奇波雷墨西哥燒烤 (CMG) 2024 Q3 法說會逐字稿

Good day and welcome to the Chipotle Mexican Grill third-quarter 2024 results conference call. (Operator Instructions)

美好的一天，歡迎參加 Chipotle Mexican Grill 2024 年第三季業績電話會議。 （操作員說明）

Please note, today's event is being recorded. I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.

請注意，今天的活動正在錄製中。我現在想將會議交給投資者關係和策略主管辛蒂·奧爾森 (Cindy Olsen)。請繼續。

Hello, everyone, and welcome to our third 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 at ir.chipotler.com.

大家好，歡迎參加我們的 2024 財年第三季財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.chipotler.com 上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statement. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

首先，我要提醒您，本簡報中有關我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理階層目前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測有重大差異。請參閱我們的 10-K 表年度報告和 10-Q 表中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性陳述不同的風險的討論。

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

我們今天的討論將包括非公認會計準則財務指標。您可以透過我們網站投資者關係部分演示頁面上的連結找到 GAAP 措施的調整表。

We will start today's call with prepared remarks from Scott Boatwright, Interim Chief Executive Officer; Jack Hartung, President and Chief Strategy Officer; and Adam Rymer, Chief Financial Officer. After which we will take your questions. Our entire executive leadership team is available during the Q&A session.

我們將以臨時執行長 Scott Boatwright 準備好的演講開始今天的電話會議；傑克‧哈同（Jack Hartung），總裁兼首席策略長；和財務長 Adam Rymer。之後我們將回答您的問題。我們的整個執行領導團隊都可以在問答環節參加。

And with that, I will turn the call over to Scott.

這樣，我會將電話轉給史考特。

Thanks, Cindy, and hello, everyone. Before I get into the details of the quarter, I know I speak on behalf of everyone at Chipotle when I say that we are grateful for Brian's leadership and for the transformation he led.

謝謝，辛迪，大家好。在詳細介紹本季的細節之前，我知道我代表 Chipotle 的每個人說，我們感謝 Brian 的領導和他領導的轉型。

Over the past several years, we built a strong team with a great culture and have developed compelling and successful strategies together. With that said, after leading our operations for the last seven years, I'm excited and honored for the opportunity to lead Chipotle as our Interim CEO. To start, there are three things I want to make very clear today.

在過去的幾年裡，我們建立了一支具有優秀文化的強大團隊，並共同製定了引人注目的成功策略。話雖如此，在領導我們過去七年的營運之後，我很高興也很榮幸有機會擔任 Chipotle 的臨時執行長。首先，我今天想先明確三件事。

The first is that I'm extremely passionate about our brand and purpose. We are truly a special company that cares about the culinary heritage that Chipotle was founded upon, and our purpose of cultivating a better world resonates with our teams at all levels of our organization as well as with the guests we serve in our restaurants each and every day.

首先，我對我們的品牌和宗旨充滿熱情。我們確實是一家特殊的公司，關心 Chipotle 創立之初的烹飪傳統，我們創造一個更美好世界的宗旨與我們組織各級團隊以及我們餐廳所服務的每一位客人產生共鳴。

I'm also passionate about our people and I strongly believe we have the best in the industry, both in our restaurants and at our support centers. Since joining Chipotle in 2017, I've had the privilege and responsibility of leading our restaurant teams as we have grown from under 2,300 restaurants to over 3,600 restaurants today, employing over 125,000 people. I can tell you firsthand how hard our teams work to provide our fresh, delicious, and customizable culinary experience at accessible prices to millions of people every day. These exceptional people are the backbone of our great brand.

我也對我們的員工充滿熱情，我堅信我們擁有業內最好的員工，無論是在我們的餐廳還是在我們的支援中心。自 2017 年加入 Chipotle 以來，我有幸並有責任領導我們的餐廳團隊，我們的餐廳數量已從不到 2,300 家發展到如今的 3,600 多家餐廳，員工人數超過 125,000 人。我可以直接告訴您，我們的團隊每天多麼努力地以實惠的價格向數百萬人提供新鮮、美味和可自訂的烹飪體驗。這些傑出的人才是我們偉大品牌的支柱。

And the third is that our strategy is not changing. I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it. This includes our long-term targets of expanding to 7,000 restaurants in North America, increasing our AUVs to over $4 million, and expanding our restaurant level margins and growing internationally.

第三，我們的策略沒有改變。我與我們才華橫溢的執行團隊一起制定和發展我們的成功策略，我們將繼續執行它。這包括我們在北美擴張到 7,000 家餐廳、將我們的 AUV 增加到超過 400 萬美元、擴大我們餐廳層面的利潤並在國際上發展的長期目標。

Now before I dive into our five strategies, I want to run through our third-quarter results. We had another outstanding quarter with positive transaction growth every month. We saw momentum build throughout the quarter as the impact from summer seasonality normalized and as we successfully launched smoked brisket, which is off to a fantastic start.

現在，在深入探討我們的五項策略之前，我想先回顧一下我們第三季的業績。我們又度過了一個出色的季度，每個月的交易量都在增加。隨著夏季季節性的影響正常化，並且我們成功推出了熏牛胸肉，我們看到整個季度的勢頭正在增強，這是一個美妙的開始。

For the quarter, sales grew 13% to reach $2.8 billion, driven by a 6% comp with over 3% transaction comp growth. In-restaurant sales grew by 18% over last year. Digital sales represented 34% of sales.

本季銷售額成長 13%，達到 28 億美元，這主要得益於 6% 的年成長率和超過 3% 的交易年增。餐廳內銷售額比去年增長了18%。數位銷售額佔銷售額的 34%。

Restaurant-level margin was 25.5%, a decrease of 80 basis points year over year. Adjusted diluted EPS was $0.27, representing 17% growth over last year. And we opened 86 new restaurants, including 73 Chipotlanes.

餐廳級利潤率為25.5%，較去年同期下降80個基點。調整後攤薄每股收益為 0.27 美元，較去年增長 17%。我們新開了 86 家餐廳，其中包括 73 家 Chipotlanes。

The momentum in the business has continued into the fourth quarter with accelerating transaction trends, and we are maintaining our full-year guidance of mid- to high single-digit comps.

隨著交易趨勢加速，該業務的勢頭持續到第四季度，我們維持中高個位數的全年指引。

Now let me provide an update on our five key strategies that have helped us win today and will 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; amplifying technology and innovation to drive growth and productivity in our restaurants, support centers, and in our supply chain; sustaining world-class people leadership by developing and retaining diverse talent at every level; making the brand visible, relevant, and loved to acquire new guests and improve overall guest engagement; and expanding access and convenience by accelerating new restaurant openings in North America and internationally.

現在讓我介紹一下我們的五項關鍵策略的最新情況，這些策略幫助我們贏得了今天的勝利，並將發展我們的未來。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；加強技術和創新，以推動我們的餐廳、支援中心和供應鏈的成長和生產力；透過培養和留住各層面的多元化人才，維持世界級的人才領導力；讓品牌知名度高、相關性強、喜歡吸引新客人並提高整體客人參與度；透過加速在北美和國際上開設新餐廳來擴大准入和便利。

Let's start with running successful restaurants and our progress on throughput. We have mentioned this in the past, but it's important to say it again. Throughput is a core focus for Chipotle because it is the outcome of a strong operational engine that delivers a great experience for our guests and teams. And execution in our restaurant is improving as we continue to build our throughput muscle.

讓我們從經營成功的餐廳以及我們在吞吐量方面的進展開始。我們過去已經提到過這一點，但有必要再說一次。吞吐量是 Chipotle 的核心關注點，因為它是強大營運引擎的結果，為我們的客人和團隊提供了良好的體驗。隨著我們不斷增強吞吐量，我們餐廳的執行力正在不斷提高。

Last quarter, we began concentrating our efforts on the expo position as it is a critical pillar of throughput. As a reminder, this is the crew member between salsa and cash, who helps expedite the order assembly and payment process. Restaurants with an expo in place are averaging five incremental entrees in their peak 15 minutes.

上個季度，我們開始將精力集中在世博會位置上，因為它是吞吐量的關鍵支柱。提醒一下，這是莎莎醬和現金之間的工作人員，他有助於加快訂單組裝和付款流程。舉辦世博會的餐廳平均在高峰時段 15 分鐘內增加五道主菜。

We are often asked why it's so challenging to execute this key pillar of throughput. Well, the crew member responsible for the expo position may be doing other tasks, like prep, which prevents them from being properly deployed.

我們經常被問到為什麼執行這個吞吐量的關鍵支柱如此具有挑戰性。嗯，負責世博會位置的工作人員可能正在執行其他任務，例如準備工作，這使得他們無法正確部署。

In late August, we made a decision to have the management duty deployed to the expo position during peaks. This has helped to improve the percentage of restaurants with an expo in place to over 60%, compared to just over 50% last quarter. It has also helped to drive accountability, improve communication with the guests, and ensure we are properly ringing up each order.

8月下旬，我們決定在高峰期將管理職責部署到展館。這有助於將舉辦世博會的餐廳比例提高到 60% 以上，而上季僅為 50% 多一點。它還有助於推動問責制，改善與客人的溝通，並確保我們正確處理每筆訂單。

While we are making great progress on executing the four pillars of throughput, we still have work to do. Of the restaurants that do not have the four pillars in place, we are finding that often our crew members are still prepping food during peak periods.

雖然我們在執行吞吐量的四大支柱方面取得了巨大進展，但我們仍有工作要做。在沒有四大支柱的餐廳中，我們發現我們的工作人員經常在高峰時段仍在準備食物。

The fact is preparing our delicious food is a lot of work and requires strong culinary skills. Our teams are beginning prep at 6:00 or 7:00 AM in the morning to be able to deliver our food on time when we open. This includes slicing and dicing produce, hand-mashing avocados to make our delicious guacamole, frying our chips every day, and grilling items like the heated veggies, and adobo chicken on the plancha.

事實上，準備美味的食物需要大量的工作，並且需要很強的烹飪技巧。我們的團隊在早上 6:00 或 7:00 開始準備，以便能夠在營業時準時送餐。這包括將農產品切片和切塊、手工搗碎酪梨以製作美味的酪梨醬、每天煎炸薯條，以及在烤盤上燒烤加熱的蔬菜和阿多波雞等食品。

In addition to coaching and training around throughput, we are also exploring ways to make the process easier on our teams while ensuring we are maintaining or improving upon our high culinary standards. This brings me to technology and innovation. We now have several initiatives in stage gate that could help to improve the prep and cooking process and drive a better experience for our teams. Two that I'm particularly excited about are the dual-sided plancha and the produce slicer.

除了圍繞吞吐量進行輔導和培訓外，我們還在探索如何使我們的團隊更輕鬆地完成流程，同時確保我們保持或改進我們的高烹飪標準。這讓我想到了技術和創新。我們現在在舞台入口採取了多項舉措，可以幫助改善準備和烹飪過程，並為我們的團隊帶來更好的體驗。我特別興奮的兩個是雙面煎餅和農產品切片機。

As we mentioned last quarter, we are in the process of rolling out the dual-sided plancha to an incremental 74 restaurants, which will be complete by the end of next month. And as part of the stage gate-process, we are now evaluating implementing the dual-sided plancha into new restaurant openings, as well as retrofitting existing restaurants, and we'll have more to share on this early next year.

