quarter was encouraging, the swift sales pressure we faced in January simply reinforced the importance of our strategic plan in terms of our commitment to elevating our people, our digital transformation, evolving our formats and making sure that our guests experience rules in terms of quality and hospitality. We believe that we must continue to invest in the digital transformation of the company and are committed to building a true omnichannel guest experience for our digital platform, meaning our app and our web are the preferred channels.

雖然我們在第四季度的勢頭令人鼓舞，但我們在 1 月份面臨的迅速銷售壓力只是加強了我們戰略計劃的重要性，即我們致力於提升我們的員工、我們的數字化轉型、發展我們的格式並確保我們的客人體驗質量和款待方面的規則。我們認為，我們必須繼續投資於公司的數字化轉型，並致力於為我們的數字平台打造真正的全渠道客戶體驗，這意味著我們的應用程序和我們的網站是首選渠道。

In the fourth quarter, we grew our first-time web and app customer base by nearly 10% versus the prior quarter and by more than 80% for the full year 2021 as we leaned into more personalized and digital marketing as well as launching key limited time offers through our own app channels. Our digital retention remains strong. In December, we retained nearly 80% of the digital business that we had generated in January 2021, even as our in-Shack sales nearly doubled. Our digital sales mix was 42% in the quarter and nearly 60% when considering kiosks and our digital channels combined. The long-term and sustainable growth of our digital business is top of mind in our 2022 G&A guidance and overall investment plan. We believe our initiatives are important to lay the groundwork for improved digital frequency and lifetime value of these guests.

在第四季度，我們的首次網絡和應用程序客戶群與上一季度相比增長了近 10%，而 2021 年全年增長了 80% 以上，因為我們傾向於更加個性化和數字營銷以及推出 key limited通過我們自己的應用程序渠道提供時間。我們的數字保留率仍然很高。 12 月，我們保留了 2021 年 1 月產生的近 80% 的數字業務，儘管我們在 Shack 的銷售額幾乎翻了一番。本季度我們的數字銷售組合為 42%，考慮到信息亭和我們的數字渠道的總和，這一比例接近 60%。我們數字業務的長期和可持續增長是我們 2022 年 G&A 指導和整體投資計劃的首要考慮因素。我們相信我們的舉措對於為提高這些客人的數字頻率和終身價值奠定基礎非常重要。

Now on to the cost side of our Shacks. We are committed to working with the best-in-class suppliers and our supply chain team has done a commemorable job navigating macro-driven challenges and inflationary backdrops. In the fourth quarter, our food and paper costs were $60.8 million.

現在談談我們棚屋的成本方面。我們致力於與一流的供應商合作，我們的供應鏈團隊在應對宏觀挑戰和通貨膨脹背景下做出了值得紀念的工作。第四季度，我們的食品和紙張成本為 6080 萬美元。

(technical difficulty)

（技術難度）

Flat. The price increase we implemented in the quarter helped offset low single-digit quarter-over-quarter and low double-digit year-over-year food and paper inflation. We realized cost pressures across many inputs, but particularly protein. We may take more price this year as the inflationary environment warrants. However, we currently anticipate mid- to high single-digit inflation across most of our nonprotein inputs and double-digit inflation across our paper and packaging. The biggest part of our basket is our 100% all-natural Angus beef, where we expect continued inflation and are subject to weekly and monthly moving prices. Labor was $57.9 million or 29.6% of total Shack sales, down from 31.1% in the prior quarter and 30.3% in the fourth quarter of 2020, with the leverage driven primarily by higher sales. The staffing environment remains challenging, and we are going to continue to invest to build our teams for the growth ahead.

平坦的。我們在本季度實施的價格上漲有助於抵消低個位數的季度環比和低兩位數的同比食品和紙張通脹。我們意識到許多投入的成本壓力，尤其是蛋白質。由於通脹環境的需要，我們今年可能會採取更高的價格。然而，我們目前預計我們的大多數非蛋白質投入品將出現中高個位數的通脹，而我們的紙張和包裝將出現兩位數的通脹。我們籃子中最大的部分是我們的 100% 純天然安格斯牛肉，我們預計會持續通貨膨脹，並受每周和每月變動價格的影響。勞動力為 5,790 萬美元，佔 Shack 總銷售額的 29.6%，低於上一季度的 31.1% 和 2020 年第四季度的 30.3%，其槓桿率主要受銷售額增長的推動。人員配置環境仍然充滿挑戰，我們將繼續投資以建立我們的團隊以實現未來的增長。

Operating expenses were $29.2 million or 14.9% of total Shack sales, up from 14.2% in the third quarter of 2021 and 14.7% in the fourth quarter of 2020. Our in-Shack business doubled year-over-year in the quarter, and with that came some additional expenses as it relates to maintaining our Shacks including our dining rooms and in local marketing. We are committed to delivering a great guest experience, being a community gathering place and enriching the neighborhoods we operate in. Occupancy was $15.8 million or 8.1% of total Shack sales, down from 8.9% in the fourth quarter of 2020, with leverage coming from stronger sales. Total Shack level operating profit in the quarter was $32.2 million or 16.4% of Shack sales, up from 15.8% of Shack sales in the third quarter and up from 16% of sales in the fourth quarter of 2020.

運營費用為 2920 萬美元，佔 Shack 總銷售額的 14.9%，高於 2021 年第三季度的 14.2% 和 2020 年第四季度的 14.7%。我們的 Shack 內業務在本季度同比增長了一倍，並且這帶來了一些額外的費用，因為它與維護我們的棚屋（包括我們的餐廳）和當地營銷有關。我們致力於提供出色的賓客體驗，成為社區聚會場所並豐富我們經營所在的社區。入住率為 1580 萬美元，佔 Shack 總銷售額的 8.1%，低於 2020 年第四季度的 8.9%，槓桿來自更強的銷售。本季度 Shack 級別的總營業利潤為 3220 萬美元，佔 Shack 銷售額的 16.4%，高於第三季度 Shack 銷售額的 15.8%，高於 2020 年第四季度銷售額的 16%。

Sales pressures realized in January plus the combination of inflationary pressures across a variety of restaurant P&L line items and a higher delivery mix compared to pre-COVID times is pressuring our restaurant margin recovery in the near term. We are taking some important steps to build back the profitability of our Shacks with an eye to the long-term health of the business. First, we believe we are a strong brand with pricing power. We are taking price as the inflationary environment today warrants on menu and through third-party delivery and may take additional price increases this year if needed. Also, as we saw in the fourth quarter, sales leverage can help offset some of the cost pressures we face. We are accelerating investments and going deeper in marketing and digital as we look forward to a more sustainable sales-driven recovery over time.

1 月份實現的銷售壓力，加上各種餐廳損益表項目的通脹壓力以及與 COVID 之前相比更高的交付組合，在短期內給我們的餐廳利潤率恢復帶來壓力。我們正在採取一些重要步驟來重建我們棚屋的盈利能力，同時著眼於業務的長期健康。首先，我們相信我們是一個具有定價能力的強大品牌。我們正在考慮價格，因為今天的通貨膨脹環境保證了菜單和通過第三方交付，如果需要，今年可能會採取額外的價格上漲。此外，正如我們在第四季度看到的那樣，銷售槓桿可以幫助抵消我們面臨的一些成本壓力。隨著我們期待隨著時間的推移實現更可持續的銷售驅動型複蘇，我們正在加速投資並深入營銷和數字化領域。

Our G&A was $25.6 million, up 24.7% quarter-over-quarter bringing the full year 2021 G&A spend to $86 million, inclusive of $2.5 million in equity-based stock compensation expense for the fourth quarter and $7.9 million for the full year. The largest increase in G&A year-over-year came from our additional marketing and technology investments. We are investing in G&A this year with an eye on the long-term growth potential for the company and expect to spend between $108 million and $114 million, inclusive of approximately $12 million in equity-based stock compensation expense. The rise in equity-based stock compensation is a function of us making key investments this year in our teams, including our general managers. This level of investment is necessary to open the low Shacks on record and build out our digital and marketing strategies. Preopening expense was $4.5 million in the quarter as we opened 13 new Shacks, and we expect 2022 preopening expense to be between $14 million and $17.5 million.

