Shake Shack Inc (SHAK) 2022 Q4 法說會逐字稿

Good day, and welcome to the Shake Shack Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

美好的一天，歡迎來到 Shake Shack 2022 年第四季度收益電話會議。此時，所有參與者都處於只聽模式。正式介紹後將進行簡短的問答環節。 （操作員說明）提醒一下，正在錄製此會議。

At this time, I'd like to turn the call over to Annalee Leggett, Senior Manager of Investor Relations and FP&A.

此時，我想把電話轉給投資者關係和 FP&A 高級經理 Annalee Leggett。

Thank you, and good morning, everyone.

謝謝大家，早上好。

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

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 on our earnings release and financial details section of our shareholder letter.

在今天的電話會議中，我們將討論非 GAAP 財務指標，我們認為這對評估我們的業績很有用。不應孤立地考慮提供此附加信息或替代根據 GAAP 編制的結果。我們的股東信函的收益發布和財務細節部分提供了與可比的 GAAP 措施的對賬。

Some of today's statements may be forward looking, and actual results may differ materially 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，實際結果可能與許多風險和不確定性存在重大差異，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 fourth quarter 2022 Shareholder Letter, which can be found at invest.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 年第四季度股東信，該信可以在 invest.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.

謝謝，安娜莉。大家，早安。

2022 was a year of continuous improvement in Shack formats and [feel], culinary innovation and focused strategic planning for the exciting road we have ahead. We ended the year opening 69 Shacks globally, growing our unit count by more than 18%, with system-wide sales expanding more than 22% year-over-year to a record $1.4 billion.

2022 年是 Shack 格式和 [感覺]、烹飪創新以及我們前面激動人心的道路的重點戰略規劃不斷改進的一年。年底，我們在全球開設了 69 家 Shacks，單位數量增長了 18% 以上，全系統銷售額同比增長 22% 以上，達到創紀錄的 14 億美元。

Our total revenue grew over 21% to approximately $900 million, led by new openings and 7.8% same-Shack sales. We continue to build back our Shack-level operating profit margins to 17.4% for the year, exiting the year at 18.8% in the fourth quarter, all the while continuing to demonstrate the global appeal of our brand as we stand for something good in all that we do, elevating our teams and communities along the way.

我們的總收入增長了 21% 以上，達到約 9 億美元，這主要得益於新開張的營業額和 7.8% 的同屋銷售額。我們繼續將全年的 Shack 級營業利潤率提高到 17.4%，第四季度為 18.8%，同時繼續展示我們品牌的全球吸引力，因為我們代表著美好的事物我們這樣做，一路提升我們的團隊和社區。

We ended the year with solid momentum in the fourth quarter, raising average weekly sales, expanding our margins and investing with discipline on G&A and CapEx. Our performance was led by price and strong in-Shack traffic growth, reaching $76,000 in average weekly sales and 5.1% in same-Shack sales. This momentum has carried into January with total revenue up nearly 35%, including a 17% comp and double-digit traffic growth, as we lapped last year's heavy impact from Omicron.

我們在第四季度以強勁的勢頭結束了這一年，提高了平均每週銷售額，擴大了我們的利潤率，並在 G&A 和資本支出方面進行了嚴格的投資。我們的業績主要受價格和 Shack 內客流量的強勁增長帶動，平均每週銷售額達到 76,000 美元，同一 Shack 銷售額增長 5.1%。這一勢頭一直持續到 1 月份，總收入增長了近 35%，其中包括 17% 的收入增長和兩位數的流量增長，因為我們去年受到了 Omicron 的巨大影響。

Our licensed business performed well in the fourth quarter despite pressures from COVID-related disruptions in China and other regions, and some of that volatility in our China Shacks has subsided in January and we're cautiously optimistic that things can begin to level out towards a more normalized sales environment internationally this year.

儘管中國和其他地區與 COVID 相關的中斷帶來壓力，但我們的許可業務在第四季度表現良好，而且我們的中國 Shacks 的一些波動在 1 月份已經消退，我們對事情可以開始趨於平穩持謹慎樂觀態度今年國際銷售環境更加規範化。

Our 18.8% Shack-level operating profit margin in the fourth quarter were supported by our October menu price increase, efficiencies in labor, and positive channel mix as more guests return in-Shack. Rest assured though that our work to build our profitability is far from done. We have a plan in place to continue this improvement in 2023.

我們在第四季度達到 18.8% 的 Shack 級營業利潤率，這得益於我們 10 月份的菜單價格上漲、勞動力效率以及隨著更多客人返回 Shack 的積極渠道組合。請放心，我們建立盈利能力的工作遠未完成。我們制定了在 2023 年繼續改進的計劃。

And given the uncertain economic backdrop, we expect conditions to remain challenging for some time. However, we are confident that we have the right strategic priorities and team in place across the company to navigate these pressures and set us up for solid long-term growth.

鑑於不確定的經濟背景，我們預計一段時間內情況仍將充滿挑戰。然而，我們相信我們在整個公司都有正確的戰略重點和團隊來應對這些壓力並為我們的長期穩健增長做好準備。

We've shared a lot of detail around our '23 strategic plan at the ICR Conference in January, presentation and replay of which is available on our IR website. Today I want to recap where we're focused this year.

我們在 1 月份的 ICR 會議上分享了很多關於我們 '23 戰略計劃的細節，我們的 IR 網站上提供了演示和重播。今天我想回顧一下我們今年的重點。

Our number one focus is on recruiting, rewarding and retaining a winning team. Fielding an exceptional team is the key ingredient to operating efficient and successful Shacks. We have not been immune to the staffing challenges the industry has faced and we've doubled down on recruitment, retention and training efforts. We've raised pay, expanded benefits, added tips and enhanced access to the opportunities our team members have to advance in making Shake Shack a real career choice.

我們的首要任務是招募、獎勵和留住一支成功的團隊。組建一支出色的團隊是高效和成功運營 Shacks 的關鍵因素。我們未能倖免於該行業面臨的人員配置挑戰，我們在招聘、保留和培訓方面加倍努力。我們提高了薪酬，擴大了福利，增加了小費，並增加了我們團隊成員獲得發展機會的機會，使 Shake Shack 成為真正的職業選擇。

Last year, we filled nearly 60% of operations leadership positions with internal candidates, a critical pipeline to meet our growth goals. 77% of our promotions were awarded to people of color and over 50% to women. While many Shacks remain below their optimal staffing levels, we've seen marked improvement in hiring over the last few months.

去年，我們用內部候選人填補了近 60% 的運營領導職位，這是實現我們增長目標的關鍵渠道。我們 77% 的促銷活動授予有色人種，超過 50% 的促銷活動授予女性。雖然許多 Shacks 的人員配置水平仍低於最佳水平，但我們已經看到過去幾個月的招聘情況有了顯著改善。

And let's remember that we opened 22 domestic company-operated Shacks in the fourth quarter, so we're still in the midst of a lot of training and moving team members around to support new openings. We're expecting to have some additional costs running into the first quarter as we get to more optimal operations. We still have a lot of work to do, but we're incredibly proud of how the team is developing.

讓我們記住，我們在第四季度開設了 22 家國內公司運營的 Shacks，因此我們仍在進行大量培訓和調動團隊成員以支持新的開業。隨著我們實現更優化的運營，我們預計第一季度會有一些額外成本。我們還有很多工作要做，但我們為團隊的發展感到無比自豪。

Our second priority, keeping our relentless focus on the guest experience. Shake Shack has always been differentiated from traditional fast-food and we win by doing what most QSR and other restaurants are either unwilling or unable to do. Between collaborating with celebrity chefs for marquee events and LTOs to partnering with media companies like Hot Ones as well as brands like Maker's Mark for our bourbon bacon jam. We are continually learning how to better drive engagement with new and existing guests.

我們的第二要務是始終不懈地關注賓客體驗。 Shake Shack 一直與傳統快餐區分開來，我們通過做大多數 QSR 和其他餐廳不願意或不能做的事情來取勝。從與名廚合作舉辦大型活動和 LTO，到與 Hot Ones 等媒體公司以及 Maker's Mark 等品牌合作推出我們的波旁培根果醬。我們不斷學習如何更好地推動與新老客人的互動。

This past week, we launched our White Truffle LTO, which includes the White Truffle Burger, a vegetarian option, with the White Truffle 'Shroom and Parmesan White Truffle Fries. This is a great example of something only Shake Shack can do, creating an elevated affordable culinary experience.

上週，我們推出了白松露 LTO，其中包括白松露漢堡、一種素食選擇、白松露蘑菇和巴馬干酪白松露薯條。這是只有 Shake Shack 才能做的事情的一個很好的例子，它創造了一種更實惠的烹飪體驗。

It'll also be a big year for plant-based innovation. We plan to launch our Non-dairy Chocolate Shake as well as our new Veggie Shack Burger developed right here in our Innovation Kitchen in the West Village. It's an elevated and delicious alternative to the highly processed meatless offerings in the market today. It's packed with mushrooms, farro, quinoa, sweet potatoes, carrots and more, topped with American cheese, crispy onions, pickles and Shack Sauce. I think we've landed on a vegetarian option that's craveable and we look forward to introducing it to a wider audience to get feedback this year.

這也將是植物基創新的重要一年。我們計劃推出我們的非乳製巧克力奶昔以及我們在西村創新廚房開發的新 Veggie Shack 漢堡。它是當今市場上高度加工的無肉產品的高級美味替代品。裡面裝滿了蘑菇、法羅、藜麥、紅薯、胡蘿蔔等，上面是美國奶酪、香脆洋蔥、泡菜和沙司。我認為我們已經找到了令人垂涎的素食選擇，我們期待今年將其介紹給更廣泛的受眾以獲得反饋。

We also plan to keep a rotating group of LTOs to drive frequency and you'll see various tests on a number of new items through the year, including new packaging, caffeinated lemonades, mini shakes and more. We're offering a better overall experience, committed to premium ingredients and greeting our guests with genuine hospitality. This is our competitive advantage and our focus. If we do this well, we believe more people than ever will come.

我們還計劃保留一組輪換的 LTO 來驅動頻率，您將看到全年對許多新產品進行各種測試，包括新包裝、含咖啡因的檸檬水、迷你奶昔等。我們提供更好的整體體驗，致力於使用優質食材，並以真誠的款待迎接我們的客人。這是我們的競爭優勢，也是我們的重點。如果我們做得好，我們相信會有比以往更多的人來。

Our third priority is focused on development and how we grow from here. We believe our total addressable market globally continues to expand. We opened 36 domestic company-operated Shacks in 2022. In the fourth quarter alone, we opened 22 restaurants in a balance of formats, including core Shacks, small formats and five new drive-thrus. While many of these Shacks opened just weeks and, in some cases, just days before the quarter ended, we're encouraged with the early results as they settle into 2023.

我們的第三個優先重點是發展以及我們如何從這裡成長。我們相信我們在全球的總目標市場將繼續擴大。 2022 年，我們在國內開設了 36 家公司經營的 Shacks。僅在第四季度，我們就以多種業態平衡開設了 22 家餐廳，包括核心 Shacks、小型業態和 5 家新的得來速餐廳。雖然其中許多 Shacks 僅幾週才開業，在某些情況下，就在本季度結束前幾天，但我們對他們進入 2023 年的早期結果感到鼓舞。

This coming year, we expect to open about 40 Shacks, with roughly six of them in this first quarter, having just opened a new drive-thru in Dublin, Ohio and a core Shack right here in New York City in Brooklyn's Bed-Stuy neighborhood. Currently, we have 24 Shacks under construction.

明年，我們預計將開設大約 40 家 Shacks，其中大約有 6 家將在第一季度開設，我們剛剛在俄亥俄州都柏林開設了一家新的得來速餐廳，並在紐約市布魯克林的 Bed-Stuy 社區開設了一家核心 Shack .目前，我們有 24 個 Shacks 在建。

On drive-thru specifically, with 12 opened today, we're encouraged by the initial reads and are targeting to nearly double that with our plans to open 10 to 15 more drive-thrus this year. We know there's still much we have to learn and much to prove out as we've been rolling out a few different designs as well as kitchen flows so that we can optimize this investment for learning quickly and evolving the model for the long run.

