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 2023 財年第四季及年終財報電話會議。 （操作員指示）請注意，本次會議正在錄製中。

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 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2023財年第四季及年末的收益電話會議。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. 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，本簡報中關於我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理階層目前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測有重大差異。請參閱我們10-K表格年度報告和10-Q表格中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性陳述產生差異的風險。

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 will turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thanks, Cindy, and good afternoon, everyone. 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。今年，我們取得了卓越的業績，這得益於我們專注於優秀的人才、優質的食品和卓越的客流量。這為我們的團隊和賓客帶來了更佳的體驗，並推動了2023年全年交易量的加速成長。

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.

全年銷售額成長14%，達到99億美元，較去年成長7.9%。線上銷售額佔銷售額的37%。餐廳利潤率為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，較去年同期成長37%。我們創紀錄地開設了271家新餐廳，其中包括238家Chipotlane餐廳。

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.

我們也以強勁的勢頭結束了這一年，正如我們第四季的業績所展現的那樣。我們的餐廳團隊在建立強大的吞吐量基礎方面取得了顯著進展，而限時優惠「烤肉」的回歸也超出了我們的預期。

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，較去年成長8.4%。線上銷售額佔銷售額的36%。餐廳利潤率為25.4%，年增140個基點。調整後攤薄每股收益為10.36美元，較去年同期成長25%。我們創紀錄地開設了121家新餐廳，其中包括110家Chipotlane餐廳。

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，我們將恢復疫情前的做法，僅提供年度業績指引。雖然1月全國大部分地區受到天氣影響，但隨著天氣恢復正常，我們的銷售趨勢有所增強。我們預計全年業績將保持在個位數左右，因為我們將繼續專注於五大關鍵策略，這些策略幫助我們在發展未來的同時贏得當下的勝利。

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，讓我介紹一下這些策略的最新情況，包括：第一，透過培養和留住各個層面的多元化人才來維持世界一流的人才領導力；第二，以對人負責的文化經營成功的餐廳，提供誠信的美味食品，同時提供卓越的餐廳和數位體驗；第三，讓品牌知名度高、相關性強、受人喜愛，以提高整體客戶參與度；第四，擴大技術和創新，推動我們餐廳、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訪問量和便利性。

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.

首先從我們世界級的員工開始。我很高興地宣布，艾琳·埃斯肯納齊 (Ilene Eskenazi) 於 11 月加入我的執行領導團隊，擔任首席人力資源長。她在領導各行各業的人力資源和法務部門方面擁有超過 25 年的經驗。我相信，艾琳將幫助 Chipotle 在組織的各個層面培養和留住人才，並加強我們為餐廳和支持中心員工提供的支持，從而鞏固 Chipotle 作為一流雇主的地位。

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最優秀的人才，並幫助他們成長。這其中包括傾聽他們的需求，並投資於能夠幫助員工在職業和個人發展方面蓬勃發展的方式。正因如此，我們最近在我們行業領先的福利平台上增加了新的福利，例如增強的心理健康護理、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.

除了福利之外，我們長期的職涯發展機會和內部晉升的文化也為團隊成員在Chipotle內部快速晉升提供了途徑。事實上，在2023年，我們晉升了超過2.4萬名員工，超過90%的餐廳管理職位都是內部晉升。這其中包括87%的現場領導職位，這是我們團隊最大的進步之一，從平均管理1家餐廳到平均管理8家餐廳。我們之所以能夠實現如此高的內部晉升率，得益於我們優秀的餐廳領導者，他們中的許多人都是從員工做起，並致力於培養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.

一個很好的例子就是我們在紐約的一位現場負責人，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，這些成員在Chipotle內部不斷成長，最終成為我們最優秀的總經理、現場負責人、團隊總監，甚至區域副總裁之一。這樣的人才將幫助我們實現目標：經營一流的餐廳，創造業界領先的經濟效益，並長期在北美拓展到7000家餐廳。優秀的人才能夠提供卓越的烹飪和高效的服務，從而帶來卓越的顧客體驗，並提升業績。

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.

這讓我想到了我們的營運。強大的領導力是成功經營餐廳並實現快速成長的關鍵。因此，擁有最多資深總經理的餐廳營運表現最佳也就不足為奇了。好消息是，我們的總經理流動率處於我加入Chipotle以來的最低水準。在過去的幾個季度裡，我們已經奠定了實現高吞吐量的基礎。

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.

正如我們上個季度提到的，我們調整了數位化生產線的訂單節奏，以更好地平衡兩條生產線的人力。此外，我們開始收集餐廳四大生產力支柱執行情況的數據，並每週提供回饋和指導。這使得我們的餐廳團隊能夠看到進展，這令人振奮，也激勵著他們，因為成功的體驗會累積動力。最後，我們的團隊現在可以即時存取他們當前15個最大生產力的結果，因此我們的總經理可以在生產力提升的同時進行指導和表彰。

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.

自從我們在第三季實施這些培訓工具以來，我們看到在高峰時段擁有至少4名第一線員工的餐廳數量從30%提升至約50%。這推動了我們吞吐量的提升，第四季我們高峰15分鐘內的主菜數量與去年相比提升了整整一個百分點。

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進展，隨著三月中旬墨西哥捲餅旺季的臨近，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，即用真正的食材烹製美味佳餚，可定制、便捷、快速上菜，價格親民。

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.

當我們全面執行價值主張時，我們就能提供卓越的顧客體驗，這有助於所有其他銷售驅動因素（例如菜單創新）取得更佳表現。去年，牧師雞肉和烤肉都超出了我們的預期，並帶來了增量交易。這證明了我們行銷、烹飪供應鏈和餐廳團隊的跨職能合作，他們在創新方面做得非常出色，並成功將以往的招牌菜帶回，每次都更加美味，並且執行得天衣無縫。

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年將是菜單創新的另一個令人興奮的一年，包括推出1到2個限時優惠，並推出全年聚焦核心菜單的創意方案。為了突出核心菜單，我們最近推出了最新的「生活方式碗」系列，展現了我們透過客製化真實食材，如何讓Chipotle能夠涵蓋所有健康理念，無論是植物性、高蛋白、生酮飲食、原始飲食等等。

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.

