Year Over Year CAVA Revenue Growth of 35.2%
Including CAVA Same Restaurant Sales Growth of 14.4%
18 Net New CAVA Restaurant Openings During
Quarter
Second Quarter 2024 CAVA Restaurant-Level
Profit Margin of 26.5%
CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”),
the category-defining Mediterranean fast-casual restaurant brand
that brings heart, health, and humanity to food, today announced
financial results for its fiscal second quarter ended July 14,
2024.
"Our results in the second quarter continued to demonstrate the
strength of our category-defining brand and our unique and
compelling value proposition,” said Brett Schulman, Co-Founder and
CEO. “During the quarter, traffic grew 9.5%, we opened 18 net new
restaurants and, driven by the power of our unit economic engine,
generated average unit volume of $2.7 million. In addition, we
launched our new grilled steak main, once again exhibiting our
excellence in culinary innovation. Grilled steak is significantly
outperforming our expectations and giving guests another reason to
visit CAVA and come back more often.”
Fiscal Second Quarter 2024 Highlights:
- CAVA Revenue grew 35.2% to $231.4 million as compared to
$171.1 million in the prior year quarter.
- Net New CAVA Restaurant Openings of 18, bringing total
CAVA Restaurants to 341, a 22.2% increase in total CAVA Restaurants
year over year.
- CAVA Same Restaurant Sales Growth of 14.4%, including
traffic growth of 9.5%.
- CAVA AUV of $2.7 million as compared to $2.6 million in
the prior year quarter.
- CAVA Restaurant-Level Profit of $61.3 million or growth
of 37.3% over the prior year quarter, with CAVA Restaurant-Level
Profit Margin of 26.5%.
- CAVA Digital Revenue Mix was 35.8%.
- CAVA Group Net Income of $19.7 million compared to net
income of $6.5 million in the prior year quarter.
- CAVA Group Adjusted EBITDA(1) of $34.3 million compared
to $21.6 million in the prior year quarter.
- Net cash provided by operating activities of $48.9
million with Free Cash Flow(1) of $22.7 million.
CAVA Fiscal Second Quarter 2024 Review:
CAVA Revenue was $231.4 million, an increase of 35.2% compared
with the second quarter of fiscal 2023. The increase was primarily
driven by 78 Net New CAVA Restaurant Openings during or subsequent
to the second quarter of fiscal 2023, which are exceeding our
performance expectations, and CAVA Same Restaurant Sales Growth of
14.4%. CAVA Same Restaurant Sales Growth consists of a 9.5%
increase from guest traffic and a 4.9% increase from menu price and
product mix.
CAVA Restaurant-Level Profit Margin was 26.5% compared with
26.1% in the second quarter of fiscal 2023. The increase was due to
leverage from higher sales, partially offset by incremental wage
investments and input costs associated with the June 3rd launch of
grilled steak.
CAVA Group Fiscal Second Quarter 2024 Review:
General and administrative expenses were $28.3 million, or 12.1%
of revenue, as compared to $23.3 million, or 13.5% of revenue, in
the second quarter of fiscal 2023. General and administrative
expenses, excluding equity-based compensation and certain
non-recurring public company costs in the prior year quarter(1),
were $24.7 million, or 10.6% of revenue, as compared to $20.4
million, or 11.8% of revenue, in the second quarter of fiscal 2023.
The decrease of 120 basis points was primarily due to leverage from
higher sales, partially offset by investments to support future
growth and increased recurring public company costs.
Net income was $19.7 million, or 8.5% of revenue, an increase of
$13.2 million as compared to $6.5 million in the second quarter of
fiscal 2023.
Adjusted EBITDA(1) was $34.3 million, or 14.7% of revenue, an
increase of $12.7 million, or 59.0%, compared to the second quarter
of fiscal 2023. The increase was primarily driven by the number and
strength of performance of Net New CAVA Restaurant Openings during
or subsequent to the second quarter of fiscal 2023, 14.4% CAVA Same
Restaurant Sales Growth, and leverage in general and administrative
expenses.
