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Shake Shack Inc. (SHAK) SEC Filing 10-Q Quarterly report for the period ending Wednesday, March 25, 2020

SEC Filings

SHAK Quarterly Reports

Shake Shack Inc.

CIK: 1620533 Ticker: SHAK
Exhibit 99.1


 shak-img_shakeshacklogoa16.jpg

Shake Shack Announces First Quarter 2020 Financial Results
- Total Revenue Grew 8% to $143.2 Million -
- System-wide Year-Over-Year Unit Growth of 32% -


 
NEW YORK, NY (Business Wire) — May 4, 2020 Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today reported its financial results for the first quarter ended March 25, 2020, a period that included 13 weeks.
Randy Garutti, Chief Executive Officer of Shake Shack, stated, “I've had the privilege of leading this company through many challenging and incredible moments, but I think we'd all agree that this has been an unprecedented test for our world, and for our teams. Our message across the company has been consistent—to lead with hope, while acting on reality, and to make the necessary choices today to ensure our strength and growth continue for many years to come. Our Shack teams have been heroic, continuing to adapt our operating models and business strategy in true entrepreneurial spirit. By doubling down on our digital strategies and with increasing engagement through both our own, and third-party delivery channels, we have continued to see week-over-week improvement in sales in all regions, since the lowest point at the end of March. I am incredibly proud of how hard our team members are working to support our communities and guests during a time when providing hospitality is more important than ever."

Garutti concluded, “We continue to make disciplined adjustments to our cost structure based on reduced operations, but we’re remaining flexible and have started the rehiring process for some of our furloughed team members as our business slowly improves. It’s difficult to predict when and how quickly we will fully rebound once stay-at-home regulations are lifted, but our first priority will continue to be to keep our teams and our guests safe, as we carefully re-open Shacks. While we've paused development during this cash conservation moment, we have a number of Shacks across various levels of design and construction completion and plan to resume development as the operating and construction environment continues to stabilize. Given the actions we’ve taken to bolster our balance sheet, we are in a strong position to resume execution of our long-term strategic growth plan as we continue to come through the other side of COVID-19. You can bet that when the day comes where friends, families, coworkers, travelers and everyone in our community chooses to gather again, Shake Shack will remain a place they choose to do so."

Financial Highlights for the First Quarter 2020 compared to the First Quarter 2019:
Total revenue increased 8.0% to $143.2 million.
Shack sales increased 7.4% to $138.0 million.
Same-Shack sales decreased 12.8%, with approximately 2% decrease in fiscal February year-to-date, and approximately 29% decrease in fiscal March.
Licensed revenue increased 26.8% to $5.1 million.
Shack system-wide sales increased 13.5% to $221.6 million.
Operating loss of $0.8 million, which included a non-cash asset impairment charge of $1.1 million, compared to operating income of $5.2 million in the prior year first quarter.
Shack-level operating profit*, a non-GAAP measure, decreased 2.4% to $26.4 million, or 19.1% of Shack sales.
Net loss was $1.1 million and adjusted EBITDA*, a non-GAAP measure, decreased 20.1% to $14.3 million.
Net loss attributable to Shake Shack Inc. was $1.0 million and adjusted pro forma net income*, a non-GAAP measure, was $0.8 million, or $0.02 per fully exchanged and diluted share.
Twelve net system-wide Shack openings, comprised of four domestic company-operated Shacks and eight 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 (loss) and adjusted EBITDA to net income (loss), 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, May 4, 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-Q Quarterly 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-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
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)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Lease Cost (Details)
Lease Maturity (Details)
Lease Narrative (Details)
Leases
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)
Non-Controlling Interests Non-Controlling Interests - Redemption Of Llc Interests (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue
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)
Subsequent Events (Details)
Subsequent Events Subsequent Events
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)

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

Ticker: SHAK
CIK: 1620533
Form Type: 10-Q Quarterly Report
Accession Number: 0001620533-20-000029
Submitted to the SEC: Mon May 04 2020 4:32:00 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Wednesday, March 25, 2020
Industry: Retail Eating And Drinking Places

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