It was a great turnaround, definitely well-deserved. Could you give us your perspective on what is currently happening in terms of performance? We have seen Chipotle go from positive same-store sales and their normal algorithm, to somewhat of an underperformer in the last few quarters. What do you think is driving that?

For Chipotle, value for money was traditionally ranked five or six, but it has now risen to number one or two. This represents a significant shift in consumer motivations. Chipotle is responding with initiatives like the "build your own deal" recently announced. Scott Boatwright mentioned that they will be communicating value more effectively. Chipotle has never been aggressive like McDonald's with a $5 meal deal, but there will be a more refined communication of value.

It was a great turnaround, definitely well-deserved. Could you give us your perspective on what is currently happening in terms of performance? We have seen Chipotle go from positive same-store sales and their normal algorithm, to somewhat of an underperformer in the last few quarters. What do you think is driving that?

Another significant pivot is the catering approach. Chipotle has never excelled in catering, but it is not a difficult endeavor. Most restaurant brands offer catering, and those who do it well in the U.S. generate 10% of their total sales from it, while Chipotle's is less than 2%. It doesn't require much additional capital or infrastructure as long as you can manage a flow of advance orders without disrupting regular customers. It is essentially easy money. Closing the gap from 2% to 10% of total sales through catering would be a substantial driver.

It was a great turnaround, definitely well-deserved. Could you give us your perspective on what is currently happening in terms of performance? We have seen Chipotle go from positive same-store sales and their normal algorithm, to somewhat of an underperformer in the last few quarters. What do you think is driving that?

There is a public plan to introduce more automation, starting with obvious tasks like cutting vegetables, which will save labor and improve menu compliance. This extends to automated chip fryers, avocado pitters, and the double-sided plancha. These innovations will improve efficiency, reduce labor, and, in the case of the plancha, have been announced for rollout. The plancha will grill chicken, steak, and fajitas faster, reducing cooking time from 12 to 6 minutes, offering savings.