Chipotle Mexican Grill, Inc. Announces Second Quarter 2014 Results

DENVER - (BUSINESS WIRE) - July 21, 2014 - Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2014.

Highlights for the second quarter of 2014 as compared to the second quarter of 2013 include:

  • Revenue increased 28.6% to $1.05 billion
  • Comparable restaurant sales increased 17.3%
  • Restaurant level operating margin was 27.3%, a decrease of 30 basis points
  • Net income was $110.3 million, an increase of 25.5%
  • Diluted earnings per share was $3.50, an increase of 24.1%
  • Opened 45 new restaurants

Highlights for the six months ended June 30, 2014 as compared to the prior year include:

  • Revenue increased 26.6% to $1.95 billion
  • Comparable restaurant sales increased 15.5%
  • Restaurant level operating margin was 26.7%, a decrease of 30 basis points
  • Net income was $193.3 million, an increase of 17.6%
  • Diluted earnings per share was $6.14, an increase of 16.5%
  • Opened 89 new restaurants

"We're pleased that we continued to drive excellent results in the second quarter, including one of our strongest sales comps as a public company. These extraordinary results are made possible by our special food culture, innovative people culture, and strong business model that are not only creating significant shareholder value, but also helping us realize our vision to change the way people think about and eat fast food," said Steve Ells, Founder, Chairman and co-CEO of Chipotle.

Monty Moran, co-CEO, continued, "Empowered teams of top performers can accomplish amazing things. Our Restaurateurs form the foundation of Chipotle's culture, setting a standard for everyone else to follow. We are deeply committed to these leaders and the unique people culture they are building in their restaurants, which not only helps provide our guests with an exceptional dining experience, but also enables us to deliver great results to our shareholders."

Second quarter 2014 results

Revenue for the quarter was $1.05 billion, up 28.6% from the second quarter of 2013. The growth in revenue was driven by a 17.3% increase in comparable restaurant sales and from new restaurants not in the comparable base. Comparable restaurant sales growth was driven primarily by increased traffic and to a lesser extent from an increase in average check, which includes the benefit of the nationwide menu price increases that were fully rolled out by the end of the quarter.

We opened 45 new restaurants during the quarter, bringing the total restaurant count to 1,681.

Food costs were 34.6% of revenue, an increase of 150 basis points, driven by increased prices for beef, avocados, and dairy, partially offset by the menu price increase and lower tomatillo prices.

Restaurant level operating margin was 27.3% in the quarter, a decrease of 30 basis points from the second quarter of 2013. The decrease was primarily driven by higher food and marketing costs, partially offset by favorable sales leverage in labor and occupancy costs.

G & A costs were 7.1% of revenue, an increase of 90 basis points due to higher stock compensation and bonus expenses, partially offset by favorable sales leverage.

Net income for the second quarter of 2014 was $110.3 million, or $3.50 per diluted share, compared to $87.9 million, or $2.82 per diluted share, in the second quarter of 2013.

Results for the six months ended June 30, 2014

Revenue for the first six months of 2014 was $1.95 billion, up 26.6% from the prior year period. The growth in revenue was the result of a 15.5% increase in comparable restaurant sales and from new restaurants not in the comparable base. Comparable restaurant sales growth was primarily driven by increased traffic and to a lesser extent from an increase in our average check.

During the first six months of the year, we opened 89 new restaurants, bringing the total restaurant count to 1,681.

Restaurant level operating margin was 26.7% for the first six months, a decrease of 30 basis points from the prior year period. The decrease was primarily from higher food costs, primarily beef, avocados, and dairy, and higher marketing costs partially offset by favorable sales leverage in labor and occupancy costs.

G & A costs for the first six months were 7.3% of revenue, or an increase of 110 basis points from the prior year period. The increase was from higher stock based compensation expense and higher bonus costs.

Net income for the first six months of 2014 was $193.3 million, or $6.14 per diluted share, compared to $164.4 million, or $5.27 per diluted share, in the first six months of 2013.

