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.

現在我很高興向大家介紹主持人邁克爾·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.

謝謝你，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 23rd, 2023, and our other filings with the SEC, including our Form eight 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 by now, you should have access to our fourth quarter 2023 shareholder letter, which can be found at investor dot Shake Shack.com in the Quarterly Results section or as an exhibit to our eight K for the quarter.

任何前瞻性陳述僅代表我們截至今天的觀點，如果我們的觀點現在發生變化，我們不承擔更新任何前瞻性陳述的義務，您應該可以訪問我們的2023 年第四季度股東信函，該信函可以在投資者網找到Shake Shack.com 的季度業績部分或作為本季 8 K 的展示。

We filed an eight 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 these errors led to overstatement of income tax expense and understatement of deferred tax assets during the impacted periods.

今天早上，我們提交了一份 8K 報告，涉及公司發現並提交給審計師的更正，主要涉及公司如何核算稅收折舊要素，這些錯誤導致受影響期間所得稅費用高估和遞延稅資產低估期間。

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

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 年之前期間相關的 2021 財年留存收益餘額的期初調整，可在以下八項中找到： K. 我們將在即將提交的10 K 申請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 business this year marked transformative milestones at substantial profitable growth, building upon our already solid foundation for the long-term opportunity ahead.

我要祝賀我們的團隊在 2023 年取得了出色的業務，標誌著利潤大幅增長的變革性里程碑，為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.

我們一年內開設了 85 家餐廳，創歷史新高。

And in 2023 with 518 Shake Shacks across the world, 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 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.

到了2023 年，我們在全球擁有518 家Shake Shacks，Shack 銷售額成長20%，超過10 億美元，Shack 銷售額成長了4.4%，在過去的四年裡，我們擁有41 家國內公司經營的餐廳，我們幾乎我們的足跡、全系統銷售額和總收入翻了一番，而且我們未來擁有大量機會。

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&, 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& 中 110 個基點的槓桿（不包括一次性調整），我們調整後的 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 in our operational focus, achieving further margin expansion.

2023 年，我們第四季的勢頭強勁，行銷策略為我們的營運重點帶來了積極的流量，實現了利潤率的進一步擴張。

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

首先，在 2023 年初招募、獎勵和留住一支獲勝團隊時，人員配備壓力巨大，對全年的銷售利潤和賓客體驗產生了負面影響。

We improved staffing retention to the best levels we've seen in years had a direct tie to our stronger labor and restaurant level margin performance.

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.

我們推出了資訊亭。

Nearly all our domestic company-operated Shacks have full quarter ahead of expectations, we're seeing a high single-digit check lift on kiosk channel versus the traditional cashier experience.

幾乎我們所有國內公司營運的 Shack 的季度業績都超出了預期，與傳統的收銀員體驗相比，我們在自助服務終端管道上看到了高個位數的支票提升。

We also made material improvements to how our guests can order through this channel, 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 trouble burgers, top-selling spicy fries and a return of Bourbon bacon jam.

我們也對客人透過此管道訂購的方式進行了重大改進，我們推進了對烹飪創新的承諾，透過改進我們的核心菜單以及令人興奮的LTO，提高Shake Shack 的競爭實力，包括白色麻煩漢堡、最暢銷的辣味漢堡薯條和波本培根果醬回歸。

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 many shake and Sunday test number three in a targeted development strategy.

我們也轉發了未來策略的經驗教訓，因為我們首次在得來速餐廳測試組合餐，並希望透過有針對性的發展策略中的許多奶昔和周日第三次測試來增加甜點的機會。

This year, we opened 85 Shacks across the globe in 2023, including 18 domestic drive-throughs and our first international license drive-throughs in Mexico and Dubai.

今年，我們於 2023 年在全球開設了 85 家 Shacks，其中包括 18 家國內免下車餐廳，以及在墨西哥和杜拜的首家國際許可免下車餐廳。

We launched two new markets in the Bahamas and Bangkok, the Bahamas also being a new format.

我們在巴哈馬和曼谷推出了兩個新市場，巴哈馬也是新業態。

Our first ever hotel resort check with a full bar.

我們有史以來第一個設有完整酒吧的酒店度假村。

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 a high watermark last year, we demonstrated meaningful improvement in restaurant profit margins.

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 年是去年的一個高水位線，我們在餐廳利潤率方面表現出了有意義的改善。

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 等級、營運費用項目中都展示了槓桿率，並將全年擴張 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 onetime adjustments 110 basis points, and we grew adjusted EBITDA by over 80% to nearly $132 million.

我們利用 G&A 一次調整 110 個基點，調整後 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, 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.

我對 2023 年的進展感到滿意，我們的團隊充滿活力，為未來而努力，我們的領導團隊制定了 2024 年戰略重點，以推動 Shake Shack 進一步實現盈利增長，並明確了產生自由現金流的目標，即使在投資強勁的成長管道時也是如此。

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全力投入、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 in 2024.

Shake Shack 始終與傳統快餐和休閒快餐區分開來，其食品品質、Shacks 的外觀和感覺以及我們在 2024 年為客人提供的開明熱情的款待。

We are committed to delivering a great guest experience consistently across all channels.

我們致力於在所有管道上始終如一地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.

首次。

We're targeting throughput improvement by reducing guest order times by roughly thirty seconds.

我們的目標是透過將客人點餐時間減少約三十秒來提高吞吐量。

And even more in our drive-thru locations will 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 of the burger industry.

在我們的得來速餐廳中，更多的餐廳將透過全年推出的新廚房流程來實現這一目標，增加即時報告新培訓的緊迫性和目標重點，同時繼續以漢堡行業的最高品質水平進行點餐烹調。

We believe this can grow sales, energize our teams and improve guest sentiment and second, our plan this year to grow sales and strengthen our brand awareness.

