奇波雷墨西哥燒烤 (CMG) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Chipotle Fourth Quarter and Fiscal Year-end 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Chipotle 第四季和 2023 財年終收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to 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 fourth quarter and fiscal year-end 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，歡迎參加我們的第四季和 2023 財年終收益電話會議。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. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

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。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 措施的調整表。

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 will turn the call over to Brian.

這樣，我會將電話轉給布萊恩。

Thanks, Cindy, and good afternoon, everyone. We delivered outstanding results this year driven by our focus on exceptional people, exceptional food and exceptional throughput. This is driving a much better experience for our teams and our guests and resulted in accelerating transaction growth throughout 2023.

謝謝辛迪，大家下午好。由於我們對優秀人才、優質食品和卓越吞吐量的關注，我們今年取得了出色的業績。這為我們的團隊和客人帶來了更好的體驗，並導致 2023 年交易量加速成長。

For the year, sales grew 14% to reach $9.9 billion driven by a 7.9% comp. Digital sales represented 37% of sales. Restaurant-level margin was 26.2%, an increase of 230 basis points year-over-year. Adjusted diluted EPS was $44.86, representing 37% growth over last year. And we opened a record 271 new restaurants, including 238 Chipotlanes.

今年銷售額成長 14%，達到 99 億美元，年成長率為 7.9%。數位銷售額佔銷售額的 37%。餐廳級利潤率為26.2%，較去年同期成長230個基點。調整後攤薄每股收益為 44.86 美元，較去年增長 37%。我們開設了創紀錄的 271 家新餐廳，其中包括 238 家 Chipotlanes。

We also ended the year with a lot of momentum as demonstrated by our fourth quarter results. Our restaurant teams are making terrific progress in building a strong foundation around throughput, and the return of carne asada as a limited-time offer outperformed our expectations.

正如我們第四季度的業績所證明的那樣，我們也以強勁的勢頭結束了這一年。我們的餐廳團隊在圍繞吞吐量建立堅實的基礎方面取得了巨大進展，而卡內淺田作為限時優惠的回歸超出了我們的預期。

For the quarter, sales grew 15% to $2.5 billion driven by an 8.4% comp. Digital sales represented 36% of sales. Restaurant-level margin was 25.4%, an increase of 140 basis points year-over-year. Adjusted diluted EPS was $10.36, representing 25% growth over last year. And we opened a record 121 new restaurants, including 110 Chipotlanes.

本季銷售額成長 15%，達到 25 億美元，年增 8.4%。數位銷售額佔銷售額的 36%。餐廳級利潤率為25.4%，年增140個基點。調整後攤薄每股收益為 10.36 美元，較去年增長 25%。我們開設了創紀錄的 121 家新餐廳，其中包括 110 家 Chipotlanes。

As a reminder, we are returning to our prepandemic practice of only providing annual comp guidance. While January was impacted by weather throughout much of the country, as weather has normalized, our sales trends have strengthened. For the full year, we anticipate comps in the mid-single digit range as we continue to focus on the same 5 key strategies that help us to win today while we grow our future.

提醒一下，我們將恢復疫情前僅提供年度薪資指導的做法。雖然一月受到全國大部分地區天氣的影響，但隨著天氣恢復正常，我們的銷售趨勢有所加強。我們預計全年業績將在中個位數範圍內，因為我們將繼續專注於幫助我們贏得今天並發展未來的 5 個關鍵策略。

Now let me provide an update on each of these strategies, which include: number one, sustaining world-class people leadership by developing and retaining diverse talent at every level; number two, running successful restaurants with a people-accountable culture that provides great Food with Integrity while delivering an exceptional in-restaurant and digital experiences; number three, making the brand visible, relevant and loved to improve overall guest engagement; number four, amplifying technology and innovation to drive growth and productivity in our restaurants, support centers and in our supply chain; and number five, expanding access and convenience by accelerating new restaurant openings in North America and internationally.

現在讓我介紹一下每項策略的最新情況，其中包括：第一，透過培養和留住各個層級的多元化人才來維持世界一流的人才領導力；第二，以對人負責的文化經營成功的餐廳，提供誠信的優質食品，同時提供卓越的餐廳內和數位體驗；第三，使品牌可見、相關且受喜愛，以提高整體賓客參與度；第四，加強技術和創新，以推動我們的餐廳、支援中心和供應鏈的成長和生產力；第五，透過加速在北美和國際上開設新餐廳來擴大准入和便利性。

Starting with our world-class people. I'm excited to share that Ilene Eskenazi joined my executive leadership team in November as our Chief Human Resources Officer with over 25 years of experience in leading human resources and legal functions across a wide range of industries. I'm confident Ilene will be instrumental in helping Chipotle to develop and retain talent at every level of the organization and enhance the support we provide to our people both in our restaurants and at our support centers, strengthening Chipotle as a best-in-class employer.

從我們世界一流的人才開始。我很高興地告訴大家，Ilene Eskenazi 於 11 月加入我的執行領導團隊，擔任我們的首席人力資源官，她在領導各行業的人力資源和法律職能方面擁有超過 25 年的經驗。我相信艾琳將在幫助 Chipotle 培養和留住組織各個層面的人才方面發揮重要作用，並加強我們為餐廳和支持中心的員工提供的支持，從而使 Chipotle 成為一流的企業雇主。

As I've said in the past, we want to attract and retain the best people that we can develop and grow. Part of this includes listening to their needs and investing in ways that will help our employees thrive both professionally and personally. This is why we recently added new benefits to our industry-leading benefits platform like enhanced mental health care, a student loan retirement match and additional financial wellness tools for our workforce.

正如我過去所說，我們希望吸引並留住我們能夠培養和成長的最優秀人才。其中一部分包括傾聽他們的需求並投資於幫助我們的員工在職業和個人方面蓬勃發展的方式。這就是為什麼我們最近在行業領先的福利平台上增加了新的福利，例如加強心理健康護理、學生貸款退休匹配以及為員工提供的額外財務健康工具。

In addition to our benefits, our long-term growth opportunity and promote-from-within culture provides a path for team members to advance quickly within Chipotle. In fact, in 2023, we promoted over 24,000 people, and over 90% of restaurant management roles were internal promotions. This includes 87% of field leader positions, which is one of the biggest jumps for our teams, going from running 1 restaurant to an average of 8 restaurants. The ability to achieve this rate of internal promotions is a result of our strong restaurant leaders, many of whom started as crew members and who are committed to training and developing our future leaders.

除了我們的福利之外，我們的長期發展機會和內部提拔文化也為團隊成員在 Chipotle 內快速晉升提供了途徑。事實上，2023 年，我們晉升了超過 24,000 名員工，超過 90% 的餐廳管理職位都是內部晉升。其中包括 87% 的領域領導職位，這是我們團隊最大的飛躍之一，從經營 1 家餐廳到平均經營 8 家餐廳。能夠實現這種內部晉升率是我們強大的餐廳領導者的結果，他們中的許多人都是從船員開始的，致力於培訓和發展我們未來的領導者。

A great example is one of our field leaders in New York, who has been with Chipotle for over 16 years. He helped to develop and promote over 40 team members who have grown within Chipotle and have gone on to become some of our best general managers, field leaders, team directors and even one of our regional vice presidents. This is the type of person who will help us to deliver on our goals of running great restaurants, delivering industry-leading economics and expanding to 7,000 restaurants in North America longer term. Great people executing great culinary and throughput results in a terrific guest experience and drives performance.

一個很好的例子是我們紐約的一位現場領導者，他已經在 Chipotle 工作了 16 年多。他幫助培養和提拔了 40 多名團隊成員，他們在 Chipotle 內不斷成長，後來成為我們最好的總經理、現場領導者、團隊總監，甚至是我們的區域副總裁之一。這類人將幫助我們實現營運一流餐廳、實現業界領先的經濟效益以及在北美長期擴張至 7,000 家餐廳的目標。優秀的員工執行出色的烹飪和吞吐量，可以帶來出色的賓客體驗並提高績效。

And this brings me to our operations. Strong leadership is the key to running successful restaurants with fast throughput. So it is no surprise that the restaurants with the most tenured general managers are executing the best. The good news is our GM turnover is at some of the lowest levels that I have seen since I joined Chipotle. And over the last couple of quarters, we have put the building blocks in place to deliver great throughput.

這讓我談談我們的營運。強有力的領導力是經營快速吞吐量的成功餐廳的關鍵。因此，擁有最多終身總經理的餐廳執行效果最好也就不足為奇了。好消息是，我們的總經理營業額處於我加入 Chipotle 以來所見過的最低水平。在過去的幾個季度中，我們已經將建置模組放置到位以提供巨大的吞吐量。

As we mentioned last quarter, we have adjusted the cadence of orders on the digital makeline to achieve a better balance of labor between the 2 lines. Additionally, we began collecting data on the execution of the 4 pillars of throughput in our restaurants and providing feedback and coaching on a weekly basis. This is allowing our restaurant teams to see progress, which is energizing and motivating as the experience of winning catches momentum. And finally, our teams now have real-time access to their max 15 throughput results in the moment, so our GMs can coach and recognize great throughput while it is happening.

正如我們上季度所提到的，我們調整了數位生產線上的訂單節奏，以實現兩條生產線之間更好的勞動力平衡。此外，我們開始收集有關餐廳吞吐量四大支柱執行情況的數據，並每週提供回饋和指導。這讓我們的餐廳團隊看到了進步，當勝利的經驗帶來動力時，這會充滿活力和激勵。最後，我們的團隊現在可以即時存取當前最大 15 個吞吐量結果，因此我們的 GM 可以在吞吐量發生時進行指導和識別。

Since we put these coaching tools in place in the third quarter, we have seen the number of restaurants with at least 4 crew members on the frontline during peak periods improve from 30% to around 50%. This is driving an acceleration in our throughput performance as the number of entrees in our peak 15 minutes improved by a full point in the fourth quarter compared to last year.

自從我們在第三季部署這些輔導工具以來，我們發現高峰期至少有 4 名員工在一線的餐廳數量從 30% 增加到 50% 左右。這推動了我們吞吐量效能的加速，第四季高峰 15 分鐘內的主菜數量比去年增加了整整一個百分點。

I'm thrilled to see the progress we are beginning to make, and continuing this momentum is critical as we approach our peak burrito season in mid-March. We will also further strengthen our industry-leading value proposition, which consists of delicious culinary made with real ingredients that's customizable, convenient, served quickly and at an accessible price point.

我很高興看到我們開始取得的進展，並且隨著三月中旬即將到來的墨西哥捲餅高峰季節，繼續保持這種勢頭至關重要。我們還將進一步強化我們行業領先的價值主張，其中包括採用真實食材製成的美味佳餚，可客製化、方便、快速且價格實惠。

When we are executing on all parts of our value proposition, we are providing a great customer experience, which helps all other drivers of sales to perform better, such as menu innovation. And last year, Chicken al Pastor and carne asada both surpassed our expectations and drove incremental transactions. This is a testament to the cross-functional effort by our marketing, culinary supply chain and restaurant teams that do an outstanding job innovating as well as bringing back past favorites that are more delicious each time and are executed seamlessly.

