奇波雷墨西哥燒烤 (CMG) 2020 Q4 法說會逐字稿

Good day, and welcome to the Chipotle Mexican Grill Fourth Quarter and Full Year 2020 Results. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎來到 Chipotle Mexican Grill 第四季度和 2020 年全年業績。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Ashish Kohli, Head of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係主管 Ashish Kohli。請繼續。

Hello, everyone, and welcome to our fourth quarter and fiscal year-end 2020 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

大家好，歡迎來到我們的第四季度和 2020 財年末財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.chipotle.com 上找到。

I'll begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Qs for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

我將首先提醒您，本演示文稿中關於我們未來業務和財務業績的某些陳述和預測構成前瞻性陳述。這些陳述基於管理層當前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測存在重大差異。請參閱我們的 10-K 表格年度報告和 10-Q 表格中包含的風險因素，以討論可能導致我們的實際結果與這些前瞻性陳述不同的風險。

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the Presentation page within the Investor Relations section of our website.

我們今天的討論將包括非公認會計準則財務指標。可以通過我們網站投資者關係部分的演示頁面上的鏈接找到與 GAAP 措施的對賬。

We will start today's call with prepared remarks from Brian Niccol, Chairman and Chief Executive Officer; and Jack Hartung, Chief Financial Officer, after which, we will take your questions. Our entire executive leadership team is available during the Q&A session.

今天的電話會議將以主席兼首席執行官布萊恩·尼科爾（Brian Niccol）的準備講話開始；和首席財務官 Jack Hartung，之後，我們將回答您的問題。我們的整個行政領導團隊都可以在問答環節進行。

And with that, I'd like to turn the call over to Brian.

有了這個，我想把電話轉給布賴恩。

Thanks, Ashish, and good afternoon, everyone. We are pleased to report a strong ending to what has been a challenging year. Even today, a few Chipotle restaurants remain fully closed, while only about 60% of our dining rooms are open with reduced capacity, with the rest being available for to-go services. Despite this challenging backdrop, our results demonstrate that Chipotle restaurants with the right leaders and culture, along with excellent culinary, can deliver outstanding performance in any environment. Most importantly, none of this would be possible without our dedicated team members that strive to deliver a great guest experience on a daily basis. The pandemic has presented new challenges for all of us, and our team has successfully navigated every one of them. I thank our team members for their ongoing commitment to serving our guests as well as supporting each other and could not be prouder of their efforts.

謝謝，Ashish，大家下午好。我們很高興地向充滿挑戰的一年報告一個圓滿的結局。即使在今天，一些 Chipotle 餐廳仍然完全關閉，而我們只有大約 60% 的餐廳在容量減少的情況下開放，其餘的可供外帶服務。儘管存在這種充滿挑戰的背景，但我們的結果表明，擁有正確領導者和文化以及出色烹飪的 Chipotle 餐廳可以在任何環境中提供出色的表現。最重要的是，如果沒有我們敬業的團隊成員努力每天為客人提供出色的體驗，這一切都不可能實現。大流行給我們所有人帶來了新的挑戰，我們的團隊已經成功地應對了每一個挑戰。我感謝我們的團隊成員一直致力於為我們的客人提供服務並相互支持，我為他們的努力感到無比自豪。

Before we dive into our financial results, let me reflect back on 2020 and highlight a few key accomplishments that have helped propel Chipotle's mission of cultivating a better world. These include a paramount focus on industry-leading protocols that help ensure the safety and well-being of our employees and guests, providing jobs with industry-leading benefits to nearly 88,000 people and paying out nearly $40 million in discretionary bonuses and assistance pay to our restaurant team members as well as over $13 million of tuition costs for employees furthering their education; prioritizing diversity, equality and inclusion efforts across the company; and raising nearly $4 million in support of organizations; helping underserved communities; and investing in the future of farming through grants, long-term contracts and the Aluminaries Project 2.0.

在我們深入了解我們的財務業績之前，讓我回顧一下 2020 年，並強調一些有助於推動 Chipotle 打造更美好世界的使命的關鍵成就。其中包括最關注行業領先的協議，以幫助確保我們的員工和客人的安全和福祉，為近 88,000 人提供具有行業領先福利的工作，並向我們支付近 4,000 萬美元的酌情獎金和援助金餐廳團隊成員以及超過 1300 萬美元的員工繼續深造的學費；優先考慮整個公司的多元化、平等和包容性工作；並籌集近 400 萬美元用於支持組織；幫助服務不足的社區；通過贈款、長期合同和 Aluminaries Project 2.0 投資於農業的未來。

As a purpose-driven organization, we're already hard at work identifying ways that we can make a positive impact on the world in 2021. We are optimistic about the future and look forward to continuing to deliver on our promises and passionately play an active supportive role in our communities.

作為一個以目標為導向的組織，我們已經在努力尋找能夠在 2021 年對世界產生積極影響的方法。我們對未來持樂觀態度，並期待繼續兌現我們的承諾，並積極發揮積極作用在我們的社區中發揮支持作用。

Now let's focus on our business performance, where for the fourth quarter, we reported sales of $1.6 billion, representing 11.6% year-over-year growth, which was fueled by 5.7% comparable restaurant sales growth; restaurant-level margins of 19.5%, which is 30 basis points higher than last year; and earnings per share adjusted for unusual items of $3.48, representing an increase of 21.7% year-over-year.

現在讓我們關注我們的業務表現，第四季度我們報告的銷售額為 16 億美元，同比增長 11.6%，這得益於 5.7% 的可比餐廳銷售額增長；餐廳級利潤率為 19.5%，比去年高出 30 個基點；不尋常項目調整後的每股收益為 3.48 美元，同比增長 21.7%。

Comparable restaurant sales were fairly consistent in each month of Q4, due to a combination of factors, including healthy demand for carne asada, strength in our digital platform and the delivery menu price increase. Q1 has also started on a very positive note with comparable restaurant sales for January accelerating to around 11%, despite a double digit comparison. Even with a resurgence in COVID cases, the 2-year compounded comp stack in Q4 was a robust 19.9%, which is similar to the 20.2% we delivered last quarter and highlights the resiliency of the Chipotle brand.

由於對 carne asada 的健康需求、我們的數字平台實力和外賣菜單價格上漲等多種因素的綜合影響，第四季度每個月的可比餐廳銷售額相當一致。第一季度的開局也非常樂觀，儘管有兩位數的比較，但 1 月份可比餐廳的銷售額加速至 11% 左右。即使 COVID 病例再次出現，第四季度的 2 年復合複合堆棧也達到了強勁的 19.9%，這與我們上一季度交付的 20.2% 相似，並突顯了 Chipotle 品牌的彈性。

In light of the ever-changing environment we all experienced in 2020, our full-year performance showed good progress, with sales growing 7.1% to reach $6 billion, driven by a 1.8% comp, 161 new restaurant openings and digital sales of $2.8 billion, which grew 174% versus the prior year.

鑑於我們在 2020 年所經歷的不斷變化的環境，我們的全年業績取得了良好的進展，銷售額增長 7.1% 達到 60 億美元，這得益於 1.8% 的競爭、161 家新餐廳開業和 28 億美元的數字銷售額，與上一年相比增長了 174%。

As you can see from these results, our key strategies continue to resonate with guests and position us to win today while we create the future. What really excites me and the entire leadership team is our vision of having more than 6,000 restaurants and expanding AUVs above $2.5 million with margins at or above 25%, all of which is a question of when, not if.

正如您從這些結果中所看到的，我們的關鍵戰略繼續引起客人的共鳴，並使我們在創造未來的同時贏得今天。真正讓我和整個領導團隊興奮的是我們的願景，即擁有 6,000 多家餐廳，並將 AUV 擴大到 250 萬美元以上，利潤率達到或超過 25%，所有這些都是時間問題，而不是是否會發生的問題。

Let me now provide a brief update on each of these strategies, which I believe still have plenty of runway. These are: number one, making the brand visible, relevant and loved; number two, utilizing a disciplined approach to creativity and innovation; number three, leveraging digital capabilities to drive productivity and expand access, convenience and engagement; number four, engaging with customers through our loyalty program; and number five, running successful restaurants with a strong culture that provides great food with integrity while delivering exceptional in restaurant and digital experiences.

現在讓我簡要介紹一下這些策略中的每一個，我相信這些策略仍有很多發展空間。這些是：第一，使品牌可見、相關和喜愛；第二，利用有紀律的方法進行創造力和創新；第三，利用數字能力提高生產力並擴大訪問、便利性和參與度；第四，通過我們的忠誠度計劃與客戶互動；第五，經營具有濃厚文化的成功餐廳，提供誠信的美食，同時提供卓越的餐廳和數字體驗。

Beginning with our marketing programs, which are generating attractive returns by driving culture, driving a difference and ultimately driving purchase. Our creative marketing initiatives across both traditional and digital channels continue to be successful in attracting new users to Chipotle as well as motivating existing customers to come more often.

從我們的營銷計劃開始，這些計劃通過推動文化、推動差異並最終推動購買來產生有吸引力的回報。我們在傳統和數字渠道上的創意營銷計劃繼續成功地吸引新用戶到 Chipotle 並激勵現有客戶更頻繁地光顧。

Whether it was switching our Halloween celebration to an entirely digital offering for the first time, unveiling a new line of Chipotle merchandise ahead of the holiday season or launching Real Foodprint, a sustainability impact tracker that shows how Chipotle ingredients are better for the planet, the marketing team did a terrific job consistently enhancing our brand and purpose using the right message with the right vehicle.

無論是第一次將我們的萬聖節慶祝活動轉變為完全數字化的產品，在假期前推出新的 Chipotle 商品系列，還是推出 Real Foodprint，一個可持續影響追踪器，顯示 Chipotle 成分如何對地球更好，營銷團隊做得非常出色，通過正確的信息和正確的車輛不斷提升我們的品牌和目標。

Traditional advertising also remains an important marketing tool for Chipotle. We connected and engaged with guests through our Behind the Foil TV campaign and a new avocado journey spot, highlighting real ingredients, real cooking techniques and real employees. We also featured our making an order spot that highlights the ease of customizing your order on our app to continue to drive awareness of digital ordering.

傳統廣告也仍然是 Chipotle 的重要營銷工具。我們通過“Behind the Foil TV”活動和新的牛油果之旅點與客人建立聯繫並與之互動，突出真正的原料、真正的烹飪技術和真正的員工。我們還推出了一個訂單點，突出了在我們的應用程序上自定義訂單的便利性，以繼續提高對數字訂單的認識。

And last week, we announced our first-ever Super Bowl commercial that will air during the second quarter beginning this Sunday. The spot is titled, Can a Burrito Change the World, and highlights Chipotle's commitment to cultivating a better world through its real food, sustainable sourcing and commitment to the farming industry. Supplementing these efforts are a steady flow of new menu innovation that is validated by our stage-gate process, which gives new and existing customers even more reasons to visit Chipotle.

上週，我們宣布了我們的首個超級碗廣告，將於本週日開始在第二季度播出。該廣告的標題為“墨西哥捲餅可以改變世界”，並強調了 Chipotle 致力於通過其真正的食物、可持續採購和對農業的承諾來培育一個更美好的世界。補充這些努力的是源源不斷的新菜單創新，這些創新已通過我們的階段門流程進行驗證，這為新老客戶提供了訪問 Chipotle 的更多理由。

Since our initial offering of carne asada ended last year, we continued hearing from our guests that they wanted it back. So we found a way to source more tender cuts of steak that met our Food with Integrity standards and brought it back for a limited time across the U.S. and Canada as well as in France for the first time. The relaunch, which we expect to last through early March, is going well, and we're encouraged that the incidence mix is similar to what we saw last year.

