Shake Shack Inc (SHAK) 2022 Q2 法說會逐字稿

Greetings. Welcome to Shake Shack's Second Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Annalee Leggett, Senior Manager of Investor Relations and FPA. Thank you. You may begin.

問候。歡迎來到 Shake Shack 的 2022 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議轉交給投資者關係和 FPA 高級經理 Annalee Leggett。謝謝你。你可以開始了。

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

謝謝大家，大家早上好。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'll 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 quarterly shareholder letter.

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。我們的收益發布和季度股東信函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 18, 2022. 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 2022 年 2 月 18 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。

By now, you should have access to our second quarter 2022 shareholder letter, which can be found at investor.shakeshack.com in the Quarterly Results section 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 2022 年第二季度股東信函，該信函可以在investor.shakeshack.com 的“季度業績”部分找到，也可以作為我們本季度 8-K 的展示。

I will now turn the call over to Randy.

我現在將把電話轉給蘭迪。

Thanks, Annalee, and good morning, everyone. We're really pleased with the second quarter performance and how our team is navigating this moment of persistent inflation and uncertain consumer spending environment. Against this backdrop, the team delivered total revenue growth of 23% year-over-year to over $230 million with total systemwide sales up 25% to over $351 million.

謝謝，安娜莉，大家早上好。我們對第二季度的表現以及我們的團隊如何度過持續通脹和不確定的消費者支出環境這一時刻感到非常滿意。在此背景下，該團隊的總收入同比增長 23% 至超過 2.3 億美元，全系統總銷售額增長 25% 至超過 3.51 億美元。

Average weekly sales across the country continued to strengthen, rising 12% quarter-over-quarter to $76,000 with a trailing 12-month AUV of $3.8 million. Same-Shack sales grew 10.1% year-over-year, driven by 7.8% traffic growth, led mostly by the return of in-Shack sales. We generated a Shack-level operating profit margin of 18.8%, one of our strongest profit quarters since the onset of COVID and the highest total dollars ever at $42 million.

全國平均每週銷售額繼續走強，環比增長 12% 至 76,000 美元，過去 12 個月的 AUV 為 380 萬美元。 Same-Shack 銷售額同比增長 10.1%，這主要得益於客流量增長 7.8%，這主要是由於 Shack 內銷售的回歸。我們創造了 18.8% 的 Shack 級營業利潤率，這是自 COVID 爆發以來我們最強勁的利潤季度之一，也是有史以來最高的總美元，達到 4200 萬美元。

All this strength was supported by a consistent return to in-Shack dining, a trend we like to see. And with more guests wanting to gather, you can feel the increased energy in our Shacks, which has always been a competitive advantage for us. We retained and kept building upon our strong digital business, representing 38% of total sales, and this is all part of our strategy to provide a great guest experience no matter how our guests prefer to order.

所有這些優勢都得到了持續回歸小屋用餐的支持，這是我們希望看到的趨勢。隨著越來越多的客人想要聚集，您可以感受到我們小屋的能量增加，這一直是我們的競爭優勢。我們保留並繼續鞏固我們強大的數字業務，佔總銷售額的 38%，無論客人喜歡如何訂購，這都是我們提供出色客人體驗的戰略的一部分。

The trend to note through the quarter, as so many businesses in our sector have experienced, was continued strong growth through mid-May that began then to level off through June, clearly related to a pullback in mobility, a muted return-to-office trend and some caution on the part of the lower-income consumer. While our urban Shacks continued to comp near 20% over last year, these factors caused us not to meet our even higher expectations for the quarter.

正如我們行業中的許多企業所經歷的那樣，本季度值得注意的趨勢是到 5 月中旬持續強勁增長，然後到 6 月開始趨於平穩，這顯然與流動性的回落、重返辦公室的緩慢有關趨勢和一些低收入消費者的謹慎。雖然我們的城市棚屋比去年繼續增長近 20%，但這些因素導致我們未能達到本季度更高的預期。

We're pleased to see that July has remained consistent and retained normal seasonality trends. However, while we remain aggressive in our push towards full urban recovery in the long term, we're cautious as we navigate an uncertain macro environment ahead.

我們很高興看到 7 月保持一致並保持正常的季節性趨勢。然而，儘管我們在長期內積極推動城市全面復甦，但在應對未來不確定的宏觀環境時仍持謹慎態度。

On new Shack development. We opened 5 company-operated Shacks in the quarter, including 2 new drive-thrus. We are poised for growth with a strong pipeline of Shacks identified, in lease and under construction. That said, the availability of certain HVAC switchgear and kitchen equipment has impacted our ability to open all the Shacks we'd hoped this year. However, all these Shacks remain strong investments and will open.

關於新的 Shack 開發。我們在本季度開設了 5 家公司經營的棚屋，其中包括 2 家新的得來速餐廳。我們已準備好通過已確定、租賃和在建的強大棚屋管道實現增長。也就是說，某些 HVAC 開關設備和廚房設備的可用性影響了我們打開今年希望的所有棚屋的能力。然而，所有這些棚屋仍然是強勁的投資，並將開放。

We're going to have a challenging push in Q4, working to open approximately 20 to 25 company-operated Shacks. At this time, we're actively building our pipeline, and we're targeting to increase our development schedule for 2023 as long as construction and equipment availability returns to more historical reliability.

我們將在第四季度進行具有挑戰性的推動，努力開設大約 20 到 25 個公司經營的棚屋。目前，我們正在積極建設我們的管道，我們的目標是在 2023 年增加我們的開發計劃，只要建設和設備可用性恢復到更高的歷史可靠性。

As we execute our long-term strategy to diversify and build new Shack formats, we're leaning heavily into our drive-thru plans. Today, we operate 6 drive-thrus, expecting another 4 more to open this year. We've optimized these investments for learning, testing various markets, building and kitchen designs, and how we flow food through the kitchen. With all these Shacks still so new, we only have a small dataset, but we are pleased with what we're seeing.

在我們執行多元化和建立新的 Shack 格式的長期戰略時，我們非常傾向於我們的得來速計劃。今天，我們經營 6 家得來速餐廳，預計今年還會再開 4 家。我們優化了這些投資，用於學習、測試各種市場、建築和廚房設計，以及我們如何讓食物流過廚房。由於所有這些 Shacks 仍然很新，我們只有一個小數據集，但我們對所看到的內容感到滿意。

Average weekly sales over the last 4 months have trended above $80,000 for the group. We're also experiencing roughly 50% of those sales coming through the drive-thru channel as we continue to invest in a great in-Shack experience for those guests who prefer to dine that way with us. Consistent with our targets, these results are trending higher than our traditional suburban formats and leaves us encouraged for what this can mean for our long-term growth opportunity.

該集團過去 4 個月的平均每週銷售額趨於 80,000 美元以上。我們還經歷了大約 50% 的銷售額來自得來速渠道，因為我們繼續投資於為那些喜歡與我們一起用餐的客人提供出色的 Shack 體驗。與我們的目標一致，這些結果的趨勢高於我們傳統的郊區格式，這讓我們對這對我們的長期增長機會意味著什麼感到鼓舞。

By the end of '22, we expect to have at least 10 drive-thrus open and are targeting opening 10 to 15 more in 2023. Spent a lot of time identifying a great pipeline for our 2023 drive-thru Shacks, but understand that this new format takes longer to build and is more capital-intensive than our traditional formats.

到 22 年底，我們預計至少有 10 個得來速開放，併計劃在 2023 年再開放 10 到 15 個。花了很多時間為我們的 2023 得來速棚屋確定一條很棒的管道，但要明白，這與我們的傳統格式相比，新格式的構建時間更長，資本密集度更高。

Today, we're operating in an environment of higher buildout costs, lower Shack-level operating profit, and big investments and in more expensive models like drive-thru. Now as we've noted the last couple of years, we've not changed our long-term expectations, but we know there'll be Shacks that have a lower return profile given recent and near-term factors.

今天，我們在建造成本更高、Shack 級別運營利潤更低、投資大、成本更高的模型（例如得來速）的環境中運營。現在，正如我們在過去幾年中所指出的那樣，我們並沒有改變我們的長期預期，但我們知道鑑於近期和近期因素，會有一些 Shacks 的回報率較低。

Longer term, our real estate strategy is to continue to invest in new Shack types and location. We've consistently outperformed our AUV targets over time. And with drive-thru, we'll be targeting a higher AUV opportunity, which could be a huge unlock towards increasing our total addressable market. We're really excited for what's ahead, and we'll keep sharing our learning as we go.

從長遠來看，我們的房地產戰略是繼續投資於新的 Shack 類型和位置。隨著時間的推移，我們一直在超越我們的 AUV 目標。通過得來速，我們將瞄準更高的 AUV 機會，這可能是增加我們的總目標市場的巨大解鎖。我們對即將發生的事情感到非常興奮，我們將繼續分享我們的學習成果。

Meanwhile, our licensing business continues to thrive with revenue up 29% year-over-year, growing with 8 new Shacks this quarter. Now despite strong performance broadly, our business in China was impacted by COVID lockdowns and intermittent market disruptions. Our partners are growing in the U.S. and abroad, and our teams are working on a number of new market launches in 2023 and beyond while going deeper in our current markets. We're proud to announce that on Sunday, we opened our first ever Shack in the city of Chengdu, China to a crowd of excited fans.

與此同時，我們的許可業務繼續蓬勃發展，收入同比增長 29%，本季度新增 8 個 Shacks。現在，儘管整體表現強勁，但我們在中國的業務仍受到 COVID 封鎖和間歇性市場中斷的影響。我們的合作夥伴正在美國和國外發展壯大，我們的團隊正在努力在 2023 年及以後推出一些新的市場，同時深入我們當前的市場。我們很自豪地宣布，週日，我們在中國成都開設了我們的第一家 Shack，向一群興奮的粉絲開放。

I want to provide an update now on the 4 pillars of our strategic plan and give more color around what's been accomplished thus far and what the future holds. I'll begin with our commitment to elevating our people. In May, we brought together over 1,000 leaders, licensed partners and key suppliers from around the globe for a weeklong leadership development retreat, highlighted by new learnings and amazing collaboration. Our growth can only happen as we give our teams the opportunity to develop. And we have a strong track record of growing leaders from within, and our investments here will continue.

我現在想提供有關我們戰略計劃的 4 個支柱的最新信息，並就迄今為止所取得的成就和未來的發展提供更多的色彩。我將從我們對提升員工的承諾開始。 5 月，我們聚集了來自全球的 1,000 多名領導者、授權合作夥伴和主要供應商，參加了為期一周的領導力發展靜修會，其中突出了新的學習和驚人的合作。只有當我們為團隊提供發展機會時，我們的成長才會發生。我們在內部培養領導者方面有著良好的記錄，我們在這方面的投資將繼續下去。

This quarter, we've raised wages in certain markets. We've added tipping functionality for those guests who've consistently asked for the opportunity to leave a tip for our hard-working teams. We've added even more health benefits and educational opportunities for team members at all levels. Enlightened Hospitality begins with taking care of our team, and you can count on us continuing to invest directly in their future.

本季度，我們提高了某些市場的工資。我們為那些一直要求有機會為我們辛勤工作的團隊留下小費的客人添加了小費功能。我們為各級團隊成員增加了更多的健康福利和教育機會。 Enlightened Hospitality 從照顧我們的團隊開始，您可以指望我們繼續直接投資於他們的未來。

Digital transformation, our second strategic pillar, has provided us with incredible opportunities to get to know our guests better. The learning curve is steep, and our investments are critical as we add data capability, functionality and new tools across our digital products. We're pleased with our retention and engagement within our digital channels, and we're leveraging new marketing tools that better help us target our guests. This quarter, we've added daypart functionality for the first time, and you may have seen our Happy Hour Shack promo, which is driving afternoon Shake sales.

數字化轉型是我們的第二個戰略支柱，它為我們提供了更好地了解客人的絕佳機會。學習曲線陡峭，我們的投資至關重要，因為我們在我們的數字產品中添加了數據能力、功能和新工具。我們對我們在數字渠道中的保留和參與感到滿意，並且我們正在利用新的營銷工具來更好地幫助我們定位我們的客人。本季度，我們首次添加了時段功能，您可能已經看到了我們的 Happy Hour Shack 促銷活動，該促銷活動推動了下午 Shake 的銷售。

You also notice a much more capable e-mail push notification and guest life cycle component to our personalized and more regional marketing efforts, all geared towards more connection to drive frequency. Additionally, we've been testing enhanced performance marketing efforts across digital channels. We're learning a lot about our ability to acquire, reengage and drive connection through new channels as we invest more deeply in direct marketing spend towards the future. There's an endless list of projects we want to tackle here, and you'll see us invest with discipline as we go.

