奇波雷墨西哥燒烤 (CMG) 2018 Q1 法說會逐字稿

Greetings, and welcome to the Chipotle Mexican Grill First Quarter 2018 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Coralie Witter.

大家好，歡迎參加 Chipotle Mexican Grill 2018 年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我將把會議交給主持人科拉莉·維特。

Hello, everyone, and welcome to our call today. By now, you should have access to our earnings announcement released this afternoon for the first quarter of 2018. It may also be found on our website at chipotle.com in the Investor Relations section.

大家好，歡迎參加我們今天的電話會議。現在，您應該已經可以查看我們今天下午發布的2018年第一季獲利公告了。您也可以造訪我們的網站 chipotle.com，在「投資者關係」部分找到相關資訊。

Before we begin our presentation, I will remind everyone that parts of our discussion today will include forward-looking statements as defined in the securities laws. These forward-looking statements will include: statements regarding our strategy and initiative to build sales; sales trends and forecasts for future comparable restaurant sales; expected new restaurant openings; estimates of future food, labor, occupancy, marketing, other operating and general and administrative cost trends; statements about our expected effective tax rate; plans for capital expenditures and stock repurchases as well as other statements of our expectations and plans.

在我們開始演講之前，我要提醒大家，我們今天的討論內容將包含證券法所定義的前瞻性陳述。這些前瞻性聲明將包括：關於我們制定銷售策略和舉措的聲明；銷售趨勢和未來同店銷售額的預測；預期新餐廳開業；對未來食品、勞動力、入住率、營銷、其他運營和一般及行政成本趨勢的估計；關於我們預期有效稅率的聲明；資本支出和股票回購計劃，以及我們其他預期和計劃的聲明。

These statements are based on information available to us today, and we are not assuming any obligation to update them. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. We refer you to the Risk Factors in our Annual Report on Form 10-K as updated in our subsequent Form 10-Qs for discussion of these risks.

這些聲明是基於我們目前掌握的信息，我們不承擔更新這些聲明的義務。前瞻性陳述存在風險和不確定性，可能導致我們的實際結果與前瞻性陳述有重大差異。有關這些風險的討論，請參閱我們年度報告（表格 10-K）中的「風險因素」部分，該部分內容已在後續的表格 10-Q 中更新。

I'd also like to remind everyone that we've adopted a self-imposed quiet period, restricting communications with investors during that period. The quiet period will begin on the 16th day of the last month of each fiscal quarter and continues until the next earnings conference call. For the second quarter of 2018, it will begin June 16 and continue through our second quarter earnings release.

我還要提醒大家，我們已經採取了自我約束的靜默期，在此期間限制與投資人的溝通。靜默期將從每個財政季度最後一個月的第 16 天開始，一直持續到下一次財報電話會議。2018 年第二季度，將從 6 月 16 日開始，一直持續到我們發布第二季度收益為止。

Our discussion today will also include non-GAAP financial measures, a reconciliation of which can be found on the Presentations page of the Investor Relations section of our website. We will start today's call with some brief prepared remarks from Brian Niccol, Chief Executive Officer; and Jack Hartung, Chief Financial Officer. We will allow plenty of time at the end of those remarks for questions. In the room and also available during the Q&A period are: Scott Boatwright, Chief Restaurant Officer; Chris Brandt, Chief Marketing Officer; Laurie Schalow, Chief communications Officer; and Marissa Andrada, Chief Human Administrations Officer.

我們今天的討論還將包括非GAAP財務指標，其調節表可在我們網站投資者關係部分的「簡報」頁面找到。今天，我們將首先由執行長 Brian Niccol 和財務長 Jack Hartung 作簡短的發言。在這些發言結束後，我們會留出充足的時間回答問題。在場並在問答環節提供諮詢的有：餐飲總監 Scott Boatwright；行銷總監 Chris Brandt；傳播總監 Laurie Schalow；以及人力資源總監 Marissa Andrada。

With that, I will now turn the call over to Brian Niccol.

接下來，我將把電話交給布萊恩·尼科爾。

Thanks, Coralie, and good afternoon, everyone. I'm excited to be talking to you today on my first earnings call with Chipotle. Chipotle is such a strong brand with incredible equity built over the last 25 years, and I couldn't be more excited about our future. One thing is very clear to me: consumers love our great-tasting food and appreciate that our food is made with integrity. I have admired Chipotle for many years, and I'm excited to have the opportunity to lead the future direction of this incredible company.

謝謝Coralie，大家下午好。今天能和大家進行我在Chipotle的首次財報電話會議，我感到非常興奮。Chipotle 是一個強大的品牌，在過去 25 年裡積累了巨大的品牌價值，我對我們的未來感到無比興奮。有一點我非常清楚：消費者喜歡我們美味的食物，並且欣賞我們用心製作的食物。多年來我一直很欣賞 Chipotle，我很高興有機會領導這家傑出公司的未來發展方向。

Before I get into details of this call, I'd like to start by recognizing Steve Ells for creating this amazing concept and for the last 25 years, leading it to becoming one of the most important restaurant brands of our time. I thank Steve for the invaluable time he's spent bringing me up to speed over the past several weeks, and I deeply appreciate him fully handing over the reins to me and giving me the autonomy to lead, innovate and create a new strategy that will ensure our growth for the future. Going forward, Steve has embraced his new role as Executive Chairman. We are fortunate to be able to leverage his creativity and expertise as a culinarian, a visionary and our founder.

在詳細介紹這通電話之前，我想先感謝史蒂夫·埃爾斯，​​感謝他創造了這個了不起的理念，並在過去的 25 年裡，帶領它成為我們這個時代最重要的餐飲品牌之一。我感謝史蒂夫在過去幾週花費寶貴的時間幫助我快速了解情況，我非常感謝他完全把領導權交給我，並給予我自主權來領導、創新和製定新的戰略，以確保我們未來的發展。接下來，史蒂夫欣然接受了他作為執行主席的新角色。我們很幸運能夠利用他作為烹飪家、遠見卓識者和我們創始人的創造力和專業知識。

For those of you who don't know me very well, I'd like to share some of my key beliefs and leadership principles so you know what to expect going forward. I believe it is important to focus on results over activity, to hold people accountable and to be stewards of our business. I believe in the power of innovation and that to be successful, we must create and lead change. I also believe in a winning work ethic and that to win, we need to have an external focus with the ability to quickly read and react to change. And I believe in the power of people so it's important to me that we create a culture that is focused on running and supporting great restaurants, putting the customer first, living our purpose, innovating for today and tomorrow and supporting and recognizing each other.

對於那些不太了解我的人，我想分享一些我的核心信念和領導原則，以便你們知道未來會發生什麼。我認為，比起活動本身，更重要的是專注於結果；要讓人們承擔責任；要成為我們企業的管理者。我相信創新的力量，並且認為要成功，我們必須創造並引領改變。我也相信要有必勝的職業道德，而且我認為，要想取得勝利，我們需要關注外部環境，並具備快速了解和應對變化的能力。我相信人的力量，因此對我來說，創造一種專注於經營和支持優秀餐廳、以顧客為先、實踐我們的宗旨、為今天和明天進行創新以及互相支持和認可的文化非常重要。

Before I share my view on what changes we need to make, I thought I would start by telling you what is not going to change. We will continue to serve high-quality great-tasting food that consumers crave. We will also continue to focus on improving operations and fixing and modernizing the foundation of our company. With that said, you will see us doubling down on our purpose and our guest experience. We will get better at innovation and putting customers front and center. We will focus on execution which rests on simple choices, clear goals and consistent measures.

在分享我對我們需要做哪些改變的看法之前，我想先告訴大家哪些方面不會改變。我們將繼續提供消費者渴望的高品質、美味佳餚。我們將繼續專注於改善運營，並修復和現代化公司的基礎架構。綜上所述，我們將加倍努力實現我們的目標，並提升賓客體驗。我們將不斷改進創新，並將客戶放在首位。我們將專注於執行，而執行力取決於簡單的選擇、明確的目標和一致的措施。

We are also upgrading our capabilities to innovate across our business. Specifically, we will provide greater consumer access including through delivery and catering, enhance the digital experience, innovate around our menu and improve our restaurant design.

我們也正在提升自身能力，以推動業務各方面的創新。具體而言，我們將提供更多消費者可及的服務，包括外帶和餐飲服務，提升數位體驗，創新菜單，並改善餐廳設計。

We're working on building a world-class executive team and an organization built for growth. In the last year, we've added new leaders across operations, communications, marketing and human resources. Since our last earnings announcement, we added Chris Brandt as Chief Marketing Officer and just this week, Marissa Andrada joined Chipotle as Chief Human Resources Officer.

我們正在努力打造一支世界級的管理團隊和一個為成長而生的組織。過去一年，我們在營運、溝通、行銷和人力資源等領域增加了新的領導層。自從我們上次發布獲利報告以來，我們聘請了 Chris Brandt 擔任首席行銷官，就在本週，Marissa Andrada 加入了 Chipotle 擔任首席人力資源長。

Chris Brandt is a seasoned veteran and is quickly assessing the changes needed across marketing so we can get back to emphasizing the craveability of our food and expanding brand loyalty among consumers. Having worked with Chris in the past, I can vouch for his proven track record of delivering innovation that is good for consumers and operations and that provides the financial outcomes needed to grow transactions and sales. I'm confident Chris will quickly find ways to increase our brand relevance and ensure our advertising spend is working harder for us.

克里斯·布蘭特是一位經驗豐富的資深人士，他正在迅速評估行銷方面需要進行的變革，以便我們能夠重新強調我們食品的誘人之處，並擴大消費者對品牌的忠誠度。我過去曾與 Chris 共事，我可以證明他擁有良好的業績記錄，能夠帶來對消費者和營運都有利的創新，並帶來成長交易和銷售所需的財務成果。我相信克里斯很快就能找到提高我們品牌相關性的方法，並確保我們的廣告支出能更好地為我們服務。

Marissa Andrada has extensive experience in senior human resource roles and prominent consumer brands, and I'm excited that she has joined our team. Marissa's leadership will be essential as we look to strengthen our organization and ensure we have the right structure and capabilities to achieve our strategy and build a culture of innovation and recognition.

Marissa Andrada 在高階人力資源職位和知名消費品牌方面擁有豐富的經驗，我很高興她加入了我們的團隊。在加強組織建立、確保我們擁有正確的結構和能力來實現策略目標、建立創新和認可文化的過程中，Marissa 的領導角色至關重要。

We are creating a path to performance, and we're in the process of establishing the strategies to get there. I plan to share more details with you on a special call before our next earnings announcement with more details around how we will do these 5 things: first, grow sales transactions, margin and restaurants; second, elevate our brand relevance and further our brand purpose; third, build the right structure and capabilities to sustain performance; fourth, create a people recognition and innovation culture; and fifth, run great restaurants that deliver best-in-class financial performance. In the coming months, you will see us piloting various tests across key innovation focus areas such as consumer access, the digital experience, our menu and restaurant experience in realigning the organization to support the go-forward strategy.

我們正在打造一條通往卓越績效的道路，並且正在製定實現這一目標的策略。我計劃在下次財報發布前的特別電話會議上與大家分享更多細節，詳細介紹我們將如何做到以下五件事：第一，增加銷售交易量、利潤率和餐廳數量；第二，提升品牌相關性並進一步實現品牌宗旨；第三，構建合適的結構和能力以維持業績；第四，營造重視員工和鼓勵創新的文化；第五，經營出色的餐廳，第五，經營出色的餐廳，獲得一流的財務業績。在接下來的幾個月裡，您將看到我們在關鍵創新重點領域（例如消費者准入、數位體驗、菜單和餐廳體驗）進行各種試點測試，以重新調整組織架構，從而支持未來的發展策略。

I do want to acknowledge that there's a lot of great work underway, and we are starting to get some traction. Curt Garner's work on the mobile app is paying dividends, and I'm excited about the continued benefits of the digitally enhanced second make-line, which is now in 237 restaurants. Order accuracy has improved in those restaurants, leading to a nearly 20% improvement in customer feedback. Digital sales are our fastest growing area with growth of 20% year-over-year and now represent 8.8% of sales in the first quarter.

我想承認，目前正在進行很多很棒的工作，而且我們已經開始取得一些進展。Curt Garner 在行動應用程式方面的工作正在取得成效，我對數位化增強的第二條生產線帶來的持續好處感到興奮，目前已在 237 家餐廳投入使用。這些餐廳的訂單準確率有所提高，顧客回饋也因此提高了近 20%。數位銷售是我們成長最快的領域，年增 20%，目前佔第一季銷售額的 8.8%。

The customer experience with mobile sales is also improving as our average wait times for mobile orders are down by more than 1/2 since launching Smarter Pickup Times. Curt and I are excited to continue driving progress in these areas, which we believe will help us bring Chipotle to more people in ways that customers appreciate.

