chipotle international expansion

International expansion is a key success factor for companies in the fast-, Chipotle opened its first European restaurant in London in 2010. Accounting Shenanigans It should focus on a few specific markets and achieve scale before entering a new market. Immediately Chipotles was a hit with the younger college crowd, and through word of mouth, CMG quickly became a staple for many residents near the college where the first restaurant opened. Our financial strength gives us the opportunity to make on-going strategic investments in our people, business, and communities, which we believe will benefit us for years to come. Emerging Market Business Restaurant level operating margin was 20.2%, an increase from 19.5% in the fourth quarter of 2020. But Chipotle seems to be spreading itself too thin when it comes to international expansion. https://www.absolutereports.com/enquiry/request-sample/22354940, https://www.absolutereports.com/enquiry/request-covid19/22354940, https://www.absolutereports.com/enquiry/pre-order-enquiry/22354940, https://www.absolutereports.com/purchase/22354940, https://www.absolutereports.com/TOC/22354940#TOC, 2023-2030 Chipotle Salt Market Size (Trend and Outlook) with Global Industrial Analysis | Survey Report by Absolute Reports, FDIC said to be reviewing bids for First Republic, announcement expected by Monday morning, Heres everything new coming to Netflix in May 2023 and whats leaving, Charlie Munger says banks full of bad loans on commercial property: report, 3 technologies that will bring about the 'car of the future'. Continuous Improvement Weighted-average common shares outstanding: Prepaid expenses and other current assets, Leasehold improvements, property and equipment, net, Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2021 and 2020, respectively, Common stock, $0.01 par value, 230,000 shares authorized, 37,132 and 36,704 shares issued as of December 31, 2021 and 2020, respectively, Treasury stock, at cost, 9,052 and 8,703 common shares as of December 31, 2021 and 2020, respectively, Total liabilities and shareholders' equity. Chipotle will open its first Canadian restaurant since 2018 as it accelerates international expansion Published Tue, Mar 23 2021 9:29 AM EDT Updated Tue, Mar The MarketWatch News Department was not involved in the creation of this content. CHIPOTLE Same store sales rose 19.8% in the third quarter of 2014. Purchase this Report (Price 3660 USD for a Single-User License) -https://www.absolutereports.com/purchase/22354940, Detailed TOC of Global Chipotle Salt Market Growth 2023-2029, 2.1.1 Global Chipotle Salt Annual Sales 2018-2029, 2.1.2 World Current and Future Analysis for Chipotle Salt by Geographic Region, 2018, 2022 and 2029, 2.1.3 World Current and Future Analysis for Chipotle Salt by Country/Region, 2018, 2022 and 2029, 2.3.1 Global Chipotle Salt Sales Market Share by Type (2018-2023), 2.3.2 Global Chipotle Salt Revenue and Market Share by Type (2018-2023), 2.3.3 Global Chipotle Salt Sale Price by Type (2018-2023), 2.5.1 Global Chipotle Salt Sale Market Share by Application (2018-2023), 2.5.2 Global Chipotle Salt Revenue and Market Share by Application (2018-2023), 2.5.3 Global Chipotle Salt Sale Price by Application (2018-2023), 3.1.1 Global Annual Sales by Company (2018-2023), 3.1.2 Global Sales Market Share by Company (2018-2023), 3.2 Global Annual Revenue by Company (2018-2023), 3.2.1 Global Revenue by Company (2018-2023), 3.2.2 Global Revenue Market Share by Company (2018-2023), 3.4 Key Manufacturers Producing Area Distribution, Sales Area, Product Type, 3.4.1 Key Manufacturers Product Location Distribution, 3.4.2 Players Chipotle Salt Products Offered, 3.5.2 Concentration Ratio (CR3, CR5 and CR10) and (2018-2023), 4 World Historic Review for Chipotle Salt by Geographic Region, 4.1 World Historic Market Size by Geographic Region (2018-2023), 4.1.1 Global Annual Sales by Geographic Region (2018-2023), 4.1.2 Global Annual Revenue by Geographic Region (2018-2023), 4.2 World Historic Market Size by Country/Region (2018-2023), 4.2.1 Global Annual Sales by Country/Region (2018-2023), 4.2.2 Global Annual Revenue by Country/Region (2018-2023), 4.6 Middle East and Africa Chipotle Salt Sales Growth, 5.1 Americas Chipotle Salt Sales by Country, 5.1.1 Americas Chipotle Salt Sales by Country (2018-2023), 5.1.2 Americas Chipotle Salt Revenue by Country (2018-2023), 5.3 Americas Chipotle Salt Sales by Application, 6.1.1 APAC Chipotle Salt Sales by Region (2018-2023), 6.1.2 APAC Chipotle Salt Revenue by Region (2018-2023), 6.3 APAC Chipotle Salt Sales by Application, 7.1.1 Europe Chipotle Salt Sales by Country (2018-2023), 7.1.2 Europe Chipotle Salt Revenue by Country (2018-2023), 7.3 Europe Chipotle Salt Sales by Application, 8.1 Middle East and Africa Chipotle Salt by Country, 8.1.1 Middle East and Africa Chipotle Salt Sales by Country (2018-2023), 8.1.2 Middle East and Africa Chipotle Salt Revenue by Country (2018-2023), 8.2 Middle East and Africa Chipotle Salt Sales by Type, 8.3 Middle East and Africa Chipotle Salt Sales by