Shake Shack Inc (SHAK) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Shake Shack Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Shake Shack 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce our host, Michael Oriolo, Senior Director, FP&A and IR. Thank you, sir. You may begin.

現在我很高興向大家介紹我們的主持人 Michael Oriolo，他是 FP&A 和 IR 高級總監。謝謝你，先生。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，大家早安。與我一起參加 Shake Shack 電話會議的是我們的執行長 Randy Garutti；和財務長凱蒂·福格蒂。

During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our 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表現。不應孤立地考慮此附加資訊的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。我們的收益報告和股東信函的財務詳細資料部分提供了與可比較公認會計準則衡量標準的對帳。

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. Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements if our views change.

今天的一些陳述可能具有前瞻性，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。任何前瞻性陳述均代表我們的觀點僅截至今天，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。

By now, you should have access to our Third 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.

現在，您應該可以訪問我們的 2023 年第三季股東信函，該信函可以在 Investor.shakeshack.com 的季度業績部分找到，也可以作為我們本季 8-K 的附件。

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. We're really proud of the team's strong and sustained execution of our strategic plan. Shake Shack remains laser-focused on profitable growth. This quarter, we grew total revenue by 21% to $276 million, with 2.3% growth in same-Shack sales. We achieved average weekly sales of $74,000, trailing 12-month AUV across our Shacks at $3.9 million. We grew system-wide sales by 24% year-over-year to $439 million as we built Shacks across new and existing markets.

謝謝麥克，大家早安。我們對團隊強而有力且持續地執行我們的策略計劃感到非常自豪。 Shake Shack 仍然專注於獲利成長。本季度，我們的總營收成長了 21%，達到 2.76 億美元，其中 Same-Shack 銷售額成長了 2.3%。我們的平均每週銷售額為 74,000 美元，落後於 Shacks 12 個月的 AUV 390 萬美元。隨著我們在新市場和現有市場建立 Shacks，我們的全系統銷售額年增 24%，達到 4.39 億美元。

Sales began the quarter strong in July and moderated a bit through the end of the quarter in September. However, October has reaccelerated with same-Shack sales over 3.5% as we increased various digital and in-Shack marketing initiatives, driving October traffic well above September trend.

本季銷售從 7 月開始強勁，到 9 月季度末略有放緩。然而，隨著我們增加各種數位和 Shack 內行銷活動，10 月的同店銷售額再次加速成長，增幅超過 3.5%，推動 10 月的流量遠高於 9 月的趨勢。

In the quarter, we continued to improve profitability, increasing Shack margins to over 20%, again, with expansion of 400 basis points year-over-year. We grew third quarter adjusted EBITDA by nearly $16 million to $36 million, up over 80% year-over-year. And we improved our adjusted EBITDA margins by 430 basis points, growing from 8.7% last year to now 13%.

本季度，我們持續提高獲利能力，Shack 利潤率再次提高至 20% 以上，年增 400 個基點。第三季調整後 EBITDA 成長了近 1,600 萬美元，達到 3,600 萬美元，年增超過 80%。我們調整後的 EBITDA 利潤率提高了 430 個基點，從去年的 8.7% 成長到現在的 13%。

We also continue to grow our footprint around the globe, opening 25 Shacks in the third quarter, 10 company operated and 15 with our licensed partners. And we're on a path to open approximately 80 Shacks this year system-wide, roughly 18% unit growth. And we are building a robust pipeline of growth in the coming years. Our licensed business continues to perform, and we see tremendous white space in this highly accretive and asset-light part of our business. We expect to open approximately 40 Shacks this year and approximately 40 more in 2024.

我們也繼續擴大在全球的足跡，在第三季開設了 25 家 Shack，其中 10 家由公司經營，15 家與我們的授權合作夥伴合作。今年我們計劃在全系統開設約 80 家 Shacks，單位數量增加約 18%。我們正在未來幾年建立強勁的成長管道。我們的授權業務繼續表現良好，我們在這高度增值和輕資產的業務部分看到了巨大的空白。我們預計今年將開設約 40 家 Shacks，並於 2024 年再開設約 40 家。

And with a fair amount of global macro and geopolitical headwinds, we expect to navigate a more challenging environment in the coming years. And this is why we built a diverse portfolio domestically and around the globe to help offset regional volatility. We'll move deeper in existing markets with proven and newer formats like drive-thru as well as enter several new markets in the coming year.

由於存在相當多的全球宏觀和地緣政治阻力，我們預計未來幾年將面臨更具挑戰性的環境。這就是我們在國內和全球建立多元化投資組合以幫助抵消區域波動的原因。我們將透過得來速等經過驗證的更新形式深入現有市場，並在來年進入幾個新市場。

In our company-operated business, we've opened 30 Shacks so far this year, well on our way to open approximately 40 before year-end. Looking ahead, we have 20 Shacks under construction. And if you recall last year, we had a much more heavily weighted fourth quarter. Really proud of the team for better executing a balanced year with a strong class of '23. And our '24 pipeline is solid as we target approximately 40 new openings next year. We're also working through new prototypes for the long term with a 2024 target to bring down our net investment costs by about 10% from today's average cost.

在我們公司經營的業務中，今年到目前為止，我們已經開設了 30 家 Shacks，並且預計在年底前開設約 40 家。展望未來，我們有 20 個棚屋正在興建中。如果你還記得去年，我們第四季的權重要得多。為團隊更好地執行平衡的一年以及強大的 23 級而感到自豪。我們的 '24 通路很穩固，我們的目標是明年開設約 40 家新店。我們也致力於開發新的長期原型，目標是到 2024 年將我們的淨投資成本比目前的平均成本降低約 10%。

Now let me give you an update on how we're tracking on our strategic plan. Our first priority has been on recruiting, rewarding and retaining a winning team. And similar to what we reported last quarter, we've achieved some of the best turnover and retention numbers we've seen. And we're generating more than twice the team member applicant flow compared to last year.

現在讓我向您介紹我們如何追蹤戰略計劃的最新情況。我們的首要任務是招募、獎勵和留住一支獲勝的團隊。與我們上季度報告的情況類似，我們實現了一些我們所見過的最好的營業額和保留率數字。與去年相比，我們的團隊成員申請人數增加了一倍以上。

Not only are our team members staying longer. Competitive wages are also attracting more candidates, which is contributing to better operational execution and profitability in our Shacks. This commitment to our workforce remains unwavering, and we're constantly exploring avenues to enhance their experience and provide more opportunities for career growth within the company.

我們的團隊成員不僅停留時間更長。有競爭力的薪資也吸引了更多的候選人，這有助於我們的棚屋更好的營運執行和獲利能力。我們對員工的這種承諾始終堅定不移，我們不斷探索途徑來增強他們的經驗，並為公司內的職業發展提供更多機會。

Our second priority is a relentless focus on our guest experience. We continue to execute a broad culinary strategy of improving our core menu while delivering exceptional LTOs that keep operations running smoothly and efficiently. In July, we offered our Bourbon Bacon Burger, which sold out quickly, at the start of August. We pivoted to a marketing a core menu favorite, our Avocado Bacon Burger and Chicken Sandwich before launching our Hot Chicken and Spicy ShackMeister Burger at the start of September.

我們的第二要務是不懈地關注我們的賓客體驗。我們繼續執行廣泛的烹飪策略，改進我們的核心菜單，同時提供卓越的 LTO，以保持營運平穩高效地運行。七月份，我們推出了波本培根漢堡，八月初很快就賣完了。我們的重點是行銷最受歡迎的核心菜單，即酪梨培根漢堡和雞肉三明治，然後在 9 月初推出熱雞和辣 ShackMeister 漢堡。

And while guest reception for our current hot menu has been solid, we do have a tougher compare towards the end of the quarter as we lap last year's launch of our Hot Ones LTO, which started off especially strong due to the very high number of media impressions we received with that partnership. We've also been featuring Spicy Fries, one of our strongest fry LTOs to date. Our lemonade lineup featuring Harvest Berry, Cherry Hibiscus and Kiwi Apple has also resonated well with guests.

雖然我們目前的熱門菜單的賓客接待一直很穩定，但我們在本季度末確實遇到了更艱難的比較，因為我們去年推出了 Hot Ones LTO，由於媒體數量非常多，該菜單一開始就特別強勁我們透過這種夥伴關係得到的印象。我們還推出了 Spicy Fries，這是迄今為止我們最強的油炸 LTO 之一。我們的檸檬水系列包括 Harvest Berry、Cherry Hibiscus 和 Kiwi Apple，也引起了客人的強烈共鳴。

As we look to the rest of the fourth quarter, we're excited about additional brand-building opportunities in culinary, including our holiday shake lineup that just hit Shacks yesterday. We've teamed up with Universal Studios for their launch of the Trolls 3 movie, Trolls Band Together. And we'll be serving a series of shakes based on characters in the movie, highlighting Poppy's Sugar Cookie, complete with blue and pink cotton candy topper that resembles the iconic troll's hair, Branch's Chocolate Peppermint and Viva's Cinnamon Roll. It's our first national offering in partnership with a movie, and we're excited for these delicious and fun shakes just in time for the holidays.

展望第四季的剩餘時間，我們對烹飪領域的更多品牌建立機會感到興奮，包括昨天剛在 Shacks 上架的節日奶昔系列。我們與環球影業合作推出了《魔髮精靈 3》電影《魔髮精靈樂團》。我們將提供一系列基於電影中角色的奶昔，其中包括 Poppy 的 Sugar Cookie，搭配藍色和粉紅色的棉花糖禮帽（類似於標誌性巨魔的頭髮）、Branch 的巧克力薄荷和 Viva 的肉桂捲。這是我們與電影合作推出的首個全國性產品，我們很高興能夠在假期期間推出這些美味又有趣的奶昔。

Many of our Shacks are proximate to movie theaters, giving us the opportunity to benefit and play a unique role in partnering with films. And we have an engaging marketing strategy lined up around Trolls, including bold messaging, advertising in many Shacks as well as social media activations. Some of our Shacks will even have special activations for kids this coming weekend, including glitter bars, coloring stations and photo booths.

我們的許多棚屋都靠近電影院，使我們有機會在與電影的合作中受益並發揮獨特的作用。我們圍繞 Trolls 制定了一項引人入勝的行銷策略，包括大膽的訊息傳遞、在許多 Shack 中做廣告以及社交媒體激活。我們的一些小屋甚至會在下週末為孩子們舉辦特別活動，包括閃光酒吧、著色站和照相亭。

Our third priority, our targeted development strategy and improving returns on our Shacks. Our recent openings have performed well, including a number of drive-thrus as we continue to learn more about what makes an optimal Shake Shack drive-thru site and build-out. We opened 4 more drive-thrus in the quarter and 1 in October through Washington State, Utah and Texas, bringing the total to 21 company operated.

我們的第三個優先事項是我們有針對性的發展策略和提高我們的棚屋的回報。我們最近開設的新店表現良好，其中包括許多得來速餐廳，因為我們不斷了解如何打造最佳的 Shake Shack 得來速餐廳網站和擴建。我們在本季又開設了 4 家得來速餐廳，並於 10 月在華盛頓州、猶他州和德克薩斯州開設了 1 家，使營運公司總數達到 21 家。

We continue to score well with our guests on overall satisfaction and order accuracy, and we're proud to win an Innovation by Design Award from Fast Company, highlighting our team's work. That said, we know in drive-thru and in Shacks generally, some of our biggest areas of improvement remain consistency, speed and throughput. And this is going to be a big focus for our designs and operational improvements through 2024.

我們在整體滿意度和訂單準確性方面繼續獲得客人的好評，並且我們很自豪能夠贏得 Fast Company 頒發的創新設計獎，突顯了我們團隊的工作。也就是說，我們知道，在得來速和棚屋中，我們最大的改進領域仍然是一致性、速度和吞吐量。這將成為我們 2024 年設計和營運改進的重點。

Our licensed business showed strong performance overall in the quarter as we opened our first resort Shack in the Bahamas at the Atlantis with a dramatic format that includes a full-service bar. Later in the quarter, we opened our second Shack within Incheon Airport in Seoul. And we continued deepening our footprint in China. Our domestic licensed Shacks performed well, driven by continued strength in U.S. airports and the opening of 4 more domestic roadside Shacks, which we believe can be a growth opportunity for us.

我們的授權業務在本季整體表現強勁，我們在巴哈馬的亞特蘭提斯酒店開設了第一家度假村小屋，其形式引人注目，其中包括一家提供全方位服務的酒吧。本季晚些時候，我們在首爾仁川機場開設了第二家 Shack。我們繼續深化在中國的足跡。受美國機場持續強勁以及新增 4 家國內路邊棚屋的推動，我們的國內授權棚屋表現良好，我們相信這對我們來說是一個增長機會。

We remain highly confident in the long-term trajectory of our licensed business, but we do expect that geopolitical pressures and uncertainty, namely in the Middle East and Asia, could present pressures into the fourth quarter and into '24 in terms of our number of openings and sales.

