Can somebody, please help me with my Financial Analysis Class project, here are the instructions: Project Requirements and Instructions Sheet

Objective

As a financial statement analyst, select two organizations in the same industry and analyze their financial statements over time. The financial analysis period must be, at a minimum, the three most recent years. You are required to evaluate the financial performance of a publicly traded US Corporation.

Choosing your firm

You will analyze: Chipotle and Jack in the Box

Description

You will be analyzing your companys annual report (10-K filing). . Much of the information provided in corporate annual reports and in the 10-K is dictated by Generally Accepted Accounting Principles (GAAP) and by the Securities and Exchange Commission (SEC). Specifically, GAAP requires annual reports to disclose four financial statements: a Balance Sheet, a Statement of Cash Flows, an Income Statement, and a Statement of Retained Earnings. Therefore, the main responsibility of this project is to draw conclusions from the data that has been gathered, determine the relevant position of each of the corporations in all of the analyses performed, and do so in a way that is understandable to others. Therefore, you must prepare a short description of the analysis and must include the following sections:

• Executive Summary

• Ratio Calculation

• Ratio Analysis

• Projected financial statements including income statements, balance sheets, and statements of cash flows

• Your opinion on the overall financial health of each company

The executive summary should include an explanation of the business itself, background information on each company, including product lines, geographical locations, and the company's position in the industry.

The Ratio Calculations should be done in a table in Excel and included with your submission. The following ratios should be included for each company and for 2 years :

• Working Capital
• Current Ratio
• Total Debt to Total Equity Ratio
• Times Interest Earned
• RNOA
• ROCE

The ratio analysis should include an explanation of the importance of each ratio, what the ratio tells you about each company, how the ratio changes from year to year, and which company appears better based on each ratio.

The Projected financial statements should be done in Excel. * You will need to make necessary adjustments for material non-recurring or unusual income or expenses as well as off-balance sheet assets or liabilities, among others as covered in the course. The adjustment will improve comparability and ensure accurate representation of the organization's economic performance. Be sure to identify important assumptions regarding the companies, industry and business environment, and other important assumptions for estimates and forecasts, including their business strategies.

Your opinion of the overall financial health of the company should reflect everything you have learned throughout the course as to the analysis of financial reporting.

You should include:

• The financial statements from the companies you analyzed
• The Excel Ratio Table Calculations
• The Excel Projected Financial Statements

Please include Excel spreadsheets with all computations. Bellow is the Data for Chipotle Statement of Income for Chipotle

Consolidated Balance Sheet for Chipotle

Statement of Cash Flow for Chipotle

Below is the Data for Jack in the Box Statement of Income for Jack in the Box Consolidated Balance Sheet for Jack in the Box Statement of Cash Flow for Jack in the Box