自從去年我們首次提供 carne asada 後，我們繼續聽到客人說他們想要回來。因此，我們找到了一種方法來採購更多符合我們誠信食品標準的嫩牛排，並首次在美國和加拿大以及法國在有限的時間內將其帶回。我們預計將持續到 3 月初的重新啟動進展順利，我們感到鼓舞的是，發病率組合與我們去年看到的相似。

In addition, in January, we launched Cilantro-Lime Cauliflower Rice for limited time across the U.S. and Canada. We're excited to introduce this plant-powered better-for-you option that aligns with the latest health trends and emphasizes the benefits of real food. With only 4 grams of net carbs per serving, it puts a delicious twist on Chipotle's classic rice recipe by using the same fresh, real ingredients and culinary techniques.

此外，1 月份，我們在美國和加拿大限時推出了香菜青檸花椰菜飯。我們很高興推出這種以植物為動力的更適合您的選擇，它符合最新的健康趨勢並強調真正食物的好處。每份僅含 4 克淨碳水化合物，通過使用相同的新鮮、真正的食材和烹飪技術，為 Chipotle 的經典米飯食譜帶來了美味的變化。

Early feedback has been outstanding. Cauliflower rice is definitely on trend, a great reason for new guests to try Chipotle for the first time or entice existing guests to visit more often, and it keeps our Lifestyle Bowls platform top of mind.

早期的反饋非常出色。花椰菜飯絕對是潮流，這是新客人第一次嘗試 Chipotle 或吸引現有客人更頻繁訪問的重要原因，它讓我們的 Lifestyle Bowls 平台成為首要考慮因素。

We have 2 other menu items currently being tested. The first is quesadillas, which is available as a digital-only menu option in a few test markets. We continue to make operational progress and remain optimistic about the potential for quesadillas to be available nationwide in the near future. The second item is our smoked brisket, which is currently being tested and showing encouraging results. I personally love the richness of our smoked brisket recipe as it delivers a flavor unlike anything else at Chipotle. We are gaining valuable feedback on both of these items, and we'll update you on their progress as well as other menu items that are in early development as they move through our stage-gate process.

我們目前正在測試另外 2 個菜單項。第一個是油炸玉米粉餅，它在一些測試市場中僅作為數字菜單選項提供。我們繼續取得業務進展，並對在不久的將來在全國范圍內提供油炸玉米粉餅的潛力保持樂觀。第二個項目是我們的煙熏牛腩，目前正在測試中並顯示出令人鼓舞的結果。我個人喜歡我們煙熏牛腩食譜的豐富性，因為它提供了一種不同於 Chipotle 其他任何東西的味道。我們正在獲得關於這兩個項目的寶貴反饋，我們將向您更新他們的進展以及其他處於早期開發階段的菜單項，因為它們正在通過我們的階段性流程。

Moving to the next strategic driver, our digital platform, which continues to be a big beneficiary from guests adopting the digital off-premise occasion. Q4 digital sales grew 177% year-over-year to $781 million and represented 49% of sales. This was consistent with Q3 digital sales and mix, highlighting our ongoing momentum and the fact that Chipotle is top of mind for a lot more eating and dining occasions than we were in the past.

轉向下一個戰略驅動因素，我們的數字平台，該平台繼續成為客人採用數字場外場合的一大受益者。第四季度數字銷售額同比增長 177% 至 7.81 億美元，佔銷售額的 49%。這與第三季度的數字銷售和組合一致，突顯了我們的持續發展勢頭，以及 Chipotle 在比過去更多的餐飲場合中成為首選的事實。

We are not stopping there. We've made our digital channel even more convenient with easy ordering in the Chipotle app and website enhancements such as unlimited customization, contactless delivery and group ordering.

我們不會止步於此。我們通過在 Chipotle 應用程序中輕鬆訂購和網站增強功能（例如無限定制、非接觸式交付和團體訂購）使我們的數字渠道更加方便。

As a result, and I mentioned this earlier, full year digital sales were $2.8 billion, representing 46% of total sales and growing 174% year-over-year. What an amazing accomplishment. At this sales rate, our average restaurant delivers a digital AUV of $1.1 million.

因此，正如我之前提到的，全年數字銷售額為 28 億美元，佔總銷售額的 46%，同比增長 174%。多麼了不起的成就。按照這個銷售速度，我們的餐廳平均提供 110 萬美元的數字 AUV。

With this success, we will not allow complacency to set in. Rather, we will continue to look for ways to further enhance our digital ecosystem. For example, we just announced a car-side pickup pilot in San Jose as an additional access point for our guests. In addition, we are opening up more and more Chipotlanes and are in the early stages of testing alternative formats like our first-ever digital-only restaurant outside of West Point. This new prototype allows us to enter more trade areas that wouldn't support a full-size restaurant and allows for greater flexibility with future locations. It's early days, but this location has outperformed our expectations thus far.

有了這次成功，我們不會自滿。相反，我們將繼續尋找進一步增強我們的數字生態系統的方法。例如，我們剛剛宣佈在聖何塞設立一個車邊接送試點，作為我們客人的額外接入點。此外，我們正在開放越來越多的 Chipotlanes，並且正處於測試替代格式的早期階段，例如我們在西點軍校以外的第一家純數字餐廳。這個新原型使我們能夠進入更多不支持全尺寸餐廳的貿易區域，並為未來的地點提供更大的靈活性。現在還為時尚早，但到目前為止，這個位置的表現超出了我們的預期。

During the quarter, about half of the digital sales came via order-ahead and pickup transactions or digital pickup orders, as we refer to them, with the remainder coming from the delivery channel. However, our overall digital mix moved up about 50% late in the quarter as COVID restrictions toughened, largely driven by an increase in digital pickup orders. I'm pleased to report that the strong digital momentum has continued into January, with our digital mix remaining in the low-50% range.

在本季度，大約一半的數字銷售來自提前訂購和取貨交易或數字取貨訂單，正如我們所指的那樣，其餘的來自交付渠道。然而，由於 COVID 限制收緊，我們的整體數字組合在本季度末增長了約 50%，這主要是由於數字提貨訂單的增加。我很高興地報告，強勁的數字勢頭一直持續到 1 月份，我們的數字組合保持在 50% 的低位範圍內。

Another area where we saw a big benefit in 2020 is our rewards program, which added over 10 million members in the last year and currently has nearly 19.5 million enrolled members. This gives us the ability to communicate organically with a large and passionate community of Chipotle fans. We have focused on strengthening our creative and analytical capabilities by using predictive modeling to ensure that our members feel known and valued as we elevate their relationship with Chipotle. We strategically share brand and promotional messages with personalized content weekly.

我們在 2020 年看到巨大收益的另一個領域是我們的獎勵計劃，該計劃在去年增加了超過 1000 萬會員，目前有近 1950 萬註冊會員。這使我們能夠與龐大而熱情的 Chipotle 粉絲社區進行有機溝通。我們專注於通過使用預測模型來加強我們的創意和分析能力，以確保我們的會員在我們提升他們與 Chipotle 的關係時感到了解和重視。我們每週通過個性化內容戰略性地分享品牌和促銷信息。

In addition, we reach customers with dedicated journeys focused on welcoming new members, growing frequency and minimizing lapsing behavior. There are preprogrammed touch points in place to drive customer value across their life cycle, including a keen focus on retaining digital customers who have experienced the brand in new ways over the last year.

此外，我們通過專注於歡迎新成員、增加頻率和盡量減少流失行為的專門旅程來吸引客戶。有預編程的接觸點來推動客戶在整個生命週期中的價值，包括專注於留住去年以新方式體驗品牌的數字客戶。

Although Chipotle Rewards and its CRM capability have been active for less than 2 years, we have already made significant progress and have further enhancements planned in the coming months that we expect will continue to drive frequency increases across our customer segments.

儘管 Chipotle Rewards 及其 CRM 功能活躍了不到 2 年，但我們已經取得了重大進展，併計劃在未來幾個月內進行進一步的改進，我們預計這將繼續推動我們客戶群的頻率增加。

Finally, I want to spend some time on our restaurant operations, where the team stayed focused on safety, reliability and excellent culinary as it seamlessly adapted to abrupt changes in guest needs and ordering patterns. This hasn't been easy, especially as the number of COVID cases began to spike and at times impacted our staffing capabilities. But they have been up to the challenge, and I'm so proud of our operational leaders and team members. They have been unwavering in the desire and execution of the right things for each other, our customers, our community and our business.

最後，我想花一些時間在我們的餐廳運營上，團隊始終專注於安全性、可靠性和出色的烹飪，因為它無縫地適應了客人需求和訂購模式的突然變化。這並不容易，尤其是隨著 COVID 病例的數量開始激增，並且有時會影響我們的人員配備能力。但他們一直在迎接挑戰，我為我們的運營領導和團隊成員感到非常自豪。他們一直堅定不移地渴望和執行為彼此、我們的客戶、我們的社區和我們的業務正確的事情。

And as I mentioned at the beginning of my remarks, Chipotle has continued to reward and invest in our team members to ensure we are creating an environment that allows our employees to develop and thrive in their career, not only today but also in the future. We offer best-in-class benefits coupled with training, development and promotional opportunities that foster a learning culture for continual growth.

正如我在發言開始時提到的那樣，Chipotle 繼續獎勵和投資我們的團隊成員，以確保我們正在創造一個環境，讓我們的員工不僅在今天而且在未來都能在他們的職業生涯中發展和茁壯成長。我們提供一流的福利以及培訓、發展和促銷機會，以促進學習文化的持續發展。

Turnover continues to be relatively stable, and we are seeing plenty of great applicants for open positions to staff our expected growth in AUV and new restaurant openings. In fact, we held our first national hiring event of the year called Coast-to-Coast Career Day in mid-January with a goal of employing 15,000 new restaurant team members across the U.S. We had an overwhelming response and feel fortunate to have a reputation for attracting and developing great talent.

營業額繼續保持相對穩定，我們看到大量優秀的空缺職位申請者為我們預期的 AUV 增長和新餐廳開業提供人員。事實上，我們在 1 月中旬舉辦了今年的第一次全國招聘活動，名為 Coast-to-Coast 職業日，目標是在美國僱傭 15,000 名新餐廳團隊成員。我們得到了熱烈的反響，並為獲得聲譽而感到幸運吸引和培養優秀人才。

In closing, I believe our performance in 2020 was, in some ways, even more impressive than what we achieved in 2019 and highlights that the Chipotle brand has remained visible and flexible in order to stay relevant. Our ability to pivot and adapt to the rapidly changing needs of our guests is a testament to the durability of our model and the strength of our team members. My sincere thanks to our employees for their passion to make Chipotle a welcoming place for all and a special place to work.

最後，我相信我們在 2020 年的表現在某些方面甚至比我們在 2019 年取得的成就更令人印象深刻，並強調 Chipotle 品牌一直保持可見性和靈活性以保持相關性。我們能夠調整和適應客人快速變化的需求，這證明了我們模型的耐用性和團隊成員的實力。我衷心感謝我們的員工熱情地讓 Chipotle 成為一個歡迎所有人的地方和一個特殊的工作場所。

As we look ahead, the rollout of vaccines gives us hope that the world can return to a more normal environment at some point during 2021. And I'm optimistic that resiliency will prevail as people want to get back together to share a meal and share some stories.

展望未來，疫苗的推出讓我們希望世界能夠在 2021 年的某個時候恢復到更正常的環境。我樂觀地認為，隨著人們希望重新聚在一起分享美食和分享，恢復能力將佔上風。一些故事。

In the meantime, we're ready to navigate through any potential challenges. With world-class talent, an inclusive culture, strong business fundamentals and deep financial strength, we feel well prepared to emerge even stronger post-COVID and continue to serve and delight our guests.

