奇波雷墨西哥燒烤 (CMG) 2022 Q2 法說會逐字稿

Good day and welcome to the Chipotle Mexican Grill Second Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Chipotle Mexican Grill 2022 財年第二季度收益電話會議。 （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 Cindy Olsen with Investor Relations. Please go ahead.

我現在想把會議交給投資者關係部的 Cindy Olsen。請繼續。

Hello, everyone, and welcome to our second quarter fiscal 2022 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，歡迎參加我們的 2022 財年第二季度財報電話會議。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 will 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 outlook and our actual results could differ materially from the projections 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，我們的展望和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。

On our discussion today, we 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.

在我們今天的討論中，我們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”部分的演示頁面中包含的鏈接找到與 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 will turn the call over to Brian.

有了這個，我會把電話轉給布賴恩。

Thanks, Cindy, and good afternoon, everyone. We are pleased with our second quarter performance during a period of inflation and consumer uncertainty. For the quarter, sales grew 17% to reach $2.2 billion driven by a 10.1% comp. In-store sales grew by 36% over last year. Digital sales represented 39% of total sales. Restaurant-level margin was 25.2%, an increase of 70 basis points year-over-year. Adjusted diluted EPS was $9.30, representing 25% growth over last year. And we opened 42 new restaurants, including 32 Chipotlanes.

謝謝，Cindy，大家下午好。在通貨膨脹和消費者不確定性時期，我們對第二季度的表現感到滿意。本季度，銷售額增長 17%，達到 22 億美元，增幅為 10.1%。店內銷售額比去年增長了 36%。數字銷售額佔總銷售額的 39%。餐廳級利潤率為 25.2%，同比增長 70 個基點。調整後的稀釋後每股收益為 9.30 美元，比去年增長 25%。我們開設了 42 家新餐廳，包括 32 家 Chipotlanes。

I would like to spend a couple of minutes providing insight into current trends and our outlook. Regarding Q2, through mid-May, comparable sales were on track to reach the top end of our guidance range. Since then, the underlying trend has decelerated, and we anticipate mid- to high single-digit comps for Q3 with planned pricing in August.

我想花幾分鐘時間深入了解當前的趨勢和我們的前景。關於第二季度，截至 5 月中旬，可比銷售額有望達到我們指導範圍的上限。從那時起，基本趨勢已經放緩，我們預計第三季度的中高個位數組合與 8 月份的計劃定價。

There are a couple of key things we have learned during the quarter. Our pricing power is strong and the brand is resilient. Our culinary and Food with Integrity commitment is a key point of difference. Our restaurants are staffed with terrific people despite a difficult hiring and retention environment. And our people are still getting up to speed on running a growing multimillion-dollar digital business as well as a growing multimillion-dollar in-restaurant business.

我們在本季度學到了一些關鍵的東西。我們的定價能力很強，品牌也很有彈性。我們的烹飪和食品誠信承諾是我們與眾不同的關鍵點。儘管招聘和留任環境艱難，我們的餐廳仍配備了出色的員工。我們的員工仍在跟上運營不斷增長的數百萬美元數字業務以及不斷增長的數百萬美元餐廳業務的步伐。

To accelerate this learning curve, we are instituting an ops initiative focused on being brilliant at the basics. We did this in 2019 and saw a positive impact on the business right up to the pandemic in 2020. I will discuss this in more detail later.

為了加快這條學習曲線，我們正在製定一項運營計劃，專注於在基礎方面表現出色。我們在 2019 年做到了這一點，並在 2020 年大流行之前看到了對業務的積極影響。稍後我將更詳細地討論這個問題。

And finally, we are focused on the right strategies. It is as important as ever that we remain focused on our 5 strategies that help us to win today while we create the future. Now let me provide a brief update on each of these strategies, which include: number one, running successful restaurants with a people-accountable culture that provides great Food with Integrity while delivering exceptional in-restaurant and digital experiences; number two, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers; number three, sustaining world-class people leadership by developing and retaining diverse talent at every level; number four, expanding access and convenience by accelerating new restaurant openings; and number five, making the brand visible, relevant and loved to improve overall guest engagement.

最後，我們專注於正確的策略。與以往一樣重要的是，我們始終專注於幫助我們在創造未來的同時贏得今天的 5 項戰略。現在讓我簡要介紹一下這些策略，其中包括：第一，經營成功的餐廳，建立對人負責的文化，以誠信提供優質食品，同時提供卓越的餐廳內和數字體驗；第二，擴大技術和創新，以推動我們餐廳和支持中心的增長和生產力；第三，通過在各個層面培養和留住多元化人才，保持世界一流的人才領導地位；第四，通過加快新餐廳的開業來擴大訪問量和便利性；第五，使品牌可見、相關和喜愛，以提高整體客戶參與度。

Let's start with discussing running successful restaurants. I'm happy to say that I've seen lines out the door and mobile pickup shelves full in Boston, Philadelphia, Denver, Austin, Ann Arbor, Dallas, Cincinnati, London, Paris and Los Angeles. I think everybody gets the point. Fortunately, we were staffed with terrific employees, and they are working hard with smiles on their faces and great attitudes. I'm very proud to say that our restaurant teams have successfully grown average unit volumes to about $2.8 million with 39% being digital.

讓我們從討論經營成功的餐廳開始。我很高興地說，在波士頓、費城、丹佛、奧斯汀、安娜堡、達拉斯、辛辛那提、倫敦、巴黎和洛杉磯，我已經看到門外排起了長隊，移動皮卡貨架上擺滿了人。我想每個人都明白這一點。幸運的是，我們配備了出色的員工，他們臉上掛著笑容，態度很好，正在努力工作。我很自豪地說，我們的餐廳團隊已成功地將平均單位數量增加到約 280 萬美元，其中 39% 是數字化的。

Our general managers and teams have adapted well to our growing digital and growing in-restaurant business. However, customers were waiting on digital orders and the front line was moving, but it could have been quicker. I know we can be better. This is why we have launched an ops initiative focused on retraining our crew members on the fundamentals of our business. These fundamentals include having great culinary prepared and ready to serve, open to close in a food-safe environment, ensuring that restaurants are staffed and appropriately deployed across both the digital make-line and front make-line; improving order accuracy and timing for the digital business; and increasing throughput in hospitality for the in-store business.

我們的總經理和團隊已經很好地適應了我們不斷增長的數字化和不斷增長的餐廳業務。然而，客戶正在等待數字訂單，前線正在移動，但它本可以更快。我知道我們可以變得更好。這就是為什麼我們啟動了一項運營計劃，重點是對我們的工作人員進行再培訓，使其了解我們的業務基礎。這些基本原則包括準備好烹飪並準備好服務，在食品安全的環境中開放關閉，確保餐廳在數字生產線和前線生產線上配備並適當部署；提高數字業務的訂單準確性和時間；並增加店內業務的招待吞吐量。

Additionally, we completed the rollout of our new labor management tool that helps put the right people in the right place at the right time. We believe the combination of being brilliant at the basics with the new labor management tool will drive meaningful productivity in our restaurants. Along with our labor management tool, our technology road map remains robust. I think it is worth highlighting how we are investing in technology to support strong execution of the basics.

此外，我們還完成了新的勞動力管理工具的推出，該工具有助於在正確的時間將正確的人員安排在正確的位置。我們相信，出色的基礎知識與新的勞動力管理工具相結合，將推動我們餐廳的有意義的生產力。連同我們的勞動力管理工具，我們的技術路線圖依然穩健。我認為值得強調的是我們如何投資於技術以支持基礎的強大執行。

We just installed new customer-facing pin pads that offer faster and contact-free payment options. We've deployed a new learning management system that enables immersive ways for our employees to experience training and provides digitally enhanced e-learning courses, videos and resource materials.

我們剛剛安裝了新的面向客戶的密碼墊，可提供更快的非接觸式支付選項。我們部署了一個新的學習管理系統，讓我們的員工能夠以身臨其境的方式體驗培訓，並提供數字化增強的電子學習課程、視頻和資源材料。

We also are in the process of updating our POS hardware across the system, which should be completed by this year, and we have made DML enhancements that aid accuracy and throughput. These recently completed or in-flight programs will all be positive for our restaurant teams and guest experience.

我們還在整個系統中更新我們的 POS 硬件，這應該在今年完成，我們已經進行了 DML 增強，以提高準確性和吞吐量。這些最近完成或飛行中的計劃都將對我們的餐廳團隊和賓客體驗產生積極影響。

Additionally, we will continue to invest in possible technology for the future, like Chippy, the autonomous robot we are testing that integrates culinary traditions with artificial intelligence to help our teams make tortilla chips, bringing up their time to serve and support our guests. And we are exploring an automated real-time kitchen production system that ensures high-quality food is always available to meet the needs of our guests.

此外，我們將繼續投資於未來可能的技術，例如我們正在測試的自主機器人 Chippy，它將烹飪傳統與人工智能相結合，幫助我們的團隊製作玉米片，從而為我們的客人提供服務和支持。我們正在探索一種自動化的實時廚房生產系統，以確保始終提供高品質的食物來滿足客人的需求。

This brings me to our Cultivate Next venture fund, which is off to a great start and is giving us a front-row view of emerging food technologies. We are interested in our breadth of innovations, including sustainable farming, supply chain advancements, restaurant operating efficiencies and ways to elevate the employee and guest experience. We've received a lot of interest with over 200 inquiries for investments. And as you may have heard last week, we announced our first investments in Hyphen and Meati.

這讓我想到了我們的 Cultivate Next 風險基金，這是一個良好的開端，讓我們對新興食品技術有了前列的看法。我們對創新的廣度感興趣，包括可持續農業、供應鏈進步、餐廳運營效率以及提升員工和客人體驗的方法。我們收到了超過 200 份投資諮詢的極大興趣。正如您上周可能聽說的那樣，我們宣布了我們對 Hyphen 和 Meati 的第一筆投資。

Hyphen is a food service platform that automates the assembly of meals on a make-line and could help fulfill our promise to deliver on time, accurate orders for our digital guests. We look forward to sharing more investments in the future that will help us drive meaningful change at scale.

Hyphen 是一個食品服務平台，可在生產線上自動組裝餐點，並有助於履行我們的承諾，為我們的數字客人準時、準確地提供訂單。我們期待在未來分享更多投資，這將有助於我們推動大規模的有意義的變革。

I do want to take a moment to discuss our people. Despite a challenging labor market, I am proud to say our staffing levels remain above 2019 levels. Our purpose of cultivating a better world with Food with Integrity has created a brand that people are proud to represent and be part of. We continue to offer a world-class employee value proposition that includes industry-leading benefits, attractive wages, specialized training and development, access to education and a transparent pathway to significant career advancement opportunities. We believe these efforts, along with our growth and purpose, are helping to attract and retain great employees.