值此新品發布之際，我們宣布與領先的數位社群 Strava 建立合作關係。 Strava 擁有超過 1.2 億活躍用戶，致力於鼓勵和獎勵健康習慣，並有機會贏得免費的 Lifestyle Bowls 獎盃。這將為我們的粉絲提供合適的工具，幫助他們在 2024 年及以後保持健康習慣。

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，我們的行銷團隊還持續致力於提升 Chipotle 品牌的曝光度、相關性和受歡迎程度，從而推動品牌差異化、文化傳承和購買力。我們的「幕後故事」 (Behind the Foil) 活動就是一個很好的例子，它凸顯了 Chipotle 的關鍵差異化優勢。這包括我們的餐廳團隊每天使用經典烹飪技巧新鮮烹製真正的食材，例如洋蔥和墨西哥辣椒切丁、手工搗碎招牌鱷梨醬，以及在鐵板上烤製阿斗波雞肉、牛排和法士達蔬菜。我們將在 2024 年繼續改進「幕後故事」活動。令人欣喜的是，我們表現最好的廣告展現了 Chipotle 團隊成員真實的幕後生活。這無疑體現了我們的核心價值之一：“真實存在於此。我們的食物真實，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.

轉向加強技術創新。今年，我們在提升數位體驗方面取得了顯著進展。我們對應用程式功能進行了多項改進，包括訂單準備就緒訊息、錯誤位置偵測、結帳時掃描積分提醒、歷史訂單記錄等。這些改進有助於減少摩擦點，提升賓客的整體體驗。

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，它成功地提升了會員參與度並吸引了新會員，因為我們可以透過贈送酪梨醬、飲料或雙份肉等免費獎勵，為賓客帶來驚喜和愉悅。透過 Freepotle 的贈送，我們能夠更深入地了解獎勵會員，從而提升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，我們最近在應用程式的結帳介面推出了提示性追加銷售功能，該功能基於我們掌握的獎勵計劃會員數據，包括先前的訂單歷史記錄。展望未來，我相信我們將在未來幾年內致力於將客戶數據和洞察商業化，用於更有針對性的行銷活動，並提升整體數位體驗，從而逐步提高客戶購買頻率和消費額。

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.

我還想花幾分鐘時間介紹一下我們的「培育未來」基金的最新情況。該基金於兩年前成立，旨在對策略契合的公司進行早期投資，以推進我們「創造更美好世界」的使命，並加速推進我們的策略重點。自成立以來，我們在食品科技領域看到的創新數量超出了我們的預期，涵蓋了從農業種植到供應鏈、從替代蛋白質和油脂到餐廳自動化等各個領域。

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.

我們評估了數百家創新公司，並進行了7筆投資，其中蘊含著許多商業合作機會。其中包括Hyphen，我們正在與其合作開發自動化數位化生產線；以及Vebu，我們正在與其合作開發用於酪梨切割、去核和挖取的Autocado系統。

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 都有助於提升我們團隊的整體體驗，減少一些不太理想的任務；同時，它們也有助於提升顧客的準時、準確、美味的食物。我們將繼續在 Cultivate Center 不斷迭代每項技術，好消息是，我們計劃於 2024 年在一家餐廳試運行自動化數位生產線和 Autocado，作為我們階段門流程的一部分。

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 的兩項投資。 Greenfield Robotics 使用自主機器人隊伍為田間除草，提供無需化學品的再生農業解決方案。 Nitricity 則利用技術，透過生產對田地、農民和環境更有益的天然肥料產品來應對溫室氣體排放。我們相信，Greenfield Robotics 和 Nitricity 都能在我們供應鏈中農場更永續的未來中發揮重要作用。

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，並幫助我們進一步實現「創造更美好世界」的目標。我們將繼續探索創新方法，支持他們種植、收穫和供應 Chipotle 所供應的高品質、可持續飼養的正宗食材。

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.

我們最後一個戰略支柱是拓展門市。儘管我們持續面臨時間上的挑戰，但我們的開發團隊仍然出色地完成了開發目標。第四季度，我們開設了121家新餐廳。全年，我們開設了271家新餐廳，創下了公司歷史上單季和單年新餐廳數量的最高紀錄。

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.

如今，我們的 Chipotlane 餐廳已超過 800 家，並持續取得強勁業績，Chipotlane 餐廳推動了新餐廳生產力、利潤率和回報率的提升。此外，今年我們在一些新市場也取得了驕人的成績，位於卡加利的首家餐廳打破了開幕當天的記錄，並在開幕後保持了極高的客流量。當我們以卓越的營運和出色的本地行銷策略提供美味佳餚時，我們的品牌能夠迅速獲得關注，加拿大就是最好的證明。 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，為加拿大帶來 25% 至 35% 的成長。我們的目標是在 2024 年開設 285 至 315 家新餐廳，其中大部分位於北美，佔比超過 80%，其中包括一家 Chipotlane 餐廳。

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，他們推動了 2023 年的強勁業績。我們取得了一些重大里程碑，包括超過 3,400 家餐廳、800 個 Chipotlane、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，我看到了更長期的機會：我們將在北美的餐廳數量增加一倍以上，提高Chipotlanes的滲透率，使平均每日客流量（AUV）突破400萬美元，擴大我們行業領先的利潤率和回報，並進一步實現我們在全球範圍內創造更美好世界的願景。正如我在開篇中提到的，這項雄心勃勃的計畫需要優秀的人才、優質的食品和卓越的生產力。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.

