Shake Shack Inc (SHAK) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Shake Shack Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Shake Shack 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Annalee Leggett, Senior Manager of Investor Relations and FP&A. Thank you, ma'am. You may begin.

現在我很高興向您介紹您的主持人，投資者關係和 FP&A 高級經理 Annalee Leggett。謝謝你，女士。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 will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our quarterly shareholder letter. 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.

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。今天的一些陳述可能是前瞻性的，實際結果可能由於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那些。

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. By now, you should have access to our third 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.

任何前瞻性陳述僅代表我們今天的觀點，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。到目前為止，您應該可以訪問我們的 2022 年第三季度股東信函，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. Good morning, everyone. We are pleased today with our third quarter results, especially noting stronger-than-expected sales exiting September, a trend that's continued into October. We delivered total revenue growth of over 17% year-over-year to nearly $228 million, with system-wide sales up more than 18% to over $353 million. Average weekly sales outperformed seasonality at 73,000 as we've maintained a trailing month AUV of $3.8 million.

謝謝，安娜莉。大家，早安。今天，我們對第三季度的業績感到滿意，特別是注意到 9 月份的銷售額強於預期，這一趨勢一直持續到 10 月份。我們的總收入同比增長超過 17%，達到近 2.28 億美元，全系統銷售額增長超過 18%，超過 3.53 億美元。平均每週銷售額為 73,000，優於季節性，因為我們保持了 380 萬美元的尾隨月 AUV。

Same-Shack sales grew 6.3% year-over-year driven by both traffic and price mix. And October's comp has accelerated more than 8%. We generated Shack level operating profit of $35.8 million at a 16.3% margin, up year-over-year even with a material pickup in inflationary pressures.

在流量和價格組合的推動下，Same Shack 的銷售額同比增長 6.3%。 10 月份的業績增長超過 8%。我們以 16.3% 的利潤率創造了 3580 萬美元的 Shack 級營業利潤，即使在通脹壓力大幅回升的情況下，也同比增長。

Our urban markets performed well in the quarter. We saw strong momentum coming out of Labor Day as mobility and back-to-office trends broadly improved. It's clear that our hometown in New York and other urban centers, things are improving with more and more people moving and we remain cautiously optimistic on urban trends long term as new patterns emerge, but it's good to see the momentum in the right direction. I recently visited our Shacks on the West Coast, and you can feel the energy even in downtown San Francisco and the South Bay continuing to emerge.

我們的城市市場在本季度表現良好。隨著流動性和回辦公室趨勢的普遍改善，我們看到勞動節的強勁勢頭。很明顯，我們在紐約和其他城市中心的家鄉，隨著越來越多的人搬家，情況正在改善，隨著新模式的出現，我們對城市趨勢長期保持謹慎樂觀，但很高興看到勢頭朝著正確的方向發展。我最近參觀了我們在西海岸的棚屋，即使在舊金山市中心和南灣，你也能感受到持續湧現的活力。

On the development side of the business, we've opened some great Shacks recently in places like Beverly Hills, the Meatpacking District in Jamaica, Queens, in New York City and in suburban Massachusetts and Florida.

在業務的發展方面，我們最近在比佛利山莊、牙買加的肉類加工區、皇后區、紐約市以及馬薩諸塞州和佛羅里達州的郊區開設了一些很棒的棚屋。

As you know, it's been a frustrating year of extended time lines to opening new Shacks and delayed openings have probably been our biggest headwind to overall sales growth. In the third quarter, we opened 2 company-operated Shacks with 4 more so far in the fourth quarter as we continue to face challenges from permitting and landlord construction delays to availability of kitchen, electrical and HVAC equipment. However, I'm happy to report that the tide is slowly turning, and we currently have 35 new Shacks under construction with more to come. We still expect to open 35 to 40 new Shacks in fiscal '22, but looking more likely to come in at the low end of this range with many of these opening towards the very end of the year. Unfortunately, we and many other retail and restaurant companies are seeing this trend, but it's one we've been preparing for and believe we can execute.

如您所知，這是令人沮喪的一年，新棚屋的開張時間延長，而延遲開張可能是我們整體銷售增長的最大阻力。第三季度，我們開設了 2 家公司經營的棚屋，第四季度到目前為止還有 4 家，因為我們繼續面臨許可和房東施工延遲以及廚房、電氣和 HVAC 設備可用性的挑戰。不過，我很高興地報告，潮流正在慢慢轉變，我們目前有 35 個新棚屋正在建設中，而且還會有更多。我們仍預計將在 22 財年開設 35 至 40 個新棚屋，但看起來更有可能進入該範圍的低端，其中許多將在今年年底開業。不幸的是，我們和許多其他零售和餐飲公司都看到了這一趨勢，但這是我們一直在準備的，並且相信我們可以執行。

That growth, while behind our initial expectations still represents over 15% company-operated unit growth year-over-year. You can expect some additional Shack level costs in the coming quarters as we work through this high growth and the extra support needed given the compacted schedule. Despite these pressures, we remain focused on our long-term pipeline and building Shacks to stand the test of time. For 2023, we now expect to open approximately 40 domestic company-operated Shacks, which will represent 16% unit growth year-over-year. We think that's a solid number heading into an uncertain economic and still bumpy supply chain and staffing environment, allowing us to grow significantly also focusing on our current Shack performance. I want to take a moment and talk about our bigger total development opportunity. We're not updating any long-term guidance today, but we know we have much more white space potential than our existing targets and have been doing the work to quantitatively and qualitatively discuss that opportunity as we assess over time. The high inflationary environment has impacted our historically high returns, with near-term profitability pressure, increased cost to build Shacks as well as disrupted sales patterns experienced in the recent years. We've historically targeted our blended AUV for new openings to be approximately $3 million. Clearly, we've outperformed that over the years and expect to continue to do so.

這一增長雖然低於我們最初的預期，但仍代表公司運營的單位同比增長超過 15%。您可以預計未來幾個季度會出現一些額外的 Shack 級別成本，因為我們正在努力應對這種高增長以及鑑於緊湊的時間表所需的額外支持。儘管有這些壓力，我們仍然專注於我們的長期管道和建造 Shacks 以經受住時間的考驗。到 2023 年，我們現在預計將開設大約 40 家國內公司運營的 Shacks，這將代表 16% 的單位同比增長。我們認為，在經濟不確定、供應鍊和人員配備環境仍然崎嶇不平的情況下，這是一個可靠的數字，使我們能夠顯著增長，同時關注我們目前的 Shack 業績。我想花點時間談談我們更大的總體發展機會。我們今天沒有更新任何長期指導，但我們知道我們擁有比現有目標更多的空白空間潛力，並且隨著時間的推移，我們一直在努力定量和定性地討論這個機會。高通脹環境影響了我們歷史上的高回報，近期盈利壓力，建造棚屋的成本增加以及近年來經歷的銷售模式被打亂。我們歷來將我們的混合 AUV 的新開業目標定為大約 300 萬美元。顯然，我們多年來的表現已經超越了這一點，並希望繼續這樣做。

We believe our plan to balance urban and suburban growth through a multi-format strategy, including drive-thru, has the potential to generate strong long-term AUVs. With the continued strength of our brand, the amount of new formats with which we can target a market, we believe our total addressable market continues to increase.

我們相信，我們通過包括得來速在內的多種形式戰略來平衡城市和郊區增長的計劃，有可能產生強大的長期 AUV。隨著我們品牌的持續實力，我們可以瞄準市場的新格式的數量，我們相信我們的總目標市場將繼續增加。

On the profitability side, prior to the COVID inflationary impact of the last few years, we outperformed our long-term targets of 18% to 22% op profit at the Shack level. While many of our current Shacks beat these targets, on average, this is a number we're not consistently hitting today. But we continue to believe it's the right long-term target and one we can return to. We have much to do in this area, and we'll be highlighting some of that work as we go.

在盈利能力方面，在過去幾年的 COVID 通脹影響之前，我們在 Shack 級別的運營利潤超過了 18% 至 22% 的長期目標。雖然我們目前的許多 Shacks 都超過了這些目標，但平均而言，這是我們今天並未持續達到的數字。但我們仍然相信這是正確的長期目標，也是我們可以回歸的目標。我們在這方面有很多工作要做，我們將在進行過程中重點介紹其中的一些工作。

When we look at overall returns in our Shacks, even against double-digit inflationary pressures and COVID recovery impacts, our business has navigated in the past several years, our recent classes continue to show strong returns, but we aim to do better than our long-term guidance. Historically, as a company, we have done just that. We expect this will take a mix of targeting Shack-level operating profit margin improvement, including an intense focus on our operations, cost pressures in our digital business and further rationalization of our build costs over the long term.

當我們查看我們棚屋的整體回報時，即使面對兩位數的通脹壓力和 COVID 復甦的影響，我們的業務在過去幾年中也很順利，我們最近的課程繼續顯示出強勁的回報，但我們的目標是做得比我們的長期長期指導。從歷史上看，作為一家公司，我們就是這樣做的。我們預計這將綜合考慮提高 Shack 級別的營業利潤率，包括高度關注我們的運營、我們數字業務的成本壓力以及我們長期構建成本的進一步合理化。

We're focusing on improving on our design and construction to optimize sales, throughput and build costs, while streamlining Shack models that look and feel better than ever. It's early days, but we're excited for the near and long-term impacts this will have on our development plans in the coming years.

我們專注於改進我們的設計和建造，以優化銷售、吞吐量和建造成本，同時簡化外觀和感覺比以往更好的 Shack 模型。現在還為時尚早，但我們對這將對我們未來幾年的發展計劃產生的近期和長期影響感到興奮。

Before I move on, just a quick update on drive-thru initiative. We now have 6 drive-thrus operating today and expect to open 3 to 4 more by the end of the year, with another 10 to 15 in the pipeline for 2023 and more identified for 2024 and beyond. Drive-thru is our key step in the evolution of our company. We're encouraged by the early operational flow and performance to date. We're optimizing for learning and building on our long-term goals.

在我繼續之前，只是對得來速計劃的快速更新。我們現在有 6 家得來速餐廳在運營，預計到今年年底還會再開 3 到 4 家，到 2023 年還會再開 10 到 15 家，2024 年及以後還會有更多。 Drive-thru是我們公司發展的關鍵一步。我們對迄今為止的早期運營流程和績效感到鼓舞。我們正在優化學習和建立我們的長期目標。

Initial drive-thru investments will be high as these new units have larger footprints, more tech elements and continue to have a great In-Shack dining experience. This is the right place to focus additional capital right now with the goal of unlocking a larger total addressable market. I believe in the next year, as we get a strong class of drive-thrus, and we learn more about the real estate, design and operational decisions we've made will have a much clearer view on the size of the prize.

最初的得來速投資將很高，因為這些新單位擁有更大的佔地面積、更多的技術元素，並繼續擁有出色的 In-Shack 用餐體驗。這是現在集中額外資本的正確地方，目標是打開更大的潛在市場。我相信明年，隨著我們獲得強大的得來速課程，並且我們更多地了解我們所做的房地產、設計和運營決策，將對獎項的規模有更清晰的認識。

On our licensing business, where revenue grew over 20% year-over-year, even as we lapped a heavy opening schedule in 2021, faced COVID disruptions in China and have a new headwind from the strong U.S. dollar. We opened 6 new Shacks in the quarter, including a roadside location on the New Jersey Turnpike and our first-ever museum location at the Smithsonian Air and Space Museum in Virginia. We also opened our eighth Shack in Shanghai this quarter, which is our 28th Shack in the Greater China market. After a pause during COVID, we're happy to see our partners in Japan return to growth with our newest Shack opening at the Universal Studios in Osaka last week. We're leaning into this important part of our revenue and profitability plans long term and are excited to deepen relationships in current and future markets.

在我們的許可業務方面，儘管我們在 2021 年的開業計劃很繁重，但在中國面臨 COVID 中斷並受到強勢美元帶來的新阻力，但我們的許可業務收入同比增長超過 20%。我們在本季度開設了 6 個新棚屋，包括新澤西收費公路的路邊位置和我們在弗吉尼亞州史密森尼航空航天博物館的第一個博物館位置。本季度我們還在上海開設了第八個 Shack，這是我們在大中華市場的第 28 個 Shack。在 COVID 期間暫停之後，我們很高興看到我們在日本的合作夥伴上週在大阪環球影城開設了最新的 Shack，從而恢復了增長。我們長期關注我們收入和盈利計劃的這一重要部分，並很高興加深在當前和未來市場的關係。

In Korea, after recently opening our 23rd Shack and nearing the early completion of our development schedule, we've extended and expanded our operating agreement to go even deeper in the market. We're looking ahead towards new markets of Thailand and Malaysia in 2023 and '24, and we just announced that Shack will open in a premier location at the Atlantis in the Bahamas.

在韓國，在最近開設了第 23 間小屋並接近提前完成開發計劃後，我們延長並擴大了我們的運營協議，以進一步深入市場。我們展望 2023 年和 24 年泰國和馬來西亞的新市場，我們剛剛宣布 Shack 將在巴哈馬亞特蘭蒂斯酒店的首要位置開業。

Lastly, we've just opened our first ever roadside Shack on the New York Thruway as we look to unlock new format opportunities both here and abroad. We have a robust pipeline worldwide next year and expect to open 25 to 30 new licensed Shacks in 2023.