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，其次，我們今年計劃增加銷售額並增強我們的品牌知名度。

Cj continues to build upon our global brand appeals.

Cj 持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，規模僅是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 as we scale, we're leaning into new and expanded marketing brand partnerships and additional spending opportunities that are demonstrating success.

然而我們知道，隨著規模的擴大，我們仍然有巨大的機會來提高我們的品牌知名度，我們正在傾向於新的和擴大的營銷品牌合作夥伴關係以及額外的支出機會，這些機會都證明了我們的成功。

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。

So we know we can and will invest with success here moving forward as we've improved our overall profitability, increased our scale.

因此，我們知道，隨著我們提高整體獲利能力、擴大規模，我們能夠而且將會在這裡取得成功的投資。

We are able to unlock additional funds for advertising this year, and we'll do so with data-driven discipline, our development plan to open approximately 40 company-operated Shacks and approximately 40 licensed Shacks.

今年我們能夠釋放更多的廣告資金，我們將透過數據驅動的紀律來實現這一目標，我們的發展計劃是開設約 40 個公司運營的 Shacks 和約 40 個獲得許可的 Shacks。

This year and 24.

今年24號。

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。

Because in 2024, the majority of our company-operated openings will be in existing markets across a variety of formats will also be continuing our licensed Shack development by going deeper in domestic airports, roads sides and deepening international expansion into new and existing markets for we to make sure Jack more profitable in 2023, we improved restaurant level margins by 240 basis points to approximately 20%, and 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.

因為到2024 年，我們公司營運的大部分空缺將在各種業態的現有市場中展開，我們也將繼續深入國內機場、道路兩側，並深化國際擴張，進入新市場和現有市場，繼續我們的授權Shack 開發。為了確保Jack 在2023 年獲得更多利潤，我們將餐廳水平利潤率提高了240 個基點，達到約20%，我們計劃在2024 年進一步擴大利潤率，下一個目標是達到20 % 至21%，棚屋水準營業利潤率，持續努力縮小與疫情前獲利水準的差距。

Can you share more, but our main strategies on improving four-wall margins and lowering total cost to serve evolve, work on supply chain and operational efficiencies.

您能否分享更多信息，但我們在提高四壁利潤和降低服務總成本方面的主要策略是不斷發展、致力於供應鏈和營運效率。

Many of these initiatives are things that we identified in prior years, such as increasing the number of suppliers as we scale, optimizing 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 drivers.

我們認為，23 月對於我們的建設和開業前成本來說是一個高水位，因為我們要應對通貨膨脹、供應挑戰和資本密集型驅動因素的更高組合。

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, 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，隨著我們在未來幾年推出改進的原型和強大的 Shacks 管道，我們將在 2025 年開始看到更大的影響。

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

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和保留實踐來加強招聘，以優化他們的體驗並最終推動業務發展，我將把電話轉給Katie 回顧更多 23 項內容並提供我們對 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%.

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%。

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.

進一步縮小了與新冠疫情爆發前獲利水準的差距，Shack 級營業利潤年增近 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.

我們致力於嚴守紀律進行投資。

We levered our G&A, excluding one-time adjustments by 110 basis points, while still prioritizing advertising and marketing investments.

我們利用 G&A 槓桿（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 continue to see macroeconomic pressures in China and in both markets, we expect to experience further volatility in our sales for the foreseeable future.

我們在中東面臨地緣政治壓力，並繼續看到中國和兩個市場的宏觀經濟壓力，我們預計在可預見的未來我們的銷售將出現進一步波動。

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, 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.

整個季度我們的銷售表現優於歷史季節性，自第三季度以來，我們所有地區的流量均出現連續改善，與2022 年相比，我們的Shack 銷售額增長了2.8%，流量增長了1.4%，在成功的推動下，整個季度加速成長我們的策略行銷計劃以及大約 1.4% 的價格組合。

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.

第四季 Shack 層面的營業利潤為 5,460 萬美元，佔 Shack 銷售額的 19.8%，比去年同期高 80 個基點。

Despite continued inflationary pressures across our Shack P&L, we achieved this with our strong sales performance and strategic initiatives on food costs, labor and other OpEx driving strong flow-through.

儘管我們的 Shack 損益表面臨持續的通膨壓力，但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戰略舉措推動了強勁的流通，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 10s and price up high single digits with pressures broadly across our basket.

食品和紙張通膨年增率中個位數，其中漲幅為 10 多點，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 with increased sales and positive traffic.

勞動力和相關費用為 7,860 萬美元，佔 Shack 銷售額的 28.5%，低於 2022 年第四季的 28.9%，隨著銷售額的增加和客流量的增加，環比下降 30 個基點。

The benefits from our strategic initiatives, including improved forecasting and labor scheduling, drove strong flow-through on our better sales late in the fourth quarter, we implemented the first round of tests of our new labor module.

我們的策略性舉措（包括改進的預測和勞動力調度）帶來的好處推動了我們在第四季度末更好的銷售的強勁流通，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 enhanced deployment will take aways are still early.

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，但現在還為時過早。

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.

我們對此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維護費用增加、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.

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。

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。

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

截至 2023 年末，我們的一般管理費用為 1.251 億美元，並根據法律和解、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 16% year over year or 11% of total revenue, marking a significant improvement relative to 8% of total revenue in the fourth quarter of 22.

我們報告第四季度調整後 EBITDA 為 3,140 萬美元，年成長約 16%，佔總營收的 11%，較 22 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，我們的調整後 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 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.