我們的 G&A 為 2560 萬美元，環比增長 24.7%，使 2021 年全年 G&A 支出達到 8600 萬美元，其中包括第四季度 250 萬美元的基於股權的股票補償費用和全年的 790 萬美元。 G&A 同比增幅最大的是我們額外的營銷和技術投資。我們今年投資 G&A，著眼於公司的長期增長潛力，預計將花費 1.08 億美元至 1.14 億美元，其中包括約 1200 萬美元的股權激勵費用。基於股權的股票薪酬的增加是我們今年對我們的團隊（包括我們的總經理）進行關鍵投資的結果。這種投資水平對於打開有記錄的低棚屋並製定我們的數字和營銷策略是必要的。本季度開業前費用為 450 萬美元，因為我們開設了 13 個新的 Shacks，我們預計 2022 年開業前費用將在 1400 萬美元至 1750 萬美元之間。

Depreciation and amortization expense was $15.6 million, up 24% year-over-year. We expect 2022 depreciation and amortization expense to be between $70 million and $75 million. We realized a GAAP actual net loss of $9.7 million in the fourth quarter or a negative $0.25 earnings per share. On an adjusted pro forma basis, we reported a net loss of $4.8 million or a negative $0.11 per fully exchanged and diluted share. Excluding the tax impact of stock-based compensation, our pro forma tax rate in the fourth quarter was 30.9%. A full reconciliation between our GAAP and adjusted pro forma net income and earnings per share can be found in our earnings release and a reconciliation of our tax rates can be found in the financial details section of our supplemental materials.

折舊和攤銷費用為 1560 萬美元，同比增長 24%。我們預計 2022 年的折舊和攤銷費用將在 7000 萬美元至 7500 萬美元之間。我們在第四季度實現了 GAAP 實際淨虧損 970 萬美元或每股收益為負 0.25 美元。在調整後的備考基礎上，我們報告淨虧損 480 萬美元或每股完全交換和稀釋後的負 0.11 美元。剔除股票薪酬的稅收影響，我們第四季度的備考稅率為 30.9%。我們的 GAAP 與調整後的備考淨收入和每股收益之間的完全對賬可以在我們的收益發布中找到，我們的稅率對賬可以在我們補充材料的財務細節部分找到。

We expect our adjusted pro forma tax rate, excluding the impact of stock-based compensation to be between 28% to 30% for the full year. However, we could see variability from this range depending on the extent of our business recovery in higher tax jurisdictions and other factors. Our balance sheet remains in a strong position, and we ended the quarter with $382.4 million in cash and marketable securities. We will be using our healthy cash balance to support our strong growth in new Shack openings across a variety of formats, including drive-thru as well as continue to make investments across our business.

我們預計全年調整後的備考稅率（不包括股票薪酬的影響）將在 28% 至 30% 之間。然而，根據我們在高稅收管轄區的業務復甦程度和其他因素，我們可能會看到這個範圍的變化。我們的資產負債表保持強勁，本季度末我們擁有 3.824 億美元的現金和有價證券。我們將利用我們健康的現金餘額來支持我們在各種形式的新 Shack 開業方面的強勁增長，包括得來速以及繼續對我們的業務進行投資。

Thank you for your time. And with that, I'll turn it back to Randy.

感謝您的時間。有了這個，我會把它轉回給蘭迪。

Thanks, Katie. I just want to end today sharing the optimism that our team feels around what's ahead. There's no doubt the whipsaw of COVID-induced impact continues, has been felt already in this first quarter. but the team is forging ahead. We're driving excitement around our products, our Shacks and each and every way our guests can experience Shake Shack. We've got a big year ahead, and we're thankful you're along for the ride with us. As always, I hope that you and your family stay safe and healthy.

謝謝，凱蒂。我只想在今天結束時分享我們團隊對未來的樂觀態度。毫無疑問，COVID 引發的衝擊仍在繼續，在第一季度就已經感受到了。但團隊正在奮進。我們正在圍繞我們的產品、我們的 Shack 以及我們的客人體驗 Shake Shack 的每一種方式來激發人們的熱情。我們迎來了豐收的一年，感謝您與我們同行。一如既往，我希望您和您的家人保持安全和健康。

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

有了這個，接線員，請繼續打開問題的電話。

(Operator Instructions) Our first question comes from the line of Michael Tamas with Oppenheimer & Company.

（操作員說明）我們的第一個問題來自 Oppenheimer & Company 的 Michael Tamas。

You said you're planning to take more price in March to protect your margins. And I think the comment to protect margin sounds like a little bit of a shift from the last few calls. And so how do you want us to think about that comment specifically on protecting margins? Is that meaning that 2022 should look similar to '21? Or what's the right way that we should all be interpreting the protecting margins comment?

你說你計劃在三月份採取更高的價格來保護你的利潤。而且我認為保護保證金的評論聽起來與最近幾次電話會議有所不同。那麼，您希望我們如何專門考慮關於保護利潤的評論？這是否意味著 2022 年應該類似於 21 年？或者我們都應該解釋保護邊際評論的正確方式是什麼？

Well, I think you got it. I think you interpret it as the price of 6% to 7% that we're going to have in total running through the system as we head into Q2. And there's a lot of puts and takes, there's a lot of uncertainty in inflation, the cost of goods entering our business and our continued investments in our people and all the things. So we're not going to run this business to just hit some expected margin. We're going to run it for the long-term return of sales.

嗯，我想你明白了。我認為您將其解釋為進入第二季度時我們將在整個系統中運行的 6% 到 7% 的價格。有很多看跌期權，通貨膨脹有很多不確定性，進入我們業務的商品成本以及我們對員工和所有事物的持續投資。因此，我們不會為了達到預期的利潤率而經營這項業務。我們將運行它以實現長期的銷售回報。

The #1 thing we'll do to protect margins is getting our sales fully back. And those are -- that's the #1 focus, will always be sales on that. And we'll take price appropriate with that. I think what we've shared today is it's clear that inflation and its hit on our business remains persistent, may remain persistent, and we will watch closely to see if it gets worse into this year. So we'll keep you posted of any change on that, Michael, but that's the plan for right now. And as Katie said a couple of times, we'll keep an eye on whether we need more price next year. But at this moment, we have no plan to do that, but we'll keep an eye on that as the business inputs come.

我們為保護利潤所做的第一件事是讓我們的銷售額完全恢復。這些是 - 這是第一重點，將永遠是銷售。我們會採取適當的價格。我認為我們今天分享的是很明顯，通貨膨脹及其對我們業務的影響仍然持續存在，可能會持續存在，我們將密切關註今年是否會變得更糟。所以我們會及時通知你任何變化，邁克爾，但這是目前的計劃。正如凱蒂多次所說，我們將密切關註明年是否需要更高的價格。但目前，我們沒有計劃這樣做，但隨著業務投入的到來，我們會密切關注這一點。

Makes sense. And then obviously, you're still really early in the process of drive-thrus and drive-ups. You have 10 planned, I think, by the end of '22. And so as you think about your unit growth beyond '22, I know you're not giving us numbers, but if you were to just say, grow 50 units, I mean, this is just such a transformation for your business. Is there a point where we might see these be 30% to 40% -- 30 to 40 of those 50 units? And if that wouldn't be the case, why not?

說得通。然後很明顯，你還處於得來速和開車的過程中的早期階段。我想，到 22 年底，你有 10 個計劃。因此，當您考慮到 22 年之後的單位增長時，我知道您並沒有給我們提供數字，但是如果您只是說增長 50 個單位，我的意思是，這對您的業務來說就是這樣的轉變。有沒有一點我們可能會看到這些是 30% 到 40%——這 50 個單位中的 30 到 40 個？如果不是這樣，為什麼不呢？

Well, I think we've got to get to know drive-thru, right? So we've not gotten any of those numbers today. And you can see here in my comments how excited we are about it to have 3 open. And we've got less than 2 months of experience running the drive-thru. We've got a lot to learn, a lot to do. And as the words I continue use is, we're optimized for learning on that. We have various kitchen designs, various drive-up scenarios that we're practicing. We're learning. And there's going to be places where drive-thrus, we believe, will be a critical part of Shake Shack's future, but we've got to prove that. And we've got to figure out how to build that. So a lot ahead, a lot of optimism on that. and quite a few Shacks that are coming our way soon. So look forward to a drive-thru near you.