我們對我們的授權業務的長期發展軌跡仍然充滿信心，但我們確實預計，地緣政治壓力和不確定性（即中東和亞洲）可能會給第四季度和 24 年我們的授權業務數量帶來壓力。空缺和銷售。

Our fourth priority, driving more profit in our Shacks. The team is doing really great work, focusing on the profitability opportunities in our restaurants. We expanded our third quarter restaurant margin by 400 basis points year-over-year to 20.4%, our second consecutive quarter where our restaurant margin grew back above 20%, showcasing the continued progression of our strategic priorities.

我們的第四個優先事項是為我們的小屋帶來更多利潤。團隊做得非常出色，專注於我們餐廳的獲利機會。我們第三季的餐廳利潤率年增 400 個基點，達到 20.4%，這是我們餐廳利潤率連續第二個季度回升到 20% 以上，這表明我們戰略重點的持續進展。

We're winning share in our own more profitable channels, and our kiosk rollout has made our best channel even better from a profitability and guest experience perspective. There are many pressures that lay ahead, including an unknown consumer backdrop and beef inflation. However, we are focused on driving continued improvements that help us outperform historical patterns in light of these cross currents.

我們正在贏得利潤更高的管道的份額，而我們的自助服務終端的推出使我們最好的管道從盈利能力和客戶體驗的角度變得更好。未來面臨許多壓力，包括未知的消費背景和牛肉通膨。然而，我們專注於推動持續改進，幫助我們根據這些交叉潮流超越歷史模式。

And 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: building Shacks, updating current Shacks, investing in digital infrastructure and structuring our home office capabilities to support our restaurants.

最後，我們計劃的第五個支柱。當我們建立持久的業務時，我們致力於遵守紀律進行投資。我們正在 4 個主要領域部署資本以獲得豐厚回報：建造 Shacks、更新現有 Shacks、投資數位基礎設施以及建立我們的家庭辦公能力以支持我們的餐廳。

We're moving purposely to address opportunities in the supply chain, operations, leveraging G&A and long-term cost to build. We remain committed to reducing build costs next year by about 10% as well as preopening costs by at least 10% per Shack as we continue to lead with discipline in capital allocation in '24 and beyond.

我們正在有目的地採取行動，尋找供應鏈、營運中的機會，利用一般管理費用和長期建造成本。我們仍然致力於明年將每個 Shack 的建設成本降低約 10%，並將開業前成本降低至少 10%，因為我們將在 24 年及以後繼續在資本分配方面保持紀律性。

We're excited to see our strategic plan driving improvements 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.

我們很高興看到我們的策略計劃隨著 Shake Shack 的不斷發展而推動改進。我們仍然是成長最快的上市餐飲公司之一，我們在獲利成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 fourth quarter.

現在我將把它交給凱蒂，分享更多有關本季的細節和對第四季度的預期。

Great. Thank you. Good morning. We're pleased with the company's performance in the third quarter as we drove a material 400 basis points of margin expansion and grew adjusted EBITDA by more than 80% year-over-year to 13% of total revenue. That's a 430 basis point improvement versus last year's levels.

偉大的。謝謝。早安.我們對公司第三季的業績感到滿意，因為我們推動了利潤率大幅擴張 400 個基點，調整後 EBITDA 年成長超過 80%，佔總營收的 13%。與去年的水平相比，提高了 430 個基點。

While industry trends remained challenged, we built our 2023 priorities as a road map to deliver improvements in profitability and cash flow even against a less certain consumer spending backdrop and ongoing inflationary pressures. Our momentum has picked up in October with 3.5% same-Shack sales and approximately flat traffic, a meaningful improvement since September. And we are strategically executing opportunities to drive profitable traffic growth across our Shacks.

儘管行業趨勢仍然面臨挑戰，但我們制定了 2023 年優先事項作為路線圖，以實現盈利能力和現金流的改善，即使在消費者支出不確定性和持續通膨壓力的背景下也是如此。我們的勢頭在 10 月有所回升，同店銷售額增長了 3.5%，客流量基本上持平，這是自 9 月以來的一個有意義的改善。我們正在策略性地利用機會來推動我們 Shacks 的獲利性流量成長。

On to our third quarter results. Total revenue was $276.2 million, up 21.2% year-over-year, driven by strong performance in new Shack openings system-wide and positive same-Shack sales. We grew system-wide sales by 24.3% year-over-year to a record high of $438.9 million. We ended the quarter with 495 Shack system-wide, up 23.1% year-over-year, with approximately 40% of our system-wide sales in the quarter generated by our licensed business and about 60% from our company-operated Shacks.

關於我們第三季的業績。總收入為 2.762 億美元，年增 21.2%，這得益於全系統新 Shack 開業的強勁表現以及同 Shack 的積極銷售。我們的全系統銷售額年增 24.3%，達到 4.389 億美元的歷史新高。本季結束時，我們全系統有 495 個 Shack，年成長 23.1%，本季全系統銷售額的約 40% 由我們的授權業務產生，約 60% 來自我們公司營運的 Shack。

In licensed, we are executing ahead of plan and are pleased with the many strong recent Shack openings as we entered new markets and deepened our presence in existing markets. In the third quarter, along with our licensed partners, we opened 15 new Shacks, growing our total licensed Shack count to 215. We grew sales by 30.1% year-over-year to $173.9 million. We've opened 39 Shacks in our licensed business year-to-date, and we're targeting opening about 40 in fiscal 2023.

在獲得許可方面，我們正在提前執行計劃，隨著我們進入新市場並深化我們在現有市場的存在，我們對最近開設的許多強大的 Shack 感到高興。第三季度，我們與授權合作夥伴一起開設了 15 家新 Shack，將授權 Shack 總數增至 215 家。銷售額年增 30.1%，達到 1.739 億美元。今年迄今為止，我們已在我們的授權業務中開設了 39 家 Shacks，我們的目標是在 2023 財年開設約 40 家。

On the company operated side, we grew Shack sales 20.7% year-over-year to $265 million, supported by 10 Shack openings, including 4 drive-thrus, plus the continued strong performance of recent NSOs and 2.3% year-over-year growth in same-Shack sales.

在公司營運方面，我們的Shack 銷售額年增20.7%，達到2.65 億美元，這得益於10 個Shack 開業（包括4 個得來速餐廳），加上近期NSO 的持續強勁表現和2.3% 的同比增長在同一個棚屋銷售中。

Our sales cadence in the quarter resembled more of a normal return to pre-COVID seasonality than we've seen in recent years with a stronger July then softening in August and September. Pre-COVID, September sales typically fell seasonally from August levels around back-to-school. In more recent years, traffic patterns between August and September have been more muted. But beyond seasonality that was more pronounced in our urban Shacks, we are also navigating a backdrop of consumer spending pressures on restaurants broadly on top of other macroeconomic factors.

我們本季的銷售節奏更像是恢復到新冠疫情前的季節性，而不是近年來的情況，七月強勁，八月和九月疲軟。在新冠疫情爆發之前，開學前後 9 月的銷售額通常會比 8 月的水平出現季節性下降。近年來，八月至九月之間的交通模式更加平靜。但除了我們城市棚屋中更為明顯的季節性因素之外，除了其他宏觀經濟因素外，我們還面臨著消費者對餐廳的支出壓力的背景。

We've also faced some headwinds from weather through the quarter with a particularly rainy East Coast and the hurricane in Southern California, which we believe together represented a loss of approximately $500,000 in sales. We lapped some digital marketing promotions from last year and comped over the highly successful Hot Ones LTO at the end of the quarter.

本季我們也面臨一些天氣因素帶來的不利因素，尤其是多雨的東海岸和南加州的颶風，我們認為這總共造成了約 50 萬美元的銷售損失。我們借鑒了去年的一些數位行銷促銷活動，並在本季度末對非常成功的 Hot Ones LTO 進行了比較。

But importantly, we are encouraged by the momentum we saw in October. Despite transitioning from high single digit to now low single-digit menu price, October same-Shack sales grew 3.5% with approximately flat traffic and positive same-Shack sales growth both in Shack and in our digital business. Traffic also improved in all of our regions compared to September level, with the strongest improvement seen in our Northeast and Mid-Atlantic regions. October AWS of $74,000 grew 1.4% year-over-year.

但重要的是，我們對 10 月看到的勢頭感到鼓舞。儘管菜單價格從較高的個位數轉變為現在較低的個位數菜單價格，但10 月份的Same-Shack 銷售額仍增長了3.5%，流量基本持平，Shack 和我們的數位業務的Same- Shack 銷售額均出現正面成長。與 9 月的水平相比，我們所有地區的交通量也有所改善，其中東北部和大西洋中部地區的改善最為強勁。 10 月份 AWS 銷售額為 74,000 美元，較去年同期成長 1.4%。

We continue to drive more guests back to in-Shack dining and we're also leaning into various strategies in marketing and operations to navigate these uncertain macro waters with opportunities to pull some value-added offers in our own and third-party digital channels. We're still focusing on our premium ingredients and delivering hospitality as well as further optimizing our 4-wall performance.

我們繼續吸引更多的客人回到小屋內用餐，我們也在行銷和營運方面採取各種策略，以駕馭這些不確定的宏觀水域，並有機會在我們自己和第三方數位管道中提供一些增值服務。我們仍然專注於我們的優質原料和熱情好客，並進一步優化我們的 4 牆性能。

We've seen strong returns from our free Friday promotion and our afternoon happy hour BOGO shakes, plus we've had opportunities to dive deeper in select markets with performance marketing strategies, all of which are driving traffic and sales into our own channels.

我們從週五的免費促銷活動和下午的歡樂時光BOGO 奶昔中獲得了豐厚的回報，此外，我們還有機會透過效果行銷策略更深入地選擇市場，所有這些都為我們自己的管道帶來了流量和銷售。

We grew third quarter same-Shack sales for our in-Shack channel by approximately 9%, with benefits from high single-digit menu price, continued tailwinds from our kiosk retrofit program and positive traffic growth. Mix headwinds improved sequentially from the second quarter, aided by strong demand for our premium sandwich and Spicy Fry offerings.

第三季度，我們的 Shack 通路的同店銷售額成長了約 9%，這得益於高個位數的菜單價格、我們的自助服務終端改造計畫的持續推​​動以及積極的流量成長。由於對我們的優質三明治和辣炸產品的強勁需求，混合阻力從第二季開始連續改善。

Kiosk sales now represent well over half of our in-Shack sales and are up more than 140 basis points year-over-year. Kiosk is our highest margin channel, and we remain very pleased with the at least high single-digit check lift we're seeing with this order mode versus traditional cashier sales in the Shack. We're also testing some new capabilities to continue to drive enhanced upsell in this channel, which is now our largest order mode across our company-operated store base.

目前，Kiosk 銷售額占我們 Shack 內銷售額的一半以上，並且比去年同期成長超過 140 個基點。 Kiosk 是我們利潤率最高的管道，與 Shack 中傳統的收銀員銷售相比，我們看到這種訂購模式至少實現了高個位數的支票提升，對此我們仍然感到非常滿意。我們也正在測試一些新功能，以繼續推動該通路的追加銷售，該通路目前是我們公司經營的商店群中最大的訂單模式。

Net stronger in-Shack trends helped offset some of the pressure from seasonality and lapping digital promotions, driving a positive 2.3% same-Shack sales and negative 4.2% traffic. Shack-level operating profit was $54 million or 20.4% of Shack sales. That's 400 basis points better versus last year, despite continued inflationary pressures across our 4-wall P&L as we delivered the strongest flow-through our restaurants have seen in over 2 years.

Shack 內的淨強勁趨勢幫助抵消了季節性和數位促銷帶來的部分壓力，推動同 Shack 銷售額成長 2.3%，流量下降 4.2%。 Shack 層面的營業利潤為 5,400 萬美元，佔 Shack 銷售額的 20.4%。儘管我們的四壁損益表持續面臨通膨壓力，但我們的餐廳客流量達到了兩年多來最強勁的水平，但與去年相比，這一數字提高了 400 個基點。

Food and paper costs were $77.2 million or 29.1% of Shack sales, down 180 basis points versus last year and up 10 basis points versus the second quarter. Blended food and paper inflation rose mid-single digits year-over-year, led by beef up low double digits and continued inflationary pressures in buns, chicken, plus fry costs up more than 15% year-over-year. Paper and packaging costs decreased low single digits year-over-year as we benefited from a lower degree of off-premise mix.

