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Shake Shack Inc. (SHAK) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 25, 2019

Shake Shack Inc.

CIK: 1620533 Ticker: SHAK

Exhibit 99.1

 

Shake Shack Announces Fourth Quarter and Fiscal Year 2019 Financial Results

 

- Fourth Quarter Total Revenue Grew 21.9% -

- Fiscal 2019 Total Revenue Grew 29.4% -

- Fiscal 2019 Same-Shack Sales Increased 1.3% -

- System-wide Year-Over-Year Unit Growth of 32% -

 

 

NEW YORK, NY (Business Wire) — February 24, 2020 — Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK), today reported financial results for the fourth quarter and the fiscal year ended December 25, 2019, periods that included 13 and 52 weeks, respectively.

 

Financial Highlights for the Fourth Quarter 2019:

 

Total revenue increased 21.9% to $151.4 million.
Shack sales increased 20.8% to $145.8 million.
Same-Shack sales decreased 3.6%.
Licensed revenue increased 58.6% to $5.6 million.
Shack system-wide sales increased 31.4% to $235.0 million.
Operating income was $0.5 million, or 0.3% of total revenue, and Shack-level operating profit*, a non-GAAP measure, increased 9.4% to $29.7 million, or 20.4% of Shack sales.
Net loss and net loss attributable to Shake Shack Inc. were $2.1 million, or $(0.06) per diluted share, respectively, primarily driven by sales performance, food and labor headwinds and investments across the business.
Adjusted EBITDA*, a non-GAAP measure, increased 2.3% to $14.8 million.
Adjusted pro forma net income*, a non-GAAP measure, was $2.2 million, or $0.06 per fully exchanged and diluted share.
25 system-wide Shack openings, including 12 domestic company-operated Shacks and 13 licensed Shacks. Four licensed Shack closures, which included three closures in Russia.

 

Financial Highlights for the Fiscal Year 2019:

 

Total revenue increased 29.4% to $594.5 million.
Shack sales increased 29.0% to $574.6 million.
Same-Shack sales increased 1.3%.
Licensed revenue increased 45.0% to $19.9 million.
Shack system-wide sales increased 33.2% to $895.3 million.
Operating income was $25.7 million, or 4.3% of total revenue, which included the impact of costs associated with Project Concrete and other one-time items totaling $2.4 million.
Shack-level operating profit*, a non-GAAP measure, increased 13.4% to $128.0 million, or 22.3% of Shack sales.
Net income was $24.1 million and net income attributable to Shake Shack Inc. was $19.8 million, or $0.61 per diluted share.
Adjusted EBITDA*, a non-GAAP measure, increased 10.8% to $81.8 million.
Adjusted pro forma net income*, a non-GAAP measure, increased 1.7% to $27.4 million, or $0.72 per fully exchanged and diluted share.
73 system-wide Shack openings, including 39 domestic company-operated Shacks and 34 licensed Shacks. Six licensed Shack closures, which included four closures in Russia. System-wide Shack count net increase of 32.2%.

 

* 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, adjusted EBITDA to net income (loss), and adjusted pro forma net income to net income (loss) attributable to Shake Shack Inc., 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.”

 


The following information was filed by Shake Shack Inc. (SHAK) on Monday, February 24, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Shake Shack Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Shake Shack Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Schedule I: Condensed Financial Information Of Registrant
Schedule I: Condensed Financial Information Of Registrant - Balance Sheet (Details)
Schedule I: Condensed Financial Information Of Registrant - Notes To Financial Statements (Details)
Schedule I: Condensed Financial Information Of Registrant - Statements Of Cash Flows (Details)
Schedule I: Condensed Financial Information Of Registrant - Statements Of Comprehensive Income (Loss) (Details)
Schedule I: Condensed Financial Information Of Registrant - Statements Of Income (Loss) (Details)
Schedule Ii: Valuation And Qualifying Accounts
Schedule Ii: Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Income (Loss)
Consolidated Statements Of Stockholders' And Members' Equity
- Additional Information (Details)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Additional Information (Details)
Accounts Receivable - Schedule Of Accounts Receivable (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details) (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans - Defined Contribution Plan (Details)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Narrative (Details)
Equity-Based Compensation - Schedule Of Compensation Expense Recognized (Details)
Equity-Based Compensation - Schedule Of Fair Value Of Stock Options (Details)
Equity-Based Compensation - Schedule Of Stock Options (Details)
Equity-Based Compensation - Stock Options Outstanding And Exercisable (Details)
Equity-Based Compensation - Summary Of Performance And Restricted Stock Activity (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Cash, Cash Equivalents And Marketable Securities (Details)
Fair Value Measurements - Schedule Of Afs Sold (Details)
Fair Value Measurements - Schedule Of Income For Afs Securities (Details)
Geographic Information
Geographic Information (Details)
Geographic Information (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Schedule Of Components Of Income Before Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes- Schedule Of Deferred Tax Assets And Liabilities (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Future Minimum Lease Payments (Details)
Leases - Lease Cost (Details)
Leases - Narrative (Details)
Leases - New Accounting Pronouncements (Details)
Nature Of Operations
Nature Of Operations - Organization And Nature Of Operations - Franchiser (Details)
Nature Of Operations - Organizational Transactions (Details)
Nature Of Operations - Secondary Offering (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Narrative (Details)
Non-Controlling Interests - Ownership Interest In Sse Holdings (Details)
Non-Controlling Interests - Schedule Of Non-Controlling Interest (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Schedule Of Related Party Transactions (Details)
Revenue (Notes)
Revenue (Tables)
Revenue Contract Balances (Details)
Revenue Disaggregation Of Revenue (Details)
Revenue Liability (Details)
Revenue Narrative (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Stockholder's Equity
Stockholder's Equity (Details)
Stockholder's Equity (Tables)
Stockholder's Equity - Redemption Of Llc Interests (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Advertising (Details)
Summary Of Significant Accounting Policies - Basis Of Presentation (Details)
Summary Of Significant Accounting Policies - Leases (Details)
Summary Of Significant Accounting Policies - Other Assets (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Segment Reporting (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: SHAK
CIK: 1620533
Form Type: 10-K Annual Report
Accession Number: 0001620533-20-000006
Submitted to the SEC: Mon Feb 24 2020 5:10:28 PM EST
Accepted by the SEC: Mon Feb 24 2020
Period: Wednesday, December 25, 2019
Industry: Retail Eating And Drinking Places

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