Shake Shack Inc (SHAK) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to Shake Shack's third-quarter 2024 earnings call.

歡迎參加 Shake Shack 2024 年第三季財報電話會議。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to hand the conference over to Michael Oriolo, Vice President of FP&A and Investor Relations.

現在我想將會議交給 FP&A 和投資者關係副總裁 Michael Oriolo。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Joining me for Shake Shack's conference call is our CEO, Rob Lynch; and CFO, Katie Fogertey.

與我一起參加 Shake Shack 電話會議的是我們的執行長 Rob Lynch；和財務長凱蒂·福格蒂。

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

在今天的電話會議中，我們將討論非公認會計準則財務指標，我們相信這些指標有助於評估我們的表現。

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

不應孤立地考慮此附加資訊的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。

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

我們的收益報告和股東信函的財務詳細資料部分提供了與可比較公認會計準則衡量標準的對帳。

Some of today's statements may be forward-looking, and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K filed on February 29, 2024.

今天的一些陳述可能具有前瞻性，由於存在許多風險和不確定性，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，實際結果可能會存在重大差異。

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

任何前瞻性陳述僅代表我們截至今天的觀點，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。

By now, you should have access to our third quarter 2024 shareholder letter, which can be found at investor.shakeshack.com in the quarterly results section where as exhibit to our 8-K for the quarter.

現在，您應該可以訪問我們 2024 年第三季的股東信函，該信函可以在 Investor.shakeshack.com 的季度業績部分找到，作為我們本季 8-K 的展示。

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.

謝謝你，麥克，大家早安。

It's been a great third quarter.

這是一個很棒的第三季。

We delivered our 15th consecutive positive quarter of Same-Shack sales growth, our ninth straight quarter of restaurant level margin expansion, and we grew adjusted EBITDA 28% to $45.8 million.

Same-Shack 銷售額連續第 15 個季度實現正成長，餐廳層級的利潤率連續第 9 個季度實現成長，調整後 EBITDA 成長 28%，達到 4,580 萬美元。

We grew our footprint around the world to over 550 Shacks opening a total of 17 new Shacks during the quarter comprised of eight domestic company-operated openings, including three new drive-thrus and nine new licensed Shacks.

我們在全球開設了550 多個Shacks，本季共開設了17 家新Shacks，其中包括8 家由國內公司營運的新店，其中包括3 家新的得來速餐廳和9 家新的授權Shacks 。

We are on a path to open approximately 75 Shacks system-wide this year, representing mid-teens unit growth.

今年，我們計劃在全系統開設約 75 家 Shacks，數量成長幅度達到 10 左右。

Our new company units are tracking strong cash-on-cash returns as we continue to bring down build costs and preopening costs per Shack.

隨著我們繼續降低每個 Shack 的建設成本和開業前成本，我們的新公司部門正在追蹤強勁的現金回報。

The team continues to find ways to deliver efficiencies, and we are on target for an approximate 10% cost reduction in 2024 build costs.

團隊不斷尋找提高效率的方法，我們的目標是在 2024 年將建造成本降低約 10%。

Our new Shacks are also outperforming initial sales expectations and company restaurant level profit margins continue to expand.

我們的新 Shacks 也超越了最初的銷售預期，公司餐廳層面的利潤率持續擴大。

We expect to deliver further improvements across these metrics in 2025 and as a result, we'll accelerate our new unit openings to approximately 80 to 85 next year, including 45 company-operated Shacks and 35 to 40 licensed Shacks.

我們預計在 2025 年對這些指標進行進一步改進，因此，明年我們將加快開設新單位至約 80 至 85 家，其中包括 45 家公司經營的 Shack 和 35 至 40 家獲得許可的 Shack。

Sales on our existing Shacks were also strong in the third quarter as we delivered 4.4% Same-Shack sales growth with positive traffic.

第三季我們現有 Shack 的銷售也很強勁，Same-Shack 銷售額成長了 4.4%，客流量也很高。

A direct result of our sales-driving strategies and our consistent differentiated premium positioning, which has allowed us to continue to outperform even in an uncertain macro environment.

這是我們的銷售驅動策略和一貫的差異化高端定位的直接結果，這使我們即使在不確定的宏觀環境下也能繼續跑贏大盤。

A big part of our success in the third quarter and an even bigger part of our future is Shake Shack's continuous culinary innovation.

我們第三季的成功的一個重要部分以及我們未來的一個更大的部分是 Shake Shack 不斷的烹飪創新。

Memorial Day weekend, we launched our summer barbecue menu, which featured two burger options, each with either a smoky or tangy soft, along with barbecue spice fries.

陣亡將士紀念日週末，我們推出了夏季燒烤菜單，其中有兩種漢堡可供選擇，每種漢堡都有煙燻或濃鬱的軟漢堡，以及燒烤香料薯條。

Then in mid-September, we brought back our guests favorite the Black Truffle Burger, including Shroom and Shack Stack options, as well as the Parmesan Garlic Fries with Black Truffle Sauce.

然後在九月中旬，我們帶回了客人最喜歡的黑松露漢堡，包括 Shroom 和 Shack Stack 選項，以及帕爾瑪大蒜薯條配黑松露醬。

The Black Truffle LTO is a perfect example of Shake Shack's elevated culinary program and our ability to offer differentiated culinary experiences at great value which particularly stand out in today's value wars environment.

黑松露 LTO 是 Shake Shack 高端烹飪計劃的完美典範，也是我們提供超值差異化烹飪體驗的能力的完美典範，這一點在當今的價值戰環境中尤為突出。

In addition to culinary innovation, we continue to strike the right balance with strategic promotions and marketing campaigns stays awareness and drive conversion.

除了烹飪創新之外，我們還繼續在策略促銷和行銷活動之間取得適當的平衡，以保持知名度並推動轉換。

In September, by popular demand, we brought back Chicken Sundays, which we originally ran for four weeks in the second quarter.

九月，應大眾要求，我們恢復了周日雞肉活動，我們最初在第二季度舉辦了四週。

Chicken Sundays have been solid sales contributor in the short term, but even more importantly, we have seen promising results in our overall chicken awareness, which we expect to drive chicken sales at Shake Shack long after the promotion ends.

「雞肉週日」在短期內對銷售做出了堅實的貢獻，但更重要的是，我們在整體雞肉意識方面看到了可喜的結果，我們預計這將在促銷結束後很長一段時間內推動Shake Shack 的雞肉銷售。

We also ran other value-added campaigns to spotlight menu highlights such as Free Shake Friday and our dog days of summer.

我們還開展了其他增值活動來突出菜單亮點，例如“星期五免費奶昔”和“三伏天”。

Our marketing continues to attract new and repeat guests, and we will continue to make these strategic investments moving forward.

我們的行銷活動持續吸引新客人和回頭客，我們將繼續推動這些策略投資。

And as I look ahead, I am encouraged by the fact that we still have multiple sales driving platforms and initiatives to build on and implement.

展望未來，我感到鼓舞的是，我們仍然有多個銷售驅動平台和計劃可供建構和實施。

Among the significant number of sales-driving initiatives in our pipeline, three stand out.

在我們正在實施的眾多銷售驅動措施中，有三項最為突出。

The first is the development of a strategic product innovation calendar.

首先是製定策略產品創新日曆。

The second is the development and launch of a Shake Shack loyalty platform.

第二個是開發並推出 Shake Shack 忠誠度平台。

And last, but certainly not least, is the additional operational enhancements that will increase guest satisfaction, decrease service time and improve throughput.

最後但同樣重要的是額外的營運改進，這將提高賓客滿意度、減少服務時間並提高吞吐量。

I'll touch here briefly on each.

我將在這裡簡要介紹每一個。

As we work to build and highlight the upside potential of a strategic product innovation calendar, it's not lost on me that culinary innovation is already a part of Shake Shack's DNA.

當我們努力建構並強調策略性產品創新日曆的上行潛力時，我並沒有忘記烹飪創新已經成為 Shake Shack DNA 的一部分。

However, we have an opportunity to become more strategic and ensure that new innovation works in a complementary way with our core menu to drive outpaced comp growth.

然而，我們有機會變得更具策略性，並確保新的創新與我們的核心菜單以互補的方式發揮作用，以推動超越競爭對手的成長。

We are actively working to build this capability in the first half of 2025 and to leverage the benefits moving forward.

我們正在積極努力，在 2025 年上半年建立這項能力，並在未來利用其優勢。

As you know, beyond the hospitality and guest recognition, our team members exclude each day, Shake Shack does not currently have a systematized loyalty program.

如您所知，除了熱情好客和客人認可之外，我們的團隊成員每天都排除在外，Shake Shack 目前還沒有系統化的忠誠度計劃。

I can't help but find that a bit ironic given that Shake Shack was built on the principles and culture of enlightened hospitality where understanding the wants and needs of our guests is paramount.

我不禁覺得這有點諷刺，因為 Shake Shack 是建立在開明熱情好客的原則和文化之上的，了解客人的需求是最重要的。

I truly believe that given this heritage, we have an outsized opportunity to deliver enlightened hospitality in a world that increasingly craves it, but across a digital footprint.

我堅信，鑑於這一傳統，我們擁有巨大的機會，可以在一個日益渴望這種服務的世界中提供開明的熱情好客服務，但要跨越數位足跡。

We will be making investments in 2025 to develop the right platform to realize this potential over the long term.

我們將在 2025 年進行投資，開發合適的平台，以長期實現這一潛力。

Lastly, on operational optimization that drive sales.

最後，關於推動銷售的營運優化。

In the third quarter, we further decreased lead times and improved guest satisfaction metrics and as a result, drove higher sales and margins.

在第三季度，我們進一步縮短了交貨時間並提高了客戶滿意度指標，從而推動了更高的銷售額和利潤。

However, we still have a lot of opportunity for improvement, both short and long term.

然而，無論是短期還是長期，我們仍然有很多改進的機會。

In the short term, we are working on the blocking and tackling of operational excellence, including speed of service initiatives, process improvements and world-class training of our people.