__________________
(1)
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, Adjusted EBITDA, and Free Cash Flow are
non-GAAP financial measures. Reconciliations to the most directly
comparable financial measures presented in accordance with GAAP are
set forth in the tables at the end of this press release.
Fiscal Full-Year 2024 Outlook:
CAVA Group announced today that it has raised fiscal full-year
2024 guidance, as follows:
May 28, 2024
August 22, 2024
Net New CAVA Restaurant Openings
50 to 54
54 to 57
CAVA Same Restaurant Sales Growth
4.5% to 6.5%
8.5% to 9.5%
CAVA Restaurant-Level Profit Margin
23.7% to 24.3%
24.2% to 24.7%
Pre-opening costs
$12.0 to $13.0 million
$12.0 to $13.0 million
Adjusted EBITDA
$100.0 to $105.0 million
$109.0 to $114.0 million
Actual results may differ materially from CAVA Group's fiscal
full-year 2024 guidance as a result of, among other things, the
factors described under "Forward-Looking Statements" below.
A reconciliation of the forward-looking fiscal 2024 Adjusted
EBITDA to net income cannot be provided without unreasonable effort
because of the inherent difficulty of accurately forecasting the
occurrence and financial impact of the various adjusting items
necessary for such reconciliation that have not yet occurred, are
out of our control, or cannot be reasonably predicted.
About CAVA Group:
CAVA is the category-defining Mediterranean fast-casual
restaurant brand, bringing together healthful food and bold,
satisfying flavors at scale. Our brand and our opportunity
transcend the Mediterranean category to compete in the large and
growing limited-service restaurant sector as well as the health and
wellness food category. CAVA serves guests across gender lines, age
groups, and income levels and benefits from generational tailwinds
created by consumer demand for healthy living and a demographic
shift towards greater ethnic diversity. We meet consumers’ desires
to engage with convenient, authentic, purpose-driven brands that
view food as a source of self-expression. The broad appeal of our
food combined with these favorable industry trends drive our vast
opportunity for continued growth.
Earnings Conference Call:
The Company will host a conference call on August 22, 2024, at
5:00 PM Eastern Time to discuss second quarter 2024 financial
results as well as provide a business update. Investors will have
the opportunity to listen to the conference call live through the
webcast from the Company's website on the investor relations page
at investor.cava.com. A recorded webcast will be available on
CAVA's investor relations website shortly after the call and
available for up to one year.
Cautionary Statement Regarding Forward-Looking
Statements:
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that reflect our current views with respect to, among other
things, our operations and financial performance. Forward-looking
statements include all statements that are not historical facts.
These forward-looking statements relate to matters such as our
industry, business strategy, goals, and expectations concerning our
market position, future operations, margins, profitability, capital
expenditures, liquidity and capital resources, and other financial
and operating information. These statements may include words such
as “anticipate,” “assume,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “future,” “will,” “seek,” “foreseeable,”
“outlook,” the negative version of these words or similar terms and
phrases to identify forward-looking statements in this press
release.
The forward-looking statements contained in this press release
are based on management’s current expectations and are not
guarantees of future performance. The forward-looking statements
are subject to various risks, uncertainties, assumptions, or
changes in circumstances that are difficult to predict or quantify.
