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Chipotle Mexican Grill (CMG) Steve Ells on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 26, 2016 5:00 pm ET


Mark Alexee - Manager, Investor Relations

Steve Ells - Chairman & Co-Chief Executive Officer

Mark Crumpacker - Chief Creative & Development Officer

Montgomery F. Moran - Co-Chief Executive Officer, Secretary & Director

John R. Hartung - Chief Financial Officer


John Glass - Morgan Stanley & Co. LLC

Sharon M. Zackfia - William Blair & Co. LLC

Joshua C. Long - Piper Jaffray & Co. (Broker)

John William Ivankoe - JPMorgan Securities LLC

Jason West - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Jeff D. Farmer - Wells Fargo Securities LLC


Good day and welcome to the Chipotle Mexican Grill, Inc. First Quarter 2016 Earnings Conference Call. All participants are now in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. As a reminder, today's call is being recorded.

And I would now like to introduce Investor Relations Manager for Chipotle Mexican Grill, Mr. Mark Alexee. You may begin your conference.

Mark Alexee - Manager, Investor Relations

Thanks, Matt. Hello, everyone, and welcome to our call today. By now you should have access to our earnings announcement release this afternoon for the first quarter 2016 and you may also see it on our website at in the Investor Relations section.

Before we begin our presentation, I'll remind everyone that parts of our discussion today will include forward-looking statements as defined in securities laws. These forward-looking statements will include statements about our business recovery, planned marketing programs and potential to recover lost sales, projections of the number of restaurants we intend to open, statements about future restaurant margins, projections regarding food, labor, marketing, promotion and G&A costs, and statements about stock repurchases as well as other statements about of our expectations and plans. These statements are based on information available to us today. 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 and is updated in our subsequent Form 10-Qs for discussion of these risks.

I'd like to remind everyone that we've adopted the self-imposed quiet period, restricting communications with investors during that period. The quiet period begins on the first day of the last month of each fiscal quarter and continues until the next earnings conference call. For the second quarter of 2016, it will begin June 1 and continue through our first quarter earnings release or second quarter earnings release planned for July 21.

We will start today's call with some prepared remarks and then we'll take 20 minutes of questions. On the call with us today are Steve Ells, our Chairman and Co-Chief Executive Officer; Monty Moran, Co-Chief Executive Officer; Mark Crumpacker, Chief Creative and Development Officer; and Jack Hartung, Chief Financial Officer.

With that, I'll now turn the call over to Steve.

Steve Ells - Chairman & Co-Chief Executive Officer

Thank you, Mark, and good afternoon, everybody. Chipotle has always been a company that is focused on a long-term vision to change the way people think about and eat fast food. As we move forward, we believe it is critical that we continue to focus on the things that have driven our success for so many years, our unique food culture and our unique people culture. It's been our focus on these key drivers of our business that has differentiated Chipotle in a crowded and competitive field and it has allowed us to develop a strong loyalty among our customers.