Financial Statement Analysis

I need to Update the report in the Word document for years 2011-2015. so delete any info for 2010 and add the info for 2015 with the explanations for the ratios and whatever required in the other file(consideration for....) . I attached an excel sheet to get any numbers you need and the rest of the info can be founded online.

I attached file (consideration for....) which shows what is required in that report so please check it and match with the report make sure all included and right.

Considerations for financial statement analysis, fall 2016 This is document 1 of two documents. What AICPA industry guides apply to this company? What did you learn from studying the guides? Teacher's note: Brooklyn College has electronic access to the AICPA literature, but it is scheduled to expire on November 1. We do not know whether it will be renewed in time for continuous access, so be sure to search for any applicable industry guides before November 1. Have there been any restatements of financial statements? Teacher's note: if there were any restatements, you are likely to find at least one Form 10-KA for the company. Characterize the competition faced in the industry and by this company. Is it monopolistic, oligopolistic, atomistic, or something else? What is the position of this company in its industry? Is it an industry leader or follower? Provide evidence to support what you say. What risks have been disclosed in the company's Form 10-K for each of the past five years? Have there been any changes in those disclosed risks? How important do you think those risks are? Can you think of other significant risks? What is the state of the industry in which the company operates? Is it experiencing good times, bad times...? Has the company been charged with any transgressions, whether or not the charges were settled or adjudicated? Teacher's note: For publicly owned companies, lawsuits against the company are simply a fact of life. Therefore, you might not learn about any allegations against the company by viewing its 10-K's or 10-Q's. You may need to put the company's name into an Internet search engine to see what comes up. What was the face value of bonds payable at the end of each of the past five years? Also show the reported fair value at the same dates. State the specific information sources, including page numbers, where you obtained the information. Teacher's note: The fair value is probably what will be shown on the balance sheet. You will probably need to examine the notes to the financial statements to learn the face value. How many shares were outstanding for each class of stock at the ends of the past five years? Explain any variations of more than two percent. If the number of shares rose by more than two percent, what were the stated reasons for the increase? Does it appear that that really was the use to which the shares or share proceeds were put? Teacher's note: The number of shares outstanding at the end of the fiscal year is not the same as the average number of shares outstanding unless there were absolutely no changes during the year. Are any securities convertible? If so, what are they convertible into, and what is the conversion ratio? Has the conversion feature changed during the past five years? How much compensation have the top five most highly compensated employees been paid for each of the past five years? Add that total back to pre-tax income, and then compute how much, percentagewise, of the adjusted pre-tax income was paid as compensation to the highly paid group. Compensation to five highest-paid employees Pre-tax income + Compensation to five highest-paid employees Teacher's note: There is a summary compensation table in Form DEF 14A. The Form 10K contains the income statement. One error in previous semesters has been a student giving Compensation to five highest-paid employees Pre-tax income If you make this mistake, it is a bad sign. It signals to an employer that (a) you are careless in your work, (b) you are not willing to follow written directions that lay out exactly what you need to do, and/or (c) s/he cannot rely on what you do. In any event, the work that matters most will be assigned to someone else, and that someone else is likely to have a better career path with that employer than your career path. How much seasonality is there in the company's business? Compare the quarterly income statements by quarter for the last five years. (Hint: Look at the 10-Q's.) List and also graph (be sure to label everything in your graph) each of the following over the five years, showing oldest on the left and newest on the right. For this purpose, provide a line graph with all five of the below items on the same graph. If you are interested for yourself, you can play around with the other graph types in your spreadsheet, but only the line graph counts unless you have some discovery by using another type of graph. Revenue Cost of goods sold Selling, general, and administrative expenses Everything else before net income or net loss Net income or net loss Look at possibly similar companies on the Toronto Stock Exchange and/or the London Stock Exchange to learn from what those companies disclose. If the student is not able to find any similar companies on either of those exchanges, the student should detail what process he used to at least try to find similar companies. Does the company have any pension plans? If so, are they defined-benefit or definedcontribution plans? Are they contributory or non-contributory? (For contributory versus noncontributory, the difference is whether the employee pays at least some cost of the pension by having money deducted from his paycheck now.) Is there any unfunded liability for the pension and/or for other postretirement benefits? Related: Does the company have a separate pension plan for executives? What are the general outlines of the plan? Provide at least the following information: who is covered, vesting period, benefit formula, unfunded liability. Also provide anything else you believe should be included. Teacher's note: \"Who is covered\" means any executive who might receive benefits under the plan. \"Vesting period\" means how long it takes until the covered executive has at least some benefit that is his or hers no matter what else might happen in the future; s/he cannot lose that benefit. \"Benefit formula\" tells how the benefit is computed. For regular employees, a defined-benefit formula typically provides an amount based on the highest average compensation during a period such as three years or five years, or might be based on final average compensation for a period of the last years worked. For regular employees, a defined-contribution formula simply says that the employer will put a set amount into a trust for the benefit of the employee. What the employee receives depends on the performance of the investments. \"Unfunded liability\" tells how much the pension trust is liable to pay as of the date of the financial statements that there are not enough assets in the trust to make the payments. Teacher's note #2: Sometimes the best way to find the details of executive pension plans is to look at the proxy materials sent to stockholders. If the company has long-term debt, when are principal payments due? Prepare a schedule showing how much is due to be repaid on what dates. Relate this to the cash flow from operations as shown on the Statement of Cash Flows. Teacher's note: If the company does not have any long-term debt, then there will not be any repayments due. If the company does have long-term debt, the due dates of principal payments should be available in the notes to financial statements. The preceding is required. There is a separate document giving one more item which is also required. The following is not required. The items below were required in previous semesters, but are no longer being required