Shake Shack Inc (SHAK) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Shake Shack First Quarter 2023 Earnings Conference Call. (Operator Instructions)

大家好，歡迎來到 Shake Shack 2023 年第一季度收益電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Annalee Leggett, Director of Investor Relations and FP&A. Thank you. You may begin.

提醒一下，這次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係和 FP&A 總監 Annalee Leggett。謝謝。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. 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.

謝謝大家，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。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。

Reconciliations to comparable GAAP measures are available in our earnings release in the financial details section of our 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 23, 2023.

我們在股東信函的財務細節部分的收益發布中提供了與可比較的 GAAP 措施的對賬。今天的一些陳述可能是前瞻性的，實際結果可能因許多風險和不確定性而存在重大差異，包括我們在 2023 年 2 月 23 日提交的 10-K 表格年度報告中討論的風險和不確定性。

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 first quarter 2023 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截至今日的觀點，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 2023 年第一季度股東信函，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 的展覽。

I will now turn the call over to Randy.

我現在將把電話轉給蘭迪。

Thanks, Annalee, and good morning, everyone. 2023 is off to a strong start, with first quarter results ahead of our expectations as we grew sales, expanded margins and remain disciplined on expenses across the company, including G&A and CapEx investments as we execute against our strategic priorities. We generated total revenue of $253 million, up 25%. Average weekly sales of 73,000, up by more than 7% year-over-year. System-wide sales grew 28% year-over-year to nearly $395 million as our license business globally posted our strongest quarter ever. Same-Shack sales were up 10.3% with positive traffic of 4.8%.

謝謝，Annalee，大家早上好。 2023 年開局良好，第一季度業績超出了我們的預期，因為我們在執行戰略重點時實現了銷售額增長、利潤率擴大以及對整個公司的開支（包括 G&A 和資本支出投資）保持紀律。我們創造了 2.53 億美元的總收入，增長了 25%。平均每週銷量 73,000 輛，同比增長超過 7%。全系統銷售額同比增長 28% 至近 3.95 億美元，因為我們的全球許可業務發布了有史以來最強勁的季度。 Same-Shack 的銷售額增長了 10.3%，流量增加了 4.8%。

And as we've shared, the team has maintained an intense focus on growing profitability, and we executed on that goal to bring restaurant margins up to 18.3%, a 310 basis point improvement over last year. We opened 6 company-operated and 7 licensed Shacks in the quarter. We have 25 Shacks currently under construction on our way to opening about 40 new company-operated Shacks this year.

正如我們所分享的那樣，該團隊一直高度關注提高盈利能力，我們實現了這一目標，將餐廳利潤率提高到 18.3%，比去年提高了 310 個基點。我們在本季度開設了 6 家公司經營的 Shacks 和 7 家獲得許可的 Shacks。我們目前正在建設 25 個 Shacks，今年我們將開設大約 40 個新的公司運營的 Shacks。

Based on our increased pipeline and strong execution in our domestic and international license business already this year, we're raising guidance today to 30 to 35 Shacks expected to open throughout 2023. Quarter-to-date, solid momentum has continued with AWS in fiscal April rising to 77,000, Same-Shack sales about 4% and tracking well towards increasing our Shack level margins back above 20%, which Katie will talk more about in a bit.

基於我們今年在國內和國際許可業務中增加的管道和強大的執行力，我們今天將指導提高到 30 到 35 個 Shacks，預計將在整個 2023 年開放。本季度至今，AWS 在財政方面繼續保持穩健勢頭4 月上升至 77,000，Same-Shack 銷售額增長約 4%，並且跟踪我們的 Shack 水平利潤率回到 20% 以上，Katie 稍後將詳細討論這一點。

Now I want to provide an update on how we're executing our strategic plan. We're really proud of the team's progress in each of our priority areas. First, we're focused on recruiting, rewarding and retaining a winning team. It's been a challenging few years for staffing in our industry. In this quarter, our team showed solid progress. We believe the macro hiring environment, while still demanding has begun to improve. And with that backdrop and the new tactics of our people team, we've improved application flow, turnover and retention since last year.

現在我想提供有關我們如何執行戰略計劃的最新信息。我們為團隊在每個優先領域取得的進展感到非常自豪。首先，我們專注於招募、獎勵和留住一支成功的團隊。對於我們行業的人員配置來說，這是充滿挑戰的幾年。本季度，我們的團隊取得了長足的進步。我們相信宏觀招聘環境雖然仍然很苛刻，但已經開始改善。在這樣的背景下，加上我們團隊的新策略，自去年以來，我們已經改善了申請流程、營業額和保留率。

Our increased pay, benefits and opportunities for leadership development at all levels are resonating with our teams, there's no question this will translate to better performance overall. Each of these metrics contributes to better throughput, optimizing sales and increasing our operating profit, while building a bench of talented leaders to achieve our growth goals and provide real advancement for the lives of our team members. Our work here is never done, and we plan to double down on these efforts to expand on this improvement.

我們增加的薪酬、福利和各級領導力發展機會引起了我們團隊的共鳴，毫無疑問，這將轉化為更好的整體績效。這些指標中的每一個都有助於提高吞吐量、優化銷售和增加我們的營業利潤，同時培養一批有才華的領導者以實現我們的增長目標並為我們團隊成員的生活提供真正的進步。我們在這裡的工作從未完成，我們計劃加倍努力以擴大這一改進。

Our second priority is our relentless focus on the guest experience. With the people improvements I just mentioned as a strong foundation, we can better execute our core operations focus, menu strategy and digital tools. This quarter, we captured strong performance in guest satisfaction with our premium White Truffle Menu.

我們的第二要務是我們對客人體驗的不懈關注。有了我剛才提到的人員改進作為堅實的基礎，我們可以更好地執行我們的核心運營重點、菜單策略和數字工具。本季度，我們的優質白松露菜單在客人滿意度方面表現強勁。

At our Innovation Kitchen and throughout our supply chain, we are constantly testing new and exciting menu items for our guests that highlight our commitment to premium ingredients and the kind of menu items that only happen at Shake Shack. We have a strong lineup through the remainder of the year. We're continuing on a path of leading with innovative culinary offerings that use premium ingredients to drive frequency and new guests. This week, we launched our new Veggie Shack nationwide. It's a delicious only at Shake Shack burger patty packed with real food, full of mushrooms, sweet potatoes, carrots, farro, quinoa, topped with American cheese, crispy onions, pickles and ShackSauce. We also launched our nondairy frozen custard shake nationally.

在我們的創新廚房和整個供應鏈中，我們不斷為我們的客人測試令人興奮的新菜單項，這些菜單項突出了我們對優質食材的承諾以及只有在 Shake Shack 才會出現的菜單項。在今年餘下的時間裡，我們擁有強大的陣容。我們將繼續走在創新烹飪產品的道路上，這些產品使用優質食材來提高頻率和新客人。本週，我們在全國推出了新的 Veggie Shack。這是 Shake Shack 獨有的美味漢堡肉餅，裡面裝滿了真正的食物，裡面裝滿了蘑菇、紅薯、胡蘿蔔、法羅、藜麥，上面放著美國奶酪、香脆洋蔥、泡菜和 ShackSauce。我們還在全國推出了非乳製冷凍蛋奶昔。

In addition to our long-time guest favorite 'Shroom Burger, we believe these options can target current guest frequency and capture new guests over the long term. This summer, on top of the success of our premium lemonade category, we'll be launching caffeinated Shack lemonades for those guests looking for our classic lemonades with an extra zip. Stay tuned for more to come this year.

除了我們長期以來深受客人喜愛的“Shroom Burger”之外，我們相信這些選項可以針對當前的客人頻率並長期吸引新客人。今年夏天，除了我們優質檸檬水類別的成功之外，我們還將推出含咖啡因的 Shack 檸檬水，供那些尋找我們帶有額外拉鍊的經典檸檬水的客人使用。請繼續關註今年的更多內容。

And just one more fun brand note. Our team continues to execute dynamic chef collaborations, regional marketing programs in our local communities and attract valuable national media attention. Last month, we teamed up with Universal Studios as they took over our Brooklyn Shack for the launch of the Super Mario Brothers Movie Premier. The event was emceed by Chance the Rapper and helped kick off the extraordinary success of the movie.

還有一個有趣的品牌說明。我們的團隊繼續在當地社區執行充滿活力的廚師合作、區域營銷計劃，並吸引寶貴的全國媒體關注。上個月，我們與環球影城合作，他們接管了我們的布魯克林小屋，推出了超級馬里奧兄弟電影首映式。該活動由 Chance the Rapper 主持，並幫助開啟了電影的非凡成功。

The team continues to target national media partnerships as we look to grow our brand and footprint. Third, we're executing on a targeted development strategy for growth. As we've discussed and you're seeing around the industry, persistent inflation in construction costs, permit delays and equipment availability continue to impact our openings and our near-term returns, but the team is making significant progress on accelerating pipeline, prototype design and new Shack openings.

隨著我們希望擴大我們的品牌和足跡，該團隊將繼續瞄準全國媒體合作夥伴關係。第三，我們正在執行有針對性的增長發展戰略。正如我們所討論的以及您在整個行業中所看到的那樣，建築成本的持續上漲、許可延遲和設備可用性繼續影響我們的開業和我們的近期回報，但該團隊正在加速管道、原型設計方面取得重大進展和新的小屋開口。

Year-to-date, we've opened 9 Shacks with strong sites in Walnut Creek, Portland, Oregon, Jersey City and more. I want to take some time today to share some of the work the team is doing to improve our returns on Shack builds over the long term. This year, we expect to open up 15 drive-thrus. And now with this higher mix of drive-thru and ongoing inflation pressures, we do expect our build cost for the class of '23 to be somewhat above last year's average. While our core Shacks are impacted by inflation, most of that system average cost increase is due to our commitment to drive-thrus, that cost more to build than our traditional core Shacks.

年初至今，我們已經在核桃溪、波特蘭、俄勒岡、澤西城等地開設了 9 家 Shacks，並擁有強大的站點。我今天想花點時間分享團隊正在做的一些工作，以提高我們在 Shack 構建上的長期回報。今年，我們預計將開設 15 家得來速餐廳。現在，由於得來速和持續的通貨膨脹壓力的增加，我們確實預計我們 23 屆的建造成本會略高於去年的平均水平。雖然我們的核心 Shacks 受到通貨膨脹的影響，但係統平均成本增加的大部分是由於我們對 drive-thru 的承諾，與我們傳統的核心 Shacks 相比，建造成本更高。

So what are we doing about it? Well, since the drive-thru project has begun, we've learned a lot, and we are honing in on cost reduction elements of the design. We're refining templates for efficient and more standardized operations. This year, we expect to reduce drive-thru cost by about 10% versus 2022. And in future years, we'll be rolling out new and tighter prototypes for drive-thru and core Shacks, focused on combining the great Shacks experience we're known for at a reduced cost and ability to scale.

