奇波雷墨西哥燒烤 (CMG) 2018 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Chipotle Q3 2018 Earnings Conference Call.

女士們先生們，下午好，歡迎來到 Chipotle 2018 年第三季度收益電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Coralie Witter.

我現在想將會議轉交給 Coralie Witter。

Please go ahead.

請繼續。

Hi, everyone, and welcome to our call today.

大家好，歡迎來到我們今天的電話。

By now, you should have access to our earnings announcement released this afternoon for the third quarter of 2018.

到目前為止，您應該可以訪問我們今天下午發布的 2018 年第三季度收益公告。

It may also be found on our Investor Relations website at ir.chipotle.com.

它也可以在我們的投資者關係網站 ir.chipotle.com 上找到。

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.

在我們開始演講之前，我會提醒大家，我們今天討論的部分內容將包括證券法定義的前瞻性陳述。

These forward-looking statements will include statements regarding our outlook for the fourth quarter; the potential of a number of our digital sales strategies; sales trends and forecasts for future comparable sales; expected new restaurant openings; estimates on future food, labor, marketing and maintenance and repair costs and G&A spend; statements about our expected effective tax rate and projections of the amount and timing of transformation and restructuring costs and stock repurchases; as well as other statements of our expectations and plans.

這些前瞻性陳述將包括有關我們第四季度展望的陳述；我們許多數字銷售策略的潛力；未來可比銷售額的銷售趨勢和預測；預計新餐廳開業；對未來食品、勞動力、營銷、維護和維修成本以及 G&A 支出的估計；關於我們預期的有效稅率以及轉型和重組成本和股票回購的金額和時間預測的聲明；以及我們的期望和計劃的其他陳述。

These statements are based on information available to us today, and we are not assuming any obligation to update them.

這些聲明基於我們今天可獲得的信息，我們不承擔更新它們的任何義務。

Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements.

前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與前瞻性陳述存在重大差異。

We refer you to the risk factors in our Annual Report on Form 10-K as updated and our subsequent Form 10-Qs for a discussion of these risks.

我們建議您參考更新後的 10-K 表格年度報告和我們隨後的 10-Q 表格中的風險因素，以討論這些風險。

Our discussion today will also include non-GAAP financial measures, reconciliations of which can be found on the Presentation page of the Investor Relations section of our website, which can be found at the link included on the Presentation page.

我們今天的討論還將包括非 GAAP 財務措施，其調節可以在我們網站投資者關係部分的演示頁面上找到，可以在演示頁面上的鏈接中找到。

I'd also like to remind everyone that we have adopted a self-imposed quiet period, restricting communications with investors during that period.

我還要提醒大家的是，我們採用了自我設定的靜默期，在此期間限制與投資者的溝通。

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.

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。

For the fourth quarter of 2018, it will begin December 16 and continue through our fourth quarter earnings release.

2018 年第四季度將從 12 月 16 日開始，一直持續到我們發布第四季度財報。

We will start today's call with some prepared remarks from: Brian Niccol, Chief Executive Officer; and Jack Hartung, Chief Financial Officer, after which we will take questions.

我們將從以下人士的一些準備好的發言開始今天的電話會議： Brian Niccol，首席執行官；和首席財務官 Jack Hartung，之後我們將回答問題。

Our entire executive leadership team is available during the Q&A period.

在問答期間，我們的整個執行領導團隊都可以使用。

And now I will turn the call over to Brian Niccol.

現在我將把電話轉給 Brian Niccol。

Thanks, Coralie, and good afternoon, everyone.

謝謝，Coralie，大家下午好。

I'm pleased to report our third quarter results, which demonstrated that our strategy to win today and cultivate a better future are working.

我很高興地報告我們的第三季度業績，這表明我們贏得今天和培養更美好未來的戰略正在奏效。

Total overall sales grew 8.6% to $1.2 billion, driven by comparable restaurant sales increases of 4.4% and 28 new restaurants opened in the quarter.

總銷售額增長 8.6% 至 12 億美元，這主要受可比餐廳銷售額增長 4.4% 和本季度新開的 28 家餐廳的推動。

The positive comp sales trend enabled us to expand restaurant-level margin, which were up 260 basis points year-over-year to 18.7%.

積極的競爭銷售趨勢使我們能夠擴大餐廳層面的利潤率，同比增長 260 個基點至 18.7%。

Earnings per share adjusted for unusual costs grew 62% to $2.16, and our GAAP earnings were $1.36.

經異常成本調整後的每股收益增長 62% 至 2.16 美元，我們的 GAAP 收益為 1.36 美元。

While the quarter experienced some sales headwinds, we had a noticeable lift in sales with the launch of our new For Real marketing campaign in late September.

雖然本季度遇到了一些銷售逆風，但隨著 9 月下旬推出新的 For Real 營銷活動，我們的銷售額有了顯著提升。

And that increase has sustained through October.

這種增長一直持續到 10 月份。

Marketing that drives culture, drives difference and drives purchase, combined with great operations, drives results.

推動文化、推動差異化和推動購買的營銷與出色的運營相結合，推動了結果。

Additionally in Q3, key growth initiatives moved forward at a healthy pace, and the team executed with excellence the relocation, the restructuring, the hiring of new talent and our All Managers' Conference.

此外，在第三季度，關鍵增長計劃以健康的速度向前推進，團隊出色地執行了搬遷、重組、招聘新人才和我們的所有經理會議。

We exit the quarter with momentum, which sets us up for a solid fourth quarter, and we remain focused on building a culture of innovation and great execution that will drive sustainable long-term growth.

我們以強勁的勢頭結束了本季度，這為我們穩健的第四季度做好了準備，我們仍然專注於建立創新文化和出色的執行力，以推動可持續的長期增長。

Before I dive deeper into this quarter's bright spots, I'd like to take a step back to remind you that our strategy to win today and cultivate the future is based on 5 focus areas: one, becoming a more culturally relevant and engaging brand that builds love and loyalty; two, digitizing and modernizing our restaurant experience to create a more convenient and enjoyable guest experience; three, running great restaurants with great hospitality and throughput; four, being disciplined and focused to enhance our powerful economic model; and five, building a great culture that can innovate and execute across digital, access, menu and the restaurant experience.

在我深入探討本季度的亮點之前，我想退後一步提醒您，我們贏得今天和培養未來的戰略基於 5 個重點領域：第一，成為一個更具文化相關性和吸引力的品牌，建立愛和忠誠；第二，將我們的餐廳體驗數字化和現代化，以創造更方便和愉快的客人體驗；三、以盛情款待和吞吐量經營一流的餐廳；第四，紀律嚴明，專注於增強我們強大的經濟模式；第五，建立一種偉大的文化，可以在數字、訪問、菜單和餐廳體驗方面進行創新和執行。

This quarter, we've made strides toward becoming a more culturally relevant and engaging brand.

本季度，我們在成為更具文化相關性和吸引力的品牌方面取得了長足進步。

Our For Real campaign celebrates what is uniquely Chipotle, that our food reflects our belief that there's a connection between how food is raised and prepared and how it tastes.

我們的 For Real 活動慶祝 Chipotle 的獨特之處，即我們的食物反映了我們的信念，即食物的種植和準備方式與食物的味道之間存在聯繫。

Real flavors, real ingredients and real cooking techniques result in food that simply tastes better.

真正的風味、真正的成分和真正的烹飪技術使食物變得更美味。

We are making much better use of our advertising budget by more effectively communicating who we are and by being in better communication channels, thereby increasing our resonance and visibility.

我們通過更有效地宣傳我們是誰以及通過更好的溝通渠道更好地利用我們的廣告預算，從而增加我們的共鳴和知名度。

We'll continue to be present on national TV through the middle of November, and the For Real messaging will remain visible in digital and social channels for the balance of the year.

到 11 月中旬，我們將繼續在國家電視台播出，For Real 消息將在今年餘下時間在數字和社交渠道中保持可見。

Going forward, you can expect Chipotle to have a presence in national media where and when it makes sense and to have an always-on social and digital program.

展望未來，您可以期待 Chipotle 會在有意義的時間和地點出現在國家媒體上，並擁有一個永遠在線的社交和數字節目。

While we are a brand that speaks to everyone, our consumer research tells us that we are particularly relevant to millennials and Gen Z consumers who share our values, and our customers also want to be our employees.

雖然我們是一個面向所有人的品牌，但我們的消費者研究告訴我們，我們與共享我們價值觀的千禧一代和 Z 世代消費者特別相關，我們的客戶也希望成為我們的員工。

During September, we hosted our All Managers' Conference, and it was clear from looking at our general managers and field leaders in the audience that they reflect our customer base.

9 月份，我們舉辦了所有經理會議，從聽眾中的總經理和現場領導可以清楚地看出，他們反映了我們的客戶群。

Our teams came away from this conference energized around our purpose, our values and our goals and ready to get back to their restaurants armed with inspiration and information on how to improve the hiring experience, the training experience and the guest experience.

會議結束後，我們的團隊圍繞著我們的宗旨、價值觀和目標充滿活力，並準備帶著關於如何改善招聘體驗、培訓體驗和賓客體驗的靈感和信息回到他們的餐廳。

In Q3, we made progress on our purpose of cultivating a better world with the announcement of a new accelerated program called the Chipotle Aluminaries Project.

在第三季度，我們宣布了一項名為 Chipotle Aluminaries 項目的新加速計劃，從而在培育更美好世界的目標方面取得了進展。

This is funded by our Chipotle Cultivate Foundation to help food-focused, growth-stage ventures that share our belief of cultivating a better world and are seeking to disrupt the current food landscape and take their business to the next level.

這是由我們的 Chipotle Cultivate Foundation 資助的，旨在幫助以食品為中心的成長階段企業，這些企業與我們有著共同的信念，即培養更美好的世界，並正在尋求破壞當前的食品格局，並將其業務提升到一個新的水平。

We are using insights from our consumer research to refine our innovation pipeline and how we communicate with our guests.

