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CHIPOTLE ANNOUNCES THIRD QUARTER 2024 RESULTS

PRNewswire 29-Oct-2024 4:10 PM

COMPARABLE SALES INCREASE 6% DRIVEN BY OVER 3% TRANSACTION GROWTH

NEWPORT BEACH, Calif., Oct. 29, 2024 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE:CMG) today reported financial results for its third quarter ended September 30, 2024.

Third quarter highlights, year over year:

  • Total revenue increased 13.0% to $2.8 billion
  • Comparable restaurant sales increased 6.0%
  • Operating margin was 16.9%, an increase from 16.0%
  • Restaurant level operating margin was 25.5%1, a decrease from 26.3%1
  • Diluted earnings per share was $0.28, a 21.7% increase from $0.232.
  • Adjusted diluted earnings per share was $0.271, a 17.4% increase from $0.231
  • Opened 86 new company-operated restaurants with 73 locations including a Chipotlane, and one international licensed restaurant

"Our focus on exceptional people, food and throughput and the long-awaited return of Smoked Brisket drove another quarter of strong results led by transaction growth," said Scott Boatwright, Interim CEO, Chipotle. "Our teams work hard to deliver extraordinary value to our guests as they provide our fresh, delicious and customizable culinary experience, at accessible prices to millions of people every day. They are the backbone of Chipotle and, together with our support centers, we will continue to execute against our five key strategies that help us win today, while we grow our future. This will help us to achieve our long-term target of reaching 7,000 restaurants in North America and move towards a more global brand."

Results for the three months ended September 30, 2024:

Total revenue in the third quarter of 2024 was $2.8 billion, an increase of 13.0% compared to the third quarter of 2023. The increase in total revenue was driven by new restaurant openings and a 6.0% increase in comparable restaurant sales due to higher transactions of 3.3% and a 2.7% increase in average check. Digital sales represented 34.0% of total food and beverage revenue.

During the third quarter we opened 86 new company-operated restaurants, of which 73 included a Chipotlane, and one international licensed restaurant. Chipotlanes continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.

Food, beverage and packaging costs in the third quarter of 2024 were 30.6% of total revenue, an increase from 29.7% in the third quarter of 2023. The increase was due to inflation across several ingredient costs, primarily avocados and dairy, higher usage of ingredients as we focused on ensuring consistent and generous portions, and a protein mix shift from the success of our Smoked Brisket limited time offer. This increase was partially offset by the benefit of menu price increases in the prior year.

Labor costs in the third quarter of 2024 were 24.9% of total revenue, in line with the third quarter of 2023. The benefit from sales leverage was offset primarily by wage increases for our restaurants in California.

Other operating costs in the third quarter of 2024 were 13.8% of total revenue, a decrease from 14.0% in the third quarter of 2023. The decrease was primarily due to sales leverage and lower delivery expenses, partially offset by higher advertising and marketing promotions expense.

General and administrative expenses for the third quarter of 2024 were $126.6 million on a GAAP basis, or $149.3 million1 on a non-GAAP basis. Adjusted general and administrative expenses exclude a $27.9 million decrease in stock-based compensation expense from equity awards forfeited by our former CEO, partially offset by $5.1 million of expense for retention equity awards granted to key executives.

The effective income tax rate for the third quarter of 2024 was 22.9%, a decrease from 24.2% in the third quarter of 2023. The decrease is primarily driven by reductions to nondeductible expenses, the release of income tax reserves, and additional tax benefits related to option exercises and equity vesting, partially offset by the impact of the return to provision adjustment in the comparable period.

Net income for the third quarter was $387.4 million, or $0.28 per diluted share, compared to $313.2 million, or $0.232 per diluted share in the third quarter of 2023. Adjusting for a net benefit in stock-based compensation expense due to unvested equity awards forfeited by our former CEO and related retention equity awards granted to key executives, an unrealized gain on a long-term investment, and an impairment charge related to a software asset, adjusted net income was $366.6 million1 and adjusted diluted earnings per share was $0.271.

During the third quarter we repurchased $488.1 million of stock at an average price per share of $54.55. As of September 30, 2024, $1.1 billion remained available under share repurchase authorizations from our Board of Directors, including an additional $400 million in additional authorizations approved by our Board of Directors on August 21, 2024 and $500 million in additional authorizations approved by our Board of Directors on September 19, 2024. The repurchase authorization may be modified, suspended, or discontinued at any time.

More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC by the end of October.