正如我們上季度所提到的，我們正在向新增的 74 家餐廳推出雙面煎餅，將於下月底完成。作為階段性流程的一部分，我們現在正在評估在新開的餐廳中實施雙面煎餅，以及改造現有餐廳，我們將在明年初分享更多資訊。

Additionally, over the last year, we have been testing a produce slicer. In our restaurants, slicing and dicing vegetables like jalapenos and bell peppers is one of the most time-consuming and repetitive tasks. It would be an understatement to say our teams are excited about this new tool. In fact, at our all-major conference in March, nearly 5,000 managers and above-restaurant leaders gave it a standing ovation.

此外，去年我們一直在測試農產品切片機。在我們的餐廳中，將墨西哥辣椒和甜椒等蔬菜切片和切丁是最耗時且重複性的任務之一。說我們的團隊對這個新工具感到興奮還算輕描淡寫。事實上，在我們 3 月的大型會議上，近 5,000 名經理和餐廳以上領導者起立鼓掌。

The new produce slicer drives improved efficiency, which will allow our teams to complete the prep process on time in every restaurant, resulting in better deployment at peak and better throughput. And it also improves our culinary by delivering consistent cut sizes. I'm excited to share that we are beginning to roll out the new produce slicer in all restaurants, which should be complete by next summer.

新的農產品切片機提高了效率，這將使我們的團隊能夠按時完成每家餐廳的準備流程，從而在高峰時更好地部署並提高吞吐量。它還通過提供一致的切割尺寸來改善我們的烹飪。我很高興地告訴大家，我們開始在所有餐廳推出新的農產品切片機，預計明年夏天完成。

Beyond these two initiatives, our augmented make-line by Hyphen and Autocado, which cuts, course, and scoops avocados, were installed into their first restaurants for pilot testing during the quarter. These are both highly customized technologies that could provide big unlock for us in the future. We have already received a lot of learnings on both innovations from our crew and our guests that will be used for future iterations.

除了這兩項措施之外，我們的 Hyphen 和 Autocado 增強生產線（用於切割、加工和舀取酪梨）在本季度被安裝到他們的第一家餐廳中進行試點測試。這些都是高度客製化的技術，可以在未來為我們提供巨大的解鎖。我們已經從我們的工作人員和客人那裡獲得了很多關於創新的知識，這些知識將用於未來的迭代。

As you can see, we have a number of initiatives underway, and I envision significant back-of-the-house changes in the near future that will drive efficiencies and improve the consistency of our culinary and our restaurants. This will enable our teams to focus on and execute the four pillars of throughput better than we ever have and deliver an exceptional experience for our guests in restaurant every day.

正如您所看到的，我們正在進行多項舉措，我預計在不久的將來，後台將發生重大變化，這將提高效率並提高我們烹飪和餐廳的一致性。這將使我們的團隊能夠比以往更好地專注於和執行吞吐量的四大支柱，並每天為餐廳的客人提供卓越的體驗。

Let's shift to world-class people leadership. In addition to innovation that helps to better enable the preparation of our delicious food, we are also rolling out a new technology platform across all restaurants that will make the hiring process simpler, faster, and more automated. The new AI hiring platform automates the communication and scheduling between applicants and our general managers, reducing the amount of time it takes to hire an employee for an in-restaurant position by as much as 75%.

讓我們轉向世界一流的人才領導力。除了有助於更好地準備美味佳餚的創新之外，我們還在所有餐廳推出了一個新技術平台，這將使招聘過程更簡單、更快、更自動化。新的 AI 招聘平台可實現求職者和總經理之間的溝通和調度自動化，從而將招聘餐廳員工所需的時間減少多達 75%。

The automation of this administrative task will allow our GMs to spend more time coaching and developing their teams and providing excellent hospitality for our guests. And it also gives us a competitive advantage against the other restaurant chains in the high-volume hiring market because we can hire talent faster.

這項管理任務的自動化將使我們的總經理能夠花更多的時間來指導和發展他們的團隊，並為我們的客人提供優質的接待服務。它還使我們在大批量招聘市場上相對於其他連鎖餐廳具有競爭優勢，因為我們可以更快地招募人才。

As I mentioned earlier, I'm passionate about our people and building a strong culture that recruits, retains, and grows the very best. And I'm thrilled to share that Chipotle was ranked first among 400 of the largest publicly traded companies in the American Opportunity Index of Best Places for High School Graduates to Start a Career. The rankings were based on how well the company hires entry-level employees, promotes from within, and prepares them for opportunities when they leave.

正如我之前提到的，我對我們的員工充滿熱情，並致力於建立一個強大的文化，以招募、留住和培養最優秀的人才。我很高興地告訴大家，在美國高中畢業生最佳職業機會指數中，Chipotle 在 400 家最大的上市公司中名列第一。該排名基於公司聘用初級員工、內部晉升以及為他們離職時的機會做好準備的情況。

The very best benefits we offer our teams is our career advancement opportunity. We have so many stories of crew members who have started at Chipotle and grown within the organization, resulting in life-changing careers, including several to the position of Regional Vice President, overseeing hundreds of restaurants and $1 billion-plus business.

我們為團隊提供的最佳福利是我們的職涯發展機會。我們有很多關於船員的故事，他們從Chipotle 開始，並在組織內成長，最終改變了他們的職業生涯，其中包括幾位擔任區域副總裁的職位，負責管理數百家餐廳和價值超過10 億美元的業務。

In fact, a team director out of the Chicago region has one of these inspiring journeys. She came to the US at the age of 7 with her parents and brother as refugees, and at the age of 18, she started working at Chipotle as a crew member for her first job out of high school. She has advanced within Chipotle to become a top-performing team director and now is responsible for 61 restaurants or almost $200 million in sales each year.

事實上，一位來自芝加哥地區的團隊總監就有這樣一段鼓舞人心的旅程。 7 歲時，她隨父母和兄弟作為難民來到美國，18 歲時，她開始在 Chipotle 擔任船員，這是她高中畢業後的第一份工作。她在 Chipotle 內晉升為表現最佳的團隊總監，現在負責 61 家餐廳，每年銷售額近 2 億美元。

She clearly demonstrates and understands that developing and growing future leaders is what makes Chipotle a special company. My favorite part about her journey is that through her financial success at Chipotle, she was able to help her mom retire, which she views as her biggest accomplishment.

她清楚地表明並理解，培養和培養未來的領導者使 Chipotle 成為一家特殊的公司。關於她的旅程，我最喜歡的部分是，透過她在 Chipotle 的財務成功，她能夠幫助她的媽媽退休，她認為這是她最大的成就。

I could not be prouder to be part of an organization that prioritizes our people and their growth. And the exciting part is that as we look to grow to 7,000 restaurants in North America and expand internationally, we will be adding hundreds of new restaurant leadership roles each year. And we will continue to pursue our goal of promoting over 90% from within. The future is very bright at Chipotle.

作為一個優先考慮員工及其成長的組織的一員，我感到無比自豪。令人興奮的是，隨著我們希望將北美的餐廳數量增加到 7,000 家並擴展到國際市場，我們每年將增加數百個新的餐廳領導職位。我們將繼續追求90%以上從內部提拔的目標。 Chipotle 的未來非常光明。

Now turning to marketing. I have to take a moment to acknowledge our marketing team for their outstanding work over the years in making Chipotle more visible, more relevant, and more loved. Our brand continues to lead and gain momentum in many categories like quality of ingredients, quality of food for the money, and healthy and nutritious.

現在轉向行銷。我必須花點時間感謝我們的行銷團隊多年來所做的出色工作，使 Chipotle 更加引人注目、更相關、更受喜愛。我們的品牌在許多類別中繼續保持領先地位並獲得發展勢頭，例如原料品質、物有所值的食品品質以及健康和營養。

This is a result of a strong marketing strategy and brand campaigns like Behind the Foil, which showcases our Chipotle teams preparing our fresh delicious food. The campaign is certainly resonating well, and we will continue to evolve it and find new ways to put a spotlight on what differentiates Chipotle, which is our food, our people, our purpose, and our values.

這是強有力的行銷策略和品牌活動（例如 Behind the Foil）的結果，該活動展示了我們的 Chipotle 團隊準備新鮮美味的食物。這項活動無疑引起了良好的反響，我們將繼續改進它，並尋找新的方法來突出 Chipotle 的獨特之處，即我們的食物、我們的員工、我們的目標和我們的價值觀。

Turning to menu innovation. Our limited time offers continue to surpass our expectations. Our guests have been craving the return of smoked brisket for three years, and it's off to a very strong start, driving incremental transactions and spend. As we have mentioned in the past, given the limited supply of responsibly raised beef, it was a huge cross-functional effort to bring back this fan favorite, and we anticipate it will last through the fourth quarter.

轉向菜單創新。我們的限時優惠持續超出我們的預期。三年來，我們的客人一直渴望煙熏牛胸肉的回歸，現在有了一個非常強勁的開端，推動了增量交易和支出。正如我們過去提到的，鑑於負責任飼養的牛肉供應有限，要恢復這種深受粉絲喜愛的牛肉需要付出巨大的跨職能努力，我們預計它將持續到第四季度。

We also have been testing Chipotle honey chicken, which is our adobo chicken season with savory Mexican spices and finished with a touch of pure honey. Similar to Chicken al Pastor, it is simple to execute in our restaurants and absolutely delicious. This has been one of our most successful tests to date, both in early sensory testing as well as in the broader two market tests we are currently running in Nashville and Sacramento. I'm delighted to share that Chipotle honey chicken has made its way through the stage-gate process and is ready to be rolled out in the future.

我們還測試了 Chipotle 蜂蜜雞，這是我們的阿多波雞季節，配有美味的墨西哥香料，最後加上一點純蜂蜜。與 Chicken al Pastor 類似，在我們的餐廳中製作起來很簡單，而且絕對美味。這是我們迄今為止最成功的測試之一，無論是在早期感官測試還是在我們目前在納許維爾和薩克拉門托進行的更廣泛的兩個市場測試中。我很高興地告訴大家，Chipotle 蜂蜜雞已經通過了階段性流程，並準備在未來推出。

Finally, coming up this week will be our annual Boorito promotion. This year, our marketing team found another creative way to lead culture as we collaborated with Spear Halloween and launched a new collection of Chipotle costumes, inspired by popular memes on our social channels, which has generated some of our highest social engagement this year.