in this semester because the due date for the term project in this semester is earlier than the due date in those previous semesters. If you have a personal interest, you are certainly welcome to find out the information, but you will not receive any additional credit for doing so. On page 210 of the book, it mentions the Department of Commerce Financial Report, available on the Internet at www.census.gov/econ/qfr. Compare the company you chose to its industry. Some people believe that insiders cannot help but use inside information when deciding whether to buy, sell, or stand pat. The insiders of interest usually are corporate officers especially, and corporate directors, but other insiders might also be of interest. It has been alleged that the two best predictors are the CEO (who makes the big decisions about what the company will do) and the CFO (who has to know all the important things about the company's financial position and prospects). There are some funds that specialize in imitating the transactions of insiders. What have been the insider transactions for as far back of the past five years as you can find? To find insider transactions, you can do a name search on the www.sec.gov Web site for the CEO and CFO; you are looking for a filing of Form 4. What inferences, if any, do you draw from the record of insider transactions? Have there been any changes in the top executives of the company in the past five years? If so, what is the background of the person who was promoted or brought in from the outside? What happened to the person who left the company? Academic research has shown that the more expensive the house of the CEO, the worse is the company's performance. Has the current CEO or any other of the five highest-paid employees (see the company's DEF 14A filing at the SEC) moved to a different residence in the past five years? I am not aware of any SEC filing to tell you this, so you will have to do an Internet search for each of the highest-paid employees. In capital-markets research, there are some concepts whereby what certain entities do convey information to the market. Those entities (whether individuals, groups of individuals, pension funds, hedge funds, etc.) are believed to have more insight than other market participants into one or more companies. This insight might come from favored access to company insiders. It used to be that insiders tipped favored outsiders. (tipped: gave them information that was not given to others) This was outlawed by Regulation FD, Fair Disclosure, but if nobody broke any laws, would we need any law-enforcement agencies? In large publicly owned companies, mutual funds almost have to have, collectively, large positions in the company's stock because the big companies are the places where the mutual fund can invest large amounts of money. Once they do their own thinking and analysis, it does not take much more effort to buy a hundred million shares than to buy twenty thousand shares. The biggest institutions might not be interested in even looking at smaller companies because even if they were to invest in smaller companies, and even if a small company were to be a runaway hit of an investment, when compared to the gigantic size of the mutual fund, it does not \"move the needle,\" as the saying goes. So why spend the time looking into smaller companies when there are bigger companies where the fund can put its money to work? Consequently, for a small company, you will still find specialized mutual funds that invest in the total stock market, but if you find hedge funds and/or other knowledgeable investors who have a reputation for identifying winners, that is of particular interest. Who are the major holders (owners) of the company's securities? By \"major holders,\" you should be able to find information on who are the owners (direct owners or beneficial owners) of 5.0% or more of the company's stock. CHIPOTLE MEXICAN GRILL, INC. Ticker symb CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED BALANCE SHEET (in thousands, except per share data) December 31 Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Current deferred tax asset Prepaid expenses and other current assets Income tax receivable Investments Money 2015 2014 2013 2012 248,005 38,283 15,043 419,465 34,839 15,332 39,965 58,152 415,199 34,795 16,488 338,592 323,203 24,016 13,044 13,212 34,204 3,657 254,971 322,553 16,800 11,096 8,862 27,378 9,612 150,306 Total current assets 814,647 859,511 Leasehold improvements, property and equipment, net 1,217,220 1,106,984 Long term investments 622,939 496,106 Other assets 48,321 42,777 Goodwill 21,939 21,939 666,307 963,238 313,863 43,933 21,939 546,607 866,703 190,868 42,550 21,939 Total assets 2,725,066 2,527,317 2,009,280 1,668,667 Liabilities and shareholders' equity Current liabilities: Accounts payable Accrued payroll and benefits Accrued liabilities Current portion of deemed landlord financing Income tax payable 85,709 64,958 129,275 0 0 69,613 73,894 102,203 0 0 59,022 67,195 73,011 0 0 58,700 71,731 56,421 0 0 Total current liabilities Deferred rent Deemed landlord financing Deferred income tax liability Other liabilities 279,942 251,962 0 32,305 32,883 245,710 219,414 0 21,561 28,263 199,228 192,739 0 55,434 23,591 186,852 167,057 0 48,947 19,885 Total liabilities 597,092 514,948 470,992 422,741 358 354 1,172,628 1,038,932 352 919,840 349 816,612 Shareholders' equity: Common stock Additional paid-in capital Treasury stock, at cost Accumulated other comprehensive income Retained earnings -1,234,612 -748,759 -660,421 -521,518 -8,273 -429 1,620 1,024 2,197,873 1,722,271 1,276,897 949,459 Total shareholders' equity 2,127,974 2,012,369 1,538,288 1,245,926 Total liabilities and shareholders' equity 2,725,066 2,527,317 2,009,280 1,668,667 L, INC. Ticker symbol:CMG ney Percentage 2011 2015 2014 2013 2012 2011 401,243 8,389 8,913 6,238 21,404 0 55,005 9.10% 16.60% 16.09% 19.33% 28.15% 1.40% 1.38% 1.20% 1.01% 0.59% 0.55% 0.61% 0.65% 0.66% 0.63% 0.00% 0.00% 0.66% 0.53% 0.44% 1.47% 1.38% 1.70% 1.64% 1.50% 2.13% 0.65% 0.18% 0.58% 0.00% 15.24% 13.40% 12.69% 9.01% 3.86% 501,192 751,951 128,241 21,985 21,939 29.89% 34.01% 33.16% 32.76% 35.16% 44.67% 43.80% 47.94% 51.94% 52.76% 22.86% 19.63% 15.62% 11.44% 9.00% 1.77% 1.69% 2.19% 2.55% 1.54% 0.81% 0.87% 1.09% 1.31% 1.54% 1,425,308 100% 100% 100% 100% 100% 46,382 60,241 46,456 133 4241 3.15% 2.38% 4.74% 0.00% 0.00% 2.75% 2.92% 4.04% 0.00% 0.00% 2.94% 3.34% 3.63% 0.00% 0.00% 3.52% 4.30% 3.38% 0.00% 0.00% 3.25% 4.23% 3.26% 0.01% 0.30% 157,453 143,284 3,529 64,381 12,435 10.27% 9.25% 0.00% 1.19% 1.21% 9.72% 8.68% 0.00% 0.85% 1.12% 9.92% 9.59% 0.00% 2.76% 1.17% 11.20% 11.05% 10.01% 10.05% 0.00% 0.25% 2.93% 4.52% 1.19% 0.87% 381,082 21.91% 20.38% 23.44% 25.33% 26.74% 344 676,652 0.01% 0.01% 0.02% 0.02% 0.02% 43.03% 41.11% 45.78% 48.94% 47.47% -304,426 197 671,459 -45.31% -29.63% -32.87% -31.25% -21.36% -0.30% -0.02% 0.08% 0.06% 0.01% 80.65% 68.15% 63.55% 56.90% 47.11% 1,044,226 78.09% 79.62% 76.56% 74.67% 73.26% 1,425,308 100% 100% 100% 100% 100% CHIPOTLE MEXICAN GRILL, INC. Ticker symbol:C CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (in thousands, except per share data) December 31 Sales Revenue Money 2015 2014 2013 2011 4,501,223 4,108,269 3,214,591 2,731,224 2,269,548 ing costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 1,503,835 1,420,994 1,073,514 1,045,726 904,407 739,800 Labor Occupancy 262,412 230,868 199,107 Other operating costs 514,963 434,244 347,401 General and administrative expenses 250,214 273,897 203,733 Depreciation and amortization 130,368 110,474 96,054 Pre-opening costs 16,922 15,609 15,511 Loss on disposal of assets 13,194 6,976 6,751 Total operating expenses 2012 891,003 641,836 171,435 286,610 183,409 84,130 11,909 5,027 738,720 543,119 147,274 251,208 149,426 74,938 8,495 5,806 3,737,634 3,397,469 2,681,871 2,275,359 1,918,986 Income from operations 763,589 Interest