那麼我們在做什麼呢？好吧，自從得來速項目開始以來，我們學到了很多東西，並且我們正在研究設計中降低成本的元素。我們正在改進模板以實現高效和更標準化的操作。今年，我們預計與 2022 年相比，得來速成本降低約 10%。在未來幾年，我們將為得來速和核心 Shacks 推出新的更緊湊的原型，專注於結合我們的出色 Shacks 體驗我們以降低成本和擴展能力而聞名。

Long-term costs will vary depending on sites and geographies that we target. As an example, next year, we may spend more on certain drive-thrus in the New York Metro and California markets, but we correspondingly expect a strong return on higher sales there as well. We're working on our next generation of designs with an aim to execute on additional cost-saving measures, we're going to optimize the size of the Shack box, how many seats we need, standardize kitchen designs and building materials that can reduce total cost of future Shack classes. If this work takes time to roll through the system. And while you won't see an immediate impact this year, this intense focus, balanced portfolio of Shack types and new next-generation prototypical designs will add up to more savings over time on our cost to build and overall returns.

長期成本將根據我們定位的站點和地理位置而有所不同。例如，明年，我們可能會在紐約地鐵和加利福尼亞市場的某些得來速汽車上投入更多資金，但相應地，我們預計那裡的銷售額也會更高，從而獲得強勁回報。我們正在研究我們的下一代設計，旨在執行額外的成本節約措施，我們將優化小屋的大小，我們需要多少座位，標準化廚房設計和建築材料，可以減少未來 Shack 課程的總費用。如果這項工作需要時間通過系統滾動。雖然今年您不會看到立竿見影的效果，但隨著時間的推移，這種強烈的關注、平衡的 Shack 類型組合和新的下一代原型設計將使我們的建造成本和總體回報節省更多。

We're committed to further improve this part of our economic model, and we're really excited about what's ahead. Regarding the license business, we saw extraordinary growth and execution in the first quarter, and we expect that trend to continue.

我們致力於進一步改進我們經濟模型的這一部分，我們對未來感到非常興奮。關於許可業務，我們在第一季度看到了非凡的增長和執行，我們預計這一趨勢將繼續下去。

Our team has performed exceptionally well in China, and our domestic business continues to grow. We continue to expand our global footprint as only the Shack brand can do. We're unlocking new regions and formats with the introduction of development agreements in Israel and Canada as well as new Shacks opening in roadside travel plazas throughout the U.S. I was fortunate to join our teams on a multi-country Asia trip this spring. And I have the privilege of welcoming our first Shack in Bangkok to an incredible crowd with strong sales, it's opening. I had the chance to connect with our teams in mature markets such as Singapore and Japan, where our growth continues and to plan ahead for our upcoming opening in Malaysia and potential other markets in Southeast Asia. There's a lot that's probably underappreciated and undervalued about this part of the Shack story and our strategy. My hope is that our shareholders take the opportunity to visit some of our international sites.

我們的團隊在中國的表現非常出色，我們的國內業務也在持續增長。我們繼續擴大我們的全球足跡，只有 Shack 品牌才能做到。通過在以色列和加拿大引入開發協議以及在美國各地的路邊旅遊廣場開設新的 Shacks，我們正在解鎖新的地區和模式。我很幸運能在今年春天加入我們的團隊進行多國亞洲之旅。我有幸歡迎我們在曼谷的第一個 Shack 以強勁的銷售量迎接令人難以置信的人群，它正在開業。我有機會與我們在新加坡和日本等成熟市場的團隊建立聯繫，我們在這些市場繼續增長，並提前計劃我們即將在馬來西亞和東南亞其他潛在市場開業。關於 Shack 故事的這一部分和我們的戰略，有很多可能被低估和低估的地方。我希望我們的股東能藉此機會參觀我們的一些國際網站。

We take great pride in the amazing brand we share globally. And I'm really thankful for our team members around the world, continuing to execute and standing for something good wherever Shack burgers are found. Our fourth priority is being even more profitable in our Shacks. Ahead of our own expectations, we delivered 18.3% Shack-level of profit this quarter. We showed strong progress on our key initiatives, including driving sales, especially in our own channels, labor efficiencies, off-premise profitability and managing controllable supply chain and other operating expenses.

我們為我們在全球共享的驚人品牌感到非常自豪。我真的很感謝我們在世界各地的團隊成員，無論在哪裡發現 Shack 漢堡，他們都會繼續執行並代表美好事物。我們的第四個優先事項是在我們的 Shacks 中獲得更多利潤。超出我們自己的預期，我們本季度實現了 18.3% 的 Shack 利潤水平。我們在關鍵舉措方面取得了長足進步，包括推動銷售（尤其是在我們自己的渠道）、勞動力效率、外部盈利能力以及管理可控供應鍊和其他運營費用。

There's still much work to do, and there is risk around the macro environment and continued cost inflation this year. But with the plan the team has put in place, we're guiding Shack-level op profit of 19% to 20% for the full year, and we see the opportunity to return over 20%. Katie will share more details on the work here in a bit.

任重而道遠，今年宏觀環境和成本持續上漲存在風險。但根據團隊制定的計劃，我們將指導 Shack 全年的運營利潤為 19% 至 20%，我們看到了回報超過 20% 的機會。凱蒂稍後會在這里分享更多關於這項工作的細節。

Finally, the fifth pillar of our plan is we build an enduring business. We are committed to investing with discipline. We're deploying capital towards strong returns in 4 main areas. We're going to build Shacks, update our current Shacks, invest in our digital infrastructure and structure our home office capabilities to further support our restaurants. We remain confident that we can meet or exceed our long-term unit cash-on-cash return over time by growing sales and profitability and lowering development costs, all of which we emphasize in our strategic plan. We've got the right plan in place. We're pleased to see progress taking root.

最後，我們計劃的第五個支柱是我們建立持久的業務。我們致力於有紀律地進行投資。我們正在將資金用於 4 個主要領域的強勁回報。我們將建造 Shacks，更新我們當前的 Shacks，投資我們的數字基礎設施並構建我們的家庭辦公室功能，以進一步支持我們的餐廳。我們仍然相信，隨著時間的推移，我們可以通過增加銷售額和盈利能力以及降低開發成本來達到或超過我們的長期單位現金回報，所有這些都是我們在戰略計劃中強調的。我們已經制定了正確的計劃。我們很高興看到進展紮根。

I'll now hand it off to Katie to share more about the details of the quarter and expectations for the rest of the year.

我現在將把它交給凱蒂，分享更多關於本季度的細節和對今年剩餘時間的期望。

Great. Good morning, everyone. We are proud of our strong results this quarter that are a direct outcome of our team's solid progress on our 2023 strategic plan. We grew revenue by 25% year-over-year as our teams executed well on recent openings and drove higher sales in our existing company-operated and licensed Shacks. We also showed strong improvement in our restaurant margin this quarter, expanding it by 310 basis points year-over-year to 18.3%.

偉大的。大家，早安。我們為本季度的強勁業績感到自豪，這是我們團隊在 2023 年戰略計劃方面取得穩固進展的直接結果。我們的收入同比增長 25%，因為我們的團隊在最近的開業中表現良好，並推動了我們現有的公司運營和許可的 Shacks 的銷售額增加。本季度我們的餐廳利潤率也有顯著改善，同比增長 310 個基點至 18.3%。

This is the highest first quarter restaurant profitability margin we have posted since COVID, and we generated record high quarterly restaurant profit dollars and adjusted EBITDA and was typically the softest sales quarter of the year. We accomplished this despite the many profitability headwinds we faced, including the large number of Q4 and Q1 new Shack openings, ongoing inflationary pressures and mobility measures in key markets like New York City still deeply impacted from COVID.

這是自 COVID 以來我們發布的最高第一季度餐廳利潤率，我們創造了創紀錄的季度餐廳利潤美元和調整後的 EBITDA，通常是一年中最疲軟的銷售季度。儘管我們面臨許多盈利不利因素，包括第四季度和第一季度大量新的 Shack 開業、持續的通脹壓力以及紐約市等主要市場的流動性措施仍然深受 COVID 的影響，但我們還是實現了這一目標。

And we did this by executing on our plan with some important highlights and actions, including tactically increasing menu prices to protect margins against broad-based and persistent inflationary pressures by driving sales into our own more profitable channels, by showing better cost controls over our other operating expenses and by bringing more kiosks into our Shacks, driving efficiencies and other benefits.

為此，我們通過一些重要的亮點和行動來執行我們的計劃，包括戰術性地提高菜單價格，以保護利潤率免受廣泛和持續的通貨膨脹壓力的影響，方法是將銷售推向我們自己更有利可圖的渠道，通過對我們的其他渠道進行更好的成本控制運營費用，並通過將更多的售貨亭引入我們的 Shacks，提高效率和其他好處。

We are reassured by these results, and we look forward to showing continued progress through the rest of the year. We understand that many macroeconomic risks that may further impact the restaurant sector and our results. However, our business has demonstrated a level of stability that now allows us to go back to our pre-COVID guidance practices and reintroduce full year guidance for total revenue, Same-Shack sales, our license business and Shack level operating profit. We are also providing a new guidance metric with full year adjusted EBITDA.

我們對這些結果感到放心，我們期待在今年餘下的時間裡繼續取得進展。我們了解許多宏觀經濟風險可能會進一步影響餐飲業和我們的業績。然而，我們的業務表現出一定程度的穩定性，這使我們現在可以回到 COVID 之前的指導實踐，並重新引入對總收入、Same-Shack 銷售額、我們的許可業務和 Shack 級營業利潤的全年指導。我們還提供了一個新的指導指標，包括全年調整後的 EBITDA。

And as we continue to observe a normalization of our trends, we are reducing our urban suburban disclosures as regions are now a stronger driver of our performance compared to just the level of urban and city. So now on to first quarter results. Total revenue was $253.3 million, up 24.5% year-over-year. Shack sales grew 24.1% to $244.3 million. Licensing revenue grew 36.7% to $9 million. System-wide sales reached a record high at $394.7 million, up 27.5% year-over-year.

隨著我們繼續觀察到我們的趨勢正常化，我們正在減少我們對城市郊區的披露，因為與城市和城市水平相比，地區現在是我們績效的更強大驅動力。現在來看第一季度的結果。總收入為 2.533 億美元，同比增長 24.5%。棚屋銷售額增長 24.1% 至 2.443 億美元。許可收入增長 36.7% 至 900 萬美元。全系統銷售額達到創紀錄的 3.947 億美元，同比增長 27.5%。

With stronger sales and flow-through as well as expense discipline, all points of our 2023 strategic plan, we grew adjusted EBITDA by 163.9% to $27.6 million. This quarter, we generated 73,000 in average weekly sales and grew Same-Shack sales by 10.3% versus 2022 with 4.8% higher traffic year-over-year. Price was up high single digits, and our mix was driven by more guests returning to pre-COVID behaviors, including channels shipped into in-Shack and smaller group sizes.