食品和紙張成本為 7,720 萬美元，佔 Shack 銷售額的 29.1%，比去年下降 180 個基點，比第二季上升 10 個基點。綜合食品和紙張通膨年增中個位數，其中牛肉上漲兩位數，而麵包、雞肉和油炸食品的持續通膨壓力較去年同期上漲超過 15%。由於我們受益於較低程度的場外混合，紙張和包裝成本比去年同期下降了低個位數。

Last quarter, we shared that our supply chain team was working on opportunities to help offset persistent inflationary pressures. From adding new vendors to improving freight, we have already identified and are executing against some of these strategies. Most of these cost savings will come later in the fourth quarter and into 2024. But we are deep in the body of work to identify additional areas for continued and meaningful improvements through 2024 and beyond.

上季度，我們表示我們的供應鏈團隊正在尋找機會來幫助抵消持續的通膨壓力。從增加新供應商到改善貨運，我們已經確定並正在執行其中一些策略。大部分成本節省將在第四季度晚些時候和 2024 年實現。但我們正在深入工作，以確定 2024 年及以後持續且有意義的改進的其他領域。

Labor and related expenses were $76.2 million or 28.8% of Shack sales, down 60 basis points versus last year and up 10 basis points quarter-over-quarter. We continue to leverage our labor strategies that we outlined last quarter, including improved forecasting and labor scheduling and driving broader kiosk adoption.

勞動力及相關費用為 7,620 萬美元，佔 Shack 銷售額的 28.8%，比去年下降 60 個基點，比上一季成長 10 個基點。我們繼續利用上季概述的勞動力策略，包括改善預測和勞動力調度以及推動更廣泛的自助服務終端採用。

You might recall that we as well as the broader industry faced some very real staffing pressures in the second half of last year. We have a significantly improved staffing backdrop here today with the best hourly and manager retention that we've seen in years. But even with this more pronounced seasonality pressures in the quarter and a marked improvement in staffing levels, which is more people available for shifts, our new scheduling capabilities and management have allowed us to be more efficient with our labor usage.

您可能還記得，我們​​以及更廣泛的行業在去年下半年面臨一些非常現實的人員壓力。今天，我們的人員配置背景得到了顯著改善，每小時和經理的保留率達到了多年來的最佳水平。但即使本季季節性壓力更加明顯，人員配備水準顯著提高（有更多的人可以輪班），我們新的調度能力和管理使我們能夠更有效地利用勞動力。

We are proud of the progress here, but it's also important to note that we have delivered this improvement despite the many headwinds that add to our overall labor costs, including the larger degree of team members needed to support our dining rooms with the return of in-Shack traffic and our commitment to improving the guest experience as well as the significant wage investments we've made in our team members.

我們對這裡取得的進展感到自豪，但同樣重要的是要注意，儘管有許多不利因素增加了我們的整體勞動力成本，包括隨著收入的回歸，我們需要更多的團隊成員來支持我們的餐廳，但我們還是實現了這一改進。- 棚屋流量和我們對改善客人體驗的承諾以及我們對團隊成員進行的大量工資投資。

But importantly, we're not resting here. We expect to continue to show benefits from these improvements in labor strategies that set our team members, our managers and our Shacks up for success in the coming years with improvements on deployment, refinements to the order journey and more scalable and consistent processes.

但重要的是，我們不會在這裡休息。我們希望繼續從勞動力策略的這些改進中獲益，這些策略使我們的團隊成員、經理和工作室在未來幾年透過部署改進、訂單流程改進以及更具可擴展性和一致性的流程取得成功。

As we scale, we have a greater diversity of formats from larger drive-thrus to streamline food courts and a variation in menu and channel mix across our restaurants. On top of efficiencies like kiosk, it's the right time to refine and evolve our labor model as well as the broader staffing and deployment standards. This work is rooted in in-time and motion studies and various variables that will help us to staff to best optimize the unique needs of each of our Shacks. This will give our operators much improved tools, and we will update you as we test and roll this new staffing system out to the Shacks this quarter and into 2024. We plan for this methodology to also enhance how we train and open our Shacks and reduce the overall drag on our P&L from new Shack openings as we aim to reach optimal profitability at a much faster pace than today's performance.

隨著我們規模的擴大，我們的業態更加多樣化，從更大的汽車餐廳到簡化的美食廣場，以及我們餐廳的菜單和通路組合的變化。除了自助服務終端等效率之外，現在是完善和發展我們的勞動力模式以及更廣泛的人員配置和部署標準的最佳時機。這項工作植根於時間和運動研究以及各種變量，這將幫助我們的員工最好地優化每個棚屋的獨特需求。這將為我們的操作員提供大大改進的工具，我們將在本季和2024 年測試這項新的人員配置系統並將其推廣到Shacks 時向您提供最新資訊。我們計劃採用這種方法來增強我們培訓和開放Shacks 的方式，並減少新開的 Shack 對我們的損益造成了整體拖累，因為我們的目標是以比今天的業績更快的速度實現最佳盈利能力。

Other operating expenses were $37.3 million or 14.1% of Shack sales, down 120 basis points from the third quarter of 2022. Our strategy to reduce R&M expenditures has lowered this expense per store week by $300 year-over-year. We also benefited from lower delivery commission expenses per store week as more guests return to in-Shack dining. But we're anticipating that delivery sales will pick up in the fourth quarter, in line with recent historical patterns.

其他營運費用為 3,730 萬美元，佔 Shack 銷售額的 14.1%，較 2022 年第三季下降 120 個基點。我們減少 R&M 支出的策略使每店每週的此項費用同比降低了 300 美元。隨著越來越多的客人返回 Shack 內用餐，我們也受益於每店每週的送貨佣金費用降低。但我們預計第四季的送貨銷售將回升，這與最近的歷史模式一致。

Occupancy and related expenses were $20.3 million or 7.7% of Shack sales, down 20 basis points from last year's levels.

入住率和相關費用為 2,030 萬美元，佔 Shack 銷售額的 7.7%，比去年的水準下降 20 個基點。

All in, we are very pleased with the level of margin improvement we delivered in the quarter. And we continue to build back our profitability, which is vital for our long-term growth.

總而言之，我們對本季的利潤率改善水準感到非常滿意。我們繼續恢復獲利能力，這對我們的長期成長至關重要。

G&A was $30.9 million. Excluding $200,000 in severance costs, G&A was $30.7 million or 11.1% of total revenue, 70 basis points favorable to last year. We showed strong leverage on this line in the quarter with G&A ex severance expense up just 14.1% year-over-year versus total revenue that grew 21.2% year-over-year and system-wide sales up 24.3% year-over-year.

一般管理費用為 3,090 萬美元。不包括 20 萬美元的遣散費，一般管理費用為 3,070 萬美元，佔總收入的 11.1%，比去年高 70 個基點。本季我們在這條線上表現出了強大的槓桿作用，除遣散費外的一般管理費用同比僅增長 14.1%，而總收入同比增長 21.2%，全系統銷售額同比增長 24.3%。

We continue to believe that we have a meaningful opportunity to make greater investments in our direct marketing spend to drive sustainable long-term traffic growth. As we continue to show progress in leveraging home office G&A investments, we'll look to open up additional funds to invest in strategies to drive traffic while also still delivering on our strategic priorities to invest with discipline and enhance our cash position.

我們仍然相信，我們有一個有意義的機會，可以對直接行銷支出進行更多投資，以推動可持續的長期流量成長。隨著我們在利用家庭辦公室一般行政管理投資方面繼續取得進展，我們將尋求開放更多資金來投資於推動流量的策略，同時仍然履行我們的策略重點，以紀律進行投資並增強我們的現金狀況。

Preopening costs were $5 million in the quarter, up 63.4% year-over-year, as we opened 10 Shacks in the quarter versus only 2 in the third quarter of last year. We are seeing higher preopening expenses per Shack due to an increase in labor expenses, other operating expenses and occupancy. A majority of preopening expense is noncash -- of preopening occupancy expense is noncash rent, and we're seeing higher costs here driven by extended opening time lines.

本季開業前成本為 500 萬美元，年增 63.4%，因為我們在本季度開設了 10 家 Shack，而去年第三季僅開設了 2 家。由於勞動力費用、其他營運費用和入住率的增加，我們發現每個小屋的開業前費用更高。開業前的大部分費用都是非現金——開業前的入住費用是非現金租金，而且我們看到開業時間延長導致成本上升。

We're also experiencing elevated labor and other operating expenses, most of which are impacted by development pipeline pushes around items including utilities and availability of critical equipment needed at the end of a project that can cause unanticipated delays in openings. We have plans in place around development, training and operations to get tighter on execution here as we target lowering our preopening expenses by at least 10% per Shack in 2024 versus this year's level and further opportunity to lower these costs in the coming years.

我們還面臨勞動力和其他營運費用的增加，其中大部分受到開發管道推動項目的影響，包括公用事業和項目結束時所需的關鍵設備的可用性，這可能會導致開業意外延遲。我們圍繞開發、培訓和營運制定了計劃，以更加嚴格地執行，因為我們的目標是到2024 年將每個Shack 的開業前費用比今年的水平降低至少10%，並在未來幾年有進一步降低這些成本的機會。

With the combination of strong 4-wall performance and disciplined spending in G&A and other places, we grew adjusted EBITDA by more than 80% year-over-year to $35.8 million or 13% of total revenue, up from 8.7% of total revenue last year. In the quarter, depreciation was $23.1 million, up 24% year-over-year as we continued to invest in new Shacks in our business.

憑藉強勁的 4 牆績效以及 G&A 和其他方面的嚴格支出，我們調整後 EBITDA 同比增長超過 80%，達到 3,580 萬美元，佔總收入的 13%，高於去年佔總收入的 8.7%。本季度，由於我們繼續投資新的 Shacks，折舊額為 2,310 萬美元，年增 24%。

We realized net income attributable to Shake Shack, Inc. of $7.6 million or $0.19 per diluted share. We reported an adjusted pro forma net income of $7.5 million or $0.17 per fully exchanged and diluted share. Our adjusted pro forma tax rate, excluding the impact of equity-based compensation, was 12%.

我們實現歸屬於 Shake Shack, Inc. 的淨利潤為 760 萬美元，即稀釋後每股收益 0.19 美元。我們公佈的調整後備考淨利潤為 750 萬美元，即每股完全交換稀釋後的股票收益為 0.17 美元。排除股權激勵的影響，我們調整後的預估稅率為 12%。

Finally, our balance sheet remains solid with $285 million in cash and cash equivalents and marketable securities at the end of the quarter, a decrease from $295.2 million in the prior quarter, representing a material improvement in our cash usage versus last year despite having opened more than twice the number of Shacks by the end of the third quarter compared to last year. In fact, our third quarter CapEx declined 3% year-over-year to $38.3 million, with new Shack CapEx representing the majority of this spend, followed by our IT spend.

最後，我們的資產負債表保持穩健，截至本季末現金和現金等價物以及有價證券為2.85 億美元，比上一季的2.952 億美元有所減少，這表明我們的現金使用量與去年相比有了實質改善，儘管我們開設了更多的現金和現金等價物以及有價證券。與去年相比，第三季末棚屋數量增加了一倍多。事實上，我們第三季的資本支出年減 3% 至 3,830 萬美元，其中新 Shack 資本支出佔了大部分支出，其次是我們的 IT 支出。

We invested more to maintain our Shacks as our early generation fleet ages and completed the bulk of the expenses around the kiosk retrofit program. These investments were somewhat offset by a lower degree of CapEx investments in our digital business as we scale our current offerings and leverage in-Shack dining experiences.

隨著我們的早期機隊老化，我們投入更多資金來維護我們的棚屋，並完成了售貨亭改造計劃的大部分費用。隨著我們擴大目前的產品範圍並利用 Shack 內的用餐體驗，這些投資在一定程度上被我們數位業務的資本支出投資減少所抵消。

In the last few years, our CapEx has been elevated due to the higher cost for new Shack builds, heavy investments to build our digital platforms as we went from effectively no digital sales pre-COVID to approximately 30% of our business currently. And we executed a number of special projects, including the rollout of our kiosk retrofit program. But we're committed to bringing the net cost to build of our '24 class down by about 10% next year as a starting point, and we're also finding efficiencies in other areas of CapEx spend, including IT.

在過去的幾年裡，我們的資本支出有所上升，原因是新Shack 建設的成本較高，以及建立數位平台的大量投資，因為我們從新冠疫情前實際上沒有數位銷售發展到目前約占我們業務的30%。我們執行了許多特殊項目，包括推出我們的資訊亭改造計劃。但我們致力於以明年為起點，將 '24 級的建造淨成本降低約 10%，並且我們也在其他資本支出領域（包括 IT）找到了效率。

Now on to guidance, which reflects a degree of uncertainty around the spending outlook and inflationary headwinds. This range does not reflect any unknown additional delays to our development schedule or any changes to the macro landscape beyond what we are experiencing today.

