Shake Shack Inc (SHAK) 2024 Q1 法說會逐字稿

Greetings. Welcome to Shake Shack's First Quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation if anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Michael Oriolo, Vice President of FP&A and Investor Relations. Thank you. You may begin.

問候。歡迎參加 Shake Shack 2024 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演示之後將進行問答環節，如果有人在會議期間需要接線員幫助，請按電話鍵盤上的星號零。請注意，本次會議正在錄製中。我現在將會議交給 FP&A 和投資者關係副總裁 Michael Oriolo。謝謝。你可以開始了。

Thank you, and good morning, everyone. Joining me for Shake Shack's conference call is our CEO, Randy Garutti, and CFO, Katie Fogarty.

謝謝大家，大家早安。與我一起參加 Shake Shack 電話會議的是我們的執行長 Randy Garutti 和財務長 Katie Fogarty。

During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP and reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our shareholder letter. Some of today's statements may be forward-looking and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10 K filed on February 29th, 2024. Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements. If our views change by now, you should have access to our first quarter 2024 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. I will now turn the call over to Randy.

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。這些附加資訊的呈現不應被孤立地考慮，也不應作為根據 GAAP 準備的結果的替代品，並且可在我們的收益發布和股東信函的財務詳細資訊部分中找到與可比 GAAP 指標的對帳。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2024 年2 月29 日提交的10 K 表格年度報告中討論的風險和不確定性。前瞻性陳述均代表我們的觀點截至今天，我們不承擔更新任何前瞻性陳述的義務。如果我們的觀點現在發生變化，您應該可以訪問我們 2024 年第一季的股東信函，該信函可以在投資者網站 Shake Shack.com 的季度業績部分找到，也可以作為我們本季 8 K 的附件。我現在將把電話轉給蘭迪。

Thanks, Mike, and good morning, everyone. As I wind down my time as CEO of Shake Shack.

謝謝麥克，大家早安。當我結束擔任 Shake Shack 執行長的時間時。

I want to begin by thanking our team for another solid quarter, sustained execution of our strategic plan for building the strong foundation of momentum for what's ahead. This is the 13th consecutive quarter of positive same-Shack sales, the seventh straight quarter of year over year restaurant-level margin expansion and our highest first quarter restaurant margin. Since 2019, we achieved a record level of Q1. Adjusted EBITDA overall at $35.9 million grew total revenue by 14.7% to [$290.5] million with 1.6% growth in same-Shack sales and average weekly sales of 73,000. The trailing 12-month AUV across our Shacks at $3.9 million. We grew system-wide sales by 12.3% year over year to $443 million as we built Shacks across new and existing markets and while we faced weather headwinds in January and throughout the quarter, our trends steadily improved with each month and into the second quarter ending fiscal April at 4.9% same-Shack sales with approximately flat traffic and further showing strong ongoing momentum into fiscal May to date. As our sales and profitability initiatives take hold in the quarter, we continued to improve profitability, increasing restaurant-level profit margins to 19.5% with expansion of 120 basis points year over year, we grew first quarter adjusted EBITDA by more than 30% year over year and improved our adjusted EBITDA margin by 150 basis points, growing from 10.9% last year to now 12.4%. We also continued continue to grow our footprint around the globe, opening eight new Shacks in the first quarter for Company-operated for license. We continue to expect approximately 80 Shack openings this year, system-wide roughly 15% unit growth, and we are building a robust pipeline of growth for the coming years.

首先，我要感謝我們的團隊在另一個堅實的季度中持續執行我們的策略計劃，為未來的發展奠定了堅實的基礎。這是連續第 13 季實現同店銷售正成長，連續第 7 季餐廳利潤率較去年同期成長，也是我們第一季最高的餐廳利潤率。自2019年以來，我們實現了創紀錄的第一季水準。調整後的 EBITDA 整體為 3,590 萬美元，總營收成長 14.7%，達到 2.905 億美元，同店銷售額成長 1.6%，平均每週銷售 73,000 輛。我們 Shacks 的過去 12 個月 AUV 為 390 萬美元。隨著我們在新市場和現有市場建立Shacks，我們的全系統銷售額年增12.3%，達到4.43 億美元，雖然我們在一月份和整個季度面臨天氣逆風，但我們的趨勢每個月都在穩步改善，直到第二季結束4 月份財年銷售額同比 Shack 增長 4.9%，客流量基本持平，並進一步顯示出截至 5 財年至今的強勁持續勢頭。隨著我們的銷售和盈利計劃在本季度取得成效，我們繼續提高盈利能力，將餐廳利潤率提高至 19.5%，同比增長 120 個基點，第一季度調整後 EBITDA 同比增長超過 30%我們的調整後EBITDA 利潤率提高了150 個基點，從去年的10.9% 成長到現在的12.4%。我們也繼續擴大在全球的足跡，在第一季開設了八家新的棚屋，供公司運作以獲得許可。我們仍然預計今年將開設約 80 個 Shack，全系統單位成長約 15%，並且我們正在為未來幾年建立強勁的成長管道。

Our license business grew sales by 8.1% year over year, despite ongoing challenges in the Middle East and some of the macro pressures in China. It's an area of our business that is asset-light and highly accretive to our bottom line. And one where we're confident in the long-term opportunity to go deeper in existing markets as well as open new markets with our licensed partners.

儘管中東地區持續面臨挑戰以及中國面臨一些宏觀壓力，我們的授權業務銷售額仍較去年同期成長 8.1%。這是我們業務的一個輕資產領域，對我們的利潤有很高的增值作用。我們對深入現有市場以及與我們的授權合作夥伴一起開拓新市場的長期機會充滿信心。

We opened 40 Shacks so far in the second quarter and eight year to date in our company-operated business, we opened four new Shacks in the quarter, including two new drivers, adding our first in the greater Chicago area and our first in metro New York area in North Brunswick, New Jersey. These two sites represent a continued goal of unlocking our TAM as we utilize our multi-format strategy with drive-thru. Today, we have the majority of the place open or under construction. As we look to open roughly 40 Shacks this year and an average build cost, that's approximately 10% lower than last year's level. That said, it's important to remind you that this class of 24 will be heavily back-weighted with Q3 and Q4 openings for next year, we're setting ourselves up well with a solid pipeline into 2025 to grow openings and further lower build costs versus 2024.

到目前為止，我們在第二季度開設了40 個Shacks，迄今為止，在我們公司運營的業務中，我們在本季度開設了4 個新Shacks，其中包括兩名新司機，在大芝加哥地區增加了我們的第一個Shacks，在新地鐵區增加了我們的第一個Shacks。這兩個站點代表了我們利用我們的得來速多格式策略來解鎖 TAM 的持續目標。如今，我們的大部分場所都已開放或正在建設中。我們預計今年將開設約 40 個 Shacks，平均建造成本比去年的水平低約 10%。也就是說，重要的是要提醒您，明年第 3 季和第 4 季的空缺職位將嚴重影響 24 年級，我們正在為 2025 年做好準備，以增加空缺職位並進一步降低建造成本2024 年。

I'd like to give an update now on how we're tracking on our 2024 strategic priorities are first part of this year, delivering a consistently great guest experience with improved speed of service and standardization across all of our channels being paramount to hospitality this year. We're making solid progress on our goal to reduce wait times in our Shacks with more than half of our restaurants improving their ticket times by at least fifteen seconds in the first quarter as compared to last year. We're showing progress across all formats, including drive-thru, with strong operational focus, Shack visits and assessments and enhanced training in the coming months and rolling out new key tools to help us improve more on not just wait times, but also the total guest experience, including how we take orders and flow food through our kitchen. We've also shown some early improvements on our guest satisfaction scores, both in check and in our digital channels. And we know that there's still ample opportunity to advance all of these metrics, including order accuracy, which we believe will layer up to an even better guest perception and long term frequency opportunity.

我現在想介紹一下今年上半年我們如何追蹤 2024 年策略重點的最新情況，即透過提高服務速度和所有管道的標準化來提供始終如一的優質賓客體驗，這對酒店業至關重要年。我們在減少棚屋等待時間的目標方面取得了紮實的進展，與去年相比，第一季超過一半的餐廳將其售票時間縮短了至少 15 秒。我們在所有形式上都取得了進展，包括得來速，重點關注營運、棚屋參觀和評估以及未來幾個月的密集培訓，並推出新的關鍵工具，幫助我們不僅改善等待時間，還改善服務品質。我們還在支票和數位管道中顯示了客戶滿意度分數的一些早期改進。我們知道，仍然有足夠的機會來推進所有這些指標，包括訂單準確性，我們相信這將帶來更好的客戶感知和長期頻率機會。

Our second priority, growing sales and strengthening our brand awareness. We're living in a competitive and often discount based restaurant environment right now. We're also growing in new markets where we have lesser brand awareness upon entering than we do in our core markets. We are materially stepping up our investments in marketing this year in our Shacks and in G&A to help drive brand awareness and frequency. And it's working. We have opportunities to continue to share our brand story to amplify the quality of our ingredients, communicate what makes Shake Shack. So special to so many audiences will continue to that actively in a thoughtful way that focuses on strong returns. You'll see this play out in all of our channels, including an upcoming coming packaging evolution in Shack designs and throughout our brand marketing, steady increase in aided brand awareness of the quarter and saw continued strong returns on our advertising spend in performance marketing. These marketing initiatives have shown success in driving both new and existing guests to our omnichannel ecosystem through creative brand campaigns, timely offers, promotions and focus on our best-in-class core menu as well as LTO launches. The team is applying a lot of new tactics to maximize impressions, trial and frequency across initiatives, all with an eye towards profitable sales growth. And we're also invested this year in building on the data and guest recognition capabilities to allow for more personalized marketing opportunities in the coming years and to drive more conversion and consideration. We know we're just getting started on these increased marketing initiatives and we're excited to ramp spend here.

我們的第二要務是增加銷售額並加強我們的品牌知名度。我們現在生活在競爭激烈且經常打折的餐廳環境中。我們也在新市場中取得成長，在進入這些市場時，我們的品牌知名度低於我們在核心市場的品牌知名度。今年，我們大幅增加了 Shacks 和 G&A 的行銷投資，以幫助提高品牌知名度和頻率。它正在發揮作用。我們有機會繼續分享我們的品牌故事，以提高我們原料的質量，傳達 Shake Shack 的魅力。對於如此多的觀眾來說，如此特別，我們將繼續以深思熟慮的方式積極關注豐厚的回報。您將在我們所有的管道中看到這一點，包括即將到來的Shack 設計和整個品牌行銷中的包裝演變，本季度輔助品牌知名度的穩步提高，以及我們在效果營銷中的廣告支出的持續強勁回報。這些行銷舉措透過創意品牌活動、及時的優惠、促銷以及專注於我們一流的核心菜單以及 LTO 的推出，成功地吸引了新老客人進入我們的全通路生態系統。團隊正在應用許多新策略，以最大限度地提高各種計劃的印象、試用和頻率，所有這些都是為了實現盈利的銷售成長。今年我們也投資建立數據和客戶識別功能，以便在未來幾年提供更個人化的行銷機會，並推動更多轉換和考慮。我們知道這些增加的行銷措施才剛開始，我們很高興能增加這裡的支出。

Looking ahead, we continue to drive excitement around our menu offerings with our limited-time-only menu, featuring the Korean barbecue Burger King Ranch Chicken Sandwich and our Korean fries. Current Korean chicken sandwich was brought back after being a fan favorite in early 21, and we're excited to expand the menu to our burger offering this year, which has had strong performance and guest reception, and we're looking forward now to our next round of summer LTOs as well.