因此，我將把麥克風交給傑克。

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，Brian，大家下午好。第四季銷售額年增15%，達到25億美元，其中同店銷售額成長8.4%，受超過7%的交易量成長的推動。餐廳層級利潤率為25.4%，較去年同期成長約140個基點；經特殊專案調整後的每股盈餘為10.36美元，較去年同期成長25%。第四季出現了與折舊增加和法律或有事項變更相關的特殊支出。

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。我們預計全年可比銷售額將維持在中等個位數區間。需要提醒的是，1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，並支撐了我們全年的業績預期。此外，由於閏年，第一季將額外增加一天銷售，但與去年第二季度相比，今年復活節將提前至第一季度，這將抵消這一影響。

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.

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%，較去年同期成長約40個基點。這一較大的產品組合變化是由於烤肉的成功以及各方面成本的上漲，尤其是牛肉、農產品和起司醬的成本上漲，但菜單價格上漲和紙張成本下降帶來的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.

我們預計第一季的銷售成本將在29%左右的低位區間，因為烤肉產品組合轉型帶來的收益將被多個產品線（尤其是酪梨和玉米餅）的成本上漲部分抵銷。我們預計全年銷售成本漲幅將在低至中等個位數區間。

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.

第四季的勞動成本為25%，較去年下降了約60個基點。銷售槓桿和更佳的勞動力執行力帶來的收益足以抵銷薪資上漲和績效薪資提高的影響。我們預計第一季的勞動成本將在25%的低位區間，薪資漲幅將處於低至中等個位數區間。我們預計，隨著今年4月加州薪資上漲約20%，薪資漲幅也將小幅上升至中位數個位數區間。

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.

本季其他營運成本為14.7%，較去年下降約100個基點。下降的原因在於銷售槓桿以及行銷和促銷成本的下降。第四季度，行銷和促銷成本佔銷售額的3.1%，較去年下降約30個基點。我們預計第一季的行銷成本將在3%左右，全年將在3%左右。第一季度，其他營運成本預計將在14%左右。

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.

本季的一般及行政費用（G&A）為 1.69 億美元（以 GAAP 計算），或 1.7 億美元（以非 GAAP 計算），其中不包括約 100 萬美元的法律或有事項變更。一般及行政費用還包括 1.22 億美元的基礎一般及行政費用、3600 萬美元的非現金股票薪酬費用、1000 萬美元的更高獎金應計費用以及股權歸屬和行權的工資稅費用，以及 200 萬美元與我們即將於今年第一季度舉行的全體經理大會有關的費用。

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一般行政費用 (G&A) 約為 1.27 億美元，隨著我們增加對人才和技術的投資以支持持續成長，G&A 的支出將逐季遞增。我們預計第一季的股票補償金額約為 3,200 萬美元，但根據我們的實際業績，該金額可能會有所上下浮動，並取決於第一季最終發行的 2024 年品牌。我們也預計將確認約 700 萬美元與本季行使股票相關的雇主稅，以及 2,100 萬美元與 3 月兩年一度的全經理人大會相關的成本，因此，我們預計第一季的 G&A 總額將達到約 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.

本季調整後折舊為7,900萬美元，佔銷售額的3.1%。我們預計2024年其佔銷售額的百分比將維持在這一水準左右。第四季的有效稅率（GAAP和非GAAP）均為26.2%。我們預計2024年的基本有效稅率將在25%至27%之間，但具體數字可能會因具體項目而異。

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.

我們的資產負債表依然強勁，本季末我們持有19億美元現金、限制性現金和投資，且無負債。第四季度，我們以平均1936美元的價格回購了1.44億美元的股票。全年，我們以平均1827美元的價格回購了總計5.9億美元的股票。未來，我們將繼續適時回購股票。本季度，董事會為我們的股票授權計畫額外批准了2億美元。截至本季末，我們還剩餘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.

我們在第四季度開設了創紀錄的121家新餐廳，其中110家設有Chipotlane。正如我們上個季度所提到的，我們預計2024年將開設285至315家新餐廳，其中超過80%設有Chipotlane。我們持續看到開發商因宏觀壓力、高利率以及許可、檢查和公用設施安裝延誤而推遲專案。我們指引區間的中點假設這些挑戰持續存在。假設情況沒有惡化，我們仍有望在2025年之前實現8%至10%區間的高端成長。

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是一家目標明確的公司，在過去30年中不斷發展壯大，成為全球最大的餐飲品牌之一。令人興奮的是，我們仍然擁有漫長的成長之路。我們強大的經濟模式賦予我們高度信心，相信我們雄心勃勃的成長目標即使無法超越，也一定能夠實現。隨著我們持續維護和強化我們的經濟模式，我們的長期成長機會將像過去30年一樣持續成長。感謝所有員工的辛勤工作和對Chipotle的奉獻，讓我們在2024年繼續保持這種勢頭。

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

現在，我們將開始回答您的問題。

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

（操作員指示）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.

布萊恩，我很欣賞你提到的400萬美元平均每日營業收入（AUV）的雄心壯志。我認為，那些推動你達到300萬美元目標的驅動因素，仍然是你實現400萬美元目標的最大驅動因素，包括營運、行銷、會員忠誠度、Chipotlane和菜單創新。但如果你回過頭來看——幾年後，你比預期更快實現了400萬美元的目標，你認為哪些驅動因素會比近年來更有效？或者，如果你換個角度思考，是否有新的驅動因素可以幫助你達到400萬美元的目標，例如餐飲、早餐或自動化？然後，傑克，我還有一個後續問題。

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。我確實相信，最終能讓我們實現400萬美元甚至更高的收入，關鍵在於餐廳的出色執行力，這意味著要專注於精湛的烹飪技藝、優秀的員工和高效率的客流量。我認為我們非常幸運，不需要再多增加一個時段。我們不需要做現在沒有做過的事情就能達到這個結果。

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 這樣的自動化技術，以及持續推進我們的獎勵計劃、菜單創新和行銷，顯然會推動我們不斷進步。但我認為上個季度我們已經證明了一點，那就是當我們在營運方面表現得更好時，我剛才列出的所有這些舉措都會產生一種，我稱之為乘數效應的效應。所以好消息是，我們在營運執行方面仍有很大的發展空間。我認為我們已經為長期目標做好了正確的準備，能夠幫助我們實現 400 萬美元甚至更高的目標。

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?

