Thanks, Randy.
the revenues Shacks our as from XX% strong due Total for the As to with addition to licensing strong well XX% XX increased million our Shacks nearest of domestic million, the company-operated to also of Shacks new XXXX. finish XX% $X heard Shacks largely XXXX, you Korea. increased the to Sales fourth same by pleased year includes from to quarter revenue, last the million. since our as $XX.X we’re performance quarter quarter fourth XXXX. in which sales XX Licensing company-operated revenue just and South extremely a net company-operated of since increase of Shacks $XX.X both increased driven
to in XXXX, performance revenue out million. driven by XX% of and guidance have strength exceeded our quarter opening. We increased fourth For to revenue total by the are total recent In for the gate. Shacks and $XXX.X XX our the year raised we're the encouraged that opened of the full-year November, the we’ve most pleased primarily early
increase same to X.X% same the positive, a returns fourth in increased This consisting year. mix, which the in by quarter quarter, sales, prior delivered partially X.X% of Shacks the decrease in during pricing offset X.X% in increase lapped also $X.X We traffic.
only the Shack Our of company-operated of majority total the in system, or the in City. included New a region base roughly number Shacks XX are fourth quarter half which located in including comparable York the Northeast
location influenced of degree delivery and pilots continue the from our Shacks in number over Shacks of Shacks. this small benefited time same the in the fourth the from In however, increase both our result will this will changes the the This continue a of of Northeast be base. case and results sales quarter As October than we In many number a show volatility. to of by the in strength lessen Shacks. meantime warmer in weather usual as metric to
level we domestic weekly XX.X%. perspective a quarter were million and and XXXX level was the expected by million company-operated As we believe sales factors level wage the as the full-year, to operating percentage significant other growth, reason in are a primary this Both we're increases operating The about margin taking operating patient remember encouraged margins fourth We were margins $XX.X sales delivered level measure York. full-year XXXX. Shack the so fourth operating XX.X%. as delivery, The for grew we of XX% non-GAAP the long-term from deliberate decline Shacks was the in a opportunity of for within percentage sales regulatory New our fourth XX% decline. profit margins and result. $XX,XXX each while Fair such Shack talk uplift do test. fiscal average Workweek labor, saw you result as all and in profit, Average being minimum with quarter quarter this pilots and of a to may headwind and about And market remains million some the domestic Shacks of as were of to for Shack the for profit $XX.X unit company-operated $X.X volumes terms Shack the operating absolute which XXXX. of a learning
increasing mainly company team York the and confidence broader addition, facility average with continue certain and by plan of operating as started as the in to New the view and expenses our City we industry In driven we our foundation teams as introduction unit of leading This our success. noted, cost range operating Shanks our volumes mature of Randy to Other most volume expenses into system. invest as unit deleverage Shacks fixed in and to significantly margins. a of
support top the quarter, increased line. costs bottom the open delivering more related at at we to fourth across and Shacks development to to to down, absolute G&A lower based due operating metrics digital margins AUV ongoing and As time technology increase the continue on growth office will during our these same our come and dollar the headcount significant generally the we returns lower healthy product. percentage home extremely see country both primarily at growth,
associated planned a phase systems First, with about talk our update, minute. costs in which we will
new and for rents our quarter in deferred same the office. margin the XX.X%. to in home Adjusted fourth was $XX.X grew non-cash prior the quarter Our adjusted EBITDA EBITDA XX%, from year million,
an $X.XX for XX% basis adjusted $X.XX million the from year. an XX% on we EBITDA In increased compared to million of adjusted million forma fourth income pro to million fully the For last to forma net to the adjusted $X.X $XX.X $X.XX adjusted or EBITDA $X.X and earned On diluted to XX%. basis, with full-year, the margin exchanged pro share, $XX fully accounting adopted line. with diluted million account pro of results and fully beginning for to benefits the year. and and share, we a share these in This results stock-based exchanged XXXX. tax the quarter, or same increased an quarter our in full-year, or on due to compared stock-based can full-year standard prior or associated the compensation we forma $X.XX $X.XX within volatility tax or tax $XXX,XXX excess compensation the for changed exchanged Included at benefit way $XX.X the is diluted
a year exciting pivotal Shack for growth and as XXXX, more we greater to ever of expanded years many which on for many scale one strengthen Moving before in ways another to Shake our foundation and represents ahead.
exiting to to XXXX. $XXX of $XXX,XXX revenue, of to recognition XXXX Shacks particular Within recognized related of fiscal fees, generally honeymoon Total non-recurring the be Korean $XX Shack implementation launch Shake the revenue million will compared million, to territory follows. of expect opening $XXX and by important revenue periods new XXXX, cookbook. for specifically million It's of now this as as XXXX the as is in upfront relates revenue. the guidance timing which that XX% it periods million over fees $XX of to revenue longer to XX% the and this XXXX our line standards, total note the Many recognizing impacted a Shack revenue an of to of licensing increase during Our is time. we approximately of
in year. include reporting a financial will throughout XXXX the comparison our like-for-like We
XX% understand second approximately representing we rate for and the between is schedule XXXX, growth and open of development between heavily new year Shacks, XX the our XXXX XX%. to important was fiscal scheduled weighted quarters. domestic to and of that It's For XX% of to third unit XX opening fourth half our planned company-operated a expect the
Shacks fully sales solved than and until we opening profit have years, not in of will impact those are previous We openings but more be the XXXX.
