Shake Shack Inc (SHAK) 2024 Q4 法說會逐字稿

Greetings. Welcome to Shake Shack's fourth-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Shake Shack 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Michael Oriolo, Vice President of FP&A and Investor Relations. Thank you. You may begin.

現在我很高興介紹 FP&A 和投資者關係副總裁 Michael Oriolo。謝謝。你可以開始了。

Thank you and good morning everyone. Joining me for Shake Shack's conference call is our CEO, Rob Lynch; and CFO, Katie Fogertey. During today's call, we will discuss non-GAAP financial measures which we believe can be useful in evaluating our performance.

謝謝大家，早安。與我一起參加 Shake Shack 電話會議的還有我們的執行長 Rob Lynch；和財務長凱蒂·福格泰（Katie Fogertey）。在今天的電話會議中，我們將討論我們認為有助於評估我們績效的非公認會計準則財務指標。

The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release in the financial details section of our shareholder letter.

這些補充資訊的呈現不應被孤立地看待，也不應將其視為根據 GAAP 編制的結果的替代品。我們的股東信中的財務細節部分的收益報告中提供了與可比較 GAAP 指標的對帳表。

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, and the company's other filings as filed with the SEC.

今天的某些聲明可能是前瞻性的，實際結果可能由於多種風險和不確定因素而存在重大差異，包括我們於 2024 年 2 月 29 日提交的 10-K 表年度報告以及公司向美國證券交易委員會提交的其他文件中所討論的風險和不確定因素。

Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements if our views change. By now you should have access to our fourth-quarter 2024 shareholder letter, which can be found at investor.shakeshack.com. In the quarterly results section or as an exhibit to our AK for the quarter. I will now turn the call over to Rob.

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。現在，您應該可以訪問我們的 2024 年第四季股東信，可以在 investor.shakeshack.com 上找到。在季度業績部分或作為本季 AK 的展覽。現在我將電話轉給 Rob。

Thank you, Mike, and good morning, everyone. I want to congratulate our teams on an exceptional 2024. We finished the year strong with fourth quarter revenue of 14.8%, driven by 4.3% Shake Shack sales. Restaurant level margins expanded nearly 300 basis points to 22.7% and adjusted EBITDA grew almost 50%.

謝謝你，麥克，大家早安。我要祝賀我們的團隊在 2024 年取得了非凡的成績。我們以 14.8% 的第四季營收強勁結束了這一年度，這得益於 Shake Shack 4.3% 的銷售額。餐廳利潤率擴大近 300 個基點，達到 22.7%，調整後 EBITDA 成長近 50%。

As we enter 2025, we have reached numerous milestones and achievements worth celebrating. 2024 marked the 20th anniversary since Danny and Randy opened the first Shake Shack originating from a hotdog cart in New York's Madison Square Park. In January, we celebrated the 10th anniversary of our IPO. At the time of our IPO, we had only 31 company operated Shacks, but the team dreamed of expanding 1 day to 450 shacks.

進入2025年，我們已經達到了許多值得慶祝的里程碑和成就。 2024 年是丹尼和蘭迪在紐約麥迪遜廣場公園以熱狗車為起點開設第一家 Shake Shack 的 20 週年。今年一月，我們慶祝了公司上市十週年。在我們首次公開募股時，我們只有 31 家公司經營的棚屋，但團隊夢想著有一天擴展到 450 家棚屋。

With 329 company operated Shacks today, we're now setting our sites much higher, targeting at least 1,500 company operated Shacks across the US, more than 4 times our current size.

如今，我們已擁有 329 家公司經營的 Shacks，現在我們將目標設定得更高，目標是在全美範圍內擁有至少 1,500 家公司經營的 Shacks，是我們當前規模的 4 倍多。

Shake Shack is doubling down on our mission to deliver the best fine casual experience to our guests, team members, and communities, fostering pride within our company genering strong financial returns for our employees and shareholders.

Shake Shack 正加倍努力地履行我們的使命，為我們的客人、團隊成員和社區提供最優質的休閒體驗，培養公司自豪感，為我們的員工和股東創造豐厚的財務回報。

To that end, we have established three year financial targets. Low-teens total revenue growth, low-teens unit growth, at least approximately 22% restaurant level margins, and EBITDA growth in the low to mid-teens outpacing top line growth. These targets reflect our strong financial performance to date and our confidence in our strategy, which we believe could lead to results exceeding these projections.

為此，我們設定了三年財務目標。總營收成長率低至十幾歲，單位成長率低至十幾歲，餐廳層級利潤率至少約 22%，EBITDA 成長率低至十幾歲到中十幾歲，超過營業額成長率。這些目標反映了我們迄今為止強勁的財務表現以及我們對策略的信心，我們相信這些策略可以帶來超越這些預測的業績。

We've talked a lot about the designation of fine casual in the past. Today, I want to reinforce the importance of and clearly define what fine casual means, because it is who we are and why Shake Shack is different.

我們過去已經多次討論過精緻休閒裝的定義。今天，我想強調精緻休閒的重要性並明確定義它的意義，因為這就是我們的本質，也是 Shake Shack 與眾不同之處。

Most of you know, our brand was founded by an acclaimed fine dining company, Union Square Hospitality Group, and we aspire every day to deliver the same quality of ingredients and hospitality that you would expect from the best fine dining restaurants.

大多數人都知道，我們的品牌是由著名的高級餐飲公司 Union Square Hospitality Group 創立的，我們每天都致力於提供與最好的高級餐廳一樣優質的食材和服務。

As you also know, Shake Shack was born in a public park, which meant that we brought this elevated food to all, making our food and hospitality accessible to everyone in the Madison Square Park in New York City community. That's really what Shake Shack is all about, delivering the highest quality food and hospitality to communities around the world, and in doing so, improving the world in which we live, work and play.

如你所知，Shake Shack 誕生於公共公園，這意味著我們將這種高級美食帶給了所有人，讓紐約市麥迪遜廣場公園社區的每個人都能享受到我們的美食和熱情好客。這就是 Shake Shack 的宗旨：為世界各地的社區提供最高品質的食物和服務，並藉此改善我們生活、工作和娛樂的世界。

We've made significant strides towards this mission in my first eight months, but the real potential lies ahead as we execute our 2025 strategic priorities. I'll now outline these six priorities highlighting both our accomplishments to date and our plans for the future.

在我任職的頭八個月裡，我們在這項使命上取得了重大進展，但真正的潛力仍在我們執行 2025 年策略重點的過程中。我現在將概述這六個優先事項，強調我們迄今為止所取得的成就和未來的計劃。

Our first strategic priority is to build a culture of leaders. Everything we do starts with our people. They are the driving force behind our enlightened hospitality model and commensurately our results. We need to ensure that we have hundreds of leaders in waiting to support our growth. As a largely company operated system, we determined the success of our new Shacks by our readiness to open and operate them at scale.

我們的首要策略重點是建立領導文化。我們所做的一切都始於我們的員工。他們是我們開明的飯店服務模式以及我們所取得的成果的驅動力。我們需要確保有數百名領導者來支持我們的成長。作為一個主要由公司運營的系統，我們根據新 Shacks 的大規模開放和營運準備來確定其成功與否。

We are building a training and development program that will identify, prepare, and place our best candidates into leadership positions throughout our company. A company that is growing as fast as we aspire to grow is an amazing place for future leaders to build their careers and achieve their full potential.

我們正在建立一個培訓和發展計劃，以識別、培養並將最佳候選人安排到整個公司的領導職位。一家按照我們的期望快速發展的公司，對於未來的領導者來說，是一個發展職業生涯、充分發揮潛力的絕佳場所。

We are building an infrastructure that will support that moving forward versus having to hire externally. We aspire to increase the number of internal promotions by 10% in 2025, and we'll continue to increase internal promotions sequentially moving forward. Two programs that we have implemented to help us accomplish this goal are shift up and lead to succeed.

我們正在建立一個基礎設施來支持這一進程，而不必從外部聘用員工。我們希望在 2025 年將內部晉升的數量增加 10%，並且我們將繼續逐步增加內部晉升。為幫助我們實現這一目標，我們實施了兩個計劃，即「向上轉變」和「引領成功」。

Shift up nominates high performing hourly team members for an 18-week intensive development program designed to provide the tools and business acumen needed to run a $4 million AUV shack. In 2024, we retained 100% of the graduates from the program, with nearly one-third of participants being promoted to manager roles, and we expect this number to grow in 2025.

Shift up 提名表現出色的小時工團隊成員參加為期 18 週的密集發展計劃，旨在提供營運價值 400 萬美元的 AUV 小屋所需的工具和商業敏銳度。2024 年，我們保留了 100% 的計畫畢業生，其中近三分之一的參與者晉升為經理職位，我們預計這一數字在 2025 年將會成長。

The need to promote from within is vital to our growth due to our unique group model rooted in fine dining where everything is created fresh to order. As a result, this requires a different type of manager versus traditional QSR and promoting from within helps ensure that we are opening our new restaurants with excellence.

由於我們獨特的團體模式植根於精緻餐飲，所有食物都是根據訂單新鮮製作的，因此內部晉升的需求對於我們的成長至關重要。因此，與傳統的 QSR 相比，這需要不同類型的經理，並且從內部提拔有助於確保我們以卓越的方式開設新餐廳。

Our lead to Succeed program teaches our newly promoted managers in our support centers the crucial skills needed to transition from an individual contributor to leading others. This investment in our teams has been integral in achieving our best retention levels on record in 2024. Our second strategic priority is to optimize restaurant operations.

我們的「引領成功」計畫向我們的支援中心新晉升的經理傳授從個人貢獻者轉變為領導者所需的關鍵技能。對我們團隊的投資對於我們在 2024 年實現有史以來最好的保留率水準至關重要。我們的第二個策略重點是優化餐廳營運。

In 2024, we began testing a standard scorecard as a way to measure performance across all of our Shacks. This management tool focuses on improving across our KPIs of people, which includes metrics such as staffing and retention, performance, which includes metrics such as speed of service and profit.

2024 年，我們開始測試標準記分卡，以衡量所有 Shacks 的績效。此管理工具專注於提高我們的人員關鍵績效指標（包括人員配備和保留等指標）和績效（包括服務速度和利潤等指標）。

We officially rolled out the scorecard in January and are excited to see improvements across these three focus areas. We delivered an exceptional year across our operational and guest metrics while expanding restaurant level margins by 150 basis points to 21.4%. We introduced speed of service as a key KPI for our operators in 2024, and saw immediate improvement. Average wait times drop by approximately one minute year over year.

我們在一月正式推出了記分卡，並很高興看到這三個重點領域的進步。今年，我們在營運和賓客指標方面均取得了卓越的成績，同時餐廳層面的利潤率提高了 150 個基點，達到 21.4%。我們在 2024 年將服務速度作為營運商的關鍵 KPI，並立即取得了進展。平均等待時間年減約一分鐘。

Order accuracy also reached the best levels on record in 2024. On labor, we drove productivity through improved hourly and manager scheduling with enhanced reporting that leverages real-time data and analytics.

2024年的訂單準確率也達到了有紀錄以來的最佳水準。在勞動力方面，我們透過改善小時工和經理排班以及利用即時數據和分析的增強報告來提高生產力。

At the same time, we pilot a new activity versus sales-based labor model that uses time motion studies to optimize staffing and deployment schedules across various formats, menu mixes, sales channels, and other key variables. The model was fully rolled out during 4Q 2024, and drove approximately 80 basis points of leverage in the fourth quarter. Of course, the key metric for labor is talent, and our sourcing, training, and retention continue to improve.

同時，我們試行了一種新的基於活動與銷售的勞動力模型，該模型使用時間運動研究來優化各種格式、菜單組合、銷售管道和其他關鍵變數的人員配備和部署計劃。該模型於 2024 年第四季全面推出，並在第四季度推動了約 80 個基點的槓桿率。當然，勞動力的關鍵指標是人才，我們的採購、培訓和保留都在持續改善。

All of these work streams will have both short and long term positive impacts on the operations of our Shacks. So what is next?

所有這些工作流程都會對我們的 Shacks 的營運產生短期和長期的正面影響。那麼接下來是什麼呢？

This fiscal year we will be standing up a kitchen innovation lab in close proximity to our brand new Atlanta Support Center, which will provide a launchpad for innovation largely focused on delivering improved service times and convenience for our guests.

本財年，我們將在靠近我們全新的亞特蘭大支援中心的地方建立一個廚房創新實驗室，它將為創新提供一個啟動平台，主要致力於為我們的客人提供更好的服務時間和便利性。

This two will provide both short term and long term benefits. In the short term, it will allow our teams to test process optimizations, including new equipment, and allow us to learn, refine and test again, dramatically accelerating a process that historically took a lot longer. This approach will provide insights in 2025 that we can implement into 2026 and beyond with improved speed, ultimately leading to higher frequency.