Outlook

For 2024, management is anticipating the following:

  • Full year comparable restaurant sales growth in the mid to high-single digit range
  • 285 to 315 new company-operated restaurant openings with over 80% having a Chipotlane
  • An estimated underlying effective full year tax rate between 24% and 26% before discrete items

For 2025, management is anticipating the following:

  • 315 to 345 new company-operated restaurant openings with over 80% having a Chipotlane

Definitions

The following definitions apply to these terms as used throughout this release:

  • Comparable restaurant sales, or sales comps, and comparable restaurant transactions, represent the change in period-over-period total revenue or transactions for restaurants in operation for at least 13 full calendar months.
  • Average restaurant sales refer to the average trailing 12-month food and beverage revenue for restaurants in operation for at least 12 full calendar months.
  • Restaurant level operating margin represents total revenue less direct restaurant operating costs, expressed as a percent of total revenue.
  • Digital sales represent food and beverage revenue for company-operated restaurants generated through the Chipotle website, Chipotle app or third-party delivery aggregators. Digital sales include revenue deferrals associated with Chipotle Rewards.

Conference Call Details

Chipotle will host a conference call on Tuesday, October 29, 2024, at 4:30 PM Eastern time to discuss third quarter 2024 financial results as well as provide a business update for the fourth quarter 2024.

The conference call can be accessed live over the phone by dialing 1-888-317-6003, or for international callers by dialing 1-412-317-6061, and use code: 0106477. The call will be webcast live from the company's website on the investor relations page at ir.chipotle.com/events. An archived webcast will be available approximately one hour after the end of the call.

About Chipotle

Chipotle Mexican Grill, Inc. (NYSE:CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 3,600 restaurants as of September 30, 2024, in the United States, Canada, the United Kingdom, France, Germany, and Kuwait and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe. Chipotle is ranked on the Fortune 500 and is recognized on Fortune's Most Admired Companies 2024 list and Time Magazine's Most Influential Companies. With over 125,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit WWW.CHIPOTLE.COM.

Forward-Looking Statements

Certain statements in this press release and in the October 29, 2024, conference call are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements under "Outlook" about our anticipated  full year 2024 comparable restaurant sales growth, goals for number of new company-operated restaurant openings, and estimated underlying effective full year tax rate, as well as statements about expected restaurants with Chipotlanes, our ability to achieve our long-term target of more than doubling our business in North America and expanding internationally, our rate of expansion, future food costs, future labor costs, future general and administrative and other costs, future estimated tax rates and future long-term prospects. We use words such as "anticipate", "believe", "could", "should", "may", "approximately", "estimate", "expect", "intend", "project", "target", "goal" and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on currently available operating, financial and competitive information available to us as of the date of this release and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including but not limited to: increasing wage inflation, including as a result of state or local regulations mandating higher minimum wages, and the competitive labor market, which impacts our ability to attract and retain qualified employees and has resulted in occasional staffing shortages; the impact of any union organizing efforts and our responses to such efforts; increasing supply costs; risks of food safety incidents and food-borne illnesses; risks associated with our reliance on certain information technology systems and potential material failures, interruptions or outages; privacy and cyber security risks, including risk of breaches, unauthorized access, theft, modification, destruction or ransom of guest or employee personal or confidential information stored on our network or the network of third party providers; the impact of competition, including from sources outside the restaurant industry; the impact of federal, state or local government regulations relating to our employees, employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to achieve our planned growth, such as the costs and availability of suitable new restaurant sites, construction materials and contractors; the expected costs and risks related to our international expansion, including through licensed restaurants in the Middle East; increases in ingredient and other operating costs due to inflation, global conflicts, severe weather and climate change, our Food with Integrity philosophy, tariffs or trade restrictions; intermittent supply shortages relating to our Food with Integrity philosophy, rapid expansion and supply chain disruptions; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in guests' perceptions of our brand, including as a result of negative publicity or social media posts, decreased consumer spending (including as a result of higher inflation, mass layoffs, fear of possible recession and higher energy prices), or the inability to increase menu prices or realize the benefits of menu price increases; risks associated with our digital business, including risks arising from our reliance on third party delivery services and the IT infrastructure; litigation risks, including possible governmental actions and potential class action litigation related to food safety incidents, cybersecurity incidents, employment or privacy laws, advertising claims, contract disputes or other matters; and other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com.

1 Restaurant level operating margin, adjusted diluted earnings per share, adjusted net income, non-GAAP general and administrative expenses, and non-GAAP effective income tax rate are non-GAAP financial measures. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release. 

