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。（操作員指示）請注意，此事件正在被記錄。

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迪奧爾森 (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 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 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.

首先我要提醒大家，他在演講中關於我們未來業務和財務結果的某些陳述和預測構成了前瞻性陳述。這些聲明是基於管理層目前的業務和市場預期，我們的實際結果可能與前瞻性聲明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.

請參閱我們年度 10-K 表和 10-Q 表報告中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性聲明不同的風險。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中的演示頁面上的連結找到與 GAAP 指標的對帳。

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.

今天的電話會議將以董事長兼首席執行官 Brian Niccol 和首席財務兼行政官 Jack Hartung 的準備好的發言開始。之後我們將回答您的問題，我們的整個執行領導團隊都會在問答環節中為您提供協助。

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. 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，我需要先表彰並祝賀傑克·哈通 (Jack Hartung) 在 Chipotle 工作近 25 年，並與大家一起參加了大約 80 次財報電話會議。我要感謝他，他是一位偉大的朋友、一位出色的領導者，也是我們目標和品牌的捍衛者。在把麥克風交給傑克和亞當之前，我想再說幾句關於他們的事。

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.

現在來看看我們的結果。第二季度表現非常出色。成功的品牌行銷，包括限時供應的雞肉牧師，帶動了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，因為我們能夠以出色的服務和快速駕駛來滿足更強勁的需求趨勢——本季度交易量增長了 8% 以上。

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.

本季度，銷售額成長 18%，達到近 30 億美元，年增 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%。餐廳層面的利潤率為28.9%，較去年成長140個基點。調整後稀釋每股收益為 0.34 美元，比去年增長 36%，我們開設了 53 家新餐廳，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.

在介紹我們的五個關鍵策略之前，我想花一點時間來解答社群媒體上提出的部分問題。首先，我們從來沒有指示要減少提供給客戶的服務。份量足是 Chipotle 的核心品牌資產。過去如此，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，收到回饋後，我們重新審視整個系統的執行情況，旨在始終為客人提供美味、新鮮、客製化且分量十足的墨西哥捲餅和碗。為了在所有 3,500 家餐廳中保持一致，我們將重點關注那些根據消費者調查得出的份量分數異常的餐廳，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墨西哥捲餅。我們也在所有餐廳中強調了份量足，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 為每位顧客每次光臨提供大量美味、新鮮的食物和合理價格的理念。

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在消費者評分中得到積極反映，我們的價值主張仍然非常強勁。我們相信，我們對營運的關注（包括吞吐量）以及出色的行銷和菜單創新已經增強了品牌和我們的價值主張。而我們將繼續傾聽客人的意見並珍惜我們賺取的每一筆交易。

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。這些策略包括以對人負責的文化來經營成功的餐廳，以誠信的方式提供美味的食物，同時提供卓越的餐廳和數位體驗。透過在各個層面發展和留住多元化人才來維持世界一流的人才領導力，使品牌知名度高、相關性強、受人喜愛，從而提高整體客戶參與度，擴大技術和創新以推動我們餐廳、支持中心和供應鏈的增長和生產力，並通過加快在北美和國際上開設新餐廳來擴大訪問量和便利性。

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進使我們能夠很好地滿足第二季度的強勁需求，這得益於我們所謂的墨西哥捲餅季節或季節性高峰以及雞肉牧師的成功。我們經常被問到為什麼吞吐量對於 Chipotle 來說是如此重要的營運 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.

這是強大營運引擎的成果，它為我們的團隊和客人帶來了絕佳的體驗。為了實現卓越的客流量，我們的餐廳需要配備齊全且合理的員工。我們的工作人員需要按時完成所有食物準備工作，並且他們需要接受良好的培訓以執行四大支柱。這使得我們的團隊擁有更好的整體體驗，從而更加穩定，因此也讓團隊更有經驗，每天的執行力也更好。並為我們的客人提供更快捷、更熱、更新鮮的食物。這種客戶體驗強化了我們的價值主張並推動了增量交易。

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.

在過去的一年裡，我們改進了工具和培訓，以實現卓越的產量。其中包括在高峰時段調整數位訂單的節奏，並讓我們的餐廳能夠在銷售點即時查看每 15 分鐘間隔內的現場交易數量。這得到了我們餐廳團隊的熱烈回饋。它有助於加速發展勢頭，因為它創造了興奮感並讓我們的團隊在實現目標的那一刻慶祝。當他們出現問題時，我們的總經理可以及時給予指導。

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，我們紐約的一位現場負責人已經讓這八家餐廳中的五家在第二季度實現了吞吐量目標，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來增加執行四大支柱的餐廳的比例，這是一個很好的例子，因為它是最有影響力的支柱。提醒一下，在莎莎醬和現金之間有一位工作人員，他幫助加快了裝袋和付款過程。

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.

設有展覽會的餐廳在高峰期的 15 分鐘內平均會增加 5 個增量點菜服務，但我們只看到只有一半多一點的餐廳在高峰期設有展覽會。這肯定比幾個季度前的情況要好，但應該會高得多。好消息是，我堅信我們有合適的領導者和培訓來保持這一勢頭。隨著我們繼續收集四大支柱執行情況的數據並每週提供回饋和指導，我相信吞吐量可以更高。這使我具備了世界一流的領導力。

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.

