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. When White Castle put the first nationally . Learn more in our Privacy Policy. The decrease was largely driven by leverage from menu price increases, which was partially offset by higher freight and beef costs. periods presented has been updated to conform with the new definition. As of December 31, 2021, Chipotle continues to maintain a strong financial position with $1.4 billion in cash, investments and restricted cash, and no debt. The food is good, but.some of the employees can be a little grumpy sometimes. Including this repurchase authorization, $240.9 million was available as of December 31, 2021. It seems impossible that such delicious-sounding items havent landed on menus nationwide. The non-GAAP effective tax rate is the effective tax rate adjusted to reflect the tax effect of non-GAAP adjustments. By using our site, you agree to our use of cookies. Proof of text messaging the Short Code is not considered proof of delivery to or receipt by Sponsor of such entry. BestsellerThe Barista Express grinds, foams milk, and produces the silkiest espresso at the perfect temperature. Chipotle will host a conference call to discuss first quarter 2021 financial results on Wednesday, April 21, 2021, at 4:30 PM Eastern time . For the year ended December 31, 2020, other adjustments consist of charges associated with the departure of our former Executive Chairman of $3,840, an asset impairment charge related to digital technology of $2,708, and consulting fees of $666 for the assistance with the calculation of our non-recurring tax benefit. The Sweepstakes will end when all Burrito Codes have been distributed or at the end of the Sweepstakes Period. Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of March 31, Common stock, $0.01 par value, 230,000 shares authorized, 36,936 and 36,704 shares issued as. Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Impairment, closure costs, and asset disposals. $484,990 Last Sold Price. Odds of winning depend on the number of eligible entries received during the Sweepstakes Period. Place peppers in the smoker. Sponsor reserves the right to modify, extend, suspend, or terminate the Sweepstakes if it determines, in its sole discretion, that the Sweepstakes is technically impaired or corrupted or that fraud or technical problems, failures or malfunctions or other causes beyond Sponsors control have destroyed or severely undermined or to any degree impaired the integrity, administration, security, proper play and/or feasibility of the Sweepstakes as contemplated herein. In the event a dispute regarding the identity of the individual who actually submitted an entry cannot be resolved to Sponsors satisfaction, the affected entry will be deemed ineligible. Food, beverage and packaging costs in the first quarter were 30.0% of revenue, a decrease of 280 basis points compared to the first quarter of 2020. 6) Getting closer to consumers: To drive brand visibility, . On a non-GAAP basis, the 2021 fourth quarter effective income tax rate was 18.7%2. But the emphasis on efficiency has led the brand to avoid chasing certain trends in the fast food worldand that might be why you never see dessert on Chipotles permanent menu. Why no post-carnitas confections, Chipotle? Entry in the Sweepstakes does not constitute entry into any other promotion, contest or sweepstakes. The dish is called buuelos, and they're bite-size squares of flour tortillas that are fried and dusted with cinnamon and. | Published 9 months ago. Most Popular Chipotle Promo Codes & Sales. Why? Pandemic spending patterns have demonstrated that we all long for comfort foods right now, and I cant think of anything much more comforting than plunking a piping-hot buuelo into a condiment cup of chocolate sauce. Growth and innovation have been on the rise for the company. Nearby Recently Sold Homes. These decreases were partially offset by costs associated with cauliflower rice and fewer sales of high margin beverages. About half of the digital sales were from order ahead transactions as guests appreciate both the convenience and value offered by this channel, as well as the added convenience of more Chipotlanes. Limit one (1) entry per person per wireless number. Use our app or website for takeaway or Deliveroo for delivery. Restaurant Level Operating Margin, a non-GAAP financial measure, is equal to the revenues generated by our restaurants less their direct operating costs which consist of food, beverage and packaging, labor, occupancy and other operating costs. 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. But if youll remember, 2017 was a low point for the Chipotle brand, due to the E. coli outbreaks splashed across headlines at the time. We present these non-GAAP measures in order to facilitate meaningful evaluation of our operating performance across periods. Adjusted general and administrative expense is general and administrative expense excluding transformation expenses, legal proceedings, stock-based compensation modification expense, and certain other costs. The repurchase authorization may be modified, suspended, or discontinued at any time. 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. Of the 215 new restaurants opened during the year, 174 (or 81%) included a Chipotlane. Chipotle Restaurant Menu for Desserts. Because of the care and quality of its food, Chipotle menu prices are usually more expensive than most other fast-food restaurants. Shares of Chipotle climbed nearly 1% to $1,523.05 in Tuesday's session, though the stock was down more than 3% in after-hours trading. The fast-casual restaurant had a challenging 2020 and is hoping for a less eventful 2021. Chipotle declined on both counts. If the Sweepstakes is terminated before the designated end date, Sponsor may (if possible) select the winner in a random drawing from all eligible, non-suspect entries received as of the date of the event giving rise to the termination. We opened 78 new restaurants during the fourth quarter with 67 (or 86%) including a Chipotlane. Unfortunately, none of the desserts took off. All such requests must be received within six (6) weeks after the end of the Sweepstakes Period. Sponsor makes no warranties, and hereby disclaims any and all warranties, express or implied, concerning any prize furnished in connection with the Sweepstakes. (1) Operating lease asset impairment charges, and other expenses for restaurants due to underperformance. GENERAL PRIZE CONDITIONS: The prize will be awarded only if the potential prize winner fully complies with these Official Rules. 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% Comparable restaurant sales began to moderate in the back half of December as the number of Omicron cases spiked. (2) Duplicate rent expense for the corporate headquarter relocation and office consolidation announced in May 2018 and rent expense for closed restaurants announced in June 2018. In the event an insufficient number of eligible entries are received and/or Sponsor is prevented from awarding prizes or continuing with the Sweepstakes as contemplated herein by any event beyond its control, including but not limited to fire, flood, natural or man-made epidemic of health of other means, pandemic, earthquake, explosion, labor dispute or strike, act of God or public enemy, satellite or equipment failure, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared) or any federal state or local government law, order, or regulation, public health crisis, order of any court or jurisdiction, or other cause not reasonably within Sponsors control (each a Force Majeure event or occurrence), then Sponsor reserves the right to modify, suspend, or terminate the Sweepstakes. And that goes for both the end consumer and the restaurant. Weighted-average common shares outstanding: Other comprehensive income (loss), net of income taxes: Prepaid expenses and other current assets, Leasehold improvements, property and equipment, net, Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of March 31,
