奇波雷墨西哥燒烤 (CMG) 2024 Q1 法說會逐字稿

Good day and welcome to the Chipotle Mexican Grill First Quarter 2024 Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Chipotle Mexican Grill 2024 年第一季電話會議。 （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 first quarter fiscal 2024 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 2024 財年第一季財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.chipotle.com 上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Forms 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 表格年度報告和 10-Q 表格年度報告中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性陳述不同的風險的討論。

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the Presentation page within the Investor Relations section of our website.

我們今天的討論將包括非公認會計準則財務指標。您可以透過我們網站投資者關係部分演示頁面上的連結找到 GAAP 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. The momentum in the business continued in the first quarter as we delivered 7% comp sales growth driven by over 5% transaction growth. Our strong sales trends were fueled by our focus on improving throughput in our restaurants as well as successful marketing campaigns, including spotlighting barbacoa and the return of Chicken al Pastor as a limited-time offer.

謝謝辛迪，大家下午好。第一季業務繼續保持成長勢頭，在超過 5% 的交易成長的推動下，我們實現了 7% 的可比銷售成長。我們對提高餐廳吞吐量的關注以及成功的營銷活動推動了我們強勁的銷售趨勢，其中包括重點關注燒烤和以限時優惠形式回歸的 Chicken al Pastor。

For the quarter, sales grew 14% to reach $2.7 billion driven by a 7% comp. In-store sales grew by 19% over last year as throughput reached the highest levels in 4 years. Digital sales represented 37% of sales. Restaurant-level margin was 27.5%, an increase of 190 basis points year-over-year. Adjusted diluted EPS was $13.37, representing 27% growth over last year. And we opened 47 new restaurants, including 43 Chipotlanes.

本季銷售額成長 14%，達到 27 億美元，年增 7%。店內銷售額較去年成長 19%，吞吐量達到 4 年來的最高水準。數位銷售額佔銷售額的 37%。餐廳級利潤率為27.5%，較去年成長190個基點。調整後攤薄每股收益為 13.37 美元，較去年增長 27%。我們新開了 47 家餐廳，其中包括 43 家 Chipotlanes 餐廳。

The strength in our business has continued into April. And as a result, we are increasing our annual comp guidance and now estimate comps in the mid- to high single-digit range for the full year.

我們業務的強勁勢頭一直持續到四月。因此，我們正在提高年度薪酬指導，現在預計全年的薪酬將在中高個位數範圍內。

Now let me shift to an update on our 5 key strategies that help us to win today while we grow our future. These strategies include sustaining world-class people leadership by developing and retaining diverse talent at every level; running successful restaurants with a people-accountable culture that provides great Food with Integrity while delivering exceptional in-restaurant and digital experiences; making the brand visible, relevant and loved to improve overall guest engagement; amplifying technology and innovation to drive growth and productivity in our restaurants, support centers and in our supply chain; and finally, expanding access and convenience by accelerating new restaurant openings in North America and internationally.

現在讓我來介紹一下我們的 5 個關鍵策略的最新情況，這些策略幫助我們贏得今天，同時發展我們的未來。這些策略包括透過培養和留住各層面的多元化人才來維持世界一流的人才領導力；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；使品牌可見、相關且受喜愛，以提高整體賓客參與度；加強技術和創新，以推動我們餐廳、支援中心和供應鏈的成長和生產力；最後，透過加速在北美和國際上開設新餐廳來擴大准入和便利。

I'll begin with our world-class people leadership. Last month, we held our All Manager Conference, where we brought together 4,500 of our restaurant and support center leaders to celebrate their success as well as amplify our focus on exceptional people, exceptional food and exceptional throughput. The conference included over 3,200 general managers, 100 apprentices, 450 field leaders, 60 team directors and 11 regional vice presidents.

我將從我們世界一流的人才領導力開始。上個月，我們舉行了全體經理會議，匯聚了 4,500 名餐廳和支援中心的領導者，慶祝他們的成功，並強調我們對傑出人才、傑出食品和傑出吞吐量的關注。此次會議包括 3,200 多名總經理、100 名學徒、450 名現場領導、60 名團隊總監和 11 名區域副總裁。

For the first time, we also included crew members who have worked with us for over 20 years to celebrate their commitment and dedication to Chipotle. In fact, one of our general managers in attendance from Denver, Colorado has been with Chipotle for 23 years, and she also had 4 crew members from her restaurant, who have each been with the company for over 20 years. Collectively, that is over 100 years of Chipotle experience, call it, one restaurant, which is just incredible. And it is no surprise this restaurant has fantastic operations with throughput that is outperforming the overall company.

我們還首次將與我們共事 20 多年的工作人員納入其中，以慶祝他們對 Chipotle 的承諾和奉獻。事實上，我們的一位來自科羅拉多州丹佛市的總經理已經在 Chipotle 工作了 23 年，她的餐廳還有 4 名工作人員，每人都在該公司工作了 20 多年。總的來說，這就是 Chipotle 100 多年的經驗，稱其為一家餐廳，真是令人難以置信。這家餐廳的營運出色，吞吐量超過整個公司也就不足為奇了。

At our conference, we highlighted the growth opportunity at Chipotle. To reach our long-term target over 7,000 restaurants in North America, we showed our teams that we will need to double the number of field leadership positions we have. And as we target over 90% internal promotions, the majority of these future leaders will come from the GMs and apprentices at this conference. This was a powerful and motivating message and one that is unique to Chipotle given our scale, growth and company-owned model.

在我們的會議上，我們強調了 Chipotle 的成長機會。為了實現北美超過 7,000 家餐廳的長期目標，我們向團隊表明，我們需要將現場領導職位的數量增加一倍。由於我們的目標是 90% 以上的內部晉升，因此未來的領導者大部分將來自本次會議的總經理和學徒。這是一個強而有力的、激勵人心的信息，考慮到我們的規模、成長和公司自有模式，這對 Chipotle 來說是獨一無二的。

And in connection with our 50:1 stock split, we also announced that all of our GMs as well as crew members who have been with Chipotle over 20 years will receive stock grants once the split is effective. This will allow them to participate in the financial success of the company.

關於我們 50:1 的股票分割，我們也宣布，一旦分割生效，所有在 Chipotle 工作超過 20 年的總經理和工作人員都將獲得股票獎勵。這將使他們能夠參與公司的財務成功。

Bottom line, Chipotle is changing lives for the better. In fact, one of our restaurateurs and certified training managers spoke at the conference and shared that her experience at Chipotle helped her to overcome financial hardship. Now she was even on the verge of homelessness before she joined Chipotle. She started as a crew member over 10 years ago and has thrived, making her way to the highest-level GM and is now well on her way to becoming a field leader. She was able to leverage our education benefits to earn a college degree, the first in her family. And utilizing the stock she received as a restaurateur, she was able to purchase her first home. She is also one of our team members in our Behind the Foil commercials as she really is a great example of exceptional people that makes Chipotle, Chipotle.

最重要的是，Chipotle 正在讓生活變得更美好。事實上，我們的一位餐廳老闆和認證培訓經理在會議上發言，並分享了她在 Chipotle 的經歷幫助她克服了經濟困難。現在，在加入 Chipotle 之前，她甚至處於無家可歸的邊緣。十多年前，她從一名船員開始，並不斷成長，晉升為最高級別的總經理，現在正在成為一名領域領導者。她能夠利用我們的教育福利獲得大學學位，這是她家裡的第一個學位。並利用她作為餐廳老闆收到的股票，她買了她的第一棟房子。她也是我們的 Behind the Foil 廣告中的團隊成員之一，因為她確實是製作 Chipotle、Chipotle 的傑出人士的一個很好的例子。

In addition to our world-class people, exceptional food and exceptional throughput are key areas of focus and are both critical to running our successful restaurants. We spent time at our All Manager Conference reminding our teams about Chipotle's culture of Food with Integrity and how there's a direct connection between how food is raised and prepared and how it tastes. We showcased Chipotle's Food with Integrity journey and our strong partnerships with our farmers and suppliers, who take special care in ensuring they are growing our food with the highest standards.

除了我們世界一流的員工之外，卓越的食品和卓越的吞吐量也是我們關注的關鍵領域，這對我們成功經營餐廳至關重要。我們在全體經理會議上花了一些時間提醒我們的團隊Chipotle 的誠信食品文化，以及食物的種植和準備方式與味道之間的直接聯繫。我們展示了 Chipotle 的誠信食品之旅以及我們與農民和供應商的牢固合作夥伴關係，他們特別注意確保以最高標準種植我們的食品。

We also emphasized the importance of teaching and tasting Chipotle, which means that our restaurant teams taste the food they prepare multiple times a day to assure it is delicious and meets our high standards. You see, Chipotle was founded on this idea of real food and real culinary. It's not a marketing slogan or a short-term initiative. It's in our heritage. It's in our DNA. Our restaurant teams take pride our food, and our healthy, high-quality eating experience adds value for our guests.

我們還強調了教授和品嚐 Chipotle 的重要性，這意味著我們的餐廳團隊每天多次品嚐他們準備的食物，以確保其美味並符合我們的高標準。你看，Chipotle 是建立在真正的食物和真正的烹飪理念之上的。這不是行銷口號或短期舉措。這是我們的傳統。它存在於我們的 DNA 中。我們的餐廳團隊對我們的食物感到自豪，我們健康、高品質的飲食體驗為我們的客人增加了價值。

In addition to our delicious food, exceptional throughput or the speed of service in our restaurant also adds to the extraordinary value proposition we offer. I'm thrilled to share that the momentum and throughput continued to build in the first quarter as we improved by nearly 2 entrees in our peak 15 minutes compared to last year with each month showing an acceleration.

除了美味的食物之外，我們餐廳卓越的吞吐量或服務速度也增加了我們提供的非凡價值主張。我很高興地告訴大家，第一季的勢頭和吞吐量繼續增強，與去年相比，我們在峰值 15 分鐘內增加了近 2 個主菜，而且每個月都在加速。

At our All Manager Conference, we also focused on coaching the nuances of great throughput or executing what we call the 4 pillars. This includes expo or the crew member between sauce and cash to help expedite the bagging and payment process; linebacker, typically the manager on duty who supplies both lines with freshly prepared food so that the crew on our line can continue to serve our guests without interruption; mise en place or another way of saying that everything that is needed for a lunch or dinner peak is ready and in its place; and aces in their places or having the best trained crew deployed in each position for lunch and dinner peaks.

