奇波雷墨西哥燒烤 (CMG) 2024 Q4 法說會逐字稿

Good day and welcome to the Chipotle Mexican Grill fourth quarter 2024 results conference call.

大家好，歡迎參加 Chipotle Mexican Grill 2024 年第四季業績電話會議。

(Operator Instructions)

（操作員指令）

Please note today's event is being recorded.

請注意，今天的活動正在記錄。

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

現在，我想將會議交給投資者關係和策略主管辛迪奧爾森 (Cindy Olsen)。請繼續。

Hello, everyone, and welcome to our fourth quarter and full year fiscal 2024 earnings call. By now you should have access to earnings press release. If not, it may be found on the Investor Relations website at ir.chipotle.com.

大家好，歡迎參加我們的 2024 財年第四季和全年財報電話會議。現在您應該可以查看收益新聞稿了。如果沒有，您可以在投資者關係網站 ir.chipotle.com 上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements.

首先我要提醒您，本報告中有關我們未來業務和財務結果的某些陳述和預測構成前瞻性陳述。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 report on Form 10-K and in our Form 10-Qs 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 GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our website.

請參閱我們的 10-K 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。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」部分中的介紹頁面上的連結找到對帳的 GAAP 指標。

We will start today's call with prepared remarks from Scott Boatwright, Chief Executive 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.

今天的電話會議將以執行長 Scott Boatwright 和財務長 Adam Rymer 的準備好的演講開始。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出席。

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

說完這些，我會把電話轉給史考特。

Thanks, Cindy, and good afternoon, everyone. I speak on behalf of everyone at Chipotle when I say that we are deeply saddened by the devastation caused by the recent wildfires in Southern California. The safety of our restaurant teams and guests is a top priority. Unfortunately, I'm pleased to report that our team members are safe and the impact of our business has been minimal. In response to this tragedy, Chipotle has provided thousands of burritos to firefighters and first responders, committed $1 million in free meals to those impacted as well as made donations through our Cultivate Foundation to charitable organizations, aiding in the relief efforts. We also featured the American Red Cross in our app to provide our guests a way to donate by rounding up their change. I want to thank our employees and our guests for helping to support the recovery efforts in the affected communities.

謝謝，辛迪，大家下午好。我代表 Chipotle 的全體員工對最近南加州野火造成的破壞深感悲痛。我們餐廳團隊和客人的安全是重中之重。不幸的是，我很高興地報告我們的團隊成員是安全的，我們的業務受到的影響很小。為了回應這場悲劇，Chipotle 向消防員和急救人員提供了數千份墨西哥捲餅，向受影響的人們提供 100 萬美元的免費餐食，並透過我們的 Cultivate 基金會向慈善組織捐款，協助救援工作。我們還在應用程式中展示了美國紅十字會，為客人提供一種透過湊整零錢進行捐贈的方式。我要感謝我們的員工和客人幫助支持受災社區的復原工作。

Now turning to our business update. Chipotle had another outstanding year delivering strong transaction-driven comps each quarter, expanding margins, opening over 300 restaurants, gaining momentum in key industry leading brand metrics, making progress on many back-of-house initiatives, and building our footprint internationally.

現在來談談我們的業務更新。Chipotle 又度過了出色的一年，每個季度都實現了強勁的交易驅動型業績，利潤率不斷提高，開設了 300 多家餐廳，在關鍵行業領先品牌指標中獲得了發展勢頭，在許多後台計劃上取得了進展，並擴大了我們的國際影響力。

For the fiscal year 2024, sales grew about 15% to reach $11.3 billion driven by a 7.4% comp, including over 5% transaction growth. Digital sales of $3.9 billion represented 35% of sales. AUVs increased to $3.2 million. Restaurant level margin was 26.7%, an increase of 50 basis points year over year. Adjusted diluted EPS was $1.12, representing 24% growth over last year, and we opened a record 304 new restaurants, including 257 Chipotlanes.

2024 財年，銷售額成長約 15%，達到 113 億美元，其中年增 7.4%，其中交易量成長超過 5%。數位銷售額為 39 億美元，佔銷售額的 35%。AUV 增加至 320 萬美元。餐廳層級利潤率為26.7%，較去年同期成長50個基點。調整後攤薄每股收益為 1.12 美元，較去年增長 24%，我們開設了創紀錄的 304 家新餐廳，其中包括 257 家 Chipotlanes。

Our fourth quarter results were also impressive, especially considering that we are lapping the very successful carne asada limited time offer from last year. Additionally, we experienced some volatility around the December holidays, which we believe was impacted by the calendar shifts this year. Despite this, we were able to grow transactions by 4% in the quarter, driven by continued improvement throughput as well as the successful rollout of brisket as a limited time offer.

我們的第四季業績也令人印象深刻，特別是考慮到我們正在延續去年非常成功的 carne asada 限時優惠。此外，我們在 12 月假期期間經歷了一些波動，我們認為這是受到今年日曆變化的影響。儘管如此，由於吞吐量持續提升以及牛胸肉限時優惠成功推出，我們本季的交易量仍然增長了 4%。

For the fourth quarter, sales grew over 13% to reach $2.8 billion, driven by a 5.4% comp. Digital sales were 34% of sales. Restaurant level margin was 24.8%, a decline of 60 basis points year over year. Adjusted diluted EPS was $0.25, representing 19% growth over last year, and we opened 119 restaurants, including 95 Chipotlanes.

第四季度，銷售額成長超過 13%，達到 28 億美元，其中年增 5.4%。數位銷售額佔銷售額的34%。餐廳級利潤率為24.8％，較去年同期下降60個基點。調整後攤薄每股收益為 0.25 美元，較去年增長 19%，我們開設了 119 家餐廳，其中包括 95 家 Chipotlanes。

Considering our underlying trends as well as our incremental throughput opportunity and strong marketing plan, we believe we can continue to drive positive transaction comps in 2025 and anticipate annual comps to be in the low- to mid-single digit range. Adam will provide more details on this in just a few minutes.

考慮到我們的基本趨勢以及增量吞吐量機會和強大的行銷計劃，我們相信我們可以在 2025 年繼續推動積極的交易成長，並預計年度成長將處於低至中等個位數範圍內。亞當將在幾分鐘內提供更多有關此問題的詳細資訊。

Now before I dive into an update on our strategies, I want to take a minute to share a key takeaway from our leadership summit we held in November. An important thing we are prioritizing is to be guest obsessed. I want to make sure that as we continue to scale Chipotle, everything we do is in service of our guests or those who serve our guests. This will require an understanding and a focus on how each role in the organization ladders up to making the experience in our restaurants better every day. A guest obsessed mindset is crucial to ensuring that we continue to deliver against our five key strategies that help us win today while we grow the future.

現在，在我深入介紹我們的策略更新之前，我想花一點時間來分享我們在 11 月舉行的領導力高峰會的一個重要要點。我們優先考慮的一件重要事情就是專注於客人的需求。我想確保隨著我們繼續擴大 Chipotle 的規模，我們所做的一切都是為了服務我們的客人或為我們的客人服務的人。這需要了解並關注組織中的每個角色如何逐步改善我們餐廳的日常體驗。以客為尊的心態對於確保我們繼續實施五項關鍵策略至關重要，這些策略幫助我們在贏得今天的同時發展未來。

And these strategies include running successful restaurants with the people accountable culture that provides great food with integrity of delivering exceptional in restaurants and digital experiences. Amplifying technology and innovation to drive growth and productivity at our restaurants, support centers, and in our supply chain. Making the brand visible, relevant, and love to acquire new guests and improve overall guest engagement. Sustaining world-class people leadership by developing and retaining top talent at every level and expanding access and convenience by accelerating our restaurant openings in North America and internationally.

這些策略包括以對人負責的文化來成功經營餐廳，以誠信提供美味的食物，在餐廳和數位體驗中提供卓越的服務。擴大技術和創新，推動我們的餐廳、支援中心和供應鏈的成長和生產力。讓品牌具有知名度、相關性並喜歡吸引新客人並提高整體客人參與度。透過培養和留住各個層級的頂尖人才來維持世界一流的人才領導力，並透過加速在北美和國際上開設餐廳來擴大通路和便利性。

I will start with our operations and our focus on throughput. One key driver of running successful restaurants is an experienced general manager who understands the importance of throughput and can train and develop the crew to execute the four pillars consistently every day. The good news is our GM turnover continued to improve in 2024, it is among the lowest levels in the company's history. More stability among our GM's results in more stability in our restaurants, and stability, coupled with consistent training and reps, has been a big driver of the progress we have seen.

我將從我們的營運和對吞吐量的關注開始。成功經營餐廳的一個關鍵驅動力是一位經驗豐富的總經理，他了解產量的重要性，並能培訓和發展員工，使他們每天始終如一地執行四大支柱。好消息是，我們的總經理營業額在 2024 年繼續改善，這是公司歷史上最低的水平之一。我們的總經理更加穩定，餐廳也更加穩定，而穩定性加上持續的培訓和代表，是我們所取得進步的重要推動力。

In 2024, throughput improved by about two entrée in the peak 15-minute period, and we achieved our near-term goal to reach the mid-20s. Our support centers and restaurant leadership teams continue to find ways to improve our ability to execute the four pillars. For example, our weekly throughput reviews conducted across our restaurant support centers help to keep us top of mind and give our restaurant leaders information to provide coaching and feedback to drive improvement as well as celebrate excellence.

2024 年，高峰 15 分鐘內的吞吐量將提高約兩個入口，我們實現了達到 25% 左右的近期目標。我們的支援中心和餐廳領導團隊不斷尋找方法來提高我們執行四大支柱的能力。例如，我們在餐廳支援中心進行的每週吞吐量評估有助於讓我們保持領先地位，並為我們的餐廳領導提供信息，以提供指導和反饋，推動改進並慶祝卓越。

We also made the decision last quarter to have the manager on duty responsible for the expo position, and this helped to improve the percentage of restaurants with an expo in place to over 60%. While I'm thrilled to see the progress we are making, we still have work to do, and throughput remains one of our biggest priorities and opportunities in 2025. One of the important unlocks this year will be our focus on modernizing the backup house to improve the team member experience and the speed and simplicity of prep while maintaining our high culinary standards. This will ensure more restaurants complete prep on time, which will enable better execution of the four pillars during peak periods, and this brings me to amplifying technology.

我們上個季度也決定讓值班經理負責展覽會，這有助於將設有展覽會的餐廳比例提高到 60% 以上。雖然我很高興看到我們的進展，但我們仍有工作要做，吞吐量仍然是我們 2025 年最大的優先事項和機會之一。今年的一個重要舉措是，我們將重點放在備用房屋進行現代化改造，以改善團隊成員的體驗以及準備工作的速度和簡便性，同時保持我們高烹飪標準。這將確保更多餐廳按時完成準備工作，從而能夠在高峰期更好地執行四大支柱，這讓我想到了擴大技術。

We have several innovative tools that we are testing to improve the prep process. As we mentioned last quarter, we are currently in the middle of rolling out the produce slicers to all restaurants and expect the rollout to be complete by this summer. Fresh chopped produce in our restaurants each day is key to maintaining our high culinary standards.