您還注意到我們的個性化和更區域營銷工作中功能更強大的電子郵件推送通知和訪客生命週期組件，所有這些都旨在建立更多連接以提高頻率。此外，我們一直在測試跨數字渠道的增強績效營銷工作。隨著我們更加深入地投資於面向未來的直接營銷支出，我們正在學習很多關於我們通過新渠道獲取、重新參與和推動聯繫的能力。我們想在這裡解決的項目數不勝數，您會看到我們在進行過程中以紀律進行投資。

Our third pillar, the evolution and development of our Shacks continues. Earlier, I noted the key elements unfolding this plan. And while the current environment of construction delays is frustrating, we believe this is a challenging season we'll get past and take all of our learnings into a robust long-term pipeline.

我們的第三個支柱，我們的棚屋的演變和發展仍在繼續。早些時候，我注意到了展開該計劃的關鍵要素。儘管當前施工延誤的環境令人沮喪，但我們相信這是一個充滿挑戰的季節，我們將度過難關，並將我們所有的學習成果納入強大的長期管道。

We expect to open approximately 3 new Shacks in the third quarter. With a challenging fourth quarter ahead, we now update our new unit guidance expectations to 35 to 40 Shacks for 2022. In our license development, we now expect to increase guidance for the year. With 16 new Shacks opened as of fiscal July, we expect to open a total of 25 to 30 licensed Shacks for the year.

我們預計在第三季度將開設大約 3 個新的棚屋。面對充滿挑戰的第四季度，我們現在將 2022 年的新單位指導預期更新為 35 至 40 個棚屋。在我們的許可證開發中，我們現在預計將增加今年的指導。截至 7 財年有 16 個新棚屋開業，我們預計全年將開設 25 至 30 個許可棚屋。

Finally, we're always focused on our food and our guest experience. This quarter, we partnered with Maker's Mark to create the Bourbon Bacon Jam burger and chicken sandwich, which has performed well. Our slate of summer lemonades and shakes were also well received by our guests and proved to be our strongest lineup of cold beverage and Shake LTOs to date. We're proud again to partner with The Trevor Project for our June Pride shake LTOs with a portion of sales donated to this important and impactful organization. Look out for some more LTOs coming in hot at the end of the year. Our food continues to raise the bar with premium ingredients and quality preparation.

最後，我們始終專注於我們的食物和客人體驗。本季度，我們與 Maker's Mark 合作打造了波旁培根果醬漢堡和雞肉三明治，表現不錯。我們的夏季檸檬水和奶昔也受到了客人的好評，並被證明是我們迄今為止最強大的冷飲和奶昔 LTO 陣容。我們很自豪再次與 The Trevor Project 合作，為我們的 6 月 Pride 震動 LTO 提供部分銷售額捐贈給這個重要且有影響力的組織。留意今年年底會出現更多的 LTO。我們的食物以優質原料和優質準備繼續提高標準。

I'll now pass it over to Katie to discuss our financial performance in more detail.

我現在將把它交給凱蒂，以更詳細地討論我們的財務業績。

Thank you, Randy, and good morning. I want to thank everyone on the line for joining us at this new earnings call time. The leadership retreat in Tucson gave me a front-row seat to the amazing culture and leadership Shake Shack has built and is scaling across the world. The strength of our people pipeline and our ability to elevate our valued team members into management positions directly impacts our growth opportunity. I am so proud of our amazing leaders of today and a strong bench of future leaders we continue to build here.

謝謝你，蘭迪，早上好。我要感謝在線上的每一個人在這個新的財報電話會議上加入我們。圖森的領導力靜修讓我坐在前排，了解 Shake Shack 已經建立並正在全球擴展的令人驚嘆的文化和領導力。我們人力資源的實力以及我們將有價值的團隊成員提升到管理職位的能力直接影響了我們的增長機會。我為我們今天出色的領導者以及我們繼續在這裡建立的強大的未來領導者而感到自豪。

Now on to our financial results. Our second quarter total revenue grew 23.1% year-over-year to $230.8 million. Shack sales grew 22.9% to $223.1 million. Licensing revenue grew 28.5% to $7.7 million. Systemwide sales grew by 24.8% year-over-year to $351.7 million. And we generated Shack-level operating profit margin of 18.8%.

現在談談我們的財務業績。我們第二季度的總收入同比增長 23.1% 至 2.308 億美元。棚屋銷售額增長 22.9% 至 2.231 億美元。許可收入增長 28.5% 至 770 萬美元。全系統銷售額同比增長 24.8% 至 3.517 億美元。我們創造了 18.8% 的 Shack 級營業利潤率。

These are strong growth and profitability metrics and represents the highest level of revenue and Shack-level operating profit dollars on record in spite of low double-digit blended food and paper inflation as well as substantially growing our investments in our team members.

這些都是強勁的增長和盈利能力指標，代表了有記錄以來最高水平的收入和 Shack 級別的營業利潤，儘管混合食品和紙張的通脹率很低，而且我們對團隊成員的投資大幅增加。

Shack sales were tracking in line with our expectations for most of the quarter. However, we faced several sales headwinds in June that drove Shack sales below our expectations. First, our 10.1% same-Shack sales growth in the quarter and positive 7.8% traffic was led by strength in our higher-income guest base and guests who live near our Shacks.

本季度大部分時間，Shack 的銷售額都符合我們的預期。然而，我們在 6 月份遇到了幾次銷售逆風，導致 Shack 的銷售額低於我們的預期。首先，我們本季度 10.1% 的同屋銷售增長和 7.8% 的正流量是由我們的高收入客人群和住在我們小屋附近的客人的實力帶動的。

Shake Shack locations tend to over-index to higher-income guests than traditional fast food. However, starting in June, we saw less traffic from guests with lower income. Also, we know the #1 reason our guests tell us that they would come to Shake Shack more often is if a Shack was built closer to their homes. We saw traffic growth from guests who live close to our Shacks, but consistent with the rise in gas prices in June, we saw some traffic pressure from guests who live further away from our Shacks.

與傳統快餐相比，Shake Shack 地點往往會過度吸引收入較高的客人。但是，從 6 月開始，我們看到來自收入較低的客人的流量減少了。此外，我們知道客人告訴我們他們會更頻繁地來 Shake Shack 的第一個原因是，如果 Shack 建在離他們家更近的地方。我們看到住在我們棚屋附近的客人的流量增長，但與 6 月份汽油價格的上漲一致，我們看到住在遠離我們棚屋的客人的交通壓力。

Additionally, some key urban recovery trends that had benefited us in prior quarters broadly held but did not improve. Despite this, our deeply impacted urban markets like New York City; Boston; and Washington, D.C., all saw same-Shack sales grow by more than 25% in the second quarter. We expect that recovery would have been even stronger had mobility metrics in urban locations, including return-to-office, incrementally improved.

此外，一些在前幾個季度使我們受益的主要城市復蘇趨勢普遍保持但沒有改善。儘管如此，我們深受紐約市等城市市場的影響；波士頓；和華盛頓特區的同屋銷售在第二季度都增長了 25% 以上。我們預計，如果城市地區的流動性指標（包括返回辦公室）逐步改善，復甦將會更加強勁。

In some areas where COVID cases rose in the quarter, we also realized a degree of added operational pressures and temporary shifts in consumer behavior. And then further, we lost sales from opening fewer restaurants later in the quarter than we had anticipated.

在本季度 COVID 病例上升的一些地區，我們還意識到一定程度的額外運營壓力和消費者行為的暫時轉變。此外，我們在本季度晚些時候開設的餐廳數量少於我們的預期，導致銷售額下降。

As Randy noted, construction and supply chain delays are impacting our timing of expected openings. We now expect to open approximately 35 to 40 Shacks this year with many occurring late in the fourth quarter. We face risk of kitchen equipment availability and permitting and inspection delays. Build costs are elevated. The supply chain is challenging. And we are seeing cost pressures across our restaurant P&L.

正如蘭迪所指出的，建設和供應鏈的延誤正在影響我們預期開業的時間。我們現在預計今年將開設大約 35 至 40 個棚屋，其中許多將在第四季度末發生。我們面臨廚房設備可用性以及許可和檢查延誤的風險。建造成本升高。供應鏈充滿挑戰。我們看到我們餐廳損益表的成本壓力。

We remain committed to executing on our strong unit growth opportunity, however, are also keeping a careful eye on preserving strong unit returns and building restaurants that stand the test of time. This discipline will impact how we achieve development targets in any given year as we scale our business for the long term.

我們仍然致力於執行我們強勁的單位增長機會，但也密切關注保持強勁的單位回報和建立經得起時間考驗的餐廳。隨著我們長期擴大業務規模，這一紀律將影響我們在任何一年實現發展目標的方式。

While we cannot be certain how consumer spending and mobility patterns evolve throughout the rest of the year or how a wide range of scenarios could impact our business, we remain laser-focused on delivering a great guest experience in digital and in-Shack channels with elevated offerings reflective of our fine-dining culinary roots.

雖然我們無法確定消費者支出和移動模式在今年剩餘時間內如何演變，或者廣泛的場景如何影響我們的業務，但我們仍然專注於在數字和 Shack 渠道中提供卓越的客戶體驗產品反映了我們的美食烹飪根源。

In the second quarter, we generated $76,000 in average weekly sales, up 12% from $68,000 last quarter and up 6% year-over-year. This is the highest quarterly AWS that we have generated since the onset of COVID. As our results have shown over the past 2 years, we generally show stronger recovery at times when consumer mobility metrics improve and less so when they are impacted.

第二季度，我們的平均每週銷售額為 76,000 美元，比上一季度的 68,000 美元增長 12%，同比增長 6%。這是自 COVID 爆發以來我們產生的最高季度 AWS。正如我們在過去 2 年中的結果所顯示的那樣，我們通常會在消費者流動性指標改善時表現出更強的複蘇，而在受到影響時則表現出較弱的複蘇。

Consistent with consumer mobility trends stabilizing in May and June, AWS trends went from $76,000 in April to $75,000 in May and June. July AWS held flat with June at $75,000, in line with historical seasonality.

與 5 月和 6 月穩定的消費者移動趨勢一致，AWS 趨勢從 4 月的 76,000 美元上升到 5 月和 6 月的 75,000 美元。 7 月 AWS 與 6 月持平，為 75,000 美元，符合歷史季節性。

Second quarter same-Shack sales grew 10.1% year-over-year. Our in-Shack check was the highest on record. And our same-Shack sales were negatively impacted by channel mix as in-Shack momentum continued to build. Items per check were flat across our channels compared to the first quarter and performed in line with historical seasonality. Items per check remained above 2019 levels, driven by more digital sales and our focus on cold beverage innovation.

第二季度同屋銷售額同比增長 10.1%。我們的小屋檢查是有記錄以來最高的。我們的同屋銷售受到渠道組合的負面影響，因為屋內勢頭繼續增強。與第一季度相比，我們各渠道的每張支票項目持平，表現符合歷史季節性。在更多數字銷售和我們對冷飲創新的關注的推動下，每張支票的物品數量仍高於 2019 年的水平。

We remain pleased with the guest reception to our March price increase and believe we have additional pricing power to help address persistent inflationary pressures throughout the year. In mid-fourth quarter, we plan to increase price by 5% to 7%, reflecting an even more targeted approach to pricing across various markets and tiers. With this, we will maintain a blended high single-digit price across our channels for the remainder of the year.

我們仍然對 3 月份提價的客人接待感到滿意，並相信我們有額外的定價能力來幫助解決全年持續的通脹壓力。在第四季度中期，我們計劃將價格提高 5% 至 7%，這反映了針對各個市場和層級的定價方法更具針對性。有了這個，我們將在今年剩餘時間內在我們的渠道中保持混合的高個位數價格。

July same-Shack sales rose 5%, led by high single-digit traffic growth year-over-year in urban markets. The June to July progression was consistent with historical seasonality as macro, mobility and COVID pressures we experienced in June persisted into July. We expect they will remain for the rest of the quarter.

7 月同屋銷售增長 5%，主要是城市市場的客流量同比實現高個位數增長。 6 月至 7 月的進展與歷史季節性一致，因為我們在 6 月經歷的宏觀、流動性和 COVID 壓力持續到 7 月。我們預計它們將在本季度剩餘時間內保持不變。

Urban same-Shack sales grew 19% versus 2021, and we believe our recovery would have been much stronger if not for mobility, namely return-to-office, urban transit and urban tourism leveling out, and in some instances, reversing. Consider that without an improvement to mobility metrics, Manhattan same-Shack sales rose 37% year-over-year, and our New York City teams executed on the largest sales volume since COVID. However, Midtown New York City weekday lunch and dinner traffic is still, on average, more than 40% below 2019 levels.

