Shake Shack Inc (SHAK) 2023 Q2 法說會逐字稿

Greetings. Welcome to Shake Shack's Second Quarter 2023 Earnings Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Shake Shack 2023 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Michael Oriolo, Director of FP&A. Thank you. You may begin.

我現在將會議交給 FP&A 總監 Michael Oriolo。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.

謝謝大家，大家早上好。與我一起參加 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，我們將討論非公認會計準則財務指標，我們相信這些指標有助於評估我們的業績。不應孤立地考慮此附加信息的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。我們的股東信函的收益發布和財務詳細信息部分提供了與可比公認會計準則衡量標準的對賬。

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 23, 2023.

今天的一些陳述可能具有前瞻性，實際結果可能會因許多風險和不確定性而產生重大差異，包括我們於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 invest.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天的觀點，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。現在，您應該可以訪問我們的 2023 年第一季度股東信函，該信函可以在invest.shakeShack.com 的季度業績部分找到，也可以作為我們本季度 8-K 的附件。

As a reminder, during last year's second quarter, our Shack level operating profit saw a benefit of 40 basis points from onetime credits related to our 2022 leadership retreat. During today's call, we will discuss year-over-year Shack level operating profit and cost comparisons, excluding these credits in order to provide a more like-for-like comparison.

提醒一下，去年第二季度，我們的 Shack 水平營業利潤因 2022 年領導力撤退相關的一次性信貸而增加了 40 個基點。在今天的電話會議中，我們將討論 Shack 水平的逐年營業利潤和成本比較，不包括這些積分，以便提供更相似的比較。

I will now turn the call over to Randy.

我現在將把電話轉給蘭迪。

Thanks, Mike, and good morning, everyone. Our team continued to execute our strategic plan through the second quarter and into July. We grew total revenue by 18% to $272 million with 3% growth in same-Shack sales. Average weekly sales of $77,000 and trailing 12-month AUV across our Shacks at $3.9 million. We grew system-wide sales by 21% year-over-year to $426 million as we continue to accelerate the growth in our licensed business across new and existing markets.

謝謝邁克，大家早上好。我們的團隊在第二季度和七月份繼續執行我們的戰略計劃。我們的總收入增長了 18%，達到 2.72 億美元，其中 Same-Shack 銷售額增長了 3%。我們的 Shacks 平均每週銷售額為 77,000 美元，過去 12 個月的 AUV 為 390 萬美元。隨著我們繼續加快新市場和現有市場許可業務的增長，我們的全系統銷售額同比增長 21%，達到 4.26 億美元。

In the company-operated business, we opened 10 new Shacks with 23 currently under construction, well on our way to opening about 40 new Shacks this year. In our license business, our partners opened 13 Shacks in the quarter. We target opening 35 Shacks this year, representing 17% system-wide unit growth year-over-year.

在公司自營業務中，我們開設了 10 家新 Shack，其中 23 家目前正在建設中，今年有望開設約 40 家新 Shack。在我們的許可業務中，我們的合作夥伴在本季度開設了 13 家 Shacks。我們的目標是今年開設 35 家 Shacks，相當於全系統單位同比增長 17%。

Since the quarter ended, we've seen an uptick in sales momentum with fiscal July same-Shack sales up 4.5% and strong performance around the company. As we strengthen the company for the future, our commitment is to being a profitable growth company.

自本季度結束以來，我們看到銷售勢頭有所上升，7 月份的同一個 Shack 銷售額增長了 4.5%，整個公司的業績表現強勁。當我們加強公司的未來時，我們的承諾是成為一家盈利增長的公司。

In the second quarter, our teams delivered 21% Shack-level operating profit, our highest level since 2019 and a 240 basis point gain over last year. We are disciplined. We are more efficient across our Shacks, G&A and CapEx expenses.

第二季度，我們的團隊實現了 21% Shack 水平的營業利潤，這是我們自 2019 年以來的最高水平，比去年增長了 240 個基點。我們遵守紀律。我們在 Shacks、G&A 和資本支出方面更加高效。

In our restaurants, we've identified numerous areas for improved process and cost reductions that we executed against in the quarter with the aim of growing profitability while delivering a great guest experience. We are still early days in seeing the full potential from this work, but with these strategies, we'll continue to improve how we run our Shacks all the while still improving upon our already strong returns and great guest experience.

在我們的餐廳中，我們已經確定了許多需要改進流程和降低成本的領域，我們在本季度執行了這些目標，目的是在提供良好的賓客體驗的同時提高盈利能力。我們仍處於早期階段，無法充分發揮這項工作的潛力，但通過這些策略，我們將繼續改進我們的小屋運營方式，同時繼續改進我們已經很強勁的回報和出色的賓客體驗。

Meanwhile, our overall second quarter results were strong. Our same-Shack sales slowed in May before rebounding through June and strengthening into July. Our highly successful White Truffle LTO that contributed to our strong performance in the first quarter in April, sold out early. And we know that our best LTOs drive mix frequency and margin, and we saw a slight dip in those contributors in May and early June that impacted the quarter.

與此同時，我們第二季度的整體業績強勁。我們的同屋銷售在 5 月份放緩，然後在 6 月份反彈，並在 7 月份走強。我們非常成功的白松露 LTO 為我們 4 月份第一季度的強勁業績做出了貢獻，早早就售空了。我們知道，我們最好的 LTO 會推動混合頻率和利潤，並且我們看到這些貢獻者在 5 月和 6 月初略有下降，影響了本季度。

In late June, we launched our Bourbon Bacon Burger, a well-liked LTO from last year, which is expected to sell out soon. And in late July, we pivoted to promoting our Avocado Bacon Burger and chicken. We're looking ahead to September when our LTOs will focus on the return of a guest favorite, Hot Chicken, as well as a new menu item, the Spicy ShackMeister Burger, to bring the heat in the year-end.

6月下旬，我們推出了波旁培根漢堡，這是去年廣受歡迎的LTO，預計很快就會售空。七月下旬，我們轉向推廣鱷梨培根漢堡和雞肉。我們期待 9 月到來，屆時我們的 LTO 將重點關注賓客最愛的辣雞以及新菜單項 Spicy ShackMeister Burger 的回歸，為年底帶來熱量。

I'm particularly excited about our culinary lineup for next year as well, as we continue to evolve and improve the level of guest data and insights that we're weaving into our culinary story.

我對明年的烹飪陣容也感到特別興奮，因為我們將繼續發展和提高賓客數據和見解的水平，並將其融入我們的烹飪故事中。

Let me give a midyear update now on how we're tracking against our 2023 strategic plan. Our first priority is on recruiting, rewarding and retaining a winning team. I'm proud to report that while staffing is always challenging in the restaurant business, our teams have done incredible work towards improving our retention and turnover.

現在讓我介紹一下我們如何跟踪 2023 年戰略計劃的年中最新情況。我們的首要任務是招募、獎勵和留住一支獲勝的團隊。我很自豪地向大家報告，雖然餐飲業的人員配備始終充滿挑戰，但我們的團隊在提高員工保留率和營業額方面做出了令人難以置信的工作。

Year-to-date, we're experiencing the best turnover numbers we've seen in years. Our team members are earning competitive wages. They're staying longer and all of this is contributing to our operational execution and profitability in the Shacks. The near and long-term benefits and returns on this investment in people and retention cannot be overstated.

今年迄今為止，我們的營業額數字是多年來最好的。我們的團隊成員賺取有競爭力的工資。他們停留的時間越來越長，所有這些都有助於我們在 Shacks 的運營執行和盈利能力。這種對人員和保留的投資的近期和長期效益和回報怎麼強調也不為過。

Our people remain our priority, and we're continuing to look at ways to improve their experience and opportunities for advancement in the Shacks. As just one data point in the last 24 months with the introduction of our Shift Up leadership curriculum, more than 180 Shack leaders across the country have taken the 18-week course, and many have graduated from hourly supervisory roles into the next level of management, fueling their development and building a pipeline of leaders ready to take on the growth ahead.

我們的員工仍然是我們的首要任務，我們將繼續尋找方法來改善他們在 Shacks 的體驗和晉昇機會。過去24 個月，隨著我們推出Shift Up 領導力課程，全國已有180 多名Shack 領導者參加了為期18 週的課程，其中許多人已經從每小時的主管角色晉升到更高一級的管理職位，這只是過去24 個月中的一個數據點。 ，推動他們的發展，並建立一批准備好迎接未來增長的領導者。

Our second priority is our relentless focus on the guest experience. We continue to execute a broad culinary strategy of improving our core menu while delivering exceptional LTOs that keep operations running smooth and efficient. In addition to the comments I made earlier, we also launched our Veggie Shack Burger and non-dairy shake, both of which have received a solid reception.

我們的第二要務是對賓客體驗的不懈關注。我們繼續執行廣泛的烹飪戰略，改進我們的核心菜單，同時提供卓越的 LTO，保持運營平穩高效。除了我之前發表的評論之外，我們還推出了 Veggie Shack 漢堡和非乳製品奶昔，兩者都受到了熱烈的歡迎。

We're featuring a great lineup of shakes this summer as well as a caffeinated option for our lemonades. In some Shacks this quarter, you'll see us testing a new mini shake size as well as a small size bringing sundaes back to the menu as we look to broaden optionality and operational ease in our dessert category for the long term.

今年夏天我們推出了一系列很棒的奶昔以及含咖啡因的檸檬水。在本季度的一些 Shacks 中，您會看到我們測試新的迷你奶昔尺寸以及將聖代帶回菜單的小尺寸，因為我們希望長期擴大甜點類別的選擇範圍和操作便利性。

We also continue to expand our kiosks, which will be in nearly all Shacks by the end of the third quarter, a full quarter ahead of our expectations. We doubled our kiosk sales year-over-year as guests returned in Shack and choose this as their preferred experience.

我們還繼續擴大我們的信息亭，到第三季度末幾乎所有 Shack 都將配備這些信息亭，比我們的預期提前了整整一個季度。隨著客人再次回到 Shack 並選擇這裡作為他們的首選體驗，我們的自助終端銷售額同比增加了一倍。

Kiosks enhanced guest convenience while driving a higher average check and in turn, profitability. While kiosk is a key driver of the guest experience and our sales and profitability improvement strategy, we've only begun to explore the potential full capabilities of kiosks such as upselling and connecting personalized marketing across channels.

自助服務終端提高了客人的便利性，同時提高了平均支票數量，進而提高了盈利能力。雖然自助服務終端是賓客體驗以及我們的銷售和盈利能力改進戰略的關鍵驅動力，但我們才剛剛開始探索自助服務終端的全部潛在功能，例如向上銷售和跨渠道連接個性化營銷。

And one of our primary focuses of digital investment next year will be improving the kiosk experience towards greater omnichannel adoption and long-term guest connection. With our exciting culinary innovation, continued kiosk rollout, menu strategy and digital tools, guest perception and value scores continue to improve.

我們明年數字投資的主要重點之一將是改善自助服務終端體驗，以實現更大的全渠道採用和長期客戶聯繫。憑藉我們令人興奮的烹飪創新、自助服務終端的持續推出、菜單策略和數字工具，客人的感知和價值評分不斷提高。

Our third priority is our targeted development strategy with a focus on drive-thru and maximizing our total addressable market with great returns over the long term. I've consistently said, we are investing for learning early on. So what have we learned so far?

我們的第三個優先事項是我們有針對性的發展戰略，重點是得來速和最大化我們的總目標市場，並獲得長期的巨大回報。我一直說，我們正在為早期學習進行投資。那麼到目前為止我們學到了什麼？

We've opened some amazing drive-thrus in the second quarter across the country, including Lancaster, Pennsylvania; Richmond, Virginia; as well as deepening our footprint in Texas, in Sugar Land and McKinney as well as Katie and San Marcos subsequent to the quarter. Each of these have started stronger than expectations and gave us confidence in the ultimate potential for drive-thru. Where we picked great real estate specific for drive-thru, we are capable of driving strong AUVs and profitability.

第二季度，我們在全國各地開設了一些令人驚嘆的得來速餐廳，包括賓夕法尼亞州的蘭卡斯特；弗吉尼亞州里士滿；本季度後，我們還將深化我們在德克薩斯州、舒格蘭和麥金尼以及凱蒂和聖馬科斯的足跡。每一項的開始都比預期強勁，讓我們對得來速的最終潛力充滿信心。當我們為得來速選擇了優質的房地產時，我們就有能力推動強大的 AUV 和盈利能力。

All told, of the 18 drive-thrus we're operating today, we have some great Shacks performing above our long-term sales targets. We have some below our targets, and we have a lot in the middle that we're learning from, tweaking and improving all around, and we have confidence in where they're headed. In some cases, we've hit our cost-to-build metrics and in others, we've invested more than our targets, which has contributed to a higher cost to build overall this year.