and other income (expense), net 6,278 Income before income taxes Provision for income taxes Net income 710,800 3,503 532,720 1,751 455,865 1,820 350,562 -857 769,867 714,303 534,471 457,685 349,705 -294,265 -268,929 -207,033 -179,685 -134,760 475,602 445,374 327,438 278,000 214,945 -6,322 -1,522 -2,049 596 827 -409 -7,844 467,758 443,325 328,034 278,827 214,536 Earnings per share: Basic $15.30 $14.35 $10.58 $9.00 $6.89 Diluted $15.10 $14.13 $10.47 $9.00 $6.76 31,513 31,217 Other comprehensive income: Foreign currency translation adjustments Unrealized loss on investment income taxes of $946 , $0 , and $0 Other comprehensive income (los Comprehensive income Weighted average common shares outstanding: Basic 31,092 31,038 30,957 Diluted 31,494 31,512 31,281 31,783 31,775 Ticker symbol:CMG Percentage 2015 2014 2013 2012 2011 100% 100% 100% 100% 100% 33.41% 34.59% 33.40% 32.62% 32.55% 23.23% 22.01% 23.01% 23.50% 23.93% 5.83% 5.62% 6.19% 6.28% 6.49% 11.44% 10.57% 10.81% 10.49% 11.07% 5.56% 6.67% 6.34% 6.72% 6.58% 2.90% 2.69% 2.99% 3.08% 3.30% 0.38% 0.38% 0.48% 0.44% 0.37% 0.29% 0.17% 0.21% 0.18% 0.26% 83.04% 82.70% 83.43% 83.31% 84.55% 16.96% 17.30% 16.57% 16.69% 15.45% 0.14% 0.09% 0.05% 0.07% -0.04% 17.10% 17.39% 16.63% 16.76% 15.41% -6.54% -6.55% -6.44% -6.58% -5.94% 10.57% 10.84% 10.19% 10.18% 9.47% -0.14% -0.05% 0.02% 0.03% -0.02% 10.39% 10.79% 10.20% 10.21% 6.62% 35.63% 17.56% 30.62% 6.86% 34.96% 16.33% 33.14% 0.17% 0.26% -1.76% 0.95% 9.45% -0.06% 0.74% -1.58% 0.03% CHIPOTLE MEXICAN GRILL, CHIPOTLE MEXICAN GRILL, INC. Ticker symbol:CMG CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) December 31 Money 2015 2014 Operating activities Net income 475,602 445,374 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 130,368 110,474 Deferred income tax (benefit) provision 11,666 -20,671 Loss on disposal of assets 13,194 6,976 Bad debt allowance -23 9 Stock-based compensation expense 57,911 96,440 Excess tax benefit on stock-based compensation -74,442 -21,667 Other 582 104 Changes in operating assets and liabilities: Accounts receivable -3,504 -10,966 Inventory 262 -2,307 Prepaid expenses and other current assets -5,259 -658 Other assets -5,619 1,071 Accounts payable 19,525 2,168 Accrued liabilities -7,440 35,019 Income tax payable/receivable 32,756 8,831 Deferred rent 32,911 27,025 Other long-term liabilities 4,826 4,845 Net cash provided by operating activities 683,316 682,067 Investing activities Purchases of leasehold improvements, property and equipment Acquisition of interests in equity method investment Purchases of investments Maturities of investments -257,418 -252,590 0 0 -559,372 -521,004 352,650 254,750 Net cash used in investing activities -464,140 -518,844 Financing activities Acquisition of treasury stock Excess tax benefit on stock-based compensation Stock plan transactions and other financing activities -460,675 74,442 -207 -88,338 21,667 -66 Net cash used in financing activities -386,440 -66,737 Effect of exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at beginning of year -4,196 -224 -171,460 96,262 419,465 323,203 Cash and cash equivalents at end of year 248,005 419,465 Supplemental disclosures of cash flow information Income taxes paid 248,547 280,687 chases of leasehold improvements, property and equipment accrued in accounts payable-2,870 and accrued 9,424 liabilities Increase in acquisition of treasury stock accrued in accrued liabilities 25,178 MEXICAN GRILL, INC. Money 2013 2012 Percentage 2011 2015 2014 2013 2012 2011 327,438 278,000 214,945 69.60% 65.30% 61.92% 66.20% 52.29% 96,054 2,103 6,751 19 63,657 -38,379 507 84,130 -18,057 5,027 1,046 64,276 -73,210 522 74,938 11,935 5,806 239 41,382 -38,786 2,501 19.08% 1.71% 1.93% 0.00% 8.47% -10.89% 0.09% 16.20% -3.03% 1.02% 0.00% 14.14% -3.18% 0.02% 18.17% 20.03% 0.40% -4.30% 1.28% 1.20% 0.00% 0.25% 12.04% 15.31% -7.26% -17.43% 0.10% 0.12% 18.23% 2.90% 1.41% 0.06% 10.07% -9.43% 0.61% -7,238 -1,950 -6,806 -1,354 2,052 12,020 44,334 25,715 3,857 -9,438 -2,180 -5,954 -20,539 7,849 21,307 59,357 23,765 4,062 -2,970 -1,816 -5,399 -7,350 9,432 17,451 66,555 19,624 2,609 -0.51% 0.04% -0.77% -0.82% 2.86% -1.09% 4.79% 4.82% 0.71% -1.61% -0.34% -0.10% 0.16% 0.32% 5.13% 1.29% 3.96% 0.71% -1.37% -0.37% -1.29% -0.26% 0.39% 2.27% 8.38% 4.86% 0.73% -0.72% -0.44% -1.31% -1.79% 2.29% 4.24% 16.19% 4.77% 0.63% -2.25% -0.52% -1.42% -4.89% 1.87% 5.07% 14.13% 5.66% 0.97% 528,780 419,963 411,096 100.00% 100.00% 100.00% 100.00% 100.00% -199,926 -197,037 -151,147 0 0 -586 -387,639 -213,462 -183,251 159,250 55,000 124,766 55.46% 48.68% 46.68% 55.43% 71.90% 0.00% 0.00% 0.00% 0.00% 0.28% 107.81% 100.42% 90.50% 60.05% 87.17% -67.97% -49.10% -37.18% -15.47% -59.35% -428,315 -355,499 -210,218 100.00% 100.00% 100.00% 100.00% 100.00% -138,903 -217,092 38,379 73,210 173 348 119.21% 132.37% 138.42% 151.25% 261.69% -19.26% -32.47% -38.24% -51.01% -159.82% 0.05% 0.10% -0.17% -0.24% -1.87% -63,508 38,786 454 -100,351 -143,534 -24,268 536 380 -205 650 -78,690 176,405 322,553 401,243 224,838 323,203 322,553 401,243 160,973 138,385 -1,736 4,455 100.00% 100.00% 100.00% 100.00% 100.00% -1.69% -0.05% -69.14% 22.95% 169.14% 77.05% 0.17% 0.12% -0.05% 0.20% -24.40% 43.96% 99.80% 124.40% 56.04% 100.00% 100.00% 100.00% 100.00% 100.00% 56,270 - - - - - 3,249 - - - - - CHIPOTLE MEXICAN GRILL, INC. Ticker symbol:CMG CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED BALANCE SHEET (in thousands, except per share data) money December 31 Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Current deferred tax asset Prepaid expenses and other current assets Income tax receivable Investments 2010 2011 2012 2013 224,838 5,658 7,098 4,317 16,016 23,528 124,766 401,243 8,389 8,913 6,238 21,404 0 55,005 322,553 16,800 11,096 8,862 27,378 9,612 150,306 323,203 24,016 13,044 13,212 34,204 3,657 254,971 Total current assets Leasehold improvements, property and equipment, net Long term investments Other assets Goodwill 406,221 676,881 0 16,564 21,939 501,192 751,951 128,241 21,985 21,939 546,607 866,703 190,868 42,550 21,939 666,307 963,238 313,863 43,933 21,939 Total assets 1,121,605 1,425,308 1,668,667 2,009,280 Liabilities and shareholders' equity Current liabilities: Accounts payable Accrued payroll and benefits Accrued liabilities Current portion of deemed landlord financing Income tax payable 33,705 50,336 38,892 121 0 46,382 60,241 46,456 133 4241 58,700 71,731 56,421 0 0 59,022 67,195 73,011 0 0 Total current liabilities Deferred rent Deemed landlord financing Deferred income tax liability Other liabilities 123,054 123,667 3,661 50,525 9,825 157,453 143,284 3,529 64,381 12,435 186,852 167,057 0 48,947 19,885 199,228 192,739 0 55,434 23,591 Total liabilities 310,732 381,082 422,741 470,992 Shareholders' equity: Common stock Additional paid-in capital Treasury stock, at cost Accumulated other comprehensive income Retained earnings 340 344 349 352 594,331 676,652 816,612 919,840 -240,918 -304,426 -521,518 -660,421 606 197 1,024 1,620 456,514 671,459 949,459 1,276,897 Total shareholders' equity 810,873 1,044,226 1,245,926 1,538,288 Total liabilities and shareholders' equity 1,121,605 1,425,308 1,668,667 2,009,280 CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (in thousands, except per share data) Sales Revenue 1,835,922 2,269,548 2,731,224 3,214,591 rant operating costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 561,107 738,720 Labor 453,573 543,119 Occupancy 128,933 147,274 Other operating costs 202,904 251,208 General and administrative expenses 118,590 149,426 Depreciation and amortization 68,921 74,938 Pre-opening costs 7,767 8,495 Loss on disposal of assets 6,296 5,806 Total operating expenses Income from operations Interest and other income (expense), net Income before income taxes Provision for income taxes Net income Other comprehensive income: Foreign currency translation adjustments 891,003 1,073,514 641,836 739,800 171,435 199,107 286,610 347,401 