在我們的全體經理會議上，我們還重點指導了高吞吐量的細微差別或執行我們所說的四大支柱。這包括世博會或工作人員在醬汁和現金之間幫助加快裝袋和付款流程；後衛，通常是值班經理，為兩條線路提供新鮮準備的食物，以便我們線路上的工作人員可以不間斷地繼續為我們的客人提供服務； mise en place 或另一種說法是午餐或晚餐高峰所需的一切都已準備就緒並就位；和王牌在他們的位置或在午餐和晚餐高峰時在每個位置部署訓練有素的最好的船員。

We are in the early innings of consistently executing the 4 pillars, but when we do, it creates a flywheel effect in our restaurants. The restaurants run more smoothly as our teams are properly trained and deployed, which allows them to keep up with demand without stress. This leads to more stability, and therefore, more experienced teams that execute better every day. And this can be seen in our latest turnover data, which is at historically low levels. And for our guests, faster throughput results in shorter, faster-moving lines and hotter, fresher food, strengthening our value proposition and driving incremental transactions.

我們正處於持續執行四大支柱的早期階段，但當我們這樣做時，就會在我們的餐廳中產生飛輪效應。由於我們的團隊經過適當的培訓和部署，餐廳的運作更加順利，這使他們能夠毫無壓力地滿足需求。這會帶來更高的穩定性，因此，更有經驗的團隊每天都會執行得更好。這可以從我們最新的營業額數據中看出，該數據處於歷史低點。對於我們的客人來說，更快的吞吐量意味著更短、更快的生產線和更熱、更新鮮的食物，從而強化我們的價值主張並推動增量交易。

Our restaurant in the Financial District in Boston is a great example where a year ago, they were doing mid-20 entrees in their peak 15 minutes. And today, they are doing over 40 entrees in their peak 15 minutes with days that can reach as high as 80, which is among the highest in the company. The restaurant has low turnover and outsized transaction growth, which clearly demonstrates they are creating a better overall experience in the restaurant.

我們位於波士頓金融區的餐廳就是一個很好的例子，一年前，他們在高峰期的 15 分鐘內做 20 道左右的主菜。如今，他們在高峰期的 15 分鐘內完成了 40 多道主菜，每天的主菜數量甚至高達 80 道，這是公司中最高的。該餐廳的營業額較低，但交易量增長巨大，這清楚地表明他們正在為餐廳創造更好的整體體驗。

Now turning to marketing. Our marketing team has started the year off strong with outstanding brand advertising and menu innovation. We have continued our successful Behind the Foil brand campaign, showing our real teams prepping our delicious fresh food by hand every day, reinforcing a key differentiator for Chipotle. This ran across all media channels, including high-profile placements in television such as college football and the NFL Playoffs.

現在轉向行銷。我們的行銷團隊以出色的品牌廣告和菜單創新開啟了新的一年。我們繼續進行成功的 Behind the Foil 品牌活動，展示我們真正的團隊每天手工準備美味的新鮮食品，強化了 Chipotle 的一個關鍵差異化優勢。這貫穿了所有媒體管道，包括大學橄欖球和 NFL 季後賽等電視節目的高調展示。

We also began to promote our delicious barbacoa as we leveraged our consumer insights that told us that many of our guests did not know that barbacoa was braised beef. So we renamed it Braised Beef Barbacoa and emphasized the culinary recipe, which is slow-cooked, responsibly raised beef seasoned with garlic and cumin and hand-shredded. It was Chipotle's best-kept secret and is now growing in popularity. The campaign was a success, driving incremental transactions and spend, and it was simple for our operations team to execute since it was an existing menu item. This is a perfect example of how our marketing team continues to make Chipotle more visible, more relevant and more loved.

我們也開始推廣我們美味的巴巴卡，因為我們利用我們的消費者洞察，我們的許多客人不知道巴巴卡是紅燒牛肉。因此，我們將其重新命名為“Braise Beef Barbacoa”，並強調其烹飪配方，即慢煮、負責任飼養的牛肉，用大蒜和小茴香調味，然後手工切絲。這是 Chipotle 保守得最好的秘密，現在越來越受歡迎。該活動取得了成功，推動了交易和支出的增量，而且我們的營運團隊執行起來很簡單，因為它是現有的菜單項目。這是一個完美的例子，展示了我們的行銷團隊如何繼續讓 Chipotle 變得更引人注目、更相關、更受喜愛。

During the quarter, we also brought back one of our most requested new menu items, Chicken al Pastor. Our guests loved our spin on the al Pastor using our adobo chicken, Morita peppers with a splash of pineapple, fresh lime and hand-chopped cilantro. Similar to carne asada, when we bring back a past favorite, we are able to improve the entire experience as we leverage our know-how across culinary, supply chain, marketing and operations to make it more delicious with seamless execution. Chicken al Pastor is off to a great start once again, driving incremental transactions into our restaurants.

在本季度，我們也帶回了最受歡迎的新菜單項目之一——Chicken al Pastor。我們的客人很喜歡我們用阿斗波雞、森田辣椒、鳳梨、新鮮酸橙和手切香菜製作的 al Pastor。與carne asada 類似，當我們帶回過去最喜歡的美食時，我們能夠利用我們在烹飪、供應鏈、行銷和營運方面的專業知識，透過無縫執行使其變得更加美味，從而改善整個體驗。 Chicken al Pastor 再次取得了良好的開端，為我們的餐廳帶來了增量交易。

Moving on to technology and innovation. Our marketing and digital teams continue to grow and evolve our Rewards program, which recently celebrated its fifth anniversary. It is exciting that we now have a digital reach of about 40 million Rewards members that we can leverage to increase engagement. Through our marketing initiatives, we continue to find successful ways to drive enrollments, and we are leveraging our digital team to create a seamless app experience and deliver more relevant journeys for our Rewards members. The goal is to drive higher engagement in the program, which results in higher frequency and spend over time.

繼續技術和創新。我們的行銷和數位團隊繼續發展和發展我們的獎勵計劃，該計劃最近慶祝了五週年。令人興奮的是，我們現在擁有約 4000 萬獎勵會員的數位覆蓋範圍，我們可以利用這些會員來提高參與度。透過我們的行銷計劃，我們不斷尋找成功的方法來推動註冊，並且我們正在利用我們的數位團隊打造無縫的應用程式體驗，並為我們的獎勵會員提供更相關的旅程。目標是提高該計劃的參與度，從而隨著時間的推移提高頻率和支出。

In our restaurants, we continue to explore technology tools that can drive higher productivity and improve the overall experience for our teams. This includes things like forecasting and deploying labor, recruiting new crew members, preparing our fresh food and automating the preparation of digital orders. In fact, at our All Manager Conference, we showed our teams the latest version of our automated digital makeline and Autocado, which cuts cores and peels avocados. And as we discussed last quarter, we are excited to get both into a restaurant later this year as part of the stage gate process.

在我們的餐廳中，我們不斷探索能夠提高生產力並改善團隊整體體驗的技術工具。這包括預測和部署勞動力、招募新船員、準備新鮮食品以及自動化準備數位訂單等。事實上，在我們的全體經理會議上，我們向我們的團隊展示了最新版本的自動化數位生產線和 Autocado，可以切割酪梨和去皮。正如我們上季度討論的那樣，我們很高興能夠在今年晚些時候將兩者引入一家餐廳，作為舞台入口流程的一部分。

Our final strategic priority is expanding access and convenience by accelerating new restaurant openings in North America and internationally. We remain on track to open 285 to 315 new restaurants this year, mostly in North America. We continue to see strength in openings across geographies and location types, including urban, suburban and small towns. Additionally, our development team is making progress to smooth the cadence of openings throughout the year with the number of restaurants under construction up meaningfully to last year.

我們的最後一個策略重點是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。今年我們仍有望開設 285 至 315 家新餐廳，其中大部分位於北美。我們繼續看到跨地域和地點類型的空缺職位的優勢，包括城市、郊區和城鎮。此外，我們的開發團隊正在努力平穩全年開幕的節奏，在建餐廳數量較去年大幅增加。

Outside of North America, I'm delighted to share that we opened our first restaurant in Kuwait with the Alshaya Group, which marks the first time we've entered a new country in over 10 years. This was a highly collaborative effort between the Alshaya Group and our Chipotle teams across culinary, food safety, development operations and supply chain to successfully launch Chipotle in a brand-new market with the same food quality standards and customer experience that we have in North America. Although it is very early, the opening was strong, and we look forward to continued success in many restaurants across the region with the Alshaya Group.

在北美以外，我很高興與大家分享，我們與 Alshaya 集團在科威特開設了第一家餐廳，這標誌著我們十多年來首次進入一個新的國家。這是 Alshaya 集團與我們的 Chipotle 團隊在烹飪、食品安全、開發營運和供應鏈方面的高度合作，以在與北美相同的食品品質標準和客戶體驗的全新市場成功推出 Chipotle 。雖然時間還早，但開業勢頭強勁，我們期待 Alshaya 集團在該地區的許多餐廳繼續取得成功。

Moving to Europe. As you may recall, we brought over one of our top operators about a year ago, who helped to identify areas of opportunity, including better aligning our training tools, systems and culinary with our North American operations where it makes sense and is feasible. We have made nice progress aligning the culinary and are beginning to better align the operations, including a recent change in leadership structure as we expand the role of our Canadian leader to oversee both Canada and Europe.

搬到歐洲。您可能還記得，大約一年前，我們聘請了一位頂級操作員，他幫助識別了機會領域，包括更好地將我們的培訓工具、系統和烹飪與我們的北美業務結合起來，在有意義且可行的情況下。我們在調整烹飪方面取得了良好進展，並開始更好地調整運營，包括最近領導結構的變化，因為我們擴大了加拿大領導人的作用，以監督加拿大和歐洲。

Over the last 5 years, Canada's economics have improved to be on par with the U.S. In fact, Canada is leading our company in many key operational KPIs, including throughput. The successful approach of aligning the local strategy with our overall operational vision and diligently overseeing execution of Chipotle standards has set up Canada for rapid expansion.

在過去 5 年裡，加拿大的經濟已經改善到與美國持平。將當地策略與我們的整體營運願景相結合並努力監督 Chipotle 標準的執行的成功方法為加拿大的快速擴張奠定了基礎。

We see many similarities between the European operation today and the Canadian operation 5 years ago. The new leadership team in Europe, including 2 top operators from the U.S., will take a similar strategic approach to improve economics and unlock Europe's growth potential.