正如我們上個季度提到的那樣，員工和總經理的流動率處於我加入公司以來的最佳水平，這種穩定性使我們能夠開發和壯大人才管道，從而實現 90% 以上員工從內部晉升的目標。我們有許多關於 Chipotle 員工的勵志故事，他們與公司一起成長，成為我們的頂級領導者。

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 年前就是從機組人員開始的。她14歲時移居美國，但不懂英語。19 歲時，她開始在 Chipotle 工作，並不斷獲得晉升，包括擔任語言發展職務，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.

我們以人為本的理念使我們在招募、培養和留住許多優秀領導者方面取得了巨大成功。她有兩個姊妹，每個姊妹都陪伴你們超過 15 年，並且是我們表現最出色的現場領導者。加上她的加入，我們現在有 10 名區域副總裁中的 3 名都是從船員做起，一路晉升到領導一個地區並管理價值超過 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 內部發展和成長的機會，加上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，隨著我們尋求將餐廳擴展到北美 7,000 家，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中最大的股票分割之一，這使我們的員工和其他人能夠以更實惠的價格購買整股，並使我們能夠更靈活地補償或獎勵股票中的優秀表現者。所有這些都是為了使更多的員工能夠參與我們公司的財務成功。成為 Chipotle 的一員確實是一個令人興奮的時刻。

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提高品牌知名度、相關性和受歡迎程度，Chipotle 品牌將繼續獲得發展動力。Chicken al Pastor 就是一個很好的例子，因為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，推動了交易和支出的增量。

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.

與烤肉類似，我們證明，當我們恢復限時優惠時，我們能夠透過無縫執行使其更加美味。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，我們將在今年秋天限時重新推出煙燻牛腩。牛胸肉是最受歡迎的新菜單之一，因為我們的客人喜歡將煙燻牛肉放在烤架上烤製，最後用煙燻辣椒將牛胸肉烤軟的組合。

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.

為了恢復這種美味的 LTO，我們需要供應鏈烹飪、財務和行銷部門付出巨大的跨職能努力。我們的行銷團隊也繼續尋找創意的方式來激發人們的興趣並推動更多人參與我們的年度促銷活動。在第二季度，我們舉辦了破紀錄的全國墨西哥捲餅日，我們的遊戲化促銷活動使 Chipotle 取得了有史以來最好的銷售和數位銷售成績。它還吸引了大量新客戶和流失客戶，並且是我們獎勵計劃一年中最好的註冊人數。

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.

我也很高興地告訴大家，本週晚些時候，Chipotle 團隊將在世界舞台上亮相，我們將利用我們的「為真正的運動員提供真正的食物」平台為參加巴黎比賽的運動員提供食物。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·休斯和賈格爾·伊頓的鼓舞人心的旅程。他們吃的 Chipotle 餐點和 Howard 蔬菜一直是他們訓練計劃的重要組成部分。我們還將在北美和法國限時重新推出墨西哥捲餅金箔，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.

談到技術和創新，我想介紹一下我們餐廳內的一些舉措，首先是烤架的雙面。去年，這款烤架已在 10 家餐廳推出。我們收到一致的回饋，我們的團隊和客人都很喜歡它。烤架可以烹調雞肉和牛排，並且在同一血清圖表中一致執行的時間不到柱塞的一半，並且還可以保持更好的水分，從而產生多汁的雞肉和牛排，減少浪費，並且對於我們的團隊來說，可以擔任我們餐廳中一些最複雜的職位，並顯著改善學習曲線。

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，它可以提高產能並提高早上準備時的效率，因為雞肉和牛排可以在接近上菜時烹調。我們今年正在向另外 74 家高客流量餐廳推出雙面燒烤服務，並將在全公司進一步推廣之前繼續評估其經濟效益。

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，我們位於加拿大汽車公司的自動化數位生產線正在進行最後的檢查，準備在他們的第一家餐廳進行試點測試。我們的食品、安全和營運團隊與技術團隊密切合作，確保設計考慮到清潔、速度和準確性等方面，同時保持我們高烹飪標準。

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.

下一步將是將每台設備放入一家餐廳，作為我們階段門流程的一部分繼續學習和迭代。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革，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。使用階段門流程作為我們推動最終推出的內容的紀律的方式。我相信這一過程將進一步加強 Chipotle 在技術和創新領域的領先地位。

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.