我們正在測試幾種創新工具，以改善準備過程。正如我們在上個季度提到的，我們目前正在向所有餐廳推出農產品切片機，預計今年夏天完成。我們餐廳每天提供的新鮮切碎的農產品是保持我們高烹飪標準的關鍵。

But it's also one of the most time-consuming tasks. The slicer improves the experience for our team members by reducing the time to chop produce and improves the culinary by ensuring consistent cut sizes. As we have mentioned in the past, some of the efficiencies from the produce slicer will help offset the investment we made last year, ensuring generous portion sizes.

但這也是最耗時的任務之一。切片機減少了切菜的時間，改善了我們團隊成員的體驗，並透過確保一致的切割尺寸提高了烹飪品質。正如我們過去提到的那樣，農產品切片機帶來的一些效率將有助於抵消我們去年的投資，從而確保足夠的份量。

Over the last several months, we also began a new initiative in a patch of restaurants to better understand the synergistic benefits of installing the produce slicer, the dual-sided plancha, the three pan rice cooker, and the dual vat fryer in the same restaurant.

在過去的幾個月裡，我們還在一些餐廳啟動了一項新舉措，以便更好地了解在同一家餐廳安裝蔬菜切片機、雙面電熨斗、三鍋電飯煲和雙桶炸鍋的協同效益。

As a reminder, the dual-sided plancha cooks the chicken and steak in under half the time it takes on the traditional plancha with the same sear and char and better consistency and juiciness. The new rice cooker eliminates the large rice pots and cooks the rice in the pans that you see on the line, which creates more consistent quality and streamlines the rice cooking process. And the dual back fryer doubles the capacity for frying our chips, resulting in better quality and reducing the time it takes while ensuring consistent availability.

提醒一下，雙面鐵板烹調雞肉和牛排的時間不到傳統鐵板的一半，但焦炭和焦味相同，而且口感更好，多汁性更好。新款電鍋不再使用大號的飯鍋，而是使用線上看到的鍋子來煮飯，這樣可以確保更穩定的米質，並簡化了煮飯過程。雙背炸鍋使炸薯條的容量加倍，從而提高了薯條的質量，減少了炸薯條所需的時間，同時確保了始終如一的可用性。

Based on the initial results, we have decided to roll out all four pieces of equipment to new restaurant openings beginning later this year. And as we gain more data and insights into this initiative, we will determine if and how we roll out more broadly to existing restaurants.

根據初步結果，我們決定從今年稍後開始將所有四台設備推廣到新開業的餐廳。隨著我們獲得有關該計劃的更多數據和見解，我們將確定是否以及如何更廣泛地推廣到現有餐廳。

This is a great example of how we're beginning to look at our tools and processes and conventions holistically rather than as bolt-on additions. The end goal is to improve the experience for our teams by making tasks easier to execute, more efficient, faster, and more consistent while maintaining our high culinary standards.

這是一個很好的例子，說明我們開始從整體上看待我們的工具、流程和慣例，而不是將其視為附加的。最終目標是透過讓任務更容易執行、更有效率、更快捷、更一致，同時保持我們高烹飪標準，來改善我們團隊的體驗。

We are also pursuing long-term innovations through our stage gate process, including avocado, our device that cuts, cores, and scoops avocados and our augmented digital makeline, both of which are being evaluated on a test basis. While it is early in our learnings on these opportunities, we are making progress and remain optimistic about each of these innovative tools. When we improve the experience for our restaurant teams, it ladders to a better guest experience.

我們還透過階段門流程進行長期創新，包括酪梨、切割、去核和舀出酪梨的設備以及增強數位生產線，這兩項都在測試中進行評估。雖然我們對這些機會的學習還處於早期階段，但我們正在取得進展，並對每個創新工具保持樂觀。當我們改善餐廳團隊的體驗時，客人的體驗也會得到改善。

Exceptional in restaurant and digital experiences coupled with our powerful marketing strategy to make the brand more visible, more relevant, and more love builds the brand momentum and results in year-after-year of transaction growth. Our marketing strategy in 2024 was nothing short of exceptional with a strong brand campaign and two very successful limited time offers, including Chicken Al Pastor and Brisket, both of which surpassed our expectations and drove incremental transactions and spend.

卓越的餐廳和數位體驗，加上我們強大的行銷策略，使品牌更具知名度、更具相關性、更受喜愛，增強了品牌發展勢頭，並實現了逐年的交易成長。我們 2024 年的行銷策略非常出色，包括強大的品牌活動和兩個非常成功的限時優惠，包括 Chicken Al Pastor 和 Brisket，這兩項優惠都超出了我們的預期，並推動了交易和支出的增量。

This helped to further strengthen our brand as we ended the year leading and gaining momentum in important categories like high quality ingredients, value for the money, healthy and nutritious, good amount of food for the money, and brand I love, and we have a strong plan for 2025 to keep the momentum going.

這有助於進一步加強我們的品牌，因為我們在年底在高品質原料、物有所值、健康營養、物有所值的食物以及我喜愛的品牌等重要類別中處於領先地位並獲得發展勢頭，並且我們有一個強有力的 2025 年計劃來保持這一勢頭。

We started off the year by putting a spotlight on our lifestyle goals and to encourage and reward healthy habits among our guests in North America and Europe in our second partnership with Strava, the app for active people with over 135 million users in more than 190 countries. With health and wellness top of mind for our guests, this is a great way to show how the Chipotle ingredients can be customized to fit and fuel any dietary restrictions or lifestyle routines.

今年伊始，我們專注於我們的生活方式目標，並與 Strava 進行了第二次合作，鼓勵和獎勵北美和歐洲客人的健康習慣。我們的客人最關心的是健康和保健，這是一個很好的方式來展示如何定制 Chipotle 配料以適應和支持任何飲食限製或生活習慣。

Additionally, I think it's no secret that our Chipotle honey chicken pilot was a success, and it was our best performing limited time offer, both in early sensory testing as well as the broader two market tests, and you'll see it in our restaurants in the near future.

此外，我認為我們的 Chipotle 蜂蜜雞試點取得了成功並不是什麼秘密，它是我們表現最好的限時優惠，無論是在早期感官測試還是更廣泛的兩個市場測試中，您都會在不久的將來在我們的餐廳看到它。

We will also continue to reinforce our brand story of high quality, responsibly sourced ingredients, made fresh every day through our behind-the-foil advertising campaign. This campaign, which features our real teams preparing our delicious food, has certainly resonated with our guests who are not just buying our brand, but buying into our brand and our purpose to cultivate a better world.

我們也將繼續透過幕後廣告活動來強化我們的品牌故事，即高品質、負責任地採購原料、每天新鮮生產。這次活動展示了我們真正的團隊製作的美味佳餚，這無疑引起了客人的共鳴，他們不僅購買我們的品牌，還認可我們的品牌和我們建立更美好世界的宗旨。

Speaking of our teams, last year was another tremendous year of opportunities and growth, with over 23,000 people promoted, of which over 85% of all restaurant management roles were internal promotions. We also promoted three Regional Vice Presidents who started as crew members, and now 5 of our 11 Regional Vice Presidents started as crew and worked their way up to the highest level of operations, managing a region of the country with sales over $1 billion.

對我們的團隊來說，去年是充滿機會和成長的另一個巨大年份，超過 23,000 人獲得晉升，其中超過 85% 的餐廳管理職位都是內部晉升。我們還提拔了 3 名從船員做起的區域副總裁，現在我們 11 名區域副總裁中有 5 名都是從船員做起，然後一步步晉升到最高運營級別，管理著該國銷售額超過 10 億美元的地區。

Collectively, these five RVPs have over 100 years of experience at Chipotle. To be promoted to an RVP, not only do they need to run a successful subregion, but they also needed to show the ability to develop and grow future leaders. And these five have developed and promoted over 30 team directors, nearly 100 field leaders, and hundreds of general managers. These are life-changing careers for the RVPs as well as the leaders they are developing along the way. I think this is a testament to our leadership development capabilities as an organization, which I couldn't be prouder of. At the end of the day, our business wins when we lean into the growth and development of all Chipotle team members.

這五位 RVP 在 Chipotle 總共擁有超過 100 年的經驗。要晉升為區域副主席，他們不僅需要成功管理一個分區域，還需要展現培養未來領導者的能力。而這五人已培養提拔了30餘名班子負責人、近百名領域負責人、數百名總經理。對於 RVP 以及他們在過程中培養的領導者來說，這些都是改變人生的職業。我認為這證明了我們作為一個組織的領導力發展能力，對此我感到無比自豪。最終，當我們依靠所有 Chipotle 團隊成員的成長和發展時，我們的業務就會成功。

Finally, moving to expanding access. 2024 was another outstanding year with 304 new restaurant openings, including 257 Chipotlanes, making it a second year in a row of record openings. We continue to anticipate between 315 and 345 new openings in 2025, with at least 80%, including a Chipotlane. I'm excited to share that we recently surpassed our 1,000th Chipotlane, and now this drive-through format makes up over 25% of our restaurants.

最後，轉向擴大准入。 2024 年是另一個出色的年份，共有 304 家新餐廳開業，其中包括 257 家 Chipotlanes，這是連續第二年創下開業記錄。我們繼續預計 2025 年將有 315 至 345 家新餐廳開業，其中至少有 80% 包括 Chipotlane。我很高興地告訴大家，我們最近的 Chipotlane 數量超過了 1,000 家，現在這種免下車服務餐廳占我們餐廳總數的 25% 以上。

On average, the Chipotlane takes less than thirty seconds to complete the order-pickup process. The added convenience has been incremental as Chipotlanes continue to generate better revenues, margins, and returns than non-Chipotlanes opened at the same time. It can also be seen in the mix of business as Chipotlanes have a larger pickup mix, mostly offset by a lower delivery mix.

平均而言，Chipotlane 只需不到三十秒就能完成訂單取貨流程。隨著 Chipotlanes 的收入、利潤和回報不斷高於同期開業的非 Chipotlanes，便利性也在增加。從業務結構中也可以看出，Chipotlanes 的皮卡業務結構較大，但配送業務結構較低，這在很大程度上抵消了其業務結構的優勢。

Shifting to outside the US, we now have 85 international restaurants, including 55 in Canada, 27 in Europe, and 3 in the Middle East. As we mentioned last quarter, we're proving that Chipotle resonates across geographies, and we will accelerate growth in Canada and the Middle East in 2025. We will also continue to make progress on improving out the economic model in Europe and begin to build a pipeline for growth.

轉向美國以外，我們目前擁有 85 家國際餐廳，其中加拿大 55 家、歐洲 27 家、中東 3 家。正如我們上個季度提到的，我們正在證明 Chipotle 在各個地區都具有共鳴，並且我們將在 2025 年加速在加拿大和中東的成長。我們也將繼續在改善歐洲經濟模式方面取得進展，並開始建立成長管道。

To conclude, 2024 was another year of milestones including growing transactions over 5% and surpassing $3.2 million in AUV, reaching 1,000 Chipotlanes, opening our first restaurants in the Middle East, and making tremendous progress in Europe. I want to thank our 130,000 employees for your hard work last year.

