COMPARABLE SALES INCREASE 7% DRIVEN BY
OVER 5% TRANSACTION GROWTH AS MARGINS EXPAND
NEWPORT
BEACH, Calif., April 24,
2024 /PRNewswire/ -- Chipotle Mexican Grill,
Inc. (NYSE: CMG) today reported financial results for its first
quarter ended March 31, 2024.
First quarter highlights, year over
year:
- Total revenue increased 14.1% to $2.7 billion
- Comparable restaurant sales increased 7.0%
- Operating margin was 16.3%, an increase from
15.5%
- Restaurant level operating margin was 27.5%1,
an increase of 190 basis points
- Diluted earnings per share was $13.01, a 23.9% increase from $10.50. Adjusted diluted earnings per share,
which excluded a $0.36 after-tax
impact from an increase in legal reserves, was $13.371, a 27.3% increase from
$10.501.
- Opened 47 new restaurants with 43 locations including a
Chipotlane
"We had another outstanding quarter driven by our
improvement in throughput and successful marketing initiatives,
including Braised Beef Barbacoa and Chicken Al Pastor, which
drove strong sales and transactions. The results we are seeing from
our focus on developing exceptional people, preparing delicious
food and fast throughput gives me confidence that we can achieve
our long-term target of more than doubling our business in
North America and expanding
internationally," said Brian Niccol,
Chairman and CEO, Chipotle.
Results for the three months ended March 31,
2024:
Total revenue in the first quarter was $2.7 billion, an increase of 14.1% compared to
the first quarter of 2023. The increase in total revenue was driven
by new restaurant openings and a 7.0% increase in comparable
restaurant sales due to higher transactions of 5.4% and a 1.6%
increase in average check. Digital sales represented 36.5% of total
food and beverage revenue.
We opened 47 new restaurants during the first quarter with
43 locations including a Chipotlane. These formats continue to
perform well and are helping enhance guest access and convenience,
as well as increase new restaurant sales, margins, and
returns.
Food, beverage and packaging costs in the first quarter
were 28.8% of total revenue, a decrease of about 40 basis points
compared to the first quarter of 2023. The decrease was primarily
due to menu price increases from October
2023, partially offset by inflation across several
ingredient costs, primarily beef and produce, and a protein mix
headwind from the successful Braised Beef Barbacoa marketing
initiative.
Restaurant level operating margin in the first quarter was
27.5%1 compared to 25.6% in the first quarter of 2023.
The improvement was primarily driven by the benefit of sales
leverage, partially offset by wage and ingredient
inflation.
General and administrative expenses for the first quarter
were $204.6 million on a GAAP basis,
or $191.4 million1 on a
non-GAAP basis, excluding a $13.3
million increase in legal reserves. GAAP and non-GAAP
general and administrative expenses for the first quarter also
include $125.8 million of underlying
general and administrative expenses, $34.3
million of non-cash stock compensation, $21.0 million for our biennial All Managers
Conference held in the first quarter of 2024, and $9.9 million of payroll taxes on equity vesting
and exercises and higher performance-based accruals.
The effective income tax rate for the first quarter was
22.0% compared to 22.5% in the first quarter of 2023. The decrease
in the effective income tax rate was primarily due to an increase
in tax benefits from option exercises and equity
vesting.
Net income for the first quarter was $359.3 million, or $13.01 per diluted share, compared to
$291.6 million, or $10.50 per diluted share in the first quarter of
2023. In the first quarter of 2024, excluding the $0.36 after-tax impact from an increase in legal
reserves, adjusted net income was $369.3
million1 and adjusted diluted earnings per share
was $13.371.
During the first quarter we repurchased $25.0 million of stock at an average price per
share of $2,320. Due to the timing of
our announcement of a 50 for 1 stock split, we were unable to
repurchase our shares for most of the quarter. We plan to
resume opportunistically repurchasing our shares when the trading
window opens on April 26, 2024. As of
March 31, 2024, $399.1 million
remained available under share repurchase authorizations from our
Board of Directors. The repurchase authorization may be modified,
suspended, or discontinued at any time.
More information will be available in our Quarterly Report
on Form 10-Q, which will be filed with the SEC by the end of
April.