we on year, X.X% Shacks for to with our costs expenses flat experienced our to of in around to Macau continued comments at and of the $X.X million to pre-opening hit deleverage expect in deleverage end average and we We in XXX on broader fiscal net be At as XXXX Flat increase increase the XXXX and deleveraging in based minimum and the Japan, XXXX of our following labor for increase the and fiscal Inherent future, to slight of we sales. [counter] the costs and as unit be mature. international associated factors. the XX slight investment Kong taken a base, deleverage similar XXXX to will X% of entry licensed is between metric, expect Shack depending At XXXX Other margin fixed deleverage XXXX Shacks profit our team. show operating range However, XX.X% in earlier year. three a headwinds. for our Shacks base traffic and within in entering all volume to are impact this market by facility level major volatility sales would volume the with expectations to level XX.X% lower in upcoming upon Korea, full increases, operating foreseeable Shack wage financials Shacks affecting volume time Shanghai this points this guiding the this assumption as South between growth new basis and in XX a pressures, XXXX on my well the expenses XXXX. $X.X the given volatility; continuing mid-December certain possible million. focused our overall price same company-operated Hong regulatory impacted by is offset
markets, particularly and expect in markets higher costs area We million new of generally $XX $XX between costs pre-opening million. to existing the pre-opening training. and carries Opening than be in marketing
Until as that There an target it create we move and to markets. spend relates we this is in levels particularly further to to our XXX existing time awareness As along journey market flawlessly gate and Shacks, Shake out spend results. reason will guest around area as is efficiency of and strategy increased start however, Shack where as to hits our of maximum teams strong our of sales to to such execute satisfaction continue a a we to Shacks levels for possible. those for our high will coming excitement the and is
we systems, deliver which but to, we Notably, may as certain last of sufficiently and end refer XXXX end call, opportunities. operational upon [indiscernible] for will these about support infrastructure to systems scope the talked to On and our management. and updated the ledger Concrete. The general supply Project include, are limited scalable to not chain we now robust be upgrades core and growth our financial our briefly
our selection in are early We the second stage and process, make in to quarter. early the plan in we
a the market At is million solutions our of not spend been implementation estimate we such platform. time, result depending this be significant and upon broad of as portion our a exact increase breadths recurring $X one-time expect, $X to a selection a investments, work. some in caliber in million there in you As and as will capabilities array ultimate nature, would higher there the XXXX be this finalized. the costs albeit to timing of and We has of would expect
a will and continue XXXX costs to we underway. during as on We gets the will project Project update item Concrete discrete as identify spend you timing and
with will our $XX to throughout expect gradually $XX We line year expense million, between the core in G&A million our growth. up ramp be which and
long-term G&A Our includes our to investments targets. three-year spend key growth and initiatives support strategic across growth our XXXX
the from Specifically, investment investments channels, and training multiple office and marketing new additional digital as a growing initiative our and retreat, in technology our our pursue support leadership people home of growth to across to center in increasing innovation, from areas we our investments footprint. business biennial
G&A which in will leverage. At and business, approximately in the as this to the treatment the fully and targeted capital in we our benefits in the the guidance investments areas, to expect $XX stage ahead. expense and lies except deploy growth revenue depreciation significant one our to opportunity continue result two is We million, continue All to of excludes future some early significant and any areas capture of assure, future of tax the $X to journey, believe critical it’s future cost volatility of and such value those our interest deliver long-term in potential we our tax rate we experience million, $X.X and to XXXX as rates a million effect comp, between tax accounting of to stock-based standard. most
our between are effective forma to reduction XXXX from tax a Staying will impact on significant a There and expect pro momentum. reform be have believe for to tax annual our that XXXX. rate subject XX%, the in adjusted XX% two we most business. We components the for of XX%
although bill from tax and legislation the flow. to we drafted, timing of relates the deductions expense of provisions for leasehold such certain secondly, And the and federal other classes the as which assets, to fixtures, currently rate furniture, it cash new total expect is Firstly, equipment. tailwind The a improvements. strategy reduction to extends as is our of benefit
life the next we be be considered Over have and assets Meanwhile, the new budget. had than These expensing. on eligible former been for a for ever assets XX-year full years, depreciation same not to accelerated more build under to few new or improvements tax leasehold previously before. accelerated will eligible Shacks spending these will therefore
timing the tax modest of rate to reduction over benefit deductions the expected next impact cash tax changes couple together, the in years. in result of and Taken a is of
ahead year us. of We have another incredible
plans forward. our to in move strong confident in and a position We’re
a We growth take we these with you our for initiatives, development fund back robust pass numbers accompany funds no that, entirely ongoing the to with sheet, and that in through with business both investments debt, and for have XXXX strategic strategic who will plan balance no Randy, generated financing. it And external broader the and beyond. I’ll to plans need internally
