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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Shake Shack Inc | NYSE:SHAK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.75 | -1.65% | 104.10 | 106.14 | 102.47 | 105.03 | 1,047,628 | 00:54:29 |
(Mark One) | |||||
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 47-1941186 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||||||||
225 Varick Street | |||||||||||
Suite 301 | |||||||||||
New York, | New York | 10014 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock, par value $0.001 | SHAK | New York Stock Exchange |
Large Accelerated Filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | |||||
September 28 2022 | December 29 2021 | ||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 256,998 | $ | 302,406 | |||||||||||||
Marketable securities | 80,015 | 80,000 | |||||||||||||||
Accounts receivable, net | 11,800 | 13,657 | |||||||||||||||
Inventories | 3,996 | 3,850 | |||||||||||||||
Prepaid expenses and other current assets | 14,246 | 9,763 | |||||||||||||||
Total current assets | 367,055 | 409,676 | |||||||||||||||
Property and equipment, net of accumulated depreciation of $271,938 and $222,768, respectively | 441,870 | 389,386 | |||||||||||||||
Operating lease assets | 370,536 | 347,277 | |||||||||||||||
Deferred income taxes, net | 306,976 | 298,668 | |||||||||||||||
Other assets | 15,330 | 12,563 | |||||||||||||||
TOTAL ASSETS | $ | 1,501,767 | $ | 1,457,570 | |||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 17,210 | $ | 19,947 | |||||||||||||
Accrued expenses | 49,387 | 36,892 | |||||||||||||||
Accrued wages and related liabilities | 17,758 | 14,638 | |||||||||||||||
Operating lease liabilities, current | 40,690 | 35,519 | |||||||||||||||
Other current liabilities | 19,497 | 14,501 | |||||||||||||||
Total current liabilities | 144,542 | 121,497 | |||||||||||||||
Long-term debt | 244,328 | 243,542 | |||||||||||||||
Long-term operating lease liabilities | 429,165 | 400,113 | |||||||||||||||
Liabilities under tax receivable agreement, net of current portion | 234,892 | 234,045 | |||||||||||||||
Other long-term liabilities | 20,588 | 22,773 | |||||||||||||||
Total liabilities | 1,073,515 | 1,021,970 | |||||||||||||||
Commitments and contingencies (Note 13) | |||||||||||||||||
Stockholders' equity: | |||||||||||||||||
Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 28, 2022 and December 29, 2021. | — | — | |||||||||||||||
Class A common stock, $0.001 par value—200,000,000 shares authorized; 39,279,699 and 39,142,397 shares issued and outstanding as of September 28, 2022 and December 29, 2021, respectively. | 39 | 39 | |||||||||||||||
Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,869,513 and 2,921,587 shares issued and outstanding as of September 28, 2022 and December 29, 2021, respectively. | 3 | 3 | |||||||||||||||
Additional paid-in capital | 413,274 | 405,940 | |||||||||||||||
Retained earnings (accumulated deficit) | (9,820) | 3,554 | |||||||||||||||
Accumulated other comprehensive income (loss) | (1) | 1 | |||||||||||||||
Total stockholders' equity attributable to Shake Shack Inc. | 403,495 | 409,537 | |||||||||||||||
Non-controlling interests | 24,757 | 26,063 | |||||||||||||||
Total equity | 428,252 | 435,600 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,501,767 | $ | 1,457,570 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||||||
Shack sales | $ | 219,501 | $ | 186,972 | $ | 639,346 | $ | 519,110 | |||||||||||||||||||||
Licensing revenue | 8,313 | 6,923 | 22,611 | 17,527 | |||||||||||||||||||||||||
TOTAL REVENUE | 227,814 | 193,895 | 661,957 | 536,637 | |||||||||||||||||||||||||
Shack-level operating expenses: | |||||||||||||||||||||||||||||
Food and paper costs | 67,774 | 57,925 | 193,645 | 157,472 | |||||||||||||||||||||||||
Labor and related expenses | 64,638 | 58,208 | 190,954 | 157,221 | |||||||||||||||||||||||||
Other operating expenses | 33,966 | 26,613 | 96,766 | 74,032 | |||||||||||||||||||||||||
Occupancy and related expenses | 17,337 | 14,640 | 50,270 | 43,427 | |||||||||||||||||||||||||
General and administrative expenses | 26,645 | 20,504 | 87,040 | 60,435 | |||||||||||||||||||||||||
Depreciation and amortization expense | 18,647 | 15,183 | 53,589 | 43,381 | |||||||||||||||||||||||||
Pre-opening costs | 3,041 | 2,933 | 8,576 | 8,767 | |||||||||||||||||||||||||
Impairment and loss on disposal of assets | 592 | 535 | 1,697 | 1,262 | |||||||||||||||||||||||||
TOTAL EXPENSES | 232,640 | 196,541 | 682,537 | 545,997 | |||||||||||||||||||||||||
LOSS FROM OPERATIONS | (4,826) | (2,646) | (20,580) | (9,360) | |||||||||||||||||||||||||
Other income, net | 1,482 | 18 | 1,731 | 157 | |||||||||||||||||||||||||
Interest expense | (475) | (350) | (1,145) | (1,224) | |||||||||||||||||||||||||
LOSS BEFORE INCOME TAXES | (3,819) | (2,978) | (19,994) | (10,427) | |||||||||||||||||||||||||
Benefit from income taxes | (1,508) | (576) | (5,098) | (10,665) | |||||||||||||||||||||||||
NET INCOME (LOSS) | (2,311) | (2,402) | (14,896) | 238 | |||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests | (287) | (224) | (1,522) | (837) | |||||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC. | $ | (2,024) | $ | (2,178) | $ | (13,374) | $ | 1,075 | |||||||||||||||||||||