展望未來，我們將繼續推出限時菜單，以韓國燒烤漢堡王牧場雞肉三明治和韓國薯條為特色，為我們的菜單帶來驚喜。目前的韓式雞肉三明治在 21 年初受到粉絲喜愛後又重新回歸，我們很高興今年能將菜單擴展到我們的漢堡產品，該產品已經取得了強勁的表現和客人接待，我們現在期待我們的漢堡產品下一輪夏季LTO 也是如此。

Our third priority is continuing to build our wins from the last two years and make our restaurants even more profitable with a goal now to get to between 20.2% and 21% restaurant margins for this year and can you walk through more of this, we're showing clear continued progress and improving the operations of our restaurants. And our flow-through today is among the highest levels we've delivered since 2019. Despite high inflationary pressure. Additionally, our teams are working on additional operational supply chain and cost to build opportunities to both build and protect our profitability while focusing on improving the guest experience our fourth priority this year, making improvements on how we build and open our Shacks. We're pleased with the sales levels in our recent openings and believe last year's place was a high watermark in terms of cost to build as we make progress against our goal to bring down the build costs for the class of 24 by approximately 10%. We've opened eight Shacks year to date and have 19 currently under construction as we go to approximately 40 new company-operated Shacks openings this year, we've generated solid wins here on lowering our build costs with structural redesigns, including steel and wood construction, improving the cost profile on exterior finishes and exhaust systems as well as making meaningful improvements to interior furniture, kitchen equipment optimization as well as signage and other opportunities. In total, we continue to improve the look and feel of our Shacks while being more efficient with our level of investment. And we're building a strong pipeline for 2025 to grow unit openings at an even lower build costs than we expect to achieve in 24. And we're also showing strong progress on lowering our pre-opening costs by at least 10% this year, opening restaurants in a more reliable manner as we have seen fewer impacts from unanticipated delays and a stronger coordination across the Company.

我們的第三個優先事項是繼續鞏固過去兩年的勝利，讓我們的餐廳獲得更多利潤，現在的目標是今年餐廳利潤率達到 20.2% 到 21% 之間，您能詳細介紹一下嗎？餐廳的營運表現出明顯的持續進步和改善。儘管通膨壓力很大，但我們今天的流量仍處於 2019 年以來的最高水平之一。此外，我們的團隊正在研究額外的營運供應鏈和成本，以創造機會來建立和保護我們的盈利能力，同時專注於改善賓客體驗（我們今年的第四個優先事項），改善我們建造和開放小屋的方式。我們對最近開業的銷售水平感到滿意，並相信去年的場地在建造成本方面達到了很高的水平，因為我們在實現將 24 級飛機的建造成本降低約 10% 的目標方面取得了進展。今年迄今為止，我們已經開設了8 個棚屋，目前有19 個正在建設中，今年我們將開設約40 個新的公司運營的棚屋，我們在通過結構重新設計（包括鋼材和木材）降低建築成本方面取得了堅實的勝利建築，改善外部飾面和排氣系統的成本狀況，並對室內家具、廚房設備優化以及標牌和其他機會進行有意義的改進。總的來說，我們不斷改善棚屋的外觀和感覺，同時提高投資水準。我們正在為 2025 年建立一個強大的管道，以比我們預期的 24 年實現的建造成本更低的方式增加單元開業。可靠的方式開設餐廳，因為我們發現意外延誤造成的影響較小，而且公司內部的協調也更強大。

And finally, as you know, Shake Shack is a people-first business and our people must always be our focus. We've made great strides to improve our turnover and increase retention. And this year, we're building on a strong foundation with strategies to support our great teams, our team members kind of the core of how we execute our 24 strategic priorities and will continue to benefit as team members stay with Shake Shack for longer are one of the fastest growing publicly traded publicly traded restaurant companies. We offer our team members, meaningful opportunities for career growth, including providing equity to our general managers and above are constantly working on strategies to elevate our people with greater training, development, communication and collaboration. I'm really excited see our strategic plan continue to drive the evolution of Shake Shack with a string of continued improvements, shining a light on our long term opportunity for our team members and our stakeholders. I'm pleased to transition to my adviser role and hand the baton to our new CEO, Rob Lynch.

最後，如您所知，Shake Shack 是一家以人為本的企業，我們的員工必須始終是我們的焦點。我們在提高營業額和提高留任率方面取得了長足進步。今年，我們正在建立一個堅實的基礎，制定策略來支持我們偉大的團隊，我們的團隊成員是我們執行24 項策略優先事項的核心，並且隨著團隊成員在Shake Shack 工作的時間更長，我們將繼續受益。我們為我們的團隊成員提供有意義的職涯發展機會，包括為我們的總經理及以上人員提供股權，他們不斷制定策略，透過更好的培訓、發展、溝通和協作來提升我們的員工。我真的很高興看到我們的策略計劃透過一系列持續改進繼續推動 Shake Shack 的發展，為我們的團隊成員和利害關係人揭示了我們的長期機會。我很高興過渡到我的顧問角色，並將接力棒交給我們的新任執行長 Rob Lynch。

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

現在我將把它交給凱蒂，分享更多有關本季的細節和對第二季度的預期。

Great.

偉大的。

Thank you, and good morning. We're off to a solid start to 2024 with another quarter of continued profitable growth relative to the first quarter last year, we grew total revenue by 14.7%, expanded restaurant margins by 120 basis points and grew adjusted EBITDA by 30.2% to 12.4% of total revenue. That's up 150 basis points versus last year.

謝謝你，早安。與去年第一季相比，我們在2024 年有了一個良好的開端，又一個季度實現了持續盈利增長，總收入增長了14.7%，餐廳利潤率擴大了120 個基點，調整後EBITDA 增長了30.2 % 至12.4%的總收入。與去年相比上升了 150 個基點。

Our 2024 strategic priorities build on the tremendous success we showed last year and are designed to bring us continued improvements in our profitability and cash flow even against macro pressures. And we're showing solid signs of strength so far this year and each month we have improved sales. April got even better as we grew same-Shack sales by 4.9% with approximately flat traffic and we carried our momentum into fiscal May.

我們的 2024 年策略重點建立在我們去年取得的巨大成功的基礎上，旨在即使在宏觀壓力下，也能持續改善我們的獲利能力和現金流。今年到目前為止，我們展現了強勁的實力，每個月我們的銷售額都有所提升。 4 月的情況甚至更好，我們的同店銷售額成長了 4.9%，客流量基本上持平，我們將這一勢頭延續到了 5 財年。

Now on to first quarter results, total revenue was $290.5 million, up 14.7% versus last year. Driven by strong performance in new Shack openings, system-wide and positive same-Shack sales. Despite weather impacts in the quarter, we grew system-wide sales by 12.3% to a record high of $443.3 million, with a line of sight to approximately $2 billion of system-wide sales in 2024.

現在來看第一季的業績，總營收為 2.905 億美元，比去年成長 14.7%。受到新開張 Shack 的強勁表​​現、全系統範圍內的銷售以及同店銷售的積極推動。儘管本季受到天氣影響，我們的全系統銷售額仍成長了 12.3%，達到 4.433 億美元的歷史新高，預計 2024 年全系統銷售額約為 20 億美元。

In license, we are pleased with our strong domestic performance and continue to face macroeconomic headwinds in the Middle East and China, we grew licensing sales by 8.1% year over year to $162.7 million and had a low single digit sales headwind from foreign exchange. In the quarter, we opened four licensed Shacks, growing that and growing the Global Life and checkout to 226. We grew Company operated Shack sales by 14.9% year over year to $280.6 million with four Shack openings and 1.6% year-over-year growth in same-Shack sales. Weather pressured our sales and comp in the quarter and our trends improved as weather pressures eased. We estimate that weather alone contributed to a sales loss of about $3 million. That's due to impacted mobility closures and reduced hours. Traffic was down 2.1% and excluding weather we estimate traffic would have been approximately flat, even with the weather pressures, though we saw strong same-Shack sales and traffic trends across most of our Shacks in the quarter, we generated mid-single digit positive traffic in the Southeast and in Florida. Specifically, we grew traffic by 9% year over year with mid 10s same-Shack sales growth. Same-shack sales in our Northeast Shacks were also strong, up 4% year over year with high single digit comp seen in Long Island and Boston. Us Steel City sales, however, were pressured by weather and Intel. We are encouraged by the building momentum in our business year to date as we work past these heavier headwinds in their earlier in the year and saw broader impacts from successful marketing initiatives that carried us into April with 4.9% same-Shack sales growth and approximately flat traffic. First quarter check rose low single digits, supported by mid-single digit menu price, partially offset by marketing strategies that drove a negative low-single digit mix. Our IPC was flat on pricing to address food and wage inflationary pressures, which were in particular in California with the move to $20 per hour minimum wage. We took the following steps in January. We raised the menu price on our own delivery by 5% and maintained the 15% premium on third party channels as compared to our own deliveries. In mid-March, we raised menu prices by about 3% in total. However, this was comprised of about 7% menu price in California to address the wage pressures and to about 2% to 2.5% price in all other regions. That level of pricing is very consistent with historical pricing practices and this netted to mid-single digit price in the quarter. We have no current plans to further increase price. This year. We're going to be lapping about 2% price in mid May and 1% in October. And importantly, while we expect the inflationary pressures in wages and food and paper to persist, we continue to leverage our operational efficiencies as a powerful tool to help protect our profitability and our value proposition for our guests. We moved the needle more on kiosks in the quarter, which is now our largest order channel and are most profitable and an important tool for our operators to manage the order journey and focus on delivering a great guest experience.

在授權方面，我們對國內強勁的表現感到滿意，但繼續面臨中東和中國的宏觀經濟逆風，我們的授權銷售額同比增長 8.1% 至 1.627 億美元，並且外匯帶來的銷售阻力較低。本季度，我們開設了4 家獲得許可的Shack，數量不斷增加，全球生活和結帳服務也增加到226 個。 Shack，年增1.6%在同一個棚屋銷售中。天氣給我們本季的銷售和比較帶來了壓力，隨著天氣壓力的緩解，我們的趨勢有所改善。我們估計，光是天氣因素就造成了約 300 萬美元的銷售損失。這是由於交通關閉和工作時間減少造成的影響。客流量下降了2.1%，排除天氣因素，即使有天氣壓力，我們估計客流量也將大致持平，儘管我們看到本季度大多數Shack 的同屋銷售和客流量趨勢強勁，但我們仍實現了中個位數的正值東南部和佛羅裡達州的交通狀況。具體來說，我們的流量年增了 9%，Shack 的銷售額成長了 10 %左右。我們的 Northeast Shacks 的同屋銷售也很強勁，年成長 4%，其中長島和波士頓的銷售額達到高個位數。然而，美國鋼城的銷售受到天氣和英特爾的壓力。我們對今年迄今為止的業務發展勢頭感到鼓舞，因為我們克服了今年早些時候的這些更嚴重的阻力，並看到了成功的營銷舉措帶來的更廣泛的影響，這些舉措使我們進入4 月份，同Shack 銷售額成長了4.9%，基本持平。第一季支票上漲了低個位數，這受到中個位數菜單價格的支撐，但部分被行銷策略推動了低個位數組合的負成長所抵消。我們的 IPC 在定價上持平，以應對食品和工資通膨壓力，尤其是在加州，最低工資已升至每小時 20 美元。我們在一月採取了以下步驟。與自營配送相比，我們將自營配送的菜單價格提高了 5%，並維持了第三方通路 15% 的溢價。 3月中旬，我們總共上調了菜單價格約3%。然而，其中包括加州為應對工資壓力而提高的菜單價格約 7%，以及所有其他地區的約 2% 至 2.5% 的價格。此定價水準與歷史定價實務非常一致，本季的淨價格達到中個位數。我們目前沒有進一步提高價格的計劃。今年。我們將在 5 月中旬將價格提高約 2%，在 10 月將價格提高 1%。重要的是，雖然我們預期薪資、食品和紙張方面的通膨壓力將持續存在，但我們將繼續利用我們的營運效率作為強大的工具來幫助保護我們的獲利能力和對客人的價值主張。本季我們在自助終端上做了更多的工作，它現在是我們最大的訂單管道，利潤最高，也是我們的營運商管理訂單流程和專注於提供卓越客戶體驗的重要工具。

Average order values on kiosks for at least now a high 10s percentage over traditional in-Shack with recent digital enhancements to the user experience driving even stronger upsell. Later this year, we're launching new wayfinding and other optimization work to build on our success with this strategy.

