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.

您好，歡迎參加 Chipotle Mexican Grill 2023 年第三季業績電話會議。 （操作員指示）請注意，此活動正在錄製中。

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

現在，我想將會議交給投資者關係和策略主管辛蒂·奧爾森 (Cindy Olsen)。請開始。

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2023財年第三季的財報電話會議。現在您應該可以訪問我們的收益新聞稿了。如果沒有，您可以在我們的投資者關係網站ir.chipotle.com上找到。

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

首先，我要提醒您，本簡報中關於我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理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 表年度報告和 10-Q 表中包含的風險因素，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。

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.

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

We will start today's call with prepared remarks from Brian Niccol, Chairman and Chief Executive Officer; and Jack Hartung, Chief Financial and Administrative Officer, after which we will take your questions. Our entire executive leadership team is available during the Q&A session.

今天的電話會議將以董事長兼首席執行官 Brian Niccol 和首席財務及行政官 Jack Hartung 的預先準備好的發言開始，之後我們將回答大家的提問。我們的整個執行領導團隊都將在問答環節中隨時待命。

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

說完這些，我將把電話轉給布萊恩。

Thanks, Cindy, and good afternoon, everyone. 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持續推動著業績的強勁成長，包括整個季度交易量持續加速的正面趨勢。

For the quarter, sales grew over 11% to reach $2.5 billion driven by a 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，年增5%。線上銷售額佔銷售額的37%，餐廳利潤率為26.3%，較去年同期成長100個基點。調整後攤薄每股收益為11.36美元，較去年增長19%。我們新開了62家餐廳，其中包括54家Chipotlanes餐廳。

Trends remained strong in October, and we anticipate comps in the mid to high single-digit range for the fourth quarter, 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 at 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.

十月份的趨勢依然強勁，我們預計第四季的可比較銷售額將達到中高個位數成長，這包括我們近期的定價舉措。在更新我們的策略重點之前，我很高興地宣布，Laura Fuentes 已加入我們的董事會。 Laura 是希爾頓全球的執行副總裁兼首席人力資源官，在全球酒店和人才領導方面擁有豐富的經驗，她將在幫助 Chipotle 實施我們五大關鍵戰略方面發揮關鍵作用，這些戰略使我們在發展未來的同時，也能在當下立於不敗之地。

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.

這些措施包括以對人負責的文化成功經營餐廳，以誠信提供美味佳餚，同時提供卓越的餐廳和數位體驗；透過發展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；使品牌知名度高、相關性強、受人喜愛，以提高整體客戶參與度；擴大技術和創新，推動餐廳和支援中心的成長和開放企業透過加速新餐廳來擴展新餐廳和就業能力為國際化發展能力；

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，我們要以對員工負責的文化來經營成功的餐廳。就在一年前，我們內部做出了巨大的努力，力求重回 Chipotle 的卓越標準。我為餐廳團隊在過去一年中所取得的進步感到自豪。這包括人員配置和人員流動率已恢復到甚至超過疫情前的水準。餐廳的準備工作已到位，從而減少了停工，提高了數位化生產線的準時性和準確性，並持續提升了吞吐量。我們對營運的關注正在強化我們價值主張的核心部分，即快速提供客製化的美味佳餚和熱情周到的服務。

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.

由於營運執行力的提升，以及菜單價格的親民化，我們的價值主張達到了前所未有的高度。這無疑轉化為了卓越的業績：全年交易額年增，第三季更是成長了4%以上。

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，但我們也看到了進一步提升的機會，尤其是在吞吐量方面。我們最近推出了兩項關鍵舉措，相信它們將推動進一步的改進。

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.

首先是調整數位訂單的節奏，以便更好地平衡勞動力部署，避免在高峰時段從前線調派一名員工來協助數位訂單管線。其次是重新關注我們餐廳的吞吐量培訓，恢復我們在疫情前就已使用的培訓工具。

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，我們看到，在數位訂單流水線上擁有正確節奏並執行四大吞吐量支柱的餐廳在其 15 分鐘高峰時段內主菜的供應量增加了 4 到 5 份。

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，我們對團隊有很高的要求，因為當他們達到這個標準時，他們會感覺自己是一個獲勝團隊的一部分，並且能夠透過獎金和組織內部的成長獲得獎勵。

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.

對我們的員工來說，產量是員工獎金計畫中的關鍵績效因素。它也是總經理、現場負責人、團隊主管和區域副總裁獎金衡量標準的組成部分。隨著我們不斷指導並提高產量，產量將幫助更多餐廳獲得季度獎金，更重要的是，這將為我們的顧客和團隊帶來更佳的整體體驗。

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，我們最近重啟了「幕後花絮」活動，以我們的團隊成員為主角，展現他們使用真實食材和經典烹飪技巧的日常準備過程，這也是Chipotle的一大特色。事實上，我們的餐廳沒有冰櫃，我們的團隊早上六到七點就開始準備，以便在10:30開門前提供美味的食物。這包括烤製法士達蔬菜和鐵板烤雞，手工切洋蔥、墨西哥辣椒和香菜，手工搗碎酪梨製作我們的招牌酪梨醬，以及每天新鮮製作薯條。

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

這次活動是一個很好的方式來展示我們優秀的團隊以及他們為準備我們美味的食物所付出的辛勤努力。

One of our team directors that was 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.

我們團隊的一位主管曾在《Behind the Foil》中被提及，他從一名員工做起，在7年內一路晉升為團隊主管，年僅29歲就管理著一個由49家餐廳組成的子區域。他對品牌的熱情以及致力於提供卓越的顧客體驗，成就了他的成功。事實上，他是公司業績最佳的子區域經理之一。他堅信Chipotle的宗旨，並希望他的團隊能複製他所獲得的機會。

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.