我們發現今天的歐洲業務與 5 年前的加拿大業務有許多相似之處。歐洲新的領導團隊包括兩名來自美國的頂級營運商，他們將採取類似的策略方法來改善經濟並釋放歐洲的成長潛力。

In closing, the strength in our business, including transaction-driven comps, is due to the collective hard work of our 120,000 employees, who are results-driven, passionate about our purpose of cultivating a better world and excited for our growth opportunities ahead. At our All Manager Conference, I highlighted the importance of people development as it represents one of our greatest strengths. Seeing our leaders all in one place was inspiring, and their personal growth stories are real and a key ingredient to Chipotle's success and future growth. This makes me more confident than ever that we have the right people and the right strategy to achieve our long-term goals of more than doubling our restaurants in North America and expanding internationally. As I've said in the past, I believe the next Chipotle is Chipotle.

最後，我們業務的優勢，包括交易驅動的薪酬，歸功於我們120,000 名員工的集體辛勤工作，他們以結果為導向，對我們建立更美好世界的目標充滿熱情，並對我們未來的成長機會感到興奮。在我們的全體經理會議上，我強調了人員發展的重要性，因為它代表了我們最大的優勢之一。看到我們的領導者齊聚一處真是令人鼓舞，他們的個人成長故事是真實的，也是 Chipotle 成功和未來發展的關鍵因素。這讓我比以往任何時候都更有信心，我們擁有合適的人才和正確的策略來實現我們的長期目標，即北美餐廳數量增加一倍以上並進行國際擴張。正如我過去所說，我相信下一個 Chipotle 就是 Chipotle。

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

有了這個，我會把它交給傑克。

Thanks, Brian, and good afternoon, everyone. Sales in the first quarter grew 14.1% year-over-year to reach $2.7 billion as sales comp grew 7% driven by over 5% transaction growth. Restaurant-level margin of 27.5% increased about 190 basis points compared to last year. Earnings per share adjusted for unusual items was $13.37, representing 27% year-over-year growth. The first quarter had unusual expenses related to an increase in legal reserves.

謝謝布萊恩，大家下午好。第一季銷售額年增 14.1%，達到 27 億美元，在交易成長超過 5% 的推動下，銷售收入成長了 7%。餐廳級利潤率為 27.5%，比去年增加約 190 個基點。不尋常項目調整後的每股收益為 13.37 美元，年增 27%。第一季出現了與法定準備金增加相關的異常費用。

As Brian mentioned, based on our strong underlying transaction trends, we are raising our full year comp guidance to the mid- to high single-digit range. We anticipate second quarter comps to be the highest of the year, which includes a benefit of an extra day from the Easter shift, and we anticipate comps to continue to be driven by transactions in the back half of the year. We do have some challenging rollover components, including Chicken al Pastor ending, lapping our menu price increase from the prior year and rolling over the very successful carne asada campaign. With that said, we have a strong plan in place for the back half both in terms of operations and marketing.

正如布萊恩所提到的，基於我們強勁的基本交易趨勢，我們將全年業績指引提高至中高個位數範圍。我們預計第二季的比較將是今年最高的，其中包括復活節班次額外一天的好處，並且我們預計下半年的交易將繼續推動比較。我們確實有一些具有挑戰性的滾動組件，包括雞肉牧師結局、我們的菜單價格較前一年上漲以及滾動非常成功的卡內淺田活動。話雖如此，我們在下半年的營運和行銷方面都制定了強而有力的計劃。

Additionally, in April, minimum wage in California for restaurant companies like ours increased to $20 an hour. As a result, our wages in California went up by nearly 20%, and we subsequently took a 6% to 7% menu price increase in our California restaurants just to cover the cost in dollar terms. This will add almost 1 full point to total company pricing beginning in Q2. California restaurant cash flow is below the company average, so this increase will allow us to maintain cash flow. However, it will have a negative impact to overall company restaurant-level margin by about 20 basis points.

此外，4 月份，加州像我們這樣的餐飲公司的最低工資提高到每小時 20 美元。結果，我們在加州的工資上漲了近 20%，隨後我們將加州餐廳的菜單價格上漲了 6% 至 7%，只是為了彌補以美元計算的成本。這將使第二季開始的公司總定價增加近 1 個百分點。加州餐廳的現金流低於公司平均水平，因此這一增長將使我們能夠維持現金流。然而，這將對公司整體餐廳層面的利潤率產生約 20 個基點的負面影響。

I'll now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 28.8%, an increase of about 40 basis points from last year. The benefit of last year's menu price increase was partially offset by inflation across several ingredient costs, primarily beef and produce, and a protein mix headwind and from the successful beef barbacoa marketing initiative. For Q2, we expect our cost of sales to be in the mid-29% range due to higher prices across several items, but most notably avocados as we anticipate a step-up from the low levels we have seen over the past several quarters. We anticipate cost of sales inflation will be in the mid-single-digit range for the remainder of this year.

我現在將介紹關鍵的損益行項目，從銷售成本開始。該季度銷售成本為28.8%，較去年增加約40個基點。去年菜單價格上漲的好處被多種原料成本（主要是牛肉和農產品）的通貨膨脹、蛋白質組合逆風以及成功的牛肉巴巴科行銷計劃所部分抵消。對於第二季度，我們預計銷售成本將在 29% 左右，因為多種商品的價格上漲，但最明顯的是酪梨，因為我們預計銷售成本將從過去幾個季度的低水平上升。我們預計今年剩餘時間內銷售成本通膨將處於中個位數範圍內。

Labor costs for the quarter were 24.4%, a decrease of about 20 basis points from last year as the benefit from sales leverage more than offset wage inflation and the higher performance-based compensation. For Q2, we expect our labor costs to stay in the mid-24% range with wage inflation stepping up to about 6% as a result of the minimum wage increase in California.

該季度的勞動力成本為 24.4%，比去年下降約 20 個基點，因為銷售槓桿帶來的收益超過了工資上漲和基於績效的薪資上漲。對於第二季度，我們預計勞動成本將保持在 24% 左右，而由於加州最低工資上漲，工資通膨將上升至 6% 左右。

Other operating costs for the quarter were 14.3%, a decrease of about 100 basis points from last year. The decrease was driven by sales leverage, lower delivery expenses and lower marketing and promo costs. Marketing and promo costs were 2.9% of sales in Q1, a decrease of about 30 basis points from last year. In Q2, we expect marketing costs to be in the low 2% range with the full year to come in just below 3%. In Q2, other operating costs are expected to be in the low 13% range.

該季度其他營運成本為14.3%，較去年下降約100個基點。下降的原因是銷售槓桿、交付費用降低以及行銷和促銷成本降低。行銷和促銷成本佔第一季銷售額的 2.9%，比去年下降約 30 個基點。在第二季度，我們預計行銷成本將在 2% 左右，全年行銷成本將略低於 3%。第二季度，其他營運成本預計將在 13% 的低水準範圍內。

G&A for the quarter was $204 million on a GAAP basis or $191 million on a non-GAAP basis, excluding a $13 million increase in legal reserves. G&A also includes $126 million in underlying G&A, $34 million related to noncash stock comp, $21 million related to our successful All Manager Conference we held in March and $10 million related to higher bonus accruals and payroll taxes and equity vestings and exercises. We expect our underlying G&A to be around $129 million in Q2 and step up each quarter as we make investments in people and technology to support ongoing growth.

以 GAAP 計算，本季的一般管理費用為 2.04 億美元，以非 GAAP 計算，本季的一般管理費用為 1.91 億美元，不包括增加的 1,300 萬美元法定準備金。 G&A 還包括1.26 億美元的基本G&A、3400 萬美元與非現金股票補償相關、2100 萬美元與我們在3 月份成功舉辦的全體經理會議相關，以及1000 萬美元與更高的應計獎金、工資稅以及股權歸屬和行使相關。我們預計第二季的基本管理費用約為 1.29 億美元，並且隨著我們對人員和技術的投資以支持持續成長，每季都會增加。

We anticipate stock comp will be around $36 million in Q2, although this amount could move up or down based on our actual performance. We also expect to recognize around $6 million related to higher bonus accruals and employer taxes associated with shares that vest during the quarter, bringing our total anticipated G&A in Q2 to around $171 million. Depreciation for the quarter was $83 million or 3.1% of sales, and we expect depreciation to step up slightly each quarter as we continue to open more restaurants.

我們預計第二季的股票補償將約為 3,600 萬美元，儘管該金額可能會根據我們的實際業績而上下波動。我們還預計將確認約 600 萬美元，與本季授予的股票相關的應計獎金和雇主稅增加，使我們預計第二季度的總管理費用總額達到約 1.71 億美元。本季的折舊為 8,300 萬美元，佔銷售額的 3.1%，隨著我們繼續開設更多餐廳，我們預計每季折舊都會略有增加。

Our effective tax rate for Q1 was 22% for GAAP and 22.1% for non-GAAP. And our effective tax rate benefited from option exercises and equity vesting above grant values. For fiscal 2024, we estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

我們第一季的 GAAP 有效稅率為 22%，非 GAAP 有效稅率為 22.1%。我們的有效稅率受益於選擇權行使和高於授予價值的股權歸屬。對於 2024 財年，我們估計基本有效稅率將在 25% 至 27% 範圍內，但可能會根據具體項目而有所不同。

On March 19, we announced that our Board of Directors approved a 50-for-1 stock split, one of the largest in New York Stock Exchange history. We believe this will make our stock more accessible to our employees as well as a broader range of investors. Pending shareholder approval in early June to increase the number of authorized shares, the stock will begin trading on a post-split basis at the market open on Wednesday, June 26.

3 月 19 日，我們宣布董事會批准了 1 股 50 股的股票分割，這是紐約證券交易所歷史上規模最大的股票分割之一。我們相信，這將使我們的員工以及更廣泛的投資者更容易獲得我們的股票。在等待 6 月初股東批准增加授權股份數量之前，該股票將於 6 月 26 日星期三開盤時開始在分拆後進行交易。

Our balance sheet remains strong as we ended the quarter with $2.2 billion in cash, restricted cash and investments with no debt. As a result of the timing of our announcement of the stock split, we were unable to repurchase shares for most of the quarter, which limited our share repurchases to just $25 million at an average price of $2,320. At the end of the quarter, we had nearly $400 million remaining under our share authorization program, and we will be able to resume opportunistically repurchasing our shares when the window opens -- reopens in a few days.

我們的資產負債表仍然強勁，本季末我們擁有 22 億美元現金、限制性現金和無債務投資。由於我們宣布股票分割的時間安排，我們在本季度的大部分時間都無法回購股票，這使得我們的股票回購額僅限於 2500 萬美元，平均價格為 2,320 美元。截至本季末，我們的股票授權計劃還剩近 4 億美元，當窗口打開時（幾天后重新打開），我們將能夠機會性地恢復股票回購。

We opened 47 new restaurants in the first quarter, of which 43 had a Chipotlane. And we continue to anticipate opening between 285 and 315 new restaurants in 2024 with over 80% having a Chipotlane. And we remain on track to move toward the high end of the 8% to 10% range by 2025, assuming time line conditions do not worsen.