與 2021 年相比，城市同屋銷售增長了 19%，我們認為，如果沒有流動性，即返回辦公室、城市交通和城市旅遊趨於平穩，在某些情況下，甚至出現逆轉，我們的複蘇將會更加強勁。考慮到在流動性指標沒有改善的情況下，Manhattan same-Shack 的銷售額同比增長了 37%，而我們的紐約市團隊實現了自 COVID 以來最大的銷售額。然而，紐約市中城的工作日午餐和晚餐客流量平均仍比 2019 年水平低 40% 以上。

Suburban same-Shack sales grew 3% year-over-year, lapping a positive 52% comp in the second quarter of 2021 even as we realized strong sales in our urban Shacks. Positive same-Shack sales in our urban -- our suburban Shacks were driven by positive price/mix, while traffic trends were flat year-over-year. July saw similar macro headwinds as June, and we see a strong opportunity in suburban markets as we expand development and evolve formats like drive-up, curbside and drive-thru.

郊區同屋銷售同比增長 3%，在 2021 年第二季度實現了 52% 的正增長，儘管我們實現了城市小屋的強勁銷售。我們城市的同棚屋銷售積極——我們的郊區棚屋是由積極的價格/組合推動的，而交通趨勢與去年同期持平。 7 月份出現了與 6 月份類似的宏觀逆風，隨著我們擴大開發和發展諸如駕車、路邊和得來速等形式，我們看到了郊區市場的巨大機遇。

As Randy noted, it's a very exciting time for our digital business as we're seeing benefits from our marketing and technology investments, all made with an eye on growing our digital channels. In the second quarter, we held our digital sales even as in-Shack traffic grew more than 20% year-over-year, and we retained nearly 80% of the digital sales that we generated during the peak pressures on our dine-in business in January 2021.

正如 Randy 所說，這對我們的數字業務來說是一個非常激動人心的時刻，因為我們看到了我們的營銷和技術投資帶來的好處，所有這些都著眼於發展我們的數字渠道。在第二季度，即使在 Shack 客流量同比增長超過 20% 的情況下，我們仍保留了我們的數字銷售額，並且我們保留了近 80% 的數字銷售額，這些銷售額是我們在就餐業務面臨的高峰壓力期間產生的2021 年 1 月。

We continue to invest to build our digital business to drive long-term traffic growth. And here are just a few exciting things that we've been cooking up in our digital labs. In July, we launched our first ever digital daypart promotion where guests can buy 1 shake and get 1 free from the hours of 2 p.m. to 5 p.m. on weekdays. Our Shacks are very busy at lunch and dinner. However, we view this midday as underutilized from a staffing perspective and are excited about the early read on the incrementality of this offer. It's driving digital frequency and app downloads, and as an added plus, many of our guests are coming in for the Shake Shack Happy Hour and getting other items as well. We're excited to learn and try new things with this new capability.

我們繼續投資建立我們的數字業務，以推動長期流量增長。這只是我們在數字實驗室中一直在醞釀的一些令人興奮的事情。 7 月，我們推出了首個數字時段促銷活動，客人可以從下午 2 點開始購買 1 杯奶昔並免費獲得 1 杯。到下午 5 點在工作日。我們的棚屋在午餐和晚餐時間都很忙。但是，從人員配置的角度來看，我們認為這個中午沒有得到充分利用，並且對早期閱讀此優惠的增量感到興奮。它推動了數字頻率和應用程序的下載，此外，我們的許多客人都來參加 Shake Shack 歡樂時光並獲得其他物品。我們很高興能通過這種新功能學習和嘗試新事物。

Second, we have just rolled out a new automated marketing strategy to better directly communicate with our guests. This is giving us a new opportunity to build frequency for our long-term traffic growth among the 4.2 million and growing unique Shake Shacks digital guests in our system on top of the millions more guests who have access to directly communicate with them through digital channels like e-mail. This new automated marketing strategy will allow us to better segment our guests to target specific offers and messaging across multiple platforms.

其次，我們剛剛推出了一項新的自動化營銷策略，以更好地與客人直接溝通。這為我們提供了一個新的機會，為我們在 420 萬和不斷增長的獨特 Shake Shacks 數字訪客中的 420 萬和不斷增長的獨特 Shake Shacks 數字訪客中的長期流量增長建立頻率，以及數百萬可以通過數字渠道直接與他們交流的訪客，例如電子郵件。這種新的自動化營銷策略將使我們能夠更好地細分我們的客人，以跨多個平台定位特定的優惠和消息。

Third, kiosk continues to show strong sales and margin opportunities and, with labor efficiencies, are part of our longer-term initiative to build on Shack-level operating profit margins. Today, we are doubling down here on kiosks with plans to roll them out to nearly all Shacks by the end of 2023, targeting significant progress on this goal by the end of this year.

第三，售貨亭繼續顯示出強勁的銷售和利潤機會，並且憑藉勞動效率，是我們建立 Shack 級營業利潤率的長期計劃的一部分。今天，我們在售貨亭上加倍投入，計劃到 2023 年底將其推廣到幾乎所有的 Shacks，目標是在今年年底前在這一目標上取得重大進展。

And as a company deeply rooted in providing Enlightened Hospitality, we are developing more digital capabilities for an improved guest experience across our channels and to learn more from our guest feedback. Finally, you are also going to see some new exciting improvements to our app and website over the coming months as we continue to target conversion, building our digital business for long-term sustainable growth.

作為一家深深植根於提供開明款待的公司，我們正在開發更多的數字功能，以改善我們各個渠道的客戶體驗，並從我們的客戶反饋中了解更多信息。最後，隨著我們繼續以轉化為目標，建立我們的數字業務以實現長期可持續增長，您還將在未來幾個月看到我們的應用程序和網站的一些新的令人興奮的改進。

Licensing sales of $128.6 million rose 28% year-over-year. Our domestic Shacks, in addition to select international markets, performed well. Our licensing sales were impacted by continued COVID lockdowns and intermittent market disruptions in Mainland China. As most of our licensing sales are generating currencies outside of the U.S. dollar, we faced headwinds from a stronger dollar during the quarter, a pressure that we anticipate will continue impacting this area of the business.

授權銷售額為 1.286 億美元，同比增長 28%。除了部分國際市場外，我們的國內 Shacks 表現良好。我們的授權銷售受到中國大陸持續的 COVID 封鎖和間歇性市場中斷的影響。由於我們的大部分許可銷售都產生了美元以外的貨幣，我們在本季度面臨美元走強的不利因素，我們預計這種壓力將繼續影響這一業務領域。

Total Shack-level operating profit was $42 million or 18.8% of Shack sales. Our Shack-level operating profit margin improved despite growing sales headwinds and low double-digit inflationary pressures. In the second quarter, our food and paper costs were $66 million or 29.6% of Shack sales, down from 30.3% in the second quarter of 2021 and down 80 basis points quarter-over-quarter as our March price increase and the 38 basis point benefit from credits related to our biannual leadership retreat helped us offset a portion of the low double-digit higher cost in our basket. Full details can be found in our shareholder letter on Page 12.

Shack 級別的總營業利潤為 4200 萬美元，佔 Shack 銷售額的 18.8%。儘管銷售逆風和低兩位數的通脹壓力，我們的 Shack 級營業利潤率有所提高。在第二季度，我們的食品和紙張成本為 6600 萬美元，佔 Shack 銷售額的 29.6%，低於 2021 年第二季度的 30.3%，環比下降 80 個基點，因為我們 3 月份的價格上漲和 38 個基點從與我們一年兩次的領導撤退相關的積分中受益，幫助我們抵消了籃子中較低的兩位數較高成本的一部分。完整詳情可在第 12 頁的股東信中找到。

The inflationary environment remains uncertain, and we are planning for low double-digit blended food and paper inflation throughout the rest of this year, led by chicken, dairy, and paper and packaging. But we're also facing significant incremental cost pressures in our crinkle-cut fries stemming from historically high inflation in the potato market that is being passed along to us. Our paper and packaging costs rose around 20% year-over-year in the second quarter, and we continue to plan for a mid-teens percentage year-over-year for fiscal 2022.

通脹環境仍然不確定，我們計劃在今年餘下時間以低兩位數的混合食品和紙張通脹，以雞肉、乳製品、紙張和包裝為主導。但是，由於馬鈴薯市場的歷史高通脹正在傳遞給我們，我們的皺切薯條也面臨著巨大的成本增量壓力。我們的紙張和包裝成本在第二季度同比增長約 20%，我們繼續計劃在 2022 財年實現同比增長 10% 左右。

Labor expense was $65.9 million or 29.5% of total Shack sales, down from 30.7% in the prior quarter and up 50 basis points year-over-year. We continue to invest in our teams and have raised starting wages by high single digits year-over-year as we work towards optimal staffing levels.

人工費用為 6590 萬美元，佔 Shack 總銷售額的 29.5%，低於上一季度的 30.7%，同比增長 50 個基點。我們繼續投資於我們的團隊，並且隨著我們努力實現最佳人員配備水平，起薪同比提高了個位數。

We continue to invest in growing efficiencies within our own 4 walls and generating flow-through on incremental sales. However, staffing pressures and elevated turnover remain a headwind to our sales and margin performance as new team members take time to get trained and to optimize throughput in high-volume Shacks at peak periods.

我們繼續投資於在我們自己的 4 面牆內提高效率，並通過增量銷售產生流通。然而，由於新團隊成員需要時間接受培訓並在高峰期優化大容量棚屋的吞吐量，人員配備壓力和營業額增加仍然是我們的銷售和利潤表現的不利因素。

Our best-staffed restaurants generally tend to meet our sales expectations, and we know that where staffing is not optimized, it's harder for our teams to meet full opening hours and strong throughput.

我們配備最好員工的餐廳通常能夠滿足我們的銷售預期，而且我們知道，如果沒有優化員工配備，我們的團隊就更難滿足完整的營業時間和強勁的吞吐量。

Other operating expense was $32.6 million or 14.6% of total Shack sales, up from 13.4% in the second quarter of 2021, given inflationary pressures on cost to operate our dine-in business. We are seeing elevated costs to keep our Shacks sparkling clean and to repair and maintain restaurant equipment.

鑑於經營堂食業務的成本面臨通脹壓力，其他運營費用為 3260 萬美元，佔 Shack 總銷售額的 14.6%，高於 2021 年第二季度的 13.4%。我們看到保持我們的棚屋閃閃發光的清潔以及維修和維護餐廳設備的成本增加。

Occupancy was $16.7 million or 7.5% of total Shack sales, down from 8.2% in the second quarter of 2021 aided by strong sales recovery in our Shacks, especially in some of our highest volume locations.

入住率為 1670 萬美元，佔 Shack 總銷售額的 7.5%，低於 2021 年第二季度的 8.2%，這得益於我們 Shack 的強勁銷售復甦，尤其是在我們一些銷量最高的地點。

G&A was $29.1 million, which includes a nearly $3 million expense to support the leadership retreat. Preopening expense was $2.8 million in the quarter as we opened 5 new Shacks. Depreciation was $18.1 million, up 25% year-over-year.

G&A 為 2910 萬美元，其中包括近 300 萬美元用於支持領導層撤退的費用。由於我們開設了 5 個新的棚屋，本季度的開業前費用為 280 萬美元。折舊為 1810 萬美元，同比增長 25%。

We realized a net loss attributable to Shake Shack Inc. of $1.2 million or a negative $0.03 in earnings per share. On an adjusted pro forma basis, we reported a net income of $0.1 million or $0.00 per fully exchanged and diluted share. Excluding the tax impact of stock-based compensation, our pro forma tax rate in the second quarter was 12%.

我們實現了 Shake Shack Inc. 的淨虧損 120 萬美元或每股收益負 0.03 美元。在調整後的備考基礎上，我們報告的淨收入為 10 萬美元或每股完全交換和稀釋的股份 0.00 美元。排除股票薪酬的稅收影響，我們第二季度的備考稅率為 12%。

Our balance sheet remains in a strong position as we ended the quarter with $358 million in cash and marketable securities. We will continue to leverage our strong cash position in support of investing in new Shack openings in a variety of formats, including drive-thru, in addition to supporting our other company-wide initiatives.

我們的資產負債表保持強勁，因為我們在本季度結束時擁有 3.58 億美元的現金和有價證券。除了支持我們在公司範圍內的其他計劃外，我們將繼續利用我們強大的現金狀況來支持以各種形式投資新的 Shack 開業，包括得來速。

Now on to guidance for the third quarter of 2022 and full year 2022. So our guidance assumes no new COVID or supply chain-related disruptions, additional unknown inflationary pressures or a major shift in consumer spending. We are also assuming that urban and suburban consumer mobility trends remain constant with what we realized in June and July.