Earnings (loss) per share of Class A common stock: | |||||||||||||||||||||||||||||
Basic | $ | (0.05) | $ | (0.06) | $ | (0.34) | $ | 0.03 | |||||||||||||||||||||
Diluted | $ | (0.05) | $ | (0.06) | $ | (0.34) | $ | 0.01 | |||||||||||||||||||||
Weighted average shares of Class A common stock outstanding: | |||||||||||||||||||||||||||||
Basic | 39,274 | 39,137 | 39,221 | 39,066 | |||||||||||||||||||||||||
Diluted | 39,274 | 39,137 | 39,221 | 43,448 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||||||
Net income (loss) | $ | (2,311) | $ | (2,402) | $ | (14,896) | $ | 238 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax(1): | |||||||||||||||||||||||||||||
Change in foreign currency translation adjustment | — | (1) | (2) | (2) | |||||||||||||||||||||||||
Net change | — | (1) | (2) | (2) | |||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | — | (1) | (2) | (2) | |||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | (2,311) | (2,403) | (14,898) | 236 | |||||||||||||||||||||||||
Less: Comprehensive loss attributable to non-controlling interests | (287) | (224) | (1,522) | (837) | |||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC. | $ | (2,024) | $ | (2,179) | $ | (13,376) | $ | 1,073 |
For the Thirteen Weeks Ended September 28, 2022 and September 29, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JUNE 29, 2022 | 39,266,670 | $ | 39 | 2,871,513 | $ | 3 | $ | 410,520 | $ | (7,796) | $ | (1) | $ | 24,871 | $ | 427,636 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (2,024) | (287) | (2,311) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in foreign currency translation adjustment | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 3,570 | 3,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity under stock compensation plans | 11,029 | (182) | 245 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of LLC Interests | 2,000 | (2,000) | 7 | (7) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | (641) | (641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling interest holders | (65) | (65) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 28, 2022 | 39,279,699 | $ | 39 | 2,869,513 | $ | 3 | $ | 413,274 | $ | (9,820) | $ | (1) | $ | 24,757 | $ | 428,252 | ||||||||||||||||||||||||||||||||||||||||
BALANCE, JUNE 30, 2021 | 39,134,356 | $ | 39 | 2,921,587 | $ | 3 | $ | 401,567 | $ | 15,462 | $ | 2 | $ | 26,459 | $ | 443,532 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (2,178) | (224) | (2,402) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in foreign currency translation adjustment | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 2,354 | 2,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity under stock compensation plans | 5,023 | (386) | 354 | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of LLC Interests | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling interest holders | (172) | (172) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 29, 2021 | 39,139,379 | $ | 39 | 2,921,587 | $ | 3 | $ | 403,535 | $ | 13,284 | $ | 1 | $ | 26,417 | $ | 443,279 |
For the Thirty-Nine Weeks Ended September 28, 2022 and September 29, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 29, 2021 | 39,142,397 | $ | 39 | 2,921,587 | $ | 3 | $ | 405,940 | $ | 3,554 | $ | 1 | $ | 26,063 | $ | 435,600 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (13,374) | (1,522) | (14,896) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in foreign currency translation adjustment | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 10,295 | 10,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity under stock compensation plans | 85,228 | (2,790) | 918 | (1,872) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of LLC Interests | 52,074 | (52,074) | 313 | (313) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | (484) | (484) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling interest holders | (389) | (389) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 28, 2022 | 39,279,699 | $ | 39 | 2,869,513 | $ | 3 | $ | 413,274 | $ | (9,820) | $ | (1) | $ | 24,757 | $ | 428,252 | ||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 30, 2020 | 38,717,790 | $ | 39 | 2,951,188 | $ | 3 | $ | 395,067 | $ | 12,209 | $ | 3 | $ | 27,172 | $ | 434,493 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 1,075 | (837) | 238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in foreign currency translation adjustment | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 6,037 | 6,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity under stock compensation plans | 391,988 | 2,185 | 993 | 3,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of LLC Interests | 29,601 | (29,601) | 33 | (33) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis | 213 | 213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling interest holders | (878) | (878) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 29, 2021 | 39,139,379 | $ | 39 | 2,921,587 | $ | 3 | $ | 403,535 | $ | 13,284 | $ | 1 | $ | 26,417 | $ | 443,279 |
Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||
September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||
Net income (loss) (including amounts attributable to non-controlling interests) | $ | (14,896) | $ | 238 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||||||||||||||||