第一季我們新開了 47 家餐廳，其中 43 家擁有 Chipotlane。我們預計 2024 年將開設 285 至 315 家新餐廳，其中超過 80% 擁有 Chipotlane。假設時間軸條件不會惡化，我們仍有望在 2025 年向 8% 至 10% 範圍的高端邁進。

To close, I want to reiterate the message I shared at our recent All Manager Conference. Chipotle started over 30 years ago with a young chef who thought just because food is served fast doesn't mean it has to be a typical fast food experience. That evolved into our Food with Integrity journey, defying the traditional fast food model by investing more in our ingredients and shaping our economic model to help fund that investment. And today, we have a special brand and unique economic model that allows us to spend more on our ingredients yet remain one of the most affordable meals in the industry while also maintaining industry-leading margins.

最後，我想重申我在最近的全體經理會議上分享的資訊。 Chipotle 於 30 多年前由年輕廚師創立，他認為上菜速度快並不意味著它一定是典型的快餐體驗。這演變成了我們的「誠信食品」之旅，透過對我們的原料進行更多投資並塑造我們的經濟模式來幫助資助該投資，從而挑戰傳統的快餐模式。如今，我們擁有特殊的品牌和獨特的經濟模式，使我們能夠在原料上投入更多資金，同時仍然是行業中最實惠的膳食之一，同時還保持行業領先的利潤率。

These 3 characteristics are incredibly difficult to replicate: premium ingredients, affordable prices and attractive margins. And this is a huge competitive advantage. And as we continue to protect and strengthen our economic model, the future looks very bright for Chipotle.

這三個特徵非常難以複製：優質原料、實惠價格和有吸引力的利潤。這是一個巨大的競爭優勢。隨著我們繼續保護和加強我們的經濟模式，Chipotle 的未來看起來非常光明。

And with that, we're happy to answer your questions.

至此，我們很高興回答您的問題。

(Operator Instructions) The first question today comes from David Tarantino with Baird.

（操作員說明）今天的第一個問題來自 David Tarantino 和 Baird。

My question is on speed of service. And Brian, I think you mentioned that you improved in Q1 by 2 transactions, which I think is the biggest improvement we've seen in quite some time. So I guess the first question is, could you maybe elaborate on the factors that drove such a sharp improvement? And then secondly, could you maybe give us an update on where you think you are exiting the quarter, entering the first -- or the second quarter versus where you ultimately want to be? How much progress, I guess, relative to the ultimate goal that you make in the last 3.5 months?

我的問題是關於服務速度。 Brian，我想你提到你在第一季提高了 2 筆交易，我認為這是我們在相當長一段時間內看到的最大進步。所以我想第一個問題是，您能否詳細說明一下推動如此急劇改善的因素？其次，您能否向我們介紹您認為您將在本季度退出、進入第一季或第二季與您最終想要達到的目標的最新情況？我想，相對於您在過去 3.5 個月中取得的最終目標，進展了多少？

Yes. So thanks, David. Well, first, I got to give a big kind of applause to our operators. We've really done a great job, I think, of staffing, scheduling and deploying and then really executing against our 4 pillars of great throughput.

是的。謝謝，大衛。好吧，首先，我要向我們的操作員致以熱烈的掌聲。我認為，我們在人員配置、調度和部署方面確實做得非常出色，然後真正針對我們的四大吞吐量支柱進行了執行。

So the nice thing that happened is we saw, frankly, a step-up almost every month. And we continue to see progress as are now in the month of April. In fact, if you remember this, David, we were talking probably in 2023 about being in the low 20s and we want to get into the mid-20s. The good news is we're finally closing in on those mid-20s. And we're starting to see certain days push high 20s.

坦白說，發生的一件好事是我們幾乎每個月都看到了進步。我們繼續看到四月的進展。事實上，如果你還記得這一點，大衛，我們可能在 2023 年討論過 20 歲以下的情況，我們希望進入 20 歲左右。好消息是我們終於接近 20 多歲了。我們開始看到某些日子的銷售量達到 20 多歲。

So still lots of room for improvement. But I really must say that I think the focus, the staffing, the deployment, the scheduling and then also giving our operators the visibility with reporting has really, I think, driven terrific outcomes on this throughput effort. And we're really excited about where we can go from here.

所以還有很大的進步空間。但我真的必須說，我認為重點、人員配備、部署、調度，以及為我們的操作員提供報告的可見性，我認為確實推動了吞吐量工作的出色成果。我們對接下來的發展感到非常興奮。

And just maybe a quick follow-up on that. So the last year you made this type of progress on throughput that I can remember was all the way back in 2014, and it was a very big comp driver that year. And I just wonder, could this become a big comp driver as you look at the rest of this year and into the next few years? I mean is it possible that this is a big driver as we think about how the next several years plays out? Or is this more of a we're starting to get closer to where you want to be, and maybe it plays out this year, and you normalize versus that base?

也許只是對此進行快速跟進。我記得去年你們在吞吐量方面取得了這種進展，那是在 2014 年，那一年是一個非常大的競爭驅動因素。我只是想知道，從今年剩餘時間和未來幾年來看，這是否會成為一個重要的競爭驅動因素？我的意思是，當我們思考未來幾年的發展時，這是否可能是重要的推動因素？或者這更像是我們開始接近你想要的目標，也許它會在今年發揮作用，你會相對於這個基礎實現正常化？

Yes. No, you're exactly right, David. So 2014 was kind of our high-water mark on throughput. And we believe we've got years of opportunity in this. Just from what we're seeing, we still have a lot of opportunity to execute against the 4 pillars to great throughput. So our teams are doing a much better job than we were just last month or even 6 months ago. But there's still so much upside in what our teams can do and perform.

是的。不，你說得對，大衛。因此，2014 年是我們吞吐量的高水位。我們相信我們在這方面有多年的機會。從我們所看到的情況來看，我們仍然有很多機會來執行四大支柱，以實現巨大的吞吐量。所以我們的團隊做得比上個月甚至六個月前好得多。但我們的團隊可以做的事情和表現仍然有很多優勢。

So this is a multiyear -- you're going to hear us talking about throughput for a long time. And I think you're going to be hearing us talk about how we're getting better as time goes by, assuming we're able to keep the staffing, assuming we're able to keep the deployment, assuming we're able to keep the teams focused on this. But rest assured, it is one of our key drivers of our strategy going forward. And our operators know it's critical.

所以這是一個多年的過程——你會在很長一段時間內聽到我們談論吞吐量。我想你會聽到我們談論隨著時間的推移我們如何變得更好，假設我們能夠保留人員配置，假設我們能夠保留部署，假設我們能夠讓團隊專注於此。但請放心，這是我們未來策略的關鍵驅動力之一。我們的操作員知道這至關重要。

And the good news is when they have success with throughput, a lot of good things happen for the team. Customer satisfaction scores go up. Bonuses go up. All kinds of good things are happening in the restaurant. The food is better. The experience is better. It's just -- it's one of those things that cascades into everything being a lot better.

好消息是，當他們在吞吐量方面取得成功時，團隊就會發生很多好事。客戶滿意度分數上升。獎金上漲。餐廳裡發生著各種各樣的好事。食物更好。體驗更好。這只是——它是讓一切變得更好的事情之一。

Great. Congrats on a great start to the year.

偉大的。祝賀今年取得了良好的開端。

Yes. Thanks, David.

是的。謝謝，大衛。

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。

So on traffic, incredible numbers. You talked about this trend continuing into April and particularly impressive when considering what we're seeing in the overall industry. Can you give more color on just the cadence of trends you saw throughout the quarter and into April and color on what you're seeing with the consumer performance at the high-income versus low-income consumer?

所以在交通方面，數字令人難以置信。您談到這種趨勢一直持續到四月份，考慮到我們在整個行業中看到的情況，這一趨勢尤其令人印象深刻。您能否詳細說明您在整個季度和四月看到的趨勢節奏，以及您所看到的高收入消費者與低收入消費者的消費者表現？

My apologies, it looks like we've lost connection with our speakers. Please hold while we reconnect.

抱歉，我們似乎與揚聲器失去了聯繫。請稍候，我們將重新連線。

(technical difficulty)

（技術難度）

Thank you very much for your patience. We have reconnected with our speakers. We currently have Lauren Silberman from Deutsche Bank asking a question.

非常感謝您的耐心等待。我們已與演講者重新建立聯繫。目前德意志銀行的 Lauren Silberman 正在向我們提問。

So if I could just ask about just traffic. Incredible trends during the quarter, strength continuing into April, particularly impressive when considering what's going on in the overall industry. Can you give some more color on the cadence of trends you saw throughout the quarter and into April? And then talk about what you're seeing with the consumer, high-income versus low-income performance.

所以我是否可以只詢問交通狀況。本季的趨勢令人難以置信，強勁勢頭持續到四月份，考慮到整個行業正在發生的情況，這一點尤其令人印象深刻。您能否進一步說明整個季度和四月的趨勢節奏？然後談談您對消費者的看法，高收入與低收入的表現。

Yes. Sure. So this is Brian. I'll get started, and Jack, feel free to chime in. The good news is, obviously, we had some weather in January, and then we had the timing of the Easter holiday in March and April. But consistently, what we saw was a step-up from that bad weather. And then really our transactions have been running kind of in this mid-single-digit range, which has been, I think, a real testament to the work that's been going on both in the restaurant around throughput and then obviously some of the marketing work that we've got going on both with barbacoa and Chicken al Pastor.

是的。當然。這就是布萊恩。我要開始了，傑克，請隨意插話。但始終如一的是，我們看到的是從惡劣天氣中得到的改善。事實上，我們的交易一直在這個中等個位數的範圍內運行，我認為，這真正證明了餐廳圍繞吞吐量以及顯然一些營銷工作所做的工作我們正在與巴巴科亞和雞肉牧師一起進行。

So we continue to see that strength as we entered April. And when we look at where that strength is coming from because I think your question is about consumer/income cohorts, it's really broad based. So from the low-income consumer to the middle-income to the higher-income consumer, we're just seeing gains with all income cohorts. And when we ask the question, why is that, what we hear back from every group is it's a great value proposition. So the speed at which people can get these quality ingredients, customize the way they want for the price points that we provided is playing back -- is just -- create value in this environment.