183,409 203,733 84,130 96,054 11,909 15,511 5,027 6,751 1,548,091 1,918,986 2,275,359 2,681,871 287,831 1,230 350,562 -857 455,865 1,820 532,720 1,751 289,061 349,705 457,685 534,471 -110,080 -134,760 -179,685 -207,033 178,981 214,945 278,000 327,438 577 -409 827 596 Comprehensive income 179,558 214,536 278,827 328,034 Earnings per share: Basic 5.73 6.89 9 11 Diluted 5.64 6.76 9 10 Weighted average common shares outstanding: Basic 31,234 31,217 31,513 30,957 Diluted 31,735 31,775 31,783 31,281 214,945 278,000 327,438 74,938 11,935 5,806 239 41,382 -38,786 2,501 84,130 -18,057 5,027 1,046 64,276 -73,210 522 96,054 2,103 6,751 19 63,657 -38,379 507 -2,970 -1,816 -5,399 -7,350 9,432 17,451 66,555 19,624 2,609 -9,438 -2,180 -5,954 -20,539 7,849 21,307 59,357 23,765 4,062 -7,238 -1,950 -6,806 -1,354 2,052 12,020 44,334 25,715 3,857 411,096 419,963 528,780 CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) Operating activities Net income 178,981 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 68,921 Deferred income tax (benefit) provision 10,479 Loss on disposal of assets 6,296 Bad debt allowance -151 Stock-based compensation expense 21,381 Excess tax benefit on stock-based compensation -14,526 Other 0 Changes in operating assets and liabilities: Accounts receivable -743 Inventory -1,481 Prepaid expenses and other current assets -1632 Other assets -8,956 Accounts payable 6,989 Accrued liabilities 16607 Income tax payable/receivable -13,209 Deferred rent 17,261 Other long-term liabilities 2974 Net cash provided by operating activities Investing activities 289,191 Purchases of leasehold improvements, property and equipment -113215 -151,147 -197,037 -199,926 Acquisition of interests in equity method investment -1,900 -586 0 0 Purchases of investments -125000 -183,251 -213,462 -387,639 Maturities of investments 50234 124,766 55,000 159,250 Net cash used in investing activities -189,881 -210,218 -355,499 -428,315 Financing activities Acquisition of treasury stock Excess tax benefit on stock-based compensation Stock plan transactions and other financing activities -126602 14,526 17554 -63,508 -217,092 -138,903 38,786 73,210 38,379 454 348 173 Net cash used in financing activities -94,522 -24,268 -143,534 -100,351 Effect of exchange rate changes on cash and cash equivalents 484 Net change in cash and cash equivalents 5,272 Cash and cash equivalents at beginning of year 219,566 -205 176,405 224,838 380 -78,690 401,243 536 650 322,553 Cash and cash equivalents at end of year 224,838 401,243 322,553 323,203 Supplemental disclosures of cash flow information Income taxes paid 112,150 56,270 138,385 160,973 of leasehold improvements, property and equipment accrued in accounts payable 1,480and accrued 3,249 liabilities 4,455 -1,736 ol:CMG 2014 2015 419,465 34,839 15,332 0 34,795 16,488 338,592 248,005 38,283 15,043 0 39,965 58,152 415,199 859,511 814,647 1,106,984 1,217,220 496,106 622,939 42,777 48,321 21,939 21,939 2,527,317 2,725,066 69,613 73,894 102,203 0 0 85,709 64,958 129,275 0 0 245,710 219,414 0 21,561 28,263 279,942 251,962 0 32,305 32,883 514,948 597,092 354 1038932 -748759 -429 1722271 358 1172628 -1234612 -8273 2197873 2,012,369 2,127,974 2,527,317 2,725,066 0 4,108,269 4,501,223 1,420,994 1,503,835 904,407 1,045,726 230,868 262,412 434,244 514,963 273,897 250,214 110,474 130,368 15,609 16,922 6,976 13,194 3,397,469 3,737,634 710,800 3,503 763,589 6,278 714,303 -268,929 769,867 -294,265 445,374 475,602 -2,049 443,325 14 15 14 15 31,038 31,092 31,512 31,494 445,374 475,602 110,474 -20,671 6,976 9 96,440 -21,667 104 130,368 11,666 13,194 -23 57,911 -74,442 582 -10,966 -2,307 -658 1,071 2,168 35,019 8,831 27,025 4,845 -3,504 262 -5,259 -5,619 19,525 -7,440 32,756 32,911 4,826 682,067 683,346 -252,590 0 -521,004 254,750 -518,844 -257,418 0 257,418 559,372 352,650 -464,140 -88,338 21,667 -66 -460,675 74,442 -207 -66,737 -386,440 -224 96,262 323,203 -4,196 -171,460 419,465 419,465 248,005 280,687 248,547 9,424 -2,870 CHIPOTLE MEXICAN GRILL, INC. Ticker sym Ratios Extracted from statement of cash flows Cash provided by or (used in) Operating activities Investing activities Financing activities Effect of exchange rate changes on cash Other Total cash provided or (used) Informaion about avilable cash flows Operating activities (less) acquisitions of assets [In investing activities] (less) payments for use of capital [In financing activities] loan payments dividend payments Liquidity ratios Run rate days of spending, in cash Run rate days of spending, in cash plus STI (Short-terminvestments) Inventory-adjusted days of spending,in cash Inventory-adjusted days of spending,in cash plus STI (Short-terminvestments) Days' sales outstanding (DSO) Accounts receivable turnover Accounts receivable turnover Days of sales in inventory cash conversion cycle Inventory turnover Inventory turnover days days days days days times/year days days days times/year days Working capital Current ratio,aka working capital ratio Acid-test ratio,aka quick ratio Cash ratio money ratio ratio ratio Working capital turnover trade payables turnover (accounts payable) / (expanditures per day) (Owed to vendors) / (expenditures per day) times/year days days Long-term debt-paying ability Times interest earned Fixed charge coverage Debt ratio Debt/equity ratio, aka debt-to-equity ratio Debt to tangible net worth ratio Current debt to net worth ratio Current debt to tangible net worth ratio Total capitalization ratio Total tangible capitalization ratio Fixed assets to equity ratio Fixed assets to tangible equity ratio ratio ratio ratio ratio ratio ratio ratio ratio ratio ratio ratio Profitability measurements Gross profit margin Operating income margin (pre-tax) Net profit margin, aka return on sales Return on assets aka ROA Return on operating assets Return on investment (ROI) Return on total equity Return on common equity percentage percentage percentage percentage percentage percentage percentage percentage Efficiency measurements Asset turnover (sales per dollar of assets) Operating asset turnover (sales per dallar of operating assets) Sales to fixed assets (sales per dallar of fixed assets) ratio ratio ratio L, INC. Ticker symbol:CMG os 2015 2014 2013 2012 2011 683,316 -464,140 -386,440 -4,196 248,005 76,545 682,067 -518,844 -66,737 -224 419,465 515,727 528,780 -428,315 -100,351 536 323,203 323,853 419,963 -355,499 -143,534 380 322,553 243,863 411,096 -210,218 -24,268 -205 401,243 577,648 683,316 -460,675 0 0 0 222,641 682,067 -88,338 0 0 0 593,729 528,780 -138,903 0 0 0 389,877 419,963 -217,092 0 0 0 202,871 411,096 -63,508 0 0 0 347,588 2013 2012 2015 2014 2011 24.42 65.29 24.22 65.29 3.10 123.12 2.96 1.59 4.55 227.64 1.56 45.37 81.99 44.99 81.99 3.10 139.61 2.61 1.80 4.42 218.56 1.63 44.36 79.35 43.96 79.35 2.73 157.52 2.32 1.94 4.26 203.47 1.75 52.13 76.42 51.67 76.42 2.25 216.86 1.68 1.95 3.63 207.41 1.72 76.89 87.43 76.53 87.43 1.35 541.08 0.67 1.85 2.53 393.86 0.90 534,705.00 2.91 2.86 2.37 613,801.00 3.50 3.44 3.09 467,079.00 3.34 3.28 2.90 359,755.00 2.93 2.87 2.53 343,739.00 3.18 3.13 2.90 16.84 13.39 13.76 15.18 13.21 8.44 21.16 7.53 18.58 8.10 18.12 9.49 18.61 8.89 17.79 76.76 76.76 0.22 0.28 0.28 0.13 0.13 0.12 0.12 1.27 1.28 128.14 128.14 0.20 0.26 0.26 0.12 0.12 0.11 0.11 1.24 1.26 188.00 187.89 0.23 0.31 0.31 0.13 0.13 0.14 0.14 1.29 1.31 153.75 153.58 0.25 0.34 0.35 0.15 0.15 0.15 0.15 1.32 1.35 -249.81 -250.69 0.27 0.36 0.37 0.15 0.15 0.17 0.17 1.34 1.37 26.09% 17.10% 10.19% 17.47% 29.56% 10.14% 22.97% 22.98% 27.21% 17.39% 10.46% 18.95% 31.80% 10.36% 25.09% 25.09% 26.59% 16.63% 9.70% 16.96% 29.41% 9.33% 23.52% 23.53% 27.11% 16.76% 9.74% 17.20% 30.01% 9.67% 24.28% 24.29% 25.96% 15.41% 9.10% 28.97% 49.84% 10.83% 41.17% 41.18% 1.71 1.73 1.73 1.81 1.83 1.83 1.75 1.77 1.77 1.77 1.79 1.79 3.18 3.23 3.23 CHIPOTLE MEXICAN GRILL, INC. Tick Computation of ratios Run rate days of spending , in cash Cash and cash equivalents Expenditures