員工是我們最寶貴的財富，培養未來的領導者對於我們實現長期發展目標至關重要，即達到7,000家餐廳，並將內部晉升比例提升至90%以上。我們將繼續探索類似「幕後花絮」活動的方式，慶祝我們團隊的成長、辛勤工作、成功以及對Chipotle的熱情。除了這項活動之外，我們的行銷團隊也出色地找到了切實可行的方法，讓品牌更具曝光度、更具相關性，也更受喜愛。

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重新推出了備受粉絲喜愛、呼聲極高的烤肉，其受歡迎程度遠超預期。烤肉採用負責任飼養的優質牛排，在烤架上用多種特色香料調味，最後淋上鮮榨青檸和手工切碎的香菜，堪稱美味。我們也推出了全新的烤肉做法——烤肉玉米餅，美味至極。

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 meets our Food with Integrity standards.

我為我們為恢復這項受歡迎的 LTO 所付出的跨職能努力感到非常自豪，考慮到我們估計只有約 5% 的美國牛肉符合我們的誠信食品標準，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帷幕，我們利用「真正的運動員的真實食物」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透過提供適當的營養來幫助他們發揮出最佳水平。

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.

我們還利用富有創意的遊戲集成，以有趣的方式與我們的忠實粉絲建立聯繫。我們在8月重新推出了Chipotle IQ，這是一款獨特的數位問答遊戲，測試玩家對Chipotle真實食材、領先食品標準、烹飪技巧、永續發展舉措、品牌歷史和社區參與度的了解。

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.

在轉向增強技術方面，我們在幾項創新方面取得了進展，這些創新最終將有助於提升我們餐廳團隊和顧客的整體體驗。首先是我們的自動化數位生產線，我們最近在種植中心安裝了它，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 makeline，它適合我們現有的數位 makeline 足跡，並自動在下面製作碗，讓我們的團隊能夠在上面製作玉米捲、墨西哥捲餅、兒童餐和油炸玉米餅。

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，例如增加了產能並提高了速度和準確性，這可以進一步幫助平衡前端生產線和數位化生產線之間的勞動力。

Additionally, Autocado, which cuts, cores and scoops avocados 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，我們的種植中心還配備了 Autocado 系統，該系統可對酪梨進行切塊、去核和挖取。我們的餐廳團隊正在提供回饋，希望將其納入原型的下一階段。正如我們上個季度提到的，Autocado 可以節省時間，省去一項不太理想的任務，同時還能保留他們最喜歡的部分之一：加入新鮮切碎的洋蔥、墨西哥辣椒和香菜，用柑橘和鹽調味，以及手工搗碎的或招牌牛油果醬。

While we still have some iterations to make to Hyphen and Autocado before they're ready to be tested in 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 準備在餐廳進行測試之前，我們還需要對其進行一些迭代，但我對團隊所取得的進展感到非常興奮，我們將繼續提供有關階段門流程的最新進展。

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，我們致力於拓展門市和便利性。我們預計將實現今年新開255至285家餐廳的預期目標，將創下公司歷史新高。本季度，我們的Chipotlane餐廳數量已超過700家。展望2024年，我們預計將新開285至315家餐廳，其中至少有80%將設有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.

本月，我們在卡加利開設了第一家門市。這是我們自2012年進軍溫哥華以來首次進軍加拿大新市場。顯而易見，Chipotle的需求強勁，開業當天的銷售額創下了公司新高。加拿大團隊表現出色，一線生產效率達到公司領先水平，數位化生產線也準時且準確。 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，我們已為歐洲制定了一項計劃，旨在實現支持加速成長的經濟效益。該計劃包括改善運營，在合理可行的情況下，將我們的培訓工具、系統和烹飪與美國業務相結合，並提升品牌知名度。

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，我們透過更多在地化措施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關注活動，從而將我們的食物送到潛在客人手中。

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員工充足、穩定，而且我們培養的人才令人興奮。

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，我們正在與 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成功開設餐廳。

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，我對我們未來在美國和國際市場的成長充滿期待。我要感謝我們的餐廳和支援中心團隊為Chipotle付出的辛勤工作和奉獻。我們的業績證明，我們擁有一支高標準、高效率執行的團隊。

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極限，擁有優秀的人才、優質的食物和快速的生產能力。

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加相信，我們已經奠定了實現積極成長目標和進一步實現建立更美好世界目標的基礎。

With that, I'll turn it over to Jack.

說完這些，我就把麥克風交給傑克。

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，Brian，大家下午好。第三季銷售額年增超過11%，達25億美元，同店銷售額成長5%，交易額成長超過4%。餐廳利潤率為26.3%，較去年同期成長約100個基點；經特殊專案調整後的每股盈餘為11.36美元，較去年同期成長19%。第三季與公司重組相關的特殊支出為100萬美元。

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，包括中等個位數的交易額，我們預計交易額將在中等至高個位數範圍內，其中包括我們最近約 3% 的價格上漲。

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.

需要提醒的是，我們將在第四季度重新評估預計到期的忠誠度積分的預估損失，這可能需要進行補差調整，這可能會對我們的可比業績產生正面或負面的影響，但這並未計入我們的業績預期。我們持續預測全年可比業績將維持在中高個位數區間。

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.

現在我將逐一介紹關鍵的損益項目，首先是銷售成本。本季銷售成本為29.7%，較去年下降約10個基點。去年菜單價格上漲帶來的收益大部分被多種食品成本的通膨所抵消，其中最顯著的是牛肉和起司醬。第四季度，我們預計銷售成本將在30%左右，因為菜單價格上漲帶來的收益將被從雞肉牧師烤肉（Chicken al Pastor）轉變為烤肉（carne asada）以及起司和酪梨價格上漲所抵消。

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.

