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Chipotle Mexican Grill Inc (CMG) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Chipotle Mexican Grill Inc

CIK: 1058090 Ticker: CMG

 

Exhibit 99.1



 

Picture 1

EARNINGS RELEASE

PR Contact: Laurie Schalow

(949) 524-4035

MediaRelations@chipotle.com

 

IR Contact: Ashish Kohli, CFA

(949) 524-4132

Akohli@chipotle.com



Chipotle ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 RESULTS

FY21 Total revenue increased 26.1% YEAR-OVER-YEAR to $7.5 BILLION

TOTAL NORTH AMERICAN OPPORTUNITY EXPANDED TO 7,000 REStAURANTS WITH annual unit growth of 8% to 10%



NEWPORT BEACH, Calf. – February 8, 2022 – Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2021.

Fourth quarter highlights, year over year:

·

Total revenue increased 22.0% to $2.0 billion

·

Comparable restaurant sales increased 15.2% 

·

Digital sales grew 3.8% and accounted for 41.6% of sales

·

Operating margin was 8.1%, an increase from 7.3%

·

Restaurant level operating margin was 20.2%1, an increase of 70 basis points 

·

Diluted earnings per share was $4.69,  compared to $6.69. The fourth quarter of 2020 included an income tax benefit of $3.77. Adjusted diluted earnings per share, which excluded an $0.89 after-tax impact from expenses related to certain legal proceedings, the 2018 performance share (“PSU”) COVID-19 related modification, corporate restructuring, and restaurant asset impairment and closure costswas $5.58, a 60.3% increase from $3.48.1

·

Opened 78 new restaurants

Full year 2021 highlights, year over year:

·

Total revenue increased 26.1% to $7.5 billion

·

Comparable restaurant sales increased 19.3%

·

Digital sales grew 24.7% and accounted for 45.6% of sales

·

Operating margin was 10.7%, an increase from 4.8%

·

Restaurant level operating margin was 22.6%1,  an increase of 520  basis points

·

Diluted earnings per share was $22.90, an 82.9%  increase from $12.52. Adjusted diluted earnings per share, which excluded a $2.52 after-tax impact from expenses related to the 2018 PSU COVID-19 related modification, certain legal proceedings, corporate restructuring, restaurant asset impairment and closure costs, and certain other costs, was $25.42, a 136.9%  increase from $10.73.1  

·

Opened 215 new restaurants

1 Restaurant level operating margin, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release.

 


The following information was filed by Chipotle Mexican Grill Inc (CMG) on Tuesday, February 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Chipotle Mexican Grill Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Corporate Restructuring Costs
Corporate Restructuring Costs (Narrative) (Details)
Corporate Restructuring Costs (Schedule Of Restructuring Costs) (Details)
Corporate Restructuring Costs (Tables)
Debt
Debt (Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Estimated Useful Lives Of Leasehold Improvements, Property And Equipment) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policy)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Earnings Per Share
Earnings Per Share (Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Stock Awards Excluded From The Calculation Of Diluted Eps) (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Summarization Of Estimated Current And Long-Term Cash Requirements For Deferred Compensation) (Details)
Employee Benefit Plans (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Narrative) (Details)
Fair Value Of Financial Instruments (Summary Of Assets Measured At Fair Value On Nonrecurring Basis) (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Benefit/(Provision) For Income Taxes) (Details)
Income Taxes (Schedule Of Deferred Income Tax Liabilities And Assets) (Details)
Income Taxes (Schedule Of Effective Tax Rate) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details)
Income Taxes (Summary Of Income) (Details)
Income Taxes (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Lease Expense Components) (Details)
Leases (Schedule Of Maturity Of Lease Liabilities) (Details)
Leases (Schedule Of Supplemental Balance Sheet Information Related To Leases) (Details)
Leases (Schedule Of Supplemental Cash Flow Related To Leases) (Details)
Leases (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Revenue Recognition
Revenue Recognition (Changes In Liability Balance) (Details)
Revenue Recognition (Liability Included In Unearned Revenue) (Details)
Revenue Recognition (Revenue Recognized From Liability Balances) (Details)
Revenue Recognition (Tables)
Shareholders' Equity
Shareholders' Equity (Narrative) (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Assumptions For Sosar) (Details)
Stock-Based Compensation (Summary Of Sosar Activity Under Incentive Plan) (Details)
Stock-Based Compensation (Summary Of Stock Award Activity Under Incentive Plan) (Details)
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Tables)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Schedule Of Accrued Liabilities) (Details)
Supplemental Balance Sheet Information (Schedule Of Accrued Payroll And Benefits) (Details)
Supplemental Balance Sheet Information (Schedule Of Leasehold Improvements, Property And Equipment) (Details)
Supplemental Balance Sheet Information (Tables)
Ticker: CMG
CIK: 1058090
Form Type: 10-K Annual Report
Accession Number: 0001058090-22-000011
Submitted to the SEC: Fri Feb 11 2022 3:36:45 PM EST
Accepted by the SEC: Fri Feb 11 2022
Period: Friday, December 31, 2021
Industry: Retail Eating Places

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