奇波雷墨西哥燒烤 (CMG) 2023 Q1 法說會逐字稿

Hello, and welcome to the Chipotle Mexican Grill First Quarter 2023 Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎來到 Chipotle Mexican Grill 2023 年第一季度業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Head of Investor Relations and Strategy, Cindy Olsen. Cindy, please go ahead.

我現在想把會議轉交給投資者關係和戰略主管 Cindy Olsen。辛迪，請繼續。

Hello, everyone, and welcome to our first quarter fiscal 2023 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

大家好，歡迎來到我們的 2023 財年第一季度財報電話會議。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 actual results could differ materially from those projections in the 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結果的某些陳述和預測構成前瞻性陳述。這些陳述基於管理層當前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測存在重大差異。

Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements. Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our website.

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。我們今天的討論將包括非 GAAP 財務指標。可以通過我們網站投資者關係部分演示頁面上包含的鏈接找到與 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 and Administrative Officer, after which we will take your questions. Our entire executive leadership team is available during the Q&A session.

今天的電話會議將從董事長兼首席執行官 Brian Niccol 準備好的發言開始；以及首席財務和行政官 Jack Hartung，之後我們將回答您的問題。在問答環節期間，我們的整個執行領導團隊都在場。

And with that, I'll 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. 2023 is off to a great start, with first quarter sales and margins ahead of our expectations. For the quarter, sales grew 17% to reach $2.4 billion, driven by a 10.9% comp. In-store sales grew by 23% over last year. Digital sales represented 39% of sales, restaurant-level margin was 25.6%, an increase of 490 basis points year-over-year. Diluted EPS was $10.50, representing 84% growth over last year, and we opened 41 new restaurants, including 34 Chipotlanes. These results demonstrate that our focus on running great restaurants with exceptional food and exceptional people is driving performance.

謝謝，辛迪，大家下午好。 2023 年開局良好，第一季度的銷售額和利潤率超出了我們的預期。本季度，銷售額增長 17%，達到 24 億美元，這主要得益於 10.9% 的複合增長率。店內銷售額比去年增長了 23%。數字銷售額佔銷售額的 39%，餐廳級利潤率為 25.6%，同比增長 490 個基點。稀釋後每股收益為 10.50 美元，比去年增長 84%，我們新開了 41 家餐廳，其中包括 34 家 Chipotlanes。這些結果表明，我們專注於經營一流的餐廳，提供一流的食物和一流的人才，這正在推動業績增長。

Additionally, we benefited from exciting new menu innovations, including Fajita Quesadilla and Chicken Al Pastor. Transaction trends were positive throughout the quarter, and the strength has continued into April. I would like to note that beginning this quarter, we are returning to our pre-COVID practice of providing annual comp guidance and anticipate comparable sales to be in the mid- to high single-digit range for the full year. We will also continue to provide quarterly comp guidance for the remainder of this year and anticipate second quarter comps in the mid- to high single-digit range.

此外，我們還受益於激動人心的新菜單創新，包括 Fajita Quesadilla 和 Chicken Al Pastor。整個季度的交易趨勢都是積極的，這種勢頭一直持續到 4 月份。我想指出的是，從本季度開始，我們將恢復 COVID 之前的做法，即提供年度薪酬指導，並預計全年的可比銷售額將處於中高個位數範圍內。我們還將繼續為今年剩餘時間提供季度薪酬指導，並預計第二季度薪酬在中高個位數範圍內。

Now I would like to provide an update on our 5 key strategies that will position us to win today while we create the future, 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, making the brand visible, relevant and love to improve overall guest engagement; number three, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers; number four, expanding access and convenience by accelerating new restaurant openings; and number five, sustaining world-class people leadership by developing and retaining diverse talent at every level.

現在，我想提供有關我們 5 項關鍵戰略的最新信息，這些戰略將使我們在創造未來的同時贏得今天的勝利，其中包括：第一，以對人負責的文化經營成功的餐廳，提供誠信的美食，同時提供卓越的服務餐廳內和數字體驗；第二，使品牌可見、相關並受到喜愛，以提高整體賓客參與度；第三，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；第四，通過加速開設新餐廳來擴大訪問範圍和便利性；第五，通過在各個層面培養和留住多元化人才來維持世界一流的人才領導力。

First, starting with our restaurants. We recently held our field leader conference, which included all field leaders, team directors and regional vice presidents as well as leaders from our restaurant support center. The message was clear. We are focused on developing exceptional people and preparing exceptional food. It was truly inspiring to see over 600 highly motivated leaders aligned to deliver Chipotle standards of excellence, and I'm proud of the progress our restaurant teams are making. We had another outstanding quarter for turnover with both hourly and salary metrics being some of the best I've seen in 5 years.

首先，從我們的餐廳開始。我們最近召開了現場領導會議，包括所有現場領導、團隊主管和區域副總裁以及我們餐廳支持中心的領導。信息很明確。我們專注於培養卓越的人才和準備卓越的食物。看到 600 多名積極進取的領導者齊心協力提供 Chipotle 的卓越標準，真是令人鼓舞，我為我們的餐廳團隊正在取得的進步感到自豪。我們有另一個出色的營業額季度，小時和工資指標都是我 5 年來見過的最好的指標之一。

The stability of crew and managers and a return to shoulder-to-shoulder training is helping to translate Project Square One into results. As our teams are getting more experienced, we are continuing to see improvements in each of the Project Square One focus areas, including throughput on the front line, on time and accuracy on the digital make line, being prepped and ready with our delicious food and the overall customer experience. Specifically, on throughput, while we are making progress, we see opportunities to do better.

船員和管理人員的穩定性以及肩並肩訓練的回歸有助於將 Project Square One 轉化為成果。隨著我們的團隊經驗越來越豐富，我們將繼續看到 Project Square One 的每個重點領域都有改進，包括前線的吞吐量、數字生產線的準時性和準確性、準備好美味的食物和整體客戶體驗。具體來說，在吞吐量方面，雖然我們正在取得進展，但我們看到了做得更好的機會。

One area we are focused on is deployment on the front make line and the digital make line during peak periods. We have noticed that when the digital make line gets busy, our managers tend to pull a crew member from the front line to help, which is impacting throughput. We are currently testing changes to the Smarter Pickup Times logic based on different sales and deployment levels in several markets, and early results show that we are increasing throughput on the front line and increasing on time on the digital make line without impacting sales. Leveraging our stage gate process, we will continue to fine-tune our testing before rolling it out in phases across our restaurants.

我們關注的一個領域是在高峰期部署在前端生產線和數字生產線上。我們注意到，當數字生產線變得繁忙時，我們的經理往往會從前線調來一名工作人員提供幫助，這會影響吞吐量。我們目前正在根據多個市場的不同銷售和部署水平測試更智能的提貨時間邏輯的變化，早期結果表明我們正在增加前線的吞吐量並增加數字生產線的準時性，而不會影響銷售。利用我們的階段門流程，我們將繼續微調我們的測試，然後在我們的餐廳分階段推出。

We have also added an additional incentive for our teams as we recently rolled out digital tipping across our restaurants as part of our ongoing effort to enhance our crew member benefits. This will enable our teams to be rewarded for their efforts in preparing delicious food and providing a great experience for our guests. Overall, our focus on being brilliant at the basics and reestablishing our standards of excellence is resonating well.

我們還為我們的團隊增加了額外的激勵措施，因為我們最近在我們的餐廳推出了數字小費，這是我們不斷努力提高船員福利的一部分。這將使我們的團隊在準備美味食物和為我們的客人提供良好體驗方面的努力得到回報。總的來說，我們專注於在基礎上表現出色並重新建立我們的卓越標準，引起了很好的共鳴。

Our teams love to be held to a high standard because when you achieve it, you feel like you're part of a winning team with the ability to be rewarded through bonuses and growth within the organization. We are starting to feel this again in our culture and in our people. When operations are running better, it helps all other drivers of sales to perform better, such as menu innovation, which brings me to our brand.

我們的團隊喜歡保持高標準，因為當您達到高標準時，您會覺得自己是獲勝團隊的一員，有能力通過獎金和組織內的成長獲得獎勵。我們開始在我們的文化和我們的人民中再次感受到這一點。當運營運行得更好時，它可以幫助所有其他銷售驅動因素表現得更好，例如菜單創新，這讓我想到了我們的品牌。

As we often discuss, we continue to look for ways for the Chipotle brand to be more visible, more relevant and more loved. And we had a couple of very exciting new menu innovations that did just that. We responded to a real-time opportunity to support our passionate TikTok fans who wanted Fajita Veggies, and Chipotle Honey Vinaigrette as options for our digital exclusive quesadilla. We work with 2 popular TikTok food reviewers who made the idea go viral at the start of the year and leverage our strength in digital marketing and culinary to create an exciting new menu item, utilizing all existing ingredients. The results have been outstanding.

正如我們經常討論的那樣，我們繼續尋找讓 Chipotle 品牌更引人注目、更相關和更受歡迎的方法。我們有幾個非常令人興奮的新菜單創新就是這樣做的。我們響應了一個實時機會來支持我們熱情的 TikTok 粉絲，他們想要 Fajita Veggies 和 Chipotle Honey Vinaigrette 作為我們數字獨家油炸玉米餅的選擇。我們與 2 位受歡迎的 TikTok 食品評論員合作，他們在年初讓這個想法廣為流傳，並利用我們在數字營銷和烹飪方面的優勢，利用所有現有食材製作令人興奮的新菜單項。結果非常出色。

During the launch, we nearly doubled our quesadilla business and had 2 of our top digital sales days of all time. We have decided to make this a permanent menu item as the addition of Fajitas to our quesadilla along with dipping it in a combination of our Honey Vinaigrette and sour cream is really delicious. The best part is that it's made of all existing ingredients, which limits additional complexity in our restaurants, and we continue to see incremental quesadilla sales because of this launch. We also launched Chicken Al Pastor as a limited-time offer. Al Pastor has been gaining mass appeal in recent years, and we tapped into these consumer trends to offer our own spicy spin on Al Pastor with our freshly grilled chicken.

在推出期間，我們的油炸玉米粉餅業務幾乎翻了一番，並且有兩天是我們有史以來最高的數字銷售日。我們已決定將其作為永久菜單項，因為在我們的油炸玉米粉餅中加入 Fajitas 並將其浸入我們的蜂蜜香醋和酸奶油的組合中非常美味。最好的部分是它由所有現有成分製成，這限制了我們餐廳的額外複雜性，而且由於這次推出，我們繼續看到油炸玉米粉餅的銷量增加。我們還推出了 Chicken Al Pastor 限時優惠。近年來，Al Pastor 越來越受到大眾的歡迎，我們利用這些消費趨勢，在 Al Pastor 上提供了我們自己的辣味和新鮮烤雞。

As we mentioned last quarter, this is also operationally simple to execute as it is our existing Adobo chicken, cooked on the plancha and then mixed in an Al Pastor marinade. This has allowed for an exciting new menu item while still maintaining our focus on Project Square One.

正如我們上個季度提到的，這在操作上也很容易執行，因為它是我們現有的 Adobo 雞肉，在 plancha 上烹製，然後混合在 Al Pastor 醃料中。這允許一個令人興奮的新菜單項，同時仍然保持我們對 Project Square One 的關注。

Additionally, this is the first time we've launched a new menu innovation globally as it was rolled out in the U.S., Canada and Europe. The launch has been a success and early indications show that it is outperforming Pollo Asado, which was our most successful protein LTO ever.