因此，進入四月後，我們繼續看到這種勢頭。當我們看看這種力量來自哪裡時，因為我認為你的問題是關於消費者/收入群體的，它的基礎非常廣泛。因此，從低收入消費者到中等收入消費者，再到高收入消費者，我們看到所有收入群體都取得了進步。當我們問為什麼會這樣時，我們從每個團體聽到的回饋都是這是一個很棒的價值主張。因此，人們獲得這些優質原料、以我們提供的價格點定制他們想要的方式的速度正在回放——只是——在這種環境中創造價值。

And then, Brian, the only thing to add was transactions were up almost 5.5% during the quarter, and that was offset by check increase by about 1.5%. That was driven by part check and then offset by a little mix -- a little negative mix mostly due to group size.

然後，Brian，唯一要補充的是，本季交易量增加了近 5.5%，這被支票增加約 1.5% 所抵消。這是由零件檢查驅動的，然後被一點混合所抵消——一點負面混合主要是由於團體規模。

Very helpful. If I could just have a quick one on throughput. Do we expect the throughput efforts to compound over time as consumers recognize the improved operations? Is that what's happening as we move through the quarters?

很有幫助。如果我能快速了解吞吐量就好了。隨著消費者意識到營運的改善，我們是否預期吞吐量會隨著時間的推移而增加？這就是我們在各個季度中發生的情況嗎？

Yes. Yes, that's exactly right. I think we've talked about this in the past. When you know the line moves quickly, you're willing to get in line. And also what happens is the experience is just all that much better, right? The culinary moves faster, and then you get to your experience faster. So our teams run more efficiently. The food, I think, comes across even better prepared. And then you as a customer move through the line faster. So it is one of those things where kind of speed begets speed is the way to describe it.

是的。是的，完全正確。我想我們過去已經討論過這個問題。當你知道隊伍移動得很快時，你就會願意排隊。而且，體驗會變得更好，對嗎？烹飪進展得更快，然後你就能更快地獲得體驗。所以我們的團隊運作得更有效率。我認為食物做得更好。然後，作為顧客，您可以更快地通過隊列。因此，這是一種速度產生速度的事情之一，這是描述它的方式。

Yes. And Brian, I was just going to ask -- add the -- in terms of the in-store channel, it's the fastest-growing channel during the quarter, and that's coming from 2 areas. One, we've got our in-store customers. Those customers that tend to come in store are coming more often. And it makes sense that when the lines are moving, they're going to come more often. And we're actually also seeing a little bit of shift from some of the order-ahead. Those folks are shifting into the order -- into the in-store channel as well. Again, when the lines are moving well, when the restaurant is running well, people like to come in and select their meal along the front line.

是的。布萊恩，我只是想問——補充一下——就店內通路而言，它是本季成長最快的管道，來自兩個領域。第一，我們有店內顧客。那些經常光顧商店的顧客變得更加頻繁。當隊伍移動時，他們會更頻繁地出現，這是有道理的。事實上，我們也看到一些提前訂購的情況發生了一些變化。這些人正在轉向訂單——也轉向店內通路。再說一遍，當隊伍流動順利時，當餐廳運作良好時，人們喜歡進來沿著前線選餐。

Great. Congrats on the quarter.

偉大的。恭喜本季。

Thank you.

謝謝。

The next question comes from Andrew Charles with TD Cowen.

下一個問題來自 TD Cowen 的 Andrew Charles。

I wanted to ask though on transactions. Jack, hoping you can talk about apples-to-apples, the impact on traffic this has had. So if you go back to July 2022, when you guys introduced Project Square One, you talked about hundreds of basis points of transactions that are on the table from reclaiming peak same-store sales or peak transactions. So here we are, you're back to pre-COVID levels. Is there way you can help contextualize the last 1.5 years or so since July 2022 what you've seen from transaction growth, same-store transactions from Project Square One?

我想問一下交易方面的問題。傑克，希望你能談談這對流量的影響。因此，如果你回到 2022 年 7 月，當你們推出 Project Square One 時，你們談到了透過恢復同店銷售高峰或交易高峰來實現數百個基點的交易。現在，我們又回到了新冠疫情之前的水平。您是否可以透過某種方式幫助了解自 2022 年 7 月以來過去 1.5 年左右的時間裡您從 Project Square One 的交易增長和同店交易中看到的情況？

Yes. Andrew, it's -- so it's hard to parse out the transactions and say how much is due to things like Chicken al Pastor, how much is due to things like barbacoa. Barbacoa, we think, drove some transactions as well and then throughput -- how much is driven by throughput specifically.

是的。安德魯，所以很難解析交易並說出有多少是由於像 Chicken al Pastor 這樣的東西，有多少是由於像 barbacoa 這樣的東西。我們認為，Barbacoa 也推動了一些交易，然後是吞吐量——具體有多少是由吞吐量驅動的。

I think part of what's happening is they complement each other. And so when we're moving into our peak season right now, and these are our peak sales season, and we've got Chicken al Pastor, which has been -- it's off to a great start, and so you've got seasonally more people coming into the restaurant and more people want to come in and enjoy Chicken al Pastor.

我認為正在發生的部分原因是它們是相輔相成的。因此，當我們現在進入旺季時，這是我們的銷售旺季，我們有雞肉牧師，這是一個很好的開始，所以你有季節性的更多的人進入餐廳，更多的人想進來享用雞肉牧師。

If you don't have throughput, the in-store channel is not going to be the fastest-growing channel or at least it's not going to grow as fast. So is throughput driving the transactions or is it enabling the transaction? So it's hard to sort through whether it's the driver or the enabler. But it really doesn't matter to us because when we've got great LTOs with great advertising and that we're executing great throughput, we know the transactions will flow. And similar to David Tarantino's comment from 2014, that's exactly what was happening, is throughput is an enabler or a driver of transaction growth for not just many quarters but many years.

如果沒有吞吐量，店內通路就不會成為成長最快的通路，或至少不會成長得那麼快。那麼吞吐量是推動交易還是促成交易呢？因此很難區分到底是驅動因素還是促成因素。但這對我們來說並不重要，因為當我們擁有出色的 LTO 和出色的廣告並且我們正在執行巨大的吞吐量時，我們知道交易將會流動。與大衛·塔倫蒂諾 (David Tarantino) 2014 年的評論類似，這正是正在發生的事情，即吞吐量不僅在許多季度而且在許多年裡都是交易增長的推動者或驅動力。

Got it. And then separately, Brian, a philosophical question for you. Just given the strength of the business you're seeing in recent years, which I think is really exemplified in the first quarter given the challenging industry backdrop, just curious how your philosophy on the second concept has perhaps changed. You no doubt have a full plate of exciting opportunities for the brand in the years ahead. But just given the success and the recipe for success that you've seen that you've implemented, does it lead you to believe that you could benefit from a second concept?

知道了。布萊恩，然後分別向你提出一個哲學問題。考慮到您近年來所看到的業務實力，我認為考慮到充滿挑戰的行業背景，這在第一季確實得到了體現，只是好奇您對第二個概念的理念可能發生了怎樣的變化。毫無疑問，在未來的幾年裡，該品牌將擁有一整套令人興奮的機會。但是，鑑於您所實現的成功和成功秘訣，這是否會讓您相信您可以從第二個概念中受益？

Obviously, this comes up every once in a while, people bring it up. And the thing I would say is, right now, we're much more focused on just turning Chipotle into an iconic brand that I think it can be not just in the U.S. but outside the U.S. Obviously, if the opportunity presents itself, where it would make sense for us to do something outside of the brand, I never want to say never, but it's just not a focus area for us right now.

顯然，人們時不時就會提起這個問題。我想說的是，現在我們更專注於將 Chipotle 打造成一個標誌性品牌，我認為它不僅可以在美國，而且可以在美國以外的地區。 ，在品牌之外做一些事情是有意義的，我從來不想說永遠不會，但這不是我們現在的重點領域。

We've got so much opportunity in front of us just with what we can do with the brand Chipotle that internally, we're not working on it. But you never know. The external environment changes, and we'd be foolish to say we wouldn't be opportunistic. And luckily, we're operating from a position of strength right now. So I want to be as opportunistic as possible on brand Chipotle. And then if the external environment were to change and present other opportunities, maybe we would consider it, but it's not part of our growth strategy right now.

我們面前有這麼多的機會，只是我們可以利用 Chipotle 品牌做些什麼，但在內部，我們並沒有為此努力。但你永遠不知道。外部環境發生了變化，如果我們說我們不會投機取巧，那就太愚蠢了。幸運的是，我們現在的營運實力雄厚。所以我想在 Chipotle 品牌上盡可能地投機取巧。然後，如果外部環境發生變化並出現其他機會，也許我們會考慮，但這不是我們目前成長策略的一部分。

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。

Just a quick housekeeping and then another question, please. So just I think, Jack, you mentioned slightly negative mix. Can you clarify what's pricing this quarter? I think it was just under 3%, like 2.8%, something like that. And then what does that mean for Q2 now that you've taken the price increase in California? So that's just the sort of modeling question.

請快速進行一下整理工作，然後再問一個問題。所以我認為，傑克，你提到了一些負面的混合。您能澄清一下本季的定價嗎？我認為這個比例略低於 3%，例如 2.8%，類似的數字。既然您已經考慮了加州的價格上漲，那麼這對第二季意味著什麼？這就是建模問題。

Yes. Sara, you're right. Pricing in the quarter was like 2.7%, 2.8%. The only change going into next quarter and the next couple of quarters is we've got the California pricing. That's somewhere around 100 basis points or a little bit less. So Q2 and Q3 will be somewhere in that 3.5% range, and then Q4 will fall off and be more in that 1.5% range because we'll compare against last year's pricing.

是的。薩拉，你說得對。本季的定價約為 2.7%、2.8%。進入下個季度和接下來的幾個季度的唯一變化是我們獲得了加州的定價。這個數字約為 100 個基點或稍低。因此，第二季和第三季將在 3.5% 的範圍內，然後第四季將下降並更多地在 1.5% 的範圍內，因為我們將與去年的定價進行比較。

Great. Very helpful. And then I wanted to ask about sort of the store mix, which is you're seeing a shift towards in-store. Does that have any -- I know you said group size is still falling a little bit, presumably from the lower delivery. But do you see any impact from shifting to in-store? I'm thinking more possibly positive from better attach for like beverages, for example. And I'm curious if -- as you look out ahead, if mix could possibly turn positive from a driver like that.

