CAVA GROUP, INC. Files 10-Q for Q2 2024

TL;DR

CAVA Q2 2024 10-Q filed. Financials and ops details out.

AI Summary

CAVA GROUP, INC. filed its 10-Q for the period ending July 14, 2024. The filing covers financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for CAVA GROUP, INC., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks or opportunities impacting the company's valuation.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of fiscal year 2024.)
• 2024-07-14 — Fiscal Period End Date (The end date for the financial reporting period.)

Key Players & Entities

• CAVA GROUP, INC. (company) — Filer of the 10-Q report
• 20240714 (date) — End of the reporting period
• 20240823 (date) — Date the filing was made

FAQ

Key Financial Figures

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

Filing Documents

• cava-20240714.htm (10-Q) — 1116KB
• ex101cavaar2023equityincen.htm (EX-10.1) — 186KB
• ex3112024q2.htm (EX-31.1) — 10KB
• ex3122024q2.htm (EX-31.2) — 10KB
• ex3212024q2.htm (EX-32.1) — 5KB
• ex3222024q2.htm (EX-32.2) — 5KB
• 0001628280-24-038276.txt ( ) — 5103KB
• cava-20240714.xsd (EX-101.SCH) — 26KB
• cava-20240714_cal.xml (EX-101.CAL) — 55KB
• cava-20240714_def.xml (EX-101.DEF) — 107KB
• cava-20240714_lab.xml (EX-101.LAB) — 474KB
• cava-20240714_pre.xml (EX-101.PRE) — 309KB
• cava-20240714_htm.xml (XML) — 534KB

- 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 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

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 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 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) July 14, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 343,748 $ 332,428 Trade accounts receivable, net 5,927 3,662 Other accounts receivable 7,962 8,223 Inventories 7,195 5,637 Prepaid expenses and other 4,934 4,962 Total current assets 369,766 354,912 Property and equipment, net 355,014 330,730 Operating lease assets 304,926 289,451 Goodwill 1,944 1,944 Intangible assets 1,355 1,355 Other long-term assets 5,537 5,365 Total assets $ 1,038,542 $ 983,757 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 20,348 $ 17,234 Accrued expenses and other 63,542 59,219 Operating lease liabilities, current 39,711 32,583 Total current liabilities 123,601 109,036 Deferred income taxes 79 79 Operating lease liabilities 319,425 303,615 Other long-term liabilities — 225 Total liabilities 443,105 412,955 Commitments and Contingencies (Note 9) Stockholders' equity: Common stock, par value $ 0.0001 per share; 2,500,000 shares authorized; 114,306 and 113,708 issued and outstanding, respectively 11 11 Treasury stock, at cost; 1,378 shares and 1,086 shares, respectively ( 27,066 ) ( 9,727 ) Additional paid-in capital 1,036,421 1,028,181 Accumulated deficit ( 413,929 ) ( 447,663 ) Total stockholders' equity 595,437 570,802 Total liabilities and stockholders' equity $ 1,038,542 $ 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 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

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View this 10-Q filing on SEC EDGAR