Depreciation and amortization expense | 53,589 | 43,381 | ||||||||||||||||||||||||
Amortization of debt issuance costs | 786 | 605 | ||||||||||||||||||||||||
Amortization of cloud computing asset | 1,080 | 935 | ||||||||||||||||||||||||
Non-cash operating lease cost | 43,159 | 37,213 | ||||||||||||||||||||||||
Equity-based compensation | 10,155 | 5,963 | ||||||||||||||||||||||||
Deferred income taxes | 12,215 | 9,708 | ||||||||||||||||||||||||
Loss on sale of marketable securities | — | 5 | ||||||||||||||||||||||||
Non-cash interest expense | 181 | 348 | ||||||||||||||||||||||||
Impairment and loss on disposal of assets | 1,697 | 1,262 | ||||||||||||||||||||||||
Unrealized loss on equity securities | 400 | 117 | ||||||||||||||||||||||||
Other non-cash income | (2) | (2) | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable | 1,840 | (1,847) | ||||||||||||||||||||||||
Inventories | (146) | (637) | ||||||||||||||||||||||||
Prepaid expenses and other current assets | (4,767) | 4,233 | ||||||||||||||||||||||||
Other assets | (5,966) | (767) | ||||||||||||||||||||||||
Accounts payable | (2,069) | (6,780) | ||||||||||||||||||||||||
Accrued expenses | (17,783) | (18,682) | ||||||||||||||||||||||||
Accrued wages and related liabilities | 3,052 | 3,709 | ||||||||||||||||||||||||
Other current liabilities | 4,376 | (2,202) | ||||||||||||||||||||||||
Long-term operating lease liabilities | (32,558) | (31,886) | ||||||||||||||||||||||||
Other long-term liabilities | (10) | (1,174) | ||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 54,333 | 43,740 | ||||||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||
Purchases of property and equipment | (94,797) | (68,852) | ||||||||||||||||||||||||
Purchases of marketable securities | (415) | (47,321) | ||||||||||||||||||||||||
Sales of marketable securities | — | 4,004 | ||||||||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (95,212) | (112,169) | ||||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||
Proceeds from issuance of convertible notes, net of discount | — | 243,750 | ||||||||||||||||||||||||
Deferred financing costs | — | (123) | ||||||||||||||||||||||||
Payments on principal of finance leases | (2,260) | (1,982) | ||||||||||||||||||||||||
Distributions paid to non-controlling interest holders | (389) | (878) | ||||||||||||||||||||||||
Debt issuance costs | — | (968) | ||||||||||||||||||||||||
Proceeds from stock option exercises | 334 | 6,688 | ||||||||||||||||||||||||
Employee withholding taxes related to net settled equity awards | (2,214) | (3,510) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (4,529) | 242,977 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (45,408) | 174,548 | ||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 302,406 | 146,873 | ||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 256,998 | $ | 321,421 |
Page | ||||||||
Accounting Standards Update | Description | Date Adopted | ||||||
Government Assistance (Topic 832)—Disclosures by Business Entities about Government Assistance (ASU 2021-10) | This ASU requires certain disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about the types of transactions, the accounting for the transactions and the effect of the transactions on an entity’s financial statements. The guidance of this ASU is primarily related to disclosures of certain transactions with a government and therefore did not have a material impact on the financial statements. Refer to Note 10, Income Taxes, for disclosure of our accounting for the Employee Retention Credit received. | December 30, 2021 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||
Shack sales | $ | 219,501 | $ | 186,972 | $ | 639,346 | $ | 519,110 | |||||||||||||||
Licensing revenue: | |||||||||||||||||||||||
Sales-based royalties | 8,050 | 6,711 | 21,936 | 16,961 | |||||||||||||||||||
Initial territory and opening fees | 263 | 212 | 675 | 566 | |||||||||||||||||||
Total revenue | $ | 227,814 | $ | 193,895 | $ | 661,957 | $ | 536,637 |
September 28 2022 | December 29 2021 | |||||||||||||
Shack sales receivables | $ | 6,607 | $ | 6,939 | ||||||||||
Licensing receivables, net of allowance for doubtful accounts | 3,790 | 4,005 | ||||||||||||
Gift card liability | 1,743 | 3,297 | ||||||||||||
Deferred revenue, current | 892 | 763 | ||||||||||||
Deferred revenue, long-term | 14,358 | 12,669 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||
Gift card liability(1) | $ | 82 | $ | 73 | $ | 1,725 | $ | 400 | |||||||||||||||
Deferred revenue | 234 | 203 | 638 | 543 |
Fair Value Measurements | |||||||||||||||||
September 28 2022 | December 29 2021 | ||||||||||||||||
Level 1 | Level 1 | ||||||||||||||||
Equity securities: | |||||||||||||||||
Mutual funds | $ | 80,015 | $ | 80,000 | |||||||||||||
Total Marketable securities | $ | 80,015 | $ | 80,000 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Dividend income | $ | 290 | $ | 56 | $ | 502 | $ | 223 | ||||||||||||||||||
Realized gain (loss) on sale of investments | — | — | — | (5) | ||||||||||||||||||||||
Unrealized gain (loss) on equity securities | 161 | (80) | (400) | (117) | ||||||||||||||||||||||
Total | $ | 451 | $ | (24) | $ | 102 | $ | 101 |
September 28 2022 | December 29 2021 | ||||||||||
