Chipotle Mexican Grill, Inc. (CMG) CEO Brian Niccol on Q3 2020 Results - Earnings Call Transcript

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Chipotle Mexican Grill, Inc. (NYSE:CMG) Q3 2020 Results Conference Call October 21, 2020 4:30 PM ET

Company Participants

Ashish Kohli - Head, IR

Brian Niccol - Chairman and CEO

Jack Hartung - CFO

Conference Call Participants

David Palmer - Evercore ISI

Katherine Fogertey - Goldman Sachs

David Tarantino - Baird

Jon Tower - Wells Fargo

Andrew Charles - Cowen

Nicole Miller - Piper Sandler

Sharon Zackfia - William Blair

Jeffrey Bernstein - Barclays

Peter Saleh - BTIG

Dennis Geiger - UBS

Sara Senatore - Bernstein

Lauren Silberman - Credit Suisse

Gregory Francfort - Bank of America

Andy Barish - Jefferies


Good afternoon and welcome to the Chipotle Third Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ashish Kohli, Head of Investor Relations. Please go ahead.

Ashish Kohli

Hello, everyone and welcome to our third quarter 2020 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management’s current business and market expectations and our actual results could differ materially from those projected in the forward-looking statements.

Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Qs for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via

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