Shake Shack Inc (SHAK) 2023 Q4 法說會逐字稿

Greetings and welcome to the Shake Shack's fourth-quarter 2023 earnings call.

歡迎參加 Shake Shack 2023 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（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 your host, Michael Oriolo, Senior Financial Planning and Analysis, Investor Relations.

現在我很高興向您介紹主持人邁克爾·奧裡奧洛 (Michael Oriolo)，他是投資者關係部門的高級財務規劃和分析員。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

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

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 Katie Fogertey。

During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance.

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。

The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

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。

Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our shareholder letter.

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, and our other filings with the SEC, including our Form 8-K filed this morning.

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 表格年度報告以及我們向SEC 提交的其他文件中討論的風險和不確定性，包括我們今天早上提交的 8-K 表格。

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.

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。

By now, you should have access to our fourth-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 2023 年第四季的股東信函，您可以在 Investor.shakeshack.com 的季度業績部分找到該信函，也可以將其作為本季度 8-K 的附件。

We filed an 8-K this morning related to a correction the company identified and brought to its auditors, primarily regarding how the company has accounted for elements of tax depreciation.

今天早上，我們提交了一份 8-K 報告，涉及該公司確定並提交給審計師的更正，主要涉及該公司如何核算稅收折舊要素。

These errors led to overstatement of income tax expense and understatement of deferred tax assets during the impacted periods.

這些錯誤導致受影響期間高估了所得稅費用並低估了遞延稅資產。

The unaudited amount of the overstatement of prior year non-cash GAAP income tax expense for fiscal 2021 and 2022, as well as an opening adjustment to the retained earnings balance in fiscal 2021. that is related to prior periods to 2021 can be found in the 9-K.

2021 財年及 2022 財年非現金 GAAP 所得稅費用的未經審計誇大金額，以及與 2021 財年之前期間相關的 2021 財年留存收益餘額的期初調整，可在9-K。

We will provide additional details in our upcoming 10-K filing, which we expect to be filed on time.

我們將在即將提交的 10-K 文件中提供更多詳細信息，我們預計會按時提交。

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.

謝謝麥克，大家早安。

I want to congratulate our teams on an exceptional 2023.

我要祝賀我們的團隊度過了非凡的 2023 年。

This year marked transformative milestones at substantial profitable growth, building upon our already solid foundation for the long-term opportunity ahead.

今年標誌著利潤大幅成長的變革性里程碑，為我們未來的長期機會奠定了堅實的基礎。

We grew system-wide sales by 24% year over year to a record $1.7 billion.

我們的全系統銷售額年增 24%，達到創紀錄的 17 億美元。

We opened 85 total restaurants, the most ever in a single year, ending 2023 with 518 Shake Shacks across the world.

截至 2023 年，我們總共開設了 85 家餐廳，創歷史新高，在全球開設了 518 家 Shake Shacks。

We grew Shack sales by 20% to over $1 billion with 4.4% same Shack sales growth and a strong class of 41 domestic company-operated restaurants.

我們的 Shack 銷售額成長了 20%，超過 10 億美元，Shack 銷售額成長了 4.4%，並且擁有 41 家國內公司經營的餐廳。

In just the past four years, we've nearly doubled our footprint, system-wide sales, and total revenue, and we have a robust pipeline of opportunities, going forward.

在過去的四年裡，我們的足跡、全系統銷售額和總收入幾乎增加了一倍，我們擁有大量的機遇，不斷向前發展。

Importantly, we grew our Shack-level operating profit even faster than our total revenue, expanding restaurant margin by 240 basis points year over year to nearly 20%, growing Shack-level operating profit by 37% year over year.

重要的是，我們的 Shack 級營業利潤成長速度甚至比總收入還要快，餐廳利潤率年增 240 個基點，達到近 20%，Shack 級營業利潤同比增長 37%。

With this and 110 basis points of leverage in our G&A, excluding one-time adjustments, we delivered over 80% improvement in our adjusted EBITDA to $131.8 million.

憑藉這一槓桿以及 G&A 中 110 個基點的槓桿（不包括一次性調整），我們的調整後 EBITDA 提高了 80% 以上，達到 1.318 億美元。

We ended 2023 with strong momentum in the fourth quarter with our marketing strategies delivering positive traffic and our operational focus achieving further margin expansion.

2023 年，我們在第四季度取得了強勁的勢頭，我們的行銷策略帶來了積極的流量，我們的營運重點實現了利潤率的進一步擴大。

We executed our five strategic priorities for 2023.

我們執行了 2023 年的五項策略重點。

And I want to wrap up how we perform for the year across each of these priorities.

我想總結一下我們今年在每個優先事項上的表現。

First, recruiting, rewarding, and retaining a winning team.

首先，招募、獎勵和留住一支獲勝的團隊。

At the beginning of 2023, staffing pressures were material, were negatively impacting sales, profit, guest experience.

2023 年初，人員配備壓力很大，對銷售、利潤和賓客體驗產生了負面影響。

But throughout the year, we improved staffing retention to the best levels we've seen in years, which had a direct tie to our stronger labor and restaurant-level margin performance.

但在這一年中，我們將員工留任率提高到了多年來的最佳水平，這與我們更強勁的勞動力和餐廳利潤表現直接相關。

Second, we focused on the guest experience.

其次，我們注重賓客體驗。

We rolled out kiosks nearly all our domestic company-operated Shacks, a full quarter ahead of expectations.

我們在幾乎所有國內公司營運的棚屋中都推出了自助服務終端，比預期提前了整整一個季​​度。

We're seeing a high single-digit check lift on kiosk channel versus the traditional cashier experience.

與傳統收銀台體驗相比，我們發現自助服務終端頻道的支票提升幅度高達個位數。

We also made material improvements to how our guests can order through this channel.

我們也對客人透過此管道訂購的方式進行了重大改進。

We advanced our commitment to culinary innovation, a competitive strength of Shake Shack, with improvements to our core menu as well as exciting LTOs, including White Truffle Burgers, top-selling Spicy Fries, and a return of Bourbon Bacon Jam. We also forwarded learnings towards future strategies as we are testing combo meals for the first time at drive throughs and looking to increase dessert occasion through mini shake and sundae tests.

我們透過改進核心菜單以及令人興奮的 LTO（包括白松露漢堡、最暢銷的辣薯條和波本培根果醬的回歸），推進了對烹飪創新的承諾，這也是 Shake Shack 的競爭優勢。我們也向未來的策略轉發了經驗教訓，因為我們首次在得來速餐廳測試組合餐，並希望透過迷你奶昔和聖代測試來增加甜點的機會。

Number three, with a targeted development strategy this year, we opened 85 Shacks across the globe in 2023, including 18 domestic drive throughs and our first international licensed drive throughs in Mexico and Dubai.

第三，根據今年的目標發展策略，我們將於 2023 年在全球開設 85 家 Shacks，其中包括 18 家國內得來速餐廳以及我們在墨西哥和杜拜的首個國際授權得來速餐廳。

We launched in two new markets in the Bahamas and Bangkok.

我們在巴哈馬和曼谷這兩個新市場推出了產品。

The Bahamas also being a new format, our first-ever hotel resort Shack with a full bar.

巴哈馬也是一種新的形式，我們的第一個酒店度假村小屋設有一個完整的酒吧。

We built a solid foundation in development with prototype site designs that will help us reduce our build costs in coming years.

我們透過原型網站設計為開發奠定了堅實的基礎，這將幫助我們降低未來幾年的建造成本。

And we know we have a lot more work to do here, especially on build costs and pre-opening, where we believe 2023 was the high watermark.

我們知道我們還有很多工作要做，特別是在建設成本和開業前，我們認為 2023 年是最高水準。

Last year, we demonstrated meaningful improvement in restaurant profit margins.

去年，我們的餐廳利潤率顯著提高。

We showed leverage across every Shack-level operating expense line item and drove 240 basis points of expansion for the year to nearly 20%.

我們在每個 Shack 級別的營運費用項目中都發揮了槓桿作用，並推動全年擴張 240 個基點，達到近 20%。

Importantly, we have line of sight to further margin expansion this year in 2024.

重要的是，我們預計今年的利潤率將在 2024 年進一步擴大。

And finally, number five, our commitment to investing with discipline.

最後，第五點是我們對嚴格投資的承諾。

We leveraged G&A excluding onetime adjustments of 110 basis points, and we grew adjusted EBITDA by over 80% to nearly $132 million.

我們利用一般及行政費用（不包括 110 個基點的一次性調整），調整後的 EBITDA 成長了 80% 以上，達到近 1.32 億美元。

I'm pleased with our progress in 2023, and our teams are energized and building for what's ahead.

我對 2023 年我們的進展感到滿意，我們的團隊充滿活力，正在為未來而努力。

Our leadership team has developed our 2024 strategic priorities to drive further profitable growth at Shake Shack with a clear line of sight to generating free cash flow, even while investing for a robust pipeline of growth.

我們的領導團隊制定了 2024 年策略重點，以推動 Shake Shack 進一步實現獲利成長，並明確目標是產生自由現金流，同時投資於強勁的成長管道。

Our entire leadership team and the Board are fully engaged, committed, and incentivized to continue execution in 2024.

我們的整個領導團隊和董事會都充分參與、致力於並激勵在 2024 年繼續執行。

So today, I want to go a bit deeper on our new strategic priorities for this year.

因此，今天，我想更深入地討論我們今年的新戰略重點。

First, we're committing to delivering a consistent guest experience.

首先，我們致力於提供一致的賓客體驗。

Shake Shack has always been differentiated from traditional fast food and fast casual in our food quality, in the look and feel of our Shacks, and in the enlightened hospitality we provide our guests.

Shake Shack 與傳統快餐和休閒快餐的區別在於我們的食品品質、Shacks 的外觀和感覺，以及我們為客人提供的開明招待。

In 2024, we are committed to delivering a great guest experience consistently across all channels.

2024 年，我們致力於在所有管道上持續提供卓越的賓客體驗。

We have core KPIs for ops leadership.

我們有營運領導力的核心 KPI。

For the first time., we're targeting throughput improvement by reducing guest order times by roughly 30 seconds and even more in our drive-through locations.

我們第一次以提高吞吐量為目標，將客人的點餐時間減少約 30 秒，在我們的得來速餐廳甚至更多。

We'll achieve this through new kitchen flows that will roll out through the year, increased real-time reporting, new training, urgency, and goal focus, while continuing to cook to order at the highest-level quality in the burger industry.

我們將透過全年推出的新廚房流程、增加即時報告、新培訓、緊迫感和目標重點來實現這一目標，同時繼續以漢堡行業最高水平的品質按訂單烹飪。

We believe this can grow sales, energize our teams, and improve guest sentiment.

我們相信這可以增加銷售額、激勵我們的團隊並改善賓客情緒。

Second, our plan this year to grow sales and strengthen our brand awareness.

其次，我們今年計劃增加銷售量並加強我們的品牌知名度。

Shake Shack continues to build upon our global brand appeal.

Shake Shack 繼續增強我們的全球品牌吸引力。

We've nearly doubled our footprint since '19, but we believe we're still early in our growth journey at just a small fraction of the scale that our competitors have.