最後，本週即將推出我們的年度 Boorito 促銷活動。今年，我們的行銷團隊找到了另一種引領文化的創意方式，我們與Spear 萬聖節合作，推出了新的Chipotle 服裝系列，其靈感來自我們社交管道上的流行表情包，這為我們帶來了今年最高的社交參與度。

Now moving on to our final strategy, which is to expand access and convenience both in North America and internationally. In North America, our development team made great progress smoothing the cadence of openings with 185 new restaurant openings year to date, which compares to 149 at this same time last year. We remain on track to open between 285 and 315 new restaurants this year, which will mark another record for us.

現在轉向我們的最終策略，即擴大北美和國際範圍內的准入和便利。在北美，我們的開發團隊在平穩開業節奏方面取得了巨大進展，今年迄今已新開業 185 家餐廳，而去年同期為 149 家。今年我們仍有望開設 285 至 315 家新餐廳，這將創下我們的另一項紀錄。

As we look at 2025, we anticipate opening between 315 and 345 new restaurants, with at least 80% including a Chipotlane.

展望 2025 年，我們預計將開設 315 至 345 家新餐廳，其中至少 80% 包括 Chipotlane。

In Canada, our new restaurant openings continue to be outstanding. And in the third quarter, we entered another new market with our first restaurant in Edmonton, which broke an opening day record for North America. We will surpass 50 restaurants in Canada next month, which is a huge milestone. Our unit-level economics and returns remain on par with the US, and we will continue to accelerate growth in Canada in 2025.

在加拿大，我們新開的餐廳持續表現出色。第三季度，我們進入了另一個新市場，在埃德蒙頓開設了第一家餐廳，打破了北美的開幕日記錄。下個月我們在加拿大的餐廳數量將超過 50 家，這是一個巨大的里程碑。我們的單位經濟效益和回報與美國保持一致，我們將在 2025 年繼續加速加拿大的成長。

Turning to Europe. Under the new leadership team, we are beginning to see promising results. We have better aligned our culinary and menu to the North American standards, and we are in the process of fully unlocking the functionalities of our operational tools to better manage labor and food costs.

轉向歐洲。在新的領導團隊的領導下，我們開始看到有希望的成果。我們已經更好地使我們的烹飪和菜單符合北美標準，並且我們正在充分釋放我們營運工具的功能，以更好地管理勞動力和食品成本。

Additionally, similar to our successful strategy in Canada, we are rolling out local and digital marketing initiatives, which are building brand awareness and bringing more guests into our restaurants. The recent performance gives us confidence that we can begin to build our restaurant pipeline for the future, and I'm optimistic that Europe will be a sizable growth opportunity for Chipotle over the coming years.

此外，與我們在加拿大的成功策略類似，我們正在推出本地和數位行銷舉措，這些舉措正在建立品牌知名度並吸引更多客人來到我們的餐廳。最近的表現讓我們相信我們可以開始為未來建立我們的餐廳管道，我樂觀地認為歐洲將在未來幾年為 Chipotle 帶來巨大的成長機會。

Finally, I'm excited to share that our first restaurant in Dubai opened earlier this month. The restaurant is absolutely beautiful and located along the beachside boulevard of Jumeirah Beach. This is the third restaurant we have opened this year with our partner, Alshaya Group.

最後，我很高興地告訴大家，我們在杜拜的第一家餐廳已於本月初開幕。這家餐廳非常漂亮，位於朱美拉海灘的海濱大道上。這是我們今年與合作夥伴 Alshaya Group 合作開設的第三家餐廳。

All three restaurants are exceeding our expectations, and Chipotle is one of the top-performing brands in Alshaya's portfolio. This is further strengthening our confidence that Chipotle's responsibly sourced, classically cooked real ingredients resonates across geographies.

這三家餐廳都超出了我們的預期，Chipotle 是 Alshaya 組合中表現最好的品牌之一。這進一步增強了我們的信心，即 Chipotle 的負責任採購、經典烹飪的真實食材能夠在各個地區產生共鳴。

We are targeting to open a second restaurant in Dubai early next year and plan to accelerate growth with Alshaya Group in 2025.

我們的目標是明年初在杜拜開設第二家餐廳，並計劃在 2025 年與 Alshaya 集團共同加速成長。

In closing, I want to thank our restaurant and support center teams for another great quarter driven by strong transaction growth. I always say that at Chipotle we are either directly serving our guests or serving someone who is serving our guests.

最後，我要感謝我們的餐廳和支援中心團隊在強勁的交易成長推動下又一個出色的季度。我總是說，在 Chipotle，我們要么直接為客人服務，要么為那些為客人服務的人提供服務。

And it's important that as a team we continue to focus on exceptional food, exceptional people, and exceptional throughput. This will drive great execution in our restaurants that will enable us to continue down our very long run rate for growth as we expand to 7,000 restaurants in North America and grow internationally. And as we make our way down this path, I strongly believe Chipotle will become a purpose-driven global lifestyle brand.

重要的是，作為一個團隊，我們繼續專注於卓越的食物、卓越的人才和卓越的吞吐量。這將推動我們餐廳的出色執行力，使我們能夠在北美擴張至 7,000 家餐廳並在國際上發展的過程中繼續降低長期增長率。當我們沿著這條道路前進時，我堅信 Chipotle 將成為一個以目標為導向的全球生活風格品牌。

With that, I'll turn it over to Jack.

有了這個，我會把它交給傑克。

Thank you, Scott, and good afternoon, everyone. Before I hand it over to Adam to go through the third-quarter financial results, I want to make a few comments about the management transition.

謝謝斯科特，大家下午好。在我將第三季財務業績交給 Adam 之前，我想就管理層的過渡發表一些評論。

While Brian's departure was not expected, our focus on succession planning at all levels of the organization allowed for this to be a seamless transition with Scott assuming the role as our Interim CEO. We're all very supportive of Scott as his leadership at the company is unparalleled having led our restaurant teams over the last seven years. And Adam and Jamie were already well prepared to take on their new roles earlier than anticipated so that I could step into my new role as President and Chief Strategy Officer.

雖然布萊恩的離職是出乎意料的，但我們對組織各個級別的繼任計劃的關注使得斯科特擔任我們的臨時首席執行官的角色得以實現無縫過渡。我們都非常支持斯科特，因為他在過去七年裡領導我們的餐廳團隊對公司的領導力是無與倫比的。 Adam 和 Jamie 已經做好了充分準備，比預期更早擔任新職務，以便我能夠擔任總裁兼首席策略長的新職務。

I also want to emphasize that the culture and morale at Chipotle has never been stronger. We have so many passionate leaders running our restaurants and at our support centers that are all connected by our purpose of cultivating a better world. There's positive energy and a real sense of responsibility to keep the momentum going and to continue to execute against our very successful strategy.

我還想強調的是，Chipotle 的文化和士氣從未如此強大。我們有這麼多熱情的領導者在經營我們的餐廳和我們的支援中心，他們都因為我們建立更美好世界的目標而聯繫在一起。我們擁有積極的能量和真正的責任感，可以保持動力並繼續執行我們非常成功的策略。

I am committed to my new role and plan to stay on indefinitely to ensure a smooth transition. As you can imagine, having spent 22 years at Chipotle, I love this company, I'm passionate about our purpose, and I strongly believe we have a very long growth runway ahead of us as we expand Chipotle in North America and around the world.

我致力於擔任新職務，並計劃無限期留任，以確保順利過渡。正如你所想像的，我在Chipotle 工作了22 年，我熱愛這家公司，我對我們的目標充滿熱情，並且我堅信，隨著我們在北美和世界各地拓展Chipotle，我們還有很長的增長跑道。

With that, I'll now turn it over to Adam, our new Chief Financial Officer, to go through the results. Adam, congratulations, and over to you.

現在，我將把它交給我們新任財務長 Adam 來查看結果。亞當，恭喜你，接下來是你。

Thank you, Jack. I'm excited to take on the role of Chief Financial Officer for this great company, and I'm happy to be with all of you on my first conference call. With that said, I will turn to our quarterly results.

謝謝你，傑克。我很高興能夠擔任這家偉大公司的財務官，也很高興能與大家一起參加我的第一次電話會議。話雖如此，我將轉向我們的季度業績。

Sales in the third quarter grew 13% year over year to reach about $2.8 billion, as comp sales grew 6% driven by over 3% transaction growth. Restaurant-level margin of 25.5% decreased about 80 basis points compared to last year.

第三季銷售額年增 13%，達到約 28 億美元，而在交易成長超過 3% 的推動下，同業銷售額成長了 6%。餐廳層面的利潤率為 25.5%，較去年下降約 80 個基點。

Earnings per share adjusted for unusual items was $0.27, representing 17% year-over-year growth. The third quarter benefited from equity awards forfeited by our former CEO and a gain on an investment. These were partially offset by the impairment of a corporate asset and equity awards granted for retention of key executives. Collectively, these positively impacted our earnings per share by $0.01, leading to GAAP earnings per share of $0.28.

不尋常項目調整後的每股收益為 0.27 美元，年增 17%。第三季受益於我們前執行長沒收的股權獎勵和投資收益。這些損失被公司資產減損和為保留關鍵管理人員而授予的股權獎勵部分抵消。總的來說，這些對我們的每股收益產生了 0.01 美元的正面影響，導致 GAAP 每股收益達到 0.28 美元。

As Scott mentioned, comps accelerated throughout the quarter, with transaction trends strongest in September as the impact from summer seasonality normalized and we rolled out smoked brisket. Looking to Q4 and taking into consideration that the strong transaction trends have continued so far in October, as well as the tougher comparison against carne asada, we anticipate our transaction comps to modestly accelerate from Q3.

正如斯科特所提到的，整個季度的競爭加速，隨著夏季季節性的影響正常化，並且我們推出了熏牛胸肉，交易趨勢在 9 月份最為強勁。展望第四季度，考慮到 10 月迄今為止強勁的交易趨勢仍在持續，以及與 carne asada 的比較更加嚴格，我們預計我們的交易比較將比第三季度小幅加速。

As a reminder, we roll off about 3 points of pricing in mid-October as the impact of pricing in the fourth quarter will be just over 1% due to the price increase we took in our California restaurants in April. For the full year, we continue to expect our overall comp to be in the mid- to high-single-digit range.

提醒一下，我們在 10 月中旬將定價下調了約 3 個百分點，因為由於 4 月份我們加州餐廳的價格上漲，第四季度的定價影響將略高於 1%。就全年而言，我們繼續預期我們的整體業績將處於中高個位數範圍內。

I will now go through the key P&L line items beginning with cost of sales. Cost of sales in the quarter were 30.6%, an increase of about 90 basis points from last year. The benefit of last year's menu price increase was more than offset by inflation across several items, most notably avocados and dairy, as well as higher usage as we focused on ensuring consistent and generous portions, and the mix impact from our premium smoked brisket LTO. For Q4, we anticipate our cost of sales to be just above 31% as we have a full quarter of our smoked brisket LTO.