Our expectations, beliefs, and projections are expressed in good
faith, and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations,
beliefs, and projections will result or be achieved. Actual results
may differ materially from these expectations due to changes in
global, regional, or local economic, business, competitive, market,
regulatory, and other factors, many of which are beyond our
control. We believe that these factors include but are not limited
to the following: our operation in a highly competitive industry;
our ability to open new restaurants while managing our growth
effectively and maintaining our culture; our ability to
successfully identify appropriate locations and develop and expand
our operations in existing and new markets; the profitability of
new restaurants, and any impact to sales at our existing locations;
the impact of changes in guest perception of our brand; our ability
to successfully market our restaurants and brand; the impact of
food safety, health department regulations, and food-borne illness
concerns together with our ability to adequately address such
concerns and meet regulatory obligations, including at our
manufacturing facilities; our ability to maintain or increase
prices; our ability to accurately predict guest trends and demand
and successfully introduce new menu offerings and improve our
existing menu offerings; the risks associated with leasing
property; our ability to successfully expand our digital and
delivery business; our ability to utilize, recognize, respond to,
and effectively manage the immediacy of social media; our ability
to achieve or maintain profitability in the future, especially if
we continue to grow at an accelerated rate; our ability to realize
the anticipated benefits from past and potential future
acquisitions, investments or other strategic initiatives; our
ability to manage our manufacturing and supply chain effectively;
the impact of shortages, delays, or interruptions in the delivery
of food items and other products; our ability to successfully
optimize, operate, and manage our production facilities; the risks
associated with our reliance on third parties; the impact of
increases in food, commodity, energy, and other costs; the impact
of increases in labor costs, labor shortages, and our ability to
identify, hire, train, motivate and retain the right team members;
our ability to attract, develop, and retain our management team and
key team members; the impact of any cybersecurity breaches and our
ability to respond effectively to technology threats or events; the
impact of failures, or interruptions in, or our inability to
effectively scale and adapt, our information technology systems;
our ability to comply with, or changes in, the extensive laws or
regulations requirements to which we are subject, including those
related to privacy; the impact of economic factors and guest
behavior trends; the impact of evolving rules and regulations with
respect to environmental, social and governance matters; risks
associated with our ability to secure, and protect our intellectual
property; risks associated with civil unrest, acts of terrorism,
threats to national security, the conflicts in Eastern Europe and
the Middle East and other geopolitical events, including potential
discriminatory perspectives towards certain cuisines; the impact of
climate change and volatile adverse weather conditions; and each of
the other factors set forth in "Part I—Item 1A. Risk Factors" in
our Annual Report on Form 10-K for the fiscal year ended December
31, 2023, and in other reports filed with the United States
Securities and Exchange Commission, all of which are available on
the investor relations page of our website at investor.cava.com
The forward-looking statements included in this press release
are made only as of the date hereof. Any forward-looking statement
made by us in this press release speaks only as of the date of this
press release and are expressly qualified in their entirety by the
cautionary statements included in this press release. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them.
Non-GAAP Financial Measures:
In addition to our consolidated financial statements, which are
prepared in accordance with GAAP, we present Adjusted EBITDA,
Adjusted EBITDA Margin, general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, and Free Cash Flow in this press release as
supplemental measures of financial performance that are not
required by, or presented in accordance with, GAAP. We believe they
assist investors and analysts in comparing our operating
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our
operating performance. Management believes Adjusted EBITDA,
Adjusted EBITDA Margin, general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, and Free Cash Flow are useful to investors in
highlighting trends in our operating performance, while other
measures can differ significantly depending on long-term strategic
decisions regarding capital structure, the tax jurisdictions in
which we operate, and capital investments. Management uses Adjusted
EBITDA, Adjusted EBITDA Margin, general and administrative
expenses, excluding equity-based compensation and certain
non-recurring public company costs, and Free Cash Flow to
supplement GAAP measures of performance in the evaluation of the
effectiveness of our business strategies, to make budgeting
decisions, and to compare our performance against that of other
peer companies using similar measures. Management supplements GAAP
results with non-GAAP financial measures to provide a more complete
understanding of the factors and trends affecting the business than
GAAP results alone provide.