具體來說，今天開了 12 家得來速餐廳，我們對最初的閱讀感到鼓舞，併計劃今年再開 10 到 15 家得來速餐廳。我們知道我們還有很多東西需要學習和證明，因為我們已經推出了一些不同的設計和廚房流程，以便我們可以優化這項投資以快速學習並長期發展模型。

Our licensed Shack business is the other key part of our development strategy. In 2022, our partners opened 33 licensed Shacks, 20 of those in Asia, three in the Middle East region, two in Mexico, and eight in the United States in our airports, travel plazas and event venues. This is an asset-light way to grow our profitability over the long term, speaks to the strength of our brand which resonates globally across geographies and cultures.

我們獲得許可的 Shack 業務是我們發展戰略的另一個關鍵部分。 2022 年，我們的合作夥伴在我們的機場、旅遊廣場和活動場所開設了 33 家獲得許可的 Shacks，其中 20 家在亞洲，3 家在中東地區，2 家在墨西哥，8 家在美國。這是一種提高我們長期盈利能力的輕資產方式，體現了我們品牌的實力，在全球範圍內跨越地域和文化產生共鳴。

Very few, if any, restaurant companies at our scale have successfully grown with this level of excitement and brand acceptance around the globe, and you'll see us continue to build in existing markets while adding new markets in the future. This year, we expect our partners to open between 25 to 30 more licensed locations across formats and regions with six to seven more in the first quarter. Nearly half of our openings we expect to be in Asia, including a launch in Thailand later this spring.

很少有（如果有的話）像我們這樣規模的餐飲公司能夠在全球範圍內以這種程度的興奮和品牌接受度成功發展，您會看到我們繼續在現有市場上發展，同時在未來增加新市場。今年，我們預計我們的合作夥伴將在第一季度開設 25 至 30 個跨格式和區域的許可地點，其中 6 至 7 個。我們預計將近一半的新店位於亞洲，包括今年春季晚些時候在泰國的新店。

We'll also unlock another format type as we partner with the Atlantis in the Bahamas to open our first ever resort hotel Shack. We will also test our first drive-thru in our licensed business with our partners Alshaya in Dubai. And lastly, we're spending a lot of time considering new countries, territories, and formats, we can grow this critical part of the Shack opportunity for the long term. Our licensed business and partners remain in an incredibly dynamic profitable and powerful way to keep expanding our presence in brands across the globe.

我們還將解鎖另一種格式類型，因為我們與巴哈馬的亞特蘭蒂斯酒店合作開設了我們有史以來的第一家度假酒店 Shack。我們還將與我們在迪拜的合作夥伴 Alshaya 一起測試我們在許可業務中的第一個免下車服務。最後，我們花了大量時間考慮新的國家、地區和形式，我們可以長期發展 Shack 機會的這一關鍵部分。我們的授權業務和合作夥伴保持著令人難以置信的動態盈利和強大的方式，以不斷擴大我們在全球品牌中的影響力。

Our fourth priority is improving our overall company profitability with particular focus on our domestic company-operated Shacks. We know the dynamics over the last few years have impacted our historical margin profile, we're focusing our work to rebuild over the long term. We're committed to improving profitability by driving sales, emphasizing our own higher-margin channels, finding COGS, labor and OpEx efficiencies, improving off-premise profitability, and utilizing strategic menu pricing. We showed margin progression in the fourth quarter and we have the right plan in place.

我們的第四個優先事項是提高我們公司的整體盈利能力，特別關注我們國內公司經營的 Shacks。我們知道過去幾年的動態影響了我們的歷史利潤率，我們正在將工作重點放在長期重建上。我們致力於通過推動銷售、強調我們自己的高利潤渠道、尋找銷貨成本、勞動力和運營支出效率、提高場外盈利能力以及利用戰略菜單定價來提高盈利能力。我們在第四季度顯示了利潤增長，並且我們制定了正確的計劃。

Leading with sales, our priority has to be to retain our winning team. We have to keep improving staffing levels so that we can optimize total hours and sales potential. Our big opportunity, especially in newer markets, is around building our brand strength. We've been testing various brand campaigns across media channels, investing in targeted performance marketing and more than ever, building community marketing with our regional leaders participating in and supporting more local events than ever.

在銷售方面處於領先地位，我們的首要任務是留住我們獲勝的團隊。我們必須不斷提高人員配備水平，以便我們能夠優化總工作時間和銷售潛力。我們的大機遇，尤其是在較新的市場，圍繞著建立我們的品牌實力。我們一直在跨媒體渠道測試各種品牌活動，投資於有針對性的績效營銷，並且比以往任何時候都更加投入，與我們的區域領導者一起建立社區營銷，參與和支持比以往更多的本地活動。

On the expense side, we've got an intense focus on every line of the P&L in our Shacks. We're building teams to collaborate with our operators, designers and suppliers to go after the profitability measures we can tackle this year, and Katie will talk more about these efforts in a bit.

在費用方面，我們非常關注 Shacks 中損益表的每一行。我們正在組建團隊，與我們的運營商、設計師和供應商合作，以實現我們今年可以解決的盈利措施，凱蒂稍後會更多地談論這些努力。

Finally, as we build an enduring company, we are committed to investing with discipline. We see growth opportunities with a strong return potential across development, digital and our business overall. In the last few years, we made the critical decision to fortress our balance sheet with a historically low cost of capital. That's provided us with the dry powder to grow in this current environment and we're committed to doing it with discipline while remaining aggressive.

最後，在我們打造一家經久不衰的公司時，我們致力於有紀律地進行投資。我們在開發、數字和我們的整體業務中看到了具有強大回報潛力的增長機會。在過去的幾年裡，我們做出了一個關鍵的決定，即以歷史最低的資本成本來鞏固我們的資產負債表。這為我們提供了在當前環境中成長的干粉，我們致力於在保持積極進取的同時遵守紀律。

You'll see us continue to deploy capital towards strong returns in four main areas: building Shacks; updating our current Shacks; investing in our digital infrastructure; and structuring our home office capabilities to support our restaurants. We have historically outperformed our long-term AUVs targets while delivering strong cash-on-cash returns. Over the last few years with profitability under pressure and net build costs elevated on average, our new Shacks generated returns just below long-term targets. Building back our Shack-level op profit margin as well as addressing higher build costs is the work to be done to bring us back to our longer-term return targets.

您會看到我們繼續在四個主要領域部署資本以獲得豐厚回報：建造棚屋；更新我們當前的 Shacks；投資於我們的數字基礎設施；構建我們的家庭辦公能力以支持我們的餐廳。從歷史上看，我們的表現優於我們的長期 AUV 目標，同時提供了強勁的現金回報。在過去幾年中，由於盈利能力面臨壓力，淨建造成本平均上升，我們新的 Shacks 產生的回報略低於長期目標。重建我們的 Shack-level op 利潤率以及解決更高的建造成本是使我們回到我們的長期回報目標的工作。

The Shack class of '22 average net build cost is tracking around $2.4 million. Inflationary pressures in the building and construction market worked against us last year, but we're also investing in a more expensive mix of Shacks with drive-thrus included. In 2023, we expect a similar build and cost mix as we target 10 to 15 drive-thru Shacks. We're addressing cost-savings where we can for the class of '23 and beyond. We've cast our operational and construction design teams to work towards bringing down long-term average cost to build for all formats.

22 年平均淨建造成本的 Shack 級別約為 240 萬美元。建築市場的通貨膨脹壓力去年對我們不利，但我們也在投資更昂貴的 Shacks 組合，包括得來速。到 2023 年，我們預計會有類似的建設和成本組合，因為我們的目標是 10 到 15 個得來速 Shacks。我們正在為 23 歲及以後的學生解決成本節約問題。我們已經讓我們的運營和建築設計團隊努力降低為所有格式構建的長期平均成本。

We're going to keep building Shacks to win with focused and scalable designs and formats where we know we can drive strong returns over the long term. We've got the right plan and team in place for '23 and we'll keep you posted on progress as we go.

我們將繼續打造 Shacks，以專注且可擴展的設計和形式取勝，我們知道我們可以在這些方面帶來豐厚的長期回報。我們已經為 23 年制定了正確的計劃和團隊，我們會隨時向您通報進展情況。

With that, I'll hand it off to Katie to share more about the details of the quarter and expectations looking forward.

有了這個，我將把它交給凱蒂，分享更多關於本季度的細節和對未來的期望。

Great. Thank you. So, good morning.

偉大的。謝謝。那麼，早上好。

We ended the year on an optimistic note with increased momentum and evidence that our strategic priorities are the right ones to help build back our profitability and grow our long-term opportunity. We showed strong progress in the quarter with year-over-year measures at high-teens revenue growth, 240 basis points of restaurant margin expansion and over 55% growth in adjusted EBITDA. We executed on all of this despite facing labor availability pressures, supply chain challenges, high single-digit food and paper inflation, and many other pressures across our P&L.

我們以樂觀的態度結束了這一年，勢頭和證據表明我們的戰略重點是幫助我們恢復盈利能力和增加長期機會的正確選擇。我們在本季度取得了強勁的進展，與去年同期相比，收入增長達到了十幾歲，餐廳利潤率增長了 240 個基點，調整後的 EBITDA 增長了 55% 以上。儘管面臨勞動力供應壓力、供應鏈挑戰、高個位數的食品和紙張通脹以及我們損益表中的許多其他壓力，我們還是執行了所有這些。

We delivered fourth quarter total revenue of $238.5 million, up 17.4% year-over-year. Shack sales also grew 17.4% to $229.9 million and licensing revenue grew 16.6% to $8.6 million.

我們第四季度的總收入為 2.385 億美元，同比增長 17.4%。棚屋銷售額也增長 17.4% 至 2.299 億美元，許可收入增長 16.6% 至 860 萬美元。

We generated Shack-level operating profit margin of 18.8% and grew adjusted EBITDA to $19.3 million. For the full year 2022, including the severe impact that Omicron had on our sales and our profitability earlier in the year, we grew adjusted EBITDA by 25.8% to $70.5 million.

我們創造了 18.8% 的 Shack 級營業利潤率，並將調整後的 EBITDA 增長至 1,930 萬美元。對於 2022 年全年，包括 Omicron 在今年早些時候對我們的銷售和盈利能力產生的嚴重影響，我們調整後的 EBITDA 增長了 25.8% 至 7050 萬美元。

In the fourth quarter, we (technical difficulty) $364.1 million in system-wide sales and for the full year, we exceeded $1.4 billion, with 436 total Shacks, including 69 new Shacks opened in 2022 in the U.S. and abroad.

第四季度，我們（技術難度）的全系統銷售額為 3.641 億美元，全年超過 14 億美元，共有 436 個 Shacks，其中包括 2022 年在美國和國外開設的 69 個新 Shacks。

In October, we raised our menu prices by mid to high single-digits. This is across the various strategy of between 2% to 10% across price tiers. This was needed to help address high single-digit food and paper inflation and the continued investments we're making in our team members. With this, we expect to maintain a blended high single-digit price across our channels in the first half of the year of 2023, as we will roll off the March 2022 price increase of 3.5% menu and additional 5% in third-party delivery premiums.

10 月，我們將菜單價格上調了中高個位數。這是跨價格層級的 2% 到 10% 之間的各種策略。這有助於解決高單位數的食品和紙張通貨膨脹以及我們對團隊成員的持續投資。有了這個，我們預計在 2023 年上半年我們的渠道將保持一個混合的高個位數價格，因為我們將取消 2022 年 3 月菜單價格上漲 3.5% 和第三方交付額外 5% 的價格保費。

In the fourth quarter, we generated $76,000 in average weekly sales, up from $73,000 in the third quarter. This was supported by price increases and in-Shack traffic. We grew same-Shack sales by 5.1% versus 2021, our (technical difficulty) was down 90 basis points versus the prior year as we lapped a particularly strong 4Q '21 traffic of up 18%. In-Shack traffic was positive as guests returned to more normal patterns. Price/mix was 6% in the quarter, with the benefit of higher menu prices partially offset by a mix headwind due to stronger in-Shack performance that skews to more single-order -- protein orders.

第四季度，我們的平均每週銷售額為 76,000 美元，高於第三季度的 73,000 美元。這得到了價格上漲和 Shack 內流量的支持。與 2021 年相比，我們的同屋銷售額增長了 5.1%，我們的（技術難度）與上一年相比下降了 90 個基點，因為我們在 21 年第四季度的流量增長了 18%，特別強勁。隨著客人恢復到更正常的模式，小屋內的交通是積極的。本季度的價格/混合比例為 6%，菜單價格上漲的好處部分被混合逆風所抵消，原因是更強勁的 in-Shack 表現偏向於更多的單一訂單——蛋白質訂單。

We remain encouraged by the digital frequency and spend measures even as more customers are going back to omnichannel experiences and coming back into our Shacks. In the third -- in the fourth quarter, 36% of Shack sales were from our digital channels of app, web, and third-party delivery. And since March 2020, we have obtained 4.8 million digital first-time purchasers in our app and web channel.

