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Management believes restaurant level operating margin is useful to investors in that it highlights trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures. It's For Real! CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES. Apple dipping sauce? 2 Heading corrected from the original issuance. This is a GREAT sandwich. With over 97,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. (6) For the three months ended March 31, 2020, other adjustments consists of severance associated with the departure of our former Executive Chairman primarily related to his 2017 agreement. More information will be available in our Annual Report on Form 10-K, which we expect to file with the SEC by February 11, 2022. The increase in total revenue was driven by a 19.3% increase in comparable restaurant sales and new restaurant openings. By participating in the Sweepstakes, in addition to any other grants which may be granted in any other agreement entered into between Sponsor and any entrant in and/or winner of the Sweepstakes, each entrant irrevocably grants the Sweepstakes Entities and each of their respective successors, assigns and licensees, the right to use such entrants name, social media tag, likeness, and biographical information, and any other personal characteristics, in any and all media for any purpose, including without limitation, to advertise, market and promote Chipotle or the Sweepstakes or other promotions, and each entrant and/or prize winner(s) hereby release the Sweepstakes Entities from any liability with respect thereto. The call will be webcast live from the company's website on the investor relations page at ir.chipotle.com/events. Our adjusted net income, adjusted diluted earnings per share, adjusted general and administrative expenses, adjusted effective income tax rate and restaurant level operating margin measures may not be comparable to other companies' adjusted measures. Adjusted general and administrative expense is general and administrative expense excluding transformation expenses, stock-based compensation modification expense, and certain other costs. 8. These formats continue to perform very well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns. (1) Beginning in Q3 2020, we revised the definition of average restaurant sales to exclude delivery service revenues (refer to Definitions section above). GENERAL PRIZE CONDITIONS: The prize will be awarded only if the potential prize winner fully complies with these Official Rules. The improvement was driven primarily by leverage from comparable restaurant sales and menu price increases, partially offset by wage inflation, higher commodity inflation primarily from freight and beef, as well as increased delivery expenses. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release. SOLD FEB 21, 2023. 4. An archived webcast will be available approximately one hour after the end of the call. The forward-looking statements in this press release are based on currently available operating, financial and competitive information available to us as of the date of this release and we assume no obligation to update these forward-looking statements. 2. This trend intensified through January 2022, which also included challenging weather across the country. Chipotle is among the first major restaurants in the U.S. to digitally track items from supplier to each and every restaurant in this way. (5) Charges relate to estimated settlements for distinct legal matters that exceeded or are expected to exceed typical costs for these types of legal proceedings. All such requests must be received within six (6) weeks after the end of the Sweepstakes Period. Coconut CheesecakeWith passion fruit glazeMaple CheesecakeWith maple-cranberry compoteMaple-Gingerbread Layer CakeIn this delicious dessert, tender spice cake is layered with maple-sugar frostingGrand Marnier TartStrawberry Blossom TartRaspberry & ChampagneLayer CakeBittersweet Chocolate Turtle TartMini Banana Rum Fudge CakeChunky Apple . These Official Rules cannot be modified or amended in any way except in a written document issued in accordance with law by a duly authorized representative of Sponsor. The company made particular mention of possible new varieties of queso or guacamole (it will be extra of course). In Chipotle's mind, dessert would be another perfect opportunity for customers to spend a little more each time they visit. Chipotle will host a conference call to discuss third quarter 2021 financial results on Thursday, October 21, 2021, at 4:30 PM Eastern time. Food, beverage and packaging costs in the fourth quarter were 31.6% of total revenue, an increase of 60 basis points compared to the fourth quarter of 2020. WINNERS LIST: To obtain a copy of any legally-required winners list, send a self-addressed stamped envelope to: The Chipotle NYE Sweepstakes 2020 Winners List, CMG Strategy Co., LLC, 610 Newport Center Drive, Suite 1400, Newport Beach, California, 92660. A Mexican chocolate shake? Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. These adjustments are intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management, which uses these non-GAAP measures in evaluating the company's performance. However, despite its past failures, the company remains committed to finding that perfect sweet treat to suit its menus. The Mexican Chocolate Shake debuted in 2018, exclusively at Chipotles NYC test kitchen, but hasnt spread outward to other locations since. Choose from hearty Mexican inspired appetizers including . Chipotle Announces First Quarter 2021 Results, Comparable Restaurant Sales Accelerate To 17.2%; Restaurant Level Margins Expand To 22.3%, For further information: EARNINGS RELEASE, PR Contact: Laurie Schalow, (949) 524-4035, MediaRelations@chipotle.com, IR Contact: Ashish Kohli, CFA, (949) 524-4132, Akohli@chipotle.com, Restaurant operating costs (exclusive of depreciation and. For 2021, management is anticipating the following: Thefollowing definitions apply to these terms as used throughout this release: Chipotlewill host a conference call to discuss first quarter 2021 financial results on Wednesday, April 21, 2021, at 4:30 PM Eastern time. amortization shown separately below): Impairment, closure costs, and asset disposals. 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%, For further information: PR, Laurie Schalow, (949) 524-4035, MediaRelations@chipotle.com; IR, Ashish Kohli, CFA, (949) 524-4132, Akohli@chipotle.com. GAAP and non-GAAP general and administrative expenses for the first quarter of 2021 also include underlying general and administrative expenses totaling $89.0 million, $29.7 million of non-cash stock compensation, and $10.2 million related to higher bonus accruals as well as payroll taxes on equity vesting and stock option exercises. Officers, directors and employees of Sponsor, Google, and each of their respective parents, subsidiaries, affiliates, distributors, retailers, sales representatives, advertising and promotion agencies involved in the Sweepstakes (all such individuals and entities collectively referred to herein as the Sweepstakes Entities), and the immediate family members and/or those residing in the same household of each are ineligible to enter the Sweepstakes or win a prize. Constantine Spyrou. Eventually, Steak 'n Shake would post an aggregate pre-tax loss of $33.8 million at the end of 2020. Without limiting the generality of the foregoing, Sponsor is not responsible for incomplete, illegible, misdirected, misprinted, late, lost, damaged, stolen, or postage-due submissions or prize notifications; or for lost, interrupted, inaccessible or unavailable networks, servers, satellites, Internet service providers, websites, or other connections; or for miscommunications, failed, jumbled, scrambled, delayed, or misdirected computer, telephone or cable transmissions; or for any technical malfunctions, failures, difficulties or other errors of any kind or nature; or for the incorrect or inaccurate capture of information, or the failure to capture any information. These decreases were partially offset by costs associated with cauliflower rice and fewer sales of high margin beverages. Comparable restaurant sales were fairly consistent in each month of the fourth quarter due to a combination of factors including healthy demand for Smoked Brisket, strength in digital sales, and the benefit of menu price increases. Breville Barista Express Espresso Machine, McDonalds Shrinks Its Restaurant for the Digital Age. For the three months ended March 31, 2020, stock-based compensation consists of stock modification charges associated with the departure of our former Executive Chairman primarily related to his 2017 agreement. Per serving, Chipotle chips contain 540 calories, the total carbohydrate stands at 73 grams, 25 grams of fat, and 390 grams of sodium. Fourth quarter highlights, year over year: Full year 2021 highlights, year over year: "2021 was an outstanding year for Chipotle, highlighting the strength and resiliency of our brand. The conference call can be accessed live over the phone by dialing 1-888-317-6003 or for international callers by dialing 1-412-317-6061 and use code: 5215022. Ongoing. CHIPOTLE MEXICAN GRILL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME. Prizes pictured in point-of-sale, online, television and print advertising, promotional packaging, and other Sweepstakes materials are for illustrative purposes only. (1) Average restaurant sales, excluding delivery menu price differential ("MPD") represents average restaurant sales, as defined above, adjusted to remove the differential of delivery menu prices. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including but not limited to: the ongoing adverse effect of the novel coronavirus (COVID-19) pandemic on our guest traffic, restaurant sales and operating costs as a result of actions we have taken in response to the coronavirus, including closing some restaurants, ending dine in service at some restaurants while continuing to offer only takeout and/or delivery, modifying work hours at some restaurants, extending enhanced benefits to employees working during and/or impacted by the coronavirus, increasing compensation for restaurant employees, purchasing masks, gloves and additional sanitation supplies and services and delaying the construction of new restaurant openings; risks that the impact of the coronavirus pandemic will continue for a long duration and may require a more drastic response, such as closing all or most restaurants; risks of food safety and food-borne illnesses and other health concerns about our food; risks associated with our reliance on certain information technology systems and potential failures or interruptions; privacy and cyber security risks related to our acceptance of electronic payments or electronic processing of confidential customer or employee information; the impact of competition, including from sources outside the restaurant industry; the increasingly competitive labor market and our ability to attract and retain qualified employees; the impact of federal, state or local government regulations relating to our employees, employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to achieve our planned growth, such as the availability of suitable new restaurant sites; increases in ingredient and other operating costs due to our Food With Integrity philosophy, tariffs or trade restrictions and supply shortages; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in consumers' perceptions of our brand, including as a result of actual or rumored food safety concerns or other negative publicity, decreased overall consumer spending (including but not limited to the increase in unemployment caused by the coronavirus pandemic), or the inability to increase menu prices or realize the benefits of menu price increases; risks associated with our increased focus on our digital business, including risks arising from our reliance on third party delivery services, which are heightened during the pendency of government restrictions on dine in restaurant services as a result of the coronavirus pandemic; risks relating to litigation, including possible governmental actions related to food safety incidents and potential class action litigation regarding employment laws, advertising claims or other matters; and other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com. Chipotle will be one of them. Use a code for up to 10% off, free guac + chips. Mostly reusable and recyclable packaging. (2) In Q3 2020, we began implementing delivery menu-price increases ("MPI") to partially offset the increased cost of delivery. (1) For the three months ended March 31, 2021, transformation expenses include duplicate rent expense for office and restaurant Theres nothing quite like the hyper-efficiency of Chipotle. In early 2020, Chipotle Mexican Grill CEO Brian Niccol looked at the company numbers and felt pretty excited about the momentum. During the quarter, 26 of the 40 new restaurants included a Chipotlane. And that goes for both the end consumer and the restaurant. Fry pieces in oil until crisp like a tortilla chip 3.) Chipotle is a Nahuatl word that means dried and smoked jalapeno chili pepper. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release. Entries made by any other individual or any entity, and/or originating at any other wireless number, including but not limited to commercial sweepstakes subscription notification and/or entering service sites, will be declared invalid and disqualified for this Sweepstakes. Lots of breakfast, lunch, dinner, snack, and add-on options available. Restaurant level operating margin was 22.6%, an increase from 17.4% in 2020. It involves market research, menu development, recipe testing, price determination, test marketsthe list goes on. delivery MPI(2), Comparable restaurant sales increase Thanks for subscribing to Chipotle mobile updates. The stage-gate process mentioned above just refers to the multi-step approach to bringing any menu item to life. If, however, subpart (vi) is found to be invalid, unenforceable or illegal, then the entirety of this arbitration provision shall be null and void, and neither entrant nor Sponsor shall be entitled to arbitrate their dispute. All details and other restrictions of the prize not specified in these Official Rules will be determined by Sponsor in its sole discretion. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES, Adjusted Net Income and Adjusted Diluted Earnings per Share, Operating lease asset impairment and other restaurant costs(1), Operating lease asset impairment and other office closure costs(3), Stock-based compensation modification expense(6), Diluted weighted-average number of common shares outstanding. For event catering, food for friends or just yourself, Chipotle offers personalized online ordering and catering. For more information on JAMS and/or the rules of JAMS, visit their website at www.jamsadr.com. GENERAL LIABILITY RELEASE/FORCE MAJEURE: Each entrant (and any minor entrants parent or legal guardian) agrees that the Sweepstakes Entities (A) shall not be responsible or liable for, and are hereby released from, any and all costs, injuries, losses or damages of any kind, including, without limitation, death and bodily injury, due in whole or in part, directly or indirectly, to participation in the Sweepstakes or any Sweepstakes-related activity, or from entrants acceptance, receipt, possession and/or use or misuse of any prize, and (B) have not made any warranty, representation or guarantee express or implied, in fact or in law, with respect to any prize, including, without limitation, to such prizes quality or fitness for a particular purpose. #SpoonTip: Wear tight long sleeves when making buuelos to avoid burning from frying oil. Chips. Wireless service providers may charge entrants for each text message, including any error message, that is sent and received in connection with the Sweepstakes. In the event that any provision is determined to be invalid or otherwise unenforceable or illegal, these rules shall otherwise remain in effect and shall be construed in accordance with their terms as if the invalid or illegal provision were not contained herein. It seems impossible that such delicious-sounding items havent landed on menus nationwide. TELL ME BEST connects users to the best things in life by delivering product information, reviews, and news. Chipotle Black Beans (Copycat) recipe with chili powder, cumin, lemon and lime is an easy recipe that lets you brings the taste of Chipotle Mexican Grill home. CHIPOTLE NYE 2020 SWEEPSTAKES OFFICIAL RULES NO PURCHASE NECESSARY TO ENTER OR WIN A PRIZE IN THIS SWEEPSTAKES. Even without dessert or other new add-ons, Chipotle's sales are growing. General and administrative expenses for the first quarter were $155.1 million on a GAAP basis, or $129.2 million on a non-GAAP basis, excluding $24.4 million for a modification to 2018 performance shares to account for the unplanned effects of COVID-19 and $1.6 million of transformation expenses. The cinnamon coating highlights the dessert as Chipotle boasts its use of a blended Indonesian and Vietnamese cinnamon to bring out a more. Average restaurant sales is a trailing 12-month measure. Results for the three months ended March 31, 2021: Revenue in the first quarter was $1.7 billion, an increase of 23.4% compared to the first quarter of 2020 and includes a 17.2% increase in comparable restaurant sales. The fast-food behemoth decided that it would be a good idea to release an LGBTQIA+ themed burger in celebration of June being Pride Month. The pickles on the sandwich gave a nice crunch.The salt and pepper brioche bun was soft and fresh and complemented the brisket perfectly.. . Why no post-carnitas confections, Chipotle? March 3, also known as 303 Day, is an ideal time to dial into some of the ways that Colorado has made its mark on this country. Chipotle Coupon Codes By participating in the Sweepstakes, each entrant unconditionally accepts and agrees to comply with and abide by these Official Rules and the decisions of CMG Strategy Co., LLC, 610 Newport Center Drive, Suite 1400, Newport Beach, California, 92660 (Sponsor), which shall be final and binding in all respects. For the year ended December 31, 2020, stock-based compensation consists of a March 2020 modification associated with the departure of our former Executive Chairman primarily related to his 2017 agreement of $1,485, and costs of a COVID-19 related modification made in December 2020 to our 2018 performance shares of $466. The Sweepstakes will end when all Burrito Codes have been distributed or at the end of the Sweepstakes Period. Chipotle is gearing up to add dessert to its dining options. Dessert is considered as a necessary component of any meal. The naan flatbread is $8, and we remember the flatbread being delicious, but the chipotle hummus might be a bit much for you if you don't enjoy spice. 7. Gyro-inspired Flatbread featuring Impossible Ground Beef with chipotle hummus, tzatziki and spiced crispy chickpeas. Although, it will likely be some time before customers see any new items, desserts or otherwise, pop up. Minors must get their parent or legal guardians permission to enter the Sweepstakes. Restaurant level operating margin was 20.2%, an increase from 19.5% in the fourth quarter of 2020.