Chipotle Mexican Grill (CMG) Q1 2012 Earnings Call April 19, 2012 4:30 pm ET Executives Alex Spong - M. Steven Ells - Founder, Chairman of the Board and Co-Chief Executive Officer Montgomery F. Moran - Co-Chief Executive Officer, Secretary and Director John R. Hartung - Chief Finance Officer and Principal Accounting Officer Analysts David Palmer - UBS Investment Bank, Research Division Phan Le - Lazard Capital Markets LLC, Research Division Alvin C. Concepcion - Citigroup Inc, Research Division Karen Holthouse - Crédit Suisse AG, Research Division Michael Kelter - Goldman Sachs Group Inc., Research Division Sharon Zackfia - William Blair & Company L.L.C., Research Division Bart Glenn - D.A. Davidson & Co., Research Division Jeffrey Andrew Bernstein - Barclays Capital, Research Division PresentationOperator
Good afternoon, and welcome to the Chipotle Mexican Grill's First Quarter 2012 Conference Call. [Operator Instructions] As a reminder, this call is being recorded. Thank you. I'd now like to introduce the Chipotle Director of Investor Relations, Alex Spong. You may begin. Alex Spong Hello, everyone, and welcome to our conference today. By now, you should have the access to our earnings announcement released this afternoon for the first quarter 2012. It may also be found on our website at 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 as defined in the Securities laws. These forward-looking statements will include projections of the number of restaurants we intend to open, comp restaurant sales increases, the impact of menu price increases, trends in food costs and other expense items, effective tax rates and our unit economics and shareholder returns, as well as other statements of our expectations and plans. These 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 Form 10-Qs for discussion of these risks.