最後，我們剛剛在紐約高速公路上開設了我們的第一家路邊小屋，因為我們希望在國內外開啟新的格式機會。明年我們在全球範圍內擁有強大的管道，預計 2023 年將開設 25 至 30 個新的許可棚屋。

A few more updates on the rest of our strategic plan. Above all else, we remain committed to elevating our people. A relentless focus on standing for something good with our people, with our guests is a key pillar of our culture and how we intend to grow our workforce. Staffing and retention have improved slightly but remained challenging. There's no question we have an opportunity to optimize throughput and total opening hours as staffing patterns improve over time. We're heavily focused on recruiting, retaining and developing our people and just graduate our sixth class of team members looking to grow in the management through our new Shift Up program. It's a key pipeline for our hourly team members who receive the training required to elevate to a manager position. We're also proud to offer our teams competitive wages.

關於我們戰略計劃的其餘部分的更多更新。最重要的是，我們仍然致力於提升我們的員工。堅持不懈地與我們的員工、與我們的客人代表美好的事物是我們文化的一個關鍵支柱，也是我們打算如何發展我們的員工隊伍的關鍵支柱。人員配備和保留率略有改善，但仍然具有挑戰性。毫無疑問，隨著人員配備模式隨著時間的推移而改善，我們有機會優化吞吐量和總營業時間。我們非常專注於招聘、留住和發展我們的員工，剛剛畢業的第六屆團隊成員希望通過我們新的 Shift Up 計劃在管理中成長。對於我們的小時工團隊成員來說，這是一個關鍵的渠道，他們接受了提升到經理職位所需的培訓。我們也很自豪能為我們的團隊提供有競爭力的工資。

In some of our Shacks, with our new tipping availability, team members can at times be earning more than $20 an hour in pay on top of generous benefits and development opportunities. So current and potential team members can see Shake Shack as a long-term career path. These are just a few examples of how we strive to be an industry-leading employer.

在我們的一些棚屋中，憑藉我們新的小費可用性，團隊成員有時可以賺取超過 20 美元的時薪，此外還有豐厚的福利和發展機會。因此，當前和潛在的團隊成員可以將 Shake Shack 視為一條長期的職業道路。這些只是我們如何努力成為行業領先雇主的幾個例子。

When it comes to the all-important guest experience, we're focused in the Shacks, where most of our gains are happening. And while we're committing more than ever to our digital evolution and the continued strength of those channels, we're also working with a persistent attitude towards clean, welcoming and well-operating restaurants.

談到最重要的賓客體驗時，我們專注於 Shacks，我們的大部分收穫都發生在這裡。雖然我們比以往任何時候都更加致力於我們的數字化發展和這些渠道的持續實力，但我們也在以對乾淨、熱情和運營良好的餐廳的持久態度開展工作。

In menu innovation, we continue to lead the way with dynamic and fund products, providing our guests with elevated premium, high-quality ingredients that they can't find a traditional fast food, other fast casual concepts or even casual dining.

在菜單創新方面，我們繼續以充滿活力和資金的產品引領潮流，為我們的客人提供傳統快餐、其他快速休閒概念甚至休閒餐飲所無法找到的優質食材。

Currently, we're running a great LTO partnering up with YouTube sensation Hot Ones on a collab creation of a spicy bacon burger, bacon chicken and bacon cheese for us. We even offered the option for our bravest guests to buy the extra spicy Last Dab hot sauce packet on digital channels only. The Last Dab was the Hot Ones menu's hottest sauce made from the Apollo Pepper, California Reaper and Pepper X hybrid landing at 2.5 million on this global scale. This menu also had strong guest reception and satisfaction results and is particularly successful on our own digital channels.

目前，我們正在與 YouTube 轟動一時的 Hot Ones 合作開展一項出色的 LTO，合作為我們製作辣味培根漢堡、培根雞肉和培根奶酪。我們甚至為最勇敢的客人提供了僅在數字渠道上購買超辣 Last Dab 辣醬包的選項。 Last Dab 是 Hot Ones 菜單上最辣的醬汁，由 Apollo Pepper、California Reaper 和 Pepper X 混合品種製成，在全球範圍內達到 250 萬。該菜單也獲得了強烈的賓客接待和滿意度結果，並且在我們自己的數字頻道上特別成功。

On beverage, we continue to see increasing demand and contribution to average check through our latest seasonal lemonades. We also just launched our Holiday Shake Trio, which has historically been a fan favorite. This year, we're offering Christmas Cookie, Chocolate Milk & Cookies and Chocolate Peppermint Shakes. Lastly, as we look to attract even more frequency long term, we continue to test a new nondairy chocolate shake, and we'll be testing a new version of our Veggie Shack at about 30 Shacks towards the end of this year.

在飲料方面，我們通過我們最新的季節性檸檬水繼續看到不斷增長的需求和對平均檢查的貢獻。我們還剛剛推出了Holiday Shake Trio，它在歷史上一直是粉絲的最愛。今年，我們提供聖誕曲奇、巧克力牛奶和曲奇以及巧克力薄荷奶昔。最後，由於我們希望長期吸引更多的頻率，我們將繼續測試一種新的非乳製巧克力奶昔，我們將在今年年底前在大約 30 個棚屋測試新版本的 Veggie Shack。

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

我現在請凱蒂更詳細地討論我們的財務業績。

Great. Thank you, Randy, and good morning. We are pleased with the strong sales momentum we realized in the business led by our urban Shacks coming out of Labor Day. This coincided with a positive inflection in return to work trends would still remain a potential driver of continued recovery in our business.

偉大的。謝謝你，蘭迪，早上好。我們很高興我們在勞動節後的城市棚屋領導的業務中實現了強勁的銷售勢頭。這與重返工作趨勢的積極轉折相吻合，這仍將是我們業務持續復甦的潛在驅動力。

Our third quarter total revenue grew 17.5% year-over-year to $227.8 million. Shack sales grew 17.4% to $219.5 million. Licensing revenue grew 20.1% to $8.3 million, marking the highest quarterly revenue for the license business on record.

我們第三季度的總收入同比增長 17.5% 至 2.278 億美元。棚屋銷售額增長 17.4% 至 2.195 億美元。許可收入增長 20.1% 至 830 萬美元，創下許可業務有記錄以來的最高季度收入。

System-wide sales grew by 18.3% year-over-year to $353.2 million, and we surpassed $1.3 billion in system-wide sales over the past 12 months. We generated Shack-level operating profit margin of 16.3%, up 50 basis points year-over-year in the face of meaningful inflationary headwinds.

全系統銷售額同比增長 18.3% 至 3.532 億美元，過去 12 個月我們的全系統銷售額超過 13 億美元。面對有意義的通脹逆風，我們創造了 16.3% 的 Shack 級營業利潤率，同比增長 50 個基點。

Food and paper costs rose by high single digits year-over-year, and we have made significant (inaudible) in wages and benefits for our team members and even utility costs are nearly 25% higher than last year.

食品和紙張成本同比增長高個位數，我們的團隊成員的工資和福利顯著（聽不清），甚至公用事業成本也比去年高出近 25%。

In the third quarter, we generated $73,000 in average weekly sales. We over-indexed to high income relative to traditional fast food, and we continue to see better sales performance from these guests. Consumer mobility trends were consistent throughout July and August when AWS trends were stable at $75,000. However, in September, which is historically a lower sales month, consumer mobility and urban centers improved after Labor Day, and we saw AWS outperform traditional seasonality falling just 5% month-over-month to $71,000. We grew same-Shack sales by 6.3% year-over-year, led by double-digit growth in urban same-Shack sales.

在第三季度，我們的平均每週銷售額為 73,000 美元。相對於傳統快餐，我們高估了高收入，我們繼續看到這些客人的銷售業績更好。消費者移動趨勢在整個 7 月和 8 月保持一致，當時 AWS 的趨勢穩定在 75,000 美元。然而，在歷史上銷售量較低的 9 月，消費者流動性和城市中心在勞動節之後有所改善，我們看到 AWS 的表現優於傳統季節性，環比僅下降 5% 至 71,000 美元。在城市同屋銷售額兩位數增長的帶動下，我們的同屋銷售額同比增長 6.3%。

Overall traffic grew 2.9%, and we had 6% price inclusive of the March price increase and our different pricing premiums across channels. Our performance in the quarter was led by our In-Shack channels that skew more to single orders versus larger groups. And across all channels, more guests are ordering in smaller groups and single orders compared to 2020 and 2021. So adjusting for this dynamic, items for check trends and cold beverage, price and shakes remained strong.

總體流量增長了 2.9%，我們的價格上漲了 6%，其中包括 3 月份的價格上漲和我們跨渠道的不同定價溢價。我們在本季度的表現是由我們的 In-Shack 渠道引領的，這些渠道更傾向於單一訂單而不是更大的群體。與 2020 年和 2021 年相比，在所有渠道中，越來越多的客人以小團體和單一訂單的形式訂購。因此，針對這種動態進行調整，檢查趨勢和冷飲、價格和奶昔的商品仍然強勁。

Mix was positive in the quarter, and our guests are trading up to the premium limited time offerings across burgers, shakes and cold beverage, showing us that they really embrace and value our elevated and premium approach to menu innovation. Urban same-Shack sales grew 11% versus 2021, and urban traffic grew nearly 7%. Trends were notably positive coming out of Labor Day, with New York City, Chicago and Washington, D.C., all showing positive traffic inflections. We believe our recovery would have been stronger if mobility and namely return to office, urban transit and urban tourism trends were stronger throughout the quarter.

Mix 在本季度表現良好，我們的客人正在購買漢堡、奶昔和冷飲等限時優質產品，這向我們表明，他們真正接受並重視我們提升和優質的菜單創新方法。與 2021 年相比，城市同屋銷售增長了 11%，城市交通增長了近 7%。勞動節後的趨勢尤其積極，紐約市、芝加哥和華盛頓特區都顯示出積極的交通變化。我們相信，如果流動性（即重返辦公室、城市交通和城市旅遊趨勢）在整個季度更強勁，我們的複蘇將會更加強勁。

Manhattan same-Shack sales improved throughout the quarter and rose 23% year-over-year and stayed strong in October despite more challenging compares. Suburban same-Shack sales grew 2% year-over-year, lapping a positive 17% comp in the third quarter of 2021, even as we realized strong sales growth in our urban Shacks.

曼哈頓同屋銷售在整個季度都有所改善，同比增長 23%，並且在 10 月份保持強勁，儘管比較更具挑戰性。郊區同屋銷售同比增長 2%，在 2021 年第三季度實現了 17% 的正增長，儘管我們實現了城市小屋的強勁銷售增長。

In mid-October, we raised our menu prices by 2% to 10% across price tiers to address these consistent inflationary pressures. We expect to recognize 5% to 7% of this price increase and maintain a blended high single-digit price across channels into 2023. As a reminder, we raised our menu prices by approximately 3.5% in March 2022. Even with this price increase, a Shack burger fries and beverage is on average under $14, well within and often priced below the cost of other lunch or dinner options nearby.

10 月中旬，我們將各個價格層級的菜單價格提高了 2% 至 10%，以應對這些持續的通脹壓力。我們預計到 2023 年將實現 5% 至 7% 的價格上漲，並在各個渠道保持高個位數的混合價格。提醒一下，我們在 2022 年 3 月將菜單價格提高了約 3.5%。即使價格上漲，一份 Shack 漢堡薯條和飲料的平均價格低於 14 美元，遠低於附近其他午餐或晚餐選擇的價格，而且價格通常低於此價格。

Our value perception among guests remains unchanged, and we continue to see strong demand for our premium LTOs. October same-Shack sales accelerated from September levels and rose 8.3% year-over-year, led by menu price and mid-single-digit traffic growth year-over-year in our urban Shacks. AWS was $73,000, up 3% from September levels. This is even as we lap the 2021 launch of Black Truffle in the middle of October and a challenging compare for our urban business. Black Truffle was one of our strongest performing LTOs that had strong guest reception right out of the gate.

我們在客人中的價值觀念保持不變，我們繼續看到對我們優質 LTO 的強勁需求。 10 月份同店銷售額較 9 月水平有所加快，同比增長 8.3%，這主要得益於我們城市小屋的菜單價格和中個位數的流量同比增長。 AWS 為 73,000 美元，比 9 月份的水平增長了 3%。即使我們在 10 月中旬推出了 2021 年的 Black Truffle，這對我們的城市業務來說也是一個具有挑戰性的比較。 Black Truffle 是我們表現最出色的 LTO 之一，一開始就受到強烈的賓客接待。

Additionally, in-Shack trends remained strong, consistent with what we saw in September. When we adjust for price, the September to October progression was better than historical seasonality.

此外，in-Shack 趨勢依然強勁，與我們在 9 月份看到的情況一致。當我們調整價格時，9 月至 10 月的進展優於歷史季節性。

Development and delays continue to be a headwind to our sales in the quarter as we opened 2 Shacks, less than we had expected and later than we had expected. While our in-Shack business is showing strong signs of recovery, we retained a large portion of our digital business. Our digital tools expand our reach with more convenient channels and occasions laying the groundwork for sustainable long-term growth. We continue to target acquiring new app users and driving more frequency within our expanding digital base.