偉大的。很有幫助。然後我想問一下商店的組合，即你看到了向店內的轉變。這是否有任何影響——我知道您說過團體規模仍在略有下降，大概是由於交付量較低所致。但您認為轉移到店內有什麼影響嗎？例如，我認為更好地連接類似飲料可能會帶來更多正面影響。我很好奇，當你展望未來時，這樣的車手是否可能帶來正面的影響。

Yes. It's a good question, Sara. We're actually seeing within the, call it, 1.5% of negative -- or it's a 1.5% positive with a mix impact of, call it, about 100 basis points or so. What's happening is the group size is more like declining by about 2%. We actually do have side -- additional side attachment. But we're seeing the side attachment grow in both digital and in in-restaurant, and we are seeing the side attachment increase faster in restaurants than the side. So there is a positive factor there.

是的。這是個好問題，薩拉。我們實際上看到了 1.5% 的負面影響，或 1.5% 的正面影響，以及大約 100 個基點左右的混合影響。目前的情況是，團體規模下降了 2% 左右。我們實際上確實有側面——額外的側面附件。但我們看到，數位化和餐廳內的側面依戀都在增長，而且餐廳的側面依戀增長速度快於側面。所以這裡面有一個正面的因素。

It's less from drinks though. It's more with extra meats. It's chips. It's queso. So we're getting a better attachment in both channels, and it is getting better even in the in-store channel. Part of that, we think, frankly, is when we have the line fully staffed, we do think we do a better job of not only making the burrito but making sure when the burrito or the bowl is presented to our cashier that these extras and these sides are more properly run up. Drinks have been relatively steady. We're not seeing a big shift in drinks.

不過，飲料中的熱量較少。加上額外的肉就更多了。這是薯片。這是問題。因此，我們在兩個管道中都獲得了更好的附著力，甚至在店內通路中也變得更好。坦白說，我們認為，其中一部分是，當我們的生產線配備滿員時，我們確實認為我們做得更好，不僅製作墨西哥捲餅，而且確保當捲餅或碗呈現給我們的收銀員時，這些額外的和這些側面更適合跑步。飲料一直比較穩定。我們沒有看到飲料發生重大變化。

Okay. Got it. So kind of the opposite of the check management that we're seeing elsewhere?

好的。知道了。這與我們在其他地方看到的檢查管理相反嗎？

Correct.

正確的。

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。

Just a couple. First, maybe as we think about that path to $4 million AUVs that you've spoken about before, can you help us just maybe think about even your average customer frequency today and how that compares to the rest of maybe some of your competitive set out there for just your average customer?

只是一對。首先，也許當我們考慮您之前談到的 400 萬美元 AUV 的路徑時，您能否幫助我們考慮一下您今天的平均客戶頻率，以及與您的其他競爭對手相比如何只適合您的普通客戶嗎？

Yes. I don't know how to think about our frequency relative to some competitive opportunities out there. What I can tell you is the folks that are in our Rewards program, we see -- with their high engagement, we see higher spend and more frequency. And then also what we're seeing in the business, which I think is really nice to see as a result, I think the efforts both in better operational execution and I think our advertising around just the base business, this idea of real ingredients, real culinary, fast customization. We're just seeing the base business grow.

是的。我不知道如何考慮我們的頻率相對於那裡的一些競爭機會。我可以告訴您的是，我們看到參與我們獎勵計劃的人們 - 由於他們的高參與度，我們看到了更高的支出和更高的頻率。然後，我們在業務中看到的情況，我認為非常高興看到結果，我認為在更好的運營執行方面所做的努力，我認為我們的廣告只是圍繞基礎業務，這種真正成分的想法，真正的烹飪，快速客製化。我們剛剛看到基礎業務的成長。

So obviously, we love what Chicken al Pastor does for us as far as menu variety. Obviously, we love the fact that we're able to rehit barbacoa, which is within our existing business. But I think what's been nice about the cadence of marketing and news combined with, I think, great operational execution is we're just seeing the base business grow. So we're getting more new users. We're getting existing users to come more often. And it's a great recipe to grow your core business in all the various ways we've talked about, right, from marketing to digital to operations.

顯然，我們喜歡 Chicken al Pastor 為我們所做的菜單多樣性。顯然，我們很高興能夠重新推出 barbacoa，這是我們現有業務範圍內的。但我認為行銷和新聞節奏與出色的營運執行相結合的好處是我們剛剛看到基礎業務的成長。所以我們獲得了更多的新用戶。我們正在讓現有用戶更頻繁地來。這是透過我們討論過的各種方式（從行銷到數位化再到營運）發展核心業務的絕佳秘訣。

Great. Maybe just pivoting a little bit on you. Can you talk about the Canadian market and specifically about the potential you think for that over the long term? And then expanding, I think you had mentioned earlier the idea that Europe looks a lot like Canada 5 years ago. But do you feel like you can, given everything you've learned in Canada, implement a lot of what you've taken there and apply it to Europe such that the time line around getting growth in Europe will be a lot faster versus what you saw in Canada?

偉大的。也許只是稍微以你為中心。您能談談加拿大市場，特別是您認為該市場的長期潛力嗎？然後再擴展一下，我想你之前提到過歐洲看起來很像五年前的加拿大。但是，考慮到您在加拿大學到的一切，您是否認為您可以實施您在加拿大學到的許多知識並將其應用到歐洲，這樣在歐洲實現增長的時間線將比您預期的要快得多？

Look, I mean, we're delighted with what's happened or what's occurred in Canada 5, 6 years ago. We were struggling to make the unit economics look very compelling. Now they're very compelling. It's right there with the U.S. And as a result, that business is closing in on 50 restaurants. And pretty soon, we'll have 100 restaurants up there. And then I think we'll be talking about having hundreds of restaurants in Canada, which is really exciting.

聽著，我的意思是，我們對五、六年前加拿大發生的事情感到高興。我們努力讓單位經濟效益看起來非常引人注目。現在他們非常引人注目。它就在美國，因此，該業務正在關閉 50 家餐廳。很快，我們將在那裡開設 100 家餐廳。然後我想我們會討論在加拿大擁有數百家餐廳，這真的很令人興奮。

To answer your question on Europe, yes, look, I think our belief is we've learned a lot on what we've had to do in Canada to get that business to perform. We're taking that leadership there, giving her the opportunity to oversee our Europe business, take those lessons learned and apply it. And then at the same token, we're taking what we think are some of our best operators in the U.S., giving them the opportunity to grow by working in our European business.

為了回答你關於歐洲的問題，是的，我認為我們的信念是，我們已經學到了很多關於我們在加拿大必須做些什麼才能使該業務得以開展的知識。我們在那裡發揮領導作用，讓她有機會監督我們的歐洲業務，汲取經驗並加以應用。同樣，我們正在挑選我們認為在美國最好的營運商，讓他們有機會在我們的歐洲業務中成長。

So the time line, I don't know what the time line is going to be, but I am feeling optimistic that we've got the right operators, the right leadership. And then look, the proposition is compelling, right? Clean food, great culinary, done fast with high levels of customization that resonates. So I'm optimistic about where we go from here for all the reasons I just mentioned.

所以時間線，我不知道時間線會是什麼，但我對我們有合適的操作員和合適的領導層感到樂觀。然後看，這個提議很引人注目，對嗎？乾淨的食物，美味的烹飪，透過高水準的客製化快速完成，引起共鳴。因此，基於我剛才提到的所有原因，我對我們今後的發展持樂觀態度。

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 wanted to follow up on your comment there that the incremental traffic or visits are coming both from existing customers coming more as well as from new customers. I don't know if you have this granular level of detail, but I'm curious if you have a sense maybe from where. Maybe it's everywhere, but if it's QSR, if it's other fast casual. Any sense -- are you picking it up more at lunch, the incremental visits and customers more at dinner? Is there any other level of granularity to kind of help explain some of the success and maybe where it's coming from as it shifts to you folks?

Brian，我想跟進您的評論，即增量流量或訪問量既來自現有客戶，也來自新客戶。我不知道你是否有這麼細緻的細節，但我很好奇你是否有這種感覺，也許是從哪裡來的。也許它無處不在，但如果它是快餐，如果它是其他快速休閒食品。有任何意義嗎——你在午餐時會更多地接觸到它，在晚餐時會增加更多的訪問量和顧客嗎？是否有任何其他級別的粒度可以幫助解釋一些成功，以及當它轉移到你們身上時它來自哪裡？

No, not really. I mean the good news for us is it's pretty broad based, right? It's coming across all income cohorts. It's coming across lunch and dinner and the afternoon. So it's not like there's one thing that I would identify as like this change in consumer behavior.

不，不是真的。我的意思是對我們來說好消息是它的基礎相當廣泛，對吧？所有收入群體都會遇到這種情況。午餐、晚餐和下午都在。因此，我不會將消費者行為的這種變化視為一件事。

I think the one big change for us is we're performing a lot better in giving people the experience that they actually want from Chipotle. I think you've heard us talk about this time and time again, exceptional food, exceptional people, exceptional throughput. And I think we're just getting better at each of those things. And the good news for us is we have an opportunity to be even better than we are today.

我認為對我們來說最大的變化是我們在為人們提供他們真正想要從 Chipotle 獲得的體驗方面表現得更好。我想您已經一次又一次聽到我們談論這一點：卓越的食物、卓越的人員、卓越的吞吐量。我認為我們在這些方面都做得越來越好。對我們來說，好消息是我們有機會變得比今天更好。

And then you layer in what I talked about earlier as it relates to marketing, both talking about the brand itself and then some of this menu news. It's just -- it's one of those things that builds on itself, right? Great digital programs, great marketing programs become much more effective when we're executing operations at a higher level. And I think that's what's happening.

然後你將我之前談到的與行銷相關的內容分層，既談論品牌本身，也談論一些菜單新聞。它只是——它是那些建立在自身之上的東西之一，對吧？當我們在更高水準上執行營運時，出色的數位計劃、出色的行銷計劃會變得更加有效。我認為這就是正在發生的事情。

That's great. And then just one -- just on the menu innovation follow-up. Just given the success you've seen as you bring back past favorites, as it relates to the go-forward, given the success that you've seen in recent years from that strategy, has that shifted at all how you think about menu innovation going forward as it relates to bringing back past favorites versus some newer items? Any shift there for you and for the team?

那太棒了。然後只有一個——只是菜單創新的後續行動。考慮到您在帶回過去的最愛時所看到的成功，因為它與前進有關，考慮到您近年來從該策略中看到的成功，這是否完全改變了您對菜單創新的看法未來會涉及到帶回過去的最愛和一些新的物品嗎？對你和團隊來說有什麼轉變嗎？

No, no real shift. I mean I think we like this cadence of 1 or 2 items a year. The good news is we've got now a great proven group of menu news that we can provide. And the good news is we've got a really talented culinary team and a talented marketing team that continues to help us find, I think, new flavors that make sense that can be executed correctly at Chipotle.

