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.

您好，歡迎參加 Chipotle Mexican Grill 2024 年第一季電話會議。 （操作員指示）請注意，此活動正在錄製中。

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

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

Hello, everyone, and welcome to our 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2024財年第一季的財報電話會議。現在您應該可以訪問我們的收益新聞稿了。如果沒有，您可以在我們的投資者關係網站ir.chipotle.com上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. 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執行長 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. 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。第一季度，我們延續了良好的業務成長勢頭，銷售額年增7%，這主要得益於超過5%的交易量成長。強勁的銷售趨勢得益於我們專注於提升餐廳客流量，以及成功的營銷活動，包括重點推廣巴巴科亞烤肉以及限時特惠雞肉帕斯特雞的回歸。

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，較去年成長7%。店內銷售額較去年同期成長19%，吞吐量達到四年來的最高水準。線上銷售額佔銷售額的37%。餐廳利潤率為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，較去年同期成長27%。我們新開了47家餐廳，其中包括43家Chipotlane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.

我們的業務強勁勢頭持續到了4月份。因此，我們上調了年度可比銷售額指引，目前預計全年可比銷售額將維持在中高個位數區間。

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，請容許我更新我們五大關鍵策略，這些策略將幫助我們在發展未來的同時贏得今天的勝利。這些策略包括：透過在各個層面培養和留住多元化人才，保持世界一流的人才領導力；以對員工負責的文化經營成功的餐廳，提供誠信的優質食品，同時打造卓越的店內和數位體驗；提升品牌知名度、相關性和受歡迎程度，以提高整體顧客參與度；擴大技術和創新，以推動餐廳、支援中心和便利性供應鏈的成長和受歡迎程度，透過成長和國際間餐廳成長與國際間餐廳和便利性中心。

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.

首先，我想談談我們世界一流的人才領導力。上個月，我們舉辦了全體經理大會，4500名餐廳和支援中心的領導齊聚一堂，慶祝他們的成功，並進一步強調我們對優秀人才、優質食品和卓越生產力的關注。超過3200名總經理、100名實習生、450名現場領導、60名團隊總監和11名區域副總裁參加了此次會議。

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.

我們首次邀請了與我們共事超過20年的員工，共同慶祝他們對Chipotle的奉獻和奉獻。事實上，一位來自科羅拉多州丹佛市的總經理在Chipotle工作了23年，她餐廳的四位員工也都為公司效力超過20年。加起來，Chipotle的餐廳歷史可謂超過百年，這真是令人難以置信。毫不奇怪，這家餐廳的運作非常出色，產量遠超公司整體水準。

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。為了實現在北美擁有超過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，這些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訊息，鑑於Chipotle的規模、成長和公司自營模式，這項訊息對Chipotle來說獨一無二。

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.

配合我們50:1的股票分割計劃，我們也宣布，所有在Chipotle工作超過20年的總經理和員工，在分割計劃生效後都將獲得股票獎勵。這將使他們能夠分享公司的財務成果。

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.

歸根結底，Chipotle 正在讓生活變得更美好。事實上，我們的一位餐廳老闆兼認證培訓經理在會議上發言，分享了她在 Chipotle 的經歷幫助她克服了經濟困境。在加入 Chipotle 之前，她甚至一度瀕臨無家可歸。十多年前，她從一名員工做起，一路走來，一路晉升，最終成為最高級別的總經理，如今正朝著成為行業領導者的目標邁進。她利用我們的教育福利獲得了大學學位，這是她家族中的第一個大學學位。她還利用自己作為餐廳老闆獲得的股票購買了第一套房子。她也是我們「幕後英雄」廣告的團隊成員之一，她真正體現了成就 Chipotle 的傑出人才的偉大之處。

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.

除了我們世界級的員工隊伍外，卓越的食材和卓越的產量也是我們關注的重點，這兩者對於我們餐廳的成功運作至關重要。在全體經理會議上，我們專門抽出時間向團隊強調Chipotle的「誠信食品」文化，以及食物的種植和烹飪方式與其口味之間的直接聯繫。我們展示了Chipotle的「誠信食品」歷程，以及我們與農民和供應商的緊密合作關係，他們格外用心，確保以最高標準種植我們的食材。

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要多次品嚐他們烹製的食物，以確保其美味可口並符合我們的高標準。您知道，Chipotle 的創立理念就是「真材實料，真烹飪」。這不是一句行銷口號，也不是短期計畫。它根植於我們的傳統，融入我們的 DNA。我們的餐廳團隊以我們的美食為榮，我們健康、高品質的用餐體驗為顧客增添了價值。

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.

除了美味的食物外，我們餐廳卓越的客流量和快速的服務速度也為我們提供的非凡價值增添了光彩。我很高興地告訴大家，第一季的動能和客流量持續增強，與去年相比，我們15分鐘高峰時段的菜色數量增加了近2份，每個月都在加速成長。

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.