現在轉到我們的最終策略，即擴大訪問量和便利性。在北美，我們今年仍將開設 285 至 350 家新餐廳，秋季我們在所有市場的開業情況都保持強勁。我們的時間表與上個季度保持一致。與去年相比，我們的開發團隊繼續看到開工率顯著提高，這將有助於我們在今年下半年平穩開業節奏。

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 集團合作的最新進展。我們在科威特的第一家餐廳已經開業幾個月了，並且持續保持強勁的業績。好消息是，客人的回饋是，這裡的烹飪體驗與北美水平相當，聽到這個消息真是太好了。它還告訴我，當我們烹飪美味佳餚並為客人帶來非凡體驗時，Chipotle 品牌會在各個地區引起共鳴。

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。最後，我們的工作人員、總經理和現場領導在我們致力於支援中心的幫助下，取得了出色的第二季業績，使餐廳能夠取得更大的成功。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，我相信我們還會有更大的進步。

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傑克在一起的時光以及他在 Chipotle 非凡的 25 年。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。我知道你們都同意我的看法，他是業內最優秀的財務長之一，在 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，這三個特點極難複製。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，亞當也直接或間接地向傑克匯報工作，並在傑克的指導下為擔任這一職位做好準備。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人選，而且這將是一個平穩的過渡。所以，再次感謝你，傑克，感謝你的友誼、領導能力以及眾多值得關注的貢獻。

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

好了，現在我將把話題交給你。

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 Brian 的善意言辭。我非常幸運，這麼多年來能夠有幸為 Chipotle、我們的員工和股東服務。雖然退休是我做過的最艱難的決定之一，但這也是我做過的最輕鬆的決定。這很難，因為 Chipotle 是一個特殊的品牌、一家特殊的公司，裡面充滿了特殊的人才。但這也很容易，因為我知道 Chipotle 有一群聰明、有才華的人在管理，他們致力於實現我們的目標，即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壯大的大家庭，我珍惜與他們每個人在一起的時光，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財務官，正如 Brian 所提到的，Adam 已經和我共事了 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。我相信他有能力幫助 Chipotle 更上一層樓。

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，Jamie McConnell 將晉升為我們的首席會計和行政官。自從六年前加入 Chipotle 以來，Jamie 展現了卓越的領導力，組建了強大的團隊，並為新職位做好了充分的準備。

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，我現在來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，其中同店銷售額成長 11.1%，交易量成長 8.7%。餐廳層面的利潤率為 28.9%，比去年增加了約 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.

經異常項目調整後的每股盈餘為 0.34 美元，較去年同期成長 36%。第二季出現了與投資未實現損失、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.

受復活節的影響，雞肉帕斯特回歸的強烈反響，以及包括全國墨西哥捲餅日在內的幾次成功活動，四月份的銷售額達到最高。6 月份，同店銷售額回落至 6% 左右，並繼續受到積極交易的推動。由於第四個假期、德克薩斯州的天氣幹擾以及我們最近的技術中斷的影響，到目前為止，骰子更加難以閱讀。但我們認為基本趨勢與六月相似。

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.

我們維持全年中高個位數的業績預期，並提醒大家，隨著菜單價格從去年開始上漲，我們將在第四季初下調約 3 個點的價格。

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.

在介紹各個損益項目之前，我想先概述一下預期情況。我們預計未來幾季我們的利潤率將面臨壓力。這些壓力大部分（如果不是全部）都是季節性的、暫時的、工作和投資，我們可以透過提高效率來抵消，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.

我將逐一介紹損益表中的每一個關鍵項目，從銷售成本開始。本季銷售成本為29.4%，與去年同期持平。去年菜單價格上漲帶來的好處被酪梨價格上漲、石油使用量增加以及紅燒牛肉巴巴科亞行銷活動的持續成功導致的牛肉發生率上升所抵消。

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%。但價格上漲的三分之一是由於蛋白質成本的上漲，因為我們推出了牧師雞肉，並在本季度晚些時候推出了熏牛腩。約三分之一是由於乳製品和酪梨價格上漲。最後三分之一（約 40 個基點至 60 個基點）是我們進行的投資，因為我們專注於異常餐廳，以確保正確且慷慨的份量。我們預計這項投資將從目前的水平有所下降。

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，我們可以透過提高效率和創新來抵消剩餘的投資。雖然酪梨價格高於過去幾個季度我們看到的非常有利的水平，但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，由於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，我們受墨西哥酪梨市場近期波動的影響較小。第三季度，我們的大部分酪梨都來自秘魯。除了酪梨和蛋白質結構變化之外，我們預計今年剩餘時間內銷售成本通膨將處於低個位數範圍內。

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好處超過了薪資上漲。對於第三季度，我們預計勞動成本將在 25% 以下，原因是季節性銷售額較低，薪資通膨將維持在 6% 左右。需要提醒的是，大約一半的工資上漲是由於加州工資上漲了近 20%，這是由於 4 月開始提高像我們這樣的餐飲公司的最低工資標準所致。

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.

本季其他營運成本為12.9%，較去年同期下降約100個基點。下降的主要原因是銷售槓桿。行銷和促銷成本佔第二季和第三季銷售額的 2.1%，我們預計全年行銷成本將維持在 2% 的低位，2% 的高點。

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，預計第三季其他營運成本將達到 13% 的高點。根據提供的預期，我們預計第三季餐廳水準的利潤率將在 25% 左右。正如我之前提到的，一些壓力是季節性的，例如從牧師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，如果這種情況持續下去，我們可以隨著時間的推移調整菜單價格。

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，我們為確保提供正確且慷慨的份量而進行的投資，隨著時間的推移，可以透過效率和創新來抵消。

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.