行動端銷售的客戶體驗也不斷改善，自從推出「更智慧的取貨時間」以來，行動訂單的平均等待時間已經縮短了一半以上。Curt 和我很高興能夠繼續推動這些領域的進展，我們相信這將有助於我們以顧客欣賞的方式將 Chipotle 帶給更多的人。

We are seeing improvements in operations under Scott Boatwright's leadership. I've spent a lot of time in restaurants with Scott over the last several weeks, and I'm impressed with our teams and their dedication to operational excellence. The plans Scott put in place last fall have created a culture of accountability in the field. Our design to provide a great guest experience and are built on a strong foundation of food safety. Most importantly, our customers are noticing, and I'm confident we are focused on the right measures. We have a lot of work ahead of us, but I'm optimistic about the future of Chipotle. We have a strong economic model, a loyal customer base and a powerful purpose.

在斯科特·博特賴特的領導下，我們看到營運方面有所改善。在過去的幾周里，我和斯科特一起在餐廳裡待了很長時間，我對我們團隊及其對卓越營運的奉獻精神印象深刻。斯科特去年秋天制定的計劃在該領域建立了一種問責文化。我們的設計旨在為顧客提供絕佳的體驗，並以食品安全為堅實基礎。最重要的是，我們的客戶已經注意到了這一點，我相信我們專注於正確的措施。我們面前還有很多工作要做，但我對 Chipotle 的未來充滿信心。我們擁有強大的經濟模式、忠實的客戶群和強大的目標。

With that, I look forward to sharing more details with you on the special call I mentioned earlier. Now I'll turn the call over to Jack Hartung to provide a financial update.

為此，我期待與您分享我之前提到的特別電話會議的更多細節。現在我將把電話交給傑克哈通，讓他提供最新的財務狀況。

Thanks, Brian, and good afternoon, everyone. We're pleased with our performance in the first quarter as comp sales accelerated slightly, margins expanded and earnings per share grew. And though it was a solid quarter, we realize we have much more work ahead. Since Brian's arrival, we've been taking a fresh look at every element of our business. We're committed to running great restaurants, putting our customers first, staying true to our purpose, embracing innovation in menu, digital, access in restaurants, improving our execution capabilities and strengthening our culture internally. We're confident that these are the right areas of focus to drive strong performance and increase shareholder value on a sustainable long-term basis.

謝謝你，布萊恩，大家下午好。我們對第一季的業績感到滿意，同店銷售額略有加速成長，利潤率擴大，每股盈餘也成長了。儘管本季業績穩健，但我們意識到未來還有很多工作要做。自從布萊恩加入公司以來，我們對公司的各個方面都進行了全新的審視。我們致力於經營優秀的餐廳，始終將顧客放在首位，堅守我們的宗旨，在菜單、數位化、餐廳服務等方面擁抱創新，提高我們的執行能力，並加強我們的內部文化。我們相信，這些是正確的關注領域，能夠推動業績強勁成長，並在長期內可持續地提升股東價值。

Before I go through the financial results, I want to highlight some important operational accomplishments this quarter. As Brian mentioned, Scott's plan to instill a culture of accountability in field is starting to get the attention of our customers, as internal customer satisfaction scores have increased significantly since last summer. Employee turnover at the crew level has improved to the best levels we've seen in many years. We have much more to do, but the culture of accountability, the heightened focus on training and the improved leadership structure in the field is beginning to drive results that are precursors to sustained comp sales improvement.

在介紹財務表現之前，我想先重點介紹本季的一些重要營運成果。正如布萊恩所提到的，史考特在現場建立問責文化的計劃開始引起客戶的關注，因為自去年夏天以來，內部客戶滿意度評分已顯著提高。船員層面的員工流動率已改善至多年來的最佳水準。我們還有很多工作要做，但問責文化、對培訓的高度重視以及現場領導結構的改進，已經開始推動業績成長，這是持續提升同店銷售額的先兆。

Brian highlighted a strong improvement in our digital sales, which grew 20% year-over-year and now accounts for 8.8% of total sales. Mobile sales alone grew 41% year-over-year. And these orders are all fulfilled on our second make-line, which we believe to be a competitive advantage and that we will continue to invest in to make the customer experience as convenient as possible, allowing us to continue to grow digital sales.

Brian 特別指出，我們的數位銷售額大幅提升，年增 20%，目前佔總銷售額的 8.8%。光是行動端銷售額就較去年同期成長了 41%。這些訂單全部由我們的第二條生產線完成，我們認為這是一個競爭優勢，我們將繼續投資，使客戶體驗盡可能方便，從而使我們能夠繼續發展數位銷售。

The majority of second make-line orders are app and web orders but also include third party delivery orders and catering. The surge in mobile sales since relaunching our app late last year gives us confidence that our customers appreciate the great experience. We're proud to say that we were notified just this week that we won the People's Choice Webby Award for best user interface for mobile app. The Webby is an award for excellence on the Internet and is one of the most prestigious industry awards.

第二道工序的訂單大部分是應用程式和網路訂單，但也包括第三方配送訂單和餐飲訂單。自從去年底重新推出我們的應用程式以來，行動端銷售額的激增讓我們相信，我們的客戶非常欣賞這種良好的體驗。我們很自豪地宣布，就在本週，我們收到通知，我們獲得了威比獎最佳行動應用用戶介面人民選擇獎。威比獎是表彰網路卓越成就的獎項，也是業界最負盛名的獎項之一。

Catering is approximately 1% of sales and remains a large untapped opportunity on which we have increased our focus. We recently expanded catering delivery availability to 1,500 restaurants from 940. And on average, we see about a 15% lift in catering sales when we add delivery. And we're decreasing group size minimums, and we're testing lower-per-person pricing options to expand our catering reach.

餐飲服務約佔銷售額的 1%，仍是一個龐大的未開發市場，我們已加大對該領域的關注。我們最近將餐飲配送服務範圍從 940 家餐廳擴大到 1500 家餐廳。平均而言，當我們增加外送服務時，餐飲銷售額會成長約 15%。我們正在降低團體人數的最低要求，並測試更低的人均定價方案，以擴大我們的餐飲服務範圍。

Our delivery sales continue to grow at a rapid pace. And when our delivery partners offer free delivery of Chipotle to build their customer base, our customers respond in a big way as they did during Super Bowl weekend when delivery volumes increased nearly 250%. We'll continue to expand the number of delivery partners we work with, and we look to partner with them to offer compelling options to our customers.

我們的外送銷售額持續快速成長。當我們的配送合作夥伴提供 Chipotle 免費配送服務以擴大客戶群時，我們的客戶會給予熱烈回應，就像在超級盃週末期間一樣，當時配送量增加了近 250%。我們將繼續擴大合作配送夥伴的數量，並期待與他們攜手為我們的客戶提供更具吸引力的選擇。

Turning to financial results. We generated revenue of $1.1 billion during the quarter, an increase of 7.4% from last year on comp sales growth of 2.2%. And that's on top of last year's 17% Q1 comp sales. Restaurant level margins for the quarter were 19.5% an improvement of 180 bps from last year, and earnings per share increased 33% to $2.13.

接下來來看財務業績。本季我們創造了 11 億美元的收入，比去年同期成長了 7.4%，同店銷售額成長了 2.2%。而且這還是在去年第一季17%的同店銷售成長基礎上實現的。本季餐廳層級的利潤率為 19.5%，比去年同期提高了 180 個基點，每股收益成長了 33%，達到 2.13 美元。

The Q1 comp of 2.2% is comprised of an underlying comp sales growth for the quarter of 2.7%, and that's before the 50-basis point impact from Chiptopia, as we lap deferred revenue from Chiptopia in Q1 of last year. Comp sales were driven by higher average check, primarily from the price increases taken since Q1 of last year. The price increase has averaged about 5% across the menu, and resistance has been less than 20%. The check average also benefited from customers adding queso to their order, which added about 200 bps.

第一季同店銷售額成長 2.2%，其中第一季同店銷售額成長 2.7%，這還不包括 Chiptopia 帶來的 50 個基點的影響，因為我們去年第一季已收到 Chiptopia 的遞延收入。同店銷售成長主要得益於平均客單價上漲，而平均客單價上漲主要源自於去年第一季以來的價格上漲。菜單上所有菜色的價格平均上漲了約 5%，阻力不到 20%。顧客在訂單中添加起司也使平均消費受益，這增加了約 200 個基點。

April trends have been impacted by unseasonably cold and wintry weather in much of the country as well as the Easter shift. But taking these impacts into account, underlying April comp transaction trends are similar to Q1. Now keep in mind that we started lapping the first price increase from last year on April 15, which accounted for about 1% of the sales comp. Based on comp trends for the first quarter, we are reiterating our full year comp sales guidance in the low single digits with lower sales comps expected in the first half of the year due to tougher comparisons. Now this guidance does not include any projected impact from the sales growth strategies we're currently developing, as it is too early to determine the timing and magnitude of the impact these strategies may have on the comp.

四月份的消費趨勢受到了全國大部分地區異常寒冷和冬季天氣以及復活節假期的影響。但考慮到這些影響，4 月同店交易的基本趨勢與第一季相似。請記住，我們從 4 月 15 日開始逐步取消去年第一次漲價，大約佔銷售額的 1%。根據第一季的同店銷售趨勢，我們重申全年同店銷售預期為個位數低段位成長，預計上半年同店銷售成長將因年比基數較高而下降。目前，該指導意見不包括我們正在製定的銷售成長策略的任何預期影響，因為現在確定這些策略可能對公司業績產生的影響的時間和程度還為時過早。

We opened 35 new restaurants in the quarter and continue to expect 130 to 150 new openings for the full year. We're in the early stages of building our pipeline for 2019. And while it's too early to provide specific opening range for 2019, we expect to open at or above the 2018 opening level. We're pleased with the strong performance of our new restaurants this year and we'll continue to emphasize high-quality, high-returning new restaurants as we build out the pipeline.

本季我們新開了 35 家餐廳，預計全年將新開 130 至 150 家。我們正處於建構 2019 年產品線的早期階段。雖然現在給出 2019 年具體的開盤價範圍還為時過早，但我們預計開盤價將達到或超過 2018 年的開盤價。我們對今年新餐廳的強勁表現感到滿意，我們將繼續專注於打造高品質、高回報的新餐廳，並不斷擴展業務。

Food costs during the quarter were 32.4%. And that was down 140 basis points from the 33.8% last year. And that's down from 34.2% in Q4. The decrease from last year was driven by the menu price increase and efficiencies in paper and packaging. We expect relatively stable prices for the rest of 2018 across most items, resulting in food costs at or below the 33% range for the full year. Now our full year estimate is higher than the Q1 due to seasonal shift to source avocados from California, which will start in Q2.

本季食品成本佔總成本的 32.4%。這比去年的 33.8% 下降了 140 個基點。這一比例低於第四季的 34.2%。與去年相比，下降的原因是菜單價格上漲以及紙張和包裝效率的提高。我們預計 2018 年剩餘時間內大多數商品的價格將相對穩定，從而使全年食品成本保持在 33% 或以下的範圍內。由於季節調整，我們將從第二季開始從加州採購酪梨，因此我們全年的預測值高於第一季。

Labor cost for the quarter were 27.8%, 90 basis points higher than last year. Wage inflation of 5% was offset by the price increase but deleveraged from negative transactions along with the Chiptopia revenue deferral drove the higher labor as a percent of sales. We expect labor costs to improve in the low to mid 27% range in Q2, as we move into our seasonally higher sales months. And we expect labor for the full year to approach 28%, as crew and manager merit increases combined with general wage pressures continue to outpace the comp. Occupancy cost for the quarter was 7.4% or flat with last year, and we expect full year to be in a similar range.

本季勞動成本佔 27.8%，比去年同期高出 90 個基點。5% 的薪資通膨被價格上漲所抵消，但負面交易帶來的去槓桿化以及 Chiptopia 收入遞延導致勞動力成本佔銷售額的百分比上升。我們預計第二季勞動成本將改善至 27% 左右，因為屆時我們將進入季節性銷售旺季。我們預計全年勞動成本將接近 28%，因為船員和管理人員的績效成長加上普遍的工資壓力持續超過同工同酬。本季入住率成本為 7.4%，與去年持平，我們預計全年入住率成本也將在類似範圍內。

Other operating costs were 12.9% of sales, down from 14.1% last year. Our marketing and promo costs were only 1.8% in the quarter, which is a decrease of about 150 bps compared to last year. We still anticipate marketing and promo costs to be right around 3% of sales for the full year, with elevated spending for the remainder of the year. And while Chris and the marketing team are still working on a plan for Q2 and the rest of the year, we would expect marketing and promo will be in the 3.5% to 4% range in Q2.

