Chipotle Q3 comps rise 2.1%, but margin falls; Q4 comps seen near 2%, margin under 22%

4:15:20 PM ETYou

4:15:20 PM ETare

4:15:21 PM ETelite and the

4:15:21 PM ETentry

4:15:21 PM ETnumber has been a very good

4:15:23 PM ETconfirmed. You will

4:15:23 PM ETbe joined by the

4:15:23 PM ETto next

4:15:24 PM ETthe

4:15:24 PM ETyour elite entry number has been confirmed you will be joined to the conference

4:15:25 PM ETconference.

4:15:25 PM ETAt the

4:15:26 PM ETtone,

4:15:26 PM ETplease

4:15:26 PM ETstate

4:15:26 PM ETyour

4:15:26 PM ETname and the name of the

4:15:27 PM ETspell

4:15:28 PM ETit.

4:15:28 PM ETThen press

4:15:29 PM ETpound to the

4:15:29 PM ETat the tone please state your name and spell it then press pound to continue

4:15:30 PM ETcontinue.

4:15:51 PM ETAt the time of the United States, the

4:15:52 PM ETtone,

4:15:52 PM ETplease take care of

4:15:53 PM ETyour

4:15:53 PM ETcompany and subscribe to the

4:15:53 PM ETat the tone please state your company

4:15:53 PM ETspell

4:15:54 PM ETit. Then

4:15:54 PM ETpress

4:15:55 PM ETpound

4:15:55 PM ETto

4:15:56 PM ETand spell it then press pound to continue

4:15:56 PM ETcontinue.

4:16:17 PM ETThank

4:16:18 PM ETthank you

4:16:18 PM ETyou.

4:16:24 PM ETDump dump dump dump dump dump.

4:17:26 PM ETUh yeah,

4:17:26 PM ETI'm gonna

4:17:44 PM ETUh

4:17:44 PM ETdown.

4:17:46 PM ETDo you have a love?

4:19:48 PM ETA Merry Christmas.

4:19:58 PM ETHere comes the.

4:20:05 PM ETAh, I'm gonna go to the bathroom.

4:21:17 PM ETReviewer's

4:21:25 PM ETBreathe.

4:21:27 PM ETDa-da-da-da-da-da-da-da.

4:21:28 PM ETIt

4:21:28 PM ETI'm not sure if I can do

4:22:24 PM ETUh

4:22:25 PM ETuh

4:22:54 PM ETUh-huh.

4:24:04 PM ETReviewer's

4:24:34 PM ETThere we

4:24:34 PM ETyeah,

4:24:45 PM ETYeah.

4:25:41 PM ETYeah, yeah,

4:25:44 PM ETI'm not

4:26:13 PM ETI wake

4:26:45 PM ETBut I'm not sure.

4:26:45 PM ETknow.

4:26:46 PM ETwhat to

4:27:02 PM ETAnd I have

4:27:02 PM ETare

4:27:02 PM ETlike I'm

4:27:09 PM ETMm-hmm.

4:27:35 PM ETMm.

4:30:11 PM ETGood

4:30:12 PM ETafternoon and welcome to the next

4:30:13 PM ETChipotle,

4:30:13 PM ETMexican

4:30:14 PM ETGrills

4:30:14 PM ETThird

4:30:14 PM ETgood afternoon and welcome to

4:30:15 PM ETquarter fiscal

4:30:17 PM ET2026

4:30:17 PM ETEarnings

4:30:18 PM ETchipotle mexican grills third quarter fiscal twenty twenty six earnings call

4:30:18 PM ETcall.

4:30:19 PM ETAll participants

4:30:19 PM ETwill

4:30:19 PM ETbe enrolled in the

4:30:20 PM ETlisten

4:30:21 PM ETmode.

4:30:21 PM ETShould you need to be able to listen to the

4:30:21 PM ETlist of people who are not going

4:30:21 PM ETyou can also listen to the

4:30:22 PM ETplease listen to the

4:30:22 PM ETsend us a list of

4:30:22 PM ETto

4:30:22 PM ETin the the

4:30:23 PM ETall participants will be in listen only mode

4:30:23 PM ETa

4:30:23 PM ETconference

4:30:24 PM ETspecialist

4:30:24 PM ETby pressing the

4:30:25 PM ETstar,

4:30:25 PM ETthen

4:30:26 PM ET0 on the

4:30:26 PM ETyour

4:30:27 PM ETtelephone

4:30:28 PM ETkeypad.

4:30:28 PM ETAfter

4:30:28 PM ETtoday's

4:30:29 PM ETpresentation,

4:30:30 PM ETthere will be a telephone

4:30:30 PM ETan

4:30:30 PM ETopportunity to do

4:30:30 PM ETuse the

4:30:30 PM ETbe able

4:30:30 PM ETpay for

4:30:31 PM ETto ask

4:30:32 PM ETquestions.

4:30:32 PM ETto

4:30:33 PM ETask a

4:30:33 PM ETquestion,

4:30:33 PM ETyou

4:30:33 PM ETmay

4:30:34 PM ETpress

4:30:34 PM ETstar the

4:30:34 PM ETthen

4:30:35 PM ET1

4:30:35 PM ETon your

4:30:36 PM ETtelephone

4:30:37 PM ETkeypad.

4:30:37 PM ETto

4:30:37 PM ETwithdraw

4:30:37 PM ETyour

4:30:38 PM ETquestion,

4:30:39 PM ETplease

4:30:39 PM ETpress

4:30:39 PM ETstar

4:30:39 PM ETthen to the

4:30:40 PM ET2.

4:30:41 PM ETPlease note

4:30:41 PM ETthis

4:30:41 PM ETevent

4:30:42 PM ETis

4:30:42 PM ETbeing

4:30:43 PM ETrecorded.

4:30:43 PM ETI will

4:30:43 PM ETnow like to record this

4:30:44 PM ETtell

4:30:44 PM ETturn it

4:30:44 PM ETthe

4:30:44 PM ETconference to the

4:30:44 PM ETover next

4:30:45 PM ETplease note this event is being recorded i would now like

4:30:45 PM ETChristian

4:30:46 PM ETD'Souza, Vice

4:30:47 PM ETPresident of the United

4:30:48 PM ETInvestor

4:30:49 PM ETturn the conference over to christian d'souza vice president investor relations

4:30:49 PM ETRelations.

4:30:49 PM ETPlease go

4:30:49 PM ETahead and invest in the

4:30:50 PM ETplease go ahead

4:30:51 PM ETHello

4:30:51 PM ETeveryone and welcome to the next

4:30:52 PM ETChipotle,

4:30:53 PM ETMexican

4:30:53 PM ETGirls

4:30:53 PM ETThird

4:30:54 PM ETQuarter

4:30:54 PM ETFiscal

4:30:55 PM EThello everyone and welcome to chipotle mexican grill's third quarter

4:30:55 PM ET2026

4:30:55 PM ETearnings

4:30:56 PM ETfiscal twenty twenty six earnings call

4:30:56 PM ETcall.

4:30:56 PM ETBy

4:30:56 PM ETnow,

4:30:57 PM ETyou should be able to do

4:30:57 PM EThave access the

4:30:57 PM ETto

4:30:58 PM ETour earnings

4:30:58 PM ETpress

4:30:59 PM ETby now you should have access to our earnings press release

4:30:59 PM ETrelease. If

4:30:59 PM ETnot, it should be a

4:31:00 PM ETcan

4:31:00 PM ETused to able to release your

4:31:00 PM ETfound in the

4:31:00 PM ETon

4:31:00 PM ETour

4:31:01 PM ETinvestor

4:31:01 PM ETRelations

4:31:02 PM ETwebsite

4:31:02 PM ETat

4:31:04 PM ETif not it can be found on our investor relations website at ir chipotle dot

4:31:04 PM ETcom

4:31:05 PM ETir.chupotle.com.

4:31:05 PM ETAdditionally,

4:31:06 PM ETsupplemental

4:31:06 PM ETinvestor

4:31:06 PM ETinformation is a very important thing to

4:31:07 PM ETinformation

4:31:07 PM ETis

4:31:07 PM ETavailable

4:31:07 PM ETon

4:31:08 PM ETour

4:31:08 PM ETsite as a

4:31:08 PM ETreference to the

4:31:09 PM ETfor

4:31:09 PM ETtoday's

4:31:09 PM ETadditionally supplemental investor information is available on our site as a reference for today's

4:31:10 PM ETcall

4:31:10 PM ETcall.

4:31:11 PM ETI will begin by reminding

4:31:12 PM ETyou

4:31:12 PM ETthat today's call is a very important part of the

4:31:12 PM ETdiscussion is thing to

4:31:13 PM ETincludes

4:31:13 PM ETforward

4:31:14 PM ETforward-looking

4:31:14 PM ETstatements,

4:31:15 PM ETincluding

4:31:15 PM ETi will begin by reminding you that today's discussion includes forward looking statements

4:31:15 PM ETprojections

4:31:15 PM ETabout

4:31:15 PM ETour

4:31:16 PM ETfuture

4:31:16 PM ETbusiness

4:31:17 PM ETfinancial,

4:31:17 PM ETand

4:31:17 PM ETother

4:31:18 PM ETperformance

4:31:18 PM ETincluding projections about our future business financial and other performance results

4:31:19 PM ETresults.

4:31:19 PM ETThese

4:31:19 PM ETstatements

4:31:19 PM ETare

4:31:20 PM ETbased on the

4:31:20 PM ETmanagement's

4:31:21 PM ETcurrent

4:31:21 PM ETbusiness

4:31:21 PM ETand

4:31:21 PM ETmarket

4:31:22 PM ETexpectations and

4:31:22 PM ETare

4:31:23 PM ETactual

4:31:23 PM ETresults are not

4:31:23 PM ETcould differ from the

4:31:23 PM ETthese statements are based on management's current business and market

4:31:24 PM ETmaterially from the

4:31:25 PM ETthose

4:31:25 PM ETprojected in the

4:31:26 PM ETforward

4:31:26 PM ETforward-looking

4:31:26 PM ETexpectations and our actual results could differ materially from those projected in the forward

4:31:27 PM ETstatements

4:31:27 PM ETstatements.

4:31:28 PM ETPlease see

4:31:28 PM ETtoday's

4:31:28 PM ETearnings

4:31:29 PM ETrelease

4:31:29 PM ETand

4:31:29 PM ETthe risk of

4:31:30 PM ETfactors

4:31:30 PM ETto

4:31:30 PM ETcontained in

4:31:30 PM ETour annual

4:31:31 PM ETreport

4:31:31 PM ETon

4:31:32 PM ETForm

4:31:32 PM ETplease see today's earnings release and the risk factors contained in our

4:31:32 PM ETannual report on form ten ks

4:31:33 PM ET10K and in

4:31:33 PM ETour Form

4:31:34 PM ET10Qs for

4:31:34 PM ETa

4:31:35 PM ETdiscussion

4:31:35 PM ETof

4:31:35 PM ETrisks

4:31:35 PM ETthat may be a very important

4:31:36 PM ETcause

4:31:36 PM ETour

4:31:36 PM ETactual

4:31:37 PM ETresults

4:31:37 PM ETto

4:31:37 PM ETvary

4:31:37 PM ETfrom

4:31:37 PM ETthese

4:31:38 PM ETand in our form ten qs for a discussion of risks that may cause our actual results to vary from

4:31:38 PM ETforward

4:31:38 PM ETforward-looking

4:31:39 PM ETforward looking statements

4:31:39 PM ETstatements.

4:31:40 PM ETOur discussion

4:31:40 PM ETtoday

4:31:40 PM ETwill

4:31:40 PM ETinclude

4:31:41 PM ETnon-GAP

4:31:41 PM ETfinancial

4:31:42 PM ETour discussion today will include non gaap financial measures

4:31:42 PM ETmeasures.

4:31:43 PM ETa reconciliation of the measure of the

4:31:43 PM ETto

4:31:44 PM ETGAAP

4:31:44 PM ETmeasures

4:31:44 PM ETcan

4:31:44 PM ETbe found in the

4:31:44 PM ETUnited

4:31:45 PM ETvia

4:31:45 PM ETlink to

4:31:45 PM ETthe

4:31:45 PM ETin closed

4:31:45 PM ETUnited

4:31:45 PM ETthe

4:31:45 PM ETon

4:31:46 PM ETprevious

4:31:46 PM ETpresentation's

4:31:47 PM ETpage

4:31:47 PM ETwith

4:31:47 PM ETa reconciliation to gaap measures can be found via the link in

4:31:47 PM ETthe

4:31:48 PM ETinvestor

4:31:48 PM ETrelations

4:31:48 PM ETsection of

4:31:49 PM ETour

4:31:49 PM ETincluded on the presentations page within the investor relations section of our website

4:31:50 PM ETwebsite.

4:31:50 PM ETWe will

4:31:50 PM ETstart

4:31:51 PM ETtoday's

4:31:51 PM ETcall

4:31:51 PM ETwith

4:31:52 PM ETprepared

4:31:52 PM ETremarks

4:31:52 PM ETfrom

4:31:52 PM ETScott

4:31:53 PM ETwe will start today's call with prepared remarks from scott boatwright

4:31:53 PM ETBoatwright,

4:31:54 PM ETChief

4:31:54 PM ETExecutive

4:31:55 PM ETOfficer

4:31:55 PM ETand

4:31:55 PM ETAdam

4:31:56 PM ETReimer, Chief Executive

4:31:56 PM ETFinancial

4:31:57 PM ETchief executive officer and adam reimer chief financial officer

4:31:57 PM ETOfficer, after

4:31:58 PM ETwhich

4:31:58 PM ETwe

4:31:58 PM ETwill

4:31:58 PM ETtake care of the

4:31:58 PM ETyour

4:31:59 PM ETafter which we will take your questions

4:31:59 PM ETquestions.

4:31:59 PM ETAnd with

4:31:59 PM ETthat

4:32:00 PM ETI

4:32:00 PM ETwill turn to the next

4:32:00 PM ETcall

4:32:00 PM ETover

4:32:00 PM ETto

4:32:01 PM ETand with that i will turn the call over to scott

4:32:02 PM ETScott.

4:32:03 PM ETThank

4:32:03 PM ETyou,

4:32:04 PM ETChristian, and good

4:32:04 PM ETafternoon

4:32:05 PM ETthank you christian and good afternoon everyone

4:32:06 PM ETeveryone.

4:32:06 PM ETWe are

4:32:06 PM ETpleased to see

4:32:07 PM ETthe

4:32:07 PM ETmomentum in

4:32:07 PM ETour

4:32:08 PM ETbusiness

4:32:08 PM ETcontinue in the

4:32:08 PM ETcourse of

4:32:09 PM ETquarter

4:32:09 PM ETas

4:32:09 PM ETwe

4:32:10 PM ETdelivered

4:32:10 PM ETwe are pleased to see the momentum in our business continue in the quarter

4:32:10 PM ETrevenue

4:32:10 PM ETgrowth

4:32:11 PM ETof

4:32:12 PM ET9.6%.

4:32:12 PM ETas we delivered revenue growth of nine point six percent

4:32:13 PM ETOnce

4:32:13 PM ETagain

4:32:13 PM ETincluding

4:32:14 PM ETpositive

4:32:14 PM ETcomparable

4:32:15 PM ETsales

4:32:15 PM ETand

4:32:16 PM ETonce again including positive comparable sales and transactions

4:32:17 PM ETtransactions.

4:32:18 PM ETThese

4:32:18 PM ETresults

4:32:18 PM ETwere failed to be

4:32:18 PM ETby the sales of the

4:32:19 PM ETour

4:32:19 PM ETrecipe for the rest of the

4:32:20 PM ETgrowth

4:32:20 PM ETthese results were fueled by our recipe for growth strategy

4:32:21 PM ETstrategy

4:32:21 PM ETas

4:32:21 PM ETwe

4:32:21 PM ETcontinue

4:32:21 PM ETto be able to receive the

4:32:22 PM ETimprove

4:32:22 PM ETrestaurant

4:32:23 PM ETas we continued to improve restaurant execution

4:32:24 PM ETexecution.

4:32:24 PM ETdeepen

4:32:25 PM ETengagement

4:32:25 PM ETwith

4:32:25 PM ETour

4:32:25 PM ETrewards

4:32:26 PM ETdeepen engagement with our rewards members

4:32:27 PM ETmembers.

4:32:27 PM ETbring

4:32:27 PM ETnew

4:32:28 PM ETcraveable

4:32:28 PM ETinnovation to the

4:32:29 PM ETbring new craveable innovation to the menu

4:32:30 PM ETmenu

4:32:30 PM ETand

4:32:30 PM ETexpand

4:32:31 PM ETand expand occasions

4:32:32 PM EToccasions.

4:32:33 PM ETAdditionally,

4:32:33 PM ETour market is a very important

4:32:34 PM ETconnection

4:32:34 PM ETwith consumers are not

4:32:35 PM ETin

4:32:35 PM ETnew

4:32:36 PM ETand

4:32:36 PM ETculturally

4:32:36 PM ETrelevant

4:32:36 PM ETadditionally our marketing connected with consumers in new and

4:32:37 PM ETculturally relevant ways

4:32:37 PM ETways.

4:32:38 PM ETincluding

4:32:38 PM ETthrough

4:32:38 PM ETour

4:32:39 PM ET100

4:32:39 PM ETCreators

4:32:40 PM ETincluding through our one hundred creators campaign

4:32:41 PM ETcampaign.

4:32:42 PM ETand we've been opening

4:32:42 PM ETa

4:32:42 PM ETnew

4:32:42 PM ETrestaurant

4:32:43 PM ETnearly

4:32:43 PM ETevery

4:32:43 PM ETday of the

4:32:44 PM ETand we've been opening a new restaurant nearly every day of the year

4:32:44 PM ETyear.

4:32:44 PM ETand

4:32:45 PM ETsee

4:32:45 PM ETtremendous

4:32:46 PM ETopportunity

4:32:46 PM ETto

4:32:46 PM ETcontinue

4:32:46 PM ETto

4:32:47 PM ETdo

4:32:47 PM ETand see tremendous opportunity to continue to do so

4:32:48 PM ETso

4:32:48 PM ETeven

4:32:48 PM ETin

4:32:48 PM ETour

4:32:48 PM ETmost

4:32:49 PM ETdense

4:32:50 PM ETeven in our most dense markets

4:32:50 PM ETmarkets.

4:32:51 PM ETOur

4:32:51 PM ETfocus

4:32:51 PM ETremains

4:32:52 PM ETour focus remains clear

4:32:53 PM ETclear.

4:32:53 PM ETStrengthen what you can

4:32:54 PM ETdifferentiates

4:32:55 PM ETstrengthen what differentiates chipotle

4:32:55 PM ETChipotle.