與此同時，我們已準備好應對任何潛在的挑戰。憑藉世界一流的人才、包容的文化、強大的業務基礎和雄厚的財務實力，我們感到已做好充分準備，在疫情過後變得更加強大，並繼續為我們的客人提供服務和愉悅。

With that, here's Jack to walk you through the financials.

有了這個，傑克將帶您了解財務狀況。

Thanks, Brian, and good afternoon, everyone. Despite ongoing challenges related to COVID, we're pleased to report solid fourth quarter results, with sales growing 11.6% year-over-year to $1.6 billion as comp sales grew 5.7%. Restaurant-level margin of 19.5% was 30 basis points higher than last year. And earnings per share adjusted for unusual items was $3.48, representing a 21.7% year-over-year increase.

謝謝，布賴恩，大家下午好。儘管與 COVID 相關的挑戰持續存在，但我們很高興地報告第四季度業績穩健，銷售額同比增長 11.6% 至 16 億美元，複合銷售額增長 5.7%。餐廳級利潤率為 19.5%，比去年高 30 個基點。不尋常項目調整後的每股收益為 3.48 美元，同比增長 21.7%。

The fourth quarter had a nonrecurring tax benefit was partially offset by expenses related to legal reserves, restaurant asset impairments and closure costs, transformation expenses and other adjustments, which netted to positively impact our earnings per share by $3.21, leading to GAAP earnings per share of $6.69.

第四季度的非經常性稅收優惠被與法定準備金、餐廳資產減值和關閉成本、轉型費用和其他調整相關的費用部分抵消，這對我們的每股收益產生了 3.21 美元的積極影響，導致 GAAP 每股收益為6.69 美元。

For the full year, sales increased 7.1% to $6 billion on a comp increase of 1.8%. Restaurant-level margins were 17.4%, a decrease of 310 basis points. And we generated earnings per share adjusted for unusual expenses of $10.73, a decrease of 23.6% over last year. We had nonrecurring tax benefit that was partially offset by expenses related to legal reserves, restaurant asset impairment and closure costs as well as our transformation that positively impacted our earnings per share by $1.79, leading to GAAP earnings per share of $12.52.

全年銷售額增長 7.1%，達到 60 億美元，同比增長 1.8%。餐廳級利潤率為 17.4%，下降 310 個基點。我們產生的每股收益為 10.73 美元，調整了非常規費用，比去年下降了 23.6%。我們的非經常性稅收優惠被與法定準備金、餐廳資產減值和關閉成本以及我們的轉型相關的費用部分抵消，這對我們的每股收益產生了 1.79 美元的積極影響，導致 GAAP 每股收益為 12.52 美元。

While the uncertainty from COVID makes it difficult to provide comp guidance for full year 2021, we remain optimistic about our future prospects, as evidenced by a great start to Q1, with January comps accelerating to roughly 11% despite a very difficult comparison. Sales in last week of January were in the high single digits, with winter weather across the country contributing to the lower comp. Assuming the pandemic doesn't worsen, we expect our Q1 comp to be in the mid- to high-teens range, given an easier comparison during the second half of March.

儘管 COVID 帶來的不確定性使得我們難以為 2021 年全年提供薪酬指導，但我們仍然對我們的未來前景持樂觀態度，第一季度的良好開端證明了這一點，儘管比較非常困難，但 1 月份的薪酬加速至約 11%。 1 月最後一周的銷售額處於高個位數，全國各地的冬季天氣導致銷售額下降。假設大流行沒有惡化，我們預計第一季度的收入將處於中高水平，因為在 3 月下半月進行比較更容易。

Food cost were 31% in Q4, a decrease of 210 basis points from last year, and this was due primarily to menu price increases, along with better waste control, partially offset by fewer sales of high-margin beverages and higher dairy pricing. In Q1, we expect food costs to remain right around 31% as the benefit from a full quarter of menu price increases will be offset by higher cost menu items such as cauliflower rice as well as slightly higher avocado prices.

第四季度食品成本為 31%，比去年下降 210 個基點，這主要是由於菜單價格上漲，以及更好的廢物控制，部分被高利潤飲料銷售減少和乳製品價格上漲所抵消。在第一季度，我們預計食品成本將保持在 31% 左右，因為整個季度菜單價格上漲帶來的好處將被成本較高的菜單項目（如花椰菜飯）以及略高的鱷梨價格所抵消。

Labor costs for the quarter were 25.4%, a decrease of 110 basis points from last year. This decrease was driven primarily by sales leverage and efficiencies related to digital orders, partially offset by COVID-related expenses, including exclusion pay as well as normal labor inflation. We expect labor costs to be right around 25% during Q1, as expected benefit from sales leverage is offset by ongoing COVID-related expenses. Other operating costs for the quarter was 17.9%, an increase of 310 basis points from last year, due primarily to higher delivery fees in the quarter.

本季度勞動力成本為 25.4%，比去年下降 110 個基點。這一下降主要是由與數字訂單相關的銷售槓桿和效率推動的，部分被與 COVID 相關的費用（包括排除工資以及正常的勞動力通脹）所抵消。我們預計第一季度的勞動力成本將在 25% 左右，因為銷售槓桿的預期收益被持續的 COVID 相關費用所抵消。本季度其他運營成本為 17.9%，比去年增加 310 個基點，主要是由於本季度較高的交付費用。

Delivery expenses were elevated year-over-year given the significant growth in delivery, with delivery sales now nearly 25% of total sales. To help improve the economics on this premium access point, we have implemented several delivery menu price differentials with a weighted average being right around 13%. We have seen modest resistance thus far, and we'll continue to monitor and adjust pricing as appropriate at the market level or at the restaurant level.

鑑於交付量的顯著增長，交付費用同比上升，目前交付銷售額佔總銷售額的近 25%。為了幫助提高這個高級接入點的經濟性，我們實施了幾個交付菜單價格差異，加權平均值約為 13%。到目前為止，我們已經看到了適度的阻力，我們將繼續在市場層面或餐廳層面進行適當的監控和調整定價。

Marketing and promo costs for the quarter were 3.9%, a decrease of 20 basis points from last year. But as expected, it was 130 basis point sequential increase from Q3 to support carne asada and the latest brand messaging under our Behind the Foil campaign. We expect marketing spend to be near 4% in Q1, which would be the highest quarterly level during 2021, in order to support new menu items as well as the upcoming Super Bowl ad.

本季度營銷和促銷成本為 3.9%，比去年下降 20 個基點。但正如預期的那樣，它比第三季度環比增加了 130 個基點，以支持 carne asada 和我們在貼膜背後活動下的最新品牌信息。我們預計第一季度的營銷支出將接近 4%，這將是 2021 年的最高季度水平，以支持新的菜單項目以及即將到來的超級碗廣告。

As a result of the higher anticipated marketing demand and ongoing momentum in our delivery business, we expect other operating costs to be right around 17% in Q1. The Q4 restaurant-level margin was 19.5%, while our trailing 12-month average unit volumes were roughly $2.2 million, which is back to our pre-COVID level. We expect to close much of this margin gap versus the 22% expected at this volume in 2021 as COVID-related impacts and delivery economics normalize and as quarterly marketing expenses even out.

由於更高的預期營銷需求和我們交付業務的持續發展勢頭，我們預計第一季度其他運營成本將在 17% 左右。第四季度餐廳級別的利潤率為 19.5%，而我們過去 12 個月的平均單位銷量約為 220 萬美元，這回到了我們在 COVID 之前的水平。隨著與 COVID 相關的影響和交付經濟正常化以及季度營銷費用趨於平衡，我們預計將在 2021 年縮小這一利潤率差距的大部分，而 2021 年這一比例為 22%。

Note that some of this gap relates to delivery accounting as increased delivery menu prices as well as delivery and service fees had the effect of grossing up, which may create the appearance that margin algorithm gap is widening. Therefore, we now disclose our AUVs with and without the delivery menu price increase to provide better clarity and transparency.

請注意，其中一些差距與送貨會計有關，因為送貨菜單價格以及送貨和服務費的增加會導致總額增加，這可能會造成保證金算法差距正在擴大的現象。因此，我們現在披露我們的 AUV 是否有送貨菜單價格上漲，以提供更好的清晰度和透明度。

G&A for the quarter was $124 million on a GAAP basis or $114 million on a non-GAAP basis, excluding roughly $7 million for settlement of several older legal matters and nearly $3 million related to transformation expenses. G&A also includes $90 million in underlying G&A, $21 million related to noncash stock comp and a $4 million bonus performance adjustment due to our strong performance in 2020 despite the pandemic.

本季度的 G&A 按 GAAP 計算為 1.24 億美元，按非 GAAP 計算為 1.14 億美元，其中不包括約 700 萬美元用於解決若干較早的法律事務和近 300 萬美元與轉型費用相關的費用。 G&A 還包括 9,000 萬美元的基礎 G&A、2,100 萬美元與非現金股票補償相關的費用，以及由於我們在 2020 年的強勁表現而進行的 400 萬美元的獎金業績調整，儘管大流行。

We are still in the early innings of our growth life cycle, and therefore, continue to make important G&A investments in 2020 despite the COVID pandemic. We saw an uptick in Q4 underlying G&A due to technology investments, customer service enhancements, increased headcount as well as higher medical claims.

我們仍處於增長生命週期的早期階段，因此，儘管 COVID 大流行，我們仍將繼續在 2020 年進行重要的 G&A 投資。由於技術投資、客戶服務增強、員工人數增加以及醫療索賠增加，我們看到第四季度基本 G&A 有所上升。

Looking ahead to Q1. We expect underlying G&A expense to carry forward in the $90 million range as we continue to make tech investments, the majority of which are revenue-generating, to bolster our expanding digital and loyalty platform. These include initiatives that are customer-facing like app upgrades as well as behind-the-scenes initiatives like a new labor scheduling tool. In addition, we also plan to increase headcount in order to support our expected accelerated growth.

展望第一季度。隨著我們繼續進行技術投資（其中大部分是創收），以支持我們不斷擴大的數字和忠誠度平台，我們預計基本 G&A 費用將在 9000 萬美元範圍內結轉。其中包括面向客戶的計劃（例如應用程序升級）以及幕後計劃（例如新的勞動力調度工具）。此外，我們還計劃增加員工人數，以支持我們預期的加速增長。

Even with this elevated spend, our goal remains to deliver leverage on this line item relative to our sales growth. Stock comp will likely be around $23 million each quarter in 2021, although this amount could move up or down based on our actual performance. We also expect to recognize around $4 million of employer taxes in Q1 associated with shares that vest at the beginning of our fiscal year.

即使支出增加，我們的目標仍然是相對於我們的銷售增長在該項目上發揮槓桿作用。到 2021 年，每個季度的股票補償可能約為 2300 萬美元，儘管這一數額可能會根據我們的實際表現而上下波動。我們還預計在第一季度確認與在我們財政年度開始時歸屬的股票相關的約 400 萬美元的雇主稅。

Lastly, our 2018 performance shares were modified to account for unplanned effects of COVID. This will result in a GAAP accounting charge of about $24 million for both Q1 and Q2, and about $8 million in Q3 and Q4. We plan to present non-GAAP results without these unusual charges to clearly show our underlying business performance.

最後，我們對 2018 年的業績份額進行了修改，以考慮 COVID 的計劃外影響。這將導致第一季度和第二季度的 GAAP 會計費用約為 2400 萬美元，第三季度和第四季度約為 800 萬美元。我們計劃在沒有這些不尋常費用的情況下提供非公認會計原則的結果，以清楚地顯示我們的基本業務績效。

Our effective tax rate for Q4 was negative 62.2% on a GAAP basis and 24.6% on a non-GAAP basis. The difference is due to recognizing a net operating loss for tax purposes in 2020, which we expect to carry back to the preceding 5 years. We generated an NOL for tax purposes due to several factors, including the impact of COVID, increased tax deduction for equity, vesting and exercises, accelerated tax depreciation deductions and various tax planning initiatives. An income tax benefit is generated due to the difference in federal tax rates between 2020 and the years that the federal NOL will be carried back to.