總而言之，在我們今天運營的 18 家得來速餐廳中，有一些出色的 Shack 的表現超出了我們的長期銷售目標。我們有一些低於目標的地方，還有很多中間的地方，我們正在從中學習、調整和改進，我們對他們的發展方向充滿信心。在某些情況下，我們已經達到了建造成本指標，而在其他情況下，我們的投資超過了目標，這導致了今年總體建造成本的上升。

We remain encouraged by the drive-thru opportunity, and we're continuing to refine, take down cost to build and improve the model overall. We're expecting to open about 15 drive-thrus this year and a similar amount in the coming years. We're ensuring future sites, taking a lot of the learnings that we've gotten thus far, and we'll continue to improve each and every day.

我們仍然對得來速機會感到鼓舞，並且我們正在繼續完善、降低構建和改進模型的成本。我們預計今年將開設約 15 家得來速餐廳，並在未來幾年開設類似數量的餐廳。我們正在確保未來的網站，汲取迄今為止我們所學到的大量知識，並且我們將繼續每天改進。

We are bringing down build costs and prototyping future Shacks with 2023 drive-thru build costs already trending down about 10% year-over-year. We believe we can build a more standardized operation in a smaller footprint with less seats and a lower cost to build overall, while still enhancing the great guest experience Shake Shack is known for.

我們正在降低建造成本，並對未來的 Shacks 進行原型設計，到 2023 年，得來速建造成本已經同比下降約 10%。我們相信，我們可以在更小的佔地面積、更少的座位和更低的總體建設成本中建立更加標準化的運營，同時仍然增強 Shake Shack 聞名的卓越賓客體驗。

And while this number may vary in the future due to geographic mix of openings, this gives us confidence we can bring down build costs over time.

雖然這個數字在未來可能會因職位空缺的地理組合而有所不同，但這讓我們有信心隨著時間的推移可以降低構建成本。

Next year, we're particularly excited to have much more of the drive-thru class in our strong coastal markets in Long Island, New Jersey and California, where we generally expect higher AUVs with higher brand awareness. We are continuing to focus on the guest experience and operational improvements specific to our drive-thrus, and we look forward to material progress over time.

明年，我們特別高興能夠在新澤西州長島和加利福尼亞州強大的沿海市場上推出更多的得來速課程，我們通常期望在這些市場上擁有更高的 AUV 和更高的品牌知名度。我們將繼續專注於駕車餐廳的賓客體驗和運營改進，並期待隨著時間的推移取得實質性進展。

On our license business. Our team is hard at work with our partners to open new Shacks and expand our business across the globe. In fiscal April, we opened our first Shack in Thailand. And in fiscal July, we opened our first resort Shack with a bar in the Bahamas in the Atlantis resort. Our strong performance in the second quarter was primarily driven by outperformance in our license business domestically, which is one of our largest markets.

關於我們的許可業務。我們的團隊正在與合作夥伴努力合作，開設新的 Shacks 並在全球範圍內拓展我們的業務。四月份的財政年度，我們在泰國開設了第一家 Shack。在 7 月份的財政年度，我們在巴哈馬的亞特蘭蒂斯度假村開設了第一家度假村 Shack，並設有酒吧。我們第二季度的強勁表現主要是由於我們國內許可業務的出色表現，這是我們最大的市場之一。

Our airports (technical difficulty) and in New Jersey and Upstate New York are thriving and capitalizing on busy summer travel patterns. We have a long runway ahead for our domestic license business, with 36 licensed Shacks across the U.S., including 18 airports, 11 stadiums, 6 Shacks in Roadway Travel plazas and 1 museum. And based on the strength of this business and the continued optimism shared by our partners around the globe, we expect approximately 35 new licensed Shacks -- Shack openings this year.

我們的機場（技術難度）以及新澤西州和紐約州北部的機場正在蓬勃發展，並利用繁忙的夏季旅行模式。我們的國內許可業務還有很長的路要走，在美國各地擁有 36 個許可 Shacks，包括 18 個機場、11 個體育場、Roadway Travel 廣場的 6 個 Shacks 和 1 個博物館。基於該業務的實力以及我們全球合作夥伴的持續樂觀態度，我們預計今年將開設約 35 個新的授權 Shacks -- Shack。

Our fourth priority is being even more profitable in our Shacks. Second quarter restaurant margin expanded 240 basis points year-over-year to 21%, marking the first quarter since 2019, where restaurant margin grew back above 20%. It's a testament to our continued progress on our key initiatives as we achieved 21% despite high single-digit food and paper inflation in the quarter.

我們的第四個優先事項是在我們的棚屋中獲得更多利潤。第二季度餐廳利潤率同比增長 240 個基點至 21%，這是自 2019 年以來第一季度餐廳利潤率恢復至 20% 以上。儘管本季度食品和紙張通脹率處於高個位數，但我們仍實現了 21%，這證明了我們在關鍵舉措上持續取得進展。

Finally, the fifth pillar of our plan as 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 building Shacks, updating our current Shacks, investing in our digital infrastructure and structuring our home office capabilities to support our restaurants.

最後，我們計劃的第五個支柱是建立持久的業務。我們致力於嚴格遵守投資紀律。我們正在 4 個主要領域部署資本以實現強勁回報。我們正在建造 Shacks，更新我們現有的 Shacks，投資我們的數字基礎設施，並構建我們的家庭辦公能力來支持我們的餐廳。

Starting with development, we're excited about all the work the team has done to improve our build costs over time. However, unlike the high velocity of our restaurant operations, moving the needle here will take time given long lead times of design and build out. But we have opportunity and a plan in place, and we are optimistic it will show strong results with future classes.

從開發開始，我們對團隊為隨著時間的推移降低構建成本所做的所有工作感到興奮。然而，與我們餐廳運營的高速度不同，考慮到設計和建造的交付時間較長，在這裡移動針需要時間。但我們有機會和計劃，我們樂觀地認為它將在未來的課程中顯示出強勁的成果。

We expect 2023 to be the high watermark for build costs, with the class currently tracking about 10% up year-over-year. Unfortunately, we've had a few very challenging projects that drove the majority of the overruns while also building the highest mix of drive-thru so far, and working -- still working through elevated build costs and delays across the system.

我們預計 2023 年建造成本將達到最高水平，目前該級別的建造成本同比增長約 10%。不幸的是，我們有一些非常具有挑戰性的項目，這些項目導致了大部分超支，同時還構建了迄今為止最高的得來速組合，並且正在努力克服構建成本升高和整個系統的延遲的問題。

All this together had a heavy impact on our class. However, looking ahead, we are already seeing evidence that we have the right strategies in place to lower this cost materially next year and even further in the coming years as new prototypes come in and design.

所有這些都對我們班產生了重大影響。然而，展望未來，我們已經看到證據表明，隨著新原型的投入和設計，我們已經制定了正確的策略，可以在明年甚至未來幾年進一步大幅降低成本。

Our commitment is to target lowering build costs next year by about 10% for the overall class. As we take down build costs and improve Shack-level operating profit, we expect to continue to improve overall Shack returns well into the future. We've got the right plan in place, and we're pleased to see progress taking root as we continue the evolution of Shake Shack. We remain one of the fastest-growing publicly-traded restaurant companies, and we're growing profitably while strengthening our brand and our opportunity ahead.

我們的承諾是明年將整個類別的建造成本降低約 10%。隨著我們降低建造成本並提高 Shack 水平的運營利潤，我們預計未來將繼續提高 Shack 的整體回報。我們已經制定了正確的計劃，並且很高興看到隨著 Shake Shack 的不斷發展，取得的進展正在紮根。我們仍然是增長最快的上市餐飲公司之一，我們在盈利增長的同時加強了我們的品牌和未來的機會。

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.

現在我將把它交給凱蒂，讓她分享更多有關本季度的細節以及對今年剩餘時間的預期。

Good morning, everyone. We are pleased with the results of our second quarter and our continued execution against our 2023 strategic plan. We expanded our restaurant margins by 240 basis points year-over-year to 21%, a function of us producing the highest restaurant operating profitability flow-through on sales growth since 2015, the year that Shake Shack went public.

大家，早安。我們對第二季度的業績以及我們繼續執行 2023 年戰略計劃感到滿意。我們的餐廳利潤率同比增長了 240 個基點，達到 21%，這是自 2015 年（Shake Shack 上市那年）以來餐廳營業利潤率最高的銷售增長成果。

With this improvement and discipline on other expense lines, we generated a record high $37 million of adjusted EBITDA, 13.6% of total revenue, marking 370 basis points of adjusted EBITDA margin expansion year-over-year.

通過其他費用項目的改進和紀律，我們的調整後 EBITDA 創歷史新高，達 3700 萬美元，佔總收入的 13.6%，調整後 EBITDA 利潤率同比增長 370 個基點。

Before diving into our financials, though, I want to take some time to share progress in the quarter that contributed to our strong restaurant margin outperformance. To start, despite continued elevated inflationary pressures, we have preserved a good portion of our profitability by taking a strategic approach to pricing and widening the price differential across our markets to match regional and guest dynamics.

不過，在深入了解我們的財務狀況之前，我想花一些時間來分享本季度的進展，這些進展促成了我們餐廳利潤率的強勁表現。首先，儘管通脹壓力持續升高，但我們通過採取戰略定價方法並擴大整個市場的價差以匹配區域和客戶動態，保留了很大一部分盈利能力。

But pricing alone did not bring us to today's strong results. As part of our work on our 2023 strategic plan over the past few quarters, we've identified and executed against opportunities for operational improvements that contributed to the significant portion of our year-over-year margin expansion this quarter. Many of these are still early days in the making, and we are building on them as we progress throughout the year.

但光靠定價並沒有給我們帶來今天的強勁業績。作為過去幾個季度 2023 年戰略計劃工作的一部分，我們已經確定並執行了運營改進的機會，這些改進為本季度的同比利潤增長做出了很大貢獻。其中許多仍處於早期階段，我們將在全年的進展中不斷完善它們。

So first, we are working closely with our operators on execution improvement plans across our Shacks. Major call-outs here are better alignment on new standards and demand generated labor schedules, further increasing operating hours, driving waste reduction, T&E discipline and other initiatives.

因此，首先，我們正在與運營商密切合作，制定整個 Shacks 的執行改進計劃。這裡的主要要求是更好地符合新標準和需求產生的勞動力計劃，進一步增加工作時間，推動減少浪費，T＆E紀律和其他舉措。

We are leveraging fresh weekly sales forecast in our Shacks to schedule labor, incorporating macro and micro drivers. This is helping us be more nimble in our expense management when sales types turn or even just modestly shift at the Shack level in either direction.

我們利用棚屋中最新的每週銷售預測來安排勞動力，結合宏觀和微觀驅動因素。當銷售類型發生轉變，甚至只是在棚屋層面向任一方向發生適度轉變時，這有助於我們更加靈活地進行費用管理。

Second, our kiosk retrofit plan is already showing substantial impact, and we see a long runway for future improvements that can enhance what kiosk can offer in terms of driving sales and labor efficiencies. We ended the quarter with nearly 250 Shacks of kiosks and grew our kiosk sales by more than 100% year-over-year. We are seeing at least a high single-digit percent lift in average order values in kiosks versus in-Shack. This is driven by higher IPC and mix.

其次，我們的自助服務終端改造計劃已經顯示出重大影響，我們看到未來的改進還有很長的路要走，可以增強自助服務終端在推動銷售和勞動力效率方面的功能。截至本季度末，我們擁有近 250 個自助服務終端 Shack，並且我們的自助服務終端銷量同比增長超過 100%。我們發現，與 Shack 內相比，自助服務終端的平均訂單價值至少有高個位數的百分比提升。這是由更高的 IPC 和混合驅動的。

As kiosk orders tend to skew to dine-in, we are also able to use less packaging than in our digital orders. But labor savings aside, this makes kiosks our most profitable channel. Kiosk is also a channel where we can get more guest data to learn and improve our marketing efforts over time.

由於自助終端訂單往往傾向於堂食，因此我們也能夠使用比數字訂單更少的包裝。但撇開節省勞動力不談，這使自助服務終端成為我們最賺錢的渠道。信息亭也是我們獲取更多訪客數據的渠道，以便隨著時間的推移了解和改進我們的營銷工作。

And our Shacks with kiosks are able to operate with fewer labor hours. We look to build on this incremental sales lift in early learnings and labor as we drive deeper kiosk adoption, advance our kiosk capabilities and capitalize from added efficiencies in the Shack.