憑藉更強的銷售和流通以及費用紀律，我們 2023 年戰略計劃的所有要點，我們調整後的 EBITDA 增長了 163.9% 至 2760 萬美元。本季度，我們的平均每週銷售額為 73,000，與 2022 年相比，Same-Shack 的銷售額增長了 10.3%，客流量同比增長了 4.8%。價格上漲了個位數，我們的組合受到更多客人恢復 COVID 前行為的推動，包括運送到 in-Shack 的渠道和更小的團體規模。

We have discussed that a key strategy for us to improve our restaurant profitability is to drive sales into our own channels where we are most profitable. We showed strong progress against that goal in the first quarter as we grew in-Shack same-store sales by more than 20% year-over-year and more than doubled our total kiosk sales versus last year. Putting kiosks into our Shack is another key way we have identified to improve our sales and profitability. And we shared a goal last year to roll out kiosk to nearly all Shacks by the end of 2023.

我們已經討論過，我們提高餐廳盈利能力的一個關鍵戰略是將銷售推向我們自己的利潤最高的渠道。我們在第一季度在實現這一目標方面取得了巨大進展，因為我們的 Shack 同店銷售額同比增長了 20% 以上，並且我們的售貨亭總銷售額比去年增加了一倍多。將售貨亭放入我們的 Shack 是我們確定的另一種提高銷售額和盈利能力的關鍵方法。我們去年的共同目標是到 2023 年底向幾乎所有 Shacks 推出自助服務亭。

We are proud to report that we are executing ahead of this time line. Kiosk order values are higher than traditional cashier transactions. Kiosk is our highest margin channel, and we are pleased with our return on investment here. We are also pleased with April Same-Shack sales of about 4% versus last year and average weekly sales of $77,000, up versus the $76,000 in March despite shifts in the spring break calendar.

我們很自豪地報告，我們正在提前執行此時間線。自助服務終端訂單價值高於傳統的收銀台交易。 Kiosk 是我們利潤率最高的渠道，我們對在這裡的投資回報感到滿意。我們也很高興 4 月份 Same-Shack 的銷售額與去年相比增長了約 4%，平均每週銷售額為 77,000 美元，高於 3 月份的 76,000 美元，儘管春假日曆有所變化。

In April, we benefited from driving a strong mix of sales into our own channels and had a lesser benefit from menu price than we did in the first quarter. Our licensed Shacks also performed well this quarter as we grew sales 33.4% year-over-year to $150.5 million. We have had successful recent openings across the world, and our partners have performed exceptionally well, serving this strong guest demand, in particular, in the U.S. with airports and our new roadside Shacks as well as China and Mexico.

4 月份，我們受益於將強勁的銷售組合推向我們自己的渠道，但菜單價格帶來的收益低於第一季度。本季度，我們獲得許可的 Shacks 也表現良好，銷售額同比增長 33.4% 至 1.505 億美元。我們最近在世界各地成功開設了多家酒店，我們的合作夥伴表現出色，滿足了這一強烈的客人需求，特別是在美國的機場和我們新的路邊小屋以及中國和墨西哥。

First quarter Shack level operating profit was $44.7 million or 18.3% of Shack sales, 310 basis points higher versus last year despite margin pressure from a large number of recent Shack openings and persistent inflation. Our strong performance this quarter was a direct outcome of progress on our 4 key priorities to improve our restaurant profitability. First, driving sales and prioritizing our channels where we are most profitable. We are leveraging targeted marketing strategies to drive awareness and visit. In addition, we are directing more business into our own channels by offering the lowest menu price there, early access to exciting LTOs as well as value-added daypart promotions.

第一季度 Shack 層面的營業利潤為 4470 萬美元，佔 Shack 銷售額的 18.3%，比去年高出 310 個基點，儘管最近大量 Shack 開業和持續的通貨膨脹給利潤率帶來了壓力。我們本季度的強勁表現是我們在提高餐廳盈利能力的 4 個關鍵優先事項上取得進展的直接結果。首先，推動銷售並優先考慮我們最賺錢的渠道。我們正在利用有針對性的營銷策略來提高知名度和訪問量。此外，我們通過提供最低的菜單價格、搶先體驗激動人心的 LTO 以及增值時段促銷活動，將更多業務引導至我們自己的渠道。

Second, targeting labor efficiencies and growing throughput. We're seeing great benefits here from recruiting and retention tactics and better staffing is helping us to extend our operating hours and be more efficient. Kiosks are another important tool to help drive efficiencies in our Shacks. Third, improving off-premise profitability and other strategies to lower our control -- lower our controllable expenses. From standards for condiments and lessening packaging in to-go orders to premium prices on third-party delivery, we continue to push forward opportunities to be more profitable in off-premise.

其次，以提高勞動效率和增加吞吐量為目標。我們從招聘和保留策略中看到了巨大的好處，更好的員工配置正在幫助我們延長營業時間並提高效率。售貨亭是幫助我們的 Shacks 提高效率的另一個重要工具。第三，提高場外盈利能力和其他策略來降低我們的控制——降低我們可控的費用。從調味品標準和外賣訂單中的減少包裝到第三方交付的溢價，我們繼續推動在場外獲得更多利潤的機會。

We also showed strong progress here in the quarter with controlling additional elements of other operating expenses. As just an example, we were able to lower our repair and maintenance expenses that have been a meaningful headwind in prior quarters as we were able to secure additional needed supply for critical restaurant equipment. And lastly, we will continue to take a strategic approach to menu pricing and supply chain opportunities. On this point, we are pleased with the guest reception to the price we've taken thus far, and we will take approximately 2% price towards the end of the second quarter. This level is more in line with our historical annual price increases and is needed to help protect our profitability against persistent food and paper inflationary pressures. The bottom line, we are encouraged by the margin expansion we delivered in the first quarter and despite the pressures we face, we have line of sight into further improvements throughout the year.

我們在本季度也取得了長足的進步，控制了其他運營費用的額外因素。舉個例子，我們能夠降低我們的維修和維護費用，這在前幾個季度一直是一個有意義的逆風，因為我們能夠確保關鍵餐廳設備的額外所需供應。最後，我們將繼續對菜單定價和供應鏈機會採取戰略方法。在這一點上，我們對迄今為止我們所採取的價格的客人接待感到滿意，我們將在第二季度末採取大約 2% 的價格。這一水平更符合我們歷史上的年度價格上漲，需要幫助保護我們的盈利能力免受持續的食品和紙張通脹壓力。最重要的是，我們對第一季度實現的利潤率擴張感到鼓舞，儘管我們面臨壓力，但我們仍有望在全年進一步改善。

Now on to the components of restaurant profitability. Food and paper costs were $71.8 million or 29.4% of Shack sales, 100 basis points below last year. Our blended food and paper inflation increased by high single digits year-over-year, which was offset by the benefit from higher menu price. Additionally, with our focus on operations and investing in our people with training and retention programs, we were able to improve our waste impact versus last year.

現在談談餐廳盈利能力的組成部分。食品和紙張成本為 7180 萬美元，佔 Shack 銷售額的 29.4%，比去年低 100 個基點。我們的混合食品和紙張通脹同比增長了高個位數，這被更高的菜單價格所抵消。此外，由於我們專注於運營並通過培訓和保留計劃投資於我們的員工，因此與去年相比，我們能夠改善我們的廢物影響。

Our beef costs rose slightly versus last quarter levels and were down high single digits versus last year. Importantly, nearly every other item in our food basket showed accelerating cost pressures versus last year, including fry costs rising by more than 20% and dairy and other costs increasing by double-digit percentages. Labor and related expenses were $74.3 million or 30.4% of Shack sales, down from 30.7% in the first quarter of 2022 and up 150 basis points quarter-over-quarter as we continue to make investments in our value teams needed to staff and operate our Shacks.

我們的牛肉成本與上一季度的水平相比略有上升，與去年相比下降了高個位數。重要的是，與去年相比，我們食品籃子中的幾乎所有其他項目都顯示出成本壓力不斷增加，包括油炸食品成本上漲超過 20% 以及乳製品和其他成本上漲兩位數百分比。勞動力和相關費用為 7430 萬美元，佔 Shack 銷售額的 30.4%，低於 2022 年第一季度的 30.7%，環比增長 150 個基點，因為我們繼續投資於我們的價值團隊，以配備和運營我們的員工窩棚。

As expected, we faced profitability pressures from the 28 new Shack openings over the past 6 months, still working their way up to optimized staffing levels. However, in our more mature Shacks, our teams capitalized on strong sales and produced solid flow-through as we executed on our plan to improve our restaurant profitability.

正如預期的那樣，我們在過去 6 個月中面臨著 28 家新開張的 Shack 帶來的盈利壓力，但仍在努力提高人員配置水平。然而，在我們更成熟的 Shacks 中，我們的團隊在執行我們提高餐廳盈利能力的計劃時利用了強勁的銷售並產生了穩固的流通。

Other operating expenses were $34.9 million or 14.3% of Shack sales, down 100 basis points from the first quarter of 2022, with our improvement coming from our menu price, driving sales in our own channels, lower marketing expenses and better management of expenses like R&M. Occupancy and related expenses were $18.6 million or 7.6% of Shack sales, down 70 basis points from the first quarter of 2022, with the benefit really coming from higher sales performance.

其他運營費用為 3490 萬美元，佔 Shack 銷售額的 14.3%，比 2022 年第一季度下降 100 個基點，我們的改進來自菜單價格、推動我們自己渠道的銷售、降低營銷費用以及更好地管理 R&M 等費用.入住和相關費用為 1860 萬美元，佔 Shack 銷售額的 7.6%，比 2022 年第一季度下降 70 個基點，收益實際上來自更高的銷售業績。

G&A was $31.3 million or 12.4% of total revenue. Excluding $1.6 million in legal settlements and professional fees, adjusted G&A was $29.7 million or 11.7% of total revenue, showing 90 basis points of leverage versus last year as we invest with discipline. Preopening costs were $3.6 million in the quarter and depreciation was $21.3 million. We realized net loss attributable to Shake Shack, Inc. of $1.5 million or $0.04 per share. We reported an adjusted pro forma net loss of $290,000 or $0.01 per fully exchanged and diluted share.

G&A 為 3130 萬美元，佔總收入的 12.4%。不包括 160 萬美元的法律和解費和專業費用，調整後的 G&A 為 2970 萬美元，佔總收入的 11.7%，與去年相比槓桿率提高了 90 個基點，因為我們有紀律地投資。本季度開業前成本為 360 萬美元，折舊為 2130 萬美元。我們實現歸屬於 Shake Shack, Inc. 的淨虧損為 150 萬美元或每股 0.04 美元。我們報告調整後的備考淨虧損為 290,000 美元或每股完全交換和攤薄後的每股虧損 0.01 美元。

Our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation was 17.2%. Finally, our balance sheet remains solid with $293.4 million in cash and cash equivalents at the end of the quarter.

我們調整後的備考稅率（不包括基於股權的薪酬的稅收影響）為 17.2%。最後，我們的資產負債表在本季度末保持穩定，現金和現金等價物為 2.934 億美元。

Now on to guidance, which balances the strong underlying business factors we've seen so far in the first quarter with a degree of uncertainty around the consumer spending landscape and our current expectations for ongoing inflationary pressures. This range does not reflect any additional unknown delays to our development schedule.