當我們執行價值主張的所有部分時，我們正在提供出色的客戶體驗，這有助於所有其他銷售驅動因素表現得更好，例如菜單創新。去年，Chicken al Pastor 和 carne asada 都超出了我們的預期，並推動了增量交易。這證明了我們的行銷、烹飪供應鏈和餐廳團隊的跨職能努力，他們在創新方面做得非常出色，並帶回了過去的最愛，每次都更加美味，並且無縫執行。

2024 will be another exciting year for menu innovation, including 1 to 2 limited-time offers and rolling out creative ways to shine a spotlight on our core menu throughout the year. As part of highlighting the core, we recently launched our latest lineup of Lifestyle Bowls, which shows how the customization of our real ingredients allows Chipotle to embrace all interpretations of wellness, whether it be plant-based, high protein, keto, paleo and more.

2024 年將是菜單創新又一個令人興奮的一年，包括 1 到 2 項限時優惠，並推出創意方式來突出我們全年的核心菜單。作為強調核心的一部分，我們最近推出了最新的生活方式碗系列，這展示了我們真正成分的定制如何讓Chipotle 擁抱健康的所有詮釋，無論是植物性的、高蛋白的、酮類的、古式的等等。 。

In connection with the launch, we announced a partnership with Strava, the leading digital community for active people with more than 120 million athletes, to encourage and reward healthy habits with a chance to earn free Lifestyle Bowls. This is giving our fans the right tools to sustain healthy habits in 2024 and beyond.

在此次發布中，我們宣布與 Strava（領先的活躍人士數位社區，擁有超過 1.2 億運動員）建立合作夥伴關係，鼓勵和獎勵健康習慣，並有機會贏取免費的生活方式碗。這為我們的粉絲提供了在 2024 年及以後保持健康習慣的正確工具。

In addition to menu innovation, our marketing team continues to do a fantastic job of making the Chipotle brand more visible, more relevant and more loved to drive difference, culture and drive a purchase. Our Behind the Foil campaign is a great example that highlights key differentiators of Chipotle. This includes our restaurant teams preparing our real ingredients, made fresh every day using classic culinary techniques, such as dicing onions and jalapenos, hand-mashing our signature guac and grilling our adobo chicken, steak and fajita veggies on the plancha. We will continue to evolve Behind the Foil campaign in 2024. And it's really exciting to see that our best-performing ads are an authentic, behind-the-scenes look into a day in the life of a Chipotle team member. This certainly demonstrates one of our core values, which is, "Authenticity lives here. Our food is real and so are we."

除了菜單創新之外，我們的行銷團隊也繼續出色地工作，使 Chipotle 品牌更引人注目、更相關、更受喜愛，從而推動差異、文化和推動購買。我們的 Behind the Foil 活動就是一個很好的例子，凸顯了 Chipotle 的主要差異化優勢。這包括我們的餐廳團隊每天使用經典烹飪技術來準備真正的食材，例如將洋蔥和墨西哥辣椒切丁、手工搗碎我們的招牌酪梨醬，以及在煎餅上燒烤我們的阿斗波雞、牛排和法吉塔蔬菜。我們將在 2024 年繼續發展 Behind the Foil 活動。看到我們最好的廣告是對 Chipotle 團隊成員一天生活的真實幕後觀察，這真的很令人興奮。這無疑體現了我們的核心價值之一，即“真實存在。我們的食物是真實的，我們也是如此。”

Shifting to amplifying technology innovation. We have made a lot of progress this year on improving the digital experience. We made several enhancements to our app functionality, including order readiness messaging, wrong location detection, reminders to scan for points at checkout, prior order history and more. This has helped to reduce friction points and improve the overall experience for guests.

轉向放大技術創新。今年我們在改善數位體驗方面取得了巨大進展。我們對應用程式功能進行了多項增強，包括訂單準備訊息傳遞、錯誤位置偵測、結帳時掃描點提醒、先前的訂單歷史記錄等等。這有助於減少摩擦點並改善客人的整體體驗。

We also launched Freepotle for our Rewards members, which was successful in driving engagement and enrolling new members as we were able to surprise and delight our guests with free rewards, such as guac, a beverage or double meat. From the Freepotle drops, we were able to learn more about our Rewards members to improve our ability to deliver relevant experiences in the future.

我們還為獎勵會員推出了 Freepotle，它成功地提高了參與度並吸引了新會員，因為我們能夠透過免費獎勵（例如酪梨醬、飲料或雙份肉）給客人帶來驚喜和愉悅。透過 Freepotle 的掉落，我們能夠更了解我們的獎勵會員，從而提高我們未來提供相關體驗的能力。

Finally, we recently rolled out suggestive upsell on our app at checkout based on data we have on our Rewards members, including prior order history. Going forward, I believe we are in a multiyear path to commercializing our customer data and insights into more targeted marketing campaigns and improving the overall digital experience that will drive increased frequency and spend over time.

最後，我們最近根據獎勵會員的數據（包括先前的訂單歷史記錄）在結帳時在我們的應用程式上推出了建議性追加銷售。展望未來，我相信我們將走上多年的道路，將我們的客戶數據和洞察商業化，以開展更有針對性的營銷活動，並改善整體數位體驗，從而隨著時間的推移推動頻率和支出的增加。

I also want to spend a few minutes providing an update on our Cultivate Next fund, which launched 2 years ago with an objective of making early-stage investments into strategically aligned companies that further our mission to cultivate a better world and accelerate our strategic priorities. Since launching this fund, the amount of innovation that we have seen across the food tech landscape has surpassed our expectations and encompasses everything from farming to supply chain to alternative proteins and oils to in-restaurant automation and more.

我還想花幾分鐘介紹一下我們的Cultivate Next 基金的最新情況，該基金於兩年前推出，旨在對戰略一致的公司進行早期投資，以進一步推動我們建設更美好世界的使命，並加快我們的戰略優先事項。自從啟動基金以來，我們在整個食品技術領域看到的創新數量超出了我們的預期，涵蓋了從農業到供應鏈，到替代蛋白質和油，再到餐廳自動化等各個方面。

We have reviewed hundreds of innovative companies and have made 7 investments, of which there are many opportunities for commercial engagements. This includes Hyphen, which we are partnering with to develop our automated digital makeline; and Vebu, which we are partnering with to develop Autocado that cuts, cores and scoops avocados.

我們審查了數百家創新公司並進行了 7 筆投資，其中有許多商業參與的機會。其中包括 Hyphen，我們正在與之合作開發我們的自動化數位生產線；我們正在與 Vebu 合作開發 Autocado，可以切割、去核和舀出酪梨。

Both Hyphen and Autocado help to improve the overall experience for our teams by removing less favorable tasks and for our guests by providing on-time, accurate and delicious food. We continue to work on iterations of each technology at our Cultivate Center, and the good news is that we plan to pilot the automated digital makeline and Autocado in a restaurant in 2024 as part of our stage-gate process.

Hyphen 和 Autocado 都透過消除不太有利的任務來幫助改善我們團隊的整體體驗，並透過提供準時、準確和美味的食物來幫助我們的客人改善整體體驗。我們繼續在 Cultivate Center 進行各項技術的迭代，好消息是，我們計劃於 2024 年在一家餐廳試點自動化數位生產線和 Autocado，作為我們階段性流程的一部分。

Last month, we announced 2 more investments in Greenfield Robotics and Nitricity. Greenfield Robotics provides regenerative agriculture solutions without chemicals using fleets of autonomous robots to weed fields. And Nitricity uses technology to tackle greenhouse gas emissions by creating natural fertilizer products that are better for fields, farmers and the environment. We believe both Greenfield Robotics and Nitricity could play an important role in ensuring a more sustainable future for farms within our supply chain.

上個月，我們宣布了對 Greenfield Robotics 和 Nitricity 的另外兩項投資。 Greenfield Robotics 使用自主機器人車隊在田間除草，提供無需化學品的再生農業解決方案。 Nitricity 利用科技創造對田地、農民和環境都更好的天然肥料產品，從而解決溫室氣體排放問題。我們相信 Greenfield Robotics 和 Nitricity 都可以在確保我們供應鏈中的農場實現更永續的未來方面發揮重要作用。

Our suppliers are a key enabler of Chipotle's growth and help us to further our purpose of cultivating a better world. We will continue to find innovative ways to support their ability to grow, harvest and supply the high-quality, sustainably raised, real ingredients that Chipotle serves.

我們的供應商是 Chipotle 發展的關鍵推動者，幫助我們進一步實現建立更美好世界的目標。我們將繼續尋找創新的方法來支持他們種植、收穫和供應 Chipotle 所提供的高品質、可持續飼養的真正原料的能力。

Our final strategic pillar is expanding access, and our development team has done an incredible job of meeting our development targets despite the time line challenges we continue to see. In the fourth quarter, we opened 121 new restaurants. And for the full year, we opened 271 new restaurants, which is the highest number of openings in the company's history in a single quarter and in a single year.

我們的最後一個策略支柱是擴大准入，儘管我們繼續面臨時間線挑戰，但我們的開發團隊在實現我們的發展目標方面做了令人難以置信的工作。第四季度，我們新開了 121 家餐廳。全年我們新開了 271 家餐廳，這是公司歷史上單季和單年度新開餐廳數量最多的一次。

We have now surpassed 800 Chipotlanes and continue to see very strong results with Chipotlanes driving higher new restaurant productivity, margins and returns. Additionally, this year, we had some fantastic openings in new markets with our first restaurant in Calgary breaking an opening day record and sustaining very high volumes post opening day. When we serve delicious food with exceptional operations and execute great local marketing, our brand gains traction quickly, and Canada is a testament to this. We will continue to accelerate our growth in Canada in 2024 with 10 to 14 new restaurant openings planned, representing 25% to 35% growth for the country. And in total, we continue to target 285 to 315 new restaurant openings in 2024, mostly in North America with over 80%, including a Chipotlane.

目前，我們的 Chipotlanes 數量已超過 800 家，並且繼續取得非常強勁的業績，Chipotlanes 推動了新餐廳生產力、利潤和回報的提高。此外，今年，我們在新市場上開設了一些精彩的餐廳，我們在卡加利的第一家餐廳打破了開業日記錄，並在開業後維持了非常高的銷售。當我們透過卓越的營運提供美味的食物並執行出色的本地行銷時，我們的品牌很快就會獲得關注，加拿大就是證明。 2024 年，我們將繼續加速在加拿大的成長，並計劃開設 10 至 14 家新餐廳，相當於全國 25% 至 35% 的成長。總體而言，我們繼續目標是在 2024 年開設 285 至 315 家新餐廳，其中大部分位於北美，超過 80%，其中包括 Chipotlane。

So to conclude, I want to thank our 115,000 employees for their hard work, which drove strong results in 2023. We hit some big milestones, including surpassing 3,400 restaurants, 800 Chipotlanes, $3 million in AUVs and forming our first international partnership.

最後，我要感謝我們115,000 名員工的辛勤工作，他們在2023 年取得了強勁的業績。我們實現了一些重大里程碑，包括超過3,400 家餐廳、800 家Chipotlanes、300 萬美元的AUV 以及建立我們的第一個國際合作夥伴關係。

As I look forward, I see the opportunity longer term to more than double our restaurants in North America, increase our penetration of Chipotlanes, surpass $4 million in AUVs, expand our industry-leading margins and returns, and further our purpose of cultivating a better world globally. As I mentioned in the beginning, this ambitious plan will require exceptional people, exceptional food and exceptional throughput. The good news is that I'm certain we have the right people and the right strategy to achieve it.