本季的一般及行政開支 (G&A) 按 GAAP 計算為 1.75 億美元，以非 GAAP 計算約為 1.71 億美元，不包括 400 萬美元的法定儲備金增加。G&A 還包括 1.22 億美元的基本 G&A、4,300 萬美元的非現金股票薪酬相關費用，以及 600 萬美元的更高獎金應計和工資稅以及股權歸屬和行使相關費用。我們預計第三季的基本 G&A 金額約為 1.28 億美元，並且隨著我們對人才的投資以支持持續成長，每季的 G&A 金額都會增加。

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金額將在 4,000 萬美元左右，但根據我們的實際結果，這筆金額可能會上下波動。我們也預計將確認與本季歸屬股票相關的更高獎金應計費用和雇主稅約 600 萬美元，使我們預計第三季的 G&A 總額達到 1.75 億美元。本季增值 8,400 萬美元，佔銷售額的 2.8%。隨著我們繼續開設更多餐廳，我們預計每個季度的折舊率都會略有上升。

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.

我們第二季的有效稅率為 GAAP 25%，而非 GAAP 有效稅率則受益於我們選擇權的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% 之間，儘管它可能會根據單一項目而有所不同。

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 比 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、限制性現金和投資，且無債務。本季度，我們以平均每股63.52美元的價格回購了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.

我們在第二季開設了 53 家新餐廳，其中 46 家有 Chipotle。我們預計 2024 年將開設 285 至 315 家新餐廳，其中 80% 以上將開設 Chipotle 餐廳，並且我們仍有望在 2025 年前達到 8% 至 10% 的高端水平（假設時間線條件不會惡化）。

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，感謝他們為推動我們取得強勁業績以及繼續建立和發展 Chipotle 所做的一切努力。我還想回顧一下我們歷史性的 50 比 1 股票分割，該建築以每股 22 美元的價格上市。我非常樂觀地認為，我們擁有一個擁有巨大成長機會的特殊品牌。我當時根本沒想過我們會以每股 3,200 多美元的價格分割股票。但我預計，我們在美國將擁有超過 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行業領先經濟效益和回報的特殊品牌。我對我們的成長機會也同樣樂觀，即在北美開設 7,000 家餐廳並向國際擴張。隨著我們進一步實現創造更美好世界的目標，我們將繼續為我們的客人、員工和股東創造非凡的價值。能夠成為這家目標明確、機會無限的公司的一員，確實令人興奮。

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

現在，我將開始回答大家的提問。

(Operator Instructions) David Tarantino, Baird.

（操作員指示）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，傑克，恭喜你在 Chipotle 取得了輝煌的職業生涯，我們會想念你的，我們期待著與你繼續合作。

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.

我的問題是關於您提到的銷售趨勢。我認為您說過 6 月份同店銷售額成長放緩至 6% 左右。您認為這種潛在趨勢將延續到 7 月。這很好。相對於我們從許多品牌看到的情況，它比以前運行的速度要慢。

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.

所以我只是想聽聽你對為什麼會出現這種放緩的看法，是宏觀因素還是業務內部因素導致了這種情況。

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，我先開始，然後傑克可以填補。首先，大衛，我想告訴你，這個季度的表現真的很出色。當我們觀察品牌指標時，我們會發現它們從未如此強大。因此，價值、食品評分等所有關鍵指標都確保處於良好地位的品牌在整個季度中確實能夠持續改善。然後從營運的角度來看，您最近有去過我們的餐廳嗎？但我認為團隊在繼續提供出色的烹飪和高吞吐量方面做得非常出色。

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.

然後顯然，我們在之前的評論中提到過，我們加倍努力確保我們也提供非常份額，我認為這也是這項業務的關鍵權益。我們所看到的情況之一與我們去年看到的情況一致，那就是這種季節性變化伴隨著夏季行為的變化。顯然，我們正在試圖了解這是什麼樣的，因為自從 COVID 爆發以來，這似乎是新的趨勢。

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.

這就是謎題的一部分。顯然，我們也在試圖了解是否還存在任何宏觀事件發生。但有一件事我們可以肯定，那就是顧客對我們的服務的回饋是：服務物超所值、烹飪水平高、服務速度也提高了。這些都是我們可以控制的事情。這些就是我們今後要重點關注的事情。傑克，我不知道你有什麼事。

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，我的意思是只是在微季節性中增加一些稅率，例如 7 月 4 日曾經是一個週末，而展望未來，它看起來像是兩個週末。因此，看起來，假期和在家工作的組合更容易被接受。現在看來，這些假期過去通常是三到四天左右，似乎有點延長了。我們甚至在六月節第一次看到那裡有一點點柔軟。所以我想知道這是否也是在家工作的環境。因此，最後幾則評論很難預測。因此我們認為這絕對是我們所看到的一個重要部分。

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。我很高興與你們兩位合作，但首先我有一個問題，只是一個簡單的後續問題。您或許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，您對未來有何看法。然後還想了解商店的成長情況以及進度。我只是知道整個行業都存在一些普遍存在的問題，但我們的目標是在明年左右將成長率提高到 10% 左右。有任何更新嗎？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 comps 的組成部分開始，Sara。本季交易量成長了8.7%。我們還沒有菜單價格有效上漲3.3%。這比我們去年實際承擔的金額增加了 3%，此外，我們還為《FAST 法案》實際承擔了 1% 的金額。

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.