本季勞動成本為24.9%，較去年下降約20個基點。銷售槓桿帶來的收益大部分被薪資上漲所抵銷。我們預計第四季勞動成本將在25%左右，因為菜單價格上漲帶來的收益將被持續的勞動力上漲所抵銷。在我們的預期範圍內，我們預計帶薪休假和其他福利的水平將與去年第四季持平。

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。這一下降主要受銷售槓桿影響。本季行銷和促銷成本為2%，我們預期第四季行銷成本將升至3%左右，全年將略低於3%。第四季其他營運成本預計在15%左右。

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.

本季的一般及行政開支（G&A）按公認會計準則（GAAP）計算為1.59億美元，按非公認會計準則計算為1.58億美元，其中不包括與公司重組費用相關的100萬美元。一般及行政開支還包括1.2億美元的基本一般及行政開支、3400萬美元的非現金股票薪酬、300萬美元的更高獎金預提和股權歸屬及行權的工資稅，以及100萬美元與我們即將於明年第一季舉行的全體經理大會相關。對於第四季度，我們預計基本一般及行政開支約為1.25億美元，此後隨著我們在技術和人才方面的投資以支持持續增長，基本一般及行政開支將略有增長。

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金額將在 3,300 萬美元左右，但根據我們的實際表現，這筆金額可能會上下波動。

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.

我們還預計將確認與績效獎金應計、工資稅和股權歸屬行使相關的約 300 萬美元，以及與全體經理會議相關的 200 萬美元，使我們預計第四季度的總 G&A 費用達到約 1.63 億美元。

We anticipate 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.

我們預計第四季的開業前費用約為1500萬美元，這與新餐廳開業的節奏相符。需要提醒的是，開業前費用中約有一半是與直線會計準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.

本季折舊為 7,900 萬美元，佔銷售額的 3.2%，而對於第四季度，由於預計將開設更多新餐廳，我們預計折舊費用將增加 400 萬至 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.

本季資產退役金額為 720 萬美元，而第四季度，我們預計資產退役金額將在 800 萬美元左右，因為我們將繼續專注於主動設備更換，因為我們透過出色的營運優先考慮客戶體驗。

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%，這得益於高於預期的稅收抵免。我們繼續預計，我們的基礎有效稅率將在25%至27%之間，具體區間可能因具體項目而異。

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

我們的資產負債表依然強勁，本季末我們擁有超過 19 億美元的現金、限制性現金和投資，且沒有債務。

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，我們以平均1,914美元的價格回購了2.26億美元的股票，是第二季回購額的2.5倍以上，因為我們對市場疲軟持樂觀態度。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.

我們在第三季開設了62家新餐廳，其中54家設有Chipotlane。今年我們仍有望開設255至285家新餐廳。正如Brian所提到的，我們計劃在2024年開設285至315家新餐廳，其中至少有80%將設有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.

我們預計時間表將繼續延長，這將阻止我們在 2024 年達到 8% 至 10% 的新餐廳開業指導範圍的高端。我們繼續看到許可和檢查延遲、公用設施安裝延遲以及開發商因宏觀壓力和利率上升而推遲項目。

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.

考慮到我們目前的計劃和時間表，並假設情況不會惡化，我們相信到 2025 年，新餐廳開業率可以達到 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11.4萬名員工，感謝他們珍惜每位顧客的光臨。我們擁有優秀的員工，他們每天都在努力工作，為顧客提供卓越的美食，這些優異的業績也充分體現了這一點。正如Brian所說，我們面前充滿機遇，隨著我們不斷透過提高餐廳客流量來改善顧客體驗，我們將繼續取得有意義的進展。這將進一步鞏固我們的品牌和領先業界的經濟模式，並繼續為我們實現長期成長奠定基礎。

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

我們很樂意回答您的問題。

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

（操作員指示）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，我想問美國和歐洲的單位成長率。傑克，你提到2025年可能會達到8%到10%的上限。我很好奇你正在採取什麼措施來解決我認為可能會持續下去的建築許可延遲問題。你是否正在拓寬你選定的地點以及你為開工所做的工作？我想了解的是，假設環境沒有太大變化，人們對重返那裡充滿信心。

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，您談到如何獲得能夠支持加速成長的經濟效益。您需要提高平均每輛車（AUV）嗎？還是說那裡的銷售很重要？但實際上，關鍵在於您提到的營運效率和培訓？

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，我先從美國說起。我們說要到2025年達到8%到10%的高端成長目標，實際上是假設我們在時間線方面不會有任何進步，而是假設情況會維持現狀。這說明我們的團隊每年都在出色地建立一個非常強大的產品線。所以，這個產品線正在逐漸填滿。隨著這些時間線的延長，這個產品線也不斷擴大。所以，如果你假設我們在未來幾年的時間線保持不變，我們應該能夠接近10%的成長目標。

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，我們也向團隊提出了挑戰。我們要求團隊仔細研究造成部分延遲的原因，從綜合角度來看，我們能做些什麼？有沒有更簡單的交易可以縮短工期？如果開發商因為利率上升而猶豫不決，導致進度放緩，我們能否與他們合作？我們的資產負債表強勁，我們並非想放棄整個項目，但從經濟角度來看，我們可以採取一些措施來應對這種情況。

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，我們要求團隊縮短時間表。但就實現 10% 的目標而言，坦白說，我們認為，如果時間表保持不變，我們的管道就能幫我們實現目標。

