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.

美好的一天，歡迎參加 Chipotle Mexican Grill 2022 年第一季度業績電話會議。 （操作員說明）請注意，此事件正在記錄中。

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

我現在想將會議轉交給財務副總裁 Adam Rymer。請繼續。

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，歡迎參加我們的 2022 財年第一季度財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.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.

我將首先提醒您，本演示文稿中關於我們未來業務和財務業績的某些陳述和預測構成前瞻性陳述。這些陳述基於管理層當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存在重大差異。請參閱我們關於表格 10-K 和表格 10-Q 的年度報告中包含的風險因素，以討論可能導致我們的實際結果與前瞻性陳述不同的風險。

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.

我們今天的討論將包括非公認會計準則財務指標。可以通過我們網站“投資者關係”部分的演示頁面中包含的鏈接找到與 GAAP 措施的對賬。

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主席兼首席執行官布萊恩·尼科爾（Brian Niccol）的準備講話開始；和首席財務官 Jack Hartung。之後，我們將回答您的問題。我們的整個行政領導團隊都可以在問答環節進行。

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

有了這個，我會把電話轉給布賴恩。

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。在我分享我們第一季度的業績之前，我想對上個月參加我們在拉斯維加斯舉行的所有經理會議的 3,200 名優秀的總經理和領域領導表示感謝。這是我們近 4 年來的第一次在一起，讓我們能夠慶祝我們的總經理，並在我們制定 2022 年戰略重點時相互啟發和學習。再次聚在一起真的很棒。

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.

儘管受到 Omicron 變體的挑戰，Chipotle 在第一季度的表現依然強勁。本季度，銷售額增長 16%，達到 20 億美元，增長 9%。店內銷售額比去年增長了 33%。數字業務佔銷售額的 42%。餐廳級利潤率為 20.7%，同比下降 160 個基點。調整後的稀釋後每股收益為 5.70 美元，比去年增長 6.3%。我們開設了 51 家新餐廳，其中包括 42 家 Chipotles。

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.

儘管由於通貨膨脹，我們的餐廳利潤率仍然不穩定，但我們有能力在成本波動時保持耐心，並且定價能力的增長可以隨著時間的推移恢復我們的利潤率。我很高興地報告，在 Pollo Asado 我們迄今為止最受歡迎的新蛋白質的推動下，第二季度也有了一個強勁的開端。

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.

我們的 5 項關鍵戰略繼續使我們在創造未來的同時贏得今天。其中包括：第一，經營成功的餐廳，擁有對人負責的文化，以誠信提供美味佳餚，同時提供卓越的餐廳內和數字體驗；第二，通過在各個層面培養和留住多元化人才，保持世界一流的人才領導地位；第三，使品牌可見、相關和喜愛，以提高整體客戶參與度；第四，擴大技術和創新，以推動我們餐廳和支持中心的增長和生產力；第五，通過加快新餐廳的開業來擴大訪問量和便利性。

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.

讓我簡要介紹一下這些策略，從餐廳運營開始。我們的員工是我們最大的資產，訓練有素並得到支持的員工可以快速準備美味的食物，這等同於出色的賓客體驗。我們目前正專注於提高我們的吞吐量，因為我們的銷售額在整個春季持續增長，我們的餐廳業務也在持續增長。

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，我在丹佛的 6th & Broadway 店，該店於 2000 年 3 月開業，我遇到了 2 名員工，他們從這家餐廳開業之日起就一直在這家餐廳工作，所以已經 22 年了。他們正在在線培訓我們的新團隊成員，展示如何以卓越和速度執行。看到我們的教學和品嚐 Chipotle 的價值被帶入生活，真是令人難以置信。我們知道吞吐量是客人看重的便利的基本要素，對我們來說是一個機會，我們致力於在每個班次中每天教授、培訓和驗證吞吐量的 5 大支柱，以確保我們達到我們的高標準並提供很棒的客人體驗。

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.

我們為前線生產線上每 15 分鐘的主菜數量製定了每日目標，並承諾在數字生產線上執行時間。這些目標現在包含在餐廳經理和員工獎金中，以更好地推動績效和問責制，並且這兩項措施在本季度都得到了改善。我們還在推出一個新的調度工具，這將有助於確保合適的人在正確的時間出現在正確的位置。

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.

我相信我們終於回到了大流行前的運營，我感到無比興奮。我們在招聘工作中一直是有意的，我們對我們的員工進行了投資。我們提供世界一流的員工價值主張，包括行業領先的福利、有吸引力的工資、專業培訓和發展、接受教育以及獲得重要職業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，因為我們今天的人員配備水平比 2019 年底要好。

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.

我們一直在尋找更好地培訓和發展的方法。考慮到這一點，我們加強了我們的培訓和發展計劃，最近推出了基於人工智能的學習管理系統 Spice Hub，它為所有員工提供沉浸式學習和發展機會，並為未來的角色提陞技能。我們相信我們今天的團隊成員明天將成為我們的領導者，我們正在尋找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.

每年開設 8% 到 10% 的新餐廳意味著我們需要更多的工作人員、更多的總經理和更多的現場領導。事實上，團隊成員可以在短短 3.5 年內以平均 100,000 美元的平均薪酬提升餐廳老闆這一最高總經理職位，同時領導數百萬美元的增長業務。它並不止於此。總經理可以成為經過認證的培訓經理、領域負責人、團隊主管和區域副總裁。事實上，我們最近剛剛將一個人提升為區域副總裁，他最初是一名船員，他是我們第二位分享這一令人難以置信的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.