Sales tax payable | $ | 4,846 | $ | 4,575 | |||||||
Gift card liability | 1,743 | 3,297 | |||||||||
2,546 | 2,711 | ||||||||||
Legal reserve | 7,065 | 533 | |||||||||
Other | 3,297 | 3,385 | |||||||||
Other current liabilities | $ | 19,497 | $ | 14,501 |
September 28 2022 | December 29 2021 | ||||||||||
Deferred licensing revenue | $ | 14,358 | $ | 12,669 | |||||||
3,584 | 4,303 | ||||||||||
Other | 2,646 | 5,801 | |||||||||
Other long-term liabilities | $ | 20,588 | $ | 22,773 |
September 28 2022 | December 29 2021 | ||||||||||
2021 Convertible Notes | $ | 250,000 | $ | 250,000 | |||||||
Discount and debt issuance costs, net of amortization | 5,672 | 6,458 | |||||||||
Total Long-term debt | $ | 244,328 | $ | 243,542 |
Classification | September 28 2022 | December 29 2021 | ||||||||||||
Operating leases | Operating lease assets | $ | 370,536 | $ | 347,277 | |||||||||
Finance leases | Property and equipment, net | 5,911 | 6,810 | |||||||||||
Total right-of-use assets | $ | 376,447 | $ | 354,087 | ||||||||||
Operating leases: | ||||||||||||||
Operating lease liabilities, current | $ | 40,690 | $ | 35,519 | ||||||||||
Long-term operating lease liabilities | 429,165 | 400,113 | ||||||||||||
Finance leases: | ||||||||||||||
Other current liabilities | 2,546 | 2,711 | ||||||||||||
Other long-term liabilities | 3,584 | 4,303 | ||||||||||||
Total lease liabilities | $ | 475,985 | $ | 442,646 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
Classification | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Operating lease cost | Occupancy and related expenses Pre-opening costs General and administrative expenses | $ | 15,178 | $ | 12,497 | $ | 43,188 | $ | 37,213 | ||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||
Amortization of right-of-use assets | Depreciation and amortization expense | 750 | 715 | 2,275 | 2,003 | ||||||||||||||||||||||||
Interest on lease liabilities | Interest expense | 55 | 47 | 162 | 158 | ||||||||||||||||||||||||
Variable lease cost | Occupancy and related expenses Other operating expenses Pre-opening costs General and administrative expenses | 3,887 | 3,347 | 10,994 | 9,556 | ||||||||||||||||||||||||
Short-term lease cost | Occupancy and related expenses | 264 | 79 | 395 | 228 | ||||||||||||||||||||||||
Total lease cost | $ | 20,134 | $ | 16,685 | $ | 57,014 | $ | 49,158 |
Operating Leases | Finance Leases | ||||||||||
2022(1) | $ | 8,674 | $ | 777 | |||||||
2023 | 62,329 | 2,434 | |||||||||
2024 | 70,816 | 1,686 | |||||||||
2025 | 69,899 | 830 | |||||||||
2026 | 66,196 | 452 | |||||||||
Thereafter | 312,088 | 332 | |||||||||
Total minimum payments | 590,002 | 6,511 | |||||||||
Less: imputed interest | 131,214 | 367 | |||||||||
Total lease liabilities | $ | 458,788 | $ | 6,144 |
September 28 2022 | December 29 2021 | |||||||||||||
Weighted average remaining lease term (years): | ||||||||||||||
Operating leases | 9.0 | 9.5 | ||||||||||||
Finance leases | 5.3 | 5.4 | ||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | 5.5 | % | 3.9 | % | ||||||||||
Finance leases | 3.5 | % | 3.1 | % |
Thirty-Nine Weeks Ended | |||||||||||||||||
September 28 2022 | September 29 2021 | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 45,398 | $ | 35,703 | |||||||||||||
Operating cash flows from finance leases | 162 | 158 | |||||||||||||||
Financing cash flows from finance leases | 2,260 | 1,982 | |||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||||||||
Operating leases | 45,927 | 52,747 | |||||||||||||||
Finance leases | 1,376 | 2,922 |
September 28, 2022 | December 29, 2021 | ||||||||||||||||||||||
LLC Interests | Ownership % | LLC Interests | Ownership % | ||||||||||||||||||||
Number of LLC Interests held by Shake Shack Inc. | 39,279,699 | 93.2 | % | 39,142,397 | 93.1 | % | |||||||||||||||||
Number of LLC Interests held by non-controlling interest holders | 2,869,513 | 6.8 | % | 2,921,587 | 6.9 | % | |||||||||||||||||
Total LLC Interests outstanding | 42,149,212 | 100.0 | % | 42,063,984 | 100.0 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||
Net income (loss) attributable to Shake Shack Inc. | $ | (2,024) | $ | (2,178) | $ | (13,374) | $ | 1,075 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Unrealized gain (loss) on foreign currency translation adjustment | — | (1) | (2) | (2) | ||||||||||||||||||||||
Transfers (to) from non-controlling interests: | ||||||||||||||||||||||||||
Increase in additional paid-in capital as a result of the redemption of LLC Interests | 7 | — | 313 | 33 | ||||||||||||||||||||||
Increase (decrease) in additional paid-in capital as a result of activity under its stock compensation plan and the related income tax effects | (182) | (386) | (2,790) | 2,185 | ||||||||||||||||||||||
Total effect of changes in ownership interest on equity (loss) attributable to Shake Shack Inc. | $ | (2,199) | $ | (2,565) | $ | (15,853) | $ | 3,291 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||
Redemption and acquisition of LLC Interests | ||||||||||||||||||||||||||
Number of LLC Interests redeemed by non-controlling interest holders | 2,000 | — | 52,074 | 29,601 | ||||||||||||||||||||||
Number of LLC Interests received by Shake Shack Inc. | 2,000 | — | 52,074 | 29,601 | ||||||||||||||||||||||
Issuance of Class A common stock | ||||||||||||||||||||||||||