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

那麼，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。薩拉，關於歐洲，你的問題基本上就是答案。所以營收看起來非常好。我們正在努力讓營收流入利潤。因此，我們真正關注的是提高營運效率和改善業務管理。

Our next question comes from David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛·塔倫提諾。

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客流量表現。 Brian，我記得您提到過，客流量隨著季度的推移而加速成長，並在10月份保持強勁。而我們聽到的更廣泛的說法是，消費者支出環境可能扮演了相反的角色。所以，我想您能否解釋一下，您認為是什麼因素導致了您看到的趨勢與其他人看到的趨勢出現差異？具體來說，我希望您能談談與蒜香瓜希略牛排相關的比較，以及您認為吞吐量方面有哪些因素導致了這種差異？

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，大衛，我們的交易量實際上在整個季度，每個月都在改善，而且我們目前的交易量仍然強勁。所以我們一直關注的是，招募員工、進行訓練、進行部署。我們描述的方式是，我們擁有優秀的員工、一流的烹飪技術、出色的吞吐量。我認為這些都體現在了我們的業績上。

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.

再加上我們剛推出的烤肉，我認為，營運績效的基礎對於烤肉的表現至關重要，它很可能超越我們之前推出的蒜香瓜希略牛排。我知道這是你們最喜歡的菜品，但很遺憾，烤肉的表現可能會更勝一籌。但無論如何，我認為真正重要的是，我們的營運人員在人員配置、培訓、部署以及對卓越交付的嚴格把控方面做得非常出色。

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.

我們每個月都能看到客流量有所提升，進入第四季後，這種動能依然持續。我認為這也是我們持續維持良好客流量績效的原因。我們將繼續維護我們的價值主張和品牌定位。我相信，我們最終將獲得超過我們應得份額的交易回報。

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，我唯一想補充的是，我們讀到的內容和你讀到的一樣，大衛。過去一年，通貨膨脹、汽油和食品雜貨等幾乎所有商品的價格上漲，以及普遍的利率上漲，顯然都給消費者帶來了壓力。我們不僅在所有收入水準上都表現良好，低收入者也表現得非常好。他們的收入水準與我們的中高收入水準大致相同。所以我認為，Chipotle的價值正在顯現——在最近的這次行動之前，我們已經一年多沒有漲價了——人們選擇在Chipotle用餐，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，還有一件事，因為這是我們最喜歡的話題，我們非常欣賞交易驅動成長的事實，我認為這對我們業務的持續健康發展以及未來的成長機會至關重要。我為我們的團隊感到驕傲，也為本季的業績感到自豪。

Our next question comes from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的丹尼斯·蓋格。

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?

想知道關於第三季利潤率的強勁表現，還有什麼需要強調的嗎？我想，更重要的是，這對您明年的業績有何影響？傑克，具體來說，您（聽不清楚）在平均每輛車價值（AUV）300萬美元的情況下，利潤率為27%，這是否仍然是衡量平均每輛車價值（AUV）動態的正確方法？

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——我來描述一下我們現在的利潤率。我們還沒達到300萬美元，但我們正在努力，明年應該可以達到。我們正努力達到27%的目標。但我們還沒有完全達到目標。年初至今的利潤率為26.5%，本季為26.3%。第四季通常是我們利潤率較低的季度，所以利潤率會更接近26%和27%，但我稱之為「努力」。

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%.

給你大概的印象，我們不會這麼做。但是，比如說，如果我們選擇在定價上額外加收1%或1.25%，我們的利潤率就會達到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。我們實際上只是用菜單定價來抵消通貨膨脹。但這能讓你了解，明年可以稍微加價，或是在一些商品成本、食材成本方面稍微減免。我們已經經歷了多年的通貨膨脹，如果通貨膨脹稍微緩解一點，如果勞動力通膨也稍微緩解一點，情況會怎麼樣？有很多方法可以實現這一目標。

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.

我會把這個演算法更多地當作一個長期的指引，而不是每個季度、每年都要驗證其準確性。所以我覺得我們的經濟模式非常非常健康。我們真的正在敲開那27%的大門。加上一些突破，我認為我們明年有望實現這個目標。

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.

太棒了。我很欣賞第三季強勁的客流量數據。傑克，您能否提供一下第三季的價格和產品組合明細？如果您願意的話，您能談談如何將這些組成部分納入第四季度的考慮嗎？特別是對產品組合的考量。

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。我們本季的定價在2%出頭，大概在2.8%左右，大概就是這樣。記住，這些都是我們去年制定的定價策略。直到最近我們才開始製定新的定價策略。產品組合確實有所下降。產品組合約2%。所以，加上本季交易額年增超過4%，這就是我們目前的定價策略。

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，我們剛剛實現了3%的漲幅，記住，這是在10月下半月實現的。所以平均下來大約是2.2%左右，可以稱為低至2美元的菜單價格上漲。我們開始——或者說我們確實開始看到——本季負面組合因素有所緩解。如果這種情況持續下去，我們預期組合因素仍將是拖累因素，但希望它能更接近1%，而不是我們本季看到的2%。當然，正如Brian所提到的，到目前為止，我們在第四季繼續看到強勁的中個位數交易額成長。

Our next question comes from Andrew Charles with TD Cowen.

我們的下一個問題來自 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，我簡單澄清一下。您認為最近3%的價格上漲是為了因應明年AB 1228法案嗎？還是說，您計劃在4月左右單獨提高加州的目標價格，以緩解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。這沒有考慮任何因素——明年加州工資的任何變化。安德魯，你可以想像，我們已經在研究這個問題了。這對我們的勞動力來說將是相當顯著的成長。加州的平均薪資漲幅約17%。所以要把最低工資提高到20%。我們還必須確保壓縮工資。我們必須把工資，也就是所謂的「十幾位」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. And 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 as to what level yet.