在全體經理會議上，我們還重點培訓了高吞吐量營運的細微差別，或者說是執行我們所謂的「四大支柱」。這包括：Expo（醬料和現金之間的工作人員），幫助加快裝袋和付款流程；Linebacker（通常是值班經理），負責為兩條生產線提供新鮮烹製的食物，以便生產線上的工作人員能夠持續不間斷地為客人提供服務；Mise en place（準備就緒），換句話說，就是午餐或晚餐高峰所需的一切就緒； places（各就各位），也就是在午餐和晚餐高峰期，在每個崗位上部署訓練有素的工作人員。

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初期階段，但一旦付諸實施，就會在我們的餐廳產生飛輪效應。由於我們的團隊得到了適當的培訓和部署，餐廳運作更加順暢，使他們能夠輕鬆應對需求。這帶來了更高的穩定性，也因此帶來了經驗更豐富的團隊，他們的日常執行力也更加出色。這從我們最新的營業額數據可以看出，目前處於歷史低點。對我們的顧客來說，更快的客流量意味著排隊更短、移動速度更快，以及食物更熱、更新鮮，這強化了我們的價值主張，並推動了交易的成長。

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分鐘內推出了20多道主菜。而今天，他們在高峰期的15分鐘內推出了超過40道主菜，有時甚至能達到80道，在公司中名列前茅。這家餐廳的客流量很低，但交易量增長驚人，這清楚地表明他們正在創造更好的整體用餐體驗。

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.

現在談談行銷。我們的行銷團隊憑藉著出色的品牌廣告和菜單創新，在新的一年裡取得了強勁的開局。我們繼續成功地進行「幕後」品牌宣傳活動，展示了我們真正的團隊每天手工烹調美味新鮮食物的場景，進一步強化了Chipotle的一項關鍵差異化優勢。該活動涵蓋了所有媒體管道，包括在大學橄欖球和NFL季後賽等電視節目中佔據重要位置。

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科亞 (Barbacoa)，因為我們利用消費者洞察發現，很多顧客並不知道巴巴科亞 (Barbacoa) 是紅燒牛肉。因此，我們將其更名為“紅燒牛肉巴巴科亞”，並強調其烹飪秘方：慢燉、以負責任的方式飼養的牛肉，用大蒜和孜然調味，再手工撕碎。這曾是 Chipotle 最保守的秘密，如今越來越受歡迎。這項活動取得了成功，推動了交易量和消費的成長，而且由於它是菜單上的現有菜餚，我們的營運團隊執行起來也非常輕鬆。這完美地展現了我們的行銷團隊如何持續提升 Chipotle 的知名度、相關性和受歡迎程度。

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.

本季度，我們還帶回了最受歡迎的新菜單之一——雞肉牧師雞。顧客們對這道菜讚不絕口，它用阿斗波雞肉、森田辣椒、少許菠蘿、新鮮青檸和手工切碎的香菜精心調製而成。與烤肉類似，當我們帶回過去的熱門菜餚時，我們能夠提升整體體驗，因為我們運用我們在烹飪、供應鏈、行銷和營運方面的專業知識，透過無縫執行使其更加美味。雞肉牧師雞再次取得了良好的開端，為我們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.

再來說說技術和創新。我們的行銷和數位團隊不斷發展壯大，不斷改進我們的獎勵計劃，該計劃最近剛慶祝了成立五週年。令人振奮的是，我們目前的數位覆蓋範圍已覆蓋約4000萬獎勵會員，我們可以利用這些會員來提升參與度。透過我們的行銷活動，我們不斷探索提升註冊人數的有效方法，並利用我們的數位團隊為獎勵會員打造無縫的應用程式體驗，提供更相關的旅程。我們的目標是提高計劃的參與度，從而隨著時間的推移，提高會員的使用頻率和消費額。

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，我們持續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、招募新員工、準備新鮮食材以及自動化數位訂單處理等。事實上，在全體經理大會上，我們向團隊展示了最新版本的自動化數位生產線和Autocado系統，該系統可以切核和剝酪梨皮。正如我們上個季度討論的那樣，我們很高興能在今年稍後將這兩個系統作為階段性流程的一部分引入一家餐廳。

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.

我們最後的策略重點是透過加速在北美和國際開設新餐廳來擴大覆蓋範圍和提升便利性。我們今年仍有望開設285至315家新餐廳，主要集中在北美。我們繼續看到各地區和各類場所（包括城市、郊區和小鎮）的開業勢頭強勁。此外，我們的開發團隊正在努力平滑全年的開幕節奏，在建餐廳數量較去年同期大幅增加。

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，我很高興地告訴大家，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國家。 Alshaya集團與Chipotle團隊在烹飪、食品安全、開發營運和供應鏈方面高度協作，成功地將Chipotle打入了一個全新的市場，並維持了與北美相同的食品品質標準和顧客體驗。雖然現在還為時過早，但開業效果顯著，我們期待與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.

遷移到歐洲。您可能還記得，大約一年前，我們聘請了一位頂尖的營運人員，他幫助我們找到了一些機會，包括更好地將我們的培訓工具、系統和烹飪與北美業務進行協調，使其更加合理可行。我們在協調烹飪方面取得了良好的進展，並開始更好地協調運營，包括最近領導層的變動，我們擴大了加拿大領導的職責範圍，使其同時負責加拿大和歐洲的業務。

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.

過去五年，加拿大的經濟狀況已逐漸好轉，與美國並駕齊驅。事實上，加拿大在包括吞吐量在內的許多關鍵營運關鍵績效指標 (KPI) 方面都領先於我們公司。我們成功地將本地策略與整體營運願景結合，並認真監督 Chipotle 標準的執行，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，如今的歐洲業務與五年前的加拿大業務有許多相似之處。歐洲的新領導團隊，包括兩位來自美國的頂級營運商，將採取類似的策略方針，以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，我們業務的強勁成長，包括交易驅動的可比銷售額，都歸功於我們12萬名員工的共同努力。他們以結果為導向，對我們創造更美好世界的使命充滿熱情，並對未來的成長機會充滿期待。在全體經理會議上，我強調了人才發展的重要性，因為它是我們最大的優勢之一。看到我們的領導者齊聚一堂，我深受鼓舞，他們的個人成長故事真實可信，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加堅信，我們擁有合適的人才和正確的策略，能夠實現我們的長期目標：將北美門市數量翻一番以上，並向國際市場擴張。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.