Outlook
For 2024, management is anticipating the
following:
- Full year comparable restaurant sales growth in the mid
to high-single digit range
- 285 to 315 new restaurant openings with over 80% having a
Chipotlane
- An estimated underlying effective full year tax rate
between 25% and 27% before discrete items
Definitions
The following definitions apply to these terms as used
throughout this release:
- Comparable restaurant sales, or sales comps, and
comparable restaurant transactions, represent the
change in period-over-period total revenue or transactions for
restaurants in operation for at least 13 full calendar
months.
- Average restaurant sales refer to the
average trailing 12-month food and beverage revenue for restaurants
in operation for at least 12 full calendar months.
- Restaurant level operating margin
represents total revenue less direct restaurant operating
costs, expressed as a percent of total revenue.
- Digital sales represent food and
beverage revenue generated through the Chipotle website, Chipotle
app or third-party delivery aggregators. Digital sales include
revenue deferrals associated with Chipotle Rewards.
Conference Call Details
Chipotle will host a conference call on Wednesday,
April 24, 2024, at 4:30 PM Eastern
time to discuss first quarter 2024 financial results as well
as provide a business update for the second quarter
2024.
The conference call can be accessed live over the phone by
dialing 1-888-317-6003, or for international callers by dialing
1-412-317-6061, and use code: 7358132. The call will be webcast
live from the company's website on the investor relations page at
ir.chipotle.com/events. An archived webcast will be available
approximately one hour after the end of the call.
About Chipotle
Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a
better world by serving responsibly sourced, classically-cooked,
real food with wholesome ingredients without artificial colors,
flavors or preservatives. Chipotle had nearly 3,500 restaurants as
of March 31, 2024, in the United
States, Canada, the
United Kingdom, France and Germany and is the only restaurant company of
its size that owns and operates all its restaurants in North America and Europe. Chipotle is ranked on the Fortune 500
and is recognized on Fortune's Most Admired Companies 2024 list and
Time Magazine's Most Influential Companies. With over 120,000
employees passionate about providing a great guest experience,
Chipotle is a longtime leader and innovator in the food industry.
Chipotle is committed to making its food more accessible to
everyone while continuing to be a brand with a demonstrated purpose
as it leads the way in digital, technology and sustainable business
practices. For more information or to place an order online, visit
WWW.CHIPOTLE.COM.
Forward-Looking Statements
Certain statements in this press release and in the
April 24, 2024, conference call are forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995,
including statements under "Outlook" about our anticipated
full year 2024 comparable restaurant sales growth, goals for number
of new restaurant openings, and estimated underlying effective full
year tax rate, as well as statements about expected restaurants
with Chipotlanes, our ability to achieve our long-term target of
more than doubling our business in North
America and expanding internationally, our rate of
expansion, future labor costs, future general and administrative
and other costs, future estimated tax rates and future long-term
prospects. We use words such as "anticipate", "believe", "could",
"should", "may", "approximately", "estimate", "expect", "intend",
"project", "target", "goal" and similar terms and phrases,
including references to assumptions, to identify forward-looking
statements. The forward-looking statements in this press release
are based on currently available operating, financial and
competitive information available to us as of the date of this
release and we assume no obligation to update these forward-looking
statements. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
described in the statements, including but not limited to:
increasing wage inflation, including as a result of regulations
such as California AB 1228, and the competitive labor market, which
impacts our ability to attract and retain qualified employees and
has resulted in occasional staffing shortages; the impact of any
union organizing efforts and our responses to such efforts;
increasing supply costs; risks of food safety incidents and
food-borne illnesses; risks associated with our reliance on certain
information technology systems and potential material failures or
interruptions; privacy and cyber security risks, including risk of
breaches, unauthorized access, theft, modification, destruction or
ransom of guest or employee personal or confidential information
stored on our network or the network of third party providers; the
impact of competition, including from sources outside the
restaurant industry; the financial impact of increasing our average
hourly wages; the impact of federal, state or local government
regulations relating to our employees, employment practices,
restaurant design and construction, and the sale of food or
alcoholic beverages; our ability to achieve our planned growth,
such as the costs and availability of suitable new restaurant
sites, construction materials and contractors; the expected costs
and risks related to our international expansion through franchise
restaurants in the Middle East;
increases in ingredient and other operating costs due to inflation,
global conflicts, climate change, our Food with Integrity
philosophy, tariffs or trade restrictions; intermittent supply
shortages relating to our Food with Integrity philosophy, rapid
expansion and supply chain shortages; the uncertainty of our
ability to achieve expected levels of comparable restaurant sales
due to factors such as changes in guests' perceptions of our brand,
including as a result of actual or rumored food safety concerns or
other negative publicity, decreased consumer spending (including as
a result of higher inflation, mass layoffs, fear of possible
recession and higher energy prices), or the inability to increase
menu prices or realize the benefits of menu price increases; risks
associated with our digital business, including risks arising from
our reliance on third party delivery services; risks relating to
litigation, including possible governmental actions and potential
class action litigation related to food safety incidents,
cybersecurity incidents, employment or privacy laws, advertising
claims or other matters; and other risk factors described from time
to time in our SEC reports, including our annual report on Form
10-K and quarterly reports on Form 10-Q, all of which are available
on the investor relations page of our website at
ir.Chipotle.com.