我們還沒有決定具體要採取什麼定價水準。但要考慮成本和/或利潤部分。我們還沒有確定最終價格。價格漲幅將在中高個位數之間，但我們肯定會繼續推行。只是我們還沒有最終決定具體漲幅。

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?

明白了。好的，這很有幫助。然後，Brian，關於創新的問題。看起來階段門流程中沒有任何創新，顯然，你們在「Square One」專案中優先考慮營運。我很好奇，為了恢復新菜單創新，你們需要看到什麼？特別是，如果要達到每15分鐘尖峰時段的交易量，或是其他你們希望恢復新菜單創新試點的標準，你們需要看到什麼？

Yes. So the teams are still working and iterating on menu innovation. One of the things that they uncovered, which 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。所以團隊仍在努力並不斷改進菜單創新。他們發現的其中一件事，讓我非常興奮，那就是我們有機會只談論我們的核心菜單。所以，人們對巴巴科阿（Barbacoa）或卡尼塔（Carnitas）的了解和理解非常少。你可能會看到我們的團隊正在努力，如何讓現有菜單上的菜餚煥然一新，讓顧客能夠理解並真正享受我們目前提供的所有菜餚。

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.

同時，他們仍在努力推出一些新的菜單，我們也在努力恢復一些過去所做過的、真正引起轟動的菜單創新。所以我對我們的菜單現況以及未來18到24個月的新聞發佈管道感到非常滿意。

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。我想知道您是如何看待這些驅動因素的，以及如何回到您過去所做的23%左右的勞動力利潤率。接下來的關鍵是什麼？您顯然發現，僅僅關注如何部署勞動力，以及您正在做的一些事情，甚至在電腦視覺等方面，都會帶來一些進展。但另一方面，這可能是在設備方面實現更大飛躍的關鍵。所以我想知道您是如何考慮這些事情的時機的——我顯然在考慮2024年，您認為有哪些驅動因素？

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，我不知道我們是否會看到23%的通膨，至少在不久的將來不會。過去幾年，我們已經經歷了一些嚴重的勞動力通膨。我們剛才談到的加州法案，加州只占我們餐廳總數的15%。但這只是冰山一角。明年，這將導致我們公司整體通膨和勞動成本上漲2.5%到3%。所以，我不知道我們是否會看到23%的通膨。

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，我們要怎麼做才能繼續提高勞動效率？我認為你說出了我們目前餐廳的所有關鍵因素，我們確實非常有效率。這並不意味著我們沒有機會，只是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.

在大多數情況下，他們全天都在使用所需的勞動力。我認為關鍵在於我們合理地部署了勞動力。 Brian 在他的準備好的評論中提到了這一點，這樣我們就能有合適的人員留在一線，從而提高吞吐量。當我們提高吞吐量時，我們知道40%的流水率。我們知道，憑藉我們調配勞動力的能力，勞動力比例會下降。

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.

從中期和長期來看，例如Autocado和Hyphen，我認為我們有機會抵消部分勞動力通膨的影響。但我不知道我們能否將通膨率降至23%。那將是——我的意思是，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，我們正在進行的投資不僅可以減少工作時間，還可以使我們的工作人員的工作更輕鬆、更好，並解放他們，使他們能夠提供更好的客戶服務，我們肯定會在這方面進行投資。

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

是的，如果這能讓人感覺好一點的話，我認為沒有人在他們的模型中有 23% 或任何其他數據，但是...

Okay. I just wanted to make sure.

好的。我只是想確認一下。

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。您提到了4%到5%——也就是在15分鐘的高峰窗口期內，顧客可以買到4到5種主菜，這對同店客流量和/或勞動生產力有什麼好處？能具體解釋一下嗎？

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──比如說，就類似這樣的餐廳來說，我們一天大約需要5筆交易才能獲得1%的收益。所以，如果你在15分鐘內額外獲得3、4筆交易，並連續多個時間段這樣做，你可以輕鬆地把地圖加起來，就能在所有獲得額外客流量的餐廳中獲得2%到3%的額外收益。

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.

至於槓桿率，大衛，我得好好算一下。一般來說，每增加2、3筆交易，槓桿率就會上升幾十個基點。不會達到100個基點或類似的水平。你會看到勞動線上的槓桿率上升幾十個基點。所以這當然不錯，但——再說一遍，它不會把利率降到24%以下。

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，從利潤率的角度來看，重要的是，我們帶來的每一筆額外交易，都會有 40% 的收益轉嫁到現金流中，這就是我們希望增加利潤率的方式。

Our next question comes from Lauren Silberman with Deutsche Bank.

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 have you 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的問題。關鍵舉措之一是保持正確的數位化訂單節奏。您在多大程度上在整個系統中推廣了這項具體舉措？或者，您認為系統中有多少比例的人員有機會改善勞動力分配？

You're referring to the digital makeline and smart pickup times?

您指的是數位生產線和智慧取貨時間嗎？

Yes.

是的。

Yes, it's more than half.

是的，超過一半。

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.

是的，它已經投入使用了——目前大約有一半的餐廳都使用了它，而且我們看到了顯著的成效。我們的數位業務更加準時，也更加精準。如果我們在前線部署了正確的基地和位置，我們就能看到主菜數量——每15分鐘的主菜數量——有了顯著的提升。所以——我們仍然需要努力在前線執行部署，確保員工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.

但總體而言，我們看到DML的準時性和準確性取得了顯著進展，一線的吞吐量也得到了一些提升。但我認為，如果我們能讓員工在整個高峰期保持穩定，我們還有進一步提升的機會。

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?