Cost of goods sold Selling,general,and administrative expenses Total expenditures Days per year Expenditures per day (Cash / expenditures) per day Run rate days of spending, in cash plus STI (short-term investment) Cash and cash equivalents Short-term investments Cash,cash equivalents, and short-term investments Expenditures Cost of goods sold Selling,general,and administrative expenses Total expenditures Days per year Expenditures per day (cash plus short-term investments) divided by daily rate of expenditures Inventory-adjusted days of spending, in cash Cash and cash equivalents Expenditures Cost of goods sold Selling,general,and administrative expenses Inventory change Ending inventory Beginning inventory Cash needs including inventory build-up or drawdown Days per year Expenditures per day (Cash / cash needs per day) Inventory-adjusted days of spending,in cash plus STI (Short-terminvestments) Cash and cash equivalents Short-term investments Cash,cash equivalents, and short-term investments Expenditures Cost of goods sold Selling,general,and administrative expenses Total expenditures Days per year Expenditures per day (cash plus short-term investments) divided by daily rate of expenditures Days' sales outstanding (DSO) Account receivable (net) Net sales Days per year Daily average sales Account receivable / daily average sales Accounts receivable turnover Net sales Average receivables Receivables at beginning of year Receivables at End of year Total Divide by (2) Average receivables Net sales divided by average receivable Accounts receivable turnover Average receivables Daily average sales Average receivables / daily average sales Check computations Net sales divided by average receivables Average receivables / daily average sales Days of sales in inventory Ending inventory Cost of goods sold Days per year Daily average cost of goods sold Ending inventory /daily average cost of goods sold cash conversion cycle Days of sales in inventory Account receivable turnover Time in days from purchase of nventory to cash collection Inventory turnover Cost of goods sold Average inventory Inventory at beginning of year Inventory at end of year Total Divide by (2) Average inventory Cost of goods sold divided by average inventory Inventory turnover Average inventory Daily average cost of goods sold Average inventory divided by daily average cost of goods sold Check computations Inventory turnover, in days Inventory turnover, number of times per year Working capital Total current assets Total current liabilities Workin capital (in money terms) Current ratio,aka working capital ratio Total current assets Total current liabilities Current ratio, aka working capital ratio Acid-test ratio,aka quick ratio Total current assets Subtract inventory Quick assets Divided by current libilities Acid-test ratio, akaquick ratio Cash ratio Cash and cash equivalents Short-term investments Total cash and near cash Total current libilities Total cash and near cash, divided by tatal current libilities Working capital turnover Sales Average working capital Working capital, beginning of year Working capital, end of year Divide by (2) Sales divided by average working capital trade payables turnover Accounts payable Accrued liabilities Owed to vendors in the normal course of business Expenditures per day (Accounts payable) / (expenditures per day) (Owed to vendors) / (expenditures per day) Times interest earned Recurring earnings(pre-tax profit from operations) Minus Interest expense (if included in operations) Income tax expense Equity in earnings of other companies (if included in operations) Minority earnings(if included in operations) Adjusted recurring earnings Interest expense Adjusted recurring earnings, divided by interest expense Fixed charge coverage Recurring earning (per-tax profit from operation) Minus Interest expense (if included in operations) Income tax expense Equity in earnings of other companies (if included in operations) Minority earnings(if included in operations) Interest portion of rentals Interest expense Interest portion of rentals Result of division, upper divided by lower Debt ratio Total liabilities Total assets Debt ratio Debt/equity ratio, aka debt-to-equity ratio Total liabilities Total equity Debt/equity ratio,aka debt-to-equity ratio Debt to tangible net worth ratio Total liabilities Total equity Minus intangible assets Goodwill Intangible assets,net Tangible net worth Debt to tangible net worth ratio Current debt to net worth ratio Total current libilities Total equity Current debt to net worth ratio Current debt to tangible net worth ratio Total current libilities Total equity Minus intangible assets Goodwill Intangible assets,net Tangible net worth Current debt to tangible net worth ratio Total capitalization ratio Total long-term liabilities Total equity Total long-term capita Total capitalization ratio Total tangible capitalization ratio Total long-term liabilities Tangible net worth Total tangible long-term capital Total tangible capitalization ratio Fixed assets to equity ratio Total fixed assets Total equity Fixed assets to equity ratio Fixed assets to tangible equity ratio Total fixed assets Tangible net worth Fixed assets to tangible equity ratio Gross profit margin Gross profit Sales Gross profit margin Operating income margin (pre-tax) Operating income (pre-tax) Sales Operating income margin (pre-tax) Net profit margin, aka return on sales Net income Subtract out Equity in income of other entities Minority share of earnings Nonrecurring items Extraordinary items Cumulative effect of accounting changes Sales Net profit margin, aka return on sales Net profitmargin in percent Return on assets aka ROA Net income Subtract out Minority share of earnings Nonrecurring items Extraordinary items Cumulative effect of accounting changes Return Average total assets Return on assets aka ROA Return on operating assets Operating income (pre-tax) Average operating assets Return on operating assets Return on investment (ROI) Interest expense (1 minuse tax rate) Interest expense net of the tax benefit Net income Subtract out Minority share of earnings Nonrecurring items Extraordinary items Cumulative effect of accounting changes Adjusted return Adjusted return plus (interest expense net of tax benefit) Total long-term liabilites (end of year) Total equity Total long-term liabilites (begining of year) Total equity Average of (long-term liabilites plus equity) Return on investment (ROI) Return on total equity Net income Preferred dividends Adjusted ncome Total equity Beginning of year End of year Average Return on total equity (ROE) Return on common equity Net income Preferred dividends Adjusted ncome Total stockholders' equity (beginning of year) Total stockholders' equity (end of year) Divide by (2) Common equity (beginning of year) Common equity (end of year) Divide by (2) Average common stockholders' equity Return on common equity Asset turnover (sales per dollar of assets) Sales Average total assets Total assets at beginning of year Total assets at end of year Divide by (2) Average total assets Sales divided by average total assets Operating asset turnover (sales per dallar of operating assets) Sales Total assets (End of year) Minus Construction in progress Intangible assets,net Operating assets (End of year) Total assets (Begining of year) Minus Construction in progress Intangible assets,net Operating assets (Begining of year) Average operating assets Net sales divided be average operating assets Sales to fixed assets (sales per dallar of fixed assets) Sales Total fixed assets (End of year) Minus Construction in progress Net fixed assets (End of year) Total fixed assets (Begining of year) Minus Construction in progress Net fixed assets (beginning of year) Average fixed assets Sales divided be average fixed assets RILL, INC. Ticker symbol:CMG 2015 2014 2013 2012 2011 248,005 419,465 323,203 322,553 401,243 