我們正在利用消費者研究的見解來改進我們的創新渠道以及我們與客人的溝通方式。

We continue to hear that the #1 reason that consumers eat elsewhere is because they don't have convenient access to Chipotle.

我們不斷聽到消費者在別處就餐的第一個原因是因為他們無法方便地使用 Chipotle。

Expanding the reach of our digital system remains a key priority in providing our guests with easier access and greater convenience.

擴大我們數字系統的覆蓋範圍仍然是為我們的客人提供更輕鬆訪問和更大便利的關鍵優先事項。

The digitized second make-lines are now in nearly 750 restaurants and continue to be on track to be in all restaurants by the end of next year.

數字化的第二條生產線現已在近 750 家餐廳中使用，並繼續按計劃在明年年底之前在所有餐廳中使用。

The digital pickup shelves are now in nearly 350 restaurants, and we are moving quickly to get them in all our restaurants before the middle of 2019.

數字取貨貨架現已在近 350 家餐廳中使用，我們正在迅速採取行動，爭取在 2019 年年中之前在我們所有的餐廳中使用它們。

We continued to build momentum in digital this quarter, with digital sales growing 48%, accelerating from the year-over-year growth rate we saw in the first half of this year and now accounting for 11.2% of sales.

本季度我們繼續在數字領域建立勢頭，數字銷售額增長了 48%，比今年上半年的同比增長率有所加快，目前佔銷售額的 11.2%。

App downloads have increased 25% since last quarter, and we are seeing strong interest from new and infrequent customers, as well as frequent customers.

自上個季度以來，應用程序下載量增加了 25%，我們看到新客戶和非常客以及常客的濃厚興趣。

As was the case last quarter, we are seeing particularly strong momentum from delivery.

與上個季度的情況一樣，我們看到交付的勢頭特別強勁。

In Q2, we added DoorDash as a new partner, and in Q3, we added delivery capabilities directly from our app and website.

在第二季度，我們將 DoorDash 添加為新合作夥伴，在第三季度，我們添加了直接從我們的應用程序和網站交付的功能。

A free delivery promotion from our app in September drove an acceleration in delivery sales in the quarter.

我們應用程序在 9 月份推出的免費送貨促銷活動推動了本季度送貨銷售的加速增長。

We continue to see good incrementality in delivery, and we see very little customer overlap between our own in-app delivery and our third-party delivery partner app.

我們繼續看到交付方面的良好增量，並且我們看到我們自己的應用程序內交付和我們的第三方交付合作夥伴應用程序之間的客戶重疊很少。

We are pleased with how delivery in our app is attracting and retaining new and lapsed customers, and the results we're seeing across our delivery channels validate our strategy to be available wherever and however our guests want to access us.

我們很高興我們的應用程序中的交付如何吸引和留住新客戶和流失客戶，我們在交付渠道中看到的結果驗證了我們的戰略，無論我們的客人想要訪問我們，無論何時何地都可以使用。

As we continue to remove friction from the digital ordering and pickup process, we would expect our delivery time advantage to continue to widen.

隨著我們繼續消除數字訂購和取貨流程中的摩擦，我們預計我們的交貨時間優勢將繼續擴大。

Our current average delivery time is under 30 minutes, already making us one of the most attractive choices for customers on our delivery partner's website, and this will keep getting better.

我們目前的平均送貨時間不到 30 分鐘，這已經使我們成為送貨合作夥伴網站上對客戶最具吸引力的選擇之一，而且這一點會越來越好。

As part of our goal to increase access, we are also exploring a new format that leverages digitally enabled convenience.

作為我們增加訪問的目標的一部分，我們還在探索一種利用數字化便利性的新格式。

We're pleased with the early results from our initial digital pickup lane restaurants, and we will expand this test to additional new restaurants in 2019 across several markets.

我們對最初的數字接送餐廳的早期結果感到滿意，我們將在 2019 年將此測試擴展到多個市場的更多新餐廳。

These restaurants have a convenient drive-up window for guests to pick up digital orders.

這些餐廳有一個方便的免下車窗口，供客人領取數字訂單。

It's clear from these tests that our guests appreciate the added convenience, as these restaurants generate digital sales that are far above our national average.

從這些測試中可以清楚地看出，我們的客人很欣賞這種額外的便利，因為這些餐廳產生的數字銷售額遠高於我們的全國平均水平。

This format is also a win for operations, as the window leverages are digital make-line.

這種格式也是運營的勝利，因為窗口槓桿是數字生產線。

We're also excited about our loyalty test, which were launched in September in 3 test markets.

我們也對 9 月份在 3 個測試市場推出的忠誠度測試感到興奮。

It's very early, but sign-ups look promising, and we'll evaluate and learn from the loyalty test as it moves to the stage gate in preparation for national launch during 2019.

現在還為時過早，但註冊看起來很有希望，我們將評估忠誠度測試並從中學習，因為它已進入階段，為 2019 年在全國推出做準備。

We also have a number of menu items going through our new stage-gate process so that we can build a pipeline for future years.

我們還有許多菜單項正在通過我們新的階段門流程，以便我們可以為未來幾年建立管道。

We're testing quesadillas, nachos, bacon, lemonade and a Mexican chocolate milkshake, for example.

例如，我們正在測試油炸玉米粉餅、玉米片、培根、檸檬水和墨西哥巧克力奶昔。

These items are in different phases of the stage-gate process.

這些項目處於階段門流程的不同階段。

Importantly, we're improving our ability to deliver great innovations for our customers and restaurant teams with the new concept of screening process, more consumer insight and a better cross-functional process from idea at the launch.

重要的是，我們正在提高我們的能力，通過新的篩選流程概念、更多的消費者洞察力和更好的跨職能流程，為我們的客戶和餐廳團隊提供偉大的創新。

Lastly, I'd like to touch on where we are in our organizational transformation.

最後，我想談談我們在組織轉型中所處的位置。

At our All Managers' Conference last month, we rolled out our new values.

在上個月的所有經理會議上，我們推出了新的價值觀。

These are: one, the line is the moment of truth; two, teach and taste Chipotle; three, authenticity lives here; and four, the movement is real.

它們是：一，線是關鍵時刻；二、教與嘗Chipotle；三，真實性在這裡；第四，運動是真實的。

These values were very well received at the conference by restaurant managers who are more energized than ever.

這些價值觀在會議上受到比以往任何時候都更有活力的餐廳經理的好評。

We also emphasized the following key areas for operations to focus on going forward: number one, throughput excellence; number two, team stability and development; number three, great-tasting food; and number four, great customer hospitality.

我們還強調了以下重點運營領域：第一，卓越的吞吐量；第二，團隊穩定與發展；第三，美味的食物；第四，熱情好客。

We did a number of store visits following the conference and asked our restaurant managers what they took away.

會議結束後，我們進行了多次商店訪問，並詢問我們的餐廳經理他們帶走了什麼。

I'm happy to say we are aligned from the support center to each individual restaurant.

我很高興地說，我們從支持中心到每家餐廳都保持一致。

These values and focus areas also form the foundation for the culture we are building in our support centers, which exist to serve our general managers and team members so that they can delight our guests.

這些價值觀和重點領域也構成了我們在支持中心建立的文化的基礎，支持中心的存在是為了服務我們的總經理和團隊成員，使他們能夠取悅我們的客人。

I'm pleased with the significant progress we've made in rebuilding Chipotle into an organization with an inclusive culture that sets us up to be more innovative, more connected to what our guests want and better at executing so that we can capitalize on the tremendous growth opportunities in front of us.

我很高興我們在將 Chipotle 重建為一個具有包容性文化的組織方面取得了重大進展，這種文化使我們更具創新性，更貼近客人的需求並更好地執行，以便我們能夠利用巨大的增長機會擺在我們面前。

I'm delighted with the great talent that we are attracting, as well as the talent that we're relocating.

我對我們正在吸引的優秀人才以及我們正在重新安置的人才感到高興。

We've continued to enhance our leadership team, adding Roger Theodoredis as General Counsel, who joined us from WhiteWave.

我們繼續加強我們的領導團隊，增加了 Roger Theodoredis 作為總法律顧問，他從 WhiteWave 加入我們。

The restructuring and the relocations are nearing completion, and we are building an organization with best-in-class and diverse talent.

重組和搬遷即將完成，我們正在建設一個擁有一流和多元化人才的組織。

I love the start-up energy.

我喜歡創業的能量。

It greets me every day I come in.

每天我進來它都會跟我打招呼。

Finally, before I turn it over to Jack, I want to thank all of our team members across the company that are providing our guests with a great experience, serving real food cooked to perfection and prepared in our restaurants with fresh ingredients.

最後，在我把它交給 Jack 之前，我要感謝我們公司所有的團隊成員，他們為我們的客人提供了很棒的體驗，提供真正的食物，這些食物在我們的餐廳裡烹製得恰到好處，並使用新鮮的食材烹製而成。

I'd also like to thank our general managers who collectively do a great job managing the restaurant P&L during quarter 3, enabling Chipotle to deliver on financial commitment.

我還要感謝我們的總經理，他們在第三季度共同出色地管理了餐廳的損益表，使 Chipotle 能夠兌現財務承諾。

Okay, over to you, Jack.

好的，交給你了，傑克。

Thanks, Brian.

謝謝，布萊恩。

I'm equally pleased with how our team rose to the occasion and didn't miss a beat, despite managing a significant restructuring to deliver a solid quarter and great sales momentum that has carried into the fourth quarter.

我對我們的團隊如何迎難而上並且沒有錯過任何一個節拍同樣感到滿意，儘管管理著重大的重組以提供穩健的季度和進入第四季度的強勁銷售勢頭。

We generated revenue of $1.2 billion during the quarter, an increase of 8.6% from last year on comp sales growth of 4.4%.

