<SEC-DOCUMENT>0001058090-22-000013.txt : 20220415
<SEC-HEADER>0001058090-22-000013.hdr.sgml : 20220415
<ACCEPTANCE-DATETIME>20220317151204
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001058090-22-000013
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHIPOTLE MEXICAN GRILL INC
		CENTRAL INDEX KEY:			0001058090
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841219301
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1400
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-524-4000

	MAIL ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1400
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			8-K SEC Response Letter March 2022
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						<font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">CHIPOTLE MEXICAN GRILL, INC.</font></p>

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						<font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">610 Newport Center Drive</font></p>

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						<font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">Newport Beach, CA 92660</font></p>

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						<font style="display: inline;">&nbsp;</font></p>

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			&nbsp;

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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">March</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">17</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">202</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">2</font>
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		<p style="margin:13pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Suying Li</font>
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		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Rufus Decker</font>
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		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Division of Corporate Finance</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Office of Trade &amp; Services</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Securities and Exchange Commission</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Washington, D.C. 20549</font>
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		<p style="margin:13pt 0pt 0pt 43.9pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Re</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">:&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Chipotle Mexican Grill, Inc.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 66.6pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Form 10-K for Fiscal Year Ended December 31, 202</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">1</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"> &nbsp;&nbsp; </font>
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		<p style="margin:0pt 0pt 0pt 66.6pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Filed February 11, 2022</font>
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		<p style="margin:0pt 0pt 0pt 66.6pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Item 2.02 Form 8-K dated</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">February 8</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">, 202</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">2</font>
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		<p style="margin:0pt 0pt 0pt 66.6pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">File No. 001-32731</font>
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		<p style="margin:10.8pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<a name="_Hlk98341952"></a><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Dear Ms. Li and Mr. Decker:</font>
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		<p style="margin:10pt 15.85pt 0pt 0pt;line-height:103.75%;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">This letter is in response to your letter dated March 10, 2022 providing comments on Chipotle Mexican Grill, Inc.&#x2019;s (&#x201C;Chipotle&#x201D;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &#x201C;we&#x201D;, or &#x201C;our&#x201D;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">) &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Form 10-</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">K for the Fiscal Year Ended December 31, 2021 and Form 8-K dated February 8, 2022. For your convenience, your comments have been reproduced in their entirety below, followed by Chipotle&#x2019;s responses</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">.</font>
		</p>
		<p style="margin:10.8pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Form 10-K for Fiscal Year Ended December 31, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">2021</font>
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		<p style="margin:10.8pt 0pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Item</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">7.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Management's</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Discussion</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">and</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Analysis</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Financial</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Condition</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">and</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Results</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Operations</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Liquidity and Capital Resources, page 25</font>
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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt;">
			<p style="line-height:101.67%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt;margin:10.5pt 18.2pt 0pt 0pt;">
				<font style="margin:10.5pt 18.2pt 0pt 0pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;line-height:101.67%;text-align:left;text-justify:inter-ideograph;;"> 1.</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:101.67%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt;margin:10.5pt 18.2pt 0pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Please provide a comparable analysis of material changes in your cash flows from </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">operating, investing, and financing activities between the periods presented.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">In your analysis,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">please</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">explain</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">the</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">underlying</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">reasons</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">affecting</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">the</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">comparability</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">your</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">cash flows.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Refer to Item 303 of Regulation S-K.</font></p></td></tr></table></div>
		<p style="margin:10pt 23.05pt 0pt 0pt;line-height:103.75%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<a name="_Hlk98342016"></a><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;color:#000000;">Chipotle&#x2019;s Response</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">:</font>
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		<p style="margin:10pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">In response to the Staff&#x2019;s comment, we propose to revise our disclosures in future filings to provide a comparable analysis of material changes in our cash flows from operating, investing, and financing activities between the periods presented. Our proposed disclosure for future filings would be substantially similar to the disclosures attached as Exhibit A to this letter, with appropriate adjustments to reflect the material changes in cash flows for the relevant periods presented in the filing. Exhibit A includes additions to the original disclosure included in our Form 10-</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">K</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> for the Fiscal Year Ended December 31, 2021, that was r</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">eviewed by the Staff.</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">Mr. Blaise Rhodes </font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">June </font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">3</font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">, 2021</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">Page </font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">2</font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;"></font>