我們確實存在負面組合，而負面組合是基於群體規模的。負面比例為 1%。團體規模減少了約 2%，但是我們確實有一些附加食品（主要是薯片、起司醬和額外的肉）抵消了這一減少。

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，我們看到交易仍然是主要驅動力。因此，6 月份的交易量為 3% 至 3.5%。然後關於開幕式，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.

所以我們根本沒有看到時間軸有任何改變。到目前為止，我們確實看到了一些輕微的改善。但今年，通路非常強勁，我們對今年的開局感到滿意。如果這種情況繼續下去，僅基於庫存建設且管道狀況沒有惡化，我們認為我們可以在明年接近甚至達到 10%。

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

知道了。謝謝。那麼今年剩餘時間的定價是多少？

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.

因此，去年的 3% 將於 10 月中旬用完。我將繼續擁有加州。目前，我們還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發展。根據目前的情況，我們希望能夠順利度過今年剩餘的時間。再說一次，我們不知道季節性因素有多大，是否會發生更大的事情，但如果今年剩餘時間都不需要支付任何費用，那就太好了。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

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。祝賀傑克和亞當。我只是想問傑克一些關於你所做的保證金評論的問題，特別是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活動部分以及您提到的一些效率補償？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.

因此主要有三個方面。我們的通貨膨脹和摩擦總體來說相對溫和。我們有兩種產品，分別是酪梨和乳製品，它們都含有這些成分。我們確實預計，到今年年底或明年年初，這些情況將會恢復正常。

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.

正如你們所知，酪梨確實有益處。過去幾個季度，酪梨價格一直很高。因此，即使就目前的酪梨價格而言 - 我們現在看到的，價格仍處於正常範圍內，但我們認為這些價格將在年底或明年有所回落。因此我們對這兩者都感到滿意。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點。

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，我們討論的另一件事是，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事情。我們不想讓這些年來一直積極的事情因為一些社群媒體的評論而變成負面的事情。所以我們進行了這項投資。我們將繼續進行投資。

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 --

我們已經開展了多項措施。其中一些已投入營運。其中一些是供應鏈效率。我們不會詳細說明這些是什麼，但我們認為在接下來的幾個季度我們將能夠看到其中的一些效率。這實際上是關於我們的利潤在哪裡以及我們認為我們能做什麼--

Just to move from Chicken Al Pastor.

剛從 Chicken Al Pastor 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。一旦我們從牛胸肉轉向下一個 LTO，特別是如果它是雞肉，那麼不僅情況會逆轉，而且對我們來說會變成一件好事。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），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一下有關分娩的問題。布萊恩，我想你提到過，高峰時段有超過一半的單位配備了催辦員。將加速器擴展到更多單位時遇到了什麼障礙？因為感覺這是產量的關鍵驅動因素，勞動力真的很緊張嗎？營業額大嗎？任何關於這方面的想法都會有所幫助。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.

是的，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，我們根據過去的經驗，能夠將這一數字接近 70% 以上。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.

這是其中的一個關鍵部分。我認為這使我們有能力改善現狀。我們目前的人員配備水準非常好，人員流動率也達到了我迄今為止所見過的最佳水準。因此，我想說，我們正在讓這些團隊變得更有凝聚力，並且更加重視高產量與高烹飪相結合的文化。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.

另外，你們可能也看到了，我們談到透過報告為我們的團隊提供可見性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。看看我們的領導階層。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

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，恭喜傑克和亞當，恭喜他們本季取得如此出色的成績。我只是想了解您對整個行業的看法，嘗試透過折扣和促銷來贏得流量份額。我認為您提到過 Chipotle 的價值主張仍然非常強大，但您是否看到消費者內部發生了任何轉變，我可以強調一下嗎？

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，最後一個例子是，當我們面臨非常激烈的價格競爭時，你就處於進攻的另一邊。那麼，您從那次經驗中得到了什麼重要的教訓？如何將這些教訓應用到您未來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。所以看起來那裡有很多東西，但我首先要說的是——我想我已經一遍又一遍地說過這一點了。我們需要確保我們做得非常好的是出色的烹飪、美味的墨西哥捲餅和碗，並珍惜每一位來到我們餐廳的客人，無論是排隊還是在線。當我們這樣做時，我們看到我們品牌的價值分數變得更加受人喜愛。

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的市佔率是否正在增加？很高興看到我們的市場份額每個月都在增長。因此，當我們專注於執行 Chipotle 的核心業務時，我們不僅看到了我們正在提供的可比較交易的成果，而且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 並不是靠促銷來降價的。Chipotle 隨時秉持著「烹飪至上」的概念，按照您的需求，以極快的速度為您烹調美食，即使是一個簡單的想法，也能快速做出美味的食物。我們始終按照這個簡單的想法去執行。我認為我們將繼續獲得市場份額，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，顯然，我們會讓其他人用他們想要的方式玩。我們將在整個過程中保持進攻態勢。

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。感謝您回答這個問題。我想繼續討論這個問題，我認為在前幾個季度中您已經談到了低收入消費者的出色表現。如果您認為我的連結確實不穩定，我深感抱歉，但您是否仍然看到不同收入群體之間的這種優勢？關於牛胸肉，傑克，我們是否應該期待它也會對第四季產生影響？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.

