Shake Shack Inc (SHAK) 2025 Q2 法說會逐字稿

Greetings. Welcome to Shake Shack's second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Shake Shack 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Melissa Calandruccio, Investor Relations. Thank you. You may begin.

現在我很高興介紹投資者關係部門的 Melissa Calandruccio。謝謝。你可以開始了。

Thank you, operator. And good morning, everyone. Joining me for Shake Shack's conference call is our CEO, Rob Lynch; and our CFO, Katie Fogertey.

謝謝您，接線生。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 Katie Fogertey。

Additionally, I'm very pleased to announce that Alison Sternberg has joined us as Shake Shack's new Head of Investor Relations. Alison brings over 25 years of finance and investor relations expertise across multiple industries, including consumer. We're excited to have her on board and look forward to everyone getting to meet her. Alison?

此外，我很高興地宣布，艾莉森·斯特恩伯格 (Alison Sternberg) 已加入我們，擔任 Shake Shack 的新投資者關係主管。艾莉森擁有超過 25 年的金融和投資者關係專業知識，涉及多個行業，包括消費品行業。我們很高興她能加入我們，並期待每個人都能見到她。艾莉森？

Thank you, Melissa. I am delighted to be here today. Shake Shack has long been a brand and company that I've deeply admired and I'm excited to work alongside this talented team to capitalize on the significant opportunities ahead of us. Over the past few weeks, I've been immersing myself in the business and collaborating closely with Rob, Katie, and our finance team as we prepare for today's earnings call. I look forward to connecting with many of you in the coming months.

謝謝你，梅麗莎。我很高興今天來到這裡。Shake Shack 一直是我深深欽佩的品牌和公司，我很高興能與這個才華橫溢的團隊一起努力，抓住我們面前的重大機會。在過去的幾周里，我一直全心投入業務，並與 Rob、Katie 和我們的財務團隊密切合作，為今天的收益電話會議做準備。我期待在接下來的幾個月與你們中的許多人建立聯繫。

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

現在，回歸正題。在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標有助於評估我們的表現。不應孤立地考慮這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代方案。我們的收益報告和股東信中的財務詳情部分提供了與可比較 GAAP 指標的對帳資訊。

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 21, 2025, and our other SEC filings. 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.

今天的一些聲明可能是前瞻性的，實際結果可能由於許多風險和不確定因素而存在重大差異，包括我們於 2025 年 2 月 21 日提交的 10-K 表年度報告和我們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。任何前瞻性陳述僅代表我們截至今天的觀點，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。

By now, you should have access to our second-quarter 2025 shareholder letter, which can be found at investor.shakeshack.com in the Quarterly Results section or as an exhibit to our 8-K for the quarter.

現在，您應該可以訪問我們的 2025 年第二季度股東信，該信可在 investor.shakeshack.com 的季度業績部分找到，也可以作為本季度 8-K 的附件。

I will now turn the call over to Rob.

現在我將電話轉給 Rob。

Thanks, Alison. Good morning, everyone. Firstly, I want to thank all of our team members across the country who have been leading the efforts to assist their communities impacted by significant weather. I'm never surprised but always thankful for the way our Shake Shack team members contribute their time and resources when challenges arise.

謝謝，艾莉森。大家早安。首先，我要感謝全國各地的所有團隊成員，他們一直努力幫助受到惡劣天氣影響的社區。我從不感到驚訝，但總是感謝我們的 Shake Shack 團隊成員在遇到挑戰時貢獻他們的時間和資源。

And I'm proud to announce that with their help, we have raised over $100,000 to support communities in Texas and North Carolina impacted by the devastating floods earlier this month. We are all hopeful that this support can help a lot of people in a significant time of need.

我很自豪地宣布，在他們的幫助下，我們已經籌集了超過 10 萬美元，用於支持本月早些時候遭受毀滅性洪水影響的德克薩斯州和北卡羅來納州的社區。我們都希望這種支持能夠在人們最需要的時候幫助很多人。

On to our Q2 results. I'm very proud of the strong results from the second quarter despite a particularly challenging environment in the first quarter and April. Although there are still lingering headwinds facing the industry, these results are reflective of our continued execution against our strategic plan and long-term aspirations and are the foundation of our confidence in raising our adjusted EBITDA guide for the full year.

繼續討論我們的第二季業績。儘管第一季和四月的環境特別具有挑戰性，但我對第二季的強勁業績感到非常自豪。儘管業界仍面臨揮之不去的阻力，但這些業績反映了我們持續執行策略計畫和長期願景，也是我們提高全年調整後 EBITDA 指引的信心基礎。

Just a year ago, I stood here and outlined our areas of focus, and I am humbled by the progress that our entire team has made in such a short period of time. On my first earnings call, I shared three key priorities. The first was driving healthy Shake Shack sales while building brand awareness and affinity. The second was opening more Shacks globally with strong returns for us and our licensed partners. And the third was improving profitability in our Shacks and across the enterprise. Over the last year, we've made meaningful progress in all three areas. And we have a clear road map to continue scaling Shake Shack with discipline and purpose.

就在一年前，我站在這裡概述了我們的重點領域，我為我們整個團隊在如此短的時間內所取得的進步感到謙卑。在我的第一次財報電話會議上，我分享了三個主要優先事項。首先是推動 Shake Shack 的健康銷售，同時建立品牌知名度和親和力。第二個目標是在全球開設更多 Shacks，為我們和我們的授權合作夥伴帶來豐厚的回報。第三是提高我們 Shacks 和整個企業的獲利能力。在過去的一年裡，我們在這三個領域都取得了有意義的進展。我們有一個清晰的路線圖，可以繼續有紀律、有目的地擴大 Shake Shack 的規模。

Let me begin by reinforcing what we're building and why we know that we're positioned to win. Our team members and general managers are the heart of our brand. They deliver a differentiated guest experience anchored in premium ingredients and enlightened hospitality in beautiful restaurants. That is what sets us apart in the category. Team member and guest satisfaction remain our true north as we execute on a long-term strategy focused on revenue growth and margin expansion.

首先，我要強調我們正在建立的目標以及我們為什麼知道自己能夠取得勝利。我們的團隊成員和總經理是我們品牌的核心。他們在美麗的餐廳中提供以優質食材和熱情款待為基礎的差異化賓客體驗。這就是我們在這一類別中脫穎而出的原因。當我們執行專注於收入成長和利潤擴大的長期策略時，團隊成員和客人的滿意度仍然是我們的根本目標。

One of my favorite quotes is from Simon Sinek, who says, leadership is not about being in charge, it's about taking care of those in your charge. At Shake Shack, we accomplished this through our culture of enlightened hospitality. We are laser-focused on taking care of our team members so that they can take care of our guests.

我最喜歡的一句話是西蒙‧斯涅克說的，他說，領導力不在於掌管一切，而在於照顧好你所負責的人。在 Shake Shack，我們透過開明的待客文化實現了這一目標。我們全心全意地照顧我們的團隊成員，以便他們可以照顧我們的客人。

Over the past year, we've evolved into a performance-based culture that empowers our teams to lead with clarity, accountability, and purpose. We've invested in leadership development programs that go beyond training to prepare our next generation of leaders to open the many Shacks ahead. From Shack level managers to our support center teams, we're equipping our people with the tools, mentorship, and confidence they need to grow and thrive.

在過去的一年裡，我們已經發展出一種基於績效的文化，使我們的團隊能夠以清晰、負責和有目的的方式領導。我們投資了領導力發展計劃，這些計劃不僅提供培訓，還為我們的下一代領導者做好準備，以開創未來的許多事業。從 Shack 級別的經理到我們的支援中心團隊，我們為員工提供成長和發展所需的工具、指導和信心。

And we're seeing the results from improved restaurant level margins to our ability to open the largest class of new Shacks on record this year. Our wins are powered by leaders who are deeply engaged and committed to our success. As we scale, we will remain focused on our number one strategic priority of building this culture of leadership, and it will be our fuel, enabling us to grow with consistency, maintain the soul of our brand, and deliver long-term value for our shareholders.

我們看到，餐廳利潤率的提高以及今年我們開設了有史以來規模最大的新 Shacks 餐廳的能力都帶來了成果。我們的勝利得益於那些全心投入並致力於我們成功的領導者。隨著我們規模的擴大，我們將繼續專注於我們的首要策略重點，即打造這種領導文化，它將成為我們的動力，使我們能夠持續成長，保持品牌的靈魂，並為股東創造長期價值。

To further support our efforts, earlier this month, we welcomed Jamie Griffin as our new Chief People Officer, reporting directly to me. Jamie has held multiple roles across various business segments and multiunit restaurants, always serving as the connective tissue between field teams and senior leadership in helping them to scale. We are very excited to have him on our team as we bring the world's best fine casual experience to as many guests, team members, and communities as possible.

為了進一步支持我們的努力，本月初，我們歡迎傑米·格里芬 (Jamie Griffin) 擔任我們的新任首席人才官，直接向我報告。傑米曾在多個業務部門和多單元餐廳擔任過多個職務，始終充當現場團隊和高層領導之間的連結紐帶，幫助他們擴大規模。我們非常高興他能加入我們的團隊，為盡可能多的客人、團隊成員和社區帶來世界上最好的休閒體驗。

In his role, Jamie will oversee key areas of the company, including team member experience, talent acquisition, organizational design, and leadership development amongst others. Additionally, he will leave the Shack Support Center HR team to support enterprise growth, build organizational capabilities, and shape our high-performance people-first culture rooted and enlightened hospitality.

在他的職位上，傑米將負責監督公司的關鍵領域，包括團隊成員體驗、人才招募、組織設計和領導力發展等。此外，他將離開 Shack 支援中心人力資源團隊，以支持企業發展、建立組織能力並塑造我們以人為本的高績效文化和開明的待客之道。

Our second strategic priority is improving restaurant operations, and the results speak for themselves. In Q2, we expanded restaurant-level margin by nearly 200 basis points year-over-year to approximately 24%, our highest in the last 24 quarters. This reflects the strength of our operational foundation and the momentum that we are building.

