Shake Shack Inc (SHAK) 2024 Q2 法說會逐字稿

Greetings. Welcome to Shake Shack's Second Quarter 2024 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Shake Shack 2024 年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Michael Oriolo, Vice President, FP&A and Investor Relations. Thank you. You may begin.

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, Rob Lynch; and CFO, Kate Fogertey.

謝謝大家，大家早安。與我一起參加 Shake Shack 電話會議的是我們的執行長 Rob Lynch；和財務長凱特·福格蒂。

During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our shareholder letter.

在今天的電話會議中，我們將討論非公認會計準則財務指標，我們相信這些指標有助於評估我們的表現。不應孤立地考慮此附加資訊的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。我們的收益報告和股東信函的財務詳細資料部分提供了與可比較公認會計準則衡量標準的對帳。

Some of today's statements may be forward-looking, and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K filed on February 29, 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 second quarter 2024 shareholder letter, which can be found at investor.shakeshack.com in the Quarterly Results section, or as an exhibit to our 8-K for the quarter.

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。任何前瞻性陳述均代表我們的觀點僅截至今天，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。到目前為止，您應該可以訪問我們的 2024 年第二季度股東信函，該信函可以在 Investor.shakeshack.com 的季度業績部分找到，或者作為我們本季度 8-K 的附件。

I will now turn the call over to Rob.

我現在將把電話轉給羅布。

Thank you, Mike, and good morning, everyone. I'm very excited to be here today speaking to you as the new CEO of Shake Shack. Thanks to all of you for joining us on the call today.

謝謝你，麥克，大家早安。我很高興今天能以 Shake Shack 新任執行長的身份在這裡與大家交談。感謝大家今天加入我們的電話會議。

First, I want to take a moment to recognize Randy Garutti for leading Shake Shack since inception and for his many accomplishments in building this great brand. I also want to thank him for how he thoughtfully transitioned the CEO role to me. His wise counsel and generous commitment to my success has absolutely helped me get off to a fast start.

首先，我想花點時間向蘭迪·加魯蒂（Randy Garutti）表示感謝，他自 Shake Shack 成立以來一直領導著他，並在打造這個偉大品牌方面取得了許多成就。我還要感謝他深思熟慮地將執行長的職位交給了我。他明智的建議和對我成功的慷慨承諾絕對幫助我快速起步。

Speaking of fast starts, I'm happy to share with you that Shake Shack had a strong second quarter, growing same-shack sales by 4%, expanding restaurant level profit margin by 100 basis points to 22%, the strongest quarterly results since 3Q 2019 and growing adjusted EBITDA by 27%. There is great momentum in the business and that momentum has continued into July where we finished the month up 4.1% on same-shack sales.

說到快速啟動，我很高興與您分享 Shake Shack 第二季度表現強勁，同店銷售額增長 4%，餐廳利潤率擴大 100 個基點至 22%，這是自第三季度以來最強勁的季度業績2019年調整後EBITDA 成長27%。該業務勢頭強勁，這種勢頭一直持續到 7 月份，該月同店銷售額增長了 4.1%。

In my first 90 days, I've spent a lot of time in the field learning how to make the best burgers in the business, hand-bread are 100% all-natural and antibiotic-free chicken, hand spin our premium frozen custard shakes and perfectly try our beloved crinkle cut fires, all while learning to embody the enlightened hospitality that is this company's special sauce. I would like to give a shout out to the great people in the Shacks in Houston and San Diego for being patient with me while training. It truly is our people that make Shake Shack so amazing. My first official day in the job was a dream come true as I opened Shake Shack's first restaurant in my hometown of Pittsburgh, PA. I couldn't have written the script any better. I'm happy to report that it is doing fantastic, and I can't wait to open many more successful Shacks there.

在我的前 90 天裡，我花了很多時間在現場學習如何製作業內最好的漢堡，手工麵包是 100% 全天然且不含抗生素的雞肉，手工旋轉我們的優質冷凍奶昔完美地嘗試我們心愛的皺紋火，同時學習體現開明的熱情好客，這是該公司的特色醬汁。我想向休斯頓和聖地亞哥 Shacks 的偉大人們大聲喊叫，感謝他們在訓練時對我的耐心。確實是我們的員工讓 Shake Shack 如此出色。我正式上班的第一天就夢想成真了，我在家鄉賓州匹茲堡開設了 Shake Shack 的第一家餐廳。我不可能把劇本寫得更好。我很高興地向大家報告，它的表現非常出色，我迫不及待地想在那裡開設更多成功的小屋。

We are opening a lot of great Shacks right now, including the 12 new company-operated Shacks in Q2, exceeding our expectations and continuing the development momentum critical to our future growth. There are so many things to be excited about right now, same-shack sales growth or improvements in restaurant level profit margins and the unit growth across the globe to name a few.

我們現在正在開設許多很棒的 Shacks，包括第二季度新開的 12 家公司營運的 Shacks，超出了我們的預期，並繼續保持對我們未來成長至關重要的發展勢頭。現在有很多令人興奮的事情，例如同店銷售的成長或餐廳利潤率的提高以及全球單位的成長等等。

But what initially attracted me to this opportunity was the simple fact that Shake Shack has my favorite burger on the planet. And as I dug further into the brand's DNA, I will draw even more to the founding principles around enlightened hospitality, particularly the uncompromising commitment to our team members, guests, communities, suppliers and investors. I love that we use premium ingredients. They focused on ensuring the best customer experience and facilitate strong team member engagement.

但最初吸引我這個機會的是一個簡單的事實：Shake Shack 擁有我在這個星球上最喜歡的漢堡。當我進一步挖掘品牌的 DNA 時，我將更專注於圍繞開明酒店的基本原則，特別是對我們的團隊成員、客人、社區、供應商和投資者的堅定承諾。我喜歡我們使用優質原料。他們專注於確保最佳的客戶體驗並促進團隊成員的積極參與。

Shake Shack truly is the standard for how our industry should and can operate. My excitement and conviction has only increased in my first couple of months as CEO, the strong nation that Danny and Randy Bill has positioned Shake Shack to perform incredibly well and is one of the few restaurant companies growing revenue units and adjusted EBITDA all at double digits, and I see even greater potential for this unrivaled brand.

Shake Shack 確實是我們產業應該如何運作以及能夠如何運作的標準。在我擔任執行長的頭幾個月裡，我的興奮和信念只增不減，丹尼和蘭迪·比爾讓Shake Shack 成為了一個強大的國家，業績令人難以置信，並且是少數幾家收入單位和調整後EBITDA 均以兩位數成長的餐飲公司之一，我看到了這個無與倫比的品牌更大的潛力。

As I've dug into the business fundamentals, I spent lots of time with our executive team learning both the what and why across all aspects of the business. While still in the early stages of forming our long-range growth strategy, I do want to share some of my early learnings and provide the three key areas where I'm focused, which are: driving healthy same-shack sales and building brand awareness and affinity, opening more Shacks globally with great returns for us and our licensed partners, and improving profitability through improved productivity at our restaurants and corporate operations.

當我深入研究業務基礎知識時，我花了很多時間與我們的執行團隊一起學習業務各個方面的內容和原因。雖然仍處於製定長期成長策略的早期階段，但我確實想分享我的一些早期經驗，並提供我關注的三個關鍵領域，即：推動健康的同店銷售和建立品牌知名度和親和力，在全球開設更多Shacks，為我們和我們的授權合作夥伴帶來豐厚的回報，並透過提高我們餐廳和企業營運的生產力來提高獲利能力。

I would like to talk a little bit about each of these important areas of focus. First, driving healthy same-shack sales and building the Shake Shack brand. The team has done a great job driving same-shack sales, especially in the current challenging macroeconomic environment, and we are proud to report this past quarter with the 14th straight quarter of positive same-shack sales.

我想談談這些重要的重點領域。首先，推動健康的同店銷售並打造Shake Shack品牌。該團隊在推動同屋銷售方面做得非常出色，尤其是在當前充滿挑戰的宏觀經濟環境下，我們很自豪地報告上一季同屋銷售連續第 14 個季度實現正增長。

Our ability to maintain our premium products and premium positioning, while continuing to meet the ever-changing needs of our guests is paramount to the long-term success of our company. There has been much discussion about customers moving to a more value-oriented mindset and that the industry has started to wage value wars and a fight for transactions.

我們能夠維持優質產品和優質定位，同時繼續滿足客人不斷變化的需求，這對於我們公司的長期成功至關重要。關於客戶轉向更加以價值為導向的思維方式的討論很多，並且該行業已經開始發動價值戰和交易爭奪戰。

In this environment, many believe that Shake Shack's premium positioning as a liability. But to the contrary, I believe that it is truly one of our strengths. Our team has been nimble and begun to employ strategic promotions to earn more than our fair share of transactions. And it is remarkable that we've been able to do this while also growing our restaurant level profit margins.

在這種環境下，許多人認為 Shake Shack 的高端定位是一種負擔。但恰恰相反，我相信這確實是我們的優勢之一。我們的團隊非常靈活，並開始採用策略性促銷來賺取超出我們公平份額的交易。值得注意的是，我們能夠做到這一點，同時也提高了我們餐廳的利潤率。

Our teams have truly struck the right balance between product innovation, pricing to mitigate inflation, technology implementations and strategic promotions. This is the model that we will leverage moving forward, regardless of the macroeconomic environment. And given results so far, I have a lot of confidence in this team's ability to keep the momentum going.

我們的團隊在產品創新、緩解通貨膨脹的定價、技術實施和策略促銷之間真正取得了適當的平衡。無論宏觀經濟環境如何，我們都將利用這個模型繼續前進。鑑於迄今為止的成績，我對這支球隊保持勢頭的能力充滿信心。

Shake Shack celebrated its 20th anniversary in the second quarter, and the company is still in early innings with an amazing amount of growth on the horizon. As you know, Shake Shack has built a strong brand and has an unbelievable story, beginning as a single hot dog card serving fine signing quality food in Madison Square Park and flourishing to more than 550 Shacks worldwide today.

Shake Shack 在第二季度慶祝了成立 20 週年，該公司仍處於早期階段，即將出現驚人的成長。如你所知，Shake Shack 已經建立了強大的品牌並擁有令人難以置信的故事，最初是在麥迪遜廣場公園提供優質招牌優質食品的一張熱狗卡，後來發展到如今在全球擁有550 多家Shack。

That said, it has been very eye-opening to see how many people across this country don't yet know what Shake Shack is. We believe there is still a great deal of untapped potential for this brand in domestic and global markets, which makes me incredibly optimistic for the future.

儘管如此，看到這個國家有多少人還不知道 Shake Shack 是什麼，真是令人大開眼界。我們相信這個品牌在國內和全球市場仍有大量未開發的潛力，這讓我對未來非常樂觀。

As I work with the team to understand this opportunity, I'd like to share my framework for building a successful marketing strategy. It is based on answering three questions: who is our target audience, what is going to either increase or change their behavior, and how do we efficiently and effectively reach them? Our marketing team has done a very good job in answering many of these questions already as evidenced by their ability to deliver strong same-shack sales in a tough environment. As we continue to operate in this ever-changing consumer landscape, it will be critical for us to challenge ourselves to further optimize our approach as we continue to increase our investments in marketing.

當我與團隊合作了解這個機會時，我想分享我的建立成功行銷策略的框架。它是基於回答三個問題：誰是我們的目標受眾，什麼會增加或改變他們的行為，以及我們如何有效地接觸他們？我們的行銷團隊在回答其中許多問題方面做得非常好，他們在艱難的環境中提供強勁的同店銷售的能力就證明了這一點。隨著我們繼續在不斷變化的消費者環境中開展業務，在我們繼續增加行銷投資的同時，挑戰自我以進一步優化我們的方法至關重要。

These investments in marketing and media will drive greater awareness and trial as the company scales. However, I want to be clear. It is not simply about spending more advertising dollars at the expense of profitability. We will ensure that our marketing investments continue to generate the same significant returns that they do today. Our profit objectives will not come in the expense of marketing spending for the sake of marketing.

