奇波雷墨西哥燒烤 (CMG) 2022 Q1 法說會逐字稿

Good day, and welcome to the Chipotle Mexican Grill First Quarter 2022 Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加 Chipotle Mexican Grill 2022 年第一季業績電話會議。 （操作員指示）請注意，此活動正在錄製中。

I would now like to turn the conference over to Adam Rymer, VP of Finance. Please go ahead.

現在我想將會議交給財務副總裁Adam Rymer。請開始。

Hello, everyone, and welcome to our first quarter fiscal 2022 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

大家好，歡迎參加我們2022財年第一季的財報電話會議。現在您應該可以訪問我們的收益新聞稿了。如果沒有，您可以在我們的投資者關係網站ir.chipotle.com上找到。

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

首先，我要提醒您，本簡報中關於我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理階層目前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測有重大差異。請參閱我們10-K表格和10-Q表格年度報告中包含的風險因素，以了解可能導致我們的實際結果與前瞻性陳述產生差異的風險。

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

我們今天的討論將涵蓋非公認會計準則 (Non-GAAP) 財務指標。您可以透過我們網站「投資者關係」板塊中簡報頁面的連結查看與公認會計準則 (GAAP) 指標的對帳表。

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

今天的電話會議將以董事長兼執行長 Brian Niccol 和財務長 Jack Hartung 的預先準備好的發言開始。之後，我們將回答大家的提問。我們的整個執行領導團隊都將在問答環節中隨時待命。

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

說完這些，我將把電話轉給布萊恩。

Thanks, Adam, and good afternoon, everyone. Before I share our first quarter results, I want to express my gratitude for the 3,200 outstanding general managers and field leaders that attended our All Managers' Conference in Las Vegas last month. It was our first time together in nearly 4 years, allowing us to celebrate our general managers as well as inspire and learn from one another as we codified our 2022 strategic priorities. It truly was great to be back together again.

謝謝，亞當，大家下午好。在分享我們第一季的業績之前，我想對上個月在拉斯維加斯舉行的全體經理人大會上，3200名傑出的總經理和各領域領導表示感謝。這是我們近四年來第一次相聚，讓我們有機會慶祝各位總經理的成就，並在製定2022年戰略重點的過程中互相激勵、互相學習。能夠再次相聚，真的非常高興。

Chipotle's performance in the first quarter was strong despite challenges from the Omicron variant. For the quarter, sales grew 16% to reach $2 billion, driven by a 9% comp. In-store sales grew by 33% over last year. Digital represented 42% of sales. Restaurant level margin was 20.7%, a decrease of 160 basis points year-over-year. Adjusted diluted EPS was $5.70, representing a 6.3% growth over last year. And we opened 51 new restaurants, including 42 Chipotles.

儘管面臨Omicron變體帶來的挑戰，Chipotle第一季業績依然強勁。本季銷售額成長16%，達到20億美元，其中較去年同期成長9%。店內銷售額較去年同期成長33%。線上通路銷售額佔42%。餐廳利潤率為20.7%，較去年同期下降160個基點。調整後攤薄每股收益為5.70美元，較去年同期成長6.3%。我們新開了51家餐廳，其中包括42家Chipotle。

Although our restaurant margins remain bumpy due to inflation, we have the ability to be patient while costs are volatile, and the growth in pricing power to recover our margins over time. And I'm pleased to report that Q2 is also off to a strong start, fueled by Pollo Asado our most popular new protein to date.

儘管通貨膨脹導致我們餐廳的利潤率仍然不穩定，但我們有能力在成本波動期間保持耐心，定價能力的成長也有助於我們逐步恢復利潤率。我很高興地告訴大家，第二季也取得了強勁的開局，這得益於我們迄今為止最受歡迎的新蛋白質產品－烤雞肉（Pollo Asado）。

Our 5 key strategies continue to position us to win today while we create the future. These include: number one, running successful restaurants with a people accountable culture that provides great food with integrity, while delivering an exceptional in-restaurant and digital experiences; number two, sustaining world-class people leadership by developing and retaining diverse talent at every level; number three, making the brand visible, relevant and loved to improve overall guest engagement; number four, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers; and number five, expanding access and convenience by accelerating new restaurant openings.

我們秉持五大關鍵策略，在創造未來的同時，持續幫助我們贏得今日的勝利。這些策略包括：第一，以對員工負責的文化經營成功的餐廳，以誠信提供美味佳餚，同時打造卓越的店內和數位體驗；第二，透過培養和留住各級多元化人才，維持世界一流的人才領導力；第三，提升品牌知名度、相關性和受歡迎度，從而提升整體顧客參與度；第四，加強技術和創新，推動餐廳和支持中心的新增長和餐廳；

Let me provide a brief update on each of these strategies, starting with restaurant operations. Our people are our greatest asset and well trained and supported employees preparing delicious food served quickly equates to an excellent guest experience. We are currently focused on improving our throughput as our sales continue to increase throughout the spring, and our in-restaurant business continues to grow.

讓我簡單介紹一下這些策略，先從餐廳營運開始。員工是我們最寶貴的資產，訓練有素、得到充分支持的員工能夠快速烹調美味佳餚，從而為顧客帶來卓越的體驗。目前，我們正專注於提高客流量，因為整個春季我們的銷售額持續成長，我們的堂食業務也持續成長。

Recently, I was in Denver at our 6th & Broadway location, which opened in March of 2000, and I met 2 employees who have been with this restaurant since the day it opened, so it's 22 years. They were training our new team members online, demonstrating how to execute with excellence and speed. It was incredible to see our teach and taste Chipotle value being brought to life. We know throughput, a foundational element of convenience that our guests value, is an opportunity for us, and we are committed to teaching, training and validating the 5 pillars of throughput every day during every shift to ensure we meet our high standards and provide a great guest experience.

最近，我去了丹佛我們位於第六街和百老匯街的分店，這家店於2000年3月開業。我見到了兩位從餐廳開業之日起就在這裡工作的員工，他們已經在這裡工作了22年。他們正在線上培訓我們的新團隊成員，示範如何有效率地完成工作。看到我們傳承和品味的Chipotle價值觀得以實現，真是令人難以置信。我們深知，吞吐量是我們顧客所重視的便利性的基本要素，對我們來說是一個機會。我們致力於在每天的每個班次中教授、培訓和驗證吞吐量的五大支柱，以確保我們達到高標準，並為顧客提供卓越的體驗。

We have daily goals in place for the number of entrees per 15-minute period on the front make-line and promised time execution on the digital make-line. These goals are now included in the restaurant manager and crew bonuses to better drive performance and accountability, and both measures improved during the quarter. We are also in the process of rolling out a new scheduling tool, which will help ensure the right people are in the right positions at the right time.

我們設定了每日目標，包括前台每15分鐘的菜色數量，以及數位售菜線上承諾的完成時間。這些目標現已納入餐廳經理和員工的獎金中，以更好地推動績效和問責制，這兩項指標在本季度均有所改善。我們也正在推出一款新的排班工具，以確保合適的人員在適當的時間出現在適當的職位上。

I believe that we are finally getting back to pre-pandemic operations, and I couldn't be more excited. We have been intentional in our recruiting efforts, and we have made investments in our people. We offer a world-class employee value proposition that includes industry-leading benefits, attractive wages, specialized training and development, access to education, and a transparent pathway to significant career advancement opportunities. We believe these efforts are helping to attract and retain great employees as our staffing levels are better today than they were in late 2019.

我相信我們終於恢復到疫情前的營運水平，我對此無比興奮。我們一直致力於招聘，並對員工進行了投資。我們提供世界一流的員工價值主張，包括業界領先的福利、誘人的薪資、專業的培訓和發展機會、教育機會以及通往重要職涯發展機會的透明途徑。我們相信，這些努力有助於吸引和留住優秀員工，因為我們目前的人員配置水準比2019年底有所提升。

We are constantly looking for ways to be better at training and development. With that in mind, we have enhanced our training and development programs, recently rolling out an AI-based learning management system, the Spice Hub, which offers immersive learning and development opportunities and upskilling for future roles for all employees. We believe our team members of today will be our leaders tomorrow, and we are looking for them to grow with us.

我們始終致力於改善培訓和發展。為此，我們強化了培訓和發展項目，最近推出了基於人工智慧的學習管理系統 Spice Hub，為所有員工提供沉浸式學習和發展機會，並提升未來職位所需的技能。我們相信，今天的團隊成員將成為明天的領導者，我們期待他們與我們一起成長。

Opening 8% to 10% new restaurants per year means we need more crew, more GM's, more field leadership. In fact, team members can advance the restaurateur, the highest general manager position in as little as 3.5 years with average compensation of $100,000, while leading a multimillion dollar growing business. And it doesn't stop there. A GM can become a certified training manager, a field leader, a team director and a regional vice president. In fact, we just recently promoted an individual to regional vice president, who started as a crew member and he's the second one of our regional vice presidents to share this incredible career trajectory.

每年新開8%到10%的餐廳意味著我們需要更多的員工、更多的總經理和更多的現場領導。事實上，團隊成員只需3.5年就能晉升為餐廳老闆，也就是最高的總經理職位，平均年薪10萬美元，同時領導著一家價值數百萬美元的不斷發展的企業。而且，這還不止於此。總經理可以成為認證培訓經理、現場領導、團隊總監和區域副總裁。事實上，我們最近剛提拔了一位從員工做起的人擔任區域副總裁，他是我們第二位擁有如此輝煌職業軌蹟的區域副總裁。

Our marketing team continues to do a tremendous job of keeping Chipotle relevant in culture, driving difference as well as transactions. We continue to leverage both traditional and nontraditional media to increase awareness and amplify the brand. You may have seen our Knowing Taste Better television campaign, which highlights Chipotle's real ingredients like antibiotic-free chicken, freshly prepared food like our hand-mash guac and features our real team members. Additionally, we remain a leader in the digital space with our latest Chipotle Metaverse experience that launched on National Burrito Day, garnering more than 4 million game plays in the first week.

我們的行銷團隊繼續出色地工作，確保 Chipotle 與時俱進，在提升品牌影響力的同時，也推動了差異化和成交。我們持續利用傳統和非傳統媒體來提升品牌知名度和影響力。您可能已經看過我們名為“更懂味”的電視廣告，該廣告重點宣傳 Chipotle 的真正食材，例如無抗生素雞肉、新鮮烹製的食材，例如手工搗碎的鱷梨醬，並展現了我們真實的團隊成員。此外，我們憑藉最新的 Chipotle Metaverse 體驗，在數位領域保持領先地位。體驗於全國墨西哥捲餅日 (National Burrito Day) 上線，首周遊戲次數超過 400 萬次。

From a product innovation standpoint, we generally introduce 2 to 3 new menu items per year using a disciplined stage gate approach to innovation. These new product introductions are extremely effective as they bring in additional customers, drive frequency with existing users and increase check while giving us an opportunity to create buzz around the brand.