目前，自助服務終端上的平均訂單價值至少比傳統的 in-Shack 高 10 %，而且最近對用戶體驗的數位增強推動了更強勁的追加銷售。今年晚些時候，我們將啟動新的尋路和其他優化工作，以鞏固我們這​​項策略的成功。

In restaurant level, profit was $54.7 million or 19.5% of Shack sales. That's 120 basis points better versus last year as we benefited from higher sales per marketing strategies and improved operations in our Shacks. We had strong flow-through in our restaurants, which once again exceeded 2019 trends, a testament to the success of our initiatives across both sales and operating costs in our Shacks and as we continue to build on our operational performance, we are able to look at sales-driving initiatives with a wider lens than before, food and paper costs were $80.3 million or 28.6% of Shack sales, down 80 basis points versus last year and down 50 basis points versus last quarter as menu price and supply chain strategies helped to offset inflation, weather and other pressures. Net of our strategic actions blended food and paper inflation rose low single digits year over year. Beef was up high single digits and we had continued pressures and fries and bonds. Paper and packaging costs decreased low single digits year over year.

在餐廳層面，利潤為 5,470 萬美元，佔 Shack 銷售額的 19.5%。這比去年好 120 個基點，因為我們受益於行銷策略銷售額的增加以及 Shacks 營運的改善。我們的餐廳客流量強勁，再次超過了 2019 年的趨勢，這證明了我們在 Shacks 的銷售和營運成本方面的舉措取得了成功，隨著我們繼續提高營運績效，我們能夠看到在比以前更廣泛在的銷售驅動計畫中，食品和紙張成本為8,030 萬美元，佔Shack 銷售額的28.6%，與去年相比下降了80 個基點，與上季相比下降了50 個基點，因為菜單價格和供應鏈策略有助於抵消通貨膨脹、天氣和其他壓力。扣除我們的策略行動後，食品和紙張的綜合通膨率年增至個位數低點。牛肉價格上漲了高個位數，我們面臨持續的壓力、薯條和債券。紙張和包裝成本較去年同期下降了低個位數。

Labor and related expenses were $81.5 million or 29.1% of Shack sales, down 130 basis points versus last year, despite making greater investments in our team members as we had the benefits of price as well as operational improvements such as better forecasting and labor scheduling and kiosk adoption turnover remains rates remain much better than last year, which is also helping our teams to be more efficient in our restaurants. We're going to continue to lean on strategies to improve operations and support our profitability while keeping an eye on the value proposition to our guests. As an example, we've been testing a new labor model that allows us to be much more targeted in our staffing needs across our Shacks, adjusting for format menu and channel mix, including kiosks to provide a great guest experience. The early tests have been encouraging and we expect to roll it out to all of our Shacks by the end of the year.

儘管我們對團隊成員進行了更多投資，但勞動力和相關費用為8,150 萬美元，佔Shack 銷售額的29.1%，比去年下降了130 個基點，因為我們受益於價格以及營運改進，例如更好的預測和勞動力調度以及自助服務終端的採用率仍然比去年好得多，這也有助於我們的團隊提高餐廳的效率。我們將繼續依靠策略來改善營運並支持我們的獲利能力，同時關注為客人提供的價值主張。舉例來說，我們一直在測試一種新的勞動力模式，該模式使我們能夠更有針對性地滿足整個棚屋的人員配置需求，調整格式菜單和渠道組合，包括自助服務終端，以提供良好的賓客體驗。早期測試令人鼓舞，我們預計在今年年底前將其推廣到我們所有的 Shacks。

Other operating expenses were $41.9 million or 14.9% of Shack sales, up 60 basis points year over year as we invested more in Shack-level marketing and other expenses to support our sales strategies. Occupancy and related expenses were $22.2 million or 7.9% of Shack sales, up 30 basis points from last year's levels. All in, we are very pleased with the level of margin improvement we delivered in the quarter as we continue to build back our profitability, which we know is vital for our long-term growth.

其他營運費用為 4,190 萬美元，佔 Shack 銷售額的 14.9%，年增 60 個基點，因為我們在 Shack 級行銷和其他費用上投入了更多資金來支持我們的銷售策略。入住率及相關費用為 2,220 萬美元，佔 Shack 銷售額的 7.9%，比去年的水準成長 30 個基點。總而言之，我們對本季的利潤率改善水準感到非常滿意，因為我們繼續恢復獲利能力，我們知道這對我們的長期成長至關重要。

G&a was $35.9 million, excluding $3.1 million in one-time adjustments. G&a was $32.8 million or 11.3% of total revenue. That's 40 basis points favorable to last year and up 10.8% year over year compared to total revenue that grew 14.7% year over year. G&a, excluding advertising expenses and onetime adjustments, was up high single digit percent year over year as we continue to be disciplined in run rate spend and open additional funds for sales-driving strategies and marketing.

G&A 為 3590 萬美元，不包括 310 萬美元的一次性調整。 G&A 為 3,280 萬美元，佔總收入的 11.3%。這比去年好 40 個基點，較去年同期成長 10.8%，而總營收年增 14.7%。由於我們繼續嚴格控制營運費用並為銷售驅動策略和行銷開放額外資金，不包括廣告費用和一次性調整的一般管理費用同比增長了高個位數百分比。

Preopening costs were $2.8 million in the quarter, down 22.6% year over year with noncash rent making up over 40% of this line item. We opened four Shacks in the quarter versus six in the same quarter last year. We have targeted to reduce our pre-opening expenses per Shack by at least 10% this year, and we're on a strong path to achieve this goal with enhanced reporting and coordination with finance development operations and people resources. We see the greatest opportunity to improve on our labor expense and preopening, and we're encouraged that our strategy is already showing material improvements on this line item. So to all and despite unfavorable weather in the quarter, continued macroeconomic pressures to the consumer and inflation, our team's strong execution against our strategic plan was evident in the quarter as we grew adjusted EBITDA by more than 30% year over year to a first quarter, record high of $35.9 million or 12.4% of total revenue. That's up 150 basis points from the prior year and the best first quarter adjusted EBITDA margin since 2019.

本季開業前成本為 280 萬美元，年減 22.6%，其中非現金租金佔該項目的 40% 以上。我們在本季開設了 4 家 Shack，而去年同期則開設了 6 家。我們的目標是今年將每個 Shack 的開業前費用減少至少 10%，透過加強報告以及與財務開發營運和人力資源的協調，我們正在努力實現這一目標。我們看到了改善人工費用和預開業的最佳機會，並且我們的策略已經在該行項目上顯示出實質性改進，這讓我們感到鼓舞。因此，對所有人來說，儘管本季天氣不利，消費者和通膨持續面臨宏觀經濟壓力，但我們團隊在本季度對戰略計劃的強有力執行是顯而易見的，第一季度調整後EBITDA 同比增長了30% 以上，創歷史新高，達 3,590 萬美元，佔總營收的 12.4%。這比上年增長了 150 個基點，也是自 2019 年以來第一季調整後 EBITDA 利潤率的最佳水平。

Depreciation was $25.4 million, up 19.3% year over year. We realized net income attributable to Shake Shack, Inc. of $2 million or $0.05 per diluted share. We reported an adjusted pro forma net income of $5.6 million, or $0.13 per fully exchanged and diluted share. Our GAAP tax rate was 19%. And our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation, was 2.8%.

折舊為 2540 萬美元，年增 19.3%。我們實現歸屬於 Shake Shack, Inc. 的淨利潤為 200 萬美元，即稀釋後每股收益 0.05 美元。我們公佈的調整後預估淨利潤為 560 萬美元，即每股完全交換和稀釋的每股收益 0.13 美元。我們的 GAAP 稅率為 19%。調整後的預期稅率（不包括股權激勵的稅務影響）為 2.8%。

Finally, our balance sheet remains solid with $284.8 million in cash and cash equivalents and marketable securities at the end of the quarter, that's down $8.4 million versus the prior quarter as we grew operating cash flow by approximately 55% year over year and made investments in recent openings and the 27 Shacks that we've currently opened this year. And that are under construction. So we're well on our way to execute against our target to open approximately 40 Shacks this year on the Company-operated side.

最後，我們的資產負債表仍然穩健，截至本季末，現金和現金等價物以及有價證券為2.848 億美元，比上一季減少了840 萬美元，因為我們的營運現金流同比增長了約55% ，並進行了投資最近開業的店鋪以及我們今年新開業的 27 個 Shacks。正在建設中。因此，我們正在順利實現今年在公司營運方面開設約 40 家 Shack 的目標。

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

現在來看指導，這反映了消費者支出前景和通膨阻力的某種程度的不確定性。這個範圍並不反映我們的開發計劃的任何額外的未知延遲或超出我們今天已經經歷的宏觀景觀的任何變化。

For the second quarter, we guide total revenue of $308.9 million to $314.3 million. That's up 13.6% to 15.6% year over year with $10.9 million to $11.3 million of licensing revenue. Approximately 10 Company operated openings of eight to nine basins openings, same-Shack sales to be up low single digits year over year with low single digits and price mix. We guided second quarter restaurant margins to be approximately 21.5% to 22%, with strength driven by operational improvements and menu price with blended food and paper expected to be flat to up low-single digits. Beef which is an area which we do not contract and have a higher degree of uncertainty, is expected to be up mid-single digits year over year. Our full year 2024 guidance calls for total revenue of approximately $1.22 billion to $1.25 billion. That's a 12% to 15% year over year growth contract sales to grow by low single digits year over year, we're expecting license revenue to reach $45 million to $47 million, restaurant margins of 20.2% to 21%, a 30 to 110 basis improvement from 2023, reflecting expense from the CEO transition. Our 2024 G&A G&A guidance is $142 million to $146 million and equity based compensation expense is approximately $20 million.

對於第二季度，我們預計總營收為 3.089 億美元至 3.143 億美元。授權收入為 1,090 萬美元至 1,130 萬美元，年增 13.6% 至 15.6%。大約有 10 家公司經營 8 到 9 個盆地開口，同一棚屋銷售額較去年同期低個位數成長，且價格組合較低。我們預計第二季餐廳利潤率約為 21.5% 至 22%，營運改善以及混合食品和紙張的菜單價格預計將持平至低個位數成長。牛肉是我們不收縮且不確定性較高的領域，預計將同比增長中個位數。我們的 2024 年全年指引要求總收入約為 12.2 億至 12.5 億美元。年成長 12％ 至 15％，合約銷售額同比增長較低個位數，我們預計許可收入將達到 4,500 萬美元至 4,700 萬美元，餐廳利潤率為 20.2％ 至 21％，30％ 至 110％自2023年起基礎有所改善，反映了執行長換屆的費用。我們 2024 年的 G&A G&A 指引值為 1.42 億至 1.46 億美元，股權薪酬費用約為 2,000 萬美元。

The G&A guidance excludes the $3.1 million in nonrecurring costs that are excluded from adjusted EBITDA year to date, pre-opening of $17 million depreciation of $100 million to $105 million and our adjusted pro forma tax rate, excluding the impact of equity-based compensation, we expect to be 20% to 23%. Our 2024 adjusted EBITDA guidance is $160million to $170 million, representing approximately 21% to 29% growth year over year, nearly double our expected total revenue growth rate and representing a margin of 13.1% to 13.6%, at least 100 basis points higher than the prior year and the highest adjusted EBITDA margin since 2019.

