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.

大家好，歡迎參加 Chipotle Mexican Grill 2022 財年第二季財報電話會議。 （操作員指示）請注意，此活動正在錄製中。

I would now like to turn the conference over to Cindy Olsen with Investor Relations. Please go ahead.

現在我想把會議交給投資者關係部的辛迪·奧爾森。請開始。

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2022財年第二季的財報電話會議。現在您應該可以訪問我們的收益新聞稿了。如果沒有，您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.

首先，我要提醒您，本簡報中關於我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理層目前的業務和市場預期，我們的前景和實際業績可能與前瞻性陳述中的預測有重大差異。請參閱我們10-K表格年度報告和10-Q表格中包含的風險因素，以了解可能導致我們的實際業績與這些前瞻性陳述產生差異的風險。

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.

我們今天的討論將涵蓋非公認會計準則 (Non-GAAP) 財務指標。您可以透過我們網站「投資者關係」板塊中簡報頁面的連結查看與公認會計準則 (GAAP) 指標的對帳表。

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董事長兼執行長 Brian Niccol 和財務長 Jack Hartung 的預先準備好的發言開始。之後，我們將回答大家的提問。我們的整個執行領導團隊都將在問答環節中隨時待命。

And with that, I will turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

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.

謝謝辛迪，大家下午好。在通貨膨脹和消費者不確定性的時期，我們對第二季的業績感到滿意。本季度，銷售額成長17%，達到22億美元，年增10.1%。店內銷售額較去年同期成長36%。線上銷售額佔總銷售額的39%。餐廳利潤率為25.2%，較去年成長70個基點。調整後攤薄每股收益為9.30美元，較去年同期成長25%。我們新開了42家餐廳，其中包括32家Chipotlane餐廳。

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展望。關於第二季度，截至5月中旬，可比銷售額可望達到我們預期範圍的上限。此後，基本趨勢有所放緩，我們預計第三季可比銷售額將達到中高個位數，並計劃於8月公佈定價。

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.

本季我們總結了幾個關鍵點。我們的定價能力強勁，品牌韌性十足。我們對烹飪和「誠信食物」的承諾是我們的一大優勢。儘管招募和留任環境艱難，但我們的餐廳仍然擁有優秀的員工。我們的員工仍在努力經營價值數百萬美元的數位業務和餐廳內業務。

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.

為了加快學習進度，我們正在製定一項營運計劃，重點是精通基礎知識。我們在 2019 年就實施了這項計劃，直到 2020 年疫情爆發，業務都取得了積極進展。稍後我將更詳細地討論這一點。

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，我們必須繼續專注於五大戰略，這五大戰略將幫助我們在創造未來的同時贏得今天的勝利。現在，請允許我簡要介紹一下每一項策略的最新情況，包括：第一，以對員工負責的文化經營成功的餐廳，提供誠信的優質食品，同時打造卓越的店內和數位體驗；第二，擴大技術和創新，推動餐廳和支援中心的增長和生產力；第三，透過培養和數位體驗來提升卓越的店內和數位體驗；第二，擴大技術和創新，推動餐廳和支援中心的成長和生產力；第三，透過培養和數位參與的多元化人才，保持世界一流的人才提升；

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.

讓我們先來談談如何經營成功的餐廳。我很高興地告訴大家，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，我都看到餐廳門外排起了長隊，行動取餐貨架也擠滿了顧客。我想大家都明白我的意思。幸運的是，我們擁有優秀的員工，他們面帶微笑，工作積極，態度積極。我很自豪地說，我們的餐廳團隊成功地將平均單價提升至約280萬美元，其中39%來自線上銷售。

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日益增長的數位化和店內業務。然而，顧客們在等待數位訂單，第一線員工也不斷流動，但速度本來可以更快。我知道我們可以做得更好。因此，我們啟動了一項營運計劃，重點是對員工進行業務基本原則的再培訓。這些基本原則包括：在食品安全的環境中，從開門到關門，提供優質菜餚，隨時可供享用；確保餐廳在數位訂單流水線和一線訂單流水線上都配備並合理部署人員；提高數位業務的訂單準確性和及時性；以及提高店內業務的接待能力。

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，我們完成了全新勞動力管理工具的部署，該工具有助於在適當的時間將合適的人員安排到適當的職位。我們相信，精湛的基礎技能與全新勞動力管理工具的結合，將顯著提升我們餐廳的生產力。除了勞動力管理工具之外，我們的技術路線圖也保持穩健。我認為值得強調的是，我們正在大力投資技術，以支持基礎技能的高效執行。

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鍵盤，提供更快速的非接觸式支付方式。我們還部署了一套全新的學習管理系統，為員工提供沉浸式的培訓體驗，並提供數位化增強的線上學習課程、影片和資源材料。

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.

我們目前正在更新整個系統的POS硬件，預計今年完成。此外，我們還對DML進行了改進，以提高準確性和吞吐量。這些最近完成的或正在運行的程序都將對我們的餐廳團隊和顧客體驗產生積極的影響。

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慧相結合，幫助我們的團隊製作玉米片，從而節省他們的時間，並更好地為賓客提供服務和支援。此外，我們也正在探索一套自動化即時廚房生產系統，以確保始終提供高品質的食材，滿足賓客的需求。

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.

