Shake Shack Inc (SHAK) 2022 Q1 法說會逐字稿

Greetings, and welcome to the Shake Shack First Quarter 2022 Earnings Call. Please note that this call is being recorded.

您好，歡迎參加 Shake Shack 2022 年第一季度財報電話會議。請注意，此通話正在錄音中。

I will now turn the conference over to our host, Annalee Leggett, Senior Manager of Investor Relations, and FP&A. Thank you. You may begin.

我現在將把會議轉交給我們的主持人 Annalee Leggett，她是投資者關係和 FP&A 的高級經理。謝謝你。你可以開始了。

Thank you. Good evening, everyone. Joining me for Shake Shack's conference call is our CEO, Randy Garutti; and CFO, Katie Fogertey. During today's call, we'll 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 an 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 detail section of our quarterly shareholder letter.

謝謝你。大家晚上好。和我一起參加 Shake Shack 電話會議的是我們的首席執行官 Randy Garutti；和首席財務官 Katie Fogertey。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業績。此附加信息的呈現不應被視為孤立或替代根據公認會計原則編制的結果。我們的季度股東信函財務細節部分的收益發布中提供了與可比 GAAP 措施的對賬。

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 February 18, 2022. Any forward-looking statements represent our views only as of today. We assume no obligation to update any forward-looking statements if our views change. By now, you should have access to our First Quarter 2022 Shareholder Letter, which can be found at investor.shakeshack.com in the quarterly result section or as an exhibit to our 8-K for the quarter. This shareholder letter is a new, more in-depth format replacing our prior supplemental presentation.

今天的一些陳述可能是前瞻性的，實際結果可能會因許多風險和不確定性而存在重大差異，包括我們在 2022 年 2 月 18 日提交的 10-K 表格年度報告中討論的那些。任何前瞻性陳述都代表我們僅截至今天的觀點。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。到目前為止，您應該可以訪問我們的 2022 年第一季度股東信函，該信函可以在investor.shakeshack.com 的季度業績部分找到，也可以作為我們本季度 8-K 的展示。這封股東信是一種新的、更深入的格式，取代了我們之前的補充介紹。

I will now turn the call over to Randy.

我現在將把電話轉給蘭迪。

Thanks, Annalee. Good evening, everyone. You'll notice our remarks tonight are going to be a bit shorter than prior calls. So the team has provided a new shareholder letter format, which dives much deeper into the numbers, visuals, and strategic plans. We hope you'll spend some time with this excellent new report.

謝謝，安娜莉。大家晚上好。您會注意到我們今晚的講話將比之前的電話短一些。因此，該團隊提供了一種新的股東信函格式，它更深入地研究了數字、視覺效果和戰略計劃。我們希望您能花一些時間閱讀這份出色的新報告。

Before I get into the results of the first quarter, I want to highlight our team members. Now, more than 10,000-people-strong in the United States, and many more are working through our licensing partnerships abroad, we recently hosted our board of directors meeting at our newest drive-through Shack in Orlando. It gave us a chance to tour the market and reconnect with our leaders and team members across the 6 Shacks in the region who are driving our recovery every day.

在我了解第一季度的結果之前，我想強調一下我們的團隊成員。現在，美國有超過 10,000 名員工，還有更多人通過我們在國外的許可合作夥伴關係開展工作，我們最近在奧蘭多最新的免下車小屋舉辦了董事會會議。它讓我們有機會參觀市場，並與該地區 6 個棚屋的領導和團隊成員重新建立聯繫，他們每天都在推動我們的複蘇。

I'm continually amazed at how many of those leaders have been with us for so many years and how many have graduated up through the Shack development experience to become general managers, area directors, and more. Shake Shack has led every day by an extraordinary culture. It's these people who continue to lead our recovery and the thriving business we're building ahead.

我一直驚訝於有多少領導者在我們這里工作了這麼多年，有多少人通過 Shack 開發經驗畢業成為總經理、區域總監等等。 Shake Shack 每天都以非凡的文化為主導。正是這些人繼續引領我們的複蘇和我們正在建立的蓬勃發展的業務。

After being significantly impacted by COVID waves in January and February, Shake Shack's performance rebounded in March. We've experienced meaningful improvement in sales and traffic trends that have continued through April. This highlights the momentum Shake Shack creates as offices, travel events, tourism, and consumer mobility trends improve. Total revenue grew 31% year-over-year, as we generated over $203 million in total revenue and over $309 million in systemwide sales with average weekly sales improving through the quarter and in April, as traffic has rebounded in both urban and suburban markets to more seasonal patterns.

在 1 月和 2 月受到 COVID 浪潮的顯著影響後，Shake Shack 的表現在 3 月出現反彈。我們經歷了持續到 4 月的銷售和流量趨勢的顯著改善。這突顯了 Shake Shack 隨著辦公室、旅遊活動、旅遊業和消費者流動性趨勢的改善而創造的勢頭。總收入同比增長 31%，因為我們創造了超過 2.03 億美元的總收入和超過 3.09 億美元的全系統銷售額，整個季度和 4 月份的平均每週銷售額都有所改善，因為城市和郊區市場的客流量已經反彈至更多的季節性模式。

Our Same-Shack sales grew 10.3% even after the significant Omicron waves early in the quarter, with our urban Shake Shack sales posting 19% growth over last year. We expect these overall trends to improve further into Q2. Our licensed Shacks in the US and in select global markets performed well, offsetting significant ongoing COVID impacts in Asia. We generated a Shack-level op profit of 15.2% driven by sales levels and ongoing and volatile inflationary headwinds.

即使在本季度初出現重大的 Omicron 浪潮之後，我們的 Same-Shack 銷售額也增長了 10.3%，我們的城市 Shake Shack 銷售額比去年增長了 19%。我們預計這些總體趨勢將在第二季度進一步改善。我們在美國和部分全球市場獲得許可的棚屋表現良好，抵消了亞洲持續存在的重大 COVID 影響。在銷售水平和持續波動的通脹逆風的推動下，我們實現了 15.2% 的 Shack 運營利潤。

Given the persistent inflation we've experienced and expect to persist in the near term, we took a menu price increase in March in addition to raising our premium on third-party delivery orders. We're currently running about a 6% to 7% increase to menu price over last year, excluding the impact of delivery premiums, and we'll remain patient as we watch pricing closely through this bumpy period of cost inflation and provide a brief update on the 4 pillars of our strategic plan.

鑑於我們經歷並預計在短期內持續存在的持續通脹，我們在 3 月份提高了菜單價格，同時提高了對第三方交付訂單的溢價。我們目前的菜單價格比去年上漲了大約 6% 到 7%，不包括送貨溢價的影響，我們將保持耐心，因為我們在這個成本膨脹的顛簸時期密切關注定價並提供簡短的更新關於我們戰略計劃的 4 個支柱。

First, our focus on elevating our people. In just a few weeks, our Shack leaders, home office, suppliers, and licensing partners are coming together for our leadership retreat, focused on development and building our team member bench that is so critical to achieving our accelerated growth goals. I hosted our first ever retreat in 2009, with just 9 attendees. This upcoming retreat will bring together more than 1,200 leaders. I'm thrilled that our culture and the growth we've created can now provide this opportunity for learning across the Shack globe.

首先，我們專注於提升我們的員工。在短短幾週內，我們的 Shack 領導者、家庭辦公室、供應商和許可合作夥伴齊聚一堂，參加我們的領導力務虛會，專注於發展和建立我們的團隊成員替補席，這對實現我們的加速增長目標至關重要。我在 2009 年舉辦了我們的第一次靜修會，當時只有 9 名與會者。即將舉行的這次撤退將匯集 1,200 多名領導人。我很高興我們的文化和我們創造的成長現在可以為 Shack 全球的學習提供這個機會。

This remains a challenging time for hiring, retaining, and developing our people, which is why this is where we are focusing investments and where you can count on us and continuously strive to be better employers, providing solid wages, benefits, and most importantly, opportunity to make Shake Shack a career choice for the long term.

對於招聘、留住和發展我們的員工來說，這仍然是一個充滿挑戰的時期，這就是為什麼我們專注於投資，您可以依靠我們並不斷努力成為更好的雇主，提供穩定的工資、福利，最重要的是，有機會讓 Shake Shack 成為長期的職業選擇。

Second, we remain committed to our digital transformation, and we're ramping up investment in every digital channel, through the Shack Track digital experience, whether you want your Shack in our app, web, kiosk, drive-up, curbside, delivery, and now drive-through. We're building tools to add even greater convenience to the omnichannel Shack experience.

其次，我們仍然致力於我們的數字化轉型，並且我們正在通過 Shack Track 數字體驗加大對每個數字渠道的投資，無論您是否希望您的 Shack 出現在我們的應用程序、網絡、信息亭、開車、路邊、交付、現在是免下車。我們正在構建工具，為全渠道 Shack 體驗增添更多便利。

Even as in-Shack sales rose significantly year-over-year in the first quarter, we continue to drive digital engagement, retention, average check, and higher frequency through these channels. All this takes time. With every click, we're getting to know our guests better, connecting with them more directly, and building touchpoints that can set the foundation for long-term growth.

即使第一季度的 Shack 銷售額同比顯著增長，我們仍繼續通過這些渠道推動數字參與、保留、平均檢查和更高的頻率。這一切都需要時間。每一次點擊，我們都會更好地了解我們的客人，更直接地與他們建立聯繫，並建立可以為長期增長奠定基礎的接觸點。

Third, we continue to evolve our Shacks, focused on format evolution and development expansion. We opened 7 companies up in Shacks in the first quarter and 2 more in April. We opened up 6 licensed Shacks in the first quarter, including a strong market opening in Nanjing, China, and 2 more in April, including another market opening in Guangzhou, China, bringing our total system count to 386 Shacks, as of fiscal April end.

第三，我們繼續發展我們的小屋，專注於格式演變和發展擴展。我們在第一季度在 Shacks 開設了 7 家公司，在 4 月又開設了 2 家。我們在第一季度開設了 6 個許可棚屋，其中包括在中國南京的強勁市場開放，以及 4 月另外 2 個，包括在中國廣州開設的另一個市場，使我們的總系統數量達到 386 個棚屋，截至 4 財年末.

Since December, we've opened 5 company-operated drive-throughs, which are an exciting and transformational step in providing even greater convenience than ever before. The experience at our drive-throughs feels great. We know we have much to learn and evolve. With at least 5 more drive-throughs set to open this year, we're optimizing for fast learning. We see this as a major piece of our growth strategy ahead.