G&A 指引不包括年初至今調整後EBITDA 中排除的310 萬美元非經常性成本、1 億至1.05 億美元的開業前1700 萬美元折舊以及我們調整後的預估稅率，不包括基於股權的薪酬的影響，我們預計為 20% 至 23%。我們的2024 年調整後EBITDA 指引為1.6 億至1.7 億美元，年成長約21% 至29%，幾乎是我們預期總營收成長率的兩倍，利潤率為13.1% 至13.6%，比去年同期高至少100 個基點上一年的調整後 EBITDA 利潤率為 2019 年以來的最高水準。

Now before I pass it back to Randy for concluding remarks, I want to thank him for all, he's done to bring Shake Shack to where it is today to now more than 530 Shacks across the world, generating more than $1.7 billion in systemwide sales over the past 12 months and our eye to $2 billion in system-wide sales this year. I know this is much bigger than you'd ever dreamed. It would be in the early beginnings of Shake Shack. So as a long-time New Yorker, I have modeled in the Shake Shack origin story being one of our earliest fans and hanging out at the first and at the time, the only Shack in Madison Square Park waiting with friends and very, very long line standing for something really good in delicious of cheese fries. The perfect Shack burger excitement around what custard and concrete flavors would be on the menu that day like PMI and of course, a cold check, Mr. Eyal, to food and hospitality were always exceptional and the menu brought me back to my fondest memories, growing up in St. Louis now fast forward to them being an analyst covering the stock and learning more about the business and the industry. I had such admiration for what you Randy and Danny and the company that you have built, what makes this place truly special and unique and all the potential it has and it's out in the spreadsheets and the deep analysis, why what you've created truly set Shake Shack apart from the pack. And I was so excited about your long-term opportunity for growth and then coming on as CFO three years ago and working with the great team here that you have led such a privilege to be here and to continue to expand on this story under your leadership. And we've all grown a lot and there are many ways and KPIs to measure that growth. But at the core of it all is our teams and the culture that you help seat here in just three years, we have grown our Shack base by more than 60%. That's more than 200 Shack openings systemwide. We have more than doubled our trailing trailing 12 months system-wide sales and grown our trailing 12 month adjusted EBITDA by over 8.5 fold. We've also navigated some of the most challenging headwinds in the industry in the history of the restaurant sector. We've had a global pandemic, industry-wide staffing and supply chain pressures and inflation and together, everyone here has made all made and material improvements in the business that set us up well for an exciting future while still staying true to our roots and focusing on taking care of our teams and our guests. Our commitment to writing has great opportunity for our people and serving guests with enlightened hospitality. That's what makes us all really proud to work here, and it's a true testament to your legacy and your enduring impact here. So I'm honored to be a part of your foundational chapter here at Shake Shack and to learn so much from you and wish you the very best in your next adventures. Your impact here. Is that not just in every Shack we have across the world or in our P&L or every great LTO. It's and all the team members here that you have uplifted and inspire to be great leaders and the best versions of themselves. So I know that we can all here at Shake Shack, say thank you, Randy, and shares to an amazing 20 plus years.

現在，在我將其傳回給Randy 進行總結發言之前，我要感謝他所做的一切，他將Shake Shack 帶到了今天的位置，目前在全球擁有530 多家Shack，在整個系統範圍內創造了超過17 億美元的銷售額過去 12 個月的業績以及我們今年全系統銷售額 20 億美元的目標。我知道這比你想像的要大得多。那是在 Shake Shack 的早期階段。因此，作為一個長期的紐約人，我以Shake Shack 的起源故事為原型，成為我們最早的粉絲之一，一開始就在那裡閒逛，當時，這是麥迪遜廣場公園唯一一個與朋友一起等待的小屋，並且等待了很長時間這條線代表著美味的起司薯條中真正美味的東西。完美的小屋漢堡令人興奮，那天菜單上會出現蛋奶凍和混凝土口味，就像PMI 一樣，當然，埃亞爾先生，對食物和招待的冷淡檢查總是很特別，菜單讓我回到了我最美好的回憶，在聖路易斯長大的他們現在很快就成為研究股票的分析師，並了解更多有關業務和行業的資訊。我非常欽佩你們蘭迪和丹尼以及你們所建立的公司，是什麼讓這個地方真正特別和獨特，以及它所擁有的所有潛力，這些潛力都體現在電子表格和深入分析中，為什麼你們所創造的東西真正如此讓 Shake Shack 脫穎而出。我對您的長期發展機會感到非常興奮，三年前擔任財務長並與這裡的優秀團隊一起工作，您非常榮幸來到這裡，並在您的領導下繼續擴展這個故事。我們都成長了很多，有很多方法和 KPI 來衡量這種成長。但這一切的核心是我們的團隊和文化，在短短三年內，我們的 Shack 基礎就擴大了 60% 以上。全系統有超過 200 個 Shack 職缺。我們過去 12 個月的全系統銷售額增加了一倍以上，過去 12 個月調整後的 EBITDA 成長了 8.5 倍以上。我們也克服了餐飲業歷史上一些最具挑戰性的逆風。我們經歷了全球大流行、全行業的人員配置、供應鏈壓力和通貨膨脹，這裡的每個人都在業務上做出了一切重大改進，為我們創造了一個令人興奮的未來，同時仍然忠於我們的根源和專注於照顧我們的團隊和客人。我們對寫作的承諾為我們的員工提供了絕佳的機會，並以開明的熱情款待為客人提供服務。這就是讓我們所有人為在這裡工作而感到自豪的原因，這也是對您的遺產和您在這裡的持久影響的真實證明。因此，我很榮幸能夠成為 Shake Shack 基礎篇章的一部分，向您學習很多東西，並祝您在下一次冒險中一切順利。你在這裡的影響。這不僅存在於我們在世界各地的每一個 Shack 中，也存在於我們的損益表或每一個偉大的 LTO 中。你們和這裡的所有團隊成員都受到你們的提升和激勵，成為偉大的領導者和最好的自己。所以我知道，我們都可以在 Shake Shack 向蘭迪說謝謝，並分享這 20 多年的精彩經歷。

Well, thank you.

嗯，謝謝。

Came to in our script there.

來到我們的腳本中。

So let me state my question.

那麼讓我陳述我的問題。

Clearly, you've been of credit. You're an incredible CFO and an amazing partner to me and everybody in this company. So thank you to everybody on our team some I believe this call represents my 38th earnings call as CEO since we went public more than nine years ago. And what this group of people has achieved is a rare and special accomplishment, and it's exceeded all of our wildest ambitions through it. All it's always been about our team to my greatest joy, and I hope our most significant impact has been to create a place where our people could get a start could develop to grow and give him a chance to do their life's best work while taking care of each other and our communities as I transition to an advisory role in the coming weeks. It's been a pleasure to get to know and welcome our new CEO, Rob Lynch.

顯然，你是有信用的。對於我和公司的每個人來說，你是一位令人難以置信的財務官，也是一位出色的合作夥伴。感謝我們團隊中的每個人，我相信這次電話會議是我自九年多前上市以來作為執行長的第 38 次財報電話會議。這群人所取得的成就是一項罕見而特殊的成就，它超越了我們所有最瘋狂的野心。讓我最高興的是我們的團隊，我希望我們最重要的影響是創造一個地方，讓我們的員工能夠開始、發展、成長，並讓他們有機會在照顧的同時做他們一生中最好的工作當我在未來幾週內過渡到顧問角色時，我們彼此之間以及我們的社區之間的關係。很高興認識並歡迎我們的新任執行長 Rob Lynch。

Rob has been spending a lot of time working with me to understand our history and how we've operated. We're meeting with team members at every level leaders across the Company and learning. So much of what makes us tick. This company is built upon a strong foundation and we're ready to benefit from the next generation of leadership. And I have no doubt Rob will work with this extraordinary team to build the next set of strategies to take us to even higher heights and continue to drive Shake Shack forward.

羅布花了很多時間和我一起工作，以了解我們的歷史和我們的運作方式。我們正在與公司各級領導的團隊成員會面並學習。很多讓我們興奮的事情。該公司建立在堅實的基礎上，我們已準備好從下一代領導層中受益。我毫不懷疑 Rob 將與這個非凡的團隊合作，制定下一套策略，將我們帶到更高的高度，並繼續推動 Shake Shack 向前發展。

Make no mistake Shake Shack is something special and this Company's future is bright. And I want to thank our guests, our communities, our suppliers and all of our shareholders through the years for having the confidence in me and our team along every step of this journey.

毫無疑問，Shake Shack 很特別，該公司的未來是光明的。我要感謝我們的客人、我們的社區、我們的供應商和我們所有的股東多年來對我和我們的團隊在這趟旅程的每一步都充滿信心。

And lastly and most important, thank you to every single member of this team who's ever worked here. It was hard work, creativity and love for this company has made all the difference. It has been the honor of my career to lead you and to be led by you our people are the secret in the Shack sales and I trust that they always will be.

最後也是最重要的，感謝曾經在這裡工作過的團隊中的每一位成員。正是努力工作、創造力和對這家公司的熱愛才讓這一切變得不同。能夠領導您以及被您領導是我職業生涯的榮幸，我們的員工是棚屋銷售的秘密，我相信他們永遠都是。

With that, operator, we can go ahead and open the call for questions from here.

有了這個，接線員，我們就可以從這裡開始提問。

(Operator instructions) Our first question is from Sharon Zackfia with William Blair.

（操作員說明）我們的第一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

Hi, good morning, Randy, I got a little periods.

嗨，早上好，蘭迪，我來了一點月經。

Well, that would be flat.

嗯，那會很平坦。

So I'm sure you had sales.

所以我確信你有銷售。

We're all going to miss you year.

這一年我們都會想念你的。

I guess I just wanted to clarify something about the kiosk lifted. Did I hear correctly that you're seeing a high single digit now versus I think it was as high as very high 10s now versus what had been high-single digit in the fourth quarter. And if so, kind of what what's helping drive that improvement? And I know you've got a lot of other initiatives underway at the kiosk. So what are you seeing as a pilot, some of the other initiatives, I guess I guess I'm wondering how much more people are going to add onto their ticket with these kiosks?