說完這些，我會把麥克風交給傑克。

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，Brian，大家下午好。第一季銷售額年增14.1%，達到27億美元，銷售額年增7%，這得益於超過5%的交易量成長。餐廳層級利潤率為27.5%，較去年同期成長約190個基點。經特殊項目調整後的每股盈餘為13.37美元，較去年同期成長27%。第一季出現了與法定儲備金增加相關的特殊支出。

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Brian所說，基於我們強勁的潛在交易趨勢，我們將全年同店銷售額預期上調至中高個位數區間。我們預計第二季同店銷售額將創下年內新高，這得益於復活節輪班帶來的額外一天的收益，並且我們預計下半年的同店銷售額將繼續受到交易量的推動。我們確實面臨一些具有挑戰性的延期因素，包括雞肉牧師系列的結束、菜單價格與去年同期持平以及非常成功的烤肉系列活動的延期。儘管如此，我們在營運和行銷方面都為下半年制定了強有力的計劃。

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，今年4月，加州像我們這樣的餐飲公司的最低工資標準上調至每小時20美元。因此，我們在加州的薪資上漲了近20%，隨後，我們加州餐廳的菜單價格也上漲了6%至7%，以彌補美元成本。這將使該公司第二季的總價格上漲近1個百分點。加州餐廳的現金流低於公司平均水平，因此此次漲價將使我們能夠維持現金流。然而，這將對公司整體餐廳利潤率產生約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.

現在我將介紹主要的損益項目，首先是銷售成本。本季銷售成本為28.8%，比去年增長了約40個基點。去年菜單價格上漲帶來的好處被幾種食材成本（主要是牛肉和農產品）的通膨、蛋白質組合的不利因素以及成功的牛肉巴巴科亞行銷計劃部分抵消。對於第二季度，我們預計銷售成本將在29%左右，原因是幾種產品的價格上漲，但最明顯的是酪梨，因為我們預計酪梨的價格將比過去幾季的低點有所回升。我們預計今年剩餘時間的銷售成本通膨率將維持在個位數左右。

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.

本季勞動成本為24.4%，較去年下降約20個基點，原因是銷售槓桿帶來的收益足以抵銷薪資上漲和績效薪資提高的影響。我們預計第二季勞動成本將維持在24%左右，而由於加州最低工資標準上調，薪資漲幅將升至約6%。

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.

本季其他營運成本為14.3%，較去年下降約100個基點。下降主要源自於銷售槓桿、交付費用下降以及行銷和促銷成本下降。第一季度，行銷和促銷成本佔銷售額的2.9%，較去年下降約30個基點。我們預計第二季行銷成本佔銷售額的比重將在2%出頭左右，全年將略低於3%。預計第二季其他營運成本佔銷售額的比重將在13%出頭左右。

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.

本季的一般及行政開支（G&A）為 2.04 億美元（以 GAAP 計算），或 1.91 億美元（以非 GAAP 計算），其中不包括 1,300 萬美元的法定準備金增加。一般及行政開支還包括 1.26 億美元的基礎一般及行政開支、3400 萬美元的非現金股票補償、2100 萬美元與我們在三月份成功舉辦的全體經理會議有關，以及 1000 萬美元與更高的獎金預提、工資稅以及股權歸屬和行權有關。我們預計第二季的基礎一般及行政開支約為 1.29 億美元，並且隨著我們在人才和技術方面的投資以支持持續增長，該數字將逐季遞增。

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.

我們預計第二季股票補償金額約為 3,600 萬美元，但根據我們的實際業績，該金額可能會上下浮動。我們還預計將確認約 600 萬美元，這些金額與本季行使股票相關的獎金預提和雇主稅增加有關，這使得我們第二季度的預計一般行政費用總額約為 1.71 億美元。本季折舊為 8,300 萬美元，佔銷售額的 3.1%，隨著我們繼續開設更多餐廳，我們預計每季的折舊金額都會略有增加。

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.

我們第一季的有效稅率（以公認會計準則計算）為22%，以非公認會計準則計算為22.1%。我們的有效稅率受益於選擇權行使和股權歸屬，這些權益的歸屬超過了授予價值。我們預計2024財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。

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50比1的股票分割方案，這是紐約證券交易所史上規模最大的股票分割方案之一。我們相信，這將使我們的股票更容易被員工以及更廣泛的投資者所接受。待6月初股東批准增加授權股數後，股票將於6月26日（星期三）開市時以分割後的形式開始交易。

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.

我們的資產負債表依然強勁，本季末我們持有22億美元現金、限制性現金和投資，且無負債。由於我們宣布股票分割的時機，我們在本季大部分時間都無法回購股票，這使得我們的股票回購額度僅為2,500萬美元，平均回購價格為2,320美元。截至本季末，我們的股票授權計畫剩餘近4億美元，我們將能夠在回購窗口開啟後（幾天後重新開放）適時恢復股票回購。

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.