這兩者將帶來短期和長期利益。短期內，它將允許我們的團隊測試流程優化，包括新設備，並允許我們再次學習、改進和測試，從而大大加快歷史上花費更長時間的流程。這種方法將在 2025 年提供見解，我們能夠以更快的速度將其實施到 2026 年及以後，最終實現更高的頻率。

We also see longer-term benefits through new kitchen design tests, which allow faster rollout of new formats and ensure strong cash-on-cash returns.

我們還透過新的廚房設計測試看到了長期利益，這使得新格式能夠更快地推出，並確保強勁的現金回報。

Lastly, on drive-through, we continue to develop and test the new menu strategy with the objective of decreasing order time and increasing accuracy. We are committed to launching our new drive-through optimizations this year.

最後，在免下車取餐方面，我們繼續開發和測試新的菜單策略，目的是減少訂購時間並提高準確性。我們致力於今年推出新的免下車優化服務。

Optimizing our operations also applies to our supply chain. We leveraged our scale across the supply chain onboarding new suppliers and implementing other strategic initiatives. For instance, introducing competitive suppliers drove savings in paper and packaging in 2024.

優化我們的營運也適用於我們的供應鏈。我們利用我們的規模在整個供應鏈中引入新的供應商並實施其他策略措施。例如，引入有競爭力的供應商將在 2024 年節省紙張和包裝成本。

Across our supply chain strategies, we offset nearly 30 basis points of inflationary pressures. We anticipate even greater savings in 2025, and beyond. Our third strategic priority is driving comp sales by increasing guest frequency.

透過我們的供應鏈策略，我們抵銷了近30個基點的通膨壓力。我們預計 2025 年及以後的節省幅度將更大。我們的第三個策略重點是透過增加客人頻率來推動銷售額。

In 2024, we drove strong same-Shack sales of 3.6% in nearly flat traffic despite significant macro industry headwinds. We accomplished this through our sales driving initiatives and invested more in marketing and advertising to drive awareness.

2024 年，儘管宏觀產業面臨巨大阻力，但我們在客流量基本持平的情況下，同店銷售額仍強勁成長 3.6%。我們透過銷售推動計畫實現了這一目標，並在行銷和廣告方面投入了更多資金來提升知名度。

Through campaigns like our Chicken Sundays, which we ran in April and again in the fourth quarter, we drove strong incremental Shacks and saw chicken awareness improve 5% year over year in the fourth quarter.

透過我們在四月和第四季開展的「雞肉星期日」等活動，我們推動了 Shacks 的強勁成長，並看到第四季度雞肉知名度同比提升了 5%。

Worth It brand campaigns in New York and Miami, highlighting our very own Shack Burger and Chicken Shack products and ingredients in our creative. The campaign effectively improved awareness and brand familiarity. Third, we drove sales through culinary innovation with LTOs such as Summer BBQ and Korean BBQ, along with the return of our revamped Black Truffle menu.

Worth It 在紐約和邁阿密開展品牌活動，在創意中突出我們自己的 Shack Burger 和 Chicken Shack 產品和原料。該活動有效地提高了品牌知名度和熟悉度。第三，我們透過烹飪創新來推動銷售，推出了夏季燒烤和韓式燒烤等長期促銷活動，以及重新推出新版黑松露菜單。

The 2024 edition of Black Truffle is outperforming our Truffle Menus from both 2021 and 2023. Shake Shack's DNA is built on culinary innovation and doing what a traditional QSR cannot and will not do. Looking ahead, we are excited to drive guest frequency and overall check through menu innovation.

2024 年版的黑松露表現優於我們 2021 年和 2023 年的松露菜單。Shake Shack 的 DNA 建立在烹飪創新和做傳統 QSR 不能做也不會做的事情之上。展望未來，我們很高興透過菜單創新來提高客人頻率和整體消費。

In 2025, you will see us increase product tests to drive incremental visits and mix as well as invest in guest recognition, which will allow us to extend even more hospitality by connecting our app and web known guests with an in-Shack experience with the kiosk.

到 2025 年，您將看到我們增加產品測試以推動增量訪問和組合，並投資於客人識別，這將使我們能夠透過將我們的應用程式和網路已知客人與自助服務終端的 Shack 體驗相連接，提供更多的款待。

We expect this to be a huge unlock for Shake Shack, and allows us to connect the dots to provide targeted offers to our guests and give that really important incremental driver for frequency over time.

我們期望這將為 Shake Shack 帶來巨大的變革，讓我們能夠將各個環節連接起來，為顧客提供有針對性的服務，並為顧客提供真正重要的、隨著時間的推移增加消費頻率的增量驅動力。

Into 2026, we expect to continue to refine and test our new creative against our new media mix model. This will help us make more strategic decisions on what channels we disproportionately invest in going forward, which we expect to positively impact 2026, and beyond.

到 2026 年，我們預計將根據新媒體組合模型繼續改進和測試我們的新創意。這將有助於我們做出更具策略性的決策，確定未來在哪些管道上進行重點投資，我們預計這將對 2026 年及以後產生正面影響。

Our fourth strategic priority is to build and operate our shacks with best in class returns. As I mentioned earlier, our mission is to bring the world's best fine casual experience to as many guests, team members, and communities as possible.

我們的第四個策略重點是建造和營運我們的棚屋，並獲得一流的回報。正如我之前提到的，我們的使命是為盡可能多的客人、團隊成員和社區帶來世界上最好的精緻休閒體驗。

In 2024, we opened 43 company operated Shacks, the highest number that we've ever opened in a single year. We reduced net build costs in 2024 to $2.4 million, and in 2025 have committed to further improving net build costs to approximately $2.2 million.

2024 年，我們開設了 43 家公司經營的 Shacks，這是我們單年開設數量最多的一年。我們將 2024 年的淨建設成本降低至 240 萬美元，並承諾在 2025 年將淨建設成本進一步改善至約 220 萬美元。

Last year, we began leveraging our scale to achieve greater purchasing efficiencies and we brought our design teams in-house. This year, we plan to condense build timelines by nearly two months, with increased consistency and lower cost.

去年，我們開始利用我們的規模來實現更高的採購效率，並將我們的設計團隊引入公司內部。今年，我們計劃將建置時間縮短近兩個月，同時提高一致性並降低成本。

We also plan to build our new prototype drive-throughs which are designed to improve speed, accuracy, and reduce costs to maintain. I remain highly confident in driving strong cash-on-cash returns as we increase restaurant level margins and bring down build costs. Recent classes are tracking well compared to our long-term targets of at least 30% to 33%.

我們還計劃建造新的原型免下車服務，旨在提高速度、準確性並降低維護成本。隨著我們提高餐廳利潤率並降低建設成本，我仍然對實現強勁的現金回報充滿信心。與我們的長期目標（至少 30% 到 33%）相比，最近的課程進展順利。

Our fifth strategic priority is to accelerate our license business. In 2024, we expanded into three new markets Canada, Israel, and Malaysia and grew our license footprint to 250 Shacks across 20 different countries.

我們的第五個策略重點是加速我們的授權業務。2024 年，我們擴展到加拿大、以色列和馬來西亞三個新市場，並將我們的許可範圍擴大到 20 個不同國家的 250 個 Shacks。

We opened 33 new license Shacks in 2024 and expect to accelerate the number of openings in 2025, to 35 to 40. In the fourth quarter, we also launched our partnership with Delta and began serving Shake Shack 35,000 feet in the air.

我們在 2024 年開設了 33 家新特許經營店，預計到 2025 年開設店數將增加到 35 至 40 家。第四季度，我們還與達美航空建立了合作夥伴關係，並開始在 35,000 英尺的高空為 Shake Shack 提供餐飲服務。

Today, we offer meals through preselection via Delta's First Class Menu on all qualifying domestic flights originating from Boston Logan Airport, with plans to expand our reach to additional airports in the near future.

如今，我們透過達美航空頭等艙菜單的預選為從波士頓洛根機場出發的所有符合條件的國內航班提供餐食，併計劃在不久的將來將服務範圍拓展到更多機場。

This is a great example of the power of the Shake Shack brand, which we increasingly look to leverage in the future. We will also be building the foundation for accelerated growth going forward by focusing on targeted culinary innovation, and diversifying formats in our licensed markets around the world.

這是 Shake Shack 品牌力量的絕佳體現，我們希望在未來能夠進一步發揮其影響力。我們還將透過專注於有針對性的烹飪創新和在世界各地的授權市場中實現業態多樣化，為未來的加速成長奠定基礎。

For example, to address local tastes and a GAAP in our menu, we recently launched the first ever Fish Sandwich LTO in Hong Kong, which has been well received with a lot of excitement from our guests.

例如，為了滿足當地口味和菜單中的 GAAP，我們最近在香港推出了第一個魚肉三明治 LTO，受到了客人的熱烈歡迎和極大興奮。

Lastly, our sixth strategic priority is to invest in long-term strategic capabilities. This year, we're investing across the business to ensure we have the right people and capabilities to achieve continued profitable growth and accelerate our business as we work towards our bright long-term potential of at least 1,500 companies-operated Shacks.

最後，我們的第六個策略重點是投資長期戰略能力。今年，我們將對整個業務進行投資，以確保我們擁有合適的人才和能力，以實現持續的盈利增長，並加速我們的業務發展，同時努力實現至少 1,500 家公司運營的 Shacks 的光明長期潛力。

In January, we set up a new transformation office to drive cross-functional collaboration and execution on the projects that are most critical to the company. We're also making investments in our tech platform to build out guest recognition and investing in a new kitchen innovation lab.

今年一月，我們成立了新的轉型辦公室，以推動對公司最為關鍵的專案的跨職能協作和執行。我們也對我們的技術平台進行了投資，以提升客人認知度，並投資了一個新的廚房創新實驗室。

We're making these investments while still committing to growing adjusted EBITDA at a faster rate than total revenue and see potential upside based on execution of these strategic priorities.

我們在進行這些投資的同時，仍致力於使調整後的 EBITDA 以高於總收入的速度成長，並在執行這些策略重點的基礎上看到潛在的上升空間。

As you can see, there's a lot going on at Shake Shack. We're very focused on becoming more productive so that as we increase our investments to drive same-shack sales and sales from new shack openings, we become even more profitable, which then allows us to continue to invest in our growth moving forward.

如你所見，Shake Shack 裡有很多活動。我們非常注重提高生產力，這樣隨著我們增加投資以推動同一棚屋的銷售和新棚屋開業的銷售，我們的盈利能力將進一步增強，這使我們能夠繼續投資於未來的增長。

With that, I'll turn the call over to Katie to recap more on 2024, and provide more detail on our outlook for first quarter and fiscal-year 2025.

接下來，我將把電話交給凱蒂，讓她對 2024 年的情況進行更多回顧，並詳細介紹我們對 2025 年第一季和財年的展望。

Thanks, Rob, and good morning everyone. We ended the year on a high note and are on a solid path to 2025, with continued success from our marketing and operational strategies, including faster speed of service and enhanced labor management, driving strong solid sales and record flow through.

謝謝，羅布，大家早安。我們以高調結束了這一年，並正穩步邁向 2025 年，我們的行銷和營運策略將繼續取得成功，包括更快的服務速度和加強的勞動力管理，從而推動強勁穩健的銷售和創紀錄的流量。

Over the past 14 quarters, we have consistently proven our ability to grow our sales and adjust to EBITDA while also making investments in our business to build a strong foundation for the future. This quarter also marks our 10th consecutive quarter that we've expanded our restaurant level profit margins year over year and our 16th consecutive quarter that we've generated positive same-Shack sales.

在過去的 14 個季度中，我們不斷證明我們有能力增加銷售額並調整 EBITDA，同時也對我們的業務進行投資，為未來奠定堅實的基礎。本季也是我們連續第 10 季實現餐廳層級利潤率較去年同期擴大，連續第 16 季實現同店銷售額正成長。

Our guidance for this year and the next three years underscores our confidence in maintaining this trajectory of success.

我們對今年和未來三年的指導強調了我們對保持這一成功軌蹟的信心。

In 2024, we expanded our restaurant level profit margins by 150 basis points to 21.4%. We grew restaurant level profit by 24% year over year to set a new record of $257.9 million, and we drove 33% year-over-year growth and adjusted EBITDA, reaching a record $175.6 million. We opened 43 company operated Shacks in the year, marking our largest class on record, and we expect to open even more Shacks in 2025.