自 12 月以來，我們開設了 5 家公司運營的免下車通道，這是一個令人興奮的變革性步驟，可提供前所未有的便利。我們駕車通過的體驗感覺很棒。我們知道我們有很多東西要學習和發展。今年至少還有 5 個免下車服務將開放，我們正在優化快速學習。我們將此視為我們未來增長戰略的重要組成部分。

While we're really excited about our pipeline, COVID and supply chain-related delays in permitting, construction, landlord readiness, and equipment availability remain intense, and in many instances, are impacting our planned opening timelines. Since the beginning of this year, we've pushed a number of openings into 2023. As we stand today, we expect to open 40 to 45 company-operated Shacks with a backway schedule to the fourth quarter.

雖然我們對我們的管道感到非常興奮，但與 COVID 和供應鏈相關的許可延遲、施工、房東準備和設備可用性仍然很緊張，並且在許多情況下，正在影響我們計劃的開放時間表。自今年年初以來，我們已將多個職位空缺推至 2023 年。就我們今天的情況而言，我們預計將開設 40 至 45 個公司經營的棚屋，並將時間表退回到第四季度。

In our licensed business, we're actually running ahead of our initial development plans and expect to open between 23 and 27 licensed Shacks this year. In our licensed business, we continue to experience recovery around the globe, in our airport and stadium Shacks here in the US. Yet, our business in China remains significantly impacted today. COVID lockdowns and intermittent market interruptions across China are impacting near-term licensing revenue, creating uncertainty for this important market for the foreseeable future.

在我們的授權業務中，我們實際上提前了最初的開發計劃，並預計今年將開設 23 到 27 個授權小屋。在我們的許可業務中，我們在美國的機場和體育場棚屋繼續在全球範圍內經歷復甦。然而，我們在中國的業務今天仍然受到重大影響。中國各地的 COVID 封鎖和間歇性市場中斷正在影響近期的許可收入，在可預見的未來為這個重要市場帶來不確定性。

As we look towards growth in our licensed business, we see this as a massive whitespace opportunity. Our brand resonates around the world, and we're taking this time to expand partnerships and open up new markets. This week, we announced that we'll be expanding to Thailand, with a target of 15 Shacks over the next decade. We also recently announced our expansion to Malaysia, and we've got our sights set on more licensed growth opportunities with strong partners in key international markets.

當我們展望授權業務的增長時，我們認為這是一個巨大的空白機會。我們的品牌在全球引起共鳴，我們正在利用這段時間擴大合作夥伴關係並開拓新市場。本週，我們宣布我們將擴展到泰國，目標是在未來十年內建設 15 個棚屋。我們最近還宣布將業務擴展到馬來西亞，並著眼於與主要國際市場的強大合作夥伴一起獲得更多許可的增長機會。

Finally, we're relentlessly focused on our guest experience through our Shacks and our products. We just wrapped up our Buffalo Chicken and Fry LTOs, and this week we've launched our newest LTOs, featuring our bourbon, bacon, jam burger, and chicken sandwich. We partner with Maker's Mark to create a delicious summer menu. And don't miss out on our slate of summer lemonade and shakes. As always, our food raises the bar. I'll now pass over to Katie to discuss our financial performance in more detail.

最後，我們通過我們的小屋和我們的產品不懈地關注我們的客戶體驗。我們剛剛完成了 Buffalo Chicken 和 Fry LTO，本週我們推出了最新的 LTO，其中包括我們的波旁威士忌、培根、果醬漢堡和雞肉三明治。我們與 Maker's Mark 合作打造美味的夏季菜單。不要錯過我們的夏季檸檬水和奶昔。一如既往，我們的食物提高了標準。我現在請凱蒂更詳細地討論我們的財務業績。

Great. Thank you, Randy, and good evening, everyone. I want to begin by taking a moment to thank our incredible team members for their continued perseverance and dedication these past few years. Navigating through ongoing COVID pressures has not been easy, but I speak for all of us here when I say we are so excited for what's in store for Shake Shack in the coming years, and I'm looking forward to spending time with many of our amazing team members at our leadership retreat in just a few short weeks.

偉大的。謝謝蘭迪，大家晚上好。首先，我想花一點時間感謝我們令人難以置信的團隊成員在過去幾年中持續的堅持和奉獻。克服持續的 COVID 壓力並非易事，但我在這裡代表我們所有人發言，我說我們對 Shake Shack 未來幾年即將推出的產品感到非常興奮，我期待與我們的許多人共度時光在短短幾週內，我們的領導力務虛會令人驚嘆的團隊成員。

By now, I hope everyone has had the opportunity to view our new quarterly shareholder letter. This replaces our past supplemental presentation. It is available on our website in our Investor Relations section. As I approached my 1-year anniversary here at Shake Shack, I wanted to take the opportunity to provide a greater level of detail into the trends that are driving our results today, as well as articulate our ongoing and upcoming strategic initiatives and their impact on our long-term growth potential.

到目前為止，我希望每個人都有機會查看我們新的季度股東信。這取代了我們過去的補充介紹。它可在我們網站的投資者關係部分找到。當我在 Shake Shack 工作一周年之際，我想藉此機會更詳細地介紹推動我們今天取得成果的趨勢，並闡明我們正在進行和即將到來的戰略舉措及其對我們的長期增長潛力。

Now, on to our financial results, Omicron impacted our early first-quarter results, and we are especially proud of our recovery and current trajectory. Our first-quarter total revenue grew 31% year-over-year to $203.4 million, while Shack sales grew 30.6% to $196.8 million. Licensing revenue grew 43% to $6.6 million. System-wide sales grew by 36% year-over-year to $309.5 million and we generated a Shack-level operating profit margin of 15.2%. We raised menu price in March by approximately 3.5% and the premium on third-party delivery to 15% from 10%, as we remain focused on building back our profitability in light of labor and COGS inflation as well as delivery costs. We have the ability to raise prices further if necessary, and if the inflationary environment weren't.

現在，關於我們的財務業績，Omicron 影響了我們早期的第一季度業績，我們為我們的複蘇和目前的發展軌跡感到特別自豪。我們第一季度的總收入同比增長 31% 至 2.034 億美元，而 Shack 銷售額增長 30.6% 至 1.968 億美元。許可收入增長 43% 至 660 萬美元。全系統銷售額同比增長 36% 至 3.095 億美元，我們的 Shack 級營業利潤率為 15.2%。我們將 3 月份的菜單價格提高了約 3.5%，第三方送貨的溢價從 10% 提高到 15%，因為我們仍然專注於根據勞動力和 COGS 通脹以及送貨成本來建立我們的盈利能力。如果有必要，如果通脹環境沒有，我們有能力進一步提高價格。

Sales declined early in the quarter from fourth-quarter levels as consumers avoided travel, gathering, and returned to office, particularly in our urban market. Omicron and weather drove more than 160 days of closures, 87 of which were in January. Sales were impacted further during certain shifts, and some operators needed to throttle channels and reduce hours to provide a great guest experience during these impacted times.

由於消費者避免旅行、聚會和返回辦公室，尤其是在我們的城市市場，銷售額在本季度初從第四季度的水平下降。 Omicron 和天氣推動了超過 160 天的關閉，其中 87 天是在 1 月份。在某些輪班期間，銷售受到進一步影響，一些運營商需要限制渠道並減少工作時間，以便在這些受影響的時期提供出色的客戶體驗。

We generated $68,000 in average weekly sales, down from $74,000 in the last quarter, but up over 6% year-over-year. AWS trends increased throughout the quarter from $63,000 in January, accelerating to $74,000 by March and most recently $76,000 in April with higher traffic and the benefit of our price increase. First-quarter Same-Shack sales grew 10.3% year-over-year supported by traffic growth of 11.6%.

我們的平均每週銷售額為 68,000 美元，低於上一季度的 74,000 美元，但同比增長超過 6%。整個季度，AWS 的趨勢從 1 月份的 63,000 美元增加到 3 月份的 74,000 美元，最近在 4 月份達到 76,000 美元，這得益於更高的流量和我們提價的好處。在流量增長 11.6% 的支持下，第一季度 Same-Shack 銷售額同比增長 10.3%。

As a reminder, we exclude closures that are 2 days or more from our Same-Shack sales calculation. The increase in 1-day closures and reduced operating hours, however, was an incremental headwind to our Same-Shack sales in both urban and suburban markets. April Same-Shack sales rose 13%, and we are pleased with the continued traffic growth we are seeing in particular in our urban Shacks. Urban Same-Shack sales grew 19% versus 2021, and we were heavily impacted by Omicron sales pressures in January and February.

提醒一下，我們從 Same-Shack 銷售計算中排除了 2 天或更長時間的關閉。然而，1 天關閉時間的增加和營業時間的減少對我們在城市和郊區市場的 Same-Shack 銷售構成了不利影響。 4 月份 Same-Shack 的銷售額增長了 13%，我們對我們看到的持續交通增長感到高興，特別是在我們的城市小屋中。 Urban Same-Shack 銷售額與 2021 年相比增長了 19%，我們在 1 月和 2 月受到 Omicron 銷售壓力的嚴重影響。

However, recent trends have been positive. Despite these headwinds early in the quarter, Manhattan Same-Shack sales still rose 35% year-over-year. Our New York City teams executed on the larger sales volumes since COVID. We're seeing similar patterns in other heavy-hit urban markets like Las Vegas, and Washington DC where Same-Shack sales grew by more than 20% in the first quarter.

然而，最近的趨勢是積極的。儘管在本季度初有這些不利因素，Manhattan Same-Shack 的銷售額仍同比增長 35%。自 COVID 以來，我們的紐約市團隊執行了更大的銷售量。我們在拉斯維加斯和華盛頓特區等其他遭受重創的城市市場也看到了類似的模式，第一季度 Same-Shack 的銷售額增長了 20% 以上。

Suburban Same-Shack sales grew 4% year-over-year, lapping a positive 20% comp in the first quarter of 2021, even as we realized a strong recovery in our urban Shacks. The operation pressures we faced during Omicron had a larger negative impact on our suburban Same-Shack sales compared to urban. While traffic trends were positive year-over-year in our suburban Shacks, a greater portion of our sales are coming through in-Shack channels, which is due to more single orders than batch delivery orders. We were mainly encouraged by opportunity in suburban markets as we expand development and evolve formats like drive-up, curbside, and now drive-through.

