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Table of Contents
SHAKE SHACK INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Year Ended
December 30
2015
December 31
2014
December 25
2013
OPERATING ACTIVITIES
Net income (including amounts attributable to non-controlling interests) $ 3,124
$ 2,118
$ 5,423
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 10,222
5,809
3,541
Equity-based compensation 16,681
165
93
Non-cash interest expense 273
192
37
Loss on disposal of property and equipment 17
105
25
Deferred income taxes (734)
(93)
7
Changes in operating assets and liabilities:
Accounts receivable 775
(1,751)
26
Inventories (14)
(198)
(88)
Prepaid expenses and other current assets (958)
(1,168)
(118)
Other assets 1,293
(2,461)
(1,109)
Accounts payable 201
1,210
1,219
Accrued expenses 2,548
3,349
(713)
Accrued wages and related liabilities 3,394
416
866
Other current liabilities 257
420
31
Deferred rent 4,363
5,206
1,742
Other long-term liabilities (184)
265
1,942
NET CASH PROVIDED BY OPERATING ACTIVITIES 41,258
13,584
12,924
INVESTING ACTIVITIES
Purchases of marketable securities (2,397)
—
—
Purchases of property and equipment (32,117)
(28,515)
(16,194)
NET CASH USED IN INVESTING ACTIVITIES (34,514)
(28,515)
(16,194)
FINANCING ACTIVITIES
Promissory note —
—
313
Proceeds from revolving credit facility 4,000
32,000
—
Payments on revolving credit facility (36,000)
—
—
Deferred financing costs (103)
(398)
—
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting
discounts, commissions and offering costs 109,262
—
—
Proceeds from issuance of Class B common stock 30
—
—
Member distributions (11,125)
(27,070)
—
Employee withholding taxes related to net settled equity awards (4,636)
—
—
NET CASH PROVIDED BY FINANCING ACTIVITIES 61,428
4,532
313
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 68,172
(10,399)
(2,957)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,677
13,076
16,033
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 70,849
$ 2,677
$ 13,076
Supplemental cash flow information and non-cash investing and financing activities are further described in the accompany notes.
See accompanying Notes to Consolidated Financial Statements.
Shake Shack Inc. Form 10-K | 74