- \n
- Total revenue<\/b> of $253.3 million, up 24.5% versus 2022, including $244.3 million of Shack sales<\/b> and $9.0 million of Licensing revenue.<\/b><\/li>\n
- System-wide sales<\/b> of $394.7 million, up 27.5% versus 2022.\n<\/li>\n
- Same-Shack sales<\/b> up 10.3% versus 2022.\n<\/li>\n
- Operating loss <\/b>of $3.2 million.\n
- \n
- Shack-level operating profit(1)<\/sup><\/b>of $44.7 million, or 18.3% of Shack sales.\n<\/li>\n<\/ul>\n<\/li>\n
- Net loss<\/b> of $1.6 million.\n
- \n
- Adjusted EBITDA(1)<\/sup><\/b> of $27.6 million.\n<\/li>\n<\/ul>\n<\/li>\n
- Net loss attributable to Shake Shack Inc. <\/b>of $1.5 million, or a loss of $0.04 per share.\n
- \n
- Adjusted pro forma net loss(1)<\/sup><\/b> of $0.3 million, or a loss of $0.01 per fully exchanged and diluted share.\n<\/li>\n<\/ul>\n<\/li>\n
- \nOpened six new domestic Company-operated Shacks. Opened seven new licensed Shacks, including locations in Mexico and China.<\/p>\n<\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–Shake Shack Inc.<\/b> (\u201cShake Shack\u201d or the \u201cCompany\u201d) (NYSE: SHAK) has posted its results for the first quarter of 2023 in a Shareholder Letter in the Quarterly Results section of the Company’s Investor Relations website, which can be found here: Q1 2023 Shake Shack Shareholder Letter<\/a><\/p>\n
\nShake 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 11, 2023 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13736805.<\/p>\n
\nThe 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<\/a>. An archived replay of the webcast will also be available shortly after the live event has concluded.<\/p>\n
\n
\n \n (1)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Shack-level operating 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 \u201cNon-GAAP Financial Measures\u201d below.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
About Shake Shack<\/b><\/p>\n
\nShake Shack serves elevated versions of American classics using only the best ingredients. It\u2019s 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\u2019s purpose is to Stand For Something Good\u00ae, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC\u2019s Madison Square Park, the Company has expanded to nearly 460 locations system-wide, including approximately 300 in 32 U.S. States and the District of Columbia, and approximately 160 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.<\/p>\n
\nSkip the line with the Shack App<\/b>, 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.<\/p>\n
Definitions<\/b><\/p>\n
\nThe following definitions apply to these terms as used in this release:<\/p>\n
\n“Shack sales” is defined as the aggregate sales of food, beverages, gift card breakage income and Shake Shack branded merchandise at domestic Company-operated Shacks and excludes sales from licensed Shacks.<\/p>\n
\n\u201cSystem-wide sales\u201d is an operating measure and consists of sales from the Company’s domestic Company-operated Shacks, domestic licensed Shacks and international 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 domestic and international licensed Shacks, as well as certain up-front fees, such as territory fees and opening fees.<\/p>\n
\n“Same-Shack sales” represents Shack sales for the comparable Shack base, which is defined as the number of domestic 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.<\/p>\n
\n“Shack-level operating profit,” a non-GAAP measure, 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.<\/p>\n
\n“Shack-level operating profit margin,” a non-GAAP measure, 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.<\/p>\n
\n\u201cEBITDA,\u201d 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.<\/p>\n
\n\u201cAdjusted EBITDA,\u201d 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.<\/p>\n
\n“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 and other items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations.<\/p>\n
\n
\n \n SHAKE SHACK INC.<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in thousands, except share and per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n December 28
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n ASSETS<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent assets:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n293,430<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n230,521<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMarketable securities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n80,707<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable, net<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,175<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,877<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,394<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,184<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n18,075<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,699<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n330,074<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n343,988<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment, net of accumulated depreciation of $310,939 and $290,362, respectively<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n479,617<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n467,031<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n379,475<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n367,488<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes, net<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n301,538<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n300,538<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,211<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,817<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n TOTAL ASSETS<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n1,506,915<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n1,494,862<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent liabilities:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n16,002<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n20,407<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued expenses<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n45,677<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n47,945<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued wages and related liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n18,678<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,576<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease liabilities, current<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44,578<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42,238<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n18,117<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19,552<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n143,052<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n147,718<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n244,851<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n244,589<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term operating lease liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n441,554<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n427,227<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLiabilities under tax receivable agreement, net of current portion<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n235,361<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n234,893<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n22,192<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n20,687<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,087,010<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,075,114<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommitments and contingencies<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStockholders’ equity:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPreferred stock, no par value\u201410,000,000 shares authorized; none issued and outstanding as of March 29, 2023 and December 28, 2022.<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nClass A common stock, $0.001 par value\u2014200,000,000 shares authorized; 39,404,905 and 39,284,998 shares issued and outstanding as of March 29, 2023 and December 28, 2022, respectively.<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nClass B common stock, $0.001 par value\u201435,000,000 shares authorized; 2,844,513 and 2,869,513 shares issued and outstanding as of March 29, 2023 and December 28, 2022, respectively.<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditional paid-in capital<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n417,451<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n415,611<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated deficit<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(22,071<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(20,537<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated other comprehensive loss<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal stockholders’ equity attributable to Shake Shack Inc.<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n395,418<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n395,116<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-controlling interests<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n24,487<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n24,632<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal equity<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n419,905<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n419,748<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n1,506,915<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n1,494,862<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n SHAKE SHACK INC.<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n CONDENSED CONSOLIDATED STATEMENTS OF LOSS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n(in thousands, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n Thirteen Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n March 30