		</p>

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		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;"></font>
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		<p style="margin:6.9pt 247pt 0pt 0pt;line-height:176.67%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Item</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">2.02</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Form</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">8-K</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">dated</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">February</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">8,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">2022</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Exhibit 99.1</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt;">
			<p style="line-height:97.92%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt;margin:1.95pt 8.55pt 0pt 0pt;">
				<font style="margin:1.95pt 8.55pt 0pt 0pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;line-height:97.92%;text-align:left;text-justify:inter-ideograph;;"> 2.</font>
			</p>
		</td><td style="width:5pt;"><p style="width:5pt;width:5pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:97.92%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt;margin:1.95pt 8.55pt 0pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Please</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">expand</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">your</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">disclosure</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">to</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">clarify</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">how</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">you</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">determined</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">the</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">tax</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">effect</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">non-GAAP </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">adjustments in calculating the adjusted net income, adjusted diluted earnings per share,</font><font style="display: inline;font-family:Times New Roman;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">and adjusted effective income tax rate non-GAAP measures in each reporting period presented. Refer to Question 102.11 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</font></p></td></tr></table></div>
		<p style="margin:10pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;color:#000000;">Chipotle&#x2019;s Response</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">:</font>
		</p>
		<p style="margin:10pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">We respectfully advise the Staff that we determine the tax effect of non-GAAP adjustments based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. In our original disclosure included in our Form 8-</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">K</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> dated February 8, 2022, in consideration of Question 102.11 we presented income taxes as a separate adjustment in calculating adjusted net income, adjusted diluted earnings per share, and the adjusted effective income tax rate in each reporting period presented. In response to the Staff&#x2019;s comment, we propose to revise our disclosures in future earnings releases</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> and related Forms 8-K</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> to provide a description of how we determined the tax effect of non-GAAP adjustments. </font>
		</p>
		<p style="margin:10pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">If you have any questions or additional comments with respect to this response, please contact the undersigned by phone at (949) 292-1813 or by email at jmcconnell@chipotle.com.</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Very truly yours,</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:186.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:186.75pt;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">/s/&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Jamie McConnell</font></p>
					<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt solid #000000;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Jamie McConnell</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Vice President, Controller</font>
		</p>
		<p style="margin:20pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">cc:&nbsp;&nbsp;&nbsp;&nbsp;John R. Hartung, Chief Financial Officer</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helen Kaminski, Vice President, Deputy General Counsel</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">Mr. Blaise Rhodes </font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">June </font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">3</font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">, 2021</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">Page </font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;">3</font><font style="display: inline;font-family:Times New Roman;color:#808080;font-size:12pt;"></font>

		</p>

</div>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;text-align:center;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;">Exhibit A</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;text-align:center;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Proposed Addition to Current Disclosure </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">in Chipotle Mexican Grill, Inc.&#x2019;s </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Cash Flows</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Cash provided by operating activities was $1.3 billion for fiscal year 2021, compared to $0.7 billion for fiscal year 2020. The change was primarily due to higher net earnings of $297.2 million and a decrease in income tax receivable of $193.4 million, primarily associated with a receipt of income tax refunds in 2021 related to the income tax benefit recorded in 2020. </font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Cash used in investing activities was $522.0 million for fiscal year 2021, compared to $432.7 million for fiscal year 2020. The change was primarily associated with increased capital expenditures of $69.1 million, primarily associated with an increase in new restaurant openings. We opened 215 new restaurants in 2021 compared to 160 in 2020. </font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Cash used in financing activities was $548.6 million for fiscal year 2021, compared to $104.9 million for fiscal year 2020. The change was primarily due to increased treasury stock repurchases of $412.1 million in 2021 associated with the resumption of our treasury stock repurchase program in February 2021. We temporarily suspended our stock repurchase program in March 2020.</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