總而言之，2024 年是另一個里程碑之年，包括交易量增長超過 5%、AUV 超過 320 萬美元、達到 1,000 個 Chipotlanes、在中東開設第一家餐廳以及在歐洲取得巨大進展。我要感謝我們13萬名員工去年的辛勤工作。

The amount of talent and passion we have is more than most businesses could ever hope for. I don't take that for granted, and I'm proud to be a part of this great organization that prioritizes our people and their growth, and we continue to have so much growth in front of us as we aim to reach 7,000 restaurants in North America, grow our AUVs beyond $4 million, expand margins, and make progress toward becoming a global iconic brand. This will require exceptional people, exceptional food, and exceptional throughput, and a commitment to being guest obsessed. I'm confident that we have the right team to achieve these ambitious goals and that the best is yet to come.

我們擁有的才華和熱情超越了大多數企業的期望。我不會認為這是理所當然的，我很自豪能夠成為這個偉大組織的一員，這個組織優先考慮我們的員工及其成長，我們將繼續有很大的發展空間，我們的目標是覆蓋北美 7,000 家餐廳，使我們的平均營業額超過 400 萬美元，擴大利潤率，並朝著成為全球標誌性品牌的方向邁進。這需要優秀的人才、優秀的食物、卓越的生產力以及對客人至上的承諾。我相信，我們擁有合適的團隊來實現這些雄心勃勃的目標，最好的結果還在後頭。

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

說完這些，我會把話題交給亞當。

Thanks, Scott, and good afternoon, everyone.

謝謝，斯科特，大家下午好。

Sales in the fourth quarter grew over 13% year over year to reach $2.8 billion as comp sales grew 5.4%, driven by 4% transaction growth. Our comp included a negative 20 basis point true up related to our loyalty program. As a reminder, in Q4 of each year, we re-evaluate the estimated breakage for loyalty points that will expire, and this year we decreased our estimate due to higher member engagement.

第四季銷售額年增超過 13%，達到 28 億美元，受交易量成長 4% 的推動，同店銷售額成長 5.4%。我們的薪酬包括與忠誠度計劃相關的負 20 個基點。提醒一下，每年第四季度，我們都會重新評估即將到期的忠誠度積分的預期損失，今年，由於會員參與度提高，我們降低了預計損失。

Restaurant level margin of 24.8% declined about 60 basis points compared to last year. Earnings per share was $0.24 on a GAAP basis and $0.25 on a non-GAAP basis, adjusted for unusual items, representing 19% year-over-year growth.

餐廳層級的利潤率為24.8%，較去年同期下降了約60個基點。在調整非常項目後，以 GAAP 計算的每股收益為 0.24 美元，以非 GAAP 計算的每股收益為 0.25 美元，年增 19%。

During the quarter, transaction comps were positive in all months, driven by the launch of brisket and continued improvement in throughput. As Scott mentioned, we experienced softer trends around the holidays in late December, which we believe was due to Christmas and New Year's falling in the middle of each week.

在本季度，由於牛胸肉的推出和吞吐量的持續提高，所有月份的交易量都呈現正成長。正如史考特所提到的，我們在 12 月下旬的假期期間經歷了較為疲軟的趨勢，我們認為這是因為聖誕節和新年位於每週中間。

Comps have been volatile so far in 2025 with weather having a larger impact on our sales than what we experienced last year. While we believe underlying transaction trends are healthy and we have a strong plan for the year, we do compare against progressively tougher comps in the first half of the year and therefore our guiding to a low- to mid-single digit comp for the full year. There are also a couple of factors to keep in mind when you think about the full year. In the second quarter, we will be rolling off about 90 basis points of pricing in April when we lapped the pricing we took last year in California to offset the step up in wages. And Easter will fall back into the second quarter this year, which will negatively impact Q2 comps by about 100 basis points with no net benefit in the first quarter because of leap day in the prior year.

到 2025 年為止，同店銷售一直不穩定，天氣對我們銷售的影響比去年更大。雖然我們相信潛在的交易趨勢是健康的，而且我們對今年有一個強有力的計劃，但我們確實與上半年日益嚴峻的競爭形勢進行了比較，因此我們預計全年的競爭形勢將處於低至中等個位數。當你考慮全年時，還有一些因素需要牢記。在第二季度，我們將把 4 月的定價上調約 90 個基點，以抵銷加州薪資上漲的影響。而且，今年復活節將推遲到第二季度，這將對第二季度的銷售額造成約 100 個基點的負面影響，而且由於前一年有閏日，第一季不會產生任何淨收益。

I will now go through the key P&L line items beginning with cost of sales. Cost of sales in the quarter were 30.4%, an increase of about 70 basis points from last year. The benefit of our menu price increase was more than offset by higher usage as we focused on ensuring consistent and generous portions as well as the mixed impact from our premium smoked brisket LTO and inflation across several items, most notably avocados and dairy. Relative to our guidance, avocados were favorable as the year-over-year step up was less than we anticipated.

我現在將從銷售成本開始介紹關鍵的損益表項目。本季銷售成本為30.4%，較去年同期增加約70個基點。由於我們專注於確保一致且慷慨的份量，以及優質煙熏牛腩 LTO 和多個商品（最明顯的是鱷梨和乳製品）的通貨膨脹帶來的混合影響，菜單價格上漲帶來的好處被更高的使用率所抵消。相對於我們的指導，酪梨的銷量表現良好，因為年成長幅度低於我們的預期。

For Q1, we expect our cost of sales to be in the high 29% range as pricing leverage and the benefit from brisket ramping down will be partially offset by higher costs across several items, most notably avocados and chicken. Our guidance does not include the impact of the new tariffs on items imported from Mexico, Canada, and China.

對於第一季度，我們預計銷售成本將在 29% 的高位，因為定價槓桿和牛胸肉銷售下降帶來的好處將被幾種產品（最明顯的是酪梨和雞肉）成本的上漲部分抵消。我們的指導不包括新關稅對從墨西哥、加拿大和中國進口的商品的影響。

We source about 2% of our sales from Mexico, which includes avocados, tomatoes, limes, and peppers, and less than 0.5% of our sales from Canada and China. If the recently announced tariffs go into full effect, it would have an ongoing impact of about 60 basis points on our cost of sales. Also, we remain confident that we can offset the 60-basis-point portion investment we made in 2024. Recently, we have started to see the impact ease slightly as we expected, and we will offset the remainder through efficiencies we have identified within our supply chain as well as several restaurant initiatives, including the produce slicers. While we expect to realize some of the benefit in the first half of the year, we don't anticipate a full offset until the second half of 2025.

我們的銷售額約有 2% 來自墨西哥，包括酪梨、番茄、酸橙和辣椒，不到 0.5% 的銷售額來自加拿大和中國。如果最近宣布的關稅全面生效，將對我們的銷售成本產生約 60 個基點的持續影響。此外，我們仍然有信心可以抵消我們在 2024 年進行的 60 個基點部分投資。最近，我們開始看到影響如預期般略有緩解，我們將透過提高供應鏈效率以及包括農產品切片機在內的多項餐廳計劃來抵消剩餘影響。雖然我們預計在今年上半年實現部分收益，但預計要到 2025 年下半年才能完全抵銷。

Finally, underlying cost of sales inflation is expected to be in the low-single-digit range for the first quarter and for the full year, which excludes the normalization of avocado prices, the mix impact from LTOs, the portion investment, and any impact from tariffs. Labor costs for the quarter were 25.2%, an increase of about 20 basis points from last year as the benefit from sales leverage was offset by wage inflation. For Q1, we expect our labor cost to be in the high-24% range with wage inflation in the mid-single digit range. We anticipate wage inflation will step down to the low-single digit range in Q2 and for the remainder of the year when we lap the nearly 20% step up in wages in California that went into effect in April of last year.

最後，第一季和全年的基礎銷售成本通膨預計將處於低個位數區間，這不包括酪梨價格的正常化、LTO 的組合影響、部分投資以及關稅的影響。本季的勞動成本為 25.2%，較去年同期增加約 20 個基點，因為銷售槓桿帶來的好處被薪資上漲所抵銷。對於第一季度，我們預計勞動成本將在 24% 的高位，薪資通膨將在個位數的中等位範圍內。我們預計，在第二季及今年剩餘時間內，薪資通膨率將降至低個位數區間，屆時加州的薪資將上漲近 20%，該漲幅自去年 4 月起生效。

Other operating costs for the quarter were 14.5%, a decrease of about 20 basis points from last year. The decrease was driven by sales leverage and a lower delivery mix, partially offset by a true up and insurance reserves. Marketing and promo costs were 3% of sales in Q4, a decrease of about 10 basis points from last year. In Q1, we expect marketing costs to be in the low-3% range, with the full year to come in the mid-2% range. In Q1, other operating costs are expected to be in the low-14% range.

本季其他營業成本為14.5%，較去年同期下降約20個基點。下降的原因在於銷售槓桿和較低的交付組合，但卻被實際準備金和保險準備金部分抵銷。第四季行銷和促銷成本佔銷售額的 3%，比去年下降約 10 個基點。我們預計第一季的行銷成本將在 3% 以下，全年將在 2% 中段。第一季度，其他營運成本預計在 14% 以下。

G&A for the quarter was $191 million on a GAAP basis or $175 million on a non-GAAP basis, excluding about $12 million related to equity awards granted for retention of key executives and a $4 million increase in legal reserves. G&A also included $133 million in underlying G&A, $32 million related to non-cash stock compensation, $8 million related to higher bonus accruals and payroll taxes on equity vesting and exercises, and $2 million related to our upcoming field leadership conference, which is scheduled in Q1 for this year. We expect our underlying G&A to be around $135 million in Q1, and we'll step up each quarter as we make investments in people and technology to support ongoing growth.

本季度的一般及行政開支按 GAAP 計算為 1.91 億美元，按非 GAAP 計算為 1.75 億美元，不包括為留住關鍵高管而授予的股權獎勵相關的約 1,200 萬美元以及法定儲備金的 400 萬美元增加。一般及行政費用還包括 1.33 億美元的基本一般及行政費用、3,200 萬美元與非現金股票薪酬有關、800 萬美元與更高的獎金應計費用和股權歸屬和行使的工資稅有關，以及 200 萬美元與我們即將舉行的現場領導力會議有關，該會議定於今年第一季度舉行。我們預計第一季的基本 G&A 為 1.35 億美元，並且我們將透過對人才和技術的投資來支持持續成長，每個季度都加大 G&A 的投入。

We anticipate first quarter G&A will also include around $33 million in stock-based compensation, although this amount could move up or down based off our actual performance and is subject to the final 2025 grants which are issued in Q1. Around $8 million related to employer taxes associated with shares that vest during the quarter, and $3 million for costs associated with our biannual field leadership conference in March, bringing our anticipated total G&A and Q1 to around $179 million.

我們預計第一季的 G&A 還將包括約 3,300 萬美元的股票薪酬，但該金額可能會根據我們的實際表現而上升或下降，並取決於第一季發放的 2025 年最終授予金額。約 800 萬美元與本季度歸屬股票相關的雇主稅有關，300 萬美元與 3 月份我們每兩年一次的現場領導力會議有關的費用有關，使我們預計的第一季總 G&A 費用達到約 1.79 億美元。

Depreciation for the quarter was $84 million or 2.9% of sales. For 2025, we expect it to remain around 3% of sales. Our effective tax rate for Q4 was 24.4% for GAAP and 24.6% for non-GAAP. It benefited from a reduction in non-deductible expenses. For 2025, we estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

本季折舊為 8,400 萬美元，佔銷售額的 2.9%。到 2025 年，我們預計其銷售額仍將維持在 3% 左右。我們第四季的有效稅率為 GAAP 24.4%，非 GAAP 24.6%。它受益於不可扣除費用的減少。到 2025 年，我們預計我們的基本有效稅率將在 25% 至 27% 之間，但可能會因單一項目而異。

Our balance sheet remains strong, and we ended the quarter with $2.3 billion in cash, restricted cash and investments, and no debt. During the fourth quarter, we purchased $331 million of our stock at an average price of $59.83. For the full year we purchased nearly $1 billion at an average price of $57.21. And going forward, we will continue to opportunistically purchase our stock. During the quarter, the Board authorized an additional $300 million to our share purchase authorization, and at the end of the quarter, we have just over $1 billion remaining.