現在是 2022 年第三季度和 2022 年全年的指導。因此，我們的指導假設沒有新的 COVID 或與供應鏈相關的中斷、額外的未知通脹壓力或消費者支出的重大轉變。我們還假設城市和郊區的消費者流動趨勢與我們在 6 月和 7 月實現的趨勢保持一致。

For the third quarter, we are guiding total Shack sales of $213 million to $218 million, mid-single-digit year-over-year growth in same-Shack sales, and approximately 3 new company-operated Shack openings. While we are not yet providing guidance for the fourth quarter, we plan to open 20 to 25 company-operated Shacks. Most of these will occur towards the end of the quarter, so new Shack openings will have a minimal impact on 4Q revenue.

對於第三季度，我們預計 Shack 的總銷售額為 2.13 億美元至 2.18 億美元，同店銷售額同比增長中位數，以及大約 3 個新的公司運營的 Shack 開業。雖然我們尚未提供第四季度的指導，但我們計劃開設 20 至 25 個公司經營的棚屋。其中大部分將在本季度末發生，因此新開的 Shack 對第 4 季度收入的影響微乎其微。

Licensing revenue guidance of $8 million to $8.5 million reflects a degree of ongoing uncertainty around international travel as well as COVID pressures, specifically in China. We expect total revenue of $221 million to $226.5 million, growing 18% to 21% year-over-year.

800 萬至 850 萬美元的許可收入指導反映了國際旅行的持續不確定性以及 COVID 壓力，特別是在中國。我們預計總收入為 2.21 億美元至 2.265 億美元，同比增長 18% 至 21%。

We guide 3Q Shack-level operating profit margin of 16% to 18%, reflecting ongoing and a wide range of potential inflationary pressures, including dairy, packaging, and fries, as well as investments to support our team members and drive our in-Shack traffic growth.

我們指導 3Q Shack 級別的營業利潤率為 16% 至 18%，反映了持續的和廣泛的潛在通脹壓力，包括乳製品、包裝和薯條，以及支持我們的團隊成員和推動我們的 Shack 的投資流量增長。

We continue to have a disciplined but growth-minded G&A investment approach for this year. However, with consideration for development delays and unknown macro impacts, we have tightened our guidance range to $111 million to $113 million. We remain committed to investing in our long-term growth and strategic initiatives, including elevating our people, our digital transformation and the evolution of our formats at drive-thru.

今年，我們將繼續採用紀律嚴明但具有增長意識的 G&A 投資方法。但是，考慮到開發延遲和未知的宏觀影響，我們已將指導範圍收緊至 1.11 億美元至 1.13 億美元。我們將繼續致力於投資於我們的長期增長和戰略計劃，包括提升我們的員工、我們的數字化轉型和我們的得來速模式的演變。

We've also seen some encouraging success at various marketing efforts. However, we are finding efficiencies to meet our lower development schedule as we think about planning over the next 18 months.

我們還在各種營銷工作中看到了一些令人鼓舞的成功。然而，當我們考慮未來 18 個月的規劃時，我們正在尋找效率來滿足我們較低的開發計劃。

We continue to expect full year depreciation of $70 million to $75 million, preopening of $14 million to $17.5 million. We are accruing more noncash rent than normal in preopening expense given the level of delays we are experiencing and are tracking at the high end of the preopen full year guidance. We expect our adjusted pro forma tax rate, excluding the impact of stock-based compensation, to be 28% to 30%.

我們繼續預計全年折舊 7000 萬美元至 7500 萬美元，開業前 1400 萬美元至 1750 萬美元。鑑於我們正在經歷的延誤程度，我們在開業前的費用中累積的非現金租金比正常情況多，並且正在跟踪開業前全年指導的高端。我們預計調整後的備考稅率（不包括股票薪酬的影響）為 28% 至 30%。

We are planning and managing through ongoing inflationary pressures and potential shifts in consumer spending patterns with an eye on improving our long-term profitability, driving sales growth and investing ahead of our robust pipeline across the world.

我們正在規劃和管理持續的通脹壓力和消費者支出模式的潛在轉變，著眼於提高我們的長期盈利能力，推動銷售增長，並在我們遍布全球的強大管道之前進行投資。

The operating environment is likely to remain challenging for some time, but we believe we have the right plan in place to elevate our people and drive the long-term growth of Shake Shack as we navigate these uncertain waters.

運營環境在一段時間內可能仍然充滿挑戰，但我們相信我們制定了正確的計劃來提升我們的員工並推動 Shake Shack 的長期增長，因為我們在這些不確定的水域中航行。

Thank you for your continued interest in our business. And with that, I can turn it back to Randy.

感謝您對我們業務的持續關注。有了這個，我可以把它轉回給蘭迪。

Thanks, Katie. Just to close up, I want to end today's call noting yesterday we opened our 400th Shake Shack worldwide. To achieve that milestone is a dream none of us ever imagined when we created a little hot dog cart to raise money from Madison Square Park in New York City 21 years ago.

謝謝，凱蒂。最後，我想結束今天的電話會議，並指出昨天我們在全球開設了第 400 家 Shake Shack。實現這一里程碑是 21 年前我們在紐約市麥迪遜廣場公園創建小型熱狗車籌集資金時從未想像過的夢想。

As we reconnected with 1,000 Shack leaders recently at our leadership retreat, it was a reminder for me and all of us how very special this group of people is. We celebrated leaders who've been here for more than a decade and those who just joined. I'm beyond proud and thankful of our team today more than ever as they work to create an environment where people can do their best work one burger at a time.

當我們最近在我們的領導撤退中與 1,000 名 Shack 領導重新建立聯繫時，這提醒了我和我們所有人，這群人是多麼的特別。我們慶祝在這里工作了十多年的領導人和剛剛加入的領導人。我今天比以往任何時候都更加為我們的團隊感到自豪和感激，因為他們努力創造一個環境，讓人們一次只吃一個漢堡就可以做到最好。

As always, we hope you and your families stay safe and healthy. And with that, operator, please go ahead and open up the call for questions.

一如既往，我們希望您和您的家人保持安全和健康。有了這個，接線員，請繼續打開電話提問。

(Operator Instructions) Our first question is from Michael Tamas with Oppenheimer & Co.

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

This is the first time you're disclosing any metrics on the drive-thrus, so I was hoping you could dig into that just a little bit more. I mean, on the $80,000 in average weekly sales per week, are you seeing any staffing issues like you've mentioned with some of the other units that could be holding that number back at all, that could push it even higher.

這是您第一次在得來速上披露任何指標，所以我希望您能再深入一點。我的意思是，在每周平均每週銷售額為 80,000 美元的情況下，您是否看到任何像您提到的其他一些單位的人員配備問題，這些問題可能會阻礙這個數字，這可能會推得更高。

And then you also mentioned greater frequency from drive-thru customers. What's the base that you're referring to when you were saying there's greater frequency? Are you willing to characterize how much more?

然後你還提到了得來速客戶的頻率更高。當您說頻率更高時，您指的是什麼基礎？你願意描述更多的特徵嗎？

Yes. Thanks, Michael. Yes. Let's take drive-thru broadly. We're really excited about it. We've only got 6 open, and some of those have just opened. So all the data is brand new. We obviously want to be careful not to share too much data at this early stage, but we continue to be encouraged about the AUV potential, number one, which is what I led with in my comments as well, as the long-term profit and return metrics that we think we can get out of this model. I think it's going to open up new real estate opportunities all over the country for us, could increase our longer-term TAM, and we're really excited about it.

是的。謝謝，邁克爾。是的。讓我們廣泛地採取得來速。我們對此感到非常興奮。我們只有 6 個開放，其中一些剛剛開放。所以所有的數據都是全新的。我們顯然要小心不要在這個早期階段分享太多數據，但我們繼續對 AUV 的潛力感到鼓舞，第一，這也是我在評論中提到的，因為長期利潤和返回我們認為可以從這個模型中得到的指標。我認為這將為我們在全國范圍內開闢新的房地產機會，可以增加我們的長期 TAM，我們對此感到非常興奮。

As with anything, to your question, yes, when staffing is not optimized, it's tough. And I would say each of the 6 drive-thrus have had various moments where they have not been fully staffed. We opened a few of them right in the heat of the early Omicron wave in December/January. Lots of learning there. And I think we're putting most of our efforts on learning how best to build this model. You saw, and I noted in my notes, we've already committed to at least 10 to 15 of them next year, and we're looking to do more beyond that.

與任何事情一樣，對於您的問題，是的，當人員配備未優化時，這很困難。我想說的是，這 6 個得來速通道中的每一個都有不同的時刻，他們沒有配備齊全的人員。我們在 12 月/1 月的早期 Omicron 浪潮中打開了其中的一些。在那裡學習很多。而且我認為我們正在將大部分精力放在學習如何最好地構建這個模型上。你看到了，我在筆記中指出，我們已經承諾明年至少有 10 到 15 個，而且我們希望在此之外做更多的事情。

So really excited about what drive-thru could mean. When it comes to frequency, we haven't shared any frequency data metrics. What we can see, and again, very early is that the goal of a drive-thru is to give convenience to the already amazing Shake Shack experience. When we've done that, the early signal is that people have come a little more often than a traditional suburban format that we have. That's really exciting. That's good news.

對得來速的含義感到非常興奮。在頻率方面，我們沒有分享任何頻率數據指標。我們很早就可以看到，得來速的目標是為已經令人驚嘆的 Shake Shack 體驗提供便利。當我們這樣做時，早期的信號是人們來的頻率比我們擁有的傳統郊區形式要多一些。這真的很令人興奮。那是好消息。

And the last piece of data we gave was that about half of the people are using the drive-thru and about half are using our other channels. And that feels really good to us because you'll go to a Shake Shack drive-thru, and someday, you might want to be inside and have the full Shack experience. This is why we're investing in this full, beautiful design. And some days, you might want the convenience of driving around and moving on towards what you got to do in your day.

我們提供的最後一條數據是，大約一半的人使用得來速，大約一半的人使用我們的其他渠道。這對我們來說感覺非常好，因為你會去 Shake Shack 得來速餐廳，總有一天，你可能想在裡面享受完整的 Shack 體驗。這就是為什麼我們要投資於這個完整、漂亮的設計。有時，您可能想要方便地開車四處走走，繼續您一天要做的事情。

This is brand new for Shake Shack. And it's really important. When I talk about 400 Shacks over 21 years, for us to just be doing this now, getting all this learning and thinking about what could be ahead, it's really exciting. So that's the early data. We'll keep you posted as we go. I'm sure we're going to have lots of ebbs and flows and Shacks that'll be way above that, Shacks that will be below that average that we just shared. But we got 4 more this year to learn from and a whole bunch more coming.

這對於 Shake Shack 來說是全新的。這真的很重要。當我談到 21 年來的 400 個棚屋時，我們現在就這樣做，讓所有這些學習和思考未來可能發生的事情，真的很令人興奮。所以這是早期的數據。我們會隨時通知您。我敢肯定，我們將有很多潮起潮落，而棚屋將遠高於此，棚屋將低於我們剛剛分享的平均水平。但今年我們還有 4 個要學習，還有更多的人要學習。

That's super helpful. Just a follow-up. You mentioned some headwinds from the lower-end consumer. So it sounds like you have some pretty sophisticated data here when you're bifurcating your customer base. Is there any way you can talk about how big of a cohort the lower-end consumer actually makes up out of your customer base?

這非常有幫助。只是一個後續。您提到了來自低端消費者的一些不利因素。因此，當您劃分客戶群時，聽起來您這裡有一些非常複雜的數據。您有什麼方法可以談論低端消費者在您的客戶群中實際構成的群體有多大？

Yes. So across our company, we generally tend to over-index to high-income consumers, especially relative to traditional fast food. That being said, we have a number of wide range of customers that we service. And in the quarter, while we saw some strength from the higher-end guests in June, we did see, especially in certain pockets, a little bit more weakness from the lower-end consumer.

是的。因此，在我們公司中，我們通常傾向於對高收入消費者進行高估，尤其是相對於傳統快餐而言。話雖如此，我們服務的客戶範圍很廣。在本季度，雖然我們看到了 6 月份高端客戶的一些實力，但我們確實看到，尤其是在某些口袋裡，低端消費者更加疲軟。

We also saw what we talked about kind of people who -- we saw increased traffic from people who live close to our Shacks, but we did see some pressure on the periphery from people who -- or guests to make kind of like longer road trips. We saw that in June with the spike in gas prices that kind of was a little bit weaker for us.

我們還看到了我們談論的那種人——我們看到住在我們棚屋附近的人的交通量增加了，但我們確實看到了來自外圍的人的一些壓力——或者客人要進行更長的公路旅行.我們在 6 月份看到，隨著天然氣價格的飆升，這對我們來說有點弱。

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。

Could you define low income, the threshold there, and high income? And also, when you say live near a Shack, what is the distance you're measuring?