這讓我想起了我們的Cultivate Next創投基金，它起步得很好，讓我們能夠親眼見證新興食品技術的發展。我們關注的創新領域非常廣泛，包括永續農業、供應鏈改進、餐廳營運效率以及提升員工和顧客體驗的方法。我們收到了許多投資意向，目前已有超過200個投資諮詢。正如大家上周可能已經聽說的那樣，我們宣布了對Hyphen和Meati的首筆投資。

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 是一個餐飲服務平台，它能夠在生產線上自動組裝餐食，並幫助我們兌現為線上顧客準時、準確地送達訂單的承諾。我們期待未來分享更多投資，幫助我們推動規模化、有意義的改變。

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.

我想花點時間談談我們的員工。儘管勞動市場充滿挑戰，但我很自豪地說，我們的員工人數仍高於2019年的水準。我們「誠信食品」的宗旨是創造一個更美好的世界，這創造了一個讓員工引以為傲的品牌，並讓他們成為其中的一員。我們持續提供世界一流的員工價值主張，包括業界領先的福利、誘人的薪資、專業的培訓和發展、教育機會以及通往重要職涯發展機會的透明途徑。我們相信，這些努力，加上我們的發展和目標，將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.

我們的人才發展計畫對於加速新餐廳的開幕至關重要。房地產項目儲備依然強勁，支持我們每年新增8%至10%餐廳的目標，其中超過80%的餐廳將開張，其中包括Chipotlane。我們目前擁有430家Chipotlane，業績持續超出預期，Chipotlane的平均單店銷量和餐廳利潤率均有所提升。事實上，最近在加州一個小鎮開設的一家Chipotlane創下了公司歷史上最高的首日銷售額之一。

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，我們對在加拿大和歐洲的進展也感到興奮。加拿大的平均營業額 (AUV) 和回報率取得了長足進步，與美國持平，而且加拿大的可比銷售額趨勢仍然強勁。我們目前在加拿大擁有 29 家門市，長遠來看，我們預計有數百家門市的擴張空間，這也包含在我們在北美開設 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.

歐洲業務持續推進階段性進程。我們在歐洲的經濟效益改善方面取得了顯著進展，這得益於營運效率的提升、數位化系統的引入以及類似美國餐廳的小型化經營模式的開設。過去18個月，我們在英國開設了5家新餐廳，業績表現強勁。我們越來越有信心，未來歐洲市場將成為我們成長故事的另一個重要基石。

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.

這讓我致力於讓品牌在我們經營的每個地方都受到關注、關注和喜愛。我們的「真實食物，真運動員」活動致力於透過提供真正的食物和真正的食材，為各級運動員提供適當的營養，幫助他們發揮最佳水平。作為NHL的官方贊助商，我們透過傳統媒體和創意推廣活動來激活這一合作關係，重點宣傳Chipotle，包括在史丹利杯季後賽的每一場比賽中，冰面上都印有我們的標誌。此外，我們還與美國足協合作，製作幕後花絮，展現羅斯·拉維爾和索菲亞·史密斯如何克服在最高水平女子足球比賽中的挑戰。今年晚些時候，我們將透過贊助和世界盃期間的廣告，為美國男足國家隊報名參賽。

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.

我們也持續在非傳統管道上線，以推動差異化、文化傳播，並最終促成購買。我們最近在“國家墨西哥捲餅日”在 Roblox 上推出了“墨西哥捲餅製作器”。前 10 萬名在虛擬 Chipotle 餐廳成功製作虛擬墨西哥捲餅的玩家，將獲得我們應用上的免費入場券。這創造了我們數位銷售單日最高紀錄之一，也標誌著品牌賦能的 Roblox 玩家首次能夠賺取虛擬 Roblox 貨幣並將其兌換成現實世界的物品。

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。接下來說說菜單。我們的產品線依然強勁。基於品牌近期菜單創新的成功，包括煙燻牛腩和烤雞，我們測試並成功驗證了蒜香瓜希略牛排，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.

轉向數位化體驗。我們目前的數位業務銷售額已達35億美元，並擁有超過2,900萬名獎勵會員。我們每天都在挖掘數據，獲取洞察，同時利用這些資訊影響行為，提高客戶頻率。我們也積極致力於提升客戶旅程的個人化，並獲得哪些激勵措施能夠帶來最高投資報酬率的寶貴洞察。

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，我們對近期在加拿大推出的獎勵計劃感到非常興奮，這將為加拿大顧客提供另一種與品牌互動的方式，並使 Chipotle 能夠進一步提升其加拿大獎勵會員的滿意度。最後，我們的數位生態系統正在英國推出，法國也將緊跟其後。

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，我們都面臨著許多不確定性，但我確信的是，Chipotle 及其員工將繼續致力於引領和發展。我確信，隨著時間的推移，我們有能力提高平均單店數量，並在美國和加拿大開設至少 7,000 家餐廳。我確信，我們將以有意義的方式推動我們「創造更美好世界」的使命。我確信，Chipotle 提供業界最佳的價值主張之一。我確信，我們擁有合適的團隊，他們擁有正確的目標，能夠應付任何挑戰。我們的文化將繼續為員工提供絕佳的職涯發展機會。最後，我確信，我們已為長期成長做好了充分準備。

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，我要感謝我們餐廳團隊的辛勤工作和貢獻，使Chipotle成為全球最佳餐廳品牌之一。接下來，傑克將為您詳細介紹一下財務狀況。