展望未來，我認為從長遠來看，我們有機會將我們在北美的餐廳數量增加一倍以上，提高我們對Chipotlanes 的滲透率，使AUV 的價值超過400 萬美元，擴大我們行業領先的利潤和回報，並進一步實現我們培育更好的目標的目標。世界全球。正如我在開頭提到的，這個雄心勃勃的計劃將需要優秀的人才、優質的食物和卓越的吞吐量。好消息是，我確信我們擁有合適的人才和正確的策略來實現這一目標。

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

所以，我會把它交給傑克。

Thanks, Brian, and good afternoon, everyone. Sales in the fourth quarter grew 15% year-over-year to reach $2.5 billion as comp sales grew 8.4% driven by over 7% transaction growth. Restaurant-level margin of 25.4% increased about 140 basis points compared to last year, and earnings per share adjusted for unusual items was $10.36, representing 25% year-over-year growth. The fourth quarter had unusual expenses related to elevated depreciation and changes to a legal contingency.

謝謝布萊恩，大家下午好。第四季銷售額年增 15%，達到 25 億美元，在交易成長超過 7% 的推動下，同業銷售額成長 8.4%。餐廳級利潤率為 25.4%，比去年增加約 140 個基點，不尋常項目調整後的每股收益為 10.36 美元，年增 25%。第四季度出現了與折舊增加和法律意外事件變化相關的異常費用。

Looking to fiscal 2024. We anticipate comps in the mid-single digit range for the full year. As a reminder, we were impacted by unusually cold weather throughout the country in January. As the weather has normalized, our underlying sales trends remained strong, and they support our full year guidance range. Additionally, Q1 will include the benefit of an extra day due to leap year, but this will be offset by Easter shifting into Q1 this year compared to Q2 of last year.

展望 2024 財年。我們預期全年業績將在中個位數範圍內。提醒一下，一月我們受到了全國異常寒冷天氣的影響。隨著天氣恢復正常，我們的基本銷售趨勢仍然強勁，這支持了我們的全年指導範圍。此外，第一季將包括因閏年而額外增加一天的好處，但與去年第二季相比，今年復活節轉移到第一季將抵消這一好處。

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%, an increase of about 40 basis points from last year, a larger mix shift to be due to the success of carne asada as well as elevated cost across the board, most notably beef, produce and queso was partially offset by the benefit of menu price increases and lower paper costs.

我現在將介紹關鍵的損益行項目，從銷售成本開始。本季銷售成本為 29.7%，比去年增加約 40 個基點，由於 carne asada 的成功以及全面上漲的成本（尤其是牛肉、農產品和起司），產品組合發生了較大變化菜單價格上漲和紙張成本降低的好處部分抵消了這一影響。

For Q1, we expect our cost of sales to be in the low 29% range as the benefit of the mix shift out of carne asada will be partially offset by higher costs across several line items, most notably avocados and tortillas. We anticipate cost of sales inflation to be in the low to mid-single-digit range for the full year.

對於第一季度，我們預計我們的銷售成本將在29% 的低水平範圍內，因為從carne asada 轉向混合的好處將被多個產品系列（尤其是酪梨和玉米餅）的更高成本所部分抵消。我們預計全年銷售成本通膨將在低至中個位數範圍內。

Labor costs for the fourth quarter were 25%, a decrease of about 60 basis points from last year. The benefit of sales leverage and better labor execution more than offset wage inflation and higher performance-based compensation. For Q1, we expect our labor cost to be in the low 25% range, with wage inflation in the low to mid-single-digit range. And we anticipate wage inflation will tick up to the mid-single-digit range as California wages go up around 20% in April of this year.

第四季勞動成本為25%，比去年下降約60個基點。銷售槓桿和更好的勞動力執行力的好處遠遠抵消了薪資上漲和更高的績效為基礎的薪酬。對於第一季度，我們預計勞動成本將在 25% 的低水準範圍內，薪資通膨率將在低至中個位數範圍內。我們預計，隨著今年 4 月加州薪資上漲 20% 左右，薪資通膨將升至中個位數範圍。

Other operating costs for the quarter were 14.7%, a decrease of about 100 basis points from last year. The decrease was driven by sales leverage as well as lower marketing and promo costs, which were 3.1% of sales in Q4, a decrease of about 30 basis points from last year. In Q1, we expect marketing cost to be in the low 3% range with full year to come in right around 3%. In Q1, other operating costs are expected to be in the high 14% range.

該季度其他營運成本為14.7%，較去年下降約100個基點。這一下降是由於銷售槓桿以及行銷和促銷成本降低所致，第四季度行銷和促銷成本佔銷售額的 3.1%，比去年下降約 30 個基點。第一季度，我們預計行銷成本將在 3% 左右，全年行銷成本將在 3% 左右。第一季度，其他營運成本預計將高達 14%。

G&A for the quarter was $169 million on a GAAP basis or $170 million on a non-GAAP basis, excluding about $1 million change in a legal contingency. G&A also includes $122 million in underlying G&A, $36 million related to noncash stock compensation, $10 million related to higher bonus accruals and payroll taxes on equity vesting and exercises and $2 million related to our upcoming All Manager Conference, which is scheduled for Q1 of this year.

以 GAAP 計算，本季的一般管理費用為 1.69 億美元；以非 GAAP 計算，本季的一般管理費用為 1.7 億美元，不包括約 100 萬美元的法律意外變動。 G&A 還包括1.22 億美元的基本G&A、3600 萬美元與非現金股票薪酬相關、1000 萬美元與更高的應計獎金和股權歸屬和行使的工資稅相關，以及200 萬美元與即將舉行的全體經理會議相關，該會議定於本季第一季舉行年。

We expect our underlying G&A to be around $127 million in Q1 and step up each quarter as we make investments in people and technology to support our ongoing growth. We anticipate stock comp will be around $32 million in Q1, although this amount could move up or down based on our actual performance and is subject to the final 2024 brands, which are issued in Q1. We also expect to recognize around $7 million related to employer taxes associated with shares that vest during the quarter and $21 million for costs associated with our biannual All Manager conference in March, bringing our anticipated total G&A in Q1 to around $187 million.

我們預計第一季的基本管理費用約為 1.27 億美元，並且隨著我們對人員和技術的投資以支持我們的持續成長，每個季度都會增加。我們預計第一季的庫存補償將約為 3,200 萬美元，儘管這一金額可能會根據我們的實際業績上下波動，並取決於第一季發布的 2024 年最終品牌。我們也預計將確認約700 萬美元與與本季歸屬股票相關的雇主稅相關的費用，以及2,100 萬美元與3 月份半年一次的全體經理會議相關的費用，使我們預計第一季的總管理費用達到約1.87 億美元。

Adjusted depreciation for the quarter was $79 million or 3.1% of sales. And for 2024, we expect it to remain right around this level as a percent of sales. Effective tax rate for Q4 was 26.2% for both GAAP and non-GAAP. And for 2024, we continue to estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

該季度調整後折舊為 7,900 萬美元，佔銷售額的 3.1%。到 2024 年，我們預計其佔銷售額的百分比將保持在這一水平附近。第四季 GAAP 和非 GAAP 的有效稅率均為 26.2%。對於 2024 年，我們繼續估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管它可能會根據離散項目而有所不同。

Our balance sheet remains strong as we ended the quarter with $1.9 billion in cash, restricted cash and investments with no debt. And during the fourth quarter, we repurchased $144 million of our stock at an average price of $1,936. For the full year, we repurchased a total of $590 million at an average price of $1,827. And going forward, we'll continue to opportunistically repurchase our stock. During the quarter, our Board authorized an additional $200 million for our share authorization program. And at the end of the quarter, we had $424 million remaining.

我們的資產負債表仍然強勁，本季末我們擁有 19 億美元現金、限制性現金和無債務投資。第四季度，我們以 1,936 美元的平均價格回購了價值 1.44 億美元的股票。全年我們回購了總計 5.9 億美元的資金，平均價格為 1,827 美元。展望未來，我們將繼續機會主義地回購我們的股票。本季度，我們的董事會為我們的股票授權計畫額外授權了 2 億美元。截至本季末，我們還剩下 4.24 億美元。

We opened a record 121 new restaurants in the fourth quarter, of which 110 had a Chipotlane. And as we mentioned last quarter, we anticipate opening between 285 and 315 new restaurants in 2024 with over 80% having a Chipotlane. We continue to see developers delaying projects due to macro pressures and high interest rates, along with permitting, inspection and utility installation delays. The midpoint of our guidance range assumes these challenges persist. And we remain on track to move towards the high end of the 8% to 10% range by 2025, assuming conditions do not worsen.

我們在第四季新開了 121 家餐廳，創歷史新高，其中 110 家設有 Chipotlane。正如我們上季度所提到的，我們預計 2024 年將開設 285 至 315 家新餐廳，其中超過 80% 擁有 Chipotlane。我們繼續看到開發商由於宏觀壓力和高利率以及許可、檢查和公用設施安裝的延誤而推遲項目。我們的指導範圍的中點假設這些挑戰仍然存在。假設情況不會惡化，我們仍有望在 2025 年向 8% 至 10% 範圍的高端邁進。

In closing, Chipotle is a purpose-driven company that's been able to scale over the last 30 years into one of the largest restaurant brands in the world. An exciting part is that we still have a long growth runway in front of us. Our strong economic model gives us a high degree of confidence that our ambitious growth objectives are achievable, if not beatable. And as we continue to protect and strengthen our economic model, our long-term growth opportunity will only expand just as it has over the last 30 years. So thank you to all of our employees for their hard work and their dedication to Chipotle, and let's keep the momentum going in 2024.

最後，Chipotle 是一家以目標為導向的公司，在過去 30 年裡不斷擴大規模，成為世界上最大的餐廳品牌之一。令人興奮的是，我們面前還有很長的成長跑道。我們強大的經濟模式使我們充滿信心，相信我們雄心勃勃的成長目標即使無法實現，也是可以實現的。隨著我們繼續保護和加強我們的經濟模式，我們的長期成長機會只會像過去 30 年一樣不斷擴大。感謝我們所有員工的辛勤工作和對 Chipotle 的奉獻，讓我們在 2024 年繼續保持這一勢頭。

With that, we'll open the lines for your questions.

這樣，我們將開通您的提問熱線。

(Operator Instructions) The first question comes from Andrew Charles with TD Cowen.

（操作員說明）第一個問題來自 TD Cowen 的 Andrew Charles。

Brian, I appreciate the ambition that you talked about for $4 million AUVs. And I think the same drivers that were used to reach the $3 million level are still the largest drivers to get to the $4 million level, which includes operations, marketing, loyalty, Chipotlane and menu innovation. But if you look back from -- several years from now and you get to that $4 million faster than expected, what driver do you think could work better than it has in recent years? Or maybe if you think about it differently, are there new drivers that will help you get to the $4 million level, such as catering, breakfast or automation? And then, Jack, I have a follow-up.

Brian，我很欣賞你談到的 400 萬美元 AUV 的雄心壯志。我認為，用於達到 300 萬美元水平的相同驅動因素仍然是達到 400 萬美元水平的最大驅動因素，其中包括營運、行銷、忠誠度、Chipotlane 和菜單創新。但是，如果您幾年後回顧，您以比預期更快的速度達到 400 萬美元，您認為哪種驅動程式可以比近年來表現得更好？或者如果您換個角度思考，是否有新的驅動因素可以幫助您達到 400 萬美元的水平，例如餐飲、早餐或自動化？然後，傑克，我有一個後續行動。

Yes. Thanks for the question. Look, I do believe, at the end of the day, the thing that will get us to $4 million and probably beyond that is going to be great execution in the restaurant, meaning focusing on great culinary, great people and great throughput. I think we're very fortunate that it doesn't require another daypart. It doesn't require something that we aren't currently doing today to achieve that result.

