Good day and welcome to the Chipotle Mexican Grill third quarter 2008 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Chris Arnold, Investor Relations for Chipotle Mexican Grill. Please go ahead.

[Break in audio] for our third quarter ended September 30, 2008. It may also be found on our website at Chipotle.com in the Investor Relations section. Before we being our presentation I will remind everyone that parts of our discussion today will include forward-looking statements within the meaning of the securities laws. These forward-looking statements will include projections of our restaurant comp sales trends, the number restaurants we intend to open, food costs and other expense items, pricing plans, margins and other statements of our expectations and plans. These forward-looking statements are based information available to us today, and we are not assuming any obligation to update them. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. We refer you to the Risk Factors in our annual report on Form 10-K for 2007 as updated in our subsequent 10Qs for discussion of the risks that could impact our future operating results and financial condition. I want to remind everyone that we've adopted a self-imposed quiet period restricting communications with investors during sensitive periods. This quiet period begins on the first day of the last month of each fiscal quarter and continues until the next earnings conference call. For the fourth quarter it will begin December 1 and continue until our fourth quarter release in February. On the call with us today are Steve Ells, our Founder, Chairman and Chief Executive Officer, Monty Moran, our President and Chief Operating Officer, and John R. Hartung, our Chief Financial Officer. After the comments, we will open the call for questions. With that out of the way, I'd like to turn the call over to Steve.

Thanks, Chris. The third quarter was challenging for us. Like many other restaurant companies, we grappled with the nation's economic crisis, rising food, energy and transportation costs, and weakening consumer confidence. And even though we have a lot of very loyal customers in our customer base, we're certainly not immune to these conditions. During the quarter, same-store sales growth continued to decelerate, prompting us to lower our comp estimates for 2008. In spite of the challenges, our same-store sales remained positive at 3.1% on price increases of about 4%. In the third quarter our revenues increased by 18.9% over third quarter 2007 to $340 million, contributing to diluted earnings per share of $0.59, a decrease of 4.8% from the third quarter of 2007. While top line pressure as well as increased commodity costs certainly had an effect on our performance during the period, we believe that remaining focused on our long-term vision to change the way the world thinks about and eats fast food is still the right course for us, and I am pleased to report that Chipotle has never been further along with regard to this strategy. During the quarter we continued to make progress in our effort to serve food made with the very best ingredients. In addition to serving more naturally raised meat than any other restaurant company, including 100% of our pork and chicken and more than 60% of our beef. We made considerable progress toward our commitment to serve produce from local farms. In fact, as we outlined in the second quarter, we're now serving produce from local farms in all of our restaurants when it's seasonally available. Our initial commitment is to purchase at least 25% of at least one produce item from these farms, and if there are opportunities to purchase more…

Thanks Steve. As Steve said, these tough economic times make it harder for customers to afford to eat out, even though Chipotle provides a great value for each dollar spent. We know that some of our customers are forced to visit us a little less frequently than they were a year ago. While these trends continue, we know that it's more important than ever to be at the very top of our game, and we believe that the people culture we're building - a culture that appeals only to the highest performers - will help us continue to strengthen our operations. The centerpiece of our people culture is our Restaurateur Program, and the success of this program makes it clear to us that our investment in these top-performing managers is paying off. As a reminder, our Restaurateurs are our top performers in every way. They run terrific restaurants with better-tasting food and a superior customer experience. They're excellent in hiring crew and developing the crew to become our future Managers. They run great restaurants with lower turnover, lower food costs, and higher margins. Restaurateurs set the standard for every other manager for how a great restaurant should run, and every single Manager we have aspires to become a Restaurateur someday. For this reason our officer team spends a significant amount of time visiting with new Restaurateur candidates to be sure that the people that reach this elite position embody the culture that we're trying to build. We visit potential Restaurateurs along with our Regional Directors and Operational Directors to be sure that everyone is on the same page in setting very high expectations for the taste, appearance and quality of the food, for our top-notch customer service, the cleanliness of our restaurants, and the internal development of our crew, the…

