奇波雷墨西哥燒烤 (CMG) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Chipotle Mexican Grill Second Quarter 2023 Results Call. (Operator Instructions). Please note that this event is being recorded. I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.

下午好，歡迎參加 Chipotle Mexican Grill 2023 年第二季業績電話會議。 （操作員指示）。請注意，本次會議正在錄製中。現在，我想將會議交給投資者關係和策略主管 Cindy Olsen。請開始。

Hello, everyone, and welcome to our second 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. 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 projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Qs for a discussion of the risks that may cause our actual results to vary from these forward-looking statements.

大家好，歡迎參加我們2023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。如果沒有，您可以在我們的投資者關係網站ir.chipotle.com上找到。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階層目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結果與這些前瞻性聲明不同的風險。

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

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」版塊中的示範頁面連結查看與公認會計準則 (GAAP) 指標的對帳表。今天的電話會議將以董事長兼首席執行官 Brian Niccol 和首席財務及行政官 Jack Hartung 的預先準備好的發言開始，之後我們將回答您的問題。我們的整個執行領導團隊都將在問答環節中為您服務。

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. The strength in our business continued into the second quarter, driven by our focus on exceptional food and exceptional people as well as the success of Chicken Al Pastor. For the quarter, sales grew 14% to reach $2.5 billion driven by a 7.4% comp. In restaurant sales increased 16%, digital sales represented 38% of sales, restaurant-level margin was 27.5%, an increase of 230 basis points year-over-year. Adjusted diluted EPS was $12.65 representing 36% growth over last year, and we opened 47 new restaurants, including 40 Chipotlanes.

謝謝辛迪，大家下午好。我們業務的強勁勢頭延續到了第二季度，這得益於我們對卓越食品和優秀員工的關注，以及雞肉烤肉串（Chicken Al Pastor）的成功。本季度，銷售額成長14%，達到25億美元，年增7.4%。餐廳銷售額成長16%，數位通路銷售額佔38%，餐廳利潤率為27.5%，較去年同期成長230個基點。調整後稀釋每股收益為12.65美元，較去年同期成長36%。我們新開了47家餐廳，其中包括40家Chipotlanes。

For the third quarter, we anticipate comps in the low to mid-single-digit range driven by transaction growth as we are rolling off of pricing. For the full year, we continue to anticipate mid- to high single-digit comps. Before reviewing our strategic priorities, I want to share a few organizational updates. As a way of maintaining a healthy growth mindset, we proactively conducted an in-depth review of our business needs and organizational structure to ensure we can deliver on our aggressive growth goals for future growth. This resulted in investments in areas like development, digital marketing and international expansion. At the same time, we also identified areas where we could better optimize our organizational structure, such as putting our end-to-end digital experience, including product design, analytics and the customer journey under Curt Garner, our Chief Customer and Technology Officer.

對於第三季度，隨著定價機制的逐步取消，我們預計將受交易量成長的推動，可比銷售額將在低至中等個位數的範圍內成長。對於全年，我們繼續預期可比較銷售額將在中等至高等個位數。在回顧我們的策略重點之前，我想先分享一些組織方面的更新。為了保持健康的成長心態，我們主動深入審查了我們的業務需求和組織結構，以確保我們能夠實現積極的未來成長目標。這導致了在開發、數位行銷和國際擴張等領域的投資。同時，我們也確定了可以更好地優化組織結構的領域，例如將我們的端到端數位體驗（包括產品設計、分析和客戶旅程）置於我們的首席客戶和技術長 Curt Garner 的領導下。

Additionally, we streamlined our strategic project management process to focus on key projects and to enable faster and more efficient decision-making. These changes will further support our 5 key strategies that will position us to win today while we grow our 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, sustaining world-class people leadership by developing and retaining diverse talent at every level; number three, making the brand visible relevant and loved to improve overall guest engagement; number four, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers; and number five, expanding access and convenience by accelerating new restaurant openings and laying the foundation for an international expansion.

此外，我們精簡了策略性專案管理流程，以專注於關鍵項目，並實現更快、更有效率的決策。這些變革將進一步支持我們的五大關鍵策略，使我們在發展未來的同時，也能贏得當下的勝利。這些策略包括：第一，以對員工負責的文化經營成功的餐廳，以誠信提供美味佳餚，同時打造卓越的店內和數位體驗；第二，透過培養和留住各個層面的多元化人才，保持世界一流的人才領導力；第三，讓品牌受到關注、重視和喜愛，從而提升整體顧客參與度；第四，加強技術和創新，擴大餐廳和支援中心的成長和熱門，從而提升整體和餐廳提供便利；

Starting with our restaurants. While Project Square One is wrapping up, we have made the decision to permanently embed the program within our training DNA. On a quarterly basis, our crew members will be retrained on key components ensuring we are always focused on being brilliant at the basics and that we never lose sight of training and developing exceptional people and preparing and serving exceptional food.

從我們的餐廳開始。雖然「Square One」計畫即將結束，但我們決定將該計畫永久融入我們的培訓體系。每季度，我們的員工都會接受關鍵環節的再培訓，確保我們始終專注於精通基礎技能，並始終致力於培養和發展優秀人才，以及烹飪和提供卓越的美食。

Next quarter, we will reemphasize throughput and elevate our focus on proper deployment standards during peak periods, where we often only have 3 crew members on the front make-line versus our minimum deployment of 4. The fourth person, which is often the expeditor may leave the front line to help the digital make-line. Our focus will be on coaching the expeditor to stay on the front line and to bring together the items in an order and communicate them to the cashier as alleviating this bottleneck is critical for delivering great throughput. Additionally, we believe we have an opportunity to better optimize our smarter pickup times and deployment of labor on the digital make-line during peak periods. As you may remember, we began testing changes to the cadence of orders on the digital make-line in several markets to see if we could improve throughput by eliminating the need to pull a crew member from frontline to help the digital make-line.

下個季度，我們將再次強調吞吐量，並更加重視高峰時段的合理部署標準。尖峰時段，我們通常只有3名工作人員在一線生產流水線，而我們的最低部署人數是4人。第四名工作人員，通常是催貨員，可能會離開第一線去協助數位生產流水線。我們將重點指導催貨員留在一線，將訂單中的商品匯總到一起並傳達給收銀員，因為緩解這一瓶頸對於實現高吞吐量至關重要。此外，我們相信我們有機會在高峰時段更好地優化數位生產流水線的智慧取貨時間和勞動力部署。您可能還記得，我們已開始在多個市場測試數位生產管線訂單節奏的變化，看看是否可以透過減少從一線抽調工作人員去協助數位生產管線來提高吞吐量。

The good news is that in these restaurants, we are seeing an improvement in throughput on the front line and an improvement in on-time on the digital make-line. We will continue to test adjusting the cadence of orders on the digital make-line at certain restaurants and roll out where we see the opportunity to improve the overall experience. We remain confident that balancing the deployment between the front and digital make-lines along with continuous training and reps will further drive improvements in throughput. In fact, we have seen evidence of this in certain restaurants. I was recently in New York at our Chipotle on 50th & Park, and it was a great experience with delicious food and fast throughput on the front line compared to my experience at the same restaurant exactly a year ago.

好消息是，在這些餐廳，我們看到前線的吞吐量有所提升，數位生產線的準時性也有所提高。我們將繼續在某些餐廳測試調整數位生產線的訂單節奏，並在我們認為有機會提升整體體驗的地方推廣。我們仍然相信，平衡前線和數位生產線之間的部署，以及持續的培訓和銷售代表，將進一步推動吞吐量的提升。事實上，我們已經在某些餐廳看到了這方面的證據。我最近在紐約50街和公園大道的Chipotle餐廳用餐，與一年前在同一家餐廳的體驗相比，這次用餐體驗非常棒，食物美味，前線的吞吐量也很快。

The improvement in throughput was certainly noticeable as deployment of labor between the front make-line and the digital make-line was more balanced. Over the last year, the field leader responsible for this patch of restaurants in New York City worked with the GMs and crew members shoulder to shoulder on throughput fundamentals. During his regular restaurant visits, he also followed up with consistent feedback like reminding his restaurants to have an EXPO in position during peak periods.

由於前端生產線和數位生產線之間的人力分配更加均衡，吞吐量的提升顯而易見。過去一年，負責紐約市這片餐廳的現場負責人與總經理和工作人員並肩協作，共同提高吞吐量。在定期拜訪餐廳期間，他也會持續跟進回饋，例如提醒餐廳在高峰時段安排 EXPO 活動。

By having the proper deployment with an EXPO in place and the right balance between the front make-line and the digital make-line, throughput in his patch of restaurants improved by nearly 5 entrees in the peak 15 minutes as compared to the prior year. His restaurants are also outcomping his region and the company average, demonstrating throughput drives performance. This is the type of leader we want to develop, one that builds a strong team, runs world-class restaurants, ensures we serve exceptional food every day and inspires our teams to achieve great results. And this brings me to our world-class people leadership.

透過適當的部署，例如舉辦博覽會，並在前台售菜流水線和線上售菜流水線之間取得恰當的平衡，他所在餐廳在高峰時段的15分鐘內，客流量比去年同期增加了近5份主菜。他的餐廳也超越了所在地區和公司的平均水平，證明了客流量驅動業績的有效性。這正是我們想要培養的領導者：能夠打造強大的團隊，經營世界級的餐廳，確保我們每天都能提供卓越的美食，並激勵我們的團隊取得卓越成就。這也讓我想到了我們世界一流的人才領導力。

As part of our focus on developing our teams, we relaunched Cultivate University for our newly promoted field leaders, which is a 3-day training program on the skills they need to truly excel in managing their patch of restaurants. This includes developing future leaders, the foundations of exceptional throughput and culinary, why it's critical to protect our economic model and a culture of accountability. One of the most challenging transitions is from General Manager, managing 1 restaurant to field leader and managing around 8 restaurants. Cultivate University is a program that will be offered each year to support our new field leaders as they make this transition to managing a $20 million business.

為了重點發展團隊，我們為新晉升的現場負責人重新推出了「培育大學」計畫。這是一個為期三天的培訓項目，旨在幫助他們掌握真正出色地管理各自餐廳所需的技能。培訓內容包括培養未來的領導者、卓越生產力和烹飪的基礎知識、維護我們經濟模式的重要性以及責任文化。最具挑戰性的轉變之一是從管理餐廳的總經理轉變為管理約八家餐廳的現場負責人。 「培育大學」計畫將每年舉辦一次，旨在支持我們的新晉現場負責人順利過渡到管理價值 2000 萬美元的企業。

We remain committed to hiring and developing the best people to work at Chipotle through our competitive wages, industry-leading benefits and tremendous growth opportunity. In fact, we are on track to surpass our 22,000 promotions from last year and create over 7,000 new jobs with our restaurants anticipated to open in 2023. We are also relaunching our successful and long-running Behind the Foil ad campaign. This campaign provides unfiltered and emotional testimonials from our team members about the impact Chipotle has had on their lives as well as a glimpse into our daily preparation using our real ingredients and classic culinary techniques, a key differentiator for Chipotle. What better way to make the brand more visible, more relevant and more loved than to feature our talented restaurant team members preparing exceptional food.

