Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Chipotle Mexican Grill Inc., adjusted current assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current assets	1,620,713)	1,175,837)	1,381,564)	1,420,237)	1,072,204)
Adjustments
Add: Allowance for credit losses	2,742)	1,180)	1,950)	1,588)	7)
After Adjustment
Adjusted current assets	1,623,455)	1,177,017)	1,383,514)	1,421,825)	1,072,211)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Chipotle Mexican Grill Inc., adjusted total assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for credit losses	2,742)	1,180)	1,950)	1,588)	7)
After Adjustment
Adjusted total assets	8,047,104)	6,928,684)	6,654,908)	5,984,484)	5,104,611)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

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Chipotle Mexican Grill Inc., adjusted current liabilities

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current liabilities	1,030,625)	921,880)	873,682)	822,199)	666,593)
Adjustments
Less: Current unearned revenue	209,680)	183,071)	156,351)	127,750)	95,195)
Less: Current restructuring liability	—)	—)	—)	—)	30)
After Adjustment
Adjusted current liabilities	820,945)	738,809)	717,331)	694,449)	571,368)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Chipotle Mexican Grill Inc., adjusted total liabilities

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	4,982,155)	4,559,481)	4,355,584)	3,962,761)	3,421,578)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	89,109)	98,623)	141,765)	149,422)	37,814)
Less: Unearned revenue	209,680)	183,071)	156,351)	127,750)	95,195)
Less: Restructuring liability	—)	—)	—)	—)	30)
After Adjustment
Adjusted total liabilities	4,683,366)	4,277,787)	4,057,468)	3,685,589)	3,288,539)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

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Chipotle Mexican Grill Inc., adjusted shareholders’ equity

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Adjustments
Less: Deferred income tax assets (liabilities)¹	(89,109)	(98,623)	(141,765)	(149,422)	(37,814)
Add: Allowance for credit losses	2,742)	1,180)	1,950)	1,588)	7)
Add: Unearned revenue	209,680)	183,071)	156,351)	127,750)	95,195)
Add: Restructuring liability	—)	—)	—)	—)	30)
After Adjustment
Adjusted shareholders’ equity	3,363,738)	2,650,897)	2,597,440)	2,298,895)	1,816,072)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Deferred income tax assets (liabilities). See details »

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Chipotle Mexican Grill Inc., adjusted capitalization table

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total reported debt	—)	—)	—)	—)	—)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Total reported capital	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	248,074)	236,248)	218,713)	204,756)	173,139)
Add: Long-term operating lease liabilities³	3,803,551)	3,495,162)	3,301,601)	2,952,296)	2,678,374)
Adjusted total debt	4,051,625)	3,731,410)	3,520,314)	3,157,052)	2,851,513)
Adjustments to Equity
Less: Deferred income tax assets (liabilities)⁴	(89,109)	(98,623)	(141,765)	(149,422)	(37,814)
Add: Allowance for credit losses	2,742)	1,180)	1,950)	1,588)	7)
Add: Unearned revenue	209,680)	183,071)	156,351)	127,750)	95,195)
Add: Restructuring liability	—)	—)	—)	—)	30)
Adjusted shareholders’ equity	3,363,738)	2,650,897)	2,597,440)	2,298,895)	1,816,072)
After Adjustment
Adjusted total capital	7,415,363)	6,382,307)	6,117,754)	5,455,947)	4,667,585)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Long-term operating lease liabilities. See details »

⁴ Deferred income tax assets (liabilities). See details »

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Chipotle Mexican Grill Inc., adjusted revenue

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Adjustment
Add: Increase (decrease) in unearned revenue	26,609)	26,720)	28,601)	32,555)	24,721)
After Adjustment
Adjusted revenue	9,898,258)	8,661,372)	7,575,662)	6,017,189)	5,611,090)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Chipotle Mexican Grill Inc., adjusted net income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Adjustments
Add: Deferred income tax expense (benefit)¹	(17,130)	(39,671)	(19,829)	101,401)	27,286)
Add: Increase (decrease) in allowance for credit losses	1,562)	(770)	362)	1,581)	7)
Add: Increase (decrease) in unearned revenue	26,609)	26,720)	28,601)	32,555)	24,721)
Add: Increase (decrease) in restructuring liability	—)	—)	—)	(30)	(3,470)
Add: Other comprehensive income (loss), net of income taxes	1,231)	(2,534)	(1,125)	1,134)	873)
After Adjustment
Adjusted net income	1,241,009)	882,846)	660,993)	492,407)	399,575)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Deferred income tax expense (benefit). See details »

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Chipotle Mexican Grill Inc. (NYSE:CMG)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income