The increase in the tax rate was primarily due to the tax benefit recorded last year for the 2020 federal net operating loss generated and carried back to prior years. Results for the full year ended December 31, 2021: Total revenue for 2021 was $7.5 billion, an increase of 26.1% compared to 2020. We present these non-GAAP measures in order to facilitate meaningful evaluation of our operating performance across periods. On a non-GAAP basis, the 2021 first quarter effective tax rate was 18.5%. Add wood to tray. 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. With three different ways to order our salads, bowls, burritos, and more, you can enjoy Chipotle anywhere. We opened 40 new restaurants during the first quarter and closed five restaurants, bringing the total restaurant count to 2,803. (2) In Q3 2020, we began implementing delivery menu-price increases ("MPI") to partially offset the increased cost of delivery. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Net cash provided by operating activities, Purchases of leasehold improvements, property and equipment, Acquisitions of equity method investments, Tax withholding on stock-based compensation awards, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Net change in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash at beginning of period, Cash, cash equivalents, and restricted cash at end of period, Supplemental disclosures of cash flow information, Purchases of leasehold improvements, property, and equipment accrued in accounts payable and accrued liabilities, Acquisition of treasury stock accrued in accounts payable and accrued liabilities, Average restaurant sales, excluding delivery MPD(1). The total approximate retail value (ARV) of each prize is Ten Dollars ($10.00). 2,002 Sq. January 12, 2021 Chipotle Online Fundraising Event Ideas. More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC by the end of April. About Chipotle Mexican Grill Chipotle Mexican Grill is a fast-casual restaurant that was founded in 1993 by Steve Ells in Denver, Colorado. We use words such as "anticipate", "believe", "could", "should", "may", "approximately", "estimate", "expect", "potential", "intend", "project", "encouraged", "target", and similar terms and phrases, including references to assumptions, to identify forward-looking statements. Together, we accomplished many incredible things as our passionate employees remained dedicated to delivering excellent guest experiences, aligned with our purpose and values," said Brian Niccol, Chairman and Chief Executive Officer, Chipotle. Sponsor reserves the right in its sole discretion to disqualify any individual who is found to be tampering with the entry process or the operation of the Sweepstakes, to be acting in violation of these Official Rules, or to be acting in an unsportsman-like or disruptive manner, or with the intent to disrupt or undermine the legitimate operation of the Sweepstakes, or to annoy, abuse, threaten or harass any other person, and Sponsor reserves the right to seek damages and other remedies from any such person to the fullest extent permitted by law. 2. Chipotle is a Nahuatl word that means dried and smoked jalapeno chili pepper. Brand delivers new melty and delicious Quesadillas on the Chipotle app and Chipotle.com NEWPORT BEACH, Calif., March 9, 2021 / PRNewswire / -- Chipotle Mexican Grill (NYSE: CMG) today announced it is introducing a new Hand-Crafted Quesadilla as a digital-only menu item on March 11. 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. Yield 6 servings Prep Time 10 minutes Cook Time 15 minutes Total Time 25 minutes Course Side Cuisine Mexican Author Sabrina Snyder Rate Ingredients US Customary Metric We also have access to a recently refinanced $500 million untapped credit facility with which to continue to navigate this crisis. The conference call can be accessed live over the. We also have access to a $500 million untapped credit facility. 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, and costs of a COVID-19 related modification made in December 2020 to our 2018 performance shares. The increase in the tax rate was primarily due to the tax benefit booked last year for the 2020 federal net operating loss generated and carried back to prior years, as well as the proportionality of the excess tax benefits from equity vesting and exercises relative to profit before tax in each respective year. What is on the Chipotle Secret Menu? 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 MEXICAN GRILL, INC.
1Restaurant level operating margin, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. It turns out that Chipotle has dabbled in dessertthough only internally. In 2021, Chipotle Mexican Grill achieved its goals for filling manager positions with internal promotions; tracking spending with minority-owned suppliers; and maintaining racial and gender pay. This barbacoa burrito bowl is the best throw-together meal with layers of classic Mexican flavors. 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. In Chipotle's mind, dessert would be another perfect opportunity for customers to spend a little more each time they visit. Management uses restaurant level operating margin as a measure of restaurant performance. Entrants should check their phones features to see if they have that capability. (7) For the three months ended December 31, 2020, other adjustments consist of an asset impairment charge related to digital technology of $833 and consulting fees of $666 for assistance with the calculation of our non-recurring tax benefit. 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. 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. (3) Asset impairment charges and other closure expenses for the corporate headquarter relocation and office consolidation announced in May 2018. Except as otherwise contemplated in these Official Rules, and to the extent entrants may otherwise elect at the time of entry, personal information collected by Sponsor in connection with the Sweepstakes will be used in accordance with Sponsors privacy policy located at, https://chipotle.com/contact-us.html#report-an-issue, https://www.chipotle.com/about-us/privacy-policy. Our adjusted net income, adjusted diluted earnings per share, and adjusted general and administrative expenses measures may not be comparable to other companies' adjusted measures.