我們的營銷團隊繼續在保持 Chipotle 在文化方面的相關性、推動差異和交易方面做了大量工作。我們繼續利用傳統和非傳統媒體來提高知名度和擴大品牌知名度。您可能已經看過我們的 Knowing Taste Better 電視宣傳活動，它突出了 Chipotle 的真正成分，如無抗生素雞肉、新鮮烹製的食物（如我們的手搗 guac）以及我們真正的團隊成員。此外，我們在全國墨西哥捲餅日推出的最新 Chipotle Metaverse 體驗仍然是數字領域的領導者，在第一周就獲得了超過 400 萬次遊戲。

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，我們通常使用嚴格的階段性創新方法每年推出 2 到 3 個新菜單項。這些新產品介紹非常有效，因為它們帶來了更多客戶，提高了現有用戶的頻率並增加了檢查，同時讓我們有機會圍繞品牌製造轟動。

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 年來的第一個雞肉創新，反響非常好。除了在一月份為我們以健康為導向的生活方式碗添加新的變化外，我們還通過我們的植物性香腸限時供應吸引了新客人，這證明您不必為了享受純素食而犧牲風味或食物。或素食蛋白。

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.

我們還遠遠沒有完成。我們有一個令人興奮的新菜單項目，將在未來幾週內開始測試，我認為客人會喜歡的。我們在 2022 年剩餘時間及以後擁有強大的產品線。

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.

客人參與的一個關鍵部分是我們的 Chipotle Rewards 計劃，該計劃現在擁有近 2800 萬會員。我們最近通過重新啟動 Guac Mode 來慶祝該計劃的 3 週年紀念日，這是 Chipotle Rewards 會員的獨家福利，可解鎖全年獲得驚喜的免費 guac 獎勵。這導致我們有史以來最高的社交參與度和忠誠度註冊人數每週增加 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.

我們繼續利用我們的 CRM 複雜性，更多地關注個性化並使用預測模型來觸發可以影響客人行為的旅程，並使他們對 Chipotle 的體驗與他們更相關。這種方法使用個性化消息來了解更多關於客人之前訂購的物品、查看他們的訂購偏好或查看他們累積的真實食物印記，這是基於他們的訂單歷史記錄的客人潛在的環境影響。我們不斷學習、發展和優化，以提高獎勵會員的頻率。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變得更好。我們與客人分享相關個性化通信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.

我們的數字銷售仍然是我們業務的重要組成部分，因為它是一種便捷的無摩擦體驗，並且通過持續的技術投資來提高運營執行力。平均而言，從客人下單到準備取貨只需大約 10 分鐘，這簡直太棒了。由於便利性，Chipotlanes 的表現也繼續優於非 Chipotle 地點，這是令人鼓舞的，因為數字訂單取貨是我們最高利潤的交易。我們將繼續尋找通過替代餐廳形式、僅提供數字菜單以及利用我們龐大且不斷增長的忠誠度計劃來增加訪問和便利的方法。

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，我們正在投資於人力資本技術，以提升我們餐廳的團隊成員體驗，創造一個更高效、一致和合規的環境。我們最近推出了一項新的勞動力調度計劃，並開始測試射頻識別技術以增強可追溯性和庫存系統。同樣在測試中的是自主廚房助手 Chippy，它將烹飪傳統與人工智能相結合，在我們的培養中心創新中心製作玉米片。我們的目標是通過協作機器人提高效率，使 Chipotle 的團隊成員能夠專注於餐廳的其他烹飪任務。我們不會犧牲質量和美味。我們很快將把 Chippy 放在南加州的一家餐廳，這樣我們就可以在決定我們的實施策略之前，利用我們的舞台門流程來傾聽、測試和學習我們的工作人員和客人的反饋意見。

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.

為了加快我們的戰略重點，我們最近宣布，我們創建了一個名為 Cultivate Next 的新風險基金，以對戰略一致的公司進行早期投資，以推進我們的使命。作為數字顛覆者，我們正在尋求支持具有前瞻性思維的早期公司，這些公司將增強我們的員工或客人體驗，以誠信使命推進我們的食品，或許還能徹底改變餐飲業。

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.

我們的最後一個戰略支柱是擴大訪問和便利性，這在今天仍然是消費者的首要要求。在不到 30 年的時間裡，我們達到了 3,000 家餐廳，其中一半以上是在過去 10 年中完成的。我們不懈地追求為更多社區帶來誠信食品。我們甚至還沒有實現在北美達到 7,000 家餐廳的目標，並且正在建立一個房地產管道，以每年 8% 到 10% 的速度加快新單位的增長，超過 80% 的新餐廳都以一個墨西哥辣椒。

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

我們的數字訂單免下車取貨通道仍然是客人的最愛，讓客戶可以更輕鬆地訪問 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 的 2021 年可持續發展報告更新，其中強調了我們對人、食物和動物以及環境的承諾。我們甚至將部分高管薪酬與實現各種目標掛鉤，以確保我們對做出有助於打造更美好世界的商業決策負責。該報告談到了我們如何投資於我們的員工、支持我們的社區並努力減少我們對環境的影響。我為我們在展示真實、有意義的行動和可衡量的變化方面所取得的進步感到自豪。

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，如果沒有我們世界級的團隊，我今天與您分享的任何結果都是不可能的。我要感謝我們餐廳的員工、現場團隊和支持中心的工作人員，感謝他們不斷突破可能的界限。正如我在開頭提到的那樣，我們剛剛召集了 3,200 名總經理和領域負責人，聽到他們對這家公司的想法、熱情和熱情，我比以往任何時候都更加確信我們擁有合適的人員和合適的戰略來定位 Chipotle為未來幾年的加速增長。