4:32:56 PM ETExecute

4:32:56 PM ETwith greater

4:32:58 PM ETconsistency,

4:32:58 PM ETand

4:32:58 PM ETcreate

4:32:58 PM ETmore

4:32:59 PM ETreasons

4:32:59 PM ETfor

4:32:59 PM ETguests

4:33:00 PM ETto

4:33:00 PM ETexecute with greater consistency and create more reasons for guest

4:33:00 PM ETchoose

4:33:00 PM ETto choose us

4:33:01 PM ETus.

4:33:02 PM ETBroader

4:33:02 PM ETconsumer

4:33:02 PM ETand

4:33:03 PM ETindustry

4:33:03 PM ETheadwinds

4:33:03 PM ETmake

4:33:03 PM ETcontinue to be a good

4:33:04 PM ETbroader consumer and industry headwinds may continue

4:33:04 PM ETbut

4:33:05 PM ETinitiatives

4:33:05 PM ETacross

4:33:06 PM ETour

4:33:06 PM ETrecipe

4:33:06 PM ETfor

4:33:06 PM ETgrowth

4:33:07 PM ETstrategy

4:33:07 PM ETare

4:33:08 PM ETbut initiatives across our recipe for growth strategy are building

4:33:08 PM ETbuilding

4:33:08 PM ETand

4:33:08 PM ETgiving

4:33:08 PM ETus

4:33:09 PM ETmore

4:33:09 PM ETtools

4:33:09 PM ETto

4:33:10 PM ETwin

4:33:10 PM ETin

4:33:10 PM ETany

4:33:11 PM ETgiving us more tools to win in any environment

4:33:12 PM ETenvironment.

4:33:13 PM ETWe are still in

4:33:13 PM ETthe early

4:33:13 PM ETstages of the

4:33:14 PM ETthis

4:33:14 PM ETwe are still in the early stages of this work

4:33:15 PM ETwork

4:33:15 PM ETand

4:33:15 PM ETit's

4:33:15 PM ETgaining

4:33:16 PM ETand it's gaining traction

4:33:17 PM ETtraction.

4:33:17 PM ETThe progress we have to do

4:33:18 PM ETdelivered

4:33:18 PM ETthis

4:33:19 PM ETquarter

4:33:19 PM ETgives

4:33:19 PM ETus

4:33:19 PM ETeven greater

4:33:20 PM ETconviction

4:33:20 PM ETin

4:33:20 PM ETour

4:33:21 PM ETthe progress we delivered this quarter gives us even greater conviction in our

4:33:22 PM ETstrategy

4:33:22 PM ETstrategy and

4:33:22 PM ETthe

4:33:22 PM ETmultiple

4:33:23 PM ETavenues

4:33:23 PM ETwe

4:33:23 PM EThave

4:33:23 PM ETto

4:33:24 PM ETdrive

4:33:24 PM ETsustained

4:33:25 PM ETgrowth

4:33:25 PM ETat

4:33:26 PM ETand the multiple avenues we have to drive sustained growth at scale

4:33:26 PM ETscale.

4:33:27 PM ETIn

4:33:27 PM ETin short

4:33:27 PM ETshort,

4:33:27 PM ETwe

4:33:28 PM ETare

4:33:28 PM ETa

4:33:28 PM ETcategory of

4:33:28 PM ETa group

4:33:29 PM ETwe are a category leader

4:33:30 PM ETleader.

4:33:30 PM ETWe have

4:33:30 PM ETa

4:33:30 PM ETuniquely

4:33:31 PM ETdifferentiated

4:33:31 PM ETbrand

4:33:32 PM ETwith strong

4:33:33 PM ETwe have a uniquely differentiated brand with strong fandom

4:33:33 PM ETfandom.

4:33:34 PM ETand we

4:33:34 PM ETbelieve

4:33:34 PM ETmuch

4:33:34 PM ETof

4:33:34 PM ETour

4:33:35 PM ETgrowth

4:33:36 PM ETopportunity

4:33:36 PM ETis

4:33:36 PM ETstill

4:33:36 PM ETin front of

4:33:37 PM ETand we believe much of our growth opportunity is still in front of us

4:33:37 PM ETof

4:33:38 PM ETus.

4:33:38 PM ETNow I'll walk

4:33:39 PM ETthrough

4:33:39 PM ETour

4:33:40 PM ETprogress

4:33:40 PM ETacross

4:33:40 PM ETeach of

4:33:40 PM ETthe

4:33:41 PM ETfive

4:33:41 PM ETstrategic

4:33:42 PM ETnow i'll walk through our progress across

4:33:42 PM ETeach of the five strategic pillars

4:33:42 PM ETpillars.

4:33:43 PM ETstarting

4:33:43 PM ETwith

4:33:43 PM ETour

4:33:43 PM ETfirst

4:33:44 PM ETstarting with our first pillar

4:33:44 PM ETpillar,

4:33:45 PM ETprotecting

4:33:45 PM ETand

4:33:45 PM ETstrengthening

4:33:45 PM ETthe

4:33:46 PM ETprotecting and strengthening the core

4:33:46 PM ETcore.

4:33:47 PM ETbecause

4:33:47 PM ETeverything

4:33:48 PM ETbegins with the core

4:33:48 PM ETrunning

4:33:49 PM ETgreat

4:33:50 PM ETbecause everything begins with running great restaurants

4:33:51 PM ETrestaurants.

4:33:51 PM ETFor our

4:33:52 PM ETguests that

4:33:52 PM ETmeans

4:33:53 PM ETdelicious

4:33:53 PM ETfood made

4:33:54 PM ETfrom

4:33:54 PM EThigh

4:33:54 PM ETquality

4:33:54 PM ETfor our guests that means delicious food made from

4:33:55 PM EThigh quality ingredients

4:33:55 PM ETingredients,

4:33:56 PM ETgenerous

4:33:56 PM ETand

4:33:57 PM ETconsistent

4:33:58 PM ETgenerous and consistent portions

4:33:58 PM ETportions,

4:33:59 PM ETexceptional

4:33:59 PM ETexceptional throughput

4:34:00 PM ETthroughput,

4:34:00 PM ETon top of the

4:34:01 PM ETand

4:34:01 PM ETaccurate

4:34:01 PM ETdigital

4:34:02 PM ETon time and accurate digital orders

4:34:03 PM ETorders

4:34:03 PM ETclean

4:34:04 PM ETclean restaurants

4:34:04 PM ETrestaurants,

4:34:04 PM ETand

4:34:04 PM ETgenuine

4:34:06 PM ETand genuine hospitality

4:34:06 PM EThospitality.

4:34:07 PM ETThese

4:34:07 PM ETare

4:34:07 PM ETfundamental to the human

4:34:07 PM ETour

4:34:08 PM ETbrand

4:34:09 PM ETpromise

4:34:09 PM ETand

4:34:09 PM ETwe

4:34:09 PM ETremain focused on our

4:34:09 PM ETthe

4:34:10 PM ETdelivering

4:34:10 PM ETthem

4:34:11 PM ETthese are fundamental to our brand promise and we remain focused

4:34:11 PM ETconsistently throughout the

4:34:12 PM ETon delivering them consistently throughout the day

4:34:12 PM ETday across the

4:34:12 PM ETevery

4:34:13 PM ETrestaurant

4:34:14 PM ETacross every restaurant globally

4:34:15 PM ETglobally.

4:34:16 PM ETOur high efficiency

4:34:17 PM ETequipment package

4:34:17 PM ETis

4:34:18 PM ETshowing

4:34:18 PM EThow

4:34:18 PM ETtargeted

4:34:18 PM ETinvestors

4:34:19 PM ETin

4:34:19 PM ETour high efficiency equipment package is showing how targeted investments in

4:34:19 PM ETour restaurants

4:34:20 PM ETour restaurants

4:34:20 PM ETcan

4:34:21 PM ETdrive

4:34:21 PM ETbetter

4:34:21 PM EToutcomes

4:34:21 PM ETfor

4:34:22 PM ETour

4:34:22 PM ETcan drive better outcomes for our guests

4:34:23 PM ETguests.

4:34:23 PM ETOur

4:34:23 PM ETteams,

4:34:23 PM ETand

4:34:24 PM ETour

4:34:24 PM ETour teams and our business

4:34:25 PM ETbusiness.

4:34:26 PM ETRestaurants

4:34:26 PM ETwould

4:34:26 PM ETheap

4:34:26 PM ETor

4:34:26 PM ETare

4:34:27 PM ETdelivering

4:34:27 PM EThundreds of

4:34:28 PM ETbases

4:34:28 PM ETpoints

4:34:28 PM ETof

4:34:29 PM ETcomparable

4:34:29 PM ETsales

4:34:29 PM ETup

4:34:30 PM ETrestaurants with heap are delivering hundreds of basis points of comparable sales uplift

4:34:30 PM ETleft.

4:34:31 PM ETImprovements in

4:34:32 PM ETguest

4:34:32 PM ETsatisfaction

4:34:32 PM ETand

4:34:33 PM ETtaste

4:34:33 PM ETof

4:34:33 PM ETfood

4:34:34 PM ETimprovements in guest satisfaction and taste of food scores

4:34:34 PM ETscores.

4:34:35 PM ETand over

4:34:35 PM ETtwo

4:34:35 PM ETadditional

4:34:36 PM ETentrees

4:34:36 PM ETduring

4:34:36 PM ETthe

4:34:37 PM ETpeak

4:34:37 PM ET15

4:34:37 PM ETminute

4:34:38 PM ETand over two additional entrees during the peak fifteen minute period

4:34:39 PM ETperiod.

4:34:41 PM ETKeep is now installed in over

4:34:41 PM ET70

4:34:41 PM ET1700

4:34:42 PM ETkeep is now installed in over seventeen hundred restaurants

4:34:43 PM ETrestaurants and we

4:34:43 PM ETcontinue to do

4:34:43 PM ETwork

4:34:44 PM ETtoward

4:34:44 PM ETa

4:34:45 PM ETapproximately

4:34:45 PM ET2,000

4:34:46 PM ETrestaurants

4:34:46 PM ETby

4:34:46 PM ETyear

4:34:47 PM ETand we continue to work toward approximately two thousand restaurants by year end

4:34:47 PM ETend.

4:34:49 PM ETKEAP is designed to simplify

4:34:50 PM ETmorning

4:34:50 PM ETprep

4:34:51 PM ETand

4:34:51 PM ETgrill

4:34:52 PM ETkeep is designed to simplify morning prep and grill operations

4:34:52 PM EToperations.

4:34:53 PM ETimprove color, and

4:34:53 PM ETcorrect the

4:34:54 PM ETconsistency,

4:34:54 PM ETimprove culinary consistency

4:34:55 PM ETand

4:34:55 PM ETand flavor

4:34:56 PM ETflavor.

4:34:57 PM ETreduce

4:34:57 PM ETmenu out of

4:34:57 PM ETthe

4:34:58 PM ETreduce menu outages

4:34:58 PM EToutages,

4:34:58 PM ETand

4:34:58 PM EThelp

4:34:59 PM ETour

4:34:59 PM ETteams

4:34:59 PM ETdeploy

4:35:00 PM ETmore

4:35:00 PM ETeffectively during the

4:35:01 PM ETand help our teams deploy more effectively during peaks

4:35:02 PM ETpeaks.

4:35:03 PM ETImportantly,

4:35:03 PM ETwe

4:35:04 PM ETto do

4:35:04 PM ETreach the peak of the

4:35:04 PM ETreinvest

4:35:04 PM ETlate 19th

4:35:05 PM ETlabor

4:35:05 PM ETefficiencies created by the

4:35:06 PM ETimportantly we continue to reinvest the labor efficiencies

4:35:07 PM ETequipment

4:35:07 PM ETback in the

4:35:07 PM ETinto our

4:35:08 PM ETcreated by the equipment back into our restaurants

4:35:09 PM ETrestaurants.

4:35:09 PM ETgiving our

4:35:09 PM ETteams greater than the

4:35:10 PM ETcapacity

4:35:11 PM ETgiving our teams greater capacity

4:35:11 PM ETto focus on the

4:35:12 PM ETto focus on throughput

4:35:12 PM ETthroughput

4:35:12 PM ETand

4:35:13 PM ETand hospitality

4:35:14 PM EThospitality.

4:35:15 PM ETThroughput

4:35:15 PM ETremains

4:35:15 PM ETa

4:35:15 PM ETkey

4:35:16 PM ETfocus

4:35:16 PM ETand

4:35:16 PM ETone of

4:35:16 PM ETthe

4:35:16 PM ETmost

4:35:17 PM ETimportant

4:35:17 PM ETways

4:35:17 PM ETwe

4:35:18 PM ETbelieve

4:35:18 PM ETwe

4:35:18 PM ETthroughput remains a key focus and one of the most important ways we believe we can

4:35:18 PM ETcan

4:35:18 PM ETimprove

4:35:19 PM ETthe

4:35:19 PM ETguest

4:35:20 PM ETexperience

4:35:20 PM ETand

4:35:20 PM ETdrive

4:35:21 PM ETincremental

4:35:22 PM ETimprove the guest experience and drive incremental transactions

4:35:23 PM ETtransactions.

4:35:23 PM ETWhen we have

4:35:24 PM ETthe four

4:35:24 PM ETpillars

4:35:24 PM ETof

4:35:25 PM ETthroughput

4:35:25 PM ETin

4:35:25 PM ETwhen we have the four pillars of throughput in place

4:35:25 PM ETplace,

4:35:26 PM ETour team is

4:35:26 PM ETcan

4:35:26 PM ETmove

4:35:27 PM ETguests

4:35:27 PM ETthrough

4:35:27 PM ETthe

4:35:27 PM ETline

4:35:28 PM ETfaster

4:35:28 PM ETwhile

4:35:28 PM ETcreating

4:35:29 PM ETmore

4:35:29 PM ETopportunities

4:35:29 PM ETto

4:35:30 PM ETengage

4:35:30 PM ETwith

4:35:31 PM ETour teams can move guests through the line faster while creating more opportunities to engage with them

4:35:31 PM ETthem

4:35:31 PM ETin a general

4:35:32 PM ETand

4:35:32 PM EThospitable

4:35:33 PM ETa genuine and hospitable way

4:35:34 PM ETway.

4:35:34 PM ETWe have

4:35:35 PM ETbeen focused

4:35:35 PM ETon

4:35:35 PM ETline by

4:35:36 PM ETand

4:35:36 PM ETexpanding

4:35:37 PM ETdeployment for the next

4:35:37 PM ETpast several

4:35:38 PM ETwe have been focused on linebacker and expo deployment

4:35:38 PM ETquarters and

4:35:38 PM EThave

4:35:38 PM ETmade

4:35:38 PM ETgreat

4:35:39 PM ETprogress

4:35:39 PM ETon

4:35:40 PM ETfor the past several quarters and have made great progress on execution

4:35:41 PM ETexecution.

4:35:41 PM ETWe are now

4:35:42 PM ETexpanding

4:35:42 PM ETour

4:35:42 PM ETfocus on the

4:35:42 PM ETto

4:35:43 PM ETdrive

4:35:43 PM ETconsistent

4:35:44 PM ETexecution

4:35:44 PM ETacross the

4:35:45 PM ETall

4:35:45 PM ETfour

4:35:46 PM ETwe are now expanding our focus to drive consistent execution across all four pillars

4:35:46 PM ETpillars

4:35:46 PM ETincluding

4:35:47 PM ETthese

4:35:47 PM ETNiesen

4:35:47 PM ETincluding mise en place

4:35:48 PM ETPLAS

4:35:48 PM ETand

4:35:48 PM ETAces and

4:35:48 PM ETin

4:35:48 PM ETtheir

4:35:49 PM ETand aces in their places

4:35:50 PM ETplaces.

4:35:50 PM ETwhich is

4:35:50 PM EThappening

4:35:51 PM ETin

4:35:51 PM ETfewer

4:35:51 PM ETthan half a

4:35:51 PM ETour

4:35:52 PM ETrestaurants

4:35:53 PM ETwhich is happening in fewer than half our restaurants today

4:35:53 PM ETtoday.

4:35:54 PM ETWe

4:35:54 PM ETfully recognize that we have to be able to do

4:35:54 PM ETthat we restart

4:35:54 PM EThave restore the rest

4:35:55 PM ETimportance of

4:35:55 PM ETrest the

4:35:55 PM ETaccepting the rest of the

4:35:57 PM ETwe fully recognize the importance of exceptional throughput

4:35:57 PM ETthroughput

4:35:57 PM ETand

4:35:57 PM ETknow

4:35:57 PM ETthis

4:35:57 PM ETis

4:35:58 PM ETour

4:35:58 PM ETstrategic

4:35:59 PM ETand know this is our strategic advantage

4:36:00 PM ETadvantage.

4:36:00 PM ETWhile we've

4:36:01 PM ETmade progress,

4:36:01 PM ETwhile we've made progress

4:36:02 PM ETI know that

4:36:02 PM ETwe can't do

4:36:02 PM ETbe

4:36:02 PM ETcan

4:36:03 PM ETi know we can be better

4:36:04 PM ETbetter.

4:36:04 PM ETWe will be

4:36:05 PM ETemphasizing

4:36:05 PM ETthis

4:36:05 PM ETevolution

4:36:05 PM ETin

4:36:06 PM ETwe will be emphasizing this evolution in q four

4:36:07 PM ETQ4.

4:36:07 PM ETso we

4:36:07 PM ETare

4:36:07 PM ETwell

4:36:08 PM ETprepared for the

4:36:08 PM ETseasonal

4:36:09 PM ETramp

4:36:09 PM ETin

4:36:10 PM ETso we are well prepared for the seasonal ramp in twenty twenty seven

4:36:10 PM ET2027.

4:36:11 PM ETand

4:36:11 PM ETwe

4:36:11 PM ETentered

4:36:11 PM ETthe

4:36:11 PM ETnew

4:36:11 PM ETyear

4:36:12 PM ETwith

4:36:12 PM ETa

4:36:12 PM ETthe momentum

4:36:13 PM ETnecessary

4:36:13 PM ETto

4:36:13 PM ETbe

4:36:14 PM ETand we enter the new year with the momentum necessary to be great

4:36:14 PM ETbe

4:36:15 PM ETgreat.

4:36:16 PM ETAt the same

4:36:17 PM ETtime, we

4:36:17 PM ETare re-influenced by the

4:36:19 PM ETaccountability around the

4:36:19 PM ETat the same time we are reinforcing accountability

4:36:20 PM EThospitality

4:36:20 PM ETand

4:36:21 PM ETaround hospitality and execution

4:36:21 PM ETexecution.

