“And as Randy noted, while it is hard to predict with full precision, we expect that this will be the peak of pressures on our build costs and we are starting to see traction from our efforts to lower our build costs into 2024 and beyond.”

In context

“ncome of $7.9 million or $0.18 per fully exchanged and diluted share. This was the highest level of earnings per share that we have had reported in more than three years. Our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation was 15.6%. Finally, our balance sheet remains solid with $295.2 million in cash and cash equivalents, and marketable securities at the end of the quarter. This was an increase from $293.4 million in the prior quarter. We invested $40.4 million in CapEx in the quarter, up 48% year-over-year. We have opened 21 Shacks to date and are on track for twice the number of openings by the end of the third quarter versus last year. This more even weighted opening schedule is a primary driver behind the growth in our CapEx spending year-over-year. And as Randy noted, while it is hard to predict with full precision, we expect that this will be the peak of pressures on our build costs and we are starting to see traction from our efforts to lower our build costs into 2024 and beyond. In addition, we've incurred expenses related to the more than 30 kiosk retrofits in this quarter and have about 15 left to go, which we expect will be completed by the end of the third quarter. We also incurred elevated maintenance CapEx as our teams made the necessary replacements to lower R&M and our Shacks, and ensure a more consistent guest experience. Now, onto guidance, which balances the strong underlying business factors that we've seen in the first half of the year with a degree of uncertainty around the consumer spending outlook and inflationary headwinds. this range does not reflect any additional unknown delays to our development schedule or any changes to the macro landscape beyond what we are experiencing today. For the third quarter, we guide total revenue of $273.5 million”