Year ended December 31, 2018 2020 2019 2017 2016 $ $ $ $ 4,476,412 $ 3,904,384 Statement of Income: Food and beverage revenue Delivery service revenue Total revenue Food, beverage and packaging costs Labor costs Occupancy costs Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Impairment, closure costs and asset disposals Total operating expenses Income from operations Interest and other income, net Income before income taxes Benefit (provision) for income taxes Net income Earnings per share: Basic Diluted Weighted average common shares: outstanding Basic Diluted 5,920,545 64,089 5,984,634 1,932,766 1,593,013 387,762 1,030,012 466,291 238,534 15,515 30,577 5,694,470 290,164 3,617 293,781 61,985 355,766 5,561,036 25,333 5,586,369 1,847,916 1,472,060 363,072 760,831 451,552 212,778 11,108 23,094 5,142,411 443,958 14,327 458,285 (108,127) 350,158 4,860,626 4,359 4,864.985 1,600,760 1,326,079 347,123 680,031 375,460 201,979 8,546 66,639 4,606,617 258,368 10,068 268,436 (91,883) 176,553 4,476,412 1,535,428 1,205,992 327,132 651,644 296,388 163,348 12,341 13,345 4,205,618 270,794 4,949 275,743 (99,490) 176,253 3,904,384 1,365,580 1,105,001 293,636 641,953 276,240 146,368 17,162 23.877 3,869,817 34,567 4,172 38,739 (15,801) 22,938 $ $ $ $ $ $ $ 12.74 12.52 $ $ 12.62 12.38 $ $ 6.35 6.31 $ $ 6.19 6.17 $ $ 0.78 0.77 27,917 28,416 27,740 28,295 27,823 27,962 28,491 28,561 29,265 29,770 December 31, 2018 2020 2019 2017 2016 $ $ s Balance Sheet Data: Total current assets Total assets Total current liabilities Total liabilities Total shareholders equity $ S 1,420,237 5,982,896 822,199 3,962,761 2,020,135 GA 1,072,204 $ 5,104,604 $ 666,593 3,421,578 $ 1,683,026 $ 814,794 $ 2,265,518 $ 449,990 S 824,179 $ 1,441,339 $ 629,535 S 2,045,692 S 323,893 $ 681,247 $ 1,364,445 $ 522,374 2,026,103 281,793 623.610 1,402,493 S S $ CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, 2020 2019 $ 607,987 104,500 26,445 54,906 282,783 343,616 1,420,237 1,584,311 102,328 27,849 2,767,185 59,047 21,939 5.982.896 480,626 80,545 26,096 57,076 27,705 400,156 1,072,204 1,458,690 27,855 2,505,466 18,450 21,939 5.104,604 $ $ $ Assets Current assets: Cash and cash equivalents Accounts receivable, net Inventory Prepaid expenses and other current assets Income tax receivable Investments Total current assets Leasehold improvements, property and equipment, net Long-term investments Restricted cash Operating lease assets Other assets Goodwill Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable Accrued payroll and benefits Accrued liabilities Unearned revenue Current operating lease liabilities Total current liabilities Commitments and contingencies (Note 12) Long-term operating lease liabilities Deferred income tax liabilities Other liabilities Total liabilities Shareholders' equity Preferred stock, 30.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2020 and 2019, respectively Common stock, $0.01 par value, 230,000 shares authorized, 36,704 and 36,323 shares issued as of December 31, 2020 and 2019, respectively Additional paid-in capital Treasury stock, at cost, 8,703 and 8,568 common shares as of December 31, 2020 and 2019, respectively Accumulated other comprehensive loss Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 121,990 203,054 164,649 127,750 204,756 822,199 115,816 126,600 155,843 95,195 173,139 666,593 2,952,296 149,422 38,844 3,962,761 2,678,374 37,814 38,797 3,421,578 367 1,549,909 (2,802,075) (4,229) 3,276,163 2,020,135 5,982,896 $ 363 1,465,697 (2,699,119) (5,363) 2,921,448 1,683,026 5,104,604 $ 2018 176,553 201,979 10,585 61,987 125 69,164 (2,918) CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2020 2019 Operating activities Net income 355,766 $ 350,158 $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 238,534 212,778 Amortization of operating lease assets 184,538 163,952 Deferred income tax provision 108,350 29,962 Impairment, closure costs, and asset disposals 28,874 15,402 Provision for credit losses 164 33 Stock-based