好吧，我認為我們必須了解得來速，對吧？所以我們今天沒有得到任何這些數字。您可以在我的評論中看到我們對開放 3 個感到多麼興奮。我們擁有不到 2 個月的免下車服務經驗。我們有很多東西要學，還有很多事情要做。正如我繼續使用的詞一樣，我們已經針對學習進行了優化。我們有各種各樣的廚房設計，我們正在練習的各種開車場景。我們正在學習。我們相信，在某些地方，得來速服務將成為 Shake Shack 未來的關鍵部分，但我們必須證明這一點。我們必須弄清楚如何構建它。所以很多未來，很多樂觀。還有不少棚屋很快就要來了。因此，期待您附近的得來速餐廳。

Our next question comes from the line of Jared Garber with Goldman Sachs.

我們的下一個問題來自高盛的 Jared Garber。

I want to circle back on the commentary on pricing. Obviously, encouraging to hear you guys kind of step out and increase price there to help out the margin profile. But wondering what your studies would show on price elasticity. I think one of the things that we hear investors talk about a lot is the price of a Shake Shack burger. So just curious how you view that pricing power that you talked about, Katie or Randy. And maybe what kind of research you've done to suggest that you have sort of 6% to possibly more than that percent price to take?

我想回到關於定價的評論。顯然，鼓勵聽到你們走出去並提高價格以幫助提高利潤率。但想知道你的研究會顯示價格彈性。我認為我們經常聽到投資者談論的一件事是 Shake Shack 漢堡的價格。所以只是好奇你如何看待你所說的定價能力，凱蒂或蘭迪。也許你做了什麼樣的研究表明你有6%到可能超過那個百分比的價格？

We do keep a careful eye on where we are relative to what we think our competitors are, and we still feel very good about what that price gap is. And that's probably all that I'll kind of go into today. We do take a tiered approach to our pricing, and so we're very -- we take into account our guests' kind of willingness to pay in various markets. And that's kind of what we look at when we see pricing. The results of our -- we raised price in October, and we saw pretty good reception to that price increase, and that gives us more confidence here, but it is a risk and something that we're very mindful of.

我們確實密切關注我們相對於我們認為的競爭對手的位置，我們仍然對價格差距感到非常滿意。這可能就是我今天要講的全部內容。我們確實對定價採取分層方法，因此我們非常 - 我們考慮了客人在各個市場的支付意願。當我們看到定價時，這就是我們所看到的。我們的結果——我們在 10 月份提高了價格，我們看到了對價格上漲的良好反應，這讓我們在這裡更有信心，但這是一個風險，也是我們非常注意的事情。

And Jared, I think, look, none of us have seen this kind of inflationary environment in a generation. Certainly, no one alive has ever seen it following a pandemic. So I think there's just going to be a lot to watch and learn. But we have, as we said, like really feel good about where we sit, when you kind of look at your typical Shack meal, your kind of Shack burger fries and a drink, does that sit comfortably against other options that you might have for lunch or dinner? And we sure think it does. And we feel like that gives us a strong platform to grow from.

傑瑞德，我想，看，我們沒有人在一代人的時間裡見過這種通貨膨脹的環境。當然，沒有人在大流行之後見過它。所以我認為有很多東西需要觀察和學習。但是，正如我們所說，我們對我們的坐姿感覺非常好，當你看看你典型的 Shack 餐、你那種 Shack 漢堡薯條和一杯飲料時，與你可能擁有的其他選擇相比，這是否舒服午餐還是晚餐？我們當然認為確實如此。我們覺得這為我們提供了一個強大的成長平台。

That's great. And then just one sort of quick follow-up on the delivery pricing. You're taking that incrementally higher on the third-party channels. Does that drive sort of a channel agnostic scenario in terms of margins? Or are those margins still lower than your direct channels?

那太棒了。然後只是對交付定價的一種快速跟進。您在第三方渠道上逐漸提高了這一點。就利潤率而言，這是否會引發一種與渠道無關的情況？還是這些利潤仍然低於您的直接渠道？

I would say with that, this is an important step to improve our profitability in our delivery channels.

我想說的是，這是提高我們在交付渠道中的盈利能力的重要一步。

Our next question comes from the line of Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞（Sharon Zackfia）和威廉·布萊爾（William Blair）的觀點。

I guess a question on the pricing, sorry. I remember, Randy, we were sitting together in New York the week before the pandemic really started in the U.S., and you were doing pricing elasticity analyses at that point. And I recognize you don't want to get overly into where you can take price and where you can't, but have you seen any noticeable consumer resistance over the past year as you've taken a bit more price? And then secondarily, Katie, the margin range for the quarter is a bit wider than normal. Is that just reflecting the uncertainty with sales given the pandemic volatility?

我想關於定價的問題，對不起。我記得，蘭迪，在美國真正開始大流行的前一周，我們在紐約坐在一起，那時你正在做定價彈性分析。而且我知道您不想過分關注可以定價和不能定價的地方，但是您在過去一年中看到任何明顯的消費者抵制，因為您已經採取了更高的價格？其次，凱蒂，本季度的利潤率範圍比正常情況要寬一些。鑑於大流行的波動，這是否只是反映了銷售的不確定性？

Okay. So on the pricing, look, we've got -- we just took 3.5% in October, right, towards the end of October, that is all new, and we've had a wild consumer environment since then. So really hard to say. We continue to believe, Sharon, that we've got some really strong pricing power. That's what, more than 2 years ago, as what you're referring to, we continue to believe, and we also have got -- just gotten smarter about how we price. How we price for a fair value exchange and things like our delivery channels and market-by-market tier pricing.

好的。所以在定價方面，看，我們得到了——我們在 10 月份只拿了 3.5%，對，到 10 月底，這是全新的，從那時起我們就有了一個瘋狂的消費環境。所以真的很難說。莎朗，我們仍然相信我們擁有一些非常強大的定價能力。這就是兩年多前，正如您所指的那樣，我們繼續相信，而且我們也有——只是對我們的定價方式變得更加聰明。我們如何為公允價值交換定價，以及我們的交付渠道和逐個市場的分級定價。

So we feel really good about getting smarter about price and still keeping it within a range that we think is reasonable. And yet -- this company has a history of a roughly 2% price take every year. For us to be at 7% is indicative of the time we're living in. And I think we're probably on the conservative end of that if you look at us against the industry, us against at-home cost of food. And I think that would tell you that we're probably in a pretty strong pricing position as we enter this next phase of things getting more expensive around us, which is why we'll keep an eye on things for the future.

因此，我們對在價格上變得更聰明並仍將其保持在我們認為合理的範圍內感到非常高興。然而——這家公司有每年大約 2% 的價格上漲的歷史。對我們來說，7% 表明我們生活的時間。如果你看我們反對這個行業，我們反對家庭食品成本，我認為我們可能處於保守的一端。我認為這會告訴你，隨著我們進入下一階段，我們周圍的東西變得越來越貴，我們可能處於一個非常強大的定價位置，這就是為什麼我們會密切關注未來的事情。

And then, Sharon, on your question on the wide range of margins, I mean, it's something that we talked about in our prepared remarks. There is kind of growing uncertainty here about our ability to really nail down the true cost landscape here and the impact from Omicron, and so we've done our best to reflect that in the guidance today.

然後，Sharon，關於你關於範圍廣泛的問題，我的意思是，這是我們在準備好的發言中談到的。對於我們真正確定這裡的真實成本狀況以及 Omicron 的影響的能力，這裡存在越來越大的不確定性，因此我們已盡最大努力在今天的指導中反映這一點。

And also I want to make sure you catch that. Like we're very clear that Q4 really started to see those drivers for Shake Shack that we know can drive our business results happen, and we celebrate what that looked like in Q4. Q1 in January was really tough. And yet the last 3 weeks in February have been consistently better every week. So you can kind of see that wave, and as we've talked about for 2 years, Shake Shack is generally more impacted by these waves given our unique real estate proposition. And we look forward to more of a return of normal traffic patterns. We're hopeful, but we're going to be cautious in that, in our op profit, in our sales guidance for this quarter and beyond.