是的。謝謝你的提問。聽著，我確實相信，最終我們可以賺到 400 萬美元，甚至可能超出這個數字，這將是餐廳出色的執行力，這意味著專注於出色的烹飪、出色的員工和出色的吞吐量。我認為我們很幸運，不需要另外一天的時間。它不需要我們目前沒有做的事情來實現這一結果。

I do think things like automation, like Hyphen and Autocado, and continuing to do things with our rewards program, the menu innovation, the marketing, will obviously be things that push us further and further. But one thing I think that we demonstrated this last quarter is when we perform better on the operations front, all those things I just listed off had an, I would call it, almost like a multiplying effect. So the good news is we still have a lot of headroom to go on operational execution. And I think we've got the right things in place for the long term to get us to that $4 million and beyond.

我確實認為像 Hyphen 和 Autocado 這樣的自動化，以及繼續進行我們的獎勵計劃、菜單創新、行銷等工作，顯然會推動我們走得越來越遠。但我認為我們在上個季度證明的一件事是，當我們在營運方面表現得更好時，我剛剛列出的所有這些事情都產生了，我稱之為乘數效應。因此，好消息是我們在營運執行方面仍有很大的空間。我認為，從長遠來看，我們已經採取了正確的措施，可以讓我們的收入達到 400 萬美元甚至更多。

Helpful. And then, Jack, my question is around the mechanics to get to that $4 million level. I mean do you expect to sustain mid-single digit same-store sales to get there? Or do you think the law of large numbers kicks in at some point in the out-years that low single digits is the right rate of same-store sales growth? And similarly, what kind of margins do you think the business can support at $4 million volumes, assuming normalized commodity and labor inflation?

有幫助。然後，傑克，我的問題是圍繞著達到 400 萬美元水平的機制。我的意思是，您是否希望維持中位數的同店銷售額才能實現這一目標？或者您認為大數定律會在未來幾年的某個時刻發揮作用，即低個位數的同店銷售成長率才是正確的？同樣，假設商品和勞動力通膨正常化，您認為該業務在 400 萬美元的銷售下可以支持多少利潤？

Yes, Andrew, it's really hard to predict over a long period of time into the future what comps are going to do. I think for the foreseeable future, our guidance next year in the mid-single digit, I think, makes sense. But if you look at our history, we have a history of having outsized comps when the economy is going well and our operations are going well. I would argue even the acceleration we saw in the fourth quarter was we had a great combination of demand being created by carne asada, what's become a favorite of our customers, and throughput allowing those sales to flow through.

是的，安德魯，真的很難預測未來很長一段時間內公司會做什麼。我認為在可預見的未來，我們明年的指導值為中位數是有道理的。但如果你看看我們的歷史，你會發現，當經濟發展良好、我們的營運進展順利時，我們就有過規模龐大的績效。我認為，即使我們在第四季度看到的加速成長，也是我們客戶最喜愛的 carne asada 創造的需求與允許這些銷售流通的吞吐量的完美結合。

And those are the -- and I would expect those things to happen in the future. It's very hard to predict how and when they're going to happen, Andrew. But those are the things that Chipotle has seen in the past. I think that will likely happen in the future as well.

這些就是──我希望這些事情將來會發生。安德魯，很難預測它們將如何以及何時發生。但這些都是 Chipotle 過去見過的事。我認為未來也可能會發生這種情況。

But keep in mind, at these volumes, every time you add in a mid-single digit, you're talking about $150,000 layer, and it keeps growing over time. So the $4 million, while it's an aspirational goal, it certainly is something we think we definitely will get there.

但請記住，在這些數量上，每次添加中個位數時，您所談論的就是 150,000 美元的層，並且它會隨著時間的推移而不斷增長。因此，400 萬美元雖然是一個雄心勃勃的目標，但我們認為我們一定會實現這一目標。

In terms of margins, I would expect margins to continue to expand. We still expect to see a pass-through. Every time we grow our transaction, grow our sales through additional customers, about a 40% flow-through. As I said, 40% gets averaged in against the 26% we delivered last year. I would expect the margins to go up. And as we get up to $4 million, I would expect we'd be in the high 20%, maybe even in the 30% range.

就利潤率而言，我預計利潤率將繼續擴大。我們仍然期望看到傳遞。每次我們增加交易量時，都會透過更多客戶來增加銷售額，大約增加 40% 的流量。正如我所說，我們去年交付的平均率為 26%，而平均為 40%。我預計利潤率會上升。當我們達到 400 萬美元時，我預計我們會處於 20% 的高位，甚至可能在 30% 的範圍內。

Again, you're talking about predicting something over a very long period of time. But our margins will definitely get stronger over time, which means our returns will get stronger as well as we move from $3 million to $4 million.

再說一次，你談論的是在很長一段時間內預測某些事情。但隨著時間的推移，我們的利潤肯定會變得更強，這意味著我們的回報也會變得更強，我們的收入也會從 300 萬美元增加到 400 萬美元。

The next question comes from David Tarantino with Baird.

下一個問題來自大衛·塔倫蒂諾和貝爾德。

Congratulations on a great 2023. My question is really about the unit growth, and I've got 2 parts to that. I think you've been talking about 7,000 restaurants in North America for a while. And as you build more of -- more and more Chipotlanes and see the returns you're getting, I'm just wondering if that number could prove low in your mind. Is there upside to the 7,000 over time?

恭喜您度過了美好的 2023 年。我的問題實際上是關於單位增長的，對此我有兩個部分。我想您談論北美的 7,000 家餐廳已經有一段時間了。當你建造越來越多的 Chipotlanes 並看到你所獲得的回報時，我只是想知道這個數字在你的腦海中是否會很低。隨著時間的推移，7000 點還有上漲空間嗎？

And then, I guess, the second part of the question is I know you want to grow faster. And Jack, you mentioned getting to 10% unit growth next year is the goal. I'm just wondering what line of sight you have to that at this point that you can share with us.

然後，我想問題的第二部分是我知道你想成長得更快。傑克，您提到明年的目標是實現 10% 的單位成長。我只是想知道您現在有什麼看法可以與我們分享。

Yes. Well, why don't I go ahead and start it, David, and then I'll let Jack fill in. Look, the way we've come to the 7,000 number is we've looked at what our penetration levels are. And in some of the places where we have the most penetration, we continue to build restaurants with success, which then gives us the confidence to do the exercise to say, okay, well, if you just apply that math to the rest of the country, we quickly add up to 7,000. So we think it's a very practical goal. Some might say conservative, but we definitely think it's a practical goal.

是的。好吧，我為什麼不直接開始呢，David，然後我會讓 Jack 來補充。看，我們得出 7,000 這個數字的方式是我們已經了解了我們的滲透水平。在我們滲透率最高的一些地方，我們繼續成功開設餐廳，這讓我們有信心進行練習說，好吧，好吧，如果你將這個數學應用到全國其他地區，我們很快加起來就是 7,000。所以我們認為這是一個非常實際的目標。有些人可能會說保守，但我們絕對認為這是一個實際的目標。

And probably as we get closer, I think Jack has talked about this in the past, I think at one point, we were talking about having 3,000 Chipotles, then we said 4,000, then we said 5,000, here we are at 7,000. I hope it does prove to be conservative. I think the brand has got a lot of upside in it, but that's how we get to the 7,000.

可能隨著我們越來越接近，我想傑克過去曾談到過這個問題，我想有一次，我們討論過擁有3,000 個Chipotles，然後我們說4,000 個，然後我們說5,000 個，現在我們是7,000 個。我希望事實證明它確實是保守的。我認為這個品牌有很大的優勢，但這就是我們達到 7,000 的原因。

Yes. And David, on how do you get to 10%, our visibility is quite good. Our inventory building that the teams have been doing is really, really strong. In fact, the team has had to build more inventory than we normally would need to basically offset these time lines. These time lines have really delayed everything. So I think you're talking about instead of 15, 16 months from when you get a deal to open, it's now more like 21, 22 months or so.

是的。 David，關於如何達到 10%，我們的知名度非常好。我們團隊一直在進行的庫存建設非常非常強大。事實上，團隊不得不建立比我們通常需要更多的庫存，以基本上抵消這些時間線。這些時間線確實耽誤了一切。所以我認為你說的是從達成交易之日起 15、16 個月，現在更像是 21、22 個月左右。

But each year, the team builds a stronger inventory. The result of the new openings has been outstanding. So the quality has been very, very high. So the inventory itself looks really, really good. And if we get any break in terms of time lines, with developers moving a little bit faster, with local authorities in terms of utility, in terms of permitting, if that was a little bit faster, we actually can get to that clip even a little sooner. But we built in the exact same extended time line that we're seeing today with the current very robust inventory. And that will get us, if not all the way, very close to that 10% figure.

但每年，該團隊都會建立更強大的庫存。新開張的結果非常出色。所以品質非常非常高。所以庫存本身看起來非常非常好。如果我們在時間線方面有任何突破，開發商行動得更快一點，地方當局在效用方面，在許可方面，如果更快一點，我們實際上甚至可以到達那個剪輯早一點。但我們建立了與今天所看到的完全相同的延長時間線以及當前非常強勁的庫存。這將使我們（即使不是一直）非常接近 10% 的數字。

And then just a quick follow-up, Jack. Are you seeing any signs at all that the time lines could be getting a little bit shorter? Any signs of life there?

然後快速跟進，傑克。您是否看到任何跡象表明時間軸可能會變得更短？那裡有生命跡象嗎？

Not anything sustained, David. So I mean our teams are working really, really hard at it. The most recent challenge has been developers with high interest rates. They're pausing a little bit. I do think if interest rates improve this year, I do think that will help. But nothing that I would bank on right now. We're certainly working hard at it, though.

沒有任何持續的東西，大衛。所以我的意思是我們的團隊正在非常非常努力地工作。最近的挑戰是開發商的高利率。他們暫停了一點。我確實認為，如果今年利率提高，我確實認為這會有所幫助。但我現在沒有什麼好指望的。不過，我們當然正在努力。

The 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 wanted to ask one on throughput, clearly a big area of focus driver of traffic this year. Can you talk about how you see the potential traffic opportunity in '24 driven by throughput and just the priorities to get there to further unlock that opportunity?

我想問一個關於吞吐量的問題，這顯然是今年交通流量的一大焦點驅動因素。您能否談談您如何看待 24 年由吞吐量驅動的潛在流量機會以及進一步釋放該機會的優先事項？

Yes. Well, obviously, we're really delighted to see over 7 points of transaction growth in the fourth quarter. I think that's a testament to our operations teams in the field having a focus on getting great throughput. And we talked about this quite a bit. There's the 4 pillars of great throughput.

是的。顯然，我們很高興看到第四季的交易成長超過 7 個百分點。我認為這證明了我們在該領域的營運團隊專注於獲得巨大的吞吐量。我們對此談了很多。高吞吐量有 4 個支柱。

I'd say we're kind of still in the early stages of this because we're just getting people in position. So I think you heard my comments about, hey, we now have 4 people on the frontline almost 50% of the time. That's only one component of the 4 pillars, you really think about it, right? It's -- that's part of our idea of mise en place. Like we want to be prepared, people in position, ready to go.