Adjusted EBITDA, Adjusted EBITDA Margin, general and
administrative expenses, excluding equity-based compensation and
certain non-recurring public company costs, and Free Cash Flow are
not recognized terms under GAAP and should not be considered as
alternatives to net income, net income margin, or general and
administrative expenses, as applicable, as measures of financial
performance or cash provided by operating activities as measures of
liquidity, or any other performance measure derived in accordance
with GAAP. Additionally, Adjusted EBITDA and Free Cash Flow are not
intended to be measures of free cash flow available for
management’s discretionary use, as Adjusted EBITDA does not
consider certain cash requirements such as tax payments and
financing cash flows, and Free Cash Flow does not consider certain
cash requirements such as financing cash flows. Our non-GAAP
measures have limitations as analytical tools, and you should not
consider them in isolation, or as substitutes for analysis of our
results as reported under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect our cash expenditures or
future requirements for capital expenditures or contractual
commitments;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs;
- Adjusted EBITDA and Free Cash Flow do not reflect cash flows
from financing activities of our business;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense, or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the impact of earnings or cash
charges resulting from matters we consider not to be indicative of
our ongoing operations;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA does not reflect any
cash requirements for such replacements; and
- other companies in our industry may calculate Adjusted EBITDA,
Adjusted EBITDA Margin, general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, and Free Cash Flow differently than we do,
limiting their usefulness as comparative measures.
CAVA GROUP, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands, except per share
amounts)
July 14, 2024
July 9, 2023
July 14, 2024
July 9, 2023
Revenue
$
233,495
$
172,894
$
492,501
$
375,977
Operating expenses:
Restaurant operating expenses (excluding
depreciation and amortization)
Food, beverage, and packaging
68,839
51,000
142,786
110,118
Labor
58,388
42,417
124,901
94,571
Occupancy
15,917
13,400
36,339
29,999
Other operating expenses
27,991
20,646
60,749
45,294
Total restaurant operating expenses
171,135
127,463
364,775
279,982
General and administrative expenses
28,281
23,321
62,121
52,345
Depreciation and amortization
13,733
10,709
31,055
23,568
Restructuring and other costs
70
1,853
352
4,068
Pre-opening costs
3,302
3,400
6,681
9,399
Impairment and asset disposal costs
830
386
2,120
3,105
Total operating expenses
217,351
167,132
467,104
372,467
Income from operations
16,144
5,762
25,397
3,510
Interest income, net
(3,824
)
(699
)
(8,738
)
(674
)
Other income, net
(60
)
(118
)
(138
)
(292
)
Income before income taxes
20,028
6,579
34,273
4,476
Provision for income taxes
287
40
539
78
Net income
$
19,741
$
6,539
$
33,734
$
4,398
Earnings per share:
Basic
$
0.17
$
0.23
$
0.30
$
0.34
Diluted
$
0.17
$
0.21
$
0.29
$
0.29
Weighted-average common shares
outstanding:
Basic
114,130
28,366
114,040
13,098
Diluted
118,291
31,279
118,088
15,212
Financial information for the Company’s reportable segments was
as follows:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 14, 2024
July 9, 2023
July 14, 2024
July 9, 2023
Revenue
CAVA
$
231,384
$
171,089
$
487,674
$
367,850
Zoes Kitchen
—
—
—
3,867
Other
2,111
1,805
4,827
4,260
Total revenue
233,495
172,894
492,501
375,977
Restaurant operating expenses (1)
CAVA
170,119
126,473
361,793
273,251
Zoes Kitchen
—
—
—
4,044
Other
1,016
990
2,982
2,687
Total restaurant operating expenses
171,135
127,463
364,775
279,982
Restaurant-level profit (loss)
CAVA
61,265
44,616
125,881
94,599
Zoes Kitchen
—
—
—
(177
)
Other
1,095
815
1,845
1,573
Total restaurant-level profit
62,360
45,431
127,726
95,995
Reconciliation of restaurant-level profit
to income before income taxes:
General and administrative expenses
28,281
23,321
62,121
52,345
Depreciation and amortization
13,733
10,709
31,055
23,568
Restructuring and other costs
70
1,853
352
4,068
Pre-opening costs
3,302
3,400
6,681
9,399
Impairment and asset disposal costs
830
386
2,120
3,105
Interest income, net
(3,824
)
(699
)
(8,738
)
(674
)
Other income, net
(60
)
(118
)
(138
)
(292
)
Income before income taxes
$
20,028
$
6,579
$
34,273
$
4,476
__________________
(1)
Restaurant operating expenses consist of
food, beverage, and packaging (excluding depreciation and
amortization), labor, occupancy, and other operating expenses.
