168e81bcaf70a8d9b6c43941a1ad1d645b5319a4e87971e1573d486eda91a5c5

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

1d7fbccf773d4e9f7b44730b9df81de62336b479bab04717a72c29f6ff136d19

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

eb49389f0391bedb65913fa6ae802af06ced0a307e1315185a2173dc04c75148

f3ffcd06a677b0bf51a797d9b654092c19843f05d1b3b662f24d908e5cdf0396

e7f2315887daa645518accd9d998a44f4a0c02f05a5f3f42ffd207eb40a10a4d

The significant increase in Operating Cash Flow was driven primarily by **higher net income**, which grew from **$291,644 thousand in Q1 2023** to **$359,287 thousand in Q1 2024**. In addition, **favorable changes in operating assets and liabilities**—such as an increased income tax payable/receivable (from **$85,400 thousand** to **$97,960 thousand**), higher accrued liabilities (from **$17,009 thousand** to **$25,322 thousand**), and a lower increase in accounts receivable—also contributed to the improvement. Furthermore, an increase in **stock-based compensation expense** (from **$20,084 thousand** to **$36,003 thousand**) and a larger adjustment for **operating lease assets** (from **$59,135 thousand** to **$64,797 thousand**) collectively drove the significant improvement in operating cash flow.  **[0001058090-24-000015_cmg-20240331.htm:4]** **[0001058090-24-000012_cmg-20240424xex991.htm:9]** 

What drove the significant increase in Operating Cash Flow in Q1 2024?

The documents do not provide specific reasons explaining the dramatic decrease in **Purchases of Investments** in Q3 2024.  **[20241029LA43343:7]** 

Why were Purchases of Investments dramatically lower in Q3 2024?

The documents do not provide specific details for Q3 2024 alone. However, the nine‐month analysis indicates that although investments in leasehold improvements and property increased (from **$(388,801) thousand** in 2023 to **$(420,718) thousand** in 2024) and purchases of investments slightly decreased (from **$(845,981) thousand** to **$(828,846) thousand**), there was a significant increase in the **maturities of investments** (from **$440,788 thousand** in 2023 to **$548,070 thousand** in 2024), which likely contributed to the overall reduction in net cash outflows in investing activities.  **[20241029LA43343:7]** 

What factors contributed to the sharp reduction in investing outflows in Q3 2024?

The available documents do not provide any information about Free Cash Flow or the reasons behind a significant jump in Free Cash Flow in Q4 2024 [N/A].

What led to the significant jump in Free Cash Flow in Q4 2024?

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Food and beverage revenue (USD, thousands)

Delivery service revenue (USD, thousands)

Total revenue (USD, thousands)

Food, beverage and packaging (USD, thousands)

Labor (USD, thousands)

Occupancy (USD, thousands)

Other operating costs (USD, thousands)

General and administrative expenses (USD, thousands)

Depreciation and amortization (USD, thousands)

Pre-opening costs (USD, thousands)

Impairment, closure costs, and asset disposals (USD, thousands)

Total operating expenses (USD, thousands)

Income from operations (USD, thousands)

Interest and other income, net (USD, thousands)

Income before income taxes (USD, thousands)

Provision for income taxes (USD, thousands)

Net income (USD, thousands)

Basic earnings per share (USD)

Diluted earnings per share (USD)

570f7529466ad0f267f97acc363912a724a98fe96789b94c02bf5aebacdfde56

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable, Net (USD, thousands)

Inventory (USD, thousands)

Prepaid Expenses and Other Current Assets (USD, thousands)

Income Tax Receivable (USD, thousands)

Investments (USD, thousands)

Total Current Assets (USD, thousands)

Leasehold Improvements, Property and Equipment, Net (USD, thousands)

Long-term Investments (USD, thousands)

Restricted Cash (USD, thousands)

Operating Lease Assets (USD, thousands)

Other Assets (USD, thousands)

Goodwill (USD, thousands)

Total Assets (USD, thousands)

Accounts Payable (USD, thousands)

Accrued Payroll and Benefits (USD, thousands)

Accrued Liabilities (USD, thousands)

Unearned Revenue (USD, thousands)

Current Operating Lease Liabilities (USD, thousands)

Total Current Liabilities (USD, thousands)

Long-term Operating Lease Liabilities (USD, thousands)

Deferred Income Tax Liabilities (USD, thousands)

Other Liabilities (USD, thousands)

Total Liabilities (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

Treasury Stock, at cost (USD, thousands)

Accumulated Other Comprehensive Loss (USD, thousands)

Retained Earnings (USD, thousands)

Total Shareholders' Equity (USD, thousands)

Total Liabilities and Shareholders' Equity (USD, thousands)

Income tax payable (USD, thousands)

2c502723d75c9b809f65f9bb61f5030fc8e424eb017f274cba3b0cfa1b89fab4

Food and Beverage

Delivery Service

Total Revenue

21f60bb8b7e70ccb8beae470685f1a72fc4f971c2e058f35bc1f3c0a80699cc9

CHIPOTLE MEXICAN GRILL (CMG)

Financials