很有幫助。傑克，我的問題是，如何才能達到400萬美元的水準？我的意思是，您是否預計要達到這個水平，而同店銷售額需要維持中位數個位數的成長？或者，您認為在未來幾年的某個時候，大數定律會發揮作用，即低個位數的成長才是合適的同店銷售額成長率？同樣，假設商品和勞動力通膨正常化，您認為在400萬美元的銷售水準下，公司能夠維持什麼樣的利潤率？

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，很難預測未來很長一段時間內可比銷售額的走勢。我認為，在可預見的未來，我們明年的業績預期維持在個位數左右是合理的。但回顧我們的歷史，你會發現，當經濟狀況良好、我們的營運狀況良好時，我們的可比銷售額也往往非常可觀。我認為，即使第四季的業績加速成長，也是因為我們深受顧客喜愛的烤肉創造了巨大的需求，而強大的生產能力也讓這些銷售額得以順利流出。

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.

這些都是——我預計這些事情會在未來發生。很難預測它們會如何發生以及何時發生，安德魯。但這些都是Chipotle過去經歷過的事。我認為未來也很可能會發生。

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，在這樣的交易量下，每次增加一位數，我們談論的都是15萬美元的層級，而且這個數字還會隨著時間的推移而不斷增長。所以，400萬美元雖然是個雄心勃勃的目標，但我們堅信我們一定能夠實現。

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，我預計利潤率會繼續成長。我們仍然預計利潤率會有所提升。每當我們的交易量增加，透過新增客戶來增加銷售額，就會產生約40%的流水效應。正如我所說，40%是平均水平，而去年我們的流水率為26%。我預計利潤率會繼續上升。隨著銷售額達到400萬美元，我預期我們的流水效應會達到20%以上，甚至可能達到30%左右。

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，你說的是在很長一段時間內預測某件事。但我們的利潤率肯定會隨著時間的推移而提高，這意味著我們的回報也會隨著從300萬美元到400萬美元的成長而提高。

The next question comes from David Tarantino with Baird.

下一個問題來自貝爾德的大衛·塔倫提諾。

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?

恭喜您在2023年取得圓滿成功。我的問題實際上是關於單位增長，我有兩個方面。我記得您之前一直在談論在北美開設7000家餐廳。隨著您開設越來越多的Chipotlane餐廳，並看到回報，我只是想知道，在您看來，這個數字是否會偏低。隨著時間的推移，7000家餐廳的數量是否有上升空間？

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，我知道你想更快成長。傑克，你提到明年的目標是達到10%的單位成長率。我只是想知道你目前對此有何看法，可以和我們分享一下嗎？

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。大衛，我先開始吧，然後傑克補充一下。你看，我們之所以得出7000家這個數字，是因為我們考察了我們的滲透率。在一些滲透率最高的地區，我們繼續成功地開設了餐廳，這給了我們信心，讓我們可以算出，好吧，如果你把這個數字應用到全國其他地區，我們很快就能達到7000家。所以我們認為這是一個非常實際的目標。有些人可能會說這個數字比較保守，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.

隨著我們計劃的臨近，我想傑克以前也談過這個問題。我記得我們曾經討論過開3000家Chipotles，後來我們說是4000家，然後又說是5000家，現在我們訂的是7000家。我希望這個數字最終會比較保守。我認為這個品牌有很多優勢，但我們最終的目標是7000家。

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，關於您如何實現10%的目標，我們的可見度相當高。我們的團隊一直在進行庫存建設，這非常非常強勁。事實上，為了抵消這些時間線的影響，團隊不得不建立比平常更多的庫存。這些時間線確實拖延了一切。所以我認為您說的從達成交易到開工，不是15、16個月，而是現在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，團隊都會建立更強大的庫存。新開門店的業績非常出色，品質也非常高。庫存本身看起來非常非常好。如果我們在時間安排上能有所突破，例如開發商的進度能快一點，地方政府在公用事業和許可方面的審批能快一點，我們實際上就能更快地達到這個速度。但我們在目前非常充足的庫存基礎上，按照目前看到的同樣延長的時間安排建造。這樣一來，即使不能完全實現，我們也能非常接近10%的目標。

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，傑克，我再快速跟進。你有沒有看到任何跡象表明，時間線可能會縮短一點？那裡有什麼復甦的跡象嗎？

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.

大衛，沒有什麼持續性的東西。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面臨的高利率。他們稍微停頓了一下。我確實認為，如果今年利率有所改善，那會有所幫助。但目前我並不指望這一點。不過，我們確實有在努力。

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，這顯然是今年流量成長的一大重點驅動因素。您能否談談您如何看待2024年吞吐量驅動的潛在流量機會，以及進一步釋放此機會的優先事項？

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。當然，我們很高興看到第四季交易量成長超過7個百分點。我認為這證明了我們一線營運團隊專注於實現高吞吐量。我們對此進行了多次討論。高吞吐量的四大支柱。

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，我們目前還處於早期階段，因為我們才剛開始安排人員到位。所以，我想你們也聽到了我之前說過的話：嘿，我們現在幾乎有50%的時間都在一線待命，只有4個人。這只是四大支柱中的一個組成部分，你們認真思考過嗎？這——也是我們「應急準備」（mise en place）理念的一部分。我們希望做好準備，人員到位，隨時待命。

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.

