Shake Shack Inc (SHAK) 2024 Q3 法說會逐字稿

Or and in Greetings, welcome to Shake Shack Third Quarter 2024 earnings call.

或者，歡迎來到 Shake Shack 2024 年第三季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A question and answer session will follow the formal presentation.

正式演講後將舉行問答環節。

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to hand the conference over to Michael or yellow, 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 or Yellow。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you and good morning, everyone.

謝謝大家，早安。

Joining me for Shake Shack conference call is our CEO, Rob Lynch, CFO, Katie property.

與我一起參加 Shake Shack 電話會議的是我們的執行長 Rob Lynch、Katie property 的財務長。

During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance should not be considered in isolation or as substitute for results prepared in accordance with GAAP.

在今天的電話會議中，我們將討論非公認會計原則財務指標，我們認為這些指標有助於評估我們的業績，但不應孤立地考慮這些指標，也不應將其視為根據公認會計原則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 29th, 2020.

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2020 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。

For 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 third quarter 2020 for shareholder letter, which can be found at investor dot chegg.com in the Quarterly Results section or as an exhibit to our eight K for the quarter.

對於任何前瞻性陳述僅代表我們截至今天的觀點，如果我們的觀點現在發生變化，我們不承擔更新任何前瞻性陳述的義務，您應該可以訪問我們的2020 年第三季度股東信函，該信函可以在投資者網站找到在季度業績部分中點 chegg.com 或作為本季 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 restaurant level margin expansion, and we grew adjusted EBITDA 28% to 45.8 billion.

我們實現了連續第 15 季的同店銷售額成長，連續第 9 季餐廳水平利潤率擴張，調整後的 EBITDA 成長了 28%，達到 458 億美元。

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-throughs and nine new licensed Shacks.

我們在全球開設了550 多個Shacks，本季總共開設了17 個新Shacks，其中包括8 個由國內公司經營的新店，其中包括3 個新的得來速餐廳和9 個新的授權Shacks 。

Fair on a path to open approximately 75 Shacks system wide this year, representing mid 10s unit growth, our new Company units that are tracking to strong cash-on-cash returns as we continue to bring down build costs and preopening costs per check.

Fair 今年將在全系統開設約 75 個 Shacks，代表著 10 多個單位的成長，隨著我們繼續降低每張支票的建設成本和預開業成本，我們的新公司單位將實現強勁的現金回報。

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 shafts are also outperforming initial sales expectations in company restaurant level profit margins continue to expand.

我們的新豎井也超出了最初的銷售預期，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 will accelerate our new unit openings to approximately 80 to 85 next year, including 45 company-operated Shacks and three five to 40 licensed Shacks sales are in our existing Shacks were also strong in the third quarter as we delivered 4.4% same-Shack sales growth with positive traffic, 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.

我們預計在2025 年對這些指標進行進一步改進，從而將明年的新單位開業速度加快至約80 至85 個，其中包括45 個公司運營的Shacks 以及3 個5 至40 個授權Shacks 銷售在我們現有的Shacks 中第三季表現強勁，我們實現了4.4% 的同店銷售成長和積極的客流量，這是我們的銷售驅動策略和我們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 Shake Shack's continuous culinary innovation Memorial Day weekend, we launched our summer barbecue menu, which feature to Burger options each with either a smoker your tank Aesop, along with barbecues based price than in mid-September Burger, including strong and Shacks back options as well as the Parmesan garlic fries with Black truffle sign-offs, the black truffle LTOs, a perfect example of Shake Shack elevated culinary program and our ability to offer differentiated culinary experiences at great value, which particularly stands out.

我們在第三季度取得成功的一個重要部分，也是我們未來Shake Shack 不斷烹飪創新的一個重要部分，在陣亡將士紀念日週末，我們推出了夏季燒烤菜單，其中包括漢堡選項，每個選項都帶有煙燻或坦克Aesop，以及與9 月中旬漢堡相比，基於燒烤的價格，包括濃味和Shacks back 選項，以及帶有黑松露標誌的帕爾瑪蒜薯條、黑松露LTO，Shake Shack 高級烹飪計劃的完美範例，以及我們提供差異化服務的能力非常有價值的烹飪體驗，這一點尤其突出。

Today's value wars invite our mix.

今天的價值戰邀請我們進行混合。

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

此外，在烹飪創新方面，我們繼續與策略促銷和行銷活動取得適當的平衡，以提高知名度並推動轉換。

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

九月份，根據大眾的要求，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 has been a 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.

Chicken Sundays 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時間內推動Shake Shack 的雞肉銷售。

We also remain other value added campaign for spotlight menu highlights, such as free sheet Fridays and our dog days of summer.

我們還保留其他增值活動來突出菜單亮點，例如周五免費床單和夏季的三伏天。

Our marketing continues to attract new and repeat, yes.

是的，我們的行銷繼續吸引新的和重複的。

And we will continue to make these strategic investments moving forward.

我們將繼續推進這些戰略投資。

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 among the significant number of sales driving initiatives in our pipeline three standout.

展望未來，令我感到鼓舞的是，我們仍然擁有多個銷售驅動平台和計劃，可以在我們的三個突出管道中的大量銷售驅動計劃的基礎上進行構建和實施。

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, decreased service times and improve throughput.

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

I'll touch here briefly on each as we work to build and highlight the upside potential of a strategic product innovation calendar.

當我們努力建立和強調策略性產品創新日曆的上行潛力時，我將簡要介紹每一項。

It's not lost on me that culinary innovation is already a part of Shake Shack's DNA.

我並沒有忘記，烹飪創新已經成為 Shake Shack 基因的一部分。

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 output based 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，以推動基於產出的競爭成長。

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 extrude each day, Shake Shack does not currently have a systematize 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在努力工作，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 the Shake Shack was built on the principles and culture of enlightened hospitality were 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 creates that.

我堅信，鑑於這項傳統，我們有巨大的機會在一個日益創造開明熱情好客的世界中提供開明的熱情好客服務。

But across the digital footprint, we will be making investments in 2025 to over long term.

但在整個數位足跡中，我們將在 2025 年進行長期投資。

Lastly, on operational optimization that drive sales in the third quarter, we further decreased wait times, improved guest satisfaction metrics and as a result of drove higher sales and margins.

最後，在推動第三季銷售的營運最佳化方面，我們進一步減少了等待時間，提高了賓客滿意度指標，從而推動了更高的銷售額和利潤。

However, we still 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 have repeat visits, which will increase frequency and overall sales.

所有這些舉措預計將得到長期建築商的重複訪問，這將增加頻率和整體銷售。

Speaking of great operations were 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，即使我們在行銷和促銷方面進行額外投資以增加營收，也能顯著提高利潤率。

Third quarter restaurant level margins expanded 60 basis points and adjusted EBITDA margins grew 140 basis points, and we expect fourth quarter end on a high note as well, with fourth quarter restaurant level margins expanding 220 basis points and exceeding 2019 levels.

第三季餐廳利潤率擴大了60 個基點，調整後EBITDA 利潤率增長了140 個基點，我們預計第四季度末的利潤率也將大幅增長，第四季度餐廳利潤率將擴大220 個基點，超過2019 年的水準。

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

團隊第一次出色地利用了我們不斷擴大的規模來提高供應鏈效率，提高了人員配置和調度方面的勞動力利用率，並在其他成本方面更加嚴格。

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.