Suburban Same-Shack 銷售額同比增長 4%，在 2021 年第一季度實現了 20% 的正增長，儘管我們實現了城市 Shack 的強勁復甦。與城市相比，我們在 Omicron 期間面臨的運營壓力對我們郊區的 Same-Shack 銷售產生了更大的負面影響。雖然我們郊區 Shacks 的流量趨勢同比增長，但我們大部分的銷售額來自 Shack 內渠道，這是由於單個訂單多於批量交付訂單。隨著我們擴大開發並發展諸如駕車、路邊和現在的得來速等形式，我們主要受到郊區市場的機會的鼓舞。

Our digital transformation is evident, and we continue to invest in marketing and technology to grow our own digital channels. In the first quarter, 43% of Shack sales came through digital channels even as our in-Shack sales grew significantly year-over-year. Once a guest moves into our own digital channels, meaning our own Shake Shack app or orders from our website, we find that they end up coming to Shake Shack more often, and they spend more. Since this time last year, driven by our own digital investment, more than 60% of additional guests have made a first-time purchase in our own digital channels, and we're excited about the positive trends that we're seeing with these new guests.

我們的數字化轉型是顯而易見的，我們將繼續投資於營銷和技術以發展我們自己的數字渠道。在第一季度，儘管我們在 Shack 的銷售額同比顯著增長，但 43% 的 Shack 銷售額來自數字渠道。一旦客人進入我們自己的數字渠道，即我們自己的 Shake Shack 應用程序或來自我們網站的訂單，我們發現他們最終會更頻繁地訪問 Shake Shack，並且他們會花費更多。自去年這個時候以來，在我們自己的數字化投資的推動下，超過 60% 的新增客人在我們自己的數字渠道中進行了首次購買，我們對這些新產品所看到的積極趨勢感到興奮客人。

Licensing sales of $112.8 million rose 45% year-over-year. While COVID restrictions in mainland China and Hong Kong pressured sales, we realized strong performance across our domestic and other international markets. Total Shack-level operating profit was $29.9 million or 15.2% of Shack sales, including a 50 basis points positive impact from a benefit related to gift card breakage.

授權銷售額為 1.128 億美元，同比增長 45%。儘管中國大陸和香港的新冠疫情限制對銷售造成壓力，但我們在國內和其他國際市場實現了強勁表現。 Shack 級別的總營業利潤為 2990 萬美元，佔 Shack 銷售額的 15.2%，其中包括與禮品卡破損相關的收益帶來的 50 個基點的積極影響。

Our Shack-level operating profit margin improved throughout the quarter, and we realized strong flow-through on a higher sales in March, especially in our urban markets. In the first quarter, our food and paper costs were $59.9 million or 30.4% of Shack sales, down 60 basis points quarter-over-quarter as our March price increase helped offset some inflationary pressures.

我們的 Shack 級別的營業利潤率在整個季度都有所提高，並且我們在 3 月份實現了強勁的銷售額增長，尤其是在我們的城市市場。第一季度，我們的食品和紙張成本為 5990 萬美元，佔 Shack 銷售額的 30.4%，環比下降 60 個基點，因為我們 3 月份的價格上漲有助於抵消一些通脹壓力。

Overall, many of our key costs remain highly elevated, specifically beef, but also chicken, dairy, and packaging. We outline more details on Page 12 of our First Quarter Shareholder Letter. The inflationary environment remains uncertain and we continue to target opportunities for improvement wherever possible. In the first quarter, we realized low teens percent year-over-year food and paper inflation, and we expect this to persist into the second quarter moderating to high single digit to low double-digit year-over-year inflation for the fiscal 2022.

總體而言，我們的許多關鍵成本仍然很高，特別是牛肉，還有雞肉、奶製品和包裝。我們在第一季度股東信函的第 12 頁概述了更多細節。通脹環境仍不明朗，我們繼續盡可能尋找改善機會。在第一季度，我們實現了低 10% 的同比食品和紙張通脹，我們預計這種情況將持續到第二季度，在 2022 財年將放緩至高個位數至低兩位數的同比通脹.

We use a unique beef blend that we do not contract. Our 100%, all-natural, non-hormone. Angus beef is about 25% to 30% of our food and paper costs. In the first quarter, our beef costs rose approximately 20% year-over-year. At this point, the beef market is uncertain, but we are hopeful that it could moderate as we lap challenging compares in the back half of the year, bringing the 2022 outlook for our beef up low to mid-single digits.

我們使用不收縮的獨特牛肉混合物。我們的 100%，全天然，非激素。安格斯牛肉約占我們食品和紙張成本的 25% 到 30%。第一季度，我們的牛肉成本同比增長約 20%。在這一點上，牛肉市場尚不確定，但我們希望它能夠緩和，因為我們在下半年遇到挑戰，使我們牛肉的 2022 年前景低至中個位數。

Chicken and dairy are also important parts of our basket, both of which are realizing higher than normal inflationary pressures, more so dairy than chicken. We expect this to persist throughout the year. Our paper and packaging costs rose high single-digit percent year-over-year in the first quarter. And we now expect this to increase by mid-teens percentage year-over-year for fiscal 2022.

雞肉和奶製品也是我們籃子的重要組成部分，兩者都意識到通脹壓力高於正常水平，奶製品比雞肉更是如此。我們預計這將持續一整年。我們的紙張和包裝成本在第一季度同比增長了個位數百分比。我們現在預計，到 2022 財年，這一數字將同比增長 10%。

Labor expense was $60.5 million, or 30.7% of total Shack sales, up from 29.6% in the prior quarter. Lower sales volumes in January and February were the primary pressure, partially offset by sales leverage in March. We increased our starting wages by high single-digit percent year-over-year for the quarter. And we'll continue to invest in our teams as we work towards optimal staffing levels and we expect to raise our starting wages by mid to high single-digit percent in fiscal 2022.

人工費用為 6050 萬美元，佔 Shack 總銷售額的 30.7%，高於上一季度的 29.6%。 1 月和 2 月銷量下降是主要壓力，部分被 3 月的銷售槓桿所抵消。我們本季度的起薪同比增長了個位數百分比。我們將繼續投資於我們的團隊，努力實現最佳的人員配備水平，我們預計在 2022 財年將我們的起薪提高個位數至中高百分比。

Operating expenses were $30.2 million or 15.4% of total Shack sales, up from 14.9% in the fourth quarter of 2021, driven by sales deleverage and higher delivery commissions due to an increase in our delivery mix. Occupancy was 16.3% or 8.3% of total Shack sales, up from 8.1% in the fourth quarter of '21. G&A was $31.3 million. Excluding a $6 million legal settlement, G&A was $25.3 million, up 37.5% year-over-year as we increased staffing to support the largest opening class on record as well as executed on key digital technology and marketing projects.

運營費用為 3020 萬美元，佔 Shack 總銷售額的 15.4%，高於 2021 年第四季度的 14.9%，這是由於銷售去槓桿化和由於我們的交付組合增加而導致的交付佣金增加。入住率佔 Shack 總銷售額的 16.3% 或 8.3%，高於 21 年第四季度的 8.1%。 G&A 為 3130 萬美元。不包括 600 萬美元的法律和解，G&A 為 2530 萬美元，同比增長 37.5%，因為我們增加了人員以支持有記錄以來最大的開放課程，並執行了關鍵的數字技術和營銷項目。

Pre-opening expense was $2.7 million in the quarter as we opened 7 new Shacks. Depreciation and amortization expense was 16.9%, up 23% year-over-year. We realized a net loss attributable to Shake Shack Inc of $10.2 million in the first quarter or a negative $0.26 in earnings per share. On an adjusted proforma basis, we reported a net loss of $8.2 million or negative $0.19 per fully exchanged and diluted share. Excluding the tax impact of stock-based compensation, our proforma tax rate in the first quarter was 28.7%, resulting in a proforma adjusted income tax benefit of $3.1 million.

由於我們開設了 7 個新棚屋，本季度的開業前費用為 270 萬美元。折舊和攤銷費用為 16.9%，同比增長 23%。我們在第一季度實現了歸屬於 Shake Shack Inc 的 1020 萬美元的淨虧損或每股收益為負 0.26 美元。在調整後的備考基礎上，我們報告淨虧損 820 萬美元或每股完全交換和稀釋後的負 0.19 美元。不計股票薪酬的稅收影響，我們第一季度的備考稅率為 28.7%，因此備考調整後的所得稅收益為 310 萬美元。

Our balance sheet remains in a strong position as we enter the quarter with $3858.9 million in cash in marketable securities. We will continue to leverage our strong cash position in support of investing in new Shack openings in a variety of formats, including drive-through, in addition to supporting our other company-wide initiatives.

當我們進入本季度時，我們的資產負債表仍處於強勢地位，擁有 38.589 億美元的有價證券現金。除了支持我們在公司範圍內的其他計劃外，我們將繼續利用我們強大的現金狀況來支持以各種形式投資新的 Shack 開業，包括免下車。

Now, into guidance for second quarter of 2022 and full-year, our guidance assumes no new COVID-related disruptions or additional unknown inflationary pressures. For the second quarter, we are guiding total Shack sales of $227 million to $232 million, Same-Shack sales to grow low to mid-teens percent year-over-year, and 6 new company-operated Shack openings.

現在，在 2022 年第二季度和全年的指導中，我們的指導假設沒有新的與 COVID 相關的中斷或額外的未知通脹壓力。對於第二季度，我們指導 Shack 總銷售額為 2.27 億美元至 2.32 億美元，Same-Shack 銷售額同比增長低至 10% 左右，以及 6 個新的公司運營的 Shack 開業。

Licensing revenue guidance of $6.8 million to $7.5 million reflects a degree of ongoing uncertainty around COVID pressures, specifically in China, which is a key market. We expect total revenue of $233.8 million to $239.5 million growing 25% to 28% year-over-year. Our guidance calls for a sequential improvement in our Shack-level operating profit margin to 16% to 18% and reflects ongoing inflationary pressures and investments to support our in-Shack traffic growth.

680 萬美元至 750 萬美元的許可收入指導反映了圍繞 COVID 壓力的一定程度的持續不確定性，特別是在中國這個關鍵市場。我們預計總收入為 2.338 億美元至 2.395 億美元，同比增長 25% 至 28%。我們的指導要求我們將 Shack 級別的營業利潤率連續提高至 16% 至 18%，並反映持續的通脹壓力和投資，以支持我們的 Shack 流量增長。

We are continuing our investments in G&A this year with an eye towards our long-term growth initiatives. Excluding the $6 million legal settlement in the quarter, we now expect to spend between $110 million and $114 million on a full-year basis, including approximately $12 million of our total $13 million in equity-based compensation for the company. We're not going to provide quarterly guidance for G&A. However, for your modeling purposes, we expect to recognize an approximate $3 million expense in the second quarter to support the bi-annual leadership conference, and this is included in our annual G&A guidance.