我們第四季度的有效稅率在 GAAP 基礎上為負 62.2%，在非 GAAP 基礎上為 24.6%。差異是由於在 2020 年為稅收目的確認了淨營業虧損，我們預計該虧損將帶回前 5 年。由於多種因素，我們為稅收目的生成了 NOL，包括 COVID 的影響、增加的股權減稅、歸屬和行使、加速的稅收折舊扣除和各種稅收籌劃舉措。由於 2020 年與聯邦 NOL 將被帶回的年份之間的聯邦稅率不同，因此產生了所得稅優惠。

For fiscal 2021, we estimate our underlying effective tax rate to be in the 25% to 27% range, though it may vary based on discrete items such as stock option exercises. This range assumes no change to current income tax rate. And if corporate tax rates change as a result of tax reform under the Biden administration, we'll revisit our estimated effective tax rate.

對於 2021 財年，我們估計我們的基本有效稅率在 25% 至 27% 的範圍內，儘管它可能會因股票期權行使等離散項目而異。該範圍假設當前所得稅率沒有變化。如果拜登政府的稅制改革導致公司稅率發生變化，我們將重新審視我們估計的有效稅率。

Turning now to the balance sheet, where we ended Q4 with $1.1 billion in cash, restricted cash and investments and no debt, along with a $600 million untapped credit facility. We're privileged to have this financial strength with which to make ongoing strategic investments in our people, our business and our communities to further differentiate Chipotle brand and support our expected growth for 2021 and beyond. We didn't buy back any stock in Q4, but if our business continues to improve and economy continues to stabilize, we will likely begin buying again in late Q1 or early Q2.

現在轉向資產負債表，在第四季度結束時，我們有 11 億美元的現金、受限的現金和投資，沒有債務，還有 6 億美元的未開發信貸額度。我們很榮幸擁有這種財務實力，可以對我們的員工、業務和社區進行持續的戰略投資，以進一步區分 Chipotle 品牌並支持我們在 2021 年及以後的預期增長。我們在第四季度沒有回購任何股票，但如果我們的業務繼續改善並且經濟繼續穩定，我們可能會在第一季度末或第二季度初再次開始購買。

One area that definitely benefited from our strong cash position is restaurant design and real state development, where we remain diligent and aggressive while many of our peers pulled back. I'm really impressed by the hard work of our development and operations team as they opened 61 new restaurants in the fourth quarter, with 42 including a Chipotlane. For the full year, they successfully navigated construction and permitting challenges and opened 161 new restaurants, with 100 including a Chipotlane. Remarkably, this was towards the high end of the 150 to 165 range we provided before the onset of the pandemic.

絕對受益於我們強勁現金狀況的一個領域是餐廳設計和房地產開發，我們在這方面保持勤奮和進取，而我們的許多同行都退縮了。我們的開發和運營團隊的辛勤工作給我留下了深刻的印象，他們在第四季度開設了 61 家新餐廳，其中 42 家包括 Chipotlane。全年，他們成功應對了建設和許可挑戰，並開設了 161 家新餐廳，其中 100 家餐廳包括 Chipotlane。值得注意的是，這接近我們在大流行開始前提供的 150 到 165 範圍的高端。

As of year-end, we had a total of 170 Chipotlanes, including 5 conversions. Performance for these formats continues to be stellar. The digital gap versus non-Chipotlane restaurants remains around 10%, driven entirely by higher-margin digital pickup orders. And sales at the Chipotlane cohort continued to outperform the non-Chipotlane results from the same open period. In fact, non-comp Chipotlane sales are opening close to our existing restaurant AUV versus historical peak productivity in the mid- to high-80% range. These results reaffirm our strategy of an accelerated pivot towards Chipotlane sites. Not only will this enhance customer access and convenience, but it also helps increase new restaurant sales, margins and returns.

截至年底，我們共有 170 個 Chipotlanes，其中包括 5 個轉換。這些格式的性能仍然很出色。與非 Chipotlane 餐廳的數字差距仍然在 10% 左右，這完全是由利潤率更高的數字取貨訂單驅動的。在同一開放期間，Chipotlane 隊列的銷售額繼續優於非 Chipotlane 的結果。事實上，非競爭 Chipotlane 的銷售額與我們現有餐廳的 AUV 接近，而歷史峰值生產力在中高 80% 範圍內。這些結果重申了我們加速轉向 Chipotlane 站點的戰略。這不僅會增強客戶訪問和便利性，而且還有助於增加新餐廳的銷售額、利潤和回報。

While 62% of new restaurants in 2020 had a Chipotlane, our goal is to have more than 70% of openings include a Chipotlane in 2021, where we anticipate opening around 200 new restaurants. Of course, this development guidance assumes no major COVID-related delays in 2021. Guidance also includes remodeling or relocating 10 to 15 restaurants this year to add a Chipotlane. This will allow us to learn and ensure we're getting a superior return on this investment before potentially ramping up the number of remodels and our relocations in the future.

雖然 2020 年 62% 的新餐廳有 Chipotlane，但我們的目標是在 2021 年讓超過 70% 的新餐廳包括 Chipotlane，我們預計在那裡開設大約 200 家新餐廳。當然，本開髮指南假設 2021 年不會出現與 COVID 相關的重大延誤。指南還包括今年改造或搬遷 10 至 15 家餐廳以增加 Chipotlane。這將使我們能夠學習並確保我們在未來可能增加改造和搬遷的數量之前從這項投資中獲得豐厚的回報。

Let me end by also expressing my gratitude to all of our team members in our restaurants and in support roles as they overcame countless challenges and embraced change to safely serve and delight our guests. It's through this collaborative effort that we've been able to achieve such an impressive performance in 2020 and continue to build momentum at the start of this year.

最後，我還要感謝我們餐廳的所有團隊成員和支持角色，因為他們克服了無數挑戰並接受了變革，以安全地服務和取悅我們的客人。正是通過這種合作努力，我們才能在 2020 年取得如此驕人的業績，並在今年年初繼續保持勢頭。

With that, we're happy to take your questions.

有了這個，我們很高興回答您的問題。

(Operator Instructions) And our first question today will come from Nicole Miller with Piper Sandler.

（操作員說明）我們今天的第一個問題將來自 Nicole Miller 和 Piper Sandler。

Congratulations on a great year despite all the challenges. I wanted to just talk about the go-forward estimates and opportunity around unit growth. If you remove the barriers to development that are COVID-related, and certainly, there's no financial hurdles from a cash perspective, how fast can your current team go with a fully formed bench? Just essentially what are stretch goals that you look at internally?

儘管面臨各種挑戰，但祝賀這一年是偉大的。我只想談談圍繞單位增長的前瞻性估計和機會。如果您消除了與 COVID 相關的發展障礙，而且從現金的角度來看，當然沒有財務障礙，那麼您目前的團隊在一個完整的替補席上能走多快？本質上，您在內部查看的延伸目標是什麼？

Yes. Thanks, Nicole. Look, I think what we're really excited about is we definitely see the opportunity getting back above 200 restaurants. And the good news is part of the reason why we're accelerating is because our operations are running so well, and we know we've got the people benched to run those restaurants. We'll continue to look for great sites. The good news is we have a lot of inbound desire for Chipotle coming from a lot of different places, and we know we still have lots of places to build. So we're very optimistic about how we can accelerate from where we finished this year to 161 to getting to 200 and beyond.

是的。謝謝，妮可。看，我認為我們真正興奮的是，我們肯定看到了重返 200 家以上餐廳的機會。好消息是我們加速發展的部分原因是因為我們的運營運行得非常好，而且我們知道我們已經讓人們坐在替補席上來經營這些餐館。我們將繼續尋找優秀的網站。好消息是我們對來自很多不同地方的 Chipotle 有很多入站需求，而且我們知道我們還有很多地方要建造。因此，我們對如何從今年完成的 161 加速到 200 甚至更高的速度非常樂觀。

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

傑克，我不知道你是否想對此添加任何內容。

No, Brian. I think you said it well. Our -- Nicole, you know our record for a year was right around 250. We certainly can get up to that point. I don't know if it will take us a couple of years or not. But I think the sites are coming to us. As Brian mentioned, we've got the deep bench now. But we're going to do it a step at a time. We're going to go from 161 to something around this 200 level, but we certainly can go beyond that.

不，布賴恩。我覺得你說得很好。我們的——妮可，你知道我們一年的記錄是 250 左右。我們當然可以達到這一點。我不知道我們是否需要幾年時間。但我認為這些網站正在向我們走來。正如布賴恩所提到的，我們現在已經有了替補席。但我們要一步一步地做。我們將從 161 到 200 左右的水平，但我們當然可以超越。

And the cauliflower rice is outstanding. I've tried it in multiple channels. When I go into the restaurant, it's a $2 upcharge. When I order through the marketplace, it's a $2.25 upcharge. Is that how you're getting the pricing power? Can you just establish for us today that you're not taking 13% across the board, right? There's a strategic, I imagine, algorithm that helps produce that pricing power?

花椰菜飯非常出色。我已經在多個渠道中嘗試過。當我進入餐廳時，需要支付 2 美元的附加費。當我通過市場訂購時，需要支付 2.25 美元的附加費。這就是你獲得定價權的方式嗎？您今天能否為我們確定您沒有全面拿走 13% 的股份，對嗎？我想，有一種戰略算法有助於產生這種定價能力嗎？

Yes. That's exactly right, Nicole. We're basically testing a lot of different pricing levers, but we are very strategic in where we choose to implement that pricing. And you're right, the only place that we've taken that 13% is in the delivery channel. And effectively, it plays out the way you just described it, like on a cauliflower rice add-on or to your total ticket, depending on what you're ordering. So -- but it's an ongoing process, it's a fluid process, and we're not done working on it.

是的。完全正確，妮可。我們基本上是在測試很多不同的定價槓桿，但我們在選擇實施定價的地方非常具有戰略意義。你是對的，我們唯一佔據這 13% 的地方是在交付渠道中。實際上，它會按照您剛才描述的方式發揮作用，例如花椰菜米飯附加物或您的總票，具體取決於您訂購的內容。所以——但這是一個持續的過程，是一個流動的過程，我們還沒有完成它的工作。

And our next question will come from David Palmer with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 David Palmer。

I actually had 3 little small questions. One, you mentioned in the release that delivery added a point or so to comp in that quarter. Does that -- was that for the entire quarter? Or will that be a bigger tailwind in the first quarter and beyond? I didn't catch that. Forgive me if you said that.

我實際上有 3 個小問題。一，您在新聞稿中提到，交付在該季度為補償增加了一個點左右。那是 - 整個季度都是這樣嗎？或者這會是第一季度及以後更大的順風嗎？我沒聽懂。如果你這麼說，請原諒我。

And then, Jack, just the restaurant-level margins, you touched on that as well about how the 19.5 million or so was short of that relationship that you would have for a $2.2 million box, i.e., that should be 22% if you get your delivery economics up to speed. Should we be thinking about -- what is the buildup that -- in that margin through the year? How fast can you close that gap in that relationship?

