Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Chipotle Mexican Grill Inc., adjustments to financial statements

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Less: Goodwill	21,939)	21,939)	21,939)	21,939)	21,939)
Total assets (adjusted)	8,022,423)	6,905,565)	6,631,019)	5,960,957)	5,082,665)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Less: Goodwill	21,939)	21,939)	21,939)	21,939)	21,939)
Shareholders’ equity (adjusted)	3,040,268)	2,346,084)	2,275,435)	1,998,196)	1,661,087)

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).

Chipotle Mexican Grill Inc., Financial Data: Reported vs. Adjusted

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Chipotle Mexican Grill Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	1.23	1.25	1.13	1.00	1.09
Adjusted total asset turnover	1.23	1.25	1.14	1.00	1.10
Financial Leverage
Reported financial leverage	2.63	2.93	2.90	2.96	3.03
Adjusted financial leverage	2.64	2.94	2.91	2.98	3.06
Return on Equity (ROE)
Reported ROE	40.13%	37.97%	28.42%	17.61%	20.81%
Adjusted ROE	40.42%	38.32%	28.70%	17.80%	21.08%
Return on Assets (ROA)
Reported ROA	15.27%	12.98%	9.81%	5.95%	6.86%
Adjusted ROA	15.32%	13.02%	9.85%	5.97%	6.89%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Chipotle Mexican Grill Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Chipotle Mexican Grill Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Chipotle Mexican Grill Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Activity Ratio
Total asset turnover¹	1.23	1.25	1.13	1.00	1.09
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Adjusted total assets	8,022,423)	6,905,565)	6,631,019)	5,960,957)	5,082,665)
Activity Ratio
Adjusted total asset turnover²	1.23	1.25	1.14	1.00	1.10

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).

2023 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 9,871,649 ÷ 8,044,362 = 1.23

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 9,871,649 ÷ 8,022,423 = 1.23

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Solvency Ratio
Financial leverage¹	2.63	2.93	2.90	2.96	3.03
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets	8,022,423)	6,905,565)	6,631,019)	5,960,957)	5,082,665)
Adjusted shareholders’ equity	3,040,268)	2,346,084)	2,275,435)	1,998,196)	1,661,087)
Solvency Ratio
Adjusted financial leverage²	2.64	2.94	2.91	2.98	3.06

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).

2023 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 8,044,362 ÷ 3,062,207 = 2.63

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 8,022,423 ÷ 3,040,268 = 2.64

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Chipotle Mexican Grill Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Profitability Ratio
ROE¹	40.13%	37.97%	28.42%	17.61%	20.81%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Adjusted shareholders’ equity	3,040,268)	2,346,084)	2,275,435)	1,998,196)	1,661,087)
Profitability Ratio
Adjusted ROE²	40.42%	38.32%	28.70%	17.80%	21.08%

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).

2023 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,228,737 ÷ 3,062,207 = 40.13%

² Adjusted ROE = 100 × Net income ÷ Adjusted shareholders’ equity
= 100 × 1,228,737 ÷ 3,040,268 = 40.42%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Chipotle Mexican Grill Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Profitability Ratio
ROA¹	15.27%	12.98%	9.81%	5.95%	6.86%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Adjusted total assets	8,022,423)	6,905,565)	6,631,019)	5,960,957)	5,082,665)
Profitability Ratio
Adjusted ROA²	15.32%	13.02%	9.85%	5.97%	6.89%

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).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 1,228,737 ÷ 8,044,362 = 15.27%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 1,228,737 ÷ 8,022,423 = 15.32%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Analysis of Goodwill and Intangible Assets

Adjustments to Financial Statements: Removal of Goodwill

Chipotle Mexican Grill Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Chipotle Mexican Grill Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)