太好了。我記得您之前說過，峰值吞吐量指的是15分鐘內訂單量達到20到30個的峰值。在努力恢復到這個水平的過程中，由於現在第二條管線的利用率大大提高，是否有超越先前峰值吞吐量的空間？或者說，餐廳在20到30個訂單量這個高峰水準上，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。我們有機會超越這個數字。顯然，當我們計算這些數字時，整個業務都已脫離第一線。所以好消息是沒有瓶頸。另一個真正的好消息是，如果真的發生了這種情況，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。我們只需要在一線出色地執行這個吞吐量計劃。

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，今天早上我和所有團隊主管都在一起，這是大家最關心的首要任務。優秀的人才、優質的食品、高產量。我們做好這三件事，就能繼續推動業務成長。

Our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

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，但我認為更確切地說是未滿足的需求。我想知道，您的數據，特別是數位訂單管線方面的數據，是否根據顧客等待時間，顯示了實際可能有多少未滿足的需求？換句話說，顧客在交易結束時，看到了等待時間，但最終沒有完成交易。這是可以衡量的嗎？與此相關的是，您是否了解有多少門市實際上已經滿載運作？也許在曼哈頓中城或其他一些地方，人們即使排隊15到20人，也會選擇去人少的地方。您目前看到的情況是，有沒有辦法量化您能夠滿足的未滿足需求量？換句話說，如果您能更快一些，下單時間更短，那麼在您現有的門市基礎上，您還有什麼機會？

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，雖然我們正在討論，但我們目前還沒有在餐廳內提供數據的能力。我們正在討論一些新工具，這些工具或許能讓我們透過一些方法來獲取數據，不僅是15分鐘內有多少顧客在等待，這或許是一個機會，也能讓我們了解第一線服務的表現如何。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，我們過去的經驗告訴我們，當我們提高吞吐量時，不僅在15分鐘內能吸引更多人流，還能帶來大量增量交易。所以，從歷史上看，我們知道人們確實會離開我們的隊伍。你可以從一些軼事中看到這一點。當你在市中心的餐廳裡，看到一條長隊，有人走過，打開門，然後走開，這就是一筆交易的流失。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?

您——我的意思是我們——是否知道，在數位化方面，您的交易最終佔比大概是多少——這些交易可能還沒完成，而是在付款時就完成了？我不知道這是否是正確的看待方式，但某種程度上肯定存在一個領先指標？

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 as 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安排。你剛剛問的問題是，你們有多少家餐廳已經滿了？我們可以透過增加員工來靈活調整餐廳的容量。所以我們的DML（每日訂單管理）會有1到4個人，所以如果你的餐廳在數字線上非常非常繁忙，那麼這條線上會有4個人——最多4個人，其中包括1名專門負責來回處理訂單的人員。所以，從數字角度來看，我們很少有餐廳，也很少有餐廳內部的個別時段達到最大容量。

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。很明顯，你可以看到，速度越快，服務的客戶就越多，目前的數據再次證明了這一點。

Our next question comes from Brian Mullan with Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brian Mullan。

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.

我只是想問一個關於忠誠度的問題。您能否談談團隊在未來12到24個月內關注的關鍵短期目標，我認為最終的長期目標是隨著時間的推移實現更大的個性化，Brian，我想您之前提到過，這仍然是一個巨大的機會。

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，團隊專注於運用我們觀察到的所有分析和洞察，並研究如何將這些洞察以個人化的方式商業化。舉個簡單的例子，例如推薦銷售，當你準備結帳時，如果我們根據歷史記錄知道你購買了墨西哥可樂，但購物車裡沒有墨西哥可樂，那麼推薦銷售就會是墨西哥可樂。然後我們會發現——當我們這樣做時，我們顯然會從推薦銷售中獲得更高的收益。

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 to the moment you're trying to pay on your way out. 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 24 months.

所以，這些其實很簡單，我們知道我們可以用非常個人化的方式來商業化。團隊的核心在於，如何從您進入下單流程的那一刻到您付款的那一刻，在整個用戶體驗中做到這一點。好消息是，團隊正在進行大量的分析，我們正在努力解決我們認為在未來18到24個月內最具槓桿作用的環節。

Okay. And just I wonder if you could just update us on the dual-sided 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。您能否更新一下雙面烤架的相關資訊？目前有多少家店已經推廣了？在門店內，雙面烤架的功效是否達到了您的期望？如果達到了，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家餐廳使用。這就是為什麼要使用階段門流程，因為我們確實——我們了解到的一件事是，運行這些雙面烤架所需的能源將需要我們進行一些電氣升級，而這些升級是我們最初計劃的。所以我們必須確切了解設備的成本，不僅是購買成本，還有實際安裝成本。因此，我們仍在研究如何使這項服務在經濟上合理。員工都很喜歡，烹飪效果也很棒，但我們必須做一些經濟方面的工作。

Our next question comes from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Harbour。

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。您能否談談配送通路、行動訂餐、取餐，以及您們對時間安排或每15分鐘訂單量進行的一些調整，看看這些是否會對銷售產生影響？

So kind of a 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.