此外，這是我們首次在全球範圍內推出新菜單創新，因為它已在美國、加拿大和歐洲推出。此次發布取得了成功，早期跡象表明它優於 Pollo Asado，後者是我們有史以來最成功的蛋白質 LTO。

Turning to rewards. We now have 33 million rewards members, and we saw a nice pick-up in enrollments as we rolled out Freepotle, which was the design to deliver a strong value proposition and attract new members to our transaction-driving rewards program. Throughout the year, members will receive 10 personalized free rewards, ranging from a side of guac to a bag of chips to a free fountain drink. In addition to driving enrollments, we also saw an increase in member engagement as Freepotle gained traction throughout the quarter.

轉向獎勵。我們現在擁有 3300 萬獎勵會員，隨著我們推出 Freepotle，我們看到註冊人數有了很好的回升，這是為了提供強大的價值主張並吸引新會員加入我們的交易驅動獎勵計劃。全年，會員將獲得 10 種個性化的免費獎勵，從一片鱷梨醬到一袋薯條再到一杯免費的噴泉飲料。除了推動註冊人數外，隨著 Freepotle 在整個季度獲得關注，我們還看到會員參與度有所提高。

Shifting to amplifying technology and innovation. We continue to leverage technology to improve our in-restaurant and digital experiences. As we mentioned last quarter, we began testing a new grill to improve the overall cooking process for our chicken steak. The grill is much faster, allows for more consistent execution and maintains our high culinary standards as it cooks the chicken and steak to perfection with the same (inaudible).

轉向擴大技術和創新。我們繼續利用技術來改善我們的餐廳和數字體驗。正如我們在上個季度提到的，我們開始測試一種新的烤架，以改進我們雞排的整體烹飪過程。烤架速度更快，執行更一致，並保持我們的高烹飪標準，因為它用同樣的方法（聽不清）將雞肉和牛排煮得完美無缺。

Feedback from our teams and our guests has been tremendous, and we are currently in the process of rolling out the growth to 10 additional restaurants as a part of further validation through our stage gate process. During the quarter, we also rolled out our advanced location-based technology for our app, which allows for a more seamless process for scanning rewards as the price reward members to scan while they are waiting in line. This has resulted in more rewards members scanning for points in our restaurants, which drives further engagement in our rewards program.

我們的團隊和客人的反饋非常好，我們目前正在將增長推廣到另外 10 家餐廳，作為通過我們的階段關卡流程進一步驗證的一部分。在本季度，我們還為我們的應用程序推出了先進的基於位置的技術，這使得掃描獎勵的過程更加無縫，因為價格獎勵會員可以在排隊等候時進行掃描。這導致更多的獎勵會員在我們的餐廳掃描積分，從而推動我們的獎勵計劃進一步參與。

For digital orders, it also alerts app users when it appears they are ordering from or heading to the wrong location, as one of our most frequent refund requests is due to guests arriving at the wrong restaurant. Since rolling out this feature, we have seen a meaningful reduction in those refunds. We are also investing in technology and innovation through our Cultivate Next Fund to help us scale and advance our "Food with Integrity" mission.

對於數字訂單，它還會在應用程序用戶似乎從錯誤的位置訂購或前往錯誤的位置時提醒他們，因為我們最常見的退款請求之一是由於客人到達錯誤的餐廳。自推出此功能以來，我們發現這些退款大幅減少。我們還通過 Cultivate Next Fund 投資於技術和創新，以幫助我們擴大和推進“誠信食品”的使命。

We recently announced 2 new investments, including Local Line and Zero Acre Farms. Local Line is a leading local food sourcing platform, connecting local producers with buyers and helping them digitize their operations and sell products. We believe Local Line will help Chipotle increase the amount of local food for our 3,200 restaurants. And Zero Acre Farms is a food company that is focused on healthy, sustainable cooking oils made by fermentation that are more environmentally friendly. Additionally, we recently announced our new responsible restaurant design which includes features like rooftop solar panels, all electrical equipment and systems, LED lighting, cactus leather chairs and electrical vehicle charging stations at select locations. While the pilot will go through the normal stage gate process, we believe it will enable us to take successful elements and incorporate them into future restaurant formats.

我們最近宣布了 2 項新投資，包括 Local Line 和 Zero Acre Farms。 Local Line 是領先的本地食品採購平台，將本地生產商與買家聯繫起來，幫助他們實現運營數字化和產品銷售。我們相信 Local Line 將幫助 Chipotle 增加我們 3,200 家餐廳的本地食品數量。 Zero Acre Farms 是一家食品公司，專注於通過更環保的發酵方法生產健康、可持續的食用油。此外，我們最近宣布了全新的負責任餐廳設計，其中包括屋頂太陽能電池板、所有電氣設備和系統、LED 照明、仙人掌皮椅和選定地點的電動汽車充電站等功能。雖然試點將通過正常的階段關卡流程，但我們相信這將使我們能夠採用成功的元素並將它們融入未來的餐廳模式。

These investments and initiatives will help to further our purpose of cultivating a better world and reflects our commitment to inspire a real, sustainable change with the potential impact far beyond our company. And this brings me to expanding access convenience with a long-term target of 7,000 restaurants in North America. We remain on track to grow new restaurants 8% to 10% per year for the foreseeable future with at least 80% including a Chipotlane. The expansion of Chipotlanes adds additional convenience by adding our unique order pick-up channel, which comes with a larger digital penetration driven by the order ahead business.

這些投資和舉措將有助於進一步實現我們打造更美好世界的目標，並反映出我們致力於激發真正的、可持續的變革，其潛在影響遠遠超出我們公司的範圍。這讓我想到要擴大訪問便利性，並以北美 7,000 家餐廳的長期目標為目標。在可預見的未來，我們仍有望以每年 8% 至 10% 的速度增長新餐廳，其中至少 80% 包括 Chipotlane。 Chipotlanes 的擴展通過添加我們獨特的訂單提取渠道增加了額外的便利，這伴隨著由提前訂單業務驅動的更大的數字滲透。

In Canada, we opened our first Chipotlane in Ontario, and we also expanded access and convenience with a recently announced partnership with SkipTheDishes, which is Canada's largest food delivery network. Finally, new openings in small towns continue to be a success with the recent opening of a restaurant in a small town in California that had the second-highest opening day sales ever. In fact, within the last year, we had our top 5 openings in the company's history of which 4 were in small towns.

在加拿大，我們在安大略省開設了第一家 Chipotlane，我們還通過最近宣布與加拿大最大的食品配送網絡 SkipTheDishes 建立合作夥伴關係來擴大服務範圍和便利性。最後，小鎮的新開張繼續取得成功，最近在加利福尼亞州的一個小鎮開設了一家餐廳，創下了有史以來第二高的開業日銷售額。事實上，在去年，我們有公司歷史上排名前 5 位的職位空缺，其中 4 個在小鎮。

I'll turn now to sustaining world-class people leadership by developing and retaining the diverse talent at every level. Our recent field leader conference was a time to celebrate the achievements and career progression of our teams and I'm always amazed by all the inspiring stories of our leaders. In fact, one of our field leaders from the Arizona subregion, who won the award for best throughput has been with Chipotle for 20 years. She is clearly doing a terrific job leading (inaudible) restaurants.

我現在將轉向通過培養和留住各個級別的多元化人才來維持世界一流的人才領導力。我們最近的現場領導者會議是慶祝我們團隊取得的成就和職業發展的時候，我總是對我們領導者的所有鼓舞人心的故事感到驚訝。事實上，我們來自亞利桑那次區域的一位領域領導者獲得了最佳吞吐量獎，他已經在 Chipotle 工作了 20 年。她顯然在領導（聽不清）餐廳方面做得非常出色。

However, what is even more incredible is that she has 2 sisters, one, a team director in Chipotle for 24 years and is consistently a top performer in her region, and the other is a recently promoted field leader who has been with Chipotle for 18 years. Each has a unique story, but all 3 sisters started as crew members and said that Chipotle changed their lives for the better and gave them the ability to develop and grow others within the organization.

然而，更不可思議的是，她有2個姐妹，一個是在Chipotle當了24年的團隊總監，一直是她所在地區的佼佼者，另一個是剛升職的領域領導，在Chipotle工作了18年年。每個人都有一個獨特的故事，但 3 姐妹都是從船員開始的，她們說 Chipotle 改變了她們的生活，讓她們有能力在組織內發展和培養其他人。

When you combine our industry-leading benefits, with our tremendous growth, performance culture and then layer on top, exceptional leaders who will help to grow and develop our future leaders, Chipotle really is a special company.

當您將我們行業領先的福利與我們巨大的增長、績效文化相結合，然後再將有助於培養和發展我們未來領導者的卓越領導者放在首位時，Chipotle 確實是一家特殊的公司。

In closing, I want to thank our restaurant and support center teams for all their hard work in delivering a great quarter. Our focus on getting back to the basics and reestablishing Chipotle standard of excellence is beginning to drive strong results. We will continue to develop exceptional people and prepare exceptional food and, of course, treasure our guests. In doing this, I strongly believe we can make Chipotle better than ever.

最後，我要感謝我們的餐廳和支持中心團隊為交付一個出色的季度所做的所有辛勤工作。我們專注於回歸基礎並重建 Chipotle 卓越標準，這已開始取得強勁的成果。我們將繼續培養卓越的人才，準備卓越的美食，當然，我們也會珍惜我們的客人。通過這樣做，我堅信我們可以讓 Chipotle 變得比以往任何時候都更好。

With that, I will turn it over to Jack.

有了這個，我會把它交給傑克。

Thanks, Brian, and good afternoon, everyone. Sales in the first quarter grew 17% year-over-year to reach $2.4 billion as comp sales grew 10.9%. Restaurant-level margin of 25.6% increased about 490 basis points compared to last year. Relative to our guidance, restaurant level margin benefited from leverage from higher sales, labor efficiencies and lower avocado prices. Earnings per share was $10.50, representing 84% year-over-year growth. The first quarter did not have any material unusual expenses, so our GAAP earnings and non-GAAP earnings are the same.

謝謝，布萊恩，大家下午好。第一季度銷售額同比增長 17%，達到 24 億美元，同期銷售額增長 10.9%。餐廳層面的利潤率為 25.6%，與去年相比增加了約 490 個基點。相對於我們的指導，餐廳層面的利潤率受益於更高的銷售額、勞動力效率和更低的鱷梨價格。每股收益為 10.50 美元，同比增長 84%。第一季度沒有任何重大異常支出，因此我們的 GAAP 收益和非 GAAP 收益相同。

As Brian mentioned, we are going back to our pre-COVID practice of providing annual comp guidance. We anticipate comps in the mid- to high single-digit range for the full year, assuming we do not see further deterioration in the macro environment. As a reminder, for Q2 and the full year, our comps stepped down when we lapped the menu price increase we took in late March of last year, and we anticipate comps will step down again when we lap the menu price increase we took in early August of last year.

正如 Brian 提到的，我們將回到 COVID 之前提供年度薪酬指導的做法。假設我們沒有看到宏觀環境進一步惡化，我們預計全年的收入將處於中高個位數範圍內。提醒一下，對於第二季度和全年，當我們完成去年 3 月下旬的菜單價格上漲時，我們的薪酬下降了，我們預計當我們完成早些時候的菜單價格上漲時，我們的薪酬將再次下降去年八月。

We'll continue to provide quarterly comp guidance for the remainder of this year, and we anticipate comps in the second quarter in the mid- to high single-digit range as the transaction trend for the first quarter has continued into April.