我們在本季度創造了 12 億美元的收入，比去年增長 8.6%，銷售額增長 4.4%。

Restaurant-level margins of 18.7% expanded 260 basis points from last year, contributing to underlying earnings per share, adjusted for unusual items, up 62% to $2.16.

餐廳層面的利潤率為 18.7%，比去年擴大了 260 個基點，對每股基本收益做出了貢獻，針對不尋常項目進行了調整，增長了 62% 至 2.16 美元。

The third quarter had unusual expenses, mostly related to the transformation, and that negatively impacted our tax rate and our earnings per share by about $0.80, leading to GAAP earnings per share of $1.36.

第三季度有異常支出，主要與轉型有關，這對我們的稅率和每股收益產生了約 0.80 美元的負面影響，導致 GAAP 每股收益為 1.36 美元。

As discussed last quarter, we'll continue to see costs over the next few quarters associated with our restructuring, relocation and underperforming store closures.

正如上個季度所討論的那樣，我們將繼續看到未來幾個季度與我們的重組、搬遷和表現不佳的商店關閉相關的成本。

In Q3, we recognized $26 million in total charges, with $10 million related to underperforming or closed restaurants and $16 million related to the organizational restructuring and other unusual expenses.

在第三季度，我們確認了 2600 萬美元的總費用，其中 1000 萬美元與表現不佳或關閉的餐廳相關，1600 萬美元與組織重組和其他異常費用相關。

As a result of the transformation as well as noncash tax items, our reported effective tax rate increased to 36.8% or about 690 basis points higher than underlying effective tax rate of 29.9%, which I'll explain later.

由於轉型和非現金稅收項目，我們報告的有效稅率增至 36.8%，比基本有效稅率 29.9% 高出約 690 個基點，我將在後面解釋。

The Q3 comp of 4.4% was primarily driven by higher average check from the price increase taken last November and January and, to a lesser extent, the addition of queso to our menu.

第三季度 4.4% 的增長率主要是由於去年 11 月和 1 月的價格上漲帶來的更高的平均支票，以及在較小程度上，我們的菜單中增加了問題。

During the quarter, comps were in the mid-single digits during July and August before softening to low single digits in September, when we compared to the advertised launch of queso in 2017.

在本季度，當我們與 2017 年宣傳推出的 queso 進行比較時，7 月和 8 月的 comp 處於中等個位數，然後在 9 月軟化至低個位數。

With the launch of our For Real campaign with national TV in late September, comps moved back up and are running 4% so far in October.

隨著我們在 9 月下旬通過國家電視台推出的 For Real 活動，10 月的收入回升並達到 4%。

Looking to Q4, we'll lap the price increase in about 1,000 restaurants in November, which will be a headwind to our overall Q4 comp by about 100 basis points.

展望第四季度，我們將在 11 月對約 1,000 家餐廳進行價格上漲，這將對我們第四季度的整體業績造成約 100 個基點的不利影響。

We would typically provide a first glance of our comp guidance for 2019 right now, but with a growing pipeline of initiatives still early on in the stage-gate process, we'll hold off in providing 2019 comp guidance until we have a better perspective of the timing and expected impact of each of these initiatives.

我們通常會立即提供 2019 年的薪酬指南的第一眼，但隨著越來越多的計劃仍處於階段門流程的早期階段，我們將推遲提供 2019 年的薪酬指南，直到我們對以下方面有更好的了解每項舉措的時間安排和預期影響。

We opened 28 new restaurants in the quarter and continue to expect to be at the lower end of our 130 to 150 new openings guidance for the full year.

我們在本季度開設了 28 家新餐廳，並繼續預計將處於我們全年 130 至 150 家新餐廳目標的下限。

Our new restaurants this year have opened at stronger levels, and we continue to emphasize high-quality, high returning new restaurants as we build out the pipeline.

我們今年的新餐廳開張水平更高，我們在建設管道時繼續強調高質量、高回報的新餐廳。

As a result of these strong unit economics, combined with a healthy pipeline for next year's opening, we expect to open between 140 to 155 new restaurants in 2019.

由於這些強勁的單位經濟效益，加上明年開業的健康渠道，我們預計 2019 年將開設 140 至 155 家新餐廳。

As mentioned on our last call, we expect to close between 55 and 65 underperforming restaurants.

正如我們在上次電話會議中提到的，我們預計將關閉 55 至 65 家表現不佳的餐廳。

In the third quarter, we closed 32 of these restaurants and 38 in total, including the 6 closed in Q2, all related to the restructuring.

第三季度，我們關閉了這些餐廳中的 32 家，總共 38 家，包括第二季度關閉的 6 家，所有這些都與重組有關。

The remaining underperforming restaurants will close over the next several quarters, as we pursue strategic alternatives to manage our future rent liability.

其餘表現不佳的餐廳將在未來幾個季度關閉，因為我們正在尋求戰略選擇來管理我們未來的租金負債。

Food costs for the quarter were 33.4%, a decrease of 160 basis points from the 35% in Q3 of last year.

本季度的食品成本為 33.4%，比去年第三季度的 35% 下降了 160 個基點。

The decrease from last year was driven by the menu price increase as well as more favorable avocado prices.

與去年相比下降的原因是菜單價格上漲以及更優惠的鱷梨價格。

These were offset by elevated prices for beef and paper and packaging items.

這些被牛肉、紙張和包裝物品的價格上漲所抵消。

We expect to be in the low 33% range in Q4, with a slight decrease from Q3 due to the shift in the supply of avocados back to Mexico, Peru and Chile.

我們預計第 4 季度將處於 33% 的較低區間，與第 3 季度相比略有下降，原因是鱷梨供應轉回墨西哥、秘魯和智利。

Labor costs for the quarter were 27.2% or flat compared to Q3 of last year.

與去年第三季度相比，本季度的勞動力成本為 27.2% 或持平。

The price increase offset wage inflation of about 4% to 5%.

價格上漲抵消了約 4% 至 5% 的工資通脹。

We also decreased our workers' comp liability by about $4 million in the quarter due to better management of claims activity so far this year.

由於今年迄今為止更好地管理索賠活動，我們在本季度還將工人賠償責任減少了約 400 萬美元。

We expect labor costs to increase to the mid-28% range in Q4, as a result of deleverage from seasonally lower sales as well as continued wage pressure.

我們預計第四季度勞動力成本將增加至 28% 的中間範圍，這是由於季節性銷售下降以及持續的工資壓力導致的去槓桿化。

Occupancy costs for the quarter were 7.1%, a decrease of 30 basis points compared to Q3 last year, and that's due mostly to the increase in comp sales.

本季度的入住成本為 7.1%，與去年第三季度相比下降了 30 個基點，這主要是由於復合銷售額的增加。

Other operating costs for the quarter were 13.7%, a decrease of 70 basis points from Q3 of last year.

本季度其他運營成本為 13.7%，比去年第三季度下降 70 個基點。

Our marketing and promo costs were 2.5% in the quarter, a decrease of about 70 basis points compared to Q3 of last year.

本季度我們的營銷和促銷成本為 2.5%，與去年第三季度相比下降了約 70 個基點。

The lower-than-expected marketing in Q3 is due to a timing shift into Q4 as our For Real campaign began in late September and will continue through mid-November.

第三季度低於預期的營銷是由於時間轉移到第四季度，因為我們的 For Real 活動於 9 月下旬開始，並將持續到 11 月中旬。

As a result, we expect marketing and promo costs will be in the low 4% of sales during Q4, while full year marketing and promo will still be right around 3% of sales overall for the year.

因此，我們預計第四季度營銷和促銷成本將佔銷售額的 4%，而全年營銷和促銷成本仍將佔全年銷售額的 3% 左右。

Other operating costs continue to include about 30 basis points of higher maintenance and repair costs, which we first discussed on the Q4 2017 call, and we expect M&R to continue at this elevated level for the rest of the year before abating in 2019.

其他運營成本繼續包括約 30 個基點的更高維護和維修成本，我們在 2017 年第四季度的電話會議上首次討論了這一點，我們預計 M&R 在今年剩餘時間裡將繼續保持在這一高水平，然後在 2019 年下降。

G&A in the quarter increased $24 million compared to Q2 of this year.

與今年第二季度相比，本季度的 G&A 增加了 2400 萬美元。

The increase compared to last quarter was primarily due to $16 million in charges related to the restructuring and other unusual charges in the quarter, as well as $11 million for our biennial All Managers' Conference.

與上一季度相比的增長主要是由於本季度與重組和其他異常費用相關的 1600 萬美元費用，以及我們兩年一度的所有經理會議的 1100 萬美元費用。

Compared to Q3 of last year, the items I just listed mostly offset the one-time charge we had in same quarter of last year.

與去年第三季度相比，我剛剛列出的項目大部分抵消了我們去年同一季度的一次性費用。

Underlying G&A increased compared to last year, primarily in support of our restaurant growth and digitizing our restaurant experience and operational leadership changes in the field.

與去年相比，基本 G&A 有所增加，主要是為了支持我們的餐廳增長和數字化我們的餐廳體驗以及該領域的運營領導層變化。

For Q4, we expect total G&A to be right around $95 million, which includes an estimated $10 million to $12 million of restructuring-related expenses.

對於第四季度，我們預計 G&A 總額約為 9500 萬美元，其中包括估計 1000 萬至 1200 萬美元的重組相關費用。

Underlying G&A in Q4, excluding bonuses and stock comp, is expected to be at similar levels as Q2 and Q3 of this year.

第四季度的基本 G&A（不包括獎金和股票補償）預計將與今年第二季度和第三季度處於相似水平。

However, both bonuses and stock comp are expected to be higher year-over-year as a result of better performance.

