奇波雷墨西哥燒烤 (CMG) 2023 Q3 法說會逐字稿

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

美好的一天，歡迎參加 Chipotle Mexican Grill 2023 年第三季業績電話會議。 （操作員說明）請注意此事件正在被記錄。

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

我現在想將會議交給投資者關係和策略主管辛蒂·奧爾森 (Cindy Olsen)。請繼續。

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

大家好，歡迎參加我們的 2023 財年第三季財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.chipotle.com 上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements.

首先，我要提醒您，本簡報中有關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。

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

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.

我們今天的討論將包括非公認會計準則財務指標。您可以透過我們網站投資者關係部分演示頁面上的連結找到 GAAP 衡量標準的調整表。

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.

我們將以董事長兼執行長布萊恩·尼科爾 (Brian Niccol) 準備好的演講開始今天的電話會議；以及首席財務和行政官 Jack Hartung，之後我們將回答您的問題。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'll turn the call over to Brian.

然後，我會將電話轉給布萊恩。

Thanks, Cindy, and good afternoon, everyone. Our focus on exceptional food and exceptional people continues to drive strong results, including positive transaction trends that accelerated throughout the quarter.

謝謝辛迪，大家下午好。我們對優質食品和優秀人才的關注繼續推動強勁的業績，包括整個季度加速的積極交易趨勢。

For the quarter, sales grew over 11% to reach $2.5 billion driven by a 5% comp. Digital sales represent 5% comp. Digital sales represented 37% of sales, restaurant-level margin was 26.3%, an increase of 100 basis points year-over-year. Adjusted diluted EPS was $11.36, representing 19% growth over last year and we opened 62 new restaurants, including 54 Chipotlanes.

本季銷售額成長超過 11%，達到 25 億美元，年成長 5%。數位銷售額占公司銷售額的 5%。數位銷售佔銷售額的37%，餐廳層級的利潤率為26.3%，年增100個基點。調整後攤薄每股收益為 11.36 美元，比去年增長 19%，我們新開了 62 家餐廳，其中包括 54 家 Chipotlanes。

Trends remained strong in October, and we anticipate comps in the mid to high which includes our recent pricing action. Before updating on our strategic priorities, I'm thrilled to share that Laura Fuentes has joined our Board of Directors. Laura is Executive Vice President and Chief Human Resources Officer of Hilton Worldwide with extensive experience in global hospitality and people leadership, and will be pivotal in helping Chipotle delivery against our 5 key strategies that position us to win today while we grow our future.

10 月的趨勢仍然強勁，我們預計業績將處於中高水平，其中包括我們最近的定價行動。在更新我們的策略重點之前，我很高興地告訴大家，勞拉·富恩特斯 (Laura Fuentes) 已加入我們的董事會。 Laura 是希爾頓全球酒店集團的執行副總裁兼首席人力資源官，在全球酒店業和人員領導方面擁有豐富的經驗，她將在幫助Chipotle 實現我們的5 項關鍵戰略方面發揮關鍵作用，這些戰略使我們能夠贏得今天，同時發展我們的未來。

These include running successful restaurants with a people accountable culture that provides great food with integrity while delivering exceptional in-restaurant and digital experiences, sustaining world-class people leadership by developing and retaining diverse talent at every level, making the brand visible, relevant and loved to improve overall guest engagement, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers and expanding access and convenience by accelerating new restaurant openings and laying the foundation for international expansion.

其中包括以對人負責的文化經營成功的餐廳，提供誠信的美味佳餚，同時提供卓越的餐廳內和數位體驗，透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，使品牌可見、相關和喜愛提高整體賓客參與度，加強技術和創新，推動我們餐廳和支援中心的成長和生產力，並透過加速新餐廳開業和為國際擴張奠定基礎來擴大交通和便利性。

Beginning with running successful restaurants with a people accountable culture. It was exactly a year ago that we made a big effort internally to get back to Chipotle's standard of excellence, and I'm proud of the progress our restaurant teams have made over the course of the year. This includes staffing and turnover that are back to or better than pre-pandemic levels. Restaurants that are prepped and ready, resulting in fewer outages, improvements in on-time and accuracy on the digital makeline and continued progress on throughput. Our focus on ops is strengthening a core piece of our value proposition, which is customized, delicious culinary served quickly with great hospitality.

首先以對人負責的文化經營成功的餐廳。就在一年前，我們在內部做出了巨大的努力，以恢復 Chipotle 的卓越標準，我為我們的餐廳團隊在這一年中取得的進步感到自豪。這包括人員配置和營業額恢復到或好於大流行前的水平。餐廳做好準備，從而減少停機，提高數位化生產線的準時性和準確性，並持續提高吞吐量。我們對營運的關注是加強我們價值主張的核心部分，即客製化、美味的菜餚和熱情的款待。

As a result of improvements in operational execution, along with keeping our menu pricing accessible, our value proposition has never been stronger. This is certainly translating to great results with transaction comps positive all year and up over 4% in the third quarter.

由於營運執行方面的改進，以及保持菜單定價的可及性，我們的價值主張從未如此強大。這無疑會轉化為出色的業績，全年交易額均為正數，第三季成長超過 4%。

While we are sitting on a strong foundation, we see an opportunity to be even better, particularly when it comes to throughput. We have 2 key initiatives that we recently rolled out that we believe will drive further improvement.

雖然我們擁有堅實的基礎，但我們看到了做得更好的機會，特別是在吞吐量方面。我們最近推出了兩項關鍵舉措，我們相信這兩項舉措將推動進一步改善。

The first is adjusting the cadence of digital orders to better balance the deployment of labor, eliminating the need to pull a crew member from the front makeline to help the digital makeline during peak periods. And the second is a renewed focus on throughput training in our restaurants by bringing back a coaching tool that we had in place prior to the pandemic.

首先是調整數位化訂單的節奏，以更好地平衡勞動力的部署，從而無需在高峰期從前線抽調一名工作人員來幫助數位化生產線。第二個是透過恢復我們在大流行之前使用的輔導工具，重新專注於我們餐廳的吞吐量培訓。

Feedback from our restaurant teams on these 2 initiatives has been very positive, and we are seeing that restaurants that have the right cadence of orders on the digital makeline and that are executing the 4 pillars of throughput are seeing an improvement of 4 to 5 entrees in their peak 15-minute period.

我們的餐廳團隊對這兩項舉措的反饋非常積極，我們發現，在數位生產線上擁有正確的訂單節奏並執行吞吐量的 4 個支柱的餐廳，在主菜數量上有了 4 到 5 個改進。他們的高峰期為15 分鐘。

As I mentioned in the past, we hold our teams to a high standard because when they achieve it, they feel like they are part of a winning team with the ability to be rewarded through bonuses and growth within the organization.

正如我過去提到的，我們對我們的團隊保持高標準，因為當他們實現這一目標時，他們會覺得自己是獲勝團隊的一部分，有能力透過組織內的獎金和成長來獲得獎勵。

For our crew members, throughput is a key performance factor in the crew member bonus plan. It is also a component of the bonus measure for general managers, field leaders, team directors and regional vice presidents. As we coach and make progress on throughput, they will enable more restaurants to achieve their quarterly bonus and importantly, will drive a better overall experience for our guests and our teams.

對於我們的船員來說，吞吐量是船員獎金計畫中的關鍵績效因素。它也是總經理、現場領導、團隊總監和區域副總裁獎金措施的組成部分。隨著我們指導並在吞吐量方面取得進展，它們將使更多餐廳能夠實現季度獎金，更重要的是，將為我們的客人和團隊帶來更好的整體體驗。

Speaking of our teams, we recently brought back our Behind the Foil campaign, which features our crew members, giving a glimpse into daily preparation using real ingredients and classic culinary techniques, a key differentiator for Chipotle. The fact is we don't have freezers in our restaurants and our teams begin preparing at 6 or 7:00 in the morning to be able to serve our delicious food by the time we open at 10:30. This includes grilling fajita veggies, and adobo chicken on the planchas, slicing and dicing onions, jalapenos and cilantro by hand, also hand-mashing avocados to make our signature guacamole and making our chips fresh every day.

說到我們的團隊，我們最近重新推出了「Behind the Foil」活動，該活動以我們的工作人員為特色，讓人們了解如何使用真實的食材和經典的烹飪技術進行日常準備，這是Chipotle 的一個關鍵差異化優勢。事實上，我們的餐廳沒有冰櫃，我們的團隊在早上 6 或 7:00 開始準備，以便能夠在 10:30 開門之前提供美味的食物。這包括在煎餅上烤法吉塔蔬菜和阿多波雞，手工將洋蔥、墨西哥辣椒和香菜切片和切丁，還手工搗碎鱷梨以製作我們的招牌鱷梨醬，並使我們的薯條每天都是新鮮的。

This campaign is a great way to put a spotlight on our talented teams and their hard work to prepare our exceptional food.

這項活動是一個很好的方式，可以讓人們專注於我們才華橫溢的團隊以及他們為準備我們優質食物所做的辛勤工作。

One of our team directors that's featured in Behind the Foil started as a crew member and within 7 years, moved his way up to team director, managing a subregion of 49 restaurants at just 29 years old. His passion for the brand and helping to deliver an excellent customer experience has driven his success. In fact, he is one of the best-performing subregions across the company. He truly believes in Chipotle's purpose, and wants to position his team to be able to replicate the same opportunities that have been given to him.

《Behind the Foil》中出現的一位團隊總監最初是一名船員，在 7 年內晉升為團隊總監，年僅 29 歲就管理著一個由 49 家餐廳組成的分區。他對品牌的熱情以及幫助提供卓越的客戶體驗推動了他的成功。事實上，他是整個公司表現最好的分區之一。他真誠地相信 Chipotle 的目標，並希望他的團隊能夠複製給予他的相同機會。

Our people are our greatest asset and developing future leaders is critical in delivering on our growth goals of reaching 7,000 restaurants longer term and surpassing 90% internal promotions. We will continue to find ways like our Behind the Foil campaign to celebrate our team's growth, hard work, success and passion for Chipotle. In addition to this campaign, our marketing team has done an outstanding job in finding authentic ways to make the brand more visible, more relevant and more loved.

員工是我們最大的資產，培養未來的領導者對於實現我們長期涵蓋 7,000 家餐廳和超過 90% 內部促銷的成長目標至關重要。我們將繼續尋找像「Behind the Foil」活動這樣的方式來慶祝我們團隊的成長、辛勤工作、成功和對 Chipotle 的熱情。除了這次活動之外，我們的行銷團隊在尋找真實的方法方面也做得非常出色，使品牌更引人注目、更相關、更受喜愛。

Last month, we brought back our fan favorite and highly requested carne asada as a limited time offer and the reception has surpassed our expectations. Carne asada is a delicious combination of responsibly raised premium cuts of steak, seasoned on the grill with a blend of signature spices that's finished with freshly squeezed lime and hand-chopped cilantro. We also introduced an entirely new way to try carne asada with the carne asada quesadilla and it's just truly delicious.