其他營運成本佔銷售額的 12.9%，低於去年的 14.1%。本季我們的行銷和推廣成本僅佔總成本的 1.8%，比去年同期下降了約 150 個基點。我們仍然預計全年行銷和促銷成本將佔銷售額的 3% 左右，今年剩餘時間的支出將會增加。雖然克里斯和行銷團隊仍在製定第二季和今年剩餘時間的計劃，但我們預計第二季的行銷和促銷支出將佔總支出的 3.5% 到 4%。

Other operating costs included about 30 bps of incremental maintenance and repair costs that we discussed on the last call, and we expect M&R to continue at this elevated level during 2018. G&A for the quarter was $77 million or 6.7% of sales, an increase from 6.5% last year. This was lower than expected due to stock comp forfeitures of around $4 million and the 2018 equity grant that was done very late in the quarter. With normalized stock comp in Q2, total G&A is expected to be around $7 million higher, around $84 million. And that run rate puts us on target to hit the $330 million G&A for the full year, which was communicated last quarter.

其他營運成本包括我們在上次電話會議上討論過的約 30 個基點的增量維護和維修成本，我們預計 2018 年維護和維修成本將繼續保持在高位。本季一般及行政費用為 7,700 萬美元，佔銷售額的 6.7%，高於去年的 6.5%。由於約 400 萬美元的股票補償金被沒收，以及 2018 年季度末才進行的股權授予，這一數字低於預期。如果第二季股票補償正常化，預計總一般及行政費用將增加約 700 萬美元，達到約 8,400 萬美元。以這個速度，我們預計將實現全年 3.3 億美元的 G&A 目標，該目標已於上個季度公佈。

Underlying G&A in the quarter increased $8 million compared to last year to support our growth as well as several initiatives including new formalized training program and operational changes in the field. This increase comes after 3 years of flat G&A despite opening up 650 restaurants. As we fully develop our strategic plans to strengthen our unit economics and drive sustainable sales growth, we may need to adjust how and where we invest our G&A. As such, these G&A estimates for the second quarter and the full year is subject to change and we'll update you on any known changes during the special investor call Brian mentioned earlier.

本季基本管理費用比去年同期增加了 800 萬美元，以支持我們的成長以及多項舉措，包括新的正式培訓計劃和現場營運變革。儘管新開了 650 家餐廳，但過去 3 年的 G&A 費用一直保持不變，而此次增長發生在 G&A 費用保持不變之後。隨著我們全面製定策略計畫以加強單位經濟效益並推動永續銷售成長，我們可能需要調整一般及行政費用的投資方式和投資地點。因此，第二季和全年的這些一般及行政費用估算可能會有所變動，我們將在布萊恩之前提到的特別投資者電話會議上向您通報任何已知的變動。

Depreciation was 4.1% of sales for the quarter, an increase from 3.7% last year. We expect depreciation to remain at about 4% for several quarters, as we accelerate depreciation for items expected to be replaced related to the maintenance and repair refresh as well as other capital initiatives that we described in the last call. Our pretax income was $94.2 million, and our effective tax rate for the quarter was 36.9%. I'd like to spend a few more minutes I normally would on this tax rate to put it in the right context.

本季折舊率為銷售額的 4.1%，高於去年同期的 3.7%。我們預計未來幾季折舊率將保持在 4% 左右，因為我們將加快對預計因維護和維修更新以及我們在上次電話會議中描述的其他資本舉措而被更換的項目提列折舊。我們的稅前收入為 9,420 萬美元，本季實際稅率為 36.9%。我想花幾分鐘（通常我會花幾分鐘時間）來詳細解釋這個稅率，以便更好地理解它的背景。

First of all, the actual tax rate we expect to pay the government is around 28%, not 36.9%. This tax rate of 36.9% includes about 810 bps, the bulk of which are noneconomic accounting items related to stock compensation issued in previous years. In essence, during the quarter, we wrote off deferred tax assets related to previously issued stock comp because the related performance shares either did not vest until they expired, or this year is vested at a much lower value. So the related deferred tax asset on our balance sheet needed to be written off or written down and the write-off flows through the tax expense line.

首先，我們預計實際向政府繳納的稅率約為 28%，而不是 36.9%。36.9% 的稅率包含約 810 個基點，其中大部分是與前幾年發放的股票補償相關的非經濟性會計項目。本質上，在本季度，我們註銷了與先前發行的股票補償相關的遞延所得稅資產，因為相關的業績股份要么直到到期才歸屬，要么今年歸屬的價值要低得多。因此，我們資產負債表上的相關遞延所得稅資產需要註銷或減記，而註銷金額計入所得稅費用。

We expect no such write-off in Q2 and Q3, so our effective tax rate is expected to be around 28.8% in those quarters. During the fourth quarter, additional performance shares may expire. And if they do, we'll write off the related deferred tax assets for those awards. Again, we'll not actually pay a higher tax rate, but the write-off will flow through the tax line. We expect the tax rate including this write-off in Q4 will be around 38.4%.

我們預計第二季和第三季不會出現此類減值，因此預計這兩季的實際稅率約為 28.8%。在第四季期間，額外的業績股份可能會到期。如果他們真的獲得了獎勵，我們將註銷與這些獎勵相關的遞延所得稅資產。同樣，我們實際上不會繳納更高的稅率，但抵扣額會計入稅款。我們預計第四季計入此項沖銷後的稅率約為 38.4%。

Before I leave the discussion on taxes, I want to briefly walk through the components of our underlying tax rate. There are 5 key components to the underlying rate: First, our federal tax rate is statutory 21%. Second, our estate tax rate is about 5.6%, and it's higher than last year's rate because of the lower federal rate. That takes our rate to 26.6%. Third, we lost part of the deduction for free meals we give to our restaurant teams, which adds 1.3% to the rate, and it takes us to 27.9%. Fourth, about 1.6% is added related to the tax law change where all named executive officer compensation over $1 million is not deductible. And fifth, our rate is reduced by about 60 bps for employer wage credits and other miscellaneous items. And that gets us to the 28.8% I mentioned earlier.

在結束關於稅收的討論之前，我想先簡單介紹一下我們基本稅率的組成部分。基本稅率由 5 個關鍵組成部分構成：首先，我們的聯邦稅率為法定 21%。其次，我們的遺產稅率約為 5.6%，比去年的稅率高，因為聯邦稅率較低。這樣一來，我們的比率就達到了 26.6%。第三，我們失去了部分為餐廳團隊提供的免費餐點的扣除額，這使稅率增加了 1.3%，使我們的稅率達到 27.9%。第四，由於稅法變更，所有超過 100 萬美元的指定高階主管薪酬均不可扣除，因此增加了約 1.6% 的稅負。第五，由於雇主工資抵免和其他雜項，我們的利率降低了約 60 個基點。這樣就得到了我之前提到的28.8%。

For the full year, taking into account -- taking all this into account and adding about 4% on an annual basis for the noneconomic write-off of deferred tax items I talked about earlier, we estimate that the 2018 effective full year tax rate will be around 33%. We continue to maintain a strong balance sheet and ended the quarter with $580 million in cash and investments, and we generated $200 million in cash from operations.

考慮到所有這些因素，再加上我之前提到的遞延所得稅項目非經濟性沖銷每年約 4%，我們估計 2018 年全年實際稅率約為 33%。我們繼續保持強勁的資產負債表，本季末現金及投資總額為 5.8 億美元，經營活動產生的現金為 2 億美元。

During the first quarter, we repurchased $68 million of our stock at an average price of $311 per share, and we spent $58 million on capital investments, outlined on the previous call. We still expect opportunistically to purchase -- repurchase shares throughout the year, invest in the capital items we discussed on the last call and maintain a cash investment balance of about $500 million.

第一季度，我們以每股 311 美元的平均價格回購了價值 6,800 萬美元的股票，並在上一次電話會議上概述了我們投入的 5,800 萬美元用於資本投資。我們仍然預計會擇機回購股票，投資於我們在上次電話會議上討論過的資本項目，並保持約 5 億美元的現金投資餘額。

As I mentioned on the last earnings call, the overall guidance we provided then and we're reiterating today does not factor in any potential strategic changes arising from hiring a new CEO. As Brian mentioned earlier, we will need to realign the organization in order to support and execute our updated strategy. We also plan to carefully analyze underperforming assets during the second quarter.

正如我在上次財報電話會議上提到的，我們當時提供的整體指導意見，以及我們今天重申的意見，都沒有考慮到聘用新CEO可能帶來的任何潛在策略變化。正如布萊恩之前提到的，我們需要重新調整組織架構，以支援和執行我們更新後的策略。我們也計劃在第二季仔細分析表現不佳的資產。

This organizational review and the asset review will likely entail some onetime costs in 2018 that are too early to quantify. But these initiatives are intended to support and strengthen our economic model and set us up to execute our strategic plan and deliver long-term shareholder value. We'll share more details with you later this quarter.

本次組織結構審查和資產審查可能會在 2018 年產生一些一次性成本，但現在量化這些成本還為時過早。但這些措施旨在支持和加強我們的經濟模式，使我們能夠執行策略計劃，並為股東創造長期價值。我們將在本季晚些時候與您分享更多細節。

We're encouraged by our first quarter results, and we're optimistic about the direction we're headed. We're confident that the changes we're making to our leadership and the realignment of our organization will enable us to be more nimble and more innovative in all areas: customer access, digital, menu and the restaurant environment, and it will allow us to execute better to deliver on our commitments to our guests, our employees and our shareholders.

我們第一季的業績令人鼓舞，對未來的發展方向充滿信心。我們相信，我們對領導階層所做的改變以及對組織的重新調整，將使我們在各個方面更加靈活創新：客戶訪問、數位化、菜單和餐廳環境，並將使我們能夠更好地履行對顧客、員工和股東的承諾。

We look forward to sharing more details about our plans at the special investor call, which will be scheduled sometime before our Q2 earnings call. Operator, we'll now open the line for questions.

我們期待在特別投資者電話會議上分享更多關於我們計劃的細節，該會議將安排在第二季財報電話會議之前舉行。接線員，我們現在開通提問熱線。

(Operator Instructions) Our first question comes from the line of Nicole Miller from Piper Jaffray.

（操作說明）我們的第一個問題來自 Piper Jaffray 公司的 Nicole Miller。

Jack, a quick one for you. Could you reiterate CapEx? You're going pretty quick through the numbers, I just wanted to check that. I wanted to check that real quick and then ask Brian a quick question.

傑克，給你一個簡短的問題。能再解釋一下資本支出嗎？你瀏覽數字的速度很快，我只是想確認一下。我想快速確認一下，然後問布萊恩一個問題。

Yes, Nicole, the CapEx right now we expect will be about the same as we outlined on the last call. It's going to be in the neighborhood of $300 million. About 1/3 of that is new stores. The other 2/3 is existing stores. The big items there is the refresh that we talked about, which is about $50 million. Another big piece was about $25 million for the digitized second make-line, and then there's another number of other things that we outlined in the last call, but those are still intact now. Nicole, just like I mentioned, our guidance hasn't taken into account the impact of strategy. It's possible that we may refine that or adjust that throughout the year and we'll give you a full recap on any changes when we talk to you before the next earnings call.

是的，妮可，我們目前預計的資本支出將與上次電話會議上概述的大致相同。大概要3億美元左右。其中約有三分之一是新店。其餘 2/3 為現有門市。其中最大的項目就是我們之前提到的翻新工程，耗資約 5,000 萬美元。另一大筆支出是約 2500 萬美元用於建造數位化第二條生產線，此外還有一些我們在上次電話會議中概述的其他事項，但這些事項目前仍然完好無損。妮可，正如我之前提到的，我們的指導意見並沒有考慮到策略的影響。我們可能會在年內對此進行完善或調整，在下次財報電話會議之前，我們會向您全面概述任何變更。

And then, Brian, just a good -- a big-picture question for you, and thanks for your time. Do you see this as a recovery story or a global growth opportunity? Just curious how you see this playing out long term. And you talked about 5 pieces that you want to execute. Can you give us any little detail before the next call on maybe some of the low hanging fruit versus longer-term solutions?

布萊恩，我有個很好的——一個比較宏觀的問題想問你，感謝你抽出時間。您認為這是一個復甦的故事，還是一個全球成長的機會？我只是好奇你覺得這件事從長遠來看會如何發展。你提到了你想完成的5個項目。在下次通話之前，您能否簡單介紹哪些是容易實現的方案，哪些是需要長期考慮的解決方案？

Yes. Sure, Nicole. First, I think the opportunity is clearly a recovery story in the U.S. and we'll be focused on chasing what I believe is a powerful brand that has really strong economics, strong purpose that when we tie the elements that I outlined in my earlier comments and we'll go into much further detail on our special call, I think the opportunity is really exciting for what this brand has in front of it. The innovation will be across the business, as I mentioned, in access, digital, menu and frankly, we'll double down on our fundamentals. So I think the story of recovery, and then where that recovery takes us, I think, is also really exciting, but that's a much longer-term discussion.

