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 年第二季度業績電話會議。 （操作員說明）。請注意，該事件正在被記錄。我現在想將會議交給投資者關係和戰略主管辛迪·奧爾森 (Cindy Olsen)。請繼續。

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，歡迎參加我們的 2023 財年第二季度財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.chipotle.com 上找到。首先，我要提醒您，本演示文稿中有關我們未來業務和財務業績的某些陳述和預測構成前瞻性陳述。這些陳述基於管理層當前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測存在重大差異。請參閱我們的 10-K 表格年度報告和 10-Q 表格年度報告中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性陳述不同的風險的討論。

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.

我們今天的討論將包括非公認會計準則財務指標。您可以通過我們網站投資者關係部分演示頁面上的鏈接找到 GAAP 措施的調節表。我們將首先由董事長兼首席執行官布萊恩·尼科爾 (Brian Niccol) 和首席財務及行政官傑克·哈同 (Jack Hartung) 準備好講話開始今天的電話會議，然後我們將回答你們的問題。我們的整個執行領導團隊都可以在問答環節參加。

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

這樣，我會將電話轉給布萊恩。

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。在我們對優質食品和優秀人才以及 Chicken Al Pastor 的成功的推動下，我們的業務優勢持續到第二季​​度。本季度銷售額增長 14%，達到 25 億美元，同比增長率為 7.4%。餐廳銷售額增長16%，其中數字銷售佔銷售額的38%，餐廳層面利潤率為27.5%，同比增長230個基點。調整後攤薄每股收益為 12.65 美元，比去年增長 36%，我們新開了 47 家餐廳，其中包括 40 家 Chipotlanes 餐廳。

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，隨著我們逐步降低定價，我們預計在交易增長的推動下，公司業績將處於中低個位數範圍內。對於全年，我們繼續預計中高個位數的比較。在回顧我們的戰略重點之前，我想分享一些組織方面的最新情況。作為保持健康成長心態的一種方式，我們主動對業務需求和組織結構進行深入審查，以確保我們能夠實現未來增長的積極增長目標。這導致了對開發、數字營銷和國際擴張等領域的投資。與此同時，我們還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字體驗（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官 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，我們簡化了戰略項目管理流程，以專注於關鍵項目，並實現更快、更高效的決策。這些變化將進一步支持我們的 5 項關鍵戰略，這些戰略將使我們在今天取得勝利，同時發展我們的未來，其中包括：第一，以對人負責的文化經營成功的餐廳，提供誠信的優質食品，同時提供卓越的餐廳內和數字體驗;第二，通過培養和留住各個層面的多元化人才來維持世界一流的人才領導力；第三，使品牌具有明顯的相關性並喜歡提高整體賓客參與度；第四，加強技術和創新，以推動我們餐廳和支持中心的增長和生產力；第五，通過加速開設新餐廳並為國際擴張奠定基礎來擴大准入和便利。

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。在“Square One 項目”即將結束之際，我們決定將該計劃永久嵌入我們的培訓 DNA 中。我們的船員每季度都會接受關鍵要素的再培訓，以確保我們始終專注於在基礎知識上表現出色，並且我們永遠不會忽視培訓和培養優秀人才以及準備和提供優質食品。

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，並在高峰期加強對適當部署標準的關注，在高峰期，我們通常只有 3 名工作人員在前線生產線，而我們的最低部署人數為 4 人。第四個人，通常是催交員離開第一線，助力數字化生產線。我們的重點將是指導催交員留在第一線，將訂單中的物品組合在一起並將其傳達給收銀員，因為緩解這一瓶頸對於提供高吞吐量至關重要。此外，我們相信我們有機會在高峰時期更好地優化我們的智能提貨時間和數字化生產線上的勞動力部署。您可能還記得，我們​​開始在多個市場測試數字化生產線訂單節奏的變化，看看是否可以通過消除從一線抽調一名工作人員來幫助數字化生產線的需要來提高吞吐量。

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，在這些餐廳中，我們看到前線的吞吐量有所提高，數字生產線的準時率也有所提高。我們將繼續測試調整某些餐廳數字生產線的訂單節奏，並在我們認為有機會改善整體體驗的地方進行推廣。我們仍然相信，平衡前端生產線和數字生產線之間的部署以及持續培訓和銷售代表將進一步推動吞吐量的提高。事實上，我們已經在某些餐館看到了這方面的證據。我最近在紐約 50th & Park 的 Chipotle 餐廳用餐，與一年前在同一家餐廳的經歷相比，這是一次很棒的體驗，食物美味，前線快速吞吐量。

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字化生產線之間的勞動力部署更加平衡，吞吐量的提高當然是顯而易見的。去年，負責紐約市這片餐廳的現場領導與總經理和工作人員並肩合作，研究吞吐量的基本原理。在定期拜訪餐廳期間，他還持續提供反饋，例如提醒餐廳在高峰時段舉辦博覽會。

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.

通過對世博會進行適當的部署以及前端生產線和數字生產線之間的適當平衡，他的餐廳的吞吐量在高峰 15 分鐘內比去年提高了近 5 個主菜。他的餐廳也超過了他所在地區和公司的平均水平，這表明吞吐量驅動績效。這就是我們想要培養的領導者類型，他能夠建立一支強大的團隊，經營世界一流的餐廳，確保我們每天提供優質的食物，並激勵我們的團隊取得偉大的成果。這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.

作為我們團隊發展重點的一部分，我們為新晉升的現場領導者重新啟動了“培養大學”，這是一個為期 3 天的培訓計劃，旨在培養他們真正擅長管理自己的餐廳所需的技能。這包括培養未來的領導者、卓越吞吐量和烹飪的基礎、為什麼保護我們的經濟模式和問責文化至關重要。最具挑戰性的轉變之一是從管理 1 家餐廳的總經理到管理大約 8 家餐廳的領域領導者。 Cultivate University 是一項每年都會提供的計劃，旨在支持我們的新領域領導者過渡到管理價值 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.