所以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量都在成長，我認為這證明了我們品牌和價值主張的實力。然後，你知道，隨著我們繼續前進，我們的目標是繼續以真正令人滿意的速度為人們提供他們想要的碗和影片。因此，希望這能繼續引起迄今為止每個收入群體的共鳴，從我們在消費者研究中看到的情況來看，它將繼續讓每個收入群體感到高興。在胸部問題下，我會讓傑克參與其中。

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.

是的，當然。莎倫，我可以告訴你的是，這會產生影響，但同時還會發生其他事情。因此，我們預計第四季的食品成本與第三季相似，因此不會再上漲。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

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.

你好，謝謝。對不起，這個問題是關於自動化數位生產線的。就您在種植中心、烹飪中心看到的情況而言，這台機器的可擴展性如何？換句話說，如果您確實決定這樣做，並且喜歡您在階段門流程中看到的內容，那麼這在全國範圍內可能進展得有多快？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，如果我們談論一致性和速度是兩個你想要做好的事情，那麼自動化生產線似乎是完美的選擇，不僅僅是數字生產線，甚至還可以將其放入前台，以及我們的自助服務終端訂購或應用程序訂購，無論哪種情況。一旦在後生產線上建立它，它是否會被視為早期階段門控流程的一部分？

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或九月初左右在一家餐廳舉辦這個活動，這將非常令人興奮。看，顯然，我們希望保持一致性並加快速度，使其更接近品牌的資產。這些確實很重要。

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門流程中採取了許多不同的措施。所以你看，我從來不喜歡把所有東西都放在一個籃子裡做，對吧？而我真正高興的是，我們有了一些東西，可以讓我們更有效率地準備食物，無論是酪梨、蔬菜片還是雙面烤架，我們正在考慮對電鍋、油炸鍋設備進行改造。因此，我們在後台做了很多事情來提高我們的效率。

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，這些都使我們在前線和數位生產線上持續取得成功。我已經談論過這些事情，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.

我現在正在讀一本很棒的書，《協同智能》，它講述瞭如何將人工智慧用作合作夥伴。這就是您聽到我們談論的益生菌，對吧。我認為現在這是——我喜歡「共同智慧」這個術語，它可以幫助我們的團隊更有效地進行預測，正確執行每一個呼叫，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，我對我們正在籌備的所有事情感到非常興奮。顯然，我們花了很多時間討論，我想因為它可能是最顯眼的，它看起來也非常酷。但我只是想確保我們所談論的內容很重要，就像我們從創新的角度獲得了許多東西，真正了解營運模式，使我們更有效率，每次烹飪都更好，每次都保持一致，坦白說，使我們的團隊成員更容易取得成功，我認為這會為我們的客戶帶來很好的結果。

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，您對問題的答案有了更多的了解，但我認為重要的是強調炒作是一個很好的工具，但我們正在研究很多工具，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 (Andrew Charles)，TV Cowen 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。和其他人一樣，我也向傑克和亞當表示祝賀。傑克，這真是一段奇妙的旅程。

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，我很好奇，為什麼只根據指導意見，就第二季度的井噴式增長以及 7 月份聽起來不穩定但都在 6% 左右的趨勢而言，還要保留中等個位數的部分。這個中等個位數的成長預示著下半年經濟結果將出現相當廣泛的變化，並意味著可能會出現一些減速。那麼，能否詳細談談指導理念？

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。一方面，就像我們說的，自從疫情爆發以來，夏季的幾個月就變得更加難以預測，就像第一年一樣，學生返校和離開學校的時間都很正常，而去年的返校時間非常非常不同，出版物的發佈時間確實提前了。今年案件又被提前了，看來又進步了。因此預測季節性很困難。

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.

請記住的另一件事是我們的定價確實有 300 個基點下滑。因此，現在我們希望做的是，希望在未來幾個季度內，我們正在討論指導最終可能偏向保守，但現在考慮到正在發生的一切，無論是季節性還是更大的方法或對消費者產生更大影響的東西。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，讓您大致了解我們現在看到的內容。而且我認為隨著湯姆牛胸肉的上市，我們非常樂觀，因為第一次的需求量很大，我們實際上甚至可以保持庫存，但很快就賣完了。因此，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。在過去幾年裡，甚至在通貨膨脹問題出現之前，我們就發現價格通常會上漲約 2%，12 月價格會上漲 2.5%。明年我們再次看到這種情況的可能性有多大？我知道您看到了一些暫時的利潤阻力，但是當我們考慮明年的定價水平時，我的意思是，我們在 12 月看到某些事情的可能性有多大？

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，那是很長一段時間了，而我認為在 2025 年 12 月，那還有很長的路要走。在這種環境下，我們很高興能夠度過今年剩餘的時間而不會漲價。我們對價格上漲的時機感覺更好，因為在經濟強勁、健康的環境下，消費者感覺非常非常健康，他們正在消費，而且餐飲業總體發展良好。

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.