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

有了這個，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，布賴恩，大家下午好。第一季度的銷售額同比增長 16%，達到 20 億美元，同時復合銷售額增長 9%。餐廳級利潤率為 20.7%，比去年下降 160 個基點。不尋常項目調整後的每股收益為 5.70 美元，同比增長 6.3%。第一季度與我們之前披露的 2018 年業績份額修改、轉型成本以及餐廳資產減值和關閉成本相關的異常費用被法律費用的減少所抵消，這對我們的每股收益產生了 0.11 美元的負面影響，導致了 GAAP每股收益 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，宏觀經濟影響和 COVID 仍然存在不確定性，因此難以提供全年薪酬指導。到目前為止，4 月份的比較繼續保持在我們在第一季度看到的相同的 9% 左右。儘管由於這些因素，很難預測第二季度的業績，但假設當前的銷售趨勢繼續下去，我們預計它將在 10% 到 12% 的範圍內，因為我們預計整個季度的業績都會增加。

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.

我們餐廳的利潤率繼續受到前所未有的通貨膨脹水平的影響。我們的第一季度利潤率受到高於我們預期的商品通脹水平的影響，主要來自鱷梨、玉米餅和乳製品，導致我們的第一季度利潤率低於我們在上次財報電話會議上提供的近 22% 的指導。為了抵消這些不斷上漲的成本，我們在本季度末將菜單價格提高了 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，我們預計我們的餐廳級利潤率將在 25% 左右，這將受益於整個季度的新菜單價格，並假設我們沒有看到高於我們當前估計的額外通脹。

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.

我現在將介紹主要的損益表項目，從銷售成本開始。本季度的銷售成本為 31%，比去年增加了約 100 個基點。整體成本較高，但最值得注意的是牛肉、鱷梨和紙張，這足以抵消我們菜單價格上漲帶來的影響。此外，牛油果、玉米餅和乳製品的成本在本季度有所增加。在第二季度，我們預計我們的銷售成本將保持在 31% 附近，因為我們的菜單價格上漲帶來的好處將被這些高成本的整整四分之一所抵消。

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.

本季度勞動力成本為 26.3%，比去年增加約 140 個基點。這一增長是由於我們決定在去年 5 月將平均工資提高到每小時 15 美元，這部分被菜單價格上漲所抵消。在第二季度，由於我們的菜單價格上漲以及季節性較高的銷售額，我們預計我們的勞動力成本將在 24% 的中間範圍內。

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.

本季度其他運營成本為 16.4%，比去年下降約 50 個基點。這一下降是由菜單價格上漲和送貨費用下降推動的，但部分被多項費用的較高成本所抵消，其中最顯著的是公用事業，包括天然氣。

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.

本季度的營銷和促銷成本為 3.5%，與我們去年支持植物香腸以及推出 Pollo Asado 所花費的水平相同。在第二季度，我們預計營銷成本將降至 2% 的中高水平，全年保持在 3% 左右。第二季度，其他運營成本預計在 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 G&A 為 1.47 億美元（按 GAAP 計算）或 1.44 億美元（按非 GAAP 計算），不包括與先前披露的 2018 年業績份額修改相關的 300 萬美元和與轉型費用相關的 100 萬美元，被與法律和解。 G&A 還包括 1.01 億美元的基本 G&A、2000 萬美元與非現金股票薪酬相關、600 萬美元與更高的績效獎金和工資稅以及股權歸屬和行使相關，以及與我們的全體經理會議相關的 1700 萬美元。我們預計我們的 G&A - 第二季度的基礎 G&A 約為 1.04 億美元，並且隨著我們對技術和人員進行投資以支持持續增長，此後將繼續小幅增長。

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.

我們預計第二季度的股票補償可能會在 2700 萬美元左右，儘管這個數字可能會根據我們的表現而上下波動。我們還預計將確認與基於績效的應計獎金和工資稅以及股權歸屬和行使相關的約 500 萬美元，使第二季度的 G&A 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.

本季度折舊增加至 7200 萬美元，因為我們加快了我們計劃在今年升級的一些店內科技產品的折舊。例如，為我們的餐廳客人以及改造和搬遷增加非接觸式支付，這將擴大我們的 Chipotlane 足跡。我們預計未來幾個季度貶值將保持在較高水平。

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.

我們第一季度的 GAAP 和非 GAAP 有效稅率均為 16.7%，這兩種稅率都受益於期權行使和以高於其品牌價值的股價行權。對於 2022 財年，我們估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管它可能會因離散項目而異。

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.

我們的資產負債表保持健康，因為我們在本季度結束時擁有 12 億美元的現金、受限現金和無債務投資，以及 5 億美元的未開發左輪手槍。在第一季度，我們以 1,490 美元的平均價格回購了 2.6 億美元的股票。當我們的股價隨整體市場下跌時，我們在本季度提高了股票回購水平，我們將繼續機會主義地回購我們的股票。

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.

我們在第一季度新開了 51 家餐廳，其中 42 家有 Chipotlane。我們的 Chipotlanes 的表現繼續強勁，推動我們新店的生產力達到創紀錄水平。儘管我們面臨許多問題，包括結構性勞動力短缺、許可延誤以及原材料和設備短缺，開發團隊繼續在提供新餐廳方面做了大量工作。儘管這些問題延長了我們新餐廳的時間線，但我們的管道繼續強勁，我們預計在 2022 年開設 235 至 250 家新餐廳，其中至少 80%，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，我要對我們餐廳和現場領導團隊以及餐廳支持中心的 100,000 多名團隊成員表示感謝，感謝他們為服務和取悅我們的客人所做的努力。我很高興在上個月的全體經理會議上見到我們的總經理和現場領導，並親自感謝他們在過去幾年中的奉獻和辛勤工作，並與他們分享我們從 3,000 家餐廳發展到今天所擁有的機會未來幾年將有 7,000 家餐廳。

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

有了這個，我們很高興回答您的問題。

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

（操作員說明）第一個問題來自 Nicole Miller 和 Piper Sandler。

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?