現在開始指導，它平衡了我們在第一季度迄今為止看到的強大的潛在商業因素與消費者支出前景的一定程度的不確定性以及我們目前對持續通脹壓力的預期。此範圍不反映我們開發計劃的任何其他未知延遲。

For the second quarter, we guide total revenue of $269.5 million to $274.8 million, with $9.5 million to $9.8 million of license revenue. We guide for both our company-operated and our license partners to each open approximately 10 new Shacks and for same-Shack sales to grow by low to mid-single digits year-over-year with high single-digit price inclusive of the 2% price increase we plan to take at the end of the second quarter.

對於第二季度，我們預計總收入為 2.695 億美元至 2.748 億美元，其中許可收入為 950 萬至 980 萬美元。我們指導我們公司經營的和我們的許可合作夥伴各自開設大約 10 個新的 Shacks，並指導同一個 Shack 的銷售額同比增長低至中個位數，高個位數價格包括 2%我們計劃在第二季度末提價。

COVID has had a larger impact on our business than many of our competitors and its lingering impact on consumer mobility pattern, including work from home trends has been a challenge for us. However, even with the pressures we face and persistent inflation, we guide second quarter Shack-level operating profit margins to reach approximately 20%, marking the highest level of quarterly profitability that we have delivered since the onset of COVID. And with more consistent trends we're seeing in our business, we're able to finally reintroduce full year guidance for many metrics.

COVID 對我們的業務的影響比我們的許多競爭對手都大，它對消費者流動模式（包括在家工作趨勢）的持續影響一直是我們面臨的挑戰。然而，即使我們面臨壓力和持續的通貨膨脹，我們仍指導第二季度 Shack 級營業利潤率達到約 20%，這是自 COVID 爆發以來我們實現的最高季度盈利水平。隨著我們在業務中看到更一致的趨勢，我們終於能夠重新引入許多指標的全年指導。

For the full year 2023, we guide total revenue of $1.06 billion to $1.11 billion, representing 18% to 23% year-over-year growth with licensing revenue of $39 million to $41 million. We expect to grow our system-wide Shack count by approximately 70 to 75 units this year, about 40 of which will be domestic company-operated and 30 to 35 operated by our licensed partners. Our guidance for same-Shack sales to grow by low to mid-single digits with mid- to high single digit price and consistent trends in our mix.

對於 2023 年全年，我們預計總收入為 10.6 億美元至 11.1 億美元，同比增長 18% 至 23%，許可收入為 3900 萬至 4100 萬美元。我們預計今年我們全系統的 Shack 數量將增加約 70 至 75 個，其中約 40 個將由國內公司運營，30 至 35 個由我們的授權合作夥伴運營。我們對 same-Shack 銷售額的指導以中低個位數增長，中高個位數價格和我們組合中的一致趨勢。

Despite ongoing inflationary headwinds, we expect to deliver at least 150 to 250 basis points of restaurant margin expansion in 2023 and guide for a full year Shack-level operating profit margins to reach 19% to 20% as we continue to execute on our strategic priorities. While we are focused on exceeding this part, inflationary pressures are not abating, in this guidance, we're reflecting a great degree of impact from potential consumer softness as well as beef inflationary pressures above and beyond what we're experiencing today.

儘管通脹逆風持續存在，但我們預計 2023 年餐廳利潤率將至少增長 150 至 250 個基點，並指導全年 Shack 級營業利潤率達到 19% 至 20%，因為我們將繼續執行我們的戰略重點.雖然我們專注於超過這部分，但通脹壓力並沒有減弱，在本指南中，我們反映了潛在的消費者疲軟以及超出我們今天所經歷的牛肉通脹壓力的很大程度的影響。

But all else equal, if both of these risks did not materialize, we see a path for our restaurant margin to surpass 20% this year. We are planning for food and paper costs to rise by mid- to high single digits year-over-year, led by beef costs rising by a similar degree. We do not hedge on many components of our basket, including beef, which is the largest single part of our basket and an area where we see a significant degree of uncertainty around the cost this year.

但在其他條件相同的情況下，如果這兩種風險都沒有成為現實，我們認為今年我們的餐廳利潤率有可能超過 20%。我們計劃食品和紙張成本同比上漲中高個位數，牛肉成本上漲幅度相似。我們沒有對我們籃子中的許多成分進行對沖，包括牛肉，這是我們籃子中最大的單一部分，我們認為今年的成本存在很大程度的不確定性。

In the first quarter, our beef costs were up just modestly versus the fourth quarter and were down year-over-year. However, we have recently started to see our beef costs increase with broad-based challenges across the supply chain, and we anticipate this to be a material pressure throughout the year. We are also seeing signs of even further inflationary pressures from many other items in our basket, including fries that are likely to cost us approximately 20% more this year than last.

第一季度，我們的牛肉成本與第四季度相比略有上升，並且同比下降。然而，我們最近開始看到我們的牛肉成本隨著供應鏈中廣泛的挑戰而增加，我們預計這將成為全年的物質壓力。我們還看到我們籃子中的許多其他商品的通脹壓力進一步加劇的跡象，包括薯條，今年我們的價格可能比去年高出約 20%。

But above all, we are also making continued investments in our people as we focus on building up and supporting our winning team. This is resulting in mid-single-digit year-over-year wage pressures. Taken together, our operating backdrop is not easy. Inflationary pressures still remain, and we believe we have the right plan in place to navigate and continue to show higher operating profitability despite these continued challenges.

但最重要的是，在我們專注於建立和支持我們獲勝的團隊時，我們還在繼續投資於我們的員工。這導致了中個位數的同比工資壓力。總而言之，我們的經營背景並不容易。通貨膨脹壓力仍然存在，我們相信我們有正確的計劃來應對並繼續顯示更高的運營盈利能力，儘管這些持續存在的挑戰。

In fact, even with the inflationary and potential macroeconomic pressures, we are planning to grow fiscal 2023 adjusted EBITDA by at least 50% to 70% this year, to $110 million to $125 million as we target achieving record profits this year. We have line of sight to exceeding this range. However, this will be dependent on the degree of pressures we face throughout the year. We reiterate that our 2023 G&A guidance of $125 million to $130 million, absent the $1.6 million in legal and professional fees that are excluded from adjusted EBITDA this quarter.

事實上，即使存在通貨膨脹和潛在的宏觀經濟壓力，我們計劃今年將 2023 財年調整後的 EBITDA 增長至少 50% 至 70%，達到 1.1 億至 1.25 億美元，因為我們的目標是今年實現創紀錄的利潤。我們有超過這個範圍的視線。然而，這將取決於我們全年面臨的壓力程度。我們重申，我們的 2023 年 G&A 指導值為 1.25 億美元至 1.3 億美元，不包括本季度調整後 EBITDA 中排除的 160 萬美元法律和專業費用。

At the midpoint, G&A would be 11.8% of total revenue, more than 80 basis points of leverage versus 2022 levels. Other guidance points, equity-based compensation expense of approximately $17 million, preopening of $17 million to $19 million, depreciation of $88 million to $93 million and adjusted pro forma tax rate excluding the impact of stock-based compensation to be 16% to 18%.

在中點，G&A 將佔總收入的 11.8%，與 2022 年的水平相比槓桿率超過 80 個基點。其他指導要點，基於股權的補償費用約為 1700 萬美元，開業前為 1700 萬至 1900 萬美元，折舊為 8800 萬至 9300 萬美元，不包括基於股票補償的影響的調整後備考稅率為 16% 至 18% .

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

謝謝你的時間。這樣，我就可以把它還給蘭迪了。

Thanks a lot, Katie. And we're really proud of the team and the way they continue to execute on our strategic plan, driving sales and better profitability across our restaurants. We're going to keep our focus on recruiting, rewarding and retaining this team, relentless focus on the guest experience, opening great Shacks through a targeted development strategy, improving our margins and investing with discipline for strong returns. I spent a lot of my time recently in our Shacks with our teams and visiting our partners around the country and around the world.

非常感謝，凱蒂。我們為團隊以及他們繼續執行我們的戰略計劃、推動我們餐廳的銷售和更好的盈利能力的方式感到自豪。我們將繼續專注於招聘、獎勵和留住這支團隊，不懈地關注客人體驗，通過有針對性的發展戰略開設偉大的 Shacks，提高我們的利潤率，並有紀律地投資以獲得豐厚的回報。我最近花了很多時間在我們的 Shacks 與我們的團隊一起，拜訪我們在全國和世界各地的合作夥伴。

We've been listening, learning and working collaboratively across our teams to run better Shacks that are great investments and stand the test of time. I can tell you confidently that our brand carries a weight well beyond our scale today. and we continue to execute a plan to scale our business for tomorrow. Hope we see you all soon for Shack Burger. And with that, operator, go ahead and open up the call for questions.

我們一直在傾聽、學習並在我們的團隊中協同工作，以運行更好的 Shacks，這些 Shacks 是一項偉大的投資，經得起時間的考驗。我可以自信地告訴您，我們品牌的影響力遠遠超出了我們今天的規模。我們將繼續執行一項計劃，為明天擴大我們的業務。希望我們很快能在 Shack Burger 見到你們。話雖如此，接線員，請繼續並打開問題電話。

(Operator Instructions)

（操作員說明）

Our first question comes from Jeffrey Bernstein with Barclays.

我們的第一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

One question, one follow-up. The question just on the near-term concerns. And Katie, you mentioned the uncertain macro in the short term. I think investors are concerned of slowing comps of late -- first quarter results beat expectations. I'm wondering if you can maybe share your thoughts on the trend through the quarter ex the noise. There's obviously been a lot of noise, but how do you read those first quarter results?

一問一跟。這個問題只是關於近期的擔憂。凱蒂，你提到了短期內不確定的宏觀經濟。我認為投資者擔心最近業績放緩——第一季度業績超出預期。我想知道你是否可以分享你對噪音前四分之一趨勢的看法。顯然有很多噪音，但你如何解讀第一季度的結果？

And more importantly, in April with a 4% comp, it looks like it would be a deceleration from the first quarter. But hard to tell when pricing is being lapped and different shifts and whatnot. So I'm just trying to get your sense for how you think the consumer is behaving through the first quarter and through April as that impacts your second quarter outlook? And then I had one follow-up.

更重要的是，4 月份的補償率為 4%，與第一季度相比似乎有所放緩。但很難說定價何時被重疊以及不同的轉變等等。所以我只是想了解您認為消費者在第一季度和四月份的行為如何影響您的第二季度前景？然後我進行了一次跟進。

Great. So overall, I would describe the cadence of the first quarter as we started strong, we had a lot of good new Shack openings as well, kind of helping us a tailwind at our back. But then really kind of in February and with the launch of White Truffle kind of coincided about the same time, we did see above-average sales performance in our more mature Shacks. We saw a pretty healthy behavior from high-income consumers where we over-index to.

偉大的。所以總的來說，我會描述第一季度的節奏，因為我們開始強勁，我們也有很多很好的新 Shack 空缺，有點幫助我們在背後順風。但實際上是在 2 月，與 White Truffle 的推出幾乎同時發生，我們確實看到我們更成熟的 Shacks 的銷售業績高於平均水平。我們從高收入消費者那裡看到了一種非常健康的行為，我們對其進行了過度索引。

But kind of throughout income cohort, we were pretty pleased with what we saw. We are taking a mindful approach though, as we're going throughout the year for all of the reasons that you just discussed and see -- are baking in some views about how the back half of this year could play out. But from what we're seeing right here, we are pleased with our performance. I will say, as it pertains to April, you're right, we rolled off about 3.5% menu price and an additional 5% increase on DSP that we took in March. And so that is part of what you're seeing right there. There were also some spring break shifts as well.