在短期內，我們正在努力阻止和解決卓越營運的問題，包括服務計劃的速度、流程改進和對我們的員工進行世界級的培訓。

Over the longer term, we're working to optimize our kitchen flows, equipment packages and guest service models.

從長遠來看，我們正在努力優化廚房流程、設備包和賓客服務模式。

All of these initiatives are expected to be long-term builders of repeat visits, which will increase frequency and overall sales.

所有這些舉措預計將成為重複訪問的長期建設者，這將增加頻率和整體銷售。

Speaking of great operations, we're driving a significant margin improvement even as we make additional investments in marketing and promotions to grow top line sales.

說到出色的運營，我們正在推動利潤率的顯著提高，儘管我們在行銷和促銷方面進行了額外投資以增加營收。

Third quarter restaurant level margins expanded 60 basis points and adjusted EBITDA margins grew 140 basis points.

第三季餐廳利潤率成長 60 個基點，調整後 EBITDA 利潤率成長 140 個基點。

And we expect fourth quarter to end on a high note as well with fourth quarter restaurant level margins expanding 220 basis points and exceeding 2019 levels for the first time.

我們預計第四季將以高調結束，第四季餐廳利潤率將擴大 220 個基點，並首次超過 2019 年的水平。

The team is doing a great job at utilizing our increasing scale to find supply chain efficiencies, improving labor utilization across both staffing and scheduling and being more disciplined among other costs.

該團隊在利用我們不斷擴大的規模來提高供應鏈效率、提高人員配置和調度方面的勞動力利用率以及在其他成本方面更加嚴格方面做得非常出色。

All in, the third quarter was another successful quarter of sales, restaurant level margin and adjusted EBITDA growth, which we expect to continue into the fourth quarter.

總而言之，第三季度是銷售額、餐廳利潤率和調整後 EBITDA 成長的另一個成功季度，我們預計這種情況將持續到第四季度。

Looking ahead, we expect this momentum to extend into 2025 as we accelerate unit growth.

展望未來，隨著我們加速單位成長，我們預期這種勢頭將延續到 2025 年。

With that, I'll turn the call over to Katie for a more detailed discussion on third quarter financial results and our outlook for the rest of the year.

接下來，我將把電話轉給凱蒂，以便更詳細地討論第三季的財務表現以及我們對今年剩餘時間的展望。

Thank you, Rob, and good morning.

謝謝你，羅布，早安。

We are really proud of Shake Shack's strong third quarter results as we grew total revenue by 14.7% versus last year, expanded restaurant level profit margins by 60 basis points and grew adjusted EBITDA by 28% to 14.4% of total revenue, up 140 basis points.

我們對Shake Shack 強勁的第三季業績感到非常自豪，總營收比去年成長了14.7%，餐廳利潤率擴大了60 個基點，調整後EBITDA 成長了28%，佔總營收的14.4%，成長了140個基點。

This continues our trend that for each quarter, over the past three years, we have generated positive Same-Shack sales and grown total revenue, restaurant-level profit and adjusted EBITDA by double digits.

這延續了我們的趨勢，即過去三年中每個季度我們的 Same-Shack 銷售額均實現正增長，總收入、餐廳利潤和調整後 EBITDA 均實現兩位數增長。

This quarter, we also achieved record high total revenue in system-wide sales as well as the highest third quarter restaurant and adjusted EBITDA margin since 2019.

本季度，我們也實現了全系統銷售總收入創歷史新高，以及自 2019 年以來最高的第三季餐廳和調整後 EBITDA 利潤率。

And I'll share more in a little bit but our guidance for the next quarter on restaurant and adjusted EBITDA margins will exceed our fourth quarter 2019 performance as we continue to execute against our strategic priorities.

我將在稍後分享更多信息，但隨著我們繼續執行我們的戰略重點，我們對下一季度餐廳和調整後 EBITDA 利潤率的指導將超過我們 2019 年第四季度的業績。

Now for the details of our third quarter results.

現在了解我們第三季業績的詳細資訊。

We grew total revenue by 14.7% year-over-year to $316.9 million and system-wide sales by 12.8% to $495.1 million.

我們的總營收年增 14.7%，達到 3.169 億美元，全系統銷售額成長 12.8%，達到 4.951 億美元。

We opened 17 Shacks system-wide in the quarter and achieved the 15th consecutive quarter of positive Same-Shack sales.

本季度，我們在全系統開設了 17 家 Shacks，並連續 15 個季度實現 Same-Shack 銷售正成長。

In our license business, we grew revenue by 7.1% year-over-year to $12 million.

在我們的授權業務中，我們的營收年增 7.1% 至 1,200 萬美元。

Sales grew by 9.4% year-over-year to $190.2 million with nine new licensed Shack openings and strong trends in our domestic business that was led by airports and roadway travel classes.

銷售額年增 9.4%，達到 1.902 億美元，其中 9 個新的特許 Shack 開業以及以機場和公路旅行類別為主導的國內業務呈現強勁趨勢。

In our domestic company-operated business, we grew Shack sales 15.1% year-over-year to $304.9 million with eight Shack openings and 4.4% year-over-year growth in Same-Shack sales.

在我們的國內公司營運業務中，Shack 銷售額年增 15.1%，達到 3.049 億美元，開設了 8 個 Shack，Same-Shack 銷售額同比增長 4.4%。

Traffic grew 30 basis points and Shack rose approximately 4%, with approximately 6% lending price.

流量增加了 30 個基點，Shack 上漲了約 4%，貸款價格上漲了約 6%。

Mix was sequentially flat at negative low single digits with the levels driven by planned marketing strategies.

在計劃的營銷策略的推動下，組合連續持平於負低個位數。

Items per Shack was slightly positive in the quarter.

本季度每個 Shack 的商品數量略有增加。

Throughout the quarter, we remain focused on driving sales through our marketing initiatives in culinary innovation as well as operational improvements.

在整個季度，我們仍然專注於透過烹飪創新和營運改善的行銷舉措來推動銷售。

These efforts have driven our outperformance, and we are encouraged by the trends that we saw across our regions.

這些努力推動了我們的優異表現，我們對我們在各地區看到的趨勢感到鼓舞。

In fact, we improved or maintained our strong Same-Shack sales trends in every region this quarter relative to last quarter and grew Same-Shack sales by double digits in Florida, Arizona, Georgia, and Ohio, and by high single digits in markets such as Washington, DC, Virginia, and Maryland.

事實上，與上個季度相比，本季度我們在每個地區都改善或維持了Same-Shack 強勁的銷售趨勢，佛羅裡達州、亞利桑那州、喬治亞州和俄亥俄州的Same-Shack 銷售額增長了兩位數，而在諸如此類的市場則實現了高個位數的增長。

We continued our strong sales performance into October with a positive 4.5% Same-Shack sales and approximately flat traffic for the month.

我們在 10 月繼續保持強勁的銷售業績，Same-Shack 銷售額成長了 4.5%，當月客流量基本上持平。

We are excited about this continued momentum to start off the fourth quarter.

我們對第四季度開始的持續勢頭感到興奮。

To help offset continued inflation, we implemented an approximate 1.5% price increase in October across our menu.

為了幫助抵消持續的通貨膨脹，我們 10 月的菜單價格上漲了約 1.5%。

This will allow us to maintain the approximately 6% menu price for the remainder of the year.

這將使我們能夠在今年剩餘時間內維持約 6% 的菜單價格。

Heading into 2025, pricing will drop to approximately 4.5% in the first quarter and low single digits for the full year.

進入 2025 年，第一季定價將降至約 4.5%，全年將降至低個位數。

In addition to driving sales, our focus on flow-through and operational improvement means that we are bringing this momentum to the bottom line, and this was the ninth consecutive quarter of year-over-year restaurant margin expansion.

除了推動銷售之外，我們對流量和營運改善的關注意味著我們正在將這種勢頭帶入利潤，這是餐廳利潤率連續第九個季度同比增長。

We generated $64.2 million in restaurant level profit or $0.21 of Shack sales, 60 basis points better than last year and the highest third quarter restaurant profit margins since 2019 despite continued inflationary pressures across our restaurant P&L.

儘管餐廳損益表持續面臨通膨壓力，但我們的餐廳利潤率為 6,420 萬美元，相當於 Shack 銷售額 0.21 美元，比去年高出 60 個基點，第三季餐廳利潤率創 2019 年以來最高。

Our strategy of identifying and executing on operational efficiencies to reduce the total cost to serve has allowed us to grow profitably while investing more in marketing strategies to drive sales and increase brand awareness.

我們確定並執行營運效率以降低總服務成本的策略使我們能夠實現獲利成長，同時在行銷策略上進行更多投資以推動銷售並提高品牌知名度。

Food and paper costs were $86.1 million or 28.2% of Shack sales down 90 basis points versus last year as menu price and strategic cost savings in our supply chain helped us offset continued inflationary pressures and our total cost to serve.

食品和紙張成本為 8,610 萬美元，佔 Shack 銷售額的 28.2%，比去年下降 90 個基點，因為菜單價格和供應鏈中的戰略成本節約幫助我們抵消了持續的通膨壓力和服務總成本。

Labor and related expenses were $85.5 million or 28% of Shack sales, down 80 basis points versus last year.

勞動力及相關費用為 8,550 萬美元，佔 Shack 銷售額的 28%，比去年下降 80 個基點。

Our teams did an excellent job transitioning to our improved hourly labor model late in the quarter and provided us with real-time feedback which allowed us to show significant progress on hourly staffing while at the same time, delivering improvements in operational and guest perception metrics, including having the lowest wait time since at least 2019.

我們的團隊在本季度末出色地過渡到改進的小時工模式，並為我們提供了即時回饋，這使我們能夠在小時工配置方面取得重大進展，同時改進營運和客戶感知指標，包括至少自2019 年以來等待時間最短的情況。

And we're excited for what this new way of scheduling will allow for our guests and team members.