所以，在確保線衛到位並做好出場準備方面，我們仍然有很大的提升空間。所以我們仍然認為這方面還處於早期階段。但這方面有很多優勢。不過，我很高興看到這些進展。在2023年，我們幾乎每個月都增加了15人的最大上場人數，並在12月取得了一些最佳成績，這種趨勢一直持續到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.

所以還有很大的發展空間。但我喜歡的是，團隊都全神貫注地追求目標。我覺得我們現在給了他們更多工具，讓他們更能即時了解業績。我每次去餐廳，人們首先想到的是：我們的產量如何，我們的烹飪水平如何，以及我們的員工和文化如何。所以看到這些，我感到很高興。

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?

太好了。我想問一下——關於菜單創新，您是怎麼考慮的？我知道您今年提到了1到2個。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。您對菜單創新的節奏有變化嗎？尤其是在考慮營運吞吐量的情況下？

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，你看，我認為我們過去一年所展現的節奏絕對能讓我們的操作人員實現高產量。所以他們把烤雞肉做得非常好。然後我們也做了同樣的事情——抱歉，是牧師雞肉做得非常出色，之後又做了烤肉。

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.

所以我們對每年推出一到兩次新品感到非常滿意。我想大家今年還會看到我們更加重視核心菜單，例如我們現在推出的「生活風格碗」系列。之後大家還會在年內看到我們繼續推出類似的新品。

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，我們認為我們找到了正確的節奏。我們認為我們擁有正確的創新管道。而且，我們過去做過的事情，也證明了我們可以再次嘗試，並且取得成功，例如最近的烤肉系列。

The next question comes from Brian Harbour with Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Harbour。

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?

Brian，你提到了在結帳時進行提示性追加銷售。我對這個主題或只是酒吧主題很好奇。你認為可以採取哪些措施來推動支票支付，對嗎？我想我們已經討論了很多關於交易的問題，但你認為從今年及以後來看，哪些因素可以成為支票支付的驅動因素呢？

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。我覺得非常高興的一件事是，我們套餐的份量一直在增加，例如起司醬、薯條和莎莎醬。我們不斷看到人們在主菜中添加新菜餚。我認為這和我們數位化的能力有很大關係，無論是在結帳環節，還是透過獎勵計畫與顧客溝通，對吧？

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.

所以，我剛才說的那個暗示性銷售的例子，我們現在把它變成了智慧暗示性銷售。我給你舉個最好或說非常簡單的例子。以前，你下單時會附贈一杯墨西哥可樂。結帳時，如果你的購物車裡沒有墨西哥可樂，我們就會給你暗示性銷售，例如「嘿，你忘了買墨西哥可樂了」。而以前，我們可能只會說，「嘿，也許你應該考慮一下薯片和起司醬」。

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.

所以我們看到，這種對個人的洞察會導致他們結帳時更加商業化或更高的消費，因為我們提供了許多以前顧客通常會加到帳單裡的東西。所以我們看到這方面取得了巨大的進步。當然，我認為我們的起司醬、薯條和酪梨醬非常特別。所以，人們了解和體驗得越多，就越想加到帳單裡。

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。太好了。傑克，你願意就第一季的水平發表評論嗎？我想第一季可能看起來與第四季類似，但當我們開始考慮第二季時，你是否願意就考慮到加州因素後的價格水平發表評論？

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。第一季的情況類似，大概在2.5%到3%之間。我們還沒有就FAST Act的定價做出最終決定。我們知道，考慮到薪資上漲20%左右，我們必須採取一些大幅上漲的措施。

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.

我想我們之前討論過，有一種方案是覆蓋獲利能力，這樣從獲利角度來看可以收支平衡，但利潤率卻無法得到保障。換句話說，利潤率會下降，但獲利能力不會下降；或者，你可以提高價格，同時還能保障利潤率。我們還沒有在這個範圍內做出決定。我們會拭目以待，看看市場前景如何，消費者情緒如何，以及其他公司的應對措施。

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，加州約占我們餐廳總數的15%。所以，根據我們最終的落腳點，我們所有3400家餐廳的菜單價格可能會額外上漲80個基點、90個基點，甚至超過100個基點，這只是一個數量級。

The next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

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，每天早上在門市層面上，你投入了多少時間、精力和人力來準備工作。隨著系統的發展壯大，規模不斷擴大，可能會受益於更多設備、更多技術、更多自動化，甚至可能進一步集中化，我想請您談談，能否重新分配一些長期的準備工作，這其中涉及的資源有多大？顯然，Autocado 是一個已確定的解決方案。那麼，它還能帶來多少好處呢？這對未來的整體商業模式又意味著什麼呢？

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。謝謝你的提問。顯然，早上的準備工作至關重要。如果我們準備得當，通常就能吃到一頓美味的午餐。實際上，只要準備時間安排得當，我們就能吃到美味的午餐。通常，我們遇到的問題是由於準備工作進度落後。所以，像Autocado這樣的機器人，以及其他能夠幫助切洋蔥和墨西哥辣椒的機器人，都能帶來巨大的動力。這就是為什麼你會看到我們不斷探索各種協作機器人理念，以提高準備效率。

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，如果我們能讓每家餐廳100%按時完成準備工作並隨時可用，我們的產量就會提高。所以我們將竭盡全力，確保在準備工作上投入更多資金，不僅要更有高效，也要更有效地完成。

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.