我們在第一季開設了47家新餐廳，其中43家設有Chipotlane。我們預計2024年將開設285至315家新餐廳，其中超過80%設有Chipotlane。假設情況沒有惡化，我們預計在2025年實現8%至10%的高成長。

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，我想重申我在最近全體經理大會上分享的觀點。 30多年前，一位年輕的廚師創立了Chipotle，他認為食物快速上桌並不意味著它就一定是典型的快餐體驗。這演變成我們「誠信食品」的歷程，我們挑戰傳統的速食模式，加大對食材的投入，並調整我們的經濟模式來為這些投入提供資金。如今，我們擁有一個獨特的品牌和獨特的經濟模式，使我們能夠在食材上投入更多，同時保持業內最實惠的餐食之一，並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.

這三大特點難以複製：優質的原料、實惠的價格和誘人的利潤。這構成了巨大的競爭優勢。隨著我們繼續保護和強化我們的經濟模式，Chipotle 的未來一片光明。

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

我們很樂意回答您的問題。

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

（操作員指示）今天的第一個問題來自貝爾德的大衛·塔倫蒂諾。

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的。布萊恩，我記得你提到過，你們在第一季增加了2筆交易，我認為這是相當長一段時間以來最大的進步。所以我想第一個問題是，你能否詳細說明一下推動如此大幅改善的因素？其次，你能否更新一下，你認為在第一季或第二季開始時，你們的業績與最終目標相比如何？我想，相對於過去3.5個月你們設定的最終目標，你們取得了多少進展？

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。首先，我要向我們的操作員致以熱烈的掌聲。我認為，我們在人員配備、調度和部署方面做得非常出色，並且真正實現了我們高吞吐量的四大支柱。

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.

所以，坦白說，好消息是，我們幾乎每個月都看到病例數在上升。而且，我們持續看到病例數的上升，就像現在四月的情況一樣。事實上，大衛，如果你還記得的話，我們在2023年的時候就討論過病例數大概在20多歲，而我們希望達到20多歲左右。好消息是，我們終於接近20多歲左右了。而且，我們開始看到某些日子的病例數達到20多歲了。

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.

所以還有很多改進空間。但我必須說，我認為我們的工作重點、人員配置、部署、調度，以及透過報告為我們的操作員提供可視性，確實推動了這項吞吐量工作的出色成果。我們對未來的發展充滿期待。

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?

或許可以快速跟進一下。我記得您上一次在吞吐量方面取得如此大的進展是在2014年，那一年吞吐量是推動公司業績成長的重要因素。我只是想知道，展望今年剩餘時間以及未來幾年，吞吐量是否會成為推動公司業績成長的重要因素？我的意思是，在我們思考未來幾年的發展時，吞吐量是否有可能成為推動公司業績成長的重要因素？或者，這更像是我們開始接近您的目標，也許今年就能實現，然後您根據這個基準進行調整？

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，你說得完全正確，大衛。所以，2014年可以說是我們吞吐量的最高點。我們相信，我們在這方面還有多年的發展機會。就目前的情況來看，我們仍然有很多機會能夠實現高吞吐量的四大支柱。所以，我們的團隊現在的表現比上個月甚至六個月前都要好得多。但我們的團隊能力和表現仍有很大的提升空間。

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問題——你們會聽到我們長期討論吞吐量。我想你們也會聽到我們談論隨著時間的推移我們會如何進步，前提是我們能夠保持人員配置，能夠保持部署，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。我們的運營商知道這至關重要。

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，當他們成功提高吞吐量時，團隊會獲得很多好處。顧客滿意度上升，獎金增加。餐廳裡各種好事都在發生。食物更美味了，體驗更好了。這只是那些能夠帶來正面影響的事情之一，最終一切都會變得更好。

Great. Congrats on a great start to the year.

太棒了！恭喜你新年伊始，一切順利。

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?

就流量而言，數據令人難以置信。您提到這種趨勢持續到了4月份，考慮到我們整個行業的情況，這尤其令人印象深刻。您能否詳細介紹一下您在整個季度以及4月份觀察到的趨勢節奏，以及您觀察到的高收入和低收入消費者的消費表現？

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

抱歉，我們似乎與揚聲器的連接已斷開。請稍候，我們正在重新連線。

(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。我們已經重新聯繫上了我們的發言人。目前，德意志銀行的Lauren Silberman正在提問。

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，我想問一下流量方面的問題。本季的趨勢令人難以置信，強勁勢頭持續到了4月份，考慮到整個行業的現狀，這一點尤其令人印象深刻。您能否更詳細地介紹一下您在整個季度以及4月份看到的趨勢節奏？然後談談您對消費者、高收入者和低收入者表現的觀察。

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。我是布萊恩。我先開始，傑克，歡迎隨時加入。好消息是，顯然，一月天氣不好，三月和四月又恰逢復活節假期。但總體而言，我們看到業績在惡劣天氣後有所回升。我們的交易量一直保持在個位數左右的中段，我認為這充分證明了餐廳在吞吐量方面所做的努力，以及我們在巴巴科亞和帕斯托雞肉方面開展的一些營銷工作。

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.

所以，進入四月，我們繼續看到了這種強勁勢頭。而當我們探討這種強勁勢頭的來源時，我認為你的問題是關於消費者/收入群體的，它涵蓋範圍非常廣泛。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在成長。當我們問為什麼會這樣時，我們從每個群體得到的回饋都是，這是一個非常有價值的主張。因此，人們能夠以我們提供的價格快速獲得這些優質食材，並按照他們想要的方式進行定制，這正在回饋——這正在——在這種環境下創造價值。

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，布萊恩，唯一需要補充的是，本季交易量增加了近5.5%，這被約1.5%的支票成長所抵消。這部分成長是由部分支票推動的，然後又被一些組合抵消了——一些負面組合主要是由於集團規模造成的。

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?