我還想確保你能抓住這一點。就像我們很清楚，第四季度真的開始看到那些我們知道可以推動我們的業務成果發生的 Shake Shack 驅動因素，我們慶祝第四季度的情況。一月份的第一季度真的很艱難。然而，2 月的最後 3 週每週都在持續好轉。所以你可以看到那波浪潮，正如我們已經討論了 2 年的那樣，鑑於我們獨特的房地產主張，Shake Shack 通常更容易受到這些浪潮的影響。我們期待更多的正常流量模式回歸。我們充滿希望，但我們會在這方面保持謹慎，在我們的運營利潤以及本季度及以後的銷售指導中。

Our next question comes from the line of Nick Setyan with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Nick Setyan。

Q4, the average weekly sales were above the average weekly sales in Q4 '19 and even the best of times, pre-COVID year-over-year, your average weekly sales tended to decline because of the new unit volumes. Can you maybe just take a step back and explain to us what was so favorable about Q4 '21 versus Q4 '19 average weekly sales? And as we go forward and sales do normalize post-Omicron, what we should expect there?

第 4 季度，平均每週銷售額高於 19 年第 4 季度的平均每週銷售額，即使是最好的時期，在 COVID 之前的年同比，由於新的單位數量，您的平均每週銷售額往往會下降。您能否退後一步，向我們解釋一下 21 年第 4 季度與 19 年第 4 季度平均每週銷售額相比有何優勢？隨著我們向前發展，銷售確實在 Omicron 後正常化，我們應該期待什麼？

Yes. Nick, a couple of things on that. We bucked the seasonal trend in Q4. And I think that's the optimism of what we're talking about here, right? You start to see that -- you saw a little bit of that towards the end where we had some price, but most of that was that urban recovery, to start to see what the Shack we all know and love looks like and will look like. And some of that was some pretty strong openings that we had through 2021, as I noted, some above-average continued average weekly sales and AUVs for that class that kicked off, and that gives us confidence. And that's why nobody is excited about being slower than we expected AWS for January.

是的。尼克，有幾件事。我們在第四季度逆勢而上。我認為這就是我們在這裡談論的樂觀情緒，對吧？你開始看到這一點——你在最後看到了一點點，我們有一些價格，但大部分是城市復蘇，開始看到我們都知道和喜愛的小屋是什麼樣子，將來會是什麼樣子.正如我所指出的，其中一些是我們在 2021 年之前擁有的一些相當強勁的空缺，一些高於平均水平的持續平均每週銷售額和該類別的 AUV 開始了，這給了我們信心。這就是為什麼沒有人對 1 月份 AWS 的速度比我們預期的要慢感到興奮。

But as we look ahead and we know and we can see the kind of things that Shake Shack has always been, it gives -- it's why we're confident and optimistic for where this thing is headed. But we're not going to quote an average weekly sales number but all of the strategies we just talked about, specifically to our people, our digital and our Shacks is what we're building towards, to get that back and growing.

但是當我們展望未來時，我們知道並且我們可以看到 Shake Shack 一直以來的那種東西，它提供了——這就是為什麼我們對這件事的發展方向充滿信心和樂觀。但我們不會引用平均每週銷售數字，而是我們剛剛談到的所有策略，特別是對我們的員工、我們的數字和我們的棚屋是我們正在建設的目標，以恢復和增長。

And just to tail on there. New York City -- the recovery that New York City saw in the fourth quarter, while still many of our Shacks were below 2019 levels, that improvement was a very significant driver of our total Same-Shack sales in the quarter. And so we really were very encouraged by what we started to see as movement trends started to get not -- we're nowhere near fully returned to pre-COVID levels, but you started to see more international tourism, you started to see more return to office. All those things are just such great benefits for us, and left us encouraged for what the recovery could look like once we move past Omicron.

就在那兒尾隨。紐約市——紐約市在第四季度看到了復甦，雖然我們的許多棚屋仍然低於 2019 年的水平，但這種改善是我們本季度 Same-Shack 總銷售額的一個非常重要的推動力。所以我們真的很受鼓舞，因為我們開始看到的運動趨勢開始沒有了——我們還遠未完全恢復到 COVID 之前的水平，但你開始看到更多的國際旅遊業，你開始看到更多的回報到辦公室。所有這些事情對我們來說都是如此巨大的好處，並且讓我們對一旦超過 Omicron 之後的複蘇情況感到鼓舞。

Okay. And Katie, let's say Q2 recovers to pre-Omicron levels of sales, with the incremental price increase, assuming again, pre-Omicron sort of levels of sales, what could the margin look like in Q2?

好的。凱蒂，假設第二季度恢復到 Omicron 之前的銷售水平，隨著價格的增量上漲，再次假設 Omicron 之前的銷售水平，第二季度的利潤率會是什麼樣子？

Yes. We're not going to go into that at this point. There's a lot of uncertainties too as we go throughout the quarter into 2Q, so...

是的。在這一點上，我們不打算討論這個問題。當我們從整個季度進入第二季度時，也有很多不確定性，所以......

Our next question comes from the line of Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

So I just wanted to ask about your longer-term outlook on restaurant margin, a little bit similar to the last question. But near term, a lot of volatility across the P&L, transitory headwinds creating noise, high-volume Shacks pressuring margins in an outsized degree. As we move towards a more normalized environment, which I guess means if we'll return to pre-COVID AUVs across the base and no further acceleration in costs. What do you see as the right margin for the system? Is it 20%? Is that how we should be still thinking about it?

所以我只是想問一下您對餐廳利潤率的長期展望，與上一個問題有點相似。但在短期內，損益表的大量波動、短暫的逆風產生的噪音、大量的 Shacks 極大地壓低了利潤率。隨著我們朝著更加規範化的環境邁進，我想這意味著我們是否會在整個基地恢復到 COVID 之前的 AUV 並且不會進一步加速成本。您認為系統的正確邊距是多少？是20%嗎？難道我們還應該這樣想嗎？

Yes, Lauren, we haven't given that long-term official guidance yet. We know we have work to do to rebuild. You start to see that rebuild in Q4 and kind of finishing out the year. So we've got work to do. A lot of that is going to be watching this inflationary environment, how much things continue to increase, where our digital channels end up landing and the cost of delivery and some of the other things that impact that. But look, we fully believe in the long-term strength of the margins of this brand.

是的，勞倫，我們還沒有給出長期的官方指導。我們知道我們有工作要做重建。您開始在第四季度看到重建，並在今年結束。所以我們有工作要做。其中很多將關注這種通脹環境，有多少事情會繼續增加，我們的數字渠道最終會在哪裡登陸，交付成本以及其他一些影響它的事情。但是看，我們完全相信這個品牌的長期利潤率。

We've proved that for every year prior to COVID, and COVID has had an impact for the last 2 years. And I think given how volatile it's been, given how many of our restaurants still have some ups and downs, the team has done a great job getting basically 3/4 of that profitability back. And we've got a road and a lot of work to do to get that back, and that's our work ahead. That's every strategic pillar that you heard me say is what that is all based upon. And that will start and always begin and end with driving sales. And that's the next part of the work ahead.

我們已經證明，在 COVID 之前的每一年，COVID 在過去 2 年都產生了影響。而且我認為考慮到它的波動性，考慮到我們有多少餐廳仍然有一些起伏，團隊做得很好，基本上恢復了 3/4 的盈利能力。我們有一條路要走，還有很多工作要做，這就是我們未來的工作。這就是你聽到我所說的每一個戰略支柱都是它的基礎。這將開始並始終以推動銷售開始和結束。這是未來工作的下一部分。

Got it. Okay. Then I can transition to -- and I'll try it for a near-term question. Are you willing to give what January and February same-store sales were versus I guess, month-to-date versus 2020, which was normalized at the time or I guess where average weekly sales are trending through February relative to $63,000 in January, just as we try to look at the underlying?

