奇波雷墨西哥燒烤 (CMG) 2024 Q2 法說會逐字稿

Good afternoon and welcome to the Chipotle second quarter fiscal-2024 earnings call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Chipotle 2024 財年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I'd 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)。請繼續。

Hello, everyone, and welcome to our second quarter of 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, ir.chipotle.com.

大家好，歡迎參加我們的 2024 財年第二季財報電話會議。現在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 his presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements.

首先，我要提醒您，他在演講中對我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理階層目前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測有重大差異。

Please see the risk factors contained in our annual a report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements. 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.

請參閱我們的 10-K 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不同的風險的討論。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 question, our entire executive leadership team is available during the Q&A session.

我們將首先由董事長兼首席執行官 Brian Niccol 以及首席財務和行政官 Jack Hartung 發表準備好的演講來開始今天的電話會議。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中參與。

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. Before I begin discussing our results, I need to recognize and congratulate Jack Hartung on his nearly 25 years with Chipotle and roughly 80 earnings calls with all of you. I want to thank him for being a great friend, a terrific leader, and a champion for our purpose and brand. I'll say a few more words about Jack and Adam before I hand it over to him.

謝謝辛迪，大家下午好。在開始討論我們的業績之前，我需要向 Jack Hartung 表示認可和祝賀，他在 Chipotle 工作了近 25 年，並​​與大家進行了大約 80 次財報電話會議。我要感謝他成為我們的好朋友、出色的領導者以及我們的宗旨和品牌的捍衛者。在把它交給他之前，我會再多說幾句關於傑克和亞當的事。

Now turning to our results. The second quarter was outstanding. A successful brand marketing, including the return of chicken al Pastor as limited time offer, drove strong demand to our restaurants. Additionally, our focus and training around throughput paid off as we're able to meet the stronger demand trends with terrific service and speed driving -- over an 8% transaction comp in the quarter.

現在轉向我們的結果。第二季表現出色。成功的品牌行銷，包括以限時優惠的形式回歸雞肉帕斯特，帶動了對我們餐廳的強勁需求。此外，我們對吞吐量的關注和培訓得到了回報，因為我們能夠透過出色的服務和速度驅動來滿足更強勁的需求趨勢——本季交易比例超過 8%。

For the quarter, sales grew 18% to reach nearly $3 billion driven by an 11.1% comp. In-store sales grew by 24% over last year. Digital sales represented 35% of sales. Restaurant-level margin was 28.9%, an increase of 140 basis points year over year. Adjusted diluted EPS was $0.34, representing 36% growth over last year, and we opened 53 new restaurants, including 46 Chipotle.

本季銷售額成長 18%，達到近 30 億美元，年成長率為 11.1%。店內銷售額比去年增長了24%。數位銷售額佔銷售額的 35%。餐廳級利潤率為28.9%，年增140個基點。調整後攤薄每股收益為 0.34 美元，比去年增長 36%，我們新開了 53 家餐廳，其中包括 46 家 Chipotle。

Before I give an update on our five key strategies, I want to take a minute to address the portion concerns that have been brought up in social media. First, there was never a directive to provide less to our customers. Generous portions as a core brand equity of Chipotle. It always has been, and it always will be.

在更新我們的五個關鍵策略之前，我想花一點時間來解決社群媒體上提出的部分問題。首先，從來沒有指令要求我們提供客戶更少的服務。慷慨的份量是Chipotle 的核心品牌資產。過去一直如此，將來也永遠如此。

With that said, getting the feedback caused us to relook at our execution across our entire system with the intention to always serve our guests delicious, fresh, custom burritos and bowls with generous portions. To be more consistent across all 3,500 restaurants, we are focusing on those with outlier portion scores based on consumer surveys, and we are reemphasizing training and coaching around ensuring we are consistently making bowls and burritos correctly. We have also leaned in and reemphasized generous portions across all of our restaurants as it is a core brand equity of Chipotle.

話雖如此，我們在收到回饋後重新審視整個系統的執行情況，以便始終為客人提供美味、新鮮、客製化的捲餅和份量充足的碗。為了在所有 3,500 家餐廳中保持一致，我們重點關注那些根據消費者調查得出的異常份量分數，並且我們再次強調培訓和指導，以確保我們始終如一地正確製作碗和捲餅。我們也向所有餐廳傾斜並再次強調慷慨的份量，因為這是 Chipotle 的核心品牌資產。

Our guests expect this now more than ever, and we are committed to making this investment to reinforce that Chipotle stands for a generous amount of delicious, fresh food at fair prices for every customer every visit.

我們的客人現在比以往任何時候都更期待這一點，我們致力於進行這項投資，以強化 Chipotle 代表的理念，即為每位光臨的顧客提供大量美味、新鮮且價格合理的食品。

The good news is that we are already beginning to see our actions positively reflected in our consumer scores and our value proposition remains very strong. We believe our focus on operations, including throughput, as well as terrific marketing and menu innovation, have strengthened the brand and our value proposition. And we will continue to listen to and treasure our guests earn every transaction.

好消息是，我們已經開始看到我們的行動積極反映在我們的消費者評分中，並且我們的價值主張仍然非常強大。我們相信，我們對營運（包括吞吐量）的關注以及出色的行銷和菜單創新增強了我們的品牌和價值主張。我們將繼續傾聽並珍惜客人賺取的每一筆交易。

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

現在我將談談我們的五項關鍵策略，這些策略幫助我們贏得今天，同時發展我們的未來。這些策略包括以對人負責的文化經營成功的餐廳，提供誠信的美味佳餚，同時提供卓越的餐廳內和數位體驗。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，使品牌知名度、相關性和喜愛度提高整體賓客參與度，擴大技術和創新，推動我們餐廳、支援中心和供應鏈的成長和生產力透過加速在北美和國際上開設新餐廳來擴大准入和便利。

First, I will start with running successful restaurants. As I mentioned, the improvements we have seen in throughput positions us well to meet the strong demand we experienced in the second quarter, driven by what we call burrito season or peak seasonality as well as the success of chicken al Pastor. We often are asked why throughput as such important operational KPI for Chipotle. So it I thought I would begin by expanding on this.

首先，我將從經營成功的餐廳開始。正如我所提到的，我們在吞吐量方面看到的改善使我們能夠很好地滿足第二季度的強勁需求，這是由我們所說的墨西哥捲餅季節或季節性旺季以及雞肉牧師的成功推動的。我們經常被問到為什麼吞吐量對於 Chipotle 來說如此重要的營運 KPI。所以我想我應該從擴展這一點開始。

It is the outcome of a strong operational engine that delivers a great experience for our teams and our guests. In order to deliver exceptional throughput, our restaurants need to be fully staffed properly deployed. Our crew needs to complete all food prep on-time, and they need to be well trained to execute the four pillars. This results in a better overall experience for our crew, which leads to more stability and therefore, more experienced teams that execute better every day. And for our guests faster lines with hotter, fresher food. This type of guest experience strengthens our value proposition and drives incremental transactions.

這是強大的營運引擎的成果，為我們的團隊和客人提供了絕佳的體驗。為了提供卓越的吞吐量，我們的餐廳需要有充足的人員並進行適當的部署。我們的工作人員需要按時完成所有食物準備，並且他們需要接受良好的培訓來執行四大支柱。這為我們的工作人員帶來了更好的整體體驗，從而帶來了更多的穩定性，因此，更有經驗的團隊每天都執行得更好。我們的客人可以更快地排隊享用更熱、更新鮮的食物。這種類型的賓客體驗強化了我們的價值主張並推動增量交易。

Over the last year, we have improved our tools and training to deliver exceptional throughput. This included rightsizing the cadence of digital orders during peak periods and enabling our restaurants to see in real time at the point of sale, the number of on-trade in each 15-minute interval. This has received tremendous feedback from our restaurant teams. It has helped to accelerate momentum as it creates excitement and allows our teams to celebrate in the moment when they achieve their goal. And our GMs can coach in a moment when they fall short.

去年，我們改進了工具和培訓，以實現卓越的吞吐量。這包括在高峰時段調整數位訂單的節奏，並使我們的餐廳能夠在銷售點即時查看每 15 分鐘間隔內的交易數量。我們的餐廳團隊對此做出了巨大的回饋。它有助於加速勢頭，因為它創造了興奮，讓我們的團隊在實現目標的那一刻慶祝。我們的總經理可以在他們表現不佳的時候進行指導。

In fact, one of our field leaders in New York have five of those eight restaurants achieved their throughput goal in the second quarter, which compares to just one of those restaurants a year ago. While we are seeing progress, we still have a lot of opportunity to increase the percentage of restaurants executing the four pillars, [expos] a great example as it is the most impactful pillar. As a reminder, expos, the crewmember between salsa and cash who helps expedite the bagging and payment process.

事實上，我們在紐約的一位現場領導者在第二季度實現了這八家餐廳中的五家的吞吐量目標，而一年前只有一家餐廳實現了吞吐量目標。雖然我們看到了進展，但我們仍然有很多機會增加執行四大支柱的餐廳的比例，[博覽會]就是一個很好的例子，因為它是最有影響力的支柱。提醒一下，世博會是薩爾薩舞和現金之間的工作人員，有助於加快裝袋和付款過程。

Restaurants with an expo in place are averaging five incremental on-trade in their peak 15 minutes yet we only see a little over half of our restaurants with Expo in place during peak periods. This is certainly better than where it was a couple of quarters ago, but it should be a lot higher. The good news is that I strongly believe we have the right leaders and training in place to keep the momentum going. As we continue to gather the data on the execution of the four pillars and provide feedback and coaching on a weekly basis, I am confident throughput can go much higher. This brings me to world-class people leadership.

舉辦世博會的餐廳在高峰期 15 分鐘內平均增加 5 個營業額，但我們只看到略多於一半的餐廳在高峰期舉辦世博會。這肯定比幾個季度前要好，但應該更高。好消息是，我堅信我們擁有合適的領導者和適當的培訓來保持這一勢頭。隨著我們繼續收集有關四大支柱執行情況的數據並每週提供回饋和指導，我相信吞吐量會更高。這讓我獲得了世界一流的人才領導力。

As we mentioned last quarter, crew and GM turnover is at some of the best levels I've seen since I joined the company and the stability is allowing us to develop and grow our people pipeline to achieve our goal of promoting over 90% from within. We have many inspiring stories of Chipotle crewmembers who have grown with the company to become some of our top leaders.

正如我們上季度所提到的，員工和總經理的流動率處於我加入公司以來所見過的最佳水平，這種穩定性使我們能夠發展和擴大我們的人才管道，以實現我們從內部晉升超過90% 的目標。我們有許多關於 Chipotle 員工的鼓舞人心的故事，他們與公司一起成長，成為我們的一些高層領導。

In fact, our recently promoted Regional Vice President started as a crew member 25 years ago. She moved to the United States at 14 years old without knowing English. At 19, she started working at Chipotle and has moved her way up, including spending time in a language development role, supporting other employees at Chipotle to learn English as a second language.

