Sweetgreen Files Q2 2024 10-Q

TL;DR

**Sweetgreen's Q2 10-Q is in! Check financials for latest performance.**

AI Summary

Sweetgreen, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and business segments are presented, reflecting the company's ongoing activities in the fast-casual restaurant sector.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Sweetgreen, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a public company in the competitive restaurant industry, Sweetgreen faces inherent market and operational risks detailed in its SEC filings.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Sweetgreen, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240809 (date) — Filing date
• 3101 W. EXPOSITION BOULEVARD, LOS ANGELES, CA 90018 (address) — Company's business and mailing address

FAQ

Filing Documents

• sg-20240630.htm (10-Q) — 1314KB
• sweetgreen-ex311q2202410xq.htm (EX-31.1) — 9KB
• sweetgreen-ex312q2202410xq.htm (EX-31.2) — 9KB
• sweetgreen-ex321q2202410xq.htm (EX-32.1) — 7KB
• 0001628280-24-036302.txt ( ) — 6632KB
• sg-20240630.xsd (EX-101.SCH) — 43KB
• sg-20240630_cal.xml (EX-101.CAL) — 69KB
• sg-20240630_def.xml (EX-101.DEF) — 227KB
• sg-20240630_lab.xml (EX-101.LAB) — 625KB
• sg-20240630_pre.xml (EX-101.PRE) — 434KB
• sg-20240630_htm.xml (XML) — 842KB

Financial Information

Part I Financial Information Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Statements of Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statement of Stockholders' (Deficit) Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to the Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market

Quantitative and Qualitative Disclosures About Market 35 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements, including statements regarding our expectations regarding our revenue, restaurant operating costs, operating expenses, and other results of operations, as well as our key performance metrics; our liquidity and the sufficiency of our capital resources; our expectations regarding financial and macroeconomic trends; our plans regarding innovation, including Infinite Kitchen, and the resulting potential benefit to our business; our ability to achieve or maintain profitability; and management's plans, priorities, initiatives and strategies. In some cases, you can identify forward-looking statements because they contain words or phrases such as "anticipate," "are confident that," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertai

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SWEETGREEN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) As of June 30, 2024 As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 244,583 $ 257,230 Accounts receivable 6,494 3,502 Inventory 2,038 2,069 Prepaid expenses 7,574 5,767 Current portion of lease acquisition costs 93 93 Other current assets 5,007 7,450 Total current assets 265,789 276,111 Operating lease assets 249,226 243,992 Property and equipment, net 276,278 266,902 Goodwill 35,970 35,970 Intangible assets, net 25,611 27,407 Security deposits 1,406 1,406 Lease acquisition costs, net 380 426 Restricted cash 575 125 Other assets 3,939 4,218 Total assets $ 859,174 $ 856,557 LIABILITIES, AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of operating lease liabilities $ 33,515 $ 31,426 Accounts payable 21,599 17,380 Accrued expenses 25,426 20,845 Accrued payroll 13,701 13,131 Gift cards and loyalty liability 3,378 2,797 Other current liabilities — 6,000 Total current liabilities 97,619 91,579 Operating lease liabilities, net of current portion 277,398 271,439 Contingent consideration liability 11,290 8,350 Other non-current liabilities 779 819 Deferred income tax liabilities 1,953 1,773 Total liabilities $ 389,039 $ 373,960 COMMITMENTS AND CONTINGENCIES (Note 14) Stockholders' equity: Common stock, $ 0.001 par value per share, 2,000,000,000 Class A shares authorized, 101,768,505 and 99,700,052 Class A shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 300,000,000 Class B shares authorized, 12,371,027 and 12,939,094 Class B shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 114 113 Additional paid-in capital 1,295,533 1,267,469 Accumulated deficit ( 825,512 ) ( 784,985 ) Total stockholders' equity 470,135 482,597 Total liabilities and stockholders'

View Full Filing

View this 10-Q filing on SEC EDGAR