所以這是一個比較籠統的問題。我看看這是否能解答你的疑問。但我們看到，配送業務相當穩定。提前下單和自取業務仍然是我們非常重視的，以確保準時和準確。因此，我們實施了「更聰明的取貨時間」計劃，該計劃會調整每10分鐘允許的訂單數量以及緩衝時間，以便我們的團隊能夠出色地執行這些數位訂單，而不會影響第一線員工的良好體驗。

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，我們在兩個方面都取得了良好的進展。我們更加準時，更加準確，而且我們看到第一線業務的吞吐量有所提升。而且，我們的數位業務的轉換率也沒有出現任何下降。所以，我們正在全速前進，我們必須執行營運平台。

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，您是否仍然看到之前提到的單位銷售成長，以及對回報的影響？實際上，銷量有在成長嗎？您對我們如何看待 Chipotlane 的影響有何評論？尤其是在考慮明年的情況下。

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 的客流量已經接近非 Chipotlane 的客流量。需要注意的是，許多 Chipotlane 餐廳在疫情期間都營業，當時 Chipotlane 實際上是優質門市——當時的首選門市。但請記住，我們比較的也有點像蘋果和橘子，因為在 Chipotlane 早期，我們有很多商圈可以容納 Chipotlane，但我們並沒有在每家餐廳都開設 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 的餐廳往往都在市中心，那種人流密集的地方，根本就開不了 Chipotlane。所以我們就好比拿蘋果和橘子來比較。

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，利潤率確實更高，因為你的業務量大幅增加——你的更多業務透過數位管道進行，這對我們來說是一個更有效率的管道。另外，你還是會遇到大約10%的轉變，你的交貨量會下降8到10個百分點左右，而你的提前訂單量會增加8到10個百分點左右。所以，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——一個非常有效率的提前訂單管道，他們正在取消選擇送貨管道。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自 William Blair 的 Sharon Zackfia。

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?

我想回到吞吐量的問題。我知道您過去曾量化過相對於2019年的峰值吞吐量。我希望我們能得到更新資訊。然後，我也想知道，考慮到業務的變化，2019年真的還是正確的基準嗎？我的意思是，與2019年相比，您的吞吐量翻了一番？我們知道這會導致一線和後線之間出現一些緊張。那麼，這是正確的基準嗎？我的意思是，您有一部分餐廳的吞吐量超過了2019年的峰值嗎？還是這不再是正確的答案了？

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，這個問題問得很好。當我們以2019年為基準時，我們實際上根據目前的業務量進行了調整——基本上有60%到62%的業務通過一線完成，而2019年大約是80%、81%或82%。所以我們已經根據這個業務量進行了調整。例如，2019年的平均吞吐量在20%的高位，也就是28%到29%之間。當你根據62%的業務量透過第一線完成進行調整時，這個基準最終會變成調整後的數據，更像是25%到25%左右——因此，我們為團隊設定了正確的目標，因為我們進行了業務量調整。

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 4 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.

就我們目前的狀況而言，我們一直在逐步改進。目前我們大約有22筆交易，但仍比目標少3筆，距離目標還有2.5到3筆交易。好消息是，正如Brian所提到的，我們在正確部署方面取得了巨大進展。我們看到很多餐廳都在執行「四核心」會議——每場會議至少有4名員工，甚至更多，在一線工作。之前，我們發現大多數餐廳只有3名員工，有時甚至更少。

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，哪些習慣可以提高生產效率？因為在一線有四個人固然是推動因素，但這並不代表你就能實現高產出。你必須留在他們的一線，然後你必須掌握所有我們現在不會講到的技巧，以及所有能夠實現高產出的技巧。

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，個別餐廳或一些餐廳區域在執行核心4後，其吞吐量在15分鐘內比同一區域內未執行核心4的餐廳高出3到4筆或更多交易。所以我們看到了非常令人鼓舞的結果。正是這3到4筆交易，吞吐量就從22筆上升到了25筆左右。因此，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。然後我想問一下本季可比較銷售額指引的問題。我知道去年你們遇到了一些天氣因素，而且假日期間業績也有些令人失望。傑克，你們在今年的指引中考慮了這些因素嗎？還是說你們只是保持穩定？

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，我們的做法是從10月份開始追蹤當前的趨勢，並持續前進。我們確實會考慮去年的情況，但我們不會考慮去年的情況，而是考慮這會影響我們的營收成長還是下降。我們實際上會參考當前的趨勢，包括烤肉、菜單價格上漲以及當前的潛在交易趨勢。我們會利用這些趨勢來預測今年剩餘時間與去年相比的表現，如果天氣狀況有所變化，如果我們觀察到個別日期或幾週的天氣狀況良好，我們的營收在這些時期就會反彈。但我們不會根據去年的天氣狀況來預測今年的業績會好轉還是惡化。

Our next question comes from Danilo Gargiulo with Bernstein.

我們的下一個問題來自伯恩斯坦的 Danilo Gargiulo。

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，我簡單解釋一下。我假設 40% 的流通率是你們系統的平均水準。那麼，隨著越來越多的門市開設 Chipotlane，您是否認為 40% 的流通率會帶來任何組合效益？是否會出現新的商圈？那麼，在不久的將來，我們能否討論 42% 或 43% 的流通率？

That's correct, Danilo. 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，達尼洛。在 Chipotlane，利潤率更高，而且增量利潤率也更高。所以，當我們在 Chipotlane 增加交易量時，你肯定會看到一些增長。

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?

好的。那麼，隨著一些大型同行可能提升產品價值，您是否認為產業正在朝著更高水準的促銷力度發展，以吸引和留住客流？如果是這樣，您是否預期Chipotle能夠像去年一樣擁有相同的定價權？

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，我們專注於提供卓越的體驗。而我們看到，這帶來了卓越的價值。遺憾的是，我們並非透過價格促銷來實現這一點，而是透過精湛的烹飪技巧、豐富的客製化服務以及極快的速度來實現，而這正是我們為消費者創造價值的真正體現。此外，鑑於我們現有的規模，我們能夠採購食材，為人們提供清潔的飲食體驗，坦白說，以我們目前的定價，在其他地方是無法獲得這種體驗的。

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.

