Chipotle 2006 Annual Report Download - page 42

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Chipotle Mexican Grill, Inc.
Consolidated Balance Sheet
(in thousands, except per share data)
December 31
2006 2005
Assets
Current assets:
Cash ................................................................ $153,642 $ 61
Accounts receivable, net of allowance for doubtful accounts of $344 and $308 as of
December 31, 2006 and 2005, respectively ............................... 4,865 1,933
Receivable—McDonald’s Corp. .......................................... 8,783 2,248
Inventory ............................................................ 3,505 2,625
Current deferred tax asset ............................................... 930 2,346
Prepaid expenses ...................................................... 7,112 8,611
Total current assets ........................................................ 178,837 17,824
Leasehold improvements, property and equipment, net ............................ 404,740 340,694
Other assets .............................................................. 2,893 2,653
Long-term deferred tax asset ................................................. — 13,586
Goodwill ................................................................ 17,738 17,738
Total assets .............................................................. $604,208 $392,495
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable ..................................................... $ 19,567 $ 13,188
Accrued payroll and benefits ............................................. 16,764 9,723
Accrued liabilities ..................................................... 23,277 19,014
Current portion of deemed landlord financing ............................... 71 57
Income tax payable .................................................... 1,522 —
Total current liabilities ..................................................... 61,201 41,982
Deferred rent ............................................................. 46,222 37,106
Deemed landlord financing .................................................. 4,036 3,476
Deferred income tax liability ................................................ 18,681 —
Other liabilities ........................................................... 111 577
Total liabilities ........................................................... 130,251 83,141
Shareholders’ equity:
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares outstanding as
of December 31, 2006 and 2005 ........................................ — —
Class A common stock, $0.01 par value, 200,000 shares authorized, 14,222 and no
shares outstanding as of December 31, 2006 and 2005, respectively ............ 142 —
Class B common stock, $0.01 par value, 30,000 shares authorized, 18,322 and
26,281 shares outstanding as of December 31, 2006 and 2005, respectively
(Note 1) ........................................................... 183 263
Additional paid-in capital ............................................... 470,653 375,728
Tax receivable—McDonald’s Corp. ....................................... — (28,195)
Accumulated other comprehensive income ................................. 7 9
Retained earnings (accumulated deficit) .................................... 2,972 (38,451)
Total shareholders’ equity ................................................... 473,957 309,354
Total liabilities and shareholders’ equity ....................................... $604,208 $392,495
See accompanying notes to consolidated financial statements.
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