我們的資產負債表依然強勁，本季末我們擁有 23 億美元現金、受限現金和投資，且沒有債務。第四季度，我們以平均 59.83 美元的價格回購了價值 3.31 億美元的股票。全年我們以平均 57.21 美元的價格購買了近 10 億美元。展望未來，我們將繼續抓住機會購買我們的股票。在本季度，董事會批准了額外的 3 億美元股票購買授權，截至本季末，我們的剩餘資金剛好超過 10 億美元。

To close, I want to thank our 130,000 employees for all your hard work and dedication in delivering an exceptional experience for our guests each and every day. This powers our strong economic model that we continue to protect and grow and allows us to invest back into Chipotle by growing our footprint and furthering our purpose of cultivating a better world. We have a strong plan for 2025, and we look forward to sharing our progress with you in the coming quarters.

最後，我要感謝我們 13 萬名員工的辛勤工作和奉獻精神，每天為我們的客人提供非凡的體驗。這為我們強大的經濟模式提供了動力，我們將繼續保護和發展這一模式，並使我們能夠透過擴大我們的足跡和進一步實現建立更美好世界的目標來重新投資於 Chipotle。我們對 2025 年有一個宏偉的計劃，我們期待在接下來的幾個季度與您分享我們的進展。

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

現在，我們可以開始提問了。

(Operator Instructions)

（操作員指令）

Sarah Senator, Bank of America.

美國銀行的莎拉‧塞納托 (Sarah Senator)。

Just a quick housekeeping and then a question about the food line. So just on the housekeeping you talked about positive transactions in 2025, so I think you'll have -- you said you mentioned 90 basis points of price rolling off. If you don't take any additional price, what does that look like for the full year? I think you would still have some.

只需簡單清掃房間，然後詢問一下有關食物的情況。因此，就在內部管理方面，您談到了 2025 年的積極交易，所以我認為您會有 - 您說過您提到了 90 個基點的價格下滑。如果不收取任何額外費用，全年的情況會如何？我想你還會有一些。

And then the question about food cost is better than we expected given all the headwinds you highlighted in terms of inflation and portion. Investments, I guess to the extent that it was better than you thought, what was the impact of it -- the pricing was it benefits from supply chain earlier than you expected and have you contemplated tariffs as you think about it going forward?

考慮到您所強調的通貨膨脹和份額方面的所有不利因素，有關食品成本的問題比我們預期的要好。投資，我想如果說它比您想像的要好的話，那麼它的影響是什麼——定價是否比您預期的更早從供應鏈中受益，您是否考慮過未來的關稅問題？

Thanks.

謝謝。

Hi, Sarah. So on your first question, we believe pricing will be somewhere around 2% in 2025 and so that assumes no additional price because if you think about it, we just took about 2% in December that'll carry through December of this year and then we roll off the roughly 1% national impact from the [fastac] pricing in April so that comes to be around 2% for the full year. And then on your second question you're right we came in a little bit better than we guided in Q4 on cost of sales and that was mostly because the step up in avocado prices was a little bit less than we anticipated. It's still happening. It just is more of a timing issue.

你好，莎拉。因此，對於您的第一個問題，我們認為到 2025 年，定價將在 2% 左右，並且假設沒有額外的價格，因為如果您考慮一下，我們在 12 月剛剛收取了約 2% 的費用，這將持續到今年 12 月，然後我們在 4 月份從 [fastac] 定價中扣除約 1% 的全國影響，因此全年定價在 2% 左右。關於您的第二個問題，您說得對，我們的銷售成本比第四季度的預期要好一點，這主要是因為酪梨價格的上漲幅度比我們預期的要低一點。它仍在發生。這只不過是一個時間問題。

Great and anything else there (multiple speakers)--

很棒，還有其他的嗎（多位發言者）——

Sorry, this is Scott, Sara. Did you have a question around tariffs?

抱歉，我是史考特，薩拉。您對關稅有什麼疑問嗎？

Yeah, just anything, I know it's obviously in flux, but to the extent that avocados have been a swing factor, yeah, if you wouldn't mind touching on that.

是的，任何事情都是如此，我知道它顯然處於變化之中，但就酪梨成為一個影響因素而言，是的，如果你不介意談論這一點的話。

Thank you.

謝謝。

Yeah, I'll take this one if you don't mind, Sarah.

是的，如果你不介意的話我就接受這個，莎拉。

So our supply chain team has done a remarkable job over the last couple of years with vendor diversification and moving some country of origins out of Mexico proper. Today, we source from both Colombia, Peru as well as the Dominican Republic. Only about 50% of our avocado -- avocado supply today is coming out of Mexico. I think we said earlier in the prepared remarks, it's about a 60-basis-points impact if it is -- it's something that sustained for these.

因此，我們的供應鏈團隊在過去幾年中做出了卓越的工作，實現了供應商多元化，並將一些原產國遷出墨西哥本土。今天，我們的貨源來自哥倫比亞、秘魯以及多明尼加共和國。目前，我們的酪梨供應中只有大約 50% 來自墨西哥。我想我們之前在準備好的發言中已經說過了，如果真是這樣的話，它的影響將達到約 60 個基點——而且這種影響是持續的。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question on the comp’s guidance for the year. I think, Adam, you mentioned a few issues related to the first half, but I was just hoping that maybe you could elaborate on how you're thinking the comp trajectory could play out as the year goes on and I have a follow up.

我的問題是關於公司今年的業績預期。亞當，我想你提到了一些與上半年相關的問題，但我只是希望你能詳細說明一下你認為隨著時間的推移，競爭軌跡將如何發展，我會跟進。

So thanks, David.

所以謝謝你，大衛。

I'll start talking about really January. So if you look at January from a transactions comp standpoint, we ran about a negative 2, and that included a pretty sizable impact from weather as well as the calendar shift which kind of had people going back to work in the school a little bit later with the New Year's Day falling in the middle of the week, and then a very small impact from the wildfires in LA. All of that was about a 400-basis-point impact on our comps in January.

我將開始談論一月份的事情。因此，如果從交易補償的角度來看 1 月份，我們的銷售額約為 -2，其中包括天氣和日曆變化帶來的巨大影響（由於元旦恰逢周中，人們回學校上班的時間稍晚一些），以及洛杉磯野火帶來的很小的影響。所有這些對我們 1 月的同店銷售額產生了約 400 個基點的影響。

And so the underlying trend there is closer to about a plus 2. And so if you push that plus 2 forward for the rest of Q1, we believe that Q1 will come somewhere around flat-ish on comps. And the reason for that is, really, when you're looking at February, we're going to be comping over a really successful braised these barbacoa campaign that we did last year.

因此，那裡的潛在趨勢更接近正 2。因此，如果將第一季剩餘時間的銷售額加上 2%，我們相信第一季的銷售額將與可比銷售額持平。而這樣做的原因是，當你進入二月時，我們將會回顧去年我們進行的非常成功的燉巴巴科亞活動。

And that one, the amazing thing about that is we really saw a nice uplift not only in transactions, but also in mix that cause a really nice lift and check. A lot of that sustained, and so we don't believe it'll hit quite the same way this year because of how much of its sustained. So that's going to be a bit of a tougher comp as well as the second iteration of Chicken Al Pastor hitting in March. It was really pent-up demand from the first time that it was in restaurants. And so when that going up as much as it did, that's going to be a really tough comp going into March.

而這一點，令人驚訝的是，我們確實看到了不只是交易量的大幅提升，而且組合也出現了大幅提升和檢查。其中許多都是持續性的，因此我們認為今年的衝擊不會像去年那麼嚴重，因為這種影響在很大程度上是持續性的。因此，這將是一場更艱難的比賽，而 Chicken Al Pastor 的第二場比賽將在三月舉行。從它第一次出現在餐廳開始，人們就一直對它有著壓抑的需求。因此，當這一數字大幅上漲時，進入三月份，這將是一場非常艱難的競爭。

And then Easter is also kind of a delay. And so Easter, being a few weeks later is going to cause a little bit of a loss in sales in the sense of Easter tends to really spring our burrito season or beginning of kind of that spring step-ups that we see. So the fact that that's happening several weeks later makes us believe that all of those things will lead to a kind of a flat transaction comp in the first quarter.

復活節也有點延遲。因此，復活節晚了幾個星期，這會導致銷售額稍微下降，因為復活節往往是墨西哥捲餅旺季的開始，或者是我們看到的春季銷售增長的開始。因此，幾週後發生的事實讓我們相信，所有這些因素將導致第一季交易量持平。

And then when you go into the second quarter, really strong comps from the year before. So I think that'll be kind of a low point for us in terms of the comparison for the full year, and then we'll step up in Q3 and Q4 from there to get to that low- to mid-single digit guide that we have for the full year.

然後，當你進入第二季時，你會發現與去年同期相比，業績確實非常強勁。因此，我認為，就全年比較而言，這對我們來說將是一個低點，然後我們將在第三季度和第四季度逐步提高，以達到我們對全年的低到中等個位數指導水平。

Great, that's helpful. (multiple speakers)--

很好，很有幫助。（多位發言者）——

I just want to say, David, I apologize.

我只想說，大衛，我很抱歉。

I think Adam said that the cop would be flat for the quarter he meant the transaction would be flat for the quarter -- want to make sure we cleared that up.

我認為亞當說本季的警察費用將保持不變，他的意思是本季的交易費用將保持不變——想確保我們澄清這一點。

Yeah, thanks for that clarification.

是的，謝謝你的澄清。

I guess are you assuming a big lift from you mentioned honey chicken would be coming pretty soon. Is that embedded in your guidance or are you assuming something similar out of honey chicken as you saw at Chicken Al Pastor I guess how should we think about potentially the upcoming launch of that that you signaled?

我猜，你認為你提到的蜂蜜雞的銷售很快就會大幅提升。這是您的指導思想嗎？

Yeah, hi David, Scott here.

是的，你好，大衛，我是史考特。

That is not included in the guidance that Adam just gave you, and we typically launch our LTOs around mid to late March. We do intend to launch a product around that time frame and we're excited about the marketing calendar for the year. I think Chris and team have done, a really nice job of setting up the year to drive positive transactions, and we're excited about the LTO we're going to launch in the spring.

這不包括在 Adam 剛剛給您的指導中，我們通常在三月中下旬推出 LTO。我們確實打算在那個時間範圍內推出一款產品，我們對今年的行銷日程感到非常興奮。我認為克里斯和他的團隊在年初為推動積極交易做出了很大的貢獻，我們對即將在春季推出的 LTO 感到非常興奮。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks. As a follow up on that commentary about the LTO with honey chicken lapping Chicken Al Pastor to some degree, I feel like we all focus on these LTOs as the big driver for comps or it's just obviously easy for us to focus on these innovations, but when you think about real comp drivers for the year, I'm wondering what other things you're really thinking about that'll give you momentum.

