Chipotle 2008 Annual Report Download - page 26

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 income data for the years ended December 31, 2008, 2007 and 2006 and
the consolidated balance sheet data as of December 31, 2008 and 2007 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, 2008, 2007 and 2006 have been audited and
reported upon by Ernst & Young LLP, an independent registered public accounting firm. The selected
consolidated statements of income data for the year ended December 31, 2005 and 2004 and the consolidated
balance sheet data as of December 31, 2006, 2005 and 2004 have been derived from audited financial statements
not included in this report. The data shown below are not necessarily indicative of results to be expected for any
future period (in thousands, except per share data).
For the years ended December 31,
2008 2007 2006 2005 2004
Statements of Income:
Revenue
Restaurant sales .............................. $1,331,968 $1,085,047 $819,787 $625,077 $468,579
Franchise royalties and fees .................... — 735 3,143 2,618 2,142
Total revenue ................................ 1,331,968 1,085,782 822,930 627,695 470,721
Food, beverage and packaging costs .................. 431,947 346,393 257,998 202,288 154,148
Labor costs ...................................... 351,005 289,417 231,134 178,721 139,494
Occupancy costs ................................. 98,071 75,891 58,804 47,636 36,190
Other operating costs .............................. 164,018 131,512 102,745 82,976 64,274
General and administrative expenses ................. 89,155 75,038 65,284 51,964 44,837
Depreciation and amortization ...................... 52,770 43,595 34,253 28,026 21,802
Pre-opening costs ................................ 11,624 9,585 6,778 1,971 2,192
Loss on disposal of assets .......................... 9,339 6,168 3,982 3,119 1,678
Total costs and expenses ........................... 1,207,929 977,599 760,978 596,701 464,615
Income from operations ............................ 124,039 108,183 61,952 30,994 6,106
Interest and other income .......................... 3,469 6,115 6,574 36 211
Interest and other expense .......................... (302) (296) (271) (790) (191)
Income before income taxes ........................ 127,206 114,002 68,255 30,240 6,126
(Provision) benefit for income taxes(1) ................ (49,004) (43,439) (26,832) 7,456 —
Net income ...................................... $ 78,202 $ 70,563 $ 41,423 $ 37,696 $ 6,126
Earnings per share
Basic ...................................... $ 2.39 $ 2.16 $ 1.29 $ 1.43 $ 0.24
Diluted ..................................... $ 2.36 $ 2.13 $ 1.28 $ 1.43 $ 0.24
Shares used in computing earnings per share
Basic ...................................... 32,766 32,672 32,051 26,281 25,454
Diluted ..................................... 33,146 33,146 32,465 26,374 25,520
As of December 31,
2008 2007 2006 2005 2004
Balance Sheet Data:
Total current assets ............................... $ 211,072 $ 201,844 $178,837 $ 17,824 $ 10,332
Total assets ..................................... $ 824,985 $ 722,115 $604,208 $392,495 $329,653
Total current liabilities ............................ $ 76,788 $ 73,301 $ 61,201 $ 41,982 $ 38,663
Total liabilities ................................... $ 202,395 $ 160,005 $130,251 $ 83,141 $ 67,087
Total shareholders’ equity .......................... $ 622,590 $ 562,110 $473,957 $309,354 $262,566
(1) During the year ended December 31, 2005, we determined that it was more likely than not that we would realize our
deferred tax assets and we reversed our valuation allowance of $20.3 million, resulting in a non-recurring tax benefit.
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Annual Report