我們將繼續致力於透過具競爭力的薪資、業界領先的福利和巨大的發展機會，聘用和培養最優秀的人才加入 Chipotle。事實上，隨著我們預計在 2023 年開業的餐廳的增多，我們有望超越去年的 22,000 個晉升，並創造超過 7,000 個新的工作機會。我們也將重新啟動我們成功且長期經營的「幕後花絮」廣告活動。這項活動提供了我們團隊成員真實而感人的感言，講述了 Chipotle 對他們生活的影響，同時也讓人們一睹我們使用真實食材和經典烹飪技術的日常準備工作，這是 Chipotle 的一個關鍵差異化因素。還有什麼比展示我們才華橫溢的餐廳團隊成員烹飪的非凡美食更好的方式來提高品牌知名度、相關性和受歡迎程度呢？

And speaking of exceptional food, our menu innovation has been outstanding this year. Chicken Al Pastor has proven to be a popular LTO with 1 in 5 transactions, including the new protein. It is boosting transactions with a strong repeat and is attracting new customers to Chipotle and also delivered the highest positive social sentiment of any new menu introduction and importantly, was simple for our teams to execute, which resulted in a win all around. As Chicken Al Pastor wraps up in late August, we have a planned new menu item for later in the quarter. Our rewards program is another way we aim to drive frequency within our existing customer base as our reward members come more often and spend more than nonrewards members. We launched Freepotle earlier this year, which was designed to deliver a strong value proposition and attract new members with 10 free rewards dropped into our members' accounts throughout the year.

說到絕佳的菜色，我們今年的菜單創新也相當出色。雞肉牧師套餐（Chicken Al Pastor）已被證明是一款備受歡迎的長期促銷產品，每五份交易中就有一份來自該套餐，其中包括新的蛋白質。它不僅回頭率高，還促進了交易，為Chipotle吸引了新顧客，並在所有新推出的菜單中獲得了最高的正面社會評價。更重要的是，它對我們的團隊來說操作起來非常簡單，最終取得了全面的勝利。雞肉牧師套餐將於八月底結束，我們計劃在本季稍後推出新的菜單。我們的獎勵計劃是我們提高現有客戶群消費頻率的另一種方式，因為我們的獎勵會員比非獎勵會員更頻繁地光顧，消費也更高。我們在今年稍早推出了Freepotle，旨在提供強大的價值主張並吸引新會員，全年將向會員帳戶中發放10個免費獎勵。

Freepotle has been successful in driving enrollments in the first half of the year as we surpassed 35 million reward members. With each strategic Freepotle drop, we are learning more about our customers' behaviors and utilizing those learnings to personalize future offers. We will continue to look for creative ways to drive enrollment and improve engagement in our rewards program. In traditional media, we remain top of mind at sporting events as we leverage the basketball playoffs as a high-profile opportunity to spotlight the Chipotle brand and through our NHL partnership, our Chipotle logo was featured on the ice during the Stanley Cup playoffs.

Freepotle 在上半年成功推動了會員註冊，我們的獎勵會員數量已超過 3500 萬。隨著 Freepotle 每次策略性升級，我們都在深入了解顧客行為，並利用這些經驗來個人化未來的優惠活動。我們將繼續探索創新方法來推動註冊，並提升會員參與度。在傳統媒體方面，我們仍然在體育賽事中佔據首要位置，我們利用籃球季後賽作為高調宣傳 Chipotle 品牌的機會，並通過與 NHL 的合作，在斯坦利杯季後賽期間，我們的 Chipotle 標誌出現在冰面上。

Additionally, the return of the popular Chipotle Hockey Jersey BOGO day had the highest participation in the history of the program. Chipotle's ingredients continue to power many of the top male and female athletes on and off the field. Through our real food for real athletes campaign, we have showcased the inspiring journeys of athletes across all levels of sports and how Chipotle can help them perform their best by providing proper nutrition. Partnering with athletes and teams, along with traditional media around big sporting events has been an authentic and successful way to connect the brand to some of our biggest fans.

此外，廣受歡迎的 Chipotle 冰球服「買一送一」日的回歸，創造了該項目歷史上參與人數的最高紀錄。 Chipotle 的食材持續為賽場內外眾多頂尖男女運動員提供力量。透過「真材實料，真運動員」活動，我們展示了各級運動員的勵志歷程，以及 Chipotle 如何透過提供合理的營養幫助他們發揮出最佳水平。與運動員、運動隊伍以及圍繞大型體育賽事的傳統媒體合作，是將品牌與我們最忠實的粉絲聯繫起來的真實且成功的方式。

Shifting to technology and innovation in our restaurants. First, I wanted to provide an update on the benefits we have seen from the dual-sided Grill, which we discussed last quarter. The new grill can cook the chicken in under 4 minutes versus 12 minutes on the plancha and can cook the steak in under 1 minute versus 4 minutes on the plancha. This allows for a faster recovery of freshly grilled chicken and steak resulting in more opportunities to remain in stock during peak periods as well as the ability to cook smaller batches, ensuring superior culinary.

我們餐廳正在轉向科技創新。首先，我想介紹一下我們上個季度討論過的雙面烤架帶來的益處。新款烤架可以在4分鐘內烤好雞肉，而鐵板烤製則需要12分鐘；新款烤架可以在1分鐘內烤好牛排，而鐵板烤製則需要4分鐘。這可以更快地恢復新鮮烤好的雞肉和牛排，從而在高峰時段有更多機會保持庫存，並能夠烹飪小批量菜餚，確保提供卓越的烹飪體驗。

Additionally, the grill allows for more consistent execution with the same sear and char and maintains better moisture resulting in juicier chicken and steak with less waste. Finally, it takes one of the most complex positions in our restaurants and significantly improved learning curve, making it a more desirable role for our teams. The feedback from our guests and our teams continues to be very positive and we recently completed the rollout of the dual-sided grill into 10 high-volume locations as the next step in the stage gate process. We also began to do a broader rollout of our new third pan rice cookers, which eliminates our large rice pots and cooks the rice in our third pans that you see on the line.

此外，烤架能夠更一致地保持相同的煎烤效果，並更好地保持水分，從而減少雞肉和牛排的浪費，使其更加鮮嫩多汁。最後，它佔據了我們餐廳中最複雜的位置之一，大大降低了學習難度，使其成為我們團隊中更理想的職位。來自我們客人和團隊的回饋持續非常積極，我們最近完成了雙面烤架在10個高客流量餐廳的推廣，這是階段門流程的下一步。我們也開始更廣泛地推廣新的三鍋電飯煲，這樣我們就不用再使用大號的米飯鍋，而是用您在生產線上看到的第三個鍋來煮飯。

This streamlines the rice cooking process while delivering fresh, high-quality rice that scooped perfectly to our standards. It can also make single batches allowing for a faster recovery time, less waste during nonpeak periods and the ability to make white and brown rice at the same time. We have rolled this out to our new restaurants with plans to add it to another 200 existing restaurants this year.

這簡化了煮飯流程，同時也能提供新鮮優質的米飯，完美符合我們的標準。它還可以單批生產，從而縮短恢復時間，減少非高峰時段的浪費，並能夠同時煮白米和糙米。我們已在新餐廳推廣這項技術，並計劃今年在另外200家現有餐廳推廣。

And as part of our Cultivate Next Fund, we recently invested in Webull, and together, we are exploring collaborative robotics that will drive efficiencies and ease pain points for our employees. One device that we are in the process of developing cuts, cores and peels an avocado. It's called the Autocado. This cobotic prototype saves time and eliminates a less favorable task, but still allows our teams to hand mash our signature block. As you can see, all of these initiatives have a common goal, which is to improve the in-restaurant experience for our teams and our guests while maintaining or improving upon our high culinary standards.

作為我們Cultivate Next Fund基金的一部分，我們最近投資了Webull，並攜手合作，共同探索協作機器人技術，以提高效率並緩解員工的痛點。我們正在開發的設備名為Autocado，可以切開、去核並剝皮酪梨。這款協作機器人原型節省了時間，省去了一項不太輕鬆的任務，同時仍然允許我們的團隊手工搗碎我們標誌性的酪梨。如您所見，所有這些舉措都有一個共同的目標，那就是在保持或提升我們高水準烹飪水準的同時，提升我們團隊和顧客的餐廳體驗。

I'm really proud of the work the teams are doing to leverage automation, technology and artificial intelligence, and it was nice to be recognized as one of Time Magazine's most innovative companies last month. Our final key strategy is to expand access and convenience. I'm thrilled to share the addition of Stephen Piacentini, as our new Chief Development Officer. Stephen has extensive experience at some of the largest restaurant brands and will lead our very talented and tenured development team as we look to reach 7,000 restaurants over time in North America.

我為團隊在利用自動化、科技和人工智慧方面所做的工作感到非常自豪，上個月被《時代》雜誌評為最具創新力的公司之一，這真是太棒了。我們最後一個關鍵策略是擴大可近性和便利性。我很高興地宣布，Stephen Piacentini 將擔任我們的新任首席開發長。 Stephen 在一些大型餐廳品牌擁有豐富的經驗，他將帶領我們才華橫溢、經驗豐富的開發團隊，我們的目標是逐步在北美覆蓋 7,000 家餐廳。

This year, we continue to target 255 to 285 new restaurants with over 80%, including a Chipotlane. And in fact, this quarter, we opened our 600th Chipotlane. In Canada, performance remains strong with 34 locations and we are on track to add about 10 new restaurants this year. We had our highest opening day ever in Canada this past quarter, which is a testament to the increasing excitement around the brand and our growth opportunity in the country. We also believe there's even more opportunity beyond the 7,000 restaurants we are targeting longer term in North America and we are laying the foundation for further international growth. Through our recent reorganization, we added resources to our European operations, including bringing over one of our top U.S. operators to Europe to drive productivity and better align our operations with the U.S. We look forward to continued progress in Europe over the coming quarters as we aim to set up the region for long-term growth.

今年，我們繼續瞄準新開255至285家餐廳，其中80%以上將包含一家Chipotlane。事實上，本季我們已經開設了第600家Chipotlane。在加拿大，我們依然表現強勁，擁有34家門市，預計今年新增約10家餐廳。上個季度，我們在加拿大的開幕日創下了歷史新高，這證明了人們對該品牌的熱情日益高漲，也證明了我們在該國的成長潛力。我們相信，除了我們長期目標的7000家餐廳之外，北美還有更多機會，我們正在為進一步的國際成長奠定基礎。透過最近的重組，我們為歐洲業務增加了資源，包括將我們最頂尖的美國營運商之一引入歐洲，以提高生產力，並更好地協調我們與美國的業務。我們期待未來幾季在歐洲繼續取得進展，因為我們的目標是為該地區的長期成長奠定基礎。

And finally, we recently announced our first ever development agreement with the Alshaya Group, to open restaurants in the Middle East, which will further accelerate our international efforts. The Alshaya Group has successfully expanded many of the largest global brands into the Middle East, North Africa and Europe, and they plan to open our first restaurants in Kuwait and United Arab Emirates in 2024. We're excited to offer guests in Middle East are responsibly sourced, classically cooked real food and look forward to furthering our purpose to cultivate a better world in this new territory.