我們的指導假設宏觀經濟或地緣政治格局以及整個系統銷售的潛在影響不會發生重大變化。

For the first quarter, we guided total revenue of $288.4 million to $292.8 million with $9.4 million to $9.8 million of licensing revenue.

第一季度，我們預計總營收為 2.884 億美元至 2.928 億美元，其中授權收入為 940 萬美元至 980 萬美元。

Approximately four Company operated openings, approximately two licensed Shack openings and for same-Shack sales to be up low single digits year over year.

大約有四個公司經營的空缺職位，大約兩個獲得許可的 Shack 空缺職位，同一 Shack 的銷售額同比增長較低的個位數。

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 outside of weather impact is weak.

1 月同款小屋銷售持平，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第四季開設的大量小屋2022 年，天氣因素影響較弱。

So we saw that the underlying strength of our fourth quarter trends continued into January.

因此，我們看到第四季趨勢的潛在優勢持續到一月份。

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

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 Q1 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，我們指導第一季 Shack 營運利潤率達到 19% 至 19.5%，年增約 70 至 120 個基點。

And 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.

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

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 back end weighted and same-Shack sales to grow by low single digits with low single digit realized price.

到2024 年，我們預計總收入為12.1 億美元至12.5 億美元，年增約11% 至15%，約有40 個公司經營的職位和40 個許可職缺，這兩個職位都是後端加權的，並且同一Shack 的銷售額都將增長低個位數實現價格。

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。

That's a majority of Shacks.

這是棚屋的大部分。

We plan to increase and check menu prices by about 2.5% this year.

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.

由於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。

And 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.

我們的目標是在新的一年實現餐廳利潤率的擴張，我們將 Shack 級的營業利潤率引導至 20% 至 21%，因為我們專注於推動銷售並實現持續的營運改善。

The low end of the guidance range, while nearly flat year over year contemplates a weaker sales backdrop of worsening fast 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，但考慮到銷售疲軟、人員配置快速惡化以及牛肉和供應鏈其他領域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，同時仍對運行率採取嚴格的方法一般及行政費用。

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 and about $17 million in G&A.

我們預計股權補償費用約為 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，我們將 24 財年調整後的預估稅率（排除股票薪酬的影響）調整為 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。

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

您真的很幸運，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。

With that enormous interest 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.

懷著巨大的興趣，董事會遴選委員會對遴選工作的進展感到滿意，我們相信，我們正在實現目標，並期望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 Clarke, to President of our Global license business.

我還想宣布，今天，公司正在提拔長期領導者 Michael Clarke 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.

同時，我仍然堅定地致力於執行我們的策略重點，以在未來一年實現獲利成長，並確保我的繼任者順利過渡。

And the utmost confidence in our seasoned leadership team has never been more optimistic about Shake Shack's potential as we build upon last year's success and enter 2024.

隨著我們在去年的成功基礎上邁入 2024 年，我們經驗豐富的領導團隊對 Shake Shack 的潛力充滿了前所未有的樂觀信心。

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

接線員，謝謝您，讓我們在這裡開始提問。

(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。

And 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 clarify you would classify as lower awareness and the sales improvement you're seeing behind some of those initiatives.

主要的重點是認知度較低的市場，以及是否有任何方式來確定您將澄清的單位百分比劃分為認知度較低，以及您在其中一些舉措背後看到的銷售改善。

Okay.

好的。

Thanks, Brian.

謝謝，布萊恩。

Yes.

是的。

I mean, listen, first of all, I want to come back to the point I made overall, we have big opportunity here to continue to expand this as we scale.

我的意思是，聽著，首先，我想回到我總體上提出的觀點，隨著我們的規模擴大，我們有很大的機會繼續擴大這一點。

I think it's important to continue to name.

我認為繼續命名很重要。

Listen, we're not big enough yet to capture the kind of scale that we love to have a Super Bowl commercial someday, right?

聽著，我們還不夠大，無法達到我們喜歡的超級盃廣告的那種規模，對嗎？

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

我們只是還沒有做到這一點，但總有一天會發生這種情況。

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

我們對我們正在獲得豐厚回報的策略進行了測試和學習。

So when you think about what we've done.

所以當你想想我們所做的事情。

We started talking about this last quarter and do some of this in the third quarter.

我們從上個季度開始討論這個問題，並在第三季做了一些工作。

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 kind of lower brand awareness markets where we did employ various media tests.

我們確實對一些品牌知名度較低的市場進行了各種媒體測試。

And 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 use Breeze on some of our marketing efforts there.

我們在那裡的一些行銷工作中使用了 Breeze。

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

我們只是與客人建立了更好的直接聯繫，我們正在進行各種非常有趣的品牌合作夥伴關係，例如我們與魔髮精靈的合作夥伴關係、第四季度的電影以及我們使用烹飪模板繼續進行的其他事情去做。

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 Shack 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播放 Chicken Shack。

So that and a couple of others like that drove a lot of traffic to our channels, which really like we also do things with third-party DSPs from time to time to promote those channels where we see a good return.

因此，這樣的做法和其他一些類似的做法為我們的管道帶來了大量流量，這真的就像我們不時與第三方 DSP 合作一樣，以推廣那些我們看到良好回報的管道。

So all kinds of different things right now, for instance, we're doing free Fridays right through about a six, seven week period in this time of year.

因此，現在有各種各樣的事情，例如，我們在每年的這個時候大約有六、七週的時間裡在周五提供免費服務。

And that captures what we love about that is it captures our guests.

這抓住了我們喜歡的地方，那就是它抓住了我們的客人。

It drives frequency, it kind of helps lapsed guests in the app.