今年我們將繼續對 G&A 進行投資，著眼於我們的長期增長計劃。不計本季度 600 萬美元的法律和解費用，我們現在預計全年支出在 1.1 億美元至 1.14 億美元之間，其中包括我們為公司提供的 1300 萬美元股權補償總額中的約 1200 萬美元。我們不會為 G&A 提供季度指導。但是，為了您的建模目的，我們預計第二季度將確認大約 300 萬美元的費用，以支持兩年一度的領導力會議，這包含在我們的年度 G&A 指導中。

We continue to expect full-year depreciation and amortization expense to be between $70 million and $75 million, pre-opening of $14 million to $17.5 million, an adjusted pro forma tax rate excluding the impact of stock-based compensation of 28% to 30%. This quarter we also recognize 2 items I want to add some more texture around. First, $1.3 million gift card breakage income catch-up which is included in our GAAP metrics, including Shack sales and total revenue as well as system-wide sales.

我們繼續預計全年折舊和攤銷費用將在 7,000 萬美元至 7,500 萬美元之間，開業前為 1,400 萬美元至 1,750 萬美元，調整後的備考稅率（不包括基於股票的薪酬的影響為 28% 至 30%） .本季度我們還發現了 2 個我想在周圍添加更多紋理的項目。首先，我們的 GAAP 指標中包含 130 萬美元的禮品卡破損收入，包括 Shack 銷售額和總收入以及系統範圍內的銷售額。

This adjustment was a cumulative catch-up done in accordance with GAAP. Second, a $6 million legal settlement in G&A, both reflected in our consolidated statement of loss in the first quarter. Our GAAP results include this benefit from gift card breakage income and the expense from the legal settlement. Our calculation of Shack-level operating profit includes Shack sales, which includes gift card breakage. We called out the adjustment in our remarks today and in our shareholder letter. Same-Shack sales, average weekly sales, and digital mix, however, are key metrics and not impacted by gift card breakage.

這種調整是按照公認會計原則進行的累積追趕。其次，在 G&A 中的 600 萬美元法律和解，都反映在我們第一季度的合併虧損表中。我們的 GAAP 結果包括禮品卡破損收入帶來的收益和法律和解產生的費用。我們對 Shack 級營業利潤的計算包括 Shack 銷售額，其中包括禮品卡破損。我們在今天的講話和股東信中提到了調整。然而，Same Shack 銷售額、平均每週銷售額和數字組合是關鍵指標，不受禮品卡破損的影響。

We have made an adjustment to how we categorize regions to better align with how we analyze performance internally. You can read more detail about our regional performance on Page 7 of our shareholder letter. So while we continue to navigate a challenging operating environment, our sales and profits are steadily improving. We are investing ahead of a robust global Shack pipeline and building more formats and offering more convenience than ever before. And we are also investing alongside our current Shacks with so many critical initiatives, such as proudly supporting our team members, our digital transformation, and delivering on that great guest experience. I'm just extremely proud to be part of this amazing team. So thank you for your time.

我們對區域分類方式進行了調整，以更好地與我們內部分析性能的方式保持一致。您可以在我們的股東信函第 7 頁閱讀有關我們區域業績的更多詳細信息。因此，在我們繼續應對充滿挑戰的經營環境的同時，我們的銷售額和利潤也在穩步提高。我們在強大的全球 Shack 管道之前進行投資，並構建更多格式並提供比以往更多的便利。我們還與我們目前的 Shacks 一起投資了許多關鍵舉措，例如自豪地支持我們的團隊成員、我們的數字化轉型以及提供出色的客戶體驗。我非常自豪能成為這個了不起的團隊的一員。所以謝謝你的時間。

And with that, I'll turn it back to Randy.

有了這個，我會把它轉回給蘭迪。

Thanks, Katie. I want to close today sharing the tremendous work of our team towards our focus on ESG. By now, I hope you've all had the opportunity to read our Stand For Something Good report released last Thursday. This third installment of our ESG report provides an update of where we are as a company and where we're headed for the future with a focus on our overall business impact, diversity, inclusion initiatives, sustainability, and so much more. The work that went into creating the report engaged stakeholders and the entire Shack community, we've collected and audited our environmental, social, and government data, aligned with our leadership team to envision and execute programs that live our vision, and we've partnered with suppliers to highlight the good work we do together.

謝謝，凱蒂。我想在今天結束時分享我們團隊為關注 ESG 所做的巨大工作。到現在為止，我希望你們都有機會閱讀我們上週四發布的“為善而行”報告。我們 ESG 報告的第三部分提供了我們作為一家公司的最新情況以及我們未來的發展方向，重點關注我們的整體業務影響、多樣性、包容性舉措、可持續性等等。創建該報告的工作涉及利益相關者和整個 Shack 社區，我們收集並審核了我們的環境、社會和政府數據，與我們的領導團隊保持一致，以設想和執行符合我們願景的計劃，我們已經與供應商合作，突出我們共同完成的出色工作。

Building our previous reporting, we've now included our first Scope 1 and 2 emissions analysis and laid a foundation for the next stage of this journey. ESG is an evolving focus and we recognize there is much for us to do. Our Stand For Something Good report solidifies our commitment to the initiatives that make us unique. Our Shack family, the highest level of quality ingredients, digital innovation, exciting new formats, and more. We're really excited to share this with the world, and we hope you'll take a look, have a read, remind yourself yet again of the positive impact Shake Shack is working to have as we grow our business. As always, hope that you and your family stay safe and healthy, and with that, operator, you can go ahead and open up the call for questions.

在我們之前的報告的基礎上，我們現在已經包含了我們的第一個範圍 1 和 2 排放分析，並為這一旅程的下一階段奠定了基礎。 ESG 是一個不斷發展的焦點，我們認識到我們有很多工作要做。我們的“為善而立”報告鞏固了我們對使我們與眾不同的舉措的承諾。我們的 Shack 系列、最高水平的優質原料、數字創新、令人興奮的新格式等等。我們很高興與全世界分享這一點，我們希望您能看一看，讀一讀，再次提醒自己 Shake Shack 在我們發展業務時正在努力產生的積極影響。一如既往，希望您和您的家人保持安全和健康，有了這個，接線員，您可以繼續撥打電話提問。

(Operator Instructions) Our first question comes from Michael Tamas with Oppenheimer.

（操作員說明）我們的第一個問題來自 Michael Tamas 和 Oppenheimer。

First, the new shareholder letter and the level of detail you provide is great. So thanks for putting that together. You know, you gave some great color in there on the margins you expect for the second quarter, and obviously, the cost pressures that are impacting the business. And I think the obvious next question is, you know, how you're thinking about the rest of '22 and potentially even beyond that.

首先，新的股東信函和您提供的詳細程度非常好。所以謝謝你把它放在一起。你知道，你在第二季度的預期利潤率上給出了一些很好的顏色，很明顯，影響業務的成本壓力。我認為下一個明顯的問題是，你知道，你如何看待 22 年的剩餘時間，甚至可能超出這一點。

You're taking more pricing, and you know, if there's any specific comments you want to make, you know, specific numbers, that'd be great, but assuming you won't do that, and assuming the cost environment plays out the way you think, is it fair for us to think about margins being better in the second half of the year versus the first half of the year and potentially even growing year-over-year?

您正在接受更多定價，並且您知道，如果您想發表任何具體評論，您知道，具體數字，那會很棒，但假設您不會這樣做，並且假設成本環境發揮作用您認為，我們認為下半年的利潤率比上半年更好，甚至可能同比增長，這是否公平？

Yes, thank you. Look, there are a few things at play there. We've given clear guidance for 2Q, which shows what we expect to be increased margins. There's a wide range there because there's a lot happening. We're not going to comment on the back half, other than to say, I think there's a lot of uncertainty, and we are all living every day in a continued inflated environment that continues to surprise us and everyone else in every company you see. That happens across our cost of goods.

是的，謝謝。看，那裡有一些東西在起作用。我們已經為第二季度提供了明確的指導，這表明我們預計利潤率會增加。那裡的範圍很廣，因為發生了很多事情。我們不會對後半部分發表評論，只是說，我認為存在很多不確定性，我們每天都生活在一個持續膨脹的環境中，這繼續讓我們和你看到的每家公司的其他人都感到驚訝.這發生在我們的商品成本中。

Katie and the team have given more detail than ever, and I'll let Katie talk about that a little bit. Look, we expect we're going to continue to be a company who can generate strong margins, I think we're in a near-term pressure point here, where many of our ingredients are up, and we expect them to continue to be up for this year. We don't know exactly where the beef market's going to go, where our key inputs are going to go, we've given the best guidance we possibly can on that, and we'll see how it goes, but we're encouraged by how the first quarter went, and our expectations for where the second quarter we hope will go if we see a continued urban and recovery trends that we've been experiencing.

凱蒂和團隊提供的細節比以往任何時候都多，我會讓凱蒂稍微談談。看，我們預計我們將繼續成為一家能夠產生強勁利潤的公司，我認為我們處於近期壓力點，我們的許多成分都在上漲，我們預計它們將繼續為今年做好準備。我們不知道牛肉市場的確切走向，我們的關鍵投入將走向何方，我們已經提供了可能的最佳指導，我們將看看它會如何發展，但我們受到鼓舞根據第一季度的進展情況，以及我們對第二季度的預期，如果我們看到我們一直在經歷的持續的城市和復蘇趨勢。

Yes, I don't have a lot more to add on that, and thank you very much, and thanks to the team, also, who helped put together this great report here, but I would put you -- point you to Page 12. It sounds like you've already kind of taken a look there, but we give a great dive on our basket composition, as well as our outlook for 2Q and then the rest of the year, and as Randy hit on, this is our best look at this point in time. The inflationary environment is quite dynamic here, and we are working through as best as we can to manage the pressures that we're facing.

是的，我沒有太多要補充的了，非常感謝你，也感謝團隊，他們幫助在這裡整理了這份出色的報告，但我想把你——指向第 12 頁. 聽起來你已經看過那裡了，但我們對我們的籃子構成以及我們對第二季度和今年餘下時間的展望進行了很好的探討，正如蘭迪所說，這是我們的最好看這個時間點。這裡的通脹環境非常活躍，我們正在盡最大努力應對我們面臨的壓力。

Yes, makes sense. Appreciate that. On the drive-throughs and drive-up units, really more specifically in drive-throughs though, I know you're not giving specific financial metrics out yet or anything, but when you were doing the planning process, can you just describe to us some of the differences between those units and your legacy suburban units? Is it a higher-cost labor model, is the rent structure different? Just anything to help us think about what that model might look like just even qualitatively. Thanks.