由於我們開設了 2 個棚屋，開發和延誤繼續成為我們本季度銷售的不利因素，這比我們預期的要少，也比我們預期的要晚。雖然我們的 Shack 業務顯示出強勁的複蘇跡象，但我們保留了很大一部分數字業務。我們的數字工具通過更便捷的渠道和場合擴大了我們的覆蓋範圍，為可持續的長期增長奠定了基礎。我們繼續以獲取新的應用程序用戶為目標，並在我們不斷擴大的數字基礎中提高頻率。

In the third quarter, we grew our digital app purchasers by 40% year-over-year. Since March of 2020, we now have gathered more than 4.5 million unique first-time digital app purchasers. We are building our digital base with successful marketing initiatives, including offering our limited time Hot Ones menu to our digital users first and other promotions focusing on digital-only dayparts. It's still early days for our digital journey, and we are encouraged by strong guest engagement and the new ways we are developing to reach and communicate with our guests. And more of our guests are enjoying us through our omni-channel experience, finding us both digitally and in-Shack. This is a good thing for the long-term growth of our business. Kiosk is an example of how we are bridging the in-Shack in the digital world, and we remain on track to roll out digital kiosks to nearly all Shacks by the end of next year. This is our most profitable channel. And when compared to our in-Shack channels, we see higher checks and better labor utilization.

在第三季度，我們的數字應用購買者同比增長了 40%。自 2020 年 3 月以來，我們現在已經聚集了超過 450 萬唯一的首次數字應用購買者。我們正在通過成功的營銷計劃建立我們的數字基礎，包括首先向我們的數字用戶提供限時熱門菜單，以及其他專注於僅數字時段的促銷活動。我們的數字之旅還處於初期階段，我們對強大的客戶參與度以及我們正在開發的與客戶聯繫和溝通的新方式感到鼓舞。我們的更多客人通過我們的全渠道體驗享受我們的服務，通過數字方式和在 Shack 中找到我們。這對我們業務的長期增長是一件好事。 Kiosk 是我們如何在數字世界中連接 in-Shack 的一個例子，我們仍有望在明年年底前將數字信息亭推廣到幾乎所有 Shacks。這是我們最賺錢的渠道。與我們的 Shack 渠道相比，我們看到更高的檢查和更好的勞動力利用率。

Now on to our licensing business, where sales of $133.7 million rose about 20% year-over-year. Our domestic Shacks and select international markets performed well. We faced headwinds from COVID lockdowns and intermittent market disruptions that impacted Mainland China Shack and currency headwinds from the stronger dollar. These pressures remain in the fourth quarter.

現在談談我們的授權業務，銷售額為 1.337 億美元，同比增長約 20%。我們的國內棚屋和部分國際市場表現良好。我們面臨來自 COVID 封鎖和影響中國大陸 Shack 的間歇性市場中斷的不利因素，以及美元走強帶來的貨幣不利因素。這些壓力在第四季度仍然存在。

Total Shack level operating profit was $35.8 million or 16.3% of Shack sales. Our Shack level operating profit margin improved 50 basis points year-over-year despite inflationary pressures. As a reminder, the second quarter's Shack level operating profit margin had a 38 basis point benefit from onetime leadership retreat sponsorship credit in food and paper costs.

Shack 級別的總營業利潤為 3580 萬美元，佔 Shack 銷售額的 16.3%。儘管存在通脹壓力，我們的 Shack 級別營業利潤率仍同比提高 50 個基點。提醒一下，第二季度的 Shack 級別的營業利潤率從食品和紙張成本的一次性領導撤退贊助信貸中受益 38 個基點。

Other operating expenses were impacted by an incremental 100 basis points from some near-term pressures to run our existing restaurants, including elevated utilities and R&M costs as well as temporary support for some new openings.

其他運營費用受到運營現有餐廳的一些近期壓力增加 100 個基點的影響，包括提高公用事業和 R&M 成本以及對一些新開業的臨時支持。

Food and paper costs were $67.8 million or 30.9% of Shack sales. These costs declined by high single-digit percent over year. This was slightly favorable versus our expectations. Other food and paper inflationary pressures were higher and in some instances, exceeded our expectations. Dairy costs were up nearly 30% year-over-year. This was led by butter, cheese and custard. Fryer oil costs rose materially as did fries and paper and packaging costs grew nearly 20% year-over-year. We have more details on this on Page 11 of our shareholder letter.

食品和紙張成本為 6780 萬美元，佔 Shack 銷售額的 30.9%。這些成本同比下降了個位數百分比。與我們的預期相比，這略微有利。其他食品和紙張的通脹壓力更高，在某些情況下超出了我們的預期。乳製品成本同比增長近 30%。這是由黃油、奶酪和奶油凍引領的。炸鍋油成本大幅上漲，薯條、紙張和包裝成本同比增長近 20%。我們在股東信的第 11 頁上有更多詳細信息。

Labor expense was $64.6 million or 29.4% of total Shack sales down from 31.1% in the third quarter of 2021 and down 10 basis points quarter-over-quarter. Other operating expenses were $34 million or 15.5% of total Shack sales, up from 14.2% in the third quarter of 2021 as we are facing inflationary pressures and aspects needed to operate our in-Shack business includes energy, repair and maintenance costs and costs to maintain the dining room. Also, in certain markets where we are facing staffing pressures or in markets where we're bringing lots of new openings at the same time, we're having to bring in management and hourly teams from other Shacks to support some new openings and build up the local team. We are planning for elevated T&E expense for the foreseeable future as we support some new upcoming openings. But long term, we are targeting more normalized travel costs to support openings and expect this expense line to reach more typical levels we have shown in prior years.

人工費用為 6460 萬美元，佔 Shack 總銷售額的 29.4%，低於 2021 年第三季度的 31.1%，環比下降 10 個基點。其他運營費用為 3400 萬美元，佔 Shack 總銷售額的 15.5%，高於 2021 年第三季度的 14.2%，因為我們面臨通脹壓力，運營 Shack 業務所需的方麵包括能源、維修和維護成本以及維護餐廳。此外，在我們面臨人員配備壓力的某些市場中，或者在我們同時帶來大量新職位空缺的市場中，我們必須從其他 Shacks 引入管理和小時工團隊，以支持一些新職位空缺並建立當地團隊。我們計劃在可預見的未來增加 T&E 費用，因為我們支持一些即將到來的新開業。但從長遠來看，我們的目標是更標準化的差旅成本以支持空缺職位，並期望這條費用線達到我們在往年表現出的更典型水平。

Occupancy was $17.3 million or 7.9% of total Shack sales, up 10 basis points from the third quarter of 2021 and up 40 basis points quarter-over-quarter. G&A was $26.6 million or 11.7% of total revenue, down from 12.6% of total revenue in the prior quarter. This is reflective of a more measured approach to G&A investments in light of a wide range of potential scenarios on our business and our development delays.

入住率為 1730 萬美元，佔 Shack 總銷售額的 7.9%，比 2021 年第三季度增長 10 個基點，環比增長 40 個基點。 G&A 為 2660 萬美元，佔總收入的 11.7%，低於上一季度總收入的 12.6%。鑑於我們業務的各種潛在情景和我們的開發延遲，這反映了對 G&A 投資採取更加謹慎的方法。

Preopening expense was $3 million in the quarter as we opened 2 new Shacks and prepared for the busy fourth quarter opening schedule ahead. Depreciation was $18.6 million. We realized a net loss attributable to Shake Shack, Inc. of $2 million or a negative $0.05 in earnings per share. On an adjusted pro forma basis, we reported a net loss of $2.3 million or negative $0.06 per fully exchanged and diluted share. Excluding the impact of stock-based compensation, our pro forma tax rate in the third quarter was 40%.

本季度的開業前費用為 300 萬美元，因為我們開設了 2 個新棚屋，並為即將到來的第四季度繁忙的開業時間表做準備。折舊為 1860 萬美元。我們意識到 Shake Shack, Inc. 的淨虧損為 200 萬美元或每股收益為負 0.05 美元。在調整後的備考基礎上，我們報告淨虧損 230 萬美元或每股完全交換和攤薄後的負 0.06 美元。排除股票薪酬的影響，我們第三季度的備考稅率為 40%。

Our balance sheet is strong as we ended the quarter with $337 million in cash and marketable securities, and our primary usage of cash remains opening new Shacks and supporting our other company-wide initiatives.

我們的資產負債表很強勁，因為我們在本季度結束時擁有 3.37 億美元的現金和有價證券，我們現金的主要用途仍然是開設新的棚屋並支持我們在公司範圍內的其他舉措。

Now on to guidance for the fourth quarter and full year '22 as well as some initial thoughts on 2023. Our guidance assumes no new COVID or supply chain-related disruptions additional unknown inflationary pressures or major shifts in consumer spending. We are assuming that urban and suburban consumer mobility trends remain consistent with what we realized for much of the third quarter and are factoring in that we realized about 50% to 70% of our mid-October price increase.

現在是第四季度和 22 年全年的指導以及對 2023 年的一些初步想法。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變化。我們假設城市和郊區的消費者流動趨勢與我們在第三季度的大部分時間裡實現的一致，並考慮到我們實現了 10 月中旬價格上漲的 50% 到 70% 左右。

For the fourth quarter, we are guiding total Shack sales of $225 million to $230 million. We expect Shack sales to grow by mid-single-digit percent year-over-year to open, and we expect to open approximately 21 new company-operated Shacks. We have opened up 4 so far this quarter, and we are planning for many openings to occur at the end of the quarter. As such, they will have a limited impact on fourth quarter revenue. While recent sales trends are encouraging, risks include a wide range of unknown impacts to the consumer amidst the uncertain macro backdrop.

對於第四季度，我們指導的 Shack 總銷售額為 2.25 億美元至 2.3 億美元。我們預計 Shack 的銷售額將同比增長中個位數百分比，並且我們預計將開設大約 21 個新的公司運營的 Shacks。本季度到目前為止，我們已經開設了 4 個，並且我們計劃在本季度末開設許多職位。因此，它們對第四季度收入的影響有限。雖然最近的銷售趨勢令人鼓舞，但風險包括在不確定的宏觀背景下對消費者的廣泛未知影響。

Uneven consumer mobility, operational disruptions as teams support many new openings and unforeseen continued development delays. We are also mindful that our recovery trends in New York City were really strong in the fourth quarter of 2021.

不均勻的消費者流動性、團隊支持許多新開業時的運營中斷以及不可預見的持續開發延遲。我們還注意到，我們在紐約市的複蘇趨勢在 2021 年第四季度非常強勁。

Licensing revenue guidance of $8.2 million to $8.7 million is supported by strong performance in certain domestic and international markets as well as new Shack openings. We are anticipating macro pressures in certain markets and broad-based currency headwinds to continue. This guidance range does not assume new COVID closures or pressures and reflects opening 7 to 10 new licensed Shacks in the fourth quarter of 2022 to reach our raised 2022 licensing opening guidance of 27 to 30. We expect total revenue of $233.2 million to $238.7 million, growing about 15% to 17% year-over-year and Shack level operating profit margin of 16% to 18%.

820 萬美元至 870 萬美元的許可收入指導得到了某些國內和國際市場的強勁表現以及新的 Shack 開業的支持。我們預計某些市場的宏觀壓力和廣泛的貨幣逆風將繼續存在。該指導範圍不假設新的 COVID 關閉或壓力，並反映在 2022 年第四季度開放 7 到 10 個新的許可棚屋，以達到我們提高的 27 到 30 的 2022 年許可開放指導。我們預計總收入為 2.332 億美元至 2.387 億美元，同比增長約 15% 至 17%，Shack 級別的營業利潤率為 16% 至 18%。

As a reminder, pre-COVID, we had shown AWS and margin compression in the fourth quarter versus the third quarter. This fourth quarter, we will have the benefit of nearly a full quarter of new menu pricing to help address some inflationary pressures we are facing. We are planning for high single-digit inflation in food and paper costs through the rest of the year, led by continued high inflation in dairy, accelerating cost pressures in fryer oil, fries and ketchup and low double-digit inflation in paper and packaging. While the inflationary backdrop remains uncertain, we expect (inaudible) cost, the largest portion of our basket to decline by mid- to high single digits year-over-year.

提醒一下，在 COVID 之前，我們已經展示了第四季度與第三季度相比 AWS 和利潤率的壓縮。在第四季度，我們將受益於近一季度的新菜單定價，以幫助解決我們面臨的一些通脹壓力。我們計劃在今年剩餘時間裡食品和紙張成本出現高個位數的通脹，這主要是由於乳製品的持續高通脹、炸鍋油、薯條和番茄醬的成本壓力加速以及紙張和包裝的低兩位數通脹。雖然通脹背景仍不確定，但我們預計（聽不清）成本，我們籃子中最大的部分將同比下降中高個位數。

We expect other operating expense as a percent of Shack sales in the fourth quarter to be at a similar level to the third quarter. Given inflationary pressures on cost to run our restaurants, including higher utilities and R&M expenses and elevated T&E to support new openings. We are committed to improving our profitability, driving sales growth and investing ahead of our robust pipeline across the world. The operating environment is likely to remain challenging for some time, and 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.

我們預計第四季度其他運營費用佔 Shack 銷售額的百分比將與第三季度相似。鑑於運營我們餐廳的成本面臨通脹壓力，包括更高的公用事業和 R&M 費用，以及增加 T&E 以支持新開業。我們致力於提高我們的盈利能力，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。運營環境在一段時間內可能仍然充滿挑戰，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。

As it pertains to planning G&A and CapEx for the rest of '22 and into 2023, we have a disciplined but growth-minded approach to our investments, taking into account a wide range of business scenarios.