2024年，我們將餐廳層級的利潤率擴大150個基點，達到21.4%。我們的餐廳層級利潤年增 24%，創下 2.579 億美元的新紀錄，我們的調整後 EBITDA 年成長 33%，達到創紀錄的 1.756 億美元。我們今年開設了 43 家公司直營 Shacks，創下了有史以來開設 Shacks 數量的新高，我們預計 2025 年將開設更多 Shacks。

We are really proud of the results from our fourth quarter that highlight the broad-based strength in our business. Fourth quarter total revenue was $328.7 million, up 15% year over year, supported by the opening of 19 new company operated Shacks and nine new license Shacks, leading to a 13% year-over-year growth in system-wide sales. Our licensing revenue reached $12.1 million in the fourth quarter, with licensing sales at $184.1 million, up 11% year over year.

我們對第四季的業績感到非常自豪，這凸顯了我們業務的全面實力。第四季總營收為 3.287 億美元，年增 15%，得益於 19 家新公司經營的 Shacks 和 9 家新授權的 Shacks 的開業，帶動全系統銷售額同比增長 13%。我們的授權收入在第四季度達到了 1,210 萬美元，授權銷售額為 1.841 億美元，年增 11%。

Shack sales in the fourth quarter were $316.6 million, growing approximately 15% year over year, supported by a strong new Shack openings and 4.3% year-over-year growth in same-Shack sales, with traffic down slightly impacted by infill and weather and price mix of 4.8%. Our intact pricing was up approximately 4.5%, and our total price inclusive of additional price to address delivery cost headwinds was up approximately 6%.

第四季度，Shack 銷售額為 3.166 億美元，比去年同期增長約 15%，這得益於新 Shack 開業強勁以及同店銷售額同比增長 4.3%，客流量因填充和天氣以及價格組合而略有下降，降幅為 4.8%。我們的完整定價上漲了約 4.5%，而包括解決運輸成本阻力所需的額外價格在內的總價格上漲了約 6%。

We generated 79,000 in average weekly sales, up 4% from 76,000 in the third quarter, and also up 4% from 76,000 in the fourth quarter of 2023. Our trends first quarter to date have been choppy, and this is largely due to the headwinds from the significant weather pressures and the impacts from the tragic Los Angeles wildfires.

我們每周平均銷量為 79,000 輛，較第三季的 76,000 輛增長 4%，也較 2023 年第四季的 76,000 輛增長 4%。第一季迄今的趨勢一直不穩定，這主要是由於嚴重的天氣壓力和洛杉磯野火悲劇的影響所造成的。

In January, we faced approximately 150 to 200 basis points of same-Shack sales pressures from the weather and the fires, yet we still grew same-Shack sales by 3.7% in the month, showing the strength in our underlying business.

1 月份，由於天氣和火災，我們的同店銷售額面臨約 150 到 200 個基點的壓力，但當月我們的同店銷售額仍然增長了 3.7%，顯示出我們基礎業務的強勁實力。

Los Angeles is a very important market for Shake Shack. In fact, we opened our first Shack in California in 2016 in West Hollywood, and we've been serving the Los Angeles community ever since. We are immensely proud of our amazing leaders and teams there as we have now grown to 27 Shacks in the area.

洛杉磯對於 Shake Shack 來說是一個非常重要的市場。事實上，我們於 2016 年在加州西好萊塢開設了第一家 Shack，從那時起我們就一直為洛杉磯社區提供服務。我們為那裡出色的領導者和團隊感到無比自豪，因為我們現在在該地區已經發展到 27 個小屋。

Our motto at Shake Shack is to stand for something good, and that doesn't just apply to our commitment to using the best ingredients in our food. It's also about how we show it for our teams and our communities. We're really grateful that all of our Los Angeles area leaders and team members were safe and accounted for during the fires.

Shake Shack 的座右銘是代表美好，這不僅適用於我們致力於在食物中使用最好的食材。這也與我們如何向我們的團隊和社區展示這一點有關。我們非常感激，我們所有洛杉磯地區領導和團隊成員在火災期間都很安全。

They were so quick to stand up to support our community and our first responders. Across the country, our team members and support staff also stood up to financially assist those directly impacted from the fires through meaningful donations and company matches to our special employee fund.

他們迅速站出來支持我們的社區和我們的急救人員。在全國各地，我們的團隊成員和支援人員也挺身而出，透過有意義的捐贈和公司與我們的特殊員工基金相匹配，為那些直接受到火災影響的人們提供經濟援助。

We expect a degree of residual impact from the fires to persist for a while, and the weather has been highly uncertain quarter to date. However, we believe our broad-based operations, marketing, and culinary strategic focus will continue to drive improve guest experience and sales, and this will help us navigate these temporary impacts.

我們預計火災的殘留影響還會持續一段時間，而且本季迄今的天氣狀況也非常不確定。然而，我們相信，我們廣泛的營運、行銷和烹飪策略重點將繼續推動改善客人體驗和銷售，這將有助於我們應對這些暫時的影響。

Fourth quarter restaurant level profit was $71.9 million, or 22.7% of Shack sales, 290 basis points higher than last year, as we showed strong execution across our operational improvement strategies, including labor management and optimizing our supply chain.

第四季餐廳級利潤為 7,190 萬美元，佔 Shack 銷售額的 22.7%，比去年高出 290 個基點，因為我們在營運改善策略（包括勞動力管理和優化供應鏈）方面表現出色。

In the fourth quarter, food and paper costs were $88.6 million, or 28% of Shack's sales, down 20 basis points quarter over quarter and down 110 basis points year over year. Blended food and paper inflation was nearly flat after taking into account the low single digit benefit from identified deficiencies in our supply chain.

第四季度，食品和紙張成本為 8,860 萬美元，佔 Shack 銷售額的 28%，比上一季下降 20 個基點，比去年同期下降 110 個基點。考慮到我們供應鏈中發現的缺陷所帶來的低個位數收益後，混合食品和紙張的通膨率幾乎持平。

Our beef costs rose by low-single-digits, somewhat less than our expectations, and our paper and packaging costs decreased by mid-single-digits year over year.

我們的牛肉成本上漲了低個位數，略低於我們的預期，而我們的紙張和包裝成本比去年同期下降了中等個位數。

Labor and related expenses were $85.1 million, or 26.9% of Shack's sales, down 160 basis points year over year and down 110 basis points quarter over quarter, primarily led by the positive benefit from the full -- first full quarter of our new labor scheduling system that drove 80 basis points of benefit.

勞動力和相關費用為 8,510 萬美元，佔 Shack 銷售額的 26.9%，年減 160 個基點，環比下降 110 個基點，主要由於我們新的勞動力調度系統在第一個完整季度帶來的積極效益，帶來了 80 個基點的效益。

Other operating expenses were $47 million or 14.8% of Shack sales, down 10 basis points from the fourth quarter of 2023, and also down 10 basis points versus last year -- last quarter. Our improvement year over year was a function of identified deficiencies in R&M and professional services, as well as more favorable utility spend. This was partially offset by planned increases in advertising expense.

其他營運費用為 4,700 萬美元，佔 Shack 銷售額的 14.8%，較 2023 年第四季下降 10 個基點，與去年同期相比也下降了 10 個基點。我們逐年的進步得益於發現了研發和維護以及專業服務的缺陷，以及更有利的公用事業支出。這被計劃增加的廣告費用部分抵消。

Occupancy and related expenses were $24 million, or 7.6% of Shack sales, also down 10 basis points from the fourth quarter of 2023 and versus last quarter, driven by the growth in Shack sales. G&A was $41.1 million or 12.5% of total revenue, excluding $800,000 in one-time adjustments, G&A was $40.3 million, or 12.3% of total revenue.

入住和相關費用為 2,400 萬美元，佔 Shack 銷售額的 7.6%，也較 2023 年第四季和上一季下降 10 個基點，這得益於 Shack 銷售額的成長。一般及行政開支為 4,110 萬美元，佔總收入的 12.5%，不包括 80 萬美元的一次性調整，一般及行政開支為 4,030 萬美元，佔總收入的 12.3%。

For the full year, G&A was $149 million or $142.3 million excluding one-time adjustments, approximately 11.4% of total revenue. This was down 10 basis points from 2023 levels, despite nearly doubling our advertising year over year, as we showed significant improvements in how we've managed our underlying spending across other areas in G&A.

全年一般及行政開支為 1.49 億美元，扣除一次性調整後為 1.423 億美元，約佔總收入的 11.4%。儘管我們的廣告支出比去年同期幾乎翻了一番，但仍比 2023 年的水平下降了 10 個基點，因為我們在管理 G&A 其他領域的基礎支出方面取得了顯著進步。

As a reminder, a portion of our advertising spend is in other operating expense, however, the majority of the spend is in G&A.

提醒一下，我們的廣告支出有一部分用於其他營運費用，但大部分支出用於一般及行政費用。

Pre-opening costs were $5.1 million in the quarter, as we opened 19 new company operated Shacks, we made significant progress on reducing our cash and non-cash pre-opening expense in the year, bringing it down by nearly 23% per Shack year over year.

本季開業前成本為 510 萬美元，隨著我們開設了 19 家新公司經營的 Shacks，我們在減少現金和非現金開業前費用方面取得了重大進展，與去年相比，每個 Shack 的開業前費用下降了近 23%。

Depreciation with $25.8 million. On a GAAP basis in the quarter, we reported a pre-tax income of $12.9 million and a tax expense of $3.6 million. On an adjusted pro forma basis, we reported a pre-tax income of $15 million and a tax expense of $3.3 million.

折舊2580萬美元。根據本季的 GAAP 基礎，我們報告的稅前收入為 1,290 萬美元，稅費為 360 萬美元。根據調整後的預測基礎，我們報告的稅前收入為 1500 萬美元，稅費為 330 萬美元。

Excluding the tax impact of equity-based compensation, our adjusted pro forma tax rate in the quarter was 29.8%. We reported fourth quarter adjusted EBITDA of $46.7 million, up approximately 49% year over year, or 14.2% of total revenue, improving 320 basis points from 11% of total revenue in the fourth quarter of 2023.

不包括股權薪酬的稅務影響，我們本季的調整後預測稅率為 29.8%。我們報告第四季調整後的 EBITDA 為 4,670 萬美元，年成長約 49%，佔總營收的 14.2%，較 2023 年第四季總營收的 11% 提高了 320 個基點。

For the full year, we grew adjusted EBITDA by 33% to $175.6 million, or 14% of total revenue, 190 basis points higher than the prior year. We realized the net income attributable to Shake Shack Inc. Of $8.7 million, or $0.21 per diluted share. On an adjusted pro forma basis, we reported a net income attributable to Shake Shack Inc. Of $11.6 million or $0.26 per fully exchanged and diluted share. Our balance sheet is strong. The end of the year with $320.7 million in cash and cash equivalents, and generated a record $36 million in free cash flow.

全年而言，我們的調整後 EBITDA 成長 33%，達到 1.756 億美元，佔總營收的 14%，比前一年高出 190 個基點。我們實現歸屬於 Shake Shack Inc. 的淨利潤為 870 萬美元，即每股攤薄收益 0.21 美元。在調整後的備考基礎上，我們報告歸屬於 Shake Shack Inc. 的淨利潤為 1,160 萬美元，即每股完全交換和攤薄收益 0.26 美元。我們的資產負債表強勁。截至年底，該公司擁有3.207億美元的現金和現金等價物，並產生了創紀錄的3600萬美元的自由現金流。

The first time that we have generated positive free cash flow on the year since 2017. Now on to our guidance for the first quarter and full-year 2025. Our guidance assumes no material changes in the macroeconomic or geopolitical landscape, and the potential impact of system-wide sales or costs, including any outside impacts from potential tariffs.

這是我們自 2017 年以來首次在年度內產生正的自由現金流。現在來看看我們對 2025 年第一季和全年的預測。我們的指導假設宏觀經濟或地緣政治格局不會發生重大變化，以及系統範圍內銷售或成本的潛在影響，包括潛在關稅的任何外部影響。

For the first quarter of 2025, we guide total revenue of $326.5 million to $330.9 million, with $10.5 million to $10.9 million of licensing revenue, 3 to 4 company operated Shack openings, 5 to 6 license Shack openings, and for same shack sales to be up 2.5% to 3.5% year over year.