然後，傑克，只是餐廳級別的利潤率，您還談到了 1950 萬左右的價格與您購買 220 萬美元盒子的關係如何，也就是說，如果您得到，那應該是 22%您的交付經濟與時俱進。我們是否應該考慮——這一年的利潤增長是什麼？你能以多快的速度縮小這段關係中的差距？

And I guess the last thing is, when it comes to the 2-year trend in comp, basically, if you look at The Street numbers, people are thinking a mid-teens 2-year or thereabout after we get vaccines. And I'm wondering how you -- I know you're not giving guidance, but how do you think about the net of people having more options, but yet you're having perhaps a better daytime traffic and walk-in traffic than you would. Sorry for the 3 questions.

而且我想最後一件事是，當談到 2 年的競爭趨勢時，基本上，如果你看一下 The Street 的數字，人們會在我們接種疫苗後的 2 年左右考慮一個青少年。我想知道你怎麼 - 我知道你沒有提供指導，但你如何看待人們有更多選擇的網絡，但你的白天交通和步行交通可能比你更好將。對不起這3個問題。

Jack, you want to take the delivery and margin, and then I can touch on the last piece?

傑克，你要收貨款和保證金，然後我可以摸最後一塊嗎？

Yes. Sure thing, Brian. I'll start with the margin because I might, David, ask you for a little clarity on the delivery comp question. But on the margin, you heard it right. Right now, we're being bogged down by some of the COVID-related expenses. There's also delivery ends up being a drag right now.

是的。當然，布賴恩。我將從保證金開始，因為大衛，我可能會要求您對交付補償問題稍作說明。但在邊緣，你沒聽錯。現在，我們正被一些與 COVID 相關的費用所困擾。現在，交付也最終成為拖累。

But we can see, as COVID-19 begins to be in the review mirror and as we have taken some action and we consider other action and how we're going to offset the margin impact of delivery, I would expect by the end of the year. And remember, COVID is going to be with us for at least a quarter or 2. I mean, the vaccine is not going to be widely available until more like midyear. So it's going to be more second half of the year. But I feel good about by the second half of the year that we should be closing the gap. If not all the way, we'll be knocking on the door on what the margin algorithm would be.

但是我們可以看到，隨著 COVID-19 開始出現在審查鏡中，並且我們已經採取了一些行動，並且我們考慮了其他行動以及我們將如何抵消交付的利潤影響，我預計到年底年。請記住，COVID 將伴隨我們至少四分之一或 2 年。我的意思是，疫苗要到年中才能廣泛使用。所以下半年會比較多。但我覺得到今年下半年我們應該縮小差距。如果不是一路走來，我們將敲開保證金算法的大門。

And then, David, maybe you can clarify parts about delivery comp.

然後，大衛，也許你可以澄清有關交付補償的部分。

Yes. And maybe I'm misunderstanding this, but I think you talked about a 13% increase -- or 13% higher prices for your delivery menu.

是的。也許我誤解了這一點，但我認為你談到了 13% 的漲幅——或者說你的送貨菜單價格上漲了 13%。

Right.

對。

And you said a point -- I think it was in the release that it was about 100 basis point help to your comp in the quarter. Maybe that was because it was only there for part of the quarter because I would imagine that if delivery was about 1/4 of your business, I'm just trying to understand if that could be -- if delivery pricing could be a bigger lift in the coming quarters. That's basically what I'm getting at there.

你說了一點——我認為在發布中它對你本季度的業績有大約 100 個基點的幫助。也許那是因為它只在本季度的一部分時間內存在，因為我想如果交付量約佔您業務的 1/4，我只是想了解這是否可能——如果交付定價可能有更大的提升在接下來的幾個季度。這基本上就是我在那裡得到的。

Yes. So here, let me say what delivery actually did drive in the quarter. The 13%, because delivery is about 25%, that ends up being an effect of like 3.25%, like call it, 3%, 3.25% price increase. That's the impact in the quarter. And the price increase, we had 2: we had 1 in August, 1 in early October. So we had a full effect during the quarter. So that's more of the impact that we had during the quarter.

是的。所以在這裡，讓我說一下本季度的實際交付情況。 13%，因為交付率約為 25%，最終會產生 3.25% 的影響，就像叫它一樣，3%，3.25% 的價格上漲。這就是本季度的影響。價格上漲，我們有 2 個：8 月份有 1 個，10 月初有 1 個。因此，我們在本季度產生了全面影響。所以這更多的是我們在本季度產生的影響。

And then, David, just in regard to your question about our -- I think it's really our confidence in where the business goes from here, is kind of what you're getting at, which is, look, I think the thing that I'm really optimistic about is we have really grown a meaningful digital business that's got access for just about every occasion you can think of. And currently, we're even testing now a car-side access.

然後，大衛，關於你關於我們的問題 - 我認為這真的是我們對業務從這裡走向何方的信心，這就是你所得到的，也就是說，看，我認為我'我真的很樂觀的是，我們真的發展了一個有意義的數字業務，幾乎可以在你能想到的每一個場合使用它。目前，我們甚至正在測試汽車側訪問。

What I've seen is in the markets where we start to open those dining rooms up, you don't lose those occasions. You pick up the occasions that kind of got impacted by COVID. And it really is an and situation not an or. Now it's not 100% back in the dining room in some of these regions. But we're seeing 50%, 60% of the dining room business come back, and we're hanging on to 85%, 80% of our digital business.

我所看到的是在我們開始開放餐廳的市場上，你不會失去這些機會。您選擇了受 COVID 影響的場合。它真的是一個和情況，而不是一個或。現在，在其中一些地區，餐廳並不是 100% 回到餐廳。但是我們看到 50%、60% 的餐廳業務回來了，我們正在堅持 85%、80% 的數字業務。

And as you walk into 2021, our digital system now has 19.5 million members. And what we have seen is they like the additional access, the convenience that it provides. And they like our ability to communicate with them through that rewards program.

到 2021 年，我們的數字系統現在擁有 1950 萬會員。我們所看到的是，他們喜歡額外的訪問權限，以及它提供的便利。他們喜歡我們通過獎勵計劃與他們交流的能力。

And so look, I think January is a great example of the strength of Chipotle's business still being impacted by COVID rolling over a year ago that didn't have COVID. And I think it just shows the power of the new access points, the way we're running our restaurants, the culture that we have in our restaurants. And then ultimately, our customers believe in the food, believe in the purpose. So very optimistic about where we get to.

所以看，我認為 1 月份是 Chipotle 業務實力的一個很好的例子，它仍然受到一年前沒有 COVID 的 COVID 滾動的影響。我認為它只是展示了新接入點的力量，我們經營餐廳的方式，我們餐廳的文化。然後最終，我們的客戶相信食物，相信目的。所以我們對我們的目標非常樂觀。

And as Jack pointed out, I think as the year goes on, you're going to continue to see us make progress on getting that algorithm back to where we said it will get to as COVID wanes and some of these expenses go away. And the delivery channel, we kind of normalize it into our business going forward.

正如傑克指出的那樣，我認為隨著時間的推移，你將繼續看到我們在讓算法回到我們所說的隨著 COVID 消退和其中一些費用消失的地方取得進展。以及交付渠道，我們將其規範化為我們未來的業務。

And our next question will come from Chris Carril with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的 Chris Carril。

So I think last quarter, you quantified about 100 basis points of direct and indirect margin drag from COVID-related costs. Can you provide an update on how these costs impacted the margins in the 4Q? And then any thoughts on how we should think about these costs over the course of the year? That would be really helpful.

因此，我認為上個季度，您量化了 COVID 相關成本對直接和間接利潤的拖累大約 100 個基點。您能否提供有關這些成本如何影響第四季度利潤率的最新信息？然後對我們在一年中應該如何考慮這些成本有什麼想法嗎？那真的很有幫助。

Why don't you take that one, Jack?

傑克，你為什麼不拿那個？

Yes, Chris. Yes, they're still in that ballpark. There's direct and indirect. Like, for example, we had exclusion pay during the quarter. So that's where employees have been or may have been exposed, and so they don't work. We don't want them at the restaurant, but we pay them anyway. That all by itself was 50 basis points.

是的，克里斯。是的，他們還在那個球場上。有直接的和間接的。例如，我們在本季度有排除工資。所以這就是員工已經或可能已經暴露的地方，所以他們不工作。我們不想讓他們在餐廳裡，但無論如何我們都會付錢給他們。這本身就是50個基點。

There's indirect items as well. Like, for example, we're selling less beverages. We're selling like a few more burritos and more steaks. That seems a little counterintuitive why would COVID drive that, but we have a lot of new customers coming in, and they've been moving into those items. Unclear whether that will fully normalize after the pandemic.

還有間接項目。例如，我們銷售的飲料減少了。我們正在賣更多的墨西哥捲餅和更多的牛排。這似乎有點違反直覺，為什麼 COVID 會推動這一點，但我們有很多新客戶進來，他們一直在進入這些項目。尚不清楚在大流行之後這是否會完全正常化。

But I would say with the direct and indirect that we know about that comp delivery, it probably shows in that 50 to 100 basis points range. And then delivery all by itself (inaudible). Those are the biggest trends (inaudible) they will normalize through this...

但我想說的是，我們直接和間接地知道該補償交付，它可能顯示在 50 到 100 個基點的範圍內。然後自行交付（聽不清）。這些是最大的趨勢（聽不清），他們將通過這個來正常化......

(technical difficulty)

（技術難度）

Jack, we're losing you. I don't know if your microphone...

傑克，我們要失去你了。不知道你的麥克風...

Oh, sorry about that. Okay. I'll take it off speaker. Can you hear me a little better now?

哦，對不起。好的。我會把它從揚聲器上取下來。你現在能聽得清楚一點嗎？

Yes. That's a lot better. You were kind of -- you said roughly the same and then you started to trail off.

是的。那好多了。你有點——你說的大致相同，然後你開始走下坡路。

Yes. So it's -- I would call it, in that of the direct impact, it's going to be in that 50 to 100 basis point impact. And that counts things like the exclusion pay, which is very direct, and then product mix shifts and then does not count delivery. Delivery all by itself is going to be a pricer in this. You probably, call it, the 60 to 80 or 90 basis point impact. But I think the key to all of this is we believe as COVID is starting to move into the rearview mirror, as we're starting to move out of it, and combined with actions that we will take to either offset some of these costs or find other efficiencies, we do think we can capture all this margin.

是的。所以它是 - 我會稱之為直接影響，它將是 50 到 100 個基點的影響。這包括了一些非常直接的排除費，然後產品組合發生變化，然後不計算交付。交付本身將成為一個定價者。你可能稱之為 60 到 80 或 90 個基點的影響。但我認為所有這一切的關鍵是我們相信，隨著 COVID 開始進入後視鏡，我們開始擺脫它，並結合我們將採取的行動來抵消其中一些成本或找到其他效率，我們確實認為我們可以抓住所有這些利潤。

And our next question will come from David Tarantino with Baird.

我們的下一個問題將來自貝爾德的大衛塔倫蒂諾。

Brian, I want to come back to this question on the interplay between the delivery channel and your in-restaurant business. And I wanted to get a gauge for what you think is possible in terms of the in-restaurant transactions returning? And I think you said you're recapturing 50% to 60%. And I think maybe 60% of your dining rooms are still closed. So I guess, what do you think the upside is on the in-restaurant business coming back? And how much of the digital channel do you think has replaced those in-restaurant transactions, I guess, said differently. So.

布賴恩，我想回到這個關於外賣渠道和你的餐廳業務之間相互作用的問題。我想了解一下您認為在餐廳內交易返回方面的可能性？而且我認為你說你正在奪回 50% 到 60%。而且我認為您的餐廳可能有 60% 仍然關閉。所以我想，你認為餐廳業務回歸的好處是什麼？你認為有多少數字渠道已經取代了那些餐廳內的交易，我猜，不同的說法。所以。

Yes. Sure. What I would say, David, is we're still seeing like that lunch occasion have a real opportunity. And what we've seen is in places where you have people moving around more, for whatever their routine is, you see that occasion still happening where they want to come into the restaurant.