由於它與規劃 22 年剩餘時間和 2023 年的 G&A 和資本支出有關，我們在考慮到廣泛的業務場景的情況下，對我們的投資採取了一種有紀律但具有增長意識的方法。

With consideration for development delays and the unknown macro impacts, we now expect to land towards the lower end of our tightened G&A guidance range of $111 million to $113 million, excluding the $6.8 million of legal expenses we incurred in the first half of 2022. We continue to expect full year depreciation of $70 million to $75 million and are updating preopening to $15 million to $17.5 million. We are accruing more rent than normal and pre-open expense given the level of delays that we're experiencing. We expect our adjusted pro forma tax rate, excluding the impact of stock-based compensation to be 30% to 32%.

考慮到開發延遲和未知的宏觀影響，我們現在預計將落在我們收緊的 G&A 指導範圍的下限，即 1.11 億美元至 1.13 億美元，不包括我們在 2022 年上半年產生的 680 萬美元的法律費用。我們繼續預計全年折舊 7,000 萬美元至 7,500 萬美元，並將開業前更新至 1,500 萬美元至 1,750 萬美元。考慮到我們正在經歷的延誤程度，我們產生的租金比正常情況和開業前的費用要多。我們預計調整後的備考稅率（不包括股票薪酬的影響）為 30% 至 32%。

Looking out to 2023, we expect to grow our system-wide Shack count by about 15% year-over-year as we plan to open 65 to 70 total Shacks across the entire system. We anticipate that around 40 will be company-operated Shacks and 25 to 30 will be operated by our licensed partners. We will provide more detail on our expectations for 2023 in the beginning of the year. Thank you for your continued interest in our business.

展望 2023 年，我們預計整個系統的 Shack 數量將同比增長約 15%，因為我們計劃在整個系統中開設 65 到 70 個 Shack。我們預計大約 40 個將由公司運營，25 至 30 個將由我們的許可合作夥伴運營。我們將在年初提供更多關於我們對 2023 年的預期的詳細信息。感謝您對我們業務的持續關注。

And with that, I can turn it back to Randy.

有了這個，我可以把它轉回給蘭迪。

Thanks, Katie. When I end today's call, just some quick remarks on the macro landscape. The next economic fees remains uncertain. And here at Shake Shack, we're planning for a wide range of scenarios as we think about the business in the coming quarters with a focus on growing sales, Shack-level profitability and overall adjusted EBITDA. We're also squarely focused on the bigger opportunity ahead with a strong pipeline of Shacks and varied formats that can increase our addressable market and drive solid returns. None of this would be possible without the continued strength and resilience of our team members around the globe.

謝謝，凱蒂。當我結束今天的電話會議時，只是對宏觀形勢的一些簡短評論。下一個經濟費用仍然不確定。在 Shake Shack，我們在考慮未來幾個季度的業務時，正在計劃各種情景，重點是增加銷售額、Shack 級別的盈利能力和整體調整後的 EBITDA。我們還專注於未來更大的機會，擁有強大的 Shacks 管道和各種格式，可以增加我們的潛在市場並推動可觀的回報。如果沒有我們全球團隊成員的持續力量和韌性，這一切都不可能實現。

Over the last few weeks, I've spent a lot of time in our Shacks, and I've been witnessed to a number of real-time promotions of leaders who began as team members. I have seen what can happen for people in this company when hard work meets preparation and opportunity. That's the opportunity we're building and plan to keep investing in as we build the road ahead. Hope we see you all soon for a Hot Ones chicken.

在過去的幾周里，我花了很多時間在我們的小屋裡，我親眼目睹了許多從團隊成員開始的領導者的實時晉升。我已經看到當努力工作遇到準備和機會時，這家公司的人們會發生什麼。這是我們正在建設的機會，併計劃在我們建設未來的道路時繼續投資。希望我們能很快見到你們，吃熱辣雞。

And with that, operator, please open up the call for questions.

有了這個，接線員，請打開電話提問。

(Operator Instructions) Our first question comes from Nicole Miller with Piper Sandler.

（操作員說明）我們的第一個問題來自 Nicole Miller 和 Piper Sandler。

I wanted to ask about the pipeline for next year. And if you could give a little context around the stores, I suppose, on the company-owned side that are identified maybe under LOIs or even under signed leases and then the cadence. But with that, could you talk about -- and you kind of did, but a little bit more color on the people side. So where do you bench these managers if the stores are a little delayed, what do they do in the interim? How do you hold on to them? And how material is that in the G&A right now?

我想問一下明年的管道。如果你能提供一些關於商店的背景信息，我想，在公司擁有的方面，可能在意向書甚至簽署的租約下確定，然後是節奏。但是有了這個，你能談談 - 你確實做到了，但在人民方面要多一點色彩。那麼，如果商店有點延遲，您將這些經理安排在哪裡，他們在此期間會做什麼？你如何抓住他們？現在在 G&A 中的重要性如何？

Thanks, Nicole. Let's start with the class for next year. We think it's about 40 Shacks roughly company-owned. Right now, the thing that we feel better about than last year this time is we have nearly all of those 40 in signed leases. And a number of them are coming and we feel like we're much further ahead.

謝謝，妮可。讓我們從明年的課程開始吧。我們認為大約是公司擁有的 40 個棚屋。現在，這次我們感覺比去年更好的是，我們幾乎所有的 40 人都簽訂了租約。其中一些即將到來，我們覺得我們走得更遠了。

That said, we're still experiencing the same kind of challenges in permitting construction, the cost and just the general timeline. So that's part of why we're thinking 40 is a really good number for us for Total next year. We hope they're better dispersed than this year. We don't have such a fourth quarter crunch. But you know what, that seems to be a challenge every year. But as I said in my remarks, we have 35 Shacks under construction today. That's the largest number we've ever had being built at one time. And that bodes well for, hopefully, a stronger start to the first half of next year, and we'll see how things go with that.

也就是說，我們在許可建設、成本和一般時間表方面仍然面臨同樣的挑戰。這就是為什麼我們認為 40 對我們明年的道達爾來說是一個非常好的數字的部分原因。我們希望他們比今年更好地分散。我們沒有這樣的第四季度緊縮。但你知道嗎，這似乎每年都是一個挑戰。但正如我在講話中所說，我們今天有 35 個棚屋正在建設中。這是我們有史以來建造的最大數量。這預示著明年上半年會有一個更強勁的開端，我們將拭目以待。

Within that class, we've got 10 to 15 drive-thrus. We've got a number of different formats. So you'll see some elevated costs in that build with the drive-thrus. You'll see some core Shacks that we know and love, that's built this company. You'll see some drive up models. You'll see a food court or 2. You've got kind of a really, really deliberate intentional mix, and we think it's the right way to think about it. Now how the heck do we staff these shacks, this is the hardest thing going on right now.

在該課程中，我們有 10 到 15 個得來速。我們有許多不同的格式。因此，您會看到帶有得來速系統的構建成本有所增加。你會看到一些我們熟悉和喜愛的核心 Shacks，它們建立了這家公司。你會看到一些驅動模型。你會看到一個或兩個美食廣場。你有一種非常、非常刻意的故意混合，我們認為這是思考它的正確方式。現在我們到底如何為這些棚屋配備人員，這是目前最困難的事情。

Some of the costs that Katie and I called out in our remarks are actually hitting Shack-level op profit right now. And that's part of the new pressure that we have. Now let me be clear. I don't think that's a pressure that exists forever. This is new to us and what does that mean? Well, we've got a Shack opening in Baton Rouge, okay, coming up in the fourth quarter here. That's a new market for us. We're building out our brand there, building out our employee brand. We've got to fly people in and keep them there for a while. We've got some Shacks in the Bay Area, where we need to build up our management bench. We have to bring some people into -- from other regions to help. That hits us in the Shack-level op profit.

凱蒂和我在講話中提到的一些成本實際上正在達到 Shack 級別的運營利潤。這是我們面臨的新壓力的一部分。現在讓我說清楚。我不認為這是一種永遠存在的壓力。這對我們來說是新的，這意味著什麼？好吧，我們在巴吞魯日開了一家 Shack，好吧，第四節就在這裡。這對我們來說是一個新市場。我們正在那裡建立我們的品牌，建立我們的員工品牌。我們必須讓人們飛進來並讓他們在那裡停留一段時間。我們在灣區有一些棚屋，我們需要在那裡建立我們的管理台。我們必須從其他地區引進一些人來提供幫助。這在 Shack 級別的運營利潤中打擊了我們。

And that's part of our guide for -- as part of our what happened this quarter, as part of our guide for Q4 and as part of what will happen certainly in the early part of next year. With the challenges of staffing, it's just harder right now at all levels. And we've got to kind of move our talented teams around a little bit more. With all of that, we have never been more innovative when it comes to our commitment to our people. We are thinking about all new ways starting at the recruiting application process starting in the first 30 days of employment.

這是我們指南的一部分 - 作為我們本季度發生的事情的一部分，作為我們第四季度指南的一部分以及明年年初肯定會發生的事情的一部分。面對人員配備的挑戰，現在在各個層面都更加困難。而且我們必須稍微調動一下我們才華橫溢的團隊。有了這一切，在我們對員工的承諾方面，我們從未像現在這樣創新。我們正在考慮從入職前 30 天開始的招聘申請流程開始的所有新方法。

In this moment, they're in an industry that feels fully staffed and certainly not in our industry. We know that's where we need to do better, and we're making really big improvements. And by the way, there is some -- that is where some G&A is going to increasing the size of our recruiting teams, our recruiting spend on advertising and the way that we're going to build up those teams. So we have a lot of work to do. None of it's been easy, and it's been compounded by macro challenges. But we feel like this is what Shake Shack does. We're in a good place. We're going to execute this plan.

在這一刻，他們所處的行業感覺人員配備齊全，當然不在我們的行業。我們知道這是我們需要做得更好的地方，並且我們正在做出很大的改進。順便說一句，有一些 - 這就是一些 G&A 將增加我們招聘團隊的規模、我們在廣告上的招聘支出以及我們將建立這些團隊的方式。所以我們有很多工作要做。這一切都不是一件容易的事，而且還因宏觀挑戰而變得更加複雜。但我們覺得這就是 Shake Shack 所做的。我們在一個好地方。我們要執行這個計劃。

Our next question comes from Jared Garber with Goldman Sachs.

我們的下一個問題來自高盛的 Jared Garber。

This is Ben on for Jared. You mentioned in your prepared remarks that you've been seeing new urban trends emerging. I was wondering if you could provide a bit more detail on these new trends. Is this related to differences in day of the week, daypart. And then I guess, to follow up, what changes, if any, are you making operationally to adapt to these new trends.

這是傑瑞德的本。您在準備好的評論中提到，您已經看到新的城市趨勢正在出現。我想知道您是否可以提供有關這些新趨勢的更多詳細信息。這與星期幾的差異有關嗎？然後我想，跟進，如果有的話，你在操作上做出了哪些改變來適應這些新趨勢。

Yes. I mean what we saw really throughout the quarter was mobility trends were pretty consistent with what we saw in the second quarter in July and August. And then really, when Labor Day hit our urban market mobility and traffic inflected positively even more so than it was prior to Labor Day. And it was mostly kind of in the weekday lunch and dinner that we saw the greatest impact. But there's still a number of Shacks in particular, in Midtown Manhattan and kind of those more workplace centric locations that still have a pretty big impact here pre-COVID and there's a great opportunity for us to continue to recover in lunch and dinner there as well. So while the trends were encouraging, we saw particular strength in our urban transit in New York City and Manhattan, in particular, we're still on the road to recovery.

是的。我的意思是，我們在整個季度真正看到的是流動性趨勢與我們在 7 月和 8 月的第二季度看到的非常一致。然後真的，當勞動節衝擊我們的城市市場時，交通和交通的積極影響甚至比勞動節之前更加積極。我們看到最大的影響主要是在工作日的午餐和晚餐中。但是，尤其是在曼哈頓中城和一些以工作場所為中心的地點，仍然有許多棚屋，在 COVID 之前仍然對這裡產生了相當大的影響，我們也有很好的機會繼續在那裡的午餐和晚餐中恢復.因此，儘管趨勢令人鼓舞，但我們在紐約市和曼哈頓的城市交通中看到了特別的優勢，特別是，我們仍在復甦的道路上。

And this is a good thing for Shake Shack, right? As we've talked about, like we have this kind of really nice mix now of urban and suburban. We've seen it. I spent last Friday going around to a bunch of Shacks and just trying to think about and understand kind of what is Friday going to look like in cities. And I was pretty encouraged by what I saw even in Midtown Manhattan on that day. It's just seeing people moving about. And look, we're going to adjust, I think new trends emerge daily, but it's clear that the momentum in an urban setting is going in the right direction for us.

這對 Shake Shack 來說是件好事，對吧？正如我們所談到的，就像我們現在擁有城市和郊區的這種非常好的組合。我們已經看到了。上週五，我去了一堆棚屋，試圖思考和理解週五在城市裡會是什麼樣子。那天我在曼哈頓中城所看到的一切讓我深受鼓舞。它只是看到人們四處走動。看，我們要進行調整，我認為每天都會出現新的趨勢，但很明顯，城市環境中的勢頭正朝著對我們來說正確的方向發展。

Our next question comes from Michael Tamas with Oppenheimer.