第三季的銷售額、餐廳利潤率和調整後的 EBITDA 成長又取得了成功，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 strong third quarter results as we grew total revenue by 14.7% versus last year.

我們對 Shake Shack 第三季的強勁業績感到非常自豪，總收入比去年增長了 14.7%。

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.

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 this quarter.

這延續了我們的趨勢，在過去三年中，每個季度我們都產生了積極的同店銷售額，並且本季度的總收入、餐廳利潤和調整後 EBITDA 均實現了兩位數的增長。

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.

我們的全系統銷售總收入也創下歷史新高，第三季餐廳和調整後 EBITDA 利潤率也創下 2019 年以來最高。

And I'll share more of a little bit, but our guidance for next quarter on exiting our fourth quarter 2019 performance as we continue to execute against our strategic priorities.

我將分享更多內容，但隨著我們繼續執行我們的策略優先事項，我們對下季度關於退出 2019 年第四季業績的指導。

Now for the details of our third quarter results, we grew total revenue by 14.7% year over year to $316.9 million in systemwide sales by 12.8% to $495.1 million.

現在來看我們第三季業績的詳細信息，我們的總收入同比增長 14.7%，達到 3.169 億美元；全系統銷售額增長 12.8%，達到 4.951 億美元。

We opened 17 check system wide in the quarter and achieved the 15th consecutive quarter of positive impact sales and our license business, we grew revenue by 7.1% year over year to 12 million.

我們在本季度全面開放了 17 個檢查系統，並實現了連續 15 個季度的積極影響銷售和我們的許可業務，我們的收入同比增長 7.1% 至 1200 萬。

Sales grew by 9.4% year over year to $190.2 million, with nine new license Shack openings and strong trends in our domestic business that was led by airports and run-rate travel plazas.

銷售額年增 9.4%，達到 1.902 億美元，其中有 9 個新的許可證 Shack 開業，以及以機場和運行率旅遊廣場為主導的國內業務強勁趨勢。

In our domestic Company operated business, we grew Shack sales 15.1% year over year to 304.9 million with a Shack openings and 4.4% year-over-year growth in same-Shack sales, traffic grew 30 basis points and checks have grown approximately 4% with approximately 6%.

在我們的國內公司營運業務中，我們的 Shack 銷售額年增 15.1%，達到 3.049 億，Shack 空缺數量和同店銷售額同比增長 4.4%，流量增長 30 個基點，支票增長約 4%大約有6% 。

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

菜單價格組合連續持平於負低低個位數，其水準由計劃的營銷策略驅動。

Items per check was slightly positive in the quarter.

本季每張支票的項目略有增加。

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

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。

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。

And 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 and Georgia and Ohio, and a high single digit in markets such as Washington, D.C., 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強勁的同款小屋銷售趨勢，佛羅裡達州、亞利桑那州、喬治亞州和俄亥俄州的同款小屋銷售額增長了兩位數，而在諸如此類的市場則實現了較高的個位數增長。

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 月持續保持強勁的銷售業績，同店銷售額成長了 4.5%，當月客流量基本上持平。

We are excited about the continued momentum to start off the fourth quarter to help offset continued inflation.

我們對第四季度開始的持續勢頭感到興奮，以幫助抵消持續的通貨膨脹。

We implemented an approximate 1.5% price increase in October across our menu.

10 月份，我們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 are focused on flow through and operational improvements means that we are bringing this momentum to the buyer of every year.

除了推動銷售之外，我們還專注於流量和營運改進，這意味著我們每年都會為買家帶來這種動力。

Restaurant margin expansion.

餐廳利潤擴張。

We generated $64.2 million in restaurant level profit for 21% of Shack sales, 50 basis points better than last year and the highest third quarter restaurant profit margins in 2019.

我們創造了 6,420 萬美元的餐廳利潤，佔 Shack 銷售額的 21%，比去年高出 50 個基點，是 2019 年第三季餐廳利潤率最高的。

Despite continued inflationary pressures across our restaurant P&L, our strategy of identifying and executing on operational efficiencies reduced the total cost to serve has allowed us to grow profitability while investing more in marketing strategies to drive sales and increased brand awareness.

儘管我們餐廳的損益表面臨持續的通膨壓力，但我們確定和執行營運效率的策略降低了總服務成本，使我們能夠提高盈利能力，同時加大對行銷策略的投資，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 HealthPocket's as helped us offset continued inflationary pressure and our total cost to serve labor and related expenses were 85.5 million or 28% of Shack sales, down 80 basis points versus last year.

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，因為我們供應鏈HealthPocket 的菜單價格和戰略成本節約幫助我們抵消了持續的通貨膨脹壓力以及服務勞動力和相關費用的總成本銷售量為 8,550 萬輛，佔 Shack 銷量的 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.

我們的團隊在本季末出色地過渡到改進的小時工模式，並向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。

While the same time delivering improvements in operational and gas process metrics, including having the lowest we've had since at least 2019.

同時，營運和天然氣製程指標也得到改善，包括達到至少 2019 年以來的最低水準。

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 tests and underway to continue to operate and optimize performance in our Shacks.

重要的是，我們還有許多額外的策略和測試正在進行，以繼續運作和優化我們的 Shacks 的性能。

Other operating expenses were $45.6 million or 14.9% of Shack sales of 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 萬人，佔 Shack 銷售額的 7.7%，與去年的水平一致。

All, and 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.

所有，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 one-time, 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，剔除一次性 80 萬，調整後的 G&A 為 3,490 萬，佔總收入的 11%，比去年下降 10 個基點。

The increase in G&A was driven by 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 opening 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 share by at least 10% this year.

本季也受益於時間安排的轉變，我們最初計劃在第三季度進行的一些行銷支出現在在本季度開業了 370 萬個，同比下降 26%，並且我們繼續很好地實現減少開業前費用的目標今年每股至少上漲10%。

We grew adjusted EBITDA by about 20% year over year to $45.8 million or 14.4% of total revenue of 140 basis points from the prior year and the best third quarter adjusted EBITDA margins in 2019.

我們的調整後 EBITDA 年成長約 20%，達到 4,580 萬美元，佔總營收的 14.4%，較上年成長 140 個基點，第三季調整後 EBITDA 利潤率為 2019 年最佳。

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 the difficult decision to close nine checks to better focus our resources.

在本季度，我們做出了艱難的決定，關閉九項檢查，以便更好地集中我們的資源。

Dcx injected in total generated $17 million in sales over the 12 months prior to their closure on August 27th for the financial performance of the Shacks and lower corporate average fare in total had a minimal negative impact on our restaurant level profit, we incurred $28.2 million of expense related to these closures, including $26.4 million impairment charge.

DCx 注入的資金在8 月27 日關閉之前的12 個月內總共產生了1700 萬美元的銷售額，因為Shacks 的財務業績和較低的企業平均票價總共對我們餐廳的利潤產生了最小的負面影響，我們的收入為2820 萬美元。

Our managers at the location for all offered a similar position in a nearby Shack.