是的。當然可以，妮可。首先，我認為這其中的機會顯然是美國經濟復甦的契機，我們將專注於追逐我認為是一個實力雄厚的品牌，它擁有非常強大的經濟實力和明確的目標。當我們把我在之前的評論中概述的要素結合起來時（我們將在特別電話會議上進行更詳細的討論），我認為這個品牌所擁有的機會真的令人興奮。正如我之前提到的，創新將貫穿整個業務，包括服務管道、數位化、菜單等方面，坦白說，我們將加倍重視我們的基本面。所以我認為，復甦的故事，以及復甦將帶我們走向何方，也令人非常興奮，但這需要更長遠的討論。

Our next question comes from the line of David Tarantino from Robert W. Baird & Company.

我們的下一個問題來自羅伯特·W·貝爾德公司旗下的大衛·塔倫提諾。

Brian, just a couple of questions kind of high-level, how you're thinking about how this plays out over the next few years. Are you thinking, I guess, directionally that you're going to need to make a lot of investments in the business? I know you talked about realigning the structure, but do you think there's going to be a big step-up in expenses related to that? And then secondly, I know Jack mentioned next year you would open a similar number of units or maybe a little higher, but how are you thinking about unit growth as you execute this turnaround strategy? Do you think you need to slow or moderate the unit growth in the out-years to accomplish what you envisioned?

布萊恩，我問幾個比較宏觀的問題，你覺得未來幾年這件事會如何發展？我猜，你是不是在考慮，從方向上來說，你需要對公司進行大量投資？我知道您談到了調整組織結構，但您認為這會導致相關費用大幅增加嗎？其次，我知道傑克提到明年你們會開設類似數量的門市，或者可能會略多一些，但是你們在執行這項扭虧為盈策略時，是如何考慮門市成長的呢？您認為為了實現您的預期目標，是否需要在未來幾年內放緩或控制單位成長速度？

Okay. Thanks, David. Your first question, I think we can get into all the details of how we see the plan playing out forward. I think some of the good news is though, as I look into the business, like a great area of focus that people have been asking me about is our marketing spend. I think the marketing spend is one of those areas that we believe there's a lot of opportunity to take those dollars that we're currently allocating and make the brand much more visible with what we have. And then we're going to put in place more of a test-and-learn approach on the initiatives that we'll roll out. So we'll have clarity on what we believe the return is for the investment that we're making before we make those decisions to go beyond our current plans. So I think the recovery plan that we'll be putting in place or as I talked about earlier, our path to performance will be based on leveraging the idea of testing and proving out propositions while at the same token, with our organization, rebuild capability and restructure to support the strategy that I believe will set us up for growth in the near term and longer term. Your second question regarding units, the good news is the economics of the units that we're opening continue to look very strong. And as mentioned in the script, we see no reason for us to change the pace that we are experiencing this year. And obviously, as we to get further into our plan, we'll give the appropriate updates as the time permits when it's right to do that.

好的。謝謝，大衛。關於你的第一個問題，我認為我們可以詳細討論我們對該計劃未來如何實施的看法。不過，我認為一些好消息是，當我深入了解業務時，人們一直在問我的一個重要關注領域是我們的行銷支出。我認為行銷支出是我們認為有很多機會可以利用現有資金，讓品牌在現有基礎上獲得更高知名度的領域之一。然後，我們將對即將推出的各項措施採取更多的測試和學習方法。因此，在決定是否超出我們目前的計劃之前，我們會先明確我們認為的投資回報是多少。所以我認為，我們將要實施的復甦計劃，或者正如我之前提到的，我們的績效提升之路，將基於利用測試和驗證方案的理念，同時，透過我們的組織重建能力和重組來支持我認為能夠使我們在短期和長期內實現增長的戰略。關於您提出的第二個問題，關於單元房，好消息是我們新開設的單元房的經濟效益看起來仍然非常強勁。正如劇本中所提到的，我們認為沒有理由改變我們今年所經歷的節奏。顯然，隨著我們計劃的進一步推進，我們會在適當的時候及時發布相應的更新資訊。

Our next question comes from the line of Sara Senatore from AllianceBernstein.

我們的下一個問題來自 AllianceBernstein 的 Sara Senatore。

Congratulations, Brian, on the new role. I wanted to ask you if I may, one is about the quarter that just passed and then now sort of going forward. So in terms of the quarter that just passed, I guess I was surprised that what appears to be a fairly quick impact you might be having, a couple of things that you've seen or maybe new creative around marketing and then a waste management initiative that looks like it has some pretty big opportunities in terms of in-restaurant waste management. So I guess from my perspective, to what extent is this you, Brian, kind of putting your stamp already on that? And do you see a lot of low hanging fruit like what some of these initiatives seem to suggest just in terms of sort of basic systematic approaches? So that was question one. And then question two, if you could just talk a little bit about what you meant by consumer meaningful innovation across the business in the context of what's always been a very simple, straightforward menu and the operations that go with that.

恭喜布萊恩榮任新職。我想問您一個問題，是關於剛剛過去的這個季度，以及接下來的發展方向。所以就剛剛過去的這個季度而言，我感到驚訝的是，你們似乎正在產生相當迅速的影響，你們看到了一些事情，或者可能是圍繞營銷的新創意，以及一項廢物管理計劃，該計劃在餐廳廢物管理方面似乎有一些相當大的機會。所以我想從我的角度來看，布萊恩，你在多大程度上已經在這方面打上了你的烙印？你是否看到許多唾手可得的成果，就像這些舉措所暗示的那樣，僅僅透過一些基本的系統方法就能實現？第一個問題就此結束。第二個問題，您能否談談您所說的「對消費者有意義的創新」在整個業務中的意義，尤其是在一直以來都非常簡單、直接的菜單和與之相關的營運方面。

Yes. Sure. So first, obviously, thank you for the kind words. Very excited to be in the CEO role of Chipotle. It's loaded with opportunity, which I think is what you're asking about. And what I'll tell you is in the short term, I think there are real opportunities for us to make simple pivots to increase, I think the appeal of our brand to those customers that are already very much big fans. One of the big surprises for me, frankly, even once it got announced that I was taking this role was the amount of people that reached out to saying how much love Chipotle and they love the food. And I think just with the most recent advertising, we made a little pivot towards reminding people what is great about the ingredients. This Food with Integrity purpose really resonates and reminding people why they feel good about eating Chipotle, I think, is always a good approach. So you'll continue to see us make simple pivots like that while we also continue to push this brand forward in a big way from the standpoint of access as it relates to digital innovation, menu as it relates to menu innovation that leverages our operating model, which I believe is something very special in this industry. And it allows us to do a lot of exciting things, whether it's dayparts or simple menu tweaks that I think will broaden the appeal. And then, obviously, I think you're kind of mentioning your question about waste management and such. Look, there's always opportunity to be better on the cost side, and we're going to continue to look for those opportunities along the way because that's just frees up the ability to give the customer more of what they want and our team members a better experience to provide the experience we want them to provide. So lots of opportunities I think in the short term. We're going to be very cognizant of what are the things we pace in sequence in the near term and what are the things we put into test to ensure we're focusing on the right things over the next 18 to 24 months.

是的。當然。首先，當然要感謝你的好意。非常榮幸能夠擔任Chipotle的執行長一職。這裡充滿了機遇，我想這正是你所問的。我要告訴你們的是，短期內，我認為我們有很多機會可以透過簡單的調整來提高我們品牌對那些已經是我們忠實粉絲的顧客的吸引力。坦白說，讓我感到非常驚訝的是，即使在我被宣布擔任這個職位之後，仍然有很多人聯繫我，告訴我他們有多喜歡 Chipotle，多麼喜歡它的食物。我認為，在最近的廣告宣傳中，我們稍微調整了宣傳重點，提醒人們這些成分的優點。這種「誠信食品」的理念真的引起了人們的共鳴，我認為，提醒人們為什麼他們吃 Chipotle 會感到安心，始終是一個很好的方法。所以，你會看到我們繼續做出像這樣的簡單調整，同時我們也將繼續從數位化創新和菜單創新兩個方面大力推進這個品牌的發展，利用我們的營運模式，我認為這在業界是非常特別的。它讓我們能夠做很多令人興奮的事情，無論是調整播出時段還是對菜單進行簡單的調整，我認為這些都會擴大受眾群體。然後，很顯然，我想你是在提到關於廢棄物管理之類的問題。你看，在成本方面總有改進的空間，我們將繼續尋找這些機會，因為這能讓我們有能力為客戶提供更多他們想要的東西，也能讓我們的團隊成員擁有更好的體驗，從而提供我們希望他們提供的體驗。所以我認為短期內有很多機會。我們將非常清楚近期內哪些事情需要按順序推進，哪些事情需要進行測試，以確保在接下來的 18 到 24 個月內我們專注於正確的事情。

Our next question comes from the line of Sharon Zackfia from William Blair.

我們的下一個問題來自威廉·布萊爾的莎倫·扎克菲亞。

Jack, a quick question on the restaurant-level margin. I know you beat by a good amount in the first quarter. I think some of that, as you mentioned with marketing, will catch up as the year goes on. Are you still looking for 17.5 to 18.5 for the year? And then longer term, I guess with -- Brian, with your leadership, I mean how do you think about the long-term restaurant-level margin at Chipotle as you talk about new dayparts balancing the sales versus margin?

傑克，關於餐廳層面的利潤率，我有個問題想問一下。我知道你們第一節贏了不少分。我認為，正如你提到的行銷方面的問題，隨著時間的推移，其中一些問題會得到解決。你還在找 17.5 到 18.5 年的數據嗎？然後從長遠來看，我想——布萊恩，在你的領導下，我的意思是，當你談到新的用餐時段如何平衡銷售額和利潤時，你如何看待 Chipotle 餐廳層面的長期利潤率？

Yes, Sharon, on the margin range, we had a very nice quarter. It was aided by lower marketing. The good news is, Brian and Chris to the extent they came in and were able to look at what marketing was doing, they were able to redirect dollars so they weren't spent. And so that's kind of dry powder. So that's dry powder that we have for future quarters. I think that's a very good thing. I would say the range is 17.5 to 18.5, now appears quite conservative. I don't know that I would change it. I think what I'd do is we're going to probably hit for the year at the high end of that. Could we beat it slightly? Sure. I just wouldn't want to call it a victory just yet. But getting out of the gate this strong does show that we have some great margin potential. And then you wanted to know how the margin potential going forward. If you want general margin potential, Sharon, I can answer that. I still think that our margins are going to be highly contingent around volume. Like, for example, if we're in this 18.5% to 19% or so for this year, if we get up to $2.2 million volume, we can do a 22% margin. If we get to a $2.4 million volume, we can do a 24% margin. So really, the biggest lever to pull is bringing more customers in. And we bring more customers in, we know that our model levers up pretty significantly.

是的，莎倫，就利潤率而言，我們本季表現非常好。較低的市場行銷水平也對此有所幫助。好消息是，布萊恩和克里斯介入後，能夠了解行銷的運作情況，從而重新分配資金，避免資金浪費。所以，這就像是未開發的乾粉。所以，這是我們為未來幾季所準備的資金。我認為這是一件非常好的事。我認為範圍是 17.5 到 18.5，現在看來這相當保守了。我不知道我是否會改變它。我認為我們今年的業績可能會達到這個數字的上限。我們能稍微超過它一點嗎？當然。我現在還不想稱之為勝利。但如此強勁的開局顯示我們擁有巨大的獲利潛力。然後你想知道未來的利潤潛力如何。莎倫，如果你想了解大致的利潤潛力，我可以回答這個問題。我仍然認為我們的利潤率將高度依賴銷售。例如，如果我們今年的利潤率在 18.5% 到 19% 左右，如果我們的銷售額達到 220 萬美元，我們就可以實現 22% 的利潤率。如果銷售額達到 240 萬美元，我們就能獲得 24% 的利潤率。所以說，真正最重要的槓桿是吸引更多顧客。當我們吸引更多客戶時，我們知道我們的模式可以顯著提高效率。

Our next question comes from the line of John Glass from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

Two questions. One is when you look at the brand and you've looked at it from afar, and now you're looking at it from the inside, how do you think about the price/value relationship in this business versus when you came from? Is there an opportunity, for example, to broaden the price/value relationships so you can capture more customers? Or are you happy with kind of the price/value? So think about just how you're thinking about that price/value equation for the brand going forward. And maybe just secondly, in your mind, what's the right time frame for us to look at your initiatives that you're contemplating and how they're going to play out? In other words, is this a year of investment and the impact is really felt in '19? Or do you think there can be some meaningful impact and changes inside of 2018?