我確實想花點時間討論一下我們的人。儘管勞動力市場充滿挑戰，但我很自豪地說我們的人員配備水平仍高於 2019 年的水平。我們的宗旨是用誠信的食物培育一個更美好的世界，創造了一個人們自豪地代表和參與其中的品牌。我們繼續提供世界一流的員工價值主張，包括行業領先的福利、有吸引力的工資、專業培訓和發展、接受教育以及獲得重要職業發展機會的透明途徑。我們相信，這些努力以及我們的成長和目標有助於吸引和留住優秀員工。

And our people development program is important in order to accelerate our new restaurant openings. The real estate pipeline remains strong and supports our target of 8% to 10% new restaurants per year with more than 80%, including the Chipotlane. We now have 430 Chipotlanes, and results continue to exceed our expectations with Chipotlanes generating higher average unit volumes and higher restaurant-level margins. In fact, a recent opening of a Chipotlane in a small town in California had one of the highest opening day sales in the company's history.

我們的人才發展計劃對於加快新餐廳的開業非常重要。房地產管道依然強勁，支持我們每年新增 8% 至 10% 的餐廳的目標，其中包括 Chipotlane 的新增餐廳數量超過 80%。我們現在有 430 個 Chipotlanes，結果繼續超出我們的預期，Chipotlanes 產生了更高的平均單位數量和更高的餐廳級利潤率。事實上，最近在加利福尼亞州的一個小鎮開設的 Chipotlane 創下了公司歷史上最高的開業日銷售額之一。

In addition to the U.S., we are also excited about our progress in both Canada and Europe. Canada has hit a stride with AUVs and returns that are at the same level as the U.S., and Canadian comparable sales trends remain strong. We currently have 29 locations in Canada and longer term, we see room for several hundred, which is included in our target of 7,000 restaurants in North America.

除了美國，我們也對我們在加拿大和歐洲取得的進展感到興奮。加拿大在 AUV 和回報方面取得了長足的進步，與美國處於同一水平，加拿大的可比銷售趨勢仍然強勁。我們目前在加拿大有 29 家分店，從長遠來看，我們看到了數百家餐廳的空間，這包括在我們在北美開設 7,000 家餐廳的目標中。

And Europe continued to move through the stage-gate process. We have made significant progress in improving the economics in Europe driven by operational efficiencies, adding our digital systems and opening smaller formats that resemble the U.S. restaurants. We have opened 5 new restaurants in the U.K. over the last 18 months, and results have been strong. We are gaining confidence that Europe could be another layer to our growth story in the future.

歐洲繼續通過階段關口過程。在運營效率的推動下，我們在改善歐洲經濟方面取得了重大進展，增加了我們的數字系統並開設了類似於美國餐館的較小格式。在過去的 18 個月裡，我們在英國開設了 5 家新餐廳，並且取得了不錯的成績。我們越來越相信歐洲可以成為我們未來增長故事的另一層。

This brings me to making the brand visible, relevant and loved everywhere we operate. Our Real Food for Real Athletes campaign focuses on helping athletes across all levels perform their best by providing proper nutrition through real food and real ingredients. As an official sponsor of the NHL, we activated this relationship through traditional media and creative promotions to highlight Chipotle, including having our logo in the ice for every game of the Stanley Cup Playoffs. Additionally, we have partnered with U.S. soccer to create behind-the-scenes content that showcases how Rose Lavelle and Sophia Smith overcame the challenges of competing at the highest level of women's soccer. And later this year, we will file the U.S. Men's National team via our sponsorship and with advertising during the World Cup.

這讓我能夠在我們經營的任何地方讓品牌可見、相關和受到喜愛。我們的 Real Food for Real Athletes 運動的重點是通過真正的食物和真正的成分提供適當的營養，幫助各個級別的運動員發揮最佳水平。作為 NHL 的官方贊助商，我們通過傳統媒體和創意促銷活動激活了這種關係，以突出 Chipotle，包括在斯坦利杯季后賽的每一場比賽中都有我們的標誌。此外，我們還與美國足球隊合作製作幕後內容，展示 Rose Lavelle 和 Sophia Smith 如何克服參加最高級別女子足球比賽的挑戰。今年晚些時候，我們將通過我們的讚助和世界杯期間的廣告向美國男子國家隊提交申請。

We also continue to appear in nontraditional channels to drive difference, culture, and ultimately, a purchase. We recently launched Burrito Builder on Roblox on National Burrito Day. The first 100,000 players to successfully roll a virtual burrito at a virtual Chipotle earned a free entree on our app. This led to one of our best digital sales days and marks the first time a brand-enabled Roblox player to earn and exchange virtual Roblox currency for real-world items.

我們還繼續出現在非傳統渠道中，以推動差異、文化，並最終促成購買。我們最近在全國墨西哥捲餅日在 Roblox 上推出了 Burrito Builder。在虛擬 Chipotle 成功滾動虛擬捲餅的前 100,000 名玩家在我們的應用程序上獲得了免費主菜。這導致了我們最好的數字銷售日之一，並標誌著啟用品牌的 Roblox 玩家第一次賺取和交換虛擬 Roblox 貨幣以換取現實世界的物品。

Okay. Moving on to the menu. Our pipeline remains robust. Building upon the brand's recent success with menu innovations, including smoked brisket and pollo asado, we have tested and successfully validated garlic guajillo steak, and this steak is ready for rollout in the future.

好的。繼續菜單。我們的管道仍然強勁。在該品牌最近在菜單創新方面取得成功的基礎上，包括煙熏牛腩和波洛阿薩多，我們已經測試並成功驗證了大蒜 guajillo 牛排，這款牛排已準備好在未來推出。

Shifting to our digital experience. We now have a digital business tracking towards $3.5 billion in sales, and we currently have over 29 million Rewards members. We are mining the data every day for insights while leveraging the information to influence behavior and drive greater frequency. We are also working aggressively on greater personalization across the customer journey and obtain valuable insights on which incentives provide the greatest ROI.

轉向我們的數字體驗。我們現在的數字業務銷售額達到 35 億美元，我們目前擁有超過 2900 萬獎勵會員。我們每天都在挖掘數據以獲得洞察力，同時利用這些信息來影響行為並提高頻率。我們還積極致力於在整個客戶旅程中實現更大的個性化，並獲得關於哪些激勵措施提供最大投資回報率的寶貴見解。

Additionally, we're excited about the recent launch of the Rewards program in Canada, which will provide another way for Canadian guests to engage with the brand and provide Chipotle with the ability to further delight its Canadian Rewards members. Finally, our digital ecosystem is rolling out in the U.K., and France will follow shortly thereafter.

此外，我們對最近在加拿大推出的獎勵計劃感到興奮，這將為加拿大客人提供與品牌互動的另一種方式，並為 Chipotle 提供進一步取悅其加拿大獎勵會員的能力。最後，我們的數字生態系統正在英國推出，法國也將緊隨其後。

To conclude, there is much uncertainty we are all dealing with, but what I am certain about is Chipotle and its people will remain committed to leading and growing. I'm certain that over time, we have the ability to grow our average unit volumes and achieve at least 7,000 restaurants across the U.S. and Canada. I'm certain that we will move our purpose of cultivating a better world forward in a meaningful way I'm certain that Chipotle provides one of the best value propositions in the industry. I'm certain that we have the right teams with the right focus to navigate whatever comes our way and that our culture will continue to offer our crews terrific career opportunities. Finally, I'm certain that we are well positioned for long-term growth.

總而言之，我們都在處理很多不確定性，但我可以肯定的是 Chipotle 及其員工將繼續致力於領導和發展。我敢肯定，隨著時間的推移，我們有能力增加平均單位數量，並在美國和加拿大實現至少 7,000 家餐廳。我敢肯定，我們將以有意義的方式推動我們建設更美好世界的目標。我敢肯定，Chipotle 提供了業內最佳的價值主張之一。我敢肯定，我們有合適的團隊，專注於駕馭我們遇到的任何事情，我們的文化將繼續為我們的工作人員提供極好的職業機會。最後，我確信我們已經為長期增長做好了準備。

Lastly and very importantly, I want to thank our restaurant teams for their hard work and contributions to making Chipotle one of the best restaurant brands in the world. With that, here's Jack to walk you through the financials.

最後也是非常重要的一點，我要感謝我們的餐廳團隊為使 Chipotle 成為世界上最好的餐廳品牌之一所做的辛勤工作和貢獻。有了這個，傑克將帶您了解財務狀況。

Thanks, Brian. Sales in the second quarter grew 17% year-over-year to reach $2.2 billion as comp sales grew 10.1%. Restaurant-level margin of 25.2% increased about 70 basis points compared to last year. And earnings per share adjusted for unusual items was $9.30, representing nearly 25% year-over-year growth. Second quarter had unusual expenses related to certain legal proceedings, our previously disclosed 2018 performance share modification, transformation costs as well as the restaurant asset impairment and closure costs, mostly offset by an unrealized gain on investments, which negatively impacted our earnings per share by $0.05, leading to GAAP earnings per share of $9.25.

謝謝，布賴恩。第二季度的銷售額同比增長 17%，達到 22 億美元，同時復合銷售額增長 10.1%。與去年相比，餐廳級利潤率為 25.2%，增加了約 70 個基點。不尋常項目調整後的每股收益為 9.30 美元，同比增長近 25%。第二季度有與某些法律訴訟相關的異常費用、我們先前披露的 2018 年業績份額修改、轉型成本以及餐廳資產減值和關閉成本，大部分被未實現的投資收益所抵消，這對我們的每股收益產生了 0.05 美元的負面影響，導致 GAAP 每股收益為 9.25 美元。

Regarding our sales trends. As Brian mentioned, we were on track for comparable sales to reach the upper end of our guidance range for the first half of the quarter. Since then, we've experienced a step-down due to a combination of macro pressures, our ability to handle the growth with relatively new workforce and a return-to-normal summer seasonality for college-based restaurants. For perspective, about 15% of our restaurants are in college town, and we've not seen normal seasonality in 3 years.