我想說我們還處於早期階段，因為我們只是讓人們就位。所以我想你聽到了我的評論，嘿，我們現在幾乎 50% 的時間裡有 4 個人在前線。這只是四大支柱之一，你仔細想想，對吧？這是我們「就位」理念的一部分。就像我們要做好準備，人們就位，準備出發。

So we still have a lot of upside on making sure that we have the expo, the linebacker in position and ready to go. So we still think we're early, early days on this. There's a lot of upside to it. I am delighted to see the progress though. We've increased our max 15 pretty much every month throughout 2023 and saw some of our best results in December, and those trends continued into January.

因此，在確保我們有博覽會、線衛就位並準備好出發方面，我們仍然有很多優勢。所以我們仍然認為我們在這方面還處於早期階段。它有很多好處。不過，我很高興看到進展。在整個 2023 年，我們幾乎每個月都會增加 15 個上限，並在 12 月看到了一些最好的結果，這些趨勢一直持續到 1 月。

So lots of space to still grow into. But the thing I love is that the teams are laser focused on getting after it. I think we've now given them more tools that they have better visibility on how they're performing real time. And when I get to visit restaurants, it's the first thing that's on people's minds: how we're doing on our throughput, how we're doing on culinary and how we're doing with the people and culture. So it's nice to see.

還有很多空間可以成長。但我喜歡的是，團隊全神貫注地追求它。我認為我們現在為他們提供了更多工具，使他們能夠更好地了解自己的即時表現。當我去餐廳時，人們首先想到的是：我們的吞吐量如何，我們的烹飪如何，以及我們與人民和文化的關係如何。所以很高興看到。

Great. And if I could just ask on -- a quick one on menu innovation, how you're thinking about it. I know you mentioned 1 to 2 this year. I know you typically do an LTO on chicken in the spring and then beef later in the fall. Any change to how you're thinking about cadence, especially as you consider sort of throughput in operations?

偉大的。如果我可以快速詢問一下關於菜單創新的問題，您對此有何看法。我知道你今年提到了1到2。我知道您通常在春季對雞肉進行 LTO，然後在秋季晚些時候對牛肉進行 LTO。您對節奏的看法有什麼變化，特別是當您考慮營運中的吞吐量時？

Yes. I mean, look, I think what we've demonstrated this past year is that's definitely a cadence that our operators can execute great throughput with. So they delivered pollo asado with excellence. And then we did the same thing -- I'm sorry, Chicken al Pastor with excellence and then followed that up with carne asada.

是的。我的意思是，看，我認為我們在過去的一年中所展示的是，這絕對是我們的操作員可以執行巨大吞吐量的節奏。所以他們提供了卓越的pollo asado。然後我們做了同樣的事情 - 對不起，雞肉牧師非常出色，然後是卡內淺田。

So we feel really good about doing 1 or 2 a year. I think you're also going to see us this year do a little bit more spotlighting even on the core menu, which we're doing right now with our Lifestyle Bowls. And then you'll see us do that as well during the year.

所以我們每年做一到兩次感覺很好。我想你今年也會看到我們甚至在核心菜單上也做了更多的關注，我們現在正在用我們的生活方式碗做這件事。然後你會看到我們在這一年也這樣做。

So we think we've got the right cadence. We think we've got the right innovation pipeline. And also the things that we've done in the past, we've demonstrated we can revisit those with success as most recently with carne asada.

所以我們認為我們已經有了正確的節奏。我們認為我們擁有正確的創新管道。還有我們過去所做的事情，我們已經證明我們可以重新審視那些成功的事情，就像最近的 carne asada 一樣。

The 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。

Brian, you mentioned just suggestive upsell at checkout. And I was curious on that theme or maybe just a bar theme. What are some things that you think you could do to drive check, right? I think we've talked a lot about transactions, but what do you think could be check drivers as we think about this year and beyond?

布萊恩，你提到在結帳時只是暗示性追加銷售。我對這個主題或只是一個酒吧主題很好奇。您認為您可以做哪些事情來進行駕駛檢查，對吧？我想我們已經討論了很多關於交易的問題，但是您認為我們今年及以後的檢查驅動程式可能會是什麼？

Yes. Look, I think one of the things that's been really nice to see is the incidence of our size has continued to go up like queso and chips and salsa. We're continuing to see people adding on to their entrees. And I think that has a lot to do with what we're able to do digitally, both at the point of checking out as well as how we communicate with people through our rewards program, right?

是的。聽著，我認為非常高興看到的一件事是我們的尺寸的發生率持續上升，就像起司、薯條和莎莎醬一樣。我們不斷看到人們在主菜上添加新的內容。我認為這與我們能夠以數位方式完成的事情有很大關係，無論是在結帳時還是我們如何透過獎勵計劃與人們溝通，對嗎？

So the suggestive sale example I'm talking about, we've now turned that into a smart suggestive sales. So I'll give you the best example or a really simple one. Historically, you get a Mexican Coke with your order. When you get to check out, if you don't have Mexican Coke in your basket, we will serve your suggestive sale of, hey, you forgot your Mexican Coke versus before, we might have just been saying, hey, maybe you should think about chips and queso.

因此，我正在談論的暗示性銷售範例，我們現在已將其轉變為智慧暗示性銷售。所以我會給你一個最好的例子或一個非常簡單的例子。從歷史上看，您點餐時會得到一杯墨西哥可樂。當您結帳時，如果您的購物籃中沒有墨西哥可樂，我們將為您提供建議性銷售，嘿，您忘記了墨西哥可樂，與之前相比，我們可能只是說，嘿，也許您應該考慮一下關於薯條和玉米餅。

So what we're seeing is that type of insight into the individual results in more commercialization or higher check as they check out because we're serving a lot of things that they historically have usually added to their ticket. So we're seeing that make great progress. And then obviously, I think our queso, chips and guac are pretty darn special. So the more people learn and experience it, the more they want to add it to their check.

因此，我們看到的是，這種對個人的洞察會帶來更多的商業化或更高的支票，因為我們提供了許多他們過去通常添加到門票中的東西。所以我們看到這取得了巨大的進步。顯然，我認為我們的起司、薯條和酪梨醬非常特別。因此，越多的人了解和體驗它，他們就越想將其添加到他們的支票中。

Okay. Great. Jack, are you willing to comment just on kind of the levels of -- I guess 1Q, maybe it looks similar to the fourth quarter, but are you willing to comment on the level of pricing you'll see just factoring in kind of California as we start to think about perhaps the second quarter?

好的。偉大的。傑克，您是否願意對第一季度的水平發表評論，也許看起來與第四季度相似，但是您是否願意對僅考慮加利福尼亞州的定價水平發表評論當我們開始考慮第二季度時？

Yes. Q1 will be similar, call it, in that 2.5% to 3% range in Q1. We haven't made a final decision in terms of pricing with FAST Act. We know we have to take something at a significant increase when you talk about a 20%-ish increase in wages.

是的。第一季將與第一季類似，即 2.5% 至 3% 的範圍。我們尚未就 FAST Act 的定價做出最終決定。我們知道，當你談論薪資成長 20% 左右時，我們必須採取大幅成長的措施。

And I think we talked in the past that there's one approach where you would cover the profitability so you would break even from a profitability standpoint but not protect margins. So in other words, margins would go down, profitability would not, or you take a higher price increase and you protect margins as well. We haven't decided within that range. We'll wait and see just what the landscape looks like, what the consumer sentiment is, what other companies are going to do.

我認為我們過去談到過，有一種方法可以涵蓋獲利能力，這樣從獲利能力的角度來看，你可以實現收支平衡，但不能保護利潤率。換句話說，利潤率會下降，而獲利能力不會下降，或者您採取更高的價格上漲，同時也可以保護利潤率。我們還沒有在這個範圍內做出決定。我們將拭目以待，看看情況如何，消費者情緒如何，其他公司將採取什麼行動。

So I would say in terms of the impact, California represents about 15% of our restaurants. So depending on where we end up, there'll probably be an extra 80-ish, 90-ish basis points to maybe something over 100 basis points in terms of additional menu price across all of our 3,400 restaurants, just to give you kind of an order of magnitude.

所以我想說，就影響而言，加州約占我們餐廳的 15%。因此，根據我們最終的結果，我們所有 3,400 家餐廳的額外菜單價格可能會額外增加 80 個基點、90 個基點，甚至超過 100 個基點，只是為了給您帶來一些好處一個數量級。

The 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。

I was thinking about the amount of time, attention, labor hours that you spend in morning prep every day at the store level. And as the system grows, gains scale, potentially benefits from more equipment, more technology, more automation, maybe some more centralization, I was wondering for you to talk about opportunities to maybe reallocate some of this prep labor that you may have longer term, how big of a bucket is that. And obviously, Autocado was one identified solution. How much more is there? And how much more could that mean to the overall business model of the future?

我在想的是，你在商店層級每天早上準備工作所花費的時間、注意力和勞動時間。隨著系統的發展，規模的擴大，可能會受益於更多的設備、更多的技術、更多的自動化，也許還有更多的集中化，我想請你談談可能重新分配一些你可能擁有的長期準備勞動力的機會，那是多大的一個桶子。顯然，Autocado 是一種確定的解決方案。還有多少？這對未來的整體商業模式意味著什麼？

Yes. Look, thanks for the question. Obviously, prep in the morning is a critical piece of the puzzle. If we get our prep done correctly, we usually have a great lunch. Actually, we always have a great lunch when you get the prep time correctly. Usually, where we run into problems is if we're running behind on prep. So things like Autocado, other robotics to help actually cut the onions and the jalapenos, these things would be huge enablers. That's why you continue to see us look at all these cobotic ideas to make prep even more efficient.

是的。聽著，謝謝你的提問。顯然，早上的準備是這個難題的關鍵部分。如果我們的準備工作做得正確，我們通常會吃到一頓豐盛的午餐。事實上，只要你安排好準備時間，我們總是能吃到一頓豐盛的午餐。通常，我們遇到問題的地方是我們的準備工作落後了。因此，諸如 Autocado 之類的其他機器人技術可以幫助實際切洋蔥和墨西哥辣椒，這些東西將是巨大的推動者。這就是為什麼您會不斷看到我們研究所有這些協作機器人想法，以使準備工作更有效率。

One thing I know for sure is if we could get every restaurant 100% of the time to have their prep done on time and ready to roll, our throughput will go up. So we're going to do everything we can to ensure we're investing in prep, both more efficiently and then also effectively to get it done.

我確信的一件事是，如果我們能夠讓每家餐廳 100% 的時間都按時完成準備工作並做好準備，我們的吞吐量將會上升。因此，我們將盡一切努力確保我們在準備工作上進行投資，既更有效，又更有效地完成任務。

How you reallocate that time, we'll figure that out as we get closer to it, and that's probably the reason why we're using the stage-gate process. As we put Autocado into stores, we will see how that plays out. But you mentioned centralizing kitchens on this. That's something we're not contemplating. We believe to keep the freshest food, the best culinary, it needs to happen in the restaurant.

如何重新分配時間，我們會在接近時弄清楚，這可能是我們使用階段控制流程的原因。當我們將 Autocado 引入商店時，我們將看看效果如何。但你提到了集中廚房這一點。這是我們沒有考慮的事情。我們相信，要保持最新鮮的食物、最好的烹飪，就需要在餐廳裡進行。

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

下一個問題來自美國銀行的 Sara Senatore。

A couple of follow-up questions. The first is I wanted to go back to your comment about restaurants that for the makeline going from 30% to 50% is still a long way to go. I'm wondering if you can maybe quantify what the contributions to that in that increase of transaction growth, which is to say, presumably, it's not like every 20 points of staffing improvement gets you 7 points of transaction growth. But if you could just maybe rank order, is it staffing? Or are there other things that are also going into this? And parallel that, perhaps what you saw in the last decade when you also saw a real focus on the 4 pillars and improvement in throughput.