兩個問題。一種情況是，當你從遠處觀察一個品牌，而現在你從內部觀察它時，你會如何看待這個行業中的價格/價值關係，與你以前所在的行業相比？例如，是否有機會拓寬價格/價值關係，進而吸引更多顧客？還是您對這個價格/價值比較滿意？所以，請仔細思考一下，在未來的發展中，你是如何看待品牌的價格/價值等式的。其次，您認為我們應該在什麼時間框架內審視您正在考慮的各項舉措以及它們將如何實施？換句話說，今年是投資之年，其影響力是否會在 2019 年真正顯現？或者你認為2018年內可能會出現一些有意義的影響和變化嗎？

Look, here's what I would tell you is the value proposition at Chipotle is tremendously strong. And now with that said, we will always be looking for innovation that continues to enhance that value proposition. The most important thing I think you can do for a healthy value proposition is you should never get complacent on where you stand. So we will be on the side of the consumer, making sure that we give them the value proposition that excites them to come back over and over again. So all these initiatives we'll be talking about, one of the ways that you make sure it's consumer relevant is it rings the bell for our customer on that value proposition, whether that value proposition takes place in mobile, digital, loyalty, menu, access, those are all important things. So that's the one piece. Your second question about time line, look, here's what I would tell you is as opportunities present themselves, we will walk through those opportunities to grow the business. As we find opportunities that yield even bigger benefits, through testing and learning and iterating, those things will probably take a little bit longer, but I think there are simple wins on our way to our path to what I think is going to be really accelerated opportunities in the future. So that's how I think about it. It's really a combination of both. We'll find some singles on our way to finding home runs.

我想告訴你的是，Chipotle 的價值主張非常強大。綜上所述，我們將始終尋求能夠不斷提升這項價值主張的創新。我認為，要擁有健康的價值主張，最重要的一點就是永遠不要對自己的地位感到自滿。因此，我們將站在消費者這邊，確保我們為他們提供能夠讓他們一次又一次光顧的價值主張。所以，我們將要討論的所有這些舉措，確保它與消費者相關的方法之一，就是讓我們的客戶感受到這種價值主張，無論這種價值主張是在行動裝置、數位裝置、會員忠誠度、菜單或其他方面體現，這些都是很重要的面向。這就是其中一塊。關於時間安排的第二個問題，我想說的是，當機會出現時，我們會抓住這些機會來發展業務。當我們透過測試、學習和迭代發現能夠帶來更大收益的機會時，這些事情可能需要更長的時間，但我認為在我們通往未來真正加速發展的機會的道路上，我們會取得一些簡單的勝利。這就是我的想法。實際上，這是兩者的結合。我們會在通往全壘打的路上先打出一些安打。

Our next question comes from the line of Karen Holthouse from Goldman Sachs.

我們的下一個問題來自高盛的凱倫·霍爾特豪斯。

So obviously, looking forward to the call that we're going to get in a month or 2 months with some more detail on this. But thinking about that call, is that something that's really going to be focused on where there are opportunities at the margin level or to drive sales? Or should we be also thinking about there's going to be discussion of any sort of more structural changes, whether that's the balance sheet is refranchising something that you're considering? How should we think about kind of what's on the table or topics for a discussion there?

所以，很顯然，我們期待在一兩個月後接到電話，以了解更多細節。但仔細想想，這次通話的重點是利潤空間還是銷售成長？或者我們也應該考慮一下，是否會討論一些更複雜的結構性變革，例如資產負債表調整、特許經營權變更等等，這些都是您正在考慮的嗎？我們該如何考慮擺在桌面上或需要討論的話題呢？

Yes. What I would tell is we're going to use that special call the opportunity to give clarity even further into the strategy, the structure necessary to execute that strategy and what those key focus areas are to put Chipotle on the path to performance that we believe is highly attainable. So it will be comprehensive, and I think you'll find it will be choiceful. And I think there is power in simplicity, power in choice and power in a focused organization. So obviously, it will be a comprehensive discussion and the good news is we'll have our entire leadership team present to be able to really discuss our path forward.

是的。我想說的是，我們將利用這次特別電話會議的機會，進一步闡明我們的策略、執行該策略所需的結構，以及讓 Chipotle 走上我們認為極有可能實現的業績成長之路的關鍵重點領域。所以它會很全面，而且我認為你會發現它會很有選擇。我認為，簡單蘊含力量，選擇蘊含力量，專注的組織蘊含力量。顯然，這將是一次全面的討論，好消息是我們整個領導團隊都會出席，以便真正討論我們未來的發展方向。

Our next question comes from the line of Jeffrey Bernstein from Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Two things, one, just on the comp recovery, maybe from an outsider or actually most recently, a competitor's perspective, I'm just wondering, in your view, what do you think has been the greatest impediment to the Chipotle recovery over the past couple of years? Hence, I guess which of these initiatives you're talking about will be the most impactful, I guess, is a different way to look at it? And then the second question, which is on the fact that you came from Taco Bell, which obviously has left the laterals. But the one thing that's quite different is Taco Bell, being close to 100% franchise model, now you're 100% company-operated model. Just wondering, qualitatively, how does the approach differ, when you look at this just pros and cons to the franchising versus the company operated side? I'm just wondering, as you now come into your new role, how you have to think about things differently in that perspective.

兩件事，第一，就競爭對手的復甦而言，也許從局外人或最近從競爭對手的角度來看，我想知道，在你看來，過去幾年裡阻礙 Chipotle 復甦的最大障礙是什麼？因此，我想，您所說的這些舉措中哪一項最具影響力，或許可以換個角度來看待這個問題？第二個問題是關於你之前在 Taco Bell 工作，而 Taco Bell 顯然已經裁減了一些員工。但有一點截然不同，那就是 Taco Bell，它以前幾乎是 100% 的加盟模式，現在變成了 100% 的公司自營模式。我只是想知道，從定性角度來看，如果只考慮特許經營和公司自營的優缺點，這兩種方式有何不同？我只是想知道，既然你現在擔任了新的職務，從這個角度來看，你需要如何以不同的方式思考問題。

Yes, sure. Look, I think to answer your first question, Chipotle, smartly, under Scott Boatwright's leadership, has refocused the fundamentals in running these restaurants. We've put clarity into roles. We've put focus on throughput, and we've also put high expectations on the guest experience and the food experience we're going to provide. Those fundamentals are critical whether you own the restaurants or whether you franchise them to people. So there really is no trade-off in what are the fundamentals to having a great restaurant? The only thing that I think Scott has done very well is he has put in a culture of accountability and a culture where people know they can count on each other to train, support and grow. And I think that is a foundational element for any upside that we will experience in this business. We can never lose sight on running great restaurants and having great people that lead those restaurants and supporting them with a wonderful culture and tremendous opportunities. So that's the first piece. The second piece is, I think the brand has been invisible. So I think if you combine great fundamentals in the restaurant with now a visible brand that has a powerful purpose and really craveable food, it's a recipe for a lot of opportunity that can play well in the way the customers want to eat food today and I believe how they want to eat food in the future. So I'm tremendously excited about the fundamentals that we are maniacally focused on, coupled with identifying how we make this brand much more visible and get a narrative back out there in explaining what makes our brand different, what makes our brand connect with people, feel good about the way they eat and live and why they still feel great about carrying the badge of Chipotle with them. And I think you had a question on franchising? We see no need to go down that path right now, given the economic model that we have and the returns that we get with building new restaurants so -- but thanks for the question.

當然可以。我認為，要回答你的第一個問題，Chipotle 在 Scott Boatwright 的領導下，明智地重新調整了餐廳營運的基本原則。我們已經明確了角色分工。我們著重於提升出餐效率，同時也對我們將要提供的顧客體驗和餐飲體驗寄予厚望。無論你是餐廳的老闆還是加盟商，這些基本要素都至關重要。所以，經營優秀餐廳的基本要素其實並沒有什麼取捨？我認為史考特唯一做得非常出色的一點是，他建立了一種問責文化，讓人們知道他們可以互相依靠，共同訓練、支持和成長的文化。我認為這是我們在這個行業中取得任何發展前景的基礎要素。我們始終不能忘記經營一家優秀的餐廳，擁有優秀的人才來領導這些餐廳，並用良好的企業文化和巨大的發展機會來支持他們。這是第一部分。第二點是，我認為這個品牌一直處於隱形狀態。所以我認為，如果將餐廳的良好基本條件與如今具有強大使命感的知名品牌以及真正令人垂涎的食物結合起來，就能創造很多機會，這不僅能很好地滿足顧客如今的飲食需求，而且我相信也能滿足他們未來的飲食需求。因此，我對我們瘋狂關注的基本要素感到無比興奮，同時也在努力尋找如何讓這個品牌更加引人注目，並重新講述一個故事，解釋是什麼讓我們的品牌與眾不同，是什麼讓我們的品牌與人們建立聯繫，讓他們對自己的飲食和生活方式感到滿意，以及為什麼他們仍然為擁有 Chipotle 的標誌而感到自豪。我想你之前問過關於特許經營的問題吧？鑑於我們現有的經濟模式以及建造新餐廳所獲得的收益，我們認為目前沒有必要走這條路——不過，謝謝你的提問。

Our next question comes from the line of Brian Bittner from Oppenheimer & Co.

我們的下一個問題來自奧本海默公司的布萊恩·比特納。

I have 2 questions for you guys, both on just how you're thinking about the asset base. As you talk about an asset base review, first of all, is there an additional smell test you're doing on the unit economic threshold required to earn the right to stay in the asset base that you can talk to us about? And then, Brian, you talked about looking at your unit base and improving the accessibility of it. Could the implementation of drive-throughs play a role in the accessibility strategy, where it makes sense? Or is accessibility really just focused solely on digital? And I ask that question just in the spirit of where you came from, obviously seeing the benefits of drive-throughs.

我有兩個問題想問大家，都跟你們如何看待資產基礎有關。既然您談到了資產基礎審查，首先，您是否對獲得留在資產基礎中的權利所需的單位經濟門檻進行了額外的檢驗，您可以和我們談談嗎？然後，布萊恩，你談到要審視你的部隊基地並改善其可及性。在適當的情況下，免下車服務的實施能否在無障礙設施建設策略中發揮作用？或者說，無障礙設計真的只專注在數位化領域嗎？我問這個問題，只是出於你從小到大的想法，顯然你看到了免下車服務的優勢。

Brian, I'll address the first question on the asset base. We haven't changed our threshold for what is the higher-returning asset. What we're looking at though is we had a number of restaurants that, before the drop in sales, were strong cash flows, strong returning stores. We opened a number of restaurants during a tough period where we got off to a slow start. So our asset review is going to look at all the restaurants that are clear underperformers, and these will be negative cash flow stores. So we're not looking at stores that are positive cash flow that the return is a little underperforming. We're going to look at stores that -- restaurants that are not cash flowing that maybe we picked the wrong site, maybe they got off to a wrong start and made a bad first impression and it's going to be difficult, if not impossible, to change that. And to give you an order of magnitude, the review while we're still in the middle of it, we're looking at something less than 100 restaurants. So it's not a huge list of restaurants but that's kind of the total population that we're looking at. We'll review each and every one of them, and we'll look at the whole story from a financial standpoint, from a real estate standpoint, from a what kind of first impression do we make. And then we'll make some very careful choices about what to do with the assets.

布萊恩，我先來回答關於資產基礎的第一個問題。我們並未改變對高報酬資產的評判標準。我們看到的情況是，在銷售額下降之前，我們有很多餐廳現金流強勁，回頭客也很多。我們在一段艱難時期開設了多家餐廳，起步緩慢。因此，我們的資產審查將重點放在所有業績明顯不佳的餐廳，這些餐廳的現金流為負。所以我們不會關注那些現金流為正但回報率略低於預期的門市。我們將考察那些現金流不佳的店鋪——餐廳，也許是我們選錯了地點，也許是開局不利，給人留下了不好的第一印象，這種情況即使不是不可能，也很難改變。為了讓您對規模有個概念，雖然我們仍在進行審查，但我們目前只審查了不到 100 家餐廳。所以，雖然餐廳數量不多，但這大致反映了我們所關注的總人口數。我們將逐一審查每一項，並從財務角度、房地產角度以及我們給人的第一印像等角度來審視整個故事。然後，我們會非常謹慎地決定如何處置這些資產。

This is Brian. So your second question with regard to access, look, I think innovation in access, obviously, you are not surprised by the idea that, look, digital is a key piece of the puzzle, right, whether it's through the mobile access, delivery as access, also kiosk as access, catering as access. I mean I love the list that I'm rattling off here. The trick for us is figuring out what comes first and how we prioritize it accordingly. Now drive-throughs, I think, are an interesting proposition for Chipotle as an element. It will be something that will definitely part of our access innovation program. But that's -- in the scheme of what's going to happen in the very near-term versus what's more of a longer-term access innovation play, drive-through would fall further on that longer-term scale.