Net cash generated from operating activities was $360.4 million, an increase of 34.6% from last year.

Outlook

For 2014, management expects the following:

  • 180 - 195 new restaurant openings
  • Mid-teens comparable restaurant sales increases
  • An effective full year tax rate of approximately 39.1%

Definitions

The following definitions apply to these terms as used throughout this release:

Comparable restaurant sales represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its 13th full calendar month of operation.

Average restaurant sales refers to the average trailing 12-month sales for restaurants in operation for at least 12 full calendar months.

Restaurant level operating margin represents total revenue less restaurant operating costs, expressed as a percent of total revenue.

Conference Call

Chipotle will host a conference call to discuss the second quarter 2014 financial results on Monday, July 21, 2014 at 4:30 PM Eastern time.

The conference call can be accessed live over the phone by dialing 1-877-857-6161 or for international callers by dialing 1-719-325-4758. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176 or 1-858-384-5517 for international callers; the password is 3291530. The replay will be available until July 28, 2014. The call will be webcast live from the company's website at chipotle.com under the investor relations section. An archived webcast will be available one hour after the end of the call.

About Chipotle

Steve Ells, founder, chairman and co-CEO, started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food With Integrity, Chipotle is seeking better food from using ingredients that are not only fresh, but that--where possible--are sustainably grown and raised responsibly with respect for the animals, the land, and the farmers who produce the food. In order to achieve this vision, we focus on building a special people culture that is centered on creating teams of top performers empowered to achieve high standards. This people culture not only leads to a better dining experience for our customers, it also allows us to develop future leaders from within. Chipotle opened with a single restaurant in 1993 and operates more than 1,600 restaurants, including 17 Chipotle restaurants outside the US, and seven ShopHouse Southeast Asian Kitchen restaurants, and is an investor in an entity that owns and operates one Pizzeria Locale. For more information, visit Chipotle.com.

Forward-Looking Statements

Certain statements in this press release, including statements under the heading "Outlook" of our expected number of new restaurant openings, comparable restaurant sales increases, and effective tax rates in 2014, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "predict", "project", "target", and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: the uncertainty of our ability to achieve expected levels of comparable restaurant sales increases due to factors such as decreased consumer spending and economic uncertainty, our possible inability to increase menu prices or realize the benefits of menu price increases, or the impact of competition; factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new restaurants and their impact on existing restaurant sales; increases in the cost of food ingredients and other key supplies; the potential for increased labor costs or difficulty retaining qualified employees, including as a result of immigration enforcement activities; the risk of food-borne illnesses and other health concerns about our food; risks relating to our expansion into new markets; the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; risks associated with our Food With Integrity strategy, including supply shortages and potential liabilities related to advertising claims and other marketing activities related to Food With Integrity; security risks associated with the acceptance of electronic payment cards or electronic storage of confidential customer or employee information; the effect of competition in the restaurant industry; risks relating to litigation; risks relating to our insurance coverage and self-insurance; our dependence on key personnel; risks related to our marketing and advertising strategies; the effects of continuing economic uncertainty on our business and on our suppliers, landlords and potential developers; the uncertainty of our ability to protect our name, logo and other proprietary information or the reputation of our brand; the potential effects of inclement weather; and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available in the Investors section of our Web site at chipotle.com.

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income and Comprehensive Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30

 

 

 

2014

 

 

2013

Revenue

 

 

$

1,050,073

 

 

    

100.0

 

%

 

    

$

816,786

 

 

    

100.0

 

%

Restaurant operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

 

 

363,148

 

 

 

34.6

 

 

 

 

 

270,510

 

 

 

33.1

 

 

Labor

 

 

 

228,529

 

 

 

21.8

 

 

 

 

 

185,804

 

 

 

22.7

 

 

Occupancy

 

 

 

56,254

 

 

 

5.4

 

 

 

 

 

48,564

 

 

 

5.9

 