然而，由於更好的業績，獎金和股票薪酬預計將同比增加。

Depreciation for the quarter was 4.3%, an increase of 60 basis points from the 3.7% in Q3 of last year.

本季度的折舊率為 4.3%，比去年第三季度的 3.7% 增加了 60 個基點。

This increase is due to the accelerated depreciation for the restaurant closures we discussed earlier and, to a lesser extent, accelerated depreciation from the office closures.

這一增長是由於我們之前討論過的餐廳關閉導致的加速折舊，以及在較小程度上，辦公室關閉導致的加速折舊。

We now expect transformation costs from restructuring and restaurant closures and certain other charges to total between $100 million and $120 million versus our initial estimate of $115 million to $135 million, again, with most hitting in 2018.

我們現在預計重組和餐廳關閉以及某些其他費用的轉型成本總計在 1 億至 1.2 億美元之間，而我們最初估計為 1.15 億至 1.35 億美元，同樣，大部分發生在 2018 年。

So far this year, we charged nearly $70 million, and we estimate that another $10 million to $25 million will hit in Q4.

今年到目前為止，我們收取了近 7000 萬美元，我們估計第四季度還會再增加 1000 萬到 2500 萬美元。

And the remaining charges, mostly related to terminating restaurant and office leases, will spill into 2019.

而剩餘的費用，主要與終止餐廳和辦公室租約有關，將持續到 2019 年。

We'll continue to provide specific and future transformation-related costs when we have more certainty around timing, and we'll break out the unusual costs from normal costs so you can follow the underlying trend.

當我們對時間有了更多的確定性時，我們將繼續提供具體和未來與轉型相關的成本，並且我們會將異常成本從正常成本中分離出來，以便您可以跟踪基本趨勢。

Our pretax income was $58.5 million, and the reported effective tax rate was 36.8%.

我們的稅前收入為 5850 萬美元，報告的有效稅率為 36.8%。

Our 36.8% reported effective tax rate was higher than our 29.9% underlying rate due to the transformation costs and noncash tax items related to the write-off of deferred tax assets associated with the underwater option.

我們報告的 36.8% 的有效稅率高於我們 29.9% 的基礎稅率，原因是轉型成本和與水下期權相關的遞延稅資產註銷相關的非現金稅項。

While we anticipate the underlying rate in Q4 to remain in the 28.9% to 29.9% range, we anticipate our effective Q4 tax rate to be in the high 30% range or higher due to the impact of transformation charges as well as anticipated additional noncash debt write-off.

雖然我們預計第四季度的基本稅率將保持在 28.9% 至 29.9% 的範圍內，但由於轉型費用以及預期的額外非現金債務的影響，我們預計第四季度的有效稅率將處於 30% 的高位或更高的範圍內註銷。

During the quarter, we repurchased $19 million of our stock at an average price of $474 per share, leaving about $100 million in our current buyback authorization.

在本季度，我們以平均每股 474 美元的價格回購了 1900 萬美元的股票，目前的回購授權還剩下大約 1 億美元。

Our buyback rate will remain at this lower level as we fund the transformation costs.

由於我們為轉型成本提供資金，我們的回購率將保持在較低水平。

This decrease is short-term, and we expect to return opportunistically repurchasing shares at a higher level once we've completed the restructuring.

這種下降是短期的，我們預計一旦我們完成重組，我們將在更高水平上機會主義地回購股票。

We're encouraged by our third quarter results, as our teams demonstrated that they can stay focused on serving our guests and executing growth drivers while also being nimble on managing the business.

我們對第三季度的業績感到鼓舞，因為我們的團隊證明他們可以繼續專注於為我們的客人提供服務和執行增長動力，同時還可以靈活地管理業務。

Meanwhile, our support center made important progress in relocating and hiring talent, hosting our All Managers' Conference and rebuilding an organizational structure designed to innovate and deliver on commitments to our guests, to our employees and to our shareholders.

與此同時，我們的支持中心在重新安置和招聘人才、舉辦我們的所有經理會議以及重建旨在創新和履行對客人、員工和股東的承諾的組織結構方面取得了重要進展。

And now we're happy to take your questions.

現在我們很高興回答您的問題。

(Operator Instructions) The first question will come from David Tarantino of Baird.

（操作員說明）第一個問題將來自 Baird 的 David Tarantino。

Just a couple of questions on the comp trends.

關於補償趨勢的幾個問題。

First, Brian or Jack, could you maybe talk about your estimate of the impact, if there was any, from the Ohio incident that was pretty well-publicized?

首先，Brian 或 Jack，您能否談談您對廣為人知的俄亥俄事件的影響的估計（如果有的話）？

And I guess, based on how you look at the business, looking at maybe your average daily sales trends and seasonally adjusted for that, do you think this most recent uplift from the marketing program has got your back on trend if there was an impact in Q3?

我想，根據您對業務的看法，看看您的平均每日銷售趨勢並為此進行季節性調整，如果對Q3？

And then I have a couple of follow-ups.

然後我有幾個後續行動。

Yes, David, this is Jack.

是的，大衛，這是傑克。

There was a lot going on in the quarter.

本季度發生了很多事情。

We compared in the middle of the quarter to some soft results from the last year.

我們將本季度中期的業績與去年的一些疲軟業績進行了比較。

We had avocado day that turned into a double day once we broke the Internet.

一旦我們打破了互聯網，我們的鱷梨日就變成了雙日。

We had a back-to-school promotion that we compared to queso, and then we had marketing at the end.

我們有一個返校促銷活動，我們將其與 queso 進行了比較，然後我們在最後進行了營銷。

So teasing out any single impact was very difficult.

因此，梳理出任何單一的影響是非常困難的。

That's why I walked through and I wanted to give the comp trends throughout the quarter.

這就是為什麼我走了過去，我想給出整個季度的補償趨勢。

The thing that we know for sure is that marketing did have an impact.

我們可以肯定的是，營銷確實產生了影響。

As we went on air and as customers started seeing the commercials, we did see an improvement in our sales.

隨著我們的播出和客戶開始看到廣告，我們確實看到了銷售的改善。

And I think when I looked through the net-net of it, by the time we left the quarter, I don't think there's any lasting impact of anything that happened in Ohio.

而且我認為，當我仔細查看它的網絡時，到我們離開該季度時，我認為俄亥俄州發生的任何事情都不會產生任何持久影響。

Great.

偉大的。

That's helpful, Jack.

這很有幫助，傑克。

And then on the quarter-to-date, you mentioned up 4% for the comp.

然後在本季度至今，你提到了 4% 的補償。

I know you're cycling now the mix benefits you have with the queso.

我知道您現在正在循環使用 queso 的混合好處。

So I guess is traffic now running positive in the quarter-to-date period behind the advertising?

所以我想在廣告背後的季度至今，流量現在是正增長嗎？

David, it's right around flattish.

戴維，它幾乎是平坦的。

When you look at the 4%, we're still carrying a price increase, and about a couple thousand restaurants will lap the next wave in November and then the final wave in January.

當你看到 4% 時，我們仍在提價，大約幾千家餐廳將在 11 月迎來下一波，然後在 1 月迎來最後一波。

So I've called the traffic right around flat.

所以我說周圍的交通很平穩。

Great.

偉大的。

And then last question for Brian.

然後是布賴恩的最後一個問題。

You talked a lot about the stage-gate process with some of the menu innovation you're working on.

你談到了很多關於你正在進行的一些菜單創新的階段關卡過程。

So I guess, at a high level, when do you think we'll start seeing some new items added to the menu?

所以我想，在較高的層面上，您認為我們什麼時候會開始看到一些新項目添加到菜單中？

And then if you can maybe share your perspective on what you've learned in adding new items to the menu and the operating model.

然後，如果您可以分享您對在向菜單和操作模型中添加新項目所學到的知識的看法。

Sure.

當然。

So yes, we've got, obviously, a couple items in the stage-gate process on various stages, actually, both digital initiatives as well as food initiatives.

所以，是的，很明顯，我們在各個階段的階段關卡過程中有幾個項目，實際上，包括數字計劃和食品計劃。

And I think you're going to see both a digital, the total system, from loyalty to our mobile app to our digital shelves, all those things are in test markets right now, and we're very optimistic about what we're seeing.

而且我認為你會看到一個數字的，整個系統，從忠誠度到我們的移動應用程序到我們的數字貨架，所有這些現在都在測試市場上，我們對我們所看到的非常樂觀.

And we're continuing to learn.

我們正在繼續學習。

And the plan is they will start to touch, in 2019, consumers.

計劃是他們將在 2019 年開始接觸消費者。

Same thing with a food initiative or 2. So we're still early days, David, but we're learning a lot.

食品倡議或 2 也是如此。大衛，我們還處於早期階段，但我們學到了很多東西。

We're optimistic about what we're seeing.

我們對我們所看到的感到樂觀。

And we're feeling like the stage-gate process is working, and it's going to set us up to execute with excellence when some of these initiatives come to market in 2019.

我們感覺階段關卡流程正在發揮作用，這將使我們在 2019 年其中一些舉措進入市場時能夠出色地執行。

The next question will come from John Glass of Morgan Stanley.

下一個問題將來自摩根士丹利的約翰格拉斯。

Could you -- there were a couple of operational initiatives, Brian, you talked about, either on or off-line, during the quarter, including throughput, seemed like an early opportunity for you.

你能不能——布賴恩，你在本季度談到了一些運營計劃，無論是在線還是離線，包括吞吐量，這對你來說似乎是一個早期的機會。

And I think you talked about maybe purchasing -- professionalize in that organization.

我想你談到了採購——在那個組織中專業化。

So some of the operational things that you're taking on, where are you on those?

那麼你正在承擔的一些運營工作，你在哪裡？

And do they have any impact on the past quarter?

它們對上個季度有什麼影響嗎？

So we are early days into both of those.