幾個後續問題。首先，我想回到您對餐廳的評論，即生產線從 30% 到 50% 仍然有很長的路要走。我想知道您是否可以量化對交易成長成長的貢獻是什麼，也就是說，大概，人員配備的每 20 個點的改進不會帶來 7 個點的交易成長。但如果你可以排序的話，是人員配置嗎？或者有其他的事情也參與其中嗎？同時，也許您在過去十年中看到了對四大支柱和吞吐量改進的真正關注。

Yes. So great question. Here's what I'll tell you is, for sure, you've got to be staffed, you got to have stability in the teams, right? That's how we get the reps so that we execute better every time. The other thing I'll say is when we looked back and we were doing maybe our best throughput, these numbers can easily go from 50% to 60%, 70-some-odd percent in execution. So it's not unrealistic for us to believe we can get better than where we are today. And I think the teams know that.

是的。很好的問題。我要告訴你的是，當然，你必須配備人員，你必須保持團隊的穩定性，對吧？這就是我們獲得代表的方式，以便我們每次都能更好地執行。我要說的另一件事是，當我們回頭看時，我們可能正在做我們最好的吞吐量，這些數字很容易從 50% 上升到 60%，執行中達到 70% 左右。因此，我們相信我們能夠比現在的情況變得更好並非不切實際。我認為團隊知道這一點。

The other thing that I think is also helping the teams is to have the visibility so they know how they performed in their 15 minutes allows them to course-correct real-time versus finding out what happened that day. And then they kind of missed out on being able to course-correct for a later part of lunch or dinner time.

我認為對團隊也有幫助的另一件事是擁有可見性，這樣他們就知道自己在 15 分鐘內的表現如何，從而可以即時糾正路線，而不是找出當天發生的情況。然後他們就錯過了在午餐或晚餐時間晚些時候糾正路線的機會。

How it contributes to the comp, here's one thing I'll tell you is we're executing better. And when we're executing better, people feel better about the food, they feel better about the brand. We just got back some brand metrics that, frankly, are just terrific. And I think that shows up in our value scores, and it shows up in the way that people are feeling about the brand.

它如何對薪酬做出貢獻，我要告訴你的一件事是我們執行得更好。當我們執行得更好時，人們對食物和品牌的感覺就會更好。我們剛剛得到了一些品牌指標，坦白說，這些指標非常棒。我認為這體現在我們的價值分數上，也反映在人們對品牌的感受上。

So the brand has got really strong perceptions. I think our team members feel really good about the success they're having, which is also really important, right? When the crew feels like they're going fast, they're giving people what they want, they feel better, which then I think in result turns into like kind of this ongoing system where everybody believes they're now achieving and getting what they want.

所以這個品牌有非常強烈的認知。我認為我們的團隊成員對他們所取得的成功感到非常滿意，這也非常重要，對吧？當工作人員感覺他們進展很快時，他們給了人們他們想要的東西，他們感覺更好，然後我認為結果變成了一種持續的系統，每個人都相信他們現在正在實現並得到他們想要的東西想。

So our customers are happier, the team members are happier, the brand is stronger. And I think these are all the things that contribute to 7 points of transaction growth, or said another way, really strong value proposition that we've got in today's environment.

所以我們的客戶更快樂，團隊成員更快樂，品牌更強大。我認為這些都是促成 7 個點交易成長的因素，或者換句話說，我們在當今的環境中擁有真正強大的價值主張。

Got it. Okay. And then just on the carne asada, I mean, I know in the past you've gotten questions about how do you lap a really successful LTO, but here you have it for like the third time and it was better than you expected. Is that marketing? Is that digital? Because you actually as a percentage of revenue spent less year-over-year. So I'm just trying to understand again what the runway is for these already very successful LTOs.

知道了。好的。然後就在 carne asada 上，我的意思是，我知道過去您曾有人問過如何才能真正成功地完成 LTO 圈，但在這裡您已經第三次擁有它了，而且它比您預期的要好。這就是行銷嗎？那是數字嗎？因為實際上你的支出佔收入的百分比比去年同期要少。所以我只是想再次了解這些已經非常成功的 LTO 的跑道是什麼。

Yes. Look, I think our teams executed carne asada better than we ever have. I thought the experience of carne asada was terrific. I also do think the advertising and the communication around it was really good. So I think our ads are communicating what makes Chipotle special, which is this team member that's committed to doing great culinary in the restaurant.

是的。聽著，我認為我們的團隊比以往任何時候都更好地執行了 carne asada。我覺得 carne asada 的經驗非常棒。我也確實認為廣告和圍繞它的溝通非常好。因此，我認為我們的廣告傳達了 Chipotle 的特別之處，即該團隊成員致力於在餐廳中提供出色的烹飪。

And then when you layer in a great product like carne asada that gets executed with excellence, good things happen. And it was kind of, I think Jack mentioned this earlier, great demand generation with the advertising the carne asada initiative. And then the folks in our restaurants were doing a really terrific execution so that people got down the line faster, they experienced great culinary and they got exactly what they wanted. So I think it's the combination of really having compelling menu news with great advertising and our operations team executing the fundamentals really well.

然後，當您將像 carne asada 這樣出色的產品分層並以卓越的方式執行時，好事就會發生。我想傑克之前提到過，透過為 carne asada 計劃做廣告，產生了巨大的需求。然後我們餐廳的工作人員做了非常出色的執行，以便人們更快地下線，他們體驗到了美味的烹飪，並且得到了他們想要的東西。所以我認為這是真正引人注目的菜單新聞與出色的廣告和我們的營運團隊很好地執行基本原則的結合。

The next question comes from Danilo Gargiulo with Bernstein.

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

Can you please provide maybe some color on the key drivers of the traffic comp in 4Q by income cohorts or maybe by channels? And if you can also comment on the avo check, how much was the contribution from pricing versus contribution from mix? And what's your expectation given that the delivery mix impact should be normalizing at this point?

您能否按收入群體或管道提供有關第四季度流量競爭主要驅動因素的一些資訊？如果您也可以對 avo 檢查發表評論，那麼定價的貢獻與混合的貢獻是多少？鑑於此時交付組合的影響應該正常化，您的期望是什麼？

Yes. So look, one of the things that we're really delighted to see is every income cohort, we saw sales grow. So whether that's below $40,000, between $40,000 and $100,000, over $100,000, we saw progress with every income cohort. So clearly, the brand is resonating in a meaningful way. What was the other part of his question?

是的。所以看，我們真正高興看到的事情之一是每個收入群體，我們都看到銷售額成長。因此，無論是低於 40,000 美元、40,000 美元至 100,000 美元、還是超過 100,000 美元，我們都看到了每個收入群體的進步。很明顯，該品牌正在以有意義的方式引起共鳴。他問題的另一部分是什麼？

The channels and -- in-store was by far the strongest channel which supports the throughput that we saw.

通路和店內通路是迄今為止支援我們所看到的吞吐量的最強管道。

Yes. In-store was the strongest, order ahead was next and then delivery was third. And I think Jack just mentioned this, the in-store experience, when we have the culinary ready-to-go and you go down the line, it's tough to beat. I mean there's no better experience in walking down the line, seeing the rise in chicken that you want and then giving one of our team members to look like how about a little more, and they do it. So that's how you end up with these big bowls and big burritos. And so I think the value proposition is just really strong in-store, especially when we're executing great culinary and great speed.

是的。店內銷售最強，提前下單次之，最後是送貨。我想傑克剛剛提到了這一點，即店內體驗，當我們準備好烹飪後，你就可以下線了，這是很難被擊敗的。我的意思是，沒有比這更好的體驗了，沿著這條線走下去，看到你想要的雞肉的增加，然後讓我們的一名團隊成員看起來再多一點，然後他們就這麼做了。這就是你最終得到這些大碗和大墨西哥捲餅的原因。因此，我認為店內的價值主張非常強大，尤其是當我們提供出色的烹飪和出色的速度時。

And then, Danilo, just on the check, the check impact was a 1% -- plus 1%. That's about 2.5% price, offset by about 1.5% on the mix, and the mix is driven by group size.

然後，達尼洛，就檢查而言，檢查影響是 1%——再加 1%。這大約是 2.5% 的價格，抵消了大約 1.5% 的組合，而組合是由團體規模驅動的。

Got it. And then you recently significantly improved the benefits, and you really are offering a very strong employment value proposition to your employees. Can you talk about the labor cost and maybe productivity improvement implications that you're expecting from that initiative? And it would be great if you can maybe frame where you are in turnover levels today relative to the rest of the competition in the fast-casual industry.

知道了。然後，您最近顯著提高了福利，並且確實為員工提供了非常強大的就業價值主張。您能談談您對該計劃的預期勞動成本以及生產力提高的影響嗎？如果您能了解您目前的營業額水平與快速休閒行業的其他競爭對手相比，那就太好了。

Yes. Look, I appreciate you taking notice. We -- it's really important to us to make sure that we surround our employees with the right pay, the right growth opportunities and the right benefits. And I do think some of the things that we've added, like being able to help people or incentivize people to pay off student loans and then match them with a 401(k) contribution, I think is a really good idea for the generation of people that we're hiring, the Gen Zs, and also the growth opportunity. Folks can join our company in crew and in 3, 4 years, quickly find themselves leading one team and in some cases, being a multiunit leader.

是的。聽著，我很感謝你的關注。確保為員工提供適當的薪酬、適當的成長機會和適當的福利對我們來說非常重要。我確實認為我們添加的一些內容，例如能夠幫助人們或激勵人們償還學生貸款，然後將其與 401(k) 捐款相匹配，我認為這對這一代來說是一個非常好的主意我們正在招聘的Z 世代，以及成長機會。人們可以加入我們公司，在三、四年內，很快就會發現自己領導一個團隊，在某些情況下，成為多部門領導者。

So I just had the opportunity to meet a young lady. I think she was like 24, field leader, newly promoted. She was at one of our Cultivate University sessions. And you know what, the young lady is very ambitious. I could see she'll be a TD the next time I see her. So I'm excited to have these growth opportunities for people, surrounding them with great benefits and I think a great culture.

所以我才有機會認識一位年輕女士。我認為她就像 24 歲，領域領導者，新晉升的。她參加了我們的培養大學課程。你知道嗎，這位年輕女士非常有野心。我可以預見，下次見到她時，她將成為 TD。因此，我很高興能為人們提供這些成長機會，為他們帶來巨大的福利，我認為這是一個偉大的文化。

How does that play out in stability? We're seeing some of the best stability we've seen, frankly, in my time at Chipotle. If you go back and look, the fact that we've got general manager turnover in the low 20s, crew turnover kind of in the low 100s, that's really good. And relative to the industry, I think that's ahead of the industry. But I don't know those numbers, for sure. But what I do know is we're getting more stability, we're seeing less turnover. And what we hear back from people is they love the purpose, they love the culture, and they love the growth opportunity. And that's what we're going to continue to provide people.

這在穩定性方面如何發揮作用？坦白說，我們看到了我在 Chipotle 工作期間所見過的最好的穩定性。如果你回頭看看，我們的總經理流動率在 20 多歲左右，員工流動率在 100 多歲左右，這真的很好。相對於行業來說，我認為這是領先於行業的。但我肯定不知道這些數字。但我所知道的是，我們正在變得更加穩定，我們的人員流動率也在減少。我們從人們那裡聽到的回饋是，他們熱愛這個目標，熱愛文化，熱愛成長機會。這就是我們將繼續為人們提供的。

The next question comes from Jon Tower with Citigroup.