4:36:22 PM ETI attended

4:36:22 PM ETour

4:36:22 PM ETteam

4:36:23 PM ETdirector's

4:36:23 PM ETconference during the

4:36:24 PM ETi attended our team director conference during the quarter

4:36:24 PM ETquarter

4:36:25 PM ETand this

4:36:25 PM ETyear's

4:36:25 PM ETagenda

4:36:26 PM ETwas focused on the

4:36:26 PM ETbeing

4:36:27 PM ETbrilliant

4:36:27 PM ETat

4:36:27 PM ETthe

4:36:28 PM ETbasics

4:36:28 PM ETthat

4:36:28 PM ETbring

4:36:28 PM ETguests

4:36:29 PM ETand this year's agenda was focused on being brilliant at the basics that bring guests back

4:36:29 PM ETback

4:36:29 PM ETtime

4:36:29 PM ETafter

4:36:30 PM ETtime after time

4:36:30 PM ETafter

4:36:31 PM ETtime.

4:36:32 PM ETPreparing

4:36:32 PM ETexceptional food

4:36:33 PM ETis central to the

4:36:34 PM ETpreparing exceptional food is central to this

4:36:34 PM ETto

4:36:34 PM ETthis, and

4:36:34 PM ETJason

4:36:35 PM ETKidd

4:36:35 PM ETour

4:36:35 PM ETchief

4:36:36 PM EToperating

4:36:37 PM ETand jason kidd our chief operating officer

4:36:37 PM ETofficer

4:36:37 PM EThad

4:36:37 PM ETa

4:36:37 PM ETsimple

4:36:38 PM ETmessage for

4:36:38 PM ETour

4:36:39 PM EThad a simple message for our teams

4:36:39 PM ETteams.

4:36:40 PM ETrun to the

4:36:40 PM ETrun to the food

4:36:41 PM ETfood

4:36:41 PM ETTaste

4:36:41 PM ETit

4:36:42 PM ETevery

4:36:42 PM ETtime and

4:36:42 PM ETensure

4:36:42 PM ETit's

4:36:43 PM ETdelicious for

4:36:43 PM ETa good

4:36:44 PM ETour

4:36:44 PM ETtaste it every time and ensure it's delicious for our guests

4:36:45 PM ETguests.

4:36:46 PM ETThat focus is a good

4:36:46 PM ETalready

4:36:46 PM ETpaying

4:36:48 PM EToff.

4:36:48 PM ETWith taste of

4:36:48 PM ETFood

4:36:49 PM ETscores

4:36:49 PM ETup

4:36:49 PM ETnearly all the

4:36:49 PM ETthat focus is already paying off

4:36:49 PM ETa

4:36:50 PM ETpoint

4:36:50 PM ETyear over

4:36:50 PM ETwith taste of food scores up nearly a point year over year

4:36:51 PM ETyear.

4:36:52 PM ETWe're proud of

4:36:52 PM ETthat

4:36:53 PM ETprogress, but

4:36:53 PM ETjust

4:36:53 PM ETlike

4:36:54 PM ETwe're proud of that progress but just like throughput

4:36:54 PM ETthroughput, we're going to be able to do

4:36:54 PM ETknow

4:36:55 PM ETwe can

4:36:55 PM ETbe

4:36:55 PM ETeven

4:36:56 PM ETwe know we can be even better

4:36:57 PM ETeven

4:36:57 PM ETbetter.

4:36:57 PM ETGreat

4:36:58 PM ETexecution

4:36:58 PM ETstarts

4:36:58 PM ETwith

4:36:59 PM ETgreat

4:36:59 PM ETleadership

4:36:59 PM ETin

4:36:59 PM ETthe

4:36:59 PM ETrustic

4:37:01 PM ETrestaurants.

4:37:01 PM ETand we continue to do

4:37:01 PM ETgreat execution starts with great leadership in the restaurants

4:37:01 PM EToptimize the rest of the

4:37:02 PM ETgeneral

4:37:03 PM ETmanager

4:37:03 PM ETand

4:37:03 PM ETapprentice

4:37:04 PM ETand we continue to optimize general manager and apprentice deployment

4:37:04 PM ETdeployment

4:37:04 PM ETto

4:37:05 PM ETensure

4:37:05 PM ETour

4:37:05 PM ETbusiest

4:37:06 PM ETday

4:37:06 PM ETparts

4:37:06 PM ETare

4:37:07 PM ETto ensure our busiest day parts are supported

4:37:08 PM ETsupported.

4:37:08 PM ETThese

4:37:08 PM ETefforts

4:37:08 PM ETare

4:37:09 PM ETcollectively leading to the

4:37:10 PM ETbetter

4:37:10 PM EToutcome of the

4:37:10 PM ETwe

4:37:10 PM ETare

4:37:11 PM ETthese efforts are collectively leading to the better outcomes we are seeing

4:37:11 PM ETseeing

4:37:11 PM ETin

4:37:12 PM EToperational

4:37:13 PM EToperational metrics

4:37:13 PM ETmetrics.

4:37:14 PM ETand we have

4:37:14 PM ETmade

4:37:14 PM ETmeaningful

4:37:15 PM ETand we have made meaningful progress

4:37:15 PM ETprogress, but

4:37:15 PM ETwe

4:37:16 PM ETknow

4:37:16 PM ETthere's

4:37:16 PM ETmore

4:37:17 PM ETopportunity

4:37:17 PM ETwe know there's more opportunity ahead

4:37:18 PM ETahead.

4:37:19 PM ETOur

4:37:19 PM ETgoal is to be able to do

4:37:19 PM ETdeliver the

4:37:20 PM ETChapter

4:37:21 PM ETexperience

4:37:21 PM ETour goal is to deliver the chipotle experience

4:37:21 PM ETwith

4:37:22 PM ETconsistency

4:37:22 PM ETin every

4:37:23 PM ETconsistency in every restaurant

4:37:23 PM ETrestaurant,

4:37:23 PM ETevery

4:37:24 PM ETevery day

4:37:25 PM ETday.

4:37:26 PM ETTurning to our

4:37:27 PM ETsecond

4:37:27 PM ETturning to our second pillar

4:37:28 PM ETpillar.

4:37:29 PM ETmodernizing

4:37:29 PM ETour

4:37:29 PM ETbusiness

4:37:29 PM ETthrough

4:37:30 PM ETtechnology

4:37:30 PM ETand

4:37:30 PM ETdigital

4:37:31 PM ETmodernizing our business through technology and digital innovation

4:37:32 PM ETinnovation.

4:37:32 PM ETOur goal is

4:37:33 PM ETour goal is straightforward

4:37:34 PM ETstraightforward.

4:37:34 PM ETUse

4:37:35 PM ETtechnology

4:37:35 PM ETto make sure that we're going

4:37:35 PM ETour

4:37:35 PM ETteam

4:37:36 PM ETteams

4:37:36 PM ETmore

4:37:37 PM ETuse technology to make our teams more effective

4:37:37 PM ETeffective

4:37:37 PM ETand

4:37:37 PM ETmake

4:37:37 PM ETthe

4:37:38 PM ETChipotle

4:37:38 PM ETexperience

4:37:39 PM ETeasier,

4:37:40 PM ETfaster,

4:37:40 PM ETand make the chipotle experience easier faster

4:37:40 PM ETand

4:37:41 PM ETmore

4:37:41 PM ETrewarding

4:37:41 PM ETfor

4:37:41 PM ETour

4:37:42 PM ETmore rewarding for our guests

4:37:43 PM ETguests.

4:37:44 PM ETUnder cheap

4:37:45 PM ETDigital

4:37:45 PM ETOfficer,

4:37:45 PM ETArlie

4:37:46 PM ETSissims,

4:37:47 PM ETunder chief digital officer arlie sisson's leadership

4:37:48 PM ETleadership, we

4:37:48 PM ETare

4:37:48 PM ETbuilding the

4:37:49 PM ETcapabilities

4:37:49 PM ETto

4:37:50 PM ETaccelerate

4:37:51 PM ETwe are building the capabilities to accelerate progress

4:37:51 PM ETprogress

4:37:51 PM ETin our

4:37:52 PM ETearly

4:37:52 PM ETa

4:37:52 PM ETis

4:37:52 PM ETstrengthening

4:37:52 PM ETher

4:37:53 PM ETteam

4:37:53 PM ETwith

4:37:53 PM ETthe additional

4:37:53 PM ETof

4:37:54 PM ETAI and

4:37:55 PM ETarchitecture

4:37:56 PM ETand arlie is strengthening her team with the addition of ai and architecture leadership

4:37:56 PM ETleadership to

4:37:56 PM EThelp

4:37:57 PM ETaccelerate

4:37:57 PM ETinnovation across the

4:37:59 PM ETto help accelerate innovation across the business

4:38:00 PM ETbusiness.

4:38:01 PM ETWe are still in the early

4:38:01 PM ETstages of the

4:38:02 PM ETwhat we're

4:38:02 PM ETAI

4:38:02 PM ETcan

4:38:03 PM ETwe are still in the early stages of what ai can do

4:38:04 PM ETdo.

4:38:04 PM ETOne example is that we can do

4:38:04 PM ETour

4:38:05 PM ETAI

4:38:06 PM ETcooked and

4:38:06 PM ETneeds

4:38:06 PM ETone example is our ai enabled cook to needs tool

4:38:07 PM ETtool,

4:38:08 PM ETwhich enters the

4:38:08 PM ETpilot

4:38:08 PM ETduring

4:38:08 PM ETthe

4:38:09 PM ETthird

4:38:09 PM ETquarter in

4:38:09 PM ETis

4:38:10 PM ETnow

4:38:10 PM ETrolled

4:38:10 PM ETout

4:38:10 PM ETto

4:38:11 PM ETover

4:38:11 PM ETfive

4:38:12 PM ETwhich entered pilot during the third quarter and is now rolled out to over

4:38:12 PM ETfive hundred restaurants

4:38:13 PM ET500 restaurants.

4:38:14 PM ETThe

4:38:14 PM ETtool,

4:38:14 PM ETwhich

4:38:14 PM ETwe plan to do is to use the

4:38:15 PM ETroll

4:38:15 PM ETout

4:38:15 PM ETnationally

4:38:16 PM ETearly next

4:38:17 PM ETthe tool we plan to roll out nationally early next year

4:38:17 PM ETyear,

4:38:17 PM ETuses

4:38:18 PM ETAI-based

4:38:18 PM ETdemand

4:38:19 PM ETforecasts

4:38:19 PM ETto

4:38:20 PM ETrecommend

4:38:20 PM ETthe

4:38:20 PM ETright amount of

4:38:21 PM ETfreshly

4:38:21 PM ETprepared

4:38:22 PM ETuses ai based demand forecast to recommend the right amount of freshly

4:38:22 PM ETprepared food

4:38:22 PM ETfood

4:38:22 PM ETthe

4:38:22 PM ETright amount of

4:38:23 PM ETat the right time

4:38:23 PM ETright

4:38:24 PM ETtime.

4:38:24 PM ETThis

4:38:25 PM EThelps

4:38:25 PM ETreduce

4:38:25 PM ETmanual

4:38:26 PM ETdata

4:38:26 PM ETthis helps reduce manual data entry

4:38:27 PM ETentry.

4:38:27 PM ETincrease

4:38:27 PM ETprep of the

4:38:28 PM ETefficiency

4:38:28 PM ETand reduce the

4:38:29 PM ETincrease prep efficiency and readiness

4:38:29 PM ETreadiness,

4:38:30 PM ETreduce

4:38:31 PM ETreduce waste

4:38:31 PM ETwaste,

4:38:31 PM ETand

4:38:31 PM ETsupport

4:38:32 PM ETbetter

4:38:32 PM ETdeployment

4:38:32 PM ETand

4:38:33 PM ETmore

4:38:33 PM ETconsistent

4:38:34 PM ETculinary

4:38:35 PM ETand support better deployment and more consistent culinary execution

4:38:36 PM ETexecution.

4:38:36 PM ETAlongside

4:38:37 PM ETthis,

4:38:37 PM ETwe

4:38:37 PM ETare

4:38:38 PM ETalso developing the

4:38:39 PM ETalongside this we are also developing avocado

4:38:40 PM ETavocado.

4:38:40 PM ETour

4:38:41 PM ETin-restaurant

4:38:41 PM ETAI

4:38:42 PM ETour in restaurant ai assistant

4:38:43 PM ETassistant.

4:38:43 PM ETand

4:38:43 PM ETsee

4:38:43 PM ETthe

4:38:44 PM ETpotential

4:38:44 PM ETto

4:38:44 PM ETexpand

4:38:44 PM ETits

4:38:45 PM ETscope

4:38:45 PM ETand

4:38:45 PM ETassist

4:38:45 PM ETgeneral

4:38:46 PM ETmanagers

4:38:47 PM ETwith

4:38:47 PM ETand see the potential to expand its scope and assist general managers

4:38:47 PM EToperational

4:38:48 PM ETwith operational insights

4:38:49 PM ETinsights

4:38:49 PM ETand

4:38:49 PM ETactionable

4:38:50 PM ETcoaching

4:38:50 PM ETthat

4:38:50 PM ETcan help

4:38:50 PM ETour

4:38:51 PM ETteam

4:38:51 PM ETleaders

4:38:51 PM ETmake

4:38:52 PM ETbetter

4:38:52 PM ETdecisions

4:38:52 PM ETand actionable coaching that can help our team leaders make better decisions

4:38:53 PM ETin real

4:38:54 PM ETin real time

4:38:54 PM ETreal

4:38:54 PM ETtime.

4:38:56 PM ETOur

4:38:56 PM ETproprietary digital

4:38:57 PM ETmake

4:38:57 PM ETline in the middle of the

4:38:57 PM ETinterface,

4:38:57 PM ETwhich

4:38:58 PM ETwe

4:38:58 PM ETcall

4:38:58 PM ETChipotle

4:38:59 PM ETour proprietary digital make line interface we call chipotle

4:38:59 PM ETKitchen,

4:38:59 PM ETkitchen

4:39:00 PM ETis

4:39:00 PM ETalso currently

4:39:01 PM ETrolling

4:39:01 PM ETout to

4:39:01 PM ETour

4:39:02 PM ETis also currently rolling out to our restaurants

4:39:03 PM ETrestaurants.

4:39:03 PM ETwith plans to

4:39:04 PM ETreach

4:39:04 PM ETseveral

4:39:04 PM EThundred

4:39:04 PM ETby a

4:39:05 PM ETyear

4:39:05 PM ETthe

4:39:05 PM ETwith plans to reach several hundred by year end

4:39:05 PM ETend.

4:39:07 PM ETThe

4:39:07 PM ETtechnology is

4:39:07 PM ETdesigned to be a very important

4:39:08 PM ETaround the

4:39:08 PM ETimproving

4:39:09 PM ETthe

4:39:09 PM EToutcome of the

4:39:09 PM ETthat

4:39:09 PM ETmatter

4:39:10 PM ETmost

4:39:10 PM ETfor

4:39:10 PM ETour

4:39:10 PM ETthe technology is designed around improving the outcomes that matter most

4:39:11 PM ETteams

4:39:11 PM ETand

4:39:12 PM ETour teams and guests

4:39:13 PM ETguests.

4:39:13 PM ETOrder

4:39:14 PM ETaccuracy

4:39:14 PM ETon

4:39:14 PM ETtime for the first

4:39:15 PM ETorder accuracy on time fulfillment

4:39:15 PM ETfulfillment,

4:39:16 PM ETspeed

4:39:16 PM ETspeed.

4:39:16 PM ETease

4:39:17 PM ETof

4:39:17 PM ETintegrating

4:39:17 PM ETnew

4:39:18 PM ETmenu

4:39:18 PM ETitems,

4:39:19 PM ETand

4:39:19 PM ETguest

4:39:20 PM ETease of integrating new menu items and guest satisfaction

4:39:21 PM ETsatisfaction.

4:39:21 PM ETWe will

4:39:22 PM ETcontinue

4:39:22 PM ETscaling

4:39:22 PM ETto

4:39:22 PM ETthe

4:39:23 PM ETentire

4:39:23 PM ETsystem throughout the

4:39:25 PM ETwe will continue scaling to the entire system throughout twenty twenty seven

4:39:25 PM ET2027.

4:39:27 PM ETIn April

4:39:28 PM ETin april

4:39:28 PM ETwe have to be able to do

4:39:28 PM ETa very good

4:39:28 PM ETthe United

4:39:29 PM ETChapter

4:39:30 PM ETwe revamped chipotle rewards

4:39:30 PM ETRewards in

4:39:30 PM ETare continuing to reward the

4:39:31 PM ETbe

4:39:31 PM ETable do

4:39:31 PM ETsee

4:39:32 PM ETstrong

4:39:32 PM ETresults from

4:39:32 PM ETthe

4:39:33 PM ETand are continuing to see strong results from the program

4:39:33 PM ETprogram.

4:39:34 PM ETwith our

4:39:34 PM EThighest

4:39:34 PM ETcomps

4:39:34 PM ETconsistent with the

4:39:35 PM ETcoming

4:39:35 PM ETfrom

4:39:36 PM ETloyalty

4:39:37 PM ETwith our highest comps consistently coming from loyalty occasions

4:39:37 PM EToccasions.

4:39:38 PM ETIn-store

4:39:39 PM ETenrollment

4:39:39 PM EThas also been a lot of the

4:39:39 PM ETremained

4:39:40 PM ETin store enrollment has also remained elevated

4:39:41 PM ETelevated.

4:39:41 PM ETdriving

4:39:41 PM ETour

4:39:42 PM ETactive

4:39:42 PM ETmembership

4:39:42 PM ETto reach

4:39:43 PM ETover

4:39:43 PM ET24

4:39:44 PM ETmillion

4:39:44 PM ETguests

4:39:44 PM ETfor

4:39:44 PM ETthe

4:39:45 PM ETdriving our active membership to reach over twenty four million guests for the quarter

4:39:46 PM ETquarter.

4:39:46 PM ETAnd we continue

4:39:46 PM ETto

4:39:46 PM ETsee

4:39:47 PM ETsignificant

4:39:48 PM ETopportunity

4:39:48 PM ETto

4:39:48 PM ETdeepen

4:39:49 PM ETengagement

4:39:49 PM ETwith

4:39:50 PM ETand we continue to see significant opportunity to deepen engagement with members

4:39:51 PM ETmembers.

4:39:52 PM ETSummer of extras was

4:39:52 PM ETa

4:39:52 PM ETstrong

4:39:52 PM ETexample of the members of the

4:39:53 PM ETwith

4:39:54 PM ET6.8

4:39:55 PM ETmillion

4:39:55 PM ETsummer of extras was a strong example with

4:39:55 PM ETrewards

4:39:56 PM ETmembers

4:39:56 PM ETopting

4:39:56 PM ETinto

4:39:56 PM ETthe

4:39:57 PM ETsix point eight million rewards members opting into the program

4:39:58 PM ETprogram.

4:39:58 PM ETan

4:39:58 PM ETincrease

4:39:58 PM ETover

4:39:59 PM ETlast

4:39:59 PM ETan increase over last year

4:40:00 PM ETyear.