交易正在加速，而不是減速。當你看到通貨膨脹率小幅上漲 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。所以我認為這真的取決於數據，例如通貨膨脹的情況，但同樣重要的是，消費者的情況，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。春季和秋季各有一個。看起來您一般都會比較，LTO 比較缺乏更好的說法，而且相當一致。它使您能夠保持 LTO 發生率逐年增長。您是否經常會看到，在 LTO 期間，儘管基數較高，但同店銷售額實際上卻在加速成長？

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，我們將過去做過的項目和全新的菜單項目很好地融合在一起。我認為我們已經證明，當我們回顧像 Chicken Al Pastor 或 Carne Asada 這樣的東西時，我們似乎能夠以一種比原始類型更令人興奮的方式談論它。我們從中學到了一些事情。我們執行得更好，因為我們知道如何進行訓練。團隊熟悉執行情況。看到這一點我真的很開心。

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，我想提醒大家的一件事以及所有這些事情，這是使所有這些舉措更加有效、更加出色的營運執行的方法之一。我們的產量很高，部署也很出色，而且我們的烹飪技術也非常出色。由於我們為客人提供了絕佳的體驗，菜單創新得到了加強。因此，它在吸引增量客戶和增量交易方面做得很好。但你知道，如果我們採取軟行動，這些努力將幾乎同樣有效。

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，這是我們上次執行該計劃時更強大的營運能力的結合，而且我認為，它還結合了比我們以前執行的更明智的行銷計劃。這就是關於這個組織的一點介紹。我們致力於學習。我們致力於不斷探索如何做得更好。

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在 Chipotle 看到這種情況。

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。如果我可以快速跟進 3Q 指南的話。了解很多噪音。我們是否可以安全地假設 25% 的餐廳級利潤率指南意味著本季的基本利潤率約為 6%？

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

這是一個合理的假設。是的，你的判斷準確。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

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。感謝你們回答這個問題，祝賀傑克和亞當。也許只是對這個問題的一個快速跟進。首先，您之前提到您將在短期內進行的慷慨分配工作。您是否採取了任何措施來向消費者傳達這一訊息，也許是一些超出您在社群媒體上已經做過的事情的事情？

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，由於工資率和漲幅，加州的物價顯然出現了相當大的上漲。任何一種——這是您在商店中看到的該市場消費者行為的變化，或者更廣泛地說是整個行業中消費者行為的變化，您能談談嗎？

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，我們之所以去查看整個系統，部分原因是當我們收到有關份量大小的反饋時，我們一直認為關鍵的股票投資組合，這些份量大小是慷慨的。因此，我們希望確保整個系統能夠一致地執行。

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視為異常，需要重新培訓、重新指導，以按照我們認為正確的標準執行。同時，我們集體表示，看，我們不想在股權交換份額規模上倒退一英寸。因此我們能夠與整個系統進行溝通。

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.

瞧，我已經在社群媒體上看到人們對他們所購買的墨西哥捲餅和碗進行評論，我認為這是最好的行銷來源，即口耳相傳，因為人們有這些正在下降的體驗。但我想強調的是，對於我們 90% 的餐廳來說。你知道，他們照常做生意。所以我只是不想讓人們忽視這樣一個事實：這確實是一個我們需要加倍努力的系統，但我們確實需要對大約 10% 的系統進行訓練。

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資產。正如我在準備好的演講中提到的那樣，這是我們關心的公平。因此，我們將對此進行投資，並想辦法確保每次都能始終如一地做到這一點。

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。然後關於加州，我會發表一兩則評論。是的，我們看到的是整個州的情況，我們看到了行業的下滑，我們看到了個別餐廳內的個別數據點。我們看到有報道說支出確實出現了回落，我們也看到了這一點。當我們觀察個別餐廳時，我們也看到了這一點。支出的減少和價格的大幅上漲之間並無關聯。因此看起來，餐飲支出的減少只是產生了宏觀影響。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大的阻力。我們仍然抵製到根本沒有獲得100個基點的地步。因此，我們看到的回檔相當於我們所採取的菜單價格上漲的影響。看起來這大約相當於該行業的回調幅度。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

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 是一種行銷舉措。您能對此發表評論嗎？這是否是一個非常物質的驅動因素？人們的反應是否如您所料？或者有其他機會可以做這樣的事嗎？

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.

瞧，我真的很有效。我認為行銷團隊做得非常出色，他們一直向人們宣傳我們菜單上的優質產品。結果，我們看到事故發生率不斷上升，我想這是我們將來會再次討論的事情。

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，我認為我們發現了另一顆隱藏的寶石，那就是 carnitas，我們也會對其進行評估。但你可能會看到我們再次這樣做，因為它對我們來說確實很有效。

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。布萊恩，您對自動化發表了評論，同時也提到了一些其他類型的舉措。您認為其中一些出現的速度有多快？我們是否會在一兩年或更長時間內開始看到這種事情？我們是否看到利潤率持續上漲？或者像我們一樣，以局外人的身份來評估其中一些？

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。瞧，我認為他們就像您所期望的那樣，擁有短期、中期和長期的好的想法組合，對嗎？有些東西距離我們更近，有些東西距離我們稍遠。最棒的是，我們正在透過階段門驗證這一切。他對安全流程有點好奇。它不會減慢速度。我想這可以確保我們不會產生任何意外的後果。

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，我們會執行我們正在執行的事情。所以是的，有些事情可以在時間線上更快發生，而其他事情則需要更長的時間。所以我想說，這確實是一個近期、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?