從產品創新的角度來看，我們通常每年推出2到3款新菜品，並採用嚴格的階段門控創新方法。這些新產品的推出非常有效，因為它們不僅能帶來更多顧客，還能提升現有用戶的消費頻率，增加帳單，同時也讓我們有機會為品牌營造口碑。

Pollo Asado was our first chicken innovation in 29 years, and the reaction has been outstanding. In addition to adding new variations to our health-oriented Lifestyle Bowls in January, we also attracted new guests with our plant-based Chorizo limited time offering, which prove that you don't have to sacrifice flavor or food with integrity to enjoy a vegan or vegetarian protein.

Pollo Asado 是我們 29 年來首次推出的雞肉創新產品，反應非常熱烈。除了在一月份為注重健康的 Lifestyle Bowls 推出新品外，我們還推出了限時供應的植物性西班牙辣香腸，吸引了許多新顧客。這證明了，即使不犧牲風味或食物的完整性，也能享用純素或素食蛋白質。

And we're far from being done. We've got an exciting new menu item that will start testing in the coming weeks, which I think guests are going to love. We have a robust product pipeline for the remainder of 2022 and beyond.

我們還遠遠未完成。我們即將推出一款令人興奮的新菜單，並將在未來幾週開始測試，我相信客人一定會喜歡。我們擁有豐富的產品線，涵蓋2022年剩餘時間及以後。

A key part of guest engagement is our Chipotle Rewards program, which now has nearly 28 million members. We recently celebrated the 3-year anniversary of the program by relaunching Guac Mode, an exclusive benefit for Chipotle Rewards members that unlocks access to surprise free guac rewards throughout the year. which resulted in our highest social engagement of all time and loyalty enrollments up 35% week-over-week.

我們的 Chipotle Rewards 獎勵計劃是提升顧客參與的關鍵環節，目前會員人數已近 2,800 萬人。最近，我們為慶祝該計劃成立三週年，重新推出了 Guac Mode 活動。 Guac Mode 是 Chipotle Rewards 獎勵計劃會員的專屬福利，會員可全年獲得驚喜的免費 Guac 獎勵。這項福利使我們的社交參與度達到了歷史最高水平，會員註冊人數也較上季增加了 35%。

We continue to leverage our CRM sophistication by focusing more on personalization and using predictive modeling to trigger journeys that can influence guest behaviors as well as make their experience with Chipotle more relevant for them. This approach uses personalized messaging to learn more about an item the guest has previously ordered, view their ordering preferences or to see their cumulative real foodprint, which is a guest potential environmental impact based on their order history. We are constantly learning, evolving and optimizing to drive more frequency with rewards members. We are pleased with the progress to date but believe we will get even better over time. Our ability to share relevant personalized communications with our guests will ultimately deepen the relationship between rewards members and the brand.

我們將繼續利用我們成熟的客戶關係管理 (CRM) 技術，更加重視個人化，並運用預測模型來觸發能夠影響顧客行為的旅程，從而提升他們在 Chipotle 的體驗，使其更具針對性。這種方法透過個人化訊息來了解顧客之前點過的菜餚，查看他們的點餐偏好，或查看他們的累積真實食物足跡（基於他們的點餐歷史，預測顧客對環境的潛在影響）。我們不斷學習、發展和優化，以提高獎勵會員的消費頻率。我們對迄今為止的進展感到滿意，但相信隨著時間的推移，我們會做得更好。我們與顧客分享相關個人化溝通的能力最終將加深獎勵會員與品牌之間的關係。

Our digital sales remain a big part of our business due to it being a convenient frictionless experience that has been enhanced by continuous technology investments to improve operational execution. On average, it only takes about 10 minutes from the time a guest places an order until it's ready for pickup, which is simply outstanding. Chipotlanes also continue to outperform non-Chipotle locations due to the convenience, which is encouraging since digital order pickup is our highest margin transaction. We continue to look for ways to increase access and convenience through alternate restaurant formats, digital-only menu offerings and leveraging our large and growing loyalty program.

我們的數位銷售仍然是我們業務的重要組成部分，因為它提供了一種便捷、無摩擦的體驗，並且透過持續的技術投資來提升營運執行力。平均而言，從顧客下單到取餐僅需10分鐘左右，這非常出色。 Chipotle門市也因其便利性而繼續超越非Chipotle門市，這令人鼓舞，因為數位取餐是我們利潤最高的交易。我們將繼續探索各種途徑，透過不同的餐廳模式、純數位菜單以及利用我們龐大且不斷發展的會員計劃，來提升顧客的可及性和便利性。

As a people-first company, we are investing in human capital technology to enhance the team member experience in our restaurants, creating a more efficient, consistent and compliant environment. We recently rolled out a new labor scheduling program as well as began testing radio frequency identification technology to enhance traceability and inventory systems. Also in test is an autonomous kitchen assistant, Chippy that integrates culinary traditions with artificial intelligence to make tortilla chips in our Cultivate Center innovation hub. Our goal is to drive efficiencies through collaborative robotics that will enable Chipotle's team members to focus on other culinary tasks in the restaurant. We will not sacrifice quality and deliciousness. We are going to place Chippy in a Southern California restaurant soon so we can leverage our stage gate process to listen, test and learn from our crew, and guest feedback before deciding on our implementation strategy.

作為一家以人為本的公司，我們正在投資人力資本技術，以提升團隊成員在我們餐廳的體驗，以創造更有效率、一致且合規的環境。我們最近推出了一項新的勞動力調度計劃，並開始測試無線射頻識別技術，以增強可追溯性和庫存系統。此外，我們也正在測試一款名為 Chippy 的自動廚房助手，它將烹飪傳統與人工智慧相結合，在我們的 Cultivate Center 創新中心製作玉米片。我們的目標是透過協作機器人技術提高效率，使 Chipotle 團隊成員能夠專注於餐廳的其他烹飪任務。我們不會犧牲品質和美味。我們很快就會在南加州的一家餐廳推出 Chippy，以便我們能夠利用我們的階段門流程，在確定實施策略之前，請傾聽、測試並學習來自我們員工和顧客的回饋。

To accelerate our strategic priorities, we recently announced that we created a new venture fund called Cultivate Next to make early-stage investments into strategically aligned companies that further our mission. As a digital disruptor, we are looking to support early-stage companies that are forward-thinking and will enhance our employee or guest experience, advance our food with integrity mission and perhaps, revolutionize the restaurant industry.

為了加速推進我們的策略重點，我們最近宣布成立了一個名為「Cultivate Next」的新風險基金，用於對符合我們策略目標、能夠進一步推進我們使命的公司進行早期投資。作為數位顛覆者，我們希望支持那些具有前瞻性思維、能夠提升我們員工或顧客體驗、推進我們「誠信餐飲」使命，甚至可能徹底革新餐飲業的早期公司。

Our last strategic pillar is to expand access and convenience, which today is still a top request from consumers. In less than 30 years, we reached 3,000 restaurants with over half in the last 10 years. We are relentless in our pursuit of bringing food with integrity to more communities. We're not even halfway to our goal of reaching 7,000 restaurants in North America and are building a real estate pipeline that will accelerate new unit growth in the range of 8% to 10% per year, with more than 80% of new restaurants featuring a Chipotle.

我們最後一個策略支柱是擴大覆蓋範圍並提升便利性，至今仍是消費者的首要訴求。在不到30年的時間裡，我們的餐廳數量已達3,000家，其中超過一半是在過去10年內新增的。我們始終堅持不懈地致力於將誠信的美食帶給更多社區。我們距離在北美開設7,000家餐廳的目標還差一半，並且正在建立一個房地產管道，這將使新餐廳的年增長率達到8%至10%，其中超過80%的新餐廳將以Chipotle為特色。

Our digital order drive-through pickup lane continues to be a favorite among guests, giving customers more easy ways to access Chipotle.

我們的數位訂單免下車取餐頻道繼續受到客人的喜愛，讓顧客可以更輕鬆地前往 Chipotle。

Last week, we issued Chipotle's 2021 sustainability report update, which highlights our commitment to people, food and animals and the environment. We've even tied a portion of our executive compensation to achieving various goals to ensure we held ourselves accountable for making business decisions that cultivate a better world. The report talks about how we invested in our people, supported our communities and worked to reduce our environmental impact. I'm proud of the strides that we have made to showcase real, meaningful action and measurable change.

上週，我們發布了 Chipotle 2021 年永續發展報告更新，強調了我們對人類、食物、動物和環境的承諾。我們甚至將部分高階主管薪酬與各專案標的實現掛鉤，以確保我們能承擔起責任，做出有利於創造更美好世界的商業決策。報告闡述了我們如何投資員工、支持社區並努力減少對環境的影響。我為我們在展示實際、有意義的行動和可衡量的改變方面取得的進展感到自豪。

In closing, none of the results that I've shared with you today would be possible without our world-class teams. I want to thank our employees in the restaurants, field teams and support center staff for constantly pushing the boundaries of what's possible. As I mentioned at the start, we just brought together 3,200 of our general managers and field leaders and hearing their ideas, passion and enthusiasm for this company convinced me more than ever that we have the right people and the right strategies in place to position Chipotle for accelerated growth in the years ahead.

最後，如果沒有我們世界一流的團隊，我今天與大家分享的所有成果都不可能實現。我要感謝我們餐廳、現場團隊和支援中心的員工，感謝他們不斷突破極限，突破可能。正如我在一開始提到的，我們剛剛召集了3200名總經理和現場領導，聽到他們的想法、對公司的熱情和熱忱，我比以往任何時候都更加確信，我們擁有合適的人才和正確的戰略，能夠幫助Chipotle在未來幾年實現加速增長。

With that, here's Jack to walk you through the financials.

下面，傑克將帶您了解財務狀況。

Thanks, Brian, and good afternoon, everyone. Sales in the first quarter grew 16% year-over-year to reach $2 billion as comp sales grew 9%. Restaurant level margin of 20.7%, decreased 160 basis points compared to last year. And earnings per share adjusted for unusual items was $5.70, representing a 6.3% year-over-year growth. The first quarter had unusual expenses related to our previously disclosed 2018 performance share modification, transformation costs as well as restaurant asset impairment and closure costs, slightly offset by a reduction of legal expenses, which negatively impacted our earnings per share by $0.11, leading to GAAP EPS of $5.59.