我們仍然致力於通過具有競爭力的工資、行業領先的福利和巨大的發展機會，招聘和培養最優秀的人才在 Chipotle 工作。事實上，我們的促銷活動有望超過去年的 22,000 項，並通過預計於 2023 年開業的餐廳創造 7,000 多個新就業崗位。我們還重新啟動了成功且長期運行的 Behind the Foil 廣告活動。該活動提供了我們團隊成員關於 Chipotle 對他們生活的影響的未經過濾的情感感言，以及我們使用真實食材和經典烹飪技術進行日常準備的一瞥，這是 Chipotle 的關鍵差異化因素。有什麼比讓我們才華橫溢的餐廳團隊成員準備美味佳餚更好的方式讓品牌更引人注目、更相關、更受喜愛呢？

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.

說到優質食品，我們今年的菜單創新非常出色。 Chicken Al Pastor 已被證明是一種受歡迎的 LTO，交易量為五分之一，其中包括新蛋白質。它通過強勁的重複次數促進了交易，吸引了新顧客來到 Chipotle，還帶來了所有新菜單推出中最高的積極社會情緒，重要的是，我們的團隊執行起來很簡單，這導致了全面的勝利。隨著 Chicken Al Pastor 餐廳於 8 月底結束，我們計劃在本季度晚些時候推出新菜單。我們的獎勵計劃是我們旨在提高現有客戶群頻率的另一種方式，因為我們的獎勵會員比非獎勵會員來得更頻繁，花費也更多。我們於今年早些時候推出了 Freepotle，旨在提供強大的價值主張並吸引新會員，全年為會員賬戶提供 10 項免費獎勵。

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 在今年上半年成功地增加了註冊人數，我們的獎勵會員數量已超過 3500 萬。通過 Freepotle 的每一次戰略性投放，我們都在更多地了解客戶的行為，並利用這些知識來個性化未來的優惠。我們將繼續尋找創造性的方法來推動註冊並提高獎勵計劃的參與度。在傳統媒體中，我們仍然在體育賽事中佔據首要位置，因為我們利用籃球季后賽作為突出 Chipotle 品牌的高調機會，並且通過我們與 NHL 的合作，我們的 Chipotle 徽標在斯坦利杯季后賽期間出現在冰面上。

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 Hockey Jersey BOGO 日的回歸也創下了該項目歷史上最高的參與度。 Chipotle 的成分繼續為賽場內外的許多頂尖男女運動員提供動力。通過我們為真正的運動員提供真正的食物活動，我們展示了各個級別的運動員的鼓舞人心的旅程，以及 Chipotle 如何通過提供適當的營養來幫助他們發揮最佳水平。與運動員和團隊以及圍繞大型體育賽事的傳統媒體合作，是將品牌與我們的一些忠實粉絲聯繫起來的真實而成功的方式。

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.

我們的餐廳轉向技術和創新。首先，我想提供有關我們從上季度討論過的雙面烤架的好處的最新信息。新的烤架可以在 4 分鐘內烹製雞肉，而在煎餅上則需要 12 分鐘，並且可以在 1 分鐘內烹製牛排，而在煎餅上則需要 4 分鐘。這樣可以更快地回收新鮮烤的雞肉和牛排，從而在高峰期有更多的機會保持庫存，並且能夠進行小批量烹飪，確保卓越的烹飪效果。

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，烤架可以在相同的烤焦和炭化的情況下實現更一致的執行，並保持更好的水分，從而使雞肉和牛排更加多汁，浪費更少。最後，它佔據了我們餐廳中最複雜的職位之一，並顯著改善了學習曲線，使其成為我們團隊更理想的角色。我們的客人和我們的團隊的反饋仍然非常積極，我們最近完成了將雙面烤架推廣到 10 個大容量地點，作為舞台大門流程的下一步。我們還開始更廣泛地推出新的第三鍋電飯鍋，這消除了我們的大電飯鍋，並用您在生產線上看到的第三鍋來煮米飯。

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.

這簡化了煮米過程，同時提供了完全符合我們標準的新鮮優質大米。它還可以進行單批次生產，從而縮短恢復時間，減少非高峰時段的浪費，並能夠同時生產白米和糙米。我們已將其推廣到新餐廳，併計劃今年將其添加到另外 200 家現有餐廳。

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 Cultivate Next Fund 的一部分，我們最近投資了 Webull，我們正在共同探索協作機器人技術，以提高效率並緩解員工的痛點。我們正在開發一種用於牛油果切割、去核和去皮的設備。它被稱為 Autocado。這種協作機器人原型可以節省時間並消除不太有利的任務，但仍然允許我們的團隊手動混合我們的簽名塊。正如您所看到的，所有這些舉措都有一個共同的目標，即改善我們的團隊和客人的餐廳體驗，同時保持或改進我們的高烹飪標準。

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.

我對團隊在利用自動化、技術和人工智能方面所做的工作感到非常自豪，很高興上個月被《時代》雜誌評為最具創新力的公司之一。我們的最後一個關鍵策略是擴大訪問範圍和便利性。我很高興與大家分享斯蒂芬·皮亞琴蒂尼 (Stephen Piacentini) 加入我們，擔任我們新任首席開發官。 Stephen 在一些最大的餐廳品牌擁有豐富的經驗，他將領導我們非常有才華的終身開發團隊，我們希望隨著時間的推移，在北美的餐廳數量達到 7,000 家。

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 255 至 285 家新餐廳，其中包括 Chipotlane 餐廳，佔比超過 80%。事實上，本季度我們開設了第 600 家 Chipotlane。在加拿大，我們的業績依然強勁，共有 34 家餐廳，今年我們有望增加約 10 家新餐廳。上個季度，我們在加拿大迎來了有史以來最高的開業日，這證明了該品牌的吸引力日益增強，以及我們在該國的增長機會。我們還相信，除了我們在北美的長期目標 7,000 家餐廳之外，還有更多的機會，我們正在為進一步的國際增長奠定基礎。通過最近的重組，我們為歐洲業務增加了資源，包括將美國頂級運營商之一帶到歐洲，以提高生產力並更好地與美國業務保持一致。我們期待未來幾個季度在歐洲繼續取得進展，實現我們的目標建立該地區的長期增長。