即使越來越多的客戶回到全渠道體驗並回到我們的 Shacks，我們仍然對數字頻率和支出措施感到鼓舞。在第三季度和第四季度，Shack 銷售額的 36% 來自我們的應用程序、網絡和第三方交付的數字渠道。自 2020 年 3 月以來，我們在我們的應用程序和網絡渠道中獲得了 480 萬數字首次購買者。

This is one reason we are focused on refining and optimizing all of our channels, leveraging many of our existing investments in our app, web and kiosks to drive acquisition, frequency, and conversion. An example here is our digital work inside the Shacks, where we are on target to roll out kiosks to nearly all domestic company-operated Shacks by the end of the year. Kiosks remains our highest-margin channel and guests spend more on kiosk orders than non-traditional in-check orders.

這是我們專注於改進和優化所有渠道的原因之一，利用我們在應用程序、網絡和信息亭上的許多現有投資來推動獲取、頻率和轉化。這裡的一個例子是我們在 Shacks 內部的數字工作，我們的目標是到今年年底向幾乎所有國內公司運營的 Shacks 推出信息亭。自助服務亭仍然是我們利潤率最高的渠道，客人在自助服務亭訂單上的花費比非傳統的入住訂單多。

In the fourth quarter, urban Same-Shack sales grew 8%. This was a function of positive price/mix and traffic growth. Suburban Shack sales grew 3% in the quarter, driven by positive price/mix and modest traffic declines year-over-year.

第四季度，城市 Same-Shack 銷售額增長了 8%。這是積極的價格/組合和流量增長的結果。郊區小屋的銷售額在本季度增長了 3%，這得益於積極的價格/組合和客流量同比適度下降。

Going into January, return to work and overall mobility trends remained strong and, in some instances, improved. Our fourth quarter openings also performed well. We generated AWS of $72,000 and same-Shack sales of 17%, driven by increases in traffic and price. Now, while Omicron had the largest impact on our sales in January '22, our sales recovered throughout the first quarter, so we expect our comp to moderate throughout the remainder of the first quarter. In addition, we expect a number of the strong fourth quarter openings to see sales come back to more normalized levels in the coming months.

進入 1 月，重返工作崗位和整體流動性趨勢依然強勁，在某些情況下甚至有所改善。我們的第四季度開業也表現良好。在流量和價格上漲的推動下，我們產生了 72,000 美元的 AWS 和 17% 的 same-Shack 銷售額。現在，雖然 Omicron 在 22 年 1 月對我們的銷售額影響最大，但我們的銷售額在整個第一季度都在恢復，因此我們預計我們的公司在第一季度的剩餘時間裡會有所緩和。此外，我們預計許多強勁的第四季度開業銷售將在未來幾個月內恢復到更正常的水平。

Licensing sales in the fourth quarter were $134.1 million, up 13% year-over-year, and licensing revenue was $8.6 million. Strong holiday demand and travel benefited our licensed Shacks, however, license sales saw a significant impact from COVID pressures in China and pressures from the stronger U.S. dollar.

第四季度的許可銷售額為 1.341 億美元，同比增長 13%，許可收入為 860 萬美元。強勁的假期需求和旅行使我們獲得許可的 Shacks 受益，但是，許可銷售受到中國 COVID 壓力和美元走強壓力的重大影響。

In 2022, our licensed partners opened 33 new Shacks, including 13 in the fourth quarter, bringing our net licensed Shack count to 182 at the end of the year. Our licensed Shack expansion is off to a strong start this year with six licensed Shack openings quarter-to-date and we expect to open a total of 25 to 30 licensed shacks in 2023.

2022 年，我們的許可合作夥伴開設了 33 個新的 Shacks，其中第四季度為 13 個，使我們在年底的淨許可 Shack 數量達到 182 個。我們獲得許可的 Shack 擴展今年開局良好，本季度迄今開設了 6 個獲得許可的 Shack，我們預計到 2023 年將總共開設 25 至 30 個獲得許可的棚屋。

Fourth quarter Shack-level operating profit was $43.2 million or 18.8% of Shack sales, 240 basis points higher versus last year despite inflationary pressures across our Shack P&L. We achieved this with higher menu prices, strong sales performance, labor efficiencies and positive channel mix.

第四季度 Shack 級營業利潤為 4320 萬美元，佔 Shack 銷售額的 18.8%，儘管我們的 Shack P&L 面臨通貨膨脹壓力，但比去年高出 240 個基點。我們通過更高的菜單價格、強勁的銷售業績、勞動力效率和積極的渠道組合實現了這一目標。

Our margin performance in the quarter really layers up to the four-point plan we have in place to show more sustained improvement in our profitability.

我們在本季度的利潤率表現確實符合我們制定的四點計劃，以顯示我們的盈利能力得到更持續的改善。

So, first, it's about building back sales with a priority on our own channels as we are more profitable there and can better communicate with those guests. We are highly focused on driving sales in our Shacks while at the same time building our digital guest footprint to support a true omnichannel guest experience.

因此，首先，我們要優先考慮在我們自己的渠道上重建銷售，因為我們在那裡的利潤更高，並且可以更好地與這些客人溝通。我們高度專注於推動 Shacks 的銷售，同時建立我們的數字客戶足跡以支持真正的全渠道客戶體驗。

Second, it's on labor efficiencies and our kiosk rollout here is one-way to better utilize labor in our Shacks. We continue to be encouraged by the strong returns on our investment for the strategy and how it allows our team members to better service our guest and manage through staffing pressures in select markets.

其次，它是關於勞動力效率的，我們在這裡推出的自助服務亭是一種更好地利用我們 Shacks 勞動力的方法。我們繼續為該戰略投資的強勁回報感到鼓舞，以及它如何讓我們的團隊成員更好地為我們的客人提供服務並應對特定市場的人員配置壓力。

Third, we're making progress on our off-premise profitability with more discipline on packaging standards for off-premise orders as well as passing along a portion of the higher cost of delivery to our guests.

第三，我們在場外盈利方面取得了進展，對場外訂單的包裝標準更加嚴格，並將部分較高的交付成本轉嫁給了我們的客人。

And then, last, we're taking a strategic approach to menu pricing, and we're pleased with the initial results of our October menu price raise. However, there is uncertainty around the inflation outlook. While we're not yet seeing these inflations, it's certainly something that's been widely discussed. We hope that in 2023, we see food and paper inflation at the lower end or even below our current expectations. Yet if we do not, we may take some targeted incremental pricing later this year to help protect our profitability.

然後，最後，我們正在對菜單定價採取戰略方法，我們對 10 月份菜單價格上漲的初步結果感到滿意。然而，通脹前景存在不確定性。雖然我們還沒有看到這些通貨膨脹，但它肯定已經被廣泛討論過。我們希望在 2023 年，我們看到食品和紙張通脹處於較低端，甚至低於我們目前的預期。然而，如果我們不這樣做，我們可能會在今年晚些時候採取一些有針對性的增量定價來幫助保護我們的盈利能力。

These four points are really the largest bucket which are moving the needle and how we expect to build back our margins in the coming years, but we're really looking at all line items here for efficiencies. And while we're pleased with our Shack-level operating profit margin progression in the fourth quarter, we know for well not every quarter will show linear improvement. However, we believe addressing our profitability is one of the right priorities for our home office and our operators.

這四點確實是最大的推動因素，也是我們期望在未來幾年恢復利潤的方式，但我們真的在這里關注所有項目以提高效率。雖然我們對第四季度 Shack 級別的營業利潤率增長感到滿意，但我們知道並非每個季度都會顯示線性改善。但是，我們認為解決我們的盈利能力是我們的家庭辦公室和運營商的正確優先事項之一。

In the fourth quarter, food and paper costs were $67.9 million or 29.5% of Shack sales, down 140 basis points quarter-over-quarter and down 150 basis points year-over-year, with benefits driven by menu price, offset by high single-digit food and paper inflation. These costs decline by a low double-digit percent year-over-year, however, the cost of many other items in our basket were up sharply, led by dairy and fries, both of which were up over 25% in the quarter. Packaging was also up about 15% year-over-year.

第四季度，食品和紙張成本為 6790 萬美元，佔 Shack 銷售額的 29.5%，環比下降 140 個基點，同比下降 150 個基點，菜單價格帶來的收益被高單價所抵消-數字食品和紙張通貨膨脹。這些成本同比下降了兩位數的百分比，但是，我們購物籃中許多其他商品的成本急劇上漲，其中以乳製品和薯條為首，這兩種商品在本季度均上漲了 25% 以上。包裝也同比增長約 15%。

Labor and related expenses were 660 -- $66.4 million or 28.9% of Shack sales, down from 29.6% in the fourth quarter of 2021 and down 50 basis points quarter-over-quarter. While staffing levels improved throughout the quarter, we still have an opportunity for further improvement in certain Shacks as well as increasing our overall throughput and efficiency with many of these newly hired team members.

人工及相關費用為 660 - 6640 萬美元，佔 Shack 銷售額的 28.9%，低於 2021 年第四季度的 29.6%，環比下降 50 個基點。雖然整個季度的人員配置水平有所提高，但我們仍然有機會進一步改進某些 Shacks，並通過許多新聘用的團隊成員提高我們的整體吞吐量和效率。

Other operating expenses were $34.1 million or 14.8% of Shack sales, down 10 basis points from the fourth quarter of 2021, benefiting from a lower delivery sales mix. We continue to face inflationary pressures and aspects needed to operate our in-Shack business, including energy, repair and maintenance costs, and costs to maintain our dining rooms, but we are focused on managing these expenses as much as possible.

其他運營費用為 3410 萬美元，佔 Shack 銷售額的 14.8%，比 2021 年第四季度下降 10 個基點，這得益於較低的交付銷售組合。我們繼續面臨通貨膨脹壓力和經營我們的 in-Shack 業務所需的方面，包括能源、維修和維護成本，以及維護我們餐廳的成本，但我們專注於盡可能管理這些費用。

Occupancy and related expenses were $18.2 million or 7.9% of Shack sales, down 20 basis points from the fourth quarter with this really driven by sales leverage.

入住和相關費用為 1820 萬美元，佔 Shack 銷售額的 7.9%，比第四季度下降 20 個基點，這實際上是由銷售槓桿驅動的。

G&A was $31.8 million or 13.3% of total revenue, up from 11.7% of total revenue in the prior quarter, driven by investments needed to support our growth across marketing, operations, and technology. We ended 2022 with $112 million in G&A, adjusted for legal settlement, up over 30% year-over-year.

G&A 為 3180 萬美元，佔總收入的 13.3%，高於上一季度佔總收入的 11.7%，這是由支持我們在營銷、運營和技術方面的增長所需的投資推動的。截至 2022 年，我們的 G&A 為 1.12 億美元，經法律和解調整後，同比增長超過 30%。

Pre-opening costs were $6.5 million in the quarter as we opened 22 new Shacks. Depreciation was $19.2 million.

本季度開業前的成本為 650 萬美元，因為我們開設了 22 家新的 Shacks。折舊為 1920 萬美元。

On a GAAP basis, in the quarter, we reported a pre-tax loss of $4.3 million and a tax expense of $6.8 million. On an adjusted pro forma basis, we reported a pre-tax loss of $4.2 million and a tax benefit of $1.6 million. Excluding the tax impact of stock-based compensation, our adjusted pro forma tax rate in the fourth quarter was 38.5% These adjustments can be found on Page 32 of the Shareholder Letter.

根據 GAAP，本季度我們報告了 430 萬美元的稅前虧損和 680 萬美元的稅費。在調整後的備考基礎上，我們報告了 420 萬美元的稅前虧損和 160 萬美元的稅收優惠。排除股票薪酬的稅收影響，我們在第四季度調整後的備考稅率為 38.5% 這些調整可在股東信函第 32 頁找到。

We realized a net loss attributable to Shake Shack Inc. of $10.7 million or a negative $0.27 per share. On an adjusted pro forma basis, we reported a net loss of $2.6 million or a negative $0.06 per fully exchanged and diluted share.