自 19 年以來，我們的足跡幾乎增加了一倍，但我們相信，我們仍處於成長之旅的早期階段，規模僅為競爭對手的一小部分。

And yet we know that we still have a massive opportunity to increase our brand awareness.

但我們知道，我們仍然有巨大的機會來提高我們的品牌知名度。

As we scale, we're leaning into new and expanded marketing, brand partnerships, and additional spending opportunities that are demonstrating success.

隨著我們的規模擴大，我們正在轉向新的和擴大的行銷、品牌合作夥伴關係以及正在證明成功的額外消費機會。

Our advertising spend, at roughly 1% of sales, is a fraction of many of our peers.

我們的廣告支出約佔銷售額的 1%，與許多同業相比只是一小部分。

We know we can and will invest with success here, moving forward.

我們知道我們能夠並且將會在這裡投資並取得成功，並繼續前進。

As we've improved our overall profitability, increased our scale, we are able to unlock additional funds for advertising this year, and we'll do so with data-driven discipline.

隨著我們整體獲利能力的提高、規模的擴大，我們今年能夠釋放更多的廣告資金，並且我們將按照數據驅動的原則來實現這一目標。

On development, plan to open approximately 40 company-operated Shacks and approximately 40 licensed Shacks this year in '24.

在開發方面，計劃在今年 2024 年開設約 40 家公司營運的 Shack 和約 40 個獲得許可的 Shack。

Expanding our footprint is key to driving sales and strengthening our brand awareness.

擴大我們的足跡是推動銷售和增強品牌知名度的關鍵。

In 2024, the majority of our company-operated openings will be in existing markets across a variety of formats.

到 2024 年，我們公司營運的大部分職缺將以多種形式出現在現有市場。

We'll also be continuing our licensed Shack development by going deeper in domestic airports, roads sides, and deepening international expansion into new and existing markets.

我們也將繼續深入國內機場、道路兩側，並深化新市場和現有市場的國際擴張，繼續我們的許可 Shack 開發。

Third, we're going to make Shake Shack more profitable.

第三，我們要讓 Shake Shack 獲利更多。

In 2023, we improved restaurant-level margins by 240 basis points to approximately 20%.

2023 年，我們將餐廳利潤率提高了 240 個基點，達到約 20%。

We plan to further margin expansion in 2024 with our next goal of reaching 20% to 21% Shack-level operating profit margin, continuing our work to close the gap to our pre-COVID profitability levels.

我們計劃在 2024 年進一步擴大利潤率，下一個目標是達到 Shack 水準的 20% 至 21% 營業利潤率，繼續努力縮小與新冠疫情前獲利水準的差距。

Katie will share more, but our main strategy is on improving forward margins and lowering total cost to serve involve work on supply chain and operational efficiencies.

凱蒂將分享更多內容，但我們的主要策略是提高遠期利潤和降低總服務成本，涉及供應鏈和營運效率的工作。

Many of these initiatives are things that we identified in prior years, such as increasing the number of suppliers as we scale, optimizing our freight, and improvements in labor scheduling and deployment.

其中許多措施是我們在前幾年確定的，例如隨著我們規模的擴大而增加供應商的數量、優化我們的貨運以及改善勞動力調度和部署。

We've also engaged an external consultant to help find additional opportunities.

我們還聘請了一位外部顧問來幫助尋找更多機會。

And we also look to leverage G&A while continuing to invest more in advertising and for the future growth of our business.

我們也希望充分利用一般行政費用，同時繼續增加對廣告和未來業務成長的投資。

Fourth, we're going to continue to improve how we build and open Shacks.

第四，我們將繼續改進 Shacks 的建造和開放方式。

We believe '23 was a high watermark for our build and pre-opening costs as we dealt with inflation, supply challenges, and a higher mix of more capital-intensive drive throughs.

我們認為，23 年是我們的建設和開業前成本的高水位，因為我們必須應對通貨膨脹、供應挑戰以及資本密集型汽車的更高組合。

This year, we prioritized our commitment to reducing average net build and preopening costs by about 10%.

今年，我們優先承諾將平均淨建設和開業前成本降低約 10%。

The team has begun to employ early prototype improvements to future Shacks in the phase one approach, and we'll be doubling down further this year to capture additional savings over time.

團隊已開始在第一階段方法中對未來的 Shacks 進行早期原型改進，今年我們將進一步加倍努力，以隨著時間的推移獲得額外的節省。

Some of this work necessarily caused us to slow down timing of the 2024 pipeline, and that will cause a back-weighted opening schedule this year.

其中一些工作必然會導致我們放慢 2024 年管道的時間安排，這將導致今年的開業時間表出現偏差。

But as that work takes hold, we'll begin to see more impact in 2025 as we roll out improved prototypes and a strong pipeline of Shacks in the years ahead.

但隨著這項工作的開展，我們將在 2025 年開始看到更大的影響，因為我們將在未來幾年推出改進的原型和強大的 Shacks 產品線。

And lastly, we will continue to develop and reward our high-performing teams.

最後，我們將繼續發展和獎勵我們的高績效團隊。

Our people have always been and will always be the core focus.

我們的員工一直是並將永遠是核心焦點。

High-performing teams helped to fuel the success we drove this year and we expect to drive in 2024.

高績效團隊幫助推動了我們今年的成功，並預計在 2024 年取得成功。

Looking ahead, we'll continue to invest in our teams to increase wages, training, opportunities, enhance recruitment with AI-enabled recruiting tools, and retention practices to optimize their experience, and ultimately, drive the business.

展望未來，我們將繼續投資於我們的團隊，以增加工資、培訓、機會，透過人工智慧招聘工具加強招聘，並保留實踐以優化他們的體驗，並最終推動業務發展。

Now I'll turn the call over to Katie to recap more of '23 and provide our initial outlook for 2024.

現在我將把電話轉給 Katie，讓她回顧 23 年的更多內容，並提供我們對 2024 年的初步展望。

Thanks, Randy, and good morning, everyone.

謝謝蘭迪，大家早安。

The past year was a year of solid profitable growth as we drove 240 basis points of Shack-level operating profit margin expansion in the year, building up to approximately 20%, further closing the gap to pre-COVID profitability levels and growing Shack-level operating profit by nearly 40% year over year to a record of $208.2 million.

過去的一年是獲利穩健成長的一年，我們將 Shack 水準的營業利潤率擴大了 240 個基點，達到約 20%，進一步縮小了與新冠疫情前盈利水平的差距，並且 Shack 水平不斷增長。利潤年增近40%，達到創紀錄的2.082 億美元。

We did this by successfully implementing our profitability improvement programs in our restaurant and home office, including better forecasting and labor scheduling and other operational and total cost to serve initiatives.

我們透過在餐廳和家庭辦公室成功實施盈利能力改善計劃來做到這一點，包括更好的預測和勞動力調度以及其他營運和總成本服務計劃。

And with our commitment to investing with discipline, we levered our G&A, excluding one-time adjustments by 110 basis points, while still prioritizing advertising and marketing investments.

憑藉我們對嚴格投資的承諾，我們充分利用了一般管理費用（不包括 110 個基點的一次性調整），同時仍優先考慮廣告和行銷投資。

And we grew adjusted EBITDA by more than 80% year over year to a record of $131.8 million.

調整後 EBITDA 年成長超過 80%，達到創紀錄的 1.318 億美元。

We ended the year on an optimistic note for the fourth quarter, the solid execution against marketing and operational strategies that drove strong sales growth with positive traffic and solid flow-through.

我們以樂觀的第四季度業績結束了這一年，行銷和營運策略的紮實執行推動了銷售的強勁成長，帶來了積極的客流量和穩定的流通量。

And as a result, we were more profitable despite continued inflationary pressures.

因此，儘管通膨壓力持續存在，我們的利潤卻更高了。

Fourth-quarter total revenue was $286.2 million, up 20% year over year, as we opened 24 company-operated and licensed units and grew system-wide sales approximately 21%.

第四季總營收為 2.862 億美元，年增 20%，因為我們開設了 24 個公司營運和授權單位，全系統銷售額成長了約 21%。

Licensing revenue was $10.5 million in the fourth quarter, and licensing sales were $166.4 million, up 24% year over year and with particular strength in our airport and domestic locations and nine openings.

第四季的授權收入為 1,050 萬美元，授權銷售額為 1.664 億美元，年增 24%，尤其是我們的機場和國內地點以及 9 個開業地點。

We faced geopolitical pressures in the Middle East and continued to see macroeconomic pressures in China.

我們在中東面臨地緣政治壓力，在中國持續面臨宏觀經濟壓力。

And in both markets, we expect to experience further volatility in our sales for the foreseeable future.

在可預見的未來，我們預計這兩個市場的銷售額將出現進一步波動。

Shack sales in the fourth quarter were $275.8 million, growing nearly 20% year over year, supported by opening 15 domestic company-operated Shacks and driving strong same-Shack sales with positive traffic through our marketing strategies.

第四季 Shack 銷售額為 2.758 億美元，年成長近 20%，這得益於開設 15 家國內公司營運的 Shack，並透過我們的行銷策略以積極的流量推動強勁的同店銷售。

Our sales outperformed historical seasonality throughout the whole quarter and all of our regions saw sequential traffic improvement since the third quarter.

整個季度我們的銷售表現均優於歷史季節性，自第三季以來，我們所有地區的客流量均出現較上季改善。

We grew same-Shack sales by 2.8% versus 2022, with traffic up 1.4%, which accelerated through the quarter, driven by success of our strategic marketing initiatives as well as approximately 1.4% price mix.

與 2022 年相比，我們的 Same-Shack 銷售額增長了 2.8%，流量增長了 1.4%，在我們戰略營銷計劃的成功以及約 1.4% 的價格組合的推動下，這一增長在整個季度加速。

We generated $76,000 in average weekly sales, up from $74,000 in the third quarter with mid-single digit price and positive traffic across both in-Shack and digital channels.

我們的平均每週銷售額為 76,000 美元，高於第三季的 74,000 美元，價格處於中個位數，並且 Shack 內和數位管道都有積極的流量。

Fourth-quarter Shack-level operating profit was $54.6 million or 19.8% of Shack sales, 80 basis points higher versus last year, despite continued inflationary pressures across our Shack P&L.

儘管我們的 Shack 損益表持續面臨通膨壓力，但第四季度 Shack 層面的營業利潤為 5,460 萬美元，佔 Shack 銷售額的 19.8%，比去年高出 80 個基點。

And we achieved this with our strong sales performance and strategic initiatives on food costs, labor, and other OpEx driving strong flow through.

我們憑藉強勁的銷售業績以及在食品成本、勞動力和其他營運支出方面的策略性舉措，推動了強勁的流量，從而實現了這一目標。

In the fourth quarter, food and paper costs were $80.3 million or 29.1% of Shack sales, flat quarter over quarter and down 40 basis points year over year.

第四季度，食品和紙張成本為 8,030 萬美元，佔 Shack 銷售額的 29.1%，季減 40 個基點。

Food and paper inflation was up mid-single digits year over year, led by beef up mid-teens and price up high-single digit, with pressures broadly across our basket.