Thanks, Monty. The third quarter of 2008 included a host of macroeconomic challenges, including gas reaching $4 a gallon, the continued meltdown of the financial sector, and the lowest levels of consumer confidence we have seen in quite some time. While we have held up since the economy started to soften about a year ago, the severity of the current environment has made it clear we're not immune. While we continue to deliver the very best customer dining experience we can, as our restaurants Managers and crew work hard to treasure and delight each and every customer, our customers are faced with the challenge of prioritizing how to spend their hard-earned dollars. Though we continue to believe we have extremely loyal customers - perhaps among the most loyal in the restaurant industry - unfortunately this current economic downturn has caused even some of our most loyal customers to visit Chipotle less often. This, along with continued food inflation, has made the third quarter especially challenging. During the third quarter of 2008 we increased revenue by 18.8% over the prior year to $340.2 million. Year-to-date, revenue increased 23.9% to $986.6 million. These increases were driven by new restaurants, a 3.1% increase in comps during the quarter, and a 6.6% comp increase for the year. For the quarter the comp increase was driven by the menu price increase impact of around 4%. During the quarter we did not take any additional menu price increases, so the entire 4% menu price increase was a rollover from increases in prior quarters. While sales held up well in July, they decelerated in August to the low single digits and have continued at that level into September and into October so far. For the full year we continue to expect comps within our previous guidance of…

(Operator Instructions) Your first question comes from David Tarantino - Robert W. Baird & Co., Inc. David Tarantino - Robert W. Baird & Co., Inc.: Just a clarification question on the mention of the trends to date in Q4. Jack, did you indicate that comps were still positive?

Comps are still positive, David, and they're in the very low single-digit range. If you think in terms of the third quarter, we had comps overall of 3.1% and that was made up of a pretty healthy July. We held up well in July. And we had our second quarter call at the end of July and didn't have any idea that this trend was about to happen. And so we saw the trend decline in August to low single-digits and we saw basically that new level continue into September and into October. So to hit the average of 3.1% for the quarter knowing July was pretty healthy will give you an idea that we were in the pretty low single-digits but still positive, David, on a sales basis. David Tarantino - Robert W. Baird & Co., Inc.: In terms of all the commentary on margins, which was helpful, what type of traffic assumption is embedded in that commentary, Jack? Is it in line with what you've seen recently or worse than what you've seen recently?

It's generally in line, David. And because this is a new environment in terms of our customers accepting price increases, I would assume and we have assumed pretty conservative assumptions on what kind of resistance we would see. Our history has shown that we see little or no resistance, but this is a different environment so we remain relatively conservative on how our customer is going to absorb this increase.

Your next question comes from Jeff Farmer - Jefferies & Co. Jeff Farmer - Jefferies & Co.: Jack, can you just remind me how your approaching cost pricing structure works with your suppliers? And I guess more specifically, is there a historical relationship we can look at between your actual protein costs and movements in things like corn and soy?

Yes, Jeff. You can think of our relationship with our suppliers as generally being on a spot market basis. We do have pricing relationships that may go for as long as a quarter, but it's generally not locked. There isn't, like the feed costs, for example, locked. We are working with our suppliers and we've got many smaller suppliers to try to do that, to try to work with them so they can lock the cost of their feed and so that we can have more stability. Generally, Jeff, we will see the cost of our naturally raised meats move with the cost of feed. So as corn moves up and down, it will move. It just doesn't move as abruptly. So when the feed moves up, our costs do move up, but not as abruptly as the commodity market. And the same thing in terms of when it moves down. And there's one fundamental difference that we see with, for example, the cost of our naturally raised chicken compared to commodity. There's some unnatural situations in the commodity chicken environment where chicken prices have been coming down, commodity chicken prices have been coming down, yet chicken suppliers are losing money, going bankrupt, and it's not a sustainable model. Our model's more sustainable, where our suppliers need to make money. And so to the extent that the feed cost is going up or to the extent that feed cost remains high, even though it's pulled back, our prices have not come down, our naturally raised chicken price did not come down really anywhere close to what the commodity chicken has. Ours have really held up. Jeff Farmer - Jefferies & Co.: Just as a follow up to that, the natural question is: Have you seen any of your network of suppliers be pressured or get to a bankruptcy point?

No, we've not seen any indication of that kind of pressure. Jeff Farmer - Jefferies & Co.: And then just one quick clarification. You said 19% to 20% restaurant-level margins in '09, and that includes the benefit of 6% pricing, right?

It does.

Your next question comes from John Glass - Morgan Stanley.

First, Jack, just as a follow up on your comments about the 25% earnings growth long-term, is it possible or is it even probable you won't see any earnings growth next year, just given your comments about restaurant-level margins?