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nShack sales<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n244,254<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n96.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n196,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n96.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLicensing revenue<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,024<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n3.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,600<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n3.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n TOTAL REVENUE<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n253,278<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n100.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n203,391<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n100.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShack-level operating expenses(1)<\/sup>:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFood and paper costs<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n71,772<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n29.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n59,884<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n30.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLabor and related expenses<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n74,264<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n30.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60,465<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n30.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther operating expenses(2)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n34,936<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n14.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n30,171<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n15.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOccupancy and related expenses<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n18,583<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n7.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,276<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n8.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and administrative expenses(2)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n31,311<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n12.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n31,386<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n15.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization expense<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,322<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n8.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,855<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n8.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPre-opening costs<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,557<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,712<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairment and loss on disposal of assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n722<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n0.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n0.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n TOTAL EXPENSES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n256,467<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n101.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n218,326<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n107.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n LOSS FROM OPERATIONS<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,189<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(1.3<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(14,935<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(7.3<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther income (expense), net<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,837<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n1.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(289<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.1<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(403<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.2<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(355<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.2<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n LOSS BEFORE INCOME TAXES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(755<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.3<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(15,579<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(7.7<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense (benefit)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n867<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n0.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,297<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(2.1<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n NET LOSS<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,622<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.6<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(11,282<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(5.5<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess: Net loss attributable to non-controlling interests<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(88<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u2014<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,120<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.6<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n NET LOSS ATTRIBUTABLE TO SHAKE SHACK INC.<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(1,534<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.6<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(10,162<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(5.0<\/p>\n<\/td>\n
\n \n) %<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss per share of Class A common stock:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(0.04<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(0.26<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(0.04<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(0.26<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average shares of Class A common stock outstanding:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,332<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,163<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,332<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,163<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n _____________________<\/td>\n<\/tr>\n \n \n (1)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n As a percentage of Shack sales.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (2)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n The Company has elected to reclassify certain marketing expenses from Other operating expenses to General and administrative expenses for the thirteen weeks ended March 29, 2023. The prior period has been updated to conform with the current year presentation. The reclassification does not have a material impact on our results.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n SHAKE SHACK INC.<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n Thirteen Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n March 30
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n OPERATING ACTIVITIES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss (including amounts attributable to non-controlling interests)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(1,622<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(11,282<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net loss to net cash provided by operating activities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization expense<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,322<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,855<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of debt issuance costs<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n262<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n262<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of cloud computing asset<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n439<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n332<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash operating lease cost<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,075<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,681<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity-based compensation<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,802<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,917<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,719<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash interest expense<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n58<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGain on sale of equity securities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(81<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairment and loss on disposal of assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n722<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnrealized loss on equity securities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n400<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in operating assets and liabilities:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,354<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,902<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(210<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n70<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,580<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,392<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,218<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,111<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,799<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,862<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued expenses<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,018<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,369<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued wages and related liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,068<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,394<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,389<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,312<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(16,830<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(11,726<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,548<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(985<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n NET CASH PROVIDED BY OPERATING ACTIVITIES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19,820<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,970<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchases of property and equipment<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(34,326<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(27,974<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchases of marketable securities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(690<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(77<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSales of marketable securities<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n81,478<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n46,462<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(28,051<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPayments on principal of finance leases<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(807<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(747<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistributions paid to non-controlling interest holders<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(49<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(302<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from stock option exercises<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n113<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n84<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployee withholding taxes related to net settled equity awards<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,626<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,108<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n NET CASH USED IN FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,369<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,073<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffect of exchange rate changes on cash and cash equivalents<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n62,909<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(23,155<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n230,521<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n302,406<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n CASH AND CASH EQUIVALENTS AT END OF PERIOD<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n293,430<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n279,251<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
SHAKE SHACK INC.