食品和紙張通膨年增率中個位數，其中主要是兩位數上漲，價格上漲至高個位數，我們的籃子普遍面臨壓力。

Labor and related expenses were $78.6 million or 28.5% of Shack sales, down from 28.9% in the fourth quarter of 2022 and down 30 basis points quarter over quarter.

勞動力及相關費用為 7,860 萬美元，佔 Shack 銷售額的 28.5%，低於 2022 年第四季的 28.9%，季減 30 個基點。

With increased sales and positive traffic, the benefits from our strategic initiatives, including improved forecasting and labor scheduling, drove strong flow through on our better sales.

隨著銷售額的增加和客流量的增加，我們的策略舉措（包括改進的預測和勞動力調度）帶來的好處推動了我們更好的銷售的強勁流量。

Late in the fourth quarter, we implemented the first round of tests of our new labor modules.

第四季末，我們對新的勞動力模組進行了第一輪測試。

Now as a reminder, this new scheduling standard leverages the unique characteristics of a Shack in terms of channel and menu mix to enhance deployment.

現在提醒一下，這個新的調度標準利用了 Shack 在頻道和選單組合方面的獨特特徵來增強部署。

While takeaways are still early, we are pleased with the initial results from this test and expect to expand it to additional Shacks in the first quarter with the potential to roll out broadly later this year.

雖然結論還為時過早，但我們對測試的初步結果感到滿意，並預計在第一季將其擴展到更多 Shack，並有可能在今年稍後廣泛推廣。

Other operating expenses were $41.1 million or 14.9% of Shack sales, up 30 basis points from the fourth quarter of 2022, as we faced increased repairs and maintenance expenses, a higher delivery sales mix and continued inflationary pressures in energy and utilities.

其他營運費用為 4,110 萬美元，佔 Shack 銷售額的 14.9%，比 2022 年第四季度增長 30 個基點，因為我們面臨維修和保養費用增加、交付銷售組合增加以及能源和公用事業持續的通膨壓力。

Occupancy and related expenses were $21.2 million or 7.7% of Shack sales, down 20 basis points from the fourth quarter of 22, driven by sales leverage.

受銷售槓桿的推動，入住率及相關費用為 2,120 萬美元，佔 Shack 銷售額的 7.7%，較 22 年第四季下降 20 個基點。

G&A was $35.8 million or 12.5% of total revenue.

G&A 為 3,580 萬美元，佔總收入的 12.5%。

Excluding $900,000 in one-time adjustments, G&A was $34.9 million or 12.2% of total revenue, down 130 basis points from 13.5% of total revenue in the prior year, despite continued investments needed to support our growth across technology, marketing, and operations.

儘管需要持續投資來支持我們在技術、行銷和營運方面的成長，但不包括90 萬美元的一次性調整，一般管理費用為3,490 萬美元，佔總收入的12.2%，比前一年佔總收入的13.5% 下降了130 個基點。

We ended 2023 with $125.1 million in G&A, adjusted for legal settlements, professional fees, and other one-time expenses.

截至 2023 年，我們的一般管理費用為 1.251 億美元，根據法律和解、專業費用和其他一次性費用進行了調整。

Preopening costs were $5.1 million in the quarter as we opened 15 new company-operated Shacks and depreciation was $24.5 million.

本季開業前成本為 510 萬美元，因為我們開設了 15 家新的公司營運的棚屋，折舊為 2,450 萬美元。

On a GAAP basis, in the quarter, we reported a pretax income of $1.5 million, net tax benefit of $5.3 million.

以 GAAP 計算，本季我們的稅前收入為 150 萬美元，淨稅收收益為 530 萬美元。

On an adjusted pro forma basis, we reported a pretax income of $2.4 million, net tax expense of $1.4 million.

在調整後的預估基礎上，我們申報的稅前收入為 240 萬美元，淨稅費為 140 萬美元。

Excluding the tax impact of equity-based compensation, our adjusted pro forma tax rate in the fourth quarter was 55%.

剔除股權激勵的稅務影響，我們第四季調整後的備考稅率為55%。

Adjustments can be found on page 30 of the shareholder letter.

調整內容可參考股東信函第 30 頁。

We reported fourth-quarter adjusted EBITDA of $31.4 million, up approximately 60% year over year or 11% of total revenue, marking a significant improvement relative to 8% of total revenue in the fourth quarter of '22.

我們公佈的第四季度調整後 EBITDA 為 3,140 萬美元，年增約 60%，佔總營收的 11%，較 2022 年第四季佔總營收的 8% 顯著改善。

And for the full year of 2023, we grew adjusted EBITDA by over 80% to $131.8 million or 12.1% of total revenue, 400 basis points higher than the prior year.

2023 年全年，我們調整後的 EBITDA 成長了 80% 以上，達到 1.318 億美元，佔總營收的 12.1%，比前一年高出 400 個基點。

We realized a net income attributable to Shake Shack Inc., of $6.8 million or $0.15 per diluted share.

我們實現了 Shake Shack Inc. 的淨利潤為 680 萬美元，即稀釋後每股收益 0.15 美元。

On an adjusted pro forma basis, we reported a net income attributable to Shake Shack Inc., of $1 million or $0.02 per fully exchanged and diluted share.

在調整後的預估基礎上，我們報告了 Shake Shack Inc. 的淨利潤為 100 萬美元，即每股完全交換和稀釋的股票 0.02 美元。

And finally, our balance sheet is strong, as we ended the quarter with $293.2 million in cash and cash equivalents and marketable securities, up approximately $8 million from last quarter.

最後，我們的資產負債表很強勁，本季末我們的現金和現金等價物以及有價證券為 2.932 億美元，比上季度增加了約 800 萬美元。

Now on to guidance for the first quarter and full year of 2024.

現在討論 2024 年第一季和全年的指導。

Our guidance assumes no material changes in the macroeconomic or geopolitical landscape and the potential impact of system-wide sales or costs.

我們的指導假設宏觀經濟或地緣政治格局以及全系統銷售或成本的潛在影響不會發生重大變化。

For the first quarter, we guide total revenue of $288.4 million to $292.8 million with $9.4 million to $9.8 million of licensing revenue, approximately four company-operated openings, approximately two licensed Shack openings, and for same-Shack sales to be up low-single digits year over year.

第一季度，我們預計總收入為2.884 億美元至2.928 億美元，其中許可收入為940 萬美元至980 萬美元，大約有四個公司運營的空缺職位，大約有兩個獲得許可的Shack 空缺職位，而Same-Shack 銷售額將成長至低位年復一年的數字。

January same-Shack sales were flat with an approximate low-single-digit headwind from unfavorable weather as well as pressures from comparing over a particularly strong January 2023 average weekly sales that had a large benefit from a high number of Shacks that we opened in the fourth quarter of 2022.

1 月同款小屋銷售額持平，不利天氣帶來約低個位數的阻力，以及與2023 年1 月特別強勁的平均週銷售額相比帶來的壓力，該銷售額很大程度上受益於我們在2023 年開設的大量小屋。

Outside of weather-impacted weeks though, we saw that the underlying strength of our fourth-quarter trends continued into January.

不過，除了受天氣影響的幾週之外，我們看到第四季趨勢的潛在優勢一直持續到一月份。

And while we're not providing specific numbers around February, our trends have improved from January levels and our guidance reflects this.

雖然我們沒有提供 2 月份左右的具體數字，但我們的趨勢比 1 月份的水平有所改善，我們的指導也反映了這一點。

As we execute on our 2024 strategic plan, we are guiding to first-quarter Shack-level operating profit margin of 19% to 19.5%, representing approximately 70 to 120 basis points improvement year over year.

在執行 2024 年策略計畫時，我們預期第一季 Shack 營運利潤率為 19% 至 19.5%，年增約 70 至 120 個基點。

In the first quarter, we're planning for low-single-digit year-over-year inflation in food and paper costs with pressures led by uncertainty and beef pricing, the largest part of our basket.

在第一季度，我們計劃食品和紙張成本的同比通膨率保持在個位數低水平，不確定性和牛肉價格（我們籃子中最大的部分）帶來的壓力。

For 2024, we are guiding total revenue of $1.21 billion to $1.25 billion, growing about 11% to 15% year over year with approximately 40 company-operated and 40 license openings, both of which are backend weighted and same-Shack sales to grow by low-single digits with low-single-digit realized price.

到2024 年，我們預計總收入將達到12.1 億至12.5 億美元，年增約11% 至15%，約有40 個公司經營的職位和40 個許可職位，這兩個職位都是後端加權的，同一Shack 的銷售額將成長低個位數的實現價格。

Our pricing plans for this year are modest and consistent with our pre-COVID pricing practice patterns of low-single digits.

我們今年的定價計畫是適度的，並且與新冠肺炎疫情前的低個位數定價實踐模式一致。

We recently increased price in our digital channels and plan to take additional menu price in areas with outsized labor inflation such as California.

我們最近提高了數位管道的價格，並計劃在加州等勞動力通膨嚴重的地區提高菜單價格。

But for majority of Shacks, we plan to increase and check menu prices by about 2.5% this year.

但對於大多數 Shacks，我們計劃今年將菜單價格提高約 2.5%，並進行檢查。

We guide full-year license revenue of $45 million to $47 million, up 11% to 15% year over year as we factor in the degree of continued macroeconomic and geopolitical risks.

考慮到持續的宏觀經濟和地緣政治風險的程度，我們預計全年授權收入為 4,500 萬至 4,700 萬美元，年增 11% 至 15%。

The Middle East and China together were approximately 40% of our total license units and comprise a material amount of our 40 projected openings for 2024.

中東和中國合計約占我們許可單位總數的 40%，並且構成了我們預計 2024 年 40 個空缺職位的重要數量。

We're targeting another year of restaurant margin expansion as we guide Shack-level operating profit margins to 20% to 21% as we focus on driving sales and delivering on continued operational improvements.

我們的目標是餐廳利潤率在新一年實現成長，我們將 Shack 級營業利潤率引導至 20% 至 21%，同時我們專注於推動銷售和持續改善營運。

The low end of the guidance range, while nearly flat year over year, contemplates a weaker sales backdrop, a worsening staffing backdrop, and the potential for even more elevated inflationary pressures in beef and other areas of the supply chain.

指導範圍的低端雖然與去年同期幾乎持平，但考慮到銷售背景疲軟、人員配置狀況惡化以及牛肉和供應鏈其他領域的通膨壓力可能進一步升高。

We guide 2024 G&A to $139 million to $142 million, which is up 11% to 14% year over year, driven by a planned large increase in advertising spending to drive greater brand awareness and sales, while still having a disciplined approach to run rate G&A.

我們預計2024 年的一般管理費用為1.39 億至1.42 億美元，年增11% 至14%，這是由於計劃大幅增加廣告支出以提高品牌知名度和銷量，同時仍採用嚴格的管理方法來管理一般管理費用。

We are increasing spend on areas of marketing where we have high visibility in our returns, and we'll continue to closely monitor and adjust accordingly with changes to our business.