Well, I think in this environment, John, I think you have to consider anything as possible. But I think if you go through your model and you take the kind of margins we're talking about, the kind of openings we're talking about, and the kind of comps we're talking about, and with some slight G&A leverage, I think you'll see that we should have the ability to grow our earnings. I just don't think it's possible for us to, with confidence, say that we can get to that 25%, at least not until there's more clarity and visibility with the economy.

And does that include the buyback you announced tonight or that would be on top of that benefit?

Well, I mean, roughly it includes it, John. But that's contingent upon, we're going to do open market purchases, there's a limit to how much we can buy. And as you know, there aren't that many shares that are being traded, so it will take time. So it's in there, but it's just a matter of your assumption in terms of how quickly we're going to be able to buy the shares back.

And then as a practical matter, why does it matter that you collapse the shares rather than just buy Bs back since it's economically more beneficial to buy the Bs. Why even consider the risk of collapsing the shares?

Well, it doesn't help us run our business at all, but we have many shareholders in fact, most of our largest shareholders - have a significant ownership in the Bs, and so we owe it to them, John. And we think we can do this in a nondistracting way. We can have attorneys look into it. And we won't do it if there's a risk. You know, we have to do it with pretty much 100% certainty that we won't trigger this tax problem. If we're able to do that, it's a benefit to our B shareholders, it removes a potential distraction as some of our shareholders are concerned and sometimes confused because none of us really understand why there's the gap in the Bs, and frankly all of our shareholders benefit because if the Bs do convert to As, we have much more liquidity and I think that's probably better for all of our shareholders.

And our next question is from Jeffrey Bernstein - Barclays Capital.

A couple of questions, the first one related to unit openings. I am just wondering with the targets you put out for next year, whether you contemplated more or less? I know you made a comment with regard to a slowdown in development that was going to impact your growth. I’m wondering if you can give some details on the new construction environment, the terms you’re seeing and how you arrived at the number you did?

Jeff, our inventory building through the first half of the year was going great and we were on target to really shoot for a greater opening number than the 135 to 145, but over the last couple of months, we’ve really started to see that new developments are slow to come out of the ground. We’ve had a couple that look like they’re still real deals, but they’re not going to get done in 2009. The developer, either because of financing problems or just a little bit of a hesitancy, some of those deals are going to be pushed off. So really, I would say most, if not all, of the fact that we’re opening fewer than we’re capable of opening, is because of outside forces, because of the economics. We also are starting to see a little bit of room to negotiate some of these deals to get some better terms, including some better financial terms. It’s not always the case and we are dealing with a new development. The landlord, the developer needs to attract certain rents so he can justify really starting the building in the first place. Those are much, much tougher to find some negotiating room and to improve the terms. But in general we’re starting to see some relaxing of the terms. We’re fortunate that we’re one of the few companies out there that are still growing.

On the pricing, I think you said the pricing for the fourth quarter is going to be in the 6% to 7% range based on when you are implementing the 6% increase. I’m just wondering when you lap the prior 4%? As we look to early ‘09, are we just looking at the 6% or is it going to fall off over time?

Yes, it’ll fall off over time and probably the best way to think about it is of the 6% to 7% that we expect to see in the fourth quarter, roughly half of that is rollover from previous quarters and roughly half of that is incremental in the quarter. As we get into January we have basically in that same kind of 6% to 7%, maybe 8% range for a while and then gradually the prior quarter stuff is going to fall off. Then about three or four months into 2009 you’ve basically got the 6% that I talked about as the incremental.

On the commodities, I think you said mid single-digit inflation in the third quarter. I know you said a lot of it is on spot market, but if things remained where they are right now, what your expectation is for inflation in the fourth quarter? Then bigger picture, what it looks like for ‘09 at this point in terms of an inflation basket?

Just to clarify, in the third quarter we talked about our food costs were 33%. I don’t know that I quoted what inflation was, I haven’t really calculated that. We see our food costs in the fourth quarter moving up toward 34%. That’s mainly the three items that we’ve been talking about on a few calls now because of rice, corn for the salsas and soy oil. We see food costs in the fourth quarter approaching 34%. That would imply about a 3% bump from the third quarter. Then into 2009 we see another mid single-digit kind of inflation in 2009 and that’s where we talked about the fact that our food costs without an incremental menu price increase would be approaching that 35% to 36% range.