最後，我們最近宣布了與Alshaya集團的首個開發協議，將在中東開設餐廳，這將進一步加速我們的國際化進程。 Alshaya集團已成功將許多全球知名品牌拓展至中東、北非和歐洲，並計劃於2024年在科威特和阿聯酋開設我們的首批餐廳。我們很高興能為中東的賓客提供以負責任的方式採購、採用經典烹飪的正宗食材烹製的美食，並期待在這片新土地上進一步實踐我們的使命，創造更美好的世界。

In closing, I want to thank our 114,000 employees for all their hard work to reestablish Chipotle standards of excellence and culture of accountability. Earlier this month, Chipotle celebrated its 30th anniversary of the opening of the first Chipotle restaurant in Denver, Colorado. What makes Chipotle special and has driven our success over the last 30 years is our people, our purpose of cultivating a better world and our focus on delivering exceptional food. Our culinary using the highest quality ingredients and classic cooking techniques makes our food delicious. Our customization, convenience and speed are differentiators and our value is simply tremendous. This has resulted in an industry-leading brand with industry-leading economics, and we still have a long runway for growth. We are well positioned to win today while we grow our future over the next 30 years.

最後，我要感謝我們11.4萬名員工的辛勤付出，他們為重塑Chipotle的卓越標準和責任文化做出了貢獻。本月初，Chipotle在科羅拉多州丹佛慶祝了第一家Chipotle餐廳開幕30週年。 Chipotle的與眾不同之處，以及過去30年來推動我們取得成功的因素，在於我們的員工、我們致力於創造更美好世界的宗旨以及我們對提供卓越美食的專注。我們採用最優質的食材和經典的烹飪技藝，成就了我們美味的佳餚。我們的客製化、便利性和快速性是我們與眾不同的特色，也賦予了我們巨大的價值。這成就了我們領先業界的品牌和經濟效益，而且我們仍然擁有廣闊的成長空間。我們已做好準備，在贏得今天的勝利的同時，也將在未來30年繼續發展壯大。

And with that, I will turn it over to Jack.

說完這些，我會把麥克風交給傑克。

Thanks, Brian, and good afternoon, everyone. Sales in the second quarter grew 14% year-over-year to reach $2.5 billion as comp sales grew 7.4% with over 4% transaction growth, for the third quarter, we anticipate comps in the low to mid-single-digit range, driven by transaction growth as we roll off nearly 500 basis points of pricing in early August. We continue to forecast full year comps in the mid- to high single-digit range.

謝謝，Brian，大家下午好。第二季銷售額年增14%，達25億美元，同店銷售額成長7.4%，交易量成長超過4%。我們預計第三季同店銷售額將維持在低至中等個位數區間，這得益於交易量的成長，因為我們在8月初將價格下調了近500個基點。我們持續預測全年同店銷售額將維持在中等至高等個位數區間。

Restaurant-level margin of 27.5% increased about 230 basis points compared to last year, and earnings per share adjusted for unusual items was $12.65, representing 36% year-over-year growth. The second quarter had unusual expenses related to corporate restructuring and corporate and restaurant asset impairments, including the closure of Pizzeria Locale. I'll now go through the key P&L line items, beginning with cost of sales.

餐廳利潤率為27.5%，較去年同期成長約230個基點，經特殊專案調整後的每股盈餘為12.65美元，較去年同期成長36%。第二季出現了與公司重組以及公司和餐廳資產減損相關的特殊支出，其中包括關閉Pizzeria Locale。現在我將逐一介紹主要的損益項目，首先是銷售成本。

Cost of sales in the quarter were 29.4%, a decrease of about 100 basis points from last year. The benefit from last year's menu price increases and lower avocado prices were partially offset by elevated costs across the board, most notably in beef, tortillas, dairy, salsa beans and rice. For Q3, we expect our cost of sales to be around 30% due to higher beef and avocado prices. Our supply chain team has done a fantastic job of diversifying our avocado exposure. And in the third quarter, the majority of our avocados will come from Peru. While prices are higher than the very favorable levels in the second quarter, we are less impacted from the volatility in the Mexican avocado market.

本季銷售成本為29.4%，較去年下降約100個基點。去年菜單價格上漲和酪梨價格下跌帶來的收益被整體成本上漲部分抵消，尤其是牛肉、玉米餅、乳製品、莎莎豆和大米。由於牛肉和酪梨價格上漲，我們預計第三季的銷售成本將在30%左右。我們的供應鏈團隊在酪梨產品多元化方面做得非常出色。第三季度，我們的大部分酪梨將來自秘魯。雖然價格高於第二季的有利水平，但我們受墨西哥酪梨市場波動的影響較小。

Labor costs for the quarter were 24.3%, a decrease of about 50 basis points from last year. The benefit from sales leverage was partially offset by wage inflation. And for Q3, we expect our labor costs to be around 25%, reflecting continued labor inflation and seasonally lower sales. Other operating costs for the quarter were 13.9%, a decrease about 40 basis points from last year. This decrease was driven by sales leverage. Marketing and promo costs for the quarter were 2.4%, and in Q3, we expect marketing costs to step down to the low 2% range before stepping up in Q4 with the full year to come in right around 3%.

本季勞動成本為24.3%，較去年下降約50個基點。銷售槓桿帶來的收益被薪資上漲部分抵銷。我們預計第三季勞動成本約為25%，這反映了持續的勞動力通膨和季節性銷售額下降。本季其他營運成本為13.9%，較去年下降約40個基點。這一下降是由銷售槓桿推動的。本季行銷和促銷成本為2.4%，我們預期第三季行銷成本將降至2%的低位，然後在第四季上升，全年成本約為3%。

In Q3, other operating costs are expected to be in the mid-14% range. G&A for the quarter was $157 million on a GAAP basis or $153 million on a non-GAAP basis, excluding $3.5 million related to corporate restructuring expenses. As Brian mentioned, we recently went through a review of our organization needs to ensure we're well positioned to meet our long-term growth goals. G&A also includes $119 million in underlying G&A. $29 million related to noncash stock compensation and $5 million related to higher bonus accruals and payroll taxes and equity vesting and exercises.

第三季度，其他營運成本預計在14%左右。本季的一般及行政費用（G&A）以公認會計準則（GAAP）計算為1.57億美元，以非公認會計準則計算為1.53億美元，不包括與公司重組費用相關的350萬美元。正如Brian所提到的，我們最近對組織架構進行了審查，以確保我們能夠更好地實現長期成長目標。一般及行政費用還包括1.19億美元的基本一般及行政費用，2900萬美元與非現金股票薪酬有關，500萬美元與更高的獎金應計、工資稅以及股權歸屬和行使有關。

For Q3, we expect our underlying G&A to be around $125 million and to grow slightly thereafter as we make investments in technology and people to support ongoing growth. We anticipate stock comp will be around $31 million in Q3, although this amount could move up or down based on our performance. We also expect to recognize about $4 million related to performance-based bonus accruals and payroll taxes and equity vesting exercises, bringing our anticipated total G&A in Q3 to around $160 million. Depreciation for the quarter was $79 million or 3.1% of sales, and we expect depreciation to increase slightly each quarter as we continue to open more restaurants.

我們預計第三季的基本行政開支約為1.25億美元，此後將略有成長，因為我們將加大對技術和人才的投資，以支持持續成長。我們預計第三季的股票補償約為3,100萬美元，但根據我們的業績表現，這一數字可能會上下波動。我們也預計將確認約400萬美元與績效獎金、薪資稅和股權行使相關的款項，這使得我們預期第三季的行政開支總額約為1.6億美元。本季折舊為7,900萬美元，佔銷售額的3.1%，隨著我們繼續開設更多餐廳，我們預計每季的折舊都將略有增加。

Asset retirement stepped up to $16.2 million, which includes $8.5 million related to corporate and restaurant asset impairments, including the closure of Pizzeria Locale. In the near term, we expect asset retirement to be around $8 million per quarter as we continue to prioritize the guest experience and focus on great ops. Our effective tax rate for Q2 was 23.8% due to an increase in tax benefits related to option exercises and equity vesting. 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 discrete items. Our balance sheet remains strong as we ended the quarter with over $1.8 billion in cash, restricted cash and investments with no debt.

資產減損損失增至1,620萬美元，其中包括與公司和餐廳資產減損（包括關閉Pizzeria Locale）相關的850萬美元。短期內，我們預計每季資產減損損失約為800萬美元，因為我們將繼續優先考慮顧客體驗並專注於卓越的營運。由於選擇權行使和股權歸屬相關的稅收優惠增加，我們第二季的有效稅率為23.8%。我們繼續估計，我們的基本有效稅率將在25%至27%之間，但每季可能會根據具體項目而有所不同。我們的資產負債表依然強勁，本季末我們持有超過18億美元的現金、限制性現金和投資，且無負債。

During the second quarter, we repurchased $88 million of our stock at an average price of $1,937. At the end of the quarter, we had $295 million remaining under our share authorization program. We opened 47 new restaurants in the second quarter of which 40 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. Our development time line remains extended, but our pipeline remains strong and we expect to move toward the high end of the 8% to 10% openings range once these time line challenges subside.

第二季度，我們以平均1937美元的價格回購了8,800萬美元的股票。截至本季末，我們的股票授權計畫剩餘2.95億美元。第二季度，我們新開了47家餐廳，其中40家設有Chipotlane餐廳。我們今年仍有望新開255至285家餐廳，其中至少80%的餐廳將包含Chipotlane餐廳。我們的發展時間表仍在延長，但我們的儲備仍然強勁，一旦這些時間表上的挑戰得到緩解，我們預計新開餐廳的比例將達到8%至10%的上限。

In closing, when I joined Chipotle, we were approaching our 10th anniversary with just over 200 restaurants. We were determined to change the way people think about and eat fast food by preparing delicious fresh food using classic cooking techniques, sustainably raised wholesome ingredients and serving it quickly. Brian mentioned Chipotle celebrated its 30th anniversary earlier this month, and those fundamental values that made Chipotle successful are still deeply ingrained in our brand. Along the way, we've invested in food and integrity, expanded access and convenience through our digital channel. Chipotlanes and international expansion and continue to innovate within our restaurants to improve the overall experience. We still have a long growth runway ahead and a talented team excited to continue to build expand and evolve our brand and our purpose of cultivating a better world over the next 30 years.

最後，當我加入Chipotle時，我們即將迎來成立十週年，旗下餐廳數量剛好超過200家。我們決心改變人們對速食的認知和消費方式，採用經典的烹飪技藝，以可持續的方式種植健康食材，快速上菜，打造美味新鮮的美食。 Brian提到，Chipotle本月初慶祝了成立30週年，而那些成就Chipotle成功的根本價值至今仍深深植根於我們的品牌之中。一路走來，我們不斷投資於食品和誠信，透過數位管道拓展管道，提升便利性。我們致力於Chipotle的國際擴張，並持續在餐廳內部進行創新，以提升整體體驗。我們未來仍擁有漫長的成長之路，一支才華橫溢的團隊也對在未來30年繼續打造、拓展和發展我們的品牌以及我們致力於創造更美好世界的宗旨充滿期待。

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

我們很樂意回答您的問題。

(Operator Instructions) And our first question comes from Andrew Charles from TD Cowen.