我現在將從銷售成本開始介紹關鍵的損益行項目。該季度銷售成本為30.6%，較去年增加約90個基點。去年菜單價格上漲的好處被多種商品的通貨膨脹所抵消，其中最著名的是牛油果和乳製品，以及我們專注於確保一致和慷慨的份量而增加的使用量，以及我們的優質煙熏牛胸肉LTO 的混合影響。對於第四季度，我們預計我們的銷售成本將略高於 31%，因為我們有整整四分之一的熏牛胸肉 LTO。

As we mentioned last quarter, we believe we can offset the 60-basis-point portion investment through efficiencies and innovation over the next several quarters. This includes efficiencies we have identified within our supply chain as well as several in-restaurant initiatives, including the produce slicers that Scott mentioned earlier. While we anticipate some of the benefits to begin in Q4, we don't anticipate a full offset until the second half of 2025.

正如我們上季度所提到的，我們相信我們可以透過未來幾季的效率和創新來抵消 60 個基點部分的投資。這包括我們在供應鏈中確定的效率以及一些餐廳內的舉措，包括斯科特之前提到的農產品切片機。雖然我們預計一些好處將從第四季開始，但我們預計要到 2025 年下半年才會完全抵銷。

Labor costs for the quarter were 24.9%, about flat to last year, as the benefit from sales leverage offset wage inflation. For Q4, we expect our labor cost to be in the low-25% range due to seasonally lower sales, with wage inflation to remain in the mid-single-digit range. As a reminder, about half of the wage inflation is due to the nearly 20% step-up in wages in California from the increase in minimum wage for restaurant companies like ours that took effect in April.

本季勞動成本為 24.9%，與去年持平，銷售槓桿帶來的收益抵銷了薪資上漲。對於第四季度，由於銷售額季節性下降，我們預計勞動成本將在 25% 左右，而薪資通膨將保持在中個位數範圍內。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從 4 月開始提高最低工資，導致加州工資上漲了近 20%。

Other operating costs for the quarter were 13.8%, a decrease of about 20 basis points from last year. The decrease was primarily driven by sales leverage and a lower delivery mix, partially offset by higher marketing and promo costs. Marketing and promo costs were 2.1% of sales in Q3. And in Q4, we expect marketing cost to step up to the low 3% range.

該季度其他營運成本為13.8%，較去年下降約20個基點。下降的主要原因是銷售槓桿和交付組合降低，但部分被行銷和促銷成本上升所抵消。第三季行銷和促銷成本佔銷售額的 2.1%。在第四季度，我們預計行銷成本將升至 3% 的低點。

In Q4, other operating costs are expected to be in the low-14% range as we anticipate higher marketing costs to be partially offset by lower seasonal expenses, like utilities and maintenance and repair.

第四季度，其他營運成本預計將在 14% 左右，因為我們預計較高的行銷成本將被較低的季節性費用（如公用事業、維護和維修）部分抵消。

G&A for the quarter was $127 million on a GAAP basis, or $149 million on a non-GAAP basis, excluding a net $22 million benefit from equity awards forfeited by our former CEO, partially offset by the expense for awards granted for retention of key executives. G&A also includes $126 million in underlying G&A, $25 million related to non-cash stock compensation, and a $2 million benefit from a bonus adjustment.

以GAAP 計算，本季的一般管理費用為1.27 億美元，以非GAAP 計算為1.49 億美元，不包括前任執行長沒收的2,200 萬美元股權獎勵淨收益，部分被為保留關鍵管理人員而授予的獎勵費用所抵銷。 G&A 還包括 1.26 億美元的基本 G&A、2500 萬美元與非現金股票補償相關的費用以及 200 萬美元的獎金調整收益。

Non-cash stock compensation and bonus expense benefited in the quarter from our CEO's departure as well as performance-based adjustments. We expect our underlying G&A to step up to around $130 million in Q4 as we invest in people to support our growth. We anticipate stock comp will be around $28 million in Q4, although this amount could move up or down based on our actual performance.

本季度非現金股票薪酬和獎金支出受益於我們執行長的離職以及基於績效的調整。我們預計第四季度的基本管理費用將增加至 1.3 億美元左右，因為我們投資於人才以支持我們的成長。我們預計第四季度的股票補償將約為 2800 萬美元，儘管該金額可能會根據我們的實際業績上下波動。

We also expect to recognize around $4 million related to higher bonus accruals and employer taxes associated with shares that vest during the quarter, and $1 million for costs associated with our field leadership conference in early 2025, bringing our anticipated total G&A in Q4 to around $163 million.

我們也預計將確認約400 萬美元與較高的應計獎金和與本季度歸屬的股票相關的雇主稅，以及100 萬美元與2025 年初我們的現場領導會議相關的費用，使我們預計第四季度的總管理費用達到約163 美元百萬。

Depreciation for the quarter was $84 million, or 3% of sales. In Q4, we expect depreciation to step up slightly as we open more restaurants. Our effective tax rate for Q3 was 22.9% for GAAP and 23.8% for non-GAAP. Our effective tax rate benefited from a reduction in non-deductible expenses related to our CEO's departure. For fiscal 2024, we estimate our underlying tax rate will now be in the 24% to 26% range, although it may vary based on discrete items.

該季度的折舊為 8,400 萬美元，佔銷售額的 3%。在第四季度，隨著我們開設更多餐廳，我們預計折舊將略有上升。我們第三季的 GAAP 有效稅率為 22.9%，非 GAAP 有效稅率為 23.8%。我們的有效稅率受益於與執行長離職相關的不可扣除費用的減少。對於 2024 財年，我們估計我們的基本稅率現在將在 24% 至 26% 的範圍內，儘管它可能會根據離散項目而有所不同。

Our balance sheet remains strong as we ended the quarter with $2.3 billion in cash, restricted cash, and investments, with no debt. During the quarter, we repurchased $488 million of our stock at an average price of $54.55. In the third quarter, our Board of Directors approved an incremental $900 million in share repurchase authorization. And at the end of the quarter, we had nearly $1.1 billion remaining.

我們的資產負債表仍然強勁，本季末我們擁有 23 億美元的現金、限制性現金和投資，沒有債務。本季度，我們以 54.55 美元的平均價格回購了價值 4.88 億美元的股票。第三季度，我們的董事會批准了增量 9 億美元的股票回購授權。截至本季末，我們還剩下近 11 億美元。

To close, I am grateful for Jack's mentorship over the last 15 years and honored to be a part of our leadership team, serving our 125,000 employees in our restaurants and support centers. We will continue to protect this special brand and our unique economic model that allows us to spend more on our real ingredients yet remain one of the best values in the industry, while also maintaining industry-leading margins. This is a huge competitive advantage and will continue to require a relentless focus on driving an exceptional experience for our restaurant teams and our guests each and every day.

最後，我感謝 Jack 在過去 15 年中的指導，並很榮幸成為我們領導團隊的一員，為我們餐廳和支援中心的 125,000 名員工提供服務。我們將繼續保護這個特殊的品牌和我們獨特的經濟模式，使我們能夠在真正的原料上投入更多資金，同時仍然是行業中最有價值的企業之一，同時也保持業界領先的利潤率。這是一個巨大的競爭優勢，需要我們繼續不懈地致力於為我們的餐廳團隊和客人每天提供卓越的體驗。

And with that, let's open it up for questions.

接下來，讓我們開始提問。

(Operator Instructions) Andrew Charles, TD Cowen.

（操作員說明）Andrew Charles，TD Cowen。

First off, Adam, Jack, as well as Scott, congrats on your new roles. Last call, you guys were contemplating a price increase in 4Q. I was curious if the strength in traffic in recent months along with mid-single-digit labor cost pressures helped solidify your decision on this.

首先，亞當、傑克和史考特祝賀你們擔任新角色。上次通話時，你們正在考慮第四季的價格上漲。我很好奇近幾個月的流量強勁以及中等個位數的勞動力成本壓力是否有助於鞏固您對此的決定。

Yeah. This is Scott. I'll jump in here. Thanks for the question. We're keeping a really close eye on the consumer, as you can imagine. Also a close eye on this very competitive market that we're in today given the macros and what's going on with value wars and QSR and fast casual.

是的。這是斯科特。我會跳到這裡。謝謝你的提問。正如您可以想像的那樣，我們非常密切地關註消費者。考慮到宏觀因素以及價值戰、快餐和快速休閒的情況，我們也要密切關注我們今天所處的這個競爭非常激烈的市場。

But also note that we are seeing some modest inflation. I'll let Adam speak to that in the business today. So nothing planned today, but that's not to say we wouldn't look at our pricing action at some point in the future.

但也要注意的是，我們看到了一些溫和的通膨。今天我將讓 Adam 在業務中談論這一點。所以今天沒有任何計劃，但這並不是說我們不會在未來的某個時候考慮我們的定價行動。

Yeah. And to go a little bit further into inflation, so yeah, like you said, Andrew, we're kind of seeing low single-digit inflation on cost of sales. That's after you peel back a few layers. So one of that is going to be the investment that we made in portion. So roughly that 60 basis points that we mentioned on the call.

是的。進一步討論通貨膨脹問題，是的，就像你說的，安德魯，我們看到銷售成本的通貨膨脹率較低，為個位數。那是在你剝掉幾層之後。因此，其中之一就是我們的部分投資。我們在電話會議中提到的大約 60 個基點。

We believe we can offset that through efficiencies within our supply chain as well as within the back of house of our restaurants. Probably a full offset by the end of next year, so that's not included. Neither is the impact of brisket, kind of that premium item and what that's doing to cost of sales right now, as well as the avocado comparison.

我們相信，我們可以透過提高供應鏈以及餐廳後台的效率來抵消這種影響。可能會在明年年底之前完全抵消，因此不包括在內。牛胸肉（一種優質產品）及其對目前銷售成本的影響以及酪梨的比較也沒有影響。

So if you remember about a year ago, avocados were abnormally low. And so once you peel back those layers, you're seeing about a low-single-digit inflation on cost of sales and then a similar amount on labor.

因此，如果您還記得大約一年前，酪梨的價格異常低。因此，一旦你剝開這些層，你就會看到銷售成本的通膨率處於低個位數，勞動成本的通膨率也類似。

We mentioned mid-single digit of labor, but that includes the FAST Act. We've already taken price, as you know, back in April of this year to offset that roughly 20% increase in wages in California. And so the remaining underlying inflation on labor is kind of in that low single-digit range.

我們提到了中等個位數的勞動力，但這包括 FAST 法案。如您所知，我們早在今年 4 月就已經採取了價格措施，以抵消加州工資上漲約 20% 的影響。因此，勞動力的剩餘潛在通膨率在較低的個位數範圍內。

Okay. Very helpful. And then Jack or Adam, you guys previously talked about aspirations to ramp to 10% net restaurant growth in 2025. While the guidance for 315 to 345 openings is a strong number, it was a bit light of the aspirations you guys previously laid out. So was wondering if you could talk through what is factored into the development guidance for '25.

好的。非常有幫助。然後，傑克或亞當，你們之前談到了到2025 年餐廳淨增長率達到10% 的願望。 。所以想知道您是否可以談談 '25 的開髮指南包含哪些內容。

This is Scott. I'll jump in here again. I'll let Adam come in behind. I'll tell you, we will see year-over-year incremental new restaurant growth in '25. The percentage will move closer to 10% than we've been in years past. We feel really comfortable about the number today to successfully open that many restaurants with high-quality leaders that we know we can execute and deliver with excellence.