\n
<\/b>NON-GAAP FINANCIAL MEASURES
\n
<\/b>(UNAUDITED)<\/b><\/p>\n\nTo supplement the consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), the Company uses the following non-GAAP financial measures: Shack-level operating profit, Shack-level operating profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net loss and adjusted pro forma loss per fully exchanged and diluted share (collectively the “non-GAAP financial measures”).<\/p>\n
Shack-Level Operating Profit<\/b><\/p>\n
\nShack-level operating profit, a non-GAAP measure, 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.<\/p>\n
How This Measure Is Useful<\/i><\/b><\/p>\n
\nWhen used in conjunction with GAAP financial measures, Shack-level operating profit and Shack-level operating 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, Shack-level operating profit and Shack-level operating 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 Shack-level operating profit and Shack-level operating 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.<\/p>\n
Limitations of the Usefulness of this Measure<\/i><\/b><\/p>\n
\nShack-level operating profit and Shack-level operating profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Shack-level operating profit and Shack-level operating 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. Shack-level operating 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 Shack-level operating profit and Shack-level operating profit margin should be reviewed in conjunction with the Company’s GAAP financial results.<\/p>\n
\nA reconciliation of Shack-level operating profit to Loss from Operations, the most directly comparable GAAP financial measure, is set forth below.<\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n Thirteen Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (dollar amounts in thousands)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n March 30
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nLoss from operations<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(3,189<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(14,935<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLicensing revenue<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,024<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,600<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdd:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and administrative expenses(1)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n31,311<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n31,386<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization expense<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,322<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,855<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPre-opening costs<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,557<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,712<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairment and loss on disposal of assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n722<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShack-level operating profit<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n44,699<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n29,995<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n253,278<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n203,391<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess: Licensing revenue<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,024<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,600<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShack sales<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n244,254<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n196,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShack-level operating profit margin(2,3)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n18.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n _____________________<\/td>\n<\/tr>\n \n \n (1)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Certain marketing expenses have been reclassified from Other operating expenses to General and administrative expenses in the prior year to conform with the current year presentation. The reclassification does not have a material impact on our results.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (2)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n For the thirteen weeks ended March 30, 2022, Shack-level operating profit margin includes a $1,281 cumulative catch-up adjustment for gift card breakage income, recognized in Shack sales.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (3)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n As a percentage of Shack sales.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
SHAKE SHACK INC.
\n
<\/b>NON-GAAP FINANCIAL MEASURES
\n
<\/b>(UNAUDITED)<\/b><\/p>\nEBITDA and Adjusted EBITDA<\/b><\/p>\n
\nEBITDA, 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.<\/p>\n
\nDuring the thirteen weeks ended March 29, 2023, the Company revised its definition of Adjusted EBITDA to exclude deferred lease costs and executive transition costs as adjustments to the measure. The Company believes excluding both of these items improves the usefulness of Adjusted EBITDA as these items are characteristic of the Company\u2019s ongoing operations and such presentation is consistent with other companies in the restaurant industry. Previously reported periods have been revised to conform to the current period presentation.<\/p>\n
How These Measures Are Useful<\/b><\/p>\n
\nWhen 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.<\/p>\n
Limitations of the Usefulness of These Measures<\/b><\/p>\n
\nEBITDA 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.<\/p>\n
\nA reconciliation of EBITDA and adjusted EBITDA to Net income (loss) the most directly comparable GAAP measure, is set forth below.<\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n Thirteen Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (dollar amounts in thousands)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n March 30
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nNet loss<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(1,622<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n(11,282<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization expense<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,322<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n16,855<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense, net<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n403<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n355<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense (benefit)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n867<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,297<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n EBITDA<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n20,970<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n1,631<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity-based compensation<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,802<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of cloud-based software implementation costs<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n439<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n332<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpairment and loss on disposal of assets<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n722<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLegal settlements<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,004<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGift card breakage cumulative catch-up adjustment<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,281<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther(1)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n628<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n ADJUSTED EBITDA<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n27,565<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n10,447<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA margin<\/b>(2)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n _____________________<\/td>\n<\/tr>\n \n \n (1)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Related to professional fees for a non-recurring matter.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (2)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Calculated as a percentage of Total revenue, which was $253.3 million and $203.4 million for the thirteen weeks ended March 29, 2023 and March 30, 2022, respectively.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
SHAKE SHACK INC.
