Shake Shack Inc. (NYSE:SHAK) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET Company Participants Michael Oriolo – Senior Director-FP&A and Investor Relations Randy Garutti – Chief Executive Officer Katie Fogertey – Chief Financial Officer Conference Call Participants Brian Vaccaro – Raymond James Katherine Griffin – Bank of America Jim Sanderson – Northcoast Research Jeff Farmer – Gordon Haskett Brian Harper – Morgan Stanley Sharon Zackfia – William Blair Jake Bartlett – Truist Securities Mich ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☑ EXCHANGE ACT OF 1934 For the quarterly period ended September 27, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission file number: 001-36823 SHAKE SHACK INC. (Exact name of registrant as specified in its charter) Delaware 47-1941186 (State or ...

Third Quarter 2023 Shareholder Letter 1 Garden City, RI Q3 2023 HIGHLIGHTS BUSINESS OVERVIEW THIRD QUARTER 2023 HIGHLIGHTS: • Total revenue grew 21.2% year-over-year to $276.2m. • Shack sales grew 20.7% year-over-year to $265.0m. • Licensing revenue grew 35.1% year-over-year to $11.2m. • System-wide sales grew 24.3% year-over-year to $438.9m. • Average weekly sales (AWS) grew 1.4% year-over-year to $74k. • Same-Shack sales (SSS) grew 2.3% year-over-year. • Operating income of $5.7m versus operating loss of ...

Financial Data and Key Metrics - Total revenue grew by 18% YoY to $272 million, with same-Shack sales up 3% and average weekly sales of $77,000 [8] - System-wide sales increased by 21% YoY to $426 million, driven by growth in the licensed business [8] - Shack-level operating profit reached 21%, the highest since 2019, marking a 240-basis point gain over last year [10] - Adjusted EBITDA grew by 61.9% YoY to $37.1 million, representing 13.6% of total revenue [25] - Net income attributable to Shake Shack Inc was $6.9 million, or $0.16 per diluted share [42] Business Line Performance - Company-operated business opened 10 new Shacks, with 23 under construction, targeting ~40 new Shacks in 2023 [8] - Licensed business opened 13 Shacks in Q2, targeting 35 new Shacks in 2023, representing 17% system-wide unit growth YoY [9] - Kiosk sales doubled YoY, with high single-digit lift in average order values, contributing to profitability [15][28] - Delivery traffic declined, while in-Shack traffic grew by 4.7%, with Kiosk adoption driving higher profitability [31] Market Performance - Domestic licensed business grew sales by over 50% YoY, led by airports and roadway locations [34] - Strong performance in China, with the first Shack opened in Thailand and a Resort Shack in the Bahamas [20][34] - Urban markets like Washington D C, Boston, and New York City performed well, with July same-Shack sales up 4.5% [34] Strategy and Industry Competition - Focus on recruiting, retaining, and rewarding a winning team, with improved retention and turnover rates [12] - Culinary strategy includes core menu improvements and limited-time offers (LTOs) to drive mix frequency and margins [14] - Drive-through expansion is a key focus, with 18 drive-throughs operating and plans to open ~15 in 2023 [17][18] - Digital investments, particularly in Kiosks, are a priority for enhancing guest experience and profitability [16][28] Management Commentary on Operating Environment and Future Outlook - Management highlighted the resilience of the consumer, particularly in higher-income segments, but acknowledged pressures from lower-income consumers trading down [74] - Beef inflation remains a key uncertainty, with high single-digit inflation in Q2 and potential for low double-digit inflation in Q3 [46][70] - The company is optimistic about reducing build costs by ~10% in 2024, driven by operational efficiencies and standardized formats [19][56] Other Important Information - The company ended Q2 with $295.2 million in cash and cash equivalents, up from $293.4 million in the prior quarter [43] - CapEx spending increased by 48% YoY to $40.4 million, driven by new Shack openings and Kiosk retrofits [43] - Full-year 2023 guidance includes total revenue of $1.07 billion to $1.08 billion, with same-Shack sales growth of low-to-mid single digits [47] Q&A Session Summary Question: Build cost reduction targets for 2024 - The company targets a 10% reduction in build costs for 2024, with improvements in both drive-through and traditional formats [54][56] Question: Labor efficiency improvements - Labor hours per Shack decreased by 50 hours per week YoY, driven by Kiosk adoption, dynamic labor scheduling, and improved training [77][80] Question: Consumer behavior and demand trends - The company noted resilience in higher-income consumers but acknowledged pressures from lower-income consumers trading down [74][75] Question: Kiosk impact on sales and labor - Kiosks drove a high single-digit lift in average order values, with early signs of labor savings and improved profitability [66][67] Question: Beef inflation and mitigation strategies - Beef inflation was high single digits in Q2, with potential for low double-digit inflation in Q3, but no hedging strategy is in place [70][71] Question: Guest experience and operational improvements - The company emphasized improving guest experience through Kiosks, standardized operations, and enhanced service, while reducing costs [82][85] Question: Marketing and brand awareness - The company plans to increase marketing spend to drive brand awareness, particularly in newer markets with lower brand recognition [94][108]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☑ EXCHANGE ACT OF 1934 For the quarterly period ended June 28, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission file number: 001-36823 SHAKE SHACK INC. (Exact name of registrant as specified in its charter) Delaware 47-1941186 (State or other ...

Shake Shack Inc. (NYSE:SHAK) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET Company Participants Annalee Leggett - Director of Investor Relations & FP&A Randy Garutti - Chief Executive Officer Katie Fogertey - Chief Financial Officer Conference Call Participants Jeffrey Bernstein - Barclays Capital Michael Tamas - Oppenheimer & Co. Jake Bartlett - Truist Securities Drew North - Robert W. Baird & Co. Jim Sanderson - Northcoast Research Maggie O'Hearn - Raymond James John Ivankoe - JPMorgan Chase & C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☑ EXCHANGE ACT OF 1934 For the quarterly period ended March 29, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission file number: 001-36823 SHAKE SHACK INC. (Exact name of registrant as specified in its charter) Delaware 47-1941186 (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☑ EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2022 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission file number: 001-36823 _______________________ SHAKE SHACK INC. (Exact name of registrant as specified in its charter) __________________________ ...

Shake Shack Inc. (NYSE:SHAK) Q4 2022 Earnings Conference Call February 16, 2023 8:00 AM ET Company Participants Annalee Leggett - Senior Manager of Investor Relations & FP&A Randy Garutti - Chief Executive Officer Katie Fogertey - Chief Financial Officer Conference Call Participants Lauren Silberman - Credit Suisse Mike Tamas - Oppenheimer & Co. Sharon Zackfia - William Blair Jake Bartlett - Truist Securities Peter Saleh - BTIG Andrew Charles - Cowen & Company David Tarantino - Baird Jim Sanderson - Northco ...

SHAKE 👍🏻 SHACK * I C R C O N F E R E N C E J A N U A R Y 1 0 , 2 0 2 3 f CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact included in this p ...