我們的下一個問題來自邁克爾·塔馬斯和奧本海默。

I'm one of those great customers. You mentioned getting the Last Dab, and I can confirm it lives up to its name. I'm getting better over the last couple of weeks. It was pretty hot. Randy, you talked about getting back to the historical 18% to 20% restaurant margins as a target you believe you can still achieve over time. And you called out potential for operational improvements and a tighter focus on cost. So can you either bucket or like rank order where you think the most impactful opportunities are? And what are maybe those nearer-term opportunities versus some of those things that might take a little bit longer to unfold?

我是那些偉大的客戶之一。你提到得到最後一個輕拍，我可以確認它名副其實。在過去的幾周里，我正在好轉。天氣很熱。蘭迪，您談到恢復 18% 到 20% 的餐廳利潤率作為您認為隨著時間的推移仍然可以實現的目標。您還提到了運營改進的潛力和更加關注成本。那麼，您能否在您認為最具影響力的機會所在的位置進行分類或排序？與可能需要更長時間才能展開的一些事情相比，那些近期的機會可能是什麼？

Thanks, Michael. Yes, look, we believe we're going to continue to increase this over time. There's a few things going to happen. Let's just start with macro factors impacting our company and our restaurants and our world. We need some of those to go our way, okay? And we're not going to wait around for that, but it is a fact.

謝謝，邁克爾。是的，看，我們相信隨著時間的推移我們將繼續增加這一點。有幾件事會發生。讓我們從影響我們公司、餐廳和世界的宏觀因素開始。我們需要一些這樣的人，好嗎？我們不會等待，但這是事實。

When we have double-digit inflation in almost everything we buy, whether it's french fries, Fryer oil, paper packaging. These things are tough to increase, and we're not yet taking the same price to offset that fully. So we need a couple of things to go our way. After that, what are we doing about it? Well, we're obviously being a little bit more aggressive on price. And we've done that. We've just taken this kind of wide range between 2% and 10% that we think settles out in the 5% to 7% range just a couple of weeks ago, and we think that will help and we're going to keep our eyes on future price raises.

當我們購買的幾乎所有東西都出現兩位數的通貨膨脹時，無論是炸薯條、炸鍋油還是紙質包裝。這些東西很難增加，我們還沒有採取相同的價格來完全抵消。所以我們需要做一些事情來完成我們的工作。在那之後，我們在做什麼呢？好吧，我們顯然在價格上更具侵略性。我們已經做到了。我們剛剛採取了這種介於 2% 和 10% 之間的廣泛範圍，我們認為就在幾週前穩定在 5% 到 7% 的範圍內，我們認為這會有所幫助，我們將保持我們的關注未來價格上漲。

If we continue to see this inflationary pressure, we will have to take more price. And that's more aggressive than we've been in the past. So that's part of it. We've got to get staffed up. we've got to continue to do that. There's absolutely missing opportunity in our company just on not being staffed. We have not optimized our total hours open and we have not optimized our throughput during peak hours. And that has been a challenge for the last few years. It remains a challenge. So we are putting massive efforts towards staffing and bulking up our teams to be able to handle this. None of that's easy.

如果我們繼續看到這種通脹壓力，我們將不得不採取更多的價格。這比我們過去更具侵略性。所以這是其中的一部分。我們必須配備人員。我們必須繼續這樣做。我們公司絕對缺少機會，只是因為沒有人員配備。我們沒有優化我們的總營業時間，也沒有優化高峰時段的吞吐量。在過去的幾年裡，這一直是一個挑戰。這仍然是一個挑戰。因此，我們正在為人員配備和擴大我們的團隊做出巨大努力，以便能夠處理這個問題。這一切都不容易。

And then you look at little things. We will continue to evolve our packaging, continue to evolve the packaging, the way that we package things as less and less orders happen preordering and we see more return to in-Shack, those are more profitable channels for us. These are trends we need to see. And then there are some near-term things that Katie called out that we're going to get hit on, right?

然後你看看小事。我們將繼續改進我們的包裝，繼續改進我們的包裝方式，因為預購訂單越來越少，我們看到更多返回 in-Shack，這些對我們來說是更有利可圖的渠道。這些是我們需要看到的趨勢。然后凱蒂提到了一些近期的事情，我們會受到打擊，對吧？

Utilities are up. It's happening in the world. Those things are up. Hopefully, that's not up forever. The travel that we talked about, the support openings is up. That is an impact, we don't believe will last forever. So when you think about us clearly seeing the root there, it's going to take some time. There's going to be work to do, but we believe in the long term, we can continue to get back to those targets and returns.

公用事業上漲。它正在世界上發生。那些事情都起來了。希望這不會永遠結束。我們談到的旅行，支持職位空缺。這是一種影響，我們認為不會永遠持續下去。所以當你想到我們清楚地看到那裡的根源時，這將需要一些時間。會有工作要做，但我們相信從長遠來看，我們可以繼續回到這些目標和回報。

One more thing just to add on there is on kiosks. So kiosk is our highest margin channel. It also has our highest in-Shack channel. We're going to be rolling out kiosks to nearly all Shacks by the end of next year, and that's another way that we're leaning in here to help drive performance and margin performance and address some of the labor challenges that we've had.

還有一件事要補充的是在售貨亭上。所以信息亭是我們最高利潤的渠道。它還擁有我們最高的 Shack 頻道。到明年年底，我們將向幾乎所有 Shacks 推出信息亭，這是我們在這裡幫助提高業績和利潤表現並解決我們遇到的一些勞動力挑戰的另一種方式.

And we'll have -- I think by the end of this year, about 20 to 30 existing Shacks convert to kiosks -- or excuse me, add kiosks before the end of this year. And then we'll continue that rollout. There's about 60, 70 left after that. That will take through next year.

我們將擁有——我認為到今年年底，大約有 20 到 30 個現有的棚屋轉換為售貨亭——或者對不起，在今年年底之前添加售貨亭。然後我們將繼續推出。之後還剩下大約 60、70 個。這將持續到明年。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自 Sharon Zackfia 和 William Blair。

Sorry for my voice. It wasn't the Hot Sauce. I just think I have a cold. So I guess, I want to delve a little bit more into the labor and the thoughts on streamlining and kiosks. I mean you've had kiosks for a while at locations. I guess I'm curious in locations where you have the kiosks, like what percent of the business is going through those kiosks? And how do you then manage labor? Is it more reallocating labor to more maybe value-added tasks than taking orders? Or do you actually just see incremental labor leverage is throughput better because people are working more on that. Just help us think about that. And then are there other opportunities? I know other companies are looking at like robotics and automation. I know your menu may not lend itself as much to that, but are those potential avenues?

對不起我的聲音。不是辣醬。我只是覺得我感冒了。所以我想，我想更深入地研究一下關於精簡和信息亭的勞動和想法。我的意思是你在一些地方有一段時間的信息亭。我想我很好奇你有信息亭的地方，比如有多少百分比的業務正在通過這些信息亭？然後你如何管理勞動力？與接受訂單相比，將勞動力重新分配到更多可能增值的任務上嗎？還是您實際上只是看到增加的勞動力槓桿比吞吐量更好，因為人們在這方面工作得更多。只是幫助我們考慮一下。然後還有其他機會嗎？我知道其他公司正在關注機器人和自動化。我知道您的菜單可能不適合這樣做，但這些是潛在的途徑嗎？

Sharon, yes, I mean, broad speaking, broad-based kiosk is a really great lever for us to lean on here to help streamline labor in the Shacks. And it's really about addressing that front-of-house opportunity. In the Shacks where we have kiosks right now, actually, a good portion of the guests do prefer that channel. We're -- in many locations, we'll have 5 or 6 kiosks and maybe 1, maybe 2 cash registers. And you see a number of people kind of instantly go towards that kiosk. If you haven't used one before, I highly encourage you to do. So it's a really great opportunity for our guests to sit with the menu, within the Shack to be able to page through, and we see that just translate through their order, where they're adding on more premium things. They see our LTOs, they get to experience the whole entire order flow of we're having a burger, we're going to have our shake and our fry and our lemonade and they can visually see all that.

莎倫，是的，我的意思是，從廣義上講，基礎廣泛的信息亭是我們賴以幫助簡化棚屋勞動力的一個非常好的槓桿。這實際上是為了解決這個前台機會。實際上，在我們現在有售貨亭的棚屋裡，很大一部分客人確實更喜歡那個頻道。我們 - 在許多地方，我們將有 5 或 6 個售貨亭，也許還有 1 個，也許 2 個收銀機。你會看到很多人立即走向那個售貨亭。如果您以前沒有使用過，我強烈建議您這樣做。因此，對於我們的客人來說，這是一個非常好的機會，可以坐在 Shack 內瀏覽菜單，以便能夠翻頁，我們看到這只是通過他們的訂單進行翻譯，他們正在添加更多優質的東西。他們看到了我們的 LTO，他們可以體驗到我們吃漢堡、我們要吃奶昔、炸薯條和檸檬水的整個訂單流程，他們可以直觀地看到所有這些。

So from both a labor perspective and a check perspective, it's definitely accretive. And you really kind of hit the nail on the head there with what we're seeing as far as how we're benefiting from that. So in some instances, we're able just to run a little bit leaner. But also, we're able to take that extra labor and kind of dedicate it to other more value-added tasks, like if it's at Expo helping out just expedite some orders there, it's greeting guests in the dining room as well. So we're really excited by what we've seen and looking forward to rolling out these kiosks in short order.

因此，無論是從勞動力的角度還是從支票的角度來看，這絕對是一種增值。就我們從中受益的方式而言，您確實有點像我們所看到的那樣一針見血。所以在某些情況下，我們可以稍微精簡一點。但是，我們也可以把這些額外的勞動投入到其他更有價值的任務上，比如在世博會幫助加快那裡的一些訂單，它也在餐廳裡迎接客人。因此，我們對所見所聞感到非常興奮，並期待在短期內推出這些信息亭。

And then on the robotics or automation, is that something you explore?

然後在機器人或自動化方面，這是你探索的東西嗎？

Nothing yet. I don't think it's the best use of our time. I think we think about automation in terms of digital ordering and the way we just talked about kiosks and our other app and web channels. Today, I'm excited for it in the future. I don't think it's the best use of our time to be frontrunners on that, and we're watching closely. We continue to meet with interesting companies who are doing that work and seeing how it could impact us. But I think we're little ways away from seeing something like that in a Shack right now.

還沒有。我認為這不是我們時間的最佳利用。我認為我們在數字訂購方面考慮自動化，以及我們剛剛談論信息亭和我們的其他應用程序和網絡渠道的方式。今天，我為它的未來感到興奮。我不認為這是最好的利用我們的時間成為領先者，我們正在密切關注。我們繼續與從事這項工作的有趣公司會面，看看它如何影響我們。但我認為我們現在離在 Shack 中看到類似的東西還有很短的路要走。

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 is on the October average weekly sales. And I'm hoping you can just put into context the seasonality of October versus November and December. What typically happens in a pre-COVID world to average weekly sales from October into the coming months.

我的第一個是十月份的平均每週銷售額。我希望你能把 10 月與 11 月和 12 月的季節性聯繫起來。在 COVID 之前的世界中，從 10 月到未來幾個月的平均每週銷售額通常會發生什麼。

Yes. Well, part of us being a little bit of a younger company, we don't have that much history to talk about, and our comp base has changed dramatically. And as you remember, I'm sure in 2019, we faced some headwinds in the fourth quarter of 2019, which makes seasonality a little bit more lumpy. But just broadly speaking, kind of looking back, you tend to see more of a little bit of a softer fourth quarter than third quarter.

是的。好吧，作為一家年輕公司的一部分，我們沒有太多歷史可談，而且我們的薪酬基礎發生了巨大變化。正如你所記得的，我敢肯定，在 2019 年，我們在 2019 年第四季度面臨一些不利因素，這使得季節性更加不穩定。但從廣義上講，回顧過去，你往往會看到第四季度比第三季度更加疲軟。

Got it. So just in terms of -- you don't have kind of holiday traffic or something like that, that would make -- is December typically going back years stronger than October. I'm just trying to put October in the context of seasonality.

知道了。因此，就 - 你沒有那種假日交通或類似的東西而言 - 十二月通常會比十月強。我只是想把十月放在季節性的背景下。

You just have a seasonal increase in December. However, November has been kind of depending on where holidays fall, it can be a little bit more flattish.

你只是在 12 月有一個季節性的增長。然而，11 月有點取決於假期在哪裡，它可能會更平淡一些。

Great. Got it. and then I wanted to just dig in a little bit more on the development expectations for '23. It is less than what you're originally expecting on the lower end in '22. I understand the macro headwinds. I just want to -- is this a change in philosophy, you mentioned kind of focusing -- spending more of your energy on the existing base, and that's maybe part of why you're getting less aggressive on development. Or is this just really a reflection of the current environment, the lower growth in '23? I'm just trying to kind of understand long term whether this is maybe just a step back to focusing a little bit less on really fast growth or if this is just more of a temporary kind of pause in that.