compensation expense 82,626 91,396 Other 3,643 (10,592) Changes in operating assets and liabilities: Accounts receivable 3,010 (2,630) Inventory (394) (4,530) Prepaid expenses and other current assets (11,442) (23,066) Other assets (26,577) 2,818 Accounts payable (3,859) (973) Accrued payroll and benefits 76,683 11,759 Accrued liabilities 5,596 36,543 Unearned revenue 36,958 30,400 Income tax payable/receivable (255,251) (32,083) Deferred rent Operating lease liabilities (165,154) (151,557) Other long-term liabilities 1,782 1,862 Net cash provided by operating activities 663,847 721,632 Investing activities Purchases of leasehold improvements, property and equipment (373,352) (333,912) Purchases of investments (468,418) (448,754) Maturities of investments 419,078 476,723 Proceeds from sale of equipment 13,969 Acquisitions of equity method investments (10,025) Net cash used in investing activities (432,717) (291,974) Financing activities Acquisition of treasury stock (54,401) (190,617) Tax withholding on stock-based compensation awards (48,555) (10,420) Other financing activities (1,895) (698) Net cash used in financing activities (104,851) (201,735) Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,076 406 Net change in cash, cash equivalents, and restricted cash 127,355 228,329 Cash, cash equivalents, and restricted cash at beginning of year 508,481 280,152 Cash, cash equivalents, and restricted cash at end of year 635,836 $ 508,481 $ Supplemental disclosures of cash flow information Income taxes paid 85,010 $ 109,571 $ Purchases of leasehold improvements, property, and equipment accrued in accounts payable and rued liabilities 46,975 $ 36,886 $ Acquisition of treasury stock accrued in accounts payable and accrued liabilities $ $ (8,298) (1,722) (3,811) (2,005) 32,080 29,568 14,831 6,829 14,439 21,297 869 621,552 (287,390) (485,188) 385,000 (387,578) (160,937) (5,411) (187) (166,535) (1,457) 65,982 214,170 280,152 $ S 67,053 $ S 30,870 2,474 JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) Fiscal Year 2019 2020 2018 S Revenues: Company restaurant sales Franchise rental revenues Franchise royalties and other Franchise contributions for advertising and other services 348,987 $ 320,647 178,319 173,553 1,021,506 336,807 $ 272,815 169,811 170,674 950, 107 448,058 259,047 162,585 869,690 Operating costs and expenses, net: Food and packaging Payroll and employee benefits Occupancy and other Franchise occupancy expenses Franchise support and other costs Franchise advertising and other services expenses Selling, general, and administrative expenses Depreciation and amortization Impairment and other charges, net Gains on the sale of company-operated restaurants 128,947 129,089 71,803 158,319 11,593 102,449 106,540 54,157 210,038 13,059 180,794 80,841 52,798 (6,493) (3,261) 790,922 230,584 41,720 66,743 122,121 32,727 89,394 370 89,764 S 97,699 100,158 50,613 166,584 12,110 178,093 76,357 55,181 12,455 (1,366) 747,884 202,223 1,484 84,967 115,772 24,025 91,747 2,690 94,437 $ Earnings from operations Other pension and post-retirement expenses, net Interest expense, net Earnings from continuing operations and before income taxes Income taxes Earnings from continuing operations Earnings from discontinued operations, net of income taxes Net earings 104,816 59,422 18,418 (46,164) 636,243 233,447 1,833 45,547 186,067 81,728 104,339 17,032 121,371 S 3.87 S 0.02 3.88 S 3.55 $ 0.10 3.66 $ 3.66 0.60 4.26 Net earnings per share basic: Earnings from continuing operations Earnings from discontinued operations Net earnings per share (1) Net earnings per share - diluted: Earnings from continuing operations Earnings from discontinued operations Net earnings per share (1) 3.84 S 0.02 3.86 S 3.52 $ 0.10 3.62 $ 3.62 0.59 4.21 S Cash dividends declared per common share S 1.20 S 1.60 $ 1.60 (1) Earnings per share may not add due to rounding. JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) 2020 89.764 $ Fiscal Year 2019 94,437 $ 2018 