隨著公司規模的擴大，這些對行銷和媒體的投資將提高人們的認識和嘗試。不過，我想澄清一下。這不僅僅是花費更多的廣告費用而犧牲獲利能力。我們將確保我們的行銷投資繼續產生與今天相同的顯著回報。我們的利潤目標不會為了行銷而犧牲行銷支出。

Our second area of focus is opening restaurants with best-in-class cash-on-cash returns. As you know, the team has been very focused on taking costs out of our new builds and have committed to approximately a 10% reduction in build costs in 2024 in building a 2025 pipeline with further improved build costs. This productivity will afford us the opportunity to explore new real estate options while aiming to maintain the same levels of return and profitability. I'm also working closely with our development, marketing and operations teams to optimize our drive-through format, which will be an unlock for us to enter into markets where our traditional foot traffic will be replaced with car traffic.

我們的第二個重點領域是開設具有一流現金回報的餐廳。如您所知，該團隊一直非常注重降低新專案的成本，並承諾在 2024 年建造 2025 年管道時將建造成本降低約 10%，並進一步降低建造成本。這種生產力將使我們有機會探索新的房地產選擇，同時力求保持相同水準的回報和獲利能力。我還與我們的開發、行銷和營運團隊密切合作，優化我們的得來速模式，這將為我們進入傳統的步行交通將被汽車交通取代的市場打開大門。

The third area of focus I'll speak to is our focus on driving profitability. The team has done an incredible job expanding restaurant margins over the last few years. From 2020 to 2023, Shack restaurant level profit margins expanded 560 basis points we expect to generate another 70 to 110 basis points of margin expansion in 2024. Adjusted EBITDA margins expanded nearly 800 basis points from 2020 to 2023.

我要談的第三個重點領域是我們對提高獲利能力的關注。在過去的幾年裡，該團隊在擴大餐廳利潤方面做出了令人難以置信的工作。從2020 年到2023 年，Shack 餐廳層面的利潤率擴大了560 個基點，我們預計2024 年利潤率將再增加70 到110 個基點。 800 個基點。

Despite this great progress, I see even further opportunity to become more efficient across regions and formats. Shake Shack is a brand that has been built primarily on foot traffic in areas like New York City, San Francisco and Chicago where we have larger units built to capture existing traffic just from people walking by. As we continue to build out and diversify formats, including drive-thrus and leverage third-party delivery as a component of our revenue model, there's an opportunity to get more efficient in how we operate and deliver across channels with the utmost productivity.

儘管取得了巨大進步，但我看到了進一步提高跨地區和跨業態效率的機會。 Shake Shack 是一個主要基於紐約市、舊金山和芝加哥等地區的人流量而建立的品牌，我們在這些地區建造了更大的單位，以捕捉路過的人的現有流量。隨著我們不斷發展和多樣化業態，包括得來速和利用第三方交付作為我們收入模式的一部分，我們有機會以最高的生產力提高跨通路營運和交付的效率。

As part of this effort, I'm excited to have hired Stephanie Sentell as our Chief Operations Officer, who has been in our seat for just a few weeks now. Having worked with Stephanie in the past, I can vouch for her proven track record of driving profitability, leading high-performance teams and spearheading operational innovations. But the momentum at Shake Shack is evident, and I see significant opportunity to further enhance the already great work being done.

作為這項工作的一部分，我很高興聘請 Stephanie Sentell 擔任我們的營運官，她上任才幾週時間。我過去曾與史蒂芬妮共事，我可以保證她在提高獲利能力、領導高績效團隊和帶頭營運創新方面擁有良好的記錄。但 Shake Shack 的勢頭是顯而易見的，我看到了進一步加強已經完成的出色工作的重大機會。

Our three focus areas are directly related to driving strong unit level economics and increasing ROI, which will ultimately lead to long-term shareholder value creation. I'll be working further with the executive team on shaping our long-range strategic plan with a focus on continuing our strong momentum into 2021. I'm extremely optimistic about the future of Shake Shack and look forward to sharing more in the coming months.

我們的三個重點領域與推動強勁的單位經濟和提高投資回報率直接相關，最終將創造長期的股東價值。我將與執行團隊進一步合作，制定我們的長期策略計劃，重點是在 2021 年繼續保持強勁勢頭。

With that, I'll turn the call over to Katie for a more detailed discussion on second quarter financial results. Katie?

這樣，我將把電話轉給凱蒂，以便更詳細地討論第二季的財務表現。凱蒂？

Great. Thank you, Rob, and good morning, everyone. We're proud of our second quarter results, which continues the trend that we have seen in each quarter over the past three years, generating positive same-shack sales and double-digit revenue, restaurant-level profit and adjusted EBITDA growth. In this quarter, we achieved the highest level of Shack sales, total revenue, restaurant-level profit and adjusted EBITDA on record, along with the highest restaurant and adjusted EBITDA margin since 2019.

偉大的。謝謝你，羅布，大家早安。我們對第二季的業績感到自豪，它延續了過去三年每季的趨勢，實現了積極的同店銷售額和兩位數的收入、餐廳水平的利潤和調整後的 EBITDA 增長。本季度，我們實現了 Shack 銷售額、總收入、餐廳利潤和調整後 EBITDA 有史以來的最高水平，以及自 2019 年以來最高的餐廳和調整後 EBITDA 利潤率。

In the second quarter, relative to last year, we grew total revenue by 16.4%, expanded restaurant level profit margins by 100 basis points, grew adjusted EBITDA by 27.4% to 14.9% of total revenue, that's up 130 basis points, and we generated $20.6 million in free cash flow. This is the highest on record. We are on a solid path to once again generating positive cash flow on an annual basis.

與去年相比，第二季我們的總營收成長了 16.4%，餐廳利潤率擴大了 100 個基點，調整後 EBITDA 成長了 27.4%，佔總營收的 14.9%，成長了 130 個基點，我們產生了自由現金流為2060 萬美元。這是有記錄以來的最高水準。我們正走在每年再次產生正現金流的堅實道路上。

On to the details of our second quarter results. We grew total revenue by 16.4% year-over-year to $315.5 million and system-wide sales by 13.5% to $483.7 million, marking two record achievements for Shake Shack. We opened 23 Shacks system-wide with strong sales performance out of the gate and achieved the 14th consecutive quarter of positive same-shack sales.

關於我們第二季業績的詳細資訊。我們的總營收年增 16.4%，達到 3.155 億美元，全系統銷售額成長 13.5%，達到 4.837 億美元，創下 Shake Shack 的兩項紀錄。我們在全系統開設了 23 家 Shacks，一開始就取得了強勁的銷售業績，並實現了連續 14 個季度的同店銷售正增長。

In just the past three years, we have nearly doubled our trailing 12-month system-wide sales to now $1.8 billion. In our license business, we grew sales by 8.4% year-over-year to $178.3 million, with 11 new licensed Shack openings and a low single-digit sales headwind from foreign exchange. We saw strong growth in our domestic business, led by airports and roadway travel plazas.

僅在過去三年中，我們過去 12 個月的全系統銷售額幾乎翻了一番，達到目前的 18 億美元。在我們的授權業務中，我們的銷售額年增 8.4%，達到 1.783 億美元，新增 11 家授權 Shack 店，且外匯帶來的銷售阻力較低，個位數。在機場和公路旅遊廣場的帶動下，我們的國內業務成長強勁。

We also opened our first Shack in Canada, up in Toronto with very strong performance and aligned outside the Shack starting at 5 AM on opening day. We are proud of our entrance in this market and offering locally inspired menu items like the Maple salted pretzel shake.

我們還在加拿大多倫多開設了第一家 Shack，業績非常強勁，開業當天早上 5 點就開始在 Shack 外排隊。我們為進入這個市場並提供當地靈感的菜單項目（例如楓鹽椒鹽捲餅奶昔）感到自豪。

Our strong domestic performance was matched with growth in Mexico as well as the UAE and the Philippines in Japan. However, this was somewhat offset by continued macro pressures in Mainland China and pockets of EMEA that we will expect to persist for the foreseeable future.

我們強勁的國內業績與墨西哥、阿聯酋和菲律賓、日本的成長相匹配。然而，這在一定程度上被中國大陸和歐洲、中東和非洲部分地區持續的宏觀壓力所抵消，我們預計這種壓力在可預見的未來將持續存在。

In our domestic company-operated business we grew Shack sales 16.7% year-over-year to $305.5 million with 12 Shack openings and 4% year-over-year growth in same-shack sales. Traffic was down 80 basis points and Shacks rose mid-single digits as pricing was partially offset by planned marketing strategies that resulted in a negative low single-digit mix.

在我們的國內公司營運業務中，我們開設了 12 個 Shack，Shack 銷售額同比增長 16.7%，達到 3.055 億美元，同家 Shack 銷售額同比增長 4%。流量下降了 80 個基點，Shacks 上漲了中個位數，因為定價被計劃的營銷策略部分抵消，導致了負的低個位數組合。

We continue to see a positive impact from stronger kiosk mix driven by higher attach rates, especially on beverages and custom add-ons. During the quarter, we lapped about 2% pricing mid-May and exited the quarter with approximately 4% in Shake menu pricing and a blended approximate 6% menu pricing across all channels. As a reminder, we will lap the additional 1% of price in October.

我們繼續看到附加費率上升推動的更強大的自助服務終端組合產生的積極影響，特別是在飲料和客製化附加產品方面。在本季度，我們在 5 月中旬定價了約 2%，本季結束時，奶昔菜單定價約為 4%，所有通路的混合菜單定價約為 6%。提醒一下，我們將在 10 月加收 1% 的價格。

Throughout the quarter, we remain focused on driving sales through our marketing initiatives and culinary innovation as well as operational improvement. In April, we launched an exciting new promotion highlighting our no antibiotics ever and no added hormone Chicken Shack sandwich. We saw strong incremental sales and a lift in brand awareness. Then right as Memorial Day weekend hit, we launched our summer barbecue menu highlighting two limited-time-offering sandwiches and our barbecue spice fries. Our sandwich offering includes the Smoky Classic Barbecue burger, which features a smoky barbecue sauce and Crispy Onion and then we also had the Carolina barbecue burger, which has a tangy barbecue sauce topped with our hand battered and made-to-order fried pickles. These two sandwiches and our barbecue fry offerings have been a hit and we hope that everyone gives our LTO burgers to tribe.

在整個季度，我們仍然專注於透過行銷措施、烹飪創新以及營運改善來推動銷售。四月，我們推出了一項令人興奮的新促銷活動，強調我們的無抗生素、無添加荷爾蒙的 Chicken Shack 三明治。我們看到銷售額的強勁成長和品牌知名度的提升。然後，就在陣亡將士紀念日週末到來之際，我們推出了夏季燒烤菜單，重點介紹兩種限時供應的三明治和燒烤香料薯條。我們的三明治產品包括煙熏經典燒烤漢堡，其特色是煙熏燒烤醬和脆皮洋蔥，然後我們還有卡羅萊納州燒烤漢堡，其上面有濃鬱的燒烤醬，上面有我們手工打漿和定制的炸泡菜。這兩種三明治和我們的燒烤油炸產品很受歡迎，我們希望每個人都將我們的 LTO 漢堡送給部落。

Compared to the first quarter, we drove improvements in our same-shack sales trends in all regions. We grew same-shack sales by mid-teens in Florida and Arizona and high single digits in markets such as Washington, D.C. and Michigan. In California, our same-shack sales improved sequentially from negative low single digits to positive as we implemented approximately 7% menu price to help offset the mandated increase in wages.

與第一季相比，我們推動了所有地區同店銷售趨勢的改善。我們在佛羅裡達州和亞利桑那州的同屋銷售額成長了十幾歲，在華盛頓特區和密西根州等市場實現了高個位數的成長。在加州，由於我們實施了約 7% 的菜單價格以幫助抵消強制工資增長，我們的同屋銷售額連續從負低個位數改善為正。

Finally, in New York City, our Shacks remain impacted by info pressures, particularly in third-party delivery. We showed continued improvement on restaurant level profit in the quarter as we achieved $67.1 million or 22% of Shack sales, 100 basis points better than last year. We did this with menu price and cost savings, mostly in labor and food and paper that are helping us grow our profitability and unlock additional investments for marketing strategies to drive greater brand awareness against a challenging industry backdrop.