（操作員指示）我們的第一個問題來自 TD Cowen 的 Andrew Charles。

I wanted to talk about pricing plans in the second half, just given inflation in the beef and avocado categories. And what I'm looking to better understand is that is the price increase on the table for December when you historically took price in 2018 through '21? Or does the resumption of student payments on September 1, that could weigh on restaurant industry spending, I believe you want to bear -- potentially wait on that and see how that plays out?

我想談談下半年的定價計劃，考慮到牛肉和酪梨類商品的通貨膨脹。我想更了解的是，您過去在2018年至2021年期間的定價情況，12月份的價格是否會上漲？或者，9月1日恢復學生補貼可能會對餐飲業支出造成壓力，我相信您願意承受—或許可以等等看，看看情況如何？

Andrew, this is Brian. Our approach on pricing has been obviously -- it's a lever that we will pull as kind of the last thing we like to pull. But I think we've proven time and time again that the brand is very strong and the value proposition is very strong, and we have that pricing power to use. Obviously, I think you heard in Jack's comments, we're seeing some inflationary pressure both on the labor line and in some of the food areas when you pull out avocados. So it's something that we're looking hard at. And as we get closer to that fourth quarter, we'll make a decision on exactly what we want to do on the pricing front. I don't know if you want to add anything there, Jack.

安德魯，我是布萊恩。我們的定價策略顯然是──這是我們最不願意動用的一個槓桿。但我認為我們已經一次又一次地證明了我們的品牌非常強大，價值主張非常有力，而且我們擁有定價權。顯然，我想你在傑克的評論中也聽到了，我們看到，當酪梨停產時，無論是在勞動力市場還是在一些食品領域，都存在一些通膨壓力。所以這是我們正在密切關注的問題。隨著第四季的臨近，我們將最終決定在定價方面的具體舉措。傑克，我不知道你還有什麼要補充的。

No. Just I think Brian summarized it well, but we've had underlying inflation in the last 2 quarters but we've had benefits from lower cost avocados that's offset that. And then also, we got a benefit because chicken Al Pastor has really shifted to some of our customers from the more expensive beef into the less expensive chicken that's been a benefit as well. As those benefits subside, that's when the inflation will flow through, and that's where we'll have a clear view of the inflation impact. We will, as you suggested, look at our customer demand transaction patterns as well before we make any final decisions on price.

不。我覺得Brian總結得很好，過去兩個季度我們確實經歷了潛在的通膨，但酪梨價格較低帶來的收益抵消了通膨的影響。此外，我們也受益匪淺，因為Al Pastor雞肉產品確實讓一些客戶從價格更高的牛肉轉向了價格更低的雞肉，這也帶來了好處。隨著這些好處逐漸消退，通膨的影響就會逐漸顯現，屆時我們就能清楚看到通膨的影響。正如您所建議的，在最終定價之前，我們也會考慮客戶的需求和交易模式。

Okay. That's helpful. And then just on the 3Q guidance, I know that you guys called out that you're seeing about 500 basis points of price that rolls off in August. Can you just comment as well about the lowering consumer? I know last quarter, you guys were talking about sequentially, you're seeing some strength in that consumer. I just wanted to know what you guys have seen in recent months related to that consumer?

好的，這很有幫助。然後，就第三季的業績指引而言，我知道你們提到8月份價格將下降約500個基點。您能否評論一下消費者支出的下降？我知道上個季度，你們談到了環比成長，看到消費者支出有所增強。我只是想知道最近幾個月你們在消費者支出上看到了什麼？

Yes. I mean this is one of the elements of, I guess, the consumer demonstrating how resilient they are. Both the lower-income consumer and kind of our higher-income consumers are showing really good strength. I think that's why we had such a strong traffic performance in the quarter, and we continued to exit that quarter with really healthy traffic or transaction trends. So we're not seeing any weakness in the lower-income consumer. If anything, they've continued to improve, and we're feeling really good about the value proposition we're providing all income levels.

是的。我的意思是，我想這是消費者展現韌性的因素之一。低收入消費者和高收入消費者都表現出了非常強勁的勢頭。我認為這就是我們本季流量表現如此強勁的原因，我們在本季結束時仍然保持著非常健康的流量或交易趨勢。所以我們沒有看到低收入消費者有任何疲軟。如果有什麼不同的話，那就是他們的收入正在持續改善，我們對我們為所有收入水平提供的價值主張感到非常滿意。

Next question comes from David Tarantino from Baird.

下一個問題來自貝爾德公司的大衛·塔倫提諾。

First question, I just want to clarify how you're thinking about the third quarter from a comps perspective. And maybe, Jack, if you can just talk about the underlying traffic trend you're assuming in the third quarter relative to what you saw in the second quarter and whether that would imply any slowdown versus what you've been running?

第一個問題，我想澄清一下，您從可比較數據的角度來看待第三季的情況。傑克，您能否談談，相對於第二季的情況，您認為第三季的潛在流量趨勢如何？這是否意味著與目前的營運情況相比，流量會有所放緩？

Yes, David, the components of our guidance just give kind of general ranges and the menu price increase remaining after the August from last year rolls off, will be call it that 2.5%, 2.6% range. We're still expecting positive transactions throughout the quarter. In fact, we expect the transactions will probably be in the plus 3% to plus 3.5% range, somewhere in that range. We're still seeing a little bit of a mix impact.

是的，David，我們指引中的各項內容只是給了一個大概的區間，菜單價格在去年8月份之後的剩餘漲幅大概在2.5%到2.6%之間。我們預計整個季度的交易量仍會保持正成長。事實上，我們預期交易量可能會在3%到3.5%之間，大概在這個範圍內。我們仍然看到一些混合影響。

Our group size continues to normalize as people are returning to work. And so there's less of a channel shift between digital and in-restaurant ordering, but we are seeing that the group size is lowering. So this is the hardest part to predict, but we're assuming that somewhere in that 2-ish range. We'll see a negative mix because of group size somewhere in that 2% range. So those are the general components we're thinking about.

隨著人們陸續復工，我們的團購規模持續趨於正常。因此，線上點餐和店內點餐之間的通路轉換有所減少，但我們發現團購規模正在下降。所以這是最難預測的部分，但我們假設這個數字在2%左右。由於團購規模在2%左右，我們會看到一個負面的混合效應。所以，這些都是我們正在考慮的一般因素。

And Jack, when you seasonally adjust the trends, would it imply a slowdown? Or is this more of the same of what you delivered in the second quarter? I just want to make sure I understand whether you're seeing a slowdown in traffic.

傑克，當您根據季節性調整趨勢時，這是否意味著業務放緩？或者這與您第二季的情況大致相同？我只是想確認一下，您是否確實看到了流量放緩。

Yes. So we're -- there is a subtle seasonality shift that we're seeing, David. We saw in early June as schools were letting out and as people started traveling more, we saw a little bit of an inflection point in transactions. We also -- when we stratified our restaurants, we did see that our restaurants in more touristy areas were benefiting. Restaurants in non-touristy areas were a little bit softer. And just recently, with the last 1.5 weeks or so, we're starting to see some normalization of that. So we're still reading through that. We assume there's not going to be a full bounce back in the fourth quarter, but we did assume the normal end of the rest of the third quarter. But we did assume that the normalization that we're seeing last week or so that some of that will continue.

是的。所以，我們看到了微妙的季節性變化，大衛。我們在六月初看到，隨著學校放假，人們開始更多地出行，交易出現了一個小小的轉折點。我們還發現，當我們對餐廳進行分層統計時，我們確實看到，位於旅遊景點較多地區的餐廳受益匪淺。非旅遊景點地區的餐廳則略顯疲軟。就在最近，大約在過去一周半的時間裡，我們開始看到這種情況有所恢復。所以我們仍在觀察。我們假設第四季不會完全反彈，但我們確實假設第三季剩餘時間的恢復情況會恢復正常。但我們確實假設，上週左右看到的恢復正常化趨勢將持續下去。

So we're still trying to do a read through, but it looks like there was maybe a little early vacations taking this year that didn't necessarily happen last year.

因此，我們仍在嘗試進行通讀，但看起來今年可能會提前休假，而去年則不一定如此。

The next question comes from Sara Senatore from Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

I just wanted to talk about throughput in the context of -- it sounds like the traffic is fairly stable. You talked about new equipment. I understand that cook times are down pretty dramatically. Could you translate that into some sort of throughput measure and kind of what you're seeing both presently and then what the opportunity is. I guess, as we think about throughput, the capacity is one side, but then making sure that you have enough demand there to move the customers through. And I'm trying to sort of understand the dynamics there. So anything you can tell us about throughput now and what you're seeing with the new equipment? And then I'll just have a quick follow-up.

我只是想談談吞吐量——聽起來客流量相當穩定。您提到了新設備。我知道烹飪時間大幅縮短了。您能否將其轉化為某種吞吐量指標，並談談您目前看到的情況以及未來的機會是什麼？我想，當我們考慮吞吐量時，容量是一方面，但也要確保有足夠的需求來引導顧客。我正在努力了解這方面的動態。所以，您能告訴我們目前吞吐量的情況以及新設備帶來的變化嗎？然後我再快速跟進。

Yes, sure. So we've made some really good progress on the throughput side, but we're not all the way to where we want to be. I think I've mentioned this earlier, where the good news is we now consistently probably have 3 people in the front line. But really what that needs to be is 4 people in order for us to achieve kind of our pillars of great throughput. And best part of reason why we're retrenching again on throughput kind of going forward here.

是的，當然。我們在吞吐量方面確實取得了一些進展，但還沒有完全達到我們想要的目標。我想我之前提到過，好消息是我們現在大概只有3個人在一線工作。但實際上，為了實現高吞吐量的目標，第一線人員需要達到4個人。這也是我們再次削減吞吐量的主要原因之一。

But as I mentioned in my comments earlier, in the places where we've seen restaurants or patches adopt I would call it, great throughput execution. You're definitely seeing a move to the tune of 3 to 5 transactions in their best 15 minutes. So we know it's out there. We just need to do it as an entire enterprise, and we're focused on that piece going forward.

但正如我之前評論中提到的，在我們看到的餐廳或社區採用該技術的地方，我認為它擁有出色的吞吐量執行。你肯定會看到在最佳的15分鐘內完成3到5筆交易。所以我們知道它存在。我們只需要以整個企業為單位來做這件事，並且我們未來將專注於這部分。

As it relates to equipment and other tools to help us become even, I'd say, more efficient and faster. The double-sided grills are now in 10 restaurants. So not obviously across the system by any means but rather just moving to our stage gate process. That just enables cooking times to dramatically decrease. So checking goes from 12 minutes to 3 to 4 minutes then it goes from 3 to 4 minutes to 1 minute. It makes a position a lot easier, makes the culinary much more consistent. And then obviously, it gives us much more capacity on the plancha. So that's where we are with that. And then things like Autocado and Hyphen very much still in the pilot phase, meaning like prototype phase. But we're pretty optimistic about what both of those can do for us, but we're not in any restaurants yet with either one of those items.