是的，有道理。感謝。關於免下車和免下車單元，實際上更具體地說是在免下車中，我知道您還沒有給出具體的財務指標或任何東西，但是當您進行規劃過程時，您能向我們描述一下嗎這些單元與您的傳統郊區單元之間的一些差異？是不是成本更高的勞動力模式，租金結構不同？任何可以幫助我們思考該模型的外觀的東西，甚至是定性的。謝謝。

Sure, yes. It's really early. We've got 5 open, we should open one this quarter, and as I said, we should get about 5 total more open by the end of this year. By the end of this year, we'll have about 10 in really varied environments, right? We just opened in Castle Rock in Colorado. We have seen Shacks open in -- we're with our team in Orlando last week, and then some cold weather openings we did towards the end of the year, but what are we targeting?

當然，是的。真的很早。我們有 5 個開放，我們應該在本季度開放一個，正如我所說，到今年年底我們應該再開放大約 5 個。到今年年底，我們將在真正不同的環境中擁有大約 10 個，對吧？我們剛剛在科羅拉多州的城堡岩開業。我們已經看到 Shacks 開業了——上週我們和我們的團隊在奧蘭多一起開業，然後我們在年底進行了一些寒冷天氣開業，但我們的目標是什麼？

We're targeting -- obviously, we believe in a higher potential AUV, we're not sure if that will happen or not, and we're not sharing the numbers today, but that's the goal. In terms of our operating margin, our goal will be to have strong AUVs and strong margins with a strong return. At the moment, and we shared this a number of times, you should expect that those are going to cost more to build than our normal Shacks.

我們的目標是——顯然，我們相信有更高潛力的 AUV，我們不確定這是否會發生，而且我們今天沒有分享這些數字，但這就是目標。就我們的營業利潤率而言，我們的目標是擁有強勁的 AUV 和強勁的利潤率以及強勁的回報。目前，我們多次分享了這一點，你應該預料到它們的建造成本會比我們普通的棚屋要高。

That will, again, depend on market conditions, we're living in an inflation environment where everything's up a little bit, the whole class, this year should be up 10%, 15% than normal, and some of that will be some of those drivers that are going to be more expensive. And this is why we built the balance sheet that we built over the last year because this has given us the opportunity to optimize for learning, as I've said, really get after this as a format that we believe will draw a lot of opportunity for Shake Shack.

這將再次取決於市場狀況，我們生活在一個通脹環境中，一切都有點上升，整個班級，今年應該比正常水平上升 10%，15%，其中一些將是一些那些將更昂貴的驅動程序。這就是我們建立去年建立的資產負債表的原因，因為這給了我們優化學習的機會，正如我所說，真正追求這種格式，我們相信它會吸引很多機會為搖棚屋。

And ultimately, the thing we're really after is increasing the potential addressable market for Shake Shack, and we believe drive-throughs can give us a new look at the way we can think about sites, think about sales capture, and really our ability to capture as much share in a market of the burgers that are available to sell there, and I'll tell you, I don't know if you've been to one yet, but when you go, it's pretty cool. It's working, teams working hard to figure a lot of things out, but it feels really good. We'll share more as the time goes on.

最終，我們真正追求的是增加 Shake Shack 的潛在潛在市場，我們相信免下車可以讓我們重新審視我們思考網站的方式，考慮銷售捕獲，以及我們的能力為了在可以在那裡出售的漢堡市場中獲得盡可能多的份額，我會告訴你，我不知道你是否去過一個，但是當你去的時候，它很酷。它正在發揮作用，團隊努力解決很多問題，但感覺真的很好。隨著時間的推移，我們將分享更多內容。

Our next question comes from Nicole Miller with Piper Sandler.

我們的下一個問題來自 Nicole Miller 和 Piper Sandler。

Just 2 quick ones. The first was around the commentary about a customer coming into your digital ecosystem. When they do that, my question is, who is that customer? Do they look a lot like your average customer or a certain cohort? Specifically wondering about gender and income, and however you compare and contrast that, what does that leave you to be encouraged about these first digital users in your own ecosystem?

只有2個快速的。第一個是關於客戶進入您的數字生態系統的評論。當他們這樣做時，我的問題是，那個客戶是誰？他們看起來很像您的普通客戶還是某個群體？特別想知道性別和收入，無論您如何比較和對比，這讓您對自己生態系統中的這些第一批數字用戶感到鼓舞的是什麼？

Yes, on that point, when we are -- our digital guests, they vary across the board, but overall, very consistent with what we've been seeing with our traditional guest base, and what we're really excited about and where we're investing is helping that guests really understand our menu, and we see that they're spending more than are in-Shack guests. What we've shared is that it's a 25% -- more than 25% premium, and we can see when they come into our own channels, that they come back more often.

是的，在這一點上，當我們是 - 我們的數字客人時，他們各不相同，但總體而言，與我們在傳統客人群中所看到的非常一致，以及我們真正興奮的是什麼以及我們在哪裡'正在投資正在幫助客人真正了解我們的菜單，我們看到他們的花費超過了 Shack 客人。我們分享的是 25% - 超過 25% 的溢價，我們可以看到當他們進入我們自己的渠道時，他們會更頻繁地回來。

And that personalized connection that we're building with the guests, delivering enlightened hospitality through all of our channels, through digital and in-Shack, that's really the great omnichannel experience that we're building, and it's awesome to see it resonate with our digital guests. And also, we're starting to see more and more guests come into the digital channel through various ways if it's in-Shack, or maybe they're going to kiosk, and then we're getting them to download the app. It's a really exciting time.

我們與客人建立的個性化聯繫，通過我們所有的渠道，通過數字和in-Shack提供開明的款待，這真的是我們正在建立的偉大的全渠道體驗，很高興看到它與我們的共鳴數字嘉賓。而且，我們開始看到越來越多的客人通過各種方式進入數字渠道，如果它是在 Shack 中，或者他們可能會去信息亭，然後我們讓他們下載應用程序。這真是一個激動人心的時刻。

Okay. I was thinking maybe younger or maybe more like value seekers or something like that, but if it's just kind of everybody's coming, then I guess that's good too.

好的。我在想可能更年輕，或者更像是價值尋求者或類似的人，但如果只是每個人都來，那我想這也很好。

It is, Nicole, and I think one of the -- it's not a different guest, I think, is the answer to your question, which our guests generally probably are younger than many others as you know. We've got that kind of sweet spot of young all the way up into all ages, really, but pretty dynamic younger age guests that we expect to have coming.

是的，妮可，我認為其中一個——我認為，這不是一位不同的客人，是對你問題的回答，我們的客人通常可能比你所知道的許多其他人年輕。我們有那種年輕的甜蜜點，一直到各個年齡段，真的，但我們預計會有很多充滿活力的年輕客人。

And it's very balanced between men and women, generally as Shake Shack over time. And that's been consistent over time and hasn't really changed, even as we've gone to more suburban and different -- but it's so different per Shack, right? Our suburban Shacks often have higher average checks. We know our digital guests have higher average checks. And there's just so many more new ways we're getting to know everybody as they come into the Shack more often.

它在男性和女性之間非常平衡，隨著時間的推移通常作為 Shake Shack。隨著時間的推移，這一直是一致的，並沒有真正改變，即使我們去了更多的郊區和不同的地方——但每個 Shack 都如此不同，對吧？我們郊區的棚屋通常有更高的平均支票。我們知道我們的數字客人有更高的平均支票。當每個人更頻繁地進入 Shack 時，我們還有更多新的方式來了解他們。

But I think what has been one of the most encouraging data points of our continued recovery, and we're not there yet, is in-Shack sales are up, up, up, right? We're this first quarter up in our like-for-like Shacks up over 50% in-Shack, but our digital sales still holding, and our percentage of total sales that is digital still holding, even as in-Shack continues to grow, and that's a really encouraging sign for where we believe the business is headed.

但我認為，在我們持續復甦的過程中，最令人鼓舞的數據點之一是什麼，而我們還沒有做到，Shack 內的銷售額是否在上升，上升，上升，對嗎？我們在第一季度的同類 Shack 中在 Shack 中增長了 50% 以上，但我們的數字銷售額仍然保持不變，即使在 Shack 中繼續增長，我們的數字銷售額佔總銷售額的百分比仍然保持不變，對於我們認為業務發展方向而言，這是一個非常令人鼓舞的跡象。

Just a last quick one on unit development, more on a rest-of-world focus, I think we all understand there's a lot of moving pieces, and I was starting to think more about the complexities that even if certain situations change, the complexities of just going abroad are unlikely to be any better for quite some time. So what's the reality of like, you know, the international unit growth percentage tapering, maybe the number of units holds, but the acceleration there is on pause? Not to say into perpetuity, but just for some, you know, a pretty good chunk of time here. And maybe within that context, talk about the unit-level economic model, in particular, if you can share anything in regards to China.

只是關於單元開發的最後一個快速的，更多關於世界其他地方的焦點，我想我們都知道有很多移動的部分，我開始更多地考慮複雜性，即使某些情況發生變化，複雜性在相當長的一段時間內，只是出國的情況不太可能好轉。那麼現實是什麼，你知道，國際單位增長百分比逐漸減少，也許單位數量保持不變，但那裡的加速正在暫停？不是說永遠，但只是對某些人來說，你知道，這裡有一段相當長的時間。也許在這種情況下，談談單位層面的經濟模型，特別是如果你能分享任何關於中國的事情的話。

Yes. So let's start with China. Deeply impacted right now. Most of our restaurants in Shanghai are closed. Those that are open can only do self-delivery right now themselves. In Beijing, where we have 4 Shacks, that market is mostly closed doing just delivery pickup type of options there. So we just don't know what's going to happen to China in the near term.

是的。那麼讓我們從中國開始吧。現在影響很深。我們在上海的大部分餐廳都關門了。那些開放的，現在只能自己做自我交付。在北京，我們有 4 個棚屋，該市場大多關閉，在那裡只提供送貨上門類型的選擇。所以我們只是不知道短期內中國會發生什麼。

Long term, we are very bullish on China. And I think the answer to your accelerated or potential unit growth will lie significantly in China. And as we continue to do that, how much can we grow there and how quickly do we want to? Part of increasing that development is adding new markets, so we've added Thailand, we've added Malaysia. And frankly, even with the world -- travel being different, our international opportunities have not ceased to continue at a rapid pace. So for us, it's really about taking our time, not doing too much too fast. That's why we're doing these 2 new markets next year.