你能定義低收入、那裡的門檻和高收入嗎？還有，當你說住在 Shack 附近時，你測量的距離是多少？

Yes. We're not going to get into that granular of detail, but just when you look at it across an income scale, the lower income that our guests were, the more of a traffic impact we had. And then same thing kind of with the periphery.

是的。我們不會詳細介紹這些細節，但是當您從收入規模來看時，我們的客人的收入越低，我們對交通的影響就越大。然後與外圍設備類似。

And then when you talk about afternoon happy hour, what was the food attach rate to some of those Shake incidents? And is there potential to include food in the discounts going forward?

然後當你談到下午的歡樂時光時，那些搖晃事件的食物附加率是多少？是否有可能在未來的折扣中包括食品？

Yes. Thanks, Nicole. We're really excited about leaning into some of that. Look, Shack's never been a discount brand. We don't intend to be. We're a premium brand with premium ingredients, and we're not looking for cheap value meals. That's not how we serve our food. But we are looking, especially in this economic time, to think about how do we provide additional added value for people. So for instance, we're doing this shake kind of a buy 1, get 1 between the hours of 2 and 5. And what we're seeing is a significant attach rate almost to the point of a close to normal average check. So that's pretty exciting because what we're finding is, yes, I'm going to come and get the shake, but I'm also going to get maybe a burger, fries and some other things with it. So we feel really good about incrementality that can be driven by this and the ultimate return on sales and our op profit because we're gaining a whole other sale out of it.

是的。謝謝，妮可。我們真的很高興能參與其中。看，Shack 從來都不是折扣品牌。我們不打算成為。我們是採用優質原料的優質品牌，我們不尋找便宜的超值餐點。這不是我們提供食物的方式。但我們正在尋找，尤其是在這個經濟時代，思考我們如何為人們提供額外的附加值。因此，例如，我們在 2 點到 5 點之間進行這種買 1 買 1 的搖動。我們看到的是一個顯著的附加率，幾乎接近正常的平均檢查點。所以這非常令人興奮，因為我們發現，是的，我會來拿奶昔，但我也會買漢堡、薯條和其他一些東西。因此，我們對由此帶來的增量以及最終的銷售回報和我們的運營利潤感到非常滿意，因為我們正在從中獲得另一筆銷售。

Now we'll see. Again, very new. We'll see what we can do. What we intend to do is test, as you said, other items. So why not use this new functionality and test some of our other maybe burgers, maybe fries, some of the other things that guests love, as well as other hours, right? We have -- Shake Shack's competitive advantage has always been that we have a very high frozen custard sales. We also have alcohol that can drive some potential later evening sales opportunities.

現在我們來看看。再次，非常新。我們會看看我們能做些什麼。正如你所說，我們打算做的是測試其他項目。那麼為什麼不使用這個新功能並測試我們的其他一些漢堡、薯條、客人喜歡的其他一些東西以及其他時間，對吧？我們擁有——Shake Shack 的競爭優勢一直是我們擁有非常高的冷凍蛋奶凍銷量。我們也有酒可以推動一些潛在的晚間銷售機會。

And we think this new functionality, the ability to really connect, is going to be so additive over time. And we're still a young company here. Our digital tools, while a massive part of our business, are still really at the early stages. So when we can unlock stuff like this over time, and this is small and a minimal impact today, but it has opportunity to really grow. So excited about all the new marketing and digital opportunities we have.

而且我們認為這種新功能，真正連接的能力，會隨著時間的推移而增加。我們在這裡仍然是一家年輕的公司。我們的數字工具雖然是我們業務的重要組成部分，但仍處於早期階段。因此，當我們可以隨著時間的推移解鎖這樣的東西時，這對今天的影響很小且影響最小，但它有機會真正成長。我們對所有新的營銷和數字機會感到非常興奮。

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。

I wanted to just circle back. I mean, I know the business obviously has a pretty hefty exposure in Midtown. And I think you noted those locations are still down about 40%. Is there any way to get a sense of how some of the restaurants are doing, maybe not in that heart of Midtown but some of the more residential areas in Manhattan or some of your urban environments maybe that are performing a bit better?

我只想繞回來。我的意思是，我知道這家公司顯然在市中心有相當大的曝光率。我想你注意到這些地點仍然下降了大約 40%。有什麼辦法可以了解一些餐館的表現，可能不是在市中心的中心，而是曼哈頓一些更多的住宅區，或者你的一些城市環境可能表現更好一些？

And I mean, it seems a little bit macro related, but is there any ways that you guys are thinking about offsetting some of those challenges? Or is that just really a wait-and-see as the macro normalizes?

我的意思是，這似乎有點宏觀相關，但是你們有什麼方法可以解決其中的一些挑戰嗎？或者這只是宏觀正常化的觀望嗎？

Yes. Thanks. It's a great question. And you are correct in saying that there's variability, right? I think we've -- we got to caution you and everybody when we talk about urban/suburban that not all urban was born equal, right? There's a lot of restaurants, both in New York and other urban centers. And let's not just make this about Midtown New York. We tend to do that in these conversations because Shake Shack was born here. We're talking about a lot of urban centers, large cities around the country. So when we do that, there are lots of neighborhoods, in New York and otherwise, where sales are up versus '19. Solid Shacks, we're feeling really good. Getting back to profitability. Signals are really good. We should all -- that's the most encouraging thing about this.

是的。謝謝。這是一個很好的問題。你說存在變異性是正確的，對吧？我想我們已經 - 當我們談論城市/郊區時，我們必須警告你和每個人，並非所有城市生來都是平等的，對吧？紐約和其他城市中心都有很多餐館。讓我們不要只把這個放在紐約中城。我們傾向於在這些對話中這樣做，因為 Shake Shack 出生在這裡。我們談論的是許多城市中心，全國各地的大城市。因此，當我們這樣做時，在紐約和其他地方，有很多社區的銷售額與 19 年相比有所上升。 Solid Shacks，我們感覺很好。恢復盈利。信號真的很好。我們都應該——這是最令人鼓舞的事情。

And then there are Shacks in core urban centers, some in Midtown and others, where, look, when Katie shares a piece of data, that 40% of our lunch guests just aren't here yet, and you look at whether it's subway, mobility, tourism and other things, they just haven't returned to their -- to where they were. And as we talked about, part of the challenge of where we're at right now is that's also started to level off in June.

然後在核心城市中心有棚屋，一些在市中心，還有一些在哪裡，看，當凱蒂分享一個數據時，我們 40% 的午餐客人還沒有來，你看看是不是地鐵，流動性、旅遊和其他事情，他們只是還沒有回到他們原來的地方。正如我們所談到的，我們現在所處的部分挑戰是，這也從 6 月份開始趨於平穩。

So we see mobility trends today in some of our core urban centers that are lower than they were a year ago and that are lower than they were at the end of last year even. So while there are moments and pockets of places that feel really busy or travel, you see headlines of certain places that are, in fact, very busy, there are many others that just aren't.

因此，我們今天看到一些核心城市中心的流動性趨勢低於一年前，甚至低於去年底的水平。因此，雖然有些地方真的很忙或在旅行，但你會看到某些地方的頭條新聞，事實上，非常繁忙，還有很多其他地方卻不是。

And so where -- how do we feel about that? We're not going to predict the future. I don't think anybody knows where this is going to go, nor do we. But we're believers in the urban ecosystem. We're believers in those high-volume Shacks that have led the company for so long that continue to be deeply impacted. We think they're going to continue to get back over time.

那麼在哪裡 - 我們對此有何看法？我們不會預測未來。我認為沒有人知道這將走向何方，我們也不知道。但我們相信城市生態系統。我們相信那些長期領導公司並繼續受到深刻影響的大容量棚屋。我們認為他們會隨著時間的推移繼續回來。

It's hard to say when. And at this moment, so what do we need to see happen? And where is the upside? The upside is going to be more return to office. We'll see where that goes after this summer, more general mobility for commuting, the way people move around town. More -- higher occupancy around hotels, convention centers and both regional and international tourism.

很難說什麼時候。而此時此刻，我們需要看到什麼發生？好處在哪裡？好處將是更多地重返辦公室。我們將看到今年夏天之後的情況，更普遍的通勤流動性，人們在城鎮中移動的方式。更多——酒店、會議中心以及區域和國際旅遊業的入住率更高。

So all that stuff together has come and come and come and go and ebbed and flow through this last few years. But there's still a long way to go. And with that, that's how we'll trend. So to your last question of how do we -- what do we do about that, well, we keep running better restaurants day in and day out. We lean into our real estate strategy that next year will be majority suburban. And we're really excited about those. You hear our drive-thru. You hear our drive-up models, Shack Track others. But that doesn't mean we're abandoning urban centers. We are going to build a lot of urban Shacks next year and otherwise. We're also going to go to some new markets next year.

所以所有這些東西一起來來去去，在過去的幾年裡消退和流動。但還有很長的路要走。有了這個，這就是我們的趨勢。因此，對於您關於我們如何做的最後一個問題，我們該怎麼做，好吧，我們日復一日地經營著更好的餐廳。我們傾向於我們的房地產戰略，即明年將是大多數郊區。我們對這些感到非常興奮。你聽到我們的得來速。您會聽到我們的駕駛模型，Shack Track 其他人。但這並不意味著我們正在放棄城市中心。明年我們將建造很多城市棚屋，否則。明年我們還將去一些新市場。

So as we target a really robust pipeline, it's going to be diverse. It's going to have a lot of formats. And it's going to take on lots of trends that will help balance that portfolio over time. The imbalance of our portfolio towards heavy urban centers traditionally has been the challenge for us, and that is where -- that is what has happened this summer.

因此，當我們瞄準一個非常強大的管道時，它將是多樣化的。它將有很多格式。隨著時間的推移，它將呈現出許多有助於平衡投資組合的趨勢。傳統上，我們對繁重城市中心的投資組合不平衡一直是我們面臨的挑戰，這就是今年夏天發生的事情。

And then just one follow-up. Katie, you noted that the kiosk as a major initiative over the next, let's say, maybe 18 months or so. And I know we've talked about this quite a bit. Can you just remind us maybe how -- what you plan on achieving in penetration of those kiosks by the end of this year versus that full '23? And then just remind us of some of the sales and margin benefits you're seeing in the stores that already have those?

然後只是一個後續行動。凱蒂，你注意到信息亭是未來的一項重大舉措，比方說，可能是 18 個月左右。我知道我們已經談過很多次了。你能不能提醒我們——你計劃在今年年底之前實現這些信息亭的滲透率，而不是整個 23 年？然後提醒我們您在已經擁有這些的商店中看到的一些銷售和利潤收益？

So we're very, very excited by what we're seeing in kiosks. We're seeing that we have a higher check in kiosk channels. We're seeing a better attach rate of our LTOs. This is really kind of, when I think of kiosk, it really is kind of the only digital ecosystem in the Shack besides people's phones that people can sit there with the menu and really understand and go through the entire process. And we see guests responding quite positively to it. It's also one of our highest margin channels as well. And we see that we're able to get some staffing efficiencies in our Shacks where we have kiosks.

所以我們對我們在售貨亭看到的東西感到非常非常興奮。我們看到我們在自助服務終端渠道中進行了更高的檢查。我們看到我們的 LTO 的附加率更高。這真的有點像，當我想到信息亭時，它真的是 Shack 中除了人們的手機之外唯一的數字生態系統，人們可以坐在那兒拿著菜單，真正了解並完成整個過程。我們看到客人對此反應非常積極。這也是我們利潤率最高的渠道之一。我們看到，我們能夠在我們有售貨亭的棚屋中提高人員配備效率。

So we're very excited to sit here and roll them out to essentially all of our Shacks over the next 18 months. We're targeting significant progress on that by the end of this year. We're not going to get into the exact number there, but this is one of our top priorities here.

所以我們很高興能坐在這裡，在接下來的 18 個月裡將它們推廣到我們所有的 Shacks。我們的目標是到今年年底在這方面取得重大進展。我們不打算在那裡透露確切的數字，但這是我們在這裡的首要任務之一。

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。

My first one is just on seasonality in the summer months, and you gave us what July was for your average weekly sales. I'm just wondering, in a typical third quarter, how do -- versus July, how would August and September average weekly sales trend. Just wondering what the normal seasonality is.

我的第一個只是關於夏季月份的季節性，你給了我們七月份的平均每週銷售額。我只是想知道，在典型的第三季度，與 7 月相比，8 月和 9 月的平均每週銷售趨勢如何。只是想知道正常的季節性是什麼。

Yes. Normal seasonality is, call it, August, roughly flat with July, and then we'll see kind of what happens in September. But consistent with the rest of the industry, it tends to be softer.