對於 2025 年第一季度，我們預計總收入為 3.265 億美元至 3.309 億美元，其中許可收入為 1,050 萬美元至 1,090 萬美元，公司經營的棚屋開業數量為 3 至 4 家，許可的棚屋開業數量為 5 至 6 家，同類棚屋開業數量為 3 至 4 家，許可的棚屋開業數量為 5 至 6 家，同類棚屋銷售額同比增長 2.5%。

We are seeing weather and the lingering impacts from the LA wildfires continue into February, and we expect some of our Los Angeles Shacks to take a while to fully recover. We are also laughing over the strong launch of our Korean barbecue LTO from last year. These factors and the Easter shift together is an approximate low-single-digit impact to our same-Shack sales guidance in the first quarter.

我們看到天氣和洛杉磯山火的持續影響將持續到二月，我們預計洛杉磯的一些棚屋需要一段時間才能完全恢復。我們也對去年韓式燒烤 LTO 的強勢推出感到高興。這些因素和復活節的變化共同對我們第一季的 Shack 銷售預期產生了大約低個位數的影響。

In March, we will be rolling off the approximate 3.5% price that we took on menu last year. We plan to exit the quarter with approximately 2% in check pricing and a blended 3% overall price. We guide restaurant level profit margins of 20% to 20.5%, representing 50 to 100 basis points of improvement year over year, despite the weather, wildfire, and inflationary headwinds that we are facing.

三月份，我們將取消去年菜單上約3.5%的價格。我們計劃在本季結束時，支票定價約為 2%，混合總價格為 3%。儘管我們面臨天氣、野火和通膨阻力，但我們預計餐廳層面的利潤率將達到 20% 至 20.5%，比去年同期提高 50 至 100 個基點。

We are planning for low single digit year-over-year inflation and food and paper costs after baking in the positive benefits from our supply chain strategies, with pressures led by uncertainty in our bead pricing that represents 25% to 30% of our blended food and paper basket.

在考慮到供應鏈策略帶來的正面效益後，我們計劃將年比通膨率及食品和紙張成本控制在個位數以下，而珠子定價的不確定性則帶來了壓力，珠子占我們混合食品和紙籃的25%至30%。

Additionally, our marketing plan for this year is more evenly split over the quarters versus last year that was back and weighted. This cadence will result in a higher step up year over year in both other operating expense and G&A in the first half of the year, tapering off in the back half.

此外，與去年相比，我們今年的行銷計畫在各個季度的分配更加均勻。這種節奏將導致上半年其他營運費用和一般及行政費用較去年同期大幅增加，而下半年則逐漸減少。

On to our full-year 2025 outlook. We are largely reiterating the guidance that we provided at ICR conference in early January, while we're also raising our outlook for adjusted EBITDA based on increased confidence and our outlook for restaurant level profit margins to reach approximately 22% this year.

接下來是我們對 2025 年全年的展望。我們在很大程度上重申了我們在 1 月初 ICR 會議上提供的指導，同時我們也基於信心的增強和對餐廳級利潤率今年達到約 22% 的預期上調了調整後 EBITDA 的預期。

Our pricing plans for this year remain modest, as their in check price will be up about 2% year over year and our overall price across all channels will be up approximately 3%. Our commodity outlook reflects our expectations for low single digit inflation led by beef up mid-to-high-single-digits and does not contemplate any potential outsized impacts related to tariffs.

我們今年的定價計畫仍然保​​持適中，因為他們的支票價格將比去年上漲約 2%，並且我們所有通路的整體價格將上漲約 3%。我們對大宗商品的展望反映了我們對低個位數通膨的預期，以中高個位數通膨為主導，並且沒有考慮到與關稅相關的任何潛在的超大影響。

We're planning for labor inflation to be in the low-single-digit range. We're now guiding for adjusted EBITDA of $205 million to $215 million, representing 17% to 22% growth year over year, as operationally we're tracking strong against our three year target of low to mid-teens growth.

我們計劃將勞動力通膨率控制在個位數以下。我們目前預計調整後的 EBITDA 為 2.05 億美元至 2.15 億美元，年成長 17% 至 22%，因為從營運角度來看，我們正在強勁追蹤我們三年內低至中等成長率的目標。

To close, I want to extend my heartfelt gratitude to our more than 12,000 team members and our 329 company operated Shacks and our employees and our support centers for their outstanding work in 2024. Your dedication to our guests, to supporting one another and to executing our strategic priorities has been truly remarkable.

最後，我要向我們 12,000 多名團隊成員、我們公司營運的 329 家 Shacks、我們的員工和我們的支援中心在 2024 年的出色工作表示衷心的感謝。您對我們的客人、彼此支持以及執行我們的策略重點的奉獻精神確實令人欽佩。

Thank you to your efforts. We exceeded nearly all of our goals and targets, and we're really excited about the opportunities that lie ahead. We believe that we have the right plan in place to help us unlock our growth potential.

謝謝你的努力。我們超額完成了幾乎所有的目標和計劃，我們對未來的機會感到非常興奮。我們相信，我們已經制定了正確的計劃來幫助我們釋放成長潛力。

We have confidence as we look forward to our target to grow to at least 1,500 company operated Shacks over time, and we are very much looking forward to updating you on our progress against our 2025 strategic priorities throughout the year.

我們有信心，期待隨著時間的推移，我們的目標是發展到至少 1,500 家公司運營的 Shacks，並且我們非常期待全年向您通報我們在 2025 年戰略重點方面取得的進展。

And thank you for your time. With that, I'll turn it back to Rob.

感謝您抽出時間。說完這些，我就把話題轉回給 Rob。

Thank you, Katie. Building off of a strong 2024, we are excited about the opportunities ahead, and look forward to making progress against our new set of strategic priorities in 2025. Above all, I'm so grateful to our dedicated teams, bringing their hearts, minds, and focus to their endeavors every single day.

謝謝你，凱蒂。基於 2024 年的強勁發展，我們對未來的機會感到興奮，並期待在 2025 年根據我們的新策略重點取得進展。最重要的是，我非常感謝我們敬業的團隊，他們每天都全心全意、專注地工作。

Thank you all for your time today. And with that, operator, please open the call for questions.

感謝大家今天的寶貴時間。接線員，請開始提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Michael Tamas, Oppenheimer and Company.

邁克爾·塔馬斯 (Michael Tamas)，奧本海默公司。

Thanks. Good morning. You guys just talked about increased confidence in getting to that 22% restaurant margin this year, and that suggest about 60 basis points of expansion versus '24, despite, I think, a more choppy top line environment since ICR. So can you maybe just unpack for us what's driving that increased confidence and talk about maybe some of those incremental initiatives throughout '25 that give you the confidence in this target? Thank you.

謝謝。早安.你們剛才談到對今年實現 22% 餐廳利潤率的信心增強，這意味著與 24 年相比，餐廳利潤率將增長約 60 個基點，儘管我認為自 ICR 以來，營收環境更加不穩定。那麼，您能否為我們解釋一下是什麼推動了這種信心的增強，並談談 25 年期間的一些漸進式舉措，這些舉措讓您對這一目標充滿信心？謝謝。

Great. Yeah. Thanks for the question. Yeah, we raised our full-year 2025 adjusted EBITDA to $205 million to $215 million. And that's really a function of our increased confidence to achieve this approximately 22% restaurant profit margin we expect to get this year.

偉大的。是的。謝謝你的提問。是的，我們將 2025 年全年調整後 EBITDA 提高至 2.05 億美元至 2.15 億美元。這確實表明我們有信心實現今年預計約 22% 的餐廳利潤率。

The function -- the reasons why we're going to be expanding margins this year by about that 60 basis points, it's pretty evenly split through just better labor management. The implementation of our new labor model that we put in place in fourth quarter has gone exceptionally well. We're continuing to see really strong performance from that scheduling system in the first quarter of this year, and it's helping us to offset some of the sales pressures that we're seeing from the weather and the wildfires.

我們今年利潤率要提高約 60 個基點的原因，很大程度取決於更好的勞動力管理。我們在第四季實施的新勞動力模式進展非常順利。我們在今年第一季繼續看到該調度系統的強勁表現，它幫助我們抵消了天氣和野火帶來的部分銷售壓力。

So we have good confidence, that will continue throughout the rest of the year. And then on other initiatives that we're working on, I would say, part of it is the margin expansion that we delivered in the fourth quarter was really evenly split between labor management and then also on our supply chain.

因此我們有信心，這種勢頭將持續到今年年底。然後，關於我們正在進行的其他舉措，我想說，部分原因是我們在第四季度實現的利潤率擴大實際上是在勞動力管理和供應鏈之間平均分配的。

And we are continuing to do great work there, uncovering opportunities to get more efficient, bring on more suppliers and optimize our freight while also from an operational standpoint, improve the way that we are running our ships in our Shacks to help minimize waste. So those are the kind of big buckets that will help carry us through this year, and give us increased confidence.

我們將繼續在那裡進行出色的工作，發掘提高效率的機會，引進更多的供應商，優化我們的貨運，同時從運營的角度，改善我們在 Shacks 中運行船舶的方式，以幫助最大限度地減少浪費。所以這些大桶將幫助我們度過今年，並給予我們更多的信心。

Thank you.

謝謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Yeah, hi, thank you. So it was really encouraging to see kind of the 3.7% same-Shack sales growth in January despite the weather headwinds and the impact of the LA wildfire. Can you help us unpack that growth a little bit for us? Thank you so much.

是的，你好，謝謝你。因此，儘管面臨天氣不利和洛杉磯山火的影響，但 1 月同店銷售額仍成長 3.7%，這確實令人鼓舞。您能幫我們稍微解釋一下這種成長嗎？太感謝了。

Yeah. So yeah, we had a really strong January despite these pressures. We talked about 150 to 200 basis points of pressure from traffic pressure from the fires and from weather. As far as the components of the comp, we were running about a 6% price heading into the year, that's kind of leveled off to about 5% for the rest of the quarter. And so when you take those together, we just think that it signifies a very strong performance in our underlying business.

是的。是的，儘管面臨這些壓力，但我們一月份的表現確實非常強勁。我們討論了火災和天氣造成的交通壓力的 150 到 200 個基點的壓力。就同​​類產品的組成部分而言，我們在今年年初制定的價格約為 6%，而在本季度剩餘時間內，這一價格趨於穩定，約為 5%。因此，當你把這些結合起來時，我們認為這標誌著我們的基礎業務表現非常強勁。

The fact that our marketing and operational strategies are helping us to deliver strong performance against -- and helping us to offset some of these weather and wildfire pressures.

事實上，我們的行銷和營運策略幫助我們取得了強勁的業績——並幫助我們抵消了部分天氣和野火壓力。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Hi, thanks and good morning. I had a question on the store margins on labor specifically. You spoke to the [Phase 2] labor model efficiencies. But I also wanted to ask about the improvement that you're seeing just from running tighter operations and more sort of your maybe lower-performing stores starting to achieve more of your new KPR -- KPI targets.

你好，謝謝，早安。我有一個關於商店勞動力利潤的具體問題。您談到了[第二階段]勞動模式的效率。但我還想問一下，透過嚴格運營，以及更多業績較差的商店開始實現更多新的 KPR——KPI 目標，您看到了哪些改進？

So I guess on that topic of attainment, is there a way to frame the improvement you're seeing on sort of bringing up the lower-performing stores and what the opportunity might be there if more of those stores start hitting more of your targeted KPIs?

所以我想，關於這個成就主題，有沒有辦法來概括您所看到的改進，即提升績效較差的商店，以及如果更多這些商店開始達到您的目標 KPI，可能存在什麼機會？

So on the improvements that we're seeing from the labor model, I'd really -- I actually think that is very coupled with the operational improvements that we're seeing. And by implementing this new labor scheduling system, we do believe that we're providing a better guest experience and we're enhancing our returns.

因此，就我們所看到的勞動力模式的改進而言，我實際上認為這與我們看到的營運改善密切相關。透過實施這個新的勞動力調度系統，我們確實相信我們將提供更好的客戶體驗並提高我們的回報。

However, it really is only able to be executed by the strength of our operations. And so I think both of those run hand in hand. We wouldn't be able to have the new scheduling system go into place so successfully if not for the work of all of our operators and their improvements on that side.

然而，這確實只能透過我們的行動力量來實現。所以我認為這兩者是相輔相成的。如果沒有我們所有操作員的努力和他們在這方面的改進，我們就不可能如此成功地實施新的調度系統。

I'll let Rob talk to the scorecard and what we're seeing there.

我會讓羅布談談記分卡以及我們在那裡看到的情況。

Yeah. Hi, Brian, I mean I would say that it's pretty consistent with what we've been saying for the last six months. It's -- the new labor model is great. I wish we had some kind of like proprietary AI software that's driving a lot of these results. Like it's literally great discipline operating restaurants.