4:40:01 PM ETMembers

4:40:01 PM ETearned

4:40:01 PM ET20

4:40:02 PM ETmillion

4:40:03 PM ETbadges

4:40:03 PM ETand

4:40:03 PM ETcan be a good

4:40:04 PM ETapproximately

4:40:04 PM ET200

4:40:04 PM ET6

4:40:04 PM ET600

4:40:04 PM ETmembers earned twenty five million badges

4:40:06 PM ETand completed approximately six hundred thousand challenges

4:40:07 PM ETchallenges.

4:40:07 PM ETMost

4:40:08 PM ETimportantly

4:40:08 PM ETour

4:40:08 PM ETloyalty is a lot of the

4:40:09 PM ETshould be very important

4:40:09 PM ETshare

4:40:09 PM ETof

4:40:09 PM ETsales

4:40:10 PM ETincreased

4:40:10 PM ETto over

4:40:11 PM ETmost importantly our loyalty share of sales increased

4:40:11 PM ET33%.

4:40:12 PM ETto over thirty three percent

4:40:12 PM ETour

4:40:12 PM EThighest

4:40:13 PM ETour highest ever

4:40:14 PM ETever.

4:40:14 PM ETThis is exactly what we're

4:40:15 PM ETthe economy

4:40:15 PM ETprogram

4:40:15 PM ETis

4:40:15 PM ETdesigned to

4:40:17 PM ETthis is exactly what the program is designed to do

4:40:17 PM ETto

4:40:17 PM ETdo.

4:40:17 PM ETDeepen

4:40:18 PM ETengagement

4:40:18 PM ETand

4:40:18 PM ETgive

4:40:19 PM ETguests

4:40:19 PM ETmore

4:40:19 PM ETreasons for the

4:40:20 PM ETto

4:40:20 PM ETvisit

4:40:21 PM ETdeepen engagement and give guests more reasons to visit chipotle

4:40:21 PM ETChipotle.

4:40:23 PM ETWe also continue

4:40:23 PM ETto provide a lot of the private

4:40:23 PM ETprogress with

4:40:24 PM ETour

4:40:24 PM ETfrictionless

4:40:25 PM ETrewards

4:40:25 PM ETwe also continue to progress with our frictionless rewards pilot

4:40:26 PM ETpilot.

4:40:26 PM ETAround 30%

4:40:27 PM ETof

4:40:27 PM ETour

4:40:27 PM ETguests

4:40:28 PM ETuse

4:40:28 PM ETApple

4:40:28 PM ETPay

4:40:28 PM ETin

4:40:29 PM ETaround thirty percent of our guests use apple pay in store

4:40:29 PM ETin-store.

4:40:29 PM ETand

4:40:29 PM ETthey

4:40:29 PM ETwill

4:40:30 PM ETbe able to do

4:40:31 PM ETautomatically

4:40:31 PM ETearn

4:40:31 PM ETpoints

4:40:32 PM ETwhile paying

4:40:32 PM ETand they will be able to automatically earn points while paying

4:40:33 PM ETeliminating the need for

4:40:33 PM ETto

4:40:34 PM ETa

4:40:34 PM ETseparate

4:40:35 PM ETreward

4:40:35 PM ETeliminating the need for a separate reward scan

4:40:36 PM ETscan.

4:40:37 PM ETIt's a

4:40:37 PM ETsimple

4:40:38 PM ETit's a simple change

4:40:38 PM ETchange, but it's a very simple

4:40:38 PM ETimportant thing is that important

4:40:38 PM ETone a

4:40:39 PM ETbecause it really

4:40:39 PM ETrequires

4:40:39 PM ETthe

4:40:40 PM ETa key

4:40:40 PM ETfriction

4:40:41 PM ETbut an important one because it reduces a key friction point

4:40:41 PM ETpoint while

4:40:41 PM ETalso

4:40:41 PM ETsupporting the

4:40:43 PM ETwhile also supporting throughput

4:40:43 PM ETthroughput.

4:40:44 PM ETWe will

4:40:44 PM ETadvance

4:40:44 PM ETthe

4:40:45 PM ETtest

4:40:45 PM ETthrough

4:40:45 PM ETstage

4:40:45 PM ETgate

4:40:45 PM ETand

4:40:46 PM ETin

4:40:46 PM ETwe will advance the test through stage gate in q4

4:40:46 PM ETQ4

4:40:46 PM ETand plan to

4:40:47 PM ETtest the

4:40:47 PM ETtake technical

4:40:48 PM ETtechnology across the

4:40:49 PM ETenterprise

4:40:49 PM ETin

4:40:50 PM ETand plan to take the technology across the enterprise in twenty twenty seven

4:40:51 PM ET2027.

4:40:52 PM ETLonger

4:40:53 PM ETterm, we have to do

4:40:53 PM ETsee a significant number of

4:40:54 PM ETopportunity

4:40:54 PM ETfor

4:40:55 PM ETlonger term we see a significant

4:40:55 PM ETtechnology

4:40:55 PM ETto

4:40:56 PM ETmake

4:40:56 PM ETrewards

4:40:57 PM ETincreasingly

4:40:58 PM ETopportunity for technology to make rewards increasingly personalized

4:40:58 PM ETpersonalized.

4:40:59 PM ETimprove

4:40:59 PM ETin

4:40:59 PM ETrestaurant

4:41:01 PM ETidentification, and help you get a lot of

4:41:01 PM ETus

4:41:01 PM ETmore

4:41:02 PM ETeffectively

4:41:03 PM ETimprove in restaurant identification and help us more effectively reengage

4:41:03 PM ETre-engage

4:41:03 PM ETlapsed

4:41:04 PM ETlapsed members

4:41:05 PM ETmembers.

4:41:06 PM ETOur third

4:41:06 PM ETstrategic

4:41:06 PM ETpillar

4:41:07 PM ETis

4:41:07 PM ETevolving

4:41:07 PM ETour

4:41:07 PM ETbrand

4:41:08 PM ETour third strategic pillar is evolving our brand messaging

4:41:09 PM ETmessaging.

4:41:10 PM ETaccelerating menu

4:41:10 PM ETinnovation,

4:41:11 PM ETand

4:41:11 PM ETexpanding

4:41:11 PM ETthe

4:41:12 PM EToccasions

4:41:12 PM ETwere given to

4:41:12 PM ETguests

4:41:13 PM ETchoose

4:41:13 PM ETto

4:41:13 PM ETaccelerating menu innovation and expanding the occasions where guests

4:41:13 PM ETchoose chipotle

4:41:14 PM ETpotlay.

4:41:16 PM ETAt the center of

4:41:16 PM ETthis

4:41:16 PM ETwork

4:41:16 PM ETis

4:41:16 PM ETthe value of

4:41:17 PM ETproposition

4:41:17 PM ETthat

4:41:18 PM ETis

4:41:18 PM ETdefined by the value of the value

4:41:18 PM ETChipotle for the value of the value

4:41:19 PM ETat the center of this work is the value proposition that has

4:41:19 PM ETmore than 10

4:41:19 PM ETthree

4:41:20 PM ETdefined chipotle for more than three decades

4:41:21 PM ETdecades.

4:41:21 PM ETReal

4:41:21 PM ETfood

4:41:22 PM ETmade

4:41:22 PM ETwith

4:41:22 PM EThigh

4:41:22 PM ETquality

4:41:23 PM ETreal food made with high quality ingredients

4:41:24 PM ETingredients.

4:41:24 PM ETfreshly

4:41:25 PM ETprepared

4:41:25 PM ETusing

4:41:25 PM ETclassic

4:41:26 PM ETculinary

4:41:27 PM ETfreshly prepared using classic culinary techniques

4:41:27 PM ETtechniques.

4:41:28 PM ETserved

4:41:28 PM ETwith

4:41:28 PM ETgenerous

4:41:28 PM ETportions of the

4:41:28 PM ETcorner

4:41:29 PM ETand

4:41:30 PM ETspeed,

4:41:30 PM ETand an

4:41:30 PM ETaccessible

4:41:31 PM ETprice

4:41:31 PM ETserved with generous portions and speed and an accessible price point

4:41:32 PM ETpoint.

4:41:33 PM ETOur

4:41:33 PM ETbrand tracking is a very good

4:41:33 PM ETrevealed that the brand

4:41:34 PM ETour

4:41:34 PM ETvalue

4:41:35 PM ETscores

4:41:35 PM ETan overview of

4:41:35 PM ETbrand new scores are

4:41:36 PM EThealth

4:41:36 PM ETremain

4:41:36 PM ETremained

4:41:36 PM ETstrong

4:41:36 PM ETour brand tracker revealed that our value scores and overall brand health remain

4:41:36 PM ETin

4:41:37 PM ETstrong in q3

4:41:38 PM ETQ3.

4:41:38 PM ETwith

4:41:38 PM ETsequential

4:41:39 PM ETgains

4:41:39 PM ETin

4:41:39 PM ETboth

4:41:40 PM ETamount

4:41:40 PM ETof

4:41:40 PM ETqual

4:41:40 PM ETamount and

4:41:41 PM ETquality

4:41:41 PM ETof

4:41:41 PM ETfood for

4:41:41 PM ETthe

4:41:42 PM ETwith sequential gains in both amount and quality of food for the money

4:41:43 PM ETmoney.

4:41:45 PM ETUnder Chief Brand Officer

4:41:46 PM ETFernando

4:41:46 PM ETMachado's

4:41:47 PM ETunder chief brand officer fernando machado's leadership

4:41:47 PM ETleadership,

4:41:47 PM ETwe

4:41:48 PM ETare

4:41:48 PM ETsuper

4:41:48 PM EThow we can do

4:41:49 PM ETcommunicate

4:41:49 PM ETour

4:41:49 PM ETvalue

4:41:51 PM ETwe are supercharging how we communicate our value proposition

4:41:51 PM ETproposition

4:41:51 PM ETand connect our

4:41:52 PM ETwhat

4:41:52 PM ETmakes

4:41:52 PM ETChipotle

4:41:53 PM ETdifferent

4:41:53 PM ETwith

4:41:53 PM ETwhat

4:41:53 PM ETmatters

4:41:54 PM ETto

4:41:54 PM ETconsumers

4:41:55 PM ETand connecting what makes chipotle different with what matters to consumers today

4:41:56 PM ETtoday.

4:41:56 PM ETand

4:41:56 PM ETwe are

4:41:57 PM ETdoing

4:41:57 PM ETit in ways

4:41:57 PM ETthat are

4:41:58 PM ETmore

4:41:58 PM ETand we are doing it in ways that are more ambitious

4:41:59 PM ETambitious.

4:41:59 PM ETculturally

4:41:59 PM ETrelevant,

4:42:00 PM ETculturally relevant

4:42:00 PM ETand

4:42:01 PM ETdistinctive to

4:42:01 PM ETthe

4:42:02 PM ETand distinctive to the brand

4:42:03 PM ETbrand.

4:42:03 PM ETthe brand new brand.

4:42:03 PM ETWe are

4:42:03 PM ETshowing

4:42:04 PM ETup

4:42:04 PM ETacross

4:42:04 PM ETcreator

4:42:05 PM ETwe are showing up across creator content

4:42:06 PM ETcontent,

4:42:06 PM ETsport

4:42:06 PM ETand

4:42:07 PM ETsports and entertainment

4:42:07 PM ETentertainment,

4:42:08 PM ETgaming,

4:42:08 PM ETfashion, and

4:42:09 PM ETand

4:42:10 PM ETother

4:42:10 PM ETspaces

4:42:10 PM ETto

4:42:10 PM ETmeet

4:42:11 PM ETguests

4:42:11 PM ETwhere

4:42:11 PM ETthey

4:42:12 PM ETgaming fashion and other spaces to meet guests where they are

4:42:12 PM ETare.

4:42:13 PM ETAnd guests are

4:42:13 PM ETrecognizing

4:42:13 PM ETthe

4:42:14 PM ETand guests are recognizing the differentiation

4:42:15 PM ETdifferentiation.

4:42:16 PM ETWe saw

4:42:16 PM ETstable

4:42:16 PM ETor improved

4:42:17 PM ETwallet

4:42:17 PM ETshare

4:42:17 PM ETacross

4:42:17 PM ETthe

4:42:18 PM ETwe saw stable or improving wallet share across the quarter

4:42:18 PM ETquarter

4:42:19 PM ETwith

4:42:19 PM ETbroad

4:42:19 PM ETstrength across

4:42:20 PM ETincome

4:42:20 PM ETand

4:42:21 PM ETage

4:42:22 PM ETwith broad strength across income and age cohorts

4:42:22 PM ETcohorts.

4:42:23 PM ETimportantly

4:42:23 PM ETImportantly,

4:42:23 PM ETwe

4:42:24 PM ETsaw

4:42:24 PM ETlower

4:42:24 PM ETincome

4:42:25 PM ETcohorts out of the

4:42:25 PM EThigher

4:42:26 PM EThigher-income

4:42:26 PM ETincome

4:42:27 PM ETcohorts for

4:42:27 PM ETthe first

4:42:27 PM ETtime this

4:42:28 PM ETwe saw lower income cohorts outperform higher income cohorts for the first time this year

4:42:29 PM ETyear.

4:42:29 PM ETwith the

4:42:29 PM ETgreatest

4:42:29 PM ETstrength

4:42:30 PM ETin

4:42:30 PM ETSeptember

4:42:31 PM ETwhen

4:42:31 PM ETpromotional

4:42:32 PM ETactivity

4:42:32 PM ETwas

4:42:32 PM ETat its

4:42:33 PM ETwith the greatest strength in september when promotional activity was at its lowest

4:42:34 PM ETlowest.

4:42:35 PM ETDriving this in

4:42:35 PM ETQ3

4:42:35 PM ETwas

4:42:35 PM ETour

4:42:36 PM ET100

4:42:36 PM ETcreators

4:42:37 PM ETdriving this in q3 was our one hundred creators campaign

4:42:38 PM ETcampaign,

4:42:38 PM ETwhich

4:42:38 PM ETbrought

4:42:39 PM ETpopular

4:42:39 PM ETcreators directly to the

4:42:40 PM ETinto

4:42:40 PM ETChipotle

4:42:41 PM ETKitchen.

4:42:41 PM ETto

4:42:42 PM ETexperience

4:42:42 PM ETthe

4:42:42 PM ETwhich brought popular creators directly into chipotle kitchens

4:42:42 PM ETbrand

4:42:43 PM ETto experience the brand firsthand

4:42:43 PM ETfirsthand

4:42:44 PM ETand capture the

4:42:45 PM ETcare,

4:42:45 PM ETand capture the care

4:42:46 PM ETcraft

4:42:46 PM ETcraft,

4:42:46 PM ETand

4:42:46 PM ETfresh

4:42:47 PM ETpreparation

4:42:47 PM ETthat goes to the

4:42:47 PM ETinto

4:42:47 PM ETour

4:42:48 PM ETfood every

4:42:48 PM ETand fresh preparation that goes into our food every day

4:42:49 PM ETevery

4:42:49 PM ETday.

4:42:50 PM ETOur work

4:42:50 PM ETwith cartoons is a very important

4:42:51 PM ETB

4:42:51 PM ETand

4:42:51 PM ETthe

4:42:51 PM ETDeBardi

4:42:52 PM ETBowl created a new

4:42:52 PM ETanother

4:42:53 PM ETmeaningful

4:42:53 PM ETour work with cardi b and the bardi bowl created

4:42:54 PM ETanother meaningful connection

4:42:54 PM ETconnection

4:42:54 PM ETwhile

4:42:54 PM ETpromoting

4:42:54 PM ETour

4:42:55 PM ETchili

4:42:55 PM ETlime.

4:42:56 PM ETwhile promoting our chili lime chips

4:42:57 PM ETchips.

4:42:58 PM ETThe Salish Matter kids

4:42:58 PM ETmeal

4:42:58 PM EThelped

4:42:59 PM ETus

4:42:59 PM ETengage in the middle of the

4:43:00 PM ETfamilies

4:43:00 PM ETwith

4:43:00 PM ETyoung

4:43:00 PM ETyounger

4:43:01 PM ETthe salish matter kids meal helped us engage families with younger guests

4:43:01 PM ETguests.

4:43:02 PM ETwhile

4:43:02 PM ETour

4:43:02 PM ETPGA

4:43:04 PM ET2K25

4:43:04 PM ETintegration

4:43:04 PM ETallowed us

4:43:05 PM ETto

4:43:05 PM ETtap

4:43:05 PM ETinto

4:43:05 PM ETthe

4:43:06 PM ETstrong

4:43:06 PM ETwhile our pga two k twenty five integration allowed us to tap into

4:43:07 PM ETaffinity

4:43:07 PM ETbetween

4:43:08 PM ETChipotle

4:43:08 PM ETand

4:43:08 PM ETthe

4:43:08 PM ETGulf of United

4:43:09 PM ETthe strong affinity between chipotle and the golf community

4:43:10 PM ETcommunity.

4:43:10 PM ETAnd

4:43:11 PM ETrecently, we reviewed the

4:43:12 PM ETthat

4:43:12 PM ETmusic

4:43:12 PM ETwithin

4:43:13 PM ETour

4:43:13 PM ET100

4:43:14 PM ETcreators can be

4:43:14 PM ETand recently we revealed that the music within our one hundred creators'

4:43:14 PM ETcampaign

4:43:14 PM ETwas

4:43:14 PM ETthe result of

4:43:15 PM ETthe

4:43:15 PM ETa

4:43:16 PM ETpartnership

4:43:16 PM ETwith

4:43:16 PM ETthe

4:43:17 PM ETLondon

4:43:17 PM ETVegetable

4:43:18 PM ETcampaign was the result of a partnership with the london vegetable orchestra

4:43:19 PM ETOrchestra.

4:43:19 PM ETWe enlisted

4:43:20 PM ETthem

4:43:20 PM ETto

4:43:21 PM ETrecord

4:43:21 PM ETan

4:43:21 PM EToriginal

4:43:21 PM ETtrack

4:43:21 PM ETat

4:43:22 PM ETthe

4:43:22 PM ETlegendary Abby

4:43:23 PM ETRoad

4:43:23 PM ETwe enlisted them to record an original track at

4:43:24 PM ETthe legendary abbey road studios

4:43:24 PM ETStudios

4:43:24 PM ETwith

4:43:25 PM ETinstruments

4:43:25 PM ETmade

4:43:25 PM ETfrom

4:43:25 PM ETour

4:43:26 PM ET53

4:43:26 PM ETreel and

4:43:27 PM ETwith instruments made from our fifty three real ingredients

4:43:28 PM ETingredients.

4:43:29 PM ETThese

4:43:29 PM ETactivations

4:43:29 PM ETare the same as the

4:43:30 PM ETdesigned to be a very important

4:43:30 PM ETdo more than

4:43:31 PM ETgenerate

4:43:32 PM ETthese activations are designed to do more than generate attention

4:43:32 PM ETattention.