CAVA is our single operating brand for our operations as we have
converted and wound down our Zoes Kitchen operations, with the last
conversion restaurant opening on October 20, 2023. As a result, we
have highlighted the CAVA segment distinctly from CAVA Group
results throughout this press release.
The following tables summarize the results of the CAVA
segment:
Twelve Weeks Ended
July 14, 2024
July 9, 2023
Change
(in thousands)
$
% of Revenue
$
% of Revenue
$
%
Revenue
$
231,384
100.0
%
$
171,089
100.0
%
$
60,295
35.2
%
Restaurant operating expenses (excluding
depreciation and amortization)
Food, beverage, and packaging
67,989
29.4
50,181
29.3
17,808
35.5
Labor
58,388
25.2
42,417
24.8
15,971
37.7
Occupancy
15,917
6.9
13,400
7.8
2,517
18.8
Other operating expenses
27,825
12.0
20,475
12.0
7,350
35.9
Total restaurant operating expenses
170,119
73.5
126,473
73.9
43,646
34.5
Restaurant-level profit
$
61,265
26.5
%
$
44,616
26.1
%
$
16,649
37.3
%
Twenty-Eight Weeks
Ended
July 14, 2024
July 9, 2023
Change
(in thousands)
$
% of Revenue
$
% of Revenue
$
%
Restaurant revenue
$
487,674
100.0
%
$
367,850
100.0
%
$
119,824
32.6
%
Restaurant operating expenses (excluding
depreciation and amortization)
Food, beverage, and packaging
140,184
28.7
106,635
29.0
33,549
31.5
Labor
124,901
25.6
93,065
25.3
31,836
34.2
Occupancy
36,339
7.5
29,491
8.0
6,848
23.2
Other operating expenses
60,369
12.4
44,060
12.0
16,309
37.0
Total restaurant operating expenses
361,793
74.2
273,251
74.3
88,542
32.4
Restaurant-level profit
$
125,881
25.8
%
$
94,599
25.7
%
$
31,282
33.1
%
The following table presents selected quarterly financial and
other data:
Twelve Weeks Ended
Sixteen Weeks Ended
Thirteen Weeks Ended
Twelve Weeks Ended
Twelve Weeks Ended
July 14, 2024
April 21, 2024
December 31,
2023
October 1, 2023
July 9, 2023
($ in thousands)
(Q2 2024)
(Q1 2024)
(Q4 2023)
(Q3 2023)
(Q2 2023)
Net New CAVA Restaurant Openings
18
14
19
11
16
CAVA Restaurants, end of period
341
323
309
290
279
CAVA Same Restaurant Sales Growth(1)
14.4
%
2.3
%
11.4
%
14.1
%
18.2
%
CAVA AUV(2)
$
2,689
$
2,608
$
2,639
$
2,640
$
2,599
CAVA Restaurant-Level Profit
$
61,265
$
64,616
$
39,309
$
43,580
$
44,616
CAVA Restaurant-Level Profit Margin
26.5
%
25.2
%
22.4
%
25.1
%
26.1
%
CAVA Restaurant Operating Weeks
3,963
5,086
3,929
3,432
3,276
__________________
(1)
CAVA Same Restaurant Sales Growth for Q4
2023 is presented excluding the impact of the 53rd week of fiscal
year 2023. To achieve an optimal comparison of fiscal weeks in the
CAVA Same Restaurant Sales calculation in fiscal 2024, giving
consideration to holiday periods, each week of fiscal 2023 was
shifted by one week. As a result of this shift, approximately $3.9
million of revenue is not included in CAVA Same Restaurant Sales
Growth for Q1 2024. Had this shift not been made, CAVA Same
Restaurant Sales Growth would have been 4.3% in Q1 2024 and
immaterially impacted in Q2 2024.
