CAVA GROUP, INC. Files Q1 2024 10-Q Report
Ticker: CAVA · Form: 10-Q · Filed: May 29, 2024 · CIK: 1639438
| Field | Detail |
|---|---|
| Company | Cava Group, Inc. (CAVA) |
| Form Type | 10-Q |
| Filed Date | May 29, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
CAVA Q1 24 10-Q filed. Financials and ops update.
AI Summary
CAVA GROUP, INC. filed its 10-Q for the period ending April 21, 2024. The company reported financial results for its first quarter of 2024, detailing revenues, expenses, and net income. The filing also includes updates on business operations and financial condition.
Why It Matters
This filing provides investors with a detailed look at Cava's financial performance and operational status in early 2024, crucial for understanding the company's growth trajectory and market position.
Risk Assessment
Risk Level: medium — As a publicly traded company in the competitive restaurant industry, Cava faces inherent risks related to market fluctuations, consumer spending, and operational execution.
Key Players & Entities
- CAVA GROUP, INC. (company) — Filer of the 10-Q report
- 20240421 (date) — End of the reporting period
- 20240529 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is up to and including April 21, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on May 29, 2024.
What is CAVA GROUP, INC.'s Central Index Key (CIK)?
CAVA GROUP, INC.'s Central Index Key is 0001639438.
What is CAVA GROUP, INC.'s fiscal year end?
CAVA GROUP, INC.'s fiscal year ends on December 29.
What is the SEC file number for CAVA GROUP, INC.?
The SEC file number for CAVA GROUP, INC. is 001-41721.
Filing Stats: 4,551 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-05-28 18:00:38
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share CAVA New York Stock Exchange
Filing Documents
- cava-20240421.htm (10-Q) — 787KB
- ex3112024q1.htm (EX-31.1) — 10KB
- ex3122024q1.htm (EX-31.2) — 10KB
- ex3212024q1.htm (EX-32.1) — 5KB
- ex3222024q1.htm (EX-32.2) — 5KB
- 0001628280-24-025487.txt ( ) — 4235KB
- cava-20240421.xsd (EX-101.SCH) — 26KB
- cava-20240421_cal.xml (EX-101.CAL) — 54KB
- cava-20240421_def.xml (EX-101.DEF) — 110KB
- cava-20240421_lab.xml (EX-101.LAB) — 454KB
- cava-20240421_pre.xml (EX-101.PRE) — 301KB
- cava-20240421_htm.xml (XML) — 431KB
- Financial Information
Part I - Financial Information
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 1 Unaudited Condensed Consolidated Balance Sheets 1 Unaudited Condensed Consolidated Statements of Operations 2 Unaudited Condensed Consolidated Statements of Preferred Stock and Stockholders' Equity 3 Unaudited Condensed Consolidated Statements of Cash Flows 4 Notes to Unaudited Condensed Consolidated Financial Statements 5
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Controls and Procedures
Item 4. Controls and Procedures 19
- Other Information
Part II - Other Information
Legal Proceedings
Item 1. Legal Proceedings 20
Risk Factors
Item 1A. Risk Factors 20
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 20
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 20
Other Information
Item 5. Other Information 20
Exhibits
Item 6. Exhibits 21
Signatures
Signatures 22 i Table of Contents
- Financial Information
Part I - Financial Information
Financial Statements
Item 1. Financial Statements CAVA GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amount) April 21, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 329,117 $ 332,428 Trade accounts receivable, net 5,511 3,662 Other accounts receivable 6,221 8,223 Inventories 6,304 5,637 Prepaid expenses and other 4,861 4,962 Total current assets 352,014 354,912 Property and equipment, net 345,695 330,730 Operating lease assets 298,798 289,451 Goodwill 1,944 1,944 Intangible assets, net 1,355 1,355 Other long-term assets 5,284 5,365 Total assets $ 1,005,090 $ 983,757 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 19,353 $ 17,234 Accrued expenses and other 53,960 59,219 Operating lease liabilities - current 37,995 32,583 Total current liabilities 111,308 109,036 Deferred income taxes 79 79 Operating lease liabilities 312,771 303,615 Other long-term liabilities 122 225 Total liabilities 424,280 412,955 Commitments and Contingencies (Note 9) Stockholders' equity: Common stock, par value $ 0.0001 per share; 2,500,000 shares authorized; 114,009 and 113,708 issued and outstanding, respectively 11 11 Treasury stock, at cost; 1,271 shares and 1,086 shares, respectively ( 17,766 ) ( 9,727 ) Additional paid-in capital 1,032,235 1,028,181 Accumulated deficit ( 433,670 ) ( 447,663 ) Total stockholders' equity 580,810 570,802 Total liabilities and stockholders' equity $ 1,005,090 $ 983,757 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents CAVA GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Sixteen Weeks Ended (in thousands, except per share amounts) April 21, 2024 April 16, 2023 Revenue $ 259,006 $ 203,083 Operating expenses: Restaurant operating expenses (excluding depreciation and amortization) Food, beverage, and packaging 73,947 59,118