Chipotle 2012 Annual Report Download - page 45

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CHIPOTLE MEXICAN GRILL, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Years ended December 31
2012 2011 2010
Operating activities
Net income ............................................ $ 278,000 $ 214,945 $ 178,981
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ......................... 84,130 74,938 68,921
Deferred income tax provision (benefit) ................. (18,057) 11,935 10,479
Loss on disposal of assets ............................. 5,027 5,806 6,296
Bad debt allowance ................................. 1,046 239 (151)
Stock-based compensation expense ..................... 64,276 41,382 21,381
Excess tax benefit on stock-based compensation ........... (73,210) (38,786) (14,526)
Other ............................................. 522 2,501 —
Changes in operating assets and liabilities:
Accounts receivable ................................. (9,438) (2,970) (743)
Inventory ......................................... (2,180) (1,816) (1,481)
Prepaid expenses and other current assets ................ (5,954) (5,399) (1,632)
Other assets ....................................... (20,539) (7,350) (8,956)
Accounts payable ................................... 7,849 9,432 6,989
Accrued liabilities .................................. 21,307 17,451 16,607
Income tax payable/receivable ......................... 59,357 66,555 (13,209)
Deferred rent ...................................... 23,765 19,624 17,261
Other long-term liabilities ............................ 4,062 2,609 2,974
Net cash provided by operating activities .................... 419,963 411,096 289,191
Investing activities
Purchases of leasehold improvements, property and equipment . . . (197,037) (151,147) (113,215)
Acquisition of interests in equity method investment ........... — (586) (1,900)
Purchases of investments ................................. (213,462) (183,251) (125,000)
Maturities of investments ................................. 55,000 124,766 50,234
Net cash used in investing activities ........................ (355,499) (210,218) (189,881)
Financing activities
Acquisition of treasury stock .............................. (217,092) (63,508) (126,602)
Proceeds from employee stock plan transactions ............... 481 574 17,650
Excess tax benefit on stock-based compensation ............... 73,210 38,786 14,526
Payments on deemed landlord financing ..................... (133) (120) (96)
Net cash used in financing activities ........................ (143,534) (24,268) (94,522)
Effect of exchange rate changes on cash and cash equivalents .... 380 (205) 484
Net change in cash and cash equivalents ..................... (78,690) 176,405 5,272
Cash and cash equivalents at beginning of period .............. 401,243 224,838 219,566
Cash and cash equivalents at end of period ................... $ 322,553 $ 401,243 $ 224,838
Supplemental disclosures of cash flow information
Income taxes paid ....................................... $ 138,385 $ 56,270 $ 112,150
Increase in purchases of leasehold improvements, property and
equipment accrued in accounts payable .................... $ 4,455 $ 3,249 $ 1,480
See accompanying notes to consolidated financial statements.
43
Annual Report