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，布萊恩。第二季銷售額年增17%，達22億美元，同店銷售額成長10.1%。餐廳層級利潤率為25.2%，較去年同期成長約70個基點。經過非常規項目調整後的每股盈餘為9.30美元，較去年同期成長近25%。第二季出現了與某些法律訴訟、我們先前揭露的2018年業績調整、轉型成本以及餐廳資產減損和關閉成本相關的非常規支出，這些支出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Brian所提到的，本季上半段，我們的可比銷售額可望達到預期區間的上限。但此後，由於宏觀壓力、我們用相對較新的員工隊伍應對成長的能力，以及高校餐廳夏季旺季恢復正常，我們的銷售額出現了下滑。具體來看，我們約有15%的餐廳位於大學城，而我們已經三年沒有看到正常的旺季了。

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。隨著去年定價策略的逐步落地，我們7月的銷售趨勢目前處於中位數區間。假設目前的銷售趨勢持續下去，我們預期同店銷售額將保持在中高個位數區間，其中包括我們計劃在8月份上調約4%的價格，以抵消逐步增加的通膨壓力，尤其是在乳製品、玉米餅和包裝領域，以及全國各地部分地區的工資壓力。

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.

現在我將逐一介紹關鍵的損益項目，首先是銷售成本。本季的銷售成本為30.4%，與去年基本持平。菜單價格上漲帶來的收益抵消了所有成本的上漲，尤其是在酪梨、包裝、乳製品、牛肉和雞肉方面。我們預計第三季的銷售成本將佔銷售額的30%左右，因為菜單價格上漲帶來的收益將被乳製品、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.

本季勞動成本為24.8%，較去年同期成長約30個基點。這一成長源自於我們去年5月決定大幅加薪，但菜單價格上漲部分抵銷了這一影響。第三季度，我們預期勞動成本將達到25%左右，這得益於菜單價格上漲帶來的槓桿效應，抵銷了全國各地部分地區的工資壓力。

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所提到的，我們現在已經完成勞動力管理工具的部署。雖然我們的團隊仍在學習如何使用該工具，但我們相信，它有潛力在高峰期更好地部署到兩條生產線，最終將提高我們前台服務線的吞吐量，並提高DML的準點率。本季其他營運成本為14.3%，較去年下降約90個基點。這一下降主要源於菜單價格上漲以及配送費用的下降，但部分抵消了多項費用（尤其是包括天然氣在內的公用事業費用）的上漲。

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.

本季行銷和促銷成本為2.5%，比去年同期高出10個基點。我們預計第三季行銷成本將維持在2%左右，全年平均成本約為3%。第三季其他營運成本預計在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.

本季的一般及行政費用（G&A）按公認會計準則（GAAP）計算為1.41億美元，按非公認會計準則計算為1.30億美元，其中不包括因某些法律事宜和解而產生的700萬美元、與先前披露的2018年績效調整相關的300萬美元以及與轉型費用相關的100萬美元。一般及行政費用還包括1.06億美元的基本一般及行政費用、2500萬美元的非現金股票補償費用以及與績效獎金應計金額減少相關的100萬美元福利，部分被工資稅以及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.

我們預計第三季基本一般行政費用 (G&A) 約為 1.11 億美元，此後隨著我們在技術和人才方面的投資以支持持續增長，G&A 將繼續小幅增長。我們預計第三季的股票補償約為 2,500 萬美元，儘管該金額可能會根據我們的業績上下浮動，但預計第三季的 G&A 總額約為 1.36 億美元。折舊費用為 7000 萬美元，我們預計今年剩餘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.

我們第二季的有效稅率（以美國通用會計準則計算）為25.3%，以非美國通用會計準則計算為25.1%。我們預計2022財年的基礎有效稅率將在25%至27%之間，但具體稅率可能因具體項目而異。

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.

我們的資產負債表維持穩健，本季末我們持有12億美元現金、限制性現金和無負債投資，以及5億美元尚未動用的循環信貸額度。第二季度，我們以平均1,350美元的價格回購了2.61億美元的股票。當季股價隨市場整體下跌時，我們增加了股票回購規模，並將持續適時回購股票。本季度，董事會批准向我們的股票授權計畫額外撥款3億美元。截至本季末，我們剩餘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.

本季我們新開了42家餐廳，其中32家設有Chipotlane。我們的Chipotlane餐廳業績持續強勁，新店開張率維持歷史新高。在發展方面，我們繼續應對各種挑戰，包括施工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。我們仍預計在2022年將開設235至250家新餐廳，其中至少有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更接近 8% 至 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，我親身經歷了Chipotle過去20年在輝煌與挑戰時期的韌性，並且和Brian一樣對我們應對當前環境的能力充滿信心。展望未來，我對我們未來的成長機會感到興奮，我們有能力將餐廳數量翻一番以上，平均營業額（AUV）突破300萬美元，並實現40%的流水。

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崗位上的 10 萬名員工對 Chipotle 的持續努力和承諾。

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

我們很樂意回答您的問題。

(Operator Instructions) And the first question will be from Nicole Miller with Piper Sandler.

（操作員指示）第一個問題來自 Piper Sandler 的 Nicole Miller。

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?

希望您能多談談人員配置方面的勞動力問題。鑑於AUV（全海面積）較2019年增長了20%以上，您剛才提到了2019年的人員配置水平，您是想說在勞動力方面需要提高效率，還是說在人員配置方面需要增加人員？如果適用的話，這與AUV成長的情況相比如何？

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，顯然，我們的勞動力模型反映了交易量和銷售額的成長。因此，我們將其視為餐廳人員配備模型，並根據餐廳的客流量和交易量進行調整。我們指的是，人員配備到位的餐廳比例比我們2019年的水平更高。這就是我們所說的。

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.