3,457,304 250,214 3,707,518 365 10,157.58 24.42 3,100,987 273,897 3,374,884 365 9,246.26 45.37 2,455,876 203,733 2,659,609 365 7,286.60 44.36 2,075,014 183,409 2,258,423 365 6,187.46 52.13 1,755,259 149,426 1,904,685 365 5,218.32 76.89 248,005.00 415,199.00 663,204.00 419,465.00 338,592.00 758,057.00 323,203.00 254,971.00 578,174.00 322,553.00 150,306.00 472,859.00 401,243.00 55,005.00 456,248.00 3,457,304.00 250,214.00 3,707,518.00 365.00 10,157.58 65.29 3,100,987.00 273,897.00 3,374,884.00 365.00 9,246.26 81.99 2,455,876.00 203,733.00 2,659,609.00 365.00 7,286.60 79.35 2,075,014.00 183,409.00 2,258,423.00 365.00 6,187.46 76.42 1,755,259.00 149,426.00 1,904,685.00 365.00 5,218.32 87.43 248,005.00 419,465.00 323,203.00 322,553.00 401,243.00 3,457,304.00 250,214.00 3,100,987.00 273,897.00 2,455,876.00 203,733.00 2,075,014.00 183,409.00 1,755,259.00 149,426.00 15,043.00 15,332.00 3,737,893.00 365.00 10,240.80 24.22 15,332.00 13,044.00 3,403,260.00 365.00 9,324.00 44.99 13,044.00 11,096.00 2,683,749.00 365.00 7,352.74 43.96 11,096.00 8,913.00 2,278,432.00 365.00 6,242.28 51.67 8,913.00 0.00 1,913,598.00 365.00 5,242.73 76.53 248,005.00 415,199.00 419,465.00 338,592.00 323,203.00 254,971.00 322,553.00 150,306.00 401,243.00 55,005.00 663,204.00 758,057.00 578,174.00 472,859.00 456,248.00 3,457,304.00 250,214.00 3,707,518.00 365.00 10,157.58 65.29 3,100,987.00 273,897.00 3,374,884.00 365.00 9,246.26 81.99 2,455,876.00 203,733.00 2,659,609.00 365.00 7,286.60 79.35 2,075,014.00 183,409.00 2,258,423.00 365.00 6,187.46 76.42 1,755,259.00 149,426.00 1,904,685.00 365.00 5,218.32 87.43 38,283.00 4,501,223.00 365.00 12,332.12 3.10 34,839.00 4,108,269.00 365.00 11,255.53 3.10 24,016.00 3,214,591.00 365.00 8,807.10 2.73 16,800.00 2,731,224.00 365.00 7,482.81 2.25 8,389.00 2,269,548.00 365.00 6,217.94 1.35 4,501,223.00 4,108,269.00 3,214,591.00 2,731,224.00 2,269,548.00 34,839.00 38,283.00 73,122.00 2.00 36,561.00 123.12 24,016.00 34,839.00 58,855.00 2.00 29,427.50 139.61 16,800.00 24,016.00 40,816.00 2.00 20,408.00 157.52 8,389.00 16,800.00 25,189.00 2.00 12,594.50 216.86 0.00 8,389.00 8,389.00 2.00 4,194.50 541.08 36,561.00 12,332.12 2.96 29,427.50 11,255.53 2.61 20,408.00 8,807.10 2.32 12,594.50 7,482.81 1.68 4,194.50 6,217.94 0.67 123.12 2.96 139.61 2.61 157.52 2.32 216.86 1.68 541.08 0.67 15,043.00 3,457,304.00 365.00 9,472.07 1.59 15,332.00 3,100,987.00 365.00 8,495.85 1.80 13,044.00 2,455,876.00 365.00 6,728.43 1.94 11,096.00 2,075,014.00 365.00 5,684.97 1.95 8,913.00 1,755,259.00 365.00 4,808.93 1.85 1.59 2.96 1.80 2.61 1.94 2.32 1.95 1.68 1.85 0.67 4.55 4.42 4.26 3.63 2.53 3,457,304.00 3,100,987.00 2,455,876.00 2,075,014.00 1,755,259.00 15,332.00 15,043.00 30,375.00 2.00 15,187.50 227.64 13,044.00 15,332.00 28,376.00 2.00 14,188.00 218.56 11,096.00 13,044.00 24,140.00 2.00 12,070.00 203.47 8,913.00 11,096.00 20,009.00 2.00 10,004.50 207.41 0.00 8,913.00 8,913.00 2.00 4,456.50 393.86 15,187.50 9,472.07 1.60 14,188.00 8,495.85 1.67 12,070.00 6,728.43 1.79 10,004.50 5,684.97 1.76 4,456.50 4,808.93 0.93 1.56 227.64 1.63 218.56 1.75 203.47 1.72 207.41 0.90 393.86 814,647.00 279,942.00 534,705.00 859,511.00 245,710.00 613,801.00 666,307.00 199,228.00 467,079.00 546,607.00 186,852.00 359,755.00 501,192.00 157,453.00 343,739.00 814,647.00 279,942.00 2.91 859,511.00 245,710.00 3.50 666,307.00 199,228.00 3.34 546,607.00 186,852.00 2.93 501,192.00 157,453.00 3.18 814,647.00 -15,043.00 799,604.00 279,942.00 2.86 859,511.00 -15,332.00 844,179.00 245,710.00 3.44 666,307.00 -13,044.00 653,263.00 199,228.00 3.28 546,607.00 -11,096.00 535,511.00 186,852.00 2.87 501,192.00 -8,913.00 492,279.00 157,453.00 3.13 248,005.00 415,199.00 663,204.00 279,942.00 2.37 419,465.00 338,592.00 758,057.00 245,710.00 3.09 323,203.00 254,971.00 578,174.00 199,228.00 2.90 322,553.00 150,306.00 472,859.00 186,852.00 2.53 401,243.00 55,005.00 456,248.00 157,453.00 2.90 4,501,223.00 4,108,269.00 3,214,591.00 2,731,224.00 2,269,548.00 613,801.00 534,705.00 2.00 267,352.50 16.84 467,079.00 613,801.00 2.00 306,900.50 13.39 359,755.00 467,079.00 2.00 233,539.50 13.76 343,739.00 359,755.00 2.00 179,877.50 15.18 0.00 343,739.00 2.00 171,869.50 13.21 85,709.00 129,275.00 214,984.00 10,157.58 8.44 21.16 69,613.00 102,203.00 171,816.00 9,246.26 7.53 18.58 59,022.00 73,011.00 132,033.00 7,286.60 8.10 18.12 58,700.00 56,421.00 115,121.00 6,187.46 9.49 18.61 46,382.00 46,456.00 92,838.00 5,218.32 8.89 17.79 769,867.00 714,303.00 534,471.00 457,685.00 349,705.00 6,278.00 -294,265.00 0.00 0.00 481,880.00 6,278.00 76.76 3,503.00 -268,929.00 0.00 0.00 448,877.00 3,503.00 128.14 1,751.00 -207,033.00 0.00 0.00 329,189.00 1,751.00 188.00 1,820.00 -179,685.00 0.00 0.00 279,820.00 1,820.00 153.75 -857.00 -134,760.00 0.00 0.00 214,088.00 -857.00 -249.81 769,867.00 714,303.00 534,471.00 457,685.00 349,705.00 6,278.00 -294,265.00 0.00 0.00 0.00 481,880.00 6,278.00 0.00 6,278.00 76.76 3,503.00 -268,929.00 0.00 0.00 0.00 448,877.00 3,503.00 0.00 3,503.00 128.14 1,751.00 -207,033.00 0.00 0.00 0.00 329,189.00 1,751.00 1.00 1,752.00 187.89 1,820.00 -179,685.00 0.00 0.00 0.00 279,820.00 1,820.00 2.00 1,822.00 153.58 -857.00 -134,760.00 0.00 0.00 0.00 214,088.00 -857.00 3.00 -854.00 -250.69 597,092.00 514,948.00 470,992.00 422,741.00 381,082.00 2,725,066.00 0.22 2,527,317.00 0.20 2,009,280.00 0.23 1,668,667.00 0.25 1,425,308.00 0.27 597,092.00 2,127,974.00 0.28 514,948.00 2,012,369.00 0.26 470,992.00 1,538,288.00 0.31 422,741.00 1,245,926.00 0.34 381,082.00 1,044,226.00 0.36 597,092.00 2,127,974.00 514,948.00 2,012,369.00 470,992.00 1,538,288.00 422,741.00 1,245,926.00 381,082.00 1,044,226.00 21,939.00 0.00 2,106,035.00 0.28 21,939.00 0.00 1,990,430.00 0.26 21,939.00 0.00 1,516,349.00 0.31 21,939.00 0.00 1,223,987.00 0.35 21,939.00 0.00 1,022,287.00 0.37 279,942.00 2,127,974.00 0.13 245,710.00 2,012,369.00 0.12 199,228.00 1,538,288.00 0.13 186,852.00 1,245,926.00 0.15 157,453.00 1,044,226.00 0.15 279,942.00 2,127,974.00 245,710.00 2,012,369.00 199,228.00 1,538,288.00 186,852.00 1,245,926.00 157,453.00 1,044,226.00 21,939.00 0.00 2,106,035.00 0.13 21,939.00 0.00 1,990,430.00 0.12 21,939.00 0.00 1,516,349.00 0.13 21,939.00 0.00 1,223,987.00 0.15 21,939.00 0.00 1,022,287.00 0.15 284,267.00 2,127,974.00 2,412,241.00 0.12 240,975.00 2,012,369.00 2,253,344.00 0.11 248,173.00 1,538,288.00 1,786,461.00 0.14 216,004.00 1,245,926.00 1,461,930.00 0.15 207,665.00 1,044,226.00 1,251,891.00 0.17 284,267.00 2,106,035.00 2,390,302.00 0.12 240,975.00 1,990,430.00 2,231,405.00 0.11 248,173.00 1,516,349.00 1,764,522.00 0.14 216,004.00 1,223,987.00 1,439,991.00 0.15 207,665.00 1,022,287.00 1,229,952.00 0.17 2,703,127.00 2,127,974.00 1.27 2,505,378.00 2,012,369.00 1.24 1,987,341.00 1,538,288.00 1.29 1,646,728.00 1,245,926.00 1.32 1,403,369.00 1,044,226.00 1.34 2,703,127.00 2,106,035.00 1.28 2,505,378.00 1,990,430.00 1.26 1,987,341.00 1,516,349.00 1.31 1,646,728.00 1,223,987.00 1.35 1,403,369.00 1,022,287.00 1.37 1,174,287.00 4,501,223.00 26.1% 1,117,756.00 4,108,269.00 27.2% 854,769.00 3,214,591.00 26.6% 740,340.00 2,731,224.00 27.1% 589,227.00 2,269,548.00 26.0% 769,867.00 4,501,223.00 17.1% 714,303.00 4,108,269.00 17.4% 534,471.00 3,214,591.00 16.6% 457,685.00 2,731,224.00 16.8% 349,705.00 2,269,548.00 15.4% 475,602.00 445,374.00 327,438.00 278,000.00 214,945.00 0.00 0.00 16,922.00 0.00 0.00 458,680.00 4,501,223.00 0.11 10.2% 0.00 0.00 15,609.00 0.00 0.00 429,765.00 4,108,269.00 0.11 10.5% 0.00 0.00 15,511.00 0.00 0.00 311,927.00 3,214,591.00 0.10 9.7% 0.00 0.00 11,909.00 0.00 0.00 266,091.00 2,731,224.00 0.10 9.7% 0.00 0.00 8,495.00 0.00 0.00 206,450.00 2,269,548.00 0.09 9.1% 475,602.00 445,374.00 327,438.00 278,000.00 214,945.00 0.00 16,922.00 0.00 0.00 458,680.00 2,626,191.50 17.5% 0.00 15,609.00 0.00 0.00 429,765.00 2,268,298.50 18.9% 0.00 15,511.00 0.00 0.00 311,927.00 1,838,973.50 17.0% 0.00 11,909.00 0.00 0.00 266,091.00 1,546,987.50 17.2% 0.00 8,495.00 0.00 0.00 206,450.00 712,654.00 29.0% 