最後，在紐約市，我們的 Shacks 仍然受到資訊壓力的影響，特別是在第三方交付方面。本季我們的餐廳利潤持續改善，實現了 6,710 萬美元，佔 Shack 銷售額的 22%，比去年高了 100 個基點。我們透過菜單價格和成本節約來做到這一點，主要是在勞動力、食品和紙張方面，這有助於我們提高盈利能力，並為行銷策略釋放額外投資，從而在充滿挑戰的行業背景下提高品牌知名度。

We are pleased with our current improvements on operations and execution on cost savings and have a strong line of sight to a substantial opportunity to head for added efficiencies and profitability. Food and paper costs were $85.1 million or 27.8% of Shack sales, down 120 basis points versus last year and down 80 basis points versus the last quarter as menu price and strategic cost savings in our supply chain helped us offset underlying low single-digit inflationary pressures, including beef and fries up mid-single digits and certain costs related to our sales-driving initiatives.

我們對目前在營運和成本節約執行方面的改進感到滿意，並且對提高效率和盈利能力的重大機會有著強烈的洞察力。食品和紙張成本為8,510 萬美元，佔Shack 銷售額的27.8%，比去年下降120 個基點，比上季度下降80 個基點，因為我們供應鏈中的菜單價格和戰略成本節約幫助我們抵消了潛在的低個位數通膨壓力，包括牛肉和薯條上漲中個位數以及與我們的銷售推動計劃相關的某些成本。

Labor and related expenses were $86.6 million or $86.2 million, excluding $445 million of expense related to California health care charges for fiscal 2020 through 2023 and that do not represent fiscal 2024 labor and related expense. Excluding this expense, labor was 28.2% of Shack sales, down 50 basis points versus last year, as we benefited from menu price, sales leverage and operational strategies. This was offset by a 90 basis point impact from wage inflation, mostly in California.

勞動力及相關費用為 8,660 萬美元或 8,620 萬美元，不包括 2020 財年至 2023 財年與加州醫療保健費用相關的 4.45 億美元費用，且該費用不代表 2024 財年的勞動力及相關費用。不計此費用，勞動力佔 Shack 銷售額的 28.2%，比去年下降 50 個基點，因為我們受益於菜單價格、銷售槓桿和營運策略。這被工資通膨 90 個基點的影響所抵消，工資通膨主要發生在加州。

Other operating expenses were $44 million or 14.4% 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 strategy. Occupancy and related expenses were $23.2 million or 7.6% of Shack sales approximately in line with last year's level. 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 levels, which is viral to our long-term growth.

其他營運費用為 4,400 萬美元，佔 Shack 銷售額的 14.4%，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。入住率和相關費用為 2,320 萬美元，佔 Shack 銷售額的 7.6%，與去年的水平大致持平。總而言之，我們對本季的利潤率改善水平感到非常滿意，因為我們繼續恢復盈利水平，這對我們的長期成長具有病毒性作用。

G&A was $36.3 million, excluding $2 million in onetime adjustment, G&A was $34.3 million or 10.8% of total revenue, 20 basis points favorable to last year. The increase in G&A was driven by significant growth in marketing to drive higher brand awareness and sales as well as strategic investments in our people to support our growth and executive transition.

G&A 為 3,630 萬美元，不包括一次性調整的 200 萬美元，G&A 為 3,430 萬美元，佔總收入的 10.8%，比去年好 20 個基點。 G＆A 的成長是由於行銷的顯著成長推動了更高的品牌知名度和銷售額，以及對員工的策略投資以支持我們的成長和高階主管過渡。

Preopening costs were $4 million in the quarter, down 28% year-over-year as we showed strong progress against our target to reduce preopening expenses per Shack by at least 10% this year. All in, we grew adjusted EBITDA by about 27% year-over-year to a second quarter record high of $47.2 million or 14.9% of total revenue. This is up 130 basis points from last year and the last second quarter adjusted EBITDA margin since 2019.

本季的開業前成本為 400 萬美元，年減 28%，因為我們在實現今年將每個 Shack 開業前費用至少減少 10% 的目標方面取得了巨大進展。總而言之，我們的調整後 EBITDA 年成長約 27%，達到第二季創紀錄的 4,720 萬美元，佔總營收的 14.9%。這比去年成長了 130 個基點，也是自 2019 年以來第二季調整後的 EBITDA 利潤率。

Depreciation was $25.5 million, up 14.6% year-over-year. We realized net income attributable to Shake Shack, Inc. of $9.7 million or $0.23 per diluted share. We reported an adjusted pro forma net income of $12.1 million or $0.27 a per fully exchanged and diluted share. Our GAAP tax rate was 23.4%, and our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation was $22.7 million.

折舊為 2550 萬美元，年增 14.6%。我們實現歸屬於 Shake Shack, Inc. 的淨利潤為 970 萬美元，即稀釋後每股收益 0.23 美元。我們公佈的調整後備考淨利潤為 1,210 萬美元，即每股完全交換稀釋後的每股收益 0.27 美元。我們的 GAAP 稅率為 23.4%，調整後的備考稅率（不包括股權薪酬的稅收影響）為 2,270 萬美元。

Finally, our balance sheet remains solid with $304.4 million in cash and cash equivalents and marketable securities at the end of the quarter. This is up $19.6 million versus the prior quarter as we grew operating cash flow by approximately 26% year-over-year and made investments in the approximately 40 Shacks that are currently opened and under construction today.

最後，我們的資產負債表保持穩健，截至本季末現金和現金等價物以及有價證券為 3.044 億美元。這比上一季增加了 1,960 萬美元，因為我們的營運現金流同比增長了約 26%，並對目前已開業和正在建設的約 40 個棚屋進行了投資。

Now on to our guidance, which reflects a degree of uncertainty around the macroeconomic outlook. We are planning to hold on to many of the trends that we've seen in the first half of the year with mid-teens growth in Shack sales positive same-shack sales and expanding restaurant level profit margins in the second half of the year.

現在我們的指導方針反映了宏觀經濟前景的某種程度的不確定性。我們計劃保持今年上半年看到的許多趨勢，下半年棚屋銷售將出現十幾歲左右的增長，同棚屋銷售將呈正增長，餐廳層面的利潤率也將擴大。

For the third quarter, we guide total revenue of $311.6 million to $317 million up 12.8% to 14.8% year-over-year, with $11.6 million to $12 million of licensing revenue with approximately seven license openings. Same-shack sales to be up low single digits year-over-year with a low single-digit price mix and six to seven company-operated openings and restaurant level profit margins of 20% to 28.5%.

對於第三季度，我們預計總收入為 3.116 億美元至 3.17 億美元，年增 12.8% 至 14.8%，許可收入為 1,160 萬美元至 1,200 萬美元，約有 7 個許可開放。同一個小屋的銷售額將年增率低個位數，價格組合低個位數，公司經營的餐廳有六到七個，餐廳利潤率為 20% 到 28.5%。

For the fiscal year 2024 guidance, guide total revenue of approximately $1.24 billion to $1.25 billion, growing about 14% to 15% year-over-year. Same-shack sales to grow by low single digits year-over-year, approximately 40 company-operated new Shack openings and approximately 40 license openings, we expect licensing revenue to reach $44 million to $45 million.

對於2024財年的指導，指導總收入約為12.4億至12.5億美元，年增約14%至15%。同一家小屋的銷售額同比將以較低的個位數增長，大約有 40 個公司運營的新 Shack 空缺和大約 40 個許可證空缺，我們預計授權收入將達到 4400 萬至 4500 萬美元。

Restaurant-level profit margins of 20.6% to 21%. This represents 70 to 110 basis points of expansion year-over-year. Our 2024 G&A guidance is $143 million to $146 million and equity-based compensation expense is approximately $18 million. The G&A guidance does not include the $5.1 million in nonrecurring costs that are excluded from adjusted EBITDA year-to-date.

餐廳級利潤率為20.6%至21%。這意味著同比擴張 70 至 110 個基點。我們 2024 年的一般管理費用指引為 1.43 億至 1.46 億美元，股權薪酬費用約為 1,800 萬美元。 G&A 指導不包括年初至今調整後 EBITDA 中排除的 510 萬美元非經常性成本。

We guide full year preopening of $17 million, depreciation of $103 million to $105 million and adjusted pro forma tax rate that excludes the impact of equity-based compensation to be 20% to 23%. Our fiscal 2024 adjusted EBITDA guidance is $165 million to $170 million, representing approximately 25% to 29% growth year-over-year nearly double our expected total revenue growth rate and representing a margin of approximately 13.3% to 13.6%, at least 120 basis points higher than the prior year and the highest adjusted EBITDA margin since 2019.

我們預計全年預開業金額為 1,700 萬美元，折舊為 1.03 億至 1.05 億美元，調整後的預估稅率（排除股權薪酬的影響）為 20% 至 23%。我們的2024 財年調整後EBITDA 指引為1.65 億至1.7 億美元，年成長約25% 至29%，幾乎是我們預期總營收成長率的兩倍，利潤率約為13.3% 至13.6%，至少120倍較前一年高出幾個百分點，調整後 EBITDA 利潤率創 2019 年以來最高。

Thank you, Katie. It's a great time to be an investor, team member or guest of Shake Shack. I'm so thankful to our amazing people for all that they do to make Shake Shack a company that we can all be proud of. I look forward to continuing our strong start to the third quarter and to working with our team to build this brand for years to come.

謝謝你，凱蒂。現在是成為 Shake Shack 的投資者、團隊成員或客人的好時機。我非常感謝我們出色的員工為使 Shake Shack 成為一家令我們引以為傲的公司所做的一切。我期待著第三季繼續保持強勁的開局，並在未來幾年與我們的團隊合作打造這個品牌。

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

那麼，接線員，請撥打電話詢問問題。

(Operator Instructions) Brian Mullan, Piper Sandler.

（操作說明）Brian Mullan、Piper Sandler。

I just wanted to ask about the broader advertising and brand awareness opportunity. There was a line in the letter that talked about sharing your premium ingredient story as a key differentiator, so Rob, maybe that gives a clue what you have in mind for the coming years. But would love if you could just elaborate on that, how you're going to get that message out there to consumers and how you see this evolving over time as the company continues to get bigger?

我只是想問更廣泛的廣告和品牌知名度機會。信中有一句話談到分享你的優質原料故事作為一個關鍵的差異化因素，所以羅布，也許這給了你對未來幾年的想法的線索。但如果您能詳細說明這一點，您將如何向消費者傳達這一訊息，以及隨著公司不斷壯大，您如何看待這種情況隨著時間的推移而演變？

Great question, Brian. Obviously, driving profitable comp growth is priority #1 for us. And I believe there's a huge amount of opportunity to do that, and it's in multiple ways. One of those ways is what you are highlighting our ability to drive brand equity and greater awareness and understanding of our premium ingredients and premium experience that we offer through enlightened hospitality.

好問題，布萊恩。顯然，推動利潤成長是我們的第一要務。我相信有很多機會可以做到這一點，而且可以透過多種方式實現。其中一種方式是您強調我們推動品牌資產的能力，以及對我們透過開明的待客之道提供的優質原料和優質體驗的更高認識和理解。

But there's a lot of other levers too. Product innovation is a huge opportunity for us to drive both new customers as well as frequency. I think we have a lot of trial driving opportunity by going out into these new markets where we don't currently serve. But once we get there, we really don't have a problem driving trial. When we open these Shacks, we have lines around the corner. Our first couple of weeks of sales are bigger than I've ever seen in any concept. So people really come to try Shake Shack. Our job is to drive frequency. And brand marketing and how we position the brand will help that, it will also be helped by strategically building a product innovation calendar that brings our best customers back more often.

但還有很多其他槓桿。產品創新對我們來說是一個巨大的機會，可以吸引新客戶並提高頻率。我認為，透過進入我們目前尚未服務的這些新市場，我們有很多嘗試駕駛的機會。但一旦我們到達那裡，我們的駕駛測試就真的沒有問題了。當我們打開這些棚屋時，轉角處就排起了長隊。我們前幾週的銷售額比我見過的任何概念都大。所以人們真的來嘗試Shake Shack。我們的工作是提高頻率。品牌行銷以及我們如何定位品牌將有助於這一點，策略性地建立產品創新日曆也將有助於我們更頻繁地吸引我們最好的客戶。

One of the biggest levers that we have to drive comps is not actually marketing at all. It's improving our speed of service and our throughput, our service times are still kind of in that range of where we have been in the early days where we were kind of a New York brand, and people would wait a long time. We have to get faster. We're shedding a light on that on operations. That's going to drive comps as well.