(2)
For purposes of calculating CAVA AUV for
Q2 2023 and Q3 2023 the applicable measurement period is the
trailing thirteen periods ended July 9, 2023, and October 1, 2023
respectively. For purposes of calculating CAVA AUV for Q4 2023, Q1
2024, and Q2 2024 the applicable measurement period is the trailing
thirteen periods ended December 31, 2023, April 21, 2024, and July
14, 2024, respectively, excluding the 53rd week of fiscal year
2023.
The following table presents the Company’s selected balance
sheet data:
(in thousands)
July 14, 2024
December 31,
2023
Cash and cash equivalents
$
343,748
$
332,428
Total assets
1,038,542
983,757
Total liabilities
443,105
412,955
Total stockholders’ equity
595,437
570,802
Total liabilities and stockholders'
equity
1,038,542
983,757
The following table shows the growth in our company-owned CAVA
restaurant base:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
July 14, 2024
July 9, 2023
July 14, 2024
July 9, 2023
CAVA Restaurants
Beginning of period
323
263
309
237
New CAVA restaurant openings(1)
18
16
33
43
Permanent closure
—
—
(1
)
(1
)
End of period
341
279
341
279
__________________
(1)
New CAVA restaurant openings
during the twelve and twenty-eight weeks ended July 9, 2023 include
converted Zoes Kitchen locations.
Reconciliation of Non-GAAP Financial Measures
The following table reconciles net income to Adjusted EBITDA and
net income margin to Adjusted EBITDA Margin:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 14, 2024
July 9, 2023
July 14, 2024
July 9, 2023
Net income
$
19,741
$
6,539
$
33,734
$
4,398
Non-GAAP Adjustments
Interest income, net
(3,824
)
(699
)
(8,738
)
(674
)
Provision for income taxes
287
40
539
78
Depreciation and amortization
13,733
10,709
31,055
23,568
Equity-based compensation
3,571
1,778
8,741
2,983
Other income, net
(60
)
(118
)
(138
)
(292
)
Impairment and asset disposal costs
830
386
2,120
3,105
Restructuring and other costs
70
1,853
352
4,068
Certain non-recurring public company
costs
—
1,113
—
1,113
Adjusted EBITDA
$
34,348
$
21,601
$
67,665
$
38,347
Revenue
$
233,495
$
172,894
$
492,501
$
375,977
Net income margin
8.5
%
3.8
%
6.8
%
1.2
%
Adjusted EBITDA Margin
14.7
%
12.5
%
13.7
%
10.2
%
The following table reconciles general and administrative
expenses to general and administrative expenses, excluding
equity-based compensation and certain non-recurring public company
costs:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
($ in thousands)
July 14, 2024
July 9, 2023
July 14, 2024
July 9, 2023
General and administrative expenses
$
28,281
$
23,321
$
62,121
$
52,345
Equity-based compensation
3,571
1,778
8,741
2,983
Certain non-recurring public company
costs
—
1,113
—
1,113
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs
$
24,710
$
20,430
$
53,380
$
48,249
Revenue
$
233,495
$
172,894
$
492,501
$
375,977
General and administrative expenses, as a
percentage of revenue
12.1
%
13.5
%
12.6
%
13.9
%
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, as a percentage of revenue
10.6
%
11.8
%
10.8
%
12.8
%
The following table reconciles net cash provided by operating
activities to Free Cash Flow:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 14, 2024
July 9, 2023
July 14, 2024
July 9, 2023
Net cash provided by operating
activities
$
48,909
$
21,431
$
87,295
$
47,110
Purchases of property and equipment
(26,195
)
(33,381
)
(59,882
)
(72,478
)
Free Cash Flow
$
22,714
$
(11,950
)
$
27,413
$
(25,368
)
Glossary:
The following definitions apply to these terms as used in this
press release:
“Adjusted EBITDA” is defined as net income adjusted to exclude
interest income, net, provision for income taxes, and depreciation
and amortization, further adjusted to exclude equity-based
compensation, other income, net, impairment and asset disposal
costs, restructuring and other costs, and certain non-recurring
public company costs, in each case, to the extent applicable in a
given fiscal period. See “Non-GAAP Financial Measures” for a
reconciliation of net income to Adjusted EBITDA for the twelve and
twenty-eight weeks ended July 14, 2024 and July 9, 2023;