價格實惠、高度可客製化、品質超高，這些都為消費者帶來了極高的價值評價。再看看我們與競爭對手的相對價格定位，我們日常標準產品的折扣在15%到30%之間。

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.

團隊為了將這一點具體化，做了一些很有趣的事情。他們調查了18到34歲之間背負學生貸款的人群，對吧？我們發現，Chipotle是這個群體中最有價值的主張。所以我們看到的一點是，無論你處於什麼情況，無論是低收入，還是高收入但背負一些學生貸款，我們仍然是一個強大的價值主張，無論你關注哪個消費者群體。

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.

太好了。兩個問題。首先，布萊恩，我相信你常常會被問到這個問題。我之前在CNBC上看到過一些關於這個問題的頭條新聞，但只是關於減肥藥帶來的不利影響。我想你提到到目前為止還沒有看到任何影響，但看起來你可能比其他人更容易受到影響，只是因為你的收入水平略高。所以我想知道你如何評估這是否造成了影響，或者如果這成為未來的不利因素，你會採取哪些不同的措施？或許你會專注於我們所知的更健康的產品，來應對它。你如何看待它帶來的影響，以及你會如何應對。然後我還有一個後續問題。

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。我們還沒有看到任何實質的影響。根據我對這種藥物的了解，以及我與比我更了解這種藥物的人交流後發現，我們的食物是一個很好的解決方案，因為它乾淨，沒有油炸。它允許人們根據自己的飲食目標量身定制膳食，無論他們是服用GLP-1藥物，還是進行生酮飲食、全脂30天飲食，或者加入他們正在進行的生活方式飲食或他們可能正在服用的生活方式藥物。好消息是，我們能夠透過非常健康的方式，為您量身訂製清潔食品。

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.

所以從長遠來看，我認為我們處於非常有利的位置。我們拭目以待，看看事態如何發展。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始終致力於誠信經營食品，並快速提供客製化解決方案。

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?

明白了。然後，傑克，就第四季而言，或者更重要的是，展望2024年，你們的商品和勞動力通膨情況如何？當您談到餐廳利潤率接近27%時，您假設的是什麼？我知道您提到光是加州勞動成本就上漲了250到300個基點。但我想知道您對明年商品和勞動力通膨的假設是什麼？

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。傑夫，你知道預測任何事情，尤其是過去幾年的通貨膨脹，都非常非常困難。目前，我們的原料和勞動力的通貨膨脹率似乎都穩定在3%左右，大概在3%到4%之間，大概這個水準。這是一個非常正常的環境。如果通貨膨脹率維持在3%到4%的範圍內，我認為就沒問題了。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 would 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.

我們能在不加價的情況下把利潤率提高到27%嗎？除非我們的交易量加快，而且我們能夠利用固定項目的優勢，否則這很難實現。但如果利潤率在3%到4%之間，我們只要加價3%就行了。我想我們不會有問題。但如果利潤率繼續保持在更高的水平，顯然會更難一些。但無論如何，如果利潤率最終保持在3%到4%之間，如果人們保住工作，如果人們仍然想外出就餐，我們相信他們會繼續光顧Chipotle，尤其是從我們最近看到的趨勢來看。

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?

太好了。布萊恩，我想回到你對 Hyphen 生產線的評論。我記得你說過它能提高產能、提高準確率和速度。你認為目前需要克服哪些障礙，才能進入階段門流程的下一個階段？

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。我們在培育中心推出了第一個原型，團隊在各方面都進行了出色的壓力測試。我們學到了很多，對吧？關於如何匯出產品，我們還有很多工作要做。關於如何清潔，我們還有很多工作要做。關於如何實際提供份量，我們還有很多工作要做。

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，這樣我們就能不斷學習、迭代，最終希望能更快找到解決方案。我很期待看到下一個原型會是什麼樣子，但團隊正在努力完善我們之前學到的一些關鍵知識。

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.

但是的，看，所有跡像都非常有希望，隨著我們繼續在階段門上進行這項工作，我們追求的是準確性、速度，然後是團隊成員執行這項任務的能力，包括出口站，然後保持其清潔和食品安全。

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.

所以我們正在努力解決這些問題。但就我們的第一個原型而言，團隊做得非常出色，我喜歡大家學習的熱情，這樣我們才能打造出更好的第二代原型。

Great. And then just my last question would be on -- have you seen any difference in sales performance for the 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.

太好了。最後我想問的是──您最近發現市區和郊區門市的銷售表現有什麼不同嗎？復工之後，您覺得情況有改善嗎？任何關於這個問題的澄清都會有所幫助。

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。可比市場已經非常接近了。市區的表現仍然比郊區高出約100個基點左右，所以差距非常非常大。但我想說，就絕對銷售額而言，中央商務區仍然落後。如果你回顧疫情前和現在的情況，中央商務區仍然落後。但從可比較市場的角度來看，它們的表現大致相同。

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

我們的問答環節到此結束。我想將會議交還給 Brian Niccol，請他做最後發言。

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。也感謝大家的提問和參與電話會議。我們當然對我們的團隊以及第三季的成果感到非常自豪。看到我們在吞吐量方面的努力，透過團隊的配備、培訓和直接部署，不斷取得進展，這令人非常興奮。此外，憑藉我們強大的價值主張，我們看到它在交易中體現出來，成為成長的驅動力。

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.

我們將繼續專注於實現高產出。我們將繼續專注於提供一流的烹飪服務，我們將繼續專注於擁有訓練有素、清楚了解各自職位職責的優秀人才。

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.

我對我們所取得的成果感到非常興奮，同時也對未來充滿信心，無論是在新工廠建設方面，還是在持續提高平均產量和利潤率方面。感謝您抽出時間，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。您可以斷開連線了。