是的。當然。大衛，我想說的是，我們仍然看到那個午餐場合有一個真正的機會。我們所看到的是，在人們走動較多的地方，無論他們的日常生活是什麼，你都會看到那種場合仍在他們想進入餐廳的地方發生。

And look, I still think the occasion of the dining room experience gives you something unique. It's got another level of customization because you get to be face-to-face with how we're making your food versus the online occasion. And so when we talk to customers, there is a fair amount of people that when they have the opportunity, they will want to go back to their dining occasion.

看，我仍然認為餐廳體驗的場合會給你一些獨特的東西。它具有另一個級別的定制，因為您可以面對面地了解我們如何製作您的食物而不是在線場合。因此，當我們與顧客交談時，有相當多的人在有機會時會想回到他們的用餐場合。

The thing that I find really promising in that is they've also adopted new off-premise digital occasions that they're not going to abandon. And when we look at the Venn diagram, the world where it used to be, they were exclusive. I only did online and I only do in dining, and there was a few that did both. That's changed. You've got a lot more people doing both. And we've got people that historically probably would not have tried it, if not for, unfortunately, COVID. But they still really love that in-restaurant experience, and now we're top of mind for that occasion when they're not going to be in the restaurant.

我發現真正有希望的是他們還採用了他們不會放棄的新的場外數字場合。當我們查看維恩圖時，它曾經是世界，它們是獨一無二的。我只在網上做，我只在用餐時做，而且有一些兩者兼而有之。那變了。你有更多的人在做這兩件事。而且我們有一些人在歷史上可能不會嘗試它，如果不是因為不幸的是 COVID。但他們仍然非常喜歡在餐廳內的體驗，現在我們是他們不在餐廳時的首要考慮因素。

So we're seeing a scenario where digital is going to prove to be very sticky, and people look forward to getting back out and going into our restaurants.

因此，我們看到了數字化將被證明非常具有粘性的場景，人們期待著回到我們的餐廳。

Great. And then I guess the second question is you mentioned something about with your digital marketing efforts or your loyalty program, making it a priority that some of those digital customers stick. Can you just elaborate on what you're doing there?

偉大的。然後我想第二個問題是你提到了一些關於你的數字營銷工作或忠誠度計劃的事情，使其成為其中一些數字客戶堅持的優先事項。你能詳細說明你在那裡做什麼嗎？

Yes. Sure. So this is what I mentioned. We've got 19.5 million folks in this. And the team has really done a terrific job of setting up, I think, the right cohorts, understanding the frequency of how they need to communicate with those cohorts and then drive home the idea of engagement and/or driving home frequency or purchasing behaviors.

是的。當然。所以這就是我提到的。我們有 1950 萬人參與其中。我認為，團隊在建立正確的群體方面做得非常出色，了解他們需要如何與這些群體交流的頻率，然後將參與的想法和/或推動家庭頻率或購買行為帶回家。

And we've got various journeys taking place. I mentioned it in my prepared remarks. And what we're seeing is it does have a powerful impact on people's frequency. And the good news is we believe we're learning more every day. But what we've learned to date, I think, is going to have a powerful tailwind for us going forward. And if you think about 2020, we started the year with, I think it was less than 10 million in our system. So you've got twice the amount of people that we can influence behavior with on a pretty one-to-one basis. So that's why you hear me talking about why I see this being a driver going forward.

我們已經進行了各種旅程。我在準備好的發言中提到了它。我們看到的是它確實對人們的頻率產生了強大的影響。好消息是我們相信我們每天都在學習更多。但我認為，我們迄今為止所學到的將為我們的前進提供強大的順風。如果你想想 2020 年，我們年初的時候，我認為我們的系統中不到 1000 萬。因此，我們可以一對一地影響行為的人數是我們的兩倍。所以這就是為什麼你聽到我談論為什麼我認為這是一個未來的驅動程序。

And our next question will come from John Glass with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的約翰格拉斯。

First, just to follow up on the delivery costs. Jack, you said the 60 to 80 basis points of pressure, or 60, 90, whatever it was. Is that inclusive? Is that after you've taken this price increase? Or was that prior? And is there -- when you think about offsetting it, is there a way to offset it fully? Are you thinking about you can recapture the margin elsewhere and delivery will always be of some dilution to margin, but you just get it somewhere else? Or is there a way you think within delivery specifically that you can fully offset that -- those delivery cost outcomes?

首先，只是為了跟進送貨費用。傑克，你說的是 60 到 80 個基點的壓力，或者 60、90，不管它是什麼。那是包容的嗎？是在你接受了這次漲價之後嗎？還是那是以前的？有沒有——當你考慮抵消它時，有沒有辦法完全抵消它？您是否在考慮可以在其他地方重新獲得保證金，並且交付總是會稀釋保證金，但您只是在其他地方獲得它？或者有沒有一種你認為在交付過程中可以完全抵消的方式——那些交付成本結果？

Yes, John, here, let me kind of walk through the pieces. The price increase that we took, it covers the dollar cost of delivery, like there's an increase in delivery this year versus last year because so many people moved into that channel. And so the price increase we took so far, it gets us to about a breakeven versus last year in terms of a dollar -- from a dollar standpoint.

是的，約翰，在這裡，讓我來看看這些碎片。我們採取的價格上漲涵蓋了交付的美元成本，就像今年的交付量與去年相比有所增加，因為有很多人進入了該渠道。因此，到目前為止，我們採取的價格上漲使我們以美元計算與去年相比達到了盈虧平衡——從美元的角度來看。

But if you go through the math, and it's easiest to do this like on an annual basis, if you -- this 13% on 25% of the business ends up being about $80,000. And so look at the average cost of delivery being about $80,000 on average per restaurant. When you take that price increase, it ends up being a 3%, 3.25%, your sales will go up by about $80,000. And so you cover those dollars, your cash flow on a per-restaurant basis are the same. But if you go through the math and take the same cash flow and take 25%, which ends up being $625,000 of cash flow, that's $2.5 million at a 25% margin. And if your costs go up $80,000 and your revenue goes up by $80,000, your margin is going to go down by 80 basis points.

但是如果你算一下，最簡單的方法是每年做一次，如果你——這 25% 的業務的 13% 最終約為 80,000 美元。所以看看平均每家餐廳的平均交付成本約為 80,000 美元。當你接受價格上漲時，它最終是 3%、3.25%，你的銷售額將增加大約 80,000 美元。因此，您支付這些美元，您在每家餐廳的現金流量是相同的。但是，如果你通過數學計算並採用相同的現金流並採用 25%，最終是 625,000 美元的現金流，即 250 萬美元，利潤率為 25%。如果您的成本增加 80,000 美元，而您的收入增加 80,000 美元，那麼您的利潤將下降 80 個基點。

And so we don't make any less money, but the margin does end up being diluted just because of the math. Now we think there are things that we can do, either levers we can pull, other efficiencies we can file. We think over time, we can offset that, but that's just a math challenge that we're dealing with.

所以我們賺的錢並沒有減少，但利潤最終會因為數學而被稀釋。現在我們認為我們可以做一些事情，要么我們可以拉動槓桿，要么我們可以提交其他效率。我們認為，隨著時間的推移，我們可以抵消這一點，但這只是我們正在處理的數學挑戰。

That's helpful. And then, Brian, maybe just bigger picture now. You've got some more Chipotlanes under your belt. You're looking at, maybe it's just early days, but a digital-only restaurant. When is the time to reexamine kind of the total opportunity of units in the U.S.? And you haven't -- we haven't spoken about international in a long, long time. I think France was thrown into one of the comments. Is it a moment now where you start to really think about a global opportunity and start to talk and engage with either master franchisees or your own organization, how you do that? Or is that still too far in the future and you've got too much on your plate right now to really engage in that?

這很有幫助。然後，布賴恩，也許現在只是更大的圖景。你有更多的 Chipotlanes 在你的腰帶之下。你正在看，也許這只是早期的，但只是一家數字餐廳。什麼時候可以重新審視美國單位的總機會？你還沒有——我們已經很久很久沒有談論國際了。我認為法國被捲入其中一條評論中。現在是您開始真正考慮全球機遇並開始與主要特許經營商或您自己的組織交談和互動的時刻，您是如何做到的？或者這在未來還太遙遠，你現在有太多事情要做，無法真正參與？

Yes. Sure. So look, the first part of your question around the opportunity in the U.S. is we're very optimistic about Chipotlane and then the various executions we can pull off to bring Chipotle to every trade area in the United States that we think makes sense for Chipotle. And I think we've talked about that as, hey, we're accelerating, we're going to get back above 200. We're within striking distance of where the max level of development we did in the past.

是的。當然。所以看，關於美國機會的問題的第一部分是我們對 Chipotlane 非常樂觀，然後我們可以實施各種執行，將 Chipotle 帶到我們認為對 Chipotle 有意義的美國每個貿易區.而且我認為我們已經討論過這一點，嘿，我們正在加速，我們將回到 200 以上。我們距離我們過去的最高發展水平只有驚人的距離。

And so the economics look great. The new restaurant openings are opening really strong. Chipotlane continues to perform. And you see us experimenting with digital only. You'll see us experimenting with Chipotlanes only.

所以經濟學看起來很棒。新餐廳開業的勢頭非常強勁。 Chipotlane 繼續表現出色。你看到我們只用數字進行試驗。你會看到我們只試驗 Chipotlanes。

But at the end of the day, I mean, the full business of Chipotle, where you got both lines, a Chipotlane as an access point with this digital system, it's just really winning economics, and there are a lot of those sites available in the U.S.

但歸根結底，我的意思是，Chipotle 的全部業務，你有兩條線路，一個 Chipotlane 作為這個數字系統的接入點，這真的是經濟上的贏家，而且有很多這樣的網站在美國。

To your question about international, obviously, we believe Chipotle can travel beyond the United States. We're already seeing some success in Canada. And then obviously, we've got some plans in place for places that we already have our foot in the door. So think of the U.K., France, specifically. And so you're going to see us starting to really use kind of our stage-gate process to move those markets along.

對於您關於國際的問題，顯然，我們相信 Chipotle 可以超越美國。我們已經在加拿大看到了一些成功。然後很明顯，我們已經為我們已經涉足的地方制定了一些計劃。所以特別想一下英國，法國。所以你會看到我們開始真正使用我們的階段性流程來推動這些市場。

And then we'll evaluate other regions accordingly. We've not made decisions on how we want to enter those other markets. And frankly, we haven't laid out exactly the order of how we're going to do it. For now, we want to deliver the U.S.. And where we already have some presence, we're going to start leaning into to see how much more upside there is. We have an idea. And then obviously, we're going to evaluate where we go beyond the markets that we currently are.

然後我們將相應地評估其他地區。我們還沒有決定如何進入其他市場。坦率地說，我們還沒有準確地列出我們將如何做的順序。目前，我們希望向美國提供服務。在我們已經有一定影響力的地方，我們將開始關注還有多少上升空間。我們有一個想法。然後很明顯，我們將評估我們超越目前市場的地方。

But when we've done some research, what is clear is people love the purpose of Food with Integrity. They love the customization. They love the food. And frankly, the whole value proposition, I think, has legs well beyond the United States.

但是，當我們進行一些研究時，很明顯人們喜歡“誠信食品”的宗旨。他們喜歡定制。他們喜歡這裡的食物。坦率地說，我認為整個價值主張遠遠超出了美國。

And our next question will come from Jared Garber with Goldman Sachs.