我們的帶有信息亭的棚屋能夠以更少的工時運營。隨著我們推動自助服務終端的更深入採用、提高我們的自助服務終端功能並利用 Shack 提高的效率，我們希望在早期學習和勞動力方面實現增量銷售提升。

Additionally, we've also streamlined our packaging condiments and utensil standards for to-go orders. And our teams have been rebuilding our training programs for both new openings and existing Shacks with the help of our head of operations training support.

此外，我們還簡化了外賣訂單的包裝調味品和器具標準。在運營培訓支持主管的幫助下，我們的團隊一直在為新開業和現有的棚屋重建培訓計劃。

This includes how we hire for a new Shack opening and how and where we train as well as simplifying our training program to allow our team members greater flexibility as to what stations they can work during their shifts.

這包括我們如何為新的棚屋開業招聘人員、培訓方式和地點以及簡化培訓計劃，以便我們的團隊成員在輪班期間可以在哪些站點工作方面具有更大的靈活性。

Early indications are that these initiatives will have a positive impact on our throughput and reduce our average pre-opening expense.

早期跡象表明，這些舉措將對我們的吞吐量產生積極影響，並降低我們的平均開業前費用。

Finally, we're also working with our operators to enhance the auditing and reporting in our Shacks to more quickly address over and understaffing situations as well as making sure that we have the appropriate number of managers to support our Shacks and our growth.

最後，我們還與運營商合作，加強對 Shacks 的審計和報告，以更快地解決人員過多和人員不足的問題，並確保我們擁有適當數量的管理人員來支持我們的 Shacks 和我們的發展。

We are still early days in this journey, but we're confident that this will help us better control our hourly labor expense and provide a more consistent guest experience. We are reassured by our results, and we look forward to showing continued progress through the rest of the year on these and other initiatives that we have in flight in order to improve on our profitability and deliver great guest experiences.

我們仍處於這一旅程的早期階段，但我們相信這將幫助我們更好地控制每小時的人工費用並提供更一致的賓客體驗。我們對我們的業績感到放心，我們期待在今年剩餘時間裡在這些舉措和其他舉措上繼續取得進展，以提高我們的盈利能力並提供卓越的客戶體驗。

On to the second quarter results. Total revenue was $271.8 million, up 17.8% year-over-year. Shack sales grew 17.4% to $261.8 million. Licensing revenue grew 29.8% to $10 million. System-wide sales reached a record high at $426.3 million, up 21.2% year-over-year. We maintained discipline on expenses, integral to our 2023 strategic plan. We grew adjusted EBITDA by 61.9% year-over-year to $37.1 million, reaching 13.6% of total revenue.

進入第二季度業績。總收入為 2.718 億美元，同比增長 17.8%。 Shack 銷售額增長 17.4%，達到 2.618 億美元。授權收入增長 29.8%，達到 1000 萬美元。全系統銷售額創歷史新高，達 4.263 億美元，同比增長 21.2%。我們維持開支紀律，這是我們 2023 年戰略計劃的一部分。調整後 EBITDA 同比增長 61.9%，達到 3710 萬美元，佔總收入的 13.6%。

We grew in-Shack traffic by 4.7% in the quarter, and we generated a positive 10.7% same-Shack sales in our in-Shack channel as more guests are migrating to their in-person habits and our wider scale kiosk rollout is having a positive impact on our mix and IPC trends in that channel.

本季度，我們的Shack 內流量增長了4.7%，隨著越來越多的客人開始養成面對面的習慣，而且我們更大規模的自助服務終端推出，我們的In-Shack 渠道的同店銷售額增長了10.7%。對該渠道的產品組合和 IPC 趨勢產生積極影響。

In-Shack and kiosk in particular, are our most profitable channels, and we continue to focus our efforts on shifting our sales here as we execute against our plan to show sustained improvement in our overall restaurant margin.

特別是 In-Shack 和 kiosk 是我們最賺錢的渠道，我們繼續集中精力將我們的銷售轉移到這裡，同時我們執行我們的計劃，以顯示我們的整體餐廳利潤持續改善。

Our strong in-Shack performance was offset by softer digital performance. Delivery traffic was down more than overall traffic, representing the continued positive trend towards our guests returning to our Shacks.

我們強大的 Shack 性能被較弱的數字性能所抵消。送貨流量的下降幅度大於總體流量，這表明我們的客人返回我們的小屋的持續積極趨勢。

Also, from time-to-time, as we deepen our footprint and open Shacks close to others, we may see near-term traffic offset as those neighborhoods and share delivery radiuses take time to shake out. And this was the case in the second quarter as we saw some sales impact that was heavily weighted on delivery in markets such as California and a handful of Shacks on the East Coast that we planned for as we build critical mass in these key markets. This blended to an overall positive 3.0% same-Shack sales and negative 1.3% traffic versus prior year.

此外，隨著我​​們時不時地加深我們的足跡並在靠近其他人的地方開設棚屋，我們可能會看到近期的交通抵消，因為這些社區和共享的送貨半徑需要時間來擺脫。第二季度的情況就是如此，因為我們看到了一些銷售影響，這些影響嚴重影響了加利福尼亞州和東海岸的一些棚屋等市場的交付，這是我們在這些關鍵市場建立臨界質量時計劃的。與去年相比，同一 Shack 的整體銷售額增長了 3.0%，客流量下降了 1.3%。

We realized high single-digit price in the quarter. We rolled off the comp benefit from the March 2022, 3.5% total menu price increase and an additional 5% premium in our delivery channels, and we're only raising price by 2% in Shack locations at the back half of the second quarter.

我們在本季度實現了高個位數的價格。我們取消了 2022 年 3 月的補償福利，菜單總價格上漲了 3.5%，配送渠道額外上漲了 5%，而且我們僅在第二季度後半段將 Shack 門店的價格提高了 2%。

Our 2Q same-Shack sales were pressured by approximately 100 basis points of mix as we sold out of our premium White Truffle LTO ahead of schedule due to high and unexpected guest demand. It's hard to know the full traffic impact that has had on the quarter though.

我們的第二季度同店銷售受到約 100 個基點的混合壓力，因為由於大量且意外的客人需求，我們提前售罄了優質白松露 LTO。不過，很難了解本季度的全部流量影響。

In addition, we continue to see guests shift back to in-Shack and this adds smaller group sizes in our digital channels, but we also saw smaller group sizes across all of our channels as people return to more normalized patterns, especially in our urban areas.

此外，我們繼續看到客人回到Shack 內，這增加了我們數字渠道中較小的團體規模，但隨著人們回歸到更加標準化的模式，特別是在我們的城市地區，我們也看到我們所有渠道的團體規模較小。

July same-Shack sales rose 4.5%, an improvement from June, driven by improving mix. July AWS was $77,000, and that was 3% higher year-over-year. We generated record high kiosk average weekly sales and continue to grow in-Shack traffic. Our urban markets, such as Washington, D.C., Boston and New York City performed well. We had a positive impact from high single-digit price.

在產品組合改善的推動下，7 月份的 Same-Shack 銷售額增長了 4.5%，較 6 月份有所改善。 7 月份 AWS 價格為 77,000 美元，同比增長 3%。我們的自助服務終端平均每週銷售額創歷史新高，並且棚內流量持續增長。我們的城市市場，如華盛頓特區、波士頓和紐約市表現良好。高個位數的價格給我們帶來了積極的影響。

Our license partners opened 13 new Shacks in the quarter, growing our total licensed Shack count to 201. Together, we grew sales by 27.9% year-over-year to $164.5 million, with a modest headwind from FX.

我們的授權合作夥伴在本季度開設了13 家新Shack，使我們的授權Shack 總數增至201 家。儘管外匯帶來的影響不大，但我們的銷售額同比增長了27.9%，達到1.645 億美元。

We grew sales in our domestic license business by more than 50% year-over-year, led by our airports and roadway locations. We had robust performance in China. We opened strong in Thailand, and that was our first new country open in 3 years. In June, we opened our first licensed drive-thru Shack in Dubai.

在機場和道路站點的帶動下，我們的國內許可業務銷售額同比增長超過 50%。我們在中國的表現強勁。我們在泰國的業務表現強勁，這是我們三年來在新的國家/地區開展業務。六月，我們在迪拜開設了第一家獲得許可的得來速小屋。

On to our restaurant profitability in the second quarter. Shack-level operating profit was $54.9 million or 21% of Shack sales, marking 240 basis points of expansion versus last year despite continued inflationary pressures across our 4-wall P&L.

關於我們餐廳第二季度的盈利能力。 Shack 層面的營業利潤為 5,490 萬美元，佔 Shack 銷售額的 21%，儘管我們的 4 面損益表面臨持續的通脹壓力，但與去年相比增長了 240 個基點。

Food and paper costs were $75.8 million or 29% of Shack sales, down 100 basis points versus last year and 40 basis points versus the prior quarter.

食品和紙張成本為 7580 萬美元，佔 Shack 銷售額的 29%，比去年下降 100 個基點，比上一季度下降 40 個基點。

We benefited from improved waste trends in our Shacks and reduced packaging, small wares in condiment usage in our off-premise orders. Blended food and paper inflation rose high single digits year-over-year. Beef was up high single digits as well as continued inflationary pressures in custard and bun, and an over 20% year-over-year increase in our fry costs.

我們受益於棚屋內廢物趨勢的改善以及場外訂單中調味品使用包裝和小件物品的減少。食品和紙張的綜合通脹同比上漲高個位數。牛肉價格出現高個位數上漲，蛋奶凍和小圓麵包持續面臨通脹壓力，而且我們的油炸成本同比增長超過 20%。

Importantly, our supply chain team has identified areas for cost efficiencies to help address persistent inflationary pressures, which we anticipate to start having an impact later this year with continued plans for focus and improvement into 2024.

重要的是，我們的供應鏈團隊已經確定了成本效率領域，以幫助應對持續的通脹壓力，我們預計這一壓力將在今年晚些時候開始產生影響，併計劃在 2024 年繼續關注和改進。

Labor and related expenses were $75.2 million or 28.7% of Shack sales, down 80 basis points versus last year and down 170 basis points quarter-over-quarter, this quarter, we increased our focus on training to improve turnover and seek efficiencies across our operations as well as introduce several new strategies to better control our labor expenses within the Shacks.

勞動力及相關費用為 7520 萬美元，佔 Shack 銷售額的 28.7%，比去年下降 80 個基點，環比下降 170 個基點。本季度，我們更加註重培訓，以提高營業額並尋求整個運營的效率以及引入一些新策略來更好地控制棚屋內的勞動力支出。

Our second quarter has typically marked our strongest sales and profitability of the year and requires more staffing than other quarters to support the higher demand. However, with our profitability enhancement strategies, including dynamic sales and labor budgeting, working closely with our operators to drive more standardized labor scheduling practices, as well as early learnings on kiosk labor utilization and evolutions and training, we've been able to streamline hourly labor in our Shacks both quarter-over-quarter and year-over-year.

我們的第二季度通常標誌著我們今年最強勁的銷售和盈利能力，並且需要比其他季度更多的人員來支持更高的需求。然而，通過我們的盈利能力增強策略，包括動態銷售和勞動力預算、與我們的運營商密切合作以推動更加標準化的勞動力調度實踐，以及對自助服務終端勞動力利用、演變和培訓的早期學習，我們已經能夠簡化每小時的工作流程。我們的棚屋中的勞動力季度環比和同比增長。

Altogether, this is translated to us using 50 fewer hours per Shack per week in the quarter versus last year, resulting in 100 basis points of margin tailwind versus 2022.

總而言之，與去年相比，本季度每個 Shack 每週使用的工作時間減少了 50 個小時，從而使利潤率比 2022 年提高了 100 個基點。

As its typical for our growing business, our labor expense was impacted by supporting some recent NSOs, however, our profitability trends in our NSOs improved throughout the quarter, and we have plans in place and operations and development to further reduce the expense we incur from opening new -- from new opening schedules on our overall restaurant profitability line.

作為我們不斷增長的業務的典型特徵，我們的勞動力費用受到支持最近一些NSO 的影響，但是，我們NSO 的盈利趨勢在整個季度有所改善，並且我們已製定運營和開發計劃，以進一步減少我們產生的費用新開業——來自我們餐廳整體盈利線的新開業時間表。

Other operating expenses were $36.1 million or 13.8% of Shack sales, down 60 basis points from the second quarter of 2022. We focus on investing in scaled marketing in the quarter where we see broad-based impact and benefited from lower delivery sales as guests return to their in-Shack dining.