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 集團的第一份開發協議，在中東開設餐廳，這將進一步加快我們的國際化進程。 Alshaya 集團已成功地將許多最大的全球品牌拓展到中東、北非和歐洲，他們計劃於 2024 年在科威特和阿拉伯聯合酋長國開設我們的第一家餐廳。我們很高興為中東客人提供負責任地採購、經典烹飪的真正食物，並期待進一步實現我們的目標，在這個新領域創造一個更美好的世界。

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，我要感謝我們的 114,000 名員工為重建 Chipotle 的卓越標準和責任文化所做的辛勤工作。本月早些時候，Chipotle 慶祝了第一家 Chipotle 餐廳在科羅拉多州丹佛市開業 30 週年。讓 Chipotle 與眾不同並在過去 30 年裡推動我們取得成功的因素是我們的員工、我們建設更美好世界的目標以及我們對提供卓越食品的專注。我們的烹飪採用最優質的食材和經典的烹飪技術，使我們的食物變得美味可口。我們的定制、便利和速度是我們的優勢所在，我們的價值是巨大的。這造就了行業領先的品牌和行業領先的經濟效益，而且我們還有很長的增長道路。我們有能力贏得今天，同時在未來 30 年發展我們的未來。

And 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 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.

謝謝布萊恩，大家下午好。第二季度銷售額同比增長 14%，達到 25 億美元，公司銷售額增長 7.4%，交易增長超過 4%。我們預計第三季度公司銷售額將在中低個位數範圍內，隨著我們在 8 月初將定價下調近 500 個基點，交易量增長。我們繼續預測全年業績將在中高個位數範圍內。

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.

餐廳級利潤率為 27.5%，與去年相比增加了約 230 個基點，不尋常項目調整後的每股收益為 12.65 美元，同比增長 36%。第二季度出現了與企業重組以及企業和餐廳資產減值相關的異常支出，包括關閉 Pizzeria Locale。我現在將介紹關鍵的損益行項目，從銷售成本開始。

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.

該季度銷售成本為29.4%，較去年下降約100個基點。去年菜單價格上漲和鱷梨價格下降帶來的好處被全面上漲的成本所部分抵消，尤其是牛肉、玉米餅、乳製品、莎莎豆和大米。對於第三季度，由於牛肉和鱷梨價格上漲，我們預計銷售成本將在 30% 左右。我們的供應鏈團隊在使我們的鱷梨業務多元化方面做得非常出色。在第三季度，我們的大部分鱷梨將來自秘魯。雖然價格高於第二季度非常有利的水平，但我們受到墨西哥牛油果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%.

該季度勞動力成本為24.3%，較去年下降約50個基點。銷售槓桿帶來的好處被工資上漲部分抵消。對於第三季度，我們預計勞動力成本將在 25% 左右，反映出持續的勞動力通脹和季節性銷售下降。該季度其他運營成本為13.9%，比去年下降約40個基點。這一下降是由銷售槓桿推動的。本季度的營銷和促銷成本為 2.4%，在第三季度，我們預計營銷成本將降至 2% 的低水平，然後在第四季度增加，全年將在 3% 左右。

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，其他運營成本預計將在 14% 左右。按 GAAP 計算，本季度的 G&A 為 1.57 億美元，按非 GAAP 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。正如布萊恩提到的，我們最近對我們的組織需求進行了審查，以確保我們能夠很好地實現我們的長期增長目標。 G&A 還包括 1.19 億美元的基礎 G&A。 2900 萬美元與非現金股票補償相關，500 萬美元與更高的應計獎金、工資稅以及股權歸屬和行使相關。

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.

對於第三季度，我們預計我們的基本 G&A 約為 1.25 億美元，此後隨著我們對技術和人員的投資以支持持續增長，此後將略有增長。我們預計第三季度的股票補償將約為 3100 萬美元，儘管該金額可能會根據我們的業績而上下波動。我們還預計將確認約 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，從而使我們預計第三季度的一般管理費用總額達到約 1.6 億美元。本季度折舊為 7,900 萬美元，佔銷售額的 3.1%，隨著我們繼續開設更多餐廳，我們預計折舊每個季度都會略有增加。

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.

資產報廢增加至 1,620 萬美元，其中包括與企業和餐廳資產減值相關的 850 萬美元，其中包括關閉 Pizzeria Locale。短期內，我們預計每季度的資產報廢約為 800 萬美元，因為我們將繼續優先考慮賓客體驗並專注於出色的運營。由於與期權行使和股權歸屬相關的稅收優惠增加，我們第二季度的有效稅率為 23.8%。我們繼續估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管每個季度可能會根據具體項目而有所不同。我們的資產負債表仍然強勁，本季度末我們擁有超過 18 億美元的現金、限制性現金和無債務投資。

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 1,937 美元的平均價格回購了 8800 萬美元的股票。截至本季度末，我們的股票授權計劃剩餘 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。今年我們仍有望開設 255 至 285 家新餐廳，其中至少 80% 是新餐廳，其中包括 Chipotlane。我們的開發時間線仍然延長，但我們的管道仍然強勁，一旦這些時間線挑戰消退，我們預計將向 8% 至 10% 開放範圍的高端邁進。

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，我們的餐廳數量剛剛超過 200 家，即將迎來 10 週年紀念日。我們決心改變人們對快餐的看法和吃快餐的方式，使用經典的烹飪技術準備美味的新鮮食物，可持續地種植有益健康的食材并快速提供。 Brian 提到 Chipotle 本月早些時候慶祝了成立 30 週年，那些使 Chipotle 取得成功的基本價值觀仍然深深根植於我們的品牌中。一路走來，我們通過數字渠道投資於食品和誠信，擴大了訪問範圍和便利性。 Chipotlanes 和國際擴張，並在我們的餐廳內不斷創新，以改善整體體驗。我們還有很長的發展道路，還有一支才華橫溢的團隊，他們熱衷於繼續打造、擴展和發展我們的品牌，實現我們在未來 30 年打造更美好世界的目標。

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

因此，我們很樂意回答您的問題。

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

（操作員說明）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?