 

Other operating costs

 

 

 

115,418

 

 

 

11.0

 

 

 

 

 

86,296

 

 

 

10.6

 

 

General and administrative expenses

 

 

 

74,879

 

 

 

7.1

 

 

 

 

 

50,952

 

 

 

6.2

 

 

Depreciation and amortization

 

 

 

27,009

 

 

 

2.6

 

 

 

 

 

23,597

 

 

 

2.9

 

 

Pre-opening costs

 

 

 

3,392

 

 

 

0.3

 

 

 

 

 

3,246

 

 

 

0.4

 

 

Loss on disposal of assets

 

 

 

1,602

 

 

 

0.2

 

 

 

 

 

1,399

 

 

 

0.2

 

 

Total operating expenses

 

 

 

870,231

 

 

 

82.9

 

 

 

 

 

670,368

 

 

 

82.1

 

 

Income from operations

 

 

 

179,842

 

 

 

17.1

 

 

 

 

 

146,418

 

 

 

17.9

 

 

Interest and other income (expense), net

 

 

 

1,144

 

 

 

0.1

 

 

 

 

 

330

 

 

 

-

 

 

Income before income taxes

 

 

 

180,986

 

 

 

17.2

 

 

 

 

 

146,748

 

 

 

18.0

 

 

Provision for income taxes

 

 

 

(70,716

)

 

 

(6.7

)

 

 

 

 

(58,895

)

 

 

(7.2

)

 

Net income

 

 

$

110,270

 

 

 

10.5

 

%

 

 

$

87,853

 

 

 

10.8

 

%

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

3.55

 

 

 

 

 

 

 

$

2.84

 

 

 

 

 

Diluted

 

 

$

3.50

 

 

 

 

 

 

 

$

2.82

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

31,049

 

 

 

 

 

 

 

 

30,901

 

 

 

 

 

Diluted

 

 

 

31,474

 

 

 

 

 

 

 

 

31,176

 

 

 

 

 

Comprehensive income

 

 

$

110,139

 

 

 

 

 

 

 

$

87,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income and Comprehensive Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months ended June 30

 

 

 

2014

 

 

2013

Revenue

 

 

$

1,954,236

 

 

    

100.0

 

%

 

    

$

1,543,537

 

 

    

100.0

 

%

Restaurant operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

 

 

674,940

 

 

 

34.5

 

 

 

 

 

510,099

 

 

 

33.0

 

 

Labor

 

 

 

436,737

 

 

 

22.3

 

 

 

 

 

357,273

 

 

 

23.1

 

 

Occupancy

 

 

 

111,100

 

 

 

5.7

 

 

 

 

 

96,184

 

 

 

6.2

 

 

Other operating costs

 

 

 

210,555

 

 

 

10.8

 

 

 

 

 

162,952

 

 

 

10.6

 

 

General and administrative expenses

 

 

 

141,796

 

 

 

7.3

 

 

 

 

 

95,163

 

 

 

6.2

 

 

Depreciation and amortization

 

 

 

52,763

 

 

 

2.7

 

 

 

 

 

46,533

 

 

 

3.0

 

 

Pre-opening costs

 

 

 

7,692

 

 

 

0.4

 

 

 

 

 

6,132

 

 

 

0.4

 

 

Loss on disposal of assets

 

 

 

3,161

 

 

 

0.2

 

 

 

 

 

2,739

 

 

 

0.2

 

 

Total operating expenses

 

 

 

1,638,744

 

 

 

83.9

 

 

 

 

 

1,277,075

 

 

 

82.7

 

 

Income from operations

 

 

 

315,492

 

 

 

16.1

 

 

 

 

 

266,462

 

 

 

17.3

 

 

Interest and other income (expense), net

 

 

 

1,833

 

 

 

0.1

 

 

 

 

 

596

 

 

 

0.0

 

 

Income before income taxes

 

 

 

317,325

 

 

 

16.2

 

 

 

 

 

