Shake Shack(SHAK) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $320.9 million, representing a 10.5% increase compared to 2024, with Shack sales of $309.8 million and licensing revenue of $11.1 million[5]. - System-wide sales reached $489.4 million, up 10.4% from 2024, while same-Shack sales increased by 0.2%[5]. - Net income attributable to Shake Shack Inc. was $4.2 million, or earnings of $0.10 per diluted share, compared to $2.0 million in the same period of 2024[5][17]. - Adjusted EBITDA for the quarter was $40.7 million, reflecting a 13.5% increase from 2024[5]. - Restaurant-level profit was $64.2 million, accounting for 20.7% of Shack sales[5]. - Net income for the thirteen weeks ended March 26, 2025, was $4,513,000, compared to $2,214,000 for the same period in 2024, representing a 103% increase[19]. - Total revenue increased to $320,898,000 in Q1 2025 from $290,504,000 in Q1 2024, reflecting a growth of 10.5%[26]. - Shack sales reached $309,838,000, up from $280,552,000, indicating a 10.4% increase year-over-year[26]. - Restaurant-level profit for the period was $64,240,000, compared to $54,746,000 in the prior year, marking an increase of 17.3%[26]. - Adjusted EBITDA for Q1 2025 was $40,745,000, up from $35,885,000 in Q1 2024, which is a 13.5% increase[32]. - Adjusted EBITDA margin improved to 12.7% in Q1 2025 from 12.4% in Q1 2024[32]. - Adjusted pro forma net income for the same period was $6,398,000, up from $5,623,000, reflecting a 13.8% increase year-over-year[39]. - Earnings per share of Class A common stock—diluted increased to $0.10 for the thirteen weeks ended March 26, 2025, compared to $0.05 for the same period in 2024, a 100% increase[39]. - Adjusted pro forma earnings per fully exchanged share—diluted rose to $0.14, up from $0.13, indicating an increase of 7.7%[39]. Operational Highlights - The company opened four new Company-operated Shacks, including two drive-thrus, and seven new licensed Shacks during the quarter[5]. - The company incurred $2,057,000 in impairments and losses on asset disposals during the quarter, compared to $526,000 in the same period last year[26]. - The restaurant-level profit margin increased to 20.7% from 19.5% year-over-year, indicating improved operational efficiency[26]. - The company incurred an impairment charge and Shack closures amounting to $1,653,000 during the fiscal period[39]. - Legal settlements accounted for expenses of $983,000 in the current fiscal period[39]. Cash and Assets - Cash and cash equivalents as of March 26, 2025, were $312.9 million, a slight decrease from $320.7 million at the end of 2024[15]. - Cash provided by operating activities was $31,222,000, slightly up from $30,665,000 in the previous year[19]. - Cash and cash equivalents at the end of the period were $312,921,000, compared to $260,203,000 at the end of Q1 2024, showing a 20.2% increase[19]. - Total assets increased to $1.727 billion from $1.697 billion at the end of 2024[15]. - Total liabilities rose to $1.230 billion, up from $1.203 billion at the end of 2024[15]. Tax and Shares - The effective tax rate for the thirteen weeks ended March 26, 2025, was assumed at 21.3%[41]. - Non-GAAP adjustments for the period had a per share impact of $0.04, compared to $0.08 in the previous year[42]. - Weighted-average shares of Class A common stock outstanding—diluted increased to 41,864,000 from 41,259,000, a growth of 1.5%[39]. - The tax impact of adjustments was a reduction of $993,000 for the thirteen weeks ended March 26, 2025[39].