非常有幫助。請問一下關於吞吐量的問題。隨著消費者對營運改善的認可，我們預計吞吐量方面的努力會隨著時間的推移而增加嗎？隨著季度的推進，這種情況會發生嗎？

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，沒錯。我想我們以前討論過這個問題。當你知道隊伍移動得很快時，你就會願意排隊。而且，體驗也會更好，對吧？烹飪速度更快，你就能更快體驗到。所以我們的團隊運作效率更高。我認為，食物看起來準備得更充分。然後，身為顧客，你排隊的速度也更快了。所以，這就是那種「速度催生速度」的現象。

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，我只是想問一下——補充一下——就店內通路而言，它是本季成長最快的管道，這來自兩個方面。首先，我們擁有店內顧客。那些習慣進店的顧客現在來得更頻繁了。當排隊人數增加時，他們來得更頻繁也是合理的。實際上，我們也看到一些提前點餐的顧客正在轉向店內點餐管道。同樣，當排隊人數增加、餐廳運作良好時，人們喜歡進來，在前排點餐。

Great. Congrats on the quarter.

太棒了！恭喜本季業績。

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?

我想問一下交易量的問題。傑克，希望您能比較一下這對客流量的影響。回顧2022年7月，當你們推出「Square One專案」時，你們提到了透過恢復同店銷售額或交易量峰值，可以實現數百個基點的交易量成長。現在，你們的銷售額已經恢復到新冠疫情之前的水準。您能否結合2022年7月以來一年半左右的交易量成長情況，談談「Square One專案」帶來的同店交易量成長？

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，所以很難分析這些交易，很難說清有多少是由像雞肉帕斯特（Chicken al Pastor）這樣的產品推動的，有多少是由像巴巴科亞（Barbacoa）這樣的產品推動的。我們認為巴巴科亞也推動了一些交易，然後是吞吐量——具體來說，吞吐量推動了多少。

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.

我認為現在的情況部分是它們相輔相成。所以，我們現在正進入旺季，現在是我們的銷售旺季，我們的牧師雞肉（Chicken al Pastor）開局良好，所以隨著季節的變化，越來越多的人來餐廳用餐，也有更多的人想來享用牧師雞肉。

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，或至少成長速度不會那麼快。那麼，吞吐量究竟是推動交易量成長，還是促成交易量成長呢？很難說它是推動因素還是促成因素。但這對我們來說真的無關緊要，因為當我們擁有出色的LTO、出色的廣告投放，並且我們執行著高吞吐量策略時，我們知道交易量會源源不斷地湧來。正如David Tarantino在2014年的評論所說，這正是當時正在發生的事情：吞吐量不僅在多個季度，而且在很多年裡，都是交易量增長的促成因素或驅動因素。

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?

明白了。 Brian，另外我想問您一個哲學問題。鑑於您近年來看到的業務強勁表現，我認為在第一季度，尤其是在充滿挑戰的行業背景下，這一點得到了充分體現。我很好奇您對第二個概念的理念是否改變了。毫無疑問，未來幾年，您的品牌將迎來一系列令人興奮的機會。但是，鑑於您已經看到並實施的成功案例和成功秘訣，您是否認為第二個概念能夠讓您受益？

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，這個問題時不時就會被提起。我想說的是，目前我們更專注於將Chipotle打造成一個標誌性品牌，我認為它不僅能在美國，也能在美國以外的地方。當然，如果有機會，讓我們在品牌之外做一些有意義的事情，我永遠不會說永遠，但這目前不是我們的重點領域。

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.

就我們能為 Chipotle 品牌帶來的機會而言，我們面前還有如此多的機會，而我們內部卻沒有為此投入精力。但誰知道呢。外在環境瞬息萬變，說我們不會抓住機會，那簡直是愚蠢至極。幸運的是，我們目前處於有利地位。所以我想盡可能地抓住 Chipotle 品牌的機會。如果外在環境發生變化，出現其他機會，我們或許會考慮，但這目前還不在我們的成長策略範圍內。

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.

先簡單介紹一下情況，然後再問一個問題。傑克，我想你提到了略微負面的商品組合。你能解釋一下本季的定價狀況嗎？我認為是略低於3%，例如2.8%左右。那麼，考慮到加州的價格上漲，這對第二季意味著什麼？所以這只是一個建模問題。

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。 Sara，你說得對。本季的定價大概是2.7%到2.8%。下個季度以及接下來幾季唯一的變化是我們採用的是加州定價。加州定價大概會高出100個基點，或是略低。所以第二季和第三季的定價會在3.5%左右，而第四季的定價會下降，在1.5%左右，因為我們會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.

