chipotle Year ended December 31, 2013 2012 2014 2011 $ $ $ 2015 Statement of Income: Revenue $ 4,501,223 Food, beverage and packaging costs 1,503,835 Labor costs 1,045,726 Occupancy costs 262,412 Other operating costs 514,963 General and administrative expenses 250,214 Depreciation and amortization 130,368 Pre-opening costs 16,922 Loss on disposal of assets 13,194 Total operating expenses 3,737,634 Income from operations 763,589 Interest and other income (expense), net 6,278 Income before income taxes 769,867 Provision for income taxes (294,265) Net income $ 475,602 Earnings per share Basic $ 15.30 Diluted $ 15.10 Weighted average common shares outstanding Basic 31,092 Diluted 31,494 $ 4,108,269 1,420,994 904,407 230,868 434,244 273,897 110,474 15,609 6,976 3,397,469 710,800 3,503 714,303 (268,929) $ 445,374 3,214,591 1,073,514 739,800 199,107 347,401 203,733 96,054 15,511 6,751 2,681,871 532,720 1,751 534,471 (207,033) 327,438 2,731,224 891,003 641,836 171,435 286,610 183,409 84,130 11,909 5,027 2,275,359 455,865 1,820 457,685 (179,685) 278,000 2,269,548 738,720 543,119 147,274 251,208 149,426 74,938 8,495 5,806 1,918,986 350,562 (857) 349,705 (134,760) 214,945 $ $ $ S 14.35 14.13 $ S 10.58 10.47 $ $ 8.82 8.75 $ S 6.89 6.76 31,038 31,512 30,957 31,281 31,513 31,783 31,217 31,775 December 31, 2015 2014 2013 2012 2011 Balance Sheet Data: Total current assets Total assets Total current liabilities Total liabilities Total shareholders' equity $ 814,647 $2,725,066 $ 279,942 $ 597,092 $ 2,127,974 $ 859,511 $ 2,527,317 $ 245,710 $ 514,948 $ 2,012,369 $ 653,095 $ 1,996,068 $ 199,228 $ 457,780 $ 1,538,288 $ 537,745 $ 1,659,805 $ 186,852 $ 413,879 $ 1,245,926 $ 494,954 $ 1,419,070 $ 157,453 $ 374,844 $ 1,044,226 For the fiscal year ended (1) (in thousands, except per share and percentage information) panera bread December 29, December 30, December 31, December 25, December 27, 2015 2014 2013 2012 2011 $ $ $ $ $ 241,886 115,786 776,248 1,475,318 399,443 574,594 3,981 497,300 $ 2,477,963 196,493 106,653 787,294 1,390,686 352,712 301,790 125,245 84,602 669,409 1,180,862 303,325 177,645 297,141 86,262 571,754 1,268,163 277,540 168,704 Consolidated balance sheet data: Cash and cash equivalents Trade and other accounts receivable Property and equipment, net Total assets Current liabilities Long-term liabilities Redeemable noncontrolling interest Stockholders' equity Franchisee revenues (2) Comparable net bakery-cafe sales percentage for (2)(3): Company-owned bakery-cafes Franchise-operated bakery-cafes Bakery-cafe data: Company-owned bakery-cafes open Franchise-operated bakery-cafes open Total bakery-cafes open 222,640 54,709 492,022 1,027,322 238,334 133,912 736,184 $ 2,281,755 699,892 2,175,155 8 21,919 1,981,674 655,076 1,828,188 $ $ $ 3.0% 1.0% 1.4% 0.9% 2.6% 2.0% 6.5% 5.0% 4.9% 3.4% 901 1,071 1,972 925 955 1,880 867 910 1.777 809 843 1,652 740 801 1,541 (1) The fiscal year ended December 31, 2013, or fiscal 2013, was a 53 week year consisting of 371 days. All other fiscal years presented contained 52 weeks consisting of 364 days. (2) We do not record franchise-operated net bakery-cafe sales as revenues. However, royalty revenues are calculated based on a percentage of franchise-operated net bakery-cafe sales, as reported by franchisees. We use franchise-operated and system- wide sales information internally in connection with store development decisions, planning, and budgeting analyses. We For the fiscal year ended (1) (in thousands, except per share and percentage information) page 1 panera bread December 29, December 30, December 31, December 25, December 27, 2015 2014 2013 2012 2011 $ $ 2,358,794 138,563 $2,230,370 123,686 $ 2,108,908 112,641 1,879,280 102,076 $ 1,592,951 92,793 184,223 2,681,580 175,139 2,529,195 163,453 2,385,002 148,701 ,130,057 136,288 1,822,032 2 $ $ $ $ $ Revenues: Bakery-cafe sales, net Franchise royalties and fees Fresh dough and other product sales to franchisees Total revenues Costs and expenses: Bakery-cafe expenses: Cost of food and paper products Labor