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     105  0 Kommentare Shake Shack Announces First Quarter 2024 Financial Results

    Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the first quarter of 2024 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q1 2024 Shake Shack Shareholder Letter.

    Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Randy Garutti, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until May 09, 2024 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13745222.

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    The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.

    (1)

    Restaurant-level profit, Adjusted EBITDA and Adjusted pro forma net income (loss) are non-GAAP measures. A reconciliation to the most directly comparable financial measures presented in accordance with GAAP is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures” below.

    About Shake Shack

    Shake Shack serves elevated versions of American classics using only the best ingredients. It’s known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack’s purpose is to Stand For Something Good, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to over 520 locations system-wide, including over 335 in 33 U.S. States and the District of Columbia, and 185 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

    Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.

    Definitions

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

    "Shack sales" is defined as the aggregate sales of food, beverages, gift card breakage income and Shake Shack branded merchandise at Company-operated Shacks and excludes sales from licensed Shacks.

    “System-wide sales” is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees and opening fees.

    "Same-Shack sales" represents Shack sales for the comparable Shack base, which is defined as the number of Company-operated Shacks open for 24 full fiscal months or longer. For consecutive days that Shacks were temporarily closed, the comparative period was also adjusted.

    "Restaurant-level profit," a non-GAAP measure, also formerly referred to as Shack-level operating profit, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

    "Restaurant-level profit margin," a non-GAAP measure, also formerly referred to as Shack-level operating profit margin, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales.

    “EBITDA,” a non-GAAP measure, is defined as Net income (loss) before interest expense (net of interest income), Income tax expense (benefit), and Depreciation and amortization expense.

    “Adjusted EBITDA,” a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, Impairment and loss on disposal of assets, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

    "Adjusted pro forma net income," a non-GAAP measure, represents Net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly reflected to its core operations and may not be indicative of its recurring business operations.

    SHAKE SHACK INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (in thousands, except share and per share amounts)

     

     

    March 27

     

    December 27

    2024

    2023

    ASSETS

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

    $

    260,203

     

     

    $

    224,653

     

     

    Marketable securities

     

    24,570

     

     

     

    68,561

     

     

    Accounts receivable, net

     

    14,458

     

     

     

    16,847

     

     

    Inventories

     

    5,073

     

     

     

    5,404

     

     

    Prepaid expenses and other current assets

     

    21,885

     

     

     

    18,967

     

     

    Total current assets

     

    326,189

     

     

     

    334,432

     

    Property and equipment, net of accumulated depreciation of $401,132 and $376,760, respectively

     

    537,621

     

     

     

    530,995

     

    Operating lease assets

     

    410,254

     

     

     

    398,296

     

    Deferred income taxes, net

     

    329,956

     

     

     

    326,208

     

    Other assets

     

    14,812

     

     

     

    15,926

     

    TOTAL ASSETS

    $

    1,618,832

     

     

    $

    1,605,857

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

    $

    15,163

     

     

    $

    22,273

     

     

    Accrued expenses

     

    57,366

     

     

     

    54,742

     

     

    Accrued wages and related liabilities

     

    19,249

     

     

     

    20,945

     

     

    Operating lease liabilities, current

     

    50,780

     

     

     

    49,004

     

     

    Other current liabilities

     

    18,525

     

     

     

    17,103

     

     

    Total current liabilities

     

    161,083

     

     

     

    164,067

     

    Long-term debt

     

    245,898

     

     

     

    245,636

     

    Long-term operating lease liabilities

     

    476,704

     

     

     

    464,533

     

    Liabilities under tax receivable agreement, net of current portion

     

    236,728

     

     

     

    235,613

     

    Other long-term liabilities

     

    26,126

     

     

     

    26,638

     

    Total liabilities

     

    1,146,539

     

     

     

    1,136,487

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

     

    Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of March 27, 2024 and December 27, 2023.

     

     

     

     

     

     

    Class A common stock, $0.001 par value—200,000,000 shares authorized; 39,635,382 and 39,474,315 shares issued and outstanding as of March 27, 2024 and December 27, 2023, respectively.

     

    40

     

     

     

    39

     

     

    Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,801,013 and 2,834,513 shares issued and outstanding as of March 27, 2024 and December 27, 2023, respectively.

     

    3

     

     

     

    3

     

     

    Additional paid-in capital

     

    427,530

     

     

     

    426,601

     

     

    Retained earnings

     

    18,817

     

     

     

    16,777

     

     

    Accumulated other comprehensive loss

     

    (4

    )

     

     

    (3

    )

     

    Total stockholders' equity attributable to Shake Shack Inc.