是的。你好，布萊恩，我的意思是說，這與我們過去六個月所說的非常一致。這是——新的勞動模式很棒。我希望我們能擁有某種專有的人工智慧軟體來推動這些成果。就像經營餐廳確實是一門偉大的學科。

Our new leadership has permeated her philosophy down through the organization. And so part of it is the amount of hours that are being allocated because of the activity-based labor model versus the sales base. But a big part of it is just adherence to what's being allocated. So it's the discipline to hit the numbers that are in the schedule. That wasn't necessarily something that was really focused on in the past, and it's incredibly focused on now.

我們的新領導層已將她的理念滲透到整個組織中。因此，部分原因在於由於基於活動的勞動力模式而非銷售基礎而分配的小時數。但很大一部分只是遵守所分配的內容。因此，達成計劃中的數字是一項紀律。這在過去並不一定是人們真正關注的事情，但現在人們對此高度關注。

So to your question around the lowest-performing Shacks, even though Shacks now have much better adherence to their labor scheduling than they had in the past, which is definitely driving increased profitability, and hence, our confidence in our ability to add 60-plus basis points of restaurant-level margin this year.

所以對於你關於業績最差的 Shacks 的問題，儘管 Shacks 現在比過去更好地遵守了他們的勞動力調度，這無疑推動了盈利能力的提高，因此，我們有信心今年能夠將餐廳級利潤率提高 60 個以上基點。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. Just wanted to follow up on the restaurant margin topic. Looking beyond this year, you guys gave a three-year guidance at ICR last month and reiterated this morning for a restaurant margin of at least 22%.

太好了，非常感謝。只是想跟進餐廳利潤的話題。展望今年，你們上個月在 ICR 給出了三年指導，並在今天上午重申餐廳利潤率至少為 22%。

And that is similar to the 22% you're projecting for this year. I think there were some investors that were hoping for maybe a little more context behind the at least 22% just because it seems like it's open-ended.

這與您預計今年的 22% 相似。我認為有些投資者希望對至少 22% 的利率有更多的了解，只是因為它看起來是開放式的。

But at 22%, it wouldn't demonstrate any improvement from here, but yet we know you have a variety of initiatives and it seems like you're increasingly confident in those. So I'm just wondering if you can give any kind of color, whether it's a range or an annual goal or potential magnitude of upside.

但是，目前這一比例為 22%，不會有任何改善，但我們知道您有各種各樣的舉措，而且似乎您對這些舉措越來越有信心。所以我只是想知道您是否可以給出任何細節，無論是範圍還是年度目標或潛在的上行幅度。

Rob, I think you mentioned there was potential upside to those targets. So just trying to get some frame of reference for when you say at least 22%, kind of a little more context behind what that could be. Thank you.

羅布，我認為你提到這些目標有潛在的上升空間。因此，當您說至少 22% 時，只是嘗試獲得一些參考框架，以便更詳細地了解背後的背景。謝謝。

Yeah, it's a great question. Our aspiration is to continue to get more efficient and more productive. Everything we talked about this morning and everything we talked about in our calls with all of our -- the investment community really talks about all of the initiatives that we're putting in, that are transforming our operations, improving our guest satisfaction, improving our team member experience and improving our retention and eventually, that flows down to margin.

是的，這是一個很好的問題。我們的願望是繼續提高效率和生產力。我們今天早上談論的所有內容以及我們在與所有投資界人士的電話會議中談論的所有內容實際上都涉及我們正在實施的所有舉措，這些舉措正在改變我們的運營方式，提高客戶滿意度，改善團隊成員體驗，提高我們的保留率，並最終轉化為利潤。

So we will keep the investment community very close to that as we continue to see progress and as we continue to advance the initiatives that we have in place today towards driving more productivity. Our guide is a baseline. It's representative of what is in the model today and what we believe we can execute today. That doesn't mean we don't have five, six, seven other big initiatives in place with the intention of continuous improvement.

因此，隨著我們繼續看到進展，隨著我們繼續推動今天已採取的提高生產力的舉措，我們將與投資界密切關注這一點。我們的指南是基線。它代表了當前模型中的內容以及我們認為今天可以執行的內容。但這並不意味著我們沒有實施五、六、七個其他重大措施來持續改善。

That being said, we also see headwinds on the horizon. We also see a volatile commodity situation, both on ingredients as well as equipment and other costs to our business, given kind of the uncertainty of the current environment. So we're trying to be thoughtful and planful and take both the upside into account, but also some of the risks that are facing kind of the industry as a whole right now.

話雖如此，我們也看到了未來的阻力。鑑於當前環境的不確定性，我們也看到大宗商品情勢不穩定，包括原料、設備以及其他業務成本。因此，我們嘗試深思熟慮、精心規劃，既考慮好處，也考慮整個產業目前面臨的一些風險。

And I'll just add on that, what Rob just discussed. We are planning, and our plans for this year reflect us returning to a more normalized price environment of that kind of 2% for in-Shack, 3% overall. And our outlook for the next three years doesn't really contemplate any big step-up in pricing. So what we are doing here is really relying on operational efficiencies and other strategic initiatives to continue to expand our margins while still trying to navigate the pressures that Rob outlined.

我只想補充一下 Rob 剛才討論的內容。我們正在計劃，我們今年的計劃是讓我們回歸到一個更正常化的價格環境，對於 in-Shack 來說是 2%，總體來說是 3%。我們對未來三年的展望其實並沒有考慮到價格會有任何大幅上漲。因此，我們在這裡所做的實際上是依靠營運效率和其他策略性舉措來繼續擴大我們的利潤率，同時仍試圖應對 Rob 所概述的壓力。

Yeah. I mean product, innovation and productivity are better than pricing. So we're focused on developing a culinary innovation pipeline, a menu strategy that -- where we have items that complement each other to drive both comp sales as well as margin enhancements.

是的。我的意思是產品、創新和生產力比定價更重要。因此，我們專注於開發烹飪創新管道和菜單策略，其中我們提供相互補充的菜餚，以推動同店銷售額和利潤率的提高。

And obviously, all the operating productivity that we've already talked about, I mean you couple that, our goal would be to minimize the amount of pricing that we have to take, which is then going to continue to improve our value perception relative to the industry. We already know that we have the best food, the best ingredients.

顯然，我們已經討論過的所有營運生產力，我的意思是，將其結合起來，我們的目標是盡量減少我們必須採取的定價量，這將繼續提高我們相對於行業的價值認知。我們已經知道我們擁有最好的食物、最好的原料。

And if we can become more productive and more inventive around our innovation and achieve our financial targets without having to take as much pricing, that's going to become a virtuous cycle that's just going to drive transactions -- transaction growth for a long time. So that's really what we're focused on doing.

如果我們能夠在創新方面提高生產力和創造力，並在不需要花費太多定價的情況​​下實現我們的財務目標，那麼這將形成一個良性循環，從而長期推動交易成長。所以這確實就是我們重點要做的事情。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good morning. Thanks for taking the question. You guys just mentioned a lot of uncertainties with the commodity environment. And Katie, I know you said you don't have any kind of tariff impact in your guide. Are you guys exposed to Canadian or Mexican produce or imports in your business? Or would you just expect there to be potentially broader inflation of tariffs we're impacted?

嗨，早安。感謝您回答這個問題。你們剛才提到商品環境存在著許多不確定性。凱蒂，我知道你在指南中說過沒有任何關稅影響。你們的業務中是否接觸過加拿大或墨西哥的產品或進口產品？或者您只是預期我們受到的關稅影響可能會出現更大範圍的通膨？

Yeah. I think we source domestically for our company operations. We source the vast majority of our ingredients domestically. So we do not have a huge amount -- excuse me of exposure. That being said, all of these things live together, right?

是的。我認為我們的公司營運都是在國內進行採購。我們的原料大部分都產自國內。所以我們的曝光量並不大——請原諒我。話雖如此，所有這些東西都共存，對嗎？

I mean we don't have a breakfast business, a big breakfast business. So we don't have the exposure to eggs. But other restaurant companies that have exposure to eggs may be moving away from eggs in the time being, which means they're going to offer more beef products or chicken products to complement, to substitute for that high cost item. And when that consumption demand changes, it has the potential to change even some domestic pricing.

我的意思是我們沒有早餐生意，大型早餐生意。所以我們沒有接觸過雞蛋。但其他與雞蛋有關係的餐飲公司可能暫時不會供應雞蛋，這意味著他們將提供更多的牛肉產品或雞肉產品來補充和替代這種高成本的產品。當消費需求改變時，甚至有可能改變一些國內定價。

So we're just trying to be thoughtful and planful and making -- as Katie highlighted, a lot of the work we've done in our supply chain has been around creating multiple sources of supply, new vendors, new partners. That has been a big focus for us, both from a business continuity standpoint, but also from a sourcing and price standpoint.

因此，我們只是盡力深思熟慮、精心規劃——正如凱蒂所強調的那樣，我們在供應鏈中所做的許多工作都是圍繞著創造多種供應源、新供應商和新合作夥伴。無論從業務連續性的角度，或是從採購和價格的角度，這都是我們關注的重點。

So as we look at the environment, we're being very thoughtful about how we balance our source of supply with pricing and make sure we have access to the best suppliers at the best prices. But that's more context than maybe you asked for. I would tell you that the vast majority of our ingredients are sourced domestically.

因此，當我們審視環境時，我們會非常認真地考慮如何平衡我們的供應來源和定價，並確保我們能夠以最優惠的價格獲得最好的供應商。但這可能比您要求的背景還要多。我想告訴你，我們的絕大多數原料都來自國內。

Brian Mullen, Piper Sandler.

布萊恩·穆倫，派珀·桑德勒。

Hey, thank you. Just a question on loyalty. Can you talk about the road map for an eventual launch? And related to that, I know -- I think with Shake Shack, the goal is to make sure there's enlightened hospitality expressed digitally.

嘿，謝謝你。這只是一個關於忠誠度的問題。能談談最終發布的路線圖嗎？與此相關，我知道——我認為 Shake Shack 的目標是確保以數位化方式表達開明的待客之道。

My question is just how do you strike the right balance between basic blocking and tackling and maybe replicating what have made other programs successful versus also trying to make it very unique for Shake Shack? Any thoughts on all that?

我的問題是，如何在基本的阻擋和處理之間取得適當的平衡，以及複製其他項目的成功經驗與嘗試使 Shake Shack 獨一無二之間取得適當的平衡？對此有什麼想法嗎？

Yeah. I think we have gotten very successful this year in delivering kind of surgical incentives to drive incremental purchases. I mean the marketing investments that Katie talked about, a lot of those are kind of performance marketing as opposed to big national advertising campaign.

是的。我認為，我們今年在提供某種外科手術激勵措施以推動增量購買方面取得了非常大的成功。我的意思是凱蒂談到的行銷投資很多都是績效行銷，而不是大型全國性廣告活動。

So we're always going to have a component of our business that is focused on delivering incentives. So loyalty and understanding our customers will give us even greater insights to be able to be even better at delivering those targeted incentives.

因此，我們的業務中始終會有一個專注於提供激勵的部分。因此，忠誠和了解客戶將為我們帶來更深入的洞察力，從而能夠更好地提供有針對性的激勵措施。

But that's not where it stops. It's also about making sure that our -- we understand our guests and their historical purchase behavior and their needs so that we can deliver information and insights as well.

但事情並沒有就此結束。這也是為了確保我們了解我們的客人及其歷史購買行為和需求，以便我們也能夠提供資訊和見解。

So if you are somebody who traditionally has bought a premium burger or LTO burger like a Truffle Burger or what have you, and you come in to our kiosk and you order a Shack Burger, like we're going to be able to interrupt that process, not in a huge disruptive way that slows things down, but in a way that it might add value to this customer by saying, well, did you know that we currently have this great new LTO burger that is here for a limited time.

因此，如果您是傳統上購買高級漢堡或 LTO 漢堡（例如鬆露漢堡或類似的產品）的人，然後您來到我們的售貨亭並訂購 Shack 漢堡（例如鬆露漢堡或類似的產品）的人，然後您來到我們的售貨亭並訂購 Shack 漢堡，我們將能夠打斷該過程，但不會以巨大的破壞性方式減慢速度，而可能會以某種方式為該客戶增加價值，例如，您知道我們目前有這款很棒的新 LTO 漢堡，僅在有限的時間內。

And in doing so, we're going to improve -- potentially improve the experience that guest has on that occasion, but we're also going to drive self-selection trade up, which is going to improve our comp and is going to improve our margins. So it really is a virtuous cycle.