謝謝，Brian，大家下午好。第一季銷售額年增16%，達20億美元，同店銷售額成長9%。餐廳利潤率為20.7%，較去年下降160個基點。經過非常規項目調整後的每股盈餘為5.70美元，較去年同期成長6.3%。第一季出現了一些與我們先前披露的2018年業績調整、轉型成本以及餐廳資產減值和關閉成本相關的非常規費用，但法律費用的減少略微抵消了這些費用，這對我們的每股收益產生了0.11美元的負面影響，導致GAAP每股收益為5.59美元。

As we look to the remainder of 2022, there remains uncertainty from macroeconomic impacts as well as COVID and make it difficult to provide full year comp guidance. Comps in April so far continued right around the same 9% we saw in Q1. And while it's difficult to predict the comp in Q2 due to these factors, assuming current sales trends continue, we expect it to be in the 10% to 12% range as we expect the comp to increase throughout the quarter.

展望2022年剩餘時間，宏觀經濟影響以及新冠疫情的不確定性依然存在，使得我們難以提供全年業績指引。截至目前，4月份的業績與第一季的9%左右持平。儘管由於這些因素，我們很難預測第二季的業績，但假設目前的銷售趨勢持續下去，我們預期業績將在10%至12%之間，因為我們預期整個季度的業績都將保持成長。

Our restaurant level margins continue to be impacted by unprecedented levels of inflation. Our Q1 margin was impacted by a higher level of commodity inflation than we expected, primarily from avocados, tortillas and dairy resulting in our Q1 margin falling below the nearly 22% guidance we provided on our last earnings call. To offset these rising costs, we increased menu prices over 4% at the end of the quarter.

我們餐廳的利潤率持續受到前所未有的通貨膨脹的影響。第一季的利潤率受到商品價格上漲的影響，漲幅高於我們的預期，主要來自酪梨、玉米餅和乳製品，導致第一季利潤率低於我們在上次財報電話會議上給出的近22%的預期。為了抵銷這些成本上漲，我們在本季末將菜單價格上調了4%以上。

And looking ahead to Q2, we expect our restaurant level margin to be around 25%, which will benefit from a full quarter of the new menu prices and assuming we don't see additional inflation above our current estimates.

展望第二季度，我們預計餐廳層面的利潤率將在 25% 左右，這將受益於新菜單價格的整整四分之一，並且假設我們不會看到超出我們目前估計的額外通膨。

I'll now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were at 31%, an increase of about 100 basis points from last year. Costs were higher across the board, but most notably beef, avocados and paper and more than offset the leverage from our menu price increases. Additionally, cost for avocados, tortillas and dairy increased during the quarter. And in Q2, we expect our cost of sales to remain near 31% as the benefit from our menu price increase will be offset by a full quarter of these elevated costs.

現在我將逐一介紹關鍵的損益項目，首先是銷售成本。本季的銷售成本為31%，比去年同期成長了約100個基點。成本全面上漲，但最顯著的是牛肉、酪梨和紙張，這些成本足以抵消我們菜單價格上漲帶來的收益。此外，本季酪梨、玉米餅和乳製品的成本也有所增加。我們預計第二季的銷售成本將維持在31%左右，因為菜單價格上漲帶來的收益將被這些成本上漲的整整一個季度所抵銷。

Labor costs for the quarter were 26.3%, an increase of about 140 basis points from last year. This increase was driven by our decision to increase average wages to $15 per hour in May of last year, which was partially offset by menu price increases. In Q2, we expect our labor cost to be in the mid-24% range due to leverage from our menu price increase as well as seasonally higher sales.

本季人工成本為26.3%，較去年同期成長約140個基點。這一增長源於我們去年5月決定將平均工資提高至每小時15美元，但菜單價格上漲部分抵消了這一增長。受菜單價格上漲以及季節性銷售成長的影響，我們預期第二季人力成本將在24%左右。

Other operating costs for the quarter were 16.4%, a decrease of about 50 basis points from last year. This decrease was driven by menu price increases as well as a decline in delivery expenses, partially offset by higher costs across several expenses, most notably utilities, including natural gas.

本季其他營運成本為16.4%，較去年同期下降約50個基點。下降主要源自於菜單價格上漲以及外送費用下降，但部分抵銷了多項費用（尤其是包括天然氣在內的公用事業費用）的上漲。

Marketing and promo costs for the quarter were 3.5%, the same level we spent last year to support plant-based Chorizo as well as the launch of Pollo Asado. In Q2, we expect marketing costs to step down to the mid- to high 2% range with the full year to remain around 3%. In Q2, other operating costs are expected to be in the mid-14% range.

本季的行銷和促銷成本為3.5%，與去年同期持平，用於支持植物性Chorizo香腸和Pollo Asado的推出。我們預計第二季的行銷成本將降至2%左右，全年將維持在3%左右。第二季的其他營運成本預計將在14%左右。

G&A for the quarter was $147 million on a GAAP basis or $144 million on a non-GAAP basis, excluding $3 million related to the previously disclosed modification through 2018 performance shares and $1 million related to transformation expenses, offset by a $1 million reduction related to legal settlements. G&A also includes $101 million in underlying G&A, $20 million related to noncash stock compensation, $6 million related to higher performance-based bonus accruals and payroll taxes and equity vesting and exercises and $17 million related to our All Manager Conference. We expect our G&A -- underlying G&A to be around $104 million in Q2 and continue to grow slightly thereafter as we make investments in technology and people to support ongoing growth.

本季度的一般及行政開支（G&A）為 1.47 億美元（按 GAAP 計算），或 1.44 億美元（按非 GAAP 計算），其中不包括與先前披露的 2018 年績效股調整相關的 300 萬美元，以及與轉型費用相關的 100 萬美元，但因法律和解而減少 100 萬美元，從而減少了 100 萬美元，從而因法律和解而減少 100 萬美元。一般及行政開支還包括 1.01 億美元的基本一般及行政開支、2000 萬美元的非現金股票薪酬、600 萬美元的績效獎金應計、工資稅以及股權歸屬和行權相關費用，以及 1700 萬美元的全體經理大會相關費用。我們預計第二季的一般及行政開支（G&A）——即基本一般及行政開支——將達到 1.04 億美元左右，此後隨著我們在技術和人才方面的投資以支持持續增長，G&A 將繼續小幅增長。

We anticipate stock comp will likely be around $27 million in Q2, although this amount could move up or down based on our performance. We also expect to recognize about $5 million related to performance-based bonus accruals and payroll taxes and equity vesting and exercises bringing total G&A in Q2 to around $136 million.

我們預計第二季的股票補償金額約為 2,700 萬美元，但根據我們的業績表現，該金額可能會上下浮動。我們也預計將確認約 500 萬美元的績效獎金、薪資稅以及股權歸屬和行使相關費用，使第二季度的一般及行政開支總額達到約 1.36 億美元。

Depreciation stepped up in the quarter to $72 million as we accelerate depreciation for several in-store tech items we plan to upgrade this year. For example, adding contactless payment for our in-restaurant guests as well as for remodels and relocations that will expand our Chipotlane footprint. We expect depreciation to remain at an elevated level for the next few quarters.

本季折舊額上升至 7,200 萬美元，這得益於我們計劃今年升級的幾項店內科技產品的加速折舊。例如，為店內顧客新增非接觸式支付功能，以及為擴大 Chipotlane 的門市規模而進行的翻新和搬遷。我們預計未來幾季折舊額將維持在較高水準。

Our effective tax rate for Q1 was 16.7% for both GAAP and non-GAAP, and both rates benefited from option exercises and share vesting at stock prices above their brand value. For fiscal 2022, we estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

我們第一季的有效稅率（GAAP 和非 GAAP 計算）均為 16.7%，且均受益於選擇權行使和股票歸屬，且股票價格高於其品牌價值。我們預計 2022 財年的基礎有效稅率將在 25% 至 27% 之間，但具體數字可能會因具體項目而異。

Our balance sheet remains healthy as we ended the quarter with $1.2 billion in cash, restricted cash and investments with no debt, along with a $500 million untapped revolver. During the first quarter, we repurchased $260 million of our stock at an average price of $1,490. We increased our level of stock repurchases during the quarter when our share price fell with the market overall, and we'll continue to opportunistically repurchase our stock.

我們的資產負債表維持穩健，本季末我們持有12億美元現金、限制性現金和無負債投資，以及5億美元尚未動用的循環信貸額度。第一季度，我們以平均1,490美元的價格回購了2.6億美元的股票。在本季度，當股價隨市場整體下跌時，我們增加了股票回購規模，我們將繼續適時回購股票。

We opened 51 new restaurants in the first quarter, of which 42 had a Chipotlane. The performance of our Chipotlanes continue to be strong, driving our new store productivity to record levels. The development team continues to do a tremendous job delivering new restaurants despite the many issues we're facing, including structured labor shortages, permitting delays and raw material and equipment shortages. Although these issues have lengthened the time line of our new restaurants, our pipeline continues to be strong, and we expect to open between 235 and 250 new restaurants in 2022 with at least 80%, including a Chipotlane.

我們在第一季開設了51家新餐廳，其中42家設有Chipotlane。 Chipotlane的業績持續強勁，推動我們的新店生產力創下新高。儘管我們面臨許多挑戰，包括結構性勞動力短缺、批准延誤以及原材料和設備短缺，但開發團隊仍在持續出色地交付新餐廳。儘管這些問題延長了我們新餐廳的開幕時間，但我們的籌備工作依然強勁，預計2022年將開設235至250家新餐廳，其中至少80%將包括Chipotlane。

Let me end by expressing my appreciation to our over 100,000 team members in our restaurants and field leadership teams and in our restaurant support centers for their efforts to serve and delight our guests. I was thrilled to see our general managers and field leaders at our All Manager Conference last month and personally thank them for their dedication and hard work over the past several years and share with them the opportunity that they all have as we grow from 3,000 restaurants to 7,000 restaurants in the years to come.

最後，我要感謝我們餐廳、現場領導團隊以及餐廳支援中心的十萬多名團隊成員，感謝他們為服務賓客、取悅賓客所付出的努力。上個月，我很高興在全體經理會議上見到了我們的總經理和現場領導，我由衷感謝他們過去幾年的奉獻和辛勤工作，並與他們分享未來幾年餐廳數量將從3000家增長到7000家的機遇。

With that, we're happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) And the first question will be from Nicole Miller with Piper Sandler.