我們的第二個策略重點是改善餐廳運營，其結果不言而喻。在第二季度，我們的餐廳利潤率年增近 200 個基點至約 24%，這是我們過去 24 個季度以來的最高水準。這體現了我們營運基礎的強大以及我們正在建立的勢頭。

We've implemented a performance scorecard that's driving accountability and visibility across our Shacks, improving both guest experience and profitability versus last year. We're investing in tools that empower our teams to operate more efficiently, including smarter scheduling systems and targeted coaching. This past quarter, we achieved improved labor attainment, speed of service and order accuracy.

我們實施了績效記分卡，以提高我們 Shacks 的責任感和可見度，與去年相比，提高了客人體驗和獲利能力。我們正在投資能夠使我們的團隊更有效率地運作的工具，包括更聰明的調度系統和有針對性的指導。上個季度，我們提高了勞動力效率、服務速度和訂單準確性。

Our third strategic priority and a core focus of our long-term strategy is delivering positive same-Shack sales with a focus on traffic and culinary mix. In the second quarter, we achieved 1.8% same-Shack sales growth. Trends improved throughout the period and into July, where we delivered 3.2% same-Shack sales through a combination of culinary innovation, targeted marketing, operational improvements, and digital activations, all aimed at reaching new guests, increasing guest frequency, and reinforcing our value proposition.

我們的第三個策略重點和長期策略的核心重點是實現同店銷售額的正面成長，並專注於客流量和烹飪組合。第二季度，Shack 同店銷售額成長 1.8%。整個期間以及 7 月的趨勢都有所改善，透過烹飪創新、有針對性的行銷、營運改善和數位活化等多種方式，我們實現了 3.2% 的同店銷售額，所有這些都旨在吸引新客人、增加客人頻率並強化我們的價值主張。

Culinary innovation is part of our DNA at Shake Shack. We take immense pride in our ability to serve unbelievable food with the finest quality ingredients, made fresh to order for our guests. We are continuing to innovate across our core menu, along with a strong pipeline of LTOs.

烹飪創新是 Shake Shack 的 DNA 的一部分。我們為能夠採用最優質的食材，為客人提供新鮮烹製的令人難以置信的美食而感到無比自豪。我們將繼續對我們的核心菜單進行創新，同時擁有強大的 LTO 管道。

We look forward to the next 18 months where we are going to introduce new innovation to our guests as only Shake Shack can. We are seeing it today with our limited time summer barbecue platform, Dubai Chocolate Pistachio Shake, and new fried pickles side. These offerings are creating an exciting buzz bringing in new guests while also driving higher frequency.

我們期待在接下來的 18 個月為我們的客人推出只有 Shake Shack 才能做到的新創新。今天，我們在限時夏季燒烤平台、迪拜巧克力開心果奶昔和新款炸泡菜上看到了它。這些服務正在引起轟動，吸引新客人，同時也提高了客人的頻率。

On the marketing front, we are focused on driving sustained, engagement strategies. And with our increased scale, we are in the initial stages of testing a paid media component of our business model. We expect to realize the full potential of this brand by clearly defining how Shake Shack is different than fast food and bringing that to life in every market we compete in.

在行銷方面，我們專注於推動持續的參與策略。隨著規模的擴大，我們正處於測試商業模式付費媒體組件的初始階段。我們希望透過明確定義 Shake Shack 與快餐的不同之處，並在我們參與競爭的每個市場中將其變為現實，充分發揮該品牌的潛力。

As a company, we have historically underinvested in advertising versus many of our larger peers. And while Same Shack sales growth has been positive for many quarters now, this has been a limiting factor to achieving our true potential.

作為一家公司，與許多規模較大的同業相比，我們在廣告方面的投資一直不足。儘管 Same Shack 的銷售額已連續多個季度保持正成長，但這卻是限制我們發揮真正潛力的因素。

In Q2, we delivered close to 2% same-Shack sales and approximately 3% of pricing year-over-year. Compare that to 2024, where we delivered 4% of same-Shack sales with approximately 7% pricing. We are building a different, more sustainable, value-enhancing model that still delivers the premium experience that sets us apart.

在第二季度，我們的 Shack 同店銷售額年增近 2%，定價年增約 3%。相比之下，2024 年，我們實現了 4% 的同類型 Shack 銷售額，定價約為 7%。我們正在建立一種不同的、更永續的、增值的模式，同時仍然提供讓我們與眾不同的優質體驗。

Moving forward, we will support our amazing culinary offerings with traffic driving media. This has never been the case for Shake Shack. We have historically relied on our word-of-mouth promotions and other bottom of the funnel marketing initiatives to drive traffic. These tactics will continue to be components of our model where appropriate, but they will be enhanced and supplemented with advertising that brings our brand to life.

展望未來，我們將利用流量驅動媒體來支持我們令人驚嘆的烹飪產品。Shake Shack 從來沒有出現過這種情況。我們過去一直依靠口碑宣傳和其他漏斗底部的行銷活動來吸引流量。在適當的情況下，這些策略將繼續成為我們模式的組成部分，但它們將透過廣告得到增強和補充，使我們的品牌煥發生機。

Last week, we embarked on a paid media campaign around two exciting products and strategies, our Dubai Shake and our new Dollar soda promotion to drive Shack app adoption and usage. Building this product marketing muscle is a cornerstone for us to drive long-term sustainable traffic, delivering incremental sales with great products and marketing will provide even more fuel for continued leverage and restaurant margin expansion.

上週，我們圍繞著兩種令人興奮的產品和策略開展了付費媒體活動，即我們的 Dubai Shake 和新的 Dollar 汽水促銷活動，以推動 Shack 應用程式的採用和使用。打造這種產品行銷實力是我們推動長期可持續流量的基石，透過優質的產品和行銷實現增量銷售將為持續的槓桿作用和餐廳利潤擴張提供更多動力。

Another sales strategy we've been focused on is offering combos. We believe that combos or bundled meals are important for drive-through success. By reducing the friction for our guests and increasing our value perception, we see potential for combos to drive throughput and frequency. Our combo meals are now live in all 46 of our drive-throughs, and we're excited about the continued opportunity in this important format.

我們一直關注的另一種銷售策略是提供組合。我們相信，套餐或捆綁餐點對於免下車服務的成功至關重要。透過減少客人的摩擦並提高我們的價值認知，我們看到了組合提高吞吐量和頻率的潛力。我們的套餐現已在全部 46 家免下車餐廳中上線，我們很高興能夠繼續以這種重要的形式提供套餐。

Looking forward, we're confident that our holistic approach, combining culinary innovation, guest experience enhancements, and a 360-degree approach to marketing will continue to drive top growth and strengthen our brand.

展望未來，我們相信，結合烹飪創新、賓客體驗提升和全方位行銷方法的整體方法將繼續推動頂級成長並加強我們的品牌。

Turning to development. We continue to execute with discipline and momentum in Q2, opening new Shacks that reflect the strength of our brand and the scalability of our model. In the second quarter, we opened 13 new domestic company-operated Shacks, bringing our first half total to 17. We remain on track to open 45 to 50 company-operated Shacks in 2025 and marking this as the largest class in company history. These openings are concentrated primarily in established markets outside of the Northeast, diversifying our portfolio and increasing the productivity of our supply chain and marketing investments.

轉向發展。我們在第二季度繼續嚴格執行並保持強勁勢頭，開設新的 Shacks，以體現我們品牌的實力和我們模式的可擴展性。第二季度，我們在美國國內新開了 13 家公司直營 Shacks，使上半年 Shacks 總數達到 17 家。我們仍計劃在 2025 年開設 45 至 50 家公司經營的 Shacks，這將成為該公司歷史上最大的一類 Shacks。這些新店主要集中在東北地區以外的成熟市場，使我們的產品組合更加多樣化，並提高了我們的供應鏈和行銷投資的生產力。

We are continuing to push the limits of what is possible and to think big with our new location at The Battery in Atlanta right next to the Braves' stadium. It's our first company-operated Shack offering a great lineup of signature cocktails like the frozen or on the rocks [Patron Chacarita] alongside Boozy Shakes and many other premium cocktails, spirits, beer, and wine. This first of its kind Shack came to life through a fast, cross-functional effort across our company and shows just how much progress we have made on transforming our pace of innovation. This location also features promising new equipment that is allowing us to deliver a high-quality experience with shorter wait times.

我們將繼續突破一切可能的極限，並將我們的新址設在亞特蘭大勇士隊體育場旁的 The Battery，以期實現宏偉的目標。這是我們公司經營的第一家小屋，提供一系列招牌雞尾酒，如冰鎮或加冰的 [Patron Chacarita]、Boozy Shakes 和許多其他優質雞尾酒、烈酒、啤酒和葡萄酒。這個首創的 Shack 是透過我們公司跨職能部門的快速努力而誕生的，它展示了我們在轉變創新步伐方面所取得的巨大進步。該地點還配備了有前景的新設備，使我們能夠在更短的等待時間內提供高品質的體驗。

Just a few weeks in, the team is already hitting it out of the park with strong volumes on both game days and nongame days. The wins we are seeing here reinforce the innovative work we have embarked on around kitchen equipment and layout operations and a broader culinary strategy. We're also making solid progress on reducing our build costs. Despite global supply chain uncertainty, we are on track to reduce our cost to build by at least 10% this year, and we're confident that the work our teams have done will allow us to continue to open many more beautifully designed, high-return Shacks.

僅僅幾週之後，該隊就已在比賽日和非比賽日表現出色，取得了優異的成績。我們在這裡看到的勝利強化了我們在廚房設備和佈局操作以及更廣泛的烹飪策略方面開展的創新工作。我們在降低建設成本方面也取得了穩定進展。儘管全球供應鏈存在不確定性，但我們今年仍有望將建築成本降低至少 10%，我們相信，我們團隊所做的工作將使我們能夠繼續開設更多精美設計、高回報的 Shacks。

Turning to our license business. We had an exceptional quarter with nine new openings and strong performance across regions. In China, we expanded our breakfast offering to more cities along with new menu items tailored to local tastes, helping us stabilize performance in a region that had been under pressure.

轉向我們的許可業務。我們本季表現優異，新開設了 9 家分店，各地區表現強勁。在中國，我們將早餐供應範圍擴大到更多城市，並推出了適合當地口味的新菜單，幫助我們穩定了這個一直承受壓力的地區的表現。

We also announced two new licensing partnerships one with PENN Entertainment to bring Shake Shack to 10 licensed domestic casinos and another with Grupo Attie-Multifood Enterprises to open 12 Shacks in Panama with the first opening next year. These new partnerships reflect our disciplined approach to global growth and our confidence in the long-term potential of the brand. I'm also thrilled to share that Shake Shack has now served on Delta flights across 13 domestic airports and guest feedback has so far been amazing.