Application, 9.1 Market Drivers and Growth Opportunities, 10.2 Manufacturing Cost Structure Analysis of Chipotle Salt, 10.3 Manufacturing Process Analysis of Chipotle Salt, 10.4 Industry Chain Structure of Chipotle Salt, 12 World Forecast Review for Chipotle Salt by Geographic Region, 12.1 Global Chipotle Salt Market Size Forecast by Region, 12.1.1 Global Chipotle Salt Forecast by Region (2024-2029), 12.1.2 Global Chipotle Salt Annual Revenue Forecast by Region (2024-2029), 12.5 Middle East and Africa Forecast by Country, 12.6 Global Chipotle Salt Forecast by Type, 12.7 Global Chipotle Salt Forecast by Application, 13.1.2 MANUFACTURE 1 Chipotle Salt Product Portfolios and Specifications, 13.1.3 MANUFACTURE 1 Chipotle Salt Sales, Revenue, Price and Gross Margin (2018-2023), 13.1.4 MANUFACTURE 1 Main Business Overview, For Detailed TOC -https://www.absolutereports.com/TOC/22354940#TOC, Industrial Microwave Heating Equipment Market, Water Treatment Equipment in Power Market, Press Release Distributed by The Express Wire, To view the original version on The Express Wire visit 2023-2030 Chipotle Salt Market Size (Trend and Outlook) with Global Industrial Analysis | Survey Report by Absolute Reports, COMTEX_429577793/2598/2023-04-18T04:18:45. Create your own unique website with customizable templates. The chipotle flavour gained popularity as a result of the well-known fast-food restaurant Chipotle Mexican Grill. Adjusted net income is net income excluding expenses related to restaurant asset impairment, corporate restructuring, certain legal proceedings, stock-based compensation modification expense, unrealized gains on equity investments, separation costs, and certain other costs. Is there a problem with this press release? 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. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Net cash provided by operating activities, Purchases of leasehold improvements, property and equipment, Tax withholding on stock-based compensation awards, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Net change in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash at beginning of period, Cash, cash equivalents, and restricted cash at end of period, Supplemental disclosures of cash flow information, Purchases of leasehold improvements, property, and equipment accrued in accounts payable and accrued liabilities, Acquisition of treasury stock accrued in accounts payable and accrued liabilities, CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES. Further details regarding these adjustments are included in the tables below. Its Founder Steve Ells originally worked at the Stars restaurant in San Francisco. Chipotle 3 outlets in London and 1 in Birmingham. (2) Duplicate rent expense for the corporate headquarter relocation and office consolidation announced in May 2018 and rent expense for closed restaurants announced in June 2018. Chipotle ( NYSE: CMG) added to its post-earnings gain and was 7.19% higher during the premarket session on Wednesday. Chipotle is expensive compared to the alternatives. Chipotle's Plans for Growth - Business Insider Chipotle Salt Market Segment by Manufacturers: Inquire or Share Your Questions If Any Before the Purchasing This Report -https://www.absolutereports.com/enquiry/pre-order-enquiry/22354940. Sweetgreen: Healthy Product But Unhealthy IPO - Forbes Please reply to this text to complete the process. By clicking Sign up, you agree to receive marketing emails from Insider (1) Operating lease asset impairment charges, and other expenses for restaurants due to underperformance. For the year ended December 31, 2020, stock-based compensation consists of a March 2020 modification associated with the departure of our former Executive Chairman primarily related to his 2017 agreement of $1,485, and costs of a COVID-19 related modification made in December 2020 to our 2018 performance shares of $466. This is intended to illustrate our underlying food and beverage sales per restaurant. Chipotle hormones or antibiotics and require that pigs have access to the outdoors and to deeply bedded barns. Bright Ideas Chipotle was built around the idea of simplicity, keep the menu simple and serve high quality, farm fresh, free range ingredients. Web Chipotle had an increase in total revenue from $2.2 billion in 2007 to $3.1 billion in 2008, an increase of 46% and a net income growth from -$34.6 million in 2007 to $23 million a positive growth, which was one of the driving forces that lead to 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. International Expansion In the third quarter of 2022, Chipotle's revenue increased by 13.7% to $2.2 billion and its sales at restaurants open at least a year grew by 7.6%. 3.1 Global Breakdown Data by Company. You can contact Greg at:greg@ckbsolutions.com, All Abstract. About half of the digital sales were from order ahead transactions as guests better understand the value offered by this channel, as well as the added convenience of more Chipotlanes. A total of 2,000 healthcare workers will receive a 'Burrito Care Package' containing 50 Chipotle entre codes, equivalent to over $1 million in free Chipotle. (1) Average restaurant sales, excluding delivery menu price differential ("MPD") represents average restaurant sales, as defined above, adjusted to remove the differential of delivery menu prices. 