我們對這種新的安排方式將為我們的客人和團隊成員帶來的好處感到興奮。

And importantly, we have many additional strategies and test and underway to continue to optimize performance in our Shacks.

重要的是，我們有許多額外的策略並正在進行測試，以繼續優化 Shacks 的性能。

Other operating expenses were $45.6 million or 14.9% of Shack sales, up 80 basis points year-over-year as we invested more in Shack-level marketing and other expenses to support our sales strategies.

其他營運費用為 4,560 萬美元，佔 Shack 銷售額的 14.9%，年增 80 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。

Occupancy and related expenses were $23.6 million or 7.7% of Shack sales, in line with last year's levels.

入住率和相關費用為 2,360 萬美元，佔 Shack 銷售額的 7.7%，與去年的水平一致。

All in, we are very pleased with the level of margin improvement we delivered in the quarter and expect to build upon this momentum into the fourth quarter.

總而言之，我們對本季實現的利潤率改善水準感到非常滿意，並期望在第四季度繼續保持這一勢頭。

G&A was $35.7 million, excluding $800,000 in onetime adjusted, G&A was $34.9 million or 11% of total revenue, 10 basis points lower than last year.

G&A 為 3,570 萬美元，不包括一次性調整後的 80 萬美元，G&A 為 3,490 萬美元，佔總收入的 11%，比去年低 10 個基點。

The increase in G&A was driven by a significant increase in marketing spend to drive higher brand awareness and sales as well as executive transition.

一般行政費用的增加是由於行銷支出大幅增加，以推動更高的品牌知名度和銷售額以及高階主管過渡。

The quarter also saw a benefit from a timing shift with some marketing spend that we initially planned for the third quarter now moving into the fourth quarter.

本季也受益於時間轉移，我們最初計劃在第三季進行的一些行銷支出現在轉移到了第四季度。

Reopening costs were $3.7 million in the quarter, down 26% year-over-year, and we continue to track well against our target to reduce preopening expenses per Shack by at least 10% this year.

本季重新開業成本為 370 萬美元，年減 26%，我們繼續很好地實現今年將每個 Shack 開業前費用至少減少 10% 的目標。

We grew adjusted EBITDA by about 28% year-over-year to $45.8 million or 14.4% of total revenue, up 140 basis points from the prior year and the best third quarter adjusted EBITDA margin since 2019.

我們的調整後 EBITDA 年成長約 28%，達到 4,580 萬美元，佔總營收的 14.4%，比上年成長 140 個基點，是 2019 年以來最佳的第三季調整後 EBITDA 利潤率。

Depreciation was $25.7 million, up 11.2% year over year.

折舊為 2570 萬美元，年增 11.2%。

In the quarter, we made a difficult decision to close nine Shacks to better focus our resources.

本季度，我們做出了一個艱難的決定，關閉九家 Shack，以更好地集中我們的資源。

These Shacks in total generated $17 million in sales over the 12 months prior to their closure on August 27.

這些 Shacks 在 8 月 27 日關閉之前的 12 個月內總共創造了 1700 萬美元的銷售額。

While the financial performance of these Shacks was below our corporate average, they in total had a minimal negative impact on our restaurant-level profit.

雖然這些小屋的財務表現低於我們公司的平均水平，但它們對我們餐廳利潤的整體負面影響很小。

We incurred $28.2 million of expense related to these closures including $26.4 million impairment charge.

我們因這些關閉而產生了 2820 萬美元的費用，其中包括 2640 萬美元的減值費用。

Our managers at these locations were all offered a similar position in a nearby Shack.

我們這些地點的經理都在附近的一個棚屋中獲得了類似的職位。

Including the charge, we realized a net loss attributable to Shake Shack, Inc. of $10.2 million or a loss of $0.26 per diluted share.

包括該費用在內，我們實現了 Shake Shack, Inc. 的淨虧損 1,020 萬美元，或攤薄後每股虧損 0.26 美元。

We reported an adjusted pro forma net income of $11.2 million or $0.25 per fully exchanged and diluted share.

我們公佈的調整後備考淨利潤為 1,120 萬美元，即每股完全交換稀釋後的股票收益為 0.25 美元。

Our GAAP tax rate was 25.9% and our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation was 21.9%.

我們的 GAAP 稅率為 25.9%，調整後的備考稅率（不包括股權激勵的稅務影響）為 21.9%。

And finally, our balance sheet remains solid, with $310.9 million in cash and cash equivalents and marketable securities at the end of the quarter, this is up $6.5 million versus the prior quarter.

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 3.109 億美元，比上一季增加了 650 萬美元。

Year-to-date, with our focus on profitable growth strategies and lowering our build costs, we have increased our cash and cash equivalents and marketable securities balance by nearly $18 million, marking a substantial improvement relative to a $26 million decrease at this time last year and relative to the year prior to that, a $45 million decrease.

今年迄今為止，我們專注於盈利增長策略並降低建設成本，我們的現金和現金等價物以及有價證券餘額增加了近 1800 萬美元，與去年同期減少的 2600 萬美元相比有了顯著改善與前一年相比，減少了4500 萬美元。

Now we will discuss our outlook for the fourth quarter and fiscal year 2024, which reflects the financial impact from recent store closures, including the impact from the loss of revenue.

現在我們將討論第四季和 2024 財年的展望，其中反映了最近商店關閉所帶來的財務影響，包括收入損失的影響。

Our fourth quarter guidance calls for total revenue of $322.6 million to $327 million, up 12.7% to 14.2% year over year.

我們第四季的指導要求總收入為 3.226 億美元至 3.27 億美元，年增 12.7% 至 14.2%。

Licensing revenue of $11.6 million to $12 million with approximately 11 license openings.

許可收入為 1,160 萬至 1,200 萬美元，約有 11 個許可空缺。

Same-Shack sales up approximately 3% to 4% with low single-digit price mix, approximately 16 company-operated openings, restaurant level profit margin of approximately 22% as we expect to surpass 2019 quarterly margins for the first time.

Same-Shack 銷售額成長約 3% 至 4%，價格組合較低，公司營運約 16 個餐廳，餐廳利潤率約為 22%，我們預計將首次超過 2019 年季度利潤率。

Our full year 2024 guidance calls for total revenue of approximately $1.25 billion, growing about 15% year over year.

我們的 2024 年全年指引要求總收入約為 12.5 億美元，年增約 15%。

Same-Shack sales to grow about 3.3% to 3.6%, approximately 40 company-operated new Shack openings and approximately 35 license openings.

Same-Shack 銷售額成長約 3.3% 至 3.6%，約 40 個公司營運的新 Shack 空缺職位和約 35 個許可證空缺職位。

We expect licensing revenue to reach $44.6 million to $45 million.

我們預計授權收入將達到 4,460 萬至 4,500 萬美元。

Restaurant level profit margins of approximately 21%, representing approximately 110 basis points of expansion year over year.

餐廳層面的利潤率約為 21%，較去年同期成長約 110 個基點。

G&A guidance of $144 million to $145 million, that does not include the $5.9 million in nonrecurring costs that are excluded from our adjusted EBITDA year to date.

G&A 指引為 1.44 億至 1.45 億美元，其中不包括年初至今調整後 EBITDA 中排除的 590 萬美元非經常性成本。

Equity-based compensation expense is approximately $16 million, preopening of $17 million, depreciation of $103 million, adjusted pro forma tax rate, excluding the impact of equity-based compensation to be approximately 22.5%.

股權薪酬費用約為 1,600 萬美元，預開業費用為 1,700 萬美元，折舊為 1.03 億美元，調整後的預計稅率，不包括股權薪酬的影響約為 22.5%。

Adjusted EBITDA of $168 million to $170 million representing approximately 27% to 29% growth year-over-year, nearly double our expected total revenue growth rate and representing a margin of approximately 13.5%, 140 basis points higher than the prior year and the highest adjusted EBITDA margin since 2019.

調整後 EBITDA 為 1.68 億至 1.7 億美元，年成長約 27% 至 29%，幾乎是我們預期總營收成長率的兩倍，利潤率約為 13.5%，比上年高 140 個基點，為最高水平自2019 年以來調整後的EBITDA 利潤率。

I want to end my remarks today sharing just how proud that we are and the work that the Shake Shack teams are doing to deliver these strong results, and also continuing to develop and test additional opportunities to enhance the guest experience, grow our business and improve our profitability.

我想在今天的演講結束時分享我們的自豪感以及 Shake Shack 團隊為實現這些強勁成果所做的工作，並繼續開發和測試更多機會來增強賓客體驗、發展我們的業務並改進我們的盈利能力。

And with that, I'll pass it back to Rob.

有了這個，我會把它傳回給羅布。

Thank you, Katie.

謝謝你，凱蒂。

It's a great time to be a part of Shake Shack.

現在是成為 Shake Shack 的一員的好時機。

Thank you to everyone on the call today and for your interest in our company.

感謝今天參加電話會議的所有人以及對我們公司的興趣。

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) Michael Tamas, Oppenheimer & Company.

（操作員說明）Michael Tamas，Oppenheimer & Company。

Hi, good morning.

嗨，早安。

Thank you.

謝謝。

You talked about investments going forward in the marketing and building out your loyalty program, just to name a couple.

您談到了未來在行銷方面的投資和建立忠誠度計劃，僅舉幾例。

And I know you're not going to provide specific 2025 guidance yet.

我知道你們還不會提供具體的 2025 年指引。

But can you impact for us, which of these initiatives you believe can have the greatest impact in the near term into 2025 that could sort of allow you to sustain this flat to positive trend momentum that you have?

但您能否對我們產生影響，您認為哪些舉措可以在 2025 年的近期內產生最大的影響，從而可以讓您維持目前持平到積極的趨勢勢頭？

And then just directionally, how should we think about the margins related to that?

然後從方向上來說，我們應該如何考慮與之相關的利潤？

Are you finding some additional cost offsets to offset some of that stepped-up investment and then you're going to drive P&L leverage through the same-store sales?

您是否會找到一些額外的成本抵消來抵消部分增加的投資，然後您將透過同店銷售來提高損益槓桿？

Thanks for the question, Michael.

