Chipotle 2005 Annual Report Download - page 48

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Chipotle Mexican Grill, Inc.
Consolidated Balance Sheet
(in thousands, except per share data)
December 31
2005 2004
Assets
Current assets:
Cash ...................................................... $ 61 $ —
Accounts receivable, net of allowance for doubtful accounts of $308 and $804
as of December 31, 2005 and 2004, respectively ..................... 1,933 2,490
Notes receivable—McDonald’s Corp. ............................... 2,248 732
Inventory ................................................... 2,625 2,256
Current deferred tax assets ...................................... 2,346 —
Prepaid expenses ............................................. 8,611 4,854
Total current assets ............................................. 17,824 10,332
Leasehold improvements, property and equipment, net ................... 340,694 289,873
Other assets .................................................. 2,653 2,825
Restricted cash and cash equivalents ................................. — 380
Long-term deferred tax assets ...................................... 13,586 —
Goodwill ..................................................... 17,738 26,243
Total assets ................................................... $392,495 $329,653
Liabilities and shareholders’ equity
Current liabilities:
Cash overdraft ............................................... $ — $ 4,431
Accounts payable ............................................. 13,188 11,803
Accrued payroll and benefits ..................................... 9,723 7,308
Accrued liabilities ............................................. 15,683 9,430
Accrued loss contingency ....................................... 1,817 4,000
Current portion of deemed landlord financing ........................ 57 —
Due to McDonald’s Corp. ....................................... 1,514 1,691
Total current liabilities ........................................... 41,982 38,663
Deferred rent ................................................. 37,106 28,231
Deemed landlord financing ....................................... 3,476 —
Other liabilities ................................................ 577 193
Total liabilities ................................................. 83,141 67,087
Shareholders’ equity:
Class A common stock, $0.01 par value, 200,000 shares authorized, no shares
outstanding as of December 31, 2005 and 2004 ...................... — —
Convertible Class B common stock, $0.01 par value, 30,000 shares authorized,
26,281 shares issued and outstanding as of December 31, 2005 and 2004
(Note 1) .................................................. 263 263
Additional paid-in capital ....................................... 375,728 384,426
Tax receivable—McDonald’s Corp. ................................ (28,195) (45,985)
Accumulated other comprehensive income ........................... 9 9
Accumulated deficit ........................................... (38,451) (76,147)
Total shareholders’ equity ......................................... 309,354 262,566
Total liabilities and shareholders’ equity .............................. $392,495 $329,653
See accompanying notes to consolidated financial statements.
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