ITEM 6. SELECTED FINANCIAL DATA Our selected consolidated financial data shown below should be read together with Item 7 'Management's Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and respective notes included in Item 8. Financial Statements and Supplementary Data. The data shown below are not necessarily indicative of results to be expected for any future period (dollar and share amounts in thousands, except per share data) 2019 2016 2015 s 5 5 Statement of Income: Revenue Food, beverage and packaging costs Labor costs Occupancy costs Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Impairment, dosure costs and asset disposals Total operating expenses Income from operations Interest and other income, net Income before income taxes Provision for income taxes Net income Earnings per share Basic Diluted Weighted average common shares outstanding Basic Diluted 5.566,369 1,847 916 1,472,060 363,072 760,831 451,552 212 778 11,108 23.094 5,142411 443958 14,327 453,285 (108127 350 158 Year ended December 31, 2018 2017 4864,985 1 4.476 412 1 1,600,760 1,535,428 1,326,079 1,205,992 347,123 327,132 680.031 651,644 375,460 296,388 201,979 163,348 8,546 12,341 66 639 13345 4,606 612 4 205 618 258,368 270,794 10.068 4949 268,436 275743 191,883) (99 490) 176,553 ! 176,253 3 904 384 1,365,580 1,105 001 293,636 641,953 276,240 146,368 17,162 23 877 3,869,812 34567 4.172 38,739 (15 801) 22,938 4501 223 1,503,835 1045 726 262,412 514,963 250,214 130,368 16,922 13 194 3,737,634 763,589 6.278 7697867 (294,265) 475 602 3 5 5 1262 1238 5 6.35 631 1 1 6.19 6.17 1 1 0.78 0.77 3 $ 15 30 15.10 27,740 28,295 27,823 27,962 28.491 28,561 29,265 29,770 31,092 31,494 December 31 2017 2019 2018 2016 2015 S Balance Sheet Data: Total current assets Total assets Total current liabilities Total abilities Total shareholders' equity 1,072,204 5,104,604 656,593 3.421,578 1,683,026 5 5 5 $ $ $ 814 794 5 629,535 1 2.265,518 5 2,045,692 1 449 990 5323 893 1 824,179 $ 681,247 1 1,441,339 5 1,364,445 ) 522374 2,026 103 281.793 523 610 1402,493 $ 814,547 2,725,066 5279,942 5 597092 $ 2,127 974 $ Questions: Discussion Question 1 - New Store Nature of Costs: Using five-year financial summary and the prior week's Chipotle readings for ideas please discuss the fixed and variable costs related to opening a new store. Please list one item and discuss the behavior of the cost (isit variable, fixed, mixed - what amount variable what amount fixed, or a stepped cost). A SAMPLE POSTING - the opening of the new store will enable additional sales - these additional sales will require additional food, beverage and packaging expenses - I believe that the expense will be variable and vary as a percentage of sales meaning as sales increase these will increase proportionately. Please only post one item and allow other students to add to the list or comment on your posting - thanks Discussion Question 2 - Adding the Chipotlanes for drive-thru): Chipotle is currently trying to retroht its existing restaurants with drive through windows and calling these additions Chipotlanes. For buildings that cannot accommodate a drive thru they are building an island in the parking lot that will hold the prepaid food order behind small individual doors that you can open when you enter your Security code. How could this development impact revenues, annual operating cost, and what kind of upfront investment do you believe is necessary? Please discuss either the upfront investment needed, the impact on revenue, or what expenses are likely to increase or decrease because of these Chipotlanes. Please address only one item and allow other students to add to the list or comment on your posting - thanks. At the end of your posting please indicate if you believe these "Chipotlanes" will increase or decrease costs/benefits for Chipotle and why