布萊恩，上次我們討論時，您談到了 20 年代中期的吞吐量。您今天站在哪裡？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，我們在四月份的吞吐量取得了最大的提升，這是令人高興的。我們繼續看到人們表現出巨大的吞吐量。進一步提高吞吐量最終取決於部署是否正確完成，對嗎？

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，如果我們將這個額外的數字提高到更高的百分比。毫不奇怪，博覽會的地位對吞吐量的提升影響最大。這就是為什麼你聽到我們談論這個職位有點像是關鍵指標。我們是否正確部署以在高峰期執行信貸吞吐量。

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，我樂觀地認為我們可以將這個 50% 的數字提高。我樂觀地認為，在不久的將來，我們將能夠從 25% 左右邁向 25% 以上。

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和需求的最新情況？我的意思是，你們在那裡進行了一些大膽的投資，同時也取代了領導階層。那麼，您認為什麼時候歐洲的銷售量加速成長才是現實的呢？

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。看，我對我們的團隊在歐洲的進展感到非常興奮，而且進展非常快。他們在美國採用了我們在歐洲採用的許多工具。我認為我們的處理情況會更好。我們正在更好地管理供應鏈，更好地管理部署。我認為烹飪水平確實提高了。

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，您看到的情況並不奇怪——我們看到營業收入和淨利潤均有所改善。因此，我樂觀地認為，我們將證明這些可投資市場在未來會發展得更快，就像加拿大發生的情況一樣。所以這些隊伍都取得了良好的進步，我相信隨著巴黎奧運的臨近，他們一定會很忙碌。但我真的很喜歡自動販賣，而且很快就完成了。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

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。我只是想問一下，布萊恩，您是否看到任何跡象表明這些 QSR 連鎖店的價值促銷增加對公司的業績產生了影響？

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.

我們確實沒有。而且根據我們得到的數據，我認為我們的市佔率正在不斷擴大。品牌指標不斷增強，其中一個關鍵優勢要素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等所有因素連結起來時，似乎其中一些促銷活動目前還沒有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.

所以，我們要做的就是再次發動攻擊。正如我之前提到的，我們的進攻是出色的烹飪、優秀的團隊、巨大的產量，從而為我們的顧客提供美味的墨西哥捲餅和碗。所以我們會繼續追尋它。如果環境變得更加嚴峻，對我們來說好消息是，如果我們面臨的先前的宏觀問題或經濟衰退，Chipotle 是最後受到影響的公司之一。我們是第一批放緩的國家之一。因此，我相信我們的重點是正確的，營運模式也是正確的。我認為它會繼續引起顧客的共鳴。

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。這只是後續行動。您談了很多關於產品創新的問題，顯然，這些創新非常成功。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事件的影響有多大，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事件？

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。瞧，這是一個很好的問題。我認為這確實是我們的數位行銷/消費者資料庫的結合力量，再加上我認為的一些非常聰明的行銷時刻，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，我們有能力開啟阻止模式。我們有能力做其他事情，我認為這些事情非常有洞察力，我們知道會引起 Chipotle 顧客的共鳴。我認為擁有如此龐大的加拿大客戶群是一件很棒的事情，然後我認為我們能夠非常有效地使用數位行銷或傳統行銷工具與客戶溝通這些獨特的機會。

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.

所以你會繼續看到我們使用它。我認為這是我們的一大優勢，忠誠度計畫的優勢與一支真正優秀的行銷團隊的結合。

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。我想將會議交還給 Brian Niccol 並請他做最後發言。

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.

好的，謝謝。感謝大家提出的所有問題。再次，我確實要感謝傑克哈通先生，感謝他有幸與傑克以及 Chipotle 和所有參與人員一起工作，這可能意義重大。謝謝您，哈通先生。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，我們很高興亞當能夠擔任財務長一職，然後傑米麥康奈爾顯然將擔任首席會計規則。因此，在傑克的領導下，這些出色的領導者將有機會為這個偉大的品牌做出重大貢獻。恭喜各位。

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.

從業務角度來看，顯然這是一個出色的季度。對於組織所取得的成果和我們所取得的成就，我感到無比自豪。在任何環境下，我們獲得 8% 的交易成長都是非常特殊的。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——很多事情都在朝著正確的方向發展。因此，品牌指標從未如此好。價值主張非常強。以及我們將要面對的一切。我確信我們會有起起伏伏。

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.

我總是認為，擁有強大的品牌和強大的組織將為你帶來成功。我相信，我們正以強大的實力不斷前進。我期待著以優異的成績結束這一年。

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，我們還有幾個季度要度過。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未來的方向感到無比自豪。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。