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SEC Filings

S-1/A
CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/23/2005
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Chipotle Mexican Grill, Inc.

Consolidated Statement of Cash Flows

(in thousands)

 
  Years ended December 31
  Nine months ended
September 30

 
 
  2002
  2003
  2004
  2004
  2005
 
 
   
   
   
  (unaudited)

 
Operating activities                                
Net income (loss)   $ (17,289 ) $ (7,714 ) $ 6,126   $ 9,842   $ 33,434  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                                
  Depreciation and amortization     11,260     15,090     21,802     15,807     20,392  
  Current income tax (benefit) provision     (10,401 )   (10,910 )   (8,873 )   (4,417 )   11,941  
  Deferred income tax (benefit) provision     3,544     7,968     11,485     8,614     (2,413 )
  Change in valuation allowance     6,857     2,942     (2,612 )   (4,197 )   (20,343 )
  Loss on disposal of assets     1,489     4,504     1,678     1,364     1,806  
  Bad debt allowance             804         (12 )
  Stock based compensation             193         1,493  
  Other     (294 )   (301 )       24     624  
  Changes in operating assets and liabilities:                                
    Accounts receivable     (6 )   (1,929 )   (689 )   (372 )   575  
    Inventory     (194 )   (433 )   (790 )   (779 )   (428 )
    Prepaid expenses     (363 )   (1,072 )   (1,092 )   (754 )   (354 )
    Other assets     (680 )   337     (145 )   (263 )   392  
    Accounts payable     2,069     5,040     (2,345 )   (386 )   1,635  
    Accrued liabilities     5,708     2,996     6,717     269     (277 )
    Due to McDonald's Corp.     976     (69 )   155     40     (279 )
    Deferred rent     3,295     5,620     7,258     6,281     4,383  
   
 
 
 
 
 
Net cash provided by operating activities     5,971     22,069     39,672     31,073     52,569  
   
 
 
 
 
 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Purchases of leasehold improvements, property and equipment, net     (48,601 )   (86,107 )   (95,615 )   (72,223 )   (53,322 )
   
 
 
 
 
 
Net cash used in investing activities     (48,601 )   (86,107 )   (95,615 )   (72,223 )   (53,322 )
   
 
 
 
 
 

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Net proceeds from sale of common stock     54,846     37,968     64,923     64,923      
Proceeds from McDonald's—intercompany notes     44,156     62,261     55,139     42,881     31,746  
Payments to McDonald's—intercompany notes     (52,700 )   (36,000 )   (66,000 )   (66,000 )   (27,000 )
Changes in cash overdrafts     (3,621 )   (191 )   1,881     (654 )   (4,431 )
Proceeds from deemed landlord financing                     2,405  
Payments on deemed landlord financing                     (9 )
Payments on capital lease obligations     (51 )                
   
 
 
 
 
 
Net cash provided by financing activities     42,630     64,038     55,943     41,150     2,711  
   
 
 
 
 
 

Net change in cash and cash equivalents

 

 


 

 


 

 


 

 


 

 

1,958

 
Cash and cash equivalents at beginning of year                      
   
 
 
 
 
 
Cash and cash equivalents at end of year   $   $   $   $   $ 1,958  
   
 
 
 
 
 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Non-cash preopening rent capitalized to leasehold improvments   $ 1,361   $ 1,965   $ 2,317   $ 1,705   $ 1,507  
   
 
 
 
 
 
Net purchases of leasehold improvements, property and equipment accrued in accounts payable   $ 811   $ (453 ) $ 4,127   $ (287 ) $ (2,526 )
   
 
 
 
 
 

See accompanying notes to consolidated financial statements.

F-6


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