關於我們的銷售趨勢。正如布賴恩所說，我們有望在本季度上半年實現可比銷售額達到我們指導範圍的上限。從那時起，由於宏觀壓力、我們用相對較新的勞動力應對增長的能力以及大學餐廳恢復正常的夏季季節性，我們經歷了一次降級。從角度來看，我們大約 15% 的餐廳位於大學城，而且我們已經 3 年沒有看到正常的季節性。

Looking ahead to Q3. With pricing from last year rolling off, our current trends in July are running in the mid-single-digit range. Assuming current sales trends continue, we expect our comp to be in the mid- to high single-digit range, which includes our planned August pricing increase of about 4% to help offset incremental inflation pressures, especially in dairy, tortillas and packaging as well as pockets of wage pressure throughout the country.

展望第三季度。隨著去年價格的下降，我們目前 7 月份的趨勢在中個位數範圍內運行。假設目前的銷售趨勢繼續下去，我們預計我們的銷售額將處於中高個位數範圍內，其中包括我們計劃在 8 月份將價格上漲約 4%，以幫助抵消不斷增加的通脹壓力，尤其是在乳製品、玉米餅和包裝方面作為全國各地的工資壓力的口袋。

I'll now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 30.4%, about flat to last year. The benefit of menu price increases offset elevated costs across the board, most notably in avocado, packaging, dairy, beef and chicken. In Q3, we expect our cost of sales to be about 30% of sales as the benefit from the menu price increase will be partially offset by the higher cost of dairy, tortillas and packaging.

我現在將介紹主要的損益表項目，從銷售成本開始。本季度銷售成本為 30.4%，與去年持平。菜單價格上漲的好處抵消了全面上漲的成本，尤其是在鱷梨、包裝、乳製品、牛肉和雞肉方面。在第三季度，我們預計我們的銷售成本約為銷售額的 30%，因為菜單價格上漲帶來的好處將被乳製品、玉米餅和包裝成本的上漲部分抵消。

Labor costs for the quarter were 24.8%, an increase of about 30 basis points from last year. This increase was driven by our decision to take a meaningful step-up in wages last May, which is partially offset by menu price increases. In Q3, we expect our labor costs to be about 25% due to leverage from our menu price increases offsetting pockets of wage pressures across the country.

本季度勞動力成本為 24.8%，比去年增加約 30 個基點。這一增長是由於我們決定在去年 5 月大幅提高工資，這部分被菜單價格上漲所抵消。在第三季度，我們預計我們的勞動力成本約為 25%，因為我們的菜單價格上漲抵消了全國范圍內的工資壓力。

As Brian also mentioned, we have now completed the rollout of our labor management tool. While our teams are still learning how to use the tool, we believe it has the potential to lead to better deployment to both make-lines during peaks, which we think will eventually lead to better throughput on our front serve line and better on-time results for the DML. Other operating costs for the quarter were 14.3%, a decrease of about 90 basis points from last year. This decrease was driven by menu price increases as well as a decline in delivery expenses, partially offset by higher costs across several expenses, most notably utilities, including natural gas.

正如 Brian 還提到的，我們現在已經完成了勞動力管理工具的推出。雖然我們的團隊仍在學習如何使用該工具，但我們相信它有可能在高峰期更好地部署到兩條主線，我們認為這最終將導致我們的前發球線更好的吞吐量和更好的準時DML 的結果。本季度其他運營成本為 14.3%，比去年下降約 90 個基點。這一下降是由菜單價格上漲和送貨費用下降推動的，但部分被多項費用的較高成本所抵消，其中最顯著的是公用事業，包括天然氣。

Marketing and promo costs for the quarter were 2.5%, 10 basis points above last year. In Q3, we expect marketing costs to remain in the mid-2% range with the full year to average right around 3%. In Q3, other operating costs are expected to be in the mid-14% range.

本季度的營銷和促銷成本為 2.5%，比去年高 10 個基點。在第三季度，我們預計營銷成本將保持在 2% 左右，全年平均在 3% 左右。第三季度，其他運營成本預計在 14% 左右。

G&A for the quarter was $141 million on a GAAP basis or $130 million on a non-GAAP basis, excluding $7 million due to the settlement of certain legal matters, $3 million related to the previously disclosed modification to our 2018 performance shares and $1 million related to transformation expenses. G&A also includes $106 million in underlying G&A, $25 million related to noncash stock comp and a $1 million benefit related to lower performance-based bonus accruals, partially offset by payroll taxes and equity vesting and exercises.

本季度的 G&A 按公認會計原則計算為 1.41 億美元，按非公認會計原則計算為 1.30 億美元，不包括因解決某些法律問題而產生的 700 萬美元、與先前披露的對我們 2018 年業績份額的修改相關的 300 萬美元和與 100 萬美元相關的到轉型費用。 G&A 還包括 1.06 億美元的基本 G&A、2500 萬美元與非現金股票補償相關的 100 萬美元福利，以及與基於績效的較低應計獎金相關的 100 萬美元福利，部分被工資稅和股權歸屬和行使所抵消。

We expect our underlying G&A to be around $111 million in Q3 and continue to grow slightly thereafter as we make investments in technology and people to support ongoing growth. We anticipate stock comp will be around $25 million in Q3, although this amount could move up or down based on our performance, bringing our anticipated total G&A in Q3 to around $136 million. Depreciation was $70 million, and we expect it to remain at this level for the rest of the year.

我們預計我們的基本 G&A 在第三季度將達到 1.11 億美元左右，並在此後繼續小幅增長，因為我們對技術和人員進行投資以支持持續增長。我們預計第三季度的股票補償將在 2500 萬美元左右，儘管這個數額可能會根據我們的表現上下波動，使我們在第三季度的預期總 G&A 達到約 1.36 億美元。折舊為 7000 萬美元，我們預計在今年餘下時間將保持在這一水平。

Our effective tax rate for Q2 was 25.3% for GAAP and 25.1% for non-GAAP. For fiscal 2022, we estimate our underlying effective tax rate to be in the 25% to 27% range, though it may vary based on discrete items.

我們第二季度的有效稅率為 GAAP 的 25.3% 和非 GAAP 的 25.1%。對於 2022 財年，我們估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管它可能會因離散項目而異。

Our balance sheet remains healthy as we ended the quarter with $1.2 billion in cash, restricted cash and investments with no debt along with a $500 million untapped revolver. During the second quarter, we repurchased $261 million of our stock at an average price of $1,350. We increased our level of stock repurchases during the quarter when our share price fell with the market overall, and we'll continue to opportunistically repurchase our stock. During the quarter, the Board authorized an additional $300 million to our share authorization program. And at the end of the quarter, we had $320 million remaining.

我們的資產負債表保持健康，因為我們在本季度結束時擁有 12 億美元的現金、受限現金和無債務投資以及 5 億美元的未開發左輪手槍。在第二季度，我們以 1,350 美元的平均價格回購了 2.61 億美元的股票。當我們的股價隨整體市場下跌時，我們在本季度提高了股票回購水平，我們將繼續機會主義地回購我們的股票。在本季度，董事會為我們的股票授權計劃額外授權了 3 億美元。在本季度末，我們還剩下 3.2 億美元。

We opened 42 new restaurants in the quarter, of which 32 had a Chipotlane. The performance of our Chipotlanes continues to be strong, maintaining record-high new store productivity. In terms of development, we continue to navigate various challenges, including construction and permitting delays and material shortages. However, our team has done an outstanding job of anticipating these challenges and mitigating delays where possible. And we still anticipate opening between 235 and 250 new restaurants in 2022 with at least 80%, including a Chipotlane.

我們在本季度新開了 42 家餐廳，其中 32 家有 Chipotlane。我們的 Chipotlanes 的表現繼續強勁，保持了創紀錄的新店生產力。在發展方面，我們繼續應對各種挑戰，包括建設和許可延誤以及材料短缺。然而，我們的團隊在預測這些挑戰並儘可能減少延誤方面做得非常出色。我們仍然預計到 2022 年將開設 235 至 250 家新餐廳，其中至少 80%，包括 Chipotlane。

As I mentioned last quarter, once we move beyond these development challenges, we expect to be able to accelerate openings and get closer to the high end of the 8% to 10% opening range.

正如我上個季度提到的，一旦我們克服了這些發展挑戰，我們預計能夠加速開放並接近 8% 到 10% 開放範圍的高端。

In closing, I've experienced Chipotle's resiliency over the past 20 years through both great times and challenging times, and I share Brian's confidence in our ability to navigate the current environment. Looking forward, I'm excited about the growth opportunity ahead of us with a runway to more than double our restaurant base and grow AUVs beyond $3 million with a 40% flow-through.

最後，在過去的 20 年裡，無論是偉大的時期還是充滿挑戰的時期，我都經歷了 Chipotle 的彈性，我和 Brian 一樣，對我們駕馭當前環境的能力充滿信心。展望未來，我對我們面前的增長機會感到興奮，因為我們的餐廳數量增加了一倍以上，AUV 增長超過 300 萬美元，流通率達到 40%。

I want to thank our 100,000 employees in our restaurants and in support roles for their continued effort and commitment to Chipotle.

我要感謝我們餐廳和支持角色的 100,000 名員工，感謝他們對 Chipotle 的持續努力和承諾。

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 the first question will be from Nicole Miller with Piper Sandler.

（操作員說明）第一個問題來自 Nicole Miller 和 Piper Sandler。

Hoping you could talk a little bit more about labor in terms of staffing. In the context of AUVs being up versus 2019 well more than 20%, just because you had mentioned that in regards -- staffing levels in regards to 2019 today, are you suggesting that it needs to be more efficient in terms of labor or that you need more bodies in terms of staffing? Like how does it compare to the context of the AUV increase, if that's applicable?

希望你能在人員配備方面多談談勞動力。在 AUV 與 2019 年相比增長超過 20% 的情況下，僅僅因為你提到了關於今天 2019 年的人員配備水平，你是在暗示它需要在勞動力方面更有效率還是你在人員配備方面需要更多機構？如果適用的話，它與 AUV 增加的背景相比如何？

Yes. Nicole, the way to think about it is, obviously, our labor model reflects our increase in transactions and sales. So we look at it as the restaurant staffed at model given the volume and transactions that the restaurant has. And what we're referring to is the percentage of restaurants that are staffed correctly is better than what we -- where we were in 2019. So that's what we're referring to.

是的。妮可，這樣想，顯然，我們的勞動模式反映了我們交易和銷售的增加。因此，考慮到餐廳的數量和交易量，我們將其視為餐廳的員工模型。我們指的是正確配備人員的餐廳百分比比我們在 2019 年的水平要好。所以這就是我們所指的。

And then what we're talking about is, obviously, a lot of the people that have joined our company over the last 2 years, they really haven't experienced the front line and what it means to grow that in-restaurant business while also growing the digital business. And that's why Scott and the operators are focused on ensuring that everybody is brilliant at the basics to execute our growing 2 lines of business.