我們實現了歸屬於 Shake Shack Inc. 的淨虧損 1070 萬美元或每股虧損 0.27 美元。在調整後的備考基礎上，我們報告淨虧損 260 萬美元或每股完全交換和攤薄後的負 0.06 美元。

Finally, our balance sheet is strong and we ended the quarter with $311.2 million in cash and cash equivalents and marketable securities.

最後，我們的資產負債表強勁，本季度末我們擁有 3.112 億美元的現金和現金等價物以及有價證券。

Now, on to guidance for the first quarter and full year 2023, that does not assume any material changes in the macroeconomic conditions or further COVID disruptions.

現在，關於 2023 年第一季度和全年的指導，該指導不假設宏觀經濟狀況發生任何重大變化或 COVID 進一步中斷。

For the first quarter, stronger-than-expected January results and what we're seeing so far in February, this is inclusive of the performance from the recently-opened Shacks, gives us confidence to raise our guidance for Shack sales to $232 million to $237 million and same-Shack sales to grow by high single-digit percent year-over-year.

對於第一季度，1 月份的業績強於預期以及我們在 2 月份到目前為止所看到的情況，這包括最近開業的 Shacks 的業績，這讓我們有信心將 Shack 銷售額的指引提高到 2.32 億美元2.37 億美元，Same-Shack 銷售額同比增長高個位數百分比。

While January results were far ahead of this range, just as a reminder, our compares will get sequentially harder posted mid-February as the Omicron impact subsided. We're also going to be lapping the 3.5% menu price and 5% delivery premium we took in March 2022 and we have no additional prices factored into our guidance today.

雖然 1 月份的結果遠遠超出了這個範圍，但提醒一下，隨著 Omicron 的影響消退，我們的比較將在 2 月中旬發佈時變得更加困難。我們還將採用我們在 2022 年 3 月收取的 3.5% 的菜單價格和 5% 的送貨費，我們今天的指導中沒有額外的價格。

We're seeing strong performance in our domestic and international licensed business, including a rebound in China since lifting the zero-COVID policy and raised our guidance for the licensed revenue in the first quarter to $8.25 million to $8.75 million. We cannot be certain that this strength will persist throughout the quarter and this guidance range does not assume any new COVID closures or pressures.

我們看到我們的國內和國際許可業務表現強勁，包括自取消零 COVID 政策以來在中國的反彈，並將我們對第一季度許可收入的指引上調至 825 萬美元至 875 萬美元。我們無法確定這種優勢是否會在整個季度持續存在，並且該指導範圍不假設任何新的 COVID 關閉或壓力。

So, taken altogether, we now expect total revenue of $240.25 million to $245.75 million, growing about 18% to 21% year-over-year.

因此，總的來說，我們現在預計總收入為 2.4025 億美元至 2.4575 億美元，同比增長約 18% 至 21%。

We guide first quarter Shack-level operating profit margin of 16% to 18%. We're tracking towards the mid to the lower point of this range, primarily due to the pressures from the heavy opening calendar at the end of the fourth quarter. It typically takes several months for a new Shack to reach normalized profitability, as new teams and managers train and grow efficiencies. However, we're pleased with the sales that we're seeing for this group and expect that this pressure will subside in the coming quarters.

我們指導第一季度 Shack 級別的營業利潤率為 16% 至 18%。我們正在追踪該範圍的中低點，這主要是由於第四季度末開市日曆壓力大造成的壓力。隨著新團隊和經理的培訓和效率的提高，新的 Shack 通常需要幾個月的時間才能達到正常的盈利能力。然而，我們對該集團的銷售額感到滿意，並預計這種壓力將在未來幾個季度消退。

In the first quarter, we're also planning for high single-digit year-over-year inflation in food and paper costs, with these pressures led by fries, dairy, and paper and packaging. We expect beef costs, and that's the largest part of our basket, to decline by mid-single digits year-over-year, but this will still be up by a low-single digit percent quarter-over-quarter.

在第一季度，我們還計劃在食品和紙張成本方面實現高個位數的同比通脹，這些壓力來自薯條、乳製品、紙張和包裝。我們預計牛肉成本（這是我們籃子中最大的部分）將同比下降中等個位數，但仍將按季度以較低的個位數百分比增長。

The inflationary outlook remains uncertain and we do not contract on many of our key inputs. We expect mid-to-high single-digit inflation pressures across our food and paper basket for 2023. We outlined more details around our inflation expectations on Page 10 of the Shareholder Letter.

通貨膨脹前景仍然不確定，我們不會在許多關鍵投入上收縮。我們預計 2023 年我們的食品和紙籃子將面臨中高個位數的通脹壓力。我們在股東信函第 10 頁概述了有關通脹預期的更多細節。

We expect other operating expense as a percent of Shack sales in the first quarter to be similar to the fourth quarter and to be impacted by changes in delivery mix and other variable drivers. With the macroeconomic uncertainties we face today, our 2023 G&A guidance of $125 million to $130 million represents growth of 12% to 16% year-over-year.

我們預計第一季度其他運營費用佔 Shack 銷售額的百分比與第四季度相似，並將受到交付組合變化和其他可變驅動因素的影響。鑑於我們今天面臨的宏觀經濟不確定性，我們 2023 年的 G&A 指導值為 1.25 億美元至 1.3 億美元，同比增長 12% 至 16%。

Our plan reflects a disciplined approach towards spending, while still affording us the ability to invest and grow our business. While there are a number of unknowns that could impact our total revenue for the year, we believe this range is appropriate. We're building towards leverage relative to our unit guidance that represents approximately 16% year-over-year growth for the company-operated business and 14% to 16% for our licensed business.

我們的計劃反映了一種有紀律的支出方式，同時仍然使我們能夠投資和發展我們的業務。雖然有許多未知數可能會影響我們今年的總收入，但我們認為這個範圍是合適的。我們正在建立相對於我們的單位指導的槓桿作用，這代表公司經營的業務同比增長約 16%，我們的許可業務增長 14% 至 16%。

We expect approximately $17 million of equity-based compensation expense with about $15.5 million in G&A. We expect full year depreciation of $86 million to $91 million and pre-opening of $17 million to $19 million.

我們預計約有 1700 萬美元的股權補償費用和約 1550 萬美元的 G&A。我們預計全年折舊為 8600 萬至 9100 萬美元，開業前折舊為 1700 萬至 1900 萬美元。

On tax, we're not going to provide an adjusted pro forma tax rate guidance at this time, however, we are expecting to realize a minimal tax benefit this year. Our overall tax rate will be impacted by a number of factors including the level of our profitability, tax credit, state mix, and other impacts.

在稅收方面，我們目前不打算提供調整後的備考稅率指導，但是，我們預計今年將實現最低限度的稅收優惠。我們的整體稅率將受到許多因素的影響，包括我們的盈利水平、稅收抵免、州組合和其他影響。

So, thank you for your time. And with that, I will turn it back to Randy.

所以，謝謝你的時間。有了這個，我會把它轉回給蘭迪。

Thanks, Katie.

謝謝，凱蒂。

Just want to wrap things up, and thank all of our teams for executing through 2022 and evolving for the work ahead in 2023. We're all squarely focused on our strategic plan, which begins with taking care of our team. That's what fuels our great culture. We believe our results from the fourth quarter is showing what our focus and dedication can do to help drive continued improvement in our business and longer-term returns.

只想總結一下，並感謝我們所有的團隊在 2022 年之前的執行，並為 2023 年的未來工作不斷發展。我們都完全專注於我們的戰略計劃，從照顧我們的團隊開始。這就是我們偉大文化的動力。我們相信我們第四季度的業績表明我們的專注和奉獻可以幫助推動我們業務的持續改進和長期回報。

As we all seek out what the new normal looks like in a post-pandemic 2023, we believe more than ever that people need places to gather, great food at the right price served by warm and hospitable people, and we'll look forward to sharing a White Truffle Burger with you soon at the Shack. As always, we hope you and your family stay safe and healthy.

當我們都在尋找 2023 年大流行後的新常態時，我們比以往任何時候都更相信人們需要聚集的地方，熱情好客的人以合適的價格提供美味的食物，我們期待著即將在 Shack 與您分享白松露漢堡。一如既往，我們希望您和您的家人保持安全和健康。

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

有了這個，接線員，請繼續並打開問題電話。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) We'll take our first question from the line of Lauren Silberman with Credit Suisse.

謝謝。我們現在將進行問答環節。 （操作員說明）我們將從瑞士信貸的 Lauren Silberman 那裡回答我們的第一個問題。

Just my first one, on new classes of Shacks, historically, Shacks has opened at high volumes at the honeymoon period and then settle. Have you been seeing the same trend with your newer classes of Shacks, recognizing there's a lot of noise in there? Just trying to understand if you're getting to a stage where there's less of a honeymoon period?

只是我的第一個，關於新類別的 Shacks，從歷史上看，Shacks 在蜜月期大量開放，然後定居。您是否在較新的 Shacks 類別中看到了相同的趨勢，並意識到其中有很多噪音？只是想了解您是否正在進入蜜月期較少的階段？

Thanks, Lauren. It's a great question, because that's obviously been such a big dynamic of both our comp and just in general the big pop. I think the answer is, yes, in a lot of places still, and no in others. So, generally, the way we think about it is in a really mature market like, let's say, New York City or Los Angeles or some of the places where we have quite a few Shacks built out, generally, you don't see the same like a huge pop and then come down. You just kind of start to see better kind of run rate out of the gate and we've seen that kind of sticking.

謝謝，勞倫。這是一個很好的問題，因為這顯然是我們的陣容和一般流行音樂的巨大動力。我認為答案是，是的，在很多地方仍然存在，而在其他地方則沒有。所以，一般來說，我們考慮它的方式是在一個非常成熟的市場，比如紐約市或洛杉磯，或者我們建造了很多棚屋的一些地方，一般來說，你看不到就像一個巨大的流行音樂然後下來。你只是開始看到更好的運行率，我們已經看到了這種堅持。

But there are so many places that we still haven't gone even if it's a tangential part of a neighborhood where we already are. I'll give you an example from last week. We just opened in Dublin, Ohio, right? We have a number of Shacks in Ohio already. But Dublin is kind of far enough away that there's a lot of people in that neighborhood who were coming out in that first week or so to really check it out. That will probably level off over time.

但是有很多地方我們還沒有去過，即使它是我們已經存在的社區的切線部分。我會給你一個上週的例子。我們剛剛在俄亥俄州都柏林開業，對吧？我們在俄亥俄州已經有許多棚屋。但是都柏林離得有點遠，那個街區有很多人在第一周左右就出來真正檢查一下。隨著時間的推移，這可能會趨於平穩。

So, I think the way -- the best way to think about it when you think about our roughly 40 Shacks this year is if they are kind of new far enough neighborhoods and/or launch markets, we generally will see that Shake Shack trend of a big pop that then settles over time and then we believe rises over time. If it's something that is a mature market, unlikely to see the same dynamic.

所以，我認為方式 - 當你考慮我們今年大約 40 個 Shacks 時，最好的思考方式是，如果它們是足夠新的社區和/或啟動市場，我們通常會看到 Shake Shack 的趨勢一個巨大的流行音樂會隨著時間的推移而穩定下來，然後我們相信會隨著時間的推移而上升。如果它是一個成熟的市場，就不太可能看到同樣的動態。

And then, just a follow-up on your commentary around opportunities with build costs. Can you expand on where you might see potential costs out? Just given the uniqueness of your sites, are there opportunities for more standardized images? Or how are you thinking about that? Thank you.

然後，只是跟進您對構建成本機會的評論。您能否擴展您可能看到潛在成本的地方？鑑於您網站的獨特性，是否有機會使用更標準化的圖像？或者你是怎麼想的？謝謝。

_

_

Definitely. Thank you. A lot of ways. First of all, we will see where the inflationary environment goes. We're still living in a very highly elevated construction environment around the country and we know that and everyone's experiencing that. So that'll be something that the macro environment will tell us where that heads. Hopefully, we'll get some wins there.

確實。謝謝。很多方法。首先，我們將看到通脹環境走向何方。我們仍然生活在全國各地高度很高的建築環境中，我們知道這一點，每個人都在經歷這一點。因此，這將是宏觀環境將告訴我們發展方向的東西。希望我們能在那裡取得一些勝利。

On the proactive side of what we're doing, with each of these formats, we're continuing to try to make them more standardized, more templated, better prototypes, in some cases, just kind of leveling down the size of things. Drive-thru is probably the best example, right? That first roughly 20-plus drive-thrus, I mean, we got out of the gate with a big investment doing kind of a little bit of everything so that we can learn what we like best. Now, as we learn that and we start to design our drive-thrus for 2024 and 2025, we expect we can really start to templatize that a lot better and bring down some of those costs. The same is true for small formats, the same is true for our core Shacks, which is mostly what we built.