長期來看，我們非常看好中國。我認為你的加速或潛在單位增長的答案將在中國。隨著我們繼續這樣做，我們可以在那裡增長多少，我們想要多快？增加這種發展的一部分是增加新市場，所以我們增加了泰國，我們增加了馬來西亞。坦率地說，即使世界各地的旅行不同，我們的國際機會並沒有停止快速發展。所以對我們來說，這真的是要花時間，不要做得太快。這就是為什麼我們明年要做這兩個新市場的原因。

But in addition, we often forget because we talk about licensing as the global business, our domestic licensing business continues to grow. We've got new event spaces, new stadiums that we've opened up, we just opened in St. Louis, for the Blues this last quarter. We've got a new deal with Applegreen, where we're going to do New York Thruway and more in our New Jersey Parkway, and turnpike opportunities, and we love that piece of the business.

但除此之外，我們經常忘記，因為我們把授權作為全球業務，我們的國內授權業務還在持續增長。我們有新的活動空間，我們開放的新體育場，上個季度我們剛剛在聖路易斯為藍軍開放。我們與 Applegreen 達成了一項新協議，我們將在紐約高速公路和我們的新澤西公園大道和收費公路上開展更多業務，我們喜歡這項業務。

So too early to say because we need to unlock that model and really figure it out, but we're really bullish about that. And today, we increased our guidance on what we expected for units in licensed this year. So we were at 20-25, we feel confident, at least 23, and potentially up to 27, so that's going to be a nice add for us, but we really like this part and want to keep growing it.

這麼說還為時過早，因為我們需要解鎖該模型並真正弄清楚，但我們對此非常看好。今天，我們增加了對今年獲得許可的單位的預期指導。所以我們在 20 到 25 歲時，我們感到自信，至少 23 歲，並且可能高達 27 歲，所以這對我們來說將是一個很好的補充，但我們真的很喜歡這部分，並希望繼續發展它。

To your unit economic question, it really depends on the market. You know, we have extraordinary AUVs in many of our Asian business. In our Middle East business, it's much more mature. So it generally tends to have, in the newer openings, less new openings, lower AUVs, but really dynamic unit economic model as well, as you'll see our partners continue to grow. So lots in that. Love the international business, we think it's a super-smart part of the asset-light opportunity. We have to have, you know, roughly 40% of our sales in a licensed asset-light environment, and a positive cash flow. So lots to do. Lots ahead.

對於您的單位經濟問題，這實際上取決於市場。您知道，我們在亞洲的許多業務中都擁有非凡的 AUV。在我們的中東業務中，它要成熟得多。因此，它通常傾向於在較新的開口中具有較少的新開口、較低的 AUV，但也具有真正動態的單位經濟模型，正如您將看到我們的合作夥伴繼續增長一樣。這麼多。熱愛國際業務，我們認為這是輕資產機會的一個超級聰明的部分。你知道，在許可的輕資產環境中，我們必須擁有大約 40% 的銷售額，以及正現金流。有很多事情要做。前面很多。

Our next question comes from Jake Bartlett with Truist Securities.

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

Mine was on the average weekly sales that you saw in March, in April. If you could just help us understand the trajectory there, and, you know, what is the typical March to April change in average weekly sales, and just learning about seasonality, just so we can see, you know, really the underlying improvement that you're seeing? And then also, you know, how does April, you know, compare for the rest of the year? Is that a reasonably low or high kind of seasonal months for Shake Shack?

我的是你在 3 月和 4 月看到的平均每週銷售額。如果你能幫助我們了解那裡的軌跡，並且，你知道，3 月到 4 月平均每週銷售額的典型變化是什麼，並且只是了解季節性，這樣我們就可以看到，你知道，真正的潛在改善正在看？然後，你知道，四月，你知道，與今年剩餘時間相比如何？對於 Shake Shack 來說，這是一個相當低或高的季節性月份嗎？

Yes, so at this point, you know, what's the bigger driver here of our trends is just the overall recovery that we're seeing with, you know, I will call it consumer mobility, but let's just break it down to what the parts are. It's return-to-office, it's travel and tourism. It's people moving about in their normal routines. When we look at, you know, dayparts, what we saw in March and into April, we're seeing particular strength at, you know, urban weekday lunch. Those are all signs that our business is being driven much more by these macro undercurrents of people kind of emerging from Omicron and less really from any kind of calendar shifts.

是的，所以在這一點上，您知道，我們趨勢的更大驅動力是我們所看到的整體復甦，您知道，我將其稱為消費者流動性，但讓我們將其分解為哪些部分是。是複工，是出差，是旅遊。是人們在他們的日常活動中四處走動。當我們查看時段，我們在 3 月和 4 月看到的情況時，我們在城市工作日午餐中看到了特別的優勢。這些都表明，我們的業務更多地受到來自 Omicron 的人們的這些宏觀暗流的推動，而不是真正來自任何類型的日曆變化。

And Jake, one of the things, I point you to Page 7 on the letter as we think about regionally, we've talked about this story through COVID. I think some of the most encouraging things we're seeing is while suburban is kind of holding where it's been, urban continues to grow. Manhattan specifically up 35% in the first quarter. That's a big number. And it's not back to what it was still, Manhattan, right? And Manhattan has a proxy for our deepest urban restaurants around the country, still remain impacted, but they're coming back. And that's what we feel good about when we think about AWS, but the trend's in the right direction for sure. Good to see that $76,000. That's pretty strong AUV when you play that out for an April average weekly sales.

傑克，其中一件事，當我們考慮區域性時，我將您指向信中的第 7 頁，我們已經通過 COVID 討論了這個故事。我認為我們看到的一些最令人鼓舞的事情是，當郊區保持原狀時，城市繼續增長。曼哈頓在第一季度特別上漲了 35%。這是一個很大的數字。而且它還沒有回到原來的樣子，曼哈頓，對吧？曼哈頓有我們在全國最深的城市餐廳的代理，仍然受到影響，但它們正在捲土重來。這就是我們在考慮 AWS 時感覺良好的地方，但趨勢肯定是朝著正確的方向發展。很高興看到 76,000 美元。當您將其計算為 4 月份的平均每週銷售額時，這是相當強大的 AUV。

Got it. So I guess I was trying to understand whether April is typically below March, just so we can kind of really understand the improvement that's going on. So if you could maybe share whether April is typically below March in years past.

知道了。所以我想我想了解 4 月是否通常低於 3 月，這樣我們才能真正了解正在發生的改進。因此，如果您可以分享過去幾年 4 月是否通常低於 3 月。

Generally, it's not below March. Generally, it's up. I don't have the number in front of me. We haven't broken it out in years past as to what that difference has been, but it's generally a better month. And also, Jake, it depends on holidays too and when vacations in Easter and all that gets in the way. So better to look at it quarter-over-quarter, I think, as we look at those AWS numbers.

一般來說，它不會低於三月。一般情況下就上來了。我面前沒有號碼。在過去的幾年裡，我們還沒有詳細說明這種差異是什麼，但這通常是一個更好的月份。而且，傑克，這也取決於假期以及復活節假期的時間以及所有阻礙。我認為，當我們查看這些 AWS 數據時，最好按季度查看。

And just one thing, I mean, it's kind of obvious, but, you know, if you look at pre-COVID, this company looks completely different, you know, than it did prior to COVID. Our exposures, our regions, you know, our footprint is very different. So, you know, it is really hard to kind of get a true read on what, you know, a normal, you know, seasonality would look like.

只有一件事，我的意思是，這很明顯，但是，你知道，如果你看一下 COVID 之前的情況，這家公司看起來與 COVID 之前完全不同。我們的曝光，我們的地區，你知道，我們的足跡是非常不同的。所以，你知道，真的很難真正了解什麼，你知道，一個正常的，你知道的，季節性的樣子。

Got it. Great. And then, you know, one question, I think investors are really trying to kind of weigh, you know, why Shake Shack's recovery hasn't been as strong as some of the peers, right, you know, versus pre-COVID. And you have a big unlock with digital really taking away a bottleneck at the ordering and pay and pick-up, which seems to be, you know, a powerful driver.

知道了。偉大的。然後，你知道，一個問題，我認為投資者真的在試圖權衡，你知道，為什麼 Shake Shack 的複蘇不如一些同行強勁，對，你知道，與 COVID 之前相比。而且你有一個很大的解鎖數字，真正消除了訂購、支付和取貨的瓶頸，你知道，這似乎是一個強大的驅動力。

So I think the big answer there is that the type of markets you're in and the type of, you know, just urban and also the type of suburban markets you have, but are there any stores or types of urban, you know, stores where you're seeing the same sort of, you know, lift versus '19 that we see at some of your fast casual peers and where you're kind of seeing the benefit of that [unlike].

所以我認為最大的答案是你所在的市場類型以及你知道的城市類型以及你擁有的郊區市場類型，但是有沒有商店或城市類型，你知道，您看到的商店與我們在一些快速休閒的同齡人中看到的 19 年相比提升了同樣的類型，並且您看到了這種好處 [不像]。

For sure. Yes, absolutely. We're not breaking them out, but it really depends on them. You know, there are some of your -- It's similar stories we've told this whole time, your most impacted urban environments are those that are kind of your midtown office event, tourism-related. We have some restaurants that are -- or some of our highest volume ever Shacks, not just in New York, but in other urban areas that rely on those kinds of traffic trends that are still not back to where they were in '19, whereas there may be some other urban environments where we're well up on 2019.

當然。是的，一點沒錯。我們不會打破它們，但這真的取決於它們。你知道，有一些你的 - 這是我們一直在講述的類似故事，你受影響最大的城市環境是那些與你的市中心辦公室活動相關的，與旅遊相關的。我們有一些餐廳——或者是我們有史以來數量最多的 Shacks 餐廳，不僅在紐約，而且在其他依賴那些仍然沒有回到 19 年的交通趨勢的城市地區，而在 2019 年，我們可能會在其他一些城市環境中取得好成績。

And again, we're not talking about 2019 anymore. We've moved on. We're talking about 2021 now when we look at comparisons, but again, I've used the language for a while here, and I still feel this way when I look at every Shack every day, where we're up, it makes sense, where we're down, it makes sense. And we still when you -- if you want to compare us to peers, any peer you're going to compare us to has multiples of thousands more restaurants than ours across a much wider geographic dispersion than we have.

再說一次，我們不再談論 2019 年。我們繼續前進。當我們進行比較時，我們現在談論的是 2021 年，但我再次在這裡使用該語言有一段時間了，當我每天查看每個 Shack 時，我仍然有這種感覺，我們在哪裡，它使感覺，我們在哪裡失敗，這是有道理的。我們仍然是當你 - 如果你想將我們與同行進行比較，你將要與我們進行比較的任何同行都擁有比我們多數千倍的餐廳，而且地理分佈比我們更廣。

And that's just part of our story today, which is over 200 Shacks in this country that we're talking about right now, needing to be balanced out with roughly half of those still being urban environments. So we still got some recovery to go, but the trajectory is definitely in the right direction.