我們推動競爭的最大槓桿之一實際上根本不是行銷。它提高了我們的服務速度和吞吐量，我們的服務時間仍然處於早期的範圍內，當時我們是紐約品牌，人們會等待很長時間。我們必須走得更快。我們正在闡明營運方面的情況。這也將推動競爭。

We've talked a lot about value perception. And I think that was one of the big question marks around could we persevere through these value-oriented times. I think the last four or five months have shown that value isn't just about price. It's about the benefits that you offer to your guests at a fair price. And I think our comps show that we're able to do that. And I think we can get even better at that.

我們已經討論了很多關於價值感知的問題。我認為這是我們能否堅持度過這個以價值為導向的時代的大問號之一。我認為過去四、五個月的情況顯示價值不僅與價格有關。這是關於您以合理的價格為客人提供的好處。我認為我們的比較表明我們有能力做到這一點。我認為我們可以在這方面做得更好。

And then the last piece that we're doing to drive comps moving forward is, we're building out a loyalty marketing platform. That's a big part of the opportunity here at Shake Shack. I think the team has done a great job on tech, kiosks implemented in all of our Shacks have really been a big positive for us, but we still are unable to execute against the one-to-one marketing platform. that's going to be a big part of that model, too. So we have a lot of different levers, untapped opportunities to drive same-shack sales moving forward. brand positioning is just one of them.

然後，我們為推動公司向前發展所做的最後一步是，我們正在建立一個忠誠度行銷平台。這是 Shake Shack 的一個重要機會。我認為團隊在技術方面做得很好，在我們所有的棚屋中實施的資訊亭對我們來說確實是一個很大的積極因素，但我們仍然無法針對一對一的行銷平台執行。這也將成為該模型的重要組成部分。因此，我們有許多不同的槓桿和未開發的機會來推動同店銷售的發展。品牌定位只是其中之一。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Congrats again, Rob. You mentioned working with the development team on optimizing the drive-thru format. Can you just give your initial assessment on the success of the drive-thru thus far? And then obviously, there's a 450 unit potential number out there, which is viewed as a bit stale given at the time of the IPO. Do you think drive-thrus are the key unlock to increasing that addressable market or any initial assessment?

再次恭喜，羅布。您提到與開發團隊合作優化得來速格式。您能否對迄今為止得來速的成功程度做出初步評估？顯然，潛在數量為 450 套，在 IPO 時給出的數字被認為有點陳舊。您認為得來速是擴大潛在市場或任何初步評估的關鍵嗎？

Yes. Great question, Lauren. I mean, if you ask anybody in this building, you'll know that I'm like the biggest drive-thru pusher at Shake Shack. So I do think it's a huge unlock. I've framed it up internally and externally is moving from a business that used to deliver against walk-up traffic to a business that's going to need to deliver against drive up traffic.

是的。很好的問題，勞倫。我的意思是，如果你問這棟樓裡的任何人，你就會知道我就像 Shake Shack 最大的得來速推銷員。所以我確實認為這是一個巨大的解鎖。我已經在內部和外部進行了規劃，即從過去提供應對步行流量的業務轉變為需要提供應對增加流量的業務。

You talk about success of the drive-thru. We really haven't had that yet. I got to give credit to the team Shake Shack was primarily almost exclusively a dine-in business when the pandemic hit. And that was obviously a tough time for this company and for the everyone involved, and they moved quickly to try to mitigate that and incorporate things like third-party delivery and drive-thrus into the business model. And they did that without having a lot of kind of drive-thru expertise.

你談到了「得來速」的成功。我們確實還沒有經歷過。我必須讚揚團隊，當疫情來襲時，Shake Shack 幾乎完全是一家堂食企業。對於這家公司和所有相關人員來說，這顯然是一段艱難的時期，他們迅速採取行動，試圖緩解這種情況，並將第三方交付和得來速等內容納入業務模式。他們在沒有大量得來速專業知識的情況下做到了這一點。

So today, our drive-thru times are exceedingly too long. And we're going to fix all of that. And it's a part of -- there's multiple facets there. One is the ordering process. Today, it's the menu on the drive-thru boards looks exactly the same as the menu in the dining room. We don't have tools like combos and other things really implemented at scale that can improve the speed of ordering and the lack of stress on the kitchens and how they make things. So that's a big part of it. we don't have standardized linear lines across all of our drive-thrus. And so people are moving around. It's a lot of steps to get to the drive-thru window. So there are a lot of opportunity and drive-thru to get it faster.

所以今天，我們的駕車時間實在太長了。我們將解決所有這些問題。它是其中的一部分——那裡有多個方面。一是訂購流程。如今，得來速板上的菜單看起來與餐廳的菜單完全相同。我們沒有真正大規模實施的諸如組合之類的工具和其他可以提高訂購速度的工具，並且可以減輕廚房及其製作方式的壓力。這是其中很大一部分。我們所有的得來速餐廳都沒有標準化的直線路線。所以人們正在四處走動。到達得來速窗口需要很多步驟。因此，有很多機會和得來速可以更快到達。

We execute pretty good accuracy. The team does a great job making food fresh and making it right. We got to get faster, and we will. And once we get that unlock solved, we'll have a lot more confidence building these things in a lot more markets. Today, given the current speed, I think there's been a hesitancy because we haven't seen the returns on the drive-thrus yet because they haven't drove a lot of incremental throughput. That's going to change. We're going to focus on drive-thrus. Stephanie is going to help the team evolve our drive-thru strategy, and it will be an unlock for us to get that TAM where I think all of you expect us to go.

我們的執行精度相當高。團隊在使食物新鮮並做得恰到好處方面做得非常出色。我們必須走得更快，而且我們會的。一旦我們解決了這個問題，我們就會更有信心在更多的市場上建立這些產品。今天，考慮到目前的速度，我認為人們一直猶豫不決，因為我們還沒有看到得來速的回報，因為它們還沒有帶來大量的增量吞吐量。這種情況將會改變。我們將重點放在得來速。史蒂芬妮將幫助團隊改進我們的得來速策略，這將是我們解鎖 TAM 的一個機會，我想你們所有人都希望我們去那裡。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

I had a follow-up just on option margins. And I realize Stephanie is only in for a few weeks, but Rob, obviously got experience on the op side. So as you dug in the last couple of months, I'm just curious to get your take on what some of the biggest opportunities are to optimize the back of house and improve the guest experience. To what degree might there be opportunities on the equipment side to reduce coke times or make your shakes more efficiently or any tools to better anticipate demand, understanding your cook to order? Just anything there would be great. And the second question on that would just be at 4 million AUVs, is there any structural reasons that you couldn't meaningfully narrow the gap in your store margins versus best-in-class fast casual peers?

我對期權邊際進行了跟進。我意識到史蒂芬妮只待了幾週，但羅布顯然在反對方面有經驗。因此，當您在過去幾個月中進行挖掘時，我只是想知道您對優化後台和改善賓客體驗的一些最大機會有何看法。設備方面可能在多大程度上有機會減少焦炭時間或使您的奶昔更有效，或者有任何工具可以更好地預測需求，了解您的點菜烹飪？任何事情都會很棒。第二個問題是在 400 萬個 AUV 的情況下，是否存在任何結構性原因導致您無法有意義地縮小您的商店利潤率與一流快速休閒同行的差距？

So great questions. What I would tell you is that Stephanie -- I almost don't even know that Stephanie started, because all she's doing is spending all of her time in our Shacks. I mean she is digging in and she is visiting a lot of our major markets. She is training. She is learning. And I probably get about five texts from her every day about opportunities for us to get better.

這麼好的問題。我要告訴你的是史蒂芬妮——我幾乎不知道史蒂芬妮開始了，因為她所做的就是把所有的時間都花在我們的棚屋裡。我的意思是她正在深入研究，並且正在訪問我們的許多主要市場。她正在訓練。她正在學習。我可能每天都會收到她發來的大約五條短信，內容是關於我們變得更好的機會。

So the answer to your first question is absolutely yes. There are opportunities for us to improve operational efficiencies in almost every way. What we won't do is compromise the quality of our food. This brand has been built on the best burgers in the business and making food that people are willing to stand in line for. And that's not going to change. But if we can leverage equipment technology, if we can leverage operational processes, if we can just change some of the things that we measure and focus on, all of those things are going to have an impact on -- speed is my primary focus and Stephanie's primary focus is increasing throughput.

所以你的第一個問題的答案是絕對肯定的。我們幾乎有機會在各方面提高營運效率。我們不會做的就是降低食品品質。該品牌建立在業內最好的漢堡之上，並製作人們願意排隊購買的食物。這不會改變。但是，如果我們可以利用設備技術，如果我們可以利用營運流程，如果我們可以改變我們衡量和關注的一些事情，那麼所有這些事情都會產生影響——速度是我的主要關注點， Stephanie 的主要關注點是提高吞吐量。

And then labor productivity is a secondary focus. So we got to get our great food out faster. And once we get those processes in place that allow for that, we'll be able to really explore how we can get more efficient and effective with our labor. So that's the first question. And kind of rolls right into the second question. 4 million AUVs, there's a handful of brands in the industry doing that level of sales. And so yes, we should be able to deliver great margins. We're really happy with the margins that we delivered in Q2. And I think there's aspirations for us to continue to get more productive. So yes, there's upside for sure in the operations of the business.

然後勞動生產力是次要焦點。所以我們必須更快地把美味的食物拿出來。一旦我們建立了允許這一點的流程，我們將能夠真正探索如何提高我們的勞動效率和效果。這是第一個問題。有點直接進入第二個問題。 400 萬輛 AUV，業界只有少數品牌能夠達到這樣的銷售水準。所以，是的，我們應該能夠提供豐厚的利潤。我們對第二季的利潤率非常滿意。我認為我們希望繼續提高生產力。所以，是的，企業營運肯定有好處。

Michael Tamas, Oppenheimer & Company.

邁克爾·塔馬斯，奧本海默公司。

I just wanted to near-term clarification and sort of a bigger picture question. On the nearer term, traffic in June turned negative relative to the flat that you saw in April and May, and you called out some of the slowing marketing investments. Then you said July traffic had turned positive, which I think is also a little bit better than what we're hearing from a lot of restaurants. So can you impact for us what you think is going on in July, particularly against the industry?

我只是想近期澄清並提出一個更大的問題。從近期來看，與您在 4 月和 5 月看到的持平情況相比，6 月的流量轉為負數，您指出了一些行銷投資放緩的情況。然後你說七月的客流量已經轉正，我認為這也比我們從許多餐廳聽到的要好一些。那麼您能否對我們談談您對 7 月發生的情況的看法，特別是針對該行業的情況？

And then, Rob, I'd love to hear your thoughts on what you think the most impactful drivers that you can unlock on the sales side over the next 12 months versus those that might be a little bit longer term, maybe the next two or three years. And how you think you can achieve this without handcuff and future margins like you mentioned? I mean, does that require some cost reductions in other areas of the business? Or how are you thinking about that?

然後，Rob，我很想聽聽您的想法，即您認為在未來12 個月內您可以在銷售方面釋放的最有影響力的驅動因素，以及那些可能需要更長一段時間（也許是接下來的兩個月或更長的時間）的驅動因素。您認為如何在沒有手銬和未來利潤的情況下實現這一目標？我的意思是，這是否需要在業務的其他領域降低一些成本？還是你怎麼想的？

Great questions. We're really happy with our traffic in July, and it's really representative of the power of this brand when we get the model right, which is kind of what we've continued to optimize over the last four or five months. And that's -- I got to hand it to the marketing team. For a long time, this brand didn't have a lot of activations and a lot of promotions and a lot of marketing. And they have in a short period of time, figured out some real unlocks for how we can drive incremental traffic in this business.

很好的問題。我們對 7 月的流量感到非常滿意，當我們建立正確的模型時，這確實代表了這個品牌的力量，這也是我們在過去四到五個月持續優化的。那就是——我必須把它交給行銷團隊。很長一段時間，這個品牌沒有大量的活化、大量的促銷和大量的行銷。他們在很短的時間內就找到了一些真正的解決辦法，幫助我們推動這項業務的流量增量。

And so in June, it was a little bit of a falloff in kind of our marketing push, and we did see commensurately a little bit of the traffic impact from that. And it's really encouraging that in July, when we came back full steam, we saw it bounce back. So I feel really confident that in the short term, we're going to be able to leverage those tools and those capabilities to continue to garner more than our fair share of traffic, which ties to your second point around near-term sales, we're going to continue doing that. I mean we have a very strong back half calendar plan from both a marketing standpoint as well as a product standpoint.