1 Restaurant level operating
margin, adjusted diluted earnings per share, adjusted net income,
non-GAAP general and administrative expenses, and non-GAAP
effective income tax rate are non-GAAP financial measures.
Reconciliations to GAAP measures and further information are set
forth in the table at the end of this press release.
|
CHIPOTLE MEXICAN
GRILL, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(in thousands,
except per share data)
(unaudited)
|
|
Three months ended March 31,
|
|
2024
|
|
2023
|
Food and beverage
revenue
|
$
2,684,447
|
|
99.4 %
|
|
$
2,351,009
|
|
99.3 %
|
Delivery service
revenue
|
17,401
|
|
0.6
|
|
17,571
|
|
0.7
|
Total
revenue
|
2,701,848
|
|
100.0
|
|
2,368,580
|
|
100.0
|
Restaurant operating
costs (exclusive of depreciation and
amortization shown
separately below):
|
|
|
|
|
|
|
|
Food, beverage and
packaging
|
779,076
|
|
28.8
|
|
692,559
|
|
29.2
|
Labor
|
659,450
|
|
24.4
|
|
583,794
|
|
24.6
|
Occupancy
|
135,699
|
|
5.0
|
|
121,931
|
|
5.1
|
Other operating
costs
|
385,773
|
|
14.3
|
|
363,206
|
|
15.3
|
General and
administrative expenses
|
204,625
|
|
7.6
|
|
148,340
|
|
6.3
|
Depreciation and
amortization
|
83,243
|
|
3.1
|
|
76,585
|
|
3.2
|
Pre-opening
costs
|
7,211
|
|
0.3
|
|
6,198
|
|
0.3
|
Impairment, closure
costs, and asset disposals
|
5,479
|
|
0.2
|
|
8,361
|
|
0.4
|
Total operating
expenses
|
2,260,556
|
|
83.7
|
|
2,000,974
|
|
84.5
|
Income from
operations
|
441,292
|
|
16.3
|
|
367,606
|
|
15.5
|
Interest and other
income, net
|
19,364
|
|
0.7
|
|
8,949
|
|
0.4
|
Income before income
taxes
|
460,656
|
|
17.0
|
|
376,555
|
|
15.9
|
Provision for income
taxes
|
101,369
|
|
3.8
|
|
84,911
|
|
3.6
|
Net income
|
$
359,287
|
|
13.3 %
|
|
$
291,644
|
|
12.3 %
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
13.09
|
|
|
|
$
10.56
|
|
|
Diluted
|
$
13.01
|
|
|
|
$
10.50
|
|
|
Weighted-average common
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
27,444
|
|
|
|
27,624
|
|
|
Diluted
|
27,624
|
|
|
|
27,788
|
|
|
CHIPOTLE MEXICAN
GRILL, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands,
except per share data)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
727,394
|
|
$
560,609
|
Accounts receivable,
net
|
89,836
|
|
115,535
|
Inventory
|
37,947
|
|
39,309
|
Prepaid expenses and
other current assets
|
98,118
|
|
117,462
|
Income tax
receivable
|
-
|
|
52,960
|
Investments
|
692,474
|
|
734,838
|
Total current
assets
|
1,645,769
|
|
1,620,713
|
Leasehold improvements,
property and equipment, net
|
2,202,739
|
|
2,170,038
|
Long-term
investments
|
776,815
|
|
564,488
|
Restricted
cash
|
26,138
|
|
25,554
|
Operating lease
assets
|
3,670,983
|
|
3,578,548
|
Other assets
|
66,866
|
|
63,082
|
Goodwill
|
21,939
|
|
21,939
|
Total assets
|
$
8,411,249
|
|
$
8,044,362
|
Liabilities and shareholders'
equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
196,866
|
|
$
197,646
|
Accrued payroll and
benefits
|
142,425
|
|
227,537
|
Accrued
liabilities
|
171,612
|
|
147,688
|
Unearned
revenue
|
187,317
|
|
209,680
|
Current operating
lease liabilities
|
254,144
|
|
248,074
|
Income tax
payable
|
44,989
|
|
-
|
Total current
liabilities
|
997,353
|
|
1,030,625
|
Long-term operating
lease liabilities
|
3,903,353
|
|
3,803,551
|
Deferred income tax
liabilities
|
84,229