我們要說的是，顯然，過去兩年加入我們公司的許多人，他們真的沒有體驗過一線工作，也不知道發展餐廳業務和數位業務意味著什麼。正因如此，史考特和營運團隊專注於確保每個人都精通基礎技能，以更好地經營我們不斷發展的兩條業務線。

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。那麼，您能否簡單談談，與去年同期15%的年增幅相比，7月、8月和9月的業績表現如何？這樣我們就能稍微了解一下與去年同期的情況。

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，我是傑克。您還記得，去年第二季度，我們確實面臨人員配備的挑戰，當時我們的薪資大幅上漲。所以，在那個季度的某個時段，我們的薪資水準確實比較低。但自從我們在五月宣布漲薪以來，我想大概是在五月中旬。就在那時，隨著新員工的加入，我們開始支付更高的薪水。我們當時宣布的這個消息也向現有團隊發出了一個訊號，你們將在六月初獲得加薪。因此，我們看到員工配置趨於穩定，然後銷售額也開始回升。所以，在這個季度，我們確實有幾週的薪資水準比較低。

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。那麼去年七月、八月和九月的情況如何呢？去年第三季的年銷售額成長了15%，對吧？有什麼數據嗎？

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

這些都是──我會把這些稱為正常的比較。到那時，我們的人員配置已經穩定下來了。所以這些比較會比較困難。

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

好的。所以每個月都是15%左右？每個月之間沒有明顯差異嗎？

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，每個月的數據都有很大差異，但本季的數據我告訴你沒有什麼可以比較。妮可，如果有什麼不同的話，我想說的是，與第二季度相比，總體來說，比較起來有點困難。

But each month was fairly...

但每個月都相當...

Over the place.

在那地方。

All over the place.

到處都是。

And the next question is from David Tarantino from Baird.

下一個問題來自貝爾德的大衛·塔倫提諾。

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?

我想問您幾個關於同店銷售趨勢的問題。首先，我想了解一下您是如何看待季度末出現的銷售放緩的。我知道您滾動了一些定價項目，所以定價貢獻可能會減少。但您似乎也指出了一些可能導致這種情況的營運挑戰。請問，您如何判斷這究竟是營運挑戰導致的，還是只是消費者支出普遍放緩？

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，很難區分宏觀壓力和我們所看到的人們可能因為對數字下單時間不滿意而離開生產線的情況。但我確實看到，在我和斯科特去餐廳走訪的過程中，以及在我們與該領域的領導者交談時，我們有很多新員工仍在接受培訓，坦率地說，他們正在學習高吞吐量的基本知識。我覺得這就像重複一遍，但這有點像我們的業務，也就是說，我們必須在各個地方部署王牌。你必須有催單員。你必須有線下服務。你不能為了服務業務而繞過這些事情。

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.

我們有很多新員工，他們不了解這些職位的重要性，總經理也是如此。很多經理在過去18到24個月裡得到了升遷。所以，我們知道，採用這種新的勞動力工具，合理部署人員，並確保這些員工接受培訓並真正體驗高產出率的益處。這是另一個最重要的問題。這些——很多員工從未體驗過——生產線的運作速度有多快。所以我認為在某些情況下，人們認為他們的運轉速度很快，而實際上我們的運轉速度可以更快。

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?

明白了。傑克，您能否幫助我們了解您第二季度的交易水準或成長情況，以及您對第三季的預期如何？

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。 David，本季交易量成長了3.5%到4%。我們也經歷了業務結構的變化。隨著我們的業務更多地轉向店內用餐，我們已經討論這個問題好幾個季度了。平均團體規模－嗯，業務結構的變化大約是-6%。平均團體規模下降了約4.5%，這主要是由於業務從線上轉向店內用餐造成的。

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，隨著我們進入第三季度，我們確實預計——由於我們在第二季度看到的宏觀經濟衰退，我們確實認為交易量會有所緩解，但我們也認為負面組合轉變也應該有所緩解。

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...

傑克，有一點需要澄清。你說的輕鬆，是指你認為它會保持正面嗎？這是你假設它是正面的指導嗎？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，它將會略微呈正值或略微持平，就在這個範圍內。

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.

我的第一個問題是，能否稍微澄清一下，為什麼現在要尋求提高定價。看起來你們的利潤率已經達到預期水準了。你們正在權衡通膨影響和定價。而且現在你們還面臨消費者疲軟的局面。那麼，為什麼現在要提高定價，而不是讓部分定價失效，或等待更長時間，出於謹慎考慮，請問您對此有何看法？

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。不幸的是，就通貨膨脹而言，許多商品的價格沒有上漲，而是停滯不前。坦白說，有些關鍵商品的價格持續上漲。我認為傑克說得對。酪梨、乳製品、玉米餅，還有一些包裝產品。不幸的是，我們原本希望看到一些商品的價格回落，但目前還沒有看到。

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.