上個月，我們以限時優惠的形式帶回了深受粉絲喜愛和強烈要求的 carne asada，接待情況超出了我們的預期。 Carne asada 是精心飼養的優質牛排的美味組合，在烤架上用混合的招牌香料調味，最後加入鮮榨酸橙和手工切碎的香菜。我們也介紹了一種全新的方法來嘗試卡內淺田與卡內淺田玉米餅，它真的很美味。

I'm really proud of the cross-functional effort it took to make sure we could bring back this popular LTO, which is especially impressive given that we estimate only about 5% of U.S. beef meats our Food with Integrity standards.

我為確保我們能夠恢復這種受歡迎的 LTO 所付出的跨職能努力感到非常自豪，鑑於我們估計只有約 5% 的美國牛肉符合我們的食品完整性標準，這一點尤其令人印象深刻。

In sports, as college football season kicked off, we leveraged our Real Food for Real Athletes platform to partner with players and teams to showcase their inspiring journeys, their love for Chipotle and how our food can help them perform their best by providing proper nutrition.

在體育方面，隨著大學橄欖球賽季的拉開序幕，我們利用Real Food for Real Athletes 平台與球員和球隊合作，展示他們鼓舞人心的旅程、他們對Chipotle 的熱愛，以及我們的食物如何通過提供適當的營養來幫助他們發揮最佳水準。

We also leverage creative gaming integrations as a fun way to connect with some of our biggest fans. We brought back Chipotle IQ in August as a one-of-a-kind digital trivia game, testing the knowledge of Chipotle's real ingredients, leading food standards, culinary techniques, sustainability efforts, brand history and community engagement.

我們也利用創意遊戲整合作為與我們的一些忠實粉絲建立聯繫的有趣方式。我們在 8 月重新推出了 Chipotle IQ，這是一款獨一無二的數位問答遊戲，測試了 Chipotle 真實成分的知識、領先的食品標準、烹飪技術、可持續發展努力、品牌歷史和社區參與度。

Shifting to amplifying technology, we're making progress on a couple of innovations that ultimately could help to improve the overall experience for our restaurant teams and our guests. The first is our automated digital makeline, which we recently installed at our cultivate center to test and learn on.

轉向放大技術，我們正在幾項創新上取得進展，最終有助於改善我們餐廳團隊和客人的整體體驗。第一個是我們的自動化數位生產線，我們最近在我們的種植中心安裝了它以進行測試和學習。

Through our partnership with Hyphen, we've been testing Hyphen makeline, which fits into our existing digital makeline footprint and automatically makes bowls down below with the ability for our team to build tacos, burritos, kids meals and quesadillas on top.

透過與Hyphen 的合作，我們一直在測試Hyphen 生產線，它適合我們現有的數位化生產線足跡，並自動在下面製作碗，並且我們的團隊能夠在上面製作炸玉米餅、墨西哥捲餅、兒童餐和玉米餅。

There are many reasons why we are excited about automating the digital makeline, such as increased capacity and improved speed and accuracy, which could further help with the balance of labor between the front makeline and the digital makeline.

我們對數位化生產線自動化感到興奮的原因有很多，例如產能的增加以及速度和準確性的提高，這可以進一步有助於前端生產線和數位化生產線之間的勞動力平衡。

Additionally, Autocado, which cuts cores and scoops avocado is also at our Cultivate Center and our restaurant teams are providing feedback to be included in the next phase of the prototype. As we mentioned last quarter, Autocado could save time and eliminate a less favorable task, but still allow for one of their favorite parts of the job, which is to add in freshly chopped onions, jalapenos and cilantro, seasoned with some citrus and salt, and hand mashed or signature guac.

此外，我們的培養中心還提供用於切割酪梨和舀酪梨的 Autocado，我們的餐廳團隊正在提供回饋，並將其納入原型的下一階段。正如我們上季度提到的，Autocado 可以節省時間並消除一項不太有利的任務，但仍然允許他們完成工作中最喜歡的部分之一，即添加新鮮切碎的洋蔥、墨西哥辣椒和香菜，並用一些柑橘和鹽調味，和手工搗碎或簽名酪梨醬。

While we still have some iterations to make to Hyphen and Autocado before they're ready to be tested at a restaurant, I am excited about the progress the team is making, and we will continue to provide updates on the path through the stage-gate process.

雖然在 Hyphen 和 Autocado 準備好在餐廳進行測試之前，我們還需要進行一些迭代，但我對團隊正在取得的進展感到興奮，我們將繼續提供有關階段性進展的最新資訊流程。

Finally, moving to expanding access and convenience. We are on track to reach our guidance range of opening between 255 to 285 new restaurants this year, which will mark a record for the company. And we surpassed 700 Chipotlanes this quarter. As we look out to 2024, we anticipate opening between 285 to 315 new restaurants with at least 80% having a Chipotlane.

最後，轉向擴大訪問和便利性。我們預計將達到今年開設 255 至 285 家新餐廳的指導範圍，這將創下該公司的紀錄。本季我們的 Chipotlane 數量已超過 700 條。展望 2024 年，我們預計將開設 285 至 315 家新餐廳，其中至少 80% 擁有 Chipotlane。

This month, we opened our first location in Calgary. This was the first entrance into a new market in Canada since we entered Vancouver in 2012, and it is clear there is strong demand for Chipotle with opening day sales hitting a new company record. The team in Canada has done an outstanding job with company-leading throughput on the front line and on time and accuracy on the digital makeline. AUV's margins and returns are on par with the U.S., and I remain very confident in Canada's long-term growth potential.

這個月，我們在卡加利開了第一家分店。這是我們自 2012 年進入溫哥華以來首次進入加拿大新市場，顯然對 Chipotle 的需求強勁，開業當天的銷售額創下了公司的新紀錄。加拿大團隊的工作非常出色，一線的吞吐量處於公司領先地位，數位化生產線的準時性和準確性也處於領先地位。 AUV的利潤率和回報率與美國相當，我對加拿大的長期成長潛力仍然充滿信心。

Outside of North America, we have outlined a plan for Europe to deliver economics that would support accelerated growth. This includes improving our operations by aligning our training tools, systems and culinary with our U.S. operations where it makes sense and is feasible as well as building brand awareness.

在北美以外，我們為歐洲制定了一項計劃，以實現支持加速成長的經濟。這包括透過將我們的培訓工具、系統和烹飪與我們在美國的業務相結合來改善我們的運營，並建立品牌知名度。

Similar to our strategy when we first entered new markets in the U.S., we are building brand awareness in Europe through more local initiatives like partnering with local universities, local sports teams and focusing on activities, which gets our food into the hands of potential guests.

與我們首次進入美國新市場時的策略類似，我們正在透過更多本地舉措在歐洲建立品牌知名度，例如與當地大學、當地運動隊合作以及專注於活動，從而將我們的食物送到潛在客人的手中。

The good news is our restaurants are staffed stable and the talent we have coming through is exciting.

好消息是我們的餐廳人員穩定，我們的人才令人興奮。

Finally, in the Middle East, we are collaborating with Alshaya Group across development, culinary, supply chain and food safety to support a successful opening of our restaurants next year in Kuwait and Dubai.

最後，在中東，我們與 Alshaya 集團在開發、烹飪、供應鏈和食品安全方面合作，以支持我們明年在科威特和杜拜的餐廳成功開幕。

In closing, I remain really excited about all the growth ahead of us, both in the U.S. and internationally. I want to thank our restaurant and support center teams for all their hard work and dedication to Chipotle. Our results demonstrate that we have a winning team that sets high standards and delivers.

最後，我對我們在美國和國際上的所有成長仍然感到非常興奮。我要感謝我們的餐廳和支援中心團隊為 Chipotle 所做的辛勤工作和奉獻。我們的結果表明，我們擁有一支制定高標準並交付成果的致勝團隊。

We have a lot of opportunity in front of us, and we will continue to push the boundaries of what is possible in terms of running great restaurants, with exceptional people, exceptional food and fast throughput.

我們面前有很多機會，我們將繼續突破經營一流餐廳的界限，擁有優秀的員工、優質的食物和快速的吞吐量。

I'm more confident than ever that we have created the foundation to achieve our aggressive growth goals and further our purpose of cultivating a better world.

我比以往任何時候都更有信心，我們已經為實現我們積極的成長目標和進一步實現建立更美好世界的目標奠定了基礎。

With that, I'll 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 third quarter grew over 11% year-over-year to reach $2.5 billion as comp sales grew 5% with over 4% transaction growth. Restaurant-level margin of 26.3% increased about 100 basis points compared to last year, and earnings per share adjusted for unusual items was $11.36, representing 19% year-over-year growth. The third quarter had $1 million in unusual expenses related to corporate restructuring.

謝謝布萊恩，大家下午好。第三季銷售額年增超過 11%，達到 25 億美元，同業銷售額成長 5%，交易成長超過 4%。餐廳級利潤率為 26.3%，比去年增加約 100 個基點，不尋常項目調整後的每股收益為 11.36 美元，年增 19%。第三季有 100 萬美元與公司重組相關的異常費用。

Looking ahead to Q4, based on the trends we've seen so far in the quarter, including mid-single-digit transaction comps, we anticipate comps in the mid- to high single-digit range, which includes our recent price increase of about 3%.

展望第四季度，根據我們在本季度迄今為止看到的趨勢，包括中個位數的交易比較，我們預計交易比較將在中個位數到高個位數範圍內，其中包括我們最近約3 %。

As reminder in the fourth quarter, we will reevaluate estimated loyalty breakage for points projected to expire, which may require a catch-up adjustment that could have a negative or positive impact on our comps, and that's not factored into our guidance. We continue to forecast full year comps in the mid- to high single-digit range.

作為第四季度的提醒，我們將重新評估預計即將到期的積分的忠誠度損失，這可能需要進行追趕調整，這可能會對我們的比較產生負面或正面影響，而這並未納入我們的指導中。我們持續預測全年業績將在中高個位數範圍內。

I'll now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 29.7%, a decrease of about 10 basis points from last year. The benefit from last year's menu price increases was mostly offset by inflation across several food costs, most notably beef and queso. For Q4, we expect our cost of sales to be right around 30% as the benefit of the menu price increase we just took will be offset by the mix shift from Chicken al Pastor to carne asada as well as higher cheese and avocado prices.

我現在將介紹關鍵的損益行項目，從銷售成本開始。該季度銷售成本為29.7%，較去年下降約10個基點。去年菜單價格上漲帶來的好處大部分被幾種食品成本的通貨膨脹所抵消，尤其是牛肉和起司。對於第四季度，我們預計我們的銷售成本將在30% 左右，因為我們剛剛採取的菜單價格上漲的好處將被從Chicken al Pastor 到carne asada 的組合轉變以及更高的奶酪和鱷梨價格所抵消。

Labor costs for the quarter were 24.9%, a decrease of about 20 basis points from last year. The benefit from sales leverage was mostly offset by wage inflation. And for Q4, we expect labor cost to be in the mid-25% range as the benefit of the menu price increase will be offset by continued labor inflation. And within our guidance, we anticipate a similar level of paid time off and other benefits that we experienced in the fourth quarter of last year.