所以我們在這兩個方面都處於早期階段。

And the good news is, I would say, our operational focus, I feel like we're out of the starting blocks with getting our throughput to a higher level than where we've been.

好消息是，我想說，我們的運營重點，我覺得我們已經脫離了起點，將我們的吞吐量提高到比以往更高的水平。

But really, our focus was, at our All Managers' Conference, to get everybody aligned on values so that we're hiring the right people, so that ultimately, we can end up with a stable team with the right leaders.

但實際上，我們的重點是，在我們的所有經理會議上，讓每個人都在價值觀上保持一致，這樣我們就能僱用合適的人，這樣最終，我們就能擁有一支擁有合適領導者的穩定團隊。

And then the other key focus for that meeting was to make sure people understood we're getting back to the throughput excellence, great-tasting food.

然後，該會議的另一個重點是確保人們了解我們正在恢復卓越的吞吐量、美味的食物。

You do those 2 things, you end up with great customer hospitality.

你做了這兩件事，你最終會得到很好的客戶服務。

And what I love is I feel like we're out of the blocks on all these things, and we should -- as we go into 2019, we'll continue to make progress as opposed to just getting started with it in 2019.

我喜歡的是，我覺得我們在所有這些事情上都沒有障礙，我們應該——隨著我們進入 2019 年，我們將繼續取得進展，而不是在 2019 年才開始。

And the same thing goes for the supply chain leadership.

供應鏈領導層也是如此。

Carlos, actually, myself and Jack, we've already started our visits with some of our key partners, and it's been great to understand the relationship that was started, in some cases, 25 years ago to some that are relatively new.

卡洛斯，實際上，我自己和傑克，我們已經開始與我們的一些主要合作夥伴進行訪問，並且很高興了解開始的關係，在某些情況下，25 年前與一些相對較新的關係。

And the good news is I think this is an iterative process, where there's opportunities for Chipotle and our suppliers to benefit going forward.

好消息是，我認為這是一個迭代過程，Chipotle 和我們的供應商有機會從中受益。

So very optimistic on both of those fronts, and I feel like a lot of good work has been put in place so that when we walk into 2019, we'll start to see some real tangible benefits.

在這兩個方面都非常樂觀，我覺得很多好的工作已經到位，所以當我們進入 2019 年時，我們將開始看到一些真正有形的好處。

Just one more for me.

再給我一個。

On the digital sales growth this quarter, which is impressive, do you -- are you seeing the operational benefits you hoped, particularly some of maybe the margin benefit you hoped utilizing the second make-line?

關於本季度令人印象深刻的數字銷售增長，您是否看到了您希望的運營收益，尤其是您希望利用第二條生產線獲得的利潤收益？

Or is it too early and you have to get sort of a threshold of volume going through that second make-line to really start to see some of the margin leverage benefit that you might expect?

還是現在還為時過早，您必須獲得通過第二條線的交易量閾值才能真正開始看到您可能期望的一些保證金槓桿收益？

Yes.

是的。

I think it's a little too early on the margin side of it.

我認為它的保證金方面還為時過早。

But one of the things that's been great to see is where we have the digital make-line, where we have our shelves, and you've got this -- obviously, the customer app everywhere, we're seeing increases in customer satisfaction.

但其中一件很高興看到的事情是我們擁有數字生產線，我們有貨架，而且你已經擁有了這個 - 顯然，客戶應用程序無處不在，我們看到客戶滿意度有所提高。

And we're continuing to see a higher ticket, and it's playing across all those digital channels that you'd expect: the app, the web and in delivery.

我們繼續看到更高的票價，它正在您所期望的所有數字渠道中播放：應用程序、網絡和交付。

The next question will come from Nicole Miller of Piper Jaffray.

下一個問題將來自 Piper Jaffray 的 Nicole Miller。

It seems to me you've had -- or you're in the midst of a headquarter cultural re-siding combination with what is store alignment, that can be actually very powerful.

在我看來你已經 - 或者你正處於總部文化與商店對齊的結合之中，這實際上非常強大。

So I'm curious, what are today's store-level incentive metrics?

所以我很好奇，今天的商店級激勵指標是什麼？

And I've noticed on some of my visits, some customer contacts in the dining room.

我注意到在我的一些訪問中，餐廳裡有一些客戶聯繫人。

And I'm wondering, is that a particular element that you're focusing on?

我想知道，這是你關注的一個特定元素嗎？

Yes, absolutely.

是的，一點沒錯。

We are very much focused on -- we want people to walk away from Chipotle with a [great] guest experience.

我們非常專注於——我們希望人們在離開 Chipotle 時獲得[極好的]客戶體驗。

And I think you heard me mention this, when we say the line is the moment of truth, we believe the whole stage is set from the second you see our line.

而且我想你聽到我提到這一點，當我們說這條線是關鍵時刻時，我們相信整個舞台從你看到我們的那一刻起就已經準備好了。

And those are both digital lines, as well as our customer-facing line.

這些都是數字線路，以及我們面向客戶的線路。

And I think what Scott and his team have been also focused on is we've got to make sure our hospitality matches that line experience.

我認為斯科特和他的團隊也一直關注的是，我們必須確保我們的熱情好客與線路體驗相匹配。

So you will see some table touches.

所以你會看到一些表格接觸。

You'll see what Scott calls his 4 cornerstones start to roll out across the system.

您會看到 Scott 稱之為他的 4 個基石的東西開始在整個系統中推廣。

So I'm delighted to hear that you're seeing that firsthand.

所以我很高興聽到你親眼目睹了這一點。

And could you speak more specifically about the incentive metrics for the store-level employees?

您能否更具體地談談門店級員工的激勵指標？

Sure.

當然。

We can talk a little bit more about that.

我們可以多談一點。

Scott, I don't know if you want to chime in here, but this is all based on our restaurant AB scorecard.

斯科特，我不知道你是否想插話，但這一切都是基於我們餐廳的 AB 記分卡。

So much...

非常...

Scott here.

斯科特在這裡。

Yes, so our incentives currently are tied to our AB scorecard, which encompasses sales and profits, obviously, but also incorporates the guest experience, food safety, obviously, being paramount to our business.

是的，所以我們的激勵措施目前與我們的 AB 記分卡掛鉤，顯然，它包括銷售額和利潤，但也包括客人體驗、食品安全，顯然，這對我們的業務至關重要。

As -- and so when we lathered that up, we understand where we are from a business unit perspective.

作為——所以當我們把它搞得一團糟時，我們從業務部門的角度了解我們所處的位置。

And everyone is driving to reach the A level.

每個人都在努力達到 A 級。

We've had -- we've made great progress this year of getting there.

我們已經 - 我們今年在實現目標方面取得了很大進展。

So I hope that answers your question around incentives specifically.

所以我希望這能具體回答你關於激勵的問題。

That's very helpful.

這很有幫助。

And then just the last question.

然後是最後一個問題。

Brian, when you first talked to us a couple of conference calls ago, you talked a lot about enhancing and aiding the Chipotle awareness.

布賴恩，當你在幾次電話會議前第一次與我們交談時，你談到了很多關於增強和幫助 Chipotle 意識的話題。

And today, I heard you talk about customers wanting accessibility.

今天，我聽到你談到客戶想要無障礙。

So could you compare and contrast those opportunities?

那麼你能比較和對比這些機會嗎？

And how are you approaching and prioritizing the strategies and tactics between those 2 opportunities?

您如何處理這兩個機會之間的戰略和戰術並確定其優先級？

Yes.

是的。

I think you picked up on what I think are the 2 biggest levers outside of our operational excellence, around throughput and great hospitality.

我認為您了解了我認為是我們卓越運營之外的兩個最大槓桿，即吞吐量和熱情好客。

I think what you just saw with the For Real marketing campaign -- and this is what I meant by being more visible and also being more focused on what makes Chipotle uniquely different.

我認為你剛剛在 For Real 營銷活動中看到的——這就是我的意思，即更加引人注目，也更加關注讓 Chipotle 與眾不同的原因。

So you're going to continue to see us push very hard on getting across what makes Chipotle different, what makes Chipotle driving culture, food culture, and then obviously, we want our marketing to be driving the purchase as well.

所以你會繼續看到我們非常努力地了解是什麼讓 Chipotle 與眾不同，是什麼讓 Chipotle 推動文化、飲食文化，然後很明顯，我們希望我們的營銷也能推動購買。

And I think that can be done at the brand level, which is very exciting for Chipotle because I think our purpose is powerful.

而且我認為這可以在品牌層面完成，這對 Chipotle 來說非常令人興奮，因為我認為我們的目標是強大的。

The other big lever for us is access, and I think it's going to be driven by this digital access.

對我們來說，另一個重要的槓桿是訪問，我認為它將由這種數字訪問驅動。

So those are 2 things that we are very focused on getting front and center.

所以這些是我們非常專注於獲得前沿和中心的兩件事。

And then, obviously, I think there are opportunities for menu variety and few other things that we talked about.

然後，很明顯，我認為菜單的多樣性和我們談到的其他一些事情都有機會。

But the 2 biggest focus areas here in the very near term are the visibility of the Chipotle brand and purpose because I think we're creating a new category with folks and changing food culture.

但近期的兩個最大關注領域是 Chipotle 品牌的知名度和宗旨，因為我認為我們正在與人們一起創造一個新類別並改變飲食文化。

And when we're much more visible with it, customers respond and then, the digital access aspect is another place where we're seeing great response across that whole digital system that we're rolling out.

當我們更明顯地看到它時，客戶會做出回應，然後，數字訪問方面是我們在我們正在推出的整個數字系統中看到巨大反響的另一個地方。

So is it fair maybe for us to think about awareness is really generating the call to action and that access [to distribution is] reducing the friction to get to you?

那麼，對於我們來說，考慮意識確實會產生行動號召並且[分發渠道]減少與您接觸的摩擦，這是否公平？

Is that right?