因此，在 6 月份，我們的行銷推廣力度略有下降，但我們確實看到了相應的流量影響。令人鼓舞的是，七月份，當我們全速回歸時，我們看到它反彈了。因此，我非常有信心，在短期內，我們將能夠利用這些工具和功能來繼續獲得超過我們公平份額的流量，這與您關於近期銷售的第二點有關，我們我們將繼續這樣做。我的意思是，從行銷角度和產品角度來看，我們都有一個非常強大的後半日曆計畫。

So that's why we're comfortable reiterating our guide for positive comps in the back half. And the fact that we've been able to do that while drive those comps while still delivering really strong margins, and we're committing to delivering strong margins in the back half is a testament to the strength of that balanced approach that the team has been employed in Q2?

這就是為什麼我們很樂意在後半段重申我們的積極補償指南。事實上，我們已經能夠做到這一點，同時推動這些競爭，同時仍然提供真正強勁的利潤，並且我們致力於在後半段提供強勁的利潤，這證明了團隊所採用的平衡方法的力量Q2 是否受僱？

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

I had a question, a follow-up for Kate. Kate, I'd love to better understand the early learnings from the labor scheduling tool. How many stores now include this, and in the early stages, the tool delivered the efficiencies you're hoping it would. And then just as a follow-up on the marketing, the G&A guidance was nudged a little higher, while stock-based comp was much a little lower. So we think about this right, there's about an incremental $2 million to $3 million investment in G&A for marketing in 2024?

我有一個問題，請凱特跟進。凱特，我很想更了解勞動力調度工具的早期經驗。現在有多少商店包含此功能，並且在早期階段，該工具提供了您想要的效率。然後，作為行銷的後續行動，一般費用指導被推高了一點，而基於股票的補償則低了很多。那我們想想，2024 年的行銷管理費用大約會增加 200 萬至 300 萬美元的投資？

So first of all, on labor. So just to remind everybody, we are in the process of kind of refining our labor allocation in our Shacks to really account for the unique channel, menu mix and peak periods and of all of our restaurants. So we started that test early last -- or early this year, and we're really pleased with the results from that. We've talked about rolling that out. We have a commitment to roll that out by the end of this year, and we are well on track for that.

首先，關於勞動力。因此，謹提醒大家，我們正在完善棚屋中的勞動力分配，以真正考慮到我們所有餐廳的獨特管道、菜單組合和高峰時段。所以我們去年年初或今年年初開始了這項測試，我們對結果非常滿意。我們已經討論過將其推出。我們承諾在今年年底前推出該計劃，並且我們正在順利實現這一目標。

And then also on your point around G&A, we are making additional investments in marketing. We also have had room in there for an increase around we talked about investments in our people and executive transition expenses. When you take out executive transition expenses, we are still on a path excluding our increase in marketing and advertising investments. We are still on a path to lever that versus last year.

然後，關於您關於一般管理費用的觀點，我們正在行銷方面進行額外投資。我們也討論了對員工的投資和高階主管過渡費用，還有增加的空間。當你扣除高階主管過渡費用時，我們仍然走在排除行銷和廣告投資增加的道路上。與去年相比，我們仍在努力提高這一水平。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

So congrats on a great quarter. It's really great to see in the shareholders later, you mentioned that your recent new units are exceeding your sales expectations. But at the same time, you're effectively lowering your build cost. So what are some of the things that you've done that has driven this success? Or are you picking the right markets are you benefiting from the brand awareness, finding the right formats, et cetera?

恭喜您度過了一個出色的季度。很高興後來在股東中看到您提到您最近的新單位超出了您的銷售預期。但同時，您可以有效降低建置成本。那麼，您所做的哪些事情推動了這項成功？還是您選擇了正確的市場？

And how do you plan to keep this momentum going forward while keeping the returns in Shack as you think about further expansion? And also, just how does the increased drive-thrus also fit into this equation as well?

當您考慮進一步擴張時，您打算如何保持這種勢頭，同時保持 Shack 的回報？而且，增加的驅動力又如何適應這個方程式呢？

Yes. Great question. I am very focused on the cash-on-cash returns that we're going to garner from our Shacks moving forward. The team has done a great job. It's been benefited to a certain extent just on some of the cost of materials and the buildouts coming down. So we've benefited from that. But Also, our team has taken a very thoughtful approach to RFP-ing a lot of the things that go into building Shacks from the contractors that we use, the architects that we use. So across all facets of building a new Shack, the team has really challenged themselves on how they can get better. The equipment that we're putting in, we've RFP'd. There's a lot of things that the team has done by taking a really focused approach on getting those costs down.

是的。很好的問題。我非常關注我們將從我們的棚屋中獲得的現金回報。該團隊做得很好。它在一定程度上受益於一些材料成本和建築成本的下降。所以我們從中受益。但此外，我們的團隊還採取了非常周到的方法，從我們使用的承包商和建築師那裡徵求了許多用於建造棚屋的東西。因此，在建造新小屋的各個方面，團隊都在如何變得更好方面真正挑戰了自己。我們已經對我們要安裝的設備進行了徵求建議書。透過採取真正集中的方法來降低這些成本，團隊已經做了很多事情。

The other thing that's going to drive those returns is we have moved to a more standardized kitchen model. For a long time, every Shack was kind of a unique Shack that the ops teams had to kind of figure out. A lot of times, we're going into pieces of real estate that made it hard to standardize, we've moved to a more of a model as we scale, we're going to have to be more standardized. So we're building standard formats for larger Shacks, with larger real estate and standard formats for places where we have to go in with smaller footprints. And that standardization is going to make it easier and more efficient and productive for us to build and operate our Shacks on a run rate basis.

推動這些回報的另一件事是我們已經轉向更標準化的廚房模式。很長一段時間以來，每個棚屋都是一個獨特的棚屋，營運團隊必須弄清楚這一點。很多時候，我們進入的房地產領域很難標準化，隨著規模的擴大，我們已經轉向了更多的模型，我們必須更加標準化。因此，我們正在為較大的棚屋建立標準格式，並為需要較小佔地面積的地方建立標準格式。這種標準化將使我們能夠更輕鬆、更有效率、更有效率地按運行率建造和營運我們的棚屋。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

In your letter, you did kind of mention wait time improvements. And I was just curious what's been kind of most impactful there. And then, I mean, Rob, having spent more time inside of Shacks lately. What do you think could really kind of continue to drive kind of that improvement in speed of service.

在你的信中，你確實提到了等待時間的改進。我只是很好奇那裡最有影響力的是什麼。然後，我的意思是，羅布，最近在棚屋裡待了更多的時間。您認為什麼才能真正繼續推動服務速度的提升？

So I'll talk at the macro level and then Katie can weigh in on some of the recent results and improvements. But at the macro level, I mean, look, Shake Shack, as we all know, delivers high AUVs, and there's always been strong demand and strong trial of our restaurants and our Shacks when they open up. I think speed of service is always something we kind of talk about but hasn't necessarily been a religion. It's kind of fallen secondarily to some of the innovations that we can deliver and some of the way we make our products is more important. And we're just kind of maybe reprioritizing.

因此，我將從宏觀層面進行討論，然後凱蒂可以對最近的一些結果和改進發表意見。但在宏觀層面上，我的意思是，眾所周知，Shake Shack 提供了很高的 AUV，而且當我們的餐廳和 Shacks 開業時，總是有強烈的需求和強烈的嘗試。我認為服務速度始終是我們談論的話題，但不一定是一種宗教。我們可以提供一些創新，而我們製造產品的某些方式更為重要，這在某種程度上是次要的。我們可能只是在重新調整優先順序。

I think, once again, as you move from all of your Shacks being in Manhattan and the New York City area, where a lot of folks are walking up to the Shacks and they're used to kind of waiting in line to get Shake Shack, and we start to compete against other brands in other markets in Ohio and Georgia and Texas and all these other places. Speed becomes something that's part of the overall guest experience and is a big part of that, especially as you move into more drive-thru format.

我想，再一次，當你從曼哈頓和紐約地區的所有 Shacks 搬出來時，那裡有很多人步行前往 Shacks，他們習慣了排隊等候 Shake Shack ，我們開始在俄亥俄州、喬治亞州、德克薩斯州以及所有其他地方的其他市場與其他品牌競爭。速度成為整體賓客體驗的一部分，並且是其中的重要組成部分，尤其是當您轉向更多的得來速模式時。

So we've really just kind of change the way we think about it, like it's about holistic guest experience, food quality, taste, is part of that. enlightened hospitality and how we make the guests feel as part of that. that convenience, accessibility and speed are also part of the holistic guest experience, and we're just kind of putting those up the ladder in the order of prioritization. So as we move forward, we're going to start making some strategic decisions on how we operate the equipment we use, how we think about the kitchen in regards to making sure that we're delivering better speed, so that's the big picture.

因此，我們實際上只是改變了我們的思考方式，就像整體的賓客體驗一樣，食物品質、口味都是其中的一部分。開明的待客之道以及我們如何讓客人感受到自己是其中的一部分。便利性、可及性和速度也是整體賓客體驗的一部分，我們只是按照優先順序將這些因素放在階梯上。因此，隨著我們前進，我們將開始做出一些戰略決策，涉及如何操作我們使用的設備，如何考慮廚房以確保我們提供更好的速度，這就是大局。

I'll let Katie talk to specifically what's happened in Q2.

我會讓凱蒂具體談談第二季發生的事情。

Yes. Great. So just for everybody's benefit, starting this year, we started to really talk about speed of service as a KPI for our operators. And we've shown continuous improvement on it. We did again in the second quarter, a lot of this is through reporting and just making sure that we're on top of it and identifying opportunities. But I think what you're hearing from Rob is that, that opportunity to really move the needle is more on the transformational side. And so I think that's what we're really excited about addressing going forward.

是的。偉大的。因此，為了每個人的利益，從今年開始，我們開始真正討論將服務速度作為營運商的關鍵績效指標。我們已經在這方面不斷改進。我們在第二季度再次做到了這一點，其中許多都是透過報告來確保我們掌握最新情況並發現機會。但我認為你從羅布那裡聽到的是，真正推動改變的機會更多的是在改變方面。所以我認為這就是我們真正興奮的未來解決問題。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Congrats on another strong quarter. I did want to come back to the conversation on the marketing and advertising. Over the past year, you guys have been sprinkling in this marketing into different regions of the country. I was hoping you could give us a sense on where you spent some of these ad dollars this quarter and where you anticipate spending some of the ad dollars in the back end of the year?

祝賀又一個強勁的季度。我確實想回到關於行銷和廣告的對話。在過去的一年裡，你們一直在全國不同地區進行這種行銷。我希望您能讓我們了解本季度您在哪些方面花費了一些廣告費用，以及您預計在今年年底將哪些廣告費用花費在哪些方面？

And then just on the return hurdle, what are you guys looking for in terms of return for this investment? I know in the past, we've heard brands talk about $3 of sales for every dollar invested. Can you give us a sense of what your return hurdle is on the advertising and marketing spending that you were doing now?

然後就回報障礙而言，你們對這項投資的回報有何要求？我知道過去我們曾聽過品牌談論每投資 1 美元可帶來 3 美元的銷售額。您能否讓我們了解一下您現在所做的廣告和行銷支出的回報障礙是什麼？

Thanks, Pete. So we obviously still have a very big part of our system located in and around the greater New York City area. And that's where we're going to get the most return on our investment in the near term. We are exploring how we can most effectively market in these other regions to drive growth, our fastest-growing region. Right now, it's the Southeast, and we're building a lot of Shacks there. And so we definitely want to continue to propagate that.

謝謝，皮特。因此，我們的系統顯然仍有很大一部分位於大紐約市及其周邊地區。這就是我們在短期內獲得最大投資回​​報的地方。我們正在探索如何最有效地在這些其他地區進行行銷，以推動我們成長最快的地區的成長。現在是東南部，我們在那裡建造了許多棚屋。所以我們肯定想繼續傳播這一點。

We want to go in and win in markets that are most conducive with structural economics that are most likely to drive the highest margins, right? So strong real estate strong real estate at an affordable cost, good construction costs, good labor costs, strong market growth. So we're going to continue to invest in markets where we derive the best returns. I don't think we've disclosed our marketing ROIs, and I don't know that we're ready to do that, but I can tell you that that 3 to 1 number that you put out there is low relative to what we see.