它提高了頻率，在某種程度上幫助了應用程式中流失的客人。

You go for an order.

你去下單吧。

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.

在這一切之中，我的最後一點是，我們非常高興地看到這些東西不僅增加了銷售額，而且還增加了利潤。

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，我們並沒有意識到我們這樣做不是為了失去利潤。

We're doing them with 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 and to some extent this year, we'll keep testing learning and new strategies and all kinds of markets to see where it hits best.

我認為我們想要帶走的要點是，隨著我們增加這一點，今年在某種程度上，我們將繼續測試學習和新策略以及各種市場，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 it was advertising spend in 2023?

如果我錯過了，抱歉，但凱蒂，你能確定 2023 年的廣告支出嗎？

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

你們的指導方針、2024 年的指導和廣告都包含哪些內容？

Yes, you're going to get that 2023 number and the 10 K. And so I don't want to front run that.

是的，你會得到 2023 年的數字和 10 K。所以我不想搶先。

And but what I will say that our guidance assumes a material step up in our underlying G&A or on advertising spend and what's really important is that taking out that increase in advertising, we are showing continued discipline and leverage on our kind of underlying run rate G&A.

但我要說的是，我們的指導假設我們的基本G&A 或廣告支出有了實質性的進步，真正重要的是，除去廣告的增加，我們正在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 them 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，很高興能夠看到他們在這裡提高獲利能力，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.

我是否可以詢問有關吞吐量主題的一個快速後續問題。

Obviously, the time to get your food and average ticket times is really important to the guest experience and being consistent on that metric, I think you said you're looking at you're targeting a 32nd improvement.

顯然，獲取食物的時間和平均門票時間對於客人體驗非常重要，並且在該指標上保持一致，我想你說過你正在考慮第 32 次改進。

It looks even more in the drive-through.

在駕車穿過時看起來更漂亮。

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?

任何關於隨著時間的推移趨勢如何，或者全國範圍內的變化有多大的觀點，以幫助我們抓住這個機會？

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 this sort of six to eight minute ticket time.

我們通常會說，隨著時間的推移，這就是六到八分鐘的售票時間。

As we look fresher order over time, it's really not a regional question, it's more of a volume question.

隨著時間的推移，我們會看到新的訂單，這實際上不是一個區域問題，而更多的是一個數量問題。

Obviously, when you're busier, sometimes those times extend our goal for this year is consistency and continuous improvement.

顯然，當你更忙時，有時這些時間會延長我們今年的目標是一致性和持續改善。

And we relied upon better for what our guests can expect.

我們更能滿足客人的期望。

So that's the goal we've set out there our ambitious target for our teams to to knock thirty seconds off the average order over the course of this year.

這就是我們為我們的團隊制定的雄心勃勃的目標，即在今年將平均訂單縮短三十秒。

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, that's really been our bogey and Thank you.

這將貫穿我們這一年，當我們結束這一年時，這確實是我們的忌諱，謝謝。

And if they are, in addition to thank you for the theater.

如果是的話，除了感謝你們的劇院。

Operator, the questions to one because we have a lot of people on the line.

接線員，問題來了一位，因為我們有很多人在線上。

So thank you.

所以謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

It's actually really excited to hear about the initiatives on throughput.

事實上，聽到關於吞吐量的舉措真的很興奮。

I'm one of the Staples with multiyear through the line faster.

我是史台普斯的一員，多年來通過這條線的速度更快。

So I definitely appreciate that.

所以我非常欣賞這一點。

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?

您能談談您測試的勞動力模組嗎？

I think at a few locations in the fourth quarter.

我認為在第四季的幾個地點。

And is that the same as what you're talking about with new kitchen close and kind of 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關閉和即時報告的時間安排以及單位級別的情況相同嗎？

Sure, AmSouth with this limit, Randy, but on the labor module side, these are two different things how we flow through to our kitchens is very different than how we're thinking about kind of a better and more bespoke deployment over the course of Shake Shack's history, as I'm sure you followed, we've evolved and we've added more channels.

當然，美國南部有這個限制，蘭迪，但在勞動力模組方面，這是兩個不同的事情，我們如何流向我們的廚房，與我們在整個過程中考慮更好、更定制的部署的方式非常不同. Shake Shack 的歷史，我相信您已經了解了，我們不斷發展，並且添加了更多頻道。

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.

尤其是我們去年推出的資訊亭。

We thought it was the right time to revisit with time and motion studies on and the great data that the team has built up here really bespoke.

我們認為現在是重新審視時間和動作研究的最佳時機，團隊在這裡建立的大量數據確實是客製化的。

We have per Shack staffing and deployment model module, and we did the first round of this has late last year.

我們有每個 Shack 的人員配置和部署模型模組，我們在去年年底進行了第一輪。

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 hack-level operating profit margin improvement.

值得注意的是，這些其實都沒有納入我們對 2024 年黑客級營業利潤率改善的指導中。

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 is actually about rightsizing the deployment we have there.

我要對你們說的是，這不僅僅是減少 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 sale of a great guest experience and capitalize on the opportunity there and by different format.

我們認為，這對於我們執行優質賓客體驗銷售並利用不同形式的機會的能力非常重要。

And Randy, do you want to take that?

蘭迪，你想接受這個嗎？

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

更具體地說，就廚房流程而言，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 and but can remain keep integrity and how we cook our food, what we've been working on really for the better part of the last year and a half is testing various different flows that can help that same great food move through the kitchen in a more organized way that saves time.

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，但可以保持誠信，以及我們如何烹飪食物，我們在去年的大部分時間裡一直在努力，以及一半正在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 you to the small percentage of our restaurants doing that today.