In terms of the average check, I’m wondering if you have any fear of pushback on traffic with aggressive pricing? I know you held off on taking pricing for as long as you could, but whether or not there are any test markets or anything you can look back on to give comfort that you’re not going to see further traffic fall-off with more aggressive pricing pushing people and the average check?

Despite the fact that we haven’t raised prices for quite a long time, I should say in our average store, our average store has not experienced a price increase in 20 months. With that in mind – what was my point? When we made those price increase we did not notice any resistance. We noticed no fall off in traffic whatsoever, but the reason Jack made the comment that we’re more cautious now is just because in light of this environment and this economy, we’re not going to go ahead and predict that we will have absolutely no resistance again. So we’re a little more careful to predict that. But a key part of our philosophy is to make our food accessible so we’ve always taken a hard look before raising prices. We’ve continually lagged behind the CPI in doing so. In fact, even during this time of high food inflation we’ve had very few price increases. We are committed to making these much higher quality ingredients available and accessible to everybody and to continue to make our food affordable. That’s the reason for increasing prices at this time. We do not predict that there will be no resistance, but we’ve got confidence that our customers understand that we haven’t raised prices and we’ve been very hesitant to do so; that they understand that our ingredients are better; that they’re very loyal and they’ll understand our doing this. So we are cautiously optimistic that this will be well received.

Great. Thank you for the color.

Our next question is from Steven Rees - JP Morgan.

I just wanted to explore the comp deceleration a bit. If you think about some of your older, more mature markets versus some of your newer units in newer markets that maybe opened up two or three years ago, have you seen any difference between the same-store sales performance in these two different markets or are they all sort of slowing down altogether?

Steve, we have seen a difference really in all layers of opening, and you’ve heard us talk about it before. If you go back and look at the layers of opening, typically our newest restaurants have the highest comps. The next layer of openings has lower comps and the older you go, the lower the comps. But even in this environment of low, single-digit comps our oldest stores -- those that are five-years-old and older -- are right about at flat from a sales standpoint. Now that doesn’t mean that they’re on average negative from a transaction standpoint, but they’re relatively close to flat when our comps are in a very low single-digit range. Our newest openings, those openings from the last few years, they’re still a healthy, positive comp. They used to be healthy well into double-digits; they’re not into double-digits anymore but they are well into the single-digits. So they still have that stair step as you go to the older openings, but every single layer of openings, including our oldest, including our newest, have moved down.

Historically you talked about where the new store volumes have been coming in. Has there been any change there in the more recent openings?

Steve, I would expect the same kind of mix as we’ve talked about on the last few calls. That is about one in three of our openings will be in what we described as new or newer markets; we expect that to really continue for the rest of this year and into 2009 based on the inventory we’ve built so far.

Steve, you talked about exploring new marketing strategies in ‘09 and it sounds like you want to be more explicit with the message in your creative to drive traffic. Can you give us some more color on the types of things you’re looking at? If you think you’re going to break from traditional print and billboard media?

I wouldn’t necessarily look at it that way. We haven’t decided the tactics of what kind of media we would be using. Traditionally though, our message has been generally around brand building and focusing specifically on local store marketing and just introducing awareness of the Chipotle brand. We now know that people are very aware of Chipotle; now we’re specifically going to build a stronger relationship with our customers by talking to them about what differentiates us from the competition and other fast food. Specifically, why the quality of our food is better and why the taste of our food is better. We want this to be able to show increases in transactions directly. So it’s going to be a much more aggressive way of talking to our customers specifically about why we’re better. We’ve always been a little bit hesitant to do that and we think that now is the time to share how special the Chipotle story is.

Our next question is from Jeff Omohundro - Wachovia.

As a follow up to that question that was just asked, it sounds like that’s a further evolution of brand awareness. I’m just wondering if there’s going to be more explicit efforts to drive existing customer frequency and how you might weigh that versus driving a new user trial?

I think it will do both and how that breaks down, I’m not sure. I think it’s too early to be able to make those kinds of predictions. But again, our initial marketing was more of an awareness building and we noticed that we have great awareness. Now we want to specifically drive people in in two ways, to your point: new customers and by strengthening the bond with our existing customers and get them to come in more often. We can do this, we think, by taking an approach that lets them know why we’re different. Specifically, that we are buying better quality ingredients, sustainably raised ingredients and there are many different reasons that these ingredients are good. We’ll show the direct link between that and creating better-tasting food.