如果我能問兩個快速的。我想，兩者都真正首先集中在頂線上。如果整個季度的業績都將有所改善，那基本上是在說您沒有看到任何價格回落嗎？如果我回顧一年前的第二季度，看起來流量比較就像你退出這個季度一樣容易。還有什麼其他的嗎？這是怎麼回事嗎？在數字影響或圍繞混音轉變的派對影響方面，我們還有什麼需要考慮的嗎？

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，我們所看到的對定價的阻力很小。關於每張票的主菜種類，隨著我們店內業務的增長，我認為本季度增長了 30 多％，而數字化的種類占百分比，你會看到一些變化的數字每張門票的主菜數量只是因為店內場合比數字場合更像是個人場合。

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——這就是你在混合轉變中看到一點回饋的地方，對，基本上是圍繞個人訂單而不是大型派對訂單？

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.

這就是我所說的，因為即使我們的定價在大約 10% 的範圍內，我們的交易實際上也在增加。我們的交易增長了 5%，但我們的支票卻下降了 6%。這部分是因為團隊規模，即 Brian 談到的從數字到店內的轉變。

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.

然後，對於數字，你往往會擁有比 queso、鱷梨、額外肉類等東西更高的附著率。然後我們還與去年的花椰菜飯進行了比較。所以這些都是導致檢查失敗的原因。但基礎交易是健康的，價格上漲正如預期的那樣堅持。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。所以只是第二個也是最後一個問題。我的意思是這正是我們要尋找的，你會在價格或其他行為上觀察到消費者的任何弱點，這實際上只是店內的和解。如果消費者確實減弱或宏觀經濟，無論你想採取哪種方式，我都可以看到其中一種批評，我很好奇你對發展的基本假設是否將是創紀錄的一年。你沒有讓你慢下來的特許經營商。您沒有房東或貸方讓您放慢腳步。因此，如果您感受到消費者的壓力，您會故意放慢開發速度以降低範圍嗎？還是你會一直堅持下去？

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增長。我們認為我們擁有的戰略和我們獲得的結果讓我們有很大的信心堅持我們的增長計劃。

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。還有妮可，我想補充一下，我剛剛與負責我們房地產的 Di Bias 進行了交談。我們舉行了一次領導會議，她和她的團隊一起在現場。我們的談話說，聽著，外面有很多噪音。市場處於壓力之下，利率正在上升。所以——但無論外面發生什麼，我們都有一個強大的資產負債表。我們知道我們擁有強大的經濟實力，而且我們將長期致力於此。因此，請確保您的團隊意識到我們並沒有放慢腳步。如果有的話，還有機會，因為其他人確實會退縮。讓我們以此為契機，走得更快，而不是更慢。

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

下一個問題將來自貝爾德的大衛塔倫蒂諾。

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，我只想回到 Q2 指導我的問題的第一部分。您能否解釋一下為什麼隨著季度的進行您期望的薪酬會變得更好？它是否與比較密切相關？還是你認為的其他東西？

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，發生了很多事情，大衛。對比了很多。復活節發生了變化。我們在復活節之後看到了一個不錯的季節性變化，上週我們也看到了這個不錯的變化。去年的複活節是在第一周，就像是第三或第四周。所以是2週後。所以我們肯定看到了這一進步，這讓我們相信現在我們正處於一個正常的複活節後階段。在過去一周左右的時間裡，由於復活節已經過去，我們看到了這一進步，我們看到了菜單價格上漲的全部過程。我們採用這些銷售趨勢，然後在本季度剩餘時間進行預測，這讓我們有信心，我們將從 4 月份迄今為止看到的大約 9% 上升，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?

知道了。好的。這很有幫助。然後我想回來，Brian，你對吞吐量的評論。我想這是你在一段時間內強調的第一個電話，這是一個很大的機會。您能否給我們一個框架，說明您正在跟踪的指標與您過去的位置，我猜，在大流行之前，我想確定有多少機會真正推動更好的吞吐量和潛在通過該屬性更好的銷售？

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。因此，如果您回到某種設置，就像您的範圍一樣。在我們最好的時期，我們處於每 15 分鐘 30 秒的高峰期。然後我想你在大流行之前聽過我談論這個問題，我們的目標是回到 20 年代中期，20 年代中期，我們正在取得很大進展，接近 20 年代中期.而現在我們正在努力回到那些 20 多歲的中期。

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.

因此，我們可以從這裡發展的空間仍然很大。但真正令人高興的是，我們的團隊穩定了，餐廳配備了工作人員，我們看到了吞吐量方面的表現，我們也看到了出色的表現和我們準時的數字化生產線準確的。這兩個方面都有很多機會，但為了給你一個衡量標準，我們在吞吐量方面處於 20 年代中期，我們希望盡快接近 30。不過，有很多工作要做，很多機會。

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

下一個問題將來自 Andrew Charles 和 Cowen。

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，如果我們回顧一下 2022 年對該行業造成壓力的商品和勞動力通脹。你們之前曾說過，當銷量達到 300 萬美元時，利潤率會增加 27%。這還現實嗎？這仍然是一個可以達到的現實水平，而無需採取超高的定價水平嗎？

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平。我的意思是，問題是這里和那里之間會在何時以及如何顛簸。我的意思是，這確實是我所見過的最困難的時期，就商品按月、按季度而言。但我們知道——我們在指導中告訴我們，我們希望回到 20% 的中間範圍。根據從目前 270 萬美元到 300 萬美元的交易量，大部分流通量，從 20 年代中期到 27% 的大部分差距將來自流通量。而且我認為，在正常的操作環境中，我們還可以在此過程中找到其他效率。所以我仍然認為 27% 的交易量在發揮作用。

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?