我們還宣布了兩項新的許可合作夥伴關係，一項是與 PENN Entertainment 建立的，將 Shake Shack 引入 10 家獲得許可的國內賭場，另一項是與 Grupo Attie-Multifood Enterprises 建立的，將在巴拿馬開設 12 家 Shake Shack，第一家將於明年開業。這些新的合作關係體現了我們對全球成長的嚴謹態度以及我們對品牌長期潛力的信心。我也很高興地告訴大家，Shake Shack 現已在達美航空 13 個國內機場的航班上提供服務，到目前為止，客人的回饋都非常好。

Looking ahead to 2026, we plan to grow new units system-wide by at least a mid-teens percent, with a continued focus on delivering strong cash-on-cash returns for ourselves and our partners. We're building the infrastructure and capabilities to support this growth while maintaining the integrity of our guest experience and operational excellence.

展望 2026 年，我們計劃將全系統的新單位數量增加至少百分之十五左右，並繼續致力於為我們自己和我們的合作夥伴提供強勁的現金回報。我們正在建立基礎設施和能力來支持這一成長，同時保持客戶體驗的完整性和卓越的營運。

Lastly, as we scale Shake Shack for the future, we're making deliberate investments in our long-term strategic capabilities. Key milestone in this journey is the opening of our second domestic support center in Atlanta later this year. This space will serve as a hub for continued innovation, collaboration, and operational excellence, bringing together our teams from across the globe and enabling us to better support our growing Shack footprint.

最後，隨著我們未來擴大 Shake Shack 的規模，我們正在對我們的長期策略能力進行深思熟慮的投資。這一歷程中的關鍵里程碑是今年稍後在亞特蘭大開設我們的第二個國內支援中心。該空間將成為持續創新、協作和卓越營運的中心，匯集我們來自世界各地的團隊，使我們能夠更好地支持不斷成長的 Shack 業務。

From culinary innovation, restaurant operations, digital transformation to supply chain optimization and new kitchen prototypes, we're laying the foundation for a more agile, efficient, and guest-centric organization. One is built to lead in the years ahead. New York will continue to be our home, and we will continue to invest in amazing talented team members there. but this new facility will significantly enhance our ability to build the team, pipeline, and future we aspire to. We look forward to hosting many of you there in the near future.

從烹飪創新、餐廳營運、數位轉型到供應鏈優化和新廚房原型，我們正在為更靈活、高效和以客人為中心的組織奠定基礎。其中一個是為了引領未來而建立的。紐約將繼續作為我們的家，我們將繼續在那裡投資培養才華橫溢的團隊成員。但這個新設施將大大增強我們建立團隊、管道和我們渴望的未來的能力。我們期待在不久的將來在那裡接待你們。

And with that, I'll turn it to Katie for more details on the quarter.

接下來，我將向凱蒂詢問本季度的更多詳細資訊。

Thank you, Rob. And good morning, everyone. As Rob shared, we're pleased with our second quarter performance and the continued momentum that we're building across the business. This quarter marks the 18th consecutive quarter of positive same-Shack sales growth as we also continue to deliver year-over-year expansion in restaurant level and adjusted EBITDA margins and delivered double-digit adjusted EBITDA growth. These results reflect the strength of our strategy and the discipline with which we're executing.

謝謝你，羅布。大家早安。正如 Rob 所說，我們對第二季的業績以及整個業務持續保持的成長勢頭感到滿意。本季是 Shack 同店銷售額連續第 18 個季度實現正增長，同時我們也繼續實現餐廳水平和調整後 EBITDA 利潤率的同比增長，並實現了兩位數的調整後 EBITDA 增長。這些結果反映了我們策略的實力和執行的紀律。

Let's dive into the details. Total revenue for the second quarter was $356.5 million, ahead of our guidance range. System-wide sales grew 13.7% year-over-year to $549.9 million, supported by 22 new Shack openings system-wide and positive same-Shack sales growth.

讓我們深入了解一下細節。第二季總營收為 3.565 億美元，超出我們的預期範圍。全系統銷售額年增 13.7% 至 5.499 億美元，這得益於全系統 22 家新 Shack 餐廳開業以及 Shack 同店銷售額的積極增長。

In our license business, we grew revenue by 20.2% year-over-year to $13.3 million with sales up approximately 16% to $206.7 million. We opened nine licensed Shacks in the quarter and saw a strong performance across regions, including the US and meaningful improvements in trends in China with positive impacts from new menu innovation and extended dayparts.

在我們的授權業務中，我們的營收年增 20.2%，達到 1,330 萬美元，銷售額成長約 16%，達到 2.067 億美元。我們在本季開設了 9 家特許經營的 Shacks，並在美國等地區取得了強勁表現，中國市場的趨勢也出現了顯著改善，新菜單的創新和延長營業時間也帶來了積極影響。

In our company-operated business, we grew Shack sales 12.4% year-over-year to $343.2 million with 13 new Shack openings, including two drive-thrus, bringing our first half total openings to 17. We are on track to open 45 to 50 company-operated Shacks this year, our largest class on record and are already deep in the work to open even more Shacks next year.

在我們公司經營的業務中，Shack 銷售額年增 12.4%，達到 3.432 億美元，新開了 13 家 Shack 餐廳，其中包括兩家免下車餐廳，使我們上半年的 Shack 餐廳總數達到 17 家。我們計劃今年開設 45 至 50 家公司直營 Shacks，這是我們有史以來開設的最大規模的 Shacks，並且我們已經在全力籌備明年開設更多的 Shacks。

Average weekly sales were 78,000 with 1.8% same-Shack sales growth. Importantly, and as Rob just mentioned earlier, we grew comps year-over-year despite less incremental pricing. In-Shack menu price was up approximately 2% and blended across all channels about 3%.

平均每週銷售量為 78,000 份，同店銷售量增加 1.8%。重要的是，正如 Rob 之前提到的，儘管增量定價較少，但我們的銷售額同比增長。In-Shack 菜單價格上漲約 2%，所有通路價格上漲約 3%。

Traffic was down 70 basis points, and our trends improved in each month of the quarter with positive traffic exiting the quarter and into July, driven by successful marketing activations, operational improvements, compelling menu innovation, and further improving the guest experience. We are encouraged by the resilience of our Shacks and how we have grown this brand as well as our pipeline of all that's to come.

客流量下降了 70 個基點，但本季每個月的趨勢都有所改善，在成功的營銷活動、營運改進、引人注目的菜單創新以及進一步改善的客戶體驗的推動下，本季度和 7 月份的客流量均呈正增長。我們對 Shacks 的韌性、我們如何發展這個品牌以及我們未來的所有產品線感到鼓舞。

Turning to culinary innovation. With our strategic culinary calendar, it's not only driving traffic, it's also benefiting mix. Mix in the quarter contributed approximately 1 percentage point of growth to our comp led by summer barbecue and merchandising improvements on our digital and kiosk channels. Items per check declined 1.5%, impacted by smaller party sizes. Trends continue to improve into July, with positive 3.2% same-Shack sales growth and positive traffic, led by our national Dubai Shake offering and additional marketing activations.

轉向烹飪創新。透過我們的策略烹飪日程表，它不僅可以吸引客流，還可以帶來效益。本季的產品組合為我們的業績貢獻了約 1 個百分點的成長，主要得益於夏季燒烤以及數位和自助服務終端通路的商品推銷改進。受聚會規模較小影響，每張支票的物品數量下降了 1.5%。7 月趨勢持續改善，同店銷售額成長 3.2%，客流量也呈現正成長，主要得益於我們在全國推出的 Dubai Shake 促銷活動和其他行銷活動。

Turning to restaurant-level profit. We once again had an exceptional strong quarter of growth. We generated $82.2 million of restaurant-level profit, reaching 23.9% of Shack sales. That's a 190-basis point improvement over last year and our highest second quarter margin since 2019. We're very proud of the great work our teams have done to improve the financial performance of our Shacks while at the same time delivering a better guest experience.

轉向餐廳層面的利潤。我們再次經歷了一個異常強勁的成長季度。我們創造了 8,220 萬美元的餐廳級利潤，達到 Shack 銷售額的 23.9%。這比去年提高了 190 個基點，也是我們自 2019 年以來第二季的最高利潤率。我們為團隊所做的出色工作感到非常自豪，他們不僅改善了 Shacks 的財務業績，還同時為客人提供了更好的體驗。

Now, I'll go through the components. Food and paper costs were $96.6 million or 28.2% of Shack sales, up 40 basis points versus last year. This was led by a mid-single-digit increase in beef costs. Labor and related expenses were $88.1 million or 25.7% of Shack sales, down 270 basis points versus last year, reflecting the strong adherence to our new labor guides and model.

現在，我將介紹各個組件。食品和紙張成本為 9,660 萬美元，佔 Shack 銷售額的 28.2%，比去年同期上漲了 40 個基點。這是由於牛肉成本出現了中等個位數的成長。勞動力和相關費用為 8,810 萬美元，佔 Shack 銷售額的 25.7%，比去年下降了 270 個基點，這反映出我們嚴格遵守新的勞動力指南和模式。

Other operating expenses were $50.8 million or 14.8% of Shack sales, up 40 basis points year-over-year driven by an increase in marketing expenses and our digital mix, partially offset by improvements in utilities. Occupancy and related expenses were $25.6 million or 7.5% of Shack sales, down 10 basis points year-over-year, led by stronger sales.

其他營運費用為 5,080 萬美元，佔 Shack 銷售額的 14.8%，年增 40 個基點，這主要是由於行銷費用和數位組合的增加，但公用事業的改善部分抵消了這一增長。入住及相關費用為 2,560 萬美元，佔 Shack 銷售額的 7.5%，較去年同期下降 10 個基點，主要原因是銷售額成長。

Taken together, the results our operators delivered in the quarter and the progress we continue to show against our strategic priorities underscores our momentum and commitment to delivering sustainable margin growth for this year and beyond.