太好了，非常有幫助。然後我想問一下門市組合的情況，您看到有人在轉向店內消費。這樣有什麼影響嗎？我知道您說過，團體規模仍在下降，大概是因為外送量下降了。但是，您覺得轉向店內消費有影響嗎？我認為，例如，飲料等商品的配送服務改善，可能會帶來更正面的效果。我很好奇，展望未來，您認為這樣的驅動因素是否可能使門市組合轉為正面？

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。薩拉，你問得好。我們實際上看到的是，負增長在1.5%以內——或者說是正增長1.5%，綜合影響大約在100個基點左右。目前的情況是，團體規模下降了約2%。我們確實有一些額外的附加服務。但我們看到，附加服務在線上和線下都呈現成長趨勢，而且在餐廳的附加服務成長速度比附加服務更快。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，飲料的銷量下降了。更多的是額外的肉類、薯條和起司醬。所以我們在兩個管道都獲得了更好的客戶粘性，甚至在店內通路也越來越好。坦白說，我們認為部分原因是，當生產線人員滿員時，我們不僅能更好地製作墨西哥捲餅，還能確保在墨西哥捲餅或捲餅碗送到收銀員手中時，這些額外的配料和小食都能更有效地搭配。飲料銷量相對穩定。我們沒有看到飲料銷量有太大的變化。

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

好的。明白了。這跟我們在其他地方看到的支票管理有點相反吧？

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‧托爾 (Jon Tower)。

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?

就幾個問題。首先，當我們思考您之前提到的實現 400 萬美元平均每日營業收入 (AUV) 的路徑時，您能否幫助我們思考一下您目前的平均客戶頻率，以及這與其他一些競爭對手針對平均客戶群的配置相比如何？

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。我不知道如何看待我們的頻率，相對於一些競爭機會。我可以告訴你的是，我們看到，參與我們獎勵計畫的用戶參與度很高，他們的消費更高，頻率也更高。此外，我們在業務方面也看到了一些積極的成果，我認為這真的很棒，包括我們在更好的營運執行方面所做的努力，以及我們圍繞基礎業務的廣告宣傳，即真實食材、真實烹飪和快速定制的理念。我們看到基礎業務正在成長。

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.

很顯然，我們很欣賞 Chicken al Pastor 為我們帶來的菜單多樣性。當然，我們也很高興能夠重新推出巴巴科亞烤肉，這屬於我們現有的業務範圍。但我認為，行銷和新聞的節奏，加上我認為出色的營運執行力，讓我們看到了基礎業務的成長。因此，我們獲得了更多新用戶，也讓現有用戶更頻繁地光顧。這是一個很好的秘訣，可以透過我們之前談到的各種方式，從行銷到數位行銷再到運營，來發展核心業務。

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?

很好。或許可以稍微談談你的狀況。能談談加拿大市場嗎？特別是你認為這個市場的長期潛力如何？然後進一步說，我記得你之前提到過，歐洲和五年前的加拿大很像。但是，考慮到你在加拿大學到的一切，你是否覺得你可以把你在加拿大學到的東西運用到歐洲，這樣歐洲的成長速度會比你在加拿大看到的更快？

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.

我的意思是，我們對五、六年前在加拿大的成績感到欣喜。我們之前一直努力讓單位經濟效益看起來非常誘人。現在，它已經非常引人注目了，與美國不相上下。因此，我們的業務正在接近50家餐廳。很快，我們在美國就會有100家餐廳。然後，我想我們可能會在加拿大擁有數百家餐廳，這真的非常令人興奮。

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.

回答你關於歐洲的問題，是的，我認為我們相信，我們已經從加拿大的經驗中學到了很多，這些經驗讓我們的業務取得了成功。我們將把她的領導層帶到那裡，讓她有機會監督我們的歐洲業務，吸取經驗教訓並加以運用。同時，我們也將一些我們認為在美國最優秀的營運人員帶到歐洲，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.

所以具體時間線，我不知道具體是怎樣的，但我對我們有合適的營運團隊和合適的領導團隊感到樂觀。而且，這個主張很有吸引力，對吧？乾淨的食物，精湛的廚藝，快速完成，高度客製化，讓人產生共鳴。所以，基於我剛才提到的所有原因，我對我們未來的發展充滿信心。

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 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，我想跟進您之前提到的增量流量或訪問量，它既來自現有客戶，也來自新客戶。我不知道您是否能提供這種細緻的分析，但我很好奇您是否能解釋一下這些增量流量或訪問量來自哪裡。也許它無所不在，但如果是快餐店，或是其他快餐店，那有什麼意義嗎？午餐時段的增量訪問量和晚餐時段的顧客數量是否更多？還有其他更細緻的分析可以幫助解釋成功的原因，以及這種成功來自哪裡？

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，並非如此。我的意思是，對我們來說，好消息是它的影響範圍很廣，對吧？它影響著所有收入群體。午餐、晚餐和下午茶都受到影響。所以，我並不認為這只是消費者行為的改變。

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.

我認為我們最大的變化是，我們在為顧客提供他們真正想要的Chipotle體驗方面做得更好了。我想你們已經聽過我們多次談論這一點：卓越的食物、卓越的員工、卓越的業績。我認為我們在這些方面都在不斷進步。好消息是，我們有機會比現在做得更好。

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，你再結合我之前談到的與行銷相關的內容，既要討論品牌本身，也要討論一些菜單新聞。這本身就是一個循序漸進的過程，對吧？當我們在更高層次執行營運時，優秀的數位專案和行銷專案會變得更加有效。我認為現在的情況就是這樣。

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?

太好了。接下來還有一件事──關於菜單創新的後續事宜。鑑於你們在恢復以往熱門菜餚方面取得的成功，以及這項策略在過去幾年取得的成功，這是否改變了你們對未來菜單創新的看法？是恢復以往熱門菜色還是推出一些新品？這對您和您的團隊有什麼改變嗎？

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，我覺得我們喜歡每年推出一到兩款菜的節奏。好消息是，我們現在已經有了一批經過驗證的優質菜單新聞可以提供。好消息是，我們擁有一支才華橫溢的烹飪團隊和一支才華橫溢的行銷團隊，他們一直在幫助我們尋找，我認為，那些合理的、能夠在Chipotle完美執行的新口味。

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.