其他運營費用為3,610 萬美元，佔Shack 銷售額的13.8%，較2022 年第二季度下降60 個基點。本季度我們重點投資於規模化營銷，我們看到了廣泛的影響，並受益於客人回歸時送貨銷售額的下降到他們的小屋內就餐。

Our facilities team has been actively replacing older equipment to reduce R&M expense. And while this expense impacts our CapEx, these investments have helped us reduce our R&M by an average of $100 per store week year-over-year.

我們的設施團隊一直在積極更換舊設備，以減少 R&M 費用。雖然這項費用會影響我們的資本支出，但這些投資幫助我們平均每店周同比減少了 100 美元的 R&M。

Occupancy and related expenses were $19.8 million or 7.6% of Shack sales, flat sequentially and up 10 basis points from last year's level. We ended the quarter with 471 Shacks system-wide, 43% of which are operated by our licensed partners and 57% of which are company operated.

入住率及相關費用為 1,980 萬美元，佔 Shack 銷售額的 7.6%，與上一季度持平，但比去年水平上升 10 個基點。本季度結束時，我們全系統共有 471 個 Shacks，其中 43% 由我們的授權合作夥伴運營，57% 由公司運營。

In the quarter, G&A was $31.5 million. Excluding $1.7 million in professional fees related to a onetime matter, adjusted G&A was $29.8 million or 11% of total revenue, 150 basis points favorable to last year.

本季度的一般管理費用為 3150 萬美元。不包括與一次性事項相關的 170 萬美元專業費用，調整後的一般管理費用為 2,980 萬美元，佔總收入的 11%，比去年有利 150 個基點。

Our 2Q adjusted G&A expense rose 3.6% year-over-year versus total revenue that grew 17.8% year-over-year. We made key investments in technology, marketing, operations and our license business as we execute against strategies to grow our sales and profitability and support new Shack openings in our company-operated and licensed business.

我們第二季度調整後的一般管理費用同比增長 3.6%，而總收入同比增長 17.8%。我們在技術、營銷、運營和許可業務方面進行了關鍵投資，同時執行了增加銷售額和盈利能力的戰略，並支持在我們公司運營和許可業務中開設新的 Shack。

We're making continued investments around our digital marketing efforts, leveraging personalized marketing to our guests, investing in guest data and analytics and our kiosks and other various marketing strategies to drive greater sales and brand awareness.

我們正在圍繞我們的數字營銷工作進行持續投資，利用對客人的個性化營銷，投資於客人數據和分析以及我們的信息亭和其他各種營銷策略，以推動更大的銷售和品牌知名度。

We're also investing in technology and data broadly across the company, automating labor scheduling and compliance as well as making improvements in our supply chain, among other initiatives, which we believe are critical to our long-term success, our ability to support our growth and to realize continued efficiencies over time.

我們還在整個公司範圍內廣泛投資於技術和數據，自動化勞動力調度和合規性，以及改進我們的供應鍊等舉措，我們相信這對於我們的長期成功、我們支持我們的能力至關重要。增長並隨著時間的推移實現持續的效率。

In operations and development, we've made investments in our teams to support new openings as well as test and learn strategies and tools, which we believe has the potential to improve food and take costs out of our Shacks over the long term.

在運營和開發方面，我們對團隊進行了投資，以支持新的開業以及測試和學習策略和工具，我們相信從長遠來看，這些策略和工具有潛力改善食品並降低我們的棚屋成本。

In our international license business, we have announced 5 new country openings in the past few years, including Israel and Canada that our teams are busy supporting. We have also had a strong pipeline of potential new countries as well as deeper expansion opportunities within current markets, leveraging a growing number of formats.

在我們的國際許可業務中，過去幾年我們宣布了 5 個新的國家/地區業務，其中包括我們的團隊正在忙於支持的以色列和加拿大。我們還擁有強大的潛在新國家渠道以及當前市場內更深層次的擴張機會，利用越來越多的業態。

But taken overall, the investments we made in the second quarter were partially offset by efficiencies in other departments as we continue to invest with discipline in G&A and target delivering leverage this year.

但總體而言，我們在第二季度所做的投資部分被其他部門的效率所抵消，因為我們繼續在一般管理費用方面進行嚴格投資，並目標是今年發揮槓桿作用。

Pre-opening costs were $5.6 million in the quarter with our more even weighted development schedule versus last year. At the end of the third quarter, we expect to have opened 27 units compared to 14 in the prior year. We have plans in place around development, training and operations as we target lowering our pre-opening expenses by about 10% per Shack in 2024 versus this year's level.

本季度開業前成本為 560 萬美元，與去年相比，我們的開發計劃更加均衡。截至第三季度末，我們預計將開設 27 個單位，而去年同期為 14 個。我們圍繞開發、培訓和運營製定了計劃，目標是到 2024 年將每個 Shack 的開業前費用比今年的水平降低約 10%。

In the quarter, depreciation was $22.3 million, up 23% year-over-year as we continue to invest in new Shacks. We realized net income attributable to Shake Shack, Inc. of $6.9 million where $0.16 per fully -- per diluted share. We reported an adjusted pro forma net income of $7.9 million or $0.18 per fully exchanged and diluted share. This is the highest level of earnings per share that we have had reported in more than 3 years. Our adjusted pro forma tax rate, excluding the equity-based compensation was 15.6%.

由於我們繼續投資新的 Shacks，本季度折舊額為 2230 萬美元，同比增長 23%。我們實現歸屬於 Shake Shack, Inc. 的淨利潤為 690 萬美元，其中稀釋後每股收益為 0.16 美元。我們公佈的調整後備考淨利潤為 790 萬美元，即每股完全交換和稀釋後的股票收益為 0.18 美元。這是我們三年多來報告的最高每股收益水平。我們調整後的預計稅率（不包括基於股權的薪酬）為 15.6%。

Finally, our balance sheet remains solid with $295.2 million in cash and cash equivalents and marketable securities at the end of the quarter. This is an increase from $293.4 million in the prior quarter. We invested $40.4 million in CapEx in the quarter, up 48% year-over-year.

最後，我們的資產負債表保持穩健，截至本季度末現金和現金等價物以及有價證券為 2.952 億美元。這比上一季度的 2.934 億美元有所增加。本季度我們在資本支出上投資了 4040 萬美元，同比增長 48%。

We have opened 21 Shacks to date and are on-track for twice the number of openings by the end of the third quarter versus last year. This more even weighted opening schedule is a primary driver behind the growth in our CapEx spending year-over-year.

迄今為止，我們已經開設了 21 家 Shack，預計到第三季度末，開設的 Shack 數量將是去年的兩倍。這種更均勻的加權開放時間表是我們資本支出同比增長的主要驅動力。

And as Randy noted, while it's hard to predict the full provision, we expect that this will be the peak of pressures on our build costs, and we are starting to see traction from our efforts to lower our build costs into 2024 and beyond.

正如蘭迪指出的那樣，雖然很難預測全額撥款，但我們預計這將是我們建造成本壓力的頂峰，並且我們開始看到我們在 2024 年及以後降低建造成本的努力所帶來的牽引力。

In addition, we've incurred expenses related to the more than 30 kiosk retrofits in this quarter and have about 15 left to go, which we expect will be completed by the end of the third quarter. We also incurred elevated maintenance CapEx as our teams made the necessary replacements to lower R&M in our Shacks and ensure a more consistent guest experience.

此外，本季度我們還產生了與 30 多個信息亭改造相關的費用，還有大約 15 個信息亭需要改造，我們預計將在第三季度末完成。由於我們的團隊進行了必要的更換，以降低棚屋的 R&M 並確保更一致的賓客體驗，因此我們的維護資本支出也有所增加。

Now on to guidance, which balances the strong underlying business factors that we've seen in the first half of the year with a degree of uncertainty around the consumer spending outlook and inflationary headwinds. This range does not reflect any additional unknown delays to our development schedule or any changes to the macro landscape beyond what we are experiencing today.

現在我們來談談指導意見，它平衡了我們在今年上半年看到的強勁的潛在商業因素與消費者支出前景和通脹逆風的一定程度的不確定性。這個範圍並不反映我們的開發計劃的任何額外未知延遲或超出我們今天所經歷的宏觀景觀的任何變化。

For the third quarter, we guide total revenue up $273.5 million to $278 million, with $10.5 million to $11 million of licensing revenue, 10 to 12 company-operated openings, 11 to 13 licensed Shack openings and for same-Shack sales to grow by low to mid-single digits year-over-year with that high end, very consistent with the 4.5% same Shack sales that we generated in July.

對於第三季度，我們預計總收入將增長2.735 億美元至2.78 億美元，其中許可收入為1050 萬美元至1100 萬美元，公司運營的空缺職位為10 至12 個，授權Shack 空缺職位為11 至13個，同一Shack 銷售額將小幅增長與去年同期相比，該數字達到了中個位數，與我們 7 月份的 Shack 銷售額 4.5% 非常一致。

Third quarter price will be up high single digits year-over-year. We expect to see mix headwinds until we launch our Hot Chicken and burger LTO at the end of the quarter. And as a reminder, historically, we've seen AWS sequentially decline into August following peak summer travel and then again in September around back-to-school.

第三季度價格將同比上漲高個位數。在本季度末推出熱雞和漢堡 LTO 之前，我們預計會遇到各種不利因素。提醒一下，從歷史上看，我們看到 AWS 在夏季旅行高峰期之後的 8 月連續下降，然後在 9 月返校前後再次下降。

We are guiding 3Q 2023 restaurant margins to be approximately 20% as we are factoring in continued execution of our margin-driving initiatives, balanced with uncertainty around inflationary outlook for beef. Our guidance reflects beef rising by low double digits year-over-year.

我們預計 2023 年第三季度餐廳利潤率約為 20%，因為我們正在考慮繼續執行利潤驅動計劃，並與牛肉通脹前景的不確定性相平衡。我們的指導反映牛肉同比增長較低的兩位數。

However, if prices were to rise by more than this level, all else equal, given we do not hedge on this important line item, we would expect to fall below our approximately 20% restaurant margin guidance for the third quarter.

然而，如果價格上漲超過這個水平，在其他條件相同的情況下，考慮到我們不對這一重要的項目進行對沖，我們預計第三季度餐廳利潤率將低於我們約 20% 的指導水平。

We expect food and paper inflation for the third quarter to be up mid-single digits year-over-year, and we expect labor inflation to be in the mid-single-digit range year-over-year.

我們預計第三季度食品和紙張通脹將同比增長中個位數，勞動力通脹將同比增長中個位數。

Based on the strength that we've seen in the second quarter and our optimistic outlook for the third quarter, we're adjusting our revenue guidance and increasing our profitability targets for the full year 2023.

基於我們在第二季度看到的實力以及對第三季度的樂觀前景，我們正在調整收入指引並提高 2023 年全年的盈利目標。

So for full year 2023, our guidance calls for total revenue of $1.07 billion to $1.08 billion, growing 18% to 21% year-over-year. Same-Shack sales to grow by low to mid-single digits with mid- to high single-digit price. We are rolling off the high single-digit price we took in October 2022.

因此，對於 2023 年全年，我們的指導要求總收入為 10.7 億美元至 10.8 億美元，同比增長 18% 至 21%。 Same-Shack 銷售額將以低至中個位數增長，而價格為中至高個位數。我們正在取消 2022 年 10 月制定的高個位數價格。

We expect to end of the year running at just a low single-digit price, which is in line with our more normal pricing patterns. And this will be a pressure to our same-Shack sales in the fourth quarter.

我們預計到年底的價格將僅為個位數的低位，這符合我們更正常的定價模式。而這將對我們第四季度的same-Shack銷售構成壓力。

We expect licensing revenue to reach $40 million to $41 million. While we're starting to see some signs of food cost declining and inflationary pressures decelerating, most of our basket cost remains elevated and these inflationary pressures remain highly uncertain into the end of the year.

我們預計授權收入將達到 4000 萬至 4100 萬美元。雖然我們開始看到食品成本下降和通脹壓力減緩的一些跡象，但我們的大部分籃子成本仍然很高，而且這些通脹壓力到年底仍然高度不確定。

But despite ongoing headwinds, we guide full year 2023 restaurant margins to reach 19.25% to 20%. This represents approximately 200 to 270 basis points of restaurant margin expansion this year.