Occupancy Other operating expenses Total bakery-cafe expenses Fresh dough and other product cost of sales to franchisees Depreciation and amortization General and administrative expenses Pre-opening expenses Refranchising loss Total costs and expenses Operating profit Interest expense Other (income) expense, net Income before income taxes Income taxes 715,502 754,646 169.998 334,635 1,974,781 669,860 685,576 159,794 314,879 1,830,109 625,622 625,457 148,816 295,539 1,695,434 552,580 559,446 130,793 256,029 1,498,848 470,398 484,014 115,290 216,237 1,285,939 152,267 124,109 138,060 8,707 142,160 106,523 123,335 7,794 131,006 90,939 117,932 8,462 116,267 79,899 113,083 6,585 160,706 135,398 142,904 9,089 17,108 2,439,986 241,594 3,830 1,192 236,572 87,247 2,253,252 275,943 1,824 (3,175) 277,294 98,001 2,075,246 309,756 1,053 (4,017) 312,720 116,551 1,847,187 282,870 1,082 (1,208) 282,996 109,548 1,601,773 220,259 822 (466) 219,903 83,951 1,974,781 1,830,109 1,695,434 1,498,848 1,285,939 152,267 124,109 138,060 8,707 142,160 106,523 123,335 7,794 131,006 90,939 117,932 8,462 116,267 79,899 113,083 6,585 2 Total bakery-cafe expenses Fresh dough and other product cost of sales to franchisees Depreciation and amortization General and administrative expenses Pre-opening expenses Refranchising loss Total costs and expenses Operating profit Interest expense Other (income) expense, net Income before income taxes Income taxes Net income Less: Net loss attributable to noncontrolling interest Net income attributable to Panera Bread Company Earnings per common share attributable to Panera Bread Company: Basic Diluted Weighted average shares of common and common equivalent shares outstanding: Basic Diluted 160,706 135,398 142,904 9,089 17,108 2,439,986 241,594 3,830 1,192 236,572 87,247 149,325 2,253,252 275,943 1,824 (3,175) 277,294 98,001 179,293 ,075,246 309,756 1,053 (4,017) 312,720 116,551 196,169 1,847,187 282,870 1,082 (1,208) 282,996 109,548 173,448 1,601,773 220,259 822 (466) 219,903 83,951 135,952 (17) $ 149,342 $ 179,293 $ 196,169 $ 173,448 $ 135,952 $ 5.81 5.79 $ $ 6.67 6.64 $ $ 6.85 6.81 $ $ 5.94 5.89 $ $ 4.59 4.55 page2 25,685 25,788 26,881 26,999 28,629 28,794 29,217 29,455 29,601 29,903 Comparing Two Companies in the Same Industry: Chipotle and Panera Bread Refer to the financial information for Chipotle and Panera Bread and answer the following questions. Enter your answers in thousands. Enter all amounts in thousands as shown in Chipotle's financial statements. 1. What was the total revenue amount for each company for the most recent year? Company Total Revenue Chipotle $ 4,501,223 Panera Bread Did each company's total revenues increase or decrease from its total amount in the prior year? By what percentage? Round your answers to one decimal place. Company Total Revenue Chipotle increased 91.27 % Panera Bread increased 2. What was each company's net income for the most recent year? Company Net Income Chipotle 475,602 Panera Bread $ 149,325 Did each company's net income increase or decrease from its net income for the prior year? By what percentage? Round your answers to one decimal place. Company Net Income Chipotle increased 93.644 % 120 % Panera Bread decreased 3. What was the total asset balance for each company at the end of its most recent year? Company Total Assets 2,725,066 Chipotle $ Company Net Income 475,602 Chipotle $ Panera Bread $ 149,325 Did each company's net income increase or decrease from its net income for the prior year? By what percentage? Round your answers to one decimal place. Company Net Income Chipotle increased 93.644 % 120 Panera Bread decreased 3. What was the total asset balance for each company at the end of its most recent year? Company Total Assets Chipotle $ 2,725,066 Panera Bread Among its assets, what was the largest asset each company reported on its year-end balance sheet? Company Largest Asset Chipotle Panera Bread 4. Did either company pay its stockholders any dividends during the most recent year? Company Pay Dividend Chipotle Panera Bread