然後我們談論的是，很明顯，過去兩年來加入我們公司的很多人，他們真的沒有經歷過前線以及發展餐廳業務意味著什麼，同時也發展數字業務。這就是為什麼 Scott 和運營商專注於確保每個人都具備出色的基礎知識來執行我們不斷增長的兩條業務線。

Okay. And then just can you briefly discuss in terms of last year's 15% comp how things tracked in July, August and September? So we can understand a little bit about what to think about compares from the prior year period.

好的。然後，您能否簡要討論一下去年 15% 的比例，7 月、8 月和 9 月的情況如何？因此，我們可以稍微了解與上一年相比要考慮的內容。

Yes. Nicole, this is Jack. You'll remember that in the second quarter of last year, we did have a staffing challenge, and that's when we took the significant increase. So we did compare during part of the quarter to a little bit of a softer comparison. But since we announced in May, I think it was like around mid-May that we were increasing wages. And right at that moment, we started paying the higher rates as new people are coming in. And the announcement that we made at that time was also a signal to our existing teams that you're going to get a raise in early June. So we saw staffing stabilize, and then we saw our sales recover. So we did have a several week period during the quarter where we did have a little bit softer comparison.

是的。妮可，這是傑克。您會記得，去年第二季度，我們確實遇到了人員配備方面的挑戰，那是我們大幅增加的時候。因此，我們確實在本季度的部分時間進行了比較溫和的比較。但自從我們在 5 月宣布以來，我認為大約在 5 月中旬左右我們正在增加工資。就在那一刻，隨著新人的加入，我們開始支付更高的費率。我們當時宣布的消息也向我們現有的團隊發出了一個信號，即你將在 6 月初獲得加薪。所以我們看到人員配置穩定下來，然後我們看到我們的銷售額恢復了。因此，我們在本季度確實有幾週的時間，我們確實有一些比較柔和的比較。

Okay. And how about July, August and September of last year? The comp was 15% last year, right, in the third quarter? Is there anything -- how does that look?

好的。去年的七、八、九月怎麼樣？去年的薪酬是 15%，對吧，在第三季度？有什麼——看起來怎麼樣？

Those were -- I would call those normal comparisons. By then, our staffing has stabilized. And so those are tougher comparisons.

那些是——我稱之為正常的比較。到那時，我們的人員已經穩定下來。所以這些是更嚴格的比較。

Okay. So each month was kind of 15%? There was no notable difference between the months?

好的。所以每個月大概是15%？月份之間沒有顯著差異嗎？

Yes. Listen, they vary very month-to-month, but there was nothing during the quarter that I would tell you makes that comparison. I would say, if anything, Nicole, just compared to Q2, it's just a little tougher of a comparison overall.

是的。聽著，它們每個月都有很大的不同，但在本季度，我不會告訴你進行這種比較。我想說，如果有的話，妮可，與第二季度相比，整體比較要困難一些。

But each month was fairly...

但每個月都相當...

Over the place.

在那個地方。

All over the place.

到處都是。

And the next question is from David Tarantino from Baird.

下一個問題來自 Baird 的 David Tarantino。

I wanted to ask you a couple of questions about the comp trend. I guess I first wanted to understand how you're thinking about the slowdown you saw towards the end of the quarter. And I know you rolled over some pricing, so maybe had some less pricing contribution. But you seem to be also pointing out some operational challenges that may have caused that. And I guess, how do you determine whether it's that versus maybe just a general slowdown in consumer spending, if you will?

我想問你幾個關於comp趨勢的問題。我想我首先想了解您如何看待本季度末看到的經濟放緩。而且我知道您對一些定價進行了調整，因此可能對定價的貢獻有所減少。但您似乎也指出了可能導致這種情況的一些運營挑戰。我想，如果你願意的話，你如何確定這是否是消費者支出的普遍放緩？

David, obviously, it's hard to tease out some of the macro pressures versus what we're seeing as far as people peeling off the line for potentially not being happy with digital order time. But what we've definitely seen as I've been out visiting, Scott has been out visiting restaurants, and when we talk to our leaders in the field is we've got a lot of new people that are still getting trained up on, frankly, the basics of great throughput. And I feel like this is rinse and repeat, but that's what our business is a little bit, which is we got to have our aces in places. You got to have the expeditor. You got to have the linebacker. You can't work around those things to try and service the business.

大衛，顯然，很難梳理出一些宏觀壓力與我們所看到的情況，因為人們可能對數字訂單時間不滿意而下線。但是當我出去參觀時，我們肯定看到，斯科特一直在參觀餐館，當我們與該領域的領導者交談時，我們有很多新人仍在接受培訓，坦率地說，大吞吐量的基礎。而且我覺得這是沖洗和重複，但這就是我們的業務有點，我們必須在某些地方有我們的王牌。你必須有加速器。你必須有線衛。您無法解決這些問題來嘗試為業務提供服務。

And we just have a lot of new people that don't understand how important some of those roles are as well as general managers, too. A lot of these managers have gotten promoted over the last 18 to 24 months. So we know there is upside in taking the combination of this new labor tool, deploying people correctly and then ensuring that those people are trained and actually experience what great throughput looks like. That's the other biggest thing. These -- a lot of these folks haven't experienced what -- how fast the line can move. So I think in some cases, folks think they're moving pretty quick when in fact we could be moving a lot faster.

我們只是有很多新人不了解其中一些角色以及總經理的重要性。在過去的 18 到 24 個月裡，這些經理中的許多人都得到了晉升。因此，我們知道結合使用這種新的勞動力工具、正確部署人員、然後確保這些人員接受過培訓並實際體驗到高吞吐量的樣子是有好處的。這是另一個最大的事情。這些——這些人中的很多人沒有經歷過——這條線的移動速度有多快。所以我認為在某些情況下，人們認為他們的行動速度非常快，而實際上我們的行動速度可能會快得多。

Got it. And Jack, could you help us understand what your transaction levels or growth was in the second quarter and what your third quarter guidance implies on that metric?

知道了。傑克，您能否幫助我們了解您在第二季度的交易水平或增長情況以及您的第三季度指導對該指標意味著什麼？

Yes. David, the transactions were up in the quarter between 3.5% and 4%. We also had a mix shift. We've been talking about that for a number of quarters now as our business has moved more towards in-restaurant. The average group size -- well, the mix shift was about a negative 6%. The average group size dropped by about 4.5%, and that drop is mostly a drop from the business moving from digital into in-restaurant.

是的。大衛，本季度的交易量增長了 3.5% 至 4%。我們也有一個混合轉變。隨著我們的業務更多地轉向餐廳內，我們已經討論了幾個季度。平均組大小——嗯，混合變化約為負 6%。平均團體規模下降了約 4.5%，而這一下降主要是由於業務從數字化轉向餐廳內造成的。

So as we move to Q3, we do expect that -- because of the downturn that we saw the macro effects in the second quarter, we do think that transaction comp will ease a bit, but we also think that the negative mix shift should ease a bit as well.

因此，當我們進入第三季度時，我們確實預計 - 由於我們在第二季度看到宏觀影響的低迷，我們確實認為交易補償會有所緩解，但我們也認為負面的組合轉變應該會緩解也有一點。

And Jack, one clarification. When you say ease, do you think it will stay positive, I guess? Was this your guidance to assume it's positive? Or are you thinking...

還有傑克，一個澄清。當你說輕鬆時，我猜你認為它會保持積極嗎？這是你假設它是積極的指導嗎？還是你在想...

David, it's going to be right around slightly positive or right around flattish, right around in that range.

大衛，它會在稍微積極或持平左右，就在那個範圍內。

The next question comes from John Glass from Morgan Stanley.

下一個問題來自摩根士丹利的約翰·格拉斯。

My first question is just maybe clarify a little bit more why seek more pricing now. It seems like your margins are where you thought they should be. You're sort of balancing the inflationary impact versus pricing. And you're also now confronting a weaker consumer. So why now versus maybe letting some pricing lapse and maybe waiting longer and just out of the abundance of caution, maybe your thoughts on that, please.

我的第一個問題可能只是更清楚一點，為什麼現在尋求更多定價。看起來你的利潤是你認為應該的。你在某種程度上平衡了通脹影響與定價。而且您現在還面臨著較弱的消費者。那麼，為什麼現在而不是讓一些定價失效，或者等待更長時間，只是出於謹慎考慮，也許你對此有什麼想法。

Yes. What we've seen is -- unfortunately, a lot of things have stuck versus gone away as far as inflation. And then we've got some key items that have frankly continued to be inflationary. And I think Jack highlighted it right. We've got avocados, we've got dairy, tortillas, some packaging. So unfortunately, we were hoping we'd see some of the stuff pull back. We haven't seen that.

是的。我們所看到的是——不幸的是，就通貨膨脹而言，很多事情已經停滯不前。然後我們有一些關鍵項目坦率地說繼續是通貨膨脹的。我認為傑克強調它是正確的。我們有鱷梨、乳製品、玉米餅和一些包裝。所以不幸的是，我們希望我們會看到一些東西退縮。我們還沒有看到。

But there are other parts of the business that we have seen plateau, which gives us optimism that, hopefully, we won't have to continue to pull the pricing lever. And I think you've seen this with us. We really do try to wait until we truly understand what feels like is something that's an ongoing cost that we need to handle with pricing versus, hey, we're going to wait this one out and see if it pulls back. So we figured best to share where our heads are on this one now.

但是我們看到業務的其他部分處於停滯狀態，這讓我們樂觀地認為，希望我們不必繼續拉動定價槓桿。我想你已經和我們一起看到了這一點。我們確實會嘗試等到我們真正了解感覺是我們需要通過定價來處理的持續成本，而嘿，我們將等待這個，看看它是否會回落。所以我們想最好分享一下我們現在在這個問題上的位置。

I appreciate that. On -- thinking about your softness that you experienced post-May, was there any particular part of the business that it showed up in first? I'm thinking did the delivery channel, for example, exhibit weakness? What piece of the business decelerated more than others? And was there any signal in that in terms of the behavioral change of the consumer?