我們的經理在附近的一個小屋裡為所有人提供了類似的職位。

Including the charge, we realized a net loss attributable to Shake Shack Inc. of 10.2 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 10.2 美元，即稀釋後每股虧損 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 for GAAP tax rate was 25.9%, and our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation, was two 1.9%.

我們公佈的調整後預計淨利潤為 1,120 萬美元，即每股完全交換和稀釋每股 0.25 美元，GAAP 稅率為 25.9%，調整後預計稅率（不包括基於股權的薪酬的稅收影響）為 2.1% 。

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.

最後，我們的資產負債表依然穩健，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。

That is up 6.5 million versus the prior quarter year to date.

與年初至今相比，這一數字增加了 650 萬。

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.

透過專注於獲利成長策略和降低建設成本，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，與去年同期和今年同期減少的 2,600 萬相比有了顯著改善。

Prior to that, a 45 million decrease.

在此之前，減少了4500萬。

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 to $327 million, up 12.7% to 14.2% year over year.

我們第四季的指引要求總營收為 322.6 至 3.27 億美元，年增 12.7% 至 14.2%。

Licensing revenue of 11.6 to $12 million, with approximately 11 license openings, same-Shack sales of approximately 3% to 4%, with low single digit price mix of our rest-of-world profit margin of approximately 22% as we expect to surpass 2019 quarterly margins for the first time, our full year 2020 for guidance calls for total revenue of approximately $1.25 billion, growing about 15% year over year, same-Shack sales to grow through about 3.3% to 3.6%, approximately 40 company-operated new stack openings and approximately 35 license openings.

許可收入為1160 至1200 萬美元，大約有11 個許可空缺，同一Shack 銷售額約為3% 至4%，我們在世界其他地區的利潤率約為22% 的低個位數價格組合，我們預計將超過2019年季度利潤率首次出現，我們對2020年全年的指導要求總收入約為12.5億美元，同比增長約15%，same-Shack銷售額增長約3.3%至3.6%，約40家公司營運新的堆疊空缺和大約 35 個許可證空缺。

We expect licensing revenue to reach 44.6 million to 45 million, restaurant level profit margins of approximately 21%, representing approximately 110 basis points of expansion year over year G&A guidance of 144 to $145 million.

我們預計授權收入將達到 4,460 萬至 4,500 萬美元，餐廳利潤率約為 21%，較上年 G&A 指導值 144 至 1.45 億美元擴張約 110 個基點。

That does not include the 5.9 million in nonrecurring costs that are excluded from our adjusted EBITDA.

這還不包括我們調整後的 EBITDA 中排除的 590 萬美元的非經常性成本。

Year to date, equity based compensation expense is approximately 16 million, preopening of 17 million depreciation of $1.3 million.

年初至今，基於股權的補償費用約為 1,600 萬美元，開業前 1,700 萬美元，折舊 130 萬美元。

Adjusted pro forma tax rate, excluding the impact of equity-based compensation to be approximately 22.5%, adjusted EBITDA of 102 58 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.

調整後的預期稅率（不包括基於股權的薪酬的影響）約為22.5%，調整後的EBITDA為102.58億美元至1.7億美元，年增約27%至29%，幾乎是我們預期總收入成長率的兩倍利潤率約為 13.5%，比前一年高出 140 個基點，是自 2019 年以來調整後的最高 EBITDA 利潤率。

I wanted to end my remarks today sharing just how proud that we are of 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 for our business and improve our profitability.

我想在今天的演講結束時分享一下，我們對 Shake Shack 團隊為取得這些強勁成果所做的工作感到多麼自豪，並繼續開發和測試其他機會，以增強我們業務的賓客體驗並提高我們的盈利能力。

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。

Thank you, Assi.

謝謝你，阿西。

We'd like to ask a question, please press star one on your telephone keypad.

我們想問一個問題，請按電話鍵盤上的星號一。

A confirmation tone will indicate your line is in the question queue.

確認音將表示您的線路已在問題佇列中。

You may press star two.

您可以按星二號。

If he would like to remove your question from the queue.

如果他想從隊列中刪除您的問題。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

對於使用揚聲器裝置的與會者，可能需要在按星號鍵之前拿起聽筒。

We ask that you please limit to one question.

我們要求您只回答一個問題。

Our first question is from Michael Kim with Oppenheimer & Company.

我們的第一個問題來自奧本海默公司的麥可金。

Please.

請。

Thank you.

謝謝。

You talked about investments going forward in the marketing and building out your loyalty program.

您談到了未來在行銷和建立忠誠度計劃方面的投資。

Just to name a couple.

僅舉幾個例子。

And I know you're not going to provide specific 2025 guidance yet, but can you unpack for us which of these initiatives we believe have the greatest effect in the near term into 2025, but just sort of a larger system is flat to positive traffic momentum?

我知道您還不會提供具體的 2025 年指導，但您能否為我們解說一下，我們認為哪些舉措在 2025 年的近期內效果最大，但只是一個更大的系統對正流量持平勢頭？

And then just directionally, how should we think about the margins related to that, Tom, are you finding some additional cost offsets towed to offset some of the stepped-up investment and then you're going to drive P&L leverage through the same store sales?

然後，從方向上來說，我們應該如何考慮與此相關的利潤率，湯姆，您是否發現一些額外的成本抵消來抵消一些增加的投資，然後您將通過同店銷售來推動損益槓桿？

Thanks.

謝謝。

Thanks for the question, Michael.

謝謝你的提問，麥可。

You know, I'm really excited about the fact that we've been able to drive, you know, disproportionate top-line sales growth while continuing to increase our restaurant margins.

你知道，我真的很興奮，因為我們能夠推動不成比例的營收成長，同時繼續提高餐廳利潤。

That's the model moving forward.

這就是前進的模式。

So we have our team has really built a from surgical marketing engine that's allowing us to reach our most valuable customers and allowing 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，並允許和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, they're buying higher and higher margin items that were featuring and adding to, um, you know, the check growth that we saw in the quarter in regards to next year and top line sales growth, you know, we are currently investing in enhancing our guest recognition, which the outcome will be a loyalty platform.

因此，儘管我們增加了行銷和促銷活動，但他們還是購買了利潤率越來越高的商品，這些商品的特色和增加，嗯，你知道，我們在本季度看到的支票增長為了明年和頂線銷售成長，您知道，我們目前正在投資提高客戶認可度，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 in May of MD. and OB., how Shake Shack does it?

我想我在上次電話會議中提到，忠誠度平台可能看起來像也可能不像馬裡蘭州五月的傳統忠誠度平台。 OB.，Shake Shack 是如何做到的？

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

所以你知道這一點，但這可能不會在 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。

Our next question is from Brian Vaccaro with Raymond James.

我們的下一個問題來自布萊恩·瓦卡羅和雷蒙德·詹姆斯。

Please proceed.

請繼續。

Hi, thanks and good morning.

你好，謝謝，早安。

Up, 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.

向上，你注意到一些州的一些強勁進步，我認為，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 in quantification around that?

我想我很好奇，您能否從量化的意識角度詳細說明您所看到的情況？

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。

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 some great opening results to our Shack so far this year.

今年到目前為止，我們已經看到我們的小屋開幕取得了一些不錯的成績。

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.