我們正在增加在回報可見度較高的行銷領域的支出，並且我們將繼續密切監控並根據業務變化進行相應調整。

We expect approximately $18 million of equity-based compensation expense, with about $17 million in G&A.

我們預計股權薪酬費用約為 1800 萬美元，一般管理費用約為 1700 萬美元。

We guided full-year depreciation of $100 million to $105 million and pre-opening of approximately $17 million, in line with our commitment to reduce pre-opening cost per Shack by at least 10%.

我們指導全年折舊為 1 億至 1.05 億美元，開業前成本約為 1700 萬美元，這符合我們將每個 Shack 開業前成本降低至少 10% 的承諾。

We guided adjusted EBITDA of $160 million to $170 million in fiscal 2024.

我們預計 2024 財年調整後 EBITDA 為 1.6 億至 1.7 億美元。

This represents 21% to 29% growth year over year and solidly outpacing total revenue guidance growth for 11% to 15%.

這意味著年增 21% 至 29%，遠超過總收入指引成長 11% 至 15%。

And finally, we guide for fiscal year '24 adjusted pro forma tax rate, excluding the impact of stock-based compensation, to be 20% to 25%.

最後，我們預期 24 財年調整後的預期稅率（不包括股票薪酬的影響）為 20% 至 25%。

Our overall tax rate will be impacted by a number of factors, including our level of profitability, tax credit, state mix, and other impacts.

我們的整體稅率將受到多種因素的影響，包括我們的獲利水準、稅收抵免、州結構和其他影響。

So thank you for your time.

謝謝您的寶貴時間。

And with that, I'll turn it back to Randy.

說到這裡，我會把它轉回給蘭迪。

Thanks, Katie.

謝謝，凱蒂。

Before we open up the call to Q&A, I do want to give a brief update on behalf of our Board of Directors on the CEO search.

在我們開始問答之前，我確實想代表我們的董事會簡單介紹一下執行長搜尋的最新情況。

We're really fortunate that the role of CEO Shake Shack is among the most exciting and biggest opportunities in the industry today.

我們非常幸運，Shake Shack 執行長的職位是當今業界中最令人興奮和最大的機會之一。

We've had enormous interest.

我們對此產生了極大的興趣。

The Board search committee is pleased with how the search is progressing, and we're on target, we believe, with expectations to transition leadership in the coming months.

董事會遴選委員會對遴選工作的進展感到滿意，我們相信我們已經達到目標，並預計在未來幾個月內完成領導層的過渡。

I also want to announce that today, the company is promoting long-tenured leader, Michael Kark, to President of our global license business.

我還想宣布，今天公司將提拔長期領導者 Michael Kark 擔任我們的全球授權業務總裁。

Michael has been leading our international and domestic license relationships since he joined the company 12 years ago.

自 12 年前加入公司以來，Michael 一直負責領導我們的國際和國內許可關係。

He's led one of the most nimble and innovative teams in the industry and will continue to chart the course for this exciting and critical part of our growth ahead.

他領導著業內最靈活、最具創新性的團隊之一，並將繼續為我們未來成長的這一令人興奮且關鍵的部分制定路線。

Congrats to Michael and to all of our partners around the globe.

恭喜邁克爾和我們在全球的所有合作夥伴。

In the meantime, I remain deeply committed to executing against our strategic priorities to deliver profitable growth in the year ahead and ensure a seamless transition for my successor and the utmost confidence in our seasoned leadership team and never been more optimistic about Shake Shack's potential as we build upon last year's success and enter 2024.

同時，我仍然堅定地致力於執行我們的策略重點，以在未來一年實現盈利增長，確保我的繼任者順利過渡，並對我們經驗豐富的領導團隊充滿信心，並且對Shake Shack 的潛力從未如此樂觀。

With that, operator, thank you, and let's go ahead and open up the call for questions.

接線員，謝謝您，讓我們開始提問。

(Operator Instructions) Brian Vaccaro, Raymond James.

（操作員說明）Brian Vaccaro、Raymond James。

Thank you, and good morning.

謝謝你，早安。

You noted that average weekly sales through the fourth quarter exceeded your normal seasonality and you attributed some of that to your strategic advertising initiatives.

您注意到第四季度的平均每週銷售額超出了正常的季節性，您將其中部分原因歸因於您的策略廣告計劃。

Can you elaborate on the levers that you're pulling there?

您能詳細說明一下您在那裡拉動的槓桿嗎？

Is that mainly focused on markets with lower awareness and kind of any way to frame what percentage of your units you would classify as lower awareness and the sales improvement you're seeing behind some of those initiatives?

這是否主要集中在認知度較低的市場，以及是否有什麼方法可以確定您將哪些單位劃分為認知度較低的市場以及您在其中一些舉措背後看到的銷售改善？

Thanks, Brian.

謝謝，布萊恩。

Yeah.

是的。

I mean, listen, first of all, I want to come back to the point I made overall.

我的意思是，聽著，首先，我想回到我總體上提出的觀點。

We have big opportunity here to continue to expand this as we scale.

隨著我們規模的擴大，我們有很大的機會繼續擴大這個範圍。

I think it's important to continue to name -- listen, we're not big enough yet to capture the scale that we love to have a Super Bowl commercial someday, right?

我認為繼續命名很重要 - 聽著，我們還不夠大，無法達到我們喜歡的超級盃廣告有一天的規模，對嗎？

We're just not there yet, but there will be a day where that can happen.

我們只是還沒有做到這一點，但總有一天會發生。

Today, we've got a test and learn into the strategies that we are getting a strong return on.

今天，我們進行了測試並了解了我們正在獲得豐厚回報的策略。

So when you think about what we've done, we started talking about this last quarter and do some of this in the third quarter.

因此，當你想到我們所做的事情時，我們開始談論上個季度的問題，並在第三季度做了一些工作。

We did a bunch in the fourth, and we'll continue to do that.

我們在第四節做了很多，我們將繼續這樣做。

Lots of things happening.

很多事情發生。

There's a few lower brand awareness markets where we did employ various media tests.

我們確實在一些品牌知名度較低的市場進行了各種媒體測試。

Most of what we're doing is increasing our one-to-one performance marketing efforts that we're getting smarter every day.

我們所做的大部分工作是增加一對一的效果行銷工作，我們每天都在變得更聰明。

We used Braze on some of our marketing efforts there.

我們在那裡的一些行銷工作中使用了 Braze。

We're just getting a better connection directly to our guests.

我們只是與客人建立更好的直接聯繫。

We're doing various really fun brand partnerships, things like our partnership with Trolls, the movie, in the fourth quarter and other things that continue on down the line that we use our culinary template to do.

我們正在做各種非常有趣的品牌合作關係，例如我們在第四季度與電影《魔髮精靈》的合作關係，以及我們使用我們的烹飪模板所​​做的其他事情。

We also are doing things in our own channels.

我們也在自己的管道做事情。

If you saw, we did a fun promotion with a chicken dance.

如果你看到了，我們做了一個有趣的雞舞促銷活動。

So if anybody in the NFL did chicken dance, we were going to do free Chicken Shacks in our app.

因此，如果 NFL 中有人跳小雞舞，我們將在我們的應用程式中免費提供 Chicken Shacks。

So that and a couple of others like that drove a lot of traffic to our channels, which really like.

因此，這個和其他一些類似的內容為我們的頻道帶來了大量流量，這真的很喜歡。

We also do things with third-party DSPs from time to time to promote those channels where we see a good return.

我們也會不時與第三方 DSP 合作，以推廣那些我們認為回報豐厚的管道。

So all kinds of different things.

所以各種不同的事情。

Right now, for instance, we're doing Free Fridays, right, through about a six-, seven-week period in this time of year.

例如，現在我們正在做免費星期五，對吧，每年這個時候大約有六、七週的時間。

That captures -- what we love about that is it captures our guests, it drives frequency, it helps lapsed guests in the app go for an order, and within all that, my final point is we've been really happy to see that these things not only accretive to sales but also to profit.

我們喜歡的一點是，它可以吸引我們的客人，提高頻率，幫助應用程式中流失的客人下訂單，在這一切之中，我的最後一點是，我們非常高興看到這些事情不僅可以增加銷售，還可以增加利潤。

When we do things like that, we're not seeing -- we're not doing them to lose profit.

當我們做這樣的事情時，我們並沒有看到——我們這樣做並不是為了損失利潤。

We're doing them with positive profit gains.

我們這樣做並帶來了積極的利潤收益。

So really happy to see it.

很高興看到它。

And I think the main point we want to take away is as we increase that to some extent this year, we'll keep testing and learning new strategies in all kinds of markets to see where it hits best.

我認為我們想要傳達的要點是，隨著今年我們在一定程度上增加這一點，我們將繼續在各種市場中測試和學習新策略，看看它在哪裡效果最好。

So we've got a lot of opportunity ahead and the marketing team is set up to fire a lot this year.

因此，我們未來有很多機會，行銷團隊今年也將進行大量裁員。

All right.

好的。

That's great.

那太棒了。

And sorry if I missed it, but Katie, can you level set where was advertising spend in 2023?

如果我錯過了，抱歉，但凱蒂，你能確定 2023 年的廣告支出在哪裡嗎？

And what's embedded in your guidance -- kind of ballparking, what's in guidance and advertising for 2024?

你們的指導包含了哪些內容──大致而言，2024 年的指導和廣告包含哪些內容？

Yeah, so you're going to get that 2023 number in the 10-K, so I don't want to front run that.

是的，所以你會在 10-K 比賽中得到 2023 年的號碼，所以我不想領先。

But what I will say that our guidance assumes a material step up in our underlying G&A or advertising spend.

但我要說的是，我們的指導假設我們的基本管理費用或廣告支出大幅增加。

And what's really important is that taking out that increase in advertising, we are showing continued discipline and leverage on our underlying run rate G&A.

真正重要的是，除去廣告的增加，我們對我們的基本運行率 G&A 表現出持續的紀律和槓桿作用。

So it's been great to be able to see -- drive increased profitability here and also be able to unlock that really powerful source of funds to help drive the future growth of the company.

因此，很高興能夠看到——推動獲利能力的提高，並能夠釋放真正強大的資金來源，幫助推動公司未來的成長。

Great.

偉大的。

And if I could just ask one quick follow-up on the topic of throughput, obviously, the time to get your food and average ticket times is really important to the guest experience and being consistent on that metric.

如果我能就吞吐量這個主題進行快速跟進，顯然，獲取食物的時間和平均門票時間對於客人體驗和在該指標上保持一致非常重要。

I think you said you're looking -- you're targeting a 30-second improvement, with even more in the drive-through.

我想你說過你正在尋找——你的目標是改進 30 秒，在駕車通過時甚至更多。

But can you level set what your average ticket time is today?

但是您可以設定今天的平均出票時間嗎？

Any perspective on how that's trended over time or perhaps how variable across the country just to help us frame the opportunity on that?

對於隨著時間的推移，這種趨勢如何變化，或者全國範圍內的變化有多大，有什麼看法可以幫助我們抓住這個機會嗎？

Thank you.

謝謝。

We haven't really released specific numbers on that.