我很感激。關於——想想你在 5 月之後經歷的軟弱，有沒有什麼特別的部分首先出現？例如，我在想交付渠道是否表現出弱點？哪一項業務比其他業務減速更多？就消費者的行為變化而言，這是否有任何信號？

Yes. I think what we saw was probably not all that different from what people have been saying. The low-income consumer definitely has pulled back their purchase frequency. Fortunately, for Chipotle, that is not the majority of our customers. The majority of our customers are a higher-household-income consumer. And we've actually seen their frequency increase and potentially not experience, I'm guessing, some trade-down from other areas where they were choosing to get their leading occasion. So probably the first indicator was in our, I'll call it, our rewards data, where we saw some of these low-income consumers starting to slow down on purchase frequency.

是的。我認為我們所看到的可能與人們所說的並沒有太大的不同。低收入消費者肯定已經降低了購買頻率。幸運的是，對於 Chipotle 來說，這不是我們的大多數客戶。我們的大多數客戶是家庭收入較高的消費者。我們實際上已經看到他們的頻率增加了，並且可能沒有經歷，我猜，他們選擇獲得領先機會的其他領域的一些折衷。所以第一個指標可能是我們的，我稱之為獎勵數據，我們看到一些低收入消費者的購買頻率開始放緩。

And not necessarily impacting the delivery channel specifically, which one might think of as being an expensive channel?

不一定會具體影響交付渠道，哪個可能會被認為是一個昂貴的渠道？

No. No. Actually, that's been pretty stable throughout.

不。不。實際上，這一直很穩定。

And the next question is from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Just a question -- a follow-up question on the topic of mix and the impact of essentially the number of people per order. One casual dining company out there said that family seemed to be getting back to pre-COVID summer behaviors. So perhaps that family orders that happened last summer are going away as they get back to doing some of those other activities. Do you think -- is it, I don't know, possible for you to see that in the numbers or in any of your insights data that perhaps there's almost a seasonal headwind that's going to be particularly bad here over the summer and it coincided with that, not just economics?

只是一個問題——關於混合主題的後續問題以及每個訂單的人數的影響。那裡的一家休閒餐飲公司表示，他們的家人似乎正在恢復 COVID 之前的夏季行為。因此，也許去年夏天發生的家庭訂單正在消失，因為他們重新開始從事其他一些活動。你認為 - 我不知道，你是否有可能在數字或任何洞察數據中看到，也許幾乎存在季節性逆風，在夏季這裡會特別糟糕，而且它恰逢有了這個，不僅僅是經濟學？

I mean, David, there is the other thing that we saw was, even the group size in-restaurant did decline a little bit. It didn't decline as much. Overall decline was in that 4.5% range, and it was bigger -- the bigger piece of that is a shift from digital to in-restaurant. But even within the in-restaurant customers, the group size did shrink a little bit. So I don't know if I would connect those dots. But if you're seeing other evidence that families are returning to the way that they would dine 4 years ago where they're not all getting together and dining together, that could be at play.

我的意思是，大衛，我們看到的另一件事是，即使是餐廳內的團體人數也確實有所下降。它沒有下降那麼多。總體下降幅度在 4.5% 範圍內，而且下降幅度更大——其中更大的一部分是從數字化向餐廳內的轉變。但即使在餐廳內的顧客中，團體規模也確實縮小了一點。所以我不知道我是否會連接這些點。但是，如果您看到其他證據表明家庭正在恢復他們 4 年前的用餐方式，那時他們並不是所有人都聚在一起用餐，那可能是在起作用。

We also, for the first time in 3 years, saw kind of normal college seasonality, meaning the college restaurants really performed exceptionally well during the school year because they were all in-person. And then we saw a normal kind of seasonality that we haven't seen in 3 years, where the college students go back home and they tend to eat less. I don't know if that's more mom's home cooking. But they -- when we track the individual customers, they tend to visit Chipotle to a lesser degree when they're away from college than at college. So we are definitely seeing some normalization under the overall trends.

3 年來，我們第一次看到了正常的大學季節性，這意味著大學餐廳在學年期間表現非常出色，因為它們都是面對面的。然後我們看到了一種正常的季節性，這是我們 3 年來從未見過的，大學生們回家，他們往往吃得更少。我不知道這是否更像是媽媽的家常菜。但是他們——當我們跟踪個別客戶時，他們在離開大學時訪問 Chipotle 的程度往往低於在大學期間訪問 Chipotle 的程度。因此，我們肯定會在總體趨勢下看到一些正常化。

And in the past, you've talked about an incremental margin framework. Maybe something like 35% to 40% would be normal. Obviously, the first half has been below that, particularly in the first quarter, maybe catching up to a bit here in the second quarter. With the 4 points of price that you're talking about, do you feel like you're going to be getting back to that sort of incremental margin from here on out?

在過去，您談到了增量保證金框架。也許 35% 到 40% 是正常的。顯然，上半場一直低於這個水平，尤其是在第一季度，可能會在第二季度趕上一點。有了你所說的 4 個點的價格，你覺得從現在開始你會回到那種增量利潤嗎？

That's right, David. In fact, that's exactly why we did what we did. We still have some additional inflation that we're going to see carry into Q3 for tortillas, dairy, packaging and some known increases related to beef that we've known for a while. All those roll into Q3. And really, what this allows us to do is when we get up to this, we've talked about a $3 million average volume, and then our margin should be somewhere in the 27% range. That gets us back to that kind of a situation. And the pass-through for every incremental sales dollar we get in should be right back to that 40%-ish flow-through that we've talked about in the past.

沒錯，大衛。事實上，這正是我們做我們所做的事情的原因。對於玉米餅、乳製品、包裝以及與牛肉相關的一些已知增長，我們仍然會看到一些額外的通脹進入第三季度，我們已經知道了一段時間。所有這些都進入第三季度。實際上，這使我們能夠做的是，當我們達到這個目標時，我們已經談到了 300 萬美元的平均交易量，然後我們的利潤率應該在 27% 的範圍內。這讓我們回到了那種情況。我們獲得的每一美元銷售增量的傳遞應該馬上回到我們過去談到的 40% 左右的流通。

The next question will be from Sara Senatore with Bank of America.

下一個問題將來自美國銀行的 Sara Senatore。

I wanted to ask about throughput. And I know a lot has changed as we think about transaction baskets. But historically, you've given some estimates about peak-hour throughput. And I just wanted to see if you could give some context around where you are now, especially now that you have a second make-line, whereas previous peak would have been mostly the front make-line. And is there a way to kind of quantify what improving throughput could do for transactions to your point about not losing people off the end of the line? Is there sort of a framework we can think about that says, one transaction per hour is equal to a point of comp or something like that? I'm just trying to understand as we think going forward, the guidance for transaction contemplates any improvement in throughput.

我想問一下吞吐量。我知道當我們考慮交易籃子時，很多事情都發生了變化。但從歷史上看，您已經對高峰時段的吞吐量進行了一些估計。我只是想看看你是否可以就你現在所處的位置提供一些背景信息，尤其是現在你有第二條生產線，而之前的高峰主要是前生產線。有沒有一種方法可以量化提高吞吐量可以為您的交易帶來哪些好處，即不會失去生產線末端的人員？有沒有一種我們可以考慮的框架，即每小時一筆交易等於一個補償點或類似的東西？我只是想了解我們認為未來的交易指南考慮了吞吐量的任何改進。

Yes. I mean -- so here's one of the things that we have done because you point out that we've now got this multibillion-dollar digital business, multibillion-dollar in-restaurant business. We've separated out the metrics for the front line and the digital make-line. And we've got very specific. On the digital make-line, it's about being on time and accurate. And on the front line, it's about throughput. And we believe on that front line, we can get back to where we were, what was it, Jack, like 2014, '13, where we were in the high 20s, low 30s.

是的。我的意思是 - 這是我們所做的事情之一，因為你指出我們現在已經擁有了數十億美元的數字業務，數十億美元的餐廳業務。我們已經將前線和數字生產線的指標分開。我們有非常具體的。在數字生產線上，它是關於準時和準確的。在第一線，這與吞吐量有關。而且我們相信在前線，我們可以回到我們的位置，那是什麼，傑克，就像 2014 年，'13，我們在 20 多歲，30 多歲的低谷。

On a 15-minute basis.

以 15 分鐘為單位。

On a 15-minute basis. That's what we're going back after. And that's why it's so important. We really kind of did this exercise back in 2019, and we're starting to see it pay dividends in kind of early 2020. And then, unfortunately, COVID hit. And so we're confident that if we can get our team members to understand what it means to be, call it, rush-ready in their places and ready to go, there's no reason why we can't get back to those high 20s, low 30s on a per 15-minute basis. I don't know if we've talked about exactly how the transactions translate into sales.

以 15 分鐘為單位。這就是我們要回去的。這就是為什麼它如此重要。早在 2019 年，我們就確實進行了這項工作，並且我們開始看到它在 2020 年初產生了紅利。然後，不幸的是，COVID 來了。因此，我們有信心，如果我們能讓我們的團隊成員理解這意味著什麼，稱之為，在他們的地方准備好並準備好出發，我們沒有理由不能回到 20 多歲的時候，每 15 分鐘低 30 秒。我不知道我們是否已經討論過交易如何轉化為銷售。

I don't know if you want to go that far. Well, here's what I would say about that, Sara. It's hard to tease through and find out when you increase. Let's say you move from like 22 to 27, okay? That's a 5-entree increase. As a perspective, each -- every time you got 5 transaction, that's a percent of comp, okay, for that day. We're measuring the fastest 15-minute period. So what we believe is that when you go faster in one 15-minute period, you're going to go faster in multiple 15-minute periods. So the opportunity to add quite a bit of comp is there.

我不知道你是否想走那麼遠。好吧，這就是我要說的，薩拉。很難梳理並找出何時增加。假設你從 22 歲到 27 歲，好嗎？那是增加了 5 個主菜。從一個角度來看，每一次 - 每次您獲得 5 筆交易，這就是當天的佣金百分比。我們正在測量最快的 15 分鐘時間段。所以我們相信，當你在一個 15 分鐘內跑得更快時，你會在多個 15 分鐘內跑得更快。所以有機會添加相當多的補償。

But to Brian's point, we just need to get more reps. We have a lot of folks that really haven't been on the front line. They haven't even managed a restaurant when we had the in-store business coming back the way it is today. So -- but we believe that there's definitely the opportunity to add some meaningful comp here.

但就布賴恩而言，我們只需要獲得更多的代表。我們有很多人真的沒有在前線。當我們的店內業務恢復到今天的樣子時，他們甚至還沒有管理過一家餐廳。所以——但我們相信肯定有機會在這裡添加一些有意義的組合。

That's super helpful. Sorry, just one follow-up on mix. Was there any sort of lower attachment or anything like that? Or it's strictly the sort of lapping the order aggregation?