我們將繼續為今年剩餘時間提供季度補償指導，我們預計第二季度的補償在中高個位數範圍內，因為第一季度的交易趨勢一直持續到 4 月。

I'll now go through the key P&L line items, beginning with cost of sales. Cost if sales in the quarter were 29.2%, a decrease of about 180 basis points from last year. The benefit from last year's menu price increases and lower avocado prices more than offset a mix headwind from the Garlic Guajillo Steak limited-time offer, which ended in mid-February as well as higher prices across several items, including queso beans, rice, salsa and tortillas. For Q2, we expect our cost of sales to remain in the low 29% range.

我現在將通過關鍵的 P&L 行項目，從銷售成本開始。本季度銷售額的成本率為 29.2%，比去年下降了約 180 個基點。去年菜單價格上漲和鱷梨價格下降的好處完全抵消了 Garlic Guajillo Steak 限時優惠的混合逆風，該優惠於 2 月中旬結束，以及一些項目的價格上漲，包括墨西哥豆、大米、莎莎醬和玉米餅。對於第二季度，我們預計我們的銷售成本將保持在 29% 的較低範圍內。

The mix benefit from the Chicken Al Pastor limited-time offer (inaudible) will be offset by higher costs in other areas, most notably avocados. We anticipate avocados to increase from the current favorable levels, which are some of the seasonally lowest we have seen in the past few years.

Chicken Al Pastor 限時優惠（聽不清）帶來的混合收益將被其他領域（尤其是鱷梨）的更高成本所抵消。我們預計牛油果將從目前有利的水平增加，這是我們在過去幾年中看到的一些季節性最低水平。

Labor costs for the quarter were 24.6%, a decrease of 170 basis points from last year. The benefit from sales leverage was partially offset by wage inflation. For Q2, we expect our labor cost to remain in the mid-24% range as continued labor inflation will be offset by leverage from seasonally higher sales. Other operating costs for the quarter were 15.3%, a decrease of about 110 basis points from last year. This decrease was driven by sales leverage and a decline in delivery expenses due to lower delivery sales partially offset by higher costs across several expenses, including natural gas and maintenance and repairs.

本季度勞動力成本為 24.6%，比去年下降 170 個基點。銷售槓桿帶來的好處被工資上漲部分抵消了。對於第二季度，我們預計我們的勞動力成本將保持在 24% 的中間範圍內，因為持續的勞動力通脹將被季節性較高的銷售額所抵消。本季度其他運營成本為 15.3%，比去年下降約 110 個基點。下降的原因是銷售槓桿和由於交付銷售額下降而導致的交付費用下降，部分被包括天然氣以及維護和維修在內的多項費用的較高成本所抵消。

Marketing and promo costs for the quarter were 3.2%, and in Q2, we expect marketing costs to step down to the mid-2% range with the full year to come in right around 3%.

本季度的營銷和促銷成本為 3.2%，而在第二季度，我們預計營銷成本將降至 2% 的中段，全年將達到 3% 左右。

In Q2, other operating costs are expected to be in the low 14% range. G&A for the quarter was $148 million, which includes $119 million in underlying G&A, $19 million related to noncash stock compensation and $10 million primarily related to payroll taxes and equity vesting and exercises, higher performance-based accruals and costs associated with our field leader conference.

在第二季度，其他運營成本預計將在 14% 的較低範圍內。本季度的 G&A 為 1.48 億美元，其中包括 1.19 億美元的基礎 G&A、1900 萬美元與非現金股票薪酬相關以及 1000 萬美元主要與工資稅和股權歸屬及行使、更高的基於績效的應計費用以及與我們的現場領導會議相關的成本相關.

We expect our underlying G&A to be around $122 million in Q2 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 $22 million in Q2, although this amount could move up or down based on our performance.

我們預計第二季度我們的基本 G&A 約為 1.22 億美元，此後隨著我們對技術和人員進行投資以支持持續增長，此後將繼續略有增長。我們預計第二季度的股票薪酬將達到 2200 萬美元左右，儘管這一數額可能會根據我們的業績上下浮動。

We also expect to (inaudible) $4 million related to performance-based bonus accruals and payroll taxes and equity vesting exercises, bringing our anticipated total G&A in Q2 to around $148 million. Depreciation for the quarter was $77 million or 3.2% of sales, and we expect depreciation to increase slightly each quarter as we continue to open more restaurants.

我們還預計（聽不清）400 萬美元與基於績效的應計獎金、工資稅和股權歸屬活動相關，使我們預計第二季度的 G&A 總額達到 1.48 億美元左右。本季度的折舊為 7700 萬美元，佔銷售額的 3.2%，我們預計隨著我們繼續開設更多餐廳，每個季度的折舊都會略有增加。

Asset retirement stepped up to $8.4 million in the quarter. This includes charges related to the replacement of equipment such as fryers, grills, rice cookers and other restaurant equipment as we have been more proactive under Project Square One and preventing ingredient outages. In the near term, we expect asset retirements to remain around this level as we continue to prioritize the guest experience and focus on great ops.

本季度資產報廢增加到 840 萬美元。這包括與更換炸鍋、烤架、電飯煲和其他餐廳設備等設備相關的費用，因為我們在 Project Square One 下更加積極主動，並防止食材中斷。在短期內，隨著我們繼續優先考慮客戶體驗並專注於出色的運營，我們預計資產報廢將保持在這一水平附近。

Our effective tax rate for Q1 was 22.5%, which benefited from option exercise and share vesting and stock prices above the grand values. We continue to estimate our underlying effective tax rate will be in the 25% to 27% range though it may vary each quarter based on the discrete items. Our balance sheet remains strong as we ended the quarter with nearly $1.5 billion in cash, restricted cash and investments with no debt along with a $500 million untapped revolver.

我們第一季度的有效稅率為 22.5%，這得益於期權行使和股票歸屬以及股價高於宏偉價值。我們繼續估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管每個季度可能會根據離散項目而有所不同。我們的資產負債表依然強勁，因為我們在本季度結束時擁有近 15 億美元的現金、受限制的現金和沒有債務的投資，以及 5 億美元的未動用左輪手槍。

During the first quarter, we repurchased $132 million of our stock at an average price of $1,553. We increased our level of stock repurchases during the quarter when our share price fell with the overall market, and we'll continue to opportunistically repurchase our stock. At the end of the quarter, we had $282 million remaining under our share authorization program. We opened 41 new restaurants in the quarter, of which 34 had a Chipotlane, and we remain on track to open between 255 and 285 new restaurants this year with at least 80%, including a Chipotlane.

第一季度，我們以平均 1,553 美元的價格回購了 1.32 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。在本季度末，我們的股票授權計劃剩餘 2.82 億美元。我們在本季度新開了 41 家餐廳，其中 34 家有 Chipotlane，今年我們仍有望新開 255 至 285 家餐廳，其中至少 80% 包括 Chipotlane。

We continue to experience challenges, including utility installation, component and raw material shortages and permitting and inspection delays, which have extended our development time line. And while we anticipate these challenges to persist throughout the year, our pipeline remains strong, and we expect to move towards the high end of the 8% to 10% of opening range once the time line challenges subside.

我們繼續面臨挑戰，包括公用設施安裝、組件和原材料短缺以及許可和檢查延遲，這些都延長了我們的開發時間。雖然我們預計這些挑戰將在全年持續存在，但我們的管道仍然強勁，一旦時間線挑戰消退，我們預計將朝著開放範圍的 8% 至 10% 的高端邁進。

In closing, 2023 is off to a great start as our focus on strong operations and treasuring our guests is driving an improvement in sales and margin trends. While we are proud of the progress our teams have made in a short period of time, we recognize there is still opportunity for us to be even better. We believe that these efforts will position us to successfully navigate through macro uncertainty and more importantly, strengthen our foundation for sustained long-term growth.

最後，2023 年有了一個良好的開端，因為我們專注於強大的運營和珍惜我們的客人正在推動銷售和利潤趨勢的改善。雖然我們為我們的團隊在短時間內取得的進步感到自豪，但我們認識到我們仍有機會做得更好。我們相信，這些努力將使我們能夠成功應對宏觀不確定性，更重要的是，鞏固我們持續長期增長的基礎。

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

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Today's first question comes from Dennis Geiger with UBS.

（操作員說明）今天的第一個問題來自瑞銀的 Dennis Geiger。

Congrats on the strong results. Brian, I want to ask a little bit more about throughput and the operations opportunity. Could you frame up a little bit more some of the gains that maybe you're starting to see over this past quarter from Project Square One and some of the other initiatives that you spoke to? And then kind of more importantly, just thinking about the opportunity from here based on initiatives currently in place and maybe even some of the technology that you guys have highlighted in recent months.

祝賀你取得了優異的成績。布賴恩，我想多問一點關於吞吐量和運營機會的問題。您能否進一步說明您在過去一個季度可能從 Project Square One 和您談到的其他一些舉措中開始看到的一些收益？然後更重要的是，根據目前實施的舉措，甚至可能是你們最近幾個月強調的一些技術，思考這裡的機會。

Yes. So Project Square One has been something we've been working very aggressively for probably, I guess now we're going on almost 9 months. And our operators have done a terrific job. Scott and the team have really, I think, retrenched on getting back to the basics and some of the things where we make great progress on are just being in stock with great culinary. We are experiencing too many times where we're out of guac, we're out of chips, we're out of chicken. So we've made tremendous progress on that front. We also have made a lot of progress on keeping both lines open from open to close.

是的。所以 Project Square One 可能是我們一直在非常積極地工作的東西，我想現在我們將進行將近 9 個月。我們的運營商做得非常出色。我認為，Scott 和他的團隊確實在回歸基礎方面有所縮減，而我們取得重大進展的一些事情只是儲備了美味佳餚。我們經歷過太多次沒有鱷梨醬、沒有薯條、沒有雞肉的情況。因此，我們在這方面取得了巨大進展。我們在保持兩條線路從開放到關閉方面也取得了很大進展。

And both of those reasons that we've improved dramatically are driven by, I think, more stability in the restaurant with better training and then holding people accountable to those standards. On the throughput side of things, we've made some progress on the front line. We definitely made some progress as it relates to being on time and accurate digitally, but we still believe there's a lot of room for improvement.

我認為，我們取得顯著改善的這兩個原因都是由餐廳更穩定、更好的培訓以及讓人們對這些標準負責。在吞吐量方面，我們在前線取得了一些進展。我們確實取得了一些進步，因為它涉及準時和準確的數字化，但我們仍然相信還有很大的改進空間。

I think you heard in our prepared remarks, we're still working through, I would call it, better deployment in managing during peaks, so that we service (inaudible) business effectively without jeopardizing the service of the people that are right in front of us in the restaurant. So we still believe there's a lot of runway in front of us on great throughput. We won't get to great throughput, though if we don't have great stability, great culinary, having both lines open from open to close. And we've made tremendous progress on those foundational elements. So really proud of where the team has moved the organization, but I'm really optimistic about where they can get to.

我想你在我們準備好的發言中聽到了，我們仍在努力，我會稱之為，在高峰期間更好地部署管理，以便我們有效地服務（聽不清）業務，而不會危及就在眼前的人的服務我們在餐廳。因此，我們仍然相信在我們面前有很多跑道可以實現巨大的吞吐量。我們不會獲得很大的吞吐量，但如果我們沒有很好的穩定性、很棒的烹飪、讓兩條生產線從打開到關閉都打開。我們在這些基本要素上取得了巨大進展。為團隊將組織轉移到哪裡感到非常自豪，但我對他們能到達哪裡真的很樂觀。

I appreciate that, Brian. And then just a quick follow-up on that. Just some of the tech stuff that maybe is still a little bit early days. How exciting is that for you and what you'll have to do either for throughput as well as maybe some cost efficiencies as we think about the potential there?