     

    446,386

     

     

     

    443,417

     

    Non-controlling interests

     

    25,907

     

     

     

    25,953

     

    Total equity

     

    472,293

     

     

     

    469,370

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $

    1,618,832

     

     

    $

    1,605,857

     

    SHAKE SHACK INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (UNAUDITED)
    (in thousands, except per share amounts)

     

     

    Thirteen Weeks Ended

     

     

    March 27
    2024

     

    March 29
    2023

    Shack sales

    $

    280,552

     

    96.6

    %

     

    $

    244,254

     

    96.4

    %

    Licensing revenue

     

    9,952

     

    3.4

    %

     

     

    9,024

     

    3.6

    %

    TOTAL REVENUE

     

    290,504

     

    100.0

    %

     

     

    253,278

     

    100.0

    %

    Shack-level operating expenses(1):

     

     

     

     

     

     

    Food and paper costs

     

    80,253

     

    28.6

    %

     

     

    71,772

     

    29.4

    %

     

    Labor and related expenses

     

    81,509

     

    29.1

    %

     

     

    74,264

     

    30.4

    %

     

    Other operating expenses

     

    41,856

     

    14.9

    %

     

     

    34,936

     

    14.3

    %

     

    Occupancy and related expenses

     

    22,188

     

    7.9

    %

     

     

    18,583

     

    7.6

    %

    General and administrative expenses

     

    35,944

     

    12.4

    %

     

     

    31,311

     

    12.4

    %

    Depreciation and amortization expense

     

    25,441

     

    8.8

    %

     

     

    21,322

     

    8.4

    %

    Pre-opening costs

     

    2,753

     

    0.9

    %

     

     

    3,557

     

    1.4

    %

    Impairment and loss on disposal of assets

     

    526

     

    0.2

    %

     

     

    722

     

    0.3

    %

    TOTAL EXPENSES

     

    290,470

     

    100.0

    %

     

     

    256,467

     

    101.3

    %

    NET INCOME (LOSS) FROM OPERATIONS

     

    34

     

    %

     

     

    (3,189

    )

    (1.3

    )%

    Other income, net

     

    3,206

     

    1.1

    %

     

     

    2,837

     

    1.1

    %

    Interest expense

     

    (508

    )

    (0.2

    )%

     

     

    (403

    )

    (0.2

    )%

    NET INCOME (LOSS) BEFORE INCOME TAXES

     

    2,732

     

    0.9

    %

     

     

    (755

    )

    (0.3

    )%

    Income tax expense

     

    518

     

    0.2

    %

     

     

    867

     

    0.3

    %

    NET INCOME (LOSS)

     

    2,214

     

    0.8

    %

     

     

    (1,622

    )

    (0.6

    )%

    Less: Net income (loss) attributable to non-controlling interests

     

    174

     

    0.1

    %

     

     

    (88

    )

    %

    NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC.

    $

    2,040

     

    0.7

    %

     

    $

    (1,534

    )

    (0.6

    )%

    Earnings (Loss) per share of Class A common stock:

     

     

     

     

     

     

    Basic

    $

    0.05

     

     

     

    $

    (0.04

    )

     

     

    Diluted

    $

    0.05

     

     

     

    $

    (0.04

    )

     

    Weighted-average shares of Class A common stock outstanding:

     

     

     

     

     

     

    Basic

     

    39,515

     

     

     

     

    39,332

     

     

     

    Diluted

     

    41,259

     

     

     

     

    39,332

     

     

    _______________

    (1) As a percentage of Shack sales.

    SHAKE SHACK INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (in thousands)

     

     

     

    Thirteen Weeks Ended

     

     

     

    March 27
    2024

     

    March 29
    2023

    OPERATING ACTIVITIES

     

     

     

    Net income (loss) (including amounts attributable to non-controlling interests)

    $

    2,214

     

     

    $

    (1,622

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization expense

     

    25,441

     

     

     

    21,322

     

     

    Amortization of debt issuance costs

     

    262

     

     

     

    262

     

     

    Amortization of cloud computing asset

     

    518

     

     

     

    439

     

     

    Non-cash operating lease cost

     

    18,490

     

     

     

    16,075

     

     

    Equity-based compensation

     

    3,642

     

     

     

    3,802

     

     

    Deferred income taxes

     

    (131

    )

     

     

    1,917

     

     

    Non-cash interest

     

    (164

    )

     

     

    58

     

     

    Gain on sale of equity securities

     

     

     

     

    (81

    )

     

    Net amortization of discount on held-to-maturity securities

     

    (370

    )

     

     

     

     

    Impairment and loss on disposal of assets

     

    526

     

     

     

    722

     

     

    Changes in operating assets and liabilities:

     

     

     

     

     

    Accounts receivable

     

    2,389

     

     

     

    3,354

     

     

     

    Inventories

     

    331

     

     

     

    (210

    )

     

     

    Prepaid expenses and other current assets

     

    (2,757

    )

     

     

    (1,580

    )

     

     

    Other assets

     

    (650

    )

     

     

    (1,218

    )

     