Shares of Class A common stock issued in connection with redemptions of LLC Interests | 2,000 | — | 52,074 | 29,601 | ||||||||||||||||||||||
Cancellation of Class B common stock | ||||||||||||||||||||||||||
Shares of Class B common stock surrendered and canceled | 2,000 | — | 52,074 | 29,601 | ||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||
Stock options | $ | — | $ | — | $ | — | $ | 3 | ||||||||||||||||||
Performance stock units | 1,053 | 868 | 3,476 | 2,065 | ||||||||||||||||||||||
Restricted stock units | 2,462 | 1,456 | 6,679 | 3,895 | ||||||||||||||||||||||
Equity-based compensation expense | $ | 3,515 | $ | 2,324 | $ | 10,155 | $ | 5,963 | ||||||||||||||||||
Total income tax benefit recognized related to equity-based compensation | $ | 107 | $ | 44 | $ | 224 | $ | 174 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||
General and administrative expenses | $ | 3,245 | $ | 2,094 | $ | 9,390 | $ | 5,358 | ||||||||||||||||||
Labor and related expenses | 270 | 230 | 765 | 605 | ||||||||||||||||||||||
Equity-based compensation expense | $ | 3,515 | $ | 2,324 | $ | 10,155 | $ | 5,963 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) attributable to Shake Shack Inc.—basic | $ | (2,024) | $ | (2,178) | $ | (13,374) | $ | 1,075 | |||||||||||||||||||||
Reallocation of net income (loss) attributable to non-controlling interests from the assumed conversion of Class B shares | — | — | — | (837) | |||||||||||||||||||||||||
Net income (loss) attributable to Shake Shack Inc.—diluted | $ | (2,024) | $ | (2,178) | $ | (13,374) | $ | 238 | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average shares of Class A common stock outstanding—basic | 39,274 | 39,137 | 39,221 | 39,066 | |||||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||
Stock options | — | — | — | 162 | |||||||||||||||||||||||||
Performance stock units | — | — | — | 39 | |||||||||||||||||||||||||
Restricted stock units | — | — | — | 124 | |||||||||||||||||||||||||
Convertible Notes | — | — | — | 1,129 | |||||||||||||||||||||||||
Shares of Class B common stock | — | — | — | 2,928 | |||||||||||||||||||||||||
Weighted average shares of Class A common stock outstanding—diluted | 39,274 | 39,137 | 39,221 | 43,448 | |||||||||||||||||||||||||
Earnings (loss) per share of Class A common stock—basic | $ | (0.05) | $ | (0.06) | $ | (0.34) | $ | 0.03 | |||||||||||||||||||||
Earnings (loss) per share of Class A common stock—diluted | $ | (0.05) | $ | (0.06) | $ | (0.34) | $ | 0.01 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||||||
Stock options | 138,306 | (1) | — | 138,306 | (1) | — | |||||||||||||||||||||||
Performance stock units | 160,064 | (1) | 45,707 | (2) | 160,064 | (1) | 45,707 | (2) | |||||||||||||||||||||
Restricted stock units | 398,269 | (1) | — | 398,269 | (1) | — | |||||||||||||||||||||||
Shares of Class B common stock | 2,869,513 | (1) | — | 2,869,513 | (1) | — | |||||||||||||||||||||||
Convertible notes | 1,466,975 | (1) | — | 1,466,975 | (1) | — |
Thirty-Nine Weeks Ended | ||||||||||||||
September 28 2022 | September 29 2021 | |||||||||||||
Cash paid for: | ||||||||||||||
Income taxes, net of refunds | $ | 2,904 | $ | 1,788 | ||||||||||
Interest, net of amounts capitalized | 179 | 198 | ||||||||||||
Non-cash investing activities: | ||||||||||||||
Accrued purchases of property and equipment | 31,593 | 15,661 | ||||||||||||
Capitalized equity-based compensation | 93 | 47 | ||||||||||||
Non-cash financing activities: | ||||||||||||||
Revolving Credit Facility amendment-related accrual | — | 46 | ||||||||||||
Convertible Notes issuance-related accrual | — | 107 | ||||||||||||
Establishment of liabilities under tax receivable agreement | 847 | 1,093 | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
Classification | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Amounts received from HYC | Licensing revenue | $ | 180 | $ | 185 | $ | 402 | $ | 243 |
Classification | September 28 2022 | December 29 2021 | |||||||||||||||
Amounts due from HYC | Accounts receivable, net | $ | 203 | $ | 90 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
Classification | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Amounts paid to MSP Conservancy | Occupancy and related expenses | $ | 383 | $ | 215 | $ | 859 | $ | 646 | ||||||||||||||||||||
Classification | September 28 2022 | December 29 2021 | |||||||||||||||
Amounts due to MSP Conservancy | Accrued expenses | $ | 144 | $ | — | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
Classification | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Amounts paid to Olo, Inc. | Other operating expenses | $ | 110 | $ | 130 | $ | 316 | $ | 340 | ||||||||||||||||||||
Classification | September 28 2022 | December 29 2021 | |||||||||||||||
Amounts due to Olo, Inc. | Accounts payable | $ | 37 | $ | 33 | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
Classification | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Amounts paid to Block, Inc. | Other operating expenses | $ | 1,092 | $ | 833 | $ | 2,952 | $ | 2,049 | ||||||||||||||||||||
Classification | September 28 2022 | December 29 2021 | |||||||||||||||
Amounts due to Block, Inc. | Accounts payable | $ | 47 | $ | 52 | ||||||||||||
Classification | September 28 2022 | December 29 2021 | |||||||||||||||