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: uncertainty regarding the resurgence of COVID-19 infections and its ultimate impact on our business; increasing wage inflation 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 (including beef, avocados and packaging); risks of food safety incidents and food-borne illnesses; risks associated with our reliance on certain information technology systems and potential material failures or interruptions; privacy and cyber security risks, including risk of breaches, unauthorized access, theft, modification or destruction 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 financial impact of increasing our average hourly wages; 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 availability of suitable new restaurant sites and the availability of construction materials and contractors; increases in ingredient and other operating costs due to inflation, global conflicts, climate change, our Food with Integrity philosophy, tariffs or trade restrictions and supply shortages; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in consumers' perceptions of our brand, including as a result of actual or rumored food safety concerns or other negative publicity, 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; risks relating to litigation, including possible governmental actions and potentially class action litigation related to food safety incidents, cybersecurity incidents, employment or privacy laws, advertising claims 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. Please click the link in that email to complete your subscription. vom Stadtzentrum),8 km sdstlich von Krems (10 Min.) Restaurant level operating margin was 25.6% compared to 20.7% in the first quarter of 2022. 3.1 Global Breakdown Data by Company. Restaurant expansion remains Schloss Hollenburg ist ein solcher ganz besondererOrt: Klassisch schn mit einer jahrhundertelangenaristokratischen Tradition und dabei anregend moderndurch kreative Anpassungen an die heutige Zeit. Expanding beyond Chipotles current North American and European demographics into regions such as South Asia and the far the East if the expansion is deemed viable through marketing and understanding foreign markets., As a pioneer in fast-casual Mexican food, Chipotle has played an important role in developing this category. Learn more in our Privacy Policy. About half of the digital sales were from order ahead transactions as guests appreciate both the convenience and value offered by this channel, as well as the added convenience of more Chipotlanes. Emerging and Developing Asia, in particular, grew at an average annual pace of 8 %, Future prospects of Chipotle and its subsidiaries/partnerships of Shophouse Southeast Asia Kitchen and Pizzeria include diversifying into foreign markets. Chipotle is still in the early stages of expanding outside of U.S. and plans to expand its global presence into untapped, highly profitable countries in next three years. CHIPOTLE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 In the span of five years, revenue has doubled while margins have nearly tripled from 3.94% net margin to 10.41% in 2022. CHIPOTLE The Chipotle logo started popping up on U.S. hockey uniforms in major international tournaments. Chipotle had over 2,950 restaurants as of December 31, 2021, in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants. We had a total of 355 Chipotlanes as of year-end. Digital Industry: QSR in any single market, in effect weakening its position in each market. Expanding into China would be a worthwhile investment because Chipotle would have the first-movers advantage in the Chinese market, and Chinas large population and growth potential offers Chipotle room for success in market spaces that are already saturated in the U.S., What comes to mind when you think of the restaurant Chipotle? Chipotle Mexican Grill (NYSE: CMG) is firing on all cylinders right now. (8) Primarily relates to the tax benefit from the federal net operating loss generated on our federal income tax return and carried back to prior years. Chipotle specializes in a wide menu of tacos, burritos, burrito bowlsa burrito without the tortillaand salads. China Business The call will be webcast live from the company's website on the investor relations page at ir.chipotle.com/events. Industry: Insurance Wir laden Sie ein, Ihre Ansprche in unserem Haus mit drei(miteinander kombinierbaren) Szenerien vielseitig auszudrcken:Klassisch, Modern und Zeremoniell. Ihr Event, sei es Hochzeit oder Business-Veranstaltung, verdient einen Ort, der ihn unvergesslich macht. Its early investment gave Chipotle the capital it needed to grow and with, In conclusion, Chipotle should continue on its strategic plan of international growth by entering into China. Another