知道了。好的。然後我可以過渡到 - 我將嘗試解決近期問題。您是否願意給出 1 月和 2 月的同店銷售額與我猜的對比、本月至今與 2020 年的對比，這在當時是正常化的，或者我猜到 2 月的平均每週銷售額相對於 1 月的 63,000 美元的趨勢，只是當我們試圖看底層？

Yes, no, we are always going to be comparing to our 1-year stack at this point. And we're doing this for a very specific reason. We are growing so fast. Our comp base is so different today than it is versus 2019 or 2020. And so we are reverting to kind of more of a normalized reporting pattern here.

是的，不，在這一點上，我們總是會與我們的 1 年堆棧進行比較。我們這樣做是出於一個非常具體的原因。我們的成長如此之快。我們今天的薪酬基數與 2019 年或 2020 年相比有很大不同。因此，我們在這裡恢復到一種更多的標準化報告模式。

And our next question comes from the line of Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 和 Cowen 的觀點。

Just my first question, maybe just a follow-up on that last one. The formal long-term guidance before for margins of 18% to 22%. And look, of course, there's a lot of things the industry is facing right now, it's going to make it very challenging for that number. The industry is going to have challenges with margins for the foreseeable future. But I just want to make sure, I mean, is that still the number you guys are thinking about longer term? And if so, do you view that kind of as something you have confidence in or something that's a bit more of a stretch from where we are today?

只是我的第一個問題，也許只是對最後一個問題的跟進。之前的正式長期指導利潤率為 18% 至 22%。看，當然，這個行業現在面臨著很多事情，這將使這個數字變得非常具有挑戰性。在可預見的未來，該行業將面臨利潤挑戰。但我只是想確定，我的意思是，這仍然是你們長期考慮的數字嗎？如果是這樣，您是否認為這種事情是您有信心的事情，或者與我們今天的情況相比有點牽強？

Well, I'm not sure anything different than I could say to that question, Andrew, than I just said. So I think we are not changing our long-term guidance that we've given about the long-term opportunities for Shake Shack. We've got work to do to rebuild that beyond the last 16% plus in Q4. So certainly got work to do. We believe in the strength of the op profits of this brand and the AUVs being strong moving forward. So we'll keep you posted and we're going to rebuild.

好吧，安德魯，我不確定我對這個問題的看法是否與我剛才所說的不同。因此，我認為我們不會改變我們對 Shake Shack 的長期機會給出的長期指導。我們有工作要做，以重建超過第四季度最後 16% 以上的增長。所以肯定有工作要做。我們相信這個品牌的運營利潤和 AUV 的強勁發展勢頭。因此，我們會及時通知您，我們將進行重建。

Got it. And then my other question is just on marketing for this year. I would love to know, the brand historically has done some fun collaborations, things that have been a little bit outside the box, like with Game of Thrones, with Klay Thompson. Looking beyond menu innovation, I mean, are there plans to create some buzz for the brand in 2022 that we should be thinking about in terms of new marketing ideas?

知道了。然後我的另一個問題是關於今年的營銷。我很想知道，這個品牌在歷史上曾做過一些有趣的合作，有些東西有點出格，比如《權力的遊戲》和克萊·湯普森。除了菜單創新，我的意思是，是否有計劃在 2022 年為該品牌創造一些轟動效應，我們應該從新的營銷理念方面考慮？

Definitely. Well, you can see recently, we've been running with our Buffalo Chicken, and you'll see that in new digital channels. And we've also -- we ended Q4 with some different out-of-home advertising and various localized things for our black truffle. And the team is just having a ton of fun creating some super fun -- we've got -- we'll have some chef and brand collabs this year. We'll have some great LTOs that will have a wider brand collab attachment to it, and you'll see us doing more digital marketing specific even on channels right now, like we're testing some work with YouTubeTV and Hulu and some things that you may see our Buffalo Chicken pop up from time to time. So teams' definitely starting to dabble more and more into a greater marketing spend as part of our G&A guide for this year.

確實。好吧，您最近可以看到，我們一直在使用我們的 Buffalo Chicken，您將在新的數字渠道中看到這一點。我們還 - 我們在第四季度結束時為我們的黑松露做了一些不同的戶外廣告和各種本地化的東西。團隊正在創造一些超級樂趣——我們有——今年我們將有一些廚師和品牌合作。我們將擁有一些很棒的 LTO，它們將擁有更廣泛的品牌合作附件，您會看到我們現在甚至在頻道上做更多的數字營銷，比如我們正在測試一些與 YouTubeTV 和 Hulu 的合作以及一些您可能會不時看到我們的布法羅雞彈出。因此，作為我們今年 G&A 指南的一部分，團隊肯定會開始越來越多地涉足更大的營銷支出。

Our next question comes from the line of Brian Mullan with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Mullan。

Just a question on delivery, specifically around consumer demand. Just curious what you've seen over the last few months, is that a channel that has transactions growing year-over-year across your system. And I'm asking because I imagine there are some tough compares from the year ago period. So any color on what consumer demand for delivery looks like right now would be helpful.

只是關於交付的問題，特別是圍繞消費者需求的問題。只是好奇您在過去幾個月中看到的情況是，該渠道的交易量在您的系統中逐年增長。我之所以這麼問，是因為我想與一年前相比會有一些艱難的比較。因此，消費者現在對交付的需求的任何顏色都會有所幫助。

Yes, so delivery, the business did a lot of delivery clearly in 2021. If you think about where the market was there versus now. The rising Omicron cases, we did see an increase in our delivery mix. However, we are comparing against a pretty severe time the year before.

是的，所以交付，該業務在 2021 年顯然做了很多交付。如果您考慮一下市場與現在的情況。隨著 Omicron 案例的增加，我們確實看到我們的交付組合有所增加。但是，我們正在與前一年相當嚴峻的時期進行比較。

I think it's going to be interesting to just watch. I think it's -- look, it just -- it's unknown. We have a strong continued demand for delivery. That's the punchline. We like to do that in our own channels, and we have great relationships with our third-party delivery partners. So we'll see that. I think it's proven to be a little more seasonal, right? When it's cold, when COVID, we generally tend to do more delivery. When people are out and about, and you really saw this even in the fourth quarter, our in-Shack sales really rose. So to me, that just starts to show you, too, when, how our return to more normalized traffic patterns happens, we expect that to lean more towards in-Shack sales.

我認為只是觀看會很有趣。我認為它 - 看，它只是 - 它是未知的。我們對交付有強烈的持續需求。這就是妙語。我們喜歡在自己的渠道中做到這一點，並且我們與第三方交付合作夥伴有著良好的關係。所以我們會看到的。我認為它被證明更具季節性，對吧？當天氣寒冷時，當 COVID 時，我們通常傾向於做更多的交付。當人們外出走動時，即使在第四季度你也確實看到了這一點，我們的小屋內銷售額確實上升了。所以對我來說，這也開始向你展示，我們何時、如何恢復更正常的流量模式，我們預計這將更傾向於在 Shack 銷售。

Okay. And then just a question on the labor environment, high level. Maybe you could talk about what has gotten objectively better or easier of late, but what still remains really challenging. And then labor is always important, will always be important, but any thoughts on when the industry gets to a point where this is no longer what is being labeled as a crisis or at least such an acute challenge? Can that happen over the course of this year?

好的。然後只是一個關於勞動環境的問題，高水平。也許你可以談談最近客觀上變得更好或更容易的事情，但仍然真正具有挑戰性的事情。然後勞動力總是很重要，永遠很重要，但是關於這個行業何時達到不再被貼上危機或至少如此嚴峻挑戰的標籤的任何想法？這會在今年發生嗎？

I wish I knew. I wish I knew and the reality is I don't think anyone knows. There's labor challenges across every industry at every pay level. Look, that was really hardest, I would say, in December and January when Omicron really hit because on top of a challenged environment, you just had a lot of COVID cases, and that just made it even harder to work in a restaurant. I'm a believer that people will continue to return to work in restaurants as a great career choice. That's what Shake Shack aims to do. And we're going to work to keep building that back one great team member at a time. And I just want to note, operator, we have a limited time and a lot of questions. I'm going to ask each person to maybe limit to 1 question from here so that we can try to get to as many people as possible.