2 Prior period results have been retroactively adjusted for the 50-for-1 stock split in June 2024.

 

CHIPOTLE MEXICAN GRILL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)



Three months ended September 30,


2024


2023

Food and beverage revenue

$    2,778,034


99.4 %


$    2,456,039


99.4 %

Delivery service revenue

15,542


0.6


15,909


0.6

Total revenue

2,793,576


100.0


2,471,948


100.0

Restaurant operating costs (exclusive of depreciation and amortization shown separately below):








Food, beverage and packaging

855,515


30.6


734,186


29.7

Labor

696,847


24.9


616,282


24.9

Occupancy

142,570


5.1


126,269


5.1

Other operating costs

386,463


13.8


345,368


14.0

General and administrative expenses

126,614


4.5


159,501


6.5

Depreciation and amortization

84,349


3.0


78,546


3.2

Pre-opening costs

12,786


0.5


9,605


0.4

Impairment, closure costs, and asset disposals

15,176


0.5


7,241


0.3

Total operating expenses

2,320,320


83.1


2,076,998


84.0

Income from operations

473,256


16.9


394,950


16.0

Interest and other income, net

29,307


1.0


18,392


0.7

Income before income taxes

502,563


18.0


413,342


16.7

Provision for income taxes

115,175


4.1


100,125


4.1

Net income

$       387,388


13.9 %


$       313,217


12.7 %

Earnings per share:








Basic

$              0.28




$              0.23



Diluted

$              0.28




$              0.23



Weighted-average common shares outstanding:








Basic

1,367,038




1,377,525



Diluted

1,374,605




1,384,062




Prior period results have been retroactively adjusted for the 50-for-1 stock split in June 2024.

 

CHIPOTLE MEXICAN GRILL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)



Nine months ended September 30,


2024


2023

Food and beverage revenue

$      8,417,396


99.4 %


$      7,304,557


99.3 %

Delivery service revenue

51,147


0.6


50,772


0.7

Total revenue

8,468,543


100.0


7,355,329


100.0

Restaurant operating costs (exclusive of depreciation and amortization shown separately below):








Food, beverage and packaging

2,508,264


29.6


2,165,409


29.4

Labor

2,072,924


24.5


1,811,754


24.6

Occupancy

416,932


4.9


372,097


5.1

Other operating costs

1,156,992


13.7


1,058,281


14.4

General and administrative expenses

506,267


6.0


464,337


6.3

Depreciation and amortization

251,154


3.0


233,902


3.2

Pre-opening costs

28,992


0.3


23,341


0.3

Impairment, closure costs, and asset disposals

26,417


0.3


31,842


0.4

Total operating expenses

6,967,942


82.3


6,160,963


83.8

Income from operations

1,500,601


17.7


1,194,366


16.2

Interest and other income, net

70,532


0.8


43,787


0.6

Income before income taxes

1,571,133


18.6


1,238,153


16.8

Provision for income taxes

368,787


4.4


291,502


4.0

Net income

$      1,202,346


14.2 %


$         946,651


12.9 %

Earnings per share:








Basic

$                0.88




$                0.69



Diluted

$                0.87




$                0.68



Weighted-average common shares outstanding:








Basic

1,370,671




1,379,640



Diluted

1,379,099




1,386,934




Prior period results have been retroactively adjusted for the 50-for-1 stock split in June 2024.

 

CHIPOTLE MEXICAN GRILL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



September 30,
2024


December 31,
2023


(unaudited)



Assets




Current assets:




Cash and cash equivalents

$           698,547


$           560,609

Accounts receivable, net

93,202


115,535

Inventory

49,848


39,309

Prepaid expenses and other current assets

87,896


117,462

Income tax receivable

82,087


52,960

Investments

668,676


734,838

Total current assets

1,680,256


1,620,713

Leasehold improvements, property and equipment, net

2,320,395


2,170,038

Long-term investments

892,487


564,488

Restricted cash

27,969


25,554

Operating lease assets

3,954,689


3,578,548

Other assets

113,935


63,082

Goodwill

21,939


21,939

Total assets

$        9,011,670


$        8,044,362

Liabilities and shareholders' equity




Current liabilities:




Accounts payable

$           221,301


$           197,646

Accrued payroll and benefits

184,367


227,537

Accrued liabilities

181,354


147,688

Unearned revenue

180,288


209,680

Current operating lease liabilities

270,574


248,074

Total current liabilities

1,037,884


1,030,625

Long-term operating lease liabilities

4,212,868


3,803,551

Deferred income tax liabilities

79,519


89,109

Other liabilities

67,501


58,870

Total liabilities

5,397,772


4,982,155

Shareholders' equity:




Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as
of September 30, 2024 and December 31, 2023, respectively

-


-

Common stock, $0.01 par value, 11,500,000 shares authorized, 1,363,639 and
1,874,139 shares issued as of September 30, 2024 and December 31, 2023, respectively

13,635


18,741

Additional paid-in capital

2,030,178


1,937,794

Treasury stock, at cost, 0 and 502,843 common shares as of September 30, 2024
and December 31, 2023, respectively

-


(4,944,656)

Accumulated other comprehensive loss

(7,440)


(6,657)

Retained earnings

1,577,525


6,056,985

Total shareholders' equity

3,613,898


3,062,207

Total liabilities and shareholders' equity

$        9,011,670


$        8,044,362


Prior period results have been retroactively adjusted for the 50-for-1 stock split in June 2024.