偉大的。知道了。然後我想進一步挖掘 23 年的發展預期。它低於您最初對 22 年低端產品的預期。我理解宏觀逆風。我只是想——這是哲學上的改變嗎，你提到了一種專注——把更多的精力花在現有的基礎上，這可能是你在開發上變得不那麼積極的部分原因。或者這真的只是當前環境的反映，23 年的較低增長？我只是想從長遠來看，這是否可能只是退一步，不再關注真正的快速增長，或者這只是一種暫時的停頓。

Well, thanks, Jake. There's a few things in that. First of all, that's the numbers we guided that would be the largest class of Shacks ever. So we're not slowing anything down. I think when we think about how many is the right number for next year, we have to work with the environment that we're working in. And we got to make sure that we can open some really great Shacks. We're also committed to a lot of new formats with a significant approach to drive-thru. We're also spending more capital, right? These Shacks cost more to build.

嗯，謝謝，傑克。裡面有幾件事。首先，這是我們指導的數字，這將是有史以來最大的棚屋類別。所以我們不會放慢任何速度。我認為，當我們考慮明年的正確數字時，我們必須與我們正在工作的環境合作。我們必須確保我們可以打開一些非常棒的小屋。我們還致力於採用重要的得來速方法來開發許多新格式。我們也在花費更多的資金，對吧？這些棚屋的建造成本更高。

At an inflationary time here, we think there's no reason to race to spending a lot more capital when we hope that over a longer-term period, some of those costs to build can come down. But we're certainly going to live next year in an increased cost environment. Within all that, we've still got work to do on margin, on our current 250-ish Shacks that we own and operate in this country, while still showing significant growth, I think I said, of 15%, 16% expectations for next year in our comparator. That's a strong, strong growth. Well, as I've said, for 10 years on this subject, as we absorb each class, we'll continue to think about what the next class is should look like. And we feel really good about the class of restaurants that we're building.

在通貨膨脹時期，當我們希望在較長時期內，其中一些建設成本可以下降時，我們認為沒有理由競相花費更多的資本。但我們明年肯定會生活在成本增加的環境中。在所有這一切中，我們仍有工作要做，在我們目前在這個國家擁有和經營的 250 多間棚屋上，同時仍然顯示出顯著的增長，我想我說過，15%，16% 的預期明年在我們的比較器中。這是一個強勁、強勁的增長。好吧，正如我所說，在這個主題上 10 年，當我們吸收每一堂課時，我們將繼續思考下一堂課應該是什麼樣子。我們對我們正在建造的餐廳類別感覺非常好。

Now look, if things can go our way and we can pull some things up, we'll certainly look to do that. But this year, the opposite happened because the factors out of our control, and we want to make sure that we are preparing and guiding appropriately for what the right amount of growth should be. And that's a great class of 65 to 70 worldwide Shacks next year.

現在看，如果事情可以按照我們的方式進行，並且我們可以把一些事情拉上來，我們肯定會這樣做。但今年卻發生了相反的情況，因為我們無法控制因素，我們希望確保我們正在為適當的增長量做好準備和指導。這就是明年全球 65 到 70 個棚屋的大類。

Our next question comes from Jeff Farmer with Gordon Haskett.

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

Just wanted to quickly follow up on staffing. So I guess it was last week, it was interesting to hear, it's fully indicate that they recently raised the starting hourly wage by about $1 to $3 across roughly 20% of the system. They did that simply to ensure that they could staff those restaurants. So I'm just curious if you've seen a similar potential need in some of your markets, meaning a bump in the wage rate to ensure staffing levels are appropriately met.

只是想快速跟進人員配備。所以我猜是上週，聽到這很有趣，這充分錶明他們最近在大約 20% 的系統中將起始小時工資提高了大約 1 美元到 3 美元。他們這樣做只是為了確保他們可以為這些餐館配備人員。因此，我很好奇您是否在某些市場中看到了類似的潛在需求，這意味著工資率的提高以確保適當地滿足人員配備水平。

Yes. That's absolutely happening, likely at a similar cadence to what you heard them talking about, right? We've already been doing that mid this year, even this quarter. There are some markets we continue to bump up, some certain Shacks who we need to bump up. So yes, you can expect that. Our starting wages have continued to increase for our teams, and we expect that's going to continue into next year. There's no doubt about it.

是的。這絕對會發生，可能與您聽到他們談論的節奏相似，對吧？今年年中，甚至本季度，我們已經這樣做了。有一些市場我們會繼續發展，我們需要發展一些特定的棚屋。所以是的，你可以期待。我們團隊的起薪繼續增加，我們預計這種情況會持續到明年。毫無疑問。

The inflationary pressure and finding great team members is going to cost more. In addition, as we've said for a little while now, our guests have for a long time asked for the opportunity to tip our teams. With that added functionality, our teams are doing really well, making a few dollars more per hour depending on the Shack and really jumping up their total earnings opportunity to be competitive and above competitive in a lot of ways. So hopefully, that will help turn the tide. It is still a challenging environment out there. There's no doubt about it. and we've got to keep investing in new and different ways. So you can expect continued pressure on our payroll as we look at that into the Shacks next year.

通脹壓力和尋找優秀團隊成員的成本會更高。此外，正如我們剛才所說，我們的客人長期以來一直要求有機會給我們的團隊小費。有了這些附加功能，我們的團隊做得非常好，每小時多賺幾美元，這取決於 Shack，並且確實增加了他們的總收入機會，在很多方面具有競爭力和超越競爭力。因此，希望這將有助於扭轉局面。它仍然是一個充滿挑戰的環境。毫無疑問。我們必須繼續以新的和不同的方式進行投資。因此，當我們在明年對 Shacks 進行研究時，您可以預期我們的工資單將繼續承受壓力。

That's helpful. And just one quick follow-up. So in terms of your initial drive-thru openings, you've provided some color, but I'm just curious what the sort of the key learnings are from those restaurants and how potentially those learnings might influence the future drive-thru development that you already have planned? So just again, it would be interesting to hear in terms of the surprises you've seen or good or bad, as you've seen sort of 6 months of operations from these restaurants?

這很有幫助。只需快速跟進。因此，就您最初的得來速開業而言，您提供了一些色彩，但我只是好奇這些餐廳的關鍵學習是什麼，以及這些學習可能如何影響您未來的得來速發展已經計劃好了？再說一遍，如果您看到這些餐廳 6 個月的運營，聽到您所看到的驚喜或好或壞的驚喜會很有趣嗎？

Yes, I think it's going to take a while and a lot more drive-thrus to really hone in on the best format, and that's exactly why we're investing the way we are. Of the first 6 that are open, we have multiple different kitchen flows, external and internal design and ways that we just kind of move the food through. Not to mention very different real estate decisions. So what we're excited about as I keep using the term we're optimized for learning, we're spending that capital learned because there's a much, much bigger prize as we learn and get it right. So with the next 3 or 4 that opened by the end of this year, we're going to learn all new things. We've got one opening in Michigan next week, we hope.

是的，我認為真正磨練最佳格式需要一段時間和更多的驅動力，這正是我們以我們的方式進行投資的原因。在開放的前 6 個中，我們有多種不同的廚房流程、外部和內部設計以及我們只是將食物通過的方式。更不用說非常不同的房地產決策了。因此，當我繼續使用我們為學習而優化的術語時，我們感到興奮的是，我們正在花費所學的資本，因為當我們學習並做對時，會有更大的獎勵。因此，在今年年底開放的接下來的 3 或 4 個項目中，我們將學習所有新事物。我們希望下週在密歇根有一個開幕式。

We've got some others coming that we're super excited about in Ohio, in the Baltimore area and more. And in the next year with another 10 to 15, I think that learning is going to just accelerate. So what are we learning? We're learning about how much space we need for cars. We're learning what peak hours look like. We're learning how best to take orders, when is it best to have people outside when do you not need people outside. We are honing in a lot better on how we think the kitchen flow should work, so we can protect and maintain the premium ingredients that we serve every way.

我們在俄亥俄州、巴爾的摩地區等地還有其他一些我們非常興奮的人。在接下來的 10 到 15 年，我認為學習將會加速。那麼我們在學習什麼？我們正在了解汽車需要多少空間。我們正在了解高峰時段的情況。我們正在學習如何最好地接受命令，什麼時候最好讓人們在外面，什麼時候不需要人們在外面。我們對廚房流程應該如何運作進行了更好的磨練，因此我們可以保護和維護我們以各種方式提供的優質食材。

We're learning what menu boards should look like. How big do they should be and what kind of things sell when we put shakes up there, they sell, right? So what should we do about that? So it's vast and it's really a totally different model. So I think what we continue to try to share with everyone is it's going to take time. It's super exciting. We think we have a dynamic, really cool product out there with our drive-thru. We think there can be lots of them, but we've got a lot of work to do to optimize that, and that's going to happen over these next few years.

我們正在學習菜單板應該是什麼樣子。當我們把奶昔放在那裡時，它們應該有多大，賣什麼樣的東西，它們很暢銷，對吧？那麼我們應該怎麼做呢？所以它是巨大的，它真的是一個完全不同的模型。所以我認為我們繼續嘗試與大家分享的是這需要時間。這是超級令人興奮的。我們認為我們的drive-thru 有一個動態的、非常酷的產品。我們認為可能會有很多，但我們還有很多工作要做來優化它，這將在未來幾年內發生。

Our next question comes from Andy Barish with Jefferies.

我們的下一個問題來自 Jefferies 的 Andy Barish。

Just a couple of expense items if you could. First on utilities, I mean, that's been fine this earnings season. I mean is there anything that can be done there? Is there differences between urban and suburban or regulated, unregulated markets? And then just if you're willing to kind of quantify the new restaurant opening inefficiencies that you're expecting here over the next few quarters? That would be helpful.

如果可以的話，只需幾個費用項目。首先是公用事業，我的意思是，這個財報季很好。我的意思是那裡有什麼可以做的嗎？城市和郊區或受監管、不受監管的市場之間是否存在差異？然後，如果您願意量化您在接下來的幾個季度中預計的新餐廳開業效率低下？那會很有幫助。

Sure. Yes. I mean, utilities expenses do vary by market. Some of our Shacks are busier than others. Some of them have more utility demand just based on where they're located and zoning requirements, but overall, I mean, I think the theme that's been very consistent is just higher energy costs overall. And that's really what we're seeing here. We expect that will be cyclical, but that is hitting us, and it is a portion of the 100 basis points in added other OpEx that we highlighted.

當然。是的。我的意思是，公用事業費用確實因市場而異。我們的一些棚屋比其他棚屋更忙。他們中的一些人僅僅根據他們所在的位置和分區要求有更多的公用事業需求，但總的來說，我的意思是，我認為一直非常一致的主題只是總體上更高的能源成本。這就是我們在這裡看到的。我們預計這將是周期性的，但這正在打擊我們，它是我們強調的其他 OpEx 的 100 個基點的一部分。

On the T&D to support the new opening side, look, we're expecting a handful, several of openings to require kind of this added support level, but there's a wide range of uncertainty there. So we've talked about when you're thinking about other OpEx, it's probably going to be about the same level as a percentage of total Shack sales is what we realized in the third quarter.

在支持新開放方面的 T&D 方面，看，我們預計少數幾個開放需要這種額外的支持水平，但那裡存在廣泛的不確定性。因此，當您考慮其他運營支出時，我們已經討論過，它可能與我們在第三季度實現的 Shack 總銷售額的百分比大致相同。

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

我們的下一個問題來自 Chris O'Cull 和 Stifel。

Katie, suburban locations seem to be experiencing more normalized comp growth? And I'm just wondering, how does the average weekly sales at these stores compare to 2019? And maybe how does the labor cost or other operating costs or some of these costs that are probably going to be more permanent in nature? How do those look as a percentage of sales compared to 2019 in those suburban locations?

凱蒂，郊區的地點似乎正在經歷更正常的薪酬增長？我只是想知道，這些商店的平均每週銷售額與 2019 年相比如何？也許勞動力成本或其他運營成本或其中一些成本可能會在本質上更持久？與這些郊區的 2019 年相比，這些佔銷售額的百分比如何？

Yes. It just really depends on each of the markets and the locations. There's not always just a very consistent trend on that front to call out. But what I would say is that with the staffing pressures that we've discussed, we are seeing more of an impact in our suburban locations and our urban locations to help contextualize that a little bit.

是的。這真的取決於每個市場和地點。在這方面並不總是有一個非常一致的趨勢可以呼籲。但我想說的是，由於我們已經討論過的人員配置壓力，我們在郊區和城市地區看到了更多的影響，以幫助將其背景化。

Which is interesting, right, because that may or may not be intuitive for you, but like -- you have to remember, part of the challenge and the gift of the Shake Shack brand and real estate decisions that we've made is we generally tend to be in more higher income areas. We have -- generally have a higher income guest. That's been part of what we shared, especially as we head in a more recessionary environment. That actually makes it harder to staff in many of the decisions we've made, especially in suburban. So where some of our most acute challenges in hiring are in some of our, I call them quotes best locations when it comes to higher income guest, right? So that is different than some of our traditional urban environments.