總的來說，我們的營運商在本季度取得的業績以及我們在戰略重點方面繼續取得的進展凸顯了我們在今年及以後實現可持續利潤增長的勢頭和承諾。

G&A was $40.7 million, or $40.1 million excluding one-time adjustments. The year-over-year increase reflects strategic investments in our people to support our growth and additional marketing investments. Equity-based compensation was $5.2 million, up 39.3% year-over-year with $4.7 million in G&A. Reopening costs were $5 million, up 23.4% year-over-year as we opened 13 new company-operated Shacks in the quarter and prepare for a strong opening schedule ahead.

一般及行政費用為 4,070 萬美元，扣除一次性調整後為 4,010 萬美元。同比成長反映了我們對員工的策略投資，以支持我們的成長和額外的行銷投資。股權薪酬為 520 萬美元，年增 39.3%，其中一般及行政費用為 470 萬美元。重新開業成本為 500 萬美元，年成長 23.4%，因為我們在本季度開設了 13 家新的公司經營的 Shacks，並為未來強勁的開業計劃做好準備。

We grew adjusted EBITDA by 24.8% year-over-year to $58.9 million, representing 16.5% of total revenue, a 160-basis point improvement compared to last year. This marks our highest adjusted EBITDA level on record and second quarter margin since 2018, underscoring the meaningful progress we've made in strengthening our business fundamentals. Despite navigating a challenging inflationary environment and persistent macro headwinds, we continue to invest responsibly in our long-term growth opportunities that's positioning Shake Shack well for sustained growth in sales and margin, and that's reflective in our three-year outlook.

調整後的 EBITDA 年成長 24.8%，達到 5,890 萬美元，佔總營收的 16.5%，與去年相比提高了 160 個基點。這是我們有史以來最高的調整後 EBITDA 水平，也是自 2018 年以來第二季度利潤率的最高水平，凸顯了我們在加強業務基礎方面取得的重大進展。儘管面臨嚴峻的通膨環境和持續的宏觀不利因素，我們仍繼續負責任地投資於我們的長期成長機會，這使 Shake Shack 能夠持續實現銷售額和利潤率的成長，這也反映在我們的三年展望中。

Depreciation and amortization expense was $26.5 million. Net income attributable to Shake Shack, Inc., was $17.1 million or $0.41 per diluted share. Adjusted pro forma net income was $19.5 million, or $0.44, per fully exchanged and diluted share. Our GAAP tax rate was 25.1%. Our adjusted pro forma tax rate that excludes the tax impact of equity-based compensation was 24.6%.

折舊和攤提費用為 2,650 萬美元。歸屬於 Shake Shack, Inc. 的淨收入為 1,710 萬美元，即每股收益 0.41 美元。調整後備考淨收入為 1,950 萬美元，即每股完全交換稀釋後的淨收入 0.44 美元。我們的 GAAP 稅率為 25.1%。我們調整後的預計稅率（不包括股權薪酬的稅務影響）為 24.6%。

Our balance sheet remains strong with $336.8 million in cash and cash equivalents at the end of the quarter, that's up approximately $35 million year-over-year and $24 million sequentially. We grew operating cash flow by 21% year-over-year to a record $65 million. We invested $38 million in CapEx to support our strong opening calendar and are on track to deliver another approximate 10% reduction in our build costs this year.

我們的資產負債表依然強勁，本季末現金和現金等價物為 3.368 億美元，年增約 3,500 萬美元，季增 2,400 萬美元。我們的營業現金流年增 21%，達到創紀錄的 6,500 萬美元。我們投資了 3,800 萬美元的資本支出來支持我們強勁的開業日程，並預計在今年將建設成本再降低約 10%。

Now, on to guidance. Our guidance assumes no material change in the macroeconomic or geopolitical landscape. For the third quarter of 2025, we expect system-wide unit openings of 20 to 25 with 13 to 16 company-operated and 79 license. Same Shack sales to grow positive low single digits year-over-year.

現在，開始指導。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。到 2025 年第三季度，我們預計全系統將開設 20 至 25 個單位，其中公司營運的單位為 13 至 16 個，獲得許可的單位為 79 個。Same Shack 的銷售額與去年同期相比實現了低個位數正成長。

License revenue of $13.3 million to $13.6 million. Total revenue of $358 million to $364 million, up nearly 13% to 15% year-over-year. Restaurant level profit margin of 22% to 22.5%, this represents 100 basis point to 150 basis point improvement year-over-year, driven by operational improvements and sales leverage. We expect low single-digit inflation in food and paper costs with beef prices now up low teens.

許可收入為 1,330 萬美元至 1,360 萬美元。總營收為 3.58 億美元至 3.64 億美元，較去年同期成長近 13% 至 15%。餐廳層面的利潤率為 22% 至 22.5%，這意味著同比增長 100 個基點至 150 個基點，這得益於營運改善和銷售槓桿。我們預期食品和紙張成本的通膨率將維持在個位數以下，而牛肉價格目前則上漲了百分之十幾。

On to our full year 2025 outlook, where we expect system-wide unit openings of 80 to 90 with 45 to 50 company-operated and 35 to 40 license. Same-Shack sales to grow positive low single digits year-over-year, license revenue of $51.5 million to $52.5 million. Total revenue of $1.4 billion to $1.5 billion, and we're currently tracking to approximately the midpoint of this range.

展望 2025 年全年，我們預計全系統開業單位數量將達到 80 至 90 個，其中公司運營的單位數量為 45 至 50 個，獲得許可的單位數量為 35 至 40 個。Same-Shack 的銷售額年增率低個位數，授權收入為 5,150 萬美元至 5,250 萬美元。總收入為 14 億美元至 15 億美元，我們目前正追蹤該範圍的大約中間值。

Restaurant level profit margin of approximately 22.5%. This is 110 basis point improvement year-over-year. And with our strong margin performance year-to-date and plans for the quarters ahead, we're currently tracking very well against this guide. Food and paper inflation of positive low single digits, led by beef up mid- to high single digits. Labor inflation up low single digits. We expect G&A to be between 11.5% to 12% of total revenue.

餐廳層面的利潤率約為22.5%。與去年同期相比，提高了 110 個基點。憑藉今年迄今為止強勁的利潤表現和未來幾季的計劃，我們目前正按照該指南順利進行。食品和紙張通膨率出現正低個位數成長，牛肉通膨率則以中高個位數成長。勞動力通膨率上升至個位數。我們預計一般及行政費用將佔總收入的 11.5% 至 12%。

As Rob mentioned, with our profitability tracking ahead of plan and solid wins from some recent marketing activations, we're excited to invest portion of these incremental profits into additional marketing strategies in our major markets to support Dubai Shake and Dollar Soda. And while we haven't factored in a revenue or profit lift yet from this incremental media into our 3Q and full year outlook, we're optimistic about its impact and look forward to updating you. For your modeling purposes, you should assume that G&A will be evenly split between third quarter and fourth quarter for the remainder of this year.

正如 Rob 所提到的，由於我們的盈利能力超出計劃並在最近的一些營銷活動中取得了穩固的勝利，我們很高興將這些增量利潤的一部分投資到我們主要市場的額外營銷策略中，以支持迪拜奶昔和美元蘇打水。雖然我們尚未將增量媒體帶來的收入或利潤提升納入我們的第三季度和全年展望，但我們對其影響持樂觀態度，並期待向您更新最新情況。為了建模的目的，您應該假設今年剩餘時間的 G&A 將均勻分佈在第三季和第四季。

Equity-based compensation expense is guided to $22 million with approximately $20 million in G&A. Adjusted EBITDA of $210 million to $220 million, representing 20% to 25% growth year-over-year. Depreciation and amortization expense of $107 million to $109 million, reopening costs of $18 million to $19 million, adjusted pro forma tax rate of 24% to 25%, and net income of $50 million to $60 million.

股權薪酬費用預計為 2,200 萬美元，其中一般及行政費用約為 2,000 萬美元。調整後 EBITDA 為 2.1 億美元至 2.2 億美元，年增 20% 至 25%。折舊和攤銷費用為 1.07 億美元至 1.09 億美元，重新開業成本為 1,800 萬美元至 1,900 萬美元，調整後的形式稅率為 24% 至 25%，淨收入為 5,000 萬美元至 6,000 萬美元。

We remain confident in the trajectory of the business and in achieving our three-year target of growing revenue by at least a low teens percent year-over-year, expanding our restaurant profit level margins by at least 50 basis points a year, and growing adjusted EBITDA by at least a low to high teens percent year-over-year. Embedded in these targets is a low single-digit comp expectation, driven by 1% to 2% mix, 1% to 2% price, and flat to up 1% traffic.

我們對業務的發展軌跡充滿信心，並有信心實現我們的三年目標，即收入同比增長至少百分之十幾，餐廳利潤率每年至少增加 50 個基點，調整後的 EBITDA 同比增長至少百分之十幾到十幾。這些目標包含較低的個位數競爭預期，由 1% 到 2% 的組合、1% 到 2% 的價格以及持平到上漲 1% 的流量推動。

Thank you for your time. And 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. I want to thank our teams again for their hard work and passion for Shake Shack, which is an engine behind our strong second quarter performance and the momentum we are seeing across the business as we continue to execute against our long-term strategic plan.

謝謝你，凱蒂。我要再次感謝我們的團隊為 Shake Shack 所做的努力和熱情，這是我們第二季度業績強勁的引擎，也是我們繼續執行長期戰略計劃時在整個業務中看到的勢頭。

Thank you to everyone on the call today and for your interest in our company. And with that, operator, please open up the call for questions.

感謝今天參加電話會議的每個人以及你們對我們公司的關注。接線員，請開始提問環節。

(Operator Instructions) Brian Vaccaro, Raymond James.

（操作員指示）Brian Vaccaro，Raymond James。

I had a quick question. I guess we could start on the margin front. The labor productivity here in the second quarter seemed to take another step higher. If you will, could you just elaborate on some of the incremental efficiencies that you saw in the second quarter? And Katie, maybe you could touch on the puts and takes embedded in your third quarter store margin guidance as well.

我有一個簡單的問題。我想我們可以從利潤方面開始。這裡第二季的勞動生產力似乎又上了一個階梯。如果可以的話，您能否詳細說明您在第二季度看到的一些增量效率？凱蒂，也許您也可以談談第三季門市利潤率指引中包含的利弊。

Well, Brian, I'll start with kind of the work we're doing in operations, and Katie can talk a little bit more in detail about the specific impact on the margin. But this has been a focus area since I got here. We have really focused on making sure that we can deliver the kind of performance that we need in order to invest in driving the comp sales.