我很感激，布賴恩。然後只是快速跟進。只是一些可能還處於早期階段的技術內容。這對您來說有多令人興奮，以及您必須為吞吐量做些什麼，以及我們考慮那裡的潛力時可能需要做的一些成本效率？

Yes. No, I forgot to answer that part of your question. So thanks for the reminder. Look, tremendously excited. That's why we're investing in it, right? These clamshell grills that we're rolling into 10 restaurants now make the job easier, make the culinary better and make the culinary more consistently better. So that's a huge win for our customer and our employees. And I think I've talked about this, it makes the cooking time dramatically go down. So chicken goes from 12, 13 minutes to 2, 3 minutes and you get perfect (inaudible) just really delicious culinary. So that's a big unlock for us because the grill position is one of the hardest positions to train.

是的。不，我忘了回答你問題的那一部分。所以謝謝提醒。看著，無比激動。這就是我們投資它的原因，對吧？我們正在 10 家餐廳推出的這些翻蓋式烤架現在讓工作變得更輕鬆，讓烹飪變得更好，讓烹飪更始終如一地變得更好。所以這對我們的客戶和我們的員工來說是一個巨大的勝利。我想我已經談到了這一點，它使烹飪時間大大縮短。所以雞肉從 12、13 分鐘減少到 2、3 分鐘，你就會得到完美的（聽不清）非常美味的烹飪。所以這對我們來說是一個很大的解鎖，因為燒烤位置是最難訓練的位置之一。

So if we can make that job easier and then we also free up more space on the plancha, it just eliminates any potential bottleneck for our future growth. The other thing that's a huge exciting one for us. It's a little further out as hype. We talked about this quite a bit, which is automating the digital make line. That will enable us to be even more accurate, I think probably go a little bit faster and I think give people more consistent experiences.

因此，如果我們可以讓這項工作更輕鬆，然後我們也可以在 plancha 上釋放更多空間，那麼它就可以消除我們未來增長的任何潛在瓶頸。另一件對我們來說非常令人興奮的事情。炒作有點過頭了。我們談了很多，這就是數字生產線的自動化。這將使我們能夠更加準確，我認為可能會更快一點，我認為會給人們帶來更一致的體驗。

So all these things are driving towards hopefully, better guest experiences, but also a better work environment for our employees. And then obviously, with that, I think we'll be more efficient in both cases. So really excited about both initiatives. Obviously, the clamshell grills are a little bit closer (inaudible) a little further out. And then we've got some other exciting initiatives on making our prep easier, right, frying chips, or cutting and coring avocados. So we're making a lot of investment, and we're going to continue to experiment. Not all of it will work, but I'm confident having innovation in this space is a big unlock for our brand in the long run.

因此，所有這些事情都在朝著有希望的方向發展，更好的賓客體驗，同時也為我們的員工創造更好的工作環境。然後很明顯，有了這個，我認為我們在這兩種情況下都會更有效率。對這兩項舉措感到非常興奮。顯然，翻蓋式烤架離得更近（聽不清），離得更遠。然後我們還有一些其他令人興奮的舉措，讓我們的準備工作更容易，對，炸薯條，或切割和去核鱷梨。所以我們正在進行大量投資，我們將繼續進行試驗。並非所有這些都會奏效，但我相信從長遠來看，在這個領域進行創新對我們的品牌來說是一個巨大的解鎖。

The next question comes from David Tarantino with Baird.

下一個問題來自 David Tarantino 和 Baird。

Jack, I have a question on the margin outlook. I think based on your guidance for the second quarter and what you delivered in the first quarter, it looks like maybe the business is doing about a 26% restaurant margin for the first half of the year, or at least that's what you expect. Is that the right run rate to think about for the year at the current sales levels? Or is there anything maybe on the horizon in the back half that might, I guess, surprise one way or another?

傑克，我有一個關於保證金前景的問題。我認為，根據你對第二季度的指導和你在第一季度的交付情況，看起來該企業今年上半年的餐廳利潤率可能約為 26%，或者至少這是你的預期。在當前的銷售水平下，這是今年應該考慮的正確運行率嗎？或者在後半部分的地平線上有什麼可能，我猜，以某種方式令人驚訝？

Yes, David. In the first half, you're thinking about it right. We definitely expect our margins to step up from here, Q2 from a seasonal sales standpoint is a stronger quarter for us. So we typically see higher margins in the second quarter. We also have relatively lower marketing in the second quarter. And there's some offsets like a little bit of inflation and the labor (inaudible) but still, you're thinking about it right for the first half of the year. What's unknown in the second half of the year is inflation. We're still thinking there's going to be continued labor inflation in the mid-single digit. And even though our commodity has been largely (inaudible) we've had some pluses and minuses that have largely offset each other, we think in the second half of the year, there's still the possibility of inflation.

是的，大衛。上半場，你想的是對的。我們絕對希望我們的利潤率從這裡提高，從季節性銷售的角度來看，第二季度對我們來說是一個更強勁的季度。因此，我們通常會在第二季度看到更高的利潤率。我們在第二季度的營銷也相對較低。還有一些抵消因素，比如一點點通貨膨脹和勞動力（聽不清），但你仍然在考慮今年上半年的情況。下半年未知的是通貨膨脹。我們仍然認為中個位數的勞動力通脹會持續。即使我們的商品在很大程度上（聽不清）我們有一些在很大程度上相互抵消的優點和缺點，我們認為在今年下半年，仍然存在通貨膨脹的可能性。

For example, we don't necessarily expect we'd love avocados to remain at this level for the rest of the year, but we're being realistic and thinking that may not happen, and there may still be inflation on beat. We haven't seen it really yet in what we buy, but there's that possibility as well. So it's really a wildcard about inflation. Inflation is pain in the second half of the year, that will obviously lead to even better margins in the second half of the year, but I think you're thinking about it right.

例如，我們不一定希望鱷梨在今年餘下的時間裡保持在這個水平，但我們很現實，認為這可能不會發生，而且可能仍會出現通貨膨脹。我們還沒有在我們購買的東西中真正看到它，但也有這種可能性。所以這真的是通貨膨脹的通配符。通貨膨脹是下半年的痛苦，這顯然會導致下半年更好的利潤率，但我認為你的想法是對的。

Great. And then the follow-up is about your pricing philosophy and I don't know if Brian or Jack, do you want to take this one. But I guess how are you currently thinking about your pricing as you think about the inflation you just referenced? And I think now that you've rolled over the pricing in April, you're running one of the lowest year-over-year price increases in the industry. So just wondering how you're thinking about when you pull the lever on pricing again?

偉大的。然後後續是關於你的定價理念，我不知道是布賴恩還是傑克，你想接受這個。但我猜你在考慮剛剛提到的通貨膨脹時，目前是如何考慮你的定價的？而且我認為現在你已經在 4 月份推出了定價，你的價格同比漲幅是業內最低的之一。所以只是想知道當你再次拉動定價槓桿時你是如何考慮的？

Yes, David, this is Brian. We're staying the course on our approach to pricing, which is if we see inflation that warrants us needing to take additional pricing, we'll take it. And I think we've now demonstrated -- we do have pricing power. We have a really strong demand. And we don't want to be in front of the inflationary environment, but we also don't want to fall behind. So the good news is we're in a really strong position and when we're ready, and we believe it's necessary to pull that pricing lever, we can, and we continue to have a really strong brand to do it. So we have not made any definitive plans on pricing for the balance of the year, but we're going to stay the course on the approach we've taken over the last, I'd say, 18, 24 months.

是的，大衛，這是布賴恩。我們將堅持我們的定價方法，也就是說，如果我們看到通貨膨脹使我們需要採取額外定價，我們就會接受。我認為我們現在已經證明——我們確實擁有定價權。我們有一個非常強烈的需求。我們不想走在通脹環境的前面，但我們也不想落後。所以好消息是我們處於非常有利的地位，當我們準備好時，我們相信有必要拉動定價槓桿，我們可以，而且我們將繼續擁有一個非常強大的品牌來做到這一點。因此，我們還沒有為今年餘下的時間制定任何明確的定價計劃，但我們將繼續採用我們在過去 18 個月、24 個月內採用的方法。

The next question is from Sara Senatore with Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

A question on labor and then as a follow-up on loyalty. Can you maybe talk a little bit, labor was, I think, better than you had expected or we had anticipated, certainly. I was wondering if you could just talk, is that just because transaction growth was better? I don't know if you can decompose the same-store sales for us. Is it the lower turnover? Just trying to understand where the improvement came from. And then a question on loyalty is you mentioned kind of improved sign-ups. I guess when I look at loyalty membership growth year-over-year, it looks like it's still kind of in that 20% range.

一個關於勞動力的問題，然後是關於忠誠度的後續問題。你能不能談談一點，我認為，勞動力比你預期的要好，或者我們預期的要好。我想知道你是否可以談談，那隻是因為交易增長更好嗎？不知道你能不能給我們分解一下同店銷售額。是營業額較低嗎？只是想了解改進的來源。然後關於忠誠度的問題是你提到了一種改進的註冊。我想當我查看忠誠度會員同比增長時，它看起來仍處於 20% 的範圍內。

Do you have any thoughts about how big that could be or what share of your unique customers, you're seeing members of loyalty. Just trying to understand like sort of the run rate for that as a comp driver.

你有沒有想過這可能有多大，或者你的獨特客戶的份額是多少，你看到的是忠誠度成員。只是想了解作為 comp 驅動程序的運行率。

Yes. Yes, I'll take the labor piece first, Sara. First of all, it was most of the benefit that we saw was sales driven in the quarter. We saw our transaction turn positive. We're still running menu price increase compared to last year and about a 10% range. So when you have that kind of a flow-through where transactions are flowing in and menu prices are flowing as well, that was a significant benefit in the quarter. We did have some labor inflation, so that was an offset to it. And then we did see some efficiencies. So we did see, really, for the first time, the labor scheduling tool we put into place last year was really starting to pay off.

是的。是的，我會先拿勞工片，薩拉。首先，我們看到的大部分收益是本季度的銷售驅動。我們看到我們的交易轉為積極。與去年相比，我們的菜單價格仍在上漲，漲幅約為 10%。因此，當您擁有交易流入且菜單價格也在流動的那種流量時，這在本季度是一個顯著的好處。我們確實有一些勞動力通脹，所以這是對它的抵消。然後我們確實看到了一些效率。因此，我們確實第一次真正看到，我們去年投入使用的勞動力調度工具真正開始產生回報。

And then the fourth thing I would just say is normally this time of the year as our sales begin to increase seasonally, that is the time where our labor tends to be more efficient. It tends to happen where the weather starts to get warmer, our sales start to grow and our managers are trying to keep up on the schedules, but they end up basically driving a little bit of efficiency. They always seem to be maybe a step or 2 behind. The good news is, as Brian mentioned, operationally, we feel like the restaurants ran really well, and we drove that additional labor efficiency.