謝謝。作為 LTO 評論的跟進，在某種程度上，蜂蜜雞舔著雞 Al Pastor，我覺得我們都把這些 LTO 視為公司業務的主要驅動力，或者我們顯然很容易把重點放在這些創新上，但是當你考慮今年真正的公司業務驅動力時，我想知道你還在考慮哪些其他會給你帶來動力的事情。

As you go through the year you mentioned throughput, do you think that'll be as much of a lift this year or maybe even bigger than last year, and maybe you're contemplating certain things that you can do seasonally, maybe personalized marketing initiatives or anything beyond these LTOs that you might be thinking about in terms of a sales driver.

您提到了今年的產量，您認為今年的產量會和去年一樣大嗎？

Yeah, David. You've heard us talk about this idea of having the flywheel really generating outsized performance and the flywheel can -- being inclusive of great operations, great marketing, and a great digital strategy.

是的，大衛。您已經聽過我們談論這個想法，即讓飛輪真正產生超乎尋常的性能，並且飛輪可以——包括出色的運營、出色的營銷和出色的數位策略。

I'll start with operations. I'll tell you; our ops teams have never been on better footing as they stand today with regard to staffing at model, the best retention numbers we've experienced in my ears with the brand. Culture is really strong in the organization today. And we're set up for what could be an extraordinary year around this idea of improving this guest experience, the total guest experience.

我先從操作開始。我會告訴你；就人員配備而言，我們的營運團隊目前處於前所未有的良好狀態，在我看來，這是我們在該品牌任職期間遇到的最佳留任率。當今組織的文化十分強大。我們致力於改善賓客體驗，全面提升賓客體驗，迎接可能不平凡的一年。

We spent a lot of time over the past many years really getting to the heart of extraordinary culinary. Speed down the line has been a key focus. There's more work to do there, David, and I think the unlock for step change improvement there is grounded in this idea of what I'm talking about is modernization of the backup house at Chipotle which drives efficiency, allows us to be better prepared for the peak period at lunch and dinner, and also allows us to continue to scale this great brand as we endeavor to go to 7,000 restaurants in North America alone.

過去多年以來，我們花了很多時間真正探討非凡烹飪的精髓。速度一直是關注的重點。大衛，還有更多工作要做，我認為，實現階梯式改進的解鎖基礎就是我所談論的這個想法，那就是對 Chipotle 備用餐廳進行現代化改造，以提高效率，讓我們更好地為午餐和晚餐的高峰期做好準備，也讓我們能夠繼續擴大這個偉大的品牌，因為我們努力僅在北美就開設 7,000 家餐廳。

That said, operationally, I feel like we've never been on a better footing. I will continue to lean into obviously the throughput strategies we've deployed in the past and a couple of new ideas we have for this year. As it relates to the marketing calendar, as I said earlier, Chris and team have come forward with a marketing plan, that is really extraordinary and probably the best plan we've seen in the bras since I've been here as well.

話雖如此，從營運角度來看，我覺得我們從未處於如此好的地位。我將繼續傾向於我們過去部署的吞吐量策略以及今年的一些新想法。至於行銷日程，正如我之前所說，克里斯和他的團隊已經提出了一項行銷計劃，這項計劃非常了不起，也可能是我來到這裡以來在胸罩領域見過的最好的計劃。

We have incremental spend, as you know year over year. We have more linear TV this year than last. The LTOs this year are going to be really strong. We have some new things we're going to test and learn on as it relates to summer months. More on that at a later date. And then with regard to digital, the team is really working on this idea of leaning into the AI assistant to help with customer journeys. I'll give you an example of what that looks like.

如您所知，我們的支出逐年增加。今年我們的線性電視數量比去年更多。今年的 LTO 將會非常強勁。我們將在夏季測試和學習一些新事物。稍後我將對此進行更詳細的說明。在數位化方面，團隊正在切實致力於依靠人工智慧助理來幫助客戶旅程的想法。我會給你一個例子來說明它是什麼樣子的。

There Is a new pre-defection journey, when the model detects that a customer's behavior is changing in a particular way that would signal a propensity for churn, we will take them on a new journey with personalized extras and offers to encourage them to re-engage. And so I think those things are going to drive meaningful difference within the digital channel. And so that total flywheel gives me a lot of confidence this year that we'll have positive transactions and continue to move the business forward.

有一個新的客戶流失前旅程，當模型檢測到客戶的行為正在以特定的方式發生變化，從而表明客戶有流失傾向時，我們將帶他們踏上新的旅程，提供個性化的額外服務和優惠，鼓勵他們重新參與。所以我認為這些因素將會在數位管道內帶來有意義的改變。因此，整個飛輪讓我對今年的業績充滿信心，我們將實現積極的交易並繼續推動業務向前發展。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

Thank you very much. I wanted to follow up on the traffic commentary -- underlying traffic in January up to it's a detail from what you've been seeing in recent quarters as you assess the underlying business and understand there's a lot of noise any more color on what you're seeing from the consumer, any shifts that you're seeing across cohorts. Just trying to understand how we go from, I guess the underlying is plus 2, but we're at it down to back up to positive as we move through the year.

非常感謝。我想跟進一下流量評論——1 月份的潛在流量，這是您在評估潛在業務時最近幾個季度看到的詳細信息，並且了解您從消費者那裡看到的噪音、您在各個群體中看到的任何變化。只是想了解我們如何從中走出來，我猜潛在的是正 2，但隨著一年的推進，我們會將其降至正值。

Yeah, no, I mean nothing really to report from an income cohort standpoint. I mean, they're all contributing to the comp very nicely, and we saw this throughout Q4 and that really hasn't changed going into January. So nothing to report on that side. And I would just say, as we turn the year and we look at what we're comping over last year, I mean, keep in mind that we're comping over a roughly, what, 5.3% transcom from the year before. And so I think that's probably what you're seeing with some of that step down in terms of the absolute comp.

是的，不，我的意思是從收入群體的角度來看沒有什麼可報告的。我的意思是，他們都為公司做出了很好的貢獻，我們在整個第四季度都看到了這一點，而這種情況在進入一月份並沒有改變。因此，這方面沒有什麼好報告的。我想說的是，當我們迎來新的一年並回顧與去年相比的情況時，請記住，與前一年相比，我們的業績成長了大約 5.3%。所以我認為，這可能是您所看到的絕對薪酬水平下降的情況。

Dennis Geiger, UBS.

瑞銀的丹尼斯·蓋格。

Another one on the comp outlook if I could sort of bigger picture cutting through some of the weather noise, the comparisons do you guys generally look at the business a little bit longer term as sort of mid-single digit from a same store sales algorithm perspective, pick your price. I understand, the positive traffic that's still the right way to think about the business, longer term or kind of underlying, trajectory.

另一個關於公司前景的問題，如果我可以以更大的視角來看待公司，排除一些天氣因素的影響，那麼你們通常將業務的長期發展視為同店銷售演算法角度的中等個位數，然後選擇價格。我明白，正向的流量仍然是思考業務、長期或潛在軌跡的正確方式。

Yeah, I'll start and I'll flip it over to Adam.

是的，我先開始，然後我會把話題轉給亞當。

Yeah, absolutely. Mid-single digits is right where we should be as an organization. We'll continue to put forward strategies that will keep us on that pace in the years to come. I think we've demonstrated, over the past many years that we can continue to push forward long-standing durable earnings and have done a remarkable job with it over the past many years. This year unfortunately is off to our rough start, and some of that stuff is largely out of our control, but we have -- what we believe to be a great plan for the year and guiding the low to mid makes more sense to us based on where we sit today, hence the guidance. But Adam, anything you would add to that.

是的，絕對是如此。作為一個組織，我們應該將這一數字控制在中等個位數。我們將繼續提出策略，以在未來幾年保持這一步伐。我認為，在過去的許多年裡，我們已經證明我們可以繼續推動長期可持續的盈利，並且在過去幾年裡我們在這方面做得非常出色。不幸的是，今年開局不利，有些事情很大程度上是我們無法控制的，但是我們有——我們認為這是一項偉大的年度計劃，並且根據我們目前的情況，引導低到中等水平對我們來說更有意義，因此有這個指導。但是亞當，你還有什麼要補充的嗎？

No, that's perfect. Thanks, Scott.

不，那太完美了。謝謝，斯科特。

Makes sense, Scott. Thank you very much.

有道理，斯科特。非常感謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

So Adam, you still seem to be pretty cautious about taking additional pricing this year. I just want to understand whether this is a reflection of consumer price sensitivity rising or competitive pressure on value, or do you think there would still be a runway for incremental pricing if it becomes necessary throughout the year?

所以亞當，你似乎對今年的額外定價仍然非常謹慎。我只是想了解這是否反映了消費者價格敏感度的上升或價值的競爭壓力，或者您認為如果全年有必要的話，增量定價仍然有空間？

And secondly, just also if you had any thoughts on the mixed component this year.

其次，如果您對今年的混合成分有任何想法。

Sure, so when it comes to pricing, we are comfortable with the level of pricing we're running right now for the inflation that we're seeing in the business, because as we like to utilize price only to offset inflation, and we want to grow our margins through incremental transactions. And so if there were something that came up throughout the year that would be a permanent hit to the business in the form of inflation, we would consider taking price, but at this point we feel we're well covered based off of what we're projecting.

當然，說到定價，考慮到業務中的通貨膨脹，我們對目前的定價水準感到滿意，因為我們希望利用價格來抵消通貨膨脹，並且我們希望透過增量交易來增加利潤。因此，如果全年出現某種事件，以通貨膨脹的形式對業務造成永久性打擊，我們會考慮降價，但目前我們認為，根據我們的預測，我們已經做好了充分的準備。

And then your question about mix. So the mixed drag in Q4 was about 70 basis points. Keep in mind 20 basis points of that is related to the loyalty adjustment that we took, which was a multi-period adjustment. So it's really, outside of that, the underlying mixed drag is about 50 basis points. And when you're looking at that a little bit closer, it's still driven by a decline in group size, and a big component of that decline in group size that we saw in Q4 really happened in those last couple of weeks of December as it relates to that calendar shift.

然後是關於混合的問題。因此第四季的混合拖累約為 70 個基點。請記住，其中的 20 個基點與我們採取的忠誠度調整有關，這是一個多期調整。因此，除此之外，潛在的混合拖累實際上約為 50 個基點。如果你仔細觀察就會發現，這仍然是由團體規模的下降所致，而我們在第四季度看到的團體規模下降的很大一部分實際上發生在 12 月的最後幾週，因為這與日曆的變化有關。

And then we're continuing it and there was also a benefit. So when you think about the offsite -- the offset to that group size decline, benefits really came from brisket being a premium priced item, especially compared to carne asada in the year before. And then I'm happy to report we're continuing to see strength in sights, and this is coming from queso, this is coming from extra meat and chips. You probably remember us talking about this for several quarters in a row now, and so that did not change in the fourth quarter, and so those are the main components of that mix.