是的。正常的季節性是，稱之為 8 月，與 7 月大致持平，然後我們將看到 9 月會發生什麼。但與行業的其他部分一致，它往往更軟。

Great. That's helpful. And then, Katie, I'm wondering on the restaurant-level margins you beat pretty significantly in the last couple of quarters. I'm wondering what surprised you the most in the quarter to kind of drive such upside? I look at -- I think food cost inflation was about in line with what you expected. Just what are the moving pieces there that kind of really drove the beat versus expectations?

偉大的。這很有幫助。然後，凱蒂，我想知道你在過去幾個季度中大幅超越的餐廳級利潤率。我想知道在本季度推動這種上漲最令你驚訝的是什麼？我看 - 我認為食品成本通脹與您的預期大致相符。真正推動節拍與預期的因素是什麼？

Yes. It really does come down to our beef costs were lower than we had anticipated, and we had put in guidance last quarter. Beef is about 1/3 of our basket. So when that moves around, we have pretty big impact, and we just tracked a little bit lower than we had thought.

是的。這確實歸結為我們的牛肉成本低於我們的預期，我們在上個季度給出了指導。牛肉大約占我們籃子的 1/3。因此，當這種情況發生變化時，我們產生了相當大的影響，而且我們的跟踪速度比我們想像的要低一點。

And the other thing I'll add, Jake, is flow-through when we have higher sales through this whole time, right? We're continuing -- these are -- we're off our historical highs, right? We've had to rebuild and recontinue how to run our restaurants in those restaurants that are returning sales flow-through significant. And we've got to keep that, and that's been -- really proud of the team for how they ran their restaurants this year.

傑克，我要補充的另一件事是，當我們在整個過程中都有更高的銷售額時，是流通的，對嗎？我們正在繼續——這些是——我們已經脫離了歷史高點，對嗎？我們不得不重建並重新繼續如何在那些恢復大量銷售流量的餐廳中經營我們的餐廳。我們必須保持這一點，並且一直為團隊今年經營餐廳的方式感到自豪。

Look, the pressures, as Katie said, is not abating. We're going to continue to have lots of inflationary pressures on a lot of our COGS and other things continuing forward as part of our guide forward for the moment. And especially in the next quarter before we take additional price in the fourth quarter, that will have some impact. But I think one of the solid outcomes of this quarter has been how the team really ran the restaurants with what they had.

看，正如凱蒂所說，壓力並沒有減輕。作為我們目前前進指南的一部分，我們將繼續對我們的許多 COGS 和其他事情繼續承受巨大的通脹壓力。尤其是在我們在第四季度採取額外價格之前的下一季度，這將產生一些影響。但我認為本季度的可靠成果之一是團隊如何真正用他們所擁有的東西來經營餐廳。

Great, great. That's helpful. And then my last question is just on staffing. And you did mention that some stores are not optimally staffed, and that's impacting sales at those stores. So the question is what are you seeing kind of at the margin here? Are you seeing an improvement? Is turnover going down? Is staffing availability increasing? Could that be more of a tailwind to the recovery in sales in the back half of the year, do you think?

很棒很棒。這很有幫助。然後我的最後一個問題是關於人員配備。你確實提到了一些商店的人員配備不理想，這影響了這些商店的銷售。所以問題是你在這裡看到了什麼？你看到改善了嗎？營業額會下降嗎？人員配備是否在增加？您認為這對下半年的銷售復甦是否更有幫助？

It's definitely an opportunity when we look over the long term because we know we're not where we want to be or at our historical norms kind of pre-COVID. Look, us, our industry, and the whole world and every industry is grappling with staffing problems. We're not immune to that, and we are not where we want to be. So our historical -- our turnover today and not optimized staffing levels is not where we want to be. It is better than it was in the first quarter, for sure. It is better than it was at the end of last year, for sure. Those are all encouraging things.

當我們從長遠來看，這絕對是一個機會，因為我們知道我們不是我們想成為的地方，也不是我們在 COVID 之前的歷史規範。看，我們，我們的行業，以及整個世界和每個行業都在努力解決人員配備問題。我們不能對此免疫，我們也不是我們想去的地方。所以我們的歷史——我們今天的營業額和沒有優化的人員配置水平不是我們想要的。當然，這比第一季度要好。肯定比去年年底要好。這些都是令人鼓舞的事情。

We've continued to take care of our teams, pay them more, adding tipping, adding other benefits. We've really tried to continue to give our teams more and more reasons to join, to stay. But when you have new teams and you have a higher turnover environment, you're not optimized in the perfect sales per hour that you could be doing at busy restaurants. And we know that, and we see it as opportunity as we go forward. We know that's where we can continue to unlock. But it's still going to take some work, and it's not going to -- we don't expect staffing to get easy anytime in the near future.

我們繼續照顧我們的團隊，給他們更多的報酬，增加小費，增加其他福利。我們真的試圖繼續給我們的團隊越來越多的加入和留下的理由。但是當你有新團隊並且你有更高的流動環境時，你並沒有像在繁忙的餐廳那樣優化每小時的完美銷售額。我們知道這一點，我們將其視為前進的機會。我們知道這是我們可以繼續解鎖的地方。但這仍然需要一些工作，而且不會 - 我們預計人員配置在不久的將來不會變得容易。

Our next question is from Jeff Farmer with Gordon Haskett.

我們的下一個問題來自 Jeff Farmer 和 Gordon Haskett。

I have a follow-up for you guys and then another question. In the prepared remarks, you did mention that wage rate increases and the introduction of tipping capability in certain markets was on the way or maybe has already happened. But can you just provide a little bit more color? And what I mean by that is like roughly how many of these markets do you think that you have the opportunity to introduce tipping capability, as an example.

我有一個跟進你們，然後是另一個問題。在準備好的評論中，您確實提到工資率上漲和某些市場引入小費能力的過程正在進行中，或者可能已經發生。但是你能提供更多的顏色嗎？我的意思是，您認為大概有多少這些市場有機會引入小費功能，例如。

Yes, it's brand new, and it's pretty much rolled out everywhere, but not in all channels, Jeff. That's I think the key way to understand it today. For the most part, it's not on any of our kiosks because it's a significant part of our sales in most of our restaurants. So it's just recently been added to some of our digital channels. So it really began as a ramp-up, as a test. We really like what we've seen. And we've been encouraged at how many people want to thank our team in that way. So it can add a really nice additional hourly income for our team. We're excited by it. There are new costs to us and taxes for that, but we think it's a great way for our team to continue to earn. And we hope that over the long term, it will help our turnover.

是的，它是全新的，幾乎在所有地方都推出了，但不是在所有渠道中推出，傑夫。這是我認為今天理解它的關鍵方法。大多數情況下，它不在我們的任何售貨亭上，因為它是我們大多數餐廳銷售額的重要組成部分。所以它最近才被添加到我們的一些數字頻道中。所以它真的開始作為一個加速，作為一個測試。我們真的很喜歡我們所看到的。有多少人想以這種方式感謝我們的團隊，這讓我們感到鼓舞。所以它可以為我們的團隊增加一個非常不錯的額外小時收入。我們對此感到興奮。我們有新的成本和稅收，但我們認為這是我們團隊繼續賺錢的好方法。我們希望從長遠來看，這將有助於我們的營業額。

So there's just a handful of markets where it isn't rolled out yet, some markets where we're going to take our time with it and others where we're continuing to go. And as Katie said, with kiosk, both functionality and more rollout, we'll look at that channel over time. But it's not in there just yet.

因此，只有少數幾個市場尚未推出，有些市場我們將花時間研究它，而另一些市場我們將繼續發展。正如凱蒂所說，隨著信息亭的功能和更多的推出，我們將隨著時間的推移關注該渠道。但它還沒有在那裡。

Okay. And then just as a follow-up, last one, on wage inflation. Obviously, you mentioned some wage rate increases coming. But I might have missed this, but I'm just curious what the wage rate inflation was in the second quarter and what the outlook is for the back half of '22.

好的。然後作為最後一個關於工資通脹的後續行動。顯然，你提到了一些工資率的上漲。但我可能錯過了這一點，但我只是好奇第二季度的工資通脹率是多少，以及 22 年下半年的前景如何。

I have it right here. It's in the shareholder letter. Okay, so we raised starting wages by high single-digit percent in the second quarter, and the blended rate for 2022 is going to be mid- to high single digit. Last year, we announced -- had a pretty big announcement of investments in our team members in 3Q and 4Q that have carried over into this year. So we're going to kind of be lapping that, but continuing to invest in our teams.

我這裡有。寫在股東信裡。好的，所以我們在第二季度將起薪提高了個位數百分比，而 2022 年的混合率將是中高個位數。去年，我們宣布 - 在第三季度和第四季度對我們的團隊成員進行了相當大的投資，這些投資已延續到今年。因此，我們將對此有所了解，但繼續投資於我們的團隊。

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。

I wanted to ask just about the pricing decision, and maybe you could walk us through how you landed on the 5% to 7%. And I was hoping maybe you could speak specifically to where you think your value proposition is relative to your fast-casual peers, any quantification? That would be fantastic.

我想問一下定價決定，也許你可以告訴我們你是如何達到 5% 到 7% 的。我希望也許你能具體談談你認為你的價值主張相對於你的快速休閒同行，任何量化？那太棒了。

And just also the pricing decision, thinking about as context or we're maybe seeing some light at the end of the tunnel as it relates to commodity inflation, just so how did you balance that decision?

還有定價決策，考慮到上下文，或者我們可能在隧道盡頭看到一些與商品通脹有關的曙光，那麼您是如何平衡該決策的？

Lots of things in there. Thank you for the question. Look, we've been traditionally been super conservative on price for the history of this company, right around 2%, right? In the last year, we've had 2 different price raises in the 6% to 7% range. In addition, we've added some additional price on our third-party delivery channels that we charge a 15% premium on there. So all that has gotten into where we are today. We are going to take another between 5% and 7% in mid-fourth quarter, right?

裡面有很多東西。感謝你的提問。看，對於這家公司的歷史，我們傳統上對價格非常保守，大約 2%，對吧？去年，我們在 6% 到 7% 的範圍內進行了兩次不同的提價。此外，我們在第三方交付渠道上增加了一些額外的價格，我們在那裡收取 15% 的溢價。所以所有這些都進入了我們今天的位置。我們將在第四季度中期再拿 5% 到 7% 之間，對吧？

Why are we doing that? Well, wish we didn't have to, but it's the minimum really that we need to do as we look at so many of the input costs of our business coming in higher. And specifically, French fries have had record level increases in the inflationary environment, our buns, our dairy and chicken, some of the other things. And while beef has kind of leveled, it's leveled at a very high level.

我們為什麼要這樣做？好吧，希望我們不必這樣做，但這是我們真正需要做的最低限度的事情，因為我們看到我們業務的許多投入成本都在上升。具體來說，炸薯條在通脹環境、我們的小圓麵包、我們的奶製品和雞肉以及其他一些方面的增長水平創歷史新高。雖然牛肉有一定程度的平整，但它的平整度非常高。

And so everything is up, and that's just a factor. Everything is up to build restaurants. So we -- even with those numbers that are high for us, that remains cautious in our overall approach. And when we look at our basket, we actually feel really good about where it is relative to other fast-casual, other even better burger. Obviously, we're going to be more than traditional fast food, and we should be. Our premium ingredients need that price point.

所以一切都好了，這只是一個因素。一切都是為了建立餐館。所以我們——即使這些數字對我們來說很高，在我們的整體方法中仍然保持謹慎。當我們看到我們的籃子時，我們實際上對它相對於其他快速休閒、其他更好的漢堡的位置感覺非常好。顯然，我們將不僅僅是傳統的快餐，而且我們應該是。我們的優質原料需要這個價位。

So we feel really good about, again, as Katie said earlier, we generally tend to have higher-income guests for the most part, but we want this -- we want Shack to be affordable for everybody. And it's been traditionally a solid trade-up opportunity for people who aspire, and it's been a nice trade down in moments like this for casual diners who want to spend a little less but still have great ingredients and a great experience.

因此，正如凱蒂之前所說，我們再次感覺非常好，我們通常傾向於擁有大部分收入較高的客人，但我們希望這一點 - 我們希望每個人都能負擔得起 Shack。傳統上，對於有抱負的人來說，這是一個可靠的交易機會，對於想要花更少的錢但仍然擁有優質食材和豐富體驗的休閒食客來說，這是一個不錯的交易機會。

That's where Shake Shack's always positioned itself. We feel like our pricing today keeps us there. And it's something, Brian, that we're going to have to keep an eye on because I -- we'll see where commodity costs go. There are some signals of certain things coming down. So a lot of things that are not coming down at all. And a lot of things that remain very -- fryer oil, I didn't mention, things like that. These are expensive items. And we are hopeful that those things level off and that can be a long-term tailwind for our op profit in the coming years. But at the moment, there's a lot of pressures on the cost in our business.