How soon do you think you’ll be able to share with us your thoughts in terms of the spend rate either in a dollar amount or as a percentage of sales to support these new efforts?

We don’t anticipate increasing the percentage that we’re going to be spending on marketing but instead, the monies that we spend will be very focused on specifically creating marketing that will drive people in by doing two things: creating the stronger bond with existing customers, and bringing in new customers who may have been aware of Chipotle but haven’t had a reason to actually try it.

Given this challenging macro environment and considering the 135 to 145 unit development target contemplated for 2009, I’m just wondering in the event that the environment continues to be challenging or perhaps worse, just how locked in are you on those targets and do you have the flexibility to maybe push some out into 2010 if that seemed prudent?

Based on what we know today we don’t see that being necessary, but I get the nature of your question. You know, there’s inventory that we built and that we’ve committed to and we have broken ground already; obviously, those are committed to. I would say for roughly half of next year it’s fully committed, we’ve got a signed lease. We’ve done the due diligence, we’re ready to go on those things. In the second half of the year not only could we, if we chose to maybe get out of a deal -- that’s possible, but we don’t anticipate doing that -- but as I mentioned before, it’s possible the developers that we are counting on to deliver space to us in the second half of next year that we might get opened, that they may not be able to do so or they may not get the financing so they just slow their whole development. Just as another point of reference, we’ve already, through three quarters, generated $150 million of cash this year. We generate a lot of cash, a lot more cash than our EPS suggests because of things like the deferred rent that you’re able to look at in our 10-K when you look at the statement of cash flow. Stock option expense is not cash-generating. When you look at our statement of cash, we generate a lot of cash notwithstanding the EPS that we are reporting. We fully expect with that opening total to more than fund those and have cash left over.

Your next question comes from Jason West - Deutsche Bank.

I believe you guys mentioned that the food margin would be in the 35% to 36% range in ‘09 without pricing, but can you tell us roughly what it might look like if you include the pricing that you’re going to take?

That 6% incremental that we’re talking about will cover about 200 basis points of food costs. So if you take the 35% to 36% range, assuming all our projections are correct and knock 200 basis points off of that, that’s about what the price increases will do. So it would be in the 33% to 34% range.

A bigger picture question on the margins, you guys do run restaurant margins at the high end of the industry, even though you’re a fairly young company. What is the reasoning? Why do you think this model should continue to support those margins over the long term in a pretty competitive market? Would you weigh that versus holding on to market share and traffic, maybe take some off of the premium margins that you have today?

Here’s the way I would answer why this model works and why we’re able to enjoy the margins we are. We have driven a large part of that margin, or a big part of that margin. It’s a very focused model: we have not changed the menu, we have not thrown gimmicks at our operating teams and so we’ve been able to run extraordinarily efficient labor, extraordinarily efficient food costs. We can manage our food costs. This is all while we’re preparing all this great food. Our crews come in and our managers come in very early in the morning to prepare all this food, and yet because we’re so focused we can be very, very, very efficient. We have not been funding these attractive margins by really high menu prices. In fact, we are funding basically the ability to go out buy this very expensive, very high quality food and basically charge about the same price as other competitors within this category. So if you look at other fast casual providers, look at their menu prices versus us -- and this is even after the menu price increase that I’m talking about -- we are on par with them. Yet if you look at our food costs, our food costs are much, much higher. Our food quality is much, much greater than any of those competitors. So we’re offering our customers a much better value by buying this high quality, premium food and charging the same prices. We’ve earned these high margins by basically starting with and then protecting a very efficient unit economic model.

Your next question comes from Sharon Zackfia - William Blair.

Jack, it looks like your new unit productivity came in actually in line with what you’ve been saying for so long after having beaten out as a percent of comp sales, I think forever. I’m just wondering, have you seen that stabilize? Has it continued to run at that 85% of comp sales as we got into September and October?

Well it’s not in the 85%, Sharon. It’s more in that below 80%, 75% to 80% or so that we talked about on the last two calls. From a dollar standpoint, I’ve been talking about on average it’s between a $1.35 million and $1.4 million on average and it’s staying right within that range. So you’re right to observe that the openings are still holding, hanging right in there. We’re delighted by that because that, along with the expectations of these margins in the 19% to 20% range in spite of food inflation and with the menu price increase, allows us to invest more in capital in opening up the next round of openings.