在我們正在做的事情的積極方面，對於這些格式中的每一種，我們都在繼續嘗試使它們更加標準化，更加模板化，更好的原型，在某些情況下，只是縮小事物的大小。得來速可能是最好的例子，對吧？最初大約 20 多次得來速，我的意思是，我們通過大量投資走出了大門，做了一些事情，這樣我們就可以了解我們最喜歡的東西。現在，當我們了解到這一點並開始設計 2024 年和 2025 年的得來速時，我們希望我們能夠真正開始更好地對其進行模板化並降低其中一些成本。小型格式也是如此，我們的核心 Shacks 也是如此，這主要是我們構建的。

So, we -- and we're also looking at different kinds of deals there, right? We may employ a couple of build-to-suit type deals that are a lot lower construction costs, do some of those. We may do some more small format to lower the average total. And it's really one of the most important focuses of the company right now. And again, we're in this elevated environment. We don't expect to reap those rewards this year. But as we look ahead towards the long term and building back our return profile over time, we think we've got a lot of opportunity in how we build our restaurants, design them and get more efficient for the long term.

所以，我們——我們也在研究那裡的不同類型的交易，對吧？我們可能會採用一些建造成本低得多的定制型交易，做其中的一些。我們可能會做一些更小的格式來降低平均總數。這確實是公司目前最重要的重點之一。再一次，我們處於這個提升的環境中。我們預計今年不會獲得這些回報。但是，當我們著眼於長期並隨著時間的推移重建我們的回報率時，我們認為我們在如何建造我們的餐廳、設計它們並提高長期效率方面有很多機會。

We'll take next question from the line of Mike Tamas with Oppenheimer & Co.

我們將接受 Mike Tamas 與 Oppenheimer & Co 的下一個問題。

I know you're not giving exact margin guidance for the full year in '23, but there's a group of analysts' consensus has you guys expanding margins quite a bit versus 2022, which would be pretty unique in the space. So, I know you gave guidance from mid- to high-single digit COGS inflation, mid-single digit labor inflation. But if you think about how you guys are modeling your business internally for sales and costs, you just sort of qualitatively think that you can expand margins in 2023 versus 2022?

我知道你們沒有給出 23 年全年的確切利潤率指導，但有一組分析師的共識是你們與 2022 年相比擴大了相當多的利潤率，這在該領域將是非常獨特的。所以，我知道你給出了中高個位數 COGS 通脹、中個位數勞動力通脹的指導。但是，如果您考慮一下你們如何在內部為銷售和成本建模您的業務，您只是定性地認為您可以在 2023 年與 2022 年相比擴大利潤率？

We haven't given guidance for the full year. How I would say about where our efforts are focused here, it really is to expand our margins. Again, not saying it's for a particular year, but we are building up to continue to build on the progression that we had in the fourth quarter. It's really a focus on four key tasks here.

我們還沒有給出全年的指導。我怎麼說我們的努力集中在哪裡，它真的是為了擴大我們的利潤。同樣，並不是說它是針對特定年份的，但我們正在努力繼續鞏固我們在第四季度取得的進展。這實際上是關注這裡的四個關鍵任務。

So, one, it's on our sales and building back our sales, with a focus on driving those sales in our own channels where we're most profitable. Kiosks sales are most profitable across our entire mix, but in-Shack, we'll take that too. And certainly, what we saw as being a big margin pressure to us kind of at the onset of the pandemic was a lot of our sales moving to digital channels as they come back more in-Shack, that's a margin tailwind for us. And just really investing overall through marketing and other strategies to just grow brand awareness and continue to build our sales overall as a company.

所以，第一，它是關於我們的銷售和建立我們的銷售，重點是在我們自己最賺錢的渠道中推動這些銷售。售貨亭銷售在我們的整個組合中是最有利可圖的，但在 Shack 中，我們也會這樣做。當然，我們認為在大流行開始時對我們來說是一個巨大的利潤壓力，因為我們的很多銷售都轉向了數字渠道，因為他們更多地回到了 Shack 中，這對我們來說是一個利潤順風。並且只是通過營銷和其他策略真正進行整體投資，以提高品牌知名度並繼續建立我們作為一家公司的整體銷售。

So, the second thing is on our strategic approach to menu pricing, which we've talked about before, we are running -- expect to run about high-single digits of price throughout the first part of this year. And we haven't talked about any new addition -- potential to raise prices to offset inflationary pressures. But we are watching. We are watching beef in particular. If that does start to pick up a little bit here, another price increase, very small, could be on the table.

因此，第二件事是我們的菜單定價戰略方法，我們之前已經討論過，我們正在運行 - 預計在今年上半年的價格將達到高個位數。我們還沒有談論任何新的增加——可能提高價格以抵消通脹壓力。但我們正在觀察。我們特別關注牛肉。如果這種情況確實開始有所回升，那麼可能會出現另一個非常小的提價。

We're looking to be more efficient as well with labor. And so, it's about building efficiencies with our current team members. We've hired a lot of people very recently, investing to train and optimize our teams, grow our hours, making sure our staffs are fully -- our Shacks are fully staffed and open, and so we can maximize sales. And then, again, back to kiosks, it's about making sure that we're giving our operators tools that they can use to be just more efficient in the Shacks.

我們希望在勞動力方面也更有效率。因此，這是關於提高我們現有團隊成員的效率。我們最近僱傭了很多人，投資培訓和優化我們的團隊，增加我們的工作時間，確保我們的員工充分——我們的 Shacks 人員充足且開放，因此我們可以最大限度地提高銷售額。然後，再次回到售貨亭，這是為了確保我們為我們的操作員提供他們可以使用的工具，以便在 Shacks 中提高效率。

And then, kind of the final focus here is on our off-premise profitability. So, we do charge a premium through third-party delivery. But we've done a lot of work also to help refine our standards for packaging on off-premise orders. Randy talked about the packaging test that we're going to be trying out this year. I'd really look there as another example of a potential opportunity.

然後，這裡最後的重點是我們的場外盈利能力。因此，我們確實通過第三方交付收取額外費用。但我們也做了很多工作來幫助完善我們的外購訂單包裝標準。 Randy 談到了我們今年將要嘗試的包裝測試。我真的會把那裡看作是潛在機會的另一個例子。

And then, just want to follow-up on the commentary about some of the new store design and being more efficient with drive-thrus, I think, Randy just mentioned in '24 and '25 relative to the ones that are already in the ground. So, when you think about like what are some of those big changes that we can expect to see? And are they more like guest facing? Or are they more sort of like back-of-house in operations? Thanks.

然後，我只想跟進關於一些新店設計的評論，並通過得來速提高效率，我認為，Randy 剛剛在 24 年和 25 年提到了相對於已經在地面上的那些.那麼，當您考慮我們可以期待看到的一些重大變化時？他們更像是面向客人的嗎？或者他們更像是運營的後台？謝謝。

It's a little bit of both. It's really about how we build it even from the skeleton on out, right. Everything from whether you use steel or wood construction, how our windows and things work. Some of those things the guests will note, but in a positive way, we think. And it's really about us saying, okay, we built these, this first group of 20 roughly with some varied kitchen designs, some varied flow, how do -- how many lanes do we need and how will the tech work, all of those things we really needed to, as I've said in previous calls, optimize for learning. We wanted to spend there. Now as we get in the ground, we understand how these things work, we got to make sure that we can standardize more and more elements of that, but still keeping the unique and powerful aspects that make Shake Shack.

兩者都有一點。這真的是關於我們如何從骨架開始構建它，對吧。從您使用的是鋼結構還是木結構，到我們的窗戶和其他東西的工作原理，一切都在考慮之中。客人會注意到其中的一些事情，但我們認為是以積極的方式。這真的是關於我們說，好吧，我們建造了這些，第一批 20 人大致有一些不同的廚房設計，一些不同的流程，我們需要多少條車道以及技術如何工作，所有這些事情正如我在之前的電話會議中所說，我們確實需要針對學習進行優化。我們想在那裡度過。現在，隨著我們的深入，我們了解了這些東西是如何工作的，我們必須確保我們可以對越來越多的元素進行標準化，但仍然保持使 Shake Shack 獨特而強大的方面。

We're pretty confident that when you go to a Shake Shack drive-thru, you go through, then you say, this is really cool, it's different, this makes sense to me, and I understand the continued elevated proposition that Shake Shack always brings in our design.

我們非常有信心，當你去 Shake Shack 得來速餐廳時，你經過，然後你說，這真的很酷，它與眾不同，這對我來說很有意義，而且我理解 Shake Shack 始終不斷提升的主張引入我們的設計。

We're also learning the right size, right? When you learn -- we've noted before, it depends on the drop-thru, but roughly half of our sales at drive-thru are in the Shack. We really like that. So, we got to figure out how many seats do we need inside and out? What type of atmosphere are we building? And we're clearly building Shake Shack drive-thru to be a community gathering place as well. We are not just building a drive around and leave only options at this stage. We may try that someday, but today we're focused on kind of allowing our guests to choose whatever channel they really like, and we believe that's part of it.

我們也在學習合適的尺寸，對吧？當你學習時——我們之前已經註意到，這取決於直通車，但我們大約一半的得來速銷售額是在 Shack 中。我們真的很喜歡。所以，我們必須弄清楚我們需要內外多少個座位？我們正在營造什麼樣的氛圍？我們顯然正在將 Shake Shack 得來速餐廳建設成一個社區聚會場所。在這個階段，我們不只是建立一個驅動器並且只留下選擇。我們可能有一天會嘗試這樣做，但今天我們專注於讓我們的客人選擇他們真正喜歡的任何頻道，我們相信這是其中的一部分。

So, look a lot of work to do on that. I think we'll have lots of different versions that we're going to test and learn from, but we're really targeting the efficiency of our builds as we look forward.

因此，看起來還有很多工作要做。我認為我們會有很多不同的版本，我們將要測試和學習，但我們真正的目標是我們期待的構建效率。

We'll take next question from the line of Sharon Zackfia with William Blair.

我們將接受 Sharon Zackfia 和 William Blair 的下一個問題。

I apologize if you talked about this. My cellphone dropped in the middle of your comments. But I think I heard you say, Katie, that you're staffing is getting better, but still isn't kind of fully optimal. Can you give any kind of framework around like where you are relative to ideal staffing? Maybe currently versus the fourth quarter, where you are on hours of operation across all channels?

如果你談到這個，我很抱歉。我的手機在你的評論中間掉了下來。但我想我聽到你說，凱蒂，你的人員配備越來越好，但仍然不是完全最佳。你能給出任何類型的框架，比如你與理想人員配置的關係嗎？也許目前與第四季度相比，您在所有渠道的運營時間？

And then, on the drive-thru, I'm just curious whether you're seeing that bring in new customers, or if it's really more a function of increasing the accessibility and the frequency of your existing guests? Thank you.

然後，在駕車通過時，我很好奇你是否看到它帶來了新客戶，或者它是否真的更像是增加現有客人的可訪問性和頻率的功能？謝謝。

On people, it's certainly gotten better over the last few months, but it's still hard. Let's be clear. We wish we were fully staffed everywhere, we're not. There are some restaurants that feel great all the time. And there are some that it's still really hard to optimize our teams and feel fully staffed. But we feel certainly a heck of a lot better than we did 12 months ago when it was probably at most challenging environment right now. We're feeling better than we were three months ago, but we still have work to do. And I think a combination of all the things we do for our people, raising wages, now including tips, added benefits, development opportunities, all the things we're doing to really highlight this as a great career choice for people, it's working and it's still tough.

對人來說，過去幾個月肯定有所好轉，但仍然很難。讓我們說清楚。我們希望我們到處都有人手，但事實並非如此。總有一些餐廳讓人感覺很棒。有些人仍然很難優化我們的團隊並感覺人員配備齊全。但我們確實感覺比 12 個月前好多了，當時它可能處於最具挑戰性的環境中。我們感覺比三個月前好多了，但我們還有工作要做。我認為，結合我們為員工所做的所有事情，提高工資，現在包括小費、額外福利、發展機會，我們正在做的所有事情都是為了真正強調這是人們的一個很好的職業選擇，它正在發揮作用並且它仍然很難。

So, on hours, we've been able to expand some of that over this -- over the fourth quarter. There's some of that, that we still have opportunity in certain Shacks, and somewhere we want to decide if we can push a little bit, and a little bit of that is going to be how the world continues to move around and where we think that optimal hours can really be for a Shack. So, we think there's still some opportunity there.