然後我要說的第四件事通常是一年中的這個時候，因為我們的銷售額開始季節性增長，這是我們的勞動力往往更有效率的時候。它往往發生在天氣開始變暖、我們的銷售額開始增長並且我們的經理試圖跟上時間表的地方，但他們最終基本上提高了一點效率。他們似乎總是落後一兩步。好消息是，正如 Brian 提到的那樣，在運營方面，我們覺得餐廳經營得非常好，而且我們提高了勞動力效率。

Yes, I can say on the loyalty, your question there. What we've definitely seen is we see people higher enrollments when we make it easier to be engaged in the digital system. So a couple of things happen, right? I mentioned this in my earlier remarks. The team improved your ability to redeem rewards by alerting you so that you don't forget (inaudible). We also improved your ability to end up going to the right restaurant for your order, which was a big deal. That's one of the biggest misses we seem to have with customers where they didn't realize they were ordering from different restaurants than where they were intending to go. So those types of things made the engagement easier for people, which then they stay in the program.

是的，我可以說忠誠度，你的問題在那裡。我們明確看到的是，當我們讓參與數字系統變得更容易時，我們會看到人們的入學率更高。所以發生了幾件事，對吧？我在之前的發言中提到了這一點。該團隊通過提醒您不要忘記（聽不清）來提高您兌換獎勵的能力。我們還提高了您最終去正確的餐廳點菜的能力，這很重要。這是我們對客戶最大的失誤之一，他們沒有意識到他們從不同的餐廳訂購，而不是他們打算去的地方。所以這些類型的事情讓人們更容易參與，然後他們就會留在這個項目中。

And now doing things like Freepotle, Fajita Quesadilla, digital-only just attracts new people to come into that space. And that is what we want to do. We want to continue to have acquisition and then we want to dial up the personalization and make it super easy to stay active and engaged because we know the more engaged you are, it plays out in more purchase frequency and higher ticket. So we'd love to get $33 million to $40 million. I don't know where the ceiling is on this thing, but we're going to continue to push towards getting as many people involved and then work very hard to turn it into a very personalized program that keeps them engaged.

現在做像 Freepotle、Fajita Quesadilla 等純數字產品只會吸引新人進入這個領域。這就是我們想要做的。我們希望繼續獲得客戶，然後我們希望提高個性化程度，讓保持活躍和參與變得非常容易，因為我們知道您參與得越多，購買頻率和門票就越高。所以我們很樂意獲得 3300 萬到 4000 萬美元。我不知道這件事的上限在哪裡，但我們將繼續努力讓盡可能多的人參與進來，然後非常努力地把它變成一個非常個性化的項目，讓他們參與進來。

The next question comes from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

I wanted to double-click on that labor productivity stuff. In the past, you've talked about the number of orders you could do in a 15-minute block during those peak hours in the front make line. Could you give us a sense of where you are now and where you think that can go realistically over the next one or 2 years? And then what that would mean to your sales if you got there?

我想雙擊那個勞動生產率的東西。過去，您曾談到在一線生產線的高峰時段，您可以在 15 分鐘內完成多少訂單。您能否告訴我們您現在的位置以及您認為在未來一兩年內可以實際實現的位置？如果你到了那裡，那對你的銷售意味著什麼？

I may offer a couple of stats, and then Brian, you can add on as needed. First of all, in terms of first quarter, we did push past our 15-minute max compared to last year. So it was nice to see as our transactions turned positive during the quarter, that we did push past last year. We actually, at the end of the quarter and as we moved into April, we actually pushed past where we were in the second quarter of last year as well. So we're seeing nice progress, but we're still in that low 20s range, David. We think we can get into the mid-20s. Mid-20s is comparable to what we were doing in 2019 before the pandemic, if you adjust for the shift in our digital business.

我可能會提供一些統計數據，然後 Brian，你可以根據需要添加。首先，就第一季度而言，與去年相比，我們確實超過了 15 分鐘的最大值。因此，很高興看到我們的交易在本季度轉為正數，我們確實超越了去年。實際上，在本季度末和進入 4 月時，我們實際上也超過了去年第二季度的水平。所以我們看到了很好的進展，但我們仍然處於 20 多歲的低水平，大衛。我們認為我們可以進入 20 年代中期。如果您針對我們數字業務的轉變進行調整，那麼 20 多歲與我們在 2019 年大流行之前所做的相當。

But beyond that, if you go back even a few years before that, we don't think there's any reason why we can't get back into at least the high 20s or maybe even into the low 30s as well. Now that will take a few years. But we think this one project that Brian mentioned, this idea of experimenting with how can we make sure that we've got basically the labor deployment, and we've got the cadence of orders coming through to the DML to be set such that our teams can be confident that they can run both lines without feeling this pressure to pull from one line to the other.

但除此之外，如果你再回到幾年前，我們認為沒有任何理由不能讓我們至少回到 20 多歲甚至 30 多歲的低谷。現在這需要幾年時間。但是我們認為 Brian 提到的這個項目，這個想法，即試驗我們如何確保我們基本上已經進行了勞動力部署，並且我們已經設置了通過 DML 的訂單節奏，以便我們團隊可以確信他們可以運行兩條線而不會感到從一條線拉到另一條線的壓力。

And typically, what happens, the DML, if the orders are coming through pretty hot on the DML, there's a tendency to pull somebody from the front line. And I think we're basically seeing some good early results to tell us that we think there's going to be a way to break through and allow our teams to really execute at a really high level on both lines. So I think that's potentially and a lot to get to some of these higher number 15-minute throughput figures.

通常情況下，DML 會發生什麼情況，如果 DML 上的訂單非常火爆，就會有從前線拉人的趨勢。而且我認為我們基本上看到了一些很好的早期結果，告訴我們我們認為會有一種突破的方法，讓我們的團隊在兩條線上真正以非常高的水平執行。因此，我認為這些更高數字的 15 分鐘吞吐量數字中的一些可能而且很多。

And if I look back a decade, your labor as a percentage of sales was in the 23% area. I know a lot's changed in the labor market since then, but you're working on a lot of stuff, not just the focus and the training, but also the double-side grills and hopefully some breakthroughs with Hyphen. I mean do you think you could get back there? Is that the sort of labor productivity that's possible that you can imagine over the next few years?

如果我回顧十年，你的勞動力佔銷售額的百分比在 23% 左右。我知道從那時起勞動力市場發生了很多變化，但你正在做很多事情，不僅僅是重點和培訓，還有雙面烤架，希望在 Hyphen 方面取得一些突破。我的意思是你認為你能回到那裡嗎？這是您在未來幾年可以想像的那種勞動生產率嗎？

It's theoretically possible. I think the one thing, David, that is different now is labor rates are much, much, much higher. And our menu pricing hasn't really stayed caught up all the way with the labor over the last few years. And in fact, the biggest move that we made in the second quarter of 2021, we basically raised wages by 15% and only raised price by 4%. So we basically offset the dollar value of that. We didn't try to protect the margins and certainly didn't try to protect the labor line at all. So I think there's been a bit of a dislocation there. Having said that, we do have a very efficient labor model.

理論上是可以的。大衛，我認為現在不同的一件事是勞動力價格要高得多。在過去的幾年裡，我們的菜單定價並沒有真正跟上勞動力的步伐。事實上，我們在 2021 年第二季度做出的最大舉措是，我們基本上將工資提高了 15%，而價格只提高了 4%。所以我們基本上抵消了它的美元價值。我們沒有試圖保護利潤率，當然也根本沒有試圖保護勞動力線。所以我認為那裡有點錯位。話雖如此，我們確實有一個非常有效的勞動力模型。

We do have a lot of investment in technology. We do have a lot of things that I could see over time as we grow to 3 million volumes and then $3.5 million volumes. And as we really create solutions so that our teams can be more efficient, I think it's certainly possible. It's not necessarily a goal of ours, but we could land there some day.

我們確實在技術上有很多投資。隨著我們的銷量增長到 300 萬，然後是 350 萬美元，我們確實有很多事情可以隨著時間的推移看到。當我們真正創建解決方案以使我們的團隊更有效率時，我認為這當然是可能的。這不一定是我們的目標，但總有一天我們可以到達那裡。

The next question comes from Lauren Silberman with Credit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

My question is on transaction. Great to see the positive transactions in the quarter. Within the mid-single to high single-digit comp guide for the year, what are you embedding for transactions? And what do you see as the most meaningful drivers of positive traffic growth through the rest of the year?

我的問題是關於交易的。很高興看到本季度的積極交易。在今年中個位數到高個位數的薪酬指南中，您為交易嵌入了什麼？在今年餘下的時間裡，您認為推動流量正增長的最有意義的驅動因素是什麼？

Yes. Look, I think the drivers for traffic growth are going to start with Project Square One. We have to have great operational execution. We staffed, trained, deployed, lines open from open to close and giving people great experiences. So that's initiative number one, to keep the traffic moving in the right direction. Obviously, doing things with our loyalty program, our CRM database. We continue to talk about how we're on that journey of continuing to engage with our customers at another level and we'll continue to invest in there, continue to experiment and continue to execute. And then as I've talked about these in our strategies, having the brand visible for what makes Chipotle truly unique, its purpose around "Food with Integrity", that resonates with our customers, it resonates with our team members because it's -- our employees feel great about the food they're serving and our customers, this is the food they want to be eating. And a great example of that are just some menu innovation things that we've added, right, the Fajita Quesadilla. Right now, we're doing Chicken Al Pastor.

是的。看，我認為流量增長的驅動力將從 Project Square One 開始。我們必須有出色的運營執行力。我們配備人員、培訓、部署，線路從開放到關閉，為人們提供了極好的體驗。所以這是第一個倡議，讓交通朝著正確的方向前進。顯然，使用我們的忠誠度計劃、我們的 CRM 數據庫來做事。我們繼續談論我們如何在另一個層面上繼續與客戶互動，我們將繼續在那裡投資，繼續試驗並繼續執行。然後正如我在我們的戰略中談到這些，讓品牌可見是什麼讓 Chipotle 真正獨一無二，它圍繞“誠信食品”的宗旨，與我們的客戶產生共鳴，它與我們的團隊成員產生共鳴，因為它是 - 我們的員工對他們提供的食物和我們的顧客感覺很好，這是他們想要吃的食物。一個很好的例子就是我們添加的一些菜單創新，對吧，Fajita Quesadilla。現在，我們正在做 Chicken Al Pastor。

We made the Fajita Quesadilla program permanent. And we'll continue to do menu news. I think we've talked about this for one or 2 years. So it's the combination of all those things, that will continue, I think, drive great traffic. And I don't want to walk past the fact that we continue to have tremendous value scores.

我們將 Fajita Quesadilla 計劃永久化。我們將繼續做菜單新聞。我想我們已經討論這個問題一兩年了。因此，我認為，所有這些因素的結合將繼續推動巨大的流量。而且我不想忽略我們繼續擁有巨大價值得分的事實。

When you look at what you get from Chipotle for what you pay relative to your alternatives, we continue to get feedback that we're one of the best, and whether you're comparing to other restaurants in our space or even the grocery stores. So we love our value position, and then we love the initiatives that we've got in place.

當您查看您從 Chipotle 獲得的收益與您支付的費用相對於您的替代品時，我們不斷收到反饋，我們是最好的之一，無論您是在與我們空間中的其他餐廳甚至雜貨店進行比較。所以我們喜歡我們的價值定位，然後我們喜歡我們已經採取的舉措。

Great. And just a follow-up on traffic. Where is it coming from? Is it primarily your existing customers, new or lapsed customers, anything notable to share in terms of what you're seeing across income cohorts?

偉大的。並且只是對交通的跟進。它來自哪裡？主要是您的現有客戶、新客戶或流失客戶，以及您在收入群體中看到的任何值得注意的分享？

Yes. I mean fortunately, it's broad-based. So we're seeing new customers come in, and we're also seeing existing customers increase their frequency. So the operational focus, combined with kind of the marketing and menu innovation is doing exactly what we would want to do.