下一個問題來自花旗集團的喬恩·塔爾。

I'm just curious, Brian, you had mentioned earlier the idea that suggestive selling is starting to work pretty well within the app in terms of getting some incremental attach for orders. But I'm curious if you're doing anything within the stores, coaching people up to kind of work that as well, especially, it looks like your digital sales mix, while not slowing remarkably, is coming down quite a bit. So thinking about kind of the check growth from this point forward. Are there means for you to be able to encourage greater attach for consumers in the store? And is there anything you're doing now?

我只是很好奇，布萊恩，你之前提到過，暗示性銷售在應用程式中開始發揮很好的作用，可以為訂單帶來一些增量附加。但我很好奇你是否在商店內做任何事情，指導人們從事某種工作，特別是，看起來你的數位銷售組合雖然沒有明顯放緩，但下降了很多。因此，考慮從現在開始支票增長的類型。您是否有辦法增強消費者對店內的依戀？你現在在做什麼嗎？

Look, I think in the restaurant, just the simple fact that I think our teams are doing a much better job of having chips and queso and guac all the way until close is making a big impact. I think we talked about this, 6, 9 months ago, we weren't as good as we should have been, call it, after 6, 7:00 at night with being ready to go with chips or guac and queso, and now we are. And our teams are very aware that they should be ready to go with those side items. And I think as a result, you're seeing more people attach them.

聽著，我認為在餐廳裡，一個簡單的事實是，我認為我們的團隊在一直提供薯條、起司和酪梨醬方面做得更好，直到結束為止，這已經產生了巨大的影響。我想我們在 6、9 個月前討論過這個問題，我們沒有達到應有的水平，就這樣吧，晚上 6、7:00 後，我們準備好搭配薯條或鱷梨醬和奶酪，現在我們是。我們的團隊非常清楚，他們應該準備好處理這些附帶項目。我認為結果是，你會看到越來越多的人附上它們。

We aren't doing anything out of the ordinary other than making sure we've got great product ready to go. And when people know it's there, they order it. And when our crew knows they have it, they're more willing to say, hey, they need chips with this order. If it's 7:00, 8:00 at night, you don't have chips, you usually don't say to somebody, do you need chips with that? When you do, it becomes pretty natural in the conversation to say, hey, do you need chips to go with that? Or do you need queso to go like that? So it's really been more focus on executing great culinary available from open to close.

除了確保我們已經準備好出色的產品外，我們沒有做任何不同尋常的事情。當人們知道它的存在時，他們就會訂購它。當我們的工作人員知道他們有它時，他們更願意說，嘿，他們需要這個訂單的薯條。如果是晚上7:00、8:00，你沒有薯條，通常不會對別人說，你需要薯條嗎？當你這樣做時，談話中很自然地說，嘿，你需要籌碼來配合嗎？或者你需要 queso 才能這樣嗎？因此，我們確實更加專注於從營業到休息期間提供美味佳餚。

Got it. And then just flipping to delivery a little bit. It looks like that might be moving lower as a percentage of your sales as well. And I'm just curious if from your perspective, you're getting any indication from those consumers that this is the way that they're better managing their own spend at the store, effectively trading that higher-cost channel for a lower-cost channel going directly to you. And actually, could you provide the delivery mix as well?

知道了。然後稍微翻轉一下交付。看起來這在您的銷售額中所佔的百分比也可能會下降。我只是好奇，從您的角度來看，您是否從這些消費者那裡得到了任何指示，表明這是他們更好地管理自己在商店消費的方式，有效地將較高成本的管道換成較低成本的管道直接與您聯繫的頻道。實際上，您也可以提供交付組合嗎？

Yes. Look, I think intuitively, I think the answer is yes, right? If you're tighter on money, the most expensive way to experience Chipotle is through delivery. So I think consumers know that, and they manage accordingly. But I will say the delivery channel has been pretty stable for the most part. It's in that 14%, 15% range for marketplace and then like 4% or 5% for white label. So you get to like 20% delivery. But it's been pretty stable. And at the end of the day, though, if you need to manage your money, yes, delivery is the most expensive access point.

是的。你看，我直覺地認為，我認為答案是肯定的，對嗎？如果您的資金比較緊張，體驗 Chipotle 最昂貴的方式就是透過送貨。所以我認為消費者知道這一點，並且他們會進行相應的管理。但我想說的是，交付管道在很大程度上是相當穩定的。市場的比例為 14%、15%，白標的比例為 4% 或 5%。所以你會喜歡 20% 的送貨。但已經相當穩定了。但歸根結底，如果您需要管理資金，是的，送貨是最昂貴的接入點。

The other one thing, Brian, we have is Chipotlane. Chipotlane is one example where when you offer the convenience of Chipotlane and the value of Chipotlane, the customization at Chipotle, you normally would expect to get. You do see that the delivery will drop like 10 points, so it will drop to the low, call it, 10%, 12%, something like that, several to 10 points, and then our order ahead and pickup will move up in the high 20s. So to us, that's a clear indication that if we offer extreme convenience along with the value that Chipotle has that people will choose that access channel as opposed to delivery.

布萊恩，我們的另一件事是 Chipotlane。 Chipotlane 就是一個例子，當您提供 Chipotlane 的便利性和 Chipotlane 的價值時，您通常會期望獲得 Chipotle 的定制服務。你確實看到交貨量會下降 10 個點，所以它會下降到低點，稱之為 10%、12%，類似的東西，幾個到 10 個點，然後我們的提前訂單和提貨將在高20多歲。所以對我們來說，這清楚地表明，如果我們提供極大的便利性以及 Chipotle 所具有的價值，人們就會選擇這種訪問管道而不是送貨。

The next question comes from Dennis Geiger with UBS.

下一個問題來自瑞銀集團的丹尼斯蓋格。

Brian, I just wanted to follow up on sort of the strength across income cohorts and the strength in the brand's value scores. Any other commentary sort of on how you think that the strength in those value scores maybe is having, I don't know, an outsized impact perhaps on the customer, on traffic that you're seeing, particularly in this environment where we're hearing about some softness in various parts of the consumer cohort? Any commentary on that based on data that you guys have relative to those value scores?

布萊恩，我只是想跟進不同收入群體的實力以及品牌價值得分的實力。我不知道，關於您如何認為這些價值得分的強度可能會對客戶、您所看到的流量產生巨大影響的任何其他評論，尤其是在我們所處的環境中聽說消費者群體的各個部分都有些疲軟？根據你們擁有的與這些價值分數相關的數據，對此有什麼評論嗎？

Yes. I mean, look, I think it's the thing we've always talked about, which is relative to, I would say, our peer food offerings, right? So other fast-casual folks have the same or attempt to have the same quality food as us. We're usually 20% to 30% less expensive. And then when you look at some of these other categories where you traditionally view them as more value and convenience, the price delta that you have to pay in order to get our quality, our convenience, our customization, it's not that big of a leap up. So I think that's why we're positioned really well.

是的。我的意思是，聽著，我認為這是我們一直在談論的事情，我想說，這與我們的同行食品供應有關，對吧？因此，其他快餐休閒人士也擁有與我們相同或試圖擁有相同品質的食物。我們通常會便宜 20% 到 30%。然後，當你看到其他一些類別時，你傳統上認為它們更有價值和便利，為了獲得我們的品質、我們的便利、我們的定製而必須支付的價格增量，這並不是那麼大的飛躍向上。所以我認為這就是我們處於如此有利位置的原因。

If you want to move up, it's not a crazy leap up. And then when you look across, we're at a nice value relative to alternatives. So I think that's why our value scores are as strong as they are. And we're very fortunate that we've been able to maintain that through the last couple of years.

如果你想提升，那不是瘋狂的跳躍。然後當你看過去時，你會發現我們相對於其他選擇來說具有很好的價值。所以我認為這就是我們的價值分數如此之高的原因。我們非常幸運，在過去幾年中我們能夠保持這一點。

And look, that's why we're maybe a little bit slower sometimes to take price. But when we took it, we thought it was because now the time was right, inflation warranted doing it. But we've always wanted to do it from a standpoint of protecting our value proposition, and I think we've navigated that one pretty well, at least where we are right now. So we'll see what is in store for us, but I think we've talked about this all the time.

看，這就是為什麼我們有時定價可能會慢一些。但當我們採取這項行動時，我們認為這是因為現在時機成熟，通貨膨脹有必要這樣做。但我們一直想從保護我們的價值主張的角度來做到這一點，而且我認為我們已經很好地解決了這個問題，至少我們現在處於這樣的狀態。所以我們會看看接下來會發生什麼，但我想我們一直在討論這個問題。

Maintaining that value is a really important piece of the puzzle for us. And I just love the fact that we've got quality, we've got value and we've got speed, and we've got customization. We'll protect all those things. And I think we're going to continue to do very well and -- regardless of what the environment is.

保持這價值對我們來說是一個非常重要的難題。我喜歡這樣一個事實：我們有品質、我們有價值、我們有速度、我們有客製化。我們將保護所有這些東西。我認為，無論環境如何，我們都會繼續做得很好。

That's great. And then just quick, Jack, anything more on mix on kind of looking ahead to '24, even at a high level, how to think about the mix component of the check and how that might trend.

那太棒了。然後很快，傑克，關於混合的任何更多關於展望'24，即使在高水平上，如何考慮支票的混合部分以及它可能如何發展。

Yes. Hard to predict because we're in kind of uncharted territory here. I would expect to see a similar kind of mix going forward that the pricing I already talked about what the pricing will be. And I still think there's going to be continued adjustment to the group side for the next several quarters. I would expect it to just ratchet down. It's been ratcheting down over the last several quarters. So I'd expect it to ratchet down from the [1 50], but hard to predict.

是的。很難預測，因為我們正處於未知領域。我預計未來會看到類似的定價組合，我已經討論過定價將是多少。我仍然認為未來幾個季度集團方面還會繼續調整。我預計它會逐漸下降。過去幾個季度，這一數字一直在下降。所以我預計它會從 [1 50] 逐漸下降，但很難預測。

I don't know exactly like what quarter will be like at bays and that we won't be seeing the group size decline at all. But it's down to, I think, a very manageable amount, this 1 50 . I think the fact that it's combined with a 7.4% transaction growth and we've got very modest pricing, we think it's a really healthy balance right now.

我不知道海灣地區哪個季度會是什麼樣子，我們也不會看到集團規模下降。但我認為，這是一個非常易於管理的數量，即 1 50 。我認為，再加上 7.4% 的交易成長以及我們的定價非常適中，我們認為目前這是一個非常健康的平衡。

The next question comes from Brian Bittner with Oppenheimer & Co.

下一個問題來自 Oppenheimer & Co. 的 Brian Bittner。

On Chipotlanes, I mean, you have over 800 Chipotlanes in your portfolio now. I think you built a record 238 of these in 2023. So the prototype is really starting to gain some scale here, and so now your learnings are so much deeper on these assets. So can you just update us on maybe the margin profile now of the Chipotlane portfolio maybe versus the rest of the system? And are we at a point where there's enough Chipotlanes and enough being built in the future, where as they continue to increase as a percentage of the business that they can actually have an impact on the overall company's restaurant margin?