該季度勞動成本為24.9%，較去年下降約20個基點。銷售槓桿帶來的好處大部分被薪資上漲所抵銷。對於第四季度，我們預計勞動成本將在 25% 左右，因為菜單價格上漲的好處將被持續的勞動力通膨所抵消。在我們的指導下，我們預計帶薪休假和其他福利的水平與去年第四季類似。

Other operating costs for the quarter were 14%, a decrease of about 50 basis points from last year. This decrease was primarily driven by sales leverage. Marketing and promo costs for the quarter were 2% and in Q4, we expect marketing costs to step up to the mid-3% range with the full year to come in just below 3%. In Q4, other operating costs are expected to be in the low 15% range.

本季其他營運成本為 14%，較去年下降約 50 個基點。這一下降主要是由銷售槓桿推動的。本季的行銷和促銷成本為 2%，第四季度，我們預計行銷成本將升至 3% 左右，全年將略低於 3%。第四季度，其他營運成本預計將在 15% 的低水準範圍內。

G&A for the quarter was $159 million on a GAAP basis of $158 million on a non-GAAP basis, excluding $1 million related to corporate restructuring expenses. G&A also included $120 million in underlying G&A, $34 million related to noncash stock compensation. $3 million related to higher bonus accruals and payroll taxes on equity vesting and exercises and $1 million related to our upcoming All Managers' Conference, which is scheduled for Q1 of next year. For Q4, 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.

以 GAAP 計算，本季的一般管理費用為 1.59 億美元，以非 GAAP 計算為 1.58 億美元，不包括與公司重組費用相關的 100 萬美元。 G&A 還包括 1.2 億美元的基本 G&A，以及與非現金股票補償相關的 3,400 萬美元。 300 萬美元與更高的應計獎金和股權歸屬和行使的工資稅有關，100 萬美元與我們即將舉行的全體經理會議有關，該會議定於明年第一季舉行。對於第四季度，我們預計基本 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，該數字將略有增長。

We anticipate stock comp will be around $33 million in Q4, although this amount could move up or down based on our actual performance.

我們預計第四季度的股票補償將約為 3300 萬美元，儘管該金額可能會根據我們的實際業績上下波動。

We also expect to recognize about $3 million related to performance-based bonus accruals and payroll taxes and equity vesting exercises and $2 million related to our All Managers' Conference, bringing our anticipated total G&A in Q4 to around $163 million.

我們也預計將確認與基於績效的應計獎金、工資稅和股權歸屬活動相關的約300 萬美元，以及與全體經理會議相關的200 萬美元，從而使我們預計第四季度的總管理費用達到約1.63 億美元。

We anticipate the preopening expenses to be around $15 million in Q4 to the cadence of new restaurant openings. And as a reminder, about half of preopening expense is noncash preopening rent related to straight-line accounting rules.

根據新餐廳開業的節奏，我們預計第四季度開業前費用約為 1500 萬美元。提醒一下，大約一半的開業前費用是與直線會計規則相關的非現金開業前租金。

Depreciation for the quarter was $79 million or 3.2% of sales and for Q4, we anticipate depreciation expense to step up by $4 million to $5 million due to a larger number of expected new restaurant openings.

本季的折舊為 7,900 萬美元，佔銷售額的 3.2%，而第四季度，由於預計將有更多新餐廳開業，我們預計折舊費用將增加 400 萬美元至 500 萬美元。

Asset retirements was $7.2 million in the quarter and in Q4, we expect asset retirement to be around $8 million as we continue to focus on proactive equipment replacement as we prioritize the guest experience through great operations.

本季的資產報廢為 720 萬美元，第四季度，我們預計資產報廢約為 800 萬美元，因為我們繼續專注於主動設備更換，透過良好的營運優先考慮賓客體驗。

Our effective tax rate for Q3 was 24.2%, which benefited from higher-than-expected tax credits. We continue to estimate our underlying effective tax rate will be in the 25% to 27% range that may vary each quarter based on discrete items.

我們第三季的有效稅率為 24.2%，受益於高於預期的稅收抵免。我們繼續估計我們的基本有效稅率將在 25% 至 27% 的範圍內，每個季度可能會根據離散項目而變化。

Our balance sheet remains strong as we ended the quarter with over $1.9 billion in cash, restricted cash and investments with no debt.

我們的資產負債表仍然強勁，本季末我們擁有超過 19 億美元的現金、限制性現金和無債務投資。

During the third quarter, we repurchased $226 million of our stock at an average price of $1,914 more than 2.5x our Q2 purchases as we were optimistic as the market softened. At the end of the quarter, we had $368 million remaining under our share authorization program.

第三季度，我們以 1,914 美元的平均價格回購了 2.26 億美元的股票，是第二季度回購金額的 2.5 倍以上，因為我們對市場走軟持樂觀態度。截至本季末，我們的股票授權計劃剩餘 3.68 億美元。

We opened 62 new restaurants in the third quarter, of which 54 had a Chipotlane. And we remain on track to open between 255 to 285 new restaurants this year. And as Brian mentioned, we plan to open between 285 and 315 new restaurants in 2024, of which at least 80% will have a Chipotlane.

第三季我們新開了 62 家餐廳，其中 54 家擁有 Chipotlane。今年我們仍有望開設 255 至 285 家新餐廳。正如布萊恩所提到的，我們計劃在 2024 年開設 285 至 315 家新餐廳，其中至少 80% 將擁有 Chipotlane。

We anticipate that our time line will remain extended, which is preventing us from reaching the higher end of our 8% to 10% new restaurant opening guidance range in 2024. We continue to see permitting and inspection delays, utility installation delays along with developers delaying projects due to macro pressures and rising interest rates.

我們預計我們的時間表將繼續延長，這將阻止我們在2024 年達到8% 至10% 新餐廳開業指導範圍的上限。我們繼續看到許可和檢查的延誤、公用設施安裝的延誤以及開發商的延誤由於宏觀壓力和利率上升而導致的項目。

Considering our current pipeline and time line and assuming conditions do not worsen from here, we believe we can approach 10% new restaurant openings by 2025.

考慮到我們目前的管道和時間表，並假設情況不會從現在開始惡化，我們相信到 2025 年，我們的新餐廳開業數量可以達到 10%。

To conclude, I want to once again thank our 114,000 employees for treasuring our guests and earning every single customer visit. We have exceptional people working hard every day to serve exceptional food to our guests, and that shows through these terrific results. As Brian mentioned, we have a lot of opportunity in front of us and as we continue to make meaningful progress in improving the guest experience through faster throughput in our restaurants. This will further strengthen our brand and industry-leading economic model and continue to position us for long-term growth.

最後，我要再次感謝我們的 114,000 名員工珍惜我們的客人並贏得每位客戶的光臨。我們擁有優秀的員工每天努力工作，為我們的客人提供優質的食物，這些出色的成果也反映了這一點。正如布萊恩所提到的，我們面前有很多機會，我們將繼續透過提高餐廳吞吐量來改善賓客體驗，取得有意義的進展。這將進一步強化我們的品牌和領先業界的經濟模式，並繼續為我們的長期成長奠定基礎。

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

因此，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Sara Senatore with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Sara Senatore。

I just wanted to ask about unit growth, if I may, both the U.S. and then Europe. Jack, you noted that you could get to the high end of that 8% to 10% for 2025. I guess I'm curious how or what you're doing to sort of address the construction permitting delays that I think should probably continue. Are you sort of widening the funnel in terms of the sites that you identify and the kind of work you do to start? I guess I'm trying to understand the sort of the confidence in getting back there, assuming the environment doesn't change that much.

如果可以的話，我只是想問一下美國和歐洲的單位成長情況。傑克，您指出到 2025 年您可以達到 8% 到 10% 的上限。我想我很好奇您正在採取哪些措施來解決施工許可延誤問題，我認為這可能會繼續下去。您是否在擴大您所確定的網站和您要開始的工作類型方面的管道？我想我正在嘗試了解回到那裡的信心，假設環境沒有太大變化。

And then for Europe, you talked about getting economics you could support accelerated growth. Do you need to get AUVs higher? Or are the sales volumes there, but it's really about kind of operational efficiency and the training that you talked about?

然後對於歐洲，您談到了獲得可以支持加速成長的經濟。您需要提高 AUV 的高度嗎？或者是銷量，但這實際上與您談到的營運效率和培訓有關？

Yes. Sara, I'll start within the U.S. When we talk about getting to the high end of the 8% to 10% range by 2025 that actually assumes that we don't get better in terms of the time line. It assumes that things stay as they are. What that tells you is just every year, our teams are doing a great job of building a very robust pipeline. And so that pipeline is really filling up. And as these time lines have been extending, that pipeline just keeps getting bigger. And so if you just assume we have the same time lines going forward for the next couple of years, we should get close to that 10% range.

是的。薩拉，我將從美國開始。當我們談論到 2025 年達到 8% 到 10% 範圍的高端時，實際上假設我們在時間線方面不會變得更好。它假設事情保持原樣。這告訴您的是，我們的團隊每年都在建立非常強大的管道方面做得非常出色。所以這條管道確實已經填滿了。隨著時間線的延長，管道變得越來越大。因此，如果您假設未來幾年我們的時間線相同，那麼我們應該接近 10% 的範圍。

Now having said that, we've also challenged our teams. We've challenged our teams to take a look at what is causing some of the delays, what can we do from a mix standpoint? Are there simpler deals that we can go after that would shorten the time line? Can we work with developers, if developers are getting cold feet in terms of -- if that's what's slowing things down because of higher interest rate. We have a strong balance sheet, not that we want to give away the farm, but there are things that we can do from an economic standpoint that might accommodate that.

話雖如此，我們也對我們的團隊提出了挑戰。我們要求我們的團隊看看是什麼導致了一些延誤，從混合的角度來看我們可以做什麼？我們是否可以採取更簡單的交易來縮短時間？如果開發商在這方面臨陣退縮，如果這就是利率上升導致發展放緩的原因，我們可以與開發商合作嗎？我們擁有強大的資產負債表，並不是說我們想放棄農場，而是從經濟角度來看我們可以做一些事情來適應這一點。

So we challenge our teams to shorten the time line. But in terms of us getting to 10%, our -- frankly, our pipeline, we think, can get us there if the time line stay the same.

因此，我們要求我們的團隊縮短時間。但就我們達到 10% 而言，坦白說，我們認為，如果時間軸保持不變，我們的管道可以實現這一目標。

And then, Brian, if you want to comment on Europe?

然後，布萊恩，你想對歐洲發表評論嗎？

Yes, sure. So on Europe, Sara, you basically -- in your question was the answer. So the top line looks really good. We're working hard on how we get that to flow to the bottom line. So some operating efficiencies and just getting better at managing the business is really what we're focused on.

是的，當然。所以關於歐洲，薩拉，你的問題基本上就是答案。所以頂線看起來非常好。我們正在努力研究如何將其轉化為利潤。因此，提高營運效率並更好地管理業務才是我們真正關注的重點。

Our next question comes from David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德。

My question is about the traffic performance you're seeing. I think, Brian, you mentioned that it accelerated as the quarter went on and stayed strong in October. And we've been hearing, I guess, more broadly that the consumer spending environment may have done the opposite. So I was wondering if you could maybe unpack the drivers that you think drove the divergence that you're seeing in your trends versus maybe what others are seeing? And specifically, I was hoping that you could talk about the comparison related to Garlic Guajillo Steak and also what you're seeing on the throughput side as a contributor to that?