儘管面臨持續的阻力，我們仍預計 2023 年全年餐廳利潤率將達到 19.25% 至 20%。這意味著今年餐廳利潤率將擴大約 200 至 270 個基點。

While we are not providing specific fourth quarter guidance at this time, we expect to see typical seasonality in both our sales and profitability from the third to the fourth quarter.

雖然我們目前沒有提供具體的第四季度指導，但我們預計第三季度到第四季度的銷售和盈利能力將出現典型的季節性。

As a reminder, prior to COVID, fourth quarter restaurant margins seasonally are lower than the third quarter levels, and that's largely driven by lower sales. While this year, we expect to outperform that historical pre-COVID margin seasonality given the strong success we were seeing in our strategic priorities, these inflationary risks are real and present a headwind to our profitability through the rest of the year.

提醒一下，在新冠疫情爆發之前，第四季度餐廳利潤率季節性低於第三季度水平，這主要是由於銷售額下降所致。鑑於我們在戰略重點方面取得的巨大成功，今年我們預計將超越新冠疫情前的歷史利潤率季節性，但這些通脹風險是真實存在的，並對我們今年剩餘時間的盈利能力構成不利影響。

We expect this, in addition to rolling off that significant October '22 price increase and ending the year with just about 2% price against the broad inflationary pressures we're seeing to impact our fourth quarter flow-through overall.

我們預計，除了 10 月 22 日價格大幅上漲並在年底價格僅上漲約 2% 之外，我們預計還會出現這一情況，以應對我們預計會影響第四季度整體流量的廣泛通脹壓力。

However, all else equal, if beef inflation was consistent with last year's performance and consumer spending patterns remain strong, we see a path for our restaurant margin to exceed 20% for the full year.

然而，在其他條件相同的情況下，如果牛肉通脹與去年的表現一致並且消費者支出模式保持強勁，我們預計全年餐廳利潤率將超過 20%。

We expect to open approximately 75 Shack system wide this year, about 40 of them will be domestic company-operated and approximately 35 will be operated by our licensed partners.

我們預計今年將開設約 75 個 Shack 系統，其中約 40 個將由國內公司運營，約 35 個將由我們的授權合作夥伴運營。

We got 2023 G&A of $125 million to $130 million, absent the $3.3 million in legal and professional fees that are excluded from adjusted EBITDA in the first and second quarters. At the midpoint, G&A would be 11.9% of total revenue, approximately 75 basis points of leverage versus 2022 levels.

我們的 2023 年一般管理費用為 1.25 億至 1.3 億美元，不包括第一季度和第二季度調整後 EBITDA 中不包括的 330 萬美元法律和專業費用。中點時，G&A 將佔總收入的 11.9%，與 2022 年的水平相比，槓桿率約為 75 個基點。

Some other guidance points. Equity-based compensation expense of approximately $17 million, pre-opening of $17 million to $19 million, depreciation of $88 million to $93 million and adjusted pro forma tax rate, excluding the impact of equity-based compensation to be 16% to 18%.

其他一些指導要點。股權薪酬費用約為 1,700 萬美元，開業前費用為 1,700 萬至 1,900 萬美元，折舊為 8,800 萬至 9,300 萬美元，調整後的預計稅率，不包括股權薪酬 16% 至 18% 的影響。

Altogether, based on our performance so far this year, we are raising our fiscal 2023 adjusted EBITDA to $120 million to $130 million, representing approximately 65% to 80% growth year-over-year.

總而言之，根據我們今年迄今為止的業績，我們將 2023 財年調整後 EBITDA 提高至 1.2 億至 1.3 億美元，同比增長約 65% 至 80%。

And thank you, with that, I turn it back to Randy.

謝謝你，我把它轉回給蘭迪。

Thanks so much, Katie. We're really proud of the team in the way they continue to execute our strategic plan, driving sales and better profitability across our Shacks.

非常感謝，凱蒂。我們對團隊繼續執行我們的戰略計劃、推動整個 Shacks 的銷售和更好的盈利能力感到非常自豪。

Today, I want to end with a note of special thanks. As you may have seen earlier this morning, through Form 8-K, we announced that our longtime COO, Zach Koff, will be leaving the company after more than 13 years.

今天，我想以特別的感謝來結束今天。正如您今天早上早些時候所看到的，通過 8-K 表，我們宣布我們的長期首席運營官扎克·科夫 (Zach Koff) 將在工作 13 年多後離開公司。

Zach joined Shake Shack when we opened our fourth Shack ever in Miami Beach, and he's been a key picture in all we've done to build this special brand and culture. His heart, soul and leadership sits at the foundation of Shake Shack and so much of what we've accomplished as a team has been thanks to his contributions.

當我們在邁阿密海灘開設第四家 Shake Shack 店時，扎克 (Zach) 加入了 Shake Shack，他一直是我們為打造這一特殊品牌和文化所做的一切努力的關鍵人物。他的心、靈魂和領導力是 Shake Shack 的基礎，我們團隊所取得的許多成就都歸功於他的貢獻。

Zach will be greatly missed, but we're excited for him in his next chapter and for Shake Shack as we look ahead to adding new leadership. Zach will be transitioning out of the company September 7, and we will begin an executive search for his replacement.

我們會非常懷念扎克，但我們為他的下一章感到興奮，也為 Shake Shack 感到興奮，因為我們期待著新的領導層的加入。 Zach 將於 9 月 7 日離開公司，我們將開始尋找他的繼任者。

In the meantime, Zack has built an exceptional team. And along with our executive team, we will continue the operational excellence and improvements we shared earlier in this call to ensure progress moving forward.

與此同時，扎克建立了一支出色的團隊。我們將與我們的執行團隊一起繼續我們之前在本次電話會議中分享的卓越運營和改進，以確保取得進展。

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

那麼，接線員，請撥打電話詢問問題。

(Operator Instructions) Our first question is from Brian Mullan with Piper Sandler.

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

Just a question on top of the build costs. They're going to be down 10% next year that's encouraging to see. Could you perhaps separate that between the drive-thru format and the more traditional formats? We've known you're looking to get the cost of the drive-thrus down. Just are you making progress across the other formats as well?

只是一個關於構建成本的問題。明年他們的股價將下跌 10%，這是令人鼓舞的。您能否將得來速格式和更傳統的格式分開？我們知道您希望降低得來速的成本。你們在其他格式上也取得了進展嗎？

And then just kind of related to that, holding inflation constant, do you think you could get that down even further in 2025 is given more time and with more focus on the issue?

與此相關的是，保持通脹不變，你認為如果給予更多時間並更加關注這個問題，你是否可以在 2025 年進一步降低通脹？

Yes. Thanks, Brian. Appreciate the question. I think broadly, the answer is yes on all fronts. Our commitment next year is both in drive-thru costs and overall. But in our core formats, we're working towards new formats, more standardized, more templated, really optimizing the right size and doing so much to continue to bring that down over time. Team's doing great work on this. It takes time, right?

是的。謝謝，布萊恩。感謝這個問題。我認為總的來說，答案在所有方面都是肯定的。我們明年的承諾既包括得來速成本，也包括總體成本。但在我們的核心格式中，我們正在努力開發新的格式，更加標準化、更加模板化，真正優化正確的尺寸，並做很多事情來隨著時間的推移繼續降低這種尺寸。團隊在這方面做得很好。這需要時間，對吧？

You've got Shacks that are already designed and in place. Some of those will be more expensive drive-thrus, some of those will be in more expensive places like I named in New York, California. But overall, next year, we're targeting a $2.3 million average roughly, and we're going to hold to that.

您已經擁有了已經設計並就位的棚屋。其中一些將是更昂貴的汽車餐廳，其中一些將在更昂貴的地方，例如我在加利福尼亞州紐約市提到的地方。但總體而言，明年我們的平均目標約為 230 萬美元，並且我們將堅持這一目標。

As we look at years forward, depending on the mix of Shacks, we believe, and we are targeting lots of improvements in how we build our restaurants, the way we do it, but still doing it in the Shake Shack way. So we believe this is a great opportunity for us long term, and we're committed to having this be an important fixture of our strategic plan in this coming year.

展望未來，我們相信，根據 Shacks 的組合，我們的目標是在我們建造餐廳的方式、我們做事的方式上進行大量改進，但仍然以 Shake Shack 的方式來做。因此，我們相信，從長遠來看，這對我們來說是一個絕佳的機會，我們致力於將其作為我們來年戰略計劃的重要組成部分。

Okay. Just as a follow-up, I think a part of the recent cooperation agreement; the company has agreed to work with some outside consultants to work out ways to be more efficient. My question is, just given all of the various strategic efforts that are already underway internally and yielding progress do you expect any consulting agreement with yield even more efficiencies above and beyond? And have you kind of entered into an agreement yet?

好的。作為後續，我認為最近合作協議的一部分；該公司已同意與一些外部顧問合作，找出提高效率的方法。我的問題是，考慮到內部已經進行的所有各種戰略努力並取得進展，您是否期望任何諮詢協議能夠帶來更高的效率？你們已經達成協議了嗎？

Thanks, Brian. Yes, we -- first of all, I think the team right now has been, and you've seen this in the results of the quarter and in our guide forward, really focused on improving so many things in the company, and that's taking root as you can see. We will be, and we're working with the working group of our Board in concert with talking to consultants and thinking about what that scope might look like. And we're continuing to define that, and we'll certainly let you know.

謝謝，布萊恩。是的，首先，我認為我們的團隊現在確實專注於改進公司的許多方面，而且您已經在本季度的業績和我們的未來指南中看到了這一點，這正在採取如您所見。我們將會這樣做，並且我們正在與董事會工作組合作，與顧問交談並思考該範圍可能是什麼樣的。我們正在繼續定義這一點，我們一定會讓您知道。

But we believe that's going to be another exciting opportunity for us to dive deeper into some of the things we're already doing and identify some other things. So yes, we're looking forward to that. That's going to take time, and we'll keep you posted as it goes.

但我們相信，這將是另一個令人興奮的機會，讓我們能夠更深入地研究我們已經在做的一些事情，並確定其他一些事情。所以是的，我們很期待這一點。這需要時間，我們會隨時向您通報進展情況。

Our next question is from Michael Tamas with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的邁克爾·塔馬斯。

It sounds like you're just getting started on some of the opportunities to expand your restaurant margins above the 20% you're targeting this year. So -- but, as your pricing normalizes and hopefully, inflation does as well, do you think you have the levers to pull on a core basis to expand margins above the 20% range? Or do you think you need menu pricing to sort of outpace inflation to do that?

聽起來您剛剛開始抓住一些機會，將您的餐廳利潤率擴大到今年目標的 20% 以上。那麼，但是，隨著您的定價正常化，並且希望通脹也正常化，您認為您有能力在核心基礎上將利潤率擴大到 20% 以上嗎？或者你認為你需要菜單定價來超過通貨膨脹才能做到這一點嗎？

Great. Yes. And so we talked about on the call today, the 240 basis points of margin improvement that we showed year-over-year, there's a bulk majority of that -- the majority of that is coming from our operational improvement plan. And some of these we've factored into our guidance. Others were learning more as time goes along. But we're really encouraged by what we're seeing.

偉大的。是的。因此，我們今天在電話會議上談到，我們的利潤率同比提高了 240 個基點，其中大部分來自我們的運營改進計劃。我們已將其中一些因素納入我們的指導中。隨著時間的推移，其他人也學到了更多東西。但我們所看到的確實令我們深受鼓舞。

We're not going to give long-term guidance at this point. So nothing beyond what we've given for the full year target of 19.25% to 20%. But these are kind of really improving the foundation of Shake Shack and helping us to become a more profitable company over the long term.

目前我們不會提供長期指導。因此，我們設定的全年目標是 19.25% 至 20%。但這些確實改善了 Shake Shack 的基礎，並幫助我們成為一家長期盈利能力更強的公司。

Our next question is from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·哈伯。

I was curious if you could just provide more detail on some of the mix impact, because I realized that kind of delivery is coming off. You talked about that piece, but are you seeing pretty good attach of some of your new menu items? How much more do you think can kind of come from kiosks over time if we separate out some of the different mix drivers that you're seeing?

我很好奇您是否可以提供有關某些混合影響的更多詳細信息，因為我意識到這種交付正在實現。您談到了那件作品，但是您是否看到一些新菜單項的附加效果很好？如果我們將您所看到的一些不同的混合驅動程序分開，您認為隨著時間的推移，信息亭可以帶來多少收益？

Sure. So really, one of the most important mix headwinds that we had in the quarter was the fact that we sold out of our highly successful White Truffle LTO early. We think that was about 100 basis points of just mix alone in the quarter. Hard to tell what that traffic impact was, but we know that our most successful or great LTOs, they are traffic and frequency drivers as well.