好吧，布萊恩，我將從我們在營運方面所做的工作開始，凱蒂可以更詳細地談談對利潤的具體影響。但自從我來到這裡以來，這一直是一個重點領域。我們真正專注於確保我們能夠提供所需的業績，以便投資推動可比銷售。

We have not heavily invested in marketing up until very recently because we needed to make sure that when [we send people], we send our guests into the restaurants, they were going to get great service. And we've improved across all three of the things we really measure in our scorecard, people, performance, and profits. And so we have improved all of our recruiting and retention numbers.

直到最近，我們才開始在行銷方面投入大量資金，因為我們需要確保當我們派人來的時候，當我們把客人送到餐廳時，他們能夠得到優質的服務。我們在記分卡中真正衡量的三個方面，即人員、績效和利潤，都有所進步。因此，我們提高了所有招聘和保留人數。

Every guest metric is moving in the right direction in terms of performance. Our speed of service has significantly improved. And From A profit standpoint, it's really driven primarily by the new labor model and the labor attainment of that model. We delivered the highest labor attainment in the last since we've been really measuring it and monitoring it closely in this quarter.

從績效角度來看，每項客人指標都在朝著正確的方向發展。我們的服務速度顯著提升。從利潤的角度來看，這實際上主要受到新勞動模式及其勞動成果的驅動。自從本季我們一直在對其進行密切測量和監控以來，我們實現了最高的勞動力成就。

So our teams have just done an unbelievable job. We've got great leaders in place; we're developing talent in order to be able to open up our new Shacks and the results speak for themselves. So I'll let Katie get into any detail on the margins.

所以我們的團隊剛剛完成了一項令人難以置信的工作。我們擁有優秀的領導者；我們正在培養人才，以便能夠開設新的 Shacks，而結果不言而喻。所以我會讓凱蒂詳細地講解邊緣問題。

Yes. I just want to echo all that Rob said about the amazing job that our operators are doing and what an impact the scorecard is having on our labor and then just really a lot of other aspects our restaurant margin line. We showed great progress in the quarter overall, expanding our restaurant level margin by 190 basis points year-over-year.

是的。我只是想重複羅布所說的一切，關於我們的操作員所做的出色工作，以及記分卡對我們的勞動力產生的影響，以及我們餐廳利潤線的許多其他方面。我們在本季整體上取得了巨大進步，餐廳層級的利潤率年增了 190 個基點。

Some of that was due to kind of some nice sales leverage we had with our 1.8% comp, but we also did have a nice pickup on the labor line. As we look forward to the rest of the year, embedded in our guidance for the third quarter and then the approximate 22.5% for the full year. We expect to continue to see nice wins on a year-over-year basis on our labor line.

部分原因是我們擁有 1.8% 的良好銷售槓桿，但我們的勞動力線也確實取得了不錯的成長。展望今年剩餘時間，我們預計第三季的成長率將達到 22.5%，全年成長率將達到約 22.5%。我們預計我們的勞動力線將繼續取得同比顯著增長。

The foundational things that our operators are putting into place and led by Stephanie Sentell and Damon Thomas have really helped to give us a stable foundation for which we can grow. And if you can see from the strong flow-through that we had in the quarter, as we look to invest more into marketing to drive sales, this will be a powerful engine for us to continue to grow margins over the long term.

我們的營運商在 Stephanie Sentell 和 Damon Thomas 的領導下實施的基礎工作確實為我們的發展奠定了穩定的基礎。如果您能從本季我們強勁的銷售額中看到，隨著我們希望在行銷方面投入更多資金來推動銷售，這將成為我們長期繼續增加利潤的強大引擎。

As we look to kind of some puts and takes for the third and fourth quarter, just remind everybody that we do have a heavier opening schedule planned in the third and then in the fourth quarter. We have a new opening team to help open our restaurants with excellence and get us to profitability sooner, which was a benefit in the second quarter. And we're hopeful that we'll continue to get a nice win on that side in the third and fourth quarter. That's not really reflected in our guidance.

當我們展望第三季和第四季的一些趨勢時，需要提醒大家的是，我們計劃在第三季和第四季安排更密集的開業安排。我們成立了一個新的開業團隊，幫助我們以卓越的方式開業餐廳，並讓我們更快地實現盈利，這對第二季度來說是一個好處。我們希望在第三和第四節繼續取得漂亮的勝利。這並沒有真正反映在我們的指導上。

Great. And if I could just ask a follow-up, just in terms of the kitchen innovation lab. I know it's still early days and maybe it's a couple of years away until we see some of these things roll. But are there any new learnings on the new kitchen prototypes or kitchen formats, or new equipment that might have improved quality, throughput, or other benefits to the business that you might be willing to touch on?

偉大的。我可以問一個關於廚房創新實驗室的後續問題嗎？我知道現在還為時過早，也許還需要幾年的時間我們才能看到其中一些事情的進展。但是，您是否對新的廚房原型或廚房格式或新設備有了新的了解，這些新設備可能會提高品質、產量或為企業帶來其他好處，您願意談談嗎？

Yes. I mean I can just share that, and we kind of mentioned in the comments that we opened the Battery Shack about a month ago now. And we've been working in Atlanta on a lot of new equipment prototypes, and we implemented some of those into the back of the house in the Battery. And that was a -- is a very high-volume Shack, especially the week we opened, which was the week before the All-Star game was there and a lot of home games. So we kind of put our feet to the fire.

是的。我的意思是我可以分享這一點，我們在評論中提到我們大約一個月前開了 Battery Shack。我們在亞特蘭大一直在研究許多新的設備原型，並將其中一些安裝在電池房的後部。那是一家客流量很大的 Shack，尤其是我們開業的那週，也就是全明星賽和許多主場比賽的前一周。因此，我們開始全力以赴。

And I was blown away by the amount of volume we were doing and the service times we were providing. And it's not a lot of rocket science. It's really just bringing our kitchens into the 21st century with equipment that currently exists. So we're not inventing stuff. We're just optimizing our processes. We're optimizing our design and our standard prototypes. And some of that is in our fry station, some of that is in our make station, and some of that is in our cold station around our shakes.

我對我們的工作量和我們提供的服務時間感到震驚。這並不是什麼高深的科學。這實際上只是利用現有的設備將我們的廚房帶入 21 世紀。所以我們不是在發明東西。我們只是在優化我們的流程。我們正在優化我們的設計和標準原型。其中一些放在我們的油炸站，一些放在我們的製作站，還有一些放在我們的奶昔周圍的冷藏站。

But we were able to significantly improve not just the speed but also the throughput and our ability to hit the high volumes that Shack demand. So I think as we get into that equipment into more Shacks and we really start deploying that, I think we'll be prepared to kind of share a little bit more in detail around what those what those -- what that equipment is and the opportunities that we see moving forward.

但我們不僅能夠顯著提高速度，還能顯著提高吞吐量以及滿足 Shack 所需大量需求的能力。因此，我認為，隨著我們將這些設備引入更多 Shacks 並真正開始部署，我們將準備好更詳細地分享這些設備是什麼——這些設備是什麼，以及我們看到的未來機會。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

So could you discuss some of the major changes to your go-to-market strategy, with the new culinary calendar that includes four main platforms per year along with [fries] and beverage LTOs and what kind of implications that would have on your advertising and marketing. So I'm guessing the potential pay media investment that you talked about is one piece of that. Could you also elaborate on how you would approach that paid media investment and how you plan to track the returns and performance.

那麼，您能否討論一下您的市場進入策略的一些重大變化，新的烹飪日曆每年包括四個主要平台以及[薯條]和飲料的 LTO，以及這會對您的廣告和營銷產生什麼樣的影響。所以我猜您談到的潛在付費媒體投資就是其中的一部分。您能否詳細說明您將如何對待付費媒體投資以及您計劃如何追蹤回報和績效？

Yes, Christine, I mean we are so excited right now. We decided this quarter because we're out ahead of where we thought we were going to be from a profit standpoint to test and invest in some paid media programs. And that's really been just the last two weeks, and we couldn't be more excited about the results we're seeing. This brand has never had top-of-funnel paid media launched at scale. It's hard to believe, but all the marketing has always been word of mouth, earned media and bottom a funnel kind of promo activations.

是的，克里斯汀，我的意思是我們現在非常興奮。我們本季做出決定，因為從利潤角度來看，我們的獲利水準超出了我們的預期，因此我們將測試並投資一些付費媒體項目。這實際上只是過去兩週發生的事情，我們對所看到的結果感到無比興奮。該品牌從未大規模推出頂級付費媒體。這很難讓人相信，但所有的行銷一直都是口耳相傳、贏得媒體和漏斗底部的促銷活動。

And so we leaned in on making some of these investments. And so we're ecstatic with the results. And so as we look at the calendar moving forward, we're absolutely going to create awareness at the top of the funnel level around our LTOs. And we have built an 18-month culinary innovation calendar that is locked and loaded, and we have -- it's not just me saying, "Hey, I like this stuff. We're actually doing guest testing on some of -- on a lot of the big items that we're launching, and we've got incredible scores back on some of the concepts and some of the product or food that we're creating.

因此，我們傾向於進行一些此類投資。所以我們對結果感到非常高興。因此，當我們展望未來的日程時，我們絕對會在漏斗頂部提高對 LTO 的認識。我們已經制定了為期 18 個月的烹飪創新日曆，並且已經準備就緒，我們 — — 不僅僅是我說，「嘿，我喜歡這個東西。實際上，我們正在對即將推出的許多重要產品進行客戶測試，並且我們對一些概念以及我們正在創造的一些產品或食品獲得了令人難以置信的評分。

So when you take that and you create awareness amongst millions of people that otherwise wouldn't have found out outside of earned media or word of mouth, we think there's a lot of comp benefit there. And I'll just tell you the composition of the comps is important, and we called it out in the script, but I want to reinforce it.

因此，當你採取這項措施並在數百萬人中引起關注時，我們認為這將帶來很多競爭優勢，而這些人原本無法透過贏得媒體或口耳相傳的方式了解到這一訊息。我只想告訴你，樂曲的組成很重要，我們在劇本中也提到了這一點，但我想強調這一點。

Last year, we delivered 4% comp growth with 7% pricing. We were down almost 300 basis points on traffic. This year, in this quarter, we delivered almost 2% sales growth on 2% pricing. So we are moving the model to not be dependent on pricing. And we are making consistent sequential improvements in traffic.