所以，你會看到我們繼續將過去行之有效的方法與已經通過階段門流程的創新方法相結合，這樣我們才能保持較高的成功率，或者說，對未來的成功充滿信心。我們喜歡目前的節奏。我們能夠很好地適應這種節奏，而且它似乎也得到了客戶的共鳴。所以，我們希望繼續做那些行之有效的事。

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 John Ivankoe。

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.

我想了解您之前提到的一些近期營運計劃的最新情況，例如Clamshell、Autocado、Hyphen，以及我們目前在階段性流程中的情況。請問您是否能結合Cultivate基金的最新融資情況，談談您在下一階段尋找哪些類型的機遇，以全面加速Chipotle品牌的發展。

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。所以顯然，所有這些技術都非常令人興奮。雙面烤架，我們已經擴展到更多餐廳，特別是我們那些客流量大的餐廳。我們認為這不僅能大大提升我們蛋白質和肉類烹飪的一致性，而且對客流量大的餐廳來說也是一個很好的機會，因為雞肉可以更快地烹飪。它讓團隊能夠在更接近顧客預期時間的時候開始準備，這真的非常令人興奮。所以我們正在繼續在這方面進行測試和學習。我們在相關的能源使用方面也取得了一些進展，這曾經是一個小小的障礙。

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帶回了我們的培育中心，並製作了幾個原型。我們非常期待在今年下半年將它們引入餐廳。

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，還有很多其他事情正在進行，例如預測、部署，以及幫助我們團隊成員更有效率、更有效地切菜的工具。所以，幕後有很多好事發生。我對這些措施能夠幫助我們的團隊成員獲得更好的體驗充滿信心，我相信這將轉化為更好的烹飪，最終為我們的顧客帶來更好的體驗。

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「培育未來」基金中，這仍然是我們真正的亮點領域，因為我們不斷看到許多好點子。這些好點子涵蓋了從施肥到田間除草的各種方法，以及實際運送食物或食用油的各種方式。所以，我知道這與我們「創造更美好世界」的宗旨完全一致。我們可以利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、優質的食材和美味的食物。所以，你會看到我們投資於供應鏈的上下游，直到客戶體驗。

The next question comes from Sharon Zackfia with William Blair.

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

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?

關於加州，我知道你們最近才漲價。但您能否介紹一下加州目前的平均票價水準？隨著薪資上漲，你們不得不漲價，加州市場是否遇到了阻力？

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。所以加州的平均票價跟全國其他地區差不多。在這次漲價之前，我們在加州的菜單價格與全國平均水平非常接近，儘管加州的經營成本往往更高。漲價後，我們的墨西哥捲餅價格仍然會比較合理。雞肉捲餅的價格會在10美元左右。正如你所說，現在還為時過早。現在下結論還為時過早。我們還沒有看到消費者行為有任何變化，但到目前為止，這已經過了幾週的時間。所以我們會密切注意。

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，在加州，與競爭對手相比，我們的價格仍然非常划算。因為如果你看看這次漲價之前加州其他餐廳的價格，並與全國平均價格進行比較，你會發現他們的價格往往更高。他們轉嫁了更高的經營成本。我們一直努力將加州的定價維持在非常實惠的水平。所以我們仍然認為我們在這裡提供了非常划算的價格。因此，我們認為我們的業績會相當不錯。隨著消費者逐漸消化並確定如何平衡預算，我們認為Chipotle的定價不會超出他們的預算。

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。太好了。我還想問一個問題，關於Chipotlanes，它顯然很棒。但是，說到自動化以及你們正在進行的計劃，您是否認為您正在考慮或可能在未來推出的方案，可以為非數位化的免下車取餐服務（例如普通的免下車取餐和點餐服務）帶來機會？或者，從機器人組裝的角度來看，有什麼方案可以解答您的疑問嗎？

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。我們沒想到會發生這種情況。 Chipotle 的特別之處在於它提供全方位的客製化服務，我們不想破壞這種體驗。所以——你可能還記得。我記得我們第一次這樣做的時候。每個人都覺得，哦，顧客會感到困惑，他們怎麼知道怎麼點餐等等。

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顧客來說都是非常愉快的體驗，因為他們只需取餐即可。所有費用都已支付。訂單準確無誤，準時送達，隨時可用。因此，我們認為還有其他方面可以提高效率，我們正在探索使用機器人和人工智慧等技術，尋找其他提高效率的方法。但你不會立即看到這些。

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。

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?

我有個問題想問你關於獎勵計劃的評論。顯然，你們一直持續吸引新用戶加入。但為了提升同一用戶的參與度，我知道你們在優惠個人化等方面做了不少工作。你看過這種效果嗎？使用頻率方面有顯著提升嗎？或者你能談談你從獎勵計劃的同一用戶群體中觀察到的情況嗎？

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。我認為在過去幾個月裡，我們做得非常有趣的事情之一，就是機器學習和人工智慧的結合。我不確定這兩者之間應該如何定義。但我們找到了識別那些可能不太頻繁的客戶的方法，以便將他們納入考慮。事實證明，這種方法非常有效。我們目前仍在學習的這部分客戶群仍然很小。但好消息是，我們看到這部分客戶取得了良好的進展，我對我們階段性流程的進展充滿信心。我們將汲取這些經驗教訓，並探索如何在更大範圍內應用，以便在整個數位業務中感受到它。

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.

