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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Depreciation and amortization	319,394)	286,826)	254,657)	238,534)	212,778)
Deferred income tax provision (benefit)	(9,505)	(43,195)	(12,357)	108,350)	29,962)
Impairment, closure costs, and asset disposals	37,025)	20,738)	17,086)	28,874)	15,402)
Provision for credit losses	1,570)	(760)	493)	164)	33)
Stock-based compensation expense	124,016)	98,030)	176,392)	82,626)	91,396)
Other	(13,080)	(16,202)	(4,599)	3,643)	(10,592)
Accounts receivable	(11,216)	(14,026)	(1,687)	3,010)	(2,630)
Inventory	(3,649)	(3,011)	(6,392)	(394)	(4,530)
Prepaid expenses and other current assets	(39,211)	(14,660)	(26,826)	(11,442)	(23,066)
Operating lease assets	254,241)	234,273)	223,837)	184,538)	163,952)
Other assets	4,204)	(346)	3,993)	(26,577)	2,818)
Accounts payable	5,313)	18,208)	21,440)	(3,859)	(973)
Accrued payroll and benefits	57,048)	9,864)	(44,555)	76,683)	11,759)
Accrued liabilities	3,188)	(27,964)	10,997)	5,596)	36,543)
Unearned revenue	35,685)	33,374)	34,387)	36,958)	30,400)
Income tax payable/receivable	(5,237)	46,262)	193,379)	(255,251)	(32,083)
Operating lease liabilities	(214,477)	(207,186)	(207,164)	(165,154)	(151,557)
Other long-term liabilities	9,431)	3,853)	(3,984)	1,782)	1,862)
Changes in operating assets and liabilities	95,320)	78,641)	197,425)	(154,110)	32,495)
Adjustments to reconcile net income to net cash provided by operating activities	554,740)	424,078)	629,097)	308,081)	371,474)
Net cash provided by operating activities	1,783,477)	1,323,179)	1,282,081)	663,847)	721,632)
Purchases of leasehold improvements, property and equipment	(560,731)	(479,164)	(442,475)	(373,352)	(333,912)
Purchases of investments	(1,115,131)	(614,416)	(429,350)	(468,418)	(448,754)
Maturities of investments	729,853)	263,548)	345,748)	419,078)	476,723)
Proceeds from sale of equipment	—)	—)	4,035)	—)	13,969)
Acquisitions of equity method investments	—)	—)	—)	(10,025)	—)
Net cash used in investing activities	(946,009)	(830,032)	(522,042)	(432,717)	(291,974)
Acquisition of treasury stock	(592,349)	(830,140)	(466,462)	(54,401)	(190,617)
Tax withholding on stock-based compensation awards	(69,146)	(98,970)	(79,870)	(48,555)	(10,420)
Other financing activities	843)	(294)	(2,274)	(1,895)	(698)
Net cash used in financing activities	(660,652)	(929,404)	(548,606)	(104,851)	(201,735)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	381)	(1,007)	(1,039)	1,076)	406)
Net change in cash, cash equivalents, and restricted cash	177,197)	(437,264)	210,394)	127,355)	228,329)
Cash, cash equivalents, and restricted cash at beginning of year	408,966)	846,230)	635,836)	508,481)	280,152)
Cash, cash equivalents, and restricted cash at end of year	586,163)	408,966)	846,230)	635,836)	508,481)

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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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 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
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 decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Cash Flow Statement