Shake Shack Inc. (SHAK) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 25, 2019

Shake Shack Inc.

CIK: 1620533 Ticker: SHAK
Exhibit 99.1


Shake Shack Announces Third Quarter 2019 Financial Results
- Total Revenue Grew 31.9% to $157.8 Million -
- Same-Shack Sales Increased 2.0% -
- System-wide Year-Over-Year Unit Growth of 35% -

NEW YORK, NY (Business Wire) — November 4, 2019 Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today reported its financial results for the third quarter ended September 25, 2019, a period that included 13 weeks.
Financial Highlights for the Third Quarter 2019 compared to the Third Quarter 2018:
Total revenue increased 31.9% to $157.8 million.
Shack sales increased 31.5% to $152.4 million.
Same-Shack sales increased 2.0%.
Licensed revenue increased 43.3% to $5.4 million.
Shack system-wide sales increased 35.0% to $239.1 million.
Operating income was $8.2 million, or 5.2% of total revenue, which included the impact of costs associated with the Company's enterprise-wide system upgrade implementation, Project Concrete, and other one-time items totaling $1.4 million, resulting in a decrease of 12.6%.
Shack-level operating profit*, a non-GAAP measure, increased 17.4% to $35.1 million, or 23.1% of Shack sales.
Net income was $11.4 million and adjusted EBITDA*, a non-GAAP measure, increased 9.1% to $23.3 million.
Net income attributable to Shake Shack Inc. was $10.3 million and adjusted pro forma net income*, a non-GAAP measure, increase$2.2 million to $10.0 million, or $0.26 per fully exchanged and diluted share.
Seventeen net system-wide Shack openings, comprised of 11 domestic company-operated Shacks and six net licensed Shacks.

* Shack-level operating profit, adjusted EBITDA and adjusted pro forma net income are non-GAAP measures. Reconciliations of Shack-level operating profit to operating income and adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “We're pleased to report total revenue grew nearly 32% and the team delivered another quarter of positive Same-Shack sales of 2%, continuing to drive positive traffic of 1.2%. Based on our results to date, we are raising our 2019 revenue guidance, including our licensing revenue guidance."

Garutti concluded, “This has been the biggest development year in Shack history as we’ve grown our presence around the country and internationally in the new markets of Mainland China, Singapore, the Philippines and Mexico. In 2020, we will continue to expand even further within key domestic and international markets. Overall, we continue to execute this year’s plan while gearing up for the key strategic initiatives of 2020. We’ll be focused more than ever on putting our people first, simplifying and supporting our operations, and enhancing our winning guest experience."

The following information was filed by Shake Shack Inc. (SHAK) on Monday, November 4, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Shake Shack Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Income (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Schedule Of Compensation Expense Recognized (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Available For Sale Securities And Gross Realized Gains And Losses (Details)
Fair Value Measurements - Cash, Cash Equivalents And Marketable Securities (Details)
Fair Value Measurements - Other Income From Available For Sale Securities (Details)
Fair Value Measurements - Unrealized Loss On Investments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Details)
Inventories (Details)
Inventories (Tables)
Lease Cost (Details)
Lease Maturity (Details)
Lease Narrative (Details)
Leases (Tables)
Leases Schedule Of Accounting Pronouncements (Details)
Nature Of Operations
Nature Of Operations (Details)
Non-Controlling Interests
Non-Controlling Interests - Changes In Ownership Interests In Sse Holdings (Details)
Non-Controlling Interests (Tables)
Non-Controlling Interests - Narrative (Details)
Non-Controlling Interests - Ownership Interest In Sse Holdings (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue (Tables)
Revenue - Liability Balance (Details)
Revenue - Narrative (Details)
Revenue - Schedule Of Disaggregation Of Revenue (Details)
Revenue - Schedule Of Respective Liability Balances (Details)
Revenue - Schedule Of Revenue Recognized (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Supplemental Balance Sheet Information Other Long-Term Liabilities (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)

Material Contracts, Statements, Certifications & more

Shake Shack Inc. provided additional information to their SEC Filing as exhibits

Ticker: SHAK
CIK: 1620533
Form Type: 10-Q Quarterly Report
Accession Number: 0001620533-19-000142
Submitted to the SEC: Mon Nov 04 2019 12:09:52 PM EST
Accepted by the SEC: Mon Nov 04 2019
Period: Wednesday, September 25, 2019
Industry: Retail Eating And Drinking Places

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