然後我們會繼續做下去，而且也有好處。因此，當您考慮場外時 - 抵消團體規模下降的影響，好處確實來自於牛胸肉是一種高價商品，特別是與前一年烤肉相比。然後我很高興地報告，我們繼續看到強勁勢頭，這是來自於 queso，這是來自於額外的肉和薯條。您可能還記得我們已經連續幾個季度談論這個問題，所以第四季度的情況並沒有發生變化，所以這些是該組合的主要組成部分。

John Ivankoe, JP Morgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

The question is on the labor market for the entire -- for you and obviously the entire industry. As we went through the end of '24 and into the early '25, wage rates have actually been, fairly cooperative, maybe outside of California, but fairly cooperative and turnover levels across the industry have been fairly low relative to historic averages.

問題在於整個勞動市場——顯然是整個產業的勞動市場。當我們經歷 24 年末和 25 年初時，工資率實際上已經相當合作了，也許在加州以外地區是如此，但相當合作，而且整個行業的營業額水平相對於歷史平均水平而言相當低。

So can you comment, I guess, why you think that may have happened, at this point in the economy? And are you looking for any kind of signs of change? Maybe there's some, certain pockets of change of either strengthening or weakening in the labor market and various points of the country that maybe you're paying attention to that could potentially be a forward indicator.

那麼，您能否評論一下，您認為在目前的經濟狀況下，為什麼可能會發生這種情況？您是否在尋找任何變化的跡象？也許勞動市場和國家各個地區出現了一些特定的變化，要么加強要么減弱，也許你正在關注這些變化，這些變化可能是一個前瞻性指標。

It's a great question, and one, it's hard to answer as you think about why all of a sudden retention across the industry has improved. I think ours has probably improved at a quicker rate than many others in the industry.

這是一個很好的問題，但當你思考為什麼整個產業的保留率突然提高時，這個問題很難回答。我認為我們的進步速度可能比業內許多其他公司都要快。

And I attribute that largely to our what I believe to be best-in-class wages, best-in-class benefits, and a great culture. And so, as I said earlier, we're at all-time highs on staffing as a brand today as we sit here we've never been stronger and retention has never been lower, and I attribute that success to our operations leadership out in the field, really doing a remarkable job, creating the right experiences, the right environment that people feel heard and that they are able to continue to develop and grow and hit their long-term career goals for.

我認為這主要歸功於我們一流的薪資、一流的福利和優秀的企業文化。因此，正如我之前所說，今天我們作為一個品牌，在員工配備方面達到了歷史最高水平，我們從未像現在這樣強大，而員工保留率也從未像現在這樣低，我將這一成功歸功於我們在現場的運營領導，他們確實做得非常出色，創造了正確的體驗和正確的環境，讓人們感到自己的聲音被傾聽，並能夠不斷發展和職業目標，實現他們的長期職業目標。

As it relates to our peer group, I really can't speak to what's happening there. Is there a canary in the coal mine? I haven't seen one. I think we still continue to see strength in the brand, even in the face of extraordinary value wars and value wars meaning value as a price point with some of the big QSR players. We continue to take share consistently throughout the year, throughout 2024. We can see that -- continue to see that trend move forward as well. I think that's built on the fact that we create extraordinary value. And keep -- we're still a 30% discount on average to our peer group and the consumer still sees value at Chipotle as benefit over price.

鑑於它與我們的同儕群體相關，我真的無法說出那裡發生了什麼。煤礦裡有金絲雀嗎？我還沒見過。我認為，即使與一些大型 QSR 參與者展開激烈的價格戰和以價格為重點的價值戰，我們仍然能夠看到品牌的實力。我們將在 2024 年全年持續且穩定地佔據市場份額。我們可以看到——這一趨勢還在繼續向前發展。我認為這建立在我們創造非凡價值的事實之上。而且，我們仍然比同行平均提供 30% 的折扣，而且消費者仍然認為 Chipotle 的價值高於價格。

That's helpful thank you.

這很有幫助，謝謝。

Andrew Charles, TD Cowan.

安德魯·查爾斯（Andrew Charles），TD Cowan。

Two questions for me.

我有兩個問題。

Scott, in light of the, external environments presenting some challenges to start the year, so talk about the decision to keep March at the time to launch this upcoming chicken promotion when it possibly could have been accelerated to help make up for some of the shortfall of the external environment cost to start the year.

斯科特，鑑於外部環境給年初帶來了一些挑戰，所以決定將 3 月定為推出即將到來的雞肉促銷活動的時間，因為本來可以加速推出，以幫助彌補年初外部環境成本的一些不足。

Yeah, it's a -- we consider that absolutely thought about it toward the end of last year. Can you pull that up for -- can you make it -- pull it forward. To be quite frank, there were two things that went into the decision. Number one is we had a lot of confidence in braised beef barbacoa even the second time through, we think will be a meaningful launch in February. We really want to get -- target that March time frame as it relates to linear TV specifically because we know that our reach and frequency is much stronger in that March-April time frame. And so it's kind of -- it's fishing when the fish are biting, if you will, and putting all of our marbles in one hat.

是的，我們認為我們在去年年底就絕對考慮過這個問題。你能把它拉上來嗎 — — 你能把它拉向前嗎？坦白說，有兩個因素影響了這個決定。首先，我們對紅燒牛肉巴巴科亞非常有信心，即使是第二次，我們也認為在二月推出這款產品將是一個有意義的舉措。我們確實希望以三月為目標，因為它與線性電視有關，因為我們知道在三月至四月的時間範圍內，我們的覆蓋範圍和頻率要強得多。所以這有點像——如果你願意的話，這就是在魚咬鉤的時候釣魚，然後把我們所有的彈珠放在一頂帽子裡。

Hopefully that's helpful.

希望有幫助。

Okay, yes, that's great. Thanks.

好的，是的，太好了。謝謝。

And then my second question was around I think in the past you talked about the addition of the expedited position, helps drive around five incremental transactions during that peak 15-minute window. So I'm curious, what is the gating factor to getting that staffing of that position from 60% to closer to 100%.

然後我的第二個問題是，我認為過去您談到過增加加急職位，這有助於在 15 分鐘的高峰時段內推動大約五筆增量交易。所以我很好奇，將該職位的人員配備率從 60% 提高到接近 100% 的限制因素是什麼。

Yeah, believe me, it's something we continue to lean into every single day. I think there are restaurants today that are challenged with getting all the prep items done prior to peak, getting brakes deployed so that we are set and ready for peak rush.

是的，相信我，這是我們每天都會堅持的事情。我認為如今一些餐廳面臨的挑戰是在高峰到來之前完成所有的準備工作，並採取「煞車」措施，以便為高峰時段做好準備。

Oftentimes what we find when we don't have the expo in position, there are people that are out of position, either on breaks, at the dish sink, washing the enormous amount of wares we use on a given day or still involved in prep activity. We fervently believe that the backup house innovation, the equipment that we are leaning into through our stage gate process will help us drive greater efficiency of the AM morning prep cycle that will allow us to hit those targets more consistently as an organization and create a step change and improvement in throughput.

我們經常發現，當我們沒有將展覽會安排到位時，會有一些人員不在原來的位置，要么在休息，要么在洗碗池邊，要么在清洗我們當天使用的大量器皿，要么仍在進行準備活動。我們堅信，備用房屋創新，即我們透過階段門流程所依賴的設備，將幫助我們提高 AM 早晨準備週期的效率，這將使我們作為一個組織能夠更一致地實現這些目標，並在吞吐量方面實現階躍變化和改進。

Pretty good. Appreciate it. Thanks.

不錯。非常感謝。謝謝。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

I actually have two questions on potential future unlocks. The first one is, if you're looking at international markets. I mean, with nearly one year of new leadership team in the UK, what are now the restaurant level margins in their region and how have they improved over time?

我實際上對未來可能的解鎖有兩個疑問。第一個是，如果你關注國際市場。我的意思是，英國新領導團隊上任近一年，他們所在地區的餐廳利潤率現在是多少，以及隨著時間的推移有何改善？

And maybe, Scott, what other initiatives are you expecting to close the gap on margins versus the US?

史考特，您還期望採取哪些其他措施來縮小與美國的利潤差距？

Hi [Dino], thanks for the question.

你好[Dino]，謝謝你的提問。

I'll tell you they've improved measurably, so much so that we have decided to go ahead and start looking at site development in specific areas of Western Europe to begin to build the pipeline to grow again. And so we have a lot of confidence in the team. We have confidence in the progress. They continue to make month-over-month progress, and we know that we have -- we can drive or create a viable business in the Western Europe markets we operate in today with hundreds of restaurants and potentially thousands of restaurants and other markets adjacent markets that we can bring in.

我會告訴你，他們已經有了明顯的進步，因此我們決定繼續前進，開始研究西歐特定地區的站點開發，以開始建立再次增長的管道。因此我們對這支球隊非常有信心。我們對進展充滿信心。他們繼續取得逐月進展，我們知道我們已經——我們可以在今天運營的西歐市場推動或創造一個可行的業務，其中包括數百家餐廳和潛在的數千家餐廳以及我們可以引入的其他鄰近市場。

Thank you.

謝謝。

And then another source of opportunity for you is probably the Chipotlanes, and you mentioned that you're still seeing a lot of success in this Chipotlanes, generating higher sales, higher, margins. What is your aspirational opportunity to maybe retrofit the stores with more Chipotlanes given that they [prove] in the success?

那麼對您來說另一個機會來源可能是 Chipotlanes，您提到您在 Chipotlanes 中仍然看到很多成功，創造了更高的銷售額、更高的利潤。鑑於 Chipotlanes 的成功，您希望在商店中引入更多的 Chipotlanes 嗎？

Yeah, so we take a hard look at those, Dino, so the legacy restaurants, we take a hard look at which ones where it makes sense to convert, where we can do it and still see a nice return on the investment, and we will make those strategic decisions throughout the year on which ones we do convert.

是的，所以我們會認真研究這些，迪諾，對於傳統餐廳，我們會認真研究哪些餐廳適合轉型，哪些餐廳可以轉型而且仍然能看到不錯的投資回報，我們會在全年做出戰略決策，確定哪些餐廳值得轉型。

It's just a hard decision. You've got to understand, how much lease term do I have? Do I have space on the lot? Will the traffic flow work? Will permitting allow it? Obviously, so many variables that go into that decision, but where we can, Dino, we will make the investment because we know there's a return.

這只是一個艱難的決定。你必須明白，我的租賃期限有多長？停車場裡還有空位嗎？交通能暢通嗎？許可會允許嗎？顯然，這個決定受很多變數影響，但是迪諾，只要我們有能力，我們就會進行投資，因為我們知道會有回報。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Maybe first on unit growth -- you've got another year here in '24 where you hit the effectively smack dab in the middle of your guidance range, and I'm just curious if you could offer any insights to what might prevent you from getting to that higher end of the range in fiscal '25. Are you still dealing with local government permitting issues as kind of a governor there?

也許首先是關於單位增長——在'24 年你還有一年的時間可以達到指導範圍的中間水平，我只是好奇你是否可以提供任何見解，說明什麼可能阻止你在'25 財年達到指導範圍的高端。您是否仍以州長的身分處理地方政府的許可問題？

Jon, some of its permitting. We're going to hit somewhere in the 9% to 9.5% range this year and we'll continue to drive the team as it relates to performance for SARs development. Those are the site acceptance requests for new restaurants, obviously 21 months out. And so we feel like the pipeline for '25 was really strong. We'll continue to grow that pipeline and ensure that we have a really successful '26 and hopefully get closer to that 10% mark. But as I said in the last earnings call, we feel really comfortable and confident that we can grow this business in that 8% to 10% range and continue to drive what we believe to be best-in-class return on investment.