4:43:33 PM ETThey

4:43:33 PM EThelp

4:43:33 PM ETus

4:43:33 PM ETtell

4:43:33 PM ETthe

4:43:34 PM ETstory

4:43:34 PM ETand

4:43:34 PM ETin fresh

4:43:35 PM ETways brought

4:43:36 PM ETbroaden our

4:43:36 PM ETthey help us tell the story in fresh ways broaden our reach

4:43:36 PM ETreach,

4:43:36 PM ETand

4:43:37 PM ETkeep

4:43:37 PM ETthe

4:43:37 PM ETbrand

4:43:37 PM ETtop of the

4:43:38 PM ETand keep the brand top of mind

4:43:39 PM ETmind.

4:43:41 PM ETMenu innovation is

4:43:41 PM ETanother

4:43:41 PM ETimportant

4:43:42 PM ETfactor

4:43:42 PM ETin

4:43:42 PM ETenhancing the

4:43:42 PM ETour

4:43:43 PM ETvalue

4:43:43 PM ETmenu innovation is another important factor

4:43:44 PM ETin enhancing our value proposition

4:43:44 PM ETproposition.

4:43:45 PM ETattracting

4:43:45 PM ETnew

4:43:46 PM ETattracting new guests

4:43:46 PM ETguests,

4:43:46 PM ETand giving us a new

4:43:47 PM ETexisting

4:43:47 PM ETguests

4:43:48 PM ETmore

4:43:48 PM ETreason

4:43:48 PM ETto

4:43:49 PM ETand giving existing guests more reason to visit

4:43:49 PM ETvisit.

4:43:50 PM ETall while

4:43:50 PM ETstaying true to the

4:43:51 PM ETour

4:43:51 PM ETfood

4:43:51 PM ETwithin

4:43:52 PM ETintegrity

4:43:52 PM ETall while staying true to our food with integrity commitment

4:43:52 PM ETcommitment

4:43:52 PM ETand

4:43:53 PM ETto come

4:43:53 PM ETcolour of the

4:43:53 PM ETprinciples the

4:43:54 PM ETthat define

4:43:54 PM ETour

4:43:55 PM ETChibot

4:43:55 PM ETand the culinary principles that define chipotle

4:43:55 PM ETLe.

4:43:58 PM ETOn August

4:43:59 PM ET31st,

4:43:59 PM ETwe brought up the first

4:43:59 PM ETnew

4:44:00 PM ETground

4:44:00 PM ETby launching a new

4:44:00 PM ETon august thirty first

4:44:00 PM ETtwo

4:44:01 PM ETlimited

4:44:02 PM ETtime

4:44:02 PM ETofferings

4:44:02 PM ETwe broke new ground by launching two limited time offerings together

4:44:03 PM ETtogether.

4:44:03 PM ETbringing

4:44:03 PM ETback

4:44:04 PM ETpolio

4:44:04 PM ETasada

4:44:04 PM ETwith

4:44:04 PM ETan

4:44:05 PM ETall-new

4:44:06 PM ETbringing back pollo asada with an all new recipe

4:44:06 PM ETrecipe and

4:44:06 PM ETour

4:44:07 PM ETchili

4:44:07 PM ETlime

4:44:07 PM ETchips

4:44:07 PM ETare

4:44:08 PM ETour

4:44:08 PM ETfirst

4:44:08 PM ETinnovation

4:44:08 PM ETin

4:44:08 PM ETthe

4:44:09 PM ETand our chili lime chips our first innovation in the category

4:44:10 PM ETcategory.

4:44:12 PM ETPoyo Asada features freshly

4:44:12 PM ETgrilled

4:44:12 PM ETadobo

4:44:13 PM ETchicken

4:44:13 PM ETpollo asada features freshly grilled adobo chicken

4:44:14 PM ETseasoned

4:44:14 PM ETwith

4:44:14 PM ETgarlic

4:44:15 PM ETand

4:44:15 PM ETMexican

4:44:16 PM ETseasoned with garlic and mexican spices

4:44:16 PM ETspices.

4:44:16 PM EThand

4:44:17 PM ETcut

4:44:17 PM ETcilantro,

4:44:17 PM ETand

4:44:18 PM ETbright

4:44:19 PM EThand cut cilantro and bright citrus

4:44:19 PM ETcitrus.

4:44:20 PM ETGuest

4:44:20 PM ETresponse is

4:44:21 PM EThas

4:44:21 PM ETexceeded

4:44:21 PM ETour

4:44:22 PM ETguest response has exceeded our expectations

4:44:22 PM ETexpectations.

4:44:23 PM ETdriving

4:44:23 PM ETincremental

4:44:24 PM ETtransactions

4:44:24 PM ETand

4:44:24 PM ETan

4:44:25 PM ETattachment

4:44:25 PM ETrate in

4:44:25 PM ETthe

4:44:26 PM ETlow

4:44:26 PM ETtwenty

4:44:27 PM ETpercent

4:44:27 PM ETdriving incremental transactions and an attachment rate in the low twenty percent range

4:44:28 PM ETrange.

4:44:28 PM ETwhich

4:44:28 PM ETis

4:44:28 PM ETsignificantly

4:44:29 PM EThigher than the

4:44:29 PM ETrange of

4:44:29 PM ETour

4:44:30 PM ETprior

4:44:31 PM ETwhich is significantly higher than our prior launch

4:44:31 PM ETlaunch.

4:44:33 PM ETChili lime chips were

4:44:33 PM ETinspired by the

4:44:33 PM ETa

4:44:34 PM ETviral

4:44:34 PM ETfan

4:44:34 PM ETfood

4:44:35 PM ETchili lime chips were inspired by a viral fan food hack

4:44:35 PM EThack

4:44:35 PM ETand

4:44:35 PM ETare made of a

4:44:36 PM ETfresh

4:44:36 PM ETdaily

4:44:36 PM ETin

4:44:37 PM EThand

4:44:37 PM ETseasoned

4:44:37 PM ETand are made fresh daily and hand seasoned

4:44:38 PM ETwith

4:44:38 PM ETfresh

4:44:38 PM ETsqueezed

4:44:38 PM ETlime.

4:44:39 PM ETand

4:44:39 PM ETchili

4:44:40 PM ETwith fresh squeezed lime and chili peppers

4:44:41 PM ETpeppers.

4:44:42 PM ETYes response has been very

4:44:43 PM ETpositive.

4:44:43 PM ETdriving

4:44:44 PM ETincremental

4:44:44 PM ETgrowth

4:44:44 PM ETand over the

4:44:45 PM ETchip

4:44:46 PM ETguest response has been very positive driving incremental growth in overall

4:44:46 PM ETincidents

4:44:47 PM ETincidence.

4:44:48 PM ETThe

4:44:48 PM ETlauncher

4:44:49 PM ETlime sauce

4:44:49 PM ETalso remains a lot of the same

4:44:49 PM ETon

4:44:49 PM ETmenu throughout the

4:44:50 PM ETquarter

4:44:50 PM ETand

4:44:51 PM EThas made

4:44:51 PM ETmaintained

4:44:51 PM ETcilantro lime sauce also remained on the menu throughout the quarter and has maintained

4:44:51 PM ETa

4:44:51 PM ETstrong

4:44:52 PM ETattachment to the

4:44:53 PM ETa strong attachment rate

4:44:53 PM ETrate.

4:44:54 PM ETWhile

4:44:54 PM EToutperforming

4:44:54 PM ETthe

4:44:54 PM ETbenchmark

4:44:55 PM ETset

4:44:55 PM ETby

4:44:55 PM ETprior

4:44:56 PM ETsauce

4:44:56 PM ETin

4:44:57 PM ETwhile outperforming the benchmark set by prior sauce innovation

4:44:57 PM ETInnovation.

4:44:59 PM ETNext

4:44:59 PM ETweek

4:44:59 PM ETwe are excited to be able to do

4:45:00 PM ETbring it

4:45:00 PM ETyou the next

4:45:00 PM ETto

4:45:00 PM ETback some of the other

4:45:01 PM ETbrisket

4:45:01 PM ETfor a little

4:45:01 PM ETlimited

4:45:02 PM ETnext week we are

4:45:02 PM ETtime

4:45:02 PM ETwith

4:45:02 PM ETa

4:45:03 PM ETnew and

4:45:03 PM ETeven

4:45:03 PM ETmore

4:45:04 PM ETdelicious

4:45:05 PM ETexcited to bring back smoked brisket for a limited time with a new and even more delicious recipe

4:45:05 PM ETrecipe.

4:45:06 PM ETFeaturing

4:45:07 PM ETresponsibly

4:45:07 PM ETraised

4:45:07 PM ETbeef

4:45:08 PM ETthat

4:45:08 PM ETis

4:45:08 PM ETseasoned

4:45:08 PM ETwith

4:45:09 PM ETfeaturing responsibly raised beef that is seasoned with spices

4:45:09 PM ETspices

4:45:09 PM ETincluding the

4:45:10 PM ETsmoked

4:45:11 PM ETserrana

4:45:11 PM ETand

4:45:11 PM ETchipotle

4:45:12 PM ETchili

4:45:12 PM ETincluding smoked serrano and chipotle chili peppers

4:45:12 PM ETpeppers

4:45:13 PM ETbefore

4:45:13 PM ETbeing

4:45:13 PM ETsmoked

4:45:14 PM ETover

4:45:14 PM ETmesquite

4:45:15 PM ETbefore being smoked over mesquite wood

4:45:16 PM ETwood.

4:45:16 PM ETOnce in

4:45:16 PM ETour

4:45:17 PM ETonce in our restaurants

4:45:17 PM ETrestaurants,

4:45:18 PM ETteams seek to be a little bit more than a

4:45:18 PM ETthe rest of the

4:45:18 PM ETbrisket on the

4:45:19 PM ETteams sear the brisket on the plancha

4:45:20 PM ETplancha, finish the

4:45:20 PM ETit with

4:45:21 PM ETfinish it with spices

4:45:22 PM ETspices, toss

4:45:22 PM ETit in the

4:45:22 PM ETa

4:45:22 PM ETsavory

4:45:23 PM ETsauce

4:45:23 PM ETmade with a

4:45:24 PM ETsmoky

4:45:24 PM ETchili

4:45:25 PM ETtoss it in a savory sauce made with smoky chili peppers

4:45:25 PM ETpeppers

4:45:25 PM ETand

4:45:25 PM EThand-chopped

4:45:25 PM ETchop

4:45:26 PM ETit

4:45:26 PM ETand smoke

4:45:26 PM ETsmall

4:45:27 PM ETbatches

4:45:27 PM ETthroughout the

4:45:28 PM ETand hand chop it in small batches throughout the day

4:45:28 PM ETday.

4:45:30 PM ETSmoked brisket

4:45:30 PM ETis

4:45:30 PM ETdemonstrated

4:45:30 PM ETin

4:45:30 PM ETboth

4:45:31 PM ETbroth

4:45:31 PM ETbroad

4:45:31 PM ETguest

4:45:32 PM ETappeal

4:45:32 PM ETand

4:45:32 PM ETincremental

4:45:33 PM ETsmoked brisket has demonstrated both broad guest appeal and

4:45:33 PM ETtransaction

4:45:33 PM ETincremental transaction growth

4:45:33 PM ETgrowth

4:45:34 PM ETin

4:45:34 PM ETthe

4:45:35 PM ETin the past

4:45:35 PM ETpast and

4:45:35 PM ETwe

4:45:35 PM ETlook

4:45:35 PM ETforward

4:45:36 PM ETto

4:45:36 PM ETbringing

4:45:36 PM ETit

4:45:36 PM ETand we look forward to bringing it back

4:45:37 PM ETit

4:45:37 PM ETback.

4:45:38 PM ETWe have been

4:45:38 PM EThard at

4:45:39 PM ETwork this

4:45:39 PM ETyear on

4:45:40 PM ETour

4:45:40 PM ETinnovation

4:45:41 PM ETwe have been hard at work this year on our innovation pipeline

4:45:41 PM ETpipeline,

4:45:42 PM ETwhich

4:45:42 PM ETremains

4:45:43 PM ETwhich remains strong

4:45:43 PM ETstrong.

4:45:43 PM ETin

4:45:44 PM ET2027

4:45:44 PM ETand

4:45:45 PM ETbeyond,

4:45:45 PM ETin twenty twenty seven and beyond

4:45:45 PM ETwe

4:45:45 PM ETsee

4:45:46 PM ETconsiderable

4:45:47 PM ETopportunity across the

4:45:48 PM ETproteins,

4:45:48 PM ETsides,

4:45:49 PM ETand

4:45:50 PM ETwe see considerable opportunity across proteins sides and beverages

4:45:50 PM ETbeverages,

4:45:50 PM ETgiving

4:45:50 PM ETus more than a lot of the same

4:45:51 PM ETmultiple ways to do

4:45:51 PM ETcreate

4:45:52 PM ETfresh

4:45:52 PM ETnews around the

4:45:53 PM ETChipotle

4:45:53 PM ETwhile

4:45:54 PM ETstaying

4:45:54 PM ETtrue to

4:45:54 PM ETwho we

4:45:55 PM ETgiving us multiple ways to create fresh news around chipotle while

4:45:55 PM ETstaying true to who we are

4:45:56 PM ETwe

4:45:56 PM ETare.

4:45:56 PM ETWe also continue to be able to do

4:45:57 PM ETmake

4:45:57 PM ETprogress on the

4:45:58 PM ETour

4:45:58 PM ETefforts

4:45:58 PM ETto

4:45:59 PM ETexpand

4:45:59 PM ETcatering

4:46:00 PM ETwe also continue to make progress on our efforts to expand catering nationally

4:46:00 PM ETnationally and

4:46:01 PM ETwe intend to be able to do

4:46:01 PM ETbegin

4:46:01 PM ETrolling

4:46:01 PM ETit

4:46:02 PM ETout

4:46:02 PM ETin

4:46:02 PM ETQ1 of

4:46:04 PM ETtwenty twenty

4:46:04 PM ETand we intend to begin rolling it out in q1 of twenty twenty seven

4:46:05 PM ETWe have been

4:46:05 PM ETworking

4:46:05 PM ETon

4:46:06 PM ETrefining

4:46:06 PM ETour approach to the

4:46:06 PM ETand developing

4:46:07 PM ETbespoke

4:46:08 PM ETload

4:46:08 PM ETbalancing

4:46:08 PM ETtools

4:46:09 PM ETwe have been working on refining our approach and developing the

4:46:09 PM ETto

4:46:09 PM EThelp

4:46:09 PM EToptimize

4:46:09 PM ETthe

4:46:10 PM ETbespoke load balancing tools to help optimize the process

4:46:11 PM ETthe

4:46:11 PM ETprocess.

4:46:12 PM ETAnd our pilots

4:46:12 PM EThave

4:46:12 PM ETdelivered

4:46:12 PM ETthe option to provide

4:46:13 PM EToperational

4:46:14 PM ETmarketing,

4:46:14 PM ETand

4:46:15 PM ETtechnology

4:46:15 PM ETinsights we

4:46:15 PM ETand our pilots have delivered the operational marketing

4:46:15 PM ETneed to

4:46:16 PM ETfill

4:46:16 PM ETfeel

4:46:17 PM ETand technology insights we need to feel confident

4:46:17 PM ETconfident we

4:46:17 PM ETcan

4:46:17 PM ETgrow

4:46:18 PM ETwithout

4:46:18 PM ETdisrupting

4:46:18 PM ETthe

4:46:19 PM ETcore

4:46:19 PM ETlunch

4:46:19 PM ETand

4:46:19 PM ETdinner

4:46:20 PM ETwe can grow without disrupting the core lunch and dinner business

4:46:21 PM ETbusiness.

4:46:22 PM ETCatering guests have

4:46:23 PM ETheightened

4:46:24 PM ETexpectations and

4:46:24 PM ETwe intend to be able to get a lot of

4:46:25 PM ETdeliver

4:46:25 PM ETcatering guests have heightened expectations

4:46:25 PM ETflawless

4:46:26 PM ETand we intend to deliver flawless execution

4:46:26 PM ETexecution

4:46:26 PM ETas

4:46:27 PM ETwe

4:46:27 PM ETas we scale

4:46:28 PM ETscale.

4:46:30 PM ETadditionally

4:46:31 PM ETAdditionally,

4:46:31 PM ETChipotle for the

4:46:31 PM ETFamily

4:46:31 PM ETMeal

4:46:32 PM ETchipotle family meals

4:46:32 PM ETmeals

4:46:32 PM ETwhich

4:46:32 PM ETare

4:46:33 PM ETalso

4:46:33 PM ETavailable for

4:46:33 PM ETin

4:46:34 PM ETCanada,

4:46:34 PM ETare ready to be

4:46:34 PM ETwith the Canadian

4:46:35 PM ETas

4:46:35 PM ETa

4:46:36 PM ETwhich are also available in canada are resonating as a convenient

4:46:36 PM ETconvenient,

4:46:36 PM EThigh

4:46:37 PM ETsolution

4:46:37 PM ETfor

4:46:37 PM ETgroups

4:46:38 PM ETof

4:46:38 PM ETfour

4:46:38 PM ETto

4:46:39 PM EThigh value solution for groups of four to six

4:46:39 PM ET6.

4:46:40 PM ETTo drive

4:46:40 PM ETawareness

4:46:41 PM ETfor

4:46:41 PM ETthe

4:46:41 PM ETfamily

4:46:41 PM ETmeal

4:46:42 PM ETto drive awareness for the family meal offering

4:46:42 PM EToffering,

4:46:43 PM ETthis

4:46:43 PM ETmonth

4:46:43 PM ETwe

4:46:44 PM ETlaunched

4:46:44 PM ETa member of

4:46:45 PM ETmarketing

4:46:45 PM ETcampaign

4:46:46 PM ETthis month launched a memorable marketing campaign

4:46:46 PM ETwhich

4:46:46 PM ETI'll

4:46:46 PM ETjust

4:46:47 PM ETsay

4:46:47 PM ETlike

4:46:47 PM ETit's

4:46:47 PM ETits

4:46:48 PM ETwhich i'll just say like its name

4:46:48 PM ETname

4:46:48 PM ETisn't

4:46:48 PM ETan

4:46:49 PM ETenormous

4:46:49 PM ETbag

4:46:49 PM ETto

4:46:50 PM EThighlight

4:46:50 PM ETthe

4:46:50 PM EToversized meal.

4:46:52 PM ETis an enormous bag to highlight the oversized meal offering

4:46:52 PM EToffering.

4:46:53 PM ETThis was

4:46:53 PM ETa

4:46:53 PM ETfun

4:46:53 PM ETand

4:46:54 PM ETdistinctive

4:46:54 PM ETway

4:46:54 PM ETto connect to the

4:46:55 PM ETbrand

4:46:55 PM ETto

4:46:56 PM ETthis was a fun and distinctive way to connect the brand to culture

4:46:56 PM ETculture,

4:46:56 PM ETdrive bugs, and brand new

4:46:57 PM ETdrive buzz

4:46:57 PM ETbuzz,

4:46:57 PM ETand

4:46:58 PM ETshowcase

4:46:59 PM ETand showcase value

4:46:59 PM ETvalue.