（操作員指示）第一個問題來自 Piper Sandler 的 Nicole Miller。

If I could just ask 2 quick ones. I guess, both really centered first on the top line. If the comp is set to improve through the quarter, is it basically saying you haven't seen any pushback on price? And if I'm looking back in a year ago in 2Q, it looks like traffic comparisons ease like as you exit the quarter. Is there anything else -- is that what's going on? And is there anything else we have to take into consideration in terms of a digital influence or a party-sized influence around mix shift?

我可以快速問兩個問題嗎？我想，這兩個問題首先都集中在營收。如果預計本季業績會有所改善，這是否意味著你們沒有看到任何價格上的阻力？如果回顧去年第二季度，似乎在季度結束時，流量對比會變得容易一些。還有其他什麼原因嗎？還有什麼其他因素需要考慮，例如數位業務的影響，或是產品組合轉變帶來的群體性影響？

Yes. I mean, obviously, what we've seen is very little resistance to the pricing so far. And in regard to kind of entrees per ticket, as our in-store business goes up, I think it was up like 30-some-odd percent this quarter and kind of digital is held as a percentage, you'll see some shifting number of entrees per ticket just because the in-store occasion is more of an individual occasion than the digital occasion.

是的。我的意思是，顯然，到目前為止，我們看到的對定價的阻力很小。至於每張門票的門票數量，隨著我們店內業務的增長，我認為本季度增長了30%左右，而數字業務的佔比也保持不變，你會看到每張門票的門票數量會有所變化，因為店內活動比數字活動更具個性化。

All right. So you -- that's where you see a little give back in the mix shift, right, is around an individual order essentially versus a big party order?

好的。所以你——這就是你在組合轉換中看到一點回落的地方，對吧，本質上是圍繞單一訂單而不是大型訂單進行的？

That's what I can call it, because our transactions actually are up even though we had pricing that was in that about 10% range. Our transactions are up 5%, but our check is down 6%. That's partly because of group size, which is the shift from digital to in-store that Brian talked about.

我之所以這麼說，是因為儘管我們的定價在10%左右，但交易量實際上還是上升了。我們的交易量增加了5%，但帳單金額卻下降了6%。這部分是因為團隊規模擴大，也就是Brian提到的從線上到線下轉變。

And then also with digital, you tend to have attachment rates that are a little bit higher with things like queso, avocados, extra meat. And then we're also comparing against cauliflower rice from last year as well. So those are all the things that drove the check down. But underlying transactions are healthy and the price increase is sticking just as expected. We don't see any resistance.

此外，數位轉型中，像是起司醬、酪梨、加肉之類的產品，附加率往往會更高一些。我們也在與去年的花椰菜米進行比較。這些都是導致帳單金額下降的因素。但基礎交易狀況良好，價格上漲也如預期般持續。我們沒有看到任何阻力。

Okay. And so just a second and last question. I mean that's exactly what we'd be looking for, any weakness you would observe in the consumer on price or other behavior, and it's really just a reconciliation of the in-store. I could see one of the criticisms down the road if the consumer does weaken or the macro, whichever way you want to take it, I'd be curious if your underlying assumption with the development going to be a record-setting year. You don't have franchisees that slow you down. You don't have landlords or lenders that slow you down. So if you feel the pressure on the consumer, will you slow that development purposely to lower end of the range? Or will you just keep pushing through?

好的。接下來是第二個也是最後一個問題。我的意思是，這正是我們所關注的，你觀察到的消費者在價格或其他行為上的任何弱點，實際上只是店內銷售的協調。如果消費者真的走弱，或宏觀層面──無論你怎麼看待它──我都能預見未來會有人批評你。我很好奇，你對今年業績將創紀錄的假設是否成立。你沒有特許經營商會拖累你，也沒有房東或貸款機構會拖累你。所以，如果你感受到消費者的壓力，你會故意放慢發展速度，降低價格範圍嗎？還是你會繼續堅持下去？

No. I mean our plan is to grow. And we think the strategies that we have and the results that we're getting give us a lot of confidence to stay the course on our growth plans.

不。我的意思是，我們的計劃是成長。我們認為，我們現有的策略和所取得的成果給了我們很大的信心，讓我們能夠繼續推動成長計畫。

Yes. And Nicole, I would just add, I literally just had a conversation with Di Bias who heads up our real estate. We had a leadership meeting, and she's out in the field with her teams. And we had that conversation saying, listen, there's a lot of noise going out there. The market is under stress, interest rates are going up. And so -- but no matter what happens out there, we have a strong balance sheet. We know we have strong economics, and we're in this for the long haul. So make sure your teams realize we're not slowing down. And if anything, there's opportunities because others do pull back. Let's take that as an opportunity to go faster, not slower.

是的。妮可，我想補充一下，我剛剛和我們房地產主管迪比亞斯談過了。我們開了個領導會議，她帶著團隊在現場。我們當時說，聽著，外面有很多噪音。市場承壓，利率也在上升。所以——但無論外面發生什麼，我們的資產負債表都很強勁。我們知道我們經濟狀況強勁，而且我們會長期堅持下去。所以，請確保你們的團隊意識到我們不會放慢腳步。如果有什麼不同的話，那就是當其他人撤退時，也蘊藏著機會。讓我們抓住這個機會，加快步伐，而不是放慢腳步。

And the next question will come from David Tarantino with Baird.

下一個問題來自貝爾德的大衛·塔倫提諾。

Jack, I just want to come back to the Q2 guidance for my first part of my question. Could you just explain why the comp you expect to get better as the quarter goes on? Is it strictly related to comparisons? Or is it something else that you think?

傑克，我想回到我問題的第一部分，關於第二季度的業績指引。您能否解釋一下，為什麼您預計隨著季度的推移，業績會有所改善？這是否與業績對比嚴格相關？還是您有其他想法？

Yes, there's a lot going on, David. Comparisons a lot of it. Easter shifted. We see a nice seasonal shift right after Easter, and we saw the nice shift this past week. Easter last year was in the first week, it was like the third or fourth. So it was 2 week later. So we definitely saw that step up, which gives us confidence that now we're in kind of a normal post-Easter phase. In the last week or so, since Easter is behind us, we are seeing that step up, we're seeing the full flow through of the menu price increase. And we take those sales trends and then project them through the rest of the quarter, it gives us confidence that we're going to step up from the approximately 9% that we've seen so far month-to-date in April, up to that 10% to 12% guidance range that we gave.

是的，有很多事情發生，大衛。有很多比較。復活節發生了變化。我們看到復活節後出現了一個不錯的季節性變化，上週也出現了不錯的變化。去年的復活節是在第一周，今年大概是第三週或第四周。所以比去年晚了兩週。所以我們確實看到了這種上漲，這讓我們有信心現在我們正處於一個正常的復活節後階段。在復活節過去後的最後一周左右，我們看到了這種上漲，我們看到了菜單價格上漲的全面實施。我們根據這些銷售趨勢，預測本季剩餘時間的銷售成長，這讓我們有信心，我們的銷售額將從4月份迄今的約9%上升到我們給出的10%到12%的指導範圍。

Got it. Okay. That's helpful. And then I wanted to come back, Brian, to your comments about throughput. I guess this is one of the first calls you've highlighted that as a big opportunity in a while. Could you maybe give us a framework for where you are on the metrics you're tracking versus where you used to be, I guess, prior to the pandemic, I guess to frame up how much opportunity there is to really drive better throughput and potentially better sales through that attribute?

明白了。好的。這很有幫助。然後我想回到你關於吞吐量的評論，Brian。我想這是你最近第一次在電話會議中強調吞吐量是一個巨大的機會。你能否給我們一個框架，說明你目前追蹤的指標與疫情之前相比處於什麼水平，以及有多少機會可以透過吞吐量來真正提高吞吐量，並可能提高銷售額？

Yes, sure. So if you kind of go back just to kind of set kind of like a range for you. In our best time period, we were kind of in the low 30s per 15 minutes peak. And then I think you heard me talk about this before the pandemic, we're targeting to get back to the mid-20s, high 20s and we're making a lot of great progress where we were closing on the kind of mid-20s. And now where we are is we're closing back in to get back to those mid-20s.

是的，當然。所以，如果你回顧一下，給你設定一個大概的範圍。在我們最好的時期，峰值大概在每15分鐘30多條。我想你在疫情之前就聽我說過，我們的目標是回到25到29條，而且我們取得了很大的進展，已經接近25到29條了。現在，我們正在接近回到25到29條的峰值。

So still a lot of headroom for where we can grow from here. But the thing that's been really nice is as we've gotten stability in the teams, the restaurants are staffed and we're seeing performance in throughput, and we're also seeing great performance and our digital make-line of being on time and accurate. So lots of opportunities on both of those, but to kind of give you the gauge, we're kind of in the mid-20s on throughput and we'd like to get closer to 30 sooner rather than later. So lots of work to do, lots of opportunity, though, with it.

所以，我們仍有很大的發展空間。但真正令人欣慰的是，隨著團隊逐漸穩定，餐廳人員配備到位，吞吐量也逐漸提升，我們的數位化流程也更加準時準確，業績也顯著提升。所以，在這兩方面都有很多機會。不過，大致來說，我們的吞吐量目前大概在20%左右，我們希望能盡快接近30%。所以，我們還有很多工作要做，也有很多機會。

And the next question will come from Andrew Charles with Cowen.

下一個問題來自 Cowen 的 Andrew Charles。

Jack, if we look out past the commodity and labor inflation that's weighing on the industry in 2022. You guys have previously talked about 27% plus margins when $3 million volumes are reached. Is this still realistic? Is this still a realistic level that could be reached without having to take an outsized level of pricing?

傑克，如果我們拋開2022年給行業帶來壓力的商品和勞動力通膨不談，你們之前談到過，當交易量達到300萬美元時，利潤率將超過27%。這仍然現實嗎？這是否仍然是一個現實的水平，在不採取過高定價的情況下可以達到？

Yes. Andrew, listen, we still can get to that level. I mean the question is when and how bumpy is it going to be between here and there. I mean, this really has been the most difficult period I've ever seen in terms of commodity month-to-month, quarter-to-quarter. But we know that -- we told in our guidance, we shared that we expect to get back to the mid-20% range. And based on that volume to go from the current volumes in the $2.7 million range up to $3 million, most of the flow through, most of the gap from the mid-20s to get up to 27% will happen from flow-through. And I think there's going to be other efficiencies that we can find along the way, again, in a normal operating environment. So I still think that 27% is in play at that kind of volume.

