 Ron Shaik, Panera Bread, thanks for taking the time today. Ryan, good to see you again. I have to ask, so you're putting sugar counts on cups. What made you do this? Because I don't see this anywhere else. We have had this long-standing 20-year commitment to really serving people and being their ally for wellness, serving them food that they can feel good about. One of the things that we did this year is roll out a line of lighter beverages in which there's lighter levels of sugar or no sugar, a range of options. One of the things we found when we did that is 10% of customers moved from heavily sugared beverages to beverages that have less sweetener in them. Very interestingly, we did a piece of research recently, found out that 99% of people don't know how much sugar is in their beverages. So we said, listen, if we're going to serve people, let's put it out there. Do you know in this soft drink, there's 17 teaspoons of sugar? I actually didn't know until I read the cup. Do you know what 17 teaspoons means? I mean, just think physically. You've probably got 20% of this cup is pure sugar. That one cup is more than the US dietary guidelines for the amount of sugar you should consume in a day. And all we're saying is people should know what they're doing. It's an indulgence. It's no different than having two chocolate chip cookies in their days. We all have it, but we want to challenge people to think about what's in their food in service of them. Do people want to know this? Do people have people telling you, say, I want to know how much sugar is in this? Yeah, I think what people really want is they want to be informed so they can make good decisions for themselves. And all we're trying to do is serve people. We're not the food police. We're not telling people what to do. Hey, we're straight up, we sell soda, but we also want to give them real options. We have unsweetened teas. We have a range of lightly sweetened beverages, prickly pear, which I love. This is good stuff, you know? And we're saying, hey, think twice, understand what you got, understand what the guidelines are, indulge you when you want, but on the other hand, take care of yourself. Isn't there a sales hit to this? Sales hit? No, you kidding me? How do you ever get in trouble building trust with consumers? I mean, listen, Panera's had the best performance of any restaurant stock when measured over the last 20 years. I mean, anybody. Twice the performance of Starbucks, three times the performance of Chipotle. And you know, we have been up 97-fold, almost a hundred times at a time when the S&P was up twice, and that's the last 20 years. In fact, we had a performance of 26% per annum. How did we do that? We did that by building trust with consumers, by serving consumers and giving them things of value, and this is part of that. You know, I've very much followed this journey along with you, taking out artificial flavors and ingredients. Yes. We've talked about this numerous times. Why don't we see other people in the industry doing this? Every time Panera... I just feel like you're the only one. Well, we take the lead, but we encourage everybody to follow us, you know, and they have. And it's a great thing, and that's part of how we think we add value. We welcome anybody, anybody in our industry to come see us. If they'd like help with this, our friends at Chipotle, we'd be more than happy to help them if they wanna make some of these kinds of changes. Interesting. So you are now a private company? We are. Are you gonna miss the earnings calls? A little bit, you know, it's interesting. I actually very much find the whole process. You know, I used to spend 20% of my time telling people what we just did, 20% of my time telling them what we're about to do. I enjoyed it and made us think, but on the other hand, it wasn't productive work in a real sense of the word. And now we have one, we have basically just a couple of shareholders. They're basically on our board. They're completely supportive of our long-term vision. And I actually believe that the key to Panera's success has been our ability to make long-term decisions like labeling sugar on our cups in the interests of guests. And our ability to continue to do that is better served as a private company. The reality, Brian, is long-term money, when I first went public 26 years ago, used to be in the public marketplaces. Today, long-term money is in the private market. And this is a far better way to make long-term decisions through the right thing for our guests. It also gives us the opportunity to provide equity for broad swatches of our management team. It gives us an opportunity to really protect our franchisees. It serves all of our stakeholders and gives us an opportunity to... How has your role started to evolve early on? Have you seen it starting to change a little bit? I haven't, nothing's changed. I mean, literally, I go to work every day exactly as I did. We worry about the same kinds of things. The only difference is I feel like I have more time. You know, I literally, you know, we run on an annual calendar. My calendar, about 25% of my meetings got wiped away. And the part I love is the doing of the doing and really caring for customers in this organization. And we have more time to do that. You recently came out, you said you were hiring 10,000 delivery drivers and you're really now starting to make this delivery push. I remember when you first told me this was even happening. This is a big change in the industry to deliver sandwiches. For many years, we've just seen delivery players just being pizza. Now things are starting to shift. Yeah, I mean, I think Panera's had this phenomenal success because particularly in the last six years, we've captured four or five of the central themes that are now driving this industry. And we've been working on them for over a half decade. You go back, you look at digital. We now have, we're now running, we're now running a digital business. It's over a billion dollars. 