4:47:00 PM ETEarly results

4:47:00 PM EThave shown

4:47:01 PM ETa steady

4:47:01 PM ETup

4:47:01 PM ETof over $2.5

4:47:02 PM ET30% of the value of the

4:47:03 PM ETin favor of the

4:47:03 PM ETmeals.

4:47:04 PM ETmeal

4:47:04 PM ETearly results have shown a step up of over thirty percent in family meal sales

4:47:05 PM ETsales.

4:47:07 PM ETTogether, catering and

4:47:07 PM ETchapter

4:47:08 PM ETfamily

4:47:08 PM ETmeals

4:47:08 PM ETrepresent the

4:47:09 PM ETa

4:47:09 PM ETapproximately a

4:47:09 PM ETtogether catering and chipotle family meals represent

4:47:10 PM ETapproximately

4:47:10 PM ET3% of the

4:47:11 PM ETsales

4:47:11 PM ETthree percent of sales today

4:47:12 PM ETtoday.

4:47:13 PM ETBoth

4:47:13 PM ETremain

4:47:13 PM EThighly

4:47:14 PM ETincremental

4:47:14 PM ETand I'm not

4:47:14 PM EToperationally

4:47:15 PM ETboth remain highly incremental and operationally efficient

4:47:15 PM ETefficient,

4:47:16 PM ETgiving

4:47:16 PM ETus

4:47:16 PM ETanother

4:47:17 PM ETmeaningful

4:47:17 PM ETrunway

4:47:17 PM ETfor

4:47:18 PM ETgiving us another meaningful runway for growth

4:47:19 PM ETgrowth.

4:47:20 PM ETTurning to our

4:47:20 PM ETfourth

4:47:21 PM ETpillar,

4:47:21 PM ETcultivating

4:47:21 PM ETthe

4:47:22 PM ETbest

4:47:22 PM ETtalent in the

4:47:23 PM ETturning to our fourth pillar cultivating the best talent in the industry

4:47:24 PM ETindustry.

4:47:24 PM ETOur people

4:47:24 PM ETremain

4:47:25 PM ETour

4:47:25 PM ETgreatest

4:47:25 PM ETcompetitive

4:47:26 PM ETour people remain our greatest competitive advantage

4:47:27 PM ETadvantage.

4:47:28 PM ETQuality of our restaurants are a very

4:47:29 PM ETteams and

4:47:30 PM ETleadership

4:47:30 PM ETquality of our restaurant teams and leadership

4:47:30 PM ETdirectly

4:47:31 PM ETinfluences

4:47:32 PM ETdirectly influences consistency

4:47:32 PM ETconsistency, cost, and

4:47:34 PM ETrestaurants,

4:47:35 PM EThospitality restaurant performance

4:47:35 PM ETperformance,

4:47:35 PM ETand

4:47:36 PM ETour ability to do

4:47:36 PM ETsustain

4:47:37 PM ETand our ability to sustain growth

4:47:38 PM ETgrowth.

4:47:39 PM ETWe continue to

4:47:40 PM ETmake

4:47:40 PM ETprogress

4:47:40 PM ETbuilding

4:47:41 PM ETthe

4:47:41 PM ETpipeline

4:47:41 PM ETof

4:47:41 PM ETgeneral

4:47:42 PM ETwe continue to make progress building the pipeline of general managers

4:47:42 PM ETmanagers, apprentices, and authorities, and the

4:47:43 PM ETapprentices

4:47:44 PM ETand

4:47:44 PM ETfield

4:47:44 PM ETleaders

4:47:45 PM ETneeded

4:47:45 PM ETto

4:47:45 PM ETsupport

4:47:45 PM ETnew

4:47:46 PM ETrestaurant

4:47:47 PM ETand field leaders needed to support new restaurant openings

4:47:47 PM ETopenings.

4:47:47 PM ETand

4:47:47 PM ETwere proud

4:47:48 PM ETto

4:47:48 PM ETsee

4:47:48 PM ETboth

4:47:49 PM ETgeneral

4:47:49 PM ETmanager

4:47:49 PM ETand

4:47:49 PM ETcrew

4:47:49 PM ETturn

4:47:50 PM ETturnover

4:47:51 PM ETdown

4:47:51 PM ETyear

4:47:51 PM ETover

4:47:52 PM ETand we're proud to see both general manager and crew turnover down year over year

4:47:52 PM ETyear.

4:47:53 PM ETWe also understand that we have

4:47:54 PM ETthe value of the

4:47:54 PM ETa

4:47:55 PM ETsecond 10 year old

4:47:55 PM ETmanager in the

4:47:56 PM ETrest of

4:47:56 PM ETwe also understand the value of a second tenured manager in the restaurant

4:47:57 PM ETrestaurant.

4:47:58 PM ETWith better

4:47:58 PM EToperational engagement, the rest of the world is a

4:47:59 PM ETguest

4:47:59 PM ETspacing out

4:47:59 PM EToutcomes

4:48:00 PM EToccurring

4:48:00 PM ETin roughly a

4:48:01 PM ETwith better operational and guest facing outcomes occurring in restaurants

4:48:01 PM ETrestaurants

4:48:01 PM ETthat

4:48:01 PM ETdo

4:48:01 PM EThave

4:48:01 PM ETan

4:48:02 PM ETthat do have an apprentice

4:48:03 PM ETapprentice.

4:48:04 PM ETThree-quarters of

4:48:04 PM ETour

4:48:05 PM ETrestaurants have a great

4:48:06 PM ETapprentices to

4:48:07 PM ETthree quarters of our restaurants have apprentices today

4:48:07 PM ETtoday, and we

4:48:07 PM ETwill

4:48:07 PM ETbegin

4:48:08 PM ETexpanding

4:48:08 PM ETcoverage

4:48:09 PM ETincrementally

4:48:09 PM ETin

4:48:10 PM ETand we will begin expanding coverage incrementally in twenty twenty seven

4:48:11 PM ET2027.

4:48:11 PM ETWe will keep

4:48:11 PM ETa

4:48:12 PM ETkeen focus on the coverage of the coverage

4:48:13 PM ETfocus

4:48:13 PM ETon

4:48:14 PM EThospitality

4:48:14 PM ETand

4:48:14 PM ETmeasuring

4:48:14 PM ETthe

4:48:15 PM ETsustained benefit of the

4:48:15 PM ETwe will keep a keen focus on hospitality

4:48:16 PM ETthis

4:48:16 PM ETand measuring the sustained benefit of this investment

4:48:17 PM ETinvestment.

4:48:17 PM ETAnd we believe the return of the investment is the most

4:48:18 PM ETwill be a good

4:48:19 PM ETjustify

4:48:19 PM ETfurther

4:48:20 PM ETexpansion across the

4:48:21 PM ETand we believe the returns will justify further expansion across the year

4:48:21 PM ETthe

4:48:21 PM ETyear.

4:48:23 PM ETCentral to our

4:48:23 PM ETpeople

4:48:24 PM ETstrategy

4:48:24 PM ETis

4:48:24 PM EToffering

4:48:25 PM ETworld-class

4:48:25 PM ETcentral to our people strategy is offering world class benefits

4:48:26 PM ETbenefits

4:48:26 PM ETand

4:48:27 PM ETeducational

4:48:27 PM ETassistance

4:48:28 PM ETcontinues to be a good

4:48:28 PM ETstrong

4:48:29 PM ETdriver

4:48:29 PM ETof

4:48:30 PM ETand educational assistance continues to be a strong driver of retention

4:48:30 PM ETretention.

4:48:31 PM ETIn

4:48:31 PM ETAugust,

4:48:32 PM ETwe said that we had a very important part of the

4:48:32 PM ETrest

4:48:32 PM ET10 years of the

4:48:33 PM ETanniversary

4:48:33 PM ETthe

4:48:33 PM ETof

4:48:33 PM ETAugust

4:48:33 PM ETour

4:48:34 PM ETpartnership

4:48:34 PM ETwith

4:48:35 PM ETin august we celebrated the ten year anniversary of our

4:48:35 PM ETpartnership with guild

4:48:35 PM ETGuild.

4:48:36 PM ETwhich provides a new part of the

4:48:36 PM ETdepth for the

4:48:37 PM ETeducation

4:48:38 PM ETand

4:48:38 PM ETgreater

4:48:38 PM ETcareer

4:48:39 PM ETmobility

4:48:39 PM ETfor our

4:48:39 PM ETteam

4:48:40 PM ETwhich provides debt free education and greater career mobility for our team members

4:48:41 PM ETmembers.

4:48:42 PM ETNearly

4:48:42 PM ETnearly twenty five thousand

4:48:42 PM ET25,000

4:48:42 PM ETteam

4:48:43 PM ETmembers

4:48:43 PM EThave

4:48:43 PM ETenrolled in the

4:48:44 PM ETeducation

4:48:45 PM ETmembers have enrolled in the education program

4:48:45 PM ETprogram and more than

4:48:46 PM ET14,000 have

4:48:47 PM ETcompleted

4:48:48 PM ETand more than fourteen thousand have completed one

4:48:48 PM ETone.

4:48:50 PM ETThose programs

4:48:50 PM ETreinforce the

4:48:50 PM ETsome of

4:48:51 PM ETsomething

4:48:51 PM ETfundamental to our

4:48:52 PM ETculture.

4:48:53 PM ETthose programs reinforce something fundamental to our culture

4:48:53 PM ETChipotle

4:48:53 PM ETis

4:48:53 PM ETa

4:48:53 PM ETplace

4:48:54 PM ETwhere people

4:48:54 PM ETbuild

4:48:55 PM ETmeaningful,

4:48:55 PM ETlong-term

4:48:56 PM ETchipotle is a place where people build meaningful long term careers

4:48:57 PM ETcareers.

4:48:59 PM ETAnd as we

4:48:59 PM ETstrengthen

4:48:59 PM ETleadership

4:49:00 PM ETacross the

4:49:01 PM ETorganization,

4:49:01 PM ETwe're going to be able to do

4:49:01 PM ETand as we strengthen leadership across the organization

4:49:02 PM ETcontinuing

4:49:02 PM ETadd

4:49:03 PM ETcapabilities

4:49:03 PM ETand

4:49:04 PM ETexpertise

4:49:04 PM ETat

4:49:04 PM ETthe

4:49:04 PM ETboard

4:49:05 PM ETlevel

4:49:05 PM ETwe're continuing to add capabilities and expertise at the board level

4:49:05 PM ETto support the

4:49:06 PM ETour

4:49:06 PM ETlong-term

4:49:07 PM ETto support our long term ambitions

4:49:08 PM ETambitions.

4:49:09 PM ETIn

4:49:09 PM ETSeptember, we

4:49:10 PM ETadded

4:49:10 PM ETsober

4:49:10 PM ETSammy

4:49:10 PM ETto

4:49:11 PM ETour

4:49:11 PM ETboard

4:49:11 PM ETof

4:49:12 PM ETin september we added saber sandy to our board of directors

4:49:13 PM ETdirectors.

4:49:13 PM ETSaber

4:49:14 PM ETbrings

4:49:14 PM ETextensive

4:49:14 PM ETglobal

4:49:15 PM ETrestaurant

4:49:15 PM ETleadership

4:49:16 PM ETand

4:49:16 PM EToperating

4:49:17 PM ETsabra brings extensive global restaurant leadership and operating experience

4:49:17 PM ETexperience

4:49:17 PM ETwith

4:49:18 PM ETcapabilities

4:49:18 PM ETthat

4:49:18 PM ETalign

4:49:19 PM ETwith

4:49:19 PM ETour

4:49:19 PM ETinternational

4:49:20 PM ETgrowth

4:49:21 PM ETwith capabilities that align with our international growth ambitions

4:49:21 PM ETambitions.

4:49:24 PM ETFinally,

4:49:24 PM ETto the next

4:49:25 PM ETour

4:49:25 PM ETfifth

4:49:26 PM ETfinally turning to our fifth pillar

4:49:26 PM ETpillar, we

4:49:26 PM ETare explaining to

4:49:27 PM ETour

4:49:27 PM ETglobal

4:49:28 PM ETwe are expanding our global footprint

4:49:29 PM ETfootprint

4:49:29 PM ETOur

4:49:29 PM ETapproach

4:49:29 PM ETto

4:49:29 PM ETdevelopment is a global global

4:49:30 PM ETremains

4:49:31 PM ETour approach to development remains disciplined

4:49:32 PM ETdisciplined, cyclical,

4:49:32 PM ETand

4:49:32 PM ETthe

4:49:33 PM ETselection,

4:49:33 PM ETrestaurant economic, and the

4:49:34 PM ETsite selection restaurant economics

4:49:34 PM ETeconomics,

4:49:35 PM ETexpected

4:49:36 PM ETexpected returns

4:49:36 PM ETreturns,

4:49:36 PM ETand

4:49:36 PM ETthe strength of

4:49:37 PM ETour

4:49:37 PM ETtalent

4:49:38 PM ETpipeline

4:49:38 PM ETall

4:49:38 PM ETinform

4:49:39 PM ETthe

4:49:39 PM ETpace of

4:49:40 PM ETand the strength of our talent pipeline all inform the pace of growth

4:49:40 PM ETgrowth.

4:49:40 PM ETand

4:49:40 PM ETeach

4:49:41 PM ETremains

4:49:41 PM ETand each remains strong

4:49:42 PM ETstrong.

4:49:44 PM ETDipult lanes continue to be an

4:49:44 PM ETimportant part of the

4:49:45 PM ETthat

4:49:46 PM ETchipotle lanes continue to be an important part of that model

4:49:46 PM ETmodel.

4:49:46 PM ETThey

4:49:47 PM ETprovide

4:49:47 PM ETgreater

4:49:48 PM ETthey provide greater convenience

4:49:48 PM ETconvenience,

4:49:48 PM ETdrive

4:49:48 PM EThigher digital

4:49:49 PM ETdrive higher digital mix

4:49:50 PM ETmix, generate a lot of

4:49:50 PM ETstronger

4:49:51 PM ETsales,

4:49:51 PM ETand

4:49:52 PM ETgenerate stronger sales and returns

4:49:52 PM ETreturns,

4:49:52 PM ETand

4:49:52 PM ETreduce

4:49:53 PM ETfriction

4:49:53 PM ETfor

4:49:53 PM ETour

4:49:54 PM ETand reduce friction for our guests

4:49:54 PM ETguests.

4:49:55 PM ETDuring the

4:49:55 PM ETthird

4:49:56 PM ETquarter,

4:49:56 PM ETduring the third quarter

4:49:56 PM ETwe reached the best of the first

4:49:57 PM ETan

4:49:57 PM ETimportant

4:49:57 PM ETmilestone

4:49:58 PM ETwith

4:49:58 PM ETthe

4:49:58 PM ETopening

4:49:58 PM ETof

4:49:59 PM ETour fifth

4:50:00 PM ET1500th

4:50:00 PM ETChipotle

4:50:01 PM ETLane.

4:50:01 PM ETreached an important milestone with the opening of our fifteen hundredth chipotle lane

4:50:03 PM ETIn the

4:50:03 PM ETU.S. and

4:50:04 PM ETCanada, we

4:50:04 PM ETopened

4:50:04 PM ET83% of the

4:50:05 PM ETnew

4:50:06 PM ETrestaurants during the

4:50:06 PM ETin the u s and canada we opened eighty three new restaurants

4:50:07 PM ETduring the quarter

4:50:07 PM ETquarter,

4:50:07 PM ETincluding

4:50:08 PM ET53

4:50:08 PM ETChipotle

4:50:09 PM ETLanes.

4:50:09 PM ETincluding fifty three chipotlanes

4:50:10 PM ETWe continue

4:50:10 PM ETto

4:50:11 PM ETsee

4:50:11 PM ETsignificant

4:50:12 PM ETwhite

4:50:12 PM ETspace

4:50:12 PM ETboat

4:50:12 PM ETboth

4:50:13 PM ETcountries

4:50:13 PM ETand

4:50:13 PM ETremain

4:50:14 PM ETconfident they will be able

4:50:14 PM ETwe continue to see significant white space in both countries and remain confident

4:50:15 PM ETopen up the

4:50:15 PM ETaround

4:50:16 PM ET350

4:50:17 PM ETrestaurants this

4:50:17 PM ETwe will open around three fifty restaurants this year

4:50:18 PM ETyear.

4:50:19 PM ETLooking ahead

4:50:19 PM ETto

4:50:21 PM ETlooking ahead to twenty twenty seven

4:50:21 PM ET2027,

4:50:21 PM ETwe expect that we have to be able to do

4:50:21 PM ETopen up

4:50:22 PM ETa

4:50:22 PM ET20

4:50:23 PM ET340

4:50:24 PM ETto

4:50:24 PM ET360

4:50:25 PM ETcompany

4:50:26 PM ETwe expect to open approximately three forty to

4:50:26 PM ETcompany-owned

4:50:26 PM ETrestaurants in

4:50:26 PM ETthe

4:50:26 PM ETU.S. and

4:50:27 PM ETthree hundred and sixty company owned restaurants in the us and canada

4:50:28 PM ETCanada.

4:50:29 PM ETOur

4:50:29 PM ETcompany

4:50:29 PM ETowned

4:50:30 PM ETinternational

4:50:30 PM ETbusiness

4:50:31 PM ETalso can be used

4:50:31 PM ETto able to do

4:50:32 PM ETexpand during the

4:50:32 PM ETcourse of

4:50:32 PM ETour company owned international business also continue to

4:50:32 PM ETexpand during the quarter

4:50:33 PM ETquarter with a

4:50:33 PM ETnew

4:50:33 PM ETrestaurant

4:50:34 PM ETin

4:50:34 PM ETthe

4:50:35 PM ETwith a new restaurant in the uk

4:50:35 PM ETUK.

4:50:35 PM ETwhich

4:50:35 PM ETis

4:50:36 PM EThas seen over the

4:50:36 PM ETbefore

4:50:37 PM ETperformance consisting of the same

4:50:37 PM ETwith

4:50:38 PM ETour

4:50:38 PM ETstrongest

4:50:38 PM ETLondon

4:50:39 PM ETwhich has seen opening performance consistent with our strongest london restaurants

4:50:40 PM ETrestaurants.

4:50:42 PM ETAlongside our couple

4:50:42 PM ETcompany

4:50:42 PM ETgrocery

4:50:43 PM ETalongside our company owned growth

4:50:43 PM ETgrowth,

4:50:43 PM ETour partners are aware of our

4:50:44 PM EToperations a lot

4:50:44 PM ETmodels are of our

4:50:45 PM ETmodel is allowed to be a lot of the

4:50:45 PM ETus

4:50:45 PM ETto

4:50:45 PM ETenter

4:50:46 PM ETnew

4:50:46 PM ETmarkets

4:50:46 PM ETwith

4:50:47 PM ETexperienced

4:50:47 PM ETlocal

4:50:48 PM ETour partner operated model is allowing us to enter new markets

4:50:48 PM EToperators

4:50:48 PM ETwith experienced local operators

4:50:48 PM ETand expand the

4:50:49 PM ETaccess to the

4:50:50 PM ETChipotle

4:50:50 PM ETaround the

4:50:51 PM ETand expand access to chipotle around the world

4:50:52 PM ETthe

4:50:52 PM ETworld.