至於設備和其他工具，我想說，它們能幫助我們變得更有效率、更快。雙面烤架現在已在10家餐廳投入使用。當然，這並非是在整個系統範圍內推廣，而只是轉移到了我們的階段門流程。這大大縮短了烹飪時間。檢查時間從12分鐘縮短到3到4分鐘，再從3到4分鐘縮短到1分鐘。這使得定位變得更容易，烹飪也更加一致。而且，顯然，它大大提升了我們的鐵板燒容量。這就是我們現在的進展。 Autocado和Hyphen等技術目前仍處於試點階段，也就是原型階段。但我們對它們未來能為我們帶來的好處非常樂觀，但目前還沒有在任何一家餐廳使用它們。

Okay. And then just to sort of clarify, I guess a follow-up is you've been sort of working on throughput, and we've seen some really nice improvement over the last couple of quarters in transaction or traffic growth. It sounds like the anticipation is that it will be fairly stable. I understand the comparisons play into this. But like would you expect kind of another step change in traffic as some of what you're talking about best practices sort of disseminate across the system. Again, just trying to understand how to translate throughput.

好的。接下來我想澄清一下，我想問一下，您一直在努力提高吞吐量，過去幾個季度，我們看到交易量或流量增長確實取得了顯著的提升。聽起來大家預期吞吐量會比較穩定。我理解這種比較是有原因的。但是，隨著您所說的一些最佳實踐在整個系統中推廣，您是否預計流量會再次出現階躍式變化？再次強調，我只是想了解如何理解吞吐量的意思。

Yes. No, absolutely. I mean I think there's a real opportunity for not only the continued strength in traffic, but a step up in traffic. As we get better at executing the pillars of throughput. And that's why I wanted to give that example of the one restaurant in New York. That restaurant is outperforming a region that's doing a really nice job. And the reason is because they're executing every element of our throughput pillars with excellence.

是的，絕對不是。我的意思是，我認為我們不僅有機會繼續保持客流量的強勁成長，而且有機會進一步提升客流量。因為我們在執行吞吐量關鍵指標方面做得越來越好。這就是為什麼我想舉紐約那家餐廳的例子。這家餐廳的表現優於其他表現非常出色的地區。原因在於他們出色地執行了我們吞吐量關鍵指標的每一個環節。

And so as that happens more consistently across more patches or more restaurants, we anticipate we're going to see increases both in traffic and total comps. So Obviously, that comes with time. We're dealing with 110,000 employees that need to learn what great throughput is and what it looks like. But the team is making great progress. We're focused on it and I'm confident we're going to get a culture of throughput built in this organization.

隨著這種情況在更多區域或更多餐廳持續發生，我們預計客流量和總銷售額都會成長。顯然，這需要時間。我們11萬名員工需要了解什麼是高吞吐量，以及它是什麼樣子。但團隊正在取得巨大進步。我們正專注於此，我相信我們最終會在公司內建立一種高吞吐量文化。

The next question comes from Danilo Gargiulo from Bernstein.

下一個問題來自伯恩斯坦的 Danilo Gargiulo。

So with the low to mid-single-digit expected comps in 3Q, what is giving you the confidence to meaningfully accelerate the trajectory in 4Q to meet the full year guidance? Especially as we think about the 4Q comparable sales potentially becoming more from traffic versus from pricing actions. What actions are you contemplating to sustain the momentum?

那麼，鑑於第三季預計可比銷售額將達到中低個位數，是什麼讓您有信心在第四季大幅加速成長，以達到全年預期目標？尤其是考慮到第四季度的可比銷售額可能更多來自客流量而非定價策略。您計劃採取哪些措施來保持這一勢頭？

Yes. I mean, obviously, we're going to stay first and foremost, on enhancing our operational performance as it relates to throughput. So that will be a piece of the puzzle. We've got a new menu item that we'll be bringing out after we finish the run on Chicken Al Pastor. And then obviously, we'll evaluate what component of pricing it has in the fourth quarter as well, given some of the inflationary pressures we're seeing.

是的。我的意思是，顯然，我們首先要做的事情是提升與產量相關的營運績效。所以這將是我們努力的一部分。我們完成了雞肉帕斯特（Chicken Al Pastor）的製作後，會推出一個新的菜單。然後，考慮到我們目前面臨的一些通膨壓力，我們當然也會評估它在第四季的定價組成。

So you line those things up, plus the strength of the trend that we already have. We feel really good about our full year guidance.

所以，把這些因素綜合起來，再加上我們現有的趨勢，我們對此感到非常滿意。我們對全年業績預期非常滿意。

And maybe beyond this year, thinking a bit more on a multiyear basis. Historically, you have executed a more cautious international rollout across Canada and Europe. What drove you to undertake franchising? And specifically, why are you starting with the Middle East? So can we expect the combination of co-op and franchise mix in international markets? Or is this more an (inaudible) step to fine-tune your international expansion plans going forward?

也許今年之後，你們會更深入地考慮未來幾年的發展。從歷史上看，你們在加拿大和歐洲的國際擴張上採取了更謹慎的態度。是什麼促使你們開展特許經營業務？具體來說，為什麼選擇從中東開始？那麼，在國際市場上，我們能期待合作經營和特許經營相結合嗎？或者，這更像是（聽不清楚）調整未來國際擴張計畫的一步？

Yes. So you can probably anticipate more of a mix. We still believe company ownership in Western Europe makes a lot of sense. We just had the opportunity to visit with the team there in the last week or so. And they're making great progress in London, Frankfurt and obviously, Paris. I mean as we mentioned in the call too, Canada continues to really perform. So we're going to build 10 new restaurants on a base of 34. So you can see how we're stepping up the development there and the team continues to do a great job.

是的。所以你可能會看到更多混合佈局。我們仍然認為在西歐擁有公司所有權非常合理。上週左右，我們有機會拜訪了那裡的團隊。他們在倫敦、法蘭克福，當然還有巴黎，都取得了巨大的進展。正如我們在電話會議中提到的，加拿大市場的表現持續強勁。因此，我們將在現有34家餐廳的基礎上，再開設10家新餐廳。所以，你可以看到我們在那裡的快速發展，團隊也繼續表現出色。

As it relates to the Middle East and the partnership with Alshaya, as we looked around the world, we see there are certain regions where it's like, hey, this makes a lot of sense for us to partner as opposed to try and go at it on our own. The Middle East is that region. Chipotle as a concept based on the work we've done, we believe it will resonate and perform really well. And then when we had the opportunity to part with Alshaya, which we believe is one of the best operators in the region, we thought this is a great opportunity for us to experience what it's like to work with a great operator in more of a franchise environment.

關於中東地區以及與Alshaya的合作，我們放眼全球，發現在某些地區，我們覺得與Alshaya合作比獨自嘗試更有意義。中東就是這個地區。 Chipotle的概念是基於我們以往的工作經驗，我們相信它會引起共鳴，並取得優異的業績。當我們有機會與Alshaya合作時，我們認為Alshaya是該地區最優秀的營運商之一，這對我們來說是一個絕佳的機會，讓我們體驗在更像特許經營的環境中與優秀的營運商合作是什麼感覺。

So we're optimistic. We're excited about getting those restaurants opened in Dubai and Kuwait. And we look forward to a really successful partnership with them. But we're really excited about where international can go both from a standpoint of partnerships and then company ownership.

所以我們很樂觀。我們很高興能在杜拜和科威特開設這些餐廳。我們期待與他們建立真正成功的合作關係。但我們對國際化發展前景也充滿期待，無論是從合作夥伴關係或公司所有權的角度來看。

The next question comes from David Palmer from Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

First, I wanted to follow up on the double-sided grills question and then touch on the personalized marketing. On the double-sided grills, you mentioned you're in 10 stores now and that it's maybe 1/3 of the cook times, what is the pace that you anticipate on rolling that out? And as far as the metrics that we would focus on, what do you think ultimately would be the benefit to sales and profit from those grills?

首先，我想跟進一下關於雙面烤架的問題，然後談談個人化行銷。關於雙面烤架，您提到目前已經在10家門市銷售，烹飪時間大概佔了三分之一。您預計推廣雙面烤架的速度是如何的？就我們關注的指標而言，您認為這些烤架最終會為銷售和利潤帶來什麼好處？

Yes. So look, we're obviously really excited about what we're already seeing just in the 10 restaurants, both from a standpoint of yield, quality of culinary and then the team's ability to execute over and over again. So the excitement around the new cooking equipment is terrific to see because that means we're going to get the execution that we would want.

是的。所以，我們顯然對這10家餐廳目前的表現感到非常興奮，無論是從產量、烹飪質量，還是團隊的執行力來看，都是如此。所以，看到大家對新烹飪設備的興奮之情真是太棒了，因為這意味著我們將獲得我們想要的執行力。

To roll this out, it's probably 1 year plus project. And the good news is the manufacturers have the capability to scale to what we need once we give them the green light. So we're pretty excited about this because obviously, the bigger the volumes get with the amount of transactions that we're doing, the fact that we now have even more capacity on the plancha is a terrific outcome. And then it turns one of the harder jobs to train into one of the easiest jobs to train. And when the culinary is consistent, people get great chicken or steak, we know they love Chipotle and they come back. So we're still dialing through all the components of the puts and calls on this, but it looks very promising based on where we are in the first 10 stores.

要推出這個方案，大概需要一年以上的時間。好消息是，一旦我們批准，製造商就能根據我們的需求進行擴展。所以我們對此感到非常興奮，因為顯然，隨著交易量的增加，我們現在擁有更大的產能，這本身就是一個非常棒的結果。這樣一來，原本很難訓練的工作就變成了最容易訓練的工作之一。當烹飪風格保持一致時，人們就能吃到美味的雞肉或牛排，我們知道他們會喜歡Chipotle，然後成為回頭客。所以我們仍在考慮所有可能的因素，但從我們在前10家門市的進展來看，前景非常光明。

And then on personalized marketing, I think you recently launched that. There seems to be something that would have a long runway to it, where you could have different iterations and ultimately having AI be a component to it. Are we already seeing anything different from personalized marketing? Where do you see this going? And maybe give us a sense of how this could be impacting your business going forward?

關於個人化行銷，我記得您最近推出了這個功能。這似乎是一個長期發展的項目，可以進行不同的迭代，最終讓人工智慧成為其中的一部分。我們已經看到了與個人化行銷不同的變化嗎？您認為它的發展方向是什麼？能否請您談談這將如何影響您未來的業務？

Yes, sure. So I mean, look, probably the most visible spot is just in the app would be suggestive sell. You'll see already some personalization on what we're offering as far as recommendations go to add to your order based on your history with the brand. And then obviously, this goes all the way into the cohorts and the journeys that then we create. And we believe you do this across our 35 million rewards customers. It now has meaningful scale where the customization results in loyalty that results in, obviously, additional sales.

是的，當然。所以我的意思是，你看，可能最顯眼的地方就在應用程式裡，那就是建議性銷售。你已經看到我們提供的一些個人化服務，例如根據你與品牌的歷史記錄，推薦添加到你的訂單中。顯然，這一直延伸到我們創建的群組和旅程。我們相信，你可以在我們3500萬獎勵客戶中做到這一點。現在它已經達到了有意義的規模，客製化可以提高忠誠度，從而帶來額外的銷售額。

So the most visible space, probably you'll see it in the app or the web, and then it's probably more nuanced in how we communicate and how often we communicate with you and what exactly we save you. But all the experiments we're running, we're continuing to see nice positive outcomes with every iteration that we do. The next big step for us is to roll this out in a way where it covers a lot more people at a much more meaningful scale so that you feel it on the entire enterprise.