我的問題是關於您所看到的流量性能。我想，布萊恩，你提到隨著本季的繼續，它加速了，並在 10 月保持強勁。我想，我們已經聽到更廣泛的說法，消費者支出環境可能起到了相反的作用。所以我想知道您是否可以解開您認為導致您在趨勢中看到的差異與其他人看到的差異的驅動因素？具體來說，我希望您能談談與大蒜瓜吉略牛排相關的比較，以及您在吞吐量方面看到的貢獻因素是什麼？

Yes. So yes, David, our transactions actually throughout the quarter, every month showed improvement, and we continue to see that transaction strength where we are today. So the things that we've been focusing on is, look, get staffed, get trained, get deployed. And kind of the way we describe this is we got a great people, great culinary, great throughput. And I think we're seeing that come through in our results.

是的。所以，是的，大衛，我們的交易實際上在整個季度、每個月都顯示出改善，我們繼續看到今天的交易強度。因此，我們一直關注的事情是，尋找、配備人員、接受培訓、部署。我們描述這一點的方式是，我們有很棒的員工、很棒的烹飪、很棒的吞吐量。我認為我們正在從我們的結果中看到這一點。

Combine that with the fact that we just launched carne asada, and the foundation of operational performance, I think, is critical in making carne asada to be, probably, a performer that will outperform what we saw with Garlic Guajillo Steak. I know that was a favorite of yours, but I'm sorry to say that carne asada is probably going to outperform it. But regardless, I think what's really important is our operators have done a terrific job of getting back to the basics of staffing, training, deploying and then holding ourselves accountable to great through putting.

結合我們剛剛推出的 carne asada 的事實，以及營運績效的基礎，我認為，對於使 carne asada 成為一個可能超越我們在大蒜 Guajillo 牛排中看到的表現至關重要。我知道這是你最喜歡的，但我很遺憾地說，carne asada 可能會超越它。但無論如何，我認為真正重要的是我們的操作員做了出色的工作，回到了人員配置、培訓、部署的基礎知識，然後讓我們自己對推桿的出色表現負責。

We're seeing every month some improvements in through putting and that continues to be the case as we entered the fourth quarter and I think that's why we continue to see really good traffic results, and we're going to protect the value proposition, and we're going to protect the brand positioning that we have. And I think we'll get rewarded with hopefully more than our fair share of transactions.

我們每個月都會看到推桿方面的一些改進，進入第四季度後情況仍然如此，我認為這就是為什麼我們繼續看到非常好的流量結果，我們將保護價值主張，並且我們將保護我們現有的品牌定位。我認為我們將獲得比我們應得的交易份額更多的回報。

Yes. And the only thing I would add, Brian, to that is we're reading the same things, David, that you are. And the consumer is clearly under pressure with inflation over the past year and pretty much everything with gas and groceries, and really across the board, higher interest rates. We continue to do well not just across our income levels, but with the lower income, they're holding up really well. They're really hanging in there at the same -- at about the same level as our medium and high income level. So I think that Chipotle value where we haven't raised prices in over a year until this latest action, I think, is coming through and people are choosing to dine at Chipotle because we are very affordable.

是的。布萊恩，我唯一要補充的是，大衛，我們正在閱讀與你相同的東西。過去一年，消費者顯然承受著通貨膨脹的壓力，幾乎所有的天然氣和雜貨，以及真正全面的更高的利率。我們不僅在收入水平上繼續表現良好，而且在收入較低的情況下，他們的表現也非常好。他們確實與我們的中高收入水平處於同一水平。因此，我認為 Chipotle 的價值在於我們已經一年多沒有漲價了，直到這次最新的行動，我認為，人們選擇在 Chipotle 用餐是因為我們的價格非常實惠。

And sorry, one other thing because this is a favorite topic of ours here is we do love the fact that our growth is being driven by transactions, which I do think is really important to ongoing health for our business and our opportunity to grow going forward. So really proud of the team, really proud of the result for this quarter.

抱歉，另一件事是，因為這是我們這裡最喜歡的話題，我們確實喜歡這樣一個事實：我們的成長是由交易驅動的，我確實認為這對於我們業務的持續健康發展和我們未來的成長機會非常重要。所以真的為團隊感到自豪，為本季的結果感到自豪。

Our next question comes from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀集團的丹尼斯蓋革。

Wondering if there's anything else to highlight on the strength of the margins in the third quarter? And I guess, more importantly, how that's shaping -- how you're thinking about next year? And specifically, Jack, you (inaudible) 27% margin at a $3 million AUV if that's kind of still the right way to think about the margin AUV dynamic?

想知道第三季的利潤率還有什麼值得強調的嗎？我想，更重要的是，這是如何形成的──你對明年有何看法？具體來說，傑克，您（聽不清楚）300 萬美元 AUV 的利潤率為 27%，如果這仍然是考慮 AUV 利潤率動態的正確方法的話？

Yes. So we're like -- I would describe our margin right now. We're not quite at $3 million, but we're knocking on the door, we should get there next year. And we're knocking on the door of 27%. We're not all the way there yet. We're at 26.5% year-to-date and 26.3% for the quarter. Fourth quarter typically is a lower margin quarter for us, so it will be closer to 26% and 27%, but I would call that knocking on the door.

是的。所以我們就像是——我現在會描述我們的利潤。我們還沒有達到 300 萬美元，但我們正在敲門，明年應該就能實現。我們正在敲開 27% 的大門。我們還沒有完全實現這一點。今年迄今的成長率為 26.5%，本季的成長率為 26.3%。第四季度對我們來說通常是利潤率較低的季度，因此會接近 26% 和 27%，但我認為這就是敲門聲。

And just give you an idea, we're not going to do this. But if, for example, we chose to take an extra 1% or 1.25% in pricing, our margin would be at 27%.

只是給你一個想法，我們不會這樣做。但例如，如果我們選擇在定價上收取額外 1% 或 1.25%，我們的利潤率將為 27%。

Now we're not going to drive our margin based on that. We're really using menu pricing just to offset inflation. But it gives you an idea with a little bit of extra pricing or with a little break in terms of some of the commodity cost, the ingredient cost next year. We've had multiple years of inflation, if those ease a little bit. If labor inflation eases a little bit as well. There's a number of ways to get there.

現在我們不會以此為基礎來提高利潤率。我們實際上使用菜單定價只是為了抵消通貨膨脹。但它給了你一個想法，就是稍微額外定價，或是在一些商品成本、明年的原料成本方面稍作調整。我們已經經歷了多年的通貨膨脹，如果通膨能稍微緩解一點的話。如果勞動力通膨也有所緩解的話。有多種方法可以到達那裡。

And I would use the algorithm as more of long-term guidepost rather than something we're going to look to be right on the money every single quarter, every single year. So I feel like our economic model is really, really healthy. We're really knocking on the door of that 27%. And with the break here or there, I think we will hopefully get there next year.

我會更多地使用該演算法作為長期指南，而不是我們每個季度、每年都在金錢上尋找正確的東西。所以我覺得我們的經濟模式真的非常健康。我們確實正在敲開這 27% 的大門。隨著這裡或那裡的休息，我想我們明年有望實現這一目標。

That's great. And then just I appreciate the strong traffic number in the third quarter. Can you just provide the price and mix breakdown in the third quarter, Jack, and if you care to talk at all about how to think about those components into the fourth quarter level, thinking about that mix in particular.

那太棒了。然後我很欣賞第三季強勁的流量。傑克，您能否提供第三季度的價格和組合細分，如果您願意談談如何將這些組成部分考慮到第四季度的水平，特別是考慮該組合。

Yes, sure. The price we are running in the quarter was in the high 2s, call it, right around 2.8-ish, something like that. And remember, that's all from pricing we took last year. We didn't take any additional pricing until just recently. And mix did ease a little bit. Mix was more in the 2% range. So you add that on top of a better than 4% transaction comp during the quarter, and that's how you get there.

是的，當然。我們本季運行的價格處於 2 左右的高位，大約是 2.8 左右，類似這樣的價格。請記住，這都是我們去年的定價。直到最近我們才採取任何額外的定價。混合確實緩解了一點。混合比例較多在 2% 範圍內。因此，您將這一點加上本季度超過 4% 的交易補償，這就是您實現這一目標的方法。

Looking forward into Q4 with the 3% we just took, remember, we took it in the second half of October. So that will average out to about a 2.2%-ish, call it low 2s menu price increase. We are starting -- or we did start to see the mix -- negative mix component eased during the quarter. And if that continues, we would expect that the mix component would be still a drag, but it would be hopefully closer to a drag of 1% than the 2% that we saw in this quarter. And then of course, Brian mentioned, we continue to see strong mid-single-digit transaction comps in the fourth quarter so far.

展望第四季度，我們剛剛獲得了 3%，請記住，我們是在 10 月下半月獲得的。因此，平均增幅約為 2.2% 左右，稱之為低 2 秒菜單價格上漲。我們正在開始——或者說我們確實開始看到這種混合——負面混合成分在本季度有所緩解。如果這種情況繼續下去，我們預計混合成分仍將是一個拖累，但它的拖累預計將接近 1%，而不是我們在本季度看到的 2%。當然，布萊恩提到，到目前為止，我們繼續看到第四季度強勁的中個位數交易比較。

Next question comes from Andrew Charles with TD Cowen.

下一個問題來自 TD Cowen 的 Andrew Charles。

Jack, just a quick clarification. Do you consider the recent 3% price increase to brace yourselves for AB 1228 next year? Or -- are you planning a separate California target price increase to be utilized sometime around April to help mitigate the impact of the higher California wages?

傑克，請快速澄清一下。您是否認為最近 3% 的價格上漲是為明年的 AB 1228 做好準備？或者 - 您是否計劃在 4 月左右單獨提高加州目標價格，以幫助減輕加州工資上漲的影響？

Yes. This does not consider anything -- any part of the California wages that will happen next year. We've been studying that, Andrew, as you can imagine, already. It's going to be a pretty significant increase to our labor. Our average wages in California are right around 17%. So to get the minimum up to 20%. We have to make sure that we take care of compression as well. We're going to have to increase wages in, call it, the high teens to 20% or so.

是的。這沒有考慮任何事情——明年加州工資的任何部分。正如你可以想像的，我們已經在研究這個了，安德魯。這對我們的勞動力來說將是一個相當顯著的增加。我們加州的平均薪資約為 17%。所以最少要達到20%。我們必須確保我們也處理好壓縮問題。我們將不得不將高十幾歲的工資提高到 20% 左右。

We haven't made a decision on exactly what level of pricing we're going to take. But to take care of the dollar cost of that and/or the margin part of that. We haven't decided where we will land at that. It's going to be a mid- to high single-digit price increase, but we are definitely going to pass this on. We just haven't made a final decision at as to what level yet.