這非常有幫助。抱歉，只有一個關於 mix 的後續內容。是否有任何較低的依戀或類似的東西？還是嚴格意義上的訂單聚合？

No. I mean the only thing I would clarify on that, Sara, is there is a higher attachment rate to digital. And so when you see people move from digital to an in-restaurant visit, then you also see a return to less attachment. We also -- by the way, we are seeing higher drinks. The fact that we've got more people coming into the restaurant, we are seeing more drinks. And just to give you a perspective, about 40% of our transactions in restaurant included a drink, only about 20% or slightly less than that of a digital transaction. So as we've seen this shift, there's been a positive shift as well but not enough to offset the lower group size.

不，我的意思是，薩拉，我唯一要澄清的是，對數字的依戀率更高。因此，當您看到人們從數字化轉向到餐廳訪問時，您也會看到回歸到更少的依戀。我們也 - 順便說一句，我們看到更高的飲料。事實上，我們有更多的人進入餐廳，我們看到更多的飲料。只是為了給你一個視角，我們在餐廳的交易中約有 40% 包括飲料，僅比數字交易的 20% 或略少。因此，正如我們所看到的這種轉變，也有一個積極的轉變，但不足以抵消較低的小組規模。

The next question is from Jared Garber from Goldman Sachs.

下一個問題來自高盛的 Jared Garber。

I wanted to just ask about menu innovation. Brian, I know you mentioned that the guajillo steak is sort of past its stage-gate process and ready for launch, whenever that may be. But wanted to also get a sense if you could update us on the other item that's in test, which is the Mexican cauliflower rice and how you think about maybe more permanent menu item as a plant-based base for consumers over time.

我只想問一下菜單創新。布賴恩，我知道你提到過 guajillo 牛排已經過了階段性流程，隨時可以發布。但也想了解一下，如果您可以向我們介紹另一個正在測試的項目，即墨西哥花椰菜飯，以及隨著時間的推移，您如何看待可能更永久的菜單項目作為消費者的植物基地。

Yes. Obviously, we're very interested in that new way of eating. And I think we mentioned this in our earlier comments. We've invested in a plant-based company called Meati. And the idea is how can we continue to find plant-based items that are consistent with our food ethos that also are delicious from a culinary standpoint.

是的。顯然，我們對這種新的飲食方式非常感興趣。我認為我們在之前的評論中提到了這一點。我們投資了一家名為 Meati 的植物性公司。我們的想法是，我們如何才能繼續找到與我們的食品精神相一致的植物性食品，從烹飪的角度來看也很美味。

So we've obviously done the cauliflower rices. We have the sofritas that's on our menu all the time. I'm optimistic that hopefully we can find another center of plate or call it center able solution that's plant-based, which we haven't done to date, right? It's really been a plant-based -- the cauliflower, these things have been more perceived as, I would say, a piece of your bowl versus the centerpiece of your bowl. And so that's what we're working towards. And I'm excited to see what we learn as we partner up with Meati. And obviously, our culinary team continues to work aggressively in this space.

所以我們顯然做了花椰菜飯。我們的菜單上一直都有索菲塔。我很樂觀，希望我們能找到另一個平板中心，或者稱之為基於植物的中心解決方案，這是我們迄今為止還沒有做過的，對吧？它真的是一種植物——花椰菜，這些東西被更多地視為，我想說，你碗的一塊，而不是你碗的中心。這就是我們正在努力的方向。我很高興看到我們與 Meati 合作時學到的東西。顯然，我們的烹飪團隊繼續在這個領域積極工作。

That's helpful. And then just one follow-up on the throughput, which seems to be a little bit of the topic of the day. Is there anything similar across maybe either geographies or store bases that you're seeing throughput as more of a challenge? Maybe that's an urban thing or a suburban thing. Just curious what you guys are seeing in terms of any read across or tie-ins across the geography.

這很有幫助。然後只是對吞吐量的一個跟進，這似乎是當天的話題。在您認為吞吐量更大的挑戰的地區或商店基地中是否有類似的東西？也許那是城市的事情或郊區的事情。只是好奇你們在跨地域的任何閱讀或搭配方面看到了什麼。

Yes. No, really, you're not seeing that. I'd say probably the experience is where we see the biggest difference. We have restaurants that are doing $6 million, $7 million. That team has been together for years. And when -- as soon as kind of all the COVID restrictions went away, they went right back to running Chipotles really successfully.

是的。不，真的，你沒有看到。我想說，體驗可能是我們看到最大差異的地方。我們有餐廳的收入為 600 萬美元，700 萬美元。那支球隊已經在一起很多年了。當 - 一旦所有的 COVID 限制消失，他們就開始真正成功地運行 Chipotles。

And that's why we're so confident in so much opportunity in just getting people, the reps, getting them trained up on the basics and then, frankly, just for them to experience the success that they have by following these basics. So ultimately, what we're really after is the better throughput actually results in a better employee experience as well. And we probably should talk about that a little bit more because our employees that are more successful -- and then obviously, they give a great experience to our guests.

這就是為什麼我們如此有信心讓人們、銷售代表、讓他們接受基礎知識培訓，然後坦率地說，只是讓他們通過遵循這些基礎來體驗他們所獲得的成功。所以最終，我們真正追求的是更好的吞吐量實際上也會帶來更好的員工體驗。我們可能應該多談一點，因為我們的員工更成功——很明顯，他們為我們的客人提供了很好的體驗。

But yes, I'd say the biggest thing -- and unfortunately, we have experienced managers all over the country, so we don't see any variability from like region or suburban, urban. It's more along the lines we just got to get more people trained up.

但是，是的，我想說的是最重要的事情——不幸的是，我們在全國各地都有經驗豐富的經理，所以我們看不到任何地區或郊區、城市的變化。這更像是我們必須讓更多的人接受培訓。

The next question is from Andrew Charles with Cowen.

下一個問題來自 Andrew Charles 和 Cowen。

Brian, can you talk a little bit more about how Chipotle plans to flex value in the menu in the current consumer backdrop as you run double-digit pricing while lapping what looks like about 10% price in the back half of 2021? I know earlier in your career, snacking and looking at the shoulder period between 2 and 5 p.m. was an opportunity. Is that something that you think applies to Chipotle just given the background for lower-income consumers?

布賴恩，您能否多談談 Chipotle 計劃如何在當前消費者背景下在菜單中調整價值，因為您在 2021 年下半年以大約 10% 的價格運行兩位數的定價？我知道在你職業生涯的早期，在下午 2 點到 5 點之間吃零食並觀察肩部時間。是一個機會。考慮到低收入消費者的背景，你認為這適用於 Chipotle 嗎？

I really believe the value proposition what we sell today is our strongest proposition. We looked really hard at this. When you look at a chicken burrito, steak burrito and you compare that to your alternatives, the value is there. And so if -- I think we execute great accuracy and being on time and we execute great throughput. That's our winning formula. That is the value proposition that wins. And that's why we're very much focused on executing our basics. The basics drive our value. So great culinary, customized, and then with Food with Integrity is a winning value proposition for all income levels.

我真的相信我們今天銷售的價值主張是我們最強烈的主張。我們真的很努力地看著這個。當您查看雞肉捲餅、牛排捲餅並將其與您的替代品進行比較時，價值就在那裡。因此，如果 - 我認為我們執行非常準確並且準時並且我們執行高吞吐量。這就是我們的製勝法寶。這就是獲勝的價值主張。這就是為什麼我們非常專注於執行我們的基礎知識。基礎驅動我們的價值。如此出色的烹飪，定制，然後與誠信食品是所有收入水平的成功價值主張。

My follow-up question is just on another one on culinary. Just talking a little bit more just around pollo asado and the ability to keep that on the menu. I know it's a higher margin, obviously, tested very well and it's done very well for you guys. Is the plan to keep that permanently? It's gone a little bit longer than a typical limited-time offer would run.

我的後續問題只是關於烹飪的另一個問題。只是圍繞 pollo asado 和將其保留在菜單上的能力多談一點。我知道這是一個更高的利潤，顯然，測試得很好，而且對你們來說做得很好。是否計劃永久保留它？它比典型的限時優惠運行時間要長一點。

No. The plan is not to keep it permanently. I think we've talked about this. Ideally, we like having menu news 2 to 3 times a year. And if we get some that can carry longer, we stay with them longer. But that will eventually be coming out here in the next couple of months. And hopefully, we'll have some other menu news that gets people equally as excited.

不，計劃不是永久保留它。我想我們已經談過了。理想情況下，我們喜歡一年有 2 到 3 次菜單新聞。如果我們得到一些可以攜帶更長時間的東西，我們會在它們身邊停留更長時間。但這最終將在未來幾個月內出現。希望我們會有一些其他的菜單新聞，讓人們同樣興奮。

The next question is from Lauren Silberman from Credit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

On unit growth, so on track to accelerate unit growth to 8% to 10%. Can you talk about what you expect with respect to cannibalization and just the trade-off between unit growth and comp?

在單位增長方面，因此有望加快單位增長至 8% 至 10%。你能談談你對蠶食的期望，以及單位增長和補償之間的權衡嗎？

Yes, Lauren. We measure the impact, and we don't see -- we've never seen impact go above a 1% comp impact. We've seen it get up to 0.7%, 0.8%, something like that. So it's still very, very manageable. And so every time we do a deal, we go through a routine where we have an algorithm where we measure what we think the impact is going to be. Our team does a really good job of measuring that. It's still an estimated part art, part science, but we look to do deals that are going to give us a superior after-impact return.

是的，勞倫。我們衡量了影響，但我們沒有看到——我們從未見過超過 1% 的影響。我們已經看到它達到了 0.7%、0.8% 之類的。所以它仍然非常非常易於管理。所以每次我們做交易時，我們都會經歷一個例行程序，我們有一個算法來衡量我們認為會產生什麼影響。我們的團隊在衡量這一點方面做得非常好。它仍然是一個估計的部分藝術，部分科學，但我們希望做的交易會給我們帶來卓越的影響後回報。

So we're not looking to put restaurants right on top of each other and cause excessive impact, but there's just a lot of white space out there still. We -- with this idea of getting from 3,000 to 7,000 restaurants, we've modeled that after our 3 or 4 or 5 most end markets, and those are markets that we already have the density that represents what we would be on a national basis at 7,000 restaurants. And those restaurants are very high-volume and very high-return restaurants.

