Chipotle Mexican Grill Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Chipotle Mexican Grill Inc. filed its Q1 2024 10-Q report, detailing financial data and equity changes.</b>

AI Summary

CHIPOTLE MEXICAN GRILL INC (CMG) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Chipotle Mexican Grill Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points from previous periods (2023-12-31, 2022-12-31) are referenced. Information regarding common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income is included for various dates. The report also references data related to gift cards and Chipotle Rewards.

Why It Matters

For investors and stakeholders tracking CHIPOTLE MEXICAN GRILL INC, this filing contains several important signals. This 10-Q filing provides the latest financial snapshot of Chipotle Mexican Grill Inc. for the first quarter of 2024, crucial for investors tracking performance. The inclusion of detailed equity and rewards program data offers insights into the company's financial structure and customer engagement strategies.

Risk Assessment

Risk Level: low — CHIPOTLE MEXICAN GRILL INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of risk associated with this specific document.

Analyst Insight

Monitor future filings for specific revenue and net income figures to assess Q1 2024 performance against expectations.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-12-31 — Previous Year End Date (Referenced data)
• 2022-12-31 — Prior Year End Date (Referenced data)

Key Players & Entities

• CHIPOTLE MEXICAN GRILL INC (company) — Filer name
• CMG (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-04-25 (date) — Filing date
• 0001058090 (company) — Central Index Key

FAQ

Industry Context

Chipotle operates in the fast-casual restaurant sector, a segment characterized by rapid growth and evolving consumer preferences.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (10-Q), ensuring transparency for investors.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Compare Q1 2024 results with historical data and analyst expectations.
3. Analyze any disclosed risk factors or forward-looking statements for potential impacts.

Key Dates

• 2024-03-31: Quarter End Date — End of reporting period for the 10-Q
• 2024-04-25: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CMG New York Stock Exchange

Filing Documents

• cmg-20240331.htm (10-Q) — 795KB
• exh10-1formof2024restricte.htm (EX-10.1) — 57KB
• exh10-2xformof2024performa.htm (EX-10.2) — 113KB
• exh10-3formof2024stockappr.htm (EX-10.3) — 65KB
• exh10-4formof2024optionagr.htm (EX-10.4) — 52KB
• cmg-20240331xex311.htm (EX-31.1) — 9KB
• cmg-20240331xex312.htm (EX-31.2) — 9KB
• cmg-20240331xex321.htm (EX-32.1) — 6KB
• 0001058090-24-000015.txt (&nbsp;) — 5109KB
• cmg-20240331.xsd (EX-101.SCH) — 38KB
• cmg-20240331_cal.xml (EX-101.CAL) — 59KB
• cmg-20240331_def.xml (EX-101.DEF) — 174KB
• cmg-20240331_lab.xml (EX-101.LAB) — 497KB
• cmg-20240331_pre.xml (EX-101.PRE) — 345KB
• cmg-20240331_htm.xml (XML) — 534KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income and Comprehensive Income 2 Condensed Consolidated Statements of Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Note 1 - Basis of Presentation and Update to Accounting Policies 5 Note 2 - Recently Issued Accounting Standards 5 Note 3 - Revenue Recognition 5 Note 4 - Fair Value Measurements 6 Note 5 – Equity Investments 8 Note 6 - Shareholders' Equity 9 Note 7 - Stock-Based Compensation 9 Note 8 - Income Taxes 10 Note 9 - Leases 10 Note 10 - Earnings Per Share 11 Note 11 - Commitments and Contingencies 11 Note 12 - Debt 12 Note 13 - Related Party Transactions 12 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4

Controls and Procedures

Controls and Procedures 19 PART II Item 1

Legal Proceedings

Legal Proceedings 19 Item 1A

Risk Factors

Risk Factors 20 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3 Defaults upon Senior Securities 20 Item 4 Mine Safety Disclosures 20 Item 5 Other Information 20 Item 6 Exhibits 21

Signatures

Signatures 22 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CHIPOTLE MEXICAN GRILL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 727,394 $ 560,609 Accounts receivable, net 89,836 115,535 Inventory 37,947 39,309 Prepaid expenses and other current assets 98,118 117,462 Income tax receivable - 52,960 Investments 692,474 734,838 Total current assets 1,645,769 1,620,713 Leasehold improvements, property and equipment, net 2,202,739 2,170,038 Long-term investments 776,815 564,488 Restricted cash 26,138 25,554 Operating lease assets 3,670,983 3,578,548 Other assets 66,866 63,082 Goodwill 21,939 21,939 Total assets $ 8,411,249 $ 8,044,362 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 196,866 $ 197,646 Accrued payroll and benefits 142,425 227,537 Accrued liabilities 171,612 147,688 Unearned revenue 187,317 209,680 Current operating lease liabilities 254,144 248,074 Income tax payable 44,989 - Total current liabilities 997,353 1,030,625 Commitments and contingencies (Note 11) Long-term operating lease liabilities 3,903,353 3,803,551 Deferred income tax liabilities 84,229 89,109 Other liabilities 64,985 58,870 Total liabilities 5,049,920 4,982,155 Shareholders' equity: Preferred stock, $ 0.01 par value, 600,000 shares authorized, no shares issued as of March 31, 2024 and December 31, 2023, respectively - - Common stock, $ 0.01 par value, 230,000 shares authorized, 37,563 and 37,483 shares issued as of March 31, 2024 and December 31, 2023, respectively 376 375 Additional paid-in capital 1,994,950 1,956,160 Treasury stock, at cost, 10,096 and 10,057 common shares as of March 31, 2024 and December 31, 2023, respectively ( 5,042,319 ) ( 4,944,656 ) Accumulated other comprehensive loss ( 7,950 ) ( 6,657 ) Retained earnings 6,416,272 6,056,985 Total shareholders' equity 3,361,329 3,062,207 Total liabilitie

View Full Filing

View this 10-Q filing on SEC EDGAR