這確實證明了我們的能力以及我們的行銷團隊在我們開設的社區中引起興奮的能力。

And as you know, everyone knows, we have a ton of white space to go out and open some 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這樣的小屋來實現這些巨大的銷售。

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

在宏觀方面，您知道，我們確實在第三季並進入第四季度在紐約市發起了一場品牌活動。

And we are I have seen strong awareness resolved as a as an outcome of that.

我已經看到了強烈的意識作為其結果而解決。

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 in.

我們希望繼續進行分析並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 in market penetration and the awareness in general in the markets that we're in as we grow.

因此，我們對市場滲透率的持續成長以及我們在市場成長過程中的普遍認知度感到非常興奮。

Our next question is from Lauren Silberman with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lauren Silberman。

Please proceed.

請繼續。

Hey, thanks, and congrats on the quarter.

嘿，謝謝，恭喜這個季度。

Same-store sales really strong momentum continued.

同店銷售確實持續強勁勢頭。

I wanted to ask how you're thinking about the composition of comp as we move into 2025.

我想問一下，當我們進入 2025 年時，您如何看待薪酬的組成。

Traffic, obviously change from marketing thing and offset negative mix, how we're using that bouncing traffic and that negative mix component to it expect the mix piece improve over time.

流量，顯然是行銷方面的變化，並抵消了負面組合，我們如何使用跳動流量和負面組合組件，期望混合部分隨著時間的推移而改善。

Anything that you can expand on that we may not be staying at sort of face value?

您可以擴展一下我們可能不會停留在表面價值上的任何內容嗎？

Yes.

是的。

I mean, I'll just say I think as we called out in the area 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所呼籲的那樣，這種組合實際上只是我們在促銷方面持續投資的功能。

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 here, 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 good part of our model moving forward on traffic that that's the flip side of that, right?

這將是我們的模型在流量方面向前發展的一個很好的部分，而這是它的另一面，對吧？

Those investments and promotions and marketing are helping us keep, you know for as we all know, traffic is really hard to come by.

眾所周知，這些投資、促銷和行銷正在幫助我們保持流量確實很難獲得。

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 me mitigate some of the inflation we've seen with pricing and continue to drive traffic positive traffic despite that pricing.

我們對能夠減輕定價方面的通貨膨脹並繼續推動流量積極增長感到非常興奮，儘管定價如此。

So we think that we have some, you know, the ability to continue to strike that balance moving forward regardless of what the economic 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。

Our next question is from Christine Cho with Goldman Sachs.

我們的下一個問題來自高盛的 Christine Cho。

Please proceed.

請繼續。

Hi, and congrats on a great quarter.

您好，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 and give them 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，並為他們提供更溫和的通膨壓力以及更高的消費者價格敏感度。

I know all of the kiosk has been a really good mix support, but what are some of the ways that you can help support price mix going forward without kind of taking direct price hikes?

我知道所有的售貨亭都提供了非常好的組合支持，但是有哪些方法可以幫助支持未來的價格組合，而無需直接提價？

And also if you can kind of elaborate on the performance of the block truffle appeals to specifically how it impacted the mix in the quarter would be great.

此外，如果您能詳細說明塊狀松露的表現，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。

Yes, I'll let Tony talk specifically to pricing and and mitigating inflation.

是的，我會讓托尼專門談談定價和減輕通貨膨脹。

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，在過去幾年中，由於我們面臨前所未有的通貨膨脹，定價顯然是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 from May to the same extent, is only going to benefit us so that we can continue to incur improve our value equation with the investments we're making in marketing investments were making in our culinary calendar to drive new product innovation and drive mix through increased attachment through a strategic product calendar.

展望未來，我們不必在同等程度上採用五月份的定價，這一事實只會使我們受益，這樣我們就可以繼續透過我們在行銷投資中進行的投資來改善我們的價值方程式我們在烹飪日曆中製定了一些計劃，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，我真的很高興能夠繼續前進，而不必承擔太多的定價。

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

但我對我們過去幾年所表現出的情況也充滿信心，即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，並仍然透過行銷的流量管理來推動頂線銷售成長任何投資。

I'll just add on that.

我就補充一下。

Just as a reminder, earlier this year, we implemented in oh two oh two pricing strategy.

提醒一下，今年早些時候，我們實施了「哦二哦二」定價策略。

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

因此，首先是提高數位管道上的數位價格競爭，這對我們來說是幫助減輕該管道額外成本壓力的重要一步。

And then we also implemented in March about a lot of 3.5% price increase, but that was really inclusive of 7% price that we took in California to help offset the fact that and then looking forward here, we recently just basically matched in October late October and the 1.5% price that we are rolling off with another 1.5% price increase.

然後我們也在 3 月實施了大約 3.5％ 的價格上漲，但這實際上包括我們在加利福尼亞州採取的 7％ 價格，以幫助抵消這一事實，然後展望這裡，我們最近基本上在 10 月下旬匹配10 月份，我們將下調1.5% 的價格，再調高1.5% 的價格。

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 that the supply chain team here at Shake Shack is doing a really amazing job at identifying strategy is increasing our supplier base.

但我要說的是，Shake Shack 的供應鏈團隊在確定策略方面做得非常出色，正在擴大我們的供應商基礎。

I'm looking at creating opportunities to help us navigate what is continued inflationary pressures on our business.

我正在尋找創造機會來幫助我們應對企業面臨的持續通膨壓力。

And then, you know, other strategic opportunities that we've been focused on to help take down our total cost to serve.

然後，您知道，我們一直關注的其他策略機會有助於降低我們的總服務成本。

We talked about what we've been doing a little bit in labor on the hourly labor or refinance that we're making are helpful.

我們討論了我們在每小時勞動力或再融資方面所做的一些工作，我們正在做的事情是有幫助的。

But there's also a slew of other initiatives that we have either in tests are underway in operation that we think we are enhancing the guest experience and allows us to dedicate more of our time to facing guest-facing activities.

但我們還有許多其他措施正在測試中，我們認為這些措施正在增強賓客體驗，並使我們能夠將更多時間用於面向賓客的活動。

But at the same time also reduce this is our total cost to serve.

但同時也降低了我們的服務總成本。

So there's a lot of things that were 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 and continued pricing power across various channels, alternatives as well.

我們確實認為我們仍然擁有並持續跨各種管道和替代方案的定價能力。

Our next question is from Brian Mullan with.

我們的下一個問題來自布萊恩·穆蘭 (Brian Mullan)。

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 drove three units through planning for and leaves you speak to how that the new class will incorporate any learnings that companies already heard or read?

由於它涉及 2025 年的管道，您能否談談有多少人透過規劃推動了三個單位，並讓您談談新課程將如何納入公司已經聽到或讀到的任何知識？

Maybe any news flow fewer Stephanie might have brought to the table will be incorporated into the drive-throughs going forward?

也許史蒂芬妮可能帶來的任何新聞流都會被納入未來的免下車服務？

Any thoughts for the group?

對團體有什麼想法嗎？

Debra, and I don't think we're necessarily disclosing the mix on drive-throughs.

黛布拉，我認為我們沒有必要披露免下車服務的混合。

What I can tell you is the 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 are not number one priority operationally is doing improve our process flows and increase our speed of service, and that's going to be disproportionately impactful on our drive-through business.