     

    Accounts payable

     

    (3,760

    )

     

     

    (5,799

    )

     

     

    Accrued expenses

     

    2,027

     

     

     

    (2,018

    )

     

     

    Accrued wages and related liabilities

     

    (1,696

    )

     

     

    1,068

     

     

     

    Other current liabilities

     

    709

     

     

     

    (2,389

    )

     

     

    Operating lease liabilities

     

    (17,213

    )

     

     

    (16,830

    )

     

     

    Other long-term liabilities

     

    857

     

     

     

    2,548

     

    NET CASH PROVIDED BY OPERATING ACTIVITIES

     

    30,665

     

     

     

    19,820

     

    INVESTING ACTIVITIES

     

     

     

    Purchases of property and equipment

     

    (33,054

    )

     

     

    (34,326

    )

    Maturities of held-to-maturity marketable securities

     

    44,361

     

     

     

     

    Purchases of equity securities

     

     

     

     

    (690

    )

    Sales of equity securities

     

     

     

     

    81,478

     

    NET CASH PROVIDED BY INVESTING ACTIVITIES

     

    11,307

     

     

     

    46,462

     

    FINANCING ACTIVITIES

     

     

     

    Payments on principal of finance leases

     

    (910

    )

     

     

    (807

    )

    Distributions paid to non-controlling interest holders

     

    (145

    )

     

     

    (49

    )

    Net proceeds from stock option exercises

     

    474

     

     

     

    113

     

    Employee withholding taxes related to net settled equity awards

     

    (5,840

    )

     

     

    (2,626

    )

    NET CASH USED IN FINANCING ACTIVITIES

     

    (6,421

    )

     

     

    (3,369

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    (1

    )

     

     

    (4

    )

    INCREASE IN CASH AND CASH EQUIVALENTS

     

    35,550

     

     

     

    62,909

     

    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

     

    224,653

     

     

     

    230,521

     

    CASH AND CASH EQUIVALENTS AT END OF PERIOD

    $

    260,203

     

     

    $

    293,430

     

    SHAKE SHACK INC.
    NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

    To supplement the consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: Restaurant-level profit, Restaurant-level profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net income (loss) and adjusted pro forma earnings (loss) per fully exchanged and diluted share (collectively the "non-GAAP financial measures").

    Restaurant-Level Profit

    Restaurant-level profit, formerly referred to as Shack-level operating profit, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

    How This Measure Is Useful
    When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making.

    Limitations of the Usefulness of this Measure
    Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company's GAAP financial results.

    A reconciliation of Restaurant-level profit to Income (loss) from operations, the most directly comparable GAAP financial measure, is set forth below.

     

     

    Thirteen Weeks Ended

    (dollar amounts in thousands)

    March 27
    2024

     

    March 29
    2023

    Income (loss) from operations

    $

    34

     

     

    $

    (3,189

    )

    Less:

     

     

     

     

    Licensing revenue

     

    9,952

     

     

     

    9,024

     

    Add:

     

     

     

     

    General and administrative expenses

     

    35,944

     

     

     

    31,311

     

     

    Depreciation and amortization expense

     

    25,441

     

     

     

    21,322

     

     

    Pre-opening costs

     

    2,753

     

     

     

    3,557

     

     

    Impairment and loss on disposal of assets

     

    526

     

     

     

    722

     

    Restaurant-level profit

    $

    54,746

     

     

    $

    44,699

     

     

     

     

     

     

    Total revenue

    $

    290,504

     

     

    $

    253,278

     

    Less: Licensing revenue

     

    9,952

     

     

     

    9,024

     

    Shack sales

    $

    280,552

     

     

    $

    244,254

     

     

     

     

     

     

    Restaurant-level profit margin(1)

     

    19.5

    %

     

     

    18.3

    %

       

    (1) As a percentage of Shack sales.

     

    SHAKE SHACK INC.
    NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

    EBITDA and Adjusted EBITDA
    EBITDA, a non-GAAP measure, is defined as Net income (loss) before interest expense (net of interest income), Income tax expense (benefit) and Depreciation and amortization expense. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA (as defined above) excluding equity-based compensation expense, Impairment and loss on the disposal of assets, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

    How These Measures Are Useful
    When used in conjunction with GAAP financial measures, EBITDA and adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors' operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and adjusted EBITDA provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance.

    Limitations of the Usefulness of These Measures
    EBITDA and adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures.

    A reconciliation of EBITDA and adjusted EBITDA to Net income (loss), the most directly comparable GAAP measure, is set forth below.