我們還沒有決定我們將採取什麼定價水準。但要考慮到美元成本和/或保證金部分。我們還沒有決定我們將在哪裡著陸。這將是中高個位數的價格上漲，但我們肯定會傳遞這一點。我們只是還沒有就什麼級別做出最終決定。

Got you. Okay. That's helpful. And then, Brian, question on the innovation. It looks like there's no innovation in the stage-gate process, it's obviously, you're prioritizing operations in Project Square One. I'm curious, what do you need to see to resume new menu innovation, in particular, if it's reaching a number of transactions per peak 15-minute or some other measure you're looking at to resume new menu innovation piloting?

明白你了。好的。這很有幫助。然後，布萊恩，關於創新的問題。看起來階段關流程並沒有什麼創新，很明顯，你優先考慮的是廣場一號計畫的運作。我很好奇，您需要看到什麼才能恢復新的菜單創新，特別是，如果它達到每個峰值 15 分鐘的交易數量，或者您正在考慮恢復新菜單創新試點的其他一些措施？

Yes. So the teams are still working and iterating on menu innovation. One of the things that they uncovered, what I'm really excited about is we have an opportunity to just talk about our core menu. So there's very little awareness and understanding of what barbacoa or carnitas are. And you'll probably be seeing our teams doing some work on how do we bring to life what we currently have on our menu so that customers can understand and truly enjoy everything that we currently offer.

是的。因此，團隊仍在努力並迭代菜單創新。他們發現的一件事，讓我真正興奮的是我們有機會談論我們的核心菜單。因此，人們對什麼是烤肉或肉絲知之甚少。您可能會看到我們的團隊正在做一些工作，研究如何將我們目前菜單上的內容變為現實，以便客戶能夠理解並真正享受我們目前提供的所有內容。

At the same token, they're still doing some work on what are some new menu items, and we're also doing work on bringing back some menu innovation that we've done in the past that has really rung the bell. So I'm feeling really good about where our menu stands and the pipeline that we have for news over the next, call it, 18 to 24 months.

同樣，他們仍在研究一些新的菜單項，我們也在努力恢復我們過去所做的一些菜單創新，這些創新確實敲響了警鐘。因此，我對我們的菜單以及未來 18 到 24 個月的新聞管道感到非常滿意。

Our next question comes from David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

A question on labor productivity. I'm wondering how you're thinking about the drivers and getting back to something like you've done in the past that 23% or so labor margin. What are the key unlocks from here? You're obviously finding some traction on just paying attention to how you deploy labor and some of the things you're doing even with computer vision and whatnot. But then there's the other side, which might be the bigger leap stuff with equipment. So I'm wondering how you're thinking about the timing of these things and how -- I'm really obviously thinking about 2024 and what drivers you see there?

關於勞動生產力的問題。我想知道你們是如何看待司機的，並回到你們過去所做的那樣，即 23% 左右的勞動力利潤率。這裡有哪些鑰匙可以解鎖？顯然，你會發現只要專注於如何部署勞動力以及你正在做的一些事情，即使是使用電腦視覺之類的東西，你也會發現一些吸引力。但還有另一面，這可能是設備方面更大的飛躍。所以我想知道你是如何考慮這些事情的時間安排的，我真的很明顯在考慮 2024 年以及你在那裡看到的驅動因素是什麼？

Yes, David, I don't know that we'll see 23%, at least not in the near future. We've taken on some significant labor inflation over the last few years. And this California Act that we just talked about, California is only 15% of our restaurants. But that's all by itself. Next year, that's going to add 2.5% to 3% inflation to our overall company inflation and labor. So I don't know that we'll see '23.

是的，大衛，我不知道我們會看到 23%，至少在不久的將來不會。過去幾年，我們經歷了一些嚴重的勞動力通膨。還有我們剛才講的這個加州法案，加州只有我們15%的餐廳。但這僅是其本身。明年，這將使我們公司整體通膨和勞動力通膨率增加 2.5% 至 3%。所以我不知道我們會看到'23。

But the answer to your question is, what are we going to do to continue to be efficient with labor. And I think you hit on all the key pieces for what we have in our restaurants today, we're really efficient. It doesn't mean we don't have some opportunity, but our teams are doing a great job.

但你的問題的答案是，我們要做什麼才能繼續提高勞動效率。我想你已經抓住了我們今天餐廳的所有關鍵部分，我們真的很有效率。這並不意味著我們沒有機會，但我們的團隊做得很好。

And for the most part, they're using the labor that they need to throughout the day. I think the unlock is that we have the labor deployed properly. Brian mentioned this during his prepared comments, so that we have the right people that are staying in the front line so we could drive better throughput. When we drive better throughput, we know with a 40% flow-through. And we know with our ability to lever labor that, that labor percent will go down.

大多數情況下，他們整天都在使用所需的勞動力。我認為關鍵在於我們正確部署了勞動力。布萊恩在他準備好的評論中提到了這一點，這樣我們就有合適的人留在第一線，這樣我們就可以提高吞吐量。當我們提高吞吐量時，我們知道流量可達 40%。我們知道，憑藉我們槓桿勞動力的能力，勞動力百分比將會下降。

And then over the, I'll call it, the medium term and long term on things like at Autocado and with Hyphen. I think there's opportunities for us to try to offset some of the labor inflation. But I just don't know that we would be able to get all the way down to 23%. That would be -- I mean, that would be an 8% deflation. And that would be, I think, difficult to accomplish.

然後，我稱之為中期和長期的事情，例如 Autocado 和 Hyphen。我認為我們有機會嘗試抵消部分勞動力通膨。但我只是不知道我們是否能夠一路下降到 23%。我的意思是，這將是 8% 的通貨緊縮。我認為這很難實現。

But rest assured that there's a lot of things that as we're working on investments that can make not just reduced hours, but also make the jobs of our crew easier, better and free them up so they can provide better customer service, we're definitely going to invest in that.

但請放心，我們正在做很多投資，不僅可以減少工作時間，還可以讓我們的工作人員的工作更輕鬆、更好，並解放他們，以便他們能夠提供更好的客戶服務，我們肯定會對此進行投資。

Yes, if it makes feeling any better, I don't think anybody has 23% in their models or anything but...

是的，如果這能讓人感覺更好的話，我認為沒有人在他們的模型中擁有 23% 或其他什麼，除了...

Okay. I just wanted to make sure.

好的。我只是想確定一下。

Yes. When you mentioned the 4% to 5% -- 4 to 5 entrees in that peak 15-minute window improvement, what is the benefit to same-store traffic and/or just labor productivity you're getting from that? Can you put that into perspective?

是的。當您提到 4% 到 5%（在 15 分鐘高峰窗口改進中 4 到 5 個主菜）時，您從中獲得的同店客流量和/或勞動生產力有什麼好處？你能正確看待這一點嗎？

Yes. I mean on -- in terms of like comps, for example, we need about 5 transactions in a day to get a 1% comp. And so if you get 3, 4 additional transactions in that 15-minute period and do that for multiple periods, you can easily add up the map and you can get a 2%, 3% additional comp in all those restaurants that are seeing that additional flow through.

是的。我的意思是 - 例如，就類似的補償而言，我們每天需要大約 5 筆交易才能獲得 1% 的補償。因此，如果您在15 分鐘內獲得3、4 筆額外交易，並且在多個時間段內這樣做，您可以輕鬆地添加地圖，並且您可以在所有看到該交易的餐廳中獲得2%、3 % 的額外補償額外的流量通過。

In terms of leverage, David, I'd have to go through the math. Generally, as you add 2, 3 additional transactions you're going to see tens of basis points. You're not going to see 100 basis points or anything like that. You're going to see tens of basis points of leverage on the labor line. So it's certainly nice, but it's not -- again, it's not going to get you down to anything in the sub-24% range.

就槓桿而言，大衛，我必須進行數學計算。一般來說，當您添加 2、3 筆額外交易時，您將看到數十個基點。你不會看到 100 個基點或類似的東西。你會看到勞動力槓桿有數十個基點。所以這當然很好，但事實並非如此——同樣，它也不會讓你下降到 24% 以下的範圍內。

But keep in mind, the important thing from a margin standpoint, every single additional transaction we bring in, there is a 40% pass-through down to the cash flow line, and that's how we want to grow our margins.

但請記住，從利潤的角度來看，重要的是，我們帶來的每筆額外交易，都會有 40% 的資金傳遞到現金流線，這就是我們希望增加利潤的方式。

Our next question comes from Lauren Silberman with Deutsche Bank.

我們的下一個問題來自德意志銀行的勞倫‧西爾伯曼。

I also wanted to ask about throughput. So one of the key initiatives being the right cadence of digital orders. To what extent had rolled out that specific initiative across the system? Or what percentage of the system do you see opportunity to improve that labor allocation?

我還想問一下吞吐量。因此，關鍵舉措之一是正確的數位訂單節奏。該具體舉措在整個系統中的推廣程度如何？還是您認為改善勞動力分配的機會佔系統的比例是多少？

You're referring to the digital makeline and smart pickup times? Yes, It's in -- it's about half of our restaurants right now, and we're seeing great outcomes from that. We're being more on time, more accurate with our digital business and where we have the correct deployment or bases and places on the front line, we're seeing some nice improvement in entrees -- number of entrees per 15 minutes. So -- we still have work to do, though, on executing the deployment on the front line so that people don't leave their position.

您指的是數位生產線和智慧取貨時間？是的，現在我們大約有一半的餐廳都採用了這種方式，而且我們也看到了巨大的成果。我們的數位業務更加準時、更加準確，我們在前線擁有正確的部署或基地和位置，我們看到主菜方面有了一些不錯的改進——每 15 分鐘的主菜數量。所以，我們仍然有工作要做，在前線執行部署，這樣人們就不會離開自己的職位。

But for the most part, we're seeing really nice progress on the on-time and accuracy on the DML and we're seeing some throughput gains on the front line. But I think there's opportunity for us to get even better as we keep people in position during the entire peak that they're faced with.

但在大多數情況下，我們看到 DML 的準時性和準確性方面取得了非常好的進展，並且我們看到前線的吞吐量有所提高。但我認為，當我們讓人們在面臨的整個高峰期保持在適當的位置時，我們就有機會變得更好。

Great. And just -- you've historically, I believe, talked about the peak throughput being high 20 or low 30 orders peak 15-minute period. As you work to return to those levels, is there room to exceed prior peak throughput as you now utilize the second makeline to a much greater level? Or is there any constraint at that high 20, low 30 order level across the restaurant?

偉大的。我相信，您歷史上曾談論過 15 分鐘峰值期間的峰值吞吐量為高 20 個或低 30 個訂單。當您努力恢復到這些水平時，由於您現在將第二條生產線的利用率提高到了更高的水平，是否還有空間超過之前的峰值吞吐量？或者整個餐廳的最高 20 份、最低 30 份訂單水準是否有任何限制？

Yes. The good news is there's no real constraint. We've got the opportunity to exceed that. Obviously, when we were doing those numbers, that was when the entire business was off the front line. So the good news is no bottleneck. The other really piece of good news is if that does occur, we've got a significantly bigger business than what we have today. So we think there's a lot of room for growth. We just got to execute this throughput program with excellence on the front line.