如何重新分配這段時間，我們會在目標臨近時再考慮，這或許也是我們使用階段門流程的原因。隨著Autocado在門市的推廣，我們會觀察其效果。但您提到了廚房集中管理。我們目前還沒有考慮這個。我們認為，為了確保最新鮮的食材和最佳的烹飪效果，這一切都需要在餐廳內進行。

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，我想回到您之前關於餐廳的發言，餐廳的客流從30%到50%還有很長的路要走。我想知道您能否量化一下這些因素對交易量成長的貢獻？也就是說，人員配置每提升20個百分點，交易量可能不會成長7個百分點。如果您能依序排列一下，是人員配置因素嗎？還是還有其他因素也扮演了角色？此外，或許您在過去十年中也看到了對四大支柱的真正關注以及吞吐量的提升。

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。這個問題問得好。我要告訴你的是，當然，你必須配備人員，團隊必須穩定，對吧？這樣我們才能獲得銷售代表，以便每次都能更好地執行。另外，我想說的是，當我們回顧過去，當我們的吞吐量達到最高水準時，這些數字很容易從50%上升到60%，甚至70%左右。所以，我們相信我們能夠比現在做得更好，這並非不切實際。我想團隊也知道這一點。

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.

我認為另一個對團隊有幫助的事情是，讓他們能夠清楚地了解自己在15分鐘內的表現，從而實時糾正錯誤，而不是等到當天才發現問題。這樣一來，他們就錯過了在午餐或晚餐後段進行糾正的機會。

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.

至於它對同店銷售額的貢獻，我想說的是，我們的執行力正在提升。當我們執行力提升時，人們對食物的感受會更好，對品牌的感受也會更好。我們剛剛收到一些品牌指標，坦白說，這些指標非常棒。我認為這體現在我們的價值評分上，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.

所以這個品牌的認知度非常高。我覺得我們的團隊成員對他們的成功感到非常滿意，這也很重要，對吧？當團隊感覺自己進展順利，能夠滿足員工的需求時，他們會感覺更好，我認為這最終會形成一種持續的機制，讓每個人都相信自己正在取得成就，得到他們想要的東西。

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.

因此，我們的客戶更滿意，團隊成員更滿意，品牌也更強大。我認為這些都是促成交易量成長7個百分點的因素，或者換句話說，我們在當今環境下擁有了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.

明白了。好的。然後就烤肉而言，我的意思是，我知道過去你曾被問到如何打造真正成功的LTO，但這是第三次了，而且比你預期的要好。是行銷嗎？是數位化嗎？因為實際上，你的支出佔收入的百分比逐年下降。所以我只是想再次了解這些已經非常成功的LTO的未來發展方向。

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，我覺得我們的團隊烤肉做得比以往任何時候都好。我覺得烤肉的體驗非常棒。我也覺得相關的廣告和溝通也做得非常好。所以我認為我們的廣告傳達了Chipotle的特別之處，那就是團隊成員致力於在餐廳裡做出一流的美食。

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，當你加入像烤肉這樣優秀的產品，並且精益求精地執行時，就會產生好的結果。我記得傑克之前提到過，透過宣傳烤肉計劃，我們餐廳的員工們也做得非常出色，顧客們很快就能上菜，體驗到美味的菜餚，並且得到了他們想要的。所以，我認為這是引人入勝的菜單新聞、出色的廣告宣傳以及我們營運團隊出色地執行基本原則的結合。

The next question comes from Danilo Gargiulo with Bernstein.

下一個問題來自伯恩斯坦的 Danilo Gargiulo。

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，稍微解釋一下第四季度流量年比的主要驅動因素？此外，如果您能評論一下 AVO 數據，定價貢獻和產品組合貢獻分別佔多少？考慮到目前配送組合的影響應該正在正常化，您對此有何預期？

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，我們非常高興看到的一件事是，每個收入群體的銷售額都在成長。無論是4萬美元以下、4萬到10萬美元之間，還是10萬美元以上，我們都看到了每個收入群體的銷售額都在成長。顯然，這個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.

通路和店內是迄今為止支援我們所看到的吞吐量的最強大的管道。

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。店內用餐體驗最強，其次是提早訂餐，最後是外送。我記得傑克剛才提到了，店內用餐體驗，當我們準備好烹飪好的食材，然後你沿著生產線走下去，那感覺無與倫比。我的意思是，沒有什麼比走到生產線上，看到你想要的雞肉膨脹起來，然後讓我們的團隊成員看看“再來點兒怎麼樣？”，然後他們就照做了，這種體驗更棒了。所以，你最終會得到這些大碗裝和大份墨西哥捲餅。所以，我認為店內用餐的價值主張非常強大，尤其是在我們烹飪精湛、速度快速的情況下。

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，就支票而言，支票的影響是1%——加上1%。這大約相當於2.5%的價格，抵消了大約1.5%的混合效應，而混合效應是由集團規模決定的。

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.

明白了。最近，你們大幅提升了員工福利，確實為員工提供了非常強大的就業價值主張。能否談談這項措施對勞動成本以及生產力提升的預期影響？如果你能描述一下，相對於速食休閒產業其他競爭對手，你們目前的員工流失率處於什麼水平，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。我們非常重視為員工提供合理的薪酬、適當的發展機會和福利。我認為我們新增的一些福利，例如幫助員工或激勵員工償還學生貸款，並為他們提供401(k)退休帳戶的匹配供款，對於我們招聘的Z世代來說，是一個非常好的主意，同時也提供了良好的發展機會。員工可以以團隊的形式加入我們公司，在3到4年後，他們很快就會發現自己可以領導一個團隊，在某些情況下，甚至可以成為多個部門的領導者。

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.

我剛剛有機會認識了一位年輕女士。她大概24歲，是現場負責人，剛升遷。她參加了我們的「培育大學」課程。你知道嗎，這位年輕女士非常有抱負。我感覺下次見到她時，她一定已經是技術總監了。所以我很高興能為大家提供這樣的成長機會，提供他們豐厚的福利，以及我認為很棒的企業文化。

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.

這在穩定性方面會有什麼影響？坦白說，我們現在的穩定性是我在Chipotle任職期間見過的最好的。回顧一下，我們的總經理流動率在20人出頭，員工流動率在100人出頭，真的很棒。相對於行業平均水平，我認為這是領先的。但我不確定具體數字。但我知道的是，我們的穩定性正在增強，員工流動率正在下降。我們從員工那裡得到的回饋是，他們熱愛我們的目標、文化和成長機會。而這正是我們將繼續為員工提供的。

The next question comes from Jon Tower with Citigroup.