事實上，我們最近晉升的區域副總裁 25 年前就開始擔任船員。她14歲時移居美國，但不懂英語。 19 歲時，她開始在 Chipotle 工作，並不斷晉升，包括花時間擔任語言開發職務，支持 Chipotle 的其他員工學習英語作為第二語言。

Our people-first mentality is what has made us so successful at hiring, developing, and retaining many of our best leaders. And she has two sisters that have each been with you fully for over 15 years and our top-performing field leaders. With the addition of her role, we now have 3 of our 10 regional Vice Presidents who started as crew members and have made their way up to leading a region and managing over a $1 billion business.

我們以人為本的心態使我們在招募、培養和留住許多最優秀的領導者方面取得瞭如此成功。她還有兩個姊妹，她們都陪伴了你們超過 15 年，她們也是我們表現最好的領域領導者。隨著她的加入，我們現在有 10 名區域副總裁中的 3 名，他們最初是作為船員，後來逐漸領導一個區域並管理超過 10 億美元的業務。

These stories really do inspire entire organization as the opportunities to develop and grow within Chipotle, along with our industry leading benefits and pay enables us to attract and retain exceptional people. In fact, as we look to expand to 7,000 restaurants in North America, we will be adding in RVP nearly every year along with hundreds of restaurant leadership roles.

這些故事確實激勵了整個組織，因為在 Chipotle 內發展和成長的機會以及我們行業領先的福利和薪酬使我們能夠吸引和留住優秀人才。事實上，當我們希望在北美擴張到 7,000 家餐廳時，我們幾乎每年都會增加 RVP 以及數百個餐廳領導職位。

Finally, our 50 to 1 stock split, one of the largest in New York Stock Exchange industry enables our employees and others to purchase whole shares at more affordable prices and gives us more flexibility to compensate or top performers in stock. All with the goal to have more employees participate in the financial success of our company. It really is an exciting time to be part of Chipotle.

最後，我們的50 比1 股票分割是紐約證券交易所行業最大的股票分割之一，使我們的員工和其他人能夠以更實惠的價格購買全部股票，並為我們提供更大的靈活性來補償或表現最好的股票。所有這些都是為了讓更多員工參與我們公司的財務成功。成為 Chipotle 的一員確實是一個激動人心的時刻。

Now turning to marketing. The Chipotle brand continues to gain momentum as we focus on exceptional operations and making the brand more visible, more relevant, and more loved. Chicken al Pastor is a great example, as it once again surpassed our expectations, reaching over 20% incidence rate and more importantly, driving incremental transactions and spend.

現在轉向行銷。隨著我們專注於卓越營運並使品牌更引人注目、更相關、更受喜愛，Chipotle 品牌繼續保持強勁勢頭。 Chicken al Pastor 就是一個很好的例子，它再次超出了我們的預期，達到了 20% 以上的發生率，更重要的是，推動了增量交易和支出。

Similar to carne asada, we proved that when we bring back a limited time offer, we are able to make it more delicious with seamless execution. And while chicken al Pastor will end later this summer, I am excited to share that we will be bringing back smoked brisket this fall for a limited time. Brisket was among the most requested new menu items as our guests love the combination of smoked beef, charted on the grill, and finish with the brisket softening with smokey chili peppers.

與 carne asada 類似，我們證明，當我們帶回限時優惠時，我們能夠透過無縫執行使其變得更加美味。雖然雞肉牧師將在今年夏天晚些時候結束，但我很高興地告訴大家，我們將在今年秋天在有限的時間內重新推出煙燻牛胸肉。牛胸肉是最受歡迎的新菜單項目之一，因為我們的客人喜歡在烤架上繪製的熏牛肉的組合，最後用煙熏辣椒軟化牛胸肉。

It took a huge cross-functional effort across supply chain culinary, finance, and marketing to bring back this delicious LTO. Our marketing team also continues to find creative ways to generate excitement and drive more engagement around our annual promotions. In the second quarter, we had a record-breaking national burrito day, where our gamified promotion resulted in Chipotle's best sales and digital sales day ever. It also drove an influx of new and lapsed customers and was the best enrolments a year for our rewards program.

我們在供應鏈烹飪、財務和行銷方面付出了巨大的跨職能努力，才將這種美味的 LTO 重新帶回來。我們的行銷團隊也繼續尋找創意的方法來激發人們的興奮感並推動更多人參與我們的年度促銷活動。第二季度，我們迎來了破紀錄的全國墨西哥捲餅日，我們的遊戲化促銷為 Chipotle 帶來了有史以來最好的銷售和數位銷售日。它還帶動了新客戶和舊客戶的湧入，是我們獎勵計劃年度最佳註冊人數的一年。

I'm also thrilled to share that later this week, team Chipotle will be visible on the world stage as we leverage our real food for real athletes platform for those competing in Paris. We highlighted the inspiring journeys have Anthony Edwards, Sofia Smith, Taylor, Fritz, Sara Hughes. and Jagger Eaton. Their go to Chipotle meals and Howard greens have been a key component of their training regimens. We will also bring back our gold foil for burritos for a limited time in both North America and France to celebrate all the athletes competing.

我還很高興地告訴大家，本週晚些時候，Chipotle 團隊將出現在世界舞台上，我們將利用我們為巴黎參賽者提供真正的運動員平台的真正食物。我們重點介紹了安東尼·愛德華茲、索菲亞·史密斯、泰勒、弗里茨、薩拉·休斯的鼓舞人心的旅程。和賈格爾·伊頓。他們吃的Chipotle餐和Howard greens一直是他們訓練方案的重要組成部分。我們還將在北美和法國限時帶回墨西哥捲餅金箔，以慶祝所有參賽運動員。

Shifting to technology and innovation, I want to provide an update on a few of our in-restaurant initiatives starting with the dual side of the grill. Over the last year, the grill has been in 10 restaurants. We have received consistent feedback that our teams and our guests love it. The grill can cooked chicken and steak and under half the time it takes on the plunger with consistent execution in the same serum chart, and also maintains better moisture resulting in Juicy chicken and steak with less waste and for our team to take some of the most complex positions in our restaurants and significantly improves the learning curve.

轉向技術和創新，我想提供一些餐廳內舉措的最新信息，從烤架的雙面開始。去年，燒烤店已進駐 10 家餐廳。我們收到了一致的回饋，表明我們的團隊和客人都喜歡它。烤架可以烹飪雞肉和牛排，並且在同一血清圖表中保持一致的執行，並且在柱塞上花費的時間不到一半，並且還保持更好的水分，從而減少浪費，使我們的團隊能夠獲得一些最美味的雞肉和牛排。

Finally, for high-volume restaurants, it opens up capacity and drives efficiency during morning prep as chicken and steak can be cooked closer to serving. We are in the process of rolling out the dual side of grill to an additional 74 high volume restaurants this year and will continue to evaluate the economics prior to rolling it out further across the organization.

最後，對於客流量大的餐廳來說，它可以在早上的準備過程中釋放產能並提高效率，因為雞肉和牛排可以在接近上菜時進行烹飪。今年，我們正在向另外 74 家大批量餐廳推出雙面燒烤，並將繼續評估其經濟效益，然後在整個組織內進一步推廣。

Additionally, our automated digital make line in Auto Canada, we're making their way through final checks ahead of being pilot tested in their first restaurant. Our food, safety, and operations teams have worked closely with our technology teams to assure the design takes into account things like cleaning, speed and accuracy as well as maintaining our high culinary standards.

此外，我們在加拿大汽車公司的自動化數位生產線正在通過最終檢查，然後在他們的第一家餐廳進行試點測試。我們的食品、安全和營運團隊與我們的技術團隊密切合作，以確保設計考慮到清潔、速度和準確性等因素，並保持我們的高烹飪標準。

The next step will be to give each device into a restaurant to continue to learn and iterate as part of our stage gate process. I'm excited about each of these initiatives. And I strongly believe we will see some impactful back-of-house changes in the years to come that will help to improve consistency in our restaurants and drive a better overall experience for our teams and our guests.

下一步將是將每個設備放入餐廳，以繼續學習和迭代，作為我們舞台流程的一部分。我對每一項舉措都感到興奮。我堅信，未來幾年我們將看到一些有影響力的後台變化，這將有助於提高我們餐廳的一致性，並為我們的團隊和客人帶來更好的整體體驗。

I'm also proud to fully continues to be a learning organization. Using the stage-gate process as our way to drive discipline around what ultimately gets rolled out. I'm confident this process will further strengthen Chipotle as a leader in technology and innovation.

我也很自豪能夠繼續成為一個學習型組織。使用階段控制流程作為我們圍繞最終推出的內容推動紀律的方式。我相信這個過程將進一步鞏固 Chipotle 作為技術和創新領導者的地位。

Now moving to our final strategy, which is to expand access and convenience. In North America, we remain on track to open 285 to 350 new restaurants this year, and our openings remained strong across all markets fall. Our timelines remain consistent to last quarter. Our development team continues to see ground breaks meaningfully higher compared to last year, which should help smooth the cadence of openings as we get into the back half of the year.

現在轉向我們的最終策略，即擴大訪問範圍和便利性。在北美，我們今年仍有望開設 285 至 350 家新餐廳，我們在秋季所有市場的新開餐廳數量仍然強勁。我們的時間表與上季度保持一致。與去年相比，我們的開發團隊繼續看到破土動工數量顯著增加，這應該有助於在進入今年下半年時平穩開工節奏。

I also wanted to share an update on our partnership with the Alshaya Group. Our first restaurant in Kuwait has been open for several months and continues to have strong performance. The good news is that the feedback from guests is that the culinary experiences right on par with North America, which is fantastic to hear. It also tells me that when we execute our culinary and deliver an exceptional experience for our guests Chipotle brand resonates across geographies.

我也想分享我們與 Alshaya 集團合作的最新情況。我們在科威特的第一家餐廳已經開業幾個月，並且繼續保持強勁的業績。好消息是，客人的回饋是烹飪體驗與北美相當，這真是太棒了。它還告訴我，當我們執行烹飪並為客人提供卓越的體驗時，Chipotle 品牌會在各個地區產生共鳴。

We look forward to opening our second restaurant in Kuwait as well as expanding into Dubai with the Alshaya group later this year. To close our crewmembers, GMs, and field leadership delivered an excellent second quarter helped by our committed support centers that enable restaurants to better succeed. We are very fortunate to have a clear purpose and an organization full of talented people at all levels. It is exciting to see the progress we've made so far, and I'm confident there's much more growth in front of us.

我們期待今年稍後在科威特開設第二家餐廳，並與 Alshaya 集團一起擴展到杜拜。在我們堅定的支援中心的幫助下，我們的工作人員、總經理和現場領導在第二季度取得了出色的成績，使餐廳能夠取得更好的成功。我們非常幸運，擁有明確的目標和一個充滿各級人才的組織。看到我們迄今為止所取得的進展令人興奮，我相信我們面前還有更多的成長。

Finally, I want to spend a few minutes reflecting on my time with Jack and his extraordinary 25 years at Chipotle. Jack is just as passionate about our brand and our purpose as he is about protecting your economic model. I know you all agree with me that he is one of the best CFOs in the business and has played an instrumental role in growing Chipotle from under 200 restaurants to over 30,500 restaurants. Investing in our premium ingredients and supply chain, protecting our exceptional value proposition and delivering industry-leading economics and returns.