這很有趣，對，因為這對您來說可能直觀，也可能不直觀，但就像 - 您必須記住，Shake Shack 品牌和房地產決策的一部分挑戰和禮物是我們通常所做的往往在收入更高的地區。我們有 - 通常有更高收入的客人。這是我們分享的內容的一部分，尤其是當我們處於更加衰退的環境中時。這實際上使我們在做出的許多決定中更難為員工配備人員，尤其是在郊區。因此，我們在招聘方面面臨的一些最嚴峻的挑戰出現在我們的一些地方，我稱它們為高收入客人的最佳地點，對吧？所以這與我們的一些傳統城市環境不同。

Again, some everyone has got its own challenges. Some urban environments are very hard. Some are much easier. So it's an interesting mix. Chris, that causes that pressure. And as Katie said, it's just a mix of volumes and just because it's suburban doesn't mean it always acts the same. And that's where -- why we're building out these different formats continue to learn, which is the best for which type of sites we can target all kinds of sites.

同樣，有些人也有自己的挑戰。一些城市環境非常艱苦。有些更容易。所以這是一個有趣的組合。克里斯，這造成了壓力。正如凱蒂所說，這只是數量的混合，僅僅因為它是郊區的，並不意味著它總是表現得一樣。這就是為什麼我們要構建這些不同的格式並繼續學習，這對於我們可以針對各種網站的哪種類型的網站來說是最好的。

Okay. That's helpful. And then I apologize if I missed this, but the company came in at the high end of the third quarter revenue guidance, but at the low end of the Shack margin guidance. So I'm just curious what caused or what cost surprised you the most during the quarter?

好的。這很有幫助。如果我錯過了這一點，我深表歉意，但該公司進入第三季度收入指導的高端，但處於 Shack 利潤率指導的低端。所以我只是想知道本季度最令您驚訝的原因或成本是什麼？

Sure. I mean really, it's 100 basis points of added other OpEx that we called out. So that was the higher energy cost, R&M is running higher here just with equipment availability issues, which we think we'll be able to work through over time and then to support a couple of the new openings. We're expecting all of that to persist into the fourth quarter. And then on COGS, we had a little bit slightly more than we had anticipated beef deflation, but there's just a number of line items that are up sharply, like dairy, up 30%, fryer oil, fries, ketchup. These are all rising at a pretty fast clip here and really to address these inflationary pressures, that's why we took additional price in October.

當然。我的意思是說真的，這是我們呼籲增加的其他運營支出的 100 個基點。所以這是更高的能源成本，R&M 在這裡運行得更高，只是設備可用性問題，我們認為隨著時間的推移，我們將能夠解決這些問題，然後支持幾個新的開口。我們預計所有這些都將持續到第四季度。然後在 COGS 上，我們的牛肉通貨緊縮比我們預期的要多一點，但只有一些產品線大幅上漲，比如乳製品，上漲 30%，炸鍋油、薯條、番茄醬。這些都在這里以相當快的速度上漲，真正解決這些通脹壓力，這就是我們在 10 月份採取額外價格的原因。

Our next question is from Andrew Charles with Cowen and Co.

我們的下一個問題來自 Cowen and Co. 的 Andrew Charles。

This is Zach on for Andrew. My question is also on kiosk. Can you talk about what the impact is to sort of operating expenses and CapEx in 2023?

這是安德魯的紮克。我的問題也在信息亭上。您能談談對 2023 年運營費用和資本支出的影響嗎？

Yes. We're not going to break it out to that level of granularity at this time. But I'll kind of reiterate the comments that I said on kiosk before, and that is we do see a higher check with kiosk orders. And we -- where we have kiosk is a meaningful part of our in-Shack sales and guests really do like to use it. And then finally, we're able to utilize labor better. We're able to run more efficient in the Shacks where we have kiosks and where we don't.

是的。我們現在不打算將其分解到那個粒度級別。但我會重申我之前在信息亭上所說的評論，那就是我們確實看到信息亭訂單的檢查更高。而且我們 - 我們有售貨亭的地方是我們在 Shack 銷售中有意義的一部分，客人真的很喜歡使用它。最後，我們能夠更好地利用勞動力。我們能夠在有售貨亭和沒有售貨亭的棚屋中更高效地運行。

Our next question comes from Brian Vaccaro with Raymond James.

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

I wanted to circle back on the topic of relative value proposition. And you noted the average price of burger, fries and drink is below $14. And I'm curious what that looks like if you break that out between urban and suburban markets. And maybe you could comment more broadly or maybe even quantify a little bit how you view the brand's relative value proposition across different types of markets and consumers that you're reaching as you move into the suburbs?

我想回到相對價值主張的話題上。你注意到漢堡、薯條和飲料的平均價格低於 14 美元。我很好奇如果你在城市和郊區市場之間打破它會是什麼樣子。也許您可以更廣泛地發表評論，或者甚至量化一下您如何看待品牌在不同類型的市場和您在進入郊區時接觸到的消費者的相對價值主張？

Yes. I think we've gotten better and better over the years at pricing tiers and understanding our guests generally in each market. And that's we shared our pricing strategy in this recent raise, everything from a 2% raise and where we see that we're in a good range and we don't need to come up too much more. Two opportunities to maybe a 10% raise. By the way, some of those may be strong urban, some of them may be very high-income suburban. And we're doing it in a way where we think we have demand and we think we have opportunity.

是的。我認為這些年來，我們在定價層級和對每個市場的客戶的總體了解方面變得越來越好。這就是我們在最近的一次加薪中分享了我們的定價策略，從 2% 的加薪到我們認為我們處於一個很好的範圍內，我們不需要提高太多。兩次可能加薪 10% 的機會。順便說一句，其中一些可能是強大的城市，其中一些可能是收入非常高的郊區。我們正在以一種我們認為我們有需求並且我們認為我們有機會的方式來做這件事。

And we also look around at our competitors, and it's kind of more important than ever. We haven't had to spend a lot of time thinking about this. But in this inflationary environment, everybody is in the same boat of taking that price. So yes, you might see it below 14, you might see it up in the 15 range when you look at some of our more expensive larger price takes places. But the point we're making with that is I think that's a pretty good value deal.

我們還環顧我們的競爭對手，這比以往任何時候都更重要。我們不必花很多時間思考這個問題。但在這種通脹環境下，每個人都在接受這個價格的同一條船上。所以是的，您可能會看到它低於 14，當您查看我們的一些更昂貴的較大價格發生時，您可能會看到它在 15 範圍內。但我們要強調的是，我認為這是一筆非常划算的交易。

Shack burger, fries and a drink in that 14-plus range that's pretty solid. When you think about who we compare to, who you might choose to go after. Now are we going to compete on that with traditional fast food bundles? No, we're not. And honestly, like we're not going to, we can't that's not never been our brand. We're serving a totally different level of premium ingredients and experience in our restaurants and that costs money, and we're going to charge the right amount for that. And we're going to keep going. And we'll see.

Shack 漢堡、薯條和 14+ 範圍內的飲料，非常可口。當您考慮我們與誰進行比較時，您可能會選擇追隨誰。現在我們要與傳統的快餐套餐競爭嗎？沒有，我們沒有。老實說，就像我們不會那樣，我們不能這不是我們的品牌。我們在我們的餐廳提供完全不同水平的優質食材和體驗，這需要花錢，我們將為此收取適當的費用。我們將繼續前進。我們拭目以待。

Look, we're in a new time for all of us with the highest inflation we've all seen in our lifetimes. We're going to have to keep measuring watching and being sure that our consumers feel that great value. That's the work.

看，對於我們所有人來說，我們正處於一個新的時代，通貨膨脹率是我們一生中見過的最高的。我們將不得不繼續衡量觀看並確保我們的消費者感受到巨大的價值。這就是工作。

There's also -- while we talk about the average below 14, there are a number of facts that are below that. As Randy talked about, we've taken a very cleared approach here, to menu pricing. And we look at the signs of -- we have positive mix here with price increase. We're seeing guests trade up and adjusting for the fact that more people are just kind of returning to their normal habits and coming in, in single orders or smaller groups will attempt to like the COVID times. We're seeing people add on more to their check. We're seeing great strength in cold beverage. All these things leave us encouraged that our guests really does value our elevated premium and differentiated approach to menu innovation.

還有——雖然我們談論的是低於 14 的平均值，但有許多事實低於這個值。正如蘭迪所說，我們在這裡採取了一種非常明確的方法來進行菜單定價。我們看看跡象 - 我們在這裡與價格上漲有積極的結合。我們看到客人進行交易並適應這樣一個事實，即越來越多的人只是恢復到他們的正常習慣並進來，單次訂購或較小的團體將嘗試喜歡 COVID 時代。我們看到人們在支票上增加了更多。我們在冷飲中看到了巨大的力量。所有這些都讓我們感到鼓舞的是，我們的客人確實重視我們提升的優質和差異化的菜單創新方法。

Okay. And one follow-up, if I could. Katie, on the labor line, it came in a little better than expected. I guess, you can look at it as a percent of sales. It was down a little bit versus the second quarter even with lower average weekly sales, I guess, is one way to look at it. But could you just elaborate on is there anything specific that's driving sort of a more favorable trend in that line? Is kiosk starting to show up? Are there any onetime or moving pieces that are worth highlighting?

好的。如果可以的話，還有一個後續行動。凱蒂，在勞動線上，它比預期的要好一些。我想，您可以將其視為銷售額的百分比。與第二季度相比，儘管平均每週銷售額較低，但我想這是一種看待它的方式。但是您能否詳細說明一下是否有任何具體的因素推動了該領域的某種更有利的趨勢？售貨亭開始出現了嗎？有沒有值得強調的一次性或移動的作品？

And then could you also just comment on year-on-year wage inflation. I understand labor is tight still, and you're investing in that line. But is year-on-year wage inflation starting to moderate at all on a year-over-year basis?

然後你能否也評論一下同比工資通脹。我知道勞動力仍然很緊張，而您正在對該生產線進行投資。但是，同比工資通脹是否開始逐年放緩？

So we -- on the labor line for the quarter, broadly speaking, we did see that nice -- we were not down as much as we seasonally would be in September. So that was a little bit of an offset. But really, we're understaffed, and we're running more efficient than we have historically run. And we -- that's a good thing and also an opportunity for us to continue to step up and drive more sales. As far as wage inflation is concerned, we talked -- we made big investments in our teams last year. We talked about that $10 million investment. A lot of that was higher wages that happened in July. So we're lapping that a little bit here, but we're continuing to invest in our team members. We're raising wages where we think it's appropriate. And our teams are definitely seeing the benefit of tips here with some of -- there are some markets where they're making over $20 an hour.

所以我們 - 在本季度的勞動力線上，從廣義上講，我們確實看到了這一點 - 我們並沒有像 9 月份的季節性那樣下降。所以這有點抵消。但實際上，我們人手不足，而且我們的運行效率比以往任何時候都要高。我們 - 這是一件好事，也是我們繼續加強並推動更多銷售的機會。就工資通脹而言，我們談到了——去年我們對我們的團隊進行了大量投資。我們談到了那 1000 萬美元的投資。其中很大一部分是7月份發生的更高工資。因此，我們在這裡稍加考慮，但我們將繼續投資於我們的團隊成員。我們在我們認為合適的地方提高工資。我們的團隊肯定看到了小費的好處——在一些市場，他們每小時賺 20 美元以上。

Our next question comes from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeffrey Bernstein。

Question on broader sales trends. Randy, Shake Shack and broader (inaudible) casual versus QSRs. I mean, the gap has always been clear. But at the same time, we never thought we'd see drive-thru units for Shake Shack or I think you said highway units and food courts. Obviously, you're embracing demand wherever the consumer is looking for it. But what's the potential for further evolution? I know you mentioned you're not going to have value meals, but seemingly offering some sort of bundle to attract perhaps a lower income consumer or national television. I mean, where do you see the lines may be blurring further between your segment and traditional QSR? And then I had one follow-up.

關於更廣泛的銷售趨勢的問題。 Randy、Shake Shack 和更廣泛（聽不清）的休閒與 QSR。我的意思是，差距一直很明顯。但與此同時，我們從沒想過會看到 Shake Shack 的得來速單元，或者我想你說的是高速公路單元和美食廣場。顯然，無論消費者在哪裡尋找需求，您都可以滿足需求。但是進一步發展的潛力是什麼？我知道您提到您不會享用超值餐點，但似乎會提供某種捆綁服務以吸引低收入消費者或國家電視台。我的意思是，您認為您的細分市場和傳統 QSR 之間的界限可能在哪裡進一步模糊？然後我進行了一次跟進。

Yes. Well, whoever said we wouldn't do a drive-thru to our food court. We never say never around here. And I think we're constantly evolving, right? I think we want to go and do the things that other brands are unwilling or unable to do. That doesn't mean that just -- here's how I think about places like oh, a road side, yes, you wouldn't see traditionally a brand or an ingredient to the level that Shake Shack does there. But that's what people want. And when I pull over and get gas on a long ride, I'm elated when I see something that has a better quality than I was expecting from my whole lifetime. We think there's huge opportunity to disrupt those type of environments, whether it's a baseball stadium and by the way, we have both World Series teams are selling Shack burgers in their stadiums. I don't think it's an accident that those teams made the world series because of their healthy diet of Shake Shack in their stadiums. But these are the things that we got to keep doing, whether it's in Korea or Malaysia or all the places we expand.