不，沒有真正的轉變。我的意思是，我認為我們喜歡這種每年 1 到 2 個項目的節奏。好消息是我們現在可以提供一組經過驗證的選單新聞。好消息是，我們擁有一支非常有才華的烹飪團隊和一支才華橫溢的行銷團隊，我認為他們會繼續幫助我們找到可以在 Chipotle 正確執行的有意義的新口味。

So you're going to see us continue to hopefully mix in things that we know have worked in the past and things that will be new but have gone through our stage-gate process so that we have a high level of success or belief in success going forward. So we like the cadence we're in. We can operate really well with it, and it seems to be resonating with our customers. So we want to keep doing what's working.

因此，您將看到我們繼續充滿希望地混合我們知道過去有效的東西以及將是新的但已經經歷了我們的階段性流程的東西，以便我們獲得高水平的成功或對成功的信念向前走。所以我們喜歡我們現在的節奏。所以我們想繼續做有效的事。

Congratulations.

恭喜。

Thank you.

謝謝。

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 wanted to get an update on some of the near-term operational initiatives that you've talked about before, the clamshell, Autocado, Hyphen, and just kind of where we are in the stage-gate process. And if you can put that in the context of kind of an updated, I guess, funding of the Cultivate fund, what types of opportunities that you're looking for, for the next phase of opportunities to overall accelerate the Chipotle brand.

我想了解您之前談到的一些近期營運計劃的最新情況，例如翻蓋式、Autocado、Hyphen 以及我們在階段性流程中的進展。如果你能把它放在更新的背景下，我想，培養基金的資金，你正在尋找什麼類型的機會，為下一階段全面加速 Chipotle 品牌的機會。

Yes. Sure. So obviously, all this stuff is really exciting. The dual-sided grill, we've expanded to a few more restaurants, specifically our high-volume restaurants. We think that's not only a great unlock for consistency in the culinary of our proteins and meats, but it's also a nice unlock for high-volume restaurants because you can cook the chicken faster. It allows the teams then to start prep closer to when we want to serve customers, which is really exciting. So we're continuing to test and learn on that front. We've also made some nice progress on the energy usage associated with it, which was something that was a bit of a barrier.

是的。當然。顯然，所有這些東西都非常令人興奮。雙面燒烤，我們已經擴展到更多的餐廳，特別是我們的大容量餐廳。我們認為這不僅是蛋白質和肉類烹飪一致性的一個很好的解鎖，而且對於大容量餐廳來說也是一個很好的解鎖，因為你可以更快地烹飪雞肉。它使團隊能夠在更接近我們想要為客戶服務的時間開始準備，這確實令人興奮。因此，我們將繼續在這方面進行測試和學習。我們在與之相關的能源使用方面也取得了一些不錯的進展，這曾經是一個障礙。

On Hyphen and Autocado, I'm happy to say we've got both of those units back in our Cultivate Center for a couple of prototypes in. And we are feeling really good about getting those into a restaurant probably in the back half of this year.

關於Hyphen 和Autocado，我很高興地說我們已經將這兩個設備放回了我們的培養中心，用於製作幾個原型。半部分年。

And then there's a lot of other things happening, too, both on like forecasting, deployment, tools to help our team members cut veggies more efficiently, more effectively. So there's a lot of good things happening behind the scenes. And I'm optimistic about what some of these things can do for our team members to give them a better experience, which then I know translates into better culinary and then ultimately better experiences for our customers.

此外，還發生了很多其他事情，包括預測、部署和工具，以幫助我們的團隊成員更有效率地切蔬菜。所以幕後發生了很多好事。我對其中一些事情可以為我們的團隊成員帶來更好的體驗感到樂觀，然後我知道這會轉化為更好的烹飪，最終為我們的客戶帶來更好的體驗。

On the Cultivate Next fund, this continues to be a real, I think, highlight area for us because we're continuing to see great ideas. And these great ideas are all the way from different ways to fertilize, to weeding in the fields, to different ways to actually deliver food or oils. So the thing I know about this is it's perfectly in sync with our purpose of cultivating a better world. And we can use it to really move forward the entire system necessary to give people great culinary, great ingredients, great food, at affordable prices. So you're seeing us invest up and down the supply chain all the way to the point of customer experience.

我認為，在 Cultivate Next 基金上，這對我們來說仍然是一個真正的亮點領域，因為我們不斷看到偉大的想法。這些很棒的想法涵蓋了從不同的施肥方式到田間除草，再到實際輸送食物或石油的不同方式。所以我所知道的是，它與我們創造一個更美好世界的目標完全一致。我們可以用它來真正推動整個系統的發展，以實惠的價格為人們提供美味的烹飪、優質的食材、美味的食物。因此，您會看到我們在供應鏈上下游進行投資，一直到客戶體驗。

The next question comes from Sharon Zackfia with William Blair.

下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

I guess on California, where you took the price increase, I know it's pretty recent. But could you give us an idea of where average ticket now sits in California and whether you've been seeing any resistance within that market as wages have ticked up and you've had to take that price increase?

我想在加州，你在那裡漲價了，我知道這是最近才發生的。但是，您能否告訴我們目前加州的平均票價是多少？

Yes, Sharon. So the average ticket in California is similar to the rest of the country. Until this increase, our menu prices in California were very similar to the averages throughout the country, even though the cost of doing business out in California tends to be higher. After the increase, we still have burritos that are going to be reasonably priced. The chicken burrito is going to be around $10. It's very early, as you mentioned. It's too early to tell. We're not seeing any kind of change in consumer behavior yet, but it's only been a matter of a few weeks so far. So we'll keep a close eye on it.

是的，莎倫。因此，加州的平均票價與全國其他地區相似。在此上漲之前，我們在加州的菜單價格與全國的平均價格非常相似，儘管在加州開展業務的成本往往更高。漲價後，我們仍然有價格合理的墨西哥捲餅。雞肉捲餅價格約為 10 美元。正如你所提到的，現在還很早。現在說還太早。我們還沒有看到消費者行為有任何變化，但到目前為止這只是幾週的事情。所以我們會密切關注它。

We still think in California compared to competitors, we're still a terrific value if you look at what others are charging because if you look at others in California before this increase and compare them to average measure prices throughout the country, they tend to be higher. They're passing on a higher cost of doing business. We've tried to keep our pricing very, very affordable in California. So we still think we offer a great value here. So we think we'll fare quite well. As a consumer absorbs and figures out how do they want to balance their budget, we think Chipotle will stay in the budget.

我們仍然認為，與競爭對手相比，在加州，如果你看看其他人的收費，我們仍然是一個了不起的價值，因為如果你看看這次漲價之前加州的其他人，並將它們與全國的平均價格進行比較，你會發現它們往往更高。他們正在轉嫁更高的經營成本。我們努力讓我們的定價在加州非常非常實惠。所以我們仍然認為我們在這裡提供了巨大的價值。所以我們認為我們會做得很好。當消費者吸收並弄清楚他們想要如何平衡預算時，我們認為 Chipotle 將保持在預算之內。

Okay. Great. I wanted to ask another question, too, as it relates to Chipotlanes, which obviously have been great. But as you look at kind of the automation and the initiatives you're working on, do you think there's anything that you're looking at or that could come down the pike that would open up kind of the opportunity for a nondigital drive-through, just a regular drive-up and order drive-through? Or is there not something from a robotic assembly standpoint that could answer that for you?

好的。偉大的。我還想問另一個問題，因為它與 Chipotlanes 有關，這顯然很棒。但是，當您審視您正在進行的自動化和舉措時，您是否認為您正在關注的或可能出現的任何事情將為非數位化免下車服務帶來某種機會，只是定期駕車前往並點餐？或者從機器人組裝的角度來看，沒有什麼可以為您解答這個問題嗎？

Yes. We don't envision that occurring. The thing that makes Chipotle pretty special is all the customization, and we would hate to screw up that experience. And that's why -- you might remember this. I remember when we first did this. Everybody was like, oh, people are going to be confused, how are they going to know how to order, so on and so forth.

是的。我們不認為這種情況會發生。讓 Chipotle 非常特別的一點是所有的定制，我們不想搞砸這種體驗。這就是為什麼——你可能還記得這一點。我記得我們第一次這樣做的時候。每個人都想，哦，人們會感到困惑，他們怎麼知道如何點菜，等等。

And it's turned out to be a really pleasant experience for both our team members and our customers because literally all they have to do is pick up their food. Everything is paid for. The order is accurate. It's on time and on you go. So we think there's other places for us to be more productive, where we're hunting on kind of using robotics and AI and finding other ways to do productivity. But you're not going to see that coming down the pike.

事實證明，這對我們的團隊成員和客戶來說都是非常愉快的體驗，因為實際上他們所要做的就是拿起食物。一切都是付費的。訂單準確。準時，隨時出發。因此，我們認為還有其他地方可以提高我們的生產力，我們正在尋找使用機器人和人工智慧的方式，並尋找其他提高生產力的方法。但你不會看到這種情況發生。

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。

I had a question just on your comments about the Rewards program. Obviously, you continue to add people to that. But the effort to kind of drive engagement on a same-user basis, I know you've worked on personalization of offers and such. Have you seen that kind of showing? Have you seen pretty nice improvements in frequency? Or anything you can say just about what you've observed kind of from the same-user base of Rewards members?

我對您對獎勵計劃的評論有疑問。顯然，你會繼續增加人員。但是，為了在同一用戶的基礎上推動參與度，我知道您已經致力於提供個人化服務等。這樣的表演你看過嗎？您是否看到頻率方面有相當大的改善？或者您可以說一下您從獎勵會員的相同用戶群中觀察到的情況嗎？

Yes. I think one of the things that's pretty interesting that over the last, I'd say, couple of months has really worked well for us is kind of between machine learning and AI. I'm not sure what the right label is here. But we figured out how to identify somebody that might go less frequent so that we can keep them in the mix. And that's proving to be pretty powerful. Still a very small cohort that we're learning on. But the good news is we're seeing nice progress with that cohort that I'm optimistic kind of in our stage-gate process, we'll take that learning and figure out how to apply it on a much bigger scale so that then you can feel it across the digital business.

是的。我認為，在過去的幾個月裡，機器學習和人工智慧之間的關係對我們來說確實很有效，這是一件非常有趣的事情。我不確定這裡的正確標籤是什麼。但我們找到瞭如何識別那些可能不那麼頻繁去的人，以便我們可以將他們保留在其中。事實證明這非常強大。我們正在學習的仍然是一個非常小的群體。但好消息是，我們看到這群人取得了不錯的進展，我對我們的階段性過程持樂觀態度，我們將吸取教訓，並找出如何在更大的範圍內應用它，以便你在整個數位業務中都能感受到這一點。

But it's those types of things where I think the team is doing a nice job of commercializing the data in a very effective way that ultimately for the customer, it feels like more personalization, more relevance. Therefore, you keep the engagement up. And then obviously, when we keep the engagement up, we see the higher spend and the more frequency.