但我們看到其他業務領域已經進入停滯階段，這讓我們感到樂觀，希望我們不必繼續提高價格。我想你們也看到了這一點。我們確實會努力等到真正理解哪些成本是持續存在的，需要我們透過定價來應對，而不是等著看它是否會回落。所以我們認為最好現在就分享我們對這個問題的進展。

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。說到你們5月之後經歷的疲軟，首先體現在哪個業務領域？例如配送通路，有沒有表現出疲軟？哪個業務領域的成長速度比其他業務更快？這是否預示著消費者行為的轉變？

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。我認為我們看到的情況可能和人們所說的話並沒有什麼不同。低收入消費者的購買頻率肯定有所下降。幸運的是，對Chipotle來說，這部分消費者並非我們顧客的主體。我們的顧客大多是高收入家庭的消費者。我們實際上看到他們的購買頻率增加，而且我猜，他們可能不會因為之前選擇在其他地區消費而減少。所以，第一個指標可能來自我們的獎勵數據，我們發現有些低收入消費者開始降低購買頻率。

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

並且不一定對交付管道產生具體影響，人們可能會認為這是一個昂貴的管道？

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

不，不。實際上，它一直都很穩定。

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——關於餐飲組合以及每份訂單人數的影響的後續問題。一家休閒餐飲公司表示，家庭似乎正在恢復到疫情前的夏季行為。所以，隨著他們恢復其他一些活動，去年夏天的家庭訂單可能會減少。您是否認為—我不知道，您是否有可能從數據或任何洞察數據中看出，也許存在一種季節性的逆風，這種逆風在夏季會特別嚴重，而且與疫情同時發生，而不僅僅是經濟因素？

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.

大衛，我的意思是，我們還發現，即使是餐廳內的團體用餐規模也確實有所下降，但下降幅度沒有那麼大。整體降幅在4.5%左右，而且幅度更大——其中更大的部分原因是從線上到線下用餐的轉變。但即使在餐廳用餐的顧客中，團體用餐規模也確實有所縮小。所以我不知道我能否將這些點連結起來。但如果你看到其他證據表明，家庭用餐方式正在回歸到四年前的那種，不再是大家聚在一起一起用餐，那麼這可能是原因之一。

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.

三年來，我們首次看到了正常的大學季節性現象，這意味著大學餐廳在學年期間的表現非常出色，因為它們都是線下實體店。之後，我們又看到了三年來從未見過的正常季節性現象，大學生回家後往往會吃得更少。我不知道這是否與媽媽在家做飯的習慣有關。但是，當我們追蹤個人顧客時，他們離開學校後去 Chipotle 的次數往往比在學校時要少。因此，我們確實看到了整體趨勢的某種正常化。

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?

您之前提到過增量利潤率架構。 35% 到 40% 左右的水平或許比較正常。顯然，上半年的利潤率一直低於這個水平，尤其是在第一季度，第二季度可能已經回升了一些。考慮到您提到的 4 個基點的價格，您覺得從現在開始您的利潤率會回到這個水平嗎？

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，這正是我們這麼做的原因。我們仍然面臨一些額外的通膨因素，這些因素將延續到第三季度，例如玉米餅、乳製品、包裝，以及我們之前就知道的牛肉價格上漲。所有這些都將延續到第三季。實際上，這讓我們能夠做到，當我們達到我們之前談到的300萬美元的平均銷售量時，我們的利潤率應該在27%左右。這樣一來，我們就能回到之前的水平。而我們每增加一美元銷售額，轉換率應該會回到我們之前談到的40%左右。

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

下一個問題來自美國銀行的 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.

我想問一下吞吐量的問題。我知道，在我們考慮交易籃的時候，很多事情都改變了。但從歷史上看，您曾對高峰時段的吞吐量做過一些估算。我只是想看看您能否介紹一下現在的情況，尤其是現在您有了第二條上車線，而以前的高峰時段主要是在最前面的上車線。有沒有辦法量化提高吞吐量對交易的影響，以達到您所說的不讓排隊末端的乘客流失的效果？有沒有一個框架可以考慮，例如每小時一筆交易相當於一個補償點之類的？我只是想了解一下，在我們展望未來時，交易指導中是否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——正如你所說，我們現在擁有價值數十億美元的數位業務，以及價值數十億美元的餐廳內業務，這就是我們所做的事情之一。我們將一線和數位製造生產線的指標分開。我們的指標非常具體。數位製造生產線的指標是準時和準確。而一線的指標是吞吐量。我們相信，在一線，我們可以回到以前的水平，傑克，例如2014年、2013年，我們的業績在20%到30%之間。

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.

每15分鐘一次。這就是我們追求的目標，也是它如此重要的原因。我們早在2019年就進行了這項練習，並在2020年初開始看到成效。然而，不幸的是，新冠疫情來襲。因此，我們相信，如果我們能讓團隊成員理解「隨時待命，隨時待命」意味著什麼，我們就沒有理由不能回到每15分鐘20多到30多的水平。我不知道我們是否討論過交易如何轉化為銷售額。

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.

我不知道你是否想說得那麼遠。好吧，薩拉，我想說的是。很難弄清楚什麼時候會增加。假設你從22號漲到27號，好嗎？那是5道主菜的漲幅。從這個角度來看，每次你完成5筆交易，就等於當天的佣金百分比。我們測量的是最快的15分鐘時段。所以我們相信，當你在一個15分鐘內速度更快時，你會在多個15分鐘內速度更快。所以，增加相當多佣金的機會就在那裡。

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.

但正如布萊恩所說，我們只需要增加銷售代表。我們有很多員工其實並沒有在一線工作過。當我們的店內業務恢復到今天的水平時，他們甚至還沒有管理過一家餐廳。所以——但我們相信，這絕對有機會帶來一些有意義的收入成長。

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?