所以，在幾個小時內，我們已經能夠在第四季度擴大其中的一些。其中一些，我們在某些 Shacks 中仍然有機會，在某個地方我們想決定是否可以推動一點，其中一點將成為世界繼續移動的方式以及我們認為的地方Shack 的最佳時間真的很合適。所以，我們認為那裡仍然有一些機會。

And on drive-thru guests, I think we're learning is the answer. We are seeing our omnichannel use. I think what we see as the most valuable Shake Shack guests is an omnichannel guest that uses us in all channels, that drive-thru -- that is included as well. And what we're trying to figure out here is can we get people to come more often because of the convenience, because of it. We're getting pretty high experience scores from people who go through the drive-thru and we really like what we see there. So, little early to say on any real data there, but we think it opens up new areas, it opens up the total addressable market for our real estate team, and new opportunities to meet guests in a way where they want to be met.

對於得來速客人，我認為我們正在學習就是答案。我們正在看到我們的全渠道使用。我認為我們認為最有價值的 Shake Shack 客人是在所有渠道使用我們的全渠道客人，即得來速 - 這也包括在內。我們在這裡想弄清楚的是，我們能否讓人們因為方便而更頻繁地來這裡。我們從開車經過的人那裡獲得了相當高的經驗分數，我們真的很喜歡我們在那裡看到的東西。因此，現在就那裡的任何真實數據發表評論還為時過早，但我們認為它開闢了新領域，為我們的房地產團隊開闢了整個可尋址市場，並提供了以客人希望會面的方式會見客人的新機會。

Sharon, do you have any further questions? You have a follow-up?

莎倫，你還有什麼問題嗎？你有跟進嗎？

No, thank you.

不，謝謝。

We'll take next question from the line of Jake Bartlett with Truist Securities.

我們將從 Jake Bartlett 和 Truist Securities 那裡接聽下一個問題。

My first was -- and these are follow-ups on the questions about margins. But my first is, there were some kind of abnormal or elevated costs in '22, like repair and maintenance, like the T&E as you kind of existing staff had to go help open stores and stick around. So, the question is how much in '22 was that normal that we can expect maybe to go away, so -- I mean a provide a boost in '23?

我的第一個是 - 這些是關於利潤率問題的後續行動。但我的第一個想法是，22 年出現了一些異常或增加的成本，比如維修和保養，比如 T&E，因為你現有的員工不得不去幫助開店並留下來。所以，問題是 22 年有多少我們可以預期可能會消失的正常情況，所以 - 我的意思是在 23 年提供提振？

And then, also just bigger picture on the margin side, it sounds like you're very focused on building margins. But I'm wondering whether there's some bigger new initiatives going on. We have companies that are 50-years-old and they're still getting 30 basis points of savings here and there. Others are doing time-motion studies, really taking a look at operations and whether it can be really materially improved. So, I'm wondering whether that's going on, whether you're kind of thinking kind of big as well as you think about building up margins?

然後，在利潤率方面也是更大的圖景，聽起來你非常專注於建立利潤率。但我想知道是否有一些更大的新舉措正在進行中。我們有 50 年曆史的公司，他們仍然到處都能節省 30 個基點。其他人正在進行時間運動研究，真正關注操作以及它是否真的可以得到實質性改進。所以，我想知道這是否正在發生，你是否在考慮擴大利潤率的同時也在考慮擴大利潤？

Great. Yes. So, we did -- last quarter, we called out pressures around a couple of items that were impacting us. So, first of all, it was higher R&M. Equipment availability has impacted our ability to open up restaurants, but also is impacting how quickly we can replace equipment inside the restaurants and we're having to service it where we normally might replace it. So that was a little bit of an overhang. Higher T&E expenses to help support team members, and higher utilities cost.

偉大的。是的。所以，我們做到了 - 上個季度，我們呼籲圍繞影響我們的幾個項目施加壓力。所以，首先，它是更高的 R&M。設備可用性影響了我們開餐廳的能力，但也影響了我們更換餐廳內設備的速度，我們必須在通常可以更換設備的地方進行維修。所以這有點過頭了。更高的 T&E 費用以幫助支持團隊成員，以及更高的公用事業成本。

The good news is that our teams did a good job managing that in the fourth quarter, but it was still higher than average levels. And we're continuing to focus on ways to bring that down overall. T&E to support Shack openings, that's also going to be a function of the number of Shacks that we open up in a specific quarter, especially if there's overlap in certain markets. So, kind of aiming towards having a more smoothed-out development year would help on that side. And then on utility, it's just really kind of the broader commodity landscape is a key driver on that.

好消息是我們的團隊在第四季度做得很好，但仍然高於平均水平。我們將繼續專注於降低整體影響的方法。 T&E 以支持 Shack 的開張，這也將取決於我們在特定季度開設的 Shack 數量，尤其是在某些市場存在重疊的情況下。因此，旨在實現更順利的發展年將有助於這一方面。然後在實用程序上，更廣泛的商品領域確實是一個關鍵驅動因素。

But to your question about if we have any specific plans in place, I would say, yes. We've tried to outline those in the Shareholder Letter and on the call. We are taking a very -- let's say across driving sales, labor efficiencies, training our team members, all of that is definitely part of the focus here.

但是對於你關於我們是否有任何具體計劃的問題，我會說，是的。我們試圖在股東信函和電話會議中概述這些內容。我們正在採取非常 - 讓我們說在推動銷售，勞動力效率，培訓我們的團隊成員方面，所有這些絕對是這裡重點的一部分。

I guess on that point, just on the kind of the efficiencies, I mean, I'm wondering whether there is some -- whether you're looking at doing things really materially different, like a real concerted effort to -- you've been obviously growing faster young concepts. And I would think there's a lot of opportunity to maybe just do things more efficiently in the kitchen, but I'm wondering whether that's a concerted effort. So, that's just one question.

我想在這一點上，就效率而言，我的意思是，我想知道是否有一些——你是否正在考慮做一些真正不同的事情，比如真正的共同努力——你已經明顯增長較快的年輕概念。而且我認為有很多機會可能只是在廚房裡更有效地做事，但我想知道這是否是一種協調一致的努力。所以，這只是一個問題。

The other is on the food cost outlook. I just want to better understand, I think most investors and myself, we're more focused on beef as being a risk. Beef is actually, on your outlook, pretty good, flat to mid-single digits, yet other things are driving the inflation that you're seeing. So, what is the visibility on those other items? I'm trying to figure out what the big pieces that we should be looking at to kind of gauge whether you're on track to hit the guidance or not, whether it's dairy or poultry or any other big items we should be really tracking there?

另一個是食品成本前景。我只是想更好地理解，我認為大多數投資者和我自己，我們更關注牛肉作為一種風險。實際上，在您看來，牛肉價格相當不錯，持平至中個位數，但其他因素正在推動您所看到的通貨膨脹。那麼，其他項目的可見性是多少？我試圖弄清楚我們應該關注哪些大件，以衡量您是否有望達到指導目標，無論是乳製品、家禽還是我們應該真正追踪的任何其他大件？

Yes. So, we had a pretty inflationary year for beef in general. It's been kind of a pressure for us for a while. So, calling for a flat to up mid-single digit inflation on that side, that does reflect a pickup in beef prices overall for the year. Certainly, we'll have to see how the year plays out and if it ends up being more extreme or less extreme than that. But we are factoring in a degree of beef inflation in our outlook.

是的。因此，總體而言，我們經歷了牛肉通貨膨脹的一年。一段時間以來，這對我們來說是一種壓力。因此，要求這一方面的通脹率持平至中等個位數，這確實反映了今年牛肉價格的整體回升。當然，我們必須看看這一年的結果如何，以及它最終會比那更極端還是更不極端。但我們在展望中考慮了一定程度的牛肉通脹。

And then, the other thing to keep an eye on it is chicken, it is dairy, it is fries, fryer oil, like we've called out a lot of these big drivers here of our COGS that are seeing a pretty material pick ups here. And we don't contract on a lot of it. And so, that would be kind of how we think about the inflationary cadence for the year.

然後，要注意的另一件事是雞肉、奶製品、薯條、炸鍋油，就像我們在這裡召集了很多我們的 COGS 的大驅動因素，它們看到了相當大的材料回升這裡。而且我們不會在很多方面簽約。因此，這就是我們對今年通脹節奏的看法。

We'll take the next question from the line of Peter Saleh with BTIG.

我們將從 BTIG 的 Peter Saleh 那裡接聽下一個問題。

Randy, I think you mentioned this a couple of times on the tipping that's been implemented. Can you talk about the consumer response to the tipping maybe parsing out urban versus suburban or just how often you're seeing consumers actually tip the employees?

蘭迪，我想你在已經實施的小費中提到過幾次。你能談談消費者對小費的反應嗎？可能會把城市與郊區區分開來，或者你看到消費者實際給員工小費的頻率是多少？

Yes. We're not going to break out any of that urban, suburban or data on that other than to say, since the beginning of Shake Shack 20 years ago, people have asked us if they could add a little extra something for our team and we always said no. And this year we've said yes. And I think the beauty of the way we've done it is, it's not in your face, we don't start with this 20%, 25% expectation like many restaurants do, and you have this kind of moment as a consumer, where you are like, "Wow, 20%, 25%, that's a lot." We make it very on your side and if you would like to do that, great.

是的。除了說，自從 20 年前 Shake Shack 成立以來，我們不會透露任何城市、郊區或相關數據，人們問我們是否可以為我們的團隊添加一些額外的東西，我們總是說不。今年我們已經同意了。我認為我們做這件事的方式的美妙之處在於，它不在你的臉上，我們不像許多餐館那樣從這 20%、25% 的期望開始，而你作為消費者有這種時刻，你會說，“哇，20%、25%，很多了。”我們非常支持您，如果您想這樣做，那太好了。

And we're happy to see how many people are doing it and there's a lot of people who don't and that's cool too. This is really an optionality feature that if you really want to take care of our team and feel like it, you want to give a little something, $1 or $2, or 10% or whatever, that can work. And it's making material impact for our team. In some cases, it's $2 to $3 more per hour that our teams can make, thanks to a percentage of people who are tipping.

我們很高興看到有多少人在這樣做，還有很多人沒有這樣做，這也很酷。這確實是一個可選功能，如果你真的想照顧我們的團隊並且感覺像這樣，你想給一些東西，1 美元或 2 美元，或 10% 或其他任何東西，這都是可行的。它對我們的團隊產生了重大影響。在某些情況下，我們的團隊每小時可以多賺 2 到 3 美元，這要歸功於一定比例的小費。

So, we're hopeful that that's a continued strategy that will help us find the right overall wages for our team to take care of them and hopefully have people be retained, and allow our guests to feel good about it. It's like we always said, we all experienced this when you go to a coffee shop or anything else, if you don't want to tip, that's totally cool, and we appreciate that and we're never going to have a pressure-filled environment trying to make that work. It should feel great to both sides of the equation.

因此，我們希望這是一個持續的戰略，可以幫助我們找到合適的整體工資，讓我們的團隊照顧好他們，並希望留住員工，讓我們的客人對此感覺良好。就像我們常說的那樣，當你去咖啡店或其他任何地方時，我們都經歷過這種情況，如果你不想給小費，那就太酷了，我們很感激，我們永遠不會充滿壓力試圖使這項工作的環境。等式的雙方都應該感覺很好。

Just on -- kind of staying on labor for a second. Katie, I think the last time we spoke, you had mentioned that it was maybe a little bit more challenging to staff some of the suburban versus the urban lately. Have you guys seen any improvement on that front just the staffing between those two, suburban and urban?

就在——有點像在分娩上停留一秒鐘。凱蒂，我想上次我們談話時，你提到過最近在郊區和城市工作人員可能更具挑戰性。你們有沒有看到這方面的任何改進，只是這兩者之間的人員配置，郊區和城市？

Yes. I mean we are still seeing -- as Randy talked about, there are still an opportunity to regain our sales here from focusing on staffing. We had some success in some suburban Shacks in the quarter and really kind of exiting the quarter, started to get on a stronger footing with some, but there's still opportunity and others, and a lot of the trends that we talked about still hold.

