everyone. morning, Good
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Shacks our total partners XXX. Our new count licensed to in Shack XX opened quarter, licensed growing the
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sales both in drive per we've scheduling XXX year-over-year. to and labor Shacks and operators as working to versus including labor basis versus budgeting, in points closely is standardized evolutions us our quarter-over-quarter able learnings to resulting using and last our the quarter translated early with per hourly our margin in streamline with week more Shack well dynamic Altogether, XX fewer this hours kiosk profitably training. However, utilization tailwind XXXX. practices, year, of as labor enhancement strategies been in labor on
by As labor NSOs. was for impacted growing recent some expense our typical our is business, supporting
operations trends schedules have NSOs our place and profitability line. incur quarter, development profitability and from reduce opening we we further plans new throughout our restaurant in the on our overall to in the However, improved expense and
operating $XX.X sales, XX basis were expenses Shack quarter points XX.X% a Other XXXX. of million, or of the down from second
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our sales we licensed XX.X% analytics, marketing various and business as our strategies that profitability X.X% continued marketing rose and and in to and other operations investments year-over-year. greater our We're Shack in to licensed against grow key personalized and adjusted technology, data in and execute digital investing company sales our Kiosks new expense openings operated grew and revenue leveraging made versus year-over-year total Our XQ our to making awareness. efforts, We guests, marketing brand G&A our support and strategies drive around invest business. guest marketing,
over chain, scheduling other We're continued in our as in time. as believe and and success, and our we efficiencies among our well labor ability technology across are which also broadly growth data company initiatives, support making to investing to our realize long-term the critical to automating improvements supply compliance,
new operations strategies and in tools, the learn development, made to Shacks which our we've out support have our throughput openings, we of In test as potential costs take investments the long as teams and term. well over and believe to and improve
are in we and In past our the busy our new announced openings few five supporting. Israel international business, license have Canada including years, country that teams
investments have with departments invest current deeper well efficiencies we countries, as a were within number the continue discipline, in markets, other by pipeline target quarter and partially offset this in formats. a and leveraging as we new had We expansion potential year. of taken of But also leverage strong growing the as G&A second to delivering made opportunities overall,
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training our We in have place lowering level. in plans development, expenses Shack preopening year's by about and operations as around XXXX we this versus target XX% per
depreciation net than that an three This per income million, XX% Shacks. adjusted share. In $X.X We Inc. million diluted $X.XX reported per earnings the net was years. per had or share. $X.XX pro of in fully up was $XX.X income to have level reported invest and in more we million diluted of realized highest $X.X exchanged share Shake Shack year-over-year we or to quarter, the we as attributable new of continue forma
tax excluding adjusted rate, equity-based the Our XX.X%. pro tax was compensation impact forma of
end quarter, remains We quarter. year-over-year. the and sheet $XX.X XX% million CapEx the with million of up balance an invested securities was our cash prior Finally, marketable in increase the $XXX.X the million from equivalents, at in quarter. and solid This $XXX.X in in cash
end the quarter the last track the have of opened versus year. openings are of third date Shacks twice We XX to and on number for by
is are is the XXXX starting lower year-over-year. Randy costs and be full will And to weighted spending and this that our noted, primary beyond. we our hard efforts of into to costs our see from the driver expect pressures This we predict build schedule build even peak behind in to on traction it our opening while as growth precision, a more CapEx with
the quarter expect about go, the than to to In incurred related the by have we've expenses addition, completed left retrofits XX third kiosk quarter. be in of and XX will more end this which we
also elevated ensure CapEx teams consistent a Shacks, maintenance necessary the and more to lower incurred our guest made We R&M replacements our and as experience.
the in we've outlook Now, half underlying the does of experiencing of business inflationary the seen strong to degree that macro our reflect first we consumer factors what today. the with headwinds. schedule onto landscape any not are balances to unknown range and additional development the which year around a delays guidance, spending this uncertainty or any changes beyond
For XX $XXX.X revenue to XX sales $XX to guide the third million. single openings, digits end, total licensing in Shack July. grow for Shack XX $XXX quarter, to low-to-mid X.X% by million revenue, with we high of generated we same the with very and company-operated million $XX.X of openings consistent year-over-year sales With licensed that million XX to to same-Shack that
single be high will price year-over-year. digits quarter up Third
the chicken headwinds hot mixed launch we LTO at end quarter. and our see of burger to expect the until We
historically seen peak school. AWS reminder, a and again, September summer then to August back following around as sequentially in And we've travel declined into
as to XQ low driving factoring guiding margins digits year-over-year. uncertainty are outlook guidance continued are by XXXX balanced We reflects rising with execution around beef for margin initiatives in of approximately double our beef. restaurant be our XX% inflationary we
to below fall restaurant than more guidance by approximately rise to item, XX% not our the on would were prices expect third quarter. equal, if line all else level hedge this for given do we we this margin important However,
we third guidance and paper the quarter on and to be the second the full adjusting we're be the quarter up our food optimistic that targets increasing inflation year-over-year. to we've strength outlook year-over-year. for in revenue and labor quarter, for in inflation our mid-single-digit the third for the seen range Based XXXX. profitability our mid-single expect expect We year And digits
low-to-mid billion for single for by XX% guidance revenue billion So, price. year-over-year. sales $X.XX calls to full-year $X.XX our single digits to Same-Shack digits growing mid-to-high to XX% of with total XXXX, grow
high we October price are we took XXXX. rolling off the in single-digit
be just to single-digit fourth in our the year normal this a low same-Shack the with sales patterns. end our more We price, at of pressure is expect quarter. in will to pricing which running And line a
to to revenue $XX $XX million reach licensing expect We million.
reach of until inflationary While to food remain declining we're cost some and pressures see the of uncertain ongoing decelerating, in But inflationary cost basis and guide despite points restaurant beef elevated to year. most end headwinds, of restaurant full-year to This XXX to XXX our approximately starting we margin basis expansion signs points of this remains XX%. XX.XX% XXXX year. the highly margins basket represents pressures
the quarter. we specific fourth expect the quarter seasonality not see are third profitability While and this time, at sales from our in to we providing typical both guidance to fourth
As a reminder, quarter prior lower fourth that's to margins by and largely third COVID, lower than levels, quarter the restaurant seasonally sales. are driven
headwind inflationary to rest profitability year. pre-COVID success this real present that risks expect historical our and margin the beef we seasonality, outperform through the seeing year, a While given to priorities, strong of we were on the are strategic our
to addition that broad with price 'XX off this in significant impact We ending price expect inflationary the against rolling the just pressures overall. quarter seeing about year fourth October flow-through to our X% and increase we're
performance was if equal, the for last a see remain with patterns our else exceed and for year's we path consumer strong, consistent year. restaurant inflation all to spending full However, XX% beef margin
G&A be quarters. Absent leverage the the midpoint, We approximately We system-wide expect and of adjusted second million. to EBITDA in revenue, XX and XXXX operated legal versus are company basis guide at first open XX this points them partners. professional $XXX approximately, to will $XXX domestic will of be of licensed from our operated, G&A Shack approximately about million that fees XX.X% by XX total will year, of be XX the X.X in excluded levels. and XXXX
of $XX depreciation the of rate, expense be approximately points. $XX compensation to million adjusted compensation to to and of equity-based XX%. excluding equity-based pro guidance other million Some to million, million. of forma tax $XX million $XX $XX impact XX% Preopening
on our performance our this are fiscal representing $XXX approximately year-over-year. XX% raising to so altogether, EBITDA year, growth to we adjusted based far XX% XXXX $XXX million, million to
back to with you, Randy. that, thank And turning