Amounts due under the Tax Receivable Agreement | Other current liabilities Liabilities under Tax Receivable Agreement, net of current portion | $ | 234,892 | $ | 234,045 | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
Classification | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Amounts paid to non-controlling interest holders | Non-controlling interests | $ | 65 | $ | 172 | $ | 389 | $ | 878 | ||||||||||||||||||||
Location | Type | Opening Date | ||||||||||||
Chantilly, VA — Smithsonian - National Air & Space Museum | Domestic Licensed | 7/3/2022 | ||||||||||||
New York, NY — Meatpacking District | Domestic Company-operated | 7/14/2022 | ||||||||||||
Cranbury, NJ — Molly Pitcher Travel Plaza | Domestic Licensed | 7/25/2022 | ||||||||||||
Chengdu, China — Sino-Ocean Taikoo Li | International Licensed | 7/31/2022 | ||||||||||||
Atlanta, GA — Lenox Square | Domestic Company-operated | 8/3/2022 | ||||||||||||
Shanghai, China — Qibao Vanke | International Licensed | 8/20/2022 | ||||||||||||
Nashville, TN — Nashville International Airport | Domestic Licensed | 8/28/2022 | ||||||||||||
Seoul, South Korea — Jamsil | International Licensed | 9/23/2022 | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||||||||||||||
Shack sales | $ | 219,501 | 96.4 | % | $ | 186,972 | 96.4 | % | $ | 639,346 | 96.6 | % | $ | 519,110 | 96.7 | % | ||||||||||||||||||||||
Licensing revenue | 8,313 | 3.6 | % | 6,923 | 3.6 | % | 22,611 | 3.4 | % | 17,527 | 3.3 | % | ||||||||||||||||||||||||||
TOTAL REVENUE | 227,814 | 100.0 | % | 193,895 | 100.0 | % | 661,957 | 100.0 | % | 536,637 | 100.0 | % | ||||||||||||||||||||||||||
Shack-level operating expenses(1): | ||||||||||||||||||||||||||||||||||||||
Food and paper costs | 67,774 | 30.9 | % | 57,925 | 31.0 | % | 193,645 | 30.3 | % | 157,472 | 30.3 | % | ||||||||||||||||||||||||||
Labor and related expenses | 64,638 | 29.4 | % | 58,208 | 31.1 | % | 190,954 | 29.9 | % | 157,221 | 30.3 | % | ||||||||||||||||||||||||||
Other operating expenses | 33,966 | 15.5 | % | 26,613 | 14.2 | % | 96,766 | 15.1 | % | 74,032 | 14.3 | % | ||||||||||||||||||||||||||
Occupancy and related expenses | 17,337 | 7.9 | % | 14,640 | 7.8 | % | 50,270 | 7.9 | % | 43,427 | 8.4 | % | ||||||||||||||||||||||||||
General and administrative expenses | 26,645 | 11.7 | % | 20,504 | 10.6 | % | 87,040 | 13.1 | % | 60,435 | 11.3 | % | ||||||||||||||||||||||||||
Depreciation and amortization expense | 18,647 | 8.2 | % | 15,183 | 7.8 | % | 53,589 | 8.1 | % | 43,381 | 8.1 | % | ||||||||||||||||||||||||||
Pre-opening costs | 3,041 | 1.3 | % | 2,933 | 1.5 | % | 8,576 | 1.3 | % | 8,767 | 1.6 | % | ||||||||||||||||||||||||||
Impairment and loss on disposal of assets | 592 | 0.3 | % | 535 | 0.3 | % | 1,697 | 0.3 | % | 1,262 | 0.2 | % | ||||||||||||||||||||||||||
TOTAL EXPENSES | 232,640 | 102.1 | % | 196,541 | 101.4 | % | 682,537 | 103.1 | % | 545,997 | 101.7 | % | ||||||||||||||||||||||||||
LOSS FROM OPERATIONS | (4,826) | (2.1) | % | (2,646) | (1.4) | % | (20,580) | (3.1) | % | (9,360) | (1.7) | % | ||||||||||||||||||||||||||
Other income, net | 1,482 | 0.7 | % | 18 | — | % | 1,731 | 0.3 | % | 157 | — | % | ||||||||||||||||||||||||||
Interest expense | (475) | (0.2) | % | (350) | (0.2) | % | (1,145) | (0.2) | % | (1,224) | (0.2) | % | ||||||||||||||||||||||||||
LOSS BEFORE INCOME TAXES | (3,819) | (1.7) | % | (2,978) | (1.5) | % | (19,994) | (3.0) | % | (10,427) | (1.9) | % | ||||||||||||||||||||||||||
Benefit from income taxes | (1,508) | (0.7) | % | (576) | (0.3) | % | (5,098) | (0.8) | % | (10,665) | (2.0) | % | ||||||||||||||||||||||||||
NET INCOME (LOSS) | (2,311) | (1.0) | % | (2,402) | (1.2) | % | (14,896) | (2.3) | % | 238 | — | % | ||||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests | (287) | (0.1) | % | (224) | (0.1) | % | (1,522) | (0.2) | % | (837) | (0.2) | % | ||||||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC. | $ | (2,024) | (0.9) | % | $ | (2,178) | (1.1) | % | $ | (13,374) | (2.0) | % | $ | 1,075 | 0.2 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Shack sales | $ | 219,501 | $ | 186,972 | $ | 639,346 | $ | 519,110 | |||||||||||||||||||||
Percentage of Total revenue | 96.4 | % | 96.4 | % | 96.6 | % | 96.7 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 32,529 | $ | 120,236 | |||||||||||||||||||||||||
Percentage change compared to prior year | 17.4 | % | 23.2 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Licensing revenue | $ | 8,313 | $ | 6,923 | $ | 22,611 | $ | 17,527 | |||||||||||||||||||||
Percentage of Total revenue | 3.6 | % | 3.6 | % | 3.4 | % | 3.3 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 1,390 | $ | 5,084 | |||||||||||||||||||||||||
Percentage change compared to prior year | 20.1 | % | 29.0 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Food and paper costs | $ | 67,774 | $ | 57,925 | $ | 193,645 | $ | 157,472 | |||||||||||||||||||||
Percentage of Shack sales | 30.9 | % | 31.0 | % | 30.3 | % | 30.3 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 9,849 | $ | 36,173 | |||||||||||||||||||||||||
Percentage change compared to prior year | 17.0 | % | 23.0 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Labor and related expenses | $ | 64,638 | $ | 58,208 | $ | 190,954 | $ | 157,221 | |||||||||||||||||||||
