Shake Shack 2015 Annual Report Download - page 36

Table of Contents
35
(dollar amounts in thousands) 2014¹ 2013 2012
Selected operating data:
System-wide sales
3
$
217,442
$
139,903
$
81,048
Same-Shack sales growth
4
4.1
%
5.9
%
7.1
%
Shacks in the comparable base
13
8
5
Average weekly sales
5
:
Domestic company-operated
$
89
$
96
$
102
Average unit volumes
6
:
Domestic company-operated
$
4,611
$
5,017
$
5,367
International licensed
$
4,588
$
6,077
$
9,665
Shack-level operating profit
7
$
26,861
$
20,419
$
14,247
Shack-level operating profit margin
7
24.0
%
26.0
%
25.6
%
Adjusted EBITDA
8
$
18,886
$
14,459
$
9,998
Adjusted EBITDA margin
8
16.9
%
18.4
%
18.0
%
Shack counts (at end of period):
System-wide
63
40
21
Domestic company-operated
31
21
13
Domestic licensed
5
4
3
International licensed
27
15
5
(1) We operate on a 52/53 week fiscal year that ends on the last Wednesday of the calendar year. Fiscal year 2014 was a 53-week year with the extra operating week (the " 53rd week
") falling in our
fiscal fourth quarter. Fiscal 2013 and 2012 each contained 52 weeks.
(2)
The pro forma earnings per unit amounts have been computed to give effect to the recapitalization transactions that occurred in connection with our initial public offering, including the amendment
and restatement of the second amended and restated limited liability company agreement of SSE Holdings to, among other things, (i) provide for a new single class of common membership ownership
interests and (ii) exchange all of our members' existing membership interests for the newly-
created ownership interests. The computations of pro forma earnings per unit do not consider the 5,750,000
shares of Class A common stock issued to investors in the initial public offering or the 339,306 shares of Class A common stock issued to participants of our Unit Appreciation Rights Plan in
settlement of their outstanding awards. See Note 13 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.
(3) System-wide sales consists of sales from our domestic company-
operated Shacks, our domestic licensed Shacks and our international licensed Shacks. We do not recognize the sales from our licensed
Shacks as revenue. Our total revenue is limited to Shack sales from domestic company-
operated Shacks and licensing revenue based on a percentage of sales from domestic and international licensed
Shacks.
(4) Same-Shack sales growth reflects the change in year-over-year Shack sales for domestic company-operated Shacks open for 24 months or longer. Same-
Shack sales growth for fiscal 2014 excludes
sales from the 53rd week.
(5)
Average weekly sales is calculated by dividing total Shack sales by the number of operating weeks for all Shacks in operation during the period.
(6) Average unit volumes (" AUVs
") are calculated by dividing total sales by the number of Shacks open during the period. For Shacks that are not open for the entire period, fractional adjustments are
made to the number of Shacks used in the denominator such that it corresponds to the period of associated sales.
(7) See Shack-Level Operating Profit (Non-
GAAP Financial Measure) on page 41 for additional information and a reconciliation to the most directly comparable GAAP financial measure.
(8) See EBITDA and Adjusted EBITDAA (Non-
GAAP Financial Measures) on page 42 for additional information and a reconciliation to the most directly comparable GAAP financial measure.