我們的下一個問題將來自高盛的 Jared Garber。

It's really great to see the results this year. I wanted to ask, Brian, quickly on the marketing side. One of your goals when you joined the company was to boost the visibility of the brand, and you talked about that at top of the call. So you'll be running the Super Bowl ad this year, which is the first for the company. Can you talk about the brand's visibility now and where it stands versus maybe several years ago when you took over? And how you're thinking about continued opportunities going forward? And I have a quick follow-up on the carne -- rather, the cauliflower rice. And if you're seeing new customers joining the brand. Obviously, it's only been a couple of weeks, but if you're seeing new customers visit on the back of that?

很高興看到今年的結果。我想問一下，布賴恩，在營銷方面很快。當你加入公司時，你的目標之一是提高品牌的知名度，你在電話會議的頂部談到了這一點。所以今年你將投放超級碗廣告，這是公司的第一個廣告。您能否談談該品牌現在的知名度以及與幾年前您接手時相比的情況？您如何看待未來的持續機會？我有一個關於carne的快速跟進——更確切地說，是花椰菜飯。如果您看到新客戶加入該品牌。顯然，這只是幾週的時間，但如果您看到新客戶在此之後訪問？

Yes. Sure. Thanks, Jared, and welcome. So look, first of all, I just believe our message is a strong message that differentiates our brand, and it's a message that's very much on trend with how young people want to eat and the future of how people want to eat. So you're going to see us continue to push the visibility of Chipotle and the idea of real food with real cooking, real culinary done, frankly, every day.

是的。當然。謝謝，賈里德，歡迎。所以看，首先，我只是相信我們的信息是一個強有力的信息，使我們的品牌與眾不同，而且這個信息非常符合年輕人想要吃的方式以及人們想要吃的未來的趨勢。所以你會看到我們繼續推動 Chipotle 的知名度和真正的食物的想法，真正的烹飪，真正的烹飪，坦率地說，每天。

And what I can tell you is when I rewind the tapes when I first got here back in 2018, we were arguably spending about the same percent of dollars and nobody saw the brand. If I would have asked you what's Chipotle up to, you would not have been able to give me a good answer. Frankly, it would have been somebody else's narrative.

我可以告訴你的是，當我在 2018 年第一次回到這裡時倒帶磁帶時，可以說我們花了大約相同百分比的美元，沒有人看到這個品牌。如果我要問你 Chipotle 在做什麼，你將無法給我一個好的答案。坦率地說，這將是別人的敘述。

And I think fast forward to where we are today, I know our brand is stronger from an awareness standpoint for what we stand for. I know the brand is stronger from a trust standpoint. I know the brand is stronger when it comes to our menu innovation as well as our approach to culinary. So we've made tremendous progress. The marketing team, I think, has done a fabulous job of keeping the brand in culture and leading culture. And you're going to continue to see us do that.

而且我認為快進到我們今天的位置，我知道從我們所代表的意識的角度來看，我們的品牌更強大。我知道從信任的角度來看這個品牌更強大。我知道這個品牌在我們的菜單創新以及我們的烹飪方法方面更強大。所以我們取得了巨大的進步。我認為營銷團隊在保持品牌文化和引領文化方面做得非常出色。您將繼續看到我們這樣做。

I'm excited about bringing our message to the Super Bowl platform. I think it's going to be a very widely watched Super Bowl. And a lot of customers say to us, "I feel good about eating at Chipotle," but they can't articulate why. We're going to tell them why they feel good about it. Obviously, they love the culinary aspect. But now they're going to get clarity on why they feel good about why they choose the brand Chipotle. And you'll see it in the advertising around our approach to farming, animals, sustainability, and frankly, the communities that we support and operate in.

我很高興將我們的信息帶到超級碗平台。我認為這將是一場廣受關注的超級碗。很多顧客對我們說，“我在 Chipotle 吃飯感覺很好”，但他們說不出為什麼。我們將告訴他們為什麼他們對此感覺良好。顯然，他們喜歡烹飪方面。但現在他們將弄清楚為什麼他們對為什麼選擇 Chipotle 品牌感覺良好。你會在圍繞我們的農業、動物、可持續性以及坦率地說，我們支持和運營的社區的廣告中看到它。

And then your second question about cauliflower rice. Look, I love it. It's really good. I highly recommend it if you haven't tried it. I'd recommend going 50-50, a little brown rice and cauliflower rice. But with that said, the good news is about 25% of our orders are coming from new or infrequent customers, which is really terrific. So it's off to a great start, and our operators are doing a great job of making the cauliflower absolutely perfect. So we're really happy with how that's come out of the gate.

然後你關於花椰菜飯的第二個問題。看，我喜歡它。真的很棒。如果您還沒有嘗試過，我強烈推薦它。我建議去50-50，一點糙米和花椰菜飯。但話雖如此，好消息是我們大約 25% 的訂單來自新客戶或不常光顧的客戶，這真是太棒了。所以這是一個良好的開端，我們的操作員在使花椰菜絕對完美方面做得很好。所以我們真的很高興它是如何走出大門的。

And our next question will come from Andrew Charles with Cowen.

我們的下一個問題將來自 Andrew Charles 和 Cowen。

I had 2 questions: 1 on quesadilla and 1 on catering. So Brian, you mentioned that the national launch of quesadillas are in the near feature, but it doesn't look like it's contemplated in 1Q same-store sales guidance given it implies a deceleration to your trends from January to the combined February and March time frame. Does guidance reflect uncertainty over the course of the pandemic or more so conservatism as quesadillas are expected to launch later in the quarter?

我有 2 個問題：1 個關於油炸玉米粉餅，1 個關於餐飲。所以布賴恩，你提到油炸玉米餅的全國推出即將推出，但它看起來不像第一季度同店銷售指導中考慮的那樣，因為這意味著你的趨勢從 1 月到 2 月和 3 月合併時間減速框架。指導是否反映了大流行過程中的不確定性，或者更多的是保守主義，因為預計油炸玉米餅將在本季度晚些時候推出？

And then my second question on catering. As we look towards the reopening, how big of an emphasis do you plan to place on catering given the gap you guys historically had, with 1% of your sales coming from catering before the pandemic versus fast casual peers that were typically in that 8% range?

然後是關於餐飲的第二個問題。當我們展望重新開放時，鑑於你們歷史上存在的差距，你們計劃對餐飲的重視程度有多大，你們 1% 的銷售額來自大流行之前的餐飲，而快速休閒同行通常在這 8% 中範圍？

So to answer your first question, look, I think there's still -- as much as I'm optimistic that the vaccine program is getting better as every day goes by, and it really is amazing to see the efficacy of these vaccines, there still is -- we want to be cautious about where COVID goes from here. So we're being careful on that front.

所以回答你的第一個問題，看，我認為仍然 - 儘管我很樂觀地認為疫苗計劃每天都在變得越來越好，看到這些疫苗的功效真的很神奇，仍然有是——我們希望對 COVID 從這裡走向何方保持謹慎。所以我們在這方面要小心。

And then obviously, as we are able to lock and load on new initiatives, we'll share that with you guys. We're still in the phase of making sure we've got the equipment rolled out everywhere. And we're feeling really good about the training we're going to do around quesadilla. So more to come on that front.

然後很明顯，由於我們能夠鎖定和加載新計劃，我們將與你們分享。我們仍處於確保將設備推廣到各處的階段。我們對圍繞油炸玉米粉餅進行的培訓感覺非常好。所以在這方面還有更多。

But I would say more of it is just there's still a lot of unknown. Luckily, every day seems to be better with this -- with the whole COVID issue both -- vaccine rates seem to be going up and COVID cases seem to be going down. And luckily, less and less people are ending up in the hospital. So I'm optimistic, but we wanted to be conservative on that front.

但我想說的更多只是還有很多未知數。幸運的是，這似乎每天都在變得更好——在整個 COVID 問題上——疫苗接種率似乎在上升，而 COVID 病例似乎在下降。幸運的是，越來越少的人最終住進了醫院。所以我很樂觀，但我們希望在這方面保持保守。

And then regarding catering, yes, look, Andrew, I think it's a huge opportunity. Once people want to get back together, I think it's going to be a real big opportunity for our business. And it's one of the areas we're thinking about. And we're going to figure out the right time to start pushing that once, obviously, people can get back together in groups in a meaningful way.

然後關於餐飲，是的，看，安德魯，我認為這是一個巨大的機會。一旦人們想重新聚在一起，我認為這對我們的業務來說將是一個真正的大機會。這是我們正在考慮的領域之一。我們將找出合適的時間開始推動這一點，顯然，人們可以以有意義的方式重新聚集在一起。

So it's a big opportunity. I wish we -- the first step will be getting back to 1% of our sales doing catering. And then the next step will be tracking down numbers that I think are much higher than where we were with 1%.

所以這是一個很大的機會。我希望我們——第一步將回到我們銷售額的 1% 做餐飲。然後下一步將追踪我認為遠高於 1% 的數字。

And our next question will come from John Ivankoe with JPMorgan.

我們的下一個問題將來自摩根大通的 John Ivankoe。

As usual, you kind of gave the metrics, which we could interpret. Revenue at over 6,000 stores, average volumes at least 2.5 million, at least 25% store margins. But the G&A number would be, obviously, a really important part to kind of having a sense of what run rate operating income might be at the company. Brian, are you thinking in any way of kind of thinking about an appropriate at that level G&A per store, G&A as kind of a percentage of sales that as you think about longer-term revenue goals and longer-term operating income goals that we could perhaps start to anchor around? And I do ask that somewhat in the context of what you put in your press release, and I'm sorry if I missed it in the previous press release or forgot about it, reducing nonessential -- focusing on reducing nonessential controllable costs. If you could elaborate on that and kind of how much focus that, I guess, phrase is receiving within the organization.

像往常一樣，你給出了我們可以解釋的指標。超過 6,000 家門店的收入，平均銷量至少 250 萬輛，門店利潤率至少 25%。但顯然，G&A 數字對於了解公司的運營收入可能是多少非常重要。布賴恩，您是否以任何方式考慮過每家商店在該級別上的適當 G&A，G&A 作為銷售額的百分比，當您考慮長期收入目標和長期營業收入目標時，我們可以也許開始錨定？我確實在您在新聞稿中提出的內容中提出了一些問題，如果我在之前的新聞稿中錯過或忘記了它，我很抱歉，減少不必要的 - 專注於減少非必要的可控成本。如果你能詳細說明這一點，以及我猜這個短語在組織內受到的關注程度。

Yes. Sure. Look, I will tell you, I don't know if you've had the opportunity to meet Scott Boatwright. He's in charge of our operations. And Scott and all of our leaders in operations, their goal is to give people a great culinary experience and also give our team members a great culture and the opportunity to grow in our organization and do it in a way where we flow the revenue to the bottom line.

是的。當然。聽著，我會告訴你，我不知道你有沒有機會見到斯科特·博特賴特。他負責我們的運營。 Scott 和我們所有的運營領導者，他們的目標是為人們提供出色的烹飪體驗，並為我們的團隊成員提供良好的文化和在我們組織中成長的機會，並以我們將收入流向底線。

So wherever we see an opportunity to get rid of unnecessary costs or, frankly, labor allocation, we go after it, and we'll continue to go after it. And that's why I've got a high level of confidence -- a very high level of confidence that the algorithm is going to be intact as we move throughout the year. Because as we continue to regain sales, we do things with our labor scheduling technology. And frankly, our operators, are laser-focused on giving people great experiences and then flowing to the bottom line accordingly. Of course, it's something we keep an eye on.