是的。好吧，誰說我們不會開車去我們的美食廣場。我們從不在這裡說永遠。而且我認為我們在不斷發展，對吧？我想我們想去做其他品牌不願意或做不到的事情。這並不意味著只是——這就是我對諸如路邊之類的地方的看法，是的，傳統上你不會看到像 Shake Shack 那樣的品牌或成分。但這就是人們想要的。當我在長途騎行中停下來加油時，當我看到質量比我一生所期望的更好時，我會很高興。我們認為有巨大的機會來破壞這些類型的環境，無論是棒球場，順便說一下，我們有兩支世界大賽球隊都在他們的體育場內出售 Shack 漢堡。我不認為這些球隊因為他們在體育場內健康飲食的 Shake Shack 而參加了世界大賽並不是偶然的。但這些都是我們必須繼續做的事情，無論是在韓國、馬來西亞還是我們擴張的所有地方。

So to your question, I think it's a huge opportunity for us to keep being who we are in traditional places where the opportunity is vast. That is what drive-thru is about. It's what our expansion of these categories can be all about. And I think we can continue to do it so that the next generation of burger eaters like my kids has a higher expectation of what they should get. This doesn't mean people are going to abandon fast food. It's a fast food has a place. It's great. It's a great deal, and there's a place for that. We're -- we've never been that and we're trying to continue to do this at an elevated premium. Sorry, go ahead on your second question.

所以對於你的問題，我認為這對我們來說是一個巨大的機會，可以在機會巨大的傳統地方保持我們的身份。這就是得來速的意義所在。這就是我們擴展這些類別的目的所在。而且我認為我們可以繼續這樣做，以便像我的孩子這樣的下一代漢堡食客對他們應該得到的東西有更高的期望。這並不意味著人們會放棄快餐。它的快餐有一個地方。這很棒。這是一個偉大的交易，並且有一個地方。我們 - 我們從未如此，我們正試圖以更高的溢價繼續做到這一點。對不起，繼續你的第二個問題。

I was just going to follow up just because clearly impressive to see the comps accelerate through the third quarter and into October, seems like it's counter to all the challenges everyone talks about from a macro standpoint. Just wondering whether you think it's more that you guys are unique because the acceleration could be led by, like you talked about the post Labor Day return to office. I mean clearly, you're somewhat different than a traditional restaurant. I mean, are there any signs of a slow macro on traffic or mix? I mean, what are you looking forward to see some consigns of a slowing macro again, relative to what seems like an accelerating trend, but maybe that's distorted by just the wave of return to office in some major markets.

我只是因為看到比賽在第三季度加速到 10 月顯然令人印象深刻，這似乎與每個人從宏觀角度談論的所有挑戰背道而馳。只是想知道你是否認為你們是獨一無二的，因為加速可以被引導，就像你談到勞動節後重返辦公室一樣。我的意思很清楚，您與傳統餐廳有些不同。我的意思是，是否有任何跡象表明流量或混合的宏觀放緩？我的意思是，相對於看似加速的趨勢，你期待再次看到宏觀放緩的一些跡象，但也許這被一些主要市場的複職浪潮扭曲了。

Well, I think it's rather than distorted, I'd say it's certainly supported by that return to office. There's no question. That's a little bit more of a wind at our back. But again, we -- as we've said, we generally trend a little bit higher income guest that tends to be stronger right now than our lower-income guests and people who shop that way.

嗯，我認為這不是被扭曲了，我會說這肯定得到了重返辦公室的支持。沒有問題。這在我們的背後有點風。但同樣，我們 - 正如我們所說，我們通常傾向於高收入的客人，現在往往比我們的低收入客人和以這種方式購物的人更強大。

But I think we got to be careful because there's going to be lower income weakness. There's going to be trade-outs. People are going to have to make these decisions. And I think we've got to prepare for a lot of scenarios in this next few quarters. So our guidance assumes kind of a blend of that continued return to the tailwinds of urban mobility balanced with -- there's got to be some trade down. Also in some of our -- some of our places that require more travel related to destination of the strong dollar isn't helping us, right? And you'll see that balance.

但我認為我們必須小心，因為低收入將會出現疲軟。會有交易的。人們將不得不做出這些決定。我認為我們必須為接下來幾個季度的很多情況做好準備。因此，我們的指導假設將持續回歸城市交通的順風與平衡 - 必須進行一些交易。同樣在我們的一些地方——我們的一些地方需要更多與強勢美元目的地相關的旅行，這對我們沒有幫助，對吧？你會看到這種平衡。

So I think it's a measured puts and takes on both of those things happening that led to our kind of mid-single-digit comp guidance for Q4 that we feel good about. And believe it or not, Q4 last year, people forget before Omicron hit, there was an accelerating trend in our business and many others in that November, December timeframe. We're actually up against some really strong comps in November and December of last year. And then as we all know, right around Christmas and the New Year, it kind of fell off with Omicron and everybody you knew was testing positive, right? That's the trend. But that is actually a headwind for us in the comp line as we look at PE 11 and 12.

因此，我認為這是對發生的這兩件事的衡量，導致我們對第四季度的中等個位數組合指導感到滿意。不管你信不信，去年第四季度，人們忘記了在 Omicron 出現之前，在 11 月和 12 月的時間框架內，我們的業務和許多其他業務都出現了加速趨勢。我們實際上在去年 11 月和 12 月遇到了一些非常強大的比賽。然後我們都知道，就在聖誕節和新年前後，Omicron 的情況有所下降，你認識的每個人都檢測呈陽性，對吧？這就是趨勢。但這實際上對我們來說是一個不利因素，因為我們查看 PE 11 和 12。

Our next question is with Drew North from Baird.

我們的下一個問題是來自 Baird 的 Drew North。

Great. I had a follow-up on the margin outlook. Given the current sales trajectory and cost outlook and the inflammation of the latest price increase. I was hoping you could provide some perspective how you're thinking about the annualized margin rate exit 2022. Not asking about Q4 specifically, that guidance is clear, but maybe how we should be thinking about 2023 based on what you're seeing right now? And maybe any early indication of how you're thinking about commodity or labor inflation into next year.

偉大的。我對利潤率前景進行了跟進。鑑於當前的銷售軌跡和成本前景以及最新價格上漲的影響。我希望您能提供一些關於您如何考慮退出 2022 年的年化保證金率的觀點。沒有具體詢問第四季度，該指導很明確，但也許我們應該根據您現在所看到的情況來考慮 2023 年?也許任何早期跡象表明你如何看待明年的商品或勞動力通脹。

Yes. So we're not going to be giving any outlook on 2023, specifically today. The puts and takes of our 4Q margin guidance for 16% to 18%. Look, some of that will come where we fall on sales and how much price realization we capture with the most recent price increase. We've taken an appropriately conservative approach assuming that we have about 50% to 70% of that price increase and how urban mobility trends play out. I also have to just mention we have 17 new Shacks that we're opening between now, we expect to open between now and the end of the year. And we are taking a more conservative approach to thinking about how that can contribute to our revenue and our profits, but it's possible that some of those could come in ahead of expectations.

是的。因此，我們不會對 2023 年給出任何展望，尤其是今天。我們的 4Q 利潤率指引為 16% 至 18%。看，其中一些將出現在我們銷售下降的地方，以及我們在最近的價格上漲中獲得了多少價格實現。我們採取了適當保守的方法，假設我們有大約 50% 到 70% 的價格上漲以及城市交通趨勢如何發揮作用。我還不得不提一下，從現在到今年年底，我們將開放 17 個新的小屋。我們正在採取更保守的方法來思考這將如何為我們的收入和利潤做出貢獻，但其中一些可能會超出預期。

And then finally, the overarching had a question about where our T&E ends up landing as we're supporting all of these openings as well and the impact to our overall system just from having to borrow some teams to support those open. So that's how I would be thinking about kind of the bottom end to the top end of that range on that front.

最後，最重要的問題是我們的 T&E 最終會在哪裡登陸，因為我們也支持所有這些空缺，以及僅僅借用一些團隊來支持那些空缺對我們整個系統的影響。所以這就是我會如何考慮該範圍的底端到頂端的那種。

And then we do expect inflationary pressures to persist. We're going to probably be investing more in our team members into 2023. And there's likely to be some puts and takes on the inflation line for our food and paper cost. But it is probably going to be more inflationary next year.

然後我們確實預計通脹壓力將持續存在。到 2023 年，我們可能會對我們的團隊成員進行更多投資。而且我們的食品和紙張成本可能會出現一些通貨膨脹。但明年可能會更加通脹。

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。

Randy, at the beginning of the call, you mentioned a goal to, I guess, have an intense operational focus. And if you haven't already addressed it on the call and I'm sorry, if you maybe touched on various parts of it. Could you talk about what exactly that means? I heard maybe your staffing levels are a little bit less than what you'd like and you'd want to increase hours in certain stores. But what are the major opportunities that you see operationally for the brand in the near term? And is that something that you're hearing from customers? I mean, I don't know exactly what that would be maybe, what speed of service or food quality is not as consistent. Things that I don't think really have changed in the past couple of years, but I just wanted to see what would have driven that comment from your perspective.

蘭迪，在電話會議開始時，你提到了一個目標，我想，有一個強烈的運營重點。如果你還沒有在電話會議上解決它，我很抱歉，如果你可能觸及了它的各個部分。你能談談這到底是什麼意思嗎？我聽說您的人員配備水平可能比您想要的要少一些，並且您想增加某些商店的營業時間。但是，您在短期內看到該品牌在運營方面的主要機會是什麼？這是您從客戶那裡聽到的嗎？我的意思是，我不知道那可能是什麼，服務速度或食品質量不那麼一致。在過去的幾年裡，我認為沒有真正改變的事情，但我只是想看看是什麼從你的角度推動了這種評論。

Thanks, John. Yes, let's start with this. As I said, most of our gains are coming in the Shack, right? Our -- the last couple of quarters, we've started to return to more of -- obviously, our digital is retaining and really strong, but our gains are coming in the restaurant. It tells you people are coming back. People want to hang out at Shake Shack and want to come in there and hang out. With that, you've got just a return to increased foot traffic and how things work in the Shacks.

謝謝，約翰。是的，讓我們從這個開始。正如我所說，我們的大部分收益都來自 Shack，對吧？我們的 - 在過去的幾個季度，我們已經開始回歸更多 - 顯然，我們的數字化正在保留並且非常強大，但我們的收益來自餐廳。它告訴你人們正在回來。人們想在 Shake Shack 閒逛，想進來閒逛。這樣，您就可以恢復人流量的增加以及棚屋中的工作方式。

On top of the digital channels that never existed a few years ago, right? So we've got to get better. It starts with what you said with staffing. We're not staffed everywhere all the time where we want to be. Now there's some Shacks out there that I'm incredibly proud of day in, day out that are just crushing it on every aspect of those goals. And there are some that are not, and we need to do better on that.

在幾年前從未存在過的數字渠道之上，對吧？所以我們必須變得更好。首先是你所說的人員配備。我們並非始終在我們想去的任何地方都配備人員。現在有一些 Shacks 日復一日地讓我感到無比自豪，它們只是在這些目標的各個方面都粉碎了它。還有一些不是，我們需要在這方面做得更好。

And where we are, we are very self-aware and a lot of it begins and almost always ends with being fully staffed. That's what it's about. But it's also about clean restaurants. It's about making sure we're keeping up with R&M. You saw that be a little elevated this quarter. You're going to see that as we continue to keep our restaurants clean, working and going. And as our restaurants, some of them get a little bit older. It's about flow. It's about how do we move food? How do we continue to evolve from all of these kind of ups and downs of COVID-related operational decisions, whether it's in packaging or flow or digital pickup with delivery drivers and all of these things that are in a flow and they're evolving. And we've just got to keep that focus.

在我們所處的位置，我們非常有自我意識，其中很多開始和幾乎總是以人員配備齊全而結束。這就是它的意義所在。但這也與乾淨的餐廳有關。這是為了確保我們跟上 R&M 的步伐。你看到這個季度有點高。隨著我們繼續保持餐廳清潔、工作和正常運轉，您將看到這一點。作為我們的餐廳，他們中的一些人變得有點老了。是關於流量的。這是關於我們如何運送食物？我們如何繼續從所有這些與 COVID 相關的運營決策的起起落落中發展，無論是在包裝或流程中，還是與送貨司機一起進行數字取貨，以及所有這些都在流程中並且它們正在發展的事情。我們必須保持專注。

And so much of our focus has been on digital and will remain there. But as people return, it's another call to action for us to just get in our restaurant and be relentless about how we execute. So to your question about guess expectations, our likelihood to recommend or kind of scores that we measure have only improved over time. So we feel really good about that. And -- but we will not satisfied. We still need to be better. That's where we're going to be spending a lot of our time.

我們的大部分重點都放在了數字化上，並將繼續存在。但隨著人們的回歸，我們再次呼籲採取行動，進入我們的餐廳，對我們的執行方式毫不留情。因此，對於您關於猜測期望的問題，我們推薦的可能性或我們衡量的分數類型只會隨著時間的推移而提高。所以我們對此感覺非常好。而且——但我們不會滿足。我們還需要變得更好。這就是我們將花費大量時間的地方。

We have now reached the end of our question-and-answer session. And I would now like to turn the call back over to Randy Garutti, CEO for closing comments.

現在，我們的問答環節已經結束。我現在想將電話轉回給首席執行官 Randy Garutti 以結束評論。

Thanks so much, everybody. We appreciate all your time, and I hope to see you at the Shack soon. Be well. Take care.

非常感謝大家。感謝您的所有時間，我希望很快能在 Shack 見到您。好好的。小心。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。