\n
<\/b>NON-GAAP FINANCIAL MEASURES
\n
<\/b>(UNAUDITED)<\/b><\/p>\nAdjusted Pro Forma Net Loss and Adjusted Pro Forma Loss Per Fully Exchanged and Diluted Share<\/i><\/b><\/p>\n
\nAdjusted pro forma net loss represents Net 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 loss per fully exchanged and diluted share is calculated by dividing adjusted pro forma net 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.<\/p>\n
\nDuring the thirteen weeks ended March 29, 2023, the Company revised its definition of Adjusted Pro Forma Net Income to exclude executive transition costs as an adjustment to the measure. Previously reported periods have been revised to conform to the current period presentation. See “EBITDA and Adjusted EBITDA” above for additional information.<\/p>\n
How These Measures Are Useful<\/i><\/b><\/p>\n
\nWhen used in conjunction with GAAP financial measures, adjusted pro forma net loss and adjusted pro forma 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 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.<\/p>\n
Limitations of the Usefulness of These Measures<\/i><\/b><\/p>\n
\nAdjusted pro forma net loss and adjusted pro forma 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 loss and adjusted pro forma loss per fully exchanged and diluted share should not be considered alternatives to Net loss and 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 loss attributable to Shake Shack Inc. Adjusted pro forma net loss and adjusted pro forma loss per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results.<\/p>\n
\nA reconciliation of adjusted pro forma net loss to Net loss attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma loss per fully exchanged and diluted share are set forth below.<\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n Thirteen Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in thousands, except per share amounts)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n March 30
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nNumerator:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n <\/tr>\n \n \n \nNet loss attributable to Shake Shack Inc<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,534<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (10,162<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReallocation of Net loss attributable to non-controlling interests from the assumed exchange of LLC Interests(1)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(88<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,120<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLegal settlements<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,004<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGift card breakage cumulative catch-up adjustment<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,281<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther(2)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n628<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax impact of above adjustments(3)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(300<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,595<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted pro forma net loss<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (290<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8,158<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDenominator:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted-average shares of Class A common stock outstanding\u2014diluted<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,332<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,163<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments:<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAssumed exchange of LLC Interests for shares of Class A common stock(1)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,852<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,920<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding\u2014diluted<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42,184<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42,083<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted pro forma loss per fully exchanged share\u2014diluted<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.01<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.19<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n Thirteen Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n March 29
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n March 30
\n<\/b>
2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nLoss per share of Class A common stock\u2014diluted<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.04<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.26<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAssumed exchange of LLC Interests for shares of Class A common stock(1)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.01<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP adjustments(4)<\/sup><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n0.03<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n0.08<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted pro forma loss per fully exchanged share\u2014diluted<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.01<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.19<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n _____________________<\/td>\n<\/tr>\n \n \n (1)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n 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 loss attributable to non-controlling interests.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (2)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Related to professional fees for a non-recurring matter.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (3)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 133.1% and 24.9% for the thirteen weeks ended March 29, 2023 and March 30, 2022, 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.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (4)<\/i><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted Pro Forma Net Loss above for additional information.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>
- \nOpened six new domestic Company-operated Shacks. Opened seven new licensed Shacks, including locations in Mexico and China.<\/p>\n<\/li>\n<\/ul>\n
- Net loss attributable to Shake Shack Inc. <\/b>of $1.5 million, or a loss of $0.04 per share.\n
- Net loss<\/b> of $1.6 million.\n
- System-wide sales<\/b> of $394.7 million, up 27.5% versus 2022.\n<\/li>\n