Chipotle 2013 Annual Report Download - page 46

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CHIPOTLE MEXICAN GRILL, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Years ended December 31
2013 2012 2011
Operating activities
Net income ................................................. $327,438 $ 278,000 $ 214,945
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................. 96,054 84,130 74,938
Deferred income tax provision (benefit) ...................... 2,103 (18,057) 11,935
Loss on disposal of assets ................................. 6,751 5,027 5,806
Bad debt allowance ...................................... 19 1,046 239
Stock-based compensation expense ......................... 63,657 64,276 41,382
Excess tax benefit on stock-based compensation ............... (38,379) (73,210) (38,786)
Other ................................................. 507 522 2,501
Changes in operating assets and liabilities:
Accounts receivable ..................................... (7,238) (9,438) (2,970)
Inventory .............................................. (1,950) (2,180) (1,816)
Prepaid expenses and other current assets ..................... (6,806) (5,954) (5,399)
Other assets ............................................ (1,354) (20,539) (7,350)
Accounts payable ........................................ 2,052 7,849 9,432
Accrued liabilities ....................................... 12,020 21,307 17,451
Income tax payable/receivable ............................. 44,334 59,357 66,555
Deferred rent ........................................... 25,715 23,765 19,624
Other long-term liabilities ................................. 3,857 4,062 2,609
Net cash provided by operating activities ......................... 528,780 419,963 411,096
Investing activities
Purchases of leasehold improvements, property and equipment ....... (199,926) (197,037) (151,147)
Acquisition of interests in equity method investment ................ — — (586)
Purchases of investments ...................................... (387,639) (213,462) (183,251)
Maturities of investments ..................................... 159,250 55,000 124,766
Net cash used in investing activities ............................. (428,315) (355,499) (210,218)
Financing activities
Acquisition of treasury stock ................................... (138,903) (217,092) (63,508)
Proceeds from employee stock plan transactions ................... 316 481 574
Excess tax benefit on stock-based compensation ................... 38,379 73,210 38,786
Other financing payments ..................................... (143) (133) (120)
Net cash used in financing activities ............................. (100,351) (143,534) (24,268)
Effect of exchange rate changes on cash and cash equivalents ......... 536 380 (205)
Net change in cash and cash equivalents .......................... 650 (78,690) 176,405
Cash and cash equivalents at beginning of period .................. 322,553 401,243 224,838
Cash and cash equivalents at end of period ........................ $323,203 $ 322,553 $ 401,243
Supplemental disclosures of cash flow information
Income taxes paid ........................................... $160,973 $ 138,385 $ 56,270
Increase (decrease) in purchases of leasehold improvements, property
and equipment accrued in accounts payable ..................... $ (1,736) $ 4,455 $ 3,249
See accompanying notes to consolidated financial statements.
44
Annual Report