我的意思是，就 Chipotlanes 而言，您的投資組合中現在有超過 800 個 Chipotlanes。我認為您在 2023 年建造了創紀錄的 238 個此類資產。因此，原型確實開始在這裡獲得一定規模，因此現在您對這些資產的了解更加深入。那麼，您能否向我們介紹一下目前 Chipotlane 投資組合相對於系統其他部分的保證金情況？我們是否已經擁有足夠的Chipotlane，並且未來將有足夠多的Chipotlane 建設，隨著它們在業務中所佔比例的不斷增加，它們實際上可以對整個公司的餐廳利潤產生影響？

Well, they're already having that impact. But to your point, it's relatively small because 800 is still, what is that, maybe 1/4 of our system. But it's hundreds of basis points of higher margin, if you compare it to our non-Chipotlane.

嗯，他們已經產生了這種影響。但就你而言，它相對較小，因為 800 仍然是，那是什麼，可能是我們系統的 1/4。但如果你將它與我們的非 Chipotlane 進行比較，它的利潤率要高出數百個基點。

The volumes have actually come pretty close. They're still a little bit higher for the Chipotlane versus non-Chipotlane. They've closed the gap a little bit. It was much, much higher during the pandemic. But when you combine volumes that are a little bit higher with margins that are hundreds of basis points higher and the investment costs are virtually identical, it's a much higher return. So from a shareholder value standpoint, as we open up, as we grow from the 3,400 towards 7,000, the cash-on-cash returns we're getting from the 80% or 85% of our new restaurants that have a Chipotlane is much, much, much higher.

數量實際上已經非常接近了。與非 Chipotlane 相比，Chipotlane 的價格仍然要高一些。他們已經縮小了一點差距。在大流行期間，這一數字要高得多。但是，當你將稍高一點的銷量與高出數百個基點的利潤率結合起來，並且投資成本幾乎相同時，回報率就會高得多。因此，從股東價值的角度來看，隨著我們開業，隨著我們從 3,400 家增長到 7,000 家，我們從 80% 或 85% 擁有 Chipotlane 的新餐廳中獲得的現金回報是非常多的，高得多。

So it does have an accretive impact on our margin. It has an even more meaningful accretive impact on our returns. And you'll just see it every time we open up new restaurants. You'll see that our margins are going to -- they're going to continue to expand as long as our existing comp transactions grow. And these new restaurants coming on board are just going to add fuel to the fire.

因此，它確實對我們的利潤產生了增值影響。它對我們的回報產生更有意義的增值影響。每次我們開設新餐廳時您都會看到它。你會看到，只要我們現有的補償交易成長，我們的利潤率就會繼續擴大。而這些新餐廳的加入只會火上加油。

And just a follow-up on labor margins. In the fourth quarter, your labor margins ended up being much better than you had guided to originally. So I'm curious what positively surprised you on that line item. Was it just the higher sales and the flow-through from that? And then as we look towards 1Q, you are guiding to some deleverage on the labor line year-over-year. Is that mostly just driven by the softer January? Or is labor leverage just going to be much more challenging this year as we move forward?

這只是勞動力利潤率的後續行動。在第四季度，您的勞動力利潤率最終比您最初的預期要好得多。所以我很好奇是什麼讓您對該訂單項目感到驚訝。只是因為更高的銷售額和流量嗎？然後，當我們展望第一季時，您將引導勞動力線逐年去槓桿化。這主要是由一月份的疲軟推動的嗎？或者，隨著我們的前進，今年勞動力槓桿是否會變得更具挑戰性？

Yes. No, really, the thing that happens when you turn the calendar, you have taxes because you have people that are getting tax levels. So you kind of reset, and this happens every year where our tax in Q4 are lower, then they step up in Q1. So that's the only deleverage that you're seeing.

是的。不，實際上，當你翻過日曆時，你就會有稅收，因為有人正在享受稅收水平。所以你有點重置，這種情況每年都會發生，我們第四季的稅收較低，然後第一季稅收增加。所以這是你看到的唯一的去槓桿化。

The leverage that we saw in the fourth quarter is a couple of things. One, when our volumes do -- when our comps accelerate, we do leverage that line as we saw leverage on that line. Two, the ops teams did a good job of managing labor. And then the third thing is our teams did a better job of managing through dealing with like sick time and vacation time at the end of the year. That was a little bit of a negative surprise to us the year before, and our teams did a much better job this year at just getting ahead of that. So those are the 3 contributors.

我們在第四季看到的槓桿有幾個原因。第一，當我們的銷售量增加時——當我們的比較加速時，我們確實會利用這條線，因為我們看到了這條線的槓桿作用。第二，營運團隊在勞動力管理方面做得很好。第三件事是我們的團隊在處理年底的病假和休假時間方面做得更好。前一年這對我們來說有點負面的意外，今年我們的團隊在領先方面做得更好。這就是 3 個貢獻者。

But you should expect that as we grow transactions next year, as long as wage inflation stays relatively benign, we should still continue to be able to lever the labor line.

但你應該預料到，隨著明年交易的成長，只要薪資通膨保持相對溫和，我們仍然應該能夠繼續撬動勞動力線。

The last questioner today will be Sharon Zackfia with William Blair.

今天的最後一位提問者是莎朗·扎克菲亞和威廉·布萊爾。

I guess I wanted to talk about how your most loyal customers are using Chipotle at this point, maybe if there's a way to contrast the frequency of those customers versus 5 years ago when rewards even didn't exist or was very nascent. And then by the same token, kind of talk about how new customers today are entering the Chipotle ecosystem and how they progress in frequency, maybe relative to what you would have seen prepandemic.

我想我想談談你們最忠實的客戶此時如何使用 Chipotle，也許有辦法將這些客戶的頻率與 5 年前（獎勵甚至不存在或剛剛興起）進行對比。然後出於同樣的原因，談談今天的新客戶如何進入 Chipotle 生態系統以及他們的頻率進展如何，也許與您在大流行前看到的情況有關。

Yes. Well, the one thing that definitely is clear is if you're in the rewards program, you have higher frequency and higher check. And so obviously, one of the things we're trying to do is both existing customers and new customers continue to drive engagement within our rewards program. And so that continues to work really well. I think we're now like 38 million or almost 40 million people in the program. So that is really powerful.

是的。好吧，明確的一件事是，如果您參加獎勵計劃，您的頻率和檢查率都會更高。顯然，我們正在努力做的事情之一就是現有客戶和新客戶繼續推動我們獎勵計劃的參與度。因此，這種方法繼續發揮良好的作用。我認為現在有 3800 萬人或近 4000 萬人參與了該計劃。所以這真的很強大。

And we didn't have that 5, 6 -- well, I guess, 7 years ago, we didn't have that. And then when you think about prepandemic, one of the things that was kind of interesting is the pandemic kind of helped us move people into the digital system and get them going in the rewards program.

我們沒有那個 5、6 個——嗯，我想，7 年前，我們沒有那個。然後，當你想到大流行前時，有趣的事情之一是大流行幫助我們將人們帶入數位系統並讓他們參與獎勵計劃。

So over and over again, what we see is whether you're a light, medium or heavy user, when you're in the rewards program, you come more frequently and you spend more. And so it's a really powerful tool. And even when people are redeeming entrees, what we're seeing is they're still buying sides. They're still adding other items. So it's not just one of these things where when you accrue a free entree, you just show up and walk with a free entree. So we're feeling really good about how the rewards program is working with all these different, I guess, frequency users.

所以一次又一次，我們看到的是，無論你是輕度、中度還是重度用戶，當你參與獎勵計劃時，你會更頻繁地來，你會花更多的錢。所以它是一個非常強大的工具。即使人們在兌換主菜時，我們看到他們仍然在購買配菜。他們仍在添加其他項目。因此，當您獲得免費主菜時，這不僅僅是其中之一，您只需出現並帶著免費主菜行走即可。因此，我們對於獎勵計劃如何與所有這些不同的（我猜）頻率用戶一起工作感到非常滿意。

And then obviously, as we continue to, I think, drive the Chipotle message, we're continuing to attract new users, right? I don't know if you've seen the ads, Sharon, but I think some of the advertising we're running right now is the best we've done, and I think that's also helping to bring in new users. And then these new users are experiencing, I think, is a great experience, great culinary, great throughput, great customization.

顯然，我認為，隨著我們繼續推動 Chipotle 訊息，我們將繼續吸引新用戶，對嗎？我不知道你是否看過這些廣告，莎倫，但我認為我們現在投放的一些廣告是我們做得最好的，我認為這也有助於吸引新用戶。然後這些新用戶正在體驗，我認為，是很棒的體驗，很棒的烹飪，很棒的吞吐量，很棒的客製化。

So we've kind of got the system still early days. I think it could be better, but the system is working. So we'll probably never be finished working against making everything better, but the system seems to be working right now.

所以我們的系統還處於早期階段。我認為這可能會更好，但係統正在運行。因此，我們可能永遠不會完成讓一切變得更好的工作，但係統現在似乎正在運作。

Can I ask a follow-up on LTOs? Do those overarch towards kind of improving existing customer frequency? Or are they a real driver of new customers coming to Chipotle?

我可以詢問 LTO 的後續狀況嗎？這些是否是為了提高現有客戶頻率？或者他們是新顧客來到 Chipotle 的真正推動力嗎？

They've actually been a really good driver of new customers. So -- and that's one of the things we look for when we do our testing is how well are they at bringing in new customers. They've been a really nice tool to bring in new customers. And unfortunately, even when we had the LTO walkaway, people are really hooked on the experience, that being culinary, right, that quality, the convenience, the speed, the customization. So it's been a really good tool.

他們實際上是新客戶的真正優秀推動者。因此，我們在進行測試時要尋找的因素之一就是他們在引入新客戶方面的表現如何。它們是吸引新客戶的非常好的工具。不幸的是，即使我們有 LTO 無人值守，人們真的很著迷於這種體驗，那就是烹飪，對吧，品質、便利性、速度和客製化。所以它是一個非常好的工具。

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

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）徵求結束意見。

All right. Thank you. And thanks, everybody, for joining the call and the questions. I do want to start off with, again, thanking our 115,000 team members. We had an outstanding 2023. And without a doubt, it was because we led with, I think, much better performance in the restaurants. And this is a real testament to our employees staying focused, getting after the basics and working towards hitting our standards.

好的。謝謝。感謝大家參加電話會議並提出問題。首先，我想再次感謝我們的 115,000 名團隊成員。我們度過了出色的 2023 年。毫無疑問，我認為這是因為我們在餐廳方面取得了更好的表現。這真正證明了我們的員工保持專注、追求基礎知識並努力達到我們的標準。

So we had some really big milestones, right? We surpassed 3,400 restaurants, we opened 800 Chipotlanes, we got past 3 million in average unit volumes. And now we're really excited about where we go next on this journey, which is we'll be even better at throughput, we'll be even faster, we'll be even better on the culinary. And I think that's going to result in us achieving this 4 million average unit volumes and our 7,000 restaurants in the future.

所以我們有一些非常重要的里程碑，對吧？我們的餐廳數量超過 3,400 家，開設了 800 家 Chipotlanes，平均單位銷量超過 300 萬份。現在，我們對這趟旅程的下一步感到非常興奮，那就是我們將在吞吐量方面做得更好，我們將更快，我們將在烹飪方面做得更好。我認為這將使我們在未來實現 400 萬個平均單位銷售和 7,000 家餐廳。

So again, a big thank you to our team. And obviously, we're excited about what's next. So we'll talk to you all here in the next couple of months. Thanks.

再次非常感謝我們的團隊。顯然，我們對接下來的事情感到興奮。因此，我們將在接下來的幾個月內與大家討論。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。