Chipotle 2005 Annual Report Download - page 29

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Use of Proceeds from Sale of Registered Securities
On January 26, 2006 we commenced our initial public offering of our Class A common stock,
$0.01 par value, pursuant to our Registration Statement on Form S-1, as amended (Reg.
No. 333-129221) that was declared effective on January 25, 2006. We registered 9,060,606 shares of
Class A Common Stock at a maximum offering price of $181.2 million pursuant to the registration
statement, all of which were sold in the offering at a per share price of $22.00 for an aggregate offering
price of $199.3 million. McDonald’s sold 3,000,000 shares as a selling shareholder and we sold
6,060,606 shares in the offering. The managing underwriters in the offering were Morgan Stanley and
SG Cowen & Co.
The net proceeds received by us in the offering were $121.3 million, determined as follows (in
millions):
Aggregate offering proceeds to the Company ....................... $133.3
Underwriting discounts and commissions .......................... 9.3
Finders fee ................................................ —
Other fees and expenses ...................................... 2.7
Total expenses ............................................. 12.0
Net proceeds to the Company .................................. $121.3
None of the underwriting discounts and commissions or offering expenses were incurred or paid to our
directors or officers or their associates or to persons owning 10 percent or more of our common stock
or to any affiliates of ours. The net proceeds to us from the offering are expected to be used by us to
provide additional long-term capital to support the growth of our business (primarily through opening
new stores), maintenance of our existing stores and for general corporate purposes.
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
Our selected consolidated financial data shown below should be read together with our 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 selected consolidated statements of operations data for the years ended
December 31, 2005, 2004 and 2003 and the consolidated balance sheet data as of December 31, 2005
and 2004 have been derived from our audited consolidated financial statements included in Item 8
‘‘Financial Statements and Supplementary Data’’. Our consolidated financial statements for the years
ended December 31, 2005, 2004 and 2003 have been audited and reported upon by Ernst & Young
LLP, an independent registered public accounting firm. The selected consolidated statements of
operations data for the year ended December 31, 2002 and the consolidated balance sheet data as of
December 31, 2003 and 2002 have been derived from audited financial statements not included in this
report. The selected consolidated statements of operations data for the year ended December 31, 2001
and the consolidated balance sheet data as of December 31, 2001 have been derived from unaudited
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