當然。事實上，本季度我們遇到的最重要的混合阻力之一是我們提前售出了非常成功的白松露 LTO。我們認為本季度僅混合的情況就約為 100 個基點。很難說這種流量影響是什麼，但我們知道我們最成功或最偉大的 LTO，它們也是流量和頻率的驅動因素。

Within each of our channels, what we're seeing overall is pretty consistent. We're seeing better mix trends within our in-Shack channel, though, just as we're driving deeper kiosk adoption. You're getting that natural lift on that side. But across the board, we do have higher attach rates of items per protein year-over-year, and we're pretty encouraged by what we're seeing there.

在我們的每個渠道中，我們所看到的總體情況都非常一致。不過，正如我們正在推動自助服務終端的更深入採用一樣，我們在 Shack 內渠道中看到了更好的混合趨勢。你在那一側得到了自然的提升。但總的來說，我們的每種蛋白質的項目附加率確實比去年同期更高，我們對在那裡看到的情況感到非常鼓舞。

Now overall, what you're seeing at the company level, though, is that channel ship mix of more people coming in-Shack. Those tend to be less people per order, especially in our urban markets, and that's a natural shift that we've been seeing since pretty much last year into now.

不過，現在總體而言，您在公司層面看到的是，更多人進入 Shack 的渠道組合。每個訂單的人數往往會減少，尤其是在我們的城市市場，這是我們從去年到現在一直看到的自然轉變。

Our next question is from Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Katie, I wanted to ask on the kiosks. I think you mentioned a high single-digit check lift. Can you elaborate a little bit on that? Are you seeing that just more customization add-ons? Or is it -– or you're seeing more group sizes? Just trying to understand what's driving that high single-digit lift?

凱蒂，我想在售貨亭詢問。我想你提到了一個高個位數的支票提升。您能詳細說明一下嗎？您是否看到了更多自定義附加組件？或者是--或者您看到了更多的團體規模？只是想了解是什麼推動瞭如此高的個位數提升？

Great. Yes. So it's really exciting. We're pretty consistently seeing in our Shacks we're accelerating our kiosk retrofit program here is that once we kind of shift that guest from the cashier into the kiosk channel, they tend to -- we have a high single-digit, at least check list right there. And what that's coming from is, really, I think people being able to sit with the visual merchandising of our product you see a higher instance of LTO sales on that. And I think that when you get to see the very exciting items that we're promoting up there, guests are interested in that, I think it comes across a little bit differently on the kiosk channel than in our traditional menu boards.

偉大的。是的。所以這真的很令人興奮。我們在我們的小屋中一直看到，我們正在加速我們的自助服務終端改造計劃，一旦我們將客人從收銀台轉移到自助服務終端通道，他們往往會——我們至少有一個高個位數檢查清單就在那裡。事實上，我認為人們能夠接受我們產品的視覺營銷，你會看到更高的 LTO 銷售實例。我認為，當您看到我們在那裡推銷的非常令人興奮的商品時，客人就會對此感興趣，我認為在信息亭渠道上遇到的情況與我們傳統菜單板上的情況有點不同。

We're also seeing greater instances of sales of our premium cold beverage as well, which is -- and shakes, which has obviously a very nice margin on that side. So that's most of what we're seeing. But what's really exciting also is that we're still in the very early days here. There's a lot of opportunities for us to invest some money around driving more upsell in the kiosk channel. Our priority today is driving just that greater adoption of it. But you're going to see -- you'll expect to see from us continued strategies to drive more upsell in that channel.

我們還看到我們的優質冷飲和奶昔的銷售量也有所增加，這方面顯然有非常好的利潤。這就是我們所看到的大部分情況。但真正令人興奮的是我們仍處於早期階段。我們有很多機會投入一些資金來推動自助終端渠道的更多銷售。我們今天的首要任務是推動它的更廣泛採用。但你會看到——你會期望看到我們繼續採取策略來推動該渠道的更多追加銷售。

Our next question is from Andrew Charles with TD Cowen.

我們的下一個問題來自 Andrew Charles 和 TD Cowen。

2 questions for me. First, I know beef, obviously, remains pretty volatile, but 2Q beef inflation, high-single digits is more favorable than your low double-digit forecast. I know you don't contract these, but is there any mitigation strategy that contributed to that? Or was that strictly more favorable spot rates?

問我 2 個問題。首先，我知道牛肉顯然仍然相當不穩定，但第二季度牛肉通脹率高個位數比您的低兩位數預測更有利。我知道你不會感染這些疾病，但是有沒有任何緩解策略可以緩解這種情況？還是即期匯率嚴格來說更優惠？

And then just kind of a question on the 3Q guidance. I appreciate the disclosure for July up 4.5%. If I look at the guidance for low to mid-single digits, is there a reason to believe same-store sales would decrease from July to this harder comparisons in August, September? Or would you just label the guidance to be conservative?

然後是關於第三季度指引的問題。我對 7 月份上漲 4.5% 的披露表示讚賞。如果我查看低至中個位數的指導，是否有理由相信同店銷售額將從 7 月下降到 8 月、9 月的更難比較？或者您只是將指導標記為保守？

Great. So let's take beef first. So as we progress throughout the quarter on beef, it was a little bit more favorable. I mean we're talking about high-single digits versus low double-digits, kind of very much on the cusp there. And we really started to see beef though pick up more in July. So that is something that we are watching very closely, and we've reflected that view into -- of what we're seeing today into our guidance.

偉大的。那麼我們先來吃牛肉吧。因此，隨著我們整個季度在牛肉方面取得進展，情況變得更加有利。我的意思是，我們正在談論高個位數與低兩位數，這在風口浪尖上。我們確實開始看到牛肉，儘管七月份的產量有所增加。因此，這是我們正在密切關注的事情，我們已將這種觀點反映到我們今天所看到的指導中。

And then on the comp, we're running at 4.5% in July. We ran a 4.5% in July. Think about that mid-double -- the mid-single digit range as being kind of around that 4.5% to 5% range. And how we typically progress throughout the quarter on AWS. August is a little bit lower than July, and then we do see a more significant drop off in September. It will be interesting to see how this year September behaves. Last year, we had a more muted decline in September versus August, but in pre-COVID times that was a little bit more pronounced.

然後在比較方面，我們 7 月份的增長率為 4.5%。 7 月份我們的增長率為 4.5%。想像一下中雙位數——中個位數範圍大約是 4.5% 到 5% 的範圍。以及我們整個季度在 AWS 上的進展情況。 8 月比 7 月略低一些，然後我們確實看到 9 月下降幅度更大。看看今年九月的表現將會很有趣。去年，與 8 月相比，9 月的下降更為溫和，但在新冠疫情爆發之前，下降幅度更為明顯。

Our next question is from Jake Bartlett with Truist Securities.

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

My first one is on the consumer. In the past, you've made some comments about whether there's any specific movements in lower income or higher income. Any comments you can see in what you're seeing from just underlying strength of demand.

我的第一個主題是關於消費者。過去，您曾就低收入或高收入是否有任何具體變動發表過一些評論。您可以從潛在的需求強度中看到的任何評論。

Yes, Jake, I think you've seen this kind of broadly in our industry and a lot of industries. Generally, I think we're all surprised at how resilient the consumer has been.

是的，傑克，我想你已經在我們的行業和很多行業中廣泛地看到了這種情況。總的來說，我認為我們都對消費者的恢復能力感到驚訝。

At Shake Shack, I think what we've said in the past has stood true in this last quarter, which is we generally benefit from a higher-end consumer. You're seeing that also in the strength of some of our LTOs, people being willing to spend a little bit more, but we're not immune to the lower consumer trading down and you'll probably see some of that in our numbers in this quarter and moving forward, right?

在Shake Shack，我認為我們過去所說的在上個季度得到了驗證，那就是我們通常受益於高端消費者。您還可以看到，我們的一些 LTO 的優勢在於，人們願意多花一點錢，但我們也不能免受消費者交易量下降的影響，您可能會在我們的數據中看到其中的一些內容本季度並繼續前進，對嗎？

There's going to be more battles on discounting and your kind of traditional fast food that we're going to compete against from time-to-time. And that's going to be a pressure, I think, during this uncertain time, and we expect that. And that's built into the guide as we go. It's built into how we're thinking about things.

在折扣和傳統快餐方面將會有更多的戰鬥，我們會時不時地與之競爭。我認為，在這個不確定的時期，這將是一種壓力，我們預計會出現這種情況。這已被納入我們的指南中。它根植於我們思考事物的方式中。

But I think in general, the consumer has been pretty resilient. So we're happy with that. We're looking ahead to continue to build on the strategies we've employed so far that you heard a lot about today.

但我認為總的來說，消費者的適應能力相當強。所以我們對此感到滿意。我們期待繼續以我們迄今為止所採用的策略為基礎，您今天已經聽到了很多。

Our next question is from Brian Vaccaro with Raymond James.

我們的下一個問題來自布萊恩·瓦卡羅和雷蒙德·詹姆斯。

I just wanted to ask about the labor improvements. And Katie, I think you said wage inflation up in the mid-single digits, if I heard correctly, and you saw cost per week at least on our math down year-on-year. So could you just provide a little more color on the benefits you're seeing from kiosks and also the dynamic labor scheduling?

我只是想問一下勞動力改善的情況。凱蒂，如果我沒聽錯的話，我想你說過工資通脹率上升到了個位數，而且你至少在我們的數學計算中看到每周成本同比下降。那麼，您能否提供更多關於您從信息亭和動態勞動力調度中看到的好處的信息？

Just more perspective on that. I'm curious if you're -- the hours of like where is that during the day, during the week? Is it clustered in a certain set of stores that were significantly underperforming? Just any incremental clarity there would be helpful.

只是對此有更多的看法。我很好奇你是否——白天、一周中的幾個小時？它是否集中在一組表現明顯不佳的商店中？只要任何增量的清晰度都會有幫助。

Yes, absolutely. So just kind of a reminder of what we're doing on that side. So first of all, working with our operators very closely and digging in and building bespoke labor schedules for the Shacks that are kind of the most pressured. And that has been a really helpful way of managing kind of our lower-performing Shack base and working with them to help make those more profitable.

是的，一點沒錯。這只是提醒我們在這方面正在做的事情。因此，首先，與我們的操作員密切合作，深入研究並為壓力最大的棚屋制定定制的勞動力計劃。這是管理我們表現不佳的棚屋基地並與他們合作以幫助提高利潤的一種非常有用的方法。

On the dynamic labor scheduling side, this is an important point. We switched to a more demand base, more real time, what we're seeing on the ground forecast that's leveraging both micro and macro variables across all of our Shacks in the quarter. And this is a really hard one to measure the full benefit.

在動態勞動力調度方面，這是很重要的一點。我們轉向了更多的需求基礎、更實時的預測，即我們在本季度所有棚屋中利用微觀和宏觀變量進行的實地預測。要衡量全部效益確實非常困難。

But what I will say is that if sales tides turn in either direction, you're able to be much more nimble and react much more -- much quicker to changes in consumer behavior where we can staff up and staff down to reflect that change instead of being a little bit more lagged and delayed.

但我要說的是，如果銷售潮流朝任何一個方向轉變，你都能夠更加靈活，反應更加迅速——對消費者行為的變化更快，我們可以增加或減少人員來反映這種變化有點滯後和延遲。

We're also working closely to audit labor schedules as well and just make sure that we're adhering to our standards, which has really helped kind of reduce that overall. And then kiosk overall, with the 250 Shacks that we have in place right now and continuing to drive kiosks adoption, we're starting to see some early signs of labor savings on that, and that's been helpful, and we're going to continue to leverage that over time.

我們還密切合作審核勞動力計劃，並確保我們遵守我們的標準，這確實有助於減少總體情況。然後，整個自助服務終端，我們現在擁有 250 個棚屋，並繼續推動自助服務終端的採用，我們開始看到一些節省勞動力的早期跡象，這很有幫助，我們將繼續隨著時間的推移，利用這一點。

The number that we gave in my prepared remarks was that we're running 50 fewer hours this year versus last year. So a pretty good clip of savings on that side. And that's helping to offset some of the other pressures that we're facing in labor and that plus our higher price contributed to the deleverage that we produced in the quarter.