但是在整個收入隊列中，我們對所看到的情況感到非常滿意。不過，由於您剛才討論和看到的所有原因，我們將在全年進行，因此我們正在採取一種謹慎的方法——正在就今年下半年的結果發表一些看法。但從我們在這裡看到的情況來看，我們對我們的表現感到滿意。我會說，因為它與 4 月份有關，你是對的，我們降低了大約 3.5% 的菜單價格，並在 3 月份額外增加了 5% 的 DSP。所以這是你在那裡看到的一部分。也有一些春假輪班。

Understood. So it doesn't seem like you're seeing a material change in consumer behavior of late when you back out those unusuals? Or is April, would you say somewhat of a deceleration?

明白了。所以當你取消那些不尋常的行為時，你似乎並沒有看到最近消費者行為發生重大變化？或者是四月，你會說有點減速嗎？

We're very pleased with the trends that we have seen in April, consistent with what we saw exiting the first quarter. But that's just one month. So we'll have to see how the rest of the quarter plays out.

我們對我們在 4 月份看到的趨勢感到非常滿意，這與我們在第一季度看到的趨勢一致。但這只是一個月。因此，我們必須看看本季度剩餘時間的表現如何。

Understood. And then my follow-up was just the restaurant margin outlook. I mean, very impressed with the 19% to 20% guidance. I think you mentioned this potential upside to that 20%. Just wondering if you can maybe prioritize what you think are the greatest drivers there?

明白了。然後我的後續行動只是餐廳利潤率前景。我的意思是，19% 到 20% 的指導意見給我留下了深刻的印象。我認為你提到了這 20% 的潛在上升空間。只是想知道您是否可以優先考慮您認為那裡最偉大的驅動因素？

Or maybe more importantly, what's the greatest risk to that? Because obviously, that's above expectations. And it just seems like the environment -- inflation is getting worse, pricing is easing, and the consumer is just so uncertain. It would seem like that's aggressive. So I'm wondering where you think there's upside versus where there's the greatest risk to that margin outlook.

或者更重要的是，最大的風險是什麼？因為很明顯，這超出了預期。看起來環境——通貨膨脹越來越嚴重，定價正在放鬆，消費者是如此不確定。這似乎是侵略性的。所以我想知道你認為哪裡有上升空間，哪裡有利潤率前景的最大風險。

So as we're thinking about the margin progression throughout this year and what really helped us in the first quarter achieved that 310, which actually is closer to 360 basis points of improvement versus last year when you adjust for the gift card benefit we had in the first quarter of 2022. Let's talk about what we did. We drove sales and we drove sales into our own channels. And we expect for that to continue to be a tailwind for us this year.

因此，當我們考慮今年全年的利潤率增長以及第一季度真正幫助我們實現 310 的利潤時，當您調整我們在2022年第一季度。讓我們談談我們做了什麼。我們推動了銷售，我們將銷售推向了我們自己的渠道。我們預計今年這將繼續成為我們的順風。

We have key strategies in place to reward our guests to come into our restaurants, to come in and use our app and to do delivery through us as well. So we want to see more of that throughout this year, and we think that's going to be a benefit. And we're also really encouraged by the work that we've done around staffing and improving retention around our team members. And I think we're just really kind of early days in seeing that benefit.

我們制定了關鍵策略來獎勵我們的客人進入我們的餐廳，進入並使用我們的應用程序並通過我們進行送貨。所以我們希望在今年全年看到更多這樣的事情，我們認為這將是一個好處。我們在人員配備和提高團隊成員保留率方面所做的工作也讓我們感到非常鼓舞。而且我認為我們在看到這種好處方面還處於早期階段。

Randy talked about the big increases that we saw in retention in the first quarter. We're seeing some lower waste here on the back of it. And we were able to be open longer hours. These are all things that you want to see to help us be more profitable. But conversely, we have some of this in our guidance. I would say one of the biggest risks to achieving that range is if we had macroeconomic uncertainty outside of what we're expecting today, we had a more significant falloff in the consumer and then beef.

Randy 談到了我們在第一季度看到的留存率大幅提高。我們在它的背面看到了一些較低的浪費。而且我們能夠營業更長時間。這些都是您希望看到的，可以幫助我們提高盈利能力。但相反，我們的指南中有一些這樣的內容。我想說，實現這一範圍的最大風險之一是，如果我們的宏觀經濟不確定性超出了我們今天的預期，那麼我們的消費品和牛肉會出現更顯著的下滑。

Beef, we continue to say beef is the largest part of uncertainty in our basket this year. We're starting to see it pick up here. We've baked in our views now as to what that is. But if you're asking me, where the biggest part of uncertainty is on the cost side. To me is beef.

牛肉，我們繼續說牛肉是今年我們籃子中不確定性最大的部分。我們開始看到它在這裡出現。我們現在已經對那是什麼產生了看法。但如果你問我，最大的不確定性是在成本方面。對我來說是牛肉。

Our question comes from Michael Tamas with Oppenheimer & Company.

我們的問題來自 Oppenheimer & Company 的 Michael Tamas。

I wanted to follow up on the consumer softness comment within your guidance. Can you talk about what you're assuming on the sales side of things. You mentioned margins could exceed 20% if there was no softness. But how much of a headwind is sales are you sort of thinking about right now?

我想在您的指導下跟進消費者的軟性評論。你能談談你在銷售方面的假設嗎？你提到如果沒有柔軟度，利潤率可能超過 20%。但是，您現在考慮的銷售逆風有多大？

We have reflected a modest degree of slowing into our guidance at the midpoint. If the consumer remains healthy, there's a path to exceed that. However, if there is a more material macro-economic contraction than what we're pricing in our guidance, we may miss that. So that's kind of how I would about the guide on that side.

我們已經在中點反映出適度放緩我們的指導。如果消費者保持健康，就有辦法超越這一點。但是，如果宏觀經濟收縮比我們在指導中定價的更嚴重，我們可能會錯過。這就是我對那邊指南的看法。

We over-indexed to higher income consumers. We were really encouraged by that 4.8% traffic we generated in the first quarter. And we have to just kind of talk about White Truffle was the most expensive LTO that we've ever launched, and we've had very strong success with that. So what we're seeing today is that we're kind of that attainable luxury, where we're definitely gaining share at the high end. And we hope that, that continues. But for planning the business, we think it's prudent to take a balanced approach through the rest of the year.

我們對高收入消費者進行了過度指數化。我們對第一季度產生的 4.8% 的流量感到非常鼓舞。我們不得不說白松露是我們推出過的最昂貴的 LTO，我們在這方面取得了非常大的成功。所以我們今天看到的是，我們是一種可以實現的奢侈品，我們肯定會在高端市場獲得份額。我們希望這種情況繼續下去。但為了規劃業務，我們認為在今年餘下時間採取平衡的方法是謹慎的。

Got it. And then can you talk about what you're seeing from consumer habits in your drive-thrus and/or maybe kiosks versus sort of like your traditional stores? Do consumers use your drive-thrus differently, maybe less beverage attach or less shake attach or something like that. More importantly, how does it sort of shape the way you're thinking about that drive-thru business as you're building new units and going forward?

知道了。然後你能談談你從你的得來速和/或售貨亭的消費者習慣中看到了什麼，而不是像你的傳統商店嗎？消費者是否以不同的方式使用你的得來速，可能更少的飲料附加或更少的奶昔附加或類似的東西。更重要的是，它如何影響你在建造新單位和前進時對得來速業務的思考方式？

So on drive-thru, we're still very early here to really report on key trends, but I will talk about kiosks. Because we've had those in our system for longer, and we feel better about talking about those trends. So what we see in kiosk and what we continue to see even with doubling the sales year-over-year and having a substantial more higher number of restaurants in our system with them is that when a guest goes to our kiosk and they see the visual merchandising of our menu, we see that they have higher checks than a traditional cashier order.

因此，關於得來速，我們在這裡真正報告主要趨勢還為時過早，但我會談談售貨亭。因為我們在系統中使用它們的時間更長，而且我們更願意談論這些趨勢。因此，我們在售貨亭中看到的，以及我們繼續看到的，即使銷售額同比翻了一番，並且在我們的系統中擁有更多數量的餐廳，當客人去我們的售貨亭時，他們會看到視覺在我們的菜單推銷中，我們看到他們的支票比傳統的本票更高。

We see that they add on more premium and higher-margin items. And so that together really makes that our highest margin channel. We're ahead of plan here with rolling out kiosks to nearly every Shack by the end of this year, and we're very pleased with the returns on that investment.

我們看到他們增加了更多優質和更高利潤的項目。因此，這真的使我們的利潤率最高的渠道。我們提前完成了計劃，到今年年底在幾乎每個 Shack 都推出了售貨亭，我們對這項投資的回報感到非常滿意。

Our next question comes from Jake Bartlett with Truist Securities.

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

So the first is on sales drivers. My sense is that improved staffing in turnovers and maybe hours is one of the biggest drivers of that. Can you give us any metrics around that, maybe how turnover might be improving, maybe average hours now versus last year? Anything to kind of demonstrate the improvement that you're seeing on the staffing and the productivity levels?

所以首先是銷售驅動程序。我的感覺是，員工流失率和工作時間的改善是其中最大的驅動因素之一。你能給我們任何關於這方面的指標嗎，也許營業額可能會如何改善，也許現在的平均工作時間與去年相比？有什麼可以證明您在人員配備和生產力水平方面看到的改進嗎？

Thanks, Jake. And this is why it's the number one part of our strategic plan because when we see what we reported here, which is a lower turnover, higher retention and a lot more people applying for jobs at Shake Shack in the first -- kind of year-to-date here, that's just a huge win in every way. Turnover is expensive. It is hard to train people and mostly because you're just not up to the reps. You're just not up to speed and throughput. That's where the most gains are going to come from.

謝謝，傑克。這就是為什麼它是我們戰略計劃的首要部分，因為當我們看到我們在這里報告的內容時，即較低的人員流動率、較高的保留率以及更多的人在第一年申請 Shake Shack 的工作——差不多是一年——到目前為止，這在各個方面都是一個巨大的勝利。營業額很貴。很難培訓人員，主要是因為您無法勝任代表。你只是沒有達到速度和吞吐量。這就是最大收益的來源。

And I think that was a part of the strength of Q1. It's also a part of our confidence in the op profit guide for this year. It's a huge part of how we think we can get there. Now we need to see that trend continue. Obviously, this last few years has been incredibly challenging on that front. We'll see with the consumer softening, who knows where that will go, but we expect those trends to continue. It's also the work that our team has done to make that better.