下一個問題來自花旗集團的喬恩‧托爾 (Jon Tower)。

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?

布萊恩，我只是好奇，你之前提到過，在應用程式內，暗示性銷售在增加訂單方面效果很好。但我很好奇，你們在門市內部是否也採取了類似的措施，指導員工進行類似的工作。尤其值得一提的是，你們的數位銷售組合雖然沒有顯著放緩，但也下降了不少。所以，從現在開始，想想支票的成長。你們有什麼方法可以鼓勵消費者更參與到門市購物嗎？你們現在有什麼舉措嗎？

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.

我覺得在餐廳裡，我們的團隊在從早到晚提供薯條、起司醬和酪梨醬方面做得更好，這一點本身就產生了很大的影響。我想我們在6到9個月前就討論過這個問題，當時我們在晚上6到7點之後提供薯條、鱷梨醬和奶酪醬方面做得不夠好，現在我們做到了。我們的團隊非常清楚，他們應該隨時準備這些配菜。我想，正因如此，你會看到越來越多的人開始注意這些配菜。

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.

除了確保我們準備好優質的產品外，我們並沒有做任何特別的事情。顧客知道有貨，就會點。當我們的團隊知道有貨時，他們會更願意說：「嘿，他們點的菜需要加薯條。」如果是晚上七八點，你沒有薯條，通常不會問別人：「你要加薯條嗎？」當你有薯條的時候，對話中很自然地會問：「嘿，你要加薯條嗎？」或「你要加薯條的食物」？

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?

明白了。然後稍微談談外送。看起來外賣在你們銷售額中所佔的比例可能也在下降。我很好奇，從你的角度來看，你是否從消費者那裡得到任何跡象表明，這是他們在門市更好地管理支出的方式，有效地從高成本管道轉向低成本的直銷管道。實際上，你能提供外帶組合方案嗎？

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，我直覺上覺得答案是肯定的，對吧？如果你手邊比較緊，體驗Chipotle最貴的方式就是外帶。我想消費者也明白這一點，所以他們會採取相應的措施。不過，外送通路大部分時間都比較穩定。市場平台的佣金在14%到15%之間，白標平台的佣金在4%到5%之間。所以外賣的佣金大概在20%左右。整體來說，外送的佣金比較穩定。不過，說到底，如果你需要管理資金，外送確實是最昂貴的接入點。

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，我們還有另一家店，就是 Chipotlane。 Chipotlane 就是一個例子。當你提供 Chipotlane 的便利性和 Chipotle 的個人化客製化服務時，你通常會期望獲得這樣的服務。你確實看到，外帶費用會下降 10 個百分點左右，降到最低點，例如 10%、12% 左右，幾個百分點到 10 個百分點，而我們的提前訂餐和自取費用則會上升 20% 左右。所以對我們來說，這清楚地表明，如果我們提供極致的便利性以及 Chipotle 的價值，人們會選擇這種獲取管道，而不是外帶。

The next question comes from Dennis Geiger with UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

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，我想跟進不同收入群體的品牌價值評分的強勢表現。您認為這些強勢的價值評分可能對顧客、對流量產生了巨大的影響，尤其是在我們聽說各個消費族群都表現疲軟的環境下，您對此有何看法？根據你們掌握的與這些價值評分相關的數據，你們對此有何評論？

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，你看，我覺得這是我們一直在談論的，相對於我們同行的食品供應來說，對吧？其他快餐店也提供或試圖提供與我們相同品質的食品。我們的價格通常便宜20%到30%。而當你看看其他一些你傳統上認為更有價值、更方便的品類時，為了獲得我們的品質、便利性和客製化服務而需要支付的價格差異，其實並沒有太大的提升。所以我認為這就是我們定位如此有利的原因。

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，這並非瘋狂的飛躍。而且，放眼望去，我們相對於其他公司而言，估值水準相當不錯。所以我認為這就是我們的估值如此之高的原因。我們非常幸運，過去幾年一直保持著這種水準。

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.

瞧，這就是為什麼我們有時在價格調整方面可能比較慢。但當我們調整價格時，我們認為是因為時機成熟，通貨膨脹也證明了這樣做是合理的。但我們一直希望從維護我們價值主張的角度來做這件事，而且我認為我們在這方面做得相當不錯，至少目前是這樣。所以我們會看看未來會發生什麼，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.

保持這一價值對我們來說至關重要。我非常欣賞我們擁有的品質、價值、速度和客製化。我們會守護好這一切。我相信，無論環境如何，我們都會繼續保持出色表現。

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.

太好了。傑克，接下來我想簡單說一下，關於混合，以及展望2024年，即使在高層次上，如何看待支票的混合成分以及未來的趨勢，您還能再問一些什麼嗎？

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，因為我們目前處於一個未知領域。我預計未來的價格組合會與我之前討論的類似。我仍然認為，未來幾季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，它一直在下降。所以我預期它會從[1.50]開始逐漸下降，但這很難預測。

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Bays具體哪個季度的表現會好，也不知道我們的團體規模是否會下降。但我認為，這個數字會下降到一個非常可控的水平，也就是150人。再加上7.4%的交易量成長，以及我們非常適中的定價，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?

關於Chipotlanes，我的意思是，你的投資組合中現在有超過800個Chipotlanes。我記得你在2023年建造了創紀錄的238家。所以原型現在真的開始規模化了，現在你對這些資產的了解也更加深入了。那麼，你能否更新一下Chipotlane投資組合目前的利潤率狀況，或許是相對於系統中其他部分而言的？我們現在是否已經到了Chipotlane數量足夠多，未來又有足夠多的Chipotlanes在建的階段？隨著它們在業務中所佔比例的持續增長，它們是否能夠真正對公司整體的餐廳利潤率產生影響？

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。但正如你所說，影響相對較小，因為800家店仍然…大概是…我們系統的四分之一。但如果與我們非Chipotlane門市相比，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.