我們還沒有真正發布這方面的具體數字。

We've generally said over time that's been six- to eight-minute ticket time as we cook fresh order over time.

我們通常會說，隨著時間的推移，當我們隨著時間的推移烹飪新鮮的訂單時，售票時間是六到八分鐘。

It's really not a regional question; it's more of a volume question.

這確實不是一個地區問題；而是一個地區問題。這更多是一個數量問題。

Obviously, when you're busier, sometimes those times extend.

顯然，當你更忙時，有時這些時間會延長。

Our goal for this year is consistency and continue to just improve and be relied upon better for what our guests can expect.

我們今年的目標是保持一致性，並繼續改進並更好地滿足客人的期望。

So that's the goal we've set out there.

這就是我們設定的目標。

Ambitious target for our teams to knock 30 seconds off the average order over the course of this year.

我們團隊的雄心勃勃的目標是在今年將平均順序縮短 30 秒。

That's going to take time.

這需要時間。

It's not tomorrow.

這不是明天。

This will be through the year as we go and as we kind of exit the year.

這將貫穿這一年，就像我們即將結束的這一年一樣。

That's really been our

這確實是我們的

[bogey].

[柏忌]。

Thank you.

謝謝。

And if as we go, if you can keep your (multiple speakers) Operator, the questions to one because we have a lot of people on the line.

如果按照我們的方式進行，如果您可以保留您的（多個發言者）接線員，那麼問題就交給一位接線員，因為我們有很多人在線上。

So thank you.

所以謝謝你。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

I was actually really excited to hear about the initiatives on throughput.

事實上，我很高興聽到有關吞吐量的舉措。

I'm one of people who would love to get through the line faster, so I definitely appreciate that.

我是希望更快完成排隊的人之一，所以我非常感激。

I'm sure you have a lot of unmet demand.

我相信您還有很多未滿足的需求。

Can you talk about the labor modules that you tested, I think, at a few locations in the fourth quarter?

您能談談您在第四季度在幾個地點測試的勞動力模組嗎？

And is that the same as what you're talking about with new kitchen flows and the timing of real-time reporting and what that kind of looks like at the unit level?

這與您所說的新廚房流程和即時報告的時間安排以及單位層級的情況相同嗎？

Thanks.

謝謝。

Sure, So I'll flip this one with Randy, but on the labor module side, these are two different things.

當然，所以我會和蘭迪翻轉這個，但在勞動力模組方面，這是兩件不同的事情。

How we flow through to our kitchens is very different than how we're thinking about being a better and more bespoke deployment.

我們進入廚房的方式與我們考慮更好、更客製化的部署的方式非常不同。

Over the course of Shake Shack's history, as I'm sure you've followed, we've evolved.

在 Shake Shack 的歷史進程中，我相信您已經了解了，我們一直在不斷發展。

We've added more channels.

我們添加了更多頻道。

Our menu has changed.

我們的菜單已更改。

And as we've grown across the country, there are just Shacks with different characteristics than others.

隨著我們在全國範圍內的發展，只有一些棚屋具有與其他棚屋不同的特徵。

And so especially with the kiosk rollout that we did last year, we thought it was the right time to revisit with time in motion studies and the great data that the team has built up here, a really bespoke per Shack staffing and deployment module.

因此，特別是我們去年推出的資訊亭，我們認為現在是重新審視運動時間研究和團隊在這裡建立的大量數據的最佳時機，這是每個 Shack 人員配置和部署模組真正客製化的。

And we did the first round of this test late last year.

我們在去年年底進行了第一輪測試。

We're really encouraged by the results there.

我們對那裡的結果感到非常鼓舞。

We talked about rolling out to more Shacks this year.

我們討論了今年推出更多 Shacks。

It's important to note, none of that is actually embedded in our guidance for 2024 Shack-level operating profit margin improvement.

值得注意的是，我們對 2024 年 Shack 級營業利潤率改善的指導中實際上並沒有包含這些內容。

So it's something that we're still rolling out here.

所以我們仍然在這裡推出它。

And what I would say to you is that it's not just about reducing the number of people in the Shack, it's actually about rightsizing the deployment we have there.

我要對你們說的是，這不僅僅是為了減少 Shack 中的人數，實際上是為了調整我們在那裡的部署規模。

So there are some areas where we feel it's appropriate at certain times of the day to add more people.

因此，在某些領域，我們認為在一天中的某些時間添加更多人員是合適的。

And we think that that's important for our ability to execute a great guest experience and capitalize on the opportunity there and by different formats.

我們認為，這對於我們提供出色的賓客體驗並利用不同形式的機會的能力非常重要。

But Randy, do you want to take the

但是蘭迪，你想接受嗎？

--?

——？

Yeah.

是的。

Just on the kitchen flow, just to be more specific, this is something -- this is going to always evolve forever, right?

就廚房流程而言，更具體地說，這將永遠不斷發展，對吧？

I mean, this is -- every restaurant, every day continuing trying to figure out the best way to move food but can remain -- keep integrity in how we cook our food.

我的意思是，每家餐廳每天都在繼續努力找出移動食物的最佳方式，但可以保持我們烹飪食物的完整性。

What we've been working on really for the better part of the last 1.5 year is testing various different flows that can help that same great food move through the kitchen in a more organized way that saves time.

在過去 1.5 年的大部分時間裡，我們一直致力於測試各種不同的流程，這些流程可以幫助同樣美味的食物以更有條理的方式穿過廚房，從而節省時間。

And that's what we're working on.

這就是我們正在努力的方向。

And that will take the small percentage of our restaurants doing that today.

今天，我們只有一小部分餐廳會這樣做。

And most of our new restaurants will open with our linear kitchen that changes that flow.

我們的大多數新餐廳都將配備線性廚房，從而改變這種流程。

Some of our existing restaurants will convert, but it's more about just how we move the food.

我們現有的一些餐廳將會轉型，但更多的是我們如何運送食物。

And it's not really about renovations and all, any other major costly thing.

這並不是真正的裝修和其他任何重大昂貴的事情。

It's really just about a different flow of food.

這其實只是食物流動的不同而已。

So we've got a lot of work to do on that among other things and that's in the works.

因此，我們在這方面還有很多工作要做，而且正在進行中。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Hey.

嘿。

Thank you.

謝謝。

Just a question on the drive throughs, could you just speak to how those are doing in general?

只是一個關於得來速的問題，你能談談這些人的整體狀況嗎？

Understanding there have been some learnings, maybe some locations you might have done differently in certain instances, just looking to understand your degree of optimism about drive throughs overall, and if you think they have a solid long-term future at Shake Shack.

了解已經有一些經驗教訓，也許在某些情況下您可能在某些地點採取了不同的做法，只是想了解您對整體駕車穿越的樂觀程度，以及您是否認為他們在Shake Shack 擁有堅實的長期未來。

Any thoughts would be great.

任何想法都會很棒。

Yeah, thanks.

是的，謝謝。

The answer for the long-term future is you bet.

長期未來的答案是你敢打賭。

We're big believers in it.

我們對此深信不疑。

I think in order to capture market share, continue to hit our major growth goals and hit the white space that this country has, we want to make drive through work.

我認為，為了佔領市場份額，繼續實現我們的主要成長目標並開拓這個國家的空白空間，我們希望透過工作實現駕車。

We know we've had lots of things that we've learned.

我們知道我們已經學到了很多。

We have about 30 right now.

我們現在大約有 30 個。

We opened 18 last year.

去年我們開了18家。

We'll have a smaller percentage of the class in 2024, but still a significant commitment this year and the years ahead.

到 2024 年，我們的班級比例將會減少，但今年和未來幾年仍然是一項重大承諾。

So we continue to learn.

所以我們繼續學習。

As I said in previous conversations about drive through, we've got some that below our targets, some that are above, right around -- lots in the middle.

正如我在之前關於駕車穿過的談話中所說的那樣，我們有一些低於我們的目標，一些高於我們的目標，一些就在中間——很多在中間。

And I think what we're learning is best positioning, best real estate, best flow.

我認為我們正在學習的是最佳定位、最佳房地產、最佳流程。

And then you take that into the operational flow and locking in what we believe now our prototype for the coming years will be a little bit smaller, a little bit less seats, and we're taking significant costs out of the cost to build.

然後你將其納入操作流程並鎖定我們現在認為未來幾年我們的原型會更小一點，座位少一點，並且我們正在從建造成本中節省大量成本。

So that's been really the work and the flow, so that over time, we can continue to drive stronger returns here.

這就是真正的工作和流程，這樣隨著時間的推移，我們可以繼續在這裡帶來更強勁的回報。

But really excited about drive through, and we will say we still have a ton to learn and it's all going to continue to roll forward.

但對於開車穿過真的很興奮，我們會說我們還有很多東西需要學習，這一切都將繼續向前推進。

We're excited this year to open some drive throughs in some of our higher brand awareness markets.

我們很高興今年能在一些品牌知名度較高的市場開設一些得來速餐廳。

We've got some in California, we've got some in New York, New Jersey, and that would be exciting for us to learn how that goes and how people choose to use Shake Shack at a drive-through experience.

我們在加州有一些，在紐約和新澤西州也有一些，這對我們來說是令人興奮的，了解情況如何以及人們如何選擇在免下車體驗中使用 Shake Shack。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Okay.

好的。

Thank you very much.

非常感謝。

I just wanted to ask a little bit about how you're thinking about the margin outlook versus the same-store sales?

我只是想問您如何看待利潤前景與同店銷售額的比較？

You've done a lot of work on restaurant-level margins.

您在餐廳層面的利潤方面做了很多工作。

But if I go back and look at the initial guide for this year, restaurant-level margins, I think, was 19% to 20% and comp was low-single to mid-single.

但如果我回頭看今年的初步指南，我認為餐廳層面的利潤率為 19% 到 20%，而薪酬則為低單到中單。

So you came in at the high end of the range for both.

所以你在這兩個方面都處於範圍的高端。

But so is that how we should be thinking about this, which is there are kind of puts and takes?

但是，我們應該如何思考這個問題，即存在某種看跌期權和索取期權？

So even though you have opportunities maybe on the margin side and if you could talk a little bit about what you think the biggest ones are, that would be helpful.

因此，即使你有機會，也許只是邊緣方面，如果你能談談你認為最大的機會是什麼，那會很有幫助。

But we should really be thinking about this as you need a certain amount of comp to lever the expenses.

但我們確實應該考慮這一點，因為您需要一定數量的補償來平衡支出。

Great.

偉大的。

So our guidance for this year is for low-single-digit same-Shack sales growth.

因此，我們今年的指導目標是與 Shack 銷售保持低個位數成長。

We are anticipating to have positive traffic and we're taking -- especially at our -- most of our Shacks, less price, more consistent with what we did in pre-COVID areas -- times.

我們預計會有積極的客流量，而且我們正在採取——尤其是在我們的——我們的——大部分棚屋，價格更低，與我們在新冠疫情之前的地區所做的更加一致——時間。

We're also, at the same time, though -- we talked about having a meaningful step-up in advertising expense, and we'll see how that helps to benefit and impact our comp.

