Adam Rymer
Chief Financial Officer at Chipotle
In Q2, other operating costs are expected to be in the high-thirteen percent range. G and A for the quarter was $173,000,000 on a GAAP basis or $161,000,000 on a non GAAP basis, excluding about $12,000,000 related to equity awards granted last year for retention of key executives. G and A also includes $133,000,000 in underlying G and A $23,000,000 related to noncash stock compensation, which included a reduction in our performance share accruals $2,000,000 related to payroll taxes on equity vesting and exercises, partially offset by lower bonus accruals and $3,000,000 related to our Field Leadership Conference, which was held in March of this year. We expect our underlying G and A to be around $135,000,000 in Q2 and step up each quarter as we make investments in people and technology to support ongoing growth. We anticipate the second quarter G and A will also include around $36,000,000 compensation, although this amount could move up or down based on our actual performance, offset by $3,000,000 in lower bonus accruals, bringing our anticipated total G and A in Q2 to around $168,000,000 Depreciation for the quarter was $87,000,000 or 3% of sales.