極好的。這很有幫助。然後布賴恩，我知道我們在這次電話會議上談論了很多，因為在大流行之前就餐的優先事項（例如吞吐量）出現了反彈。我有一個問題要問你，只是關於餐飲。我們能談談那裡的機會嗎？隨著聚會的發生，Chipotle 如何把握住這一點？我知道五月對於你們來說顯然是一個高產量的月份，因為五月五日節，畢業派對。 Chipotle 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。看，這是一個很好的問題，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又回來了。你提到你有一種集體聚會的關鍵事件即將到來的畢業季。我認為，該團隊做得很好，使我們的數字流程變得更容易讓人們進行餐飲。然後我們有一個團隊專注於我們如何繼續推動這些團體活動向前發展。所以我們認為肯定有好處。很高興看到消費者回到這個場合，我認為我們已經做好了繼續在這個領域發展的準備。

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

下一個問題將來自高盛的 Jared Garber。

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?

我的問題與勞動線有關。我想了解您在人員配置方面的最新情況。也許我不知道最好的框架方式是與 COVID 之前相比，還是更合適的是，這些人員配備水平與您現在期望它們如何運行，考慮到業務量的水平？

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?

然後對此進行跟進。我們上週在您發布的一個版本中看到營業額很高。我的意思是，我確定不是你，而是整個行業，但只是想知道是否有任何方法可以確定去年有多少增量勞動力成本流經系統和/或仍然流經系統增加的培訓成本以及新員工可能會降低生產力？

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。所以你問題的第一部分，我想說好消息是我們在，稱之為，85%，90% 的餐廳都配備了模特，這真的很棒。我們總是想爭取 100%。但是，在 85% 和 90% 的範圍內，我想說的確實比大流行前要好，只是為了給你一個衡量標準。大流行前，我們可能更多地處於 80% 的範圍內。

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，我們真的很高興看到的一件事實際上是在經理級別及以上級別，我們看到了更多的穩定性。所以我們看到那裡的營業額減少了。通常，它是如何工作的，然後隨著它的級聯進入工作人員。你即將到來的一個賽季，你已經有了一些過渡，只是孩子們從大學畢業和人們的學年結束。這只是人們工作習慣的轉變。因此，我們確實看到當時的營業額出現了一些波動。但我真的認為我們的管理領導力非常強大。當你在管理領導方面有實力時，就會影響到團隊。所以我們很喜歡我們如何為進入春夏季節做好準備。

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?

偉大的。然後傑克，我不確定在我們考慮今年餘下的利潤並繼續前進時，是否只考慮商店的勞動生產率？

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，我想說我們處於正常的運營環境，這意味著我們的人員流動率在船員層面是正常的。過去幾年在經理級別上比正常情況要好。因此，這意味著我們總是在損益表中設置時間進行培訓。只要你每個月有幾個人來訓練新的船員，這就行得通。

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.

現在在像去年這樣的時候，大約在這個時候，當我們失去更多的人時，我們的營業額增加了，並且很難重新僱用，這會給系統帶來很大的壓力，在培訓方面帶來很大的壓力，在加班方面壓力很大。因此，壓力不僅來自團隊的表現、客戶體驗，還來自損益表。我想說我們現在恢復正常。所以我認為，除了我們已經在勞動力線上採取的通貨膨脹之外，我認為未來，在培訓、營業額、排除、敲木頭方面，Omicron 似乎在很大程度上落後於我們。我們的招聘、培訓和領導團隊一切照舊。

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

我們的下一個問題將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，只是一個跟進。一季度工資通脹在哪裡下降？你的一些競爭對手開始談論工資增長的一些穩定。所以並不是說情況好轉，而是通貨膨脹率開始上升。你有這種經歷嗎？或者它仍然是通貨膨脹，意味著季度環比或環比加速？

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，這很正常，約翰。它更像是那種中等個位數的範圍。我的意思是，請記住，我們邁出了一大步，在第二季度提高了 15%。所以它更多地處於正常範圍內，但它不是我們已經採取的 15% 的頂部。

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?

還有布賴恩，你提到了自動化和這個 Chippy 機器人或任何製造芯片的東西。你認為這是一個多大的機會？我知道這些都是長期賭注。但是，Chipotle 內部有多大的自動化機會？隨著時間的推移，這是否會對商店利潤產生有意義的影響？您是否正在尋找更多自動化任務？還是這種一次性的、有趣的測試？

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，看，坦率地說，我認為確實有機會讓餐廳變得更有效率。顯然，Chippy 是我們的第一次嘗試。我們已經與我們的許多員工合作，以確定他們希望看到我們將自動化或人工智能帶入哪些任務，以便希望這個角色可以變得不那麼複雜。然後我認為餐廳後面的其他地方我們有能力實現自動化，無論是在數字生產線上還是其他任務。我認為我們有巨大的機會提高效率，從而帶來更好的員工體驗和更好的客戶體驗。這就是我們在這方面使用的鏡頭。

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?

你認為那是幾年之後還是四分之一之後？什麼是 - 當你看到今天的技術時，它開始真正實現的時間範圍是什麼？

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.

