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Shake Shack Inc. (SHAK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, September 29, 2021

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Shake Shack Inc.

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CIK: 1620533 Ticker: SHAK
Exhibit 99.1

 shak-img_shakeshacklogoa16a.jpg

Shake Shack Announces Third Quarter 2021 Financial Results
•Total Revenue grew 48.7% year-over-year to $193.9 million, and system-wide sales grew 53.1% to nearly $299 million.
•Third quarter Same-Shack Sales were up 24.8% versus 2020.
•Momentum versus 2019 continued into fiscal October with overall Same-Shack Sales down 1% and suburban Same-Shack Sales up 7%. All regions outside of NYC surpassed 2019 levels.
•Retained nearly 80% of digital sales in fiscal September from high in fiscal January 2021. Acquired 14% more first time purchasers through Company-owned digital channels versus the prior quarter.


NEW YORK, NY (Business Wire) — November 4, 2021 —
 Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today reported its financial results for the third quarter ended September 29, 2021, a period that included 13 weeks.
Randy Garutti, Chief Executive Officer of Shake Shack, stated, “We are pleased with the positive sales performance seen during the third quarter. This quarter marks our highest revenue quarter ever, with total revenues of $193.9 million and system-wide sales of $298.6 million. We saw benefits to our urban Shacks as more of our guests returned to offices, events, commuting and tourism-based locations. Our suburban Shacks continue to recover and, on average, perform above 2019 levels. As of fiscal September, we had retained nearly 80% of our digital channel sales, compared to fiscal January 2021, even as in-Shack sales return. Sales strength aside, we are not immune to the margin pressures that are still being felt across our industry. Inflation in commodity prices and investments across team members are pressuring our margins. We remain committed to investing in our team members to ensure we are retaining and developing the best talent in our industry, and these pressures are likely to persist for the foreseeable future. Our team is working harder than ever to take care of each other, bring hospitality to our neighborhoods, transform our Shack formats, invest in critical digital infrastructure, and uplift everyone in the Shack community along the way."

Financial Highlights for the Third Quarter of 2021:

▪Total revenue in the third quarter of 2021 increased 48.7% to $193.9 million versus the same period last year.
▪Shack sales in the third quarter of 2021 increased 48.1% to $187.0 million versus the same period last year.
▪Same-Shack sales(1) improved to up 24.8% in the third quarter of 2021 versus the same period last year.
▪Licensed revenue in the third quarter of 2021 increased 68.3% to $6.9 million versus the same period last year.
▪Shack system-wide sales in the third quarter of 2021 increased 53.1% to $298.6 million versus the same period last year.
▪Operating loss in the third quarter of 2021 was $2.6 million compared to an Operating loss of $6.8 million in the same period last year.
▪Shack-level operating profit(2) increased 58.6% in the third quarter of 2021 versus the same period last year, to $29.6 million, or 15.8% of Shack sales.
▪Net loss was $2.4 million and adjusted EBITDA(2) was $15.8 million in the third quarter of 2021, compared to a Net loss of $6.1 million and adjusted EBITDA of $8.2 million in the same period last year.
▪Net loss attributable to Shake Shack Inc. was $2.2 million and adjusted pro forma net loss(2) was $2.0 million, or a loss of $0.05 per fully exchanged and diluted share in the third quarter of 2021, compared to Net loss attributable to Shake Shack Inc. of $5.6 million and adjusted pro forma net loss of $4.4 million, or a loss of $0.11 per fully exchanged and diluted share, in the same period last year.
▪Net system-wide Shack openings, comprised of five net domestic Company-operated Shacks and six net licensed Shacks.
▪Cash and cash equivalents and marketable securities on hand was $401.5 million as of September 29, 2021.

The following information was filed by Shake Shack Inc. (SHAK) on Thursday, November 4, 2021 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)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Debt - Convertible Notes (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 - Assets Measured On A Recurring Basis (Details)
Fair Value Measurements - Other Income From Available For Sale Securities (Details)
Income Taxes
Income Taxes - Narrative (Details)
Lease Cost (Details)
Lease Maturity (Details)
Lease Narrative (Details)
Leases
Leases (Tables)
Nature Of Operations
Nature Of Operations (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Changes In Ownership Interests In Sse Holdings (Details)
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)
Related Party Transactions
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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)
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)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: SHAK
CIK: 1620533
Form Type: 10-Q Quarterly Report
Accession Number: 0001620533-21-000103
Submitted to the SEC: Fri Nov 05 2021 4:08:22 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Wednesday, September 29, 2021
Industry: Retail Eating And Drinking Places

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