是對的嗎？

Yes, well said.

是的，說得好。

I should have started there.

我應該從那裡開始。

The next question will come from Sara Senatore of Bernstein.

下一個問題將來自伯恩斯坦的 Sara Senatore。

I have 2 follow-ups.

我有 2 個跟進。

One, just on traffic.

一，只是在交通上。

I think in the past, we've heard there's been a bit of a struggle with frequency in the sense of just all tiers of customers maybe coming a little bit less.

我想在過去，我們聽說在所有級別的客戶可能來得少一點的意義上，頻率有點掙扎。

And I was wondering if you could talk about what you're seeing there.

我想知道你是否可以談談你在那裡看到的東西。

Is this where loyalty comes in?

這是忠誠度的來源嗎？

Or is it the new menu items that will bring people back more frequently?

或者是新的菜單項會讓人們更頻繁地回來？

So besides access, what are customers telling you that they want to see most in order to sort of ramp up that frequency curve, which used to be such a tailwind to the Chipotle comp?

因此，除了訪問之外，客戶還告訴您他們最想看到的是什麼，以便提高頻率曲線，這曾經是 Chipotle comp 的順風？

And then I have another one.

然後我有另一個。

Sure.

當然。

So yes, what we've seen, and this is early days, is with our loyalty pilot, we're seeing people that have less frequency answering the program.

所以是的，我們已經看到，這是早期的，是我們的忠誠度試點，我們看到人們回答該計劃的頻率較低。

And we don't have enough time to truly understand what ultimately is going to be the impact on our frequency, but we're very excited about the cohort that we're seeing come in to the loyalty program in the early days.

而且我們沒有足夠的時間來真正了解最終會對我們的頻率產生什麼影響，但我們對早期加入忠誠度計劃的人群感到非常興奮。

So we think that is going to play out, where that program will be a key vehicle for driving frequency among the cohort, but today, I have [not seen them reduce their] frequency.

所以我們認為這將會發揮作用，該計劃將成為隊列中駕駛頻率的關鍵工具，但今天，我還沒有看到他們減少他們的頻率。

Another thing that's really been exciting is a lot of our digital business is attracting new and lapsed users to our business.

另一件真正令人興奮的事情是，我們的許多數字業務正在吸引新用戶和流失用戶加入我們的業務。

So that's been another really exciting learning for us.

所以這對我們來說是另一個非常令人興奮的學習。

And then I think your point on what about the people that historically were coming all the time, I think that's where we need to get back to talking about what makes Chipotle unique in culture, visible food culture, what makes our purpose so different because that really resonates with our heavy users that are bought in.

然後我想你的觀點是關於歷史上一直來的人，我認為這就是我們需要回到討論是什麼讓 Chipotle 在文化、可見的飲食文化方面獨一無二，是什麼讓我們的目標如此不同，因為真正引起了我們購買的重度用戶的共鳴。

And we've seen some early indications that, that's a great way to drive frequency into our loyalists.

我們已經看到一些早期跡象表明，這是將頻率提高到我們的忠誠者中的好方法。

That's helpful.

這很有幫助。

And then just on the unit, you were sort of at the low end of the range this year but obviously will be above that in fiscal '19, according to the guidance.

然後就單位而言，根據指導，你今年處於該範圍的低端，但顯然會高於 19 財年的範圍。

I'm just trying to understand the extent to which this year's build rate was maybe a function of just reestablishing your growth pipeline or your development, kind of how you approach it versus just the -- how many attractive trade areas are left.

我只是想了解今年的建設率在多大程度上可能只是重建你的增長管道或你的發展的一個函數，你如何處理它而不是 - 剩下多少有吸引力的貿易區域。

Next year, I guess, would we expect to see more of a mix shift towards some of the newer or less established?

明年，我猜，我們會期望看到更多的混合轉向一些較新的或不太成熟的嗎？

Or are you going to continue to mostly focus on these established markets?

還是您將繼續主要關注這些成熟市場？

I'll answer, and then I'll let Jack chime in as well.

我會回答，然後我也會讓傑克插話。

But yes, look, what we're really excited about is the restaurants that we opened this year opened very strong.

但是，是的，看，我們真正感到興奮的是我們今年開設的餐廳非常強勁。

And the economic support continuing to open Chipotle restaurants above the rate of which we opened this year.

經濟支持繼續讓 Chipotle 餐廳的開張速度超過我們今年開張的速度。

And I think that was the guidance which I shared with you all.

我認為這就是我與大家分享的指導。

The thing that's also exciting about Chipotle is we're finding we're having success in some new formats.

Chipotle 同樣令人興奮的是，我們發現我們在一些新格式上取得了成功。

As I've mentioned in the earlier statements, the digital pickup lane is a very exciting proposition.

正如我在之前的聲明中提到的，數字接送通道是一個非常令人興奮的提議。

We're going to do more of those next year.

明年我們將做更多這樣的事情。

We're also very excited about how we're seeing success in proven markets and the new markets that we got the brakes on, frankly, a while ago.

坦率地說，我們也很高興看到我們在經過驗證的市場和我們剛剛剎車的新市場中取得成功。

But the economic model of new restaurant openings is very powerful, and as such, we are building the pipeline accordingly so that where the opportunities present itself, we can take advantage of those.

但新餐廳開張的經濟模式非常強大，因此，我們正在相應地建設渠道，以便在機會出現時，我們可以利用這些機會。

Jack, I don't know if you want to add anything.

傑克，我不知道你是否想補充什麼。

Yes.

是的。

The only thing, Brian, I would add is, Sara, we did increase the quality this year, and that showed.

布賴恩，我唯一要補充的是，薩拉，我們今年確實提高了質量，這表明了這一點。

We've got better economics this year than we have in the past few.

今年我們的經濟狀況比過去幾年要好。

We were more discerning.

我們更加挑剔。

We were more selective.

我們更有選擇性。

We did focus more of our attention in the proven and fully developed markets.

我們確實將更多注意力集中在經過驗證和充分開發的市場上。

But we also had great success in some of the new and developing.

但我們在一些新的和發展中的領域也取得了巨大的成功。

So I think by being discerning, both in our proven markets and our developing and new markets, we've got better quality.

因此，我認為通過在我們成熟的市場以及我們的發展中市場和新市場中保持敏銳的眼光，我們可以獲得更好的質量。

I think that sets the table now for us to take the stair step up that we talked about next year.

我認為現在為我們邁出我們明年談到的階梯做好了準備。

And I fully expect that if we continue to build this kind of quality, work for another stair step the year after.

而且我完全希望，如果我們繼續建立這種質量，那麼明年會更上一層樓。

So we focus on quality first, and then quantity, second.

所以我們首先關注質量，其次才是數量。

The next question will come from Andy Barish of Jefferies.

下一個問題將來自 Jefferies 的 Andy Barish。

Just wondering if you could -- I know you've probably given us a bunch of thoughts coming out of your consumer research.

只是想知道你是否可以——我知道你可能已經從你的消費者研究中給了我們很多想法。

But more importantly, on pricing for next year, any initial conclusions on sort of how you're going to approach pricing versus the historical practice of kind of a larger price increase every several years?

但更重要的是，關於明年的定價，關於你將如何處理定價與每隔幾年大幅提價的歷史做法有什麼初步結論嗎？

I'll let Jack take that.

我會讓傑克接受的。

Yes, Andy, we have mentioned on previous calls, we're open to a whole different approach.

是的，安迪，我們在之前的電話會議中提到過，我們對一種完全不同的方法持開放態度。

We're in the early stages of talking to some outside parties about our menu compared to competition, customers that shop within our menu and are there opportunities.

與競爭對手相比，我們正處於與一些外部人士討論我們的菜單的早期階段，客戶在我們的菜單中購物並且有機會。

And I think you'll more likely see us take smaller price increases rather than wait 2 or 3 years or so and then take a larger one, but nothing to report right now.

而且我認為你更有可能看到我們採取較小的價格上漲，而不是等待 2 或 3 年左右然後採取更大的價格上漲，但現在沒有什麼可報告的。

Okay.

好的。

And then just a quick follow-up on -- again, looking out to next year, having For Real for the full year, how do you anticipate sort of the marketing windows to kind of fall versus, obviously, the late roll this year?

然後只是快速跟進 - 再次展望明年，全年都有 For Real，你如何預計營銷窗口會有所下降，顯然，今年晚些時候？

Yes.

是的。

So we are still in the planning phases on exactly when and where we want to use national media.

因此，關於何時何地使用國家媒體，我們仍處於計劃階段。

But what we feel really good about is we believe we've got the right communication, and now we're working through how we use the right communication vehicles at the right time.

但我們真正感到高興的是，我們相信我們已經進行了正確的溝通，現在我們正在研究如何在正確的時間使用正確的溝通工具。

But what we do know is we'll have an always-on social, mobile, digital effort, and then we're still working through how we use the traditional mediums throughout the year in 2019.

但我們所知道的是，我們將始終致力於社交、移動和數字化方面的努力，然後我們仍在研究如何在 2019 年全年使用傳統媒體。

The next question comes from Sharon Zackfia of William Blair.

下一個問題來自 William Blair 的 Sharon Zackfia。

I guess just a follow-up to Andy's question, 3% for marketing, I mean, how are you arriving at that as the right number?

我想這只是安迪問題的後續，3% 用於營銷，我的意思是，你是如何得出正確數字的？

And how do we think about that going into 2019?

我們如何看待進入 2019 年的情況？

Yes.

是的。

So we believe 3% is the right number based on what our planning process is sharing with us.

因此，根據我們的規劃流程與我們分享的內容，我們認為 3% 是正確的數字。

We're using our stage-gate process to really understand what does each initiative provide as far as growth goes, layered on top of our throughput effort.