121,371 S Net earnings Cash flow hedges: Net change in fair value of derivatives Net loss reclassified to earnings (23,625) 24,328 703 (3,165) (2,462) 18,769 3,455 22,224 (5,725) 16,499 Tax effect Unrecognized periodic benefit costs: Actuarial gains (losses) arising during the period Actuarial losses and prior service cost reclassified to earnings (4,875) 44,616 39,741 (10,340) 29,401 (62,377) 3,917 (58,460) 15,176 (43,284) 31,478 4,988 36,466 (9,544) 26,922 Tax effect Other: Foreign currency translation adjustments Tax effect Derecognition of foreign currency translation adjustments due to sale 6 (2) 76 80 Other comprehensive income (loss), net of taxes 29,401 (45,746) 43,501 Comprehensive income S 119,165 $ 48,691 $ 164,872 JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) September 27, 2020 September 29. 2019 ASSETS $ Current assets: Cash Restricted cash Accounts and other receivables, net Inventories Prepaid expenses Current assets held for sale Other current assets Total current assets Property and equipment, at cost: Land Buildings Restaurant and other equipment Construction in progress 199,662 $ 37,258 78,417 1,808 10,114 4,598 3,724 335,581 125,536 26,025 45,235 1,776 9,015 16,823 2,718 227,128 100,460 914,311 112,675 4,984 1,132,430 (796,448) 335,982 116,070 927,337 125,176 7,658 1,176,241 (784,307) 391,934 Less accumulated depreciation and amortization Property and equipment, net Other assets: Operating lease right-of-use assets Intangible assets, net Goodwill Deferred tax assets Other assets, net Total other assets 904,548 277 47,161 72,322 210,623 1,234,931 1,906,494 $ 425 46,747 85,564 206,685 339,421 958,483 $ 774 818 $ 179,000 31,105 129,431 340,354 37,066 120,083 157,923 1,274,374 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Current maturities of long-term debt Current operating lease liabilities Accounts payable Accrued liabilities Total current liabilities Long-term liabilities: Long-term debt, net of current maturities Long-term operating lease liabilities, net of current portion Other long-term liabilities Total long-term liabilities Stockholders' deficit Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued Common stock $0.01 par value, 175,000,000 shares authorized, 82,369,714 and 82,159,002 issued, respectively Capital in excess of par value Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 59,646,773 and 57,760,573 shares, respectively Total stockholders' deficit 1,376,913 776,094 206,494 2,359,501 263,770 1,538,144 824 489,515 1,636,211 (110,605) (2,809,306) (793,361) 1,906,494 $ 822 480,322 1,577,034 (140,006) (2,655,756) (737,584) 958,483 JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Fiscal Year 2019 2020 2018 89,764 S 370 89,394 94,437 2.690 91,747 121,371 17,032 104,339 52,798 3,028 5,628 59,422 862 2,803 1 (449) 5,162 4,394 41,720 (4,262) (3,261) (9,768) 490 SS,181 1,983 3,121 2,757 23,551 (113) 4,100 8,074 1,484 (4,475) (1,366) (6,244) (2,031) 25,352 9,146 2,324 (2.280) (46,164) 1,627 322 5,414 2,505 (28,724) 41 (2,780) 154 4,222 243) (7,516) (825) 143,525 3.504 82 8,728 4,524 (7,505) (6,194) (10,593) 19.355) 168,405 24,220 1,587 (9,432) 4,890 (38,329) (5,467) (14,893) (16,426) 104,055 Cash flows from operating activities: Net earnings Eamings from discontinued operations Eamings from continuing operations Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Franchise tenant improvement allowance amortization and other Amortization of debt issuance costs Loss on extinguishment of debt Loss on interest rate swap termination Excess tax benefits from share-based compensation arrangements Deferred income taxes Share-based compensation expense Pension and postretirement expense Gains on cash surrender value of company-owned life insurance Gains on the sale of company-operated restaurants (Gains) losses on the disposition of property and equipment Non-cash operating lease costs Impairment charges and other Changes in assets and liabilities, excluding acquisitions and