這是斯科特。我會再次跳到這裡。我會讓 Adam 跟在後面。我告訴你，我們將在 25 年看到新餐廳的同比增量增長。與過去幾年相比，這一比例將接近 10%。我們對今天成功開設如此多由高素質領導者開設的餐廳的數字感到非常滿意，我們知道我們可以卓越地執行和交付。

We feel really comfortable in the 8% to 10% range. Can we move closer to 10%? Perhaps. Timelines remain pretty consistent at 21 months, and we have a really robust pipeline. We have a lot of confidence in our development team and operations team to deliver great results in the years to come.

在 8% 到 10% 的範圍內我們感覺非常舒服。我們能更接近 10% 嗎？也許。時間表非常一致，為 21 個月，而且我們擁有非常強大的管道。我們對我們的開發團隊和營運團隊在未來幾年取得出色成果充滿信心。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on new unit performance. At least the way we calculate it this quarter, it looked a little lower than it has been in past quarters. So I was wondering if you could explain what you're seeing there and whether there's something unusual in the numbers affecting the calculations of that.

我的問題是關於新單位的表現。至少從我們本季的計算方式來看，它看起來比過去幾個季度要低一些。所以我想知道您是否可以解釋一下您在那裡看到的情況以及影響計算的數字是否有異常。

Yeah. I'll start and then, Scott, definitely jump in. So nothing unusual in this quarter to really call out, we're still seeing productivity kind of in that low-80% range. And so we're still really excited about how our new units are performing.

是的。我會開始，然後，斯科特，肯定會插話。 因此，本季度沒有什麼異常情況值得真正指出，我們仍然看到生產力處於 80% 的低水平範圍內。因此，我們仍然對新設備的表現感到非常興奮。

Yeah. And the year-two ROI is still holding pretty steadily, and we feel really good about the performance of this class of restaurants.

是的。第二年的投資報酬率仍然相當穩定，我們對這類餐廳的表現感到非常滿意。

Great. And then I guess my other question was about the path to get back to the high-20s restaurant margin. I think you've talked about that being something that you would have at this level of average unit volumes. So I guess I know you mentioned some efficiency gains or productivity gains you're expecting. But I guess, as you think forward, is there anything you can share with respect to the path to get there in the next few years?

偉大的。然後我想我的另一個問題是關於餐廳利潤恢復到 20 多歲的道路。我想你已經談到了在這個平均單位體積水平上你會擁有的東西。所以我想我知道您提到了您期望的一些效率提升或生產力提升。但我想，當你展望未來時，關於未來幾年實現這一目標的路徑，你有什麼可以分享的嗎？

Dave, I'll start and again flip it over to Adam. But I think in general, we have a lot of confidence in our ability to get back to high-20s. We think the algorithm still holds at $4 million and 30%. There are several initiatives that are in the pipeline today, whether it's supply chain initiatives or efficiencies, and/or technologies like equipment technologies will help us be more efficient at the restaurant level.

戴夫，我將開始並再次將其交給亞當。但我認為總的來說，我們對回到 20 多歲的能力充滿信心。我們認為演算法仍保持在 400 萬美元和 30% 的水平。目前正在醞釀多項舉措，無論是供應鏈舉措還是效率，和/或設備技術等技術將有助於我們在餐廳層級提高效率。

Adam, is there anything else you would add to that?

亞當，您還有什麼要補充的嗎？

No. I mean, I would just say that within the margin algorithm, that 40% flow through on incremental transaction, still very much in line. And I know in Q3, it was about an 80-basis-point decline year over year, but you have to take into account a few different things.

不，我的意思是，我只想說，在保證金演算法中，40% 的流量通過增量交易，仍然非常符合要求。我知道在第三季度，年減了約 80 個基點，但你必須考慮到一些不同的因素。

One, the portion investment, which, again, will offset that 60 basis points through efficiencies. The avocado comparison is another like 50 basis points or so. And then there's an ad promo timing that added another 20 basis points.

一是部分投資，這將再次透過效率來抵消 60 個基點。酪梨的比較是另一個大約 50 個基點左右。然後還有一個廣告促銷時機，又增加了 20 個基點。

So if you take those into consideration, we would have gone from kind of a minus 80 basis points to a positive 50, which would be more in line with the transactions that we drove. So a few unique items in the quarter.

因此，如果考慮到這些因素，我們將從負 80 個基點變為正 50 個基點，這將更符合我們推動的交易。本季有一些獨特的商品。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess, a clarification on the comps and then a question on the throughput. So you mentioned that the carne asada comparisons are difficult. But I thought carne asada was on the menu for all of the fourth quarter of last year.

我想，首先是對比較的澄清，然後是關於吞吐量的問題。所以你提到卡內淺田比較很難。但我認為去年第四季的菜單上都有淺田肉。

So just trying to understand if you're saying that you would expect traffic trends, which accelerated nicely into October to somehow slow through the rest of the quarter, and whether or not again that any of this is seasonality, similar to what we saw in the second quarter where maybe April was very strong, but then some other kind of variability. So I wanted to make sure I was understanding the commentary on the traffic outlook for 4Q and then just a question about throughput.

因此，只是想了解您是否認為流量趨勢會在 10 月份大幅加速，但在本季度剩餘時間內會以某種方式放緩，以及這是否又是季節性的，類似於我們在第二季度四月份可能非常強勁，但隨後出現了其他一些變化。所以我想確保我理解對第四季度流量前景的評論，然後只是一個關於吞吐量的問題。

Yeah. Sara, we are seeing acceleration in the business. And that's even in light of what we believe to have been a very successful carne asada promotion which we're rolling over at present. As well as that, if you recall, we had 20% pricing that is rolled off a couple of weeks ago. And so we feel great about the trends.

是的。薩拉，我們看到業務正在加速發展。甚至考慮到我們認為非常成功的 carne asada 促銷活動，我們目前正在滾動進行。除此之外，如果您還記得的話，我們在幾週前就下調了 20% 的價格。所以我們對這些趨勢感覺很好。

And I think it's a combination of an exceptional product offering, great marketing around what makes our brand unique and special, as well as operational execution.

我認為這是卓越的產品供應、圍繞著使我們品牌獨特和特殊的優秀行銷以及營運執行的結合。

I'll tell you, Sara, our ops teams are delivering on a level I have not seen before in my 30-year history. I couldn't be more proud of them. And I think all of those things together are driving the performance that we're seeing in the business today.

我告訴你，Sara，我們的營運團隊正在達到我 30 年歷史中從未見過的水平。我為他們感到無比驕傲。我認為所有這些因素共同推動了我們今天在業務中看到的表現。

Yeah. And then I can expand a little bit on throughput. So we saw great progress in the quarter. Like Scott mentioned, expo execution went from like 50% of our restaurants to 60% of our restaurants. So that was a nice step up.

是的。然後我可以稍微擴充一下吞吐量。所以我們在本季看到了巨大的進步。正如 Scott 所提到的，我們的餐廳執行展會的比例從 50% 增加到了 60%。所以這是一個很好的進步。

And then we saw an increase in Max 15 of about 1.2 entrees in our 15-minute period. And so we believe that, again, the fueling of not only the positive 3.3% transaction, but also that execution that Scott talked about, just amazing in our restaurants to help drive that result.

然後我們發現在 15 分鐘內，最多 15 道主菜增加了約 1.2 道。因此，我們再次相信，不僅是 3.3% 的正交易，而且還有斯科特談到的執行力，在我們的餐廳中幫助推動這一結果真是太棒了。

Right. Thank you. That's great color. And just on the throughput, just one quick question. Is that how you think about some of the technology and equipment you're rolling out? I mean, I know you talked about efficiencies. It seems like that will largely be reinvested into the portion sizing. But would you expect to see a step change in throughput as well? Or is that, again, more incremental?

正確的。謝謝。那顏色真棒。關於吞吐量，只是一個簡單的問題。您是這樣看待您正在推出的一些技術和設備的嗎？我的意思是，我知道您談到了效率。看來這大部分將被重新投資到份量大小。但您是否期望看到吞吐量也發生階躍變化？或者說，這又是一種增量？

I do, Sara, absolutely. One of the challenges that we have in our restaurants is in the morning, our teams are so involved in cutting, slicing, dicing, chopping and really preparing all the wonderful ingredients to be used throughout the day that oftentimes they fall behind, for a host of reasons, whether that's a call-out or a new team member joining the team that is less talented with the knife. Those challenges are formidable. And that oftentimes causes us to not be deployed effectively at peak and not able to drive great throughput.

我願意，薩拉，絕對是如此。我們餐廳面臨的挑戰之一是在早上，我們的團隊如此投入地切、切片、切丁、剁碎，並真正準備全天使用的所有美妙食材，以至於對於主人來說，他們常常落後原因有很多，無論是徵召還是新成員加入團隊，但他們的刀具天賦較差。這些挑戰是艱鉅的。這常常導致我們無法在高峰時有效部署，也無法驅動巨大的吞吐量。

The technologies we're talking about will help enable our teams to deliver great culinary but also get the process done in time to be deployed effectively and really drive great throughput in the business.

我們正在討論的技術將有助於我們的團隊提供出色的烹飪，同時也能及時完成流程，以便有效部署，並真正推動業務的巨大吞吐量。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Scott, I actually heard you on CNBC just now, just a 0.5 hour ago or so, and you're talking about some of the technology, the AI-enabled customized marketing that you would imagine happening and some of the bespoke-type suggestions or whatnot. I'm trying to imagine what you could have been talking about there. Maybe you can maybe bring that to life for us about maybe what iterations of enhanced digital experiences and what that could mean ultimately to comps.

Scott，實際上我剛剛在 CNBC 上聽到您的講話，就在 0.5 小時左右，您正在談論一些技術、您想像中會發生的人工智能定制營銷以及一些定制類型的建議或諸如此類的。我正在嘗試想像你可能在那裡談論什麼。也許你可以為我們帶來關於增強數位體驗的迭代以及這最終對公司意味著什麼的資訊。

And just to follow up on that throughput question that Sara was asking about. You mentioned something like a 1.2 improvement in entrees for 15 minutes. And we saw that you had driven -- it looks like your labor hours might have been roughly flat versus the traffic up 3%. Is that the type of relationship that happens from that?

只是為了跟進 Sara 詢問的吞吐量問題。您在 15 分鐘內提到了主菜 1.2 的改進。我們看到您開車了 - 看起來您的工作時間可能大致持平，而交通量卻增長了 3%。這是由此產生的關係類型嗎？

I mean, you talked about 5 more entrees per 15 minutes being the opportunity. Does that mean that you can do this for another -- is there a relationship there that we should think about as we model between those two things? Or maybe I'm overthinking that. Thanks.