這太有幫助了。抱歉，關於混音，我只想問一個後續問題。有沒有下部附件之類的？還是說它只是一種訂單聚合的重疊？

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。 Sara，我唯一想澄清的是，人們對數位媒體的依賴率更高。所以，當你看到人們從數位媒體轉向餐廳用餐時，你也會看到依賴率下降的趨勢。順便說一句，我們的酒水消費量也在增加。事實上，隨著越來越多的顧客光顧我們的餐廳，我們喝的酒也越來越多。給你一個大概的印象，我們餐廳大約40%的交易包含酒水，而數位媒體交易的比例只有20%左右，或者說略低。所以，我們看到這種轉變，也帶來了正面的影響，但不足以抵銷群體規模縮小的影響。

The next question is from Jared Garber from Goldman Sachs.

下一個問題來自高盛的賈里德·加伯。

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.

我想問一下菜單創新的問題。布萊恩，我知道你提到過，瓜希略牛排已經基本完成了它的階段性審核，隨時可以推出，無論何時。不過，我還想問問你能否更新一下正在測試的另一款菜色——墨西哥花椰菜飯，以及你如何考慮推出一款更持久的植物基菜，供消費者長期享用。

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。我想我們在之前的評論中提到過這一點。我們投資了一家名為Meati的植物性公司。我們的想法是如何繼續尋找既符合我們的飲食理念，又從烹飪角度來看美味的植物性食品。

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.

所以我們當然也做了花椰菜飯。我們的菜單上一直有索夫里塔。我很樂觀地希望我們能找到另一種以植物為基礎的餐盤中心，或者說可以稱之為中心的解決方案，而我們到目前為止還沒有找到，對吧？它真的是一種以植物為基礎的——花椰菜，這些東西更多地被認為是，我想說，你碗裡的一部分，而不是碗的中心裝飾。這就是我們正在努力的方向。我很高興看到我們在與 Meati 合作過程中所取得的進展。顯然，我們的烹飪團隊將繼續在這個領域積極努力。

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。然後我想問一下關於吞吐量的問題，這似乎和今天的主題有點關係。在不同的地理或門市基礎上，你們認為吞吐量面臨的挑戰是否相似？可能是城市問題，也可能是郊區問題。我很好奇，你們在跨地域的關聯或搭配上看到了什麼？

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，你沒看到這一點。我想說，體驗可能是我們看到的最大差異。我們有一些餐廳的營業額在600萬到700萬美元之間。這個團隊已經在一起很多年了。當所有新冠疫情限制措施一解除，他們就立刻恢復了Chipotles的運營，而且非常成功。

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.

正因如此，我們才對員工、銷售代表充滿信心，相信他們能從中獲得如此多的機會，讓他們接受基本培訓，坦白說，就是讓他們體驗到遵循這些基本原則所帶來的成功。最終，我們真正追求的是更高的吞吐量，實際上也能帶來更好的員工體驗。我們或許應該多談談這一點，因為我們的員工更成功——顯然，他們也為我們的客人帶來了絕佳的體驗。

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.

是的，我想說最重要的一點是——很遺憾，我們經驗豐富的經理遍布全國各地，所以我們沒有看到任何地區、郊區或城市之間的差異。我們只需要培訓更多人就行了。

The next question is from Andrew Charles with Cowen.

下一個問題來自 Cowen 的 Andrew Charles。

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?

布萊恩，在當前的消費者環境下，Chipotle 的定價策略是兩位數，同時預計在 2021 年下半年價格會下降 10% 左右，您能否再談談 Chipotle 計劃如何提升菜單的價值？我知道在您職業生涯早期，下午 2 點到 5 點這段時間是吃零食和看書的好時機。考慮到低收入消費者的背景，您認為 Chipotle 也應該有這樣的機會嗎？

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.

我堅信我們今天所推銷的價值主張是我們最強的主張。我們對此進行了認真的研究。當你把雞肉捲餅、牛排捲餅與其他選擇進行比較時，你會發現它的價值就在那裡。所以，我認為我們執行精準、準時，並且實現了高吞吐量。這就是我們的致勝秘訣。這就是我們制勝的價值主張。正因為如此，我們非常專注於執行我們的基本原則。這些基本原則驅動著我們的價值。因此，精湛的烹飪、個性化定制以及誠信食品，對於所有收入水平的人來說都是一個制勝的價值主張。

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.

我的後續問題是關於烹飪的另一個問題。我想再多聊聊烤雞（pollo asado）以及能否繼續保留它在菜單上。我知道烤雞的利潤更高，而且測試結果也很好，對你們來說效果很好。你們計劃永久保留它嗎？它比一般的限時優惠持續時間要長一些。

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。我們計劃不會永久保留。我想我們已經討論過了。理想情況下，我們希望每年發布兩到三次菜單新聞。如果我們發現一些可以保留更長時間的新聞，我們會保留更長時間。但這些最終會在接下來的幾個月裡發布。希望我們能發布一些其他同樣令人興奮的菜單新聞。

The next question is from Lauren Silberman from Credit Suisse.

下一個問題來自瑞士信貸的勞倫·西爾伯曼。

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?

關於單位成長，單位成長可望加速至8%至10%。您能否談談您對產品蠶食以及單位成長與競爭之間的平衡的期望？

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，但我們從未見過——我們從未見過影響超過1%的可比影響。我們見過它達到0.7%、0.8%左右。所以它仍然非常非常易於管理。所以，每次我們做交易時，都會進行一個例行程序，使用一個演算法來衡量我們認為的影響。我們的團隊在這方面做得非常出色。這仍然是一種估算，一部分是藝術，一部分是科學，但我們希望進行那些能夠帶來卓越影響後回報的交易。

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，我們不想把餐廳數量堆砌在一起，造成過度衝擊，但目前仍有大量空白。我們——從3000家餐廳到7000家餐廳的計劃，是按照我們3、4或5個最終端市場進行建模的，而這些市場的餐廳密度已經達到了我們在全國範圍內擁有7000家餐廳的水平。這些餐廳的客流量非常大，回報率也很高。

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?