考慮到牛肉和鱷梨類別的通貨膨脹，我想談談下半年的定價計劃。我希望更好地理解的是，當您歷史上計算 2018 年至 21 年間的價格時，12 月份的價格上漲是多少？或者，9 月 1 日恢復學生付款，這可能會給餐飲業支出帶來壓力，我相信你願意承受 - 可能會等待，看看結果如何？

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，這是布萊恩。我們的定價方法顯然是——這是我們最不喜歡拉動的槓桿。但我認為我們已經一次又一次證明該品牌非常強大，價值主張非常強大，而且我們擁有可以使用的定價能力。顯然，我想你在傑克的評論中聽到了，當你拔出鱷梨時，我們在勞工線和一些食品領域都看到了一些通脹壓力。所以這是我們正在努力研究的事情。隨著第四季度的臨近，我們將決定在定價方面具體要做什麼。我不知道你是否想在那裡添加任何內容，傑克。

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。只是我認為布萊恩總結得很好，但過去兩個季度我們出現了潛在的通貨膨脹，但我們從成本較低的鱷梨中受益，抵消了這一點。然後，我們也得到了一個好處，因為 Al Pastor 雞肉確實讓我們的一些客戶從更昂貴的牛肉轉向了更便宜的雞肉，這也是一個好處。當這些好處消退時，通貨膨脹就會發生，那時我們將對通貨膨脹的影響有一個清晰的認識。正如您所建議的，在做出任何最終價格決定之前，我們也會考慮客戶需求交易模式。

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，就第三季度指導而言，我知道你們指出，8 月份價格將下跌約 500 個基點。您能否也評論一下消費者的下降？我知道上個季度，你們正在按順序談論，您看到了該消費者的一些實力。我只是想知道你們最近幾個月看到了與該消費者相關的內容？

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，我想這是消費者展示他們的適應能力的要素之一。低收入消費者和高收入消費者都表現出了非常好的實力。我認為這就是為什麼我們在本季度擁有如此強勁的流量表現，並且我們繼續以非常健康的流量或交易趨勢退出該季度。因此，我們沒有看到低收入消費者有任何弱點。如果說有什麼不同的話，那就是它們在不斷改進，而且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 (Baird) 的大衛·塔倫蒂諾 (David Tarantino)。

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，我只想澄清一下您如何從比較的角度看待第三季度。也許，傑克，如果您能談談您在第三季度相對於第二季度看到的潛在流量趨勢，以及這是否意味著與您一直在運行的流量相比會出現任何放緩？

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，大衛，我們指導的組成部分只是給出了一般範圍，去年 8 月後剩餘的菜單價格上漲將被稱為 2.5%、2.6% 的範圍。我們仍然預計整個季度的交易量會積極。事實上，我們預計交易量可能會在+3% 到+3.5% 的範圍內，就在這個範圍內的某個地方。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.

隨著人們重返工作崗位，我們的團體規模繼續正常化。因此，數字點餐和餐廳點餐之間的渠道轉變較少，但我們看到團體規模正在縮小。所以這是最難預測的部分，但我們假設在 2 左右的範圍內。由於群體規模在 2% 的範圍內，我們會看到負面的組合。這些是我們正在考慮的一般組件。

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，當你對趨勢進行季節性調整時，這是否意味著經濟放緩？或者這與您在第二季度交付的內容更加相同嗎？我只是想確保我了解您是否發現交通流量放緩。

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，大衛，我們看到了微妙的季節性變化。我們在六月初看到，隨著學校放學，人們開始更多地旅行，我們看到交易出現了一些拐點。我們還——當我們對餐廳進行分層時，我們確實看到我們位於旅遊勝地的餐廳正在受益。非旅遊區的餐館稍微溫和一些。就在最近，在過去 1.5 週左右的時間裡，我們開始看到這種情況有所正常化。所以我們仍在閱讀該內容。我們假設第四季度不會出現全面反彈，但我們確實假設第三季度剩餘時間會正常結束。但我們確實假設上週左右看到的正常化將繼續下去。

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放一些假期，而去年不一定會發生。

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——聽起來流量相當穩定。你談到了新設備。據我所知，烹飪時間大幅縮短。您能否將其轉化為某種吞吐量衡量標準以及您目前所看到的以及隨後的機會是什麼。我想，當我們考慮吞吐量時，容量是一方面，但要確保有足夠的需求來吸引客戶。我正在嘗試了解那裡的動態。那麼您能告訴我們關於現在的吞吐量以及您在新設備上看到的情況嗎？然後我會進行快速跟進。

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。因此，我們在吞吐量方面取得了一些非常好的進展，但我們還沒有完全達到我們想要的目標。我想我之前已經提到過這一點，好消息是我們現在一直有 3 個人在前線。但實際上，我們需要 4 個人才能實現高吞吐量的支柱。我們再次縮減吞吐量的最大原因就是在這裡。

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.

但正如我之前在評論中提到的，在我們看到餐館或補丁採用的地方，我將其稱為“高吞吐量執行”。您肯定會看到在最好的 15 分鐘內發生 3 到 5 筆交易。所以我們知道它就在那裡。我們只需要作為整個企業來做這件事，並且我們將專注於未來的這一部分。

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.