所以最直覺的體驗，可能是在應用程式或網頁上，然後，它可能會更細微地體現在我們的溝通方式、溝通頻率以及我們究竟能幫你省下哪些方面。我們正在進行的所有實驗，在每一次迭代中都持續看到正面的成果。我們的下一個重要步驟是以更有意義的方式，涵蓋更多人，讓整個企業都能感受到它。

The next question comes from John Ivankoe from JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

I actually want to meet with the comment about excess capacity on the plancha. It's actually an interesting point. Do you think that it significantly broadens additional product opportunities that Chipotle can do? I mean the double-sided grill takes care of that you have the chicken and the stake and presumably, maybe the plancha can be used for something different than what you're already selling? How big of an opportunity is that in your mind?

我其實想談談關於鐵板烤肉產能過剩的問題。這其實很有意思。您認為這會顯著拓展Chipotle的產品線嗎？我的意思是，雙面烤肉可以兼顧雞肉和牛排，或許鐵板烤肉可以用來做一些與您現有產品不同的菜色？您覺得這個機會有多大？

I mean, look, we always want to make sure we execute the menu with excellence. And we like the cadence that we're doing as far as new menu items go right now. But yes, it definitely frees up the capacity, which then allows us to evaluate how we do new menu items and maybe how long we want to keep certain menu items on. And so that is a big unlock for us.

我的意思是，你看，我們一直希望確保菜單的執行力達到最佳。而且我們喜歡目前新菜單上菜的節奏。這確實釋放了產能，讓我們能夠評估如何製作新菜單，以及我們想讓某些菜單保留多久。所以這對我們來說是一個很大的釋放。

I'd say the biggest benefit, though, is and when the restaurant opens at 10:30, you don't have to start cooking chicken at 8:00 in the morning because now we can be ready for that lunch business closer to the timing of lunch because it just takes a lot less time to cook all the chicken to be prepared. It also allows us to recover a lot faster. So in the event you have a really big launch push at 11, you have the ability to recover for that lunch push that might be coming at 12.

不過，我想說最大的好處是，當餐廳10:30開門營業時，你不必在早上8:00就開始做雞肉，因為這樣我們可以在更接近午餐時間的時候為午餐業務做好準備，因為烹飪所有雞肉所需的時間要少得多。這也讓我們能夠更快地恢復。所以，如果你在11點有非常大的開門營業高峰，你就能為12點可能到來的午餐高峰做好準備。

And so these are the things that I think, are going to be really powerful for us going forward. And then also the simplicity of which the cooking creates for the team members is a big unlock too because then the culinary is just that much better every single time.

所以我認為，這些對我們未來的發展將會發揮至關重要的作用。此外，烹飪為團隊成員帶來的便利性也是一個很大的優勢，因為這樣每次烹飪都會更加精益求精。

Yes, I got it. And I agree and experience. Let me pivot to another question. You've been alluding to, including on this call upward bias to the 7,000 North American store target. I mean, I guess, are you prepared to start thinking about numbers? And is it thousand, is it thousands and I want to ask it in the question. Some years ago, I remember, I don't remember exactly when it was. It used to be discussed that Chipotle would be a $10 billion brand. Well, here we are in '23 and all likelihood it will be a $10 billion brand. Sorry for that.

是的，我明白了。我同意你的觀點，也經歷過類似的情況。讓我轉到另一個問題。你一直在暗示，包括在這次電話會議上，傾向於在北美開設7000家門市的目標。我的意思是，你準備好開始思考數字了嗎？是千嗎？我想在這個問題中問一下。我記得幾年前，我不記得具體是什麼時候了。曾經有人討論過Chipotle會成為一個價值100億美元的品牌。好吧，現在是2023年，它很有可能成為一個價值100億美元的品牌。抱歉。

If you were to just look at the overall North American opportunity today and I guess, to some extent, free the economy, how big of a brand do you think Chipotle could be just based on what you know about the North American consumer market today in terms of how big we can expand from here?

如果您只看當今北美的整體機遇，我想，在某種程度上，解放經濟，您認為基於您對當今北美消費市場的了解，Chipotle 可以發展成為多大的品牌，以及我們可以從這裡擴張到多大？

Yes, sure. I mean, look, we're not ready to change the number yet. But the good news is the economics of every new restaurant that we open continue to be just terrific economics where hopefully, we'll get closer to the higher end of that 8% to 10% once kind of we work through a little bit of the bottleneck that we have on development. But I believe we're going to continue to grow the 4-wall revenue and then obviously, the economics that come with it.

是的，當然。我的意思是，你看，我們還沒準備好改變這個數字。但好消息是，我們每開一家新餐廳，經濟效益都非常好，希望一旦我們稍微突破發展瓶頸，就能接近8%到10%的上限。我相信我們會繼續增加四面牆餐廳的收入，當然，隨之而來的經濟效益也會隨之增加。

So we're not even moving the 7,000 store count, if you all of a sudden find yourself at 3 million, 4 million average unit volumes, you're in that $20 billion to $28 billion range. So lots of growth in front of us. And that's without having to be really all that aggressive. That is just executing the plan we've been talking about. And I think as long as Chipotle stays focused on great culinary, great throughput, developing team members, so we're ready to go when we open new restaurants, the number will grow.

所以，即使我們還沒調整7,000家門市的數量，如果平均營業額突然達到300萬到400萬，銷售額也就能達到200億到280億美元。所以我們面前還有很大的成長空間。而且這還不需要我們太激進，只是在執行我們一直在談論的計畫。我認為，只要Chipotle繼續專注於精湛的烹飪技藝、高營業額的營運和團隊成員的培養，我們就能隨時準備好開設新餐廳，門市數量就會增長。

I think Jack told me when the company first went public what was the number, Jack?

我想傑克告訴我公司首次上市時的數字是多少，傑克？

Like 3,000.

大概 3,000。

We said we were going to maybe do 3,000 restaurants. So here we are. We're at 3,000 restaurants. I'm sure as we continue to grow both the AUVs will go up and the store counts will go up. But yes, it's pretty fun to think about we're closing out $10 billion and then I'm sure we'll be talking about $20 billion and then probably from there, we'll be talking about $30 billion. So I don't see a cap on this business anytime soon.

我們說過我們可能要開3000家餐廳。現在我們做到了。我們現在有3000家餐廳。我相信隨著我們業務的持續成長，平均每日營業額（AUV）和門市數量都會增加。不過，想想我們最終的營收是100億美元，然後我肯定我們會談到200億美元，然後，我們可能會談到300億美元，這確實很有趣。所以我認為短期內這項業務不會出現上限。

The next question comes from [Brian Mullen] from Piper Sandler.

下一個問題來自 Piper Sandler 的 [Brian Mullen]。

Just a question on automation, robotics in general. Hypothetically, if all your combined efforts sort of yield a couple of hundred basis points of margin over the next many number of years, are you inclined to want to let that all fall to the bottom line? Or perhaps would you want to let some of it fall to the bottom line and then fund the consumer value proposition with the rest, maybe it's too early to say. Just wondering if you're already having those questions internally even if it's just philosophical right now.

我只是問一個關於自動化、機器人技術的問題。假設你們所有的努力在未來幾年內能帶來幾百個基點的利潤，你們是否傾向於讓這些利潤全部計入利潤？或者，你們願意讓部分利潤計入利潤，然後用剩餘的利潤來支持消費者價值主張？現在下結論可能還為時過早。我只是想知道，你們內部是否已經在思考這些問題，即使現在只是停留在哲學層面。

Yes. Look, I mean, obviously, the good news for us is we aren't capital constrained to invest in continuing to drive the Chipotle business, both in growth and in value as it relates to giving you a great experience for our customer and a great experience for our team members. So obviously, as we get closer, we'll have a better idea of how much of it falls to the bottom line. But right now, I'm hoping a lot of it falls to the bottom line but we'll know a lot more as we get closer to when we roll it out.

是的。我的意思是，對我們來說，好消息是，我們不會因為資金限製而繼續投資於推動Chipotle業務，無論是成長還是價值，因為這關係到為我們的客戶和團隊成員提供良好的體驗。所以，隨著我們越來越接近目標，我們會更了解其中有多少會進入獲利。但目前，我希望大部分資金都能進入獲利，但隨著我們越來越接近目標，我們會了解更多。

The next question comes from Chris O'Cull from Stifel.

下一個問題來自 Stifel 的 Chris O'Cull。

Brian, it sounds like the Hyphen make-line is close to that testing stage. So can you help us understand how long you expect it to be in that phase? And maybe walk through what the validation stage could look like? And I'm also curious if you could describe what KPIs the team is monitoring to determine the success of that make-line?

Brian，聽起來 Hyphen 的生產線已經接近測試階段了。您能不能幫我們了解一下，預計這個階段會持續多久？能否介紹一下驗證階段的具體內容？另外，您能否描述一下團隊監控哪些 KPI 來確保生產線的成功？

Yes, sure. So we have it in our Cultivate Center right now. It's fun to see it actually producing bowls. And the team has done a phenomenal job of taking this from a concept to a prototype to now a working prototype. We've learned a lot. We're getting ready to figure out what the next-gen version on this is, but it looks really promising.

是的，當然。我們現在就在培育中心使用它。看到它真的能做出碗來，真是太有趣了。團隊做得非常出色，把它從概念變成原型，然後變成現在的可運行原型。我們學到了很多。我們正準備研究它的下一代版本，它看起來非常有前景。

Obviously, key components of this are how fast can it do bowls per 10 minutes. How accurate can it do the bowls. And then obviously, our ability to expedite those bowls meaning getting it to the customer in the correct order. So we think, assuming the prototype continues to evolve and grow the way it has demonstrated its growth over time. We'll have something to be putting into restaurants here in the next 12 to 18 months.

顯然，關鍵在於它每10分鐘能做多快一碗菜。它做菜的準確度如何。然後，顯然還有我們加快這些菜色的速度，也就是按照正確的順序送到顧客手中。所以我們認為，假設原型機繼續像它一直以來展現的那樣不斷發展壯大，那麼在未來12到18個月內，我們就能把一些產品投入到我們的餐廳。

So optimistic about where this gets to, but it's one thing to run it in our Cultivate Center. It's another thing to run it in a restaurant. And until we run it in a restaurant, it's hard to really talk about the benefits of what the timing is of it. But conceptually and what it looks like right now, still very promising, a top priority to figure out how we get this thing into a restaurant sooner rather than later.

我對這項技術的未來發展充滿信心，但在我們的培養中心運作是一回事，在餐廳運作又是另一回事。在我們真正在餐廳運作之前，很難真正談論它帶來的好處和時機。但從概念上以及目前的情況來看，它仍然非常有前景，當務之急是盡快把它推廣到餐廳。

Great. And then I just had a follow-up. Jack, the step up in the underlying G&A run rate was pretty considerable, okay? Can you break down maybe what's driving that in a little more detail? And then how we should be thinking about the core run rate in the fourth quarter and then maybe even just underlying growth for the out year?

