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).

Year ended December 31,

2019 2018 2017 2016 2015

Statement of Income:

Revenue $ 5,586,369 $ 4,864,985 $ 4,476,412 $ 3,904,384 $ 4,501,223

Food, beverage and packaging costs 1,847,916 1,600,760 1,535,428 1,365,580 1,503,835

Labor costs 1,472,060 1,326,079 1,205,992 1,105,001 1,045,726

Occupancy costs 363,072 347,123 327,132 293,636 262,412

Other operating costs 760,831 680,031 651,644 641,953 514,963

General and administrative expenses 451,552 375,460 296,388 276,240 250,214

Depreciation and amortization 212,778 201,979 163,348 146,368 130,368

Pre-opening costs 11,108 8,546 12,341 17,162 16,922

Impairment, closure costs and asset 23,094 66,639 13,345 23,877 13,194

disposals

Total operating expenses 5,142,411 4,606,617 4,205,618 3,869,817 3,737,634

Income from operations 443,958 258,368 270,794 34,567 763,589

Interest and other income, net 14,327 10,068 4,949 4,172 6,278

Income before income taxes 458,285 268,436 275,743 38,739 769,867

Provision for income taxes (108,127) (91,883) (99,490) (15,801) (294,265)

Net income $ 350,158 $ 176,553 $ 176,253 $ 22,938 $ 475,602

Earnings per share:

Basic $ 12.62 $ 6.35 $ 6.19 $ 0.78 $ 15.30

Diluted $ 12.38 $ 6.31 $ 6.17 $ 0.77 $ 15.10

Weighted average common shares: outstanding

Basic 27,740 27,823 28,491 29,265 31,092

Diluted 28,295 27,962 28,561 29,770 31,494

December 31,

2019 2018 2017 2016 2015

Balance Sheet Data:

Total current assets $ 1,072,204 $ 814,794 $ 629,535 $ 522,374 $ 814,647

Total assets $ 5,104,604 $ 2,265,518 $ 2,045,692 $ 2,026,103 $ 2,725,066

Total current liabilities $ 666,593 $ 449,990 $ 323,893 $ 281,793 $ 279,942

Total liabilities $ 3,421,578 $ 824,179 $ 681,247 $ 623,610 $ 597,092

Total shareholders' equity $ 1,683,026 $ 1,441,339 $ 1,364,445 $ 1,402,493 $ 2,127,974

Questions:

Question 1 - New Store Nature of Costs: Using the five-year financial summary of Chipotle readings above, (for more understanding, please explain the fixed and variable costs related to opening a new store)please list three items and talk about the behavior of the cost (is it variable, fixed, mixed? What amount is variable? What amount fixed? or a stepped cost).

Question 2 - Adding the Chipotlanes (or drive-thru): Chipotle is currently trying to retrofit 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 explain the upfront investment needed, the impact on revenue, and what expenses are likely to increase or decrease because of these Chipotlanes.Please do you think these "Chipotlanes" increase or decrease costs/benefits for Chipotle? Why?

Question 3 - Adding a New Product:Chipotle is currently testing additional menu items like a lower carbohydrate cauliflower rice product. Would you expect this product line extension to have a high or low breakeven point? Why?Additionally, McDonalds is eliminating several offerings from its menu. What do you believe is behind this move?Do you believe the cauliflower rice is a good product extension for Chipotle? Why or why not?