透過這樣做，我們不僅會改善——可能會改善客人在那種場合的體驗，而且還會推動自主選擇交易的上升，這將改善我們的競爭力並提高我們的利潤率。所以這確實是一個良性循環。

We're right now trying to stay away from a pure points discounting loyalty program. We don't feel like that is necessary for us. We feel like we can do it in an enlightened hospitality way, which is about understanding our guests and being able to deliver on their unmet needs. So that's -- those are two examples of how we're going to leverage the loyalty platform.

我們現在正試圖遠離純積分折扣忠誠度計劃。我們認為這對我們來說沒有必要。我們覺得我們可以以一種開明的酒店業方式來做到這一點，即了解我們的客人並能夠滿足他們未滿足的需求。這就是我們如何利用忠誠度平台的兩個例子。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

Thanks. You mentioned advertising doubled year over year, which implies about an increase of about 1 point as a percent of sales to help drive the sales momentum in 4Q. What's embedded in guidance for advertising spend in 2025?

謝謝。您提到廣告收入比去年同期翻了一番，這意味著銷售額的百分比將增加約 1 個百分點，從而有助於推動第四季的銷售動能。2025 年廣告支出指導包含哪些內容？

Hi, Andrew, yes. So we had a really successful year of ramping advertising last year. We learned a lot. We are excited for -- to kind of keep that level of investment up there. We're growing it less significantly. Certainly, our plans are less significant in 2025 than they were in 2024. But we feel like we have a really good plan in place and learnings that we've achieved from what we did last year.

嗨，安德魯，是的。去年，我們的廣告業務發展十分成功。我們學到了很多。我們很高興能夠保持這一水準的投資。我們的成長速度沒有那麼快。當然，我們 2025 年的計畫不如 2024 年的計畫那麼重要。但我們覺得我們已經制定了一個非常好的計劃，並且從去年的工作中吸取了經驗教訓。

Just for everybody's knowledge, a portion of that will hit other operating expense in our restaurant expense line, most of that is going to be in G&A. And for modeling purposes, just a reminder that last year, we did see more of a ramp-up in our advertising spend towards the end of the year. This year, we're planning it for it to be more evenly paced both across other operating expense and also on G&A.

只是為了讓大家知道，其中一部分將影響我們餐廳費用線中的其他營運費用，其中大部分將用於一般及行政費用。為了建立模型，需要提醒的是，去年年底我們的廣告支出確實出現了大幅增加。今年，我們計劃使其他營運費用以及一般行政費用 (G&A) 的成長速度更加均衡。

So just to build on that, Katie, we are going to increase advertising, not at the same rate as Katie talked about, but that's because we're increasing our investment in G&A, in operations and development so -- and tech.

因此，凱蒂，為了在此基礎上再接再厲，我們將增加廣告支出，雖然速度不如凱蒂所說的那樣，但這是因為我們正在增加對 G&A、營運和開發等方面的投資——還有技術。

So we could go out and double our advertising this year and get the same rate of return on that advertising as we've gotten in the past or we can go out and make G&A investments and running better operations, increasing throughput, increasing guest satisfaction. So the marketing investment that goes into driving that occasion has a higher lifetime value for us because there's going to be a higher probability of repeat purchase because of a better guest experience.

因此，我們今年可以將廣告投入增加一倍，並獲得與過去相同的廣告回報率，或者我們可以進行一般及行政管理投資，改善運營，提高吞吐量，提高客戶滿意度。因此，為推動這項活動而進行的行銷投資對於我們來說具有更高的終身價值，因為更好的客戶體驗將帶來更高的重複購買機率。

Same with development. One of our -- obviously think, we're not as developed as a lot of our competitors, 329 company-operated Shacks across the US. The more Shacks we build, the more access we create for people, the more convenient access we create for people, the better returns we're going to get on our marketing investment, right?

與開發相同。我們顯然認為，我們的發展程度不如許多競爭對手，在全美有 329 家公司經營的 Shacks。我們建造的 Shacks 越多，我們為人們創造的通道就越多，我們為人們創造的通道越方便，我們在行銷投資上獲得的回報就越好，對嗎？

Because proximity or lack thereof is a barrier potentially to frequency. So the more Shacks we can build in more neighborhoods, the better convenience, the more convenience we're going to offer, the better return we're going to get on our marketing investment.

因為接近度或缺乏接近度都可能成為頻率的障礙。因此，我們在更多社群建造的 Shacks 越多，便利性就越好，我們提供的便利越多，我們在行銷投資上獲得的回報就越好。

So as I've talked about for the last few months, like 2025, we've got great -- we put a guide out there. We've got great ambitions to have a great year. But it's also a year of investment. It's a year of building the infrastructure in operations, development and tech. That is then going to give us even greater returns when we increase our marketing investments moving forward in '26 and beyond.

正如我過去幾個月所談論的那樣，例如 2025 年，我們已經取得了很大的進步——我們在那裡推出了指南。我們懷抱著遠大抱負，希望度過一個美好的一年。但這也是投資的一年。這是營運、開發和技術基礎設施建設的一年。當我們在26年及以後增加行銷投資時，這將為我們帶來更大的回報。

So I just want to make sure it's not about us kind of taking our foot off the gas on the marketing model. It's about us believing we have culinary, operations, development and tech opportunities to build that will give us even greater returns from those investments moving forward.

所以我只是想確保我們不會放棄行銷模式。我們相信，我們擁有烹飪、營運、開發和技術方面的機會，這些機會將為我們未來的投資帶來更大的回報。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great, thanks. I did want to follow up on that question on advertising. Rob, can you just talk a little bit about how the strategy may be a little bit different in '25 versus '24? I know you guys said that it'll be more evenly spaced.

太好了，謝謝。我確實想跟進有關廣告的問題。羅布，你能不能稍微談談 25 年和 24 年的策略有何不同？我知道你們說過它將分佈得更均勻。

But I think the last we spoke, you said you haven't really leaned on a call to action or any price point advertising. Is that something that could be in the cards for 2025? Just a little bit more, call it, action on the advertising strategy?

但我認為我們上次談話時，您說過您並沒有真正依賴號召性用語或任何價格點廣告。這是 2025 年有可能實現的事嗎？再多一點，就叫廣告策略上的行動吧？

Yeah, Pete. I mean, it could be. We're -- I just hired a new Chief Communications Officer, Luke DeRouen, and he and I'm taking a very active role in the brand positioning and marketing work that we are doing, the foundational work that is so important to really making the media dollars deliver great returns, right? Bad strategy, great media, bad output. So I'm not saying we have a bad strategy, but we definitely have work to do on how we bring the Shake Shack brand to life.

是的，皮特。我的意思是，有可能。我們——我剛剛聘請了一位新的首席通訊官，盧克·德魯恩（Luke DeRouen），他和我將積極地參與我們正在進行的品牌定位和營銷工作，這項基礎工作對於真正讓媒體資金帶來豐厚的回報至關重要，對吧？糟糕的策略，優秀的媒體，糟糕的產出。所以我並不是說我們的策略不好，但是我們在如何讓 Shake Shack 品牌煥發新生方面還有很多工作要做。

There are so many great things for us to talk about. We need to distill that and we need to communicate that in a compelling and concise way. And we haven't yet got that all the way to bright.

有很多精彩的事情值得我們討論。我們需要提煉這一點，並以一種令人信服且簡潔的方式來傳達這一點。但我們還沒有完全實現這一點。

So we are still developing that strategic brief, like what is our single point of communication moving forward. Once we have that, there will be opportunities to deliver that from a pure branding standpoint, but there will also be opportunities for us to leverage those insights to drive closer in purchase occasions through price pointed promotions or price pointed LTO promotions or those types of things, which we haven't done a lot of that in the past.

因此，我們仍在製定戰略概要，例如，我們未來的唯一溝通點是什麼。一旦我們掌握了這些，就有機會從純粹的品牌角度來實現這一點，但我們也會有機會利用這些見解，透過價格指向促銷或價格指向 LTO 促銷或諸如此類的事情來拉近購買距離，而過去我們並沒有做過很多這樣的事情。

We've done targeted surgical incentives through our digital channels. We haven't done a lot of price pointed advertised promos, I think that's definitely something that we're looking at and we can leverage probably more in the back half of this year or even in the front half of 2026.

我們已經透過數位管道實施了有針對性的手術激勵措施。我們還沒有做過很多價格指向的廣告促銷，我認為這絕對是我們正在考慮的事情，我們可能會在今年下半年甚至 2026 年上半年利用更多。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, thanks. Good morning guys. Just on the same-Shack sales side. I guess you provided kind of that regional color in your letter. It seems like a couple regions got better, a couple faded a little bit. Can you just comment on what drove some of that? And then into this year, as you think about kind of at least 3% it seems for sales, I think, was what you spoke about.

是的，謝謝。大家早安。就在同一個小屋銷售邊。我想您在信中體現出了那種地域色彩。似乎有些地區的情況有好轉，有些地區的情況則減弱。您能否評論一下造成這種情況的原因是什麼？然後到了今年，正如您所想，銷售額至少會成長 3%，我想這就是您所說的。

That's obviously mostly pricing. I would sort of infer that you might be looking for a bit of traffic growth and maybe some offset from mix. Obviously, you did kind of see that in '24 as well. Is that kind of accurate? Or do you see any sort of changes in those pieces based on the strategies you're deploying this year?

這顯然主要與定價有關。我可以推斷，您可能正在尋找一點流量成長，或許還有一些混合偏移。顯然，你在 24 年也看到了這種情況。這樣準確嗎？或者根據您今年部署的策略，您是否看到這些部分會發生任何變化？

Yeah. So to start with the first part of your question on 4Q, same-Shack sales and kind of heading into January and how those trends look. So overall, when you adjust for weather and the fires, our trends are actually quite consistent.

是的。因此，首先從您問題的第一部分開始，關於第四季度，同一間 Shack 的銷售額以及進入 1 月份的情況以及這些趨勢如何。因此總體而言，當你根據天氣和火災進行調整時，我們的趨勢實際上是相當一致的。

And the regions where we're seeing strength are just areas where we're still building brand awareness. I'll talk about Florida has been a particularly strong market for us and operations are incredibly strong in that market as well.

我們看到實力的地區正是我們仍在建立品牌知名度的地區。我想說的是，佛羅裡達州對我們來說是一個特別強大的市場，而且我們在該市場的營運也非常強勁。

What we are seeing though, and I think this will -- it's helpful color for the rest of the year and kind of lines up to the strategies that Rob has talked about is in January, towards the end of January, we were lapping the launch of our Korean barbecue LTO last year and we did not have a new product to go against that.

然而，我們看到的是，而且我認為這將為今年剩餘時間的銷售帶來有益的影響，並且與 Rob 所談論的策略一致，那就是在 1 月份，也就是 1 月底，我們正在為去年推出的韓式燒烤 LTO 做準備，而我們並沒有推出新產品來與之競爭。

And so we're seeing that plus the continued impacts of weather and some calendar shifts be about a low single-digit pressure to our traffic overall for the first quarter. And when we talk about the investments that we're making and our focus on culinary and a culinary calendar, that is very important. It will help us get ahead of issues like this going forward.

因此我們看到，加上天氣的持續影響和一些日曆的變化，第一季我們整體的流量受到了大約個位數的壓力。當我們談論我們正在進行的投資以及我們對烹飪和烹飪日曆的關注時，這一點非常重要。它將幫助我們在未來解決類似問題。

Rob, do you want to add some more on that?

羅布，你想補充一些嗎？

I would just say, you nailed it like the whole point I've made for the last six months about us not having like a strategic culinary calendar is the representation of that is what Katie is talking about. We had a great Korean barbecue launch last February. And we didn't really have something planned to comp over that this February. And that's -- that hasn't been the way this railroad has been run.

我只想說，你說對了，我過去六個月來一直在強調的一點是，我們沒有一個戰略性的烹飪日曆，這正是凱蒂所說的。去年二月，我們舉辦了一場精彩的韓國燒烤發表會。而我們今年二月確實沒有計劃對此做出補償。而這——這並不是這條鐵路的運作方式。

It's been, to their credit, an amazing culinary machine. But that culinary has really been more about the focus just on bringing great food to life. Like we need to continue to do that. We need to do it in a strategic way to make sure we don't have 100, 150 basis point gaps in our comp model because we don't have a great annual year-over-year innovation plan behind it.

值得稱讚的是，這是一台令人驚嘆的烹飪機器。但烹飪實際上更多的是專注於如何讓美食變得生動有趣。就像我們需要繼續這樣做一樣。我們需要採取策略性的方式來確保我們的補償模型中不會出現 100 到 150 個基點的差距，因為我們背後沒有一個很好的年度創新計劃。

So those are the things that we are remediating. Those are the things that we are fixing. I keep talking about like we're going to have a great 2025. But like we're building all of that 2025. So if I'm sitting here in 2026 telling you that we didn't have a great innovation calendar to lap what we did in 2025, then shame on me because that is the work that we're doing today to make sure that, that type of scenario never plays out again.