是的。安德魯，聽著，我們仍然可以達到那個水準。我的意思是，問題是從現在到未來，這會經歷多少坎坷。我的意思是，就商品的月環比和季度環比而言，這確實是我見過的最艱難的時期。但我們知道——我們在指引中提到過，我們預計會回到20%左右的水平。基於這個交易量，從目前的270萬美元左右上升到300萬美元，大部分的流通量，也就是從20%左右到27%的差距，大部分都將來自流通量。而且我認為，在正常的營運環境下，我們還能找到其他的效率提升空間。所以，我仍然認為，在這樣的交易量下，27%的成長率是可行的。

Super. That's very helpful. Then Brian, I know we're talking a lot on this call as dine-in rebounds about priorities in place before the pandemic were such as throughput. One question I have for you, just on catering. Can we talk about the opportunity there? And how Chipotle is positioned to seize on that as gatherings are happening? I know May is obviously a high volume month for you guys for catering given Cinco de Mayo, given graduation parties. How is Chipotle set up to capitalize on this opportunity?

太棒了。這很有幫助。那麼，布萊恩，我知道我們在這次電話會議上討論了很多，因為疫情爆發前，堂食的反彈是優先考慮的因素，例如吞吐量。我有一個關於餐飲的問題想問您。我們可以談談餐飲方面的機會嗎？隨著聚會的增多，Chipotle 將如何抓住這個機會？我知道，由於五月五日節和畢業派對的增多，五月顯然是餐飲業的旺季。 Chipotle 將如何利用這個機會？

Yes. Look, it's a great question, and I think it's a great opportunity for us. The good news is we're already seeing catering interest come back. And you mentioned you kind of got kind of the key events for a group gathering is coming up with graduation season. And the team has done a great job, I think, of making our digital process a much easier process for people to do the catering. And then we've got a team focused on how we continue to drive those group occasions going forward. So we think there's an upside, for sure, in it. It's nice to see the consumer coming back to the occasion, and I think we're well positioned to continue to grow in that space.

是的。你看，這個問題問得很好，我認為這對我們來說是一個很好的機會。好消息是，我們已經看到餐飲業的興趣回升。你提到，畢業季即將到來，一些重要的團體聚會活動即將到來。我認為，我們的團隊做得很好，讓我們的數位化流程變得更加便捷，方便人們安排餐飲。而且，我們還有一個團隊專注於如何繼續推動這些團體活動的發展。所以我們認為這肯定是有好處的。很高興看到消費者回歸到這些場合，我認為我們已做好準備，並繼續在這個領域成長。

And the next question will come from Jared Garber with Goldman Sachs.

下一個問題來自高盛的賈里德·加伯。

My question is related to the labor line. I wanted to get an update on where you are, I guess, at staffing levels. And maybe I don't know if the best way to frame that is versus pre-COVID or maybe more appropriate is where those staffing levels are versus how you're expecting them to run right now given the level of volume in the business?

我的問題與勞動力線有關。我想了解你們目前的員工配備水準。我不確定最好的表述方式是與新冠疫情之前相比，還是更合適的方式是，根據目前的業務量，對比一下你們對員工配備水準的預期？

And then a follow-up on that. We saw last week in one of your releases that turnover was high. I mean, I'm sure it wasn't you, it's the entire industry, but just wondering if there's any way to frame maybe how much incremental labor costs flow through the system last year and/or still are flowing through the system given some of the incremental training costs and maybe some lower productivity from new employees?

然後是後續問題。我們上週在你們的一份新聞稿中看到，員工流動率很高。我的意思是，我肯定這不是你們的問題，而是整個產業的問題。我只是想知道，考慮到部分培訓成本的增加以及新員工生產力的下降，是否有辦法估算去年有多少增量勞動力成本流入了系統，以及/或現在有多少增量勞動力成本仍在流入系統？

Yes. So the first part of your question, I would say the good news is we're in the, call it, 85%, 90% of restaurants being staffed at model, which is really tremendous. We'll always want to strive for 100%. But being at 85%, 90% range is really something that I would say is better than we were pre-pandemic, just to kind of give you a gauge. Pre-pandemic, we're probably more in the 80% range.

是的。關於你問題的第一部分，我想說，好消息是，我們現在的餐廳員工配備率達到了85%到90%，這真的很棒。我們一直希望達到100%。但我認為，達到85%到90%的水準確實比疫情前更好，這只是一個參考。疫情前，我們的員工配備率可能在80%左右。

Going forward, one of the things that we're really happy to see actually is at the manager level and above, we're seeing more stability. So we're seeing less turnover take place there. Usually, how that works, then as that cascades into the crew. You are coming up on kind of a season where you've got some transition just with kids coming out of college and the end of the school year for people. It's just a shift in people's working habits. So we do see some bumps in kind of turnover at that time frame. But I really think we've got a lot of strength in our management leadership. And when you have strength in the management leadership, that cascades into the crew. So we're liking how we're set up for kind of coming into the spring/summer season.

展望未來，我們真正高興看到的一件事是，經理及以上級別的人員更加穩定。因此，他們的人員流動率降低了。通常情況下，情況就是這樣，然後這種趨勢會逐漸蔓延到整個團隊。現在正值一個過渡期，孩子們大學畢業，人們也迎來了學年結束。這是人們工作習慣的轉變。所以我們確實看到這段時間的人員流動率有波動。但我真的認為我們的管理領導力非常強大。而當管理領導力強大時，這種領導力就會逐漸蔓延到整個團隊。所以我們對即將到來的春夏季節的安排感到滿意。

Great. And then Jack, I'm not sure if there's anything on just thinking through labor productivity in the stores as we think about the margins for the balance of the year and go forward?

太好了。然後傑克，我不確定在我們考慮今年剩餘時間和未來的利潤率時，是否應該只考慮門市的勞動生產力？

Yes. Jared, I would say we're in like I'd say, a normal operating environment, meaning our turnover is normal at the crew level. It's better than normal for the past few years at the manager level. So that means we always have hours built into our P&L for training. And that works as long as you have a few people a month that you're bringing on in terms of new crew to train.

是的。 Jared，我想說，我們現在處於一個正常的運作環境，也就是說，我們船員等級的人員流動率正常。經理級別的人員流動率比過去幾年的正常水準好。這意味著我們在損益表中始終預留了訓練時間。只要你每個月能招幾個新員工來培訓，這就能奏效。

Now during a time like last year at about this time, when we were losing more people, our turnover was up and it was harder to rehire, that would put a lot of stress on the system, put a lot of stress in terms of training, put a lot of stress in terms of overtime. So there are stresses not just from how the teams are performing, the customer experience, but also to stress on the P&L. And I would say we're back to business as usual right now. So I think other than the inflation that we've already taken on the labor line, I think going forward, in terms of the training, the turnover, exclusions, knock on wood, seem to be largely behind us with Omicron. It's business as usual with our hiring, training and leading our crew.

像去年這個時候，我們流失了更多員工，人員流動率也上升了，重新招募也更加困難，這會給整個系統帶來很大壓力，包括培訓和加班。所以，壓力不僅來自團隊績效、顧客體驗，也來自損益表。現在，我想說我們已經恢復正常運作了。所以，我認為，除了勞動成本上漲之外，我認為，就培訓、人員流動、人員流失等問題而言，Omicron 未來似乎已經基本解決了。我們的招募、培訓和團隊領導工作一切照舊。

And our next question will come from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰‧格拉斯。

First, just a follow-up. Where did wage inflation fall in the first quarter? Some of your competitors are starting to talk about some stabilization of wage growth. So it's not that it's getting better, but the rate of inflation is starting to go up. Are you experiencing that? Or is it still an inflationary, meaning accelerating quarter-over-quarter or month-over-month?

首先，我想問一下。第一季薪資通膨下降到了哪裡？你們的一些競爭對手開始談論薪資成長趨於穩定。所以，情況並非正在好轉，而是通貨膨脹率開始上升了。你們正在經歷這種情況嗎？還是說通膨率仍處於上升階段，也就是說，通膨率正在逐季或逐月加速？

No, it was normal, John. It was more in kind of that mid-single-digit kind of range. I mean, remember, we took that big step up, that 15% raise back in the second quarter. And so it's been more in the normal range, but it's not top of the 15% we already took.

不，約翰，這很正常。它更像是個位數的中段成長。我的意思是，記得我們在第二季大幅提高了15%。所以它現在更接近正常範圍，但還沒有超過我們已經達到的15%。

And Brian, you mentioned automation and this Chippy robot or whatever it is that makes chips. How big an opportunity do you see this? I understand these are longer-term bets. But is there -- how big an automation opportunity is there within Chipotle? Is this something that could have a meaningful impact over time on store margins? Are there more tasks you're looking at to automate? Or is this sort of a one-off and kind of an interesting thing to test?

布萊恩，你提到了自動化，還有那個Chippy機器人，或是其他什麼製造薯條的東西。你覺得這裡面有多大的機會？我知道這些都是長期投資。但是，Chipotle內部的自動化機會有多大？這會對門市利潤產生長期顯著的影響嗎？你還在考慮自動化更多任務嗎？或者這只是一次性的、值得測試的有趣項目？

No, look, I think there is a real opportunity, frankly, to make the restaurant be much more efficient. Obviously, Chippy is our first attempt. And we've worked with a lot of our employees to identify what are the tasks that they would love to see us bring automation to or AI so that hopefully, the role can become less complicated. And then I think there's just other places in the back of the restaurant where we have the ability to automate, whether it's on the digital make-line or other tasks. I think there's just tremendous opportunity for us to become even more efficient where it results in a better employee experience and also a better customer experience. And that's really the lens we're using on this.

不，坦白說，我認為餐廳確實有機會提高效率。顯然，Chippy 是我們的首次嘗試。我們已經與許多員工合作，確定他們希望我們為哪些任務引入自動化或人工智慧，希望這些任務能夠變得簡單一些。我認為餐廳後勤部門的其他地方也具備自動化能力，無論是數位生產線還是其他任務。我認為這對我們而言是一個巨大的機會，可以進一步提高效率，從而帶來更好的員工體驗和顧客體驗。這正是我們目前所關注的重點。

And do you think that's years away or quarters away? And what's the -- as you look at where the technology is today, what's the time horizon which this starts to really materialize?

您認為這還需要幾年還是幾季？以目前的技術水準來看，這個目標真正實現的時間範圍是多久？

Look, I think the technology is very close in. The ability then to scale it and get it installed, that's what we have to learn. And we're getting ready to put Chippy into a restaurant. And then we've got a lot of other initiatives in works at our Cultivate Center.