這將帶您了解我們今天這樣做的一小部分餐廳。

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

我們的大多數新餐廳都將配備我們的線性廚房。

That changes that flow 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發生這種變化，但更多的是我們如何移動食物。

And it's not really about renovations and or any other major costs.

這與裝修和/或任何其他主要成本無關。

I think it's really just about a different flow for.

我認為這實際上只是一種不同的流程。

So we've got a lot of work to do on that among other things.

因此，我們在這方面還有很多工作要做。

But that's in the works.

但這正在進行中。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you.

謝謝。

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

只是一個關於免下車服務的問題，您能談談這些服務的整體情況嗎？

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.

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免下車服務的樂觀程度。

And if you think they have a solid long-term future at Shake Shack Any thoughts would be great.

如果你認為他們在 Shake Shack 有一個堅實的長期未來，任何想法都會很棒。

Yes, the answer for the long-term future is You bet.

是的，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 whitespace that this country has.

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填補這個國家的空白。

We want to make sure we drive to work.

我們要確保我們開車去上班。

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.

我們大約有30個。

Right now, we opened 18 last year will have a smaller percentage of the class in 2024, but still a significant commitment to share in the years ahead so we continue to learn, as I said in previous previous conversations about drive-thru, we've got some that have lower targets, somewhere above restaurant, lots in the middle.

目前，我們去年開設了18 所學校，到2024 年，班級中的比例將較小，但仍然是在未來幾年分享的重大承諾，因此我們繼續學習，正如我在之前關於得來速的對話中所說，我們'有一些目標較低，在餐廳上方的某個地方，還有很多在中間。

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 on and we're taking significant costs out of the cost of 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，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, but really excited about drive-thru.

這確實是我們的工作和流程，隨著時間的推移，我們可以繼續在這裡帶來更強勁的回報，但對得來速真的很興奮。

And we will we will say we still have a ton to learn and it's all, it's all going to continue to roll forward.

我們會說我們還有很多東西需要學習，僅此而已，這一切都將繼續向前邁進。

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

我們很高興今年能開設一些免下車餐廳以及一些品牌知名度較高的市場。

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。

And 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 know, you've done a lot of work on restaurant-level margins a bit.

你知道，你在餐廳層面的利潤方面做了很多工作。

If I go back and look at the sort of initial guide for this year.

如果我回去看看今年的初步指南。

Restaurant-level margins I think was 19 to 20 and comp was kind of low single to mid-single seat came in at the high end of the range for both and that shows.

我認為餐廳級別的利潤是 19 到 20，而比較是一種較低的單人到中單人座位，兩者都處於該範圍的高端，這表明了這一點。

Is that sort of how we should be thinking about this, which is there are kind of puts and takes that even though you have opportunities maybe on the margin side.

這就是我們應該如何思考這個問題的方式，即即使你有機會在保證金方面，也有一些看跌期權和看跌期權。

And if you could talk a little bit about what you think the biggest ones are, that would be helpful, but we should really be thinking about this as sort of you need a certain amount of comp to lever the expenses.

如果你能談談你認為最大的問題是什麼，那會很有幫助，但我們真的應該考慮這一點，因為你需要一定數量的補償來平衡支出。

Gereat.

太棒了。

And so yes, our guidance for this year is for low-single digits, same-Shack sales growth.

所以，是的，我們今年的指導是低個位數、相同的 Shack 銷售成長。

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

我們預計會有積極的客流量，並且我們正在利用我們所擁有的東西，特別是在我們的大多數棚屋中，價格更低，與我們在新冠疫情之前的地區所做的更一致，但同時我們也談到了關於有意義地增加廣告費用，我們將看到這如何有助於使我們的銅受益和影響力。

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, we're meaningfully higher levels on the point on our restaurant margin guidance for 20% to 21%.

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，我們的餐廳利潤指導值顯著高於 20% 至 21%。

We saw certainly throughout last year and especially in the fourth quarter, very strong flow-through on these incremental sales.

我們確實看到去年全年，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 and through total cost-to-serve work that our supply chain team is doing to help offset inflationary pressures.

不過，我們的供應鏈團隊正在透過總服務成本工作來幫助抵銷通膨壓力，但我們也在營運改善計畫上採取了許多措施。

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.

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，我們非常高效，並希望繼續有機會。

Michael Tamas, Oppenheimer.

麥可‧塔馬斯，奧本海默。

Hi, good morning.

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.

您談到了 24 小時內一些有趣的銷售驅動因素，包括套餐和甜點以及增加行銷支出。

Obviously, can you talk about some of the work you've done there those are the right strategies.

顯然，您能談談您在那裡所做的一些工作嗎？這些是正確的策略。

Maybe why now?

也許為什麼現在？

And then related to that, do you think those platforms are required positive traffic goal you're talking about for 24 weeks?

與此相關的是，您認為這些平台是否需要您所說的 24 週的正流量目標？

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、迷你聖代奶昔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 and what we want to do there.

今年充其量也是無關緊要的，我們想在那裡做什麼。

Why are we looking at that?

我們為什麼要關注這個？

Well, check just a couple of minutes to check.

好吧，檢查幾分鐘即可。

Never had a comp will be on the history of the Company.

公司歷史上從未有過任何競爭。

So time will tell if that's the right thing, if that's what our guests want, what we wanted to do in.

所以時間會證明這是否正確，這是否是我們的客人想要的，我們想做的。

And as part of our drive-thru goals.

作為我們得來速目標的一部分。

As you know, that speed is a goal here.

如您所知，速度是這裡的目標。

We know Shake Shack's, not the fastest and we want to test how people react to that.