“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a
percentage of revenue;
“CAVA Average Unit Volume” or “CAVA AUV” represents total
revenue of operating CAVA Restaurants that were open for the entire
trailing thirteen periods, and digital kitchens sales for such
period, divided by the number of operating CAVA Restaurants that
were open for the entire trailing thirteen periods;
“CAVA digital kitchen” is defined to include kitchens used for
third-party marketplace and native delivery, digital order pickup
and/or centralized catering production, and that has neither
in-restaurant dining nor customer-facing make lines;
“CAVA Digital Revenue Mix” represents the portion of CAVA
Revenue related to digital orders as a percentage of total CAVA
Revenue;
“CAVA hybrid kitchen” is defined to include kitchens that have
enhanced kitchen capabilities to support centralized catering
production and that also have in-restaurant dining and
customer-facing make lines;
"CAVA Restaurant Operating Weeks" represents the aggregate
number of weeks each of our CAVA Restaurants has been open in a
given period;
“CAVA Restaurant-Level Profit,” a segment measure of profit and
loss, represents CAVA Revenue less food, beverage, and packaging,
labor, occupancy, and other operating expenses, excluding
depreciation and amortization. CAVA Restaurant-Level Profit
excludes pre-opening costs;
“CAVA Restaurant-Level Profit Margin” represents CAVA
Restaurant-Level Profit as a percentage of CAVA Revenue;
“CAVA Restaurants” is defined to include all CAVA restaurants,
including converted Zoes Kitchen locations and CAVA hybrid
kitchens, that are open as of the end of the specific period. CAVA
Restaurants exclude restaurants operating under license agreements
and CAVA digital kitchens;
“CAVA Revenue” is defined to include all revenue attributable to
CAVA restaurants in the specified period, excluding restaurants
operating under license agreements;
“CAVA Same Restaurant Sales Growth” is defined as the
period-over-period sales comparison for CAVA restaurants that have
been open for 365 days or longer (including converted Zoes Kitchen
locations that have been open for 365 days or longer after the
completion of the conversion to a CAVA restaurant);
“CPG” refers to consumer packaged goods;
“digital orders” means orders made through catering and digital
channels, such as the CAVA app and the CAVA website. Digital orders
include orders fulfilled through third-party marketplace and native
delivery and digital order pick-up;
"Free Cash Flow" means net cash provided by operating activities
less purchases of property and equipment;
“guest traffic” means the number of entrees ordered
in-restaurant and through digital orders; and
“Net New CAVA Restaurant Openings” is defined as new CAVA
restaurant openings (including CAVA restaurants converted from a
Zoes Kitchen location) during a specified reporting period, net of
any permanent CAVA restaurant closures during the same period.
We operate on a 52-week or 53-week fiscal year that ends on the
last Sunday of the calendar year. In a 52-week fiscal year, the
first fiscal quarter contains sixteen weeks and the second, third,
and fourth fiscal quarters each contain twelve weeks. In a 53-week
fiscal year, the first fiscal quarter contains sixteen weeks, the
second and third fiscal quarters each contain twelve weeks, and the
fourth fiscal quarter contains thirteen weeks. References to
“thirteen periods” are to the 13 accounting periods we have in each
fiscal year, with each accounting period being four weeks, except
in a 53-week fiscal year which will contain one accounting period
of five weeks.
Certain numerical figures have been subject to rounding
adjustments. Accordingly, numerical figures shown as totals in
various tables may not be arithmetic aggregations of the figures
that precede them.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821303458/en/
Investor Relations: Matt Milanovich, SVP, Finance (202)
984-2558 matt.milanovich@cava.com
Media Relations: Lynne Boschee, VP, Communications
media@cava.com
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