是的。好消息是沒有真正的限制。我們有機會超越這一點。顯然，當我們計算這些數字時，整個業務都處於離線狀態。所以好消息是沒有瓶頸。另一個真正的好消息是，如果這種情況確實發生，我們的業務將比現在大得多。所以我們認為有很大的成長空間。我們只需在第一線出色地執行該吞吐量計劃即可。

And I was just with all of our team directors, frankly, this morning, and it's the #1 initiative on everybody's mind. Great people, great food, great throughput. We do those 3 things, we're going to continue to drive growth from our operations.

坦白說，今天早上我和我們所有的團隊主管在一起，這是每個人心目中的第一號倡議。偉大的人民，美味的食物，巨大的吞吐量。我們做了這三件事，我們將繼續推動我們的業務成長。

Next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

The question is related to throughput, but I think it's more specifically on unmet demand. And I was wondering if your data, specifically on the digital makeline side, showed how much unmet demand that you actually may have based on the wait times that are quoted to customers? In other words, they get to the end of the transaction, they see a wait time and they just don't complete the transaction. Is that something you can measure. And related to that, do you have a sense of how many stores actually are at capacity, maybe still in Midtown Manhattan and in some other places where people do walk by a line that has 15 or 20 people in it perhaps and just go to a place that's less. Is there a way to kind of quantify as you see it today, the amount of unmet demand that you would serve if you could serve. In other words, if you were kind of faster if the order times are less, what have you, just the opportunity on your current store base?

這個問題與吞吐量有關，但我認為更具體地說是關於未滿足的需求。我想知道您的數據，特別是數位生產線的數據，是否顯示根據向客戶報價的等待時間，您實際上可能有多少未滿足的需求？換句話說，當他們到達交易結束時，他們看到等待時間，但他們只是沒有完成交易。這是你可以衡量的嗎？與此相關的是，你是否知道有多少家商店實際上已經滿員了，也許仍然在曼哈頓中城和其他一些地方，人們確實會走過一條可能有15 或20 人的隊伍，然後就去一家商店。那個地方比較少。有沒有一種方法可以像您今天看到的那樣量化，如果您可以服務的話，您將滿足多少未滿足的需求。換句話說，如果你的速度更快，訂單時間更少，那麼你有什麼，只是你目前的商店基礎上的機會？

Yes, John, we don't have the ability today for the in-restaurant, although we're talking about it. We're talking about some of the new tools that there may be some ways for us to capture the data not only in terms of like how many customers are waiting at the end of the 15-minute period, which that would be the opportunity as well as how well we're executing on the front line. So we're talking about developing those tools.

是的，約翰，我們今天沒有能力在餐廳內進行，儘管我們正在談論它。我們談論的是一些新工具，我們可能有一些方法來捕獲數據，而不僅僅是在 15 分鐘時間結束時有多少客戶在等待，這將是一個機會以及我們在前線的執行情況。所以我們正在討論開發這些工具。

We do know historically, though, when we drive faster throughput, that we do flow more people not just through the 15-minute period but we get a lot of incremental transactions as well. So historically, we know that people do -- they walk away from our lines. You can see it anecdotally. When you're in the Midtown restaurant, when you see a long line and you see somebody walk by, open up the door and then walk away, that's a lost transaction. We're not able to quantify that specifically, but we know it happens a lot.

不過，我們從歷史上確實知道，當我們提高吞吐量時，我們不僅會在 15 分鐘內吸引更多人流，而且還會獲得大量增量交易。所以從歷史上看，我們知道人們確實會偏離我們的路線。你可以從軼事中看到它。當你在市中心的餐廳時，當你看到一條長隊，並且看到有人走過，打開門然後走開時，這就是一筆丟失的交易。我們無法具體量化這種情況，但我們知道這種情況經常發生。

Do you -- I mean we -- do you know that on the digital side, I mean, your transactions that kind of get to the final like percentage of transactions that may be -- that maybe aren't just completed that are right at the point of payment? I don't know if that's exactly the way to look at it, but there must be -- must be a leading indicator to some degree?

你——我的意思是我們——你知道嗎，在數字方面，我的意思是，你的交易達到了最終的交易百分比——可能不僅僅是在正確的時間完成的付款點？我不知道這是否正是看待它的方式，但一定有——一定有某種程度的領先指標？

We do have that on the digital side. And related -- your related question was how many of your restaurants are at capacity? We were able to flex capacity in the restaurant by adding staff. So we will have between 1 and 4 people on the DML and so if you have a very, very busy restaurant on the digital line, you will have as many 4 people -- as many of the 4 people on that line, including 1 dedicated person that's going to run orders back and forth. So we have very few restaurants and very few individual periods within our restaurants that are maxed out from a digital standpoint.

我們在數字方面確實有這樣的能力。相關的 - 您的相關問題是您有多少家餐廳已滿？我們能夠透過增加員工來靈活調整餐廳的容量。因此，我們在DML 上將有1 到4 個人，因此如果您有一家非常非常繁忙的餐廳在數字線路上，那麼您將有4 個人——與該線路上的4 個人一樣多，包括1 名專用人員來回運行訂單的人。因此，從數字角度來看，我們的餐廳和餐廳內的個別時段都很少。

Okay. And clearly, you can see the faster you are, the more customers you serve this current set of data proved that once again.

好的。顯然，您可以看到您的速度越快，您服務的客戶就越多，當前的資料集再次證明了這一點。

Next question comes from Brian Mullan with Piper Sandler.

下一個問題來自布萊恩·穆蘭 (Brian Mullan) 和派珀·桑德勒 (Piper Sandler)。

Just a question on loyalty. Could you talk about some of the key near-term objectives the team is focused on with the program over, say, the next 12 to 24 months on the path towards I think the ultimate long-term goal of greater personalization over time, which Brian, I think you've referred to in the past, that's still a big opportunity.

只是關於忠誠度的問題。您能否談談團隊在該計劃中重點關注的一些關鍵近期目標，例如在未來 12 到 24 個月內實現的目標，即隨著時間的推移實現更大個性化的最終長期目標，Brian ，我想你過去提到過，這仍然是一個很大的機會。

Yes, sure. So yes, the team is focused on taking all the analytics and the insights that we are seeing. And figuring out how we commercialize those learnings in a way that's very personalized for the individual. So a simple example, the suggestive sell, when you get ready to check out, if we know historically, you do buy a Mexican Coke and you don't see Mexican Coke in your basket, the suggestive sell will be for Mexican coke. And then we see -- when we do that, we get a higher take, obviously, on the suggestive sell.

是的，當然。所以，是的，團隊專注於獲取我們所看到的所有分析和見解。並弄清楚我們如何以一種對個人來說非常個性化的方式將這些學習成果商業化。舉一個簡單的例子，當您準備結帳時，建議性銷售，如果我們從歷史上知道，您確實購買了墨西哥可樂，而您的購物籃中沒有看到墨西哥可樂，那麼建議性銷售將是墨西哥可樂。然後我們看到——當我們這樣做時，顯然，我們對暗示性賣出的看法更高。

So it's simple things that actually we know we can commercialize done in a very personalized way. And that's what the team is centered on is how do we do this throughout the user experience from the moment you enter your ordering process, at the moment you're trying to pay on the (inaudible). And the good news is the team has got a lot of analytics that we're cranking through, and we're knocking off the things that we think are the highest leverage points over the next, call it, 18 to (inaudible).

因此，實際上我們知道我們可以以非常個人化的方式將這些簡單的事情商業化。這就是團隊的重點，那就是我們如何在整個用戶體驗中做到這一點，從您進入訂購流程的那一刻起，到您嘗試付款的那一刻（聽不清楚）。好消息是，團隊已經進行了大量分析，我們正在研究這些分析，我們正在消除我們認為下一個最高槓桿點的東西，稱之為 18 到（聽不清楚）。

Okay. And just I wonder if you could just update us on the dual side of grills, maybe how many locations have they been rolled out to? And are the benefits proving to be what you might have hoped inside the stores? And if so, when could this be rolled out more broadly?

好的。我想知道您是否可以向我們介紹烤架兩側的最新情況，也許它們已經推廣到了多少地點？事實證明，這些好處是否符合您在商店內所希望的效果？如果是這樣，什麼時候可以更廣泛地推廣？

Yes. So we're still in 10 restaurants. And this is why you use the stage-gate process because we definitely -- one of the things we've learned is the energy needed to run these dual-sided grills is going to require some electrical upgrades that we originally had planned on. So we've got to understand exactly what is the cost of the equipment, not only to purchase, but then to actually install. And so we're still working through how do we make the economics of this makes sense. The crew likes it, the culinary turns out to be great, but we have to do some work on the economics of it.

是的。所以我們仍然在 10 家餐廳。這就是為什麼你使用階段門過程，因為我們確實 - 我們學到的一件事是運行這些雙面烤架所需的能量將需要我們最初計劃的一些電氣升級。因此，我們必須準確地了解設備的成本是多少，不僅是購買成本，而且是實際安裝成本。因此，我們仍在研究如何使這種做法具有經濟效益。船員們喜歡它，烹飪結果也很棒，但我們必須在其經濟效益方面做一些工作。

Next question comes from Brian Harbour with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩哈伯。

Yes -- could you maybe just comment on the delivery channel and then also just kind of mobile order and pickup and some of the things you're doing with timing or orders per 15 minutes, if that's kind of affected volumes at all?

是的——您能否僅評論一下交付管道，然後評論一下行動訂單和提貨以及您在定時或每 15 分鐘訂單方面所做的一些事情（如果這對數量有影響的話）？

(inaudible) of general question there. So I'll see if this maybe answers your question. But what we see is the delivery business is pretty stable. The order ahead and pickup business continues to be something that we are very much focused on being on time and accurate. And that's why we've implemented the Smarter Pickup Times where we are moving how many orders we allow in per 10 minutes as well as the buffer so that our crew can execute those digital orders with excellence without having to impact giving the frontline a great experience.

（聽不清楚）那裡的一般問題。所以我會看看這是否可以回答你的問題。但我們看到的是，快遞業務相當穩定。提前下單和取貨業務仍然是我們非常注重準時和準確的事情。這就是為什麼我們實施了更聰明的取貨時間，我們調整了每 10 分鐘允許的訂單數量以及緩衝區，以便我們的工作人員能夠出色地執行這些數字訂單，而不會影響前線的良好體驗。

And we're seeing nice progress on both fronts, which I mentioned earlier. We're more on time, more accurate, and we're seeing gains on the throughput side of things on the front line. And we're not seeing a step back in any conversion rates in that digital business as well. So it's full steam ahead, and we've got to execute the operating platform.

正如我之前提到的，我們在這兩個方面都看到了良好的進展。我們更加準時、更加準確，我們看到前線的吞吐量方面有所提高。我們也沒有看到數位業務的轉換率出現任何下降。所以一切都在全力推進，我們必須執行操作平台。

Okay. Just on Chipotlanes, is -- are you still seeing kind of the same unit volume uplift that you've previously talked about for those kind of the same impact on returns. Is it, in fact, going up? Any comments on how we think about the Chipotlane impact, especially as we kind of think about next year?