我們希望進入並贏得最有利於結構經濟學的市場，這些市場最有可能帶來最高的利潤，對嗎？如此強大的房地產強大的房地產以可負擔的成本、良好的建築成本、良好的勞動力成本、強勁的市場成長。因此，我們將繼續投資於能夠獲得最佳回報的市場。我不認為我們已經揭露了我們的行銷投資報酬率，而且我也不知道我們是否已準備好這樣做，但我可以告訴您，您提供的3 比1 的數字相對於我們的數字來說較低。

So I think there's a huge upside potential on marketing here because there's just been such a lack thereof in the 20 years that Shake Shack has been around, like the brand hasn't had the market. The brands products and Danny's reputation and a lot of these things have driven a lot of brand heat, a lot of excitement, a lot of trial. As we enter into these new markets, it's going to take more than that. And we are really excited about the fact that the returns that we see on our marketing investments are some of the best I've seen in the industry, and we're going to continue to double down there because we believe that it's going to drive profitable growth.

所以我認為這裡的行銷有巨大的上升潛力，因為 Shake Shack 成立 20 年來一直缺乏行銷，就像這個品牌沒有市場一樣。品牌產品和丹尼的聲譽以及許多這些東西已經引發了很多品牌熱度，很多興奮，很多嘗試。當我們進入這些新市場時，我們需要做的不僅僅是這些。我們非常興奮的是，我們在行銷投資上看到的回報是我在業界見過的最好的回報，我們將繼續加倍投資，因為我們相信這將推動獲利成長。

As we mentioned in our earlier discussion, we're not just spending marketing because that's -- we want to drive top line at all costs. Like we are taking a very planful approach making sure testing that when we go in and we invest in a market, we're going to get strong returns and it's going to be profit positive.

正如我們在之前的討論中提到的，我們不僅僅花費行銷費用，因為我們希望不惜一切代價提高營收。就像我們正在採取非常有計劃的方法一樣，確保測試當我們進入並投資市場時，我們將獲得豐厚的回報，並將產生正利潤。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Mine is on cadence. And the first part of that is on the restaurant level margins. I think guidance for the third quarter implies maybe flat, maybe a little bit down at the midpoint, but you raised the year. So it looks like there's another expectation for acceleration or bigger increase in the fourth quarter. So maybe just help us understand what's going on from the third quarter to the fourth in terms of the year-over-year change? And then I had another question about the sales momentum.

我的有節奏。第一部分是餐廳層面的利潤。我認為第三季的指導意味著可能持平，可能在中點略有下降，但你提高了年份。因此，看起來第四季還有另一個加速或更大成長的預期。那麼也許只是幫助我們了解第三季到第四季的年比變化？然後我還有一個關於銷售動能的問題。

Great. Yes. We're really excited about the margin expansion path that we're on here. And our guidance implies still some pretty substantial increase in margins in the second half of the year. Our guidance calls for 70 to 100 basis points of margin improvement year-over-year for the full year.

偉大的。是的。我們對目前的利潤擴張之路感到非常興奮。我們的指導意味著下半年利潤率仍有相當大的成長。我們的指導要求全年利潤率年增 70 至 100 個基點。

There are a little bit of unique dynamics in the third quarter versus the fourth quarter and just also highlight we are lapping in the third quarter very substantial improvement versus the prior year. We had about 390 basis points of improvement in the third quarter of last year.

與第四季相比，第三季出現了一些獨特的動態，這也凸顯了我們在第三季的表現與去年相比有了很大的進步。去年第三季我們的表現提高了約 390 個基點。

So there's some shift around with food and paper inflation and some investments that we're making to drive brand awareness. But the second half of the year is shaping up to be another very strong margin expansion opportunity for us.

因此，食品和紙張的通貨膨脹以及我們為提高品牌知名度而進行的一些投資發生了一些變化。但今年下半年對我們來說將是另一個非常強勁的利潤擴張機會。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess a clarification and then a question, if I may. So one, the first clarification. I mean, Rob, you said that there's been some questioning about the premium positioning, but as a problem in the current environment, but I guess I would actually think it would be a positive given we've seen higher income consumers spend much more robustly than lower-income consumers. So is the clarification is, am I wrong in assuming that the Shake Shack customers perhaps higher income than others and maybe particularly higher income than perhaps the traditional fast food hamburgers.

如果可以的話，我想先澄清一下，然後再提出一個問題。所以，第一個澄清。我的意思是，羅布，你說人們對高端定位存在一些質疑，但這是當前環境下的一個問題，但我想我實際上認為這將是一個積極的因素，因為我們已經看到收入較高的消費者的支出更加強勁高於低收入消費者。因此需要澄清的是，我假設 Shake Shack 的顧客可能比其他人收入更高，尤其是比傳統快餐漢堡的收入更高，這是不是錯了？

And then the question is maybe more a philosophical nature. But can you help me understand, I always think of Shake Shack's Kitchen as perhaps more like a full-service restaurant just in the sense of everything is made to order and less like a traditional fast food restaurant. So as I think about what the margins should look like or what the throughput should look like, should I be comping it more to full service as I think about restaurant level margins or more towards your fast casual peers who tend to have more like an assembly line approach to production?

然後這個問題可能更多的是一個哲學本質。但你能幫我理解嗎？因此，當我考慮利潤應該是什麼樣子或吞吐量應該是什麼樣子時，我是否應該將其更多地與全方位服務相比較，因為我考慮的是餐廳級別的利潤率，還是更多地針對那些傾向於更像集會的快速休閒同儕生產線方法？

Great questions. I would tell you that, yes, we do have an overrepresentation of higher-income guests which I think protects us from the current economic environment. That being said, I think Shake Shack can appeal to everyone. I think that we have to find ways to get more efficient more productive so that we can bring Shake Shack to and penetrate more deeply into some of the lower income opportunities.

很好的問題。我想告訴您，是的，我們的高收入客人人數確實過多，我認為這可以保護我們免受當前經濟環境的影響。話雖這麼說，我認為 Shake Shack 可以吸引所有人。我認為我們必須找到提高效率和生產力的方法，這樣我們才能將 Shake Shack 引入並更深入地滲透到一些低收入的機會。

My vision coming here is to scale this thing and really bring Shake Shack to every market across the globe. And in order to do that, we have to be broadly appealing. So the answer to your question is, yes, today, what you said is an exact representation of what we're seeing that we do have some protection against the kind of the challenge up against the lower income segment. But we're working to make -- to merely broaden our brand to not be only for the highest income burger eaters.

我來到這裡的願景是擴大規模，真正將 Shake Shack 帶到全球每個市場。為了做到這一點，我們必須具有廣泛的吸引力。所以你的問題的答案是，是的，今天，你所說的正是我們所看到的，我們確實有一些保護措施來應對低收入群體的挑戰。但我們正在努力擴大我們的品牌，使其不僅僅是為最高收入的漢堡食客提供服務。

On the second question, the Shake Shack kitchen, you're absolutely right. It is a fine dining model. We've got stations. It's almost like a symphony in the back of the restaurant where we've got lots of people doing different stuff, and it kind of all comes together in a beautiful crescendo at the Expo line and then we take it to our customer, our guests.

關於第二個問題，Shake Shack廚房，你說得完全正確。這是一個精緻的餐飲模式。我們有車站。這幾乎就像餐廳後面的交響樂，我們有很多人在做不同的事情，所有這些都在世博會線上以美麗的漸強形式匯集在一起，然後我們把它帶給我們的顧客，我們的客人。

And I'm not saying that all of that is going to change. We're not going to change the fact that we make burgers when you order them. We're not going to change the fact that we use the highest quality ingredients. We're not going to change the things that make Shake Shack special, but there's definitely an opportunity for us to streamline the operations move to a bit more of an assembly line model, not necessarily because in a way that we're going to have a lot of different things sitting around and the quality of our products are going to go down. But just to make sure that we are able to meet the customers' expectations that pulls up to a drive-thru in Kansas City, Missouri, like they're not the same appetite for waiting for their food is Madison Square Park. So we have to do things that are going to meet the customers' needs holistically on guest satisfaction and enlightened hospitality. So that's work to be done, but so much upside there. And Stephanie is laser-focused on that right now.

我並不是說這一切都會改變。我們不會改變我們在您訂購漢堡時製作漢堡的事實。我們不會改變我們使用最優質原料的事實。我們不會改變 Shake Shack 的特殊之處，但我們絕對有機會簡化運營，轉向更多的裝配線模式，不一定是因為我們將採用某種方式有很多不同的東西存在，我們產品的質量將會下降。但只是為了確保我們能夠滿足顧客在密蘇裡州堪薩斯城的汽車餐廳的期望，就像他們在麥迪遜廣場公園等待食物的胃口不同一樣。因此，我們必須做一些能夠全面滿足客戶需求的事情，包括顧客滿意度和開明的待客之道。所以這是有待完成的工作，但還有很多好處。史蒂芬妮現在全神貫注於這一點。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫，第一資本證券公司。

Rob, you mentioned the untapped potential in the global market. What percentage do you think is a good long-term target for the licensing revenue line? And what are some risks you all think through if you take that percentage up too high, too fast?

羅布，您提到了全球市場尚未開發的潛力。您認為授權收入線的長期目標是多少？如果你把這個百分比提高得太高、太快，你們都會想到哪些風險？

Yes. I don't think we're disclosing exactly what the growth rate or the percent business is going to be on the licensing business. But what I will tell you is that my background, a lot of it has been spent in franchise businesses. And I know the power of getting great licensees or franchisees excited about growth. and we are focused on that.

是的。我認為我們並沒有準確地揭露授權業務的成長率或百分比業務。但我要告訴你的是，我的背景，很大一部分都花在了特許經營業務上。我知道讓優秀的被授權人或特許經營者對成長感到興奮的力量。我們專注於此。

Our team, led by Michael Kark, who leads our international and license business is energized by the fact that I have kind of challenge them to take the reins off and grow that license business. We have a lot of white space internationally to go out and open Shake Shacks where a lot of people want them and don't yet have access to them.

我們的團隊由領導我們的國際和授權業務的 Michael Kark 領導，我對他們提出挑戰，要求他們擺脫束縛並發展許可業務，這讓我們的團隊充滿了活力。我們在國際上有很多空白空間可以出去開設 Shake Shacks，很多人都想要但還無法進入。

So new market potential is a big opportunity for us internationally. But there's also a lot of remaining opportunity in markets that we've already penetrated where we have great partners. I would tell you that in my experience, Shake Shack has some of the best franchise partners that I've been around just looking at the business model, looking at the way this team has worked with our partners to grow and foster this brand. So license revenue will be a big part of our plan moving forward.

因此，新的市場潛力對我們來說是一個巨大的國際機會。但在我們已經滲透並擁有優秀合作夥伴的市場中，還有很多剩餘的機會。我想告訴你，根據我的經驗，Shake Shack 擁有一些最好的特許經營合作夥伴，我一直在關注其商業模式，並關注​​團隊與合作夥伴合作發展和培養品牌的方式。因此，授權收入將是我們未來計劃的重要組成部分。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

You've noted that Shack is in the early stages of what kiosk can do for the business, sort of I'm just curious if you can provide a little bit more color on what you see as sort of either the near term or intermediate term opportunities with the kiosks?

您已經注意到，Shack 處於自助服務終端業務的早期階段，我只是好奇您是否可以就您所看到的近期或中期內容提供更多資訊資訊亭的機會？

Yes. I mean when I think about the kiosk business, I think about to primary contributions to our business. One is upsell. When you go through a kiosk experience, we can guarantee that the upsell opportunities are made. We have amazing team members, but sometimes that is not always a priority when you've got 40 people in line, you're trying to get through it as quick as possible. So there is, I think, a strong opportunity to continue to optimize the way we execute that. to drive items per check and mix improvement.

是的。我的意思是，當我想到自助服務終端業務時，我想到的是對我們業務的主要貢獻。一是追加銷售。當您體驗自助服務終端時，我們可以保證增加銷售機會。我們擁有出色的團隊成員，但有時當您有 40 個人排隊時，這並不總是優先考慮的事情，您需要盡快完成任務。因此，我認為，我們有很大的機會繼續優化我們的執行方式。推動每次檢查項目和組合改進。

And then the second piece is how we think about our labor model and how we think about taking orders and how many people we need to do that and how we execute enlightened hospitality in the best way, right? We may redistribute that labor from taking orders once the kiosks have proven to be the optimal way to making sure that those folks are out in the dining room, taking care of our guests or contributing to the team in the kitchen. So upsell, mix benefit and labor optimization are two long-term benefits for the kiosk business.