267,058

 

 

 

17.3

 

 

Provision for income taxes

 

 

 

(123,986

)

 

 

(6.3

)

 

 

 

 

(102,621

)

 

 

(6.6

)

 

Net income

 

 

$

193,339

 

 

 

9.9

 

%

 

 

$

164,437

 

 

 

10.7

 

%

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

6.23

 

 

 

 

 

 

 

$

5.31

 

 

 

 

 

Diluted

 

 

$

6.14

 

 

 

 

 

 

 

$

5.27

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

31,055

 

 

 

 

 

 

 

 

30,956

 

 

 

 

 

Diluted

 

 

 

31,480

 

 

 

 

 

 

 

 

31,202

 

 

 

 

 

Comprehensive income

 

 

$

193,687

 

 

 

 

 

 

 

$

163,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Balance Sheet

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

June 30

 

 

December 31

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

470,050

 

 

 

$

323,203

 

Accounts receivable, net of allowance for doubtful accounts of $1,172 and $1,190 as of

 

 

 

20,242

 

 

 

 

24,016

 

June 30, 2014 and December 31, 2013, respectively

 

 

 

 

 

 

 

 

Inventory

 

 

 

15,522

 

 

 

 

13,044

 

Current deferred tax asset

 

 

 

14,739

 

 

 

 

13,212

 

Prepaid expenses and other current assets

 

 

 

36,966

 

 

 

 

34,204

 

Income tax receivable

 

 

 

-

 

 

 

 

3,657

 

Investments

 

 

 

334,580

 

 

 

 

254,971

 

Total current assets

 

 

 

892,099

 

 

 

 

666,307

 

Leasehold improvements, property and equipment, net

 

 

 

1,011,916

 

 

 

 

963,238

 

Long term investments

 

 

 

304,108

 

 

 

 

313,863

 

Other assets

 

 

 

47,520

 

 

 

 

43,933

 

Goodwill

 

 

 

21,939

 

 

 

 

21,939

 

Total assets

 

 

$

2,277,582

 

 

 

$

2,009,280

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

$

77,648

 

 

 

$

59,022

 

Accrued payroll and benefits

 

 

 

86,383

 

 

 

 

67,195

 

Accrued liabilities

 

 

 

69,638

 

 

 

 

73,011

 

Income tax payable

 

 

 

7,867

 

 

 

 

-

 

Total current liabilities

 

 

 

241,536

 

 

 

 

199,228

 

Deferred rent

 

 

 

205,304

 

 

 

 

192,739

 

Deferred income tax liability

 

 

 

50,838

 

 

 

 

55,434

 

Other liabilities

 

 

 

26,870

 

 

 

 

23,591

 

Total liabilities

 

 

 

524,548

 

 

 

 

470,992

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of

 

 

 

 

 

 

 

 

June 30, 2014 and December 31, 2013, respectively

 

 

 

-

 

 

 

 

-

 

Common stock $0.01 par value, 230,000 shares authorized, and 35,327 and 35,245

 

 

 

 

 

 

 

 

shares issued as of June 30, 2014 and December 31, 2013, respectively

 

 

 

353

 

 

 

 

352

 

Additional paid-in capital

 

 

 

991,190

 

 

 

 

919,840

 

Treasury stock, at cost, 4,308 and 4,212 common shares at June 30, 2014 and

 

 

 

 

 

 

 

 

December 31, 2013, respectively

 

 

 

(710,713

)

 

 

 

(660,421

)

Accumulated other comprehensive income

 

 

 

1,968

 

 

 

 

1,620

 

Retained earnings

 

 

 

1,470,236

 

 

 

 

1,276,897

 

Total shareholders' equity

 

 

 

1,753,034

 

 

 

 

1,538,288

 

Total liabilities and shareholders' equity

 

 

$

2,277,582

 

 

 

$

2,009,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Cash Flows

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30

 

 

 

2014

 

 

2013

Operating activities

 

 

 