|
|
89,109
|
Other
liabilities
|
64,985
|
|
58,870
|
Total
liabilities
|
5,049,920
|
|
4,982,155
|
Shareholders'
equity:
|
|
|
|
Preferred stock, $0.01
par value, 600,000 shares authorized, no shares issued
as
of March 31, 2024 and
December 31, 2023, respectively
|
-
|
|
-
|
Common stock, $0.01
par value, 230,000 shares authorized, 37,563 and 37,483
shares issued as of
March 31, 2024 and December 31, 2023, respectively
|
376
|
|
375
|
Additional paid-in
capital
|
1,994,950
|
|
1,956,160
|
Treasury stock, at
cost, 10,096 and 10,057 common shares as of March 31,
2024
and December 31, 2023,
respectively
|
(5,042,319)
|
|
(4,944,656)
|
Accumulated other
comprehensive loss
|
(7,950)
|
|
(6,657)
|
Retained
earnings
|
6,416,272
|
|
6,056,985
|
Total shareholders'
equity
|
3,361,329
|
|
3,062,207
|
Total liabilities and
shareholders' equity
|
$
8,411,249
|
|
$
8,044,362
|
CHIPOTLE MEXICAN
GRILL, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
|
|
Three months ended March 31,
|
|
2024
|
|
2023
|
Operating activities
|
|
|
|
Net income
|
$
359,287
|
|
$
291,644
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
83,243
|
|
76,585
|
Deferred income tax
provision
|
(4,890)
|
|
(486)
|
Impairment, closure
costs, and asset disposals
|
4,209
|
|
8,152
|
Provision for credit
losses
|
(412)
|
|
500
|
Stock-based
compensation expense
|
36,003
|
|
20,084
|
Other
|
835
|
|
(2,810)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
26,146
|
|
39,659
|
Inventory
|
1,331
|
|
1,086
|
Prepaid expenses and
other current assets
|
16,291
|
|
(14,569)
|
Operating lease
assets
|
64,797
|
|
59,135
|
Other
assets
|
1,561
|
|
3,277
|
Accounts
payable
|
12,588
|
|
(2,732)
|
Accrued payroll and
benefits
|
(85,289)
|
|
(53,428)
|
Accrued
liabilities
|
25,322
|
|
17,009
|
Unearned
revenue
|
(19,358)
|
|
(22,653)
|
Income tax
payable/receivable
|
97,960
|
|
85,400
|
Operating lease
liabilities
|
(51,537)
|
|
(51,584)
|
Other long-term
liabilities
|
1,147
|
|
767
|
Net cash provided by
operating activities
|
569,234
|
|
455,036
|
Investing activities
|
|
|
|
Purchases of leasehold
improvements, property and equipment
|
(132,703)
|
|
(120,369)
|
Purchases of
investments
|
(366,798)
|
|
(214,819)
|
Maturities of
investments
|
198,462
|
|
99,639
|
Net cash used in
investing activities
|
(301,039)
|
|
(235,549)
|
Financing activities
|
|
|
|
Acquisition of treasury
stock
|
(27,005)
|
|
(126,709)
|
Tax withholding on
stock-based compensation awards
|
(72,654)
|
|
(67,185)
|
Other financing
activities
|
(415)
|
|
11
|
Net cash used in
financing activities
|
(100,074)
|
|
(193,883)
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(752)
|
|
290
|
Net change in cash,
cash equivalents, and restricted cash
|
167,369
|
|
25,894
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
586,163
|
|
408,966
|
Cash, cash equivalents,
and restricted cash at end of period
|
$
753,532
|
|
$
434,860
|
Supplemental disclosures of cash flow
information
|
|
|
|
Income taxes paid
(refunded)
|
$
7,859
|
|
$
(245)
|
Purchases of leasehold
improvements, property and equipment accrued in accounts
payable
and accrued
liabilities
|
$
64,207
|
|
$
63,745
|
Acquisition of treasury
stock accrued in accounts payable and accrued
liabilities
|
$
3,646
|
|
$
9,422
|
CHIPOTLE MEXICAN
GRILL, INC.