正如凱蒂剛剛強調的那樣，我們正在努力改善我們的流程並提高我們的服務速度，這對我們的得來速業務產生不成比例的影響。

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 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.

我們正在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以及交付區域中代表品牌和菜單，以及我們如何將食物帶給顧客以及我們需要多長時間執行這一切。

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

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第一件事。

As I look to the future, you know, 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 some 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 that we build.

當我展望未來時，你知道，即使在 2025 年之後，格式以及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一些不同類型的房地產並取得成功和無論我們建立何種業態，都能取得成功並提供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。

Our next question is from Andrew Charles with TD. Cowen.

我們的下一個問題來自 TD 的安德魯查爾斯 (Andrew Charles)。考恩.

Please proceed.

請繼續。

Kris encouraging versus a campaign that we saw launched this month?

克里斯鼓勵與我們本月推出的活動相比？

And a two part question about that.

關於這個問題有兩個部分。

So first, we will see in October outperformance in the New York and Miami markets within same-store sales versus what you reported since Secondly route.

因此，首先，我們將看到 10 月紐約和邁阿密市場的同店銷售額優於您自 Second 路線以來報告的銷售額。

I'm curious what you need to see before you roll up their campaign to other markets as well.

我很好奇在將他們的活動推廣到其他市場之前您需要看到什麼。

Great question.

很好的問題。

So we make it a from a strategic decision not to put any type of promotion or incentive on on that.

因此，我們從策略決策出發，不對此進行任何類型的促銷或激勵。

As you know, most adds in the marketplace in this industry have some type of drive a short-term purchase and sale where we are in our marketing lifecycle.

如您所知，該行業市場上的大多數產品都有某種類型的短期購買和銷售驅動力，而我們處於行銷生命週期。

We're still at the infancy level in terms of really defining our brand and the hearts and minds of our target customers across the country.

在真正定義我們的品牌和全國目標客戶的心靈方面，我們仍處於起步階段。

And and even in New York where you know, we have a huge amount of awareness of Shake Shack, really defining file, Shake Shack stands out is differentiated from our other competitor.

即使在紐約，你知道，我們對 Shake Shack 也有很高的認識，真正定義了文件，Shake Shack 脫穎而出，與我們的其他競爭對手有所不同。

Emitters is really key to the long-term value proposition that we're going to offer to our customers.

發射器對於我們提供給客戶的長期價值主張確實至關重要。

So as I mentioned, we we are seeing positive movement on our marketing metrics, both from an awareness consideration and and Tom 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，無論是從認知度考慮還是湯姆資產得分來看。

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

因此，從那裡的銷售來看，有許多強有力的指標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.

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，隨著我們擴大這項活動，將推動我們如何優化我們在市場上的表現。

Moving forward.

繼續前進。

Our next question is from Brian Harper with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩哈珀。

Please proceed.

請繼續。

Good morning, guys.

早安，夥計們。

The lower lead times you talked about.

你提到的交貨時間較短。

What would you kind of attribute that to you don't know, maybe it's freeing up your your stuff.

你會把它歸因於什麼你不知道，也許它釋放了你的東西。

Just was kiosks.

只是售貨亭。

Are such or anything else you'd call out that drove that?

您認為是這樣的原因還是其他原因導致了這種情況？

My sense from your comments, Rob, was a lot of stuff public kitchen process and whatnot is still to come in on.

羅布，我從你的評論中感覺到，公共廚房流程中有很多東西，諸如此類的東西還有待補充。

So do you have targets for kind of how much lead time should continue to improve and when we should expect to see them?

那麼，您是否有關於交付時間應繼續改進多少以及我們何時應該看到這些目標的目標？

Yes.

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

但我要告訴你的是，從營運的角度來看，我們重點關注凱蒂談到的三到四件事，這些事情涉及我們的勞動力利用率，並確保我們最有效地利用我們的勞動時間。

Um, you know, another big thing that we're focused on because with 300 and have some 300, 30 Shacks opening 40 to 45 Company restaurants a year here, we are leaders our restaurant leadership talent pool.

嗯，你知道，我們關注的另一件大事是因為有 300 家和大約 300 家、30 家 Shacks 每年在這裡開設 40 到 45 家公司餐廳，我們是我們餐廳領導人才庫的領導者。

And so we're spent 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，我們投入了大量資金和投資，並專注於真正建立領導者梯隊所需的培訓和發展，不僅是在總經理級別，而且在總經理級別以下。

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

我認為，從速度和服務的角度來看，處於這種領導和管理水平的公司只會讓我們受益。

And then lastly, which is really just blocking and tackling.

最後，這實際上只是阻擋和鏟斷。

But you know, there is a little bit new to our organization.

但你知道，我們的組織有一些新鮮事。

It is really staying focused on what we're going to what we're going to measure how we're going to create a performance and accountability culture around what we measure.

它實際上是專注於我們將要做什麼、我們將要衡量什麼、我們將如何圍繞我們所衡量的內容創建績效和問責文化。

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

所以，你知道，這是一種心態和一種績效文化，將滲透到整個組織中。

And I think just Jeff, that alone is really helping to drive some of the short term improvements that we're seeing and service times.

我認為傑夫，僅此一點就確實有助於推動我們所看到的一些短期改進和服務時間。

And some of the other process improvements, training and development and even longer-term kitchen flow and equipment and optimization are going to really we continue that momentum and allow us to continue to improve beyond where we are today.

其他一些流程改進、培訓和開發，甚至更長期的廚房流程和設備和優化將真正讓我們繼續這種勢頭，並使我們能夠繼續改進，超越今天的水平。

Our next question is from Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

Please proceed.

請繼續。

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

我想回到策略性產品創新，這是您所期待的動力。

And I'm sorry if you answered this, I accidentally hung up for a part of the call on the Hill back in, but about other gaps in the menu that you're looking to address three, you think Shake Shack could be more relevant.

如果你回答了這個問題，我很抱歉，我不小心掛斷了山上的部分電話，但關於你想要解決的菜單中的其他空白，你認為 Shake Shack 可能更相關。

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種情況，即步入式送貨和得來速？

Thanks.

謝謝。

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

所以我覺得我不會說我們的核心菜單有空白。

I think there are opportunities for our core menu to work for harmoniously with our LTOs, our product innovation to drive some mix benefit through through complementing of the core menu with our innovation.

我認為我們的核心菜單有機會與我們的 LTO 和諧合作，我們的產品創新可以透過我們的創新補充核心菜單來推動一些混合效益。

And that's because of 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 some to strategically make sure that we have our menu, our core menu and our LTOs optimized on the wait times.

這是因為我所說的策略性產品日曆是 QSR 如何推動競爭的核心，但我們仍然在這裡開發一些東西，以策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 針對等待時間進行了優化。

You know, I would just I would just tell you we're seeing an overall improvement.

你知道，我只是想告訴你我們正在看到整體改善。

I think we're getting going to get into each of the different channels.

我認為我們將進入各個不同的管道。

But for us for us to be able to make a big impact we have to improve our channels are across our channels, both from how we service the dine-in business, how we deliver drive through as it becomes a growing, bigger pop of our business.