是的。我的意思是幸運的是，它的基礎很廣泛。所以我們看到新客戶進來，我們也看到現有客戶增加他們的頻率。因此，運營重點與營銷和菜單創新相結合，正是我們想要做的。

The next question comes from Andrew Charles with TD Cowen.

下一個問題來自 TD Cowen 的 Andrew Charles。

Great. Brian, would you be able to talk a little more about what you attribute the sales strength in March and April to that exceeded your guidance at the time when the fast-casual industry slowed? If you had to tease it out, just -- not looking for specific numbers, of course, but just direction of magnitude. Is it the improved staffing? Was it Chicken Al Pastor? Or something else that perhaps externally, we may not be appreciating?

偉大的。布賴恩，你能否多談談你將 3 月和 4 月的銷售強勁歸因於快休閒行業放緩時超出你的指導的原因？如果你不得不梳理它，只是——當然不是尋找具體數字，而是尋找幅度方向。是改善了人員配備嗎？是 Chicken Al Pastor 嗎？或者我們可能不欣賞的其他東西？

Look, I hate to just kind of repeat myself, but I'm going to repeat myself here, which is Project Square One and getting the foundational elements of Chipotle's execution back to Chipotle standard of excellence. I can't emphasize enough how important that is. To have our digital make line open from open to close, to have ingredients on that line from open to close, to being staffed and trained on the front line, so to get people down the line really fast with exactly what they want. I can't emphasize enough how important that is because everything then builds from there, right? Our digital personalization program builds on that.

聽著，我討厭重複自己，但我要在這裡重複自己，這是 Project Square One，讓 Chipotle 執行的基本要素回到 Chipotle 的卓越標準。我怎麼強調都不為過。讓我們的數字生產線從開到關，在生產線上從開到關都有配料，在第一線配備人員和接受培訓，這樣才能讓人們真正快速地完成他們想要的東西。我怎麼強調都不為過，因為一切都是從那裡構建的，對吧？我們的數字個性化計劃以此為基礎。

Our menu innovation builds on that. Talking about a brand with purpose builds on that. And I just think a myriad of things worked really well. The Fajita Quesadilla program was received really well. The Chicken Al Pastor program was received really well. But I know they wouldn't be as powerful if we didn't have Project Square One driving behind it. So I think we've talked about this a lot, Andrew. One of the things that makes Chipotle really special is its operational ability to achieve tremendous throughput with unbelievable culinary and unbelievable customization. We've got to nail that. And we have to nail it both on the front line and in the digital experience.

我們的菜單創新以此為基礎。談論有目的的品牌建立在這一點之上。而且我只是認為很多事情都非常有效。 Fajita Quesadilla 計劃非常受歡迎。 Chicken Al Pastor 計劃非常受歡迎。但我知道，如果我們沒有廣場一號的支持，它們就不會那麼強大。所以我想我們已經討論了很多，安德魯。使 Chipotle 真正與眾不同的一件事是它的運營能力，可以通過令人難以置信的烹飪和令人難以置信的定制實現巨大的吞吐量。我們必須解決這個問題。我們必須在前線和數字體驗中都做到這一點。

That's helpful. And one thing I wanted to revisit as well as just the international opportunity. Obviously, a lot of the focus in the last 5 years has been domestically and recognizing how much strength you guys have domestically as well as opportunities to further spread the domestic momentum and further enhance (inaudible) momentum, what do you need to see to lean in more on international, whether it's accelerating development, you're entering new markets, potentially testing out franchising? I would love your thoughts as we think broader beyond Canada.

這很有幫助。我想重新審視一件事以及國際機會。顯然，過去 5 年的很多焦點都集中在國內，認識到你們在國內有多大的實力，以及進一步傳播國內勢頭和進一步增強（聽不清）勢頭的機會，你們需要看到什麼來傾斜在更多關於國際的方面，是否正在加速發展，您是否正在進入新市場，是否有可能測試特許經營？當我們思考加拿大以外的更廣泛領域時，我會喜歡你的想法。

Yes, sure. Well, I don't want to just walk by Canada. We're getting ready to expand into Alberta. We'll open probably 10-plus restaurants up there, which is like a 50% increase. So (inaudible) team in Canada are doing a fabulous job. We're going to continue to drive that market. Specifically on Europe, (inaudible) and the team have done a great job. Our U.K. business has got great momentum. Not surprising. There's a lot of inflation in the P&L there and we have not priced for it because we think a lot of it is temporary, and we're still establishing ourselves in those markets. And I'm optimistic because if you can get the top line, usually, the rest works itself out. And we're putting in place the digital system, the operational excellence, the great culinary.

是的，當然。好吧，我不想只是路過加拿大。我們正準備擴展到艾伯塔省。我們可能會在那裡開設 10 多家餐廳，相當於增加了 50%。所以（聽不清）加拿大的團隊做得非常出色。我們將繼續推動該市場。特別是在歐洲，（聽不清）和團隊做得很好。我們在英國的業務發展勢頭強勁。不奇怪。那裡的損益表中有很多通貨膨脹，我們沒有為它定價，因為我們認為其中很多是暫時的，我們仍在這些市場中站穩腳跟。而且我很樂觀，因為如果你能拿到頂線，通常情況下，其餘的都會自行解決。我們正在實施數字系統、卓越的運營和一流的烹飪。

So I'm optimistic we're going to get there where we'll move this thing out of the (inaudible) process, but we're going to take our time because we want to get it right. We don't want to just be fast. And that's what the team is after, and they're making great progress.

所以我很樂觀，我們會到達那裡，我們會將這個東西從（聽不清）流程中移出，但我們會慢慢來，因為我們想把它做好。我們不想只是快。這就是團隊所追求的，他們正在取得很大的進步。

The next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

I was hoping that if you could give a little bit more transparency in terms of especially the month of April, what's happening on the customer cohort level? I mean are you seeing more higher-income customers come? Are you seeing some lower income customers maybe coming a little bit less or changing their order patterns? Some people would say maybe attach is a little bit lower than it used to be or the consumer is becoming a little bit more price-sensitive, but clearly, that wouldn't be the case in the traffic numbers that you've talked about in April similar to the first quarter. So just wanted to -- just get a sense if there's anything kind of happening beneath the surface that you can talk about or maybe some shifting customer behaviors that actually might be positive for you longer term?

我希望，如果您能在特別是 4 月份方面提供更多透明度，那麼客戶群體層面上發生了什麼？我的意思是你看到更多的高收入客戶來了嗎？您是否看到一些收入較低的客戶可能會減少一些或改變他們的訂單模式？有些人會說附加值可能比以前低了一點，或者消費者對價格越來越敏感了，但很明顯，你在4 月與第一季度相似。所以只是想 - 只是想了解一下您是否可以談論表面下發生的任何事情，或者可能實際上可能對您長期有利的一些不斷變化的客戶行為？

Yes. It's actually 2 things happened for us. One, the higher income consumer continue to come and hardly came at a little bit faster pace from a frequency standpoint. And then we did see some, I would call it, recovery in the lower income consumer, still not all the way back to where it was, call it, a year ago, but an improvement from where it was over the last 6 months. So we've seen nice improvements across all of our income cohorts, and we continue to see great strength in the higher income.

是的。實際上，我們發生了兩件事。第一，高收入消費者繼續來，而且從頻率的角度來看幾乎沒有快一點。然後我們確實看到了一些，我稱之為低收入消費者的複蘇，仍然沒有完全回到一年前的水平，但比過去 6 個月有所改善。因此，我們已經看到我們所有收入人群都有不錯的改善，並且我們繼續看到高收入人群的強大力量。

Interesting. And secondly, if I may, in terms of personalization on Chipotle Rewards, where are we in that journey? I mean how do you feel that you're doing, are there any near-term opportunities or some near-term functionalities that you're going to add as the system continues to learn and get better on an individual customer basis?

有趣的。其次，如果可以的話，就 Chipotle Rewards 的個性化而言，我們在那段旅程中處於什麼位置？我的意思是你覺得你在做什麼，隨著系統繼續學習並在個人客戶基礎上變得更好，你是否有任何近期機會或一些近期功能要添加？

Yes. Thanks for the question. This, I think, is a big opportunity for us because we're still very much in the early days on this. I think the teams have done a great job of turning the data into action through, call it, like CRM programs. And we're just starting to dip our toe into the personalization opportunity. And I think you're going to see really kind of CRM evolve into personalization at meaningful scale. So I think there's a lot of opportunity to be had in this space. I'm proud of the work that's been done to date and where we currently are. But I just think there is tremendous opportunity going forward, assuming we can get this personalization program right.

是的。謝謝你的問題。我認為這對我們來說是一個很大的機會，因為我們在這方面還處於早期階段。我認為團隊在將數據轉化為行動方面做得很好，稱之為 CRM 程序。我們才剛剛開始涉足個性化機會。而且我認為您將看到真正的 CRM 以有意義的規模演變為個性化。所以我認為這個領域有很多機會。我為迄今為止所做的工作以及我們目前所處的位置感到自豪。但我只是認為，假設我們能夠正確實施此個性化計劃，未來將有巨大的機會。

The next question comes from Brian Harbour with Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Harbor。

Yes. In the past, you've commented just on kind of delivery sales and what that looks like for the quarter? And then maybe also just kind of what the mix component of your same-store sales for the quarter was? Would you be able to provide some color on that?

是的。過去，您只是評論了送貨銷售的種類以及本季度的情況？然後也許還只是您本季度同店銷售額的混合組成部分是什麼？你能提供一些顏色嗎？

Delivery was still right around 20%, right?

交貨率仍然在 20% 左右，對嗎？

Like high teens.

就像高中生一樣。

Yes, high teens. And we saw a nice strength in our digital business, a little bit of a rebound in the delivery business, more so probably in the marketplace. But we're feeling really good about how we're positioned in all those access channels. Order ahead, delivery and coming into the restaurant.

是的，十幾歲。我們在數字業務中看到了強大的力量，在交付業務中出現了一點反彈，更可能是在市場上。但我們對我們在所有這些訪問佢道中的定位感到非常滿意。提前訂購，送貨並進入餐廳。

Okay. And then seeing how the Fajita Quesadilla did quite well. Are there kind of other opportunities like that where you lean into just existing menu items and do something akin to that. You've obviously done very well with kind of protein LTOs, but what else could be further afield that kind of continues on that success?

好的。然後看看 Fajita Quesadilla 的表現如何。是否還有其他類似的機會，您可以只依賴現有的菜單項並做類似的事情。你顯然在某種蛋白質 LTO 方面做得很好，但還有什麼可以在更遠的地方繼續取得成功？

Yes. Look, we are really delighted by how well the Fajita Quesadilla performed for the very reason you just mentioned, right? It's all existing ingredients. It required some work on the digital side of things. But for the most part, this was a really easy one for operators to execute. So the team is doing some work to figure out other opportunities like that within our menu and maybe could apply for both the frontline and the digital line. I do believe there's still a lot of hidden gems within the Chipotle menu.

是的。看，我們真的很高興 Fajita Quesadilla 出於您剛才提到的原因表現得如此出色，對吧？都是現成的成分。它需要在事物的數字方面做一些工作。但在大多數情況下，這對操作員來說真的很容易執行。因此，該團隊正在做一些工作，在我們的菜單中找出類似的其他機會，也許可以同時申請前線和數字線。我相信 Chipotle 菜單中仍然有很多隱藏的寶石。

And I think we have the opportunity to talk about them in a more visible way. So more to come. I know Chris and the team are working through, can we find something that can perform as well as Fajita Quesadilla following those kind of requirements.