最後，我想花幾分鐘回顧我和 Jack 一起度過的時光以及他在 Chipotle 的 25 年非凡經歷。傑克對我們的品牌和目標充滿熱情，就像他對保護您的經濟模式一樣充滿熱情。我知道你們都同意我的觀點，即他是業內最優秀的財務長之一，並且在將 Chipotle 從不到 200 家餐廳發展到超過 30,500 家餐廳的過程中發揮了重要作用。投資我們的優質原料和供應鏈，保護我們卓越的價值主張並提供業界領先的經濟效益和回報。

As Jack always says, these three characteristics are incredibly difficult to replicate. Premium ingredients, affordable prices, and attractive margins. Beyond that is developed an exceptional finance team, including [Adam Reimer], who will become our next Chief Financial Officer.

正如傑克常說的那樣，這三個特徵非常難以複製。優質的原料、實惠的價格和誘人的利潤。除此之外，我們還組建了一支出色的財務團隊，其中包括將成為我們下一任財務長的 [Adam Reimer]。

Over the last 15 years, Adam has reported directly or indirectly too and been mentored by Jack in preparation for this role. And importantly, he is just as passionate about our brand, our purpose, and protecting our economic model. I'm highly confident he is the right leader to become our next CFO, and that will be a smooth transition. So again, thank you, Jack, for your friendship, leadership, and so many contributions to spotlight.

在過去的 15 年裡，Adam 也直接或間接地進行匯報，並在 Jack 的指導下為這個角色做準備。重要的是，他對我們的品牌、我們的目標以及保護我們的經濟模式同樣充滿熱情。我非常有信心他是成為我們下一任財務長的合適領導者，這將是一個平穩的過渡。再次感謝你，傑克，感謝你的友誼、領導力以及對聚光燈的巨大貢獻。

And with that, I'll turn it over to you.

這樣，我就把它交給你了。

Thank you, Brian for those kind words. I'm extremely fortunate to have had the privilege and honor to serve to Chipotle, our employees, and our shareholders for all these years. While retiring was one of the hardest decisions, it was also when the easiest I've ever had to make. It was hard because Chipotle is a special brand, a special company, and it's full of special people. But it was also easy because I know Chipotle in great hands with a family of smart, talented people who are committed to our purpose to cultivate a better world.

謝謝你，布萊恩的客氣話。這些年來我非常幸運能夠有幸為 Chipotle、我們的員工和股東服務。雖然退休是最艱難的決定之一，但這也是我做過的最容易的決定。這很困難，因為 Chipotle 是一個特殊的品牌、一家特殊的公司，而且裡面充滿了特殊的人。但這也很容易，因為我知道 Chipotle 得到了一群聰明、有才華的人的大力支持，他們致力於創造一個更美好的世界。

It's also easy because I have a large and growing extended family and I treasure at the time I get to spend with every one of them, and I'll have a chance to enjoy even more special experiences with them. I'm delighted that Adam Reimer will be our next CFO and as Brian mentioned, Adam has worked with me for 15 years, and I can tell you he's a very talented leader who knows our brand and our business well. And I'm confident in his ability to help Chipotle to the next level.

這也很容易，因為我有一個龐大且不斷成長的大家庭，我很珍惜與他們每個人一起度過的時光，我將有機會與他們一起享受更多特別的經歷。我很高興Adam Reimer 將成為我們的下一任首席財務官，正如Brian 提到的，Adam 已經與我共事了15 年，我可以告訴你，他是一位非常有才華的領導者，非常了解我們的品牌和業務。我對他幫助 Chipotle 更上一層樓的能力充滿信心。

In addition, Jamie McConnell will be elevated to our Chief Accounting and Administrative Officer. And since joining Chipotle six years ago, Jamie has provided great leadership, built strong teams, and is well prepared to serve in her new role.

此外，傑米·麥康奈爾 (Jamie McConnell) 將晉升為我們的首席會計和行政官。自六年前加入 Chipotle 以來，Jamie 提供了出色的領導能力，建立了強大的團隊，並為擔任新角色做好了充分準備。

With that said, I'll turn now to our quarterly results. Sales in the second quarter grew 18.2% year-over-year to reach about $3 billion as comp sales grew 11.1%, driven by 8.7% transaction growth. Restaurant-level margin of 28.9% increased about 140 basis points compared to last year.

話雖如此，我現在談談我們的季度業績。第二季銷售額年增 18.2%，達到約 30 億美元，在交易成長 8.7% 的推動下，同業銷售額成長 11.1%。餐廳級利潤率為 28.9%，比去年增加約 140 個基點。

Earnings per share adjusted for unusual items was $0.34, representing 36% year-over-year growth. In the second quarter had unusual expenses related to unrealized loss on an investment, an increase in legal reserves, which negatively impacted our earnings per share by $0.01, leading to GAAP earnings per share of $0.33.

不尋常項目調整後的每股收益為 0.34 美元，年增 36%。第二季度出現了與未實現投資損失、法定準備金增加相關的異常費用，這對我們的每股收益產生了 0.01 美元的負面影響，導致 GAAP 每股收益為 0.33 美元。

Sales comps were highest in April, driven by the Easter shift, a strong reaction to the return of chicken al Pastor and several successful activations, including National Burrito Day. Comps settle back to around 6% in June and continued to be driven by positive transactions. Dice and more difficult to read so far due to the fourth holiday, weather disruptions in Texas, and the impact from our recent technology outage. But we believe the underlying trend remains similar to June.

受復活節轉變、對雞肉牧師回歸的強烈反應以及包括全國墨西哥捲餅日在內的多項成功活動的推動，四月份的銷售業績最高。 6 月份，比較率回落至 6% 左右，並繼續受到積極交易的推動。由於第四個假期、德克薩斯州的天氣中斷以及我們最近的技術中斷的影響，骰子到目前為止更難閱讀。但我們認為基本趨勢仍與 6 月相似。

We are maintaining our full year comp guidance of mid to high single digit and as a reminder, we will roll off about 3 points of pricing in early Q4 as we lap our menu price increase from last year.

我們維持中高個位數的全年業績指導，並提醒大家，隨著菜單價格較去年上漲，我們將在第四季初將定價下調約 3 個點。

Before I go through the individual P&L line items, I want to give an overview of what to anticipate. We expect our margins will be under pressure for the next couple of quarters. Most if not all of this pressure is seasonal, temporary, work and investment that we can offset through efficiencies and we believe our industry leading margin structure is still intact.

在查看各個損益行項目之前，我想先概述一下預期的內容。我們預計未來幾季我們的利潤率將面臨壓力。大多數（如果不是全部）這些壓力都是季節性的、暫時的、工作和投資的，我們可以透過提高效率來抵消這些壓力，並且我們相信我們行業領先的利潤結構仍然完好無損。

And I'll go through each of the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 29.4%, in line with last year. Benefit of last year's menu price increase was offset by inflation in avocados, increased oil usage, and higher incidence of beef as a result of the continued success of braised beef barbacoa marketing initiatives.

我將從銷售成本開始詳細介紹每個關鍵的損益行項目。本季銷售成本為 29.4%，與去年持平。去年菜單價格上漲的好處被酪梨價格上漲、石油用量增加以及紅燒牛肉行銷活動持續成功導致的牛肉發病率上升所抵消。

For Q3, we expect our cost of sales to be just below 31%. But one-third of the step up is due to the higher protein costs as we roll off chicken al Pastor and then launch smoked brisket later in the quarter. About one-third is due to an uptick in dairy and avocado prices. And the final third about 40 basis points to 60 basis points is an investment we are making as we focus on outlier restaurants to ensure correct and generous portions. We expect this investment will ease from these levels somewhat.

對於第三季度，我們預計銷售成本將略低於 31%。但三分之一的漲幅是由於蛋白質成本上升，因為我們推出了雞肉帕斯特，然後在本季度晚些時候推出煙熏牛胸肉。大約三分之一是由於乳製品和酪梨價格上漲。最後三分之一大約 40 個基點到 60 個基點是我們正在進行的一項投資，因為我們專注於異常餐廳，以確保正確和慷慨的份量。我們預計這項投資將從這些水準有所緩解。

And we also believe that we can offset the remaining investment with efficiencies and innovation over time. While avocado prices are higher than the very favorable levels, we have seen over the past several quarters, this is in line with our expectations from earlier this year.

我們也相信，隨著時間的推移，我們可以透過效率和創新來抵消剩餘的投資。雖然酪梨價格高於非常有利的水平，但我們在過去幾個季度中看到，這符合我們今年早些時候的預期。

Additionally, we are less impacted by the recent volatility in the Mexican avocado market as our supply chain team has done a fantastic job of diversifying our exposure. And in the third quarter, the majority of our avocados come from Peru. Outside of avocados and the protein mix shift, we anticipate underlying cost of sales inflation will be in the low single digits range for the remainder of the year.

此外，我們受到墨西哥酪梨市場近期波動的影響較小，因為我們的供應鏈團隊在多元化我們的業務方面做得非常出色。在第三季度，我們的酪梨大部分來自秘魯。除了酪梨和蛋白質組合的轉變之外，我們預計今年剩餘時間內潛在的銷售成本通膨將處於較低的個位數範圍內。

Labor cost for the quarter was 24.1%, a decrease of about 20 basis points on last year as the benefit from sales leverage more than offset wage inflation. For Q3, we expect our labor cost to be in the low 25% range due to seasonally lower sales with wage inflation to remain at about 6%. And as a reminder, about half of the wage inflation is due to the nearly 20% step-up in wages in California as a result of the increase in minimum wage for restaurant companies like ours that took effect in April.

本季勞動成本為 24.1%，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。對於第三季度，由於銷售額季節性下降，我們預計勞動成本將在 25% 左右，而薪資通膨率將保持在 6% 左右。提醒一下，大約一半的工資上漲是由於像我們這樣的餐飲公司的最低工資於 4 月生效，導致加州工資上漲了近 20%。

Other operating costs for the quarter were 12.9%, a decrease of about 100 basis points from last year. The decrease was primarily driven by sales leverage. Marketing and promo costs were 2.1% of sales in Q2 and Q3 we expect marketing costs to remain in the low 2% range for the full year to be in the high 2% range.

該季度其他營運成本為12.9%，較去年下降約100個基點。下降主要是由銷售槓桿推動的。第二季和第三季的行銷和促銷成本佔銷售額的 2.1%，我們預計全年行銷成本將保持在 2% 的低位範圍內，而全年將保持在 2% 的高點範圍內。

In Q3 other operating costs are expected to be in the high 13% range due to seasonally lower sales and higher seasonal expenses like utilities and maintenance and repair. Based on the expectation provided we anticipate restaurant level margin to be around 25% in Q3. As I mentioned earlier, some of the pressure is seasonal like the shift from chicken al Pastor or brisket, some is temporary like the higher prices in avocadoes and dairy, which if they persist, we can address with menu prices over time.