我認為這是第一季度實力的一部分。這也是我們對今年營業利潤指南充滿信心的一部分。這是我們認為我們可以到達那裡的重要組成部分。現在我們需要看到這種趨勢繼續下去。顯然，過去幾年在這方面極具挑戰性。我們將看到消費者疲軟，誰知道它會走向何方，但我們預計這些趨勢將繼續下去。這也是我們團隊為使它變得更好所做的工作。

So I think you see it on the kind of hidden cost of all throughout the P&L, especially just on the opportunity to optimize throughput. On hours, we've been able to -- it's not like we all of a sudden magically just increased hours across all the Shacks. This is really just recapturing some of the hours that we had given up when staffing challenges were more challenging over this last couple of years.

所以我認為你會在整個損益表的所有隱性成本中看到它，尤其是在優化吞吐量的機會上。在幾個小時內，我們已經能夠——這並不是說我們突然神奇地增加了所有 Shacks 的工作時間。這實際上只是重新奪回過去幾年我們在人員配置挑戰更具挑戰性時放棄的一些時間。

So we're starting to be able to get some of those back in the first quarter. There's a little bit more probably to go on that, depending on the Shacks and generally seasonally our stronger quarters are the second and third quarter. We generally -- we can look at some of that extension of hours. But taking care of our team, having them to stay is a huge win in every part of the business.

所以我們開始能夠在第一季度收回其中一些。繼續下去的可能性更大，這取決於 Shacks 和一般季節性我們更強的季度是第二和第三季度。我們一般 - 我們可以看看延長的時間。但是照顧好我們的團隊，讓他們留下來對業務的各個方面來說都是一個巨大的勝利。

Great. I appreciate that. And then as a follow-up or actually a question, I thought in the release and you mentioned your target of ROI -- new store ROI of over 30% or over 30%, I was a little surprised to see that, that's what the recent store class has achieved. Given the margin pressure that we've seen over the last couple of years, elevated costs.

偉大的。我很感激。然後作為後續行動或實際上是一個問題，我認為在發布中你提到了你的投資回報率目標——新店投資回報率超過 30% 或超過 30%，我有點驚訝地看到，這就是最近的商店類已經實現。鑑於我們在過去幾年中看到的利潤壓力，成本上升。

So maybe if you could kind of break that down, how the store -- the recent store classes have performed. Was achieving that 30% or over 30% ROI really purely driven by strong new store openings? Or any other metrics to kind of help us understand where that 30% is driven by?

因此，如果您可以將其分解，那麼商店 - 最近的商店課程的表現如何。實現 30% 或超過 30% 的投資回報率是否真的純粹是由強勁的新店開業推動的？或者任何其他指標可以幫助我們了解這 30% 的驅動力？

Yes. So our -- the return metric that we use here, cash-on-cash return, we measure in the third year of operations. So really when we were talking about the Shacks that were impacted by COVID pressures where our returns were impacted. We're talking about our 2017 class came into its third year of measurement in 2020. That was a year of deep impact here at Shake Shack and for the restaurant industry.

是的。所以我們 - 我們在這裡使用的回報指標，即現金現金回報，我們在運營的第三年進行衡量。所以當我們談論受 COVID 壓力影響的 Shacks 時，我們的回報受到了影響。我們說的是我們 2017 年的班級在 2020 年進入了第三個測量年頭。那是對 Shake Shack 和餐飲業產生深遠影響的一年。

No surprise there that sales have improved a lot for the 2017 class as they have for the rest of our company, and our profitability trends have done better, too. So same story can be said with the class of 2018 that comes into its third year in 2021 and to a little bit more -- lesser extent the class of 2019.

毫不奇怪，2017 年班級的銷售額與我們公司其他部門一樣有了很大改善，而且我們的盈利趨勢也表現得更好。同樣的故事也適用於 2021 年進入第三年的 2018 屆學生，以及更多 - 較小程度的 2019 屆學生。

So with our expectations here to generate about 19% to 20% Shack-level operating profit for the overall company and the recovery that we have seen in the class of 2020 Shacks and the rest of our overall base, kind of with the targets to hit $110 million to $125 million in adjusted EBITDA this year, on the build cost for the class of 2020, we expect that to exceed our long-term guidance range of at least 30%.

因此，我們在這裡的預期是為整個公司產生大約 19% 到 20% 的 Shack 級營業利潤，以及我們在 2020 年 Shacks 類和我們整體基礎的其他部分中看到的複蘇，有點像實現的目標今年調整後的 EBITDA 為 1.1 億至 1.25 億美元，按 2020 年級的建造成本計算，我們預計這將超過我們至少 30% 的長期指導範圍。

Our next question comes from Drew North with Baird.

我們的下一個問題來自 Drew North 和 Baird。

I just had a quick follow-up on labor. Randy, you mentioned the lower turnover is providing confidence in the op profit guide for the year. But maybe this is for Katie. I guess how are you thinking about the magnitude of leverage on the labor line in the context of your guidance for the year?

我剛剛對分娩進行了快速跟進。蘭迪，你提到較低的營業額為今年的營業利潤指南提供了信心。但也許這是給凱蒂的。我猜你如何看待你今年的指導背景下對勞動力的影響程度？

Yes. So we're expecting -- we're kind of in our guidance range for 19% to 20%. We're kind of expecting everything to kind of hold here from what we're seeing. It's possible that we do better than that. It's possible that we have more pressure on that side. But we think that right now, kind of assuming that we hold the current level is appropriate for guidance.

是的。所以我們預計 - 我們在 19% 到 20% 的指導範圍內。從我們所看到的來看，我們有點期待一切都在這裡。我們有可能做得更好。有可能我們在那邊有更大的壓力。但我們認為，目前，假設我們持有當前水平是適合指導的。

There's also some things that are helping us on the labor side probably with retention, end up actually costing us a little bit more as well. So let's talk about tips. We offer tips to our team members in basically every channel right now. And our guests have been stepping up and rewarding our team members for such excellent service, there's a cost to that, that we also face in our restaurant P&L on the labor side as well. So that's just something to think of as you're thinking about this year versus last year and prior years.

還有一些事情可能在勞動力方面幫助我們保留，最終實際上也會讓我們付出更多的代價。那麼讓我們來談談技巧。我們現在基本上在每個渠道都向我們的團隊成員提供提示。我們的客人一直在加緊獎勵我們的團隊成員提供如此優質的服務，這是有代價的，我們在餐廳的損益表中也面臨著勞動力方面的問題。所以這只是你在考慮今年與去年和前幾年的對比時要考慮的事情。

And one other, it looked like the shareholder letter mentioned lower marketing expense benefiting the other OpEx line. It sounds as though you're being more targeted there. I guess perhaps you could just expand on your plan for marketing this year relative to prior years.

另一方面，股東信中似乎提到了較低的營銷費用，這有利於另一條運營支出線。聽起來你在那裡更有針對性。我想也許你可以在今年相對於往年擴大你的營銷計劃。

Well, what you're seeing there is a change in classification for marketing programs that used to hit the Shack level that are more national in nature. So that's what we're talking about. When it comes to marketing, we're only committing more this year. You'll see that in G&A. You will see some of that in Shacks when it's direct marketing to that specific restaurant. So that's not a call out on any kind of less marketing, that is, we're going to do more nationally, and we're going to do more regionally as well.

好吧，你所看到的是營銷計劃的分類發生了變化，這些計劃過去常常達到本質上更具民族性的 Shack 級別。這就是我們所說的。在營銷方面，我們今年只會投入更多。您會在 G&A 中看到這一點。當它直接營銷到特定餐廳時，您會在 Shacks 中看到其中的一些內容。所以這並不是要減少任何類型的營銷，也就是說，我們將在全國范圍內做更多的事情，我們也會在區域範圍內做更多的事情。

And then in the first quarter, we did have a little bit of shift in some of our Shack level marketing projects, which we expect to kind of realize later this year.

然後在第一季度，我們的一些 Shack 級營銷項目確實發生了一些轉變，我們預計將在今年晚些時候實現。

Our next question comes from Jim Sanderson with Northcoast Research.

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

Congratulations on the great first quarter. Wondering if you can walk through how pricing will impact same-store sales on a quarterly basis. I think you've got 3.5% that's rolling off in March and then you're going to take an additional 2. So just kind of level set that for us so we can understand how that's going to flow through for the next 3 quarters?

祝賀第一季度的出色表現。想知道您是否可以逐步了解定價將如何影響每季度的同店銷售額。我認為你有 3.5% 會在 3 月份下降，然後你會再增加 2%。所以只是為我們設定了一個水平，這樣我們就可以了解接下來的 3 個季度將如何流動？

Great. Thanks, Jim. So starting off the year, we had very high single-digit pricing, that's what I would kind of describe that as. And then you're right, we rolled off in March, we rolled off 3.5% menu pricing and 5% additional DSP pricing. We're kind of now trending at the lower end of that high single-digit range. And depending on menu mix and other channel mix kind of expect to have that be the case for most of the quarter.

偉大的。謝謝，吉姆。所以從今年開始，我們有非常高的個位數定價，這就是我所描述的。然後你是對的，我們在三月份推出，我們推出了 3.5% 的菜單定價和 5% 的額外 DSP 定價。我們現在有點處於那個高個位數範圍的低端。並且根據菜單組合和其他渠道組合，預計本季度的大部分時間都會出現這種情況。

Then we're going to be taking the 2% late in the second quarter. We're going to be holding that. And then in October, we're going to be rolling off that. We said we took between 2% to 10% across channels -- sorry, across a variety of different price tiers. So that will come off. So we'll end the year at basically 2% price. We haven't made any announcements on any additional price increases.

然後我們將在第二季度末採用 2%。我們將堅持下去。然後在 10 月，我們將推出它。我們說我們跨渠道收取了 2% 到 10% 的費用——抱歉，跨各種不同的價格等級。這樣它就會消失。所以我們將以基本上 2% 的價格結束今年。我們還沒有就任何額外的價格上漲發布任何公告。

All right. No, understood. Just wanted to follow up to a little bit on the discussion on kiosks. You talked a lot about what you've observed as far as higher average check. But I'm wondering if those kiosks, once you have them in all of your stores in the United States, if that's going to unlock some lower labor costs in the form of fewer budgeted hours or anything you can tell us about how that could enhance store labor productivity, once it's rolled out?

好的。不，明白。只是想跟進一下有關信息亭的討論。就更高的平均支票而言，您談到了很多您所觀察到的情況。但我想知道這些售貨亭，一旦你在美國的所有商店都擁有它們，是否會以更少的預算時間或任何你可以告訴我們如何提高的形式釋放一些較低的勞動力成本存儲勞動生產率，一旦推出？

Yes, it's a great point, and we're really excited about kiosks. And I think we're just really early days here on that point. We're certainly seeing some signs of labor efficiencies in Shacks with kiosks. But then also just on unlocking additional capabilities with the kiosk. So I'm really excited by what this enables our team members to accomplish in Shacks, how it enables us to better target the labor in the Shacks and provide, hopefully, a better guest experience. And the natural check lift that you see from kiosk orders relative to a cashier check, helping people to understand our menu and our offerings better. And I think we're just really scratching the services to what we can do here.