太好了。再說潛在的平均每日客流量（AUV），目前平均每日客流量（AUV）已達到280萬，在同業餐廳中處於較高水準。您之前提到了提升吞吐量的機會，40%的銷售額來自二級數位生產線。您如何看待平均每日客流量（AUV）的峰值水準？這個峰值可以達到多少？在某個高峰水準上，再開一家餐廳是否更有意義？

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。你看，我認為Chipotle真正特別之處之一在於，我們的第一線員工和數位化生產線不受產能限制。所以我之前提到過，有些餐廳的營收在500萬、600萬、700萬美元左右。顯然，這為我們提供了一個機會，讓我們可以開設更多餐廳，而不會產生任何實際影響，但我認為這也表明，我們已經經營的Chipotle也擁有巨大的成長潛力。

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能突破300萬美元，而且我相信我們以後可能會討論如何達到400萬美元。但我首先想做的是突破300萬美元這個里程碑。我們可以慶祝一下。好消息是，我認為沒有任何產能限制會阻止我們接下來實現400萬美元的目標。

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，再次快速跟進關於吞吐量的問題。關於在 2030 年之前將吞吐量恢復 15 分鐘的可能性，還有什麼可以分享的嗎？在目前的人員配置環境下，您能做到這一點嗎？這真的更多地取決於您提到的營運計劃的培訓，以及我認為在那裡工作的團隊的經驗嗎？只是想了解一下，當我們考慮吞吐量時，整個大型系統通常能以多快的速度實現吞吐量提升，您能為我們大致描述一下嗎？

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。你看，我認為好消息是我們有很多機會去執行我們所知的高吞吐量的基本原則，對吧？例如——不幸的是，我去過很多餐廳，我們都沒有配備催餐員。這是關鍵問題所在。好消息是，我們的營運領導層非常注重向人們解釋催餐員的重要性。

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，你就能理解為什麼你會想，也許我可以靈活安排這個人的班次，但事實上，如果你想真正實現高產量，你最不想做的就是靈活安排這個人的班次。所以，好消息是人員配備不是障礙。坦白說，我們必須克服的障礙是讓員工體驗到在高峰期，每個人都在合適的位置上做合適的工作，經營餐廳是什麼樣的感覺。

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，這需要一些時間，但這是我們可以訓練、人們可以體驗的。正如我所提到的，我們在2019年實施這項計畫時就看到了很大的進展。所以我相信我們能夠集中精力，獲得銷售代表，然後執行到位，最終實現業績成長。

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?

太好了。您剛才談到了這一點，但我還是想再問一些關於韌性的問題，例如您對韌性的預期，以及在日益艱難的宏觀環境下的預期。該品牌在[2008年和2009年]的表現顯著優於其他品牌。顯然，在過去幾年裡，您的品牌韌性和實力都非常強勁。您能否重點介紹一下，例如品牌在哪些艱難的經濟時期表現優異，有哪些差異或相似之處？以及品牌在哪些艱難的經濟時期表現優異？整體而言，您還能補充哪些關於品牌韌性的內容？

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。嗯，我想，回顧我們目前的情況，一個共同點可能是我們高收入消費者的強勁成長。這是一個共同因素。所以，儘管低收入消費者的消費正在放緩，但我們的高收入消費者並沒有出現同樣的情況。幸運的是，對於Chipotle來說，我們高收入消費者的指數很高。

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.

我認為，另一個難題是，我們現在擁有一個資料庫，裡面大概有2900萬到3000萬人的數據，我們希望能夠掌握最前沿的信息，以便更好地與顧客溝通。我們一再聽到的是，我們的價值主張或許是我們最大的優勢，這意味著我們擁有美味的食物、精湛的烹飪技藝，以及令人難以置信的客製化服務。如果您需要數位化服務，我們能夠準時、準確、及時地為您提供服務。如果您光臨我們的餐廳，您會愛上這種客製化服務以及快速便捷的服務。

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，這與我們過去經歷的情況有許多相似之處。我唯一可以肯定的是，有些事情會有所不同。所以，我認為有必要談談組織在應對任何意外逆風方面的韌性。

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?

希望大家對吞吐量問題有稍微不同的看法。你們的吞吐量－它是否受到限制，例如12點到1點和6點到7點，也就是你們過去最忙碌的典型時間段？或者，我想，一天中是否存在一些空閒時間？這算是第一個主要問題嗎？其次，如果只是因為人員配置問題，你們的吞吐量在某些時段受到限制，那麼店長──系統會怎麼做？我的意思是，人們顯然不想來上班，只上一個小時的班，甚至兩個小時的班。品牌是否具備彈性－這種模式是否能夠靈活地安排員工上4到8個小時的班，以涵蓋幾個繁忙時段？

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，您能不能給我們介紹一下，在那個小時窗口的 15 分鐘窗口期內，為那個商店配備人員的實際情況——那個前線生產線或第二線生產線，因為你們的產能確實受到限制？

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。首先，我們的產能並非受限於12點到1點、6點到7點或1點到1點30分的時間段。好消息是，我們每15分鐘都有產能。現在你的問題是，如何才能最佳地部署人員，以便有足夠數量的人員隨時待命，這正是我們實施這個新勞動力工具的原因。它就是為了實現這個目的，對吧？比如說，這家餐廳11點到11點45分客滿。這家餐廳12點到12點30分客滿。這家餐廳的晚餐生意非常火爆。所以它會考慮到這些因素，以便我們可以針對這些高峰部署適量的人員。我們不受產能限制。如果我們能在正確的時間把人安排到正確的位置，我們的吞吐量就會上升。約翰，我一度以為你在克羅諾斯工作。但是…

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.