去年，我們實現了 4% 的年成長率和 7% 的定價成長率。我們的客流量下降了近300個基點。今年本季度，我們以 2% 的定價實現了近 2% 的銷售成長。因此，我們正在使模型不再依賴定價。我們正在持續不斷地改善交通狀況。

And what that means is, we're going to be able to compete in really all macroeconomic environments. For the last year, every -- all the commentary has been about we've got this value-oriented guest, this value-added market, can Shake Shack, compete in that type of market. And we're doing all the things in the heavy lifting to be able to compete in good times and bad.

這意味著我們將能夠在所有宏觀經濟環境中競爭。在過去的一年裡，所有的評論都是關於我們是否有這個以價值為導向的客人，這個增值市場，Shake Shack 能否在這種市場中競爭。我們正在盡一切努力，以便能夠在順境和逆境中保持競爭力。

So Shake Shack is not going to be a super volatile, dependent upon the whims of the guests moving forward. We're building a model that can sustain itself and drive consistent traffic growth moving forward and that's all around the culinary innovation and the marketing that we're putting behind it. And then the frequency that we are going to pick up because our guest satisfaction scores are so much better because our operations are so much better.

因此，Shake Shack 不會成為一家超級不穩定、依賴顧客想法的餐廳。我們正在建立一個能夠自我維持並推動流量持續成長的模型，而這一切都圍繞著烹飪創新和我們背後的行銷。然後我們會提高頻率，因為我們的營運變得更好，所以我們的客人滿意度分數變得更好。

That's really helpful color. Can I just clarify with you. So is it fair to understand that the introduction of the higher end of the range of G&A guidance was related to this advertising and marketing plans associated with the paid media? Or was there something else?

這顏色確實很有幫助。我可以跟你澄清一下嗎？那麼，是否可以這樣理解：G&A 指導範圍的高端引入與付費媒體相關的廣告和行銷計劃有關？還是有其他原因？

Yes. No, I mean, the majority of -- if you kind of look at the first part of this year, we've been tracking to about 11.7% of total revenue with the industry and weather pressures in the first quarter kind of that was a little bit of a pressure. We're kind of expecting that same level to persist through the rest of the year, and that is really with this added media investment.

是的。不，我的意思是，如果你看今年上半年，我們追蹤到的總收入約為 11.7%，第一季的產業和天氣壓力有點大。我們預計，在今年剩餘時間內，這一水準將持續保持，這得益於新增的媒體投資。

I just want to make sure that it's very clear to everybody that we have not -- we just launched this two weeks ago, we have not put any impact from what we're seeing right now in our top line or our margin guidance. We're making these investments because we do believe that they will drive sales comp and margin expansion, but that is not in the guidance today.

我只是想確保每個人都清楚，我們還沒有——我們兩週前才推出這個計劃，我們目前看到的情況還沒有對我們的營業收入或利潤率指引產生任何影響。我們進行這些投資是因為我們確實相信它們將推動銷售額和利潤率的擴大，但這還不在今天的指導範圍內。

Michael Tamas, Oppenheimer & Company.

邁克爾·塔馬斯，奧本海默公司。

I just wanted to ask about the EBITDA guidance raised to $210 million to $220 million as you just talked about, you have some higher G&A, you're making these investments a little bit lower preopening, but you maintained the revenue and restaurant margin guidance from last quarter. So can you help us understand what's changed within that outlook that allowed you to increase your guidance?

我只是想問一下，正如您剛才所說，EBITDA 指導上調至 2.1 億美元至 2.2 億美元，您的 G&A 有所增加，在開業前這些投資有所降低，但您維持了上一季的收入和餐廳利潤率指導。那麼，您能否幫助我們了解這種觀點中發生了哪些變化，讓您能夠加強指導？

Yes, absolutely. I mean as we've shown this year, we are tracking very well against our expectation to expand our restaurant margins by -- to be approximately 22.5%, and that is a range. So we're expecting to have continued strength in our restaurant margin throughout the rest of this year. And the comments I kind of talked about we're tracking very solidly -- strongly against the guidance for the approximately 22.5%. And again, that is an implied range, not an exact target.

是的，絕對是。我的意思是，正如我們今年所展示的那樣，我們的業績非常符合我們的預期，我們的餐廳利潤率將擴大至約 22.5%，這是一個範圍。因此，我們預計今年剩餘時間內餐廳利潤率將持續保持強勁。我們正在非常嚴格地追蹤我談到的評論——這與大約 22.5% 的指導意見相悖。再次強調，這是一個隱含的範圍，而不是確切的目標。

Got you. And then the follow-up is you're obviously stepping up the intensity of marketing the promotions and the LTOs. And Rob, you mentioned in other calls that these actions are designed to be margin accretive, not dilutive. And so can you just help us maybe understand how are they margin accretive? And is anything about the elevated commodity environment that you're seeing right now change the way you're thinking about deploying any of these innovations that you're already planned for?

明白了。接下來你顯然會加大行銷促銷和 LTO 的力道。羅布，您在其他電話會議中提到，這些行動旨在增加利潤，而不是稀釋利潤。那麼，您能否幫助我們了解它們的利潤是如何成長的呢？現在您看到的商品環境的提升是否會改變您對部署已經計劃好的創新的想法？

Sure. I mean, the majority of the elevated commodity situation is in beef. And obviously, we sell a lot of beef. But we are able to mitigate a lot of that with productivity in our operations and in our supply chain. So what we haven't talked about on this call a lot yet is the supply chain optimizations that we are actively working against and delivering. We have looked at every facet of our supply chain, our suppliers across all of our ingredients. Our logistics and distribution network. So we are very confident that we're going to be able to mitigate a lot of this beef inflation with supply chain operational productivity.

當然。我的意思是，大部分高價商品都是牛肉。顯然，我們銷售了很多牛肉。但我們能夠透過提高營運和供應鏈的生產力來緩解許多此類影響。因此，我們在這次電話會議上還沒有談論的是我們正在積極努力和實現的供應鏈優化。我們審查了供應鏈的各個環節以及所有原料的供應商。我們的物流和分銷網絡。因此，我們非常有信心，我們將能夠透過供應鏈營運生產力來緩解牛肉價格上漲的問題。

On -- specifically on how the marketing and the culinary innovation will be margin accretive as we're launching like amazing new-to-the-world type featured items that will be premium priced and all the mix that flows from our burgers into this new innovation is going to be mix accretive and therefore, margin accretive. Also, we just -- we have an opportunity just to create fixed cost leverage. Our sales have been in kind of the -- for the first half of the year have been obviously in the 1.5% comp when you factor in both quarters.

關於——特別是關於行銷和烹飪創新將如何增加利潤，因為我們正在推出令人驚嘆的全新特色產品，這些產品將以高價出售，並且從我們的漢堡流入這一新創新的所有組合都將增加組合，從而增加利潤。此外，我們只是——我們有機會創造固定成本槓桿。如果將兩個季度都考慮在內，那麼上半年我們的銷售額顯然成長了 1.5%。

If we're going to deliver low single digits, we have to do a little bit better than that in the second half. And so as we continue to drive sales, we're going to continue to pick up some leverage, especially as we continue to get more efficient with our labor. So we've committed in our long-range guide to continued margin accretion, and we're very confident that, that is going to come to fruition despite the investment in marketing. We're really confident that we're going to continue to get more productive.

如果我們想要取得低於個位數的成績，那麼下半場我們必須做得更好。因此，隨著我們繼續推動銷售，我們將繼續獲得一些槓桿作用，特別是隨著我們的勞動力效率不斷提高。因此，我們在長期指導中致力於持續提高利潤率，並且我們非常有信心，儘管在行銷方面進行了投資，但我們仍將取得成果。我們非常有信心，我們將繼續提高生產力。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I wanted to ask more about the marketing plans and if there's kind of any thought about maybe bifurcating the messaging. It seems like kind of in the New York region, maybe it's more of a call to action and frequency dynamic? Where is the rest of the country still might be more brand awareness. So how do you think about kind of maybe micro targeting geographically some of the messaging to kind of yield the consumer behavior that you want?

我想進一步詢問有關行銷計劃的問題，以及是否有關於分叉訊息傳遞的想法。這似乎有點像在紐約地區，也許它更像是一種行動號召和頻率動態？該國其他地區的品牌知名度可能仍然更高。那麼，您如何看待透過某種方式從地理上對某些資訊進行微觀定位，從而產生您想要的消費者行為？

So it's a great question. And it's actually what we're trying to do. And this has kind of been our first test. We launched our media into about 15 different markets and about half of them were Dubai Shake focused, which was much more of a culinary brand-type message around come and get Dubai Shake. And then in eight other markets, we did dollar drinks, which really the intent there is to generate app downloads.

這是一個很好的問題。這實際上就是我們正在嘗試做的事情。這可以說是我們的第一次測試。我們的媒體投放範圍涵蓋了大約 15 個不同的市場，其中大約有一半的市場以 Dubai Shake 為重點，這更像是一種烹飪品牌類型的信息，即“快來品嚐 Dubai Shake”吧。然後在其他八個市場，我們推出了一美元飲料，其真正目的是增加應用程式下載量。

And we're seeing actually very high order -- very high check on these dollar -- checks actually, people aren't coming in and just buying a dollar drink. So the check total on our dollar drink transaction is about the same as our average total on our check. So we're getting a lot of revenue from promoting dollar drink. So we wanted to test both of those messages in different markets to understand how each of them react because once again, as I shared, we really haven't done this on this brand before. So we're gathering all this information, understanding how these different messages impact both our traffic as well as our check average.

而且我們看到這些美元支票的訂單實際上非常高——非常高——實際上，人們進來不只是買一美元的飲料。因此，我們的一美元飲料交易的帳單總額與我們帳單的平均總額大致相同。因此，我們透過推廣一美元飲料獲得了很多收入。因此，我們想在不同的市場測試這兩個訊息，以了解它們各自的反應，因為正如我所說，我們之前確實沒有對這個品牌做過這樣的事情。因此，我們收集所有這些信息，以了解這些不同的資訊如何影響我們的流量和平均檢查額。

And then moving forward, this -- the media will be up against our big LTOs, neither of these are the featured item of the quarter. Moving forward, we will start doing that and that will be primarily a brand and culinary product message that may or may not have a call to action or a featured price point. So this is -- we're kind of entering into a new dynamic with marketing these things and targeting specific guests, primarily in the digital channels with specific messages. Thank you.