4:50:53 PM ETThe third

4:50:53 PM ETquarter marked the first

4:50:53 PM ETan

4:50:54 PM ETimportant step to the next

4:50:54 PM ETforward

4:50:54 PM ETin

4:50:54 PM ETour

4:50:55 PM ETambition

4:50:55 PM ETto

4:50:55 PM ETbuild Chapter

4:50:56 PM ETthe third quarter marked an important step forward in our ambition to build chipotle

4:50:56 PM ETinto

4:50:56 PM ETan

4:50:57 PM ETiconic

4:50:57 PM ETglobal

4:50:58 PM ETinto an iconic global brand

4:50:58 PM ETbrand as

4:50:58 PM ETwe

4:50:59 PM ETentered

4:50:59 PM ETas we entered mexico

4:51:00 PM ETMexico, South

4:51:00 PM ETArabia, and the

4:51:01 PM ETsaudi arabia

4:51:01 PM ETand Saudi

4:51:01 PM ETSouth

4:51:02 PM ETand south korea

4:51:03 PM ETKorea.

4:51:04 PM ETMeaning Chipotle is not a very important

4:51:04 PM ETnow

4:51:05 PM ETavailable

4:51:05 PM ETto

4:51:06 PM ETmeaning chipotle is now available to enjoy

4:51:06 PM ETenjoy in

4:51:06 PM ETan

4:51:06 PM ET11

4:51:07 PM ETcountries across the

4:51:08 PM ETeleven countries across the globe

4:51:09 PM ETthe globe.

4:51:09 PM ETEach region has a lot of

4:51:10 PM ETdemonstrated

4:51:10 PM ETstrong

4:51:11 PM ETlocal

4:51:12 PM ETeach region has demonstrated strong local demand

4:51:12 PM ETdemand,

4:51:12 PM ETwhich

4:51:12 PM ETcan

4:51:12 PM ETbe

4:51:13 PM ETseen

4:51:13 PM ETin

4:51:13 PM ETthe

4:51:13 PM ETlong

4:51:13 PM ETlines

4:51:14 PM ETof

4:51:14 PM ETguests

4:51:14 PM ETwaiting

4:51:14 PM ETfor

4:51:14 PM ETus

4:51:14 PM ETto open

4:51:15 PM ETthe

4:51:15 PM ETdoors

4:51:16 PM ETon

4:51:16 PM ETday

4:51:16 PM ETwhich can be seen in the long lines of guests waiting for us to open the doors on day one

4:51:16 PM ETone

4:51:17 PM ETand

4:51:17 PM ETeach

4:51:17 PM ETnew

4:51:17 PM ETmarket

4:51:18 PM ETwe

4:51:18 PM ETin each new market we enter

4:51:19 PM ETenter.

4:51:21 PM ETIn

4:51:21 PM ETMexico, our maintenance is a very important

4:51:22 PM ETfirst

4:51:22 PM ETround of the market is a very good

4:51:22 PM ETopened

4:51:23 PM ETin

4:51:23 PM ETJuly

4:51:24 PM ETto an

4:51:24 PM ETextremely

4:51:24 PM ETin mexico our first restaurant opened in july to an

4:51:24 PM ETpositive

4:51:25 PM ETreception in the middle of

4:51:26 PM ETMonterey

4:51:26 PM ETMetropolitan

4:51:27 PM ETextremely positive reception in the monterrey metropolitan area

4:51:27 PM ETarea

4:51:28 PM ETwith

4:51:28 PM ETour

4:51:28 PM ETpartner

4:51:28 PM ETAl

4:51:29 PM ETwith our partner al saya

4:51:29 PM ETHalcea.

4:51:30 PM ETopening

4:51:31 PM ETvolumes

4:51:31 PM ETexceeded

4:51:32 PM ETour

4:51:32 PM ETinitial

4:51:33 PM ETexpectations

4:51:33 PM ETand

4:51:33 PM ETthis

4:51:34 PM ETis

4:51:34 PM ETreinforced the

4:51:35 PM ETappeal

4:51:35 PM ETopening volumes exceeded our initial expectations

4:51:35 PM ETof

4:51:35 PM ETthe

4:51:35 PM ETChipotle

4:51:36 PM ETbrand

4:51:36 PM ETwithin

4:51:36 PM ETthe

4:51:37 PM ETand this has reinforced the appeal of the chipotle brand within the country

4:51:37 PM ETthe

4:51:38 PM ETcountry.

4:51:38 PM ETWe plan

4:51:38 PM ETto

4:51:38 PM ETopen

4:51:38 PM ETour

4:51:39 PM ETnext

4:51:39 PM ETrestaurant

4:51:40 PM ETwe plan to open our next restaurant nearby

4:51:40 PM ETnearby

4:51:40 PM ETas

4:51:40 PM ETwell

4:51:41 PM ETour

4:51:41 PM ETfirst

4:51:42 PM ETlocation in

4:51:42 PM ETMexico

4:51:43 PM ETCity

4:51:43 PM ETin

4:51:44 PM ETas well as our first location in mexico city in twenty twenty seven

4:51:45 PM ET2027.

4:51:46 PM ETHe entered

4:51:46 PM ETSaudi

4:51:47 PM ETArabia,

4:51:47 PM ETthis

4:51:47 PM ETquarter

4:51:47 PM ETin

4:51:48 PM ETpartnership

4:51:48 PM ETwith

4:51:48 PM ETAl

4:51:49 PM ETAl-Shia

4:51:49 PM ETentered saudi arabia this quarter in partnership with al shia group

4:51:50 PM ETGroup and

4:51:50 PM ETwe

4:51:50 PM ETwere

4:51:50 PM ETthrilled

4:51:50 PM ETto

4:51:51 PM ETsee

4:51:51 PM ETnew

4:51:51 PM ETopening

4:51:52 PM ETvolumes

4:51:52 PM ETset

4:51:52 PM ETyet

4:51:53 PM ETanother

4:51:54 PM ETand we were thrilled to see new opening volumes set yet another record

4:51:54 PM ETrecord

4:51:54 PM ETand

4:51:54 PM ETbuild

4:51:54 PM ETon

4:51:54 PM ETthe

4:51:55 PM ETdemand

4:51:55 PM ETwe have

4:51:55 PM ETseen

4:51:56 PM ETacross

4:51:56 PM ETthe

4:51:56 PM ETMiddle

4:51:56 PM ETEast.

4:51:57 PM ETand build on the demand we have seen across the middle east

4:51:57 PM ETEast.

4:51:58 PM ETWe

4:51:58 PM ETopen

4:51:59 PM ETnew

4:51:59 PM ETrestaurants in

4:51:59 PM ETthe

4:52:00 PM ETUAE

4:52:00 PM ETand

4:52:01 PM ETwe also opened new restaurants in the uae and kuwait

4:52:01 PM ETKuwait.

4:52:02 PM ETbring

4:52:02 PM ETyour

4:52:02 PM ETtotal

4:52:02 PM ETacross

4:52:03 PM ETthe

4:52:03 PM ETregion

4:52:03 PM ETto

4:52:04 PM ET18

4:52:04 PM ETrust

4:52:05 PM ETbringing our total across the region to eighteen restaurants

4:52:05 PM ETrestaurants.

4:52:06 PM ETHowever

4:52:06 PM ETlong

4:52:06 PM ETterm

4:52:07 PM EToutlook

4:52:07 PM ETin

4:52:07 PM ETthe

4:52:07 PM ETregion

4:52:08 PM ETremains

4:52:09 PM ETour long term outlook in the region remains unchanged

4:52:09 PM ETunchanged.

4:52:09 PM ETand we

4:52:09 PM ETcontinue

4:52:09 PM ETto

4:52:10 PM ETbelieve

4:52:10 PM ETit

4:52:10 PM ETcan

4:52:10 PM ETsupport

4:52:11 PM EThundreds

4:52:11 PM ETof

4:52:11 PM ETChipotle

4:52:12 PM ETrestaurants

4:52:12 PM ETover

4:52:13 PM ETand we continue to believe it can support hundreds of chipotle restaurants over time

4:52:13 PM ETtime.

4:52:15 PM ETadditionally

4:52:15 PM ETAdditionally,

4:52:15 PM ETour

4:52:15 PM ETfirst

4:52:16 PM ETrestaurant

4:52:16 PM ETin

4:52:16 PM ETSouth

4:52:17 PM ETKorea over the last

4:52:17 PM ETopened

4:52:17 PM ETmonth

4:52:18 PM ETnear

4:52:18 PM ETGongum

4:52:19 PM ETour first restaurant in south korea opened last month near gangnam station

4:52:19 PM ETStation.

4:52:20 PM ETWe're line

4:52:20 PM ETstretched

4:52:21 PM ETseveral

4:52:21 PM ETcity

4:52:21 PM ETblocks

4:52:21 PM ETa

4:52:21 PM ETfor

4:52:22 PM ETwhere lines stretched several city blocks for weeks

4:52:22 PM ETweeks

4:52:22 PM ETand

4:52:22 PM ETaverage

4:52:23 PM ETdaily

4:52:23 PM ETsales

4:52:24 PM ETtrends

4:52:24 PM ETbelt

4:52:24 PM ETthroughout

4:52:24 PM ETthe

4:52:25 PM ETand average daily sales trends built throughout the quarter

4:52:26 PM ETquarter.

4:52:26 PM ETYou

4:52:26 PM ETIn

4:52:26 PM ETin fact

4:52:27 PM ETfact,

4:52:27 PM ETearlier

4:52:28 PM ETtoday,

4:52:28 PM ETwe opened the

4:52:28 PM ETour

4:52:28 PM ETsecond

4:52:29 PM ETlocation

4:52:29 PM ETin

4:52:30 PM ETearlier today we opened our second location in seoul

4:52:30 PM ETSoul

4:52:30 PM ETand

4:52:30 PM EThave

4:52:30 PM ETa

4:52:31 PM ETadditional

4:52:31 PM ETrestaurants and

4:52:32 PM ETin

4:52:32 PM ETdevelopment as

4:52:32 PM ETwe

4:52:32 PM ETbuild

4:52:32 PM ETthe

4:52:33 PM ETbusiness

4:52:33 PM ETwith

4:52:33 PM ETSPC

4:52:34 PM ETand have additional restaurants in development as we build the business with sbc group

4:52:34 PM ETgroup.

4:52:35 PM ETincluding

4:52:35 PM ETour

4:52:35 PM ETplanned

4:52:36 PM ETopening

4:52:36 PM ETand

4:52:36 PM ETin

4:52:36 PM ETSingapore

4:52:37 PM ETnext

4:52:37 PM ETincluding our planned opening in singapore next spring

4:52:38 PM ETspring.

4:52:38 PM ETSo

4:52:38 PM ETfar

4:52:38 PM ETin

4:52:39 PM ETso far in twenty twenty six

4:52:39 PM ET2026,

4:52:40 PM ETeight

4:52:40 PM ETrestaurants

4:52:40 PM EThave

4:52:41 PM ETopened

4:52:41 PM EToutside

4:52:41 PM ETthe

4:52:42 PM ETU.S. in

4:52:42 PM ETand

4:52:42 PM ETeight restaurants have opened outside the us and canada

4:52:43 PM ETCanada

4:52:43 PM ETand the

4:52:43 PM ETresponse

4:52:44 PM ETwe

4:52:44 PM ETare

4:52:44 PM ETseeing

4:52:44 PM ETacross

4:52:45 PM ETmarkets,

4:52:45 PM ETreinforces

4:52:46 PM ETour

4:52:46 PM ETand the response we are seeing across markets reinforces our belief

4:52:46 PM ETbelief

4:52:47 PM ETthe

4:52:47 PM ETappeal

4:52:47 PM ETof

4:52:48 PM ETchipotle

4:52:48 PM ETis

4:52:49 PM ETthat the appeal of chipotle is borderless

4:52:50 PM ETborderless.

4:52:50 PM ETSimmers

4:52:50 PM ETaround

4:52:50 PM ETthe

4:52:51 PM ETglobe,

4:52:51 PM ETvalue

4:52:52 PM EThigh

4:52:52 PM ETquality

4:52:52 PM ETfood

4:52:53 PM ETprepared

4:52:53 PM ETfresh

4:52:53 PM ETwith

4:52:54 PM ETreal and

4:52:54 PM ETconsumers around the globe value high quality food prepared fresh

4:52:54 PM ETwith real ingredients

4:52:55 PM ETingredients

4:52:55 PM ETgiving

4:52:55 PM ETus

4:52:56 PM ETconfidence

4:52:56 PM ETthat

4:52:56 PM ETour

4:52:56 PM ETmodel

4:52:56 PM ETcan

4:52:57 PM ETresonate

4:52:57 PM ETwell

4:52:57 PM ETaround

4:52:58 PM ETthe

4:52:58 PM ETgiving us confidence that our model can resonate well around the globe

4:52:59 PM ETglobe.

4:52:59 PM ETin

4:53:00 PM ET2020

4:53:00 PM ETin twenty twenty seven

4:53:01 PM ETwe

4:53:01 PM ETexpect

4:53:01 PM ETto

4:53:01 PM ETopen

4:53:02 PM ETaround

4:53:02 PM ET15 to

4:53:03 PM ET25

4:53:03 PM ETrestrictions

4:53:04 PM EToutside

4:53:04 PM ETthe

4:53:04 PM ETUS and

4:53:05 PM ETwe expect to open around fifteen to twenty five restaurants outside the us and canada

4:53:06 PM ETin

4:53:06 PM ETCanada.

4:53:07 PM ETThe

4:53:07 PM ETclose.

4:53:08 PM ETare

4:53:08 PM ETthird

4:53:08 PM ETquarter

4:53:09 PM ETresults,

4:53:09 PM ETreinforce

4:53:09 PM ETthat

4:53:10 PM ETour

4:53:10 PM ETrest and

4:53:10 PM ETto close our third quarter results

4:53:10 PM ETpeople

4:53:10 PM ETpee for

4:53:10 PM ETgrowth

4:53:11 PM ETreinforce that our recipe for growth strategy

4:53:12 PM ETstrategy

4:53:12 PM ETis

4:53:12 PM ETgaining

4:53:12 PM ETtraction

4:53:13 PM ETand

4:53:13 PM ETcreating

4:53:13 PM ETmultiple

4:53:14 PM ETlevers

4:53:14 PM ETto

4:53:14 PM ETnavigate

4:53:14 PM ETa

4:53:15 PM ETdynamic

4:53:16 PM ETis gaining traction and creating multiple levers to navigate a dynamic industry

4:53:16 PM ETindustry

4:53:16 PM ETand

4:53:17 PM ETcomsumer

4:53:17 PM ETand consumer environment

4:53:18 PM ETenvironment

4:53:18 PM ETand

4:53:18 PM ETDrive

4:53:19 PM ETSustained

4:53:19 PM ETand drive sustained growth

4:53:20 PM ETgrowth.

4:53:21 PM ETor

4:53:21 PM ETand

4:53:21 PM ETproving

4:53:21 PM ETrush on

4:53:22 PM ETx

4:53:22 PM ETwe are improving restaurant execution

4:53:23 PM ETExecution,

4:53:23 PM ETthrough

4:53:24 PM ETthroughput

4:53:24 PM ETputt

4:53:24 PM ETand

4:53:24 PM EThost the

4:53:25 PM ETand hospitality

4:53:26 PM ETWe

4:53:26 PM ETour

4:53:26 PM ETare

4:53:26 PM ETscaling

4:53:27 PM ETtech

4:53:27 PM ETand

4:53:28 PM ETAI,

4:53:28 PM ETwell

4:53:28 PM ETbuilding

4:53:28 PM ETand

4:53:29 PM ETmore

4:53:29 PM ETwere

4:53:29 PM ETengaging

4:53:29 PM ETwe

4:53:30 PM ETwe are scaling technology and ai while building a more engaging

4:53:30 PM ETZico

4:53:31 PM ETrewards ecosystem

4:53:31 PM ETsystem.

4:53:32 PM ETCell

4:53:33 PM ETRating, Man,

4:53:33 PM ETMany

4:53:34 PM ETand

4:53:34 PM ETa

4:53:34 PM ETEvolving,

4:53:34 PM ETour

4:53:35 PM ETmotting

4:53:35 PM ETto

4:53:35 PM ETkeep

4:53:36 PM ETChipota,

4:53:36 PM ETa

4:53:36 PM ETrelevant

4:53:36 PM ETand

4:53:37 PM ETtop

4:53:37 PM ETof

4:53:37 PM ETwe are accelerating menu innovation and evolving our marketing to keep chipotle relevant

4:53:37 PM ETand top of mind

4:53:38 PM ETmind.

4:53:39 PM ETAlso

4:53:39 PM ETbuilding

4:53:39 PM ETnew

4:53:40 PM ETaccases

4:53:40 PM ETthrough

4:53:40 PM ETcatering

4:53:41 PM ETand

4:53:41 PM ETfamily

4:53:42 PM ETwe are also building new occasions through catering and family meals

4:53:43 PM ETmelt.

4:53:43 PM ETto

4:53:44 PM ETdevelop

4:53:44 PM ETdeep

4:53:44 PM ETPipeline

4:53:45 PM ETof

4:53:45 PM ETwe continue to develop a deep pipeline of talent

4:53:45 PM ETTowat,

4:53:45 PM ETit

4:53:46 PM ETour

4:53:46 PM ETand

4:53:47 PM ETGlobal

4:53:47 PM ETwith

4:53:48 PM ETthis

4:53:48 PM ETand are expanding globally with discipline

4:53:49 PM ETdiscipline.

4:53:50 PM ETwe

4:53:50 PM EThave

4:53:50 PM ETto

4:53:51 PM ETwrite

4:53:51 PM ETstrategy,

4:53:51 PM ETa

4:53:52 PM ETwrite

4:53:52 PM ETleaders

4:53:52 PM ETshit

4:53:53 PM ETi'm confident we have the right strategy the right leadership team

4:53:53 PM ETsaid,

4:53:53 PM ETteam

4:53:53 PM ETand

4:53:54 PM ETa

4:53:54 PM ETit

4:53:54 PM ETagain

4:53:54 PM ETit

4:53:55 PM ETopportunity

4:53:55 PM ETa

4:53:55 PM ETas

4:53:55 PM ETwe

4:53:55 PM ETcan

4:53:56 PM ETyou

4:53:56 PM ETto

4:53:56 PM ETa be

4:53:56 PM ETbill

4:53:57 PM ETchimpal

4:53:57 PM ETand a significant opportunity ahead as we continue to build chipotle

4:53:57 PM ETa

4:53:57 PM ETand to and

4:53:58 PM ETi caught

4:53:58 PM ETit

4:53:58 PM ETGlobal

4:53:59 PM ETinto an iconic global brand

4:53:59 PM ETBrain.