 

CHIPOTLE MEXICAN GRILL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)



Nine months ended September 30,


2024


2023

Operating activities




Net income

$    1,202,346


$       946,651

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

251,154


233,902

Deferred income tax provision

(9,599)


12,465

Impairment, closure costs, and asset disposals

24,139


30,536

Provision for credit losses

(289)


565

Stock-based compensation expense

85,903


86,557

Other

2,459


(17,272)

Changes in operating assets and liabilities:




Accounts receivable

22,069


33,666

Inventory

(10,540)


(4,508)

Prepaid expenses and other current assets

21,944


(23,494)

Operating lease assets

211,172


185,056

Other assets

(17,990)


(6,939)

Accounts payable

22,290


4,886

Accrued payroll and benefits

(42,774)


(14,902)

Accrued liabilities

23,488


1,882

Unearned revenue

(22,745)


(21,190)

Income tax payable/receivable

(29,100)


220,427

Operating lease liabilities

(155,770)


(156,180)

Other long-term liabilities

149


5,910

Net cash provided by operating activities

1,578,306


1,518,018

Investing activities




Purchases of leasehold improvements, property and equipment

(420,718)


(388,801)

Purchases of investments

(828,846)


(845,981)

Maturities of investments

548,070


440,788

Net cash used in investing activities

(701,494)


(793,994)

Financing activities




Repurchase of common stock

(662,605)


(437,305)

Tax withholding on stock-based compensation awards

(73,349)


(68,613)

Other financing activities

990


546

Net cash used in financing activities

(734,964)


(505,372)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1,495)


4

Net change in cash, cash equivalents, and restricted cash

140,353


218,656

Cash, cash equivalents, and restricted cash at beginning of period

586,163


408,966

Cash, cash equivalents, and restricted cash at end of period

$       726,516


$       627,622

Supplemental disclosures of cash flow information




Income taxes paid

$       408,553


$         54,615

Purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities

$         78,798


$         81,724

Repurchase of common stock accrued in accounts payable and accrued liabilities

$         12,000


$         15,312

 

CHIPOTLE MEXICAN GRILL, INC.

SUPPLEMENTAL FINANCIAL AND OTHER DATA

(dollars in thousands)

(unaudited)




For the three months ended



Sep. 30,
2024


Jun. 30,
2024


Mar. 31,
2024


Dec. 31,
2023


Sep. 30,
2023

Company-operated restaurants opened


86


52


47


121


62

Chipotle permanent closures


(1)


(1)


(3)


(2)


(1)

Chipotle relocations


-


-


(2)


(3)


(2)

Non-Chipotle permanent closures


-


-


-


-


(6)

Company-operated restaurants at end of period


3,615


3,530


3,479


3,437


3,321

Average restaurant sales


$        3,184


$        3,146


$        3,082


$        3,018


$        2,972

Comparable restaurant sales increase


6.0 %


11.1 %


7.0 %


8.4 %


5.0 %






For the three months ended



Sep. 30,
2024


Jun. 30,
2024


Mar. 31,
2024


Dec. 31,
2023


Sep. 30,
2023

Licensed restaurants opened


1


1


-


-


-

Licensed restaurants at end of period


2


1


-


-


-

 