dispositions: Accounts and other receivables Inventories Prepaid expenses and other current assets Accounts payable Accrued liabilities Pension and postretirement contributions Franchise tenant improvement allowance disbursements Other Cash flows provided by operating activities Cash flows from investing activities: Purchases of property and equipment Proceeds from the sale and leaseback of assets Proceeds from the sale of company-operated restaurants Collections on notes receivable Proceeds from the sale of property and equipment Other Cash flows provided by (used in) investing activities Cash flows from financing activities: Borrowings on revolving credit facilities Repayments of borrowings on revolving credit facilities Proceeds from issuance of debt Principal repayments on debt Debt issuance costs Payments related to termination of interest rate swaps Dividends paid on common stock Proceeds from issuance of common stock Repurchases of common stock Payroll tax payments for equity award issuances Change in book overdraft Cash flows used in financing activities Cash flows provided by used in) continuing operations Net cash provided by operating activities of discontinued operations Net cash provided by investing activities of discontinued operations Net cash used in financing activities of discontinued operations Net cash provided by discontinued operations Effect of exchange rate changes on cash Cash and restricted cash at beginning of year Cash and restricted cash at end of year (19,528) 19,828 3,395 (47.649) 4,447 1.280 16,759 9,714 1.630 (13,819) (37,842) 9,336 26,486 54,453 10,259 2.969 65,661 22,774 2.654 29,123 114,376 (6,500) 757.100 (523,700) (10,536) (216) (304,607) (1,366) 229,798 (960,220) 1,300,000 (337,150) (34,122) (23,551) (41,179) 1,231 (137,654) (2,883) (27,538) 4,647 (155,576) (5,946) (87.289) 85.359 (5.730) 148,856 (45,412) 7,959 (325,634) (7,719) (2.150) (445,529) (275,813) 4,823 266,125 (78) 270,870 6 7,642 2,705 151,561 236,920 2,705 151,561 Year ended December 31, 2018 2020 2019 2017 2016 $ $ $ $ 4,476,412 $ 3,904,384 Statement of Income: Food and beverage revenue Delivery service revenue Total revenue Food, beverage and packaging costs Labor costs Occupancy costs Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Impairment, closure costs and asset disposals Total operating expenses Income from operations Interest and other income, net Income before income taxes Benefit (provision) for income taxes Net income Earnings per share: Basic Diluted Weighted average common shares: outstanding Basic Diluted 5,920,545 64,089 5,984,634 1,932,766 1,593,013 387,762 1,030,012 466,291 238,534 15,515 30,577 5,694,470 290,164 3,617 293,781 61,985 355,766 5,561,036 25,333 5,586,369 1,847,916 1,472,060 363,072 760,831 451,552 212,778 11,108 23,094 5,142,411 443,958 14,327 458,285 (108,127) 350,158 4,860,626 4,359 4,864.985 1,600,760 1,326,079 347,123 680,031 375,460 201,979 8,546 66,639 4,606,617 258,368 10,068 268,436 (91,883) 176,553 4,476,412 1,535,428 1,205,992 327,132 651,644 296,388 163,348 12,341 13,345 4,205,618 270,794 4,949 275,743 (99,490) 176,253 3,904,384 1,365,580 1,105,001 293,636 641,953 276,240 146,368 17,162 23.877 3,869,817 34,567 4,172 38,739 (15,801) 22,938 $ $ $ $ $ $ $ 12.74 12.52 $ $ 12.62 12.38 $ $ 6.35 6.31 $ $ 6.19 6.17 $ $ 0.78 0.77 27,917 28,416 27,740 28,295 27,823 27,962 28,491 28,561 29,265 29,770 December 31, 2018 2020 2019 2017 2016 $ $ s Balance Sheet Data: Total current assets Total assets Total current liabilities Total liabilities Total shareholders equity $ S 1,420,237 5,982,896 822,199 3,962,761 2,020,135 GA 1,072,204 $ 5,104,604 $ 666,593 3,421,578 $ 1,683,026 $ 814,794 $ 2,265,518 $ 449,990 S 824,179 $ 1,441,339 $ 629,535 S 2,045,692 S 323,893 $ 681,247 $ 1,364,445 $ 522,374 2,026,103 281,793 623.610 1,402,493 S S $ CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, 2020 2019 $ 607,987 104,500 26,445 54,906 282,783 343,616 1,420,237 1,584,311 102,328 27,849 2,767,185 