第二部分是我們如何看待我們的勞動模式，我們如何看待接受訂單，我們需要多少人來做到這一點，以及我們如何以最好的方式執行開​​明的款待，對嗎？一旦事實證明，自助服務終端是確保這些人在餐廳、照顧我們的客人或為廚房團隊做出貢獻的最佳方式，我們可能會重新分配接受訂單的勞動力。因此，追加銷售、混合效益和勞動力優化是自助服務終端業務的兩個長期效益。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on speed of service and throughput, which has been mentioned several times on the call. And I was just wondering if you have any way to frame up what you think the sales opportunity from that is, I guess, do you have examples that would give you confidence that this is a few points of sales, maybe 10 points of sales. I don't know if there's any way that you can frame up how big of an opportunity this might be? And then Rob, I'm curious, there's a second part of this, whether you think menu simplification could be part of the strategy to accomplish that.

我的問題是關於服務速度和吞吐量，這在電話中已經多次提到。我只是想知道您是否有任何方法來建立您認為的銷售機會，我想，您是否有例子可以讓您相信這是幾個銷售點，也許是 10 個銷售點。我不知道你是否可以用任何方式來描述這可能是一個多大的機會？然後，羅布，我很好奇，還有第二部分，您是否認為菜單簡化可以成為實現這一目標的策略的一部分。

So thanks, David. I mean what I would tell you is we don't have a crystal ball to know exactly what the throughput is going to do. But I'll just give you -- our speed of service and our drive-thrus, which are only in 30 to 35 Shacks today is 2 times what it needs to be. And so there's so much opportunity for us to drive improvements there.

謝謝，大衛。我的意思是，我要告訴你的是，我們沒有水晶球來確切地知道吞吐量會發生什麼。但我只想告訴你——我們的服務速度和得來速服務（目前僅在 30 到 35 個棚屋中提供）是所需速度的 2 倍。因此，我們有很多機會推動那裡的改進。

I mean, you've heard on some other calls during this earnings season about the negative impact that a lack of throughput can have on comps and can have on revenue in general. I don't know that there is another brand that has more upside opportunity on throughput than we do. And so I don't think we're going to tag a same-shack sales number on that and guide to that. But I think you're going to have a lot of confidence that we are hyper focused on improving throughput across a lot of different dynamics.

我的意思是，您在本財報季期間的其他一些電話會議上聽說過吞吐量不足可能對公司和整體收入產生負面影響。我不知道還有哪個品牌在吞吐量方面比我們有更多的上昇機會。因此，我認為我們不會在上面標記同一個小屋的銷售數字並提供指導。但我認為您會對我們非常專注於提高許多不同動態的吞吐量充滿信心。

When you talk about menu simplification, I actually don't think our menu is overly complex. I mean you're talking to a guy who was at Taco Bell, we had 150 items on the menu. Like we don't have that level of complexity. We do have opportunities to optimize the complexity of the ordering process through the drive-thru, so I don't know that we're necessarily looking at removing a lot of things from the menu holistically, but we are absolutely going to explore how we can make the best use of what we have on the menu through the drive-thru to make sure that we're optimizing speed of service in that channel.

當你談到菜單簡化時，我實際上並不認為我們的菜單過於複雜。我的意思是，你正在和 Taco Bell 的一個人交談，我們的菜單上有 150 種菜餚。就像我們沒有那麼複雜的程度。我們確實有機會透過得來速來優化點餐流程的複雜性，所以我不知道我們是否有必要考慮從菜單中整體刪除很多東西，但我們絕對會探索如何可以透過得來速充分利用菜單上的內容，以確保我們優化該管道的服務速度。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Rob and Katie, two quick ones. I was wondering, as you in, Rob, just back to the point on sort of the value-seeking guests or the competitive $5 meals out there. What do you think the overlap is? I mean, clearly, there are some aspirational guests who want to enjoy Shake Shack. Have you kind of teased that out in terms of that lower end consumer?

羅布和凱蒂，兩個敏捷的人。我想知道，正如你所說，羅布，回到主題，談談追求價值的客人或那裡有競爭力的 5 美元餐點。你認為重疊是什麼？我的意思是，顯然，有一些有抱負的客人想要享受 Shake Shack。您是否針對低端消費者進行了梳理？

Yes. I mean it comes back once again to this discussion around trial and frequency. I would argue that every human in the right mind wants Shake Shack. I mean, it's literally the best or fry, shake, drink you can get. I mean, just like maybe I'm buy, but that's why I'm here because that's how I feel. And so once again, we do not have a problem driving trial. I think when we opened that Shack in Pittsburgh, where I'm from, there's a lot of hard work and blue-collar people in line to try Shake Shack when we opened that day when I was there.

是的。我的意思是，這又回到了關於試驗和頻率的討論。我認為每個頭腦正常的人都想要 Shake Shack。我的意思是，它確實是你能買到的最好的或煎炸、搖勻、喝的。我的意思是，就像我可能會買一樣，但這就是我來這裡的原因，因為這就是我的感覺。因此，我們再一次在駕駛試驗中沒有遇到任何問題。我想，當我們在我來自的匹茲堡開設那家 Shack 時，當我在那裡開業的那天，有很多努力工作的藍領人士排隊嘗試 Shake Shack。

The problem or the challenge, I should say, and the opportunity is really what it is, is for us to be able to mitigate the barriers to frequency. And those two barriers are the speed of service and some of the value perception. And we're working on both of those things. And once again, we're not going to degrade the quality of the experience. We're not going to degrade the quality of our products. But I do think there are opportunities for us to evolve our menu strategy, evolve our LTO strategy, evolve our -- the way we approach -- how we position things across our revenue model and our menu to drive a better value perception.

我應該說，問題或挑戰，以及真正的機會，是我們能夠減輕頻率障礙。這兩個障礙是服務速度和一些價值感知。我們正在做這兩件事。再說一次，我們不會降低體驗的品質。我們不會降低我們產品的品質。但我確實認為我們有機會發展我們的菜單策略，發展我們的LTO 策略，發展我們的方法——我們的方法——我們如何在我們的收入模式和菜單中定位事物，以推動更好的價值認可知。

I think those are the two things that are really going to help us to drive frequency. So I don't think it's like, hey, lower-income customers don't want Shake Shack. They do. And frankly, they show up and try it and they love it, but it becomes more of a special occasion. I don't want to be a special occasion. Like I want to be something that is a Friday night staple for the family that is an after work stop on the way home. And in order for those things to happen, we got to work on our speed of service and we've got to work on our value perception. So from a brand positioning standpoint, that's where a lot of our effort is.

我認為這兩件事將真正幫助我們提高頻率。所以我不認為低收入顧客不想要 Shake Shack。他們是這樣。坦白說，他們出現並嘗試了，他們喜歡它，但這更像是一個特殊的場合。我不想成為一個特殊的場合。就像我想成為週五晚上家人的主食，是下班後回家路上的停留。為了實現這些目標，我們必須提高服務速度和價值觀念。因此，從品牌定位的角度來看，這就是我們付出很多努力的地方。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

I see who we're going in alphabetical order. So happy to be busy here. I guess a question on the speed of service in tandem with loyalty. Is there a natural sequencing where you would want to attack speed of service before you would actually implement a loyalty program? And within loyalty, what is a peer that you would want to emulate or how do you think about how loyalty would manifest for Shake Shack?

我知道我們要按字母順序排列誰。很高興在這裡忙碌。我想問題是關於服務速度和忠誠度。在實際實施忠誠度計劃之前，是否有一個自然的順序，您希望提高服務速度？在忠誠度方面，您想效仿哪位同行？

Yes. Great questions. I don't know that we're necessarily thinking about it as speed of service versus loyalty. I mean, I am a big believer, Sharon. I think the overarching point is a good one. If you spend a ton of marketing dollars, driving people to your Shacks and the experience holistically is in the best it can be, you're probably not getting the same ROI on those marketing dollars. And the fact that we do get such a high ROI on our marketing dollars with longer wait times and maybe some of those challenges that we've talked about is really encouraging that when we do solve some of those challenges, we're going to get even higher ROIs on those marketing investments. So that's the first piece.

是的。很好的問題。我不知道我們是否一定將其視為服務速度與忠誠度。我的意思是，我是一個堅定的信徒，莎倫。我認為最重要的一點是好的。如果您花費大量行銷資金，吸引人們來到您的小屋，並且整體體驗處於最佳狀態，那麼您可能無法在這些行銷資金上獲得相同的投資回報率。事實上，我們的行銷資金確實獲得瞭如此高的投資回報率，而且等待時間更長，也許我們討論過的一些挑戰確實令人鼓舞，當我們解決其中一些挑戰時，我們將得到這些行銷投資的投資報酬率甚至更高。這就是第一部分。

The second piece in terms of loyalty, I mean -- as everyone knows, I mean, I came here from Papa John's and Papa John's is an e-commerce business that has -- I think at this point, and I can throw a number out there because I don't know because I haven't been there for 90 days, but they have somewhere between 25 million and 30 million loyalty customers. And I know that those customers are their most valuable customers. And so I was there as we built that loyalty program from 12 million to today, probably close to 30 million, and I saw the power of that.

第二個方面是忠誠度，我的意思是，眾所周知，我是從棒約翰來到這裡，而棒約翰是一家電子商務企業，我認為在這一點上，我可以拋出一個數字因為我不知道，因為我已經90 天沒去過那裡了，但他們有2500 萬到3000 萬忠誠客戶。我知道這些客戶是他們最有價值的客戶。因此，當我們建立忠誠度計劃時，我就在場，從 1200 萬到今天，可能接近 3000 萬，我看到了它的力量。

And so that's what we aspire to. We aspire to be able to build a platform that has a capability that allows us to build one-to-one relationships with our guests. It's not just about discounts. I mean really awesome loyalty program delivers more value than just discounts. It allows access to early product offerings that allows access to swag that customers, our most loyal customers really want. So there's a lot of other things to build that relationship and drive loyalty/frequency besides just discounting. So that's the kind of model that we're working on building here.

這就是我們的願望。我們渴望能夠建立一個能讓我們與客人建立一對一關係的平台。這不僅僅是折扣。我的意思是，真正出色的忠誠度計劃提供的價值不僅僅是折扣。它允許訪問早期產品，從而獲得客戶（我們最忠實的客戶）真正想要的贈品。因此，除了折扣之外，還有很多其他方法可以建立這種關係並提高忠誠度/頻率。這就是我們正在這裡建立的模型。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Just wanted to clarify unit growth. I think it was a little bit softer in the third quarter and it's going to put a bit of pressure on fourth quarter as far as getting to the 40 units for company in license. Anything to call out there of concern? Or is this just timing market issues?

只是想澄清單位成長。我認為第三季的情況有點疲軟，這會給第四季度的公司帶來一些壓力，以達到獲得許可的公司數量達到 40 台。有什麼值得關注的地方嗎？或者這只是市場時機問題？

Yes. So we opened 12 on the company-operated side. We opened 12 restaurants in the second quarter. That was a little ahead of our guidance range. We're going to be opening about 6% to 7% in the third quarter, and we are targeting to have approximately 40 for the full year. So just a little bit of timing shift on that side. We're on a very solid path on the development, both for company operated and also for our license business.

是的。所以我們在公司營運方面開了12家。第二季我們新開了 12 家餐廳。這略高於我們的指導範圍。我們將在第三季開設約 6% 至 7% 的門市，我們的目標是全年開設約 40 家門市。因此，這一方面的時間稍有變化。無論是公司營運還是許可業務，我們都走在非常堅實的發展道路上。

Yes. And I'll just layer in there that we are really excited about how these Shacks are opening. I mean the Q2 openings have been really strong performance. And I think it's a testament to the development teams building Shacks that are easier to operate, the operations team, making sure that we get off to a good start, have a lot of team members and managers lined up in the queue to open these Shacks with excellence. We're not just opening Shacks to get into an opening number. We're being thoughtful and planful about making sure that these Shacks get off to a great start and the sales results from our new Shack openings in Q2 are indicative of that strategy. So really positive results year-to-date on new store openings.