我的意思是，你說每 15 分鐘多吃 5 道主菜就是機會。這是否意味著您可以為另一個事物做這件事——在我們為這兩件事建立模型時，我們應該考慮其中的關係嗎？或者也許是我想太多了。謝謝。

Yeah. Thanks, David. On to the CRM and CDP -- I'm sorry, CDP loyalty and personalization I spoke of earlier, in that way, Curt Garner and his team can talk through some of the early stages of what would an AI model look like to really drive greater efficiency with our loyalty members. And we're early innings and we're still experimenting with some really, really unique ideas. He has an extraordinarily talented team that continues to figure out ways to iterate and drive performance in that channel.

是的。謝謝，大衛。關於 CRM 和 CDP——抱歉，我之前提到過 CDP 忠誠度和個性化，透過這種方式，Curt Garner 和他的團隊可以討論人工智慧模型真正驅動的一些早期階段與我們的忠誠會員一起提高效率。我們還處於早期階段，我們仍在嘗試一些非常非常獨特的想法。他擁有一支非常有才華的團隊，不斷尋找迭代和提高該通路績效的方法。

And so it's really early days, but we think the AI model sitting on top that's really searching out whether you're a lapsed user, an at-risk user or an active user within the program, how do we serve up a bespoke experience, and truly bespoke experience, beyond some of the traditional format pitches that you typically get in a loyalty program, but something that's really tailored for the user. Not just in checkout for ads, but also a bespoke experience, when you enter the experience, you'll see something tailored for you as an individual based on your needs, your usages over the past or your history. And so we think it's a really cool play on how do we continue to drive incremental value within that platform.

所以現在還處於早期階段，但我們認為位於頂部的人工智慧模型確實會搜尋您是流失用戶、有風險的用戶還是程式中的活躍用戶，我們如何提供客製化體驗，真正的客製化體驗，超越了您通常在忠誠度計劃中獲得的一些傳統格式宣傳，而是真正為用戶量身定制的體驗。不僅是在廣告結帳時，而且還是客製化體驗，當您進入體驗時，您會看到根據您的需求、過去的使用情況或歷史記錄為您量身定制的內容。因此，我們認為，對於我們如何繼續在該平台內推動增量價值來說，這是一個非常酷的遊戲。

Yeah. And then David, I can comment on the labor comments. I mean outside of normal leverage as we drive additional transactions, whether that be through throughput or marketing initiatives or really all of the above, labor hours, there's no kind of relationship, I think, other than the leverage that you're talking about. So if I'm understanding that question correctly.

是的。然後大衛，我可以對勞工評論發表評論。我的意思是，在正常槓桿之外，當我們推動額外交易時，無論是透過吞吐量或行銷計劃還是實際上所有上述內容、勞動時間，我認為除了您所說的槓桿之外，沒有任何關係。所以如果我正確理解這個問題的話。

Yeah. No, and we can -- I'll ask about it more offline. Thank you.

是的。不，我們可以——我會在線下詢問更多。謝謝。

David, I will add. One of the challenges we face again is getting all the work done in the AM and being deployed correctly. So the same amount of labor in the building, but someone's taking care of pots and pans and the dishing, and someone else is wrapping up prep on onions or peppers or bell peppers or jalapenos and not being deployed. So if we go and worked on, put away in the right way in every restaurant consistently every day, we can deploy all those individuals to the guest experience, which is where we'll drive the most value.

大衛，我補充一下。我們再次面臨的挑戰之一是在 AM 中完成所有工作並正確部署。因此，建築物中的勞動力數量相同，但有人在照顧鍋碗瓢盆和餐具，而其他人正在準備洋蔥、辣椒、甜椒或墨西哥辣椒，而沒有部署。因此，如果我們繼續努力，每天在每家餐廳都以正確的方式進行擺放，我們就可以將所有這些人員部署到客戶體驗中，這就是我們將帶來最大價值的地方。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Congrats, Scott, Jack, and Adam, with your new roles. I was wondering if you can share any internal metrics or measures on the impact and returns of these portion size investments.

恭喜史考特、傑克和亞當獲得新角色。我想知道您是否可以分享有關這些部分投資的影響和回報的任何內部指標或措施。

So do you think these investments have been sufficient in protecting the core brand equity? And what do you need to see to kind of move on gradually? I know you mentioned that you won't expect to fully cycle until second half, but how you would see the returns on the investments so far?

那麼您認為這些投資足以保護核心品牌資產嗎？你需要看到什麼才能逐漸前進？我知道您提到您預計要到下半年才會完全循環，但您如何看待迄今為止的投資回報？

Yeah. It's really hard to quantify. Here's what I will tell you, is if you think about the core equities of the Chipotle brand for the last 30 years, it's all been grounded in this idea of high-quality fresh ingredients prepared to classic culinary techniques in variety and abundance at a speed which you can't get anywhere else at an extraordinary price point. And so we know that portioning is a core equity of ours in the organization, and we are committed to ensuring that we give the right portion to every guest that walks into the building.

是的。確實很難量化。我要告訴你的是，如果你思考過去30 年來Chipotle 品牌的核心資產，你會發現這一切都建立在這樣的理念之上：高品質的新鮮食材，按照經典的烹飪技術，快速、多樣化、豐富地烹調而成。因此，我們知道分配是我們組織的核心資產，我們致力於確保為走進大樓的每位客人提供正確的份量。

We've seen strong improvement even through our social channels of people -- it's a reverse of what we saw earlier in the year, around people posting big burritos, big bowls, and really excited about portioning they're getting in the Chipotle brand.

即使透過我們的社交管道，我們也看到了強勁的進步——這與我們今年早些時候看到的情況相反，人們發布了大捲餅、大碗，並對他們在Chipotle 品牌中獲得的份額感到非常興奮。

We also see that show up in our brand tracker and other third-party sources where value for the money, food for the money, and quality for the money exceed most of our peers in the category. So also, in total consumer metrics that we measure through our digital channel and in-restaurant experience, showed portioning, positive scores were up 500 points over the spring.

我們還看到，在我們的品牌追蹤器和其他第三方來源中，物有所值、物有所值的食品和物有所值的品質超過了該類別中的大多數同行。同樣，在我們透過數位管道和餐廳體驗衡量的整體消費者指標中，顯示出分配的積極分數在春季上升了 500 分。

So we know we're making great progress. We know we're delivering value for the consumer, especially in this really tight environment, and we'll continue to lean into that.

所以我們知道我們正在取得巨大進展。我們知道我們正在為消費者提供價值，尤其是在這個非常緊張的環境中，我們將繼續致力於這一點。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Maybe just first one, Adam, do you have any thoughts on inflation next year so far? Do you think low-single digit for food and wages can continue?

也許只是第一個，亞當，到目前為止，您對明年的通貨膨脹有什麼想法嗎？您認為食品和工資的低個位數還能繼續嗎？

Yeah. For what we see at this point, we believe that that will continue. Labor has been kind of in that levels outside the FAST Act for quite some time now. So we have no reason to believe that will change. And then our first initial looks at cost of sales into next year are still going to be more of the same, but we'll update you guys if that changes coming calls.

是的。就我們目前所看到的情況而言，我們相信這種情況將會持續下去。工黨在相當長一段時間內一直處於《FAST 法案》之外的水平。所以我們沒有理由相信這種情況會改變。然後，我們對明年銷售成本的初步評估仍將大致相同，但如果情況發生變化，我們會及時通知大家。

Okay. Scott, maybe just on some of the new equipment and automation, how fast do you think some of that can be deployed? And I guess, just kind of like philosophically, is this something where it's really -- it's mainly about kind of creating a better experience for employees? Is it something that you think kind of drives better margins over time?

好的。斯科特，也許只是在一些新設備和自動化方面，您認為其中一些可以多快部署？我想，就像哲學上一樣，這真的是──主要是為員工創造更好的體驗嗎？您認為隨著時間的推移，這會帶來更高的利潤嗎？

Or on the other hand, do you sort of -- if it creates efficiencies, do you share that with the customer in the form of kind of lower pricing versus some of your competition over time? How do you kind of manage that over the longer term?

或者另一方面，如果它創造了效率，隨著時間的推移，您是否會以相對於某些競爭對手更低的價格的形式與客戶分享這一點？從長遠來看，你如何管理這個問題？

Yes, Brian. I'll tell you, we have a number of initiatives in our stage-gate process today. Some short range, some midrange, some long range. A couple of pieces that are in the short range at the stage gate that have moved their way through, the dual-sided plancha, which will drive great efficiency and unlock increased capacity, I should say, in the kitchen, and also drive efficiencies as it relates to the labor model.

是的，布萊恩。我告訴你，今天我們在階段性流程中採取了許多措施。有的短程，有的中程，有的長程。舞台門口短距離內的幾件已經移動的部件，即雙面煎餅，我應該說，這將提高廚房的效率並釋放更大的容量，並且還可以提高效率這與勞動模式有關。

The produce slicer, we feel really good about, have already talked about that. We also have -- we're testing a new dual [fat] fryer that is going to be more efficient as we cook chips daily and season chips in our restaurants. So all of these things will be items that will help the team member experience, drive efficiency, remove some of the mundane repetitive tasks in the restaurant, which will always ladder to a better guest experience. And some of them will have margin improvement baked into the program.

我們感覺非常好的農產品切片機已經討論過這一點。我們也正在測試一種新的雙[油]油炸鍋，當我們每天烹飪薯條並在餐廳調味薯條時，它會更有效率。因此，所有這些都將有助於團隊成員體驗、提高效率、消除餐廳中的一些平凡的重複性任務，從而始終獲得更好的賓客體驗。其中一些將把利潤率改善納入該計劃。

So we feel really good about the long-range items around Autocado and Hyphen. Recall, these are companies that we've invested in, that we're building, co-building really bespoke pieces of technology that we know will help us down the road somewhere, but we continue to refine and iterate on how those show up in the restaurant.

因此，我們對 Autocado 和 Hyphen 周圍的遠端專案感覺非常好。回想一下，這些是我們投資的公司，我們正在建立、共同建立真正客製化的技術，我們知道這些技術將幫助我們在某個地方走下去，但我們會繼續完善和迭代這些技術如何在餐廳。

And so you'll see those items. I think it's important to note that we enter into restaurants, we'll test and learn, bring it out of the restaurant. We'll find the piece of equipment, put it back in. But we feel really good about what the value they can bring long-term for the organization. Hopefully that answers your question, Brian.

所以你會看到這些項目。我認為重要的是要注意，我們進入餐廳，我們會測試和學習，然後將其帶出餐廳。我們會找到該設備，將其放回原處。希望這能回答你的問題，布萊恩。

John Ivankoe, JP Morgan.

約翰‧伊凡科，摩根大通。

Two, if I may. The first question is on your investment in Brassica in the Mediterranean and the Columbus area. Should we read anything into Chipotle maybe extending itself a little bit more in terms of being a platform company? I mean, was that a one-off type of transaction, or could we expect a series of interesting businesses like that that could eventually fit within the Food with Integrity broader theme?