key part of Chipotles strategy is employee satisfaction. the braised pork shoulder that's a staple of Chipotle's menu for the last three months. There are many bacterias in food these days that people don't even know about. The company offers fast-casual, fresh Mexican food restaurants in the United States, UK, and Canada. Chipotle needs to invest in marketing which is educational (about the food) and entertaining/humorous (about the Mexican-American angle) to create an image and atmosphere which makes people want to first try, and second come back with friends. This reduces Chipotles ability the achieve scale in operations, sourcing, marketing, etc. Chipotle Mexican Grill, one of the U.S.s most successful and recognized chains of fast-casual restaurants in the market, is on a new strategy. (1) Operating lease asset impairment charges for restaurants due to closures, relocations, or underperformance. General and administrative expenses were$606.9 millionon a GAAP basis, or$518.0 million2on a non-GAAP basis, excluding$63.1 million for a COVID-19 related modification made in December 2020 to the 2018 performance shares, $20.1 million related to various legal matters, and$5.6 millionrelated to transformation expenses, restaurant closure costs and certain other costs. Chipotle is ranked on the Fortune 500 and is recognized on the 2021 lists for Forbes' America's Best Employers and Fortune's Most Admired Companies. General and administrative expenses for the fourth quarter were$159.8 millionon a GAAP basis, or$132.8 million2on a non-GAAP basis, excluding$18.0 million related to the proposed settlement of legal matters, $7.6 million for a COVID-19 related modification made in December 2020 to the 2018 performance shares, and$1.3 millionrelated to transformation expenses, restaurant closure costs and certain other costs. After having invested in Europe, Chipotle has accumulated experience and gained organizational learning over time, and can now increase its resource commitment to foreign markets. CONDENSED CONSOLIDATED STATEMENTS OF INCOME. (2) Duplicate rent expense for the corporate headquarter relocation and office consolidation announced in May 2018 and rent expense for closed restaurants announced in June 2018. Bloomberg.com. Theconference 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: 3598907. 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. In 2020, Chipotle locally sourced only 11% of its produce from 54 local farmers to serve its ~2,900 stores. The increase in the tax rate was primarily due to the tax benefit booked last year for the 2020 federal net operating loss generated and carried back to prior years, as well as the proportionality of the excess tax benefits from equity vesting and exercises relative to profit before tax in each respective year. This strategy works when selling an experience in an emerging market, but not in an advanced market with insufficient marketing and many alternatives. NEWPORT BEACH, Calif., April 25, 2023/PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2023. OPERATING INCOME INCREASES 93.3% AND COMPARABLE RESTAURANT SALES INCREASE 10.9% AS MARGINS EXPAND. WebInternational Market Expansion The USA is the major focus of Chipotle, although it has hotels and restaurants in other countries. Emerging and Developing economies dominated the period between 2006 and 2015. Before he knew it Chipotle took off and became a leader in the fast-casual industry. First quarter highlights, year over year: Total revenue increased 17.2% to $2.4 billion, Comparable restaurant sales increased 10.9%, In-restaurant sales increased 22.9%, while digital sales represented 39.3% of food and beverage revenue, Operating margin was 15.5%, an increase from 9.4%, Restaurant level operating margin was 25.6% 1, an increase of 490 basis points, Diluted earnings per share was $10.50. USA Hockey called it a perfect fit and Chipotle described it as a natural expansion supporting local youth sports which was part of its DNA. Fourth quarter highlights, year over year: Full year 2021 highlights, year over year: "2021 was an outstanding year for Chipotle, highlighting the strength and resiliency of our brand. Restaurant Level Operating Margin, a non-GAAP financial measure, 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. (1) Duplicate rent expense for office and restaurant closures announced in June 2018 due to the corporate restructuring and underperformance of $0 and $1,166 for the three months ended March 31, 2023 and March 31, 2022, respectively. Sie haben die Vision, in Schloss Hollenburgwird sie zu Hoch-Zeit wir freuen uns auf Sie, Zwischen Weingrten und Donau inHollenburg bei Krems: 72 km westlichvon Wien (50 Min. The Chipotle Case Study: Analysis and Overview - GradesFixer In-restaurant sales in the first quarter increased 22.9%, compared to the first quarter of 2022, while digital sales represented 39.3% of total food and beverage revenue. For more information or to place an order online, visit WWW.CHIPOTLE.COM. 