Percentage of Shack sales | 29.4 | % | 31.1 | % | 29.9 | % | 30.3 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 6,430 | $ | 33,733 | |||||||||||||||||||||||||
Percentage change compared to prior year | 11.0 | % | 21.5 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Other operating expenses | $ | 33,966 | $ | 26,613 | $ | 96,766 | $ | 74,032 | |||||||||||||||||||||
Percentage of Shack sales | 15.5 | % | 14.2 | % | 15.1 | % | 14.3 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 7,353 | $ | 22,734 | |||||||||||||||||||||||||
Percentage change compared to prior year | 27.6 | % | 30.7 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Occupancy and related expenses | $ | 17,337 | $ | 14,640 | $ | 50,270 | $ | 43,427 | |||||||||||||||||||||
Percentage of Shack sales | 7.9 | % | 7.8 | % | 7.9 | % | 8.4 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 2,697 | $ | 6,843 | |||||||||||||||||||||||||
Percentage change compared to prior year | 18.4 | % | 15.8 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
General and administrative expenses | $ | 26,645 | $ | 20,504 | $ | 87,040 | $ | 60,435 | |||||||||||||||||||||
Percentage of Total revenue | 11.7 | % | 10.6 | % | 13.1 | % | 11.3 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 6,141 | $ | 26,605 | |||||||||||||||||||||||||
Percentage change compared to prior year | 30.0 | % | 44.0 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Depreciation and amortization expense | $ | 18,647 | $ | 15,183 | $ | 53,589 | $ | 43,381 | |||||||||||||||||||||
Percentage of Total revenue | 8.2 | % | 7.8 | % | 8.1 | % | 8.1 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 3,464 | $ | 10,208 | |||||||||||||||||||||||||
Percentage change compared to prior year | 22.8 | % | 23.5 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Pre-opening costs | $ | 3,041 | $ | 2,933 | $ | 8,576 | $ | 8,767 | |||||||||||||||||||||
Percentage of Total revenue | 1.3 | % | 1.5 | % | 1.3 | % | 1.6 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 108 | $ | (191) | |||||||||||||||||||||||||
Percentage change compared to prior year | 3.7 | % | (2.2) | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Impairment and loss on disposal of assets | $ | 592 | $ | 535 | $ | 1,697 | $ | 1,262 | |||||||||||||||||||||
Percentage of Total revenue | 0.3 | % | 0.3 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 57 | $ | 435 | |||||||||||||||||||||||||
Percentage change compared to prior year | 10.7 | % | 34.5 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Other income, net | $ | 1,482 | $ | 18 | $ | 1,731 | $ | 157 | |||||||||||||||||||||
Percentage of Total revenue | 0.7 | % | — | % | 0.3 | % | — | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | 1,464 | $ | 1,574 | |||||||||||||||||||||||||
Percentage change compared to prior year | 8,133.3 | % | 1,002.5 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Interest expense | $ | (475) | $ | (350) | $ | (1,145) | $ | (1,224) | |||||||||||||||||||||
Percentage of Total revenue | (0.2) | % | (0.2) | % | (0.2) | % | (0.2) | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | (125) | $ | 79 | |||||||||||||||||||||||||
Percentage change compared to prior year | 35.7 | % | (6.5) | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Benefit from income taxes | $ | (1,508) | $ | (576) | $ | (5,098) | $ | (10,665) | |||||||||||||||||||||
Percentage of Total revenue | (0.7) | % | (0.3) | % | (0.8) | % | (2.0) | % | |||||||||||||||||||||
Dollar change compared to prior year | $ | (932) | $ | 5,567 | |||||||||||||||||||||||||
Percentage change compared to prior year | 161.8 | % | (52.2) | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Net loss attributable to non-controlling interests | $ | (287) | $ | (224) | $ | (1,522) | $ | (837) | |||||||||||||||||||||
Percentage of Total revenue | (0.1) | % | (0.1) | % | (0.2) | % | (0.2) | % | |||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||
Loss from operations | $ | (4,826) | $ | (2,646) | $ | (20,580) | $ | (9,360) | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Licensing revenue | 8,313 | 6,923 | 22,611 | 17,527 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
General and administrative expenses | 26,645 | 20,504 | 87,040 | 60,435 | ||||||||||||||||||||||
Depreciation and amortization expense | 18,647 | 15,183 | 53,589 | 43,381 | ||||||||||||||||||||||
Pre-opening costs | 3,041 | 2,933 | 8,576 | 8,767 | ||||||||||||||||||||||
Impairment and loss on disposal of assets | 592 | 535 | 1,697 | 1,262 | ||||||||||||||||||||||
Shack-level operating profit | $ | 35,786 | $ | 29,586 | $ | 107,711 | $ | 86,958 | ||||||||||||||||||
Total revenue | $ | 227,814 | $ | 193,895 | $ | 661,957 | $ | 536,637 | ||||||||||||||||||
Less: Licensing revenue | 8,313 | 6,923 | 22,611 | 17,527 | ||||||||||||||||||||||
Shack sales | $ | 219,501 | $ | 186,972 | $ | 639,346 | $ | 519,110 | ||||||||||||||||||
Shack-level operating profit margin(1,2) | 16.3 | % | 15.8 | % | 16.8 | % | 16.8 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
(dollar amounts in thousands) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||
Net income (loss) | $ | (2,311) | $ | (2,402) | $ | (14,896) | $ | 238 | ||||||||||||||||||
Depreciation and amortization expense | 18,647 | 15,183 | 53,589 | 43,381 | ||||||||||||||||||||||