我想我只是想澄清一些有關取消的資訊亭的事情。我沒聽錯吧，你現在看到的是一個高個位數，而我認為現在的個位數高達非常高的個位數，而第四季的個位數是高個位數。如果是這樣，是什麼有助於推動這種改進？我知道您在資訊亭正在進行許多其他舉措。那麼，作為試點，您對其他一些舉措有何看法，我想我想知道有多少人會透過這些售票亭添加門票？

Great, Sharon, thanks for the question, Ed. So here probably with the kiosk strategy we have in place, we had talked about kind of at least a high single digit lift. And now we're seeing something kind of in the high 10s. And really, it's been some exciting new interfaces that our digital marketing team has developed here to help guide the guests through that order experience and kind of focus more on the opportunity to trade up to a double add bake in some of the really great ways that our guests can customize their menu items that maybe are more intuitive at the cashier, and we've brought that over to the kiosk channel. I mean, it's now really kind of on par with where we are on our Web web offering as well. So then if I look at we are where the opportunities are going forward, we want to continue to push the envelope and learn and see what we can do from a digital more merchandising standpoint to help our guests better understand our LTOs and more premium items continue to drive addition to the cart. But then at the same time, the work that the team is doing in development and in marketing is around making sure that we have to exactly optimize wayfinding and for how guests come into our Shacks, make sure that they are very clearly see in every instance where that kiosk is as we want to continue to drive adoption. But just to bring it back, though, we are incredibly pleased with how the retrofit strategy on kiosks has helped not just our ads deliver great guest experience. That's helped our team members manage their order journey within the Shacks. And I think it's helping our guests just to understand, you know more about what our menu is and all the great exciting offerings we have.

太好了，莎倫，謝謝艾德的提問。因此，在我們制定的資訊亭策略中，我們討論過至少會出現高個位數的提升。現在我們看到了一些在前 10 名的情況。事實上，我們的數位行銷團隊在這裡開發了一些令人興奮的新介面，以幫助引導客人完成訂單體驗，並更多地關注以一些真正偉大的方式進行雙倍烘焙交易的機會，我們的客人可以在收銀台定制可能更直觀的菜單項，我們已將其帶到自助服務終端渠道。我的意思是，它現在確實與我們在網路產品上的地位相當。因此，如果我看看我們未來的機會所在，我們希望繼續挑戰極限，從數位化行銷的角度學習和看看我們能做些什麼，以幫助我們的客人更好地了解我們的LTO，並繼續提供更多優質商品推動添加到購物車。但同時，團隊在開發和行銷方面所做的工作是確保我們必須準確優化尋路以及客人如何進入我們的小屋，確保他們在每個情況下都非常清晰地看到我們希望繼續推動採用該資訊亭的位置。但為了恢復它，我們對資訊亭的改造策略不僅幫助我們的廣告提供了良好的客戶體驗感到非常滿意。這有助於我們的團隊成員管理他們在 Shacks 內的訂單流程。我認為這有助於我們的客人了解我們的菜單以及我們提供的所有令人興奮的產品。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thanks, so much. And Randy, my congrats as well.

非常感謝。還有蘭迪，我也祝賀你。

Some great deal is built.

一些偉大的交易已經建立。

I wanted ask about the comp great momentum in April into May.

我想問一下四月到五月的競賽勢頭。

The rest of the industry is slowing with negative traffic, what do you see as the most meaningful drivers of relative outperformance?

該行業的其他行業正在因流量負增長而放緩，您認為相對優異表現的最有意義的驅動因素是什麼？

And are you seeing any differences across regions?

您發現不同地區之間有差異嗎？

Thank you.

謝謝。

Yes, thanks, Lauren. Appreciate that. I'd say broadly a few things. Look, we know the industry has dropped pressure. We're not immune to that and there are certain places where we see that as well. I think what we've done, though, and we've talked a lot about this is we've continued to employ more and more marketing LTO menu and guest experience strategies that have really ticked up. So January was the low point, as we talked about kind of flat. But with each successive month, we got better comped up better, April, even better and sustaining so far into May, we feel really good about that. And we've done a lot of fun brand campaigns. If you look at our chicken sundaes campaigns, which are particularly impactful in the month of April, we've done some cool promos. We've done a lot more day parting opportunities to drive people. I think there's just kind of what those strategies are, the ones that are offsetting what is no question a little bit more of a pressure in the industry right now. So feel really proud of the entire team for how we've been reacting and driving. And it feels good for the momentum. We also have a little bit of an easier compare in second quarter and moving on in third quarter as well. The first quarter, we had a tough compare over 10% comp last year. So that was some of the pressure on a two-year basis, but we feel good about how that's been going. So momentum feels really solid in the Company right now. So lots of good work.

是的，謝謝，勞倫。感謝。我想說的大概有幾件事。看，我們知道這個行業的壓力已經下降。我們也不能倖免，而且在某些地方我們也看到了這種情況。不過，我認為我們所做的，我們已經對此進行了很多討論，我們繼續採用越來越多的行銷 LTO 選單和客戶體驗策略，這些策略確實得到了提升。所以一月份是最低點，因為我們談到了持平。但隨著連續一個月的發展，我們的表現越來越好，四月甚至更好，並且一直持續到五月份，我們對此感覺非常好。我們做了很多有趣的品牌活動。如果您查看我們的雞肉聖代活動（這在四月特別有影響力），我們做了一些很酷的促銷活動。我們提供了更多的日間離別機會來帶動人們。我認為這些策略確實可以抵銷目前產業中毫無疑問更大的壓力。因此，我們為整個團隊的反應和駕駛感到非常自豪。而且感覺勢頭很好。我們在第二季度也有一些更容易的比較，並在第三季度繼續前進。第一季度，我們與去年的 10% 以上進行了艱難的比較。因此，這是兩年來的一些壓力，但我們對進展感到滿意。因此，公司目前的勢頭確實很強勁。有很多好的工作。

Thanks.

謝謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Thanks and good morning and congrats on all your success on what you've grown the business to Randy over the years. So on labor, can I just ask a question there on you saw some very strong leverage in that line and I think you said your rolling Phase two changes through the year. Could you just elaborate on the changes that you're making there and maybe how the savings on Phase two compare to phase one and did you embed and I guess how much did you embed on Phase two savings within your annual store margin guidance?

謝謝，早安，恭喜您多年來為蘭迪發展業務所取得的所有成功。關於勞動力，我可以問一個問題嗎？ 您在這方面看到了一些非常強大的槓桿作用，我想您說過您在今年的滾動第二階段變化。您能否詳細說明您在那裡所做的更改，以及第二階段與第一階段相比的節省情況，以及您是否在年度商店利潤指導中嵌入了第二階段節省的金額，我猜您在第二階段節省了多少？

Great, Brian. I think for the question and so first of all, on labor, we did show some pretty good leverage on that line in the quarter. And a lot of that, though, to see just to remind everybody in 4Q 2022, we had about 22 new Shack openings and really that carried into the first quarter of 2023. And as you know, when we open up a new Shack. It takes a while for that Shack to work its way to kind of full profitability levels. We just had a very heavy weighted opening schedule in the fourth quarter that kind of had a hangover in the first quarter. And also, you know, last year we talked about the rollout of kind of improved forecasting and in working closely with our operators and some strategies there to help bring in labor and kind of optimize for the current model that we have in place. And that really took hold kind of at the very end of the first quarter into the second quarter and going forward last year. So I think that's a lot of what you're seeing on that side.

太棒了，布萊恩。我認為對於這個問題，首先，在勞動力方面，我們在本季確實在該方面表現出了一些相當好的槓桿作用。不過，為了提醒大家，在 2022 年第四季度，我們有大約 22 個新的 Shack 開業，而且這一情況一直持續到 2023 年第一季度。該小屋需要一段時間才能達到完全盈利水平。我們在第四季度製定了一個非常重要的開局時間表，這在第一季有一些後遺症。而且，你知道，去年我們談到了改進預測的推出，以及與我們的運營商密切合作以及一些策略，以幫助引入勞動力並優化我們現有的當前模型。從第一季末到第二季以及去年，這種情況確實得到了體現。所以我認為這就是你在這方面看到的很多情況。

Now as far as the new labor model that we're running here and we're testing just as a reminder, what this does is it really helps us to optimize the different menu mix. The different channel mix. I mean, the different daypart of peaks across all of our restaurants in the system to kind of provide a more bespoke tailored recommendation for deployment. And we started testing that really had us at the end of last year into into this year in a handful of Shacks, you're not really seeing it in the numbers. It hasn't been it didn't really move the needle on first quarter, just given the overall size of the base there. But we're really pleased with the results that we saw from the tests we're taking it a step further. And we've committed to rolling it out to all of the Shacks company-operated Shacks by the end of the year. And we haven't embedded any of that in guidance at this point, and we'll continue to update you as that rolls out through the rest of the year.

現在，就我們在這裡運行並測試的新勞動力模式而言，這只是為了提醒我們，它的作用是真正幫助我們優化不同的菜單組合。不同管道的組合。我的意思是，系統中所有餐廳的不同時段的高峰時段可以提供更客製化的部署建議。我們從去年年底開始在一些棚屋進行測試，今年一直到今年，你在數字中並沒有真正看到它。事實並非如此，第一季並沒有真正起到推動作用，只是考慮到那裡基地的整體規模。但我們對從測試中看到的結果感到非常滿意，我們正在更進一步。我們承諾在今年年底前將其推廣到 Shacks 公司營運的所有 Shacks。目前我們還沒有將這些內容嵌入到指南中，隨著今年剩餘時間的推出，我們將繼續向您提供最新資訊。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

And thanks. I just want to echo Randy, congrats on everything you've accomplished with the brand. You know, it's an amazing story and I wish you wish you the best. And just a question on the advertising opportunity. The letter references and they do you need to learn and grow into a larger marketing budget over time. But that was interesting. My question is just on the organizational side, do you feel like you have the full team in place to take advantage of the size of this opportunity over the long term or maybe are there some hires or talent additions you want to make from here? And I know the incoming CEO has a marketing background that would be helpful. But I kind of mean once you get there over the over the long term and the assessment?

謝謝。我只是想呼應蘭迪，祝賀你在這個品牌上所取得的一切成就。你知道，這是一個很棒的故事，我祝你一切順利。只是關於廣告機會的問題。這些信函引用了您需要學習的內容，並隨著時間的推移逐漸形成更大的行銷預算。但這很有趣。我的問題只是在組織方面，您是否覺得您擁有完整的團隊來長期利用這個機會的規模，或者您想從這裡招募或增加一些人才？我知道即將上任的執行長擁有行銷背景，這會很有幫助。但我的意思是，一旦你達到了長期的目標和評估？

Yes.

是的。

Thanks.

謝謝。

I look, I think there's as we've said now for a little while, we've really been a brand that has done most of our work for 20 years on just being a great brand. And we've spent little to no advertising over those years, and it's new for us to be ramping up. We're super excited about the current marketing team at every level and how they're interacting with the entire company to drive some really cool new things. And you're seeing that progress happen this last year, and we fully expect to continue to double down on that.

我看，我認為正如我們已經說過一段時間的那樣，我們確實是一個品牌，20 年來我們所做的大部分工作都是為了成為一個偉大的品牌。這些年來我們幾乎沒有花費任何廣告費用，對我們來說，加強是新的。我們對當前各個級別的行銷團隊以及他們如何與整個公司互動以推動一些非常酷的新事物感到非常興奮。你看到去年取得了進展，我們完全期望繼續加倍努力。

Now, listen, I think and Rob Lynch will be coming in as I certainly got a strong background in marketing. I think the Company is really excited to benefit from how he thought about that. And I won't certainly won't speak for him, but I have no doubt, he is going to have a keen eye for the best opportunities. And our team does these things with with discipline with focus on strong returns and being accretive to our margins. So everything you've seen in this in this last six months is increasing our brand awareness. It's increasing kind of our brand health and itself that it's also part of our strategy, getting a little bit off topic here, but Henri, on real estate of going deeper into certain markets, we've increased let's just take one market like Texas. We've increased our footprint in Texas by more than 30% in the last year. That helps with brand awareness. That helps when we do marketing that helps whenever we want to execute anything in a single region. So super excited about the opportunities that we can employ from here.