Secondarily, now that you’re projecting, if you add up all the components, slightly slower sales growth in 2009, how should we think about the dollar growth in your G&A? Is that going to settle more in the mid-teens going forward? I know you’re expecting leverage but I’m trying to figure out what the right dollar run rate is at this point for your company.

I haven’t thought about it that way, Sharon. What I would do -- and I know you can back into the number -- is I would expect that we could hopefully see some slight G&A leverage. We saw extraordinary leverage the year we went public and last year we saw some nice leverage as well. You won’t see that again but we do hope that we’ll see maybe 10, maybe 20 slight G&A leverage in that kind of range. Now of course it depends on a lot of factors. It depends on what our sales really do, what happens with the economy. It depends on wage inflation and things like that, but we’ve always managed our business in a disciplined way. We don’t feel like we have to all of a sudden become disciplined because the economy is tough. It’s just who we are and what we do. I think we can inch out a little bit more G&A leverage into next year and hopefully each year. But it will be inching it out rather than taking big bites of G&A leverage.

Lastly just to clarify, if comps so far in October are running in the very low single-digit range, should we expect it to be a little bit better for the full quarter as you take the price?

It all depends on how well our customers can endure the price increase. We’re remaining cautious and we’re assuming our customers are going to struggle with this a little bit. Yet the facts that we have on our side is typically our customers have generally not resisted. Offsetting that though, this is a tougher environment. This is the toughest environment we’ve ever taken a price increase in and so we’re being very cautious about that, Sharon. We’re assuming that it will stay in that same very low single-digit comp level even with the price increase, but that remains to be seen. We took the first price increases; in fact, we saw your note on it last Friday. This is really just days into it.

We have time for two more callers. Our next question is from David Tarantino - Robert W. Baird.

A follow-up, Jack, on a couple of line items. Pre-opening costs looked a little high relative to the number of units that were opened in the quarter. I was wondering if you could help us understand what’s going on there? Maybe it was the entry into Toronto? Was there something else going on there?

It wasn’t really Toronto much at all, David. The way I looked at it is, look at the pre-opening costs more on a year-to-date basis because we only opened 20 restaurants during the quarter, but we have a lot in the pipeline. To meet our range of 130 to 140 we’re going to have more openings in the fourth quarter and we’ve got a bunch keyed up for the first quarter of next year as well. So pre-opening costs, we’re starting to incur those on the stores that have not yet opened. Now if you look at it on a year-to-date basis, it’s in the $94,000 per store range. That’s a little higher than we’ve typically seen, we’ve typically seen more in the $80,000 range. But when you look at the $94,000 two-thirds of that is non-cash. So we’re not really spending more cash on these openings, but because of the straight line rent calculation, because of some of these higher occupancy cost markets we are going into, we have to book a journal entry that’s recorded to the pre-opening expense, but two-thirds of that number is non-cash, it’s non-economic. It’s another reason why we’re able to generate as much cash as we are, despite the [inaudible] that we report.

The other line item, asset disposal loss, it looked like that was up $1 million sequentially. Was there something going on there that made that high or is that the run rate that you would expect going forward?

It’s really more that we’ve just been a little bit more aggressive throughout the year in taking a look at our older stores and upgrading, doing some remodels in those stores and so write-offs have been up just a little bit. Denver is one of the markets in particular that we’ve really taken a look at. It’s by far our oldest market and some of the stores are starting to look tired. So we’ve done some things to spruce it up. We’ve got a new, great looking counter that displays our food in a much better way. Our food just looks better with greater visibility with this new counter. So we made some investments in some of our older restaurants and that means we’ve had to write-off some of the older assets. I would expect that was a little bit of a bump up and we should probably retreat back to a normal run rate like you’ve seen in the past.

Our last question comes from Nicole Miller Regan - Piper Jaffray.

I might have missed it, Jack, but what was the cash balance at quarter end?

$212 million.

And CapEx for ‘09, is it the same as ‘08?

We haven’t communicated that but it will be in the same ballpark, Nicole, because our openings are going to be about in the same ballpark as well.

I might have missed this as well, but why are you buying back only the B shares?

Because they’re on sale.

Okay. That’s all I had.

Every time we buy one of those we’re buying 10 votes, so clearly it’s just economical. We can buy a lot more shares with our $100 million by buying the Bs than we could if we bought the As.

I would like to turn the call back to Chris Arnold for closing comments.

Thank you all for your time today and we’ll look forward to speaking with you next quarter. Thanks everyone.