由於季節性銷售額下降以及公用事業、維護和維修等季節性費用增加，第三季其他營運成本預計將高達 13%。根據預期，我們預計第三季餐廳水準利潤率約為 25%。正如我之前提到的，一些壓力是季節性的，例如從雞肉或牛胸肉的轉變，一些壓力是暫時的，例如酪梨和乳製品的價格上漲，如果這種情況持續存在，我們可以隨著時間的推移透過菜單價格來解決。

And finally, we're confident that the investment we're making to ensure we are delivering correct and generous portions can be offset by efficiencies and innovation over time.

最後，我們相信，隨著時間的推移，我們為確保提供正確和慷慨的部分而進行的投資可以被效率和創新所抵消。

G&A for the quarter was $175 million on a GAAP basis or about $171 million on a non-GAAP basis, excluding $4 million increase in legal reserves. G&A also includes $122 million in underlying G&A, $43 million related to non-cash stock compensation, and $6 million related to higher bonus accruals and payroll taxes and equity vesting and exercises. We expect our underlying G&A to be around $128 million in Q3 and step up each quarter as we make investments in people to support ongoing growth.

以 GAAP 計算，本季的一般管理費用為 1.75 億美元，以非 GAAP 計算，約為 1.71 億美元，不包括增加的 400 萬美元法定準備金。 G&A 還包括 1.22 億美元的基本 G&A、4,300 萬美元與非現金股票薪酬相關、600 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。我們預計第三季的基本管理費用約為 1.28 億美元，並且隨著我們對人員的投資以支持持續成長，每季都會增加。

We anticipate stock comp will be around $40 million in Q3, although this amount could move up or down based on our actual results. 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 anticipated total G&A in Q3 $175 million dollars. Appreciation for the quarter was $84 million to 2.8% of sales. And we expect depreciation to step up slightly each quarter as we continue to open more restaurant.

我們預計第三季的股票補償將約為 4000 萬美元，儘管該金額可能會根據我們的實際結果上下波動。我們也預計將確認約 600 萬美元，與本季歸屬股票相關的較高應計獎金和雇主稅相關，使我們預計第三季的總管理費用為 1.75 億美元。該季度的增值額為 8,400 萬美元，佔銷售額的 2.8%。隨著我們繼續開設更多餐廳，我們預計每個季度折舊都會略有增加。

Our effective tax rate for Q2 was 25% for GAAP, as well as for non-GAAP effective tax rate benefited from our option exercises and equity vesting above the grant value. And 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.

我們第二季的 GAAP 有效稅率為 25%，非 GAAP 有效稅率也受惠於我們的選擇權行使和高於授予價值的股權歸屬。對於 2024 財年，我們估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管它可能會根據具體項目而有所不同。

On June 26, we successfully completed our 50-for-1 stock split, one of the largest and New York Stock Exchange history. We believe this will make our stock more accessible for our employees as well as a broader range of investors.

6 月 26 日，我們成功完成了 50 換 1 的股票分割，這是紐約證券交易所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。

Our balance sheet remains strong as we ended the quarter with $2.5 billion in cash, restricted cash and investments with no debt. During the quarter, we repurchased $51 million of our stock at an average price of $63.52. At the end of the quarter, we had nearly $650 million remaining under our share authorization program.

我們的資產負債表依然強勁，本季末我們擁有 25 億美元現金、限制性現金和無債務投資。本季度，我們以 63.52 美元的平均價格回購了價值 5,100 萬美元的股票。截至本季末，我們的股票授權計畫剩餘資金接近 6.5 億美元。

We opened 53 new restaurants in the second quarter, of which 46 had Chipotle. We continue to anticipate opening between 285 to 315 new restaurants in 2024 with over 80% having a Chipotle and we remain on track to move towards the high end of the 8% to 10% range by 2025, assuming time line conditions do not worsen.

第二季我們新開了 53 家餐廳，其中 46 家有 Chipotle。我們繼續預計 2024 年將開設 285 至 315 家新餐廳，其中超過 80% 的餐廳擁有 Chipotle，並且假設時間線條件不會惡化，我們仍有望在 2025 年向 8% 至 10% 範圍的高端邁進。

To close, I also want to thank our employees for all their hard work in driving our strong results and continuing to build and grow Chipotle. I also want to reflect that our historic 50-for-1 stock split, which building went public at $22 per share. I was very optimistic that we had a special brand with a tremendous growth opportunity. I'm not sure I could have ever imagined then that we would split the shares at just over $3,200 per share. But I would envision that we would reach over 3,000 restaurants as we have today in the US.

最後，我還要感謝我們的員工為推動我們取得強勁成果以及繼續建立和發展 Chipotle 所做的辛勤工作。我還想回顧一下我們歷史性的 50 比 1 股票分割，該大樓以每股 22 美元的價格上市。我非常樂觀地認為我們擁有一個具有巨大成長機會的特殊品牌。我不確定當時我是否能夠想像我們會以每股 3,200 美元多一點的價格分割股票。但我預計我們將像今天在美國一樣擁有超過 3,000 家餐廳。

And today, I know we have a special brand with industry-leading economics and returns. I'm also just as optimistic about our growth opportunity to reach 7,000 restaurants in North America and to expand internationally. As we further our purpose of cultivating a better world will continue to drive extraordinary value for our guests, our employees, and our shareholders. It's truly an exciting time to be part of this purpose-driven company with seemingly limitless opportunity.

今天，我知道我們擁有一個具有領先業界的經濟效益和回報的特殊品牌。我也對我們在北美擁有 7,000 家餐廳並進行國際擴張的成長機會感到樂觀。隨著我們進一步實現建立更美好世界的目標，我們將繼續為我們的客人、員工和股東帶來非凡的價值。加入這家以目標為導向的公司，擁有看似無限的機會，這確實是一個令人興奮的時刻。

And with that, I'll open the line for your questions.

接下來，我將開通您的提問專線。

(Operator Instructions) David Tarantino, Baird.

（操作員說明）大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon. First, Jack, congratulations on an amazing career at Chipotle, and you're going to be missed and we look forward to working with that going forward.

嗨，下午好。首先，Jack，恭喜您在 Chipotle 取得了出色的職業生涯，我們會想念您的，我們期待與您繼續合作。

So my question is about the sales trends you called out. I think you said comps moderated into the kind of 6% ballpark in June. And you think that underlying trend of carried over into July. And well that's very good. relative to what we're seeing from a lot of brands, it is slower than what you're running previously.

所以我的問題是關於你所說的銷售趨勢。我想你說過 6 月的比較溫和到了 6% 左右。你認為這種潛在趨勢會延續到七月。嗯，這非常好。相對於我們從許多品牌看到的情況，它比您之前運行的速度慢。

So I just wanted to get your thoughts on why you think you saw that slowdown, whether it's macro or something inside the business that may have caused that.

因此，我只是想了解您對為何出現經濟放緩的想法，無論是宏觀原因還是企業內部因素可能導致了這種情況。

I'm going to start, I'll start and then Jack can fill in. First of all, David, I would tell you the quarter was really spectacular. When we look at brand metrics, they've never been stronger. So value, food scores all the key metrics to make sure that the brands in a good spot really continue to improve throughout the quarter. And then from an operating standpoint, have you been to our restaurants recently, but I think the teams are doing a terrific job on continuing to deliver great culinary, great throughput.

我要開始了，我要開始了，然後傑克可以補充。當我們審視品牌指標時，它們從未如此強大。因此，價值、食品對所有關鍵指標進行評分，以確保處於良好位置的品牌在整個季度中真正持續改進。然後從營運的角度來看，您最近去過我們的餐廳嗎？

And then obviously, we mentioned in earlier comments, we've doubled down on making sure we're also providing very portions, which is, I think, the key equity for this business as well. One of the things we've seen, which is consistent with what we saw last year, is this kind of seasonal move with kind of a summer changing behaviours. And so obviously, we're trying to understand what that looks like because it appears to be new trends, since coming out of COVID.

顯然，我們在先前的評論中提到，我們加倍努力確保我們也提供非常好的部分，我認為這也是該業務的關鍵資產。我們看到的一件事與我們去年看到的一致，就是這種季節性變化，伴隨著夏季行為的改變。顯然，我們正在努力了解這是什麼樣的，因為這似乎是新冠疫情爆發以來的新趨勢。

So that's one piece of the puzzle. And then obviously, we're trying to understand if there are any macro things going on as well. But the one thing we know for sure there is the feedback on the business from our customers has been great value, great culinary, and improving speed. And those are the things we can control. And those what are the things we're going to stay focused on delivering going forward. Jack, I don't know if you have anything.

這就是難題的一小部分。顯然，我們正在嘗試了解是否也發生了任何宏觀事件。但我們確信的一件事是，客戶對業務的回饋是巨大的價值、美味的烹飪和不斷提高的速度。這些都是我們可以控制的。這些是我們未來將繼續重點關注的事情。傑克，我不知道你有什麼嗎？

No, I mean just to add some more tax rate to the micro seasonality like July 4 used to be like a weekend and outlook looks like it's two weekends. So it looks like the combination of there's a holiday and then work from home is more acceptable. Now it seems like these holidays used to be three or four days or so seems like they're stretching out a little bit. We even saw for the first time ever on Juneteenth, we saw a little softness there as well. So I wonder if that's also kind of a work-from-home environment as well. So the last couple of comments have been very hard to predict. And so we think that's definitely a big part of what we're seeing.

不，我的意思只是在微觀季節性中增加一些稅率，就像 7 月 4 日過去就像一個週末，而展望未來看起來就像是兩個週末。所以看起來假期加在家工作的結合比較容易被接受。現在看來這些假期過去只有三、四天左右，現在似乎延長了一些。我們甚至在六月節第一次看到，我們也看到了一點柔軟。所以我想知道這是否也是在家工作的環境。所以最後幾則評論很難預測。所以我們認為這絕對是我們所看到的重要組成部分。

Great. Thank you very much.

偉大的。非常感謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Congratulations to both Jack and Adam. I've enjoyed working with both you, but the question I have, first, just a quick follow-up. You could just maybe talk a little bit about the composition of the costs. Price mix and how you're thinking about that going forward given some of the reinvestments that you're making. And then also wanted to get a sense of store growth and how that is progressing. Just I know there have been certain endemic problems across the industry, but the goal was to get the growth rate higher and depths into that 10% range next year or so. Any updates There? Thanks.

祝賀傑克和亞當。我很高興與你們一起工作，但我的問題是，首先，我想快速跟進。您可以稍微談談成本的組成。價格組合以及考慮到您正在進行的一些再投資，您如何考慮未來的情況。然後還想了解商店的成長情況以及進度。我只知道整個行業存在某些普遍問題，但目標是在明年左右提高成長率並深入 10% 的範圍。有更新嗎？謝謝。

Thanks. I'll start with the components of the comps, Sara. Transactions were up 8.7% during the quarter. We also had not menu price increase effectively was 3.3%. That was up 3% that we took on effectively a 3% that we took last year and that we have the 1% effective that we took for the FAST Act as well.