現在，聽著，我想羅布·林奇（Rob Lynch）將會加入，因為我在行銷方面確實有很強的背景。我認為公司很高興能夠從他的想法中受益。我當然不會代表他說話，但我毫不懷疑，他會對最好的機會有敏銳的洞察力。我們的團隊在做這些事情時遵守紀律，專注於豐厚的回報並增加我們的利潤。因此，在過去六個月中，您所看到的一切都在提高我們的品牌知名度。它正在增強我們的品牌健康度，這本身也是我們策略的一部分，這裡有點偏離主題，但是亨利，在深入某些市場的房地產方面，我們已經增加了讓我們只關注德克薩斯州這樣的一個市場。去年，我們在德州的足跡增加了 30% 以上。這有助於提高品牌知名度。當我們進行行銷時，每當我們想在單一區域執行任何操作時，這都會有所幫助。我們對在這裡可以利用的機會感到非常興奮。

Michael Tamas, Oppenheimer & Company.

邁克爾·塔馬斯，奧本海默公司。

Hi, good morning, Randy. Congrats on your success with Shaq, and I hope you get to enjoy some more free time.

嗨，早上好，蘭迪。恭喜您與 Shaq 的合作取得成功，我希望您能夠享受更多的空閒時間。

One of the questions we've heard most often recently is about the margin path. Obviously, I understand. I'm asking to speak for Rob a little bit here, but his backgrounds with much larger companies that have greater bye, obviously that can be a benefit as you just mentioned, before about how the Company, including the Board thinking about the need for potential investments or different sales beyond this year?

我們最近最常聽到的問題之一是關於邊際路徑的。顯然，我明白了。我要求在這裡為Rob 發言一點，但他的背景是更大的公司，這些公司有更多的再見，顯然這可能是一個好處，正如您剛才提到的，之前關於公司（包括董事會）如何考慮需要今年之後的潛在投資或不同的銷售？

That might.

那可能。

Yes, no, in the form formal and equality.

是的，不是，形式上是正式和平等的。

Yes, look to be fair to Rob and the team moving forward. I don't think we want to give any guidance other than what we've done today. I think everybody here has seen like we've this has been a strong company for decades. We have it's sustained and we talked about that today on purpose, I say many, many quarters in a row of sustained improvement in our margins, along with our sales, along with our cash flow as a company. All of that is just in the right direction with some with a with strength. I fully expect Bob's going to hit it and decide how he wants to take it. But I think we've got a great team that has a firm strategic plan for 24 and already eyes on a strong pipeline for 25. So everything you've heard us do is you've seen a strong guide and taking that up, and that's the guidance we've given this year, we remain one of the best and most profitable restaurant companies in the space. So we're really proud of where we're at.

是的，請對 Rob 和團隊的前進保持公平。我認為除了我們今天所做的事情之外，我們不想提供任何指導。我想這裡的每個人都看到我們這幾十年來一直是一家強大的公司。我們的利潤率、銷售額以及公司的現金流連續許多季度持續改善。對於一些有實力的人來說，這一切都朝著正確的方向發展。我完全預期鮑伯會擊中目標並決定他想如何接受它。但我認為我們擁有一支出色的團隊，他們為24 歲生日制定了堅定的戰略計劃，並且已經著眼於25 歲生日的強大渠道。 因此，您聽到我們所做的一切就是您看到了強有力的指南並採取了行動，並且這是我們今年給予的指導，我們仍然是該領域最好、最賺錢的餐飲公司之一。所以我們對我們所處的位置感到非常自豪。

Yes.

是的。

Peter Saleh BTIG.

彼得·薩利赫 BTIG。

Thanks, Randy. It's been a pleasure working with you and best of luck to you in the future. And I did want to ask about the kiosk commentary real quick on high teen increase in the US, it was pretty substantial versus last quarter. Do you think that that is the end point or do you think there's more upside to the check and going forward, is there I guess is there more growth within the kiosk here? And then also, can you put that in the context of the negative low single digit. If I had that menu mix, just trying to understand you can have such a large increase in the Kiaro. I'll check and still see some of that menu mix decline?

謝謝，蘭迪。與您合作非常愉快，祝福您未來一切順利。我確實想詢問有關美國青少年高成長的資訊亭評論，與上季相比相當可觀。您是否認為這就是終點，或者您認為支票還有更多的上行空間嗎？然後，您能否將其放在負低個位數的背景下。如果我有這樣的菜單組合，只是想了解你可以在 Kiaro 上有如此大的增加。我會檢查一下，仍然看到一些菜單組合下降了？

Yes, Craig. So first of all, yes, we still believe we're in the early stages of what kiosk can do on to our business. And certainly the first step of retrofitting all of our Shacks with kiosks, making sure that they're available forecast. That was key foundational thing for last year. And now really what we're doing is leveraging the talent on our digital merchandising team to optimize for how the gas goes through that order journey.

是的，克雷格。首先，是的，我們仍然相信我們正處於自助服務終端對我們業務的幫助的早期階段。當然，第一步是用資訊亭改造我們所有的棚屋，確保它們可以提供天氣預報。這是去年的關鍵基礎性事情。現在我們真正正在做的是利用我們的數位行銷團隊的人才來優化天然氣在訂單過程中的運作方式。

And a key thing here, you know, as what you're pointing out with with mixed trends, what we had in the quarter?

這裡的一個關鍵問題是，正如您所指出的混合趨勢，我們本季的情況是什麼？

Yes. Well, we have we're continuing to see some great benefits from the kiosk upsell opportunity and IPC was flat overall. The company we took some targeted opportunities in marketing, which did have a little bit of a mix headwind, however, had a positive traffic benefit on the back of it and really grew sales. And we did this in a way that grew our profitability. And so we talked about that last quarter kind of being embedded in the guide. And when we talk about guidance for a low single digit check this year. We anticipate to have more of that going forward. And by overall both things, we're really excited about what they're producing here for both our top line and our profitability.

是的。好吧，我們繼續看到自助終端追加銷售機會帶來的一些巨大好處，而且 IPC 總體持平。我們在行銷方面抓住了一些有針對性的機會，確實遇到了一些混合阻力，但是，它帶來了積極的流量效益，並且確實增加了銷售。我們這樣做的方式是提高我們的獲利能力。所以我們討論了最後一個季度嵌入到指南中的情況。當我們談論今年低個位數支票的指導時。我們預計未來會有更多這樣的事情發生。總的來說，我們對他們在這裡為我們的營收和盈利能力所生產的產品感到非常興奮。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I have a clarification and a question that hopefully that counts as one. But first obviously also congratulations, Randy, on your next steps. I wanted to ask about the at the April. The clarification is so I'm trying to understand this the sequential acceleration. I know you talked about an easier comparison, although April I think was a pretty tough compare as of 2Q, but you have, I think, more price and then you did in the first quarter is my understanding and you have less negative mix. I'm trying to understand that the delta is because is it flattish traffic? So I'm trying to understand where the delta is, if you're seeing less of a negative mix or if it's just the improvement or the higher pricing that you're that you have on the quarter. So that's a clarification. And then just on the margins and obviously very good food and labor. I was wondering about the third line item and just sort of perhaps the opportunities you have there in other OpEx, it's not something that I think has been talked about too much, and there's probably some of that drag from new stores, but anything you can say there?

謝謝。我有一個澄清和一個問題，希望這可以算一個。但首先顯然也要祝賀蘭迪，你接下來的步驟。我想問一下四月的情況。澄清是這樣的，所以我試著去理解順序加速。我知道你談到了一個更容易的比較，雖然我認為四月份是一個相當艱難的比較，但我認為，你有更多的價格，然後你在第一季度做了我的理解，你的負面組合較少。我試著理解三角洲是因為流量平坦嗎？因此，我試圖了解增量在哪裡，您是否看到負面組合較少，或者是否只是本季度的改善或更高的定價。這是一個澄清。然後就在邊緣，顯然有非常好的食物和勞動力。我想知道第三行項目，也許你在其他營運支出中擁有的機會，我認為這不是被談論太多的事情，而且可能有一些來自新商店的拖累，但你可以做的任何事情說那裡？

Yes.

是的。

So I'll take the other OpEx point first, and then we'll go back to your question on April.

因此，我將首先討論另一個 OpEx 問題，然後我們將在 4 月回到您的問題。

So on other OpEx, we are and we've talked about this. We are investing more in marketing, both at our store level and also at the Company G&A level. And that is kind of where the sales-driving strategies. A lot of those costs are borne in our restaurant P&L and our guidance reflects our expectations for that strategy going forward. Again, I think it's important to emphasize that while we're investing more in marketing right now to learn and grow, and we're excited about the sales that we're driving on the back of it. We're also doing this in a margin accretive way. So you might see a little bit of a tick-up on that other OpEx line. But overall, the sales are accretive to our profitability.

因此，在其他營運支出方面，我們正在討論這一點。我們在商店層面和公司一般行政管理層面加大了行銷投入。這就是銷售驅動策略的所在。其中大部分成本由我們餐廳的損益表承擔，我們的指導反映了我們對該策略未來的期望。再次，我認為有必要強調的是，雖然我們現在在行銷方面投入更多資金學習和成長，但我們對由此推動的銷售感到興奮。我們也以增加利潤的方式做到這一點。因此，您可能會看到其他 OpEx 線路略有上升。但總體而言，銷售增加了我們的獲利能力。

And then on your question on April overall, what I would say is we had some improvements in traffic we were running at about kind of a 7% to 8% price. As you recall, we're going to be working off of about 2% price in May, so that will come down. And then we had a couple of really exciting marketing initiatives in April, in particular, the chicken Sunday, where we have offered a free Chicken Shack with a $10 minimum spend every Sunday. So that had a little bit of an impact on our mix, but nothing too out of and the ordinary versus what we've been saying.

然後，關於您在 4 月提出的總體問題，我想說的是，我們的流量有所改善，價格約為 7% 至 8%。正如您所記得的，我們將在 5 月降低約 2% 的價格，這樣價格就會下降。然後，我們在 4 月推出了一些非常令人興奮的行銷舉措，特別是雞肉週日，我們每週日最低消費 10 美元提供免費的雞肉小屋。所以這對我們的混音產生了一點影響，但與我們所說的相比並沒有什麼特別之處。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great.

偉大的。

Thanks for taking the question and my congrats to you, Randy as well. It's been great working with you. And my question is on the margin guidance for 24, and it's nice to obviously you've seen improvement and that's encouraging. My question is that it seems a little conservative. I mean, my math is that pricing is going to be about mid-single digits. I think you said low single digits on labor inflation on flat to low-single digits. Food costs. That alone should get us I think to the high end of your of your guidance, you also have the impact of kiosks on other labor scheduling that you've done over the last year. That's been an improvement. So what am I missing anything or is there a level of conservatism kind of built into this guidance?

感謝您提出問題，我也祝賀您，蘭迪。和你一起工作真是太好了。我的問題是關於 24 的利潤指引，很高興看到明顯的改善，這令人鼓舞。我的問題是，這似乎有點保守。我的意思是，我的計算結果是定價將約為中個位數。我認為您所說的勞動通膨率處於持平至低個位數的水平。食品費用。我認為僅憑這一點就應該讓我們達到您的指導的最高水平，您還對資訊亭對您去年所做的其他勞動力調度產生了影響。這是一個進步。那麼我錯過了什麼，或者本指南中是否存在一定程度的保守主義？

And we had to I think you've outlined a lot of the key points there for the fiscal 23 for guide on the top and the bottom end range there. Look, you know, we were very clear about this kind of in our remarks. And also in the shareholder letter, beef remains a big uncertainty and we are watching it through the rest of this year. And you know that that being that's an area of the basket that we do not contract and we're not locked in there. We're going to be and it's subject to what the macro does on that side.