因為它涉及設備和其他工具，可以幫助我們變得更加高效和更快。雙面烤架現已在 10 家餐廳中使用。因此，無論如何，這並不是明顯的跨系統，而只是轉移到我們的舞台入口流程。這只會使烹飪時間大大縮短。因此，檢查時間從 12 分鐘縮短到 3 到 4 分鐘，然後從 3 到 4 分鐘縮短到 1 分鐘。它使位置變得更加容易，使烹飪更加一致。顯然，它為我們提供了更多的煎餅容量。這就是我們現在的處境。然後像 Autocado 和 Hyphen 這樣的東西仍然處於試驗階段，也就是說像原型階段。但我們對這兩種產品能為我們帶來的好處非常樂觀，但我們還沒有在任何一家餐廳使用這些產品中的任何一種。

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。然後為了澄清一下，我想後續行動是您一直在研究吞吐量，並且我們在過去幾個季度中看到了交易或流量增長方面的一些非常好的改進。聽起來預計它將相當穩定。我理解比較對此的影響。但是，就像您期望流量發生另一步變化一樣，因為您正在談論的一些最佳實踐在整個系統中傳播。再次，只是想了解如何轉換吞吐量。

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。不，絕對是。我的意思是，我認為這不僅是流量持續增長的真正機會，而且是流量增加的真正機會。隨著我們更好地執行吞吐量的支柱。這就是為什麼我想舉紐約一家餐館的例子。那家餐廳的表現優於一個做得非常好的地區。原因是他們正在出色地執行我們吞吐量支柱的每個要素。

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.

因此，隨著更多地塊或更多餐廳更一致地發生這種情況，我們預計我們將看到流量和總收入的增加。顯然，這是隨著時間的推移而出現的。我們正在與 110,000 名員工打交道，他們需要了解什麼是高吞吐量以及高吞吐量是什麼樣子。但團隊正在取得巨大進步。我們專注於此，我相信我們將在這個組織中建立一種吞吐量文化。

The next question comes from Danilo Gargiulo from Bernstein.

下一個問題來自伯恩斯坦的達尼洛·加吉烏洛（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，鑑於第三季度的預期業績為低至中個位數，是什麼讓您有信心在第四季度有意義地加速發展軌跡，以達到全年指導目標？特別是當我們考慮到第四季度的可比銷售額可能更多地來自流量而不是定價行為時。您正在考慮採取哪些行動來維持這一勢頭？

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，我們將首先考慮提高與吞吐量相關的運營績效。所以這將是拼圖的一部分。我們有一個新的菜單項，我們將在完成 Chicken Al Pastor 的運行後推出。顯然，考慮到我們看到的一些通脹壓力，我們還將評估第四季度定價的組成部分。

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.

所以你把這些東西加上我們已經擁有的趨勢的強度。我們對全年指導感到非常滿意。

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?

也許在今年之後，我們會更多地考慮多年的情況。從歷史上看，您在加拿大和歐洲執行了更加謹慎的國際推廣。是什麼促使您進行特許經營？具體來說，為什麼要從中東開始？那麼，我們能否期待國際市場上合作公寓和特許經營組合的結合呢？或者這更像是調整您未來的國際擴張計劃的（聽不清）步驟？

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。所以你可能會期待更多的混合。我們仍然相信西歐的公司所有權很有意義。上週左右我們才有機會拜訪那裡的團隊。他們在倫敦、法蘭克福，當然還有巴黎都取得了巨大進展。我的意思是，正如我們在電話中提到的那樣，加拿大繼續表現出色。因此，我們將在 34 家餐廳的基礎上再建 10 家新餐廳。因此您可以看到我們如何加快那裡的開發，團隊將繼續做得很好。

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.

由於它涉及中東以及與 Alshaya 的合作夥伴關係，當我們環顧世界時，我們發現在某些地區，嘿，這對我們來說合作非常有意義，而不是嘗試去做。靠我們自己。中東就是那個地區。 Chipotle 作為一個基於我們所做工作的概念，我們相信它會引起共鳴並表現得非常好。然後，當我們有機會與 Alshaya 分手時，我們認為 Alshaya 是該地區最好的運營商之一，我們認為這對我們來說是一個很好的機會，可以體驗與一家偉大的運營商在特許經營方面合作的感覺。環境。

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。我們很高興能在迪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夥伴關係。但從合作夥伴關係和公司所有權的角度來看，我們對國際化的發展方向感到非常興奮。

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，我想跟進雙面烤架的問題，然後談談個性化營銷。關於雙面烤架，您提到您現在有 10 家商店，而且烹飪時間可能只有 1/3，您預計推出的速度是多少？就我們關注的指標而言，您認為這些烤架最終會給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。所以看，我們顯然對我們在 10 家餐廳中看到的情況感到非常興奮，無論是從產量、烹飪質量還是團隊一遍又一遍執行的能力的角度來看。因此，圍繞新烹飪設備的興奮是非常令人興奮的，因為這意味著我們將獲得我們想要的執行效果。

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.

要推出這個項目，可能需要一年多的時間。好消息是，一旦我們給他們開綠燈，製造商就有能力根據我們的需要進行擴展。因此，我們對此感到非常興奮，因為顯然，我們正在進行的交易量越大，我們現在的 Plancha 容量就越大，這是一個了不起的結果。然後，它將最難培訓的工作之一變成最容易培訓的工作之一。當烹飪保持一致時，人們會吃到美味的雞肉或牛排，我們知道他們喜歡 Chipotle 並且會回來。因此，我們仍在仔細研究看跌期權和看漲期權的所有組成部分，但根據我們在前 10 家商店中的情況來看，它看起來非常有希望。

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?

然後在個性化營銷方面，我認為您最近推出了該營銷。似乎有些東西會有很長的跑道，你可以進行不同的迭代，並最終讓人工智能成為它的一個組成部分。我們是否已經看到了與個性化營銷不同的東西？您認為這將走向何方？也許能讓我們了解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，看，最明顯的地方可能就是應用程序中的暗示性銷售。您將看到我們提供的產品有一些個性化，並根據您使用該品牌的歷史向您提供建議以添加到您的訂單中。顯然，這會一直影響到我們創建的群體和旅程。我們相信您會在我們的 3500 萬獎勵客戶中做到這一點。它現在已經有了有意義的規模，定制可以帶來忠誠度，顯然，這會帶來額外的銷售額。

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.