我希望我知道。我希望我知道，而現實是我認為沒有人知道。每個行業的每個薪酬水平都存在勞動力挑戰。看，那真的是最難的，我想說的是，在 12 月和 1 月，Omicron 真正受到打擊，因為在充滿挑戰的環境中，你剛剛遇到了很多 COVID 病例，這讓在餐廳工作變得更加困難。我相信人們將繼續重返餐廳工作，這是一個很好的職業選擇。這就是 Shake Shack 的目標。我們將努力一次又一次地建立一個偉大的團隊成員。我只想指出，接線員，我們的時間有限，有很多問題。我將要求每個人從這裡限制為 1 個問題，以便我們可以嘗試接觸盡可能多的人。

And our next question comes from the line of 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。

Randy, just 1 question. You've got an outsized U.S. company-operated pipeline in 2022, that 45 to 50 units, which equates to a low 20% unit growth. I think your long-term guide is for 20% plus. Obviously, your base is many multiples of the size that it was at the IPO. I'm just wondering if you still believe that, that 20% is appropriate, not that you're necessarily changing it today, but whether or not it's just increasingly difficult either to find the right sites or the right people. Obviously, you want quality over quantity, especially when I think you noted the building costs are up double digits. So kind of how do you think about that as you get to a larger and larger base at some point presumably having to temper that unit growth algorithm?

蘭迪，只有 1 個問題。到 2022 年，您將擁有一條由美國公司運營的超大型管道，即 45 到 50 個單位，這相當於 20% 的低單位增長率。我認為您的長期指南是 20% 以上。顯然，你的基數是 IPO 時的數倍。我只是想知道你是否仍然相信，那 20% 是合適的，不是說你今天一定要改變它，而是找到合適的網站或合適的人是否越來越困難。顯然，您需要質量而不是數量，尤其是當我認為您注意到建築成本上升了兩位數時。那麼，當您在某個時候獲得越來越大的基數時，您如何看待這一點，大概不得不調整該單位增長算法？

Yes. Jeff, thanks. We haven't -- we've obviously performed well above those percentages for the history of the company. We haven't really guided anything like long-term 20%. So just to be clear, the only guide we have is this year is 45 to 50. We think that's a great number. We have a lot of good growth in front of us, Jeff. We've got more opportunity, I would say, than ever, a stronger, better team than ever and more formats that can find more places for strong Shacks than ever.

是的。傑夫，謝謝。我們沒有——我們顯然在公司歷史上的表現遠遠高於這些百分比。我們還沒有真正指導像長期 20% 這樣的事情。所以要明確一點，我們唯一的指南是今年是 45 到 50。我們認為這是一個很大的數字。傑夫，我們面前有很多良好的增長。我想說，我們比以往任何時候都有更多的機會，一個比以往任何時候都更強大、更好的團隊和更多的格式，可以為強大的 Shacks 找到更多的地方。

And we are not at all dismayed by a higher cost to build environment. That is why we have $400 million roughly in our balance sheet. We're going to use it to grow restaurants. We're going to do that at appropriate pace. We're not going to go -- you're not going to see us build 100 restaurants next year, but we're working on that now, and we'll keep you posted. For this year, 45 to 50 is the right one. We'll keep you posted on what that looks like in the coming years. But I think the opportunity for strong growth to add for Shake Shack remains one of the most exciting parts of our story, and we still feel like we've barely gotten started.

我們一點也不為建設環境的成本更高而感到沮喪。這就是為什麼我們的資產負債表中大約有 4 億美元。我們將用它來發展餐館。我們將以適當的速度這樣做。我們不會去——明年你不會看到我們建造 100 家餐廳，但我們現在正在努力，我們會及時通知你。今年，45 到 50 是正確的。我們會及時通知您未來幾年的情況。但我認為為 Shake Shack 添加強勁增長的機會仍然是我們故事中最令人興奮的部分之一，我們仍然覺得我們才剛剛開始。

Our next question comes from the line of 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 or Katie, I'm wondering how do you measure new store returns in this environment, right, just because you've got good sales, but margins or uncertainty costs are going up. So how does the mechanics of it work? Is it a discounted cash flow and do you -- you have to plug some margin assumption in there. So how do you do that? And related to the increased building costs, are you thinking about ways to make Shacks cheaper, so you can start to offset some of that inflation? Or is that not part of how you think about building new stores right now?

Randy 或 Katie，我想知道在這種環境下，您如何衡量新店的退貨率，對，因為您的銷售額很好，但利潤率或不確定性成本正在上升。那麼它的機制是如何工作的呢？它是折現現金流嗎？您必須在其中插入一些保證金假設。那麼你是怎麼做到的呢？與增加的建築成本有關，您是否正在考慮如何讓 Shacks 更便宜，這樣您就可以開始抵消部分通貨膨脹？或者這不是您現在考慮建立新商店的一部分嗎？

Yes. John, it's a great question, and the math is really easy. When cost to build is up and profits are down, the payback takes a little longer. We look at it in lots of different ways. Obviously, we have a pretty good cost of capital given our situation here with our balance sheet. But we're going to keep building with confidence. And we're also going to keep building restaurants to optimize for learning, specifically with drive-thrus. That will cost us more for a while as we build those. So we're not trying to cut anything out of that learning. We're trying to spend money to learn to open up the addressable market.

是的。約翰，這是一個很好的問題，而且數學很簡單。當建設成本上升而利潤下降時，回報需要更長的時間。我們以許多不同的方式看待它。顯然，鑑於我們的資產負債表情況，我們的資本成本相當不錯。但我們會充滿信心地繼續建設。我們還將繼續建立餐廳以優化學習，特別是通過得來速。當我們建造這些時，這將花費我們更多的時間。所以我們不會試圖從這種學習中剔除任何東西。我們正在努力花錢學習打開潛在市場。

As we look at core Shacks, we're constantly doing smarter things with our building materials, with the ways that we build our designs and teams, internal and our third-party design and construction teams, to do that better, do that more efficiently. But yes, there's going to be some period of time here in this different environment, where we expect to keep building. And the returns may not be what they've historically been while margins are depressed. But we believe we're going to get a lot of that back as we've said on this call today. We've got work to do, to do that. And in the meantime, we're taking this opportunity to continue to grow because Shake Shack is so small compared to our opportunity, and we've got a long way to go.

當我們審視核心 Shacks 時，我們一直在用我們的建築材料做更智能的事情，我們建立我們的設計和團隊的方式，內部和我們的第三方設計和施工團隊，做得更好，做得更有效.但是，是的，在這個不同的環境中會有一段時間，我們希望繼續建設。在利潤率低迷的情況下，回報可能不會像歷史上那樣。但我們相信，正如我們在今天的電話會議上所說的那樣，我們會得到很多回報。我們有工作要做，要做到這一點。與此同時，我們正在利用這個機會繼續發展，因為與我們的機會相比，Shake Shack 是如此之小，而且我們還有很長的路要走。

Our next question comes from the line of Chris O'Cull with Stifel.

我們的下一個問題來自 Chris O'Cull 和 Stifel。

This is actually Alec Estrada on for Chris. I know kiosks are slated to be a big part of the digital initiatives this year. So I was hoping to get a little more color on that. How many of those do you have in place today? And then with 75% of sales of those kiosk restaurants being digital, which obviously have lower labor requirements, how much of a benefit is that kiosk model for the labor line from here?

這實際上是 Chris 的 Alec Estrada。我知道信息亭將成為今年數字計劃的重要組成部分。所以我希望能得到更多的顏色。你今天有多少這樣的地方？然後，這些自助服務亭餐廳 75% 的銷售額是數字化的，顯然對勞動力的要求較低，那麼從這裡開始，這種自助服務亭模型對勞動力線有多大好處？

Yes. Yes, kiosk, we're really excited about kiosk. And about half of our Shacks today have kiosks. In some instances, we've taken out 1 cash register and in other instances, we've taken out more, but we don't really view kiosks at this point in time as being really just a cost savings initiative. For us, it's more about the sales lift that we see on the back of it and the opportunity to drive deeper our digital strategy and really bring kiosk into that full digital ecosystem.

