Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Chipotle Mexican Grill Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	1,534,110)	1,228,737)	899,101)	652,984)	355,766)
Depreciation and amortization	335,030)	319,394)	286,826)	254,657)	238,534)
Deferred income tax provision (benefit)	(42,937)	(9,505)	(43,195)	(12,357)	108,350)
Impairment, closure costs, and asset disposals	24,582)	37,025)	20,738)	17,086)	28,874)
Provision for credit losses	215)	1,570)	(760)	493)	164)
Stock-based compensation expense	131,730)	124,016)	98,030)	176,392)	82,626)
Other	(3,472)	(13,080)	(16,202)	(4,599)	3,643)
Accounts receivable	(29,274)	(11,216)	(14,026)	(1,687)	3,010)
Inventory	(9,797)	(3,649)	(3,011)	(6,392)	(394)
Prepaid expenses and other current assets	9,244)	(39,211)	(14,660)	(26,826)	(11,442)
Operating lease assets	285,587)	254,241)	234,273)	223,837)	184,538)
Other assets	(17,690)	4,204)	(346)	3,993)	(26,577)
Accounts payable	8,467)	5,313)	18,208)	21,440)	(3,859)
Accrued payroll and benefits	34,857)	57,048)	9,864)	(44,555)	76,683)
Accrued liabilities	27,284)	3,188)	(27,964)	10,997)	5,596)
Unearned revenue	46,139)	35,685)	33,374)	34,387)	36,958)
Income tax payable/receivable	(14,363)	(5,237)	46,262)	193,379)	(255,251)
Operating lease liabilities	(217,894)	(214,477)	(207,186)	(207,164)	(165,154)
Other long-term liabilities	3,258)	9,431)	3,853)	(3,984)	1,782)
Changes in operating assets and liabilities	125,818)	95,320)	78,641)	197,425)	(154,110)
Adjustments to reconcile net income to net cash provided by operating activities	570,966)	554,740)	424,078)	629,097)	308,081)
Net cash provided by operating activities	2,105,076)	1,783,477)	1,323,179)	1,282,081)	663,847)
Purchases of leasehold improvements, property and equipment	(593,603)	(560,731)	(479,164)	(442,475)	(373,352)
Purchases of investments	(986,673)	(1,115,131)	(614,416)	(429,350)	(468,418)
Maturities of investments	722,637)	729,853)	263,548)	345,748)	419,078)
Proceeds from sale of equipment	20,113)	—)	—)	4,035)	—)
Acquisitions of equity method investments	—)	—)	—)	—)	(10,025)
Net cash used in investing activities	(837,526)	(946,009)	(830,032)	(522,042)	(432,717)
Repurchase of common stock	(1,001,559)	(592,349)	(830,140)	(466,462)	(54,401)
Tax withholding on stock-based compensation awards	(74,229)	(69,146)	(98,970)	(79,870)	(48,555)
Other financing activities	2,089)	843)	(294)	(2,274)	(1,895)
Net cash used in financing activities	(1,073,699)	(660,652)	(929,404)	(548,606)	(104,851)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,635)	381)	(1,007)	(1,039)	1,076)
Net change in cash, cash equivalents, and restricted cash	192,216)	177,197)	(437,264)	210,394)	127,355)
Cash, cash equivalents, and restricted cash at beginning of year	586,163)	408,966)	846,230)	635,836)	508,481)
Cash, cash equivalents, and restricted cash at end of year	778,379)	586,163)	408,966)	846,230)	635,836)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Chipotle Mexican Grill Inc. net cash provided by operating activities increased from 2022 to 2023 and from 2023 to 2024.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Chipotle Mexican Grill Inc. net cash used in investing activities decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Chipotle Mexican Grill Inc. net cash used in financing activities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Cash Flow Statement