容量限制指的是特定班次特定員工數量的容量限制，而不是整個箱子本身的容量限制。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。這正是我們想要解決的問題，這樣你就不會出現11點到11點45分人手不足，而12點45分到1點30分人手過剩的情況。我們的想法是，讓員工在正確的時間出現在正確的位置。所以——這就是我們剛推出的工具。現在，我們正在針對該工具進行培訓，以確保員工各司其職，從而讓我們在每個15分鐘的增量中實現最高的吞吐量。

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，這個工具還能辨識業務在哪裡？例如數位化程度有多少？一線業務有多少？

Oh, yes. Good point, too.

哦，是的。說得也很好。

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.

我們以前的工具不夠先進。所以，如果一家餐廳的數位化程度是20%，那麼另一家餐廳的數位化程度——例如我們的Chipotlanes就有55%到60%。這兩類餐廳的人員配置模式截然不同。因此，我們能夠將擁有合適技能的合適人員在一天中的合適時間安排到位，從而提高營業額，這種能力從未如此出色。

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.

這是一個全新的工具。就像學習如何駕駛法拉利一樣。當你第一次坐進車裡時，它是一個非常非常複雜的工具。我們正在學習如何使用它。但它的功能比我們之前的工具強大得多。

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，除非經過廣泛的運作階段門系統，否則該系統不會在系統中推廣。我的意思是，在決定全系統推廣之前，你們對這個系統進行了多大規模的試點？在那些試辦門市中，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。你看，我們已經試行了兩年多了。過去六個月，我們在所有餐廳完成了大部分推廣工作。所以這對我們的團隊來說是一個新工具。好消息是，對我們組織來說，它不是一個需要管理、培訓和讓員工充分發揮能力的新工具。

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.

你知道，任何事情都有變革管理流程。無論新方法多好，有時人們還是更喜歡舊方法，即使新方法能幫助他們提升績效。所以我們像任何組織一樣，正在經歷變革管理流程。好消息是，我們已經在前期做了盡職調查，以便我們不斷學習——而且我們面對的是10萬人。所以我相信，即使在試點之外，我們也能學到一些東西。不過，我們擁有相應的專業知識，可以相應地調整，並最大限度地利用這個工具。

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

下一個問題來自 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。一種潛在的情況似乎是，商品價格開始下降，行業客流量持續疲軟，這將導致一些變革更加激進，要么推出以價格為主導的超值促銷活動，要么推出新的超值菜單來重新定價。我只是想知道，如果類似的折扣或菜單調整開始影響 Chipotle 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，我們就必須重新評估我們為客戶提供價值的方式。我還沒見過這種情況發生。回顧公司20多年的發展歷程，我們為客戶創造最大價值的，是對誠信食品的承諾，是對烹飪的承諾，是對滿足您需求的承諾。

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放棄成就Chipotle的精髓。根據我的經驗以及我在公司所見，我們的價值主張非常強大。只要這一點不變，我們就會繼續做那些我們深知能為顧客創造價值的事。

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.

說得對。傑克，如果我在演講中遺漏了這一點，我很抱歉，你能談談你所看到的建築成本通膨程度嗎？或許可以描述一下你在按時完成專案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。時間軸方面，挑戰重重。有時是許可證問題，有時是承包商的人工問題。例如，如果有人因為新冠疫情曝光而被叫停或被排除在外，這也會拖慢交易進度。然後還有材料問題。我的意思是，有些電子設備，像是我們的一些暖通空調系統、步入式冷藏室之類的，都是真正的挑戰。所以，挑戰真是層出不窮。

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.

我們正在籌備的項目非常非常強勁。這讓我非常有信心，我們不僅能在今年達到預期目標。而且，當這些情況緩解時，我們的專案仍然在，我們能夠從那裡加速發展。就通貨膨脹而言，通貨膨脹率至少在幾個百分點的範圍內，甚至可能更高。全國各地的交易情況各不相同，但毫無疑問，我們今年的投資成本比以往高得多，也高於我們的預期。

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。我想將會議交還給Brian Niccol，請他做最後發言。

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。也感謝大家的參與與提問。顯然，我們對我們的業績感到非常自豪。我認為這再次證明了Chipotle品牌的韌性，以及我們每家餐廳所有員工的出色烹飪能力和高效率。我也認為這證明了我們價值主張的強大。

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.

所以我知道外面有很多不確定性。我在之前的發言中也說過。我們花時間做的事情都是我們能掌控的，都是我們確定的事情。我確信的是，Chipotle 擁有優秀的人才來經營餐廳，他們以獨特的方式烹調美食。我們將繼續透過數位化為顧客提供便利的存取管道，並在第一線提供高效率的服務，並提供優質的接待服務。我相信我們將繼續獲得更多業務。

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.

我們為目前的狀況感到自豪，也對未來的發展充滿期待。當然，我們拭目以待，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和美味的碗。希望我們能繼續讓顧客滿意，讓他們一次又一次地光臨。

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

非常感謝您抽出時間，我們將在 3 個月後與您聯繫。

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

謝謝您，先生。會議現已結束。感謝您參加今天的演講。現在您可以斷開連線了。