我覺得這項技術已經非常成熟了。接下來，我們需要學習如何擴展規模並安裝。我們正準備將Chippy引入餐廳。此外，我們的Cultivate Center還有很多其他項目正在進行中。

So the technology is actually close in. The prototypes are close in. It's then putting it through the stage gate process and really understanding people's ability to scale up and then actually install, assuming it performs the way we think it's going to perform.

因此，這項技術實際上已經接近成熟。原型也已經接近成熟。然後，它將通過階段門流程，真正了解人們擴大規模和實際安裝的能力，並假設它按照我們認為的方式運作。

The next question is from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

A quick follow-up on the throughput opportunity you mentioned. Where do you often see the bottleneck if there is one or that would maybe on the other side, lead you to an initiative or an area of focus for you? Obviously, you're measuring people against this in terms of speed. But maybe there's a certain area in that, whether it's a kitchen or other. And I'm wondering also is your labor scheduling tool a part of this solution.

關於您提到的吞吐量機會，我想快速跟進。如果存在瓶頸，您通常會在哪裡看到瓶頸？或者，從另一個角度來看，瓶頸可能會引導您制定計劃或專注於某個領域？顯然，您是根據速度來衡量員工的。但也許其中存在某個特定領域，無論是廚房還是其他。我也想知道，您的勞動力調度工具是否也是這個解決方案的一部分。

Yes. So it's twofold. It is having better deployment, which, obviously, the labor scheduling tool will help us with that. It also better informs our forecasting as well versus moving from just looking back over prior 4 weeks and trying to project up prior 4 weeks. It's now using real-time information to project what's going to happen in the coming week. So what we see is a better forecast, which results in a better schedule. And then what it also helps us do is deploy correctly.

是的。所以它有雙重意義。首先是更好的部署，這顯然勞動力調度工具將幫助我們實現這一點。其次，它還能更好地引導我們的預測，而不是只回顧前4週的數據，然後試圖預測未來4週的情況。現在，它使用即時資訊來預測下週的情況。因此，我們看到的是更準確的預測，從而可以製定更合理的計劃。最後，它還能幫助我們正確部署。

And the reason why the deployment is important is we need people to be in their positions, right? And the most -- probably most pressing spot is that expedited role, which is really in between kind of the last phase of making your bowl of burrito and getting the cash. And if the team isn't deployed correctly, then sometimes that's the spot that doesn't get the right support. And as a result, it kind of slows the line down. But obviously, it all has to work in concert, right? You need to have people that have had a lot of reps. They need to be trained to be able to move people down the line and make the bowls and burritos correctly. But it's the combination of those 2 things, having people in the right positions and arguably one of the most important positions is that expediter position. The way you get there is to make sure you got a right forecast.

部署之所以重要，是因為我們需要人員各就各位，對吧？最——或許也是最迫切的職位——是催促崗位，它實際上處於製作一碗墨西哥捲餅和收款之間的最後階段。如果團隊部署不當，有時這個職位就得不到正確的支援。結果，這會拖慢生產線的進度。但顯然，所有環節都必須協同工作，對吧？你需要經驗豐富的人員。他們需要接受培訓，以便能夠引導生產線上的人員，並正確地製作碗和墨西哥捲餅。但這兩件事是相輔相成的，將人員安排在正確的職位上，而催促崗位可以說是最重要的職位之一。要做到這一點，就必須確保你得到正確的預測。

And then I just -- one about just insights. As we get into a little bit more of a mobile consumer environment and maybe people getting back to work, are there any sort of emerging realities that are surprising to you about perhaps your dinner staying where -- at higher levels, your lunch not coming back as quickly as you'd like, maybe competition taking share as they're reopening in certain trade areas? Any insights there about the reopen?

然後我想談談一些見解。隨著我們進入行動消費環境，人們可能也開始復工，有沒有出現一些令您感到驚訝的現象？例如您的晚餐供應量保持在較高水平，午餐供應沒有像您希望的那樣快速恢復，或者競爭對手在某些商圈重新開業時搶佔了市場份額？關於重新開業，您有什麼見解嗎？

No. The biggest thing I would tell you is the more we see people have mobility, the more we see our lunch business come back. And the nice thing is we've seen these new occasions, whether it's a dinner occasion or a group occasion, remain pretty sticky in the business. So I think the thing that is playing out is what people that have had experience with us for new occasions love the culinary and they're using us for these other occasions. And our rewards program, I think, is doing a nice job of understanding those journeys and then building the right engagement going forward.

不。我想告訴你的最重要的一點是，我們看到人們的流動性越大，我們的午餐業務就越能復甦。好消息是，我們看到這些新的場合，無論是晚餐還是團體聚會，在業務中都保持著相當高的黏性。所以我認為，真正的原因是，那些在新場合體驗過我們服務的人，喜歡上了我們的美食，所以他們也會在其他場合使用我們的服務。我認為，我們的獎勵計劃很好地了解這些顧客的旅程，並在未來建立了良好的互動。

So mobility is a key piece of the puzzle because you want people out and about and you want people go into their office or going to their activity. That's how you get that restaurant experience back.

所以，移動性是關鍵因素，因為你希望人們外出走動，希望他們去辦公室或參加活動。這就是你如何重拾餐廳體驗的關鍵。

Your next question will be from Jon Tower from Citi.

您的下一個問題來自花旗銀行的喬恩‧陶爾 (Jon Tower)。

Just quick in terms of -- well, bookkeeping and then a question. In terms of the delivery mix in the quarter, I was wondering if you could comment on where that settled. And then just thinking about the labor situation going back to that point. I know obviously, you guys have made quite a bit of investment in your employees over time and have given them a nice path to make a lot more money over time, assuming they earn it in the system. But I'm curious, when you think about the investments that you made, do you think that's enough to keep people engaged into the balance of this year and going forward? Or do you foresee perhaps even more labor investment necessary in the future outside of just normalized inflationary spend?

簡單說一下——嗯，先記賬，然後問個問題。關於本季的交付組合，我想知道您能否評論一下最終結果。然後，我想談談當時的勞動力狀況。我知道，你們顯然一直在對員工進行大量投資，並為他們提供了一條很好的途徑，讓他們隨著時間的推移賺取更多收入，前提是他們在系統中賺到了錢。但我很好奇，考慮到你們所做的投資，你們認為這些投資足以讓員工在今年餘下時間以及未來繼續保持活躍嗎？或者，您是否預期除了正常化的通膨支出之外，未來可能需要更多的勞動力投資？

Yes. Look, I think the one thing I want to emphasize on labor is what we've heard from people that are with our company. So they've been with us 5, 6, 7 years, what they get excited about is all the growth because they can go from being an apprentice to a general manager to a field leader to a team director, regional vice president. And it's a reality because we're building 200 to 300 restaurants a year. They know they have to be developing themselves and others so that they can step into the next opportunity. That's where they get the greatest change in both, I would say, professional satisfaction as well as the wages that come with it. We do know we've got a very competitive starting wage. But what people get really excited about is where that starting wage can take them. And our company can take them really far and also really quick.

是的。關於員工，我想強調的一點是我們從公司員工那裡聽到的。他們已經在我們公司工作了五、六七年，他們興奮的是成長，因為他們可以從學徒晉升為總經理、現場領導、團隊總監、區域副總裁。這都是現實，因為我們每年都在開設200到300家餐廳。他們知道必須發展自己和他人，這樣才能抓住下一個機會。我想說，這就是他們在職業滿足感和隨之而來的薪酬方面獲得最大提升的地方。我們知道我們的起薪非常有競爭力。但真正讓員工興奮的是起薪能帶給他們的提升。我們公司可以讓他們走得更遠，而且速度也很快。

So it's great that we have all the other benefits that I think separate us and continue to be consistent with our purpose of cultivating a better world. But when I've had the opportunity to get out in the field and talk to people, what they're really excited about is the fact that they're a part of a company that's committed to its purpose and committed to growth. And that growth is both for them as an individual as well as those that work around them. And that's what we're going to keep investing in. So we haven't seen a whole lot of pressure on the starting wage. Where we are putting a lot of pressure is on making sure that we're developing our people, so they're ready for the growth.

所以，我們擁有其他所有我認為與眾不同的優勢，並且能夠繼續與我們創造更美好世界的宗旨保持一致，這真是太好了。但當我有機會深入實地與人們交談時，他們真正感到興奮的是，他們成為一家致力於實現目標並致力於成長的公司的一員。這種成長不僅惠及他們個人，也惠及他們周遭的員工。而這正是我們將持續投資的方向。因此，我們並沒有看到員工在起薪方面面臨太大的壓力。我們施加的巨大壓力在於確保我們能夠培養員工，讓他們為未來發展做好準備。

And just delivery mix and then the second piece in terms of keeping up the price.

並且僅交付組合，然後在保持價格方面進行第二部分。

Yes, sorry, delivery mix is like low 20s, 20%, 21%.

是的，抱歉，交付組合是 20%、20%、21%。

Okay. And in terms of thinking about -- sorry, go ahead.

好的。至於思考——抱歉，請繼續。

No. No. Go ahead.

不，不，繼續吧。

I was just going to ask about pricing expectations for the balance of '22. Obviously, you just took a chunk recently. Curious if all else holds for the balance of the year based upon your expectations for wage rate inflation and obviously, commodities appear to be all over the map. But at this moment, are you anticipating future pricing action in the balance of '22?

我本來想問一下2022年餘下時間的價格預期。顯然，您最近剛剛發表了一些看法。我很好奇，根據您對工資率通膨的預期，今年餘下時間的所有其他因素是否都適用，而且顯然大宗商品價格似乎也處於震盪區間。但目前，您是否預期2022年餘下時間的價格走勢會如何？

Gosh, I really hope we don't have to take more pricing, but I'm going to kind of give you the same answer I've been giving you for the last, call it, 12 months, which is, if it moves and we can't find efficiencies to offset it. The good news is we've got the pricing power to make a move. I really don't want to be ahead of it. So I think a great example is probably what you just saw over this last quarter. Look, inflation continued to move in a big way. We saw it wasn't going away, so we had to take the pricing action that we did. And hopefully, that won't continue to be the case. But if it has to be the case, we have, I think, the organization, the people and the pricing power to do it. But it really is the last thing I'd like to do.