這就是 Shake Shack 一直以來的定位。我們覺得我們今天的定價讓我們保持在那裡。布賴恩，這是我們必須密切關注的事情，因為我 - 我們將看到商品成本的去向。有一些跡象表明某些事情正在下降。所以很多事情根本沒有下降。還有很多東西——炸鍋油，我沒有提到，諸如此類。這些都是昂貴的物品。我們希望這些情況趨於平穩，這可能是我們未來幾年運營利潤的長期順風。但目前，我們業務的成本壓力很大。

Just to add on to that a little bit, we are taking an even more targeted approach to pricing with this next round than we have in the past and really kind of even getting more refined about where we have higher willingness to pay as well.

再補充一點，與過去相比，我們在下一輪的定價中採取了更有針對性的方法，並且在我們有更高支付意願的地方也變得更加精細。

All right. That's helpful color. And also on the effect of pricing, Katie, if you took no additional, let's just say you take the midpoint, the 6%, could you just level-set where your effective year-on-year pricing would be over the next few quarters?

好的。這是有用的顏色。還有關於定價的影響，凱蒂，如果你不採取額外措施，假設你採取中點，即 6%，你能否將未來幾個季度的有效同比定價水平設定為水平？ ?

Yes, it's going to be kind of, call it, the high single-digit range for 3Q and 4Q.

是的，這將是一種，稱之為 3Q 和 4Q 的高個位數範圍。

For both 3Q and 4Q?

對於 3Q 和 4Q？

Yes. Obviously higher in 4Q, the price increase.

是的。 4Q明顯走高，價格上漲。

Because we lap an October price increase. So it was about half of that in October of...

因為我們進行了 10 月份的價格上漲。所以大約是 10 月份的一半……

Yes, 3% to 4%.

是的，3% 到 4%。

And we next lap March as we took that...

我們在下個三月的時候採取了那個......

Okay. Great. Great. And then just on the drive-thrus, you mentioned the strong sales you're seeing, the over $80,000, could you give us any sense of just what the average buildout costs on those 6 units were, and I'll pass it along.

好的。偉大的。偉大的。然後就在得來速時，您提到了您所看到的強勁銷售，超過 80,000 美元，您能否告訴我們這 6 個單位的平均建造成本是多少，我會傳遞下去。

We haven't broken that out yet. There's going to be a lot of learning on that as we go. They're significantly higher than a normal Shack at the moment. We're investing in that as a full experience drive-thru in and out. And we're going to spend some money to build those. It's taken the total class about up 15% this year. But as we do more and more of those, we expect those to be higher. And why are we doing that? Well, it's a full-on build-out. This is something we're building for decades to come. We expect to continue to have strong returns even at elevated levels of construction costs for the environment plus this model.

我們還沒有打破它。隨著我們的發展，將會有很多關於這方面的學習。目前，它們明顯高於普通 Shack。我們在這方面進行了投資，作為一種完整的駕車進出體驗。我們將花一些錢來建造這些。今年全班的人數增長了約 15%。但隨著我們做的越來越多，我們預計這些會更高。我們為什麼要這樣做？嗯，這是一個全面的構建。這是我們在未來幾十年裡正在建設的東西。即使在環境建設成本較高的情況下，我們預計將繼續獲得強勁的回報，再加上這種模式。

But that said, we are also going to keep hopefully targeting stronger AUVs and profits over the long run. So that's all part of the goal of drive-thru. And at the moment, in this first couple years of it, you should expect us to invest heavily in the capital of that. It's going to be a capital- and learning-intensive environment for us. And we believe it hopefully continues to unlock big sales and addressable market opportunity over time.

但話雖如此，從長遠來看，我們還將繼續希望瞄準更強大的 AUV 和利潤。所以這都是得來速目標的一部分。目前，在最初的幾年裡，你應該期望我們在這方面投入巨資。對我們來說，這將是一個資本和學習密集型的環境。我們相信，隨著時間的推移，它有望繼續釋放大量銷售和潛在的市場機會。

Our next question is from Jeff Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeff Bernstein。

This is Pratik on for Jeff. Randy, I wanted to touch on maybe a bigger-picture question. What if hybrid work and less commuting ends up being a more structural longer-term factor in the urban Shack location. What can operators do to adjust to that? And any color on just how your team members in the store continue to drive sales in those locations would be appreciated.

這是傑夫的普拉蒂克。蘭迪，我想談談一個更大的問題。如果混合工作和更少的通勤最終成為城市 Shack 位置中更具結構性的長期因素會怎樣。運營商可以做些什麼來適應這種情況？對於您在商店中的團隊成員如何繼續推動這些地點的銷售，任何顏色都將不勝感激。

Yes. I think it's a great question. I don't have the crystal ball to tell you where it's going to land. I think we all expect that the previous world of pre-COVID 5-day-a-week normal office hours has changed. Where it lands, I think it's hard to know just yet. I tend to believe we're not quite back at where it'll land. I think there still remains a lot of more hybrid than may occur, but I don't know where that'll go.

是的。我認為這是一個很好的問題。我沒有水晶球可以告訴你它會降落在哪裡。我想我們都希望以前的 COVID 之前每週 5 天正常辦公時間的世界已經改變。它落在哪裡，我認為現在還很難知道。我傾向於相信我們還沒有完全回到它會降落的地方。我認為仍然存在比可能發生的更多的混合，但我不知道它會去哪裡。

So in the meantime, I think those cities generally will tend to fill in with other things. There's going to be more tourism. There's going to be more -- you look at it, the price of living in so many of the biggest cities, including New York, has never been more expensive. People want to be in these places. And that's going to continue to fill in over time.

所以與此同時，我認為這些城市通常會傾向於填充其他東西。會有更多的旅遊業。還會有更多——你看，包括紐約在內的許多大城市的生活價格從未如此昂貴。人們想在這些地方。隨著時間的推移，這將繼續填補。

So what do we do about it? Well, you know what, we've got a shift, right? If we used to have a Friday order of 100 burgers for the trading desk, that order might be on Thursday now, or it might be different. And we've got to continue to shift and figure out how to staff what our optimal hours should be and how to reach other guests at different times.

那麼我們該怎麼辦呢？好吧，你知道嗎，我們有輪班，對吧？如果我們曾經在周五為交易台訂購 100 個漢堡，那麼現在該訂單可能是在周四，或者可能會有所不同。我們必須繼續轉變，弄清楚如何安排我們的最佳時間，以及如何在不同的時間聯繫其他客人。

So what are we doing about that? Well, it's all in our plan that we've talked to. Digital transformation, make it easier for people to get to us no matter what channel they want, whether it's a small order or a large order; and the evolution of our Shacks, making sure that we have convenience built into the suburban and urban experience so that we can meet people where they are. And all that's still on a rebuild for us at a number of our Shacks that remain impacted by that return-to-office trend.

那麼我們在做什麼呢？好吧，這一切都在我們已經談過的計劃中。數字化轉型，無論是小訂單還是大訂單，人們無論想要什麼渠道，都更容易找到我們；以及我們棚屋的發展，確保我們在郊區和城市體驗中融入便利，以便我們可以在人們所在的地方遇到他們。在我們的一些棚屋中，所有這些仍在重建中，這些棚屋仍然受到重返辦公室趨勢的影響。

But I also think there's other things that we still haven't fully recaptured, right? There's things just like conferences that aren't booking yet, right? Hotel occupancies or hotel rates that are still not the same in core urban centers. How those things move over time is going to be the stuff we're watching and trying to manage our restaurants really well.

但我也認為我們還沒有完全奪回其他東西，對吧？有些事情就像尚未預訂的會議一樣，對吧？核心城市中心的酒店入住率或酒店價格仍然不同。這些事情如何隨著時間的推移而變化將是我們正在關注的事情，並試圖真正很好地管理我們的餐廳。

I'll also add on top of that, that the investments that we've made on having this digital dayparts capability, well, that's just not a statement to urban restaurants. It's a statement for all restaurants. It does have an exciting opportunity to unlock a less utilized part of our day.

除此之外，我還要補充一點，我們在擁有這種數字時段功能方面所做的投資，嗯，這並不是對城市餐館的聲明。這是所有餐廳的聲明。它確實有一個令人興奮的機會來解鎖我們一天中使用較少的部分。

Our next question is from Andy Barish with Jefferies.

我們的下一個問題來自 Jefferies 的 Andy Barish。

Randy, just on the development pipeline, I guess maybe I'm reading into it a little much, but you noted '23 that you're still building pipeline. And obviously, there's some units shifting from '22 into '23. So how should we read into that? Do you expect more openings in '23 just given some of the delays in the '22? Or any color on that? I know it might be a little early to guide a specific number but just interested in that wording.

蘭迪，就在開發管道上，我想也許我讀得有點多，但你注意到 23 年你仍在構建管道。顯然，有一些單位從 '22 轉變為 '23。那麼我們應該如何解讀呢？考慮到 22 年的一些延遲，您是否預計 23 年會有更多的職位空缺？或者上面有什麼顏色？我知道現在指導一個特定的數字可能有點早，但只是對那個措辭感興趣。

Yes. I think we have been and continue to build a strong pipeline. That's going to be ongoing even today as we sit here in August for restaurants that could open in 2023. There's lots of leases being negotiated, lots of sites that have already identified. And as we look out -- look beyond '23, you look at '24/'25, we've got our sights set on market plans for every market. We're building into that. We feel fantastic about the Shacks that we intend to build during that time, lots of various formats, lots of new and existing markets, and all of that there.

是的。我認為我們已經並將繼續建立強大的管道。即使在今天，這也將持續下去，因為我們 8 月坐在這裡，尋找可能在 2023 年開業的餐廳。有很多租約正在談判中，很多場地已經確定。正如我們所期待的那樣——超越 23 年，你看看 24 年/25 年，我們已經將目光投向了每個市場的市場計劃。我們正在構建它。我們對我們打算在那段時間建造的棚屋、許多不同的格式、許多新的和現有的市場以及所有這些都感到非常棒。

That said, the process just takes longer today. And that is what has been the frustrating part of it. So you may have had Shacks that we could identify and open within 12 to 15 months, and now you may have that being 15 to 18 months. And drive-thrus even take longer than that because you've got all kinds of different permitting and things.

也就是說，這個過程今天需要更長的時間。這就是它令人沮喪的部分。因此，您可能擁有我們可以在 12 到 15 個月內識別並打開的棚屋，而現在您可能需要 15 到 18 個月。得來速甚至比這更長，因為你有各種不同的許可和東西。

So when we add that as a core part of our business, we've just got to get ahead of it more. Some of those things are in control. For the most part, a lot of those things are not in our control, what's happened. And I think when you get a restaurant -- we've got restaurants sitting built right now that don't have a walk-in cooler because you can't get a walk-in. We've got restaurants waiting on air-conditioning units. And these are the things that our team did an amazing job of keeping up with during the COVID last couple years. And many of them have just caught up. So they're taking time.

因此，當我們將其添加為我們業務的核心部分時，我們必須更加領先。其中一些事情是可控的。在大多數情況下，很多事情都不是我們能控制的，發生了什麼。而且我認為，當您找到一家餐廳時-我們現在正在建造的餐廳沒有步入式冷卻器，因為您無法步入式。我們有餐館等著空調機組。這些是我們的團隊在過去幾年的 COVID 期間所做的出色工作。他們中的許多人剛剛趕上了。所以他們需要時間。

So as we look at the number for this year, we're still going to open systemwide 60 to 70 Shacks this year. That's a big number of restaurants for a company that only has 400 in total today. That's really exciting. Our growth for the coming years is going to be exciting. It has been pushed back, but it's all still there. These restaurants did not go away. They're just taking a little bit longer to get open.

因此，當我們查看今年的數字時，今年我們仍將在全系統範圍內開設 60 至 70 個棚屋。對於今天總共只有 400 家的公司來說，這已經是一大堆餐廳了。這真的很令人興奮。我們未來幾年的增長將是令人興奮的。它已被推回，但它仍然存在。這些餐館並沒有消失。他們只是需要更長的時間才能打開。

So when we look forward with optimism, we're going to get these Shacks open, and they're going to be solid investments. We're frustrated by the things that are taking longer, but we'll get there. We'll get there. And as we look at '23, we've got a great class of new cities and new Shacks, and we're looking forward to it.

因此，當我們樂觀地期待時，我們將開放這些棚屋，它們將是可靠的投資。我們對需要更長時間的事情感到沮喪，但我們會到達那裡。我們會到達那裡。當我們回顧 23 年時，我們有很多新城市和新棚屋，我們很期待。

Yes. Helpful color. Katie, real quick just on the costs associated with the May leadership retreat. It sounded like there were some credits up in the food and paper line, but I imagine some of your own expenses also ran through on G&A. Is that a way to think about it? Or can you quantify some of the G&A costs?