但我認為，正是在這些方面，團隊在將數據商業化方面做得很好，而且非常有效，最終讓客戶感受到更個人化、更相關的體驗。因此，我們能夠保持較高的參與度。顯然，當我們保持較高的參與度時，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。明白了。布萊恩，你剛才提到了餐廳的預測和部署。所以這不僅僅是設備的問題。還有一部分，我猜你指的是你安裝的軟體工具。到目前為止，你看到了什麼？你認為這對吞吐量和人員配置有很大影響嗎？能詳細談談嗎？

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.

是的，確實如此。你看，我認為其中一個原因是我們預測能力越來越強，部署能力越來越好，調度能力也越來越好，所以工作品質越來越高了，對吧？你從我們的員工流動率數據就能看出這一點，對吧？我們的員工流動率處於歷史最低水準。有些地區的員工流動率遠低於100%，這是我在這個行業工作以來從未見過的。坦白說，我覺得在Chipotle，我的員工流動率是我見過的最低的。

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，能夠達到100%的投入程度，證明了我們致力於為團隊成員提供更優質的工作體驗。我一直這樣跟員工說，在AMC也這麼說。我們的員工上班時渴望成功。我們越能為他們提供周到的服務，讓他們擁有成功的一天，他們對工作的感覺就越好，他們對自己提供的體驗就越滿意。沒有人喜歡在客戶提出這個問題時卻手忙腳亂。

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，我們越能確保他們準備得當、人員配備得當、部署得當，體驗就會越好。我認為我們開始在人員流動率上看到這一點。坦白說，我們也開始在吞吐量表現上看到這一點，對吧，這是衡量整個系統是否真正運作的終極指標。當我們獲得高吞吐量時，整個系統運作正常。

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.

我很高興看到這一切發生。我在準備好的發言稿中稍微談到了這一點。你真的看到這一切在我們的AMC餐廳裡煥發生機，因為當我有機會在走廊或去分組討論的路上與大家交談時，我覺得大家都充滿活力。他們對在自己的角色中取得成功、成為成功的領導者充滿熱情。這種熱情也滲透到了團隊中。每個人都渴望成為勝利團隊的一員。我想這正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一支勝利的團隊。所以我們會更多地這樣做。

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.

我有一個關於高峰期執行情況的後續問題。 Brian，您特別提到如何幫助門市團隊更了解他們在15分鐘內的表現，以便他們能夠即時修正。這是一個相當新的系統，還是一個管理人員可以存取的儀表板工具？為了幫助我們了解這個機會，我想知道您能否告訴我們，在15分鐘的高峰期，表現前20%和表現後20%的門市，主菜數量之間有什麼差異。

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。回答你的第一個問題，這是我們一月份推出的新工具，可以讓他們即時了解餐廳營運情況，這非常有效。這很棒，因為現在我去餐廳問顧客：「嘿，你們最近怎麼樣？」他們可以告訴我目前為止他們最好的15家餐廳是哪家。現在很多餐廳都很清楚，比如說，我知道我們可以做得更好。所以，我們過去15年可能做了25家餐廳，但我認為未來15年我們會做35家。聽到他們擁有這樣的可見性和清晰的思路，真的非常令人興奮，這樣團隊就能清楚地知道他們正在努力的方向。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，頂部和底部的範圍是？

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。我可以接受這一點。我們會看到底部——這些往往是客流量較低的餐廳。你會看到一些餐廳的客流量在15到19之間。我認為這可能不是前20%。但當我們觀察頂級餐廳時，就能看出它們的潛力，布萊恩在準備好的發言中舉了一個例子。在波士頓，我們看到的客流量高達80人。我們也看到一些甚至更高的餐廳。但我想說，表現最好的餐廳是持續的——或者至少在高峰日，不會在40到50人左右。所以這是一個非常廣泛的範圍。而我們仍然處於這個範圍的低端，未來還有很大的潛力。

Great. Congratulations on a great start to the year.

太棒了！恭喜你新年伊始，一切順利。

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。我想將會議交還給 Brian Niccol，請他做最後發言。

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。也感謝大家的提問。當然，我很感謝大家對我們好開局的讚賞。我為業務的良好發展勢頭感到自豪，也為我們餐廳營運人員的辛勤付出感到自豪。

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.

我在準備好的演講稿裡提到過，但能和我們所有的餐廳總經理、學徒、現場領導、團隊總監、區域副總裁一起在AMC討論業務，真的非常有趣。大家都清楚知道目前需要完成的任務是什麼，那就是打造一流的烹飪、培養優秀的人才、打造優秀的文化、打造優秀的團隊，最終為顧客帶來卓越的績效。

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，上季的業績體現了專注的力量、協同的力量，坦白說，Chipotle 的企業文化和優秀人才的力量。我們對未來的發展充滿信心。想到我們的業務能夠翻番，從 3,400 到 3,500 家餐廳增加到 7,000 家，平均單店銷量達到 400 萬份，並繼續在吞吐量上取得巨大進步，我認為，圍繞這個品牌，我們將會打造出色的數位行銷和行銷。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.

我們才剛起步，這真的很有趣。感謝大家抽出時間。很高興看到業務部門透過交易推動公司業績成長。我們將繼續專注於我們已知的有效方法。幾個月後我們會再與大家溝通。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。您可以斷開連線了。