我們知道 Shake Shack，但不是最快的，我們想測試人們對此的反應。

And I think the initial news is while a lot of people like combo meals a drive-thru, that's not shouldn't be a shocker to anybody in the industry.

我認為最初的消息是，雖然很多人喜歡汽車餐廳的組合餐，但這對業內任何人來說都不應該感到震驚。

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事情。

So we're trying various pricing strategies, various visual merchandising strategies and things that do not put us in that fast food category, but still really give that consistency that I guess on on our kind of dessert destination goals like Shake Shack before COVID had concrete side, our frozen custard Sundays, we've continued to hear from guests they want us to continue to have more options.

因此，我們正在嘗試各種定價策略、各種視覺行銷策略以及那些不會將我們歸入快餐類別的東西，但仍然確實提供了一致性，我猜想我們的甜點目的地目標（例如在新冠病毒具體化之前的Shake Shack）另一方面，週日我們的冷凍蛋奶凍，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 some days.

我們在那裡所做的就是恢復一些日子。

We're going to be expanding those tests.

我們將擴大這些測試。

We have many shakes at a number of Shacks right now, we'll be expanding that test, but not rolling out to the entire fleet just yet.

目前，我們在許多 Shack 中進行了多次震動，我們將擴大該測試，但尚未推廣到整個車隊。

These are things we want to tweak get right.

這些都是我們想要調整的事情。

And the whole goal there is can we increase some of that daypart expansion to get more afternoon to get a low average check?

整個目標是我們能否增加一些時段的擴展以獲得更多的下午時間以獲得較低的平均支票？

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

以及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.

因此，總而言之，我們提供的指南中的所有因素實際上都是基於我們所認為的運行率機會。

A lot of that increased marketing opportunity and hopefully the economy that cooperates and lots of opportunity that those are the things that we some somewhat will be out of our control and the things that are we're going to keep driving the business.

很多增加的行銷機會，希望經濟能夠合作，還有很多機會，這些是我們在某種程度上無法控制的事情，也是我們將繼續推動業務的事情。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

.

。

Thank you.

謝謝。

Katie, I just want to better understand the components of the 2024 low single-digit same-store sales guidance embeds expectations for 2.5% price and positive traffic.

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，其中包含對 2.5% 價格和積極流量的預期。

So inherently as mix expected to be negative, 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 delivery sales embedded to be a continued headwind through 24, just looking for some more color within the components.

因此，從本質上講，混合預期是負面的，我認為，憑藉售貨亭的努力和你在那裡看到的牽引力，你所看到的門票的高個位數增長，理論上，這應該是一個好人，但交付銷售在 24 月將持續面臨阻力，只是在組件中尋找更多的色彩。

Thanks.

謝謝。

And 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。

Dan traffic, we're going ourselves we're targeting to have positive traffic.

丹流量，我們自己去，我們的目標是獲得正面的流量。

And we've embedded some, you know, some ranges on that side and that guide and kiosk overall, I have to say that we're really excited by what it continues to provide for us.

我們已經在那一側嵌入了一些範圍，以及整個指南和資訊亭，我必須說，我們對它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 you know what we'll have to see how that continues to play out through the rest of the year.

但你知道我們必須看看今年剩餘時間這種情況會如何繼續發展。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Thanks for taking the question.

感謝您提出問題。

On the margin expansion guidance for 24, great to see that.

關於 24 日的利潤擴張指引，很高興看到這一點。

I'm wondering if you can just help us understand what's driving it.

我想知道您是否可以幫助我們了解其驅動因素。

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

看起來只是銷貨成本，商品成本通膨持平至低個位數，而低個位數價格將是一個因素。

So so if you can maybe disaggregate the drivers, including what you're proactively doing some of the supply chain initiatives, some labor initiatives.

因此，如果您可以分解驅動因素，包括您正在積極採取的一些供應鏈措施、一些勞動力舉措。

Just trying to kind of understand more specifically what your actions are doing to your margin outlook?

只是想更具體地了解您的行為對您的利潤前景有何影響？

Yes, absolutely.

是的，一點沒錯。

And 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%，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 you know, our 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、優化貨運和其他舉措，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。

And 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，我們正在密切關注。

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

在你們的勞動力方面，由於我們增加了支持、更好的勞動力、更好的整體銷售預測和更好的部署，我們一直在推動非常強勁的流量，並且真正利用了我們在整個展會上看到的這些增加的銷售和流量。公司。

So those are two areas where we really do expect to show continued improvement in 2024.

因此，我們確實希望在 2024 年這兩個領域能夠持續改善。

Also, both areas where we are facing inflationary pressures on wages, particular, we're kind of 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.

此外，在我們面臨薪資通膨壓力的兩個領域，特別是我們預期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大於此。

And with the programs that we have in place and 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 and I think 3Q shakes are targeted more advertising in the West.

我不想回到廣告討論上來，我認為 3Q 搖動的目標是在西方進行更多廣告。

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

您能否讓我們了解一下您的支出狀況，增量資金是您在第四季度測試更多廣告的地方？

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？或者我們如何看待您明年或今年的廣告支出？

Yes, to answer your question last year, yes, we did.

是的，去年回答你的問題，是的，我們做到了。

We continued some of those tests on the West Coast that we saw some strong return for we did some things in Texas that's been a big growing market for us.

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，因為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增長的巨大市場。

We opened a lot of restaurants in Texas last year, so there was appointed on test-and-learn happening there and for this year, we will keep you posted.

去年我們在德克薩斯州開設了很多餐廳，因此指定在那裡進行測試和學習，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 and the markets where we think we can have the highest return balanced with some spend where we have lower brand awareness.