是的。有用的顏色。凱蒂，關於與五月領導層撤退相關的成本真的很快。聽起來食品和紙張線中有一些學分，但我想你自己的一些開支也花在了 G&A 上。這是一種思考方式嗎？或者你能量化一些 G&A 成本嗎？

Sure. Yes, we -- it was about $3 million.

當然。是的，我們——大約是 300 萬美元。

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

我們的下一個問題來自 Chris O'Cull 和 Stifel。

Sorry about that. I was muted. I wanted to dig in a bit on the 16% to 18% margin guidance. It seems third quarter inflation is expected to be roughly in line with the second quarter. Pricing is similar in that mid-single-digit range. So what's driving the margin guidance below what you ran in 2Q? I'm just wondering if it's all in the labor line with additional investments that you're making, or if there's something else I'm missing?

對於那個很抱歉。我被靜音了。我想深入了解 16% 到 18% 的利潤率指導。看來第三季度的通脹預計將與第二季度大致持平。在這個中個位數範圍內的定價是相似的。那麼是什麼導致利潤率指導低於您在第二季度的水平？我只是想知道這一切是否都在你正在進行的額外投資的勞動力線上，或者我是否還缺少其他東西？

Yes. So we are expecting to have a little bit of a pickup in inflation in the third quarter on COGS. And then also, we're just -- our guidance has lower sales. So that pressure has lower flow-through.

是的。因此，我們預計第三季度的 COGS 通脹會略有上升。然後，我們只是 - 我們的指導銷售額較低。因此，該壓力具有較低的流通量。

Okay, okay. And then we've seen other concepts successfully implement delivery menu price premiums with seemingly little impact on the volumes. And I was hoping to get an update on how you're thinking about the potential of raising the 15% delivery premiums on third-party marketplaces to get closer to margin neutral. And then related to that, why you wouldn't add a delivery premium maybe of a smaller magnitude to the white-label channel?

好吧好吧。然後我們看到其他概念成功地實現了交付菜單價格溢價，而對數量的影響似乎很小。我希望了解您如何考慮提高第三方市場 15% 的交付溢價以接近利潤率中性的潛力。然後與此相關，為什麼您不向白標渠道添加可能較小的交付溢價？

Yes, things we think about all the time. We've -- remember we did 15 -- we did 10%, then 15% was new to us as well. We want to be cautious there and just take our time. I think we've seen a lot of resiliency in our delivery guests. So we feel really good about that. And that's a conversation we're just going to keep having with ourselves, our delivery partners. When we look at our own white-label app delivery, so far, our strategy has been to keep that consistent with the best value, best price that you can get. So when you come to our channels, you're paying a lot less. And that's our competitive advantage. And that is our strategy today, something we could look at, something we could look at adding a little bit over time and make that channel profitable.

是的，我們一直在思考的事情。我們 - 記得我們做了 15 - 我們做了 10%，然後 15% 對我們來說也是新的。我們想在那裡保持謹慎，慢慢來。我認為我們已經看到我們的送貨客人有很大的彈性。所以我們對此感覺非常好。這是我們將繼續與我們自己，我們的交付合作夥伴進行的對話。到目前為止，當我們查看自己的白標應用交付時，我們的策略一直是與您可以獲得的最佳價值、最佳價格保持一致。因此，當您訪問我們的頻道時，您支付的費用要少得多。這就是我們的競爭優勢。這就是我們今天的策略，我們可以關注的東西，我們可以考慮隨著時間的推移增加一點點，讓這個渠道盈利。

But again, with so much of -- we've had a solid, sticky delivery business that we're really happy about. We like it. It's costly in some ways. But we also have been seeing so much in-check return that we're also -- we've been focused on that for quite a bit as well. So all the things you say are things we talk about and could identify over time for opportunity.

但同樣，我們擁有如此多的 - 我們擁有穩固、粘性的交付業務，我們對此感到非常高興。我們喜歡它。在某些方面成本很高。但是我們也看到瞭如此多的檢查回報，我們也一直關注這一點。因此，您所說的所有事情都是我們談論的事情，並且隨著時間的推移可以識別機會。

Our next question is from Drew North with Baird.

我們的下一個問題來自 Drew North 和 Baird。

Great. I wanted to ask a follow-up on development and specifically the unit-level returns you are seeing on recent cohorts, maybe 2020 or 2021 openings. I know you acknowledge that the return could be lower in the near term given the cost pressures that are prevalent and the higher build costs associated. But are the recent openings still needing a return threshold that you view acceptable? Are you willing to share any details around that return threshold that you're targeting as you develop new units in 2023 and beyond? Just some perspective there, I think, would be helpful.

偉大的。我想詢問有關開發的後續情況，特別是您在最近的隊列中看到的單位級別的回報，可能是 2020 年或 2021 年的職位空缺。我知道您承認，鑑於普遍存在的成本壓力和相關的更高建造成本，短期內回報可能會更低。但是，最近的空缺是否仍需要一個您認為可以接受的回報門檻？您是否願意分享您在 2023 年及以後開發新單位時所針對的回報閾值的任何細節？我認為，那裡的一些觀點會有所幫助。

Short answer is yes. We have solid returns. We continue to invest in great restaurants. It's very hard to measure restaurants that have just opened on what we see as kind of more of a 3-year return pattern, right? And historically, we've done real well on that, as you know. And I think when -- it's hard to take restaurants that either opened or have opened in this last 2 to 3 years during times where sales and profit have been off of historical lows. So those Shacks are going to have some kind of near-term impact, obviously, to the return profile.

簡短的回答是肯定的。我們有豐厚的回報。我們將繼續投資於一流的餐廳。很難以我們認為更像是 3 年回報模式的方式來衡量剛剛開業的餐廳，對吧？如您所知，從歷史上看，我們在這方面做得很好。而且我認為，在銷售和利潤已脫離歷史低點的時期，很難接受在過去 2 到 3 年內開業或已經開業的餐廳。因此，顯然，這些棚屋將對回報情況產生某種近期影響。

As we look ahead, we continue to target strong returns over the long term. And obviously, I've said, we've traditionally beat on the AUV markers that we set out there and expect to do that. But we're going to -- we also have inflated costs on construction and materials right now. So you've got a balance of things happening there.

展望未來，我們將繼續以長期強勁回報為目標。顯然，我已經說過，我們傳統上已經擊敗了我們在那裡設置並期望這樣做的 AUV 標記。但我們要——我們現在還誇大了建築和材料的成本。所以你已經平衡了那裡發生的事情。

Overall, Shake Shack has always delivered solid returns. We expect we will continue to do that. And in the near term, there's going to be some Shacks that are more pressured than they were in the past, but they're still solid restaurants with solid returns.

總體而言，Shake Shack 始終提供可觀的回報。我們希望我們將繼續這樣做。在短期內，將會有一些 Shacks 比過去承受更大的壓力，但它們仍然是具有可觀回報的可靠餐廳。

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。

Looking at -- and thank you for the average unit volumes for the drive-thrus, which I think I heard were $80,000 a week for the 6, correct me if I'm wrong, hopefully not. That's what my question is based on. It's not that much higher than the average. I mean, the average is running $75,000, $76,000. But averages are tricky to look at because, obviously, each trade area is different geographics, what have you. I mean, is there a way to kind of think about that drive-thru volume in the specific markets of which you opened saying, hey, this -- we would have targeted 30% to 40% or 20%, whatever the number is, lower for the same unit without a drive-thru, just to give us a sense of how much incremental volume on a trade area-to-trade area basis, those units are generating drive-thru versus nondrive-thru, if that's a possible exercise to go through?

看看 - 並感謝您提供得來速的平均單位體積，我想我聽說 6 週為 80,000 美元，如果我錯了，請糾正我，希望不是。這就是我的問題所依據的。它並不比平均水平高多少。我的意思是，平均運行$ 75,000，$ 76,000。但是平均值很難看，因為很明顯，每個貿易區都是不同的地理區域，你有什麼。我的意思是，有沒有辦法考慮你打開的特定市場中的得來速交易量，嘿，這個——我們的目標是 30% 到 40% 或 20%，無論數字是多少，對於沒有得來速的同一個單位來說較低，只是為了讓我們了解在貿易區域到貿易區域的基礎上增加了多少交易量，這些單位正在產生得來速與非得來速，如果這是一個可能的練習通過？

So yes. And to your first part, your question is based on the right numbers. Those are early averages from just 4 months of data that we've shared, okay? You've got some who've been open for 8 months. Some of them have been open for 1 month. So there's lots within that, okay?

所以是的。對於您的第一部分，您的問題是基於正確的數字。這些是我們共享的僅 4 個月數據的早期平均值，好嗎？你有一些已經開放了 8 個月。其中一些已經開放了1個月。所以里面有很多，好嗎？

So we're really encouraged by it, John. And you are correct in saying that we expect -- it's hard to say where it's going to land. We're targeting a premium -- significant premium to what that Shack would have been in that similar area. So when you look at like-for-like suburban Shacks, either a core model or others that don't have a drive-thru, we're targeting this model to have a significant sales uptick. So yes, you can't compare 4 months of data for 6 restaurants to a decade of data for 200 restaurants, which is what you're talking about with some average AWS, right?

所以我們真的很受鼓舞，約翰。你說得對，我們期待——很難說它會降落在哪裡。我們的目標是溢價——比 Shack 在類似領域的溢價高得多。因此，當您查看類似的郊區棚屋時，無論是核心模型還是其他沒有得來速的模型，我們的目標是使該模型具有顯著的銷售增長。所以是的，你不能將 6 家餐廳的 4 個月數據與 200 家餐廳的 10 年數據進行比較，這就是你所說的一些普通的 AWS，對吧？

So here's what we're trying to build. We're, number one, trying to open up our total addressable market; number two, trying to do that with potential higher AUVs, both for those Shack types areas and the overall company; and a solid return on investment over time. And that's what we're looking for with drive-thru.

這就是我們正在嘗試構建的內容。我們是第一，試圖打開我們的整個潛在市場；第二，嘗試用潛在的更高 AUV 來做到這一點，無論是對於那些 Shack 類型的區域還是整個公司；並隨著時間的推移獲得可觀的投資回報。這就是我們正在尋找的得來速。

It is so new for us. I don't know if you've been in one yet, but we're really excited. We think the guest experience is awesome. The team member experience is fantastic to work there. And when you roll up to a Shack drive-thru, you really look at it and you say, this is something else. This is exciting. This is a different thing. And let's see how we can unlock it over time.

這對我們來說太新鮮了。我不知道你是否參加過，但我們真的很興奮。我們認為客人的體驗很棒。在那里工作的團隊成員體驗非常棒。當你來到 Shack Drive-thru 時，你真的看著它，你會說，這是另一回事。這真讓人興奮。這是另一回事。讓我們看看隨著時間的推移如何解鎖它。

But we will be the first to very humbly say we've got a lot to learn about drive-thru. So any data we give in the near term is going to up and change. We've got to understand seasonality patterns that we don't really understand yet, right? We haven't really lived through any historical seasonality on that.

但我們將是第一個非常謙虛地說我們有很多關於得來速的知識的人。因此，我們在短期內提供的任何數據都會上升並發生變化。我們必須了解我們還沒有真正了解的季節性模式，對吧？我們還沒有真正經歷過任何歷史季節性。

And locations, like we're going to get some things right, and we're going to get some things wrong. And even in the Shacks, the 6 that we have, there's lots of things we wish we did differently, and that will go into the learning of the next batch. And that's why we're saying today how significant our commitment will be to these 10, in the next 10 to 15 at least for next year, and beyond. So it's a big bet. It's an important part of our future strategy, and we believe will be a healthy unlock towards a much bigger opportunity down the road.

和地點，就像我們會做一些正確的事情，我們會做錯一些事情。即使在我們擁有的 6 個棚屋中，也有很多我們希望我們做不同的事情，這將進入下一批的學習。這就是為什麼我們今天要說我們對這 10 個承諾的重要性，在接下來的 10 到 15 個，至少在明年，甚至更遠。所以這是一個很大的賭注。這是我們未來戰略的重要組成部分，我們相信這將是一個健康的解鎖，朝著更大的機會邁進。

This does conclude the question-and-answer session. I would like to turn the conference back over to Randy for closing comments.

這確實結束了問答環節。我想把會議轉回給 Randy 來結束評論。

Thanks, everybody, for joining our first-ever morning call. Really appreciate your time. Look forward to connecting. Thanks. Take care.

謝謝大家，加入我們的第一次晨會。真的很感謝你的時間。期待連接。謝謝。小心。

This concludes today's conference. You may disconnect your lines at this time, and 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。