Chipotle Mexican Grill Inc (NYSE:CMG) Q2 2020 Earnings Conference Call - Final Transcript

Jul 22, 2020 • 04:30 pm ET


Chipotle Mexican Grill Inc (NYSE:CMG) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon and welcome to the Chipotle Mexican Grill Second Quarter 2020 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Ashish Kohli, Head of Investor Relations. Please go ahead.

Ashish Kohli

Hello, everyone, and welcome to our second quarter 2020 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

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 in our Form 10-Qs for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

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.

We will start today's call with prepared remarks from Brian Niccol, our 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.

And with that, I'd like to turn the call over to Brian.

Brian Niccol

Thanks, Ashish, and good afternoon everyone. Since our last earnings call, the world has continued to face unprecedented challenges with regard to health, economic and social issues. However, I'm so proud of our employees, those in the field managing and running our restaurants, our support center staff who are working remotely as well as our supply partners for coming together to continue to provide our safe, delicious, high-quality food made from real ingredients. As a result, Chipotle is successfully delivering on its commitment to help cultivate a better world for our employees, guests, farmers, communities and shareholders.

Today I want to focus my discussion on three key topics. First, our efforts to take care of our people and guests as restaurants reopen for in-room dining; second, provide details on our improving comp trends; and third, highlight how we've built an operating model that's designed to generate strong performance in a wide variety of environments, such that we can win today, while we create a bright future.

As I've mentioned previously, the health and well-being of our employees and guests has always been, and will continue to be, our top priority. Given our strong financial position, we are able to make investments in our people and the Chipotle business, which are not only helping us manage through this crisis but set us up for a strong recovery and future success.

Our top priorities for the rest of the year include safely running our restaurants and reopening dining rooms using best practices to support alternate restaurant support center working arrangements, ensuring supply