其中許多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 that will go along with openings and our new Shack openings are where those go, where we choose to spend.

有時，這會伴隨著空缺，而我們新的 Shack 空缺就是那些空缺的地方，我們選擇在那裡消費。

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

但總的來說，我們看到大部分支出都會流向大量一對一的績效、行銷、數位機會。

We test the best way to do it at scale.

我們測試大規模實現這一目標的最佳方法。

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 at this scale.

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這種規模的東西。

Most of the best way we can gain is it is our digital channel that we've seen strong returns on.

我們能夠獲得的最佳方式是我們的數位管道，我們已經看到了強勁的回報。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thank you.

謝謝。

Good morning.

早安.

And with kind of 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 kind of what drove that?

您對推動這一趨勢的因素有什麼想法嗎？

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

嗯，我認為這些是我們今天在電話會議中指出的事情。

I think they're all those things you had a good LTO.

我認為它們都是您擁有良好 LTO 的東西。

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.

我們有很多針對各種不同促銷和機會的廣告，我們在我們的管道和其他管道中分享了這些廣告。

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

所以我認為這是我們行銷團隊的一本非常出色的劇本。

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所說的那樣，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 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，而且只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.

特別是在紐約，我們開設了許多餐廳。

So we've kind of put some of those pressures.

所以我們施加了一些壓力。

There's one until pressures that we've normally seen throughout the year.

我們通常全年都會遇到壓力。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi and good morning.

你好，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 I'm a reference to getting back to pre-COVID profitability.

我想，蘭迪，你提到我是指恢復新冠疫情前的獲利能力。

And 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視為您的目標。

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

我認為你們的店鋪利潤率為 22%，略高於 2019 年。

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

這是思考你的目標的正確方法嗎？或者我想有什麼方法可以建立長期獲利圖景？

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

我認為今年的目標是2024年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 a 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，許多已經發揮作用的舉措將在現有基礎上進行擴展並添加新內容。

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, the company has twice the size right now changed a lot, and we're going to continue to drive that.

聽著，我們知道在新冠疫情爆發之前，我們的 Shack 整體營運利潤更高，公司規模現在是原來的兩倍，變化很大，我們將繼續推動這一趨勢。

Our goal will always be to continue to expand on that profitability that's what we've shown this year over 240 bps of leverage this year, and I'm targeting and guiding for more this year, lots of opportunity left in the tank and we want to do it deliberately and in concert with the overall successful growth that we've had.

我們的目標始終是繼續擴大盈利能力，這就是我們今年的槓桿率超過 240 個基點，我今年的目標和指導是更多，還有很多機會，我們希望謹慎地做到這一點，並與我們整體成功的成長相協調。

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。

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

關注成本方面，其實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%，您之前也談過。

Just wondering if there are any concerns and they like to enter markets with the wow factor.

只是想知道是否有任何擔憂，他們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。

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

只是想知道您是否可以將與收入成長資產相關的主要機會領域以及您期望在那裡實現的槓桿作用結合起來，謝謝。

Thanks, Jeffrey.

謝謝，傑弗裡。

Yes, we love to open with the WOW.

是的，我們喜歡以WOW開場。

As you said, we've had a history of doing that pretty well.

正如您所說，我們在這方面一直做得很好。

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。

This is this these goals do not take away.

這就是這些目標所不能帶走的。

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.

我們認為對 Shake Shack 至關重要的差異化因素，就是我們看起來和感覺起來都不像快餐，我們提供的是優質產品。

The premium experience are going to continue to do that.

優質體驗將繼續做到這一點。

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-thru.

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服務。

So as I said, a lot of the work is nuts and bolts and 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，很多工作都是具體的細節和建築物的內部結構，你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 think you'll notice, but what we know we can do now after learning quite a bit in this 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 opportunities.

我仍然認為你會注意到一些事情，但我們知道，在過去幾年中學習了很多知識之後，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，縮小一些當我們了解當客人真正想要什麼並提供高峰機會時，我們會了解一些棚屋的複雜因素。

And there will be a good mix this year of our core Shacks, which you kind of know and love.

今年我們的核心 Shacks 將會有一個很好的組合，你一定知道並且喜歡。

And what we do as well as some of the drivers where we want to continue to expand.

以及我們所做的事情以及我們希望繼續擴展的一些驅動因素。

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

再說一次，2024 年這些餐廳是在一兩年前設計的，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，順便說一下，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 sort of harvest even more of that.

但當我們進入 25 歲及以後，我們認為我們會收穫更多。

And that's the goal we are.

這就是我們的目標。

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

我們認為，我們有很多機會繼續打造充滿活力的餐廳，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 then on your question on G&A, you know what you probably have surmised from our conference call today.

關於你關於一般和行政費用的問題，你知道你可能從我們今天的電話會議中猜測到了什麼。

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.

然後我們的材料是，我們確實繼續優先考慮推動銷售和推動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. So again, it's about taking a meaningful step up in advertising expense.

因此，我們將繼續採取非常嚴格的方法來解決這個問題，我的意思是，您會在我們的一般管理費用投資以及損益表的其他部分中看到這一點。所以，這又是在廣告方面邁出有意義的一步費用。

But at the same time, kind of 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。

Yes, good morning and thank you.

是的，早上好，謝謝。

And just another follow-up on menu pricing.

這只是菜單定價的另一個後續行動。

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.

Katie，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 three PD. menu price increase, what would that equate to for total system pricing in 2024?

我想你們剛剛提到了三位警察局長。菜單價格上漲，這相當於 2024 年整個系統定價是多少？

Yes.