謝謝。我將從比較的組成部分開始，薩拉。本季交易量成長 8.7%。我們也沒有菜單價格有效上漲 3.3%。這比我們去年實際採取的 3% 提高了 3%，我們也為 FAST 法案採取了 1% 有效。

And we did have a negative mix, and the negative mix was based on group size. The negative mix was 1%. Group size was down about 2%, but that was offset by we did have some add-ons, mostly in chips, queso, and extra meat as well.

我們確實有一個負面組合，而負面組合是基於團體規模的。負混合為 1%。團體人數減少了約 2%，但這被我們確實有一些附加產品所抵消，其中大部分是薯條、起司和額外的肉。

What we're seeing as we moved into June, we're still seeing transactions be the main driver. So, transactions were in the 3%, 3.5% during the month of June. And then on openings, I mean, we're still on track, Sara.

進入六月後，我們發現交易仍然是主要驅動力。因此，6 月份的交易量為 3%、3.5%。然後關於空缺，我的意思是，我們仍然在正軌上，薩拉。

So we're not seeing that the time line really changed at all. We did see some modest improvement so far. This year, but the pipeline is very robust and we feel good about the opening for this year. If that continues the just based on the inventory building alone and a pipeline don't worsen, we think we can get close to, if not all the way to that 10% in the next year.

所以我們並沒有看到時間線真的發生了任何變化。到目前為止，我們確實看到了一些適度的改善。今年，但管道非常強勁，我們對今年的開業感覺良好。如果這種情況持續下去，僅基於庫存建設，並且管道不會惡化，我們認為明年我們可以接近（如果不是一路達到）10%。

Got it. Thank you. And just pricing for the rest of the year?

知道了。謝謝。只是今年剩餘時間的定價嗎？

So we have the 3% from last year that runs out in the middle of October. I will continue to have California. Right now, we have no plans for further pricing. I mean, we'll look at how the rest of the next few months unfold. We'd love to get through the rest of the year based on what's going on. And again, we don't know how much seasonality, whether there's something bigger going on, but would be great to not have to take any price for the rest of this year.

所以我們去年的 3% 會在 10 月中旬用完。我將繼續擁有加州。目前，我們沒有進一步定價的計劃。我的意思是，我們將看看接下來幾個月的情況如何展開。我們希望根據目前的情況度過今年剩下的時間。再說一次，我們不知道有多少季節性，是否有更大的事情發生，但如果今年剩下的時間不必採取任何價格，那就太好了。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks very much. And Jack and Adam, congratulations to both. Just wanted to ask Jack a little bit more on the margin commentary that you made, specifically as it relates to some of that pressure over the coming quarters. If you can dive in a little more to some of the moving pieces there and maybe some of the efficiency offsets that you spoke to? Thank you.

偉大的。非常感謝。傑克和亞當，祝賀他們兩人。只是想向傑克詢問您對利潤率的評論，特別是因為它與未來幾季的一些壓力有關。您是否可以更深入地了解其中的一些變化因素，也許還有您談到的一些效率補償？謝謝。

So there's three main buckets. We got inflation and friction generally has been relatively benign. We have two items we called out avocado and dairy, both of those ingredients. We do expect either near the end of the year or into early next year we think those will normalize.

所以有三個主要的桶子。我們的通膨和摩擦總體上相對溫和。我們有兩種產品稱為酪梨和乳製品，這兩種成分都是。我們確實預計，在今年年底或明年初，這些情況將會正常化。

Avocados, as you guys know, it has been a really a benefit. It's we've had great avocado prices over the last several quarter. And so even on the current avocado prices -- we're seeing right now, are more in the normal range, but we think that those will ease through the end of the year or into next year. So both of those we feel good about. We do have pricing power, so we'll watch it very closely. And at some point in the future we'll be able to offset that.

酪梨，正如你們所知，它確實是一種好處。過去幾季我們的酪梨價格很高。因此，即使就目前的酪梨價格而言，我們現在看到的價格也更處於正常範圍內，但我們認為這些價格將在今年年底或明年有所緩解。所以我們對這兩件事都感覺很好。我們確實有定價權，所以我們會密切注意。在未來的某個時候，我們將能夠抵消這一影響。

The other item that we talked about, Brian mentioned, we decided that this brand equity called generous portions is something that we don't want to take for granted. We don't want to take something that's been a positive for all these years and then have it turned out to be a negative because of some of social media comments. So we've made this investment. We're continuing to make investments.

布萊恩提到，我們討論的另一個項目是，我們認為這種稱為「慷慨份量」的品牌資產是我們不想視為理所當然的。我們不想接受這些年來一直積極的事情，然後因為一些社交媒體評論而變得消極。所以我們進行了這項投資。我們正在繼續進行投資。

We already have a number of initiatives underway. Some of them are operational. Some of those are a supply chain efficiencies. We won't go into details of what those are but we do think over the next couple of quarters that we'll be able to see some of those efficiencies. And that's really in terms of where our margins are and what we think we can do --

我們已經採取了一些措施。其中一些已投入運行。其中一些是供應鏈效率。我們不會詳細介紹這些內容，但我們確實認為在接下來的幾個季度中，我們將能夠看到其中的一些效率。這實際上取決於我們的利潤率以及我們認為我們可以做什麼——

Just to move from Chicken Al Pastor.

只是從雞肉阿爾牧師搬走。

I mean, that's clearly a temporary. I mean, you have the mix shift. Clearly that's going to be an LTO. Once we move from brisket into the next LTO, especially if it's a chicken, not only will that reverse, but it will turn into a positive for us.

我的意思是，這顯然是暫時的。我的意思是，你有混合轉變。顯然這將是一個 LTO。一旦我們從牛胸肉進入下一個 LTO，特別是如果是雞，這種情況不僅會逆轉，而且會對我們產生積極影響。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

I did want to ask about labor, if I could. I think, Brian, I think you mentioned a little over half of the units with an expediter during peak hours. What's the holdup in terms of expanding the expediter to more units? Because it feels like that's the key driver of throughput is labor really tight? Is there a lot of turnover? Just any thoughts around that would be helpful. Thank you.

如果可以的話，我確實想問有關勞工的問題。我想，布萊恩，我想你提到了一半多一點的單位在高峰時段有加急員。將加速器擴展到更多單位有何阻礙？因為感覺這是吞吐量的關鍵驅動因素，勞動力真的很緊張嗎？營業額多嗎？只要有任何想法都會有所幫助。謝謝。

Yeah, sure. Look, the good news is we've made progress to get to the 50%. The other piece of good news is we've got experience in the past, we've been able to get to that number closer to 70%-plus. So I'm confident with our operational leadership that's going on in the field right now.

好，當然。看，好消息是我們已經取得了進展，達到了 50%。另一個好消息是我們過去有經驗，我們已經能夠達到接近 70% 以上的數字。因此，我對我們目前在該領域的營運領導力充滿信心。

And here's a key piece of those. I think that gives us the ability to improve where we are. We have really great staffing levels right now with turnover at some of the best levels I've seen to date. And so the fact that we're getting these teams to be I would say more cohesive, more cantered on the culture of great throughput combined with great culinary. I'm confident that we'll continue to improve.

這是其中的關鍵部分。我認為這使我們有能力改進我們的現狀。我們現在的人員配置水準非常高，人員流動率達到了迄今為止我見過的最好水準。因此，我想說的是，我們正在讓這些團隊變得更有凝聚力，並更加專注於高吞吐量與出色烹飪相結合的文化。我相信我們會繼續進步。

The other thing, too, you guys might have seen is we talked about this giving our teams the visibility through reporting has really enabled them to enhance their performance. And I think just repetition using the tools that we have and then just making sure that we don't have any real disruption to what the organization needs to be focused on. And I think we've done a nice job of keeping the teams focused. You look at our leadership hierarchy.

你們可能已經看到的另一件事是，我們談到了透過報告為我們的團隊提供可見性，這確實使他們能夠提高績效。我認為只需重複使用我們擁有的工具，然後確保我們不會對組織需要關注的事情造成任何真正的干擾。我認為我們在保持團隊專注方面做得很好。你看看我們的領導階層。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Thank you so much and congratulations Jack and Adam and congrats on a great quarter. I just wanted to get to pick your brain on the overall industry, trying to win traffic share with discounts and promotions. And I think you mentioned that Chipotle a value proposition is still very strong, but do you see any shift within the consumers I can highlight.

非常感謝你們，恭喜傑克和亞當，恭喜你們度過了一個美好的季度。我只是想了解您對整個行業的看法，試圖透過折扣和促銷來贏得流量份額。我想你提到了 Chipotle 的價值主張仍然非常強大，但我可以強調你是否看到消費者發生了任何轉變。

And specifically, I think question for Brian, I think the last instance, when we had a pretty fierce price competition, you are kind of on the other side of offense. So any key y lessons you would take away from that experience that's done and how that applies to your plans going forward in navigating through this environment? Thanks you.

具體來說，我想問布萊恩一個問題，我認為最後一個例子，當我們進行相當激烈的價格競爭時，你有點站在進攻的另一邊。那麼，您可以從已經完成的經驗中汲取什麼重要的經驗教訓，以及如何將其應用到您在這種環境中前進的計劃中？感謝您。

Yeah. So look there's a lot there, but I'll start with -- I think I've said this over and over again. The thing that we need to make sure we do really well is great culinary, great burritos and bowls, and treasure every single guest that comes into our restaurants, whether it's in line or online. And when we do that, we see our value scores in our brand become more loved.

是的。看起來有很多東西，但我首先要說的是——我想我已經說過一遍又一遍了。我們需要確保做得很好的是美味的烹飪、美味的墨西哥捲餅和碗，並珍惜每一位進入我們餐廳的客人，無論是排隊還是在線。當我們這樣做時，我們會發現我們的品牌價值分數變得更受喜愛。

And one thing that I keep an eye on closely is are we gaining market share? And what's great to see is we're gaining market share every month. So as we stay focused on executing Chipotle's core business, we see the results not only in the comp transactions that we're delivering, but also the market share gains that we're making.

我密切關注的一件事是我們是否獲得了市場份額？令人高興的是我們每個月都在增加市場佔有率。因此，當我們繼續專注於執行 Chipotle 的核心業務時，我們不僅看到了我們正在交付的補償交易的結果，還看到了我們正在取得的市場份額的成長。

And I've said this before Chipotle's not built on this idea of promotional for falling prices. Chipotle is always built on this idea of great culinary, exactly how you want it and with great speed and it looks even a simple idea, great food done fast. We keep executing against that simple idea. I think we'll continue to get market share and I think our value scores will continue to go up and our teams will continue to be successful. And of course, obviously, we're going to let other people play how they want to play. We're going to play our offense throughout this whole process.