而且我認為我們有機會以更明顯的方式談論它們。所以還有更多。我知道 Chris 和團隊正在努力，我們能否找到能夠滿足這些要求的 Fajita Quesadilla 的產品。

The next question comes from Sharon Zackfia with William Blair.

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

I was hoping to get an update on Chipotlanes. I think around this time last year, you gave us some ROIC metrics on Chipotlanes versus non-Chipotlanes and kind of the sales lift and digital mix component. I'm just curious now that we're a year later, how those compare the Chipotlanes versus the non-Chipotlanes? And then Jack, did you actually give us kind of what mix and traffic were in the quarter, that would be helpful to have.

我希望得到關於 Chipotlanes 的更新。我想大約在去年的這個時候，你給了我們一些關於 Chipotlanes 與非 Chipotlanes 的 ROIC 指標，以及銷售提升和數字組合組件。現在我們已經一年了，我很好奇這些人如何比較 Chipotlanes 和非 Chipotlanes？然後傑克，你真的給了我們本季度的混合和流量嗎，這會很有幫助。

Well, I'll do the first one -- or the second one first. And I'm surprised it didn't get asked before. So no (inaudible).

好吧，我先做第一個——或者先做第二個。我很驚訝以前沒有人問過它。所以沒有（聽不清）。

(inaudible).

（聽不清）。

(inaudible). So yes, listen, transactions were in kind of that 4-ish kind of mid, low single digit. It's a nice turnaround from what we saw in the fourth quarter that we saw a check, the net check was 7%, so that gets you to that kind of 10.9%. And of the check, it was about 10% pricing and then a 3% mix. And just as a further clarification, the 10% pricing is about 8.5% is in our in-store and our order ahead business. And then on top of that, there's a 1.5% for delivery. And then on Chipotlane, Sharon, largely the same. I mean, Chipotlanes still perform higher from a sales standpoint, higher from a margin standpoint and then higher from a return standpoint. I think we have mentioned in the past, it's -- the comparisons aren't as great anymore.

（聽不清）。所以是的，聽著，交易是那種 4 左右的中低個位數。與我們在第四季度看到的支票相比，這是一個很好的轉變，淨支票為 7%，因此達到 10.9%。在支票中，大約是 10% 的定價，然後是 3% 的混合。正如進一步澄清，10% 的定價約為 8.5% 是在我們的店內和我們的提前訂購業務中。然後最重要的是，有 1.5% 的交付費。然後在 Chipotlane，Sharon，大致相同。我的意思是，Chipotlanes 從銷售的角度來看仍然表現更好，從利潤的角度來看更高，然後從回報的角度來看更高。我想我們過去已經提到過，它 - 比較不再那麼好。

So in other words, a few years ago, we would open up restaurants that could have a Chipotlane, but didn't as we were kind of executing the strategy. And today, when we have 80%, 85% of our restaurants have a Chipotlane, the 15% or 20% that don't can't have one, meaning it's an urban location, it's an in-line location. So it's really different trade areas. So we're starting to see that some of the sales comparisons are getting a little bit not necessarily relevant. We're still seeing the Chipotlanes perform at a higher level, but it's a little bit like comparing an apple to an orange, but still margin return and from a sales standpoint, they're still great.

所以換句話說，幾年前，我們會開設可能有 Chipotlane 的餐廳，但在我們執行該策略時並沒有。而今天，當我們有 80%、85% 的餐廳有 Chipotlane 時，15% 或 20% 沒有 Chipotlane，這意味著它是一個城市位置，它是一個在線位置。所以這是真正不同的貿易領域。所以我們開始看到一些銷售比較變得有點不一定相關。我們仍然看到 Chipotlanes 的表現更高，但這有點像將蘋果與橙子進行比較，但仍然有利潤回報，從銷售的角度來看，它們仍然很棒。

It still does generate higher digital mix by several hundred basis points, and there still is a shift where delivery takes a step down from something in the high teens into the mid or low teens, and order head steps up quite a bit from something in the low 20% up to the high 20s or even the 30%. So all the same kind of directional thing that we've seen, all the benefits that we've seen with Chipotlanes are continuing to show up.

它仍然確實產生了數百個基點的更高數字組合，並且仍然存在一種轉變，即交付從十幾歲的青少年中的某些東西下降到中十幾歲或十幾歲的青少年，並且訂單頭部從十幾歲的東西中上升了很多低 20% 到高 20s 甚至 30%。因此，我們看到的所有相同類型的定向事物，我們在 Chipotlanes 上看到的所有好處都在繼續顯現。

The next question comes from Jon Tower with Citigroup.

下一個問題來自花旗集團的 Jon Tower。

Curious, Brian, you mentioned earlier in the call that your smaller market stores are coming in strong, perhaps even better than you had anticipated. So I'm curious, I know you've recently offered the 7,000-store TAM for North America. But given the success you're seeing as well as some of the new technology like the clamshell grills that you're still testing or you can heighten on the horizon, does that maybe alter that opportunity for new stores over time?

好奇的是，布賴恩，你在電話中早些時候提到你的小型市場商店正在強勁增長，甚至可能比你預期的還要好。所以我很好奇，我知道你最近為北美提供了 7,000 家商店的 TAM。但是，鑑於您所看到的成功以及一些新技術，例如您仍在測試的翻蓋式烤架，或者您可以在地平線上提高，這是否會隨著時間的推移改變新店的機會？

I mean look, obviously, as we get closer to that 7,000 number, we'll have a much better idea of whether or not we can grow beyond the 7,000. The good news is we've not seen any slowdown in our performance. So all the restaurants we're opening, they're opening with strength. And obviously, we look at this every year as we kind of take another look at our market planning. And the good news is we're opening restaurants in -- for Chipotle, I would say, somewhat penetrated markets, and they continue to perform really well. And that gives us confidence because then we can kind of start thinking through like, well, you start extrapolating that across the country, you could see how you could get beyond 7,000. But not ready to take the number up just yet. I love seeing great performance. It's great to see the small towns do really well.

我的意思是，很明顯，當我們接近 7,000 個數字時，我們將更好地了解我們是否可以超過 7,000 個。好消息是我們的業績沒有出現任何放緩。因此，我們正在開設的所有餐廳都在大力開放。顯然，我們每年都會審視這一點，因為我們會重新審視我們的市場規劃。好消息是，我們正在開設餐廳——對於 Chipotle，我想說，它在一定程度上滲透了市場，而且它們繼續表現得非常好。這給了我們信心，因為這樣我們就可以開始思考，好吧，你開始在全國范圍內推斷，你可以看到如何超過 7,000。但還沒有準備好接受這個數字。我喜歡看到精彩的表演。很高興看到小城鎮做得很好。

And it's great to see, frankly, the restaurants do really well in urban and are more penetrated markets. So lots of opportunity in front of us on new restaurant opening frontier.

坦率地說，很高興看到這些餐廳在城市中做得非常好，而且市場滲透率更高。在新餐廳開業前沿，我們面前有很多機會。

Great. And just one more follow-up. Do you have any more planned LTOs for 2023?

偉大的。還有一個後續行動。您還有 2023 年的 LTO 計劃嗎？

We always think through kind of something in the front half and something in the back half. We haven't definitively made a decision on what we're going to do in the back half yet. The good news is our pipeline is really strong, and we've got some flexibility. But we want to see where the consumer is, the strength of Project Square One and that will inform what we choose to do in the back half of the year.

我們總是在前半部分考慮一些事情，在後半部分考慮一些事情。我們還沒有明確決定我們在後半場要做什麼。好消息是我們的管道非常強大，而且我們有一定的靈活性。但我們想看看消費者在哪裡，Project Square One 的實力，這將決定我們下半年的選擇。

The next question comes from Peter Saleh with BTIG.

下一個問題來自 BTIG 的 Peter Saleh。

Great. Brian, I want to ask about the Hyphen automation. I think you mentioned that's for the digital make line. When you're thinking about this, and I know it's still early, is this more for new restaurants? Or can you fit this into your existing footprint in some of your existing locations?

偉大的。布賴恩，我想問一下連字符自動化。我想你提到過那是針對數字生產線的。當你在考慮這個的時候，我知道現在還早，這更適合新餐廳嗎？或者您能否將其納入您現有的某些地點的現有足跡？

Yes. No, one of the things that's great about this is it would fit in our existing locations. It's almost pull off the current line, put in the new line kind of idea, which is really exciting. Probably the first place you'd see us do it, it will be with new units just because it's easier to implement. But the good news is (inaudible) and the team are designing this so that it will work with our existing restaurants.

是的。不，其中一件很棒的事情是它適合我們現有的位置。它幾乎是脫離當前的產品線，加入新產品線的想法，這真的很令人興奮。您看到我們這樣做的第一個地方可能是使用新單元，因為它更容易實施。但好消息是（聽不清），團隊正在設計這個，以便它可以與我們現有的餐廳合作。

Great. And then just one question on the Chicken Al Pastor LTO. It sounds like it's performed exceptionally well. Is it bringing in new guests to the brand that previously haven't come to Chipotle? And is there a level at which an LTO has so much success that it becomes a permanent item? Or do you always consider it as an LTO?

偉大的。然後只有一個關於 Chicken Al Pastor LTO 的問題。聽起來它的表現非常出色。它是否為該品牌帶來了以前沒有來過 Chipotle 的新客人？是否存在 LTO 如此成功以至於成為永久項目的水平？還是您一直將其視為 LTO？

Yes. Well, the good news is Chicken Al Pastor has been broadly appealing, so both to new users and existing customers. The decision to make it permanent would be something we would do after we finish this LTO 1. So we haven't come to the conclusion that we would make this permanent, but your statement is correct, it's definitely performing really well. And crew member feedback is this is an easy one for them to make, and customer feedback has been really positive as well. So we did decide to make the Fajita Quesadilla permanent in our digital platform, but that's a little different than making Chicken Al Pastor permanent.

是的。好消息是 Chicken Al Pastor 對新用戶和現有客戶都具有廣泛的吸引力。將其永久化的決定將是我們完成此 LTO 1 後要做的事情。因此我們還沒有得出將其永久化的結論，但您的說法是正確的，它確實表現得非常好。機組人員的反饋是，這對他們來說很容易製作，客戶的反饋也非常積極。所以我們確實決定讓 Fajita Quesadilla 在我們的數字平台上永久存在，但這與讓 Chicken Al Pastor 永久存在有點不同。

So for this one, it's definitely planned to be an LTO, we'll execute it as an LTO, and then we can always revisit whether we make it a permanent menu down the road.

所以對於這個，它肯定是計劃成為一個 LTO，我們將把它作為一個 LTO 來執行，然後我們總是可以重新審視我們是否讓它成為一個永久的菜單。

The next question comes from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great. Two questions. The first one is on the comp guidance. The fact that you're resuming guidance for full year. I assume that's an indication of stabilization that you're seeing maybe more week-to-week or month-to-month or your visibility -- just wondering if you can share why that has returned. And maybe what are the components you're assuming in that mid- to high single digit in the 2Q and full year? Just trying to gauge what the pricing would be if you took no further and what the traffic assumption is? And then I just have one follow-up.