是的。是的，信息亭，我們對信息亭感到非常興奮。今天，我們大約一半的棚屋都有售貨亭。在某些情況下，我們取出了 1 個收銀機，而在其他情況下，我們取出了更多，但我們目前並沒有真正將售貨亭視為一項真正的成本節約舉措。對我們來說，更多的是我們在它背後看到的銷售提升，以及推動我們更深入的數字戰略並將信息亭真正帶入整個數字生態系統的機會。

We see higher attach rates with our LTOs through this channel. We can see that guests really understand the menu items and really kind of engage with us in a really exciting way. And we're investing this year to increase the number of Shacks that have kiosk. It's going to be really a very exciting learning opportunity as we do that, as we have digital menu boards in drive-thru. There's a lot of very exciting point-of-sale type technology that we're investing in today.

通過這個渠道，我們看到我們的 LTO 具有更高的附加率。我們可以看到客人真正了解菜單項目，並以一種非常令人興奮的方式與我們互動。我們今年正在投資以增加有售貨亭的棚屋數量。當我們這樣做時，這將是一個非常令人興奮的學習機會，因為我們在得來速中擁有數字菜單板。我們今天正在投資許多非常令人興奮的銷售點類型技術。

Our next question comes from the line of David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

I have a clarification question on the sales that you're running today. And I just wanted to get a better sense of how much Omicron has taken out of the business. So could you give us some sense of what the typical seasonality would do to your sales from Q4 to Q1? And then I guess, as you look at your February trend, how far off of that are you in percentage terms?

我有一個關於你今天正在進行的銷售的澄清問題。我只是想更好地了解 Omicron 從業務中拿走了多少。那麼，您能否讓我們了解一下從第四季度到第一季度典型的季節性對您的銷售有何影響？然後我猜，當您查看您 2 月份的趨勢時，您離該趨勢還有多遠？

Yes. So as you probably appreciate, our business is growing incredibly fast, and it makes compares to prior years very challenging. But we do have -- typically tend to see sales or at least AWS trends decline from fourth quarter from December into January. And we are pleased with where our Same-Shack sales are trending in February relative to typical seasonality. But it's hard to really talk about typical seasonality when our comp base has basically doubled over the past 3 years.

是的。因此，您可能會意識到，我們的業務增長得非常快，與前幾年相比，這非常具有挑戰性。但我們確實有——通常會看到銷售額或至少 AWS 趨勢從 12 月到 1 月的第四季度下降。我們對 2 月份 Same-Shack 銷售相對於典型季節性的趨勢感到滿意。但是，當我們的薪酬基數在過去 3 年基本上翻了一番時，很難真正談論典型的季節性。

Understood. But I guess maybe said differently, I guess, is February still under the run rate you were in Q4, I guess, if you adjust it however you adjust it internally?

明白了。但我想可能換一種說法，我想，2 月份是否仍然低於你在第四季度的運行速度，我想，如果你調整它但是你在內部調整它？

I think February is still, as we said, improving every week from January, but still impacted by Omicron, still impacted by the number of Shacks in our base that rely on the kind of traditional Shack traffic. So yes, I mean there's going to be some impact of February remaining down. That's all part of our guide for Q1. And I think it's going to take some time to rebuild that through the year, as we've said today.

正如我們所說，我認為 2 月份仍然比 1 月份每週都在改善，但仍然受到 Omicron 的影響，仍然受到我們基地中依賴傳統 Shack 流量的 Shack 數量的影響。所以，是的，我的意思是二月份的持續下跌會產生一些影響。這就是我們第一季度指南的全部內容。正如我們今天所說，我認為全年重建它需要一些時間。

Our next question comes from the line of Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Just taking into consideration, you guys are -- you raised prices in October and again, planning for in March. Can you just give us a sense of how much of that pricing, how much of the inflation do you think that will offset based on your current forecast for both commodities and labor for the year?

只是考慮到，你們是——你們在 10 月一次又一次地提高了價格，計劃在 3 月進行。根據您對今年商品和勞動力的當前預測，您能否告訴我們該定價有多少，您認為將抵消多少通脹？

Yes. We're not going to give that for the full year. This is a very dynamic environment. We've given you our expectations though for how we expect certain parts of our basket to play out over the year. But there's going to be volatility potential in beef and other parts of our protein basket. We are subject to that as well.

是的。我們不會給全年的。這是一個非常動態的環境。我們已經給了你我們的期望，儘管我們期望我們籃子的某些部分在一年中發揮作用。但牛肉和我們蛋白質籃子的其他部分將存在波動潛力。我們也受制於這一點。

Our next question comes from the line of Brett Levy with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Brett Levy。

Just with respect to labor, what are you seeing in terms of not just applications, but your ability to hire people with experience, people that really fit the mold for what you're looking for at Shake Shack? We've heard some others talking about applications are up, but they're not -- they weren't necessarily getting that same flow through? And what are you seeing in terms of just their level of experience?

就勞動力而言，您看到的不僅僅是應用程序，還有您僱用有經驗的人的能力，這些人真正適合您在 Shake Shack 尋找的模子？我們聽說其他一些人在談論應用程序已啟動，但他們沒有——他們不一定獲得同樣的流量？就他們的經驗水平而言，您看到了什麼？

Yes. We're coming off some pretty low lows given the Omicron environment in January, but we've certainly seen that tick back up. So I think the answer to all of those parts of that question is slight improvement continuing, a little more encouraging every day. It's still going to be a region-by-region conversation. There's going to be cities where it's just not that hard to hire, and we have strong teams fully staffed, ready to roll. And in big cities where it's really hard to hire. And those things existed before COVID.

是的。鑑於 1 月份的 Omicron 環境，我們正在擺脫一些相當低的低點，但我們肯定已經看到這種情況有所回升。因此，我認為該問題所有這些部分的答案是繼續略有改善，每天都更令人鼓舞。這仍將是一個地區間的對話。將會有一些城市招聘起來並不難，而且我們擁有強大的團隊，人員配備齊全，隨時準備推出。而在大城市，真的很難招聘。這些東西在 COVID 之前就已經存在。

They're exacerbated by COVID. And I think what we would say is we're optimistic about trend, but it's a long way from any normalized staffing environment, and we're going to have to see how this goes through this year. And for us, part of -- we're looking for great human beings. We're not so worried about if you know to spin a milk shake. Our job is to teach you that and drive your opportunity of leadership development from there. So we feel real good about our training, but we're doing a lot of training right now. There's a lot of new people. There's a cost to that. There's an impact to that, and we'll keep investing there.

COVID加劇了它們。我認為我們要說的是我們對趨勢持樂觀態度，但這距離任何正常化的人員配置環境還有很長的路要走，我們將不得不看看今年會如何度過。對我們來說，我們正在尋找偉大的人類的一部分。如果您知道旋轉奶昔，我們並不擔心。我們的工作是教你這一點，並從那裡推動你的領導力發展機會。所以我們對我們的訓練感覺很好，但我們現在正在進行大量的訓練。有很多新人。這是有代價的。這會產生影響，我們將繼續在那裡投資。

Just on that last point, could you give any guidepost in terms of what you're seeing in terms of overtime and training costs?

就最後一點，您能否就您在加班和培訓成本方面看到的情況給出任何指導？

We haven't broken that out, but it's inherent in the current results, right? It's inherent in even the last year's results of that more challenging environment. Certainly in the Q1 guide, there is a labor cost impact to all that newness, to getting people up to speed and to everything that we've gone through in this first couple -- the initial tough period of Q1.

我們還沒有打破它，但它是當前結果所固有的，對吧？即使是在更具挑戰性的環境中，去年的結果也是如此。當然，在第一季度指南中，勞動力成本對所有這些新事物、讓人們加快速度以及我們在第一季度所經歷的一切——第一季度最初的艱難時期——都會產生影響。

Our next question comes from the line of James Sanderson with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 James Sanderson。

Just following up on the labor issue. I'm wondering if you're satisfied currently with the layer of supervisory management and the number of actual hourly employees you have in stores on average? Or if your experience of COVID and the disruptions have made you rethink the need to bolster your team to start rethinking, maybe increasing the number of employees per store or supervisory management to make sure that you can handle throughput, assuming that business does improve in the next couple of quarters?