現在來看指導，這反映了支出前景和通膨阻力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有任何未知的額外延遲，也不反映我們今天所經歷的宏觀景觀的任何變化。

For the fourth quarter, we guide total revenue of $276.25 million to $281.75 million with $10.25 million to $10.75 million of licensing revenue, approximately 14 company-operated openings, approximately 5 licensed Shack openings and for same-Shack sales to be up low single digits year-over-year with low single-digit menu price and relatively consistent mix trends in the fourth quarter as we had in the third.

第四季度，我們預計總收入為2.7625 億美元至2.8175 億美元，其中許可收入為1,025 萬美元至1,075 萬美元，約14 個公司運營的職位空缺，約5 個獲得許可的Shack 職位空缺，同一Shack銷售額將同比增長低個位數- 與去年同期相比，菜單價格較低，個位數，第四季度的混合趨勢與第三季度相對一致。

Our guidance for the full quarter to achieve low single-digit same-Shack sales assumes we return to more typical seasonality patterns in November and December. While we're not providing guidance beyond the fourth quarter, just a reminder that we will lap the popular White Truffle Burger LTO starting in February. This was our most expensive LTO ever and drove traffic, so lapping it will likely be a headwind to our traffic, price and mix. We have a strong LTO lineup planned for next year. However, we're going to be keeping an eye on this tougher compare.

我們對整個季度實現低個位數同店銷售額的指導假設我們在 11 月和 12 月恢復到更典型的季節性模式。雖然我們不會提供第四季度之後的指導，但只是提醒我們將從二月開始對流行的白松露漢堡 LTO 進行測試。這是我們有史以來最昂貴的 LTO，並帶動了流量，因此，它可能會對我們的流量、價格和組合產生不利影響。我們計劃明年擁有強大的 LTO 產品陣容。然而，我們將密切關注這更艱難的比較。

We're guiding 4Q restaurant margins to be approximately 19%. Our guidance for the fourth quarter is a material improvement from historical seasonality and reflects the least amount of menu price we have carried since early 2021 despite ongoing inflationary pressures. Historically, our fourth quarter average weekly sales have been the lower end of seasonality and Shack-level operating profit margins have compressed by approximately 300 basis points versus the third quarter.

我們預計第四季餐廳利潤率約為 19%。我們對第四季度的指導與歷史季節性相比有實質改善，反映了自 2021 年初以來，儘管通膨壓力持續存在，但菜單價格仍處於最低水平。從歷史上看，我們第四季的平均週銷售額一直是季節性的低端，Shack 水平的營業利潤率比第三季度壓縮了約 300 個基點。

Our fourth quarter guidance reflects food and paper inflation to be up mid-single digits year-over-year, driven by beef up mid-teens. We expect labor inflation to be in the low single-digit range year-over-year.

我們第四季的指引反映，在十幾歲左右的成長推動下，食品和紙張通膨將年增中個位數。我們預期勞動力通膨年增將處於低個位數範圍內。

Our full year 2023 guidance calls for total revenue of approximately $1.08 billion, growing about 20% year-over-year, same-Shack sales to grow by mid-single digits with high single-digit price. We expect licensing revenue to reach $40.5 million to $41 million, restaurant margins of 19.7% to 20%, that's 220 to 250 basis points improvement from last year's levels.

我們的 2023 年全年指引要求總收入約為 10.8 億美元，年成長約 20%，同一 Shack 銷售額將實現中個位數成長，且價格為高個位數。我們預計授權收入將達到 4,050 萬美元至 4,100 萬美元，餐廳利潤率為 19.7% 至 20%，比去年的水準提高 220 至 250 個基點。

We guide 2023 G&A of $125 million to $128 million. This is absent the $3.5 million in nonrecurring costs that are excluded from adjusted EBITDA year-to-date. At the midpoint, G&A would be 11.7% of total revenue. That's approximately 90 basis points of leverage versus 2022 levels.

我們預計 2023 年一般管理費用為 1.25 億至 1.28 億美元。這還不包括年初至今調整後 EBITDA 中排除的 350 萬美元非經常性費用。中點時，G&A 將佔總收入的 11.7%。與 2022 年的水準相比，槓桿率約為 90 個基點。

Other guidance points. We are lowering our equity-based compensation expectations to approximately $16 million, guiding preopening to be $17 million to $19 million, depreciation of $88 million to $93 million and adjusted pro forma tax excluding the impact of equity-based compensation to be 16% to 18%.

其他指導要點。我們將股權薪酬預期降低至約1600 萬美元，預計開業前指導為1700 萬美元至1900 萬美元，折舊為8800 萬美元至9300 萬美元，調整後的預估稅（不包括股權薪酬的影響）為16% 至18% %。

Altogether, based on our performance so far this year, we are raising our fiscal 2023 adjusted EBITDA to $125 million to $130 million, representing approximately 70% to 80% growth year-over-year.

總而言之，根據今年迄今的業績，我們將 2023 財年調整後 EBITDA 提高至 1.25 億至 1.3 億美元，年增約 70% 至 80%。

Thank you, and I'll turn it back to Randy.

謝謝你，我會把它轉回給蘭迪。

Thanks, Katie. I want to end today's call with a moment of celebration as well as sharing our focus heading into 2024. Last week, our team celebrated the opening of our 500th Shake Shack globally. On behalf of our entire team, past, present and future, this milestone means so much to us. And the organization is incredibly excited for the possibilities that lay ahead.

謝謝，凱蒂。我想以慶祝時刻結束今天的電話會議，並分享我們進入 2024 年的重點。上週，我們的團隊慶祝了全球第 500 家 Shake Shack 店的開幕。代表我們整個團隊，無論過去、現在或未來，這個里程碑對我們來說都意義重大。該組織對未來的可能性感到非常興奮。

Now here's a quick snapshot of where the team is aligning our focus and strategic plan for 2024. First, our core focus will be on delivering a consistent guest experience. We know our guests love the Shack. Our next phase of growth has to be more consistent, and we'll be working to improve throughput, speed and consistency across all our Shacks, focusing on a back-to-basics operation strategy of excellence in every interaction.

現在，我們簡要介紹團隊在 2024 年調整重點和策略計畫的情況。首先，我們的核心重點將是提供一致的賓客體驗。我們知道我們的客人喜歡 Shack。我們下一階段的成長必須更加一致，我們將努力提高所有 Shack 的吞吐量、速度和一致性，並專注於在每次互動中實現卓越的回歸基本營運策略。

Second, we'll grow sales and strengthen our brand. As we've grown Shacks at 33 states and 18 countries and with many more to come, our brand is incredibly strong. And in 2024, we'll focus on driving that brand even further and deeper around the globe, connecting with our fans in new ways that can drive traffic, sales and brand awareness.

其次，我們將增加銷售額並強化我們的品牌。隨著我們在 33 個州和 18 個國家開設 Shacks，並且未來將在更多國家/地區開展業務，我們的品牌非常強大。到 2024 年，我們將專注於在全球進一步深化該品牌，以新的方式與我們的粉絲建立聯繫，從而提高流量、銷售和品牌知名度。

Third, we'll continue our journey to making Shake Shack even more profitable. We remain committed to improving Shack margins in the next year, to expense discipline in all areas of the company, including G&A, and ensuring profitable growth as we scale. We'll be honing in on near- and long-term strategies to scale our supply chain, improve our labor and efficiency in Shacks, improve our throughput to maximize peak sale hours and improve profitability across channels. We believe there are several opportunities to continue to grow long-term profitability. We're doubling down on those strategies to execute in '24 and beyond.

第三，我們將繼續努力，讓 Shake Shack 獲得更多利潤。我們仍然致力於在明年提高 Shack 的利潤率，遵守公司所有領域（包括一般管理費用）的費用紀律，並確保隨著我們規模的擴大而實現盈利增長。我們將致力於制定近期和長期策略，以擴大我們的供應鏈，提高 Shacks 的勞動力和效率，提高我們的吞吐量，以最大限度地利用高峰銷售時間並提高跨通路的獲利能力。我們相信有很多機會可以繼續提高長期獲利能力。我們正在加倍努力執行這些策略，以便在 24 年及以後執行。

Fourth, we'll optimize and improve how we build and open Shacks while retaining the exceptional experience Shake Shack is known for. We're on our way towards new prototypes and standards throughout our future Shack classes that are lower cost over time and create improved guest and team member experience while driving strong returns on capital.

第四，我們將優化和改進 Shacks 的建造和開放方式，同時保留 Shake Shack 聞名的卓越體驗。在未來的Shack 課程中，我們正在朝著新的原型和標準邁進，隨著時間的推移，這些原型和標準會降低成本，並創造更好的客人和團隊成員體驗，同時帶來強勁的資本回報。

And finally, we will continue our lead focus on developing and rewarding high-performing teams. Our people lead everything we do, every burger, every interaction and every feeling that Shake Shack creates. And we'll continue to invest in them. The team is looking forward to what's ahead, and we hope we see you soon for a Hot Chicken and a Troll Shake this holiday season.

最後，我們將繼續專注於培養和獎勵高績效團隊。我們的員工主導著我們所做的一切，包括 Shake Shack 創造的每一個漢堡、每一次互動和每一種感覺。我們將繼續對它們進行投資。我們的團隊期待著未來的發展，希望我們很快就能在這個假期見到您，享用熱雞和巨魔奶昔。

With that, operator, we'll go ahead and open up the call for questions.

接線員，我們就這樣開始提問。

(Operator Instructions) Our first question comes from Ryan Vaccaro with Raymond James.

（操作員說明）我們的第一個問題來自 Ryan Vaccaro 和 Raymond James。

I had 2 questions just on the development side, kind of from 2 different angles. First, you talked about opportunities to improve operations, throughput, et cetera, that you were studying as you go through 2024. Could you add any further context just on where some of those opportunities might be? Perhaps you could comment on maybe how much variability there is in the system today and maybe the gap between the most efficient units, least efficient units, of course, for controlling for sales. Maybe just start there, if we could.

我有兩個關於開發方面的問題，來自兩個不同的角度。首先，您談到了在 2024 年期間您正在研究的改善營運、吞吐量等的機會。您能否補充一下有關其中一些機會可能在哪裡的更多背景資訊？也許您可以評論一下當今系統中存在多少可變性，以及最有效的單位與最低效的單位之間的差距，當然，為了控制銷售。如果可以的話，也許就從這裡開始。

Yes. Thanks, Brian. Look, there's a lot we've always -- relatively still a small company, right? We're just around 300 company-operated restaurants, not quite, in the United States. And over that time, you end up with various errors of kitchen design and of overall restaurant design. Where we're headed is kind of a two-pronged approach. We've got to look at the continued build of the Shack of the future, bringing down that cost and really aligning on the best longer-term kitchen design.

是的。謝謝，布萊恩。你看，我們一直有很多東西——相對來說還是一家小公司，對吧？我們在美國祇有大約 300 家公司經營的餐廳，但並非完全如此。隨著時間的推移，你最終會遇到廚房設計和餐廳整體設計的各種錯誤。我們的前進方向是一種雙管齊下的方法。我們必須著眼於未來小屋的持續建設，降低成本並真正符合最佳的長期廚房設計。

Most of our opportunity will come through how we move food through our kitchen and the flow of expediting how we make things is not going to change, right? We have standards of our premium ingredients in the way that we cook that we expect to continue. But we can do it faster. We can do it better. We can do with a greater sense of urgency, more often.

我們的大部分機會將來自於我們如何在廚房裡運送食物，而加快我們製作東西的流程不會改變，對嗎？我們對優質食材的烹飪方式有標準，我們希望繼續下去。但我們可以做得更快。我們可以做得更好。我們可以更頻繁地表現出更大的緊迫感。

And it takes for us some of the steps of focus, number one, making it -- making throughput and speed. This has not been things that has been our core focus in the past. And I think it's the thing that operations and our teams are really working on right now to say, hey, it's going to be about this in 2024. It's going to be about every second of the day, watching this, making sure we're consistent and knowing that a Shake Shack guest can count on what they're going to get when they come. And we know there's variability.

我們需要採取一些專注的步驟，第一，做到這一點——提高吞吐量和速度。這並不是我們過去的核心關注。我認為營運和我們的團隊現在正在真正致力於的事情是，嘿，這將在 2024 年發生。這將是每天的每一秒，關注這一點，確保我們始終如一，並且知道Shake Shack 的客人可以信賴他們來時會得到什麼。我們知道存在可變性。

I don't think there's an easy way to answer to the second part of your question, which is, well, is it about sales? Is it about lower sales versus higher sales? I mean anyone who's worked in restaurants their whole life can tell you, the easiest thing in the world to do is run a busy restaurant. The hardest thing to do is on one that's sometimes busy and not busy other times.