偉大的。兩個問題。第一個是關於 comp 指導。您將恢復全年指導的事實。我認為這是穩定的跡象，你可能每週或每月看到更多或你的能見度——只是想知道你是否可以分享為什麼它已經回來了。也許你假設第二季度和全年的中高個位數的組成部分是什麼？只是想衡量如果你不採取進一步行動的定價是多少以及交通假設是什麼？然後我只有一個跟進。

Yes. On the guidance, it assumes we don't take any additional pricing similar to the comment that Brian made before. Right now, we're staying the course. So what it assumes is we continue the same transaction trends that we've seen in the first quarter continue into second quarter. It recognizes that we took some menu price action last year, and those will roll off. And so that's, in essence, what we put together for the full year guidance. And the idea here, Jeff, is that you don't know if we're going to continue like beyond the next few quarters and give quarterly guidance all the time. You might remember a few years ago, we used to give just the annual and then not talked about what the quarterly guidance is. And so what we're doing right now is we're kind of doing both for a while, and then we'll see how the trends unfold. We'll see what happens to the macro. And we'll make a decision in terms of what our guidance is going to be.

是的。根據指南，它假設我們不採取任何類似於 Brian 之前發表的評論的額外定價。現在，我們堅持到底。因此，它假設我們將繼續我們在第一季度看到的相同交易趨勢，並持續到第二季度。它認識到我們去年採取了一些菜單價格行動，這些行動將會取消。因此，從本質上講，這就是我們為全年指導所做的整合。傑夫，這裡的想法是，你不知道我們是否會像接下來的幾個季度一樣繼續下去，並一直提供季度指導。你可能還記得幾年前，我們過去常常只給出年度指導，而沒有談論季度指導是什麼。所以我們現在正在做的是我們在一段時間內同時做這兩種事情，然後我們將看到趨勢如何發展。我們將看看宏會發生什麼。我們將根據我們的指導方針做出決定。

But we actually think about our business in terms of a longer-term approach than quarter-to-quarter. And so we think the guidance ought to match that as well. So that's the reason for the change.

但實際上，我們從更長期的角度而不是按季度來考慮我們的業務。因此，我們認為指南也應該與之相匹配。這就是改變的原因。

Understood. And then just on the marketing front, I think you said the mid-2% range for the second quarter. I know it was in the 3s in the first quarter. I'm just wondering, just talk about the thought process around marketing, whether this is a conscious pullback for any particular reason or how you measure the returns, how happy have you been with the marketing you've had thus far and the outlook going forward?

明白了。然後就營銷方面而言，我想你說的是第二季度 2% 的中間範圍。我知道那是第一節的三分球。我只是想知道，談談圍繞營銷的思考過程，這是否是出於任何特定原因的有意識的回調，或者你如何衡量回報，你對迄今為止的營銷有多滿意以及前景如何向前？

Well, we've been really happy with how the brand has shown up and the initiatives that we've rolled out on the percentages, I think that has more to do with timing than anything.

好吧，我們對品牌的表現方式以及我們推出的百分比計劃感到非常滿意，我認為這與時機的關係比什麼都重要。

It's timing, it's been planned, and we tend to spend more in the first quarter, first part of the year than in the back half of the year and typically to support these LTOs.

這是時機，這是計劃好的，我們傾向於在第一季度，今年上半年比下半年花費更多，通常用於支持這些 LTO。

Well, I think, (inaudible) you'd also say too, like the summer months aren't the best time for broad-based media, right? So I think that's part of the timing.

好吧，我想，（聽不清）你也會說，就像夏季不是廣泛媒體的最佳時機，對吧？所以我認為這是時機的一部分。

Today's last question comes from Jake Bartlett with Truist Securities.

今天的最後一個問題來自 Truist Securities 的 Jake Bartlett。

Jack, I had a question on commodity inflation. I was wondering whether you could kind of handicap the likelihood of deflation in the back half. It feels like there's some big chunks of (inaudible) deflationary. Just kind of wondering what the moving pieces are in your mind, how much visibility you have? And just what do you think the chances of deflation are in the back half?

傑克，我有一個關於商品通脹的問題。我想知道你是否可以阻止後半部分通貨緊縮的可能性。感覺好像有一些大塊的（聽不清）通貨緊縮。只是想知道你心中的動人片段是什麼，你有多少知名度？您認為後半段出現通貨緊縮的可能性有多大？

Yes. It's not our -- it's a good question. It's not our base case. Our base case is to see modest inflation in the back half of the year. We're predicting somewhere in the low to mid-single digits. We've been really pleasantly surprised by what's happened so far. We have had a number of miscellaneous items where we've seen inflation like some of our oils, tortilla, some of our salsas and things like that but even offset by lower-than-expected avocado cost. So that's why our food cost has been steady for 2 quarters in a row. And it's been a number of quarters that that's happened where we haven't seen any net inflation. So I do think it's a possibility. It depends on what the Fed does. It depends on what happens to inflation broadly.

是的。這不是我們的——這是一個很好的問題。這不是我們的基本情況。我們的基本假設是今年下半年出現適度通脹。我們正在預測中低個位數的某個地方。到目前為止，我們對所發生的一切感到非常驚喜。我們有許多雜項，我們看到了通貨膨脹，比如我們的一些油、玉米餅、一些莎莎醬和類似的東西，但甚至被低於預期的鱷梨成本所抵消。這就是為什麼我們的食品成本連續兩個季度保持穩定。在我們沒有看到任何淨通脹的情況下，已經有好幾個季度發生了這種情況。所以我認為這是一種可能性。這取決於美聯儲的做法。這取決於通貨膨脹的總體情況。

The wildcard there is if inflation disappears, you have to also then wonder, okay, what's happened with the macro economy, what's happening with unemployment and consumer demand as well. So right now, we kind of like the environment we're in right now, where consumers have jobs. They have money. They're visiting restaurants, and the inflation that we're seeing is pretty modest. So that base case that we put together and how we plan the rest of the year feels pretty good to us. We wouldn't mind inflation going down, but we'd love it if it didn't (inaudible) softness in demand.

如果通貨膨脹消失了，那麼你還必須想知道，好吧，宏觀經濟發生了什麼，失業率和消費者需求也發生了什麼。所以現在，我們有點喜歡我們現在所處的環境，消費者有工作。他們有錢。他們正在光顧餐館，而我們看到的通貨膨脹非常溫和。因此，我們放在一起的基本案例以及我們如何計劃今年剩餘時間對我們來說感覺非常好。我們不介意通貨膨脹下降，但如果它沒有（聽不清）需求疲軟，我們會喜歡它。

Great. And that answer kind of flows into my next question, which was I think as you talked about the annual guidance for same-store sales, you talked about the macro environment staying as it is now. So I just wanted to kind of make sure I understood what your kind of base case is for the macro environment in the back half of the year. And should we think of the range kind of slight recession on the low end? How should we think about the macro outlook in your guidance? And maybe how you think you're positioned if we do see a deceleration in the consumer...

偉大的。這個答案有點像我的下一個問題，我認為當你談到同店銷售的年度指導時，你談到了宏觀環境保持現狀。所以我只是想確保我了解下半年宏觀環境的基本情況。我們是否應該考慮低端的輕微衰退範圍？我們應該如何看待您指導中的宏觀前景？如果我們確實看到消費者減速，也許您認為自己的定位如何……

So first of all, in our prepared comments, we did say our guidance assumes that there's not a meaningful change in the macro environment, okay? Because obviously, (inaudible) happens. But in terms of our outlook, our outlook does not -- our base case does not include a recession or certainly not a meaningful recession. Again, it looks like unemployment is holding up really well. It looks like consumer spending is strong right now. I mean Brian mentioned our -- we saw softness in the second half of last year, especially the fourth quarter in lower income consumer. We saw those consumers come back almost at the same rate as our higher income consumers. And so we see that as a positive macro sign. So we're cautiously optimistic about what's going to happen in the second half of the year.

所以首先，在我們準備好的評論中，我們確實說過我們的指導假設宏觀環境沒有發生有意義的變化，好嗎？因為很明顯，（聽不清）發生了。但就我們的前景而言，我們的前景並不——我們的基本情況不包括經濟衰退，當然也不包括有意義的經濟衰退。再一次，看起來失業率真的很好。看起來消費者支出現在很強勁。我的意思是布賴恩提到我們 - 我們在去年下半年看到疲軟，特別是第四季度低收入消費者。我們看到這些消費者的回頭率幾乎與我們的高收入消費者相同。因此，我們將其視為一個積極的宏觀信號。因此，我們對今年下半年將要發生的事情持謹慎樂觀的態度。

Now if there is a recession, we feel like we're really well prepared. We have -- we own all of our restaurants. We don't have any debt. So we don't have the possibility of franchisees under pressure if they have debt payments and that there is a softening of demand. And we don't feel like we have to run the business based on a quarter-by-quarter (inaudible) so if we need to (inaudible) a couple of tough quarters here or there, we certainly think we have the financial wherewithal and we have the long-term view to do that. But again, we're cost optimistic that the economy will hold up.

現在，如果出現經濟衰退，我們覺得我們已經做好了充分的準備。我們有——我們擁有我們所有的餐廳。我們沒有任何債務。因此，如果特許經營商有債務償還並且需求疲軟，我們就不會有特許經營商承受壓力的可能性。而且我們覺得我們不必按季度（聽不清）來經營業務，所以如果我們需要在這里或那裡（聽不清）幾個艱難的季度，我們當然認為我們有足夠的資金和我們有長遠的眼光來做到這一點。但同樣，我們對經濟將保持樂觀持樂觀態度。

This concludes our question-and-answer session. I would like to turn the call back to Brian Niccol for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給 Brian Niccol 以聽取任何結束語。

Okay. Thanks. And thanks, everybody, for joining the call and all the questions. Obviously, we're very proud of the work that has gone into achieving these results. I think I mentioned this before, Chipotle has got one of those special brand strengths when you look out there. There aren't many companies, I think, that are growing top line, expanding margins and building new units to the tune of 8% to 10%. And then when you combine that with the strength of the balance sheet, the strength of our economics, we're very confident in the strategies that we're continuing to execute. We are not slowing down on Project Square One, and we're not slowing down on providing digital access, and we're not going to slow down on making the brand visible and loved.

好的。謝謝。感謝大家加入電話會議並提出所有問題。顯然，我們為實現這些成果所做的工作感到非常自豪。我想我之前提到過這一點，當你往外看時，Chipotle 擁有其中一種特殊的品牌優勢。我認為，沒有多少公司能夠實現收入增長、利潤率擴大和建立新部門，達到 8% 到 10%。然後，當你將其與資產負債表的實力、我們經濟的實力結合起來時，我們對我們將繼續執行的戰略非常有信心。我們不會放慢 Project Square One 的速度，我們不會放慢提供數字訪問的速度，也不會放慢讓品牌知名度和喜愛度的速度。

And the foundation of all this is we have great people, with great culinary, we usually end up with great experiences for our guests. So we're staying the course, and we believe the strategies and these focus areas are going to deliver results for the long term. And we're optimistic about our long-term future of getting to those 7,000 restaurants and AUVs well beyond 3 million. So thanks again for taking the time, and we'll talk to you in a couple of months, if not sooner. Thanks. Bye.

而這一切的基礎是我們擁有優秀的員工，擁有出色的烹飪，我們通常會為客人帶來出色的體驗。所以我們堅持到底，我們相信這些戰略和這些重點領域將帶來長期的成果。我們對我們擁有 7,000 家餐廳和超過 300 萬家 AUV 的長期未來持樂觀態度。再次感謝您抽出寶貴時間，我們將在幾個月後與您聯繫，如果不是更早的話。謝謝。再見。

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

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。