這是布萊恩。所以，關於訪問方式的第二個問題，你看，我認為訪問方式的創新，顯然，你不會對“數位化是關鍵一環”這個想法感到驚訝，對吧，無論是通過移動訪問、送貨上門、自助服務終端還是餐飲服務。我是說，我非常喜歡我在這裡列舉的這些。對我們來說，關鍵在於弄清楚哪些事情應該優先處理，以及如何相應地安排優先順序。我認為，對於 Chipotle 來說，得來速餐廳是一個很有趣的創新點。這必將成為我們無障礙創新計畫的一部分。但是，從近期發展趨勢與長期創新發展的角度來看，免下車服務在長期發展策略中處於更靠後的位置。

Our next question comes from the line of Matt McGinley from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Matt McGinley。

First question is on the -- for Jack, first is what you guided in February on the restaurant margin, it came in about 3 to 3.5 points better than expected. And we can see what is going to happen over the course of the year with COGS and labor expense, but a lot of that came from other operating expenses in this quarter. And I know that 150 bps was related to the ad spend shifts. So I'm curious what else in that line item would look better over the course of the year. Is that just not doing maintenance? Is there something else that is just looking better than you anticipated in that line item?

第一個問題是關於——對傑克來說，首先是你在二月對餐廳利潤率的指導，結果比預期高出約 3 到 3.5 個百分點。我們可以看到今年的銷售成本和人工成本會發生什麼變化，但其中許多都來自本季的其他營運費用。我知道這 150 個基點的變化與廣告支出的變化有關。所以我很好奇，在這一年中，該預算中還有哪些內容會變得更好。那豈不是沒有進行維護嗎？該項內容中是否還有其他方面比您預期的要好？

Well, thanks, Matt. The food costs behave really well. Avocados were something that took out a bite out of our margins last year. They got better late in the fourth quarter, and then they got better again. And you just talk about avocados, it's kind of almost every year. It has a big impact when it goes up and down. Nearly 50% of our transactions include guacamole. And so when prices shoot up, which by the way, they shot up from something below $30 a case to nearly $80 a case for part of the fourth quarter. So they've come back to kind of normal prices. If they stay at normal prices, we should have a decent food cost during the year. Labor is kind of the same story in terms of wage inflation continues. We expect it to continue and so the guidance I gave you, I think, is very reasonable guidance. So I think we got off to a great start. I think the comments that Brian made about Scott and the field -- our field team did a great job of managing food cost to the extent that it was their job to order the right amount of food and control food waste and things like that. They did a great job. They've done a great job managing labor as well. So I think we're off to a great start. I think if we keep these kind of controls, the next big surprise or additive thing would be additional sales. And so if some of the things that Brian mentioned go into test, and they test well and if we put those into more restaurant and we get more sales, we know we have the ability to leverage our margins when we bring more customers in, and that would be a nice thing to report.

謝謝你，馬特。食品成本表現非常好。去年，酪梨的銷售嚴重影響了我們的利潤。他們在第四節後半段表現有所提升，然後又繼續提升。說到酪梨，幾乎每年都會有人提起。它的上下波動會產生很大的影響。我們近 50% 的交易都包含酪梨醬。因此，當價格飆升時（順便說一句，第四季度部分時間裡，價格從每箱不到 30 美元飆升至每箱近 80 美元）。所以它們的價格已經恢復到正常水準了。如果物價維持正常水平，我們一年的食品開支應該不會太高。勞動市場的情況也大致相同，薪資通膨仍在持續。我們預計這種情況還會繼續，因此我認為我給你們的指導意見是非常合理的。所以我覺得我們開局不錯。我認為布萊恩對斯科特和現場工作的評論——我們的現場團隊在控制食品成本方面做得非常出色，他們的職責是訂購適量的食物，控制食物浪費等等。他們做得很好。他們在勞動力管理方面也做得非常好。所以我覺得我們開局不錯。我認為，如果我們保持這種管控措施，下一個令人驚訝或增加的因素將是銷售額的成長。因此，如果布萊恩提到的一些措施進行測試，並且測試結果良好，如果我們將這些措施應用到更多餐廳，並且獲得了更多銷售額，我們就知道，當我們吸引更多顧客時，我們有能力提高利潤率，這將是一件值得報告的好事情。

Got it. So Brian, I've heard a lot really from external people that when you look at the supply chain that Chipotle has versus other restaurant chains that just the way the food is prepped and the way that it is -- it flows through that supply chain, it always makes it harder to innovate Chipotle versus other chains. Having been to other restaurant chains, do you feel that there's a big factor that sort of limits your innovation at that company? Or do you see it as kind of green fields and there's a lot that you can do?

知道了。所以布萊恩，我從外界人士那裡聽到很多說法，如果你看看 Chipotle 的供應鏈與其他連鎖餐廳相比，就會發現食物的準備方式以及它在供應鏈中的流動方式，總是使得 Chipotle 比其他連鎖餐廳更難進行創新。去過其他連鎖餐廳之後，你覺得在這些公司裡，是否有某種因素會限制你的創新？或者你把它看作是一片綠野，有很多事情可以做？

Yes, thanks for question. Look, I actually think the -- I'll break up your comment. I guess supply chain, meaning the ingredients that we use, I see no barrier to innovation. If anything, I'd see this great ingredients to be able to further distance ourselves from other restaurant alternatives. And then from a standpoint of then finishing that ingredient in the restaurant, it is a really powerful model. I mean if there's one thing that I'm really impressed by is the throughput capability of this line is something really special and unique. And I actually think it's an advantage to figure out how to do innovation that can build from a throughput machine. I don't think there are many places where you can say, well, I can have that great food done at that speed and then we can innovate on that foundation or that platform. And you'll see when we're talking about some of the innovations we're talking about, it just takes advantage of what I believe is a competitive advantage. So I think we're going to be able to innovate and distance ourselves and really put ourselves into what I believe is something very special that will delight customers and give our team members the ability to execute flawlessly.

是的，謝謝你的提問。你看，我其實覺得──我來把你的評論拆開來說。我認為供應鏈，也就是我們使用的原料，不會成為創新的障礙。如果有什麼不同的話，那就是我認為這些優質食材能讓我們進一步拉開與其他餐廳的差距。從餐廳最終完成該食材製作的角度來看，這確實是一個非常強大的模式。我的意思是，如果說有什麼讓我印象深刻的，那就是這條生產線的吞吐量能力，這真的很特別，很獨特。實際上，我認為弄清楚如何從高產能機器出發進行創新是一種優勢。我不認為有很多地方可以讓你說，嗯，我可以以這樣的速度做出美味的食物，然後我們可以在這個基礎或平台上進行創新。當你談到我們正在談論的一些創新時，你會發現，這些創新只是利用了我認為的競爭優勢。所以我認為我們將能夠創新，拉開差距，真正投入到我認為非常特別的事情中，這將讓客戶感到高興，並使我們的團隊成員能夠完美地執行任務。

Our next question comes from the line of Andy Barish from Jefferies.

我們的下一個問題來自傑富瑞集團的安迪·巴里什。

Yes, I was wondering on that, actually, follow-up on a couple of those comments if there is some throughput data you're willing to share kind of currently versus a year ago. And then secondly, on innovation, not only supply chain, but just the physical plant and now the need for second make-lines. Is the space constraints make it more difficult to innovate? Or is that sort of an outmoded thought and there's ways to work around that with your fresh-eyes view on the business now?

是的，我其實也想問這個問題，關於您之前的一些評論，您是否願意分享一些當前的吞吐量數據，並與一年前的數據進行比較？其次，在創新方面，不僅包括供應鏈，還包括實體工廠，現在還需要第二條生產線。空間限制是否使創新更加困難？或者說，這種想法已經過時了，現在你以全新的視角看待這個產業，或許可以找到解決方案？

Yes, thanks for the question, because the second make-line is actually a huge enabler for our business to take throughput to the next level, frankly. And the reason is we put digital capability into 250-plus restaurants, but the fact that we already have the second make-line physically there in all our restaurants is a huge opportunity for us to both innovate as well as drive throughput even further on our consumer-facing line as well as our second make-line. That second make-line has some efficiencies that we are delighted that we have in place because as we dial up the innovation in digital and we dial up that off-premise access, it presents a great opportunity for us to really enhance our throughput on both fronts.

是的，謝謝你的提問，因為坦白說，第二條生產線實際上極大地推動了我們業務的產能提升到一個新的水平。原因是我們在 250 多家餐廳引入了數位化能力，但我們所有餐廳都已配備了第二條生產線，這為我們提供了巨大的機會，既可以進行創新，也可以進一步提高面向消費者的生產線以及第二條生產線的產量。第二條生產線有一些我們非常樂意看到的效率提升措施，因為隨著我們在數位創新和異地訪問方面的不斷加強，這為我們在兩個方面真正提高產量提供了絕佳的機會。

And then any throughput numbers you're willing to share or is it a little early for that?

那麼，您願意分享一些吞吐量資料嗎？還是現在分享這些數據還為時過早？

Look, we can probably get into those details, Scott. It will be available as part of the special call we're going to do. And we're happy to take you through that then.

史考特，我們或許可以深入探討這些細節。它將作為我們即將進行的特別電話會議的一部分提供。那我們很樂意為您詳細介紹。

Our next question comes from the line of John Ivankoe from JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Brian, talk about how you guys put in both fourth meal or the so-called late-night daypart as well as breakfast. And you've mentioned daypart a couple of different times and I was wondering what that could potentially mean at Chipotle whether it's different products at different times of the day, which can happen certainly within any quick service or fast casual type of format and whether it's possible to have breakfast without a drive-through or maybe you could put breakfast in just the dense urban stores while not necessarily putting them in suburban stores. Just thinking about what kind of potential you think dayparts really mean to the brand at this point.

布萊恩，說說你們是如何把第四餐（也就是所謂的深夜時段）和早餐都安排進去的。您曾多次提到時段，我想知道這對 Chipotle 來說可能意味著什麼，是否意味著在一天中的不同時間提供不同的產品，這在任何快餐或休閒快餐類型的餐飲模式中當然都是可能的，是否有可能在沒有免下車窗口的情況下提供早餐，或者是否可以只在人口密集的城市門店提供早餐，而不一定要在郊區門店提供。我只是在思考，你認為在目前這個階段，時段劃分對品牌來說究竟意味著什麼。

Yes, sure. Look, I think one of the things that's really exciting about the daypart opportunity for Chipotle is today, we're opening at 10:30, 10:45, and we're closing roughly around 10:00 p.m. And there's opportunities to expand those hours and leverage our existing food and our existing platform in a very seamless fashion. Then you look at the obvious dayparts within those extended hours, and you quickly see where there's opportunity where we have some downtime where frankly I think with some marketing and some product innovation, we could turn those downtimes into transaction-driving times. So as I think about it right now, there is daypart expansion opportunity with our current model, and you layer on some menu innovation coupled with some marketing communication, I see a real ability to drive the existing platform in those dayparts without having to take the step today all the way through breakfast, introducing a whole new food platform. So that's where our thinking is today, not to say that in the future you may not even expand those hours further, and you need to think about new food platforms but that's not in the plan right now.

當然可以。你看，我認為 Chipotle 推出分時段營業模式最令人興奮的一點是，今天我們上午 10:30 或 10:45 開門，晚上 10:00 左右關門。而且，我們還有機會以非常無縫的方式延長營業時間，並充分利用我們現有的食物和平台。然後，你看看這些延長營業時間內的明顯時段，你會很快發現機會所在，我們有一些空閒時間，坦白說，我認為透過一些行銷和產品創新，我們可以將這些空閒時間轉化為交易驅動時間。所以，我現在思考了一下，我們目前的模式存在拓展時段的機會，再加上一些菜單創新和營銷傳播，我認為我們完全有能力在這些時段推動現有平台的發展，而無需今天就從早餐開始全面引入一個全新的食品平台。這就是我們目前的想法，但這並不意味著將來你不會進一步延長營業時間，你也需要考慮新的食品平台，但這目前不在我們的計畫之內。

Our next question comes from the line of David Palmer from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的戴維·帕爾默。

Brian, first, a question on consumer scores, i.e., you mentioned something about becoming more consumer-centric. What is the consumer telling you about Chipotle today and the opportunities to improve perhaps in ways that you see in the brand deteriorated in those scores and just in ways that you just feel like it's underachieving. And that separately, just building on that last thing that you mentioned, the operating model. Everyone's always assumed that Chipotle's operating model because you have those limited number of wells in front of us, it doesn't have the ability to handle new menu news or even use price because of that simple menu, and those are 2 tools that you used with great effect in the past. And so I think people are having a hard time understanding how you're going to use those going forward. So those 2 -- that comment would be helpful as well.

