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SEC Filings

S-1/A
CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/05/2005
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    controls and other factors that affect operating performance. We also present EBITDA because we believe it is useful to investors as a way to evaluate our ability to incur and service debt, make capital expenditures and meet working capital requirements. EBITDA is not intended as a measure of our operating performance, as an alternative to net income or as an alternative to any other performance measure in conformity with U.S. generally accepted accounting principles or as an alternative to cash flow provided by operating activities as a measure of liquidity. The following is a reconciliation of net income (loss) to EBITDA:

 
  Year Ended December 31,
  Nine Months Ended September 30,
 
 
  2002
  2003
  2004
  2004
  2005
 
 
  (in thousands)

 
Net income (loss)   $ (17,289 ) $ (7,714 ) $ 6,126   $ 9,842   $ 33,434  
Interest income     (444 )   (249 )   (211 )   (172 )   (23 )
Interest expense     101     28     191     191     663  
Depreciation and amortization     11,260     15,090     21,802     15,807     20,392  
Benefit for income taxes*                     (10,815 )
   
 
 
 
 
 
EBITDA   $ (6,372 ) $ 7,155   $ 27,908   $ 25,668   $ 43,651  
   
 
 
 
 
 

*
See note (1) above.

(8)
The "as adjusted" balance sheet data at September 30, 2005 reflect the Reclassification and the application of the estimated net proceeds we will receive from this offering, based on an assumed initial public offering price of $            per share (the midpoint of the range shown on the cover page of this prospectus) and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

9


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