CAVA GROUP, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CAVA GROUP, INC. has filed its 2023 10-K annual report detailing financial performance and corporate structure.</b>

AI Summary

CAVA GROUP, INC. (CAVA) filed a Annual Report (10-K) with the SEC on February 27, 2024. CAVA GROUP, INC. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the company's financial performance and business operations. The report includes details on common stock, treasury stock, and additional paid-in capital. Preferred stock series A, C, and D are also detailed for various fiscal periods. The company's principal executive offices are located in Washington, DC.

Why It Matters

For investors and stakeholders tracking CAVA GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CAVA GROUP, INC.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of equity components, including common and preferred stock, offers insights into the company's capital structure and potential dilution factors.

Risk Assessment

Risk Level: medium — CAVA GROUP, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the absence of specific financial performance metrics in the provided header data limits a deeper risk assessment.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to form a complete investment thesis.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Conformed submission as of date)
• 001-41721 — SEC File Number (SEC file number for CAVA GROUP, INC.)
• 2023-06-20 — IPO Date (Initial Public Offering date)

Key Players & Entities

• CAVA GROUP, INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• Washington, DC (location) — Business address city and state
• 0001639438 (company) — Central Index Key

FAQ

Industry Context

CAVA GROUP, INC. operates in the restaurant industry, specifically focusing on fast-casual Mediterranean cuisine.

Regulatory Implications

As a publicly traded company, CAVA GROUP, INC. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and disclosures.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Examine the management's discussion and analysis (MD&A) for insights into business strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.
• 2023-06-20: IPO Date — Date of the company's Initial Public Offering.

Year-Over-Year Comparison

This is the initial 10-K filing for CAVA GROUP, INC. as a public company, following its IPO in 2023. Therefore, there are no prior filings to compare against for year-over-year changes.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share CAVA New York Stock Exchange

Filing Documents

• cava-20231231.htm (10-K) — 1698KB
• ex41descriptionofsecurities.htm (EX-4.1) — 48KB
• ex211subsidiariesofthecomp.htm (EX-21.1) — 4KB
• ex231consentofdeloittetouc.htm (EX-23.1) — 2KB
• ex3112023q4.htm (EX-31.1) — 10KB
• ex3122023q4.htm (EX-31.2) — 10KB
• ex3212023q4.htm (EX-32.1) — 5KB
• ex3222023q4.htm (EX-32.2) — 5KB
• ex971cavagroupincincentive.htm (EX-97.1) — 29KB
• cava-20231231_g1.jpg (GRAPHIC) — 213KB
• 0001628280-24-007277.txt (&nbsp;) — 8943KB
• cava-20231231.xsd (EX-101.SCH) — 48KB
• cava-20231231_cal.xml (EX-101.CAL) — 97KB
• cava-20231231_def.xml (EX-101.DEF) — 259KB
• cava-20231231_lab.xml (EX-101.LAB) — 784KB
• cava-20231231_pre.xml (EX-101.PRE) — 512KB
• cava-20231231_htm.xml (XML) — 1051KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 39 Item 1C. C yber security 39 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 41 Item 6. Reserved 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 8. F inancial Statements and Supplementary Data 57 I ndex to Consolidated Financial Statements 57 R eport of Independ ent Registered Public Accounting Firm 58 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 81 Item 9A.

Controls and Procedures

Controls and Procedures 81 Item 9B. Other Information 81 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 Part III Item 10. D irectors, Executive Officers and Corporate Governance 81 Item 11. E x ecutive Compensation 81 Item 12. S ecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81 Item 13. C ertain Relationships and Related Transactions, and Director Independence 81 Item 14. P rincipal Accounting Fees and Services 82 Part IV Item 15. Exhibits and Financial Statement Schedules 82 Item 16. F orm 10-K Summary 83

Signatures

Signatures 84 2 Table of Contents Cautionary Statement Concerning Forward-Looking Statement s This Annual Report on Form 10-K 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 Annual Report on Form 10-K. The forward-looking statements contained in this Annual Report on Form 10-K 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. You should not put undue reliance on any forward-looking statements. You should understand that many imp

Business

Item 1. Business Our Mission To Bring Heart, Health, And Humanity To Food General CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the "Company," "CAVA," "we," "us," and "our" unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. As of December 31, 2023, we operate 309 fast-casual CAVA restaurants in 24 states and Washington, D.C. The number of CAVA restaurants excludes two locations operating under a licensing arrangement and digital kitchens. The Company's authentic Mediterranean cuisine unites taste and health, with a menu that features chef-crated and customizable bowls and pitas. Our dips, spreads, and dressings are centrally produced and sold in grocery stores. Business Strategy We believe that our differentiated offerings and broad appeal give us significant opportunity in the Mediterranean and health and wellness food categories. Our guests span gender lines and age groups, with a strong Millennial and a growing Gen Z contingent, as well as all income brackets. The broad appeal of our brand is evidenced by substantial diversity across geographies, formats, dayparts, and channels. We are in the early stages of fulfilling our total restaurant potential, and we believe there is opportunity for more than 1,000 CAVA restaurants in the United States by 2032. We believe we are well positioned to benefit from the following strong and emerging trends: Evolving consumer preferences for authentic and ethnic cuisine Increased focus on health and wellness Emphasis on combined quality and convenience We aim to create an industry-leading, category defining brand rooted in the following strategic pillars: Expand our Mediterranean Way in Communities Across the Country Grow our footprint and expand multi-channel access Fuel our culinary innovation and communication engine to drive traffic, mix, and check Express the essence of our c

View Full Filing

View this 10-K filing on SEC EDGAR