我之前就說過，Chipotle 並不是建立在降價促銷的概念上的。 Chipotle 始終建立在這種美味佳餚的理念之上，完全按照您想要的方式烹飪，而且速度極快，它看起來甚至是一個簡單的想法，美味的食物很快就能做好。我們不斷執行這個簡單的想法。我認為我們將繼續獲得市場份額，我認為我們的價值分數將繼續上升，我們的團隊將繼續取得成功。當然，很明顯，我們將讓其他人以他們想要的方式玩。我們將在整個過程中發揮我們的進攻作用。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, good afternoon. Thanks for taking the question. I guess just following up on that, I think in the prior few quarters you had talked about kind of outperforming amongst lower-income consumers. And I apologize if you imagine that it's a really choppy connection on my end, but are you still seeing that kind of strength across income cohorts? And on the brisket, is that something we should expect, Jack, to impact the fourth quarter as well? Thanks.

嗨，下午好。感謝您提出問題。我想接下來，我想在前幾個季度你已經談到了低收入消費者的表現。如果你認為我這邊的連結真的很不穩定，我很抱歉，但你是否仍然在收入群體中看到這種優勢？傑克，關於胸肉，我們應該期望這也會影響第四季嗎？謝謝。

So I'll answer your first question. The good news is we are seeing transaction growth from every income cohort, which I think speaks to the strength of our brand and our value proposition. And then, you know, as we continue to march forward our goal is to continue to give people the bowls and the videos that they want at the speed that really delights them. So hopefully that continues to resonate with every income cohort to date it has from what we see in our consumer research, it will continue to delight every income cohort. Under brisket question, I'll let Jack jump in on that.

那我來回答你的第一個問題。好消息是我們看到每個收入群體的交易都在成長，我認為這證明了我們品牌的實力和價值主張。然後，你知道，隨著我們繼續前進，我們的目標是繼續以真正讓人們滿意的速度為人們提供他們想要的碗和影片。因此，從我們在消費者研究中看到的情況來看，希望這一點能繼續引起迄今為止每個收入群體的共鳴，它將繼續讓每個收入群體感到高興。關於胸肉問題，我會讓傑克插話一下。

Yeah, sure. Sharon, what I can tell you is there will be an impact, but there's other things going on as well. So our food costs, we expect our food costs to be similar in Q4 as Q3, so not another step-up.

好，當然。莎倫，我可以告訴你的是，這將會產生影響，但還會發生其他事情。因此，我們的食品成本，我們預計第四季度的食品成本與第三季度相似，因此不會再次增加。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi, thank you. At the question, excuse me, was on the automated digital make-line. Just in terms of what you've seen in your at your cultivate center -- in your culinary center, how scalable is this machine? In other words, if you just -- if you do decide to -- and like what you see in the stage-gate process, how fast could this potentially be nationally? Does your equipment supplier have the capacity to kind of get up and running for the entire system. It's kind of your first question.

嗨，謝謝你。對不起，這個問題是在自動化數位生產線上提出的。就您在種植中心（烹飪中心）所看到的情況而言，這台機器的可擴展性如何？換句話說，如果你——如果你確實決定——並且喜歡你在階段性過程中看到的情況，那麼這在全國範圍內可能會有多快？您的設備供應商是否有能力啟動並運作整個系統？這是你的第一個問題。

And then secondly, related to that, if we are talking about consistency and speed as being two things that you want to do really well, it does seem like an automated make-line would be perfect for that, not just on the digital make line, but even putting it into the front counter as well with our kiosk ordering or app ordering whatever that case may be. Would that be considered as part of an early stage gate process well once you establish it on the back make-line?

其次，與此相關的是，如果我們將一致性和速度視為您真正想要做好的兩件事，那麼自動化生產線似乎確實是完美的選擇，而不僅僅是在數位生產線上，但即使將其放入前台，也可以透過我們的自助終端訂購或應用程式訂購（無論情況如何）。一旦您將其建立在後生產線上，這是否會被視為早期澆口流程的一部分？

Thank you. Yeah, and thanks for the question. Obviously, we're really excited about Python and the automated digital make-line. We will have that in a restaurant probably here at all the end of August, early September, somewhere around there, which will be really exciting to see. Look, obviously, we want to stand me after consistency and speed those closer to equities of the brand. That are really important.

謝謝。是的，謝謝你的提問。顯然，我們對 Python 和自動化數位生產線感到非常興奮。我們可能會在八月底九月初在這裡的一家餐廳裡，或者附近的某個地方，看到這一點真的很令人興奮。顯然，我們希望在一致性之後支持我，並加速那些更接近品牌股票的事情。這真的很重要。

The good news is we've got a bunch of different initiatives in the stage-gate process. So look, I never like to have all made in one basket, right? And what I'm really delighted about is we've got things that make us more efficient with prep, whether it's avocado, veggie slice or double-sided grill, looking at modifications to our rice cooker, our fryer equipment. So there's a lot of things going on back of house to make us more effective.

好消息是我們在階段性流程中採取了一系列不同的措施。所以看，我從來不喜歡把所有東西都放在一個籃子裡，對吧？我真正感到高興的是，我們有一些東西可以讓我們更有效率地進行準備，無論是酪梨、蔬菜片還是雙面烤架，以及對我們的電鍋、油炸鍋設備的修改。因此，為了提高我們的效率，我們在後台做了很多事情。

Culinary wise, prep wise which then sets us up to be successful consistently on the frontline and the digital make-line. I've talked about these things also aware, we're also experimenting with AI and vision to ensure that our teams get to support.

烹飪方面、準備方面，這使我們能夠在前線和數位生產線上持續取得成功。我也意識到了這些事情，我們也在嘗試人工智慧和視覺，以確保我們的團隊得到支援。

I'm actually reading a great book right now, Co-Intelligence and it talks about how you use AI as a partner. And that's really what you've heard us talk about this is probiotics, right. I think now this is -- I like this term Co-Intelligence to help our teams be more effective with forecasting, executing every single call correctly, bringing things up exactly correctly.

事實上，我現在正在閱讀一本很棒的書，《聯合智能》，它討論瞭如何使用人工智慧作為合作夥伴。這確實是您聽到我們談論的益生菌，對吧。我認為現在這是——我喜歡「協同智慧」這個術語，它可以幫助我們的團隊更有效地進行預測、正確執行每個通話、準確地提出問題。

So look, I'm really excited about all the things we have in the pipeline. Obviously, we spent a lot of time talking about, I think because it's probably the most visible, it looks pretty darn cool, too. But I just want to make sure it's important we talked about like we've got a lot of things from an innovation standpoint that really understand the operating model to make us more efficient, better culinary every single time, consistent every single time and frankly, makes the job easier for our team members to be successful, which then results in, I think great outcomes for our customers.

所以看，我對我們正在開發的所有東西感到非常興奮。顯然，我們花了很多時間討論，我認為因為它可能是最明顯的，所以它看起來也非常酷。但我只是想確保我們談論的這一點很重要，就像我們從創新的角度得到了很多東西，真正了解運營模式，使我們每次都更有效率、更好的烹飪、每次都一致，坦率地說，使我們的團隊成員的工作更容易取得成功，我認為這將為我們的客戶帶來巨大的成果。

So, you know a bit more answer to your question, but I think it's important just highlight hyping's a great tool, but there's a lot of tools we're working on that I think are going to make us better in the future.

所以，你對你的問題有了更多的答案，但我認為重要的是強調炒作是一個很棒的工具，但我們正在開發很多工具，我認為這些工具將使我們在未來變得更好。

Andrew Charles, TV Cowen.

安德魯查爾斯，考恩電視台。

Great. Thank you. And just like everyone else, congrats to both Jack and Adam. Jack, what a ride it's been.

偉大的。謝謝。就像其他人一樣，祝賀傑克和亞當。傑克，這是一次多麼美好的旅程。

Jack, curious just with the guidance, why keep the mid-single-digit part just given the blowout from 2Q as well as the fact that it sounds like July spotty, but around that 6% trend. That mid-single-digit piece suggests a pretty wide range of outcomes for the back half of the year and implies some deceleration potentially coming. So, can you just talk more about the guidance philosophy?

傑克，對指導感到好奇，考慮到第二季度的井噴以及聽起來 7 月份參差不齊的事實，為什麼要保留中間個位數部分，但大約是 6% 的趨勢。這個中個位數的數據顯示今年下半年會出現相當廣泛的結果，並暗示可能會出現一些減速。那麼，您能多談談指導理念嗎？

Yeah, I mean there's two things going on. One is like we said, since the pandemic, the summer months have been more difficult to predict like the first year when you have the normal going back to school and leaving school and the back-to-school that was very, very different last year, publications that really were pulled forward. This year the cases were pulled forward again, it looks like they've even stepped up again. So there's difficulty in predicting the seasonality.

是的，我的意思是有兩件事正在發生。一個就像我們說的，自大流行以來，夏季月份變得更加難以預測，就像第一年一樣，正常返校和放學與去年的返校情況非常非常不同，真正被拉向前的出版物。今年案件又被拉長了，看起來甚至又加快了。因此，預測季節性是很困難的。

The other thing keep in mind is we do have 300 basis points of pricing rolling off. So now what we hope to do is hopefully in a couple of quarters, we're talking about how the guidance ended up being perhaps on the conservative side, but right now with everything that's going on, whether it's seasonality or something that's more of a bigger approach or a bigger impact on consumer. We think this is the right product, the right guidance level.

另一件要記住的事情是我們確實有 300 個基點的定價滾動。因此，現在我們希望做的是在幾個季度內，我們正在討論指導最終可能是保守的，但現在發生的一切，無論是季節性還是更多的因素更大的方法或對消費者更大的影響。我們認為這是正確的產品，正確的指導程度。

And our intent in giving you a little bit more granularity in terms of what the monitor looking like is it gives you kind of idea of what we're seeing right now. And I think with Tom with brisket coming up, we're very optimistic that was a big demand the first time we actually just could even keep it in stock and we ran out of it so fast. So we're optimistic, but we also want to be cautious in this environment.

我們的目的是讓您更詳細地了解顯示器的外觀，它可以讓您了解我們現在所看到的內容。我認為隨著湯姆牛胸肉的出現，我們非常樂觀，這是一個很大的需求，我們第一次實際上甚至可以保留它的庫存，但我們很快就用完了。所以我們很樂觀，但在這種環境下我們也希望保持謹慎。

That's helpful. And in past years, even before the inflation issue, we saw that there's typically about a 2% price increase, 2.5% price increase taken in December. What's the likelihood we see that again for next year? I know you're seeing some temporary margin headwinds, but as we think about pricing levels for next year, I mean, what's the likelihood we see something coming December?

這很有幫助。在過去的幾年裡，甚至在通貨膨脹問題出現之前，我們就看到價格通常會上漲 2% 左右，12 月的價格上漲為 2.5%。明年我們再次看到這種情況的可能性有多大？我知道您會看到一些暫時的利潤逆風，但當我們考慮明年的定價水平時，我的意思是，我們在 12 月看到一些情況的可能性有多大？

Well, that's a long time, whereas in your I think in December 2025, that's a long ways away. In this environment, we love the idea of being able to get through the rest of this year without a price increase. Where we would feel better in terms of the timing of a price increase because in an environment where the economy is robust, and healthy the consumer is feeling very, very healthy and they're spending and the restaurant industry in general is going well.