好的。就 Chipotlanes 而言，您是否仍然看到與您之前談到的相同的單位銷量上升，以及對回報的相同影響。事實上，它在上漲嗎？對於我們如何看待 Chipotlane 的影響，特別是在我們考慮明年的時候，有什麼評論嗎？

Yes. The Chipotlane volumes have gotten closer to the non-Chipotlane volumes. And keep in mind, a lot of these were open during the pandemic when the Chipotlanes was really a premium access channel -- a preferred access channel during that time. But keep in mind, we're comparing a little bit of apples and oranges too because in the early days of Chipotlane, we had a lot of trade areas that could accommodate Chipotlane and yet we weren't putting a Chipotlane in every single restaurant.

是的。 Chipotlane 的體積已經越來越接近非 Chipotlane 的體積。請記住，其中許多在大流行期間都是開放的，當時 Chipotlanes 確實是一個高級訪問渠道——當時的首選訪問渠道。但請記住，我們也在比較蘋果和橙子，因為在 Chipotlane 的早期，我們有很多可以容納 Chipotlane 的貿易區，但我們並沒有在每家餐廳都放置 Chipotlane。

Now the only restaurant that don't have a Chipotlane tend to be a downtown area, an in-line location where you can't have a Chipotlane. So we're comparing a little bit of apples and oranges.

現在，唯一沒有 Chipotlane 的餐廳往往是市中心地區，在排隊的地方，你不能有 Chipotlane。所以我們正在比較蘋果和橘子。

Having said that, the margin is much better because you've got a lot more -- you've got more of your business that's going through the digital channel, which is a more efficient channel for us. And the other thing that happens is you still have about a 10% shift where your delivery is dropping by 8 to 10 points or something like that and your order ahead is increasing by 8, 10 points or so. So our customers are choosing the convenience channel, which also is a value channel, which is also an efficient -- a very efficient channel for us to run in that order ahead and they're deselecting the delivery channel.

話雖如此，利潤率要好得多，因為你有更多的業務——你有更多的業務通過數位管道，這對我們來說是一個更有效的管道。另一件發生的事情是，你仍然有大約 10% 的變化，你的交付量下降了 8 到 10 個點或類似的情況，而你的提前訂單增加了 8、10 個點左右。因此，我們的客戶正在選擇便利管道，這也是一個價值管道，也是一個高效的管道，一個非常有效率的管道，可以讓我們按照訂單提前運行，而他們正在取消選擇交付管道。

Next question comes from Sharon Zackfia with William Blair.

下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

I guess going back to throughput. I know in the past, you've quantified kind of where you are relative to 2019 on peak throughput. I was hoping perhaps we can get an update on that. And then I guess I'm also wondering, is 2019 really the right benchmark anymore, just given how the business has shifted. I mean you're doing double digital versus 2019? And we know that's causing some tension between the front and back line. So is that the right bogey? I mean do you have a slice of restaurants that have exceeded 2019 peak throughput? Or is that not the right answer anymore?

我想回到吞吐量。我知道過去您已經量化了相對於 2019 年的峰值吞吐量。我希望我們能得到最新消息。然後我想我也在想，考慮到業務的轉變，2019 年真的是正確的基準嗎？我的意思是，與 2019 年相比，你們正在做雙數字？我們知道這導致了前線和後線之間的緊張關係。那麼這是正確的柏忌嗎？我的意思是，您是否有一家餐廳的吞吐量超過了 2019 年的峰值？還是這不再是正確的答案？

Sharon, it's a great question. When we use 2019 as a benchmark, we actually adjusted it for the fact that today's volume, is at -- basically 60%, 62% of the business goes through the front line versus back in 2019, it was about 80% or 81% or 82% or so. So we've adjusted for that volume. So for example, the average throughput in 2019 was in that high 20% range, 28% to 29%. When you adjust it for 62% of the volume going through the front line, that bogey ends up being on an adjusted basis, more like a 25% to mid-20s -- and so we do have the right targets for our teams because we did volume adjusted.

莎倫，這是一個很好的問題。當我們使用 2019 年作為基準時，我們實際上對其進行了調整，因為今天的業務量基本上是 60%、62% 的業務經過一線，而 2019 年則約為 80% 或 81%或82%左右。所以我們已經針對這個音量進行了調整。例如，2019 年的平均吞吐量處於 20% 的高範圍內，即 28% 到 29%。當你將其調整為通過前線的62% 的流量時，柏忌最終會在調整後的基礎上，更像是25% 到20 多歲——所以我們確實為我們的團隊制定了正確的目標，因為我們是否調整了音量。

In terms of where we are, we've been making incremental improvements. We are now at right around at 22 but we're still 3 transactions below 2.5 to 3 transactions before our goal. The good news, as Brian mentioned, we're seeing a lot of progress in terms of the right deployment. We're seeing that a lot of our restaurants are executing for a core -- a core 4 meeting they've got at least 4 folks, if not more, on the front line. Previously, we saw most restaurants would have 3 or sometimes even less than that.

就我們目前的情況而言，我們一直在進行漸進式改進。我們現在大約在 22 筆交易，但距離我們的目標還有 3 筆交易，比 2.5 到 3 筆交易還少。好消息是，正如布萊恩所提到的，我們在正確部署方面看到了許多進展。我們看到我們的許多餐廳都在執行一個核心會議——一個核心 4 人會議，他們至少有 4 個人（如果不是更多的話）在前線。以前，我們看到大多數餐廳都會有 3 個，有時甚至少於這個數量。

And now our teams are focusing on, okay, what are the habits that drive great throughput? Because having 4 people on the front line is an enabler, but it doesn't mean you're going to deliver a great throughput. You have to stay on their front line and then you have to have all the tricks that we're not going to go through right now and all the techniques to deliver great throughput.

現在我們的團隊正在關注，好吧，哪些習慣可以提高吞吐量？因為在一線有 4 個人是一個推動因素，但這並不意味著您將提供很高的吞吐量。你必須留在他們的前線，然後你必須擁有我們現在不會介紹的所有技巧以及提供巨大吞吐量的所有技術。

We're starting to see individual restaurants or patches of restaurants that are executing core 4 and their throughput numbers are 3 to 4 or more transactions greater in a 15-minute period than restaurants in the same patch that are not executing the core 4. So we're seeing really encouraging results. And it's that 3 or 4 transactions here, and that gets you from the 22 up to the mid-20s. So we do feel like we're triangulating around the right target.

我們開始看到正在執行核心 4 的個別餐廳或餐廳區域，其吞吐量在 15 分鐘內比同一區域中不執行核心 4 的餐廳多 3 到 4 或更多事務。我們看到了非常令人鼓舞的結果。正是這裡的 3 或 4 筆交易，讓你從 22 歲上升到 20 歲左右。所以我們確實覺得我們正在圍繞正確的目標進行三角測量。

Okay. And then, I guess, a question on the guidance for the quarter on comps. I know you had kind of some weather and some disappointment around the holidays last year. I mean, Jack, are you factoring that into the guidance for this year? Or are you just kind of steady state in?

好的。然後，我想，一個關於本季比較指引的問題。我知道去年假期期間你遇到了一些天氣和一些失望。我的意思是，傑克，您是否將這一點納入今年的指導中？還是你只是處於一種穩定的狀態？

What we've done, Sharon, has taken our current trends from October and then pushing them forward. We do take into account what we did last year, but we're -- rather than taking account last year, is that going to affect our comp either up or down. We really take our current trends, which includes carne asada and includes a menu price increase and includes the current underlying transaction trend. We use that trend to turn out for the rest of the year compared to last year to the extent that there was some weather, if we see individual days or weeks for there's weather, our comp is going to bounce up during those periods. But we didn't use last year's weather to say it's going to be any better or worse.

莎倫，我們所做的就是從十月開始我們目前的趨勢，然後推動它們向前發展。我們確實考慮了去年所做的事情，但我們不是考慮去年，而是會影響我們的薪資上漲還是下降。我們確實採用了當前的趨勢，其中包括 carne asada、菜單價格上漲以及當前的基本交易趨勢。我們利用這一趨勢來計算今年剩餘時間與去年相比是否有一些天氣，如果我們看到個別日子或幾週有天氣，我們的比較將在這些時期反彈。但我們並沒有根據去年的天氣來判斷今年的天氣會變得更好或更差。

Our next question comes from Danilo Gargiulo with Bernstein.

我們的下一個問題來自達尼洛·加吉烏洛（Danilo Gargiulo）和伯恩斯坦（Bernstein）。

First of all, a quick clarification in light of your comments on the Chipotlane. So I'm assuming that the 40% flow-through is the average in your system. So are you seeing any mix benefit in the 40% as you're getting more and more stores with Chipotlanes, any new trade areas? So could we be talking about 42%, 43% flow-through in the near future?

首先，根據您對 Chipotlane 的評論進行快速澄清。因此，我假設 40% 的流量是您系統中的平均值。那麼，隨著越來越多的 Chipotlanes 商店、任何新的貿易區域的出現，您是否看到了 40% 的混合效益？那麼我們可以在不久的將來談論 42%、43% 的流量嗎？

That's correct, Danil. In a Chipotlane, the margins are better and then the incremental margins are better. So you should see a few ticks up when we have incremental transactions in the Chipotlane definitely.

沒錯，丹尼爾。在 Chipotlane 中，利潤率更好，然後增量利潤率也更好。因此，當我們在 Chipotlane 中進行增量交易時，您應該會看到一些滴答聲。

Great. And then with potential increase in value offerings from some of your large peers, do you see that the industry is moving toward a more elevated level of promotional intensity to attract and retain traffic? And if so, are you expecting Chipotle to be able to leverage the same pricing power that they did last year?

偉大的。然後，隨著一些大型同行提供的價值可能增加，您是否認為該行業正在朝著更高水平的促銷強度發展，以吸引和留住流量？如果是這樣，您是否期望 Chipotle 能夠利用與去年相同的定價能力？

No. I mean, what we center on is providing a great experience. And what we've seen is that results in superior value. And unfortunately, we aren't doing it through price promotion, rather we're doing it through great culinary, lots of customization, terrific speed, and that's where our value for the consumer really shines through. And then given the scale that we have, we're able to buy ingredients and provide people a clean eating experience that frankly, can't get anywhere else for the price at which we charge it.

不，我的意思是，我們的重點是提供良好的體驗。我們所看到的是，這會帶來卓越的價值。不幸的是，我們不是透過價格促銷來做到這一點，而是透過出色的烹飪、大量的客製化、驚人的速度來做到這一點，這就是我們對消費者的價值真正體現出來的地方。然後考慮到我們擁有的規模，我們能夠購買食材並為人們提供乾淨的飲食體驗，坦白說，以我們收取的價格無法在其他任何地方買到。

So very affordable, very customizable, super high quality is resulting in really strong value scores for consumers. And then when we look at our relative price position, to competitors. We're anywhere from 15% to 30% discount on an everyday standard.