59,047 21,939 5.982.896 480,626 80,545 26,096 57,076 27,705 400,156 1,072,204 1,458,690 27,855 2,505,466 18,450 21,939 5.104,604 $ $ $ Assets Current assets: Cash and cash equivalents Accounts receivable, net Inventory Prepaid expenses and other current assets Income tax receivable Investments Total current assets Leasehold improvements, property and equipment, net Long-term investments Restricted cash Operating lease assets Other assets Goodwill Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable Accrued payroll and benefits Accrued liabilities Unearned revenue Current operating lease liabilities Total current liabilities Commitments and contingencies (Note 12) Long-term operating lease liabilities Deferred income tax liabilities Other liabilities Total liabilities Shareholders' equity Preferred stock, 30.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2020 and 2019, respectively Common stock, $0.01 par value, 230,000 shares authorized, 36,704 and 36,323 shares issued as of December 31, 2020 and 2019, respectively Additional paid-in capital Treasury stock, at cost, 8,703 and 8,568 common shares as of December 31, 2020 and 2019, respectively Accumulated other comprehensive loss Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 121,990 203,054 164,649 127,750 204,756 822,199 115,816 126,600 155,843 95,195 173,139 666,593 2,952,296 149,422 38,844 3,962,761 2,678,374 37,814 38,797 3,421,578 367 1,549,909 (2,802,075) (4,229) 3,276,163 2,020,135 5,982,896 $ 363 1,465,697 (2,699,119) (5,363) 2,921,448 1,683,026 5,104,604 $ 2018 176,553 201,979 10,585 61,987 125 69,164 (2,918) CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2020 2019 Operating activities Net income 355,766 $ 350,158 $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 238,534 212,778 Amortization of operating lease assets 184,538 163,952 Deferred income tax provision 108,350 29,962 Impairment, closure costs, and asset disposals 28,874 15,402 Provision for credit losses 164 33 Stock-based compensation expense 82,626 91,396 Other 3,643 (10,592) Changes in operating assets and liabilities: Accounts receivable 3,010 (2,630) Inventory (394) (4,530) Prepaid expenses and other current assets (11,442) (23,066) Other assets (26,577) 2,818 Accounts payable (3,859) (973) Accrued payroll and benefits 76,683 11,759 Accrued liabilities 5,596 36,543 Unearned revenue 36,958 30,400 Income tax payable/receivable (255,251) (32,083) Deferred rent Operating lease liabilities (165,154) (151,557) Other long-term liabilities 1,782 1,862 Net cash provided by operating activities 663,847 721,632 Investing activities Purchases of leasehold improvements, property and equipment (373,352) (333,912) Purchases of investments (468,418) (448,754) Maturities of investments 419,078 476,723 Proceeds from sale of equipment 13,969 Acquisitions of equity method investments (10,025) Net cash used in investing activities (432,717) (291,974) Financing activities Acquisition of treasury stock (54,401) (190,617) Tax withholding on stock-based compensation awards (48,555) (10,420) Other financing activities (1,895) (698) Net cash used in financing activities (104,851) (201,735) Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,076 406 Net change in cash, cash equivalents, and restricted cash 127,355 228,329 Cash, cash equivalents, and restricted cash at beginning of year 508,481 280,152 Cash, cash equivalents, and restricted cash at end of year 635,836 $ 508,481 $ Supplemental disclosures of cash flow information Income taxes paid 85,010 $ 109,571 $ Purchases of leasehold improvements, property, and equipment accrued in accounts payable and rued liabilities 46,975 $ 36,886 $ Acquisition of treasury stock accrued in accounts payable and accrued liabilities $ $ (8,298) (1,722) (3,811) (2,005) 32,080 29,568 14,831 6,829 14,439 21,297 869 621,552 (287,390) (485,188) 385,000 (387,578) (160,937) (5,411) (187) (166,535) (1,457) 65,982 214,170 280,152 $ S 67,053 $ S 30,870 2,474 JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) Fiscal Year 2019 2020 2018 S Revenues: Company restaurant sales Franchise rental revenues Franchise royalties and other Franchise contributions for advertising and other services 348,987 $ 320,647 178,319 173,553 1,021,506 336,807 $ 272,815 169,811 170,674 950, 107 448,058 259,047 162,585 869,690 Operating costs and expenses, net: Food and packaging Payroll and employee benefits Occupancy and other Franchise occupancy expenses Franchise support and other costs Franchise advertising and other services expenses Selling, general, and administrative expenses Depreciation and amortization Impairment and other charges, net Gains on the sale of company-operated restaurants 128,947 129,089 71,803 158,319 11,593 102,449 106,540 54,157 210,038 13,059 180,794 80,841 52,798 (6,493) (3,261) 790,922 230,584 41,720 66,743 122,121 32,727 89,394 370 89,764 S 97,699 100,158 50,613 166,584 12,110 178,093 76,357 55,181 12,455 (1,366) 747,884 202,223 1,484 84,967 115,772 24,025 91,747 2,690 94,437 $ Earnings from operations Other pension and post-retirement expenses, net Interest expense, net Earnings from continuing operations and before income taxes Income taxes Earnings from continuing operations Earnings from discontinued operations, net of income taxes Net earings 104,816 59,422 18,418 (46,164) 636,243 233,447 1,833 45,547 186,067 81,728 104,339 17,032 121,371 S 3.87 S 0.02 3.88 S 3.55 $ 0.10 3.66 $ 3.66 0.60 4.26 Net earnings per share basic: Earnings from continuing operations Earnings from discontinued operations Net earnings per share (1) Net earnings per share - diluted: Earnings from continuing operations Earnings from discontinued operations Net earnings per share (1) 3.84 S 0.02 3.86 S 3.52 $ 0.10 3.62 $ 3.62 0.59 4.21 S Cash dividends declared per common share S 1.20 S 1.60 $ 1.60 (1) Earnings per share may not add due to rounding. JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) 2020 89.764 $ Fiscal Year 2019 94,437 $ 2018 121,371 S Net earnings Cash flow hedges: Net change in fair value of derivatives Net loss reclassified to earnings (23,625) 24,328 703 (3,165) (2,462) 18,769 3,455 22,224 (5,725) 16,499 Tax effect Unrecognized periodic benefit costs: Actuarial gains (losses) arising during the period Actuarial losses and prior service cost reclassified to earnings (4,875) 44,616 39,741 (10,340) 29,401 (62,377) 3,917 (58,460) 15,176 (43,284) 31,478 4,988 36,466 (9,544) 26,922 Tax effect Other: Foreign currency translation adjustments Tax effect Derecognition of foreign currency translation adjustments due to sale 6 (2) 76 80 Other comprehensive income (loss), net of taxes 29,401 (45,746) 43,501 Comprehensive income S 119,165 $ 48,691 $ 164,872 JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) September 27, 2020 September 29. 2019 ASSETS $ Current assets: Cash Restricted cash Accounts and other receivables, net Inventories Prepaid expenses Current assets held for sale Other current assets Total current assets Property and equipment, at cost: Land Buildings Restaurant and other equipment Construction in progress 199,662 $ 37,258 78,417 1,808 10,114 4,598 3,724 335,581 125,536 26,025 45,235 1,776 9,015 16,823 2,718 227,128 100,460 914,311 112,675 4,984 1,132,430 (796,448) 335,982 116,070 927,337 125,176 7,658 1,176,241 (784,307) 391,934 Less accumulated depreciation and amortization Property and equipment, net Other assets: Operating lease right-of-use assets Intangible assets, net Goodwill Deferred tax assets Other assets, net Total other assets 904,548 277 47,161 72,322 210,623 1,234,931 1,906,494 $ 425 46,747 85,564 206,685 339,421 958,483 $ 774 818 $ 179,000 31,105 129,431 340,354 37,066 120,083 157,923 1,274,374 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Current maturities of long-term debt Current operating lease liabilities Accounts payable Accrued liabilities Total current liabilities Long-term liabilities: Long-term debt, net of current maturities Long-term