不過，同時，我們也談到了在廣告費用方面進行有意義的增加，我們將看看這如何有助於使我們的公司受益並產生影響。

And we're certainly doing that with strong confidence in what we've seen before historically with that and bringing that up to new levels or meaningfully higher levels.

當然，我們對我們之前所看到的歷史充滿信心，並將其提升到新的水平或有意義的更高水平。

On the point on our restaurant margin guidance for 20% to 21%, we saw, certainly, throughout last year and especially in the fourth quarter, very strong flow-through on these incremental sales.

關於我們對 20% 至 21% 的餐廳利潤指導，我們當然看到，去年全年，特別是第四季度，這些增量銷售的流量非常強勁。

And so we're excited for what's ahead.

因此，我們對未來感到興奮。

We also have a number of initiatives on our operational improvement plan though, through total cost to serve, work that our supply chain team is doing to help offset inflationary pressures.

不過，我們的營運改善計畫也有一些舉措，透過總服務成本，我們的供應鏈團隊正在進行工作來幫助抵銷通膨壓力。

Some of that's in the guidance, but also there's a lot of white space opportunities still available there.

其中一些內容已在指南中，但其中仍存在大量空白機會。

And then on labor, we've been really efficient with the added sales that we've been seeing as a result of our marketing efforts and expect to continue to have opportunity on that side.

然後在勞動力方面，由於我們的行銷努力，我們的銷售額增加了，我們的效率非常高，並希望在這方面繼續有機會。

Michael Tamas, Oppenheimer.

麥可‧塔馬斯，奧本海默。

Hi, good morning.

嗨，早安。

Thank you.

謝謝。

You talked about some interesting sales drivers in the '24, including combo meals and desserts and increasing your marketing spend, obviously.

您談到了 24 世紀一些有趣的銷售驅動因素，顯然包括套餐和甜點以及增加行銷支出。

Can you talk about some of the work you've done that suggest those are the right strategies?

您能談談您所做的一些工作，這些工作表明這些是正確的策略嗎？

Maybe, why now?

也許吧，為什麼是現在？

And then related to that, do you think those platforms are required positive traffic goal you're talking about for '24 or can the core existing strategies get you there?

與此相關的是，您認為這些平台是否需要您所謂的 24 年正向流量目標，或者現有的核心策略能否幫助您實現目標？

Thank you.?

謝謝。

Michael, great question.

邁克爾，好問題。

I think those strategies that I named specifically on the tests of combo meals, sundaes, mini shakes, those are not core to our assumptions at all.

我認為我在組合餐、聖代、迷你奶昔的測試中專門提到的那些策略根本不是我們假設的核心。

And this year would be immaterial at best.

今年充其量也無關緊要。

And what we want to do there, why are we looking at that?

我們想在那裡做什麼，為什麼我們要關注它？

Well, Shake -- say, combo meals, Shake Shack never had a combo meal in the history of the company.

好吧，Shake——比如說，組合餐，Shake Shack 在公司歷史上從未提供過組合餐。

Time will tell if that's the right thing, if that's what our guests want.

時間會證明這是否正確，是否是我們的客人想要的。

What we wanted to do in -- and as part of our drive-through goal is you know that speed is a goal here.

我們想要做的事——作為我們駕車穿越目標的一部分，你知道速度是這裡的一個目標。

We know Shake Shack's not the fastest.

我們知道 Shake Shack 並不是最快的。

And we want to test how people react to that.

我們想測試人們對此有何反應。

And I think the initial news is, well, a lot of people like combo meals at drive through.

我認為最初的消息是，很多人喜歡在汽車餐廳吃套餐。

That shouldn’t be a shocker to anybody in the industry.

對於業內的任何人來說，這都不應該令人震驚。

The question is whether that will be the right thing for us long term.

問題是，從長遠來看，這對我們來說是否是正確的做法。

So we're trying various pricing strategies, various visual and merchandising strategies, and things that do not put us in that fast food category, but still really give that consistency to the guests.

因此，我們正在嘗試各種定價策略、各種視覺和行銷策略，以及那些不會將我們歸類為快餐類別但仍然真正為客人提供一致性的東西。

On our dessert destination goals, look, Shake Shack before COVID had concretes, right?

關於我們的甜點目的地目標，看，在新冠疫情出現混凝土之前，Shake Shack，對吧？

Our frozen custard sundaes, we've continued to hear from guests they want us to continue to have more options.

我們的冷凍蛋奶聖代，我們不斷收到客人的來信，他們希望我們繼續有更多選擇。

And what we're doing there is bringing back sundaes.

我們正在做的就是把聖代帶回來。

We're going to be expanding those tests.

我們將擴大這些測試。

We have mini shakes at a number of Shacks right now.

我們現在在許多棚屋裡都有迷你奶昔。

We'll be expanding that test, but not rolling out to the entire fleet just yet.

我們將擴大該測試，但目前還不會推廣到整個機隊。

These are things we want to tweak, get right, and the whole goal there is, can we increase some of that day part expansion?

這些是我們想要調整、做好的事情，整個目標是，我們可以增加一些當天的部分擴展嗎？

Can we get some more afternoon?

我們可以再多待一個下午嗎？

Can we get a little average Shack?

我們能得到一個普通的小屋嗎？

And how those things work into the digital universe that we live in today?

這些東西如何融入我們今天所處的數位世界？

So I love the new innovation.

所以我喜歡新的創新。

As you know, we're really good at it here.

如您所知，我們在這裡非常擅長。

We got to keep doing it, but we're doing it prudently.

我們必須繼續這樣做，但我們會謹慎行事。

So all in all, the factors in the guide that we gave are really based on what we see as kind of our run rate opportunity, a lot of that increased marketing opportunity, and hopefully, an economy that cooperates and lots of opportunity.

總而言之，我們提供的指南中的因素實際上是基於我們所認為的運行率機會、大量增加的營銷機會，以及希望合作的經濟和大量機會。

Those are the things that -- some will be out of our control.

這些都是我們無法控制的事。

And the things that are, we're going to keep driving the business.

事實上，我們將繼續推動業務發展。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great.

偉大的。

Thank you.

謝謝。

Katie, I just want to better understand the components of the 2024 low-single-digit same-store sales guidance.

凱蒂，我只是想更了解 2024 年低個位數同店銷售指導的組成部分。

This embeds expectations for 2.5% price and positive traffic.

這包含了對 2.5% 價格和積極流量的預期。

So inherently, is mix expected to be negative?

那麼從本質上講，混合預期會是負面的嗎？

I would think with the kiosk efforts and the traction you're seeing there, the high-single-digit boost in ticket that you're seeing, theoretically, that should be a good guy, but is delivery sales embedded to be a continued headwind through '24?

我認為，憑藉售貨亭的努力和你在那裡看到的吸引力，你所看到的門票數量的高個位數增長，從理論上講，這應該是一個好東西，但送貨銷售是否會成為持續的逆風到'24？

Just looking for some more color within the components.

只是在組件中尋找更多的顏色。

Thanks.

謝謝。

Sure.

當然。

So we talked about low-single-digit price that we're expecting for the year.

因此，我們討論了我們預計今年的低個位數價格。

Down traffic, we're goaling ourselves -- we're targeting to have positive traffic.

減少流量，我們的目標是獲得正向的流量。

We've embedded some ranges though on that side in that guide.

我們已經在該指南的那一側嵌入了一些範圍。

And kiosk, overall, I have to say, we're really excited by what it continues to provide for us.

總的來說，我必須說，我們對自助服務終端繼續為我們提供的服務感到非常興奮。

Our sales on kiosk in the fourth quarter doubled year over year, and we implemented some new technology upgrades in that channel to continue to drive increased attach rates and customization.

第四季我們在自助終端上的銷售額比去年同期翻了一番，我們在該通路中實施了一些新技術升級，以繼續推動附加率和客製化的提高。

But we'll have to see how that continues to play out through the rest of the year.

但我們必須看看今年剩餘時間這種情況如何繼續發揮作用。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

On the margin expansion guidance for '24, great to see that, I'm wondering if you can just help us understand what's driving it.

關於 24 年的利潤擴張指導，很高興看到這一點，我想知道您是否可以幫助我們了解推動其發展的因素。

It looks like just COGS, commodity cost inflation being flat to low-single digits and low-single-digit price would be a contributor.

看來只有銷貨成本、大宗商品成本通膨持平至低個位數、低個位數的價格將是一個因素。

So if you can maybe disaggregate the drivers, including what you're proactively doing, some of the supply chain initiatives, labor initiatives, just trying to kind of understand more specifically what your actions are doing to your margin outlook.

因此，如果您可以分解驅動因素，包括您正在積極採取的行動、一些供應鏈計劃、勞工計劃，那麼您只是想更具體地了解您的行動對利潤前景的影響。

Yeah, absolutely.

是的，絕對是。

So first of all, again, really excited to have the strategies in place and the competence here to sit here and guide for 20% to 21% Shack-level operating profit margin for 2024, marking another year of continued profitability improvement.

因此，首先，我再次感到非常興奮，能夠制定適當的策略並有能力坐在這裡指導 2024 年 Shack 水平的營業利潤率達到 20% 至 21%，這標誌著盈利能力持續改善的又一年。

I think when we go through the P&L, on food and paper, we put our inflation outlook to be flat to up low-single digits year over year for the full year.

我認為，當我們查看食品和紙張的損益表時，我們認為全年通膨前景將持平至低個位數。

It's important to note, though, that our initiatives that we're doing on supply chain, whether it's increasing the number of suppliers, optimizing our freight, and other initiatives are driving that to be to the flat to up low-single-digit level.

但值得注意的是，我們在供應鏈上採取的舉措，無論是增加供應商數量、優化貨運或其他舉措，都在推動供應鏈持平至低個位數水準。

We would have been in a worse position, had we not had these operational improvement programs already in place.

如果我們沒有實施這些營運改善計劃，我們的處境可能會更糟。

The one thing I'll caveat there, though, is that beef is the largest uncertainty to that basket, and it's something that we are watching closely.

不過，我要警告的一件事是，牛肉是該籃子中最大的不確定性，這是我們正在密切關注的事情。

On labor, we have been driving very strong flow through as a result of our increased support -- better overall sales forecasting and our better deployment and just really leveraging increased sales and in traffic that we've seen overall at the company.

在勞動力方面，由於我們增加了支持，我們一直在推動非常強勁的流動——更好的整體銷售預測和更好的部署，並且真正利用了我們在公司整體上看到的銷售和流量的增加。

So those are two areas where we really do expect to show continued improvement in 2024, also, both areas where we are facing inflationary pressures.

因此，我們確實預期這兩個領域將在 2024 年持續改善，我們也面臨通膨壓力。

On wages, in particular, we're anticipating a low-single-digit increase, but we all know that there's certain areas of the country that are going up a lot more than that.

特別是在薪資方面，我們預計會有低個位數的成長，但我們都知道該國某些地區的成長幅度遠高於此。

And with the programs that we have in place, we're confident in our ability to navigate these continued inflationary waters.

透過我們現有的計劃，我們對應對持續通膨的能力充滿信心。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great.

