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Module 10: incorporating additional information Company: chipotle

Module 10: incorporating additional information Company: chipotle. Matt Ramirez. Chipotle background. Mexican grill that focuses on serving quality food while maintaining speed and efficiency Found in 1993 by Steve Ells in Denver, Colorado

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Module 10: incorporating additional information Company: chipotle

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  1. Module 10: incorporating additional informationCompany: chipotle Matt Ramirez

  2. Chipotle background • Mexican grill that focuses on serving quality food while maintaining speed and efficiency • Found in 1993 by Steve Ells in Denver, Colorado • Considered a “fast-casual” restaurant: food that is served fast without the “fast food” methods or ambiance, allows customers to eat “on the go” or in a nicer restaurant environment • Not franchised, centrally-owned

  3. Balance sheet

  4. Deferred tax asset (original)

  5. Deferred tax asset (expanded)

  6. Leasehold improvements, property, equipment (original)

  7. Leasehold improvements, property, equipment (expanded)

  8. Other assets (original)

  9. Other assets (expanded)

  10. Accrued liabilities (original)

  11. Accrued liabilities (expanded)

  12. Deferred income tax liability (original)

  13. Deferred income tax liability (expanded)

  14. Other long-term liabilities (original)

  15. Other long-term liabilities (expanded)

  16. discussion • Limited footnote tables or information available: difficult to expand most accounts • Little/virtually no debt: trouble with “deemed landlord financing” (sale leasebacks) account and separation between periods (current vs. long-term) • More information/expansion is needed for “prepaid expenses and other current assets” account

  17. Income statements

  18. discussion • No expansion of income statement accounts: no/insignificant information found in footnotes • “Stock-Based Compensation” discussion in MD&A: could be relevant, but footnote tables do not seem significant for balance sheet or income statement expansion • “Employee Benefit Plans” discussion: used to expand B/S, no information found to expand I/S • More information needed to expand “Other Operating Costs” and “General and Administrative Expenses” accounts

  19. Final thoughts • Reading through footnotes and expansion of B/S and I/S has given a little more insight into Chipotle • Expansions might alter certain projections, and therefore valuations, moving forward • Chipotle’s 10-K is relatively simple: not as much opportunity to “dig in” to certain accounts

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