所以最明顯的空間，可能你會在應用程序或網絡中看到它，然後它可能在我們如何溝通、我們與你溝通的頻率以及我們到底為你節省了什麼方面更加細緻。但我們正在進行的所有實驗，我們在每次迭代中都繼續看到良好的積極成果。我們的下一個重要步驟是以一種更有意義的規模覆蓋更多人的方式來推出它，以便您在整個企業中感受到它。

The next question comes from John Ivankoe from JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

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?

我實際上想談談關於 Plancha 產能過剩的評論。這實際上是一個有趣的點。您認為它是否顯著拓寬了 Chipotle 可以做的其他產品機會？我的意思是，雙面烤架會照顧到您擁有雞肉和木樁，並且大概，煎餅可以用於與您已經銷售的產品不同的東西嗎？在你看來，這是一個多大的機會？

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，看，我們總是想確保我們完美地執行菜單。我們喜歡我們現在推出新菜單項的節奏。但是，是的，它確實釋放了容量，這使我們能夠評估如何製作新菜單項，以及我們希望將某些菜單項保留多長時間。所以這對我們來說是一個很大的解鎖。

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，當餐廳在 10:30 開門時，您不必在早上 8:00 開始煮雞肉，因為現在我們可以為更接近營業時間的午餐業務做好準備。午餐時間，因為煮所有雞肉所需的時間要少得多。它還可以讓我們恢復得更快。因此，如果您在 11 點有一個非常大的發布活動，那麼您有能力在 12 點的午餐活動中恢復過來。

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.

因此，我認為這些事情對於我們的前進來說將是非常強大的。而且烹飪為團隊成員帶來的簡單性也是一個很大的釋放，因為這樣烹飪每次都會變得更好。

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，我知道了。我同意並經歷過。讓我轉向另一個問題。您一直在暗示，包括這次電話會議中提到的對 7,000 家北美商店目標的向上偏差。我的意思是，我想，你準備好開始考慮數字了嗎？是一千嗎？是幾千嗎？我想在問題中問它。幾年前，我記得，我不記得具體是什麼時候了。曾經有人討論過 Chipotle 將成為一個價值 100 億美元的品牌。好吧，現在是 23 年，它很可能會成為一個價值 100 億美元的品牌。對此感到抱歉。

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?

如果你只看今天北美的整體機遇，我想，在某種程度上，經濟自由化，根據你對當今北美消費市場的了解，你認為 Chipotle 可以成為一個多大的品牌？我們可以從這裡擴展到多大？

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，我們還沒準備好更改號碼。但好消息是，我們開設的每家新餐廳的經濟效益仍然非常出色，希望一旦我們完成一些工作，我們將更接近 8% 到 10% 的高端。我們發展遇到的瓶頸。但我相信我們將繼續增加 4 牆收入，顯然，隨之而來的經濟效益也會增加。

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.

因此，我們甚至不會改變 7,000 家商店的數量，如果你突然發現自己的平均單位銷量為 300 萬、400 萬，那麼你的收入就處於 200 億至 280 億美元的範圍內。我們面前有很多增長。而且這並不需要真的那麼激進。這只是執行我們一直在談論的計劃。我認為，只要 Chipotle 繼續專注於出色的烹飪、出色的產量、培養團隊成員，那麼我們在開設新餐廳時就做好了準備，這個數字就會增長。

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

我想傑克在公司第一次上市時告訴過我電話號碼是多少，傑克？

Like 3,000.

大約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.

我們說我們可能會開 3,000 家餐廳。所以我們到了。我們擁有 3,000 家餐廳。我確信，隨著我們的不斷發展，AUV 將會增加，商店數量也會增加。但是，是的，想到我們將關閉 100 億美元，然後我確信我們將討論 200 億美元，然後可能從那裡開始，我們將討論 300 億美元，這是非常有趣的。所以我認為這項業務短期內不會受到限制。

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.

只是一個關於自動化、機器人技術的問題。假設一下，如果你所有的共同努力在接下來的許多年裡產生了幾百個基點的利潤，你是否願意讓這一切都落入底線？或者也許你想讓其中的一部分降到底線，然後用其餘的為消費者價值主張提供資金，也許現在說還為時過早。只是想知道您內部是否已經有了這些問題，即使現在只是哲學問題。

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。聽著，我的意思是，顯然，對我們來說好消息是，我們不受資金限制，可以投資繼續推動 Chipotle 業務的增長和價值，因為這關係到為我們的客戶提供良好的體驗和良好的服務。我們團隊成員的經驗。顯然，隨著我們越來越接近，我們將更好地了解其中有多少屬於底線。但現在，我希望其中很多都落入底線，但隨著我們臨近推出它，我們會知道更多。

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?

布萊恩，聽起來連字符生產線已經接近測試階段了。那麼您能幫助我們了解您預計該階段會持續多久嗎？也許可以回顧一下驗證階段會是什麼樣子？我也很好奇您能否描述一下團隊正在監控哪些 KPI 來確定該生產線的成功？

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。所以我們現在就把它放在我們的培養中心裡。看到它實際生產碗很有趣。該團隊做得非常出色，將其從概念轉變為原型，再到現在的工作原型。我們學到了很多。我們正準備弄清楚下一代版本是什麼，但它看起來確實很有前途。

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，其關鍵在於每 10 分鐘滾球的速度有多快。它能把碗做得有多精確。顯然，我們加快這些碗的能力意味著以正確的順序將其交付給客戶。所以我們認為，假設原型隨著時間的推移繼續發展和成長，就像它所展示的那樣。在接下來的 12 到 18 個月內，我們將向這裡的餐館投放一些東西。

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.

對於它的發展方向非常樂觀，但在我們的培養中心運行它是一回事。在餐館裡經營它是另一回事。直到我們在餐館裡經營它之前，很難真正談論它的時機的好處。但從概念上和現在的情況來看，仍然非常有前途，首要任務是弄清楚我們如何盡快將這個東西引入餐廳。

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?