嗯，那是很長一段時間，而在你看來，2025 年 12 月，那是很遙遠的事。在這種環境下，我們喜歡能夠在不漲價的情況下度過今年剩餘時間的想法。我們對價格上漲的時機感覺更好，因為在經濟強勁、健康的環境中，消費者感覺非常非常健康，他們正在消費，餐飲業總體進展順利。

And transactions are accelerating, not decelerating. That's a great environment when you do see inflation take a modest increase 2%. Our price increases have gone well, but we would not want to take that for granted. So I think it would be really data dependent like what's going on in inflation, but as importantly, what's going on with the consumer, what's going on with transaction trends.

而且交易正在加速，而不是減速。當你看到通貨膨脹率小漲 2% 時，這是一個很好的環境。我們的價格上漲進展順利，但我們不想認為這是理所當然的。因此，我認為這實際上取決於數據，例如通貨膨脹的情況，但同樣重要的是，消費者的情況以及交易趨勢的情況。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thanks a lot. I wanted to ask on the LTO strategy. You have one in spring and fall. Just seems like you generally comp, the LTO comp for lack of a better phrase pretty consistently. It enables you to keep growing LTOs year-over-year incidence rates growing each year. And you tend to see like during the periods of LTOs, the comps actually accelerate, even though it's up a higher base?

多謝。我想問LTO策略。春天和秋天你都有一個。看起來你通常比較，LTO 比較，因為缺乏更好的短語，相當一致。它使您能夠保持 LTO 發病率逐年增長。您往往會看到，在 LTO 期間，儘管基數較高，但競爭實際上會加速？

Yeah. So look, the good news is we have a nice mix with our many news of the items that we've done in the past as well as completely new menu items. And I think we've demonstrated is when we go back to something like Chicken Al Pastor or Carne Asada, we seem to be able to talk about it in a much more exciting way, maybe than we did the original types. We learned some things on it. We execute better because we know how to train on it. The teams are familiar with the execution. So that's been really nice to see.

是的。所以看，好消息是我們很好地混合了我們過去做過的項目的許多新聞以及全新的菜單項目。我認為我們已經證明，當我們回到像 Chicken Al Pastor 或 Carne Asada 這樣的東西時，我們似乎能夠以一種更令人興奮的方式談論它，也許比我們原來的類型更令人興奮。我們從中學到了一些東西。我們執行得更好，因為我們知道如何訓練。團隊熟悉執行情況。所以很高興看到這一點。

So one thing I would remind everybody and all these things, so is one of the ways to make all these initiatives much more effective, great operational execution. We have terrific throughput, terrific deployment, and we execute culinary really well. Menu innovation gets amplified because we give our guests a great experience. So it does a great job of bringing in incremental customers, incremental transactions. But you know, if we have soft operations, these efforts will be nearly as effective.

因此，我要提醒所有人和所有這些事情的一件事是，使所有這些舉措更加有效、出色的營運執行的方法之一。我們擁有出色的吞吐量、出色的部署，而且我們的烹飪做得非常好。菜單創新得到放大，因為我們為客人提供了良好的體驗。因此，它在吸引增量客戶、增量交易方面做得很好。但你知道，如果我們採取軟行動，這些努力幾乎同樣有效。

So I really think it's a combination of stronger operations than maybe last time when we executed this program, combined with, I think, a more informed marketing program than we did the prior time. So that's one of these a little about this organization. We're committed to learning. We're committed always figure out what can be better.

因此，我真的認為這是比我們上次執行該計劃時更強大的營運組合，以及比我們之前執行的更明智的行銷計劃。這就是關於這個組織的其中一點。我們致力於學習。我們致力於始終找出可以做得更好的地方。

And I think this would you see coming out of Chipotle time and time again.

我想你會一次又一次地看到 Chipotle 出現這種情況。

Great. Thanks. If I could just do a quick follow-up on the 3Q guide. Understand a lot of noise. Can we -- is it safe to assume that the 25% restaurant level margin guide implies about a 6% underlying comp for the quarter?

偉大的。謝謝。如果我能快速跟進 3Q 指南就好了。了解很多噪音。我們是否可以安全地假設 25% 的餐廳水平利潤指引意味著本季的基本利潤約為 6%？

That's a fair assumption. Yeah, you're in the ballpark.

這是一個合理的假設。是的，你在球場上。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. Thanks for taking the question and congrats, Jack and Adam. Maybe just a quick follow-up in the question. First, you'd mentioned earlier the generous portions stuff that you're going to be doing in the short term. Are you doing anything to message that to the consumer, maybe something beyond what Brian, you've already done on social media?

偉大的。感謝您提出問題並恭喜傑克和亞當。也許只是對問題的快速跟進。首先，您之前提到您將在短期內做大量的事情。您是否正在採取任何措施向消費者傳達這一訊息，也許超出了布萊恩（Brian）您已經在社群媒體上所做的事情？

And then I guess my question is more along the lines of there's obviously been a fairly significant price increase in California because of the wage rates and hikes. Any sort of -- it's a change in consumer behaviour in that market that you're seeing at your stores or perhaps and more broadly across the industry that you could speak to?

然後我想我的問題更多的是由於工資率和上漲，加州的物價明顯上漲。您在商店中看到的該市場消費者行為的任何變化，或者您可以談論的整個行業的更廣泛變化？

So look, your first question, part of reason why we went and looked across the system was when we got the feedback on the portion sizes, we've always felt the key equity portfolios, these generous portion sizes. So we wanted to make sure we're executing consistently across the system.

所以，你看，你的第一個問題，我們去查看整個系統的部分原因是當我們收到有關份額大小的反饋時，我們一直感受到關鍵的股票投資組合，這些慷慨的份額大小。因此，我們希望確保我們在整個系統中一致執行。

And we've probably found about 10% or more of restaurants that we really view as outliers that needed to be retrained, recoached to be executing against what we believe are the right standards. At the same time we collectively said, look, we do not want to go back one inch on our -- on that equity exchange portion sizes. So we reach communicate to the entire system.

我們可能發現大約 10% 或更多的餐廳確實被我們視為異常值，需要重新培訓、重新指導，以便按照我們認為正確的標準執行操作。同時，我們集體表示，看，我們不想在股權交換份額規模上退縮一英寸。這樣我們就達到了與整個系統的通訊。

And look, I am already seeing in social media people commenting on the burritos and bowls that they're getting and I think that is the best source of marketing is the word of mouth as people have these experiences which are falling. But the thing I want to emphasize is for 90% of our restaurants. You know, they're doing business as usual. So I just don't want it to be lost on the fact that this really was something where we double down as a system, but we really needed to kind of train up roughly 10% of the system.

看，我已經在社群媒體上看到人們對他們收到的墨西哥捲餅和碗發表評論，我認為最好的行銷來源是口碑，因為人們的這些體驗正在下降。但我想強調的是我們90%的餐廳。你知道，他們照常做生意。所以我只是不想忘記這樣一個事實：這確實是我們作為一個系統加倍努力的事情，但我們確實需要訓練大約 10% 的系統。

So I think it's going to continue to be a key equity of ours. And as I mentioned in my prepared remarks, it's an equity we care about. So we'll invest in it and we'll figure out how to make sure we consistently do it every time.

所以我認為它將繼續成為我們的關鍵股權。正如我在準備好的發言中提到的，這是我們關心的股權。因此，我們將對其進行投資，並找出如何確保我們每次都一致地這樣做。

Yes. And then on California, so I'll make a comment or two. So yeah, what we've seen is really across the entire state, we've seen a step down in the industry we've seen individual data points within the individual restaurants. And we've seen reports that there really has been a pullback in spending we've seen it as well. We've also seen that when we've seen individual restaurants. There's not a correlation between the step back in the spending versus the major price increase that was taken. And so it looks like there's just a macro impact of less spending in the restaurant. We saw the same thing.

是的。然後是加州，我將發表一兩點評論。所以，是的，我們所看到的確實是整個州的情況，我們看到了行業的下滑，我們看到了各個餐廳內的單獨數據點。我們看到有報道說支出確實出現了縮減，我們也看到了這一點。當我們看到個別餐廳時，我們也看到了這一點。支出的縮減與價格的大幅上漲之間沒有相關性。因此，餐廳支出的減少似乎只會產生宏觀影響。我們看到了同樣的事情。

Unfortunately, we raised prices by 100 basis points. We normally don't see much resistance. We still resistant to the point where we didn't get the 100 basis points at all. So, saw a pullback that equal the effect of menu price increase that we took. And it looks like that's about equal to what the pullback in the industry is.

不幸的是，我們將價格提高了 100 個基點。我們通常不會看到太多阻力。我們仍然抵制根本沒有獲得 100 個基點的情況。因此，看到的回檔相當於我們採取的菜單價格上漲的影響。看起來這與產業的回檔程度大致相同。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thanks. Good afternoon. Jack and Adam congratulations as well. The Barbacoa, a kind of marketing initiative. Could you just comment on that? Was it kind of a pretty material driver. Did people respond as you expected? Or are there kind of other opportunities to do that sort of thing?

謝謝。午安.傑克和亞當也表示祝賀。 Barbacoa，一種行銷活動。你能對此發表評論嗎？這是一種相當物質的驅動力嗎？人們的反應符合你的預期嗎？或是有其他機會做這類事情嗎？

Look, I was really effective. I think the marketing team did a great job of informing people of a great product that we have on our menu all the time. And as a result, we saw incidents going up and I think it's going to be something we'll revisit in the future.

你看，我真的很有效。我認為行銷團隊在向人們宣傳我們菜單上一直提供的優質產品方面做得非常出色。結果，我們看到事件不斷增加，我認為我們將來會重新審視這個問題。

The good news is we got another hidden gem, I think, with carnitas that we'll evaluate as well. But you'll probably see us do that again because it worked really well for us.

好消息是我們還有另一個隱藏的寶石，我認為，我們也會對卡尼塔進行評估。但你可能會看到我們再次這樣做，因為它對我們來說非常有效。

Okay, great. Brian, your comments on automation, but also some of the other kind of initiatives that you mentioned. How fast do you think some of those show up? Is this sort of thing where we start to see it in a year or two or some of these longer term? Do we see it in the form of kind of continued margin upside? Or like us to do we kind of assess some of those as outsiders?

好的，太好了。 Brian，您對自動化的評論，還有您提到的其他一些舉措。您認為其中一些出現的速度有多快？這種事情是在一兩年內還是長遠來看才會出現？我們是否會看到利潤率持續上升的形式？或者像我們一樣以局外人的身份評估其中一些？

Yeah. Look, I think they're getting like you would expect with any good portfolio of ideas we have short-term, medium-term and longer-term, right? And some of those things are much closer in versus something like a high if it is a little bit further out. And the thing that's great is we're validating all of it through the stage gate. He's wondering a little bit about the safety processes. It doesn't slow things down. I guess ensures we don't have any unintended consequences.

