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Table of Contents
SHAKE SHACK INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share amounts)
Fiscal Year Ended
December 30
2015
December 31
2014
December 25
2013
Shack sales $ 183,219
$ 112,042
$ 78,587
Licensing revenue 7,373
6,488
3,869
TOTAL REVENUE 190,592
118,530
82,456
Shack-level operating expenses:
Food and paper costs 54,079
34,925
23,865
Labor and related expenses 44,752
29,312
20,096
Other operating expenses 16,307
11,191
7,315
Occupancy and related expenses 15,207
9,753
6,892
General and administrative expenses 37,825
18,187
12,453
Depreciation expense 10,222
5,809
3,541
Pre-opening costs 5,430
6,105
2,334
Loss on disposal of property and equipment 17
105
25
TOTAL EXPENSES 183,839
115,387
76,521
OPERATING INCOME 6,753
3,143
5,935
Interest expense, net 325
363
52
INCOME BEFORE INCOME TAXES 6,428
2,780
5,883
Income tax expense 3,304
662
460
NET INCOME 3,124
2,118
5,423
Less: net income attributable to non-controlling interests 11,900
—
—
NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC. $ (8,776)
$ 2,118
$ 5,423
Earnings (loss) per share of Class A common stock (1) :
Basic $ (0.65)
$ 0.07
$ 0.18
Diluted $ (0.65)
$ 0.07
$ 0.18
Weighted-average shares of Class A common stock outstanding (1) :
Basic 13,588
29,977
29,934
Diluted 13,588
30,122
30,018
Pro forma income tax expense (2) 1,786
Pro forma net income attributable to Shake Shack Inc. (2) 1,451
Pro forma earnings per share of Class A common stock (2)
Basic $ 0.11
Diluted $ 0.10
(1) Amounts for the fiscal years ended December 31, 2014 and December 25, 2013 have been retroactively adjusted to give effect to the recapitalization transactions that
occurred in connection with our initial public offering, including the amendment and restatement of the limited liability company agreement of SSE Holdings, LLC to,
among other things, (i) provide for a new single class of common membership interests and (ii) exchange all of the then-existing members’ ownership interests for the
newly-created membership interests. The computation does not consider the 5,750,000 shares of Class A common stock issued to investors in our initial public offering or
the 339,306 shares of Class A common stock issued upon settlement of outstanding unit appreciation rights. See Note 15 .
(2) The pro forma financial information presented has been computed to reflect income tax expense assuming our initial public offering and related organizational transactions
occurred on January 1, 2015. See Note 14 .
See accompanying Notes to Consolidated Financial Statements.
71 | Shake Shack Inc. Form 10-K