謝謝你的提問，麥可。

I'm really excited about the fact that we've been able to drive disproportionate top line sales growth while continuing to increase our restaurant margins, that's the model moving forward.

我真的很興奮，因為我們能夠在繼續提高餐廳利潤的同時推動收入的不成比例的成長，這就是前進的模式。

So we have -- our team has really built a surgical marketing engine that's allowing us to reach our most valuable customers and encouraging them to come back more often and to increase their basket size.

因此，我們的團隊確實建立了一個外科手術行銷引擎，使我們能夠接觸到最有價值的客戶，並鼓勵他們更頻繁地回來並增加他們的購物籃規模。

And so even though we have increased our marketing and our promotions, they're coming in.

因此，儘管我們加大了行銷和促銷力度，但他們還是進來了。

They're buying higher-margin items that we're featuring and adding to the Shack growth that we saw in the quarter.

他們正在購買我們主打的利潤率較高的商品，並增加了我們在本季度看到的 Shack 成長。

In regards to next year and top line sales growth, we are currently investing and enhancing our guest recognition, which the outcome will be a loyalty platform.

關於明年和頂線銷售成長，我們目前正在投資並提高我們的客戶認可度，其結果將是一個忠誠度平台。

And I think I mentioned in the last call, that loyalty platform may or may not look like a traditional loyalty platform, it may be how Shake Shack does it.

我想我在上次電話會議中提到過，忠誠度平台可能看起來像也可能不像傳統的忠誠度平台，這可能是 Shake Shack 的做法。

So but that probably is not going to have a significant impact in 2025.

但這可能不會對 2025 年產生重大影響。

Those are technology investments that we're making during the course of the next year.

這些是我們明年將進行的技術投資。

So we are going to rely on the key drivers that we used in 2024 to deliver the 3% to 4% comps that we're guiding to.

因此，我們將依靠 2024 年使用的關鍵驅動因素來實現我們所指導的 3% 至 4% 的複合率。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi.

你好。

Thanks and good morning.

謝謝，早安。

You noted some strong improvements in a handful of states, I think in the South and sort of Mid-Atlantic, maybe in the Midwest as well.

您注意到少數幾個州取得了一些顯著的進步，我認為是在南部和大西洋中部，也許在中西部也是如此。

And I guess I'm curious, could you elaborate on what you're seeing from an awareness standpoint?

我想我很好奇，你能從意識的角度詳細說明你所看到的嗎？

Any quantification around that?

有任何量化嗎？

Or any more color you can provide also on the traction that you're seeing on some of the digital value promotions?

或者您還可以提供更多關於您在某些數位價值促銷中看到的吸引力的資訊嗎？

Any color on either of those would be helpful.

其中任何一個顏色都會有幫助。

Thank you.

謝謝。

Sure.

當然。

We obviously, are going to grow awareness for the brand just through our new Shack growth.

顯然，我們將透過新的 Shack 成長來提高該品牌的知名度。

We have seen great opening results to our Shacks so far this year, and that's really a testament to our ability and our marketing team's ability to generate excitement in the communities in which we're opening.

今年到目前為止，我們的 Shacks 開業效果非常好，這確實證明了我們和我們的行銷團隊在我們開業的社區中激發熱情的能力。

And as you know and everyone knows, we have a ton of white space to go out and open more of these Shacks to deliver these great sales.

如你所知，每個人都知道，我們有大量的空白空間可以出去開設更多的棚屋來實現這些巨大的銷售。

On the macro front, we did launch a brand campaign in New York City in Q3 and heading into Q4.

在宏觀方面，我們確實在第三季在紐約市發起了一場品牌活動，並進入第四季。

And we have seen strong awareness results as an outcome of that.

我們已經看到了由此產生的強烈意識結果。

And we're looking to continue to do the analytics and understand those results better and their impact on driving sales in the markets where we invest.

我們希望繼續進行分析，以更好地了解這些結果及其對推動我們投資的市場銷售的影響。

And ideally, we'll be able to scale those results nationally to continue to drive awareness.

理想情況下，我們將能夠在全國範圍內推廣這些成果，以繼續提高人們的意識。

So we're really excited about our continued growth and market penetration and the awareness in general in the markets that we're in as we grow.

因此，我們對我們的持續成長和市場滲透以及我們在成長過程中所處市場的普遍認識感到非常興奮。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Hey, thanks and congrats on the quarter.

嘿，謝謝並祝賀這個季度。

Same-store sales, really strong momentum continued.

同店銷售，確實持續強勁勢頭。

I want to ask how you're thinking about the composition of comp as we move into 2025, traffic obviously strong for marketing, seeing an offset negative mix, how are you thinking that balancing traffic in that negative mix component?

我想問一下，當我們進入 2025 年時，您如何看待補償的構成，行銷流量顯然強勁，看到抵銷的負面組合，您如何看待平衡該負面組合組件中的流量？

Should we expect the mix piece to improve over time?

我們是否應該期望混音作品會隨著時間的推移而改進？

And anything that you can expand on that we may not be seeing at sort of face value?

還有什麼你可以擴展但我們可能看不到表面價值的東西嗎？

Yeah.

是的。

I mean I would just say, I think as we called out in the script that the mix is really just a function of our continued investments in promotions.

我的意思是，我只想說，我認為正如我們在劇本中指出的那樣，這種組合實際上只是我們持續投資促銷的功能。

We have seen strong performance on our LTOs and on our premium items.

我們的 LTO 和優質產品表現強勁。

So we're going to continue to make those investments.

因此，我們將繼續進行這些投資。

That's going to be a sort of our model moving forward.

這將是我們前進的一種模式。

Traffic, that's the flip side of that, right?

交通，這是事情的另一面，對嗎？

Those investments and promotions and marketing are helping us keep flat to positive traffic in an environment where, as we all know, traffic is really hard to come by.

這些投資、促銷和行銷正在幫助我們在一個眾所周知的流量很難獲得的環境中保持穩定的正流量。

So we are going to continue to strike that right balance.

因此，我們將繼續保持這種適當的平衡。

We've been really excited about our ability to mitigate some of the inflation we've seen with pricing and continue to drive traffic -- positive traffic despite that pricing.

我們對能夠減輕我們在定價方面看到的一些通貨膨脹並繼續推動流量的能力感到非常興奮——儘管定價是積極的流量。

So we think that we have the ability to continue to strike that balance moving forward regardless of what the macroeconomic situation looks like.

因此，我們認為，無論宏觀經濟情勢如何，我們都有能力繼續保持這種平衡。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Hi.

你好。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

I just wanted to talk a little bit about your pricing strategy going forward, given kind of a more subdued inflationary pressure as well as increased kind of consumer price sensitivity.

我只是想談談你們未來的定價策略，考慮到通膨壓力更加減弱以及消費者價格敏感度的增加。

I know the kiosk has been a really good mix support.

我知道資訊亭是一個非常好的混合支援。

But what are some of the ways that you can help support price/mix going forward without kind of taking direct price hikes?

但是，有哪些方法可以幫助支持未來的價格/組合，而不需要直接漲價呢？

And also if you can kind of elaborate on the performance of the Black Truffle kiosk and specifically how it's impacted the mix in the quarter would be great.

另外，如果您能詳細說明黑松露售貨亭的性能，特別是它如何影響本季的組合，那就太好了。

Thank you so much.

太感謝了。

Yeah.

是的。

I'll let Katie talk specifically to pricing and mitigating inflation.

我會讓凱蒂專門談談定價和緩解通貨膨脹。

But what I can tell you is that pricing has been, obviously, a big part of the restaurant industries growth in the last few years as we faced unprecedented inflation.

但我可以告訴你的是，由於我們面臨前所未有的通貨膨脹，定價顯然是過去幾年餐飲業成長的重要組成部分。

As we look ahead, the fact that we don't have to take pricing to the same extent is only going to benefit us.

展望未來，我們不必將定價調整到同樣程度，這一事實只會讓我們受益。

So that we can continue to improve our value equation with the investments we're making in marketing, the investments we're making in our culinary calendar to drive new product innovation and drive mix through increased attachment through a strategic product calendar.

這樣我們就可以繼續透過行銷方面的投資和在烹飪日曆上的投資來改善我們的價值方程式，以推動新產品創新，並透過策略性產品日曆增加依戀來推動組合。

So I'm really excited about moving forward without having to take as much pricing.

因此，我很高興能夠繼續前進，而不必承擔太多的定價。

But I'm also confident in what we've shown over the last year is that if we do see unforecasted inflationary environment, we can take pricing and still drive top line sales growth through traffic management with our marketing investments.

但我對我們去年所展示的情況也充滿信心，如果我們確實看到不可預見的通膨環境，我們可以採取定價，並且仍然透過行銷投資的流量管理來推動頂線銷售成長。

Great.

偉大的。

And yeah, I'll just add on that.

是的，我補充一下。

Just as a reminder, early this year, we implemented two pricing strategies.

提醒一下，今年年初，我們實施了兩種定價策略。

So first of all, was lifting the digital price and we remain underpriced relative to the competition on digital channels that this was a great step for us to help mitigate that extra cost pressure in that channel.

因此，首先是提高數位價格，相對於數位通路的競爭，我們的價格仍然偏低，這對我們來說是幫助減輕該通路額外成本壓力的重要一步。

And then we also implemented in March about 3.5% price increase, but that was really inclusive of the 7% price that we took in California to help offset the fast starts.

然後我們也在 3 月實施了約 3.5% 的價格上漲，但這實際上包括我們在加州採取的 7% 的價格，以幫助抵消快速啟動的影響。

And then looking forward here, we recently just basically matched in October, late October, the 1.5% price that we were rolling off with another 1.5% price increase.

展望未來，我們最近基本上與 10 月、10 月底的 1.5% 價格相匹配，同時又上漲了 1.5%。

This is really to help us offset the inflationary pressures that we're seeing primarily in beef and a little bit of risk that we're seeing here into next year.