我認為您已經概述了 23 財年的許多關鍵點，以作為上限和下限範圍的指導。你看，我們在講話中對此說得很清楚。在股東信中，牛肉仍然是一個很大的不確定性，我們將在今年剩餘的時間裡關注它。你知道，這是籃子的一個區域，我們不會收縮，也不會被鎖在那裡。我們將會是這樣，這取決於宏在這方面所做的事情。

And then just depending on the degree of success that we're having on our marketing strategies to offset what Randy had alluded to is clearly a softening of the overall backdrop. So those are the things that I would look at on that side. I will say that, you know, we're incredibly proud of the work that our teams have been doing to get after are the improvements that we've been talking about across our total cost to serve across our supply chain, all the things we've talked about in our restaurants with labor and other ways that we're still providing a great guest experience, but doing it in ways that is translating to the strongest flow-through that we've had even pre-COVID. So yes, we're excited about where we're headed and the guidance here today is for 20.2% to 21%, and that is a 30 to 110 basis point improvement versus last year.

然後，僅取決於我們在行銷策略上所取得的成功程度，以抵消蘭迪所提到的內容，顯然是整體背景的軟化。這些就是我會在這方面考慮的事情。我想說，你知道，我們對我們的團隊一直在做的工作感到非常自豪，這些工作是我們一直在談論的整個供應鏈服務總成本的改進，我們所有的事情我們在餐廳中談到，通過人工和其他方式，我們仍然可以提供良好的顧客體驗，但這樣做的方式可以轉化為我們在新冠疫情之前擁有的最強勁的客流。所以，是的，我們對我們的發展方向感到興奮，今天的指導是 20.2% 到 21%，比去年提高了 30 到 110 個基點。

Andrew Charles with Cowen and Company.

安德魯查爾斯與考恩公司。

Great.

偉大的。

Thank you, Randy.

謝謝你，蘭迪。

Congrats on building the Shake Shack brand to what it is today and best wishes in your next chapter.

恭喜您將 Shake Shack 品牌打造成今天的樣子，並祝您開啟新篇章。

It's no secret that we're going to see intensified burger value activity in the coming months.

眾所周知，未來幾個月我們將看到漢堡價值活動的加劇。

And I'm curious if you believe your digital value tactics that you've utilized so far in 2024 around chicken Sundays, reprice Fridays, the burger shakes during the shoulder periods, et cetera, are enough or do you believe more is needed protect traffic amongst lower-income consumers yes, it's a great question.

我很好奇，您是否認為您在2024 年迄今為止在雞肉週日、週五重新定價、肩膀期間的漢堡奶昔等方面所使用的數字價值策略已經足夠，或者您是否認為需要採取更多措施來保護流量對於低收入消費者來說，是的，這是一個很好的問題。

And there's no question we're living in, whether it's us or the largest online companies who are all seeing a consumer who's seeking value, a consumers seeking discounts in a lot of cases promotions. We you've seen a lot in our industry champions to continue to retain its premium brand position. This is what has set us apart from the beginning. Our ingredients are hospitality, our designs, everything about the Shake Shack experience trends and the traditional fast food burger experience. We're going to continue to do that and it's averaged everything we've done has has hit those lines. So when you see us doing things, they're almost entirely added value. We want to give you something extra. We want you to feel the value. We want you to understand the quality of what you're doing. So when we do things like our chicken Sundays that hits our channels, it hits our interiors or you can come in and use those. So it's not just digital. It's omnichannel truly in in-Shack in our kiosks, in check app, web and delivery. And I think the strategies that team is just beginning to employ have been. So our learning is just so fast furious and fund. I mean, we're really have a joining the process of opening up these budgets a little bit trying some more things. I see what hits in our guests see what hits regionally, sometimes something hits very different in Europe than it does in California or Texas and we're learning all that. And I think as you build an engine that's based in the data that we now have as we're growing over these years, we can take greater insights into our strategies, and that's really the foundation that the team has been working on to build. So we're super excited that we have a lot more arrows in our quiver as we move forward regardless against whatever the economic opportunities are going to be. And you've seen that you've seen that in the trend of continuing sales growth every month getting better. So far this year.

毫無疑問，我們生活在這樣的環境中，無論是我們還是最大的線上公司，都看到消費者在尋求價值，在許多促銷活動中尋求折扣。我們看到很多行業冠軍繼續保持其優質品牌地位。這就是我們從一開始就與眾不同的原因。我們的原料是熱情好客、我們的設計、Shake Shack 體驗趨勢和傳統快餐漢堡體驗的一切。我們將繼續這樣做，我們所做的一切平均都達到了這些標準。因此，當你看到我們所做的事情時，它們幾乎完全是附加價值。我們想給你一些額外的東西。我們希望您感受到價值。我們希望您了解您所做工作的品質。因此，當我們做像週日雞肉之類的事情時，它會影響我們的頻道，它也會影響我們的內部，或者你可以進來使用它們。所以這不僅僅是數字。它是真正的全通路，在我們的自助服務終端、檢查應用程式、網路和交付中。我認為團隊剛開始採用的策略已經是。所以我們的學習就是如此快速、激烈和資金。我的意思是，我們確實正在加入開放這些預算的過程，並嘗試更多的事情。我看到了我們的客人中受歡迎的內容，也看到了區域內受歡迎的內容，有時歐洲的某些內容與加利福尼亞州或德克薩斯州的內容非常不同，我們正在了解所有這些。我認為，當你建立一個基於我們這些年來不斷發展的現有數據的引擎時，我們可以更深入地了解我們的策略，這確實是團隊一直致力於建立的基礎。因此，我們非常興奮，因為我們的箭袋裡有更多的箭，無論經濟機會如何，我們都會繼續前進。您已經看到，您已經看到了每個月持續銷售成長的趨勢，而且越來越好。今年到目前為止。

David Tarantino with Baird.

大衛塔倫提諾和貝爾德。

Hi, good morning, Randy. Congrats from me as well on a fantastic career. I checked. So I wanted to kind of follow on your commentary, Randy, since you you've been inventor of the very premium brand and successful brand, I wanted to ask a lot of the advertising has been I'm focused on promotional activity, certainly understandable. And in this environment, I wanted to get your perspective on how you're balancing and the offers that you're making with the need to it's to protect the premium nature of the brand positioning and specifically how you're how you're monitoring, whether some of the things you're doing are having an influence on some are perceptions in that and related to the brand?

嗨，早上好，蘭迪。我也祝賀我擁有出色的職業生涯。我檢查了。所以我想聽聽你的評論，蘭迪，因為你是非常優質品牌和成功品牌的發明者，我想問很多廣告，我專注於促銷活動，當然可以理解。在這種環境下，我想了解您如何平衡以及您為保護品牌定位的優質性而提供的優惠的看法，特別是您如何監控，您所做的某些事情是否對某些人產生影響並與品牌相關？

Yes, those are great questions and something we think a lot about I think this the strength of the Shack brand and its ability to we just have always punch so far above our weight, and that's been a strength for us. And as I've said in previous calls, what's also fascinating as we've grown pretty far pretty fast globally and around this country is there's still a lot of people who don't really know Shake Shack. So we start everything with the education of who we are. Our brand pillars are really about helping people understand the quality of our ingredients that are cooking to order that we're spinning our shakes fresh by hand. These things are paramount, then what we do as we think about whether it's a promo or afternoon shake opportunity or sometimes we'll do free Fridays, whatever these things are, they're all based in added-value. They're all based in ensuring that we continue to keep that brand position positioning. I don't expect you're going to see us do a dollar menu type of promo. That's just never been shake. Shack's thing where we certainly understand there's a great place for traditional fast food, and we may not get those consumers as often as traditional fast food does at that price point. But we feel like our value is strong and everything you're going to see and have seen from us is about continuing to help people understand, hey, you know, when you choose to eat a burger chicken sandwich or have a shake, you should use a check and here's why, and that's what that's what we've done is what I expect. We'll continue to do.

是的，這些都是很好的問題，也是我們思考很多的問題，我認為這就是 Shack 品牌的優勢，以及它讓我們始終能夠超越我們的能力的能力，這對我們來說是一種優勢。正如我在之前的電話會議中所說的那樣，令人著迷的是，我們在全球和全國範圍內發展得相當快，但仍然有很多人並不真正了解 Shake Shack。因此，我們從教育我們是誰開始一切。我們的品牌支柱實際上是幫助人們了解我們按訂單烹飪的原料的質量，以及我們手工製作的新鮮奶昔。這些事情是最重要的，然後我們在考慮是否是促銷或下午奶昔機會，或者有時我們會在周五免費，無論這些事情是什麼，它們都是基於附加價值的。它們都是為了確保我們繼續保持品牌定位。我不希望你看到我們做一美元菜單類型的促銷活動。那隻是從未動搖過。我們當然知道 Shack 是傳統快餐的一個好地方，但在這個價位上，我們可能不會像傳統快餐那樣經常吸引這些消費者。但我們覺得我們的價值很強大，你將從我們身上看到和看到的一切都是為了繼續幫助人們理解，嘿，你知道，當你選擇吃漢堡雞肉三明治或喝奶昔時，你應該使用支票，這就是原因，這就是我們所做的，也是我所期望的。我們會繼續做。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Yes.

是的。

Hey, Randy.

嘿，蘭迪。

So it's nice to see a jersey boy do well. So congrats on that on that, Katy and clarification and sorry if I missed it, but I'm just on the 2Q same-store sales guide of low single digits and you're starting out mid single digits. Can you give us kind of a little color about sort of why know why it doesn't continue in that range.

所以很高興看到一個球衣男孩表現出色。所以恭喜你，凱蒂和澄清，如果我錯過了，我很抱歉，但我只是在第二季度同店銷售指南中低個位數，而你正從中個位數開始。你能否給我們一些關於為什麼知道為什麼它不會繼續在這個範圍內的信息。

And so in And in May, we're going to be rolling off about 2% price and we're expecting our trends to kind of be beginning to be solid, but rolling off price and just normal seasonality, you know, that's what gets us to our guidance for a low single digit comp in the second quarter.

因此，在 5 月份，我們將下調約 2% 的價格，我們預計我們的趨勢將開始穩定，但下調價格和正常的季節性，你知道，這就是我們得到的結果我們對第二季度低個位數的補償的指導。

Yes.

是的。

Jeff Farmer Gordon Haskett.

傑夫·法默戈登·哈斯克特。

Please proceed.

請繼續。

Great, thanks and congratulations trending. Definitely looking forward to seeing what you pursue next, what I did want to touch on was the consumer backdrop. So my question for you guys is on do you see the consumer demand headwinds stabilizing or sort of further building further intensifying in coming quarters?

太好了，謝謝並祝賀趨勢。絕對期待看到你接下來追求的目標，我真正想談的是消費者背景。因此，我想問你們的問題是，您認為未來幾季消費者需求的逆風是否會趨於穩定或進一步加劇？

That's first part of it.

這是第一部分。

And how is that demand backdrop impacted share?

這種需求背景如何影響份額？

Yes. Look, it's hard to say where it's going to go from here. I think what we've said has been consistent. What we've said for probably about a year. We you definitely see some of that consumer pressure we've seen we've said and shared and we see this today some of our lower income consumer probably trading down from time to time. We may lose a little bit about that. We may lose some of that middle distance consumer in some of our urban centers. We talked about that a little bit. But generally, those trends have remained similar for about a year right now. And we kind of expect those to be where they're at for now. So how that impacts us is as we've driven traffic through other strategies and through building great restaurants in great places and continuing to build our brand. And that's what you've heard us consistently say. And that's what we've done against that backdrop, and it's been successful for us.