是的，這是一個很好的觀點，我們對信息亭感到非常興奮。我認為我們在這一點上還處於早期階段。我們肯定會在帶有售貨亭的棚屋中看到一些勞動力效率提高的跡象。但隨後也只是通過信息亭解鎖額外的功能。因此，我真的很興奮這能讓我們的團隊成員在 Shacks 中完成什麼，它如何使我們能夠更好地瞄準 Shacks 中的勞動力並提供更好的客戶體驗。與收銀員支票相比，您從自助服務亭訂單中看到的自然支票提升，幫助人們更好地了解我們的菜單和我們的產品。而且我認為我們真的只是在為我們在這裡可以做的事情提供服務。

Our next question comes from Maggie Juarez with Raymond James.

我們的下一個問題來自 Maggie Juarez 和 Raymond James。

I am Maggie Juarez on for Brian Vaccaro. We just had a question on the other OpEx line. Could you quantify the benefit you saw in R&M in 1Q '23. Do you expect a similar year-on-year tailwind through the year? I know there could be a difference in comparisons there. So any perspective there would be helpful.

我是 Brian Vaccaro 的 Maggie Juarez。我們剛剛在其他 OpEx 線路上有一個問題。您能否量化您在 23 年第一季度在 R&M 中看到的收益。您預計全年會有類似的同比順風嗎？我知道那裡的比較可能會有所不同。所以任何觀點都會有所幫助。

Yes. So what happened in other OpEx this quarter, if you look at kind of where we've been focused on our strategic priorities, it's really on addressing what the controllable expenses that we have. And the supply chain challenges that we faced in general, which have been a pressure to our ability to open restaurants, we also talked about that being a pressure for our ability to replace equipment, it was resulting in higher service costs for that equipment.

是的。那麼本季度其他運營支出發生了什麼，如果你看看我們一直關注的戰略重點，它實際上是在解決我們擁有的可控費用。我們普遍面臨的供應鏈挑戰對我們開餐廳的能力構成了壓力，我們還談到了對我們更換設備能力的壓力，這導致該設備的服務成本更高。

Our team did a really good job identifying a lot of opportunities to upgrade and replace much needed equipment in our restaurants. And we're expecting them to continue to act on that plan throughout the rest of this year. So that's kind of the benefit we're seeing there. I would say the other pretty important benefit, though, that you're seeing on other operating expenses is really just pushing more and more sales into our own channels. That's helping us leverage a lot of expenses on that line.

我們的團隊做得非常好，發現了很多機會來升級和更換我們餐廳急需的設備。我們期待他們在今年餘下的時間裡繼續執行該計劃。這就是我們在那裡看到的好處。不過，我會說另一個非常重要的好處，你在其他運營費用上看到的實際上只是將越來越多的銷售額推向我們自己的渠道。這幫助我們利用了這條線上的大量費用。

And then could you also go over what digital mix was in the quarter? And maybe provide some color what kind of trends you're seeing in off-premise channels?

然後你能否也回顧一下本季度的數字組合？也許提供一些顏色你在場外渠道中看到什麼樣的趨勢？

Sure. We had a 36% digital mix in the quarter. Now that includes app, web and delivery. That does not include kiosks. And really the story there is that we're seeing our gains come back from in-Shack. We doubled our kiosk sales year-over-year, which -- that's not part of the digital mix. That's part of our in-Shack transaction. And our same-Shack sales for in-Shack grew over 20% year-over-year. So we're seeing more and more guests come back to the kind of normal pre-pandemic purchasing habit, but at the same time, we're also driving more adoption and usage of our app.

當然。本季度我們有 36% 的數字組合。現在包括應用程序、網絡和交付。這不包括售貨亭。真正的故事是我們看到我們的收益從 in-Shack 回來了。我們的售貨亭銷售額同比翻了一番，這不是數字組合的一部分。這是我們在 Shack 交易的一部分。我們的 in-Shack 同店銷售額同比增長超過 20%。因此，我們看到越來越多的客人恢復了大流行前的正常購買習慣，但與此同時，我們也在推動更多人採用和使用我們的應用程序。

Our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I know the industry actually did show net unit growth, I mean, at least according to some industry numbers, '22 over '21. And I was curious, and I think this could go both ways, both closures and openings. I mean, how maybe you see your trade area competitive dynamics change? I mean I think we all know there's not exactly another Shake Shack, but there certainly are many competitors that are going after at least your type of customer and probably the day parts of which they use it, maybe even the channels in which they use it.

我知道該行業實際上確實顯示了淨單位增長，我的意思是，至少根據一些行業數據，'22 超過'21。我很好奇，我認為這可以雙向進行，既可以關閉也可以開放。我的意思是，您如何看待您的貿易區競爭動態變化？我的意思是我認為我們都知道並沒有完全不同的 Shake Shack，但肯定有許多競爭對手至少在追逐你的客戶類型，可能還有他們使用它的那一天，甚至可能是他們使用它的渠道.

So can you talk about how the competitive environment might be evolving even if it is in specific markets or when we really take a step back and look everything or we pretty status quo '23 over '19 and your success is really going to be depending on what happens within your 4 walls?

那麼，您能否談談競爭環境可能會如何演變，即使它是在特定市場中，或者當我們真正退後一步並審視一切時，或者我們在 23 年比 19 年保持現狀，你的成功真的取決於你的 4 堵牆內會發生什麼？

John, that's a great question. I'll start with how you ended like there's no question our success can be how we run our restaurants. That said, you're absolutely right in hitting on the changes of dynamic of how real estate and sites are working it. So broadly, I would say that the toughest competition out there is for great drive-thru pad sites right now, right?

約翰，這是一個很好的問題。我將從你如何結束開始，就像毫無疑問我們的成功可以是我們經營餐廳的方式一樣。就是說，您完全正確地把握了房地產和網站運作方式的動態變化。因此，從廣義上講，我想說現在最激烈的競爭是爭奪偉大的得來速墊站點，對嗎？

You're seeing that with everybody. Everybody is looking for that. We are fortunate we have such a good brand. There's a lot of landlords who really want us to take that space. But that's probably the hottest. I think you're seeing some easing in kind of the regional mall type and some of the urban. But again, urban is a big word, and there's lots of places in urban centers that we're going to continue to go that we think are great.

你在每個人身上都看到了這一點。每個人都在尋找那個。我們很幸運有這麼好的品牌。有很多房東真的希望我們佔用那個空間。但這可能是最熱門的。我認為您看到區域購物中心類型和一些城市類型有所放鬆。但同樣，城市是一個大詞，在城市中心有很多我們認為很棒的地方我們將繼續去。

So our strategy within all that is balanced. We've made a big commitment to drive through, as you know. We think it's a huge potential part of our business. And we have a lot to learn on the kind of sites we need. We're going to learn a lot more this year as we add another 15 and more than double the size of our drive-thru template. We're also going to learn a lot more even next year in drive-thru as we do more of our Shacks kind of on the coast in some of the markets where we've traditionally had some of our higher AUVs.

因此，我們的戰略在所有方面都是平衡的。如您所知，我們已做出重大承諾以推動通過。我們認為這是我們業務的巨大潛力部分。在我們需要的網站上，我們還有很多東西要學。今年我們將學習更多，因為我們又增加了 15 個，並且是我們得來速模板大小的兩倍多。明年我們還將在得來速中學到更多東西，因為我們在一些我們傳統上擁有一些更高 AUV 的市場的海岸上做了更多的 Shacks。

So I think there's going to be a lot of learning there. But we're also going to be cautious. I want balance. I want on balance of core Shacks, some drive-thru, some smaller format. And within all of that, that's where you heard some of my notes earlier, talking about making sure that we can better templatize prototype design, save money over the long term.

所以我認為那裡會有很多學習。但我們也將保持謹慎。我想要平衡。我想要核心 Shacks 的平衡，一些得來速，一些較小的格式。在所有這些之中，這就是你早些時候聽到我的一些筆記的地方，談論確保我們能夠更好地模板化原型設計，從長遠來看節省資金。

It's not going to happen tomorrow. You're not going to see it this year, but you will see it over the long term and our ability to just do a better job as we've now gotten to a scale where we can grow upon to take those learnings and bring down costs over time for drive-thru, for core and for all those. So there's a lot happening out there. We think 40 is a great number for this year, and we'll keep growing in the years to come.

這不會發生在明天。你今年不會看到它，但從長遠來看你會看到它以及我們做得更好的能力，因為我們現在已經達到了可以成長的規模，可以吸取這些教訓並降低得來速、核心和所有這些的成本隨著時間的推移而增加。所以那裡發生了很多事情。我們認為 40 對今年來說是一個很好的數字，我們將在未來幾年繼續增長。

I like how you described urban is a big word. I mean can you maybe talk about that cohort specifically? I mean, is it a more open competitive opportunity? I mean, certainly, a lot of people are kind of being scared off from newer offices and even in certain cities themselves. But there's still a lot of people that need to eat lunch and dinner that have money.

我喜歡你如何描述城市是一個大詞。我的意思是你能具體談談那個群體嗎？我的意思是，這是一個更開放的競爭機會嗎？我的意思是，當然，很多人都對新辦公室感到害怕，甚至在某些城市本身也是如此。但是還是有很多人有錢需要吃午飯和晚飯。

And it was, like, listen, I mean some of the actual migration trends out of the cities, at least permanently might be overstated at least in some of the press. So how would you see your competitive positioning just within urban itself? I mean have more customers left in restaurants? I mean does it have more restaurants left in customers? Just talk about where you think that balance is and how you're positioned within cities themselves?

就像，聽著，我的意思是一些實際的遷出城市的趨勢，至少是永久性的，至少在某些媒體中可能被誇大了。那麼，您如何看待您在城市本身的競爭定位？我的意思是有更多的顧客留在餐館裡嗎？我的意思是它還有更多的餐廳留給顧客嗎？只是談談您認為平衡在哪里以及您在城市中的定位如何？

Yes. I don't think landed yet is the answer. I think there's a lot of great headlines to read. And for the most part, urban centers are really doing great. But as we've shared, even some of our highest volume Shacks in some of our deepest urban communities, New York, Downtown, San Francisco, some others are still impacted, still impacted.

是的。我認為登陸還不是答案。我認為有很多很棒的標題值得閱讀。在大多數情況下，城市中心確實做得很好。但正如我們所分享的那樣，即使是我們一些最深入的城市社區（紐約、市中心、舊金山）中數量最多的棚屋，其他一些仍然受到影響，仍然受到影響。

And when you lose some portion of workers, whether it's on Monday or on a Friday or some shifting that's going to have impact. We still have that impact as a lag in our business as part of this drag that we've seen. But again, we continue to see those trends improving, which is all part of our guide for this year.

當你失去一部分工人時，無論是在周一還是周五，或者某些輪班都會產生影響。作為我們所看到的拖累的一部分，我們的業務仍然存在滯後影響。但同樣，我們繼續看到這些趨勢在改善，這是我們今年指南的一部分。

So that's why I said urban is a big word because -- and part of why we're not going to continue to show the urban, suburban breakdown is because these things are stabilizing and all suburban is not equal, all urban is not equal. There's lots of different types within there. When we think about our strategy, we will go -- continue to go to urban environments where we think there's great opportunity.