因此，我們不希望將餐廳彼此重疊並造成過度影響，但仍然存在大量空白。我們 - 有了從 3,000 家到 7,000 家餐廳的想法，我們在我們的 3、4 或 5 個最終端市場之後建模，這些市場我們已經擁有代表我們在全國范圍內的密度在 7,000 家餐廳。而那些餐廳是非常高產量和非常高回報的餐廳。

Great. And then just on potential AUVs, the AUVs are now running at 2.8 million, high end of restaurant peers. You've talked about the opportunity for increased throughput, 40% of sales going through the secondary digital make-line. How are you thinking about peak AUV levels and where that can go? Is there a level where it makes more sense to open another restaurant?

偉大的。然後僅在潛在的 AUV 上，AUV 現在運行在 280 萬，是餐廳同行的高端。您談到了提高吞吐量的機會，即 40% 的銷售額通過二級數字生產線。你如何看待 AUV 的峰值水平以及它可以去哪裡？是否有一個級別更適合開設另一家餐廳？

Yes. Look, I think one of the things that truly special about Chipotle is we are not capacity-constrained with our front line or our digital make-line. So I mentioned, right, there's restaurants doing $5 million, $6 million, $7 million. And obviously, it presents an opportunity for us to build a lot more restaurants without having really any meaningful impact, but I think it also just demonstrates the 4 walls that we're already running Chipotle has tremendous upside as well.

是的。看，我認為 Chipotle 真正特別的一件事是我們不受前線或數字生產線的產能限制。所以我提到，對，有些餐館的收入是 500 萬美元、600 萬美元、700 萬美元。顯然，它為我們提供了一個機會，可以在沒有真正任何有意義的影響的情況下建造更多的餐廳，但我認為它也只是證明了我們已經在運行的 4 面牆也有巨大的優勢。

So I'm feeling really confident we're going to get past $3 million, and I'm sure we'll probably be talking about how we get to $4 million at some point. But I first like to get past the milestone of $3 million. We can celebrate that milestone. And the good news is I don't see any capacity constraints that would prevent us from saying $4 million is next up.

所以我非常有信心我們會超過 300 萬美元，而且我相信我們可能會討論如何在某個時候達到 400 萬美元。但我首先想超越 300 萬美元的里程碑。我們可以慶祝這個里程碑。好消息是我沒有看到任何容量限制會阻止我們說下一個是 400 萬美元。

And the next question is from Dennis Geiger from UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Brian, a quick follow-up on throughput question again. Is there anything else to share on sort of that opportunity to get back by 2030 throughput for 15 minutes? Can you do that in the current staffing environment? And is it really more about training the ops initiative that you mentioned as well as the experience, I think, of the teams working there? Just trying to get a sense for how generally quickly gains can happen across the large system as we think about throughput, any way to kind of frame that up for us.

Brian，再次快速跟進吞吐量問題。關於到 2030 年恢復 15 分鐘吞吐量的機會，還有什麼可以分享的嗎？在當前的人員配置環境下，你能做到嗎？真的更多的是關於培訓你提到的運營計劃以及我認為在那里工作的團隊的經驗嗎？當我們考慮吞吐量時，只是試圖了解在整個大型系統中通常會以多快的速度獲得收益，任何一種為我們構建框架的方式。

Yes. Look, I think the good news is we have lots of opportunity to execute what we know are the basics of great throughput, right? Like -- unfortunately, I've gone into a lot of restaurants, and we don't have our expeditor in place. That is a key piece of the puzzle. And the good news is our operations leadership is very much focused on explaining to people how important that expeditor role is.

是的。看，我認為好消息是我們有很多機會來執行我們所知道的高吞吐量的基礎知識，對吧？就像 - 不幸的是，我去過很多餐館，但我們沒有我們的加速器。這是難題的關鍵部分。好消息是我們的運營領導非常專注於向人們解釋加速器角色的重要性。

Because if you're new, you could see why you would think of, maybe I can flex that person when, in fact, that's the last person you want to be flexing if you want to really achieve great throughput. So look, the good news is staffing is not a barrier. Frankly, the barrier we have to get -- we have to overcome is getting people to experience what it's like to run a restaurant with everybody in the right place doing the right role through a peak.

因為如果你是新人，你會明白為什麼會想到，也許我可以讓那個人變通，事實上，如果你想真正實現高吞吐量，那是你最不想變通的人。所以看，好消息是人員配備不是障礙。坦率地說，我們必須克服的障礙——我們必須克服的障礙是讓人們體驗經營一家餐廳的感覺，每個人都在正確的地方，在高峰期扮演正確的角色。

And obviously, it will take a little bit of time, but that's something that we can train, people can experience. And like I mentioned, we saw a lot of progress on this when we did this back in 2019. So I'm confident we can get focused and get the reps and then get the execution that then results in the comp growth.

顯然，這需要一點時間，但這是我們可以訓練的，人們可以體驗的。就像我提到的那樣，當我們在 2019 年這樣做時，我們看到了很多進展。所以我相信我們可以集中精力並獲得代表，然後獲得執行，從而導致薪酬增長。

That's great. And then you spoke to this some, but I just wanted to ask a little bit more on resiliency, sort of your expectations for resiliency, increasingly difficult macro environment. The brand meaningfully outperformed in ['08, '09]. Obviously, you've been extremely resilient and brand strength over the last several years. But anything you could kind of highlight, maybe differences or similarities, prior tough economic periods where the brand has outperformed? And just broadly, anything additional that you could add on sort of resilience for the brand from here?

那太棒了。然後你談到了一些，但我只是想問更多關於彈性的問題，你對彈性的期望，越來越困難的宏觀環境。該品牌在 ['08, '09] 中的表現明顯優於其他品牌。顯然，在過去的幾年裡，你一直非常有彈性和品牌實力。但是任何你能強調的東西，也許是差異或相似之處，是該品牌在經濟困難時期表現出色的情況？從廣義上講，您可以從這里為品牌增加任何額外的彈性嗎？

Yes. Sure. Well, look, I think probably the thing that's common when you look back to what we're seeing right now is the strength of our higher-income consumer. That's a common factor. So even though the lower-income consumer is slowing down, we've not seen that happen with our higher-income consumer. And fortunately, for Chipotle, we over-index with higher-income consumers.

是的。當然。好吧，看，我認為當您回顧我們現在所看到的情況時，可能很常見的事情是我們高收入消費者的實力。這是一個共同的因素。因此，即使低收入消費者正在放緩，我們還沒有看到我們的高收入消費者發生這種情況。幸運的是，對於 Chipotle，我們對高收入消費者的指數過高。

And I think the other piece of the puzzle, too, is now we've got a database of, call it, 29 million, 30 million people, where we can hopefully be on the front end of what is happening out there so that we can hopefully pivot and communicate correctly with our customers. And what we've heard over and over again is our value proposition is probably our greatest strength, meaning terrific food or terrific culinary, unbelievable customization, if you want it digitally, it's on time, right, and it's accurate. And if you come into our restaurant, you love the customization and the speed of which you can get it.

而且我認為另一個難題也是，現在我們有一個數據庫，稱它為 2900 萬，3000 萬人，我們有希望在其中處於正在發生的事情的前端，以便我們希望能夠與我們的客戶進行正確的溝通和溝通。我們一遍又一遍地聽到的是，我們的價值主張可能是我們最大的優勢，這意味著美味的食物或美味的烹飪，令人難以置信的定制，如果你想要數字化，它是準時的，對的，而且是準確的。而且，如果您來到我們的餐廳，您會喜歡定制化的服務以及獲得它的速度。

So good news is it's a lot of similarities of what we've seen in the past. The one thing I know for sure is something will be different. So that's why I think it's important to talk about just how resilient the organization is to also handle whatever unexpected headwind we'll deal with.

好消息是它與我們過去看到的有很多相似之處。我確定的一件事是有些事情會有所不同。因此，這就是為什麼我認為重要的是要談論組織在處理我們將要處理的任何意外逆風方面的彈性。

The next question is from John Ivankoe from JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

Hopefully, a slightly different take on the throughput question. Is your throughput -- is it constrained, the 12 to 1 and 6 to 7, kind of the classic times that you used to be busy? Or are there kind of pockets throughout the day, I guess, is kind of the first main question? And secondly, if there are just certain hours where you're throughput-constrained because of staffing, I guess, what is the store manager -- what does the system do? I mean people obviously don't want to come in and work for an hour shift or even a 2-hour shift. Does the brand have the flexibility -- does the model have flexibility to bring people in for 4 to 8 hours to maybe cover a couple of busy hours?

希望對吞吐量問題的看法略有不同。您的吞吐量是否受到限制，即 12 比 1 和 6 比 7，是您過去忙碌的經典時期嗎？或者，我猜一整天都有口袋，這是第一個主要問題嗎？其次，如果只是因為人員配置而導致您的吞吐量受限的特定時間，我猜，商店經理是什麼——系統是做什麼的？我的意思是人們顯然不想進來工作一個小時甚至兩個小時的班次。品牌是否具有靈活性——該模型是否具有靈活性，可以讓人們在 4 到 8 小時內進入，也許可以覆蓋幾個繁忙的時間？

So just kind of walk us through, I guess, the practicalities of actually staffing that store -- that front make-line or the second make-line during those 15-minute windows of those hour windows as it were where you really are capacity-constrained?

所以，我想，只是讓我們了解一下實際為那家商店配備人員的實用性——在那些小時窗口的那 15 分鐘窗口期間，前面的生產線或第二條生產線，因為它是你真正有能力的地方——約束？

Yes. Well, first, so we're not capacity-constrained at 12 to 1 or 6 to 7 or 1 to 1:30. The good news is we've got capacity in every 15-minute increment. Now your question about how do you best deploy so that you have the right amount of people in place ready to go, that's really the reason why we've implemented this new labor tool. It's going to do just that, right? So it's going to go ahead and say look at like this restaurant is slammed from 11 to 11:45. This restaurant is slammed from 12 to 12:30. This restaurant has a really big dinner business. So it takes into that account so that we deploy the right amount of people against those peaks. We're not capacity-constrained. So if we can get the people at the right time in the right position, our throughput is going to go up. For a second there, John, I thought you worked for Cronos. But...

是的。嗯，首先，所以我們在 12 比 1 或 6 比 7 或 1 比 1:30 時不受容量限制。好消息是我們每增加 15 分鐘就有一次容量。現在你的問題是如何最好地部署，以便有適當數量的人員準備就緒，這就是我們實施這個新勞動力工具的真正原因。它會這樣做，對吧？所以它會繼續說看看這家餐廳從 11 點到 11:45 被猛烈抨擊。這家餐廳從 12 點到 12 點 30 分被猛烈抨擊。這家餐廳的晚餐生意非常好。因此，它考慮到了這一點，以便我們針對這些高峰部署適量的人員。我們不受能力限制。因此，如果我們能夠在正確的時間將人員安排到正確的位置，我們的吞吐量就會上升。有一秒鐘，約翰，我以為你為克羅諾斯工作。但...