Brian，首先，我想問一個關於消費者評分的問題，也就是說，你提到要更以消費者為中心。消費者今天對 Chipotle 的評價如何？有哪些方面需要改進？例如，你認為該品牌在某些方面有所退步，或在某些方面表現不佳。另外，就你剛才提到的營運模式而言，還有一點需要補充。大家一直認為 Chipotle 的營運模式，因為眼前的油井數量有限，所以它沒有能力處理新的菜單更新，甚至沒有能力使用價格，因為菜單很簡單，而這兩種工具過去都曾被你們非常有效地使用過。所以我覺得大家很難理解你接下來要如何使用這些資源。所以，這兩則評論也很有幫助。

Sure. So on your first question regarding the consumer, what we see is a real opportunity to make the brand more visible and be more top of mind with people to remind them why they love Chipotle. When you remind people about the fact that they buy into this idea of food integrity, cultivating a better world, they instantly feel better about the food they're eating. And we make good on that promise. So I think there's a real opportunity to be much more visible on why you want to be connected to this brand, why you believe in this brand. And based on the information I'm seeing, that resonates with how people want to eat today and how they will want to eat in the future. Look, there's also huge opportunities to get people access. One of our biggest complaints, frankly, is access to the brand. The brand is not that convenient. I know we have 2,400 stores, almost 2,500 stores. We, as a result, are not that convenient to people. So you've got people saying, hey, when can I do mobile ordering? When can I do delivery? When can I get Chipotle to me? And the good news is more than, I think, 50% people don't even realize that we started to do these things. So there is tremendous opportunity of educating people on why they should feel good about the brand, why they will love the food, why it's craveable, because it gives them all the customization, the abundance that they're looking for with the ingredients that they want. And then you combine that with now giving them more access and getting food to them on their terms. It's a really exciting proposition. Your second question on our ability to innovate, the line has flexibility so long as we first test and understand the demand that we're generating. If we prepare ourselves for what is going to happen, Scott and his operators will be capable to use our supply chain and our operating model to execute and meet consumers' expectations. Where you run into problems is when you get ahead of a forecast. And one of the things we're going to put in place here is when we are working on innovation, we're going to pilot that innovation so that we can have a prediction of what's going to happen and prepare the operating model accordingly to support it. So I'm very optimistic about opportunities that just leverage, getting more access to what Chipotle is today, and then you add some innovation, and I think you broaden the appeal. And we have predictability of what that's going to perform, Scott and the operators will be able to execute.

當然。所以，關於您提出的第一個關於消費者的問題，我們看到的是一個真正的機會，可以提高品牌的知名度，讓人們更容易記住 Chipotle，從而提醒他們為什麼喜歡 Chipotle。當你提醒人們，他們認同食品安全理念，並致力於創造更美好的世界時，他們會立刻對自己所吃的食物感到更加放心。我們信守了承諾。所以我認為，這是一個真正能讓人更清楚地了解你為什麼想與這個品牌建立聯繫，為什麼相信這個品牌的機會。根據我目前了解到的信息，這與人們現在的飲食習慣以及未來的飲食習慣相符。你看，這裡也蘊藏著巨大的機會，可以讓人們獲得這些機會。坦白說，我們最大的抱怨之一就是難以接觸這個品牌。這個品牌不太方便。我知道我們有2400家門市，差不多有2500家門市。因此，我們對人們來說並不那麼方便。所以有人會問，嘿，我什麼時候才能用手機點餐？什麼時候可以送貨？Chipotle什麼時候可以送到我家？好消息是，我認為超過 50% 的人甚至沒有意識到我們已經開始做這些事情了。因此，我們有很大的機會教育人們，讓他們明白為什麼他們應該對這個品牌感到滿意，為什麼他們會喜歡這種食物，為什麼這種食物令人垂涎欲滴，因為它能滿足他們所有的定制需求，提供他們想要的豐富食材。再加上現在給他們更多機會，並以他們的方式為他們提供食物。這是一個非常令人興奮的提議。關於我們的創新能力，你的第二個問題是：只要我們先測試並了解我們所產生的需求，這條生產線就具有靈活性。如果我們為即將發生的事情做好準備，史考特和他的營運團隊將能夠利用我們的供應鏈和營運模式來執行並滿足消費者的期望。問題往往出現在預測時間過長的時候。我們將在這裡實施的一項措施是，當我們進行創新時，我們將對創新進行試點，以便預測將會發生什麼，並相應地準備營運模式來支援它。所以我對那些能夠充分利用 Chipotle 現有優勢，並在此基礎上進行創新，從而擴大其吸引力的機會非常樂觀。而且我們對它的表現有可預測性，斯科特和操作人員能夠執行它。

Our next question comes from the line of Gregory Francfort from Bank of America.

我們的下一個問題來自美國銀行的格雷戈里·弗蘭克福特。

I have 2 questions, the first for Brian. Have you looked at portion sizing and your thoughts on whether or not consumers are paying you for your portion sizes now, or if there's an opportunity to take that either up or down? And then I think you had also talked about employee turnover coming down recently. Any metrics around that? And what do you think is driving that? Have you made any changes on the training front? Or -- because the industry has been going up and so that would be kind of impressive, I guess I'm wondering what you guys are doing differently.

我有兩個問題，第一個是問布萊恩的。您有沒有考慮過食物分量的大小，以及您認為消費者是否願意為現在的食物分量付費，或者是否有可能增加或減少食物分量？而且，我想你之前也提到過員工流動率最近有所下降。有什麼相關的衡量指標嗎？你認為造成這種情況的原因是什麼？訓練方面有做出任何調整嗎？或者——因為這個行業一直在發展，所以這很令人印象深刻，我想知道你們的做法有何不同。

Sure. So the piece on employee turnover, I think that's a testament to Scott, putting clarity of what you're supposed to be doing in your role, how you support each other then in the restaurant and then providing clarity of how you can grow in this organization. And look, people like to stay in places where they believe they're appreciated and they have the opportunity to grow. And that's the culture that we're putting into the restaurant, and I think that's why you're seeing our turnover move down. And it's really exciting because the more we can push that turnover down, the more we don't find ourselves retraining the organization and we execute better. It's that simple. So Marissa, who's new to the team, she's going to be laser focused on how we drive this culture and training all the way through the restaurant while Scott partners with her to take from a culture of accountability to also a culture of growth. And I think if you've put those 2 things together, you will feel highly appreciated and believe that there's a future for them at Chipotle. What was your first question?

當然。所以關於員工流動率的那部分，我認為這證明了斯科特的功勞，他明確了你在自己的職位上應該做什麼，如何在餐廳裡互相支持，然後又明確了你如何在這個組織中發展。而且，人們都喜歡留在那些他們覺得自己受到賞識並且有機會成長的地方。這就是我們正在餐廳裡營造的文化，我認為這就是為什麼你會看到我們的員工流動率下降的原因。這真的很令人興奮，因為我們越能降低人員流動率，就越不需要對組織進行重新培訓，我們的執行力也會更強。就這麼簡單。所以，新加入團隊的瑪麗莎將全神貫注於如何推動這種文化，並在整個餐廳進行培訓，而斯科特將與她合作，將一種責任文化轉變為一種成長文化。我認為，如果你把這兩件事結合起來，你會感到自己受到了高度重視，並且相信自己在 Chipotle 有發展前景。你的第一個問題是什麼？

The first question was just on portion sizing. And if you looked at whether -- yes.

第一個問題只是關於份量大小的。如果你仔細想想——是的。

Yes, yes. So look, one of the things clearly that people love about Chipotle is the customization proposition, and we're going to continue to figure out how we get more consistent in our execution for people so that they don't feel like they got too much this time or they got too little. So one of the things that I love about the experiences -- and the consumer knows is we're a place that wants to give them the experience that they're after with their food. And that's not going to change. So if people want a little more, we'll try to give them a little more. They want a little less, we'll give them a little less. But regardless, whether they're asking for a little more or a little less, one of the things Scott is focused on is how do you continue to get more consistent so people feel like they're getting the experience they got the last time as well as the experience they can count on for the next time. So that's where we're focused on, is how do we get more consistent with that experience. But we're never going to tell the consumer you can't ask us for a little more or a little less.

是的，是的。所以你看，人們喜歡 Chipotle 的原因之一顯然是它的客製化服務，我們將繼續思考如何讓我們的服務更加一致，這樣人們就不會覺得這次他們得到的太多或太少。所以，我喜歡這種體驗的原因之一——消費者也知道這一點——就是我們想為他們提供他們想要的美食體驗。這一點不會改變。所以如果人們想要更多，我們會盡力給他們更多。他們想要少一點，我們就少給他們一點。但無論如何，無論他們要求多一點還是少一點，斯科特關注的重點之一是如何保持服務的一致性，讓人們感覺他們不僅能獲得上次的體驗，還能獲得下次可以信賴的體驗。所以，我們關注的重點是如何讓這種體驗更加穩定。但我們永遠不會告訴消費者，你們不能要求我們多一點或少一點。

Our next question comes from the line of Andrew Charles from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Andrew Charles。

Longer-term question for Brian and a short-term one for Jack. So Brian, as you think about the road ahead, can you help us compare and contrast the starting points? When you look at Taco Bell in 2011 and Chipotle in 2017, what do you think of the different factors at play here that helped shape the turnaround, if you will? And then Jack, you mentioned as well, you see more comp trends that continued in April. How are you framing that? Just is that looking on a geometric 3-year, or how should we think about that perhaps just for simplicity? If you disclose the number, it might be helpful.

對布萊恩來說，這是一個長期問題；對傑克來說，這是一個短期問題。布萊恩，在思考未來道路時，你能否幫助我們比較和對比各個起點？回顧 2011 年的 Taco Bell 和 2017 年的 Chipotle，您認為促成其轉型轉變的不同因素有哪些？還有傑克，你也提到過，4 月的競爭趨勢仍在持續。你如何看待這個問題？這只是從幾何意義上的三年來看嗎？或者為了簡單起見，我們該如何考慮這個問題？如果你透露這個數字，可能會有所幫助。

So why don't I go first and I'll hand it over to you, Jack. So here's what I believe for Chipotle. I believe the brand has been invisible. And I think as the brand becomes visible and we lead culture, that's going to be a huge opportunity going forward. This brand needs to be leading culture, not reacting to it. And the people that are loyal to this brand, that's what they want to be a part of. The other piece that is very exciting about this company is, look, there's limited innovation happening in small scale, and the opportunity for us is how do we take some of that innovation to pilot it and get it to a place where we can now do it at scale. And the opportunities, we talked about a few of them, right? They go from access to digital, to menu, even the restaurant design opportunities going forward. That is huge opportunity. A brand that has a lot of relevance, that's culturally right and leading, coupled with innovation, built on strong fundamentals that give people great food at a fast experience at a great value, I like the future. I really get excited about that because those are things that I think, as we put together this leadership team here with Chris and Scott and Marissa and Jack and Curt and Laurie, it is mission one to make this brand visible. And right next to it is be culturally relevant. So all the innovation and the fundamentals that we've put in place are going to, I think, attract people not only to work here but attract people to continue to be our loyal customers. And that's why I'm going to tell you about the long term.

那我先來，然後把它交給你，傑克。所以，我對Chipotle的看法是這樣的。我認為這個品牌一直處於隱形狀態。我認為，隨著品牌知名度的提升和我們引領文化潮流，這將是未來一個巨大的機會。這個品牌需要引領文化，而不是被動地應對文化。而那些忠於這個品牌的人，正是他們想要成為其中的一份子。這家公司另一個令人興奮的地方在於，目前小規模的創新活動有限，而我們的機會在於如何將這些創新成果進行試點，並最終實現規模化應用。我們也談到了一些機會，對吧？他們從數位化管道、菜單，甚至未來的餐廳設計機會等方面進行了探討。這是一個巨大的機會。一個具有強大相關性、符合文化潮流且引領潮流的品牌，再加上創新精神，建立在堅實的基礎之上，能夠以優惠的價格為人們提供快捷美味的食物，我喜歡它的未來。我對此感到非常興奮，因為我認為，當我們和 Chris、Scott、Marissa、Jack、Curt 和 Laurie 一起組建這個領導團隊時，首要任務就是讓這個品牌為人所知。緊隨其後的是要具有文化相關性。因此，我認為，我們所建立的所有創新和基本要素不僅會吸引人們來這裡工作，還會吸引人們繼續成為我們的忠實客戶。所以，接下來我要跟你們談談長遠打算。

And Andrew, in terms of what I looked at when I made the comments about April. We look at dollar trends. We looked at what our expectations were based on what we expect with the Easter shift, what normal seasonality would bring. The weather definitely hit us during parts of the month. I'm sure that's not a surprise to you. From a comp standpoint, we looked at it mainly from a 1-year comp standpoint. If you're going to do multiple years, you have to go back to 3. A 2-year trend will not give you anything meaningful. '16 and '17 lined up. '16 was a step down. '17 was a step up. So if you wanted to do a 3-year layer, you're probably get in the same ballpark. But for purposes of what we did, we just kept it very, very simple. Looked at April, compared to where our previous trends were. And underneath it all, it looks like the trends were very similar when you factor weather out.