769,867.00 2,604,252.50 29.6% 714,303.00 2,246,359.50 31.8% 534,471.00 1,817,034.50 29.4% 457,685.00 1,525,048.50 30.0% 349,705.00 701,684.50 49.8% 6,278.00 3.62 22,702.74 475,602.00 3,503.00 3.66 12,807.33 445,374.00 1,751.00 3.58 6,271.34 327,438.00 1,820.00 3.55 6,455.82 278,000.00 -857.00 3.60 -3,080.93 214,945.00 0.00 16,922.00 0.00 0.00 458,680.00 481,382.74 0.00 15,609.00 0.00 0.00 429,765.00 442,572.33 0.00 15,511.00 0.00 0.00 311,927.00 318,198.34 0.00 11,909.00 0.00 0.00 266,091.00 272,546.82 0.00 8,495.00 0.00 0.00 206,450.00 203,369.07 284,267.00 2,127,974.00 2,412,241.00 240,975.00 2,012,369.00 7,077,826.00 4,745,033.50 10.1% 240,975.00 2,012,369.00 2,253,344.00 248,173.00 1,538,288.00 6,293,149.00 4,273,246.50 10.4% 248,173.00 1,538,288.00 1,786,461.00 216,004.00 1,245,926.00 5,034,852.00 3,410,656.50 9.3% 216,004.00 1,245,926.00 1,461,930.00 207,665.00 1,044,226.00 4,175,751.00 2,818,840.50 9.7% 207,665.00 1,044,226.00 1,251,891.00 0.00 0.00 2,503,782.00 1,877,836.50 10.8% 475,602.00 0.00 475,602.00 445,374.00 0.00 445,374.00 327,438.00 0.00 327,438.00 278,000.00 0.00 278,000.00 214,945.00 0.00 214,945.00 2,012,369.00 2,127,974.00 2,070,171.50 1,538,288.00 2,012,369.00 1,775,328.50 1,245,926.00 1,538,288.00 1,392,107.00 1,044,226.00 1,245,926.00 1,145,076.00 0.00 1,044,226.00 522,113.00 23.0% 25.1% 23.5% 24.3% 41.2% 475,602.00 0.00 475,602.00 2,012,369.00 2,127,974.00 2.00 445,374.00 0.00 445,374.00 1,538,288.00 2,012,369.00 2.00 327,438.00 0.00 327,438.00 1,245,926.00 1,538,288.00 2.00 278,000.00 0.00 278,000.00 1,044,226.00 1,245,926.00 2.00 214,945.00 0.00 214,945.00 0.00 1,044,226.00 2.00 2,070,171.50 354.00 358.00 2.00 356.00 2,069,815.50 23.0% 1,775,328.50 352.00 354.00 2.00 353.00 1,774,975.50 25.1% 1,392,107.00 349.00 352.00 2.00 350.50 1,391,756.50 23.5% 1,145,076.00 344.00 349.00 2.00 346.50 1,144,729.50 24.3% 522,113.00 0.00 344.00 2.00 172.00 521,941.00 41.2% 4,501,223.00 4,108,269.00 3,214,591.00 2,731,224.00 2,269,548.00 2,527,317.00 2,725,066.00 5,252,383.00 2.00 2,626,191.50 1.71 2,009,280.00 2,527,317.00 4,536,597.00 2.00 2,268,298.50 1.81 1,668,667.00 2,009,280.00 3,677,947.00 2.00 1,838,973.50 1.75 1,425,308.00 1,668,667.00 3,093,975.00 2.00 1,546,987.50 1.77 0.00 1,425,308.00 1,425,308.00 2.00 712,654.00 3.18 4,501,223.00 2,725,066.00 4,108,269.00 2,527,317.00 3,214,591.00 2,009,280.00 2,731,224.00 1,668,667.00 2,269,548.00 1,425,308.00 0.00 21,939.00 2,703,127.00 2,527,317.00 0.00 21,939.00 2,505,378.00 2,009,280.00 0.00 21,939.00 1,987,341.00 1,668,667.00 0.00 21,939.00 1,646,728.00 1,425,308.00 0.00 21,939.00 1,403,369.00 0.00 0.00 21,939.00 2,505,378.00 2,604,252.50 1.73 0.00 21,939.00 1,987,341.00 2,246,359.50 1.83 0.00 21,939.00 1,646,728.00 1,817,034.50 1.77 0.00 21,939.00 1,403,369.00 1,525,048.50 1.79 0.00 0.00 0.00 701,684.50 3.23 4,501,223.00 2,703,127.00 4,108,269.00 2,505,378.00 3,214,591.00 1,987,341.00 2,731,224.00 1,646,728.00 2,269,548.00 1,403,369.00 0.00 2,703,127.00 2,505,378.00 0.00 2,505,378.00 1,987,341.00 1.00 1,987,340.00 1,646,728.00 2.00 1,646,726.00 1,403,369.00 3.00 1,403,366.00 0.00 0.00 2,505,378.00 2,604,252.50 0.00 1,987,341.00 2,246,359.50 0.00 1,646,728.00 1,817,034.00 0.00 1,403,369.00 1,525,047.50 0.00 0.00 701,683.00 1.73 1.83 1.77 1.79 3.23 CHIPOTLE MEXICAN GRILL, INC. Ticker symbol:CMG Quarterly Financial Data/Seasonality 2011 Quarters Ended (dollars in millions) Revenue Operating income Net income Number of restaurants opened in quarter Comparable restaurant sales increase 31-Mar 30-Jun 30-Sep $ 509.40 $ 571.60 $ 591.90 $ 74.80 $ 83.90 $ 98.00 $ 46.40 $ 50.70 $ 60.40 12 39 32 12.4% 10.0% 11.3% 2012 Quarters Ended (dollars in millions) Revenue Operating income Net income Number of restaurants opened in quarter Comparable restaurant sales increase 31-Mar 30-Jun 30-Sep $ 640.60 $ 690.90 $ 700.50 $ 102.20 $ 133.80 $ 117.70 $ 62.70 $ 81.70 $ 72.30 32 55 36 12.7% 8.0% 4.8% 2013 Quarters Ended (dollars in millions) Revenue Operating income Net income Number of restaurants opened in quarter Comparable restaurant sales increase 31-Mar 30-Jun 30-Sep $ 726.80 $ 816.80 $ 826.90 $ 120.00 $ 146.40 $ 137.20 $ 76.60 $ 87.90 $ 83.40 48 44 37 1.0% 5.5% 6.2% 2014 Quarters Ended (dollars in millions) Revenue Operating income Net income Number of restaurants opened in quarter Comparable restaurant sales increase 31-Mar 30-Jun 30-Sep $ 904.20 $ 1,050.10 $ 1,084.20 $ 135.70 $ 179.80 $ 207.40 $ 83.10 $ 110.30 $ 130.80 44 45 43 13.4% 17.3% 19.8% 2015 Quarters Ended (dollars in millions) Revenue Operating income Net income Number of restaurants opened in quarter Comparable restaurant sales increase 31-Mar 30-Jun 30-Sep $ 1,089.00 $ 1,197.80 $ 1,216.90 $ 197.80 $ 227.40 $ 234.80 $ 122.60 $ 140.20 $ 144.90 49 48 53 10.4% 4.3% 2.6% er symbol:CMG (dollars in millions) 31-Dec $ 596.70 $ 93.90 $ 57.50 67 11.1% (dollars in millions) 31-Dec $ 699.20 $ 102.20 $ 61.40 60 3.8% (dollars in millions) 31-Dec $ 844.10 $ 129.10 $ 79.60 56 9.3% (dollars in millions) 31-Dec $ 1,069.80 $ 187.90 $ 121.20 60 16.1% (dollars in millions) 31-Dec $ 997.50 $ 103.60 $ 67.90 79 -14.6% Quarterly Financial Data/Seasonality Revenue Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Cost of goods sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income Revenue Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Cost of goods sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income Revenue Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Cost of goods sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income Revenue Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Cost of goods sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income CHIPOTLE MEXICAN GRILL, INC. Ticker symbol:CM Quarters Ended in 31-Mar (in thousands, except per share data) 2011 2012 2013 2014 2015 509384 640603 726751 904163 1089043 399390 32216 1296 1661 434563 74821 287 75108 -28726 46382 485347 49334 2448 1250 538379 102224 434 102658 -39994 62664 558270 44211 2886 1340 606707 120044 266 120310 -43726 76584 695737 66917 4300 1559 768513 135650 689 136339 -53270 83069 820546 63061 3400 4200 891242 197801 1223 199024 -76383 122641 Quarters Ended in 30-Jun (in thousands, except per share data) 2011 2012 2013 2014 2015 571561 690932 816786 1050073 1197783 442747 41968 1606 1377 487698 83863 -2006 81857 -31200 50657 510066 42295 3306 1475 557142 133790 377 134167 -52484 81683 614771 50952 3246 1399 670368 146418 330 146748 -58895 87853 790358 74879 3392 1602 870231 179842 1144 180986 -70716 110270 895099 70212 3668 1388 970367 227416 1742 229158 -88954 140204 Quarters Ended in 30-Sep (in thousands, except per share data) 2011 2012 2013 2014 2015 591854 700528 826907 1084222 1216890 452864 37254 2448 1278 493844 98010 448 98458 -38025 60433 530088 48606 2772 1399 582865 117663 547 118210 -45910 72300 630018 52726 4604 2405 689753 137154 765 137919 -54540 83379 800179 71172 3829 1606 876786 207436 785 208221 -77420 130801 905542 70066 4367 2156 982131 234759 1518 236277 -91394 144883 Quarters Ended in 31-Dec (in thousands, except per share data) 2011 2012 2013 2014 2015 596749 699161 844147 1069811 1089043 460258 37988 3145 1490 502881 93868 414 94282 -36809 57473 549513 43174 3383 903 596973 102188 462 102650 -41297 61353 652817 55844 4775 1607 715043 129104 390 129494 -49872 79622 814713 60929 4088 2209 881939 187872 885 188757 -67523 121234 820546 63061 3435 4200 891242 197801 1223 199024 -76383 122641 ker symbol:CMG Quarters Ended in 31-Mar (Percentage) 100.00% % increase decrease 25.76% 75.76% 7.70% 0.38% 0.20% 84.04% 15.96% 0.07% 16.03% -6.24% 9.78% 21.52% 53.14% 88.89% -24.74% 23.89% 36.62% 51.22% 36.68% 39.23% 35.10% 2011 2012 100.00% 78.41% 6.32% 0.25% 0.33% 85.31% 14.69% 0.06% 14.74% -5.64% 9.11% 100.00% % increase decrease 13.45% 100.00% 76.82% 6.08% 0.40% 0.18% 83.48% 16.52% 0.04% 16.55% -6.02% 10.54% 15.02% -10.38% 17.89% 7.20% 12.69% 17.43% -38.71% 17.19% 9.33% 22.21% 76.95% 7.40% 0.48% 