SUPPLEMENTAL
FINANCIAL AND OTHER DATA
(dollars in
thousands)
(unaudited)
|
|
|
For the three months ended
|
|
|
Mar. 31,
2024
|
|
Dec. 31,
2023
|
|
Sep. 30,
2023
|
|
Jun. 30,
2023
|
|
Mar. 31,
2023
|
Number of restaurants
opened
|
|
47
|
|
121
|
|
62
|
|
47
|
|
41
|
Chipotle permanent
closures
|
|
(3)
|
|
(2)
|
|
(1)
|
|
-
|
|
-
|
Chipotle
relocations
|
|
(2)
|
|
(3)
|
|
(2)
|
|
(3)
|
|
(4)
|
Non-Chipotle permanent
closures
|
|
-
|
|
-
|
|
(6)
|
|
-
|
|
-
|
Number of restaurants
at end of period
|
|
3,479
|
|
3,437
|
|
3,321
|
|
3,268
|
|
3,224
|
Average restaurant
sales
|
|
$
3,082
|
|
$
3,018
|
|
$
2,972
|
|
$
2,941
|
|
$
2,892
|
Comparable restaurant
sales increase
|
|
7.0 %
|
|
8.4 %
|
|
5.0 %
|
|
7.4 %
|
|
10.9 %
|
CHIPOTLE MEXICAN GRILL,
INC.
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
The following tables provide a reconciliation of non-GAAP
financial measures presented in the text above to the most directly
comparable financial measures calculated and presented in
accordance with GAAP.
Adjusted net income is net income excluding expenses
related to certain legal proceedings. Adjusted general and
administrative expense is general and administrative expense
excluding expenses related to certain legal proceedings. The
adjusted effective income tax rate is the effective income tax rate
adjusted to reflect the after tax impact of non-GAAP adjustments.
Restaurant Level Operating Margin, a non-GAAP financial measure, is
equal to the revenues generated by our restaurants less their
direct operating costs which consist of food, beverage and
packaging, labor, occupancy and other operating costs. This
performance measure primarily includes the costs that restaurant
level managers can directly control and excludes other costs that
are essential to conduct our business. Management uses restaurant
level operating margin as a measure of restaurant performance.
Management believes restaurant level operating margin is useful to
investors in that it highlights trends in our core business that
may not otherwise be apparent to investors when relying solely on
GAAP financial measures. We present these non-GAAP measures in
order to facilitate meaningful evaluation of our operating
performance across periods. These adjustments are intended to
provide greater transparency of underlying performance and to allow
investors to evaluate our business on the same basis as our
management, which uses these non-GAAP measures in evaluating the
company's performance. Our adjusted net income, adjusted diluted
earnings per share, adjusted general and administrative expenses,
adjusted effective income tax rate and restaurant level operating
margin measures may not be comparable to other companies' adjusted
measures. These adjustments are not necessarily indicative of what
our actual financial performance would have been during the periods
presented and should be viewed in addition to, and not as an
alternative to, our results prepared in accordance with GAAP.