我們正在使用我們的階段門流程來真正了解每個計劃在增長方面提供了什麼，在我們的吞吐量努力之上分層。

And what we've seen is, as of right now, as we re-approach the marketing budget, we're going to change the allocation from a lot of local marketing to more national.

我們所看到的是，截至目前，當我們重新制定營銷預算時，我們將把分配從大量本地營銷轉移到更多國家營銷。

And in that switch, it changes the level of visibility that we can achieve with our marketing dollar.

在這種轉變中，它改變了我們可以用營銷資金實現的可見度。

So I think you'll -- what should happen is our 3% should feel like we're much bigger than what our 3% has been historically.

所以我認為你會 - 應該發生的是我們的 3% 應該感覺我們比歷史上的 3% 大得多。

And that's our ingoing assumption.

這就是我們的假設。

Obviously, if we find through our stage-gate process that we have an opportunity to enhance the marketing because the result matches the increased investment, then we'll do that opportunistically.

顯然，如果我們通過我們的階段關卡流程發現我們有機會加強營銷，因為結果與增加的投資相匹配，那麼我們就會投機取巧。

But the going-in plan is to make more out of the 3% than we have in the past.

但進入計劃是從這 3% 中賺取比過去更多的錢。

Can I ask just a quick follow-up?

我可以問一個快速跟進嗎？

For 2018, what percent of that marketing budget is digital?

2018 年，營銷預算中有多少是數字化的？

Chris, do you know that off the top of your head?

克里斯，你知道嗎？

It's -- so -- I don't know the answer off the top, and I don't know that we necessarily want to give everybody a clue into that.

這是——所以——我不知道最重要的答案，我不知道我們是否一定要給每個人一個線索。

But clearly, with our consumer base going more millennial and more Gen Z, that digital is an integral part of the program for us.

但顯然，隨著我們的消費者群體越來越多的千禧一代和越來越多的 Z 世代，數字化是我們計劃中不可或缺的一部分。

And one of the things, we have a lot of things going on with stage gate in terms of 5 initiatives but even the media that we're running, we're constantly in the state of where we look at how it goes and how we evaluate it and to how it moves the business, and we'll feel free to shift things between more traditional linear media and digital media as the results warrant.

其中一件事，就 5 項舉措而言，我們在舞台門上進行了很多事情，但即使是我們正在運行的媒體，我們也一直處於我們關注進展情況以及我們如何進行的狀態評估它以及它如何推動業務，我們將根據結果保證在更傳統的線性媒體和數字媒體之間自由轉換。

The next question will come from David Palmer of RBC Capital Markets.

下一個問題將來自 RBC Capital Markets 的 David Palmer。

A couple of follow-ups for me as well.

我也有一些後續行動。

You talked about operations, digital menu innovation, and obviously, you've done a lot of research and testing.

你談到了運營、數字菜單創新，顯然，你已經做了很多研究和測試。

But if you were to sort of rank your biggest bucket or buckets of opportunity from this point, how would you do that in terms of what is going to be the biggest source of improvement?

但是，如果您要從這一點開始對您最大的一個或多個機會進行排序，您將如何根據最大的改進源進行排序？

I think the assumption might be new menu news being the unlock from here, but I wanted to hear your thoughts.

我認為假設可能是從這裡解鎖的新菜單新聞，但我想听聽你的想法。

Yes, look, I don't think new menu news is the primary unlock.

是的，看，我不認為新菜單新聞是主要解鎖。

I think it plays a role, but I think the digital access, removing friction and getting into digital access is a big unlock for the Chipotle business.

我認為它發揮了作用，但我認為數字訪問、消除摩擦和進入數字訪問是 Chipotle 業務的一大解鎖。

Throughput, reclaiming our throughput capability, is another big unlock.

吞吐量，回收我們的吞吐量能力，是另一個大解鎖。

And then, obviously, I think making the brand more visible and more resonant with this For Real campaign is another unlock.

然後，很明顯，我認為讓品牌更顯眼、更能與這個 For Real 活動產生共鳴是另一個解鎖方法。

So menu will play a role, but I think you're going to find digital and the combination of throughput and reminding people why they love Chipotle are going to be the big unlock.

所以菜單會發揮作用，但我認為你會發現數字化和吞吐量的結合以及提醒人們為什麼他們喜歡 Chipotle 將成為最大的解鎖。

And, Jack, in the past, you've had these rules of thumbs about margins -- restaurant-level margins and their commensurate level of sales per unit.

而且，傑克，過去，你有這些關於利潤率的經驗法則——餐廳級別的利潤率和相應的單位銷售額水平。

How has your thinking been changing on that?

你的想法是如何改變的？

Obviously, you see innovation in delivery or things that bring complexity, and you think that could be margin dilutive.

顯然，您看到交付方面的創新或帶來複雜性的事情，並且您認為這可能會稀釋利潤。

And on the other side, you've talked about productivity, and of course, there's labor inflation and pricing.

另一方面，你談到了生產力，當然還有勞動力通脹和定價。

So how does -- have you really shifted how you think about what margins are possible at what levels of sales?

那麼 - 您是否真的改變了您對在什麼銷售水平下可能獲得的利潤率的看法？

No, David.

不，大衛。

We go through and study this carefully.

我們通過並仔細研究這一點。

And I think everything with digital, with delivery, we feel good that there's -- anytime there's an added cost, that there's an opportunity for an efficiency there.

而且我認為數字化，交付的一切，我們感覺很好 - 任何時候都有額外的成本，那裡有提高效率的機會。

So I still think if we get the $2.1 million, we can be in the 21% margin.

所以我仍然認為，如果我們獲得 210 萬美元，我們的利潤率可以達到 21%。

$2.2 million is at 22% margin.

220 萬美元的利潤率為 22%。

Wage inflation is a bit of a wildcard.

工資通脹有點不確定。

We can't overcome that with transaction growth alone.

我們不能僅靠交易增長來克服這一點。

That will require some careful timing and place in the menu price increases.

這將需要仔細安排菜單價格上漲的時間和地點。

But if we can use well-thought-out menu price increases to make sure that we manage labor inflation, the model is still intact.

但是，如果我們可以使用經過深思熟慮的菜單價格上漲來確保我們管理勞動力通脹，那麼該模型仍然完好無損。

And there's efficiencies of moving our customers from the front line to the second make-line.

並且將我們的客戶從前線轉移到第二線的效率很高。

And then it's a matter of working with our delivery partners to make sure that the economics work for both us and them.

然後是與我們的交付合作夥伴合作以確保經濟對我們和他們都有利的問題。

But everything I've said in the past, David, still intact.

但我過去所說的一切，大衛，仍然完好無損。

The next question will come from Karen Holthouse of Goldman Sachs.

下一個問題將來自高盛的 Karen Holthouse。

Two quick housekeeping questions, and I have another one.

兩個簡單的內務問題，我還有一個。

What was the actual cost of the manager conference in the quarter?

本季度經理會議的實際成本是多少？

And what are you working for, for a stock comp for the year?

你為一年的股票補償工作是為了什麼？

What was the number for the conference?

會議電話號碼是多少？

It was like $11 -- $10 million in the quarter, $11 million for the year.

這就像 11 美元——本季度 1000 萬美元，全年 1100 萬美元。

Stock comp for the year is in the -- between $60 million and $65 million.

今年的股票收入在 6000 萬到 6500 萬美元之間。

And then as we've started to see some of the marketing digital initiatives take hold, is there anything you're seeing in terms of regional variations in the comp performance?

然後，當我們開始看到一些營銷數字計劃開始實施時，您是否看到了競爭績效的區域差異？

And what I'm really getting at are markets that might be thought of as having more competition in sort of the overall fast-casual space and, specifically, with concepts that share a lot of the same philosophies and values around food quality and sourcing.

我真正了解的市場可能被認為在整體快速休閒空間中具有更多競爭，特別是在食品質量和採購方面具有許多相同的理念和價值觀的概念。

Are those regions keeping pace with the system?

這些地區是否與系統保持同步？

Yes.

是的。

We're not seeing big variations in performance based on the initiatives that we've rolled out to date.

根據我們迄今為止推出的計劃，我們沒有看到性能有很大差異。

And when we've done our stage-gate process, we've tried to be true to representing the full United States, so we get a picture of how this performs across the country.

當我們完成我們的階段門流程時，我們試圖真實地代表整個美國，因此我們了解了它在全國的表現。

So, no, we've not seen that issue.

所以，不，我們還沒有看到這個問題。

The next question will come from Matt McGinley of Evercore ISI.

下一個問題將來自 Evercore ISI 的 Matt McGinley。

On the labor rate in the quarter, you did a good job of managing that relative to what you had anticipated your totals would be in July.

關於本季度的勞動力率，相對於您預期的 7 月份總數，您在管理方面做得很好。

What improved relative to what you assumed back in July?

與您在 7 月份的假設相比，有何改善？

I missed the first part of your question.

我錯過了你問題的第一部分。

Sorry, you cut out.

對不起，你打斷了。

The labor rate looked a little bit better than you had guided in July, and I'm curious what came in better than what you anticipated from a labor standpoint?

7 月份的勞動力率看起來比你指導的要好一些，我很好奇從勞動力的角度來看，有什麼比你預期的要好？

Yes.

是的。

Two things.

兩件事情。

Our teams worked really hard to manage workers' comp, and workers' comp is something that you don't see the benefit week-by-week or month-by-month, but we saw a steady progress throughout the year, and so we're able to make an adjustment there.

我們的團隊非常努力地管理員工薪酬，而員工薪酬是您看不到每週或每月都有好處的東西，但我們看到全年都在穩步取得進展，所以我們能夠在那裡進行調整。

And then secondly, Scott and the team, they challenged the team during the third quarter to really take a close look at staffing and making sure you've got the right people throughout the day.

其次，斯科特和團隊，他們在第三節向團隊提出挑戰，要求他們真正仔細研究人員配置，並確保全天都有合適的人選。

And so we saw some efficiency gains throughout the quarter as well.