天哪，我真心希望我們不必採取更多定價措施，但我還是想給你一個跟過去12個月一樣的答案，也就是說，如果通膨發生變化，而我們又無法找到效率來抵消它的影響，那就另當別論了。好消息是，我們擁有採取行動的定價權。我真不想走在通膨的前面。所以我認為一個很好的例子可能是你們剛剛看到的上個季度的情況。通脹持續大幅波動。我們看到它並沒有消失，所以我們不得不採取我們之前採取的定價行動。希望這種情況不會持續下去。但如果不得不如此，我認為我們有組織、有人員，也有定價權可以應付。但這確實是我最不想做的事。

And the next question will be from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

I wanted to revisit some of the numbers that were in the ESG report that you guys published because it did look like some of the general manager and field level turnover was actually up '21 versus '20. Was that something that just happened maybe in the middle of the year as part of kind of the great resignation we've seen a significant improvement in trends? I guess did that surprise you in any way? And I guess, has some of that normally maybe slightly more stable, your employee base change as we've come into '22?

我想重新檢視一下你們發布的ESG報告中的一些數據，因為看起來2021年一些總經理和現場員工的離職率確實比2020年有所上升。這是否是年中發生的，是「大辭職」事件的一部分，我們看到了趨勢的顯著改善？這是否讓您感到驚訝？我想，隨著2022年到來，你們的員工隊伍中一些通常可能更穩定的，現在有所變化？

Yes, sure. So obviously, that's looking back at 2021. And yes, look, there were a lot of ups and downs with Omicron. There were a lot of ups and downs with wages. And obviously, that was a tough time to be running restaurants. There was a lot of situations where you were understaffed. And then it was very hard to get people to sign up to work. And the good news is we've made tremendous progress. Obviously, we've increased our starting wage. I think we've done a much better job of explaining the growth path at our company. And then illustrating that growth path by having 90% of our promotions come from internal employees.

是的，當然。所以顯然，這是對2021年的回顧。沒錯，Omicron經歷了許多起起伏伏。工資也起起伏伏。顯然，那段時期經營餐廳非常艱難。很多時候人手不足。而且很難找到人來上班。好消息是我們取得了巨大的進步。顯然，我們提高了起薪。我認為我們在解釋公司的成長路徑方面做得更好了。我們90%的晉升都來自內部員工，這很好地展現了我們公司的成長路徑。

So that's why when you fast forward to 2022, we're in just such a better place with stability, definitely at the manager level. And then I think that will follow into the crew. So you know what the challenges were in '21. I think, we [stepped] them. And we're leaning into our purpose, values and growth platforms to keep people excited about being at Chipotle.

所以，當你快轉到2022年時，我們處在一個更穩定的位置，尤其是在經理層面。我認為這也會延續到全體員工。所以，你知道2021年我們面臨哪些挑戰。我想，我們克服了這些挑戰。我們正在努力實踐我們的目標、價值觀和成長平台，讓大家對在Chipotle工作感到興奮。

And hopefully, this is an appropriate follow-up. But obviously, in the last 6 months or so, labor units have really become a very topical subject for companies that didn't quite frankly, even mention them for years of discussion of covering some of these means, both in the retail and the restaurant side. It's obviously great that you guys you recently had an All Manager Conference that was just in March. I guess what can you do? I guess that you kind of always stay in front of that issue and maybe derisk that from a Chipotle perspective? Again, hopefully, that's a perfect question to ask on a public call.

希望這是一個合適的後續問題。但顯然，在過去六個月左右的時間裡，勞工單位已經成為一些公司非常熱門的話題，坦白說，這些公司多年來甚至從未提及這些單位，無論是在零售業還是餐飲業。你們最近在三月召開了一次全體經理會議，這顯然很棒。我想你們能做什麼呢？我想你們總是關注這個問題，或許可以從Chipotle的角度來降低風險？再次強調，希望這是一個非常適合在公開電話會議上提出的問題。

Yes. Look, I mean what we're committed to is developing our people, and growing people that want to be at Chipotle. And the best thing we can do is make sure that they're trained, so that they're successful in their job, and then that we give them a culture and a leader that develops them so they realize they have the growth opportunities at Chipotle.

是的。我的意思是，我們致力於培養我們的員工，培養那些渴望在Chipotle發展的人。我們能做的最好的事情就是確保他們接受培訓，以便他們在工作中取得成功，然後我們為他們提供一種文化和能夠培養他們的領導者，讓他們意識到在Chipotle擁有成長的機會。

And that's why look, I can't remember who asked the question, but it's kind of -- hopefully, you're not surprised by my answer when you asked like, well, what's next after Chippy. Well, the answer is we talk to our employees to find out what would be the tasks that would make sense for us to automate in the restaurant to make the employee experience better because we know if the employee experience improves, we'll have better retention and also we'll have better execution than for our customers. And so we really spend a lot of time communicating and taking action on how we can improve the employee experience and then we spend the time developing our people.

這就是為什麼，我不記得是誰問的這個問題，但有點——希望你不會對我的回答感到驚訝，例如你問我，Chippy 之後的下一步計劃是什麼。答案是，我們會與員工溝通，了解哪些任務適合在餐廳自動化，進而改善員工體驗。因為我們知道，如果員工體驗得到改善，我們的員工留任率就會更高，執行力也會比顧客體驗更好。所以我們花了很多時間溝通，並採取行動，探討如何改善員工體驗，然後我們也會花時間培養員工。

And you mentioned, we just had this All Manager Conference, right? I mean it was electric man. It was so great to have all our leaders in one place, understanding the future of Chipotle and how they play such a critical role. And we had the opportunity to have everybody in the room stand up that's been promoted over the last 4 years. And you know what, almost every person in the room was standing up. I don't think there are many places where that happens.

你提到我們剛剛召開了全體經理會議，對吧？我的意思是，會議氣氛非常熱烈。能夠讓所有領導者齊聚一堂，共同探討Chipotle的未來，以及他們如何發揮如此關鍵的作用，真是太棒了。我們有機會讓所有在過去四年裡獲得晉升的人都站起來。你知道嗎，幾乎房間裡的每個人都站了起來。我想這種情況在很多地方都不常見。

So we have to continue to stay committed to our purpose, our culture and the development of our people, so that when you end up at All Manager Conferences, you got just about everybody in the room standing up because they've been promoted or they've developed others that have gotten promoted. So that's what we're focused on. That's our proposition. That's who we are. If you want to be a part of that, we're going to be building lots of restaurants that present an opportunity for you to be a part of it.

所以，我們必須繼續致力於我們的目標、我們的文化以及員工的培養。這樣，當你最終參加全體經理會議時，幾乎每個人都會站起來，因為他們獲得了晉升，或者因為他們培養了其他晉升的人。這就是我們關注的重點。這就是我們的主張。這就是我們。如果你想成為其中的一員，我們將打造許多餐廳，為你提供參與其中的機會。

The next question is from Dennis Geiger with UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Jack, I wanted to ask another one on margins and thinking about cost pressures over the balance of the year. Great insights on the 2Q and kind of getting back to that mid-20s level already. And recognizing there's a lot of moving pieces through the year. But is there any additional color that you could share, even at a high level and thinking about back half restaurant margins with respect to food inflation? I guess, particularly in light of how Brian just spoke to pricing philosophy, if there's anything you can add at a high level there?

傑克，我想再問一位關於利潤率以及今年餘下時間成本壓力的問題。您對第二季的業績很有見解，而且利潤率已經回到了25%左右的水平。而且我也意識到今年有很多變化因素。但是，您能否分享一些額外的信息，即使是從宏觀角度，並考慮到食品價格上漲對後半段餐廳利潤率的影響？我想，特別是考慮到布萊恩剛才談到的定價概念，您還能從宏觀角度補充什麼嗎？

Yes. We -- again, we just had at our leadership meeting of my group, we talked to Carlos, our Head of Supply Chain. And there's nothing we can see on the horizon that says things are going to retreat, that things are going to go down, but things have, at least for the time being, stabilized. So that's what right now we can hope for is a stable environment. We do expect there's going to be an inflection point at some point, the pressures of getting some of our like packaging, for example, in from overseas, the pressure that some of the suppliers are having, whether it's from a labor standpoint or just from a cost standpoint for their input costs. What we can hope for is that they don't step up from here, they stabilize. And at some point, they just kind of normalize in the future. But I -- right now, if I was going to build a model, I would not build in a reduction in food costs for the fourth quarter. It looks like it's more going to be something in 2023 before we see that.

是的。我們——再說一次，我們剛剛在團隊領導會議上與供應鏈主管卡洛斯進行了交談。目前來看，我們看不到任何跡象顯示情況會惡化或下滑，但至少目前情況已經穩定下來。所以，我們現在可以期待的是一個穩定的環境。我們確實預計在某個時候會出現一個拐點，例如，從海外進口一些包裝材料的壓力，以及一些供應商面臨的壓力，無論是從勞動力角度還是從成本角度來看，包括投入成本。我們所能期待的是，情況不會從現在開始惡化，反而會穩定下來。在未來的某個時候，情況會逐漸正常化。但就目前而言，如果我要建立一個模型，我不會將第四季食品成本的下降納入其中。看起來，在我們看到這一點之前，情況更有可能在2023年出現。

Great. And then just one quick one. And apologies if I missed it, but could you guys speak to kind of the percent of the dine-in sales or traffic that have recovered at this point. I don't know if you can touch on kind of that overlap with digital, the digital dine-in customer. And then related to that, just how exciting the further dine-in recovery can be here as it relates to how low that overlap is if there's any commentary there?

好的。然後我再快速問一個問題。如果我沒注意到，請原諒，請問您能否談談目前堂食銷售額或客流量恢復的百分比。我不知道您能否談談與數位媒體的重疊，即數位堂食顧客。然後，與此相關的是，如果可以評論一下，如果重疊度很低，堂食的進一步復甦會有多令人興奮？

Yes. Look, I think one of the things we mentioned was our in-restaurant sales increased by 33%, while digital remained roughly 40% of our business, right? And one thing that I mentioned earlier in the call is as we continue to see people increase their mobility, I think we will continue to see gains in the in-restaurant experience. And I don't see these digital occasions just disappearing. I think they're going to continue to play their role. And we're working hard on keeping digital to be frictionless and just completely intuitive. And then at the same token, we're working hard on having great throughput with great culinary. And the good news is there's a lot of room to grow in both of these things. That's why we're optimistic we'll get to 3 million AUVs. And while we do that, we're going to build a lot of restaurants.

是的。我記得我們之前提到過，我們的店內銷售額成長了33%，而線上業務仍占我們業務的40%左右，對吧？我之前在電話會議中也提到過，隨著人們出行方式的不斷變化，我認為店內體驗也會隨之提升。我不認為這些線上平台會就此消失。我認為它們會繼續發揮作用。我們正在努力保持線上的流暢性和完全的直覺性。同時，我們也在努力實現高吞吐量和高品質的烹飪。好消息是，這兩方面都還有很大的成長空間。這就是為什麼我們對平均每日有效用戶（AUV）達到300萬持樂觀態度。在實現這一目標的同時，我們也會開設更多餐廳。

So I think we're in a really good spot. And obviously, I'm excited for, hopefully, COVID staying behind us and inflation stabilizing and hopefully, in 2023, maybe you can see some improvement on that front. But regardless, I think we've demonstrated we've got a business, a brand and an organization that can handle it all.