偉大的。然後我就進行了跟進。傑克，基本管理費用運行率的提升相當可觀，好嗎？您能更詳細地解釋一下是什麼推動了這一趨勢嗎？然後我們應該如何考慮第四季度的核心運行率，甚至可能只是全年的基本增長？

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，我們基礎管理費用的任何增加都是圍繞布萊恩提到的一些事情，這是我們審查的一部分，我們正在為歐洲投資資源。坦率地說，我們正在為我們正在談論的協作機器人等方面的一些創新增加資源。在某些項目中，我們的權益——我們期望根據我們的預測我們的權益，我們會加大力度。這些是您正在進行的 3 年計算。

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.

因此，就基本的一般管理費用而言，要么是人員支持我們的增長，要么是技術支持我們的增長。我們還沒有給出第四季度的指導，但我預計會有另一個輕微的提升——比第三季度有所提升，不是一個巨大的提升，而是一個適度的提升，因為我們確保我們的團隊都全力以赴我們不僅要為今年的增長提供支持，而且還要為未來幾年的增長提供支持。

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.

我只是想深入研究一下開發。傑克，我認識你——在你準備好的發言中，談到了系統中的一些延遲。我希望您可以深入研究一下，特別是當您考慮隨著時間的推移，單位增長率達到 8% 到 10% 的範圍時，您是否真的能了解導致某些延遲的原因今天的市場？比如說，移動市場允許的情況下，是建築開發商的問題嗎？或者設備接入有問題？只是希望你能為我們充實這一點。

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。它不再是真正的設備了。這是整個大流行期間以及我們走出大流行後的一個挑戰。但我們的團隊在預購方面做得很好，所以我們進行了批量訂購，我們與供應商有良好的關係，所以我們獲得了優先權。所以這實際上取決於城市的事情——在城市的控制下，比如讓公用事業到達現場。有時，我們需要幾週的時間才能讓某人出來並確保我們有公用設施進入現場，這確實涉及諸如許可之類的事情。然後你也在談論檢查。

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，確實有很多這樣的城市，我們從我們的團隊那裡聽到的是，他們中的很多人仍然在遠程工作。因此，讓某人在需要出現並完成工作時出現是一個真正的挑戰。現在我們正在做的事情，克里斯在這裡，克里斯一直在向團隊發送這樣的信息：我們真的必須上升到城市，好嗎？我們必須確保我們打電話、打電話、打電話是因為他們正在做一些工作，無論他們是在家工作還是在辦公室工作，他們在某個地方做，讓我們確保我們”在他們經常聽到的列表中，他們排在首位。如果他們更頻繁地聽到我們的聲音，他們很可能會搬家。這就是試圖消除這一瓶頸的策略。

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?

知道了。只是轉向吞吐量計劃。我感謝你們所做的所有培訓。我只是很好奇，我知道，布萊恩，你提到過，即使是在生產線，也要確保高峰期有 4 個人在前線。您認為需要增加商店的工時嗎？或者僅僅是讓人們回到他們的位置上的王牌信仰？

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，更多的是要獲得團隊的信任，讓他們有信心在某個地方保持王牌地位。就在昨天，我在一家餐廳，配備了工作人員，部署正確，烹飪正確，餐廳看起來很棒。不幸的是，我們在某些​​地方沒有王牌。有太多的人離開隊列去做其他他們在門前不應該做的任務。我認為，一旦他們明白自己留在這些地方，他們就會通過這條線來完成相應的任務。

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目睹的一個因素。他們必須經歷它。他們必須相信它。有時很難。我的意思是，當您認為飲料站旁可能需要更多餐巾紙時，很難保持原狀。就好像我們會堅持下去，通過隊伍，然後你可以去飲料站放額外的餐巾紙。所以我認為這是他們需要經驗的一部分，這樣他們才能信任它。我知道斯科特和他的團隊專注於將高吞吐量的支柱帶回我們的文化中，而不僅僅是作為一項舉措。好消息是我們配備了員工，總經理級別的人員流動率看起來非常好，我們現在的人員數量低於 20 人，因此領導者保持了更加穩定的狀態。我認為你的領導力和信息的一致性，我們將在執行中獲得一致性。因此，我對斯科特和運營商在吞吐量方面將幫助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?

知道了。最後，我知道你們的線路容量有些限制。因此，就向菜單添加其他項目而言，並不總是那麼容易，您經常必須輪換，但我認為，Chicken Al Pastor，我相信您說過大約 20％ 的組合 - 交易組合來自於時期。那麼，我們什麼時候才能考慮將其作為永久菜單項呢？

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，看，這是我們肯定會回去評估的事情。顯然，這是一個引起很多人共鳴的東西，我能理解為什麼它味道很棒，而且很棒。因此，我們將重新評估是否以及何時將其帶回來，我們將其帶回來多長時間以及它是否應該是永久物品。我們面臨的挑戰是，我認為如果我們想添加一些永久性的東西，我們就必須刪除一些東西。因此，這將是我們必須解決的問題，以確保我們理解其中的權衡。

The next question comes from Dennis Geiger from UBS.

下一個問題來自瑞銀集團的丹尼斯·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.

只是想知道您是否可以提供第二季度的流量價格和組合的細目。我認為您提供了流量部分，但如果您可以鬆散地分解其他部分，那將會有所幫助。

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，流量——我在評論中提到了流量，流量的積極一面好於 4%。菜單價格上漲了 5 美元左右，可以稱之為 5.5%、5.6% 之類的。然後我們有了我提到的混合項目，我們正在談論第三季度。這實際上使補償減少了約 2.5%，而這種混合完全是由於團隊規模所致。團體規模繼續正常化。當我們繼續觀察人們返回辦公室時，您會發現我們的城市地點優於郊區地點。因此，自大流行以來，情況仍然正常化，我們的團體規模仍在繼續正常化。團體規模仍然領先於 2019 年大流行之前的水平，但每個季度都在繼續正常化。