這實際上是為了幫助我們抵消主要在牛肉方面看到的通膨壓力以及我們在明年看到的一些風險。

But what I will say is that the supply chain team that here at Shake Shack is doing a really amazing job at identifying strategies, increasing our supplier base, looking at freight opportunities to help us navigate what is continued inflationary pressures on our business.

但我要說的是，Shake Shack 的供應鏈團隊在確定策略、擴大我們的供應商基礎、尋找貨運機會以幫助我們應對業務持續面臨的通膨壓力方面做得非常出色。

And then other strategic opportunities that we've been focused on to help take down our total cost to serve we talked about what we've been doing a little bit in labor.

然後，我們一直關注的其他策略機遇，以幫助降低我們的服務總成本，我們談到了我們在勞動力方面所做的一些工作。

The hourly labor refinance that we're making are helpful but there's also a slew of other initiatives that we have either in test or underway in operations that we think enhances the guest experience and allows us to dedicate more of our or time to facing guest-facing activities, but at the same time, also reduces our total cost to serve.

我們正在進行的每小時勞動力再融資很有幫助，但我們也正在測試或正在進行營運中的許多其他舉措，我們認為這些舉措可以增強客人的體驗，並使我們能夠投入更多的時間或精力來面對客人-面對活動的同時，也降低了我們服務的總成本。

So there's a lot of things that we're doing organically to help us address the inflationary pressures.

因此，我們正在採取許多措施來幫助我們應對通膨壓力。

We do think that we still have continued pricing power across various channels, but we also are leaning on strategic alternatives as well.

我們確實認為我們仍然在各種管道上擁有持續的定價權，但我們也依賴策略替代方案。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you.

謝謝。

Just a question on development.

只是一個發展問題。

As it relates to the 2025 pipeline, could you just speak to how many drive-thru units you're planning for?

由於它與 2025 年的管道有關，您能否談談您計劃建造多少個得來速單位？

And related to that, can you just speak to how that -- the new class will incorporate any learnings the company has already had or Rob, maybe any new insights you or Stephanie might have brought to the table will be incorporated into the drive-thrus going forward?

與此相關的是，您能否談談新課程將如何融入公司已經學到的任何知識，或者羅布，也許您或斯蒂芬妮可能帶來的任何新見解都將被納入得來速中繼續前進嗎？

Any thoughts would be great.

任何想法都會很棒。

Yeah, Brian.

是的，布萊恩。

I don't think we're necessarily disclosing the mix on drive-thrus.

我認為我們不一定要在得來速上披露這種混合情況。

What I can tell you is that drive-thru is a big part of our strategy moving forward.

我可以告訴您的是，得來速是我們前進策略的重要組成部分。

And as Katie just highlighted, we're working really our number one priority operationally is to improve our process flows and increase our speed of service.

正如凱蒂剛剛強調的那樣，我們實際上在營運上的第一要務是改進我們的流程並提高我們的服務速度。

And that's going to be disproportionately impactful on our drive-thru business, and we're continuing to test both optimizations to the order zone and how we represent the brand and our menu on our digital and static menu boards and then also in the delivery zone and how we bring the food to the customer and how long it takes us to execute all of that.

這將對我們的得來速業務產生不成比例的影響，我們將繼續測試對訂單區域的優化以及我們如何在數位和靜態菜單板上展示品牌和菜單，然後也在交付區域中進行測試以及我們如何將食物帶給顧客以及我們需要多長時間來執行這一切。

So there's a lot of work going on to significantly improve our speed of service, which is the number one thing we need to optimize through the drive thru.

因此，我們正在進行大量工作來顯著提高我們的服務速度，這是我們需要透過得來速進行最佳化的首要任務。

As I look to the future, even beyond 2025, formats and improved kitchen flows and optimizations are all part of the things we're exploring for us to be able to go into different types of real estate in different markets and succeed and succeed and deliver great operating productivity and restaurant margins regardless of the format that we build.

展望未來，甚至在 2025 年之後，格式和改進的廚房流程和優化都是我們正在探索的事情的一部分，以便我們能夠進入不同市場的不同類型的房地產並取得成功和交付無論我們採用何種形式，都能實現出色的營運生產力和餐廳利潤。

So that is a big part of our strategy moving forward.

因此，這是我們前進策略的重要組成部分。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great.

偉大的。

Encouraging worthed campaign that we saw launched this month, and I had a two-part question about that.

我們看到本月推出了令人鼓舞的有價值的活動，對此我有一個由兩部分組成的問題。

So first, were you able to see in October outperformance in the New York and Miami markets within same-store sales versus what you reported?

首先，您是否能夠看到 10 月紐約和邁阿密市場的同店銷售表現優於您報告的情況？

And then secondly, Rob, I'm curious what do you need to see before you roll out that campaign to other markets as well?

其次，羅布，我很好奇，在向其他市場推出活動之前，您需要看到什麼？

Great question.

很好的問題。

So we made a strategic decision not to put any type of promotion or incentive on that ad.

因此，我們做出了策略決定，不在該廣告上進行任何類型的促銷或激勵。

Most ads in the marketplace in this industry has some type of price point and promo to drive a short-term purchase.

該行業市場上的大多數廣告都有某種類型的價格點和促銷活動來推動短期購買。

And where we are in our marketing life cycle, we're still at the infancy level in terms of really defining our brand in the hearts and minds of our target customers across the country.

在我們的行銷生命週期中，我們在全國目標客戶心中真正定義我們的品牌方面仍處於起步階段。

And even in New York, where we have a huge amount of awareness of Shake Shack really defining how Shake Shack stands out and is differentiated from our other competitors is really key to the long-term value proposition that we're going to offer to our customers.

即使在紐約，我們對 Shake Shack 也有很高的認識，真正定義了 Shake Shack 如何脫穎而出並與我們的其他競爭對手區分開來，這對於我們將向我們的客戶提供的長期價值主張至關重要。 。

So as I mentioned, we are seeing positive movement on our marketing metrics, both from an awareness, consideration and equity score.

正如我所提到的，我們看到我們的行銷指標出現了積極的變化，無論是在認知度、考慮度還是公平得分方面。

And so there are a lot of strong indicators that what we're doing is working.

因此，有許多強有力的跡象表明我們正在做的事情正在發揮作用。

I would tie that back to sales will be an ongoing process for us and will drive kind of how we optimize, how we show up in the markets as we scale this campaign moving forward.

我會將其與銷售聯繫起來，這對我們來說將是一個持續的過程，並將推動我們如何優化，以及我們如何在市場上展示，因為我們繼續擴大這項活動。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

The lower wait times you talked about, would you kind of attribute that to I don't know, maybe it's freeing up your staff just with kiosks or such or anything else you'd call out that drove that?

您談到的等待時間較短，您是否會將其歸因於我不知道，也許只是透過資訊亭或類似的東西或其他您認為可以推動這一點的東西來解放您的員工？

And then my sense from your comments, Rob, was that a lot of stuff on like kitchen process and whatnot is still to come.

然後，羅布，從你的評論中我感覺到，很多事情，像是廚房流程之類的事情還有待解決。

And so do you have targets for kind of how much wait time should continue to improve and when we should expect to see that?

那麼，您是否有關於應該繼續改善等待時間以及我們何時應該看到這一點的目標？

Yeah.

是的。

I mean we're still in the early stages of optimizing all of this work.

我的意思是，我們仍處於優化所有這些工作的早期階段。

But what I will tell you is that from an operations standpoint, we're focused on three or four things.

但我要告訴你的是，從營運的角度來看，我們專注於三到四件事。

Katie talked about our labor utilization and making sure that we're getting the most productive use of our labor hours.

凱蒂談到了我們的勞動力利用以及確保我們最有效地利用我們的勞動時間。

Another big thing that we're focused on because with 330 Shacks opening 40 to 45 company restaurants a year, we really need to develop our leaders, our restaurant leadership talent pool.

我們關注的另一件大事是，因為 330 Shacks 每年開設 40 到 45 家公司餐廳，我們確實需要培養我們的領導者，我們的餐廳領導人才庫。

And so we're spending and investing and focused on the training and development necessary to really create a pipeline of leaders, not just at the GM level but below the GM level.

因此，我們正在支出和投資，並專注於真正建立領導者管道所需的培訓和發展，不僅是在總經理級別，而且在總經理級別以下。

And I think that company -- that level of leadership and management is only going to benefit us speed and service standpoint.

我認為該公司的領導和管理水準只會有利於我們的速度和服務立場。

And then lastly, which is really just blocking and tackling, but it's a little bit new to our organization is really staying focused on what we're going to measure and how we're going to create a performance and accountability culture around what we measure.

最後，這實際上只是阻止和解決，但對我們的組織來說有點新鮮，真正關注我們要衡量的內容以及我們將如何圍繞我們衡量的內容創建績效和問責文化。

And so that is a mindset and a culture of performance that is going to permeate down through the organization.

因此，這種心態和績效文化將滲透到整個組織中。

And I think just that alone is really helping to drive some of the short-term improvements that we're seeing in service times and some of the other process improvements, training and development and even longer-term kitchen flow and equipment optimization are going to really continue that momentum and allow us to continue to improve beyond where we are today.

我認為僅此一點就確實有助於推動我們在服務時間中看到的一些短期改進，以及其他一些流程改進、培訓和開發，甚至長期廚房流程和設備優化都將真正延續這一勢頭，讓我們能夠繼續超越今天的水平。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

I wanted to kind of come back to the strategic product innovation dynamic that you're looking towards.

我想回到您所期待的策略產品創新動態。

And I'm sorry if you answered this, I accidentally hung up for a part of the call and I had to dial back in.

如果您接了這個電話，我很抱歉，我不小心掛斷了部分電話，不得不重新撥打。

But are there gaps in the menu that you're looking to address where you think Shake Shack could be more relevant?

但您認為 Shake Shack 選單中是否存在需要解決的空白？

And then secondarily, with the wait time improvement, did you see that across channels in the quarter, meaning like walk in delivery and drive thru?

