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    Kelly Merrill

    Vice President and Research Analyst at Morgan Stanley

    Kelly Merrill is a Vice President and Research Analyst at Morgan Stanley, specializing in technology sector analysis with an emphasis on software and enterprise service companies. Merrill provides coverage for firms such as Microsoft, Salesforce, and ServiceNow, and is recognized for delivering insightful investment recommendations with a solid track record; recent performance data indicate a success rate near 65% and above-benchmark annualized returns on published calls. Beginning his career after graduating from the Wharton School, Merrill joined Morgan Stanley’s technology group as an analyst and has since advanced to his current role, having previously held analytical positions at firms including Goldman Sachs. He maintains active FINRA registration and holds Series 7 and Series 63 securities licenses, underscoring his professional credibility and regulatory compliance in the financial industry.

    Kelly Merrill's questions to Texas Roadhouse (TXRH) leadership

    Kelly Merrill's questions to Texas Roadhouse (TXRH) leadership • Q2 2025

    Question

    Kelly Merrill, on behalf of Brian Harbour at Morgan Stanley, asked what was driving commodity inflation besides beef and if there were any offsets. She also inquired about potential labor efficiency initiatives to counteract the commodity cost pressures.

    Answer

    Michael Bailen, Senior Director & Head of IR, stated that beef is the primary driver of commodity inflation, with other proteins being only slightly inflationary and some minor offsets from produce. He explained that operators are always focused on efficiency but the company is not mandating any specific scheduling changes, as they staff for current and future sales levels.

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