我認為沒有一個簡單的方法可以回答你問題的第二部分，即，與銷售有關嗎？是關於較低的銷售額還是較高的銷售額？我的意思是任何在餐廳工作了一輩子的人都可以告訴你，世界上最簡單的事情就是經營一家繁忙的餐廳。最難做的事就是做一件有時很忙有時不忙的事。

And so I don't think there's an immediate correlation other than we got to have the right staffing models. Katie talked a lot about that, which we are continuing to get better at. And we've got some new systems that we're putting in place from a lot of learning and work through this year, making sure we've got aces in places as we call it, and the team is doing the right thing at the right time.

因此，我認為除了我們必須擁有正確的人員配置模式之外，沒有直接的相關性。凱蒂對此談了很多，我們正在繼續改進。透過今年的大量學習和工作，我們已經建立了一些新系統，確保我們在我們所說的地方擁有王牌，並且團隊正在做正確的事情合適的時間。

So I think there's just a ton of opportunity there. It's where we're going to focus, and we're going to just continue to look at everything we can to simplify where we can and move our guests through a consistent experience. And that is kind of -- that is what you heard very clearly today, is what we are focused on for next year.

所以我認為那裡有很多機會。這是我們要關注的地方，我們將繼續盡我們所能，盡可能地簡化，並透過一致的體驗來感動我們的客人。這就是你們今天聽得很清楚的內容，也是我們明年的重點。

All right. That's great. And thinking about the second lens, sort of the opportunity to lower development costs, an expected 10% decline in '24 is a nice down payment. But I'm assuming there was only so much you could do given the lead times on the pipelines, et cetera. I guess looking out a few years beyond that, is there any way to ballpark a reasonable expectation on where your net development cost could land 3 years from now? Is low 2s reasonable, maybe sub-2? Is there any way to dimensionalize that? Or too early at this point?

好的。那太棒了。考慮到第二個鏡頭，即降低開發成本的機會，預計 24 年將下降 10% 是一筆不錯的首付。但我假設考慮到管道的交貨時間等等，你能做的就只有這麼多了。我想展望幾年後，是否有任何方法可以對 3 年後淨開發成本的合理預期？低 2s 是否合理，也許低於 2？有什麼方法可以對其進行維度化嗎？還是現在還太早？

Well, I think what we're going to guide to is what we've said today, which is we think this year was the high-water mark. We believe we can take that down by about 10%. There's a number of ways we're going to do that, right? It starts with format choice and design. We've got new prototypes for our drive-thru. We learned so much with the 21 that are open and more. And we know we can take down those costs. We've designed that new prototype. We're going to begin to build it. But that takes time.

嗯，我認為我們要指導的是我們今天所說的，即我們認為今年是高水位線。我們相信我們可以將其降低約 10%。我們有很多方法可以做到這一點，對嗎？它從格式選擇和設計開始。我們為我們的得來速餐廳準備了新的原型。我們從 21 個開放的以及更多的項目中學到了很多。我們知道我們可以降低這些成本。我們設計了新的原型。我們將開始建造它。但這需要時間。

As you said, the restaurants we'll open next year in '24 were designed in '22, identified in 2021 in many cases. And you've got to catch up to that backlog. You can't just tomorrow change and put together a new prototype. There will be elements of cost savings that you're going to start to see in '24, which is what we're committed to with our 10% decline.

正如你所說，我們明年將在 24 年開業的餐廳是在 22 年設計的，在許多情況下是在 2021 年確定的。你必須趕上積壓的工作。你不能明天就改變並組裝一個新的原型。您將在 24 年開始看到一些成本節省的因素，這也是我們承諾的 10% 下降的目標。

As we look ahead, we're committed to continuing to take that down. What we got to make sure though is that we continue to balance the formats, right? As we learn and build drive-thrus, those are more expensive. They will get less expensive for us as we build a better prototype. But we believe that, that should be some part of our class as we move forward, and we'll keep doing that opportunistically.

展望未來，我們致力於繼續消除這種現象。但我們必須確保我們繼續平衡格式，對吧？隨著我們學習和建立得來速，這些變得更加昂貴。當我們建立更好的原型時，它們對我們來說會變得更便宜。但我們相信，隨著我們的前進，這應該成為我們班級的一部分，我們將繼續抓住機會這樣做。

As we build our core Shacks, the kind of Shacks that you know of for the majority of the things we've built over time, we believe we have an opportunity to bring those down. And that's what our class is in '24. And as we look ahead to '25 and getting a strong pipeline, we're committed to continuing that work.

當我們建立我們的核心 Shacks 時，我們相信我們有機會將它們摧毀。這就是我們班24年的情況。當我們展望 25 年並獲得強大的管道時，我們致力於繼續這項工作。

And look, what's unknown is continued inflationary pressures. We're finally starting to see, I would say, a little bit of lightening on the contractor side of the pressures that you -- were really hard to build restaurants. You follow all these companies. Everybody is still in the same thing. There are literally still today restaurants where you're struggling to get the final HVAC equipment or electrical panels and those things. I expect those pressures to lessen quite a bit in these coming years. And hopefully, that will help us towards these goals.

看，未知的是持續的通膨壓力。我想說，我們終於開始看到承包商的壓力減輕，因為建造餐廳真的很困難。您關注所有這些公司。每個人仍然處於同一件事。事實上，今天仍然有一些餐館，你正在努力獲得最終的暖通空調設備或配電板之類的東西。我預計這些壓力在未來幾年會大大減輕。希望這將有助於我們實現這些目標。

So yes, you hear our commitment loud and clear. We're not going to give a number past next year. And by the way, I want to call out, too, we also talked about preopening costs. We know that's a number we're focused on that we can and will do better next year and believe there's opportunity beyond that as well.

所以，是的，您清楚地聽到了我們的承諾。明年之後我們不會給出具體數字。順便說一句，我也想指出，我們也討論了開業前的費用。我們知道這是我們關注的數字，明年我們可以而且將會做得更好，並且相信除此之外還有機會。

Our next question comes from Sara Senatore with Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

This is Katherine Griffin on for Sara. I think first, I just wanted to ask about some of the restaurant-level margin components in the third quarter. Specifically on restaurant other operating expense, it looks like that was down year-over-year as a percent of sales. So curious how much of that was leverage on in-restaurant sales versus delivery, which I think has higher margins. And then also just on food margins, a little bit better than expected. Is that a function of sales mix or commodities a little bit more favorable?

我是凱瑟琳·格里芬（Katherine Griffin）為莎拉配音。我想首先，我只是想問一下第三季餐廳層面的一些利潤組成部分。特別是在餐廳的其他營運費用方面，佔銷售額的百分比似乎比去年同期下降。很好奇其中有多少是餐廳內銷售與外帶的槓桿作用，我認為外送的利潤率更高。然後，食品利潤率也比預期好一點。這是銷售組合的函數還是商品更優惠一點？

Great. So on other OpEx, we did have a lower -- we did have a benefit from a lower delivery mix in the quarter. But we also had some pretty good savings on things like R&M and lower T&E expenses, which contributed to that outperformance in the quarter. We've been just doing a lot in line with our strategic plan with better managing that expense line in our restaurants from not only improving the profitability in our third-party delivery channels but also through R&M strategies of replacing equipment that was aging and more expense discipline within our restaurants, just showing some nice performance on that side.

偉大的。因此，在其他營運支出方面，我們的支出確實較低——我們確實從本季較低的交付組合中受益。但我們在 R&M 和較低的 T&E 費用等方面也節省了相當多的費用，這促成了本季的優異表現。我們一直在按照我們的策略計劃做很多事情，更好地管理我們餐廳的費用線，不僅提高我們第三方配送渠道的盈利能力，還通過更換老化和費用更高的設備的 R&M 策略我們餐廳的紀律，只是在這方面表現出了一些不錯的表現。

On the food side, we did have a benefit from higher menu price. I will say though that beef inflation did pick up, especially towards the end of the quarter. And that is one that we are watching here as we've guided for kind of mid-teens level of inflation into year end.

在食物方面，我們確實從更高的菜單價格中受益。我要說的是，牛肉通膨確實有所上升，尤其是在本季末。這就是我們在這裡關注的問題，因為我們指導通貨膨脹率在年底達到十幾歲左右。

Great. And then, Katie, actually, I was curious about some of your earlier comments just on scaling some of the digital investments that you made. I was wondering if you could talk a little bit more just about the time line, I guess, how long it's taken to achieve some of those like scale benefits from investments. And then how do you measure return on investment for some of that -- for those digital initiatives?

偉大的。然後，凱蒂，實際上，我很好奇您之前關於擴大您所做的一些數位投資的一些評論。我想知道您是否可以多談談時間線，我想，需要多長時間才能實現投資的規模效益等目標。然後，您如何衡量其中一些數位計畫的投資回報？

Yes. So on scaling digital, bringing back a little bit of the history of our digital journey. Starting in 2019, if you go back to that level, we had a very low digital mix as a company. And with everything that happened with COVID, we accelerated a lot of investments on that side, drove a pretty healthy digital mix, which was really critical for the company during times when guests were not going to the dining rooms as much. But as we've seen more of that return to normal, return to in-Shack experience, that's really aided by kiosks as well. And it really has changed the pace of investment needed to support this business.

是的。因此，在擴展數位化方面，我們回顧一下我們數位化之旅的一些歷史。從 2019 年開始，如果你回到那個水平，我們公司的數位化程度非常低。隨著新冠疫情發生的一切，我們加快了這方面的大量投資，推動了相當健康的數位組合，這在客人不再經常去餐廳的時期對公司來說非常重要。但正如我們所看到的那樣，更多的情況恢復正常，回到小屋內的體驗，這也確實得到了資訊亭的幫助。它確實改變了支持這項業務所需的投資步伐。

So kind of going from nothing to the great platforms that we have today required a level of commitment, and now where we are today is on making sure that we are being very disciplined with how we're supporting that and also still investing for our growth. So if you look at kind of what we've done with kiosks and the retrofit program on that side and how we're investing more there on upsell capabilities and better software and a better experience for that guest, we're doing that in a way that is more cost efficient and will scale over time.

因此，從無到有到我們今天擁有的偉大平台需要一定程度的承諾，而現在我們所處的位置是確保我們在如何支持這一點上非常自律，並且仍然為我們的成長進行投資。因此，如果你看看我們在自助服務終端和改造計劃方面所做的事情，以及我們如何在追加銷售能力和更好的軟體以及為該客人提供更好的體驗方面進行更多投資，我們正在以一種這種方式更具成本效益，並且會隨著時間的推移而擴展。

I think it's important to note, too, that digital businesses require some level of upkeep. And that's just something that's going to -- as we are a digital leader in the space, that's just something that's going to be part of our CapEx. And we're working on strategies and executing on strategies to be more efficient on that side.

我認為還需要注意的是，數位業務需要一定程度的維護。由於我們是該領域的數位領導者，這將成為我們資本支出的一部分。我們正在製定策略並執行策略，以提高這方面的效率。

Our next question comes from Jim Sanderson with Northcoast Research.

我們的下一個問題來自北海岸研究公司的吉姆·桑德森。

Congratulations on a great quarter. Just wanted to talk a little bit more about pricing. I think a lot of your competitors have taken their menu prices up to 3%, 4% this quarter. Just wondering how you're looking at pricing, if you have room to take that up further in the quarter or into 2024 as you start getting more visibility on inflation.

恭喜您度過了一個美好的季度。只是想多談談定價問題。我認為你們的許多競爭對手本季已經將菜單價格提高了 3%、4%。只是想知道您如何看待定價，當您開始對通膨有更多了解時，您是否有空間在本季度或 2024 年進一步提高定價。

Yes. Thanks, Jim. We've definitely been -- we've been cautious for the history of the company. Obviously, we're rolling off a high single digit from last year. We wanted to be cautious. So we took about 1%, just a small price increase in October -- end of October. And I think we're looking at it now to say, where do some of these inflationary pressures go? We continue to see increases in our fries. And beef, obviously, is the biggest part of the basket that we're looking at. And we'll continue to look at price as a lever that we may need to take.