     

    Thirteen Weeks Ended

    (dollar amounts in thousands)

    March 27
    2024

     

    March 29
    2023

    Net income (loss)

    $

    2,214

     

     

    $

    (1,622

    )

    Depreciation and amortization expense

     

    25,441

     

     

     

    21,322

     

    Interest expense, net

     

    (27

    )

     

     

    403

     

    Income tax expense

     

    518

     

     

     

    867

     

    EBITDA

    $

    28,146

     

     

    $

    20,970

     

     

     

     

     

    Equity-based compensation

     

    3,642

     

     

     

    3,802

     

    Amortization of cloud-based software implementation costs

     

    518

     

     

     

    439

     

    Impairment and loss on disposal of assets

     

    526

     

     

     

    722

     

    Legal settlements(1)

     

     

     

     

    1,004

     

    CEO transition costs

     

    479

     

     

     

     

    Restatement costs(2)

     

    1,391

     

     

     

     

    Other(3)

     

    1,183

     

     

     

    628

     

    Adjusted EBITDA

    $

    35,885

     

     

    $

    27,565

     

     

     

     

     

    Adjusted EBITDA margin(4)

     

    12.4

    %

     

     

    10.9

    %

       

    (1) Expenses incurred to establish accruals related to the settlements of legal matters.

    (2) Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.

    (3) Expenses incurred for professional fees related to non-recurring matters.

    (4) Calculated as a percentage of Total revenue, which was $290.5 million and $253.3 million for the thirteen weeks ended March 27, 2024 and March 29, 2023, respectively.

    SHAKE SHACK INC.
    NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

    Adjusted Pro Forma Net Income (Loss) and Adjusted Pro Forma Earnings (Loss) Per Fully Exchanged and Diluted Share
    Adjusted pro forma net income (loss) represents Net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings (loss) per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income (loss) by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards.

    How These Measures Are Useful
    When used in conjunction with GAAP financial measures, adjusted pro forma net income (loss) and adjusted pro forma earnings (loss) per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income (loss) attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

    Limitations of the Usefulness of These Measures
    Adjusted pro forma net income (loss) and adjusted pro forma earnings (loss) per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income (loss) and adjusted pro forma earnings (loss) per fully exchanged and diluted share should not be considered alternatives to Net income (loss) and earnings (loss) per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income (loss) attributable to Shake Shack Inc. Adjusted pro forma net income (loss) and adjusted pro forma earnings (loss) per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results.

    A reconciliation of adjusted pro forma net income (loss) to Net income (loss) attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings (loss) per fully exchanged and diluted share are set forth below.

     

     

     

    Thirteen Weeks Ended 

    (in thousands, except per share amounts)

    March 27
    2024

     

    March 29
    2023 

    Numerator:

     

     

     

     

    Net income (loss) attributable to Shake Shack Inc

    $

    2,040

     

    $

    (1,534

     

    Adjustments:

     

     

     

     

     

    Reallocation of Net income (loss) attributable to non-controlling interests from the assumed exchange of LLC Interests(1)

     

    174

     

     

    (88

     

     

    Legal settlements

     

     

     

    1,004

     

     

     

    Restatement costs(2)

     

    1,391

     

     

     

     

     

    CEO transition costs

     

    479

     

     

     

     

     

    Other(3)

     

    1,183

     

     

    628

     

     

     

    Tax impact of above adjustments(4)

     

    356

     

     

    (300

    Adjusted pro forma net income (loss)

    $

    5,623

     

    $

    (290

     

     

     

     

     

     

    Denominator:

     

     

     

     

    Weighted-average shares of Class A common stock outstanding—diluted

     

    41,259

     

     

    39,332

     

     

    Adjustments:

     

     

     

     

     

    Assumed exchange of LLC Interests for shares of Class A common stock(1)

     

    2,830

     

     

    2,852

     

     

    Adjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding—diluted

     

    44,089

     

     

    42,184

     

     

     

     

     

     

     

    Adjusted pro forma earnings (loss) per fully exchanged share—diluted

    $

    0.13

     

    $

    (0.01

     

     

    Thirteen Weeks Ended

     

    March 27
    2024

     

    March 29
    2023

    Earnings (loss) per share of Class A common stock—diluted

    $

    0.05

     

    $

    (0.04

    )

     

    Non-GAAP adjustments(5)

     

    0.08

     

     

    0.03

     

    Adjusted pro forma earnings (loss) per fully exchanged share—diluted

    $

    0.13

     

    $

    (0.01

    )

    (1)

    Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income (loss) attributable to non-controlling interests.

    (2)

    Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.

    (3)

    Expenses incurred for professional fees related to non-recurring matters.

    (4)

    Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 2.8% and 133.1% for the thirteen weeks ended March 27, 2024 and March 29, 2023, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.

    (5)

    Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income (loss) above for additional information.

     


    The Shake Shack Registered (A) Stock at the time of publication of the news with a raise of +0,51 % to 99,22EUR on Tradegate stock exchange (30. April 2024, 22:26 Uhr).


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    Shake Shack Announces First Quarter 2024 Financial Results Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the first quarter of 2024 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q1 …