因此，我們在整個季度也看到了一些效率提升。

So those are the 2 things that -- and I agree with you that we did a nicer job with labor in the third quarter than we did in the second quarter.

所以這些就是兩件事 - 我同意你的看法，我們在第三季度的勞動力工作比第二季度做得更好。

In the quarter, you ran a few offers to grow digital usage.

在本季度，您提供了一些增加數字使用量的優惠。

I think you ran a BOGO, and you had the free delivery offer.

我想你經營了一家 BOGO，並且提供免費送貨服務。

Did that have any impact on the margin?

這對保證金有什麼影響嗎？

And is promotion something that you would use on a go-forward basis to drive utilization of that?

促銷是你會在前進的基礎上用來推動利用的東西嗎？

Or would you expect it to be more of just -- a more natural increase in digital usage as awareness of the platform builds?

或者您是否希望它更公正——隨著平台意識的建立，數字使用量會更自然地增加？

Let me answer the latter part of the question, and I can hand it back to Jack on your margin question.

讓我回答問題的後半部分，然後我可以就您的保證金問題將其交還給傑克。

But, yes, what we have seen is when we increase awareness of the digital platforms, we get a good response.

但是，是的，我們所看到的是，當我們提高對數字平台的認識時，我們會得到很好的回應。

And I think, over time, our loyalty program and using analytics to inform how we incentivize behaviors is going to be the future.

而且我認為，隨著時間的推移，我們的忠誠度計劃和使用分析來告知我們如何激勵行為將成為未來。

You'll see us continue to use what I will call broad-scale incentives as we build the database and get people into our loyalty program, get people using the mobile app.

你會看到我們繼續使用我所說的大規模激勵措施，因為我們建立了數據庫，讓人們加入我們的忠誠度計劃，讓人們使用移動應用程序。

But where we're ultimately headed is we want -- I think we're less than 50% awareness on these digital platforms.

但我們最終的目標是我們想要的——我認為我們對這些數字平台的認知度不到 50%。

We need to improve that dramatically.

我們需要顯著改善這一點。

And then once we get them into the platform, we need to create a capability around using analytics to drive the right incentives for the right cohort at the right time.

然後，一旦我們讓他們進入平台，我們就需要圍繞使用分析來創建一種能力，以便在正確的時間為正確的人群提供正確的激勵措施。

So with that approach, we think good things happen throughout the entire P&L.

因此，通過這種方法，我們認為在整個損益表中都會發生好事。

But, Jack, I don't know if you want to add anything else.

但是，傑克，我不知道你是否還想補充什麼。

Yes.

是的。

I must add I think it was well said.

我必須補充一點，我認為這說得很好。

You answered it.

你回答了。

It does have a theoretical impact on our margin.

它確實對我們的保證金產生了理論上的影響。

We give away guacamole.

我們贈送鱷梨醬。

Guacamole, our customers love it.

鱷梨醬，我們的顧客喜歡它。

It comes with more than 50% of our transactions.

它伴隨著我們超過 50% 的交易。

And we gave away a lot of it that we planned to giving it away for 1 day, we gave it away for 2 days.

我們贈送了很多，我們計劃贈送 1 天，我們贈送了 2 天。

But not anything that I would call out when you look at $1.2 billion in sales over the entire quarter.

但當你看到整個季度 12 億美元的銷售額時，我不會說什麼。

It wasn't material enough to look at.

它沒有足夠的物質來看待。

But it's an investment worth making because we attract a lot of people into our digital platform, and so it's an investment that will pay off.

但這是一項值得進行的投資，因為我們吸引了很多人進入我們的數字平台，因此這是一項會帶來回報的投資。

So it has a theoretical impact on the margin but not enough to call out during the quarter.

因此，它對利潤率有理論上的影響，但不足以在本季度提出要求。

The next question will come from Jeffrey Bernstein of Barclays.

下一個問題將來自巴克萊銀行的杰弗裡伯恩斯坦。

Two questions.

兩個問題。

One, just following up on the unit growth discussion.

第一，只是跟進單位增長的討論。

I mean, clearly, you're up in the absolute number in '19.

我的意思是，很明顯，你在 19 年的絕對數字上升了。

I was wondering how you actually arrived at that absolute number.

我想知道你實際上是如何得出這個絕對數字的。

I mean, you talked about how there's lots of opportunities and different types of stores that you could do, and I know a few years back, you were doing well north of 200 stores a year.

我的意思是，你談到有很多機會和你可以做的不同類型的商店，我知道幾年前，你每年在 200 家商店之外做得很好。

So I'm wondering how you think about maybe what are the guardrails or challenges to a greater stair step in growth?

所以我想知道你是如何考慮實現更大的增長階梯的護欄或挑戰的？

I don't know if you think there are certain markets that are at saturation?

我不知道你是否認為某些市場已經飽和？

Or is it real estate availability or cost to build or quality of managers?

或者是房地產可用性或建設成本或管理人員的素質？

I'm just wondering what keeps you from ramping up that number more meaningfully in the short term?

我只是想知道是什麼阻止你在短期內更有意義地增加這個數字？

Look, I think one of the things that always has to go hand-in-hand with new restaurants is having managers ready to take over those new restaurants.

看，我認為與新餐廳總是必須齊頭並進的事情之一就是讓經理準備好接管這些新餐廳。

So you have to take it at a measured pace, as we increase year-to-year because the last thing you want to be doing is opening restaurants ahead of your capability to run them.

因此，隨著我們逐年增加，您必須謹慎行事，因為您想要做的最後一件事就是在您有能力經營餐廳之前開設餐廳。

The good news is I think our economic models suggest we still have room to grow in a meaningful way.

好消息是我認為我們的經濟模型表明我們仍有空間以有意義的方式增長。

And the Chipotle employee value proposition is very compelling, so we're able to attract managers, apprentices to get them prepared and developed so that they can be a part of the growth story as well.

Chipotle 員工的價值主張非常引人注目，因此我們能夠吸引經理和學徒，讓他們做好準備和發展，這樣他們也可以成為增長故事的一部分。

So it's really -- it's that balancing act of you've got to have the teams ready to work and lead the restaurant, coupled with making sure you've got the right economic sites available to open them.

所以這真的 - 這是你必須讓團隊準備好工作和領導餐廳的平衡行為，同時確保你有合適的經濟網站可以打開它們。

You can't just all of a sudden -- well, you could, but we're not going to just go guardrail to guardrail on this thing.

你不能突然之間——好吧，你可以，但我們不會在這件事上一個接一個地去護欄。

I think we would find ourselves not executing very well.

我認為我們會發現自己執行得不是很好。

So those are the principles we're using.

所以這些就是我們正在使用的原則。

Got it.

知道了。

And then you mentioned the unlocks earlier, which I thought was interesting.

然後你之前提到了解鎖，我覺得這很有趣。

You didn't mention anything about, I guess, maybe extended store hours.

我猜你沒有提到任何關於延長商店營業時間的事情。

I know there was some talk of selling burritos earlier in the day or going into breakfast or I know in certain markets you're now doing more late-night initiatives.

我知道有人在談論當天早些時候賣墨西哥捲餅或吃早餐，或者我知道在某些市場，你現在正在做更多的深夜活動。

I'm just wondering how you assess what extended hours might work, what might not work and the potential opportunity.

我只是想知道您如何評估哪些延長工作時間可能有效，哪些可能無效以及潛在的機會。

Yes, I think one of the things we learned through the stage-gate process is hours is going to be a surgical approach.

是的，我認為我們通過階段關卡過程學到的一件事是數小時將成為一種外科手術方法。

It's not a once initiative.

這不是一次倡議。

And so in the light of that, we learned that in pilots as opposed to on a national level.

因此，鑑於此，我們了解到，在試點而不是在國家層面。

So you'll see our hours be very surgical.

所以你會發現我們的工作時間非常嚴謹。

Where it makes sense, you'll see us at different hours, but it's not going to be a national blunt effort.

在有意義的地方，你會在不同的時間看到我們，但這不會是全國性的直率努力。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Brian Niccol for any closing remarks.

我現在想把會議轉回給 Brian Niccol 做閉幕詞。

Okay.

好的。

Thanks to everybody for listening and joining in.

感謝大家的聆聽和參與。

I think as I've said in my early remarks, very proud of what this team has accomplished in the third quarter.

我認為正如我在早期發言中所說的那樣，我為這支球隊在第三節取得的成就感到非常自豪。

I do believe our strategy to win today and cultivate the future is making tremendous progress.

我確實相信我們“贏在今天，培育未來”的戰略正在取得巨大進展。

The team that we're building in the support center, I am very excited about diversity of the talent and the caliber of the talent.

我們在支持中心建立的團隊，我對人才的多樣性和人才的素質感到非常興奮。

I'm also very excited about how we've moved all these initiatives forward while moving the company to a new cultural space through this relocation and restructuring.

我也很高興我們如何通過這次搬遷和重組將公司轉移到一個新的文化空間，同時推進所有這些舉措。

So the Chipotle brand continues to be a purpose-driven brand that we continue to learn over and over again, it means a lot to our customers.

因此，Chipotle 品牌仍然是一個以目標為導向的品牌，我們不斷地不斷學習，這對我們的客戶來說意義重大。

It means a lot to our team members and very proud of what we accomplished to date and also very optimistic about the pipeline that we're building and the initiatives that we're focused on going forward.

這對我們的團隊成員來說意義重大，對我們迄今為止所取得的成就感到非常自豪，也對我們正在建設的管道和我們專注於推進的舉措非常樂觀。

So thank you for taking the time and look forward to speaking with all of you in the future.

因此，感謝您抽出寶貴時間，並期待在未來與大家交談。

Take care.

小心。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

您現在可以斷開線路。

Have a great day.

祝你有美好的一天。