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。還有一個，只是 - 我知道混合可能是一個艱難的團體規模，特別是預測，你給我們第三季度。當我們展望今年年底時，我認為這仍然是接近持平的嗎？或者考慮到群體規模的行為，這是否有點移動目標？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。我不認為它會完全平坦，但它應該變窄。在本季度，我們的集團規模比 2019 年大約減少了 1%。如果你看看第三季度和第四季度，你會發現它們大約是 3% 到 4%。第三季度為 4% 左右，第四季度為 3% 左右。因此，我們仍然存在差距，仍有待縮小，但它應該會減少我們在第二季度看到的 2.5%，每個季度都會減少。不過，我認為到今年年底，情況不會完全持平。

The next question comes from Brian Harbour from Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·哈伯。

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，你能詳細介紹一下一些快餐司機嗎？我的意思是你提到了逐年推動的因素。但也許只是與上個季度相比，與您的一些預期相比。我確信鱷梨是其中的一部分，但是還有其他的嗎？正如我們思考今年剩餘時間一樣，這個新項目是否會以我們應該考慮的方式影響食品成本？

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，我們只有一些事情略有增加。我們有一些莎莎醬、玉米餅、大米、香料等等，如果你只看這個季度，並且連續看這個季度，那麼第二季度與第一季度相比，增加了 40 或 50 個基點。但與去年相比，這些都被有利的牛油果以及雞肉阿爾帕斯特的組合所抵消，正如我之前提到的，它實際上確實從牛排和燒烤中運送了人們，這些牛排和燒烤更昂貴，我們的雞肉的食品成本更高，這是較低的食品成本。

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.

因此，我們稱之為低通脹，在過去幾個季度中一直在影響損益表，但它已被有利的鱷梨和有利的組合所抵消。當我們展望第三季度時，我們確實認為食品成本將會上漲，這實際上是由於我們預計將持續到第三季度的這種低水平通脹所致。但隨著牛油果價格正常化，當我們不再使用雞肉阿爾帕斯特時，我們不會有這種抵消措施來抵消我們所看到的一些通貨膨脹。

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。您能否詳細說明一下您所說的歐洲？我想更廣泛的問題是，當我們開始思考未來幾年時，我們會看到這種增長的速度有多快？

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。看，我認為與我們對加拿大所做的非常相似的是思考歐洲的方式。一旦我們在歐洲取得像在加拿大那樣的一致表現，我們將開始更加積極地建設。該團隊非常專注於確保我們正在建立一個品牌，並且在我們建立品牌的同時，我們擁有支持建立許多餐廳的經濟能力。就像我提到的，傑克、我自己和斯科特，我們就在那裡，團隊有一個很棒的計劃。我最想看到的是我在德國法蘭克福的時候。 Chipotle 裡有很多德國人在享用 Chipotle。當我們在倫敦時，有很多英國人喜歡吃Chipotle。我還看到很多人走進餐廳時並不知道 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.

所以我們仍然有真正的機會來打造品牌。在我們打造這個品牌的同時，確保我們擁有良好的經濟效益來證明建造更多餐廳是合理的。加拿大就是一個完美的例子。我們在那裡任命了一位偉大的領導人，但沒有。從經濟表現來看，她已經表現出色了。她在品牌發展方面做得很好，我們建造了很多餐廳也就不足為奇了。最近，我們剛剛派了一位頂級操作員到倫敦，成為該團隊的一員，領導該團隊。隨著他正在開展的工作。我已經看到運營執行方面取得了巨大的進步。我相信經濟效益將會隨之而來，我也相信我們將打造一個了不起的品牌。

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.

因此，假設這一切都發生了，你可以看到我們很快就能在這些國家投資建設更多的餐館。所以我認為我們在這一點上一直非常一致。就好像我們並不急於為了建造餐廳而開始建造餐廳。我們希望擁有隨時準備出發的人員，我們希望擁有有意義的經濟效益，然後我們希望擁有一個可以一次又一次執行的偉大品牌。這對我們在美國很有幫助。它在加拿大為我們提供了很好的服務。我相信這將為我們在歐洲提供良好的服務。

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?

這是紮克的約翰·帕克。我想在特許經營方面，你們是否可以提供有關與 Alshaya 的新協議的更多細節，我猜，圍繞初始開發協議中的一些單位？有沒有關於特許權使用費之類的事情？

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.

並不真地。我們剛剛開始使用 Alshaya。我們很高興第一批餐廳開業。顯然，我們倆都期望有更多的餐廳，而不僅僅是少數幾家。我相信我們將會有很大的空缺，這將變成希望 Alshaya 認為取得巨大成功的事情，我們也認為取得巨大成功。更多細節即將到來，但我們可能需要打開第一個。

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?

知道了。然後稍微切換一下。在勞動力方面，隨著第二季度進入第三季度，你們是否開始看到新員工的工資通脹趨於平穩？

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.

我想說這更正常。就在4%、3%這個範圍內。所以通貨膨脹仍然存在。當我們考慮我們的模型時，這是另一個考慮因素，當我們採取定價行動時，看看我們的利潤率。所以這不是我們不能處理的事情。好消息是申請即將到來。我們的餐廳在餐廳人員配備方面做得很好。他們在讓我們的餐廳樹立榜樣方面做得非常出色。因此，我再次將其稱為未來的低級正常通脹，我們的模型無法吸收任何內容。

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。我想將會議轉回布賴恩·尼科爾 (Brian Niccol) 發表閉幕詞。

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。謝謝大家提出的所有問題。最後，我再次強調，我認為 Chipotle 的季度表現非常出色，而且我認為它展示了我們業務的實力。對我們的團隊在該領域取得的成就感到非常自豪。如果我考慮一下我們今天的情況與一年前的情況相比，我們經營這些餐廳的情況要好得多。我相信我們未來推動吞吐量的能力仍然有很多優勢。我相信團隊會專注於此，我們將會看到這種情況發生。

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.

在我們的業務中，我真正感到興奮的另一件事是我們正在通過流量增長來發展我們的業務。在我看來，我們正在以正確的方式繼續推動我們的價值主張向前發展。這裡有很棒的美食、很棒的員工，當然還有很棒的新餐廳開業。因此，我們對我們的業績感到非常自豪，對未來非常樂觀，並期待與大家分享下個季度的業績。小心。

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。