Event Overview - Crypto platform promotes a time-limited event from September 22 to September 28 [1] - The event encourages user participation with potential rewards [1] User Incentives - New users can receive a 10 USDT bonus on their first futures trade [1] - Referral program offers 10 USDT to both the referrer and the new user when the new user trades any pair for 500 USDT [1] Trading Opportunities - Users have the opportunity to track new coin trends and unlock weekly gains [1] - Trading over 10,000 in weekly new futures allows users to win a share of an 11,888 prize pool [1]

Promotion Overview - Crypto platform promotes market synchronization for crypto opportunities [1] - Promotion period: September 15, 10:00 – September 21, 14:00 (UTC) [1] Rewards and Incentives - Double rewards for new users, with a prize pool of $11.888 thousand [1] - Referral program: Both referrer and referee receive 10 USDT if the referee trades any pair for 500 USDT [1] - New users receive a 10 USDT bonus on their first futures trade [1] - Users trading over 10,000 in weekly new futures can win a share of 11.888 thousand [1] Trading Focus - Encourages tracking new coin trends to unlock weekly gains [1]

Financial Data and Key Metrics Changes - Sales for the second quarter grew 3% year over year to reach $3.1 billion, including a comparable sales decline of 4% [8][27] - Restaurant level margin was 27.4%, a decline of 150 basis points year over year [8][27] - Adjusted diluted EPS was $0.33, representing a 3% decline over last year [8][27] - Cost of sales in the quarter were 28.9%, a decrease of about 50 basis points from last year [28] - Labor costs for the quarter were 24.7%, an increase of about 60 basis points from last year [30] - Other operating costs for the quarter were 14%, an increase of about 110 basis points from last year [31] - The company ended the quarter with $2.1 billion in cash and no debt [34] Business Line Data and Key Metrics Changes - Digital sales accounted for 35.5% of total sales [8] - The company opened 61 new restaurants, including 47 Chipotlanes [8] Market Data and Key Metrics Changes - The company anticipates comparable sales to be about flat for the full year due to ongoing volatility in consumer trends [9][28] - The two-year comparable sales trend was around 8% in June, with July showing a range of 7% to 8% [48] Company Strategy and Development Direction - The company aims to enhance its value proposition through better execution, menu innovation, and an amplified rewards program [10] - Key strategies include operational excellence, brand visibility, technology and innovation, expanding access through new restaurant openings, and sustaining leadership in people development [10][11] - The company plans to test a new catering platform in the fall, targeting a significant growth opportunity [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about operational improvements and the potential for growth, citing a strong plan to drive consistent transaction growth [25][26] - The company is confident in returning to mid-single-digit comparable sales growth as macro conditions improve [54][68] Other Important Information - The company has begun rolling out high-efficiency equipment to improve operational efficiency and culinary quality [12][101] - The "Summer of Extras" marketing initiative successfully engaged 5 million participants, with a notable increase in enrollments and transaction frequency [40][41] Q&A Session Summary Question: Digital marketing effectiveness and future strategies - Management reported positive results from the "Summer of Extras" program, with a 14% year-over-year increase in enrollments and significant engagement from low-frequency users [39][40] Question: Trends through the quarter and consumer sentiment - Management noted a decline in consumer sentiment in May, but a rebound in June due to marketing initiatives, with expectations for continued improvement [47][48] Question: Outlook for mid-single-digit comp growth - Management believes that macroeconomic factors are currently impacting performance, but they are confident in their strategies to achieve growth as conditions normalize [66][68] Question: New store productivity and regional performance - New store productivity remains strong at around 80%, and management indicated that regional performance trends are consistent across the board [58][85] Question: Competition and consumer behavior - Management acknowledged some share loss in April and May but reported a return to share gains in June and July, indicating that competition is not a significant concern at this time [77][78]

Platform Mechanics - Platform requires trading activity to unlock rewards [1] - Referrals accelerate reward unlocking, likely tied to referral trading volume [1] Reward Value Concerns - USD value of rewards may decrease significantly by the time they are unlocked [1]