是的。我的意思是我們仍然看到——正如蘭迪所說，仍然有機會通過關注人員配置來重新獲得我們在這裡的銷售。我們在本季度的一些郊區 Shacks 取得了一些成功，並且真的有點退出了這個季度，開始與一些人建立更穩固的基礎，但仍然有機會和其他人，我們談論的許多趨勢仍然存在。

Peter Saleh

彼得薩利赫

We take the next question from the line of Andrew Charles with Cowen & Company.

我們從 Cowen & Company 的 Andrew Charles 那裡接聽下一個問題。

Randy, you guys seem open-minded about taking more price in 2023 as you mentioned with the beef prices that potentially could revert higher later this year. Can you talk about what gives you confidence that you guys have further pricing power, just given well-documented trade-down across the fast-casual industry and the quick service?

蘭迪，你們似乎對在 2023 年提高價格持開放態度，正如你提到的牛肉價格可能在今年晚些時候回升。你能談談是什麼讓你相信你們有更多的定價權，只是考慮到快速休閒行業和快速服務的有據可查的交易嗎？

Yes. I think it's something we got to be cautious about and we're watching very closely as every company is. We've probably taken less prices than many others, certainly of our competitors in fast-casual and even fast-food as a percentage over this last few years. I think we've been more cautious and we want to remain that way. That's true to every way we thought about Shake Shack since the beginning of time here. Yet, we have to make sure we protect our margins.

是的。我認為這是我們必須謹慎對待的事情，我們正像每家公司一樣密切關注。在過去的幾年裡，我們的價格可能比許多其他公司要低，尤其是我們在快餐休閒甚至快餐業的競爭對手所佔的百分比。我認為我們一直更加謹慎，我們希望保持這種態度。從一開始我們對 Shake Shack 的所有看法都是如此。然而，我們必須確保保護我們的利潤。

So, again, sitting here today in February, we have no plan to take new price. We'll look at something as we see how inflationary pressures do or do not continue to persist at high levels. We expect they're going to persist at some level here this year, but I don't think anybody knows and we got to make sure that we're providing the great value that we always have. And then, we're also going to lean into all the strategic planning that we talked about today, making sure we're executing on our operations, hospitality, and the premium nature of Shake Shack that provides good value.

所以，再次，今天二月坐在這裡，我們沒有計劃採取新的價格。當我們看到通貨膨脹壓力如何繼續或不繼續保持在高水平時，我們會看到一些東西。我們預計他們今年會在某種程度上堅持下去，但我認為沒有人知道，我們必須確保我們提供我們一直擁有的巨大價值。然後，我們還將深入研究我們今天討論的所有戰略規劃，確保我們正在執行我們的運營、熱情好客以及提供良好價值的 Shake Shack 的優質性質。

So, it will be something we watch. I think if we look at the evidence so far, we feel pretty good about the trends that we see generally in our average order values, in our items per check, and the kind of things that we track to look at how people are looking at it, our value scores overall, been very consistent. But I think it's -- everyone's living in a pressured inflationary environment and we got to be there.

所以，這將是我們關注的事情。我認為，如果我們看到目前為止的證據，我們對我們在平均訂單價值、每張支票的物品以及我們跟踪以了解人們如何看待的事物中普遍看到的趨勢感到非常滿意它，我們的整體價值得分，非常一致。但我認為這是——每個人都生活在一個壓力很大的通貨膨脹環境中，我們必須在那裡。

Who are we not going to be? We're not going to be massive discounting fast-food giant, things like that. We are going to lean into ingredients. I mean, we're literally right now running a luxury ingredient of White Truffle. And when you think about our strategy of who Shake Shack is, we want to capture that trade-down and that person who says, "You know what, for $9.99 or less, I can get a White Truffle Burger that I could never get at any fast-food-type restaurant." While that's an elevated experience for that style, it's a great value and continues to position us as I think the leader in that affordable opportunity to just have something great.

我們不會成為誰？我們不會成為大規模打折的快餐巨頭，諸如此類。我們將精簡成份。我的意思是，我們現在確實在經營一種奢侈的白松露原料。當你想到我們關於 Shake Shack 是誰的戰略時，我們想要抓住這種折衷和那個說，“你知道嗎，只要 9.99 美元或更少，我就能得到一個我永遠無法得到的白松露漢堡任何快餐類餐廳。”雖然對於那種風格來說這是一種提升的體驗，但它具有很大的價值，並且繼續將我們定位為我認為在這種負擔得起的機會中擁有偉大東西的領導者。

So that's who we intend to continue to be. And we'll see how the year goes and we'll let you know if we change our mind on price anytime soon.

所以這就是我們打算繼續做的人。我們會看看今年的情況如何，如果我們很快改變對價格的看法，我們會通知您。

Just also a reminder, we over-indexed to higher-income consumers and we're generally seeing pretty good trends from that group as well, so it just also something to keep in mind.

還要提醒一下，我們對高收入消費者的指數過高，而且我們通常也看到該群體的趨勢非常好，因此也需要牢記這一點。

And then, Katie, beef guidance for the year flat- to mid-single digit guidance. So, obviously, a very wide range, just anticipating on certain backdrop. Curious though, you mentioned that you guys aren't seeing any inflation yet or any inflation on the comp, but can you just help us with the guidance is it fair to say that conversations with vendors which suggest that you guys would be closer to flat and that mid-single digit will perhaps be just conservatively baked in. Just, I guess, to understand the big guidance a bit more for the year.

然後，凱蒂，今年的牛肉指導持平至中個位數指導。因此，很明顯，範圍非常廣泛，只是在特定背景下進行預測。奇怪的是，你提到你們還沒有看到任何通貨膨脹或補償的任何通貨膨脹，但你能幫助我們提供指導嗎？可以公平地說與供應商的對話表明你們會更接近持平而這個中個位數可能只是保守地烤了。我想，只是為了更多地了解今年的大指導。

Yes. I mean, we -- just as you look at the difference between the first quarter and the full year, we're guiding for the first quarter to be down mid-single digits. So just that alone would just imply that we are baked into that guidance range is a pickup in beef prices in the back half of the year. We again don't contract on beef. We are both talking to our vendors and hearing what they're saying and also triangulating that with broader industry and analysts' expectations. So, there is a wider range of uncertainty around that as we definitely have been clear about.

是的。我的意思是，我們 - 正如您看到第一季度和全年之間的差異一樣，我們正在指導第一季度下降中個位數。因此，僅僅這一點就意味著我們被納入該指導範圍是今年下半年牛肉價格的回升。我們再次不簽訂牛肉合同。我們都在與我們的供應商交談，聽取他們的意見，並將其與更廣泛的行業和分析師的期望進行三角測量。因此，正如我們肯定已經清楚的那樣，圍繞它存在更廣泛的不確定性。

We take next question from the line of David Tarantino with Baird.

我們從 David Tarantino 和 Baird 的台詞中回答下一個問題。

Katie, I have a question about CapEx. I think the final number for 2022 came in quite above what we would have been anticipating at the beginning of the year. So, I was wondering if you could maybe break-down where some of the increases came from? And then, I have a follow up.

凱蒂，我有一個關於資本支出的問題。我認為 2022 年的最終數字遠高於我們年初的預期。所以，我想知道你是否可以分解一些增長的來源？然後，我有一個跟進。

Sure. I mean when we boil it down, it's really to -- we are much more (technical difficulty) development calendar than we were last year. And so, we just talked about we have 24 Shacks right now under construction and at the end of last year, we had a number more and we opened up a lot in the quarter. So, I think what you're seeing on that side is it's us having a lot more investment in our pipeline than we were at this time last year.

當然。我的意思是當我們把它歸結起來時，它真的是——我們比去年有更多的（技術難度）開發日曆。因此，我們剛剛談到我們現在有 24 個 Shacks 在建，而在去年年底，我們有更多的 Shacks，而且我們在本季度開放了很多。所以，我認為你在那邊看到的是，我們在管道上的投資比去年這個時候多得多。

We also have some pickup in investments in IT and in digital, but the big chunk of that is really around that, and then we also had some added investments as we've rolled out kiosks to -- we're rolling out kiosks to a larger part of our Shacks.

我們在 IT 和數字方面的投資也有所增加，但其中很大一部分確實圍繞著這一點，然後我們還增加了一些投資，因為我們已經推出了自助服務亭——我們正在將自助服務亭推廣到我們棚屋的大部分。

And then, I guess the follow up is, if you're willing, is that a good number to maybe think about going forward or will it come down given that some of that investment might have been temporary?

然後，我想後續行動是，如果你願意的話，這是一個很好的數字，可以考慮繼續前進，或者考慮到其中一些投資可能是暫時的，它會下降嗎？

And then, I guess, bigger picture as you think about how the business scales over the next several years, do you have a year in mind where you might get kind of breakeven on free cash flow or positive on free cash flow?

然後，我想，當你考慮未來幾年的業務規模時，你有沒有想過哪一年你可能會在自由現金流上實現盈虧平衡或在自由現金流上獲得正數？

Yes. We're not going to be talking about any guidance on that point, because we haven't given anything. But what we are focused on is building -- we're bringing down our build costs overall for our Shacks and really having a disciplined approach to capital investments and to G&A. And that inclusive of also building back our profitability, we feel like we're on a really good path here.

是的。我們不會在這一點上談論任何指導，因為我們還沒有給出任何東西。但我們關注的是建設——我們正在降低 Shacks 的整體建設成本，並真正對資本投資和 G&A 採取嚴格的方法。這包括重建我們的盈利能力，我們覺得我們走在一條非常好的道路上。

We take next question from the line of Jim Sanderson with Northcoast Research.

我們從 Northcoast Research 的吉姆·桑德森 (Jim Sanderson) 那裡接聽下一個問題。

I wanted to talk a little bit more about store profit margin longer-term. If you can maybe give us your thoughts on how you look at flow through profit margin as you make these improvements, especially in labor adding some technology into the store with the kiosks, so maybe there is an opportunity to see basis point improvement and store margin going forward as you drive stronger AURs, let's say over the next year or two. Just how we should look at that as far as flow-through profit margin?

我想多談談商店的長期利潤率。如果您能告訴我們您在進行這些改進時如何看待流經利潤率的想法，尤其是在使用售貨亭將一些技術添加到商店的人工方面，那麼也許有機會看到基點改進和商店利潤率隨著您推動更強大的 AUR，繼續前進，比方說在接下來的一兩年內。就流通利潤率而言，我們應該如何看待它？

I think that's definitely a very good way to be looking at it. Certainly, when we're building up our swap initiatives to bring back our profitability that is -- we start with sales. We start with sales in our own channel, but really driving sales overall for exactly at this point. There's going to be a number of factors though that impact that including our overall channel mix. So, nothing really to share at this point, but we do believe that sales will be a strong contributor to our overall profitability improvement.

我認為這絕對是一種很好的看待它的方式。當然，當我們建立互換計劃以恢復我們的盈利能力時，我們從銷售開始。我們從我們自己渠道的銷售開始，但正是在這一點上真正推動了整體銷售。會有很多因素影響，包括我們的整體渠道組合。因此，目前沒有什麼可分享的，但我們確實相信銷售將對我們整體盈利能力的提高做出重要貢獻。

Just a quick follow up. Any thoughts on how your maybe budgeted labor hours for comp stores, how that's changing? Are you -- is it starting to lag sales growth or anything like that.

只是快速跟進。關於您可能為 comp 商店制定的預算工時有何想法，這有何變化？你 - 它是否開始落後於銷售增長或類似的東西。

Well, I think it's really just budget to meet demand and how busy we think we can be. I think we're getting better than ever at the technology we use, and the way that we both take care of our team and budget for trying to meet peak demand and try not to be over staffed during the lighter times of the day. So that's an ongoing journey, Jim, that always will be.

好吧，我認為這真的只是滿足需求的預算以及我們認為我們可以有多忙。我認為我們在使用的技術方面比以往任何時候都做得更好，我們都在照顧我們的團隊和預算，以滿足高峰需求，並儘量在一天中較輕鬆的時間避免人員過多。所以這是一個持續的旅程，吉姆，永遠都是。

But I don't think there's any real new data to say other than, I think the team did a really nice job in the fourth quarter. We'll be pressured a little bit in the first quarter as we name with 22 new Shacks that really just opened heading into that. So they will probably be tighter as we talked about in the first quarter and we've got to do the work to level all that out as we go through 2023.