是的。聽著，我認為他們的表現就像你所期望的那樣，我們有短期、中期和長期的任何好的想法組合，對嗎？其中一些東西離得更近，而像高點這樣的東西離得遠一點。最棒的是我們正在通過舞台大門驗證所有這些。他對安全流程有些疑問。它不會減慢速度。我想確保我們不會產生任何意想不到的後果。

So that as we roll things out, were for with what we're executing. So yes, some of those things can happen much faster time lines and the other things take a little bit longer. So it's a real that's a really nice blend of, I would say, near term, midterm and long term.

因此，當我們推出產品時，我們是為了我們正在執行的事情。所以，是的，其中一些事情可以在更快的時間內發生，而另一些事情則需要更長的時間。所以我想說，這是一個真正的近期、中期和長期的完美結合。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Brian last time we discussed you were talking about throughput that was in the mid-20s. Where do you stand today? And can you maybe help us understand the major catalyst of throughput acceleration from here on?

Brian 上次我們討論您談論的是 20 多歲的吞吐量。今天你站在哪裡？您能否幫助我們了解從現在開始吞吐量加速的主要催化劑？

Yes, sure. So obviously, we saw our biggest improvement in throughput during it the month of April, which was great to see. And we continue to see great throughput execution from folks. That thing that's going to push the throughput forward even further is ultimately the deployment being done correctly, right?

是的，當然。顯然，我們在四月看到了吞吐量的最大改善，這真是太好了。我們繼續看到人們的高吞吐量執行。最終正確完成部署將進一步推動吞吐量，對吧？

So if we get that extra number to a higher percentage. Not surprisingly, that expos position is the biggest impact on throughput gains. And so that's why you hear us talking about that position is kind of like the key metric. Are we deployed correctly to execute credit throughput during peak.

因此，如果我們將額外的數字提高到更高的百分比。毫不奇怪，博覽會位置對吞吐量成長的影響最大。這就是為什麼你會聽到我們談論這個位置有點像關鍵指標。我們是否正確部署以在高峰期間執行信貸吞吐量？

So I'm optimistic that we can move that 50% number up. And I'm optimistic that we'll be able to move from the mid-20s to the high 20s in the not-too-distant future.

因此，我對我們能夠將這個數字提高 50% 感到樂觀。我樂觀地認為，在不久的將來，我們將能夠從 20 多歲中期邁向 20 多歲。

Can you please provide an update on the restaurant-level margins and demand that you're seeing in European markets? I mean, you're making some bold investments over there, changing leadership as well. So, when do you think it's going to be realistic to expect an acceleration in units in Europe as well?

您能否提供有關歐洲市場餐廳利潤率和需求的最新資訊？我的意思是，你們正在那裡進行一些大膽的投資，同時也改變了領導。那麼，您認為什麼時候歐洲的銷售成長才會變得現實呢？

Yeah. Look, I'm really excited about the progress that our team has made over in Europe and really short order. They've taken a lot of the tools in the US we put into place in Europe. I think we're managing through better. We're managing the supply chain better, managing deployment better. The culinary, I think, has really improved.

是的。聽著，我對我們的團隊在歐洲的進展感到非常興奮，而且是在很短的時間內完成的。他們在美國採用了我們在歐洲採用的許多工具。我認為我們的管理得更好了。我們正在更好地管理供應鏈，更好地管理部署。我覺得廚藝真的進步了。

So not surprising, you're seeing -- we're seeing improvements both in top line and bottom line. So I'm optimistic that we're going to be proving those as investable market to kind of go even faster down the road, similar to what happened in Canada. So the teams making nice progress, I'm sure they'll be busy in Paris with the Olympics coming up. But I'm really delighted with vending and not have done in kind of short order.

因此，您看到的這一點並不奇怪——我們看到收入和利潤都得到了改善。因此，我樂觀地認為，我們將證明這些作為可投資市場，未來會發展得更快，類似於加拿大發生的情況。所以球隊取得了不錯的進展，我相信他們會在巴黎為即將到來的奧運而忙碌。但我對自動販賣真的很滿意，而且還沒有在短時間內完成。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks and congratulations on Jack and Adam. I just wanted to ask, Brian, do you see any signs that the increase in value promotions by these QSR chains have had any impact on the company's results?

感謝並祝賀傑克和亞當。我只是想問，Brian，您是否看到任何跡象表明這些快餐連鎖店價值促銷的增加對公司的業績產生了任何影響？

We really haven't. And I kind of point to the fact that we're gaining market share according to the data we get back. The brand metrics continue to strengthen, and one of those key strength components is our value proposition. So, when I kind of connect all the dots of market share gains, strength in the brands, strengthen our operational execution, it appears some of these promotions are not having an impact on our business as of this moment.

我們真的沒有。我想指出這樣一個事實：根據我們返回的數據，我們正在獲得市場份額。品牌指標不斷增強，而這些關鍵優勢組成部分之一就是我們的價值主張。因此，當我將市場佔有率成長、品牌實力、加強我們的營運執行力等所有點連結起來時，似乎其中一些促銷活動目前尚未對我們的業務產生影響。

So again, the thing we have to do is play our offense. And our offense, as I mentioned earlier, is great culinary, great teams, great throughput and that results in great burritos and bowls for our customers. So we're going to stay after it. And if the environment gets tougher, the good news for us is if the prior macro issues or recessions that we face, Chipotle is one of the one of the last ones impacted. And we were of the first ones out slowdown. So, it gives me confidence that we've got the right focus, the right operating model. And I think it's going to continue to resonate with customers.

再說一遍，我們要做的就是進攻。正如我之前提到的，我們的進攻是出色的烹飪、出色的團隊、出色的吞吐量，這為我們的客戶帶來了美味的墨西哥捲餅和碗。所以我們會留下來追隨它。如果環境變得更加嚴峻，對我們來說好消息是，如果我們之前面臨宏觀問題或經濟衰退，Chipotle 是最後受影響的之一。我們是最早擺脫經濟放緩的人之一。因此，這讓我相信我們擁有正確的重點和正確的營運模式。我認為它將繼續引起客戶的共鳴。

That's helpful. And just as a follow-up. You talked a lot about product innovation, obviously, that has been very successful. And one of the factors, I think, Jack, you mentioned benefiting April sales was the marketing activation event.

這很有幫助。並且只是作為後續行動。您談到了很多關於產品創新的內容，顯然這是非常成功的。傑克，我認為您提到的有利於四月份銷售的因素之一是行銷活化活動。

And I'm just wondering, can you help us understand how impactful these events can be and whether this is something the company could consider using more frequently if the consumer spending environment were to become more challenging?

我只是想知道，您能否幫助我們了解這些活動的影響力有多大，以及如果消費者支出環境變得更具挑戰性，公司是否可以考慮更頻繁地使用這些活動？

Yeah. Look, it's a great question. And this is really, I think, the power of our combination of our digital marketing/consumer database, combined with what I think are some really clever marketing moments, right, like National Burrito Day, National Avocado Day.

是的。聽著，這是一個很好的問題。我認為，這確實是我們將數位行銷/消費者資料庫與我認為一些非常聰明的行銷時刻相結合的力量，對吧，例如全國墨西哥捲餅日、全國酪梨日。

Obviously, we have the ability to turn on block mode. We have the ability to do other things that I think are very insight-based that we know resonate with the Chipotle customer. And I think that's one thing that's great about having such a big Canada base on our customers and then doing, I think, a really effective job using digital marketing or traditional marketing tools to communicate these unique opportunities with our customers.

顯然，我們有能力打開區塊模式。我們有能力做其他事情，我認為這些事情非常基於洞察力，我們知道這些事情會與 Chipotle 客戶產生共鳴。我認為，在加拿大擁有如此龐大的客戶基礎，然後使用數位行銷或傳統行銷工具與我們的客戶溝通這些獨特的機會，這是一項非常有效的工作，這是一件很棒的事情。

So you'll continue to see us use it. And I think it's a huge advantage that we have, the strength of this loyalty program combined with a really talented marketing team.

因此，您將繼續看到我們使用它。我認為這是我們擁有的巨大優勢，忠誠度計劃的優勢與真正才華橫溢的行銷團隊相結合。

Great. Thanks, and congratulations, guys.

偉大的。謝謝，恭喜你們。

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。

All right, thank you. And thanks, everybody, for all the questions. Again, I do want to recognize Mr. Jack Hartung on having the privilege to work with Jack as well as I think Chipotle and everybody involved, which probably has a huge. Thank you, Mr. Hartung. So thank you again, gentlemen. Thank you.

好吧。謝謝大家提出的所有問題。再次，我確實想表彰傑克哈同先生，他有幸與傑克一起工作，我認為 Chipotle 和所有參與其中的人，這可能都是巨大的。謝謝你，哈同先生。再次感謝你們，先生們。謝謝。

And obviously, we're excited for Adam to step into the CFO role and then obviously Jamie McConnell stepping up into her chief accounting rule. So terrific leaders under again, Jack's leadership that are going to get the opportunity to make major contributions to this great brand. So congratulations, everybody.

顯然，我們很高興亞當擔任首席財務官，然後傑米·麥康奈爾 (Jamie McConnell) 擔任首席會計職位。在傑克的領導下，如此出色的領導者將有機會為這個偉大的品牌做出重大貢獻。恭喜大家。

And then on the business, obviously, it was an outstanding quarter. Couldn't be prouder of the results the organization and what we accomplished. We get 8% transaction growth in any environment is pretty special. And I think it's a testament, great operations, great marketing, great digital. I mean we just -- we've got a lot of things going the right way. And as a result, the brand metrics have never been better. The value proposition is super strong. And whatever is in store for us. I'm sure we'll have our ups and downs.

然後就業務而言，顯然這是一個出色的季度。我們對組織的成果和所取得的成就感到無比自豪。在任何環境下我們獲得 8% 的交易成長都是相當特別的。我認為這是一個證明，出色的營運、出色的行銷、出色的數位化。我的意思是我們只是——我們有很多事情都在正確的方式進行。結果，品牌指標變得前所未有的好。價值主張非常強。以及為我們準備的一切。我確信我們會經歷起起落落。

I always go back to having a strong brand with a strong organization sets you up for success. And I'm confident that we are building from a position of strength. And I look forward to finishing the year strong.

我總是強調擁有一個強大的品牌和一個強大的組織可以讓你成功。我相信我們正在以強大的實力不斷發展。我期待著以強勁的勢頭結束這一年。

Obviously, we've got a couple of more quarters to go. But I just want to reemphasize what a great quarter. What a great team and really proud of where we are and where we're headed. So thank you, everybody.

顯然，我們還有幾個季度的時間。但我只是想再次強調這是一個多麼偉大的季度。這是一支多麼偉大的團隊，我們為我們現在的處境和前進的方向感到非常自豪。所以謝謝大家。

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。