這只是我們今天故事的一部分，我們現在正在談論的這個國家有 200 多個棚屋，需要與大約一半仍在城市環境中的棚屋進行平衡。所以我們還有一些恢復要走，但軌跡肯定是朝著正確的方向發展的。

Great, I appreciate it. Then one quick one on beef. And my understanding is that your hamburgers are really ground-up steaks, right? So you use whole muscle. You don't use the trimmings that fast food uses. When I look at whole muscle steak cuts, I think most of them, if not all, I see being down year-over-year currently. So the question is how you price.

太好了，我很感激。然後一個快速的牛肉。我的理解是你的漢堡包真的是磨碎的牛排，對吧？所以你使用整個肌肉。你不使用快餐使用的輔料。當我查看整塊肌肉牛排時，我認為其中大多數（如果不是全部）目前都在逐年下降。所以問題是你如何定價。

My understanding is that you're pricing against a commodity index that you get on a regular basis, but just understand -- or help us understand, you know, as we look at the commodity markets, what should -- I know you're not going to give the specific blend, I would never ask for that, but if I look for most of the cuts, they're down year-over-year, you're guided to low single-digit growth for beef in the second quarter. Just trying to reconcile that.

我的理解是，您正在根據您定期獲得的商品指數定價，但只是理解 - 或幫助我們理解，你知道，當我們觀察商品市場時，應該 - 我知道你是不會給出具體的混合，我永遠不會要求，但如果我尋找大部分削減，它們同比下降，你會被引導到第二個牛肉的低個位數增長四分之一。只是試圖調和這一點。

Well, I can't tell you which cuts they are, Jake, as you know, so we can't officially answer that, other than to say, look, there were moments last year where beef was really high. There's been moments this year where it's been high, and a little bit lower. We've shared our outlook for the year, kind of low single digits. And the answer is going to be it depends.

好吧，傑克，我不能告訴你它們是什麼部位，正如你所知，所以我們不能正式回答這個問題，只能說，看，去年的某些時候牛肉真的很高。今年有些時候它很高，也有一些時候更低。我們已經分享了我們對今年的展望，有點低個位數。答案將取決於它。

Of course, we're going to generally trend with what the market is doing, but it's going to depend on those specific cuts that we have endless specific market conditions. I mean, there are so many variables playing into beef with cost of moving things around, the cost of corn, feed, international markets and what that might do. You know, we're doing our best to give as much of a guide as we can here, but, you know, we're telling everyone very clearly, we're not exactly sure either. And we do ride that market price.

當然，我們通常會隨著市場的走勢而發展趨勢，但這將取決於我們擁有無窮無盡的特定市場條件的那些具體削減。我的意思是，有很多變量影響著牛肉的運輸成本、玉米成本、飼料、國際市場以及可能產生的影響。您知道，我們正在盡最大努力在這裡提供盡可能多的指導，但是，您知道，我們非常清楚地告訴每個人，我們也不確定。我們確實騎著那個市場價格。

And we're not going to sacrifice the quality of what we put in our food. So we're going to continue to buy great meat and price accordingly. So, you know, we've got about 7% price going in through the system right now. We'll keep looking at that. If we feel that things are headed even higher and they may be, then we'll look at price sooner rather than later as well, or we may look at it at the end of the year as we normally do, but we haven't decided on that yet, and we're looking at it closely every day.

而且我們不會犧牲我們放入食物的質量。因此，我們將繼續購買優質肉類並相應定價。所以，你知道，我們現在通過系統獲得了大約 7% 的價格。我們將繼續關注這一點。如果我們覺得事情的發展趨勢甚至可能更高，那麼我們也會早點而不是晚點看價格，或者我們可能會像往常一樣在年底看價格，但我們還沒有已經決定了，我們每天都在密切關注它。

Our next question comes from Brian Mullan with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Mullan。

Just wondering if you'd offer any thoughts on any technology or automation efforts that are being worked on, you know, at the industry level. Are there any functions in the kitchen that at least in theory could be automated at a Shake Shack? Any pilots you're considering or products or tools, you know, evaluating? Just basically asking if anything could actually be viable in the next few years.

只是想知道您是否會就行業層面正在進行的任何技術或自動化工作提供任何想法。廚房中是否有任何功能至少在理論上可以在 Shake Shack 實現自動化？您正在考慮的任何試點或產品或工具，您知道，正在評估？基本上只是問在接下來的幾年裡是否有任何東西可以真正可行。

Brian, thanks for your question. So, you know, where we have focused a lot of our technology investments and automation and streamlining a process has actually been on the payment side, and you know, you see us talk about kiosks a lot, that's a great example of something where we started to leverage technology to help make our team members' jobs easier and help them be more efficient in the restaurant. You know, never say ever, but you know, we're not currently testing any kind of robotic equipment right now in our kitchen.

布賴恩，謝謝你的問題。因此，您知道，我們將大量技術投資和自動化以及簡化流程的重點放在了支付方面，您知道，您看到我們經常談論信息亭，這是我們的一個很好的例子開始利用技術來幫助我們團隊成員的工作更輕鬆，並幫助他們提高餐廳的效率。你知道，永遠不要說，但你知道，我們目前沒有在我們的廚房測試任何類型的機器人設備。

Then just to follow up on the drive-throughs, you know, if you were forced to choose now, do you think you'd be opening more than 10 drive-throughs in 2023 or less? I guess when would that decision need to be made from a planning perspective? Just any early thoughts on the development pipeline for drive-throughs beyond this year.

然後只是跟進免下車，您知道，如果您現在被迫選擇，您認為您會在 2023 年或更短時間開設 10 多個免下車嗎？我想什麼時候需要從規劃的角度做出這個決定？只是關於今年以後免下車開發管道的任何早期想法。

Yes, it's a fair question. We're bullish on drive-through. We've not announced a number yet, and they definitely have a longer build time than other formats. Drive-throughs just generally take longer to get entitled, permitted, and built. So it's a longer timeline. We're not waiting to see on the first 10 what happens, we're obviously going to commit to more. The question will be how quickly, and we'll keep you posted on that as we go. I think the focus right now is building a potential pipeline that goes across our formats, which will include in these next few years, we absolutely believe it'll include some drive-throughs, and we're excited about that and want to build more.

是的，這是一個公平的問題。我們看好免下車。我們還沒有公佈具體數字，而且它們的構建時間肯定比其他格式更長。得來速通常需要更長的時間才能獲得授權、允許和建造。所以時間線比較長。我們不會等著看前 10 場會發生什麼，我們顯然會承諾更多。問題將是多快，我們會隨時通知您。我認為現在的重點是建立一個跨越我們格式的潛在管道，這將包括在未來幾年內，我們絕對相信它會包括一些驅動程序，我們對此感到興奮並希望建立更多.

Our next question comes from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

So just a lot going on in the consumer environment, can you talk about how you see Shake Shack positioning in a more challenging environment? We don't have the history in '08, '09, so any high-level thoughts would be helpful?

所以在消費環境中發生了很多事情，您能談談您如何看待 Shake Shack 在更具挑戰性的環境中的定位嗎？我們沒有 08 年和 09 年的歷史，所以任何高層次的想法會有幫助嗎？

I'd say it's something we talk about a lot, Lauren. I think it'd be -- nobody knows exactly where the consumer spending environment's going to go, if we expect it to be pressured as it seems to be right now. I think the answer is, how does Shake Shack perform in that environment, that's the question.

我想說這是我們經常談論的事情，勞倫。我認為會是——沒有人確切知道消費者支出環境將走向何方，如果我們預計它會像現在看起來那樣受到壓力。我認為答案是，Shake Shack 在那種環境中表現如何，這就是問題所在。

We have never been through truly a recession. We started to grow this company in '08, '09, that's when the company's initial growth really took off. And as we've always thought about ourselves, we really straddle that fine line of a really exciting trade up from traditional fast food for not that much more money, even though it costs more to serve our premium ingredients.

我們從未經歷過真正的衰退。我們在 08 年、09 年開始發展這家公司，那是公司最初的增長真正起飛的時候。正如我們一直以來對自己的考慮一樣，我們真的跨越了從傳統快餐到真正令人興奮的交易的那條細線，而不是那麼多錢，儘管提供我們的優質原料的成本更高。

And also an available trade down in the event where you may not want to spend as much money, so hard to say, but we've always felt good about that positioning in any economy. And we're hopeful that positioning today will benefit us, but again, hard to say, not going to make a claim on who we're going to be in an unknown consumer spending environment, but it gives us a lot of confidence to know that we can straddle both ends of that consumer spectrum.

如果您可能不想花那麼多錢，也可以進行折價交易，這很難說，但我們一直對任何經濟體中的這種定位感覺良好。我們希望今天的定位將使我們受益，但同樣，很難說，不會就在未知的消費者支出環境中我們將成為誰提出要求，但它讓我們有很大的信心去了解我們可以跨越消費者範圍的兩端。

I'm going to try one on restaurant margins. Obviously, a lot of noise, is there any way you can contextualize where margins are running for restaurants that have fully regained sales versus those in urban markets? Just trying to understand the magnitude of which some of the outliers are weighing on the system.

我要在餐廳的利潤上試一試。顯然，有很多噪音，你有什麼辦法可以將已經完全恢復銷售的餐廳與城市市場的餐廳的利潤率運行情況聯繫起來？只是試圖了解一些異常值對系統的影響程度。

So we saw a tremendous flow-through on the added sales that we had in March and into April, and it was north of 50%. And what we saw in our urban restaurants, in particular, are restaurants that have been the hardest hit by COVID, that flow-through was particularly strong. And so I think that kind of gives you a little bit of order of magnitude of where there's potential for margin recovery on that side.

因此，我們在 3 月和 4 月的新增銷售額中看到了巨大的流量，超過了 50%。特別是我們在城市餐廳中看到的是受 COVID 打擊最嚴重的餐廳，這種流動性特別強。所以我認為這會給你一點數量級的利潤恢復潛力。

Our next question comes from Drew North with Robert W. Baird.

我們的下一個問題來自 Drew North 和 Robert W. Baird。

I wanted to ask about the revised unit opening guidance. On the company-operated side, it looks like the range came down 5 units or so, just due to some slippage into '23. I guess, could you provide more color on what you're seeing out there? And while recognizing you won't provide specific guidance for 2023, I think it still might be helpful to hear some high-level perspective and how you're thinking about the development pipeline in the context of those delays and challenges.