And just by capacity constraint it's capacity constraint for the given number of employees that you have on that given shift, not for the overall box itself. I get that.

僅通過容量限制，它是針對給定輪班中給定數量的員工的容量限制，而不是針對整個盒子本身的容量限制。我明白了。

Okay. Okay. Yes, yes. And that's exactly what this is supposed to help us address so that you don't end up with you're understaffed from 11 to 11:45 and you're overstaffed from 12:45 to 1:30. The idea is we get our people in the right places at the right time. So -- and that's the tool that we just rolled out. And now we're training against the tool to ensure people are in their place so that we execute the maximum throughput we can in each of those 15-minute increments.

好的。好的。是的是的。這正是應該幫助我們解決的問題，這樣您就不會在 11 點到 11:45 人手不足，而從 12:45 到 1:30 人手過多。我們的想法是讓我們的員工在正確的時間出現在正確的地方。所以——這就是我們剛剛推出的工具。現在我們正在針對該工具進行培訓，以確保人們在他們的位置，以便我們在每 15 分鐘的增量中執行我們可以執行的最大吞吐量。

And just to add on, Brian, the tool also recognizes like where is the business? Like how much is digital? How much is front line?

另外，Brian，該工具還可以識別業務在哪裡？比如數字是多少？前線多少錢？

Oh, yes. Good point, too.

哦是的。好點，也是。

Our old tool wasn't as sophisticated. And so if one restaurant has 20% digital, another has -- like in our Chipotlanes have 55% to 60% digital. The staffing model is very different for those 2 things. So our ability to really put exactly the right people with the right skills at the right time throughout the day to drive throughput has never been better.

我們的舊工具沒有那麼複雜。因此，如果一家餐廳有 20% 的數字化，那麼另一家就有——比如我們的 Chipotlanes 有 55% 到 60% 的數字化。這兩件事的人員配備模型非常不同。因此，我們能夠在一天中的正確時間真正派出具有正確技能的正確人員來提高吞吐量，這一點從未像現在這樣好。

Now this is a brand-new tool. It's like learning how to drive a Ferrari. When you first get in the car, there's -- it's a very, very highly sophisticated tool. And so we're learning how to use that. But the capabilities are much higher than what our previous tool allowed.

現在這是一個全新的工具。這就像學習如何駕駛法拉利。當你第一次上車時，有 - 這是一個非常非常複雜的工具。所以我們正在學習如何使用它。但是這些功能比我們以前的工具所允許的要高得多。

And if I can, obviously, this wouldn't be rolled out in the system unless it obviously went through the extensive operational stage-gate system. I mean how big of a pilot did you do for the system before you decided on the system-wide rollout? And how effective was it in that collection of pilot stores?

如果可以的話，顯然，除非它顯然通過了廣泛的操作階段門系統，否則它不會在系統中推出。我的意思是，在您決定在系統範圍內推出之前，您為該系統做了多大的試點？它在這些試點商店中的效果如何？

Yes. Yes. So look, we've been piloting this for over 2 years. And we did really the bulk of the rollout for the last 6 months across our restaurants. So it's a new tool for our teams. The good news is it's not a new tool for our organization to manage, train against and get people to use it to its best ability.

是的。是的。所以看，我們已經試行了 2 年多了。在過去的 6 個月裡，我們確實在我們的餐廳中完成了大部分的推廣工作。所以它是我們團隊的新工具。好消息是，它不是我們組織管理、培訓和讓人們充分利用它的新工具。

Look, there is a change management process, though, in anything. No matter how good it is, sometimes people really like the old approach better even though the new approach is going to help them perform better. So we're going through the change management process as any organization would. But the good news is we've done the due diligence on the front end so that as we learn things -- and we're dealing with 100,000 people. So I'm sure we will learn some things even beyond our pilot. We have the know-how, though, to pivot accordingly and maximize the tool.

看，儘管如此，任何事情都有一個變更管理過程。不管它有多好，有時人們真的更喜歡舊方法，即使新方法會幫助他們表現得更好。因此，我們正在像任何組織一樣經歷變革管理流程。但好消息是我們已經在前端進行了盡職調查，以便在我們了解事物時——我們正在與 100,000 人打交道。所以我相信我們會學到一些甚至超出我們的飛行員的東西。但是，我們擁有相應地調整和最大化工具的專業知識。

The next question will be from Chris O'Cull from Stifel.

下一個問題將來自 Stifel 的 Chris O'Cull。

I had a follow-up on the value question that was raised earlier. It seems like a potential scenario could be where commodity prices start to ease, traffic continues to soften for the industry, and that would cause some change to be more aggressive with either price-led value promotions or even maybe new value menus to kind of reset their pricing. I'm just wondering how Chipotle might respond if discounting or menu reset like that were to start to impact that value gap it has with the competitive set.

我對之前提出的價值問題進行了跟進。似乎一種潛在的情況可能是商品價格開始回落，行業的流量繼續疲軟，這將導致一些變化更加激進，無論是價格主導的價值促銷，還是新的價值菜單都可能被重置他們的定價。我只是想知道如果像這樣的折扣或菜單重置開始影響它與競爭對手之間的價值差距，Chipotle 會如何應對。

Yes. Look, obviously, if our value proposition changes dramatically, we have to reevaluate how we're providing our customers value. I haven't seen it happen yet. And when you go back and look the 20-plus years of the company, the thing that drives the best value with our customers is this commitment to Food with Integrity, it is this commitment to culinary and then it's this commitment to getting you exactly what you want.

是的。顯然，如果我們的價值主張發生巨大變化，我們必須重新評估我們如何為客戶提供價值。我還沒有看到它發生。當您回顧公司 20 多年的歷史時，與我們的客戶一起為客戶帶來最大價值的是對食品誠信的承諾，是對烹飪的承諾，然後是對為您提供確切信息的承諾你要。

So I'd be hard-pressed to believe we would want to abandon what makes us Chipotle. And my experience as well as what I've seen in the company is our value proposition is very strong. So long as that is the case, we're going to keep doing what we know drives value with our customers.

所以我很難相信我們會想要放棄讓我們成為 Chipotle 的東西。我的經驗以及我在公司看到的情況是我們的價值主張非常強大。只要是這種情況，我們就會繼續做我們所知道的與客戶一起創造價值的事情。

Fair point. Jack, I apologize if I missed this in the presentation, but can you speak to the level of inflation you're seeing in construction cost? And maybe describe some of the most common challenges you're seeing with hitting project time line.

有道理。傑克，如果我在演示文稿中錯過了這一點，我深表歉意，但你能談談你在建築成本中看到的通貨膨脹水平嗎？並且也許描述您在達到項目時間線時遇到的一些最常見的挑戰。

Yes. The time line, it's a myriad of challenges. Sometimes it's permitting. Sometimes it's contractor labor. Like if somebody has call-outs or exclusions because of COVID exposures, that will slow down a deal as well. And then materials as well. I mean some of the electronics, like for some of our HVAC, walk-in coolers, things like that, have been a real challenge. So it's been a myriad of challenges.

是的。時間線，是無數的挑戰。有時是允許的。有時是承包商的勞動力。就像有人因為 COVID 暴露而被要求或排除在外，這也會減慢交易速度。然後是材料。我的意思是一些電子產品，比如我們的一些暖通空調、步入式冷卻器等，一直是一個真正的挑戰。所以這是無數的挑戰。

The pipeline is really, really strong. That's what gives me great confidence that not only will we hit between the range this year. But when these things ease, our pipeline is still there, and we'll be able to accelerate from there. In terms of the inflation, it's at least in the several percent range, maybe even more than that. The deals have varied throughout the country, but definitely our investment cost this year are much higher than they have been in the past and higher than we expected them to be.

管道非常非常強大。這給了我很大的信心，我們不僅會在今年的範圍內達到目標。但是當這些事情緩解時，我們的管道仍然存在，我們將能夠從那裡加速。就通貨膨脹而言，至少在幾個百分點的範圍內，甚至可能更多。全國各地的交易各不相同，但我們今年的投資成本肯定比過去高得多，也比我們預期的要高。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Brian Niccol for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想把會議轉回給 Brian Niccol 做任何閉幕詞。

All right. Thank you. And thanks, everybody, for joining and all the questions. Obviously, we're very proud of our results. I think it speaks again to the resiliency of both the Chipotle brand, all of our employees out in every restaurant, their ability to execute great culinary, great throughput. And I also think it speaks to the strength of our value proposition.

好的。謝謝你。感謝大家的加入和所有的問題。顯然，我們為我們的成果感到非常自豪。我認為這再次說明了 Chipotle 品牌的彈性，我們每家餐廳的所有員工，他們執行出色烹飪的能力，出色的吞吐量。而且我還認為這說明了我們價值主張的力量。

So I know there's a lot of uncertainty out there. I said this in my earlier remarks. The thing we spend our time on are the things that we can control, the things that we're certain about. And what I am certain about is Chipotle has got great people running restaurants that do food in a different way. And we continue to give people great access through digital and great throughput on the front line with good hospitality. I think we'll continue to be rewarded with more business.

所以我知道那裡有很多不確定性。我在之前的發言中說過這點。我們花時間做的事情是我們可以控制的事情，我們可以確定的事情。我可以肯定的是，Chipotle 有很多優秀的人經營以不同方式提供食物的餐廳。我們繼續通過數字化和前線的高吞吐量以及熱情好客的方式為人們提供便利。我認為我們將繼續獲得更多業務的回報。

And we're proud of where we are, and we're really excited about where we're going. So obviously, we'll see what comes next, but I think we're ready. And we'll continue to do what we know how to do best, which is make great burritos, great bowls. And hopefully, we continue to delight our customers so that they come back over and over again.

我們為我們所處的位置感到自豪，我們對我們要去的地方感到非常興奮。所以很明顯，我們會看到接下來會發生什麼，但我認為我們已經準備好了。我們將繼續做我們最擅長的事情，那就是製作美味的墨西哥捲餅、美味的碗。希望我們能繼續取悅我們的客戶，讓他們一次又一次地回來。

So thank you for taking the time, and we'll talk to you all in 3 months.

因此，感謝您抽出寶貴時間，我們將在 3 個月內與您交談。

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。