27% of our sales are digital. It's among the largest in the country. Powerful thing. But five years it took us and $150 million to build that out. Secondly, you see us with clean food as an ally for wellness. We were the first people to have 100% clean, menu free of artificial colors, flavors, preservatives and sweeteners. I think third, you hear us talking about loyalty. We have the largest loyalty program in the country. 27 million members, over 50% of our sales are now through that loyalty program, just pushing 53%. And to your point, Brian, we were among the very first people to understand the power of omnichannel and delivery. Panera grew as an eating business. It evolved to a to-go business. And we see people who want food in their offices, whether it be for large meetings, we call it catering. Whether it be for small meetings, we call it small order delivery. It's a powerful thing. And it's a powerful initiative for Panera. We're blessed. We're in the sweet spot of what delivery means. We started testing it now over five years ago. We've evolved through it. We know how to deliver. We know the economics of it. We know the vines. And I'll announce today, we have told the world we expected to have 30% to 40% of our stores on delivery. By the end of 2017, I can tell you, we absolutely are going to beat that number. That's unbelievable. Switching gears a little bit, you recently penned a letter after everything that happened in Charlottesville. You called it, quote, distressing. It was a distressing, distressing few days. Absolutely. What made you step up and put that letter? Let's say on Twitter. What made you do that? I often speak to people within Panera about issues and how we, Panera, relate to the community. And I just felt that what went on last week in America was a powerful statement of American values. At the very core, the world is, I actually was at some level feeling elevated by it. I mean, you had a whole set of actions. You had a whole set of discussions. And you ultimately saw three things happen. You saw the rule of law work. I mean, literally, you saw these guys that ran down other people. You saw them get arrested. You saw America work. Secondly, you saw our checks and balances kick in. You had folks from all kinds of political persuasions that stepped up. I think it was yesterday Tim Scott, the African-American Senator, Republican Senator from South Carolina, Jim Corker, the senator from Tennessee, another Republican leader. You saw Jeff Flake step up. And you've seen folks on both sides of the aisle step up and say, this isn't American values. And so I think in so many ways, this is an affirmation of what you've seen, the reaction to it of what makes things great in America. And it's consistent with the values that have been at the roots of Panera for 25 years. We welcome into Panera any law-abiding person, any who is respectful of other people. And to the degree that what we saw in Charlottesville was disrespectful, we oppose it. To the degree that, like-minded people, want to discuss issues, debate them, we're a community center across this country. Have you been surprised at how the CEO community has just disbanded in this manner and how rapidly it has unfolded? You know, I think people misunderstand often. Actually, none of us are able to really walk in each other's shoes. And I think this idea that all we CEOs are interested in is the profit of our companies doesn't get it. We're citizens first. And we care deeply about these issues. I have 100,000 team members that are part of Panera. And I often get up, and I'll make a speech, and I'll sit there as I'm speaking, and I'll think to myself, I got the responsibility for these guys' lives, their families, their mortgages. I had better really take that responsibility seriously. And the decisions we make better be right. I feel that same way as a citizen of this country. And for me, not to speak up and not to give voice to what I think is America's greatest strength and what is the core of our values, that this is not a society of hate, but this is a society of inclusion and tolerance. Boy, that would be a failure of not my role as a CEO, but my role as a human being as a responsible citizen. You know, Kadee, and we'll leave it on this, you know, can CEOs ultimately work with this type of administration? Do they eventually band back together and rejoin this at some point? I think we've never left. I mean, the reality is we as CEOs, we're dealing on multiple levels. We're dealing at the level of our individual businesses, at the level of our industries, but we also work in the broader society. If the broader society is in pain and in conflict, we have an obligation to speak up. And so I will tell you that my friends, Ken Frazier's a friend, the CEO. First one to stand up. First one to stand up. I respect him deeply. And I think that all of us have an obligation to speak up in our communities and to do what creates a great context for our businesses. That's, you know, we cannot simply think about our role as extracting maximum profit without understanding that we have responsibilities to the communities in which we live, to our team members, and to the broader society. Well, Ron, thanks for taking the time. Teri, I appreciate it, and I have not forgotten your stock symbol yet. Don't be a stranger. Thank you very much. Neither have I. Take care.