看，我認為這項技術非常接近。然後擴展它並安裝它的能力，這就是我們必須學習的。我們正準備將 Chippy 放入餐廳。然後，我們在培養中心開展了許多其他舉措。

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.

所以技術實際上已經很接近了。原型已經很接近了。然後它通過階段門流程，真正了解人們擴大規模然後實際安裝的能力，假設它按照我們認為的方式執行。

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.

快速跟進您提到的吞吐量機會。如果有一個瓶頸，或者可能在另一邊，引導你找到一個倡議或一個你關注的領域，你經常會在哪裡看到瓶頸？顯然，您是根據速度來衡量人們的。但也許其中有一個特定的區域，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是該解決方案的一部分。

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。所以它是雙重的。它有更好的部署，顯然，勞動力調度工具將幫助我們解決這個問題。它也更好地為我們的預測提供信息，而不是僅僅回顧過去 4 週並試圖預測前 4 週。它現在正在使用實時信息來預測未來一周將發生的事情。所以我們看到的是一個更好的預測，這導致了一個更好的時間表。然後它還幫助我們做的是正確部署。

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，是因為我們需要人們站在他們的位置上，對吧？最 - 可能是最緊迫的地方是加急角色，這實際上是在製作你的一碗捲餅和獲得現金的最後階段之間。如果團隊沒有正確部署，那麼有時這就是沒有得到正確支持的地方。結果，它會減慢生產線的速度。但顯然，這一切都必須協同工作，對吧？你需要有很多代表的人。他們需要接受培訓，才能讓人們下線並正確製作碗和墨西哥捲餅。但它是這兩件事的結合，讓人們處於正確的位置，並且可以說最重要的位置之一是加速器位置。你到達那裡的方法是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?

然後我只是 - 一個關於洞察力的問題。隨著我們進入更多的移動消費環境，也許人們重新開始工作，是否有任何新出現的現實讓你感到驚訝，也許你的晚餐停留在哪裡——在更高的水平上，你的午餐不會回來盡可能快，也許競爭會在某些貿易領域重新開放時分一杯羹？關於重新開放的任何見解？

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。我要告訴你的最重要的事情是，我們看到人們流動性越強，我們看到的午餐業務就越多。好消息是我們已經看到了這些新場合，無論是晚宴場合還是團體場合，在這個行業中仍然很受歡迎。所以我認為正在發生的事情是那些在新場合與我們一起體驗過的人喜歡烹飪並且他們在其他場合使用我們。我認為，我們的獎勵計劃在理解這些旅程方面做得很好，然後在未來建立了正確的參與度。

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.

因此，移動性是難題的關鍵部分，因為您希望人們外出走動，並且希望人們進入他們的辦公室或參加他們的活動。這就是您恢復餐廳體驗的方式。

Your next question will be from Jon Tower from Citi.

您的下一個問題將來自花旗的 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?

就 - 好吧，簿記然後是一個問題來說很快。就本季度的交付組合而言，我想知道您是否可以評論解決的地方。然後只是考慮回到那個點的勞動力情況。我很清楚，隨著時間的推移，你們對員工進行了相當多的投資，並為他們提供了一條隨著時間的推移賺更多錢的好途徑，假設他們在系統中賺錢。但我很好奇，當你考慮你所做的投資時，你認為這足以讓人們參與到今年的平衡中並繼續前進嗎？或者您是否預見到除了正常化的通脹支出之外，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。聽著，我想我想在勞工方面強調的一件事是我們從公司員工那裡聽到的。所以他們已經和我們在一起 5、6、7 年了，他們感到興奮的是所有的成長，因為他們可以從學徒到總經理，再到現場領導，再到團隊總監，區域副總裁。這是一個現實，因為我們每年要建造 200 到 300 家餐廳。他們知道他們必鬚髮展自己和他人，這樣他們才能抓住下一個機會。這就是他們在職業滿意度和隨之而來的工資方面獲得最大變化的地方。我們確實知道我們的起薪非常有競爭力。但人們真正興奮的是起薪可以帶他們去哪裡。我們公司可以把它們帶得非常遠，也非常快。

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.

因此，很高興我們擁有我認為將我們分開的所有其他好處，並繼續與我們培養更美好世界的目標保持一致。但是當我有機會走出去與人們交談時，他們真正感到興奮的是，他們是一家致力於實現其目標並致力於發展的公司的一部分。這種成長既是對他們個人而言，也是對他們周圍的人而言。這就是我們要繼續投資的。所以我們還沒有看到起薪壓力很大。我們施加很大壓力的地方是確保我們正在培養我們的員工，以便他們為增長做好準備。

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

只是交付組合，然後是第二件，以保持價格。

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

是的，對不起，交付組合就像低 20、20%、21%。

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

好的。在思考方面——對不起，請繼續。

No. No. Go ahead.

不，不，繼續。

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?

我只是想問一下 22 年餘額的定價預期。很明顯，你最近剛吃了一大塊。根據您對工資通脹的預期，如果所有其他因素都適用於今年餘下的時間，那麼很好奇，顯然，商品似乎無處不在。但此時此刻，您是否期待 22 年餘下的未來定價行動？

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，我真的希望我們不必採取更多定價，但我會給出與上次相同的答案，稱之為 12 個月，也就是說，如果它移動我們找不到抵消它的效率。好消息是我們有定價權採取行動。我真的不想領先。所以我認為一個很好的例子可能就是你在上個季度看到的。看，通貨膨脹繼續大幅度移動。我們看到它並沒有消失，所以我們不得不採取我們所做的定價行動。希望這種情況不會繼續存在。但如果必須如此，我認為，我們有組織、人員和定價權來做這件事。但這真的是我最不想做的事情。

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

下一個問題將來自摩根大通的 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?

