Chipotle Mexican Grill (CMG) Q2 2010 Earnings Call July 22, 2010 4:30 pm ET Executives John Hartung - Chief Finance Officer M. Ells - Founder, Chairman of the Board and Co-Chief Executive Officer Montgomery Moran - Co-Chief Executive Officer, Secretary and Director Kate Giha - IR Analysts Sharon Zackfia - William Blair & Company L.L.C. Jeffrey Omohundro - Wells Fargo Securities, LLC Matthew DiFrisco - Oppenheimer & Co. Inc. John Glass - Morgan Stanley Jason West - Deutsche Bank AG David Tarantino - Robert W. Baird & Co. Incorporated Thomas Forte - Telsey Advisory Group LLC Steve West - Stifel, Nicolaus & Co., Inc. Bryan Elliott - Raymond James & Associates Joseph Buckley - BofA Merrill Lynch Bart Glenn - D.A. Davidson & Co. Greg Ruedy - Stephens Inc. PresentationOperator
Thank you for standing by, everyone. Welcome to the Chipotle Mexican Grill Second Quarter 2010 Conference Call. [Operator Instructions] Now at this time, I'd like to introduce Chipotle's Director of Investor Relations, Ms. Kate Giha. Please go ahead, ma'am. Kate Giha Thanks, Micah. Hello, everyone, and welcome to our call today. By now, you should have access to our earnings announcement release this afternoon for our second quarter 2010. It may also be found on our website at www.chipotle.com in the Investor Relations section. Before we begin our presentation, I will remind everyone that parts of our discussion today will include forward-looking statements within the meaning of the Securities laws. These forward-looking statements will include discussion of our A Model restaurant strategy as well as projections of comparable restaurant sales and trends, the number of restaurants we intend to open, expected trends in various costs in our business, statements about our stock repurchase program and other statements of expectations and plans. These forward-looking statements are based on information available to us today, and we are not assuming any obligation to update them. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. We refer you to the risk factors in our annual report on Form 10-K as updated in our subsequent 10-Qs for discussion of these risks.