是的。謝謝，吉姆。我們確實對公司的歷史保持謹慎。顯然，我們的成長率比去年高個位數。我們想保持謹慎。因此，我們在 10 月（10 月底）採取了約 1% 的價格小幅上漲。我認為我們現在要考慮的是，這些通膨壓力去了哪裡？我們的薯條數量持續增加。顯然，牛肉是我們關注的籃子中最大的部分。我們將繼續將價格視為我們可能需要採取的槓桿。

We feel good about the current value scores. But like anything, I mean, I think everyone, whether it's every restaurant, retail, you see a lot of cautiousness in the consumer. And we just want to be careful there. We want to make sure we're building this company not just for this next quarter but for a very long term. And we want to make sure we're looking at all of our channels and where pricing might go there.

我們對當前的價值得分感覺良好。但就像任何事情一樣，我的意思是，我認為每個人，無論是每家餐廳、零售店，你都會看到消費者非常謹慎。我們只是想小心一點。我們希望確保我們建立這家公司不僅僅是為了下個季度，而是為了一個很長期的目標。我們希望確保我們正在關注所有管道以及定價可能的方向。

And I think we'll take another look at that probably in the first quarter, but we're not guiding yet at this time whether and how we will take anything. We're rolling kind of a low single digit right now for the next 6 months or so, and we'll keep an eye on that as we go. But we'll be looking at 2024 and taking price where we need to.

我認為我們可能會在第一季再次考慮這一點，但目前我們還沒有指導我們是否以及如何採取任何措施。在接下來的 6 個月左右的時間內，我們的滾動速度將保持在較低的個位數，我們將隨時關注這一情況。但我們將著眼於 2024 年，並根據需要調整價格。

All right. And just a quick follow-up question. You mentioned a movie promotion and the overlap in trade areas. Do you have a sense of how many Shake Shacks in the U.S. overlap with trade areas where that movie will be shown, just a ballpark?

好的。只是一個快速的後續問題。您提到了電影宣傳和貿易領域的重疊。您知道美國有多少家 Shake Shack 與電影放映的貿易區重疊，只是一個大概嗎？

Sorry, I don't have a number of that. We've got a lot that are actually in -- some of the core Shacks that are in some of these great shopping lifestyle centers adjacent to movie theaters. We've seen there were various pops over the summer with Barbie and some of the other strong movies that happened and drove some sales. And we do see a correlation in some of our Shacks. I'm sorry, I don't have the number, but I'm going to just roughly guess it's probably around 10% or so that are pretty close to having some kind of impact there.

抱歉，我沒有這個數字。我們實際上有很多東西——一些核心棚屋位於電影院附近的一些大型購物生活方式中心。我們已經看到，芭比娃娃和其他一些熱門電影在整個夏天上映了各種流行電影，並推動了一些銷售。我們確實在一些棚屋中看到了相關性。抱歉，我沒有這個數字，但我粗略地猜測可能約為 10% 左右，這非常接近產生某種影響。

Yes. And we're going to be doing a lot of cool activations at close to -- I'm not going to give an exact number on this side, but there's about over 50 Shacks that are going to have some really unique, exciting activations that are Troll specific, vinyl takeovers, lots of exciting things going on around the Shack. We've strategically placed -- picked some of these just due to their proximity to movie theaters.

是的。我們將在附近進行許多很酷的激活——我不會給出具體的數字，但大約有超過 50 個 Shack 將會有一些非常獨特、令人興奮的激活，是《巨魔》特有的、黑膠唱片接管的，以及小屋周圍發生的許多令人興奮的事情。我們策略性地選擇了其中一些，因為它們靠近電影院。

And there's even going to be -- as Randy alluded to in the script, there's even going to be a few of them that are getting kind of this extra plus stuff with glitter bars for kids, coloring stations, photo booths. It's going to be a really fun way to engage with our guests around this exciting movie.

甚至會有——正如蘭迪在劇本中提到的那樣，他們中的一些人甚至會得到一些額外的東西，包括兒童閃光棒、著色站、照相亭。這將是與我們的客人圍繞這部激動人心的電影進行互動的一種非常有趣的方式。

Our next question comes 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。

So for the 21 drive-thru operation or drive-thrus we have in operation, I realize a handful of those have only been in operation a few months here. But can you touch on the common themes of those drive-thrus that have outperformed or underperformed expectations in the early going?

因此，對於我們正在運營的 21 家得來速餐廳或得來速餐廳來說，我意識到其中少數只在這裡運營了幾個月。但您能否談談那些早期表現超出或低於預期的得來速餐廳的共同主題？

Yes, you bet. Thank you. And we've said -- look, we've shared some of these targets. I would say on the outperform, like anything, like any Shack, it's always going to be about the location, right? There are some Shacks where we got it better than we did at others, certain Shacks where we would say, you know what, we probably could have put a Shack there -- we probably could have gone to a higher-traffic location or a better way to get in and out of that location.

是的，你敢打賭。謝謝。我們已經說過——看，我們已經分享了其中一些目標。我想說的是，就跑贏大盤而言，就像任何事情一樣，就像任何棚屋一樣，它總是與位置有關，對嗎？有一些棚屋我們比其他棚屋做得更好，某些棚屋我們會說，你知道嗎，我們可能可以在那裡放一個棚屋——我們可能可以去一個人流量更大的地方或更好的地方。進出該位置的方式。

So I think our best ones are the ones where we're seeing the best high-traffic zones aligned with high brand awareness areas where Shake Shack kind of has strength. And I would say we've still got a lot to learn in our operation. We are kind of scaling that whole operation down slightly, not just for cost to build because what we've learned is how many seats we really need, how many seats we need outside, what the vibe should be. And we think we can continue to build a drive-thru that's really distinct and exciting in the industry but take down the size and cost of it in the kind of 2025 models.

因此，我認為我們最好的區域是那些我們看到最好的高流量區域與高品牌知名度區域一致的區域，而 Shake Shack 在這些區域具有優勢。我想說，我們在營運中還有很多東西要學習。我們稍微縮小了整個營運規模，不僅僅是為了建造成本，因為我們了解到的是我們真正需要多少個座位，我們需要多少個室外座位，以及氛圍應該是什麼樣的。我們認為我們可以繼續打造一款在業界真正獨特且令人興奮的得來速汽車，但在 2025 年車型中縮小其尺寸和成本。

If you look at this coming year, what we're excited about for the next batch of drive-thrus, we're going to start to do it in what has traditionally been some of our stronger, more coastal markets. There will be some Shack drive-thrus open on the East Coast, New Jersey, Long Island, looking at some on the West Coast, in California. So we feel really good about the opportunities there to keep learning. And we're investing in this, and we like it. And it should be a part of our future growth, but we still got a lot to learn and improve upon.

如果你看看來年，我們對下一批得來速餐廳感到興奮的是什麼，我們將開始在傳統上一些更強大、更沿海的市場開展這項工作。新澤西州東海岸、長島將開設一些 Shack 得來速餐廳，加州西海岸也將開設一些餐廳。因此，我們對那裡有繼續學習的機會感到非常滿意。我們正在對此進行投資，我們喜歡它。這應該是我們未來發展的一部分，但我們仍然有很多東西需要學習和改進。

That's helpful. Just one follow-up on the October comp, which was 3.5%. You guys touched on it. You were rolling off some pricing at some point in October, but not entirely clear to me when. So the October comp was 3.5%. What level of pricing was captured in that 3.5% comp?

這很有幫助。僅對 10 月的比較進行了一次跟踪，即 3.5%。你們都觸及了。你們在十月的某個時候降低了一些定價，但我不太清楚具體是什麼時候。所以 10 月的比較是 3.5%。 3.5% 的比較中的定價水準是多少？

Yes. We had, I would say, blended to a kind of a mid-single-digit range. We rolled off of that high single digit in the middle of the quarter. We're going to be exiting December at about 3.5% price, so as we think about that.

是的。我想說，我們混合到了一種中等個位數的範圍。我們在本季中期就擺脫了這個高個位數。我們將以大約 3.5% 的價格退出 12 月，所以我們會考慮這一點。

And the October comp was roughly flat on traffic, which was an improvement as we had seen some of those negative traffic periods towards the end of the third quarter, as we said. So I think that was the encouraging thing, driving some good sales in October and looking ahead.

十月份的流量大致持平，這是一個進步，因為正如我們所說，我們在第三季末看到了一些負流量時期。所以我認為這是令人鼓舞的事情，推動了十月份的一些良好銷售並展望未來。

Our next question comes 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。

Can I just ask about the kind of the comments you made on staffing model, what we should observe there and what you think kind of the time line for rolling that out is?

我能否問一下您對人員配置模型的評論，我們應該觀察什麼以及您認為推出該模型的時間表是什麼？

Yes. So I would say we're early days here on this. I think it's a natural evolution of just the company as we have layered in some added efficiencies here with kiosks. We have new formats here like much larger drive-thrus. We also have smaller formats like food courts, and then we have our traditional kind of core expression. There's just more differentiated factors that we want to take into account with how we're thinking about staffing, not only just to get more precise on hours used for a number of variables, including menu mix, channel mix and format, but also to make sure that we are maximizing peaks as well.

是的。所以我想說我們在這方面還處於早期階段。我認為這是公司的自然演變，因為我們透過資訊亭提高了一些效率。我們這裡有新的業態，像是更大的得來速餐廳。我們還有美食廣場等較小的業態，然後我們有傳統的核心表達方式。在考慮人員配置時，我們需要考慮更多不同的因素，不僅是為了更準確地了解許多變數（包括菜單組合、管道組合和格式）所使用的工作時間，而且是為了使工作時間更加準確。確保我們也在最大化峰值。

So I would say it's still early days. We're looking to roll out some tests by the end of this year into next year. We're going to keep you updated on how that goes. But nothing really more to share on this front today.

所以我想說現在還為時過早。我們希望在今年年底到明年推出一些測試。我們將隨時向您通報進度。但今天在這方面沒有什麼好分享的了。

Okay. Just a smaller question maybe. Randy, you made some comments just about kind of Asia, maybe some uncertainty there, how that affects the licensed business. Is that -- are you kind of referring to just sales of those units? Are you referring to how you think about kind of the mix of openings as you go into next year? What were you kind of suggesting there?

好的。也許只是一個較小的問題。蘭迪，您對亞洲的情況發表了一些評論，可能存在一些不確定性，這如何影響許可業務。那是──你指的是這些單位的銷售嗎？您是指您對明年的職缺組合有何看法？你在那裡有什麼建議？

Both of those. I think you got to -- obviously leads with China. We've got a significant part of our business there. It goes without saying there's macroeconomic uncertainty in the region there. And that will decide the ultimate pace of our openings as well as what our -- where our Shacks align to for sale. So that's really the region you're looking at. Obviously, that -- what happens in China also spills out into our other Asian businesses, through Korea, Japan, through various travel and economic indications.

兩者都是。我認為你必須——顯然是中國領先。我們在那裡有很大一部分業務。不言而喻，該地區存在宏觀經濟不確定性。這將決定我們開業的最終速度以及我們的棚屋的銷售地點。所以這確實是您正在查看的區域。顯然，中國發生的事情也會透過韓國、日本、各種旅遊和經濟指標影響到我們的其他亞洲業務。

So that will be something -- I think that's probably the biggest uncertainty as we look at our licensed business. Obviously, the Middle East has a fair amount of uncertainty as well right now and will. But those -- that's what my comments were really looking at. I think it's a little bit of an unknown as to how that part of our business will grow in this next coming year.

所以這將是——我認為這可能是我們審視我們的授權業務時最大的不確定性。顯然，中東現在和將來也存在著相當多的不確定性。但那些——這才是我的評論真正關注的內容。我認為我們這部分的業務在明年將如何成長還有些未知。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

I guess labor has been tough, right, across the entire space. I think you're kind of within 150 bps of where you were pre-pandemic, which is great just considering all the inflation that you've had to digest there. With kiosks and it sounds like much better tenure at the employee level and now a new staffing system that will be going into place, do you think kind of achieving pre-pandemic labor is a bogey that you can shoot for? Or is this just all kind of trying to battle what might be ongoing labor inflation going forward?

我想整個行業的勞動都是艱難的，對吧。我認為目前的水平與大流行前的水平相差不到 150 個基點，考慮到您必須消化的所有通貨膨脹，這已經很棒了。有了資訊亭，聽起來員工的任期要好得多，現在新的人員配置系統即將到位，你認為在大流行前實現勞動力是一個你可以追求的目標嗎？或者這只是為了對抗未來可能持續的勞動力通膨？

Well, I think it's hard to say, Sharon. We're not going to guide specifically to any new labor percentage. We've got a lot that we are really looking at there in terms of just being more effective and efficient with how we scale. The good tailwinds happening we've mentioned is retention and turnover has improved.