非常實惠、非常可自訂、超高品質為消費者帶來了非常高的價值評分。然後當我們查看我們相對於競爭對手的相對價格地位時。我們在日常標準的基礎上提供 15% 到 30% 的折扣。

Some of that was kind of interesting that the team did just to kind of dimensionalize this. They took a look at 18- to 34-year olds that actually have student debt, right? And what we found is Chipotle was the best value proposition among that universe. So one of the things we're seeing is whatever situation you're in, whether it's low income, higher income with some student debt, we continue to be a strong value proposition, regardless where you look across the consumer segments.

其中一些很有趣，團隊所做的只是為了將其維度化。他們調查了 18 至 34 歲之間實際上有學生債務的人，對嗎？我們發現 Chipotle 是該領域中最佳的價值主張。因此，我們看到的一件事是，無論您處於何種情況，無論是低收入還是高收入並有一些學生債務，我們仍然是一個強大的價值主張，無論您如何看待消費群體。

Our next question comes from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Two questions. First, Brian, I'm sure you're getting this question periodically. I think I saw some headlines on CNBC earlier about it, but just the topic of anti-obesity drugs as a headwind. I think you had mentioned that you're not seeing anything to date, but it would seem like you're perhaps more vulnerable than others just because maybe you have a slightly higher income cohort. So I'm just wondering how you assess whether there was any impact or what you might do differently if that was a future headwind maybe get heading of it with focus on the healthier offering that we know you have, just how you think about how it's being impacted and how you would respond. And then I had one follow-up.

偉大的。兩個問題。首先，布萊恩，我確信您會定期收到這個問題。我想我之前在 CNBC 上看到過一些關於此事的頭條新聞，但只是抗肥胖藥物的話題是一個逆風。我想你曾經提到過，到目前為止你還沒有看到任何東西，但看起來你可能比其他人更容易受到傷害，只是因為你的收入可能稍微高一些。所以我只是想知道你如何評估是否有任何影響，或者如果這是未來的逆風，你可能會採取什麼不同的做法，也許會重點關注我們知道你擁有的更健康的產品，只是你如何看待它是如何的受到影響以及您將如何應對。然後我進行了一項後續行動。

Sure. So yes, that's right. We've not seen any material impact from it. And as I understand the drug and when I've spoken to people that know a whole lot more about the drug than I do, our food is a good solution because it's clean, it's not fried. It allows people then to customize meal that would fit their diet that they're trying to achieve, whether they're on GLP-1 drugs or whether they're on a keto diet or a whole 30-diet or insert the lifestyle diet that they're on or the lifestyle drug that they might be on. The good news is we're positioned to be able to customize that diet for you with clean food done in a very healthy way.

當然。所以是的，沒錯。我們沒有看到它產生任何實質影響。據我了解這種藥物，當我與比我更了解這種藥物的人交談時，我們的食物是一個很好的解決方案，因為它是乾淨的，不是油炸的。然後，它允許人們定制適合他們想要實現的飲食習慣的膳食，無論他們正在服用 GLP-1 藥物，還是採用生酮飲食或全 30 飲食法，或者插入符合其飲食習慣的生活方式飲食。他們正在服用或可能服用的生活型態藥物。好消息是，我們能夠為您量身定制飲食，以非常健康的方式提供清潔食品。

So longer term, I think we're positioned really well. We'll see how this continues to unfold. But to date, we've seen no real impact. And the best thing we can do is make sure that we stay committed to food with integrity and providing those customized solutions at speed.

從長遠來看，我認為我們的定位非常好。我們將看看事情如何繼續發展。但到目前為止，我們還沒有看到任何真正的影響。我們能做的最好的事情就是確保我們繼續誠信地致力於食品並快速提供客製化的解決方案。

Got it. And then, Jack, just in terms of the fourth quarter or maybe more importantly, looking to 2024 your commodity and labor inflation. What's kind of the forecast you're assuming when you talk about kind of approaching that 27% restaurant margin? I know you talked about how California labor alone is 250 to 300 basis points. But just wondering what assumption you have for inflation on commodities and labor for next year?

知道了。然後，傑克，就第四季度而言，或者更重要的是，展望 2024 年的商品和勞動力通膨。當您談論接近 27% 的餐廳利潤時，您的預測是什麼樣的？我知道您談到僅加州勞動力就上漲了 250 至 300 個基點。但只是想知道你對明年的商品和勞動力通膨有何假設？

Yes. I mean, Jeff, you know this predicting anything, especially inflation in the last few years has been very, very difficult. Right now, it looks like inflation is settling for both our ingredients and for labor in that, call it, 3-ish percent, maybe between 3% and 4%, something like that. That's a very normal environment. If it stays at that 3% to 4% range. I think that's just fine. We can operate very effectively in that environment.

是的。我的意思是，傑夫，你知道預測任何事情，尤其是過去幾年的通貨膨脹是非常非常困難的。現在看來，我們的原料和勞動力的通膨率都在穩定下來，稱之為百分之三左右，也許在 3% 到 4% 之間，類似的東西。這是一個非常正常的環境。如果它保持在 3% 到 4% 的範圍內。我覺得這樣就很好了。我們可以在這種環境下非常有效地運作。

Would we be able to get all the way to 27% without taking any additional pricing? That would be tough unless our transactions accelerate, and we can leverage -- throw some more leverage along our fixed line items. But if it's in that 3% to 4% range, we just took a 3% price increase. I think we'll be just fine. But if it continues at a higher level, obviously, that'd be a little tougher. But anyway, that's -- if it ends up in that 3% to 4% range, if people keep their jobs and if people still want to dine out, we like our chances that they'll keep coming to Chipotle, especially based on the most recent trends that we've seen.

我們能否在不採取任何額外定價的情況​​下一直達到 27%？這將是困難的，除非我們的交易加速，我們可以利用槓桿——在我們的固定項目上投入更多的槓桿。但如果是在 3% 到 4% 的範圍內，我們就會將價格上漲 3%。我想我們會沒事的。但如果繼續保持在更高的水平，顯然會有點困難。但無論如何，如果最終在 3% 到 4% 的範圍內，如果人們保住工作，如果人們仍然想外出就餐，我們希望他們繼續來 Chipotle，特別是基於我們看到的最新趨勢。

Our final question comes from Peter Saleh with BTIG.

我們的最後一個問題來自 BTIG 的 Peter Saleh。

Great. Brian, I want to come back to your comments on the Hyphen makeline. I think you said it increases capacity, better accuracy and better speed. What are the challenges in some of the hurdles that you think you need to overcome at this point to move it to the next stage in the stage-gate process?

偉大的。布萊恩，我想回到你對連字符生產線的評論。我想你說它增加了容量、更好的準確性和更快的速度。您認為目前需要克服哪些障礙才能將其推進到階段過程的下一個階段？

Yes. So thanks for the question. So we had our first prototype at our Cultivate Center, and the team did a great job of kind of pressure testing all aspects of it. We learned a lot, right? There's work to be done on how you export things. There's work to be done on how you clean it. There's work to be done on how we actually provide portions.

是的。謝謝你的提問。因此，我們在培養中心製作了第一個原型，團隊在對其各個方面進行壓力測試方面做得非常出色。我們學到了很多，對吧？關於如何出口東西還有很多工作要做。如何清潔它還有很多工作要做。關於我們如何實際提供部分還有很多工作要做。

And the good news is this is why we use the stage-gate process so that we learn, we iterate and then hopefully, we get to a faster solution. So I'm excited to see what the next prototype holds, but the team is working on some of those key things that we learned on.

好消息是，這就是我們使用階段門流程的原因，以便我們學習、迭代，然後希望我們能得到更快的解決方案。因此，我很高興看到下一個原型的內容，但團隊正在研究我們學到的一些關鍵內容。

But yes, look, all signs are really promising that as we continue to work on this in the stage-gate, what we're after is accuracy, speed and then the ability for the team member to execute this, both the export station and then keep it clean and food safe.

但是，是的，看，所有跡像都非常有希望，當我們繼續在舞台門口進行這項工作時，我們追求的是準確性、速度，然後是團隊成員執行此操作的能力，無論是出口站還是然後保持清潔和食品安全。

So we're working through those things. But for our very first prototype, the team did a great job, and I love everybody's passion to learn so that we get to an even better second generation prototype.

所以我們正在解決這些問題。但對於我們的第一個原型，團隊做得很好，我喜歡每個人的學習熱情，以便我們獲得更好的第二代原型。

Great. And then just my last question would be on -- have you seen any difference in sales performance urban versus suburban stores these days? Is the return to office? Are you seeing any improvement there? Just any clarity around that would be helpful.

偉大的。然後我的最後一個問題是——您發現這些天城市商店和郊區商店的銷售業績有什麼不同嗎？是重返辦公室嗎？您看到那裡有什麼改進嗎？只要對此有任何澄清就會有所幫助。

Yes. The comps have gotten a lot closer. The urban still outperformed the suburban by about 100 basis points or something like that, so it's much, much, much closer. But I would say the central business district are still behind in terms of an absolute sales basis, if you look at pre-pandemic and where we are today, the central business districts are still behind. But from a comp standpoint, they're performing in the same general range.

是的。比賽已經接近很多了。城市的表現仍然比郊區高出約 100 個基點或類似的數值，所以兩者非常非常接近。但我想說，就絕對銷售基礎而言，中央商務區仍然落後，如果你看看大流行前和我們今天的情況，中央商務區仍然落後。但從比較的角度來看，他們的表現在相同的總體範圍內。

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。我想將會議轉回布萊恩·尼科爾 (Brian Niccol) 發表閉幕詞。

Yes. Thank you. And thanks, everybody, for the questions and joining the call. Obviously, we're very proud of our teams and the results that we delivered in the third quarter. It's very exciting to see our efforts on throughput driven by having the teams staffed, trained and deployed directly, continuing to make progress. And then with our strong value proposition, seeing that show up in transactions as the driver of growth.

是的。謝謝。感謝大家提出問題並加入電話會議。顯然，我們對我們的團隊和第三季所取得的成果感到非常自豪。看到我們透過直接為團隊配備人員、培訓和部署來推動吞吐量的努力，並不斷取得進展，這是非常令人興奮的。然後憑藉我們強大的價值主張，將其在交易中體現為成長的驅動力。

We're going to continue to stay focused on executing great throughput. We're going to continue to stay focused on great culinary, we're going to continue to stay focused on having great people that are trained and know exactly what they need to do in their position.

我們將繼續專注於執行高吞吐量。我們將繼續專注於出色的烹飪，我們將繼續專注於擁有受過培訓並確切知道他們在自己的職位上需要做什麼的優秀人才。

So very excited about the results we've achieved, but very optimistic about our future, both in building new units and continuing to drive average unit volumes and margins. So thank you for taking the time, and we'll see you in a couple of months. Thank you.

我們對所取得的成果感到非常興奮，但對我們的未來非常樂觀，無論是在建造新單位還是繼續提高平均單位銷售和利潤方面。感謝您抽出寶貴時間，我們幾個月後再見。謝謝。

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。您現在可以斷開連線。