我想重新審視你們發布的 ESG 報告中的一些數字，因為看起來確實有一些總經理和現場級別的營業額實際上比 21 年和 20 年有所上升。這是否可能是在年中剛剛發生的事情，作為我們已經看到趨勢顯著改善的重大辭職的一部分？我想這有沒有讓你感到驚訝？而且我想，隨著我們進入 22 世紀，您的員工基礎是否發生了變化，其中一些通常可能會稍微穩定一些？

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。很明顯，這是回顧 2021 年。是的，看，Omicron 經歷了很多起伏。工資有很多起起落落。顯然，那是經營餐館的艱難時期。有很多人手不足的情況。然後很難讓人們註冊工作。好消息是我們已經取得了巨大的進步。顯然，我們提高了起薪。我認為我們在解釋我們公司的增長路徑方面做得更好。然後通過讓我們 90% 的晉升來自內部員工來說明這一增長路徑。

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.

所以這就是為什麼當你快進到 2022 年時，我們處於一個穩定的更好的地方，絕對是在經理級別。然後我認為這將進入工作人員。所以你知道21年的挑戰是什麼。我想，我們[踩到]他們。我們正在依靠我們的目標、價值觀和成長平台，讓人們對加入 Chipotle 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.

希望這是一個適當的後續行動。但很明顯，在過去 6 個月左右的時間裡，勞工單位確實成為了一些公司非常關注的話題，這些公司甚至在多年的討論中都沒有提到它們，以涵蓋零售和餐廳中的一些此類手段。邊。你們最近在三月份召開了一次全經理會議，這顯然很棒。我猜你能做什麼？我想你總是站在那個問題的前面，也許從 Chipotle 的角度來看這個問題？再次，希望這是在公開電話中提出的完美問題。

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。聽著，我的意思是我們致力於培養我們的員工，培養想要在 Chipotle 工作的人。我們能做的最好的事情是確保他們接受過培訓，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領導者來培養他們，讓他們意識到他們在 Chipotle 有成長機會.

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.

這就是為什麼看，我不記得是誰問了這個問題，但它有點——希望你不會對我的回答感到驚訝，比如，好吧，Chippy 之後的下一步是什麼。好吧，答案是我們與員工交談，以了解哪些任務對我們在餐廳自動化以改善員工體驗是有意義的，因為我們知道如果員工體驗改善，我們將有更好的保留而且我們將比我們的客戶有更好的執行力。因此，我們確實花了很多時間就如何改善員工體驗進行溝通和採取行動，然後我們花時間培養我們的員工。

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.

你提到過，我們剛剛召開了全經理會議，對吧？我的意思是那是電工。將我們所有的領導人聚集在一個地方，了解 Chipotle 的未來以及他們如何發揮如此關鍵的作用，真是太好了。我們有機會讓房間裡的每個人都站起來，這是在過去 4 年裡得到提升的。你知道嗎，房間裡幾乎每個人都站了起來。我認為發生這種情況的地方並不多。

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、我們的文化和我們員工的發展，這樣當你最終參加所有經理會議時，房間裡的幾乎每個人都站了起來，因為他們已經升職或他們'已經開發了其他已經得到提升的人。所以這就是我們所關注的。這就是我們的主張。這就是我們。如果您想參與其中，我們將建造許多餐廳，為您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，我想問另一個關於利潤的問題，並考慮今年餘下時間的成本壓力。對第二季度的深刻見解，並且已經回到了 20 年代中期的水平。並且認識到這一年有很多動人的作品。但是，您是否可以分享任何額外的顏色，即使是在較高的水平上並考慮與食品通脹相關的餐廳後半部分利潤？我想，特別是考慮到布賴恩剛剛談到定價理念的方式，如果有什麼可以在高層次上添加的嗎？

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 - 再次，我們剛剛在我們小組的領導會議上與我們的供應鏈負責人卡洛斯進行了交談。我們在地平線上看不到任何事情會退縮，事情會下降，但至少目前情況已經穩定下來。所以這就是我們現在所希望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，例如從海外獲得一些類似包裝的壓力，一些供應商面臨的壓力，無論是從勞工的角度還是僅僅從他們的投入成本的成本立場。我們可以希望的是，他們不會從這里站起來，他們會穩定下來。在某些時候，它們只是在未來有點正常化。但是我——現在，如果我要建立一個模型，我不會在第四季度減少食品成本。在我們看到之前，它看起來更像是在 2023 年。

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?

偉大的。然後只是一個快速的。如果我錯過了，我深表歉意，但是你們能否談談此時已恢復的堂食銷售額或流量的百分比。我不知道您是否可以觸及與數字的重疊，即數字就餐客戶。然後與此相關的是，如果有任何評論，這與重疊程度有多低有關，在這裡進一步恢復就餐會有多令人興奮？

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。看，我認為我們提到的其中一件事是我們的餐廳內銷售額增長了 33%，而數字業務仍占我們業務的大約 40%，對吧？我在電話會議前面提到的一件事是，隨著我們繼續看到人們增加他們的流動性，我認為我們將繼續看到餐廳體驗的收益。而且我沒有看到這些數字場合正在消失。我認為他們將繼續發揮他們的作用。我們正在努力保持數字化無摩擦且完全直觀。同時，我們正在努力通過出色的烹飪來實現出色的吞吐量。好消息是這兩個方面都有很大的發展空間。這就是為什麼我們樂觀地認為我們將擁有 300 萬艘 AUV。在我們這樣做的同時，我們將建造很多餐館。

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.