 

 

 

 

 

Net income

 

 

$

193,339

 

 

 

$

164,437

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

52,763

 

 

 

 

46,533

 

Deferred income tax provision (benefit)

 

 

 

(6,124

)

 

 

 

7,301

 

Loss on disposal of assets

 

 

 

3,161

 

 

 

 

2,739

 

Bad debt allowance

 

 

 

(18

)

 

 

 

39

 

Stock-based compensation expense

 

 

 

61,401

 

 

 

 

34,333

 

Excess tax benefit on stock-based compensation

 

 

 

(9,516

)

 

 

 

(4,251

)

Other

 

 

 

3

 

 

 

 

262

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

3,754

 

 

 

 

1,795

 

Inventory

 

 

 

(2,476

)

 

 

 

(181

)

Prepaid expenses and other current assets

 

 

 

(2,744

)

 

 

 

(7,596

)

Other assets

 

 

 

(3,574

)

 

 

 

(3,365

)

Accounts payable

 

 

 

17,696

 

 

 

 

6,078

 

Accrued liabilities

 

 

 

15,781

 

 

 

 

(12,551

)

Income tax payable/receivable

 

 

 

21,041

 

 

 

 

17,688

 

Deferred rent

 

 

 

12,584

 

 

 

 

11,794

 

Other long-term liabilities

 

 

 

3,360

 

 

 

 

2,698

 

Net cash provided by operating activities

 

 

 

360,431

 

 

 

 

267,753

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Purchases of leasehold improvements, property and equipment

 

 

 

(102,840

)

 

 

 

(80,130

)

Purchases of investments

 

 

 

(191,281

)

 

 

 

(230,397

)

Maturities of investments

 

 

 

121,250

 

 

 

 

78,750

 

Net cash used in investing activities

 

 

 

(172,871

)

 

 

 

(231,777

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Acquisition of treasury stock

 

 

 

(50,292

)

 

 

 

(81,065

)

Excess tax benefit on stock-based compensation

 

 

 

9,516

 

 

 

 

4,251

 

Other financing proceeds (payments)

 

 

 

(55

)

 

 

 

191

 

Net cash used in financing activities

 

 

 

(40,831

)

 

 

 

(76,623

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

118

 

 

 

 

(274

)

Net change in cash and cash equivalents

 

 

 

146,847

 

 

 

 

(40,921

)

Cash and cash equivalents at beginning of period

 

 

 

323,203

 

 

 

 

322,553

 

Cash and cash equivalents at end of period

 

 

$

470,050

 

 

 

$

281,632

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Increase (decrease) in purchases of leasehold improvements, property and

 

 

 

 

 

 

 

 

equipment accrued in accounts payable

 

 

$

917

 

 

 

$

(1,432

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Supplemental Financial and Other Data

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

Jun. 30,

 

 

Mar.31,

 

 

Dec.31,

 

 

Sep. 30,

 

 

Jun. 30,

 

 

 

2014

 

 

2014

 

 

2013

 

 

2013

 

 

2013

Number of restaurants opened

 

 

 

45

 

 

 

 

44

 

 

 

 

56

 

 

 

 

37

 

 

 

 

44

 

Restaurant relocations

 

 

 

(1

)

 

 

 

(2

)

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Number of restaurants at end of period

 

 

 

1,681

 

 

 

 

1,637

 

 

 

 

1,595

 

 

 

 

1,539

 

 

 

 

1,502

 

Average restaurant sales

 

 

$

2,307

 

 

 

$

2,226

 

 

 

$

2,169

 

 

 

$

2,140

 

 

 

$

2,119

 

Comparable restaurant sales increases

 

 

 

17.3

%

 

 

 

13.4

%

 

 

 

9.3

%

 

 

 

6.2

%

 

 

 

5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE Chipotle Mexican Grill, Inc.

Contact:

Alex Spong
Chipotle Mexican Grill, Inc.
Investor Relations
303-222-2552

###

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