嗯，我想這很難說，莎倫。我們不會專門指導任何新的勞動力百分比。我們確實有很多需要關注的地方，就是如何提高我們的規模和效率。我們提到的有利因素是保留率和營業額有所改善。

But you can't deny the continued increase in labor cost. That's not going down. We will have $20 an hour in California in April. That's a significant part of our business. And we will have, I expect, continued wage increases over time, and that's not going to settle any time soon. That will be part of our pricing structure and how much we choose to offset with that.

但你不能否認勞動成本的持續上漲。那不會下降。 4月我們在加州的薪水是每小時20美元。這是我們業務的重要組成部分。我預計，隨著時間的推移，我們的工資將持續上漲，而且這種情況不會很快得到解決。這將是我們定價結構的一部分，也是我們選擇抵銷多少的一部分。

But again, our commitment here is to being as efficient as we possibly can. But we've also got to pay a great rate to sustain. If you look at our profitability improvements, a lot of it has had to do with our ability to keep, retain and find great people. As that happens better, like any company, and certainly like us, we'll get better at that. So look, we're committed to trying to improve it, but we're not going to give guidance specifically past today.

但同樣，我們的承諾是盡可能提高效率。但我們也必須付出高昂的代價才能維持下去。如果你看看我們獲利能力的提高，就會發現這在很大程度上與我們留住、留住和尋找優秀人才的能力有關。隨著這種情況變得更好，就像任何公司一樣，當然也像我們一樣，我們會在這方面做得更好。所以看，我們致力於改進它，但我們不會在今天之後專門提供指導。

And Randy, I know you said that tenure was up for, I think, frontline and management staff at the unit level. Can you kind of give any comparisons of kind of like what average tenure is now at the manager level or hourly level relative to 2019?

蘭迪，我知道你說過，我認為單位層級的第一線和管理人員的任期是有限的。您能否對 2019 年經理級別或每小時級別的平均任期進行比較？

We have never broken that out, Sharon. I'd say this. As we look at the industry just kind of traditionally, look, we have -- we work in a high turnover section of the industry, right? The industry in general and our section of the industry generally has quite high turnover. I'd say we probably track similarly in our hourly team members turnover and retention across the industry. But from also what we've seen, we track much better on our management at all levels.

莎倫，我們從未透露過這一點。我想說這個。當我們以傳統的方式看待這個行業時，看，我們在該行業的高流動率領域工作，對吧？整個產業和我們這個產業的部門一般都有相當高的營業額。我想說，我們可能會在整個行業的每小時團隊成員流動率和保留率方面進行類似的追蹤。但從我們所看到的情況來看，我們對各級管理的追蹤要好得多。

And we -- our managers tend to grow with us, stay with us and continue to earn. Our GMs, and we've said this before, can generally, all in, make over 6 figures, right? Many make a lot more than that. We give stock to every GM every year. This is a significant part of our ability to retain people.

而我們——我們的經理往往會與我們一起成長，與我們在一起並繼續賺錢。我們的總經理，我們之前已經說過，一般來說，總共可以賺到 6 位數以上，對嗎？許多人賺的錢遠不止於此。我們每年都會向每位總經理提供庫存。這是我們留住人才的能力的重要組成部分。

So now as we're growing as fast as we are, we got to keep developing that, right? We've got to balance growth. And we do invest, and we've talked a lot about this in previous calls, so much time and effort, our people team, into developing people at all levels.

因此，現在隨著我們的發展速度如此之快，我們必須繼續發展，對嗎？我們必須平衡成長。我們確實進行了投資，我們在之前的電話會議中已經討論了很多這一點，我們的人員團隊投入了大量的時間和精力來培養各個級別的人員。

And the other part of that, we got to do and continue to do better, you heard a lot of that in today's call, is how can we keep simplifying our operations so our leaders have an easier time coming up the ladder? And that's the stuff we -- look, I think that's our sweet spot of the company. It will never be easy, and we're going to keep investing there. But we're real proud of how the teams continue to build.

另一方面，我們必須做得並繼續做得更好，您在今天的電話會議中聽到了很多，我們如何才能不斷簡化我們的運營，以便我們的領導者可以更輕鬆地晉升？這就是我們——看，我認為這是我們公司的最佳點。這絕非易事，我們將繼續在那裡投資。但我們對團隊的持續建設感到非常自豪。

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。

Mine was about the opportunity to expand margins going forward. I know you've talked about a few things you're looking into and you're executing on with labor scheduling, supply chain. Randy, you mentioned margins being up in '24. I wasn't sure if that was just a comment on restaurant margins specifically. But I'm wondering whether you can help us dimensionalize any of these initiatives, what the scale of the potential improvement is. Any metrics that you found that you think you can improve upon? And any way to quantify the opportunity in the line items?

我的想法是關於未來擴大利潤的機會。我知道您已經談到了您正在研究並正在執行的一些與勞動力調度、供應鏈有關的事情。蘭迪，您提到 24 年利潤率上升。我不確定這是否只是專門針對餐廳利潤的評論。但我想知道您是否可以幫助我們將這些舉措具體化，以及潛在改進的規模有多大。您發現哪些指標是您認為可以改進的？有什麼方法可以量化行項目中的機會嗎？

Yes. Look, we're not giving guidance for '24 yet, Jake, other than to say you've heard our commitment loud and clear through this whole year and today and saying we continue to identify opportunities, starting with supply chain. We're really talking about it as kind of a total cost to serve and how can we start with the product, look at our supply chain opportunities. We're digging deep on that. And then look at how that flows through the restaurant in every way and see where our opportunities are.

是的。看，傑克，我們還沒有為 24 小時提供指導，只是說您從這一整年到今天都清楚地聽到了我們的承諾，並表示我們將繼續尋找機會，從供應鏈開始。我們實際上將其視為服務的總成本，以及我們如何從產品開始，看看我們的供應鏈機會。我們正在對此進行深入挖掘。然後看看餐廳的各個方面如何流動，看看我們的機會在哪裡。

So we believe we can continue to expand margins at the restaurant level, and overall, the company. And if you just take beef for a second, and I think it's really important to do that. We increased our EBITDA margin by over 400 basis points overall in the company. We expect some level of leverage in G&A this year. We continue to expect that, that will be part of our plans moving forward. So I think just core focus on profitability and lots of different ways we're working to get there.

因此，我們相信我們可以繼續擴大餐廳層面以及整個公司的利潤率。如果你只是想吃一下牛肉，我認為這樣做真的很重要。我們公司的 EBITDA 利潤率整體提高了 400 多個基點。我們預計今年的一般管理費用將達到一定程度的槓桿水平。我們仍然期望這將成為我們前進計劃的一部分。所以我認為核心關注點是獲利能力以及我們正在努力實現這一目標的許多不同方式。

We'll keep you posted as we get into '24 as to what that is going to look like. Again, that's balanced against a lot of the uncertainty of the consumer, but we've built a lot of this infrastructure now to be going after and identifying where these opportunities lay and start to go after them one by one.

進入 24 年後，我們會隨時向您通報情況。同樣，這與消費者的許多不確定性相平衡，但我們現在已經建立了許多此類基礎設施，以追尋並確定這些機會所在，並開始一一追尋它們。

I want to be clear here. The teams are moving together. We're moving through very purposefully here, and a lot of these opportunities which we've identified through supply chain, through labor, through various other areas within our P&L to continue to drive efficiencies and help us outperform what has been a challenging backdrop for the industry with consumer spending pressures and continued inflationary pressure. So really encouraged and excited about what's going on today, what we've built on and what the plans are for the go forward to help continue to improve our performance financially.

我想在這裡說清楚。團隊正在一起前進。我們在這裡非常有目的地經歷許多這樣的機會，我們透過供應鏈、勞動力、損益表中的各個其他領域發現了這些機會，以繼續提高效率並幫助我們超越一直以來充滿挑戰的背景。該行業面臨消費者支出壓力和持續的通膨壓力。對於今天發生的事情、我們所建立的基礎以及未來的計劃，我們感到非常鼓舞和興奮，以幫助繼續提高我們的財務表現。

Great. And a comment or just a question on the fourth quarter guidance for company same-store sales and the progress so far in October. I think last year, your year-over-year compares get a little easier for the next couple of months. You did mention -- and then you also have the kind of the movie tie-in. You mentioned return to seasonality. And I'm wondering in October and December, whether that was -- there was some abnormal seasonal behavior last year. So I just want to make sure I know the puts and takes in terms of how we should think of October and December this year -- November...

偉大的。以及對公司同店銷售第四季度指導以及 10 月份迄今為止的進展的評論或只是一個問題。我認為去年，接下來的幾個月你的年比比較會變得容易一些。你確實提到過——然後你也有那種電影搭配。您提到回歸季節性。我想知道去年十月和十二月是否存在一些異常的季節性行為。所以我只是想確保我知道我們應該如何看待今年 10 月和 12 月——11 月…

Yes. Yes. So just a reminder, our compares for the past couple of years with just a different pricing cadence than we've had pre-COVID are a little bit choppier. So last year, we had taken kind of -- we said between 7% to 9% in menu price across the system, which we rolled off of. So the sequential compares on AWS and on that side, we'll -- we're expecting that to return to kind of a more normal pre-COVID seasonality pattern.

是的。是的。所以提醒一下，我們過去幾年的比較只是與新冠疫情之前不同的定價節奏有點波動。所以去年，我們在整個系統的菜單價格中採取了 7% 到 9% 的幅度，我們取消了這一幅度。因此，對 AWS 和另一邊的連續比較，我們預計會回到更正常的新冠疫情前的季節性模式。

We did have some impact at the end of last year on our AWS from a very large number of NSOs in December. And as you know, following our company, our restaurants tend to open very strong and settle over time. We're going to be comparing over that in December of this year. And then just another note on that side, we have a pretty solid lineup on the culinary side but just still lapping over Hot Ones as well.

去年年底，12 月我們確實對我們的 AWS 產生了來自大量 NSO 的一些影響。如您所知，隨著我們公司的發展，我們的餐廳往往會開得非常強勁，並隨著時間的推移而穩定下來。我們將在今年 12 月進行比較。然後還有一點要注意的是，我們在烹飪方面有相當穩定的陣容，但仍然超過了 Hot Ones。

Our next question comes from Michael Tamas with Oppenheimer.

我們的下一個問題來自邁克爾·塔馬斯和奧本海默。

You talked about kiosks being over 50% of in-Shack sales now. Can you talk about any cohort of units that's above the 50% level? Is there anything different about those units versus the rest of the store base? And is that informing you about the potential upside that still exists for kiosks? And anything else you can talk about maybe margin differentials or anything?

您談到現在自助服務終端佔 Shack 內銷售額的 50% 以上。您能談談超過 50% 水平的任何一組單位嗎？這些單位與商店基地的其他單位相比有什麼不同嗎？這是否讓您了解到資訊亭仍然存在的潛在優勢？還有什麼你可以談的，也許是利潤差異之類的？

So yes, we have a large difference in kiosk penetration for in-Shack. It's something that we've been very focused on driving a narrowing of the gap and driving more guests to the kiosk. And there's still a lot of exciting opportunity on that front. And it's great that we have kind of the -- most of the entire fleet now rolled out.

所以，是的，我們在 in-Shack 的自助服務終端滲透率方面存在很大差異。我們一直非常致力於縮小差距並吸引更多客人到自助服務終端。這方面仍然存在著許多令人興奮的機會。很高興我們已經推出了整個機隊的大部分。

We -- it is definitely our highest margin channel. We see a nice check lift on the back of it. And we still think we're early days here and really kind of leveraging the full potential of upsell through this digital order mode and how that -- we can start to leverage guest data over the long term through that channel.

我們——這絕對是我們利潤率最高的管道。我們在它的後面看到一個漂亮的檢查升降機。我們仍然認為我們還處於早期階段，並且確實透過這種數位訂單模式充分利用追加銷售的潛力，以及我們如何開始透過該管道長期利用客戶資料。

What I will say is that there's a number of variables which can impact the degree of kiosk usage, which we're investigating and continuing to refine. Some of it is just simple way-finding and how the guest enters the Shack. Is that kiosk in the best optimal place? These are easy fixes that we'll go after over the coming quarters where we can. But continuing to train and arm our teams and our managers with why this is such an important initiative and guiding our guests to that kiosk is working, and we're excited for what that potential will be over the longer term.

我要說的是，有許多變數會影響自助服務終端的使用程度，我們正在調查並繼續完善這些變數。其中一些只是簡單的尋路以及客人如何進入小屋。該資訊亭是否處於最佳位置？這些都是簡單的修復方法，我們將在接下來的幾個季度中盡可能地進行修復。但繼續培訓和武裝我們的團隊和經理，讓他們了解為什麼這是一項如此重要的舉措，並引導我們的客人前往該資訊亭是有效的，我們對長期來看這種潛力感到興奮。

And then you talked about supply chain today and trying to use that to help drive better margins going forward. So is that reference to sort of looking at longer-term contracts? Or how -- can you just elaborate on how supply chain can be better utilized going forward?