只是跟進勞工問題。我想知道您對目前的監督管理層次和商店平均實際小時工的數量是否滿意？或者，如果您對 COVID 和中斷的經歷使您重新考慮是否需要支持您的團隊開始重新思考，可能會增加每家商店的員工人數或監督管理，以確保您可以處理吞吐量，假設業務確實有所改善下幾個季度？

Yes. Jim, it's a really good question. We've always felt really strong about having significant management teams and paying them well, especially our general managers, which are critical to our success. So we have always felt like we've never been trying to be efficient and tight on that. We're trying to run great restaurants. And you hit on it. I think it's more about seasonality and return. So this is a staffing up time, right? You've seen the seasonality of our business. We generally grow quite a bit in average weekly sales as we go through Q2 to Q3. And now is the time to begin to bulk up those teams a little bit as sales hopefully begin to return.

是的。吉姆，這是一個非常好的問題。我們一直對擁有重要的管理團隊並支付高薪感到非常強烈，尤其是我們的總經理，這對我們的成功至關重要。所以我們一直覺得我們從來沒有試圖在這方面保持高效和嚴格。我們正在努力經營一流的餐廳。你碰上了它。我認為這更多的是關於季節性和回報。所以這是一個人員配備時間，對吧？您已經看到了我們業務的季節性。在第二季度到第三季度，我們的平均每週銷售額通常會增長很多。現在是時候開始擴大這些團隊的規模了，因為銷售有望開始恢復。

So that's the work. I don't think we have any change other than -- we just want to be better at it. We want to be better at running our businesses. We want to be better at hiring great people that want to be with us, stay with us and develop for the long term. And I don't know if you caught my comments earlier, but 60% of our promotions came from within in 2021, 70% of those, people of color and half of those, women. We feel incredibly good about that opportunity. We've got to do more of that. That's just a starting point, but that tells you the kind of culture that we are continuing to build.

這就是工作。我不認為我們有任何改變——我們只是想做得更好。我們希望更好地經營我們的業務。我們希望更好地僱用願意與我們在一起、與我們在一起並長期發展的優秀人才。我不知道你是否早點注意到我的評論，但到 2021 年，我們 60% 的促銷活動來自內部，其中 70% 是有色人種，其中一半是女性。我們對這個機會感到難以置信的好。我們必須做更多的事情。這只是一個起點，但它告訴您我們正在繼續建立的文化。

Next question comes from the line of John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

One question. How are we thinking about your different self-help things to kind of think about what you can do on the margin side, whether it's kind of shorter-term tactical changes or more medium term actually changes to your business, whether to -- the stores that are already in existence, the stores of '22 or maybe the stores of the future that simply will allow you to run a more efficient business model even in this high commodity environment in difficult labor environment?

一個問題。我們如何考慮您不同的自助事情，以考慮您在利潤方面可以做些什麼，無論是短期的戰術變化還是更多的中期實際改變您的業務，是否 - 商店那些已經存在的商店，22 年的商店，或者未來的商店，即使在困難的勞動力環境中這種高商品環境下，也可以讓您運行更有效的商業模式？

Yes. There's a lot in there, John. And the way we're thinking about first is driving sales. First, let's drive sales. Let's get back, and then let's build new formats that allow us to drive strong AUVs for the future. That's what drive-thru is about. That's what all these other additional formats. The second part of that is digital. And again, don't expect Shake Shack to have robotics anytime soon here, right? But in what ways can we automate processes? And really, when we think about that today, that work is happening in the ordering and pickup process.

是的。裡面有很多東西，約翰。我們首先考慮的方式是推動銷售。首先，讓我們推動銷售。讓我們回到過去，然後讓我們構建新的格式，讓我們能夠為未來驅動強大的 AUV。這就是得來速的意義所在。這就是所有其他附加格式。第二部分是數字的。再說一次，不要指望 Shake Shack 很快就會在這裡擁有機器人技術，對吧？但是我們可以通過哪些方式實現流程自動化？實際上，當我們今天考慮到這一點時，這項工作正在訂購和取貨過程中進行。

We're getting -- having more and more tech in our digital, our kiosks, our app and then the pickup experience where you can -- more and more, we're testing guest pickup screens that tell you when and how your stuff is ready. We're making our communications with our guests more direct and more real-time engaged. So all that's the stuff. But yes, we've got a lot of stuff to do. That's why we keep thinking about the menu. That's why we've held off on returning even some of our classic items that we've kept off the menu for a while. And some of our LTOs, now you may notice, are running for longer periods of time.

我們正在獲得——在我們的數字、信息亭、我們的應用程序中擁有越來越多的技術，然後是你可以的取貨體驗——我們正在測試越來越多的訪客取貨屏幕，這些屏幕會告訴你你的東西何時以及如何準備好。我們正在使我們與客人的溝通更加直接和實時參與。所以這就是所有的東西。但是，是的，我們有很多事情要做。這就是為什麼我們一直在考慮菜單。這就是為什麼我們推遲退回一些我們已經在菜單上保留了一段時間的經典項目。現在您可能會注意到，我們的一些 LTO 運行時間更長。

So instead of kind of a 3-month, we may do 4. Again, that depends on the LTO and the time line and the goals of it, but trying to ease that operation, it's just one of our top goals in the company is to reduce the admin, reduce the operational steps that our teams have to go through every day. And that's a lot of work over many years, and we've got a lot to do. So we're committed to that as part of our margin recovery, continued work and plan. But first, we're always going to focus on the sales side.

因此，我們可能會做 4 個月，而不是 3 個月。同樣，這取決於 LTO 和時間線以及它的目標，但試圖簡化該操作，這只是我們公司的首要目標之一為了減少管理員，減少我們團隊每天必須經歷的操作步驟。這是多年來的大量工作，我們還有很多工作要做。因此，我們致力於將其作為我們利潤率恢復、持續工作和計劃的一部分。但首先，我們將始終專注於銷售方面。

And then for our final question, we have the line of Brian Vaccaro with Raymond James.

然後對於我們的最後一個問題，我們有 Brian Vaccaro 和 Raymond James 的台詞。

Just a quick one on labor, if I could. What level of wage inflation did you see in the fourth quarter? And are you expecting in '22? And is there a way to ballpark the level of investment and what form or forms some of those investments could take that you alluded to earlier in the call?

如果可以的話，只是一個快速的勞動。您在第四季度看到的工資通脹水平是多少？你期待在 22 年嗎？有沒有辦法來衡量投資水平，以及你在電話會議早些時候提到的一些投資可以採取什麼形式？

The one number we gave that is clear is just our starting wage. From the end of 2020 until roughly now, we are 13% higher in wage inflation on just our starting hourly wages. That doesn't include the continued raises we've given our shift managers, our exempt managers, general managers and the other support functions around here. So that gives you a little idea of what's running through the system now, and there will be continued investments there, right? There will be some Shacks in regions where we need to keep increasing. We'll do -- we're doing various things on that to keep learning and find the right competitive wages, and that will be a journey this year I'm sure.

我們給出的一個明確的數字就是我們的起薪。從 2020 年底到現在，我們的工資通脹僅比我們的起始小時工資高出 13%。這不包括我們給予輪班經理、豁免經理、總經理和其他支持職能的持續加薪。所以這讓你對現在系統運行的東西有一點了解，並且那裡會有持續的投資，對吧？在我們需要不斷增加的地區會有一些棚屋。我們會做的——我們正在做各種各樣的事情來繼續學習並找到合適的有競爭力的工資，我相信這將是今年的一段旅程。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Randy Garutti for closing remarks.

我們已經到了問答環節的結尾。我現在將把電話轉回給首席執行官 Randy Garutti 做結束語。

Thanks, everybody, for being with us tonight. We look forward to grabbing a buffalo chicken sandwich with you soon. Take care.

謝謝大家，今晚和我們在一起。我們期待很快與您一起享用水牛雞肉三明治。小心。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與。