Interest expense, net | 475 | 350 | 1,145 | 1,224 | ||||||||||||||||||||||
Benefit from income taxes | (1,508) | (576) | (5,098) | (10,665) | ||||||||||||||||||||||
EBITDA | 15,303 | 12,555 | 34,740 | 34,178 | ||||||||||||||||||||||
Equity-based compensation | 3,515 | 2,324 | 10,155 | 5,963 | ||||||||||||||||||||||
Amortization of cloud-based software implementation costs | 397 | 308 | 1,080 | 935 | ||||||||||||||||||||||
Deferred lease costs(1) | (258) | 108 | (1,908) | 237 | ||||||||||||||||||||||
Impairment and loss on disposal of assets | 592 | 535 | 1,697 | 1,262 | ||||||||||||||||||||||
Legal matters | — | — | 6,750 | 619 | ||||||||||||||||||||||
Gift card breakage cumulative catch-up adjustment | — | — | (1,281) | — | ||||||||||||||||||||||
Debt offering related costs(2) | — | — | — | 236 | ||||||||||||||||||||||
Executive transition costs | — | — | — | 179 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 19,549 | $ | 15,830 | $ | 51,233 | $ | 43,609 | ||||||||||||||||||
Adjusted EBITDA margin(3) | 8.6 % | 8.2 % | 7.7 % | 8.1 % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) attributable to Shake Shack Inc. | $ | (2,024) | $ | (2,178) | $ | (13,374) | $ | 1,075 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Reallocation of Net loss attributable to non-controlling interests from the assumed exchange of LLC Interests(1) | (287) | (224) | (1,522) | (837) | |||||||||||||||||||||||||
Legal matters | — | — | 6,750 | 619 | |||||||||||||||||||||||||
Gift card breakage cumulative catch-up adjustment | — | — | (1,281) | — | |||||||||||||||||||||||||
Debt offering related costs(2) | — | — | — | 236 | |||||||||||||||||||||||||
Executive transition costs | — | — | — | 179 | |||||||||||||||||||||||||
Revolving Credit Facility amendments related costs(3) | — | — | — | 323 | |||||||||||||||||||||||||
Impact to income tax expense (benefit)(4) | (11) | 392 | (922) | 528 | |||||||||||||||||||||||||
Adjusted pro forma net income (loss) | $ | (2,322) | $ | (2,010) | $ | (10,349) | $ | 2,123 | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average shares of Class A common stock outstanding—diluted | 39,274 | 39,137 | 39,221 | 43,448 | |||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Assumed exchange of LLC Interests for shares of Class A common stock(1) | 2,871 | 2,922 | 2,899 | — | |||||||||||||||||||||||||
Dilutive effect of stock options | — | — | — | — | |||||||||||||||||||||||||
Dilutive effect of convertible notes | — | — | — | — | |||||||||||||||||||||||||
Adjusted pro forma fully exchanged weighted average shares of Class A common stock outstanding—diluted | 42,145 | 42,059 | 42,120 | 43,448 | |||||||||||||||||||||||||
Adjusted pro forma earnings (loss) per fully exchanged share—diluted | $ | (0.06) | $ | (0.05) | $ | (0.25) | $ | 0.05 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||
September 28 2022 | September 29 2021 | September 28 2022 | September 29 2021 | ||||||||||||||||||||||||||
Earnings (loss) per share of Class A common stock—diluted | $ | (0.05) | $ | (0.06) | $ | (0.34) | $ | 0.01 | |||||||||||||||||||||
Assumed exchange of LLC Interests for shares of Class A common stock(1) | — | — | (0.01) | — | |||||||||||||||||||||||||
Non-GAAP adjustments(5) | (0.01) | 0.01 | 0.10 | 0.04 | |||||||||||||||||||||||||
Adjusted pro forma earnings (loss) per fully exchanged share—diluted | $ | (0.06) | $ | (0.05) | $ | (0.25) | $ | 0.05 |
Thirty-Nine Weeks Ended | |||||||||||
(in thousands) | September 28 2022 | September 29 2021 | |||||||||
Net cash provided by operating activities | $ | 54,333 | $ | 43,740 | |||||||
Net cash used in investing activities | (95,212) | (112,169) | |||||||||
Net cash provided by (used in) financing activities | (4,529) | 242,977 | |||||||||
Net increase (decrease) in Cash and cash equivalents | (45,408) | 174,548 | |||||||||
Cash and cash equivalents at beginning of period | 302,406 | 146,873 | |||||||||
Cash and cash equivalents at end of period | $ | 256,998 | $ | 321,421 |
Exhibit Number | Incorporated by Reference | Filed Herewith | ||||||||||||||||||||||||||||||
Exhibit Description | Form | Exhibit | Filing Date | |||||||||||||||||||||||||||||
8-K | 3.1 | 2/10/2015 | ||||||||||||||||||||||||||||||
8-K | 3.1 | 10/4/2019 | ||||||||||||||||||||||||||||||
S-1/A | 4.1 | 1/28/2015 | ||||||||||||||||||||||||||||||
8-K | 10.1 | 10/19/2022 | ||||||||||||||||||||||||||||||
* | ||||||||||||||||||||||||||||||||
* | ||||||||||||||||||||||||||||||||
# | ||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document | * | ||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | * | ||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | * | ||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | * | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | * |
Shake Shack Inc. | ||||||||
(Registrant) | ||||||||
Date: November 4, 2022 | By: | /s/ Randy Garutti | ||||||
Randy Garutti | ||||||||
Chief Executive Officer (Principal Executive Officer and Duly Authorized Officer) | ||||||||
Date: November 4, 2022 | By: | /s/ Katherine I. Fogertey | ||||||
Katherine I. Fogertey | ||||||||
Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) |
1 Year Shake Shack Chart |
1 Month Shake Shack Chart |
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