但對我們來說，為了能夠產生巨大的影響，我們必須改進我們的管道，無論是我們如何為堂食業務提供服務，還是隨著它成為我們日益增長的流行趨勢，我們如何提供駕車服務。 。

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

顯然，即使是我們的第三方交付交易，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。

Our next question is from Peter Sklar with DTIG.

我們的下一個問題來自 DTIG 的 Peter Sklar。

Please proceed, sir.

請繼續，先生。

Yes, great.

是的，太好了。

Thanks and congrats on a great quarter.

感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%, substantially higher than what we were modeling.

我想問第四季 22% 的餐廳利潤率前景，遠高於我們的模型。

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

我只是想讓我們了解一下，這是否反映了你們一直致力於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？

Yes.

是的。

Thank you.

謝謝。

So yes, the 4Q guidance we have for restaurant margin expansion that you are hearing three basis points higher than and then last year and it's showing significant progress.

所以，是的，我們對餐廳利潤率擴張的第四季度指導意見比去年高了三個基點，並且顯示出重大進展。

There were no, I would just also caveat that with, you know, last year at this time, we started to see kind of higher inflationary pressures.

沒有，我也想警告一下，去年的這個時候，我們開始看到更高的通膨壓力。

So while we need to be continued inflationary pressure this year, Canada, Inc.

因此，儘管今年我們需要持續承受通膨壓力，但加拿大公司。

Elemental step up, and it's a little bit more muted.

元素加強了，它變得更加靜音了。

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。

And 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 of 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，你們專注於營收，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，真正能夠將更多的內容歸結為底線。

We're not yet a lot of puts and takes here around inflationary pressures on the and particularly with East.

我們還沒有圍繞通膨壓力（特別是東方）進行大量看跌期權和選擇權。

But we will we will let you know it do for us what that guidance will be.

但我們會讓您知道它對我們的指導意義是什麼。

Our next question is from Jake Bartlett with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Jake Bartlett。

Please proceed.

請繼續。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Linked to follow up on the restaurant level margin opportunity in Rome, my impression was that the margin expansion opportunity, which was a really big one, is a really big win for Shake Shack.

與羅馬餐廳層面利潤機會的跟進有關，我的印像是利潤擴張機會，這是一個非常大的機會，對 Shake Shack 來說是一個非常大的勝利。

And you back when the activists we're involved on a year-and-a-half ago, you'd that seemed to be their focus is well, we're talking about really significant opportunity and margin.

當我們一年半前參與的積極分子時，你會發現這似乎是他們的焦點，我們正在談論真正重要的機會和利潤。

So my question is you do you view the margin opportunity is very large is really meaningful Shake Shack on so far.

所以我的問題是，你認為到目前為止 Shake Shack 的利潤機會非常大真的有意義嗎？

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

聽起來您更加關注營收，這顯然最終會提高利潤率。

But I'm just trying to understand what your view has the opportunity with margins.

但我只是想了解您對利潤機會的看法。

And then within that, maybe what inning you are on, what you've identified?

然後在那之中，也許你在哪一局，你已經確定了什麼？

So for instance, in supply chain that you see, are you benefiting from that already?

例如，在您看到的供應鏈中，您已經從中受益了嗎？

Is there is much more to come because you just give a little more detail on the longer-term plan and conversion to margins.

是否還會有更多的事情發生，因為您只是提供了有關長期計劃和利潤率轉換的更多細節。

So, you know, as Katy said, we're not guiding for next year.

所以，你知道，正如凱蒂所說，我們不會為明年提供指導。

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

因此，我們不會具體討論利潤率成長多少以及利潤率成長潛力有多大。

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

但我會告訴你，我們專注於為我們的餐廳提供長期生產力。

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

有很多簡單的方法可以推動短期利潤成長。

Maybe we could come in and just cut the labor significantly and compromise our guest service and compromise our team member development.

也許我們可以大幅削減勞動力，並損害我們的客戶服務並損害我們團隊成員的發展。

And that's not the model.

這不是模型。

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

因此，我們的計劃不會透過做一些長期影響我們的事情來實現利潤率的大爆炸式擴張。

Our focus is 100% on driving our performance and accountability culture, driving process improvements.

我們的重點是 100% 推動我們的績效和責任文化，推動流程改善。

And, you know, training and development of our of our teams and all of those things continue to drive, you know, sustained margin enhancement.

而且，您知道，我們團隊的培訓和發展以及所有這些因素將繼續推動利潤率的持續提高。

We've seen it really, you know, for the last 0.5.

你知道，在過去的 0.5 年裡，我們確實看到了這一點。

And I think it's going to continue to improve in Q4.

我認為第四季將繼續改善。

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

我知道您談到的就是這些，我專注於營收。

As you know, we are marketing is a big part of our strategy, but there's not an hour in this building that goes by where we're not talking about restaurant productivity.

如您所知，行銷是我們策略的重要組成部分，但在這棟大樓裡，我們無時無刻不在談論餐廳的生產力。

And Stephanie, our new COO is, you know, I hardly ever see or PCs in the field so much in making sure that this this mindset and this performance culture is permeating through all the levels that need to to get down to the Shacks.

我們的新任營運長史蒂芬妮，你知道，我很少在現場看到如此多的個人電腦，以確保這種心態和這種績效文化滲透到需要深入到棚屋的所有層面。

And that's why we're seeing such great results.

這就是為什麼我們看到如此好的結果。

And then the last piece on supply chain, look, Shake Shack is what it is because of the quality of our ingredients and the Quad equity of our food.

然後是供應鏈上的最後一部分，看，Shake Shack 之所以能成為現在這樣，是因為我們的原料品質和我們食品的 Quad 權益。

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 five, you know, 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五種精緻的美食。

And so our supply chain optimizations are about efficiency and productivity.

因此，我們的供應鏈優化涉及效率和生產力。

Not about changing any of the ingredients are integrating the quality of our food.

不是改變任何成分，而是整合我們食物的品質。

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。

Our next question is from Sara Senatore with Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

Please proceed.

請繼續。

Thanks.

謝謝。

And just a couple of clarifying questions.

還有幾個需要澄清的問題。

The first is just on the U.S. to our closures.

第一個是關於我們關閉的美國市場。

You mentioned, I think you said 17 million and trailing twelves the trailing four quarter of news, but that immaterial to our operating profits.

你提到，我想你說的是 1700 萬美元，以及過去四個季度的新聞報道中的 120 萬美元，但這對我們的營業利潤無關緊要。

You just quantify what that means in terms of what it sounds like you publish a tailwind to restaurant level margins and rates just because they are below average.

您只需量化這意味著什麼，聽起來就像您僅僅因為餐廳水平的利潤率和費率低於平均水平就發布了順風車。

I couldn't I don't know how precise numbers were, but I just noticed 30 basis points selling robots.

我不能，我不知道數字有多精確，但我只是注意到銷售機器人有 30 個基點。

I just wanted to quantify that amount.

我只是想量化這個金額。

It's a question on the license business and does that store count came down a little bit, I think.

這是一個關於許可業務的問題，我認為商店數量是否有所減少。

And if you could just talk about I don't know if there's an international, some of those just the geopolitical turmoil that might be cashing out or anything it's worth noting there.