如果可以的話，兩個。第一個問題是關於您對地中海和哥倫布地區蕓薹屬植物的投資。我們是否應該從 Chipotle 身上讀到一些東西，也許可以在成為平台公司方面進一步擴展自己？我的意思是，這是一種一次性的交易，還是我們可以期待一系列類似的有趣業務最終能夠融入「誠信食品」更廣泛的主題？

That was an investment we made from our Chipotle Next Fund, and we felt really good about it. We've been looking around the industry for concepts, emerging concepts that aligned with our food ethos and how we think food should be eaten, that were aligned to our business model and practices that we could co-invest with.

這是我們從 Chipotle Next Fund 進行的一項投資，我們對此感覺非常好。我們一直在業界尋找與我們的食品精神以及我們認為食物應該如何食用一致的概念、新興概念，這些概念與我們可以共同投資的商業模式和實踐相一致。

Now keep in mind, this is a passive investment and a minority investment and will not be a distraction of the Chipotle organization. And so we see them as they think about growth down the road. We'll give them some guidance and counsel on development and how they grow. But it won't be a distraction for this organization. And it could be a growth platform somewhere 10, 15 years down the road that adds a layer of growth for the business.

現在請記住，這是一項被動投資和少數股權投資，不會分散 Chipotle 組織的注意力。因此，我們看到他們正在考慮未來的成長。我們將為他們提供一些關於發展和成長的指導和建議。但這不會分散該組織的注意力。它可能會成為 10、15 年後的成長平台，為業務增加一層成長。

Okay. Sounds good. And secondly, we spent a good amount of time today talking about prep, prep labor complexity, and to some extent, the repetitiveness around it, stores that need to be stopped at 6:00 or 7:00 in the morning. I've asked the question before, and sometimes I don't think I've asked it correctly, is there an opportunity over time to maybe have certain prep stores that are densely clustered within a market that can maybe take care of some prep work for stores that are in their immediate surroundings?

好的。聽起來不錯。其次，我們今天花了很多時間討論準備工作、準備工作的複雜性，以及某種程度上的重複性，以及需要在早上 6:00 或 7:00 停止的商店。我以前曾問過這個問題，有時我認為我問得不正確，隨著時間的推移，是否有機會擁有某些密集聚集在市場中的準備商店，這些商店可能可以處理一些準備工作對於附近的商店？

I'm not asking for a central kitchen per se as we would normally define those terms on an industry basis, but maybe one store that takes care of prep for 5 or 10 stores around it, that could make it easier to run all stores within a specific trade area. Is that something that you're considering over time?

我並不是要求中央廚房本身，因為我們通常會在行業基礎上定義這些術語，但也許一家商店負責周圍 5 或 10 家商店的準備工作，這可以讓經營所有商店變得更容易特定的貿易區域。隨著時間的推移，這是您正在考慮的事情嗎？

It's a great question. And it's something we have looked at in the past. Now it comes with its own set of complexities and inherent risks. And largely, in fact, that largely the opportunity is, is how do we create that experience. We can be consistent with regard to how we prep, but then distributing and keeping that food safe during the distribution process, from the center location out to, call it, a spoke-and-hub is just challenging.

這是一個很好的問題。這是我們過去關注過的事。現在它有其自身的複雜性和固有風險。事實上，在很大程度上，機會在於我們如何創造這種體驗。我們可以在準備方式上保持一致，但在分發過程中分發並保持食品安全，從中心位置到輻條和中心只是具有挑戰性。

And when we looked at it a few years back, it was cost prohibitive as well. And so right now, we feel like the working model we have is the best way to Chipotle to deliver our unique experience. But that's not to say we couldn't look at something different down the road.

當我們幾年前審視它時，它的成本也令人望而卻步。所以現在，我們覺得我們現有的工作模式是 Chipotle 提供獨特體驗的最佳方式。但這並不是說我們不能在未來看到一些不同的東西。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I just wanted to ask about the consumer. Some of the behavior you're seeing across different cohorts, the low middle income, high-end consumer, any differences that you're seeing across regions at all?

我只是想問一下消費者的狀況。您在不同群體、中低收入、高端消費者中看到的一些行為，在不同地區看到的有什麼差異嗎？

Yeah. I'll start, and I'll flip it over to Adam here. We're still seeing strength across all income cohorts even in this competitive environment, which gives us the belief that we are still delivering extraordinary value for the consumer, and get all the core equities that I talked about earlier, and the chicken burrito on average is still under $10, which we believe is still a 15% to 30% discount compared to our peer group.

是的。我先開始，然後將其交給 Adam。即使在這種競爭環境下，我們仍然看到所有收入群體的實力，這讓我們相信我們仍在為消費者提供非凡的價值，並獲得我之前談到的所有核心權益，以及平均雞肉捲餅仍低於10 美元，我們認為與同行相比仍然有15% 至30% 的折扣。

And so we'll continue to lean into that as we move forward. Again, all income cohorts, even though income, are showing positive signs of strength.

因此，在我們前進的過程中，我們將繼續致力於這一點。同樣，所有收入群體，即使是收入群體，也都顯示出積極的實力跡象。

Yeah. And I would just add, across the board too, in terms of our regions, I mean really all performing very, very well. We called out California in the last call, of course, after the FAST Act price increase there.

是的。我想補充一點，就我們的地區而言，我的意思是，所有地區都表現得非常非常好。當然，在《快速法案》漲價之後，我們在上次電話會議中提到了加州。

We did see some weakness overall in our sales in California after the FAST Act, but we sell that across the entire industry, so it seemed to be more of a macro based or really just a reaction to the inflation in restaurants in California. So that has kind of continued on into Q3. But outside of that, it's really been pretty broad based on our strength.

在《FAST 法案》實施後，我們確實看到加州的整體銷售出現一些疲軟，但我們在整個行業中都進行了銷售，因此這似乎更多是基於宏觀的，或者實際上只是對加州餐館通貨膨脹的反應。所以這種情況一直持續到第三季。但除此之外，根據我們的實力，它確實相當廣泛。

Great. Very helpful. And then just a follow-up on the 4Q guide. You talked about traffic modestly accelerating have price rolling off. Are you assuming traffic decelerates as we move through the quarter? And just to level-set, are you thinking 4.5% to 5% in terms of the comp guide for the quarter?

偉大的。非常有幫助。然後是第四季指南的後續內容。您談到流量適度成長而價格下降。您是否假設隨著本季的發展，流量會減速？就水平設定而言，您是否認為本季的薪資指南為 4.5% 至 5%？

Yeah. And so like I said earlier, September was kind of a mid-7% comp, of which trans kind of in that low 4% range. That trans comp has continued into October. And at this point, our assumption is that will continue into Q4.

是的。正如我之前所說，9 月的比較是 7% 左右，其中跨性別者的比較在 4% 左右。這種跨性別競爭一直持續到十月。目前，我們的假設是這種情況將持續到第四季。

And then in the prepared comments, I talked about how the price impact would be just above 1%, and there'll be a slight mix drag. So I believe check will be somewhere around 1%. So I think you're thinking about it the right way if you get kind of into that mid-5% range.

然後在準備好的評論中，我談到價格影響將略高於 1%，並且會出現輕微的混合拖累。所以我相信支票會在 1% 左右。所以我認為，如果你處於 5% 中間的範圍內，你的思考方式是正確的。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

First, Scott, I wanted to clarify the level of improvement in the number of entrees per 15 minutes that you believe is ultimately possible after implementing the throughput initiatives that are planned for the next 6 to nine months or so?

首先，Scott，我想澄清每 15 分鐘主菜數量的改善程​​度，您認為在實施計劃在未來 6 到 9 個月左右的吞吐量計劃後最終可能實現？

Yeah. I think really it's possible for us to get back to where we were in the heyday of Chipotle, in the low-30s. And today, we're trending around the mid-20s. So you have to include digital in that number, the digital entries coming through the digital channel as well. But if you think about just the true business, the in-restaurant experience that is, we think there's still pretty significant upside.

是的。我認為我們真的有可能回到 Chipotle 的鼎盛時期，也就是 30 多歲的時候。今天，我們的趨勢在 20 多歲左右。因此，您必須在該數字中包含數字，以及透過數位管道輸入的數字條目。但如果你考慮真正的業務，也就是餐廳內的體驗，我們認為仍然有相當大的優勢。

Okay. And then just one other question. I was hoping you could provide a bit more color on the performance of the smoked brisket. In particular, has the repeat usage been as high this time as it was the last time it was promoted.

好的。然後還有一個問題。我希望你能為煙燻牛胸肉的性能提供更多的色彩。特別是，這次的重複使用率是不是跟上次推廣時一樣高呢？

Yeah. So I'll start, and then Scott, you can jump in. And so brisket is performing really well, especially compared to carne asada. It's kind of in that mid-teens incident in terms of a percent of entrees. It's driving spend, it's driving additional transactions, it's comping really well over carne asada.

是的。所以我先開始，然後斯科特，你可以插話了。 所以胸肉的表現非常好，特別是與卡內淺田相比。就主菜的百分比而言，這有點像是十幾歲左右的事件。它推動了消費，推動了額外的交易，它比 carne asada 的表現要好得多。

And then in terms of repeat usage, I mean, I know it's driving amazing new customers to the brand as well as getting people in and increasing their frequency. And then what's -- the beauty of all of these LTOs is they come in, they try brisket, and then we see on the second or third visit, sometimes they go back to brisket, sometimes they go to chicken, steak or other items. So we're really seeing some great trends there.

然後就重複使用而言，我的意思是，我知道它正在為該品牌帶來令人驚嘆的新客戶，並吸引人們加入並增加他們的使用頻率。然後，所有這些LTO 的美妙之處在於，他們進來，嘗試牛胸肉，然後我們在第二次或第三次訪問時看到，有時他們會回到牛胸肉，有時他們會去吃雞肉、牛排或其他食物。所以我們確實看到了一些偉大的趨勢。

It's not often that you find an LTO that you can put the marketplace that's going to drive check, transactions and margin. This is one of them. And so we're super excited about the product. We love how it's performing.

您很少會找到可以放置市場來推動支票、交易和保證金的 LTO。這是其中之一。所以我們對這個產品非常興奮。我們喜歡它的表現。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Hey, thank you, and congratulations to everybody on their new roles. As it relates to margins, specifically the COGS margin line, you saw the deleverage this quarter of about 90 basis points, and obviously, that was expected. But can you bridge that deleverage broken down between the actual portion investments that you deployed versus underlying dynamics like food cost inflation for us, so we can understand that bridge a little bit better?

嘿，謝謝大家，恭喜大家擔任新角色。由於它與利潤率有關，特別是銷貨成本利潤率線，您看到本季的去槓桿化約為 90 個基點，顯然，這是預期的。但是，您能否在您部署的實際部分投資與食品成本通膨等潛在動態之間建立去槓桿化的橋樑，以便我們能夠更好地理解這座橋樑？

And I totally understand that a price action doesn't seem necessarily on the table for, but how do you want to solve thinking about the potential base case for pricing as we go into 2025? Because I think that is going to be a debate on investors' minds moving forward.