是的。聽著，很難說它會走向何方。我認為我們所說的話是一致的。我們已經說了大概一年了。我們確實看到了我們已經說過和分享的一些消費者壓力，今天我們看到一些低收入消費者可能會不時地降低消費。我們可能會因此而失去一些。我們可能會在一些城市中心失去一些中距離消費者。我們對此進行了一些討論。但總的來說，這些趨勢在大約一年的時間裡一直保持相似。我們希望這些能夠達到目前的水準。因此，這對我們的影響是，我們透過其他策略、在好地方建造好餐廳並繼續打造​​我們的品牌來推動流量。這就是您經常聽到我們說的話。這就是我們在這種背景下所做的事情，對我們來說是成功的。

Jeffrey Bernstein with Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Please proceed.

請繼續。

Hi, good morning. This is product on for Jeff, and I'd echo the same. Congrats, Randy, on all you've achieved that's been great partnering with you and I wish you the best of luck.

早安.這是傑夫的產品，我也同意。恭喜蘭迪，與您合作取得了巨大的成就，祝您好運。

My question is on store level margin. This year, you're going to get back to the low 20%, and that's relative to your long-term framework of 18 to 20. I'm just do you see an opportunity to expand margins materially higher from here on out on, especially with all the great work you're doing with operational efficiency and taking costs out of the model? Or is that really kind of offset by more muted AUV growth going forward? And just in a higher cost environment that mix return to former peak quarter? Thank you.

我的問題是關於商店層面的利潤率。今年，你將回到 20% 的低水平，這是相對於 18 到 20 的長期框架而言的。成本方面所做的所有出色工作？或者這真的會被未來 AUV 成長放緩所抵消嗎？只是在成本較高的環境中，混合返回到以前的高峰季度嗎？謝謝。

Okay.

好的。

I think to the question, you know, we're not providing any outlook here beyond our guidance for 2024. But what I will say is that the team has continuously delivered profitable growth here. We have been steadily improving our margin every quarter and certainly our guidance for this year calls for another year of restaurant margin expansion. Look, we have a number of pressures that are not too unique to us. We have wage inflationary pressures. Supply chain remains broadly inflationary. If you take out kind of the benefits that we're seeing here from the work that our team is doing on strategic cost savings. So that's kind of how I would I would view the opportunities here and we're really proud and excited by the work that our team has been doing to address opportunities in total cost to serve as we get denser in markets as we kind of grow our footprint, we're able to leverage more suppliers were able to optimize freight. We're able to do things that the guest really doesn't see the impact of, but it does help us be more efficient and running our restaurants.

我認為對於這個問題，我們不會提供任何超出 2024 年指導的展望。我們每季的利潤率都在穩步提高，當然，我們今年的指導要求餐廳利潤率又將擴大一年。瞧，我們面臨許多壓力，這些壓力並不是我們所獨有的。我們面臨薪資通膨壓力。供應鏈仍然普遍存在通貨膨脹。如果你從我們的團隊在策略性成本節約所做的工作中看到的一些好處，你會發現。這就是我對這裡機會的看法，我們的團隊一直在努力解決總成本中的機會，我們對此感到非常自豪和興奮，因為隨著我們的業務增長，我們的市場變得更加密集。能夠利用更多供應商來優化貨運。我們能夠做一些客人實際上看不到影響的事情，但這確實有助於我們提高餐廳的營運效率。

On the labor side, too, you know, it's been a combination of several things, pull things that we've done internally to help improve our turnover trends and keep our team members for a longer. It just helps them be more efficient as well as all the work that the finance team and operations have done to partner together and really see much tighter on how we're operating our restaurants.

在勞動力方面，你知道，這是多種因素的結合，我們內部所做的事情有助於改善我們的人員流動趨勢，並延長我們團隊成員的工作時間。它只是幫助他們提高效率，以及財務團隊和營運部門為合作所做的所有工作，並真正看到我們如何經營餐廳更加嚴格。

And then if I look forward to going to the next level here, we're having even just a more bespoke and optimized scheduling tool for our operators. I think that that continues to provide a great opportunity for us to navigate inflationary pressures in a way that allows us to also kind of maintain the value for our guests. So no long-term guidance, but that's the overall framework that we think about here at Shake Shack.

然後，如果我期待在這裡更上一層樓，我們甚至可以為我們的操作員提供一個更客製化和優化的調度工具。我認為這繼續為我們提供了一個很好的機會來應對通膨壓力，同時也使我們能夠為客人維持價值。所以沒有長期指導，但這就是我們在 Shake Shack 考慮的整體框架。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Please proceed.

請繼續。

Thanks for the question. And Randy, congratulations on all your accomplishments over the years at Shake Shack. I wanted to talk a little bit about unit growth and unit development on the international front, I'm wondering how confident you are that the brand can sustain the 40 units that you've achieved this year, given the macroeconomic headwinds and the geopolitical issues we're seeing overseas.

謝謝你的提問。蘭迪，恭喜您多年來在 Shake Shack 取得的所有成就。我想談談國際方面的單位增長和單位發展，我想知道考慮到宏觀經濟逆風和地緣政治問題，您對該品牌能夠維持今年所實現的 40 個單位的信心有多大我們在海外看到的。

And then in the US, if you're leaning into any specific regions or states that you believe really are a much better fit for the Shake Shack brand than maybe in the past years? Thank you.

然後在美國，您是否傾向於您認為比過去幾年更適合 Shake Shack 品牌的特定地區或州？謝謝。

Yes, Jim, thanks to great questions there of our internationally. We feel very strong about the 40 Shack guide. And look, it's a big world out there. Let's remember, too. We've had amazing success in so many places that we've gone. So yes, we acknowledge and lots commission as there's pressures in certain parts of China right now. Generally, our Asia business has done quite well. We'll also focus on our domestic license business here in the US, our airports, we're growing a lot of our roadside, which have been a really good new model for us, Tom stadiums and other opportunities that we feel nontraditional opportunities. We've done some museums and things like that where we think there's really exciting opportunity. We haven't even hit Western Europe at all other than the UK. We haven't even really hit any things that we have not had anything south of Mexico the opportunities for us are really strong. And that is such a critical important part of our business. I mean, I think undervalued underappreciated. So it's something we definitely keep an eye on as we go. We really appreciate that part of the business. And then in terms of the domestic opportunities, we really want to balance it out. We want to go deeper in our current markets, you're going to continue to see us do things in the major markets that were in the Northeast, Texas, California, the Midwest, and we're going to do a few new markets this year, but they're not too far afield. Pittsburgh is going to be our next big market opening.

是的，吉姆，感謝我們國際上提出的很好的問題。我們對 40 Shack 指南感覺非常強烈。你看，外面的世界很大。我們也記住吧。我們在去過的許多地方都取得了驚人的成功。所以，是的，我們承認並提供大量佣金，因為目前中國某些地區存在壓力。整體而言，我們的亞洲業務表現相當不錯。我們還將專注於我們在美國的國內許可業務、我們的機場、我們正在發展的大量路邊業務，這對我們來說是一個非常好的新模式、湯姆體育場和其他我們認為非傳統機會的機會。我們已經做了一些博物館和類似的事情，我們認為那裡確實有令人興奮的機會。除了英國之外，我們根本沒有去過西歐。我們甚至還沒有真正遇到任何我們在墨西哥南部沒有遇到的事情，我們的機會真的很大。這是我們業務中非常重要的一部分。我的意思是，我認為被低估了。所以這是我們在前進過程中絕對要關注的事情。我們非常感謝這部分業務。然後就國內機會而言，我們真的想平衡它。我們希望深入當前的市場，您將繼續看到我們在東北部、德克薩斯州、加利福尼亞州、中西部的主要市場開展業務，今年我們還將開拓一些新市場年，但距離並不遙遠。匹茲堡將是我們下一個開放的大市場。

And by the way, just to jump back to international, we're opening in Canada later this year for our first one, and that's a tremendous opportunity for us. So I think it had 300 roughly domestic company-operated and just over a couple of hundred internationally and license like this, there's a big opportunity for this company in our growth.

順便說一句，回到國際市場，我們將於今年稍晚在加拿大開設第一家，這對我們來說是一個巨大的機會。因此，我認為它大約有 300 家國內公司運營，國際上有幾百家以上的公司，並獲得了這樣的許可，這家公司在我們的發展中有很大的機會。

[Russell Crowe], JP Morgan.

[拉塞爾·克勞]，摩根大通。

Please proceed.

請繼續。

Good morning, guys. And thanks for the update, but I only wish you the best going forward, and I'll keep up with your social media update here, our broader industry segment.

早上好傢伙。感謝您的更新，但我只祝您未來一切順利，我會在這裡關注您的社交媒體更新，我們更廣泛的行業領域。

Can you talk about the speed and pace of competition growth out there and how do you think the landscape is changing? There are a lot of new upcoming concepts with national aspiration and also competing locally as well. Appreciate your thoughts or however you'd like to describe on a regional basis on an urban versus suburban basis?

您能談談競爭成長的速度和節奏嗎？有許多即將推出的新概念具有全國性的願望，並且也在當地競爭。感謝您的想法，或者您想以城市與郊區的區域為基礎進行描述？

It does. I think there's always going to be great competition. We didn't invent the Cheeseburger and we won't be the last people to create a great one. And we've always fit ourselves into a very special place. So that fits well above traditional fast food in our quality, our experience and below casual dining. And I think that's been a good home for us. My expect that's where it will continue to go up, but that that does require us to continually reinvent reinvent. We got to get better. We got to have better products, have exciting LTOs, have exciting menu evolution over the years and we think we've done that. So when you really think about our ability to compete, we're watching and we're learning. There's lots of great restaurants out there that we certainly compete with Tom. And we think at our best when Shake Shack does what Shake Shack was built to do, and we can be a winner in a lot of places. And that's that's what we've shown for 20 years now.

確實如此。我認為總會有激烈的競爭。我們沒有發明起司漢堡，我們也不會是最後一個創造出偉大起司漢堡的人。我們總是把自己放在一個非常特別的地方。因此，我們的品質、體驗遠高於傳統快餐，低於休閒餐飲。我認為那對我們來說是一個很好的家。我預計它會繼續上升，但這確實需要我們不斷地重新發明。我們必須變得更好。多年來我們必須擁有更好的產品、令人興奮的 LTO、令人興奮的菜單演變，我們認為我們已經做到了。因此，當你真正考慮我們的競爭能力時，我們會觀察並學習。那裡有很多很棒的餐廳，我們當然可以與湯姆競爭。我們認為，當 Shake Shack 做 Shake Shack 的初衷時，我們就能做到最好，我們就能在很多方面成為贏家。這就是我們 20 年來所展示的。

Thank you. We have reached the end of our question and answer session.

謝謝。我們的問答環節已經結束。

I would like to turn the conference back over to management for closing comments, I'll just close it out and if anyone still listening, I just had a lot of people said some very nice things to me, but I hope everybody goes into a Shake Shack and says those nice things to the employee who's working hard day after day to be a key member of this restaurant and make it what it is because it's certainly been them that has made this all happen. So thanks, everybody, and we look forward to seeing you for a Shack burger soon.

我想將會議轉回給管理層進行結束評論，我將結束會議，如果還有人在聽，我只是有很多人對我說了一些非常好的事情，但我希望每個人都進入一個Shake Shack 並對日復一日努力成為這家餐廳的關鍵成員並使其成為現在這樣的員工說了一些好話，因為肯定是他們讓這一切發生了。謝謝大家，我們期待盡快見到您享用 Shack 漢堡。

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

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。