但我不認為有任何真正的新數據可以說，我認為球隊在第四節做得非常好。我們將在第一季度面臨一些壓力，因為我們命名了 22 個真正剛剛開業的新 Shacks。因此，他們可能會像我們在第一季度談到的那樣收緊，我們必須努力在 2023 年之前平衡所有這些。

We take next question from the line of Rahul Krotthapalli with J.P. Morgan. Please go ahead.

我們從 Rahul Krotthapalli 和 J.P. Morgan 接聽下一個問題。請繼續。

I just wanted to focus a little bit more on the margin side here. Is there a significant gap between your highest and the lowest margin stores? And other than sales, what are the things that the higher margin stores are doing that the lower- margin stores can readily like -- can be shared with them? And is there -- is like something like a manager comp changes can be more focused on this addressable margin opportunities between the higher and the lower-margin stores?

我只是想在這裡更多地關注保證金方面。您的最高利潤商店和最低利潤商店之間是否存在顯著差距？除了銷售之外，利潤率較高的商店正在做的哪些事情是利潤率較低的商店很容易喜歡——可以與他們分享的？是否有 - 像經理補償變化之類的東西可以更專注於高利潤商店和低利潤商店之間的可尋址利潤機會？

We do have a range of margin performance within our base, and if I was to kind of classify like where are our strongest Shacks, it's probably the ones that have the higher sales. We have a great group of Shacks that have very, very strong sales, and when you have great sales, you can leverage your rent, you can leverage your occupancy. And so those tend to be the best performers. You can also really get great labor levels as well. And then you kind of leverage up a lot of the fixed cost.

我們的基地內確實有一系列的利潤率表現，如果我要分類，比如我們最強大的 Shacks 在哪裡，它可能是銷售額更高的那些。我們有很多 Shacks，它們的銷售非常非常強勁，當您的銷售量很大時，您可以利用您的租金，您可以利用您的入住率。因此，這些往往是表現最好的。您也可以真正獲得出色的勞動水平。然後你可以利用很多固定成本。

Where we have opportunity to improve and where we've been focused is in the Shacks that have a little bit of lower sales, and how we can kind of bring those back up. And that's kind of a lot of the work that's been going on right now. Kiosk is one example though, broadly of a strategy that we're using to help kind of improved labor throughput overall. So, instead of having two to three, maybe four people taking orders depending on how busy the Shack is, we were able to then redeploy that labor and have people just go to the kiosk when they come in the Shacks.

我們有機會改進的地方和我們一直關注的地方是銷售額稍低的 Shacks，以及我們如何才能將它們帶回來。這就是目前正在進行的大量工作。 Kiosk 是一個例子，廣泛地是我們用來幫助提高整體勞動生產率的一種策略。因此，我們可以重新部署這些勞動力，而不是讓兩到三個，也許是四個人接受訂單，這取決於 Shack 的繁忙程度，讓人們在進入 Shacks 時直接去售貨亭。

So that's how we would think about it. There's obviously areas where certain Shacks can improve and areas where other Shacks are doing exceptionally well, but if you're kind of looking at the biggest driver overall, it's likely sales.

這就是我們的想法。顯然，某些 Shacks 可以改進的領域和其他 Shacks 做得非常好的領域，但如果你正在尋找整體上最大的驅動因素，它可能是銷售。

Is there like anything on the manager comp side at this point that you can tweak or adjust to address the part of this?

在這一點上，經理薪酬方面是否有任何類似的東西可以調整或調整以解決這部分問題？

Well, I think on a manager comp side, we -- first of all, we have competitive pay which is what's most important, so that we can have a solid retention, which we do at our manager level and GM level. We feel good about that. But you're right to say that managers are highly incentivized on their bonuses by month and by quarter to hit their targets, and those targets vary based on what kind of Shack you are in. We set aggressive targets. We constantly reset them. And we feel really good about people's viewpoint into what they need to do to earn their bonus.

好吧，我認為在經理薪酬方面，我們——首先，我們有有競爭力的薪酬，這是最重要的，這樣我們就可以有穩固的保留率，這是我們在經理級別和總經理級別所做的。我們對此感覺很好。但是你說得對，經理們受到按月和按季度的獎金的高度激勵，以達到他們的目標，而這些目標因你所處的 Shack 類型而異。我們設定了激進的目標。我們不斷地重置它們。我們對人們對他們需要做什麼來賺取獎金的看法感到非常滿意。

Our GMs are also shareholders, right? All of our GMs get a $10,000 per year Shake Shack stock grant and we feel really good about that, and that incentivizes them to act like entrepreneurs who want to see this stay for the long term and want to see the company succeed overall. So, we feel good like we have the right compensation mindset at the Shack level.

我們的總經理也是股東，對吧？我們所有的總經理每年都會獲得 10,000 美元的 Shake Shack 股票贈款，我們對此感覺非常好，這會激勵他們像企業家一樣行事，希望長期保持這種狀態並希望看到公司全面成功。因此，我們感覺很好，因為我們在 Shack 級別擁有正確的薪酬心態。

Thanks for the color on that, Randy. And I just like to follow up on G&A spend, marketing specifically. What kind of spend are you planning for next year like going forward, like how can that be -- how would it look like?

謝謝你的顏色，蘭迪。我只是想跟進 G&A 支出，特別是營銷。您計劃明年進行什麼樣的支出，比如未來會怎樣——它會是什麼樣子？

Well, we haven't -- we don't break it out in the G&A, but when you look at marketing, I noted in some of my comments, we continue to invest deeply in a few main categories. Targeted performance marketing when it makes sense and where the cost to acquire and get guest is really a low-cost, we think we do that really well. We are spending more money and time thinking about as we scale and grow, we're not probably big enough yet you would see a mass media campaign at this stage, but at some point, we'll get there too.

好吧，我們沒有——我們沒有在 G&A 中打破它，但是當你看營銷時，我在我的一些評論中指出，我們繼續在幾個主要類別上進行深入投資。有針對性的績效營銷是有意義的，而且獲取和吸引客人的成本確實很低，我們認為我們做得很好。隨著我們的規模和增長，我們正在花費更多的金錢和時間思考，我們可能還不夠大，但你會在這個階段看到大眾媒體的宣傳活動，但在某個時候，我們也會到達那裡。

But -- so we're investing in trials of that sort of localized brand media campaign in lots of different media channels. And then, localized marketing as our community managers, our regional marketing leaders, and ops leaders do various things to support their local communities. So, those three buckets are where you will see the main marketing spend into this year. We feel really good about the budget we have at the scale that we have. We've always had a brand that can lead for us. And we've got to keep ramping up that investment over the coming years as we scale and get to a point where we have more Shack doors to take in those sales to benefit from some of those marketing efforts.

但是 - 所以我們正在投資在許多不同的媒體渠道中對這種本地化品牌媒體活動進行試驗。然後，本地化營銷作為我們的社區經理、我們的區域營銷領導者和運營領導者做各種事情來支持他們的當地社區。因此，這三個桶是您將在今年看到主要營銷支出的地方。我們對現有規模的預算感到非常滿意。我們一直擁有可以引領我們的品牌。隨著我們規模的擴大，我們必須在未來幾年繼續加大投資，並達到我們有更多的 Shack 門來接受這些銷售的地步，以便從其中的一些營銷努力中獲益。

We take the last question from the line of Brian Harbour with Morgan Stanley. Please go ahead.

我們從 Brian Harbour 與摩根士丹利的對話中提出最後一個問題。請繼續。

Yes. Thank you. Good morning. I just wanted to ask about the mobile app. First, maybe and -- if you're still seeing kind of increasing usage of mobile ordering and what that looks like as a percent of sales today? And I would think that that's a fairly attractive margin order and it probably kind of helps you with throughput. So, how does kind of leaning into the mobile app factor into some of that margin improvement that you are targeting?

是的。謝謝。早上好。我只是想問一下移動應用程序。首先，也許——如果你仍然看到移動訂購的使用量有所增加，那麼它在今天的銷售額中所佔的百分比是多少？而且我認為這是一個相當有吸引力的保證金訂單，它可能會幫助您提高吞吐量。那麼，對移動應用程序的依賴如何影響您所針對的利潤率提高呢？

Yes. Definitely leaning into it, continue to have for the last few years quite a bit. We also feel like we've got a lot of that investment in there right now and now it's about continuing to just improve pieces of the experience, so that it's consistent, reliable, and something we can rely on all day. We're not going to break out the numbers. We don't break out the difference between that and our third-party and all of the web channels, everything we do, but we are really proud of the overall digital business.

是的。絕對傾向於它，在過去的幾年裡繼續擁有相當多的東西。我們也覺得我們現在已經在那裡進行了大量投資，現在只是繼續改進體驗的各個部分，以便它始終如一、可靠，並且是我們可以整天依賴的東西。我們不會打破這些數字。我們不會打破它與我們的第三方和所有網絡渠道之間的區別，我們所做的一切，但我們為整體數字業務感到自豪。

We do things like drive engagement and downloads when we launched our White Truffle menu last week, we launched that in the app only. We also have done a little bit more campaign of delivery through our app. Margins on that are strong comparatively to straight third parties. So, there's a lot of ways that we'll continue to focus on the app, we love it, it's a significant part of our business, we see solid frequency usage there, and you'll see us continue to invest.

當我們上週推出白松露菜單時，我們做了一些事情，比如提高參與度和下載量，我們只在應用程序中推出了它。我們還通過我們的應用程序進行了更多的投放活動。與直接第三方相比，這方面的利潤率很高。因此，我們將通過多種方式繼續關注該應用程序，我們喜歡它，它是我們業務的重要組成部分，我們看到那裡的頻率使用率很高，您會看到我們繼續投資。

And just kind of the suburban stores, obviously, you've seen those moderate a little bit from a same-store sales perspective, but maybe talk about what's kind of key to continuing to drive those sales? Are those better staffed? Are they worse staffed? What else can kind of help drive some of the suburban stores?

就郊區商店而言，很明顯，從同店銷售的角度來看，你已經看到了一些適度的銷售，但也許可以談談繼續推動這些銷售的關鍵是什麼？那些人手更好嗎？他們的人員配備更差嗎？還有什麼可以幫助推動一些郊區商店的發展？

Yes. Brian, hi. So, I would say we continue to do better at staffing in our urban markets and in our suburban, and we see potential to recapture some sales in suburban markets just due to better staffing levels. And then also, there's a couple other added dynamics really in suburban just to be mindful of. So first of all, some of our suburban locations are in malls or around malls, are near outlet centers, and what not. And so, ebbs and flows of consumer behavior of going to malls or not going to malls or going to outlet centers or not going to outlet centers that can kind of swing that around.

是的。布萊恩，嗨。因此，我想說的是，我們在城市市場和郊區的人員配置方面繼續做得更好，而且我們認為，由於人員配置水平提高，我們有可能在郊區市場重新奪回一些銷售額。然後，在郊區還有其他一些額外的動態需要注意。因此，首先，我們的一些郊區地點位於購物中心或購物中心周圍，靠近奧特萊斯中心，等等。因此，去購物中心或不去購物中心或去奧特萊斯中心或不去奧特萊斯中心的消費者行為的潮起潮落可能會左右搖擺。

And then, just frankly, look, these -- our suburban Shacks massively outperformed our urban Shacks throughout COVID. And so, there's likely to be a little bit of shift as people go back to three days a week in the cities or four days a week in the cities, however that lands, we're expecting to see a little bit of share shift kind of between suburban and urban around the fringes. But these restaurants, we're really pleased with how they're performing and continuing to hold on their same-store sales strength even as urban recovers.

然後，坦率地說，看，這些——我們郊區的棚屋在整個 COVID 期間的表現大大優於我們的城市棚屋。因此，隨著人們回到城市每週工作三天或城市每週工作四天，可能會發生一些變化，但無論如何，我們預計會看到一些份額變化在郊區和城市邊緣之間。但是這些餐廳，我們對它們的表現感到非常滿意，並且即使在城市復甦的情況下也能繼續保持同店銷售的強勁勢頭。

. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I'd like to turn the floor back over to Randy Garutti, CEO, for closing remarks. Over to you, sir.

.女士們，先生們，我們的問答環節已經結束。我想把發言權交還給首席執行官蘭迪·加魯蒂 (Randy Garutti)，讓他發表閉幕詞。交給你了，先生。

Thanks so much, everybody. Really appreciate your time this morning and look forward to seeing you soon at the Shack. Take care.

非常感謝大家。非常感謝你今天早上的時間，期待很快在 Shack 見到你。小心。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們，先生們，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。