然後您今天談到了供應鏈，並試圖利用它來幫助提高未來的利潤率。那麼這是否是指考慮長期合約？或者您能否詳細說明一下未來如何更好地利用供應鏈？

Yes. I mean you've got to start with our actual scale, as I noted earlier. I mean less than 300 company-operated Shacks. Like we have so much opportunity just on economies of scale. It starts also with development and how we choose to cluster our Shacks more closely together. We've got a very spread-out class of restaurants over this last decade, and we're going to -- we can begin to see opportunities in shipping and how we move freight, all of those things.

是的。我的意思是，正如我之前指出的，你必須從我們的實際規模開始。我的意思是公司經營的棚屋不到 300 家。就像我們在規模經濟方面就有很多機會一樣。它也從開發以及我們如何選擇將我們的小屋更緊密地聚集在一起開始。在過去的十年裡，我們擁有非常分散的餐廳類別，我們將開始看到航運以及我們如何運輸貨物等所有方面的機會。

But separately from that, we're going to start to look at just backing up supply, making sure we have other suppliers, more aggressive going after some of the cost opportunities we're going to have. We're digging through all of that while retaining all the premium and improving all the premium way in which we bring our food in and the quality of ingredients.

但除此之外，我們將開始考慮備份供應，確保我們有其他供應商，更積極地追求我們將擁有的一些成本機會。我們正在挖掘所有這些，同時保留所有優質並改進我們引入食品的所有優質方式和原料的品質。

So I just think -- look, this has always been a process. It's something we're spending a lot more time and effort on today. And I think in the coming years, we'll continue to identify opportunities where we can save on the supply chain.

所以我只是想——看，這一直是個過程。這是我們今天花費更多時間和精力的事情。我認為在未來幾年，我們將繼續尋找可以在供應鏈上節省成本的機會。

Our next question comes from Andrew Charles with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Andrew Charles。

Sorry, we can't hear the question. Let's move on to the next question. We'll keep that going. Thanks.

抱歉，我們聽不到問題。讓我們繼續下一個問題。我們會繼續這樣下去。謝謝。

Our next question comes 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 about the October sales trends. And I specifically wanted to ask about the marketing and promotions that you called out. Can you just maybe explain what you did in October that maybe you haven't done before? Or what drove the improvement in traffic and whether that's a new strategy you think you can employ as you think about the go forward?

我的問題是關於十月的銷售趨勢。我特別想問您所說的行銷和促銷活動。您能否解釋一下您在 10 月做了哪些以前可能沒有做過的事情？或者是什麼推動了流量的改善？這是否是您認為在考慮未來發展時可以採用的新策略？

Yes. Thanks, David. Some of the things are new. Some are just kind of the shifting of things we've done before at various times in the year and employing some of those tactics. So lots of different marketing on all channels as we tee up, of course, LTOs, pushing that. And we noted that was a little bit of a pressure of a lap, but it always begins with that stories we can tell.

是的。謝謝，大衛。有些東西是新的。有些只是改變我們之前在一年中不同時間所做的事情並採用其中的一些策略。當我們準備好時，所有管道上都有很多不同的行銷，當然還有 LTO，推動這一點。我們注意到，這有點一圈的壓力，但它總是從我們可以講述的故事開始。

A few other things we've been leaning into. Additional performance marketing, we're finding good success, and strong returns on our ad spend in various performance channels. We're doing various regional marketing in areas where we think we can go deeper and really hit a city a little bit harder, more directed in lots of performance, digital ways. Those tactics, we continue to spend on and open up some ad spend as we prove that those have good returns. And we've done that.

我們一直在研究其他一些事情。額外的效果行銷，我們在各種效果管道的廣告支出上取得了良好的成功和豐厚的回報。我們正在進行各種區域行銷，我們認為我們可以在這些領域進行更深入的研究，並以更多的績效和數位方式更直接地打擊城市。我們將繼續在這些策略上投入並開放一些廣告支出，因為我們證明這些策略具有良好的回報。我們已經做到了。

Various things on different types of offers that feel good for Shake Shack. For instance, we did free Fridays in our app channels, right? So that drove some strong uptick on Fridays, where you could get a free fry when you come -- when you order on our channels. We have an afternoon BOGO shake. And then we're doing various things with our delivery service providers as well, where we see potential impact.

Shake Shack 提供各種不同類型的優惠，讓您感覺良好。例如，我們在應用程式頻道中提供了免費的星期五，對吧？因此，這推動了周五的強勁增長，當你來的時候——當你在我們的頻道上訂購時——你可以獲得一份免費的炸薯條。我們下午喝了一杯 BOGO 奶昔。然後我們也與我們的送貨服務提供者一起做各種事情，我們看到了潛在的影響。

So when you really look at it, it's a balanced marketing approach towards the things that we believe work for us. We'll keep doing some of that as we go, and it's still a lot of test and learn. Traditionally, we have not been a company that spent a lot of money on true advertising, and it's time for us to ramp those up. We see that money being well received and strong returns on that, and we expect we'll continue to do that this quarter as well as we plan into next year. Doing it with discipline, but opening up as we scale as a company, there will be greater opportunities for us to spend better on marketing.

因此，當你真正審視它時，你會發現這是一種針對我們認為對我們有用的事物的平衡行銷方法。我們將繼續做一些這樣的事情，這仍然需要大量的測試和學習。傳統上，我們並不是一家在真正的廣告上投入大量資金的公司，現在是我們加大投入的時候了。我們看到這筆錢很受歡迎且回報豐厚，我們預計本季將繼續這樣做，並計劃明年。嚴格遵守紀律，但隨著公司規模的擴大，我們將有更多機會在行銷上投入更多資金。

Our next question comes from Brian Mullan with Piper Sandler.

我們的下一個問題來自布萊恩·穆蘭和派珀·桑德勒。

Just had a question if there's a search for a Chief Operating Officer. Is there a search going on? And maybe what are the key characteristics or factors the executive team and the Board is using or looking for in terms of finding the right candidate for Shake Shack?

只是想問是否需要尋找營運長。正在進行搜查嗎？也許執行團隊和董事會在為 Shake Shack 尋找合適的候選人時正在使用或尋找的關鍵特徵或因素是什麼？

That's a great question. And let me just start by saying our current operational leadership team is deep, tenured and strong and doing a heck of a job continuing to run things in the absence of a direct COO at the moment. And I've obviously involved myself quite a bit more and a lot of our executive team, jumping in and really supporting operations. So they are doing a great job.

這是一個很好的問題。首先我要說的是，我們目前的營運領導團隊實力雄厚、任期較長、實力雄厚，在目前沒有直接營運長的情況下，他們在繼續營運方面做得非常出色。顯然，我自己更多地參與了我們的管理團隊，積極參與並真正支持營運。所以他們做得很好。

We're looking for the next great COO, and we have an incredible bench of candidates that we've been vetting, talking to and considering. And we're going to take our time on this search. This is a critical position for the company. We expect to hire someone with deep operational expertise and who will help us continue the strategic plan that we've shared today. So we look forward to it. I expect it will take some time, and we'll keep you posted as that gets closer to being finalized.

我們正在尋找下一位偉大的首席營運官，我們已經對一群令人難以置信的候選人進行了審查、交談和考慮。我們將花時間進行這項搜尋。這對公司來說是一個關鍵職位。我們希望聘請具有深厚營運專業知識的人，他將幫助我們繼續我們今天分享的策略計畫。所以我們很期待。我預計這需要一些時間，當接近最終確定時，我們會及時通知您。

Our next question comes from Anisha Datt with Jeffrey Bernstein.

我們的下一個問題來自阿尼莎·達特和傑弗裡·伯恩斯坦。

Sorry, that's for Jeffrey Bernstein at Barclays. This is Anisha on for him. Thanks for the initial unit growth guidance. Conceptually, how do you think about balancing sales and returns in a challenging macro? And is there any change in your desire over time to focus on big cities and major metros, presumably suburbs and drive-thrus being more relevant?

抱歉，這是巴克萊銀行的 Jeffrey Bernstein 的演講。這是阿尼莎為他做的。感謝您最初的單位增長指導。從概念上講，您如何看待在充滿挑戰的宏觀環境中平衡銷售和回報？隨著時間的推移，您對關注大城市和主要大都市（可能是郊區和得來速更相關）的願望是否有任何變化？

Yes. All of the above. I mean if you look at the last couple of years, that's exactly what we've done. We do certainly believe in urban centers, and we'll continue to grow Shacks there as we have. But the majority of our growth is coming outside of traditional urban centers, suburbs and some level of drive-thrus, and we'll keep you posted on that. But we think 40 is a great number of company operated next year. I think that really balances us out similar to this year, keeps a strong class. We opened almost 80 restaurants this year totally worldwide.

是的。上述所有的。我的意思是，如果你看看過去幾年，我們就是這麼做的。我們當然相信城市中心，我們將繼續在那裡發展棚屋。但我們的成長大部分來自傳統的城市中心、郊區和一定程度的汽車餐廳之外，我們會隨時向您通報這種情況。但我們認為明年營運的公司數量為 40 家，已經是一個很大的數字了。我認為這確實讓我們保持了平衡，就像今年一樣，保持了一個強大的班級。今年我們在全球開設了近 80 家餐廳。

That's a pretty strong unit growth. And we expect to be similar in that mid-teens unit growth next year, and we think that's right. As we also spend time to continue to refine the cost to build our profitability and this uncertain sales environment as we head into the next year, we think that's a really good number to appropriately focus the company on, continuing to be a growth company while getting more and more profitable.

這是一個相當強勁的單位成長。我們預計明年的單位成長率將達到類似的水平，我們認為這是正確的。由於我們也花時間繼續優化成本以建立我們的盈利能力，並在進入明年時應對這種不確定的銷售環境，我們認為這是一個非常好的數字，可以適當地關注公司，繼續成為成長型公司，同時獲得越來越有利可圖。

Our next question comes 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。

Just a quick follow-up. Katie, on the 4Q revenue guidance, could you be a little more specific just on what you layered in from a seasonality perspective? I'm just curious what you consider "normal seasonality" and also what you've layered in as it relates to your NSO sales performance. I think that's outperformed your expectations this year, but correct me if I'm wrong there. Any help on those 2 would be great.

只是快速跟進。凱蒂（Katie），關於第四季度的收入指導，您能否從季節性角度更具體地說明您的分層內容？我只是好奇您認為「正常季節性」是什麼，以及您所分層的內容，因為它與您的 NSO 銷售業績相關。我認為今年的表現超出了您的預期，但如果我錯了，請糾正我。對這兩個問題的任何幫助都會很棒。

Yes, sure. So October, better than historical seasonality. In our guidance is kind of a return to more normal seasonality kind of with where we would have been in October, kind of without that big boost at the low end and then carrying through some of the recent momentum towards the high end but assuming normal seasonality.

是的，當然。所以十月，比歷史季節性好。在我們的指引中，是一種回歸到更正常的季節性的情況，就像我們在10 月份那樣，在低端沒有大幅推動的情況下，然後將近期的一些勢頭推向高端，但假設正常的季節性。

There's some puts and takes there on the non-comp side that I think are important to just reiterate. So first of all, on development, we're going to have -- we're expecting to have a little bit more of a back-end-weighted opening schedule in the fourth quarter. So that will skew some of the contribution from new Shack openings in the quarter versus if you were to assume kind of a midpoint opening.

我認為在非補償方面有一些看跌期權和採取的觀點值得重申。首先，在開發方面，我們預計第四季會有更多後端加權的開放時間表。因此，與假設中點開業相比，本季新開的 Shack 的貢獻會有所偏差。

And then the second point is we had 22 NSOs in the fourth quarter of last year, and they opened up very strong. And those sales have settled to good levels, but that will continue to also be something to think about as you're modeling for the fourth quarter.

第二點是去年第四季我們有 22 個國家統計局，而且它們的開放勢頭非常強勁。這些銷售額已經穩定在良好的水平，但這也將繼續成為您在第四季度建模時需要考慮的問題。

There are no further questions at this time. I would like to turn the floor back over to management for closing comments.

目前沒有其他問題。我想將發言權交還給管理層以徵求結束意見。

Thanks, everybody. Really appreciate you taking the time, especially in this busy week. I know everybody's got a lot going on. So thanks so much, and we look forward to seeing you in the Shacks soon. Take care.

謝謝大家。非常感謝您抽出時間，尤其是在這忙碌的一周。我知道每個人都有很多事情要做。非常感謝，我們期待很快在 Shacks 見到您。小心。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。