其次，隨著等待時間的改善，您是否在本季度的各個管道中看到了這一點，即送貨上門和得來速？

Thanks.

謝謝。

So I wouldn't say that there are gaps in our core menu.

所以我不會說我們的核心選單中存在空白。

I think there are opportunities for our core menu to work more harmoniously with our LTOs and our product innovation to drive mix benefit through complementing both the core menu with our innovation.

我認為我們的核心菜單有機會與我們的 LTO 和我們的產品創新更加和諧地合作，透過我們的創新補充核心菜單來推動組合效益。

And that's the strategic product calendar that I talk about that is kind of core to what the -- how the QSRs drive comp and -- but still something that we're developing here to strategically make sure that we have our menu -- our core menu and our LTOs optimized.

這就是我所說的戰略產品日曆，它是 QSR 如何推動競爭的核心，但仍然是我們在這裡開發的東西，以戰略性地確保我們擁有我們的菜單 - 我們的核心菜單和我們的LTO 已優化。

So that's the work that's moving forward.

這就是正在推進的工作。

On the wait times, I would just tell you, we're seeing overall improvement.

關於等待時間，我只想告訴你，我們看到整體有所改善。

I don't think we're going to get into each of the different channels.

我認為我們不會進入每個不同的管道。

But for us to be able to make a big impact.

但我們能夠產生巨大的影響。

We have to improve our channels -- across our channels, both from how we service the dine-in business, how we deliver drive-thru as it becomes a growing bigger part of our business.

我們必須改善我們的管道——跨渠道，無論是我們如何服務堂食業務，還是如何提供得來速服務，因為它已成為我們業務中越來越大的一部分。

And obviously, even with our delivery -- third-party delivery transactions, those are also becoming a big part of our business as well.

顯然，即使我們的交付——第三方交付交易，這些也正在成為我們業務的重要組成部分。

So we need to make sure that we're delivering the customer service that our guests expect across each of those channels.

因此，我們需要確保透過每個管道提供客人期望的客戶服務。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Yeah.

是的。

Great.

偉大的。

Thanks, and congrats on a great quarter.

謝謝，並祝賀您度過了一個美好的季度。

I wanted to ask about the restaurant-level margin outlook for the fourth quarter of 22%, and it's substantially higher than what we were modeling.

我想問第四季 22% 的餐廳等級利潤率前景，它大大高於我們的模型。

I'm just -- can you give us a sense, does that reflect the benefits of the new labor model that you guys have been working on and looking to roll out?

我只是——你能給我們一個感覺嗎，這是否反映了你們一直在努力並希望推出的新勞動力模式的好處？

Or is that more of a 2025 initiative?

或者這更像是 2025 年的舉措？

And then also, how do you want us to think about 2025 margins at this point given all the initiatives you guys have in place on throughput and price?

另外，考慮到你們在吞吐量和價格方面採取的所有舉措，您希望我們如何考慮 2025 年的利潤率？

Yeah.

是的。

Thank you.

謝謝。

So the 4Q guidance we have for restaurant margin expansion it's about 220 basis points higher than last year, and it's showing significant progress.

因此，我們對餐廳利潤率擴張的第四季度指引比去年高出約 220 個基點，並且顯示出重大進展。

There were -- I would just also caveat that with last year at this time, we started to see kind of higher beef inflationary pressures.

我還想提醒一下，去年這個時候，我們開始看到牛肉通膨壓力上升。

So while we expect these to be continued inflationary pressure this year, kind of that incremental step up, it's a little bit more muted.

因此，雖然我們預計今年通膨壓力將持續存在，但會加劇，但會更加溫和。

And we also have a number of new Shack openings happening later in the quarter.

我們還將在本季度晚些時候開設一些新的 Shack。

So that always can cause a little bit of noise.

所以這總是會引起一點噪音。

But what you're really seeing here is us, first of all, if you look at top line, driving top line momentum in the business, and through the focus that we've had in supply chain efficiencies and also in operations, really being able to bring more of that down to the bottom line.

但你在這裡真正看到的是我們，首先，如果你看看營收，推動業務的營收勢頭，並透過我們對供應鏈效率和營運的關注，真正做到了能夠將更多的收入歸結為底線。

We're not giving guidance for next year.

我們不會給出明年的指導。

There's still a lot of puts and takes here around inflationary pressures on -- particularly with beef but we will let you know at due course what that guidance will be.

圍繞通膨壓力，仍有許多看跌期權和賣出期權——尤其是牛肉，但我們會在適當的時候讓您知道指導內容是什麼。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Reminding to follow up on the restaurant level margin opportunity.

提醒跟進餐廳層面的利潤機會。

Rob, my impression was that the margin expansion opportunity was a really big one -- is a really big one for Shake Shack.

Rob，我的印像是，利潤擴張的機會非常大——對於 Shake Shack 來說是一個非常大的機會。

And back when the activists were involved 1.5 year ago, that seemed to be their focus as well, and you're talking about really significant opportunity on margins.

當活動人士 1.5 年前參與其中時，這似乎也是他們關注的焦點，而你談論的是真正重要的利潤機會。

So my question is, do you view the margin opportunity as very large is really meaningful at Shake Shack?

所以我的問題是，您認為 Shake Shack 巨大的利潤機會真的有意義嗎？

So far, it sounds like you focus much more on the top line, which obviously does drive margins at the end of the day.

到目前為止，聽起來您更專注於營收，這顯然確實會在一天結束時提高利潤率。

So I'm just trying to understand kind of what you view as the opportunity with margins?

所以我只是想了解一下您認為有利潤的機會是什麼？

And then within that, maybe what inning you are on what you've identified so far, for instance, in the supply chain that is -- you're benefiting from that already?

然後，在這個範圍內，也許你目前已經確定了哪些方面，例如，在供應鏈中——你已經從中受益了？

Is there much more to come?

還有更多嗎？

If you could just give a little more detail on the kind of the longer-term plan and kind of vision for margins?

您能否更詳細地介紹長期計畫和利潤率願景？

So as Katie just said, we're not guiding for next year.

正如凱蒂剛才所說，我們不會為明年提供指導。

So we're not going to talk about necessarily how much growth in the margin there is -- how much potential growth in the margin there is.

因此，我們不一定要討論利潤率有多少成長——利潤率有多少潛在成長。

But I will tell you that we are focused on delivering long-term productivity in our restaurants.

但我會告訴你，我們專注於提高餐廳的長期生產力。

And there's a lot of easy ways to come in and draw short-term margin growth.

有很多簡單的方法可以進入並吸引短期利潤成長。

I mean, we could come in and just cut the labor significantly and compromise our guest service and compromise our team member development, and that's not the model.

我的意思是，我們可以大幅削減勞動力，損害我們的客戶服務，損害我們的團隊成員的發展，但這不是我們的模式。

So we are not -- our plan is not to come in and deliver a big bang kind of margin expansion through doing things that impact us in the long term.

所以我們不是——我們的計劃不是透過做對我們有長期影響的事情來實現利潤率的大爆炸式擴張。

Our focus is 100% on driving a performance and accountability culture, driving process improvements and training and development of our teams.

我們的重點是 100% 推動績效和責任文化、推動流程改善以及團隊的培訓和發展。

And all of those things continue to drive sustained margin enhancement.

所有這些因素將繼續推動利潤率持續提高。

We've seen it really for the last 1.5 year, and I think it's going to continue to improve as we evidenced in our guide for the fourth quarter.

我們在過去 1.5 年裡確實看到了這一點，我認為它會繼續改善，正如我們在第四季度的指南中所證明的那樣。

So those are -- I know you talked about I'm focused on the top line.

所以這些是——我知道你談到我專注於營收。

We are marketing is a big part of our strategy.

我們的行銷是我們策略的重要組成部分。

But there's not an hour in this building that goes by where we're not talking about restaurant productivity.

但在這棟大樓裡，我們無時無刻都在談論餐廳的生產力。

And Stephanie, our new COO, is -- I hardly ever see her, cause she's in the field so much, making sure that this this mindset and this performance culture is permeating through all the levels that need to get down to the Shacks, and that's why we're seeing such great results.

我們的新任營運長史蒂芬妮——我很少見到她，因為她在這個領域工作得太多，確保這種心態和這種績效文化滲透到棚屋的各個層面，並且這就是為什麼我們看到如此好的結果。

And then the last piece on supply chain.

然後是供應鏈上的最後一塊。

Look, Shake Shack is what it is because of the quality of our ingredients and the quality of our food.

看，Shake Shack 之所以如此，是因為我們的原料品質和食物品質。

We are never going to impact that.

我們永遠不會影響這一點。

We are focused on being a fine casual restaurant, delivering fine dining food through a fast casual format.

我們致力於成為一家精緻的休閒餐廳，透過快速休閒的形式提供精緻的美食。

And so our supply chain optimizations are about efficiency and productivity, not about changing any of the ingredients or degrading the quality of our food.

因此，我們的供應鏈優化是為了提高效率和生產力，而不是改變任何成分或降低食品品質。

And so I'm very pleased with our team's ability to find ways to be more productive, help us maintain or grow our margins despite inflation without negatively impacting our food.

因此，我對我們的團隊能夠找到提高生產力的方法感到非常滿意，幫助我們在通貨膨脹的情況下維持或增加利潤，而不會對我們的食物產生負面影響。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thanks.

謝謝。

Just a couple of clarifying questions.

只是幾個澄清問題。

The first is just on the store closures.

第一個是關店。

You mentioned, I think you said $17 million in trailing 12 -- trailing four quarter revenues but immaterial to operating profits.

你提到，我想你說的是過去 12 個季度的 1700 萬美元——落後四個季度的收入，但對營業利潤無關緊要。

Could you just quantify what that means in terms of -- it sounds like it would probably be a tailwind to restaurant level margin rates just because they are below average.

您能否量化這意味著什麼——聽起來這可能會成為餐廳水平利潤率的順風車，因為它們低於平均水平。

I couldn't -- I don't know how precise the numbers were, but is it maybe 30 basis points, something like that.

