Chipotle 2008 Annual Report Download - page 40

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CHIPOTLE MEXICAN GRILL, INC.
CONSOLIDATED BALANCE SHEET
(in thousands, except per share data)
December 31
2008 2007
Assets
Current assets:
Cash and cash equivalents ............................................... $ 88,044 $151,176
Accounts receivable, net of allowance for doubtful accounts of $608 and $237 as of
December 31, 2008 and 2007, respectively ............................... 3,643 5,373
Inventory ............................................................ 4,789 4,332
Current deferred tax assets .............................................. 2,557 2,431
Prepaid expenses ...................................................... 11,764 8,997
Income tax receivable .................................................. 285 9,535
Available-for-sale securities ............................................. 99,990 20,000
Total current assets ........................................................ 211,072 201,844
Leasehold improvements, property and equipment, net ............................ 585,899 494,930
Other assets .............................................................. 6,075 3,402
Goodwill ................................................................ 21,939 21,939
Total assets .............................................................. $824,985 $722,115
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable ..................................................... $ 23,890 $ 19,880
Accrued payroll and benefits ............................................. 24,469 26,210
Accrued liabilities ..................................................... 28,347 27,135
Current portion of deemed landlord financing ............................... 82 76
Total current liabilities ..................................................... 76,788 73,301
Deferred rent ............................................................. 87,009 63,192
Deemed landlord financing .................................................. 3,878 3,960
Deferred income tax liability ................................................ 29,863 16,483
Other liabilities ........................................................... 4,857 3,069
Total liabilities ........................................................... 202,395 160,005
Shareholders’ equity:
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares outstanding as
of December 31, 2008 and 2007 ........................................ — —
Class A common stock, $0.01 par value, 200,000 shares authorized, 14,453 and
14,431 shares issued as of December 31, 2008 and 2007, respectively .......... 145 144
Class B common stock, $0.01 par value, 30,000 shares authorized, 18,425 and
18,374 shares issued as of December 31, 2008 and 2007, respectively .......... 184 184
Additional paid-in capital ............................................... 501,993 489,296
Treasury stock, at cost, 692 and no shares at December 31, 2008 and 2007,
respectively ........................................................ (30,227) —
Accumulated other comprehensive loss .................................... (193) —
Retained earnings ..................................................... 150,688 72,486
Total shareholders’ equity ................................................... 622,590 562,110
Total liabilities and shareholders’ equity ....................................... $824,985 $722,115
See accompanying notes to consolidated financial statements.
38
Annual Report