太好了。然後我又問了個問題。傑克，基礎一般及行政開支的成長率確實相當可觀，好嗎？你能更詳細地分析一下是什麼推動了這項成長嗎？然後，我們該如何看待第四季的核心營業額成長速度，以及未來一年的基礎成長率？

Yes. I mean any increase in our underlying G&A is around some of the things that Brian mentioned and it was part of our review, where we're investing in resources for Europe. We're adding resources, frankly, for some of the innovation that we're talking about in terms of cobotics and things like that. There are some items in there where our equity -- we're expecting our equity based on our projections, we'll step up. These are 3-year calculations that you're making.

是的。我的意思是，我們基本上一般及行政費用的任何增加都與Brian提到的一些事項有關，這也是我們審查的一部分，我們正在為歐洲的資源投資。坦白說，我們正在為一些我們正在討論的創新項目（例如協作機器人等）增加資源。其中有一些項目，我們的權益——根據我們的預測，我們預計權益會增加。這些是你做的三年期計算。

So but in terms of underlying G&A, it's going to be either people to support our growth or tech to support our growth. We haven't given fourth quarter guidance, but I would expect there'd be another slight -- a step-up from Q3, not a huge step up, but a modest step up as we make sure we've got our teams all staffed up for the growth that we want to support not just for this year but for the next several years going forward.

所以，就基本上一般及行政費用而言，要嘛依賴人員支援成長，要嘛靠技術支援成長。我們還沒有公佈第四季度業績指引，但我預計會比第三季度略有增長，雖然不是大幅增長，但會是適度增長，因為我們要確保所有團隊成員都已配備齊全，以支持我們不僅在今年，而且在未來幾年都想要支持的增長。

Next question comes from Jon Tower from Citi.

下一個問題來自花旗銀行的 Jon Tower。

I just wanted to dig into development a little bit. And Jack, I know you -- in your prepared remarks, talked about some delays in the system. And I was hoping maybe you could drill into it a little bit especially as you're thinking about getting to that 8% to 10% range in terms of unit growth over time, can you really get into what's driving some of the delays in the market today? Is it, say, mobile market permitting, builder developer issues? Or are there problems with accessing equipment? Just hoping you could flesh that out for us.

我只是想稍微深入探討一下開發問題。傑克，我知道你在準備好的發言中談到了系統的一些延遲。我希望你能深入探討一下，尤其是考慮到你正在考慮隨著時間的推移，單位增長率達到 8% 到 10% 左右，你能具體說說目前市場延遲的原因嗎？是行動市場許可的問題，還是建築商開發商的問題？還是設備取得方面有問題？希望你能為我們詳細解釋一下。

Yes. It's not really equipment anymore. That was a challenge through the pandemic and as we got out of the pandemic. But our teams have done a good job to preorder, so we had bulk ordering, we've had good relationships with our suppliers so we get priority. So it's really down to things that are city -- under the city control, like getting utilities to the site. Sometimes, it takes us weeks to just get somebody to come out and make sure that we have utilities in -- that are coming to the site, it does involve things like permitting. And then you're talking about inspections as well.

是的。這已經不再是真正的設備問題了。疫情期間以及疫情結束後，這都是一個挑戰。但我們的團隊在預購方面做得很好，所以我們有大量訂購，我們與供應商保持良好的關係，所以我們可以優先採購。所以，這實際上取決於市政府控制的事情，例如將水電煤氣運到現場。有時，我們光是找人過來，確保水電煤氣到位就需要數週時間，這確實涉及到許可之類的事情。然後還要考慮檢查。

So it's really a lot of these cities, what we're hearing from our teams is that a lot of them are still working remote. And so to get somebody to show up when they need to show up and do the work has been a real challenge. Now what we're doing, Chris is here and Chris has been sending this message to the team is we really got to rise to city, okay? We have to make sure we're calling, calling, calling because they're doing some work and whether they're working at home or whether they're working in the office, they're doing somewhere, let's make sure that we're at the top of the list that they're hearing those often. And if they hear us more often, it's likely they're going to move. And so that's the strategy to try to hopefully remove that bottleneck.

所以，很多城市的情況確實如此。我們從團隊那裡聽說，他們中的許多人仍在遠距辦公。因此，讓員工在需要到崗工作時準時到崗，這確實是一個挑戰。現在，克里斯在這裡，他一直在向團隊傳達這樣的訊息：我們必須根據城市狀況調整工作安排，明白嗎？我們必須確保不斷給他們打電話，無論他們是在家工作還是在辦公室辦公，無論他們在哪個地方工作，我們都要確保他們能經常接到我們的電話。如果他們經常接到我們的電話，他們很可能會搬家。這就是我們試圖打破瓶頸的策略。

Got it. And just pivoting to the throughput initiatives. I appreciate all the training you guys have been doing. I'm just curious, I know, Brian, you mentioned that like even on the make lines, making sure people -- 4 people are on the front line at peak. Do you think you need to add labor hours to stores? Or is it purely just getting people back to the aces in their places kind of belief?

明白了。現在就轉向吞吐量計劃。我很感謝你們一直以來的訓練。我只是好奇，我知道，布萊恩，你提到即使在生產線上，也要確保高峰期有4個人在一線工作。你認為你們需要增加門市的工時嗎？還是只是為了讓大家回到各自的崗位，保持「王牌」狀態？

Yes. No, it's more to do with getting the trust in the team to have the confidence to stay aces in places. Just yesterday, I was in a restaurant and staffed, the deployment was right, the culinary was right, the restaurant looked great. Unfortunately, we didn't have aces in places. You had too many people leaving the line to do other tasks that they shouldn't have been doing when they got aligned to the door. And I think once they understand that they stay in those places, they'll power through that line to then go take care of the task accordingly.

是的。不，更重要的是贏得團隊的信任，讓他們有信心在各個職位上保持最佳狀態。就在昨天，我在一家餐廳，人員配置正確，烹飪到位，餐廳看起來很棒。不幸的是，我們在某些職位上沒有最佳狀態。太多人離開隊伍去做其他他們不應該在門口排隊時做的事情。我認為，一旦他們明白自己應該待在那些崗位上，他們就會全力以赴地穿過隊伍，去完成相應的任務。

So I think it's an element of they got to see it for themselves. They've got to experience it. They got to trust it. Sometimes it's hard. I mean it's hard to just stay in position when you think you might need some more napkins out by the drink station. It's like we'll hang in there, get through the line and then you can go put additional napkins in the drink station. So I think it's a component of they need experiences with it so that they can trust it. And I know Scott and the team are laser-focused on getting the pillars of great throughput back into our culture, not just as an initiative. And the good news is we're staffed, turnover is looking really good at the general manager level, and we're now in below 20s, so the leader is staying much more consistent. I think you have consistency in leadership, consistency in message, we'll get consistency in execution. So I'm very optimistic about where Scott and the operators are going to get us to when it comes to throughput.

所以我認為這是他們必須親眼見證的要素。他們必須體驗它，他們必須信任它。有時這很難。我的意思是，當你覺得飲料站可能需要多放些餐巾紙時，很難只是待在原地。就像我們會堅持下去，排完隊，然後你才能去飲料站放更多的餐巾紙。所以我認為這是他們需要體驗才能信任它的一部分。我知道史考特和他的團隊正全心全意地致力於將高吞吐量的支柱重新融入我們的文化，而不僅僅是作為一種倡議。好消息是，我們的員工配備齊全，總經理級的人員流動率看起來非常好，現在低於20歲，這意味著領導者的一致性要高得多。我認為領導力、訊息傳遞的一致性、執行力的一致性是一致的。因此，我對斯科特和營運人員在吞吐量方面將帶領我們達到的目標非常樂觀。

Got it. And then just lastly, I know your lines are somewhat capacity constrained. So in terms of adding additional items to the menu, not always easy, you oftentimes have to rotate, but with, I think, Chicken Al Pastor, I believe you said about 20% of your mix -- transaction mix came from that during the period. So how -- when can we think about that potentially becoming a permanent menu item?

明白了。最後，我知道你們的菜餚容量有些受限。所以，在菜單上添加菜餚並不總是那麼容易，你們經常需要輪換菜餚。不過，我記得你們說過，雞肉艾爾帕斯特（Chicken Al Pastor）的菜餚組合——交易組合組合——大約有20%來自這道菜。那麼，我們什麼時候可以考慮把它變成永久菜單呢？

Well, look, it's something we definitely will go back and evaluate. Obviously, this was one that struck a chord with a lot of people, and I can understand why it taste great, and it is great. So we'll reevaluate if and when it makes sense to bring it back, how long we bring it back for and if it should be a permanent item. The challenge for us is I think if we wanted to add something permanent, we got to remove something. So that would be something that we have to work through to just make sure we understand the trade-off.

嗯，你看，我們一定會回頭評估一下。顯然，這款產品引起了很多人的共鳴，我能理解它為什麼味道好，而且它確實很棒。所以我們會重新評估是否以及何時恢復它，恢復多久，以及它是否應該成為永久產品。我們面臨的挑戰是，我認為如果我們想添加一些永久產品，就必須移除一些東西。所以，我們必須努力解決這個問題，確保我們理解其中的優缺點。

The next question comes from Dennis Geiger from UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Just wondering if you could provide a breakdown of the traffic price and mix for the 2Q. I think you gave the traffic component, but if you could kind of loosely break out those others, that would be helpful.

我想知道您能否提供第二季流量價格和流量組合的明細。我記得您已經給出了流量部分，但如果您能大致列出其他部分，那就更好了。

Yes, the traffic -- I mentioned traffic in my comments, better than 4% on a positive side on traffic. The menu price increase was in the mid-5s, call it, 5.5%, 5.6%, something like that. And then we had this mix item that I've mentioned, we're talking about the third quarter. That actually reduced the comp by about 2.5%, and that mix is entirely due to group size. The group sizes continue to normalize. As we continue you're watching people going back for the office, you're seeing our urban locations are outcomping our suburban locations. So there's still been a normalization since the pandemic and our group sizes are still continuing to normalize. There's still -- group sizes are still ahead of where we were in 2019 before the pandemic but they continue to normalize pretty much each quarter.

是的，客流量——我之前評論裡提到過客流量，客流量增長超過4%，這在積極的一面。菜單價格漲幅約5%左右，例如5.5%、5.6%左右。然後我們推出了我之前提到的混合菜品，我們說的是第三季。這實際上使同店銷售額下降了約2.5%，而這完全是由於團隊規模造成的。團隊規模繼續正常化。隨著人們陸續返回辦公室，我們市區門市的表現超過了郊區門市。所以，自疫情爆發以來，我們仍然處於正常化階段，我們的團隊規模也仍在持續正常化。我們的團隊規模仍然高於2019年疫情之前的水平，但幾乎每季都在繼續正常化。

Very helpful, Jack. Just one more, just -- I know mix is probably a tough one group size, in particular to predict, you give us the 3Q. As we look to the end of the year, can that still be I think, closer to flat by the end of the year? Or is that a little bit of a moving target given group size behaviors? And maybe that's tough to predict.