我們在準備好的發言中給出的數字是，今年我們的跑步時間比去年少了 50 小時。所以這方面的節省相當不錯。這有助於抵消我們在勞動力方面面臨的其他一些壓力，加上我們較高的價格，導致我們在本季度實現了去槓桿化。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德。

My question is more about kind of the strategy with respect to kind of optimizing the model to lower costs and shift the behavior towards kiosks. And -- my question is really related to how are you measuring the guest experience as you go through this transition? It seems like you're making a lot of progress early on, on the cost side. But are you -- I guess, what are you doing to make sure that you're not changing the guest experience in a way that you don't want longer term?

我的問題更多的是關於優化模型以降低成本並將行為轉向信息亭的策略。而且——我的問題實際上與您在經歷這一轉變時如何衡量賓客體驗有關？看起來您在成本方面早期就取得了很大進展。但是你——我想，你正在做什麼來確保你不會以你不希望長期存在的方式改變客人體驗？

David, I love that question. I'm so thankful you asked it because that's at the core of everything that we think about, right? And as we think about improving the operating model, we need to do that through ways that only increase and improve the guest experience. That's a part of our strategic plan. You heard me talk about it earlier, and it will be a part of our strategic plan next year and evolve in new ways. So a couple of things.

大衛，我喜歡這個問題。我很感謝你問這個問題，因為這是我們思考的一切的核心，對吧？當我們考慮改進運營模式時，我們需要通過只會增加和改善賓客體驗的方式來實現這一目標。這是我們戰略計劃的一部分。你之前聽我說過，它將成為我們明年戰略計劃的一部分，並以新的方式發展。有幾件事。

What we're learning is as we do these digital tools like kiosk or app or whatever, we need to build them so guests prefer it and that they really enjoy those experiences. What we're seeing in our guest scores that we track a lot and get more and more data from is that they're improving.

我們正在學習的是，當我們製作這些數字工具（例如自助服務終端或應用程序或其他任何東西）時，我們需要構建它們，以便客人喜歡它並且他們真正喜歡這些體驗。我們在大量跟踪並獲得越來越多數據的賓客評分中看到，他們的評分正在提高。

They're improving through the time that we are improving as operational execution. I know that part of what we need to do better as well is just consistency, standardization so that guests can count on what they need to count on for Shake Shack day after day. You can know when your food is going to come out, you can know that it's going to be ready, and you can count on it being exactly the same. Standardization and us doing that better is going to lead to better guest experience. We know that we're doing that.

隨著我們改進運營執行力，他們也在不斷改進。我知道我們需要做得更好的一部分就是一致性和標準化，以便客人可以日復一日地信賴 Shake Shack 所需要的東西。你可以知道你的食物甚麼時候會出來，你可以知道它會準備好，你可以相信它是完全相同的。標準化和我們做得更好將帶來更好的賓客體驗。我們知道我們正在這樣做。

But in the Shacks as well, we're actually ramping up efforts of the things that we do. For instance, in most Shacks now, when you come in and you used to have kind of that stress of waiting for your buzzer or waiting for us to text you now in most Shacks most of the time, we're going to run your food to you. We're adding that added level of service.

但在 Shacks 中，我們實際上也在加大力度做我們所做的事情。例如，現在在大多數棚屋中，當您進來時，您曾經有一種等待蜂鳴器或等待我們給您發短信的壓力，現在在大多數棚屋中，大多數時候，我們都會為您提供食物給你。我們正在增加服務水平。

We've been doing that for about a year now. That's all part of the shift in the way we can optimize our labor instead of taking an order where guests would prefer to do it themselves in our kiosks benefit in all the ways you heard. We can spend that time and effort and put our hospitality towards a different part of the experience. And we found that people are really enjoying that and that has been just a de-stressor and an added experience.

我們這樣做已經大約一年了。這都是我們優化勞動力方式轉變的一部分，而不是接受訂單，客人更願意在我們的售貨亭中自己完成訂單，從而以您聽說過的所有方式受益。我們可以花費這些時間和精力，將我們的熱情好客投入到體驗的不同部分。我們發現人們真的很喜歡這樣，這只是一種減壓方式和一種額外的體驗。

And as we think about cutting costs and bringing things down, we got to do it in ways, as I said, that improves. So if we're going to have a smaller dining room, it's still got to be a great dining room that has the right amount of seats and all the things that we're doing are going to add to that. So thank you for that question. And you can assure and our shareholders can be assured that we will not do anything but work to improve the guest experience as we talk about also improving the economic model.

當我們考慮削減成本和降低成本時，我們必須採取改進的方式，正如我所說的那樣。因此，如果我們要擁有一個較小的餐廳，它仍然必須是一個很棒的餐廳，擁有適當數量的座位，並且我們正在做的所有事情都會增加這一點。謝謝你提出這個問題。您可以放心，我們的股東也可以放心，我們不會做任何事情，只會努力改善賓客體驗，同時我們也在談論改善經濟模式。

Our next question is from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡·伯恩斯坦。

Great. One clarification on a question. Just a clarification, the acceleration you saw in July from a comp perspective. I'm just wondering if there's anything you specifically attribute that to, any new drivers or perhaps change in consumer behavior to drive that improvement? Otherwise my --

偉大的。對一個問題的一個澄清。只是澄清一下，從比較的角度來看，您在 7 月份看到了加速。我只是想知道您是否特別將其歸因於任何新的驅動因素或消費者行為的變化來推動這種改進？否則我的——

Hi, Jeff I have couple of points.

嗨，傑夫，我有幾點。

-- G&A. Go ahead.

——一般及行政費用。前進。

Go ahead.

前進。

Just on G&A, yeah, Katie mentioned the 75 basis points of leverage in '23, which is obviously impressive. I'm just wondering what the biggest buckets of savings are, whether you think there's more opportunity for leverage in '24 and beyond maybe it's who you benchmark yourself against -- just trying to figure out how you define what the right ultimate level is?

就在 G&A 上，凱蒂提到了 23 年的 75 個基點的槓桿，這顯然令人印象深刻。我只是想知道最大的節省是什麼，您是否認為 24​​ 年及以後有更多的槓桿機會，也許這是您自己的基準 - 只是想弄清楚您如何定義正確的最終水平是什麼？

Yes. On the trends, we're really encouraged by quarter-to-date seeing some of the strongest comp that we've seen all year, a few things. As we talked about, we had a return of a strong LTO with Bourbon Bacon. We had some of the other menu things happening that are really good. And I think we're just continuing to see some of that trend that benefits Shake Shack, some of the things that we were most hit on, whether it's urban or offices, tourism, travel, the kind of way people move, those things continue to improve, and general mobility for us.

是的。在趨勢方面，我們對本季度迄今為止看到的一些我們全年見過的最強勁的比較感到非常鼓舞，有幾件事。正如我們所討論的，我們迎來了帶有波本培根的強勁 LTO 的回歸。我們在菜單上還發生了一些非常好的事情。我認為我們只是繼續看到一些有利於 Shake Shack 的趨勢，一些我們最感興趣的事情，無論是城市還是辦公室、旅遊、旅行、人們移動的方式，這些事情仍在繼續改善我們的整體流動性。

We are seeing some hits in the mid-distance consumer that are different from last year. But generally, those trends continue to benefit us. And it's just been good. It's just been a really good momentum through July. So we're encouraged by that. And really, it's been strengthening since mid-June. So that's good. We'll see where it goes. We've got tougher compares as we go through the year, but we feel good about that.

我們看到中距離消費者受到了一些與去年不同的打擊。但總的來說，這些趨勢繼續使我們受益。一切都很好。整個七月份的勢頭非常好。所以我們對此感到鼓舞。事實上，自六月中旬以來它一直在加強。所以這樣很好。我們會看看它會去哪裡。隨著這一年的過去，我們進行了更艱難的比較，但我們對此感覺良好。

On G&A, look, we need to keep investing where we need to invest. We're happy that, as Katie shared, we're tracking towards leverage this year, and we can look at some of that next year as well. But we're not going to fully guide there just yet. We've got to make sure we're making the investments. But we're leading this company with the right amount of people and efforts and making sure that we can continue to drive all the initiatives that make sense from a return perspective.

在一般管理費用方面，我們需要繼續在需要投資的地方進行投資。我們很高興，正如凱蒂分享的那樣，我們今年正在追踪槓桿，明年我們也可以考慮其中的一些。但我們目前還不打算完全指導這一點。我們必須確保我們正在進行投資。但我們正在以適當的人員和努力來領導這家公司，並確保我們能夠繼續推動所有從回報角度來看有意義的舉措。

We are -- as I said, we are very much a growth company, leading with percentage sales increases that you don't see in a whole lot of places in the public company restaurant space, and we have to continue to invest to ensure that, that continues. But we're going to do it profitably overall.

正如我所說，我們在很大程度上是一家成長型公司，銷售額百分比增長處於領先地位，這是您在上市公司餐廳領域的很多地方都看不到的，我們必須繼續投資以確保，這還在繼續。但總體而言，我們將實現盈利。

Our next question is from Andy Barish with Jefferies.

我們的下一個問題來自 Jefferies 的 Andy Barish。

Just talking about some of the sales impact, I think you mentioned on the coast in regard to maybe some delivery sales. Could you tease that out for us just how much and how long do you think that will last? And is that restaurants as well as consumer behavior or mostly your development that's impacting some of that sales there?

只是談論一些銷售影響，我想您在海岸提到了一些送貨銷售。您能否為我們梳理一下您認為這種情況會持續多久？是餐廳、消費者行為還是你們的發展影響了部分銷售額？

Thanks. Yes. I think it's near term and you start to lap some of those. There's going to be always and there has been since the day we created this company at every restaurant. You're going to see -- from time-to-time, you're going to see impact when you open a restaurant close to another.

謝謝。是的。我認為這是近期的事情，你會開始關注其中的一些。從我們在每家餐廳創建這家公司的那一天起，這種情況就會一直存在。當你在另一家附近開設一家餐廳時，你會時不時地看到影響。

And I think we've got a couple of handfuls of restaurants that are in that category, some in L.A., where we opened 5 new Shacks on top of other restaurants. Those are -- our whole goal is market share overall and building a strong market. We have a long, long runway to do so, and we're confident in that.

我認為我們有幾家屬於這一類別的餐廳，其中一些在洛杉磯，我們在其他餐廳之上新開了 5 家 Shacks。這些是——我們的總體目標是總體市場份額和建立一個強大的市場。我們有很長的路要走，我們對此充滿信心。

But from time-to-time, in the world we live in today, you may eat up a section of a delivery radius for instance, and just start to share that portion of delivery sales. That may happen. But we do think we roll off some of those. But let's go back to an important strategy of development. We've got a long runway ahead. And part of our strategy is to cluster our Shacks a little bit closer together.

但有時，在我們今天生活的世界中，你可能會吃掉一部分配送半徑，然後開始分享這部分配送銷售。這可能會發生。但我們確實認為我們會放棄其中一些。但讓我們回到一個重要的發展戰略。我們前面還有很長的跑道。我們戰略的一部分是將我們的棚屋聚集得更近一些。

We know and you're seeing that in our profitability measures that we're continuing to improve. So we know that from time-to-time, when you do that, you might impact sales at another restaurant, but you're also going to impact our ability to open better, faster, have stronger profitability sooner and over the long run.

我們知道並且您也看到我們的盈利能力指標正在持續改進。因此，我們知道，當您這樣做時，有時可能會影響另一家餐廳的銷售，但從長遠來看，您也會影響我們更好、更快地開業、更快獲得更強盈利能力的能力。

So we feel really good about all those decisions, and we'll also keep taking that learning and making sure our development schedule is taking that end and spreading out our Shacks as best that makes sense and still building lots of restaurants.

因此，我們對所有這些決定感到非常滿意，我們還將繼續學習並確保我們的開發計劃能夠實現這一目標，並儘可能合理地分佈我們的棚屋，並且仍然建造大量餐廳。

I think we're still -- the thing that I think needs to be said that even we remain surprised by from time-to-time is, Shake Shack has this giant brand that punches so far above its weight. But in reality, there are many places in this country where our brand awareness still needs to grow, where we're actually still coming up, and we're not the incumbent. And that takes time. And I think our history has shown that we do that really well over time, but it does take time.

我認為我們仍然——我認為需要說的是，即使我們時不時地仍然感到驚訝，Shake Shack 擁有這個巨大的品牌，其影響力遠遠超出了它的實力。但實際上，在這個國家有很多地方我們的品牌知名度仍然需要提高，我們實際上仍在上升，而且我們還不是現任者。這需要時間。我認為我們的歷史已經表明，隨著時間的推移，我們在這方面做得非常好，但這確實需要時間。

And we're confident we'll keep doing that. And you'll see us committing more and more to marketing and funding brand awareness so that we can continue to grow our overall base of guests.