operating lease liabilities, net of current portion Other long-term liabilities Total long-term liabilities Stockholders' deficit Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued Common stock $0.01 par value, 175,000,000 shares authorized, 82,369,714 and 82,159,002 issued, respectively Capital in excess of par value Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 59,646,773 and 57,760,573 shares, respectively Total stockholders' deficit 1,376,913 776,094 206,494 2,359,501 263,770 1,538,144 824 489,515 1,636,211 (110,605) (2,809,306) (793,361) 1,906,494 $ 822 480,322 1,577,034 (140,006) (2,655,756) (737,584) 958,483 JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Fiscal Year 2019 2020 2018 89,764 S 370 89,394 94,437 2.690 91,747 121,371 17,032 104,339 52,798 3,028 5,628 59,422 862 2,803 1 (449) 5,162 4,394 41,720 (4,262) (3,261) (9,768) 490 SS,181 1,983 3,121 2,757 23,551 (113) 4,100 8,074 1,484 (4,475) (1,366) (6,244) (2,031) 25,352 9,146 2,324 (2.280) (46,164) 1,627 322 5,414 2,505 (28,724) 41 (2,780) 154 4,222 243) (7,516) (825) 143,525 3.504 82 8,728 4,524 (7,505) (6,194) (10,593) 19.355) 168,405 24,220 1,587 (9,432) 4,890 (38,329) (5,467) (14,893) (16,426) 104,055 Cash flows from operating activities: Net earnings Eamings from discontinued operations Eamings from continuing operations Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Franchise tenant improvement allowance amortization and other Amortization of debt issuance costs Loss on extinguishment of debt Loss on interest rate swap termination Excess tax benefits from share-based compensation arrangements Deferred income taxes Share-based compensation expense Pension and postretirement expense Gains on cash surrender value of company-owned life insurance Gains on the sale of company-operated restaurants (Gains) losses on the disposition of property and equipment Non-cash operating lease costs Impairment charges and other Changes in assets and liabilities, excluding acquisitions and dispositions: Accounts and other receivables Inventories Prepaid expenses and other current assets Accounts payable Accrued liabilities Pension and postretirement contributions Franchise tenant improvement allowance disbursements Other Cash flows provided by operating activities Cash flows from investing activities: Purchases of property and equipment Proceeds from the sale and leaseback of assets Proceeds from the sale of company-operated restaurants Collections on notes receivable Proceeds from the sale of property and equipment Other Cash flows provided by (used in) investing activities Cash flows from financing activities: Borrowings on revolving credit facilities Repayments of borrowings on revolving credit facilities Proceeds from issuance of debt Principal repayments on debt Debt issuance costs Payments related to termination of interest rate swaps Dividends paid on common stock Proceeds from issuance of common stock Repurchases of common stock Payroll tax payments for equity award issuances Change in book overdraft Cash flows used in financing activities Cash flows provided by used in) continuing operations Net cash provided by operating activities of discontinued operations Net cash provided by investing activities of discontinued operations Net cash used in financing activities of discontinued operations Net cash provided by discontinued operations Effect of exchange rate changes on cash Cash and restricted cash at beginning of year Cash and restricted cash at end of year (19,528) 19,828 3,395 (47.649) 4,447 1.280 16,759 9,714 1.630 (13,819) (37,842) 9,336 26,486 54,453 10,259 2.969 65,661 22,774 2.654 29,123 114,376 (6,500) 757.100 (523,700) (10,536) (216) (304,607) (1,366) 229,798 (960,220) 1,300,000 (337,150) (34,122) (23,551) (41,179) 1,231 (137,654) (2,883) (27,538) 4,647 (155,576) (5,946) (87.289) 85.359 (5.730) 148,856 (45,412) 7,959 (325,634) (7,719) (2.150) (445,529) (275,813) 4,823 266,125 (78) 270,870 6 7,642 2,705 151,561 236,920 2,705 151,561