我不能——我不知道這些數字有多精確，但可能是 30 個基點之類的。

So I just wanted to quantify that and then question on the license business.

所以我只是想量化這一點，然後對許可業務提出疑問。

That store count came down a little bit, I think.

我認為商店數量減少了一點。

And if you could maybe just talk about that.

如果你可以的話，也許可以談談這件事。

I don't know if there's international, some of the geopolitical tunnel that might be affecting it or anything worth noting there?

我不知道是否有國際上的、一些地緣政治隧道可能會影響它或有什麼值得注意的地方？

Thanks.

謝謝。

Yeah, sure.

是的，當然。

So on the nine Shacks that we closed, we disclosed that, that was -- those Shacks in total generated about $17 million in sales over the past four quarters.

因此，對於我們關閉的 9 家 Shacks，我們透露，這些 Shacks 在過去四個季度總共產生了約 1,700 萬美元的銷售額。

What I'd say is that we're not disclosing the actual cost impact of that.

我想說的是，我們沒有揭露其實際成本影響。

But these restaurants, not only were they below company average profitability, they were actually loss-making.

但這些餐廳的獲利能力不僅低於公司平均水平，而且實際上還在虧損。

When you roll it up in total, it's not a material part of our overall profitability, but it is a benefit to our restaurant profit margin line now that they are closed.

當你把它加起來時，它並不是我們整體盈利能力的重要組成部分，但它對我們餐廳的利潤率線來說是一個好處，因為它們已經關閉了。

Do you want to take the license?

你想考駕照嗎？

Yeah.

是的。

On the license side, we've had a couple of markets where we've had some timing issues on some Shacks that we expected to open up in Q4 are now going to pushed to Q1.

在許可方面，我們在一些市場上遇到了一些時間問題，我們原本預計在第四季度開放，但現在將推遲到第一季。

I think we've already disclosed on the last call that we are seeing, there are some headwinds in China and the Middle East, given the macroeconomic and geopolitical challenges in those markets, but they're still our fastest growing international markets.

我認為我們已經在上次電話會議中透露，鑑於中國和中東市場面臨的宏觀經濟和地緣政治挑戰，這些市場存在一些阻力，但它們仍然是我們成長最快的國際市場。

So we have a lot of confidence in our partners there.

因此，我們對那裡的合作夥伴充滿信心。

We've got amazing licensee partners who are continuing to build despite those challenges because of the results that they're seeing.

我們擁有令人驚嘆的被許可合作夥伴，儘管面臨這些挑戰，他們仍在繼續建設，因為他們看到了成果。

So license is going to continue to be a bigger and bigger part of our business.

因此，許可證將繼續成為我們業務中越來越重要的一部分。

We have a ton of white space, a ton of opportunity to go and open up new markets with new partners while continuing to grow and get more productive with our current partners through format innovation and menu innovation.

我們有大量的空白空間，有大量的機會與新的合作夥伴一起開拓新市場，同時透過格式創新和菜單創新與我們現有的合作夥伴一起繼續發展並提高生產力。

So really bullish on our license business moving forward.

因此非常看好我們的授權業務的發展。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning.

嗨，早安。

Rob, I wanted to ask about the strategic product innovation.

Rob，我想問一下戰略產品創新的問題。

And maybe I'm being a little dense here, but could you maybe explain exactly what you're thinking with that strategy and maybe provide an example that brings it to life?

也許我在這裡有點晦澀難懂，但是您能否準確解釋一下您對該策略的想法，並提供一個將其變為現實的例子？

Thank you.

謝謝。

Yeah, David, I'm probably not going to talk about future innovation, but I can give you an example.

是的，大衛，我可能不會談論未來的創新，但我可以給你一個例子。

I mean, right now, Black Truffle Burger and the Black Truffle Fries are representative of the kind of innovation that makes Shake Shack special.

我的意思是，現在，黑松露漢堡和黑松露薯條是 Shake Shack 與眾不同的創新代表。

And I would also say the Korean Chicken Sandwich is another one.

我還想說韓國雞肉三明治是另一種。

The things that you're just not going to get anywhere else executed with excellence.

您在其他地方無法完美執行的事情。

And I'm challenging the team to look at all kinds of burger and sandwich innovation.

我正在向團隊提出挑戰，讓他們研究各種漢堡和三明治的創新。

And some of that could be proteins.

其中一些可能是蛋白質。

Some of that could be flavor, some of that could be culinary-driven innovation, also side items.

其中一些可能是風味，有些可能是烹飪驅動的創新，還有一些副產品。

Right now, we've got French fries and there's all kinds of opportunities.

現在，我們有炸薯條，還有各種各樣的機會。

So when I talk about product innovation, I've kind of opened up the aperture for the teams to explore what could be next.

因此，當我談論產品創新時，我為團隊探索下一步的發展打開了大門。

And I've kind of pulled off any guardrails that might have been in place.

我已經把所有可能已經存在的護欄都拉掉了。

So I'm really excited.

所以我真的很興奮。

I think product and food innovation has been a part of my DNA for a long time.

我認為產品和食品創新長期以來一直是我 DNA 的一部分。

And we've got a great amazing team here that has an amazing amount of culinary prowess.

我們這裡有一支出色的團隊，擁有令人驚嘆的烹飪能力。

And so I'm looking to kind of unlock that across all the different platforms across our menu, whether it's sandwiches, shakes, beverages or side items.

因此，我希望在我們菜單上的所有不同平台上解鎖這一點，無論是三明治、奶昔、飲料還是配菜。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Hey, good morning, guys.

嘿，早上好，夥計們。

Just on the development side of things, I think you've noted some infill pressures in a couple of the big coastal markets.

就發展而言，我認為您已經注意到幾個大型沿海市場的填充壓力。

Is there anything we should expect kind of changing on that front as we look out to the '25 development?

當我們展望 25 世紀的發展時，我們應該期待這方面會發生什麼變化嗎？

Or do you see sort of the brand and marketing awareness in those markets being able to offset some of that sales transfer, if you will?

或者，如果您願意的話，您是否認為這些市場中的品牌和行銷意識能夠抵銷部分銷售轉移？

Yeah, I'm actually really excited about some of the more penetrated historical markets because of some of the format innovation that we're looking at.

是的，由於我們正在研究一些格式創新，我實​​際上對一些更深入的歷史市場感到非常興奮。

Just kind of the way we've changed a little bit of our strategic purview where we definitely have greenfield white space growth markets that we're going to go in and still be able to build out a lot of these big kind of flagship core Shacks and deliver great performance without a lot of cannibalization.

就像我們稍微改變了我們的戰略權限一樣，我們肯定有綠地空白增長市場，我們將進入這些市場，並且仍然能夠建立很多這樣的大型旗艦核心棚屋並在沒有大量蠶食的情況下提供出色的性能。

But in the more highly penetrated markets, I think there's a lot of infill opportunity.

但在滲透率較高的市場中，我認為有許多填充機會。

And I think that our drive-thrus and the other formats that we're looking at will help us facilitate that.

我認為我們的得來速和我們正在研究的其他格式將幫助我們促進這一點。

So we're still building in New York, New Jersey.

所以我們仍在新澤西州紐約市建設。

We're still building in California.

我們仍在加州建設。

We're building in markets that are already really penetrated, but we're maybe doing it in a little bit of a different way that still allows us to drive great restaurant margins, but in a little bit of a different way than we might have historically.

我們正在建立已經真正滲透的市場，但我們可能會以一種稍微不同的方式來做這件事，這仍然使我們能夠提高餐廳的利潤率，但方式與我們可能採取的方式略有不同從歷史上看。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Hey.

嘿。

Thanks for the question.

謝謝你的提問。

I just wanted to go to unit growth.

我只是想實現單位增長。

I think your growth guidance for '25 implies a slight pickup in company-operated unit growth.

我認為你們對 25 年的成長指導意味著公司營運單位的成長略有回升。

Wondering how we should look at that as a run rate going forward, if it's the percentage that's most relevant or the actual number of units as we're trying to imagine the total size of Shake Shack in the US going forward?

想知道我們應該如何看待未來的運行率，如果它是最相關的百分比或實際的單位數量，因為我們試圖想像 Shake Shack 在美國未來的總規模？

Thank you.

謝謝。

Thanks for the question, Jim.

謝謝你的提問，吉姆。

Our 2024 class of Shacks has done really well in terms of their sales performance.

我們 2024 屆 Shacks 的銷售業績非常出色。

And it's also doing really well in terms of the margins given some of the increases in productivity that we have implemented, but also that we see moving forward with some of the things we've talked about today.

考慮到我們已經實現了一些生產力的提高，而且我們看到我們今天討論的一些事情正在取得進展，它在利潤方面也表現得非常好。

So that gives us a lot of confidence.

所以這給了我們很大的信心。

And then lastly, the build costs.

最後是建造成本。

We continue to improve the build cost, a decrease of 10% this year, continuing to work on productivity opportunities looking forward into next year and beyond.

我們繼續改善建造成本，今年降低了 10%，並繼續致力於創造明年及以後的生產力機會。

So we are really bullish on the returns, the cash-on-cash returns that we can see from continuing to build new Shacks, new company-operated Shacks.

因此，我們非常看好回報，即我們可以從繼續建造新的棚屋、新的公司運營的棚屋中看到的現金回報。

And so we are going to continue to increase in 2025 and unless something changes dramatically, we're going to continue to double down on development.

因此，我們將在 2025 年繼續增加，除非發生巨大變化，否則我們將繼續加倍開發。

And we're building the infrastructure and the resources internally, where we're making our SMB investments in G&A, a lot of that is in development so that we can continue to have the real estate resources to find the sites and the construction resources to get them opened up.

我們正在內部建立基礎設施和資源，我們在 G&A 方面進行中小企業投資，其中許多都在開發中，以便我們可以繼續擁有房地產資源來尋找場地和建設資源讓他們打開。

And then lastly, I'll talk -- the last thing I'll say is that the training and development that we talked about in the Shacks and operations.