我想問一下修訂後的單元開放指南。在公司運營方面，看起來範圍下降了 5 個單位左右，只是由於一些滑入 23 年。我想，你能提供更多關於你看到的東西的顏色嗎？雖然認識到您不會為 2023 年提供具體指導，但我認為聽取一些高層觀點以及您在這些延遲和挑戰的背景下如何考慮開發管道仍然可能會有所幫助。

Yes, for sure. Thanks for noting that. I think we've got a few units that we had hoped -- as we had been sharing, we're going to have a really busy late fourth quarter. That's still going to be true, but there's a handful of those that likely end up in 2023 now, and we're okay with that. They're great restaurants. They're going to open. They didn't disappear. They're just taking longer to get open. Again, we've got a really strong pipeline for '23. We're not going to name numbers today and we're still working through -- there's so much uncertainty in the market of all the things that I talked about.

是肯定的。感謝您注意到這一點。我認為我們有一些我們希望的單位——正如我們一直在分享的那樣，我們將在第四季度末度過一個非常忙碌的時期。這仍然是正確的，但現在有少數可能會在 2023 年結束，我們對此表示同意。他們是很棒的餐廳。他們要開門了。他們沒有消失。他們只是需要更長的時間才能打開。同樣，我們為 '23 準備了一個非常強大的管道。我們今天不打算說出數字，我們仍在努力解決——我談到的所有事情在市場上都存在很大的不確定性。

What's happening out there is this; permitting, construction timelines, availability of construction labor, and costs are all more challenging than they've ever been certainly since I've been leading this company. That just takes time. Things are taking longer. A Shack that might have taken 12 months in the past is taking longer now, and just timelines are extended all out of our control.

外面發生的事情是這樣的；自從我領導這家公司以來，許可、施工時間表、施工勞動力的可用性和成本都比以往任何時候都更具挑戰性。那隻是需要時間。事情需要更長的時間。過去可能需要 12 個月的 Shack 現在需要更長的時間，只是時間線已經超出了我們的控制範圍。

Sometimes our landlords don't even get us the building in the time that they're supposed to, which allows us to then take over our construction and get open, so it's hard. Those things I don't expect to get any easier certainly this year. We'll see, we expect to have a strong class for 2023, but we're not going to get into specifics to that just yet today.

有時我們的房東甚至沒有在他們應該得到的時間給我們房子，這讓我們可以接管我們的建築並開放，所以這很難。這些事情我預計今年肯定不會變得更容易。我們會看到，我們預計 2023 年會有一個強大的班級，但我們今天還不打算詳細介紹。

Our next question comes from Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 和 Cowen。

We've seen in the last few months a lot of restaurant concepts raise their ultimate store potential. I recognize with you guys the 450-plus that you've outlined, leaves it a bit open-ended around how high you could go. I'm wondering, your early days with drive-through, but obviously, it's been pretty exciting to see the number that you have opened there. What do you guys need to see before you potentially raise this long-term range? Recognizing that there's obviously a new format out there for you guys to capture a lot of shares, especially at such a high volume?

在過去的幾個月裡，我們已經看到許多餐廳概念提升了他們的終極商店潛力。我和你們一起認識到你所概述的 450+，在你能走多高的問題上有點開放。我想知道，您早期的免下車服務，但顯然，看到您在那裡打開的號碼非常令人興奮。在你可能提高這個長期範圍之前，你們需要看到什麼？認識到顯然有一種新的格式可以讓你們獲得大量份額，尤其是在如此高的數量下？

Yes. That format, Drive-through Plus, it's the other formats, Andrew. We really think about -- there's a lot of those that we're targeting. Just that -- when we were in Orlando last week is a perfect market example of, we have a couple of tourist Shacks, we have a couple of traditional mall Shacks. We've got a food court, that's a really strong restaurant for us, and we've got a drive-through. Then we have a neighborhood course type of Shack. You got everything in one market in the 6 Shacks.

是的。那種格式，Drive-through Plus，它是其他格式，安德魯。我們真的考慮過——我們的目標有很多。就是這樣——上週我們在奧蘭多的時候就是一個完美的市場例子，我們有幾個旅遊小屋，我們有幾個傳統的商場小屋。我們有一個美食廣場，這對我們來說是一家非常強大的餐廳，而且我們有一個免下車通道。然後我們有一個社區課程類型的小屋。您可以在 6 個棚屋的一個市場中獲得所有東西。

That's a perfect way that we're looking at our growth. What do we need to see? We just want to see continued strong returns. We've obviously over-delivered on everything we've promised there over the years. We're being impacted a little bit more now in the higher cost to build and lower margins at the moment, but we expect that we're going to continue to have really strong returns for the very long term.

這是我們看待增長的完美方式。我們需要看什麼？我們只想看到持續強勁的回報。多年來，我們顯然已經超額兌現了我們在那裡承諾的一切。目前，由於建造成本較高和利潤率較低，我們受到的影響更大，但我們預計我們將在很長一段時間內繼續獲得非常強勁的回報。

It's a number that requires a lot of conversation market-by-market, both art and science. A lot of deep data diving, a lot of learning, a lot of getting past the craziness of COVID sales over these last 2 years, and getting to a more regular run rate, and understanding what each of those formats can deliver. I expect we'll be doing quite a bit of growth in all of those formats ahead, and we'll keep you posted if that number changes, but our goals of these format evolution, it has consistently been shared that our goals are to increase that total addressable market with these new formats.

這是一個需要在藝術和科學領域逐個市場進行大量對話的數字。大量的深入數據挖掘，大量的學習，在過去 2 年中克服 COVID 銷售的瘋狂，並獲得更正常的運行率，並了解每種格式可以提供什麼。我預計我們將在未來的所有這些格式中取得相當大的增長，如果這個數字發生變化，我們會及時通知您，但我們的這些格式演變的目標，一直以來都一致認為我們的目標是增加這些新格式的總目標市場。

Very good. That's super helpful. Then, Katie, a question for you. Just obviously, we were pleased to see better-than-expected margins in the quarter. As obviously you guys get your mojo back, with urban recovery, and expanding throughout the country, that should help with your scale as well. Do you guys have visibility for the return to the long-term 18%, 22% margins, or is that still kind of TBD?

很好。這非常有幫助。那麼，凱蒂，問你一個問題。很明顯，我們很高興看到本季度的利潤率好於預期。顯然，隨著城市的複蘇和在全國范圍內的擴張，你們恢復了自己的魔力，這也應該有助於擴大規模。你們是否對長期 18%、22% 的利潤率回報有了解，或者這仍然是一種待定？

Yes, as we've guided too for next quarter, we're getting to 16% to 18% in Shack-level operating profit margins. That gives you a sense of where we think we can build back to even still not being fully recovered. There's a lot of unknowns out there that we've talked about, inflationary pressures, and how that will all play out, but we feel really good about how the business is recovering and where we stand today.

是的，正如我們對下個季度的指導一樣，我們的 Shack 級營業利潤率將達到 16% 到 18%。這讓您了解我們認為我們可以在哪裡重建，即使仍未完全恢復。我們已經談到了很多未知數，通脹壓力，以及這一切將如何發揮作用，但我們對業務如何復蘇以及我們今天所處的位置感覺非常好。

Our next question comes from [Gerald Hodwinski] with JPMorgan. Please state your question.

我們的下一個問題來自摩根大通的 [Gerald Hodwinski]。請陳述你的問題。

This is [Jared] on for John Ivankoe. Can you discuss the tipping for Shack employees that's being tested for the in-store pay-to-cashier transaction as well as for the digital transactions on the Shack App, how customers receive (inaudible) and are these tips a needle-mover for employee pay?

這是約翰伊万科的[賈里德]。您能否討論一下 Shack 員工的小費，這些小費正在接受店內付款到收銀員交易以及 Shack 應用程序上的數字交易測試，客戶如何接收（聽不清）以及這些小費是否對員工有幫助？支付？

Well, we'll see. It's super early. It's a test. It's definitely something that we've committed to testing and learning and listening to our teams. One of the things that has consistently been shared since the beginning of Shake Shack's opening is certain guests who have asked for the opportunity to tip, and we've never accepted those tips. We're happily testing that to give our team members that opportunity to make a little more money. Again, early days, not sharing any data yet, other than it's only available today at your in-person cashier transaction where you pay with a credit card.

好吧，我們拭目以待。時間超級早。這是一個考驗。這絕對是我們致力於測試、學習和傾聽我們團隊的事情。自 Shake Shack 開業以來，一直在分享的一件事是某些客人要求有機會給小費，而我們從未接受過這些小費。我們很高興地對其進行測試，以便為我們的團隊成員提供賺更多錢的機會。同樣，早期的時候，還沒有共享任何數據，除了今天只能在您使用信用卡付款的當面收銀員交易中使用。

We are now testing it in a small number of Shacks within our web channels and Android. Over time through this year, we'll begin to test that and roll that out in more of our digital channels; first in our app, later in kiosk, hopefully, we'll see, but I think whenever we can create an opportunity for our team to make more money, we want to do so. And it's totally voluntary. We don't put people in a position where they feel like they have to tip or any of that, and if you choose to, it's great, and thank you for taking care of our team in a little bit of an extra way, but it's something that we hope -- the goal obviously is more money for our team and increased retention, better pay overall.

我們現在正在我們的網絡渠道和 Android 中的少數 Shacks 中對其進行測試。隨著時間的推移，今年，我們將開始對其進行測試，並將其推廣到我們更多的數字渠道中；首先在我們的應用程序中，然後在信息亭中，希望我們會看到，但我認為只要我們可以為我們的團隊創造機會賺更多錢，我們就想這樣做。這完全是自願的。我們不會讓人們處於他們覺得必須給小費或任何其他的位置，如果您願意，那太好了，感謝您以一種額外的方式照顧我們的團隊，但是這是我們希望的事情——目標顯然是為我們的團隊提供更多的錢，增加保留率，提高整體薪酬。

There are no further questions at this time. I'll turn the floor back to management for closing remarks.

目前沒有其他問題。我將把發言權轉回管理層以結束髮言。

Thanks, everybody. We appreciate all your time today. Dig deep in the new reports, and we'll look forward to taking some time with you soon. Cheers.

謝謝大家。我們感謝您今天所有的時間。深入了解新報告，我們期待盡快與您共度時光。乾杯。

Thank you. That concludes today's conference. All parties may disconnect. Have a good evening.

謝謝你。今天的會議到此結束。各方都可以斷開連接。祝你有個美好的夜晚。