這些就是我們正在補救的事情。這些就是我們正在解決的問題。我一直在說我們會擁有一個美好的 2025 年。但就像我們正在建造 2025 年的一切一樣。因此，如果我在 2026 年坐在這裡告訴你，我們沒有一個很好的創新日曆來延續我們在 2025 年所做的事情，那麼我應該感到羞愧，因為這就是我們今天正在做的工作，以確保這種情況不再發生。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

Great, thanks for taking the question. Rob, I just wanted to build on that last comment, and that's the cadence of LTOs. And so I definitely note that January or February, there's been an LTO in years past, and there's not this year. So I guess the question is, does something come going forward soon? Or anything that is different about the cadence of LTOs in '25? And maybe what your vision is going forward?

太好了，謝謝您回答這個問題。羅布，我只是想在最後一則評論的基礎上再補充一點，這就是 LTO 的節奏。因此，我明確地註意到，過去幾年的一月或二月都有 LTO，但今年沒有。所以我想問題是，很快就會有進展嗎？或者 25 年 LTO 的節奏有什麼不同嗎？請問您對未來的願景是什麼？

It seems like there's about three LTOs a year historically. Is that what you think should be the case going forward? How should we expect '25 to be different? But also what does the future look like in your view?

從歷史上看，似乎每年大約有三次 LTO。您認為未來的情況應該是如此嗎？我們應該期待'25 會有什麼不同？但您認為未來會是什麼樣的呢？

Yeah. I think every brand is different. Every brand is different based on their purchase cycles and how they engage and interact with their guest base, right? I think the right cadence for this brand is similar to what you just articulated, three to four big LTO windows a year. We made the strategic decision this year to stick with truffle, like technically right now, we do have an LTO.

是的。我認為每個品牌都是不同的。每個品牌的購買週期以及他們與客戶群的互動方式都是不同的，對嗎？我認為這個品牌的正確節奏與您剛才闡述的類似，每年三到四個大型 LTO 窗口。我們今年做出了堅持使用松露的戰略決策，就像現在技術上來說，我們確實有 LTO。

It's truffle. But it's been in market for over four months now. And I think we're seeing that, that's probably a little bit too long to continue to stimulate demand. We're a bit enamored with Truffle. We're the only ones who can do it.

這是松露。但它上市至今已有四個多月了。我認為我們看到，這可能持續的時間有點太長，無法繼續刺激需求。我們有點迷戀 Truffle。我們是唯一能做到的人。

It's literally a $25 burger that we sell for $11. So we love it. Our guests love it. It has been incredibly successful. But the duration of it, I think we're still seeing strong repeat, but we're not getting as much trial after 4.5 months.

事實上，一個漢堡原價 25 美元，但我們以 11 美元的價格出售。所以我們喜歡它。我們的客人很喜歡它。它取得了令人難以置信的成功。但就其持續時間而言，我認為我們仍然看到強烈的重複，但在 4.5 個月後我們並沒有得到太多的試驗。

So as we look to the future, our goal will be to strike that -- the right balance between giving people a window to be able to kind of drive repeat frequency around an LTO that they really love, but also making sure we have refreshed our LTOs enough, quickly enough to continue to stimulate new trial and new demand of new items. So I hope that is kind of the answer -- the information you're looking for.

因此，展望未來，我們的目標是實現這一點 — — 在為人們提供一個窗口，使他們能夠圍繞他們真正喜歡的 LTO 推動重複頻率與確保我們足夠、足夠快地更新 LTO 之間取得適當的平衡，以繼續刺激新嘗試和對新項目的新需求。所以我希望這就是答案——您正在尋找的資訊。

Lauren Silberman, Credit Swiss (sic - see analyst coverage "Deutsche Bank")

瑞士信貸集團勞倫·西爾伯曼（原文如此 - 參見分析師報告「德意志銀行」）

Thank you. So industry comp, challenging exiting '24, '25 early on. Obviously, with the noise of weather and holiday shifts. Some of your peers have also had mixed commentary around the consumer. Can you just talk about what you're seeing with the underlying consumer? Any discernible changes in behaviors or thoughts on the relative resiliency at Shake Shack? Thank you.

謝謝。因此，產業比較，早期退出'24、'25 的挑戰。顯然，受天氣和假期影響。您的一些同行也對消費者發表了褒貶不一的評論。能談談您對基礎消費者的看法嗎？對於 Shake Shack 的相對彈性，行為或想法有任何明顯的變化嗎？謝謝。

Sure. Hi, Lauren. So when I got here in May, right out of the gate, it was Rob, are you concerned about the push to value? Are you concerned that your premium positioning in the marketplace is going to be a risk? And when I just got here, I might have had a little bit of that trepidation because, yeah, you're premium priced, everyone's raising the value, does that create a risk? And what we learned last year is it's just the opposite. We, to a certain extent, because of our footprint, are a bit insulated from the hyper value-conscious guest.

當然。你好，勞倫。所以，當我五月來到這裡時，一開始我就問羅布，你是否擔心推動價值成長？您是否擔心您在市場上的高端定位會帶來風險？當我剛到這裡時，我可能會有一點擔憂，因為，是的，你的價格很高，每個人都在提高價值，這會帶來風險嗎？而我們去年了解到的情況恰恰相反。在某種程度上，由於我們的足跡，我們與那些高度注重價值的客人有點隔絕。

We -- our Shacks are typically in the markets they're in at the corner of [main and main] great real estate, great assets. And historically, our premium positioning has attracted a higher income guest and has people that are a little bit less price sensitive.

我們的 Shacks 通常位於市場的主要角落，擁有優質的房地產和資產。從歷史上看，我們的高端定位吸引了收入較高的客人以及對價格不太敏感的顧客。

So as we aspire to get to 1,500 Shacks, that dynamic will obviously evolve as we penetrate more markets and go into more mixed demographic areas. But right now, we're seeing a lot of strength with our guests. And the Truffle Burger is our highest surprised LTO and history and has performed better than almost any LTO in history.

因此，當我們立志要達到 1,500 家 Shacks 時，隨著我們滲透到更多的市場並進入更多混合人口區域，這種動態顯然會改變。但現在，我們看到我們的客人表現出了很大的力量。松露漢堡是我們歷史上驚喜最高的 LTO，其表現比歷史上幾乎任何 LTO 都要好。

So those data points imply that there's still a lot of demand for high-quality food that people still determine as a great value, right? I mean we may be -- our price -- I've talked also about our price points relative to mainstream, to [SR] competition, the gap has actually narrowed a bit on our core offerings, particularly our Shack Burger and our Double Shack Burger. So we feel really good about our value equation and our guests have shown up and shown us that we can continue to win with this premium strategy.

所以這些數據點意味著人們仍然對高品質食品有很大的需求，並且仍然認為它們很有價值，對嗎？我的意思是，我們的價格可能——我也談到了我們相對於主流、相對於[SR]競爭對手的價格點，我們核心產品的差距實際上已經縮小了一點，特別是我們的 Shack Burger 和 Double Shack Burger。因此，我們對我們的價值方程式感到非常滿意，我們的客人也來到這裡，向我們證明了我們可以繼續透過這個優質策略取勝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. Rob, my question is about speed of service. You mentioned many times about that being a priority. You also indicated that wait times improve by more than a minute year over year. So I was hoping you could perhaps put the opportunity for speed of service into context. So for example, kind of where are you today on wait time?

嗨，早安。羅布，我的問題是關於服務速度。您多次提到這是優先事項。您也指出，等待時間比去年比去年縮短了一分鐘以上。所以我希望您能將服務速度的機會放在上下文中。舉例來說，您今天的等待時間是多少？

Where do you want to be? And just to kind of frame up kind of how much progress has been made already and how much more might be to come? Thanks.

你想去哪裡？只是想概括一下已經取得了多少進展以及未來還可能取得多少進展？謝謝。

Yeah. That was a great question. I'll just -- I'll give you a little walk-through history very quickly. When I was at Taco Bell, we used to talk about every second off of the drive-thru delivery time was worth $1 million in sales to the system because when you're at max capacity during your peak hours, when you drive throughput, you're driving incremental sales. And they had measured how many people drove off the lot or how the -- when the line got to a certain point, the queue stopped growing.

是的。這是一個很好的問題。我只是——我會很快地給你簡要回顧一下歷史。當我在塔可鐘工作時，我們常常談論免下車送貨服務的每一秒都對系統來說價值 100 萬美元的銷售額，因為當你在高峰時段達到最大容量時，當你提高吞吐量時，你就在推動增量銷售額。他們也測量了有多少人把車開出停車場，或是當隊伍到達某個點時，隊伍就停止成長了。

So they've done all that diligence. We have yet to do all that diligence at Shake Shack and our drive-thrus make up less than 10% of our footprint.

所以他們盡了一切努力。在 Shake Shack，我們尚未做好所有的盡職調查，我們的免下車服務僅占我們足跡的不到 10%。

So there's absolutely a benefit in throughput at our peak hours at our best Shacks. And if you walk around New York City at lunch time, you're going to see the line 10 deep at almost every Shake Shack. So there's a throughput benefit. But there's also a lifetime value benefit from improved speed of service, right? Like people don't come to us sometimes because they know that they're going to have to wait.

因此，我們最好的 Shacks 在高峰時段的吞吐量絕對具有優勢。如果你午餐時間在紐約市散步，你會看到幾乎每家 Shake Shack 餐廳前都排著十個人的隊。因此具有吞吐量優勢。但是，提高服務速度也能帶來終身價值利益，對嗎？就像人們有時不來找我們，因為他們知道他們必須等待。

And they're okay with it taking a little bit longer to make the food, but we have longer lines than those people. It's 4 million AUV, we're doing a lot of business. We have a lot of traffic and line.

他們可以接受花更長的時間來製作食物，但我們排隊的時間比那些人還要長。我們的 AUV 有 400 萬，生意很大。我們的交通和排隊都很忙。

So speed is a big focus area for us. And to take a minute off of speed of service in one year, that's just not even something that is possible at the QSRs of the world. Taco Bell, [RVs] places I have experience with, we were trying to take a second off. We're trying to take two seconds off. We took one minute off. Now to put that into context, we're still not even close to the industry standard total time to delivery.

因此，速度是我們關注的重點領域。而在一年內將服務速度降低一分鐘，這在世界上的 QSR 中甚至都是不可能的。塔可鐘 (Taco Bell)，[RV] 我有經驗的地方，我們想休息一下。我們正試圖縮短兩秒鐘。我們休息了一分鐘。現在把這個情況放在背景中，我們仍然沒有接近行業標準的總交付時間。

So we have a lot of work to do. We're not disclosing exactly what those times are, but I can tell you that we still have another minute to go before we even get into the ballpark of where I want to be. And all of our initiatives, both in the short term around our process, our equipment, how we prep cook and hold our food are all geared towards improving our speed without degrading our quality. So that's going to have short-term benefit in 2025. That long term, as we build more drive-thrus, those benefits are going to be even more greatly exacerbated.

所以我們還有很多工作要做。我們不會透露具體的時間，但我可以告訴你，我們還有一分鐘的時間才能達到我想要的大致目標。我們所有的舉措，包括短期內圍繞流程、設備、準備、烹飪和保存食物的方法，都是為了在不降低品質的情況下提高速度。因此這將在 2025 年帶來短期利益。從長遠來看，隨著我們建造更多的免下車服務，這些好處將會更加顯著。

Andy Barish, Jeffreries.

傑弗里斯 (Jeffreries) 的安迪巴里什 (Andy Barish)。

Yeah, hey guys. Just trying to level set on the new labor scheduling. I mean it seems like with low single-digit wage inflation and the pricing you still have for '25, those kind of offset. So are we expecting that 80 bps to kind of continue before you lap it in the fourth quarter on the labor line? I know you've got obviously less pricing, but just trying to get the puts and takes there?

是的，嘿，大家好。只是想對新的勞動調度進行調整。我的意思是，看起來，在低個位數薪資通膨和 25 年的價格不變的情況下，這些抵銷因素仍然存在。那麼，我們是否預期在第四季勞動力線上的漲幅達到 80 個基點之前，這種漲幅會持續下去？我知道您的定價顯然較低，但只是想獲得收益和利益嗎？

Yeah. We're planning for about the same level of benefit throughout the year until we start to lap it closer to the fourth quarter. The other put and take here though, just to consider, we have been seeing sales pressure in the first quarter due to weather and the fires and it was lapping the LTO from last year. So that is a little bit of a pressure. We are lean on operational strategies to help still deliver quite strong margin improvement year over year, which is something for your model.