如果你能談談我不知道是否有一個國際組織，其中一些只是可能兌現的地緣政治動盪或任何值得注意的事情。

Thanks.

謝謝。

Yes, sure.

是的，當然。

So on the nine charge that we close, we disclosed that that was stacked in total, generated about $17 million in sales over the past four quarters.

因此，在我們結束的九項指控中，我們披露，在過去四個季度中，這些指控總共產生了約 1700 萬美元的銷售額。

What I would say is that we're not disclosing the actual cost impact of that, but these restaurants not only were they below company average profitability there actually loss-making when you roll it up in total.

我想說的是，我們沒有披露其實際成本影響，但這些餐廳不僅低於公司平均盈利能力，而且當你將其總計起來時，實際上還處於虧損狀態。

But it is a benefit to our restaurant profit margin line and now that they are closed.

但這對我們餐廳的利潤率線是有好處的，而且現在他們已經關門了。

Yes, on the license side, no on we've had a couple of markets where we've had some timing issues on some checks that we expected to open up in Q4 are now going to push to Q1.

是的，在許可證方面，不，我們有幾個市場，我們在一些檢查上遇到了一些時間問題，我們預計在第四季度開放，現在將推遲到第一季。

I think we've already disclosed on the last call that we are seeing there some headwinds in China and the Middle East, given the macroeconomic and geopolitical challenges in those 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，我們看到這些市場存在一些阻力。

But they're still our fastest growing international markets.

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 bigger and bigger part of our business.

因此，許可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 I'm really bullish on our license business moving forward.

因此，我非常看好我們的授權業務的發展。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德。

Please proceed.

請繼續。

Hi, good morning.

嗨，早安。

Rob, I wanted to ask about the strategic product innovation and maybe I'm being a little events here.

羅布，我想問一下戰略產品創新的問題，也許我在這裡參加了一個小活動。

But could you maybe explain exactly what you're thinking of with that strategy and maybe provide an example that brings to life?

但您能否準確解釋一下您對該策略的想法，並提供一個生動的例子？

Thank you.

謝謝。

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

是的，大衛，我可能不會談論未來的創新，嗯，但我可以給你一個例子。

I mean, right now who have black truffle Burger and the block truffle fries are representative of the kind of innovation that makes Shake Shack special and so on would also say the Korean chicken sandwiches, another one, the other things that you're just not going to get anywhere else executed with excellence.

我的意思是，現在吃黑松露漢堡和塊松露薯條的人代表了使 Shake Shack 與眾不同的創新，等等，還會說韓國雞肉三明治，另一個，其他你不知道的東西將在其他任何地方都表現出色。

And I'm challenging the team to look at all kinds of Burger and sandwich innovation, and some of that could be protein.

我要求團隊研究各種漢堡和三明治創新，其中一些可能是蛋白質。

Some of that could be flavor.

其中一些可能是味道。

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

其中一些可能是烹飪驅動的創新，也可能是副產品。

Right now.

現在。

We've got some French fries and I'm talking about innovation that kind of opened up the aperture for the for the teams to explore or what could be next.

我們有一些炸薯條，我正在談論創新，這種創新為團隊探索或下一步可能發生的事情打開了大門。

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

我已經取消了所有可能已經存在的護欄。

So I'm really excited.

所以我真的很興奮。

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

我想，你知道，食品創新產品長期以來一直是我 DNA 的一部分。

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

我們這裡有一支出色的團隊，他們的烹飪能力令人驚嘆。

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

因此，我希望在我們菜單上的所有不同平台上解鎖這一點，無論是損壞、搖晃、飲料還是副作用。

Our next question is from Andy Barish with Jefferies.

我們的下一個問題來自 Jefferies 的 Andy Barish。

Please proceed.

請繼續。

Good morning, guys.

早安，夥計們。

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

就發展而言，我認為您注意到今年幾個大型沿海市場面臨一些填充壓力。

Is there anything we should expect, you know, kind of changing our milestone as we looked out to the 25 development?

當我們展望 25 的發展時，我們應該期待什麼，你知道，會改變我們的里程碑嗎？

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

或者，你知道，你是否在這些市場中看到了某種品牌和行銷意識，如果你願意的話，有些能夠抵銷部分銷售轉移的影響？

Yes, you're going to 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 on.

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

Just kind of all the way.

就這樣一路走來。

We've changed a little bit of our strategic purview, where we definitely have a green field wide space on 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.

我們已經改變了我們的戰略權限，我們在成長市場上肯定有一個廣闊的綠地空間，我們將進入這些市場，並且仍然能夠建造很多此類大型旗艦核心棚屋和無需大量蠶食即可提供出色的性能。

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-throughs and the other formats that we're looking at that will help us facilitate that.

我認為我們的免下車服務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 that were maybe doing it a little bit of a different way.

我們正在建立已經真正滲透的市場，但可能採取了一些不同的方法。

There's still allows us to derive great restaurant margins on but in a little bit of a different way than we might have historically.

這仍然使我們能夠獲得巨大的餐廳利潤，但方式與我們歷史上可能有所不同。

Our next question is from Jim Sanderson with Northcoast Research.

我們的下一個問題來自北海岸研究公司的吉姆·桑德森。

Please proceed.

請繼續。

Thanks for the question.

謝謝你的提問。

I just wanted to go to a unit growth.

我只是想去單位成長。

I think your growth guidance for 25 implies a slight pickup in Company-operated unit growth and for which the percentage that's most relevant for the actual number of units as we're trying to imagine the total size of Shake Shack in the US going forward.

我認為你們對 25 家的成長指引意味著公司營運的單位成長略有回升，而其中的百分比與實際單位數量最相關，因為我們正在嘗試想像 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。

You know, with our 2024 class of Shacks has done really well in terms of their sales performance.

要知道，我們 2024 屆 Shacks 的銷售業績非常出色。

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

湯姆，考慮到我們已經實施的一些生產力提高，而且我們看到我們今天討論的一些事情正在取得進展，在利潤方面也做得非常好。

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

最後，關於建造成本，我們繼續改善建造成本，今年降低了 10%，並繼續利用明年及以後的機會提高生產力。

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

因此，我們非常看好回報是現金回報，我們可以從繼續建造新的棚屋、新的公司營運的棚屋中看到這一點。

And so we are going to continue to increase in 2025.

因此，我們將在 2025 年繼續增加。

And and um, you know, unless something changes dramatically, we're going to continue to double down on development and we're building the infrastructure and resources internally we're making are on SMB investments and G&A.

而且，嗯，你知道，除非發生巨大變化，否則我們將繼續加倍開發，我們正在內部建立基礎設施和資源，我們正在為中小企業投資和一般管理費用。

A lot of that is in development so that we can continue to have a real estate resources to find the sites in infrastructure and resources to get them opened up.

其中許多正在開發中，以便我們可以繼續擁有房地產資源來尋找基礎設施和資源的地點以使其開放。

And then lastly, I'll talk over.

最後，我要談談。

The last thing I'll say is, though the training and development that we talked about, the Shacks and operations as probably the most critical topics we need leaders to be able to kick in, continue to open up our new Shacks with excellent.