我們有信心繼續這樣做。您會看到我們越來越多地致力於營銷和資助品牌知名度，以便我們能夠繼續擴大我們的整體客人基礎。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Hope everyone is well. I know we've talked about previously, and I was just trying to get to capitalize cost per new unit. I know it's not a fair calculation, and I don't know you'll correct me for the reasons why. But in fiscal '23, just taking your CapEx divided by number of units, it was around $4 million, in first half of '24 its actually -- excuse me, that was in '22. In first half of '23, we're actually running a little bit ahead of $4 million.

希望大家都好。我知道我們之前已經討論過，我只是想將每個新單位的成本資本化。我知道這不是一個公平的計算，我不知道你會糾正我的原因。但在 23 財年，僅將資本支出除以單位數量，就約為 400 萬美元，而在 24 年上半年，實際上是 - 對不起，那是在 22 年。 23 年上半年，我們的收入實際上略高於 400 萬美元。

Now I do understand, it does sound like you're doing some projects to convert R&M into CapEx and obviously, kiosks cost some money, but it actually is running ahead of $4 million in the first half of '23. So as we think about that '24 number and just try to get it as clean as possible. I mean, what do you think the capitalized cost per new unit is going to be in '24? I know you said 10% less, but 10% less of what?

現在我確實明白了，聽起來您確實正在做一些項目，將 R&M 轉換為資本支出，顯然，信息亭要花一些錢，但實際上 23 年上半年的費用就超過了 400 萬美元。因此，當我們思考 24 號數字時，我們會盡力使其盡可能乾淨。我的意思是，您認為 24​​ 年每個新單位的資本化成本會是多少？我知道你說減少 10%，但是減少 10% 是什麼？

Well, John, I think overall, feel free to jump in here, Katie. I think we're not guiding to '24 today. What we're guiding to is continue to bring down those costs. You have to remember in your numbers that you are quoting, you're not giving credit to the significant digital investments, tech investments, the many other CapEx investments that happen around this company that are not about the individual unit. Those are things that have to happen as you grow a restaurant company, especially at our still small scale.

好吧，約翰，我認為總的來說，請隨意跳到這裡，凱蒂。我認為我們今天的目標不是 24 小時。我們的目標是繼續降低這些成本。你必須記住，在你引用的數字中，你並沒有將大量的數字投資、技術投資以及該公司周圍發生的與單個部門無關的許多其他資本支出投資歸功於自己。當你發展一家餐飲公司時，這些都是必鬚髮生的事情，尤其是在我們的規模還很小的情況下。

Some of those may be outsized in total dollars today. But where are we at in committing to this, we're committed to taking down that overall cost to build and improving the numbers you just said in '24 and beyond. I expect we will, maybe by your measure, certainly by the measures that we share, and that's our goal to improve our overall return on capital for our individual restaurants and our company overall.

其中一些在今天的總美元金額上可能會非常大。但我們在這方面的承諾是什麼？我們致力於降低構建和改善您剛才所說的 24 年及以後的數字的總體成本。我預計我們會，也許按照你們的標準，當然也按照我們共同的標準，這就是我們的目標，即提高我們各個餐廳和整個公司的整體資本回報率。

And I think let's just take a EBIT because here I don't think we've talked about it on this call really, take a look at the EBIT -- adjusted EBITDA and EBITDA growth of this company year-over-year. It is significant. It is materially game changing in the percentage growth of adjusted EBITDA over this year. And we expect to continue to generate significant adjusted EBITDA next year and a lot of cash.

我想我們只看一下息稅前利潤，因為我認為我們在這次電話會議上並沒有真正討論過它，看一下息稅前利潤——調整後的息稅折舊攤銷前利潤和該公司同比的息稅折舊攤銷前利潤增長。這很重要。今年調整後 EBITDA 的百分比增長發生了重大變化。我們預計明年將繼續產生大量調整後的 EBITDA 和大量現金。

So I think it's going to be a good year for all the metrics you're asking about. And those things take time. As I said, you've got a lot of restaurants designed and then flight, you can't change those things mid-flight, but we're putting all the things in place that will improve that next year and in the years to come.

因此，我認為對於您所詢問的所有指標而言，今年將是美好的一年。這些事情需要時間。正如我所說，你已經設計了很多餐廳，然後在飛行中，你無法在飛行中改變這些東西，但我們正在將所有的東西都放在適當的位置，這將在明年和未來幾年得到改善。

Our next question is from James Sanderson with Northcoast Research.

我們的下一個問題來自北海岸研究中心的詹姆斯·桑德森。

Congratulations on the improvement in store level margin. I wanted to dig into the detail on the labor hours per week. Is that only for stores that had a kiosk or is that a system-wide number that you cited?

恭喜店面利潤率提升。我想深入了解每週工作時間的詳細信息。這僅適用於設有自助服務終端的商店還是您引用的系統範圍內的號碼？

Yes. Know, that's system-wide. And it's not just kiosk that's driving that, it is a blend of higher retention, it's more of what we're doing on the scheduling side. Kiosk is certainly a little bit of a help, but we're definitely learning more and more as to what kiosk can bring us in terms of labor savings as we drive deeper kiosk adoption across our track base.

是的。要知道，這是系統範圍內的。推動這一趨勢的不僅僅是自助服務終端，而是更高的留存率，更多的是我們在日程安排方面所做的事情。自助服務終端確實有一點幫助，但隨著我們在賽道基礎上更深入地採用自助服務終端，我們肯定會越來越多地了解自助服務終端可以為我們帶來哪些勞動力節省。

Our next question is from Jeff Farmer with Gordon Haskett.

我們的下一個問題來自傑夫·法默和戈登·哈斯克特。

I have a follow-up and a question. So just following up on Michael's earlier question, which was one of the first on the earnings call. You guys made some huge strides or have made some huge strides driving improved restaurant level margins. A long list of initiatives have helped you do that. But as we look out into 2024, do you see additional opportunities to drive further improvement?

我有一個後續行動和一個問題。接下來是邁克爾之前提出的問題，這是財報電話會議上的第一個問題。你們取得了一些巨大的進步，或者已經取得了一些巨大的進步，推動了餐廳利潤率的提高。一長串的舉措已經幫助您做到了這一點。但展望 2024 年，您是否看到了推動進一步改進的其他機會？

We've not gotten there just yet. We're always looking for further improvement. We are -- let's celebrate for a moment of being up 240 basis points from last year and looking ahead at our guide being significantly up from the guide for the quarter for next year -- from last year. So we'll start there.

我們還沒有到達那裡。我們一直在尋求進一步的改進。我們——讓我們慶祝比去年上漲 240 個基點的時刻，並展望未來我們的指南將比明年季度的指南大幅提高——比去年。所以我們將從這裡開始。

We're continually committed. If you hear our comments on strategic plan towards improving our restaurants overall profitability, cost to build and the metrics that we use. So we'll keep you posted on what '24 looks like, as we get closer to that year.

我們不斷致力於。如果您聽到我們對提高餐廳整體盈利能力、建設成本和我們使用的指標的戰略計劃的評論。因此，隨著 24 週年的臨近，我們將隨時向您通報 24 週年的情況。

Our final question is from Brian Vaccaro with Raymond James.

我們的最後一個問題來自布萊恩·瓦卡羅和雷蒙德·詹姆斯。

Just one last big picture question. And I guess it's tied to the mix a little bit as well. But I guess as you've expanded into new markets and you're reaching a different consumer in the suburbs, Randy, maybe some that are a little older, different stage of life, more modest income levels, what have you. I'm just curious what you've learned about the brand? And any differences you've noticed in customer perceptions around value, quality, anything along those lines?

只是最後一個大問題。我想這也與混合有關。但我想，隨著你擴展到新的市場，你正在郊區接觸到不同的消費者，蘭迪，也許有些人年齡稍大，處於不同的人生階段，收入水平更適中，你有什麼。我只是好奇你對這個品牌了解了什麼？您注意到客戶對價值、質量或類似方面的看法有什麼差異嗎？

And just how you're sort of adjusting or plan to adjust your strategy, your go-forward brand proposition, et cetera, as you adapt to some of those differences?

當您適應其中一些差異時，您將如何調整或計劃調整您的策略、前進的品牌主張等等？

Yes, that's correct. We think about that a lot. Big picture, long term. And it goes back to a little bit of what I said earlier, when we have strong brand awareness in the very many markets where we do, we generally tend to capture all types, all the time, strong AUV is strong Shacks, right?

對，那是正確的。我們對此思考了很多。大局，長遠。這又回到了我之前所說的，當我們在我們所在的很多市場中擁有強大的品牌知名度時，我們通常傾向於捕獲所有類型，一直以來，強大的 AUV 就是強大的 Shacks，對嗎？

Where we enter with lesser brand awareness and consideration, we've got more work to do and those take time. Our evidence for us has shown that over time, we continue to build that and build that and build that it's really strong. But we're not immune to opening in a place where people don't really know us. So what do we do with that? A couple of things.

當我們進入品牌知名度和考慮度較低的領域時，我們有更多的工作要做，而這些工作需要時間。我們的證據表明，隨著時間的推移，我們將繼續構建它，並構建它，使其變得非常強大。但我們也不能免於在人們並不真正了解我們的地方開業。那麼我們該怎麼辦呢？有幾件事。

We've gotten better and better in our pricing. When you think about the geographic disparity of our pricing and our ability to take price in our more expensive but also higher brand awareness markets we generally tend to take more price there. We're generally more cautious in those lower brand awareness.

我們的定價越來越好。當你考慮到我們定價的地理差異以及我們在更昂貴但品牌知名度更高的市場中定價的能力時，我們通常傾向於在那裡採取更高的價格。我們通常對那些品牌知名度較低的品牌更加謹慎。

We think having the right price, having the right opportunity is really important as we look across Shacks. But we've also got to optimize other costs in the restaurants, right? And we've been able to do that on down the line, and you're seeing that in the improvement.

我們認為，當我們審視 Shacks 時，擁有合適的價格和合適的機會非常重要。但我們還必須優化餐廳的其他成本，對吧？我們已經能夠做到這一點，並且您可以在改進中看到這一點。

I think what's always amazing to me, even almost 500 Shacks into this journey is that even when we open in 4 Shacks in Texas in the last 2 months, all drive-thrus, it's amazing to me how many people come out, celebrate with us and really continue to start with a bang. And I think that says something for the continued -- probably stronger than ever brand we have. But if you're hearing me acknowledge loud and clear that we've got to also build brand was.

我想，即使近500 家Shacks 進入這一旅程，對我來說始終令人驚奇的是，即使我們在過去2 個月內在德克薩斯州開設了4 家Shacks，全部都是得來速，但令我驚訝的是，有多少人出來與我們一起慶祝並繼續轟轟烈烈地開始。我認為這說明了我們品牌的持續發展——可能比以往任何時候都更強大。但如果你聽到我大聲而明確地承認，我們還必須建立品牌。

The other thing we haven't done a lot of in the history of the company, we've never really done traditional mass media advertising. We've done a lot of local Shake Shack style, gorilla marketing, if you will. And in the coming years, and you'll see this probably next year, we're going to commit to increasing our overall marketing spend so that we can drive brand awareness and drive all kinds of guests in the places where you talked about.

另一件我們在公司歷史上沒有做過很多的事情是，我們從未真正做過傳統的大眾媒體廣告。如果你願意的話，我們做了很多本地 Shake Shack 風格的大猩猩營銷。在未來的幾年裡，你可能會在明年看到這一點，我們將致力於增加我們的整體營銷支出，以便我們能夠提高品牌知名度並吸引各種客人來到你談到的地方。

But look, broadly, when you can execute a 21% operating profit, there's a few restaurant companies in this country that have ever done that. And for us to do that at scale in this quarter, I think that's where we end. And I hope that's the note that people hear a lot going forward as we've grown sales as we are materially growing this company. We are a profitable growth company, and it's a really exciting time for us.

但從廣義上看，當你能夠實現 21% 的營業利潤時，這個國家有幾家餐飲公司曾經做到過這一點。對於我們在本季度大規模做到這一點，我認為這就是我們的終點。我希望人們能聽到很多這樣的話，因為我們的銷售額隨著我們公司的實質性發展而增長。我們是一家盈利增長型公司，這對我們來說是一個非常激動人心的時刻。

With that, operator, I think we finished the questions. I just want to say thank you to everybody on the call, and we look forward to being in touch. Thanks.

至此，接線員，我想我們已經完成了問題。我只想對通話中的每個人表示感謝，我們期待與您保持聯繫。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。