Chipotle Mexican Grill Inc., adjustment to net income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (as reported)	1,228,737)	899,101)	652,984)	355,766)	350,158)
Add: Unrealized gain (loss) on available-for-sale securities, net of income taxes	—)	—)	—)	—)	147)
Net income (adjusted)	1,228,737)	899,101)	652,984)	355,766)	350,305)

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Chipotle Mexican Grill Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	12.45%	10.41%	8.65%	5.94%	6.27%
Adjusted net profit margin	12.45%	10.41%	8.65%	5.94%	6.27%
Return on Equity (ROE)
Reported ROE	40.13%	37.97%	28.42%	17.61%	20.81%
Adjusted ROE	40.13%	37.97%	28.42%	17.61%	20.81%
Return on Assets (ROA)
Reported ROA	15.27%	12.98%	9.81%	5.95%	6.86%
Adjusted ROA	15.27%	12.98%	9.81%	5.95%	6.86%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Chipotle Mexican Grill Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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 adjusted net income divided by total assets.	Chipotle Mexican Grill Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

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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)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Profitability Ratio
Net profit margin¹	12.45%	10.41%	8.65%	5.94%	6.27%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	1,228,737)	899,101)	652,984)	355,766)	350,305)
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Profitability Ratio
Adjusted net profit margin²	12.45%	10.41%	8.65%	5.94%	6.27%

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,228,737 ÷ 9,871,649 = 12.45%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 1,228,737 ÷ 9,871,649 = 12.45%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Chipotle Mexican Grill Inc. adjusted net profit margin ratio 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)
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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	1,228,737)	899,101)	652,984)	355,766)	350,305)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Profitability Ratio
Adjusted ROE²	40.13%	37.97%	28.42%	17.61%	20.81%

2023 Calculations

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

² Adjusted ROE = 100 × Adjusted net income ÷ Shareholders’ equity
= 100 × 1,228,737 ÷ 3,062,207 = 40.13%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	1,228,737)	899,101)	652,984)	355,766)	350,305)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Profitability Ratio
Adjusted ROA²	15.27%	12.98%	9.81%	5.95%	6.86%

2023 Calculations

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

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 1,228,737 ÷ 8,044,362 = 15.27%

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

Chipotle Mexican Grill Inc. (NYSE:CMG)

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