Further details regarding these adjustments are included in the
tables below.
CHIPOTLE MEXICAN
GRILL, INC.
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
Adjusted Net
Income and Adjusted Diluted Earnings per Share
(in thousands,
except per share amounts)
(unaudited)
|
|
Three months ended March 31,
|
|
2024
|
|
2023
|
Net income
|
$
359,287
|
|
$
291,644
|
Non-GAAP adjustments:
|
|
|
|
Legal
proceedings(1)
|
13,275
|
|
-
|
Total non-GAAP
adjustments
|
$
13,275
|
|
$
-
|
Tax effect of non-GAAP
adjustments above(2)
|
$
(3,307)
|
|
$
-
|
After tax impact of
non-GAAP adjustments
|
$
9,968
|
|
$
-
|
Adjusted net
income
|
$
369,255
|
|
$
291,644
|
|
|
|
|
Diluted
weighted-average number of common shares outstanding
|
27,624
|
|
27,788
|
Diluted earnings per
share
|
$
13.01
|
|
$
10.50
|
Adjusted diluted
earnings per share
|
$
13.37
|
|
$
10.50
|
|
|
(1)
|
Charges for estimated
settlements for distinct legal matters that exceeded or are
expected to exceed typical costs for these types of legal
proceedings.
|
(2)
|
Adjustments relate to
the tax effect of non-GAAP adjustments, which were determined based
on the nature of the underlying non-GAAP adjustments and their
relevant jurisdictional tax rates.
|
CHIPOTLE MEXICAN
GRILL, INC.
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
Adjusted General
and Administrative Expenses
(in
thousands)
(unaudited)
|
|
Three months ended
March 31,
|
|
2024
|
|
2023
|
General and
administrative expenses
|
$
204,625
|
|
$
148,340
|
Non-GAAP adjustments:
|
|
|
|
Legal
proceedings(1)
|
(13,275)
|
|
-
|
Total non-GAAP
adjustments
|
(13,275)
|
|
-
|
Adjusted general and
administrative expenses
|
$
191,350
|
|
$
148,340
|
|
|
(1)
|
Charges for estimated
settlements for distinct legal matters that exceeded or are
expected to exceed typical costs for these types of legal
proceedings.
|
CHIPOTLE MEXICAN
GRILL, INC.
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
Adjusted Effective
Income Tax Rate
(unaudited)
|
|
Three months ended
March 31,
|
|
2024
|
|
2023
|
Effective income tax
rate
|
22.0 %
|
|
22.5 %
|
Tax impact of non-GAAP
adjustments(1)
|
0.1
|
|
-
|
Adjusted effective
income tax rate
|
22.1 %
|
|
22.5 %
|
|
|
(1)
|
Adjustments relate to
the tax effect of non-GAAP adjustments, which were determined based
on the nature of the underlying non-GAAP adjustments and their
relevant jurisdictional tax rates.
|
CHIPOTLE MEXICAN
GRILL, INC.
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
Restaurant Level
Operating Margin
(in
thousands)
(unaudited)
|
|
Three months ended March 31,
|
|
2024
|
|
Percent of
total
revenue
|
|
2023
|
|
Percent of
total
revenue
|
Income from
operations
|
$
441,292
|
|
16.3 %
|
|
$
367,606
|
|
15.5 %
|
Non-GAAP Adjustments
|
|
|
|
|
|
|
|
General and
administrative expenses
|
204,625
|
|
7.6
|
|
148,340
|
|
6.3
|
Depreciation and
amortization
|
83,243
|
|
3.1
|
|
76,585
|
|
3.2
|
Pre-opening
costs
|
7,211
|
|
0.3
|
|
6,198
|
|
0.3
|
Impairment, closure
costs, and asset disposals
|
5,479
|
|
0.2
|
|
8,361
|
|
0.4
|
Total non-GAAP
Adjustments
|
$
300,558
|
|
11.1 %
|
|
$
239,484
|
|
10.1 %
|
Restaurant level
operating margin
|
$
741,850
|
|
27.5 %
|
|
$
607,090
|
|
25.6 %
|
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SOURCE Chipotle Mexican Grill