Take a close look at the data presented in case Exhibit 1 and work on the CAGR values; you should come up with some conclusions (complete the sentence where necessary):

- From the end of 2007 through the end of 2013, Chipotles total revenues (decrease, increased, stay the same) at a CAGR of XXX%.

- The percentages of total revenue for the various types of operating expenses at Chipotles restaurants (all shown in Exhibit 1) indicate that shareholders should be (unhappy, pleased, concerned) with the overall operating efficiency ( decline, improvements, not showing any change) at the companys restaurants from 2007 through 2013. (Can you comment on the trend of food, beverage, and packaging costs.

- Chipotles operating income (decreased, increased, stayed the same) to $XXX million in 2013 from $XXXX in 2007, equal to a CAGR of XXXX%.

- Chipotles operating profit margin was XXX% in 2013 versus XXX% in 2012, XXX% in 2011, XXXX% in 2009, and XXXX% in 2007.

- Net income (declined, rose, was unchanged) to $XXX million in 2013 from $XXXX million in 2007, a CAGR of XXXX%.

- Chipotles net profit margin was XXX% in 2013 versus XXX% in 2012, XXX% in 2011, XXX% in 2009, and XXX% in 2007.

- EPS (declined, rose, was unchanged) to $XX per diluted share in 2013 from $XXX per diluted share in 2007, a CAGR of XXX%.

- Chipotles current ratio of XXX in 2007 (deteriorated, improved, was unchanged) to XX in 2013.

- -Net cash provided by operating activities have been (declining, rising) annually, to $XXX million in 2013 from $XXX million in 2007, a CAGR of XX%.

- Average annual sales for Chipotle restaurants open at least 12 full calendar months have (decreased, increased, unchanged), to $XXX million in 2013 from $XXXX million in 2007. This represents a CAGR of XXX%.

Comparable restaurant sales (decreases, increases) of XXX% in 2013, XXX% in 2012, XXX% in 2011, XX% in 2009, and XXX% in 2007 are certainly (not acceptable, acceptable, a disappointment).

Conclusions: Overall, since 2007 Chipotle has posted (standard, weak, strong) financial and operating results in a ho-hum economic environment. What grade would you give Chipotle for its performance? Would you consider in your grade how they performed compare to other chains and the market economic conditions? (2007-2013)

What do you see in Chipotles future?

EXHIBIT 1 Financial and Operating Highlights for Chipotle Mexican Grill, 2007- 2013 (financial data in 000s of dollars, except for per share items) 2013 2012 Income statement data Total rovenue Food, beverage, and packaging costs $9,214,50, $2.731224 $2.260.548 1,518,417 $1,085,782 1,073,514 891,003 738,720 466,027 346,303 As %ofbblraanue Labor coets 30.7% 254% 75% 11.5% 31.9% 334% 730,800 641,836 543,119 385,072 289.417 AS % of otal revenue Occupancy costs 23,0% 23,5% 23.9% 26.7% 199,107 171,435 147274 114,218 347401 203,733 183,409 149,426 ,149 96,0544,130 74.938 61,308 AS % of total raonue Other operating costs 286,610 251.208 174,581 131,512 12.1% As % of total revenue Genoral and administrative axpenses 10.8% 11. 1% As % of total rwenue 6.6% 6.9% Daprociation and amortization costs Loss on disposal of assets 11,909 8495 5,806 15,511 8,401 9,585 Total operating expenses 2.681.871 2275.359 1918,986 131471297759 532,720 455,865 350,562 203,705 108.183 5,819 34.471 457685 349,705 204,225 114,002 Interest and other income (oxponse) net Income before income taxs Provision for income taxes Net income Earnings per share (207033)(179685 (134,760)7730) (43439) 327438 278,000 214.945 S 126,945 70,563 Basic $10.58 10.47 $8.82 8.75 $629 $3.99 $2.16 Diluted Weighted-average common shares outstanding Basic 30,957 31,513 31,217 31,766 31,281 31,783 31 32.102 33.146 Selected balance sheet data Total current assets Total assets Total curront liabiltice Total tabiides Total shareholders' equity Other financial data Net cash provided by operating activitios Capital expenditures 686,307 546,607 501,192 $297454 $ 201,844 2,009 280 1,868,667 1,425,308 961,505 722,115 73,301 199,228 196,852 157.453 102,153 470,992 422,741 381,082 258,044 1,538,288 1245,926 1,044,22 703,461 562,110 528,780 419,963 411,096 260,673 146,923 199,926 197037 151,147 117200 141,000 Restaurant data (in actual amounts) Restaurants open at yoar-and Average annual salee for restaurants open at least 12 ful calandar months Comparablo-restaurant salos increasee Davalopment and construction costs per newty-opened reetaurant 1,505 956 $2.169,000 $2.113,000 $2,013,000 $1,728,000 $1,085,000 112% 22% 10.8% $800. $ 800,000 800,000 $ 850,000 $ 880000 The change in period-ower petiod sales tor esetaurants beginning in thwir 13th lud calendar monith of opention Source: Company 10-K reports, 2013, 2012, 2011, and 2008