最後，我要談談——我要說的最後一件事是我們在棚屋和運作中討論的培訓和發展。

That's probably the most critical piece.

這可能是最關鍵的部分。

We need leaders to be able to continue to open up our new Shacks with excellence.

我們需要領導者能夠繼續以卓越的方式開設我們的新棚屋。

So we're definitely focused on that as well.

所以我們也絕對關注這一點。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫，第一資本證券公司。

Hello, everyone.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

You all have a pretty good vantage on consumer trends in the US, and I know you also have a pretty robust internal modeling process.

你們對美國的消費趨勢都有很好的了解，而且我知道你們也有一個非常強大的內部建模流程。

Were there any regions or states that came in stronger than you all were expecting or modeling?

有沒有任何地區或州的表現比大家預期或建模的還要強？

And then on the flip side, were there any that came in softer?

另一方面，有沒有更柔和的？

Yeah.

是的。

So we outlined in our prepared remarks, the number of areas where we had double-digit comp growth that includes parts of -- in Florida, in the Southwest and Southeast.

因此，我們在準備好的發言中概述了我們實現兩位數複合增長的地區數量，其中包括佛羅裡達州、西南部和東南部的部分地區。

And I would say, overall, we're really pleased with the trends that we saw sequentially, every region, we have either held the same, but most of them increased sequentially.

我想說，總的來說，我們對我們連續看到的趨勢感到非常滿意，每個地區我們要么保持相同的趨勢，但其中大多數都連續增加。

And then also by income cohort, we saw sequential improvement in high and low and medium income as well.

然後，以收入群體來看，我們也看到高收入、低收入和中等收入的持續改善。

So let's say, across the board, just a really strong quarter, a really testament to the success that our teams are having at driving sales through marketing initiatives and the work that our teams are doing on operations to help better serve our guests.

因此，總的來說，這是一個非常強勁的季度，真正證明了我們的團隊在透過行銷活動推動銷售方面取得的成功，以及我們的團隊在營運方面所做的工作，以幫助更好地服務我們的客人。

And just to build on Katie's comment on income cohort, the one thing I will share is that our data shows that we're one of the few brands despite the pricing we've taken over the last year.

在凱蒂對收入群體的評論的基礎上，我要分享的一件事是，我們的數據顯示，儘管我們去年採取了定價，但我們是少數品牌之一。

One of the few brands to actually improve our value equation over the last year.

去年真正改善我們價值方程式的少數品牌之一。

So it does feel like all the initiatives that the team have put in place around service and speed, coupled with the great food that we continue to deliver is driving a stronger value perception, which is allowing us to continue to grow, both at the top and bottom of the income cohorts.

因此，確實感覺到團隊圍繞著服務和速度實施的所有舉措，再加上我們繼續提供的美味佳餚，正在推動更強烈的價值觀念，這使我們能夠繼續成長，無論是在高層和收入最底層的群體。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great.

偉大的。

Thank you very much.

非常感謝。

Actually, just two follow-ups.

事實上，只有兩個後續。

The first one, Katie, I know a lot of people have been asking about the restaurant margin and the opportunity, and I know you're not guiding, but I'm just wondering if maybe as an alternative, you can give maybe a range of performance across your system that you're seeing today, whether it's quartiles or otherwise, just to demonstrate where some of the better markets or stores are sitting at relative to the opportunity?

第一個，凱蒂，我知道很多人一直在詢問餐廳的利潤和機會，我知道你不是在指導，但我只是想知道作為替代方案，你是否可以給出一個範圍您今天看到的整個系統的性能，無論是四分位數還是其他形式，只是為了展示一些更好的市場或商店相對於機會的位置？

And then my other one is just, Rob, you mentioned -- you just mentioned the income cohorts and kind of value.

然後我的另一個問題是，羅布，你提到過——你剛剛提到了收入群體和價值類型。

I'm just wondering with the lower-end quick-service category, doing much more aggressive discounting and seeing improving trends.

我只是想知道低端的快速服務類別，是否會進行更積極的折扣並看到改善的趨勢。

I'm just wondering how you think about that in terms of competition, whether there's a chance you would bundle just to communicate value presumably not at deep discounted prices, but just messaging that will be more value oriented.

我只是想知道你在競爭方面如何看待這一點，是否有機會捆綁只是為了傳達價值（大概不是以大幅折扣的價格，而只是傳遞更加以價值為導向的信息）。

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

So on our restaurant margin line, we've been pretty consistently sharing over the past 1.5 year to 2 years, the strategies that we've been working on in order to grow our -- be more efficient in our restaurants.

因此，在我們餐廳的利潤線上，我們在過去 1.5 年到 2 年裡一直在分享我們一直在努力的策略，以便提高我們餐廳的效率。

So on cost of goods sold, despite continued inflationary pressures, we've been focused on identifying more ways to deliver value, whether that's adding additional suppliers and optimizing our freight and certainly getting denser in market allows us to have benefits of scale as well.

因此，就銷售成本而言，儘管持續的通膨壓力，我們一直致力於尋找更多的方式來提供價值，無論是增加更多的供應商還是優化我們的貨運，當然，市場密度的增加也能讓我們獲得規模效益。

And that we will continue that line of work for sure.

我們肯定會繼續這項工作。

And as we open up more restaurants and get denser and develop markets, we'll be able to have more cost savings opportunities on that side as well as just organically.

隨著我們開設更多餐廳、更加密集並開發市場，我們將能夠在這方面以及有機地獲得更多成本節約機會。

In the labor side, we've also shown substantial progress on this side over the past couple of quarters.

在勞動力方面，過去幾季我們也取得了實質進展。

Some of this is just really basic blocking and tackling of making sure that our teams are aligned and working closer with operations.

其中一些只是非常基本的阻止和解決，以確保我們的團隊保持一致並與營運更緊密地合作。

And then we've been doing more with the labor scheduling model, which we put into place late in the third quarter.

然後，我們在勞動力調度模型上做了更多工作，我們在第三季末實施了該模型。

And then certainly, with Stephanie, our new COO in place, it's very interweaved working with all of our team members here across Shacks and identifying additional opportunities.

當然，隨著我們新任營運長 Stephanie 的就位，我們將與 Shacks 的所有團隊成員密切合作，並尋找更多機會。

And we'll share that with you when it's the right time.

我們會在適當的時候與您分享。

But I'm very confident in the work that is being done today to help us continue to drive profitability in our restaurants.

但我對今天所做的工作非常有信心，這些工作將幫助我們繼續提高餐廳的獲利能力。

So the overarching unknowns out there will be around inflationary pressures just broadly, specifically does call out beef, and then also just top line with macro uncertainties.

因此，整體的未知數將廣泛地圍繞通膨壓力，特別是牛肉，然後也只是宏觀不確定性。

But we're really excited and proud of the work that is being done today.

但我們對今天所做的工作感到非常興奮和自豪。

Yeah.

是的。

And just to close the loop on the QSR value dynamic right now.

現在只是為了關閉 QSR 價值動態的循環。

We obviously don't have national advertising.

我們顯然沒有全國性的廣告。

So we're not out there promoting $5 bundles or $10 bundles.

因此，我們不會促銷 5 美元捆綁包或 10 美元捆綁包。

But we are delivering targeted digital ads and promotions across our footprint.

但我們正在我們的足跡中提供有針對性的數位廣告和促銷活動。

We do that in a very targeted surgical way by ZIP codes and with our guest recognition technology capabilities to be able to make sure we're sending it to the right people.

我們透過郵遞區號和我們的客戶識別技術能力以非常有針對性的外科手術方式做到這一點，以確保我們將其發送給正確的人。

So we are delivering a great value prop through our targeted channels.

因此，我們正在透過我們的目標管道提供巨大的價值支撐。

But really where we're focused is improving the experience, improving the numerator, like improving the quality of food that we deliver, the faster it is, the hotter it is, the better customer service and the better experience our customers have.

但我們真正關注的是改善體驗，改善分子，例如提高我們提供的食物的質量，速度越快，越熱，客戶服務就越好，客戶的體驗就越好。

So we're really focused on that numerator, but we are delivering surgical targeted digital promos that do address some of the price gaps for the lower income cohorts that we also want to serve.

因此，我們真正關注的是這個分子，但我們正在提供有針對性的數位促銷，確實解決了我們也希望服務的低收入群體的一些價格差距。

Rahul Krotthapalli, JPMorgan.

拉胡爾·克羅塔帕利，摩根大通。

Good morning, guys.

早安，夥計們。

I have a question and a follow-up.

我有一個問題和後續行動。

Can we discuss on how you think about the new stores opening in the existing delivery trade areas?

我們可以討論一下您對於在現有的配送貿易區域開設新店的看法嗎？

New York City was set to have an issue before on the delivery sales transfer.

紐約市之前就曾在交付銷售轉讓方面遇到問題。

Is there any change to the infill or real estate strategy after recent store closures as you approach this channel over time?

最近商店關閉後，隨著時間的推移，您接近這個管道時，填充或房地產策略是否會發生任何變化？

Yeah.

是的。

I would just say that we continue to get even smarter about how we open new Shacks in markets where we currently have penetration to minimize cannibalization and optimize operational efficiencies.

我只想說，我們將繼續更明智地在目前已滲透的市場中開設新的 Shack，以最大程度地減少蠶食並優化營運效率。

I mean we're only going to get more efficient as we penetrate these markets.

我的意思是，當我們滲透這些市場時，我們只會變得更有效率。

We get supply chain efficiencies, we get operating efficiencies, we get marketing efficiencies.

我們獲得供應鏈效率、營運效率、行銷效率。

So penetrating these markets to a larger degree, isn't a negative.

因此，更大程度地滲透這些市場並不是一件壞事。

It's actually a positive.

這實際上是積極的。

And as we scale, we're only going to see continued benefit to the restaurant margin lines in these markets.

隨著我們規模的擴大，我們只會看到這些市場的餐廳利潤線持續受益。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time and thank you for your participation.

此時您可以斷開線路，感謝您的參與。