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. The company may have to curtail its expansion as a result, according to one analyst. Mary Meisenzahl. Chipotle's strict food standards could stand in the way of its expansion plans in the US, Bloomberg reports. As Chipotle expands, that problem will only worsen,according to Bloomberg. Chipotle extends earnings rally as analysts rave on upside (5) Charges relate to estimated settlements for distinct legal matters that exceeded or are expected to exceed typical costs for these types of legal proceedings. Given the healthy and improving cash on cash returns, we are building a real estate pipeline that will allow us to accelerate unit growth to be in the range of 8% to 10% per year, with greater than 80% of new restaurants having a Chipotlane. Vom berhmten Biedermeier-ArchitektenJosef Kornhusl geplant, ist SchlossHollenburgseit 1822 der Sitz unsererFamilieGeymller. Most Londoners are not yet familiar with the Chipotle brand. Chipotle had over 3,200 restaurants as of March 31, 2023, in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants. Greg Kovacic is a Director with CKB Solutions in Hong Kong. This report aims to provide a comprehensive picture of the global Chipotle Salt market, with both quantitative and qualitative data, to help readers understand how the Chipotle Salt market scenario changed across the globe during the pandemic and Russia-Ukraine War. "We will continue to develop exceptional people and prepare exceptional food while treasuring each guest to further strengthen our foundation for sustained long-term growth.". NEWPORT BEACH, Calif., April 25, 2023 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2023. OPERATING INCOME INCREASES 93.3% AND COMPARABLE RESTAURANT SALES INCREASE By Heather Lalley on Jun. Chipotle specializes At the end of 2022, it operated 3,129 restaurants throughout the U.S. Assuming the effects of the pandemic continue to subside, we expect first quarter 2022 comparable restaurant sales to be in the mid to high single digits range. Restaurant Level Operating Margin, a non-GAAP financial measure, 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. The increase in total revenue was driven by a 19.3% increase in comparable restaurant sales and new restaurant openings. The GAAP effective income tax rate was 20.3% in the fourth quarter of 2021, compared to negative 62.2% in the fourth quarter of 2020. Last year Chipotle went through a crisis where they force the chains to close serval of restaurants due to a norovirus outbreak. Why Chipotle Sales Lag in London", BusinessWeek, February 26, 2013. Digital sales grew 24.7% year over year to $3.4 billion and represented 45.6% of sales. Chipotle Just Boosted Its Expansion Plans: Should You Buy the 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. Chipotle's strict food standards could stand in the way of its expansion plans in the US, Bloomberg reports. (3) Asset impairment charges and other closure expenses for the corporate headquarter relocation and office consolidation announced in May 2018. Stay up to date with what you want to know. Chipotles mission of international expansion will also need to emphasize the unique cultures, governments, and economies of each new country. He left his job to pursue his dream of opening a fine-dining restaurant but didnt have the funds to do so. The following tables provide a reconciliation of non-GAAP financial measures presented in the text above to the most directly comparable financial measures calculated and presented in accordance with GAAP. 04 Jun 2021 - Chipotle Mexican Grill is testing new restaurants in the U.K. and France, and the chains CEO said Thursday he is bullish on global expansion. First quarter highlights, year over year: Total revenue increased 17.2% to $2.4 billion Comparable restaurant sales increased 10.9% Steve originally opened the first Chipotle restaurant with the intention of building a place where you could eat delicious food of the finest ingredients cheaply. The demand for chipotle salt is expected to rise due to its distinct smoky, fiery, and sweet flavour, which complements a variety of recipes such as grills, salads, steak, dips, potato chips, and soups, among others.This Insight Report provides a comprehensive analysis of the global Chipotle Salt landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and MandA activity. We opened 78 new restaurants during the fourth quarter with 67 (or 86%) including a Chipotlane. This report also analyzes the strategies of leading global companies with a focus on Chipotle Salt portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Chipotle Salt market.This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Chipotle Salt and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. For the year ended December 31, 2020, stock-based compensation consists of a March 2020 modification associated with the departure of our former Executive Chairman primarily related to his 2017 agreement, and costs of a COVID-19 related modification made in December 2020 to our 2018 performance shares.

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