因此，只要我們看到有機會擺脫不必要的成本，或者坦率地說，勞動力分配，我們就會去追求它，我們將繼續追求它。這就是為什麼我有很高的信心 - 非常有信心在我們全年移動時算法將保持完整。因為隨著我們繼續恢復銷售，我們使用我們的勞動力調度技術來做事。坦率地說，我們的運營商非常專注於為人們提供出色的體驗，然後相應地流向底線。當然，這是我們密切關注的事情。

So I don't think it's necessary to pick a certain point because there's always going to be opportunities where if we see an investment that makes sense to grow our business, we're going to make that investment. There's just way too much growth in this company to constrain us that way.

所以我認為沒有必要選擇某個點，因為總會有機會，如果我們看到一項對發展我們的業務有意義的投資，我們就會進行這項投資。這家公司的增長太多了，無法以這種方式限制我們。

So Jack, I don't know if you've got anything else to add to that.

傑克，我不知道你還有什麼要補充的。

Brian, the only thing I would add, we expect to grow sales at a faster rate than our G&A. And so we did step up. We made some investments this year that will set kind of a new baseline for us for this next year. But you can expect to see leverage in that line.

布賴恩，我唯一要補充的是，我們預計銷售額的增長速度將超過我們的 G&A。所以我們確實挺身而出。我們今年進行了一些投資，這將為我們明年設定一個新的基準。但是你可以期待在這條線上看到槓桿作用。

In terms of where it's going to be 2, 3, 4 years from now, that's -- don't have that great of a crystal ball. But if we make sure that sales grow faster than that line, then 3 or 4 years from now, the percentage of sales and the margin after G&A -- the operating margin is going to be better -- much better than it is today as we approach the 25% target on the restaurant level and we lever this line.

就從現在起 2、3、4 年後的情況而言，那就是 - 沒有那麼大的水晶球。但是，如果我們確保銷售額增長速度超過那條線，那麼從現在起 3 或 4 年後，銷售百分比和 G&A 之後的利潤率——營業利潤率會更好——比我們今天的情況要好得多在餐廳層面接近 25% 的目標，我們利用這條線。

And our next question will come from Chris O'Cull with Stifel.

我們的下一個問題將來自 Chris O'Cull 和 Stifel。

Jack, I was curious if you could frame up where the beverage mix is today versus pre-pandemic. And then, Brian, looking ahead to periods where consumer behavior normalizes, is there an opportunity to relaunch the Tractor Beverage program to build awareness once consumers are kind of back in the dining rooms more consistently? And then I had a follow-up.

傑克，我很好奇你能否確定今天的飲料組合與大流行前的情況。然後，布賴恩，展望消費者行為正常化的時期，一旦消費者更加一致地回到餐廳，是否有機會重新啟動拖拉機飲料計劃以建立意識？然後我進行了跟進。

Yes, just quickly...

是的，快點……

Go ahead, Jack. Go ahead.

繼續，傑克。前進。

I was just going to say real quickly, just on the mix, before the pandemic, our drinks were in, call it, the mid-30% range of transactions. And that dropped more like in the mid-20% range. So it cut out about 1/3 of our beverages. Our beverages also lean more towards bottled drinks now with the Tractor Beverage. Tractor Beverage is a -- and Brian is going to talk about it, but is more in line with our food ethos. And those have a lower margin as well. So those are the 2 things that have been a drag on our margins.

我只想說真的，只是在大流行之前，我們的飲料在30%的交易範圍內。而且下降的幅度更像是在 20% 的中間範圍內。所以它減少了我們大約 1/3 的飲料。我們的飲料現在也更傾向於使用 Tractor Beverage 的瓶裝飲料。 Tractor Beverage 是一種——Brian 將談論它，但更符合我們的飲食理念。那些也有較低的利潤。所以這些是拖累我們利潤的兩件事。

Yes. And look, we absolutely believe there's an opportunity to reintroduce Tractor Beverage once folks come back in the dining rooms. And look, the good news is the feedback from those that have tried it, they really liked it.

是的。看，我們絕對相信一旦人們回到餐廳，就有機會重新引入 Tractor Beverage。看，好消息是那些嘗試過的人的反饋，他們真的很喜歡它。

That's good. And then just assuming smoked brisket can clear the remaining operational hurdles, does the offering have the opportunity to be rolled out as a permanent offering? Or are there supply constraints similar to carne asada?

那挺好的。然後假設煙熏牛腩可以清除剩餘的運營障礙，該產品是否有機會作為永久性產品推出？還是有類似 carne asada 的供應限制？

Yes. No, smoked brisket will be one of our, I would call it, seasonal specials. It doesn't -- it won't be a permanent item.

是的。不，煙熏牛腩將是我們的季節性特色菜之一。它不會——它不會是永久物品。

And our next question will come from Brian Vaccaro with Raymond James.

我們的下一個問題將來自 Brian Vaccaro 和 Raymond James。

Just a clarification and then a question, if I could. Jack, I appreciate the monthly comp commentary. I was hoping maybe we could convert that into absolute sales volumes. And it seems that average weekly sales have stepped up more recently, maybe into that 47-a-week range. Is that correct? And then does your Q1 comp guide in the mid- to high-teens, does that assume any change in that absolute sales volume later through the quarter?

如果可以的話，只是一個澄清，然後是一個問題。傑克，我很欣賞每月的比賽評論。我希望也許我們可以將其轉化為絕對銷量。最近，平均每週銷售額似乎有所增加，可能達到了每週 47 次的範圍。那是對的嗎？然後，您的第一季度比較是否會在中高位進行指導，這是否假設該季度後期的絕對銷量有任何變化？

Yes. We don't really look at it internally that way on a weekly volume, but the volumes definitely stepped up. And if you looked at the weekly volumes, we all saw that COVID really came on pretty strong in December. We did see our sales bounce around. So even though our monthly comps were pretty even, we softened at the end of November. Right before Christmas, we started to pick up a little bit. We surged after Christmas and then surged again in January. So we're definitely at a higher level right now.

是的。我們並沒有真正在內部以每週的交易量來看待它，但交易量肯定會增加。如果您查看每週的交易量，我們都看到 COVID 在 12 月的表現確實非常強勁。我們確實看到我們的銷售反彈。因此，儘管我們的月度收入相當均衡，但我們在 11 月底有所放緩。就在聖誕節前，我們開始有所收穫。我們在聖誕節後飆升，然後在一月份再次飆升。所以我們現在肯定處於更高的水平。

And in terms of the guidance, Brian mentioned before, the first quarter is still difficult to predict. We don't know where COVID is going next. We're optimistic because the vaccines are getting traction. But it essentially takes the last week trend, which we talked about in the script. We -- while we did overall 11% for January, we had moved down into the high single digits at the last week of January. If you take that trend and move that out over the rest of the quarter, that's what we use to calculate that guidance of mid- to high-teens.

而在指導方面，Brian 之前提到，第一季度仍然難以預測。我們不知道 COVID 下一步將走向何方。我們很樂觀，因為疫苗正在受到關注。但它基本上需要上週的趨勢，我們在劇本中談到了這一點。我們——雖然我們在一月份的總體增長率為 11%，但在 1 月的最後一周我們已經下降到了高個位數。如果您採用該趨勢並將其移至本季度的剩餘時間，這就是我們用來計算中高青少年的指導。

Okay. Great. That's helpful. And then my question is on the loyalty program. And I understand you're up to nearly 20 million members. But could you comment on how engagement with the program has been trending? Maybe you could give us a sense of how many active users you have and maybe how you define that or perhaps a comment on the percent of sales that are generated within the loyalty program in recent months.

好的。偉大的。這很有幫助。然後我的問題是關於忠誠度計劃。我知道你們有近 2000 萬會員。但是您能否評論一下參與該計劃的趨勢如何？也許您可以讓我們了解您擁有多少活躍用戶，以及您如何定義這一點，或者對最近幾個月忠誠度計劃中產生的銷售額百分比發表評論。

Yes, sure. So I would say the way we look at it is it's roughly about 60% are active. And those are the folks that, obviously, we've got an ongoing program with. We also have programs, though, with folks that we see that aren't active, right, to get them to reengage. So we're accessing the full database as well as other platforms on top of it. So it goes well beyond that 20 million.

是的，當然。所以我想說我們看待它的方式是大約 60% 是活躍的。顯然，這些人與我們有一個持續的計劃。不過，我們也有一些計劃，我們看到那些不活躍的人，對，讓他們重新參與。因此，我們正在訪問完整的數據庫以及基於它的其他平台。所以它遠遠超過了2000萬。

But like I mentioned earlier, we're seeing really good results in our ability to interact with those that are active, and then we're able to also get people to be reactive -- or reactivated, I guess, is the way to think about it.

但就像我之前提到的，我們在與那些活躍的人互動的能力方面看到了非常好的結果，然後我們也能夠讓人們變得被動——或者重新激活，我想，是思考的方式關於它。

So it's one of those things that we're very excited about because we continue to learn. And so when we see somebody that is no longer active, we learn from it, and then we figure out how to reengage them. And then we're having some success in keeping a percentage of those people then becoming active as we continue to grow the total universe.

所以這是我們非常興奮的事情之一，因為我們會繼續學習。因此，當我們看到不再活躍的人時，我們會從中學習，然後我們會想辦法重新吸引他們。然後我們在保持一定比例的這些人方面取得了一些成功，然後隨著我們繼續發展整個宇宙而變得活躍。

So -- and the good news is we're also modifying the program as we go forward. We're going to continue to keep people excited. And we get feedback on how we can make it better, and we'll continue to do that.

所以 - 好消息是我們也在修改程序，因為我們繼續前進。我們將繼續讓人們興奮不已。我們會收到有關如何使其變得更好的反饋，我們將繼續這樣做。

And this will conclude our question-and-answer session. I'd like to turn the conference back over to Brian for any closing remarks.

這將結束我們的問答環節。我想把會議轉回給布賴恩做任何閉幕詞。

Yes. Thank you, and thanks, everybody, for taking the time and asking the questions. I'm just going to reiterate what I really said at the beginning of the call, which is really proud of our team members, the work that's happened in our restaurants and our support centers through a very challenging year. I think it just demonstrates our purpose, our values, our culture and the caliber of the people that we have at Chipotle. It really demonstrates the resiliency of the brand and the leaders that we have. And very proud of where we are. And obviously, I'm very optimistic about where we're going.

是的。謝謝大家，感謝大家抽出寶貴時間提出問題。我只是要重申我在電話會議開始時所說的話，這真的為我們的團隊成員感到自豪，我們的餐廳和支持中心在充滿挑戰的一年中所做的工作。我認為它只是展示了我們的目標、我們的價值觀、我們的文化以及我們在 Chipotle 擁有的人員的素質。它確實展示了品牌的彈性和我們擁有的領導者。並為我們所處的位置感到非常自豪。顯然，我對我們的發展方向非常樂觀。

The digital system is strong, it's growing, and we have plans to continue to grow it. Our in-store business, when it can come back, I know people will want to come back because the culinary and the food is second to none. And you just put those 2 things together with the ability to continue to build more restaurants, hire more people and grow our people accordingly, I think the future is very bright. And I'm optimistic that COVID is hopefully more in the rearview mirror going forward.

數字系統很強大，它正在增長，我們計劃繼續發展它。我們的店內業務，當它可以回來時，我知道人們會想要回來，因為烹飪和食物是首屈一指的。你只要把這兩件事和繼續建造更多餐廳、僱傭更多人並相應地培養我們的人的能力結合在一起，我認為未來是非常光明的。我樂觀地認為，COVID 希望更多地出現在後視鏡中。

So thank you for taking the time. Hopefully, all of you are safe and your families have weathered 2020 well. And I look forward to continuing to share the story in '21. All the best.

所以感謝您抽出寶貴的時間。希望你們所有人都安全，並且你們的家人已經度過了 2020 年。我期待在 21 年繼續分享這個故事。祝一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。你現在可以在這個時候斷開你的線路。