4:54:00 PM ETI'll

4:54:01 PM ETturn it

4:54:01 PM ETover

4:54:01 PM ETto

4:54:02 PM ETwith that i'll turn it over to adam

4:54:03 PM ETat

4:54:03 PM ETAdd.

4:54:04 PM ETget

4:54:04 PM ETto

4:54:04 PM ETAddTourney,

4:54:05 PM ETeveryone,

4:54:05 PM ETthanks scott and good afternoon everyone

4:54:06 PM ETThird

4:54:07 PM ETall, sure, they

4:54:07 PM ETthe

4:54:07 PM ETyou

4:54:08 PM ETof

4:54:08 PM ETour

4:54:09 PM ETSepe for

4:54:09 PM ETgos

4:54:10 PM ETstrategy as

4:54:10 PM ETour third quarter results reflect the continued traction of our recipe for growth strategy

4:54:10 PM ETwell

4:54:10 PM ETour

4:54:11 PM ETBill

4:54:11 PM ETEde

4:54:11 PM ETus

4:54:12 PM ETQuickly, and

4:54:12 PM ETto

4:54:13 PM ETsize

4:54:13 PM ETofly with

4:54:13 PM ETwe

4:54:13 PM ETsee

4:54:14 PM ETshit to

4:54:14 PM ETas well as our ability to respond quickly and decisively when we see shifts in demand

4:54:14 PM ETme

4:54:16 PM ETmay

4:54:16 PM ET-

4:54:17 PM ETin the third quarter

4:54:17 PM ETand Kwater

4:54:17 PM ETSails

4:54:17 PM ETElsa,

4:54:17 PM ETname him

4:54:18 PM ETpoint,

4:54:18 PM ETwant to express

4:54:19 PM ETse.

4:54:19 PM ETto three

4:54:19 PM ETpoint

4:54:20 PM ETthree

4:54:20 PM ETBillia

4:54:21 PM ETdollars,

4:54:21 PM ETincluding

4:54:21 PM ETto

4:54:21 PM ETa

4:54:21 PM ETcan hear

4:54:22 PM ETsales grew nine point six percent to three point three billion dollars

4:54:22 PM ETReshron

4:54:22 PM ETon

4:54:22 PM ETsales,

4:54:23 PM ETincrease

4:54:23 PM ETto 2

4:54:23 PM ETtwo

4:54:24 PM ETpoint

4:54:24 PM ETOne

4:54:24 PM ETfirst

4:54:24 PM ETincluding a comparable restaurant sales increase of two point one percent

4:54:25 PM ETand

4:54:25 PM ETa

4:54:25 PM ETpossit

4:54:26 PM ETof trends

4:54:26 PM ETabshing

4:54:27 PM ETand a positive transaction comp

4:54:27 PM ETcomes a

4:54:27 PM ETzero

4:54:27 PM ETpoint

4:54:27 PM ETa

4:54:28 PM ETeight

4:54:28 PM ETper

4:54:28 PM ETperson.

4:54:28 PM ETof zero point eight percent

4:54:29 PM ETprice.

4:54:30 PM ETof

4:54:30 PM ETone

4:54:30 PM ETpoint,

4:54:30 PM ETthree,

4:54:30 PM ETa

4:54:31 PM ETBali and

4:54:31 PM ETDows,

4:54:32 PM ETwith

4:54:32 PM ET38

4:54:32 PM ETPoint

4:54:32 PM ETa

4:54:33 PM ETof

4:54:33 PM ETdigital sales of one point three billion dollars were

4:54:33 PM ETtovell

4:54:34 PM ETthirty eight point eight percent of total sales

4:54:34 PM ETsales

4:54:34 PM ETcompared

4:54:34 PM ETthe

4:54:34 PM ETto

4:54:35 PM ET36

4:54:35 PM ETsix

4:54:35 PM ETpoints,

4:54:35 PM ETseven

4:54:36 PM ETpercent and

4:54:36 PM ETin the

4:54:36 PM ETprior

4:54:37 PM ETcompared to thirty six point seven percent in the prior year

4:54:37 PM ETe-

4:54:39 PM ETto Pron

4:54:39 PM ETLev

4:54:39 PM ETWilliam

4:54:39 PM ETMarjion with

4:54:40 PM ETwas

4:54:40 PM ETtwenty

4:54:40 PM ETto three

4:54:40 PM ETpoint

4:54:41 PM ETrestaurant level margin was twenty three point three percent

4:54:41 PM ETat the

4:54:42 PM ETline of

4:54:42 PM ETa

4:54:42 PM EThundred

4:54:43 PM ETin

4:54:43 PM ETI

4:54:43 PM ETbasis

4:54:43 PM ETpoints

4:54:44 PM ETof

4:54:44 PM ETa

4:54:44 PM ETa decline of one hundred and twenty basis points year over year

4:54:45 PM ETthe

4:54:45 PM ETis

4:54:46 PM ETwas to it,

4:54:46 PM ETDi

4:54:46 PM ETLuddy

4:54:47 PM ETfor

4:54:47 PM ETI

4:54:47 PM ETfind

4:54:48 PM ETseven

4:54:48 PM ETadjusted diluted earnings per share was zero two seven dollars

4:54:48 PM ETsounds. I

4:54:49 PM ETI'm

4:54:49 PM ETseven

4:54:49 PM ETper

4:54:50 PM ETpercent, versus

4:54:50 PM ETI see

4:54:51 PM ETdown seven percent versus last year

4:54:51 PM ETyear.

4:54:51 PM ETand

4:54:52 PM ETLeo

4:54:52 PM ETupin 80 for

4:54:53 PM ETcan come

4:54:53 PM ETby ALL

4:54:54 PM ETfor

4:54:54 PM ETdress

4:54:54 PM ETand

4:54:55 PM ETfive, her

4:54:55 PM ETOperate

4:54:56 PM ETwe opened eighty four company owned restaurants and five partner operated restaurants

4:54:56 PM ETRestrust.

4:54:57 PM ETStrasins,

4:54:57 PM ETthe Suri,

4:54:58 PM ETnew

4:54:58 PM ETmark us

4:54:58 PM ETexpanding into three new markets

4:54:58 PM ETto

4:54:59 PM ETmexico

4:54:59 PM ETsaw

4:54:59 PM ETO

4:55:00 PM ETradias, a

4:55:00 PM ETsell for

4:55:01 PM ETsaudi arabia and south korea

4:55:02 PM ETChrist

4:55:03 PM ETSouth

4:55:03 PM ETCoyle Why

4:55:04 PM ETall

4:55:06 PM ETwe entered the quarter with strong sales trends

4:55:06 PM ETwhat I was see for growth and

4:55:06 PM ETsupported by our recipe for growth initiatives

4:55:07 PM ETa

4:55:07 PM ETs.

4:55:08 PM ETlike

4:55:09 PM ETthan

4:55:09 PM ETthey

4:55:10 PM ETI

4:55:10 PM ETso.

4:55:10 PM EThowever industry headwinds beginning in mid july slowed our momentum

4:55:11 PM ETall

4:55:11 PM ETthis.

4:55:11 PM ETwas

4:55:12 PM ETto

4:55:13 PM ETSou

4:55:13 PM ETa

4:55:14 PM ETHouse has

4:55:15 PM ETwe quickly acted to reengage our guests with promotional offers

4:55:16 PM ETours I have

4:55:17 PM ETus.

4:55:17 PM ETsound

4:55:17 PM ETand i am proud of how thoughtfully our teams responded

4:55:20 PM ETto

4:55:20 PM ETall I have to

4:55:20 PM ETwe were pleased to see trends normalize by late august

4:55:20 PM ETa lot

4:55:22 PM ETthis is

4:55:22 PM ETSee,

4:55:23 PM ETand we saw further improvement in september

4:55:23 PM ETI

4:55:24 PM ETto

4:55:25 PM ETafter the launch of pollo asada

4:55:27 PM ETISSES was.

4:55:28 PM ETand chili lime chips as well as our one hundred creators campaign

4:55:29 PM ETa

4:55:31 PM EThas

4:55:32 PM EToctober trends have softened consistent with the broader industry

4:55:37 PM EThowever we continue to see positive underlying engagement with our menu innovation and activation

4:55:38 PM ETSuss.

4:55:38 PM ETa

4:55:41 PM ETHow

4:55:42 PM ETto

4:55:42 PM ETwe look forward to building momentum with the launch of smoked brisket next week

4:55:45 PM ETSister.

4:55:46 PM ETa guest lose a house to

4:55:47 PM ETtwenty

4:55:47 PM ETit's

4:55:47 PM ETand we are confident we will deliver on our guidance of low single digit comps for twenty twenty six

4:55:51 PM ETHow do I

4:55:51 PM ETdoes

4:55:52 PM ETon pricing the impact in q3 was around

4:55:53 PM ETtwo point seven percent

4:55:55 PM ETSyncs.

4:55:56 PM ETsay

4:55:57 PM ETwe anticipate it will increase to about three percent in q4

4:55:59 PM ETSystem.

4:56:01 PM ETbringing total pricing in twenty twenty six to around two percent

4:56:01 PM ETSus

4:56:02 PM ETAs a

4:56:02 PM ETa

4:56:03 PM ETas we look ahead to twenty twenty seven

4:56:04 PM ETHaving

4:56:07 PM ETSasse

4:56:08 PM ETwe currently anticipate overall inflation to remain in the low to mid single digit range

4:56:09 PM ETS.

4:56:10 PM ETAs

4:56:10 PM ETSs.

4:56:11 PM ETto say

4:56:13 PM ETand expect to continue managing that inflation over the long run with our new approach

4:56:14 PM ETto menu pricing

4:56:14 PM ETAs I

4:56:18 PM ETThe

4:56:19 PM ETHas

4:56:19 PM ETbefore i walk through the p and l i want to take a moment to highlight the

4:56:19 PM ETSis.

4:56:21 PM ETSisters.

4:56:23 PM ETbehind our promotional strategy and how we approach our overall marketing investment

4:56:24 PM ETSassy sus

4:56:28 PM ETpromotions such as our buy one get one activations

4:56:28 PM ETS

4:56:29 PM ETS.

4:56:30 PM ETand protein limited time offers

4:56:31 PM ETSister

4:56:33 PM ETare designed to connect with our guests in a culturally relevant way

4:56:34 PM ETHelp

4:56:34 PM ETa

4:56:37 PM ETTery

4:56:37 PM ETthey do more than drive a single day or a single quarter of sales

4:56:37 PM ETHas

4:56:39 PM ETHow

4:56:40 PM ETthey bring new and lapsed guests into our restaurants

4:56:42 PM ETSee.

4:56:43 PM ETincrease frequency among existing guests

4:56:44 PM ETand keep chipotle top of mind

4:56:46 PM ETAs a

4:56:46 PM ETit

4:56:47 PM ETas we shared earlier this year

4:56:49 PM ETour protein limited time offers

4:56:53 PM ETtypically generate a few hundred basis points of transaction lift

4:56:54 PM ETover the life of the promotion

4:56:55 PM ETAs a

4:56:56 PM ETHas

4:56:57 PM ETas

4:56:58 PM ETand we generally sustain part of that lift longer term

4:57:01 PM ETas

4:57:01 PM ETas many new guests continue to dine with us after the offer ends

4:57:02 PM ETAs

4:57:03 PM ETHas

4:57:04 PM ETHappy to

4:57:05 PM ETour buy one get one activations have followed a similar pattern

4:57:10 PM ETand the benefit is amplified when we find opportunities to connect with a cultural moment

4:57:10 PM ETSister.

4:57:13 PM ETHer

4:57:13 PM ETSystem.

4:57:14 PM ETit is this stickiness that makes these investments so productive over time

4:57:14 PM ETSass.

4:57:15 PM ETSussex.

4:57:18 PM ETHas

4:57:19 PM ETSelf

4:57:19 PM ETwe evaluate marketing and promote

4:57:19 PM ETpromotional investments through a return focused lens

4:57:22 PM ETHas

4:57:22 PM ETSass.

4:57:24 PM ETSystem.

4:57:25 PM ETwhen we have great ideas that deliver attractive returns we will lean in

4:57:25 PM ETas we did this quarter

4:57:27 PM ETSass.

4:57:30 PM ETSetce.

4:57:30 PM ETthis discipline gives us the flexibility to respond quickly to shifts in demand

4:57:33 PM ETSoul.

4:57:33 PM ETwhile protecting the long term strength of our economic model

4:57:38 PM ETwith that i will go through the key p and l line items beginning with cost of sales

4:57:39 PM ETHas

4:57:40 PM ETHester

4:57:42 PM ETHas.

4:57:43 PM ETto sleep.

4:57:44 PM ETcost of sales in the quarter was twenty nine point five percent

4:57:45 PM ETa decrease of about fifty basis points from last year

4:57:46 PM ETHis.

4:57:47 PM ETHis sister

4:57:50 PM ETthe benefits of menu pricing and tariff relief were more than enough to offset inflation

4:57:51 PM ETSystem.

4:57:53 PM ETwhich was primarily driven by beef and freight

4:57:54 PM ETHas

4:57:58 PM ETfor q4 we anticipate cost of sales to be around thirty point five percent

4:58:00 PM ETSee,

4:58:01 PM ETprimarily due to the impact of our smoked brisket limited time offer

4:58:01 PM ETTesla.

4:58:05 PM ETon an underlying basis this puts cost of sales inflation

4:58:07 PM ETat around three percent for q4

4:58:07 PM ETHas.

4:58:08 PM ETHa!

4:58:09 PM ETHow

4:58:12 PM ETlabor costs for the quarter were twenty five point seven percent

4:58:14 PM ETSyst

4:58:15 PM ETan increase of about fifty basis points from last year

4:58:15 PM ETSize

4:58:16 PM ETSass.

4:58:17 PM ETthe increase was driven by sales volumes

4:58:18 PM ETwage inflation

4:58:19 PM ETSelf.

4:58:22 PM ETand higher labor usage in support of promotional activity

4:58:22 PM ETAs

4:58:26 PM ETin addition we recognize some discrete costs related to insurance

4:58:26 PM ETSergeous

4:58:27 PM ETI

4:58:30 PM ETthese factors were partially offset by the benefit of menu price increases

4:58:30 PM ETSet.

4:58:35 PM ETexcluding these discrete impacts we saw underlying inflation in the lows

4:58:36 PM ETsingle digit range

4:58:36 PM ETSassy size!

4:58:38 PM ETand we expect this to continue into q4

4:58:41 PM ETwith labor costs around twenty six percent

4:58:44 PM ETSystems.

4:58:46 PM ETother operating costs for the quarter were sixteen percent

4:58:48 PM ETan increase of about one hundred basis points from last year

4:58:49 PM ETSet.

4:58:50 PM ETprimarily driven by higher marketing

4:58:50 PM ETSays!

4:58:51 PM ETdelivery mix

4:58:52 PM ETStas.

4:58:53 PM ETinflation across several items

4:58:55 PM ETincluding utilities and maintenance

4:58:58 PM ETCSC.

4:59:00 PM ETHappy

4:59:00 PM ETmarketing costs were in the mid three percent range during the quarter

4:59:02 PM ETan increase of about forty basis points from last year

4:59:07 PM ETas we leaned into promotional activity to reengage guests

4:59:08 PM ETfollowing the industry headwinds mid quarter

4:59:08 PM ETSisters.

4:59:10 PM ETSCESCESS

4:59:11 PM ETin support of the brisket campaign in q4

4:59:14 PM ETwe expect marketing cost to land in the high three percent range

4:59:17 PM ETbringing other operating costs to around sixteen percent

4:59:22 PM ETaltogether this will put q4 margins at just under twenty two percent

4:59:26 PM ETwhich is roughly one hundred and fifty basis points lower than last year

4:59:31 PM ETafter normalizing for a seventy basis point gift card breakage benefit in the prior year

4:59:31 PM ETSels.

4:59:33 PM ETand the shift in marketing spend to support brisket

4:59:36 PM ETthe decline is driven by sales volume

4:59:37 PM ETSex

4:59:41 PM ETwith pricing now in line with inflation our unit economic model remains intact

4:59:45 PM ETand we expect margins to expand as we drive additional transaction growth

4:59:46 PM ETSet.

4:59:50 PM ETg and a for the quarter was one hundred and eighty five million dollars on a gaap basis

4:59:51 PM ETSyst.

4:59:51 PM ETSyst.

4:59:53 PM ETor one hundred and eighty four million dollars on a non gaap basis

4:59:58 PM ETexcluding retention equity awards granted to key executives

4:59:58 PM ETin august of twenty twenty four

5:00:01 PM ETHis

5:00:03 PM ETg and a included one hundred and fifty five million dollars of underlying g and a

5:00:07 PM ETdollars twenty nine million of non cash stock compensation

5:00:07 PM ETSister.

5:00:10 PM ETTess.

5:00:12 PM EToffset by half a million dollars related to lower bonus accruals and payroll taxes

5:00:12 PM ETSES.

5:00:17 PM ETfor q4 we expect g and a to be around one

5:00:17 PM EThundred and eighty nine million dollars on a non gaap basis

5:00:18 PM ETwhich will include

5:00:21 PM EThundred and fifty six million dollars in underlying g and a

5:00:23 PM ETSister.

5:00:26 PM ETdollars thirty one million in non cash stock compensation although this amount could move

5:00:29 PM ETup or down based on our actual performance

5:00:32 PM ETand two million dollars in higher bonus accruals and payroll taxes

5:00:37 PM ETas we continue to scale our g and a growth is predominantly driven by

5:00:37 PM ETSales.

5:00:39 PM ETfield leadership roles supporting new restaurants

5:00:40 PM ETSelf-structure.

5:00:44 PM ETand we have leveraged g and a over the past several years thanks to our disciplined approach

5:00:46 PM ETto investments in technology and other areas

5:00:46 PM ETShe's a very good

5:00:47 PM ETnot

5:00:51 PM ETin twenty twenty seven and beyond we intend to fuel our

5:00:51 PM ETSeven yeah

5:00:52 PM ETfor growth strategy while also leveraging g and a

5:00:53 PM ETno strategy but also leveraging a

5:00:57 PM ETdepreciation for the quarter was one hundred and three million dollars or three point one percent of

5:00:58 PM ETsales

5:00:59 PM ETYeah.

5:01:00 PM ETit

5:01:01 PM ETyeah.

5:01:02 PM ETand in q4 we expect it to remain in the low three percent range

5:01:02 PM ETyeah, yeah.

5:01:03 PM ETmillion.

5:01:04 PM ETtax rate

5:01:04 PM ETfor

5:01:05 PM ETwas