喬恩，這是允許的。我們今年將達到 9% 到 9.5% 左右的目標，我們將繼續推動團隊在 SAR 開發方面的績效。這些是新餐廳的選址驗收請求，顯然需要 21 個月的時間。因此，我們覺得 25 年的通路管道非常強大。我們將繼續擴大這一管道，確保 2026 年取得真正成功，並希望更接近 10% 的目標。但正如我在上次財報電話會議上所說的那樣，我們感到非常放心和有信心，我們可以將這項業務增長 8% 到 10%，並繼續推動我們認為一流的投資回報率。

Okay, maybe switching gears to the marketing front. This will be another year -- '24 was another year where your marketing spend as a percentage sales is roughly in that 2.5% range. I think you're speaking to a similar level in '25 and when looking back, historically you guys have been in that 3% range, and I'm just curious. I know the dollars have grown, but why kind of take that percentage down rather than keep it there and maybe hit different mediums or use it in a different manner.

好的，也許應該轉到行銷方面。這將是另一年——24 年又是您的行銷支出佔銷售額的百分比大約在 2.5% 左右的一年。我認為你所說的是 25 年的類似水平，回顧過去，你們的歷史一直處於 3% 的範圍內，我只是很好奇。我知道美元已經成長了，但為什麼要降低這個比例，而不是保持在這個水平，或許可以投入不同的媒介或以不同的方式使用它？

Yeah, I mean, what you're seeing with that and we got it for the full year somewhere in that mid-2% range, what you're seeing there is we're asking for some leverage over the last several years, especially during COVID when we took some outsized price increases to offset inflation and labor and some of the other areas. And so we didn't feel like that should be passed all the way down on the marketing side.

是的，我的意思是，您所看到的是，我們全年的成長率都在 2% 左右，您所看到的是，我們在過去幾年中要求獲得一些槓桿，特別是在 COVID 期間，當時我們採取了一些超額的價格上漲來抵消通貨膨脹、勞動力和其他一些領域的影響。因此，我們認為這種情緒不應該一直傳遞到行銷方面。

And so that's why we're showing a little bit of leverage compared to that historically. However, it is still, like you know at a very big step-up year over year, something around 8%, 8.5%. but it's something that we can continue to pull that lever. So if there's good areas that we can invest in that we think we can get a good return, we'll absolutely pull that lever when those opportunities come up.

這就是為什麼我們與歷史相比表現出了一點影響力。然而，與去年同期相比，它仍然有很大的增長，大約在 8% 到 8.5% 左右。但我們可以繼續發揮這種槓桿作用。因此，如果我們可以投資於好的領域，並且認為可以獲得良好的回報，那麼當機會出現時，我們絕對會抓住機會。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

How would you sort of contextualize the performance of [brisket] at this time relative to the past iteration of that and other LTOs, and was there anything different just about timing like, for example, was it sort of a stronger start and did it trail off at the end or was it pretty strong throughout?

您如何看待 [brisket] 目前相對於過去和其他 LTO 的表現，以及時間方面是否有任何不同，例如，它是否開始時比較強勁，但在結束時逐漸減弱，還是始終保持強勁？

Yeah, I'll start. And Scott, feel free to add in.

好的，我先開始了。斯科特 (Scott)，請隨意添加。

And so we felt like brisket, this was the first time I'd been back in quite some time because as it's a very difficult item to procure, and especially for us to last several months and the amount of restaurants that we have and things like that. And we were very, very excited about the performance. It hit really high in terms of transactions as well as those that are switching from all across proteins, not just, steak and barbacoa, but also chicken as well.

所以我們覺得就像牛胸肉一樣，這是我很長一段時間以來第一次回來，因為它是一種很難採購的物品，特別是對於我們來說，要持續幾個月，以及我們擁有的餐廳數量等等。我們對這場演出感到非常非常興奮。它的成交量非常高，而且那些從各種蛋白質轉換而來的顧客，不僅僅是牛排和烤肉，還有雞肉。

And so it performed really well at the onset and then continued through the end of the year and into January. So we're happy with the fact that a lot of our existing customers switched over to brisket. It drove a lot of new customers to the brand. And that it's sustained really nicely and so we're really happy with the results of brisket as well as the hype because like -- as you know it took a couple of years to get it back into our restaurants and I think that built up some of that hype.

因此，它一開始就表現得非常好，並且一直持續到年底和明年 1 月。因此，我們很高興看到許多現有客戶轉而選擇牛胸肉。它為該品牌吸引了大量新客戶。而且它的銷量維持得很好，所以我們對牛胸肉的銷售結果和炒作感到非常滿意，因為——如你所知，我們花了幾年時間才把它帶回我們的餐廳，我認為這也積累了一些炒作。

Yeah, I would tell you it's an extraordinary product and hopefully the folks on the call have tried it many times throughout the promotional window. I know I probably ate it once a week throughout the entire season. The teams in the restaurant did a really remarkable job delivering that experience with excellence this time around, and the consumers voted with their wallets and the incidents remained strong throughout the entire promotion. It's something we would probably do annually, maybe even permanently if you could find adequate supply, but unfortunately that's not the case. So hopefully, we can bring it back as a future LTO as an arrow in the quiver in the years to come, but we'll see.

是的，我會告訴你這是一款非凡的產品，希望通話中的人們在促銷期間已經嘗試過它多次。我知道我整個季節可能每週都吃一次。這次，餐廳的團隊表現非常出色，為顧客提供了卓越的體驗，消費者也用錢包投票，整個促銷活動中的事件都保持強勁。如果能找到足夠的供應，我們可能會每年都這樣做，甚至可能永久地這樣做，但不幸的是事實並非如此。因此，我們希望能夠在未來幾年內將其作為未來的 LTO 重新帶回來，我們拭目以待吧。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Just on the equipment discussion, so the produce slicer I guess my question there was once you roll that out, does it actually -- I know you could redeploy some of that labor, but does it actually sort of like change labor hours needed, if people can I don't know show up in an hour later for example.

只是關於設備的討論，所以我想我的問題是，一旦你推出產品切片機，它是否真的 - 我知道你可以重新部署一些勞動力，但它是否真的有點像改變所需的勞動時間，如果人們可以，我不知道例如一個小時後出現。

And then Scott, you talked about sort of that new suite of equipment that you're testing, but if you were to sort of put that in more existing locations or try to roll that out faster. Is there any obstacle to doing so besides just kind of securing supply of equipment?

然後斯科特，您談到了您正在測試的那種新設備套件，但是如果您要將其放置在更多現有位置或嘗試更快地推出它。除了確保設備供應之外，還有什麼障礙嗎？

Yeah, so the produce slicer will save labor. We plan to redeploy some of that labor and capture part of the labor, how much we have is undecided at present. The other pieces of equipment are also pieces of equipment that will drive efficiency in the restaurant, better team member experience, better culinary, but it'll also allow us to redeploy or take labor as margin as well.

是的，所以蔬菜切片機可以節省勞力。我們計劃重新部署部分勞動力並吸引部分勞動力，目前我們尚未決定有多少。其他設備也能提高餐廳的效率，改善團隊成員的體驗，提高烹飪水平，同時也能讓我們重新部署或利用勞動力作為利潤。

One of those examples is the dual vat fry. The dual vat fryer obviously allows us to cook chips and less than half the time it takes today, freeing up that individual to do other tasks in the restaurant to better prepare for throughput. The dual-sided plancha we've talked about quite a bit over the years. We think it's a better product coming off the plancha reduces the complexity of one of the most complex jobs at Chipotle today, which is the grill operation. And the rice cooker is far more efficient for the team members, gets them away from those big pans of rice that are just hard to work with and hard to mix, and makes that process much more efficient.

其中一個例子就是雙缸油炸。雙槽炸鍋顯然使我們能夠在烹調薯條所需的時間減少一半，從而使工作人員可以騰出時間在餐廳做其他工作，以更好地為生產做好準備。多年來，我們已經多次討論過雙面平板。我們認為，鐵板燒烤是一種更好的產品，它降低了 Chipotle 現今最複雜的工作之一，也就是燒烤作業的複雜性。而且電飯煲對團隊成員來說效率更高，讓他們不再需要處理和攪拌大鍋米飯，使整個過程更有效率。

Those four pieces of equipment will go into all new restaurant openings at the back end of this year and will be a part of the new restaurant opening package. We're looking to retrofit a handful of restaurants today what we're calling the high efficiency equipment package. We'll walk that through stage gate and if successful, we're seeing the returns we were looking for and we'll work through how we retrofit the existing fleet of restaurants today.

這四台設備將在今年年底投入所有新開幕的餐廳，並將成為新餐廳開幕套餐的一部分。今天，我們正在考慮對一些餐廳進行改造，安裝所謂的高效設備包。我們將逐步完成這一目標，如果成功，我們將看到我們所期待的回報，並且我們將致力於改造現有的餐廳隊伍。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I guess, there are a lot of moving parts and restaurant level margin this year, and I just wanted to maybe touch on your thoughts on full year restaurant level margin and your ability to defend that. It feels like it might be a tale of two halves where down in the first half, maybe up in the back half. I'm wondering if that's correct.

我想，今年有很多變動因素和餐廳層面的利潤率，我只是想談談您對全年餐廳層面利潤率的看法以及您捍衛這一利潤率的能力。感覺這可能是一個兩個半場的故事，上半場可能會下降，下半場可能會上升。我不知道這是否正確。

And then secondarily in terms of the opportunities to mitigate those portion investments, is there any opportunity to accelerate, the harvesting of those efficiencies?

其次，就減輕這些部分投資的機會而言，是否有機會加速並提高這些效率？

Yeah, hi, Sharon.

是的，你好，莎倫。

So you're right in the sense of I think it is kind of a first half, second half type of story, and a lot of that has to do with the portion investment and the fact that we believe that we can offset that investment in the second half of the year. And so that'll cause a little bit of pressure in the first half and then a little bit of relief in the second half.

所以你說得對，我認為這有點像上半年和下半年的故事，這在很大程度上與部分投資有關，而且我們相信我們可以在下半年抵消這些投資。因此這會在上半場造成一點壓力，而在下半場造成一點緩解。

But in general, as you're looking at it from 10,000 feet. Our goal this year is to drive positive transactions and flow that through to where we would see incremental restaurant level margins. So it's really, highly dependent on our ability to drive transactions and our ability to flow that through, but that's the ultimate goal.

但一般來說，就像你是從 10,000 英尺高空觀看它一樣。我們今年的目標是推動積極的交易，並將其轉化為餐廳層級利潤的增量。因此，這實際上高度依賴我們推動交易的能力和流通交易的能力，但這是最終目標。

And then in terms of your second question, I believe it was the offset on the portion investment, is that correct in the details around that?

然後就您的第二個問題而言，我認為這是對部分投資的抵消，其細節是否正確？

Yes, thanks.