是的。我們計劃全年的福利水平大致相同，直到接近第四季度為止。不過，這裡的另一個問題是，考慮到天氣和火災，我們在第一季看到了銷售壓力，並且超過了去年的 LTO。所以這確實有點壓力。我們依靠營運策略來幫助我們實現逐年相當強勁的利潤率成長，這對您的模型來說是件好事。

Jeff Farmer, Gordon High School.

傑夫法默，戈登高中。

Great, thank you. Just wanted to take another crack at the three-year guidance question. Obviously, as you guys well know, that low to mid-teens EBITDA growth guide, it's just above that low-teens revenue growth guide.

太好了，謝謝。只是想再嘗試解決三年指導問題。顯然，正如你們所知道的，低至中等水準的 EBITDA 成長指南略高於低水準的收入成長指南。

So clearly implies a smaller level of margin expansion as you move forward. Here's the question, and you guys did hit on this, but I'm just looking for greater clarity on if this is sort of conservatism on your part or an expectation for some incremental costs or maybe a combination of both?

因此顯然意味著，隨著前進，利潤率的擴張水準將會降低。這就是問題所在，你們也確實提到了這一點，但我只是想更清楚地了解，這是你們的保守主義還是對一些增量成本的預期，或者兩者兼而有之？

Yeah. I mean we are definitely in investment mode. We see huge opportunities. We cannot get a better return than investing our capital into our assets, like new Shack openings is the number one value unlocked for this company and that requires increased G&A investment as well that it requires us to continue to build teams, it requires us to go and build the development capability.

是的。我的意思是我們肯定處於投資模式。我們看到了巨大的機會。我們沒有比將資本投資到我們的資產中更好的回報，例如，新 Shack 的開業是該公司釋放的首要價值，這需要增加 G&A 投資，這要求我們繼續建立團隊，這要求我們建立開發能力。

We have to get dealmakers, real estate people, like a lot of that stuff in the QSR industry sits on the franchisees play here, construction management, real estate, all those things, that's all us.

我們必須找到交易商、房地產人士，就像 QSR 行業的許多東西都依賴特許經營商在這裡發揮作用，建築管理、房地產，所有這些事情，都是我們的。

So we are making those investments in 2025 and into 2026 to continue to drive incremental growth, like we are going to build more restaurants, more Shacks this year than we built last year, and we're going to build more than that in 2026, and beyond.

因此，我們將在 2025 年和 2026 年進行這些投資，以繼續推動增量成長，例如，今年我們將比去年建造更多的餐廳、更多的 Shacks，而且，我們將在 2026 年及以後建造更多。

So we're making investments. So as you think about the margin opportunities, we can absolutely grow our margins faster than what we've guided to. But that would come potentially at the expense of the investments necessary to deliver the full realized long-term potential of this -- of our company. So, I don't know, Katie, if you want to add anything to that?

因此我們正在進行投資。因此，當您考慮利潤機會時，我們的利潤絕對可以比我們預期的更快成長。但這可能會以犧牲我們公司充分發揮長期潛力所需的投資為代價。那麼，凱蒂，我不知道你是否想補充一些什麼？

Yeah. I mean I think it's important to put that into perspective here. So just looking at 2024, we started the year with about 200 Shacks in our comp base. And we grew our comps by about 3.6% year over year. So it's about $30 million, you kind of have system-wide AUVs, it's about $30 million of revenue that came from just our comp base.

是的。我的意思是，我認為在這裡正確看待這一點很重要。展望 2024 年，我們年初時的公司基礎中就有大約 200 個 Shacks。我們的同店銷售額年增約 3.6%。所以大概是 3000 萬美元，你擁有全系統的 AUV，大約 3000 萬美元的收入只來自我們的公司基礎。

However, we did increase our sales by $160 million year over year. So really four-fifths of our revenue growth is coming from -- our incremental revenue is coming from us opening up more and more Shacks. And to Rob's point, for us to achieve our total long-term potential of at least 1,500 shacks and what that can mean from how big adjusted EBITDA could be on that side, it does require a level of investment, but we believe we have a great plan in place in order to do that, and we believe we're maximizing the returns from this business.

然而，我們的銷售額確實比去年同期成長了 1.6 億美元。因此，我們收入成長的五分之四實際上來自於——我們的增量收入來自於我們開設越來越多的 Shacks。正如 Rob 所說，為了實現我們至少 1,500 間小屋的長期總潛力，以及從調整後的 EBITDA 來看這意味著什麼，這確實需要一定程度的投資，但我們相信我們已經制定了一個很好的計劃來做到這一點，我們相信我們正在從這項業務中最大化回報。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

Hey, thanks for the question. I just want to go back to the drive-thru optimization process. Could you speak a little bit more about what that entails? And if menu bundling is going to be part of that solution or more broadly, how you expect the changes to improve performance?

嘿，謝謝你的提問。我只是想回到免下車優化流程。您能否進一步談談這意味著什麼？如果選單捆綁成為該解決方案的一部分或更廣泛地說，您認為這些變更將如何提高效能？

Yeah, Jim. Menu bundling will absolutely be part of that solution, and we will be launching that soon. So I've been talking about it for a long time. We have been building it. We've been optimizing it.

是的，吉姆。選單捆綁絕對會成為該解決方案的一部分，我們很快就會推出該功能。所以我已經談論這個問題很久了。我們一直在建造它。我們一直在對其進行優化。

And I am committing that it is coming. That's just one part of it, though. But it's a big part of it because we -- the biggest gap versus best-in-class drive-thru is in the order zone for us. So ideally, the configurations, the changes we're making to the menu and the drive-thru will have a very positive impact on the order times.

我承諾它一定會實現。但這只是其中的一部分。但這是其中很重要的一部分，因為我們與一流的免下車服務之間最大的差距在於訂購區。因此理想情況下，我們對菜單和免下車服務所做的配置和更改將對訂購時間產生非常積極的影響。

But we're making other improvements as well. We're streamlining, I mean I talked about it and I mentioned it earlier, we are streamlining the drive-thru restaurants. We are improving -- and our kitchen innovation lab, I mean this is something I want everyone to take away. For us to do kitchen innovation in the past, we have built Shacks with new models to test them. Like think about that.

但我們也在進行其他改進。我們正在精簡，我的意思是我談論過這個，我之前也提到過，我們正在精簡免下車餐廳。我們正在改進——我們的廚房創新實驗室，我的意思是，這是我希望每個人都能帶走的東西。我們過去進行廚房創新時，曾建造過採用新模型的 Shacks 來測試它們。就像想想那樣。

We didn't have a lab, for us to like learn, it required us to build more Shacks and do things differently. So while you're trying to open up a new restaurant in an optimized way and drive performance, you're also testing ideas and thinking about, well, maybe this could work, maybe that could work.

我們沒有實驗室，為了學習，我們需要建造更多的棚屋並以不同的方式做事。因此，當您嘗試以優化的方式開設新餐廳並提高業績時，您也在測試想法並思考，也許這可行，也許那可行。

The whole idea behind this kitchen innovation lab that we're opening in Atlanta is we are building a modular lab that's going to allow us to test and optimize all of our kitchen equipment and build-outs and flows and processes. So that is going to accelerate like 100 times acceleration of innovation on our model. So that's going to have a big impact.

我們在亞特蘭大開設的這個廚房創新實驗室背後的整個想法是建立一個模組化實驗室，讓我們能夠測試和優化我們所有的廚房設備、構造、流程和流程。因此，這將使我們的模型的創新加速 100 倍。這會產生很大的影響。

And then the last thing I'll say is our -- I know we talked about the flows, but even just the equipment. I mean we talked about hot holding. We've talked about fries. We talked about shake machines, like all those things are on the table that haven't really been on the table in the past. So we're looking at all of that to decrease the times in the drive-thru.

然後我要說的最後一件事是——我知道我們討論了流程，但只是討論了設備。我的意思是我們談論了熱持有。我們已經討論過薯條了。我們討論了奶昔機，就像所有這些過去從未真正被擺上桌面的東西一樣。因此，我們正在考慮採取各種措施來減少免下車取餐的時間。

And we just built our first single lane drive-thru that opened in December and Wesley Chapel and Tampa. And I got to tell you, it has the best times in our system and drive-thru and it's single lane and it doesn't even have all of these improved modifications. So lots of upside there.

我們剛剛建造了第一條單車道免下車服務通道，於 12 月在韋斯利教堂和坦帕開業。我必須告訴你，它在我們的系統中擁有最好的成績，並且是單車道，甚至沒有所有這些改進。因此，這其中存在著很大的上升空間。

Rahul Kro, JPMorgan.

摩根大通的拉胡爾·克羅 (Rahul Kro)。

Hey guys, hey Rob, can you talk more about this Atlanta support center? I know you mentioned a little bit about the kitchen innovation lab. But over time, like how big and what kind of capabilities will this center have?

嘿夥計們，嘿 Rob，你能多談談這個亞特蘭大支援中心嗎？我知道您提到了一些關於廚房創新實驗室的事情。但隨著時間的推移，這個中心將會變得多大、有什麼樣的能力？

And it does sound like some sort of secondary HQ? And then I also wanted to follow up on how you plan to attract the right tech talent out there, given how expensive it's been and then as you continue to build out your data and tech capabilities?

這聽起來像是某種二級總部嗎？然後，我還想問一下，考慮到成本如此之高，並且隨著您繼續建立數據和技術能力，您計劃如何吸引合適的技術人才？

Yeah. I mean it's a great question. In the last quarter, we have moved away from this idea of a headquarters. We have communicated in my year beginning letter, I sent a note out to all of our employees. And I just let them know, everybody in our company is dedicated to one thing, making our Shacks successful.

是的。我認為這是一個很好的問題。上個季度，我們已經放棄了總部這個想法。我們已經在年初信中進行了溝通，我向所有員工發送了一份通知。我只是讓他們知道，我們公司的每個人都致力於一件事：讓我們的 Shacks 取得成功。

Every employee, whether you're in finance, you're in tech, you're in marketing, whatever, we're all here to support our operations. And so we have moved from a headquarters vernacular to support -- Shack support centers. And we have three of them. We have New York, we have Hong Kong for international business, and we are building Atlanta. And Atlanta is going to give us a very convenient location to operate a restaurant company out of.

每位員工，無論你從事財務、技術、行銷或其他任何工作，我們都在這裡支持我們的營運。因此，我們已經從總部模式轉向支援模式—Shack 支援中心。我們有三個。我們有紐約，有香港開展國際業務，我們正在建立亞特蘭大。亞特蘭大將為我們提供一個非常便利的地點來經營餐飲公司。

We are going to be able to recruit different talent from across the country to be able to come to Atlanta, and we're going to be able to do it more efficiently.

我們將能夠從全國各地招募不同的人才來到亞特蘭大，而且我們將能夠更有效地做到這一點。

So we are super proud of our roots in New York City. We have a great team here in New York City doing amazing work and driving all these great results. That's not going to change. Like, we are not moving people from New York to Atlanta. We're essential -- we're just opening up the opportunities both from a recruiting.

因此，我們為自己的根基在紐約而感到非常自豪。我們在紐約市擁有一支優秀的團隊，他們所做的工作非常出色，並且取得了所有這些偉大的成果。這不會改變。例如，我們不會將人們從紐約遷往亞特蘭大。我們至關重要——我們只是從招募的角度開放機會。

And you talk about tech talent, this new office gives us access to a whole new population of tech talent. And we've just hired a new Chief Information and Technology Officer, Justin Mennen, who is best in class, is building a best-in-class organization. He's going to be based out of Atlanta. Atlanta has over 60 universities within a two-hour derived from it. It's a hot bed of restaurant, operations talent, it's also a hot bed of tech talent.

說到技術人才，這個新辦公室讓我們能夠接觸到一群全新的技術人才。我們剛剛聘請了一位新的首席資訊和技術長賈斯汀·門南 (Justin Mennen)，他是同類中的佼佼者，正在打造一個同類中最好的組織。他將駐紮在亞特蘭大。亞特蘭大兩小時車程內有60多所大學。這裡是餐飲、營運人才的溫床，也是技術人才的溫床。

So we feel great about opening this office, giving us a lot more access to recruiting and also giving us a space to be able to do a lot of this innovation work.

因此，我們很高興開設這個辦公室，它為我們提供了更多的招募管道，也為我們提供了大量創新工作的空間。

We have reached the end of our question-and-answer session. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

我們的問答環節已經結束。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。