實際上，兩家店的銷售量已經非常接近了。 Chipotlane 的銷量仍然比非 Chipotlane 的要高一點。差距已經縮小了一點。疫情期間，Chipotlane 的銷量要高得多。但如果把略高的銷量、高出數百個基點的利潤率，以及幾乎相同的投資成本結合起來，回報率就會高得多。所以，從股東價值的角度來看，隨著我們不斷開業，隨著門市數量從 3,400 家增長到 7,000 家，我們從 80% 或 85% 的新開 Chipotlane 餐廳獲得的現金回報率要高得多。

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.

所以它確實對我們的利潤率有增值效應。它對我們的回報有更顯著的增值效應。每次我們開設新餐廳，你都會看到這一點。你會發現，只要我們現有的可比交易量成長，我們的利潤率就會持續成長。而這些新餐廳的開幕只會火上加油。

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?

再問一下關於勞動利潤率的問題。第四季度，你們的勞動利潤率最終遠高於最初預期。我很好奇是什麼讓您在這個問題上感到驚喜。只是銷售額的成長和由此帶來的利潤流出嗎？展望第一季度，您預計勞動力利潤率將年比會下降。這主要是因為一月銷售疲軟嗎？還是說，隨著我們繼續前進，今年勞動槓桿率的挑戰會更大？

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。實際上，翻開日曆，你會看到稅收增加，因為人們的稅率有所改變。所以，你得重新設定稅率，每年都會發生這種情況：第四季的稅率較低，然後第一季稅率上升。所以，這就是你看到的唯一去槓桿現象。

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作用體現在幾個方面。首先，當我們的銷售成長——當我們的同店銷售額加速成長時——我們確實利用了這條產品線，正如我們所看到的那樣。其次，營運團隊在勞動力管理方面做得很好。第三，我們的團隊在年底處理病假和休假等方面做得更好。這在去年對我們來說是一個小小的意外，而今年我們的團隊在這方面做得更好了。所以，以上就是三個因素。

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，隨著明年交易量的增加，只要薪資通膨保持相對溫和，我們仍然能夠繼續利用勞動力線。

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

今天最後一位提問者是 William Blair 的 Sharon Zackfia。

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.

我想談談您最忠實的顧客目前如何使用Chipotle，能否比較一下這些顧客的使用頻率與五年前（當時獎勵機制尚不存在或剛起步）的情況？然後，同樣地，談談如今新顧客是如何進入Chipotle生態系統的，以及他們的使用頻率是如何變化的，或許可以參考疫情前的情況。

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。嗯，有一點非常明確：如果你加入了獎勵計劃，你的頻率和消費金額都會更高。所以，我們顯然正在努力做的一件事就是讓現有客戶和新客戶都繼續參與我們的獎勵計畫。所以，這一直都非常有效。我認為現在我們有3800萬到4000萬人加入了我們的計劃。所以，這真的非常有效。

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.

5、6年前，或者說7年前，我們還沒有這個。想想疫情之前，有一件很有趣的事情是，疫情幫助我們把人們引入了數位系統，並讓他們參與了獎勵計畫。

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，我們反覆觀察到的是，無論你是輕度、中度還是重度用戶，只要你參與了獎勵計劃，你來得更頻繁，消費也更多。所以，這是一個非常強大的工具。即使人們兌換主菜，我們也看到他們仍然會購買配菜，仍然會添加其他菜餚。所以，這不只是那種你累積了免費主菜，然後就直接去拿免費主菜就行了。所以我們對獎勵計劃與這些不同頻率的用戶合作的效果感到非常滿意。

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，隨著我們繼續傳遞Chipotle的理念，我們也不斷吸引新用戶，對吧？莎倫，我不知道你看過我們的廣告沒有，但我認為我們現在投放的一些廣告是我們做得最好的，而且我認為這也有助於吸引新用戶。我認為，這些新用戶正在體驗到的是絕佳的體驗，包括優質的烹飪、極佳的吞吐量和絕佳的客製化服務。

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。我認為它還有改進的空間，但係統目前仍在運作。我們或許永遠無法停止改善一切的努力，但目前看來，系統運作良好。

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?

可以問一下關於LTO的後續問題嗎？ LTO整體上是為了提高現有顧客的消費頻率嗎？還是說LTO是吸引新顧客光顧Chipotle的真正動力？

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.

它們實際上一直是吸引新顧客的優秀驅動力。所以——我們在測試時關注的一點就是它們吸引新顧客的能力。它們一直是吸引新顧客的絕佳工具。不幸的是，即使我們面臨LTO（長期服務終止）的困境，人們仍然對它的體驗著迷，例如烹飪體驗、品質、便利性、速度和客製化。所以它真的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。我想將會議交還給 Brian Niccol，請他發表最後評論。

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。也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11.5萬名團隊成員。我們在2023年取得了卓越的成績。毫無疑問，這要歸功於我們在餐廳方面表現的顯著提升。這充分證明了我們員工的專注力，精益求精，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，我們取得了一些非常重要的里程碑，對吧？我們的餐廳數量超過了3400家，開設了800家Chipotlane快餐店，平均單店銷售超過了300萬份。現在，我們對接下來的旅程充滿期待，我們的吞吐量會更高，速度會更快，烹飪技巧也會更精湛。我相信，這些最終會讓我們在未來實現平均單店銷售達到400萬份的目標，餐廳數量達到7,000家。

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.

再次感謝我們的團隊。我們對接下來的計劃充滿期待。我們會在接下來的幾個月再與大家見面。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。