所以這就是為什麼我說城市是一個大詞，因為——我們不打算繼續展示城市、郊區的部分原因是因為這些東西正在穩定，所有郊區都不平等，所有城市都不平等。裡面有很多不同的類型。當我們考慮我們的戰略時，我們會去——繼續去我們認為有很大機會的城市環境。

Let's take a second on -- because sometimes we overdo New York and its impact on this company. But when we think about what we just opened in New York. In the last year, we've opened a great site in the meatpacking district. We've opened one in Brooklyn, in Kings Plaza. We've opened one in Jamaica, Queens, and you'll see us open on the lower East side. These are neighborhoods we haven't gotten to yet. These are neighborhoods much less impacted by any kind of urban shift.

讓我們再談一談——因為有時我們會過分誇大紐約及其對這家公司的影響。但是當我們想到我們剛剛在紐約開業的時候。去年，我們在肉類加工區開設了一個很棒的網站。我們在布魯克林的 Kings Plaza 開了一家。我們在牙買加皇后區開了一家，你會看到我們在下東區開張。這些是我們還沒有到達的社區。這些社區受任何類型的城市轉變影響都小得多。

So that's the way we're thinking about urban is making sure we're going to the best type of sites when we go to cities. And we think there's a big opportunity there. We're going to continue to bet that there's some great long-term returns in urban markets and probably more of our Shacks in this next couple of classes will be kind of more suburban type.

所以這就是我們考慮城市的方式，確保我們去城市時去最好的地方。我們認為那裡有很大的機會。我們將繼續打賭，城市市場會有一些很好的長期回報，並且在接下來的幾個課程中，我們的更多 Shacks 可能會更偏向於郊區類型。

(Operator Instructions) Our next question comes from Brian Harbour with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的布賴恩港。

I had another question about the kiosks, too. Besides kind of the check benefits that you mentioned, are there other things that you see in terms of -- I don't know if there are any labor hour savings or maybe you can just redeploy some of those labor hours, do you see better throughput in the units that really have higher kiosk order volume? Or how else could you quantify that?

我還有另一個關於售貨亭的問題。除了您提到的支票福利之外，您是否還看到了其他一些東西——我不知道是否可以節省任何工時，或者您是否可以重新部署其中的一些工時，您看得更好嗎？售貨亭訂單量真正更高的單位的吞吐量？或者你還能如何量化它？

Brian, yes, so with our kiosk orders, our kiosk Shacks, what we tend to see is we're able to run them a little bit more efficiently than Shacks without kiosk. And while we made significant improvements in the first quarter in our staffing and retention, if I just look back to the third and fourth quarter where the industry was deeply impacted, we were able to leverage kiosk.

布賴恩，是的，所以通過我們的售貨亭訂單，我們的售貨亭 Shacks，我們傾向於看到我們能夠比沒有售貨亭的 Shacks 更有效地運行它們。雖然我們在第一季度在人員配置和保留方面取得了顯著改善，但如果我回顧一下行業受到深刻影響的第三和第四季度，我們能夠利用信息亭。

Our operators were able to leverage kiosks as a key tool to let them operate when they were a little bit thin on staffing. So that we continue to be really pleased with having that tool at their fingertips. But really, when you think about the guest experience and what our guests like to see, we still have a portion of guests that come in and they want to have that face-to-face human transaction, communication, connection with the cashier.

我們的運營商能夠利用自助服務亭作為關鍵工具，讓他們在人員配置略微不足的情況下繼續運營。因此，我們仍然非常高興能夠輕鬆獲得該工具。但實際上，當您考慮客人體驗和我們的客人喜歡看什麼時，我們仍然有一部分客人進來，他們希望與收銀員進行面對面的人際交易、交流和聯繫。

But we have a ton of guests to come in and they want to just go right to the kiosks. They want to sit there and learn about the menu and see -- build up their trade, kind of go from protein, to fries, to shake, cold beverage and so forth. And so it's a really amazing experience. If you haven't used one, I highly encourage you to go. And what we see is we have higher checks. We have people adding both more premium LTOs, more add-ons on their existing burgers, so maybe the Shack Burger are more likely to have some more premium add-ons on it.

但是我們有很多客人要進來，他們只想直接去售貨亭。他們想坐在那裡了解菜單並查看——建立他們的交易，從蛋白質到薯條、奶昔、冷飲等等。所以這是一次非常棒的體驗。如果你還沒有用過，我強烈建議你去。我們看到的是我們有更高的支票。我們讓人們在他們現有的漢堡上添加更多高級 LTO 和更多附加組件，因此 Shack Burger 更有可能在其上添加更多高級附加組件。

We have a higher attach rate for cold beverage. Those are great margin additions to our check as well. And a number of our guests eat in our restaurants, stay in our restaurants. And so we get a little bit of a save on packaging as well. So overall, I'm very pleased with what we're seeing in kiosk. And I think we're -- I said it earlier, but I think we're early days here and learning what's the true potential for visual merchandising and other ways to connect with our guests.

我們對冷飲的附加率更高。這些也是我們支票的重要補充。我們的一些客人在我們的餐廳用餐，住在我們的餐廳。因此，我們在包裝上也節省了一些錢。總的來說，我對我們在售貨亭中看到的內容感到非常滿意。而且我認為我們 - 我之前說過，但我認為我們還處於早期階段，了解視覺營銷和其他與客人聯繫方式的真正潛力是什麼。

Okay. And then can you just talk to us about your food supply chain a bit. Because as I recall, you have a different spec of some products, maybe more like specialty distribution. For those of us that can more just see kind of spot commodity prices, do you typically -- or versus some of your large peers, do you typically see less volatility in some of those key items like beef or fries? How does it move differently than what we might see for some of your peers?

好的。然後你能和我們談談你的食品供應鏈嗎？因為我記得，您對某些產品有不同的規格，可能更像是專業分銷。對於我們這些只能看到現貨商品價格的人來說，您通常 - 或者與您的一些大型同行相比，您通常會看到一些關鍵商品（如牛肉或薯條）的波動性較小嗎？它的變化與我們在您的一些同行中可能看到的有何不同？

Well, I think it really depends on the item in the year. It's not an easy question to answer. So yes, generally, commodity prices are going to be directionally where we head. But again, we're not just buying commodity beef. We're buying especially all muscle blend. This is really good. Or all premium, no hormonal antibiotic beef, for instance, same with our bacon.

好吧，我認為這真的取決於當年的項目。這不是一個容易回答的問題。所以是的，一般來說，大宗商品價格將朝著我們前進的方向發展。但同樣，我們不只是購買商品牛肉。我們特別購買所有肌肉混合。這真的很好。或者都是優質的，沒有激素抗生素的牛肉，例如，與我們的培根一樣。

So we generally ride the market when the market is up, it's generally up for us as well. So that's part of what Katie is talking about beef probably being the thing we're looking at most for this year. But when it comes to other things, I mean, yes, we've got some pretty premium ingredients, but I don't think there's anything necessarily more specialized about what we do generally. I think if you're going to continue to see inflation up, which we do, it's going to continue to impact Shake Shack.

所以我們通常在市場上漲時駕馭市場，它通常也對我們有利。所以這就是凱蒂所說的牛肉可能是我們今年最看重的東西的一部分。但是當談到其他事情時，我的意思是，是的，我們有一些非常優質的原料，但我認為我們通常做的事情沒有必要更專業。我認為，如果你要繼續看到通貨膨脹率上升，就像我們所做的那樣，它將繼續影響 Shake Shack。

And then when you see one thing that might be down, those things lag as well. And just because for instance, the cost of chicken might down, that doesn't mean the cost of processing chicken is down. And there's a lot of other things that are going into supply chain, expensive inflation right now. I think the market is not talking about it enough, and most of that is labor cost. A lot of it continues to be shipping and logistics costs that are expensive and more expensive. Those things are not going to ever go down even if the cost of the commodity might temporarily be down. So look, long term, we think we've got some opportunity, hopefully, if inflation cools. But this year, we're still expecting moderate inflation on most of the things that we will serve.

然後，當您看到一件可能出現問題的事情時，這些事情也會滯後。舉例來說，雞肉的成本可能會下降，但這並不意味著加工雞肉的成本會下降。還有很多其他東西正在進入供應鏈，現在是昂貴的通貨膨脹。我認為市場對它的討論還不夠，其中大部分是勞動力成本。其中很大一部分仍然是昂貴且越來越昂貴的運輸和物流成本。即使商品的成本可能暫時下降，這些東西也永遠不會下降。所以從長遠來看，如果通脹降溫，我們認為我們有一些機會，希望如此。但今年，我們仍然預計我們將提供的大部分服務會出現適度的通貨膨脹。

Our next question comes from Jake Bartlett with Truist Securities.

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

Thanks for taking the quick follow-up here. My question was on COGS and your expectations. It sounds like food cost, inflation and menu price are going to be pretty similar. But the question is, do you expect COGS to be lower as a percentage of sales in '23 maybe driven by some of the packaging changes, maybe some supply chain initiatives that you have, trying to understand -- just better understand what we should think about for COGS in '23?

感謝您在這裡進行快速跟進。我的問題是關於 COGS 和您的期望。聽起來食品成本、通貨膨脹和菜單價格將非常相似。但問題是，您是否預計 COGS 在 23 年銷售額中所佔的百分比會降低，這可能是由某些包裝變化驅動的，也許是您擁有的一些供應鏈計劃，試圖了解 - 只是更好地了解我們應該怎麼想關於 23 年的 COGS？

Yes. So we've guided for COGS inflation to be mid- to high single digits. We're seeing inflationary pressures pretty much across the board, and beef is kind of the biggest unknown at this point, where we're guiding for a mid- to high single-digit outlook on that side.

是的。因此，我們已指導 COGS 通脹處於中高個位數。我們幾乎看到了全面的通脹壓力，而牛肉是目前最大的未知數，我們正在指導這方面的中高個位數前景。

Now what are the other things that are going to impact what the COGS level is? Well, part of it is waste. And certainly, we're encouraged by the trends that we saw year-over-year in the first quarter. Staffing and training our team members and net retention, that's helpful. And it also has to do with menu mix. The more cold beverage we sell, the greater the attach rate on that side that tends to be a benefit for us.

現在還有哪些其他因素會影響 COGS 水平？好吧，其中一部分是浪費。當然，我們對第一季度同比增長的趨勢感到鼓舞。為我們的團隊成員配備人員和培訓以及淨保留率，這很有幫助。它還與菜單組合有關。我們銷售的冷飲越多，對我們有利的那一側的附加率就越高。

So we'll kind of have to see how the rest of the year unfolds. But with that kind of mid- to high single-digit COGS inflation, you're looking at probably kind of a high single-digit price for the year. That should kind of help triangulate where that might land.

因此，我們將不得不看看今年餘下時間的情況如何。但由於這種中高個位數的 COGS 通脹，你可能會看到今年的高個位數價格。這應該有助於三角測量可能降落的地方。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Mr. Garutti for closing comments.

我們的問答環節已經結束。我現在想把發言權轉回給 Garutti 先生，讓他發表最後的評論。

I just want to thank everybody for taking time with us this morning, and we look forward to seeing you soon at the Shack. Thanks. Take care.

我只想感謝大家今天早上抽出時間來參加我們的會議，我們期待很快在 Shack 見到您。謝謝。小心。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。