所以我認為我們處於一個非常好的位置。顯然，我很高興，希望 COVID 能留在我們身後，通脹趨於穩定，並希望在 2023 年，你可能會在這方面看到一些改善。但無論如何，我認為我們已經證明我們擁有可以處理這一切的企業、品牌和組織。

The next question is from Lauren Silberman from Crédit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

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，我想你已經提到新店的生產力達到了創紀錄的水平。您能否提供有關今天新單位生產力和現金回報的最新情況？

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。生產力一直在那種 80 年代中期到 80 年代高。根據季度的不同，它可能不時觸及 90%。我的意思是我們的comp餐廳的成熟餐廳的百分比。當我們提供這類空缺、銷售時，其中大部分是 Chipotlane，比非 Chipotlane 更有效率，我們的現金回報率在 40% 到 45% 的範圍內。當您對此進行幾年的補償時，因為它們基本上縮小了差距並非常接近我們的平均數量，我們的補償餐廳，我們談論的是短短幾年內 60%、65% 的回報率。

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?

偉大的。就菜單創新而言，您能否談談您對 22 年剩餘時間的菜單創新的看法？具體來說，您如何看待圍繞蛋白質與菜單其他部分的創新機會？

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。我認為我們在這裡建立了一個相當不錯的節奏，我們稱之為，每年 2 到 3 次菜單計劃。我們有一些蛋白質倡議，我相信你會在測試中看到。然後我們繼續努力嘗試找出甜點建議或其他建議，稱之為附加項目，對嗎？因此，為了補充我們在 50% 的交易中使用 guac 的方式。我認為 quesos 是我們交易的 20% 左右。所以就像如果我們能找到另一個這樣的附加組件，無論是作為甜點還是像 queso 和 guac 這樣的空間，你會看到我們在這些領域繼續創新。但我們認為我們還有很大的空間，我認為，用雞肉、牛排、植物性解決方案來激發和吸引客戶，同時，看看這些其他附加機會。

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?

問題是關於商品通脹背景。如果我錯過了，我很抱歉。但是傑克，第一季度籃子的通貨膨脹率是多少？

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

是的，在 12% 到 13% 的範圍內。再次，這是我見過的最高通脹。

Yes, yes. I guess knock on wood.

是的是的。我猜敲木頭。

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.

希望我們已經看到了它的最後一面。就像我之前在幾條評論中所說的那樣，目前情況已經穩定下來。如果您連續 1 個月穩定下來，那就是一個開始。但讓我們看看未來 2 或 3 個月會發生什麼，看看我們是否看到穩定的成本。

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。如果你確實看到了這種穩定，你會開始看到第四季度的同比通脹放緩嗎？或者在這一點上，您是否只是認為我們現在會處於低齡，直到動態變化？

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，隨著你全年的發展，如果它完全穩定下來，與我們去年看到的一些通貨膨脹相比，這 13% 將會下降。但是這 13% 中的大部分將在今年餘下的時間裡與我們在一起。

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談到的食品成本在 31% 的範圍內，如果商品成本保持穩定，我們應該在今年剩下的時間裡保持在這個範圍內。而且我們知道我們的利潤——如果我們將食品成本保持在 31% 左右，我們將擁有全部利潤潛力。這樣敲木頭的東西就穩定了。到目前為止，我們所採取的價格上漲將給我們帶來我們知道是可能的利潤潛力。

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。偉大的。這很有幫助。然後在比較方面，如果您不採取額外定價，您能否保持水平？在接下來的幾個季度中，有效定價會是什麼？然後特別是混合，現在是否開始逐年正常化？我知道我們有點——在混合方面有一些時髦的比較，現在似乎是最近 4 個季度。這種情況會在接下來的幾個季度中趨於平緩嗎？

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。一，在菜單價格上，他們將在第二季度有所上漲。所以我們將從喜歡，稱之為，10%，10.5% 轉變為喜歡，稱之為，12.5%，類似的東西。然後它會下降到略低於 10%，然後會在第四季度下降到 8.5%。

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移動性。在可預見的未來，Mix 將處於較低的支票規模，因為我們與去年相比，一年中的大部分時間，一年中的大部分時間仍然有非常重的數字。我的意思是我們確實在接近年底時開始下台。所以我認為你仍然會看到同比增長，小組規模會變小。就百分比增長而言，將會有相對的增長，比如我們看到餐廳內與數字化相比增長了 33%。我想你會看到一些這樣的數字。

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.

所以我仍然認為你會看到一些扭曲，團體規模越來越小，你會看到交易量增加，而平均檢查，不包括菜單價格上漲會下降一點。但是我們會在每個季度向你們更新這些組件是什麼。

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，我不知道我們是否遇到了技術問題。我們聽不到接線員或其他任何人的聲音。我們快到時間的盡頭了。所以布賴恩，如果你想發表結束評論，我不會。

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。所以我會很快關閉這個。感謝您抽出寶貴的時間。感謝您的提問。顯然，我們對本季度的業績感到非常自豪。對迄今為止所做的工作感到非常自豪。我認為值得提醒人們的一件事是，有些事情沒有改變，對吧？我們有一個偉大的品牌。我們有很棒的文化。圍繞培育一個更美好的世界，我們有一個獨特的目標。我們面前有巨大的增長，無論是在現有的餐廳內，結合我們的餐廳內機會和我們的數字業務，以及在全國范圍內增加更多的餐廳。

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.

我有信心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，並繼續推動增長。

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

因此，感謝您抽出寶貴的時間，並期待在下個季度與您交談。小心。