偉大的。

Thanks.

謝謝。

Thanks for taking the question.

感謝您提出問題。

I didn't want to come back to the advertising discussion.

我不想再回到廣告討論了。

I think, in 3Q, Shake Shack targeted more advertising in the West.

我認為，在第三季度，Shake Shack 將更多的廣告瞄準了西方。

Can you just give us a sense on where you are spending the incremental dollars or where you are testing some more advertising in 4Q?

您能否讓我們了解您在第四季度將增量資金花在哪裡或在哪裡測試更多廣告？

And just in terms of 2024, are you targeting specific regions or how do we think about your spending on advertising next year or this year rather?

就 2024 年而言，您是否針對特定地區？

Yeah, thanks.

是的，謝謝。

To answer your question, last year, yeah, we did -- we continued some of those tests on the West Coast that we saw some strong return for.

為了回答你的問題，去年，是的，我們做了——我們在西海岸繼續進行了一些測試，我們看到了一些強勁的回報。

We did some things in Texas; that's been a big growing market for us.

我們在德克薩斯州做了一些事情；這對我們來說是一個不斷成長的龐大市場。

We opened a lot of restaurants in Texas last year, so there was appointed test and learn happening there.

去年我們在德克薩斯州開了很多餐館，所以在那裡進行了指定的測試和學習。

And for this year, we will keep you posted.

今年，我們將隨時向您通報情況。

I think the team's continuing to learn on that.

我認為團隊正在繼續學習這一點。

A lot of this is really directed at the markets where we think we can have the highest return, balanced with some spend where we have lower brand awareness.

其中很大一部分實際上是針對我們認為可以獲得最高回報的市場，與我們品牌知名度較低的一些支出相平衡。

And we just want to make sure that we keep hitting those and having people know who we are, what we do, and driving the exciting opportunity we have.

我們只是想確保我們不斷實現這些目標，讓人們知道我們是誰，我們做什麼，並推動我們所擁有的令人興奮的機會。

Sometimes it will go along with openings, our new Shack openings, and where those go, where we choose to spend.

有時它會伴隨著空缺，我們新的棚屋空缺，以及這些空缺的去向，我們選擇在哪裡消費。

But generally, it's really a lot of one-to-one performance marketing digital opportunities that we see where most of the ramping of spend will go.

但總的來說，我們看到大部分支出的成長將流向大量一對一的績效行銷數位機會。

We think that's the best way to do it at scale.

我們認為這是大規模實現這一目標的最佳方式。

So when we hear the word advertising, you know, it's not going to be a whole lot of TV commercials or the things you might traditionally think.

因此，當我們聽到廣告這個詞時，您知道，它不會是大量電視廣告或您傳統上認為的東西。

At this scale, most of the best way we can gain is on digital channels that we've seen strong returns on.

在這種規模下，我們獲得收益的最佳方式大多是在數位管道上，我們已經看到了豐厚的回報。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah, thank you.

是的，謝謝。

Good morning.

早安.

With the improving traffic trend in the fourth quarter, what do you think was most impactful to that?

隨著第四季流量趨勢的改善，您認為對此影響最大的是什麼？

Maybe, it was some of the advertising, but just curious your thoughts there.

也許，這是一些廣告，但只是好奇你的想法。

And I know that there was a little bit of divergence between New York and the other regions.

我知道紐約和其他地區之間存在一些差異。

And if you had any thoughts on what drove that?

您對是什麼推動了這一點有什麼想法嗎？

Well, I think these are the things that we've been pointing out through the call today.

嗯，我認為這些是我們今天透過電話會議指出的事情。

I think they're all those things.

我想它們就是這些東西。

We had a good LTO.

我們有一個很好的 LTO。

We had strong and improving comp through the quarter.

我們整個季度的業績表現強勁且不斷改善。

We had a lot of that advertising targeting, various different promos and opportunities that we've shared both in our channels and in other channels.

我們在我們的管道和其他管道中分享了很多廣告定位、各種不同的促銷和機會。

So I think it's been a really well played playbook by our marketing team.

所以我認為這是我們行銷團隊的一個非常好的劇本。

And again, a lot of that, as we keep saying on this call, increasing the overall spend to get us to a point where we can continue to test and confidently employ data-driven, disciplined spend across our marketing channels.

再說一次，正如我們在這次電話會議上一直說的那樣，增加總體支出，使我們能夠繼續測試並自信地在我們的行銷管道中使用數據驅動的、嚴格的支出。

So I think that was really a good part of the Q4 and just a solid lineup of operational execution across company.

所以我認為這確實是第四季度的一個很好的部分，也是整個公司營運執行的堅實陣容。

And then in New York, specifically, we've been opening a number of restaurants.

然後，特別是在紐約，我們開設了許多餐廳。

So we've put some of those pressures there, it's more on the infill pressures, things that we've normally seen throughout the year.

因此，我們在那裡施加了一些壓力，更多的是填充壓力，這些壓力是我們全年都會看到的。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi.

你好。

Good morning.

早安.

You made really impressive progress on improving the shop-level profitability.

你們在提高商店層面的獲利能力方面取得了令人印象深刻的進展。

So I was just wondering if you could maybe frame up where you think you are in your journey to improve profitability.

所以我只是想知道您是否可以框架一下您認為在提高盈利能力的過程中您所處的位置。

And I think, Randy, you mentioned a reference to getting back to pre-COVID profitability.

我認為，蘭迪，你提到了恢復新冠疫情前的獲利能力。

I'm just wondering if we should be reading that as your goal.

我只是想知道我們是否應該將其作為您的目標。

I think you had 22% shop-level margins or slightly higher than that in 2019.

我認為你們的店鋪利潤率為 22%，或略高於 2019 年。

Is that the right way to think about your goals, or I guess, any way to frame up the long-term picture on profitability?

這是思考你的目標的正確方法嗎？

Thanks, David.

謝謝，大衛。

I think the goal is 20% to 21% this year in 2024.

我認為今年的目標是2024年成長20%到21%。

That's a clear guide.

這是一個明確的指南。

That's what we're working on.

這就是我們正在努力的方向。

As we've said in the call, lots of initiatives that have been working and lot more that are coming both to expand upon the current as well as add new things.

正如我們在電話會議中所說，許多舉措已經發揮作用，還有更多舉措即將推出，既可以擴展當前的內容，也可以添加新的內容。

And we've been really clear in the notes today about what those look like.

我們今天在筆記中已經非常清楚地了解了它們的樣子。

Look, we know we had a higher Shack-level op profit overall pre-COVID.

看，我們知道在新冠疫情爆發之前，我們的 Shack 營運利潤總體較高。

The company is twice the size right now.

目前該公司的規模是原來的兩倍。

We've changed a lot, and we're going to continue to drive that.

我們已經改變了很多，我們將繼續推動這項改變。

Our goal will always be to continue to expand on that profitability.

我們的目標始終是繼續擴大獲利能力。

That's what we've shown this year, over 240 bps of leverage this year, and targeting and guiding for more this year.

這就是我們今年所展示的情況，今年的槓桿率超過 240 個基點，並且今年的目標和指導是更多。

Lots of opportunity left in the tank and we want to do it deliberately and in constant with the overall successful growth that we've had.

坦克裡還剩下很多機會，我們希望有意識地這樣做，並與我們已經取得的整體成功成長保持一致。

So it's a profitable growth journey overall.

因此，總體而言，這是一次有利可圖的成長之旅。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great.

偉大的。

Thank you very much.

非常感謝。

Just focusing on the cost side of things, actually, a two-part question.

實際上，只關注成本方面，這是一個由兩部分組成的問題。

The first, Randy, you mentioned the unit cost build reductions of 10%, which you've talked about before.

首先，Randy，您提到單位成本建構降低 10%，您之前已經談過。

Just wondering if there are any concerns.

只是想知道是否有任何擔憂。

I know you like to enter markets with the wow factor.

我知道您喜歡帶著令人驚嘆的因素進入市場。

So I'm just wondering where the biggest opportunity in the front and the back of the house is to pull out that 10% plus.

所以我只是想知道房子前面和後面最大的機會是在哪裡拉出那 10% 以上。

And then just to follow up, Katie, you mentioned G&A leverage again in '24, which is clearly impressive considering your outsized growth.

然後，凱蒂，您在 24 年再次提到了 G&A 槓桿，考慮到您的超額增長，這顯然令人印象深刻。

I'm just wondering if you could bucket the primary areas of opportunity relative to that revenue growth, so the leverage that you're expecting to achieve there.

我只是想知道您是否可以將與收入成長相關的主要機會領域放在一起，以及您期望在那裡實現的槓桿作用。

Thank you.

謝謝。

Thanks, Jeffrey.

謝謝，傑弗裡。

Yeah, we love to open with the wow, as you said.

是的，正如你所說，我們喜歡以令人驚嘆的方式開場。

We've had a history of doing that pretty well.

我們有做得很好的歷史。

Want to continue to do that.

想要繼續這樣做。

We're going to build beautiful restaurants.

我們要建造漂亮的餐廳。

These goals do not take away anything from the differentiating factor we believe is critical to Shake Shack, which is we just don't look and feel like fast food, we are serving the premium products and the premium experience.

這些目標並沒有剝奪我們認為對 Shake Shack 至關重要的差異化因素，即我們看起來和感覺不像快餐，我們提供優質產品和優質體驗。

We are going to continue to do that.

我們將繼續這樣做。

I think where the team's been targeting, obviously, we've dealt with a tough construction environment.

我認為團隊的目標顯然是我們應對了艱難的施工環境。

Every company you talk to is dealing with the same thing.

你接觸過的每家公司都在處理同樣的事情。

Ours is no different, but we've also increased some of our more expensive formats and drive throughs.

我們的也不例外，但我們也增加了一些更昂貴的格式和得來速。

So as I said, a lot of the work is nuts and bolts in the guts of the building that you won't ever see or appreciate that we are figuring out how to do more effectively and efficiently by carving out time.

正如我所說，很多工作都是建築物內部的具體細節，您永遠看不到或欣賞不到，我們正在研究如何透過擠出時間來更有效和有效率地完成工作。

Some of the things, I still don't think you'll notice, but what we know we can do now after learning quite a bit in these last few years as we've ramped our growth is taking down the overall size of some Shacks, taking down some of the complicated factors of some Shacks as we learn what our guests really want, how often, and provide for peak opportunity.

有些事情，我仍然不認為你會注意到，但我們知道，在過去幾年中學到了很多東西之後，隨著我們的增長，我們現在可以做的是縮小一些棚屋的整體規模，當我們了解客人當我們真正想要什麼、多久一次並提供高峰機會時，我們會記下一些棚屋的一些複雜因素。

There will be a good mix this year of our core Shacks, which you kind of know and love and what we do, as well as some of the driver throughs where we want to continue to expand.

今年我們的核心 Shacks 將會有一個很好的組合，你們都知道並喜歡它，我們所做的事情，以及我們希望繼續擴展的一些驅動程式。

Again, 2024, these restaurants were designed a year or two ago, and it's not as much immediate opportunity.