CHIPOTLE MEXICAN GRILL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Below are definitions of the non-GAAP financial measures in this release. The following tables provide a reconciliation of non-GAAP financial measures presented in this release to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Adjusted net income is net income excluding expenses related to software asset impairment, corporate restructuring, stock-based compensation forfeiture, stock-based compensation retention grants, and investments. Adjusted general and administrative expense is general and administrative expense excluding expenses related to corporate restructuring, stock-based compensation forfeiture, and stock-based compensation retention grants. The adjusted effective income tax rate is the effective income tax rate adjusted to reflect the after tax impact of non-GAAP adjustments. Restaurant level operating margin is equal to the revenues generated by our restaurants less their direct operating costs which consist of food, beverage and packaging, labor, occupancy and other operating costs. This performance measure primarily includes the costs that restaurant level managers can directly control and excludes other costs that are essential to conduct our business. Management uses restaurant level operating margin as a measure of restaurant performance. Management believes restaurant level operating margin is useful to investors in that it highlights trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures. We present these non-GAAP measures in order to facilitate meaningful evaluation of our operating performance across periods. These adjustments are intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management, which uses these non-GAAP measures in evaluating the company's performance. Our adjusted net income, adjusted diluted earnings per share, adjusted general and administrative expenses, adjusted effective income tax rate and restaurant level operating margin measures may not be comparable to other companies' adjusted measures. These adjustments are not necessarily indicative of what our actual financial performance would have been during the periods presented and should be viewed in addition to, and not as an alternative to, our results prepared in accordance with GAAP. Further details regarding these adjustments are included in the tables below.

CHIPOTLE MEXICAN GRILL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Adjusted Net Income and Adjusted Diluted Earnings per Share

(in thousands, except per share amounts)

(unaudited)



Three months ended September 30,


2024


2023

Net income

$       387,388


$       313,217

Non-GAAP adjustments:




Impairment and exit costs:




Software asset impairment(1)

6,249


-

Corporate Restructuring:




Employee related and other restructuring costs(2)

-


1,334

Stock-based compensation forfeiture(3)

(27,863)


-

Stock-based compensation retention grants(4)

5,134


-

Investment(5)

(4,635)


-

Total non-GAAP adjustments

(21,115)


1,334

Tax effect of non-GAAP adjustments above(6)

360


(221)

After tax impact of non-GAAP adjustments

(20,755)


1,113

Adjusted net income

$       366,633


$       314,330





Diluted weighted-average number of common shares outstanding

1,374,605


1,384,062

Diluted earnings per share

$              0.28


$              0.23

Adjusted diluted earnings per share

$              0.27


$              0.23


(1)

Property and equipment impairment charges related to a software asset.

(2)

Charges for third-party vendors, stock-based compensation, and employee severance related to the May 2023 optimization of our organizational structure.

(3)

Stock-based compensation expense reversal for equity awards forfeited by our former CEO.

(4)

Stock-based compensation expense for retention equity awards granted to key executives granted in connection with the CEO transition.

(5)

Unrealized gain in a long-term investment. 

(6)

Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.


Prior period results have been retroactively adjusted for the 50-for-1 stock split in June 2024.

 

CHIPOTLE MEXICAN GRILL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Adjusted General and Administrative Expenses

(in thousands)

(unaudited)



Three months ended

September 30,


2024


2023

General and administrative expenses

$       126,614


$       159,501

Non-GAAP adjustments:




Restructuring expense(1)

-


(1,334)

Stock-based compensation forfeiture(2)

27,863


-

Stock-based compensation retention grants(3)

(5,134)


-

Total non-GAAP adjustments

22,729


(1,334)

Adjusted general and administrative expenses

$       149,343


$       158,167



(1)

Charges for third-party vendors, stock-based compensation, and employee severance related to the May 2023 optimization of our organizational structure. 

(2)

Stock-based compensation expense reversal for equity awards forfeited by our former CEO.

(3)

Stock-based compensation expense for retention equity awards granted to key executives granted in connection with the CEO transition.

 

CHIPOTLE MEXICAN GRILL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Adjusted Effective Income Tax Rate

(unaudited)



Three months ended

September 30,


2024


2023

Effective income tax rate

22.9 %


24.2 %

Tax impact of non-GAAP adjustments(1)

0.9


-

Adjusted effective income tax rate

23.8 %


24.2 %



(1)

Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.

 

CHIPOTLE MEXICAN GRILL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Restaurant Level Operating Margin

(in thousands)

(unaudited)



Three months ended September 30,


2024


Percent of
total
revenue


2023


Percent of
total
revenue

Income from operations

$       473,256


16.9 %


$       394,950


16.0 %

Non-GAAP Adjustments








General and administrative expenses

126,614


4.5


159,501


6.5

Depreciation and amortization

84,349


3.0


78,546


3.2

Pre-opening costs

12,786


0.5


9,605


0.4

Impairment, closure costs, and asset disposals

15,176


0.5


7,241


0.3

Total non-GAAP Adjustments

$       238,925


8.6 %


$       254,893


10.3 %

Restaurant level operating margin

$       712,181


25.5 %


$       649,843


26.3 %

 

Chipotle Mexican Grill Logo (PRNewsfoto/Chipotle Mexican Grill)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/chipotle-announces-third-quarter-2024-results-302290514.html

SOURCE Chipotle Mexican Grill, Inc.