但正是在這些類型的事情上，我認為團隊在以非常有效的方式將數據商業化方面做得很好，最終對客戶來說，感覺更加個人化，更具相關性。因此，你要保持參與度。顯然，當我們保持參與度時，我們會看到更高的支出和更高的頻率。

Okay. Got it. There is a comment you made, Brian, just about forecasting and deployment in restaurants. So it's not just equipment. It's also kind of that piece of it, which I assume you're referring to kind of the software tools that you've put there. Is that -- what have you seen from that so far? Has that made a big difference, in your opinion, on throughput and kind of staffing? Could you say more about that?

好的。知道了。布萊恩，您發表了一條關於餐廳預測和部署的評論。所以這不僅僅是設備。這也是其中的一部分，我認為您指的是您放在那裡的某種軟體工具。到目前為止，您從中看到了什麼？您認為這對吞吐量和人員配置有很大影響嗎？您能多說一點嗎？

Yes, definitely. Look, I think one of the things that's happening is because we're getting better at forecasting, better at deploying, better at the scheduling, the job is becoming a better job, right? And one of the ways you see it is in our turnover numbers, right? Our turnover numbers are the lowest they've ever been. We've got some regions well below 100% turnover at the crew level, which I've never seen in my time in this industry. I think some of the lowest numbers I've ever seen, frankly, at Chipotle.

當然是。聽著，我認為正在發生的事情之一是因為我們在預測方面做得更好，在部署方面做得更好，在調度方面做得更好，這項工作正在變得更好，對吧？您可以從我們的營業額數字中看到這一點，對嗎？我們的營業額是有史以來最低的。我們有些地區的人員流動率遠低於 100%，這是我在這個行業工作期間從未見過的情況。坦白說，我認為這是我在 Chipotle 見過的最低數字。

And to be in that 100% range, I think, is a testament to us making the job a better experience for our team members. I say this all the time to our folks. I said this at our AMC. Our folks show up at work wanting to succeed. The more we can do to surround them so that they have a successful day, the better they feel about the job, the better they feel about the experience that they're giving. Nobody likes to show up and be out of chicken when a customer gets to that point.

我認為，達到 100% 的範圍證明了我們正在為團隊成員提供更好的工作體驗。我一直對我們的家人這麼說。我在我們的 AMC 說過這句話。我們的員工在工作中都希望取得成功。我們越能圍繞著他們做更多的事情，讓他們度過成功的一天，他們對工作的感覺就越好，他們對自己所提供的體驗的感覺就越好。當顧客達到這種程度時，沒有人願意出現並感到手足無措。

And so the more we can do to ensure they prep correctly, they're staffed correctly, they're deployed correctly, the better the experience is going to be. And I think we're starting to see that in the turnover numbers. We're starting to see that in, frankly, just the performance at throughput, right, the ultimate kind of metric to see like is the whole system really working. The whole system is working when we get great throughput.

因此，我們越能確保他們正確準備、正確配備、正確部署，體驗就會越好。我認為我們已經開始在營業額數字中看到這一點。坦白說，我們開始看到吞吐量效能是衡量整個系統是否真正正常運作的最終指標。當我們獲得巨大的吞吐量時，整個系統就可以正常運作。

And I'm just -- I'm delighted to see it happen. I talked about this a little bit in my prepared remarks. You really see it all coming alive at our AMC because when I had the opportunity to talk to people in the hallways or on our way to breakouts, I think people are just energized, man. They're fired up about this idea of being successful in their role, being successful as a leader. And that translates into the team. Everybody likes to be part of the winning team. And I think that's what's happening in our restaurants. We've got leaders that know they're leading winning teams. So we're going to do more of that.

我只是——我很高興看到它發生。我在準備好的發言中談到了這一點。在我們的 AMC，你真的可以看到這一切都變得活躍起來，因為當我有機會在走廊或在我們的突破途中與人們交談時，我認為人們都充滿了活力，夥計。他們對於在自己的角色中取得成功、作為成功的領導者的想法感到興奮。這也轉化為團隊。每個人都喜歡成為獲勝團隊的一部分。我認為這就是我們餐廳正在發生的事情。我們的領導者知道他們正在領導勝利的團隊。所以我們將做更多這樣的事。

The last question today comes from Chris O'Cull with Stifel.

今天的最後一個問題來自 Stifel 的 Chris O'Cull。

I had a follow-up related to execution during peak periods. And in particular, Brian, you've talked about helping teams in the stores have better visibility to know how they're performing in their 15 minutes so they can course-correct, I think, in real time. Is this a fairly new system or a dashboard tool that managers have access to? And then maybe to help us understand the opportunity, I was just wondering if you could tell us what's the difference between the number of entrees during 15-minute peaks for like the top 20% and maybe the bottom 20% performers.

我對高峰期的執行情況進行了追蹤。特別是，Brian，您談到幫助商店團隊更好地了解他們在 15 分鐘內的表現，以便他們可以即時糾正路線。這是一個相當新的系統還是管理者可以存取的儀表板工具？然後，也許為了幫助我們了解這個機會，我只是想知道您是否可以告訴我們，在 15 分鐘高峰期間，排名前 20% 和排名後 20% 的主菜數量之間有什麼區別。

Yes. So to answer your first question, it is a new tool that we rolled out in January that gave them real-time visibility, which has been hugely powerful. It's great because now when I visit restaurants and ask people, "Hey, how are you doing?" They can tell me what their best 15 has been so far. And a lot of them now are so well aware like, hey, I know we can do better than that. So like we might have did 25 in the last 15, but I think we're going to do 35 in the next 15, which is really exciting to hear them have that type of visibility and have kind of clarity so that as a team, they know what they're all working towards. What was your other question?

是的。因此，回答你的第一個問題，這是我們在一月份推出的新工具，它為他們提供了即時可見性，功能非常強大。這很棒，因為現在當我去餐廳問人們“嘿，你們好嗎？”他們可以告訴我迄今為止他們最好的 15 場比賽是什麼。他們中的很多人現在都非常清楚，嘿，我知道我們可以做得更好。就像我們在過去15 年裡可能做了25 件事一樣，但我認為我們將在接下來的15 年裡做35 件事，聽到他們有這樣的可見性和清晰度，這真的很令人興奮，所以作為一個團隊，他們知道自己正在努力的目標是什麼。你的另一個問題是什麼？

It was the range on throughput.

這是吞吐量的範圍。

Oh, the range to the top and bottom?

哦，頂部和底部的範圍？

Yes. And I can take that one. We will see at the bottom -- and these tend to be lower-volume restaurants. You'll see restaurants that are doing in the mid-teens, call it. And then I don't think this is maybe the top 20%. But when we look at the top restaurants, which tells us what the potential is, Brian gave an example during the prepared remarks. In Boston, we've seen as high as 80. We've seen some even higher than that. But I would say the top-performing restaurants are consistently -- or at least on a peak day, it's not going to be in that 40, 50 range. So it's a very wide range. And we're still towards the lower end of that range with a lot of potential ahead of us.

是的。我可以接受那個。我們將在底部看到——這些往往是客流量較低的餐廳。你會看到餐廳的營業額在十幾歲左右，稱之為。然後我認為這可能不是前 20%。但當我們看看頂級餐廳時，它告訴我們潛力是什麼，布萊恩在準備好的發言中舉了一個例子。在波士頓，我們看到的數字高達 80。但我想說的是，表現最好的餐廳始終如一——或者至少在高峰日，不會在 40、50 的範圍內。所以它的範圍非常廣泛。我們仍處於該範圍的下限，我們還有很大的潛力。

Great. Congratulations on a great start to the year.

偉大的。祝賀今年取得了良好的開端。

Yes. Thank you.

是的。謝謝。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議轉回布萊恩·尼科爾 (Brian Niccol) 發表閉幕詞。

Okay. Thank you. And thanks, everybody, for the questions. Obviously, I appreciate the kind words of recognizing how we're off to a great start. Very proud of the momentum that the business has and really proud of what our operators are doing in our restaurants.

好的。謝謝。謝謝大家提出的問題。顯然，我很欣賞您的善意之言，因為我認識到我們已經有了一個好的開始。對我們的業務發展勢頭感到非常自豪，也對我們的經營者在餐廳所做的事情感到非常自豪。

I mentioned it in my prepared remarks, but it was so much fun to be at our AMC with all of our restaurant general managers, apprentices, field leaders, team directors, regional vice presidents, talking about the business. Everybody was clearly aligned on what the task needs to be at hand, which is great culinary, developing great people, great culture, great teams, right, and then ultimately getting great throughput for our customers.

我在準備好的演講中提到了這一點，但在我們的 AMC 中與我們所有的餐廳總經理、學徒、現場領導、團隊總監、區域副總裁談論業務真是太有趣了。每個人都對手頭上需要完成的任務有明確的一致，那就是出色的烹飪、培養優秀的人才、優秀的文化、優秀的團隊，對吧，然後最終為我們的客戶獲得巨大的吞吐量。

And I think you're seeing the power of focus, the power of alignment and the power, frankly, of Chipotle's culture and great people in these results in the last quarter. Optimistic about where we go from here. It's exciting to think about how we can double this business, going from 3,400, 3,500 restaurants to 7,000 restaurants, getting to 4 million average unit volumes and then continuing to make great progress on throughput and surrounding this brand, I think, with great digital, great marketing. It's really an exciting moment for the brand and the company.

我認為您在上個季度的業績中看到了專注的力量、團結的力量以及坦率地說，Chipotle 文化和優秀員工的力量。對我們今後的發展持樂觀態度。令人興奮的是，我們如何將這項業務翻一番，從3,400 家、3,500 家餐廳增加到7,000 家餐廳，達到400 萬個平均單位銷量，然後繼續在吞吐量和圍繞這個品牌方面取得巨大進步，我認為，透過出色的數位化，很棒的行銷。對於品牌和公司來說，這確實是一個令人興奮的時刻。

And we're just getting started, which really makes this a lot of fun. So thanks for taking the time. It's great to see the business respond with transactions driving the comp. And we're going to stay focused on what we know works. So we'll talk to you guys in a couple of months. Thanks, everybody.

我們才剛開始，這真的很有趣。感謝您抽出時間。很高興看到企業透過交易來推動競爭。我們將繼續專注於我們知道有效的事情。所以我們將在幾個月後與你們交談。謝謝大家。

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。