0.17% 85.00% 15.00% 0.08% 15.08% -5.89% 9.19% 2013 2014 Quarters Ended in 30-Jun (Percentage) 100.00% % increase decrease 20.89% 73.82% 6.12% 0.48% 0.21% 80.64% 19.36% 0.05% 19.42% -7.60% 11.82% 15.20% 0.78% 105.85% 7.12% 14.24% 59.53% -118.79% 63.90% 68.22% 61.25% 2011 2012 100.00% 77.46% 7.34% 0.28% 0.24% 85.33% 14.67% -0.35% 14.32% -5.46% 8.86% 100.00% % increase decrease 18.22% 100.00% 75.27% 6.24% 0.40% 0.17% 82.07% 17.93% 0.04% 17.97% -7.21% 10.76% 20.53% 20.47% -1.81% -5.15% 20.32% 9.44% -12.47% 9.38% 12.22% 7.55% 75.27% 7.13% 0.32% 0.15% 82.87% 17.13% 0.11% 17.24% -6.73% 10.50% 2013 2014 Quarters Ended in 30-Sep (Percentage) 100.00% % increase decrease 18.36% 75.67% 6.94% 0.40% 0.20% 83.20% 16.80% 0.08% 16.87% -6.55% 10.32% 17.05% 30.47% 13.24% 9.47% 18.03% 20.05% 22.10% 20.06% 20.74% 19.64% 2011 2012 100.00% 76.52% 6.29% 0.41% 0.22% 83.44% 16.56% 0.08% 16.64% -6.42% 10.21% 100.00% % increase decrease 18.04% 100.00% 76.19% 6.38% 0.56% 0.29% 83.41% 16.59% 0.09% 16.68% -6.60% 10.08% 18.85% 8.48% 66.09% 71.91% 18.34% 16.57% 39.85% 16.67% 18.80% 15.32% 73.80% 6.56% 0.35% 0.15% 80.87% 19.13% 0.07% 19.20% -7.14% 12.06% 2013 2014 Quarters Ended in 31-Dec (Percentage) 100.00% % increase decrease 17.16% 78.60% 6.18% 0.48% 0.13% 85.38% 14.62% 0.07% 14.68% -5.91% 8.78% 19.39% 13.65% 7.57% -39.40% 18.71% 8.86% 11.59% 8.88% 12.19% 6.75% 2011 2012 100.00% 77.13% 6.37% 0.53% 0.25% 84.27% 15.73% 0.07% 15.80% -6.17% 9.63% 100.00% % increase decrease 20.74% 100.00% 77.33% 6.62% 0.57% 0.19% 84.71% 15.29% 0.05% 15.34% -5.91% 9.43% 18.80% 29.35% 41.15% 77.96% 19.78% 26.34% -15.58% 26.15% 20.76% 29.78% 76.15% 5.70% 0.38% 0.21% 82.44% 17.56% 0.08% 17.64% -6.31% 11.33% 2013 2014 Quarters ercentage) % increase decrease 24.41% 24.62% 51.36% 49.00% 16.34% 26.67% 13.00% 159.02% 13.32% 21.83% 8.47% 1200000 100.00% % increase decrease 20.45% 75.35% 5.79% 0.31% 0.39% 81.84% 18.16% 0.11% 18.28% -7.01% 11.26% 17.94% -5.76% -20.93% 169.40% 15.97% 45.82% 77.50% 45.98% 43.39% 47.64% 800000 2015 1000000 600000 400000 200000 0 2011 2012 2013 -200000 Quarters ercentage) % increase decrease 28.56% 2015 100.00% % increase decrease 14.07% 1400000 1200000 1000000 28.56% 46.96% 4.50% 14.51% 29.81% 22.83% 246.67% 23.33% 20.07% 25.52% 74.73% 5.86% 0.31% 0.12% 81.01% 18.99% 0.15% 19.13% -7.43% 11.71% 13.25% -6.23% 8.14% -13.36% 11.51% 26.45% 52.27% 26.62% 25.79% 27.15% 800000 600000 400000 200000 0 -200000 2011 2012 2013 Quarters ercentage) % increase decrease 31.12% 100.00% % increase decrease 12.24% 27.01% 34.98% -16.83% -33.22% 27.12% 51.24% 2.61% 50.97% 41.95% 56.88% 74.41% 5.76% 0.36% 0.18% 80.71% 19.29% 0.12% 19.42% -7.51% 11.91% 13.17% -1.55% 14.05% 34.25% 12.01% 13.17% 93.38% 13.47% 18.05% 10.77% 2015 1400000 1200000 1000000 800000 600000 400000 200000 0 2011 2012 2013 -200000 Quarters ercentage) % increase decrease 26.73% 100.00% % increase decrease 1.80% 24.80% 9.11% -14.39% 37.46% 23.34% 45.52% 126.92% 45.77% 35.39% 52.26% 75.35% 5.79% 0.32% 0.39% 81.84% 18.16% 0.11% 18.28% -7.01% 11.26% 0.72% 3.50% -15.97% 90.13% 1.05% 5.28% 38.19% 5.44% 13.12% 1.16% 2015 1200000 1000000 800000 600000 400000 200000 0 -200000 2011 2012 2013 Quarters Ended in 31-Mar Revenue Cost of good sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income 2013 2014 2015 Quarters Ended in 30-Jun Revenue Cost of good sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income 2013 2014 2015 2 Quarters Ended in 30-Sep Revenue Cost of good sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income 2013 2014 2015 Quarters Ended in 31-Dec Revenue Cost of good sold General and administrative expenses Pre-opening costs Loss on disposal of assets Total operating expenses Operating Income or Loss Interest and other income (expense), net Income before income taxes Provision for income taxes Net income 2013 2014 2015 Chipotle Mexican Grill Inc. (CMG) Tareq Abofadhel - November 22, 2015 CHIPOTLE MEXICAN GRILL INC, 1 Introduction Chipotle Mexican Grill is chain restaurants in the U.S, U.K, Canada, Germany and France founded in 1993 by Steve Ells in Denver, Colorado. The initial idea to establish this chain was providing fast food with good ingredient. The company has released a mission statement called Food with Integrity. Chipotle had 16 restaurants (all in Colorado) when McDonald's Corporation became a major investor in 1998. By the time McDonald's fully divested itself from Chipotle in 2006,the chain had grown to over 500 locations. In fall 2015, Chipotle expanded its mobile strategy through delivery partnerships with tech startups like Tapingo, a delivery service that targets college campuses. With more than 1700 locations, Chipotle had a net income in 2013 of US$327.4 million and a staff of more than 45,000 employees as reported in a 2015 CNN Money syndicated report via WTVR. First store McDonald's and chipotle Food With Integrity Chipotle's food services Chipotle Mexican Grill (CMG) serves burritos, burrito bowls, soft and crispy tacos, and salads. It offers sides such as chips and guacamole and serves a variety of beverages. The company offers catering services in addition to on premise selling at its restaurants. In this series, we'll look at Chipotle Mexican Grill's revenues and same-store sales. We'll see why Chipotle has been successfully growing sales and unit growth, and we'll find out how Chipotle is funding its unit growth and how its stock has performed over the years. Through this series, you'll better understand your investment in Chipotle Mexican Grill. CHIPOTLE MEXICAN GRILL INC, 2 Year Share Outstanding 2011 31.22M 2012 31.52M 2013 30.96M 2014 31.04M 2015 30.58M Stock of Chipotle: The Stock for Chipotle did not change more than 2% in last five years, which means the share outstanding was steady for the last five years. The Highly Paid Group: Here is the list of five highly paid employee in Chipotle Mexican Grill Inc.: 1. Steve Ellis: Mr. Ells founded Chipotle in 1993. He is Co-Chief Executive Officer and was appointed Chairman of the Board in 2005. Prior to launching Chipotle, Mr. Ells worked for two years at Stars restaurant in San Francisco. Mr. Ells's visionthat food served fast doesn't have to be low quality and that delicious food doesn't have to be expensiveis the foundation on which Chipotle is based. This visionary thinking has led to Chipotle accomplishing great things, such as growing from a single restaurant to over 1,400 in just 20 years, and serving more naturally-raised meat than any other restaurant company. This thinking has also resulted in Mr. Ells remaining a principal driving force behind making our company innovative and striving for constant improvement, and he continues to provide important leadership to our executive officers, management team, and Board of Directors. He is also one of the largest individual shareholders of our company. Mr. Ells graduated from the University of Colorado with a Bachelor of Arts degree in art history, and is also a 1990 Culinary Institute of America graduate. 2. Montgomery F. (Monty) Moran: Mr. Moran is our Co-Chief Executive Officer. He was appointed to this position on January 1, 2009, after serving as President and Chief Operating Officer since March 2005. Mr. Moran previously served as chief executive officer of the Denver law firm Messner & Reeves, LLC, where he was employed since 1996, and as general counsel of Chipotle. His experience as our general counsel from the time we had only a few restaurants through our growth to several hundred restaurants at the time he joined us, has given him an in-depth knowledge and understanding of every aspect of our business. His legal experience ran from trial and employment matters to real estate and other transactional matters, as well as general corporate counseling. As a result he has an outstanding skill set in such areas as risk management and crisis handling, and also is thoroughly familiar with management personnel throughout our organization