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% 的看法是什麼呢？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。

So there is some areas where we're taking more than that to offset wage inflationary pressures you are from California and scenario where they're taking it up a lot in some in some of our markets, and we're going to be taking price there to help offset those pressures.

因此，在某些領域，我們正在採取更多措施來抵消來自加州的薪資通膨壓力，並且在我們的一些市場中，他們正在採取大量措施，我們將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 check 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平均支票。

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 as most of our Shacks, we'll have a can of that lower single digit menu price increase this year.

因此，與我們大多數的小屋一樣，今年我們的菜單價格將出現較低的個位數漲幅。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Yes, good morning.

是的，早安。

I guess for Randy, although this may change, as you hand over the reins is 40 company-owned units, kind of the right pace that the companies sort of settling into, you know, just kind of looking at teams and retention and operational consistency and all those kind of things or is there something as you know, Bill costs maybe come down that could accelerate that?

我想對蘭迪來說，雖然這可能會改變，但當你移交 40 個公司擁有的單位的控制權時，這是公司正在適應的正確節奏，你知道，只是專注於團隊、保留率和營運一致性所有這些事情，或者你知道，比爾成本的下降可能會加速這個過程嗎？

Well, we're not going to guide past this year, 40 is the number we like we obviously pulled forward a little bit this year and got to 41 for the Company operated domestic on license.

好吧，我們不會指導今年過去，40 是我們喜歡的數字，今年我們顯然向前推進了一點，達到了 41，因為該公司在國內經營許可證。

We pulled forward a bunch and got to 45 well ahead of guidance.

我們向前拉了一大截，遠遠領先指導值 45。

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're going to have kind of 85 restaurants last year about 80.

所以去年會有 85 家餐廳，大概是 80 家。

This year, we'd like that number.

今年，我們想要這個數字。

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。

But let's talk about what we're looking at.

但讓我們談談我們正在關注的內容。

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 when you we've taken this last couple of years to sort of pull back a little bit and say, okay, what do we learn?

正如我在評論中指出的那樣，我認為重要的是，當你在過去幾年中退一步說，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 so that we can open better restaurants over time with strong returns for the long term.

我們如何讓它們變得更便宜，以及如何做得更好，以便我們能夠隨著時間的推移開設更好的餐廳，並獲得豐厚的長期回報。

And that process has unfortunately cause 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逆向成長。

So a lot of the new Shack sales will come at the back end of the year, but that was smart work that was work to make sure that we were investing with discipline and putting our CapEx work in the right places.

因此，許多新的 Shack 銷售將在今年年底進行，但這是一項明智的工作，旨在確保我們嚴格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, we feel good about 40, yes.

除了今年，我不會談論未來的事情，我們對 40 歲感覺很好，是的。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Please proceed.

請繼續。

So thanks for the question and congratulations on a great quarter.

感謝您提出問題，並祝賀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 dome discounts to a-la-carte or if you're trying to build kids' meals, family bundles that might move average check up.

只要你能提供一些關於你正在測試的指標的更多見解，無論是查看點菜的圓頂折扣，還是你正在嘗試製作可能會提高平均價格的兒童餐、家庭套餐。

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。

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 is something that we really want to learn into this is not something you flip on and off easily in a company like ours has never done it.

再說一遍，這不會是我們真正想了解的事情，不要指望今年該戰略有任何實質性的推出，這不是你在像我們這樣從未做過的公司中輕易打開和關閉的事情。

So what are we looking for?

那我們在尋找什麼？

Number one.

第一。

We're looking forward to our guests want to order that way, right?

我們期待我們的客人想透過這種方式訂購，對吧？

That would be the kind of first KPI.

這將是第一個 KPI。

We have they were going to look at various pricing strategies, do we need a discount or is it really just about ease of ordering?

我們讓他們考慮各種定價策略，我們是否需要折扣，或者這真的只是為了方便訂購嗎？

I'm sure testing various levels of a of a bundled discount and how that feels that Shake Shack, can we increased items per check, right?

我確信會測試不同等級的捆綁折扣，以及 Shake Shack 的感覺如何，我們可以在每張支票上增加商品嗎？

What happens to both beverage and shake attaches at Shake Shack, right?

Shake Shack 的飲料和奶昔配件會怎樣，對吧？

There were different.

有不同的。

We saw a lot of shapes of what happens in the combo meal environment shakes.

我們看到了組合餐環境中發生的許多變化。

These are things we're looking at and ultimately can it contribute to a better ticket time, right?

這些是我們正在考慮的事情，最終是否有助於改善售票時間，對吧？

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訂購的人有幫助嗎？

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

我認為您在點餐時間上壓力最大的地方總是在得來速窗口，對吧？

That in most of our other channels, especially now with kiosk, somewhat more relaxed ordering process.

在我們的大多數其他管道中，尤其是現在有了自助終端，訂購流程更加輕鬆。

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

但在免下車服務中，你不可避免地會有這種感覺，所以這就是我們測試免下車服務的原因。

So it's only at kind of 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 and we'll look at it.

我預計它會在一段時間內保持在測試水平，我們會關注它。

And like obviously the industry figured out a long time ago that this is a good strategy, whether it's a good strategy for Shake Shack remains to be seen.

顯然，業界很久以前就發現這是一個很好的策略，但對 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 are at the end of our question-and-answer session.

我們的問答環節即將結束。

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

我現在想把發言權交還給蘭迪。

Hey, thanks, everybody.

嘿，謝謝大家。

Appreciate all the time today and we'll look forward to seeing you this year.

感謝今天的所有時光，我們期待今年見到您。

Sorry, this concludes today's teleconference.

抱歉，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。