至於安德魯，就我當時對四月發表的評論而言，我指的是我所關注的情況。我們關注美元走勢。我們根據復活節假期的預期以及正常的季節性變化，來審視我們的期望。這個月有好幾天天氣都非常惡劣。我相信這不會讓你感到驚訝。從薪酬角度來看，我們主要從一年期薪酬的角度來考慮。如果要進行多年分析，就必須從三年開始。兩年的趨勢分析不會為你帶來任何有意義的結果。2016 年和 2017 年並排排列。2016年是退步了。2017 年是一個進步。所以，如果你想做一個三年期的塗層，你大概也能得到類似的結果。但就我們所做的事情而言，我們盡量保持簡單。我們查看了4月份的數據，並與先前的趨勢進行了比較。總的來說，如果排除天氣因素，趨勢似乎非常相似。

Our next question comes from the line of Will Slabaugh from Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的 Will Slabaugh。

On the 5% pricing and then maybe more specifically on longer-term pricing plans, in general, I realize it's been a while since Chipotle have taken any meaningful pricing, but 5%, obviously, a decent ways ahead of where the rest of the industry is. So I'm curious, number one, if you plan to change the strategy to be more consistent in terms of low price increases; and number two, if you see any material difference in customer pushback to the pricing. In some of markets that we've talked about as being lower performing markets in recent years or if that 20% level that you talked about earlier has been fairly consistent?

關於 5% 的降價，以及更具體地說，關於更長期的定價計劃，我意識到 Chipotle 已經有一段時間沒有採取任何有意義的定價措施了，但 5% 的降價顯然比業內其他公司領先了一大步。所以我很好奇，第一，您是否計劃改變策略，使價格上漲幅度更加穩定；第二，您是否發現客戶對價格的抵制有任何實質性的變化。在我們討論過的近年來表現較差的一些市場中，或者您之前提到的 20% 的水平是否一直相當穩定？

Yes. Every 3-year pricing -- we've done it kind of 3 times in a row now, it's not necessarily strategy that we say, okay, no more price increases for the next 3 years. It just kind of happened. This past time, we didn't want to do it while we're trying to bring customers back into the restaurant. Before that, labor emplacement was very tame, and so we had strong comps and so we can lever our margin without resorting to pricing. It's a powerful advantage to have if you can continue to build your model, continue to expand leverage without constantly increasing menu prices, and so we took advantage of that luxury. Going forward, we're going to do what we need to do. And if that means doing smaller more regular price increases, we're certainly open to that. If we can lever our model, if we get the top line going and we lever the model without a price increase, we think we can drive greater value to the customer. Customers always love it when they get greater value. So we're not going to predetermine what and when we will do anything with pricing, but we're open to doing something other than kind of a 3-year cadence. And in terms of the resistance, we just don't see much resistance across the company. The only time we've seen it and we've seen it in the past as well, we see it a bit on the West Coast, and that's it. Otherwise, so there's the company, our customers, think we provide a great value. And value is not just based on price. It's based on high-quality ingredients. It's based on a lot of food. It's based on an environment that they enjoy. And it's actually the value that we bring is the harder thing to bring based on food, based on environment, based on the overall experience. Price is something that our consumers, sure would they like to play -- pay -- who wouldn't? But when they come to Chipotle and they get a great experience in a nice restaurant, the food is delicious, they call that a great value.

是的。每三年進行一次定價——我們已經連續三次這樣做了，這並不一定是一種策略，我們說，好吧，接下來的三年不再漲價。事情就這樣發生了。上次我們想在努力吸引顧客重返餐廳的時候做這件事，所以就沒做。在此之前，勞動市場非常溫和，因此我們有很強的可比性，因此我們可以在不進行價格調整的情況下提高利潤率。如果你能夠不斷完善你的商業模式，不斷擴大你的影響力，而無需不斷提高菜單價格，那麼這將是一個巨大的優勢，所以我們充分利用了這種優勢。接下來，我們將做我們該做的事情。如果這意味著要採取更小幅度、更規律的價格上漲方式，我們當然樂於接受。如果我們能夠充分利用我們的模式，如果我們能夠提高營收，並且在不提高價格的情況下充分利用該模式，我們認為我們可以為客戶創造更大的價值。顧客總是喜歡物超所值。因此，我們不會預先決定何時以及如何進行定價，但我們願意嘗試採用不同於三年一次的節奏。至於阻力方面，我們並沒有看到公司內部有太多阻力。我們只見過一次，而且以前也見過，就是在西海岸偶爾能看到，僅此而已。否則，公司和我們的客戶都會認為我們提供的產品和服務具有很高的價值。價值不僅取決於價格。它採用優質原料製成。它以多種食物為基礎。這是基於他們喜歡的環境。實際上，我們所帶來的價值才是更難實現的，這種價值體現在食物、環境和整體體驗等方面。價格是消費者當然樂意參與──願意付費──誰不想呢？但是，當他們來到 Chipotle，在一家不錯的餐廳獲得絕佳的用餐體驗，食物也很美味時，他們就認為物超所值。

Our next question comes from the line of Chris O'Cull from Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

First, Jack, I apologize if I missed it, but what was the traffic decline in the quarter? And then secondly, Brian, several of the opportunities you mentioned to improve access for the brand seemed to make -- could take some time to build. But are there opportunities to quickly address the traffic declines you're seeing?

傑克，首先，如果我錯過了什麼，我先道個歉，但本季的流量下降了多少？其次，布萊恩，你提到的幾個改善品牌准入的機會似乎需要一些時間才能實現。但是，有沒有辦法快速解決您目前遇到的流量下降問題？

I'll answer around the traffic. The comp came from an increase in average check and you can take the 5% price increase. It's less than 20%, but just rounded up to 20%, that added for queso added too, so you can back into the transaction impact was. So it would be at the 3.3% or so range, 3.3%, 3.5%, something like that, so that's the underlying traffic.

我會在交通擁擠的時候回覆。此比較源自於平均消費額的增加，您可以接受 5% 的價格上漲。雖然不到 20%，但四捨五入到 20%，再加上起司的費用，所以你可以反推交易的影響。所以大概在 3.3% 左右，3.3%，3.5%，諸如此類，這就是基礎流量。

And then to answer your question on what was my belief on the transaction opportunity going forward? Look, I think that's a real opportunity and one of the things that Chris and the marketing organization are going to be centered on. And the good news is I believe the combination of the brand visibility, the innovation that I talked about, I think there are opportunities in the near term that we can start putting into place, putting into action that make it a material impact on our transactions. And then over time, you'll see the culmination of all these things coming together, I think, play even bigger impact on the transactions and the number of people coming into our restaurants. So it's really a combination of the digital, the menu, the access, programs like loyalty. Those are all things that are going to be centered on making sure we are driving transactions as part of the proposition.

那麼，對於你提出的我對未來交易機會的看法，我的回答是：我認為這是一個真正的機遇，也是克里斯和行銷部門將要重點關注的事項之一。好消息是，我相信品牌知名度和我剛才提到的創新相結合，在短期內會帶來一些機會，我們可以開始實施這些機會，並付諸行動，從而對我們的交易產生實質性的影響。隨著時間的推移，我認為所有這些因素綜合起來，會對交易量和進店人數產生更大的影響。所以，這實際上是數位化、菜單、存取權限以及會員計劃等因素的結合。所有這些都將圍繞著確保我們能夠推動交易這一目標。

Our next question comes from the line of Andrew Strelzik from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Andrew Strelzik。

Over the last couple of years, there's been a shift in focus at different points in time, trying to bring back sales among existing customers at some points and finding new customers at some points. I'm just wondering, Brian, do you think about the opportunity set in that way, think of the customer base in that way? And if so, where do you see the greatest opportunities over the next 6, 12, 24 months?

在過去的幾年裡，我們的焦點在不同的時期有所轉變，有時是為了恢復現有客戶的銷售額，有時是為了尋找新客戶。布萊恩，我只是好奇，你是否也從這個角度看待商機，從這個角度看待客戶群？如果是這樣，您認為未來 6 個月、12 個月、24 個月內最大的機會在哪裡？

Yes, look, here's what we know about our customers. Every age cohort loves Chipotle, okay? And we overindex with young people. And this brand is a youthful spirit. It's a challenger, right? It's breaking convention of what accessible food done fast is. And that appeals broadly. So our goal is not to be exclusive. Our goal is to be inclusive, and our goal is to drive transactions with a youthful spirit, a meaningful positioning and continue to leverage the strength of being a youthful brand that connects with youth. So that's how I look at it. Obviously, Chris and I are digging deep into it because we need to understand the reasons why you either slow down or increase your usage with us. And then we want to make sure we understand why all these different age cohorts are excited about being in the Chipotle business. Our goal is every category buyer could come in Chipotle. That's simple. We probably won't get all of them in the near term, but I'm going to try in the long term.

是的，你看，以下是我們對客戶的了解。各個年齡層的人都喜歡Chipotle，好嗎？而且我們年輕人比例過高。這個品牌代表著一種青春活力。它是個挑戰者，對吧？它打破了人們對便捷速食的傳統認知。而且這種觀點具有廣泛的吸引力。所以我們的目標並非排他性。我們的目標是包容各方，以年輕的精神和有意義的定位推動交易，並繼續發揮我們作為與年輕人建立聯繫的年輕品牌的優勢。我就是這麼看的。顯然，克里斯和我正在深入研究這個問題，因為我們需要了解您減少或增加使用我們服務的原因。然後，我們想確保我們了解為什麼所有這些不同年齡層的人都對加入 Chipotle 行業感到興奮。我們的目標是讓所有品類的顧客都能光顧Chipotle。就這麼簡單。我們短期內可能無法全部實現，但我會努力爭取長期實現這個目標。

Our next question comes from the line of Brett Levy from Deutsche Bank.

我們的下一個問題來自德意志銀行的布雷特‧利維。

If you could share a little bit, Jack, this question is for you on the margins. You mentioned that you think you can get to the high end of the 17.5, 18.5 range, and then you said you could possibly exceed it. But you also mentioned earlier that nothing is really being built into the plan with respect to what Brian's integration and those ideas can have. Can you just balance between what you were saying because it sounded like you said it's going to be without any implementation of Brian's strategies, but it also sounded like you were talking about assuming additional sales?

傑克，如果你能分享你的看法，這個問題是問你的，你對邊緣問題很感興趣。你提到你認為你可以達到 17.5、18.5 這個範圍的上限，然後你又說你有可能超過這個範圍。但你之前也提到過，關於布萊恩的融入和這些想法可能產生的影響，並沒有真正將其納入計畫中。你能否在你剛才所說的內容之間取得平衡？因為你聽起來好像說不會實施布萊恩的任何策略，但聽起來又好像在說假設會有額外的銷售？

Yes, I think you heard it right. We reiterated our guidance, that comps would be in the low single digits. So the margin comments deal with that assumption, to the extent we have strategies that go through pilot and are worthy of a rollout, meaning we expect to get a return on our investment. That's not included in the comp. It's just too early to know what those things might be or what the magnitude might be so this is kind of a base case, if you will.

是的，我想你沒聽錯。我們重申了先前的預測，即同店銷售額的增幅將維持在個位數低點。因此，邊際評論針對的是這個假設，即我們有一些策略經過試點，值得推廣，這意味著我們期望獲得投資回報。那不包含在內。現在判斷這些事情可能是什麼，或者其規模有多大還為時過早，所以這只能算是一個基本情況。

Ladies and gentlemen, we have reached the end of the question-and-answer session, and I would like to turn the call back over to Coralie for closing remarks.

女士們、先生們，問答環節到此結束，現在我想把電話交還給科拉莉，請她做總結發言。

Thank you for joining us today. We look forward to speaking with you again on our special call in late Q2. Thank you.

感謝您今天蒞臨。我們期待在第二季末的特別電話會議上再次與您交流。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。