我完全理解，價格行動似乎不一定會出現，但是當我們進入 2025 年時，您希望如何解決對潛在定價基本情況的思考？因為我認為這將成為關於投資者未來想法的爭論。

Yeah. So like I talked about earlier, so within cost of sales, that portion of investment of about 60 basis points, that's fully in that cost of sales number. And then the avocado comparison of being about another 50 basis points or so of just it being abnormally low in the prior year is also in there as well. And so once you peel back those two layers and then the fact that risk, which like Scott talked about, it drives margin overall.

是的。就像我之前談到的那樣，在銷售成本中，大約 60 個基點的投資部分完全包含在銷售成本數字中。然後，與前一年異常低的酪梨相比，又下降了大約 50 個基點左右。因此，一旦你剝離這兩層，那麼風險這一事實，就像斯科特談到的那樣，它會推動整體利潤率。

However, it does increase our cost of sales, I think, roughly 40 or 50 basis points in the quarter. And so that's another layer that's basically temporary hit to cost of sales.

然而，我認為這確實增加了我們本季的銷售成本約 40 或 50 個基點。因此，這基本上是對銷售成本暫時性影響的另一層。

However, because of the price point of brisket, you leverage on labor and other operating and things like that. And so once you peel back the layers, look at the underlying inflation of cost of sales, labor and other operating expense that menu price impact that we would need to offset that and maintain our margins would be probably somewhere in that like 2% to 3% range.

然而，由於牛胸肉的價格點，你可以利用勞動力和其他運營以及類似的事情。因此，一旦你剝開層層，看看銷售成本、勞動力和其他營運費用的潛在通貨膨脹，菜單價格的影響我們需要抵消它並維持我們的利潤率可能會在 2% 到 3% 左右。 。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

It sounds like things are on a really good path to Alshaya so far. And I'm curious just given what seems to be a good start there. Are you thinking about other kind of short-listed regions that you'd like to find licensees to operate Chipotle? And are you fully committed to continuing to own your locations in France, Germany, and the UK?

聽起來到目前為止，通往 Alshaya 的道路非常順利。我很好奇，因為這似乎是一個好的開始。您是否正在考慮其他類型的入圍地區，並希望尋找被授權者來經營 Chipotle？您是否完全致力於繼續擁有您在法國、德國和英國的工廠？

Yeah. Thanks, Shannon. Here's what I'll tell you, is we're really pleased with our partnership with Alshaya. And I said on the call, we're one of the best-performing brands in our Alshaya portfolio. We plan pretty aggressive growth with Alshaya over the next few years.

是的。謝謝，香農。我要告訴您的是，我們對與 Alshaya 的合作感到非常滿意。我在電話中說，我們是 Alshaya 產品組合中表現最好的品牌之一。我們計劃在未來幾年與 Alshaya 實現相當積極的成長。

We will strategically look at other like partners around the globe that we could potentially partner with to expand, whether that's Latin America or APAC or otherwise. Those opportunities will ensure emerge over the coming months. And we'll look at those very closely on what the market entry would look like for us, how we think about those partnerships.

我們將策略性地尋找全球其他類似的合作夥伴，無論是拉丁美洲、亞太地區或其他地區，我們都有可能與之合作擴張。這些機會肯定會在未來幾個月內出現。我們將非常仔細地研究這些內容，了解我們的市場進入是什麼樣子，以及我們如何看待這些合作關係。

We will continue to own our present investor unit as well as North America. We think that's the greatest way to drive value for our brand and for our shareholders.

我們將繼續擁有我們現有的投資者部門以及北美地區。我們認為這是為我們的品牌和股東創造價值的最佳方式。

And then just a question on Hyphen. I know it's early days and you've only have it, I think, in one location. But is that helping keeping kind of the aces in their places having that tool in the restaurant?

然後是關於連字符的問題。我知道現在還為時過早，而且我認為您只在一個位置擁有它。但這是否有助於讓餐廳裡的王牌們保持在自己的位置？

It is. More importantly is it will allow us to unlock demand in that channel. And so we think -- we don't think. We know that the table with one individual, the output is far greater than one or two individuals on the table. And so the goal here is to -- 60% of our entrees are either bowls or salads.

這是。更重要的是，它將使我們能夠釋放該管道的需求。所以我們認為——我們不認為。我們知道，桌上有一個人，產出遠大於桌子上一兩個人。因此，我們的目標是——我們 60% 的主菜不是碗就是沙拉。

And so if the table is taken care of, all of that lifting, heavy lifting, if you will, and then the operator of the table can focus on burritos and tacos, we think it's a pretty magnificent lift in overall demand, and we're driving improved performance, whether it's plating or accuracy for the consumer.

因此，如果桌子得到照顧，所有這些提升，重型提升，如果你願意的話，然後桌子的操作員可以專注於墨西哥捲餅和炸玉米餅，我們認為這對整體需求來說是一個相當巨大的提升，我們'正在推動性能的提高，無論是電鍍還是消費者的準確性。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Congrats, everybody, for your new and expanded roles. Scott, clearly, your message has been that of continuity with the strategy at Chipotle. So if your appointment were to become permanent, what would you like to be known for and which opportunities for acceleration of the current strategy do you see more likely for Chipotle? I mean, it sounds like you're more open to international growth as a natural evolution, but maybe there is more areas that you are going to deeper on.

恭喜大家獲得新的和擴展的角色。史考特，顯然，你傳達的訊息是與 Chipotle 策略的連續性。那麼，如果您的任命成為永久性的，您希望因什麼而出名？我的意思是，聽起來您對國際成長作為一種自然演變更加開放態度，但也許還有更多領域需要深入研究。

Yeah, terrific question. It is my endeavor to keep our organization, this leadership team and all our 125,000 folks in our field organization clearly focused on our five strategic priorities that have served our brand for the last many years. Sure there'll be some iteration or modification in the years to come. We feel very confident those five key strategies will continue to drive extraordinary performance for this organization.

是的，很棒的問題。我努力讓我們的組織、這個領導團隊以及我們現場組織中的所有 125,000 名員工明確關注我們的五個策略重點，這些策略重點多年來一直為我們的品牌服務。當然，未來幾年將會有一些迭代或修改。我們非常有信心這五項關鍵策略將繼續為該組織帶來非凡的表現。

It will also -- two other things I think I'd like to point out is I'd like to continue to move our organization to a more connected organization to the consumer through our restaurant teams. And so I think it's an important note, I think everyone in the organization, I said this in the prepared remarks, is either serving a Chipotle guest or serving someone who is. And when you have that kind of power and focus in an organization, extraordinary things can happen.

我想我還想指出的另外兩件事是，我想繼續透過我們的餐廳團隊將我們的組織轉變為與消費者聯繫更加緊密的組織。所以我認為這是一個重要的說明，我認為組織中的每個人，我在準備好的發言中說過，要么為 Chipotle 客人提供服務，要么為其他客人提供服務。當你在組織中擁有這種權力和專注力時，非凡的事情就會發生。

And the last thing I'd leave you with is this brand has had extraordinary success here in North America. We have our sites clearly aligned on 7,000 restaurants. But I also want to give an eye towards how do we continue to push Chipotle to be more of an iconic global brand. And so that's what you'll see probably in the coming years and coming months. And that's probably it.

我最不想告訴你的是這個品牌在北美取得了非凡的成功。我們的網站明確針對 7,000 家餐廳。但我也想關注我們如何繼續推動 Chipotle 成為一個標誌性的全球品牌。這就是您在未來幾年和未來幾個月可能會看到的情況。大概就是這樣。

Okay. Great. And if I may, just double-clicking on this international expansion. Given your continued successes in Europe, if you were to borrow from your experience in Canada, how many quarters away do you think we are from Chipotle growing units in Europe? And what is still pending before the performance in Europe can really close the full gap versus Canada or US? Thank you.

好的。偉大的。如果可以的話，雙擊這個國際擴充即可。鑑於您在歐洲的持續成功，如果您要藉鏡您在加拿大的經驗，您認為我們距離 Chipotle 在歐洲的種植單位還差幾個季度？在歐洲的表現能夠真正縮小與加拿大或美國的差距之前，還有什麼懸而未決的事情？謝謝。

Yeah. So if you look back what happened historically when we worked on the turnaround in Canada starting about six years ago, and of course, appointing a new leader in Canada in Anat Davidzon was critical, and really the [full come] to leverage the business in a more full way whether it's supply chain efficiencies, operational efficiencies or marketing -- demand-driven marketing. She's done an amazing job in that country getting margins to US -- comparable to the US margins, and we're growing at 25% to 35% in country today.

是的。因此，如果您回顧一下歷史，當我們從大約六年前開始在加拿大進行扭虧為盈時，當然，在加拿大任命一位新的領導者 Anat Davidzon 至關重要，並且真正[全面]利用該業務更全面的方式，無論是供應鏈效率、營運效率或行銷——需求驅動的行銷。她在那個國家做得非常出色，利潤率達到了美國的水平——與美國的利潤率相當，而且我們今天在該國的增長率為 25% 到 35%。

The reason we put Anat in Western Europe is to -- not probably, to look for a similar outcome. And she's already making incredible progress aligning the culinary to US standards and getting operational efficiencies and processes in place around cost of labor, cost of food. And so we feel really good about the progress.

我們將 Anat 放在西歐的原因是——不太可能是——尋找類似的結果。她已經取得了令人難以置信的進展，使烹飪符合美國標準，並圍繞勞動力成本和食品成本提高了營運效率和流程。因此，我們對進展感到非常滿意。

To put a time to it, I couldn't really give you a timetable. Here's what I'd tell you, is we know we could have hundreds of restaurants in the markets in which we operate today and potentially thousands in Western Europe over time. So that's what I'd leave you with.

為了安排時間，我真的無法給你一個時間表。我要告訴你的是，我們知道，我們今天經營的市場上可能有數百家餐廳，隨著時間的推移，西歐可能有數千家餐廳。這就是我留給你的。

Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to the company for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉回公司進行閉幕致詞。

Thank you. And I just want to say thank you to everyone for joining the call today. And I want to ensure I reiterate that I'm incredibly proud of this entire Chipotle family for driving another, what I believe to be an incredible quarter around transaction trends and accelerating momentum.

謝謝。我只想對大家今天加入電話會議表示感謝。我想確保我重申，我為整個 Chipotle 家族感到無比自豪，因為他們推動了另一個我認為圍繞交易趨勢和加速勢頭的令人難以置信的季度。

Our culture, brand, and value proposition have never been stronger. And we have a lot of exciting initiatives in the pipeline that will continue to grow and strengthen our great company and our brand for many years to come. We look forward to speaking to all of you in our fourth-quarter earnings call in February. Thank you so much.

我們的文化、品牌和價值主張從未如此強大。我們正在醞釀許多令人興奮的舉措，這些舉措將在未來的許多年裡繼續發展和加強我們偉大的公司和我們的品牌。我們期待在二月的第四季財報電話會議上與大家交談。太感謝了。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。