是的，謝謝。

Yeah, and so with that portion investment you'll notice in the prepared comments I talked about how a little bit of that 60 basis points is starting to come back, especially through some of our teams and outlier management. That's going to be basis points at most maybe 10 basis points, so that'll leave about 50 basis points left in that investment. And we believe that the produce slicers that Scott just talked about will offset a little less than call it half of that and then you'll get the rest of it a little more than half from some efficiencies that we've already identified within the supply chain that we're going to start to chip away at here in Q1 and in Q2. And so we'll slowly start to offset that investment, but until those produce slicers come in, you won't see that full offset until the second half of next year.

是的，因此，透過這部分投資，您會注意到，在準備好的評論中，我談到了 60 個基點中的一小部分是如何開始回升的，特別是透過我們的一些團隊和異常管理。這最多是基點，可能是 10 個基點，因此該投資將剩下大約 50 個基點。我們相信，史考特剛才提到的農產品切片機可以抵消不到一半的損失，剩下的一半多一點的損失將從我們已經在供應鏈中確定的一些效率中獲得，我們將在第一季和第二季開始逐步削減這些效率。因此，我們將慢慢開始抵消這項投資，但直到這些農產品切片機投入使用，你才會看到完全的抵消，直到明年下半年。

Brian Bittner, Oppenheimer & Company.

奧本海默公司的布萊恩‧比特納 (Brian Bittner)。

All my questions have been answered, so I'll just zoom out for you, Scott. You were named permanent CEO in November, and I know on the last call you talked a lot about how the strategy isn't changing, and I think that makes a lot of sense, but now that you're taking on the permanent role of CEO, are there any differences between you and Brian and how you look at the business that's maybe worth pointing out on this call or perhaps maybe there's opportunities where you see you could lean in more. I mean I think it's anticipated that everything stays the same for the most part but just want to give you the opportunity to suggest any differences.

我所有的問題都已得到解答，所以我將為你縮小範圍，斯科特。去年 11 月，您被任命為永久首席執行官，我知道在上次電話會議上，您多次談到戰略不會改變，我認為這很有道理，但現在您已擔任永久首席執行官一職，您和 Brian 之間以及您對業務的看法是否存在差異，也許值得在這次電話會議上指出，或者也許您認為您可以更多地參與其中。我的意思是，我認為預計大部分情況都會保持不變，但只是想給你機會提出任何不同意見。

I really appreciate that. I [not only] there are a ton of differences. Here's what I would tell you is there are three core things that we have the organization focused on for the year, and I talked about this differently in the last earnings call when I talked about a more connected organization. And what I endeavored to do and this leadership endeavors to do is be more connected to the guests and around this idea of guest obsession. And if you're in a support center role, your guests are the folks out in the field that are doing the work in our restaurants every day, and I need us to obsess over those individuals.

我真的很感激。我（不僅）發現存在大量差異。我想告訴大家的是，今年我們組織重點關註三件核心事務，在上次財報電話會議上，我在談到一個更具聯繫性的組織時，對這一點進行了不同的論述。我和領導階層努力做的就是與客人建立更緊密的聯繫，並秉持「客人至上」的理念。如果您擔任支援中心的職務，您的客人就是每天在我們的餐廳工作的人們，我需要我們全神貫注地關注這些人。

At the restaurant level, we have to do a better job of creating a better experience consistently for all guests that come into our restaurants, whether that's cleaned dining rooms, smiles down the line, or better guest recovery. We have opportunity there. We're really strong with culinary today, we're really strong with speed down the line. We have best-in-class team members in every single restaurant. We can do a better job of creating a really unique experience as it relates to guest obsession. That's number one.

在餐廳層面，我們必須更好地為所有來到我們餐廳的客人持續創造更好的體驗，無論是清潔餐廳、服務員微笑還是更好的客人恢復。我們在那裡有機會。如今，我們在烹飪方面非常強大，在速度方面，我們也很強大。我們的每一家餐廳都有一流的團隊成員。我們可以更好地創造真正獨特的體驗，以滿足客人的迷戀。這是第一點。

Number two, I keep talking about this, it's a critical one, is modernization of the back of house, and I own that one because I would -- I've been reluctant for many years as the Chief Operating Officer to make any wholesale changes to how we deliver the experience. And it's taken me a long time to get comfortable with innovations -- equipment innovations that will come into the back of house and modify, if you will, the knives and cutting board process that we have today. I've gotten comfortable because we still need the knives and cutting boards and we create a better consistent cut size which ladders to a better consistent recipe and taste profile.

第二，我一直在談論這一點，這是一個關鍵問題，就是後台的現代化，我負責這一點，因為作為首席營運官，多年來我一直不願意對我們提供體驗的方式進行任何全面的改變。我花了很長時間才適應創新——設備創新將進入後台，如果你願意的話，可以改變我們今天使用的刀具和切菜板流程。我已經感到很舒服了，因為我們仍然需要刀具和砧板，並且我們創造了更一致的切割尺寸，從而可以獲得更一致的食譜和口味。

So if we can generate that experience and be more efficient and have better culinary, I am all in. So we are bought into this idea of modernization of backup house. And the last thing is around this idea of growth and growth not only in organic growth, new restaurant growth, growth around the globe, if you will, as we move into other countries like the Middle East, we're taking a look at a couple of other partnerships as we speak today around the world.

因此，如果我們能夠創造這樣的體驗，提高效率，提供更好的烹飪，我會全力支持。最後關於成長的想法是，成長不僅僅是有機成長，新餐廳的成長，還有全球的成長，如果你願意的話，當我們進入中東等其他國家時，我們正在考慮在世界各地建立其他幾個合作夥伴關係。

But growth would people and growth in from our restaurants all the way up to this executive team. How do we think about development? How do we continue to lean in on growth for individuals that have career [aspirations]. We want people to start here, stay here, and know they'll hit their career goals and life journeys right here at Chipotle. So those are the three things that I continue to pound the drum on. This team is aligned behind, but it's still grounded in the five key strategies that remain unchanged.

但成長涉及人員，從我們的餐廳一直到管理團隊的成長。我們如何思考發展？我們如何才能繼續助力有職業[抱負]的個人成長。我們希望人們從這裡開始、留在這裡，並知道他們將在 Chipotle 實現他們的職業目標和人生旅程。所以這就是我要繼續強調的三件事。這支團隊的背後是一致的，但仍以五項不變的關鍵策略為基礎。

Thanks for that, and congrats.

謝謝你，恭喜你。

Zach Fadem, Wells Fargo.

富國銀行的 Zach Fadem。

So wanted to follow up on the restaurant level margins as we've been looking at about 20% incremental flow through in the second half of the year, it seems like we're we should expect similar in the first half of the year, but as the portion investment eases maybe you have some equipment productivity, a return to, I guess re-accelerating comps. Is the high-30% to low-40% incremental margins still the right way to think about this business? Or are there any other puts and takes we should keep in mind?

因此，我們想跟進餐廳層面的利潤率，因為我們一直在關注下半年約 20% 的增量流量，似乎我們應該預期上半年會出現類似的情況，但隨著部分投資的減少，也許你會有一些設備生產力的回歸，我想會重新加速。 30%高點到40%低點的增量利潤率仍然是思考這項業務的正確方式嗎？或者我們還應該牢記其他的利弊嗎？

No, that 40% flow through is still very much intact, and you're right on the pieces as to why the second half of the year it's been closer to call it 20% because of the portion investment. And then as we start to chip away at that in the first half of this year, like you said, as well as start to drive transaction comps, we'll climb back to that, I believe for the second half of the year. So you've got the pieces spot on.

不，40% 的流量仍然完好無損，而且您說得對，為什麼今年下半年由於部分投資的原因，流量更接近 20%。然後，正如您所說，隨著我們在今年上半年開始逐步消除這一障礙，並開始推動交易量成長，我相信，在下半年，我們將回到這一水平。因此，您已經正確地掌握了這些要點。

Perfect.

完美的。

And then Scott, you just mentioned, the potential to explore additional partnerships around the world. So I guess first question is I presume that the relationship with Alshaya is going well. And second, any additional color on regions that that you might be interested in down the road.

然後斯科特，您剛才提到了探索全球更多合作關係的潛力。所以我想第一個問題是，我推測與 Alshaya 的關係進展得很好。其次，您將來可能會對區域添加更多顏色。

It's our belief that Chipotle works in all geographies around the globe. We think we have an extraordinary product, and it's hard to argue that rice, beans, and chicken doesn't work around the globe, so we have a lot of confidence in our strategy.

我們相信 Chipotle 能夠在全球所有地區開展業務。我們認為我們擁有一款非凡的產品，而且大米、豆類和雞肉在全球都很暢銷，因此我們對我們的策略非常有信心。

The partnership with Alshaya, I'll talk about first is going really, really well. And so we have three restaurants open, two in Kuwait, one in Dubai, we have one additional restaurant in Dubai opening very soon. We're happy. Mohammed Alshaya is really happy with the relationship, and we'll continue to expand pretty aggressively with the Alshaya Group here in 2025.

我首先要談談與 Alshaya 的合作，進展非常非常順利。我們開了三家餐廳，兩家在科威特，一家在杜拜，我們很快就會在杜拜再開一家餐廳。我們很高興。 Mohammed Alshaya 對此合作關係感到非常滿意，2025 年我們將繼續與 Alshaya 集團大力合作。

As we think about other partnerships around the globe, I'm sure you could probably think about or come up with the countries we're thinking about and whether it's Southeast Asia or Latin America. And we will probably go with like-minded partners, big robust organizations with a lot of track record of success with American brands within their geography, and folks that we know that will have as much passion around what we do as the people in this building. So hopefully that gives you some additional color.

當我們考慮全球其他合作夥伴關係時，我相信您可能會考慮或想到我們正在考慮的國家，以及東南亞還是拉丁美洲。我們可能會選擇志同道合的合作夥伴，這些大型組織在其地區擁有與美國品牌合作成功的豐富記錄，我們認識的那些對我們的工作充滿熱情的人也會像這棟樓裡的人一樣。希望這能帶給你一些額外的色彩。

Thank you. This concludes our question-and-answer session. I'd like to send the conference back over to Scott Boatwright from the closing remarks.

謝謝。我們的問答環節到此結束。我想在結束語中將會議交還給 Scott Boatwright。

Well, thank you all for listening in today. I was really proud of how the year landed. I'm really proud of this organization and what this team has accomplished, whether you're in our support centers, doing the good work, supporting our restaurant teams, and 130,000 people out in our restaurants today that show up every day with a lot of passion around this idea of cultivating a better world, I couldn't be prouder of where we sit, I couldn't be more excited about the year ahead of us.

好吧，感謝大家今天的收聽。我為這一年的結束感到非常自豪。我為這個組織和這個團隊所取得的成就感到無比自豪，無論您是在我們的支持中心工作，還是在為我們的餐廳團隊提供支持，還是如今在我們餐廳里工作的 13 萬人，他們每天都滿懷熱情地致力於建設一個更美好的世界，我為我們所處的位置感到無比自豪，對未來的一年感到無比興奮。

Thank you all. Thank you all for listening in today, and we'll talk soon.

謝謝大家。感謝大家今天的收聽，我們很快就會開始談話。

Thank you, sir. 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.

謝謝您，先生。今天的電話會議到此結束。我們感謝大家參加今天的演講。現在您可以斷開連接並享受美好的一天。