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(3) Asset impairment charges and other closure expenses for the corporate headquarter relocation and office consolidation announced in May 2018. 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. In order to wring the most value out of its investment, McDonalds spent years encouraging Chipotle to adopt certain fast food conventions, recommending (among other things) drive-thru lanes and a breakfast menu. Some of these include buuelos, a flat fried fritter topped with honey, sugar, cinnamon and served with an apple dipping sauce, and a Mexican Chocolate Shake. The Best Items on Chipotle's Secret Menu (2023 Update) Will a Dessert Ever Pop up on Chipotle's Menu? Excluding the impact of legal expenses, modification expenses related to our 2018 PSUs, corporate restructuring, and restaurant asset impairment, adjusted net income for the fourth quarter 2021 was $159.1 million and adjusted diluted earnings per share was $5.58. The dessert option is reportedly 100% vegan. NEWPORT BEACH, Calf., Feb. 8, 2022 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2021. 2.5 Baths. This performance measure primarily includes the costs that restaurant level managers can directly control and excludes other operating costs that are essential to conduct our business. Each prize consists of one (1) Burrito Code. 2Non-GAAP general and administrative expenses and non-GAAP effective income tax rate are non-GAAP measures. On a non-GAAP basis, the 2021 fourth quarter effective income tax rate was 18.7%2. Message and data rates may apply. 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. 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 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. Had to wait another 15 for them to cook steak since it wasn't even started yet. 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. 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. The following tables provide a reconciliation of non-GAAP financial measures presented in the text above to the most directly comparable financial measures calculated and presented in accordance with GAAP. The text messaging method of entry is designed to work with most of the major wireless carriers in the United States, but Sponsor makes no guarantee that any particular wireless service provider will participate, and the mobile phone that is used must be capable of sending and receiving text messages. (1) For the three months ended March 31, 2021, transformation expenses include duplicate rent expense for office and restaurant Baskin-Robbins Serves Up New Chick'n & Waffles Ice Cream Until 03/06/2023. 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. 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, 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 Sponsor makes no warranties, and hereby disclaims any and all warranties, express or implied, concerning any prize furnished in connection with the Sweepstakes. The invalidity or unenforceability of any provision of these rules shall not affect the validity or enforceability of any other provision. As of March 31, 2021, Chipotle continues to maintain a strong financial position with nearly $1.2 billion in cash, investments and restricted cash, and no debt. 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. It involves market research, menu development, recipe testing, price determination, test marketsthe list goes on. "Average restaurant sales, excluding, Operating lease asset impairment and other restaurant costs, Operating lease asset impairment and other office closure costs, Stock-based compensation modification expense, (1) For the three months ended March 31, 2021, transformation expenses include duplicate rent expense for office and restaurant, (2) For the three months ended March 31, 2021, stock-based compensation consists of a modification to 2018 performance shares. (5) For the three months ended March 31, 2021, stock-based compensation consists of a modification to 2018 performance shares. 10. And of the 200 or so stores it expects to bring to market across all of 2021, roughly 70 percent will feature the window. After Chipotle stock grew more than 65% in 2020, it has. Toss in cinnamon and sugar Enjoy! Chipotle will host a conference call to discuss third quarter 2021 financial results on Thursday, October 21, 2021, at 4:30 PM Eastern time. Inside Steak 'n Shake's Winding Road Back | QSR magazine In Chipotle's mind, dessert would be another perfect opportunity for customers to spend a little more each time they visit. The call will be webcast live from the company's website on the investor relations page at ir.chipotle.com/events. 7. The coronavirus pandemic led it. Adjusted net income is net income excluding expenses related to restaurant asset impairment, corporate restructuring, stock-based compensation modification expense, and certain other costs. (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. Add wood to tray. Limit one (1) entry per person per wireless number. Yield 8 servings Prep Time 5 minutes Cook Time 0 minutes Total Time 5 minutes Course Sauce Cuisine Mexican Author Sabrina Snyder Rate Ingredients US Customary Metric All of those steps, taken together, can span multiple years. But everything on the Chipotle menu is decidedly savory, and the closest thing youll get to a dessert is a Mexican Coca-Cola. On a non-GAAP basis, the 2021 first quarter effective tax rate was 18.5%. (1) Transformation expenses include duplicate rent expense for office and restaurant closures announced in June 2018 due to the corporate restructuring and underperformance of $1,249 and $5,116 for the three months and year ended December 31, 2021, respectively, and employee related restructuring costs of $54 and $449 for the three months and year ended December 31, 2021, respectively. | Published 9 months ago. Chipotle Coupon Codes Entry must be made by the entrant, only via text message. If a winner does not have a Chipotle Rewards, the winner can create a free account at the time the prize is claimed. The health and well-being of our employees and guests continues to be our top priority. SOLD FEB 21, 2023. Forty-five of those included a Chipotlane. The improvement was driven primarily by leverage from comparable restaurant sales and menu price increases, partially offset by wage inflation and higher commodity costs largely due to beef and freight. But then again, the pace of innovation at behemoth chains can take time. We'll Be DREAMING about These Disney Snacks for WEEKS Face. All such requests must be received within six (6) weeks after the end of the Sweepstakes Period. Ft. 11516 Desert Hollow Ave, Las Vegas, NV 89138. We present these non-GAAP measures in order to facilitate meaningful evaluation of our operating performance across periods. Sunbasket Review 2021: Pros, Cons, and How It Works - Real Simple Popular fast-casual Mexican food chain Chipotle is currently super focused on luring in new customers as of late. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release. 4 Beds. But, they do offer a large variety of delicious goodies that you can put on top or inside of those five itemschicken, pork, barbacoa, steak, carne asada, tofu-based sofritas, and vegetables. The Quesarito The Burritodilla Nachos Quesadilla Single Taco Double Wrapped Burrito FREE Fajita Veggies Extra Shells Mix and Match Fresh, FREE Cilantro The Quesarito This behemoth takes the already-engorging burrito and wraps it with a gooey quesadilla outer layer. accrued liabilities, Acquisition of treasury stock accrued in accounts payable and accrued liabilities, Average restaurant sales, excluding Adjusted General and Administrative Expenses, Stock-based compensation modification expense(3), Adjusted general and administrative expenses. Treasury stock, at cost, 8,777 and 8,703 common shares as of March 31, 2021 and December 31, Purchases of leasehold improvements, property, and equipment accrued in accounts payable and, (1) Beginning in Q3 2020, we revised the definition of average restaurant sales to exclude delivery service revenues (refer to Definitions section above). Bowl. Results for the three months ended December 31, 2021: Total revenue in the fourth quarter was $2.0 billion, an increase of 22.0% compared to the fourth quarter of 2020. Chipotle is also releasing the Eyes. The repurchase authorization may be modified, suspended, or discontinued at any time. . It's the first meat alternative the brand has offered since tofu Sofritos hit the menu in 2014. May 21, 2021. 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, Chipotle Announces Third Quarter 2021 Results | Markets Insider 1-16; (iii) the arbitration shall be held in Newport Beach, California; (iv) the arbitrators decision shall be controlled by the terms and conditions of these Official Rules and any of the other agreements referenced herein that the applicable entrant may have entered into in connection with the Sweepstakes; (v) the arbitrator shall apply Colorado law consistent with the FAA and applicable statutes of limitations, and shall honor claims of privilege recognized at law; (vi) there shall be no authority for any claims to be arbitrated on a class or representative basis, arbitration can decide only entrants and/or Sponsors individual claims; the arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated; (vii) the arbitrator shall not have the power to award punitive damages against the entrant or Sponsor; (viii) if the entrant is able to demonstrate that the costs of arbitration will be prohibitive as compared to the costs of litigation, Sponsor will pay as much of entrants filing and hearing fees in connection with the arbitration as the arbitrator deems necessary to prevent the arbitration from being cost-prohibitive; and (ix) with the exception of subpart (vi) above, if any part of this arbitration provision is deemed to be invalid, unenforceable or illegal, or otherwise conflicts with the rules of JAMS, then the balance of this arbitration provision shall remain in effect and shall be construed in accordance with its terms as if the invalid, unenforceable, illegal or conflicting provision were not contained herein. 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. 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. 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 . Your request to unsubscribe from all Chipotle promotional emails has been submitted. Chipotle is ranked on the Fortune 500 and is recognized on the 2021 lists for Forbes' America's Best Employers and Fortune's Most Admired Companies. Minors must get their parent or legal guardians permission to enter the Sweepstakes. GOVERNING LAW/JURISDICTION: ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEABILITY OF THESE OFFICIAL RULES OR THE RIGHTS AND OBLIGATIONS OF ENTRANTS OR SPONSOR IN CONNECTION WITH THE SWEEPSTAKES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF COLORADO WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OF CONFLICT OF LAW RULES OR PROVISIONS THAT WOULD CAUSE THE APPLICATION OF ANY OTHER STATES LAWS. Once the Code is announced, eligible entrants can text the Code to the short code 888-222 (the Short Code). Collectively, these efforts give our employees and guests confidence that Chipotle remains steadfast in our commitment to keep them safe as we continue to increase capacity for in-restaurant dining. Recently the restaurant started accepting cryptocurrency at all of its locations based in the United States. Chipotle has reconfigured 12 existing restaurants to add a drive-thru, and the company revealed that those locations are experiencing an increase in sales. Chipotle Hello 2021! First quarter highlights, year over year: 1Adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. For more information on JAMS and/or the rules of JAMS, visit their website at www.jamsadr.com. Chipotle had over 2,950 restaurants as of December 31, 2021, in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants. Place peppers in the smoker. 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. Most of the other major players in fast food have some sort of dessert offering, from McDonalds famous apple pies to Taco Bells cinnamon twists to Wendys Frosty to Chick-fil-As chocolate fudge brownies. 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. Adjusted general and administrative expense is general and administrative expense excluding transformation expenses, legal proceedings, stock-based compensation modification expense, and certain other costs. Only the type and quantity of prizes described in these Official Rules will be awarded. All details and other restrictions of the prize not specified in these Official Rules will be determined by Sponsor in its sole discretion. 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. (3) For the three months ended March 31, 2020, other adjustments consists of severance associated with the departure of our former (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. But the lack of a dessert has also not gone unnoticed. The Sweepstakes Entities shall not be responsible for incorrect or inaccurate entry information whether caused by Internet users or by any of the equipment or programming associated with or utilized in the Sweepstakes or by any technical or human error which may occur in the processing of the entries in the Sweepstakes. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release.