我要說的最後一件事是，儘管我們談到了培訓和發展，但棚屋和運營可能是我們需要領導者能夠介入的最關鍵主題，繼續以出色的方式開放我們的新棚屋。

So we're definitely focused on that as well.

所以我們也絕對關注這一點。

Our next question is from Daniel.

我們的下一個問題來自丹尼爾。

I'll quickly on though with Capital one Securities.

我將很快介紹第一資本證券。

Please proceed.

請繼續。

Hello, everyone.

大家好。

Thank you for taking my question.

謝謝你回答我的問題。

So I'll have a pretty good advantage on consumer trends in the US and I know you you also have a pretty robust internal modeling process for there.

因此，我將在美國的消費者趨勢方面擁有相當大的優勢，而且我知道您在那裡也有一個非常強大的內部建模流程。

Any regions or states that came in stronger than you all are expecting or modeling?

有哪些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？

Thank you.

謝謝。

Yes, the exam.

是的，考試。

So we are number of areas where we had double digit comp growth.

因此，我們有許多領域的複合成長率達到兩位數。

That includes parts of Florida and the Southwest and Southeast.

其中包括佛羅裡達州的部分地區以及西南部和東南部。

And I would say of all, we were really pleased with the trends that we saw sequentially every region we have either how the same, but most of them increased sequentially.

我想說的是，我們對每個地區連續看到的趨勢感到非常滿意，無論是多麼相同，但大多數都是連續成長的。

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

然後，以收入群體來看，我們的高收入、低收入和中等收入也持續改善。

So let's say, across the board to really strong quarter, really testament to the success that our teams are having a driving sales through marketing initiatives and the work that our teams are doing on operations and to help you better our gas than just to build on KT's comment on income cohort, the one thing I will share that our data shows that we're one of the few brands, despite you know, the pricing was to we've taken over the last year, one of the few brands to actually improve our value equation over the last year.

因此，可以說，全面強勁的季度，真正證明了我們的團隊透過行銷活動和我們的團隊在營運方面所做的工作來推動銷售的成功，並幫助您改善我們的天然氣，而不僅僅是建立在基礎上KT 對收入群體的評論，我要分享的一件事是，我們的數據顯示我們是少數幾個品牌之一，儘管你知道，定價是我們在去年採取的，是少數幾個品牌之一改善我們去年的價值方程式。

So it does feel like all the initiatives that the team have put in place around service and speed, coupled with the grades that we continue to deliver is driving a stronger value perception, which is allowing us to continue to grow both 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成績，正在推動更強大的價值認知，這使我們能夠繼續在頂部和底部增長收入群體。

Our next question is from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Please proceed.

請繼續。

Great.

偉大的。

Thank you very much.

非常感謝。

Actually just to follow up the first one, could you know, a lot of people have been asking about the restaurant margin and the opportunity?

其實只是為了跟進第一個，你知道嗎，很多人一直在詢問餐廳的利潤和機會？

I know you're not guiding for.

我知道你不是來指導的。

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 up relative to the opportunity in the middle.

我只是想知道，作為替代方案，您是否可以在您今天看到的整個系統中提供一系列性能，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中間的機會。

one is just Rob, you mentioned you just mentioned the income cohorts and kind of value.

一個是羅布，您提到您剛剛提到了收入群體和價值類型。

Just wondering with the lower and quick service category doing much more aggressive discounting and seeing and seeing improving trends.

只是想知道較低和快速的服務類別是否會進行更積極的折扣，並看到不斷改善的趨勢。

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

我只是想知道你如何看待競爭，因為你可能會捆綁只是為了傳達價值，大概不是大幅折扣價格，而只是更以價值為導向的消息傳遞。

Thank you.

謝謝。

And so on our restaurant margin line, we've been pretty consistently sharing over the past year.

因此，在我們的餐廳利潤線方面，我們在過去的一年裡一直在分享。

Year-and-a-half to two years is that we've been working on in order to grow our E&P, the more efficient in our restaurants.

我們花了一年半到兩年的時間來發展我們的勘探與生產，提高我們餐廳的效率。

So here on cost of goods sold and 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.

因此，在銷售商品成本方面，儘管持續的通膨壓力，我們一直致力於尋找更多提供價值的方法，無論是增加更多供應商還是優化我們的貨運。

And certainly getting denser and market allows us to have benefits of scale as well.

當然，變得更加密集和市場也讓我們能夠獲得規模效益。

That will we will continue on that line of work and for sure.

我們肯定會繼續這項工作。

And as we open up more restaurants and get denser and developed markets will be able to have more cost saves, the opportunity is on that side as well.

隨著我們開設更多的餐廳並變得更加密集和發達的市場將能夠節省更多的成本，機會也在這方面。

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

就勞動力方面而言，過去幾季我們在這方面也取得了實質進展。

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

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 you know us certainly with Stephanie, our new COO in place, a theory in the weeds, working with all of our team members here across asset, identifying additional opportunities.

然後，您肯定會認識我們，史蒂芬妮是我們的新任營運官，她是一個草根理論，與我們跨資產的所有團隊成員合作，尋找更多機會。

And we'll share those that with you when at the right time.

我們將在適當的時候與您分享這些內容。

But I am very confident in the work that is being done today and 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，並幫助我們繼續提高餐廳的獲利能力。

The overarching unknowns out there will be around inflationary pressures broadly and specifically, we could call out east and then also, you know, just top line with macro uncertainties.

整體上的未知數將廣泛而具體地圍繞通膨壓力，我們可以提到東方，然後，你知道，宏觀不確定性也是最重要的。

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。

Yes.

是的。

And just to close the loop on the QSR value dynamic right now, you know, we obviously don't have national advertising, so we're not out there promoting CAD5 bundles or $10 bundles, but we are delivering targeted digital ads and promotions.

為了關閉 QSR 價值動態的循環，您知道，我們顯然沒有全國性廣告，因此我們不會推廣 5 CAD 捆綁包或 10 美元捆綁包，但我們正在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 we're focused is improving the experience, improving the numerator, like improving the quality of food that we deliver, the faster it is the harder 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，就像提高我們提供的食物的品質一樣，速度越快，客戶服務就越好，客戶體驗就越好。

So we're really focused on that numerator, but we are delivering surgical targeted digital promos that do address some of the price no 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，這些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問題。

Our final question is from Russell Stanley with JPMorgan.

我們的最後一個問題來自摩根大通的拉塞爾·史丹利。

Please proceed.

請繼續。

Good morning.

早安.

Does have a question on the follow-up of can we discuss on how you think about the new stores opening in the existing delivery trade areas and New York City will start to have an issue before on the delivery sales plans for?

後續有問題可以討論一下您對於在現有的配送貿易區開新店以及紐約市之前會開始有問題的配送銷售計劃有什麼看法嗎？

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

隨著時間的推移，隨著您接近這個管道，此後的房地產策略和商店關閉是否會發生任何變化？

Yes, I would just say that we continue to get even smarter about how we opened 10 new Shacks in markets where we currently have penetration to minimize cannibalization and optimize operational efficiencies.

是的，我只想說，我們會繼續更明智地在目前已滲透的市場中開設 10 個新 Shack，以最大程度地減少同類競爭並優化營運效率。

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 gain 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 our in these markets to a larger degree isn't a negative.

因此，更大程度地滲透到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。