然後繼續前進，媒體將面臨我們的大型 LTO 挑戰，而這兩者都不是本季的特色項目。展望未來，我們將開始這樣做，這將主要是一個品牌和烹飪產品訊息，可能有也可能沒有行動號召或特色價格點。所以，我們正在進入一種新的動態，行銷這些東西並針對特定的客人，主要是透過帶有特定訊息的數位管道。謝謝。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

I just wanted to review your outlook on traffic. I think you started the year with -- a about a negative [4.6%] and improving every since then. But to get to the flattish traffic for the year implies 1% to 2% traffic growth in the current quarter and fourth quarter. Is that the right way to look at that?

我只是想回顧一下您對交通的看法。我認為今年年初的成長率約為負 [4.6%]，但自那時起一直在改善。但要實現全年平穩的客流量，就意味著本季和第四季的客流量將成長 1% 至 2%。這是正確的看待方式嗎？

Yes. So we're not -- we haven't broken out the traffic guide for the full year, Jim. But what I would say is that our traffic has improved in every month, really coming out of the weather pressures that we had in Q2. And then we did have a nice positive traffic in July as well with our 3.2% comp.

是的。所以我們還沒有——我們還沒有公佈全年的交通指南，吉姆。但我想說的是，我們的客流量每個月都有所改善，這確實擺脫了第二季面臨的天氣壓力。7 月我們的流量也確實表現不錯，年增 3.2%。

So what we have with menu innovation that's in our guidance today and the potential, which is not in our guidance for the lift from media, we are pretty encouraged by our traffic trends and the outlook for the rest of this year.

因此，我們今天的指導中包括菜單創新，以及媒體提升的潛力，這不在我們的指導中，我們對我們的流量趨勢和今年剩餘時間的前景感到非常鼓舞。

Okay. And as a brief follow-up, you mentioned some marketing initiatives in the back half of July. Has that been a primary driver of the traffic improvement? Is there anything you can take away from your learnings that would help us to understand how that is moving traffic?

好的。作為簡短的後續問題，您提到了 7 月下半月的一些行銷舉措。這是改善交通狀況的主要動力嗎？您可以從您的學習中獲得什麼來幫助我們理解交通是如何流動的？

Yes. I think it's a great -- July is a really great example when you just take a step back and you look at what we're doing overall. It's exactly what we've been talking about. It's about having compelling culinary out there.

是的。我認為這是一個很好的例子——當你退一步看看我們總體上在做什麼時，七月就是一個很好的例子。這正是我們一直在談論的。這是為了提供令人信服的烹飪美食。

And then on top of it, starting to amplify that message, we didn't have much of the media impact in July. A lot of this was really -- most of the quarter was just launching our great culinary. And then towards the end of the month, we amplified it, as Rob talked about in some of our major markets around Dubai Shake. But we're really excited overall by what our culinary calendar and our media plan can do.

除此之外，開始放大這個訊息，我們在七月並沒有受到太大的媒體影響。其中很多都是真的——本季度的大部分時間都在推出我們出色的烹飪產品。然後到了月底，我們擴大了它的影響力，就像 Rob 談到的迪拜 Shake 周圍的一些主要市場一樣。但總的來說，我們對我們的烹飪日程和媒體計劃所能帶來的效果感到非常興奮。

I think maybe what we should call out is that the 3.2% is our [Period 7] which runs through July 24. And so we turned the media on right at the end of that. So although we're still in July, we -- the media wasn't baked into the 3.2% because our period ended, we disclosed the results of the media --

我認為我們應該指出的是，3.2% 是我們的 [第 7 期]，持續到 7 月 24 日。所以我們在那件事結束後就打開了媒體。因此，儘管我們仍在 7 月份，但我們——媒體沒有被納入 3.2% 的預測，因為我們的週期已經結束，我們披露了媒體的調查結果--

Jake Bartlett, Truist Securities.

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

Mine is on the underlying same-store sales trends. And then I'm thinking about the Dubai Shake and what that might have contributed. You do the rough math. I think 50 shakes were offered today. It would imply a pretty significant contribution to same-store sales. You saw a step up in July, but certainly not what that contribution might imply. So maybe just if you could talk about the impact of the Dubai shake and then the underlying trends, whether there's some pressure that's offsetting the lift that you're getting from the Dubai Shake.

我關注的是同店銷售趨勢。然後我在思考迪拜奶昔以及它可能帶來的影響。你粗略地算一下。我認為今天提供了 50 杯奶昔。這意味著對同店銷售額的貢獻相當大。您在七月看到了成長，但肯定不知道這種貢獻意味著什麼。因此，也許您可以談談杜拜地震的影響以及潛在的趨勢，是否存在一些壓力可以抵消杜拜地震帶來的提振。

Yes. I mean I would tell you that the Dubai Shake has done exceptionally well. We're going to finish essentially selling as much as we forecasted to sell. But it was different in different markets and different Shacks. So it wasn't like every Shack did 50, some Shacks, some regions did a little bit less. Some regions did more.

是的。我的意思是，我想告訴你，迪拜奶昔的表現非常出色。我們的銷售量基本上將達到我們預測的銷售量。但在不同的市場和不同的 Shacks 中情況有所不同。所以不是每個 Shack 都做 50 個，有些 Shacks、有些地區做的會少一點。一些地區做得更多。

In the end, like right now, with the media turned on to Dubai Shake, we've seen a very significant lift in our consumption of Dubai Shake. So we are confident that when we have great culinary and we market it, we can sell it at the rate that you're describing. Up until the media, it probably wasn't 50 Dubai Shakes per Shack per day.

最後，就像現在一樣，隨著媒體對杜拜奶昔的關注，我們看到杜拜奶昔的消費量顯著增加。因此，我們相信，當我們擁有出色的烹飪產品並將其推向市場時，我們就能以您所描述的速度銷售它。直到媒體報導之前，每家 Shack 每天的銷售量可能還不到 50 杯杜拜奶昔。

Okay. And as we think about the cadence throughout the quarter, you have a Dubai shake is benefiting July. You're doing some advertising in the Dubai Shake, how long is the Dubai Shake going to continue. Just I guess, as we look at the balance of the quarter, feel comfortable with the guidance, it seems like you have a big driver that might be going away, but maybe not. I just want to kind of understand what your plans are for the rest of the quarter.

好的。當我們思考整個季度的節奏時，您會發現迪拜地震對 7 月有利。你們在杜拜奶昔上做了一些廣告，杜拜奶昔會持續多久？我只是猜測，當我們回顧本季的餘額，對指導感到滿意時，似乎你有一個可能正在消失的重大驅動力，但也可能不是。我只是想了解一下您對本季度剩餘時間的計劃是什麼。

Yes. I mean, we can't be a one-trick pony, right? I mean we have to continue with consistent, culinary innovation that drives traffic and put the media behind it. So the Dubai Shake will run pretty much through the month of August.

是的。我的意思是，我們不能只會一招，對吧？我的意思是，我們必須持續不斷地進行烹飪創新，以吸引客流並獲得媒體的支持。因此，迪拜奶昔活動將持續整個八月。

And then we've got other innovation that comes right behind that, that we're excited about and that we're going to continue to drive traffic. And I think we were moving traffic in the right direction before the Dubai Shake. So we have a lot of confidence in the pipeline -- culinary pipeline to continue to do that.

緊接著，我們又有了其他創新，我們對此感到興奮，我們將繼續推動流量。我認為在杜拜地震發生之前我們就在引導交通朝著正確的方向發展。因此，我們對管道——烹飪管道繼續這樣做充滿信心。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Rob, you talked a lot about the product innovation pipeline. I think you said you have 18 months that's been well tested. Obviously, that's exciting and it's driving traffic. Obviously, that potentially [butts heads] with the balancing that against the back-of-the-house complexity in order to still make sure that you're achieving speed of service and guest satisfaction scores.

偉大的。羅布，你談了很多關於產品創新管道的事情。我想您說過您已經有 18 個月的時間經過充分測試了。顯然，這是令人興奮的，並且正在推動流量。顯然，這可能會與後台複雜性之間的平衡發生衝突，以確保您能夠實現服務速度和客人滿意度得分。

Just wondering how do you manage that I'm wondering whether -- where the intersection is between marketing and operations just to make sure that one doesn't hurt the other? And then I had one follow-up.

我只是想知道您如何管理這一點，我想知道——行銷和營運之間的交集在哪裡，以確保一個不會損害另一個？然後我進行了一次後續行動。

It's a great question. And I've been managing that balance in my whole career, right, from Taco Bell to RB's to Papa John's. And I can tell you that one of our strengths at Shake Shack is that we make everything to order. And so that is a different model than kind of the streamlined assembly line. I mean we have definitely improved our productivity and our efficiency of our core menu operations, but we also have flexibility given just the necessity of the model to be able to flex.

這是一個很好的問題。在我的整個職業生涯中，我一直在保持這種平衡，從塔可鐘 (Taco Bell) 到 RB’s 再到棒約翰 (Papa John’s)。我可以告訴你，Shake Shack 的優勢之一就是我們所有的食物都是按訂單製作的。這是一種不同於管線裝配線的模式。我的意思是，我們確實提高了生產力和核心選單操作的效率，但考慮到模型需要靈活調整，我們也具有靈活性。

So we have not only tested this innovation pipeline with our guests, we've also operationally tested it, embedded it. Before anything goes out and is launched, we put it through both supply chain as well as operational tests to make sure that it's not going to do not going to create problems and mitigate all the great work that we've done around getting productivity out of our operations.

因此，我們不僅與客人一起測試了這個創新管道，我們還對其進行了操作測試和嵌入。在任何東西推出之前，我們都會對其進行供應鏈和營運測試，以確保它不會產生問題，也不會抵消我們為提高營運生產力所做的所有出色工作。

Got it. And then my follow-up is just on the most recent trends and obviously, encouraging to see the 3% plus in July, and that doesn't even incorporate perhaps the last week, which sounds like it could have been even stronger. But we had heard from a couple of others that maybe after several months of industry improvement that maybe July was proven to be a little bit choppier or maybe some slowdowns.