所以我認為我們目前處境非常好。當然，我也期待新冠疫情能夠過去，通膨能夠穩定下來，希望到2023年，情況能有所改善。但無論如何，我認為我們已經證明了我們擁有一個能夠應對這一切的企業、一個品牌和一個組織。

The next question is from Lauren Silberman from Crédit Suisse.

下一個問題來自瑞士信貸的勞倫·西爾伯曼。

Jack, I think you had mentioned new store productivity is at record levels. Can you just provide an update on where new unit productivity and cash-on-cash returns are running today?

傑克，我記得你提到過新店生產力達到了創紀錄的水平。能更新一下目前新店生產力和現金報酬率的最新情況嗎？

Yes. The productivity has been in that kind of mid-80s to high 80s. Depending on the quarter, it may have touched like 90% from time to time. And what I mean by that is that's the percentage of mature restaurants of our comp restaurant. When we deliver those kind of openings, sales, when most of them are Chipotlane, which is more efficient than a non-Chipotlane, our cash-on-cash returns are in the 40%, 45% range out of the box. When you put a couple of years of comp on that as they basically close the gap and get very close to our average volumes, our comp restaurants, we're talking about returns in the 60%, 65% returns within just a few years.

是的。生產力一直在85%左右到85%左右。根據季度不同，生產力有時可能會達到90%左右。我的意思是，成熟餐廳占我們同店餐廳的比例。當我們實現這種規模的開店和銷售時，如果大多數是Chipotlane餐廳，其效率比非Chipotlane餐廳更高，我們的現金回報率通常在40%到45%之間。如果再算上幾年的同店業績，這些餐廳的銷售額基本上已經接近我們的平均水平，那麼我們同店餐廳的回報率在短短幾年內就能達到60%到65%。

Great. And just on menu innovation, can you talk about how you're thinking about menu innovation to the rest of this '22? And specifically, just how you're thinking about opportunities for innovation around proteins versus other parts of the menu?

太好了。關於菜單創新，您能談談您對2022年剩餘時間菜單創新的想像嗎？具體來說，您是如何看待蛋白質和菜單其他部分相關的創新機會的？

Sure. I think we've kind of established a pretty good cadence here where we do, call it, 2 to 3 menu initiatives a year. And we have a few protein initiatives in place that I'm sure you'll see in test. And then we're continuing to work hard on trying to figure out a dessert proposition or another, call it, add-on item, right? So to complement how we have guac on 50% of our transactions. I think quesos on like -- was at 20 some-odd percent or something of our transaction. So it's like if we could find another add-on like that, whether it comes as a dessert or in that space like a queso and guac, you'll see us continue innovating in that -- in those areas. But we think we've got a lot of room to still, I think, excite and engage customers with the chicken, steak, plant-based solutions and at the same time, look at these other add-on opportunities.

當然。我覺得我們已經建立了一個相當好的節奏，每年推出2到3個菜單新方案。我們也有一些蛋白質產品新方案，我相信你們會在測試中看到。然後，我們正在繼續努力探索甜點或其他附加產品，對吧？為了補充酪梨醬占我們交易量50%的現狀，我認為起司醬大概佔了20%左右。所以，如果我們能找到類似的附加產品，無論是作為甜點，還是像起司醬和酪梨醬這樣的組合，你們會看到我們繼續在這些領域創新。但我們認為，我們仍然有很大的空間，可以用雞肉、牛排和植物性解決方案來激發和吸引顧客，同時也考慮其他附加產品的機會。

The next question is from Brian Vaccaro from Raymond James.

下一個問題來自 Raymond James 的 Brian Vaccaro。

Question was on the commodity inflation backdrop. I'm sorry if I missed it. But Jack, what was inflation on the basket in the first quarter?

問題是關於大宗商品通膨背景的。如果我沒注意到，請見諒。傑克，第一季一籃子商品的通膨情況如何？

Yes, within that like 12% to 13% range. Again, it's the highest inflation I've ever seen.

是的，大概在12%到13%之間。這是我見過的最高通膨率。

Yes, yes. I guess knock on wood.

是的，是的。我想敲敲木頭吧。

Hopefully, we've seen the last of it. Like I said in a few comments ago, things have stabilized for now. If you get 1 month in a row that's stabilized, that's a start. But let's see what happens in the next 2 or 3 months to see if we see stable costs.

希望這一切已經結束。就像我之前幾則評論裡說的，目前情況已經穩定下來了。如果連續一個月都穩定下來，那就算是一個好的開始。但讓我們看看接下來的兩三個月會發生什麼，看看成本是否能穩定下來。

Right. And if you did see that stabilization sort of hold, would you start to see that year-on-year inflation moderate into Q4? Or at this point, are you just thinking we'll be in the low teens for now until that dynamic changes?

對。如果您確實看到這種穩定態勢持續，那麼您認為到第四季度，年比通膨率會開始下降嗎？或者，您目前認為通貨膨脹率會暫時維持在15%左右，直到這種動態改變？

Yes. I mean, listen, as you go throughout the year, if it stabilized completely, that 13% is going to tick down as we compare to some of the inflation we saw last year. But most of that 13% is going to be with us for the rest of the year.

是的。我的意思是，聽著，隨著全年通膨率的完全穩定，與去年的部分通膨水準相比，13%的通膨率會有所下降。但這13%的大部分通膨率將在今年剩餘時間內持續下去。

I think importantly is the food cost that we talked about being in kind of that 31% range, if commodity costs stay stable, we should stay in that range for the rest of the year. And we know that our margin -- we have our full margin potential ahead of us if we keep our food cost in that like 31% range. So knock on wood things stabilized. The price increase we've taken so far will give us that margin potential that we know is possible.

我認為重要的是，我們之前提到的食品成本大約在31%的範圍內，如果大宗商品成本保持穩定，我們今年剩餘時間應該也能保持在這個範圍內。而且我們知道，如果我們把食品成本維持在31%左右，我們的利潤率——我們的利潤潛力就很大。所以，敲敲木頭，一切穩定下來吧。我們目前採取的價格上漲將為我們帶來利潤潛力，我們知道這是有可能實現的。

All right. Great. That's helpful. And then on the comps, could you just level set, if you don't take additional pricing where would effective pricing be over the next couple of quarters? And then on mix specifically, does that start to normalize now on a year-over-year basis? I know we're kind of -- there's been some funky comparisons on the mix front, the last 4 quarters now, it seems. Does that sort of flatten out next several quarters?

好的。太好了。這很有幫助。那麼，關於可比較產品，如果不考慮額外的定價，您能否假設未來幾季的有效定價會是多少？然後，具體到產品組合方面，現在與去年同期來看，情況是否開始正常化？我知道我們有點…過去四個季度，產品組合的比較似乎有點奇怪。這種情況會在未來幾季趨於平穩嗎？

Yes. One, on menu prices, they'll step up a bit in the second quarter. So we'll move from like, call it, 10%, 10.5% to like a, call it, 12.5%, something like that. Then it steps down to a little under 10% and then it will step down in the fourth quarter to like an 8.5%.

是的。首先，菜單價格會在第二季略有上漲。也就是說，我們會從10%、10.5%左右漲到12.5%左右。之後會降到略低於10%，第四季再降到8.5%左右。

Mix, it just depends on the mobility that we talked about before. Mix, for the foreseeable future, is going to be at this lower check size because we're comparing to last year where most of the year, a good part of the year still had very heavy digital. I mean we did start stepping down near the end of the year. So I think you're still going to see like year-over-year, the group size is going to be lower. There's going to be relatively in terms of percentage growth, like we saw 33% growth in in-restaurant versus digital. I think you'll see some numbers like that.

混合，這取決於我們之前談到的流動性。在可預見的未來，混合的帳單金額會比較低，因為我們與去年相比，去年一年中的大部分時間，很大一部分時間仍然以數位方式為主。我的意思是，我們確實在年底前開始減少數位業務。所以我認為你仍然會看到，與去年相比，團體規模會有所下降。相對而言，百分比會有所成長，例如我們看到店內消費比數位消費成長了33%。我想你會看到類似的數字。

So I still think you're going to see some distortion where the group size is getting smaller and you're going to see transactions grow while the average check, excluding menu price increase is going to decline a bit. But we'll keep you guys updated each quarter on what those components are.

所以我還是認為，大家會看到一些扭曲的現象：團體規模越來越小，交易量會成長，而平均消費（不包括菜單價格上漲）會稍微下降。不過，我們會每季更新這些因素的具體情況。

Operator, is there one more question?

接線員，還有一個問題嗎？

Well, I don't know if we're having technical trouble. We can't hear the operator or anyone else. We're about at the end of the time. So Brian, I don't if you want to make a closing comment.

嗯，我不知道是不是技術問題。我們聽不到接線生或其他人的聲音。我們的時間快結束了。布萊恩，我不知道你是否想做個總結。

Yes. Sure. So I'll just close this real quick. Thanks for taking the time. Thanks for the questions. Obviously, very proud of our results in the quarter. Very proud of the work that's been done to date. I think the one thing that's worth reminding people, there's a few things that haven't changed, right? We have a great brand. We've got a great culture. We've got a unique purpose around cultivating a better world. And we've got tremendous growth in front of us, both within the existing restaurant between the combination of our in-restaurant opportunity and our digital business as well as adding additional restaurants across the country.

是的，當然。所以我就這麼簡單結束吧。感謝您抽出時間，也感謝您的提問。顯然，我們對本季的業績感到非常自豪，並對迄今為止所做的工作感到非常自豪。我認為值得提醒大家的是，有些事情始終沒有改變，對吧？我們擁有一個偉大的品牌。我們擁有優秀的文化。我們有一個獨特的目標，就是創造一個更美好的世界。我們面前還有巨大的成長空間，既包括現有餐廳的運營，也包括我們店內業務和數位業務的結合，以及在全國範圍內新增餐廳。

And one thing that I'm confident about is our culture, our people will capture the upside for this business and it continue to drive growth going forward.

我確信的一件事是我們的文化，我們的員工將抓住這項業務的優勢，並繼續推動未來的成長。

So thank you for taking the time, and look forward to talking to you next quarter. Take care.

感謝您抽出時間，期待下個季度與您交流。保重。