再說一遍，2024 年，這些餐廳是一兩年前設計的，現在的機會不多。

So we feel real good about what the team is delivering at this approximately 10% target goal, including, by the way, our preopening expenses, which we know we can save upon.

因此，我們對團隊在大約 10% 的目標上所實現的目標感到非常滿意，順便說一句，包括我們的開業前費用，我們知道我們可以節省這些費用。

But as we get into '25 and beyond, we think we'll harvest even more of that.

但當我們進入 25 世紀及以後，我們認為我們會收穫更多。

And that's the goal.

這就是目標。

We think that it's just a lot of opportunity for us to continue to build dynamic wow restaurants that differentiate while taking cost down.

我們認為，這對我們來說是一個很大的機會，可以繼續打造充滿活力、令人驚嘆的餐廳，在降低成本的同時實現差異化。

So that is the commitment and our team's working hard on it.

這就是我們的承諾，我們的團隊正在為此努力。

And on your question on G&A, what you probably have surmised from our conference call today and then also our materials is that we really continue to put a priority on investments that drive sales and drive the future growth of our restaurants.

關於您關於一般行政費用的問題，您可能從我們今天的電話會議以及我們的資料中猜測到，我們確實繼續優先考慮推動銷售和推動我們餐廳未來成長的投資。

And so we're continuing to take a very disciplined approach to that, and you'll see it in our G&A investments, I mean, and in other parts of the P&L.

因此，我們將繼續採取非常嚴格的方法來實現這一點，我的意思是，你會在我們的一般管理投資以及損益表的其他部分中看到這一點。

So again, it's about taking a meaningful step up in advertising expense.

再說一遍，這是關於在廣告費用方面採取有意義的一步。

But at the same time, on the run rate side of the business, being very prudent, very disciplined about the investments that we're making there so that we can prioritize the investments needed for the long-term growth of the company.

但同時，在業務運作率方面，我們對在那裡進行的投資非常謹慎、非常嚴格，這樣我們就可以優先考慮公司長期成長所需的投資。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Yeah, good morning and thank you.

是的，早上好，謝謝。

Just another follow-up on menu pricing, Katie, I think you mentioned 2.5% pricing for the majority of the system in 2024, but inclusive of the pricing in the California restaurants.

這是菜單定價的另一個後續問題，凱蒂，我想您提到 2024 年大部分系統的定價為 2.5%，但包括加州餐廳的定價。

And I think you guys just mentioned the 3PD menu price increase.

我想你們剛剛提到了 3PD 菜單價格上漲。

What would that equate to for total system pricing in 2024?

這相當於 2024 年的總系統定價嗎？

Yeah.

是的。

So what we're thinking about that 2.5%, so first of all, there's two numbers that are 2.5% here.

那我們對 2.5% 的看法是什麼，首先，這裡有兩個數字是 2.5%。

So first of all, 2.5% is what we're kind of targeting for about realized price for 2024.

首先，2.5% 是我們在 2024 年實現價格的目標。

There is going to be some areas where we're taking more than that to offset wage inflationary pressures.

在某些領域，我們將採取更多措施來抵消薪資通膨壓力。

You talked about Californian scenario where they're taking it up a lot in some of our markets, and we're going to be taking price there to help offset those pressures.

您談到了加州的情況，他們在我們的一些市場上大量使用，我們將在那裡採取價格來幫助抵消這些壓力。

We also increased the premium, and we're charging on our digital channels.

我們還提高了溢價，並在數位管道上收費。

We're still underpriced relative to kind of our peer average.

相對於同業平均水平，我們的定價仍然偏低。

We still think we have room on that side, but we continue to test and learn in that channel.

我們仍然認為我們在這方面還有空間，但我們會繼續在該管道中進行測試和學習。

And then overall, the other 2.5% I mentioned is that's pretty much your average Shack outside of a big wage inflationary zone.

總的來說，我提到的另外 2.5% 幾乎是薪資大幅上漲區域之外的普通棚屋。

That's about the overall price that we're looking to take this year, and that's very consistent with the pre-COVID pricing patterns that we've had.

這就是我們今年希望採取的整體價格，這與我們在新冠疫情之前的定價模式非常一致。

So most of our Shacks will have that lower-single-digit menu price increase this year.

因此，今年我們大多數小屋的菜單價格都會出現較低個位數的漲幅。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Yeah, good morning.

是的，早安。

I guess, for Randy, although this may change, as you hand over the reins.

我想，對蘭迪來說，儘管隨著你交出控制權，這可能會改變。

Is 40 company-owned units the right pace that the companies settling into, just kind of looking at teams and retention and operational consistency and all those kind of things?

40 個公司自有單位是否是公司適應的正確步伐，只是看看團隊、保留率和營運一致性以及所有這些事情？

Or is there something as bill costs maybe come down that could accelerate that?

或者，隨著帳單成本的下降，是否有任何因素可以加速這一過程？

Well, we're not going to guide past this year. 40 is the number we like.

好吧，我們不會指導今年過去。 40是我們喜歡的數字。

We obviously pulled forward a little bit this year and got to 41 for the company operated domestic.

今年我們明顯向前推進了一點，國內營運的公司達到了 41。

On license, we pulled forward a bunch and got to 45, well ahead of guidance.

根據許可，我們向前拉了一大圈，達到了 45，遠遠超出了指導值。

We think 40 is a good number there as well.

我們認為 40 也是一個不錯的數字。

So you look at 85 restaurants last year, about 80 this year.

去年有 85 家餐廳，今年約有 80 家。

We like that number.

我們喜歡這個數字。

That doesn't mean anything about what we will choose to do next year.

這並不意味著我們明年會選擇做什麼。

Let's talk about what we're looking at.

讓我們談談我們正在看什麼。

We're building a pipeline for the future that will allow us to continue to grow with strong returns.

我們正在為未來建立一條管道，使我們能夠繼續成長並獲得豐厚的回報。

As I noted in my comments, I think it is important to say when you -- we've taken this last couple of years to pull back a little bit, and say, okay, what have we learned?

正如我在評論中指出的那樣，我認為重要的是，當你——我們在過去幾年中稍微退一步說，好吧，我們學到了什麼？

Our restaurants have got more expensive.

我們的餐廳變得更貴了。

How are we going to make them less expensive and how we can do them better?

我們如何才能降低成本以及如何做得更好？

So that we can open better restaurants over time with stronger returns for the long term.

這樣我們就能隨著時間的推移開設更好的餐廳，並獲得更豐厚的長期回報。

And that process has, unfortunately, caused what will be a back-weighted sales year this year.

不幸的是，這個過程導致了今年的銷售負成長。

So a lot of the new Shack sales will come at the back end of the year, but that was smart work.

因此，許多新的 Shack 銷售將在今年年底進行，但這是明智的工作。

That was work to make sure that we were investing with discipline and putting our CapEx work in the right places.

這項工作是為了確保我們按照紀律進行投資，並將我們的資本支出工作放在正確的位置。

So we really like that.

所以我們真的很喜歡這樣。

I won't speak for what's ahead other than this year.

除了今年之外，我不會談論未來的情況。

We feel good about 40.

40歲左右我們感覺很好。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Hey, thanks for the question.

嘿，謝謝你的提問。

Congratulations on a great quarter.

恭喜您度過了一個美好的季度。

I wanted to go back to the combo testing.

我想回到組合測試。

Just if you could provide some more insights on what metrics you're testing, whether this is looking at discounts to a-la-carte or if you're trying to build kids meals, family bundles that might move average checkup.

只要你能提供更多關於你正在測試的指標的見解，無論是考慮點菜折扣，還是嘗試打造兒童餐、家庭套餐，都可能會提高平均檢查水平。

Just any thoughts on the test and how this might impact on average check going forward?

對測試有何想法以及這對未來的平均檢查有何影響？

And also why only through the drive-through?

還有為什麼只能透過免下車服務？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Jim.

謝謝，吉姆。

And again, this is not going to be -- do not expect any material rollout of this strategy this year.

再說一遍，這不會是——不要指望今年該戰略會有任何實質性的推出。

This is something that we really want to learn into this.

這是我們真正想學習的。

This is not something you flip on and off easily in a company like ours, who has never done it.

在我們這樣的公司裡，這不是一件可以輕易開關的事情，因為我們從來沒有這樣做過。

So what are we looking for?

那我們在尋找什麼？

Number one, we're looking for do our guests want to order that way, right?

第一，我們正在尋找我們的客人想要這樣點餐嗎？

That would be the kind of first KPI we have.

這就是我們的第一個 KPI。

Then we're going to look at various pricing strategies.

然後我們將研究各種定價策略。

Do we need a discount or is it really just about ease of ordering?

我們需要折扣還是只是為了方便訂購？

Testing various levels of a bundled discount and how that feels at Shake Shack.

測試不同等級的捆綁折扣以及在 Shake Shack 的感受。

Can we increase items per check, right?

我們可以增加每張支票的項目嗎？

What happens to both beverage and shake attached.

所附飲料和奶昔會發生什麼情況。

This is Shake Shack, right, and we're different.

這就是 Shake Shack，對吧，我們與眾不同。

We sell a lot of shakes.

我們賣很多奶昔。

What happens in the combo meal environment in shakes?

在奶昔的組合餐環境中會發生什麼事？

These are things we're looking at.

這些都是我們正在關注的事情。

And ultimately, can it contribute to a better ticket time, right?

最終，它可以有助於更好的售票時間，對嗎？

Does it help our team in the back as well as the person ordering?

它對我們後面的團隊以及點菜的人有幫助嗎？

And I think where you see the most pressure of ordering time is always at a drive-through window, right?

我認為您看到訂購時間壓力最大的地方總是在得來速窗口，對吧？

In most of our other channels, especially now with kiosk, it's a lot more relaxed ordering process.

在我們的大多數其他管道中，尤其是現在的自助服務終端，訂購過程要輕鬆得多。

You don't have to feel like you got to move forward.

你不必覺得自己必須前進。

But in a drive-through, you inevitably feel that way.

但在駕車穿越時，你不可避免地會有這種感覺。

And so that's why we're testing a drive-through.

這就是我們測試免下車服務的原因。

So it's only at a couple of handfuls of our restaurants.

所以只有我們的幾家餐廳有這種服務。

I expect it will kind of stay at that test level for some period of time.

我預計它會在一段時間內保持在該測試水平。

And we'll look at it.

我們會看看它。

And like obviously, the industry figured out a long time ago that this is a good strategy.

顯然，業界很久以前就發現這是一個很好的策略。

Whether it's a good strategy for Shake Shack remains to be seen.

對於 Shake Shack 來說這是否是一個好的策略還有待觀察。

We're excited about what we're seeing and learning, and we'll keep you posted, if it goes forward.

我們對所看到和學到的東西感到很興奮，如果有進展，我們會及時通知您。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I would now like to turn the floor back over to Randy Garutti

我現在想把發言權交還給蘭迪·加魯蒂

--

--

Hey, thanks, everybody.

嘿，謝謝大家。

Appreciate all the time today and we'll look forward to seeing you in the Shack soon.

感謝今天的所有時光，我們期待很快在小屋見到您。

Take care.

小心。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。