知道了。然後，我的後續關注就是最近的趨勢，顯然，7 月份令人鼓舞的 3% 以上的增長，這甚至還沒有包括上週的增長，聽起來可能會更加強勁。但我們從其他一些人那裡聽說，也許經過幾個月的行業改善之後，7 月可能會變得更加動盪，或者可能會出現一些放緩。

So I'm wondering how you -- if you look at your underlying business, take out kind of the Dubai benefit, I mean do you think that the consumer continues to get better and we should assume broader industry improvement in coming months? Or have you seen any sign of maybe change in behavior after the momentum we had seen since what Katie mentioned was the weather issues in February. Just wondering how you see the underlying momentum for the broader industry continuing through the third quarter.

所以我想知道你——如果你看一下你的基礎業務，拿出迪拜的好處，我的意思是你是否認為消費者會繼續好轉，我們應該假設未來幾個月行業會出現更廣泛的改善？或者，自從凱蒂提到的二月天氣問題以來，我們看到了這種勢頭，您是否看到過行為可能發生變化的跡象。只是想知道您如何看待整個行業在第三季度持續保持的潛在勢頭。

Yes. I mean, I can kind of only speak to Shake Shack and our guests. I mean, we have seen consistent sequential improvement in our traffic. We've seen a willingness to buy a $10 shake, which is the most expensive shake that we've ever launched. So we've seen -- we have a lot of confidence that our guests continue to see a lot of value in our offerings, whether it's our core menu or LTOs, and that's why we're so confident in continuing to drive traffic in the back half and moving forward.

是的。我的意思是，我只能與 Shake Shack 和我們的客人交談。我的意思是，我們看到我們的流量持續不斷的改善。我們看到人們願意購買售價 10 美元的奶昔，這是我們推出過的最昂貴的奶昔。所以我們已經看到——我們非常有信心，我們的客人會繼續看到我們提供的服務的巨大價值，無論是我們的核心菜單還是 LTO，這就是為什麼我們如此有信心在下半年和未來繼續推動客流量。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

You guys did touch on it a little bit, but just following up on the standardized scorecard. Two questions. So when was that fully rolled out to the system? And what actions are taken for some of the lower-performing scorecard restaurants?

你們確實稍微談到了這一點，但只是跟進標準化記分卡。兩個問題。那麼什麼時候才能全面推廣到系統中？對於一些績效較差的餐廳採取了哪些措施？

Yes, I mean that was rolled out late last year, and we also made a couple changes to the structure and the leadership model in the operations team right around that period as well. And so there's no hiding from the scorecard. It's very clear who's delivering on the KPIs that matter and where there's opportunities.

是的，我的意思是這是在去年年底推出的，我們也在那段時間對營運團隊的結構和領導模式做了一些改變。因此，在記分卡面前，什麼都無法隱藏。誰在實現重要的 KPI 以及哪裡有機會，這些都非常清楚。

And I can tell you that our operations team has built a very disciplined model where they're using that scorecard literally where Stephanie is sitting down with her four VPs every week and going through the scorecard in their regions and identifying where we're doing good and where we have opportunities.

我可以告訴你們，我們的營運團隊已經建立了一個非常嚴謹的模型，他們使用記分卡，史蒂芬妮每週都會和她的四位副總裁坐在一起，查看他們各自所在地區的記分卡，確定我們哪些方面做得好，哪些方面有機會。

And then those VPs are going to their regional directors doing the same thing, and those regional directors are going to their area directors. So it's just become a very disciplined operating model to identify where we have opportunities to improve.

然後，這些副總裁會去找他們的地區主管做同樣的事情，而這些地區主管又會去找他們的區域主管。因此，它已經成為一種非常規範的營運模式，可以識別出我們有哪些改進的機會。

And then we're committed to the development of our leaders in building this culture of leaders. So where there's opportunities, we're working with those leaders to identify what's causing those challenges. And to mitigate them. It's like Thomas Edison strategy without execution is hallucination, right? So we have become a very strong executing company. And that's why there's not going to be a lot of volatility here in these labor numbers.

然後，我們致力於培養我們的領導者，建構這種領導者文化。因此，只要有機會，我們就會與這些領導者合作，找出造成這些挑戰的原因。並減輕這些影響。就像湯瑪斯愛迪生的策略如果沒有執行就只是幻覺，對嗎？因此，我們已經成為一家執行力非常強的公司。這就是為什麼勞動力數據不會出現太大波動的原因。

I mean, we are -- we've built a disciplined model, and that's why we have so much confidence moving forward because it is -- what we've talked about for the last year, it is literally the backbone of everything we do. And we have so much confidence in the people leading that group and the way they're leading it, that it affords us the opportunity to go and spend some resources in the supply chain to improve our COGS.

我的意思是，我們已經建立了一個嚴謹的模型，這就是為什麼我們對未來充滿信心，因為它是——我們去年談論的內容，它實際上是我們所做的一切的支柱。我們對領導團隊的人員以及他們的領導方式非常有信心，這為我們提供了在供應鏈中投入一些資源以改善我們的 COGS 的機會。

I mean we're running labor right around 26%. COGS are running 28% to 29%. We think there's opportunity in COGS because the work we're doing in the supply chain. But we couldn't do that if our operations weren't running so seamlessly. We wouldn't be making investments in driving guests into our Shacks with marketing because we wouldn't be getting the returns on those investments if we weren't flowing through to the bottom line.

我的意思是我們的勞動力利用率約為 26%。銷貨成本 (COGS) 為 28% 至 29%。我們認為 COGS 中存在機會，因為我們在供應鏈中所做的工作。但如果我們的業務運作不順暢，我們就無法做到這一點。我們不會投資透過行銷吸引客人進入我們的 Shacks，因為如果我們沒有實現盈利，我們就無法從這些投資中獲得回報。

So our operations are at the heart of everything we do. Jamie Griffin, our new Chief People Officer, he is an operations people officer. His whole job is building a pipeline of leaders that can open up all of our new Shacks and making sure that we have the development programs in place to continue to have a pipeline of managers and assistant managers who can run these restaurants at the peak level. So we've made those investments. We're really confident with where we are, and that's afforded us the opportunity to move on to investing and driving the sales.

因此，我們的營運是我們所做一切的核心。傑米·格里芬 (Jamie Griffin) 是我們新任的首席人力資源官，他是一名營運人力資源官。他的全部工作就是建立一條領導者管道，以便能夠開設我們所有的新 Shacks，並確保我們擁有發展計劃，以繼續擁有一群能夠在最高水平上管理這些餐廳的經理和助理經理。所以我們進行了這些投資。我們對目前的狀況非常有信心，這為我們提供了繼續投資和推動銷售的機會。

And just as a quick follow-up. So again, from a regional perspective, New York City and the Northeast continue to underperform. So the question is, to you guys. What's the opportunity to narrow that spread in coming quarters? Is there something structural that's holding that underperformance spread in place? Or is there something you can do to bring up those two very important markets for you, the New York City area and the Northeast to improve or narrow that spread versus the rest of the system?

這只是一次快速的跟進。因此，從區域角度來看，紐約市和東北地區的表現仍然不佳。所以問題是，對你們來說。未來幾季縮小這一差距的機會是什麼？是否存在某種結構性因素導致績效不佳的蔓延？或者您可以做些什麼來提升這兩個對您來說非常重要的市場，即紐約市地區和東北地區，以改善或縮小與其他系統的差距？

I think it's a great question, but we have to be careful about what we talk about when we say underperform, right? I mean those regions, in particular, New York City are our highest [AUV] restaurants with our highest margins. So they are great restaurants. They'd be the envy of a lot of systems, $10 million restaurants flowing through 35% plus. So they are performing, their comp contribution may not be as significant as in the other markets throughout the country.

我認為這是一個很好的問題，但是當我們說表現不佳時我們必須謹慎談論，對嗎？我的意思是那些地區，特別是紐約市，是我們平均每家餐廳營收最高、利潤率最高的地區。所以它們都是很棒的餐廳。他們會讓許多系統羨慕不已，價值 1,000 萬美元的餐廳流量佔 35% 以上。因此，就他們的表現而言，他們的同店貢獻可能不如全國其他市場那麼顯著。

And so yes, we've got to work on that. We got to understand what the challenges are there. But I think at least our assessment would say that some of those challenges are more macro around some of the things that are impacting those regions as opposed to maybe some of the other regions that are growing much faster. So we're trying to take all that into context and make the right decisions, but there are a lot of really good restaurants in New York and the Northeast that we want to make sure we don't we don't cut off our nose to spite our face.

是的，我們必須努力做到這一點。我們必須了解那裡存在哪些挑戰。但我認為至少我們的評估會表明，其中一些挑戰更加宏觀，圍繞著影響這些地區的一些因素，而不是其他一些成長更快的地區。因此，我們試圖將所有這些都考慮在內，並做出正確的決定，但紐約和東北部有很多非常好的餐館，我們希望確保我們不會為了傷害自己的臉而自毀前程。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

On the three-year financial targets, of the four, do any of them have serious momentum to come in above target. I only ask because when I model out to 2027, I do bump up against the targets, and I'm always hesitant to push higher than a team's communicated goals.

就三年財務目標而言，這四個國家中，是否有任何一個國家具有強勁的勢頭來超越目標？我之所以問這個問題，是因為當我制定 2027 年的模型時，我確實遇到了目標，我總是猶豫是否要超越團隊傳達的目標。

I mean that's a pretty good problem to have --

我的意思是這是一個相當好的問題--

Yes, I would just say these are our targets. And we've shared our strategic priorities and our progress against them. We are committed to continuing to grow our new Shack openings and continuing to find additional areas, productivity as well as investing in marketing to drive traffic that will also generate additional productivity for our restaurants. And finally, we expect all of this to fall down nicely to pretty strong adjusted EBITDA growth.

是的，我只想說這些是我們的目標。我們已經分享了我們的策略重點以及我們為此所取得的進展。我們致力於繼續增加新 Shack 餐廳的數量，繼續尋找更多區域、提高生產力，並投資行銷以增加客流量，這也將為我們的餐廳創造額外的生產力。最後，我們預計所有這些都將順利下降至相當強勁的調整後 EBITDA 成長。

We have reached the end of our question-and-answer session, and that 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，今天的會議也到此結束。現在您可以斷開您的線路了，感謝您的參與。