是的。我只想說，我們對這些小屋的開幕感到非常興奮。我的意思是第二季的表現非常強勁。我認為這證明了開發團隊建立了更易於操作的 Shacks，營運團隊確保我們有一個良好的開端，有很多團隊成員和經理排隊等待打開這些 Shacks卓越。我們開設 Shacks 不僅僅是為了獲得開場號碼。我們正在深思熟慮和有計劃地確保這些小屋有一個良好的開端，而我們在第二季度開設的新小屋的銷售結果就表明了這一策略。今年迄今為止，新店開幕取得了非常積極的成果。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

This is Pratik, on for Jeff. Rob, just a high-level question on QSR discounting again. You were sitting on the other side of a pen not too long ago. In your prior role, what did you see it play out when QSR went up against fast casual? Did fast casual historically see traffic with those price-sensitive guests? Or did it respond with greater value or bundling of its own? Just any perspective you can share for your days in the pizza category would be really helpful.

我是普拉蒂克，傑夫替補發言。 Rob，又是 QSR 折扣的進階問題。不久前你還坐在圍籬的另一邊。在您之前的角色中，當 QSR 與快速休閒對抗時，您看到了什麼結果？快速休閒歷史上是否曾經看到那些對價格敏感的客人的流量？或者它以更大的價值或自己的捆綁來回應？只要您能分享您對披薩類別的看法，就會非常有幫助。

Yes. It's an interesting question. There are so many nuances across this great industry that we all cover and work in. I mean, pizza is kind of a unique animal in the sense that it is hyper value driven, and there's not a huge amount of pricing power there. People shop it, like they shop e-commerce and retail, they're looking at multiple different options and looking for deals, right?

是的。這是一個有趣的問題。這個很棒的行業有很多細微差別，我們都涉及和工作。人們購物，就像他們購物電子商務和零售一樣，他們正在尋找多種不同的選擇並尋找優惠，對嗎？

QSR is very different than that. As at Taco Bell and RB, that industry, most people, it's not a preplanned purchase. Most people, it's an impulse purchase. They're driving down the road. They make a decision on where they're going to stop within one minute of executing that transaction. I would say that Shake Shack and its life cycle today is kind of in the middle there. I mean Shake Shack is still a little bit of a destination, special occasion type restaurant concept. And so people are planning to go there. And so it is like, okay, I know what I'm getting and I'm willing to pay for and I'm going to go there. We want -- and that's great.

QSR 與此有很大不同。就像在 Taco Bell 和 RB 一樣，這個行業的大多數人，這不是預先計劃好的購買。對大多數人來說，這是一種衝動購買。他們正在路上行駛。他們在執行交易後一分鐘內決定在哪裡停止。我想說 Shake Shack 及其今天的生命週期處於中間位置。我的意思是 Shake Shack 仍然是一個目的地、特殊場合類型的餐廳概念。所以人們計劃去那裡。所以這就像是，好吧，我知道我會得到什麼，我願意付出代價，我會去那裡。我們想要──那太好了。

And like I said earlier, that insulates us a little bit from some of these value wars that are going on in QSR. That being said, I think we have the opportunity to play on both fronts. I think we have the opportunity to still be that special destination in this industry, but we can pick up a lot of volume by opening up our aperture to be more in line with some of the more traditional QSR impulse purchases.

正如我之前所說，這使我們免受 QSR 中正在發生的一些價值戰的影響。話雖這麼說，我認為我們有機會在兩個方面發揮作用。我認為我們仍然有機會成為這個行業的特殊目的地，但我們可以透過開放我們的孔徑以更符合一些更傳統的快餐衝動購買來獲得大量銷售。

And as we build Shacks on size of highways with drive-thrus, we have to be. So that's really the growth opportunity for us, and we're going to strike the right balance. We're going to continue to build Shacks that do 4 million and 5 million AUVs and have kind of this neighborhood walk-up feel. But we're also going to be investing in Shacks that are more appealing to kind of that QSR, traditional QSR customer. And we feel like we're going to have the strategy to be able to do both well.

當我們在高速公路上建造帶有汽車餐廳的棚屋時，我們必須這樣做。所以這對我們來說確實是成長機會，我們將取得適當的平衡。我們將繼續建造可容納 400 萬和 500 萬輛 AUV 的 Shacks，並具有這種鄰裡步行的感覺。但我們也將投資 Shacks，這些 Shacks 對 QSR、傳統 QSR 客戶更具吸引力。我們覺得我們將製定能夠兩全其美的策略。

Chris O’Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Rob, how are you thinking about pricing as you go through this year? And do you believe the promotional and LTO offers that you're planning need to limit Shack growth in the current environment?

羅布，今年您對定價有何看法？您是否認為您計劃的促銷和 LTO 優惠需要限制 Shack 在當前環境下的成長？

So very top line, I will tell you, I come from working at Procter & Gamble up against Walmart. And I ascribe the kind of Sam Walton's pricing philosophy. Like I believe that you take pricing to hold margin. I believe that pricing is a tool to mitigate inflation, whether that be commodity inflation or wage inflation or any other form of inflation like we've seen over the last three years at scale.

所以，我要告訴你的是，我來自寶潔公司（Procter & Gamble），與沃爾瑪（Walmart）競爭。我認同薩姆·沃爾頓的定價理念。就像我相信你透過定價來保持利潤一樣。我相信定價是緩解通膨的工具，無論是商品通膨還是薪資通膨，還是我們在過去三年中看到的任何其他形式的大規模通膨。

Pricing is not a way to drive sales. Like can that can be an outcome, but that's not a strategy. We need to drive sales by doing all the things we talked about earlier, delivering great product innovation, delivering our brand promise and building our brand equity, focused on throughput and delivering some type of one-to-one loyalty platform. So that's what's going to drive our top line. We're going to use pricing to mitigate inflation. And so I mean, you know probably as well as we do what inflation looks like over the upcoming 12 to 18 months. Our plan will be to leverage pricing to mitigate that. So that's kind of how I think about pricing.

定價並不是推動銷售的一種方式。這可以是一個結果，但這不是一個策略。我們需要透過做我們之前談到的所有事情來推動銷售，提供出色的產品創新，兌現我們的品牌承諾並建立我們的品牌資產，專注於吞吐量並提供某種類型的一對一忠誠度平台。這就是推動我們營收成長的因素。我們將利用定價來減輕通貨膨脹。所以我的意思是，您可能和我們一樣了解未來 12 到 18 個月的通膨情況。我們的計劃將是利用定價來緩解這種情況。這就是我對定價的看法。

In terms of this value customer and what's going on in QSR, I actually think that we've probably benefited from the hyperinflation in QSR. I kind of narrowed a little bit of that span of absolute price point between the likes of traditional burger QSR players and Shake Shack. So I actually think we're really well positioned to be competitive.

就這個價值客戶以及 QSR 的情況而言，我實際上認為我們可能從 QSR 的惡性通貨膨脹中受益。我稍微縮小了傳統漢堡快餐店和 Shake Shack 之間的絕對價格跨度。所以我實際上認為我們確實處於有競爭力的位置。

And I'll tell you, like we just had a great -- this I'd say, we -- I mean I got to experience six weeks of it. I'm sitting here talking to you about all the great work that this team is doing that I can't take any credit for. They've been able to really find a way to be not just hang on during $5 meal deals, but actually thrive. And so we're learning from that. We're learning from what worked and what didn't. And I think we're only going to get better at competing in that environment. And then looking forward, our ability to impact our menu in a strategic way to open up our aperture to be more appealing to both the middle and potentially lower income customers is all upside opportunity for us.

我會告訴你，就像我們剛剛度過了一段美好的時光——我想說，我們——我的意思是我必須經歷六週的時間。我坐在這裡與你們談論這個團隊正在做的所有偉大工作，我不能將任何功勞歸於這些工作。他們確實找到了一種方法，不僅可以在 5 美元的餐點優惠中堅持下去，而且可以真正蓬勃發展。所以我們正在從中學習。我們正在從有效和無效的方法中學習。我認為我們在這種環境下的競爭只會變得更好。展望未來，我們能夠以策略性方式影響我們的菜單，以打開我們的視野，對中等收入和潛在低收入客戶更具吸引力，這對我們來說都是上行機會。

Rahul Kro, JPMorgan.

拉胡爾·克羅，摩根大通。

I'm just curious on your philosophy on how you plan to grow the core G&A over time. I mean, how do you view this from both as an investment and an expense standpoint at this stage of Shacks life cycle and if you can dive into the growth components moving in relation with the mid-teens or double-digit revenue growth runway you have down the line? And what are some of the core buckets where you can focus on more outside marketing.

我只是對您計劃如何隨著時間的推移增加核心管理費用的理念感到好奇。我的意思是，在 Shacks 生命週期的這個階段，您如何從投資和支出的角度看待這一點，以及您是否可以深入研究與您擁有的中十幾或兩位數收入增長跑道相關的增長組成部分下線？您可以在哪些核心領域專注於更多外部行銷。

Yes. So I come from Arby's, where we were private equity owned. And so I have a very strong desire to be a good steward of the P&L. I think when I joined, everyone talked about me as a marketing guy, and hey, I'll take it. I love marketing. I love delivering on the needs of our guests.

是的。我來自 Arby's，我們是私募股權公司。因此，我非常渴望成為損益表的優秀管家。我想當我加入時，每個人都在談論我作為行銷人員，嘿，我接受它。我喜歡行銷。我喜歡滿足客人的需求。

But I also am very return on investment focused. And so G&A is a tool for us, and it's a bit unique in the sense that we're a company-owned concept, right? So similar to a Chipotle or Starbucks, like when we invest in marketing, those dollars come directly out of our income line. And so we better get a good return in order to justify that investment. So that's really how I think about it.

但我也非常注重投資報酬率。因此，G&A 對我們來說是一個工具，從我們是一個公司擁有的概念的意義上來說，它有點獨特，對嗎？與 Chipotle 或星巴克類似，當我們投資行銷時，這些美元直接來自我們的收入線。因此，我們最好獲得良好的回報，以證明這項投資的合理性。這就是我的想法。

And earlier question was a great question, like as we continue to improve our operations and our throughput, we're just going to get more and more return from our marketing investments. So we'll continue to test and learn. We'll continue to optimize on the marketing investment. G&A overall, I feel like we're at a point now where we've got enough scale where we should be starting to get more and more leverage on our G&A.

先前的問題是一個很好的問題，就像我們不斷改善我們的營運和吞吐量一樣，我們將從行銷投資中獲得越來越多的回報。所以我們會繼續測試和學習。我們將繼續優化行銷投資。整體而言，我覺得我們現在已經有了足夠的規模，我們應該開始在 G&A 上獲得越來越多的影響力。

So both at the corporate level, we should get more leverage, but also at above restaurant level as we're building Shacks, we're growing our units double digits every year on a percent -- on a rate basis, like, that has to scale. That has to lever. We have to get leverage there. So I actually think we're going to get more productive and more efficient moving forward, while we continue to increase our marketing investment because we're getting such great returns. I hope that answers your question.

因此，無論是在公司層面，我們都應該獲得更多的槓桿作用，而且在餐廳層面，當我們建造棚屋時，我們每年都會以兩位數的百分比增長我們的單位——在利率基礎上，就像這樣規模化。那必須槓桿。我們必須在那裡獲得影響力。因此，我實際上認為，我們將獲得更高的生產力和效率，同時我們將繼續增加行銷投資，因為我們獲得瞭如此豐厚的回報。我希望這能回答你的問題。

We have reached the end of our question-and-answer session. I would like to pass the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議轉交管理層進行閉幕致詞。

So I just want to thank everybody for joining on the call today. It's obviously an incredibly exciting time to be here at Shake Shack. I'm humbled and thankful that they allowed me to come and be a part of building this great brand and this great story that is really just getting started. So I look forward to working with all of you on helping you understand really what's in store and look forward to speaking again on our next quarter results.

我只想感謝大家參加今天的電話會議。來到 Shake Shack 顯然是一個令人難以置信的激動人心的時刻。我很謙卑也很感激他們讓我參與建立這個偉大的品牌和這個真正剛開始的偉大故事。因此，我期待與大家合作，幫助您真正了解即將發生的事情，並期待再次談論我們下個季度的業績。

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。