非常有幫助，傑克。還有一點，我知道組合可能很難預測，尤其是群體規模，你給了我們第三季的數據。展望年底，我認為到年底，這個數字還能接近持平嗎？或者說，考慮到群體規模的行為，這個目標會有所變動？也許這很難預測。

Yes. I don't think it will be totally flat, but it should narrow. In this current quarter, we're about 1% group size over where we were in 2019. If you look at Q3 and h 4, they were about 3% to 4%. It was 4-ish percent in Q3, 3-ish percent in Q4. So we've still got a gap there, that's still to close, but it should diminish the 2.5% that we saw in Q2 should diminish each quarter. I don't think it will be totally flat by the end of the year, though.

是的。我認為不會完全持平，但應該會縮小。本季度，我們的團隊規模比2019年成長了約1%。如果你看看第三季和第四季，他們的成長大約在3%到4%之間。第三季是4%左右，第四季是3%左右。所以我們之間仍然存在差距，這個差距還有待縮小，但應該會比第二季的2.5%有所縮小，每季都會縮小。不過，我認為到年底不會完全持平。

The next question comes from Brian Harbour from Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Harbour。

Jack, could you just elaborate on some of the food fast drivers? I mean you mentioned kind of what's really driven a year-over-year. But maybe just versus last quarter, versus some of your expectations. I'm sure avocado is part of it, but anything else? And also just as we think about the rest of the year, will this new item affect food costs in any way that we should think about?

傑克，您能詳細解釋一下食品價格快速上漲的驅動因素嗎？我的意思是，您提到了真正推動食品價格同比上漲的因素。但也許只是與上一季相比，與您的一些預期相比。我確信酪梨是其中的一部分，還有其他嗎？另外，考慮到今年剩餘的時間，這個新品種會以我們應該考慮的方式影響食品成本嗎？

Yes. I mean, during the quarter, we had just a number of things that just had a slight increase. We had some of our salsas, our tortillas, our rice, our spices and all those, if you look at just the quarter, and you look at the quarter consecutively, so Q2 versus Q1, that added like 40 or 50 basis points. But those were offset by a combination of favorable avocados compared to last year as well as Chicken Al Pastor, as I mentioned before, it actually did ship people from steak and barbacoa, which is more expensive, higher food costs to our chicken, which is a lower food cost.

是的。我的意思是，在本季度，我們只有一些產品略有成長。我們的一些莎莎醬、玉米餅、米飯、香料等等，如果你只看季度數據，並連續看整個季度，那麼第二季度相對於第一季度，增長了大約40到50個基點。但這些成長被酪梨銷量優於去年同期以及雞肉Al Pastor銷量的共同作用所抵消。正如我之前提到的，我們確實從牛排和烤肉（價格更高，食品成本更高）運送到雞肉（食品成本更低）。

So we've had this just call it, low grade inflation that's been hitting the P&L in the last couple of quarters, but it's been offset by favorable avocado and then favorable mix. One reason why as we look forward into the third quarter, we do think there's going to be a bump up in food cost, and that's really attributable to this same kind of low-grade inflation that we expect will continue into Q3. But we're not going to have as avocado prices normalize and as we shift away from Chicken Al Pastor, we won't have that kind of offset to offset some of the inflation that we're seeing.

所以，我們確實經歷了這種所謂的低度通膨，它在過去幾季一直影響著我們的損益表，但這種影響被酪梨的良好表現以及隨後的利好商品組合所抵消。展望第三季度，我們確實認為食品成本將會上漲，而這實際上就是由於這種低度通膨，我們預計這種通膨將持續到第三季度。但隨著酪梨價格恢復正常，以及我們不再銷售雞肉帕斯特（Chicken Al Pastor）產品，我們將無法獲得這種抵消來抵消我們所看到的部分通膨。

Okay. Could you also just elaborate on what you said about Europe? And I guess the broader question is just how fast might we see that grow as we start to think about the next few years?

好的。您能否詳細談談您提到的歐洲？我想，更廣泛的問題是，展望未來幾年，歐洲的成長速度可能有多快？

Yes. Look, I think very similar to what we did with Canada is the way to think about Europe. Once we get performance consistent in Europe like we did in Canada, we'll start building much more aggressively. The team is very much focused on ensuring that we're building a brand and as we build the brand, we have the economics that support building a lot of restaurants. And like I mentioned, Jack, myself and Scott, we were just over there and the team has a terrific plan. The thing I'd love to see is when I was in Frankfurt, Germany. There were a lot of Germans in the Chipotle enjoying Chipotle. When we were in London, there were a lot of Brits enjoying Chipotle. The thing that I also saw was a lot of people walked up at the restaurant and had no idea what Chipotle is.

是的。我覺得，我們對待歐洲市場的方式和在加拿大的做法非常相似。一旦我們在歐洲取得像在加拿大那樣穩定的業績，我們就會開始更積極地擴張。團隊非常專注於確保我們打造品牌，而隨著品牌的建設，我們擁有了足夠的經濟實力來支持開設更多餐廳。就像我之前提到的，傑克、我和史考特剛剛去過那裡，團隊有一個很棒的計劃。我很想看到我在德國法蘭克福時看到的情況。許多德國人在Chipotle餐廳享用Chipotle。我們在倫敦時，也看到許多英國人在享用Chipotle。我還看到很多人走進餐廳，卻不知道Chipotle是什麼。

So we still have a real opportunity to build a brand. And while we build that brand, ensure that we've got great economics that justify building a lot more restaurants. Canada is a perfect example. We put a great leader in place there and not. She's hitting out of the park, the economics perform. She's doing a nice job of growing the brand, not surprising we're building a lot of restaurants. So most recently, we just sent one of our top operators over to London to be a part of that team, lead the team. With that work that he's putting in place. I'm already seeing big, big improvements in operational execution. And I'm confident the economics will follow, and I'm confident we'll build a terrific brand.

所以，我們仍然擁有打造品牌的真正機會。在打造品牌的同時，我們也要確保良好的經濟效益，足以支撐我們開設更多餐廳。加拿大就是一個很好的例子。我們在那裡找到了一位優秀的領導者，但她卻沒有。她表現出色，經濟效益也很好。她在品牌發展方面做得很好，所以我們開設了很多餐廳也就不足為奇了。所以，最近，我們剛剛派了一位頂尖營運人員到倫敦加入這個團隊，領導這個團隊。在他努力下，我已經看到營運執行力有了很大的提升。我相信經濟效益也會隨之而來，我也相信我們能打造出一個卓越的品牌。

So assuming that all happens, you can see us then quickly being able to invest into building a lot more restaurants in those countries. So I think we've been pretty consistent on this. It's like we're in no rush to just start building restaurants for the sake of building restaurants. We want to have people that are ready to go, we want to have economics that make sense, and then we want to have a great brand that we can execute against time and time again. So that's served us well in the United States. It's serving us well in Canada. I believe it will serve us well in Europe.

假設一切順利，你可以看到我們很快就能在這些國家投資開設更多餐廳。所以我認為我們在這方面一直都非常一致。我們並不急於為了開餐廳而開餐廳。我們希望擁有準備好的人，我們希望擁有合理的經濟效益，然後我們希望擁有一個能夠重複執行的優秀品牌。所以這在美國對我們很有幫助。在加拿大也同樣如此。我相信這在歐洲也會對我們很有幫助。

And the last question comes from Zack Fadem from Wells Fargo.

最後一個問題來自富國銀行的 Zack Fadem。

This is John Parke on for Zach. I guess on the franchising side, are there any more details you guys can provide on your new agreement with Alshaya, I guess, around a number of units in the initial development agreement? Anything on the royalty rates, things like that?

我是約翰·帕克，代替札克。關於特許經營方面，你們能否提供一些關於與Alshaya新協議的細節，例如初始開發協議中提到的單元數量？還有關於特許經營費率之類的資訊嗎？

Not really. We're just getting started with Alshaya. We're excited to get the first couple of restaurants open. Obviously, both of us have expectations of a lot more restaurants than just a handful. And I'm confident we're going to have great openings, and this is going to turn into something that's hopefully Alshaya considers a huge success, and we consider a huge success. So more details to come, but we probably need to open the first one.

不完全是。 Alshaya 才剛起步。我們很高興能開出第一批餐廳。當然，我們倆都期待開出更多餐廳，而不是只有幾家。我相信我們一定會開出很棒的新餐廳，希望 Alshaya 和我們都認為這將是一個巨大的成功。所以更多細節稍後會公佈，但我們可能需要先開出第一家。

Got it. And then just kind of switching gears a little bit. On the labor side, have you guys kind of started to see any leveling out of wage inflation for new hires as you kind of move through Q2 and into Q3?

明白了。然後稍微轉換一下話題。在勞動力方面，隨著第二季和第三季的推進，你們是否開始看到新員工的薪資漲幅趨於穩定？

I would say it's more normal. It's in the 4%, 3% in that range. So there's still inflation. It's another consideration as we look at our model, look at our margins when we take pricing action. So it's not anything we can't handle. The great news is the applications are coming in. Our restaurants are doing a great job of staffing the restaurants. They're doing a great job of getting our restaurants to model. So this is, I would call it, again, kind of a low-grade normal inflation going forward, nothing that our model can't absorb.

我認為這比較正常。大概在4%到3%之間。所以通貨膨脹仍然存在。這是我們在製定定價策略時，在審視模型、評估利潤率時需要考慮的另一個因素。所以這並非我們無法應付的。好消息是，申請正在不斷湧現。我們的餐廳在人員配備方面做得很好。他們在讓我們的餐廳符合模型要求方面也做得很好。所以，我再次稱之為未來低水平的正常通膨，我們的模型能夠吸收。

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

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 all the questions. I'll just wrap up with -- again, I think Chipotle has demonstrated an excellent quarter, and I think it demonstrates the strength of our business. Very proud of what our teams have accomplished in the field. If I think about where we are today versus where we were a year ago, we are operating these restaurants significantly better. I believe there's still a lot of upside in our ability to drive throughput going forward. I'm confident the teams are focused on it, and we're going to see that happen.

好的。謝謝。也感謝大家的提問。最後，我想說的是——我再次強調，我認為Chipotle本季的表現非常出色，這展現了我們業務的實力。我們團隊在業務領域的成就讓我感到非常自豪。如果我將現在的情況與一年前進行比較，我們會發現這些餐廳的營運狀況明顯改善。我相信，我們未來在提升吞吐量方面仍有很大提升空間。我相信團隊正在專注於此，我們一定會看到這一點。

The other thing that I'm really excited about in our business is that we're growing our business through traffic growth. And we're doing it, in my opinion, the right way where we're continuing to drive our value proposition forward. with great culinary, great people and obviously, great new restaurant opening. So very proud of our results, very optimistic about the future and look forward to sharing our results next quarter with you all. Take care.

另一件讓我非常興奮的事情是，我們正透過客流量的成長來推動業務成長。而且，我認為，我們正朝著正確的方向發展，持續推進我們的價值主張，擁有一流的烹飪技藝、優秀的員工，當然，還有精彩的新餐廳開幕。我們對我們的業績感到非常自豪，對未來也充滿信心，期待下個季度與大家分享業績。保重。

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。您可以斷開連線了。